-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DzCLfuZwiLP/Vw18GiqttDcjcX8Z+UfVScAKZhI4PgqWqEtcZ3zTLCfnuGIPssXM b3hxfax0hPpSHGwKy5dGbw== 0001047469-98-035619.txt : 19980929 0001047469-98-035619.hdr.sgml : 19980929 ACCESSION NUMBER: 0001047469-98-035619 CONFORMED SUBMISSION TYPE: SC 13E3/A PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 19980928 SROS: NASD SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: MYCOGEN CORP CENTRAL INDEX KEY: 0000813742 STANDARD INDUSTRIAL CLASSIFICATION: AGRICULTURE SERVICES [0700] IRS NUMBER: 953802654 STATE OF INCORPORATION: CA FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: SC 13E3/A SEC ACT: SEC FILE NUMBER: 005-39279 FILM NUMBER: 98715732 BUSINESS ADDRESS: STREET 1: 5501 OBERLIN DR CITY: SAN DIEGO STATE: CA ZIP: 92121 BUSINESS PHONE: 6194538030 MAIL ADDRESS: STREET 1: 5501 OBERLIN DRIVE CITY: SAN DIEGO STATE: CA ZIP: 92121 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: DOW CHEMICAL CO /DE/ CENTRAL INDEX KEY: 0000029915 STANDARD INDUSTRIAL CLASSIFICATION: CHEMICALS & ALLIED PRODUCTS [2800] IRS NUMBER: 381285128 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13E3/A BUSINESS ADDRESS: STREET 1: 2030 DOW CENTER CITY: MIDLAND STATE: MI ZIP: 48674-2030 BUSINESS PHONE: 5176361000 MAIL ADDRESS: STREET 1: 2030 DOW CENTER CITY: MIDLAND STATE: MI ZIP: 48674-2030 SC 13E3/A 1 SC 13E3/A - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------------------------------- RULE 13E-3 TRANSACTION STATEMENT (Pursuant to Section 13(e) of the Securities Exchange Act of 1934) (Amendment No. 2) ---------------------------------- MYCOGEN CORPORATION (Name of the Issuer) MYCOGEN CORPORATION THE DOW CHEMICAL COMPANY ROFAN SERVICES INC. CENTEN AG INC. DOW AGROSCIENCES LLC and AGROSCIENCES ACQUISITION INC. (Name of Person(s) Filing Statement) COMMON STOCK PAR VALUE $0.001 PER SHARE (INCLUDING THE ASSOCIATED PREFERRED STOCK PURCHASE RIGHTS) (Title of Class of Securities) 628452 10 4 (CUSIP Number of Class of Securities) John Scriven Jane M. Gootee Brian G. Taylorson Vice President, General Vice President President Counsel and Secretary Rofan Services Inc. Centen Ag Inc. The Dow Chemical Company 2030 Dow Center 2030 Dow Center 2030 Dow Center Midland, Michigan 48674 Midland, Michigan 48674 Midland, Michigan 48674 (517) 636-1000 (517) 636-1000 (517) 636-1000 Louis W. Pribila Brian G. Taylorson Carlton J. Eibl Vice President, Secretary President President and General Counsel AgroSciences Acquisition Inc. Mycogen Corporation Dow AgroSciences LLC 2030 Dow Center 5501 Oberlin Drive 9330 Zionsville Road Midland, Michigan 48674 San Diego, CA 92121-1718 Indianapolis, Indiana 46268 (517) 636-1000 (619) 453-8030 (317) 337-3000 with copies to: Scott J. Davis Norman M. Gold James T. Lidbury Peter H. Lieberman Mayer, Brown & Platt Altheimer & Gray 190 South LaSalle Street 10 South Wacker Drive Chicago, Illinois 60603 Suite 4000 (312) 782-0600 Chicago, Illinois 60606 312) 715-4000 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications on Behalf of Persons Filing Statement) This statement is filed in connection with (check the appropriate box): a. / / The filing of solicitation materials or an information statement subject to Regulation 14A, Regulation 14C or Rule 13e-3(c) under the Securities Act of 1934. b. / / The filing of a registration statement under the Securities Act of 1933. c. /X/ A tender offer. d. / / None of the above. Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies: / / CALCULATION OF FILING FEE - -------------------------------------------------------------------------- - -------------------------------------------------------------------------- Transaction Valuation* Amount of Filing Fee - -------------------------------------------------------------------------- $374,232,918 $74,847 - -------------------------------------------------------------------------- - --------------------------------------------------------------------------
* For purposes of calculating the filing fee only. This amount assumes the purchase of 11,532,381 shares of common stock (the "Shares") of the subject company at $28.00 in cash per Share as well as the purchase of 3,568,635 Shares subject to outstanding options at $28.00 per Share less the average exercise price per Share subject to such options of $13.6174. Check box if any part of the fee is offset as provided by Rule 0-11(a)(2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. /X/ Amount Previously Paid: $74,847 Form or Registration Number: Schedule 14D-1. Filing Party: The Dow Chemical Company, Rofan Services Inc., Centen Ag Inc., Dow AgroSciences LLC and AgroSciences Acquisition Inc. Date Filed: September 4, 1998. - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- INTRODUCTION This amended Rule 13e-3 Transaction Statement is being filed by Mycogen Corporation (the "Company"), The Dow Chemical Company ("TDCC"), Rofan Services Inc. ("Rofan"), Centen Ag Inc. ("Centen"), AgroSciences Acquisition Inc. ("Purchaser") and Dow AgroSciences LLC ("Parent") for the sole purpose of filing Exhibits 99(b)(5), 99(b)(6) and 99(b)(7). -1- SIGNATURES After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: September 28, 1998. THE DOW CHEMICAL COMPANY By /s/ G. MICHAEL LYNCH -------------------------------------- Name: G. Michael Lynch Title: Vice President and Controller ROFAN SERVICES INC. By /s/ J. PEDRO REINHARD -------------------------------------- Name: J. Pedro Reinhard Title: President CENTEN AG INC. By /s/ BRIAN G. TAYLORSON -------------------------------------- Name: Brian G. Taylorson Title: President DOW AGROSCIENCES LLC By /s/ LOUIS W. PRIBILA -------------------------------------- Name: Louis W. Pribila Title: Vice President, Secretary and General Counsel AGROSCIENCES ACQUISITION INC. By /s/ BRIAN G. TAYLORSON -------------------------------------- Name: Brian G. Taylorson Title: President MYCOGEN CORPORATION By /s/ CARLTON J. EIBL -------------------------------------- Name: Carlton J. Eibl Title: President -12- EXHIBIT INDEX
SEQUENTIALLY EXHIBIT NO. DESCRIPTION NUMBERED PAGE ------------ ----------- --------------- 99(b)(1) Salomon Smith Barney Report to Dow AgroSciences LLC dated August 3, 1998.* 99(b)(2) Wasserstein Perella & Co., Inc. Report to the Special Committee of Mycogen Corporation dated August 3, 1998.* 99(b)(3) Wasserstein Perella & Co., Inc. Report to the Special Committee of Mycogen Corporation dated August 31, 1998.* 99(b)(4) Opinion of Wasserstein Perella & Co., Inc. to the Special Committee of Mycogen Corporation dated August 31, 1998.* 99(b)(5) Wasserstein Perella & Co., Inc. Presentation to the Special Committee of Mycogen Corporation dated July 27, 1998.** 99(b)(6) Wasserstein Perella & Co., Inc. Presentation on Valuation of Mycogen Corporation dated July 20, 1998.** 99(b)(7) Wasserstein Perella & Co., Inc. Preliminary Presentation to the Special Committee of the Board of Directors of Mycogen Corporation dated June 25, 1998.** 99(c)(1) Agreement and Plan of Merger among Mycogen Corporation, Dow AgroSciences LLC and AgroSciences Acquisition Inc. dated as of August 31, 1998. (Incorporated herein by reference from Exhibit 99.1 to Amendment No. 15 to Schedule 13D filed September 1, 1998).* 99(c)(2) Confidentiality Agreement among Mycogen Corporation, The Dow Chemical Company and Dow AgroSciences LLC dated July 16, 1998.* 99(c)(3) Exchange and Purchase Agreement among Mycogen Corporation, Agrigenetics, Inc., DowElanco and United AgriSeeds, Inc. dated as of January 15, 1996 (Incorporated herein by reference from Exhibit 99(a)(1) to Schedule 13D filed January 25, 1996).* 99(c)(4) Amendment to Exchange and Purchase Agreement between Mycogen Corporation and Dow AgroSciences LLC dated as of July 22, 1998 (Incorporated herein by reference from Exhibit 99(1) to Amendment No. 14 to Schedule 13D filed July 23, 1998).* 99(c)(5) Technology Agreement among Mycogen Corporation, Agrigenetics, Inc. and DowElanco dated as of February 19, 1996 (Incorporated herein by reference from Exhibit B to Exhibit 99(a)(1) to Schedule 13D filed January 25, 1996).* 99(c)(6) Brassica License and Research Agreement between Dow Elanco Canada and Mycogen Corporation dated October 30, 1997.* 99(c)(7) Restated Loan Agreement between Dow AgroSciences LLC and Mycoyen S.A. dated May 15, 1998.* 99(c)(8) Loan Agreement between Dow Elanco and Mycogen Corporation dated as of April 1, 1997 (the "Dow Loan Agreement").* 99(c)(9) Amendment No. 1 to Dow Loan Agreement dated as of September 29, 1997.* 99(c)(10) Amendment No. 2 to Dow Loan Agreement dated as of November 14, 1997.* 99(c)(11) Amendment No. 3 to Dow Loan Agreement dated as of November 18, 1997.* 99(c)(12) Amendment No. 4 to Dow Loan Agreement dated as of April 6, 1998.* 99(c)(13) Amendment No. 5 to Dow Loan Agreement dated as of October 1, 1997.* 99(c)(14) Loan Agreement between Mycogen Corporation and DowElanco dated as of April 1, 1997 (the "Mycogen Loan Agreement"). 99(c)(15) Amendment No. 1 to Mycogen Loan Agreement dated as of April 6, 1998.* 99(c)(16) Amendment No. 2 to Mycogen Loan Agreement dated as of October 1, 1997.* 99(c)(17) Memorandum of Understanding dated September 3, 1998.* 99(d)(1) Offer to Purchase dated September 4, 1998.* 99(d)(2) Form of Letter of Transmittal.* 99(d)(3) Form of Notice of Guaranteed Delivery.* 99(d)(4) Form of Letter to Brokers, Dealers, Commercial Banks, Trust Companies and other Nominees dated September 4, 1998.* 99(d)(5) Form of Letter to Clients for use by Brokers, Dealers, Commercial Banks, Trust Companies and other Nominees. 99(d)(6) Form of Option Election.* 99(d)(7) Form of Stock Purchase Election.* 99(d)(8) Form of Restricted Stock Election.* 99(d)(9) Guidelines for Certification of Taxpayer Identification Number on Substitute Form W-9.* 99(d)(10) Form of Summary Advertisement.* 99(e)(1) Chapter 13 of the California General Corporation Law (Incorporated herein by reference from Schedule II to the Offer to Purchase).* 99(g)(1) Complaint filed in Susser v. Mycogen Corporation et al. (Superior Court of the State of California, County of San Diego, filed May 1, 1998).* 99(g)(2) Complaint filed in Harbor Finance Partners v. Mycogen Corporation et al. (Superior Court of the State of California, County of San Diego, filed May 1, 1998).* 99(g)(3) Complaint filed in Ellis Investments, Ltd. v. Eibl et al. (Superior Court of the State of California, County of San Diego, filed May 1, 1998).* 99(g)(4) Complaint filed in Kolb v. Mycogen Corporation et al. (Superior Court of the State of California, County of San Deigo, filed May 5, 1998).* 99(g)(5) Complaint filed in Anderson v. Mycogen Corporation et al. (Superior Court of the State of California, County of San Diego, filed May 5, 1998).* 99(g)(6) Complaint filed in Boettcher v. Mycogen Corporation et al. (Superior Court of the State of California, County of San Diego, filed May 8, 1998).* 99(g)(7) Complaint filed in Verrone v. Mycogen Corporation et al. (Superior Court of the State of California, County of San Diego, filed May 15, 1998).* 99(g)(8) Order of Consolidation entered in Susser v. Mycogen Corporation et al. (Superior Court of State of California, County of San Diego, entered June 22, 1998).* - -------------- * Previously filed. ** Filed herewith.
EX-99.(B)(5) 2 EXHIBIT 99(B)(5) [Logo] CONFIDENTIAL - --------------------------------------------------------------------------- - ------------------------------------------------------------------------------ PRESENTATION TO THE SPECIAL COMMITTEE OF MYCOGEN CORPORATION JULY 27, 1998 WASSERSTEIN PERELLA & CO., INC. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION TABLE OF CONTENTS - ------------------------------------------------------------------------------ TABLE OF CONTENTS 1. BACKGROUND OF THE PROPOSED TRANSACTION 2. REVIEW OF MYCOGEN 3. REVIEW OF DOW 4. VALUATION ANALYSIS: REVIEW OF ANALYST PERSPECTIVES 5. DISCOUNTED CASH FLOW ANALYSIS (DCF) - VARIABLE DISCOUNT RATE METHOD - PROBABILITY WEIGHTED METHOD 6. COMPARABLE COMPANY TRADING ANALYSIS 7. COMPARABLE ACQUISITION ANALYSIS 8. STRATEGIC ALTERNATIVES 9. NEXT STEPS WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION - ------------------------------------------------------------------------------ BACKGROUND OF THE PROPOSED TRANSACTION WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION BACKGROUND OF THE PROPOSED TRANSACTION - ------------------------------------------------------------------------------ TERMS OF DOW'S PROPOSAL * THE DOW CHEMICAL COMPANY (TOGETHER WITH ITS AFFILIATES "DOW") HAS PROPOSED ACQUIRING ALL OF THE OUTSTANDING SHARES OF MYCOGEN CORPORATION FOR CASH CONSIDERATION OF $20.50 PER SHARE * DOW'S $20.50 PER SHARE PRICE IMPLIES THE FOLLOWING MARKET CAPITALIZATION, PREMIUM TO MARKET AND TRADING MULTIPLES
IMPLIED MARKET CAPITALIZATION ($ IN MM) Dow Offer Price $ 20.50 Total Shares Outstanding 36.11 Total Options Outstanding 4.44 Average Strike Price of Options $ 12.03 ------- EQUITY MARKET VALUE $777.81 Plus: Net Debt (1) $ 13.66 ADJUSTED MARKET VALUE $791.47
ADJUSTED MARKET VALUE AS A MULTIPLE OF MARKET VALUE AS A MULTIPLE OF SALES EBITDA EBIT NET INCOME BOOK VALUE LTM BEFORE ADJ. (1) 3.7X NM NM NM 3.7x FY 1998 BEFORE ADJ. (2) 3.4X NM NM NM 3.9x FY 1999 3.2x NM NM NM 3.9x
- ------------------------------ (1) Includes other charges of $48.9MM (impairment of facilities and costs to exit those facilities, severance, patent litigation fees, acquired in-process technology and equity in net loss of investees) (2) Includes projected litigation expenses of $11.0MM WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION BACKGROUND OF THE PROPOSED TRANSACTION - ------------------------------------------------------------------------------ HISTORY OF DOW'S INVESTMENT IN MYCOGEN * IN 1996, DOW ACQUIRED A 51.8% STAKE IN MYCOGEN * On January 15, 1996, Dow agreed to acquire a 36.6% stake, or approximately 9.5 million common shares of Mycogen from Lubrizol, for roughly $13.26/share. In a simultaneous transaction, Dow acquired approximately 4.5 million common shares of Mycogen in exchange for $26.5 million in cash and all of the outstanding shares of Dow's wholly-owned subsidiary United AgriSeeds, Inc. * On December 3, 1996, Dow acquired 1.0 million common shares of Mycogen from Pioneer Hi-Bred International for $16.75/share * During 1996, Dow acquired 850,000 common shares in open market transactions at a weighted average price of $17.21/share * IN 1997, DOW INCREASED ITS STAKE IN MYCOGEN TO 56.9% * Dow acquired 2,287,843 common shares at a weighted average price of $23.20/share * Of these, 2,206,177 common shares (or 96%) were bought at prices in excess of $20.50/share * In connection with Dr. Caulder's resignation as Chairman of the Board and CEO of Mycogen on May 1, 1997, Dow offered to purchase substantially all shares of common stock owned by Dr. Caulder on the following terms - $28.00/share for the number of shares equal to the sum of 30,000 plus the number of shares issued to Dr. Caulder pursuant to his severance agreement - All other shares would be purchased at a price equal to 105% of the 30 day trailing trading average of Mycogen stock - Included in the 2,287,843 common shares referenced above were 95,752 common shares purchased by Dow from Dr. Caulder on May 2, 1997 at $28.00/share WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION BACKGROUND OF THE PROPOSED TRANSACTION - --------------------------------------------------------------------------- HISTORY OF DOW'S INVESTMENT IN MYCOGEN (CONT'D) * IN 1998, DOW INCREASED ITS STAKE IN MYCOGEN TO APPROXIMATELY 68.8% * On January 9, 1998, Dow acquired 483,439 newly-issued common shares at $19.46/share from Mycogen that were issued to finance Mycogen's acquisition of an additional 16.25% stake in Verneuil Holdings S.A., a French company * On January 16, 1998, Dow purchased 3,762,038 newly-issued common shares from Mycogen for $75 million cash, implying a share price of $19.94 * Dow purchased 296,035 common shares of Mycogen from Dr. Jerry L. Caulder, former Chairman of Board and CEO of Mycogen, for $19.48/share * On March 13, 1998, Dow agreed to purchase from Pioneer Overseas Corp. 2.0 million common shares of Mycogen for $20.06/share WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION BACKGROUND OF THE PROPOSED TRANSACTION - --------------------------------------------------------------------------- TERMS OF THE EXCHANGE AND PURCHASE AGREEMENT * UNDER THE TERMS OF THE JANUARY 15, 1996 EXCHANGE AND PURCHASE AGREEMENT (THE "AGREEMENT") * Dow agreed, subject to certain limitations, that: - Prior to February 19, 1998 (the second anniversary of the "Measurement Date"), it would not acquire or propose to acquire shares which, when aggregated with all other shares held by Dow (other than shares acquired after February 19, 1996 directly from Mycogen or any subsidiaries or employees) would constitute more than 60% of Mycogen's common stock - Prior to February 19, 1999 (the third anniversary of the "Measurement Date"), it would not acquire or propose to acquire shares which, when aggregated with all other shares held by Dow (other than shares acquired after February 19, 1996 directly from Mycogen or any subsidiaries or employees) would constitute more than 65% of Mycogen's common stock * After February 19, 1999, Dow may acquire more than 79.9% of Mycogen's outstanding shares only pursuant to a "Buyout Transaction" - A "Buyout Transaction" is defined as a tender offer, merger or similar transaction for "Third Party Sale Value" - "Third Party Sale Value" is defined as the value that an unaffiliated third party would be expected to pay in an arms'-length transaction for all outstanding shares and share equivalents, NOT TAKING INTO ACCOUNT DOW'S POTENTIALLY CONTROLLING POSITION - A Buyout Transaction can be consummated only: * With the approval of a majority of "Independent Directors" after receipt of a fairness opinion from a recognized investment bank, or * If approval of a majority of the "Independent Directors" cannot be obtained, through arbitration by an independent appraiser * The Agreement may be amended only by a majority of the Independent Directors and a majority of Mycogen's Board WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION BACKGROUND OF THE PROPOSED TRANSACTION - ----------------------------------------------------------------------------- DISTRIBUTION OF VOLUME AT VARIOUS PRICES FOR THE LAST FIVE YEARS THIS GRAPH ILLUSTRATES THE CUMULATIVE VOLUME OF MYCOGEN STOCK THAT TRADED AT VARIOUS PRICE INTERVALS OVER THE LAST FIVE YEARS. MYCO
Security Price History MYCOGEN CORP. COM 17-Jul-98 MYCO 62845210 Common Stock NASDAQ BAR LINE U.S. Dollar Date Volume High Low Close Volume Cumulative % - --------- -------- ------- ------- ------- ------- ------------- 29-Dec-94 38,100 8.5000 8.0000 8.0000 27-Dec-94 104,800 9.0000 8.0000 8.0000 18-Jul-95 95,200 9.0000 8.0000 8.1250 03-Jan-95 111,100 8.5000 8.0000 8.1250 28-Dec-94 65,500 8.5000 8.0000 8.1250 21-Jul-95 25,600 8.7500 8.2500 8.2500 19-Jul-95 66,300 8.5000 7.7500 8.2500 30-Jun-95 21,800 8.7500 8.2500 8.2500 30-May-95 12,700 9.0000 8.2500 8.2500 25-May-95 86,400 9.0000 8.2500 8.2500 24-May-95 62,100 9.0000 8.1250 8.2500 23-May-95 61,500 9.0000 8.0000 8.2500 18-May-95 61,900 9.0000 8.2500 8.2500 04-Jan-95 45,000 8.5000 7.8750 8.2500 23-Dec-94 30,500 8.7500 8.2500 8.2500 22-Dec-94 31,100 8.7500 8.2500 8.2500 09-Dec-94 29,900 8.7500 8.1250 8.2500 06-Dec-94 101,600 9.2500 8.0000 8.2500 01-Jun-95 11,500 9.0000 8.2500 8.3750 31-May-95 11,200 9.0000 8.2500 8.3750 30-Dec-94 152,100 8.7500 8.0000 8.3750 08-Dec-94 133,400 9.0000 8.1250 8.3750 27-Jul-95 25,000 9.0000 8.5000 8.5000 26-Jul-95 31,700 9.0000 8.5000 8.5000 25-Jul-95 15,900 9.1250 8.5000 8.5000 20-Jul-95 16,600 8.7500 8.0000 8.5000 17-Jul-95 20,200 9.0000 8.5000 8.5000 14-Jul-95 34,600 9.0000 8.5000 8.5000 13-Jul-95 61,600 9.3750 8.5000 8.5000 03-Jul-95 11,900 9.0000 8.2500 8.5000 28-Jun-95 15,500 8.7500 8.2500 8.5000 27-Jun-95 59,300 9.2500 8.2500 8.5000 05-Jun-95 9,900 9.0000 8.5000 8.5000 02-Jun-95 23,700 9.0000 8.2500 8.5000 22-May-95 72,800 9.0000 8.2500 8.5000 21-Dec-94 83,500 8.7500 8.0000 8.5000 20-Dec-94 28,500 8.5000 8.0000 8.5000 19-Dec-94 55,900 8.5000 8.0000 8.5000 16-Dec-94 72,100 8.7500 8.2500 8.5000 14-Dec-94 50,100 9.0000 8.5000 8.5000 13-Dec-94 22,900 9.0000 8.5000 8.5000 02-Aug-95 35,900 9.0000 8.6250 8.6250 31-Jul-95 82,800 9.0000 8.5000 8.6250 17-May-95 19,400 9.2500 8.5000 8.6250 06-Jan-95 17,000 9.0000 8.6250 8.6250 15-Dec-94 182,200 9.0000 8.0000 8.6250 08-Aug-95 16,600 9.0000 8.7500 8.7500 04-Aug-95 31,900 9.0000 8.5000 8.7500 24-Jul-95 44,100 9.2500 8.2500 8.7500 12-Jul-95 13,300 9.5000 8.7500 8.7500 11-Jul-95 14,600 9.5000 8.7500 8.7500 06-Jul-95 81,100 9.1250 8.5000 8.7500 29-Jun-95 20,100 8.7500 8.2500 8.7500 26-Jun-95 43,200 9.2500 8.7500 8.7500 09-Jun-95 13,600 9.2500 8.7500 8.7500 12-Dec-94 18,400 9.0000 8.3750 8.7500 07-Dec-94 52,300 9.0000 8.2500 8.7500 01-Aug-95 43,300 9.0000 8.5000 8.8125 07-Jul-95 95,300 9.0000 8.5000 8.8750 15-May-95 47,400 9.2500 8.7500 8.8750 08-May-95 55,600 9.5000 8.8750 8.8750 09-Jan-95 22,800 9.1250 8.6250 8.8750 05-Jan-95 27,600 8.8750 8.2500 8.8750 07-Aug-95 46,600 9.0000 8.6250 9.0000 03-Aug-95 31,600 9.0000 8.2500 9.0000 28-Jul-95 35,000 9.0000 8.2500 9.0000 21-Jun-95 21,100 9.2500 8.7500 9.0000 16-Jun-95 42,000 9.2500 8.7500 9.0000 15-Jun-95 4,800 9.2500 8.7500 9.0000 14-Jun-95 70,900 9.2500 8.7500 9.0000 08-Jun-95 31,600 9.2500 8.7500 9.0000 07-Jun-95 48,700 9.0000 8.5000 9.0000 06-Jun-95 19,200 9.0000 8.5000 9.0000 26-May-95 5,500 9.0000 8.2500 9.0000 19-May-95 90,000 9.0000 8.2500 9.0000 16-May-95 33,700 9.0000 8.7500 9.0000 12-May-95 37,200 9.2500 8.8750 9.0000 10-May-95 40,900 9.5000 8.7500 9.0000 24-Mar-95 54,700 10.0000 9.0000 9.0000 19-Jun-95 44,300 9.5000 8.7500 9.0156 09-May-95 35,900 9.5000 8.8750 9.0625 20-Jun-95 34,200 9.2500 8.7500 9.1250 05-Dec-94 26,300 9.5000 8.7500 9.1250 15-Aug-95 56,400 10.2500 9.2500 9.2500 10-Jul-95 44,900 9.2500 8.6250 9.2500 05-Jul-95 109,900 9.2500 8.2500 9.2500 23-Jun-95 21,100 9.2500 8.7500 9.2500 22-Jun-95 38,000 9.2500 8.7500 9.2500 13-Jun-95 15,600 9.2500 8.7500 9.2500 12-Jun-95 13,600 9.5000 8.7500 9.2500 11-May-95 5,900 9.2500 8.8750 9.2500 04-May-95 38,800 9.6250 9.0000 9.2500 28-Apr-95 25,400 10.0000 9.2500 9.2500 21-Apr-95 25,100 9.7500 9.2500 9.2500 28-Feb-95 42,600 10.0000 9.2500 9.2500 02-Dec-94 33,600 9.7500 9.2500 9.2500 01-Dec-94 21,700 10.0000 9.2500 9.2500 28-Nov-94 26,700 9.7500 9.2500 9.2500 31-Mar-94 29,000 10.0000 9.2500 9.2500 09-Mar-94 37,600 10.0000 9.2500 9.2500 30-Mar-95 26,500 10.0000 9.2500 9.3750 21-Mar-95 260,700 10.2500 8.7500 9.3750 10-Jan-95 80,400 10.2500 9.0000 9.3750 22-Nov-94 23,600 10.0000 9.3750 9.3750 18-Aug-95 31,200 9.7500 9.2500 9.5000 05-May-95 3,400 9.5000 9.0000 9.5000 02-May-95 26,700 9.7500 9.2500 9.5000 27-Apr-95 16,300 10.0000 9.5000 9.5000 26-Apr-95 34,600 10.0000 9.2500 9.5000 20-Apr-95 57,100 10.2500 9.2500 9.5000 19-Apr-95 19,900 10.2500 9.5000 9.5000 07-Apr-95 9,800 10.2500 9.5000 9.5000 27-Mar-95 19,300 10.0000 9.0000 9.5000 22-Mar-95 59,600 10.0000 8.7500 9.5000 17-Mar-95 11,700 10.0000 9.5000 9.5000 15-Mar-95 8,900 10.0000 9.5000 9.5000 09-Mar-95 55,300 10.2500 9.5000 9.5000 29-Nov-94 23,300 9.7500 9.2500 9.5000 23-Nov-94 44,900 9.7500 9.2500 9.5000 21-Nov-94 17,500 10.0000 9.5000 9.5000 19-Apr-94 94,000 10.5000 9.5000 9.5000 15-Apr-94 3,800 10.2500 9.5000 9.5000 13-Apr-94 7,100 10.2500 9.5000 9.5000 04-Apr-94 16,600 10.0000 9.2500 9.5000 01-May-95 13,000 9.7500 9.2500 9.5313 16-Aug-95 42,700 10.0000 9.0000 9.6250 09-Aug-95 123,100 9.6250 8.7500 9.6250 29-Mar-95 19,900 10.0000 9.2500 9.6250 10-Mar-94 51,500 9.7500 9.2500 9.6250 13-Sep-95 39,900 10.1250 9.7500 9.7500 21-Aug-95 30,800 9.7500 9.2500 9.7500 17-Aug-95 14,400 9.7500 9.2500 9.7500 14-Aug-95 150,100 10.2500 9.7500 9.7500 03-May-95 14,500 9.7500 9.2500 9.7500 25-Apr-95 16,700 9.7500 9.2500 9.7500 24-Apr-95 10,700 9.7500 9.2500 9.7500 05-Apr-95 59,500 10.0000 9.5000 9.7500 04-Apr-95 27,400 10.0000 9.2500 9.7500 03-Apr-95 17,800 9.7500 9.2500 9.7500 31-Mar-95 16,300 9.7500 9.2500 9.7500 07-Mar-95 15,600 10.2500 9.5000 9.7500 06-Mar-95 20,500 10.2500 9.7500 9.7500 27-Feb-95 14,200 10.0000 9.2500 9.7500 23-Feb-95 93,800 10.2500 9.2500 9.7500 19-Jan-95 86,200 10.2500 9.5000 9.7500 25-Nov-94 8,500 9.7500 9.2500 9.7500 17-Nov-94 15,900 10.1250 9.6250 9.7500 16-Nov-94 36,700 10.1250 9.7500 9.7500 21-Oct-94 2,700 10.5000 9.7500 9.7500 22-Aug-94 22,600 10.2500 9.7500 9.7500 10-Aug-94 11,400 10.2500 9.7500 9.7500 09-Aug-94 19,200 10.3125 9.7500 9.7500 11-Mar-94 20,700 9.7500 9.2500 9.7500 07-Mar-94 44,000 10.2500 9.7500 9.7500 27-Dec-93 42,400 10.2500 9.5000 9.7500 10-Dec-93 56,600 10.2500 9.7500 9.7500 09-Dec-93 31,800 10.2500 9.7500 9.7500 03-Dec-93 88,900 10.2500 9.7500 9.7500 19-Aug-94 8,000 10.2500 9.7500 9.8125 25-Aug-95 12,800 10.2500 9.5000 9.8750 08-Mar-95 25,100 10.2500 9.5000 9.8750 15-Nov-94 79,700 10.2500 9.8750 9.8750 14-Nov-94 17,700 10.2500 9.8750 9.8750 11-Nov-94 4,500 10.2500 9.8750 9.8750 09-Nov-94 213,000 10.5000 9.8750 9.8750 01-Nov-94 35,200 10.5000 9.7500 9.8750 05-Aug-94 32,400 10.5000 9.7500 9.8750 22-Jul-94 96,700 10.2500 9.7500 9.8750 04-Mar-94 43,800 10.2500 9.7500 9.8750 21-Jul-94 80,600 10.2500 9.7500 9.9375 12-Sep-95 60,600 10.1250 9.7500 10.0000 06-Sep-95 27,700 10.1250 9.5000 10.0000 05-Sep-95 42,900 10.2500 9.5000 10.0000 28-Aug-95 111,200 10.2500 9.5000 10.0000 24-Aug-95 20,600 10.2500 9.5000 10.0000 23-Aug-95 23,100 10.2500 9.5000 10.0000 22-Aug-95 29,900 10.2500 9.3750 10.0000 18-Apr-95 17,700 10.2500 9.5000 10.0000 17-Apr-95 222,600 10.2500 9.5000 10.0000 13-Apr-95 29,400 10.2500 9.5000 10.0000 11-Apr-95 17,000 10.2500 9.5000 10.0000 10-Apr-95 22,400 10.2500 9.5000 10.0000 28-Mar-95 9,400 10.0000 9.2500 10.0000 23-Mar-95 23,900 10.0000 9.5000 10.0000 16-Mar-95 9,200 10.0000 9.5000 10.0000 14-Mar-95 17,000 10.2500 9.5000 10.0000 02-Mar-95 36,900 10.0000 9.5000 10.0000 01-Mar-95 36,000 10.0000 9.2500 10.0000 24-Feb-95 28,900 10.0000 9.5000 10.0000 30-Nov-94 17,200 10.0000 9.5000 10.0000 18-Nov-94 23,000 10.1250 9.5000 10.0000 10-Nov-94 76,000 10.2500 9.8750 10.0000 08-Nov-94 18,800 10.2500 10.0000 10.0000 04-Nov-94 20,900 10.5000 10.0000 10.0000 31-Oct-94 15,500 10.5000 10.0000 10.0000 26-Oct-94 40,300 10.5000 9.7500 10.0000 25-Oct-94 54,600 10.2500 9.5000 10.0000 24-Oct-94 17,500 10.5000 9.7500 10.0000 17-Oct-94 13,400 10.5000 10.0000 10.0000 11-Oct-94 17,600 10.5000 9.7500 10.0000 07-Oct-94 58,400 10.5000 10.0000 10.0000 06-Oct-94 22,200 10.5000 10.0000 10.0000 03-Oct-94 10,800 10.5000 10.0000 10.0000 30-Sep-94 6,400 10.5000 10.0000 10.0000 29-Sep-94 29,200 10.5000 10.0000 10.0000 26-Sep-94 18,200 10.2500 9.7500 10.0000 23-Sep-94 33,200 10.5000 10.0000 10.0000 22-Sep-94 49,500 10.5000 10.0000 10.0000 21-Sep-94 9,800 10.5000 10.0000 10.0000 20-Sep-94 22,500 10.5000 10.0000 10.0000 16-Sep-94 3,400 10.5000 10.0000 10.0000 14-Sep-94 13,300 10.5000 10.0000 10.0000 12-Sep-94 28,800 10.2500 10.0000 10.0000 08-Sep-94 7,600 10.2500 10.0000 10.0000 07-Sep-94 50,100 10.5000 10.0000 10.0000 06-Sep-94 5,600 10.5000 10.0000 10.0000 02-Sep-94 21,100 10.5000 10.0000 10.0000 01-Sep-94 17,700 10.5000 10.0000 10.0000 29-Aug-94 20,100 10.5000 10.0000 10.0000 26-Aug-94 23,100 10.5000 10.0000 10.0000 18-Aug-94 25,600 10.5000 9.7500 10.0000 12-Aug-94 34,300 10.5000 10.0000 10.0000 04-Aug-94 12,700 10.5000 10.0000 10.0000 03-Aug-94 10,500 10.5000 10.0000 10.0000 02-Aug-94 7,300 10.5000 10.0000 10.0000 01-Aug-94 10,400 10.5000 10.0000 10.0000 29-Jul-94 59,600 10.5000 10.0000 10.0000 28-Jul-94 13,900 10.5000 10.0000 10.0000 25-Jul-94 38,900 10.0000 9.7500 10.0000 15-Jul-94 75,100 10.7500 10.0000 10.0000 12-Apr-94 46,600 11.0000 9.5000 10.0000 30-Mar-94 21,500 10.0000 9.2500 10.0000 08-Mar-94 43,300 10.2500 9.5000 10.0000 03-Mar-94 49,000 10.2500 9.8750 10.0000 30-Dec-93 76,400 10.5000 10.0000 10.0000 29-Dec-93 70,100 10.5000 10.0000 10.0000 28-Dec-93 109,200 10.2500 9.7500 10.0000 23-Dec-93 45,000 10.0000 9.5000 10.0000 22-Dec-93 35,900 10.5000 9.5000 10.0000 21-Dec-93 40,900 10.5000 10.0000 10.0000 07-Nov-94 42,100 10.2500 10.0000 10.0625 28-Oct-94 14,200 10.5000 10.0000 10.0625 15-Sep-95 342,500 10.2500 9.5000 10.1250 14-Sep-95 76,800 10.1250 9.7500 10.1250 11-Sep-95 98,400 10.1250 9.8750 10.1250 08-Sep-95 32,500 10.1250 9.8750 10.1250 07-Sep-95 87,900 10.1250 9.6250 10.1250 20-Jan-95 49,600 10.1250 9.6250 10.1250 18-Jan-95 27,300 10.5000 10.1250 10.1250 03-Nov-94 26,500 10.5000 10.0000 10.1250 02-Nov-94 24,400 10.2500 9.7500 10.1250 20-Oct-94 12,700 10.2500 9.7500 10.1250 30-Aug-94 60,200 10.5000 10.0000 10.1250 16-Aug-94 20,300 10.2500 9.7500 10.1250 02-Mar-94 25,100 10.5000 9.7500 10.1250 13-Dec-93 153,000 10.2500 9.5000 10.1250 01-Sep-95 13,000 10.2500 9.5000 10.2500 31-Aug-95 34,300 10.2500 9.5000 10.2500 30-Aug-95 10,700 10.2500 9.5000 10.2500 29-Aug-95 9,300 10.2500 9.5000 10.2500 11-Aug-95 107,800 11.0000 9.7500 10.2500 10-Aug-95 219,300 11.2500 10.2500 10.2500 12-Apr-95 27,700 10.2500 9.7500 10.2500 06-Apr-95 42,500 10.2500 9.2500 10.2500 13-Mar-95 11,400 10.2500 9.5000 10.2500 10-Mar-95 7,700 10.2500 9.5000 10.2500 03-Mar-95 19,000 10.2500 9.5000 10.2500 22-Feb-95 87,300 10.2500 9.7500 10.2500 21-Feb-95 231,700 11.5000 9.5000 10.2500 11-Jan-95 152,400 10.2500 9.6250 10.2500 27-Oct-94 27,900 10.5000 10.0000 10.2500 19-Oct-94 14,300 10.5000 9.7500 10.2500 13-Oct-94 11,100 10.5000 10.0000 10.2500 12-Oct-94 8,000 10.2500 9.7500 10.2500 04-Oct-94 99,300 10.5000 10.2500 10.2500 27-Sep-94 20,900 10.2500 9.7500 10.2500 09-Sep-94 14,500 10.2500 10.0000 10.2500 23-Aug-94 28,700 10.5000 9.7500 10.2500 15-Aug-94 7,900 10.2500 10.0000 10.2500 11-Aug-94 46,100 10.2500 9.7500 10.2500 08-Aug-94 17,100 10.2500 9.5000 10.2500 20-Jul-94 159,300 10.2500 9.7500 10.2500 19-Jul-94 107,600 10.5000 9.7500 10.2500 14-Jul-94 85,100 10.7500 10.2500 10.2500 13-Jul-94 2,700 10.7500 10.2500 10.2500 27-May-94 16,600 10.7500 10.2500 10.2500 26-May-94 7,300 10.7500 10.2500 10.2500 23-May-94 20,300 10.7500 10.2500 10.2500 21-Apr-94 153,100 11.5000 9.7500 10.2500 20-Apr-94 71,600 10.2500 9.5000 10.2500 14-Apr-94 9,900 10.2500 9.5000 10.2500 29-Mar-94 17,200 10.7500 9.7500 10.2500 25-Mar-94 23,400 11.0000 10.2500 10.2500 24-Mar-94 45,200 11.0000 10.2500 10.2500 31-Dec-93 64,700 10.7500 10.0000 10.2500 20-Dec-93 54,900 10.7500 10.0000 10.2500 16-Dec-93 50,500 10.5000 10.0000 10.2500 08-Dec-93 22,600 10.2500 9.7500 10.2500 07-Dec-93 118,400 10.2500 9.7500 10.2500 06-Dec-93 54,400 10.2500 9.5000 10.2500 02-Dec-93 49,000 10.2500 9.7500 10.2500 01-Dec-93 43,900 10.2500 9.7500 10.2500 30-Nov-93 114,500 10.2500 9.7500 10.2500 29-Nov-93 101,300 10.7500 9.7500 10.2500 23-Nov-93 40,700 