EX-99.(C)(2) 17 a2026457zex-99_c2.txt EXHIBIT 99(C)(2) ================================================================================ Exhibit 99(c)(2) Investment Banking Presentation to the Independent Committee of the Board of Directors of Opal Regarding PROJECT OPAL The Robinson-Humphrey Company September 12, 2000 ================================================================================ PROJECT OPAL Table of Contents ================================================================================ I. Analysis of Proposed Transaction II. Summary Financial Information III. Stock Price and Volume History IV. Stock Ownership V. Valuation Analysis o Summary o Selected Public Companies Analysis o Selected Merger and Acquisition Transactions o Discounted Cash Flow Analysis o Net Operating Loss o Analysis of Premiums Paid in Selected Minority Tender Offers VI. MergerStat Review Premiums APPENDIX I. Stock Price and Volume History o Daily from September 7, 1999 to Present o Weekly from September 5, 1997 to Present I. Analysis of Proposed Transaction PROJECT OPAL Analysis of Proposed Transaction (in thousands, except share data and ratios) ================================================================================ --------------------------------------------------------- Assumptions Tender offer price $6.00 Current diluted shares outstanding (1) 14,331,202 Implied market capitalization $85,987 Net Debt (2) 89,669 ---------- Implied enterprise value $175,656 ========== --------------------------------------------------------- --------------------------------------------------------- Proposed Transaction Shares to be tendered 5,796,131 Options to be tendered 2,569,358 ---------- Total diluted shares to be tendered 8,365,489 ========== Size of tender $50,193 --------------------------------------------------------- -------------------------------------------------------------------------------- Price Premium (3) ----- ---------- Stock Information Price as of September 7, 2000 $4.94 21.5 % Price prior to SC13D filing by Minolta as of August 31, 2000 3.00 100.0 30-day average 3.27 83.6 60-day average 3.20 87.6 52-week high 4.94 21.5 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Results Multiple (3) ------- ----------- Opal Financial Information (2) Revenues $ 288,825 0.6 x EBITDA 6,639 26.5 EBIT (9,211) NM Net income (loss) (21,458) NM Book value 10,159 8.5 -------------------------------------------------------------------------------- ---------- (1) Based on shares outstanding as of June 30, 2000 and using a stock price of $6.00 for the treasury stock method. (2) As of or for the latest twelve months ended June 30, 2000 (excluding extraordinary items). (3) Based on tender offer price of $6.00 per share. II. Summary Financial Information PROJECT OPAL Historical and Projected Income Statements - Base Case (1) (in thousands, except share and share data and ratios) --------------------------------------------------------------------------------
Transition Fiscal Year Ended December 31, Quarter Quarter ----------------------------------------- Ended Ended 1996 1997 1998 1999 3/31/00 6/30/00 -------- -------- -------- -------- ------- ------- Revenues $141,297 $121,699 $144,251 $221,286 $78,991 $82,847 Cost of revenues 95,970 96,315 103,892 177,005 58,664 62,055 -------- -------- -------- -------- ------- ------- Gross profit 45,327 25,384 40,359 44,281 20,327 20,792 Operating expenses 40,659 50,820 38,272 67,038 18,712 20,586 -------- -------- -------- -------- ------- ------- Operating income (loss) 4,668 (25,436) 2,087 (22,757) 1,615 206 Other income (expense) (1,699) (349) (516) (4,871) (2,308) (1,624) -------- -------- -------- -------- ------- ------- Income before income taxes (benefit) 2,969 (25,785) 1,571 (27,628) (693) (1,418) Income taxes (benefit) (3) (727) (2) 35 (621) 246 (685) -------- -------- -------- -------- ------- ------- Income (loss) before extraordinary loss 3,696 (25,783) 1,536 (27,007) (939) (733) Extraordinary items, after tax 0 15,000 0 10,357 0 0 -------- -------- -------- -------- ------- ------- Net income (loss) $3,696 ($10,783) $1,536 ($16,650) ($939) ($733) ======== ======== ======== ======== ======= ======= Net income (loss) per share (4) $0.34 ($1.01) $0.14 ($1.37) ($0.07) ($0.06) ======== ======== ======== ======== ======= ======= Weighted average shares (4) 10,802 10,700 10,887 12,152 13,260 13,266 ======== ======== ======== ======== ======= ======= EBITDA (5) $14,717 $2,975 $12,324 $1,065 $4,974 $4,617 ======== ======== ======== ======== ======= ======= Revenue growth NM 18.5% 53.4% NM NM Cost of revenues as % of revenues 67.9% 79.1% 72.0% 80.0% 74.3% 74.9% Gross margin 32.1% 20.9% 28.0% 20.0% 25.7% 25.1% Operating expenses as % of revenues 28.8% 41.8% 26.5% 30.3% 23.7% 24.8% Operating margin 3.3% NM 1.4% NM 2.0% NM Pretax margin 2.1% NM 1.1% NM NM NM Income tax rate (3) NM NM 2.2% 2.2% NM NM Net margin 2.6% NM 1.1% NM NM NM EBITDA margin 10.4% NM 8.5% 0.5% 6.3% 5.6% Fiscal Year Ending March 31,(2) ---------------------------------------------------- 2000E 2001E 2002E 2003E 2004E -------- -------- -------- -------- -------- Revenues $358,936 $427,686 $510,117 $607,039 $698,095 Cost of revenues 259,775 311,126 372,385 443,138 509,609 -------- -------- -------- -------- -------- Gross profit 99,161 116,560 137,732 163,901 188,486 Operating expenses 83,991 95,374 107,635 125,050 143,808 -------- -------- -------- -------- -------- Operating income (loss) 15,170 21,186 30,097 38,850 44,678 Other income (expense) (6,636) (5,900) (5,271) (4,125) (4,125) -------- -------- -------- -------- -------- Income before income taxes (benefit) 8,534 15,286 24,826 34,725 40,553 Income taxes (benefit) (3) 777 1,257 1,793 5,213 13,788 -------- -------- -------- -------- -------- Income (loss) before extraordinary loss 7,757 14,029 23,033 29,513 26,765 Extraordinary items, after tax 0 0 0 0 0 -------- -------- -------- -------- -------- Net income (loss) $7,757 $14,029 $23,033 $29,513 $26,765 ======== ======== ======== ======== ======== Net income (loss) per share (4) $0.54 $0.98 $1.61 $2.06 $1.87 ======== ======== ======== ======== ======== Weighted average shares (4) 14,331 14,331 14,331 14,331 14,331 ======== ======== ======== ======== ======== EBITDA (5) $29,016 $34,732 $43,643 $52,396 $58,224 ======== ======== ======== ======== ======== Revenue growth 62.2% 19.2% 19.3% 19.0% 15.0% Cost of revenues as % of revenues 72.4% 72.7% 73.0% 73.0% 73.0% Gross margin 27.6% 27.3% 27.0% 27.0% 27.0% Operating expenses as % of revenues 23.4% 22.3% 21.1% 20.6% 20.6% Operating margin 4.2% 5.0% 5.9% 6.4% 6.4% Pretax margin 2.4% 3.6% 4.9% 5.7% 5.8% Income tax rate (3) 9.1% 8.2% 7.2% 15.0% 34.0% Net margin 2.2% 3.3% 4.5% 4.9% 3.8% EBITDA margin 8.1% 8.1% 8.6% 8.6% 8.3%
---------- (1) Projections have been provided by the management of Opal. Fiscal years 1996, 1997, and 1998 reflect only the domestic operations of Opal. (2) Fiscal years end March 31 of the following year (i.e. Fiscal Year 2000E ends March 31, 2001). (3) Income tax rates reflect utilization of net operating loss carry forwards. (4) Based on 14,331,202 fully diluted shares outstanding for the period 2000E to 2004E. (5) Excludes extraordinary items. PROJECT OPAL Historical and Projected Balance Sheets - Base Case (1) (in thousands, except ratios) --------------------------------------------------------------------------------
Transition As of December 31, Quarter Quarter -------------------------------------------- Ended Ended 1996 1997 1998 1999 3/31/00 6/30/00 -------- -------- -------- -------- -------- -------- Current assets: Cash, equivalents and marketable securities $ 57 $ 697 $ 1,707 $ 3,505 $ 3,922 $ 3,970 Accounts receivable, net 25,804 20,542 22,893 39,926 52,254 64,184 Inventories 28,771 17,642 25,689 56,987 45,861 52,420 Other 3,150 2,726 2,944 9,387 8,645 11,199 -------- -------- -------- -------- -------- -------- Total current assets 57,782 41,607 53,233 109,805 110,682 131,773 -------- -------- -------- -------- -------- -------- Net property and equipment 19,444 4,765 4,735 6,468 7,927 7,983 Capitalized and deferred software 0 8,431 10,155 9,481 9,484 9,685 Goodwill, net 0 0 0 21,773 20,926 20,077 Prepaid rent and other non-current assets 13,824 6,389 2,171 3,679 4,486 4,519 -------- -------- -------- -------- -------- -------- Total assets $ 91,050 $ 61,192 $ 70,294 $151,206 $153,505 $174,037 ======== ======== ======== ======== ======== ======== Current liabilities: Accounts payable $ 10,442 $ 10,475 $ 14,363 $ 37,678 $ 30,692 $ 45,104 Revolving credit loans 0 0 0 26,840 33,745 40,678 Current portion of long-term debt 12,297 749 7,524 6,184 8,901 3,601 Income taxes payable 0 0 0 735 798 818 Accrued expenses 0 1,845 644 10,159 7,925 6,757 Other current liabilities 16,981 15,993 16,310 13,788 11,132 13,827 -------- -------- -------- -------- -------- -------- Total current liabilities 39,720 29,062 38,841 95,384 93,193 110,785 -------- -------- -------- -------- -------- -------- Deferred income taxes 0 0 0 680 680 680 Long-term debt 506 844 326 38,533 45,011 49,360 Other 3,236 6,555 4,688 3,479 3,258 3,053 -------- -------- -------- -------- -------- -------- Total liabilities 43,462 36,461 43,855 138,076 142,142 163,878 -------- -------- -------- -------- -------- -------- Stockholders' equity 47,588 24,731 26,439 13,130 11,363 10,159 -------- -------- -------- -------- -------- -------- Total liabilities and stockholders' equity $ 91,050 $ 61,192 $ 70,294 $151,206 $153,505 $174,037 ======== ======== ======== ======== ======== ======== Key metrics: Inventory turnover 3.3 x 5.5 x 4.4 x 3.3 x 3.7 x 4.2 x Days outstanding - A/R 66.5 61.4 52.8 56.7 60.4 70.5 Days outstanding - A/P 39.6 39.6 44.6 66.2 47.6 66.1 Quick ratio 0.7 x 0.8 x 0.7 x 0.6 x 0.7 x 0.7 x Fixed asset turns 7.3 x 25.5 x 30.5 x 34.2 x 10.0 x 10.4 x Capital expenditures/revenues 7.4% 8.5% 8.3% 5.8% 5.8% 4.1% As of Fiscal Year End (2), -------------------------------------------------------- 2000E 2001E 2002E 2003E 2004E -------- -------- -------- -------- -------- Current assets: Cash, equivalents and marketable securities $ 3,500 $ 3,500 $ 7,642 $ 15,889 $ 15,889 Accounts receivable, net 49,169 58,587 69,879 83,156 95,629 Inventories 37,111 44,447 53,198 63,305 72,801 Other 9,594 10,530 11,559 12,691 13,936 -------- -------- -------- -------- -------- Total current assets 99,374 117,063 142,278 175,041 198,255 -------- -------- -------- -------- -------- Net property and equipment 8,063 8,224 8,389 8,556 8,727 Capitalized and deferred software 9,976 10,075 10,176 10,278 10,381 Goodwill, net 17,530 14,134 10,738 7,342 3,946 Prepaid rent and other non-current assets 4,564 4,655 4,749 4,844 4,940 -------- -------- -------- -------- -------- Total assets $139,507 $154,152 $176,329 $206,061 $226,250 ======== ======== ======== ======== ======== Current liabilities: Accounts payable $ 35,586 $ 42,620 $ 51,012 $ 60,704 $ 60,671 Revolving credit loans 8,230 2,640 0 0 0 Current portion of long-term debt 1,747 7,486 13,035 15,715 9,369 Income taxes payable 1,595 2,075 2,611 6,031 15,383 Accrued expenses 6,825 6,893 6,962 7,031 7,102 Other current liabilities 13,965 14,105 14,246 14,388 14,532 -------- -------- -------- -------- -------- Total current liabilities 67,947 75,818 87,866 103,869 107,057 -------- -------- -------- -------- -------- Deferred income taxes 680 680 680 680 680 Long-term debt 48,676 41,390 28,456 12,640 2,844 Other 3,084 3,114 3,146 3,177 3,209 -------- -------- -------- -------- -------- Total liabilities 120,387 121,003 120,147 120,366 113,790 -------- -------- -------- -------- -------- Stockholders' equity 19,120 33,149 56,182 85,695 112,460 -------- -------- -------- -------- -------- Total liabilities and stockholders' equity $139,507 $154,152 $176,329 $206,061 $226,250 ======== ======== ======== ======== ======== Key metrics: Inventory turnover 7.0 x 7.0 x 7.0 x 7.0 x 7.0 x Days outstanding - A/R 50.0 50.0 50.0 50.0 50.0 Days outstanding - A/P 50.0 50.0 50.0 50.0 50.0 Quick ratio 0 9 x 1.0 x 1.0 x 1.1 x 1.2 x Fixed asset turns 44.5 x 52.0 x 60.8 x 70.9 x 80.0 x Capital expenditures/revenues 3.3% 2.6% 2.2% 1.8% 1.6%
---------- (1) Projections have been provided by the management of Opal. Fiscal years 1996, 1997 and 1998 reflect only the domestic operations of Opal. (2) Fiscal years end March 31 of the following year (i.e. Fiscal Year 2000E ends March 31, 2001). PROJECT OPAL Historical and Projected Cash Flow Statements - Base Case (1) (in thousands) --------------------------------------------------------------------------------
Transition Fiscal Year Ended December 31, Quarter Quarter -------------------------------------------- Ended Ended 1996 1997 1998 1999 3/31/00 6/30/00 -------- -------- -------- -------- -------- -------- Operating activities: Net income (loss) $ 3,696 $(25,783) $ 1,536 $(27,400) $ (939) $ (733) Extraordinary loss 0 0 0 393 0 0 Depreciation of properly, plant, and equipment 5,226 3,639 2,292 2,835 798 985 Amortization and write-off of capitalized and deferred software costs and other 4,823 9,772 7,945 10,924 2,319 2,153 Amortization and write-off of goodwill 0 0 0 1,956 847 849 Provision (recovery) for losses on accounts receivable 328 402 202 (384) 522 225 Provision (recovery) for losses on inventory 2,132 7,471 3,075 4,998 (2,752) 550 Deferred tax benefit 0 0 0 (621) 0 0 Non-cash restructuring charges 0 4,178 0 931 0 0 Other 147 31 (101) (393) 144 0 Changes in assets and liabilities that provided (used) cash (10,783) 7,620 (9,791) (12,099) (11,851) (6,711) -------- -------- -------- -------- -------- -------- Net cash provided by (used in) operating activities 5,569 7,330 5,158 (18,860) (10,912) (2,742) -------- -------- -------- -------- -------- -------- Investing activities: Purchase of Europe and Australian subsidiaries 0 0 0 (20,500) 0 0 Collection of notes receivable 9,333 890 1,980 473 104 0 Additions to property, plant, and equipment (2,453) (2,275) (2,430) (2,546) (2,257) (1,041) Additions to capitalized software costs and deferred software costs (7,949) (8,056) (9,502) (10,250) (2,322) (2,354) Proceeds from disposal of property, plant, and equipment 161 13,947 29 880 0 0 Proceeds from divestitures of business 1,923 (39) 0 0 0 0 -------- -------- -------- -------- -------- -------- Net cash provided by (used in) investing activities 1,015 4,467 (9,923) (31,943) (4,475) (3,395) -------- -------- -------- -------- -------- -------- Financing activities: Proceeds from revolving credit line 574 1,201 6,859 4,304 6,905 6,933 Proceeds from long-term debt 261 (12,386) (885) 35,531 10,000 0 Proceeds from stock related activities 0 0 0 13,634 0 0 Payments of debt and capital lease obligations, including current maturities 0 0 0 (868) (1,036) (748) Payment of bank loans (7,764) 0 0 0 0 0 Other (286) 44 (199) 0 (65) 0 -------- -------- -------- -------- -------- -------- Net cash provided by (used in) financing activities (7,215) (11,141) 5,775 52,601 15,804 6,185 -------- -------- -------- -------- -------- -------- Effect of exchange rate 134 (16) 0 0 0 0 Net change in cash and cash equivalents (497) 640 1,010 1,798 417 48 Cash and cash equivalents, beginning of year 554 57 691 1,707 3,505 3,922 -------- -------- -------- -------- -------- -------- Cash and cash equivalents, end of year $ 57 $ 697 $ 1,707 $ 3,505 $ 3,922 $ 3,970 ======== ======== ======== ======== ======== ======== Fiscal Year Ending March 31, (2) -------------------------------------------------------- 2000E 2001E 2002E 2003E 2004E -------- -------- -------- -------- -------- Operating activities: Net income (loss) $ 7,757 $ 14,029 $ 23,033 $ 29,513 $ 26,765 Extraordinary loss 0 0 0 0 0 Depreciation of properly, plant, and equipment 2,950 2,950 2,950 2,950 2,950 Amortization and write-off of capitalized and deferred software costs and other 8,250 7,950 7,950 7,950 7,950 Amortization and write-off of goodwill 3,396 3,396 3,396 3,396 3,396 Provision (recovery) for losses on accounts receivable 0 0 0 0 0 Provision (recovery) for losses on inventory 0 0 0 0 0 Deferred tax benefit 0 0 0 0 0 Non-cash restructuring charges 0 0 0 0 0 Other 0 0 0 0 0 Changes in assets and liabilities that provided (used) cash 18,009 (1,781) (11,996) (11,257) (16,756) -------- -------- -------- -------- -------- Net cash provided by (used in) operating activities 40,362 26,544 25,333 32,552 24,305 -------- -------- -------- -------- -------- Investing activities: Purchase of Europe and Australian subsidiaries 0 0 0 0 0 Collection of notes receivable 0 0 0 0 0 Additions to property, plant, and equipment (3,086) (3,111) (3,115) (3,117) (3,117) Additions to capitalized software costs and deferred software costs (8,742) (8,049) (8,051) (8,052) (8,052) Proceeds from disposal of property, plant, and equipment 0 0 0 0 0 Proceeds from divestitures of business 0 0 0 0 0 -------- -------- -------- -------- -------- Net cash provided by (used in) investing activities (11,828) (11,160) (11,166) (11,169) (11,169) -------- -------- -------- -------- -------- Financing activities: Proceeds from revolving credit line (25,515) (5,590) (2,640) 0 0 Proceeds from long-term debt (3,489) (9,794) (7,385) (13,136) (13,136) Proceeds from stock related activities 0 0 0 0 0 Payments of debt and capital lease obligations, including current maturities 0 0 0 0 0 Payment of bank loans 0 0 0 0 0 Other 0 0 0 0 0 -------- -------- -------- -------- -------- Net cash provided by (used in) financing activities (29,004) (15,384) (10,025) (13,136) (13,136) -------- -------- -------- -------- -------- Effect of exchange rate 0 0 0 0 0 Net change in cash and cash equivalents (470) 0 4,142 8,247 0 Cash and cash equivalents, beginning of year 3,970 3,500 3,500 7,642 15,889 -------- -------- -------- -------- -------- Cash and cash equivalents, end of year $ 3,500 $ 3,500 $ 7,642 $ 15,889 $ 15,889 ======== ======== ======== ======== ========
