[WASSERSTEIN PERELLA & CO. LOGO]
CONFIDENTIAL
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PRELIMINARY PRESENTATION TO THE SPECIAL COMMITTEE OF
THE BOARD OF DIRECTORS OF MYCOGEN CORPORATION
JUNE 25, 1998
WASSERSTEIN PERELLA & CO., INC.
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MYCOGEN CORPORATION TABLE OF CONTENTS
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TABLE OF CONTENTS
1. BACKGROUND OF THE PROPOSED TRANSACTION
2. REVIEW OF MYCOGEN
3. REVIEW OF DOW
4. PRELIMINARY VALUATION ANALYSIS
A. REVIEW OF ANALYST PERSPECTIVES
B. DISCOUNTED CASH FLOW ANALYSIS (DCF)
C. COMPARABLE COMPANY TRADING ANALYSIS
D. COMPARABLE ACQUISITION ANALYSIS
5. STRATEGIC ALTERNATIVES
6. NEXT STEPS
7. APPENDIX
A. WP&CO. JUNE 10TH LETTER TO DOW
B. DOW'S RESPONSES TO WP&CO.'S JUNE 10TH LETTER
WASSERSTEIN PERELLA & CO.
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MYCOGEN CORPORATION
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-----------------------------
BACKGROUND OF THE
PROPOSED TRANSACTION
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WASSERSTEIN PERELLA & CO.
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MYCOGEN CORPORATION BACKGROUND OF THE PROPOSED TRANSACTION
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TERMS OF DOW'S PROPOSAL
- - THE DOW CHEMICAL COMPANY (TOGETHER WITH ITS AFFILIATES "DOW") HAS PROPOSED
ACQUIRING ALL OF THE OUTSTANDING SHARES OF MYCOGEN CORPORATION FOR CASH
CONSIDERATION OF $20.50 PER SHARE
- - DOW'S $20.50 PER SHARE PRICE IMPLIES THE FOLLOWING MARKET CAPITALIZATION,
PREMIUM TO MARKET AND TRADING MULTIPLES
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IMPLIED MARKET CAPITALIZATION ($ IN MM)
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Dow Offer Price $20.50
Total Shares Outstanding 36.11
Total Options Outstanding 4.44
Average Strike Price of Options $12.03
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EQUITY MARKET VALUE $777.81
Plus: Net Debt(1) $13.66
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ADJUSTED MARKET VALUE $791.47
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ADJUSTED MARKET VALUE AS A MULTIPLE OF MARKET VALUE AS A MULTIPLE OF
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SALES EBITDA EBIT NET INCOME BOOK VALUE
----- ------ ---- ---------- ----------
LTM BEFORE ADJ.(1) 3.7x NM NM NM 3.7x
FY 1998 BEFORE ADJ.(2) 3.4x NM NM NM 3.9x
FY 1999 3.2x NM NM NM 3.9x
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(1) Includes other charges of $48.9MM (impairment of facilities and costs to
exit those facilities, severance, patent litigation fees, acquired
in-process technology and equity in net loss of investees)
(2) Includes projected litigation expenses of $11.0MM
WASSERSTEIN PERELLA & CO.
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MYCOGEN CORPORATION BACKGROUND OF THE PROPOSED TRANSACTION
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HISTORY OF DOW'S INVESTMENT IN MYCOGEN
- - IN 1996, DOW ACQUIRED A 51.8% STAKE IN MYCOGEN
- On January 15, 1996, Dow agreed to acquire a 36.6% stake, or
approximately 9.5 million common shares of Mycogen from Lubrizol, for
roughly $13.26/share. In a simultaneous transaction, Dow acquired
approximately 4.5 million common shares of Mycogen in exchange for $26.5
million in cash and all of the outstanding shares of Dow's wholly-owned
subsidiary United AgriSeeds, Inc.
- On December 3, 1996, Dow acquired 1.0 million common shares of Mycogen
from Pioneer Hi-Bred International for $16.75/share
- During 1996, Dow acquired 850,000 common shares in open market
transactions at a weighted average price of $17.21/share
- - IN 1997, DOW INCREASED ITS STAKE IN MYCOGEN TO 56.9%
- Dow acquired 2,287,843 common shares at a weighted average price of
$23.20/share
- Of these, 2,206,177 common shares (or 96%) were bought at prices in
excess of $20.50/share
- In connection with Dr. Caulder's resignation as Chairman of the Board
and CEO of Mycogen on May 1, 1997, Dow offered to purchase substantially
all shares of common stock owned by Dr. Caulder on the following terms
- $28.00/share for the number of shares equal to the sum of 30,000 plus
the number of shares issued to Dr. Caulder pursuant to his severance
agreement
- All other shares would be purchased at a price equal to 105% of the 30
day trailing trading average of Mycogen stock
- Included in the 2,287,843 common shares referenced above were 95,752
common shares purchased by Dow from Dr. Caulder on May 2, 1997 at
$28.00/share
WASSERSTEIN PERELLA & CO.
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MYCOGEN CORPORATION BACKGROUND OF THE PROPOSED TRANSACTION
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HISTORY OF DOW'S INVESTMENT IN MYCOGEN (CONT'D)
- - IN 1998, DOW INCREASED ITS STAKE IN MYCOGEN TO APPROXIMATELY 68.8%
- On January 9, 1998, Dow acquired 483,439 newly-issued common shares at
$19.46/share from Mycogen that were issued to finance Mycogen's
acquisition of an additional 16.25% stake in Verneuil Holdings S.A., a
French company
- On January 16, 1998, Dow purchased 3,762,038 newly-issued common shares
from Mycogen for $75 million cash, implying a share price of $19.94
- Dow purchased 296,035 common shares of Mycogen from Dr. Jerry L.
Caulder, former Chairman of Board and CEO of Mycogen, for $19.48/share
- On March 13, 1998, Dow agreed to purchase from Pioneer Overseas Corp.
2.0 million common shares of Mycogen for $20.06/share
WASSERSTEIN PERELLA & CO.
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MYCOGEN CORPORATION BACKGROUND OF THE PROPOSED TRANSACTION
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TERMS OF THE EXCHANGE AND PURCHASE AGREEMENT
- - UNDER THE TERMS OF THE JANUARY 15, 1996 EXCHANGE AND PURCHASE AGREEMENT
(THE "AGREEMENT")
- Dow agreed, subject to certain limitations, that:
- Prior to February 19, 1998 (the second anniversary of the
"Measurement Date"), it would not acquire or propose to acquire
shares which, when aggregated with all other shares held by Dow
(other than shares acquired after February 19, 1996 directly from
Mycogen or any subsidiaries or employees) would constitute more than
60% of Mycogen's common stock
- Prior to February 19, 1999 (the third anniversary of the
"Measurement Date"), it would not acquire or propose to acquire
shares which, when aggregated with all other shares held by Dow (other
than shares acquired after February 19, 1996 directly from Mycogen
or any subsidiaries or employees) would constitute more than 65% of
Mycogen's common stock
- After February 19, 1999, Dow may acquire more than 79.9% of Mycogen's
outstanding shares only pursuant to a "Buyout Transaction"
- A "Buyout Transaction" is defined as a tender offer, merger or
similar transaction for "Third Party Sale Value"
- "Third Party Sale Value" is defined as the value that an
unaffiliated third party would be expected to pay in an arms'-length
transaction for all outstanding shares and share equivalents, NOT
TAKING INTO ACCOUNT DOW'S POTENTIALLY CONTROLLING POSITION
- A Buyout Transaction can be consummated only:
- With the approval of a majority of "Independent Directors" after
receipt of a fairness opinion from a recognized investment bank,
or
- If approval of a majority of the "Independent Directors" cannot
be obtained, through arbitration by an independent appraiser
- The Agreement may be amended only by a majority of the Independent
Directors and a majority of Mycogen's Board
WASSERSTEIN PERELLA & CO.
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MYCOGEN CORPORATION BACKGROUND OF THE PROPOSED TRANSACTION
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DISTRIBUTION OF VOLUME AT VARIOUS PRICES FOR THE LAST FIVE YEARS
THIS GRAPH ILLUSTRATES THE CUMULATIVE VOLUME OF MYCOGEN STOCK THAT TRADED AT
VARIOUS PRICE INTERVALS OVER THE LAST FIVE YEARS.
MYCO
Security Price History
MYCOGEN CORP. COM 17-Jul-98
MYCO 62845210 Common Stock NASDAQ BAR LINE
U.S. Dollar
Date Volume High Low Close Volume Cumulative %
- --------- -------- ------- ------- ------- ------- -------------
29-Dec-94 38,100 8.5000 8.0000 8.0000
27-Dec-94 104,800 9.0000 8.0000 8.0000
18-Jul-95 95,200 9.0000 8.0000 8.1250
03-Jan-95 111,100 8.5000 8.0000 8.1250
28-Dec-94 65,500 8.5000 8.0000 8.1250
21-Jul-95 25,600 8.7500 8.2500 8.2500
19-Jul-95 66,300 8.5000 7.7500 8.2500
30-Jun-95 21,800 8.7500 8.2500 8.2500
30-May-95 12,700 9.0000 8.2500 8.2500
25-May-95 86,400 9.0000 8.2500 8.2500
24-May-95 62,100 9.0000 8.1250 8.2500
23-May-95 61,500 9.0000 8.0000 8.2500
18-May-95 61,900 9.0000 8.2500 8.2500
04-Jan-95 45,000 8.5000 7.8750 8.2500
23-Dec-94 30,500 8.7500 8.2500 8.2500
22-Dec-94 31,100 8.7500 8.2500 8.2500
09-Dec-94 29,900 8.7500 8.1250 8.2500
06-Dec-94 101,600 9.2500 8.0000 8.2500
01-Jun-95 11,500 9.0000 8.2500 8.3750
31-May-95 11,200 9.0000 8.2500 8.3750
30-Dec-94 152,100 8.7500 8.0000 8.3750
08-Dec-94 133,400 9.0000 8.1250 8.3750
27-Jul-95 25,000 9.0000 8.5000 8.5000
26-Jul-95 31,700 9.0000 8.5000 8.5000
25-Jul-95 15,900 9.1250 8.5000 8.5000
20-Jul-95 16,600 8.7500 8.0000 8.5000
17-Jul-95 20,200 9.0000 8.5000 8.5000
14-Jul-95 34,600 9.0000 8.5000 8.5000
13-Jul-95 61,600 9.3750 8.5000 8.5000
03-Jul-95 11,900 9.0000 8.2500 8.5000
28-Jun-95 15,500 8.7500 8.2500 8.5000
27-Jun-95 59,300 9.2500 8.2500 8.5000
05-Jun-95 9,900 9.0000 8.5000 8.5000
02-Jun-95 23,700 9.0000 8.2500 8.5000
22-May-95 72,800 9.0000 8.2500 8.5000
21-Dec-94 83,500 8.7500 8.0000 8.5000
20-Dec-94 28,500 8.5000 8.0000 8.5000
19-Dec-94 55,900 8.5000 8.0000 8.5000
16-Dec-94 72,100 8.7500 8.2500 8.5000
14-Dec-94 50,100 9.0000 8.5000 8.5000
13-Dec-94 22,900 9.0000 8.5000 8.5000
02-Aug-95 35,900 9.0000 8.6250 8.6250
31-Jul-95 82,800 9.0000 8.5000 8.6250
17-May-95 19,400 9.2500 8.5000 8.6250
06-Jan-95 17,000 9.0000 8.6250 8.6250
15-Dec-94 182,200 9.0000 8.0000 8.6250
08-Aug-95 16,600 9.0000 8.7500 8.7500
04-Aug-95 31,900 9.0000 8.5000 8.7500
24-Jul-95 44,100 9.2500 8.2500 8.7500
12-Jul-95 13,300 9.5000 8.7500 8.7500
11-Jul-95 14,600 9.5000 8.7500 8.7500
06-Jul-95 81,100 9.1250 8.5000 8.7500
29-Jun-95 20,100 8.7500 8.2500 8.7500
26-Jun-95 43,200 9.2500 8.7500 8.7500
09-Jun-95 13,600 9.2500 8.7500 8.7500
12-Dec-94 18,400 9.0000 8.3750 8.7500
07-Dec-94 52,300 9.0000 8.2500 8.7500
01-Aug-95 43,300 9.0000 8.5000 8.8125
07-Jul-95 95,300 9.0000 8.5000 8.8750
15-May-95 47,400 9.2500 8.7500 8.8750
08-May-95 55,600 9.5000 8.8750 8.8750
09-Jan-95 22,800 9.1250 8.6250 8.8750
05-Jan-95 27,600 8.8750 8.2500 8.8750
07-Aug-95 46,600 9.0000 8.6250 9.0000
03-Aug-95 31,600 9.0000 8.2500 9.0000
28-Jul-95 35,000 9.0000 8.2500 9.0000
21-Jun-95 21,100 9.2500 8.7500 9.0000
16-Jun-95 42,000 9.2500 8.7500 9.0000
15-Jun-95 4,800 9.2500 8.7500 9.0000
14-Jun-95 70,900 9.2500 8.7500 9.0000
08-Jun-95 31,600 9.2500 8.7500 9.0000
07-Jun-95 48,700 9.0000 8.5000 9.0000
06-Jun-95 19,200 9.0000 8.5000 9.0000
26-May-95 5,500 9.0000 8.2500 9.0000
19-May-95 90,000 9.0000 8.2500 9.0000
16-May-95 33,700 9.0000 8.7500 9.0000
12-May-95 37,200 9.2500 8.8750 9.0000
10-May-95 40,900 9.5000 8.7500 9.0000
24-Mar-95 54,700 10.0000 9.0000 9.0000
19-Jun-95 44,300 9.5000 8.7500 9.0156
09-May-95 35,900 9.5000 8.8750 9.0625
20-Jun-95 34,200 9.2500 8.7500 9.1250
05-Dec-94 26,300 9.5000 8.7500 9.1250
15-Aug-95 56,400 10.2500 9.2500 9.2500
10-Jul-95 44,900 9.2500 8.6250 9.2500
05-Jul-95 109,900 9.2500 8.2500 9.2500
23-Jun-95 21,100 9.2500 8.7500 9.2500
22-Jun-95 38,000 9.2500 8.7500 9.2500
13-Jun-95 15,600 9.2500 8.7500 9.2500
12-Jun-95 13,600 9.5000 8.7500 9.2500
11-May-95 5,900 9.2500 8.8750 9.2500
04-May-95 38,800 9.6250 9.0000 9.2500
28-Apr-95 25,400 10.0000 9.2500 9.2500
21-Apr-95 25,100 9.7500 9.2500 9.2500
28-Feb-95 42,600 10.0000 9.2500 9.2500
02-Dec-94 33,600 9.7500 9.2500 9.2500
01-Dec-94 21,700 10.0000 9.2500 9.2500
28-Nov-94 26,700 9.7500 9.2500 9.2500
31-Mar-94 29,000 10.0000 9.2500 9.2500
09-Mar-94 37,600 10.0000 9.2500 9.2500
30-Mar-95 26,500 10.0000 9.2500 9.3750
21-Mar-95 260,700 10.2500 8.7500 9.3750
10-Jan-95 80,400 10.2500 9.0000 9.3750
22-Nov-94 23,600 10.0000 9.3750 9.3750
18-Aug-95 31,200 9.7500 9.2500 9.5000
05-May-95 3,400 9.5000 9.0000 9.5000
02-May-95 26,700 9.7500 9.2500 9.5000
27-Apr-95 16,300 10.0000 9.5000 9.5000
26-Apr-95 34,600 10.0000 9.2500 9.5000
20-Apr-95 57,100 10.2500 9.2500 9.5000
19-Apr-95 19,900 10.2500 9.5000 9.5000
07-Apr-95 9,800 10.2500 9.5000 9.5000
27-Mar-95 19,300 10.0000 9.0000 9.5000
22-Mar-95 59,600 10.0000 8.7500 9.5000
17-Mar-95 11,700 10.0000 9.5000 9.5000
15-Mar-95 8,900 10.0000 9.5000 9.5000
09-Mar-95 55,300 10.2500 9.5000 9.5000
29-Nov-94 23,300 9.7500 9.2500 9.5000
23-Nov-94 44,900 9.7500 9.2500 9.5000
21-Nov-94 17,500 10.0000 9.5000 9.5000
19-Apr-94 94,000 10.5000 9.5000 9.5000
15-Apr-94 3,800 10.2500 9.5000 9.5000
13-Apr-94 7,100 10.2500 9.5000 9.5000
04-Apr-94 16,600 10.0000 9.2500 9.5000
01-May-95 13,000 9.7500 9.2500 9.5313
16-Aug-95 42,700 10.0000 9.0000 9.6250
09-Aug-95 123,100 9.6250 8.7500 9.6250
29-Mar-95 19,900 10.0000 9.2500 9.6250
10-Mar-94 51,500 9.7500 9.2500 9.6250
13-Sep-95 39,900 10.1250 9.7500 9.7500
21-Aug-95 30,800 9.7500 9.2500 9.7500
17-Aug-95 14,400 9.7500 9.2500 9.7500
14-Aug-95 150,100 10.2500 9.7500 9.7500
03-May-95 14,500 9.7500 9.2500 9.7500
25-Apr-95 16,700 9.7500 9.2500 9.7500
24-Apr-95 10,700 9.7500 9.2500 9.7500
05-Apr-95 59,500 10.0000 9.5000 9.7500
04-Apr-95 27,400 10.0000 9.2500 9.7500
03-Apr-95 17,800 9.7500 9.2500 9.7500
31-Mar-95 16,300 9.7500 9.2500 9.7500
07-Mar-95 15,600 10.2500 9.5000 9.7500
06-Mar-95 20,500 10.2500 9.7500 9.7500
27-Feb-95 14,200 10.0000 9.2500 9.7500
23-Feb-95 93,800 10.2500 9.2500 9.7500
19-Jan-95 86,200 10.2500 9.5000 9.7500
25-Nov-94 8,500 9.7500 9.2500 9.7500
17-Nov-94 15,900 10.1250 9.6250 9.7500
16-Nov-94 36,700 10.1250 9.7500 9.7500
21-Oct-94 2,700 10.5000 9.7500 9.7500
22-Aug-94 22,600 10.2500 9.7500 9.7500
10-Aug-94 11,400 10.2500 9.7500 9.7500
09-Aug-94 19,200 10.3125 9.7500 9.7500
11-Mar-94 20,700 9.7500 9.2500 9.7500
07-Mar-94 44,000 10.2500 9.7500 9.7500
27-Dec-93 42,400 10.2500 9.5000 9.7500
10-Dec-93 56,600 10.2500 9.7500 9.7500
09-Dec-93 31,800 10.2500 9.7500 9.7500
03-Dec-93 88,900 10.2500 9.7500 9.7500
19-Aug-94 8,000 10.2500 9.7500 9.8125
25-Aug-95 12,800 10.2500 9.5000 9.8750
08-Mar-95 25,100 10.2500 9.5000 9.8750
15-Nov-94 79,700 10.2500 9.8750 9.8750
14-Nov-94 17,700 10.2500 9.8750 9.8750
11-Nov-94 4,500 10.2500 9.8750 9.8750
09-Nov-94 213,000 10.5000 9.8750 9.8750
01-Nov-94 35,200 10.5000 9.7500 9.8750
05-Aug-94 32,400 10.5000 9.7500 9.8750
22-Jul-94 96,700 10.2500 9.7500 9.8750
04-Mar-94 43,800 10.2500 9.7500 9.8750
21-Jul-94 80,600 10.2500 9.7500 9.9375
12-Sep-95 60,600 10.1250 9.7500 10.0000
06-Sep-95 27,700 10.1250 9.5000 10.0000
05-Sep-95 42,900 10.2500 9.5000 10.0000
28-Aug-95 111,200 10.2500 9.5000 10.0000
24-Aug-95 20,600 10.2500 9.5000 10.0000
23-Aug-95 23,100 10.2500 9.5000 10.0000
22-Aug-95 29,900 10.2500 9.3750 10.0000
18-Apr-95 17,700 10.2500 9.5000 10.0000
17-Apr-95 222,600 10.2500 9.5000 10.0000
13-Apr-95 29,400 10.2500 9.5000 10.0000
11-Apr-95 17,000 10.2500 9.5000 10.0000
10-Apr-95 22,400 10.2500 9.5000 10.0000
28-Mar-95 9,400 10.0000 9.2500 10.0000
23-Mar-95 23,900 10.0000 9.5000 10.0000
16-Mar-95 9,200 10.0000 9.5000 10.0000
14-Mar-95 17,000 10.2500 9.5000 10.0000
02-Mar-95 36,900 10.0000 9.5000 10.0000
01-Mar-95 36,000 10.0000 9.2500 10.0000
24-Feb-95 28,900 10.0000 9.5000 10.0000
30-Nov-94 17,200 10.0000 9.5000 10.0000
18-Nov-94 23,000 10.1250 9.5000 10.0000
10-Nov-94 76,000 10.2500 9.8750 10.0000
08-Nov-94 18,800 10.2500 10.0000 10.0000
04-Nov-94 20,900 10.5000 10.0000 10.0000
31-Oct-94 15,500 10.5000 10.0000 10.0000
26-Oct-94 40,300 10.5000 9.7500 10.0000
25-Oct-94 54,600 10.2500 9.5000 10.0000
24-Oct-94 17,500 10.5000 9.7500 10.0000
17-Oct-94 13,400 10.5000 10.0000 10.0000
11-Oct-94 17,600 10.5000 9.7500 10.0000
07-Oct-94 58,400 10.5000 10.0000 10.0000
06-Oct-94 22,200 10.5000 10.0000 10.0000
03-Oct-94 10,800 10.5000 10.0000 10.0000
30-Sep-94 6,400 10.5000 10.0000 10.0000
29-Sep-94 29,200 10.5000 10.0000 10.0000
26-Sep-94 18,200 10.2500 9.7500 10.0000
23-Sep-94 33,200 10.5000 10.0000 10.0000
22-Sep-94 49,500 10.5000 10.0000 10.0000
21-Sep-94 9,800 10.5000 10.0000 10.0000
20-Sep-94 22,500 10.5000 10.0000 10.0000
16-Sep-94 3,400 10.5000 10.0000 10.0000
14-Sep-94 13,300 10.5000 10.0000 10.0000
12-Sep-94 28,800 10.2500 10.0000 10.0000
08-Sep-94 7,600 10.2500 10.0000 10.0000
07-Sep-94 50,100 10.5000 10.0000 10.0000
06-Sep-94 5,600 10.5000 10.0000 10.0000
02-Sep-94 21,100 10.5000 10.0000 10.0000
01-Sep-94 17,700 10.5000 10.0000 10.0000
29-Aug-94 20,100 10.5000 10.0000 10.0000
26-Aug-94 23,100 10.5000 10.0000 10.0000
18-Aug-94 25,600 10.5000 9.7500 10.0000
12-Aug-94 34,300 10.5000 10.0000 10.0000
04-Aug-94 12,700 10.5000 10.0000 10.0000
03-Aug-94 10,500 10.5000 10.0000 10.0000
02-Aug-94 7,300 10.5000 10.0000 10.0000
01-Aug-94 10,400 10.5000 10.0000 10.0000
29-Jul-94 59,600 10.5000 10.0000 10.0000
28-Jul-94 13,900 10.5000 10.0000 10.0000
25-Jul-94 38,900 10.0000 9.7500 10.0000
15-Jul-94 75,100 10.7500 10.0000 10.0000
12-Apr-94 46,600 11.0000 9.5000 10.0000
30-Mar-94 21,500 10.0000 9.2500 10.0000
08-Mar-94 43,300 10.2500 9.5000 10.0000
03-Mar-94 49,000 10.2500 9.8750 10.0000
30-Dec-93 76,400 10.5000 10.0000 10.0000
29-Dec-93 70,100 10.5000 10.0000 10.0000
28-Dec-93 109,200 10.2500 9.7500 10.0000
23-Dec-93 45,000 10.0000 9.5000 10.0000
22-Dec-93 35,900 10.5000 9.5000 10.0000
21-Dec-93 40,900 10.5000 10.0000 10.0000
07-Nov-94 42,100 10.2500 10.0000 10.0625
28-Oct-94 14,200 10.5000 10.0000 10.0625
15-Sep-95 342,500 10.2500 9.5000 10.1250
14-Sep-95 76,800 10.1250 9.7500 10.1250
11-Sep-95 98,400 10.1250 9.8750 10.1250
08-Sep-95 32,500 10.1250 9.8750 10.1250
07-Sep-95 87,900 10.1250 9.6250 10.1250
20-Jan-95 49,600 10.1250 9.6250 10.1250
18-Jan-95 27,300 10.5000 10.1250 10.1250
03-Nov-94 26,500 10.5000 10.0000 10.1250
02-Nov-94 24,400 10.2500 9.7500 10.1250
20-Oct-94 12,700 10.2500 9.7500 10.1250
30-Aug-94 60,200 10.5000 10.0000 10.1250
16-Aug-94 20,300 10.2500 9.7500 10.1250
02-Mar-94 25,100 10.5000 9.7500 10.1250
13-Dec-93 153,000 10.2500 9.5000 10.1250
01-Sep-95 13,000 10.2500 9.5000 10.2500
31-Aug-95 34,300 10.2500 9.5000 10.2500
30-Aug-95 10,700 10.2500 9.5000 10.2500
29-Aug-95 9,300 10.2500 9.5000 10.2500
11-Aug-95 107,800 11.0000 9.7500 10.2500
10-Aug-95 219,300 11.2500 10.2500 10.2500
12-Apr-95 27,700 10.2500 9.7500 10.2500
06-Apr-95 42,500 10.2500 9.2500 10.2500
13-Mar-95 11,400 10.2500 9.5000 10.2500
10-Mar-95 7,700 10.2500 9.5000 10.2500
03-Mar-95 19,000 10.2500 9.5000 10.2500
22-Feb-95 87,300 10.2500 9.7500 10.2500
21-Feb-95 231,700 11.5000 9.5000 10.2500
11-Jan-95 152,400 10.2500 9.6250 10.2500
27-Oct-94 27,900 10.5000 10.0000 10.2500
19-Oct-94 14,300 10.5000 9.7500 10.2500
13-Oct-94 11,100 10.5000 10.0000 10.2500
12-Oct-94 8,000 10.2500 9.7500 10.2500
04-Oct-94 99,300 10.5000 10.2500 10.2500
27-Sep-94 20,900 10.2500 9.7500 10.2500
09-Sep-94 14,500 10.2500 10.0000 10.2500
23-Aug-94 28,700 10.5000 9.7500 10.2500
15-Aug-94 7,900 10.2500 10.0000 10.2500
11-Aug-94 46,100 10.2500 9.7500 10.2500
08-Aug-94 17,100 10.2500 9.5000 10.2500
20-Jul-94 159,300 10.2500 9.7500 10.2500
19-Jul-94 107,600 10.5000 9.7500 10.2500
14-Jul-94 85,100 10.7500 10.2500 10.2500
13-Jul-94 2,700 10.7500 10.2500 10.2500
27-May-94 16,600 10.7500 10.2500 10.2500
26-May-94 7,300 10.7500 10.2500 10.2500
23-May-94 20,300 10.7500 10.2500 10.2500
21-Apr-94 153,100 11.5000 9.7500 10.2500
20-Apr-94 71,600 10.2500 9.5000 10.2500
14-Apr-94 9,900 10.2500 9.5000 10.2500
29-Mar-94 17,200 10.7500 9.7500 10.2500
25-Mar-94 23,400 11.0000 10.2500 10.2500
24-Mar-94 45,200 11.0000 10.2500 10.2500
31-Dec-93 64,700 10.7500 10.0000 10.2500
20-Dec-93 54,900 10.7500 10.0000 10.2500
16-Dec-93 50,500 10.5000 10.0000 10.2500
08-Dec-93 22,600 10.2500 9.7500 10.2500
07-Dec-93 118,400 10.2500 9.7500 10.2500
06-Dec-93 54,400 10.2500 9.5000 10.2500
02-Dec-93 49,000 10.2500 9.7500 10.2500
01-Dec-93 43,900 10.2500 9.7500 10.2500
30-Nov-93 114,500 10.2500 9.7500 10.2500
29-Nov-93 101,300 10.7500 9.7500 10.2500
23-Nov-93 40,700 10.5000 10.0000 10.2500
19-Sep-94 15,200 10.5000 10.0000 10.3750
11-Jul-94 11,800 10.7500 10.2500 10.3750
28-Mar-94 5,400 11.0000 10.2500 10.3750
14-Mar-94 29,500 10.5000 9.2500 10.3750
22-Nov-93 70,400 11.0000 10.0000 10.3750
20-Mar-95 42,600 10.7500 10.0000 10.5000
23-Jan-95 56,700 10.5000 9.6250 10.5000
17-Jan-95 47,400 11.3750 10.2500 10.5000
18-Oct-94 12,700 10.5000 9.7500 10.5000
14-Oct-94 13,200 10.5000 10.0000 10.5000
10-Oct-94 4,400 10.5000 10.0000 10.5000
05-Oct-94 22,900 10.5000 10.2500 10.5000
28-Sep-94 21,300 10.5000 10.0000 10.5000
15-Sep-94 26,000 10.5000 10.0000 10.5000
13-Sep-94 20,500 10.5000 10.0000 10.5000
31-Aug-94 35,300 10.5000 10.1250 10.5000
25-Aug-94 27,500 10.5000 10.0000 10.5000
24-Aug-94 13,800 10.5000 10.0000 10.5000
17-Aug-94 36,700 10.5000 10.0000 10.5000
27-Jul-94 27,700 11.0000 10.0000 10.5000
18-Jul-94 105,400 10.5000 9.7500 10.5000
07-Jul-94 28,100 11.0000 10.2500 10.5000
31-May-94 46,200 11.0000 10.5000 10.5000
25-May-94 34,500 10.7500 10.2500 10.5000
16-May-94 7,900 11.0000 10.5000 10.5000
18-Apr-94 203,600 10.5000 9.5000 10.5000
06-Apr-94 38,400 10.5000 10.0000 10.5000
05-Apr-94 18,000 10.5000 9.5000 10.5000
23-Mar-94 14,800 11.0000 10.5000 10.5000
18-Mar-94 25,600 11.2500 10.5000 10.5000
25-Feb-94 15,200 11.0000 10.5000 10.5000
24-Feb-94 45,400 11.0000 10.5000 10.5000