10.5000 10.0000 10.2500 19-Sep-94 15,200 10.5000 10.0000 10.3750 11-Jul-94 11,800 10.7500 10.2500 10.3750 28-Mar-94 5,400 11.0000 10.2500 10.3750 14-Mar-94 29,500 10.5000 9.2500 10.3750 22-Nov-93 70,400 11.0000 10.0000 10.3750 20-Mar-95 42,600 10.7500 10.0000 10.5000 23-Jan-95 56,700 10.5000 9.6250 10.5000 17-Jan-95 47,400 11.3750 10.2500 10.5000 18-Oct-94 12,700 10.5000 9.7500 10.5000 14-Oct-94 13,200 10.5000 10.0000 10.5000 10-Oct-94 4,400 10.5000 10.0000 10.5000 05-Oct-94 22,900 10.5000 10.2500 10.5000 28-Sep-94 21,300 10.5000 10.0000 10.5000 15-Sep-94 26,000 10.5000 10.0000 10.5000 13-Sep-94 20,500 10.5000 10.0000 10.5000 31-Aug-94 35,300 10.5000 10.1250 10.5000 25-Aug-94 27,500 10.5000 10.0000 10.5000 24-Aug-94 13,800 10.5000 10.0000 10.5000 17-Aug-94 36,700 10.5000 10.0000 10.5000 27-Jul-94 27,700 11.0000 10.0000 10.5000 18-Jul-94 105,400 10.5000 9.7500 10.5000 07-Jul-94 28,100 11.0000 10.2500 10.5000 31-May-94 46,200 11.0000 10.5000 10.5000 25-May-94 34,500 10.7500 10.2500 10.5000 16-May-94 7,900 11.0000 10.5000 10.5000 18-Apr-94 203,600 10.5000 9.5000 10.5000 06-Apr-94 38,400 10.5000 10.0000 10.5000 05-Apr-94 18,000 10.5000 9.5000 10.5000 23-Mar-94 14,800 11.0000 10.5000 10.5000 18-Mar-94 25,600 11.2500 10.5000 10.5000 25-Feb-94 15,200 11.0000 10.5000 10.5000 24-Feb-94 45,400 11.0000 10.5000 10.5000 23-Feb-94 13,000 11.0000 10.5000 10.5000 17-Dec-93 19,000 10.5000 10.0000 10.5000 15-Dec-93 34,100 10.5000 10.0000 10.5000 14-Dec-93 87,700 10.5000 9.7500 10.5000 26-Nov-93 2,900 10.5000 10.0000 10.5000 24-Nov-93 20,100 10.5000 10.0000 10.5000 19-Nov-93 32,600 11.0000 10.5000 10.5000 18-Nov-93 11,600 11.0000 10.5000 10.5000 26-Jul-94 33,200 11.0000 10.2500 10.5625 13-May-94 41,800 11.0000 10.5000 10.6250 16-Mar-94 35,000 11.0000 10.5000 10.6250 03-Jan-94 31,600 10.7500 10.2500 10.6250 16-Jan-95 62,200 11.8750 10.7500 10.7500 12-Jul-94 6,500 10.7500 10.2500 10.7500 08-Jul-94 11,100 10.7500 10.2500 10.7500 06-Jul-94 30,800 11.2500 10.5000 10.7500 05-Jul-94 7,700 11.2500 10.7500 10.7500 30-Jun-94 9,000 11.5000 10.7500 10.7500 28-Jun-94 13,300 11.2500 10.7500 10.7500 27-Jun-94 14,400 11.2500 10.7500 10.7500 24-May-94 24,500 10.7500 10.2500 10.7500 20-May-94 99,000 11.2500 10.5000 10.7500 18-May-94 4,500 11.2500 10.7500 10.7500 17-May-94 32,600 11.2500 10.5000 10.7500 12-May-94 18,200 11.2500 10.5000 10.7500 22-Mar-94 5,300 11.0000 10.5000 10.7500 21-Mar-94 14,900 11.0000 10.5000 10.7500 01-Mar-94 645,300 11.0000 10.2500 10.7500 18-Feb-94 46,900 11.2500 10.5000 10.7500 17-Feb-94 22,800 11.7500 10.7500 10.7500 04-Jan-94 39,500 11.0000 10.5000 10.7500 16-Nov-93 9,700 11.2500 10.7500 10.7500 04-Nov-93 21,700 11.5000 10.7500 10.7500 25-Oct-93 175,400 11.5000 10.2500 10.7500 30-Jan-95 49,400 11.5000 10.8750 10.8750 11-May-94 51,200 11.7500 10.5000 10.8750 15-Mar-94 46,600 11.0000 10.2500 10.8750 15-Nov-93 13,300 11.5000 10.7500 10.8750 12-Jan-95 172,800 11.1250 9.8750 11.0000 01-Jul-94 25,900 11.2500 10.7500 11.0000 29-Jun-94 3,400 11.2500 10.7500 11.0000 20-Jun-94 15,500 11.2500 11.0000 11.0000 17-Jun-94 9,900 11.5000 11.0000 11.0000 07-Jun-94 16,900 11.5000 10.7500 11.0000 02-Jun-94 10,900 11.0000 10.2500 11.0000 01-Jun-94 2,300 11.0000 10.2500 11.0000 22-Apr-94 436,900 11.2500 10.0000 11.0000 11-Apr-94 28,200 11.2500 10.5000 11.0000 07-Apr-94 39,400 11.0000 10.2500 11.0000 28-Feb-94 22,200 11.0000 10.5000 11.0000 22-Feb-94 29,100 11.0000 10.5000 11.0000 17-Nov-93 29,500 11.2500 10.5000 11.0000 12-Nov-93 10,000 11.5000 11.0000 11.0000 11-Nov-93 13,100 11.5000 11.0000 11.0000 08-Nov-93 10,200 11.0000 10.7500 11.0000 05-Nov-93 43,300 11.0000 10.5000 11.0000 03-Nov-93 16,500 11.5000 11.0000 11.0000 02-Nov-93 19,100 11.5000 11.0000 11.0000 26-Jan-95 53,300 11.6250 11.1250 11.1250 25-Jan-95 54,500 11.6250 11.0000 11.1250 06-Jun-94 21,500 11.2500 10.7500 11.1250 01-Nov-93 10,000 11.5000 11.0000 11.1250 27-Jan-95 20,600 11.5000 11.0000 11.2500 24-Jun-94 23,100 11.2500 10.7500 11.2500 21-Jun-94 9,500 11.2500 11.0000 11.2500 15-Jun-94 39,700 12.0000 11.0000 11.2500 08-Jun-94 24,700 11.5000 11.0000 11.2500 03-Jun-94 20,500 11.2500 10.5000 11.2500 19-May-94 98,700 11.2500 10.7500 11.2500 29-Apr-94 37,500 11.5000 11.2500 11.2500 08-Apr-94 72,100 11.2500 10.5000 11.2500 17-Mar-94 27,600 11.2500 10.5000 11.2500 14-Feb-94 38,200 11.7500 11.0000 11.2500 11-Feb-94 10,800 11.7500 11.2500 11.2500 10-Feb-94 43,800 11.5000 11.2500 11.2500 08-Feb-94 67,700 11.7500 11.2500 11.2500 19-Jan-94 64,000 11.5000 11.0000 11.2500 10-Nov-93 15,100 11.5000 10.7500 11.2500 29-Oct-93 52,100 11.5000 11.0000 11.2500 22-Oct-93 15,200 11.7500 11.2500 11.2500 29-Sep-93 32,400 11.7500 11.2500 11.2500 28-Sep-93 45,000 11.7500 11.2500 11.2500 22-Jul-93 37,500 12.0000 11.2500 11.2500 01-Feb-95 30,500 11.5000 11.0000 11.3750 31-Jan-95 38,700 11.3750 10.7500 11.3750 09-Jun-94 17,400 11.5000 10.7500 11.3750 28-Apr-94 69,100 11.5000 11.2500 11.3750 25-Apr-94 202,400 11.5000 10.7500 11.3750 07-Feb-94 33,600 11.7500 11.2500 11.3750 21-Oct-93 19,200 12.0000 11.3750 11.3750 22-Sep-93 24,400 11.5000 11.0000 11.3750 18-Sep-95 223,700 11.5000 10.0000 11.5000 14-Feb-95 100,400 11.7500 11.5000 11.5000 06-Feb-95 17,500 11.7500 11.0000 11.5000 24-Jan-95 166,900 11.7500 10.5000 11.5000 23-Jun-94 9,800 11.5000 11.0000 11.5000 22-Jun-94 20,600 11.5000 11.0000 11.5000 16-Jun-94 7,400 11.7500 11.0000 11.5000 13-Jun-94 16,600 11.7500 11.2500 11.5000 10-Jun-94 17,000 11.7500 11.0000 11.5000 09-May-94 23,900 11.7500 11.2500 11.5000 26-Apr-94 35,700 11.5000 11.2500 11.5000 15-Feb-94 22,800 11.5000 11.0000 11.5000 09-Feb-94 12,600 11.5000 11.2500 11.5000 03-Feb-94 22,700 12.0000 11.5000 11.5000 02-Feb-94 16,300 12.0000 11.5000 11.5000 27-Jan-94 42,500 11.7500 11.5000 11.5000 26-Jan-94 24,100 11.7500 11.2500 11.5000 25-Jan-94 23,500 11.7500 11.2500 11.5000 24-Jan-94 19,500 11.7500 11.5000 11.5000 21-Jan-94 24,600 11.7500 11.5000 11.5000 14-Jan-94 9,200 12.0000 11.5000 11.5000 13-Jan-94 19,600 12.0000 11.5000 11.5000 10-Jan-94 18,400 12.0000 11.5000 11.5000 06-Jan-94 42,900 12.0000 11.5000 11.5000 09-Nov-93 14,700 11.5000 10.7500 11.5000 28-Oct-93 64,800 12.0000 11.2500 11.5000 27-Oct-93 68,300 12.0000 11.0000 11.5000 26-Oct-93 22,400 11.5000 10.7500 11.5000 27-Sep-93 47,600 11.7500 11.5000 11.5000 23-Sep-93 32,700 11.5000 11.2500 11.5000 21-Sep-93 54,100 12.0000 11.0000 11.5000 23-Jul-93 37,500 11.7500 11.0000 11.5000 20,015,600 0.281849 06-May-94 11,700 11.7500 11.2500 11.5625 17-Feb-95 47,400 12.0000 11.5000 11.6250 10-Feb-95 24,700 11.7500 11.5000 11.6250 13-Jan-95 103,900 11.8750 10.8750 11.6250 14-Jun-94 24,500 12.0000 11.5000 11.6250 31-Jan-94 10,800 11.7500 11.2500 11.6250 16-Feb-95 35,400 12.0000 11.5000 11.6875 13-Feb-95 70,200 12.0000 11.5000 11.7500 09-Feb-95 33,600 11.8750 11.5000 11.7500 08-Feb-95 21,600 11.8750 11.5000 11.7500 07-Feb-95 30,400 12.0000 11.1250 11.7500 03-Feb-95 18,700 11.8750 11.3750 11.7500 02-Feb-95 34,800 11.7500 11.1250 11.7500 10-May-94 16,300 11.7500 11.2500 11.7500 05-May-94 28,700 11.7500 11.2500 11.7500 04-May-94 14,900 11.7500 11.2500 11.7500 03-May-94 32,600 11.7500 11.2500 11.7500 02-May-94 61,700 11.7500 11.2500 11.7500 16-Feb-94 54,600 11.7500 11.0000 11.7500 04-Feb-94 17,900 12.0000 11.5000 11.7500 01-Feb-94 44,700 11.7500 11.2500 11.7500 28-Jan-94 22,500 11.7500 11.2500 11.7500 20-Jan-94 52,900 11.7500 11.0000 11.7500 18-Jan-94 20,300 12.0000 11.2500 11.7500 15-Oct-93 9,400 12.2500 11.7500 11.7500 13-Oct-93 193,200 12.5000 11.7500 11.7500 24-Sep-93 56,200 11.7500 11.0000 11.7500 20-Sep-93 10,400 12.0000 11.5000 11.7500 26-Jul-93 65,300 12.0000 11.5000 11.7500 07-Jan-94 33,800 12.0000 11.5000 11.8750 17-Sep-93 30,700 12.0000 11.5000 11.8750 20-Jul-93 30,300 12.2500 11.7500 11.8750 16-Jul-93 25,600 12.2500 11.7500 11.8750 07-Dec-95 51,500 12.2500 11.7500 12.0000 15-Feb-95 13,700 12.0000 11.5000 12.0000 17-Jan-94 21,100 12.0000 11.5000 12.0000 12-Jan-94 9,400 12.0000 11.5000 12.0000 11-Jan-94 13,500 12.0000 11.5000 12.0000 05-Jan-94 54,800 12.0000 11.2500 12.0000 20-Oct-93 43,000 12.0000 11.5000 12.0000 19-Oct-93 34,100 12.5000 12.0000 12.0000 14-Oct-93 21,000 12.2500 11.7500 12.0000 06-Dec-95 58,500 12.7500 11.7500 12.1250 27-Jul-93 88,200 12.2500 11.7500 12.1250 11-Dec-95 49,200 12.5000 11.8750 12.2500 08-Dec-95 13,600 12.2500 11.8750 12.2500 12-Oct-93 11,500 12.7500 12.2500 12.2500 11-Oct-93 4,800 12.7500 12.2500 12.2500 16-Sep-93 18,300 12.2500 11.7500 12.2500 15-Sep-93 50,700 12.7500 11.7500 12.2500 14-Sep-93 19,100 12.7500 12.2500 12.2500 16-Aug-93 23,100 12.7500 12.2500 12.2500 13-Aug-93 19,600 12.5000 12.2500 12.2500 12-Aug-93 11,200 12.5000 12.2500 12.2500 11-Aug-93 4,800 12.5000 12.2500 12.2500 10-Aug-93 12,900 12.5000 12.2500 12.2500 05-Aug-93 13,400 12.7500 12.2500 12.2500 21-Jul-93 71,300 12.2500 11.7500 12.2500 19-Jul-93 36,900 12.2500 11.7500 12.2500 05-Dec-95 56,800 13.0000 12.2500 12.5000 01-Dec-95 46,300 13.1250 12.5000 12.5000 27-Nov-95 19,800 13.1250 12.5000 12.5000 14-Nov-95 16,300 12.8750 12.2500 12.5000 09-Nov-95 19,000 13.1250 12.3750 12.5000 21-Sep-95 142,100 13.2500 12.5000 12.5000 18-Oct-93 25,700 12.5000 11.7500 12.5000 07-Oct-93 10,900 13.0000 12.5000 12.5000 06-Oct-93 48,700 13.0000 12.5000 12.5000 13-Sep-93 22,200 13.0000 12.5000 12.5000 10-Sep-93 11,900 13.0000 12.5000 12.5000 09-Sep-93 36,600 13.5000 12.5000 12.5000 18-Aug-93 336,000 13.2500 12.5000 12.5000 09-Aug-93 15,900 12.5000 12.0000 12.5000 04-Aug-93 26,000 12.7500 12.2500 12.5000 03-Aug-93 55,400 12.7500 12.5000 12.5000 02-Aug-93 52,200 12.7500 12.5000 12.5000 28-Jul-93 81,900 12.5000 12.2500 12.5000 16-Nov-95 14,000 12.6250 12.2500 12.6250 15-Nov-95 8,700 12.7500 12.2500 12.6250 05-Oct-93 45,900 13.2500 12.5000 12.6250 04-Dec-95 29,400 13.0000 12.5000 12.7500 17-Nov-95 8,000 12.7500 12.2500 12.7500 27-Oct-95 33,300 13.2500 12.7500 12.7500 08-Oct-93 12,300 13.0000 12.2500 12.7500 04-Oct-93 197,600 13.2500 12.7500 12.7500 30-Sep-93 73,300 13.0000 11.2500 12.7500 06-Aug-93 54,000 12.7500 12.2500 12.7500 30-Jul-93 53,000 12.7500 12.2500 12.7500 29-Jul-93 29,100 12.7500 12.2500 12.7500 24-Nov-95 2,900 13.1250 12.8750 12.8750 21-Nov-95 26,600 13.2500 12.8750 12.8750 08-Nov-95 29,800 13.1250 12.8750 12.8750 03-Nov-95 13,200 13.3750 12.7500 12.8750 25-Oct-95 93,000 13.7500 12.6250 12.8750 09-Oct-95 67,900 13.5000 12.8750 12.8750 25-Sep-95 61,300 13.5000 12.5000 12.8750 22-Nov-95 13,000 13.2500 12.8750 13.0000 20-Nov-95 55,400 13.2500 12.5000 13.0000 13-Nov-95 8,500 13.0000 12.5000 13.0000 10-Nov-95 16,500 13.0000 12.5000 13.0000 07-Nov-95 19,200 13.2500 12.7500 13.0000 02-Nov-95 9,700 13.3750 12.7500 13.0000 10-Oct-95 81,000 13.0000 12.7500 13.0000 22-Sep-95 45,400 13.0000 12.5000 13.0000 20-Sep-95 279,700 13.7500 12.7500 13.0000 08-Sep-93 34,100 13.5000 12.7500 13.0000 02-Sep-93 8,300 13.5000 13.0000 13.0000 01-Sep-93 18,100 13.5000 13.0000 13.0000 30-Aug-93 32,000 13.5000 13.0000 13.0000 27-Aug-93 16,900 13.5000 13.0000 13.0000 24-Aug-93 26,500 13.2500 12.7500 13.0000 23-Aug-93 47,800 13.2500 12.5000 13.0000 20-Aug-93 26,800 13.2500 12.7500 13.0000 17-Aug-93 177,800 13.0000 12.5000 13.0000 30-Nov-95 11,200 13.1250 12.7500 13.1250 29-Nov-95 8,300 13.1250 12.7500 13.1250 28-Nov-95 11,600 13.1250 12.5000 13.1250 01-Nov-95 18,000 13.3750 12.7500 13.1250 30-Oct-95 54,600 13.2500 12.7500 13.1250 17-Oct-95 23,500 13.6250 13.1250 13.1250 16-Oct-95 31,400 13.5000 13.1250 13.1250 13-Oct-95 10,100 13.5000 13.1250 13.1250 07-Sep-93 47,500 13.5000 13.0000 13.1250 19-Aug-93 39,500 13.2500 12.5000 13.1250 06-Nov-95 29,500 13.2500 12.8750 13.2500 26-Oct-95 46,800 13.2500 12.7500 13.2500 19-Oct-95 14,900 13.7500 13.1250 13.2500 19-Sep-95 560,900 13.6250 11.0000 13.2500 01-Oct-93 36,800 13.2500 12.7500 13.2500 31-Aug-93 60,500 13.5000 13.0000 13.2500 26-Aug-93 46,300 13.5000 12.7500 13.2500 25-Aug-93 29,800 13.2500 12.7500 13.2500 12-Dec-95 166,200 13.7500 12.2500 13.3750 31-Oct-95 6,400 13.3750 12.7500 13.3750 18-Oct-95 37,900 13.7500 13.1250 13.3750 11-Oct-95 67,600 13.5000 13.0000 13.3750 06-Oct-95 30,100 13.6250 13.3750 13.3750 12-Jul-96 22,000 14.0000 13.1250 13.5000 15-Dec-95 50,000 14.0000 13.5000 13.5000 24-Oct-95 21,500 14.0000 13.5000 13.5000 23-Oct-95 19,800 14.0000 13.5000 13.5000 12-Oct-95 54,100 13.5000 13.1250 13.5000 05-Oct-95 100,600 13.6250 13.3750 13.5000 04-Oct-95 54,600 13.7500 13.5000 13.5000 03-Sep-93 8,300 13.5000 13.0000 13.5000 03-Oct-95 118,600 13.8750 13.5000 13.6250 27-Sep-95 137,700 14.0000 13.3750 13.6250 11-Jul-96 29,300 14.2500 13.2500 13.7500 14-Dec-95 99,100 14.1250 13.5000 13.7500 29-Sep-95 33,700 14.0000 13.6250 13.7500 13-Dec-95 59,200 14.0000 13.2500 13.8125 21-Dec-95 96,800 14.2500 13.8750 13.8750 20-Dec-95 107,500 14.5000 13.8750 13.8750 18-Dec-95 68,900 14.0000 13.5000 13.8750 02-Oct-95 78,000 14.2500 13.5000 13.8750 17-Sep-96 27,000 14.5000 14.0000 14.0000 16-Sep-96 127,600 14.2500 13.7500 14.0000 12-Sep-96 71,700 15.5000 13.7500 14.0000 10-Jul-96 85,400 14.7500 13.0000 14.0000 28-Sep-95 58,400 14.0000 13.6250 14.0000 26-Sep-95 179,200 14.0000 13.3750 14.0000 20-Oct-95 104,900 14.1250 13.2500 14.1250 22-Oct-96 9,500 14.5000 14.2500 14.2500 21-Oct-96 29,400 14.5000 14.2500 14.2500 18-Oct-96 20,200 14.5000 14.2500 14.2500 16-Oct-96 84,600 14.5000 14.2500 14.2500 15-Oct-96 23,700 14.5000 14.2500 14.2500 14-Oct-96 33,800 14.5000 14.2500 14.2500 11-Oct-96 96,500 14.5000 14.2500 14.2500 09-Oct-96 147,600 14.7500 14.0000 14.2500 04-Oct-96 18,500 15.0000 14.2500 14.2500 03-Oct-96 1,600 15.0000 14.2500 14.2500 30-Sep-96 23,200 15.0000 14.2500 14.2500 23-Sep-96 21,300 14.7500 14.2500 14.2500 20-Sep-96 13,100 14.7500 14.2500 14.2500 18-Sep-96 95,600 14.7500 14.0000 14.2500 13-Sep-96 40,000 14.7500 13.7500 14.2500 15-Jul-96 101,600 14.6250 13.7500 14.2500 08-Jan-96 63,800 14.6250 13.6250 14.2500 19-Dec-95 110,000 14.5000 13.8750 14.2500 10-Oct-96 29,500 14.5000 14.2500 14.3750 08-Oct-96 28,000 14.7500 14.2500 14.3750 17-Oct-96 14,000 14.5000 14.2500 14.4750 27-Sep-96 13,100 15.0000 14.2500 14.5000 25-Sep-96 20,400 14.7500 14.2500 14.5000 24-Sep-96 27,900 14.5000 14.2500 14.5000 19-Sep-96 9,600 14.7500 14.2500 14.5000 10-Jan-96 37,900 14.7500 14.5000 14.5000 9,170,300 0.41098 24-Oct-96 160,600 15.5000 14.5000 14.7500 23-Oct-96 96,100 15.5000 14.2500 14.7500 07-Oct-96 61,700 14.7500 14.2500 14.7500 09-Aug-96 13,300 15.5000 14.3750 14.7500 06-Aug-96 17,800 15.5000 14.7500 14.7500 08-Jul-96 36,800 14.7500 14.2500 14.7500 05-Jul-96 73,800 15.2500 14.5000 14.7500 03-Jul-96 78,600 15.6250 14.6250 14.7500 09-Jan-96 74,400 14.7500 14.0000 14.7500 05-Jan-96 66,600 15.5000 14.7500 14.7500 07-Aug-96 21,500 15.0000 14.7500 14.8750 25-Jul-96 28,200 15.2500 14.7500 14.8750 09-Jul-96 16,900 15.0000 14.6250 14.8750 01-Jul-96 12,900 15.2500 14.8750 14.8750 02-Oct-96 21,700 15.0000 14.2500 15.0000 01-Oct-96 34,100 15.0000 14.2500 15.0000 26-Sep-96 233,600 15.0000 14.2500 15.0000 11-Sep-96 24,600 15.8750 15.0000 15.0000 08-Aug-96 29,400 15.0000 14.2500 15.0000 23-Jul-96 50,000 15.5000 15.0000 15.0000 17-Jul-96 29,800 15.8750 15.0000 15.0000 16-Jul-96 51,400 15.0000 14.0000 15.0000 02-Jul-96 14,800 15.5000 15.0000 15.0000 28-Jun-96 26,100 15.6250 14.8750 15.0000 22-Dec-95 126,600 15.0000 13.8750 15.0000 29-Jul-96 15,600 15.2500 15.0000 15.1250 24-Jul-96 60,600 15.1250 14.7500 15.1250 27-Jun-96 11,200 15.5000 15.0000 15.1250 26-Jun-96 6,000 17.0000 14.8750 15.1250 05-Aug-96 15,700 16.2500 15.2500 15.2500 26-Jul-96 38,300 15.2500 14.8750 15.2500 30-Jan-96 13,400 15.7500 15.2500 15.2500 31-Jul-96 24,200 16.0000 15.3750 15.3750 04-Jan-96 83,600 16.3750 15.0000 15.3750 26-Dec-95 88,500 15.7500 14.8750 15.3750 28-Oct-96 42,100 15.5000 15.0000 15.5000 25-Oct-96 73,800 15.5000 14.7500 15.5000 12-Aug-96 700 15.5000 14.7500 15.5000 22-Jul-96 29,500 15.5000 15.0000 15.5000 19-Jul-96 19,900 16.0000 15.2500 15.5000 18-Jul-96 11,200 15.7500 15.0000 15.5000 27-Dec-95 36,200 15.7500 15.2500 15.5000 30-Oct-96 38,300 15.7500 15.5000 15.6250 02-Aug-96 11,700 16.2500 15.6250 15.6250 29-Jan-96 20,000 16.2500 15.5000 15.6250 08-Nov-96 9,700 16.5000 15.7500 15.7500 05-Nov-96 6,600 16.0000 15.5000 15.7500 01-Nov-96 79,700 16.5000 15.5000 15.7500 29-Oct-96 51,500 16.0000 14.7500 15.7500 10-Sep-96 5,300 16.0000 15.5000 15.7500 29-Aug-96 43,200 16.6250 15.7500 15.7500 27-Aug-96 17,000 16.5000 15.5000 15.7500 26-Aug-96 21,400 16.5000 15.7500 15.7500 13-Aug-96 31,500 15.7500 14.7500 15.7500 30-Jul-96 62,100 15.7500 15.0000 15.7500 26-Jan-96 21,100 16.2500 15.7500 15.7500 23-Jan-96 16,800 16.0000 15.2500 15.7500 22-Jan-96 17,700 15.7500 15.5000 15.7500 19-Jan-96 36,300 15.7500 15.3750 15.7500 18-Jan-96 59,700 16.7500 15.2500 15.7500 03-Sep-96 15,900 16.0000 15.2500 15.8750 25-Jan-96 23,900 16.2500 15.2656 15.8750 15-Jan-96 38,200 16.1250 15.7500 15.8750 30-Aug-96 19,400 16.1250 15.5000 15.9375 06-Nov-96 19,200 16.2500 15.5000 16.0000 04-Nov-96 10,200 16.0000 15.5000 16.0000 31-Oct-96 25,400 16.0000 15.5000 16.0000 09-Sep-96 28,500 16.2500 15.7500 16.0000 23-Aug-96 39,600 16.2500 16.0000 16.0000 22-Aug-96 16,400 16.5000 16.0000 16.0000 21-Aug-96 19,600 16.5000 16.0000 16.0000 01-Aug-96 41,200 16.0000 15.3750 16.0000 03-Apr-96 50,800 17.0000 16.0000 16.0000 06-Feb-96 42,700 16.5000 16.0000 16.0000 24-Jan-96 23,900 16.0000 15.2500 16.0000 12-Jan-96 23,300 16.2500 15.8750 16.0000 03-Jan-96 81,200 16.6250 16.0000 16.0000 10-Apr-96 82,500 16.5000 16.0000 16.1250 28-Mar-96 113,900 16.5000 16.0000 16.1250 11-Jan-96 110,400 16.2500 14.6250 16.1250 28-Dec-95 216,700 16.7500 15.2500 16.1250 22-Nov-96 287,300 16.7500 16.2500 16.2500 21-Nov-96 57,400 17.0000 16.2500 16.2500 07-Nov-96 5,600 16.5000 15.7500 16.2500 06-Sep-96 29,900 16.2500 16.1250 16.2500 05-Sep-96 17,600 16.7500 16.2500 16.2500 14-Aug-96 144,900 16.7500 15.5500 16.2500 09-Apr-96 126,000 17.0000 16.0000 16.2500 26-Mar-96 57,700 16.7500 16.2500 16.2500 20-Mar-96 335,400 19.0000 15.0000 16.2500 07-Feb-96 325,900 16.2500 15.7500 16.2500 02-Feb-96 42,800 16.5000 16.0000 16.2500 01-Feb-96 48,700 16.2500 15.5000 16.2500 31-Jan-96 35,400 16.2500 15.2500 16.2500 11-Nov-96 63,800 16.5000 15.7500 16.3750 25-Jun-96 60,200 17.5000 16.3750 16.3750 02-Jan-96 176,000 17.2500 16.2500 16.3750 20-Aug-96 5,400 16.5000 16.0000 16.4375 10-Feb-98 15,800 16.5000 16.0000 16.5000 09-Feb-98 45,800 16.7500 16.0000 16.5000 04-Feb-98 265,500 17.7500 15.8750 16.5000 19-Nov-96 62,800 17.0000 16.5000 16.5000 14-Nov-96 45,900 17.0000 16.5000 16.5000 13-Nov-96 50,000 17.0000 16.5000 16.5000 12-Nov-96 26,600 17.0000 16.0000 16.5000 04-Sep-96 43,500 16.7500 15.7500 16.5000 12-Apr-96 6,400 17.0000 16.5000 16.5000 27-Mar-96 212,500 16.7500 16.2500 16.5000 21-Mar-96 165,400 16.5000 16.0000 16.5000 05-Feb-96 57,800 16.8750 16.0000 16.5000 28-Aug-96 32,500 16.7500 16.0000 16.5625 06-Feb-98 31,600 17.0000 16.6250 16.6250 02-Apr-96 23,000 17.0000 16.5000 16.6250 17-Jan-96 84,500 16.6250 16.0000 16.6250 16-Jan-96 101,700 17.0000 16.2500 16.6250 02-Dec-96 25,900 17.1250 16.7500 16.7500 29-Nov-96 19,100 17.1250 16.7500 16.7500 27-Nov-96 17,100 17.1250 16.5000 16.7500 26-Nov-96 13,700 17.0000 16.2500 16.7500 25-Nov-96 77,700 16.7500 16.2500 16.7500 20-Nov-96 25,600 17.0000 16.5000 16.7500 18-Nov-96 68,400 17.0000 16.5000 16.7500 19-Aug-96 52,800 17.3750 16.5000 16.7500 03-May-96 51,100 17.0000 16.2500 16.7500 02-May-96 37,000 16.7500 16.0000 16.7500 01-May-96 111,900 17.5000 16.2500 16.7500 11-Apr-96 54,700 16.7500 16.1250 16.7500 08-Feb-96 56,100 16.7500 15.8750 16.7500 05-Feb-98 110,800 17.0000 16.5000 16.8750 15-Apr-96 14,300 17.0000 16.5000 16.8750 27-Feb-98 94,800 17.3750 16.6250 17.0000 03-Dec-96 39,100 17.1250 16.7500 17.0000 15-Nov-96 168,700 17.0000 16.5000 17.0000 16-Aug-96 176,100 17.5000 16.7500 17.0000 17-Apr-96 21,900 17.3750 16.5000 17.0000 16-Apr-96 38,600 17.1250 16.5000 17.0000 08-Apr-96 87,300 17.5000 16.2500 17.0000 04-Apr-96 126,100 17.5000 16.6250 17.0000 25-Mar-96 147,000 17.5000 16.8750 17.0000 29-Dec-95 108,400 17.2500 16.1250 17.0000 02-Mar-98 46,800 17.2500 16.6250 17.1250 24-Jun-96 197,800 18.0000 17.1250 17.1250 19-Jun-96 46,200 17.2500 16.7500 17.1250 01-Apr-96 29,000 17.3750 17.0000 17.1875 26-Feb-98 73,900 17.8125 16.7500 17.2500 20-Jun-96 41,700 17.2500 17.0000 17.2500 18-Jun-96 32,800 17.5000 16.7500 17.2500 06-May-96 56,700 17.2500 16.5000 17.2500 30-Apr-96 138,900 18.0000 17.2500 17.2500 25-Apr-96 58,800 17.7500 17.2500 17.2500 29-Mar-96 67,100 17.2500 16.0000 17.2500 22-Mar-96 124,100 17.5000 16.5000 17.2500 15-Aug-96 72,900 17.3750 16.2500 17.3750 21-Jun-96 73,200 17.5000 16.7500 17.3750 07-Apr-98 67,200 18.1250 17.2500 17.5000 21-Apr-97 9,400 18.3750 17.5000 17.5000 17-Jun-96 42,800 18.0000 17.2500 17.5000 16-May-96 170,500 18.0000 17.2500 17.5000 15-May-96 176,900 18.5000 17.5000 17.5000 29-Apr-96 143,600 18.0000 17.5000 17.5000 26-Apr-96 53,500 17.7500 17.2500 17.5000 24-Apr-96 40,600 18.0000 17.2500 17.5000 19-Apr-96 35,800 17.8750 17.5000 17.5000 09-Feb-96 143,100 17.5000 16.0000 17.5000 1,078,2500 0.562814 08-Apr-98 32,900 18.0000 17.2500 17.6250 06-Jun-96 41,900 18.0000 17.6250 17.6250 29-May-96 37,300 18.0000 17.6250 17.6250 18-Apr-96 130,600 18.2500 17.2500 17.6875 24-Apr-97 61,100 18.2500 17.5000 17.7500 04-Dec-96 49,200 17.5000 16.8750 17.7500 14-Jun-96 18,400 18.1250 17.7500 17.7500 13-Jun-96 8,800 18.1250 17.7500 17.7500 12-Jun-96 45,100 18.5000 17.7500 17.7500 10-Jun-96 27,300 18.0000 17.7500 17.7500 07-Jun-96 45,700 18.0000 17.6250 17.7500 05-Jun-96 30,700 18.2500 17.6250 17.7500 28-May-96 22,900 18.2500 17.7500 17.7500 08-May-96 40,000 18.0000 17.7500 17.7500 07-May-96 90,700 18.2500 17.2500 17.7500 23-Apr-96 177,100 18.1250 17.7500 17.7500 22-Apr-96 66,400 18.0000 17.5000 17.7500 08-Mar-96 98,600 19.0000 17.5000 17.7500 13-Feb-96 75,600 18.2500 17.5000 17.7500 25-Feb-98 95,100 18.3750 17.5000 17.8125 24-May-96 34,900 18.2500 17.8750 17.8750 23-May-96 292,200 18.2500 17.8750 17.8750 22-May-96 25,800 18.2500 17.7500 17.8750 09-May-96 25,000 18.0000 17.7500 17.8750 12-Feb-96 143,300 18.2500 16.7500 17.8750 14-Apr-98 224,100 18.5000 17.5000 18.0000 09-Mar-98 58,900 18.7500 18.0000 18.0000 28-Apr-97 17,600 18.7500 18.0000 18.0000 22-Apr-97 30,100 18.3750 17.5000 18.0000 18-Apr-97 152,900 18.3750 17.7500 18.0000 11-Jun-96 26,200 18.0000 17.7500 18.0000 30-May-96 30,900 18.0000 17.6250 18.0000 21-May-96 146,400 18.0000 17.7500 18.0000 20-May-96 13,600 18.0000 17.6250 18.0000 17-May-96 37,000 18.0000 17.5000 18.0000 10-May-96 82,400 18.5000 17.8750 18.0000 11-Mar-96 184,800 18.0000 16.5000 18.0000 13-Apr-98 32,300 18.2500 17.8750 18.1250 06-Apr-98 36,900 18.2500 18.0000 18.1250 30-Apr-97 15,500 18.3750 17.8750 18.1250 16-Apr-97 47,500 18.2500 17.5000 18.1250 11-Apr-97 33,600 18.5000 17.5000 18.1250 04-Jun-96 11,800 18.2500 17.7500 18.1250 13-May-96 254,100 18.2500 17.8750 18.1250 31-Mar-98 64,300 18.5000 18.0000 18.1875 11-Mar-98 33,600 19.0000 18.1875 18.1875 24-Feb-98 122,600 19.3750 17.6250 18.1875 01-Apr-98 70,100 18.5000 18.0000 18.2188 09-Apr-98 51,200 18.5000 17.6250 18.2500 03-Apr-98 65,100 18.3750 18.0625 18.2500 30-Mar-98 52,600 18.7500 18.0625 18.2500 27-Mar-98 136,100 19.1875 18.0000 18.2500 29-Apr-98 48,800 18.7500 17.7500 18.2500 23-Apr-97 3,400 18.3750 18.0000 18.2500 17-Apr-97 15,300 18.3750 17.5000 18.2500 15-Apr-97 57,400 18.7500 17.6250 18.2500 03-Jun-96 28,200 18.5000 17.7500 18.2500 31-May-96 26,600 18.2500 17.6250 18.2500 12-Mar-98 13,500 18.5000 18.2500 18.3125 02-Apr-98 30,700 18.3750 18.0625 18.3750 12-Jan-98 22,300 19.0000 18.3750 18.3750 29-Dec-97 17,300 18.7500 18.1250 18.3750 16-Mar-98 13,100 18.7500 18.0000 18.5000 13-Mar-98 13,300 18.5000 18.0000 18.5000 26-Dec-97 5,600 19.2500 18.5000 18.5000 04-Mar-98 60,600 19.1250 18.1250 18.6250 12-Feb-98 133,800 20.9375 18.1250 18.6250 22-Dec-97 12,700 19.5000 18.6250 18.6250 14-May-96 123,600 18.7500 18.1250 18.6250 20-Feb-96 88,900 19.2500 18.2500 18.6250 18-Mar-98 28,900 19.0000 18.5000 18.7500 10-Mar-98 39,400 19.0000 18.0000 18.7500 06-Mar-98 60,500 19.2500 18.5000 18.7500 27-Jan-98 3,200 19.1250 18.7500 18.7500 15-Jan-98 33,100 19.0625 18.7500 18.7500 31-Dec-97 14,700 19.3750 18.5000 18.7500 24-Dec-97 6,000 18.8750 18.6250 18.7500 01-May-97 25,900 18.7500 18.0000 18.7500 25-Apr-97 9,400 18.7500 18.0000 18.7500 14-Apr-97 54,600 19.0000 18.2500 18.7500 09-Apr-97 434,600 19.1250 17.7500 18.7500 13-Mar-96 56,700 18.7500 18.2500 18.7500 12-Mar-96 99,700 18.7500 17.6250 18.7500 26-Feb-96 16,700 19.2500 18.5000 18.7500 19-Mar-98 11,600 19.0000 18.6250 18.7813 20-Apr-98 17,000 19.3750 18.7500 18.8750 05-Mar-98 70,000 19.0000 18.5000 18.8750 03-Mar-98 227,400 19.1250 17.0625 18.8750 23-Jan-98 39,200 19.5000 18.6250 18.8750 14-Jan-98 14,200 20.0000 18.8750 18.8750 30-Dec-97 37,600 19.2500 18.3750 18.8750 10-Apr-97 178,600 18.8750 18.0000 18.8750 05-Dec-96 169,200 19.2500 17.5000 18.8750 05-Mar-96 122,300 19.2500 18.7500 18.8750 21-Feb-96 70,000 19.0000 18.2500 18.8750 14-Feb-96 147,800 19.2500 17.7500 18.8750 23-Dec-97 6,800 19.5000 18.6250 18.9375 03-Apr-97 115,400 21.5000 18.2500 18.9375 17-Apr-98 10,200 19.4375 19.0000 19.0000 15-Apr-98 93,900 19.0000 17.5000 19.0000 17-Mar-98 67,800 19.0000 18.2500 19.0000 22-Jan-98 16,800 19.5000 18.8750 19.0000 06-Dec-96 72,900 19.0000 17.7500 19.0000 07-Mar-96 19,000 19.2500 18.7500 19.0000 06-Mar-96 29,800 19.2500 18.7500 19.0000 04-Mar-96 73,500 20.0000 19.0000 19.0000 27-Feb-96 22,600 19.5000 18.7500 19.0000 26-Jan-98 15,700 19.5000 18.5000 19.1250 09-Jan-98 47,600 19.5000 19.0000 19.1250 02-Jan-98 10,800 19.1250 18.5000 19.1250 19-Dec-97 9,000 19.5000 19.0000 19.1250 18-Dec-97 42,300 20.0000 19.1250 19.1250 27-Jun-97 21,700 19.9375 18.8750 19.1250 08-Apr-97 62,500 19.7500 18.5000 19.1250 15-Mar-96 54,700 19.3750 18.5000 19.1250 28-Feb-96 58,300 19.3750 18.7500 19.1250 16-Apr-98 59,200 19.7500 18.8750 19.2500 23-Feb-98 142,400 20.5000 18.5000 19.2500 21-Jan-98 71,700 20.2500 18.7500 19.2500 08-Jan-98 18,600 19.7500 18.8750 19.2500 04-Apr-97 157,900 19.7500 18.0000 19.2500 19-Mar-96 22,900 19.5000 18.7500 19.2500 14-Mar-96 29,100 19.2500 18.5000 19.2500 01-Mar-96 141,100 19.5000 18.7500 19.2500 23-Feb-96 92,300 19.5000 18.5000 19.2500 16-Feb-96 57,800 19.2500 18.7500 19.2500 15-Feb-96 75,500 19.2500 18.7500 19.2500 10-Dec-97 46,100 19.5000 19.2500 19.3750 08-Dec-97 25,300 20.0000 19.3750 19.3750 07-Apr-97 135,100 19.7500 19.0000 19.3750 03-Dec-97 4,900 19.6250 19.2500 19.4375 22-Feb-96 62,000 19.4375 18.5000 19.4375 21-Apr-98 38,900 19.6250 18.7500 19.5000 26-Mar-98 24,100 19.7500 19.2500 19.5000 11-Feb-98 113,400 19.9375 16.0000 19.5000 17-Dec-97 16,900 20.0000 19.2500 19.5000 04-Dec-97 36,500 19.8750 19.1250 19.5000 02-Dec-97 25,800 19.7500 19.5000 19.5000 28-Nov-97 3,600 19.7500 19.5000 19.5000 26-Nov-97 38,600 20.0000 19.5000 19.5000 19-Nov-97 13,000 20.1250 19.5000 19.5000 26-Jun-97 42,100 20.2500 19.5000 19.5000 18-Mar-96 247,400 19.5000 18.7500 19.5000 29-Feb-96 45,300 19.5000 19.0000 19.5000 27-Apr-98 32,700 19.7500 19.0000 19.5625 20-Nov-97 19,900 19.8750 19.5625 19.5625 25-Mar-98 25,800 20.0000 19.2500 19.6250 15-Dec-97 28,000 19.7500 19.2500 19.6250 11-Dec-97 23,400 19.7500 19.2500 19.6250 01-Dec-97 19,200 19.8750 19.5000 19.6250 24-Nov-97 38,700 20.0000 19.3750 19.6250 30-Jun-9 35,000 19.6250 18.7500 19.6250 24-Mar-9 43,200 20.2500 19.5000 19.6875 09-Dec-9 17,500 19.7500 19.3750 19.6875 29-Apr-9 27,700 20.3750 19.7500 19.7500 23-Mar-9 93,400 21.0000 19.2500 19.7500 03-Feb-98 26,800 20.8750 19.3125 19.7500 13-Jan-98 71,600 20.0000 18.1250 19.7500 16-Dec-97 11,800 20.0000 19.7500 19.7500 12-Dec-97 19,100 19.7500 19.2500 19.7500 13-Nov-97 19,000 20.0000 19.5000 19.7500 25-Jun-97 11,000 20.0000 19.7500 19.7500 09-Dec-96 90,700 20.0000 18.7500 19.7500 28-Apr-98 42,600 20.2500 19.3750 19.8750 05-Dec-97 35,300 19.8750 19.0000 19.8750 21-Nov-97 7,000 19.8750 19.5000 19.8750 18-Nov-97 17,500 20.1250 19.5000 19.8750 14-Nov-97 4,100 20.3750 19.6250 19.9375 24-Apr-98 36,200 20.5000 19.8750 20.0000 23-Apr-98 45,800 20.7500 19.8750 20.0000 20-Feb-98 100,400 21.2500 20.0000 20.0000 25-Nov-97 13,500 20.0000 19.5000 20.0000 17-Nov-97 10,400 20.5000 19.6250 20.0000 24-Jun-97 16,500 20.5000 19.8125 20.0000 23-Jun-97 16,900 20.5000 20.0000 20.0000 20-Jun-97 58,100 20.8125 20.0000 20.0000 22-Apr-98 86,400 20.3750 19.8750 20.1250 27-Oct-97 34,700 20.7500 20.1250 20.1250 20-Mar-98 122,800 20.6250 18.6250 20.2500 20-Jan-98 32,400 21.8750 19.7500 20.2500 12-Nov-97 13,700 20.3750 20.0000 20.2500 23-Oct-97 59,100 21.0000 19.7500 20.2500 01-Jul-97 20,800 20.2500 19.5000 20.2500 29-Jan-98 21,600 21.1250 19.7500 20.3750 18-Jun-97 28,880 21.1250 20.2500 20.3750 11-Nov-97 15,000 21.0000 20.2500 20.4375 30-Apr-98 73,300 20.5000 19.7500 20.5000 28-Jan-98 51,800 21.3750 19.1250 20.5000 07-Jan-98 12,700 21.0000 19.8750 20.5000 05-Nov-97 16,200 20.8750 20.1250 20.5000 10,739,100 0.714036 13-Feb-98 409,900 21.5000 20.0000 20.6250 30-Jan-98 9,100 20.8750 19.7500 20.6250 02-Feb-98 31,700 21.5000 20.1250 20.7500 05-Jan-98 42,700 20.7500 18.7500 20.7500 07-Nov-97 17,800 20.7500 20.0000 20.7500 30-Oct-97 5,100 21.0000 20.5000 20.7500 28-Oct-97 50,800 21.0000 19.5000 20.7500 24-Oct-97 244,000 20.7500 20.0000 20.7500 19-Jun-97 23,400 20.7500 20.2500 20.7500 10-Nov-97 25,400 21.0000 20.2500 20.8750 06-Nov-97 11,600 20.8750 20.0000 20.8750 04-Nov-97 41,900 23.1250 20.8750 20.8750 17-Jun-98 316,800 24.1250 21.0000 21.0000 19-Feb-98 108,500 22.0000 21.6250 21.0000 06-Jan-98 13,500 21.0000 20.2500 21.0000 29-Oct-97 60,500 21.2500 20.5000 21.0000 02-May-97 93,700 21.1250 19.1250 21.1250 31-Oct-97 6,900 21.5000 21.0000 21.2500 17-Jun-97 53,100 22.5000 21.0000 21.2500 21-May-97 3,500 21.7500 21.2500 21.2500 17-Dec-96 69,700 22.5000 21.0000 21.2500 07-May-97 36,700 22.0000 21.2500 21.3750 18-Feb-98 91,200 22.5000 21.5000 21.5000 22-Jul-97 77,500 22.1250 21.5000 21.5000 13-May-97 31,800 22.2500 21.5000 21.5000 08-May-97 107,700 22.0000 21.5000 21.5000 31-Dec-96 32,900 21.6250 21.0000 21.5000 20-Dec-96 30,300 22.2500 21.5000 21.5000 18-Dec-96 302,800 22.0000 20.0000 21.5000 14-May-97 8,100 21.7500 21.3750 21.5625 24-Dec-96 19,200 21.7500 21.5000 21.5625 02-Jul-97 54,800 21.7500 20.5000 21.6250 23-Dec-96 27,900 21.7500 21.5000 21.6250 20-May-97 19,200 22.1250 21.5000 21.6875 16-Jan-98 44,900 21.7500 18.7500 21.7500 22-Oct-97 38,000 22.7500 21.7500 21.7500 19-May-97 12,700 22.1250 21.7500 21.7500 02-Apr-97 36,100 23.0000 21.5000 21.7500 08-Jan-97 69,900 22.7500 21.0000 21.7500 02-Jan-97 50,200 22.0000 21.0000 21.7500 30-Dec-96 38,400 21.7500 21.5000 21.7500 27-Dec-96 21,000 21.7500 21.5000 21.7500 26-Dec-96 10,400 21.7500 21.5000 21.7500 23-Jul-97 321,200 22.2500 21.2500 21.9375 04-Aug-97 7,800 22.2500 22.0000 22.0000 03-Jul-97 22,700 22.0000 21.5000 22.0000 22-May-97 48,300 22.2500 20.8750 22.0000 16-May-97 27,800 22.3750 21.6250 22.0000 12-May-97 13,500 22.2500 21.8750 22.0000 09-May-97 129,300 22.2500 22.0000 22.0000 19-Dec-96 163,900 23.2500 21.5000 22.0000 