---------- (1) Projections have been provided by the management of Opal. Fiscal years 1996, 1997 and 1998 reflect only the domestic operations of Opal. (2) Fiscal years end March 31 of the following year (i.e. Fiscal Year 2000E ends March 31, 2001). PROJECT OPAL Historical and Projected Income Statements - Downside Case (1) (in thousands, except share and share data and ratios) --------------------------------------------------------------------------------
Transition Fiscal Year Ended December 31, Quarter Quarter --------------------------------------------------- Ended Ended 1996 1997 1998 1999 3/31/00 6/30/00 --------- --------- --------- --------- --------- --------- Revenues $ 141,297 $ 121,699 $ 144,251 $ 221,286 $ 78,991 $ 82,847 Cost of revenues 95,970 96,315 103,892 177,005 58,664 62,055 --------- --------- --------- --------- --------- --------- Gross profit 45,327 25,384 40,359 44,281 20,327 20,792 Operating expenses 40,659 50,820 38,272 67,038 18,712 20,586 --------- --------- --------- --------- --------- --------- Operating income (loss) 4,668 (25,436) 2,087 (22,757) 1,615 206 Other income (expense) (1,699) (349) (516) (4,871) (2,308) (1,624) --------- --------- --------- --------- --------- --------- Income before income taxes (benefit) 2,969 (25,785) 1,571 (27,628) (693) (1,418) Income taxes (benefit) (3) (727) (2) 35 (621) 246 (685) --------- --------- --------- --------- --------- --------- Income (loss) before extraordinary loss 3,696 (25,783) 1,536 (27,007) (939) (733) Extraordinary items, after tax 0 15,000 0 10,357 0 0 --------- --------- --------- --------- --------- --------- Net income (loss) $ 3,696 $ (10,783) $ 1,536 $ (16,650) $ (939) $ (733) ========= ========= ========= ========= ========= ========= Net income (loss) per share (4) $ 0.34 $ (1.01) $ 0.14 $ (1.37) $ (0.07) $ (0.06) ========= ========= ========= ========= ========= ========= Weighted average shares (4) 10,802 10,700 10,887 12,152 13,260 13,266 ========= ========= ========= ========= ========= ========= EBITDA (5) $ 14,717 $ 2,975 $ 12,324 $ 1,065 $ 4,974 $ 4,617 ========= ========= ========= ========= ========= ========= Revenue growth NM 18.5% 53.4% NM NM Cost of revenues as % of revenues 67.9% 79.1% 72.0% 80.0% 74.3% 74.9% Gross margin 32.1% 20.9% 28.0% 20.0% 25.7% 25.1% Operating expenses as % of revenues 28.8% 41.8% 26.5% 30.3% 23.7% 24.8% Operating margin 3.3% NM 1.4% NM 2.0% NM Pretax margin 2.1% NM 1.1% NM NM NM Income tax rate (3) NM NM 2.2% 2.2% NM NM Net margin 2.6% NM 1.1% NM NM NM EBITDA margin 10.4% NM 8.5% 0.5% 6.3% 5.6% Fiscal Year Ending March 31, (2) ----------------------------------------------------------------- 2000E 2001E 2002E 2003E 2004E --------- --------- --------- --------- --------- Revenues $ 331,929 $ 381,718 $ 438,976 $ 504,823 $ 580,546 Cost of revenues 247,287 284,380 327,037 376,093 432,507 --------- --------- --------- --------- --------- Gross profit 84,642 97,338 111,939 128,730 148,039 Operating expenses 82,982 91,612 100,965 111,061 121,915 --------- --------- --------- --------- --------- Operating income (loss) 1,660 5,726 10,974 17,669 26,125 Other income (expense) (6,636) (5,900) (5,271) (4,125) (4,125) --------- --------- --------- --------- --------- Income before income taxes (benefit) (4,976) (174) 5,703 13,544 22,000 Income taxes (benefit) (3) (453) (14) 411 2,032 7,480 --------- --------- --------- --------- --------- Income (loss) before extraordinary loss (4,524) (160) 5,293 11,512 14,520 Extraordinary items, after tax 0 0 0 0 0 --------- --------- --------- --------- --------- Net income (loss) $ (4,524) $ (160) $ 5,293 $ 11,512 $ 14,520 ========= ========= ========= ========= ========= Net income (loss) per share (4) $ (0.32) $ (0.01) $ 0.37 $ 0.80 $ 1.01 ========= ========= ========= ========= ========= Weighted average shares (4) 14,331 14,331 14,331 14,331 14,331 ========= ========= ========= ========= ========= EBITDA (5) $ 16,256 $ 20,022 $ 25,270 $ 31,965 $ 40,421 ========= ========= ========= ========= ========= Revenue growth 50.0% 15.0% 15.0% 15.0% 15.0% Cost of revenues as % of revenues 74.5% 74.5% 74.5% 74.5% 74.5% Gross margin 25.5% 25.5% 25.5% 25.5% 25.5% Operating expenses as % of revenues 25.0% 24.0% 23.0% 22.0% 21.0% Operating margin 0.5% 1.5% 2.5% 3.5% 4.5% Pretax margin (1.5%) (0.0%) 1.3% 2.7% 3.8% Income tax rate (3) 9.1% 8.2% 7.2% 15.0% 34.0% Net margin (1.4%) (0.0%) 1.2% 2.3% 2.5% EBITDA margin 4.9% 5.2% 5.8% 6.3% 7.0%
---------- (1) Based on projections provided by the management of Opal. Fiscal years 1996, 1997 and 1998 reflect only the domestic operations of Opal. (2) Fiscal years end March 31 of the following year (i.e. Fiscal Year 2000E ends March 31, 2001). (3) Income tax rates reflect utilization of net operating loss carry forwards. (4) Based on 14,331,202 fully diluted shares outstanding for the period 2000E to 2004E. (5) Excludes extraordinary items. III. Stock Price and Volume History PROJECT OPAL Price and Volume Daily from September 7, 1999 to September 8, 2000 -------------------------------------------------------------------------------- Date Volume High Low Close ---- ------ ---- --- ----- 05-Sep-2000 67800 4.9375 4.6250 4.9375 01-Sep-2000 465500 5.1250 3.0625 4.9375 31-Aug-2000 29900 3.0625 2.8750 3.0000 30-Aug-2000 4500 3.0000 2.9375 3.0000 29-Aug-2000 11300 3.0625 2.9375 3.0000 28-Aug-2000 13200 3.0625 2.8750 2.9375 25-Aug-2000 4100 3.0000 2.7500 3.0000 24-Aug-2000 2600 3.0000 2.9375 3.0000 23-Aug-2000 12300 3.0000 2.8125 3.0000 22-Aug-2000 25600 3.0000 2.9375 3.0000 21-Aug-2000 10200 3.0625 2.9375 3.0000 18-Aug-2000 12100 3.0000 2.8125 3.0000 17-Aug-2000 5100 3.0000 2.8750 3.0000 16-Aug-2000 2200 3.0000 2.8750 3.0000 15-Aug-2000 1400 3.0000 2.8750 3.0000 14-Aug-2000 9500 3.0000 2.8750 3.0000 11-Aug-2000 7600 3.0000 2.9375 3.0000 10-Aug-2000 2000 3.0000 3.0000 3.0000 09-Aug-2000 1200 3.0625 3.0000 3.0000 08-Aug-2000 700 3.0000 3.0000 3.0000 07-Aug-2000 8600 3.1875 3.0000 3.0000 04-Aug-2000 8900 3.0625 2.9375 3.0625 03-Aug-2000 17600 3.0000 2.9375 3.0000 02-Aug-2000 2900 3.0625 3.0000 3.0625 01-Aug-2000 21500 3.0625 3.0000 3.0000 31-Jul-2000 17200 3.1250 3.0000 3.0625 28-Jul-2000 2000 3.1250 3.1250 3.1250 27-Jul-2000 13800 3.2500 3.1250 3.1875 26-Jul-2000 9500 3.3125 3.1250 3.2500 25-Jul-2000 500 3.3750 3.3750 3.3750 24-Jul-2000 4700 3.3750 3.2500 3.2500 21-Jul-2000 12200 3.3125 3.0000 3.3125 20-Jul-2000 3300 3.2500 3.1875 3.1875 19-Jul-2000 31000 3.2500 3.1875 3.1875 18-Jul-2000 16100 3.0625 3.0000 3.0625 17-Jul-2000 6200 3.1250 3.0000 3.0000 14-Jul-2000 4900 3.1250 3.0000 3.1250 13-Jul-2000 18300 3.0625 2.8750 3.0000 12-Jul-2000 10600 3.1875 3.0000 3.0625 11-Jul-2000 19800 3.0625 3.0000 3.0625 10-Jul-2000 3600 3.0625 3.0000 3.0000 07-Jul-2000 4500 3.0625 3.0000 3.0000 06-Jul-2000 700 3.0625 3.0625 3.0625 05-Jul-2000 3100 3.1250 3.0625 3.1250 03-Jul-2000 500 3.1250 3.1250 3.1250 30-Jun-2000 1300 3.2500 3.1250 3.1250 29-Jun-2000 3300 3.2500 3.1250 3.1250 28-Jun-2000 16000 3.2500 3.1250 3.1250 27-Jun-2000 5100 3.0000 3.0000 3.0000 26-Jun-2000 4800 3.1250 3.1250 3.1250 23-Jun-2000 6000 3.1875 3.0625 3.1250 22-Jun-2000 9100 3.1875 3.0625 3.0625 21-Jun-2000 3600 3.1875 3.0625 3.1250 20-Jun-2000 2100 3.2500 3.1250 3.2500 19-Jun-2000 6800 3.3750 3.0625 3.0625 16-Jun-2000 11700 3.3750 3.1875 3.2500 15-Jun-2000 18600 3.2500 3.0625 3.1250 14-Jun-2000 2800 3.1875 3.0625 3.1875 13-Jun-2000 7900 3.3750 3.1250 3.1250 12-Jun-2000 12500 3.3750 3.1875 3.3750 09-Jun-2000 2600 3.1250 3.0625 3.0625 08-Jun-2000 8700 3.1250 3.1250 3.1250 07-Jun-2000 9300 3.1250 3.0625 3.1250 06-Jun-2000 10700 3.3750 3.0625 3.2500 05-Jun-2000 23100 3.2500 3.0000 3.1875 02-Jun-2000 7900 3.3750 3.0000 3.1250 01-Jun-2000 6600 3.2500 3.0000 3.1250 31-May-2000 2500 3.3750 3.2500 3.3125 30-May-2000 3300 3.3750 3.2500 3.2500 26-May-2000 5400 3.3125 3.1875 3.3125 25-May-2000 8700 3.2500 3.1250 3.2500 24-May-2000 4000 3.3750 3.1875 3.1875 23-May-2000 26700 3.4375 3.2500 3.4375 22-May-2000 12900 3.3750 3.2500 3.3750 19-May-2000 16000 3.6250 3.3750 3.3750 18-May-2000 10300 3.5000 3.4375 3.5000 17-May-2000 2000 3.5625 3.5000 3.5000 16-May-2000 7100 3.6250 3.5625 3.5625 15-May-2000 14700 3.7500 3.5000 3.6250 12-May-2000 16400 3.8750 3.6250 3.6250 11-May-2000 600 3.9375 3.8750 3.8750 10-May-2000 500 3.8125 3.7500 3.8125 09-May-2000 2700 3.9375 3.7500 3.8750 08-May-2000 3900 3.9375 3.7500 3.8750 05-May-2000 12800 3.9375 3.6875 3.8125 04-May-2000 19700 3.8750 3.5625 3.6875 03-May-2000 7400 3.7500 3.6250 3.7500 02-May-2000 19900 3.9375 3.8125 3.8125 01-May-2000 10000 4.0000 3.8125 3.8125 28-Apr-2000 27400 4.0625 3.8750 3.8750 27-Apr-2000 54600 4.0000 3.1250 3.9375 26-Apr-2000 19200 3.3750 3.1875 3.2500 25-Apr-2000 82200 3.5625 3.1250 3.3125 24-Apr-2000 10600 3.6875 3.5000 3.5000 20-Apr-2000 8300 3.7500 3.6250 3.7500 19-Apr-2000 3700 3.8125 3.7500 3.7500 18-Apr-2000 19000 3.9375 3.7500 3.8125 17-Apr-2000 31500 3.7500 3.6250 3.6875 14-Apr-2000 29000 3.8750 3.6250 3.6250 13-Apr-2000 23600 3.8125 3.7500 3.7500 12-Apr-2000 10900 3.9375 3.7500 3.8750 11-Apr-2000 9900 3.9375 3.7500 3.9375 10-Apr-2000 34300 4.0625 3.7500 3.8750 07-Apr-2000 37400 4.1875 3.7500 4.0000 06-Apr-2000 12000 3.8750 3.6250 3.6250 05-Apr-2000 6000 3.7500 3.6875 3.6875 04-Apr-2000 48300 3.9375 3.6875 3.6875 03-Apr-2000 16900 3.9375 3.7500 3.7500 31-Mar-2000 15100 3.8750 3.8125 3.8750 30-Mar-2000 12900 3.8125 3.5625 3.7500 29-Mar-2000 3700 3.6250 3.5625 3.6250 28-Mar-2000 18400 3.6875 3.6250 3.6875 27-Mar-2000 8800 3.8750 3.6250 3.6250 24-Mar-2000 16300 3.7500 3.5000 3.6875 23-Mar-2000 24800 3.7500 3.5625 3.7500 22-Mar-2000 17000 3.8125 3.5625 3.5625 21-Mar-2000 1500 3.8125 3.6875 3.8125 20-Mar-2000 8000 3.9375 3.7500 3.8125 17-Mar-2000 5900 3.7500 3.6250 3.7500 16-Mar-2000 7400 3.8125 3.5625 3.8125 15-Mar-2000 13500 3.6875 3.3750 3.6250 14-Mar-2000 23500 3.9375 3.5625 3.7500 13-Mar-2000 12600 3.8125 3.5625 3.8125 10-Mar-2000 24400 4.0000 3.6875 3.6875 09-Mar-2000 12800 3.8750 3.6250 3.7500 08-Mar-2000 9000 4.0000 3.8125 3.9375 07-Mar-2000 6000 3.9375 3.8750 3.9375 06-Mar-2000 8900 4.1250 4.0000 4.0000 03-Mar-2000 24700 4.2500 4.0000 4.1250 02-Mar-2000 27100 4.2500 3.8750 4.0000 01-Mar-2000 52200 4.1875 3.8125 4.0000 29-Feb-2000 9300 3.8125 3.6875 3.6875 28-Feb-2000 5300 3.8125 3.6875 3.6875 25-Feb-2000 26500 3.8125 3.6875 3.8125 24-Feb-2000 29800 4.0000 3.8125 3.8125 23-Feb-2000 13200 4.2500 4.0000 4.0625 22-Feb-2000 58800 4.5000 4.1250 4.2500 18-Feb-2000 60300 4.3750 4.0000 4.0000 17-Feb-2000 49700 4.3125 4.1250 4.3125 16-Feb-2000 48300 4.2500 3.9375 4.1875 15-Feb-2000 59700 3.9375 3.5000 3.7500 14-Feb-2000 23600 3.6250 3.3750 3.5000 11-Feb-2000 11100 3.4375 3.3750 3.3750 10-Feb-2000 2000 3.5000 3.3750 3.4375 09-Feb-2000 21400 3.5000 3.3750 3.3750 08-Feb-2000 8300 3.4375 3.3750 3.3750 07-Feb-2000 6500 3.5000 3.3125 3.4375 04-Feb-2000 11700 3.5000 3.3125 3.4375 03-Feb-2000 8300 3.5000 3.3750 3.4375 02-Feb-2000 8300 3.4375 3.3125 3.3750 01-Feb-2000 5300 3.5625 3.3750 3.3750 31-Jan-2000 14200 3.5000 3.3125 3.5000 28-Jan-2000 10200 3.5625 3.4375 3.4375 27-Jan-2000 5400 3.6250 3.5000 3.5000 26-Jan-2000 13100 3.6875 3.5000 3.5000 25-Jan-2000 28500 3.5625 3.3750 3.5000 24-Jan-2000 13400 3.5625 3.3750 3.4375 21-Jan-2000 19500 3.5625 3.3125 3.4375 20-Jan-2000 11300 3.6250 3.3750 3.4375 19-Jan-2000 55000 3.7500 3.4375 3.5625 18-Jan-2000 25900 3.8125 3.6250 3.6250 14-Jan-2000 17700 3.7500 3.6250 3.6875 13-Jan-2000 45400 4.0000 3.6875 3.7500 12-Jan-2000 18100 4.3125 4.0000 4.0000 11-Jan-2000 26500 4.3750 4.1250 4.1250 10-Jan-2000 54100 4.5000 4.3125 4.3125 07-Jan-2000 68200 4.6250 4.2500 4.3750 06-Jan-2000 366600 4.6875 4.1250 4.4375 05-Jan-2000 135000 4.2500 2.9375 4.0000 04-Jan-2000 10000 2.9375 2.7500 2.8750 03-Jan-2000 36100 3.0625 2.9375 3.0000 31-Dec-1999 39500 2.9375 2.6875 2.8750 30-Dec-1999 27600 2.8125 2.6875 2.8125 29-Dec-1999 18600 2.7500 2.6250 2.6875 28-Dec-1999 22900 2.9375 2.6875 2.7500 27-Dec-1999 13500 2.9375 2.7500 2.9375 23-Dec-1999 34400 3.0000 2.5000 3.0000 22-Dec-1999 15700 3.0000 2.7500 3.0000 21-Dec-1999 17300 3.0000 2.8125 3.0000 20-Dec-1999 9700 3.0000 2.8125 3.0000 17-Dec-1999 37800 3.0000 2.8125 3.0000 16-Dec-1999 19900 3.0000 2.8125 3.0000 15-Dec-1999 55500 3.0000 2.8750 3.0000 14-Dec-1999 15400 3.0000 2.9375 3.0000 13-Dec-1999 22600 3.0625 2.9375 3.0000 10-Dec-1999 29900 3.0625 2.9375 3.0000 09-Dec-1999 15000 3.0625 2.8750 3.0625 08-Dec-1999 82000 3.0625 2.8125 3.0000 07-Dec-1999 5700 3.1250 3.0000 3.0625 06-Dec-1999 30000 3.1250 2.9375 3.0000 03-Dec-1999 3700 3.1875 2.9375 3.0000 02-Dec-1999 6400 3.1875 3.0000 3.0625 01-Dec-1999 27300 3.0625 2.9375 3.0000 30-Nov-1999 5600 3.0625 3.0000 3.0000 29-Nov-1999 13100 3.1250 3.0000 3.0625 26-Nov-1999 6500 3.1875 3.0625 3.1875 24-Nov-1999 5000 3.2500 3.1875 3.1875 23-Nov-1999 22100 3.2500 3.0000 3.1875 22-Nov-1999 22900 3.2500 3.0625 3.0625 19-Nov-1999 28000 3.3125 3.1250 3.1250 18-Nov-1999 23400 3.3750 3.1875 3.1875 17-Nov-1999 8000 3.3750 3.1875 3.1875 16-Nov-1999 9000 3.3750 3.2500 3.2500 15-Nov-1999 22800 3.3750 3.1875 3.1875 12-Nov-1999 21300 3.3125 3.0000 3.2500 11-Nov-1999 28400 3.2500 3.0000 3.0000 10-Nov-1999 15900 3.3750 3.1250 3.1250 09-Nov-1999 3600 3.3750 3.1875 3.2500 08-Nov-1999 15700 3.3750 3.1875 3.2500 05-Nov-1999 3800 3.3125 3.1875 3.2500 04-Nov-1999 18600 3.3125 3.0625 3.1875 03-Nov-1999 9600 3.3125 3.1250 3.1250 02-Nov-1999 13200 3.2500 3.1250 3.1250 01-Nov-1999 4800 3.3125 3.1875 3.2500 29-Oct-1999 9600 3.4375 3.1875 3.2500 28-Oct-1999 1300 3.4375 3.3750 3.3750 27-Oct-1999 10200 3.4375 3.2500 3.3125 26-Oct-1999 12400 3.5000 3.3750 3.5000 25-Oct-1999 3200 3.4375 3.4375 3.4375 22-Oct-1999 2900 3.5625 3.4375 3.4375 21-Oct-1999 3900 3.5000 3.4375 3.4375 20-Oct-1999 6100 3.5000 3.4375 3.4375 19-Oct-1999 11400 3.6875 3.5000 3.6250 18-Oct-1999 2300 3.5625 3.4375 3.5625 15-Oct-1999 6000 3.6250 3.3750 3.4375 14-Oct-1999 17300 3.6250 3.3750 3.3750 13-Oct-1999 24400 3.5000 3.3750 3.5000 12-Oct-1999 11300 3.4375 3.3750 3.4375 11-Oct-1999 12600 3.3750 3.2500 3.3750 08-Oct-1999 6000 3.3750 3.3125 3.3125 07-Oct-1999 5200 3.3750 3.2500 3.2500 06-Oct-1999 8900 3.3750 3.2500 3.2500 05-Oct-1999 25600 3.5000 3.2500 3.2500 04-Oct-1999 3400 3.5000 3.4375 3.4375 01-Oct-1999 13200 3.5000 3.4375 3.5000 30-Sep-1999 65400 3.6250 3.3750 3.5000 29-Sep-1999 28400 3.7500 3.6250 3.6250 28-Sep-1999 2600 3.7500 3.7500 3.7500 27-Sep-1999 6300 3.8125 3.7500 3.7500 24-Sep-1999 1900 3.7500 3.6875 3.6875 23-Sep-1999 5200 3.8125 3.7500 3.7500 22-Sep-1999 1000 3.8750 3.8750 3.8750 21-Sep-1999 11100 3.8125 3.7500 3.7500 20-Sep-1999 2400 3.9375 3.8750 3.8750 17-Sep-1999 11400 3.9375 3.8125 3.9375 16-Sep-1999 4700 3.8125 3.8125 3.8125 15-Sep-1999 3700 3.8750 3.8125 3.8125 14-Sep-1999 4800 3.8750 3.8125 3.8750 13-Sep-1999 3400 3.8750 3.8750 3.8750 10-Sep-1999 31700 4.0000 3.8750 3.9375 09-Sep-1999 6200 4.0000 3.9375 4.0000 08-Sep-1999 10400 4.0000 3.9375 4.0000 07-Sep-1999 7700 4.1250 4.0000 4.0000 Low Price on 12/29/99--$2.69 High price on 9/07/00--$4.94 PROJECT OPAL Analysis of Trading Volume Daily from September 7, 1999 - September 7, 2000 -------------------------------------------------------------------------------- Share Price Trading Volume Percentage ----------- -------------- ---------- $2.50 - $3.00 600,800 12.2 $3.00 - $3.50 1,366,000 27.8 $3.50 - $4.00 1,472,400 29.9 $4.00 - $4.50 1,349,900 27.4 $4.50 - $5.00 129,500 2.6 PROJECT OPAL Price and Volume Weekly from September 5, 1997 to September 1, 2000 -------------------------------------------------------------------------------- Date Volume Price Close ---- ------ ----------- 09/05/1997 255.70 2.50 09/12/1997 365.80 2.94 09/19/1997 187.50 2.94 09/26/1997 123.00 2.88 10/03/1997 138.80 2.81 10/10/1997 190.60 3.00 10/17/1997 154.90 3.00 10/24/1997 143.30 2.81 10/31/1997 223.50 2.94 11/07/1997 158.80 2.81 11/14/1997 171.80 2.94 11/21/1997 230.60 3.00 11/28/1997 135.40 3.19 12/05/1997 168.50 2.69 12/12/1997 212.10 2.44 12/19/1997 667.60 3.00 12/26/1997 167.20 2.75 01/02/1998 421.30 2.69 01/09/1998 113.60 2.81 01/16/1998 93.90 2.88 01/23/1998 136.30 3.13 01/30/1998 250.70 3.75 02/06/1998 173.10 3.38 02/13/1998 95.20 3.31 02/20/1998 111.20 3.06 02/27/1998 111.70 3.31 03/06/1998 305.50 3.75 03/13/1998 120.90 3.63 03/20/1998 467.60 4.94 03/27/1998 275.90 4.50 04/03/1998 184.50 4.44 04/09/1998 168.00 4.19 04/17/1998 128.20 4.50 04/24/1998 242.00 4.63 05/01/1998 179.40 4.56 05/08/1998 248.90 4.75 05/15/1998 95.90 4.38 05/22/1998 146.90 4.50 05/29/1998 158.70 4.44 06/05/1998 194.40 4.13 06/12/1998 147.20 4.19 06/19/1998 71.40 4.44 06/26/1998 139.60 4.06 07/02/1998 221.20 3.38 07/10/1998 89.70 3.44 07/17/1998 331.70 4.31 07/24/1998 92.10 3.81 07/31/1998 259.30 4.19 08/07/1998 125.60 4.19 08/14/1998 161.20 4.00 08/21/1998 134.80 4.06 08/28/1998 198.90 3.44 09/04/1998 172.70 3.19 09/11/1998 70.00 3.06 09/18/1998 95.20 3.00 09/25/1998 73.80 3.00 10/02/1998 192.40 3.75 10/09/1998 188.90 3.00 10/16/1998 53.90 3.13 10/23/1998 71.50 3.25 10/30/1998 155.00 3.63 11/06/1998 67.50 3.75 11/13/1998 91.80 3.69 11/20/1998 71.50 3.69 11/27/1998 134.00 4.00 12/04/1998 166.20 3.94 12/11/1998 121.50 3.50 12/18/1998 61.50 3.31 12/24/1998 63.30 3.25 12/31/1998 217.20 3.19 01/08/1999 97.40 3.25 01/15/1999 147.30 3.13 01/22/1999 131.30 3.25 01/29/1999 205.10 3.13 02/05/1999 111.60 3.13 02/12/1999 123.20 3.06 02/19/1999 132.50 3.13 02/26/1999 409.90 3.75 03/05/1999 236.30 4.00 03/12/1999 144.60 3.63 03/19/1999 129.70 3.50 03/26/1999 99.60 3.25 04/01/1999 301.00 3.06 04/09/1999 134.10 3.00 04/16/1999 114.70 3.00 04/23/1999 210.70 3.00 04/30/1999 192.70 3.31 05/07/1999 118.30 3.25 05/14/1999 940.20 4.06 05/21/1999 424.50 4.50 05/28/1999 200.60 4.44 06/04/1999 574.10 5.38 06/11/1999 896.00 5.38 06/18/1999 270.90 