23-Feb-94 13,000 11.0000 10.5000 10.5000
17-Dec-93 19,000 10.5000 10.0000 10.5000
15-Dec-93 34,100 10.5000 10.0000 10.5000
14-Dec-93 87,700 10.5000 9.7500 10.5000
26-Nov-93 2,900 10.5000 10.0000 10.5000
24-Nov-93 20,100 10.5000 10.0000 10.5000
19-Nov-93 32,600 11.0000 10.5000 10.5000
18-Nov-93 11,600 11.0000 10.5000 10.5000
26-Jul-94 33,200 11.0000 10.2500 10.5625
13-May-94 41,800 11.0000 10.5000 10.6250
16-Mar-94 35,000 11.0000 10.5000 10.6250
03-Jan-94 31,600 10.7500 10.2500 10.6250
16-Jan-95 62,200 11.8750 10.7500 10.7500
12-Jul-94 6,500 10.7500 10.2500 10.7500
08-Jul-94 11,100 10.7500 10.2500 10.7500
06-Jul-94 30,800 11.2500 10.5000 10.7500
05-Jul-94 7,700 11.2500 10.7500 10.7500
30-Jun-94 9,000 11.5000 10.7500 10.7500
28-Jun-94 13,300 11.2500 10.7500 10.7500
27-Jun-94 14,400 11.2500 10.7500 10.7500
24-May-94 24,500 10.7500 10.2500 10.7500
20-May-94 99,000 11.2500 10.5000 10.7500
18-May-94 4,500 11.2500 10.7500 10.7500
17-May-94 32,600 11.2500 10.5000 10.7500
12-May-94 18,200 11.2500 10.5000 10.7500
22-Mar-94 5,300 11.0000 10.5000 10.7500
21-Mar-94 14,900 11.0000 10.5000 10.7500
01-Mar-94 645,300 11.0000 10.2500 10.7500
18-Feb-94 46,900 11.2500 10.5000 10.7500
17-Feb-94 22,800 11.7500 10.7500 10.7500
04-Jan-94 39,500 11.0000 10.5000 10.7500
16-Nov-93 9,700 11.2500 10.7500 10.7500
04-Nov-93 21,700 11.5000 10.7500 10.7500
25-Oct-93 175,400 11.5000 10.2500 10.7500
30-Jan-95 49,400 11.5000 10.8750 10.8750
11-May-94 51,200 11.7500 10.5000 10.8750
15-Mar-94 46,600 11.0000 10.2500 10.8750
15-Nov-93 13,300 11.5000 10.7500 10.8750
12-Jan-95 172,800 11.1250 9.8750 11.0000
01-Jul-94 25,900 11.2500 10.7500 11.0000
29-Jun-94 3,400 11.2500 10.7500 11.0000
20-Jun-94 15,500 11.2500 11.0000 11.0000
17-Jun-94 9,900 11.5000 11.0000 11.0000
07-Jun-94 16,900 11.5000 10.7500 11.0000
02-Jun-94 10,900 11.0000 10.2500 11.0000
01-Jun-94 2,300 11.0000 10.2500 11.0000
22-Apr-94 436,900 11.2500 10.0000 11.0000
11-Apr-94 28,200 11.2500 10.5000 11.0000
07-Apr-94 39,400 11.0000 10.2500 11.0000
28-Feb-94 22,200 11.0000 10.5000 11.0000
22-Feb-94 29,100 11.0000 10.5000 11.0000
17-Nov-93 29,500 11.2500 10.5000 11.0000
12-Nov-93 10,000 11.5000 11.0000 11.0000
11-Nov-93 13,100 11.5000 11.0000 11.0000
08-Nov-93 10,200 11.0000 10.7500 11.0000
05-Nov-93 43,300 11.0000 10.5000 11.0000
03-Nov-93 16,500 11.5000 11.0000 11.0000
02-Nov-93 19,100 11.5000 11.0000 11.0000
26-Jan-95 53,300 11.6250 11.1250 11.1250
25-Jan-95 54,500 11.6250 11.0000 11.1250
06-Jun-94 21,500 11.2500 10.7500 11.1250
01-Nov-93 10,000 11.5000 11.0000 11.1250
27-Jan-95 20,600 11.5000 11.0000 11.2500
24-Jun-94 23,100 11.2500 10.7500 11.2500
21-Jun-94 9,500 11.2500 11.0000 11.2500
15-Jun-94 39,700 12.0000 11.0000 11.2500
08-Jun-94 24,700 11.5000 11.0000 11.2500
03-Jun-94 20,500 11.2500 10.5000 11.2500
19-May-94 98,700 11.2500 10.7500 11.2500
29-Apr-94 37,500 11.5000 11.2500 11.2500
08-Apr-94 72,100 11.2500 10.5000 11.2500
17-Mar-94 27,600 11.2500 10.5000 11.2500
14-Feb-94 38,200 11.7500 11.0000 11.2500
11-Feb-94 10,800 11.7500 11.2500 11.2500
10-Feb-94 43,800 11.5000 11.2500 11.2500
08-Feb-94 67,700 11.7500 11.2500 11.2500
19-Jan-94 64,000 11.5000 11.0000 11.2500
10-Nov-93 15,100 11.5000 10.7500 11.2500
29-Oct-93 52,100 11.5000 11.0000 11.2500
22-Oct-93 15,200 11.7500 11.2500 11.2500
29-Sep-93 32,400 11.7500 11.2500 11.2500
28-Sep-93 45,000 11.7500 11.2500 11.2500
22-Jul-93 37,500 12.0000 11.2500 11.2500
01-Feb-95 30,500 11.5000 11.0000 11.3750
31-Jan-95 38,700 11.3750 10.7500 11.3750
09-Jun-94 17,400 11.5000 10.7500 11.3750
28-Apr-94 69,100 11.5000 11.2500 11.3750
25-Apr-94 202,400 11.5000 10.7500 11.3750
07-Feb-94 33,600 11.7500 11.2500 11.3750
21-Oct-93 19,200 12.0000 11.3750 11.3750
22-Sep-93 24,400 11.5000 11.0000 11.3750
18-Sep-95 223,700 11.5000 10.0000 11.5000
14-Feb-95 100,400 11.7500 11.5000 11.5000
06-Feb-95 17,500 11.7500 11.0000 11.5000
24-Jan-95 166,900 11.7500 10.5000 11.5000
23-Jun-94 9,800 11.5000 11.0000 11.5000
22-Jun-94 20,600 11.5000 11.0000 11.5000
16-Jun-94 7,400 11.7500 11.0000 11.5000
13-Jun-94 16,600 11.7500 11.2500 11.5000
10-Jun-94 17,000 11.7500 11.0000 11.5000
09-May-94 23,900 11.7500 11.2500 11.5000
26-Apr-94 35,700 11.5000 11.2500 11.5000
15-Feb-94 22,800 11.5000 11.0000 11.5000
09-Feb-94 12,600 11.5000 11.2500 11.5000
03-Feb-94 22,700 12.0000 11.5000 11.5000
02-Feb-94 16,300 12.0000 11.5000 11.5000
27-Jan-94 42,500 11.7500 11.5000 11.5000
26-Jan-94 24,100 11.7500 11.2500 11.5000
25-Jan-94 23,500 11.7500 11.2500 11.5000
24-Jan-94 19,500 11.7500 11.5000 11.5000
21-Jan-94 24,600 11.7500 11.5000 11.5000
14-Jan-94 9,200 12.0000 11.5000 11.5000
13-Jan-94 19,600 12.0000 11.5000 11.5000
10-Jan-94 18,400 12.0000 11.5000 11.5000
06-Jan-94 42,900 12.0000 11.5000 11.5000
09-Nov-93 14,700 11.5000 10.7500 11.5000
28-Oct-93 64,800 12.0000 11.2500 11.5000
27-Oct-93 68,300 12.0000 11.0000 11.5000
26-Oct-93 22,400 11.5000 10.7500 11.5000
27-Sep-93 47,600 11.7500 11.5000 11.5000
23-Sep-93 32,700 11.5000 11.2500 11.5000
21-Sep-93 54,100 12.0000 11.0000 11.5000
23-Jul-93 37,500 11.7500 11.0000 11.5000 20,015,600 0.281849
06-May-94 11,700 11.7500 11.2500 11.5625
17-Feb-95 47,400 12.0000 11.5000 11.6250
10-Feb-95 24,700 11.7500 11.5000 11.6250
13-Jan-95 103,900 11.8750 10.8750 11.6250
14-Jun-94 24,500 12.0000 11.5000 11.6250
31-Jan-94 10,800 11.7500 11.2500 11.6250
16-Feb-95 35,400 12.0000 11.5000 11.6875
13-Feb-95 70,200 12.0000 11.5000 11.7500
09-Feb-95 33,600 11.8750 11.5000 11.7500
08-Feb-95 21,600 11.8750 11.5000 11.7500
07-Feb-95 30,400 12.0000 11.1250 11.7500
03-Feb-95 18,700 11.8750 11.3750 11.7500
02-Feb-95 34,800 11.7500 11.1250 11.7500
10-May-94 16,300 11.7500 11.2500 11.7500
05-May-94 28,700 11.7500 11.2500 11.7500
04-May-94 14,900 11.7500 11.2500 11.7500
03-May-94 32,600 11.7500 11.2500 11.7500
02-May-94 61,700 11.7500 11.2500 11.7500
16-Feb-94 54,600 11.7500 11.0000 11.7500
04-Feb-94 17,900 12.0000 11.5000 11.7500
01-Feb-94 44,700 11.7500 11.2500 11.7500
28-Jan-94 22,500 11.7500 11.2500 11.7500
20-Jan-94 52,900 11.7500 11.0000 11.7500
18-Jan-94 20,300 12.0000 11.2500 11.7500
15-Oct-93 9,400 12.2500 11.7500 11.7500
13-Oct-93 193,200 12.5000 11.7500 11.7500
24-Sep-93 56,200 11.7500 11.0000 11.7500
20-Sep-93 10,400 12.0000 11.5000 11.7500
26-Jul-93 65,300 12.0000 11.5000 11.7500
07-Jan-94 33,800 12.0000 11.5000 11.8750
17-Sep-93 30,700 12.0000 11.5000 11.8750
20-Jul-93 30,300 12.2500 11.7500 11.8750
16-Jul-93 25,600 12.2500 11.7500 11.8750
07-Dec-95 51,500 12.2500 11.7500 12.0000
15-Feb-95 13,700 12.0000 11.5000 12.0000
17-Jan-94 21,100 12.0000 11.5000 12.0000
12-Jan-94 9,400 12.0000 11.5000 12.0000
11-Jan-94 13,500 12.0000 11.5000 12.0000
05-Jan-94 54,800 12.0000 11.2500 12.0000
20-Oct-93 43,000 12.0000 11.5000 12.0000
19-Oct-93 34,100 12.5000 12.0000 12.0000
14-Oct-93 21,000 12.2500 11.7500 12.0000
06-Dec-95 58,500 12.7500 11.7500 12.1250
27-Jul-93 88,200 12.2500 11.7500 12.1250
11-Dec-95 49,200 12.5000 11.8750 12.2500
08-Dec-95 13,600 12.2500 11.8750 12.2500
12-Oct-93 11,500 12.7500 12.2500 12.2500
11-Oct-93 4,800 12.7500 12.2500 12.2500
16-Sep-93 18,300 12.2500 11.7500 12.2500
15-Sep-93 50,700 12.7500 11.7500 12.2500
14-Sep-93 19,100 12.7500 12.2500 12.2500
16-Aug-93 23,100 12.7500 12.2500 12.2500
13-Aug-93 19,600 12.5000 12.2500 12.2500
12-Aug-93 11,200 12.5000 12.2500 12.2500
11-Aug-93 4,800 12.5000 12.2500 12.2500
10-Aug-93 12,900 12.5000 12.2500 12.2500
05-Aug-93 13,400 12.7500 12.2500 12.2500
21-Jul-93 71,300 12.2500 11.7500 12.2500
19-Jul-93 36,900 12.2500 11.7500 12.2500
05-Dec-95 56,800 13.0000 12.2500 12.5000
01-Dec-95 46,300 13.1250 12.5000 12.5000
27-Nov-95 19,800 13.1250 12.5000 12.5000
14-Nov-95 16,300 12.8750 12.2500 12.5000
09-Nov-95 19,000 13.1250 12.3750 12.5000
21-Sep-95 142,100 13.2500 12.5000 12.5000
18-Oct-93 25,700 12.5000 11.7500 12.5000
07-Oct-93 10,900 13.0000 12.5000 12.5000
06-Oct-93 48,700 13.0000 12.5000 12.5000
13-Sep-93 22,200 13.0000 12.5000 12.5000
10-Sep-93 11,900 13.0000 12.5000 12.5000
09-Sep-93 36,600 13.5000 12.5000 12.5000
18-Aug-93 336,000 13.2500 12.5000 12.5000
09-Aug-93 15,900 12.5000 12.0000 12.5000
04-Aug-93 26,000 12.7500 12.2500 12.5000
03-Aug-93 55,400 12.7500 12.5000 12.5000
02-Aug-93 52,200 12.7500 12.5000 12.5000
28-Jul-93 81,900 12.5000 12.2500 12.5000
16-Nov-95 14,000 12.6250 12.2500 12.6250
15-Nov-95 8,700 12.7500 12.2500 12.6250
05-Oct-93 45,900 13.2500 12.5000 12.6250
04-Dec-95 29,400 13.0000 12.5000 12.7500
17-Nov-95 8,000 12.7500 12.2500 12.7500
27-Oct-95 33,300 13.2500 12.7500 12.7500
08-Oct-93 12,300 13.0000 12.2500 12.7500
04-Oct-93 197,600 13.2500 12.7500 12.7500
30-Sep-93 73,300 13.0000 11.2500 12.7500
06-Aug-93 54,000 12.7500 12.2500 12.7500
30-Jul-93 53,000 12.7500 12.2500 12.7500
29-Jul-93 29,100 12.7500 12.2500 12.7500
24-Nov-95 2,900 13.1250 12.8750 12.8750
21-Nov-95 26,600 13.2500 12.8750 12.8750
08-Nov-95 29,800 13.1250 12.8750 12.8750
03-Nov-95 13,200 13.3750 12.7500 12.8750
25-Oct-95 93,000 13.7500 12.6250 12.8750
09-Oct-95 67,900 13.5000 12.8750 12.8750
25-Sep-95 61,300 13.5000 12.5000 12.8750
22-Nov-95 13,000 13.2500 12.8750 13.0000
20-Nov-95 55,400 13.2500 12.5000 13.0000
13-Nov-95 8,500 13.0000 12.5000 13.0000
10-Nov-95 16,500 13.0000 12.5000 13.0000
07-Nov-95 19,200 13.2500 12.7500 13.0000
02-Nov-95 9,700 13.3750 12.7500 13.0000
10-Oct-95 81,000 13.0000 12.7500 13.0000
22-Sep-95 45,400 13.0000 12.5000 13.0000
20-Sep-95 279,700 13.7500 12.7500 13.0000
08-Sep-93 34,100 13.5000 12.7500 13.0000
02-Sep-93 8,300 13.5000 13.0000 13.0000
01-Sep-93 18,100 13.5000 13.0000 13.0000
30-Aug-93 32,000 13.5000 13.0000 13.0000
27-Aug-93 16,900 13.5000 13.0000 13.0000
24-Aug-93 26,500 13.2500 12.7500 13.0000
23-Aug-93 47,800 13.2500 12.5000 13.0000
20-Aug-93 26,800 13.2500 12.7500 13.0000
17-Aug-93 177,800 13.0000 12.5000 13.0000
30-Nov-95 11,200 13.1250 12.7500 13.1250
29-Nov-95 8,300 13.1250 12.7500 13.1250
28-Nov-95 11,600 13.1250 12.5000 13.1250
01-Nov-95 18,000 13.3750 12.7500 13.1250
30-Oct-95 54,600 13.2500 12.7500 13.1250
17-Oct-95 23,500 13.6250 13.1250 13.1250
16-Oct-95 31,400 13.5000 13.1250 13.1250
13-Oct-95 10,100 13.5000 13.1250 13.1250
07-Sep-93 47,500 13.5000 13.0000 13.1250
19-Aug-93 39,500 13.2500 12.5000 13.1250
06-Nov-95 29,500 13.2500 12.8750 13.2500
26-Oct-95 46,800 13.2500 12.7500 13.2500
19-Oct-95 14,900 13.7500 13.1250 13.2500
19-Sep-95 560,900 13.6250 11.0000 13.2500
01-Oct-93 36,800 13.2500 12.7500 13.2500
31-Aug-93 60,500 13.5000 13.0000 13.2500
26-Aug-93 46,300 13.5000 12.7500 13.2500
25-Aug-93 29,800 13.2500 12.7500 13.2500
12-Dec-95 166,200 13.7500 12.2500 13.3750
31-Oct-95 6,400 13.3750 12.7500 13.3750
18-Oct-95 37,900 13.7500 13.1250 13.3750
11-Oct-95 67,600 13.5000 13.0000 13.3750
06-Oct-95 30,100 13.6250 13.3750 13.3750
12-Jul-96 22,000 14.0000 13.1250 13.5000
15-Dec-95 50,000 14.0000 13.5000 13.5000
24-Oct-95 21,500 14.0000 13.5000 13.5000
23-Oct-95 19,800 14.0000 13.5000 13.5000
12-Oct-95 54,100 13.5000 13.1250 13.5000
05-Oct-95 100,600 13.6250 13.3750 13.5000
04-Oct-95 54,600 13.7500 13.5000 13.5000
03-Sep-93 8,300 13.5000 13.0000 13.5000
03-Oct-95 118,600 13.8750 13.5000 13.6250
27-Sep-95 137,700 14.0000 13.3750 13.6250
11-Jul-96 29,300 14.2500 13.2500 13.7500
14-Dec-95 99,100 14.1250 13.5000 13.7500
29-Sep-95 33,700 14.0000 13.6250 13.7500
13-Dec-95 59,200 14.0000 13.2500 13.8125
21-Dec-95 96,800 14.2500 13.8750 13.8750
20-Dec-95 107,500 14.5000 13.8750 13.8750
18-Dec-95 68,900 14.0000 13.5000 13.8750
02-Oct-95 78,000 14.2500 13.5000 13.8750
17-Sep-96 27,000 14.5000 14.0000 14.0000
16-Sep-96 127,600 14.2500 13.7500 14.0000
12-Sep-96 71,700 15.5000 13.7500 14.0000
10-Jul-96 85,400 14.7500 13.0000 14.0000
28-Sep-95 58,400 14.0000 13.6250 14.0000
26-Sep-95 179,200 14.0000 13.3750 14.0000
20-Oct-95 104,900 14.1250 13.2500 14.1250
22-Oct-96 9,500 14.5000 14.2500 14.2500
21-Oct-96 29,400 14.5000 14.2500 14.2500
18-Oct-96 20,200 14.5000 14.2500 14.2500
16-Oct-96 84,600 14.5000 14.2500 14.2500
15-Oct-96 23,700 14.5000 14.2500 14.2500
14-Oct-96 33,800 14.5000 14.2500 14.2500
11-Oct-96 96,500 14.5000 14.2500 14.2500
09-Oct-96 147,600 14.7500 14.0000 14.2500
04-Oct-96 18,500 15.0000 14.2500 14.2500
03-Oct-96 1,600 15.0000 14.2500 14.2500
30-Sep-96 23,200 15.0000 14.2500 14.2500
23-Sep-96 21,300 14.7500 14.2500 14.2500
20-Sep-96 13,100 14.7500 14.2500 14.2500
18-Sep-96 95,600 14.7500 14.0000 14.2500
13-Sep-96 40,000 14.7500 13.7500 14.2500
15-Jul-96 101,600 14.6250 13.7500 14.2500
08-Jan-96 63,800 14.6250 13.6250 14.2500
19-Dec-95 110,000 14.5000 13.8750 14.2500
10-Oct-96 29,500 14.5000 14.2500 14.3750
08-Oct-96 28,000 14.7500 14.2500 14.3750
17-Oct-96 14,000 14.5000 14.2500 14.4750
27-Sep-96 13,100 15.0000 14.2500 14.5000
25-Sep-96 20,400 14.7500 14.2500 14.5000
24-Sep-96 27,900 14.5000 14.2500 14.5000
19-Sep-96 9,600 14.7500 14.2500 14.5000
10-Jan-96 37,900 14.7500 14.5000 14.5000 9,170,300 0.41098
24-Oct-96 160,600 15.5000 14.5000 14.7500
23-Oct-96 96,100 15.5000 14.2500 14.7500
07-Oct-96 61,700 14.7500 14.2500 14.7500
09-Aug-96 13,300 15.5000 14.3750 14.7500
06-Aug-96 17,800 15.5000 14.7500 14.7500
08-Jul-96 36,800 14.7500 14.2500 14.7500
05-Jul-96 73,800 15.2500 14.5000 14.7500
03-Jul-96 78,600 15.6250 14.6250 14.7500
09-Jan-96 74,400 14.7500 14.0000 14.7500
05-Jan-96 66,600 15.5000 14.7500 14.7500
07-Aug-96 21,500 15.0000 14.7500 14.8750
25-Jul-96 28,200 15.2500 14.7500 14.8750
09-Jul-96 16,900 15.0000 14.6250 14.8750
01-Jul-96 12,900 15.2500 14.8750 14.8750
02-Oct-96 21,700 15.0000 14.2500 15.0000
01-Oct-96 34,100 15.0000 14.2500 15.0000
26-Sep-96 233,600 15.0000 14.2500 15.0000
11-Sep-96 24,600 15.8750 15.0000 15.0000
08-Aug-96 29,400 15.0000 14.2500 15.0000
23-Jul-96 50,000 15.5000 15.0000 15.0000
17-Jul-96 29,800 15.8750 15.0000 15.0000
16-Jul-96 51,400 15.0000 14.0000 15.0000
02-Jul-96 14,800 15.5000 15.0000 15.0000
28-Jun-96 26,100 15.6250 14.8750 15.0000
22-Dec-95 126,600 15.0000 13.8750 15.0000
29-Jul-96 15,600 15.2500 15.0000 15.1250
24-Jul-96 60,600 15.1250 14.7500 15.1250
27-Jun-96 11,200 15.5000 15.0000 15.1250
26-Jun-96 6,000 17.0000 14.8750 15.1250
05-Aug-96 15,700 16.2500 15.2500 15.2500
26-Jul-96 38,300 15.2500 14.8750 15.2500
30-Jan-96 13,400 15.7500 15.2500 15.2500
31-Jul-96 24,200 16.0000 15.3750 15.3750
04-Jan-96 83,600 16.3750 15.0000 15.3750
26-Dec-95 88,500 15.7500 14.8750 15.3750
28-Oct-96 42,100 15.5000 15.0000 15.5000
25-Oct-96 73,800 15.5000 14.7500 15.5000
12-Aug-96 700 15.5000 14.7500 15.5000
22-Jul-96 29,500 15.5000 15.0000 15.5000
19-Jul-96 19,900 16.0000 15.2500 15.5000
18-Jul-96 11,200 15.7500 15.0000 15.5000
27-Dec-95 36,200 15.7500 15.2500 15.5000
30-Oct-96 38,300 15.7500 15.5000 15.6250
02-Aug-96 11,700 16.2500 15.6250 15.6250
29-Jan-96 20,000 16.2500 15.5000 15.6250
08-Nov-96 9,700 16.5000 15.7500 15.7500
05-Nov-96 6,600 16.0000 15.5000 15.7500
01-Nov-96 79,700 16.5000 15.5000 15.7500
29-Oct-96 51,500 16.0000 14.7500 15.7500
10-Sep-96 5,300 16.0000 15.5000 15.7500
29-Aug-96 43,200 16.6250 15.7500 15.7500
27-Aug-96 17,000 16.5000 15.5000 15.7500
26-Aug-96 21,400 16.5000 15.7500 15.7500
13-Aug-96 31,500 15.7500 14.7500 15.7500
30-Jul-96 62,100 15.7500 15.0000 15.7500
26-Jan-96 21,100 16.2500 15.7500 15.7500
23-Jan-96 16,800 16.0000 15.2500 15.7500
22-Jan-96 17,700 15.7500 15.5000 15.7500
19-Jan-96 36,300 15.7500 15.3750 15.7500
18-Jan-96 59,700 16.7500 15.2500 15.7500
03-Sep-96 15,900 16.0000 15.2500 15.8750
25-Jan-96 23,900 16.2500 15.2656 15.8750
15-Jan-96 38,200 16.1250 15.7500 15.8750
30-Aug-96 19,400 16.1250 15.5000 15.9375
06-Nov-96 19,200 16.2500 15.5000 16.0000
04-Nov-96 10,200 16.0000 15.5000 16.0000
31-Oct-96 25,400 16.0000 15.5000 16.0000
09-Sep-96 28,500 16.2500 15.7500 16.0000
23-Aug-96 39,600 16.2500 16.0000 16.0000
22-Aug-96 16,400 16.5000 16.0000 16.0000
21-Aug-96 19,600 16.5000 16.0000 16.0000
01-Aug-96 41,200 16.0000 15.3750 16.0000
03-Apr-96 50,800 17.0000 16.0000 16.0000
06-Feb-96 42,700 16.5000 16.0000 16.0000
24-Jan-96 23,900 16.0000 15.2500 16.0000
12-Jan-96 23,300 16.2500 15.8750 16.0000
03-Jan-96 81,200 16.6250 16.0000 16.0000
10-Apr-96 82,500 16.5000 16.0000 16.1250
28-Mar-96 113,900 16.5000 16.0000 16.1250
11-Jan-96 110,400 16.2500 14.6250 16.1250
28-Dec-95 216,700 16.7500 15.2500 16.1250
22-Nov-96 287,300 16.7500 16.2500 16.2500
21-Nov-96 57,400 17.0000 16.2500 16.2500
07-Nov-96 5,600 16.5000 15.7500 16.2500
06-Sep-96 29,900 16.2500 16.1250 16.2500
05-Sep-96 17,600 16.7500 16.2500 16.2500
14-Aug-96 144,900 16.7500 15.5500 16.2500
09-Apr-96 126,000 17.0000 16.0000 16.2500
26-Mar-96 57,700 16.7500 16.2500 16.2500
20-Mar-96 335,400 19.0000 15.0000 16.2500
07-Feb-96 325,900 16.2500 15.7500 16.2500
02-Feb-96 42,800 16.5000 16.0000 16.2500
01-Feb-96 48,700 16.2500 15.5000 16.2500
31-Jan-96 35,400 16.2500 15.2500 16.2500
11-Nov-96 63,800 16.5000 15.7500 16.3750
25-Jun-96 60,200 17.5000 16.3750 16.3750
02-Jan-96 176,000 17.2500 16.2500 16.3750
20-Aug-96 5,400 16.5000 16.0000 16.4375
10-Feb-98 15,800 16.5000 16.0000 16.5000
09-Feb-98 45,800 16.7500 16.0000 16.5000
04-Feb-98 265,500 17.7500 15.8750 16.5000
19-Nov-96 62,800 17.0000 16.5000 16.5000
14-Nov-96 45,900 17.0000 16.5000 16.5000
13-Nov-96 50,000 17.0000 16.5000 16.5000
12-Nov-96 26,600 17.0000 16.0000 16.5000
04-Sep-96 43,500 16.7500 15.7500 16.5000
12-Apr-96 6,400 17.0000 16.5000 16.5000
27-Mar-96 212,500 16.7500 16.2500 16.5000
21-Mar-96 165,400 16.5000 16.0000 16.5000
05-Feb-96 57,800 16.8750 16.0000 16.5000
28-Aug-96 32,500 16.7500 16.0000 16.5625
06-Feb-98 31,600 17.0000 16.6250 16.6250
02-Apr-96 23,000 17.0000 16.5000 16.6250
17-Jan-96 84,500 16.6250 16.0000 16.6250
16-Jan-96 101,700 17.0000 16.2500 16.6250
02-Dec-96 25,900 17.1250 16.7500 16.7500
29-Nov-96 19,100 17.1250 16.7500 16.7500
27-Nov-96 17,100 17.1250 16.5000 16.7500
26-Nov-96 13,700 17.0000 16.2500 16.7500
25-Nov-96 77,700 16.7500 16.2500 16.7500
20-Nov-96 25,600 17.0000 16.5000 16.7500
18-Nov-96 68,400 17.0000 16.5000 16.7500
19-Aug-96 52,800 17.3750 16.5000 16.7500
03-May-96 51,100 17.0000 16.2500 16.7500
02-May-96 37,000 16.7500 16.0000 16.7500
01-May-96 111,900 17.5000 16.2500 16.7500
11-Apr-96 54,700 16.7500 16.1250 16.7500
08-Feb-96 56,100 16.7500 15.8750 16.7500
05-Feb-98 110,800 17.0000 16.5000 16.8750
15-Apr-96 14,300 17.0000 16.5000 16.8750
27-Feb-98 94,800 17.3750 16.6250 17.0000
03-Dec-96 39,100 17.1250 16.7500 17.0000
15-Nov-96 168,700 17.0000 16.5000 17.0000
16-Aug-96 176,100 17.5000 16.7500 17.0000
17-Apr-96 21,900 17.3750 16.5000 17.0000
16-Apr-96 38,600 17.1250 16.5000 17.0000
08-Apr-96 87,300 17.5000 16.2500 17.0000
04-Apr-96 126,100 17.5000 16.6250 17.0000
25-Mar-96 147,000 17.5000 16.8750 17.0000
29-Dec-95 108,400 17.2500 16.1250 17.0000
02-Mar-98 46,800 17.2500 16.6250 17.1250
24-Jun-96 197,800 18.0000 17.1250 17.1250
19-Jun-96 46,200 17.2500 16.7500 17.1250
01-Apr-96 29,000 17.3750 17.0000 17.1875
26-Feb-98 73,900 17.8125 16.7500 17.2500
20-Jun-96 41,700 17.2500 17.0000 17.2500
18-Jun-96 32,800 17.5000 16.7500 17.2500
06-May-96 56,700 17.2500 16.5000 17.2500
30-Apr-96 138,900 18.0000 17.2500 17.2500
25-Apr-96 58,800 17.7500 17.2500 17.2500
29-Mar-96 67,100 17.2500 16.0000 17.2500
22-Mar-96 124,100 17.5000 16.5000 17.2500
15-Aug-96 72,900 17.3750 16.2500 17.3750
21-Jun-96 73,200 17.5000 16.7500 17.3750
07-Apr-98 67,200 18.1250 17.2500 17.5000
21-Apr-97 9,400 18.3750 17.5000 17.5000
17-Jun-96 42,800 18.0000 17.2500 17.5000
16-May-96 170,500 18.0000 17.2500 17.5000
15-May-96 176,900 18.5000 17.5000 17.5000
29-Apr-96 143,600 18.0000 17.5000 17.5000
26-Apr-96 53,500 17.7500 17.2500 17.5000
24-Apr-96 40,600 18.0000 17.2500 17.5000
19-Apr-96 35,800 17.8750 17.5000 17.5000
09-Feb-96 143,100 17.5000 16.0000 17.5000 1,078,2500 0.562814
08-Apr-98 32,900 18.0000 17.2500 17.6250
06-Jun-96 41,900 18.0000 17.6250 17.6250
29-May-96 37,300 18.0000 17.6250 17.6250
18-Apr-96 130,600 18.2500 17.2500 17.6875
24-Apr-97 61,100 18.2500 17.5000 17.7500
04-Dec-96 49,200 17.5000 16.8750 17.7500
14-Jun-96 18,400 18.1250 17.7500 17.7500
13-Jun-96 8,800 18.1250 17.7500 17.7500
12-Jun-96 45,100 18.5000 17.7500 17.7500
10-Jun-96 27,300 18.0000 17.7500 17.7500
07-Jun-96 45,700 18.0000 17.6250 17.7500
05-Jun-96 30,700 18.2500 17.6250 17.7500
28-May-96 22,900 18.2500 17.7500 17.7500
08-May-96 40,000 18.0000 17.7500 17.7500
07-May-96 90,700 18.2500 17.2500 17.7500
23-Apr-96 177,100 18.1250 17.7500 17.7500
22-Apr-96 66,400 18.0000 17.5000 17.7500
08-Mar-96 98,600 19.0000 17.5000 17.7500
13-Feb-96 75,600 18.2500 17.5000 17.7500
25-Feb-98 95,100 18.3750 17.5000 17.8125
24-May-96 34,900 18.2500 17.8750 17.8750
23-May-96 292,200 18.2500 17.8750 17.8750
22-May-96 25,800 18.2500 17.7500 17.8750
09-May-96 25,000 18.0000 17.7500 17.8750
12-Feb-96 143,300 18.2500 16.7500 17.8750
14-Apr-98 224,100 18.5000 17.5000 18.0000
09-Mar-98 58,900 18.7500 18.0000 18.0000
28-Apr-97 17,600 18.7500 18.0000 18.0000
22-Apr-97 30,100 18.3750 17.5000 18.0000
18-Apr-97 152,900 18.3750 17.7500 18.0000
11-Jun-96 26,200 18.0000 17.7500 18.0000
30-May-96 30,900 18.0000 17.6250 18.0000
21-May-96 146,400 18.0000 17.7500 18.0000
20-May-96 13,600 18.0000 17.6250 18.0000
17-May-96 37,000 18.0000 17.5000 18.0000
10-May-96 82,400 18.5000 17.8750 18.0000
11-Mar-96 184,800 18.0000 16.5000 18.0000
13-Apr-98 32,300 18.2500 17.8750 18.1250
06-Apr-98 36,900 18.2500 18.0000 18.1250
30-Apr-97 15,500 18.3750 17.8750 18.1250
16-Apr-97 47,500 18.2500 17.5000 18.1250
11-Apr-97 33,600 18.5000 17.5000 18.1250
04-Jun-96 11,800 18.2500 17.7500 18.1250
13-May-96 254,100 18.2500 17.8750 18.1250