01-Aug-97 50,200 22.5000 22.0000 22.1250 15-May-97 41,100 22.2500 21.2500 22.1250 06-May-97 84,300 23.1250 21.7500 22.1250 05-May-98 143,800 22.6250 22.1875 22.2500 21-Jul-97 30,100 23.0000 22.0000 22.2500 23-May-97 36,900 22.6250 21.7500 22.2500 09-Jan-97 49,800 22.7500 21.2500 22.2500 10-Dec-96 657,900 23.3750 19.2500 22.2500 31-Jul-97 82,200 22.7500 22.2500 22.4375 17-Feb-98 255,500 22.5000 20.3750 22.5000 30-Jul-97 18,600 22.7500 22.4375 22.5000 24-Jul-97 41,200 22.6250 21.7500 22.5000 07-Jan-97 40,900 23.2500 22.2500 22.5000 16-Dec-96 400,700 24.7500 22.2500 22.5000 29-Jul-97 22,100 22.7500 22.2500 22.5625 28-Jul-97 63,500 23.2500 22.2500 22.5625 04-May-98 387,300 23.1250 22.6250 22.6250 03-Nov-97 26,100 22.8750 21.0000 22.6250 06-Aug-97 13,900 22.7500 22.2500 22.6250 05-Aug-97 13,500 22.6250 22.0000 22.6250 25-Jul-97 53,900 23.1250 22.1250 22.6250 05-Jun-97 60,100 22.8750 22.2500 22.6250 12-Jun-98 206,800 23.8750 22.7500 22.7500 07-Jul-97 60,500 23.3750 21.5000 22.7500 16-Jun-97 33,700 23.0000 22.5000 22.7500 13-Jun-97 31,400 23.2500 22.5000 22.7500 06-Jun-97 32,600 22.8125 22.6250 22.7500 05-May-97 163,000 24.1250 21.0000 22.7500 12-Aug-97 152,000 23.6250 22.6250 22.7813 01-May-98 532,500 23.2500 21.5000 22.8125 09-Jun-97 159,700 23.1250 22.7500 22.8125 10-Jun-97 182,900 23.2500 22.7500 22.8750 27-May-97 35,700 23.0000 21.8750 22.8750 12-Dec-96 175,900 23.5000 22.0000 22.8750 17-Oct-97 10,800 23.5000 22.7500 22.9375 29-Jun-98 48,400 23.5000 23.0000 23.0000 06-May-98 307,000 25.2500 22.1875 23.0000 21-Oct-97 20,000 23.0000 22.7500 23.0000 20-Oct-97 30,900 23.5000 22.8750 23.0000 24-Sep-97 9,000 23.5000 22.7500 23.0000 18-Jul-97 31,300 23.6250 22.5000 23.0000 12-Jun-97 24,300 23.5000 23.0000 23.0000 28-May-97 194,600 23.2500 22.6250 23.0000 13-Jan-97 100,500 24.5000 22.8750 23.0000 06-Jan-97 63,900 24.0000 22.2500 23.0000 11-Dec-96 405,800 24.2500 21.2500 23.0000 23-Sep-97 40,900 23.2500 22.7500 23.0625 15-Jun-98 110,100 23.5000 22.6250 23.1250 02-Jun-98 43,400 23.5625 23.0000 23.1250 16-Oct-97 48,600 23.3750 23.1250 23.1250 10-Oct-97 8,500 23.7500 23.0000 23.1250 09-Oct-97 5,000 23.2500 23.1250 23.1250 11-Jun-97 185,500 23.2500 22.7500 23.1250 07-May-98 88,700 23.2500 22.5000 23.1875 01-Oct-97 29,700 23.6250 23.1250 23.1875 19-Sep-97 34,200 23.8125 22.8750 23.1875 26-Jun-98 65,300 24.0000 22.8750 23.2500 18-Jun-98 127,100 23.3750 21.8750 23.2500 15-Oct-97 17,900 23.2500 23.0000 23.2500 08-Oct-97 7,400 24.0000 23.2500 23.2500 03-Oct-97 11,100 23.6250 23.2500 23.2500 13-Aug-97 55,400 23.6250 23.0000 23.2500 15-Jul-97 66,900 23.5000 23.0000 23.2500 10-Jul-97 67,600 23.5000 23.2500 23.2500 04-Jun-97 67,100 25.0000 23.2500 23.2500 31-Mar-97 43,000 24.7500 23.2500 23.2500 14-Jan-97 61,400 23.6250 22.7500 23.2500 22-Jun-98 131,900 24.0000 23.2500 23.3750 01-Jun-98 24,500 23.7500 23.0000 23.3750 14-Oct-97 21,600 23.3750 23.1250 23.3750 29-Sep-97 19,700 24.3750 23.0000 23.3750 11-Jul-97 190,200 23.7500 23.2500 23.3750 28-May-98 55,700 23.6250 22.8750 23.4375 09-Jul-98 67,100 23.8750 23.2500 23.5000 03-Jun-98 26,300 23.5000 23.1250 23.5000 30-Sep-97 9,500 23.5000 22.8750 23.5000 25-Sep-97 10,100 23.5000 23.0000 23.5000 22-Aug-97 79,500 23.9375 23.1250 23.5000 14-Jul-97 136,200 23.7500 23.2500 23.5000 30-May-97 13,800 23.5000 23.0000 23.5000 29-May-97 19,700 23.5000 22.7500 23.5000 01-Apr-97 6,500 23.5000 23.0000 23.5000 11,119,700 0.870618 19-Jun-98 59,400 23.7500 22.9375 23.5625 08-May-98 52,300 23.6250 22.7500 23.5625 07-Oct-97 9,500 24.0000 23.3750 23.5625 17-Jul-97 52,300 23.7500 23.1250 23.5625 02-Jun-97 22,700 23.6250 23.0000 23.5938 08-Jul-98 111,500 24.0000 23.0000 23.6250 29-May-98 39,800 23.6250 23.2500 23.6250 15-May-98 53,400 23.8750 23.5000 23.6250 13-Oct-97 9,700 23.6250 23.1250 23.6250 02-Oct-97 1,300 23.6250 23.1250 23.6250 22-Sep-97 6,200 23.6250 23.0000 23.6250 11-Aug-97 167,200 24.8750 23.3750 23.6250 13-Jul-98 11,200 24.2500 23.5000 23.6875 23-Jun-98 105,800 23.6875 23.0000 23.6875 27-May-98 19,300 23.7500 23.0000 23.6875 20-May-98 16,300 24.0000 23.5625 23.6875 25-Jun-98 145,200 25.0000 23.7500 23.7500 26-May-98 70,900 24.6250 23.7500 23.7500 06-Oct-97 8,600 23.8750 23.1250 23.7500 15-Sep-97 11,000 23.8125 23.7500 23.7500 21-Aug-97 51,200 24.0000 23.7500 23.7500 09-Jul-97 56,700 24.0000 23.2500 23.7500 10-Jan-97 251,400 24.5000 21.5000 23.7500 18-May-98 70,600 23.8750 23.5000 23.7813 14-May-98 105,800 24.2500 23.5000 23.8125 19-May-98 14,400 23.8750 23.6250 23.8438 07-Jul-98 146,300 24.0000 23.7500 23.8750 02-Jul-98 152,200 24.3750 23.7500 23.8750 11-Sep-97 21,500 24.1250 23.8750 23.8750 16-Jul-97 224,100 23.8750 22.6875 23.8750 24-Jun-98 118,400 24.0000 23.2500 23.9375 10-Jun-98 26,700 24.5000 23.6250 23.9375 18-Sep-97 153,300 25.0000 23.3750 23.9375 12-Sep-97 6,900 24.1250 23.7500 23.9375 06-Jul-98 67,300 24.1250 23.5000 24.0000 01-Jul-98 64,300 24.3125 23.8750 24.0000 11-Jun-98 11,900 24.1250 23.7500 24.0000 11-May-98 181,000 24.5000 23.0000 24.0000 10-Sep-97 13,300 24.7500 24.0000 24.0000 27-Aug-97 15,500 24.5000 24.0000 24.0000 20-Aug-97 38,400 24.2500 23.8750 24.0000 19-Aug-97 34,200 24.5000 23.7500 24.0000 15-Aug-97 22,700 24.2500 23.6250 24.0000 08-Jul-97 181,500 24.0000 20.8750 24.0000 29-Jan-97 30,800 24.7500 24.0000 24.0000 28-Jan-97 44,100 24.5000 23.7500 24.0000 27-Jan-97 151,000 25.0000 23.7500 24.0000 03-Jan-97 172,900 24.2500 21.5000 24.0000 13-Dec-96 288,900 25.2500 22.0000 24.0000 30-Jun-98 158,300 24.5000 23.1250 24.0313 16-Jun-98 35,400 24.2500 23.1250 24.0625 21-May-98 45,100 24.2500 23.5000 24.0625 10-Jul-98 50,700 24.2500 23.5000 24.1250 13-May-98 122,000 24.5000 23.6250 24.1250 12-May-98 129,400 24.2500 23.6875 24.1250 26-Sep-97 24,900 24.1250 23.0000 24.1250 14-Jul-98 65,600 24.3750 23.6875 24.1875 15-Jul-98 26,500 24.5000 24.2500 24.2500 08-Jun-98 17,500 24.4375 24.0000 24.2500 22-May-98 53,800 24.2500 23.8125 24.2500 26-Aug-97 29,800 24.5000 24.0000 24.2500 25-Aug-97 60,400 24.5000 23.3750 24.2500 18-Aug-97 40,600 24.2500 23.7500 24.2500 14-Aug-97 62,800 24.2500 23.1875 24.2500 09-Jun-98 62,700 24.3750 23.3750 24.3750 08-Sep-97 12,300 25.0000 24.3750 24.3750 28-Aug-97 9,800 24.5000 24.0000 24.3750 05-Sep-97 9,100 25.0000 24.5000 24.5000 04-Sep-97 10,900 25.0000 24.5000 24.5000 07-Aug-97 304,500 24.5000 22.3750 24.5000 03-Jun-97 64,600 25.0000 23.5625 24.5000 05-Jun-98 68,500 25.0000 24.2500 24.6250 08-Aug-97 85,100 25.0000 23.7500 24.6250 24-Jan-97 53,900 25.5000 24.6250 24.6250 16-Jul-98 70,000 25.0000 24.0000 24.7500 02-Sep-97 22,600 24.8750 24.0000 24.7500 29-Aug-97 27,500 24.7500 23.8750 24.7500 27-Mar-97 65,000 25.2500 24.0000 24.7500 24-Mar-97 52,700 25.7500 24.3750 24.7500 30-Jan-97 104,100 25.0000 23.7500 24.7500 23-Jan-97 34,100 25.7500 24.7500 24.7500 09-Sep-97 16,000 25.0000 24.3750 24.9844 04-Jun-98 63,100 25.0000 23.3750 25.0000 17-Sep-97 18,300 25.5000 24.7500 25.0000 16-Sep-97 93,200 25.3750 23.6250 25.0000 03-Sep-97 15,000 25.0000 24.3750 25.0000 25-Mar-97 27,500 25.1250 24.3750 25.0000 22-Jan-97 111,600 25.7500 24.7500 25.0000 15-Jan-97 173,900 25.5000 23.0000 25.2500 19-Feb-97 21,700 26.2500 25.5000 25.5000 11-Feb-97 35,000 26.2500 25.2500 25.5000 31-Jan-97 137,000 26.3750 24.2500 25.5000 21-Jan-97 42,800 26.2500 25.5000 25.5000 20-Jan-97 75,200 27.2500 25.1250 25.5000 26-Mar-97 34,400 25.6250 24.2500 25.6250 13-Feb-97 93,700 26.1250 25.2500 25.6250 21-Mar-97 37,600 26.7500 25.7500 25.7500 21-Feb-97 32,800 26.7500 25.7500 25.7500 18-Feb-97 12,500 26.0000 25.5000 26.0000 04-Feb-97 32,900 27.5000 26.0000 26.0000 03-Mar-97 7,200 26.1250 25.6250 26.0625 28-Feb-97 40,800 26.5000 25.7500 26.1250 26-Feb-97 27,500 26.6250 26.1250 26.1250 25-Feb-97 41,000 26.5000 26.1250 26.1250 24-Feb-97 39,000 26.6250 25.7500 26.1250 14-Feb-97 19,300 26.1250 25.5000 26.1250 12-Feb-97 32,600 26.1250 25.2500 26.1250 10-Feb-97 16,500 27.0000 26.0000 26.2500 04-Mar-97 42,400 27.0000 25.5000 26.3750 20-Mar-97 37,700 26.7500 26.2500 26.5000 05-Mar-97 120,200 28.0000 26.2500 26.5000 07-Feb-97 105,100 28.5000 26.3750 26.5000 7,274,600 0.973055 20-Feb-97 111,900 27.0000 25.2500 26.6250 18-Mar-97 33,000 27.2500 26.7500 26.7500 06-Mar-97 88,500 28.0000 26.5000 26.7500 11-Mar-97 80,000 28.5000 26.7500 26.8750 19-Mar-97 110,300 27.0000 26.5000 27.0000 17-Mar-97 52,400 27.6250 26.7500 27.0000 13-Mar-97 21,500 27.5000 26.7500 27.0000 07-Mar-97 27,000 27.5000 26.7500 27.0000 27-Feb-97 36,700 27.0000 26.1250 27.0000 12-Mar-97 49,700 28.0000 26.7500 27.1250 14-Mar-97 57,700 28.1250 26.7500 27.2500 03-Feb-97 175,500 27.5000 24.7500 27.2500 17-Jan-97 251,600 29.2500 27.0000 27.7500 06-Feb-97 99,700 29.0000 27.8750 27.8750 10-Mar-97 76,900 28.5000 26.8750 28.0000 05-Feb-97 201,400 28.5000 26.2500 28.2500 16-Jan-97 439,700 29.2500 25.5000 29.1250 1,913,500 1 71,015,300
WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION BACKGROUND OF THE PROPOSED TRANSACTION - ----------------------------------------------------------------------------- TRANSACTION RATIONALE * MARKET FORCES MAKE MYCOGEN STRATEGICALLY IMPORTANT TO DOW * The intellectual property positions of agricultural biotechnology businesses are well-established, possibly foreclosing the opportunity for new entrants or greenfield initiatives * Imminent success of first generation biotech products for corn and soy will likely trigger high valuations, making future collaborations with agrochemical companies far more expensive * "Gene stacking" creates an urgency for agchem companies to find their biotech partner quickly or risk being rendered obsolete by super seeds that have performance characteristics that complement products of competitors * Dow has been slower than rivals Monsanto, DuPont and AgrEvo in acquiring the technology it needs to compete in the promising market for genetically engineered crops * The heightened pace of alliances between agchem and biotech companies (DuPont-Pioneer, American Home Products-Monsanto-Dekalb) makes it imperative for Dow to strengthen its biotech capabilities * MYCOGEN OFFERS DOW A UNIQUE OPPORTUNITY * Entry into the broader life science market * High value-added biotech traits with freedom to operate * Access to transformation technology * Access to Ahlquist and Demeter technologies * A credible seed platform - Access to more than 20% of North American farm operations - Modern production facilities with state of the art business systems - Strong positions in Argentina and Brazil provide an opportunity to bundle traits and more effectively compete with Monsanto WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN BACKGROUND OF PROPOSED TRANSACTION - ------------------------------------------------------------------------------- BAR CHART OF 1997 AGRICULTURAL CROP PROTECTION SALES OF LEADING COMPANIES (IN $MM)
Growth Op. Marg. Total % % $ Monsanto + AHP N/A N/A 5,245 Novartis 20.7 19.9 4,198 (A) Monsanto 22.3 23.8 3,126 (B) Zeneca (3.1) 13.7 2,674 (C) DUPONT 1.9 18.8 2,518 (D) Hoechst 11.8 7.7 2,347 (E) (AgrEvo) Bayer 10.6 16.6 2,264 Rhone-Poulenc 12.0 13.5 2,200 American 6.6 20.3 2,119 Home Products BASF(4) 42.9 14.6 1,875 (F) Dow Agrosciences 11.0 NA 1,613 (G) FMC 1.5 6.2 628 Rohm & Haas (2.3) 8.2 502
- --------------- (A) May-97 Merck - Crop Protection Value $910* (B) July-98 Plant Breeding Intl. Cambridge Value $523* May-98 Dekalb Genetics (60%) Value $2,400* Delta Pine and Land (95%) Value $1,850* Apr-98 GeneTrace plant genomics rights Value $17.2* Mar-98 Dekalb Genetics announces consideration of sale -- Monsanto, Novartis, and others considering bids Value -- Nov-97 Sementes Agroceres Value NA Apr-97 Calgene (Rest of Stake) Value $240* Feb-97 Asgrow Agronomics Value $240* Jan-97 Holden's Foundation Seeds, Value $1,020* Corn States Hybrid Svc., Corn States Int'l. Dec-96 Announces Chemical Spinoff Value NA Aug-96 Calgene (5.1% Stake) Value $50* May-96 Agracetus Plant Sci. Value $150*(1) Apr-96 Calgene (49.9% Stake) Value $258* Mar-96 Dekalb Genetics (40% Stake) Value $152* Nov-95 Rights to Ecogen's gene technology Value $25* (C) Dec-97 Fungicide Business of ISK, Japan Value $500* Jun-97 Mogen International Value $74* (D) Aug-97 Pioneer Hi-Bred Int'l (20% Stake) Value $1,700* Aug-97 Protein Tech Int'l (PDI) Value $1,500* (Ralston Purina Company) (E) Sep-97 Sunseed Company Value -- Sep-96 Plant Genetic Systems Value $733* 1996 PlantTec (20% initial investment) Value -- (F) Feb-98 Researach agreement with Fytochem Value NA Jan-97 Sandoz Corn Herbicides Value $778* (G) Apr-98 Buyout proposal for Mycogen Value -- Apr-98 Research deal with BTG Value NA Mar-98 Dow ups stake in Mycogen to 69% Feb-98 Cereal Derived Functional Ingredients Value NA Jan-98 Raises Mycogen stake to 63%, along with transfer of 16.3% of Vernevil Value $94* Dec-97 SemBioSys investment Value $17* Dec-97 Garst Seed Co licensing Value NA Dec-97 Sentrachem and Sanachem Value $487*(2) May-97 Dow Elanco (40% Stake) Value $900* Dec-96 Mycogen (additonal 4.5% Stake) Value $17* Jan-96 Mycogen (47% Stake) Value $158* * All Values in $MM - ------------------------- (1) Includes $30MM cash and Monsanto's 100% ownership of Gargiolo L.P. (2) Does not include $300MM in undistributed earnings to be paid to Lilly upon completion. (3) Less certain undisclosed liabilities. (4) BASF operating income excludes $46 million in integration and inventory step-up costs. WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN BACKGROUND OF PROPOSED TRANSACTION - ------------------------------------------------------------------------------- DIAGRAM OF ALLIANCES AND TRANSACTIONS IN THE SEED INDUSTRY - ------------------------------------------------------------------------------- ALLIANCE RATIONALE - ------------------------------------------------------------------------------- * Genetic engineering & traditional agricultural seeds = valued added benefits: herbicide tolerance, insecticide/fungal resistance, trait (oil or protein content) and yield improvement * Agchem companies need seed alliances for farmer relationships and germplasm - the delivery vehicle for modified genes - Monsanto paid - 14x sales for Holden's foundation seeds following an active auction - Dekalb Seeds was valued at over 8.2x LTM Sales following a strong cover bid from Novartis. * Monsanto (Roundup-Ready) and AgrEvo (Liberty-Link) forecast gene modified ag products to account for - 1/3 their post 2000 sales. WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION BACKGROUND OF THE PROPOSED TRANSACTION - ----------------------------------------------------------------------------- REVIEW OF PROCESS TO DATE * ON APRIL 30, 1998 DOW, THROUGH DOW AGROSCIENCES LLC ("DAS") PROPOSED: * To amend the Exchange and Purchase Agreement executed on January 15, 1996 by Mycogen, Agrigenetics, Inc., DowElanco and United Agriseed, Inc. * To acquire for $20.50 per share all the outstanding shares of Mycogen not already owned by Dow and its affiliates * ON APRIL 30, 1998, MYCOGEN'S BOARD OF DIRECTORS APPOINTED A SPECIAL COMMITTEE OF INDEPENDENT DIRECTORS TO CONSIDER DOW'S PROPOSAL * IN EARLY MAY, 1998, THE SPECIAL COMMITTEE RETAINED ALTHEIMER & GRAY AS ITS LEGAL ADVISOR * DURING THE FIRST TWO WEEKS OF MAY 1998, THE SPECIAL COMMITTEE INTERVIEWED A NUMBER OF INVESTMENT BANKING FIRMS. ON MAY 26, 1998, THE COMPANY ANNOUNCED THAT WASSERSTEIN PERELLA & CO., INC. ("WP&CO.") HAD BEEN RETAINED AS FINANCIAL ADVISOR TO THE SPECIAL COMMITTEE * ON MAY 27, 1998, MEMBERS OF WP&CO. AND ALTHEIMER & GRAY MET WITH MYCOGEN'S SENIOR MANAGEMENT AT THE COMPANY'S HEADQUARTERS IN SAN DIEGO, CA TO DISCUSS THE COMPANY'S OPERATIONS, BUSINESS STRATEGY, INTELLECTUAL PROPERTY PORTFOLIO, PATENT LITIGATION, DAS' INVESTMENT IN MYCOGEN AND OTHER DUE DILIGENCE ITEMS * DURING THE WEEK OF JUNE 1, 1998, WP&CO. AND ALTHEIMER & GRAY CONDUCTED ADDITIONAL DUE DILIGENCE AND REVIEWED VARIOUS BUSINESS, FINANCIAL AND LEGAL MATERIALS PROVIDED BY THE COMPANY * FROM JUNE 8 THROUGH JUNE 11, 1998, MEMBERS OF WP&CO. AND ALTHEIMER & GRAY CONDUCTED DETAILED DUE DILIGENCE AT THE COMPANY'S SAN DIEGO HEADQUARTERS, MEETING WITH MYCOGEN'S SENIOR MANAGEMENT, TECHNICAL AND INTELLECTUAL PROPERTY PERSONNEL, SENIOR MANAGEMENT OF THE COMPANY'S BUSINESS UNITS, AND INTELLECTUAL PROPERTY COUNSEL * ON JUNE 10, 1998, WP&CO. SENT A LETTER TO DOW REQUESTING A DUE DILIGENCE MEETING WITH REPRESENTATIVES OF DOW AND DAS WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION BACKGROUND OF THE PROPOSED TRANSACTION - ----------------------------------------------------------------------------- REVIEW OF PROCESS TO DATE (CONT'D) * ON JUNE 11, 1998, THE HONORABLE CLAYTON YEUTTER WAS ELECTED TO MYCOGEN'S BOARD OF DIRECTORS AND DESIGNATED TO REPLACE DR. GEORGE KHACHATOURIANS ON THE SPECIAL COMMITTEE. DR. KHACHATOURIANS, WHO HAD PERFORMED CERTAIN CONSULTING SERVICES FOR DOW, VOLUNTARILY STEPPED DOWN FROM THE SPECIAL COMMITTEE TO AVOID ANY APPEARANCE OF A POTENTIAL CONFLICT OF INTEREST * IN ADDITION TO FACE-TO-FACE MEETINGS, WP&CO. AND ALTHEIMER & GRAY HAVE CONDUCTED A NUMBER OF TELEPHONE CONVERSATIONS WITH THE COMPANY TO OBTAIN ADDITIONAL DUE DILIGENCE MATERIALS * ON JUNE 22, 1998 DOW RESPONDED TO WP&CO.'S JUNE 10TH LETTER AND AGREED TO SCHEDULE A MEETING FOR JUNE 25, 1998 IN CHICAGO TO DISCUSS DUE DILIGENCE ITEMS * ON JUNE 25, 1998, THE SPECIAL COMMITTEE AND MEMBERS OF WP&CO. AND ALTHEIMER & GRAY MET WITH REPRESENTATIVES OF DOW, DAS, SALOMON SMITH BARNEY AND MAYER, BROWN & PLATT TO GATHER ADDITIONAL INFORMATION REGARDING DOW'S PROPOSAL * ON JULY 22, 1998 THE SPECIAL COMMITTEE AND ITS FINANCIAL AND LEGAL MET WITH THE REPRESENTATIVES OF DOW, DAS, SALOMON SMITH BARNEY, AND MEYER, BROWN, & PLATT TO GATHER ADDITIONAL INFORMATION. * ON JULY 27, 1998 THE SPECIAL COMMITTEE AND ITS FINANCIAL AND LEGAL ADVISORS ARE SCHEDULED TO DEVELOP AN INTERNAL PERSPECTIVE ON THE VALUATION OF MYCOGEN. * ON AUGUST 3, 1998, THE DIRECTORS OF THE SPECIAL COMMITTEE OF MYCOGEN CORPORATION, AND THEIR FINANCIAL AND LEGAL ADVISORS ARE SCHEDULED TO MEET AND NEGOTIATE WITH DOW, DAS, AND THEIR FINANCIAL AND LEGAL ADVISORS. WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION - ------------------------------------------------------------------------------ REVIEW OF MYCOGEN WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION REVIEW OF MYCOGEN - ------------------------------------------------------------------------------ OVERVIEW BUSINESS * A DIVERSIFIED AGRIBUSINESS AND BIOTECHNOLOGY COMPANY THAT DESCRIPTION DEVELOPS AND MARKETS SEED FOR IMPROVED CROP VARIETIES AND PROVIDES CROP PROTECTION SERVICES BUSINESS * SEED SEGMENT - PRODUCES AND MARKETS SEED FOR MAJOR SEGMENTS AGRICULTURAL CROPS AND USES BIOTECHNOLOGY AND TRADITIONAL AND MARKER-ASSISTED BREEDING TO DEVELOP CROP VARIETIES WITH GENETICALLY ENHANCED PEST AND DISEASE RESISTANCE, IMPROVED VEGETABLE OIL PROFILES AND OTHER VALUE-ADDED CHARACTERISTICS * Mycogen Seeds ranks fourth in the U.S. in sales of seed corn, second in hybrid sunflower seed sales and is among the top five in soybean, sorghum and alfalfa sales * Morgan Seeds ranks second in Argentina in seed corn sales and third in hybrid sunflower seed sales * Dinamilho holds 4% of the Brazil's overall corn seed market, with a 10.2% share of Brazil's high-tech corn seed market * CROP PROTECTION SEGMENT -- MANUFACTURES AND MARKETS ENVIRONMENTALLY COMPATIBLE SPRAY-ON BIOPESTICIDE PRODUCTS. ALSO OPERATES SOILSERV, INC., WHICH PROVIDES CROP PROTECTION SERVICES TO GROWERS OF HIGH-VALUE CROPS * Biopesticide Products -- based on natural agents, such as proteins and fatty acid compounds, that have specific toxic activity on target pests. The Company's Bt-based biopesticides use the Company's proprietary Cellcap technology * Soilserve -- monitors fields and uses customized equipment to apply pest control products primarily in the Salinas Valley, CA and Yuma, AZ regions ALLIANCES * VERNEUIL HOLDING, S.A. -- MYCOGEN HOLDS A 35% EQUITY STAKE IN VERNEUIL AND ENTERED AN AGREEMENT TO DEVELOP OILSEED PRODUCTS AND INSECT RESISTANT CORN * PIONEER HYBRID INTERNATIONAL -- 10-YEAR TECHNOLOGY COLLABORATION TO DEVELOP INSECT RESISTANT TRAITS FOR CORN, SOYBEAN, CANOLA, SUNFLOWER, SORGHUM AND WHEAT * J.G. BOSWELL -- JOINT VENTURE TO DEVELOP PEST AND HERBICIDE RESISTANT COTTON HEADQUARTERS * SAN DIEGO C.A. OWNERSHIP * DOW AGROSCIENCES, LLC -- 69%
WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION REVIEW OF MYCOGEN - ----------------------------------------------------------------------------- MYCOGEN CORP. BEFORE ADJUSTMENTS - FINANCIAL SUMMARY ($MM)(1)
- --------------------------------------------------------------------------------------------------------------------- 1995 1996 1997 REC Q PAST Q LTM 1998 (2) 1999 (2) FY 8/31 8/31/95 8/31/96 8/31/97 5/31/98 5/31/98 8/31/98 8/31/99 - --------------------------------------------------------------------------------------------------------------------- Sales $113.2 $155.6 $211.0 $184.3 $177.2 $218.1 $234.5 $247.5 Less: Cost of Sales 67.0 93.5 126.9 112.4 106.9 132.4 NA NA ------- ------- ------- ------- ------- ------- ------- ------- Gross Margin 46.3 62.1 84.1 71.9 70.4 85.7 NA NA Less: S, G & A Expense 61.8 112.2 118.7 108.8 76.2 151.3 NA NA ------- ------- ------- ------- ------- ------- ------- ------- EBIT (15.5) (50.1) (34.5) (36.8) (5.1) (65.6) (12.5) 0.0 Less: Interest Exp. (0.9) (2.4) 1.6 1.9 0.6 2.8 1.5 1.5 Less: Other Exp. (Inc.) (0.2) (0.7) 0.0 0.0 0.0 0.0 0.0 0.0 ------- ------- ------- ------- ------- ------- ------- ------- EBT (14.4) (47.1) (36.1) (38.7) (6.5) (68.4) (14.0) (1.5) Less: Income Tax Exp. 0.0 0.0 1.5 (0.9) 0.5 0.1 0.0 0.0 Less: Pref. Div. & Min. Int. 1.5 0.6 0.0 0.0 0.0 0.0 0.0 0.0 ------- ------- ------- ------- ------- ------- ------- ------- Net Income (15.9) (47.6) (37.7) (37.8) (7.0) (68.5) (14.0) (1.5) ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- EBIT ($15.5) ($50.1) ($34.5) ($36.8) ($5.8) ($65.6) ($12.5) $0.0 Plus: Dep. & Amort. 9.0 9.1 10.0 5.7 4.1 11.6 12.5 13.2 ------- ------- ------- ------- ------- ------- ------- ------- EBITDA (6.5) (41.1) (24.5) (31.2) (1.8) (53.9) (0.0) 13.2 Less: Capital Exp. 6.6 13.9 35.7 14.2 13.8 36.0 38.8 40.9 ------- ------- ------- ------- ------- ------- ------- ------- Free Cash Flow (13.1) (55.0) (60.2) (45.3) (15.5) (90.0) (38.8) (27.7) ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
- --------------------------------------------------------------------------------------------------------------------- MARGINS - --------------------------------------------------------------------------------------------------------------------- GROSS MARGIN 40.9% 39.9% 39.9% 39.3% NA NA EBITDA -5.8% -26.4% -11.6% -24.7% NM 5.3% EBIT -13.7% -32.2% -16.4% -30.1% -5.3% 0.0% NET INCOME -14.1% -30.6% -17.9% -31.4% -6.0% -0.6% FREE CASH FLOW -11.6% -35.3% -28.5% -41.3% -16.5% -11.2%
- --------------------------------------------------------------------------------------------------------------------- RATIOS - --------------------------------------------------------------------------------------------------------------------- Book Value - $181.2 $157.2 $210.2 NA $210.2 $199.7 $198.2 RET. ON BOOK EQUITY (ROE) - -26.3% -24.0% -32.6% -7.0% -0.8% Total Book Assets - 227.5 239.7 292.8 NA 292.8 NA NA RET. ON BOOK ASSETS (ROA) - -21.6% -15.3% -22.8% NA NA
- ----------------------------------------------------------------------------- MARKET CAPITALIZATION - ----------------------------------------------------------------------------- STOCK PRICE (7/16/98) $24.75 52-WEEK HIGH/LOW: $25.50/$15.88 Shares Outstanding - MYCO 36.11 ------ Pre-Diluted Equity Market Value $893.7 ------ ------ Pre-Diluted Equity Market Value $893.7 Options Outstanding 4.4 Average Strike Price $12.03 ------ Options Value 56.4 Plus: Other Options/Warrants Value 0.0 Total Value of Options/Warrants 56.4 ------ Equity Market Value $950.1 Plus: Debt (3) $16.4 Plus: Preferred Stock 0.0 Plus: Post Ret. and Posttemp. Benefits or Min. Int. 0.0 Less: Cash & Equivalents 2.7 ------ Net Debt 13.7 ------ Adjusted Market Value $963.8 ------ ------
- ----------------------------------------------------------------------------- MARKET TRADING MULTIPLES - ----------------------------------------------------------------------------- ADJUSTED MARKET VALUE AS MARKET VALUE AS A MULTIPLE OF: A MULTIPLE OF: SALES EBITDA EBIT PCF NET INC. BOOK VALUE ----- ------ ---- --- -------- ---------- LTM 4.4x NM NM NM NM 4.5x 1998 4.1x NM NM NM NM 4.8x 1999 3.9x NM NM NM NM 4.8x
- ----------------------------------------------------------------------------- LTM CAPITALIZATION AND CREDIT RATIOS - -----------------------------------------------------------------------------
DEBT COVERAGE EBITDA/INT. EBIT/INT. PCF/INT. DEBT/EBITDA ----------- --------- -------- ----------- NM NM NM NM
CAPITALIZATION BOOK RATIOS MARKET RATIOS D/E D/(D+E) D/E D/(D+E) ------- --------- -------- --------- 7.8% 7.2% 1.7% 1.7%
- ------------------- Footnotes - ------------------- (1) LTM operating data are based on press release for LTM ended 5/31/98. LTM balance sheet data are based on 2/28/98 balance sheet (2) Next fiscal year results are based upon Furman Selz research report as of 3/13/98 (3) Book value of debt assumed to approximate market value WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION REVIEW OF MYCOGEN - ----------------------------------------------------------------------------- MYCOGEN CORP. AFTER ADJUSTMENTS - FINANCIAL SUMMARY ($MM)(1)
- --------------------------------------------------------------------------------------------------------------------- 1995 1996 1997 REC Q PAST Q LTM 1998 (2) 1999 (2) FY 8/31 8/31/95 8/31/96 8/31/97 5/31/98 5/31/98 8/31/98 8/31/99 - --------------------------------------------------------------------------------------------------------------------- Sales $113.2 $155.6 $211.0 $184.3 $177.2 $218.1 $234.5 $247.5 Less: Cost of Sales 67.0 93.5 126.9 112.4 106.9 132.4 NA NA ------- ------- ------- ------- ------- ------- ------- ------- Gross Margin 46.3 62.1 84.1 71.9 70.4 85.7 NA NA Less: S, G & A Expense 61.8 84.6 86.9 69.8 61.9 94.8 NA NA ------- ------- ------- ------- ------- ------- ------- ------- EBIT (15.5) (22.6) (2.8) 2.2 8.4 (9.1) (1.5) 0.0 Less: Interest Exp. (0.9) (2.4) 1.6 1.9 0.6 2.8 1.5 1.5 Less: Other Exp. (Inc.) (0.2) (0.7) 0.0 0.0 0.0 0.0 0.0 0.0 ------- ------- ------- ------- ------- ------- ------- ------- EBT (14.4) (19.5) (4.4) 0.3 7.8 (11.9) (3.0) (1.5) Less: Income Tax Exp. 0.0 0.0 13.6 (13.9) 5.9 21.6 0.0 0.0 Less: Pref. Div. & Min. Int. 1.5 0.6 0.0 0.0 0.0 0.0 0.0 0.0 ------- ------- ------- ------- ------- ------- ------- ------- Net Income (4)(5) (15.9) (20.0) (18.0) (13.6) 1.9 (33.4) (3.0) (1.5) ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- EBIT ($15.5) ($22.6) ($2.8) $2.2 $8.4 ($9.1) ($1.5) $0.0 Plus: Dep. & Amort. 9.0 9.1 10.0 5.7 4.1 11.6 12.5 13.2 ------- ------- ------- ------- ------- ------- ------- ------- EBITDA (6.5) (13.5) 7.2 7.8 12.5 2.5 11.0 13.2 Less: Capital Exp. 6.6 13.9 35.7 14.2 13.8 36.0 38.8 40.9 ------- ------- ------- ------- ------- ------- ------- ------- Free Cash Flow (13.1) (27.4) (28.5) (6.3) (1.3) (33.5) (27.8) (27.7) ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- ------- -------
- --------------------------------------------------------------------------------------------------------------------- MARGINS - --------------------------------------------------------------------------------------------------------------------- GROSS MARGIN 40.9% 39.9% 39.9% 39.3% NA NA EBITDA -5.8% -8.7% 3.4% 1.2% 4.7% 5.3% EBIT -13.7% -14.5% -1.3% -4.2% -0.6% 0.0% NET INCOME -14.1% -12.9% -8.5% -15.3% -1.3% -0.6% FREE CASH FLOW -11.6% -17.6% -13.5% -15.4% -11.8% -11.2%
- --------------------------------------------------------------------------------------------------------------------- RATIOS - --------------------------------------------------------------------------------------------------------------------- Book Value - $181.2 $157.2 $210.2 NA $210.2 $207.9 $206.4 RET. ON BOOK EQUITY (ROE) - -11.1% -11.5% -15.9% -1.4% -0.7% Total Book Assets - 227.5 239.7 292.8 NA 292.8 NA NA RET. ON BOOK ASSETS (ROA) - -9.5% -7.1% -10.8% NA NA
- ----------------------------------------------------------------------------- MARKET CAPITALIZATION - ----------------------------------------------------------------------------- STOCK PRICE (7/16/98) $24.75 52-WEEK HIGH/LOW: $25.50/$15.88 Shares Outstanding - MYCO 36.11 ------ Pre-Diluted Equity Market Value $893.7 ------ ------ Pre-Diluted Equity Market Value $893.7 Options Outstanding 4.4 Average Strike Price $12.03 ------ Options Value 56.4 Plus: Other Options/Warrants Value 0.0 Total Value of Options/Warrants 56.4 ------ Equity Market Value $950.1 Plus: Debt (3) $16.4 Plus: Preferred Stock 0.0 Plus: Post Ret. and Posttemp. Benefits or Min. Int. 0.0 Less: Cash & Equivalents 2.7 ------ Net Debt 13.7 ------ Adjusted Market Value $963.8 ------ ------
- ----------------------------------------------------------------------------- MARKET TRADING MULTIPLES - ----------------------------------------------------------------------------- ADJUSTED MARKET VALUE AS MARKET VALUE AS A MULTIPLE OF: A MULTIPLE OF: SALES EBITDA EBIT PCF NET INC. BOOK VALUE ----- ------ ---- --- -------- ---------- LTM 4.4x NM NM NM NM 4.5x 1998 4.1x NM NM NM NM 4.6x 1999 3.9x NM NM NM NM 4.6x
- ----------------------------------------------------------------------------- LTM CAPITALIZATION AND CREDIT RATIOS - -----------------------------------------------------------------------------
DEBT COVERAGE EBITDA/INT. EBIT/INT. PCF/INT. DEBT/EBITDA ----------- --------- -------- ----------- 0.9x NM NM 6.5x
CAPITALIZATION BOOK RATIOS MARKET RATIOS D/E D/(D+E) D/E D/(D+E) ------- --------- -------- --------- 7.8% 7.2% 1.7% 1.7%
- ------------------- Footnotes - ------------------- (1) LTM operating data are based on press release for LTM ended 5/31/98. LTM balance sheet data are based on 2/28/98 balance sheet (2) Next fiscal year results are based upon Furman Selz research report as of 3/13/98 (3) Book value of debt assumed to approximate market value (4) Excludes other charges of $27.6MM and $31.7MM (impairment of facilities and costs to exit those facilities, severance, patent litigation fees, acquired in-process technology and equity in net loss of investees) in 1996 and 1997, respectively (tax-effected at 38%) (5) Excludes litigation expenses of $11.0MM projected by analysts in 1998E WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION REVIEW OF MYCOGEN - ----------------------------------------------------------------------------- INDEXED PRICE HISTORY FOR THE LAST FIVE YEARS This graph illustrates the relative monthly stock performance of Mycogen compared to the stock performance of the Dow Chemical Company and the S&P 500 over the period 7/93 through 3/98.