5.31 06/25/1999 292.80 5.56 07/02/1999 253.40 5.56 07/09/1999 162.30 5.38 07/16/1999 94.30 5.63 07/23/1999 169.70 5.13 07/30/1999 108.70 4.50 08/06/1999 139.30 4.00 08/13/1999 24.90 4.00 08/20/1999 30.70 4.00 08/27/1999 43.30 3.94 09/03/1999 119.00 4.06 09/10/1999 56.00 3.94 09/17/1999 28.00 3.94 09/24/1999 21.60 3.69 10/01/1999 115.90 3.50 10/08/1999 49.10 3.31 10/15/1999 71.60 3.44 10/22/1999 26.60 3.44 10/29/1999 36.70 3.25 11/05/1999 50.00 3.25 11/12/1999 84.90 3.25 11/19/1999 91.20 3.13 11/26/1999 56.50 3.19 12/03/1999 56.10 3.00 12/10/1999 162.60 3.00 12/17/1999 151.20 3.00 12/23/1999 77.10 3.00 12/31/1999 122.10 2.88 01/07/2000 615.90 4.38 01/14/2000 161.80 3.69 01/21/2000 111.70 3.44 01/28/2000 70.60 3.44 02/04/2000 47.80 3.44 02/11/2000 49.30 3.38 02/18/2000 241.60 4.00 02/25/2000 128.30 3.81 03/03/2000 118.60 4.13 03/10/2000 61.10 3.69 03/17/2000 62.90 3.75 03/24/2000 67.60 3.69 03/31/2000 58.90 3.88 04/07/2000 120.60 4.00 04/14/2000 107.70 3.63 04/20/2000 62.50 3.75 04/28/2000 194.00 3.88 05/05/2000 69.80 3.81 05/12/2000 24.10 3.63 05/19/2000 50.10 3.38 05/26/2000 57.70 3.31 06/02/2000 20.30 3.13 06/09/2000 54.40 3.06 06/16/2000 53.50 3.25 06/23/2000 27.60 3.13 06/30/2000 30.50 3.13 07/07/2000 8.80 3.00 07/14/2000 57.20 3.13 07/21/2000 68.80 3.31 07/28/2000 30.50 3.13 08/04/2000 68.10 3.06 08/11/2000 20.10 3.00 08/18/2000 30.30 3.00 08/25/2000 54.80 3.00 09/01/2000 524.40 4.94 Low Price on 12/15/97 - $2.38 High Price on 6/07/99 - $5.69 PROJECT OPAL Price and Volume Weekly from September 5, 1997 to September 1, 2000 -------------------------------------------------------------------------------- Date Volume Price Close ---- ------ ----------- 09/05/1997 255.70 2.50 09/12/1997 365.80 2.94 09/19/1997 187.50 2.94 09/26/1997 123.00 2.88 10/03/1997 138.80 2.81 10/10/1997 190.60 3.00 10/17/1997 154.90 3.00 10/24/1997 143.30 2.81 10/31/1997 223.50 2.94 11/07/1997 158.80 2.81 11/14/1997 171.80 2.94 11/21/1997 230.60 3.00 11/28/1997 135.40 3.19 12/05/1997 168.50 2.69 12/12/1997 212.10 2.44 12/19/1997 667.60 3.00 12/26/1997 167.20 2.75 01/02/1998 421.30 2.69 01/09/1998 113.60 2.81 01/16/1998 93.90 2.88 01/23/1998 136.30 3.13 01/30/1998 250.70 3.75 02/06/1998 173.10 3.38 02/13/1998 95.20 3.31 02/20/1998 111.20 3.06 02/27/1998 111.70 3.31 03/06/1998 305.50 3.75 03/13/1998 120.90 3.63 03/20/1998 467.60 4.94 03/27/1998 275.90 4.50 04/03/1998 184.50 4.44 04/09/1998 168.00 4.19 04/17/1998 128.20 4.50 04/24/1998 242.00 4.63 05/01/1998 179.40 4.56 05/08/1998 248.90 4.75 05/15/1998 95.90 4.38 05/22/1998 146.90 4.50 05/29/1998 158.70 4.44 06/05/1998 194.40 4.13 06/12/1998 147.20 4.19 06/19/1998 71.40 4.44 06/26/1998 139.60 4.06 07/02/1998 221.20 3.38 07/10/1998 89.70 3.44 07/17/1998 331.70 4.31 07/24/1998 92.10 3.81 07/31/1998 259.30 4.19 08/07/1998 125.60 4.19 08/14/1998 161.20 4.00 08/21/1998 134.80 4.06 08/28/1998 198.90 3.44 09/04/1998 172.70 3.19 09/11/1998 70.00 3.06 09/18/1998 95.20 3.00 09/25/1998 73.80 3.00 10/02/1998 192.40 3.75 10/09/1998 188.90 3.00 10/16/1998 53.90 3.13 10/23/1998 71.50 3.25 10/30/1998 155.00 3.63 11/06/1998 67.50 3.75 11/13/1998 91.80 3.69 11/20/1998 71.50 3.69 11/27/1998 134.00 4.00 12/04/1998 166.20 3.94 12/11/1998 121.50 3.50 12/18/1998 61.50 3.31 12/24/1998 63.30 3.25 12/31/1998 217.20 3.19 01/08/1999 97.40 3.25 01/15/1999 147.30 3.13 01/22/1999 131.30 3.25 01/29/1999 205.10 3.13 02/05/1999 111.60 3.13 02/12/1999 123.20 3.06 02/19/1999 132.50 3.13 02/26/1999 409.90 3.75 03/05/1999 236.30 4.00 03/12/1999 144.60 3.63 03/19/1999 129.70 3.50 03/26/1999 99.60 3.25 04/01/1999 301.00 3.06 04/09/1999 134.10 3.00 04/16/1999 114.70 3.00 04/23/1999 210.70 3.00 04/30/1999 192.70 3.31 05/07/1999 118.30 3.25 05/14/1999 940.20 4.06 05/21/1999 424.50 4.50 05/28/1999 200.60 4.44 06/04/1999 574.10 5.38 06/11/1999 896.00 5.38 06/18/1999 270.90 5.31 06/25/1999 292.80 5.56 07/02/1999 253.40 5.56 07/09/1999 162.30 5.38 07/16/1999 94.30 5.63 07/23/1999 169.70 5.13 07/30/1999 108.70 4.50 08/06/1999 139.30 4.00 08/13/1999 24.90 4.00 08/20/1999 30.70 4.00 08/27/1999 43.30 3.94 09/03/1999 119.00 4.06 09/10/1999 56.00 3.94 09/17/1999 28.00 3.94 09/24/1999 21.60 3.69 10/01/1999 115.90 3.50 10/08/1999 49.10 3.31 10/15/1999 71.60 3.44 10/22/1999 26.60 3.44 10/29/1999 36.70 3.25 11/05/1999 50.00 3.25 11/12/1999 84.90 3.25 11/19/1999 91.20 3.13 11/26/1999 56.50 3.19 12/03/1999 56.10 3.00 12/10/1999 162.60 3.00 12/17/1999 151.20 3.00 12/23/1999 77.10 3.00 12/31/1999 122.10 2.88 01/07/2000 615.90 4.38 01/14/2000 161.80 3.69 01/21/2000 111.70 3.44 01/28/2000 70.60 3.44 02/04/2000 47.80 3.44 02/11/2000 49.30 3.38 02/18/2000 241.60 4.00 02/25/2000 128.30 3.81 03/03/2000 118.60 4.13 03/10/2000 61.10 3.69 03/17/2000 62.90 3.75 03/24/2000 67.60 3.69 03/31/2000 58.90 3.88 04/07/2000 120.60 4.00 04/14/2000 107.70 3.63 04/20/2000 62.50 3.75 04/28/2000 194.00 3.88 05/05/2000 69.80 3.81 05/12/2000 24.10 3.63 05/19/2000 50.10 3.38 05/26/2000 57.70 3.31 06/02/2000 20.30 3.13 06/09/2000 54.40 3.06 06/16/2000 53.50 3.25 06/23/2000 27.60 3.13 06/30/2000 30.50 3.13 07/07/2000 8.80 3.00 07/14/2000 57.20 3.13 07/21/2000 68.80 3.31 07/28/2000 30.50 3.13 08/04/2000 68.10 3.06 08/11/2000 20.10 3.00 08/18/2000 30.30 3.00 08/25/2000 54.80 3.00 09/01/2000 524.40 4.94 Low Price on 12/15/97 - $2.38 High Price on 6/07/99 - $5.69 PROJECT OPAL Analysis of Trading Volume Weekly from September 5, 1997 to September 1, 2000 -------------------------------------------------------------------------------- Date 9/5/97 - 9/1/00 Share Price Actual Volume Percentage ----------- ------------- ---------- $2.40 - $3.00 5,213,186 21.1 $3.00 - $3.60 6,368,940 25.9 $3.60 - $4.20 6,786,978 27.6 $4.20 - $4.80 3,319,717 13.5 $4.80 - $5.40 1,352,477 5.5 $5.40 - $6.00 1,573,792 6.4 PROJECT OPAL Indexed Price Comparison Daily from September 7, 1999 - September 7, 2000 -------------------------------------------------------------------------------- Date Opal SP50 Peer Group(1) ---- ----- ---- ------------- 9/7/1999 100.00 100.00 100.00 9/8/1999 100.00 99.53 100.24 9/9/1999 100.00 99.79 102.87 9/10/1999 98.44 100.09 101.62 9/13/1999 96.88 99.53 100.79 9/14/1999 96.88 98.95 100.28 9/15/1999 95.31 97.59 98.89 9/16/1999 95.31 97.63 94.17 9/17/1999 98.44 98.89 93.80 9/20/1999 96.88 98.90 95.86 9/21/1999 93.75 96.83 93.33 9/22/1999 96.88 97.04 92.76 9/23/1999 93.75 94.81 90.35 9/24/1999 92.19 94.59 91.47 9/27/1999 93.75 95.03 90.86 9/28/1999 93.75 94.95 90.99 9/29/1999 90.63 93.92 87.53 9/30/1999 87.50 94.98 89.00 10/1/1999 87.50 94.99 88.15 10/4/1999 85.94 96.60 86.96 10/5/1999 81.25 96.36 87.21 10/6/1999 81.25 98.15 90.80 10/7/1999 81.25 97.57 89.92 10/8/1999 82.81 98.93 85.33 10/11/1999 84.38 98.87 85.65 10/12/1999 85.94 97.23 82.56 10/13/1999 87.50 95.19 80.83 10/14/1999 84.38 95.04 80.02 10/15/1999 85.94 92.37 78.95 10/18/1999 89.06 92.87 72.59 10/19/1999 90.63 93.40 71.38 10/20/1999 85.94 95.48 73.41 10/21/1999 85.94 95.05 72.20 10/22/1999 85.94 96.39 72.41 10/25/1999 85.94 95.79 72.52 10/26/1999 87.50 94.92 72.85 10/27/1999 82.81 96.02 68.95 10/28/1999 84.38 99.41 71.02 10/29/1999 81.25 100.92 74.30 11/1/1999 81.25 100.27 74.30 11/2/1999 78.13 99.80 72.81 11/3/1999 78.13 100.33 73.22 11/4/1999 79.69 100.90 75.03 11/5/1999 81.25 101.46 75.51 11/8/1999 81.25 101.97 76.39 11/9/1999 81.25 101.10 75.18 11/10/1999 78.13 101.70 74.19 11/11/1999 75.00 102.30 73.66 11/12/1999 81.25 103.38 74.85 11/15/1999 79.69 103.25 74.18 11/16/1999 81.25 105.16 75.05 11/17/1999 79.69 104.46 75.46 11/18/1999 79.69 105.52 85.38 11/19/1999 78.13 105.30 85.69 11/22/1999 76.56 105.22 86.41 11/23/1999 79.69 104.01 86.20 11/24/1999 79.69 104.93 88.18 11/26/1999 79.69 104.90 87.72 11/29/1999 76.56 104.25 86.83 11/30/1999 75.00 102.85 84.96 12/1/1999 75.00 103.50 85.93 12/2/1999 76.56 104.34 88.37 12/3/1999 75.00 106.14 91.25 12/6/1999 75.00 105.40 89.82 12/7/1999 76.56 104.35 91.38 12/8/1999 75.00 103.96 92.33 12/9/1999 76.56 104.27 92.58 12/10/1999 75.00 104.93 91.54 12/13/1999 75.00 104.80 90.43 12/14/1999 75.00 103.90 89.41 12/15/1999 75.00 104.66 88.01 12/16/1999 75.00 105.06 91.67 12/17/1999 75.00 105.23 92.34 12/20/1999 75.00 105.01 91.56 12/21/1999 75.00 106.14 93.23 12/22/1999 75.00 106.34 93.77 12/23/1999 75.00 107.99 96.76 12/27/1999 73.44 107.90 94.00 12/28/1999 68.75 107.94 96.95 12/29/1999 67.19 108.37 97.66 12/30/1999 70.31 108.44 99.20 12/31/1999 71.88 108.80 98.46 1/3/2000 75.00 107.76 100.42 1/4/2000 71.88 103.63 95.84 1/5/2000 100.00 103.83 94.67 1/6/2000 110.94 103.92 89.87 1/7/2000 109.38 106.74 92.22 1/10/2000 107.81 107.93 96.08 1/11/2000 103.13 106.52 94.08 1/12/2000 100.00 106.06 95.56 1/13/2000 93.75 107.35 97.09 1/14/2000 92.19 108.49 96.81 1/18/2000 90.63 107.75 96.08 1/19/2000 89.06 107.81 96.23 1/20/2000 85.94 107.04 96.04 1/21/2000 85.94 106.73 94.20 1/24/2000 85.94 103.78 95.88 1/25/2000 87.50 104.41 95.63 1/26/2000 87.50 103.97 94.46 1/27/2000 87.50 103.56 94.54 1/28/2000 85.94 100.72 95.24 1/31/2000 87.50 103.26 94.80 2/1/2000 84.38 104.36 93.72 2/2/2000 84.38 104.34 97.38 2/3/2000 85.94 105.52 100.80 2/4/2000 85.94 105.47 104.03 2/7/2000 85.94 105.46 107.38 2/8/2000 84.38 106.76 105.04 2/9/2000 84.38 104.54 104.80 2/10/2000 85.94 104.92 105.51 2/11/2000 84.38 102.72 102.16 2/14/2000 87.50 102.92 104.06 2/15/2000 93.75 103.82 104.37 2/16/2000 104.69 102.76 104.84 2/17/2000 107.81 102.80 106.68 2/18/2000 100.00 99.68 105.30 2/22/2000 106.25 100.13 104.88 2/23/2000 101.56 100.76 106.28 2/24/2000 95.31 100.22 105.94 2/25/2000 95.31 98.73 103.03 2/28/2000 92.19 99.82 107.29 2/29/2000 92.19 101.18 110.18 3/1/2000 100.00 102.13 109.79 3/2/2000 100.00 102.32 109.83 3/3/2000 103.13 104.35 111.75 3/6/2000 100.00 103.02 113.87 3/7/2000 98.44 100.38 112.62 3/8/2000 98.44 101.20 112.98 3/9/2000 93.75 103.79 118.45 3/10/2000 92.19 103.30 117.74 3/13/2000 95.31 102.46 116.48 3/14/2000 93.75 100.64 112.62 3/15/2000 90.63 103.09 109.04 3/16/2000 95.31 108.00 110.84 3/17/2000 93.75 108.44 113.89 3/20/2000 95.31 107.86 117.05 3/21/2000 95.31 110.62 116.01 3/22/2000 89.06 111.12 117.30 3/23/2000 93.75 113.10 117.56 3/24/2000 92.19 113.11 115.24 3/27/2000 90.63 112.84 118.77 3/28/2000 92.19 111.65 115.83 3/29/2000 90.63 111.71 112.96 3/30/2000 93.75 110.18 110.09 3/31/2000 96.88 110.97 111.57 4/3/2000 93.75 111.52 109.74 4/4/2000 92.19 110.68 112.77 4/5/2000 92.19 110.14 115.49 4/6/2000 90.63 111.17 118.17 4/7/2000 100.00 112.28 121.46 4/10/2000 96.88 111.40 117.09 4/11/2000 98.44 111.12 115.67 4/12/2000 96.88 108.64 111.06 4/13/2000 93.75 106.67 108.53 4/14/2000 90.63 100.45 102.86 4/17/2000 92.19 103.78 107.92 4/18/2000 95.31 106.75 111.72 4/19/2000 93.75 105.70 111.73 4/20/2000 93.75 106.23 114.94 4/24/2000 87.50 105.88 112.04 4/25/2000 82.81 109.40 116.95 4/26/2000 81.25 108.19 117.24 4/27/2000 98.44 108.48 116.50 4/28/2000 96.88 107.55 114.80 5/1/2000 95.31 108.72 117.76 5/2/2000 95.31 107.10 117.61 5/3/2000 93.75 104.79 114.28 5/4/2000 92.19 104.38 114.18 5/5/2000 95.31 106.09 116.83 5/8/2000 96.88 105.46 115.13 5/9/2000 96.88 104.57 111.58 5/10/2000 95.31 102.41 107.85 5/11/2000 96.88 104.25 108.13 5/12/2000 90.63 105.22 111.76 5/15/2000 90.63 107.55 108.65 5/16/2000 89.06 108.56 113.74 5/17/2000 87.50 107.21 108.89 5/18/2000 87.50 106.42 108.94 5/19/2000 84.38 104.18 106.07 5/22/2000 84.38 103.72 103.17 5/23/2000 85.94 101.73 100.03 5/24/2000 79.69 103.60 99.72 5/25/2000 81.25 102.30 99.69 5/26/2000 82.81 102.04 100.72 5/30/2000 81.25 105.33 106.02 5/31/2000 82.81 105.19 104.08 6/1/2000 78.13 107.28 110.86 6/2/2000 78.13 109.39 115.52 6/5/2000 79.69 108.68 120.21 6/6/2000 81.25 107.95 117.77 6/7/2000 78.13 108.95 119.67 6/8/2000 78.13 108.24 120.47 6/9/2000 76.56 107.89 121.65 6/12/2000 84.38 107.08 120.10 6/13/2000 78.13 108.81 117.36 6/14/2000 79.69 108.89 112.94 6/15/2000 78.13 109.50 113.37 6/16/2000 81.25 108.44 109.94 6/19/2000 76.56 110.04 113.81 6/20/2000 81.25 109.29 113.11 6/21/2000 78.13 109.53 115.63 6/22/2000 76.56 107.53 114.89 6/23/2000 78.13 106.74 113.60 6/26/2000 78.13 107.76 115.69 6/27/2000 75.00 107.41 113.66 6/28/2000 78.13 107.73 118.49 6/29/2000 78.13 106.81 116.64 6/30/2000 78.13 107.71 119.85 7/3/2000 78.13 108.82 119.96 7/5/2000 78.13 107.09 115.91 7/6/2000 76.56 107.87 115.15 7/7/2000 75.00 109.51 119.56 7/10/2000 75.00 109.27 118.81 7/11/2000 76.56 109.66 119.89 7/12/2000 76.56 110.55 120.32 7/13/2000 75.00 110.77 124.03 7/14/2000 78.13 111.81 123.42 7/17/2000 75.00 111.85 123.39 7/18/2000 76.56 110.61 120.34 7/19/2000 79.69 109.74 120.33 7/20/2000 79.69 110.75 121.89 7/21/2000 82.81 109.61 114.62 7/24/2000 81.25 108.43 111.33 7/25/2000 84.38 109.18 108.14 7/26/2000 81.25 107.55 103.79 7/27/2000 79.69 107.34 100.80 7/28/2000 78.13 105.14 100.51 7/31/2000 76.56 105.95 102.91 8/1/2000 75.00 106.49 102.05 8/2/2000 76.56 106.53 104.71 8/3/2000 75.00 107.56 104.10 8/4/2000 76.56 108.33 103.64 8/7/2000 75.00 109.54 105.57 8/8/2000 75.00 109.80 106.33 8/9/2000 75.00 109.07 105.99 8/10/2000 75.00 108.13 105.09 8/11/2000 75.00 108.99 103.69 8/14/2000 75.00 110.45 106.28 8/15/2000 75.00 109.92 103.82 8/16/2000 75.00 109.58 105.20 8/17/2000 75.00 110.78 103.00 8/18/2000 75.00 110.46 105.14 8/21/2000 75.00 111.04 104.89 8/22/2000 75.00 110.94 105.82 8/23/2000 75.00 111.52 107.69 8/24/2000 75.00 111.69 109.84 8/25/2000 75.00 111.55 109.98 8/28/2000 73.44 112.12 112.87 8/29/2000 75.00 111.80 112.60 8/30/2000 75.00 111.27 111.38 8/31/2000 75.00 112.38 111.65 9/1/2000 123.44 112.61 115.12 9/5/2000 123.44 111.60 112.06 9/6/2000 120.31 110.50 110.53 9/7/2000 123.44 111.26 112.72 --------------------------------------------------- Peer Group includes ENCD, PTNX, TACT, EFII, CANNY, HWP, RICOY, LXK, LR, IKN, DANKY, GISX, and XRX. PROJECT OPAL Indexed Price Comparison Weekly from September 5, 1997 to September 1, 2000 -------------------------------------------------------------------------------- Indexed Prices (%) [GRAPHIC OMITTED] [The following table was depicted as a mountain chart in the printed material.] Date Opal SP50 Peer Group(1) ---- ----- ---- ------------- 9/5/1997 100.00 100.00 100.00 9/12/1997 117.50 99.45 99.18 9/19/1997 117.50 102.31 102.17 9/26/1997 115.00 101.74 104.67 10/3/1997 112.50 103.87 105.16 10/10/1997 120.00 104.08 103.45 10/17/1997 120.00 101.63 99.69 10/24/1997 112.50 101.36 98.70 10/31/1997 117.50 98.45 93.32 11/7/1997 112.50 99.83 91.13 11/14/1997 117.50 99.92 90.02 11/21/1997 120.00 103.66 94.00 11/28/1997 127.50 102.84 92.27 12/5/1997 107.50 105.89 97.65 12/12/1997 97.50 102.62 88.43 12/19/1997 120.00 101.91 86.49 12/26/1997 110.00 100.80 85.61 1/2/1998 107.50 104.95 90.69 1/9/1998 112.50 99.85 87.10 1/16/1998 115.00 103.49 90.36 1/23/1998 125.00 103.07 90.42 1/30/1998 150.00 105.51 90.12 2/6/1998 135.00 108.98 92.98 2/13/1998 132.50 109.80 91.08 2/20/1998 122.50 111.32 93.79 2/27/1998 132.50 112.95 95.94 3/6/1998 150.00 113.63 93.61 3/13/1998 145.00 115.02 93.71 3/20/1998 197.50 118.31 95.16 3/27/1998 180.00 117.91 97.81 4/3/1998 177.50 120.84 98.02 4/9/1998 167.50 119.55 99.45 4/17/1998 180.00 120.85 100.11 4/24/1998 185.00 119.25 107.05 5/1/1998 182.50 120.66 107.66 5/8/1998 190.00 119.28 108.37 5/15/1998 175.00 119.34 101.10 5/22/1998 180.00 119.53 100.34 5/29/1998 177.50 117.41 96.23 6/5/1998 165.00 119.89 97.05 6/12/1998 167.50 118.28 93.43 6/19/1998 177.50 118.47 89.47 6/26/1998 162.50 121.97 92.35 7/2/1998 135.00 123.40 90.43 7/10/1998 137.50 125.32 92.91 7/17/1998 172.50 127.74 95.71 7/24/1998 152.50 122.79 92.46 7/31/1998 167.50 120.63 89.84 8/7/1998 167.50 117.26 86.60 8/14/1998 160.00 114.39 85.53 8/21/1998 162.50 116.38 87.37 8/28/1998 137.50 110.56 81.61 9/4/1998 127.50 104.83 78.56 9/11/1998 122.50 108.61 77.49 9/18/1998 120.00 109.80 77.54 9/25/1998 120.00 112.45 79.66 10/2/1998 150.00 107.92 77.10 10/9/1998 120.00 105.96 76.11 10/16/1998 125.00 113.71 83.36 10/23/1998 130.00 115.24 85.82 10/30/1998 145.00 118.26 86.78 11/6/1998 150.00 122.81 92.31 11/13/1998 147.50 121.17 93.09 11/20/1998 147.50 125.24 90.65 11/27/1998 160.00 128.34 95.05 12/4/1998 157.50 126.66 94.60 12/11/1998 140.00 125.55 96.12 12/18/1998 132.50 127.88 96.55 12/24/1998 130.00 131.99 98.07 12/31/1998 127.50 132.31 101.32 1/8/1999 130.00 137.25 104.23 1/15/1999 125.00 133.82 102.18 1/22/1999 130.00 131.88 101.27 1/29/1999 125.00 137.74 110.55 2/5/1999 125.00 133.41 103.17 2/12/1999 122.50 132.41 106.50 2/19/1999 125.00 133.39 101.37 2/26/1999 150.00 133.29 98.55 3/5/1999 160.00 137.29 99.94 3/12/1999 145.00 139.35 100.93 3/19/1999 140.00 139.85 102.42 3/26/1999 130.00 138.08 101.39 4/1/1999 122.50 139.25 101.22 4/9/1999 120.00 145.13 106.16 4/16/1999 120.00 141.97 103.80 4/23/1999 120.00 146.05 110.39 4/30/1999 132.50 143.71 111.62 5/7/1999 130.00 144.77 112.82 5/14/1999 162.50 144.00 113.99 5/21/1999 180.00 143.19 123.58 5/28/1999 177.50 140.13 122.24 6/4/1999 215.00 142.91 121.95 6/11/1999 215.00 139.24 121.61 6/18/1999 212.50 144.54 125.84 6/25/1999 222.50 141.58 124.92 7/2/1999 222.50 149.75 134.27 7/9/1999 215.00 151.04 137.16 7/16/1999 225.00 152.71 144.22 7/23/1999 205.00 146.06 132.96 7/30/1999 180.00 143.02 132.50 8/6/1999 160.00 139.96 132.65 8/13/1999 160.00 142.91 130.38 8/20/1999 160.00 143.87 134.36 8/27/1999 157.50 145.12 133.65 9/3/1999 162.50 146.09 136.18 9/10/1999 157.50 145.49 137.34 9/17/1999 157.50 143.74 126.77 9/24/1999 147.50 137.49 123.62 10/1/1999 140.00 138.08 119.14 10/8/1999 132.50 143.81 115.32 10/15/1999 137.50 134.27 106.70 10/22/1999 137.50 140.11 97.86 10/29/1999 130.00 146.70 100.42 11/5/1999 130.00 147.49 102.06 11/12/1999 130.00 150.27 101.15 11/19/1999 125.00 153.06 115.81 11/26/1999 127.50 152.48 118.55 12/3/1999 120.00 154.28 123.33 12/10/1999 120.00 152.53 123.71 12/17/1999 120.00 152.96 124.79 12/23/1999 120.00 156.97 130.76 12/31/1999 115.00 158.15 133.06 1/7/2000 175.00 155.16 124.63 1/14/2000 147.50 157.70 130.83 1/21/2000 137.50 155.14 127.31 1/28/2000 137.50 146.40 128.71 2/4/2000 137.50 153.31 140.60 2/11/2000 135.00 149.31 138.06 2/18/2000 160.00 144.89 142.31 2/25/2000 152.50 143.52 139.25 3/3/2000 165.00 151.68 151.02 3/10/2000 147.50 150.16 159.12 3/17/2000 150.00 157.63 153.92 3/24/2000 147.50 164.41 155.74 3/31/2000 155.00 161.30 150.79 4/7/2000 160.00 163.22 164.15 4/14/2000 145.00 146.02 139.01 4/20/2000 150.00 154.41 155.33 4/28/2000 155.00 156.34 155.15 5/5/2000 152.50 154.20 157.90 5/12/2000 145.00 152.95 151.04 5/19/2000 135.00 151.44 143.34 5/26/2000 132.50 148.33 136.12 6/2/2000 125.00 159.01 156.13 6/9/2000 122.50 156.82 164.41 6/16/2000 130.00 157.63 148.59 6/23/2000 125.00 155.16 153.53 6/30/2000 125.00 156.57 161.98 7/7/2000 120.00 159.18 161.58 7/14/2000 125.00 162.53 166.80 7/21/2000 132.50 159.32 154.91 7/28/2000 125.00 152.83 135.83 8/4/2000 122.50 157.47 140.07 8/11/2000 120.00 158.42 140.13 8/18/2000 120.00 160.56 142.09 8/25/2000 120.00 162.15 148.63 9/1/2000 197.50 163.69 155.58 ---------- [1] Peer Group includes ENCD, PTNX, TACT, EFII, CANNY, HWP, RICOY, LXK, LR, IKN, DANKY, GISX, AND XRX. PROJECT OPAL Analysis of Trading Volume (in millions, except per share data and ratios) --------------------------------------------------------------------------------