31-Mar-98 64,300 18.5000 18.0000 18.1875
11-Mar-98 33,600 19.0000 18.1875 18.1875
24-Feb-98 122,600 19.3750 17.6250 18.1875
01-Apr-98 70,100 18.5000 18.0000 18.2188
09-Apr-98 51,200 18.5000 17.6250 18.2500
03-Apr-98 65,100 18.3750 18.0625 18.2500
30-Mar-98 52,600 18.7500 18.0625 18.2500
27-Mar-98 136,100 19.1875 18.0000 18.2500
29-Apr-98 48,800 18.7500 17.7500 18.2500
23-Apr-97 3,400 18.3750 18.0000 18.2500
17-Apr-97 15,300 18.3750 17.5000 18.2500
15-Apr-97 57,400 18.7500 17.6250 18.2500
03-Jun-96 28,200 18.5000 17.7500 18.2500
31-May-96 26,600 18.2500 17.6250 18.2500
12-Mar-98 13,500 18.5000 18.2500 18.3125
02-Apr-98 30,700 18.3750 18.0625 18.3750
12-Jan-98 22,300 19.0000 18.3750 18.3750
29-Dec-97 17,300 18.7500 18.1250 18.3750
16-Mar-98 13,100 18.7500 18.0000 18.5000
13-Mar-98 13,300 18.5000 18.0000 18.5000
26-Dec-97 5,600 19.2500 18.5000 18.5000
04-Mar-98 60,600 19.1250 18.1250 18.6250
12-Feb-98 133,800 20.9375 18.1250 18.6250
22-Dec-97 12,700 19.5000 18.6250 18.6250
14-May-96 123,600 18.7500 18.1250 18.6250
20-Feb-96 88,900 19.2500 18.2500 18.6250
18-Mar-98 28,900 19.0000 18.5000 18.7500
10-Mar-98 39,400 19.0000 18.0000 18.7500
06-Mar-98 60,500 19.2500 18.5000 18.7500
27-Jan-98 3,200 19.1250 18.7500 18.7500
15-Jan-98 33,100 19.0625 18.7500 18.7500
31-Dec-97 14,700 19.3750 18.5000 18.7500
24-Dec-97 6,000 18.8750 18.6250 18.7500
01-May-97 25,900 18.7500 18.0000 18.7500
25-Apr-97 9,400 18.7500 18.0000 18.7500
14-Apr-97 54,600 19.0000 18.2500 18.7500
09-Apr-97 434,600 19.1250 17.7500 18.7500
13-Mar-96 56,700 18.7500 18.2500 18.7500
12-Mar-96 99,700 18.7500 17.6250 18.7500
26-Feb-96 16,700 19.2500 18.5000 18.7500
19-Mar-98 11,600 19.0000 18.6250 18.7813
20-Apr-98 17,000 19.3750 18.7500 18.8750
05-Mar-98 70,000 19.0000 18.5000 18.8750
03-Mar-98 227,400 19.1250 17.0625 18.8750
23-Jan-98 39,200 19.5000 18.6250 18.8750
14-Jan-98 14,200 20.0000 18.8750 18.8750
30-Dec-97 37,600 19.2500 18.3750 18.8750
10-Apr-97 178,600 18.8750 18.0000 18.8750
05-Dec-96 169,200 19.2500 17.5000 18.8750
05-Mar-96 122,300 19.2500 18.7500 18.8750
21-Feb-96 70,000 19.0000 18.2500 18.8750
14-Feb-96 147,800 19.2500 17.7500 18.8750
23-Dec-97 6,800 19.5000 18.6250 18.9375
03-Apr-97 115,400 21.5000 18.2500 18.9375
17-Apr-98 10,200 19.4375 19.0000 19.0000
15-Apr-98 93,900 19.0000 17.5000 19.0000
17-Mar-98 67,800 19.0000 18.2500 19.0000
22-Jan-98 16,800 19.5000 18.8750 19.0000
06-Dec-96 72,900 19.0000 17.7500 19.0000
07-Mar-96 19,000 19.2500 18.7500 19.0000
06-Mar-96 29,800 19.2500 18.7500 19.0000
04-Mar-96 73,500 20.0000 19.0000 19.0000
27-Feb-96 22,600 19.5000 18.7500 19.0000
26-Jan-98 15,700 19.5000 18.5000 19.1250
09-Jan-98 47,600 19.5000 19.0000 19.1250
02-Jan-98 10,800 19.1250 18.5000 19.1250
19-Dec-97 9,000 19.5000 19.0000 19.1250
18-Dec-97 42,300 20.0000 19.1250 19.1250
27-Jun-97 21,700 19.9375 18.8750 19.1250
08-Apr-97 62,500 19.7500 18.5000 19.1250
15-Mar-96 54,700 19.3750 18.5000 19.1250
28-Feb-96 58,300 19.3750 18.7500 19.1250
16-Apr-98 59,200 19.7500 18.8750 19.2500
23-Feb-98 142,400 20.5000 18.5000 19.2500
21-Jan-98 71,700 20.2500 18.7500 19.2500
08-Jan-98 18,600 19.7500 18.8750 19.2500
04-Apr-97 157,900 19.7500 18.0000 19.2500
19-Mar-96 22,900 19.5000 18.7500 19.2500
14-Mar-96 29,100 19.2500 18.5000 19.2500
01-Mar-96 141,100 19.5000 18.7500 19.2500
23-Feb-96 92,300 19.5000 18.5000 19.2500
16-Feb-96 57,800 19.2500 18.7500 19.2500
15-Feb-96 75,500 19.2500 18.7500 19.2500
10-Dec-97 46,100 19.5000 19.2500 19.3750
08-Dec-97 25,300 20.0000 19.3750 19.3750
07-Apr-97 135,100 19.7500 19.0000 19.3750
03-Dec-97 4,900 19.6250 19.2500 19.4375
22-Feb-96 62,000 19.4375 18.5000 19.4375
21-Apr-98 38,900 19.6250 18.7500 19.5000
26-Mar-98 24,100 19.7500 19.2500 19.5000
11-Feb-98 113,400 19.9375 16.0000 19.5000
17-Dec-97 16,900 20.0000 19.2500 19.5000
04-Dec-97 36,500 19.8750 19.1250 19.5000
02-Dec-97 25,800 19.7500 19.5000 19.5000
28-Nov-97 3,600 19.7500 19.5000 19.5000
26-Nov-97 38,600 20.0000 19.5000 19.5000
19-Nov-97 13,000 20.1250 19.5000 19.5000
26-Jun-97 42,100 20.2500 19.5000 19.5000
18-Mar-96 247,400 19.5000 18.7500 19.5000
29-Feb-96 45,300 19.5000 19.0000 19.5000
27-Apr-98 32,700 19.7500 19.0000 19.5625
20-Nov-97 19,900 19.8750 19.5625 19.5625
25-Mar-98 25,800 20.0000 19.2500 19.6250
15-Dec-97 28,000 19.7500 19.2500 19.6250
11-Dec-97 23,400 19.7500 19.2500 19.6250
01-Dec-97 19,200 19.8750 19.5000 19.6250
24-Nov-97 38,700 20.0000 19.3750 19.6250
30-Jun-9 35,000 19.6250 18.7500 19.6250
24-Mar-9 43,200 20.2500 19.5000 19.6875
09-Dec-9 17,500 19.7500 19.3750 19.6875
29-Apr-9 27,700 20.3750 19.7500 19.7500
23-Mar-9 93,400 21.0000 19.2500 19.7500
03-Feb-98 26,800 20.8750 19.3125 19.7500
13-Jan-98 71,600 20.0000 18.1250 19.7500
16-Dec-97 11,800 20.0000 19.7500 19.7500
12-Dec-97 19,100 19.7500 19.2500 19.7500
13-Nov-97 19,000 20.0000 19.5000 19.7500
25-Jun-97 11,000 20.0000 19.7500 19.7500
09-Dec-96 90,700 20.0000 18.7500 19.7500
28-Apr-98 42,600 20.2500 19.3750 19.8750
05-Dec-97 35,300 19.8750 19.0000 19.8750
21-Nov-97 7,000 19.8750 19.5000 19.8750
18-Nov-97 17,500 20.1250 19.5000 19.8750
14-Nov-97 4,100 20.3750 19.6250 19.9375
24-Apr-98 36,200 20.5000 19.8750 20.0000
23-Apr-98 45,800 20.7500 19.8750 20.0000
20-Feb-98 100,400 21.2500 20.0000 20.0000
25-Nov-97 13,500 20.0000 19.5000 20.0000
17-Nov-97 10,400 20.5000 19.6250 20.0000
24-Jun-97 16,500 20.5000 19.8125 20.0000
23-Jun-97 16,900 20.5000 20.0000 20.0000
20-Jun-97 58,100 20.8125 20.0000 20.0000
22-Apr-98 86,400 20.3750 19.8750 20.1250
27-Oct-97 34,700 20.7500 20.1250 20.1250
20-Mar-98 122,800 20.6250 18.6250 20.2500
20-Jan-98 32,400 21.8750 19.7500 20.2500
12-Nov-97 13,700 20.3750 20.0000 20.2500
23-Oct-97 59,100 21.0000 19.7500 20.2500
01-Jul-97 20,800 20.2500 19.5000 20.2500
29-Jan-98 21,600 21.1250 19.7500 20.3750
18-Jun-97 28,880 21.1250 20.2500 20.3750
11-Nov-97 15,000 21.0000 20.2500 20.4375
30-Apr-98 73,300 20.5000 19.7500 20.5000
28-Jan-98 51,800 21.3750 19.1250 20.5000
07-Jan-98 12,700 21.0000 19.8750 20.5000
05-Nov-97 16,200 20.8750 20.1250 20.5000 10,739,100 0.714036
13-Feb-98 409,900 21.5000 20.0000 20.6250
30-Jan-98 9,100 20.8750 19.7500 20.6250
02-Feb-98 31,700 21.5000 20.1250 20.7500
05-Jan-98 42,700 20.7500 18.7500 20.7500
07-Nov-97 17,800 20.7500 20.0000 20.7500
30-Oct-97 5,100 21.0000 20.5000 20.7500
28-Oct-97 50,800 21.0000 19.5000 20.7500
24-Oct-97 244,000 20.7500 20.0000 20.7500
19-Jun-97 23,400 20.7500 20.2500 20.7500
10-Nov-97 25,400 21.0000 20.2500 20.8750
06-Nov-97 11,600 20.8750 20.0000 20.8750
04-Nov-97 41,900 23.1250 20.8750 20.8750
17-Jun-98 316,800 24.1250 21.0000 21.0000
19-Feb-98 108,500 22.0000 21.6250 21.0000
06-Jan-98 13,500 21.0000 20.2500 21.0000
29-Oct-97 60,500 21.2500 20.5000 21.0000
02-May-97 93,700 21.1250 19.1250 21.1250
31-Oct-97 6,900 21.5000 21.0000 21.2500
17-Jun-97 53,100 22.5000 21.0000 21.2500
21-May-97 3,500 21.7500 21.2500 21.2500
17-Dec-96 69,700 22.5000 21.0000 21.2500
07-May-97 36,700 22.0000 21.2500 21.3750
18-Feb-98 91,200 22.5000 21.5000 21.5000
22-Jul-97 77,500 22.1250 21.5000 21.5000
13-May-97 31,800 22.2500 21.5000 21.5000
08-May-97 107,700 22.0000 21.5000 21.5000
31-Dec-96 32,900 21.6250 21.0000 21.5000
20-Dec-96 30,300 22.2500 21.5000 21.5000
18-Dec-96 302,800 22.0000 20.0000 21.5000
14-May-97 8,100 21.7500 21.3750 21.5625
24-Dec-96 19,200 21.7500 21.5000 21.5625
02-Jul-97 54,800 21.7500 20.5000 21.6250
23-Dec-96 27,900 21.7500 21.5000 21.6250
20-May-97 19,200 22.1250 21.5000 21.6875
16-Jan-98 44,900 21.7500 18.7500 21.7500
22-Oct-97 38,000 22.7500 21.7500 21.7500
19-May-97 12,700 22.1250 21.7500 21.7500
02-Apr-97 36,100 23.0000 21.5000 21.7500
08-Jan-97 69,900 22.7500 21.0000 21.7500
02-Jan-97 50,200 22.0000 21.0000 21.7500
30-Dec-96 38,400 21.7500 21.5000 21.7500
27-Dec-96 21,000 21.7500 21.5000 21.7500
26-Dec-96 10,400 21.7500 21.5000 21.7500
23-Jul-97 321,200 22.2500 21.2500 21.9375
04-Aug-97 7,800 22.2500 22.0000 22.0000
03-Jul-97 22,700 22.0000 21.5000 22.0000
22-May-97 48,300 22.2500 20.8750 22.0000
16-May-97 27,800 22.3750 21.6250 22.0000
12-May-97 13,500 22.2500 21.8750 22.0000
09-May-97 129,300 22.2500 22.0000 22.0000
19-Dec-96 163,900 23.2500 21.5000 22.0000
01-Aug-97 50,200 22.5000 22.0000 22.1250
15-May-97 41,100 22.2500 21.2500 22.1250
06-May-97 84,300 23.1250 21.7500 22.1250
05-May-98 143,800 22.6250 22.1875 22.2500
21-Jul-97 30,100 23.0000 22.0000 22.2500
23-May-97 36,900 22.6250 21.7500 22.2500
09-Jan-97 49,800 22.7500 21.2500 22.2500
10-Dec-96 657,900 23.3750 19.2500 22.2500
31-Jul-97 82,200 22.7500 22.2500 22.4375
17-Feb-98 255,500 22.5000 20.3750 22.5000
30-Jul-97 18,600 22.7500 22.4375 22.5000
24-Jul-97 41,200 22.6250 21.7500 22.5000
07-Jan-97 40,900 23.2500 22.2500 22.5000
16-Dec-96 400,700 24.7500 22.2500 22.5000
29-Jul-97 22,100 22.7500 22.2500 22.5625
28-Jul-97 63,500 23.2500 22.2500 22.5625
04-May-98 387,300 23.1250 22.6250 22.6250
03-Nov-97 26,100 22.8750 21.0000 22.6250
06-Aug-97 13,900 22.7500 22.2500 22.6250
05-Aug-97 13,500 22.6250 22.0000 22.6250
25-Jul-97 53,900 23.1250 22.1250 22.6250
05-Jun-97 60,100 22.8750 22.2500 22.6250
12-Jun-98 206,800 23.8750 22.7500 22.7500
07-Jul-97 60,500 23.3750 21.5000 22.7500
16-Jun-97 33,700 23.0000 22.5000 22.7500
13-Jun-97 31,400 23.2500 22.5000 22.7500
06-Jun-97 32,600 22.8125 22.6250 22.7500
05-May-97 163,000 24.1250 21.0000 22.7500
12-Aug-97 152,000 23.6250 22.6250 22.7813
01-May-98 532,500 23.2500 21.5000 22.8125
09-Jun-97 159,700 23.1250 22.7500 22.8125
10-Jun-97 182,900 23.2500 22.7500 22.8750
27-May-97 35,700 23.0000 21.8750 22.8750
12-Dec-96 175,900 23.5000 22.0000 22.8750
17-Oct-97 10,800 23.5000 22.7500 22.9375
29-Jun-98 48,400 23.5000 23.0000 23.0000
06-May-98 307,000 25.2500 22.1875 23.0000
21-Oct-97 20,000 23.0000 22.7500 23.0000
20-Oct-97 30,900 23.5000 22.8750 23.0000
24-Sep-97 9,000 23.5000 22.7500 23.0000
18-Jul-97 31,300 23.6250 22.5000 23.0000
12-Jun-97 24,300 23.5000 23.0000 23.0000
28-May-97 194,600 23.2500 22.6250 23.0000
13-Jan-97 100,500 24.5000 22.8750 23.0000
06-Jan-97 63,900 24.0000 22.2500 23.0000
11-Dec-96 405,800 24.2500 21.2500 23.0000
23-Sep-97 40,900 23.2500 22.7500 23.0625
15-Jun-98 110,100 23.5000 22.6250 23.1250
02-Jun-98 43,400 23.5625 23.0000 23.1250
16-Oct-97 48,600 23.3750 23.1250 23.1250
10-Oct-97 8,500 23.7500 23.0000 23.1250
09-Oct-97 5,000 23.2500 23.1250 23.1250
11-Jun-97 185,500 23.2500 22.7500 23.1250
07-May-98 88,700 23.2500 22.5000 23.1875
01-Oct-97 29,700 23.6250 23.1250 23.1875
19-Sep-97 34,200 23.8125 22.8750 23.1875
26-Jun-98 65,300 24.0000 22.8750 23.2500
18-Jun-98 127,100 23.3750 21.8750 23.2500
15-Oct-97 17,900 23.2500 23.0000 23.2500
08-Oct-97 7,400 24.0000 23.2500 23.2500
03-Oct-97 11,100 23.6250 23.2500 23.2500
13-Aug-97 55,400 23.6250 23.0000 23.2500
15-Jul-97 66,900 23.5000 23.0000 23.2500
10-Jul-97 67,600 23.5000 23.2500 23.2500
04-Jun-97 67,100 25.0000 23.2500 23.2500
31-Mar-97 43,000 24.7500 23.2500 23.2500
14-Jan-97 61,400 23.6250 22.7500 23.2500
22-Jun-98 131,900 24.0000 23.2500 23.3750
01-Jun-98 24,500 23.7500 23.0000 23.3750
14-Oct-97 21,600 23.3750 23.1250 23.3750
29-Sep-97 19,700 24.3750 23.0000 23.3750
11-Jul-97 190,200 23.7500 23.2500 23.3750
28-May-98 55,700 23.6250 22.8750 23.4375
09-Jul-98 67,100 23.8750 23.2500 23.5000
03-Jun-98 26,300 23.5000 23.1250 23.5000
30-Sep-97 9,500 23.5000 22.8750 23.5000
25-Sep-97 10,100 23.5000 23.0000 23.5000
22-Aug-97 79,500 23.9375 23.1250 23.5000
14-Jul-97 136,200 23.7500 23.2500 23.5000
30-May-97 13,800 23.5000 23.0000 23.5000
29-May-97 19,700 23.5000 22.7500 23.5000
01-Apr-97 6,500 23.5000 23.0000 23.5000 11,119,700 0.870618
19-Jun-98 59,400 23.7500 22.9375 23.5625
08-May-98 52,300 23.6250 22.7500 23.5625
07-Oct-97 9,500 24.0000 23.3750 23.5625
17-Jul-97 52,300 23.7500 23.1250 23.5625
02-Jun-97 22,700 23.6250 23.0000 23.5938
08-Jul-98 111,500 24.0000 23.0000 23.6250
29-May-98 39,800 23.6250 23.2500 23.6250
15-May-98 53,400 23.8750 23.5000 23.6250
13-Oct-97 9,700 23.6250 23.1250 23.6250
02-Oct-97 1,300 23.6250 23.1250 23.6250
22-Sep-97 6,200 23.6250 23.0000 23.6250
11-Aug-97 167,200 24.8750 23.3750 23.6250
13-Jul-98 11,200 24.2500 23.5000 23.6875
23-Jun-98 105,800 23.6875 23.0000 23.6875
27-May-98 19,300 23.7500 23.0000 23.6875
20-May-98 16,300 24.0000 23.5625 23.6875
25-Jun-98 145,200 25.0000 23.7500 23.7500
26-May-98 70,900 24.6250 23.7500 23.7500
06-Oct-97 8,600 23.8750 23.1250 23.7500
15-Sep-97 11,000 23.8125 23.7500 23.7500
21-Aug-97 51,200 24.0000 23.7500 23.7500
09-Jul-97 56,700 24.0000 23.2500 23.7500
10-Jan-97 251,400 24.5000 21.5000 23.7500
18-May-98 70,600 23.8750 23.5000 23.7813
14-May-98 105,800 24.2500 23.5000 23.8125
19-May-98 14,400 23.8750 23.6250 23.8438
07-Jul-98 146,300 24.0000 23.7500 23.8750
02-Jul-98 152,200 24.3750 23.7500 23.8750
11-Sep-97 21,500 24.1250 23.8750 23.8750
16-Jul-97 224,100 23.8750 22.6875 23.8750
24-Jun-98 118,400 24.0000 23.2500 23.9375
10-Jun-98 26,700 24.5000 23.6250 23.9375
18-Sep-97 153,300 25.0000 23.3750 23.9375
12-Sep-97 6,900 24.1250 23.7500 23.9375
06-Jul-98 67,300 24.1250 23.5000 24.0000
01-Jul-98 64,300 24.3125 23.8750 24.0000
11-Jun-98 11,900 24.1250 23.7500 24.0000
11-May-98 181,000 24.5000 23.0000 24.0000
10-Sep-97 13,300 24.7500 24.0000 24.0000
27-Aug-97 15,500 24.5000 24.0000 24.0000
20-Aug-97 38,400 24.2500 23.8750 24.0000
19-Aug-97 34,200 24.5000 23.7500 24.0000
15-Aug-97 22,700 24.2500 23.6250 24.0000
08-Jul-97 181,500 24.0000 20.8750 24.0000
29-Jan-97 30,800 24.7500 24.0000 24.0000
28-Jan-97 44,100 24.5000 23.7500 24.0000
27-Jan-97 151,000 25.0000 23.7500 24.0000
03-Jan-97 172,900 24.2500 21.5000 24.0000
13-Dec-96 288,900 25.2500 22.0000 24.0000
30-Jun-98 158,300 24.5000 23.1250 24.0313
16-Jun-98 35,400 24.2500 23.1250 24.0625
21-May-98 45,100 24.2500 23.5000 24.0625
10-Jul-98 50,700 24.2500 23.5000 24.1250
13-May-98 122,000 24.5000 23.6250 24.1250
12-May-98 129,400 24.2500 23.6875 24.1250
26-Sep-97 24,900 24.1250 23.0000 24.1250
14-Jul-98 65,600 24.3750 23.6875 24.1875
15-Jul-98 26,500 24.5000 24.2500 24.2500
08-Jun-98 17,500 24.4375 24.0000 24.2500
22-May-98 53,800 24.2500 23.8125 24.2500
26-Aug-97 29,800 24.5000 24.0000 24.2500
25-Aug-97 60,400 24.5000 23.3750 24.2500
18-Aug-97 40,600 24.2500 23.7500 24.2500
14-Aug-97 62,800 24.2500 23.1875 24.2500
09-Jun-98 62,700 24.3750 23.3750 24.3750
08-Sep-97 12,300 25.0000 24.3750 24.3750
28-Aug-97 9,800 24.5000 24.0000 24.3750
05-Sep-97 9,100 25.0000 24.5000 24.5000
04-Sep-97 10,900 25.0000 24.5000 24.5000
07-Aug-97 304,500 24.5000 22.3750 24.5000
03-Jun-97 64,600 25.0000 23.5625 24.5000
05-Jun-98 68,500 25.0000 24.2500 24.6250
08-Aug-97 85,100 25.0000 23.7500 24.6250
24-Jan-97 53,900 25.5000 24.6250 24.6250
16-Jul-98 70,000 25.0000 24.0000 24.7500
02-Sep-97 22,600 24.8750 24.0000 24.7500
29-Aug-97 27,500 24.7500 23.8750 24.7500
27-Mar-97 65,000 25.2500 24.0000 24.7500
24-Mar-97 52,700 25.7500 24.3750 24.7500
30-Jan-97 104,100 25.0000 23.7500 24.7500
23-Jan-97 34,100 25.7500 24.7500 24.7500
09-Sep-97 16,000 25.0000 24.3750 24.9844
04-Jun-98 63,100 25.0000 23.3750 25.0000
17-Sep-97 18,300 25.5000 24.7500 25.0000
16-Sep-97 93,200 25.3750 23.6250 25.0000
03-Sep-97 15,000 25.0000 24.3750 25.0000
25-Mar-97 27,500 25.1250 24.3750 25.0000
22-Jan-97 111,600 25.7500 24.7500 25.0000
15-Jan-97 173,900 25.5000 23.0000 25.2500
19-Feb-97 21,700 26.2500 25.5000 25.5000
11-Feb-97 35,000 26.2500 25.2500 25.5000
31-Jan-97 137,000 26.3750 24.2500 25.5000
21-Jan-97 42,800 26.2500 25.5000 25.5000
20-Jan-97 75,200 27.2500 25.1250 25.5000
26-Mar-97 34,400 25.6250 24.2500 25.6250
13-Feb-97 93,700 26.1250 25.2500 25.6250
21-Mar-97 37,600 26.7500 25.7500 25.7500
21-Feb-97 32,800 26.7500 25.7500 25.7500
18-Feb-97 12,500 26.0000 25.5000 26.0000
04-Feb-97 32,900 27.5000 26.0000 26.0000
03-Mar-97 7,200 26.1250 25.6250 26.0625
28-Feb-97 40,800 26.5000 25.7500 26.1250
26-Feb-97 27,500 26.6250 26.1250 26.1250
25-Feb-97 41,000 26.5000 26.1250 26.1250
24-Feb-97 39,000 26.6250 25.7500 26.1250
14-Feb-97 19,300 26.1250 25.5000 26.1250
12-Feb-97 32,600 26.1250 25.2500 26.1250
10-Feb-97 16,500 27.0000 26.0000 26.2500
04-Mar-97 42,400 27.0000 25.5000 26.3750
20-Mar-97 37,700 26.7500 26.2500 26.5000
05-Mar-97 120,200 28.0000 26.2500 26.5000
07-Feb-97 105,100 28.5000 26.3750 26.5000 7,274,600 0.973055
20-Feb-97 111,900 27.0000 25.2500 26.6250
18-Mar-97 33,000 27.2500 26.7500 26.7500
06-Mar-97 88,500 28.0000 26.5000 26.7500
11-Mar-97 80,000 28.5000 26.7500 26.8750
19-Mar-97 110,300 27.0000 26.5000 27.0000
17-Mar-97 52,400 27.6250 26.7500 27.0000
13-Mar-97 21,500 27.5000 26.7500 27.0000
07-Mar-97 27,000 27.5000 26.7500 27.0000
27-Feb-97 36,700 27.0000 26.1250 27.0000
12-Mar-97 49,700 28.0000 26.7500 27.1250
14-Mar-97 57,700 28.1250 26.7500 27.2500
03-Feb-97 175,500 27.5000 24.7500 27.2500
17-Jan-97 251,600 29.2500 27.0000 27.7500
06-Feb-97 99,700 29.0000 27.8750 27.8750
10-Mar-97 76,900 28.5000 26.8750 28.0000
05-Feb-97 201,400 28.5000 26.2500 28.2500
16-Jan-97 439,700 29.2500 25.5000 29.1250 1,913,500 1
71,015,300
WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
MYCOGEN CORPORATION BACKGROUND OF THE PROPOSED TRANSACTION
- --------------------------------------------------------------------------------
TRANSACTION RATIONALE
- - MARKET FORCES MAKE MYCOGEN STRATEGICALLY IMPORTANT TO DOW
- The intellectual property positions of agricultural biotechnology
businesses are well-established, possibly foreclosing the opportunity
for new entrants or greenfield initiatives
- Imminent success of first generation biotech products for corn and soy
will likely trigger high valuations, making future collaborations with
agrochemical companies far more expensive
- "Gene stacking" creates an urgency for agchem companies to find their
biotech partner quickly or risk being rendered obsolete by super seeds
that have performance characteristics that complement products of
competitors
- Dow has been slower than rivals Monsanto, DuPont and AgrEvo in
acquiring the technology it needs to compete in the promising market
for genetically engineered crops
- The heightened pace of alliances between agchem and biotech companies
(DuPont-Pioneer, American Home Products-Monsanto-Dekalb) makes it
imperative for Dow to strengthen its biotech capabilities
- - MYCOGEN OFFERS DOW AN UNIQUE OPPORTUNITY
- Entry into the broader life science market
- High value-added biotech traits with freedom to operate
- Access to transformation technology
- Access to Ahlquist and Demeter technologies
- A credible seed platform
- Access to more than 20% of North American farm operations
- Modern production facilities with state of the art business systems
- Strong positions in Argentina and Brazil provide an opportunity to
bundle traits and more effectively compete with Monsanto
WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
MYCOGEN BACKGROUND OF PROPOSED TRANSACTION
- -------------------------------------------------------------------------------
BAR CHART OF 1997 AGRICULTURAL CROP PROTECTION SALES OF LEADING COMPANIES
(IN $MM)
Growth Op. Marg. Total
% % $
Monsanto + AHP [ ] [ ] 5,245
Novartis 20.7 19.9 4,198 (A)
Monsanto 22.3 23.8 3,126 (B)
Zeneca (3.1) 13.7 2,674 (C)
DUPONT 1.9 18.8 2,518 (D)
Hoechst 11.8 7.7 2,347 (E)
(AgrEvo)
Bayer 10.6 16.6 2,264
Rhone-Poulenc 12.0 13.5 2,200
American 6.6 20.3 2,119
Home Products
BASF(4) 42.9 14.6 1,875 (F)
Dow Agrosciences 11.0 NA 1,613 (G)
FMC 1.5 6.2 628
Rohm & Haas (2.3) 8.2 502
- ---------------
(A) May-97 Merck - Crop Protection Value $910*
(B) May-98 Dekalb Genetics (60%) Value $2,400*
Delta Pine and Land (95%) Value $1,850*
Apr-98 GeneTrace plant genomics rights Value $17.2*
Mar-98 Dekalb Genetics announces
consideration of sale -- Monsanto,
Novartis, and others considering bids --
Nov-97 Sementes Agroceres NA
Apr-97 Calgene (Rest of Stake) Value $240*
Feb-97 Asgrow Agronomics Value $240*
Jan-97 Holden's Foundation Seeds, Value $1,020*
Corn States Hybrid Svc.,
Corn States Int'l.
Dec-96 Announces Chemical Spinoff NA
Aug-96 Calgene (5.1% Stake) Value $50*
May-96 Agracetus Plant Sci. Value $150*
Apr-96 Calgene (49.9% Stake) Value $258*(1)
Mar-96 Dekalb Genetics (40% Stake) Value $152*
Nov-95 Rights to Ecogen's gene technology Value $25*
(C) Dec-97 Fungicide Business of ISK, Japan Value $500*
Jun-97 Mogen International Value $74*
(D) Aug-97 Pioneer Hi-Bred Int'l (20% Stake) Value $1,700*
Aug-97 Protein Tech Int'l (PDI) Value $1,500*
(Ralston Purina Company)
(E) Sep-97 Sunseed Company --
Sep-96 Plant Genetic Systems Value $733*
1996 PlantTec (20% initial investment) --
(F) Feb-98 Researach agreement with Fytochem NA
Jan-97 Sandoz Corn Herbicides Value $778*
(G) Apr-98 Buyout proposal for Mycogen --
Apr-98 Research deal with BTG NA
Mar-98 Dow ups stake in
Mycogen to 69%
Feb-98 Cereal Derived Functional
Ingredients NA
Jan-98 Raises Mycogen stake to
63%, along with transfer
of 16.3% of Vernevil Value $94*
Dec-97 SemBioSys investment Value $17*
Dec-97 Garst Seed Co licensing NA
Dec-97 Sentrachem and Sanachem Value $487*(2)
May-97 Dow Elanco (40% Stake) Value $900*
Dec-96 Mycogen (additonal 4.5% Stake) Value $17*
Jan-96 Mycogen (47% Stake) Value $158*
* All Values in $MM
- -------------------------------
(1) Includes $30MM cash and Monsanto's 100% ownership of Gargiolo L.P.
(2) Does not include $300MM in undistributed earnings to be paid to Lilly
upon completion.
(3) Less certain undisclosed liabilities.
(4) BASF operating income excludes $46 million in integration and inventory
step-up costs.
WASSERSTEIN PERELLA & CO.