Date Mycogen Dow Chemical S&P 500 7/93 100.00 100.00 100.00 8/93 103.92 97.92 103.44 9/93 100.00 97.50 102.41 10/93 88.24 92.50 104.40 11/93 80.39 96.88 103.05 12/93 80.39 94.58 104.09 1/94 91.18 105.83 107.47 2/94 86.27 106.04 104.24 3/94 72.55 100.21 99.47 4/94 88.24 104.58 100.62 5/94 82.35 113.75 101.87 6/94 84.31 108.96 99.14 7/94 78.43 115.21 102.26 8/94 82.35 125.21 106.11 9/94 78.43 130.42 103.25 10/94 78.43 122.50 105.40 11/94 78.43 106.67 101.24 12/94 65.69 112.08 102.49 1/95 89.22 103.96 104.97 2/95 72.55 111.67 108.76 3/95 76.47 122.08 111.73 4/95 72.55 115.42 114.86 5/95 65.69 122.08 119.03 6/95 64.71 119.79 121.56 7/95 67.65 123.54 125.42 8/95 80.39 123.33 125.38 9/95 107.84 124.17 130.41 10/95 104.90 114.38 129.76 11/95 102.94 118.13 135.09 12/95 133.33 117.08 137.44 1/96 127.45 124.17 141.93 2/96 152.94 133.75 142.91 3/96 135.29 145.00 144.04 4/96 135.29 148.13 145.98 5/96 143.14 139.38 149.31 6/96 117.65 126.67 149.65 7/96 120.59 123.75 142.80 8/96 125.00 132.92 145.49 9/96 111.76 133.75 153.37 10/96 125.49 129.58 157.38 11/96 131.37 139.58 168.93 12/96 168.63 130.63 165.30 1/97 200.00 128.54 175.43 2/97 204.90 135.00 176.47 3/97 182.35 133.13 168.95 4/97 142.16 141.04 178.82 5/97 184.31 138.96 189.29 6/97 153.92 144.79 197.52 7/97 175.98 158.33 212.95 8/97 194.12 147.50 200.72 9/97 184.31 151.15 211.39 10/97 166.67 151.04 204.10 11/97 152.94 164.58 213.20 12/97 147.06 169.17 216.55 1/98 161.76 150.00 218.75 2/98 133.33 152.50 234.16 3/98 142.65 162.08 245.85 4/98 160.78 161.15 248.09 5/98 185.29 161.46 243.42 6/98 188.48 161.15 253.02
WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION REVIEW OF MYCOGEN - ----------------------------------------------------------------------------- INDEXED STOCK PRICE HISTORY SINCE 1996 A graph appears here showing the weekly changes in relative stock prices of Mycogen Corporation, The Dow Chemical Company, The Standard & Poor's 500 Stock Index, The Russell 2000 Stock Index and the peer group seed companies (comprised of Pioneer Hi-Bred International, Inc., Delta and Pine Land Company and Agribiotech, Inc.) as a group from January 1, 1996 to July 16, 1998, with each stock beginning at a baseline of 100. WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION REVIEW OF MYCOGEN - ------------------------------------------------------------------------------- STOCK PRICE AND VOLUME HISTORY FOR LAST TWO YEARS Security Price History MYCOGEN CORP COM 25-Sep-98 MYCO 62845210 NASDAQ U.S. Dollar
Date Volume Close 19-Jul-96 1,054,600 15.5000 26-Jul-96 206,600 15.2500 02-Aug-96 154,800 15.6250 09-Aug-96 97,700 14.7500 16-Aug-96 426,100 17.0000 23-Aug-96 133,800 16.0000 30-Aug-96 133,500 15.9375 06-Sep-96 106,900 16.2500 13-Sep-96 170,100 14.2500 20-Sep-96 272,900 14.2500 27-Sep-96 316,300 14.5000 04-Oct-96 99,100 14.2500 11-Oct-96 363,300 14.2500 18-Oct-96 176,300 14.2500 25-Oct-96 369,400 15.5000 01-Nov-96 237,000 15.7500 08-Nov-96 51,300 15.7500 15-Nov-96 355,000 17.0000 22-Nov-96 501,500 16.2500 29-Nov-96 127,600 16.7500 06-Dec-96 356,300 19.0000 13-Dec-96 1,619,200 24.0000 20-Dec-96 967,400 21.5000 27-Dec-96 78,500 21.7500 03-Jan-97 294,400 24.0000 10-Jan-97 475,900 23.7500 17-Jan-97 1,027,100 27.7500 24-Jan-97 317,600 24.6250 31-Jan-97 467,000 25.5000 07-Feb-97 614,600 26.5000 14-Feb-97 197,100 26.1250 21-Feb-97 178,900 25.7500 28-Feb-97 185,000 26.1250 07-Mar-97 285,300 27.0000 14-Mar-97 285,800 27.2500 21-Mar-97 271,000 25.7500 27-Mar-97 179,600 24.7500 04-Apr-97 358,900 19.2500 11-Apr-97 844,400 18.1250 18-Apr-97 327,700 18.0000 25-Apr-97 113,400 18.7500 02-May-97 201,500 21.1250 09-May-97 521,000 22.0000 16-May-97 122,300 22.0000 23-May-97 120,600 22.2500 30-May-97 263,800 23.5000 06-Jun-97 247,100 22.7500 13-Jun-97 583,800 22.7500 20-Jun-97 197,100 20.0000 27-Jun-97 108,200 19.1250 03-Jul-97 133,300 22.0000 11-Jul-97 556,500 23.3750 18-Jul-97 510,800 23.0000 25-Jul-97 523,900 22.6250 01-Aug-97 236,600 22.1250 08-Aug-97 424,800 24.6250 15-Aug-97 460,100 24.0000 22-Aug-97 243,900 23.5000 29-Aug-97 143,000 24.7500 05-Sep-97 57,600 24.5000 12-Sep-97 70,000 23.9375 19-Sep-97 310,000 23.1875 26-Sep-97 91,100 24.1250 03-Oct-97 71,300 23.2500 10-Oct-97 39,000 23.1250 17-Oct-97 108,600 22.9375 24-Oct-97 392,000 20.7500 31-Oct-97 158,000 21.2500 07-Nov-97 113,600 20.7500 14-Nov-97 77,200 19.9375 21-Nov-97 67,800 19.8750 28-Nov-97 94,400 19.5000 05-Dec-97 121,700 19.8750 12-Dec-97 131,400 19.7500 19-Dec-97 108,000 19.1250 26-Dec-97 31,100 18.5000 02-Jan-98 80,400 19.1250 09-Jan-98 135,100 19.1250 16-Jan-98 186,100 21.7500 23-Jan-98 160,100 18.8750 30-Jan-98 101,400 20.6250 06-Feb-98 466,400 16.6250 13-Feb-98 718,700 20.6250 20-Feb-98 555,600 20.0000 27-Feb-98 528,800 17.0000 06-Mar-98 465,300 18.7500 13-Mar-98 158,700 18.5000 20-Mar-98 244,200 20.2500 27-Mar-98 322,600 18.2500 03-Apr-98 282,800 18.2500 09-Apr-98 188,200 18.2500 17-Apr-98 419,700 19.0000 24-Apr-98 224,300 20.0000 01-May-98 708,800 22.8125 08-May-98 979,100 23.5625 15-May-98 591,600 23.6250 22-May-98 200,200 24.2500 29-May-98 185,700 23.6250 05-Jun-98 225,800 24.6250 12-Jun-98 325,600 22.7500 19-Jun-98 648,800 23.5625 26-Jun-98 566,600 23.2500 02-Jul-98 423,200 23.8750 10-Jul-98 442,900 24.1250 16-Jul-98 173,300 24.7500
WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION REVIEW OF MYCOGEN - ------------------------------------------------------------------------------- SHAREHOLDER PROFILE ($ IN MILLIONS, SHARES IN THOUSANDS)
Market value Shares As of 7/16/98 % Held --------- ------------- ----------- 5% OWNERS Dow Agro Sciences 24,917.0 $616.7 61.5% (1) State of Wisconsin Investment Board 1,800.5 44.6 4.4% --------- ------------- ----------- Total 26,717.5 $661.3 65.9% OFFICERS, DIRECTORS AND EMPLOYEES Officers 1,668.6 $41.3 4.1% (2) Outside Directors (excl. Dow AgroSciences directors) 22.5 0.6 0.1% (3) Other (incl. Employees) 5,433.2 134.5 13.4% (4) --------- ------------- ----------- Total 7,124.3 $176.3 17.6% INSTITUTIONS Primecap Management Company 1,736.0 $43.0 4.3% Capital Research & Management Co. 1,700.0 $42.1 4.2% College Retirement Equities Fund (TIAA-CREF) 379.1 $9.4 0.9% Barclays Global Advisors 309.9 $7.7 0.8% Dimensional Fund Advisors 224.5 5.6 0.6% U.S. Trust Co. 147.0 3.6 0.4% Texas Teachers' Retirement System 125.0 3.1 0.3% Kentucky Employees Retirement System 111.0 2.7 0.3% Tirschwell & Loewy, Inc. 104.0 2.6 0.3% Ohio State Teacher's Retirement 101.0 2.5 0.2% Vanguard Group 101.0 2.5 0.2% Other 833.2 20.6 2.1% --------- ------------- ----------- Total 5,871.6 $145.3 14.5% TOTAL INSTITUTIONS, INSIDERS AND BENEFICAL HOLDERS 39,713.4 $982.9 97.9% Other Shareholders 831.9 20.6 2.1% --------- ------------- ----------- CURRENT TOTAL SHARES OUTSTANDING 40,545.3 $1,003.5 100.0% (5) --------- ------------- ----------- --------- ------------- -----------
- ------------------------------------- Sources: CDA Spectrum dated 6/22/98, proxy dated 1/8/98, public filings and management (1) Includes 150,834 options outstanding (2) Includes 1,512,834 options outstanding (3) Includes 22,500 options outstanding (4) Includes 1,948,983 options outstanding (5) Includes 4,435,990 options outstanding WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION - ------------------------------------------------------------------------------ REVIEW OF DOW WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION REVIEW OF DOW - ------------------------------------------------------------------------------ OVERVIEW BUSINESS * THE DOW CHEMICAL COMPANY IS A DIVERSIFIED, WORLDWIDE DESCRIPTION MANUFACTURER AND SUPPLIER OF CHEMICALS, PLASTICS AND AGRICULTURAL PRODUCTS DOW * A WHOLLY-OWNED SUBSIDIARY OF THE DOW CHEMICAL COMPANY AGROSCIENCES THAT PRODUCES AGRICULTURAL PRODUCTS, SUCH AS BROADSTRIKE HERBICIDES AND DURSBAN AND LORSBAN INSECTICIDES, USED IN CROP PROTECTION AND INDUSTRIAL PEST CONTROL * Created in 1997 after Dow acquired Eli Lilly and Company's 40% share in DowElanco, which was then renamed Dow AgroSciences. The purchase price of $900 million was approximately 1.13x sales. * Recent product launches include Tracer and Success insect control products in the U.S. and Fortress fungicide in Europe * Will incorporate the agricultural products business of Sanachem through Dow's acquisition of Sentrachem in late 1997. Sanachem is the world's third largest manufacturer of generic crop protection and pest control products with approximately $200 million in annual sales. FACILITIES * OPERATES 114 MANUFACTURING SITES IN 33 COUNTRIES HEADQUARTERS * MIDLAND, MICHIGAN STATE OF * DELAWARE INCORPORATION
WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION REVIEW OF DOW - ------------------------------------------------------------------------------ THE DOW CHEMICAL CO. - FINANCIAL SUMMARY ($MM)
FY 12/31 1995 1996 1997 Rec Q Past Q LTM NFY(1) 12/31/95 12/31/96 12/31/97 3/31/98 3/31/98 12/31/98 --------- --------- --------- -------- -------- -------- --------- Sales $20,200.0 $20,053.0 $20,018.0 $4,829.0 $4,992.0 $19,855.0 $18,899.0 Less: Cost of Sales 13,337.0 14,108.0 14,679.0 3,691.0 3,615.0 14,755.0 13,059.0 --------- --------- --------- -------- -------- -------- --------- Gross Margin 6,863.0 5,945.0 5,339.0 1,138.0 1,377.0 5,100.0 5,840.0 Less: S. G & A Expense 2,972.0 2,858.0 2,613.0 582.0 612.0 2,583.0 3,700.0 EBIT 3,891.0 3,087.0 2,726.0 556.0 765.0 2,517.0 2,140.0 Less: Interest Exp. 145.0 208.0 277.0 64.0 (39.0) 380.0 480.0 Less: Other Exp. (Inc.) 217.0 (409.0) (499.0) 0.0 0.0 (499.0) (468.0) EBT 3,529.0 3,288.0 2,948.0 492.0 804.0 2,636.0 2,128.0 Less: Income Tax Exp. 1,442.0 1,187.0 1,041.0 172.4 289.0 924.4 776.0 Less: Pref. Div. & Min. Int. 203.0 201.0 105.0 3.0 63.0 45.0 9.0 --------- --------- --------- -------- -------- -------- --------- Net Income (3) 1,884.0 1,900.0 1,802.0 316.0 452.0 1,666.6 1,343.0 - ------------------------------------------------------------------------------------------------------- EBIT $3,891.0 $3,087.0 $2,726.0 $556.0 $765.0 $2,517.0 $2,140.0 Plus: Dep. & Amort. 1,442.0 1,298.0 1,287.0 287.0 320.0 1,254.0 1,185.0 EBITDA 5,333.0 4,385.0 4,013.0 843.0 1,085.0 3,771.0 3,325.0 Less: Capital Exp. 1,417.0 1,344.0 1,198.0 301.0 245.0 1,254.0 1,650.0 --------- --------- -------- ------- -------- -------- --------- Free Cash Flow 3,916.0 3,041.0 2,815.0 542.0 840.0 2,517.0 1,675.0 - ------------------------------------------------------------------------------------------------------- MARGINS - ------------------------------------------------------------------------------------------------------- GROSS MARGIN 34.0% 29.6% 26.7% 25.7% 30.9% EBITDA 26.4% 21.9% 20.0% 19.0% 17.6% EBIT 19.3% 15.4% 13.6% 12.7% 11.3% NET INCOME 9.3% 9.5% 9.0% 8.4% 7.1% FREE CASH FLOW 19.4% 15.2% 14.1% 12.7% 8.9% - ------------------------------------------------------------------------------------------------------- RATIOS - ------------------------------------------------------------------------------------------------------- Book Value -- $7,954.0 $7,626.0 $7,806.0 NA $7,806.0 $7,960.0 RET. ON BOOK EQUITY (ROE) -- 23.9% 23.6% 21.4% 16.9% Total Book Assets -- 24,673.0 24,040.0 23,524.0 NA 23,524.0 24,311.0 RET. ON BOOK ASSETS (ROA) -- 8.2% 8.2% 8.1% 6.7%
- ------------------------------------------------------------------------------- MARKET CAPITALIZATION - ------------------------------------------------------------------------------- Stock Price (7/16/98) $95.81 52-WEEK HIGH/LOW: $102.63/$84.75 Shares Outstanding - DOW 225.12 --------- Pre-Diluted Equity Market Values $21,569.6 - ---------------------------------------------------------------------------- Pre-Diluted Equity Market Value $21,569.6 Options Exercisable 8.7 Average Strike Price $63.84 ------ Options value 276.6 Plus: Other Options/Warrants Value 25.0 Total Value of Options/Warrants 301.6 Equity Market Value $21,871.3 Plus: Debt (2) $5,621.0 Plus: Preferred Stock 120.0 Plus: Post Ret. and Posttemp Benefits or Min. Int. 2,259.0 Less: Cash & Equivalents 537.0 -------- Net Debt 7,463.0 --------- ADJUSTED MARKET VALUE $29,334.3
- ----------------------------------------------------------------------------
MARKET TRADING MULTIPLES Adjusted Market Value as Market Value as a multiple of: a multiple of: SALES EBITDA EBIT PCF NET INC. BOOK VALUE ----- ------ ---- --- -------- ---------- LTM 1.5x 7.8x 11.7x 11.7x 13.1x 2.8x NFY 1.6x 8.8x 13.7x 17.5x 16.3x 2.7x
- ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- LTM CAPITALIZATION AND CREDIT RATING DEBT COVERAGE
EBITDA/INT EBIT/INT. FCF/INT. DEBT/EBITDA ----------- -------- ------- ----------- 9.9x 6.6x 6.6x 1.5x - ------------------------------------------------------------ CAPITALIZATION BOOK RATES MARKET RATES D/E D/D&ET D/E D/D&ET ------ ------ ---- ------ 72.0% 41.9% 25.7% 20.4%
- ------------------------------------------------------------- - ---------------------------------- Footnotes - ---------------------------------- 1) Next fiscal year results are based upon Morgan Stanley Dean Witter research report as of 4/29/98 2) Book value of debt assumed to approximate market value 3) Excludes after-tax income from discontinued operations of $187.0MM in 1995, pre-tax non-recurring charges of $668MM and one-time sale of $816MM in 1998 (tax-effected at 40%) WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION - ------------------------------------------------------------------------------ VALUATION ANALYSIS: REVIEW OF ANALYST PERSPECTIVES WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION REVIEW OF ANALYST PERSPECTIVES - ------------------------------------------------------------------------------- REVIEW OF ANALYST RESEARCH REPORTS
UNADJUSTED ADJUSTED (EXCLUDES LITIGATION) ------------------------ ------------------------------- 1998E 1999E 1998E 1999E ANALYST/COMPANY NAME DATE RECOMMENDATION EARNINGS EARNINGS EARNINGS EARNINGS - -------------------- ------- -------------- -------- -------- -------- -------- - --------------------------------------------------------------------------------------------------------------------------- Timothy Ramey 5/12/98 Buy NA NA NA NA Maria Wimmer DEUTSCHE MORGAN GRENFELL - --------------------------------------------------------------------------------------------------------------------------- Jeff Cianci 5/4/98 Neutral $(0.40) $0.10 NA NA Jeffrey Peck BEAR, STEARNS & CO - --------------------------------------------------------------------------------------------------------------------------- Timothy Ramey 4/15/98 Buy $(0.75) $0.10 $(0.19) $0.65 Maria Wimmer DEUTSCHE MORGAN GRENFELL - --------------------------------------------------------------------------------------------------------------------------- FIRST CALL 3/24/98 NA $(0.39) $0.04 NA NA - --------------------------------------------------------------------------------------------------------------------------- Mark Wiltamuth 3/13/98 Hold $(0.40) $(0.04) $0.09) $0.15 Furman Selz - --------------------------------------------------------------------------------------------------------------------------- George Dahlman 2/4/98 Neutral $(0.46) NA NA NA PIPER JAFFRAY - --------------------------------------------------------------------------------------------------------------------------- BIOSCIENCE SECURITIES, INC. 2/4/98 Hold NA NA $(0.10) $0.23 - --------------------------------------------------------------------------------------------------------------------------- Gilbert Yang 1/21/98 Market Performer $(0.20) $0.15 NA NA J.P. MORGAN - --------------------------------------------------------------------------------------------------------------------------- Gilbert Yang 10/24/97 Market Performer $(0.21) $0.13 $0.18 $0.45 J.P. MORGAN - --------------------------------------------------------------------------------------------------------------------------- Timothy Ramey 7/11/97 Buy $(0.25) NA $0.06 $1.86 Maria Wimmer DEUTSCHE MORGAN GRENFELL - --------------------------------------------------------------------------------------------------------------------------- James Wilbur 5/30/97 Neutral $0.05 $0.42 $0.38 $0.59 SMITH BARNEY - ---------------------------------------------------------------------------------------------------------------------------
WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION VALUATION: REVIEW OF ANALYST PERSPECTIVES - ------------------------------------------------------------------------------- EQUITY ANALYST PERSPECTIVE
Six Analyst recommendations: 2 buy, 4 hold FY 1998 FY 1999 ------- -------- Hi ($0.39) $0.15 Mean (0.51) 0.06 Lo (0.75) (0.04)
Negative E.P.S. momentum: YTD 5 downward revisions, 1 UPWARD REVISION General Issues: * Outlook for conventional seed business * Bt dependency * Diffuse nature of R&D program WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION VALUATION: REVIEW OF ANALYST PERSPECTIVES - ------------------------------------------------------------------------------- OUTLOOK FOR CONVENTIONAL SEED BUSINESS "...[MYCOGEN'S SEED BUSINESS] SMALL SIZE IS A DETRIMENT, ... HIGH SEED DISCARD AND OBSOLESCENCE CHARGES AND A HIGHER COST BASE... WE BELIEVE INCREASING THE SIZE OF THE MYCOGEN SEED EFFORT IS KEY ...HOWEVER...WE QUESTION WHETHER THE COMPANY WILL BE ABLE TO FIND SEED OPERATORS OF SUFFICIENT SIZE AND QUALITY." Furman Selz, March 13, 1998 WP&Co. Observations: * Mycogen, over the past three years has increased its presence on the N. American corn farmers fields by nearly four-fold. * Mycogen is uniquely positioned to pursue the opportunities to build a franchise in the large and growing Latin American market for major row crops. Further, while the size and scope of Mycogen's breeding programs are much smaller than largest germplasm suppliers, less overlap within Mycogen product lines allows keeping a closer relationship of proprietary lines to competition. Mycogen'network of 11 breeding stations provides adequate diversity of yield, maturity and disease resistance characteristics. * Side-by-side comparisons of Mycogen hybrids show per acre yields approaching leading competitors. * Program appears effective, but subject to execution risk of producing adequate seed inventory within time, cost and quality constraints. Too early to judge efficiency of winter nursery exchange between US/Europe and PR/ S. America. Investments in new equipment (combines, tractors, dryers) and software (SAP/R3) enhance probability of success. WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION VALUATION: REVIEW OF ANALYST PERSPECTIVES - ------------------------------------------------------------------------------- Bt DEPENDENCY "...THE RAPIDLY GROWING ACREAGE OF CORN, COTTON AND POTATOES THAT ARE GENETICALLY ENGINEERED TO PRODUCE Bt...HIGHLIGHTS FEARS ABOUT EMERGING INSECT RESISTANCE. GENETICALLY ENGINEERED Bt CROPS PROVIDE EXPOSURE TO THE TOXINS THROUGHOUT THE GROWING SEASON, LEADING TO SELECTION PRESSURES THAT MIGHT ENABLE ONLY RESISTANT PESTS TO SURVIVE." SCIENTIFIC AMERICAN, May 1998 WP&Co. Observations: * Mycogen first company to recognize insect-specific bioactivity of Bt's. Portfolio of -50 Bt genes equal to next four competitors combined. * Array of Bt's provides access to multipe products for specific pest/crop situations. Pest specific products may change the threshold for insect control and justify significant increases in treated acreage. * Cross resistance unlikely since Bt protein structurally diverse; unique 3D configurations form very specific associations with cellular constituents. * Rotation between different Bt's remove selection pressure for resistant pest; fitness requirement restores susceptibility. Toxin cycling "evergreens" product line. * Bt toxins have been characterized by Mycogen researchers as having specific activity against a wide range of coleopteran, lepidopteran, and even nematode pests making the Bt technology valuable against a broad host of crop applications. * Near to medium term competition to Bt's looks problematic since these proteins are well characterized with a good understanding of the functional genetics and expression. By comparison, novel toxins face an 8-10 year regulatory and scientific timeline for commercialization. WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION VALUATION: REVIEW OF ANALYST PERSPECTIVES - ------------------------------------------------------------------------------- Bt DEPENDENCY (CONTINUED) - Program appears logical and defensible, but suffers from execution risk: Manpower commitments for developing novel transgenics are quite modest at both Pioneer and at Mycogen and there appears to be little effort underway to stack Bt genes in multiple trait products: Mycogen currently markets a single Bt cultivar and no second generation Bt product is projected to be available prior to 2001. - While emphasizing the development of Bt-based plant products, Mycogen has created a sizable array of promoters, expression systems, and experience relevant to expression of any transgene in plants. This competency in regulating exogenous gene expression would be valuable to any other research program as it nears commercialization (e.g. Ahlquist Technology). Clearly, it is of value to any competitor desiring to shorten time to market of its own products as illustrated by Monsanto's repeated requests to gain access to Mycogen's proprietary Ub-1 promoter. WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION VALUATION: REVIEW OF ANALYST PERSPECTIVES - ------------------------------------------------------------------------------- DIFFUSE NATURE OF R & D PROGRAM Mycogen has significant commitments to six distinct R & D efforts: Input traits Oral immunity Output traits Ahlquist technology Disease resistance fermentation WP&Co. Observations: - Large multinationals with enormous financial resources have generally prioritized around a single program: Monsanto/input DuPont/output Zeneca/disease resistance - Agbiotech competition may rapidly transition from critical mass to scale, isolating Mycogen's modest efforts. - Technological developments may leapfrog Mycogen's position and render its intellectual property obsolescent. Genechip systems, combinatorial chemistry and high throughput screening have already proven their utility in human drug development. These technologies can likely be adapted for agbiotech applications: - Use DNA microarrays for "directed evolution" - Use retroviral vectors to immortalize insect gut cells as the basis for a high volume assay. WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION - ------------------------------------------------------------------------------ ------------------------------------- VALUATION: DISCOUNTED CASH FLOW ANALYSIS - VARIABLE DISCOUNT RATE METHOD - PROBABILITY WEIGHTED METHOD ------------------------------------- WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: DCF ANALYSIS - -------------------------------------------------------------------------------- BUSINESS FINANCIAL PROJECTION METHODOLOGY
- ------------------------------------ ----------------------------------------------- 10-YEAR PROJECTIONS DETAILED BASIS - ------------------------------------ ----------------------------------------------- ----------------------------------------------- Target Crop Average - Includes demographic factors and regional X analysis by crop - Shifting planting patterns ----------------------------------------------- ----------------------------------------------- Market Penetration of Genetically Modified Seeds - Adoption value of Bt and output X modified seed - Presence on farmers fields ----------------------------------------------- ----------------------------------------------- Market Share of Mycogen Product - Preferred penetration in existing base X - Access to partners with large share of new markets ----------------------------------------------- Mycogen Product Selling Price ----------------------------------------------- = - Value capture based on improved Mycogen Product Sales Projections productivity and competitive advantage - ----------------------------------------------- ----------------------------------------------- ----------------------------------------------- -- Costs reflect minimal additional COGs and SGA for traits above those for conventional seeds Fixed and Variable Costs and Taxes -- R&D investment accelerated to ensure + success timing of products ----------------------------------------------- ----------------------------------------------- Cash Flow Impact (-W.I. - CapEx + Dep.) -- Based on current inventory and accounts = payable/receivable trends -- Additional plant expenditure is depending Mycogen Product Free Cash Flow on sales levels and existing capacity | ----------------------------------------------- | V - ------------------------------------ VALUATION METHODOLOGY - ------------------------------------
WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN VALUATION: DCF ANALYSIS - ------------------------------------------------------------------------------ BAR CHART OF VALUATION METHODOLOGY - -------------- TERMINAL VALUE: EBIT MULTIPLES - -------------- 6X - 12X 14% - 10% - - Lower risk established or growing businesses - - Includes Soil Serv, Biopesticides, AC Humko, and VMO - - Conventional seed businesses merit higher discount rates due to executional risks - - Suitable for established or mature businesses - ------------- DISCOUNT RATE - ------------- 20% - 24% - - Developing Bt/Herbicide-resistance businesses based on new products and established but rapidly improving technology 25% - 30% - - Higher-risk output trait improvement business - - Lower growth rate reflects early stages in commercialization of new technology 31% - 50% - - New relatively untested technology-based products. Large growth potential offset by high risk - - Risk-adjusted cost-of-capital - --------------- TERMINAL VALUE: FREE CASH GROWTH - ---------------- 6.5% - 5.0% - - Suitable for established or mature businesses 10% - 8% - - New relatively untested technology-based products. Large growth potential offset by high risk - - Suitable for growing businesses in take-off phase WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------
MYCOGEN VALUATION: SUMMARY OF BUSINESS UNITS - ------------------------------------------------------------------------------------------------------------------------------------ ELEMENTS OF PROJECTED BUSINESS VALUATION ------------------------------------------------------------------------------------------------------------------------ BUSINESS CROP TRAIT GEOGRAPHICAL REGION -------- ---- ----- ------------------- N. AMERICA ARGENTINA BRAZIL OTHER ------------------------------------------------------------------------------------------------------------------------ Biopesticides -- -- X SoilServ -- -- X Conventional Seed Corn -- X X X Soybeans -- X Sunflower -- X Sorghum -- X Alfalfa -- X Early Traits (Herbicide Resistance) Corn RR/LL X X X Sunflower RR/LL X Soybean LL X Sorghum RR/LL X Early Traits (Insect Resistance) Corn Bt176 X Corn Spodoptera X Corn Elasmopalpost X Corn Diabrotica X Corn Helicoverpa X Corn Armyworm Corn ECB/Glufosinate X X Corn CRW/Glufosinate X X Sunflower Looper X Sunflower Head Moth X Sunflower Seed Weevil X Soybean Cyst X X ------------------------------------------------------------------------------------------------------------------------ WESSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------------------------------------------------------------
MYCOGEN VALUATION: SUMMARY OF BUSINESS UNITS - -------------------------------------------------------------------------------- ELEMENTS OF PROJECTED BUSINESS VALUATION (CONT'D)
- --------------------------------------------------------------------------------------------------------------- GEOGRAPHICAL REGION BUSINESS CROP TRAIT ------------------- - -------- ---- ----- N. AMERICA ARGENTINA BRAZIL OTHER - --------------------------------------------------------------------------------------------------------------- Sorghum Midge Greenbug Aphid Alfalfa Weevil Lepidoptera Output Corn High Oil X X X High Oil/Evt. 176 X Hi Oleic X X X Low Phytate X X X Forage Protein X X X Green Gene X X X Soyabean High Nutrition X X Sunflower High Oleic X High Palmitic X Quality Protein X X Sorghum Nutritional X Disease Resistance Corn Mold/Mycotoxin X X Sunflower Sclerotinia X X Verticilian X - ---------------------------------------------------------------------------------------------------------------
WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN VALUATION: SUMMARY OF BUSINESS UNITS - -------------------------------------------------------------------------------- ELEMENTS OF PROJECTED BUSINESS VALUATION (CONT'D)
- --------------------------------------------------------------------------------------------------------------- GEOGRAPHICAL REGION BUSINESS CROP TRAIT ------------------- - -------- ---- ----- N. AMERICA ARGENTINA BRAZIL OTHER - --------------------------------------------------------------------------------------------------------------- JV/Partner Royalties VMO Conventional Europe Early Traits Europe Output Traits Europe Cotton Conventional X X Bud/Bollworm X X Australia Boil Weevil X X and Lygus X Greece Oilseed/Hurnko -- X X Oilseed/DAS -- X Rice Stem Borer Japan Plant Hopper Japan Turf White Grub X Army/Cutworm X Webworm X - ---------------------------------------------------------------------------------------------------------------
WASSERSTEIN PERELLA & CO. - --------------------------------------------------------------------------------
MYCOGEN VALUATION: VARIABLE DISCOUNT RATE DCF ANALYSIS - ----------------------------------------------------------------------------------------------------------------------------------- SUMMARY OF VALUATION - ----------------------------------------------------------------------------------------------------------------------------------- BUSINESS CROP REGION DISCOUNT GROWTH RATE/ VALUATION AVERAGE GEOGRAPHIC SUB VALUE/ RATE EBIT MULTIPLE LO HI TOTAL TOTALS SHARE - ----------------------------------------------------------------------------------------------------------------------------------- Biopesticides - - 11.0% - 14.0% 6 - 10 $3 - $4 $4 $4 $4 $0.09 - $0.12 SoilServ - - 11.0% - 14.0% 6 - 10 $28 - $40 $34 $34 $34 $0.77 - $1.10 Conven. Seed Corn N. America 12.0% - 14.0% 8 - 12 $94 - $210 $152 Argentina 12.0% - 14.0% 8 - 12 $37 - $56 $47 Brazil 12.0% - 14.0% 8 - 12 $101 - $175 $138 Soybeans N. America 12.0% - 14.0% 8 - 12 ($10)- $18 $4 Brazil 12.0% - 14.0% 8 - 12 $0 - $0 $0 Sorghum N. America 12.0% - 14.0% 8 - 12 $9 - $15 $12 Alfalfa N. America 12.0% - 14.0% 8 - 12 $3 - $9 $6 Sunflower N. America 12.0% - 14.0% 8 - 12 ($4)- ($4) ($4) Argentina 12.0% - 14.0% 8 - 12 $14 - $22 $18 All N. America 12.0% - 14.0% 8 - 12 $97 - $254 $176 $2.68 - $7.02 Argentina 12.0% - 14.0% 8 - 12 $49 - $79 $64 $1.36 - $2.17 Brazil 12.0% - 14.0% 8 - 12 $101 - $175 $138 $2.80 - $4.83 Total Conventional Soil $378 Early/Input Traits Corn N. America 20.0% - 24.0% 5.0% - 6.5% $72 - $126 $99 Argentina 20.0% - 24.0% 5.0% - 6.5% $1 - $5 $3 Brazil 20.0% - 24.0% 5.0% - 6.5% $29 - $53 $41 Soybeans N. America 20.0% - 24.0% 5.0% - 6.5% $44 - $72 $58 Brazil 20.0% - 24.0% 5.0% - 6.5% ($0) - $1 $0 Sunflower N. America 20.0% - 24.0% 5.0% - 6.5% ($1) - ($1) ($1) Argentina 20.0% - 24.0% 5.0% - 6.5% ($0) - $2 $1 All N. America 20.0% - 24.0% 5.0% - 6.5% $114 - $197 $156 $3.15 - $5.43 Argentina 20.0% - 24.0% 5.0% - 6.5% $1 - $7 $4 $0.03 - $0.19 Brazil 20.0% - 24.0% 5.0% - 6.5% $29 - $ 54 $41 $0.79 - $1.49 Total Early Traits $201 Output Traits Corn N. America 25.0% - 30.0% 5.0% - 6.5% $7 - $17 $12 Argentina 25.0% - 30.0% 5.0% - 6.5% ($2) - ($2) ($2) Brazil 25.0% - 30.0% 5.0% - 6.5% $5 - $11 $8 Soybean N. America 25.0% - 30.0% 5.0% - 6.5% $144 - $266 $205 Brazil 25.0% - 30.0% 5.0% - 6.5% $7 - $14 $11 Sunflower N. America 25.0% - 30.0% 5.0% - 6.5% $4 - $8 $6 Argentina 25.0% - 30.0% 5.0% - 6.5% $13 - $23 $18 All N. America 25.0% - 30.0% 5.0% - 6.5% $156 - $291 $223 $4.31 - $2.02 Agrentina 25.0% - 30.0% 5.0% - 6.5% $11 - $21 $16 $0.30 - $0.59 Brazil 25.0% - 30.0% 5.0% - 6.5% $14 - $27 $20 $0.37 - $0.75 Total Output Traits $260 Disease Resistance N. America 31.0% - 50.0% 8.0% - 10.0% ($2) - $0 ($1) ($1) $-0.05 - $0.00 Argentina 31.0% - 50.0% 8.0% - 10.0% ($0) - $2 $1 $1 $0.00 - $0.04 Brazil 31.0% - 50.0% 8.0% - 10.0% ($0) - ($0) ($0) ($0) $-0.01 - $0.01 Total Disease Resistance ($1) JV/Royalties VMO Conventional Seed 12.0% - 14.0% 6 - 10 $7 - $10 $9 $0.19 - $0.29 Early/Input Traits 20.0% - 24.0% 5.0% - 6.5% ($1) - ($2) ($2) $-0.04 - $-0.04 Output Traits 25.0% - 30.0% 5.0% - 6.5% $2 - $4 $3 $0.06 - $0.12 Disease-Res. 31.0% - 50.0% 8.0% - 10.0% ($0) - $0 $0 $0.00 - $0.01 Total VMO $8 $14 $11 $11 JG Boswell Cotton 12.0% - 14.0% 8 - 12 $59 - $86 $73 $73 $73 $1.63 - $2.38 Humko Oilseed N. America 12.0% - 14.0% 6 - 10 $0 - $0 $0 $0 $0.00 - $0.00 Argentina 12.0% - 14.0% 6 - 10 $2 - $3 $2 $2 $3 $0.06 - $0.07 Total Oilseed $0 - $0 DAS Canada Canola 20.0% - 24.0% 8 - 12 $13 - $21 $17 $17 $17 $0.36 - $0.38 [Bt Royalties] 20.0% - 24.0% $35 - $38 $36 $36 $36 $0.95 - $1.04 Other Partner Royalties 20.0% - 24.0% 1.0% - 2.5% $14 - $21 $17 $17 $17 $0.37 - $0.58 Other STS / Crops 31.0% - 50.0% 5.0% - 6.5% $20 - $104 $62 $62 $62 $0.56 - $2.87 Disease Resistance - All Other Crops 45.0% - 50.0% 5.0% - 10.0% $119 - $154 $136 $136 $136 $3.28 - $4.25 - Rice (Japan Tobacco) 31.0% - 50.0% 8.0% - 10.0% ($2) - $2 ($0) ($0) ($0) $-0.06 - $0.04 Miscellaneous NOL-Current (est.) $50 - $70 $60 $60 $1.38 - $1.93 NOL-Projected (est.) $26 - $26 $26 $26 $0.71 - $0.71 Monsanto Settlement $103 - $103 $103 $103 $2.83 - $2.83 35% in Verneuil (est.) $33 - $66 $50 $50 $0.91 - $0.82 3 FTO (25% Probability) 20.0% - 24.0% $56 - $65 $61 $61 $1.54 - $1.80 Net Debs ($75) - ($75) ($75) ($75) $-2.07 - $-2.07 $224 ------ ------ ------ ------ ------ Total $1,063 $1,843 $1,447 $1,455 $1,455 Shares Outstand (MM) 36.26 Options Outstand (mm) 3.59 38.73 38.94 38.69 38.70 Final Outstanding (Treasure Method, MM) Value/Share $27.44 $47.32 $37.41 $37.59
Note: Initial value excludes contribution from revenue synergies, cost savings, and other economies of scale from consolidation with DAS Value per share calculated based on outstanding common shares, includes 3.593 million outstanding options with an average exercise price of $12.03. Wasserstein Perella & Co. - ------------------------------------------------------------------------------- MYCOGEN VALUATION: VARIABLE DISCOUNT RATE DCF ANALYSIS - ------------------------------------------------------------------------------- VALUATION OF BUSINESSES (AVERAGE OF PROJECTED RANGE) Pie Chart of Conventional Seed Contribution to Value North America 46.6% Brazil 36.5% Argentina 16.9%
Pie Chart of Early Traits Contribution to Value North America 77.6% Brazil 20.4% Argentina 2.0%
Pie Chart of Output Traits Contribution to Value North America 85.8% Brazil 7.7% Argentina 6.5%
BAR CHART Conventional Seed Corn $ 337 Soybean 4 Sunflower 14 Other 23 ------ Total $ 378 Early Traits Corn $ 143 Soybean 58 ------ Total $ 201 Output Traits Corn $ 18 Soybean 217 Sunflower 24 ------ Total $ 260 Disease Resistance (All Crops) New $ 136 Current (1) ------ Total $ 135 Other Businesses Biopest. $ 4 Soil Serv. 34 ------ Total $ 38 Current JV Humko $ 3 Boswell 73 VMO 11 ------ Total $ 87 DAS Collaboration Rice/Japan Tobacco $ (0) Canola/ DAS Canola 17 ------ Total $ 17 Royalties Other Partners $ 17 Pioneer Bt 36 ------ Total $ 53 New Pest-Resistant Crops Total $ 62 Operating Value Total $1,231 NOL Projected $ 26 Current 60 ------ Total $ 86 Monsanto Settlement Total $ 103 35% Stake in Verneuil Total $ 50 Bt FTO Fees Total $ 61 Net Debt Total $ (75) Total Value Total $1,455 Miscellaneous Items $ 224 VALUATION/SHARE $37.59
Wasserstein Perella & Co. - ------------------------------------------------------------------------------- MYCOGEN VALUATION: VARIABLE DISCOUNT RATE DCF ANALYSIS - ------------------------------------------------------------------------------- IMPLIED RANGE OF MYCOGEN VALUATION Bar Chart of Implied Range of Mycogen Valuation Valuation/Share $26.72 $44.74 Total ------------------------------ Valuation Range Based on Projections $1,063 $780 $1,843 Stake in Verneuil* ($33) -- ($33) Disease Resistance* ($35) -- ($35) Bt FTO* -- ($33) ($33) Resulting Valuation Range $1,035 $707 $1,742
*Discounted Upside for Higher Risk Opportunities WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN PROJECT ATTRITION PROFILE - ------------------------------------------------------------------------------- PRODUCT DEVELOPMENT PIPELINE PROFILE
BREED BREED NEW CROP TO T-4 TO T-3 TO T-2 TO T-1 TO LAUNCH RISK CUMULATIVE PROBABILITY Early Traits 75.0% 45.0% 18.0% 18.0% 16.2% 4.0x Output Traits 60.0% 30.0% 12.0% 12.0% 9.7% Disease Resistance 40.0% 18.0% 7.2% 7.2% 5.2% EARLY TRAITS 75.0% 60.0% 40.0% 100.0% 90.0% OUTPUT TRAITS 60.0% 50.0% 40.0% 100.0% 81.0% DISEASE RESISTANCE 40.0% 45.0% 40.0% 100.0% 72.9% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ INPUT TRAITS $10.2 $11.6 $7.0 $4.9 $1.6 $0.5 $0.0 $0.0 $0.0 $0.0 OUTPUT TRAITS $4.1 $5.8 $10.4 $6.2 $2.1 $0.3 $0.0 $0.0 $0.0 $0.0 DISEASE RESISTANCE $0.0 $2.0 $4.6 $1.4 $0.4 $0.0 $0.0 $0.0 $0.0 $0.0 TOTAL R&D $14.3 $19.4 $22.0 $12.5 $4.1 $0.8 $0.0 $0.0 $0.0 $0.0 Gene Characterization $2.00 $0.50 Expression/Screening $1.00 $0.50 Optimization $0.50 $0.10 Event/Breeding $0.60 $0.60 Launch TOTAL (EX EVENT) $2.00 $1.50 $1.00 $0.10 LAUNCH
WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN VALUATION: PROBABILITY-WEIGHTED METHOD DCF ANALYSIS - -------------------------------------------------------------------------------- SUMMARY OF VALUATION
- ------------------------------------------------------------------------------------------------------------------------------- BUSINESS CROP REGION DISCOUNT GROWTH RATE VALUATION GEOGRAPHIC SUB- RATE /EBIT MULTIPLE LO HI AVERAGE TOTAL TOTALS - ------------------------------------------------------------------------------------------------------------------------------- BIOPESTICIDES - - 10.0% - 14.0% 6 - 10 $3 - $5 $4 $4 $4 SOILSERV - - 10.0% - 14.0% 6 - 10 $27 - $41 $34 $34 $34 CONVEN. SEED Corn N. America 11.0% - 14.0% 8 - 10 $95 - $185 $140 Argentina 11.0% - 14.0% 8 - 10 $37 - $55 $46 Brazil 11.0% - 14.0% 8 - 10 $112 - $178 $145 Soybeans N. America 11.0% - 14.0% 8 - 10 ($11)- $9 ($1) Brazil 11.0% - 14.0% 8 - 10 $0 - $0 $0 Sorghum N. America 11.0% - 14.0% 8 - 10 $9 - $14 $12 Alfalfa N. America 11.0% - 14.0% 8 - 10 $3 - $8 $3 Sunflower N. America 11.0% - 14.0% 8 - 10 ($4)- ($4) ($4) Argentina 11.0% - 14.0% 8 - 10 $15 - $22 $18 All N. America 11.0% - 14.0% 8 - 10 $101 - $221 $161 Argentina 11.0% - 14.0% 8 - 10 $54 - $81 $68 Brazil 11.0% - 14.0% 8 - 10 $112 - $178 $145 TOTAL CONVENTIONAL SEED $374 EARLY/INPUT TRAITS Corn N. America 11.0% - 14.0% 5.0% - 6.5% $63 - $150 $106 Argentina 11.0% - 14.0% 5.0% - 6.5% $1 - $6 $4 Brazil 11.0% - 14.0% 5.0% - 6.5% $22 - $56 $39 Soybeans N. America 11.0% - 14.0% 5.0% - 6.5% $72 - $154 $113 Brazil 11.0% - 14.0% 5.0% - 6.5% ($0)- $1 $0 Sunflower N. America 11.0% - 14.0% 5.0% - 6.5% ($2)- $0 ($1) Argentina 11.0% - 14.0% 5.0% - 6.5% ($0)- $4 $2 All N. America 11.0% - 14.0% 5.0% - 6.5% $134 - $305 $219 Argentina 11.0% - 14.0% 5.0% - 6.5% $1 - $10 $6 Brazil 11.0% - 14.0% 5.0% - 6.5% $22 - $57 $40 TOTAL EARLY TRAITS $264 OUTPUT TRAITS Corn N. America 11.0% - 14.0% 5.0% - 6.5% $6 - $23 $14 Argentina 11.0% - 14.0% 5.0% - 6.5% ($1)- ($0) ($1) Brazil 11.0% - 14.0% 5.0% - 6.5% $2 - $9 $5 Soybean N. America 11.0% - 14.0% 5.0% - 6.5% $110 - $276 $193 Brazil 11.0% - 14.0% 5.0% - 6.5% $6 - $16 $11 Sunflower N. America 11.0% - 14.0% 5.0% - 6.5% $3 - $7 $5 Argentina 11.0% - 14.0% 5.0% - 6.5% $18 - $18 $13 All N. America 11.0% - 14.0% 5.0% - 6.5% $120 - $306 $213 Argentina 11.0% - 14.0% 5.0% - 6.5% $6 - $18 $12 Brazil 11.0% - 14.0% 5.0% - 6.5% $10 - $27 $18 TOTAL OUTPUT TRAITS $243 DISEASE RESISTANCE N. America 11.0% - 14.0% 8.0% - 10.0% ($2)- $11 $4 $4 Argentina 11.0% - 14.0% 8.0% - 10.0% $1 - $10 $6 $6 Brazil 11.0% - 14.0% 8.0% - 10.0% $2 - ($1) ($1) ($1) TOTAL DISEASE RESISTANCE $9 JV/ROYALTIES VMO Conventional Seed 11.0% - 14.0% 6 - 12 $7 - $13 $10 Early /Input Traits 11.0% - 14.0% 5.0% - 6.5% ($1)- ($1) ($1) Output Traits 11.0% - 14.0% 5.0% - 6.5% $2 - $4 $3 Disease Res. 11.0% - 14.0% 8.0% - 10.0% $0 - $4 $2 TOTAL VMO $8 $21 $14 $14 JG Boswell Cotton 11.0% - 14.0% 6 - 12 $51 - $93 $72 $72 $72 Humko Oilseed N. America 11.0% - 14.0% 8 - 10 $0 - $0 $0 $0 Argentina 11.0% - 14.0% 8 - 10 $2 - $3 $2 $2 TOTAL OILSEED $0 - $0 $3 DAS Canada Canola 10.0% - 14.0% 4 - 10 $19 - $40 $29 $29 $29 Bt Royalties 10.0% - 14.0% $43 - $48 $46 $46 $46 Other Partner Royalties 11.0% - 14.0% 5.0% - 6.5% $10 - $22 $16 $16 $16 Other STS / Crops 11.0% - 14.0% 5.0% - 6.5% $137 - $334 $236 $236 $236 Disease Resistance - All Other Crops 11.0% - 14.0% 5.0% - 6.5% $86 - $176 $131 $131 $131 - Rice (Japan Tobacco) 11.0% - 14.0% 5.0% - 6.5% $3 - $14 $8 $8 $8 MISCELLANEOUS NOL-Current (est) $50 - $70 $60 $60 NOL-Projected (est) $24 - $24 $24 $24 Monsanto Settlement $103 - $103 $103 $103 $33 - $66 $50 $50 35% in Verneuil (est.) $87 - $101 $94 $94 Bt FTO (25% probability) 11.0% - 14.0% ($75) ($75) ($75) ($75) ($75) Net Debt $331 ------- ------- ------- ------- ------ $1,136 $2,067 $1,716 $1,731 $1,731 TOTAL SHARES OUTSTAND. (MM) 36.26 OPTIONS OUTSTAND. (MM) 3.59 FINAL OUTSTANDING (TREASURY METHOD, MM) 38.39 39.03 38.87 38.88 VALUE/SHARE $29.59 $52.96 $44.15 $44.52
Note: Initial value excludes contribution from revenue synergies, cost savings and other economies of scale from consolidation with DAS. Value per share calculated based on outstanding common shares, includes 3.593 million outstanding options with an average exercise price of $12.03. WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN VALUATION: PROBABILITY-WEIGHTED METHOD DCF ANALYSIS - -------------------------------------------------------------------------------- VALUATION OF BUSINESSES (AVERAGE OF PROJECTED RANGE) Pie Chart of Conventional Seed Contribution to Value North America 43.0% Brazil 38.8% Argentina 18.2%
Pie Chart of Early Traits Contribution to Value North America 82.6% Brazil [ ]% Argentina [ ]%
Pie Chart of Output Traits Contribution to Value North America 87.7% Brazil [ ]% Argentina [ ]%
BAR CHART Conventional Seed Corn $ 331 Soybean (1) Sunflower 14 Other 30 ------ Total $ 374 Early Traits Corn $ 149 Soybean 113 Sunflower 2 ------ Total $ 264 Output Traits Corn $ 19 Soybean 205 Sunflower 19 ------ Total $ 243 Disease Resistance (All Crops) New $ 123 Current 9 ------ Total $ 132 Other Businesses Biopest. $ 4 Soil Serv. 34 ------ Total $ 38 Current JV Humko $ 3 Boswell 72 VMO 14 ------ Total $ 89 DAS Collaboration Rice/Japan Tobacco $ 8 Canola/ DAS Canola 29 ------ Total $ 37 Royalties Other Partners $ 16 Pioneer Bt 46 ------ Total $ 62 New Pest-Resistant Crops Total $ 236 Operating Value Total $1,475 NOL Projected $ 24 Current 60 ------ Total $ 84 Monsanto Settlement Total $ 103 35% Stake in Verneuil Total $ 50 Bt FTO Fees Total $ 94 Net Debt Total $ (75) Total Value Total $1,731 Miscellaneous Items $ 256 VALUATION/SHARE $44.52
WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN VALUATION: PROBABILITY-WEIGHTED METHOD DCF ANALYSIS - ------------------------------------------------------------------------------ IMPLIED RANGE OF MYCOGEN VALUATION Bar Chart of Implied Range of Mycogen Valuation Valuation/Share $28.44 $48.50 Total ------------------------------ Valuation Range Based on Projections $1,136 $931 $2,067 Stake in Verneuil* ($33) -- ($33) Disease Resistance* ($90) -- ($90) Bt FTO* -- ($51) ($51) Resulting Valuation Range $1,092 $801 $1,893
*Discounted Upside for Higher Risk Opportunities WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION - ------------------------------------------------------------------------------ ------------------------------- VALUATION: COMPARABLE COMPANY TRADING ANALYSIS ------------------------------- WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION VALUATION: COMPARABLE COMPANY TRADING ANALYSIS - -------------------------------------------------------------------------------- SELECTED SEED COMPARABLE COMPANIES ANALYSIS TRADING STATISTICS - ------------------
ADJUSTED MARKET VALUE/ CURRENT EQUITY ADJUSTED PRICE/EARNINGS EST. 3-5 98E P/E/ ------------------------------------ PRICE MARKET MARKET -------------- YR. EPS 3-5 YEAR PRICE/ 1997 LTM 1998E 1999E 1997 COMPANY 7/16/98 VALUE VALUE 1997 1998E GTH. EPS GTH.(1) BOOK SALES SALES SALES SALES EBITDA - ---------- ------- -------- -------- -------------- -------- ----------- ------ ------ ----- ----- ----- ------ (IN $) (IN $ MM) (IN $ MM) (X) (X) (%) (X) (X) (X) (X) (X) (X) (X) Mycogen (2) 24.75 950.1 963.8 NM NM 22.5 NM 4.5 4.57 4.42 4.11 3.89 NM Pioneer Hi-Bred 35.06 8,470.4 8,272.4 35.6 30.6 15.0 2.04 6.1 4.64 4.50 4.27 3.99 18.3 Dekalb Genetics 94.69 3,419.3 3,659.3 117.6 121.4 25.0 4.86 15.1 8.11 7.18 7.67 6.90 59.9 Delta & Pine Land 46.31 1,831.1 1,898.3 93.8 72.4 30.0 2.41 18.4 10.36 9.37 7.16 5.35 51.1 Agribiotech (3) 23.13 779.9 778.5 NM 96.4 40.0 2.41 9.7 2.81 2.81 3.05 1.52 67.9 --------------------------------------------------------------------------------------------- Mean 82.3 80.2 27.5 2.93 12.3 6.48 5.96 5.54 4.44 49.3 Median 93.8 84.4 27.5 2.41 12.4 6.37 5.84 5.71 4.67 55.5 High 117.6 121.4 40.0 4.86 18.4 10.36 9.37 7.67 6.90 67.9 Low 35.6 30.6 15.0 2.04 6.1 2.81 2.81 3.05 1.52 18.3 --------------------------------------------------------------------------------------------- ADJUSTED MARKET VALUE/ ------------------------------------------------------- NET DEBT/ LTM 1998E 1999E 1997 LTM 1998E 1999E MARKET EBITDA EBITDA EBITDA EBIT EBIT EBIT EBIT CAP. ------ ------ ------ ----- ----- ------- ------ --------- (X) (X) (X) (X) (X) (X) (X) (%) Mycogen (2) NM 86.1 96.4 NM NM NM NM 1.4 Pioneer Hi-Bred 17.9 15.9 13.6 22.8 22.2 19.1 15.9 (2.4) Dekalb Genetics 74.8 59.0 46.9 77.4 NM 77.9 61.0 7.0 Delta & Pine Land 57.8 33.4 22.5 59.1 71.7 37.4 24.2 3.6 Agribiotech (3) 67.9 68.2 26.4 NM NM 90.2 29.9 (0.2) ---------------------------------------------------------------------------- Mean 54.6 44.1 27.4 53.1 47.0 56.1 32.8 2.0 Median 62.8 46.2 24.5 59.1 47.0 57.6 27.0 1.7 High 74.8 68.2 46.9 77.4 71.7 90.2 61.0 7.0 Low 17.9 15.9 13.6 22.8 22.2 19.1 15.9 (2.4) ----------------------------------------------------------------------------
OPERATING STATISTICS - --------------------
TOTAL REVENUES --------------------------- EBITDA MARGIN EBIT MARGIN LTM 97/96 % 98E/97 % --------------------------- --------------------------- COMPANY AMOUNT GROWTH GROWTH 1997 LTM 1998E 1999E 1997 LTM 1998E 1999E - ---------- -------- ------- -------- ------ ----- ----- ----- ------ ----- ----- ----- (IN $ MM) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Mycogen (2) 218 35.6 11.2 3.4 1.2 4.8 4.0 NM NM NM 0.0 Pioneer Hi-Bred 1,840 3.7 8.7 25.3 25.1 26.8 29.4 20.3 20.2 22.4 25.1 Dekalb Genetics 510 16.5 5.7 13.5 9.6 13.0 14.7 10.5 6.5 9.9 11.3 Delta & Pine Land 203 19.6 44.8 20.3 16.2 21.4 23.8 17.5 13.1 19.1 22.1 Agribiotech (3) 277 NA (8.1) 4.1 4.1 4.5 5.8 2.1 2.1 3.4 5.1 ------------------------------------------------------------------------------------- Mean 13.2 12.8 15.8 13.7 16.4 18.4 12.6 10.5 13.7 15.9 Median 16.5 7.2 16.9 12.9 17.2 19.2 14.0 9.8 14.5 16.7 High 19.6 44.8 25.3 25.1 26.8 29.4 20.3 20.2 22.4 25.1 Low 3.7 (8.1) 4.1 4.1 4.5 5.8 2.1 2.1 3.4 5.1 ------------------------------------------------------------------------------------- NET INCOME MARGIN R&D / TOTAL REVENUES --------------------------- ----------------------- 1997 LTM 1998E 1999E 1997 1998E 1999E ------ ----- ----- ----- ------ ------ ------- (%) (%) (%) (%) (%) (%) (%) Mycogen (2) NM NM NM NM 11.4 NA NA Pioneer Hi-Bred 13.6 14.6 15.0 16.9 8.2 7.7 7.8 Dekalb Genetics 6.4 4.3 6.1 7.1 12.7 12.6 15.1 Delta & Pine Land 10.7 6.9 10.1 11.8 7.4 6.1 4.7 Agribiotech (3) NM NM 1.9 2.3 NA NA NA --------------------------------------------------------------- Mean 10.2 8.6 8.3 9.5 9.4 8.8 9.2 Median 10.7 6.9 8.1 9.4 8.2 7.7 7.8 High 13.6 14.6 15.0 16.9 12.7 12.6 15.1 Low 6.4 4.3 1.9 2.3 7.4 6.1 4.7 ---------------------------------------------------------------
- -------------------------- 1997 data refers to FYE 8/31/97, etc. All means and medians exclude Mycogen. Currency are converted at current exchange rates. EPS projections are based on I/B/E/S consensus; other projections are based on selected brokers' research. When not available, depreciation and amortization are estimated as a percentage of sales based on the latest released data. When not available, LTM data is based on selected brokers' research. 1) Represents ratio of the 1998E P/E ratio to the estimated 3-5 year earnings growth rate. 2) LTM operating data are based on press release for LTM ended 5/31/98. Balance sheet data are based on 2/28/98 balance sheet. 3) Agribiotech fiscal year end 6/30. LTM data represents financials for 1997 fiscal year end pro forma for acquisitions. EBITDA estimated per analyst projections of D&A margins. WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: COMPARABLE COMPANY TRADING ANALYSIS - -------------------------------------------------------------------------------- SELECTED AG-BIOTECHNOLOGY COMPARABLE COMPANIES ANALYSIS TRADING STATISTICS - ------------------
ADJUSTED MARKET VALUE/ CURRENT EQUITY ADJUSTED PRICE/EARNINGS EST. 3-5 98E P/E/ ------------------------------------ PRICE MARKET MARKET -------------- YR. EPS 3-5 YEAR PRICE/ 1997 LTM 1998E 1999E 1997 COMPANY 7/16/98 VALUE VALUE 1997 1998E GTH. EPS GTH.(1) BOOK SALES SALES SALES SALES EBITDA - ---------- ------- -------- -------- -------------- -------- ----------- ------ ------ ----- ----- ----- ------ (IN $) (IN $ MM) (IN $ MM) (X) (X) (%) (X) (X) (X) (X) (X) (X) (X) Mycogen (2) 24.75 950.1 963.8 NM NM 22.5 NM 4.5 4.57 4.42 4.11 3.89 NM DNAP Holding 4.38 76.9 126.4 35.6 NA NA NM 2.8 0.45 0.46 NA NA NM Ecogen (3) 2.06 16.5 18.0 NM NM NA NM 3.2 1.54 1.09 NA NA NM --------------------------------------------------------------------------------------------- Mean 35.6 NA NA NA 3.0 0.99 0.77 NA NA NA Median 35.6 NA NA NA 3.0 0.99 0.77 NA NA NA High 35.6 NA NA NA 3.2 1.54 1.09 NA NA NA Low 35.6 NA NA NA 2.8 0.45 0.46 NA NA NA --------------------------------------------------------------------------------------------- ADJUSTED MARKET VALUE/ ------------------------------------------------------- NET DEBT/ LTM 1998E 1999E 1997 LTM 1998E 1999E MARKET EBITDA EBITDA EBITDA EBIT EBIT EBIT EBIT CAP. ------ ------ ------ ----- ----- ------- ------ --------- (X) (X) (X) (X) (X) (X) (X) (%) Mycogen (2) NM 86.1 96.4 NM NM NM NM 1.4 DNAP Holding NM NA NA NM NM NA NA 63.1 Ecogen (3) NM NM NM NM NM NM NM 9.0 ---------------------------------------------------------------------------- Mean NA NA NA NA NA NA NA 36.1 Median NA NA NA NA NA NA NA 36.1 High NA NA NA NA NA NA NA 63.1 Low NA NA NA NA NA NA NA 9.0 ----------------------------------------------------------------------------
OPERATING STATISTICS - --------------------
TOTAL REVENUES --------------------------- EBITDA MARGIN EBIT MARGIN LTM 97/96 % 98E/97 % --------------------------- --------------------------- COMPANY AMOUNT GROWTH GROWTH 1997 LTM 1998E 1999E 1997 LTM 1998E 1999E - ---------- -------- ------- -------- ------ ----- ----- ----- ------ ----- ----- ----- (IN $ MM) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Mycogen (2) 218 35.6 11.2 3.4 1.2 4.8 4.0 NM NM NM 0.0 DNAP Holding 275 45.7 NA NM NM NA NA NM NM NA NA Ecogen (3) 17 9.5 NA NM NM NA NA NM NM NA NA ------------------------------------------------------------------------------------- Mean 27.6 NA NA NA NA NA NA NA NA NA Median 27.6 NA NA NA NA NA NA NA NA NA High 45.7 NA NA NA NA NA NA NA NA NA Low 9.5 NA NA NA NA NA NA NA NA NA ------------------------------------------------------------------------------------- NET INCOME MARGIN R&D / TOTAL REVENUES --------------------------- ----------------------- 1997 LTM 1998E 1999E 1997 1998E 1999E ------ ----- ----- ----- ------ ------ ------- (%) (%) (%) (%) (%) (%) (%) Mycogen (2) NM NM NM NM 11.4 NA NA DNAP Holding NM NM NA NA 2.8 NA NA Ecogen (3) NM NM NA NA 32.6 NA NA --------------------------------------------------------------- Mean NA NA NA NA 17.7 NA NA Median NA NA NA NA 17.7 NA NA High NA NA NA NA 32.6 NA NA Low NA NA NA NA 2.8 NA NA ---------------------------------------------------------------
- -------------------------- 1997 data refers to FYE 8/31/97, etc. All means and medians exclude Mycogen. Currency are converted at current exchange rates. EPS projections are based on I/B/E/S consensus; other projections are based on selected brokers' research. When not available, depreciation and amortization are estimated as a percentage of sales based on the latest released data. When not available, LTM data is based on selected brokers' research. 1) Represents ratio of the 1998E P/E ratio in the estimated 3-5 year earnings growth rate. 2) LTM operating data are based on press release for LTM ended 5/31/98. Balance sheet data are based on 2/28/98 balance sheet. 3) Ecogen fiscal year end 10/31. WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: COMPARABLE COMPANY TRADING ANALYSIS - -------------------------------------------------------------------------------- SELECTED SEED COMPARABLE COMPANIES ANALYSIS FOR FISCAL YEAR 1994-1997
EBITDA Margin EBIT Margin ----------------------------------- ----------------------------------- 1994 1995 1996 1997 1994 1995 1996 1997 ---- ---- ---- ---- ---- ---- ---- ---- Mycogen (5.3%) (5.8%) (8.7%) 3.4% (11.0%) (13.7%) (14.5%) (1.3%) Pioneer Hi-Bred 25.4% 23.1% 24.6% 25.3 20.4% 18.3% 20.2% 20.3% Dekalb Genetics 10.2% 11.1% 11.4% 13.5% 6.6% 7.6% 8.5% 10.5% Delta & Pine Land 19.3% 22.5% 20.4% 20.3% 16.1% 19.4% 17.7% 17.5% Agribiotech(1) NM (27.0%) (9.0%) (0.7%) NM (29.9%) (11.2%) (2.4%) -------------------------------------------------------------------------------------- MEAN 18.3% 7.4% 11.8% 14.6% 14.4% 3.8% 8.8% 11.5% MEDIAN 19.3% 16.8% 15.9% 16.9% 16.1% 12.9% 13.1% 14.0% -------------------------------------------------------------------------------------- Net Income Margin R&D/Total Revenues ----------------------------------- ----------------------------------- 1994 1995 1996 1997 1994 1995 1996 1997 ---- ---- ---- ---- ---- ---- ---- ---- Mycogen (8.8%) (14.1%) (19.6%) (8.5%) 16.1% 18.7% 15.2% 11.4% Pioneer Hi-bred 12.4% 11.9% 13.0% 13.6% 7.7% 8.5% 7.9% 8.2% Dekalb Genetics 3.5% 3.0% 4.4% 6.4% 13.8% 13.3% 12.3% 12.7% Delta & Pine Land 9.7% 11.1% 10.5% 10.7% 6.8% 6.7% 6.4% 7.4% Agribiotech(1) NM (29.6%) (12.8%) (4.1%) NM 1.2% 0.2% 1.8% -------------------------------------------------------------------------------------- MEAN 8.6% (0.9%) 3.8% 6.7% 9.4% 7.4% 6.7% 7.5% MEDIAN 9.7% 7.0% 7.4% 8.6% 7.7% 7.6% 7.8% 7.8% -------------------------------------------------------------------------------------- Selling/Total Revenues G&A Margin ----------------------------------- ----------------------------------- 1994 1995 1996 1997 1994 1995 1996 1997 ---- ---- ---- ---- ---- ---- ---- ---- Mycogen 22.4% 20.8% 24.3% 19.8% 14.9% 11.7% 12.7% 8.5% Pioneer Hi-Bred 22.7% 23.1% 22.2% 21.0% 8.3% 8.2% 7.5% 7.3% Dekalb Genetics 19.3% 20.2% 18.8% 18.2% 5.7% 8.1% 8.3% 7.6% Delta & Pine Land 7.2% 7.7% 6.2% 6.0% 10.1% 9.7% 6.1% 5.5% Agribiotech(1) NA NA NA NA NA NA NA NA -------------------------------------------------------------------------------------- MEAN 16.4% 17.0% 15.7% 15.1% 8.0% 8.7% 7.3% 6.8% MEDIAN 19.3% 20.2% 18.8% 18.2% 8.3% 8.2% 7.5% 7.3% -------------------------------------------------------------------------------------- Days Receivable Days of Inventory ----------------------------------- ----------------------------------- 1994 1995 1996 1997 1994 1995 1996 1997 ---- ---- ---- ---- ---- ---- ---- ---- Mycogen 86 89 70 70 182 181 143 162 Pioneer Hi-Bred 39 38 44 52 213 239 189 205 Dekalb Genetics(2)(3) 53 65 48 42 218 235 177 217 Delta & Pine Land 11 19 157 187 144 130 153 133 Agribiotech(1) NM 54 104 95 NM 145 136 170 -------------------------------------------------------------------------------------- MEAN 34 44 88 94 192 187 164 181 MEDIAN 39 46 76 74 213 190 165 188 -------------------------------------------------------------------------------------- Days Payable Net Debt/Book Equity ----------------------------------- ----------------------------------- 1994 1995 1996 1997 1994 1995 1996 1997 ---- ---- ---- ---- ---- ---- ---- ---- Mycogen 22 36 33 60 (30.2%) (13.5%) (36.7%) 19.5% Pioneer Hi-Bred 48 33 44 40 (6.1%) 4.9% (4.8%) 1.7% Dekalb Genetics(2)(3) 14 15 24 24 102.1% 98.8% 36.6% 60.8% Delta & Pine Land 28 40 55 59 31.8% 11.0% 48.3% 39.9% Agribiotech NM 56 82 77 (45.4%) (9.3%) 29.9% 56.4% -------------------------------------------------------------------------------------- MEAN 30 36 51 50 20.6% 26.4% 27.5% 39.7% MEDIAN 28 36 50 49 12.8% 8.0% 33.2% 48.2% --------------------------------------------------------------------------------------
- ----------------------- NOTE: DAYS CALCULATION ASSUMES 360-DAY A YEAR AND ALL MEANS AND MEDIANS EXCLUDE MYCOGEN DATA (1) Agribiotech changed its fiscal year end in 1995. 1995 data are based on nine-month period ended 6/30/95. 1997 data are not pro forma of acquisition because no pro forma balance sheet number available for ratio calculations (2) Data not available to separate trade receivables from note receivables (3) Accounts Payable includes only trade accounts payable WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: COMPARABLE COMPANY TRADING ANALYSIS - -------------------------------------------------------------------------------- SELECTED AG-BIOTECHNOLOGY COMPARABLE COMPANIES ANALYSIS FOR FISCAL YEAR 1994-1997
EBITDA Margin EBIT Margin ----------------------------------- ----------------------------------- 1994 1995 1996 1997 1994 1995 1996 1997 ---- ---- ---- ---- ---- ---- ---- ---- Mycogen (5.3%) (5.8%) (8.7%) 3.4% (11.0%) (13.7%) (14.5%) (1.3%) DNAP Holding(1) (12.9%) 4.0% (5.9%) (4.3%) (18.0%) 2.3% (7.6%) (6.6%) Ecogen(1)(2) (174.2%) (114.4%) (19.4%) (59.0%) (179.1%) (119.8%) (22.0%) (70.6%) -------------------------------------------------------------------------------------- MEAN (93.6%) (55.2%) (12.7%) (31.7%) (98.6%) (58.7%) (14.8%) (38.6%) MEDIAN (93.6%) (55.2%) (12.7%) (31.7%) (98.6%) (58.7%) (14.8%) (38.6%) -------------------------------------------------------------------------------------- Net Income Margin R&D/Total Revenues ----------------------------------- ----------------------------------- 1994 1995 1996 1997 1994 1995 1996 1997 ---- ---- ---- ---- ---- ---- ---- ---- Mycogen (8.8%) (14.1%) (19.6%) (8.5%) 16.1% 18.7% 15.2% 11.4% DNAP Holding(1) (10.6%) (1.9%) (8.8%) (7.2%) 0.0% 0.0% 7.3% 2.8% Ecogen(1)(2) (171.5%) (148.7%) (17.5%) (75.1%) 37.6% 63.6% 25.1% 32.6% -------------------------------------------------------------------------------------- MEAN (91.0%) (75.3%) (13.1%) (41.2%) 18.8% 31.8% 16.2% 17.7% MEDIAN (91.0%) (75.3%) (13.1%) (41.2%) 18.8% 31.8% 16.2% 17.7% -------------------------------------------------------------------------------------- Days Receivable Days of Inventory ----------------------------------- ----------------------------------- 1994 1995 1996 1997 1994 1995 1996 1997 ---- ---- ---- ---- ---- ---- ---- ---- Mycogen 86 89 70 70 182 181 143 162 DNAP Holding(2) NA 45 51 38 NA 30 41 24 Ecogen 46 23 41 54 403 415 433 478 -------------------------------------------------------------------------------------- MEAN 46 34 46 46 403 222 237 251 MEDIAN 46 34 46 46 403 222 237 251 -------------------------------------------------------------------------------------- Days Payable Net Debt/Book Equity ----------------------------------- ----------------------------------- 1994 1995 1996 1997 1994 1995 1996 1997 ---- ---- ---- ---- ---- ---- ---- ---- Mycogen 22 36 33 60 (30.2%) (13.5%) (36.7%) 19.5% DNAP Holding(2) NA 34 39 22 NA 276.8% 67.6% 191.9% Ecogen 98 179 221 227 (91.5%) (21.0%) (57.7%) 31.7% -------------------------------------------------------------------------------------- MEAN 98 107 130 125 (91.5%) 127.9% 4.9% 111.8% MEDIAN 98 107 130 125 (91.5%) 127.9% 4.9% 111.8% --------------------------------------------------------------------------------------
- ----------------------- NOTE: DAYS CALCULATION ASSUMES 360-DAY A YEAR AND ALL MEANS AND MEDIANS EXCLUDE MYCOGEN DATA (1) R&D expenses includes both self-funded expenses and purchased R&D expenses (2) Ecogen changed its fiscal year end in 1994. 1994 data are based on ten-month period ended 10/31/94 (3) Data not available to separate accounts payable from accrued expenses for 1995 WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: COMPARABLE COMPANY TRADING ANALYSIS - -------------------------------------------------------------------------------- SELECTED COMPARABLE COMPANIES QUARTERLY ANALYSIS FOR LTM
EBITDA MARGIN EBIT MARGIN ------------------------------------ ------------------------------------ 1-QTR 2-QTR 3-QTR 4-QTR 1-QTR 2-QTR 3-QTR 4-QTR ----- ----- ----- ----- ----- ----- ----- ----- Mycogen (1) (6.2%) (39.4%) 10.3% NA (16.4%) (51.2%) 6.2% 10.6% Pioneer Hi-Bred (35.2%) (84.8%) 9.3% 41.8% (52.8%) (112.7%) 2.3% 40.2% Dekalb Genetics (19.4%) 14.8% 14.6% 5.0% (53.0%) 9.1% 12.3% 3.1% Delta & Pine Land NM (98.9%) 23.2% 22.9% NM (132.8%) 21.1% 21.6% Agribiotech (2) (2.3% ) 4.2% (3.6%) 6.6% (3.8%) 2.6% (6.5%) 4.6% ------------------------------------------------------------------------------------------------- MEAN (19.0%) (41.2%) 10.9% (19.0%) (36.5%) (58.4%) 7.3% (36.5%) MEDIAN (19.4%) (40.3%) 12.0% (19.4%) (52.8%) (55.0%) 7.3% (52.8%) ------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------- NET INCOME MARGIN R&D/TOTAL REVENUES ------------------------------------ ------------------------------------ 1-QTR 2-QTR 3-QTR 4-QTR 1-QTR 2-QTR 3-QTR 4-QTR ----- ----- ----- ----- ----- ----- ----- ----- Mycogen (1) (48.4%) (58.4%) (4.5%) 3.4% 22.3% 26.6% 9.6% NA Pioneer Hi-Bred (29.6%) (69.6%) (0.3%) 27.8% 30.3% 43.0% 12.6% 3.3% Dekalb Genetics (20.1%) 4.3% 9.0% 1.3% 23.1% 10.2% 14.4% 16.2% Delta & Pine Land NM (87.4%) 12.6% 12.2% NM 68.0% 5.1% 3.8% Agribiotech (2) (6.2%) 1.9% (6.1%) 6.5% 2.0% 1.1% 2.0% 0.7% ------------------------------------------------------------------------------------------------- MEAN (88.6%) (37.7%) 3.8% (18.6%) 26.7% 30.6% 8.5% 18.5% MEDIAN (20.1%) (33.8%) 4.3% (20.1%) 23.1% 26.6% 8.9% 23.1% ------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------
DAYS RECEIVABLE DAYS OF INVENTORY ------------------------------------ ------------------------------------ 1-QTR 2-QTR 3-QTR 4-QTR 1-QTR 2-QTR 3-QTR 4-QTR ----- ----- ----- ----- ----- ----- ----- ----- Mycogen (1)(3)(4) 109 136 61 NA 257 633 178 NA Pioneer Hi-Bred (3) 162 270 101 38 558 1,433 490 72 Dekalb Genetics (3)(5) 357 63 31 72 1,361 819 193 103 Delta & Pine Land NM 185 96 131 NM 1,882 138 62 Agribiotech (2) 64 62 55 61 113 67 165 104 ------------------------------------------------------------------------------------------------------ MEAN 194 145 71 194 677 1,050 246 677 MEDIAN 162 124 76 162 558 1,126 179 558 ------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------ DAYS PAYABLE NET DEBT/BOOK EQUITY ------------------------------------ ------------------------------------ 1-QTR 2-QTR 3-QTR 4-QTR 1-QTR 2-QTR 3-QTR 4-QTR ----- ----- ----- ----- ----- ----- ----- ----- Mycogen (1)(3)(4) 95 255 50 NA 19.5% 43.9% 6.7% NA Pioneer Hi-Bred (3) 108 600 107 23 1.7% 3.1% (42.1%) (14.8%) Dekalb Genetics (3)(5) 153 299 51 7 60.8% 83.2% 49.3% 106.2% Delta & Pine Land NM 898 36 12 39.9% 63.8% 94.6% 65.4% Agribiotech (2) 52 53 70 41 56.4% 31.0% (1.7%) 37.0% ------------------------------------------------------------------------------------------------------ MEAN 104 463 66 104 39.7% 45.3% 25.0% 39.7% MEDIAN 108 449 61 108 48.2% 47.4% 23.8% 48.2% ------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------
- ------------------ NOTE: DAYS CALCULATION ASSUMES 360-DAY A YEAR AND ALL MEANS AND MEDIANS EXCLUDE MYCOGEN DATA (1) Mycogen 10-Q for quarter ended 5/28/98 is still unavailable and all information for the quarter based on the press release (2) Agribiotech data are not pro forma of acquisition (3) Data not available to separate notes receivable from accounts receivable for quarterly data (4) 2nd quarter net debts include $14.25 million unsecured note payable to bank that was specified in the 10-K (5) Accounts Payable includes only trade accounts payable WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: COMPARABLE COMPANY TRADING ANALYSIS - -------------------------------------------------------------------------------- SELECTED COMPARABLE COMPANIES QUARTERLY ANALYSIS FOR FISCAL YEAR 1997
EBITDA MARGIN EBIT MARGIN ------------------------------------ ------------------------------------ 1-QTR 2-QTR 3-QTR 4-QTR 1-QTR 2-QTR 3-QTR 4-QTR ----- ----- ----- ----- ----- ----- ----- ----- Mycogen (44.7%) 8.3% 13.5% (6.2%) (55.4%) 5.5% 10.6% (16.4%) Pioneer Hi-Bred (57.8%) 6.1% 41.8% (35.2%) (78.9%) (2.3%) 40.0% (52.8%) Dekalb Genetics 11.0% 16.1% 14.2% (19.4%) 6.4% 14.5% 12.5% (53.0%) Delta & Pine Land (82.8%) 25.2% 29.5% NM (101.6%) 23.3% 28.4% NM Agribiotech (1) (14.0%) (4.1%) 8.6% (2.3%) (16.4%) (6.1%) 7.0% (3.8%) ------------------------------------------------------------------------------------------------- MEAN (35.9%) 10.8% 23.5% (19.0%) (47.6%) 7.4% 22.0% (36.5%) MEDIAN (35.9%) 11.1% 21.8% (19.4%) (47.7%) 6.1% 20.4% (52.8%) ------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------- NET INCOME MARGIN R&D/TOTAL REVENUES ------------------------------------ ------------------------------------ 1-QTR 2-QTR 3-QTR 4-QTR 1-QTR 2-QTR 3-QTR 4-QTR ----- ----- ----- ----- ----- ----- ----- ----- Mycogen (54.7%) 3.7% 6.8% (48.4%) 26.3% 7.8% 6.9% 22.3% Pioneer Hi-Bred (50.0%) (0.8%) 25.8% (29.6%) 33.3% 12.5% 3.1% 30.3% Dekalb Genetics 3.1% 8.5% 7.3% (20.1%) 8.9% 13.2% 12.8% 23.1% Delta & Pine Land (65.5%) 14.1% 17.9% NM 41.0% 5.2% 3.3% NM Agribiotech (1) (16.9%) (8.9%) 6.4% (6.2%) 1.2% 2.1% 1.4% 2.0% ------------------------------------------------------------------------------------------------- MEAN (32.3%) 3.2% 14.3% (18.6%) 21.1% 8.3% 5.2% 18.5% MEDIAN (33.5%) 3.9% 12.6% (20.1%) 21.1% 8.8% 3.2% 23.1% ------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------
DAYS RECEIVABLE DAYS OF INVENTORY ------------------------------------ ------------------------------------ 1-QTR 2-QTR 3-QTR 4-QTR 1-QTR 2-QTR 3-QTR 4-QTR ----- ----- ----- ----- ----- ----- ----- ----- Mycogen (2)(3) 129 61 85 109 761 145 89 257 Pioneer Hi-Bred (2) 178 79 34 162 1,490 515 68 558 Dekalb Genetics (2)(4) 69 33 79 357 526 147 97 1,361 Delta & Pine Land 92 99 99 NM 1,067 144 50 NM Agribiotech (1) 97 61 81 64 289 189 122 113 ------------------------------------------------------------------------------------------------------ MEAN 109 68 73 194 843 249 84 677 MEDIAN 94 70 80 162 796 168 83 558 ------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------ DAYS PAYABLE NET DEBT/BOOK EQUITY ------------------------------------ ------------------------------------ 1-QTR 2-QTR 3-QTR 4-QTR 1-QTR 2-QTR 3-QTR 4-QTR ----- ----- ----- ----- ----- ----- ----- ----- Mycogen (2)(3) 216 40 25 95 (3.4%) 8.4% 24.5% 19.5% Pioneer Hi-Bred (2) 718 147 29 108 19.3% (30.8%) (9.7%) 1.7% Dekalb Genetics (2)(4) 249 44 11 153 71.8% 35.7% 72.4% 60.8% Delta & Pine Land 314 38 12 NM 66.1% 103.1% 34.7% 39.9% Agribiotech (1) 104 92 64 52 (16.8%) 60.4% 64.3% 56.4% ------------------------------------------------------------------------------------------------------ MEAN 346 80 29 104 35.1% 42.1% 40.4% 39.7% MEDIAN 281 68 21 108 42.7% 48.0% 49.5% 48.2% ------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------------------------------------
- ------------------ NOTE: DAYS CALCULATION ASSUMES 360-DAY A YEAR AND ALL MEANS AND MEDIANS EXCLUDE MYCOGEN DATA (1) Agribiotech data are not pro forma of acquisition (2) Data not available to separate notes receivable from accounts receivable for quarterly data (3) 2nd and 3rd quarter net debts include $14.25 million unsecured note payable to bank that was specified in the 10-K (4) Accounts Payable includes only trade accounts payable WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN CORPORATION - -------------------------------------------------------------------------------- VALUATION: COMPARABLE ACQUISITION ANALYSIS WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: COMPARABLE ACQUISITION ANALYSIS - ------------------------------------------------------------------------------ SELECTED COMPARABLE ACQUISITION/VALUATION MULTIPLES
Adjusted Purchase Price/ ------------------------ Implied Value Adjusted LTM LTM LTM Target Acquirer Close Date of Equity Purchase Price Sales EBITDA EBIT - ------ -------- ---------- -------------- -------------- ------ ------ ---- SEEDS COMPANIES Delta & Pine Land Monsanto Pending $1,832.5 $1,906.7 9.87 x 69.8 x 89.6 x Sunseeds AgrEvo 10/6/97 NA NA 2.20 x 13.1 x 18.0 x Pioneer Hi-Bred (16.6% stake) DuPont 9/18/97 $1,700.0 $1,700.0 4.60 x 18.4 x 22.6 x Holden's Foundation Seeds Monsanto 9/4/97 NA $975.0(1) 21.67 x NA x NA x Asgrow Corn & Seed Monsanto 2/4/97 NA $240.0 1.41 x NA NA Morgan Seeds Mycogen Corp 10/1/96 $40.9 $40.9 1.10 x NA NA Agracetus (W.R. Grace) Monsanto 5/21/96 $150.0 $150.0 NA NA NA Sure Grow Delta & Pine Land 5/21/96 $70.0 $78.9 3.47 17.5 19.1 Jacobs Hertz Seed (Monsanto) Delta & Pine Land 2/5/96 NA NA NA NA NA Cargill - Cotton & Seed Delta & Pine Land 5/3/94 NA NA NA NA NA Implied Value of Equity/ ------------------------ Net Book Target Income Value - ------ ------ ----- SEEDS COMPANIES Delta & Pine Land NM x 25.1 x Sunseeds NA x NA x Pioneer Hi-Bred (16.6% stake) 33.9 x 8.9 x Holden's Foundation Seeds NA x NA x Asgrow Corn & Seed NA NA Morgan Seeds NA NA Agracetus (W.R. Grace) NA NA Sure Grow 29.9 3.2 Jacobs Hertz Seed (Monsanto) NA NA Cargill - Cotton & Seed NA NA
- ---------------------- (1) Final terms not disclosed; purchase price assumes maximum expected price. WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: COMPARABLE ACQUISITION ANALYSIS - -------------------------------------------------------------------------------- SELECTED COMPARABLE ACQUISITION / VALUATION MULTIPLES
Implied Value of Adjusted Purchase Price/ Equity/ ------------------------ ---------------- Implied Value Adjusted LTM LTM LTM Net Book Target Acquirer Close Date of Equity Purchase Price Sales EBITDA EBIT Income Value - ------------------------- ---------- ---------- ------------- -------------- ----- ------ ---- ------ ----- BIOTECH COMPANIES (MINORITY STAKES) Calgene (Minority Buy-In) Monsanto 5/22/97 $534.1(1) $567.3(1) 2.86 x NM x NM x NM x 6.3 x Mycogen DowElanco 12/4/96 $587.9(1) $556.7(1) 3.50 x NM x NM x NM x 3.4 x (1mm shares) Calgene Inc. Monsanto 11/13/96 $573.1(1) $620.5(1) 6.50 x NM x NM x NM x 6.1 x (6.25mm shares) Dekalb Genetics Corp. Monsanto 3/8/96 $417.3(1) $533.4(1) 1.70 x 15.9 x 23.4 x 33.4 x 3.1 x (10% of voting shrs and 8% of non- voting shrs) Mycogen Pioneer Hi- 9/18/95 $257.3(1) $196.9(1) 1.70 x NM x NM x NM x 2.3 x (3 mm shares) Bred
- ----------------------- (1) Calculated by translating the price that acquiror paid for part of the target into price for the entire company WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: COMPARABLE ACQUISITION ANALYSIS - -------------------------------------------------------------------------------- SELECTED COMPARABLE ACQUISITION / VALUATION MULTIPLES (CONT'D)
Implied Value of Adjusted Purchase Price/ Equity/ ------------------------ ---------------- Implied Value Adjusted LTM LTM LTM Net Book Target Acquirer Close Date of Equity Purchase Price Sales EBITDA EBIT Income Value - ------------------------- ---------- ---------- ------------- -------------- ----- ------ ---- ------ ----- BIOTECH COMPANIES (MAJORITY STAKES) Monsanto American Pending(1) $35,563.7 $39,134.7 5.09 x 36.4 x 70.8 x NM x 8.1 x Home Products Plant Breeding Int'l Monsanto Pending $523.0 $523.0 19.96(2) NA NA NA NA (Unilever) Dekalb Genetics Monsanto Pending $3,771.2(3) $3,881.2(3) 8.28 x 61.2 x 79.7 x NM x 16.9 x Zeneca Mogen 5/13/97 $73.6 $73.6 12.80 x NM x NM x NM x NA Bionova (ELM) DNA Plant 9/27/96 $63.4 $67.9 NM x NM x NM x NM x NA Tech. Plant Genetic Systems AgrEvo 8/30/96 $733.0 $733.0 NM x NM x NM x NM x NA Calgene Inc. Monsanto 4/1/96 $299.8(3) $268.0(3) 4.80 x NM x NM x NM x 3.1 x (49.9% shares) Mycogen DowElanco 3/8/96 $444.7(3) $358.1(3) 2.90 x NM x NM x NM x 2.3 x (9.5mm shares) United AgriSeeds Inc. Mycogen 2/28/96 $72.4 $72.4 NA NA NA NA NA Lubrizol Mycogen 1/15/96 NA NA NA NA NA NA NA
- ---------------------------- (1) Monsanto operating data are not pro forma of all announced acquisitions and acquisitions Monsanto is currently bidding (2) Sales multiple calculated based on PBIC's royalty revenue (3) Calculated by translating the price that acquiror paid for part of the target into price for the entire company WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATI0N VALUATION: COMPARABLE ACQUISITION ANALYSIS - -------------------------------------------------------------------------------- PREMIUM ANALYSIS FOR ACQUISITIONS BY MAJORITY SHAREHOLDERS WITH DEAL SIZES BETWEEN $100MM - $550MM (1)