Market Price Market Price ----------------- 52 Week As of As % of Shares Outstanding ---------------- ------------------ Ticker Exchange Company High Low 09/07/00 High Total Float (1) ------ -------- ------------------------------------- ------- ------- -------- ------- ------- --------- Printer Companies ENCD OTC Encad, Inc. $ 7.31 $ 2.69 $ 3.31 45.3% 11.8 8.7 PTNX OTC Printronix, Inc. 24.75 9.69 12.50 50.5% 6.2 4.8 TACT OTC Transact Technologies Incorporated 11.50 5.25 7.75 67.4% 5.6 5.1 EFII NYSE Electronics for Imaging, Inc. 69.31 21.06 27.31 39.4% 54.7 54.4 CANNY NYSE Canon, Inc. (ADR) 51.75 25.75 43.69 84.4%* 871.6 862.8 HWP NYSE Hewlett-Packard Company 138.00 53.24 123.81 89.7%* 997.0 804.8 RICOY OTC Ricoh Company, Ltd (ADR) 113.46 80.46 91.81 80.9%* 138.3 136.9 LXK NYSE Lexmark International Group. Inc. 135.88 43.16 64.00 47.1% 127.5 126.1 ------------------------------------------------------------------------------------------------ Average 49.9% ================================================================================================ Average Volume Daily Volume (2) Daily Volume as a % Float as a % of Daily --------------------- ------------------------- Total Shares Volume Ticker Exchange Company Average High Low Average High Low Outstanding ($000) ------ -------- ------------------------------------ ------- ------ ----- ------- ------ ------ --------------- -------- Printer Companies ENCD OTC Encad, Inc 0.08 0.40 0.00 1.0% 4.6% 0.0% 0.7% $ 395 PTNX OTC Printronix, Inc. 0.02 0.25 0.00 0.4% 5.2% 0.0% 0.3% 161 TACT OTC Transact Technologies Incorporated 0.02 0.21 0.00 0.5% 4.2% 0.0% 0.4% 202 EFII NYSE Electronics for Imaging, Inc. 1.12 22.79 0.16 2.1% 41.9% 0.3% 2.0% 50,131 CANNY NYSE Canon, Inc. (ADR) NA NA NA NA NA NA NA NA HWP NYSE Hewlett-Packard Company 4.07 21.43 0.69 0.5% 2.7% 0.1% 0.4% 397,543 RICOY OTC Ricoh Company, Ltd. (ADR) NA NA NA NA NA NA NA NA LXK NYSE Lexmark International Group. Inc. 1.32 11.87 0.22 1.0% 9.4% 0.2% 1.0% 112,233 ---------------------------------------------------------------------------------------------------------------- Average 1.11 9.49 0.18 0.9% 11.3% 0.1% 0.8% $ 93,477 ================================================================================================================
Market Price Market Price ----------------- 52 Week As of As % of Shares Outstanding --------------- ------------------ Ticker Exchange Company High Low 09/07/00 High Total Float (1) ------ -------- ------------------------------------- ------ ------- -------- ------- ------- --------- U.S. Copiers LR NYSE Lanier, Worldwide, Inc. $ 6.50 $ 0.44 $ 1.06 16.3% 83.0 74.2 IKN NYSE Ikon Office Solutions 12.44 3.88 4.94 39.7% 145.9 145.7 DANKY OTC Danka Business Systems 14.13 1.41 2.25 15.9% 59.2 13.5 GISX OTC Global Imaging Systems, Inc. 20.88 5.81 6.94 33.2% 18.1 9.2 XRX NYSE Xerox Corporation 49.50 14.56 15.94 32.2% 666.8 661.6 ----------------------------------------------------------------------------------------------- Average 27.5% =============================================================================================== ----------------------------------------------------------------------------------------------- Combined Average 38.7% =============================================================================================== NYSE OPAL $ 5.13 $ 2.50 54.94 96.3% 14.4 5.4 Average Volume Daily Volume (2) Daily Volume as a % Float as a % of Daily --------------------- ------------------------- Total Shares Volume Ticker Exchange Company Average High Low Average High Low Outstanding ($000) ------ -------- ------------------------------------ ------- ------ ----- ------- ------ ------ --------------- -------- U.S Copiers LR NYSE Lanier, Worldwide, Inc. 0.89 7.18 0.05 1.2% 9.7% 0.1% 1.1% $ 2,046 IKN NYSE Ikon Office Solutions 0.56 9.99 0.08 0.4% 6.9% 0.1% 0.4% 3,679 DANKY OTC Danka Business Systems 0.42 4.29 0.07 3.1% 31.8% 0.5% 0.7% 3,138 GISX OTC Global Imaging Systems, Inc. 0.09 0.99 0.01 1.0% 10.7% 0.1% 0.5% 938 XRX NYSE Xerox Corporation 5.87 46.24 1.26 0.9% 7.0% 0.2% 0.9% 145,793 ---------------------------------------------------------------------------------------------------------------- Average 1.57 13.74 0.29 1.3% 13.2% 0.2% 0.7% $ 31,119 ================================================================================================================ ---------------------------------------------------------------------------------------------------------------- Combined Average 1.32 11.42 0.23 1.1% 12.2% 0.1% 0.8% $ 65,133 ================================================================================================================ NYSE OPAL 0.02 0.47 0.00 0.4% 8.6% 0.0% 0.1% $ 67
---------- Note NA indicates data is not available; NM indicates data is not meaningful; * indicates multiple is excluded from calculations; F indicates Fiscal Year Estimate. (1) Source: Bloomberg dated July 31, 2000. (2) From September 7, 1999 to present. IV. Stock Ownership PROJECT OPAL Ownership Analysis -------------------------------------------------------------------------------- Number of As Percent Shares of Total --------- ---------- Total Shares Outstanding as of June 30, 2000: 13,266,131 100.0% Top Institutional Ownership [1] Date ----------------------------------------- ---------- DIMENSIONAL FD ADVISORS, INC 20-Jul-00 299,093 2.25% VAN DEN BERG MANAGEMENT, INC 20-Jul-00 174,630 1.32% COLLEGE RETIRE EQUITIES 20-Jul-00 55,364 0.42% VANGUARD GROUP 20-Jul-00 48,617 0.37% HOWSON TATTERSALL INVESTMENT COUNSEL LTD 20-Jul-00 44,078 0.33% CONNING ASSET MANAGEMENT CO 20-Jul-00 24,900 0.19% NORTHERN TRUST QUANTITATIVE ADVISORS, INC 20-Jul-00 14,517 0.11% MELLON PRIVATE ASSET MGMT 20-Jul-00 13,963 0.11% BARCLAYS GLOBAL INVESTORS 20-Jul-00 12,287 0.09% LEGG MASON WOOD WALKER, INC 20-Jul-00 9,990 0.08% AMSOUTH BANCORPORATION 20-Jul-00 2,754 0.02% NORTHERN TRUST GLOBAL INVESTMENTS 20-Jul-00 1,800 0.01% MERRILL, LYNCH & COMPANY, INC 20-Jul-00 1,554 0.01% LOOMIS, SAYLES & COMPANY, L.P. 20-Jul-00 1,000 0.01% COMMERCE BANCSHARES INC 31-Mar-00 300 0.00% -------------------------------------------------------------------------------- Total Institutional Holdings 704,847 5.31% ================================================================================ Number of As a Percent Insider and 5% Ownership [2] Date Shares of Total ----------------------------------------- ---------- ---------- ------------ MINOLTA INVESTMENT CO 12-Jul-99 7,570,000 57.06% EDWARD E. LUCENTE 25-Jul-00 140,617[3] 1.06% ALBERT A. BUTLER 25-Jul-00 6,803[4] 0.05% MARINO J. NICCOLA 25-Jul-00 6,164[5] 0.05% THOMAS L. MCGOOGAN 25-Jul-00 5,062[6] 0.04% F. RIDGON CURRIE 25-Jul-00 8,363[7] 0.06% MICHAEL C. DOW 25-Jul-00 53,112[8] 0.40% HIROSHI FUJI 25-Jul-00 0[9] 0.00% TIM GARNER 25-Jul-00 0[10] 0.00% ALLEN A. HANS 25-Jul-00 0[9] 0.00% RYUSHO KUTANI 25-Jul-00 0[9] 0.00% JAN SUNDELIN 25-Jul-00 0[11] 0.00% YOSHISUKE TAKEKIDA 25-Jul-00 0[9] 0.00% WILLIAM R. BOWLES 25-Jul-00 1,470[9] 0.01% ROBERT J. MATERNA 25-Jul-00 0[9] 0.00% ------------------------------------------------------------------------------- Total Insider and 5% Holdings 7,791,591 58.73% ================================================================================ -------------------------------------------------------------------------------- Total Retail Holdings 4,769,693 35.95% ================================================================================ [1] Source: Management of Opal and CDA Spectrum [2] Insider figures are from May 15, 2000 proxy. Options provided by management of Opal [3] Excludes exercisable options to purchase 589,000 shares. [4] Excludes exercisable options to purchase 70,000 shares. [5] Excludes exercisable options to purchase 80,000 shares. [6] Excludes exercisable options to purchase 25,980 shares. [7] Excludes exercisable options to purchase 20,000 shares. [8] Excludes exercisable options to purchase 54,932 shares. [9] Excludes non-exercisable options of 10,000 shares. [10] Excludes non-exercisable options of 20,000 shares. [11] Excludes non-exercisable options of 100,000 shares. [PIE GRAPH OMITTED] PROJECT OPAL Schedule of Outstanding Options (1) --------------------------------------------------------------------------------
Per Share Cumulative Cumulative Cumulative Options Exercise Aggregate Options Exercise In-the-Money In-the-Money Outstanding Price Exercise Price Outstanding Price Options Options Price ----------- --------- -------------- ----------- ---------- ------------ ------------- 133,333 $ 2.44 $ 324,999 133,333 $ 324,999 133,333 $ 324,999 66,666 2.69 179,165 199,999 504,164 66,666 179,165 6,000 2.81 16,875 205,999 521,039 6,000 16,875 7,466 2.81 20,998 213,465 542,037 7,466 20,998 7,466 2.81 20,998 220,931 563,035 7,466 20,998 87,357 2.81 245,692 308,288 808,727 87,357 245,692 5,000 2.88 14,375 313,288 823,102 5,000 14,375 5,000 2.88 14,375 318,288 837,477 5,000 14,375 19,500 2.88 56,063 337,788 893,539 19,500 56,063 10,000 3.00 30,000 347,788 923,539 10,000 30,000 112,000 3.00 336,000 459,788 1,259,539 112,000 336,000 8,000 3.06 24,500 467,788 1,284,039 8,000 24,500 50,000 3.06 153,125 517,788 1,437,164 50,000 153,125 10,000 3.06 30,625 527,788 1,467,789 10,000 30,625 100,000 3.06 306,250 627,788 1,774,039 100,000 306,250 600 3.06 1,838 628,388 1,775,877 600 1,838 20,000 3.06 61,250 648,388 1,837,127 20,000 61,250 10,000 3.06 30,625 658,388 1,867,752 10,000 30,625 50,000 3.06 153,125 708,388 2,020,877 50,000 153,125 50,000 3.06 153,125 758,388 2,174,002 50,000 153,125 413,085 3.06 1,265,073 1,171,473 3,439,075 413,085 1,265,073 5,000 3.31 16,563 1,176,473 3,455,637 5,000 16,563 50,000 3.44 171,875 1,226,473 3,627,512 50,000 171,875 14,180 3.69 52,289 1,240,653 3,679,801 14,180 52,289 10,000 3.75 37,500 10,000 37,500 10,000 37,500 10,000 3.75 37,500 20,000 75,000 10,000 37,500 10,000 3.75 37,500 30,000 112,500 10,000 37,500 10,000 3.75 37,500 40,000 150,000 10,000 37,500 10,000 3.75 37,500 50,000 187,500 10,000 37,500 10,000 3.75 37,500 60,000 225,000 10,000 37,500 270,000 3.75 1,012,500 330,000 1,237,500 270,000 1,012,500 10,000 3.75 37,500 340,000 1,275,000 10,000 37,500 20,000 3.75 75,000 360,000 1,350,000 20,000 75,000 5,000 3.88 19,375 365,000 1,369,375 5,000 19,375 5,000 3.88 19,375 370,000 1,388,750 5,000 19,375 25,000 3.88 96,875 395,000 1,485,625 25,000 96,875 100,000 3.94 393,750 495,000 1,879,375 100,000 393,750 500,000 3.94 1,968,750 995,000 3,848,125 500,000 1,968,750 25,000 3.94 98,438 1,020,000 3,946,563 25,000 98,438 25,000 3.94 98,438 1,045,000 4,045,000 25,000 98,438 100,000 3.94 393,785 1,145,000 4,438,785 100,000 393,785 36,672 4.38 160,440 1,181,672 4,599,225 36,672 160,440 40,000 4.44 177,500 1,221,672 4,776,725 40,000 177,500 5,633 4.44 24,996 1,227,305 4,801,721 5,633 24,996 1,500 4.63 6,938 1,228,805 4,808,659 1,500 6,938 700 4.63 3,238 1,229,505 4,811,896 700 3,238 20,850 4.63 96,431 1,250,355 4,908,328 20,850 96,431 5,000 5.13 25,625 1,255,355 4,933,953 5,000 25,625 5,000 5.50 27,500 1,260,355 4,961,453 5,000 27,500
PROJECT OPAL Schedule of Outstanding Options (1) --------------------------------------------------------------------------------
Per Share Cumulative Cumulative Cumulative Options Exercise Aggregate Options Exercise In-the-Money In-the-Money Outstanding Price Exercise Price Outstanding Price Options Options Price ----------- --------- -------------- ----------- ---------- ------------ ------------- 6,000 $ 5.63 $ 33,750 1,266,355 $4,995,203 6,000 $ 33,750 5,000 5.63 28,125 1,271,355 5,023,328 5,000 28,125 5,000 5.63 28,125 1,276,355 5,051,453 5,000 28,125 5,000 5.63 28,125 1,281,355 5,079,578 5,000 28,125 5,000 5.63 28,125 1,286,355 5,107,703 5,000 28,125 42,350 5.63 238,219 1,328,705 5,345,921 42,350 238,219 5,000 8.75 43,750 1,333,705 5,389,671 0 0 5,000 8.75 43,750 1,338,705 5,433,421 0 0 25,000 8.75 218,750 1,363,705 5,652,171 0 0 5,000 8.88 44,375 1,368,705 5,696,546 0 0 5,000 8.88 44,375 1,373,705 5,740,921 0 0 5,000 8.88 44,375 1,378,705 5,785,296 0 0 5,000 8.88 44,375 1,383,705 5,829,671 0 0 15,000 8.88 133,125 1,398,705 5,962,796 0 0 5,000 15.00 75,000 1,403,705 6,037,796 0 0 ----------- -------------- ------------ ------------- 2,644,358 $9,717,597 2,569,358 $9,025,722 =========== ============== ============ =============
======================================================================== Purchase Cumulative Additional Price Exercise In-the-Money Shares Fully Diluted Per Share Price Options Outstanding Shares Out (2) --------- ---------- ------------ ----------- --------------- $6.00 $9,025,722 2,569,358 1,065,071 14,331,202 Purchase Cumulative Net Value of Price In-the-Money Value of Exercise In-the-Money Per Share Options Options Price Options --------- ------------ ----------- ---------- ------------ $6.00 2,569,358 $15,416,148 $9,025,722 $6,390,426 ======================================================================= ---------- (1) Options schedule provided by management of Opal as of July 27, 2000. (2) Assumes 13,266,131 shares outstanding as of June 30, 2000 (assumes a stock price $6.00 for the treasury stock method). V. Valuation Analysis PROJECT OPAL Valuation Summary (1) --------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------- Pre NOL --------------------------------- Weighted Valuation Methodology Average Median High Low ---------------------------------------------------------------------- -------- ------ ------ ---- Analysis of Comparable Public Companies - Combined $ 4.61 $ 1.05 $10.13 NM Analysis of Comparable Merger and Acquisition Transactions - All 4.97 NM 18.26 NM Analysis of Comparable Merger and Acquisition Transactions - Key Peers 5.30 NM 15.16 NM Discounted Cash Flow Analysis - Base Case 8.51 8.43 12.83 4.84 Discounted Cash Flow Analysis - Downside Case 4.30 4.23 7.78 1.36 ---------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------------ Post NOL ----------------------------------- Weighted Valuation Methodology NOL Average Median High Low ---------------------------------------------------------------------- ----- -------- ------ ------ ------ ------ Analysis of Comparable Public Companies - Combined + $0.90 = $ 5.52 $1.96 $11.03 NM Analysis of Comparable Merger and Acquisition Transactions - All 0.90 5.88 NM 19.16 NM Analysis of Comparable Merger and Acquisition Transactions - Key Peers 0.90 6.20 NM 16.06 NM Discounted Cash Flow Analysis - Base Case 0.90 9.41 9.33 13.74 $ 5.74 Discounted Cash Flow Analysis - Downside Case 0.90 5.20 5.13 8.69 2.27 ------ ------------------------------------------------------------------------------------------------------------------------ ---------------------------------------------------------------------------------------------- Analysis of Premiums Paid in Selected Minority Investments (2) 1 Day $ 3.74 1 Week $ 3.74 4 Weeks $ 3.83 ----------------------------------------------------------------------------------------------
---------- (1) Based on 14,331,202 diluted shares outstanding as of June 30, 2000 (assumes a stock price of $6.00 for the treasury stock method). (2) Based on $3.00 price prior to SC13D filing by Minolta as of August 31, 2000. PROJECT OPAL Analysis of Comparable Public Companies Valuation Summary - Combined ($ in thousands, except per share data) --------------------------------------------------------------------------------
Implied LTM Number of Implied Implied Equity Operating Comparable Average Enterprise Equity Per Valuation Parameter Results (1) Companies Multiples Value Value(2) Share (3) Weighting -------------------------------------- ----------- ---------- --------- ---------- -------- --------- --------- Enterprise Value/LTM Revenues $288,825 9 0.8 x $234,844 $145,175 $10.13 15.0% Enterprise Value/LTM EBITDA 6,639 7 6.4 42,450 -- -- 10.0% Enterprise Value/LQA EBITDA (4) 18,469 7 6.4 118,099 28,430 1.98 15.0% Enterprise Value/LTM EBITDA - CAPEX (18,559) 7 9.5 NM -- -- 5.0% Enterprise Value/LTM EBIT (9,211) 7 10.8 NM -- -- 5.0% Market Value/LTM Net Income (Loss) (5) (21.458) 6 9.3 NA -- -- 5.0% Market Value/2000E Net Income (5) 7,757 6 10.2 NA 79,218 5.53 25.0% Market Value/2001E Net Income (5) 14,029 8 9.3 NA 130,137 9.08 15.0% Market Value/LTM Book Value 10,159 9 1.5 NA 15,089 1.05 5.0% ------------------------------------- Average $ 44,228 $3.09 ------------------------------------- Weighted Average 66,120 4.61 ------------------------------------- Median 15,089 1.05 ------------------------------------- High 145,175 10.13 ------------------------------------- Low NM NM -------------------------------------