- ------------------------------------------------------------------------------
MYCOGEN BACKGROUND OF THE PROPOSED TRANSACTION
- ------------------------------------------------------------------------------
DIAGRAM OF ALLIANCES AND TRANSACTIONS IN THE SEED INDUSTRY
- ------------------------------------------------------------------------------
ALLIANCE RATIONALE
- ------------------------------------------------------------------------------
- Genetic engineering & traditional agricultural seeds = valued added
benefits: herbicide
tolerance,
insecticide/fungal
resistance, trait
(oil or protein
content) and yield
improvement
- Agchem companies need seed alliances for farmer relationships and
germplasm - the delivery vehicle for modified genes
- Monsanto paid ~ 14x sales for Holden's foundation seeds following an
active auction
- Dekalb Seeds was valued at over 8.2x LTM Sales following a strong cover
bid from Novartis.
- Monsanto (Roundup-Ready) and AgrEvo (Liberty-Link) forecast gene modified
ag products to account for ~ 1/3 their post 2000 sales.
- ------------------------------------------------------------------------------
WASSERSTEIN PERELLA & CO.
- ------------------------------------------------------------------------------
MYCOGEN CORPORATION BACKGROUND OF THE PROPOSED TRANSACTION
- --------------------------------------------------------------------------------
REVIEW OF PROCESS TO DATE
- - ON APRIL 30, 1998 DOW, THROUGH DOW AGROSCIENCES LLC ("DAS"), PROPOSED:
- To amend the Exchange and Purchase Agreement executed on January 15,
1996 by Mycogen, Agrigenetics, Inc., DowElanco and United Agriseed, Inc.
- To acquire for $20.50 per share all of the outstanding shares of
Mycogen not already owned by Dow and its affiliates
- - ON APRIL 30, 1998, MYCOGEN'S BOARD OF DIRECTORS APPOINTED A SPECIAL
COMMITTEE OF INDEPENDENT DIRECTORS TO CONSIDER DOW'S PROPOSAL
- - IN EARLY MAY, 1998, THE SPECIAL COMMITTEE RETAINED ALTHEIMER & GRAY AS
ITS LEGAL ADVISOR
- - DURING THE FIRST TWO WEEKS OF MAY 1998, THE SPECIAL COMMITTEE INTERVIEWED
A NUMBER OF INVESTMENT BANKING FIRMS. ON MAY 26, 1998, THE COMPANY
ANNOUNCED THAT WASSERSTEIN PERELLA & CO., INC. ("WP&CO.") HAD BEEN RETAINED
AS FINANCIAL ADVISOR TO THE SPECIAL COMMITTEE
- - ON MAY 27, 1998, MEMBERS OF WP&CO. AND ALTHEIMER & GRAY MET WITH MYCOGEN'S
SENIOR MANAGEMENT AT THE COMPANY'S HEADQUARTERS IN SAN DIEGO, CA TO DISCUSS
THE COMPANY'S OPERATIONS, BUSINESS STRATEGY, INTELLECTUAL PROPERTY PORTFOLIO,
PATENT LITIGATION, DAS' INVESTMENT IN MYCOGEN AND OTHER DUE DILIGENCE ITEMS
- - DURING THE WEEK OF JUNE 1, 1998, WP&CO. AND ALTHEIMER & GRAY CONDUCTED
ADDITIONAL DUE DILIGENCE AND REVIEWED VARIOUS BUSINESS, FINANCIAL AND LEGAL
MATERIALS PROVIDED BY THE COMPANY
- - FROM JUNE 8 THROUGH JUNE 11, 1998, MEMBERS OF WP&CO. AND ALTHEIMER & GRAY
CONDUCTED DETAILED DUE DILIGENCE AT THE COMPANY'S SAN DIEGO HEADQUARTERS,
MEETING WITH MYCOGEN'S SENIOR MANAGEMENT, TECHNICAL AND INTELLECTUAL PROPERTY
PERSONNEL, SENIOR MANAGEMENT OF THE COMPANY'S BUSINESS UNITS, AND
INTELLECTUAL PROPERTY COUNSEL
- - ON JUNE 10, 1998, WP&CO. SENT A LETTER TO DOW REQUESTING A DUE DILIGENCE
MEETING WITH REPRESENTATIVES OF DOW AND DAS
WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
MYCOGEN CORPORATION BACKGROUND OF THE PROPOSED TRANSACTION
- --------------------------------------------------------------------------------
REVIEW OF PROCESS TO DATE (CONT'D)
- - ON JUNE 11, 1998, THE HONORABLE CLAYTON YEUTTER WAS ELECTED TO MYCOGEN'S
BOARD OF DIRECTORS AND DESIGNATED TO REPLACE DR. GEORGE KHACHATOURIANS ON THE
SPECIAL COMMITTEE. DR. KHACHATOURIANS, WHO HAD PERFORMED CERTAIN CONSULTING
SERVICES FOR DOW, VOLUNTARILY STEPPED DOWN FROM THE SPECIAL COMMITTEE TO
AVOID ANY APPEARANCE OF A POTENTIAL CONFLICT OF INTEREST
- - IN ADDITION TO FACE-TO-FACE MEETINGS, WP&CO. AND ALTHEIMER & GRAY HAVE
CONDUCTED A NUMBER OF TELEPHONE CONVERSATIONS WITH THE COMPANY TO OBTAIN
ADDITIONAL DUE DILIGENCE MATERIALS
- - ON JUNE 22, 1998 DOW RESPONDED TO WP&CO.'S JUNE 10TH LETTER AND AGREED TO
SCHEDULE A MEETING FOR JUNE 25, 1998 IN CHICAGO TO DISCUSS DUE DILIGENCE
ITEMS
- - ON JUNE 25, 1998, THE SPECIAL COMMITTEE AND MEMBERS OF WP&CO. AND
ALTHEIMER & GRAY MET WITH REPRESENTATIVES OF DOW, DAS, SOLOMON SMITH BARNEY
AND MAYER, BROWN & PLATT TO GATHER ADDITIONAL INFORMATION REGARDING DOW'S
PROPOSAL
WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
MYCOGEN CORPORATION
- -------------------------------------------------------------------------------
----------------------------------
REVIEW OF MYCOGEN
----------------------------------
WASSERSTEIN PERELLA & CO.
- -------------------------------------------------------------------------------
MYCOGEN CORPORATION REVIEW OF MYCOGEN
- ------------------------------------------------------------------------------
OVERVIEW
- ---------------------
BUSINESS DESCRIPTION - A DIVERSIFIED AGRIBUSINESS AND BIOTECHNOLOGY COMPANY
- --------------------- THAT DEVELOPS AND MARKETS SEED FOR IMPROVED CROP
VARIETIES AND PROVIDES CROP PROTECTION SERVICES
- ---------------------
BUSINESS SEGMENTS - SEED SEGMENT -- PRODUCES AND MARKETS SEED FOR
- --------------------- MAJOR AGRICULTURAL CROPS AND USES BIOTECHNOLOGY AND
TRADITIONAL AND MARKER-ASSISTED BREEDING TO DEVELOP
CROP VARIETIES WITH GENETICALLY ENHANCED PEST AND
DISEASE RESISTANCE, IMPROVED VEGETABLE OIL PROFILES
AND OTHER VALUE-ADDED CHARACTERISTICS
- Mycogen Seeds ranks fourth in the U.S. in sales
of seed corn, second in hybrid sunflower seed
sales and is among the top five in soybean,
sorghum and alfalfa sales
- Morgan Seeds ranks second in Argentina in seed
corn sales and third in hybrid sunflower seed
sales
- Dinamilho holds 4% of the Brazil's overall corn
seed market, with a 10.2% share of Brazil's
high-tech corn seed market
- CROP PROTECTION SEGMENT -- MANUFACTURES AND MARKETS
ENVIRONMENTALLY COMPATIBLE SPRAY-ON BIOPESTICIDE
PRODUCTS. ALSO OPERATES SOILSERV, INC., WHICH
PROVIDES CROP PROTECTION SERVICES TO GROWERS OF
HIGH-VALUE CROPS
- Biopesticide Products -- based on natural
agents, such as proteins and fatty acid
compounds, that have specific toxic activity
on target pests. The company's Bt-based
biopesticides use the Company's proprietary
Cellcap technology
- Soilserv -- monitors fields and uses customized
equipment to apply pest control products
primarily in the Salinas Valley, CA and Yuma, AZ
regions
- ---------------------
ALLIANCES - VERNEUIL HOLDING, S.A. -- MYCOGEN HOLDS A 35% EQUITY
- --------------------- STAKE IN VERNEUIL AND ENTERED AN AGREEMENT TO
DEVELOP OILSEED PRODUCTS AND INSECT RESISTANT CORN
- PIONEER HYBRID INTERNATIONAL -- 10-YEAR TECHNOLOGY
COLLABORATION TO DEVELOP INSECT RESISTANT TRAITS FOR
CORN, SOYBEAN, CANOLA, SUNFLOWER, SORGHUM AND WHEAT
- J.G. BOSWELL -- JOINT VENTURE TO DEVELOP PEST AND
HERBICIDE RESISTANT COTTON
- ---------------------
HEADQUARTERS - SAN DIEGO, CA
- ---------------------
- ---------------------
OWNERSHIP - DOW AGROSCIENCES, LLC -- 69%
- ---------------------
MYCOGEN CORPORATION REVIEW OF MYCOGEN
- ------------------------------------------------------------------------------
MYCOGEN CORP. BEFORE ADJUSTMENTS - FINANCIAL SUMMARY ($MM)
- ------------------------------------------------------------------------------------------------------
1995 1996 1997 LTM 1998(1) 1999(1)
FY 8/31 8/31/95 8/31/96 8/31/97 2/28/98 8/31/98 8/31/99
- ------------------------------------------------------------------------------------------------------
SALES $113.2 $155.6 $211.0 $214.0 $234.5 $247.5
Less: Cost of Sales 67.0 93.5 126.9 127.8 NA NA
---- ---- ----- ----- ---- ----
Gross Margin 46.3 62.1 84.1 86.2 NA NA
Less: S, G & A Expense 61.8 112.2 118.7 142.4 NA NA
---- ---- ----- ----- ---- ----
EBIT (15.5) (50.1) (34.5) (56.2) (12.5) 0.0
Less: Interest Exp. (0.9) (2.4) 1.6 2.9 1.5 1.5
Less: Other Exp. (Inc.) (0.2) (0.7) 0.0 (0.1) 0.0 0.0
---- ---- ----- ----- ---- ----
EBT (14.4) (47.1) (36.1) (59.0) (14.0) (1.5)
Less: Income Tax Exp. 0.0 0.0 1.5 0.6 0.0 0.0
Less: Pref. Div. & Min. Int. 1.5 0.6 0.0 0.0 0.0 0.0
---- ---- ----- ----- ---- ----
NET INCOME (15.9) (47.6) (37.7) (59.6) (14.0) (1.5)
- ------------------------------------------------------------------------------------------------------
EBIT ($15.5) ($50.1) ($34.5) ($56.2) ($12.5) $0.0
Plus: Dep. & Amort. 9.0 9.1 10.0 11.6 12.7 13.4
---- ---- ----- ----- ---- ----
EBITDA (6.5) (41.1) (24.5) (44.6) 0.2 13.4
Less: Capital Exp. 6.6 13.9 35.7 36.0 39.5 41.7
---- ---- ----- ----- ---- ----
FREE CASH FLOW (13.1) (55.0) (60.2) (80.7) (39.3) (28.3)
- ------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
MARGINS
- ------------------------------------------------------------------------------------------------------
GROSS MARGIN 40.9% 39.9% 39.9% 40.3% NA NA
EBITDA -5.8% -26.4% -11.6% -20.9% 0.1% 5.4%
EBIT -13.7% -32.2% -16.4% -26.3% -5.3% 0.0%
NET INCOME -14.1% -30.6% -17.9% -27.9% -6.0% -0.6%
FREE CASH FLOW -11.6% -35.3% -28.5% -37.7% -16.7% -11.4%
- ------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------
RATIOS
- ------------------------------------------------------------------------------------------------------
Book Value - $181.2 $157.2 $210.2 $199.7 $198.2
RET. ON BOOK EQUITY (ROE) - -26.3% -24.0% -28.4% -7.0% -0.8%
Total Book Assets - 227.5 239.7 292.8 NA NA
RET. ON BOOK ASSETS (ROA) - -21.6% -15.3% -19.8% NA NA
- ------------------------------------------------------------------------------------------------------
- ------------------------
FOOTNOTES
- ------------------------
(1) Next fiscal year results are based upon Furman Selz research report as of
3/13/98
(2) Book value of debt assumed to approximate market value
- -------------------------------------------------------------------------------
MARKET CAPITALIZATION
- -------------------------------------------------------------------------------
STOCK PRICE (6/22/98) $ 23.38
52-WEEK HIGH/LOW: $25.50/$15.88
Shares Outstanding - MYCO 36.11
-----
PRE-DILUTED EQUITY MARKET VALUE $844.1
- -------------------------------------------------------------------------------
Pre-Diluted Equity Market Value $844.1
Options Outstanding 4.4
Average Strike Price $12.03
------
Options Value 50.3
Plus: Other Options/Warrants Value 0.0
Total Value of Options/Warrants 50.3
-----
EQUITY MARKET VALUE $894.4
Plus: Debt (2) $16.4
Plus: Preferred Stock 0.0
Plus: Post Ret. and Postemp. Benefits or Min. Int. 0.0
Less: Cash & Equivalents 2.7
----
Net Debt 13.7
-----
ADJUSTED MARKET VALUE $908.0
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
MARKET TRADING MULTIPLES
- -------------------------------------------------------------------------------
ADJUSTED MARKET VALUE AS MARKET VALUE AS
A MULTIPLE OF: A MULTIPLE OF:
SALES EBITDA EBIT FCF NET INC. BOOK VALUE.
------ ------ ---- --- -------- -----------
LTM 4.2x NM NM NM NM 4.3x
1998 3.9x NM NM NM NM 4.5x
1999 3.7x NM NM NM NM 4.5x
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
LTM CAPITALIZATION AND CREDIT RATIOS
- -------------------------------------------------------------------------------
DEBT COVERAGE
EBITDA/INT. EBIT/INT. FCF/INT. DEBT/EBITDA
- ----------- ---------- -------- -----------
NM NM NM NM
- -------------------------------------------------------------------------------
CAPITALIZATION
BOOK RATIOS MARKET RATIOS
D/E D/(D+E) D/E D/(D+E)
- ---- ------- --- -------
7.8% 7.2% 1.8% 1.8%
- -------------------------------------------------------------------------------
WASSERSTEIN PERELLA & CO.
- -------------------------------------------------------------------------------
MYCOGEN CORPORATION REVIEW OF MYCOGEN
- -------------------------------------------------------------------------------
MYCOGEN CORP. AFTER ADJUSTMENTS - FINANCIAL SUMMARY ($MM)
- ------------------------------------------------------------------------------------------
1995 1996 1997 LTM 1998 (1) 1999 (1)
FY 8/31 8/31/95 8/31/96 8/31/97 2/28/98 8/31/98 8/31/99
- ------------------------------------------------------------------------------------------
SALES $113.2 $155.6 $211.0 $214.0 $234.5 $247.5
Less: Cost of Sales 67.0 93.5 126.9 127.8 NA NA
------ ------ ------ ------ ------ ------
Gross Margin 46.3 62.1 84.1 86.2 NA NA
Less: S, G & A Expense (3)(4) 61.8 84.6 86.9 93.4 NA NA
------ ------ ------ ------ ------ ------
EBIT (15.5) (22.6) (2.8) (7.3) (1.5) 0.0
Less: Interest Exp. (0.9) (2.4) 1.6 2.9 1.5 1.5
Less: Other Exp. (Inc.) (0.2) (0.7) 0.0 (0.1) 0.0 0.0
------ ------ ------ ------ ------ ------
EBT (14.4) (19.5) (4.4) (10.0) (3.0) (1.5)
Less: Income Tax Exp. 0.0 0.0 13.6 14.7 0.0 0.0
Less: Pref. Div. & Min. Int. 1.5 0.6 0.0 0.0 0.0 0.0
------ ------ ------ ------ ------ ------
NET INCOME (3)(4) (15.9) (20.0) (18.0) (24.7) (3.0) (1.5)
- ------------------------------------------------------------------------------------------
EBIT ($15.5) ($22.6) ($2.8) ($7.3) ($1.5) $0.0
Plus: Dep. & Amort. 9.0 9.1 10.0 11.6 12.7 13.4
------ ------ ------ ------ ------ ------
EBITDA (6.5) (13.5) 7.2 4.3 11.2 13.4
Less: Capital Exp. 6.6 13.9 35.7 36.0 39.5 41.7
------ ------ ------ ------ ------ ------
FREE CASH FLOW (13.1) (27.4) (28.5) (31.7) (28.3) (28.3)
- ------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------
MARGINS
- ------------------------------------------------------------------------------------------
GROSS MARGIN 40.9% 39.9% 39.9% 40.3% NA NA
EBITDA -5.8% -8.7% 3.4% 2.0% 4.8% 5.4%
EBIT -13.7% -14.5% -1.3% -3.4% -0.6% 0.0%
NET INCOME -14.1% -12.9% -8.5% -11.6% -1.3% -0.6%
FREE CASH FLOW -11.6% -17.6% -13.5% -14.8% -12.1% -11.4%
- ------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------
RATIOS
- ------------------------------------------------------------------------------------------
Book Value - $181.2 $157.2 $210.2 $207.9 $206.4
RET. ON BOOK EQUITY (ROE) - -11.1% -11.5% -11.8% -1.4% -0.7%
Total Book Assets - 227.5 239.7 292.8 NA NA
RET. ON BOOK ASSETS (ROA) - -9.5% -7.1% -7.9% NA NA
- ------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------
MARKET CAPITALIZATION
- ------------------------------------------------------------------------------------------
STOCK PRICE (6/22/98) $23.38
52-WEEK HIGH/LOW: $25.50/$15.88
Shares Outstanding - MYCO 36.11
------
PRE-DILUTED EQUITY MARKET VALUE $844.1
- ------------------------------------------------------------------------------------------
Pre-Diluted Equity Market Value $844.1
Options Outstanding 4.4
Average Strike Price $12.03
------
Options Value 50.3
Plus: Other Options/Warrants Value 0.0
Total Value of Options/Warrants 50.3
----
EQUITY MARKET VALUE $894.4
Plus: Debt(2) $16.4
Plus: Preferred Stock 0.0
Plus: Post Ret. and Postemp Benefits or Min. Int. 0.0
Less: Cash & Equivalents 2.7
------
Net Debt 13.7
----
ADJUSTED MARKET VALUE $908.0
- ------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
MARKET TRADING MULTIPLES
- --------------------------------------------------------------------------------
Adjusted Market Value as Market Value as
a multiple of: a multiple of
SALES EBITDA EBIT FCF NET INC. BOOK VAL.
----- ------ ---- --- -------- ---------
LTM 4.2x NM NM NM NM 4.3x
1998 3.9x NM NM NM NM 4.3x
1999 3.7x NM NM NM NM 4.3x
- ------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
LTM CAPITALIZATION AND CREDIT RATIOS
- -------------------------------------------------------------------------------
DEBT COVERAGE
EBITDA/INT. EBIT/INT. FCF/INT. DEBT/EBITDA
----------- --------- -------- -----------
1.5x NM NM 3.8x
- ------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CAPITALIZATION
BOOK RATIOS MARKET RATIOS
-------------------- --------------------
D/E D/(D+E) D/E D/(D+E)
--- ------- --- -------
7.8% 7.2% 1.8% 1.8%
- ------------------------------------------------------------------------------------------
- ----------------------------
FOOTNOTES
- ----------------------------
(1) Next fiscal year results are based upon Furman Selz research report as of
3/1/98
(2) Book value of debt assumed to approximate market value
(3) Excludes other charges of $27.6MM and $31.7MM (impairment of facilities
and costs to exit those facilities, severance, patent litigation fees,
acquired in-process technology and equity in net loss of investees) in
1996 and 1997, respectively (tax-effected at 38%)
(4) Excludes litigation expenses of $11.0MM projected by analysts in 1998E
WASSERSTEIN PERELLA & CO.
- ------------------------------------------------------------------------------
MYCOGEN CORPORATION REVIEW OF MYCOGEN
- -------------------------------------------------------------------------------
STOCK PRICE AND VOLUME HISTORY FOR LAST TWO YEARS
Weekly from June 22, 1996 to June 22, 1998
MYCO MYCOGEN CORP
Closing Daily
Price Volume
7/19/96 15.500 19.9
7/26/96 15.250 38.3
8/02/96 15.652 11.7
8/09/96 14.750 13.3
8/16/96 17.000 176.1
8/23/96 16.000 39.6
8/30/96 15.938 19.4
9/06/96 16.250 29.9
9/13/96 14.250 40.0
9/20/96 14.250 13.1
9/27/96 14.500 13.1
10/04/96 14.250 18.5
10/11/96 14.250 96.5
10/18/96 14.250 20.2
10/25/96 15.500 73.8
11/01/96 15.750 79.7
11/08/96 15.750 9.7
11/15/96 17.000 168.7
11/22/96 16.250 287.3
11/29/96 16.750 19.1
12/06/96 19.000 72.9
12/13/96 24.000 288.9
12/20/96 21.500 30.3
12/27/96 21.750 21.0
1/03/97 24.000 172.9
1/10/97 23.750 251.4
1/17/97 27.750 251.6
1/24/97 24.625 53.9
1/31/97 25.500 137.0
2/07/97 26.500 105.1
2/14/97 26.125 19.3
2/21/97 25.750 32.8
2/28/97 26.125 40.8
3/07/97 27.000 27.0
3/14/97 27.250 57.7
3/21/97 25.750 37.6
3/27/97 24.750 65.0
4/04/97 19.250 157.9
4/11/97 18.125 33.6
4/18/97 18.000 152.9
4/25/97 18.750 9.4
5/02/97 21.125 93.7
5/09/97 22.000 129.3
5/16/97 22.000 27.8
5/23/97 22.250 36.9
5/30/97 23.500 13.8
6/06/97 22.750 32.6
6/13/97 22.750 31.4
6/20/97 20.000 58.1
6/27/97 19.125 21.7
7/03/97 22.000 22.7
7/11/97 23.375 190.2
7/18/97 23.000 31.3
7/25/97 22.625 53.9
8/01/97 22.125 50.2
8/08/97 24.625 85.1
8/15/97 24.000 22.7
8/22/97 23.500 79.5
8/29/97 24.750 27.5
9/05/97 24.500 9.1
9/12/97 23.938 6.9
9/19/97 23.188 34.2
9/26/97 24.125 24.9
10/03/97 23.250 11.1
10/10/97 23.125 8.5
10/17/97 22.938 10.8
10/24/97 20.750 244.0
10/31/97 21.250 6.9
11/07/97 20.750 17.8
11/14/98 19.938 4.1
11/21/97 19.875 7.0
11/28/97 19.500 3.6
12/05/97 19.875 35.3
12/12/97 19.750 19.1
12/19/97 19.125 9.0
12/26/97 18.500 5.6
1/02/98 19.125 10.8
1/09/98 19.125 47.6
1/16/98 21.750 44.9
1/23/98 18.875 39.2
1/30/98 20.625 9.1
2/06/98 16.625 31.6
2/13/98 20.625 409.9
2/20/98 20.000 100.4
2/27/98 17.000 94.8
3/06/98 18.750 60.5
3/13/98 18.500 13.3
3/20/98 20.250 122.8
3/27/98 18.250 136.1
4/03/98 18.250 65.1
4/09/98 18.250 51.2
4/17/98 19.000 10.2
4/24/98 20.000 36.2
5/01/98 22.813 532.5
5/08/98 23.563 52.3
5/15/98 23.625 53.4
5/22/98 24.250 53.8
5/29/98 23.625 39.8
6/05/98 24.625 68.5
6/12/98 22.750 206.8
6/19/98 23.563 59.4
6/26/98 23.250 65.3
7/02/98 23.875 152.2
7/10/98 24.125 50.7
WASSERSTEIN PERELLA & CO.
- ------------------------------------------------------------------------------
MYCOGEN CORPORATION REVIEW OF MYCOGEN
- -------------------------------------------------------------------------------
INDEXED STOCK PRICE HISTORY SINCE 1996
Date Mycogen Dow Chemical S&P 500 Russell 2000 Peer
- ---- ------- ------------ ------- ------------ ----
12/29/95 100.00 100.00 100.00 100.00 100.00
1/05/96 86.76 103.56 100.13 98.80 95.94
1/12/96 94.12 100.71 97.71 96.57 97.13
1/19/96 92.65 98.40 99.33 96.62 97.33
1/26/96 92.65 101.70 100.92 98.50 98.07
2/02/96 95.59 105.34 103.23 100.55 105.37
2/09/96 102.94 111.03 106.57 101.63 107.90
2/16/96 113.24 107.47 105.20 101.78 107.97
2/23/96 113.24 113.35 107.01 103.10 110.20
3/01/96 113.24 113.52 104.62 102.57 112.99
3/08/96 104.41 116.01 102.85 101.03 115.43
3/15/96 112.50 126.33 104.14 102.88 117.19
3/22/96 101.47 123.31 105.63 104.28 120.77
3/29/96 101.47 123.84 104.80 104.68 122.51
4/04/96 100.00 125.27 106.48 105.95 124.04
4/12/96 97.06 124.73 103.37 104.81 125.61
4/19/96 102.94 127.76 104.73 107.13 143.51
4/26/96 102.94 124.56 106.09 110.08 146.59
5/03/96 98.53 130.78 104.17 109.77 139.44
5/10/96 105.88 125.44 105.87 111.13 139.80
5/17/96 105.88 121.35 108.60 114.13 144.01
5/24/96 105.15 121.89 110.16 115.39 139.10
5/31/96 107.35 119.04 108.64 114.52 137.96
6/07/96 104.41 116.90 109.32 113.57 135.84
6/14/96 104.41 116.19 108.10 112.38 133.41
6/21/96 102.21 113.70 108.27 109.25 122.44
6/28/96 88.24 108.19 108.88 109.70 132.31
7/05/96 86.76 109.25 106.74 107.54 126.02
7/12/96 79.41 111.92 104.91 102.44 119.06
7/19/96 91.18 103.56 103.70 101.76 107.41
7/26/96 88.71 104.98 103.24 99.56 105.72
8/02/96 91.91 107.12 107.56 102.67 111.19
8/09/96 86.76 110.14 107.50 103.63 108.10
8/16/96 100.00 112.46 108.00 104.10 105.65
8/23/96 94.12 113.70 108.30 105.00 110.56
8/30/96 93.75 113.52 105.85 105.67 108.04
9/06/96 95.59 113.17 106.45 105.74 106.36
9/13/96 83.82 114.95 110.49 107.86 111.80
9/20/96 83.82 117.08 111.54 108.50 109.51
9/27/96 85.29 115.12 111.41 109.35 112.98
10/04/96 83.82 114.59 113.89 110.55 132.75
10/11/96 83.82 112.46 113.76 110.10 132.71
10/18/96 83.82 112.10 115.41 110.09 137.07
10/25/96 91.18 111.57 113.80 108.55 130.24
11/01/96 92.65 111.57 114.26 107.53 129.10
11/08/96 92.65 114.23 118.65 109.05 132.13
11/15/96 100.00 119.75 119.76 109.67 128.49
11/22/96 95.59 117.44 121.56 110.74 125.41
11/29/96 98.53 119.22 122.91 112.07 126.64
12/06/96 111.76 116.37 120.08 112.51 129.14
12/13/96 141.18 113.17 128.30 112.09 127.73
12/20/96 126.47 113.70 121.58 112.89 132.32
12/27/96 127.94 112.46 122.87 113.67 131.09
1/03/97 141.18 114.06 121.45 114.52 124.29
1/10/97 139.71 117.79 123.31 115.86 129.21
1/17/97 163.24 117.97 126.02 116.43 136.78
1/24/97 144.85 112.63 125.10 116.51 137.14
1/31/97 150.00 109.79 127.64 116.93 136.39
2/07/97 155.88 112.63 128.19 116.07 131.98
2/14/97 153.68 114.77 131.26 116.82 140.11
2/21/97 151.47 112.81 130.17 115.95 138.29
2/28/97 153.68 115.30 128.39 113.95 135.89
3/07/97 158.82 117.97 130.69 115.66 136.36
3/14/97 160.29 118.51 128.78 114.26 133.07
3/21/97 151.47 117.97 127.30 111.32 127.18
3/27/97 145.59 114.23 125.64 110.44 122.04
4/04/97 113.24 112.63 123.05 107.88 117.99
4/11/97 106.62 112.63 119.76 107.37 113.63
4/18/97 105.88 114.59 124.42 108.16 121.16
4/25/97 110.29 114.59 124.26 106.29 119.95
5/02/97 124.26 120.64 131.99 112.03 129.62
5/09/97 129.41 125.09 133.91 114.38 132.57
5/16/97 129.41 124.38 134.71 115.61 139.50
5/23/97 130.88 120.46 137.52 118.89 147.39
5/30/97 138.24 118.68 137.72 120.51 146.79
6/06/97 133.82 120.11 139.30 122.52 150.55
6/13/97 133.82 126.69 145.03 124.08 154.09
6/20/97 117.65 125.80 145.91 124.57 166.68
6/27/98 112.50 125.36 144.06 124.23 169.65
7/03/97 129.41 125.27 148.87 125.38 169.41
7/11/97 137.50 128.91 148.83 127.31 173.01
7/18/97 135.29 128.02 148.60 128.46 170.47
7/25/97 133.09 128.02 152.42 129.30 175.23
8/01/97 130.15 133.90 153.77 131.09 178.40
8/08/97 144.85 132.56 151.57 131.09 195.38
8/15/97 141.18 130.96 146.25 129.31 188.34
8/22/97 138.24 127.85 149.94 131.57 190.51
8/29/97 145.59 125.98 146.03 134.01 188.11
9/05/97 144.12 122.86 150.84 137.05 185.99
9/12/97 140.81 126.25 150.00 139.28 185.01
9/19/97 136.40 131.49 154.32 141.52 194.22
9/26/97 141.91 128.74 153.46 142.06 186.61
10/03/97 136.76 132.38 156.68 145.43 195.80
10/10/97 136.03 128.65 157.00 147.18 213.86
10/17/97 134.93 128.11 153.29 142.19 205.02
10/24/97 122.06 131.05 152.88 141.64 205.02
10/31/97 125.00 129.00 148.49 137.12 199.15
11/07/97 122.06 128.38 150.59 137.74 197.27
11/14/97 117.28 131.94 150.72 135.59 202.64
11/21/97 116.91 140.30 156.36 137.69 208.25
11/28/97 114.71 140.57 155.12 136.06 204.61
12/05/97 116.91 143.42 159.72 138.64 208.73
12/12/97 116.18 138.79 154.79 133.76 216.80
12/19/97 112.50 137.54 153.72 132.93 233.41
12/26/97 108.82 140.93 152.04 133.40 236.39
1/02/98 112.50 143.42 158.30 138.15 238.63
1/09/98 112.50 132.74 150.62 130.69 234.51
1/16/98 127.94 130.16 156.11 134.90 237.30
1/23/98 111.03 127.67 155.47 134.45 231.59
1/30/98 121.32 128.11 159.15 136.10 233.17
2/06/98 97.79 132.38 164.38 140.99 231.29
2/13/98 121.32 127.49 165.62 143.78 233.84
2/20/98 117.65 127.76 167.91 143.68 239.18
2/27/98 100.00 130.25 170.37 146.16 253.30
3/06/98 110.29 129.89 171.40 146.76 274.53
3/13/98 108.82 130.52 173.50 148.36 300.36
3/20/98 119.12 137.90 178.46 150.09 299.39
3/27/98 107.35 135.50 177.85 151.01 286.42
4/03/98 107.35 134.16 182.28 153.75 289.14
4/09/98 107.35 137.54 180.32 151.93 281.63
4/17/98 111.76 141.46 182.28 154.13 275.38
4/24/98 117.65 139.41 179.87 152.01 272.16
5/01/98 134.19 140.04 182.00 153.48 293.81
5/08/98 138.60 139.50 179.91 151.75 307.46
5/15/98 138.97 139.15 180.01 149.52 294.36
5/22/98 142.65 139.59 180.29 146.53 290.90
5/29/98 138.97 137.90 177.10 144.51 291.63
6/05/98 144.85 142.26 180.84 143.76 315.28
6/12/98 133.82 138.52 178.40 139.76 309.82
6/19/98 138.60 135.23 178.70 138.77 330.38
6/26/98 136.76 137.19 183.98 142.50 319.47
7/02/98 140.44 137.63 186.13 145.05 313.28
7/10/98 141.91 135.94 189.04 145.09 295.63
WEEKLY FROM JANUARY 1, 1996 TO JUNE 22, 1998
- -------------------------
(1) Includes Pioneer Hi-Bred, Delta & Pine Land and Agribiotech
WASSERSTEIN PERELLA & CO.