ANN. DEAL PER SHARE ANN. VALUE ACQ. % BEING ACQUIROR SELLER DATE ($MM) PRICE ACQUIRED - -------- ------ ---- ----- ----- -------- DOW MYCOGEN CORP. (BIOTECH) 5/1/98 $778.5 $20.50 31.2% Monsanto Co. Calgene Inc. (Biotech) 1/28/97 242.6 8.00 43.7% Novartis AG SyStemix Inc. (Biotech) 5/27/96 119.4 19.50 26.8% Investor Group BET Holdings Inc. 3/17/98 $471.6 $63.00 42.0% Telephone and Data Systems United States Cellular Corp. 12/18/97 539.2 33.00 19.3% Telephone and Data Systems Aerial Communications Inc. 12/18/97 107.6 8.19 17.5% Rexel, S.A. Rexel, Inc. 8/29/97 290.1 22.50 49.5% Anthem Inc. Acordia Inc. 6/2/97 172.7 40.00 33.2% Enron Corp. Enron Global Power & Pipelines 5/14/97 428.0 33.83 48.0% Petrofina SA Finn Inc. 2/25/97 257.0 60.00 14.6% Mafco Holdings Inc. Mafco Consolidated Group 1/21/97 116.8 33.50 15.0% Zurich Versicherungs Zurich Reinsurance Center 1/13/97 319.0 36.00 34.0% Andrews Group Inc. Toy Biz Inc. (2) 11/20/96 208.2 22.50 33.0% COBE Laboratories Inc. REN Corp. - USA 7/14/95 177.7 20.00 47.0% BIC SA Bic Corp. 5/19/95 212.6 40.50 22.0% Club Mediterranee SA Club Med Inc. 4/5/95 153.4 32.00 33.0% - ------------------------------------------------------------------------------------------------------------------------- Mean 31.9% Median 33.0% Maximum 49.5% Minimum 14.6% Mean/Median for Biotech Transactions 35.2% MYCOGEN CORP. DATA IMPLIED SHARE PRICE BASED ON MEDIAN IMPLIED SHARE PRICE BASED ON MEDIAN FOR BIOTECH TRANSACTIONS - ---------------------------------------------------------------------------------------------------------------------------- SELLER CLOSING PRICE PRE-ANNOUNCEMENT/ ACQUISITION PREMIUM ------------------------------------------------ 1-DAY 30-DAY 60-DAY 90-DAY 120-DAY ACQUIROR SELLER PREM. PREM. PREM. PREM. PREM. - -------- ------ ----- ----- ----- ----- ----- DOW MYCOGEN CORP. (BIOTECH) 0.0% 12.3% 20.6% (0.6%) 7.2% Monsanto Co. Calgene Inc. (Biotech) 45.5% 60.0% 45.5% 64.1% 60.0% Novartis AG SyStemix Inc. (Biotech) 77.3% 59.2% 48.6% 39.3% 52.9% Investor Group BET Holdings Inc. 4.0% 17.5% 18.0% 17.8% 20.9% Telephone and Data Systems United States Cellular Corp. 0.0% 1.1% (5.2%) (1.3%) 10.5% Telephone and Data Systems Aerial Communications Inc. 0.0% (1.5%) (14.9%) (12.7%) 7.4% Rexel, S.A. Rexel, Inc. 19.2% 25.9% 25.9% 24.1% 32.4% Anthem Inc. Acordia Inc. 12.7% 26.5% 25.5% 26.0% 43.5% Enron Corp. Enron Global Power & Pipelines 11.8% 20.8% 19.2% 12.8% 24.1% Petrofina SA Finn Inc. 19.7% 18.2% 24.7% 16.2% 11.1% Mafco Holdings Inc. Mafco Consolidated Group 23.5% 30.1% 17.0% 40.3% 10.3% Zurich Versicherungs Zurich Reinsurance Center 17.1% 12.1% 15.7% 18.5% 17.1% Andrews Group Inc. Toy Biz Inc. (2) 29.5% 20.0% 37.4% 52.5% 31.4% COBE Laboratories Inc. REN Corp. - USA 27.0% 35.6% 29.0% 35.6% 29.6% BIC SA Bic Corp. 13.3% 30.1% 28.1% 29.1% 37.9% Club Mediterranee SA Club Med Inc. 41.4% 45.5% 42.2% 36.2% 35.4% - ------------------------------------------------------------------------------------------------------------------- Mean 22.8% 26.7% 23.8% 26.6% 28.3% Median 19.2% 25.9% 25.5% 26.0% 29.6% Maximum 77.3% 60.0% 48.6% 64.1% 60.0% Minimum 0.0% (1.5%) (14.9%) (12.7%) 7.4% Mean/Median for Biotech Transactions 61.4% 59.6% 47.0% 51.7% 56.5% MYCOGEN CORP. DATA $20.50 $18.25 $17.00 $20.63 $19.13 IMPLIED SHARE PRICE BASED ON MEDIAN $24.44 $22.97 $21.33 $25.98 $24.78 IMPLIED SHARE PRICE BASED ON MEDIAN FOR BIOTECH TRANSACTIONS $33.08 $29.13 $24.99 $31.29 $29.93 - -------------------------------------------------------------------------------------------------------------------
- ------------------------------- (1) Source: Securities Data Company (2) The deal was later withdrawn Note: Unless noted, days referred to are calendar days. WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATI0N VALUATION: COMPARABLE ACQUISITION ANALYSIS - -------------------------------------------------------------------------------- PREMIUM ANALYSIS - MONSTANTO/DEKALB GENETICS
Premium to Prior Price ------------------------------------------------------------------ Annc. Date Shares (3) % Total Cumm % Price/Share (3) 1-Day 1-Week 4-Weeks 8-Weeks - ---------- ---------- ------- ------ --------------- ------------- -------------- --------------- -------------- 2/11/96 0.49 1.4% 1.4% $10.83 $11.42 (5%) $10.96 (1%) $7.83 38% $7.58 43% 2/11/96 2.27 6.6% 8.0% $10.83 $11.42 (5%) $10.96 (1%) $7.83 38% $7.58 43% 2/11/96 10.34 29.9% 37.8% $11.83 $11.42 4% $10.96 8% $7.83 51% $7.58 56% NA 0.71 2.1% 39.9% $38.26 (4) 5/9/98 20.81 60.1% 100.0% $100.00 $74.13 35% $69.50 44% $70.81 41% $70.19 42% ------- TOTAL 34.61 Weighted Avg. Latest Acq. ------------- ----------- PURCHASE PRICE PER SHARE $65.29 $100.00 Shares Outstanding (2) 36.3 36.3 ---- ---- Aggregate Purchase Value $2,371.9 $3,632.7 Net Debt (2/98) 110.0 110.0 ----- ----- ADJUSTED AGGREGATE PURCHASE VALUE $2,481.9 $3,742.7 LTM Sales (2/98) $468.6 $468.6 ADJUSTED AGGREGATE PURCHASE VALUE / SALES 5.30x 7.99x
- ---------------------------------- (1) Estimated based on analyst estimates and news articles (2) Represents common equivalent shares based on respective prices (3) Split adjusted (4) Estimated average share price. Specific dates were not available WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: COMPARABLE ACQUISITION ANALYSIS - ------------------------------------------------------------------------------ PREMIUM ANALYSIS - DOW/MYCOGEN
Total % --------------- Premium to Prior Price Pre Post --------------------------------------------------------------- Annc. Date Shares Trans. Trans. Price/Share 1-Day 1-Week 4-Weeks 8-Weeks - ---------- ------ ------ ------ ------------ ---------- --------- ----------- ----------- 1/15/96 4.45 18.1% 12.3% $16.27 $16.00 2% $14.25 14% $13.88 17% $13.00 25% 1/15/96 9.50 38.6% 26.3% $13.28 $16.00 (17%) $14.25 (7%) $13.88 (4%) $13.00 2% 1996 0.85 3.4% 2.3% $17.21 (1) 12/3/96 1.00 4.1% 2.8% $16.75 $16.75 0% $16.75 0% $15.75 6% $14.38 17% 1997 2.29 9.3% 6.3% $23.20 (2) 1/9/98 0.48 2.0% 1.3% $19.46 $19.25 1% $19.13 2% $19.75 (1%) $19.94 (2%) 1/16/98 3.76 15.3% 10.4% $19.94 $18.75 6% $19.13 4% $19.13 4% $19.88 0% 1998 0.30 1.2% 0.8% $19.48 3/13/98 2.00 8.1% 5.5% $20.06 $18.31 10% $18.75 7% $20.63 (3%) $21.75 (8%) ----- ----- ----- ------ SUBTOTAL 24.63 100.0% 68.2% $16.78 Final 11.48 31.8% ----- ----- TOTAL 36.11 100.0% ASSUMED FINAL BLOCK PURCHASE PRICE/SHARE $20.50 $25.00 $30.00 $35.00 Cum. Wtd. Avg. Price $17.96 $19.39 $20.98 $22.57 Shares Outstanding(3) 37.9 38.4 38.8 39.0 ------ ------ ------ ------ Aggregate Purchase Value $681.6 $744.9 $813.5 $880.8 Net Debt(2/98) 13.7 13.7 13.7 13.7 ------ ------ ------ ------ ADJUSTED AGGREGATE PURCHASE VALUE $695.2 $758.6 $827.1 $894.5 LTM Sales(2/98) $214.0 $214.0 $214.0 $214.0 ADJUSTED AGGREGATE PURCHASE VALUE/SALES 3.25x 3.55x 3.87x 4.18x
- ---------------------- (1) Weighted average price of various open market purchases made during 1996 (2) Weighted average price of various open market purchases made during 1997 (3) Represents common equivalent shares based on respective purchase prices for final share blocks WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN CORPORATION - ------------------------------------------------------------------------------ --------------------------- STRATEGIC ALTERNATIVES --------------------------- WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN CORPORATION STRATEGIC ALTERNATIVES - ------------------------------------------------------------------------------ POTENTIAL BUSINESS STRATEGIES OPTION I I. NEGOTIATE A FAIR PRICE FOR THE SALE OF ALL OUTSTANDING SHARES TO DOW Benefits: --------- -- Provides cash payment at attractive share price -- Eliminates barriers to full cooperation associated with maintaining two separate public companies -- Resources of the combined company would be better able to realize Mycogen's goal of becoming a leading fully integrated developer, manufacturer and marketer of products used to control pests and improve food production Issues: --------- -- Cash offer eliminates opportunity to participate fully in potential future up-side WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION STRATEGIC ALTERNATIVES - ------------------------------------------------------------------------------ POTENTIAL BUSINESS STRATEGIES OPTION II II. IF UNABLE TO REACH AGREEMENT ON PRICE, NEGOTIATE A SUBSTANTIAL REDUCTION IN DOW'S MYCOGEN SHAREHOLDINGS. Example: --------- As a major agchem company, Dow's business interests have led Mycogen to focus on product development for row crops such as corn, soybeans, and possibly cotton. These hypercompetitive sectors are not areas which Mycogen would target as an independent entity. Therefore it may be possible for Mycogen to redeem a substantial portion of Dow's shareholdings in the Company for a transfer to Dow of its corn and soybean (and possibly cotton) conventional seed and assorted biotech trait capabilities. Benefits: --------- -- If a buyout not possible, then an asset separation is preferable to a continuation of status-quo -- Grants Mycogen freedom to develop its own strategy and to pursue a broader array of external collaborations. -- Allows Dow to capture full ownership of its most desired Mycogen assets with no further cash outlay -- Patent defense litigation expenses follow seed assets to Dow. Issues: --------- -- Taxable transaction for Mycogen with potentially significant liability for capital gains. -- Dow unlikely to fully exit and residual shareholding (probably ~ 20%) may discourage new investments from other strategic partners. -- Niche strategy for Mycogen implies distant profit outlook. Priority focus on row crops has delayed innovation efforts in other agro sectors. WP&Co. model shows relatively low NPV for Mycogen peanut, sunflower, vegetable and cereal applications. -- Segregation of new crop assets (i.e., breeding stations, trait development, etc.) may be problematic. -- Requires simultaneous recapitalization of Company to finance its long term growth. Issue of new shares at attractive value in secondary offering should be possible given ongoing public interest in agbiotech. WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION STRATEGIC ALTERNATIVES - ------------------------------------------------------------------------------- POTENTIAL BUSINESS STRATEGIES OPTION III III. IF DOW IS UNWILLING TO SUBSTANTIALLY CHANGE ITS SHAREHOLDING IN MYCOGEN, SECURE A THIRD PARTY INVESTMENT IN MYCOGEN WHICH BRINGS COMPLEMENTARY TECHNOLOGY AND NON-COMPETITIVE BUSINESS INTERESTS TO DOW. Example: -------- -- Although supported by Dow Agro Sciences, the primary initiative for Dow's buyout of Mycogen's public shareholders appears to be coming from Dow corporate offices in Midland, Michigan. Dow Corporate's interests in agbiotech may be driven by industrial feedstock applications with crop protection and crop quality enhancements seen as secondary benefits. As a result, it may be possible to find a complimentary strategic partner who is focused on the crop aspects of agbiotech but who also has assets or intellectual property which could accelerate or improve the probability of success of agbiotech in industrial applications. -- One possible scenario is for the third party -- after extensive negotiations with Dow and Mycogen -- to tender for the remaining public shares of Mycogen and in a subsequent step to: i) Merge a complimentary agbiotech asset into Mycogen for newly issued shares; or ii) Swap a complimentary agbiotech asset with Dow for a portion of its shareholdings. - ------------------------------------------------------------------------------- WASSERSTEIN PERELLA & CO. MYCOGEN CORPORATION STRATEGIC ALTERNATIVES - -------------------------------------------------------------------------------- POTENTIAL BUSINESS STRATEGIES OPTION III (CONT'D) In either case, Dow's position is diluted to a 50% level and Mycogen becomes a joint venture vehicle between two multinational companies. The target ownership levels can be readily achieved by adjusting the value of the third party asset which is contributed with cash or debt. Among the possible candidates for this strategy include Zeneca or Novartis where the contributed asset would likely be the seed activities of either company. Benefits: --------- -- Expands the scope of Mycogen's technology base and enhances competitiveness of overall effort in light of recent industry consolidation. -- Introduction of new entity into the situation may allow Mycogen to realize full third party sale value for remaining public shares. Issues: ------- -- Third parties may be reluctant to invest resources in negotiating a deal if they perceive situation as mere stalking horse for Dow buyout bid. WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCODEN CORPORATION STRATEGIC ALTERNATIVES - ------------------------------------------------------------------------------- POTENTIAL BUSINESS STRATEGIES OPTION IV IV. IN THE EVENT OF A DEADLOCK, DEVELOP AND EXPEDITIOUSLY IMPLEMENT A COMPREHENSIVE, LONG-TERM FINANCING PLAN FOR THE COMPANY. Example: -------- -- Given existing Dow proposal, current Mycogen share price and preliminary WP & Co. valuation, value gap looks substantial and stand-off a reasonable possibility. In recent past, the Company has deferred developing any long-term financial plan due to Dow support and influence. With any deadlock, there is a prospect for a reduction in Dow contributions as well as a need for expanded funding by Company to accelerate its own initiatives. Mycogen's weak balance sheet and operating exposure to uncontrollable variables strongly suggest a need for contingency plans. Benefits: --------- -- Credible back-up plan can provide useful leverage in Dow negotiations. -- Rapid rate of agbiotech developments: M & A, litigation, '98 growing season results, scientific discoveries, etc., may trigger sudden shift in Dow strategy. -- Sale of Verneuil minority interest and possible factoring of Monsanto settlement can yield significant cash in relatively short time frame. Issues: ------- -- The ultimate solution requires an equity offering by the Company and given the current investor focus on the sector it would be prudent to go to market as soon as possible. Although WP & Co can formulate a specific equity plan, it will be difficult to begin even preliminary implementation without a resolution of the Dow situation. WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCODEN CORPORATION - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- NEXT STEPS - ------------------------------------------------------------------------------- WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN CORPORATION NEXT STEPS - -------------------------------------------------------------------------------- OVERVIEW * COMPLETE FOLLOW-UP BUSINESS AND FINANCIAL DUE DILIGENCE WITH DOW AND MYCOGEN * DEVELOP POINT OF VIEW REGARDING THE HISTORICAL RELATIONSHIP BETWEEN MYCOGEN AND DOW * DEVELOP PRESENTATION FOR VALUATION ANALYSIS * REACH PRELIMINARY CONCLUSION AS TO THE RANGE OF FAIR VALUES * PRESENT FINDINGS TO THE SPECIAL COMMITTEE * DEVELOP INITIAL ESTIMATES FOR SYNERGY BETWEEN MYCOGEN AND DOW/DAS * FORMULATE RESPONSE TO DOW'S PROPOSAL AND SELECT APPROPRIATE ALTERNATIVE TO PURSUE WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- EX-99.(B)(6) 3 EXHIBIT 99(B)(6) [LOGO] CONFIDENTIAL - ------------------------------------------------------------------------------- - ------------------------------------------------------------------------------- PRESENTATION ON VALUATION OF MYCOGEN CORPORATION TO AN INTERNAL FAIRNESS COMMITTEE OF WASSERSTEIN PERELLA & COMPANY JULY 20, 1998 WASSERSTEIN PERELLA & CO., INC. - ------------------------------------------------------------------------------- MYCOGEN CORPORATION TABLE OF CONTENTS - ------------------------------------------------------------------------------- TABLE OF CONTENTS 1. BACKGROUND OF THE PROPOSED TRANSACTION 2. REVIEW OF MYCOGEN 3. REVIEW OF DOW 4. PRELIMINARY VALUATION ANALYSIS A. REVIEW OF ANALYST PERSPECTIVES B. DISCOUNTED CASH FLOW ANALYSIS (DCF) C. COMPARABLE COMPANY TRADING ANALYSIS D. COMPARABLE ACQUISITION ANALYSIS 5. STRATEGIC ALTERNATIVES 6. NEXT STEPS 7. APPENDIX A. WP&CO. JUNE 10TH LETTER TO DOW B. DOW'S RESPONSES TO WP&CO.'S JUNE 10TH LETTER WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN CORPORATION - -------------------------------------------------------------------------------- --------------------------- BACKGROUND OF THE PROPOSED TRANSACTION --------------------------- WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION BACKGROUND OF THE PROPOSED TRANSACTION - -------------------------------------------------------------------------------- TERMS OF DOW'S PROPOSAL * The Dow Chemical Company (together with its affiliates "Dow") has proposed acquiring all of the outstanding shares of Mycogen Corporation for cash consideration of $20.50 per share * Dow's $20.50 per share price implies the following market capitalization, premium to market and trading multiples
- ------------------------------------------------- IMPLIED MARKET CAPITALIZATION ($ IN MM) - ------------------------------------------------- Dow Offer Price $20.50 Total Shares Outstanding 36.11 Total Options Outstanding 4.44 Average Strike Price of Options $12.03 ------ EQUITY MARKET VALUE $777.81 Plus: Net Debt (1) $13.66 ------ ADJUSTED MARKET VALUE $791.47 - -------------------------------------------------
- --------------------------------------------------------------------------------------------------------- ADJUSTED MARKET VALUE AS A MULTIPLE OF MARKET VALUE AS A MULTIPLE OF -------------------------------------- ----------------------------- SALES EBITDA EBIT NET INCOME BOOK VALUE ----- ------ ---- ---------- ---------- LTM Before Adj. (1) 3.7x NM NM NM 3.7x FY 1998 Before Adj. (2) 3.4x NM NM NM 3.9x Fy 1999 3.2x NM NM NM 3.9x - ---------------------------------------------------------------------------------------------------------
- --------------------------- (1) Includes other charges of $48.9MM (impairment of facilities and costs to exit those facilities, severance, patent litigation fees, acquired in- process technology and equity in net loss of investees) (2) Includes projected litigation expenses of $11.0MM WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION BACKGROUND OF THE PROPOSED TRANSACTION - -------------------------------------------------------------------------------- HISTORY OF DOW'S INVESTMENT IN MYCOGEN * IN 1996, DOW ACQUIRED A 51.8% STAKE IN MYCOGEN * On January 15, 1996, Dow agreed to acquire a 36.6% stake, or approximately 9.5 million common shares of Mycogen from Lubrizol, for roughly $13.26/share. In a simultaneous transaction, Dow acquired approximately 4.5 million common shares of Mycogen in exchange for $26.5 million in cash and all of the outstanding shares of Dow's wholly-owned subsidiary United AgriSeeds, Inc. * On December 3, 1996, Dow acquired 1.0 million common shares of Mycogen from Pioneer Hi-Bred International for $16.75/share * During 1996, Dow acquired 850,000 common shares in open market transactions at a weighted average price of $17.21/share * IN 1997, DOW INCREASED ITS STAKE IN MYCOGEN TO 56.9% * Dow acquired 2,287,843 common shares at a weighted average price of $23.20/share * Of these, 2,206,177 common shares (or 96%) were bought at prices in excess of $20.50/share * In connection with Dr. Caulder's resignation as Chairman of the Board and CEO of Mycogen on May 1, 1997, Dow offered to purchase substantially all shares of common stock owned by Dr. Caulder on the following terms - $28.00/share for the number of shares equal to the sum of 30,000 plus the number of shares issued to Dr. Caulder pursuant to his severance agreement - All other shares would be purchased at a price equal to 105% of the 30 day trailing trading average of Mycogen stock - Included in the 2,287,843 common shares referenced above were 95,752 common shares purchased by Dow from Dr. Caulder on May 2, 1997 at $28.00/share WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION BACKGROUND OF THE PROPOSED TRANSACTION - ----------------------------------------------------------------------------- HISTORY OF DOW'S INVESTMENT IN MYCOGEN (CONT'D) * IN 1998, DOW INCREASED ITS STAKE IN MYCOGEN TO APPROXIMATELY 68.8% * On January 9, 1998, Dow acquired 483,439 newly-issued common shares at $19.46/share from Mycogen that were issued to finance Mycogen's acquisition of an additional 16.25% stake in Verneuil Holdings S.A., a French company * On January 16, 1998, Dow purchased 3,762,038 newly-issued common shares from Mycogen for $75 million cash, implying a share price of $19.94 * Dow purchased 296,035 common shares of Mycogen from Dr. Jerry L. Caulder, former Chairman of Board and CEO of Mycogen, for $19.48/share * On March 13, 1998, Dow agreed to purchase from Pioneer Overseas Corp. 2.0 million common shares of Mycogen for $20.06/share WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN CORPORATION BACKGROUND OF THE PROPOSED TRANSACTION - ----------------------------------------------------------------------------- TERMS OF THE EXCHANGE AND PURCHASE AGREEMENT * UNDER THE TERMS OF THE JANUARY 15, 1996 EXCHANGE AND PURCHASE AGREEMENT (THE "AGREEMENT") * Dow agreed, subject to certain limitations, that: - Prior to February 19, 1998 (the second anniversary of the "Measurement Date"), it would not acquire or propose to acquire shares which, when aggregated with all other shares held by Dow (other than shares acquired after February 19, 1996 directly from Mycogen or any subsidiaries or employees) would constitute more than 60% of Mycogen's common stock - Prior to February 19, 1999 (the third anniversary of the "Measurement Date"), it would not acquire or propose to acquire shares which, when aggregated with all other shares held by Dow (other than shares acquired after February 19, 1996 directly from Mycogen or any subsidiaries or employees) would constitute more than 65% of Mycogen's common stock * After February 19, 1999, Dow may acquire more than 79.9% of Mycogen's outstanding shares only pursuant to a "Buyout Transaction" - A "Buyout Transaction" is defined as a tender offer, merger or similar transaction for "Third Party Sale Value" - "Third Party Sale Value" is defined as the value that an unaffiliated third party would be expected to pay in an arms'-length transaction for all outstanding shares and share equivalents, NOT TAKING INTO ACCOUNT DOW'S POTENTIALLY CONTROLLING POSITION - A Buyout Transaction can be consummated only: * With the approval of a majority of "Independent Directors" after receipt of a fairness opinion from a recognized investment bank, or * If approval of a majority of the "Independent Directors" cannot be obtained, through arbitration by an independent appraiser * The Agreement may be amended only by a majority of the Independent Directors and a majority of Mycogen's Board WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN CORPORATION BACKGROUND OF THE PROPOSED TRANSACTION - -------------------------------------------------------------------------------- DISTRIBUTION OF VOLUME AT VARIOUS PRICES FOR THE LAST FIVE YEARS THIS GRAPH ILLUSTRATES THE CUMULATIVE VOLUME OF MYCOGEN STOCK THAT TRADED AT VARIOUS PRICE INTERVALS OVER THE LAST FIVE YEARS. MYCO
Security Price History MYCOGEN CORP. COM 17-Jul-98 MYCO 62845210 Common Stock NASDAQ BAR LINE U.S. Dollar Date Volume High Low Close Volume Cumulative % - --------- -------- ------- ------- ------- ------- ------------- 29-Dec-94 38,100 8.5000 8.0000 8.0000 27-Dec-94 104,800 9.0000 8.0000 8.0000 18-Jul-95 95,200 9.0000 8.0000 8.1250 03-Jan-95 111,100 8.5000 8.0000 8.1250 28-Dec-94 65,500 8.5000 8.0000 8.1250 21-Jul-95 25,600 8.7500 8.2500 8.2500 19-Jul-95 66,300 8.5000 7.7500 8.2500 30-Jun-95 21,800 8.7500 8.2500 8.2500 30-May-95 12,700 9.0000 8.2500 8.2500 25-May-95 86,400 9.0000 8.2500 8.2500 24-May-95 62,100 9.0000 8.1250 8.2500 23-May-95 61,500 9.0000 8.0000 8.2500 18-May-95 61,900 9.0000 8.2500 8.2500 04-Jan-95 45,000 8.5000 7.8750 8.2500 23-Dec-94 30,500 8.7500 8.2500 8.2500 22-Dec-94 31,100 8.7500 8.2500 8.2500 09-Dec-94 29,900 8.7500 8.1250 8.2500 06-Dec-94 101,600 9.2500 8.0000 8.2500 01-Jun-95 11,500 9.0000 8.2500 8.3750 31-May-95 11,200 9.0000 8.2500 8.3750 30-Dec-94 152,100 8.7500 8.0000 8.3750 08-Dec-94 133,400 9.0000 8.1250 8.3750 27-Jul-95 25,000 9.0000 8.5000 8.5000 26-Jul-95 31,700 9.0000 8.5000 8.5000 25-Jul-95 15,900 9.1250 8.5000 8.5000 20-Jul-95 16,600 8.7500 8.0000 8.5000 17-Jul-95 20,200 9.0000 8.5000 8.5000 14-Jul-95 34,600 9.0000 8.5000 8.5000 13-Jul-95 61,600 9.3750 8.5000 8.5000 03-Jul-95 11,900 9.0000 8.2500 8.5000 28-Jun-95 15,500 8.7500 8.2500 8.5000 27-Jun-95 59,300 9.2500 8.2500 8.5000 05-Jun-95 9,900 9.0000 8.5000 8.5000 02-Jun-95 23,700 9.0000 8.2500 8.5000 22-May-95 72,800 9.0000 8.2500 8.5000 21-Dec-94 83,500 8.7500 8.0000 8.5000 20-Dec-94 28,500 8.5000 8.0000 8.5000 19-Dec-94 55,900 8.5000 8.0000 8.5000 16-Dec-94 72,100 8.7500 8.2500 8.5000 14-Dec-94 50,100 9.0000 8.5000 8.5000 13-Dec-94 22,900 9.0000 8.5000 8.5000 02-Aug-95 35,900 9.0000 8.6250 8.6250 31-Jul-95 82,800 9.0000 8.5000 8.6250 17-May-95 19,400 9.2500 8.5000 8.6250 06-Jan-95 17,000 9.0000 8.6250 8.6250 15-Dec-94 182,200 9.0000 8.0000 8.6250 08-Aug-95 16,600 9.0000 8.7500 8.7500 04-Aug-95 31,900 9.0000 8.5000 8.7500 24-Jul-95 44,100 9.2500 8.2500 8.7500 12-Jul-95 13,300 9.5000 8.7500 8.7500 11-Jul-95 14,600 9.5000 8.7500 8.7500 06-Jul-95 81,100 9.1250 8.5000 8.7500 29-Jun-95 20,100 8.7500 8.2500 8.7500 26-Jun-95 43,200 9.2500 8.7500 8.7500 09-Jun-95 13,600 9.2500 8.7500 8.7500 12-Dec-94 18,400 9.0000 8.3750 8.7500 07-Dec-94 52,300 9.0000 8.2500 8.7500 01-Aug-95 43,300 9.0000 8.5000 8.8125 07-Jul-95 95,300 9.0000 8.5000 8.8750 15-May-95 47,400 9.2500 8.7500 8.8750 08-May-95 55,600 9.5000 8.8750 8.8750 09-Jan-95 22,800 9.1250 8.6250 8.8750 05-Jan-95 27,600 8.8750 8.2500 8.8750 07-Aug-95 46,600 9.0000 8.6250 9.0000 03-Aug-95 31,600 9.0000 8.2500 9.0000 28-Jul-95 35,000 9.0000 8.2500 9.0000 21-Jun-95 21,100 9.2500 8.7500 9.0000 16-Jun-95 42,000 9.2500 8.7500 9.0000 15-Jun-95 4,800 9.2500 8.7500 9.0000 14-Jun-95 70,900 9.2500 8.7500 9.0000 08-Jun-95 31,600 9.2500 8.7500 9.0000 07-Jun-95 48,700 9.0000 8.5000 9.0000 06-Jun-95 19,200 9.0000 8.5000 9.0000 26-May-95 5,500 9.0000 8.2500 9.0000 19-May-95 90,000 9.0000 8.2500 9.0000 16-May-95 33,700 9.0000 8.7500 9.0000 12-May-95 37,200 9.2500 8.8750 9.0000 10-May-95 40,900 9.5000 8.7500 9.0000 24-Mar-95 54,700 10.0000 9.0000 9.0000 19-Jun-95 44,300 9.5000 8.7500 9.0156 09-May-95 35,900 9.5000 8.8750 9.0625 20-Jun-95 34,200 9.2500 8.7500 9.1250 05-Dec-94 26,300 9.5000 8.7500 9.1250 15-Aug-95 56,400 10.2500 9.2500 9.2500 10-Jul-95 44,900 9.2500 8.6250 9.2500 05-Jul-95 109,900 9.2500 8.2500 9.2500 23-Jun-95 21,100 9.2500 8.7500 9.2500 22-Jun-95 38,000 9.2500 8.7500 9.2500 13-Jun-95 15,600 9.2500 8.7500 9.2500 12-Jun-95 13,600 9.5000 8.7500 9.2500 11-May-95 5,900 9.2500 8.8750 9.2500 04-May-95 38,800 9.6250 9.0000 9.2500 28-Apr-95 25,400 10.0000 9.2500 9.2500 21-Apr-95 25,100 9.7500 9.2500 9.2500 28-Feb-95 42,600 10.0000 9.2500 9.2500 02-Dec-94 33,600 9.7500 9.2500 9.2500 01-Dec-94 21,700 10.0000 9.2500 9.2500 28-Nov-94 26,700 9.7500 9.2500 9.2500 31-Mar-94 29,000 10.0000 9.2500 9.2500 09-Mar-94 37,600 10.0000 9.2500 9.2500 30-Mar-95 26,500 10.0000 9.2500 9.3750 21-Mar-95 260,700 10.2500 8.7500 9.3750 10-Jan-95 80,400 10.2500 9.0000 9.3750 22-Nov-94 23,600 10.0000 9.3750 9.3750 18-Aug-95 31,200 9.7500 9.2500 9.5000 05-May-95 3,400 9.5000 9.0000 9.5000 02-May-95 26,700 9.7500 9.2500 9.5000 27-Apr-95 16,300 10.0000 9.5000 9.5000 26-Apr-95 34,600 10.0000 9.2500 9.5000 20-Apr-95 57,100 10.2500 9.2500 9.5000 19-Apr-95 19,900 10.2500 9.5000 9.5000 07-Apr-95 9,800 10.2500 9.5000 9.5000 27-Mar-95 19,300 10.0000 9.0000 9.5000 22-Mar-95 59,600 10.0000 8.7500 9.5000 17-Mar-95 11,700 10.0000 9.5000 9.5000 15-Mar-95 8,900 10.0000 9.5000 9.5000 09-Mar-95 55,300 10.2500 9.5000 9.5000 29-Nov-94 23,300 9.7500 9.2500 9.5000 23-Nov-94 44,900 9.7500 9.2500 9.5000 21-Nov-94 17,500 10.0000 9.5000 9.5000 19-Apr-94 94,000 10.5000 9.5000 9.5000 15-Apr-94 3,800 10.2500 9.5000 9.5000 13-Apr-94 7,100 10.2500 9.5000 9.5000 04-Apr-94 16,600 10.0000 9.2500 9.5000 01-May-95 13,000 9.7500 9.2500 9.5313 16-Aug-95 42,700 10.0000 9.0000 9.6250 09-Aug-95 123,100 9.6250 8.7500 9.6250 29-Mar-95 19,900 10.0000 9.2500 9.6250 10-Mar-94 51,500 9.7500 9.2500 9.6250 13-Sep-95 39,900 10.1250 9.7500 9.7500 21-Aug-95 30,800 9.7500 9.2500 9.7500 17-Aug-95 14,400 9.7500 9.2500 9.7500 14-Aug-95 150,100 10.2500 9.7500 9.7500 03-May-95 14,500 9.7500 9.2500 9.7500 25-Apr-95 16,700 9.7500 9.2500 9.7500 24-Apr-95 10,700 9.7500 9.2500 9.7500 05-Apr-95 59,500 10.0000 9.5000 9.7500 04-Apr-95 27,400 10.0000 9.2500 9.7500 03-Apr-95 17,800 9.7500 9.2500 9.7500 31-Mar-95 16,300 9.7500 9.2500 9.7500 07-Mar-95 15,600 10.2500 9.5000 9.7500 06-Mar-95 20,500 10.2500 9.7500 9.7500 27-Feb-95 14,200 10.0000 9.2500 9.7500 23-Feb-95 93,800 10.2500 9.2500 9.7500 19-Jan-95 86,200 10.2500 9.5000 9.7500 25-Nov-94 8,500 9.7500 9.2500 9.7500 17-Nov-94 15,900 10.1250 9.6250 9.7500 16-Nov-94 36,700 10.1250 9.7500 9.7500 21-Oct-94 2,700 10.5000 9.7500 9.7500 22-Aug-94 22,600 10.2500 9.7500 9.7500 10-Aug-94 11,400 10.2500 9.7500 9.7500 09-Aug-94 19,200 10.3125 9.7500 9.7500 11-Mar-94 20,700 9.7500 9.2500 9.7500 07-Mar-94 44,000 10.2500 9.7500 9.7500 27-Dec-93 42,400 10.2500 9.5000 9.7500 10-Dec-93 56,600 10.2500 9.7500 9.7500 09-Dec-93 31,800 10.2500 9.7500 9.7500 03-Dec-93 88,900 10.2500 9.7500 9.7500 19-Aug-94 8,000 10.2500 9.7500 9.8125 25-Aug-95 12,800 10.2500 9.5000 9.8750 08-Mar-95 25,100 10.2500 9.5000 9.8750 15-Nov-94 79,700 10.2500 9.8750 9.8750 14-Nov-94 17,700 10.2500 9.8750 9.8750 11-Nov-94 4,500 10.2500 9.8750 9.8750 09-Nov-94 213,000 10.5000 9.8750 9.8750 01-Nov-94 35,200 10.5000 9.7500 9.8750 05-Aug-94 32,400 10.5000 9.7500 9.8750 22-Jul-94 96,700 10.2500 9.7500 9.8750 04-Mar-94 43,800 10.2500 9.7500 9.8750 21-Jul-94 80,600 10.2500 9.7500 9.9375 12-Sep-95 60,600 10.1250 9.7500 10.0000 06-Sep-95 27,700 10.1250 9.5000 10.0000 05-Sep-95 42,900 10.2500 9.5000 10.0000 28-Aug-95 111,200 10.2500 9.5000 10.0000 24-Aug-95 20,600 10.2500 9.5000 10.0000 23-Aug-95 23,100 10.2500 9.5000 10.0000 22-Aug-95 29,900 10.2500 9.3750 10.0000 18-Apr-95 17,700 10.2500 9.5000 10.0000 17-Apr-95 222,600 10.2500 9.5000 10.0000 13-Apr-95 29,400 10.2500 9.5000 10.0000 11-Apr-95 17,000 10.2500 9.5000 10.0000 10-Apr-95 22,400 10.2500 9.5000 10.0000 28-Mar-95 9,400 10.0000 9.2500 10.0000 23-Mar-95 23,900 10.0000 9.5000 10.0000 16-Mar-95 9,200 10.0000 9.5000 10.0000 14-Mar-95 17,000 10.2500 9.5000 10.0000 02-Mar-95 36,900 10.0000 9.5000 10.0000 01-Mar-95 36,000 10.0000 9.2500 10.0000 24-Feb-95 28,900 10.0000 9.5000 10.0000 30-Nov-94 17,200 10.0000 9.5000 10.0000 18-Nov-94 23,000 10.1250 9.5000 10.0000 10-Nov-94 76,000 10.2500 9.8750 10.0000 08-Nov-94 18,800 10.2500 10.0000 10.0000 04-Nov-94 20,900 10.5000 10.0000 10.0000 31-Oct-94 15,500 10.5000 10.0000 10.0000 26-Oct-94 40,300 10.5000 9.7500 10.0000 25-Oct-94 54,600 10.2500 9.5000 10.0000 24-Oct-94 17,500 10.5000 9.7500 10.0000 17-Oct-94 13,400 10.5000 10.0000 10.0000 11-Oct-94 17,600 10.5000 9.7500 10.0000 07-Oct-94 58,400 10.5000 10.0000 10.0000 06-Oct-94 22,200 10.5000 10.0000 10.0000 03-Oct-94 10,800 10.5000 10.0000 10.0000 30-Sep-94 6,400 10.5000 10.0000 10.0000 29-Sep-94 29,200 10.5000 10.0000 10.0000 26-Sep-94 18,200 10.2500 9.7500 10.0000 23-Sep-94 33,200 10.5000 10.0000 10.0000 22-Sep-94 49,500 10.5000 10.0000 10.0000 21-Sep-94 9,800 10.5000 10.0000 10.0000 20-Sep-94 22,500 10.5000 10.0000 10.0000 16-Sep-94 3,400 10.5000 10.0000 10.0000 14-Sep-94 13,300 10.5000 10.0000 10.0000 12-Sep-94 28,800 10.2500 10.0000 10.0000 08-Sep-94 7,600 10.2500 10.0000 10.0000 07-Sep-94 50,100 10.5000 10.0000 10.0000 06-Sep-94 5,600 10.5000 10.0000 10.0000 02-Sep-94 21,100 10.5000 10.0000 10.0000 01-Sep-94 17,700 10.5000 10.0000 10.0000 29-Aug-94 20,100 10.5000 10.0000 10.0000 26-Aug-94 23,100 10.5000 10.0000 10.0000 18-Aug-94 25,600 10.5000 9.7500 10.0000 12-Aug-94 34,300 10.5000 10.0000 10.0000 04-Aug-94 12,700 10.5000 10.0000 10.0000 03-Aug-94 10,500 10.5000 10.0000 10.0000 02-Aug-94 7,300 10.5000 10.0000 10.0000 01-Aug-94 10,400 10.5000 10.0000 10.0000 29-Jul-94 59,600 10.5000 10.0000 10.0000 28-Jul-94 13,900 10.5000 10.0000 10.0000 25-Jul-94 38,900 10.0000 9.7500 10.0000 15-Jul-94 75,100 10.7500 10.0000 10.0000 12-Apr-94 46,600 11.0000 9.5000 10.0000 30-Mar-94 21,500 10.0000 9.2500 10.0000 08-Mar-94 43,300 10.2500 9.5000 10.0000 03-Mar-94 49,000 10.2500 9.8750 10.0000 30-Dec-93 76,400 10.5000 10.0000 10.0000 29-Dec-93 70,100 10.5000 10.0000 10.0000 28-Dec-93 109,200 10.2500 9.7500 10.0000 23-Dec-93 45,000 10.0000 9.5000 10.0000 22-Dec-93 35,900 10.5000 9.5000 10.0000 21-Dec-93 40,900 10.5000 10.0000 10.0000 07-Nov-94 42,100 10.2500 10.0000 10.0625 28-Oct-94 14,200 10.5000 10.0000 10.0625 15-Sep-95 342,500 10.2500 9.5000 10.1250 14-Sep-95 76,800 10.1250 9.7500 10.1250 11-Sep-95 98,400 10.1250 9.8750 10.1250 08-Sep-95 32,500 10.1250 9.8750 10.1250 07-Sep-95 87,900 10.1250 9.6250 10.1250 20-Jan-95 49,600 10.1250 9.6250 10.1250 18-Jan-95 27,300 10.5000 10.1250 10.1250 03-Nov-94 26,500 10.5000 10.0000 10.1250 02-Nov-94 24,400 10.2500 9.7500 10.1250 20-Oct-94 12,700 10.2500 9.7500 10.1250 30-Aug-94 60,200 10.5000 10.0000 10.1250 16-Aug-94 20,300 10.2500 9.7500 10.1250 02-Mar-94 25,100 10.5000 9.7500 10.1250 13-Dec-93 153,000 10.2500 9.5000 10.1250 01-Sep-95 13,000 10.2500 9.5000 10.2500 31-Aug-95 34,300 10.2500 9.5000 10.2500 30-Aug-95 10,700 10.2500 9.5000 10.2500 29-Aug-95 9,300 10.2500 9.5000 10.2500 11-Aug-95 107,800 11.0000 9.7500 10.2500 10-Aug-95 219,300 11.2500 10.2500 10.2500 12-Apr-95 27,700 10.2500 9.7500 10.2500 06-Apr-95 42,500 10.2500 9.2500 10.2500 13-Mar-95 11,400 10.2500 9.5000 10.2500 10-Mar-95 7,700 10.2500 9.5000 10.2500 03-Mar-95 19,000 10.2500 9.5000 10.2500 22-Feb-95 87,300 10.2500 9.7500 10.2500 21-Feb-95 231,700 11.5000 9.5000 10.2500 11-Jan-95 152,400 10.2500 9.6250 10.2500 27-Oct-94 27,900 10.5000 10.0000 10.2500 19-Oct-94 14,300 10.5000 9.7500 10.2500 13-Oct-94 11,100 10.5000 10.0000 10.2500 12-Oct-94 8,000 10.2500 9.7500 10.2500 04-Oct-94 99,300 10.5000 10.2500 10.2500 27-Sep-94 20,900 10.2500 9.7500 10.2500 09-Sep-94 14,500 10.2500 10.0000 10.2500 23-Aug-94 28,700 10.5000 9.7500 10.2500 15-Aug-94 7,900 10.2500 10.0000 10.2500 11-Aug-94 46,100 10.2500 9.7500 10.2500 08-Aug-94 17,100 10.2500 9.5000 10.2500 20-Jul-94 159,300 10.2500 9.7500 10.2500 19-Jul-94 107,600 10.5000 9.7500 10.2500 14-Jul-94 85,100 10.7500 10.2500 10.2500 13-Jul-94 2,700 10.7500 10.2500 10.2500 27-May-94 16,600 10.7500 10.2500 10.2500 26-May-94 7,300 10.7500 10.2500 10.2500 23-May-94 20,300 10.7500 10.2500 10.2500 21-Apr-94 153,100 11.5000 9.7500 10.2500 20-Apr-94 71,600 10.2500 9.5000 10.2500 14-Apr-94 9,900 10.2500 9.5000 10.2500 29-Mar-94 17,200 10.7500 9.7500 10.2500 25-Mar-94 23,400 11.0000 10.2500 10.2500 24-Mar-94 45,200 11.0000 10.2500 10.2500 31-Dec-93 64,700 10.7500 10.0000 10.2500 20-Dec-93 54,900 10.7500 10.0000 10.2500 16-Dec-93 50,500 10.5000 10.0000 10.2500 08-Dec-93 22,600 10.2500 9.7500 10.2500 07-Dec-93 118,400 10.2500 9.7500 10.2500 06-Dec-93 54,400 10.2500 9.5000 10.2500 02-Dec-93 49,000 10.2500 9.7500 10.2500 01-Dec-93 43,900 10.2500 9.7500 10.2500 30-Nov-93 114,500 10.2500 9.7500 10.2500 29-Nov-93 101,300 10.7500 9.7500 10.2500 23-Nov-93 40,700 10.5000 10.0000 10.2500 19-Sep-94 15,200 10.5000 10.0000 10.3750 11-Jul-94 11,800 10.7500 10.2500 10.3750 28-Mar-94 5,400 11.0000 10.2500 10.3750 14-Mar-94 29,500 10.5000 9.2500 10.3750 22-Nov-93 70,400 11.0000 10.0000 10.3750 20-Mar-95 42,600 10.7500 10.0000 10.5000 23-Jan-95 56,700 10.5000 9.6250 10.5000 17-Jan-95 47,400 11.3750 10.2500 10.5000 18-Oct-94 12,700 10.5000 9.7500 10.5000 14-Oct-94 13,200 10.5000 10.0000 10.5000 10-Oct-94 4,400 10.5000 10.0000 10.5000 05-Oct-94 22,900 10.5000 10.2500 10.5000 28-Sep-94 21,300 10.5000 10.0000 10.5000 15-Sep-94 26,000 10.5000 10.0000 10.5000 13-Sep-94 20,500 10.5000 10.0000 10.5000 31-Aug-94 35,300 10.5000 10.1250 10.5000 25-Aug-94 27,500 10.5000 10.0000 10.5000 24-Aug-94 13,800 10.5000 10.0000 10.5000 17-Aug-94 36,700 10.5000 10.0000 10.5000 27-Jul-94 27,700 11.0000 10.0000 10.5000 18-Jul-94 105,400 10.5000 9.7500 10.5000 07-Jul-94 28,100 11.0000 10.2500 10.5000 31-May-94 46,200 11.0000 10.5000 10.5000 25-May-94 34,500 10.7500 10.2500 10.5000 16-May-94 7,900 11.0000 10.5000 10.5000 18-Apr-94 203,600 10.5000 9.5000 10.5000 06-Apr-94 38,400 10.5000 10.0000 10.5000 05-Apr-94 18,000 10.5000 9.5000 10.5000 23-Mar-94 14,800 11.0000 10.5000 10.5000 18-Mar-94 25,600 11.2500 10.5000 10.5000 25-Feb-94 15,200 11.0000 10.5000 10.5000 24-Feb-94 45,400 11.0000 10.5000 10.5000 23-Feb-94 13,000 11.0000 10.5000 10.5000 17-Dec-93 19,000 10.5000 10.0000 10.5000 15-Dec-93 34,100 10.5000 10.0000 10.5000 14-Dec-93 87,700 10.5000 9.7500 10.5000 26-Nov-93 2,900 10.5000 10.0000 10.5000 24-Nov-93 20,100 10.5000 10.0000 10.5000 19-Nov-93 32,600 11.0000 10.5000 10.5000 18-Nov-93 11,600 11.0000 10.5000 10.5000 26-Jul-94 33,200 11.0000 10.2500 10.5625 13-May-94 41,800 11.0000 10.5000 10.6250 16-Mar-94 35,000 11.0000 10.5000 10.6250 03-Jan-94 31,600 10.7500 10.2500 10.6250 16-Jan-95 62,200 11.8750 10.7500 10.7500 12-Jul-94 6,500 10.7500 10.2500 10.7500 08-Jul-94 11,100 10.7500 10.2500 10.7500 06-Jul-94 30,800 11.2500 10.5000 10.7500 05-Jul-94 7,700 11.2500 10.7500 10.7500 30-Jun-94 9,000 11.5000 10.7500 10.7500 28-Jun-94 13,300 11.2500 10.7500 10.7500 27-Jun-94 14,400 11.2500 10.7500 10.7500 24-May-94 24,500 10.7500 10.2500 10.7500 20-May-94 99,000 11.2500 10.5000 10.7500 18-May-94 4,500 11.2500 10.7500 10.7500 17-May-94 32,600 11.2500 10.5000 10.7500 12-May-94 18,200 11.2500 10.5000 10.7500 22-Mar-94 5,300 11.0000 10.5000 10.7500 21-Mar-94 14,900 11.0000 10.5000 10.7500 01-Mar-94 645,300 11.0000 10.2500 10.7500 18-Feb-94 46,900 11.2500 10.5000 10.7500 17-Feb-94 22,800 11.7500 10.7500 10.7500 04-Jan-94 39,500 11.0000 10.5000 10.7500 16-Nov-93 9,700 11.2500 