---------- (1) Latest twelve months operating results are for the twelve months ended June 30, 2000. (2) Reflects net debt (total debt less cash and cash equivalents) of approximately $89.7 million as of June 30, 2000. (3) Based on 14,331,202 diluted shares outstanding as of June 30, 2000 (assumes a stock price of $600 for the treasury stock method). (4) Annualized EBITDA from quarter ended June 30, 2000. (5) Assumes a tax rate of 4.8%, 9.1% and 8.2% for the latest twelve months ended June 30, 2000, and the fiscal years 2000E and 2001E, respectively PROJECT OPAL Analysis of Comparable Public Companies (in millions, except per share data and ratios)
Market Price Market Price 52 Week ---------------------- -------------- As of As % of Ticker Exchange Company FYE LTM High Low 09/07/00 High -------- ---------- ------------------------------------ ----- ----- ------ ----- ---------- --------- Printer Companies ----------------- ENCD OTC Encad, Inc DC 6/00 $7.31 $2.69 $3.31 45.3% PTNX OTC Printronix, Inc. MR 6/00 24.75 9.69 12.50 50.5% TACT OTC Transact Technologies Incorporated DC 6/00 11.50 5.25 7.75 67.4% EFII NYSE Electronics for Imaging, Inc. DC 6/00 69.31 21.06 27.31 39.4% CANNY NYSE Canon, Inc. (ADR) DC 6/00 51.75 25.75 43.69 84.4% * HWP NYSE Hewlett-Packard Company OC 7/00 138.00 53.24 123.81 89.7% RICOY OTC Ricoh Company, Ltd (ADR) MR 3/00 113.46 80.46 91.81 80.9% * LXK NYSE Lexmark International Group, Inc. DC 6/00 135.88 43.16 64.00 47.1% --------------------------------------------------------------------------------------------- Average 56.6% ============================================================================================= U.S. Copiers ------------ LR NYSE Lanier Worldwide, Inc. JN 3/00 $6.50 $0.44 $1.06 16.3% IKN NYSE Ikon Office Solutions SP 6/00 12.44 3.88 4.94 39.7% DANKY OTC Danka Business Systems MR 6/00 14.13 1.41 2.25 15.9% GISX OTC Global Imaging Systems, Inc. MR 6/00 20.88 5.81 6.94 33.2% XRX NYSE Xerox Corporation DC 6/00 49.50 14.56 15.94 32.2% --------------------------------------------------------------------------------------------- Average 27.5% ============================================================================================= --------------------------------------------------------------------------------------------- Combined Average 43.3% ============================================================================================= NYSE OPAL MR 6/00 $5.13 $2.50 $4.94 96.3% Earnings Per Share(1) Price/Earnings Est. 5yr ----------------------- ----------------------- EPS Growth Cal. Cal. Cal. Cal. Ticker Exchange Company Rate LTM 2000 2001 LTM 2000 2001 -------- ---------- ------------------------------------ ------------ ----- ------ ------ ----- ------ ------ Printer Companies ----------------- ENCD OTC Encad, Inc 25.0% ($0.07) ($0.06) NA NM x NM x NA x PTNX OTC Printronix, Inc. NA 1.22 1.26 1.97 10.2 9.9 6.3 TACT OTC Transact Technologies Incorporated NA (0.09) (0.07) 0.34 NM NM 22.8 EFII NYSE Electronics for Imaging, Inc. 15.0% 1.81 1.70 2.00 15.1 16.1 13.7 CANNY NYSE Canon, Inc. (ADR) 22.0% 0.77 1.26 1.47 56.7 * 34.7 * 29.7 * HWP NYSE Hewlett-Packard Company 15.0% 3.39 3.72 4.58 F 36.5 * 33.3 * 27.0 * RICOY OTC Ricoh Company, Ltd (ADR) NA 2.26 2.68 2.72 40.6 * 34.3 * 33.8 * LXK NYSE Lexmark International Group, Inc. 20.0% 2.50 2.60 3.06 25.6 * 24.6 * 20.9 * --------------------------------------------------------------------------------------------------------- Average 12.7 x 13.0 x 14.3 x ========================================================================================================= U.S. Copiers ------------ LR NYSE Lanier Worldwide, Inc. 11.0% $0.35 $0.20 $0.27 F 3.0 x 5.3 x 3.9 x IKN NYSE Ikon Office Solutions NA 0.66 0.75 0.90 F 7.5 6.6 5.5 DANKY OTC Danka Business Systems 28.0% 0.11 (0.14) 0.46 20.5 * NM 4.9 GISX OTC Global Imaging Systems, Inc. 25.0% 0.80 0.86 1.15 8.7 8.1 6.0 XRX NYSE Xerox Corporation 16.0% 1.42 1.04 1.44 11.2 15.3 11.1 --------------------------------------------------------------------------------------------------------- Average 7.6 x 8.8 x 6.3 x ========================================================================================================= --------------------------------------------------------------------------------------------------------- Combined Average 9.3 x 10.2 x 9.3 x ========================================================================================================= NYSE OPAL 19.0% ($1.99) $0.54 $0.98 NM x 9.1 x 5.0 x Market Book Price/ Ticker Exchange Company Shares Cap Value Book -------- ---------- ------------------------------------ -------- -------- ------- -------- Printer Companies ----------------- ENCD OTC Encad, Inc 11.8 $39.2 $48.8 0.8 x PTNX OTC Printronix, Inc. 6.2 77.1 70.4 1.1 TACT OTC Transact Technologies Incorporated 5.6 43.4 12.0 3.6 EFII NYSE Electronics for Imaging, Inc. 54.7 1,492.7 577.0 2.6 CANNY NYSE Canon, Inc. (ADR) 871.6 38,078.0 11,758.3 3.2 * HWP NYSE Hewlett-Packard Company 997.0 (2) 123,441.1 14,611.0 8.4 * RICOY OTC Ricoh Company, Ltd (ADR) 138.3 12,696.6 5,257.3 2.4 * LXK NYSE Lexmark International Group, Inc. 127.5 8,157.1 701.0 11.6 * -------------------------------------------------------------------------------------- Average 2.0 x ====================================================================================== U.S. Copiers ------------ LR NYSE Lanier Worldwide, Inc. 83.0 $88.2 $155.7 0.6 x IKN NYSE Ikon Office Solutions 145.9 720.2 1,445.0 0.5 DANKY OTC Danka Business Systems 59.2 133.1 168.9 0.8 GISX OTC Global Imaging Systems, Inc. 18.1 125.8 113.9 1.1 XRX NYSE Xerox Corporation 666.8 10,626.4 4,591.0 2.3 -------------------------------------------------------------------------------------- Average 1.1 x ====================================================================================== -------------------------------------------------------------------------------------- Combined Average 1.5 x ====================================================================================== NYSE OPAL 14.3 $70.8 $10.2 7.0 x
---------- Note NA indicates data is not available, NM indicates data is not meaningful; * indicates multiple is excluded from calculations; F indicates Fiscal Year Estimate. (1) Earnings estimates are from First Call as of September 07, 2000 except Opal, which are provided by management of Opal. (2) Shares outstanding are reported as of April 30, 2000. PROJECT OPAL Analysis of Comparable Public Companies (in millions, except per share data and ratios)
LTM -------------------------------------- Total Total Enterprise Company Debt Cash(1) Value (2) Revenues EBIT EBITDA ------------------------------------ ------- --------- ------------ ---------- ------ -------- Printer Companies ----------------- Encad, Inc $0.0 $15.5 $23.8 $109.0 ($2.1) $0.6 Printronix, Inc. 21.5 13.5 85.2 185.1 12.6 21.0 Transact Technologies Incorporated 8.1 0.4 51.1 48.1 (0.5) 1.9 Electronics for Imaging, Inc. 3.3 456.3 1,039.7 609.6 133.9 (4) 148.2 (4) Canon, Inc. (ADR) 3,550.0 4,809.0 36,819.0 27,865.2 2,195.8 3,750.0 Hewlett-Packard Company 5,015.0 5,052.0 123,404.1 46.881.0 3,843.0 5,440.1 Ricoh Company, Ltd. (ADR) 5,001.2 1,085.8 16,612.0 14,050.1 863.3 1,464.7 Lexmark International Group, Inc. 200.6 52.6 8.305.1 3,632.7 495.1 578.4 -------------------------------------------------------------------------------------------------------------------- Average ==================================================================================================================== U.S. Copies ----------- Lanier Worldwide, Inc. $677.9 $10.3 $755.8 $1,382.4 $98.4 $202.1 Ikon Office Solutions 3,514.2 49.2 4,185.1 5,497.8 261.4 (5) 456.5 (5) Danka Business Systems 804.0 53.9 883.2 2,390.1 95.2 (6) 255.4 (6) Global Imaging Systems, Inc. 259.9 2.4 383.3 510.1 52.3 71.3 Xerox Corporation 17,061.0 0.1 27,687.3 19,185.0 1,344.0 (7) 2,317.0 (7) -------------------------------------------------------------------------------------------------------------------- Average ==================================================================================================================== -------------------------------------------------------------------------------------------------------------------- Combined Average ==================================================================================================================== OPAL $93.0 $4.0 $159.0 $288.8 ($9.2) (8) $6.6 (8) LTM Enterprise Value/LTM ------------------------------------------------------ --------------------------------- Tax EDIT EBITDA Company Cash Flow (3) Rate Margin Margin Revenues EBIT EBITDA ------------------------------------ --------------- ------ -------- -------- ---------- ------ -------- Printer Companies ----------------- Encad, Inc ($1.1) 23.0% (1.9%) 0.6% 0.2 x NM x 36.9 x Printronix, Inc. 7.9 32.9% 6.8% 11.3% 0.5 6.8 4.1 Transact Technologies Incorporated (1.7) 23.9% (1.1%) 3.9% 1.1 NM 27.5 * Electronics for Imaging, Inc. 134.2 33.0% 22.0% 24.3% 1.7 7.8 7.0 Canon, Inc. (ADR) 2,980.4 53.0% * 7.9% 13.5% * 1.3 * 16.8 * 9.8 * Hewlett-Packard Company 3,972.1 26.0% 8.2% 11.6% 2.6 * 32.1 * 22.7 * Ricoh Company, Ltd. (ADR) 912.0 40.3% * 6.1% * 10.4% 1.2 * 19.2 * 11.3 * Lexmark International Group, Inc. 309.0 30.6% 13.6% 15.9% 2.3 * 16.8 * 14.4 * ----------------------------------------------------------------------------------------------------------------------------------- Average 28.2% 7.9% 11.3% 0.9 * 7.3 x 5.5 x =================================================================================================================================== U.S. Copies ----------- Lanier Worldwide, Inc. $100.1 35.5% 7.1% 14.6% O.5 x 7.7 x 3.7 x Ikon Office Solutions 354.6 57.4% 4.8% * 8.3% 0.8 16.0 9.2 Danka Business Systems 137.5 28.0% 4.0% 10.7% 0.4 9.3 3.5 Global Imaging Systems, Inc. 60.6 44.8% 10.3% 14.0% 0.8 7.3 5.4 Xerox Corporation 1,715.0 31.0% 7.0% 12.1% 1.4 20.6 11.9 ----------------------------------------------------------------------------------------------------------------------------------- Average 39.3% 6.6% 11.9% 0.8 x 12.2 x 6.7 x =================================================================================================================================== ----------------------------------------------------------------------------------------------------------------------------------- Combined Average 33.3% 7.3% 11.6% 0.8 x 10.8 x 6.4 x =================================================================================================================================== OPAL ($18.6) (9) 4.8% (3.2%) 2.3% 0.6 x NM x 24.1 x Enterprise Value/LTM 3 Year CAGR --------------- ----------------------- Net Company Cash Flow (3) Revenues Income ------------------------------------ --------------- ---------- -------- Printer Companies ----------------- Encad, Inc NM x (11.1%) (58.1%) Printronix, Inc. 10.7 5.7% (16.8%) Transact Technologies Incorporated NM (12.3%) (74.3%) Electronics for Imaging, Inc. 7.7 23.6% 17.5% Canon, Inc. (ADR) 12.4 * 10.0% (13.2%) * Hewlett-Packard Company 31.1 * 9.3% 5.8% Ricoh Company, Ltd. (ADR) 18.2 * 4.1% * (19.0%) Lexmark International Group, Inc. 26.9 * 17.7% 46.2% ---------------------------------------------------------------------------------- Average 9.2 x 5.5% (13.3%) ================================================================================== U.S. Copies ----------- Lanier Worldwide, Inc. 7.5 x 10.6% (16.8%) Ikon Office Solutions 11.8 3.8% (31.6%) Danka Business Systems 6.4 17.7% NM Global Imaging Systems, Inc. 6.3 69.8% 87.8% Xerox Corporation 16.1 2.9% (1.0%) ---------------------------------------------------------------------------------- Average 9.6 x 21.0% 9.6% ================================================================================== ---------------------------------------------------------------------------------- Combined Average 9.5 x 12.5% (4.1%) ================================================================================== OPAL NM x 34.8% NM
Note NA indicate, data is not available, NM indicate, data is not meaningful, * indicates multiple is excluded from calculation, F indicates Fical Year Estimate. (1) Total cash includes cash and cash equivalents plus short term investments. (2) Enterprise value equals market value plus total debt less cash and cash equivalents. (3) Cash Flow equals EBITDA less capital expenditures. (4) Excludes approximately $1.4 million in merger-related expenditures. (5) Excludes approximately $101.1 million in shareholder litigation settlement and $105.3 million in restructuring and asset impairment charges. (6) Excludes approximately $l2.3 million in restructuring charge credits. (7) Excludes approximately $27.0 million of Tektronix in-process research and development, $21.0 million gain on the affiliate's sale of stock, $504.0 million restructuring charge and asset impairments and $115.0 million in Mexico provision. (8) Excludes tax adjusted one time items, using LTM tax rate. (9) Latest twelve months of capital expenditures as of March 31, 2000. PROJECT OPAL Analysis of Comparable Merger and Acquisition Transactions Valuation Summary - All Transactions ($ in thousands, except per share data) --------------------------------------------------------------------------------
Implied LTM Number of Implied Implied Equity Operating Comparable Average Enterprise Equity Per Valuation Parameter Results (1) Transactions Multiples Value Value (2) Share (3) Weighting ------------------------------- ----------- ------------ --------- ---------- --------- --------- --------- Enterprise Value/LTM Revenues $288,825 12 1.2 x $351,345 $261,676 $18.26 20.0% Enterprise Value/LTM EBITDA 6,639 9 8.7 57,502 -- -- 15.0% Enterprise Value/LQA EBITDA (4) 18,469 9 8.7 159,974 70,305 4.91 25.0% Enterprise Value/LTM EBITDA - CAPEX (18,559) 6 9.9 NM -- -- 10.0% Enterprise Value/LTM EBIT (9,211) 7 11.0 NM -- -- 10.0% Market Value/LTM Net Income (Loss) (21,458) 7 16.7 NA -- -- 15.0% Market Value/LTM Book Value 10,159 14 2.7 117,017 27,348 1.91 5.0% ----------------------------------------------- Average $51,333 $3.58 Weighted Average 71,279 4.97 Median NM NM High 261,676 18.26 Low NM NM -----------------------------------------------
---------- (1) Latest twelve months operating results are for the twelve months ended June 30, 2000. (2) Reflects net debt (total debt less cash and cash equivalents) of approximately $89.7 million as of June 30, 2000. (3) Based on 14,331,202 diluted shares outstanding as of June 30, 2000 (assumes a stock price of $6.00 for the treasury stock method). (4) Annualized EBITDA from quarter ended June 30, 2000. PROJECT OPAL Valuation Summary - Key Peer Transactions ($ in thousands, except per share data) --------------------------------------------------------------------------------
Implied LTM Number of Implied Implied Equity Operating Comparable Average Enterprise Equity Per Valuation Parameter Results (1) Transactions Multiples Value Value (2) Share (3) Weighting ------------------------------- ----------- ------------ --------- ---------- --------- --------- --------- Enterprise Value/LTM Revenues $288,825 3 1.1 x $306,908 $217,239 $15.16 15.0% Enterprise Value/LTM EBITDA 6,639 3 9.3 61,922 -- -- 10.0% Enterprise Value/LQA EBITDA (4) 18,469 3 9.3 172,272 82,603 5.76 20.0% Enterprise Value/LTM EBITDA - CAPEX (18,559) 1 11.8 NM -- -- 5.0% Enterprise Value/LTM EBIT (9,211) 2 10.5 NM -- -- 10.0% Market Value/LTM Net Income (Loss) (21,458) 2 12.6 NA -- -- 15.0% Market Value/Forward Net Income 7,757 3 16.6 NA 129,033 9.00 20.0% Market Value/LTM Book Value 10,159 3 1.9 NA 19,537 1.36 5.0% ----------------------------------------------- Average $39,463 $2.75 Weighted Average 75,890 5.30 Median NM NM High 217,239 15.16 Low NM NM -----------------------------------------------
---------- (1) Latest twelve months operating results are for the twelve months ended June 30, 2000. (2) Reflects net debt (total debt less cash and cash equivalents) of approximately $89.7 million as of June 30, 2000. (3) Based on 14,331,202 diluted shares outstanding as of June 30, 2000 (assumes a stock price of $6.00 for the treasury stock method). (4) Annualized EBITDA from quarter ended June 30, 2000. PROJECT OPAL Analysis of Comparable Merger and Acquisition Transactions - All Transactions ($ in millions) --------------------------------------------------------------------------------