- -------------------------------------------------------------------------------
MYCOGEN CORPORATION REVIEW OF MYCOGEN
- -------------------------------------------------------------------------------
INDEXED PRICE HISTORY FOR LAST FIVE YEARS
A graph appears here showing the monthly changes in relative stock
prices of Mycogen Corporation, The Dow Chemical Company and the Standard
& Poor's 500 Stock Index beginning on June 22, 1993, and ending on
June 22, 1998, with each stock beginning at a baseline of 100.
WASSERSTEIN PERELLA & CO.
- -------------------------------------------------------------------------------
MYCOGEN CORPORATION REVIEW OF MYCOGEN
- ------------------------------------------------------------------------------
SHAREHOLDER PROFILE
($ IN MILLIONS, SHARES IN THOUSANDS)
MARKET VALUE
SHARES AS OF 6/22/98 % HELD
------ ------------- ------
5% OWNERS
- ---------
Dow AgroSciences 24,917.0 $582.4 61.5% (1)
State of Wisconsin Investment Board 1,800.5 42.1 4.4%
-------- ------ ------
TOTAL 26,717.5 $624.5 65.9%
OFFICERS, DIRECTORS AND EMPLOYEES
- ---------------------------------
Officers 1,668.6 $39.0 4.1% (2)
Outside Directors (excl. Dow AgroSciences
directors) 22.5 0.5 0.1% (3)
Other (incl. Employees) 5,433.2 127.0 13.4% (4)
-------- ------ ------
TOTAL 7,124.3 $166.5 17.6%
INSTITUTIONS
- ------------
Primecap Management Company 1,736.0 $40.6 4.3%
Capital Research & Management Co. 1,700.0 $39.7 4.2%
College Retirement Equities Fund (TIAA-CREF) 379.1 $8.9 0.9%
Barclays Global Advisors 309.9 $7.2 0.8%
Dimensional Fund Advisors 224.5 5.2 0.6%
U.S. Trust Co. 147.0 3.4 0.4%
Texas Teachers' Retirement System 125.0 2.9 0.3%
Kentucky Employees Retirement System 111.0 2.6 0.3%
Tirschwell & Loewy, Inc. 104.0 2.4 0.3%
Ohio State Teacher's Retirement 101.0 2.4 0.2%
Vanguard Group 101.0 2.4 0.2%
Other 833.2 19.5 2.1%
-------- ------ ------
TOTAL 5,871.6 $137.2 14.5%
TOTAL INSTITUTIONS, INSIDERS AND BENEFICIAL
HOLDERS 39,713.4 $928.3 97.9%
Other Shareholders 831.9 19.4 2.1%
-------- ------ ------
CURRENT TOTAL SHARES OUTSTANDING 40,545.3 $947.7 100.0% (5)
-------- ------ ------
-------- ------ ------
- --------------------------------
Sources: CDA Spectrum dated 6/22/98, proxy dated 1/8/98, public filings and
management
(1) Includes 150,834 options outstanding
(2) Includes 1,512,834 options outstanding
(3) Includes 22,500 options outstanding
(4) Includes 1,948,983 options outstanding
(5) Includes 4,435,990 options outstanding
WASSERSTEIN PERELLA & CO.
- ------------------------------------------------------------------------------
MYCOGEN CORPORATION
- -------------------------------------------------------------------------------
-----------------------------------
REVIEW OF DOW
-----------------------------------
WASSERSTEIN PERELLA & CO.
- -------------------------------------------------------------------------------
MYCOGEN CORPORATION REVIEW OF DOW
- -------------------------------------------------------------------------------
OVERVIEW
- ----------------------
BUSINESS DESCRIPTION - THE DOW CHEMICAL COMPANY IS A DIVERSIFIED, WORLDWIDE
- ---------------------- MANUFACTURER AND SUPPLIER OF CHEMICALS, PLASTICS AND
AGRICULTURAL PRODUCTS
- ----------------------
DOW AGROSCIENCES - A WHOLLY-OWNED SUBSIDIARY OF THE DOW CHEMICAL COMPANY
- ---------------------- THAT PRODUCES AGRICULTURAL PRODUCTS, SUCH AS
BROADSTRIKE HERBICIDES AND DURSBAN AND LORSBAN
INSECTICIDES, USED IN CROP PROTECTION AND INDUSTRIAL
PEST CONTROL
- Created in 1997 after Dow acquired Eli Lilly and
Company's 40% share in DowElanco, which was then
renamed Dow AgroSciences. The purchase price of
$900 million was approximately 1.13x sales
- Recent product launches include Tracer and Success
insect control products in the U.S. and Fortress
fungicide in Europe
- Will incorporate the agricultural products
business of Sanachem through Dow's acquisition of
Sentrachem in late 1997. Sanachem is the world's
third largest manufacturer of generic crop
protection and pest control products with
approximately $200 million in annual sales
- ----------------------
FACILITIES - OPERATES 114 MANUFACTURING SITES IN 33 COUNTRIES
- ----------------------
- ----------------------
HEADQUARTERS - MIDLAND, MICHIGAN
- ----------------------
- ----------------------
STATE OF INCORPORATION - DELAWARE
- ----------------------
WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
MYCOGEN CORPORATION REVIEW OF DOW
- ---------------------------------------------------------------------------------------------------------------
THE DOW CHEMICAL CO. - FINANCIAL SUMMARY ($MM)
- ---------------------------------------------------------------------------------------------------------------
1995 1996 1997 LTM NFY (1)
FY12/31 12/31/95 12/31/96 12/31/97 3/31/98 12/31/98
- ---------------------------------------------------------------------------------------------------------------
SALES $20,200.0 $20,053.0 $20,018.0 $19,855.0 $18,899.0
Less: Cost of Sales 13,337.0 14,108.0 14,679.0 14,755.0 13,059.0
-------- -------- -------- -------- --------
Gross Margin 6,863.0 5,945.0 5,339.0 5,100.0 5,840.0
Less: S, G & A Expense 2,972.0 2,858.0 2,613.0 2,583.0 3,700.0
------- ------- ------- ------- -------
EBIT 3,891.0 3,087.0 2,726.0 2,517.0 2,140.0
Less: Interest Exp. 145.0 208.0 277.0 380.0 480.0
Less: Other Exp. (Inc.) 217.0 (409.0) (499.0) (499.0) (468.0)
----- ------ ------ ------ ------
EBT 3,529.0 3,288.0 2,948.0 2,636.0 2,128.0
Less: Income Tax Exp. 1,442.0 1,187.0 1,041.0 924.4 776.0
Less: Pref. Div. & Min. Int. 203.0 201.0 105.0 45.0 9.0
----- ----- ----- ---- ---
NET INCOME (3) 1,884.0 1,900.0 1,802.0 1,666.6 1,343.0
- --------------------------------------------------------------------------------------------------------------
EBIT $3,891.0 $3,087.0 $2,726.0 $2,517.0 $2,140.0
Plus: Dep. & Amort. 1,442.0 1,298.0 1,287.0 1,254.0 1,185.0
------- ------- ------- ------- -------
EBITDA 5,333.0 4,385.0 4,013.0 3,771.0 3,325.0
Less: Capital Exp. 1,417.0 1,344.0 1,198.0 1,254.0 1,650.0
------- ------- ------- ------- -------
FREE CASH FLOW 3,916.0 3,041.0 2,815.0 2,517.0 1,675.0
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
MARGINS
- --------------------------------------------------------------------------------------------------------------
GROSS MARGIN 34.0% 29.6% 26.7% 25.7% 30.9%
EBITDA 26.4% 21.9% 20.0% 19.0% 17.6%
EBIT 19.3% 15.4% 13.6% 12.7% 11.3%
NET INCOME 9.3% 9.5% 9.0% 8.4% 7.1%
FREE CASH FLOW 19.4% 15.2% 14.1% 12.7% 8.9%
- --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------
RATIOS
- --------------------------------------------------------------------------------------------------------------
Book Value - $7,954.0 $7,626.0 $7,806.0 $7,960.0
RET. ON BOOK EQUITY (ROE) - 23.9% 23.6% 21.4% 16.9%
Total Book Assets - 24,673.0 24,040.0 23,524.0 24,311.0
RET. ON BOOK ASSETS (ROA) - 8.2% 8.2% 8.1% 6.7%
- --------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
MARKET CAPITALIZATION
- ---------------------------------------------------------------------------------
STOCK PRICE (6/22/98) $94.19
52-WEEK HIGH/LOW: $102.63/$84.75
Shares Outstanding - DOW 225.12
------
PRE-DILUTED EQUITY MARKET VALUE $21,203.9
- ---------------------------------------------------------------------------------
Pre-Diluted Equity Market Value $21,203.9
Options Exercisable 8.7
Average Strike Price $63.84
------
Options Value 262.6
Plus: Other Options/Warrants Value 23.5
Total Value of Options/Warrants 286.0
-----
EQUITY MARKET VALUE $21,490.0
Plus: Debt(2) $5,621.0
Plus: Preferred Stock 120.0
Plus: Post Ret. and Postemp. Benefits or Min. Int. 2,259.0
Less: Cash & Equivalents 537.0
-----
Net Debt 7,463.0
-------
ADJUSTED MARKET VALUE $28,953.0
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
MARKET TRADING MULTIPLES
- ---------------------------------------------------------------------------------
Adjusted Market Value as Market Value as
a multiple of: a multiple of:
Sales EBITDA EBIT FCF Net Inc. Book Val.
----- ------ ---- --- -------- ---------
LTM 1.5x 7.7x 11.5x 11.5x 12.9x 2.8x
NFY 1.5x 8.7x 13.5x 17.3x 16.0x 2.7x
- ---------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------
LTM CAPITALIZATION AND CREDIT RATIOS
- ---------------------------------------------------------------------------------
DEBT COVERAGE
EBITDA/Int. EBIT/Int. FCF/Int. Debt/EBITDA
----------- --------- -------- -----------
9.9x 6.6x 6.6x 1.5x
- ---------------------------------------------------------------------------------
CAPITALIZATION
BOOK RATIOS MARKET RATIOS
D/E D/(D+E) D/E D/(D+E)
--- ------- --- -------
72.0% 41.9% 26.2% 20.7%
- ---------------------------------------------------------------------------------
- ----------------------------------------
FOOTNOTES
- ----------------------------------------
(1) Next fiscal year results are based upon Morgan Stanley Dean Witter
research report as of 4/29/98
(2) Book value of debt assumed to approximate market value
(3) Excludes after-tax income from discontinued operations of $187.0MM in
1995, pre-tax non-recurring charges of $668MM and one-time sale of $816MM
in 1998 (tax-effected at 40%)
WASSERSTEIN PERELLA & CO.
- -------------------------------------------------------------------------------
MYCOGEN CORPORATION
- -----------------------------------------------------------------------------
PRELIMINARY VALUATION
ANALYSIS
WASSERSTEIN PERELLA & CO.
- -----------------------------------------------------------------------------
MYCOGEN CORPORATION
- -----------------------------------------------------------------------------
REVIEW OF ANALYST
PERSPECTIVES
WASSERSTEIN PERELLA & CO.
- -----------------------------------------------------------------------------
MYCOGEN CORPORATION VALUATION: REVIEW OF ANALYST PERSPECTIVES
- -----------------------------------------------------------------------------
EQUITY ANALYST PERSPECTIVE
Six Analyst recommendations: 2 buy, 4 hold
Wide range of forecasts:
FY 1998 FY 1999
------- -------
Hi ($0.39) $ 0.15
Mean (0.51) 0.06
Lo (0.75) (0.04)
Negative E.P.S. momentum: YTD 5 downward revisions, I upward revision
General Issues:
- Outlook for conventional seed business
- Bt dependency
- Diffuse nature of R & D program
WASSERSTEIN PERELLA & CO.
- -----------------------------------------------------------------------------
MYCOGEN CORPORATION VALUATION: REVIEW OF ANALYST PERSPECTIVES
- -----------------------------------------------------------------------------
OUTLOOK FOR CONVENTIONAL SEED BUSINESS
"...[MYCOGEN'S SEED BUSINESS] SMALL SIZE IS A DETRIMENT,...HIGH SEED DISCARD
AND OBSOLESCENCE CHARGES AND A HIGHER COST BASE...WE BELIEVE INCREASING THE
SIZE OF THE MYCOGEN SEED EFFORT IS KEY...HOWEVER...WE QUESTION WHETHER THE
COMPANY WILL BE ABLE TO FIND SEED OPERATORS OF SUFFICIENT SIZE AND QUALITY."
Furman Selz, March 13, 1998
WP&Co. Observations:
- Mycogen, over the past three years has increased its presence on the
N. American corn farmers fields by nearly four-fold.
- Mycogen is uniquely positioned to pursue the opportunities to build a
franchise in the large and growing Latin American market for major row crops.
Further, while the size and scope of Mycogen's breeding programs are much
smaller than largest germplasm suppliers, less overlap within Mycogen product
lines allows keeping a closer relationship of proprietary lines to
competition. Mycogen'network of 11 breeding stations provides adequate
diversity of yield, maturity and disease resistance characteristics.
- Side-by-side comparisons of Mycogen hybrids show per acre yields
approaching leading competitors.
- Program appears effective, but subject to execution risk of producing
adequate seed inventory within time, cost and quality constraints. Too early
to judge efficiency of winter nursery exchange between US/Europe and
PR/ S. America. Investments in new equipment (combines, tractors, dryers)
and software (SAP/R3) enhance probability of success.
WASSERSTEIN PERELLA & CO.
- -----------------------------------------------------------------------------
MYCOGEN CORPORATION VALUATION: REVIEW OF ANALYST PERSPECTIVES
- -----------------------------------------------------------------------------
BT DEPENDENCY
"...THE RAPIDLY GROWING ACREAGE OF CORN, COTTON AND POTATOES THAT ARE
GENETICALLY ENGINEERED TO PRODUCE BT...HIGHLIGHTS FEARS ABOUT EMERGING INSECT
RESISTANCE. GENETICALLY ENGINEERED BT CROPS PROVIDE EXPOSURE TO THE TOXINS
THROUGHOUT THE GROWING SEASON, LEADING TO SELECTION PRESSURES THAT MIGHT
ENABLE ONLY RESISTANT PESTS TO SURVIVE."
SCIENTIFIC AMERICAN, May 1998
WP&Co. Observations:
- - Mycogen first company to recognize insect-specific bioactivity of Bt's
Portfolio of -50 Bt genes equal to next four competitors combined.
- - Array of Bt's provides access to multiple products for specific pest/crop
situations. Pest specific products may change the threshold for insect
control and justify significant increases in treated acreage.
- - Cross resistance unlikely since Bt protein structurally diverse; unique 3D
configurations form very specific associations with cellular constituents.
- - Rotation between different Bt's remove selection pressure for resistant
pest; fitness requirement restores susceptibility. Toxin cycling
"evergreens" product line.
- - Bt toxins have been characterized by Mycogen researchers as having
specific activity against a wide range of coleopteran, lepidopteran, and
even nematode pests making the Bt technology valuable against a broad host
of crop applications.
- - Near to medium term competition to Bt's looks problematic since these
proteins are well characterized with a good understanding of the functional
genetics and expression. By comparison, novel toxins face an 8-10 year
regulatory and scientific timeline for commercialization.
WASSERSTEIN PERELLA & CO.
- -----------------------------------------------------------------------------
MYCOGEN CORPORATION VALUATION: REVIEW OF ANALYST PERSPECTIVES
- -----------------------------------------------------------------------------
BT DEPENDENCY (CONTINUED)
- - Program appears logical and defensible, but suffers from execution risk:
Manpower commitments for developing novel transgenics are quite modest at
both Pioneer and at Mycogen and there appears to be little effort underway
to stack Bt genes in multiple trait products: Mycogen currently markets a
single Bt cultivar and no second generation Bt product is projected to be
available prior to 2001.
- - While emphasizing the development of Bt-based plant products, Mycogen has
created a sizable array of promoters, expression systems, and experience
relevant to expression of any transgene in plants. This competency in
regulating exogenous gene expression would be valuable to any other
research program as it nears commercialization (e.g. Ahlquist Technology).
Clearly, it is of value to any competitor desiring to shorten time to
market of its own products as illustrated by Monsonto's repeated requests
to gain access to Mycogen's proprietary Ub-1 promoter.
WASSERSTEIN PERELLA & CO.
- -----------------------------------------------------------------------------
MYCOGEN CORPORATION VALUATION: REVIEW OF ANALYST PERSPECTIVES
- -----------------------------------------------------------------------------
DIFFUSE NATURE OF R & D PROGRAM
Mycogen has significant commitments to six distinct R & D efforts:
Input traits Oral immunity
Output traits Ahlquist technology
Disease resistance fermentation
WP&Co. Observations:
- - Large multinationals with enormous financial resources have generally
prioritized around a single program:
Monsanto/input
DuPont/output
Zeneca/disease resistance
- - Agbiotech competition may rapidly transition from critical mass to scale,
isolating Mycogen's modest efforts.
- - Technological developments may leapfrog Mycogen's position and render its
intellectual property obsolescent. Genechip systems, combinatorial
chemistry and high throughput screening have already proven their utility
in human drug development. These technologies can likely be adapted for
agbiotech applications:
- Use DNA microarrays for "directed evolution"
- Use retroviral vectors to immortalize insect gut cells as the basis for
a high volume assay.
WASSERSTEIN PERELLA & CO.
- -----------------------------------------------------------------------------
MYCOGEN CORPORATION
- -----------------------------------------------------------------------------
VALUATION: DISCOUNTED CASH
FLOW ANALYSIS (DCF)
WASSERSTEIN PERELLA & CO.
- -----------------------------------------------------------------------------
MYCOGEN VALUATION: DCF ANALYSIS
- ------------------------------------------------------------------------------
BUSINESS FINANCIAL PROJECTION METHODOLOGY
- ------------------------------------------------ -------------------------------------------
10-YEAR PROJECTIONS DETAILED BASIS
- ------------------------------------------------ -------------------------------------------
-------------------------------------------
- Includes demographic factors and regional
Target Crop Acreage analysis by crop
X - Shifting planting patterns
-------------------------------------------
-------------------------------------------
- Adoption value of Bt and output modified
Market Penetration of Genetically Modified Seeds seed
X - Presence on farmers fields
-------------------------------------------
-------------------------------------------
- Preferred penetration in existing base
Market Share of Mycogen Product - Access to partners with large share of new
X markets
-------------------------------------------
Mycogen Product Selling Price -------------------------------------------
= - Value capture based on improved
Mycogen Product Sales Projections productivity and competitive advantage
- -------------------------------------------
-------------------------------------------
- Costs reflect minimal additional COGs and
SGA for traits above those for conventional
Fixed and Variable Costs and Taxes seed
+ - R&D investment accelerated to ensure
success timing of products
-------------------------------------------
-------------------------------------------
Cash Flow Impact (- W.I. - CapEx + Dep.) - Based on current inventory and accounts
= payable/recievable trends
Mycogen Product Free Cash Flow - Additional plant expenditure is depending
on sales levels and existing capacity
-------------------------------------------
|
|
V
----------------------------
VALUATION METHODOLOGY
----------------------------
WASSERSTEIN PERELLA & CO.
- ------------------------------------------------------------------------------
MYCOGEN VALUATION: DCF ANALYSIS
- ------------------------------------------------------------------------------
BAR CHART OF VALUATION METHODOLOGY
- --------------
TERMINAL VALUE:
EBIT MULTIPLES
- --------------
6X - 12X
- -Lower risk established or
growing businesses
- -Includes conventional seed, Soil Sen,
Biopesticides, AC Humko,
and VMO
- -Suitable for established
or mature businesses
- -------------
DISCOUNT RATE
- -------------
10% - 20%
- -Lower risk established or
growing businesses
- -Includes conventional seed, Soil Sen,
Biopesticides, AC Humko,
and VMO
25% - 45%
- -Higher-risk output trait
improvement business
- -Lower growth rate reflects
early stages in
commercialization of new
technology
20% - 30%
- -Developing
Bt/Herbicide-resistance
businesses based on new
products and established
but rapidly improving
technology
40% - 60%
- -New relatively untested
technology-based products.
Large growth potential
offset by high risk
- -Risk-adjusted cost-of-capital
- -----------------
TERMINAL VALUE:
FREE CASH GROWTH
- -----------------
1% - 2.5%
- -Higher-risk output trait
improvement business
- -Lower growth rate reflects
early stages in
commercialization of new
technology
8% - 14%
- -Developing
Bt/Herbicide-resistance
businesses based on new
products and established
but rapidly improving
technology
25% - 30%
- -New relatively untested
technology-based products.
Large growth potential
offset by high risk
- -Suitable for growing businesses in take-off phase
WASSERSTEIN PERELLA & CO.
- -------------------------------------------------------------------------------
MYCOGEN VALUATION: DCF ANALYSIS-BRAZIL MODEL EXAMPLE
- --------------------------------------------------------------------------------
BRAZIL INCOME STATEMENT PROJECTIONS ($MM)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Revenues Conventional Seeds $52.8 $65.7 $79.6 $94.6 $104.9 $113.4 $128.4 $156.5 $173.1 $190.3
Early Traits $0.0 $0.0 $0.0 $0.0 $0.6 $4.4 $11.0 $26.3 $43.5 $57.1
Output Traits $0.0 $0.0 $0.0 $0.0 $0.6 $1.9 $4.6 $8.8 $31.3 $65.8
Disease Resistance $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.2 $0.4
Total Revenues $52.8 $65.7 $79.6 $94.6 $106.1 $119.7 $144.1 $191.7 $248.1 $313.6
COGS Conventional Seeds $26.4 $32.8 $39.6 $47.0 $52.0 $56.1 $63.4 $77.2 $85.2 $93.5
GROSS PROFIT $26.4 $32.9 $39.9 $47.6 $54.1 $63.6 $80.6 $114.5 $162.9 $220.1
SG&A Conventional Seeds $13.7 $15.6 $17.1 $18.2 $17.8 $19.3 $21.8 $26.6 $29.4 $32.4
R&D Conventional Seeds $3.2 $4.6 $6.4 $8.5 $10.5 $11.3 $12.8 $15.7 $17.3 $19.0
Early Traits $0.6 $2.1 $2.7 $3.3 $3.3 $2.9 $2.9 $2.5 $4.2 $5.4
Output Traits $0.4 $1.4 $2.3 $2.6 $1.7 $2.1 $2.3 $0.9 $4.3 $9.1
Disease Resistance $0.0 $0.2 $0.5 $0.3 $0.2 $0.6 $0.6 $0.0 $0.0 $0.0
Total R&D $4.2 $8.3 $11.9 $14.7 $15.7 $17.0 $18.6 $19.1 $25.8 $33.6
EDITDA $8.5 $9.0 $10.9 $14.6 $20.5 $27.3 $40.2 $68.8 $107.7 $154.2
Depreciation $1.7 $1.9 $2.2 $2.4 $2.6 $2.7 $3.0 $3.5 $3.8 $4.1
Amortization $0.4 $0.4 $0.4 $0.4 $0.4 $0.4 $0.4 $0.4 $0.4 $0.4
EBIT $6.4 $6.7 $8.4 $11.8 $17.5 $24.2 $36.8 $64.9 $103.5 $149.7
Contract and Other Revenue $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
TOTAL OPERATING INCOME $6.4 $6.7 $8.4 $11.8 $17.5 $24.2 $36.8 $64.9 $103.5 $149.7
Taxes (based on BU's) (2.4) (3.4) (4.6) (6.0) (7.1) (8.4) (12.5) (21.4) (34.2) (49.4)
Taxes (@ 33%) (2.1) (2.2) (2.8) (3.9) (5.8) (8.0) (12.1) (21.4) (34.2) (49.4)
NET INCOME 4.3 4.5 5.6 7.9 11.7 16.2 24.6 43.5 69.3 100.3
Tax Advantage (0.3) (1.2) (1.8) (2.1) (1.3) (0.4) (0.3)
WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE
- --------------------------------------------------------------------------------
BRAZIL CORN FINANCIAL ASSUMPTIONS ($MM, EXCEPT PER UNIT PRICE AND UNITS IN
OOOS)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
INCOME STATEMENT ASSUMPTIONS
Total Market in Hectors 12,000 12,500 13,000 13,500 14,000 14,200 14,400 14,600 14,800 15,000
Mycogen % of Market Share 11.0% 13.0% 15.0% 17.0% 18.0% 19.0% 21.0% 25.0% 27.0% 29.0%
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Mycogen Units 1,320 1,625 1,950 2,295 2,520 2,698 3,024 3,650 3,996 4,350
Unit Selling Price $40.00 $40.40 $40.80 $41.21 $41.62 $42.04 $42.46 $42.89 $43.31 $43.75
Sales Growth 24.3% 21.2% 18.9% 10.9% 8.1% 13.2% 21.9% 10.6% 10.0%
Cost per Unit $20.00 $20.16 $20.32 $20.48 $20.65 $20.81 $20.98 $21.15 $21.32 $21.49
Royalties per Unit $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Total Cost per Unit $20.00 $20.16 $20.32 $20.48 $20.65 $20.81 $20.98 $21.15 $21.32 $21.49
COGS/Sales 50.0% 49.9% 49.8% 49.7% 49.6% 49.5% 49.4% 49.3% 49.2% 49.1%
R&D/Sales 6.0% 7.0% 8.0% 9.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
Selling & Marketing/Sales 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0%
G&A/Sales 14.0% 11.8% 9.5% 7.3% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
Depreciation/Assets 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0%
Tax Rate 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0%
EBITDA/Sales 18.0% 19.3% 20.7% 22.1% 23.4% 23.5% 23.6% 23.7% 23.8% 23.9%
EBIT/Sales 14.1% 15.8% 17.5% 19.1% 20.5% 20.7% 20.9% 21.2% 21.4% 21.5%
BALANCE SHEET ASSUMPTIONS
Days Receivable 90.0 90.0 90.0 90.0 90.0 90.0 90.0 90.0 90.0 90.0
Inventory Days 180.0 180.0 180.0 180.0 180.0 180.0 180.0 180.0 180.0 180.0
Inventory Turns 2.0x 2.0x 2.0x 2.0x 2.0x 2.0x 2.0x 2.0x 2.0x 2.0x
A/P Accruals % of Inventory 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0%
Capital Expenditures $1.7 $4.9 $5.2 $5.4 $5.6 $3.7 $7.0 $9.5 $6.8 $8.1
Capital Expenditure as % of Net Sales 3.2% 7.5% 6.5% 5.7% 5.4% 3.3% 5.5% 6.1% 3.9% 4.2%
WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE
- --------------------------------------------------------------------------------
BRAZIL NET ASSETS PROJECTIONS ($MM)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
------- ------- ------ ------ ------ ------ ------- ------ ------ ------
NET ASSETS CALCUATION
Account Recivable 13.2 16.4 19.9 23.6 26.2 28.4 32.1 39.1 43.3 47.6
Inventories 13.2 16.4 19.8 23.5 26.0 28.1 31.7 38.6 42.6 46.7
A/P & Accruals (4.4) (5.4) (6.5) (7.8) (8.6) (9.3) (10.5) (12.7) (14.1) (15.4)
Net Working Capital $22.0 $27.4 $33.2 $39.4 $43.7 $47.2 $ 53.4 $ 65.0 $ 71.8 $ 78.9
PP&E 21.0 24.0 27.0 30.0 33.0 34.0 38.0 44.0 47.0 51.0
Intangible Asets 9.3 8.9 8.5 8.1 7.7 7.3 6.9 6.5 6.1 5.7
NET ASSETS $52.3 $60.3 $68.6 $77.5 $84.3 $88.4 $ 98.2 $115.5 $124.9 $135.5
Total Operating Income $ 6.4 $ 6.7 $ 8.4 $11.8 $17.5 $24.2 $ 36.8 $ 64.9 $103.5 $149.7
Less: Taxes Paid (2.1) (2.2) (2.8) (3.9) (5.8) (8.0) (12.1) (21.4) (34.2) (49.4)
Plus: D&A 2.1 2.3 2.6 2.8 3.0 3.1 3.4 3.9 4.2 4.5
Less: Capital Expenditure (1.7) (4.9) (5.2) (5.4) (5.6) (3.7) (7.0) (9.5) (6.8) (8.1)
Less: Increase in NWC (22.0) (5.3) (5.8) (6.2) (4.3) (3.5) (6.2) (11.6) (6.8) (7.1)
UNLEVERED FREE CASH FLOW ($17.4) ($3.5) ($2.8) ($0.9) $ 4.9 $12.1 $ 14.9 $ 26.2 $59.9 $89.6
WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE
- --------------------------------------------------------------------------------
BRAZIL CORN INCOME STATEMENT AND NET ASSETS PROJECTIONS ($MM)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
------- ------- ------ ------ ------- ------ ------- ------ ------ ------
Total Operating Revenue $52.8 $65.7 $79.6 $94.6 $104.9 $113.4 $128.4 $156.5 $173.1 $190.3
Cost of Goods Sold 26.4 32.8 39.6 47.0 52.0 56.1 63.4 77.2 85.2 93.5
------- ------- ------- ------ ------- ------ ------- ------ ------ ------
GROSS PROFIT 26.4 32.9 39.9 47.6 52.8 57.3 65.0 79.4 87.9 96.8
Research & Development 3.2 4.6 6.4 8.5 10.5 11.3 12.8 15.7 17.3 19.0
Selling and Marketing 6.3 7.9 9.5 11.3 12.6 13.6 15.4 18.8 20.8 22.8
General & Administrative 7.4 7.7 7.6 6.9 5.2 5.7 6.4 7.8 8.7 9.5
------- ------- ------- ------ ------- ------ ------- ------ ------ ------
16.9 20.2 23.5 26.7 28.3 30.6 34.7 42.3 46.7 51.4
EBITDA 9.5 12.7 16.5 20.9 24.5 26.7 30.3 37.1 41.1 45.4
Depreciation 1.7 1.9 2.2 2.4 2.6 2.7 3.0 3.5 3.8 4.1
Amortization 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4
------- ------- ------- ------ ------- ------ ------- ------ ------ ------
EBIT 7.4 10.4 13.9 18.1 21.5 23.5 26.8 33.2 37.0 41.0
Contract and Other Revenue - - - - - - - - - -
------- ------- ------- ------ ------- ------ ------- ------ ------ ------
TOTAL OPERATING INCOME $7.4 $10.4 $13.9 $18.1 $21.5 $23.5 $26.8 $33.2 $37.0 $41.0
NET ASSETS CALCULATION
Accounts Receivable 13.2 16.4 19.9 23.6 26.2 28.4 32.1 39.1 43.3 47.6
Inventories 13.2 16.4 19.8 23.5 26.0 28.1 31.7 38.6 42.6 46.7
A/P & Accruals (4.4) (5.4) (6.5) (7.8) (8.6) (9.3) (10.5) (12.7) (14.1) (15.4)
------- ------- ------- ------ ------- ------ ------- ------ ------ ------
Net Working Capital $22.0 $27.4 $33.2 $39.4 $43.7 $47.2 $53.4 $65.0 $71.8 $78.9
PP&E 21.1 24.0 27.0 30.0 33.0 34.0 38.0 44.0 47.0 51.0
Intangible Assets 9.3 8.9 8.5 8.1 7.7 7.3 6.9 6.5 6.1 5.7
------- ------- ------- ------ ------- ------ ------- ------ ------ ------
NET ASSETS $52.3 $60.3 $68.6 $77.5 $84.3 $88.4 $98.2 $115.2 $124.9 $135.5
Total Operating Income $7.4 $10.4 $13.9 $18.1 $21.5 $23.5 $26.8 $33.2 $37.0 $41.0
Less: Taxes Paid (2.4) (3.4) (4.6) (6.0) (7.1) (7.8) (8.9) (10.9) (12.2) (13.5)
Plus: D&A 2.1 2.3 2.6 2.8 3.0 3.1 3.4 3.9 4.2 4.5
Less: Capital Expenditure (1.7) (4.9) (5.2) (5.4) (5.6) (3.7) (7.0) (9.5) (6.8) (8.1)
Less: Increase in NWC (22.0) (5.3) (5.8) (6.2) (4.3) (3.5) (6.2) (11.6) (6.8) (7.1)
------- ------- ------- ------ ------- ------ ------- ------ ------ ------
UNLEVERED FREE CASH FLOW ($16.7) ($1.0) $0.9 $3.3 $7.5 $11.7 $8.2 $5.0 $15.4 $16.8
WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE
- ------------------------------------------------------------------------------
BRAZIL EARLY CORN TRAIT REVENUES AND EXPENSES ($MM, EXCEPT PER UNIT PRICE AND
UNITS IN 000S)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
----- ----- ----- ----- ----- ----- ----- ----- ------ ------
Corn Market Share 1,320 1,625 1,950 2,295 2,520 2,698 3,024 3,650 3,996 4,350
HERBICIDE RESISTANCE (THIRD PARTY)
Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $5.00 $4.80 $4.60 $4.40 $4.20 $4.00
% Market Share Penetrated 0.0% 0.0% 0.0% 0.0% 5.0% 11.0% 18.0% 24.0% 30.0% 50.0%
----- ----- ----- ----- ----- ----- ----- ----- ------ ------
Revenue 0.0 0.0 0.0 0.0 0.6 1.4 2.5 3.9 5.0 8.7
SPODOPTERA (MYCOGEN)
Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $21.00 $19.50 $18.00 $16.50 $15.00
% of Market Share Penetrated 0.0% 0.0% 0.0% 0.0% 3.0% 5.0% 11.0% 18.0% 24.0% 30.0%
----- ----- ----- ----- ----- ----- ----- ----- ------ ------
Revenue 0.0 0.0 0.0 0.0 0.0 2.8 6.5 11.8 15.8 19.6
ELASMOPALPOST (MYCOGEN)
Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $12.00 $10.67 $9.33 $8.00
% of Market Share Penetrated 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 5.0% 13.0% 22.0% 30.0%
----- ----- ----- ----- ----- ----- ----- ----- ------ ------
Revenue 0.0 0.0 0.0 0.0 0.0 0.0 1.8 5.1 8.2 10.4
DIABROTICA (MYCOGEN)
Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $25.00 $24.50 $24.00
% Market Share Penetrated 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 5.0% 8.0% 10.0%
----- ----- ----- ----- ----- ----- ----- ----- ------ ------
Revenue 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.6 7.8 10.4
HELICOVERPA (MYCOGEN)
Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $24.00 $24.00
% of Market Share Penetrated 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 5.0% 5.0%
----- ----- ----- ----- ----- ----- ----- ----- ------ ------
Revenue 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.8 5.2
MYCOGEN CORN TRAIT REV. $0.0 $0.0 $0.0 $0.0 $0.6 $4.3 $10.8 $25.3 $41.7 $54.4
Corn Trait R&D Expenses 0.6 1.3 1.7 2.3 2.1 2.3 2.3 2.5 4.2 5.4
% of Corn Seeds Sales 1.1% 2.0% 2.2% 2.4% 2.0% 2.1% 1.8% 1.6% 2.4% 2.9%
Other R&D Expenses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
----- ----- ----- ----- ----- ----- ----- ----- ------ ------
Total R&D Expense 0.6 1.3 1.7 2.3 2.1 2.3 2.3 2.5 4.2 5.4
INCOME BEFORE TAX ($0.6) ($1.3) ($1.7) ($2.3) ($1.5) $1.9 $8.5 $22.8 $37.5 $48.9
Tax @ 33.0% 0.0 0.0 0.0 0.0 0.0 (0.6) (2.8) (7.5) (12.4) (16.1)
----- ----- ----- ----- ----- ----- ----- ----- ------ ------
CASH FLOW ($0.6) ($1.3) ($1.7) ($2.3) ($1.5) $1.3 $5.7 $15.3 $25.1 $32.8
NOL Carry $0.2 $0.4 $0.6 $0.8 $0.5 $0.0 $0.0 $0.0 $0.0 $0.0
WASSERSTEIN PERELLA & CO.