Date Equity Announced Acquiror Target Target Business Description Value(l) ---------- ----------------------------- ------------------------------ ------------------------------------- -------- 03/21/00 Zebra Technologies Corp Comtec Information Systems Inc Manufacture portable printing devices $88.7 09/22/99 Xerox Corp Tektronix Inc-Color Printing Manufacture color inkjet printers 925.0 07/14/99 Electronics for Imaging, Inc. Management Graphics Inc Manufacture digital imaging products 27.9 06/08/99 Minolta Co Ltd QMS Inc Manufacture printing processors 66.9 05/14/99 Investor Group Kemtek Information Systems Inc Manufacture mid range printers 42.0 03/09/99 Anchor Gaming Powerhouse Technologies Manufacture video lottery systems 222.4 01/07/99 Illinois Tool Works Trident International Manufacture printing machinery 110.2 12/17/98 Pinnacle Systems Truevision Manufacture color imaging products 11.5 12/11/98 ACS Electronics Technology 80 Manufacture computer card systems 9.7 10/06/98 Gretag Imaging Group Raster Graphics Manufacture computer plotters 12.8 07/10/98 Zebra Technologies Eltron International Manufacture computer printers 210.5 04/22/98 Evans & Sutherland Computer AccelGraphics Manufacture graphics accelerators 51.9 03/06/98 ASK AS Proxima, Corporation Manufacture PC liq crys display prods 79.8 01/16/98 International Verifact Checkmate Electronics Manufacture, whl payment systems 47.2 07/15/97 Axiohm SA DH Technology Manufacture, whl computer printers 199.4 01/22/97 Western Atlas Norand Corporation Manufacture electronic info systems 269.9 06/11/96 Robotic Vision Systems Computer Identics Manufacture bar code scanners 42.0 Equity Value / LTM -------------------- Enterprise Value / LTM Date Enterprise Book --------------------------------------------- Announced Acquirer Value(1) Net Income Value Revenues EBIT EBITDA Cash Flow(2) ---------- ---------------------------- ----------- ---------- ----- -------- ---- ------ ------------ 03/21/00 Zebra Technologies Corp $88.4 9.3 x 4.7 x 1.53 x 8.9 x 8.2 x 9.5 x 09/22/99 Xerox Corp 1160.4 659.8 * 1.5 0.62 48.1 * 11.6 287.1 * 07/14/99 Electronics for Imaging, Inc NA NA NA NA NA NA NA 06/08/99 Minolta Co Ltd 78.6 146.3 * 2.6 * 0.55 * 88.1 * 7.1 * 8.2 * 05/14/99 Investor Group 32.9 8.1 0.9 0.86 10.8 7.5 11.8 03/09/99 Anchor Gaming 262.2 48.6 * 2.5 1.30 27.4 * 9.0 321.3 * 01/07/99 Illinois Tool Works 89.7 15.7 2.7 2.73 * 8.8 7.9 8.5 12/17/98 Pinnacle Systems 8.0 22.8 1.2 0.23 * 14.1 4.3 5.2 12/11/98 ACS Electronics 8.0 18.5 1.2 1.53 12.6 11.7 13.5 10/06/98 Gretag Imaging Group 11.6 NM 21.6 * 0.25 * NM NM NM 07/10/98 Zebra Technologies 199.9 17.1 3.3 1.71 10.1 8.9 23.5 * 04/22/98 Evans & Sutherland Computer 35.2 NM 2.1 1.09 NM NM NM 03/06/98 ASK AS 49.9 NM 1.2 0.37 NM NM NM 01/16/98 International Verifact 43.6 NM 1.6 1.30 NM 27.6 * NM 07/15/97 Axiohm SA 156.4 25.4 2.6 1.52 11.3 8.9 10.7 01/22/97 Western Atlas 316.1 NM 6.3 1.31 129.8 * 23.2 * NM 06/11/96 Robotic Vision Systems 40.8 79.1 * 5.8 1.45 76.1 * 38.8 * 155.3 * All Transactions: ------------------------------------------------------------------------------------- Average 16.7 x 2.7 x 1.22 x 11.0 x 8.7 x 9.9 x Median 17.1 2.3 1.22 11.1 8.9 10.1 High 25.4 6.3 1.71 14.1 11.7 13.5 Low 8.1 0.9 0.37 8.8 4.3 5.2 ------------------------------------------------------------------------------------- Key Peers Transactions (3): ------------------------------------------------------------------------------------- Average 12.6 x 1.9 x 1.06 x 10.5 x 9.3 x 11.8 x Median 12.6 1.5 0.86 10.5 8.9 11.8 High 17.1 3.3 1.71 10.8 11.6 11.8 Low 8.1 0.9 0.62 10.1 7.5 11.8 -------------------------------------------------------------------------------------
---------- Note: Includes completed and pending transactions. NA indicates data is not available; NM indicates data is not meaninful; * indicates multiple is excluded from calculations Source: SDC as of July 27, 2000. (1) Enterprise value equals equity value plus total debt less cash and cash equivalents. (2) Cash Flow equals EBITDA minus capital expenditures. (3) Key peers transactions denoted in bold. PROJECT OPAL Discounted Cash Flow Analysis Valuation Summary - Base Case ($ in thousands, except per share data) -------------------------------------------------------------------------------- Terminal Value EBITDA Multiples (1) ----------------------------------------------------- 6x 7x 8x 9x 10x -------- -------- -------- -------- -------- 22% $187,425 $208,967 $230,510 $252,053 $273,596 -------- 23% 181,213 201,894 222,575 243,256 263,938 Discount 24% 175,282 195,143 215,003 234,864 254,725 Rates(2) 25% 169,617 188,696 207,775 226,854 245,933 26% 164,205 182,538 200,872 219,206 237,539 -------- 27% 159,030 176,654 194,277 211,900 229,523 ------------------------------------ Implied Enterprise Value $211,556 Less: Net Debt (3) $ 89,669 Implied Equity Value $121,887 Per Share (4) $ 8.51 ==================================== ---------- (1) Based on EBITDA multiples from Analysis of Comparable Public Companies and Analysis of Comparable Merger and Acquisition Transactions. (2) Based on current market conditions and Analysis of Comparable Public Companies. (3) Reflects net debt (total debt less cash and cash equivalents) as of June 30, 2000. (4) Based on 14,331,202 diluted shares outstanding as of June 30, 2000 (assumes a stock price of $6.00 for the treasury stock method). PROJECT OPAL Discounted Cash Flow Analysis - Base Case (1) ($ in thousands) --------------------------------------------------------------------------------
Fiscal Year Ending March 31, (2) ---------------------------------------------------------------- 2000E 2001E 2002E 2003E 2004E --------- --------- --------- --------- --------- Revenues $ 358,936 $ 427,686 $ 510,117 $ 607,039 $ 698,095 Revenue Growth 19.2% 19.3% 19.0% 15.0% EBITDA 29,016 34,732 43,643 52,396 58,224 EBITDA Margin 8.1% 8.1% 8.6% 8.6% 8.3% EBIT 8,534 15,286 24,826 34,725 40,553 Income Tax Rate 35.0% 35.0% 35.0% 35.0% 35.0% Cash Sources: Earnings Before Interest and After Tax 5,547 9,936 16,137 22,572 26,359 Depreciation and Amortization Expense 20,482 19,446 18,817 17,671 17,671 --------- --------- --------- --------- --------- Total Cash Sources 26,029 29,382 34,954 40,243 44,030 --------- --------- --------- --------- --------- Cash Uses: Capital Expenditures 11,828 11,160 11,166 11,169 11,169 Increase in Working Capital (23,527)(3) 9,967 11,934 11,193 13,680 --------- --------- --------- --------- --------- Total Cash Uses (11,699) 21,127 23,100 22,362 24,849 --------- --------- --------- --------- --------- Free Cash Flow $ 37,728 $ 8,255 $ 11,854 $ 17,881 $ 19,181 ========= ========= ========= ========= =========
---------- (1) Projections have been provided by the management of Opal. (2) Fiscal years end March 31 of the following year (i.e. Fiscal Year 2000E ends March 31, 2001). (3) Based on pro forma balance sheet as of May 7, 1999. PROJECT OPAL Discounted Cash Flow Analysis Valuation Summary - Downside Case ($ in thousands, except per share data) -------------------------------------------------------------------------------- Terminal Value EBITDA Multiples (1) ----------------------------------------------------- 6x 7x 8x 9x 10x -------- -------- -------- -------- -------- 18% $130,531 $148,199 $165,867 $183,535 $201,203 19% 125,844 142,782 159,720 176,659 193,597 Discount 20% 121,382 137,626 153,870 170,115 186,359 Rates(2) 21% 117,133 132,717 148,300 163,884 179,468 22% 113,084 128,039 142,995 157,950 172,906 23% 109,224 123,581 137,939 152,296 166,653 ------------------------------------ Implied Enterprise Value $151,222 Less: Net Debt (3) $ 89,669 Implied Equity Value $ 61,553 Per Share (4) $ 4.30 ==================================== ---------- (1) Based on EBITDA multiples from Analysis of Comparable Public Companies and Analysis of Comparable Merger and Acquisition Transactions. (2) Based on current market conditions and Analysis of Comparable Public Companies. (3) Reflects net debt (total debt less cash and cash equivalents) as of June 30, 2000. (4) Based on 14,331,202 diluted shares outstanding as of June 30, 2000 (assumes a stock price of $6.00 for the treasury stock method). PROJECT OPAL Discounted Cash Flow Analysis - Downside Case (1) ($ in thousands) --------------------------------------------------------------------------------
Fiscal Year Ending March 31, (2) ---------------------------------------------------------------- 2000E 2001E 2002E 2003E 2004E --------- --------- --------- --------- --------- Revenues $ 331,929 $ 381,718 $ 438,976 $ 504,823 $ 580,546 Revenue Growth 15.0% 15.0% 15.0% 15.0% EBITDA 16,256 20,022 25,270 31,965 40,421 EBITDA Margin 4.9% 5.2% 5.8% 6.3% 7.0% EBIT 1,660 5,726 10,974 17,669 26,125 Income Tax Rate 35.0% 35.0% 35.0% 35.0% 35.0% Cash Sources: Earnings Before Interest and After Tax 1,079 3,722 7,133 11,485 16,981 Depreciation and Amortization Expense 14,596 14,296 14,296 14,296 14,296 --------- --------- --------- --------- --------- Total Cash Sources 15,675 18,018 21,429 25,781 31,277 --------- --------- --------- --------- --------- Cash Uses: Capital Expenditures 11,828 11,160 11,166 11,169 11,169 Increase in Working Capital (23,527)(3) 9,967 11,934 11,193 13,680 --------- --------- --------- --------- --------- Total Cash Uses (11,699) 21,127 23,100 22,362 24,849 --------- --------- --------- --------- --------- Free Cash Flow $ 27,374 ($3,109) ($1,671) $ 3,419 $ 6,428 ========= ========= ========= ========= =========
---------- (1) Projections have been provided by the management of Opal. (2) Fiscal years end March 31 of the following year (i.e. Fiscal Year 2000E ends March 31, 2001). (3) Based on pro forma balance sheet as of May 7, 1999. PROJECT OPAL NOL Valuation - United States at Change of Control ($ in millions) -------------------------------------------------------------------------------- ----------------------------------------------------------------- NOL Amount US$ 38.9 Value of Equity at Change of Control US$ 70.3 NOL expiration 2007 to 2013 NOL availability in years 13 30 Year Treasury Bond (09/07/00) 5.71% =================================================================
Year 2000 2001 2002 2003 2004 2005 2006 2007 --------- --------- --------- --------- --------- --------- --------- --------- Remaining NOL US$ 38.9 US$ 34.9 US$ 30.9 US$ 26.9 US$ 22.8 US$ 18.8 US$ 14.8 US$ 10.8 --------- --------- --------- --------- --------- --------- --------- --------- Amount to reduce net income US$ 4.0 US$ 4.0 US$ 4.0 US$ 4.0 US$ 4.0 US$ 4.0 US$ 4.0 US$ 4.0 --------- --------- --------- --------- --------- --------- --------- --------- Tax rate 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% After tax amount of NOL US$ 2.61 US$ 2.61 US$ 2.61 US$ 2.61 US$ 2.61 US$ 2.61 US$ 2.61 US$ 2.61 ========= ========= ========= ========= ========= ========= ========= ========= Year 2008 2009 2010 2011 2012 2013 --------- --------- --------- --------- --------- --------- Remaining NOL US$ 6.8 US$ 2.8 US$ 0.0 US$ 0.0 US$ 0.0 US$ 0.0 --------- --------- --------- --------- --------- --------- Amount to reduce net income US$ 4.0 US$ 2.8 US$ 0.0 US$ 0.0 US$ 0.0 US$ 0.0 --------- --------- --------- --------- --------- --------- Tax rate 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% After tax amount of NOL US$ 2.61 US$ 1.79 US$ 0.00 US$ 0.00 US$ 0.00 US$ 0.00 ========= ========= ========= ========= ========= =========
------------------------------------------ Discount rate (1) 24.5% NPV US$ $ 9.4 NPV, per share (2) US$ $0.65 ========================================== ---------- (1) Based on current market conditions and Analysis of Comparable Public Companies. (2) Based on 14,331,202 diluted shares outstanding as of June 30, 2000 (assumes a stock price of $6.00 for the treasury stock method). PROJECT OPAL NOL Valuation - United States ($ in millions) ------------------------------------------------------------------------------- ----------------------------------------------------------------- NOL Amount US $17.3 NOL expiration 2007 to 2019 NOL availability in years 19 30 Year Treasury Bond (09/07/00) 5.71% =================================================================
Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 -------- -------- -------- -------- -------- -------- -------- -------- -------- Remaining NOL US$ 17.3 US$ 16.3 US$ 15.4 US$ 14.5 US$ 13.7 US$ 12.9 US$ 12.2 US$ 11.5 US$ 10.8 -------- -------- -------- -------- -------- -------- -------- -------- -------- Amount to reduce net income US$ 1.0 US$ 0.9 US$ 0.9 US$ 0.8 US$ 0.8 US$ 0.7 US$ 0.7 US$ 0.7 US$ 0.6 -------- -------- -------- -------- -------- -------- -------- -------- -------- Tax rate 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% After tax amount of NOL US$ 0.64 US$ 0.61 US$ 0.57 US$ 0.54 US$ 0.51 US$ 0.48 US$ 0.45 US$ 0.43 US$ 0.40 ======== ======== ======== ======== ======== ======== ======== ======== ======== Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 -------- -------- -------- -------- -------- -------- -------- -------- -------- Remaining NOL US$ 10.2 US$ 9.6 US$ 9.1 US$ 8.5 US$ 8.1 US$ 7.6 US$ 7.2 US$ 6.8 US$ 6.4 -------- -------- -------- -------- -------- -------- -------- -------- -------- Amount to reduce net income US$ 0.6 US$ 0.5 US$ 0.5 US$ 0.5 US$ 0.5 US$ 0.4 US$ 0.4 US$ 0.4 US$ 0.4 -------- -------- -------- -------- -------- -------- -------- -------- -------- Tax rate 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% After tax amount of NOL US$ 0.38 US$ 0.36 US$ 0.34 US$ 0.32 US$ 0.30 US$ 0.28 US$ 0.27 US$ 0.25 US$ 0.24 ======== ======== ======== ======== ======== ======== ======== ======== ======== Year 2018 2019 -------- -------- Remaining NOL US$ 6.0 US$ 5.7 -------- -------- Amount to reduce net income US$ 0.3 US$ 0.3 -------- -------- Tax rate 35.0% 35.0% After tax amount of NOL US$ 0.22 US$ 0.21 ======== ========
----------------------------------------- Discount rate (1) 24.5% NPV US$ $ 2.1 NPV, per share(2) US$ $ 0.15 ========================================= ---------- (1) Based on current market conditions and Analysis of Comparable Public Companies. (2) Based on 14,331,202 diluted shares outstanding as of June 30, 2000 (assumes a stock price $6.00 for the treasury stock method). PROJECT OPAL NOL Valuation - Canada ($ in millions) -------------------------------------------------------------------------------- ----------------------------------------------------------------- NOL Amount CAD 5.1 NOL expiration 2000 to 2019 NOL availability in years 19 30 Year treasury Bond (09/07/00) 5.71% =================================================================
Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 -------- -------- -------- -------- -------- -------- -------- -------- -------- Remaining NOL CAD 5.1 CAD 4.8 CAD 4.6 CAD 4.3 CAD 4.1 CAD 3.8 CAD 3.6 CAD 3.4 CAD 3.2 -------- -------- -------- -------- -------- -------- -------- -------- -------- Amount to reduce net income CAD 0.3 CAD 0.3 CAD 0.3 CAD 0.2 CAD 0.2 CAD 0.2 CAD 0.2 CAD 0.2 CAD 0.2 -------- -------- -------- -------- -------- -------- -------- -------- -------- Tax rate 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% After tax amount of NOL CAD 0.19 CAD 0.18 CAD 0.17 CAD 0.16 CAD 0.15 CAD 0.14 CAD 0.13 CAD 0.13 CAD 0.12 ======== ======== ======== ======== ======== ======== ======== ======== ======== Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 -------- -------- -------- -------- -------- -------- -------- -------- -------- Remaining NOL CAD 3.0 CAD 2.8 CAD 2.7 CAD 2.5 CAD 2.4 CAD 2.3 CAD 2.1 CAD 2.0 CAD 1.9 -------- -------- -------- -------- -------- -------- -------- -------- -------- Amount to reduce net income CAD 0.2 CAD 0.2 CAD 0.2 CAD 0.1 CAD 0.1 CAD 0.1 CAD 0.1 CAD 0.1 CAD 0.1 -------- -------- -------- -------- -------- -------- -------- -------- -------- Tax rate 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% After tax amount of NOL CAD 0.11 CAD 0.11 CAD 0.10 CAD 0.09 CAD 0.09 CAD 0.08 CAD 0.08 CAD 0.07 CAD 0.07 ======== ======== ======== ======== ======== ======== ======== ======== ======== Year 2018 2019 -------- -------- Remaining NOL CAD 1.8 CAD 1.7 -------- -------- Amount to reduce net income CAD 0.1 CAD 0.1 -------- -------- Tax rate 35.0% 35.0% After tax amount of NOL CAD 0.07 CAD 0.06 ========= =========
-------------------------------------- Discount rate (1) 24.5% NPV(2) US$ $ 0.4 NPV per share.(2,3) US$ $ 0.03 ====================================== ---------- (1) Based on current market conditions and Analysis of Comparable Public Companies. (2) Based on a Canadian exchange rate of 0.675 to the U.S. dollar from Bloomberg as of September 7, 2000. (3) Based on 14,331,202 diluted shares outstanding as of June 30, 2000 (assumes a stock price of $6.00 for the treasury stock method). PROJECT OPAL NOL Valuation - Europe ($ in million) -------------------------------------------------------------------------------- ----------------------------------------------------------------- NOL Amount EUR 7.7 NOL expiration 2007 to 2019 NOL availability in years 19 30 Year Treasury Bond (09/07/00) 5.71% =================================================================
Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 -------- -------- -------- -------- -------- -------- -------- -------- -------- Remaining NOL EUR 7.7 EUR 7.3 EUR 6.8 EUR 6.5 EUR 6.1 EUR 5.7 EUR 5.4 EUR 5.1 EUR 4.8 -------- -------- -------- -------- -------- -------- -------- -------- -------- Amount to reduce net income EUR 0.4 EUR 0.4 EUR 0.4 EUR 0.4 EUR 0.3 EUR 0.3 EUR 0.3 EUR 0.3 EUR 0.3 -------- -------- -------- -------- -------- -------- -------- -------- -------- Tax rate 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% After tax amount of NOL EUR 0.29 EUR 0.27 EUR 0.25 EUR 0.24 EUR 0.23 EUR 0.21 EUR 0.20 EUR 0.19 EUR 0.18 ======== ======== ======== ======== ======== ======== ======== ======== ======== Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 -------- -------- -------- -------- -------- -------- -------- -------- -------- Remaining NOL EUR 4.5 EUR 4.3 EUR 4.0 EUR 3.8 EUR 3.6 EUR 3.4 EUR 3.2 EUR 3.0 EUR 2.8 -------- -------- -------- -------- -------- -------- -------- -------- -------- Amount to reduce net income EUR 0.3 EUR 0.2 EUR 0.2 EUR 0.2 EUR 0.2 EUR 0.2 EUR 0.2 EUR 0.2 EUR 0.2 -------- -------- -------- -------- -------- -------- -------- -------- -------- Tax rate 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% After tax amount of NOL EUR 0.17 EUR 0.16 EUR 0.15 EUR 0.14 EUR 0.13 EUR 0.13 EUR 0.12 EUR 0.11 EUR 0.11 ======== ======== ======== ======== ======== ======== ======== ======== ======== Year 2018 2019 --------- -------- Remaining NOL EUR 2.7 EUR 2.5 --------- -------- Amount to reduce net income EUR 0.2 EUR 0.1 --------- -------- Tax rate 35.0% 35.0% After tax amount of NOL EUR 0.10 EUR 0.09 ========= ========
-------------------------------------- Discount rate(1) 24.5% NPV (2) US$ $ 0.8 NPV, per share(2,3) US$ $ 0.06 ====================================== ---------- (1) Based on current market conditions and Analysis of Comparable Public Companies. (2) Based on a Euro exchange rate of 0.8786 to the US dollar from Bloomberg as of September 7, 2000 (3) Based on 14,331,202 diluted shares outstanding as of June 30, 2000 (assumes a stock price of $6.00 for the treasury stock method.) PROJECT OPAL NOL Valuation - Japan ($ in millions) -------------------------------------------------------------------------------- ----------------------------------------------------------------- NOL Amount JPY 178.0 NOL expiration 2007 to 2019 NOL availability in years 19 30 Year Tresury Bond (09/07/00) 5.71% =================================================================
Year 2000 2001 2002 2003 2004 2005 2006 2007 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Remaining NOL JPY 178.0 JPY 167.9 JPY 158.3 JPY 149.3 JPY 140.7 JPY 132.7 JPY 125.1 JPY 118.0 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Amount to reduce net income JPY 10.2 JPY 9.6 JPY 9.0 JPY 8.5 JPY 8.0 JPY 7.6 JPY 7.1 JPY 6.7 ---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- Tax rate 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% After tax amount of NOL JPY 6.61 JPY 6.23 JPY 5.88 JPY 5.54 JPY 5.22 JPY 4.93 JPY 4.64 JPY 4.38 ========== ========== ========== ========== ========== ========== ========== ========== Year 2008 2009 2010 2011 2012 2013 2014 2015 ---------- ---------- ---------- --------- --------- --------- --------- --------- Remaining NOL JPY 111.2 JPY 104.9 JPY 98.9 JPY 93.3 JPY 87.9 JPY 82.9 JPY 78.2 JPY 73.7 ---------- ---------- ---------- --------- --------- --------- --------- --------- Amount to reduce net income JPY 6.4 JPY 6.0 JPY 5.6 JPY 5.3 JPY 5.0 JPY 4.7 JPY 4.5 JPY 4.2 ---------- ---------- ---------- --------- --------- --------- --------- --------- Tax rate 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% After tax amount of NOL JPY 4.13 JPY 3.89 JPY 3.67 JPY 3.46 JPY 3.26 JPY 3.08 JPY 2.90 JPY 2.74 ========== ========== ========== ========= ========= ========= ========= ========= Year 2016 2017 2018 2019 --------- --------- --------- --------- Remaining NOL JPY 69.5 JPY 65.5 JPY 61.8 JPY 58.3 --------- --------- --------- --------- Amount to reduce net income JPY 4.0 JPY 3.7 JPY 3.5 JPY 3.3 --------- --------- --------- --------- Tax rate 35.0% 35.0% 35.0% 35.0% After tax amount of NOL JPY 2.58 JPY 2.43 JPY 2.29 JPY 2.16 ========= ========= ========= =========
-------------------------------------- Discount rate(1) 24.5% NPV (2) US$ $ 0.2 NPV, per share (2,3) US$ $ 0.01 ====================================== ---------- (1) Based on current market conditions and Analysis of Comparable Public Companies. (2) Based on Yen exchange rate of 0.0095 to the U.S. dollar from Bloomberg as of September 7, 2000. (3) Based on 14,331,202 diluted shares outstanding as of June 30, 2000 (assumes a stock price of $6.00 for the treasury stock method.) PROJECT OPAL Analysis of Premiums Paid in Selected Minority Investments (1) Transactions Announced from January 1, 1997 to Present --------------------------------------------------------------------------------
Date Date Announced Effective Target Name Target Business Description --------- --------- ----------- --------------------------- 01/27/97 05/30/97 Revco DS Inc Own, operate drug store 02/26/97 07/02/97 Petrolite Corp Manufacture fuel additives, waxes 03/11/97 04/15/97 TPC Corp Pvd gas transmission services 04/08/97 06/12/97 Premiere Radio Networks Inc Own, op radio bdcstg stations 04/21/97 05/28/97 Goulds Pumps Inc Manufacture centrifugal pumps 05/06/97 01/05/98 Physicians Health Services Inc Own and operate HMO's 06/19/97 08/15/97 Advanced Logic Research Inc Manufacture microcomputer systems 06/20/97 06/20/97 Hugoton Energy Corp Oil and gas exploration, production 07/02/97 09/23/97 American Filtrona Corp Manufacture bonded fiber 09/26/97 09/26/97 Laclade Steel Co Own, operate steel moth 09/29/97 10/13/97 Metricom Inc Manufacture wireless common products 10/01/97 09/14/98 MCI Communications Corp Pvd telecommunication services 10/09/97 12/23/97 Melamine Chemicals Inc Manufacture melamine crystal 10/27/97 02/10/98 HomeSide Inc Mortgage bank 11/17/97 03/10/98 Shared Technologies Fairchild Inc Manufacture telecommunications equip 11/21/97 01/28/98 BDM International Inc Pvd comp info technology services 12/12/97 02/13/98 Impact Systems Inc Paper production control systems 01/08/98 07/23/98 Teleport Communications Group Inc Pvd telecommunication services 01/15/98 06/11/98 OHM Coop Operate hazardous matte sites 02/20/98 04/03/98 Brylane Inc Own, op mail-order house 03/23/98 07/28/98 Bristol Hotel Co Own operate hotels 03/27/98 03/27/98 Grand Prix Association Of Long Beach Inc Own, op motorsport facilities 04/20/98 09/15/98 Atria Communities Inc (Vencor Inc) Provide residential care services 05/04/98 06/29/98 Union Tam Petroleum Holdings Inc Oil and gas exploration, prodn 06/16/98 06/16/98 Whittaker Corp Manufacture pharmaceuticals 08/27/98 07/14/99 Capstar Broadcasting Corp Own and operate radio stations 09/21/98 09/21/98 China Pacific Inc Real estate development firm 10/22/98 03/31/99 Essex International Inc Manufacture, whl electrical wire prods 11/10/98 12/07/99 Planet Hollywood International Inc Own & operate restaurants 03/26/99 03/26/99 LXR Biotechnology Inc Pvd coml physical rsch services 03/29/99 03/29/99 Bluegreen Corp Real estate development firm 03/30/99 03/30/99 Microfield Graphic Inc Manufacture computer peripherals 04/19/99 05/27/99 Qwest Communications International Inc Pvd telephone commun services 06/28/99 10/25/99 Zenith National Insurance Corp Issuance company 10/04/99 10/04/99 Williams Industries Inc Construct and mnfr steel prod 11/29/99 11/29/99 Shorewood Packaging Corp Manufacture paperboard packaging prod 02/11/00 06/20/00 Cornerstone Properties Inc Real estate investment trust 03/14/00 06/20/00 Howmet International Inc (Cordant Technologies Inc) Manufacture investment engine parts Date Date Announced Effective Target Name Acquiror Name --------- --------- ----------- ------------- 01/27/97 05/30/97 Revco DS Inc CVS Corp 02/26/97 07/02/97 Petrolite Corp Baker Hughes Inc 03/11/97 04/15/97 TPC Corp PacifiCorp Holdings Inc (PacifiCorp) 04/08/97 06/12/97 Premiere Radio Networks Inc Jacor Communications Inc 04/21/97 05/28/97 Goulds Pumps Inc ITT Industries Inc 05/06/97 01/05/98 Physicians Health Services Inc Foundation Health Systems Inc 06/19/97 08/15/97 Advanced Logic Research Inc Gateway 2000 Inc 06/20/97 06/20/97 Hugoton Energy Corp Belco Oil & Gas Corp 07/02/97 09/23/97 American Filtrona Corp Bunzl PLC 09/26/97 09/26/97 Laclade Steel Co Birmingham Steel Corp 09/29/97 10/13/97 Metricom Inc Vulcan Ventures Inc 10/01/97 09/14/98 MCI Communications Corp WorldCom Inc 10/09/97 12/23/97 Melamine Chemicals Inc Borden Chemical Inc 10/27/97 02/10/98 HomeSide Inc National Australia Bank Ltd 11/17/97 03/10/98 Shared Technologies Fairchild Inc Intermedia Communications Inc 11/21/97 01/28/98 BDM International Inc TRW Inc 12/12/97 02/13/98 Impact Systems Inc Voith Sulzer Paper Technology North America Inc 01/08/98 07/23/98 Teleport Communications Group Inc AT&T Corp 01/15/98 06/11/98 OHM Coop International Technology Corp 02/20/98 04/03/98 Brylane Inc Redoute-Catalogue SA 03/23/98 07/28/98 Bristol Hotel Co Felcor Lodging Trust Inc 03/27/98 03/27/98 Grand Prix Association Of Long Beach Inc Dover Downs Entertainment Inc 04/20/98 09/15/98 Atria Communities Inc (Vencor Inc) Kapson Senior Quarters Corp 05/04/98 06/29/98 Union Tam Petroleum Holdings Inc Atlantic Richfield Co (ARCO) 06/16/98 06/16/98 Whittaker Corp Canpartners Investments IV 08/27/98 07/14/99 Capstar Broadcasting Corp Chancellor Media Corp 09/21/98 09/21/98 China Pacific Inc Great China Industries Ltd 10/22/98 03/31/99 Essex International Inc Superior Telecom Inc 11/10/98 12/07/99 Planet Hollywood International Inc Kingdom Planet Hollywood Ltd 03/26/99 03/26/99 LXR Biotechnology Inc Grace Brothers Ltd 03/29/99 03/29/99 Bluegreen Corp Morgan Stanley Real Estate Fund III 03/30/99 03/30/99 Microfield Graphic Inc Steelcase Inc 04/19/99 05/27/99 Qwest Communications International Inc BellSouth Corp 06/28/99 10/25/99 Zenith National Insurance Corp Fairfax Financial Holdings Ltd 10/04/99 10/04/99 Williams Industries Inc Kravata of Virginia Inc 11/29/99 11/29/99 Shorewood Packaging Corp Chesapeake Corp 02/11/00 06/20/00 Cornerstone Properties Inc Equity Office Properties Trust 03/14/00 06/20/00 Howmet International Inc (Cordant Technologies Inc) Alcoa Inc % of Date Date Shares Announced Effective Target Name Acquiror Business Description Acquired --------- --------- ----------- ----------------------------- -------- 01/27/97 05/30/97 Revco DS Inc Own and operate drug stores 19.0 02/26/97 07/02/97 Petrolite Corp Manufacture oil, gas field machinery 47.0 03/11/97 04/15/97 TPC Corp Pvd telephone commun services 22.5 04/08/97 06/12/97 Premiere Radio Networks Inc Own, op radio bdcstg stations 36.4 04/21/97 05/28/97 Goulds Pumps Inc Manufacture brakes and chassis sys 10.0 05/06/97 01/05/98 Physicians Health Services Inc Own, op HMO's holding company 27.0 06/19/97 08/15/97 Advanced Logic Research Inc Manufacture personal computers 42.0 06/20/97 06/20/97 Hugoton Energy Corp Oil and gas exploration, prodn 14.9 07/02/97 09/23/97 American Filtrona Corp Manufacture, whl paper, plastic prod 25.8 09/26/97 09/26/97 Laclade Steel Co Manufacture steel, steel prod 48.1 09/29/97 10/13/97 Metricom Inc Investment firm 23.4 10/01/97 09/14/98 MCI Communications Corp Pvd telecommunication services 19.7 10/09/97 12/23/97 Melamine Chemicals Inc Manufacture formaldehyde, resins 23.4 10/27/97 02/10/98 HomeSide Inc Bank, insurance co 26.0 11/17/97 03/10/98 Shared Technologies Fairchild Inc Pvd telecommunications services 23.3 11/21/97 01/28/98 BDM International Inc Elect equip, credit reporting 25.8 12/12/97 02/13/98 Impact Systems Inc Provide paper tech dvlp services 23.0 01/08/98 07/23/98 Teleport Communications Group Inc Own, op telecommunications sys 28.5 01/15/98 06/11/98 OHM Coop Pvd pollution engineering services 35.0 02/20/98 04/03/98 Brylane Inc Provide mail order services 47.5 03/23/98 07/28/98 Bristol Hotel Co Real estate investment trust 30.0 03/27/98 03/27/98 Grand Prix Association Of Long Beach Inc Own. op race track, casinos 14.6 04/20/98 09/15/98 Atria Communities Inc (Vencor Inc) Provide residential care services 37.6 05/04/98 06/29/98 Union Tam Petroleum Holdings Inc Oil and gas exploration, production 25.6 06/16/98 06/16/98 Whittaker Corp Investor group 17.6 08/27/98 07/14/99 Capstar Broadcasting Corp Own, op radio broadcasting sum 25.0 09/21/98 09/21/98 China Pacific Inc Manufacture steel products 36.2 10/22/98 03/31/99 Essex International Inc Manufacture copper wire/cable prod 48.0 11/10/98 12/07/99 Planet Hollywood International Inc Own, operate restaurants 14.2 03/26/99 03/26/99 LXR Biotechnology Inc Securities brokerage firm 21.0 03/29/99 03/29/99 Bluegreen Corp Pvd fund mgmt, fin advisory svc 17.3 03/30/99 03/30/99 Microfield Graphic Inc Manufacture office furniture, hardwar 21.6 04/19/99 05/27/99 Qwest Communications International Inc Pvd telecommunication services 20.0 06/28/99 10/25/99 Zenith National Insurance Corp Insurance company 38.4 10/04/99 10/04/99 Williams Industries Inc Investment company 17.3 11/29/99 11/29/99 Shorewood Packaging Corp Manufacture paper and pulp products 14.9 02/11/00 06/20/00 Cornerstone Properties Inc Real estate investment trust 30.0 03/14/00 06/20/00 Howmet International Inc (Cordant Technologies Inc) Manufacture, whl aluminum products 15.4 % Premium Prior to Announcement Date Date ------------------------------- Announced Effective Target Name 1 day 1 week 4 weeks --------- --------- ----------- ----- ------ ------- 01/27/97 05/30/97 Revco DS Inc 7.6% 11.5% 17.7% 02/26/97 07/02/97 Petrolite Corp 62.7 83.5 78.1 03/11/97 04/15/97 TPC Corp 52.2 65.0 55.5 04/08/97 06/12/97 Premiere Radio Networks Inc 17.4 19.2 19.2 04/21/97 05/28/97 Goulds Pumps Inc 61.7 57.4 60.9 05/06/97 01/05/98 Physicians Health Services Inc 23.5 27.0 51.7 06/19/97 08/15/97 Advanced Logic Research Inc 29.2 30.3 34.8 06/20/97 06/20/97 Hugoton Energy Corp (9.7) (2.3) (11.6) 07/02/97 09/23/97 American Filtrona Corp 8.8 2.2 3.4 09/26/97 09/26/97 Laclade Steel Co 106.5 106.5 106.5 09/29/97 10/13/97 Metricom Inc (4.9) (4.1) 16.6 10/01/97 09/14/98 MCI Communications Corp 103.0 101.0 94.3 10/09/97 12/23/97 Melamine Chemicals Inc 70.8 72.6 70.8 10/27/97 02/10/98 HomeSide Inc 14.7 12.1 7.3 11/17/97 03/10/98 Shared Technologies Fairchild Inc 66.7 106.9 163.7 11/21/97 01/28/98 BDM International Inc 31.1 43.5 38.0 12/12/97 02/13/98 Impact Systems Inc 57.1 49.2 44.3 01/08/98 07/23/98 Teleport Communications Group Inc (2.4) 1.7 17.0 01/15/98 06/11/98 OHM Coop 24.2 45.1 0.0 02/20/98 04/03/98 Brylane Inc 0.0 (1.9) 4.2 03/23/98 07/28/98 Bristol Hotel Co (11.1) (5.9) (0.9) 03/27/98 03/27/98 Grand Prix Association Of Long Beach Inc (5.3) 3.3 2.9 04/20/98 09/15/98 Atria Communities Inc (Vencor Inc) 2.5 7.3 (0.3) 05/04/98 06/29/98 Union Tam Petroleum Holdings Inc 41.5 46.8 36.5 06/16/98 06/16/98 Whittaker Corp (7.7) (9.0) (19.3) 08/27/98 07/14/99 Capstar Broadcasting Corp (6.1) (3.8) (17.8) 09/21/98 09/21/98 China Pacific Inc (19.7) (36.9) (26.4) 10/22/98 03/31/99 Essex International Inc 38.0 106.5* 69.5 11/10/98 12/07/99 Planet Hollywood International Inc 12.5 12.5 35.8 03/26/99 03/26/99 LXR Biotechnology Inc 14.3 6.7 6.7 03/29/99 03/29/99 Bluegreen Corp 51.1 38.8 32.0 03/30/99 03/30/99 Microfield Graphic Inc 35.8 16.1 20.0 04/19/99 05/27/99 Qwest Communications International Inc (42.4)* (48.0) (33.5) 06/28/99 10/25/99 Zenith National Insurance Corp 12.8 13.1 23.1 10/04/99 10/04/99 Williams Industries Inc (17.2) (14.3) (20.0) 11/29/99 11/29/99 Shorewood Packaging Corp 22.1 27.8 32.1 02/11/00 06/20/00 Cornerstone Properties Inc 21.3 21.8 16.4 03/14/00 06/20/00 Howmet International Inc (Cordant Technologies Inc) 13.5 12.8 14.3 -------------------------------------------------------------------------------------- AVERAGE 24.8% 24.7% 27.5% MEDIAN 16.1 14.6 18.5 ======================================================================================
---------- * - Excluded from average Source: SDC as of September 9, 2000 (1) Excludes transactions by Investor groups and shares acquired which equals less than 10%. VI. MergerStat Review Premiums PROJECT OPAL Summary of Recent Mergers and Acquisition Activity (dollars in millions)
1992 1993 1994 1995 1996 1997 1998 1999 AVERAGE ------- -------- -------- -------- -------- -------- ---------- ---------- ------- All Industries: --------------- Total Numberof Net Acquisition Announcements 2,574 2,663 2,997 3,510 5,848 7,800 7,809 9,278 Total Dollar Value Paid [1] $96,688 $176,400 $226,671 $356,016 $494,962 $657,063 $1,191,861 $1,425,885 Average Premium Paid Over Market [2] 41.0% 38.7% 41.9% 44.7% 36.6% 35.7% 40.7% 43.3% 40.3% Median Premium Paid Over Market [2] 34.7% 33.0% 35.0% 29.2% 27.3% 27.5% 30.1% 34.6% 31.4% Average Price/Earnings Ratio Paid 22.7 x 24.4 x 24.5 x 23.8 x 26.2 x 27.4 x 25.1 x 24.3 x 24.8 x Median Price/Earnings Ratio Paid 18.1 x 20.0 x 20.2 x 19.1 x 20.3 x 22.9 x 20.6 x 20.5 x 20.2 x ------
--------------- [1] Includes only transactions with a publicly disclosed purchase price. All statistics are based on the stock closing price one day prior to announcement. [2] Premium calculations are based on the seller's closing market price five business days before the initial annoucement and exclude negative premiums. Source: Mergerstat Review PROJECT OPAL Distribution of M&A Premiums Offered 1990 - 1999
Over 20% Over 40% Over 60% Over 80% Year Under 20% Through 40% Through 60% Through 80% Through 100% Over 100% TOTAL ---- --------- ----------- ----------- ----------- ------------ --------- ----- 1990 61 34.9% 44 25.1% 34 19.4% 14 8.0% 7 4.0% 15 8.6% 175 100.0% 1991 50 36.5% 42 30.7% 28 20.4% 7 5.1% 4 2.9% 6 4.4% 137 100.0% 1992 42 29.6% 42 29.6% 21 14.8% 19 13.4% 14 9.9% 4 2.8% 142 100.0% 1993 47 27.2% 63 36.4% 34 19.7% 14 8.1% 9 5.2% 6 3.5% 173 100.0% 1994 66 25.4% 89 34.2% 52 20.0% 28 10.8% 7 2.7% 18 6.9% 260 100.0% 1995 106 32.7% 108 33.3% 55 17.0% 22 6.8% 6 1.9% 27 8.3% 324 100.0% 1996 136 35.7% 117 30.7% 70 18.4% 34 8.9% 10 2.6% 14 3.7% 381 100.0% 1997 171 35.1% 169 34.7% 84 17.2% 35 7.2% 15 3.1% 13 2.7% 487 100.0% 1998 175 34.2% 156 30.5% 83 16.2% 46 9.0% 17 3.3% 35 6.8% 512 100.0% 1999 179 24.8% 251 34.7% 147 20.3% 74 10.2% 26 3.6% 46 6.4% 723 100.0%
Distribution of M&A P/E Ratios Offered 1992 - 1997
Over 8.5x Over 10.5x Over 13.0x Over 17.0x Year Under 8.5x Through 10.5x Through 13.0x Through 17.0x Through 25.0x Over 25.0x TOTAL ---- ---------- ------------- ------------- ------------- ------------- ---------- ----- 1992 10 9.6% 2 1.9% 17 16.3% 16 15.4% 26 25.0% 33 31.7% 104 100.0% 1993 5 3.9% 5 3.9% 6 4.7% 27 21.3% 41 32.3% 43 33.9% 127 100.0% 1994 10 5.0% 12 5.9% 16 7.9% 39 19.3% 48 23.8% 77 38.1% 202 100.0% 1995 14 5.5% 14 5.5% 29 11.4% 45 17.6% 68 26.7% 85 33.3% 255 100.0% 1996 29 8.1% 16 4.5% 24 6.7% 60 16.8% 96 26.9% 132 37.0% 357 100.0% 1997 45 8.5% 17 3.2% 29 5.5% 54 10.2% 153 28.8% 233 43.9% 531 100.0% 1998 83 12.1% 40 5.8% 54 7.8% 76 11.0% 170 24.7% 265 38.5% 688 100.0% 1999 78 10.6% 30 4.1% 56 7.6% 109 14.7% 214 29.0% 252 34.1% 739 100.0%
Source: Mergerstat Review PROJECT OPAL M&A Premiums and P/E Ratios Offered by Deal Size 1992 - 1999 1. Median Percent Premium Offered
Purchase Price: 1992 (Base) 1993 (Base) 1994 (Base) 1995 (Base) 1996 (Base) --------------- ------------- -------------- --------------- ------------- ------------- $25.0 million or less 33.3% (35) 32.3% (38) 42.9% (45) 42.9% (53) 32.2% (39) $25.0 through $50.0 million 21.6% (30) 36.7% (28) 33.9% (36) 24.4% (53) 26.4% (56) $50.0 through $100.0 million 32.3% (22) 31.5% (31) 27.8% (53) 35.4% (44) 27.3% (68) $l00.0 million or more 39.0% (55) 32.0% (76) 35.8% (126) 29.9% (174) 26.6% (218) Cash Consideration 29.6% (35) 32.5% (46) 36.8% (59) 28.4% (91) 26.7% (115) Purchase Price: 1997 (Base) 1998 (Base) 1999 (Base) --------------- ------------- -------------- --------------- $25.0 million or less 36.9% (52) 39.8% (55) 35.5% (86) $25.0 through $50.0 million 22.4% (40) 34.7% (54) 33.0% (74) $50.0 through $100.0 million 26.6% (63) 38.5% (79) 34.9% (106) $l00.0 million or more 27.6% (332) 27.5% (323) 34.3% (456) Cash Consideration 25.8% (191) 30.1% 213 33.4% 380