- ------------------------------------------------------------------------------
MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE
- ------------------------------------------------------------------------------
BRAZIL SOYBEAN EARLY TRAITS REVENUES AND EXPENSES ($MM, EXCEPT PER UNIT PRICE
AND UNITS IN 000S)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
----- ----- ----- ----- ----- ----- ----- ----- ------ ------
Soybean Market (Hectares) 2,500 2,550 2,601 2,653 2,706 2,760 2,815 2,872 2,929 2,988
Mycogen Market Share 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0%
HERBICIDE RESISTANCE (THIRD PARTY)
Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $5.00 $4.75 $4.50 $4.25 $4.00
% Market Share Penetrated 0.0% 0.0% 0.0% 0.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0%
----- ----- ----- ----- ----- ----- ----- ------ ------ ------
Revenue 0.0 0.0 0.0 0.0 0.0 0.1 0.2 0.3 0.4 0.5
Bt CYST (MYCOGEN)
Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $12.00 $12.00 $12.00
% of Market Share Penetrated 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.0% 4.0% 6.0%
----- ----- ----- ----- ----- ----- ----- ------ ------ ------
Revenue 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.7 1.4 2.2
MYCOGEN SOY. TRAIT REV. $0.0 $0.0 $0.0 $0.0 $0.0 $0.1 $0.2 $1.0 $1.9 $2.7
Soy Trait R&D Expenses 0.0 0.8 1.0 1.0 1.2 0.6 0.6 0.0 0.0 0.0
% of Soya Seeds Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Other R&D Expenses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
----- ----- ----- ----- ----- ----- ----- ------ ------ ------
Total R&D Expense 0.0 0.8 1.0 1.0 1.2 0.6 0.6 0.0 0.0 0.0
INCOME BEFORE TAX ($0.0) ($0.8) ($1.0) ($1.0) ($1.2) ($0.5) ($0.4) $1.0 $1.9 $2.7
Tax @ 33.0% 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (0.3) (0.6) (0.9)
----- ----- ----- ----- ----- ----- ----- ------ ------ ------
CASH FLOW ($0.0) ($0.8) ($1.0) ($1.0) ($1.2) ($0.5) ($0.4) $0.7 $1.2 $1.8
NOL Carry $0.0 $0.3 $0.3 $0.3 $0.4 $0.2 $0.1 $0.0 $0.0 $0.0
TOTAL EARLY TRAIT CF ($0.6) ($2.1) ($2.7) ($3.3) ($2.7) $0.8 $5.3 $16.0 $26.4 $34.6
WASSERSTEIN PERELLA & CO.
- ------------------------------------------------------------------------------
MYCOGEN VALUATION : DCF ANALYSIS - BRAZIL MODEL EXAMPLE
- ------------------------------------------------------------------------------
BRAZIL OUTPUT TRAITS REVENUES AND EXPENSES ($MM, EXCEPT PER UNIT PRICE AND
UNITS IN 000S)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
------ ------ ------ ------- ------ ------ ------- ------- ------- -------
Corn Market Share 1,320 1,625 1,950 2,295 2,520 2,698 3,024 3,650 3,996 4,350
HIGH OIL/NUTRISEED'
Gross Price per Hectare $0.00 $0.00 $4.80 $4.80 $4.80 $4.80 $ 4.80 $ 4.80 $ 4.80 $ 4.80
% Market Share Penetrated 0.0 % 0.0 % 0.0 % 0.0 % 5.0 % 11.0 % 18.0 % 24.0 % 30.0 % 50.0 %
------ ------ ------ ------- ------ ------ ------- ------- ------- -------
Revenue 0.0 0.0 0.0 0.0 0.6 1.4 2.6 4.2 5.8 10.4
HIGH OLEIC
Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $ 9.60 $ 9.60 $ 9.60 $ 9.60
% of Market Share Penetrated 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 1.0 % 4.0 % 8.0 % 10.0 %
------ ------ ------ ------- ------ ------ ------- ------- ------- -------
Revenue 0.0 0.0 0.0 0.0 0.0 0.0 0.3 1.4 3.1 4.2
LOW PHYTATE
Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $19.20 $19.20 $14.40 $12.00
% Market Share Penetrated 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 1.0 % 3.0 % 6.0 % 9.0 % 12.0 %
------ ------ ------ ------- ------ ------ ------- ------- ------- -------
Revenue 0.0 0.0 0.0 0.0 0.0 0.5 1.7 3.2 5.2 6.3
FORAGE PROTEIN MODIFICATION
Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $ 0.00 $ 0.00 $36.00
% of Market Share Penetrated 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 2.0 %
------ ------ ------ ------- ------ ------ ------- ------- ------- -------
Revenue 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.1
GREEN GENE- INCREASED BIOMASS
Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $ 0.00 $24.00 $24.00
% of Market Share Penetrated 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 3.0 % 10.0 %
------ ------ ------ ------- ------ ------ ------- ------- ------- -------
Revenue 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.9 10.4
Soybean Market 1,320 1,625 1,950 2,295 2,520 2,698 3,024 3,650 3,996 4,350
F.MT/Mycogen Share 90.0 % 90.0 % 90.0 % 90.0 % 90.0 % 90.0 % 90.0 % 90.0 % 90.0 % 90.0 %
HIGH NUTRITION PROTEIN (DEMETER)
Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $ 0.00 $72.00 $72.00
% Market Share Penetrated 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 5.0 % 10.0 %
------ ------ ------ ------- ------ ------ ------- ------- ------- -------
Revenue 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14.4 31.3
MYCOGEN TRAIT REV. $0.0 $0.0 $0.0 $0.0 $0.6 $1.9 $4.6 $ 8.8 $31.3 $65.8
Corn Output R&D 0.4 1.0 1.7 2.2 1.5 1.5 1.7 0.9 3.1 6.6
% of Seeds Sales 0.8 % 1.5 % 2.1 % 2.3 % 1.4 % 1.3 % 1.3 % 0.6 % 1.8 % 3.5 %
Soybean R&D 0.0 0.4 0.6 0.4 0.2 0.6 0.6 0.0 1.2 2.5
INCOME BEFORE TAX ($0.4) ($1.4) ($2.3) ($2.6) ($1.1) ($0.2) $2.4 $7.9 $27.0 $56.7
Tax @ 33.0% 0.0 0.0 0.0 0.0 0.0 0.0 (0.8) (2.6) (8.9) (18.7)
------ ------ ------ ------- ------ ------ ------- ------- ------- -------
CASH FLOW ($0.4) ($1.4) ($2.3) ($2.6) ($1.1) ($0.2) $1.6 $5.3 $18.8 $38.0
NOL Carry $0.1 $0.5 $0.8 $0.9 $0.4 $0.1 $0.0 $ 0.0 $ 0.0 $ 0.0
Corn Output CF ($0.4) ($1.4) ($2.3) ($2.6) ($1.1) ($0.2) $1.6 $ 5.3 $ 8.4 $17.0
Soybean Output CF $ 0.0 ($0.4) ($0.6 ($0.4) ($0.2) ($0.6) ($0.6) $ 0.0 $ 8.9 $19.3
MYCOGEN VALUATION : DCF ANALYSIS - BRAZIL MODEL EXAMPLE
- ------------------------------------------------------------------------------
BRAZIL OUTPUT TRAITS REVENUES AND EXPENSES ($MM, EXCEPT PER UNIT PRICE AND
UNITS IN 000S)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
------ ------ ------ ------- ------ ------ ------- ------- ------- -------
Corn Market Share 392 461 536 617 703 710 718 725 733 740
MOLD MYCOTOXIN
Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $12.00 $12.00
% Market Share Penetrated 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.2 % 5.0 %
------ ------ ------ ------- ------ ------ ------- ------- ------- -------
Revenue 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.4
Brazil Soyabean Market 2,500 2,500 2,601 2,653 2,706 2,760 2,815 2,872 2,929 2,988
F.MT/Mycogen Share 90.0 % 90.0 % 90.0 % 90.0 % 90.0 % 90.0 % 90.0 % 90.0 % 90.0 % 90.0 %
SOYBEAN DISEASE I
Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
% of Market Share Penetrated 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 10.0 % 20.0 % 30.0 % 40.0 % 50.0 %
------ ------ ------ ------- ------ ------ ------- ------- ------- -------
Revenue 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
CORN TRAIT REVENUE $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.2 $0.4
SOYABEAN TRAIT REVENUE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
------ ------ ------ ------- ------ ------ ------- ------- ------- -------
MYCOGEN DISEASE TRAIT TRAIT REV. $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.2 $0.4
Corn Trait R&D Expenses 0.0 0.0 0.0 0.0 0.0 0.6 0.6 0.0 0.0 0.0
% of Corn Seeds Sales 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.5 % 0.5 % 0.0 % 0.2 % 5.0 %
Soyabean Trait R&D Expenses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
------ ------ ------ ------- ------ ------ ------- ------- ------- -------
R&D Expense (with Alloc.) 0.0 0.2 0.5 0.3 0.2 0.6 0.6 0.0 0.0 0.0
INCOME BEFORE TAX $0.0 ($0.2) ($0.5) ($0.3) ($0.2) ($0.6) ($0.6) $0.0 $0.2 $0.4
Tax @ 33.0% 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (0.1) (0.1)
------ ------ ------ ------- ------ ------ ------- ------- ------- -------
CASH FLOW $0.0 ($0.2) ($0.5) ($0.3) ($0.2) ($0.6) ($0.6) $0.0 $0.2 $0.5
NOL Carry $0.0 $0.1 $0.2 $0.1 $0.1 $0.2 $0.2 $0.0 $0.0 $0.0
MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE
- -------------------------------------------------------------------------------
BRAZIL CORN DISCOUNTED CASH FLOW ANALYSIS
- ------------------ ----------------------------------------------------------
DISCOUNT RATE TERMINAL MULTIPLE OF YEAR 2007 OPERATING INCOME
- ------------------ -----------------------------------------------------------
6.0x 8.0x 10.0x 12.0x
----------- ----------- ----------- -----------
11.0% PV of Free Cash Flow $15.7 $15.7 $15.7 $15.7
PV of Terminal Multiple 86.6 115.4 144.3 173.1
----------- ----------- ----------- -----------
Enterprise Value $102.3 $131.2 $160.0 $188.9
Less: Net Debt 0.0 0.0 0.0 0.0
----------- ----------- ----------- -----------
EQUITY VALUE $102.3 $131.2 $160.0 $188.9
IMPLIED PERPETUITY GROWTH 3.9% 5.6% 6.6% 7.3%
% VALUE FROM TERMINAL MULT. 84.6% 88.0% 90.2% 91.7%
16.0% PV of Free Cash Flow $7.9 $7.9 $7.9 $7.9
PV of Terminal Multiple 55.7 74.3 92.9 111.4
----------- ----------- ----------- -----------
Enterprise Value $63.7 $82.2 $100.8 $119.4
Less: Net Debt 0.0 0.0 0.0 0.0
----------- ----------- ----------- -----------
EQUITY VALUE $63.7 $82.2 $100.8 $119.4
IMPLIED PERPETUITY GROWTH 8.6% 10.4% 11.4% 12.2%
% VALUE FROM TERMINAL MULT. 87.5% 90.3% 92.1% 93.4%
21.0% PV of Free Cash Flow $2.7 $2.7 $2.7 $2.7
PV of Terminal Multiple 36.5 48.7 60.9 73.1
----------- ----------- ----------- -----------
Enterprise Value $39.3 $51.4 $63.6 $75.8
Less: Net Debt 0.0 0.0 0.0 0.0
----------- ----------- ----------- -----------
EQUITY VALUE $39.3 $51.4 $63.6 $75.8
IMPLIED PERPETUITY GROWTH 13.3% 15.1% 16.2% 17.0%
% VALUE FROM TERMINAL MULT. 93.1% 94.7% 95.7% 96.4%
-------------------------------------------------------------
SELECTED EQUITY VALUE RANGE $39 - $189
-------------------------------------------------------------
WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE
- -------------------------------------------------------------------------------
BRAZIL EARLY TRAIT DISCOUNTED CASH FLOW ANALYSIS
- ------------------ -----------------------------------------------------------
DISCOUNT RATE YEAR 2007 CASH FLOW GROWTH RATE
- ------------------ -----------------------------------------------------------
8.0% 10.0% 12.0% 14.0%
----------- ----------- ----------- -----------
20.0% PV of Free Cash Flow $9.9 $9.9 $9.9 $9.9
PV of Terminal Multiple 50.3 61.5 78.2 106.1
----------- ----------- ----------- -----------
Enterprise Value $60.2 $71.4 $88.1 $116.1
Less: Net Debt 0.0 0.0 0.0 0.0
----------- ----------- ----------- -----------
EQUITY VALUE $60.2 $71.4 $88.1 $116.1
IMPLIED PERPETUITY GROWTH 8.0% 10.0% 12.0% 14.0%
% VALUE FROM TERMINAL MULT. 83.5% 86.1% 88.7% 91.5%
25.0% PV of Free Cash Flow $5.8 $5.8 $5.8 $5.8
PV of Terminal Multiple 23.6 27.2 32.0 38.5
----------- ----------- ----------- -----------
Enterprise Value $29.4 $33.0 $37.8 $44.3
Less: Net Debt 0.0 0.0 0.0 0.0
----------- ----------- ----------- -----------
EQUITY VALUE $29.4 $33.0 $37.8 $44.3
IMPLIED PERPETUITY GROWTH 8.0% 10.0% 12.0% 14.0%
% VALUE FROM TERMINAL MULT. 80.4% 82.5% 84.7% 87.0%
30.0% PV of Free Cash Flow $3.1 $3.1 $3.1 $3.1
PV of Terminal Multiple 12.3 13.8 15.6 17.9
----------- ----------- ----------- -----------
Enterprise Value $15.4 $16.9 $18.7 $21.0
Less: Net Debt 0.0 0.0 0.0 0.0
----------- ----------- ----------- -----------
EQUITY VALUE $15.4 $16.9 $18.7 $21.0
IMPLIED PERPETUITY GROWTH 8.0% 10.0% 12.0% 14.0%
% VALUE FROM TERMINAL MULT. 79.9% 81.6% 83.4% 85.2%
-------------------------------------------------------------
SELECTED EQUITY VALUE RANGE $15 - $116
-------------------------------------------------------------
WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE
- -------------------------------------------------------------------------------
BRAZIL OUTPUT TRAITS DISCOUNTED CASH FLOW ANALYSIS
- ------------------ ------------------------------------------------
DISCOUNT RATE YEAR 2007 CASH FLOW GROWTH RATE
- ------------------ ------------------------------------------------
1.0% 1.5% 2.0% 2.5%
-------- -------- -------- --------
25.0% PV of Free Cash Flow $3.9 $3.9 $3.9 $3.9
PV of Terminal Multiple 17.2 17.6 18.1 18.6
-------- -------- -------- --------
Enterprise Value $21.0 $21.5 $21.9 $22.4
Less: Net Debt 0.0 0.0 0.0 0.0
-------- -------- -------- --------
EQUITY VALUE $21.0 $21.5 $21.9 $22.4
IMPLIED PERPETUITY GROWTH 1.0% 1.5% 2.0% 2.5%
% VALUE FROM TERMINAL MULT. 81.7% 82.0% 82.4% 82.8%
35.0% PV of Free Cash Flow $0.7 $0.7 $0.7 $0.7
PV of Terminal Multiple 5.6 5.7 5.8 6.0
-------- -------- -------- --------
Enterprise Value $6.3 $6.4 $6.6 $6.7
Less: Net Debt 0.0 0.0 0.0 0.0
-------- -------- -------- --------
EQUITY VALUE $6.3 $6.4 $6.6 $6.7
IMPLIED PERPETUITY GROWTH 1.0% 1.5% 2.0% 2.5%
% VALUE FROM TERMINAL MULT. 88.7% 88.9% 89.1% 89.3%
45.0% PV of Free Cash Flow ($0.5) ($0.5) ($0.5) ($0.5)
PV of Terminal Multiple 2.1 2.2 2.2 2.2
-------- -------- -------- --------
Enterprise Value $1.6 $1.6 $1.7 $1.7
Less: Net Debt 0.0 0.0 0.0 0.0
-------- -------- -------- --------
EQUITY VALUE $1.6 $1.6 $1.7 $1.7
IMPLIED PERPETUITY GROWTH 1.0% 1.5% 2.0% 2.5%
% VALUE FROM TERMINAL MULT. 133.0% 132.3% 131.6% 131.0%
------------------------------------------------
SELECTED EQUITY VALUE RANGE $2 - $22
------------------------------------------------
WASSERSTEIN PERELLA & CO.
- -------------------------------------------------------------------------------
MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE
- -------------------------------------------------------------------------------
BRAZIL DISEASE RESISTANCE DISCOUNTED CASH FLOW ANALYSIS
- ------------------ ------------------------------------------------
DISCOUNT RATE YEAR 2007 CASH FLOW GROWTH RATE
- ------------------ ------------------------------------------------
25.0% 27.0% 29.0% 31.0%
-------- -------- -------- --------
40.0% PV of Free Cash Flow ($0.5) ($0.5) ($0.5) ($0.5)
PV of Terminal Multiple 0.2 0.2 0.2 0.3
-------- -------- -------- --------
Enterprise Value ($0.4) ($0.3) ($0.3) ($0.2)
Less: Net-Debt 0.0 0.0 0.0 0.0
-------- -------- -------- --------
EQUITY VALUE ($0.4) ($0.3) ($0.3) ($0.2)
IMPLIED PERPETUITY GROWTH 25.0% 27.0% 29.0% 31.0%
% VALUE FROM TERMINAL MULT. -- -- -- --
50.0% PV of Free Cash Flow ($0.4) ($0.4) ($0.4) ($0.4)
PV of Terminal Multiple 0.0 0.0 0.0 0.0
-------- -------- -------- --------
Enterprise Value ($0.4) ($0.4) ($0.4) ($0.4)
Less: Net Debt 0.0 0.0 0.0 0.0
-------- -------- -------- --------
EQUITY VALUE ($0.4) ($0.4) ($0.4) ($0.4)
IMPLIED PERPETUITY GROWTH (100.0%) (100.0%) (100.0%) (100.0%)
% VALUE FROM TERMINAL MULT. 0.0% 0.0% 0.0% 0.0%
60.0% PV of Free Cash Flow ($0.3) ($0.3) ($0.3) ($0.3)
PV of Terminal Multiple 0.0 0.0 0.0 0.0
-------- -------- -------- --------
Enterprise Value ($0.3) ($0.3) ($0.3) ($0.3)
Less: Net Debt 0.0 0.0 0.0 0.0
-------- -------- -------- --------
EQUITY VALUE ($0.3) ($0.3) ($0.3) ($0.3)
IMPLIED PERPETUITY GROWTH (100.0%) (100.0%) (100.0%) (100.0%)
% VALUE FROM TERMINAL MULT. 0.0% 0.0% 0.0% 0.0%
------------------------------------------------
SELECTED EQUITY VALUE RANGE ($0) - ($0)
------------------------------------------------
WASSERSTEIN PERELLA & CO.
- -------------------------------------------------------------------------------
MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE
- --------------------------------------------------------------------------------
BRAZIL CORN EARLY TRAITS DISCOUNTED CASH FLOW ANALYSIS
DISCOUNT RATE YEAR 2007 CASH FLOW GROWTH RATE
- ---------------- ----------------------------------------
8.0% 10.0% 12.0% 14.0%
-------- -------- ------- -------
20.0% PV of Free Cash Flow $11.6 $11.6 $11.6 $ 11.6
PV of Terminal Multiple 47.7 58.2 74.1 100.6
-------- -------- ------- -------
Enterprise Value $59.3 $69.9 $85.8 $112.2
Less: Net Debt 0.0 0.0 0.0 0.0
-------- -------- ------- -------
EQUITY VALUE $59.3 $69.9 $85.8 $112.2
IMPLIED PERPETUITY GROWTH 8.0% 10.0% 12.0% 14.0%
% VALUE FROM TERMINAL MULT. 80.4% 83.4% 86.4% 89.6%
25.0% PV of Free Cash Flow $7.4 $7.4 $ 7.4 $ 7.4
PV of Terminal Multiple 22.4 25.8 30.3 36.5
-------- -------- ------- -------
Enterprise Value $29.7 $33.2 $37.7 $ 43.8
Less: Net Debt 0.0 0.0 0.0 0.0
-------- -------- ------- -------
EQUITY VALUE $29.7 $33.2 $37.7 $ 43.8
IMPLIED PERPETUITY GROWTH 8.0% 10.0% 12.0% 14.0%
% VALUE FROM TERMINAL MULT. 75.2% 77.8% 80.5% 83.2%
30.0% PV of Free Cash Flow $ 4.6 $ 4.6 $ 4.6 $ 4.6
PV of Terminal Multiple 11.7 13.1 14.8 16.9
-------- -------- ------- -------
Enterprise Value $16.2 $17.7 $19.4 $ 21.5
Less: Net Debt 0.0 0.0 0.0 0.0
-------- -------- ------- -------
EQUITY VALUE $16.2 $17.7 $19.4 $ 21.5
IMPLIED PERPETUITY GROWTH 8.0% 10.0% 12.0% 14.0%
% VALUE FROM TERMINAL MULT. 71.9% 74.1% 76.4% 78.8%
-------------------------------------------------------
SELECTED EQUITY VALUE RANGE $16 - $112
-------------------------------------------------------
WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE
- --------------------------------------------------------------------------------
BRAZIL SOY BEAN EARLY TRAITS DISCOUNTED CASH FLOW ANALYSIS
DISCOUNT RATE YEAR 2007 CASH FLOW GROWTH RATE
- ---------------- -------------------------------------------
8.0% 10.0% 12.0% 14.0%
-------- -------- ------- -------
25.0% PV of Free Cash Flow ($1.6) ($1.6) ($1.6) ($1.6)
PV of Terminal Multiple 1.2 1.4 1.7 2.0
-------- -------- ------- -------
Enterprise Value ($0.4) ($0.2) $0.1 $0.4
Less: Net Debt 0.0 0.0 0.0 0.0
-------- -------- ------- -------
EQUITY VALUE ($0.4) ($0.2) $0.1 $0.4
IMPLIED PERPETUITY GROWTH 8.0% 10.0% 12.0% 14.0%
% VALUE FROM TERMINAL MULT. (335.6%) (803.6%) 2,331.4% 489.4%
35.0% PV of Free Cash Flow ($1.3) ($1.3) ($1.3) ($1.3)
PV of Terminal Multiple 0.4 0.4 0.4 0.5
-------- -------- ------- -------
Enterprise Value ($1.0) ($0.9) ($0.9) ($0.9)
Less: Net Debt 0.0 0.0 0.0 0.0
-------- -------- ------- -------
EQUITY VALUE ($1.0) ($0.9) ($0.9) ($0.9)
IMPLIED PERPETUITY GROWTH 8.0% 10.0% 12.0% 14.0%
% VALUE FROM TERMINAL MULT. (36.5%) (41.7%) (48.3%) (57.0%)
45.0% PV of Free Cash Flow ($1.1) ($1.1) ($1.1) ($1.1)
PV of Terminal Multiple 0.1 0.1 0.1 0.2
-------- -------- ------- -------
Enterprise Value ($1.0) ($1.0) ($1.0) ($0.9)
Less: Net Debt 0.0 0.0 0.0 0.0
-------- -------- ------- -------
EQUITY VALUE ($1.0) ($1.0) ($1.0) ($0.9)
IMPLIED PERPETUITY GROWTH 8.0% 10.0% 12.0% 14.0%
% VALUE FROM TERMINAL MULT. (13.0%) (14.2%) (15.5%) (17.0%)
-------------------------------------------------------
SELECTED EQUITY VALUE RANGE ($1) - $0
-------------------------------------------------------
WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE
- --------------------------------------------------------------------------------
BRAZIL CORN OUTPUT TRAITS DISCOUNTED CASH-FLOW ANALYSIS
- ------------------ ------------------------------------------------
DISCOUNT RATE YEAR 2007 CASH FLOW GROWTH RATE
- ------------------ ------------------------------------------------
1.0% 1.5% 2.0% 2.5%
-------- -------- -------- --------
25.0% PV of Free Cash Flow $0.3 $0.3 $0.3 $0.3
PV of Terminal Multiple 7.7 7.9 8.1 8.3
-------- -------- -------- --------
Enterprise Value $8.0 $8.2 $8.4 $8.6
Less: Net-Debt 0.0 0.0 0.0 0.0
-------- -------- -------- --------
EQUITY VALUE $8.0 $8.2 $8.4 $8.6
IMPLIED PERPETUITY GROWTH 1.0% 1.5% 2.0% 2.5%
% VALUE FROM TERMINAL MULT. 96.2% 96.2% 96.3% 96.4%
35.0% PV of Free Cash Flow ($1.0) ($1.0) ($1.0) ($1.0)
PV of Terminal Multiple 2.5 2.6 2.6 2.7
-------- -------- -------- --------
Enterprise Value $1.5 $1.6 $1.6 $1.7
Less: Net Debt 0.0 0.0 0.0 0.0
-------- -------- -------- --------
EQUITY VALUE $1.5 $1.6 $1.6 $1.7
IMPLIED PERPETUITY GROWTH 1.0% 1.5% 2.0% 2.5%
% VALUE FROM TERMINAL MULT. 163.5% 161.4% 159.5% 157.6%
45.0% PV of Free Cash Flow ($1.4) ($1.4) ($1.4) ($1.4)
PV of Terminal Multiple 0.9 1.0 1.0 1.0
-------- -------- -------- --------
Enterprise Value ($0.4) ($0.4) ($0.4) ($0.4)
Less: Net Debt 0.0 0.0 0.0 0.0
-------- -------- -------- --------
EQUITY VALUE ($0.4) ($0.4) ($0.4) ($0.4)
IMPLIED PERPETUITY GROWTH 1.0% 1.5% 2.0% 2.5%
% VALUE FROM TERMINAL MULT. (221.7%) (234.0%) (247.5%) (262.5%)
------------------------------------------------
SELECTED EQUITY VALUE RANGE ($0) - $9
------------------------------------------------
WASSERSTEIN PERELLA & CO.