II. Median P/E Ratio Offered
Purchase Price: 1992 (Base) 1993 (Base) 1994 (Base) 1995 (Base) 1996 (Base) --------------- ------------- -------------- --------------- ------------- ------------- $25.0 million or less 15.5 (29) 17.6 (17) 17.5 (23) 17.0 (31) 16.2 (64) $25.0 through $500 million 18.4 (22) 20.3 (18) 20.3 (27) 14.8 (33) 20.3 (53) $30.0 through $100.0 million 21.1 (17) 18.1 (26) 17.1 (42) 19.2 (38) 20.5 (54) $l00.O million or more 23.2 (36) 24.2 (66) 21.8 (110) 21.1 (153) 21.3 (186) Cash Consideration 17.4 (27) 19.9 (32) 23.3 (38) 18.0 (68) 21.1 (106) Public Companies 18.1 (89) 19.7 (113) 19.8 (184) 19.4 (239) 21.7 (288) Purchase Price: 1997 (Base) 1998 (Base) 1999 (Base) --------------- ------------- -------------- --------------- $25.0 million or less 15.9 (99) 12.6 (193) 14.9 (154) $25.0 through $500 million 18.7 (48) 20.2 (88) 19.4 (91) $30.0 through $100.0 million 22.7 (69) 22.3 (95) 20.5 (104) $l00.O million or more 25.2 (315) 24.2 (312) 21.9 (390) Cash Consideration 21.0 (183) 17.5 227 20.1 336 Public Companies 25.0 (389) 24.0 362 21.7 434
Source: Mergerstat Review APPENDIX I. Stock Price and Volume History PROJECT OPAL Trading Statistics Daily from September 7, 1999 to September 7, 2000 ---------------------------------------------------------------------- Average Closing Price: Average Daily Volume: ---------------------- --------------------- One Year $3.44 One Year 19,289 90 Days 3.29 90 Days 15,170 60 Days 3.20 60 Days 17,895 30 Days 3.27 30 Days 27,500 5 Days 4.53 5 Days 124,980 High Close (09/07/00) 4.94 High Volume (09/01/00) 465,500 Low Close (12/29/99) 2.69 Low Volume (07/25/00) 500 ---------------------------------------------------------------------- Date High Low Close Volume ----------- ----- ----- ----- -------- 07-Sep-2000 $5.00 $4.69 $4.94 39,300 06-Sep-2000 4.94 4.69 4.81 22,400 05-Sep-2000 4.94 4.63 4.94 67,800 01-Sep-2000 5.13 3.06 4.94 465,500 31-Aug-2000 3.06 2.88 3.00 29,900 30-Aug-2000 3.00 2.94 3.00 4,500 29-Aug-2000 3.06 2.94 3.00 11,300 28-Aug-2000 3.06 2.88 2.94 13,200 25-Aug-2000 3.00 2.75 3.00 4,100 24-Aug-2000 3.00 2.94 3.00 2,600 23-Aug-2000 3.00 2.81 3.00 12,300 22-Aug-2000 3.00 2.94 3.00 25,600 21-Aug-2000 3.06 2.94 3.00 10,200 18-Aug-2000 3.00 2.81 3.00 12,100 Date High Low Close Volume ----------- ----- ----- ----- -------- 17-Aug-2000 $3.00 $2.88 $3.00 5,100 16-Aug-2000 3.00 2.88 3.00 2,200 15-Aug-2000 3.00 2.88 3.00 1,400 14-Aug-2000 3.00 2.88 3.00 9,500 11-Aug-2000 3.00 2.94 3.00 7,600 10-Aug-2000 3.00 3.00 3.00 2,000 09-Aug-2000 3.06 3.00 3.00 1,200 08-Aug-2000 3.00 3.00 3.00 700 07-Aug-2000 3.19 3.00 3.00 8,600 04-Aug-2000 3.06 2.94 3.06 8,900 03-Aug-2000 3.00 2.94 3.00 17,600 02-Aug-2000 3.06 3.00 3.06 2,900 01-Aug-2000 3.06 3.00 3.00 21,500 31-Jul-2000 3.13 3.00 3.06 17,200 28-Jul-2000 3.13 3.13 3.13 2,000 27-Jul-2000 3.25 3.13 3.19 13,800 26-Jul-2000 3.31 3.13 3.25 9,500 25-Jul-2000 3.38 3.38 3.38 500 24-Jul-2000 3.38 3.25 3.25 4,700 21-Jul-2000 3.31 3.00 3.31 12,200 20-Jul-2000 3.25 3.19 3.19 3,300 19-Jul-2000 3.25 3.19 3.19 31,000 18-Jul-2000 3.06 3.00 3.06 16,100 17-Jul-2000 3.13 3.00 3.00 6,200 14-Jul-2000 3.13 3.00 3.13 4,900 13-Jul-2000 3.06 2.88 3.00 18,300 12-Jul-2000 3.19 3.00 3.06 10,600 11-Jul-2000 3.06 3.00 3.06 19,800 10-Jul-2000 3.06 3.00 3.00 3,600 07-Jul-2000 3.06 3.00 3.00 4,500 06-Jul-2000 3.06 3.06 3.06 700 05-Jul-2000 3.13 3.06 3.13 3,100 03-Jul-2000 3.13 3.13 3.13 500 30-Jun-2000 3.25 3.13 3.13 1,300 29-Jun-2000 3.25 3.13 3.13 3,300 28-Jun-2000 3.25 3.13 3.13 16,000 27-Jun-2000 3.00 3.00 3.00 5,100 26-Jun-2000 3.13 3.13 3.13 4,800 Date High Low Close Volume ----------- ----- ----- ----- -------- 23-Jun-2000 $3.19 $3.06 $3.13 6,000 22-Jun-2000 3.19 3.06 3.06 9,100 21-Jun-2000 3.19 3.06 3.13 3,600 20-Jun-2000 3.25 3.13 3.25 2,100 19-Jun-2000 3.38 3.06 3.06 6,800 16-Jun-2000 3.38 3.19 3.25 11,700 15-Jun-2000 3.25 3.06 3.13 18,600 14-Jun-2000 3.19 3.06 3.19 2,800 13-Jun-2000 3.38 3.13 3.13 7,900 12-Jun-2000 3.38 3.19 3.38 12,500 09-Jun-2000 3.13 3.06 3.06 2,600 08-Jun-2000 3.13 3.13 3.13 8,700 07-Jun-2000 3.13 3.06 3.13 9,300 06-Jun-2000 3.38 3.06 3.25 10,700 05-Jun-2000 3.25 3.00 3.19 23,100 02-Jun-2000 3.38 3.00 3.13 7,900 01-Jun-2000 3.25 3.00 3.13 6,600 3l-May-2000 3.38 3.25 3.31 2,500 30-May-2000 3.38 3.25 3.25 3,300 26-May-2000 3.31 3.19 3.31 5,400 25-May-2000 3.25 3.13 3.25 8,700 24-May-2000 3.38 3.19 3.19 4,000 23-May-2000 3.44 3.25 3.44 26,700 22-May-2000 3.38 3.25 3.38 12,900 19-May-2000 3.63 3.38 3.38 16,000 18-May-2000 3.50 3.44 3.50 10,300 17-May-2000 3.56 3.50 3.50 2,000 16-May-2000 3.63 3.56 3.56 7,100 15-May-2000 3.75 3.50 3.63 14,700 12-May-2000 3.88 3.63 3.63 16,400 11-May-2000 3.94 3.88 3.88 600 10-May-2000 3.81 3.75 3.81 500 09-May-2000 3.94 3.75 3.88 2,700 08-May-2000 3.94 3.75 3.88 3,900 05-May-2000 3.94 3.69 3.81 12,800 04-May-2000 3.88 3.56 3.69 19,700 03-May-2000 3.75 3.63 3.75 7,400 02-May-2000 3.94 3.81 3.81 19,900 Date High Low Close Volume ----------- ----- ----- ----- -------- 01-May-2000 $4.00 $3.81 $3.81 10,000 28-Apr-2000 4.06 3.88 3.88 27,400 27-Apr-2000 4.00 3.13 3.94 54,600 26-Apr-2000 3.38 3.19 3.25 19,200 25-Apr-2000 3.56 3.13 3.31 82,200 24-Apr-2000 3.69 3.50 3.50 10,600 20-Apr-2000 3.75 3.63 3.75 8,300 19-Apr-2000 3.81 3.75 3.75 3,700 18-Apr-2000 3.94 3.75 3.81 19,000 17-Apr-2000 3.75 3.63 3.69 31,500 14-Apr-2000 3.88 3.63 3.63 29,000 13-Apr-2000 3.81 3.75 3.75 23,600 12-Apr-2000 3.94 3.75 3.88 10,900 11-Apr-2000 3.94 3.75 3.94 9,900 10-Apr-2000 4.06 3.75 3.88 34,300 07-Apr-2000 4.19 3.75 4.00 37,400 06-Apr-2000 3.88 3.63 3.63 12,000 05-Apr-2000 3.75 3.69 3.69 6,000 04-Apr-2000 3.94 3.69 3.69 48,300 03-Apr-2000 3.94 3.75 3.75 16,900 31-Mar-2000 3.88 3.81 3.88 15,100 30-Mar-2000 3.81 3.56 3.75 12,900 29-Mar-2000 3.63 3.56 3.63 3,700 28-Mar-2000 3.69 3.63 3.69 18,400 27-Mar-2000 3.88 3.63 3.63 8,800 24-Mar-2000 3.75 3.50 3.69 16,300 23-Mar-2000 3.75 3.56 3.75 24,800 22-Mar-2000 3.81 3.56 3.56 17,000 21-Mar-2000 3.81 3.69 3.81 1,500 20-Mar-2000 3.94 3.75 3.81 8,000 17-Mar-2000 3.75 3.63 3.75 5,900 16-Mar-2000 3.81 3.56 3.81 7,400 15-Mar-2000 3.69 3.38 3.63 13,500 14-Mar-2000 3.94 3.56 3.75 23,500 13-Mar-2000 3.81 3.56 3.81 12,600 10-Mar-2000 4.00 3.69 3.69 24,400 09-Mar-2000 3.88 3.63 3.75 12,800 08-Mar-2000 4.00 3.81 3.94 9,000 Date High Low Close Volume ----------- ----- ----- ----- -------- 07-Mar-2000 $3.94 $3.88 $3.94 6,000 06-Mar-2000 4.13 4.00 4.00 8,900 03-Mar-2000 4.25 4.00 4.13 24,700 02-Mar-2000 4.25 3.88 4.00 27,100 0l-Mar-2000 4.19 3.81 4.00 52,200 29-Feb-2000 3.81 3.69 3.69 9,300 28-Feb-2000 3.81 3.69 3.69 5,300 25-Feb-2000 3.81 3.69 3.81 26,500 24-Feb-2000 4.00 3.81 3.81 29,800 23-Feb-2000 4.25 4.00 4.06 13,200 22-Feb-2000 4.50 4.13 4.25 58,800 18-Feb-2000 4.38 4.00 4.00 60,300 17-Feb-2000 4.31 4.13 4.31 49,700 16-Feb-2000 4.25 3.94 4.19 48,300 15-Feb-2000 3.94 3.50 3.75 59,700 14-Feb-2000 3.63 3.38 3.50 23,600 11-Feb-2000 3.44 3.38 3.38 11,100 10-Feb-2000 3.50 3.38 3.44 2,000 09-Feb-2000 3.50 3.38 3.38 21,400 08-Feb-2000 3.44 3.38 3.38 8,300 07-Feb-2000 3.50 3.31 3.44 6,500 04-Feb-2000 3.50 3.31 3.44 11,700 03-Feb-2000 3.50 3.38 3.44 8,300 02-Feb-2000 3.44 3.31 3.38 8,300 01-Feb-2000 3.56 3.38 3.38 5,300 31-Jan-2000 3.50 3.31 3.50 14,200 28-Jan-2000 3.56 3.44 3.44 10,200 27-Jan-2000 3.63 3.50 3.50 5,400 26-Jan-2000 3.69 3.50 3.50 13,100 25-Jan-2000 3.56 3.38 3.50 28,500 24-Jan-2000 3.56 3.38 3.44 13,400 21-Jan-2000 3.56 3.31 3.44 19,500 20-Jan-2000 3.63 3.38 3.44 11,300 19-Jan-2000 3.75 3.44 3.56 55,000 18-Jan-2000 3.81 3.63 3.63 25,900 14-Jan-2000 3.75 3.63 3.69 17,700 13-Jan-2000 4.00 3.69 3.75 45,400 12-Jan-2000 4.31 4.00 4.00 18,100 Date High Low Close Volume ----------- ----- ----- ----- -------- 11-Jan-2000 $4.38 $4.13 $4.13 26,500 I0-Jan-2000 4.50 4.31 4.31 54,100 07-Jan-2000 4.63 4.25 4.38 68,200 06-Jan-2000 4.69 4.13 4.44 366,600 05-Jan-2000 4.25 2.94 4.00 135,000 04-Jan-2000 2.94 2.75 2.88 10,000 03-Jan-2000 3.06 2.94 3.00 36,100 31-Dec-1999 2.94 2.69 2.88 39,500 30-Dec-1999 2.81 2.69 2.81 27,600 29-Dec-1999 2.75 2.63 2.69 18,600 28-Dec-1999 2.94 2.69 2.75 22,900 27-Dec-1999 2.94 2.75 2.94 13,500 23-Dec-1999 3.00 2.50 3.00 34,400 22-Dec-I999 3.00 2.75 3.00 15,700 21-Dec-1999 3.00 2.81 3.00 17,300 20-Dec-1999 3.00 2.81 3.00 9,700 17-Dec-1999 3.00 2.81 3.00 37,800 16-Dec-1999 3.00 2.81 3.00 19,900 15-Dec-1999 3.00 2.88 3.00 55,500 14-Dec-1999 3.00 2.94 3.00 15,400 13-Dec-1999 3.06 2.94 3.00 22,600 10-Dec-1999 3.06 2.94 3.00 29,900 09-Dec-1999 3.06 2.88 3.06 15,000 08-Dec-1999 3.06 2.81 3.00 82,000 07-Dec-1999 3.13 3.00 3.06 5,700 06-Dec-1999 3.13 2.94 3.00 30,000 03-Dec-1999 3.19 2.94 3.00 3,700 02-Dec-1999 3.19 3.00 3.06 6,400 01-Dec-1999 3.06 2.94 3.00 27,300 30-Nov-I999 3.06 3.00 3.00 5,600 29-Nov-1999 3.13 3.00 3.06 13,100 26-Nov-1999 3.19 3.06 3.19 6,500 24-Nov-1999 3.25 3.19 3.19 5,000 23-Nov-1999 3.25 3.00 3.19 22,100 22-Nov-1999 3.25 3.06 3.06 22,900 19-Nov-1999 3.31 3.13 3.13 28,000 18-Nov-1999 3.38 3.19 3.19 23,400 17-Nov-1999 3.38 3.19 3.19 8,000 Date High Low Close Volume ----------- ------ ----- ----- -------- 16-Nov-1999 $3.38 $3.25 $3.25 9,000 15-Nov-1999 3.38 3.19 3.19 22,800 12-Nov-1999 3.31 3.00 3.25 21,300 11-Nov-1999 3.25 3.00 3.00 28,400 10-Nov-1999 3.38 3.13 3.13 15,900 09-Nov-1999 3.38 3.19 3.25 3,600 08-Nov-1999 3.38 3.19 3.25 15,700 05-Nov-1999 3.31 3.19 3.25 3,800 04-Nov-1999 3.31 3.06 3.19 18,600 03-Nov-1999 3.31 3.13 3.13 9,600 02-Nov-1999 3.25 3.13 3.13 13,200 01-Nov-1999 3.31 3.19 3.25 4,800 29-Oct-1999 3.44 3.19 3.25 9,600 28-Oct-1999 3.44 3.38 3.38 1,300 27-Oct-1999 3.44 3.25 3.31 10,200 26-Oct-1999 3.50 3.38 3.50 12,400 25-Oct-1999 3.44 3.44 3.44 3,200 22-Oct-1999 3.56 3.44 3.44 2,900 21-Oct-1999 3.50 3.44 3.44 3,900 20-Oct-1999 3.50 3.44 3.44 6,100 19-Oct-1999 3.69 3.50 3.63 11,400 18-Oct-1999 3.56 3.44 3.56 2,300 15-Oct-1999 3.63 3.38 3.44 6,000 14-Oct-1999 3.63 3.38 3.38 17,300 13-Oct-1999 3.50 3.38 3.50 24,400 12-Oct-1999 3.44 3.38 3.44 11,300 11-Oct-1999 3.38 3.25 3.38 12,600 08-Oct-1999 3.38 3.31 3.31 6,000 07-Oct-1999 3.38 3.25 3.25 5,200 06-Oct-1999 3.38 3.25 3.25 8,900 05-Oct-1999 3.50 3.25 3.25 25,600 04-Oct-1999 3.50 3.44 3.44 3,400 01-Oct-1999 3.50 3.44 3.50 13,200 30-Sep-1999 3.63 3.38 3.50 65,400 29-Sep-1999 3.75 3.63 3.63 28,400 28-Sep-1999 3.75 3.75 3.75 2,600 27-Sep-1999 3.81 3.75 3.75 6,300 24-Sep-1999 3.75 3.69 3.69 1,900 Date High Low Close Volume ----------- ------ ----- ----- -------- 23-Sep-1999 $3.81 $3.75 $3.75 5,200 22-Sep-1999 3.88 3.88 3.88 1,000 21-Sep-1999 3.81 3.75 3.75 11,100 20-Sep-1999 3.94 3.88 3.88 2,400 17-Sep-1999 3.94 3.81 3.94 11,400 16-Sep-1999 3.81 3.81 3.81 4,700 15-Sep-1999 3.88 3.81 3.81 3,700 14-Sep-1999 3.88 3.81 3.88 4,800 13-Sep-1999 3.88 3.88 3.88 3,400 10-Sep-1999 4.00 3.88 3.94 31,700 09-Sep-1999 4.00 3.94 4.00 6,200 08-Sep-1999 4.00 3.94 4.00 10,400 07-Sep-1999 4.13 4.00 4.00 7,700 -------------------------------------------------------------------------------- Source: FACTSET PROJECT OPAL Trading Statistics Weekly from September 5, 1997 to September 8, 2000 -------------------------------------------------------------------------------- Average Closing Price: Average Weekly Volume: --------------------- --------------------- One Year $3.47 One Year 93,719 90 Weeks 3.66 90 Weeks 143,888 60 Weeks 3.60 60 Weeks 93,393 30 Weeks 3.53 30 Weeks 87,165 5 Weeks 3.71 5 Weeks 161,520 High Close (07/16/99) 5.63 High Volume (05/14/99) 940,200 Low Close (12/12/97) 2.44 Low Volume (07/07/00) 8,800 -------------------------------------------------------------------------------- Date High Low Close Volume ----------- ------ ----- ----- -------- 08-Sep-2000 $5.00 $4.63 $4.63 178,000 01-Sep-2000 5.13 2.88 4.94 524,400 25-Aug-2000 3.06 2.75 3.00 54,800 18-Aug-2000 3.00 2.81 3.00 30,300 11-Aug-2000 3.19 2.94 3.00 20,100 04-Aug-2000 3.13 2.94 3.06 68,100 28-Jul-2000 3.38 3.13 3.13 30,500 21-Jul-2000 3.31 3.00 3.31 68,800 14-Jul-2000 3.19 2.88 3.13 57,200 07-Jul-2000 3.13 3.00 3.00 8,800 30-Jun-2000 3.25 3.00 3.13 30,500 23-Jun-2000 3.38 3.06 3.13 27,600 16-Jun-2000 3.38 3.06 3.25 53,500 09-Jun-2000 3.38 3.00 3.06 54,400 02-Jun-2000 3.38 3.00 3.13 20,300 26-May-2000 3.44 3.13 3.31 57,700 19-May-2000 3.75 3.38 3.38 50,100 Date High Low Close Volume ----------- ------ ----- ----- -------- 12-May-2000 $3.94 $3.63 $3.63 24,100 05-May-2000 4.00 3.56 3.81 69,800 28-Apr-2000 4.06 3.13 3.88 194,000 20-Apr-2000 3.94 3.63 3.75 62,500 14-Apr-2000 4.06 3.63 3.63 107,700 07-Apr-2000 4.19 3.63 4.00 120,600 31-Mar-2000 3.88 3.56 3.88 58,900 24-Mar-2000 3.94 3.50 3.69 67,600 17-Mar-2000 3.94 3.38 3.75 62,900 10-Mar-2000 4.13 3.63 3.69 61,100 03-Mar-2000 4.25 3.69 4.13 118,600 25-Feb-2000 4.50 3.69 3.81 128,300 18-Feb-2000 4.38 3.38 4.00 241,600 11-Feb-2000 3.50 3.31 3.38 49,300 04-Feb-2000 3.56 3.31 3.44 47,800 28-Jan-2000 3.69 3.38 3.44 70,600 21-Jan-2000 3.81 3.31 3.44 111,700 14-Jan-2000 4.50 3.63 3.69 161,800 07-Jan-2000 4.69 2.75 4.38 615,900 31-Dec-1999 2.94 2.63 2.88 122,100 23-Dec-1999 3.00 2.50 3.00 77,100 17-Dec-1999 3.06 2.81 3.00 151,200 10-Dec-1999 3.13 2.81 3.00 162,600 03-Dec-1999 3.19 2.94 3.00 56,100 26-Nov-1999 3.25 3.00 3.19 56,500 19-Nov-1999 3.38 3.13 3.13 91,200 12-Nov-1999 3.38 3.00 3.25 84,900 05-Nov-1999 3.31 3.06 3.25 50,000 29-Oct-1999 3.50 3.19 3.25 36,700 22-Oct-1999 3.69 3.44 3.44 26,600 15-Oct-1999 3.63 3.25 3.44 71,600 08-Oct-1999 3.50 3.25 3.31 49,100 01-Oct-1999 3.81 3.38 3.50 115,900 24-Sep-1999 3.94 3.69 3.69 21,600 17-Sep-1999 3.94 3.81 3.94 28,000 10-Sep-1999 4.13 3.88 3.94 56,000 03-Sep-1999 4.19 3.88 4.06 119,000 Date High Low Close Volume ----------- ------ ----- ----- -------- 27-Aug-1999 $4.13 $3.88 $3.94 43,300 20-Aug-1999 4.13 3.88 4.00 30,700 13-Aug-1999 4.19 3.88 4.00 24,900 06-Aug-1999 4.50 3.75 4.00 139,300 30-Jul-1999 5.19 4.38 4.50 108,700 23-Jul-1999 5.75 5.06 5.13 169,700 16-Jul-1999 5.63 5.00 5.63 94,300 09-Jul-1999 5.69 5.31 5.38 162,300 02-Jul-1999 5.63 5.38 5.56 253,400 25-Jun-1999 5.63 5.25 5.56 292,800 18-Jun-1999 5.50 5.25 5.31 270,900 11-Jun-1999 5.94 4.50 5.38 896,000 04-Jun-1999 6.00 4.31 5.38 574,100 28-May-1999 4.50 4.00 4.44 200,600 21-May-1999 4.56 3.75 4.50 424,500 14-May-1999 4.50 3.31 4.06 940,200 07-May-1999 3.44 3.25 3.25 118,300 30-Apr-1999 3.44 3.00 3.31 192,700 23-Apr-1999 3.06 2.88 3.00 210,700 16-Apr-1999 3.06 2.88 3.00 114,700 09-Apr-1999 3.13 2.88 3.00 134,100 01-Apr-1999 3.38 2.63 3.06 301,000 26-Mar-1999 3.69 3.25 3.25 99,600 19-Mar-1999 3.63 3.25 3.50 129,700 12-Mar-1999 4.00 3.63 3.63 144,600 05-Mar-1999 4.00 3.25 4.00 236,300 26-Feb-1999 3.88 3.06 3.75 409,900 19-Feb-1999 3.13 2.81 3.13 132,500 12-Feb-1999 3.19 3.00 3.06 123,200 05-Feb-1999 3.25 3.00 3.13 111,600 29-Jan-1999 4.00 3.13 3.13 205,100 22-Jan-1999 3.56 3.13 3.25 131,300 15-Jan-1999 3.38 3.06 3.13 147,300 08-Jan-1999 3.44 3.06 3.25 97,400 31-Dec-1998 3.31 3.00 3.19 217,200 24-Dec-1998 3.44 3.19 3.25 63,300 18-Dec-1998 3.56 3.25 3.31 61,500 Date High Low Close Volume ----------- ------ ----- ----- -------- 11-Dec-1998 $3.94 $3.50 $3.50 121,500 04-Dec-1998 4.25 3.81 3.94 166,200 27-Nov-1998 4.00 3.25 4.00 134,000 20-Nov-1998 3.88 3.50 3.69 71,500 13-Nov-1998 4.06 3.50 3.69 91,800 06-Nov-1998 3.94 3.63 3.75 67,500 30-Oct-1998 4.06 3.25 3.63 155,000 23-Oct-1998 3.50 2.94 3.25 71,500 16-Oct-1998 3.13 2.88 3.13 53,900 09-Oct-1998 4.00 2.81 3.00 188,900 02-Oct-1998 3.94 3.00 3.75 192,400 25-Sep-1998 3.19 2.75 3.00 73,800 18-Sep-1998 3.19 2.88 3.00 95,200 11-Sep-1998 3.44 3.00 3.06 70,000 04-Sep-1998 3.69 2.88 3.19 172,700 28-Aug-1998 4.13 3.25 3.44 198,900 21-Aug-1998 4.25 3.75 4.06 134,800 14-Aug-1998 4.13 3.75 4.00 161,200 07-Aug-1998 4.19 3.63 4.19 125,600 31-Jul-1998 4.44 3.56 4.19 259,300 24-Jul-1998 4.31 3.75 3.81 92,100 17-Jul-1998 4.56 3.38 4.31 331,700 10-Jul-1998 3.56 3.19 3.44 89,700 02-Jul-1998 4.06 3.38 3.38 221,200 26-Jun-1998 4.38 3.88 4.06 139,600 19-Jun-1998 4.50 4.13 4.44 71,400 12-Jun-1998 4.44 4.00 4.19 147,200 05-Jun-1998 4.56 4.00 4.13 194,400 29-May-1998 4.63 4.00 4.44 158,700 22-May-1998 4.56 3.81 4.50 146,900 15-May-1998 4.75 4.19 4.38 95,900 08-May-1998 4.88 4.25 4.75 248,900 01-May-1998 4.63 4.31 4.56 179,400 24-Apr-1998 5.00 4.50 4.63 242,000 17-Apr-1998 4.63 4.19 4.50 128,200 09-Apr-1998 4.50 3.75 4.19 168,000 03-Apr-1998 4.63 4.13 4.44 184,500 Date High Low Close Volume ----------- ------ ----- ----- -------- 27-Mar-1998 $5.00 $4.00 $4.50 275,900 20-Mar-1998 5.00 3.63 4.94 467,600 13-Mar-1998 3.81 3.50 3.63 120,900 06-Mar-1998 3.94 3.13 3.75 305,500 27-Feb-1998 3.31 3.06 3.31 111,700 20-Feb-1998 3.31 2.94 3.06 111,200 13-Feb-1998 3.50 3.19 3.31 95,200 06-Feb-1998 3.88 3.13 3.38 173,100 30-Jan-1998 3.88 3.06 3.75 250,700 23-Jan-1998 3.25 3.00 3.13 136,300 16-Jan-1998 2.94 2.69 2.88 93,900 09-Jan-1998 2.88 2.69 2.81 113,600 02-Jan-1998 2.88 2.38 2.69 421,300 26-Dec-1997 3.00 2.69 2.75 167,200 19-Dec-1997 3.13 2.25 3.00 667,600 12-Dec-1997 2.88 2.38 2.44 212,100 05-Dec-1997 3.19 2.63 2.69 168,500 28-Nov-1997 3.19 3.00 3.19 135,400 21-Nov-1997 3.06 2.75 3.00 230,600 14-Nov-1997 3.00 2.69 2.94 171,800 07-Nov-1997 2.94 2.75 2.81 158,800 31-Oct-1997 2.94 2.44 2.94 223,500 24-Oct-1997 3.06 2.81 2.81 143,300 17-Oct-1997 3.13 2.88 3.00 154,900 10-Oct-1997 3.06 2.81 3.00 190,600 03-Oct-1997 3.00 2.75 2.81 138,800 26-Sep-1997 3.00 2.75 2.88 123,000 19-Sep-1997 3.00 2.75 2.94 187,500 12-Sep-1997 3.19 2.50 2.94 365,800 05-Sep-1997 2.94 2.44 2.50 255,700 -------------------------------------------------------------------------------- Source: FACTSET