- -------------------------------------------------------------------------------
MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE
- --------------------------------------------------------------------------------
BRAZIL SOYBEAN OUTPUT TRAITS DISCOUNTED CASH FLOW ANALYSIS
- ------------------ ------------------------------------------------
DISCOUNT RATE YEAR 2007 CASH FLOW GROWTH RATE
- ------------------ ------------------------------------------------
1.0% 1.5% 2.0% 2.5%
-------- -------- -------- --------
25.0% PV of Free Cash Flow $2.2 $2.2 $2.2 $2.2
PV of Terminal Multiple 8.7 9.0 9.2 21.5 #
-------- -------- -------- --------
Enterprise Value $10.9 $11.1 $11.4 $23.7
Less: Net-Debt 0.0 0.0 0.0 0.0
-------- -------- -------- --------
EQUITY VALUE $10.9 $11.1 $11.4 $23.7
IMPLIED PERPETUITY GROWTH 1.0% 1.5% 2.0% 14.0%
% VALUE FROM TERMINAL MULT. 80.0% 80.5% 80.9% 90.8%
35.0% PV of Free Cash Flow $0.7 $0.7 $0.7 $0.7
PV of Terminal Multiple 2.9 2.9 3.0 5.2
-------- -------- -------- --------
Enterprise Value $3.6 $3.7 $3.7 $6.0
Less: Net Debt 0.0 0.0 0.0 0.0
-------- -------- -------- --------
EQUITY VALUE $3.6 $3.7 $3.7 $6.0
IMPLIED PERPETUITY GROWTH 1.0% 1.5% 2.0% 14.0%
% VALUE FROM TERMINAL MULT. 79.2% 79.6% 79.9% 87.5%
45.0% PV of Free Cash Flow $0.2 $0.2 $0.2 $0.2
PV of Terminal Multiple 1.1 1.1 1.1 1.7
-------- -------- -------- --------
Enterprise Value $1.2 $1.3 $1.3 $1.9
Less: Net Debt 0.0 0.0 0.0 0.0
-------- -------- -------- --------
EQUITY VALUE $1.2 $1.3 $1.3 $1.9
IMPLIED PERPETUITY GROWTH 1.0% 1.5% 2.0% 14.0%
% VALUE FROM TERMINAL MULT. 87.1% 87.3% 87.5% 91.5%
------------------------------------------------
SELECTED EQUITY VALUE RANGE $1 - $24
------------------------------------------------
WASSERSTEIN PERELLA & CO.
- -------------------------------------------------------------------------------
MYCOGEN VALUATION: SUMMARY OF BUSINESS UNITS
- --------------------------------------------------------------------------------
ELEMENTS OF PROJECTED BUSINESS VALUATION
BUSINESS CROP TRAIT GEOGRAPHICAL REGION
- -------- ---- ----- -------------------
N. AMERICA ARGENTINA BRAZIL OTHER
- ----------------------------------------------------------------------------------------------------------
Biopesticides -- -- X
SoilServ -- -- X
Conventional Seed
Corn -- X X X
Soybeans -- X
Sunflower -- X
Sorghum -- X
Alfalfa -- X
Early Traits (Herbicide Resistance)
Corn RR/LL X X X
Sunflower RR/LL X
Soybean LL X
Sorghum RR/LL X
Early Traits (Insect Resistance)
Corn Bt176 X
Corn Spodoptera X
Corn Elasmopalpost X
Corn Diabrotica X
Corn Helicoverpa X
Corn Armyworm
Corn ECB/Glufosinate X X
Corn CRW/Glufosinate X X
Sunflower Looper X
Sunflower Head Moth X
Sunflower Seed Weevil X
Soybean Cyst X X
WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
MYCOGEN VALUATION: SUMMARY OF BUSINESS UNITS
- --------------------------------------------------------------------------------
ELEMENTS OF PROJECTED BUSINESS VALUATION (CONT'D)
BUSINESS CROP TRAIT GEOGRAPHICAL REGION
- -------- ---- ----- -------------------
N. AMERICA ARGENTINA BRAZIL OTHER
- -------------------------------------------------------------------------------------------------------------
Sorghum Midge
Greenbug Aphid
Alfalfa Weevil
Lepidoptera
Output Corn High Oil X X X
High Oil/Evt. 176 X
Hi Oleic X X X
Low Phytate X X X
Forage Protein X X X
Green Gene X X X
Soyabean High Nutrition X X
Sunflower High Oleic X
High Palmitic X
Quality Protein X X
Sorghum Nutritional X
Disease Resistance
Corn Mold/Mycotoxin X X
Sunflower Sclerotinia X X
Verticilian X
WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
MYCOGEN VALUATION: SUMMARY OF BUSINESS UNITS
- --------------------------------------------------------------------------------
ELEMENTS OF PROJECTED BUSINESS VALUATION (CONT'D)
- ----------------------------------------------------------------------------------------------------------
BUSINESS CROP TRAIT GEOGRAPHICAL REGION
N. AMERICA ARGENTINA BRAZIL OTHER
- ----------------------------------------------------------------------------------------------------------
JV/Partner Royalties VMO Conventional Europe
Early Traits Europe
Output Traits Europe
Cotton Conventional X X
Bud/Bollworm X X Australia
Boll Weevil X X and
Lygus X Greece
Oilseed/Humko -- X X
Oilseed/DAS -- X
Rice Stem Borer Japan
Plant Hopper Japan
Turf White Grub X
Army/Cutworm X
Webworm X
- ----------------------------------------------------------------------------------------------------------
WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
MYCOGEN CORPORATION
- -------------------------------------------------------------------------------
SUMMARY OF VALUATION
- ---------------------------------------------------------------------------------------------------------------------
BUSINESS CROP REGION DISCOUNT GROWTH RATE VALUATIONS GEOGRAPHIC SUB-
RATE /EBIT MULTIPLE LO HI AVERAGE TOTAL TOTALS
- ---------------------------------------------------------------------------------------------------------------------
BIOPESTICIDES - - 10.0%-14.0% 6 - 12 $ 4 - $ 6 $ 5 $ 5 $ 5
SOILSERV - - 10.0%-14.0% 6 - 12 $ 28 - $ 47 $ 37 $ 37 $ 37
CONVEN. SEED
Corn N. America 11.0%-21.0% 6 - 12 $ 44 - $ 295 $ 170
Argentina 11.0%-21.0% 6 - 12 $ 20 - $ 61 $ 41
Brazil 11.0%-21.0% 6 - 12 $ 39 - $ 189 $ 114
Soybeans N. America 11.0%-21.0% 6 - 12 $ (20)- $ 36 $ 8
Brazil 11.0%-21.0% 6 - 12 $ 0 - $ 0 $ 0
Sorghum N. America 11.0%-21.0% 6 - 12 $ 4 - $ 16 $ 10
Alfalfa N. America 11.0%-21.0% 6 - 12 $ (2)- $ 11 $ 5
Sunflower N. America 11.0%-21.0% 6 - 12 $ (4)- $ (5) $ (4)
Argentina 11.0%-21.0% 6 - 12 $ 7 - $ 25 $ 16
All N. America 11.0%-21.0% 6 - 12 $ 29 - $ 361 $ 195
Argentina 11.0%-21.0% 6 - 12 $ 25 - $ 86 $ 55
Brazil 11.0%-21.0% 6 - 12 $ 39 - $ 189 $ 114
TOTAL CONVENTIONAL SEED $ 364
EARLY/INPUT TRAITS
Corn N. America 20.0%-30.0% 8.0% - 14.0% $ 42 - $ 255 $ 148
Argentina 20.0%-30.0% 8.0% - 14.0% $ (0)- $ 14 $ 7
Brazil 20.0%-30.0% 8.0% - 14.0% $ 16 - $ 112 $ 64
Soybeans N. America 25.0%-45.0% 8.0% - 14.0% $ 10 - $ 59 $ 34
Brazil 25.0%-45.0% 8.0% - 14.0% $ (1)- $ 0 $ (30)
Sunflower N. America 20.0%-30.0% 8.0% - 14.0% $ (2)- $ (0) $ (1)
Argentina 20.0%-30.0% 8.0% - 14.0% $ (2)- $ 9 $ 4
All N. America 20.0%-30.0% 8.0% - 14.0% $ 68 - $ 390 $ 229
Argentina 20.0%-30.0% 8.0% - 14.0% $ 2 - $ 23 $ 10
Brazil 20.0%-30.0% 8.0% - 14.0% $ 15 - $ 116 $ 66
TOTAL EARLY TRAITS $ 305
OUTPUT TRAITS
Corn N. America 25.0%-45.0% 1.0% - 2.5% $ (1)- $ 14 $ 6
Argentina 25.0%-45.0% 8.0% - 14.0% $ (2)- $ (0) $ (1)
Brazil 25.0%-45.0% 1.0% - 2.5% $ (0)- $ 9 $ 4
Soybean N. America 25.0%-45.0% 1.0% - 2.5% $ 34 - $ 225 $ 129
Brazil 25.0%-45.0% 1.0% - 2.5% $ 1 - $ 24 $ 12
Sunflower N. America 25.0%-45.0% 1.0% - 2.5% $ 1 - $ 7 $ 4
Argentina 25.0%-45.0% 8.0% - 14.0% $ 4 - $ 31 $ 17
All N. America 25.0%-45.0% 1.0% - 2.5% $ 34 - $ 245 $ 140
Argentina 25.0%-45.0% 8.0% - 14.0% $ 2 - $ 30 $ 16
Brazil 25.0%-45.0% 1.0% - 2.5% $ 2 - $ 22 $ 12
TOTAL OUTPUT TRAITS $ 168
DISEASE RESISTANCE
N. America 40.0%-60.0% 25.0% - 31.0% $ (2)- $ 1 $ (0) $ (0)
Argentina 40.0%-60.0% 25.0% - 31.0% $ 0 - $ 2 $ 1 $ 1
Brazil 40.0%-60.0% 25.0% - 31.0% $ (0)- $ (0) $ (0) $ (0)
TOTAL DISEASE RESISTANCE $ 1
JV/ROYALTIES
VMO Conventional Seed 11.0%-21.0% 6 - 12 $ 5 - $ 13 $ 9
Early/Input Traits 15.0%-25.0% 0.0% - 1.5% $ (1)- $ (2) $ (2)
Output Traits 25.0%-45.0% 14.0% - 20.0% $ 0 - $ 15 $ 8
Disease-Res. 40.0%-60.0% 25.0% - 31.0% $ (0)- $ 1 $ 0
TOTAL VMO $ 4 $ 27 $ 15 $ 15
JG Boswell Cotton 10.0%-12.0% 6 - 12 $ 58 - $ 100 $ 79 $ 79 $ 79
Humko Oilseed N. America 10.0%-14.0% 8 - 14 $ 0 - $ 0 $ 0 $ 0
Argentina 10.0%-14.0% 8 - 14 $ 2 - $ 3 $ 3 $ 3
TOTAL OILSEED $ 0 - $ 0 $ 3
DAS Canada Canola 10.0%-14.0% 4 - 10 $ 19 - $ 40 $ 29 $ 29 $ 29
PHB Bt Royalties 20.0%-30.0% $ 31 - $ 38 $ 34 $ 34 $ 34
Other Partner Royalties 20.0%-30.0% 0.0% - 1.5% $ 8 - $ 20 $ 14 $ 14 $ 14
Other Pests/Crops 30.0%-50.0% 14.0% - 20.0% $ 24 - $ 238 $ 131 $ 131 $ 131
Disease Resistance
- All Other Crops 40.0%-60.0% 25.0% - 31.0% $ 80 - $ 313 $ 196 $ 196 $ 196
- Rice (Japan Tobacco) 30.0%-50.0% 14.0% - 20.0% $ (2) - $ 8 $ 3 $ 3 $ 3
MISCELLANEOUS
NOL-Current (est) $ 50 - $ 70 $ 60 $ 60
NOL-Projected (est) $ 30 - $ 30 $ 30 $ 30
Monsanto Settlement $ 0 - $ 174 $ 87 $ 87
35% in Verneuil (est.) $ 33 - $ 66 $ 50 $ 50
Bt FTO 30.0%-50.0% $ 101 - $ 179 $ 140 $ 140
Net Debt $ (75)- $ (75) $ (75) $ (75) $ (75)
$ 363
------ ------ ------ ------ ------
TOTAL $ 809 $2,199 $1,624 $1,674 $1,674
Shares Outstanding (MM) 36.11
VALUE/SHARE $22.41 $60.91 $44.99 $46.37
- --------------------------------------------------------------------------------------------------------------------
WASSERSTEIN PERELLA & CO.
- -------------------------------------------------------------------------------
MYCOGEN VALUATION: DCF ANALYSIS
- -------------------------------------------------------------------------------
VALUATION OF BUSINESS
Pie Chart of Conventional Seed
Contribution to Value
North America 53.6%
Brazil 31.3%
Argentina 15.1%
Pie Chart of Early Traits
Contribution to Value
North America 75.1%
Brazil 21.6%
Argentina 3.3%
Pie Chart of Output Traits
Contribution to Value
North America 83.4%
Brazil 7.1%
Argentina 9.5%
BAR CHART
Conventional Seed
Corn $ 325
Soybean 8
Sunflower 12
Other 15
------
Total $ 360
Early Traits
Corn $ 219
Soybean 34
Sunflower 3
------
Total $ 256
Output Traits
Corn $ 9
Soybean 141
Sunflower 21
------
Total $ 171
Disease Resistance (All Crops)
New $ 193
Current 1
------
Total $ 194
Other Businesses
Biopesticides $ 5
Soil Serv. 37
------
Total $ 42
Current JV
Humko $ 3
Boswell 79
VMO 15
------
Total $ 97
DAS Collaboration
Rice/Japan
Tobacco $ 3
Canola/
DAS Canola 29
------
Total $ 32
Royalties
Other
Partners $ 14
Pioneer Bt 34
------
Total $ 48
New Pest-Resistant Crops
Total $ 131
Operating Value
Total $1,331
NOL
Projected $ 29
Current 65
------
Total $ 90
Monsanto Settlement
Total $ 87
35% Stake in Verneuil
Total $ 50
Bt FTO Fees
Total $ 140
Net Debt
Total $ (75)
Total Value
Total $1,624
Miscellaneous
Items $ 292
VALUATION/SHARE
$44.99
WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
MYCOGEN CORPORATION
- --------------------------------------------------------------------------------
-------------------------------
VALUATION: COMPARABLE
COMPANY TRADING ANALYSIS
-------------------------------
WASSERSTEIN PERELLA & CO.
- -------------------------------------------------------------------------------
MYCOGEN CORPORATION VALUATION: COMPARABLE COMPANY TRADING ANALYSIS
- --------------------------------------------------------------------------------
SELECTED SEED COMPARABLE COMPANIES ANALYSIS
TRADING STATISTICS
CURRENT EQUITY ADJUSTED PRICE/EARNINGS EST. 3-5 98E P/E/
PRICE MARKET MARKET -------------- YR. EPS 3-5 YEAR PRICE/
COMPANY 6/22/98 VALUE VALUE 1997 1998E GTH. EPS GTH(1) BOOK
- ---------- ------- -------- -------- ---- ----- --------- ---------- ------
(IN $) (IN $MM) (IN $MM) (%) (%) (%) (%) (%)
Mycogen 23.38 894.4 908.0 NM NM 22.5 NM 4.3
Pioneer Hi-Bred 39.00 9,525.3 9,044.3 39.6 34.0 15.0 2.27 8.2
Dekalb Genetics 94.19 3,372.4 3,482.4 117.0 120.8 25.0 4.83 15.1
Delta & Pine Land 44.44 1,742.8 1,818.6 90.0 69.4 30.0 2.31 22.2
Agribiotech (1) 28.63 966.9 965.5 NM 119.3 40.0 2.98 12.0
----------------------------------------------------------
Mean 82.2 85.9 27.5 3.10 14.4
Median 90.0 94.4 27.5 2.65 13.6
High 117.0 120.8 40.0 4.83 22.2
Low 39.6 34.0 15.0 2.27 8.2
----------------------------------------------------------
ADJUSTED MARKET VALUE/
------------------------------------------------------------------------------------- Net Debt/
1997 LTM 1998E 1999E 1997 LTM 1998E 1999E 1997 LTM 1998E 1999E MARKET
COMPANY SALES SALES SALES SALES EBITDA EBITDA EBITDA EBITDA EBIT EBIT EBIT EBIT CAP.
- ---------- ----- ----- ----- ----- ------ ------ ------ ------ ---- ---- ----- ----- ---------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
Mycogen 4.30 4.24 3.87 3.67 NM NM 81.1 90.8 NM NM NM NM 1.5
Pioner Hi-Bred 5.07 4.99 4.67 4.36 20.0 20.1 17.4 14.8 24.9 25.3 20.9 17.4 (5.1)
Dekalb Genetics 7.71 7.43 7.30 6.57 57.0 54.9 56.2 44.6 73.6 71.5 74.1 58.0 3.3
Delta & Pine Land 9.92 9.42 6.86 5.13 48.9 47.4 32.0 21.6 56.6 56.3 35.8 23.2 4.3
Agribiotech (1) 3.48 3.48 3.79 1.89 84.2 84.2 84.5 32.8 NM NM NM 37.0 (O.1)
------------------------------------------------------------------------------------------------------------
Mean 6.55 6.33 5.65 4.49 52.5 51.7 47.5 28.5 51.7 51.0 43.6 33.9 0.6
Median 6.39 6.21 5.76 4.74 53.0 51.2 44.1 27.2 56.6 56.3 35.8 30.1 1.6
High 9.92 9.42 7.30 6.57 84.2 84.2 84.5 44.6 73.6 71.5 74.1 58.0 4.3
Low 3.48 3.48 3.79 1.89 20.0 20.1 17.4 14.8 24.9 25.3 20.9 17.4 (5.1)
------------------------------------------------------------------------------------------------------------
OPERATING STATISTICS
TOTAL REVENUES
------------------------ EBITDA MARGIN EBIT MARGIN
LTM 97/96% 98E/97% ---------------------------- ----------------------------
COMPANY AMOUNT GROWTH GROWTH 1997 LTM 1998E 1999E 1997 LTM 1998E 1999E
- ------------ --------- ------ ------ ---- ----- ----- ----- ---- ----- ----- -----
(In $ MM) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
Mycogen 214 35.6 11.2 3.4 2.0 4.8 4.0 NM NM NM 0.0
Pioneer Hi-Bred 1,811 3.7 8.7 25.3 24.8 26.8 29.4 20.3 19.8 22.4 25.1
Dekalb Genetics 469 16.5 5.7 13.5 13.5 13.0 14.7 10.5 10.4 9.9 11.3
Delta & Pine Land 193 19.6 44.8 20.3 19.9 21.4 23.8 17.5 16.7 19.1 22.1
Agribiotech (1) 277 NA (8.1) 4.1 4.1 4.5 5.8 2.1 2.1 3.4 5.1
-----------------------------------------------------------------------------------------
Mean 13.2 12.8 15.8 15.6 16.4 18.4 12.6 12.3 13.7 15.9
Median 16.5 7.2 16.9 16.7 17.2 19.2 14.0 13.6 14.5 16.7
High 19.6 44.8 25.3 24.8 26.8 29.4 20.3 19.8 22.4 25.1
Low 3.7 (8.1) 4.1 4.1 4.5 5.8 2.1 2.1 3.4 5.1
-----------------------------------------------------------------------------------------
NET INCOME MARGIN R&D/TOTAL REVENUES
------------------------------------ -----------------------------------
1997 LTM 1998E 1999E 1997 1998E 1999E
-------- ------ ----- ------- -------- --------- --------
(%) (%) (%) (%) (%) (%) (%)
Mycogen NM NM NM NM 11.4 NA NA
Pioneer Hi-Bred 13.6 12.9 15.0 16.9 8.2 7.7 7.8
Dekalb Genetics 6.4 6.9 6.1 7.1 12.7 12.6 15.1
Delta & Pine Land 10.7 10.1 10.1 11.8 7.4 6.1 4.7
Agribiotech (1) NM NM 1.9 2.3 NA NA NA
-------------------------------------------------------------
Mean 10.2 10.0 8.3 9.5 9.4 1.8 9.3
Median 10.7 10.1 8.1 9.4 8.2 7.7 7.8
High 13.6 12.9 15.0 16.9 12.7 12.6 15.1
Low 6.4 6.9 1.9 2.3 7.4 6.1 4.7
-------------------------------------------------------------
- -----------------------
1997 data refers to FYE 8/31/97, etc. All means and medians exclude Mycogen.
Currency are converted at current exchange rates.
EPS projections are based on I/B/E/S consensus; other projections are based on
selected brokers' research.
When not available, depreciation and amortization are estimated as a percentage
of sales based on the latest released data.
When not available, LTM data is based on selected brokers' research.
(1) Represents ratio of the 1998E P/E ratio to the estimated 3-5 year earnings
growth rate.
(2) Agribiotech fiscal year end 6/30. LTM data represents financials for 1997
fiscal year end pro forma for acquisitions. EBITDA estimated per analyst
projections of D&A margins.
WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
MYCOGEN CORPORATION VALUATION: COMPARABLE COMPANY TRADING ANALYSIS
- --------------------------------------------------------------------------------
SELECTED AG-BIOTECHNOLOGY COMPARABLE COMPANIES ANALYSIS FOR
FISCAL YEAR 1994-1997
EBITDA MARGIN EBIT MARGIN
------------------------------------ ------------------------------------
1994 1995 1996 1997 1994 1995 1996 1997
---- ---- ---- ---- ---- ---- ---- ----
Mycogen (5.3%) (5.8%) (8.7%) 3.4% (11.0%) (13.7%) (14.5%) (1.3%)
Pioneer Hi-Bred 25.4% 23.1% 24.6% 25.3% 20.4% 18.3% 20.2% 20.3%
Dekalb Genetics 10.2% 11.1% 11.4% 13.5% 6.6% 7.6% 8.5% 10.5%
Delta & Pine Land 19.3% 22.5% 20.4% 20.3% 16.1% 19.4% 17.7% 17.5%
Agribiotech (1) NM (27.0%) (9.0%) (0.7%) NM (29.9%) (11.2%) (2.4%)
----------------------------------------------------------------------------------------
MEAN 18.3% 7.4% 11.8% 14.6% 14.4% 3.8% 8.8% 11.5%
MEDIAN 19.3% 16.8% 15.9% 16.9% 16.1% 12.9% 13.1% 14.0%
----------------------------------------------------------------------------------------
NET INCOME MARGIN R&D/TOTAL REVENUES
------------------------------------ -----------------------------------
1994 1995 1996 1997 1994 1995 1996 1997
---- ---- ---- ---- ---- ---- ---- ----
Mycogen (8.8%) (14.1%) (19.6%) (8.5%) 16.1% 18.7% 15.2% 11.4%
Pioneer Hi-Bred 12.4% 11.9% 13.0% 13.6% 7.7% 8.5% 7.9% 8.2%
Dekalb Genetics 3.5% 3.0% 4.4% 6.4% 13.8% 13.3% 12.3% 12.7%
Delta & Pine Land 9.7% 11.1% 10.5% 10.7% 6.8% 6.7% 6.4% 7.4%
Agribiotech (1) NM (29.6%) (12.8%) (4.1%) NM 1.2% 0.2% 1.8%
--------------------------------------------------------------------------------------
MEAN 8.6% (0.9%) 3.8% 6.7% 9.4% 7.4% 6.7% 7.5%
MEDIAN 9.7% 7.0% 7.4% 8.6% 7.7% 7.6% 7.1% 7.8%
--------------------------------------------------------------------------------------
Selling/Total Revenues G & A Margin
------------------------------------ -----------------------------------
1994 1995 1996 1997 1994 1995 1996 1997
---- ---- ---- ---- ---- ---- ---- ----
Mycogen 22.4% 20.8% 24.3% 19.8% 14.9% 11.7% 12.7% 8.5%
Pioneer Hi-Bred 22.7% 23.1% 22.2% 21.0% 8.3% 8.2% 7.5% 7.3%
Dekalb Genetics 19.3% 20.2% 18.8% 18.2% 5.7% 8.1% 8.3% 7.6%
Delta & Pine Land 7.2% 7.7% 6.2% 6.0% 10.1% 9.7% 6.1% 5.5%
Agribiotech (1) NA NA NA NA NA NA NA NA
-------------------------------------------------------------------------------------
MEAN 16.4% 17.0% 15.7% 15.1% 8.0% 8.7% 7.3% 6.8%
MEDIAN 19.3% 20.2% 18.8% 18.2% 8.3% 8.2% 7.5% 7.3%
-------------------------------------------------------------------------------------
Days Receivable Days of Inventory
------------------------------------ -----------------------------------
1994 1995 1996 1997 1994 1995 1996 1997
----- ----- ----- ----- ----- ----- ----- -----
Mycogen 86 89 70 70 182 181 143 162
Pioneer Hi-Bred 39 38 44 52 213 239 189 205
Dekalb Genetics (2) (3) 53 65 48 42 218 235 177 217
Delta & Pine Land 11 19 157 187 144 130 153 133
Agribiotech (1) NM 54 104 95 NM 145 136 170
-----------------------------------------------------------------------------------------
MEAN 34 44 88 94 192 187 164 181
MEDIAN 39 46 76 74 213 190 165 188
-----------------------------------------------------------------------------------------
Days Payable Net Debt/Book Equity
------------------------------------ -----------------------------------
1994 1995 1996 1997 1994 1995 1996 1997
----- ----- ----- ----- ----- ----- ----- -----
Mycogen 22 36 33 60 (30.2%) (13.5%) (36.7%) 19.5%
Pioneer Hi-Bred 48 33 44 40 (6.1%) 4.9% (4.8%) 1.7%
Dekalb Genetics (2) (3) 14 15 24 24 102.1% 98.8% 36.6% 60.8%
Delta & Pine Land 28 40 55 59 31.8% 11.0% 48.3% 39.9%
Agribiotech (1) NM 56 82 77 (45.4%) (9.3%) 29.9% 56.4%
----------------------------------------------------------------------------------------
MEAN 30 36 51 50 20.6% 26.4% 27.5% 39.7%
MEDIAN 28 36 50 49 12.8% 8.0% 33.2% 48.2%
----------------------------------------------------------------------------------------
- -------------------------------
NOTE: DAYS CALCULATION ASSUMES 360-DAY A YEAR AND ALL MEANS AND MEDIANS
EXCLUDE MYCOGEN DATA
(1) Agribiotech changed its fiscal year end in 1995. 1995 data are based on
nine-month period ended 6/30/95. 1997 data are not pro forma of acquisition
because no pro forma balance sheet number available for ratio calculations
(2) Data not available to separate trade receivables from note receivables
(3) Accounts Payable includes only trade accounts payable
WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
MYCOGEN CORPORATION VALUATION: COMPARABLE COMPANY TRADING ANALYSIS
- --------------------------------------------------------------------------------
SELECTED COMPARABLE COMPANIES QUARTERLY ANALYSIS FOR FISCAL YEAR 1997
EBITDA Margin EBIT Margin
------------------------------------ -----------------------------------
1-Qtr 2-Qtr 3-Qtr 4-Qtr 1-Qtr 2-Qtr 3-Qtr 4-Qtr
----- ----- ----- ----- ----- ----- ----- -----
Mycogen (44.7%) 8.3% 13.5% (6.2%) (55.4%) 5.5% 10.6% (16.4%)
Pioneer Hi-Bred (57.8%) 6.1% 41.8% (35.2%) (78.9%) (2.3%) 40.0% (52.8%)
Dekalb Genetics 11.0% 16.1% 14.2% (19.4%) 6.4% 14.5% 12.5% (53.0%
Delta & Pine Land (82.8%) 25.2% 29.5% NM (101.6%) 23.3% 28.4% NM
Agribiotech (1) (14.0%) (4.1%) 8.6% (2.3%) (16.4%) (6.1%) 7.0% (3.8%)
------------------------------------------------------------------------------------------
MEAN (35.9%) 10.8% 23.5% (19.0%) (47.6%) 7.4% 22.0% (36.5%)
MEDIAN (35.9%) 11.1% 21.8% (19.4%) (47.7%) 6.1% 20.4% (52.8%)
------------------------------------------------------------------------------------------
Net Income Margin R&D/Total Revenues
------------------------------------ -----------------------------------
1-Qtr 2-Qtr 3-Qtr 4-Qtr 1-Qtr 2-Qtr 3-Qtr 4-Qtr
----- ----- ----- ----- ----- ----- ----- -----
Mycogen (54.7%) 3.7% 6.8% (48.4%) 26.3% 7.8% 6.9% 22.3%
Pioneer Hi-Bred (50.0%) (0.8%) 25.8% (29.6%) 33.3% 12.5% 3.1% 30.3%
Dekalb Genetics 3.1% 8.5% 7.3% (20.1%) 8.9% 13.2% 12.8% 23.1%
Delta & Pine Land (65.5%) 14.1% 17.9% NM 41.0% 5.2% 3.3% NM
Agribiotech (1) (16.9%) (8.9%) 6.4% (6.2%) 1.2% 2.1% 1.4% 2.0%
------------------------------------------------------------------------------------------
MEAN (32.3%) 3.2% 14.3% (18.6%) 21.1% 8.3% 5.2% 18.5%
MEDIAN (33.5%) 3.9% 12.6% (20.1%) 21.1% 8.8% 3.2% 23.1%
------------------------------------------------------------------------------------------
Days Receivable Days of Inventory
------------------------------------ -----------------------------------
1-Qtr 2-Qtr 3-Qtr 4-Qtr 1-Qtr 2-Qtr 3-Qtr 4-Qtr
----- ----- ----- ----- ----- ----- ----- -----
Mycogen (2) (3) 129 61 85 109 761 145 89 257
Pioneer Hi-Bred (2) 178 79 34 162 1,490 515 68 558
Dekalb Genetics (2) (4) 69 33 79 357 526 147 97 1,361
Delta & Pine Land 92 99 99 NM 1,067 144 50 NM
Agribiotech (1) 97 61 81 64 289 189 122 113
------------------------------------------------------------------------------------------
MEAN 109 68 73 194 843 249 84 677
MEDIAN 94 70 80 162 796 168 83 558
------------------------------------------------------------------------------------------
Days Payable Net Debt/Book Equity
------------------------------------ -----------------------------------
1-Qtr 2-Qtr 3-Qtr 4-Qtr 1-Qtr 2-Qtr 3-Qtr 4-Qtr
----- ----- ----- ----- ----- ----- ----- -----
Mycogen (2) (3) 216 40 25 95 (3.4%) 8.4% 24.5% 19.5%
Pioneer Hi-Bred (2) 718 147 29 108 19.3% (30.8%) (9.7%) 1.7%
Dekalb Genetics (2) (4) 249 44 11 153 71.8% 35.7% 72.4% 60.8%
Delta & Pine Land 314 38 12 NM 66.1% 103.1% 34.7% 39.9%
Agribiotech (1) 104 92 64 52 (16.8%) 60.4% 64.3% 56.4%
------------------------------------------------------------------------------------------
MEAN 346 80 29 104 35.1% 42.1% 40.4% 39.7%
MEDIAN 281 68 21 108 42.7% 48.0% 49.5% 48.2%
------------------------------------------------------------------------------------------
NOTE: DAYS CALCULATION ASSUMES 360-DAY A YEAR AND ALL MEANS AND MEDIANS EXCLUDE
MYCOGEN DATA
(1) Agribiotech data are not pro forma of acquisition
(2) Data not available to separate notes receivable from accounts receivable for
quarterly data
(3) 2nd and 3rd quarter net debts include $14.25 million unsecured note payable
to bank that was specified in the 10-K
(4) Accounts Payable includes only trade accounts payable
WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
MYCOGEN CORPORATION VALUATION: COMPARABLE COMPANY TRADING ANALYSIS
- --------------------------------------------------------------------------------
SELECTED AG-BIOTECHNOLOGY COMPARABLE COMPANIES ANALYSIS
TRADING STATISTICS
Current Equity Adjusted Price Earnings Est. 3-5 98E P/E
Price Market Market -------------- yr. EPS 3-5 Year Price/
Company 6/22/98 Value Value 1997 1998E Gth. EPS Gth (1) Book
- ---------- ------- -------- -------- ---- ----- --------- ---------- ------
(In $) (In $MM) (In $MM) (%) (%) (%) (%) (%)
Mycogen 23.38 894.4 908.0 NM NM 22.5 NM 4.3
DNAP Holding 4.38 76.9 126.4 39.6 NA NA NM 2.8
Ecogen (2) 2.88 23.0 22.0 NM NM NA NM 4.1
Mean 39.6 NA NA NA 3.4
Median 39.6 NA NA NA 3.4
High 39.6 NA NA NA 4.1
Low 39.6 NA NA NA 2.8
Adjusted Market Value
---------------------------------------------------------------------------------- Net Debt/
1997 LTM 1998E 1999E 1997 LTM 1998E 1999E 1997 LTM 1998E 1999E Market
Company Sales Sales Sales Sales EBITDA EBITDA EBITDA EBITDA EBIT EBIT EBIT EBIT Cap.
- ---------- ----- ----- ----- ----- ------ ------ ------ ------ ---- ---- ----- ----- ---------
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
Mycogen 4.30 4.24 3.87 3.67 NM NM 81.1 90.8 NM NM NM NM 1.5
DNAP Holding 0.45 0.46 NA NA NM NM NA NA NM NM NA NA 63.1
Ecogen (2) 1.88 1.47 NA NA NM NM NM NM NM NM NM NM (4.2)
Mean 1.17 0.96 NA NA NA NA NA NA NA NA NA NA 29.5
Median 1.17 0.96 NA NA NA NA NA NA NA NA NA NA 29.5
High 1.88 1.47 NA NA NA NA NA NA NA NA NA NA 63.1
Low 0.45 0.46 NA NA NA NA NA NA NA NA NA NA (4.2)
OPERATING STATISTICS
TOTAL REVENUES
------------------------ EBIDTA Margin EBIDTA Margin
LTM 97/96% 98E/97% ----------------------------- -------------------------
Company Amount Growth Growth 1997 LTM 1998E 1999E 1997 LTM 1998E 1999E
- ------------ --------- ------ ------ ---- ---- ----- ----- ---- ----- ----- -----
(In $ MM) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
Mycogen 214 35.6 11.2 3.4 2.0 4.8 4.0 NM NM NM 0.0
DNAP Holding 275 45.7 NA NM NM NA NA NM NM NA NA
Ecogen (2) 15 9.5 NA NM NM NA NA NM NM NA NA
Mean 27.6 NA NA NA NA NA NA NA NA NA
Median 27.6 NA NA NA NA NA NA NA NA NA
High 45.7 NA NA NA NA NA NA NA NA NA
Low 9.5 NA NA NA NA NA NA NA NA NA
EBIDTA Margin NET Income Margin R&D/Total Revenues
-------------------------- -------------------------- ------------------
Company 1997 LTM 1998E 1999E 1997 LTM 1998E 1999E 1997 1998E 1999E
- ------------ ---- ----- ----- ----- ---- ----- ----- ----- ----- ---- -----
(%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%)
Mycogen NM NM NM 0.0 NM NM NM NM 11.4 NA NA
DNAP Holding NM NM NA NA NM NM NA NA 2.8 NA NA
Ecogen (2) NM NM NA NA NM NM NA NA 32.6 NA NA
Mean NA NA NA NA NA NA NA NA 17.7 NA NA
Median NA NA NA NA NA NA NA NA 17.7 NA NA
High NA NA NA NA NA NA NA NA 32.6 NA NA
Low NA NA NA NA NA NA NA NA 2.8 NA NA
- -----------------------
1997 data refers to FYE 8/31/97, etc. All means and medians exclude Mycogen.
Currency are converted at current exchanges rates.
EPS projections are based on I/B/E/S consensus; other projections are based on
selected brokers' research.
When not available, depreciation and amortization are estimated as a percentage
of sales based on the latest released data.
When not available, LTM data is based on selected brokers' research.
(1) Represents ratio of the 1998E P/E ratio to the estimated 3.5 year earnings
growth rate.
(2) Ecogen fiscal year end 10/31.
WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
MYCOGEN CORPORATION VALUATION: COMPARABLE COMPANY TRADING ANALYSIS
- --------------------------------------------------------------------------------
SELECTED AG-BIOTECHNOLOGY COMPARABLE COMPANIES ANALYSIS FOR
FISCAL YEAR 1994-1997
EBITDA MARGIN EBIT MARGIN
------------------------------------ -----------------------------------
1994 1995 1996 1997 1994 1995 1996 1997
---- ---- ---- ---- ---- ---- ---- ----
Mycogen (5.3%) (5.8%) (8.7%) 3.4% (11.0%) (13.7%) (14.5%) (1.3%)
DNAP Holding (1) (12.9%) 4.0% (5.9%) (4.3%) (18.0%) 2.3% (7.6%) (6.6%)
Ecogen (1)(2) (174.2%) (114.4%) (19.4%) (59.0%) (179.1%) (119.8%) (22.0%) (70.6%)
--------------------------------------------------------------------------------------
MEAN (93.6%) (55.2%) (12.7%) (31.7%) (98.6%) (58.7%) (14.8%) (38.6%)
MEDIAN (93.6%) (55.2%) (12.7%) (31.7%) (98.6%) (58.7%) (14.8%) (38.6%)
--------------------------------------------------------------------------------------
NET INCOME MARGIN R&D/TOTAL REVENUES
------------------------------------ -----------------------------------
1994 1995 1996 1997 1994 1995 1996 1997
---- ---- ---- ---- ---- ---- ---- ----
Mycogen (8.8%) (14.1%) (19.6%) (8.5%) 16.1% 18.7% 15.2% 11.4%
DNAP Holding (1) (10.6%) (1.9%) (8.8%) (7.2%) 0.0% 0.0% 7.3% 2.8%
Ecogen (1)(2) (171.5%) (148.7%) (17.5%) (75.1%) 37.6% 63.6% 25.1% 32.6%
--------------------------------------------------------------------------------------
MEAN (91.0%) (75.3%) (13.1%) (41.2%) 18.8% 31.8% 16.2% 17.7%
MEDIAN (91.0%) (75.3%) (13.1%) (41.2%) 18.8% 31.8% 16.2% 17.7%
--------------------------------------------------------------------------------------
DAYS RECEIVABLE DAYS OF INVENTORY
------------------------------------ -----------------------------------
1994 1995 1996 1997 1994 1995 1996 1997
---- ---- ---- ---- ---- ---- ---- ----
Mycogen 86 89 70 70 182 181 143 162
DNAP Holding (2) NA 45 51 38 NA 30 41 24
Ecogen 46 23 41 54 403 415 433 478
--------------------------------------------------------------------------------------
MEAN 46 34 46 46 403 222 237 251
MEDIAN 46 34 46 46 403 222 237 251
--------------------------------------------------------------------------------------
DAYS PAYABLE NET DEBT/BOOK EQUITY
------------------------------------ -----------------------------------
1994 1995 1996 1997 1994 1995 1996 1997
---- ---- ---- ---- ---- ---- ---- ----
Mycogen 22 36 33 60 (30.2%) (13.5%) (36.7%) 19.5%
DNAP Holding (2) NA 34 39 22 NA 276.8% 67.6% 191.9%
Ecogen 98 179 221 227 (91.5%) (21.0%) (57.7%) 31.7%
--------------------------------------------------------------------------------------
MEAN 98 107 130 125 (91.5%) 127.9% 4.9% 111.8%
MEDIAN 98 107 130 125 (91.5%) 127.9% 4.9% 111.8%
--------------------------------------------------------------------------------------
- ---------------------
NOTE: DAYS CALCULATION ASSUMES 360-DAY A YEAR AND ALL MEANS AND MEDIANS EXCLUDE
MYCOGEN DATA
(1) R&D expenses includes both self-funded expenses and purchased R&D expenses
(2) Ecogen changed its fiscal year end in 1994. 1994 data are based on ten-month
period ended 10/31/94
(3) Data not available to separate accounts payable from accrued expenses for
1995
WASSERSTEIN PERELLA & CO.
- --------------------------------------------------------------------------------
MYCOGEN CORPORATION VALUATION: COMPARABLE ACQUISITION ANALYSIS
- -------------------------------------------------------------------------------
SELECTED COMPARABLE ACQUISITION/VALUATION MULTIPLES
Adjusted Purchase Implied Value
Price/ of Equity/
-------------------- --------------
Implied Value Adjusted LTM LTM LTM Net Book
Target Acquirer Close Date of Equity Purchase Price Sales EBITDA EBIT Income Value
- ---------------------------- ------------------ ---------- --------- -------------- ----- ------- ---- ------ ------
SEEDS COMPANIES
Delta & Pine Land Monsanto Pending $1,832.5 $1,906.7 9.87 x 69.8 x 89.6 x NM x 25.1 x
Sunseeds AgrEvo 10/6/97 NA NA 2.20 x 13.1 x 18.0 x NA x NA x
Pioneer Hi-Bred (16.6% stake) DuPont 9/18/97 $1,700.0 $1,700.0 4.60 x 18.4 x 22.6 x 33.9 x 8.9 x
Holden's Foundation Seeds Monsanto 9/4/97 NA $975.0(1) 21.67 x NA x NA x NA x NA x
Asgrow Corn & Seed Monsanto 2/4/97 NA $240.0 1.41 x NA NA NA NA
Morgan Seeds Mycogen Corp. 10/1/96 $40.9 $40.9 1.10 x NA NA NA NA
Agracetus (W.R. Grace) Monsanto 5/21/96 $150.0 $150.0 NA NA NA NA NA
Sure Grow Delta & Pine Land 5/21/96 $70.0 $78.9 3.47 17.5 19.1 29.9 3.2
Jacobs Hertz Seed (Monsanto) Delta & Pine Land 2/5/96 NA NA NA NA NA NA
Cargill - Cotton & Seed Delta & Pine Land 5/3/94 NA NA NA NA NA NA NA
-------------------------------------------------------------------
MEAN SALES MULTIPLE (2) 6.33x
MEDIAN SALES MULTIPLE (2) 3.47x
IMPLIED MYCOGEN ENTERPRISE VALUE RANGE $743 - $1,355
-------------------------------------------------------------------
- ----------------------------------
(1) Final terms not disclosed; purchase price assumes maximum expected price.
WASSERSTEIN PERELLA & CO.
- -------------------------------------------------------------------------------
MYCOGEN CORPORATION VALUATION: COMPARABLE ACQUISITION ANALYSIS
- -------------------------------------------------------------------------------
SELECTED COMPARABLE ACQUISITION/VALUATION MULTIPLES
Adjusted Purchase Implied Value
Price/ of Equity/
-------------------- --------------
Implied Value Adjusted LTM LTM LTM Net Book
Target Acquirer Close Date of Equity Purchase Price Sales EBITDA EBIT Income Value
- ---------------------------- ------------------ ---------- --------- -------------- ----- ------- ---- ------ ------
BIOTECH COMPANIES (MINORITY STAKES)
Calgene (Minority Buy-In) Monsanto 5/22/97 $534.1(1) 567.3(1) 2.86 x NM x NM x NM x 6.3 x
Mycogen DowElanco 12/4/96 $587.9(1) $556.7(1) 3.50 x NM x NM x NM x 3.4 x
(1mm shares)
Calgene Inc. Monsanto 11/13/96 $573.1(1) $620.5(1) 6.50 x NM x NM x NM x 6.1 x
(6.25mm shares)
DeKalb Genetics Corp. Monsanto 3/8/96 $417.3(1) $533.4(1) 1.70 x 15.9 x 23.4 x 33.4 x 3.1 x
(10% of voting shrs and 8% of non-voting shrs)
Mycogen Pioneer Hi-Bred 9/18/95 $257.3(1) $196.9(1) 1.70 x NM x NM x NM x 2.3 x
(3mm shares)
-------------------------------------------------------------------
MEAN SALES MULTIPLE 3.25 x
MEDIAN SALES MULTIPLE 2.86 x
IMPLIED MYCOGEN ENTERPRISE VALUE RANGE $611 - $696
-------------------------------------------------------------------
- -----------------------------
(1) Calculated by translating the price that acquiror paid for part of the
target into price for the entire company
WASSERSTEIN PERELLA & CO.
- -------------------------------------------------------------------------------
MYCOGEN CORPORATION VALUATION: COMPARABLE ACQUISITION ANALYSIS
- --------------------------------------------------------------------------------
SELECTED COMPARABLE ACQUISITION/VALUATION MULTIPLES (CONT'D)
Adjusted Purchase Implied Value
Price/ of Equity/
--------------------- --------------
Implied Value Adjusted LTM LTM LTM Net Book
Target Acquirer Close Date of Equity Purchase Price Sales EBITDA EBIT Income Value
- -------------------------------- ------------ ---------- ------------- -------------- ----- ------ ---- ------ ------
BIOTECH COMPANIES (MAJORITY STAKES)
- -----------------------------------
Monsanto American Home Pending(1) $35,563.7 $39,134.7 5.09 x 36.4 x 70.8 x NM x 8.1 x
Products
Plant Breeding Int'l (Unilever) Monsanto Bidding NA NA NA NA NA NA NA
Dekalb Genetics Monsanto Pending $3,771.2(2) $3,881.2(2) 8.28 x 61.2 x 79.7 x NM x 16.9 x
Zeneca Mogen 5/13/97 $73.6 $73.6 12.80 x NM x NM x NM x NA
Bionova (ELM) DNA Plant 9/27/96 $63.4 $67.9 NM x NM x NM x NM x NA
Tech.
Plant Genetic Systems AgrEvo 8/30/96 $733.0 $733.0 NM x NM x NM x NM x NA
Calgene Inc. Monsanto 4/1/96 $299.8(2) $268.0(2) 4.80 x NM x NM x NM x 3.1 x
(49.9% shares)
Mycogen DowElanco 3/8/96 $444.7(2) $358.1(2) 2.90 x NM x NM x NM x 2.3 x
(9.5mm shares)
United AgriSeeds Inc. Mycogen 2/28/96 $72.4 $72.4 NA NA NA NA NA
Lubrizol Mycogen 1/5/96 NA NA NA NA NA NA NA
- -------------------------------------------------------------------------
MEANS SALES MULTIPLE 7.74 x
MEDIAN SALES MULTIPLE 5.09 x
IMPLIED MYCOGEN ENTERPRISE VALUE RANGE $1,090 - $1,657
- -------------------------------------------------------------------------
- --------------------------------------
(1) Monsanto operating data are not pro forma of all announced acquisitions
and acquisitions Monsanto is currently bidding
(2) Calculated by translating the price that acquiror paid for part of the
target into price for the entire company
WASSERSTEIN PERELLA & CO.
- -------------------------------------------------------------------------------
MYCOGEN CORPORATION VALUATION: COMPARABLE ACQUISITION ANALYSIS
- --------------------------------------------------------------------------------
PREMIUM ANALYSIS FOR ACQUISITIONS BY MAJORITY SHAREHOLDERS WITH DEAL SIZES
BETWEEN $100MM - $550MM(1)
Seller Closing Price Pre-Announcement/
Ann. Per Acquisition Premium
Deal Share ---------------------------------------
Ann. Value Acq. % Being 1-Day 30-Day 60-Day 90-Day 120-Day
Acquiror Seller Date ($MM) Price Acquired Prem. Prem. Prem. Prem. Prem.
- -------- ------ ---- ----- ----- -------- ----- ------ ------ ------ -------
Dow MYCOGEN CORP. (BIOTECH) 5/1/98 $778.5 $20.50 31.2% 0.0% 12.3% 20.6% (0.6%) 7.2%
Monsanto Co. Calgene Inc. (Biotech) 1/28/97 242.6 8.00 43.7% 45.5% 60.0% 45.5% 64.1% 60.0%
Novartis AG SyStemix Inc. (Biotech) 5/27/96 119.4 19.50 26.8% 77.3% 59.2% 48.6% 39.3% 52.9%
Investor Group BET Holdings Inc. 3/17/98 $471.6 $63.00 42.0% 4.0% 17.5% 18.0% 17.8% 20.9%
Telephone and Data Systems United States Cellular Corp. 12/18/97 539.2 33.00 19.3% 0.0% 1.1% (5.2%) (1.3%) 10.5%
Telephone and Data Systems Aerial Communications Inc. 12/18/97 107.6 8.19 17.5% 0.0% (1.5%) (14.9%) (12.7%) 7.4%
Rexel, S.A. Rexel, Inc. 8/29/97 290.1 22.50 49.5% 19.2% 25.9% 25.9% 24.1% 32.4%
Anthem Inc. Acordia Inc. 6/2/97 172.7 40.00 33.2% 12.7% 26.5% 25.5% 26.0% 43.5%
Enron Corp. Enron Global Power & Pipelines 5/14/97 428.0 33.83 48.0% 11.8% 20.8% 19.2% 12.8% 24.1%
Petrofina SA Fina Inc. 2/25/97 257.0 60.00 14.6% 19.7% 18.2% 24.7% 16.2% 11.1%
Mafco Holdings Inc. Mafco Consolidated Group 1/21/97 116.8 33.50 15.0% 23.5% 30.1% 17.0% 40.3% 10.3%
Zunich Versicherungs Zurich Reinsurance Center 1/13/97 319.0 36.00 34.0% 17.1% 12.1% 15.7% 18.5% 17.1%
Andrews Group Inc. Toy Biz Inc. (2) 11/20/96 208.2 22.50 33.0% 29.5% 20.0% 37.4% 52.5% 31.4%
COBE Laboratories Inc. REN Corp. - USA 7/14/95 177.7 20.00 47.0% 27.0% 35.6% 29.0% 35.6% 29.6%
BIC SA Bic Corp. 5/19/95 212.6 40.50 22.0% 13.3% 30.1% 28.1% 29.1% 37.9%
Club Mediterranee SA Club Med Inc. 4/5/95 153.4 32.00 33.0% 41.4% 45.5% 42.2% 36.2% 35.4%
- -----------------------------------------------------------------------------------------------------------------------------------
Mean 31.9% 22.8% 26.7% 23.8% 26.6% 28.3%
Median 33.0% 19.2% 25.9% 25.5% 26.0% 29.6%
Maximum 49.5% 77.3% 60.0% 48.6% 64.1% 60.0%
Minimum 14.6% 0.0% (1.5%) (14.9%) (12.7%) 7.4%
Mean/Median for Biotech Transactiosn 35.2% 61.4% 59.6% 47.0% 51.7% 56.5%
MYCOGEN CORP. DATA $20.50 $18.25 $17.00 $20.63 $19.13
IMPLIED SHARE PRICE BASED ON MEDIAN $24.44 $22.97 $21.33 $25.98 $24.78
IMPLIED SHARE PRICE BASED ON MEDIAN FOR BIOTECH TRANSACTIONS $33.08 $29.13 $24.99 $31.29 $29.93
- -----------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------
(1) Source: Securities Data Company
(2) The deal was later withdrawn
Note: Unless noted, days referred to are calendar days.
WASSERSTEIN PERELLA & CO.
- -------------------------------------------------------------------------------
5
MYCOGEN CORPORATION
- -----------------------------------------------------------------------------
-----------------------------------
STRATEGIC ALTERNATIVES
-----------------------------------
WASSERSTEIN PERELLA & CO.
- -----------------------------------------------------------------------------
MYCOGEN CORPORATION STRATEGIC ALTERNATIVES
- -------------------------------------------------------------------------------
POTENTIAL BUSINESS STRATEGIES
OPTION I
I. NEGOTIATE A FAIR PRICE FOR THE SALE OF ALL OUTSTANDING SHARES TO DOW
BENEFITS:
- Provides cash payment at attractive share price
- Eliminates barriers to full cooperation associated with maintaining
two separate public companies
- Resources of the combined company would be better able to realize
Mycogen's goal of becoming a leading fully integrated developer,
manufacturer and marketer of products used to control pests and
improve food production
ISSUES:
- Cash offer eliminates opportunity to participate fully in potential
future up-side
WASSERSTEIN PERELLA & CO.
- -------------------------------------------------------------------------------
MYCOGEN CORPORATION STRATEGIC ALTERNATIVES
- -------------------------------------------------------------------------------
POTENTIAL BUSINESS STRATEGIES
OPTION II
II. IF UNABLE TO REACH AGREEMENT ON PRICE, NEGOTIATE A SUBSTANTIAL
REDUCTION IN DOW'S MYCOGEN SHAREHOLDINGS.
EXAMPLE:
As a major agchem company, Dow's business interests have led Mycogen to
focus on product development for row crops such as corn, soybeans, and
possibly cotton. These hypercompetitive sectors are not areas which
Mycogen would target as an independent entity. Therefore it may be
possible for Mycogen to redeem a substantial portion of Dow's
shareholdings in the Company for a transfer to Dow of its corn and
soybean (and possibly cotton) conventional seed and assorted biotech
trait capabilities.
BENEFITS:
- If a buyout not possible, then an asset separation is preferable to
a continuation of status-quo
- Grants Mycogen freedom to develop its own strategy and to pursue a
broader array of external collaborations.
- Allows Dow to capture full ownership of its most desired Mycogen
assets with no further cash outlay
- Patent defense litigation expenses follow seed assets to Dow.
ISSUES:
- Taxable transaction for Mycogen with potentially significant
liability for capital gains.
- Dow unlikely to fully exit and residual shareholding (probably -
20%) may discourage new investments from other strategic partners.
- Niche strategy for Mycogen implies distant profit outlook. Priority
focus on row crops has delayed innovation efforts in other agro
sectors. WP & Co. model shows relatively low NPV for Mycogen peanut,
sunflower, vegetable and cereal applications.
- Segregation of new crop assets (i.e., breeding stations, trait
developments, etc.) may be problematic.
- Requires simultaneous recapitalization of Company to finance its
long term growth. Issue of new shares at attractive value in
secondary offering should be possible given ongoing public interest
in agbiotech.
WASSERSTEIN PERELLA & CO.
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MYCOGEN CORPORATION STRATEGIC ALTERNATIVES
- --------------------------------------------------------------------------------
POTENTIAL BUSINESS STRATEGIES
OPTION III
III. IF DOW IS UNWILLING TO SUBSTANTIALLY CHANGE ITS SHAREHOLDING IN MYCOGEN,
SECURE A THIRD PARTY INVESTMENT IN MYCOGEN WHICH BRINGS COMPLEMENTARY
TECHNOLOGY AND NON-COMPETITIVE BUSINESS INTERESTS TO DOW.
EXAMPLE:
- Although supported by Dow Agro Sciences, the primary initiative for
Dow's buyout of Mycogen's public shareholders appears to be coming
from Dow corporate offices in Midland, Michigan. Dow Corporate's
interests in agbiotech may be driven by industrial feedstock
applications with crop protection and crop quality enhancements seen
as secondary benefits. As a result, it may be possible to find a
complimentary strategic partner who is focused on the crop aspects of
agbiotech but who also has assets or intellectual property which could
accelerate or improve the probability of success of agbiotech in
industrial applications.
- One possible scenario is for the third party - after extensive
negotiations with Dow and Mycogen - to tender for the remaining public
shares of Mycogen and in a subsequent step to:
i) Merge a complimentary agbiotech asset into Mycogen for newly
issued shares; or
ii) Swap a complimentary agbiotech asset with Dow for a portion of
its shareholdings.
WASSERSTEIN PERELLA & CO.
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MYCOGEN CORPORATION STRATEGIC ALTERNATIVES
- --------------------------------------------------------------------------------
POTENTIAL BUSINESS STRATEGIES
OPTION III (CONT'D)
In either case, Dow's position is diluted to a 50% level and Mycogen
becomes a joint venture vehicle between two multinational companies. The
target ownership levels can be readily achieved by adjusting the value
of the third party asset which is contributed with cash or debt. Among
the possible candidates for this strategy include Zeneca or Novartis
where the contributed asset would likely be the seed activities of
either company.
BENEFITS:
- Expands the scope of Mycogen's technology base and enhances
competitiveness of overall effort in light of recent industry
consolidation.
- Introduction of new entity into the situation may allow Mycogen to
realize full third party sale value for remaining public shares.
ISSUES:
- Third parties may be reluctant to invest resources in negotiating a
deal if they perceive situation as mere stalking horse for Dow buyout
bid.
WASSERSTEIN PERELLA & CO.
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MYCOGEN CORPORATION STRATEGIC ALTERNATIVES
- -------------------------------------------------------------------------------
POTENTIAL BUSINESS STRATEGIES
OPTION IV
IV. IN THE EVENT OF A DEADLOCK, DEVELOP AND EXPEDITIOUSLY IMPLEMENT A
COMPREHENSIVE LONG-TERM FINANCING PLAN FOR THE COMPANY.
EXAMPLE:
- Given existing Dow proposal, current Mycogen share price and
preliminary WP & Co. valuation, value gap looks substantial and
stand-off a reasonable possibility. In recent past, the Company has
deferred developing any long-term financial plan due to Dow support and
influence. With any deadlock, there is a prospect for a reduction in
Dow contributions as well as a need for expanded funding by Company to
accelerate its own initiatives. Mycogen's weak balance sheet and
operating exposure to uncontrollable variables strongly suggest a need
for contingency plans.
BENEFITS:
- Credible back-up plan can provide useful leverage in Dow negotiations.
- Rapid rate of agbiotech developments: M & A, litigation, '98 growing
season results, scientific discoveries, etc., may trigger sudden shift
in Dow strategy.
- Sale of Verneuil minority interest and possible factoring of Monsanto
settlement can yield significant cash in relatively short time frame.
ISSUES:
- The ultimate solution requires an equity offering by the Company and
given the current investor focus on the sector it would be prudent to
go to market as soon as possible. Although WP & Co can formulate a
specific equity plan, it will be difficult to begin even preliminary
implementation without a resolution of the Dow situation.
WASSERSTEIN PERELLA & CO.
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6
MYCOGEN CORPORATION
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-----------------------------------
NEXT STEPS
-----------------------------------
WASSERSTEIN PERELLA & CO.
- -----------------------------------------------------------------------------
MYCOGEN CORPORATION NEXT STEPS
- -----------------------------------------------------------------------------
OVERVIEW
- - CONDUCT FOLLOW-UP BUSINESS AND FINANCIAL DUE DILIGENCE WITH DOW AND
MYCOGEN
- - COMPLETE VALUATION ANALYSIS
- - DEVELOP POINT OF VIEW REGARDING THE HISTORICAL RELATIONSHIP BETWEEN
MYCOGEN AND DOW
- - REACH PRELIMINARY CONCLUSION AS TO THE RANGE OF FAIR VALUES
- - PRESENT FINDINGS TO THE SPECIAL COMMITTEE
- - FORMULATE RESPONSE TO DOW'S PROPOSAL AND SELECT APPROPRIATE ALTERNATIVE
TO PURSUE
WASSERSTEIN PERELLA & CO.
- -----------------------------------------------------------------------------
MYCOGEN CORPORATION
- -----------------------------------------------------------------------------
-----------------------------------
APPENDIX
-----------------------------------
WASSERSTEIN PERELLA & CO.
- -----------------------------------------------------------------------------
[LETTERHEAD]
June 10, 1998
Mr. J. Pedro Reinhard
Executive Vice President and Chief Financial Officer
Mr. Brian Taylorson
The Dow Chemical Company
2030 Willard H. Dow Center
Midland, MI 48674
Dear Messrs. Reinhard and Taylorson:
As you know, we are serving as financial advisor to the Special Committee of
the Board of Directors (the "Special Committee") of Mycogen Corporation
("Mycogen") in connection with the proposal by Dow AgroSciences LLC
("DAS") to amend the Exchange and Purchase Agreement dated January 15,
1996, between Mycogen, Agrigenetics, Inc., DowElanco and United Agriseeds,
Inc. and subsequent to such amendment to propose to acquire all of the
outstanding shares of Mycogen not owned by DAS and its affiliates (the "DAS
Proposal").
As an integral part of our due diligence, we would like to obtain information
from and meet with representatives of Dow and DAS. This meeting would not be
a negotiating session, since the Special Committee has made no determination
as to whether to negotiate with Dow or DAS regarding the DAS Proposal.
Instead, the meeting and the information we are requesting are an important
part of our due diligence investigation to assist us in better understanding
the DAS Proposal and Dow and DAS perspectives regarding both the DAS Proposal
and Mycogen.
In light of the Mycogen Board of Directors meeting scheduled for June 25th in
Chicago, we would propose an introductory meeting or dinner in Chicago either
on June 24th or a meeting before or after the Board meeting on June 25th. The
members of the Special Committee and representatives of both Wasserstein
Perella and Altheimer & Gray would attend this meeting or dinner. While you
will of course determine who would attend from the Dow/DAS group, we would
think it important that a senior representative of Dow and DAS management
participate.
The following list sets forth some of the general topic areas we would find
it useful to cover in a discussion with you and the information it would be
helpful to have prior to the meeting.
WE WOULD LIKE TO DISCUSS:
1. The background of DAS investment in Mycogen.
[LETTERHEAD FOOTER]
2. The reasons DAS wishes to acquire the public shares of Mycogen at this
time.
3. The rationale for the $20.50 per share price offered by DAS, including
any pro forma projections or other analysis or valuations used in
preparing the $20.50 per share offer.
4. The degree of historic involvement of DAS and Dow in the operations,
strategy and management of Mycogen.
5. The terms and conditions of your proposal to amend Section 6.12 of the
Exchange and Purchase Agreement dated January 15, 1996.
PLEASE PROVIDE:
6. All analysis of the projected cost savings, synergies and growth
opportunities from combining DAS and Mycogen.
7. Any analysis prepared regarding the effect of acquiring the public shares
of Mycogen, including but not limited to any analyses of the
accretive/dilutive effect on the financial results of Dow.
8. Any business or strategic plans or analyses regarding Mycogen's different
business segments including any potential divestitures or acquisitions.
9. Any pending acquisitions by DAS or DOW in the agricultural or
agricultural biotechnology industries that would impact the value of
Mycogen to Dow or DAS.
10. Any analysis of the strengths, weaknesses and/or the value of Mycogen's
intellectual property.
11. Any analysis of the agricultural biotechnology industry and Mycogen's
competitive position therein.
12. Any analysis of DAS' and Mycogen's projected combined research and
development spending.
To the extent we receive this information prior to our meeting we will
obviously be able to be more substantive. I expect, however, we will have
follow up questions after the meeting in any event.
Thank you very much for your assistance. If you have questions, please do not
hesitate to call me. I look forward to meeting you and your colleagues.
Sincerely yours,
/s/ John Simpson
cc: Joseph Sullivan
The Hon. Clayton Yeuter
Greg Polle
Peter Taguc
Scott Davis, Esq.
Norman Gold, Esq.
Peter Lieberman, Esq.
[LOGO]
[LETTERHEAD]
June 22, 1998
John Simpson
Wasserstein Perella & Co., Inc.
3 First National Plaza
Suite 5700
Chicago, IL 60602
Dear Mr. Simpson:
I am writing in response to your letter dated June 10, 1998. Representatives
of Dow, along with representatives of Salomon Smith Barney and Mayer, Brown &
Platt, would be pleased to meet with the Special Committee, its counsel and
you at 8:00 a.m. Chicago time on the morning of June 15 in Chicago near
O'Hare Airport. The group from Dow will be led by me.
At the meeting, we will be happy to discuss with you most of the matters
raised in your letter. However, you should be aware that we consider some of
the questions you have raised to be inappropriate for the evaluation of the
proposal Dow made to the Mycogen Board on April 30, 1998. As such, we may not
be able to answer these questions to your satisfaction.
In addition, we feel that a presentation to you of the details of our
analyses would be inappropriate until negotiations begin, but we will
describe to you some of the key elements of our analysis in addressing your
questions.
We understand that you have asked about the possibility of DAS selling its
69% ownership of the stock of Mycogen. You should be aware that Dow is not
willing to have DAS sell its Mycogen stock and that your analysis of this
situation should not assume that such a sale is possible.
We look forward to seeing you on June 25.
Yours sincerely,
/s/ Brian Taylorson
- -------------------
Brian Taylorson
Corporate Director
Mergers & Acquisitions
agh
[LOGO]
[LETTERHEAD]
June 22, 1998
Mr. John Simpson
Wasserstein Perella & Co., Inc.
3 First National Plaza
Suite 5700
Chicago, IL 60602
Dear Mr. Simpson:
Thank you for your letter of June 10, 1998. By now you should have been
contacted by Brian Taylorson and representatives of Salomon Smith Barney to
arrange a meeting to discuss the questions you have raised.
In view of my position as a director of Mycogen, I feel it is inappropriate
that I attend this meeting. I have asked Brian Taylorson to lead a group
which will include a Dow representative, as well as representatives from
Salomon Smith Barney and Mayer, Brown & Platt.
Yours sincerely,
/s/ J.P. Reinhard
- -----------------
J.P. Reinhard
Executive Vice President and
Chief Financial Officer