10.7500 10.7500 04-Nov-93 21,700 11.5000 10.7500 10.7500 25-Oct-93 175,400 11.5000 10.2500 10.7500 30-Jan-95 49,400 11.5000 10.8750 10.8750 11-May-94 51,200 11.7500 10.5000 10.8750 15-Mar-94 46,600 11.0000 10.2500 10.8750 15-Nov-93 13,300 11.5000 10.7500 10.8750 12-Jan-95 172,800 11.1250 9.8750 11.0000 01-Jul-94 25,900 11.2500 10.7500 11.0000 29-Jun-94 3,400 11.2500 10.7500 11.0000 20-Jun-94 15,500 11.2500 11.0000 11.0000 17-Jun-94 9,900 11.5000 11.0000 11.0000 07-Jun-94 16,900 11.5000 10.7500 11.0000 02-Jun-94 10,900 11.0000 10.2500 11.0000 01-Jun-94 2,300 11.0000 10.2500 11.0000 22-Apr-94 436,900 11.2500 10.0000 11.0000 11-Apr-94 28,200 11.2500 10.5000 11.0000 07-Apr-94 39,400 11.0000 10.2500 11.0000 28-Feb-94 22,200 11.0000 10.5000 11.0000 22-Feb-94 29,100 11.0000 10.5000 11.0000 17-Nov-93 29,500 11.2500 10.5000 11.0000 12-Nov-93 10,000 11.5000 11.0000 11.0000 11-Nov-93 13,100 11.5000 11.0000 11.0000 08-Nov-93 10,200 11.0000 10.7500 11.0000 05-Nov-93 43,300 11.0000 10.5000 11.0000 03-Nov-93 16,500 11.5000 11.0000 11.0000 02-Nov-93 19,100 11.5000 11.0000 11.0000 26-Jan-95 53,300 11.6250 11.1250 11.1250 25-Jan-95 54,500 11.6250 11.0000 11.1250 06-Jun-94 21,500 11.2500 10.7500 11.1250 01-Nov-93 10,000 11.5000 11.0000 11.1250 27-Jan-95 20,600 11.5000 11.0000 11.2500 24-Jun-94 23,100 11.2500 10.7500 11.2500 21-Jun-94 9,500 11.2500 11.0000 11.2500 15-Jun-94 39,700 12.0000 11.0000 11.2500 08-Jun-94 24,700 11.5000 11.0000 11.2500 03-Jun-94 20,500 11.2500 10.5000 11.2500 19-May-94 98,700 11.2500 10.7500 11.2500 29-Apr-94 37,500 11.5000 11.2500 11.2500 08-Apr-94 72,100 11.2500 10.5000 11.2500 17-Mar-94 27,600 11.2500 10.5000 11.2500 14-Feb-94 38,200 11.7500 11.0000 11.2500 11-Feb-94 10,800 11.7500 11.2500 11.2500 10-Feb-94 43,800 11.5000 11.2500 11.2500 08-Feb-94 67,700 11.7500 11.2500 11.2500 19-Jan-94 64,000 11.5000 11.0000 11.2500 10-Nov-93 15,100 11.5000 10.7500 11.2500 29-Oct-93 52,100 11.5000 11.0000 11.2500 22-Oct-93 15,200 11.7500 11.2500 11.2500 29-Sep-93 32,400 11.7500 11.2500 11.2500 28-Sep-93 45,000 11.7500 11.2500 11.2500 22-Jul-93 37,500 12.0000 11.2500 11.2500 01-Feb-95 30,500 11.5000 11.0000 11.3750 31-Jan-95 38,700 11.3750 10.7500 11.3750 09-Jun-94 17,400 11.5000 10.7500 11.3750 28-Apr-94 69,100 11.5000 11.2500 11.3750 25-Apr-94 202,400 11.5000 10.7500 11.3750 07-Feb-94 33,600 11.7500 11.2500 11.3750 21-Oct-93 19,200 12.0000 11.3750 11.3750 22-Sep-93 24,400 11.5000 11.0000 11.3750 18-Sep-95 223,700 11.5000 10.0000 11.5000 14-Feb-95 100,400 11.7500 11.5000 11.5000 06-Feb-95 17,500 11.7500 11.0000 11.5000 24-Jan-95 166,900 11.7500 10.5000 11.5000 23-Jun-94 9,800 11.5000 11.0000 11.5000 22-Jun-94 20,600 11.5000 11.0000 11.5000 16-Jun-94 7,400 11.7500 11.0000 11.5000 13-Jun-94 16,600 11.7500 11.2500 11.5000 10-Jun-94 17,000 11.7500 11.0000 11.5000 09-May-94 23,900 11.7500 11.2500 11.5000 26-Apr-94 35,700 11.5000 11.2500 11.5000 15-Feb-94 22,800 11.5000 11.0000 11.5000 09-Feb-94 12,600 11.5000 11.2500 11.5000 03-Feb-94 22,700 12.0000 11.5000 11.5000 02-Feb-94 16,300 12.0000 11.5000 11.5000 27-Jan-94 42,500 11.7500 11.5000 11.5000 26-Jan-94 24,100 11.7500 11.2500 11.5000 25-Jan-94 23,500 11.7500 11.2500 11.5000 24-Jan-94 19,500 11.7500 11.5000 11.5000 21-Jan-94 24,600 11.7500 11.5000 11.5000 14-Jan-94 9,200 12.0000 11.5000 11.5000 13-Jan-94 19,600 12.0000 11.5000 11.5000 10-Jan-94 18,400 12.0000 11.5000 11.5000 06-Jan-94 42,900 12.0000 11.5000 11.5000 09-Nov-93 14,700 11.5000 10.7500 11.5000 28-Oct-93 64,800 12.0000 11.2500 11.5000 27-Oct-93 68,300 12.0000 11.0000 11.5000 26-Oct-93 22,400 11.5000 10.7500 11.5000 27-Sep-93 47,600 11.7500 11.5000 11.5000 23-Sep-93 32,700 11.5000 11.2500 11.5000 21-Sep-93 54,100 12.0000 11.0000 11.5000 23-Jul-93 37,500 11.7500 11.0000 11.5000 20,015,600 0.281849 06-May-94 11,700 11.7500 11.2500 11.5625 17-Feb-95 47,400 12.0000 11.5000 11.6250 10-Feb-95 24,700 11.7500 11.5000 11.6250 13-Jan-95 103,900 11.8750 10.8750 11.6250 14-Jun-94 24,500 12.0000 11.5000 11.6250 31-Jan-94 10,800 11.7500 11.2500 11.6250 16-Feb-95 35,400 12.0000 11.5000 11.6875 13-Feb-95 70,200 12.0000 11.5000 11.7500 09-Feb-95 33,600 11.8750 11.5000 11.7500 08-Feb-95 21,600 11.8750 11.5000 11.7500 07-Feb-95 30,400 12.0000 11.1250 11.7500 03-Feb-95 18,700 11.8750 11.3750 11.7500 02-Feb-95 34,800 11.7500 11.1250 11.7500 10-May-94 16,300 11.7500 11.2500 11.7500 05-May-94 28,700 11.7500 11.2500 11.7500 04-May-94 14,900 11.7500 11.2500 11.7500 03-May-94 32,600 11.7500 11.2500 11.7500 02-May-94 61,700 11.7500 11.2500 11.7500 16-Feb-94 54,600 11.7500 11.0000 11.7500 04-Feb-94 17,900 12.0000 11.5000 11.7500 01-Feb-94 44,700 11.7500 11.2500 11.7500 28-Jan-94 22,500 11.7500 11.2500 11.7500 20-Jan-94 52,900 11.7500 11.0000 11.7500 18-Jan-94 20,300 12.0000 11.2500 11.7500 15-Oct-93 9,400 12.2500 11.7500 11.7500 13-Oct-93 193,200 12.5000 11.7500 11.7500 24-Sep-93 56,200 11.7500 11.0000 11.7500 20-Sep-93 10,400 12.0000 11.5000 11.7500 26-Jul-93 65,300 12.0000 11.5000 11.7500 07-Jan-94 33,800 12.0000 11.5000 11.8750 17-Sep-93 30,700 12.0000 11.5000 11.8750 20-Jul-93 30,300 12.2500 11.7500 11.8750 16-Jul-93 25,600 12.2500 11.7500 11.8750 07-Dec-95 51,500 12.2500 11.7500 12.0000 15-Feb-95 13,700 12.0000 11.5000 12.0000 17-Jan-94 21,100 12.0000 11.5000 12.0000 12-Jan-94 9,400 12.0000 11.5000 12.0000 11-Jan-94 13,500 12.0000 11.5000 12.0000 05-Jan-94 54,800 12.0000 11.2500 12.0000 20-Oct-93 43,000 12.0000 11.5000 12.0000 19-Oct-93 34,100 12.5000 12.0000 12.0000 14-Oct-93 21,000 12.2500 11.7500 12.0000 06-Dec-95 58,500 12.7500 11.7500 12.1250 27-Jul-93 88,200 12.2500 11.7500 12.1250 11-Dec-95 49,200 12.5000 11.8750 12.2500 08-Dec-95 13,600 12.2500 11.8750 12.2500 12-Oct-93 11,500 12.7500 12.2500 12.2500 11-Oct-93 4,800 12.7500 12.2500 12.2500 16-Sep-93 18,300 12.2500 11.7500 12.2500 15-Sep-93 50,700 12.7500 11.7500 12.2500 14-Sep-93 19,100 12.7500 12.2500 12.2500 16-Aug-93 23,100 12.7500 12.2500 12.2500 13-Aug-93 19,600 12.5000 12.2500 12.2500 12-Aug-93 11,200 12.5000 12.2500 12.2500 11-Aug-93 4,800 12.5000 12.2500 12.2500 10-Aug-93 12,900 12.5000 12.2500 12.2500 05-Aug-93 13,400 12.7500 12.2500 12.2500 21-Jul-93 71,300 12.2500 11.7500 12.2500 19-Jul-93 36,900 12.2500 11.7500 12.2500 05-Dec-95 56,800 13.0000 12.2500 12.5000 01-Dec-95 46,300 13.1250 12.5000 12.5000 27-Nov-95 19,800 13.1250 12.5000 12.5000 14-Nov-95 16,300 12.8750 12.2500 12.5000 09-Nov-95 19,000 13.1250 12.3750 12.5000 21-Sep-95 142,100 13.2500 12.5000 12.5000 18-Oct-93 25,700 12.5000 11.7500 12.5000 07-Oct-93 10,900 13.0000 12.5000 12.5000 06-Oct-93 48,700 13.0000 12.5000 12.5000 13-Sep-93 22,200 13.0000 12.5000 12.5000 10-Sep-93 11,900 13.0000 12.5000 12.5000 09-Sep-93 36,600 13.5000 12.5000 12.5000 18-Aug-93 336,000 13.2500 12.5000 12.5000 09-Aug-93 15,900 12.5000 12.0000 12.5000 04-Aug-93 26,000 12.7500 12.2500 12.5000 03-Aug-93 55,400 12.7500 12.5000 12.5000 02-Aug-93 52,200 12.7500 12.5000 12.5000 28-Jul-93 81,900 12.5000 12.2500 12.5000 16-Nov-95 14,000 12.6250 12.2500 12.6250 15-Nov-95 8,700 12.7500 12.2500 12.6250 05-Oct-93 45,900 13.2500 12.5000 12.6250 04-Dec-95 29,400 13.0000 12.5000 12.7500 17-Nov-95 8,000 12.7500 12.2500 12.7500 27-Oct-95 33,300 13.2500 12.7500 12.7500 08-Oct-93 12,300 13.0000 12.2500 12.7500 04-Oct-93 197,600 13.2500 12.7500 12.7500 30-Sep-93 73,300 13.0000 11.2500 12.7500 06-Aug-93 54,000 12.7500 12.2500 12.7500 30-Jul-93 53,000 12.7500 12.2500 12.7500 29-Jul-93 29,100 12.7500 12.2500 12.7500 24-Nov-95 2,900 13.1250 12.8750 12.8750 21-Nov-95 26,600 13.2500 12.8750 12.8750 08-Nov-95 29,800 13.1250 12.8750 12.8750 03-Nov-95 13,200 13.3750 12.7500 12.8750 25-Oct-95 93,000 13.7500 12.6250 12.8750 09-Oct-95 67,900 13.5000 12.8750 12.8750 25-Sep-95 61,300 13.5000 12.5000 12.8750 22-Nov-95 13,000 13.2500 12.8750 13.0000 20-Nov-95 55,400 13.2500 12.5000 13.0000 13-Nov-95 8,500 13.0000 12.5000 13.0000 10-Nov-95 16,500 13.0000 12.5000 13.0000 07-Nov-95 19,200 13.2500 12.7500 13.0000 02-Nov-95 9,700 13.3750 12.7500 13.0000 10-Oct-95 81,000 13.0000 12.7500 13.0000 22-Sep-95 45,400 13.0000 12.5000 13.0000 20-Sep-95 279,700 13.7500 12.7500 13.0000 08-Sep-93 34,100 13.5000 12.7500 13.0000 02-Sep-93 8,300 13.5000 13.0000 13.0000 01-Sep-93 18,100 13.5000 13.0000 13.0000 30-Aug-93 32,000 13.5000 13.0000 13.0000 27-Aug-93 16,900 13.5000 13.0000 13.0000 24-Aug-93 26,500 13.2500 12.7500 13.0000 23-Aug-93 47,800 13.2500 12.5000 13.0000 20-Aug-93 26,800 13.2500 12.7500 13.0000 17-Aug-93 177,800 13.0000 12.5000 13.0000 30-Nov-95 11,200 13.1250 12.7500 13.1250 29-Nov-95 8,300 13.1250 12.7500 13.1250 28-Nov-95 11,600 13.1250 12.5000 13.1250 01-Nov-95 18,000 13.3750 12.7500 13.1250 30-Oct-95 54,600 13.2500 12.7500 13.1250 17-Oct-95 23,500 13.6250 13.1250 13.1250 16-Oct-95 31,400 13.5000 13.1250 13.1250 13-Oct-95 10,100 13.5000 13.1250 13.1250 07-Sep-93 47,500 13.5000 13.0000 13.1250 19-Aug-93 39,500 13.2500 12.5000 13.1250 06-Nov-95 29,500 13.2500 12.8750 13.2500 26-Oct-95 46,800 13.2500 12.7500 13.2500 19-Oct-95 14,900 13.7500 13.1250 13.2500 19-Sep-95 560,900 13.6250 11.0000 13.2500 01-Oct-93 36,800 13.2500 12.7500 13.2500 31-Aug-93 60,500 13.5000 13.0000 13.2500 26-Aug-93 46,300 13.5000 12.7500 13.2500 25-Aug-93 29,800 13.2500 12.7500 13.2500 12-Dec-95 166,200 13.7500 12.2500 13.3750 31-Oct-95 6,400 13.3750 12.7500 13.3750 18-Oct-95 37,900 13.7500 13.1250 13.3750 11-Oct-95 67,600 13.5000 13.0000 13.3750 06-Oct-95 30,100 13.6250 13.3750 13.3750 12-Jul-96 22,000 14.0000 13.1250 13.5000 15-Dec-95 50,000 14.0000 13.5000 13.5000 24-Oct-95 21,500 14.0000 13.5000 13.5000 23-Oct-95 19,800 14.0000 13.5000 13.5000 12-Oct-95 54,100 13.5000 13.1250 13.5000 05-Oct-95 100,600 13.6250 13.3750 13.5000 04-Oct-95 54,600 13.7500 13.5000 13.5000 03-Sep-93 8,300 13.5000 13.0000 13.5000 03-Oct-95 118,600 13.8750 13.5000 13.6250 27-Sep-95 137,700 14.0000 13.3750 13.6250 11-Jul-96 29,300 14.2500 13.2500 13.7500 14-Dec-95 99,100 14.1250 13.5000 13.7500 29-Sep-95 33,700 14.0000 13.6250 13.7500 13-Dec-95 59,200 14.0000 13.2500 13.8125 21-Dec-95 96,800 14.2500 13.8750 13.8750 20-Dec-95 107,500 14.5000 13.8750 13.8750 18-Dec-95 68,900 14.0000 13.5000 13.8750 02-Oct-95 78,000 14.2500 13.5000 13.8750 17-Sep-96 27,000 14.5000 14.0000 14.0000 16-Sep-96 127,600 14.2500 13.7500 14.0000 12-Sep-96 71,700 15.5000 13.7500 14.0000 10-Jul-96 85,400 14.7500 13.0000 14.0000 28-Sep-95 58,400 14.0000 13.6250 14.0000 26-Sep-95 179,200 14.0000 13.3750 14.0000 20-Oct-95 104,900 14.1250 13.2500 14.1250 22-Oct-96 9,500 14.5000 14.2500 14.2500 21-Oct-96 29,400 14.5000 14.2500 14.2500 18-Oct-96 20,200 14.5000 14.2500 14.2500 16-Oct-96 84,600 14.5000 14.2500 14.2500 15-Oct-96 23,700 14.5000 14.2500 14.2500 14-Oct-96 33,800 14.5000 14.2500 14.2500 11-Oct-96 96,500 14.5000 14.2500 14.2500 09-Oct-96 147,600 14.7500 14.0000 14.2500 04-Oct-96 18,500 15.0000 14.2500 14.2500 03-Oct-96 1,600 15.0000 14.2500 14.2500 30-Sep-96 23,200 15.0000 14.2500 14.2500 23-Sep-96 21,300 14.7500 14.2500 14.2500 20-Sep-96 13,100 14.7500 14.2500 14.2500 18-Sep-96 95,600 14.7500 14.0000 14.2500 13-Sep-96 40,000 14.7500 13.7500 14.2500 15-Jul-96 101,600 14.6250 13.7500 14.2500 08-Jan-96 63,800 14.6250 13.6250 14.2500 19-Dec-95 110,000 14.5000 13.8750 14.2500 10-Oct-96 29,500 14.5000 14.2500 14.3750 08-Oct-96 28,000 14.7500 14.2500 14.3750 17-Oct-96 14,000 14.5000 14.2500 14.4750 27-Sep-96 13,100 15.0000 14.2500 14.5000 25-Sep-96 20,400 14.7500 14.2500 14.5000 24-Sep-96 27,900 14.5000 14.2500 14.5000 19-Sep-96 9,600 14.7500 14.2500 14.5000 10-Jan-96 37,900 14.7500 14.5000 14.5000 9,170,300 0.41098 24-Oct-96 160,600 15.5000 14.5000 14.7500 23-Oct-96 96,100 15.5000 14.2500 14.7500 07-Oct-96 61,700 14.7500 14.2500 14.7500 09-Aug-96 13,300 15.5000 14.3750 14.7500 06-Aug-96 17,800 15.5000 14.7500 14.7500 08-Jul-96 36,800 14.7500 14.2500 14.7500 05-Jul-96 73,800 15.2500 14.5000 14.7500 03-Jul-96 78,600 15.6250 14.6250 14.7500 09-Jan-96 74,400 14.7500 14.0000 14.7500 05-Jan-96 66,600 15.5000 14.7500 14.7500 07-Aug-96 21,500 15.0000 14.7500 14.8750 25-Jul-96 28,200 15.2500 14.7500 14.8750 09-Jul-96 16,900 15.0000 14.6250 14.8750 01-Jul-96 12,900 15.2500 14.8750 14.8750 02-Oct-96 21,700 15.0000 14.2500 15.0000 01-Oct-96 34,100 15.0000 14.2500 15.0000 26-Sep-96 233,600 15.0000 14.2500 15.0000 11-Sep-96 24,600 15.8750 15.0000 15.0000 08-Aug-96 29,400 15.0000 14.2500 15.0000 23-Jul-96 50,000 15.5000 15.0000 15.0000 17-Jul-96 29,800 15.8750 15.0000 15.0000 16-Jul-96 51,400 15.0000 14.0000 15.0000 02-Jul-96 14,800 15.5000 15.0000 15.0000 28-Jun-96 26,100 15.6250 14.8750 15.0000 22-Dec-95 126,600 15.0000 13.8750 15.0000 29-Jul-96 15,600 15.2500 15.0000 15.1250 24-Jul-96 60,600 15.1250 14.7500 15.1250 27-Jun-96 11,200 15.5000 15.0000 15.1250 26-Jun-96 6,000 17.0000 14.8750 15.1250 05-Aug-96 15,700 16.2500 15.2500 15.2500 26-Jul-96 38,300 15.2500 14.8750 15.2500 30-Jan-96 13,400 15.7500 15.2500 15.2500 31-Jul-96 24,200 16.0000 15.3750 15.3750 04-Jan-96 83,600 16.3750 15.0000 15.3750 26-Dec-95 88,500 15.7500 14.8750 15.3750 28-Oct-96 42,100 15.5000 15.0000 15.5000 25-Oct-96 73,800 15.5000 14.7500 15.5000 12-Aug-96 700 15.5000 14.7500 15.5000 22-Jul-96 29,500 15.5000 15.0000 15.5000 19-Jul-96 19,900 16.0000 15.2500 15.5000 18-Jul-96 11,200 15.7500 15.0000 15.5000 27-Dec-95 36,200 15.7500 15.2500 15.5000 30-Oct-96 38,300 15.7500 15.5000 15.6250 02-Aug-96 11,700 16.2500 15.6250 15.6250 29-Jan-96 20,000 16.2500 15.5000 15.6250 08-Nov-96 9,700 16.5000 15.7500 15.7500 05-Nov-96 6,600 16.0000 15.5000 15.7500 01-Nov-96 79,700 16.5000 15.5000 15.7500 29-Oct-96 51,500 16.0000 14.7500 15.7500 10-Sep-96 5,300 16.0000 15.5000 15.7500 29-Aug-96 43,200 16.6250 15.7500 15.7500 27-Aug-96 17,000 16.5000 15.5000 15.7500 26-Aug-96 21,400 16.5000 15.7500 15.7500 13-Aug-96 31,500 15.7500 14.7500 15.7500 30-Jul-96 62,100 15.7500 15.0000 15.7500 26-Jan-96 21,100 16.2500 15.7500 15.7500 23-Jan-96 16,800 16.0000 15.2500 15.7500 22-Jan-96 17,700 15.7500 15.5000 15.7500 19-Jan-96 36,300 15.7500 15.3750 15.7500 18-Jan-96 59,700 16.7500 15.2500 15.7500 03-Sep-96 15,900 16.0000 15.2500 15.8750 25-Jan-96 23,900 16.2500 15.2656 15.8750 15-Jan-96 38,200 16.1250 15.7500 15.8750 30-Aug-96 19,400 16.1250 15.5000 15.9375 06-Nov-96 19,200 16.2500 15.5000 16.0000 04-Nov-96 10,200 16.0000 15.5000 16.0000 31-Oct-96 25,400 16.0000 15.5000 16.0000 09-Sep-96 28,500 16.2500 15.7500 16.0000 23-Aug-96 39,600 16.2500 16.0000 16.0000 22-Aug-96 16,400 16.5000 16.0000 16.0000 21-Aug-96 19,600 16.5000 16.0000 16.0000 01-Aug-96 41,200 16.0000 15.3750 16.0000 03-Apr-96 50,800 17.0000 16.0000 16.0000 06-Feb-96 42,700 16.5000 16.0000 16.0000 24-Jan-96 23,900 16.0000 15.2500 16.0000 12-Jan-96 23,300 16.2500 15.8750 16.0000 03-Jan-96 81,200 16.6250 16.0000 16.0000 10-Apr-96 82,500 16.5000 16.0000 16.1250 28-Mar-96 113,900 16.5000 16.0000 16.1250 11-Jan-96 110,400 16.2500 14.6250 16.1250 28-Dec-95 216,700 16.7500 15.2500 16.1250 22-Nov-96 287,300 16.7500 16.2500 16.2500 21-Nov-96 57,400 17.0000 16.2500 16.2500 07-Nov-96 5,600 16.5000 15.7500 16.2500 06-Sep-96 29,900 16.2500 16.1250 16.2500 05-Sep-96 17,600 16.7500 16.2500 16.2500 14-Aug-96 144,900 16.7500 15.5500 16.2500 09-Apr-96 126,000 17.0000 16.0000 16.2500 26-Mar-96 57,700 16.7500 16.2500 16.2500 20-Mar-96 335,400 19.0000 15.0000 16.2500 07-Feb-96 325,900 16.2500 15.7500 16.2500 02-Feb-96 42,800 16.5000 16.0000 16.2500 01-Feb-96 48,700 16.2500 15.5000 16.2500 31-Jan-96 35,400 16.2500 15.2500 16.2500 11-Nov-96 63,800 16.5000 15.7500 16.3750 25-Jun-96 60,200 17.5000 16.3750 16.3750 02-Jan-96 176,000 17.2500 16.2500 16.3750 20-Aug-96 5,400 16.5000 16.0000 16.4375 10-Feb-98 15,800 16.5000 16.0000 16.5000 09-Feb-98 45,800 16.7500 16.0000 16.5000 04-Feb-98 265,500 17.7500 15.8750 16.5000 19-Nov-96 62,800 17.0000 16.5000 16.5000 14-Nov-96 45,900 17.0000 16.5000 16.5000 13-Nov-96 50,000 17.0000 16.5000 16.5000 12-Nov-96 26,600 17.0000 16.0000 16.5000 04-Sep-96 43,500 16.7500 15.7500 16.5000 12-Apr-96 6,400 17.0000 16.5000 16.5000 27-Mar-96 212,500 16.7500 16.2500 16.5000 21-Mar-96 165,400 16.5000 16.0000 16.5000 05-Feb-96 57,800 16.8750 16.0000 16.5000 28-Aug-96 32,500 16.7500 16.0000 16.5625 06-Feb-98 31,600 17.0000 16.6250 16.6250 02-Apr-96 23,000 17.0000 16.5000 16.6250 17-Jan-96 84,500 16.6250 16.0000 16.6250 16-Jan-96 101,700 17.0000 16.2500 16.6250 02-Dec-96 25,900 17.1250 16.7500 16.7500 29-Nov-96 19,100 17.1250 16.7500 16.7500 27-Nov-96 17,100 17.1250 16.5000 16.7500 26-Nov-96 13,700 17.0000 16.2500 16.7500 25-Nov-96 77,700 16.7500 16.2500 16.7500 20-Nov-96 25,600 17.0000 16.5000 16.7500 18-Nov-96 68,400 17.0000 16.5000 16.7500 19-Aug-96 52,800 17.3750 16.5000 16.7500 03-May-96 51,100 17.0000 16.2500 16.7500 02-May-96 37,000 16.7500 16.0000 16.7500 01-May-96 111,900 17.5000 16.2500 16.7500 11-Apr-96 54,700 16.7500 16.1250 16.7500 08-Feb-96 56,100 16.7500 15.8750 16.7500 05-Feb-98 110,800 17.0000 16.5000 16.8750 15-Apr-96 14,300 17.0000 16.5000 16.8750 27-Feb-98 94,800 17.3750 16.6250 17.0000 03-Dec-96 39,100 17.1250 16.7500 17.0000 15-Nov-96 168,700 17.0000 16.5000 17.0000 16-Aug-96 176,100 17.5000 16.7500 17.0000 17-Apr-96 21,900 17.3750 16.5000 17.0000 16-Apr-96 38,600 17.1250 16.5000 17.0000 08-Apr-96 87,300 17.5000 16.2500 17.0000 04-Apr-96 126,100 17.5000 16.6250 17.0000 25-Mar-96 147,000 17.5000 16.8750 17.0000 29-Dec-95 108,400 17.2500 16.1250 17.0000 02-Mar-98 46,800 17.2500 16.6250 17.1250 24-Jun-96 197,800 18.0000 17.1250 17.1250 19-Jun-96 46,200 17.2500 16.7500 17.1250 01-Apr-96 29,000 17.3750 17.0000 17.1875 26-Feb-98 73,900 17.8125 16.7500 17.2500 20-Jun-96 41,700 17.2500 17.0000 17.2500 18-Jun-96 32,800 17.5000 16.7500 17.2500 06-May-96 56,700 17.2500 16.5000 17.2500 30-Apr-96 138,900 18.0000 17.2500 17.2500 25-Apr-96 58,800 17.7500 17.2500 17.2500 29-Mar-96 67,100 17.2500 16.0000 17.2500 22-Mar-96 124,100 17.5000 16.5000 17.2500 15-Aug-96 72,900 17.3750 16.2500 17.3750 21-Jun-96 73,200 17.5000 16.7500 17.3750 07-Apr-98 67,200 18.1250 17.2500 17.5000 21-Apr-97 9,400 18.3750 17.5000 17.5000 17-Jun-96 42,800 18.0000 17.2500 17.5000 16-May-96 170,500 18.0000 17.2500 17.5000 15-May-96 176,900 18.5000 17.5000 17.5000 29-Apr-96 143,600 18.0000 17.5000 17.5000 26-Apr-96 53,500 17.7500 17.2500 17.5000 24-Apr-96 40,600 18.0000 17.2500 17.5000 19-Apr-96 35,800 17.8750 17.5000 17.5000 09-Feb-96 143,100 17.5000 16.0000 17.5000 1,078,2500 0.562814 08-Apr-98 32,900 18.0000 17.2500 17.6250 06-Jun-96 41,900 18.0000 17.6250 17.6250 29-May-96 37,300 18.0000 17.6250 17.6250 18-Apr-96 130,600 18.2500 17.2500 17.6875 24-Apr-97 61,100 18.2500 17.5000 17.7500 04-Dec-96 49,200 17.5000 16.8750 17.7500 14-Jun-96 18,400 18.1250 17.7500 17.7500 13-Jun-96 8,800 18.1250 17.7500 17.7500 12-Jun-96 45,100 18.5000 17.7500 17.7500 10-Jun-96 27,300 18.0000 17.7500 17.7500 07-Jun-96 45,700 18.0000 17.6250 17.7500 05-Jun-96 30,700 18.2500 17.6250 17.7500 28-May-96 22,900 18.2500 17.7500 17.7500 08-May-96 40,000 18.0000 17.7500 17.7500 07-May-96 90,700 18.2500 17.2500 17.7500 23-Apr-96 177,100 18.1250 17.7500 17.7500 22-Apr-96 66,400 18.0000 17.5000 17.7500 08-Mar-96 98,600 19.0000 17.5000 17.7500 13-Feb-96 75,600 18.2500 17.5000 17.7500 25-Feb-98 95,100 18.3750 17.5000 17.8125 24-May-96 34,900 18.2500 17.8750 17.8750 23-May-96 292,200 18.2500 17.8750 17.8750 22-May-96 25,800 18.2500 17.7500 17.8750 09-May-96 25,000 18.0000 17.7500 17.8750 12-Feb-96 143,300 18.2500 16.7500 17.8750 14-Apr-98 224,100 18.5000 17.5000 18.0000 09-Mar-98 58,900 18.7500 18.0000 18.0000 28-Apr-97 17,600 18.7500 18.0000 18.0000 22-Apr-97 30,100 18.3750 17.5000 18.0000 18-Apr-97 152,900 18.3750 17.7500 18.0000 11-Jun-96 26,200 18.0000 17.7500 18.0000 30-May-96 30,900 18.0000 17.6250 18.0000 21-May-96 146,400 18.0000 17.7500 18.0000 20-May-96 13,600 18.0000 17.6250 18.0000 17-May-96 37,000 18.0000 17.5000 18.0000 10-May-96 82,400 18.5000 17.8750 18.0000 11-Mar-96 184,800 18.0000 16.5000 18.0000 13-Apr-98 32,300 18.2500 17.8750 18.1250 06-Apr-98 36,900 18.2500 18.0000 18.1250 30-Apr-97 15,500 18.3750 17.8750 18.1250 16-Apr-97 47,500 18.2500 17.5000 18.1250 11-Apr-97 33,600 18.5000 17.5000 18.1250 04-Jun-96 11,800 18.2500 17.7500 18.1250 13-May-96 254,100 18.2500 17.8750 18.1250 31-Mar-98 64,300 18.5000 18.0000 18.1875 11-Mar-98 33,600 19.0000 18.1875 18.1875 24-Feb-98 122,600 19.3750 17.6250 18.1875 01-Apr-98 70,100 18.5000 18.0000 18.2188 09-Apr-98 51,200 18.5000 17.6250 18.2500 03-Apr-98 65,100 18.3750 18.0625 18.2500 30-Mar-98 52,600 18.7500 18.0625 18.2500 27-Mar-98 136,100 19.1875 18.0000 18.2500 29-Apr-98 48,800 18.7500 17.7500 18.2500 23-Apr-97 3,400 18.3750 18.0000 18.2500 17-Apr-97 15,300 18.3750 17.5000 18.2500 15-Apr-97 57,400 18.7500 17.6250 18.2500 03-Jun-96 28,200 18.5000 17.7500 18.2500 31-May-96 26,600 18.2500 17.6250 18.2500 12-Mar-98 13,500 18.5000 18.2500 18.3125 02-Apr-98 30,700 18.3750 18.0625 18.3750 12-Jan-98 22,300 19.0000 18.3750 18.3750 29-Dec-97 17,300 18.7500 18.1250 18.3750 16-Mar-98 13,100 18.7500 18.0000 18.5000 13-Mar-98 13,300 18.5000 18.0000 18.5000 26-Dec-97 5,600 19.2500 18.5000 18.5000 04-Mar-98 60,600 19.1250 18.1250 18.6250 12-Feb-98 133,800 20.9375 18.1250 18.6250 22-Dec-97 12,700 19.5000 18.6250 18.6250 14-May-96 123,600 18.7500 18.1250 18.6250 20-Feb-96 88,900 19.2500 18.2500 18.6250 18-Mar-98 28,900 19.0000 18.5000 18.7500 10-Mar-98 39,400 19.0000 18.0000 18.7500 06-Mar-98 60,500 19.2500 18.5000 18.7500 27-Jan-98 3,200 19.1250 18.7500 18.7500 15-Jan-98 33,100 19.0625 18.7500 18.7500 31-Dec-97 14,700 19.3750 18.5000 18.7500 24-Dec-97 6,000 18.8750 18.6250 18.7500 01-May-97 25,900 18.7500 18.0000 18.7500 25-Apr-97 9,400 18.7500 18.0000 18.7500 14-Apr-97 54,600 19.0000 18.2500 18.7500 09-Apr-97 434,600 19.1250 17.7500 18.7500 13-Mar-96 56,700 18.7500 18.2500 18.7500 12-Mar-96 99,700 18.7500 17.6250 18.7500 26-Feb-96 16,700 19.2500 18.5000 18.7500 19-Mar-98 11,600 19.0000 18.6250 18.7813 20-Apr-98 17,000 19.3750 18.7500 18.8750 05-Mar-98 70,000 19.0000 18.5000 18.8750 03-Mar-98 227,400 19.1250 17.0625 18.8750 23-Jan-98 39,200 19.5000 18.6250 18.8750 14-Jan-98 14,200 20.0000 18.8750 18.8750 30-Dec-97 37,600 19.2500 18.3750 18.8750 10-Apr-97 178,600 18.8750 18.0000 18.8750 05-Dec-96 169,200 19.2500 17.5000 18.8750 05-Mar-96 122,300 19.2500 18.7500 18.8750 21-Feb-96 70,000 19.0000 18.2500 18.8750 14-Feb-96 147,800 19.2500 17.7500 18.8750 23-Dec-97 6,800 19.5000 18.6250 18.9375 03-Apr-97 115,400 21.5000 18.2500 18.9375 17-Apr-98 10,200 19.4375 19.0000 19.0000 15-Apr-98 93,900 19.0000 17.5000 19.0000 17-Mar-98 67,800 19.0000 18.2500 19.0000 22-Jan-98 16,800 19.5000 18.8750 19.0000 06-Dec-96 72,900 19.0000 17.7500 19.0000 07-Mar-96 19,000 19.2500 18.7500 19.0000 06-Mar-96 29,800 19.2500 18.7500 19.0000 04-Mar-96 73,500 20.0000 19.0000 19.0000 27-Feb-96 22,600 19.5000 18.7500 19.0000 26-Jan-98 15,700 19.5000 18.5000 19.1250 09-Jan-98 47,600 19.5000 19.0000 19.1250 02-Jan-98 10,800 19.1250 18.5000 19.1250 19-Dec-97 9,000 19.5000 19.0000 19.1250 18-Dec-97 42,300 20.0000 19.1250 19.1250 27-Jun-97 21,700 19.9375 18.8750 19.1250 08-Apr-97 62,500 19.7500 18.5000 19.1250 15-Mar-96 54,700 19.3750 18.5000 19.1250 28-Feb-96 58,300 19.3750 18.7500 19.1250 16-Apr-98 59,200 19.7500 18.8750 19.2500 23-Feb-98 142,400 20.5000 18.5000 19.2500 21-Jan-98 71,700 20.2500 18.7500 19.2500 08-Jan-98 18,600 19.7500 18.8750 19.2500 04-Apr-97 157,900 19.7500 18.0000 19.2500 19-Mar-96 22,900 19.5000 18.7500 19.2500 14-Mar-96 29,100 19.2500 18.5000 19.2500 01-Mar-96 141,100 19.5000 18.7500 19.2500 23-Feb-96 92,300 19.5000 18.5000 19.2500 16-Feb-96 57,800 19.2500 18.7500 19.2500 15-Feb-96 75,500 19.2500 18.7500 19.2500 10-Dec-97 46,100 19.5000 19.2500 19.3750 08-Dec-97 25,300 20.0000 19.3750 19.3750 07-Apr-97 135,100 19.7500 19.0000 19.3750 03-Dec-97 4,900 19.6250 19.2500 19.4375 22-Feb-96 62,000 19.4375 18.5000 19.4375 21-Apr-98 38,900 19.6250 18.7500 19.5000 26-Mar-98 24,100 19.7500 19.2500 19.5000 11-Feb-98 113,400 19.9375 16.0000 19.5000 17-Dec-97 16,900 20.0000 19.2500 19.5000 04-Dec-97 36,500 19.8750 19.1250 19.5000 02-Dec-97 25,800 19.7500 19.5000 19.5000 28-Nov-97 3,600 19.7500 19.5000 19.5000 26-Nov-97 38,600 20.0000 19.5000 19.5000 19-Nov-97 13,000 20.1250 19.5000 19.5000 26-Jun-97 42,100 20.2500 19.5000 19.5000 18-Mar-96 247,400 19.5000 18.7500 19.5000 29-Feb-96 45,300 19.5000 19.0000 19.5000 27-Apr-98 32,700 19.7500 19.0000 19.5625 20-Nov-97 19,900 19.8750 19.5625 19.5625 25-Mar-98 25,800 20.0000 19.2500 19.6250 15-Dec-97 28,000 19.7500 19.2500 19.6250 11-Dec-97 23,400 19.7500 19.2500 19.6250 01-Dec-97 19,200 19.8750 19.5000 19.6250 24-Nov-97 38,700 20.0000 19.3750 19.6250 30-Jun-9 35,000 19.6250 18.7500 19.6250 24-Mar-9 43,200 20.2500 19.5000 19.6875 09-Dec-9 17,500 19.7500 19.3750 19.6875 29-Apr-9 27,700 20.3750 19.7500 19.7500 23-Mar-9 93,400 21.0000 19.2500 19.7500 03-Feb-98 26,800 20.8750 19.3125 19.7500 13-Jan-98 71,600 20.0000 18.1250 19.7500 16-Dec-97 11,800 20.0000 19.7500 19.7500 12-Dec-97 19,100 19.7500 19.2500 19.7500 13-Nov-97 19,000 20.0000 19.5000 19.7500 25-Jun-97 11,000 20.0000 19.7500 19.7500 09-Dec-96 90,700 20.0000 18.7500 19.7500 28-Apr-98 42,600 20.2500 19.3750 19.8750 05-Dec-97 35,300 19.8750 19.0000 19.8750 21-Nov-97 7,000 19.8750 19.5000 19.8750 18-Nov-97 17,500 20.1250 19.5000 19.8750 14-Nov-97 4,100 20.3750 19.6250 19.9375 24-Apr-98 36,200 20.5000 19.8750 20.0000 23-Apr-98 45,800 20.7500 19.8750 20.0000 20-Feb-98 100,400 21.2500 20.0000 20.0000 25-Nov-97 13,500 20.0000 19.5000 20.0000 17-Nov-97 10,400 20.5000 19.6250 20.0000 24-Jun-97 16,500 20.5000 19.8125 20.0000 23-Jun-97 16,900 20.5000 20.0000 20.0000 20-Jun-97 58,100 20.8125 20.0000 20.0000 22-Apr-98 86,400 20.3750 19.8750 20.1250 27-Oct-97 34,700 20.7500 20.1250 20.1250 20-Mar-98 122,800 20.6250 18.6250 20.2500 20-Jan-98 32,400 21.8750 19.7500 20.2500 12-Nov-97 13,700 20.3750 20.0000 20.2500 23-Oct-97 59,100 21.0000 19.7500 20.2500 01-Jul-97 20,800 20.2500 19.5000 20.2500 29-Jan-98 21,600 21.1250 19.7500 20.3750 18-Jun-97 28,880 21.1250 20.2500 20.3750 11-Nov-97 15,000 21.0000 20.2500 20.4375 30-Apr-98 73,300 20.5000 19.7500 20.5000 28-Jan-98 51,800 21.3750 19.1250 20.5000 07-Jan-98 12,700 21.0000 19.8750 20.5000 05-Nov-97 16,200 20.8750 20.1250 20.5000 10,739,100 0.714036 13-Feb-98 409,900 21.5000 20.0000 20.6250 30-Jan-98 9,100 20.8750 19.7500 20.6250 02-Feb-98 31,700 21.5000 20.1250 20.7500 05-Jan-98 42,700 20.7500 18.7500 20.7500 07-Nov-97 17,800 20.7500 20.0000 20.7500 30-Oct-97 5,100 21.0000 20.5000 20.7500 28-Oct-97 50,800 21.0000 19.5000 20.7500 24-Oct-97 244,000 20.7500 20.0000 20.7500 19-Jun-97 23,400 20.7500 20.2500 20.7500 10-Nov-97 25,400 21.0000 20.2500 20.8750 06-Nov-97 11,600 20.8750 20.0000 20.8750 04-Nov-97 41,900 23.1250 20.8750 20.8750 17-Jun-98 316,800 24.1250 21.0000 21.0000 19-Feb-98 108,500 22.0000 21.6250 21.0000 06-Jan-98 13,500 21.0000 20.2500 21.0000 29-Oct-97 60,500 21.2500 20.5000 21.0000 02-May-97 93,700 21.1250 19.1250 21.1250 31-Oct-97 6,900 21.5000 21.0000 21.2500 17-Jun-97 53,100 22.5000 21.0000 21.2500 21-May-97 3,500 21.7500 21.2500 21.2500 17-Dec-96 69,700 22.5000 21.0000 21.2500 07-May-97 36,700 22.0000 21.2500 21.3750 18-Feb-98 91,200 22.5000 21.5000 21.5000 22-Jul-97 77,500 22.1250 21.5000 21.5000 13-May-97 31,800 22.2500 21.5000 21.5000 08-May-97 107,700 22.0000 21.5000 21.5000 31-Dec-96 32,900 21.6250 21.0000 21.5000 20-Dec-96 30,300 22.2500 21.5000 21.5000 18-Dec-96 302,800 22.0000 20.0000 21.5000 14-May-97 8,100 21.7500 21.3750 21.5625 24-Dec-96 19,200 21.7500 21.5000 21.5625 02-Jul-97 54,800 21.7500 20.5000 21.6250 23-Dec-96 27,900 21.7500 21.5000 21.6250 20-May-97 19,200 22.1250 21.5000 21.6875 16-Jan-98 44,900 21.7500 18.7500 21.7500 22-Oct-97 38,000 22.7500 21.7500 21.7500 19-May-97 12,700 22.1250 21.7500 21.7500 02-Apr-97 36,100 23.0000 21.5000 21.7500 08-Jan-97 69,900 22.7500 21.0000 21.7500 02-Jan-97 50,200 22.0000 21.0000 21.7500 30-Dec-96 38,400 21.7500 21.5000 21.7500 27-Dec-96 21,000 21.7500 21.5000 21.7500 26-Dec-96 10,400 21.7500 21.5000 21.7500 23-Jul-97 321,200 22.2500 21.2500 21.9375 04-Aug-97 7,800 22.2500 22.0000 22.0000 03-Jul-97 22,700 22.0000 21.5000 22.0000 22-May-97 48,300 22.2500 20.8750 22.0000 16-May-97 27,800 22.3750 21.6250 22.0000 12-May-97 13,500 22.2500 21.8750 22.0000 09-May-97 129,300 22.2500 22.0000 22.0000 19-Dec-96 163,900 23.2500 21.5000 22.0000 01-Aug-97 50,200 22.5000 22.0000 22.1250 15-May-97 41,100 22.2500 21.2500 22.1250 06-May-97 84,300 23.1250 21.7500 22.1250 05-May-98 143,800 22.6250 22.1875 22.2500 21-Jul-97 30,100 23.0000 22.0000 22.2500 23-May-97 36,900 22.6250 21.7500 22.2500 09-Jan-97 49,800 22.7500 21.2500 22.2500 10-Dec-96 657,900 23.3750 19.2500 22.2500 31-Jul-97 82,200 22.7500 22.2500 22.4375 17-Feb-98 255,500 22.5000 20.3750 22.5000 30-Jul-97 18,600 22.7500 22.4375 22.5000 24-Jul-97 41,200 22.6250 21.7500 22.5000 07-Jan-97 40,900 23.2500 22.2500 22.5000 16-Dec-96 400,700 24.7500 22.2500 22.5000 29-Jul-97 22,100 22.7500 22.2500 22.5625 28-Jul-97 63,500 23.2500 22.2500 22.5625 04-May-98 387,300 23.1250 22.6250 22.6250 03-Nov-97 26,100 22.8750 21.0000 22.6250 06-Aug-97 13,900 22.7500 22.2500 22.6250 05-Aug-97 13,500 22.6250 22.0000 22.6250 25-Jul-97 53,900 23.1250 22.1250 22.6250 05-Jun-97 60,100 22.8750 22.2500 22.6250 12-Jun-98 206,800 23.8750 22.7500 22.7500 07-Jul-97 60,500 23.3750 21.5000 22.7500 16-Jun-97 33,700 23.0000 22.5000 22.7500 13-Jun-97 31,400 23.2500 22.5000 22.7500 06-Jun-97 32,600 22.8125 22.6250 22.7500 05-May-97 163,000 24.1250 21.0000 22.7500 12-Aug-97 152,000 23.6250 22.6250 22.7813 01-May-98 532,500 23.2500 21.5000 22.8125 09-Jun-97 159,700 23.1250 22.7500 22.8125 10-Jun-97 182,900 23.2500 22.7500 22.8750 27-May-97 35,700 23.0000 21.8750 22.8750 12-Dec-96 175,900 23.5000 22.0000 22.8750 17-Oct-97 10,800 23.5000 22.7500 22.9375 29-Jun-98 48,400 23.5000 23.0000 23.0000 06-May-98 307,000 25.2500 22.1875 23.0000 21-Oct-97 20,000 23.0000 22.7500 23.0000 20-Oct-97 30,900 23.5000 22.8750 23.0000 24-Sep-97 9,000 23.5000 22.7500 23.0000 18-Jul-97 31,300 23.6250 22.5000 23.0000 12-Jun-97 24,300 23.5000 23.0000 23.0000 28-May-97 194,600 23.2500 22.6250 23.0000 13-Jan-97 100,500 24.5000 22.8750 23.0000 06-Jan-97 63,900 24.0000 22.2500 23.0000 11-Dec-96 405,800 24.2500 21.2500 23.0000 23-Sep-97 40,900 23.2500 22.7500 23.0625 15-Jun-98 110,100 23.5000 22.6250 23.1250 02-Jun-98 43,400 23.5625 23.0000 23.1250 16-Oct-97 48,600 23.3750 23.1250 23.1250 10-Oct-97 8,500 23.7500 23.0000 23.1250 09-Oct-97 5,000 23.2500 23.1250 23.1250 11-Jun-97 185,500 23.2500 22.7500 23.1250 07-May-98 88,700 23.2500 22.5000 23.1875 01-Oct-97 29,700 23.6250 23.1250 23.1875 19-Sep-97 34,200 23.8125 22.8750 23.1875 26-Jun-98 65,300 24.0000 22.8750 23.2500 18-Jun-98 127,100 23.3750 21.8750 23.2500 15-Oct-97 17,900 23.2500 23.0000 23.2500 08-Oct-97 7,400 24.0000 23.2500 23.2500 03-Oct-97 11,100 23.6250 23.2500 23.2500 13-Aug-97 55,400 23.6250 23.0000 23.2500 15-Jul-97 66,900 23.5000 23.0000 23.2500 10-Jul-97 67,600 23.5000 23.2500 23.2500 04-Jun-97 67,100 25.0000 23.2500 23.2500 31-Mar-97 43,000 24.7500 23.2500 23.2500 14-Jan-97 61,400 23.6250 22.7500 23.2500 22-Jun-98 131,900 24.0000 23.2500 23.3750 01-Jun-98 24,500 23.7500 23.0000 23.3750 14-Oct-97 21,600 23.3750 23.1250 23.3750 29-Sep-97 19,700 24.3750 23.0000 23.3750 11-Jul-97 190,200 23.7500 23.2500 23.3750 28-May-98 55,700 23.6250 22.8750 23.4375 09-Jul-98 67,100 23.8750 23.2500 23.5000 03-Jun-98 26,300 23.5000 23.1250 23.5000 30-Sep-97 9,500 23.5000 22.8750 23.5000 25-Sep-97 10,100 23.5000 23.0000 23.5000 22-Aug-97 79,500 23.9375 23.1250 23.5000 14-Jul-97 136,200 23.7500 23.2500 23.5000 30-May-97 13,800 23.5000 23.0000 23.5000 29-May-97 19,700 23.5000 22.7500 23.5000 01-Apr-97 6,500 23.5000 23.0000 23.5000 11,119,700 0.870618 19-Jun-98 59,400 23.7500 22.9375 23.5625 08-May-98 52,300 23.6250 22.7500 23.5625 07-Oct-97 9,500 24.0000 23.3750 23.5625 17-Jul-97 52,300 23.7500 23.1250 23.5625 02-Jun-97 22,700 23.6250 23.0000 23.5938 08-Jul-98 111,500 24.0000 23.0000 23.6250 29-May-98 39,800 23.6250 23.2500 23.6250 15-May-98 53,400 23.8750 23.5000 23.6250 13-Oct-97 9,700 23.6250 23.1250 23.6250 02-Oct-97 1,300 23.6250 23.1250 23.6250 22-Sep-97 6,200 23.6250 23.0000 23.6250 11-Aug-97 167,200 24.8750 23.3750 23.6250 13-Jul-98 11,200 24.2500 23.5000 23.6875 23-Jun-98 105,800 23.6875 23.0000 23.6875 27-May-98 19,300 23.7500 23.0000 23.6875 20-May-98 16,300 24.0000 23.5625 23.6875 25-Jun-98 145,200 25.0000 23.7500 23.7500 26-May-98 70,900 24.6250 23.7500 23.7500 06-Oct-97 8,600 23.8750 23.1250 23.7500 15-Sep-97 11,000 23.8125 23.7500 23.7500 21-Aug-97 51,200 24.0000 23.7500 23.7500 09-Jul-97 56,700 24.0000 23.2500 23.7500 10-Jan-97 251,400 24.5000 21.5000 23.7500 18-May-98 70,600 23.8750 23.5000 23.7813 14-May-98 105,800 24.2500 23.5000 23.8125 19-May-98 14,400 23.8750 23.6250 23.8438 07-Jul-98 146,300 24.0000 23.7500 23.8750 02-Jul-98 152,200 24.3750 23.7500 23.8750 11-Sep-97 21,500 24.1250 23.8750 23.8750 16-Jul-97 224,100 23.8750 22.6875 23.8750 24-Jun-98 118,400 24.0000 23.2500 23.9375 10-Jun-98 26,700 24.5000 23.6250 23.9375 18-Sep-97 153,300 25.0000 23.3750 23.9375 12-Sep-97 6,900 24.1250 23.7500 23.9375 06-Jul-98 67,300 24.1250 23.5000 24.0000 01-Jul-98 64,300 24.3125 23.8750 24.0000 11-Jun-98 11,900 24.1250 23.7500 24.0000 11-May-98 181,000 24.5000 23.0000 24.0000 10-Sep-97 13,300 24.7500 24.0000 24.0000 27-Aug-97 15,500 24.5000 24.0000 24.0000 20-Aug-97 38,400 24.2500 23.8750 24.0000 19-Aug-97 34,200 24.5000 23.7500 24.0000 15-Aug-97 22,700 24.2500 23.6250 24.0000 08-Jul-97 181,500 24.0000 20.8750 24.0000 29-Jan-97 30,800 24.7500 24.0000 24.0000 28-Jan-97 44,100 24.5000 23.7500 24.0000 27-Jan-97 151,000 25.0000 23.7500 24.0000 03-Jan-97 172,900 24.2500 21.5000 24.0000 13-Dec-96 288,900 25.2500 22.0000 24.0000 30-Jun-98 158,300 24.5000 23.1250 24.0313 16-Jun-98 35,400 24.2500 23.1250 24.0625 21-May-98 45,100 24.2500 23.5000 24.0625 10-Jul-98 50,700 24.2500 23.5000 24.1250 13-May-98 122,000 24.5000 23.6250 24.1250 12-May-98 129,400 24.2500 23.6875 24.1250 26-Sep-97 24,900 24.1250 23.0000 24.1250 14-Jul-98 65,600 24.3750 23.6875 24.1875 15-Jul-98 26,500 24.5000 24.2500 24.2500 08-Jun-98 17,500 24.4375 24.0000 24.2500 22-May-98 53,800 24.2500 23.8125 24.2500 26-Aug-97 29,800 24.5000 24.0000 24.2500 25-Aug-97 60,400 24.5000 23.3750 24.2500 18-Aug-97 40,600 24.2500 23.7500 24.2500 14-Aug-97 62,800 24.2500 23.1875 24.2500 09-Jun-98 62,700 24.3750 23.3750 24.3750 08-Sep-97 12,300 25.0000 24.3750 24.3750 28-Aug-97 9,800 24.5000 24.0000 24.3750 05-Sep-97 9,100 25.0000 24.5000 24.5000 04-Sep-97 10,900 25.0000 24.5000 24.5000 07-Aug-97 304,500 24.5000 22.3750 24.5000 03-Jun-97 64,600 25.0000 23.5625 24.5000 05-Jun-98 68,500 25.0000 24.2500 24.6250 08-Aug-97 85,100 25.0000 23.7500 24.6250 24-Jan-97 53,900 25.5000 24.6250 24.6250 16-Jul-98 70,000 25.0000 24.0000 24.7500 02-Sep-97 22,600 24.8750 24.0000 24.7500 29-Aug-97 27,500 24.7500 23.8750 24.7500 27-Mar-97 65,000 25.2500 24.0000 24.7500 24-Mar-97 52,700 25.7500 24.3750 24.7500 30-Jan-97 104,100 25.0000 23.7500 24.7500 23-Jan-97 34,100 25.7500 24.7500 24.7500 09-Sep-97 16,000 25.0000 24.3750 24.9844 04-Jun-98 63,100 25.0000 23.3750 25.0000 17-Sep-97 18,300 25.5000 24.7500 25.0000 16-Sep-97 93,200 25.3750 23.6250 25.0000 03-Sep-97 15,000 25.0000 24.3750 25.0000 25-Mar-97 27,500 25.1250 24.3750 25.0000 22-Jan-97 111,600 25.7500 24.7500 25.0000 15-Jan-97 173,900 25.5000 23.0000 25.2500 19-Feb-97 21,700 26.2500 25.5000 25.5000 11-Feb-97 35,000 26.2500 25.2500 25.5000 31-Jan-97 137,000 26.3750 24.2500 25.5000 21-Jan-97 42,800 26.2500 25.5000 25.5000 20-Jan-97 75,200 27.2500 25.1250 25.5000 26-Mar-97 34,400 25.6250 24.2500 25.6250 13-Feb-97 93,700 26.1250 25.2500 25.6250 21-Mar-97 37,600 26.7500 25.7500 25.7500 21-Feb-97 32,800 26.7500 25.7500 25.7500 18-Feb-97 12,500 26.0000 25.5000 26.0000 04-Feb-97 32,900 27.5000 26.0000 26.0000 03-Mar-97 7,200 26.1250 25.6250 26.0625 28-Feb-97 40,800 26.5000 25.7500 26.1250 26-Feb-97 27,500 26.6250 26.1250 26.1250 25-Feb-97 41,000 26.5000 26.1250 26.1250 24-Feb-97 39,000 26.6250 25.7500 26.1250 14-Feb-97 19,300 26.1250 25.5000 26.1250 12-Feb-97 32,600 26.1250 25.2500 26.1250 10-Feb-97 16,500 27.0000 26.0000 26.2500 04-Mar-97 42,400 27.0000 25.5000 26.3750 20-Mar-97 37,700 26.7500 26.2500 26.5000 05-Mar-97 120,200 28.0000 26.2500 26.5000 07-Feb-97 105,100 28.5000 26.3750 26.5000 7,274,600 0.973055 20-Feb-97 111,900 27.0000 25.2500 26.6250 18-Mar-97 33,000 27.2500 26.7500 26.7500 06-Mar-97 88,500 28.0000 26.5000 26.7500 11-Mar-97 80,000 28.5000 26.7500 26.8750 19-Mar-97 110,300 27.0000 26.5000 27.0000 17-Mar-97 52,400 27.6250 26.7500 27.0000 13-Mar-97 21,500 27.5000 26.7500 27.0000 07-Mar-97 27,000 27.5000 26.7500 27.0000 27-Feb-97 36,700 27.0000 26.1250 27.0000 12-Mar-97 49,700 28.0000 26.7500 27.1250 14-Mar-97 57,700 28.1250 26.7500 27.2500 03-Feb-97 175,500 27.5000 24.7500 27.2500 17-Jan-97 251,600 29.2500 27.0000 27.7500 06-Feb-97 99,700 29.0000 27.8750 27.8750 10-Mar-97 76,900 28.5000 26.8750 28.0000 05-Feb-97 201,400 28.5000 26.2500 28.2500 16-Jan-97 439,700 29.2500 25.5000 29.1250 1,913,500 1 71,015,300
WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION BACKGROUND OF THE PROPOSED TRANSACTION - -------------------------------------------------------------------------------- TRANSACTION RATIONALE * MARKET FORCES MAKE MYCOGEN STRATEGICALLY IMPORTANT TO DOW * The intellectual property positions of agricultural biotechnology businesses are well-established, possibly foreclosing the opportunity for new entrants or greenfield initiatives * Imminent success of first generation biotech products for corn and soy will likely trigger high valuations, making future collaborations with agrochemical companies far more expensive * "Gene stacking" creates an urgency for agchem companies to find their biotech partner quickly or risk being rendered obsolete by super seeds that have performance characteristics that complement products of competitors * Dow has been slower than rivals Monsanto, DuPont and AgrEvo in acquiring the technology it needs to compete in the promising market for genetically engineered crops * The heightened pace of alliances between agchem and biotech companies (DuPont-Pioneer, American Home Products-Monsanto-Dekalb) makes it imperative for Dow to strengthen its biotech capabilities * MYCOGEN OFFERS DOW AN UNIQUE OPPORTUNITY * Entry into the broader life science market * High value-added biotech traits with freedom to operate * Access to transformation technology * Access to Ahlquist and Demeter technologies * A credible seed platform - Access to more than 20% of North American farm operations - Modern production facilities with state of the art business systems - Strong positions in Argentina and Brazil provide an opportunity to bundle traits and more effectively compete with Monsanto WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN BACKGROUND OF PROPOSED TRANSACTION - ------------------------------------------------------------------------------- BAR CHART OF 1997 AGRICULTURAL CROP PROTECTION SALES OF LEADING COMPANIES (IN $MM)
Growth Op. Marg. Total % % $ Monsanto + AHP N/A N/A 5,245 Novartis 20.7 19.9 4,198 (A) Monsanto 22.3 23.8 3,126 (B) Zeneca (3.1) 13.7 2,674 (C) DUPONT 1.9 18.8 2,518 (D) Hoechst 11.8 7.7 2,347 (E) (AgrEvo) Bayer 10.6 16.6 2,264 Rhone-Poulenc 12.0 13.5 2,200 American 6.6 20.3 2,119 Home Products BASF(4) 42.9 14.6 1,875 (F) Dow Agrosciences 11.0 NA 1,613 (G) FMC 1.5 6.2 628 Rohm & Haas (2.3) 8.2 502
- --------------- (A) May-97 Merck - Crop Protection Value $910* (B) July-98 Plant Breeding Intl. Cambridge Value $523* May-98 Dekalb Genetics (60%) Value $2,400* Delta Pine and Land (95%) Value $1,850* Apr-98 GeneTrace plant genomics rights Value $17.2* Mar-98 Dekalb Genetics announces consideration of sale -- Monsanto, Novartis, and others considering bids Value -- Nov-97 Sementes Agroceres Value NA Apr-97 Calgene (Rest of Stake) Value $240* Feb-97 Asgrow Agronomics Value $240* Jan-97 Holden's Foundation Seeds, Value $1,020* Corn States Hybrid Svc., Corn States Int'l. Dec-96 Announces Chemical Spinoff Value NA Aug-96 Calgene (5.1% Stake) Value $50* May-96 Agracetus Plant Sci. Value $150*(1) Apr-96 Calgene (49.9% Stake) Value $258* Mar-96 Dekalb Genetics (40% Stake) Value $152* Nov-95 Rights to Ecogen's gene technology Value $25* (C) Dec-97 Fungicide Business of ISK, Japan Value $500* Jun-97 Mogen International Value $74* (D) Aug-97 Pioneer Hi-Bred Int'l (20% Stake) Value $1,700* Aug-97 Protein Tech Int'l (PDI) Value $1,500* (Ralston Purina Company) (E) Sep-97 Sunseed Company Value -- Sep-96 Plant Genetic Systems Value $733* 1996 PlantTec (20% initial investment) Value -- (F) Feb-98 Research agreement with Fytochem Value NA Jan-97 Sandoz Corn Herbicides Value $778* (G) Apr-98 Buyout proposal for Mycogen Value -- Apr-98 Research deal with BTG Value NA Mar-98 Dow ups stake in Mycogen to 69% Feb-98 Cereal Derived Functional Ingredients Value NA Jan-98 Raises Mycogen stake to 63%, along with transfer of 16.3% of Vernevil Value $94* Dec-97 SemBioSys investment Value $17* Dec-97 Garst Seed Co licensing NA Dec-97 Sentrachem and Sanachem Value $487*(2) May-97 Dow Elanco (40% Stake) Value $900* Dec-96 Mycogen (additional 4.5% Stake) Value $17* Jan-96 Mycogen (47% Stake) Value $158* * All Values in $MM - ------------------------- (1) Includes $30MM cash and Monsanto's 100% ownership of Gargiolo L.P. (2) Does not include $300MM in undistributed earnings to be paid to Lilly upon completion. (3) Less certain undisclosed liabilities. (4) BASF operating income excludes $46 million in integration and inventory step-up costs. WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN BACKGROUND OF PROPOSED TRANSACTION - ------------------------------------------------------------------------------ DIAGRAM OF ALLIANCES AND TRANSACTIONS IN THE SEED INDUSTRY - -------------------------------------------------------------------------------- ALLIANCE RATIONALE - -------------------------------------------------------------------------------- * Genetic engineering & traditional agricultural seeds = value added benefits: herbicide tolerance, insecticide/fungal resistance, trait (oil or protein content) and yield improvement * Agchem companies need seed alliances for farmer relationships and germplasm- the delivery vehicle for modified genes - Monsanto paid ~14x sales for Holden's foundation seeds following an active auction - Dekalb Seeds was valued at over 8.2x LTM Sales following a strong cover bid from Novartis. * Monsanto (Roundup-Ready) and AgrEvo (Liberty-Link) forecast gene modified ag products to account for ~1/3 their post 2000 sales. - -------------------------------------------------------------------------------- WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION BACKGROUND OF THE PROPOSED TRANSACTION - ------------------------------------------------------------------------------- REVIEW OF PROCESS TO DATE * ON APRIL 30, 1998 DOW, THROUGH DOW AGROSCIENCES LLC ("DAS"), PROPOSED: * To amend the Exchange and Purchase Agreement executed on January 15, 1996 by Mycogen, Agrigenetics, Inc., DowElanco and United Agriseed, Inc. * To acquire for $20.50 per share all of the outstanding shares of Mycogen not already owned by Dow and its affiliates * ON APRIL 30, 1998, MYCOGEN'S BOARD OF DIRECTORS APPOINTED A SPECIAL COMMITTEE OF INDEPENDENT DIRECTORS TO CONSIDER DOW'S PROPOSAL * IN EARLY MAY, 1998, THE SPECIAL COMMITTEE RETAINED ALTHEIMER & GRAY AS ITS LEGAL ADVISOR * DURING THE FIRST TWO WEEKS OF MAY 1998, THE SPECIAL COMMITTEE INTERVIEWED A NUMBER OF INVESTMENT BANKING FIRMS. ON MAY 26, 1998, THE COMPANY ANNOUNCED THAT WASSERSTEIN PERELLA & CO., INC. ("WP&CO.") HAD BEEN RETAINED AS FINANCIAL ADVISOR TO THE SPECIAL COMMITTEE * ON MAY 27, 1998, MEMBERS OF WP&CO. AND ALTHEIMER & GRAY MET WITH MYCOGEN'S SENIOR MANAGEMENT AT THE COMPANY'S HEADQUARTERS IN SAN DIEGO, CA TO DISCUSS THE COMPANY'S OPERATIONS, BUSINESS STRATEGY, INTELLECTUAL PROPERTY PORTFOLIO, PATENT LITIGATION, DAS' INVESTMENT IN MYCOGEN AND OTHER DUE DILIGENCE ITEMS * DURING THE WEEK OF JUNE 1, 1998, WP&CO. AND ALTHEIMER & GRAY CONDUCTED ADDITIONAL DUE DILIGENCE AND REVIEWED VARIOUS BUSINESS, FINANCIAL AND LEGAL MATERIALS PROVIDED BY THE COMPANY * FROM JUNE 8 THROUGH JUNE 11, 1998, MEMBERS OF WP&CO. AND ALTHEIMER & GRAY CONDUCTED DETAILED DUE DILIGENCE AT THE COMPANY'S SAN DIEGO HEADQUARTERS, MEETING WITH MYCOGEN'S SENIOR MANAGEMENT, TECHNICAL AND INTELLECTUAL PROPERTY PERSONNEL, SENIOR MANAGEMENT OF THE COMPANY'S BUSINESS UNITS, AND INTELLECTUAL PROPERTY COUNSEL * ON JUNE 10, 1998, WP&CO. SENT A LETTER TO DOW REQUESTING A DUE DILIGENCE MEETING WITH REPRESENTATIVES OF DOW AND DAS WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN CORPORATION BACKGROUND OF THE PROPOSED TRANSACTION - ------------------------------------------------------------------------------- REVIEW OF PROCESS TO DATE (CONT'D) * ON JUNE 11, 1998, THE HONORABLE CLAYTON YEUTTER WAS ELECTED TO MYCOGEN'S BOARD OF DIRECTORS AND DESIGNATED TO REPLACE DR. GEORGE KHACHATOURIANS ON THE SPECIAL COMMITTEE. DR. KHACHATOURIANS, WHO HAD PERFORMED CERTAIN CONSULTING SERVICES FOR DOW, VOLUNTARILY STEPPED DOWN FROM THE SPECIAL COMMITTEE TO AVOID ANY APPEARANCE OF A POTENTIAL CONFLICT OF INTEREST * IN ADDITION TO FACE-TO-FACE MEETINGS, WP&CO. AND ALTHEIMER & GRAY HAVE CONDUCTED A NUMBER OF TELEPHONE CONVERSATIONS WITH THE COMPANY TO OBTAIN ADDITIONAL DUE DILIGENCE MATERIALS * ON JUNE 22, 1998 DOW RESPONDED TO WP&CO.'S JUNE 10TH LETTER AND AGREED TO SCHEDULE A MEETING FOR JUNE 25, 1998 IN CHICAGO TO DISCUSS DUE DILIGENCE ITEMS * ON JUNE 25, 1998, THE SPECIAL COMMITTEE AND MEMBERS OF WP&CO. AND ALTHEIMER & GRAY MET WITH REPRESENTATIVES OF DOW, DAS, SALOMON SMITH BARNEY AND MAYER, BROWN & PLATT TO GATHER ADDITIONAL INFORMATION REGARDING DOW'S PROPOSAL * SINCE JUNE 25, 1998 THE SPECIAL COMMITTEE AND ITS FINANCIAL AND LEGAL ADVISORS HAVE CONDUCTED ADDITIONAL DUE DILIGENCE AND HAVE SCHEDULED A MEETING FOR JULY 22, 1998 WITH THE REPRESENTATIVES OF DOW, DAS, SALOMON SMITH BARNEY, AND MEYER, BROWN, & PLATT TO GATHER ADDITIONAL INFORMATION. WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN CORPORATION - ------------------------------------------------------------------------------- ------------------------------- REVIEW OF MYCOGEN ------------------------------- WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION REVIEW OF MYCOGEN - ------------------------------------------------------------------------------ OVERVIEW - --------------------- BUSINESS DESCRIPTION * A DIVERSIFIED AGRIBUSINESS AND BIOTECHNOLOGY - --------------------- COMPANY THAT DEVELOPS AND MARKETS SEED FOR IMPROVED CROP VARIETIES AND PROVIDES CROP PROTECTION SERVICES - --------------------- BUSINESS SEGMENTS * SEED SEGMENT -- PRODUCES AND MARKETS SEED FOR - --------------------- MAJOR AGRICULTURAL CROPS AND USES BIOTECHNOLOGY AND TRADITIONAL AND MARKER-ASSISTED BREEDING TO DEVELOP CROP VARIETIES WITH GENETICALLY ENHANCED PEST AND DISEASE RESISTANCE, IMPROVED VEGETABLE OIL PROFILES AND OTHER VALUE-ADDED CHARACTERISTICS * Mycogen Seeds ranks fourth in the U.S. in sales of seed corn, second in hybrid sunflower seed sales and is among the top five in soybean, sorghum and alfalfa sales * Morgan Seeds ranks second in Argentina in seed corn sales and third in hybrid sunflower seed sales * Dinamilho holds 4% of the Brazil's overall corn seed market, with a 10.2% share of Brazil's high-tech corn seed market * CROP PROTECTION SEGMENT -- MANUFACTURES AND MARKETS ENVIRONMENTALLY COMPATIBLE SPRAY-ON BIOPESTICIDE PRODUCTS. ALSO OPERATES SOILSERV, INC., WHICH PROVIDES CROP PROTECTION SERVICES TO GROWERS OF HIGH-VALUE CROPS * Biopesticide Products -- based on natural agents, such as proteins and fatty acid compounds, that have specific toxic activity on target pests. The Company's Bt-based biopesticides use the Company's proprietary Cellcap technology * Soilserv -- monitors fields and uses customized equipment to apply pest control products primarily in the Salinas Valley, CA and Yuma, AZ regions - --------------------- ALLIANCES * VERNEUIL HOLDING, S.A. -- MYCOGEN HOLDS A 35% EQUITY - --------------------- STAKE IN VERNEUIL AND ENTERED AN AGREEMENT TO DEVELOP OILSEED PRODUCTS AND INSECT RESISTANT CORN * PIONEER HYBRID INTERNATIONAL -- 10-YEAR TECHNOLOGY COLLABORATION TO DEVELOP INSECT RESISTANT TRAITS FOR CORN, SOYBEAN, CANOLA, SUNFLOWER, SORGHUM AND WHEAT * J.G. BOSWELL -- JOINT VENTURE TO DEVELOP PEST AND HERBICIDE RESISTANT COTTON - --------------------- HEADQUARTERS * SAN DIEGO, CA - --------------------- - --------------------- OWNERSHIP * DOW AGROSCIENCES, LLC -- 69% - --------------------- WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------
MYCOGEN CORPORATION REVIEW OF MYCOGEN - --------------------------------------------------------------------------------------------------------------------------------- MYCOGEN CORP. BEFORE ADJUSTMENTS - FINANCIAL SUMMARY ($MM)(1) - --------------------------------------------------------------------------------------------------------------------------------- 1995 1996 1997 REC Q PAST Q LTM 1998(2) 1999(2) FY 8/31 8/31/95 8/31/96 8/31/97 5/31/98 5/31/98 8/31/98 8/31/99 - --------------------------------------------------------------------------------------------------------------------------------- Sales $113.2 $155.6 $211.0 $184.3 $177.2 $218.1 $234.5 $247.5 Less: Cost of Sales 67.0 93.5 126.9 112.4 106.9 132.4 NA NA ---- ---- ----- ----- ----- ----- ------ ------ Gross Margin 46.3 62.1 84.1 71.9 70.4 85.7 NA NA Less: S, G & A Expense 61.8 112.2 118.7 108.8 76.2 151.3 NA NA ---- ---- ----- ----- ----- ----- ------ ------ EBIT (15.5) (50.1) (34.5) (36.8) (5.8) (65.6) (12.5) 0.0 Less: Interest Exp. (0.9) (2.4) 1.6 1.9 0.6 2.8 1.5 1.5 Less: Other Exp. (Inc.) (0.2) (0.7) 0.0 0.0 0.0 0.0 0.0 0.0 ---- ---- ----- ----- ----- ----- ------ ------ EBT (14.4) (47.1) (36.1) (38.7) (6.5) (68.4) (14.0) (1.5) Less: Income Tax Exp. 0.0 0.0 1.5 (0.9) 0.5 0.1 0.0 0.0 Less: Pref. Div. & Min. Int. 1.5 0.6 0.0 0.0 0.0 0.0 0.0 0.0 ---- ---- ----- ----- ----- ----- ------ ------ Net Income (15.9) (47.6) (37.7) (37.8) (7.0) (68.5) (14.0) (1.5) - ---------------------------------------------------------------------------------------------------------------------------------- EBIT ($15.5) ($50.1) ($34.5) ($36.8) ($5.8) ($65.6) ($12.5) $0.0 Plus: Dep. & Amort. 9.0 9.1 10.0 5.7 4.1 11.6 12.5 13.2 ---- ---- ----- ----- ----- ----- ------ ------ EBITDA (6.5) (41.1) (24.5) (31.2) (1.8) (53.9) (0.0) 13.2 Less: Capital Exp. 6.6 13.9 35.7 14.2 13.8 36.0 38.8 40.9 ---- ---- ----- ----- ----- ----- ------ ------ Free Cash Flow (13.1) (55.0) (60.2) (45.3) (15.5) (90.0) (38.8) (27.7) - ----------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------- MARGINS - ---------------------------------------------------------------------------------------------------------------------------------- GROSS MARGIN 40.9% 39.9% 39.9% 39.3% NA NA EBITDA -5.8% -26.4% -11.6% -24.7% NM 5.3% EBIT -13.7% -32.2% -16.4% -30.1% -5.3% 0.0% NET INCOME -14.1% -30.6% -17.9% -31.4% -6.0% -0.6% FREE CASH FLOW -11.6% -35.3% -28.5% -41.3% -16.5% -11.2% - ----------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------------- RATIOS - ---------------------------------------------------------------------------------------------------------------------------------- Book Value - $181.2 $157.2 $210.2 NA $210.2 $199.7 $198.2 RET. ON BOOK EQUITY (ROE) - -26.3% -24.0% -32.6% -7.0% -0.8% Total Book Assets - 227.5 239.7 292.8 NA 292.8 NA NA RET. ON BOOK ASSETS (ROA) - -21.6% -15.3% -22.8% NA NA - ----------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------ MARKET CAPITALIZATION - ------------------------------------------------------------------------------ Stock Price (7/16/98) $24.75 52-WEEK HIGH/LOW: $25.50/$15.88 Shares Outstanding - MYCO 36.11 ------ PRE-DILUTED EQUITY MARKET VALUE $893.7 - ------------------------------------------------------------------------------ Pre-Diluted Equity Market Value $893.7 Options Outstanding 4.4 Average Strike Price $12.03 ------ Options Value 56.4 Plus: Other Options/Warrants Value 0.0 Total Value of Options/Warrants 56.4 ------ EQUITY MARKET VALUE $950.1 Plus: Debt (3) $16.4 Plus: Preferred Stock 0.0 Plus: Post Ret. and Postemp. Benefits or Min. Int. 0.0 Less: Cash & Equivalents 2.7 ------ Net Debt 13.7 ------ ADJUSTED MARKET VALUE $963.8 - ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------ MARKET TRADING MULTIPLES - ------------------------------------------------------------------------------ Adjusted Market Value as | Market Value as a multiple of: | a multiple of: Sales EBITDA EBIT FCE | Net Inc. Book Val. ----- ------ ---- --- | -------- --------- | LTM 4.4x NM NM NM | NM 4.5x 1998 4.1x NM NM NM | NM 4.8x 1999 3.9x NM NM NM | NM 4.8x - ------------------------------------------------------------------------------
- ------------------------------------------------------------------------------ LTM CAPITALIZATION AND CREDIT RATIOS - ------------------------------------------------------------------------------ DEBT COVERAGE EBITDA/Int. EBIT/Int. FCF/Int. Debt/EBITDA ----------- --------- -------- ----------- NM NM NM NM - ------------------------------------------------------------------------------ CAPITALIZATION Book Ratios Market Ratios D/E D/(D+E) D/E D/(D+E) --- ------- --- ------- 7.8% 7.2% 1.7% 1.7% - ------------------------------------------------------------------------------ - --------------------------- FOOTNOTES - --------------------------- (1) LTM operating data are based on press release for LTM ended 5/31/98. LTM balance sheet data are based on 2/28/98 balance sheet (2) Next fiscal year results are based upon Furman Selz research report as of 3/13/98 (3) Book value of debt assumed to approximate market value WASSERSTEIN PERELLA & CO. - ---------------------------------------------------------------------------------------------------------------------------------
MYCOGEN CORPORATION REVIEW OF MYCOGEN - ----------------------------------------------------------------------------------------------------------------------------------- MYCOGEN CORP. AFTER ADJUSTMENTS - FINANCIAL SUMMARY ($MM) (1) 1995 1996 1997 REC Q PAST Q LTM 1998(2) 1999(2) FY 8/31 8/31/95 8/31/96 8/31/97 5/31/98 5/31/98 8/31/98 8/31/99 - ----------------------------------------------------------------------------------------------------------------------------------- SALES $113.2 $155.6 $211.0 $184.3 $177.2 $218.1 $234.5 $247.3 Less: Cost of Sales 67.0 93.5 126.9 112.4 106.9 132.4 NA NA ------ ------ ------ ------ ------ ------ ------ ------ Gross Margin 46.3 62.1 84.1 71.9 70.4 85.7 NA NA Less: S, G & A Expense (4)(5) 61.8 84.6 86.9 69.8 61.9 94.8 NA NA ------ ------ ------ ------ ------ ------ ------ ------ EBIT (15.5) (22.6) (2.8) 2.2 8.4 (9.1) (1.5) 0.0 Less: Interest Exp. (0.9) (2.4) 1.6 1.9 0.6 2.8 1.5 1.5 Less: Other Exp. (Inc.) (0.2) (0.7) 0.0 0.0 0.0 0.0 0.0 0.0 ------ ------ ------ ------ ------ ------ ------ ------ EBT (14.4) (19.5) (4.4) 0.3 7.8 (11.9) (3.0) (1.5) Less: Income Tax Exp. 0.0 0.0 13.6 13.9 5.9 21.6 0.0 0.0 Less: Pref. Div. & Min. Int. 1.5 0.6 0.0 0.0 0.0 0.0 0.0 0.0 ------ ------ ------ ------ ------ ------ ------ ------ NET INCOME (4)(5) (15.9) (20.0) (18.0) (13.6) 1.9 (33.4) (3.0) (1.5) - ----------------------------------------------------------------------------------------------------------------------------------- EBIT ($15.5) ($22.6) ($2.8) $2.2 $8.4 ($9.1) ($1.5) $0.0 Plus: Dep. & Amort. 9.0 9.1 10.0 5.7 4.1 11.6 12.5 13.2 ------ ------ ------ ------ ------ ------ ------ ------ EBITDA (6.5) (13.5) 7.2 7.8 12.5 2.5 11.0 13.2 Less: Capital Exp. 6.6 13.9 35.7 14.2 13.8 36.0 38.8 40.9 ------ ------ ------ ------ ------ ------ ------ ------ FREE CASH FLOW (13.1) (27.4) (28.5) (6.3) (1.3) (33.5) (27.8) (27.7) - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- MARGINS - ----------------------------------------------------------------------------------------------------------------------------------- GROSS MARGIN 40.9% 39.9% 39.9% 39.3% NA NA EBITDA -5.8% -8.7% 3.4% 1.2% 4.7% 5.3% EBIT -13.7% -14.5% -1.3% -4.2% -0.6% 0.0% NET INCOME -14.1% -12.9% -8.5% -15.3% -1.3% -0.6% FREE CASH FLOW -11.6% -17.6% -13.5% -15.4% -11.8% -11.2% - ----------------------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------------------- RATIOS - ----------------------------------------------------------------------------------------------------------------------------------- Book Value - $181.2 $157.2% $210.2 NA $210.2 $207.9 $206.4 RET. ON BOOK EQUITY (ROE) - -11.1% -11.5% -15.9% -1.4% -0.7% Total Book Assets - 227.5 239.7 292.8 NA 292.8 NA NA RET. ON BOOK ASSETS (ROA) - -9.5% -7.1% -10.8% NA NA - -----------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------- MARKET CAPITALIZATION - ------------------------------------------------------------------------------- STOCK PRICE (7/16/98) $24.75 52-WEEK HIGH/LOW: $25.50/$15.88 Shares Outstanding - MYCO 36.11 ------ PRE-DILUTED EQUITY MARKET VALUE $893.7 - ------------------------------------------------------------------------------- Pre-Diluted Equity Market Value $893.7 Options Outstanding 4.4 Average Strike Price $12.03 ------ Options Value 56.4 Plus: Other Options/Warrants Value 0.0 Total Value of Options/Warrants 56.4 ------ EQUITY MARKET VALUE $950.1 Plus: Debt (3) $16.4 Plus: Preferred Stock 0.0 Plus: Post Ret. and Postemp. Benefits or Min. Int. 0.0 Less: Cash & Equivalents 2.7 ----- Net Debt 13.7 ------ ADJUSTED MARKET VALUE $963.8 - -------------------------------------------------------------------------------
- ------------------------------------------------------------------------------- MARKET TRADING MULTIPLES - ------------------------------------------------------------------------------- Adjusted Market Value as Market Value as a multiple of: a multiple of: SALES EBITDA EBIT FCF NET INC. BOOK VAL. ----- ------ ---- --- -------- --------- LTM 4.4x NM NM NM NM 4.5x 1998 4.1x NM NM NM NM 4.6x 1999 3.9x NM NM NM NM 4.6x - -------------------------------------------------------------------------------
- ------------------------------------------------------------------------------- LTM CAPITALIZATION AND CREDIT RATIOS - ------------------------------------------------------------------------------- DEBT COVERAGE EBITDA/INT. EBIT/INT. FCF/INT. DEBT/EBITDA ----------- --------- -------- ----------- 0.9x NM NM 6.5x - ------------------------------------------------------------------------------- CAPITALIZATION BOOK RATIOS MARKET RATIOS D/E D/(D+E) D/E D/(D+E) ---- ------- --- ------- 7.8% 7.2% 1.7% 1.7% - -------------------------------------------------------------------------------
- ---------------------------- FOOTNOTES - ---------------------------- (1) LTM operating data are based on press release for LTM ended 5/31/98. LTM balance sheet data are based on 2/28/98 balance sheet (2) Next fiscal year results are based upon Furman Selz research report as of 3/13/98 (3) Book value of debt assumed to approximate market value (4) Excludes other charges of $27.6MM and $31.7MM (impairment of facilities and costs to exit those facilities, severance, patent litigation fees, acquired in-process technology and equity in net loss of investees) in 1996 and 1997, respectively (tax-effected at 38%) (5) Excludes litigation expenses of $11.0MM projected by analysts in 1998E WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION REVIEW OF MYCOGEN - ------------------------------------------------------------------------------ INDEXED STOCK PRICE HISTORY SINCE 1996
Date Mycogen Dow Chemical S&P 500 Russell 2000 Peer - ---- ------- ------------ ------- ------------ ---- 12/29/95 100.00 100.00 100.00 100.00 100.00 1/05/96 86.76 103.56 100.13 98.80 95.94 1/12/96 94.12 100.71 97.71 96.57 97.13 1/19/96 92.65 98.40 99.33 96.62 97.33 1/26/96 92.65 101.70 100.92 98.50 98.07 2/02/96 95.59 105.34 103.23 100.55 105.37 2/09/96 102.94 111.03 106.57 101.63 107.90 2/16/96 113.24 107.47 105.20 101.78 107.97 2/23/96 113.24 113.35 107.01 103.10 110.20 3/01/96 113.24 113.52 104.62 102.57 112.99 3/08/96 104.41 116.01 102.85 101.03 115.43 3/15/96 112.50 126.33 104.14 102.88 117.19 3/22/96 101.47 123.31 105.63 104.28 120.77 3/29/96 101.47 123.84 104.80 104.68 122.51 4/04/96 100.00 125.27 106.48 105.95 124.04 4/12/96 97.06 124.73 103.37 104.81 125.61 4/19/96 102.94 127.76 104.73 107.13 143.51 4/26/96 102.94 124.56 106.09 110.08 146.59 5/03/96 98.53 130.78 104.17 109.77 139.44 5/10/96 105.88 125.44 105.87 111.13 139.80 5/17/96 105.88 121.35 108.60 114.13 144.01 5/24/96 105.15 121.89 110.16 115.39 139.10 5/31/96 107.35 119.04 108.64 114.52 137.96 6/07/96 104.41 116.90 109.32 113.57 135.84 6/14/96 104.41 116.19 108.10 112.38 133.41 6/21/96 102.21 113.70 108.27 109.25 122.44 6/28/96 88.24 108.19 108.88 109.70 132.31 7/05/96 86.76 109.25 106.74 107.54 126.02 7/12/96 79.41 111.92 104.91 102.44 119.06 7/19/96 91.18 103.56 103.70 101.76 107.41 7/26/96 88.71 104.98 103.24 99.56 105.72 8/02/96 91.91 107.12 107.56 102.67 111.19 8/09/96 86.76 110.14 107.50 103.63 108.10 8/16/96 100.00 112.46 108.00 104.10 105.65 8/23/96 94.12 113.70 108.30 105.00 110.56 8/30/96 93.75 113.52 105.85 105.67 108.04 9/06/96 95.59 113.17 106.45 105.74 106.36 9/13/96 83.82 114.95 110.49 107.86 111.80 9/20/96 83.82 117.08 111.54 108.50 109.51 9/27/96 85.29 115.12 111.41 109.35 112.98 10/04/96 83.82 114.59 113.89 110.55 132.75 10/11/96 83.82 112.46 113.76 110.10 132.71 10/18/96 83.82 112.10 115.41 110.09 137.07 10/25/96 91.18 111.57 113.80 108.55 130.24 11/01/96 92.65 111.57 114.26 107.53 129.10 11/08/96 92.65 114.23 118.65 109.05 132.13 11/15/96 100.00 119.75 119.76 109.67 128.49 11/22/96 95.59 117.44 121.56 110.74 125.41 11/29/96 98.53 119.22 122.91 112.07 126.64 12/06/96 111.76 116.37 120.08 112.51 129.14 12/13/96 141.18 113.17 128.30 112.09 127.73 12/20/96 126.47 113.70 121.58 112.89 132.32 12/27/96 127.94 112.46 122.87 113.67 131.09 1/03/97 141.18 114.06 121.45 114.52 124.29 1/10/97 139.71 117.79 123.31 115.86 129.21 1/17/97 163.24 117.97 126.02 116.43 136.78 1/24/97 144.85 112.63 125.10 116.51 137.14 1/31/97 150.00 109.79 127.64 116.93 136.39 2/07/97 155.88 112.63 128.19 116.07 131.98 2/14/97 153.68 114.77 131.26 116.82 140.11 2/21/97 151.47 112.81 130.17 115.95 138.29 2/28/97 153.68 115.30 128.39 113.95 135.89 3/07/97 158.82 117.97 130.69 115.66 136.36 3/14/97 160.29 118.51 128.78 114.26 133.07 3/21/97 151.47 117.97 127.30 111.32 127.18 3/27/97 145.59 114.23 125.64 110.44 122.04 4/04/97 113.24 112.63 123.05 107.88 117.99 4/11/97 106.62 112.63 119.76 107.37 113.63 4/18/97 105.88 114.59 124.42 108.16 121.16 4/25/97 110.29 114.59 124.26 106.29 119.95 5/02/97 124.26 120.64 131.99 112.03 129.62 5/09/97 129.41 125.09 133.91 114.38 132.57 5/16/97 129.41 124.38 134.71 115.61 139.50 5/23/97 130.88 120.46 137.52 118.89 147.39 5/30/97 138.24 118.68 137.72 120.51 146.79 6/06/97 133.82 120.11 139.30 122.52 150.55 6/13/97 133.82 126.69 145.03 124.08 154.09 6/20/97 117.65 125.80 145.91 124.57 166.68 6/27/98 112.50 125.36 144.06 124.23 169.65 7/03/97 129.41 125.27 148.87 125.38 169.41 7/11/97 137.50 128.91 148.83 127.31 173.01 7/18/97 135.29 128.02 148.60 128.46 170.47 7/25/97 133.09 128.02 152.42 129.30 175.23 8/01/97 130.15 133.90 153.77 131.09 178.40 8/08/97 144.85 132.56 151.57 131.09 195.38 8/15/97 141.18 130.96 146.25 129.31 188.34 8/22/97 138.24 127.85 149.94 131.57 190.51 8/29/97 145.59 125.98 146.03 134.01 188.11 9/05/97 144.12 122.86 150.84 137.05 185.99 9/12/97 140.81 126.25 150.00 139.28 185.01 9/19/97 136.40 131.49 154.32 141.52 194.22 9/26/97 141.91 128.74 153.46 142.06 186.61 10/03/97 136.76 132.38 156.68 145.43 195.80 10/10/97 136.03 128.65 157.00 147.18 213.86 10/17/97 134.93 128.11 153.29 142.19 205.02 10/24/97 122.06 131.05 152.88 141.64 205.02 10/31/97 125.00 129.00 148.49 137.12 199.15 11/07/97 122.06 128.38 150.59 137.74 197.27 11/14/97 117.28 131.94 150.72 135.59 202.64 11/21/97 116.91 140.30 156.36 137.69 208.25 11/28/97 114.71 140.57 155.12 136.06 204.61 12/05/97 116.91 143.42 159.72 138.64 208.73 12/12/97 116.18 138.79 154.79 133.76 216.80 12/19/97 112.50 137.54 153.72 132.93 233.41 12/26/97 108.82 140.93 152.04 133.40 236.39 1/02/98 112.50 143.42 158.30 138.15 238.63 1/09/98 112.50 132.74 150.62 130.69 234.51 1/16/98 127.94 130.16 156.11 134.90 237.30 1/23/98 111.03 127.67 155.47 134.45 231.59 1/30/98 121.32 128.11 159.15 136.10 233.17 2/06/98 97.79 132.38 164.38 140.99 231.29 2/13/98 121.32 127.49 165.62 143.78 233.84 2/20/98 117.65 127.76 167.91 143.68 239.18 2/27/98 100.00 130.25 170.37 146.16 253.30 3/06/98 110.29 129.89 171.40 146.76 274.53 3/13/98 108.82 130.52 173.50 148.36 300.36 3/20/98 119.12 137.90 178.46 150.09 299.39 3/27/98 107.35 135.50 177.85 151.01 286.42 4/03/98 107.35 134.16 182.28 153.75 289.14 4/09/98 107.35 137.54 180.32 151.93 281.63 4/17/98 111.76 141.46 182.28 154.13 275.38 4/24/98 117.65 139.41 179.87 152.01 272.16 5/01/98 134.19 140.04 182.00 153.48 293.81 5/08/98 138.60 139.50 179.91 151.75 307.46 5/15/98 138.97 139.15 180.01 149.52 294.36 5/22/98 142.65 139.59 180.29 146.53 290.90 5/29/98 138.97 137.90 177.10 144.51 291.63 6/05/98 144.85 142.26 180.84 143.76 315.28 6/12/98 133.82 138.52 178.40 139.76 309.82 6/19/98 138.60 135.23 178.70 138.77 330.38 6/26/98 136.76 137.19 183.98 142.50 319.47 7/02/98 140.44 137.63 186.13 145.05 313.28 7/10/98 141.91 135.94 189.04 145.09 295.63
- ------------------------ (1) Includes Pioneer Hi-Bred, Delta & Pine Land and Agribiotech WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION REVIEW OF MYCOGEN - -------------------------------------------------------------------------------- INDEXED PRICE HISTORY FOR LAST FIVE YEARS This graph illustrates the relative monthly stock performance of Mycogen compared to the stock performance of the Dow Chemical Company and the S&P 500 over the period 7/93 through 3/98.
Date Mycogen Dow Chemical S&P 500 7/93 100.00 100.00 100.00 8/93 103.92 97.92 103.44 9/93 100.00 97.50 102.41 10/93 88.24 92.50 104.40 11/93 80.39 96.88 103.05 12/93 80.39 94.58 104.09 1/94 91.18 105.83 107.47 2/94 86.27 106.04 104.24 3/94 72.55 100.21 99.47 4/94 88.24 104.58 100.62 5/94 82.35 113.75 101.87 6/94 84.31 108.96 99.14 7/94 78.43 115.21 102.26 8/94 82.35 125.21 106.11 9/94 78.43 130.42 103.25 10/94 78.43 122.50 105.40 11/94 78.43 106.67 101.24 12/94 65.69 112.08 102.49 1/95 89.22 103.96 104.97 2/95 72.55 111.67 108.76 3/95 76.47 122.08 111.73 4/95 72.55 115.42 114.86 5/95 65.69 122.08 119.03 6/95 64.71 119.79 121.56 7/95 67.65 123.54 125.42 8/95 80.39 123.33 125.38 9/95 107.84 124.17 130.41 10/95 104.90 114.38 129.76 11/95 102.94 118.13 135.09 12/95 133.33 117.08 137.44 1/96 127.45 124.17 141.93 2/96 152.94 133.75 142.91 3/96 135.29 145.00 144.04 4/96 135.29 148.13 145.98 5/96 143.14 139.38 149.31 6/96 117.65 126.67 149.65 7/96 120.59 123.75 142.80 8/96 125.00 132.92 145.49 9/96 111.76 133.75 153.37 10/96 125.49 129.58 157.38 11/96 131.37 139.58 168.93 12/96 168.63 130.63 165.30 1/97 200.00 128.54 175.43 2/97 204.90 135.00 176.47 3/97 182.35 133.13 168.95 4/97 142.16 141.04 178.82 5/97 184.31 138.96 189.29 6/97 153.92 144.79 197.52 7/97 175.98 158.33 212.95 8/97 194.12 147.50 200.72 9/97 184.31 151.15 211.39 10/97 166.67 151.04 204.10 11/97 152.94 164.58 213.20 12/97 147.06 169.17 216.55 1/98 161.76 150.00 218.75 2/98 133.33 152.50 234.16 3/98 142.65 162.08 245.85 4/98 160.78 161.15 248.09 5/98 185.29 161.46 243.42 6/98 188.48 161.15 253.02
WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION REVIEW OF MYCOGEN - -------------------------------------------------------------------------------- STOCK PRICE AND VOLUME HISTORY FOR LAST TWO YEARS Security Price History MYCOGEN CORP COM 25-Sep-98 MYCO 62845210 NASDAQ U.S. Dollar
Date Volume Close 21-Jun-96 991,400 17.3750 28-Jun-96 355,300 15.0000 05-Jul-96 180,100 14.7500 12-Jul-96 190,400 13.5000 19-Jul-96 213,900 15.5000 26-Jul-96 206,600 15.2500 02-Aug-96 154,800 15.6250 09-Aug-96 97,700 14.7500 16-Aug-96 426,100 17.0000 23-Aug-96 133,800 16.0000 30-Aug-96 133,500 15.9375 06-Sep-96 106,900 16.2500 13-Sep-96 170,100 14.2500 20-Sep-96 272,900 14.2500 27-Sep-96 316,300 14.5000 04-Oct-96 99,100 14.2500 11-Oct-96 363,300 14.2500 18-Oct-96 176,300 14.2500 25-Oct-96 369,400 15.5000 01-Nov-96 237,000 15.7500 08-Nov-96 51,300 15.7500 15-Nov-96 355,000 17.0000 22-Nov-96 501,500 16.2500 29-Nov-96 127,600 16.7500 06-Dec-96 356,300 19.0000 13-Dec-96 1,619,200 24.0000 20-Dec-96 967,400 21.5000 27-Dec-96 78,500 21.7500 03-Jan-97 294,400 24.0000 10-Jan-97 475,900 23.7500 17-Jan-97 1,027,100 27.7500 24-Jan-97 317,600 24.6250 31-Jan-97 467,000 25.5000 07-Feb-97 614,600 26.5000 14-Feb-97 197,100 26.1250 21-Feb-97 178,900 25.7500 28-Feb-97 185,000 26.1250 07-Mar-97 285,300 27.0000 14-Mar-97 285,800 27.2500 21-Mar-97 271,000 25.7500 27-Mar-97 179,600 24.7500 04-Apr-97 358,900 19.2500 11-Apr-97 844,400 18.1250 18-Apr-97 327,700 18.0000 25-Apr-97 113,400 18.7500 02-May-97 201,500 21.1250 09-May-97 521,000 22.0000 16-May-97 122,300 22.0000 23-May-97 120,600 22.2500 30-May-97 263,800 23.5000 06-Jun-97 247,100 22.7500 13-Jun-97 583,800 22.7500 20-Jun-97 197,100 20.0000 27-Jun-97 108,200 19.1250 03-Jul-97 133,300 22.0000 11-Jul-97 556,500 23.3750 18-Jul-97 510,800 23.0000 25-Jul-97 523,900 22.6250 01-Aug-97 236,600 22.1250 08-Aug-97 424,800 24.6250 15-Aug-97 460,100 24.0000 22-Aug-97 243,900 23.5000 29-Aug-97 143,000 24.7500 05-Sep-97 57,600 24.5000 12-Sep-97 70,000 23.9375 19-Sep-97 310,000 23.1875 26-Sep-97 91,100 24.1250 03-Oct-97 71,300 23.2500 10-Oct-97 39,000 23.1250 17-Oct-97 108,600 22.9375 24-Oct-97 392,000 20.7500 31-Oct-97 158,000 21.2500 07-Nov-97 113,600 20.7500 14-Nov-97 77,200 19.9375 21-Nov-97 67,800 19.8750 28-Nov-97 94,400 19.5000 05-Dec-97 121,700 19.8750 12-Dec-97 131,400 19.7500 19-Dec-97 108,000 19.1250 26-Dec-97 31,100 18.5000 02-Jan-98 80,400 19.1250 09-Jan-98 135,100 19.1250 16-Jan-98 186,100 21.7500 23-Jan-98 160,100 18.8750 30-Jan-98 101,400 20.6250 06-Feb-98 466,400 16.6250 13-Feb-98 718,700 20.6250 20-Feb-98 555,600 20.0000 27-Feb-98 528,800 17.0000 06-Mar-98 465,300 18.7500 13-Mar-98 158,700 18.5000 20-Mar-98 244,200 20.2500 27-Mar-98 322,600 18.2500 03-Apr-98 282,800 18.2500 09-Apr-98 188,200 18.2500 17-Apr-98 419,700 19.0000 24-Apr-98 224,300 20.0000 01-May-98 708,800 22.8125 08-May-98 979,100 23.5625 15-May-98 591,600 23.6250 22-May-98 200,200 24.2500 29-May-98 185,700 23.6250 05-Jun-98 225,800 24.6250 12-Jun-98 325,600 22.7500 19-Jun-98 648,800 23.5625 22-Jun-98 131,900 23.3750
WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION REVIEW OF MYCOGEN - ------------------------------------------------------------------------------- SHAREHOLDER PROFILE $ IN MILLIONS, SHARES IN THOUSANDS)
MARKET VALUE SHARES AS OF 7/16/98 % HELD -------- ------------- --------- 5% OWNERS - --------- Dow AgroSciences 24,917.0 $616.7 61.5%(1) State of Wisconsin Investment Board 1,800.5 44.6 4.4% -------- -------- ------ TOTAL 26,717.5 $661.3 65.9% OFFICERS, DIRECTORS AND EMPLOYEES - --------------------------------- Officers 1,668.6 $41.3 4.1%(2) Outside Directors (excl. Dow AgroSciences directors) 22.5 0.6 0.1%(3) Other (incl. Employees) 5,433.2 134.5 13.4%(4) -------- -------- ------ TOTAL 7,124.3 $176.3 17.6% INSTITUTIONS - ------------ Primecap Management Company 1,736.0 $43.0 4.3% Capital Research & Management Co. 1,700.0 $42.1 4.2% College Retirement Equities Fund (TIAA-CREF) 379.1 $9.4 0.9% Barclays Global Advisors 309.9 $7.7 0.8% Dimensional Fund Advisors 224.5 5.6 0.6% U.S. Trust Co. 147.0 3.6 0.4% Texas Teachers' Retirement System 125.0 3.1 0.3% Kentucky Employees Retirement System 111.0 2.7 0.3% Tirschwell & Loewy, Inc. 104.0 2.6 0.3% Ohio State Teacher's Retirement 101.0 2.5 0.2% Vanguard Group 101.0 2.5 0.2% Other 833.2 20.6 2.1% -------- -------- ------ TOTAL 5,871.6 $145.3 14.5% TOTAL INSTITUTIONS, INSIDERS AND BENEFICIAL HOLDERS 39,713.4 $982.9 97.9% Other Shareholders 831.9 20.6 2.1% -------- -------- ------ CURRENT TOTAL SHARES OUTSTANDING 40,545.3 $1,003.5 100.0%(5) -------- -------- ------ -------- -------- ------
- ------------------------ Sources: CDA Spectrum dated 6/22/98, proxy dated 1/8/98, public filings and management (1) Includes 150,834 options outstanding (2) Includes 1,512,834 options outstanding (3) Includes 22,500 options outstanding (4) Includes 1,948,983 options outstanding (5) Includes 4,435,990 options outstanding WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN CORPORATION - -------------------------------------------------------------------------------- -------------------------------------- REVIEW OF DOW -------------------------------------- WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION REVIEW OF DOW - -------------------------------------------------------------------------------- OVERVIEW - ---------------------- BUSINESS DESCRIPTION * THE DOW CHEMICAL COMPANY IS A DIVERSIFIED, - ---------------------- WORLDWIDE MANUFACTURER AND SUPPLIER OF CHEMICALS, PLASTICS AND AGRICULTURAL PRODUCTS - ---------------------- DOW AGROSCIENCES * A WHOLLY-OWNED SUBSIDIARY OF THE DOW CHEMICAL - ---------------------- COMPANY THAT PRODUCES AGRICULTURAL PRODUCTS, SUCH AS BROADSTRIKE HERBICIDES AND DURSBAN AND LORSBAN INSECTICIDES, USED IN CROP PROTECTION AND INDUSTRIAL PEST CONTROL * Created in 1997 after Dow acquired Eli Lilly and Company's 40% share in DowElanco, which was then renamed Dow AgroSciences. The purchase price of $900 million was approximately 1.13x sales * Recent product launches include Tracer and Success insect control products in the U.S. and Fortress fungicide in Europe * Will incorporate the agricultural products business of Sanachem through Dow's acquisition of Sentrachem in late 1997. Sanachem is the world's third largest manufacturer of generic crop protection and pest control products with approximately $200 million in annual sales - ---------------------- FACILITIES * OPERATES 114 MANUFACTURING SITES IN 33 COUNTRIES - ---------------------- - ---------------------- HEADQUARTERS * MIDLAND, MICHIGAN - ---------------------- - ---------------------- STATE OF INCORPORATION * DELAWARE - ---------------------- WASSERSTEIN PERELLA & CO. - --------------------------------------------------------------------------------
MYCOGEN CORPORATION REVIEW OF DOW - ----------------------------------------------------------------------------------------------------------------------------- THE DOW CHEMICAL CO. - FINANCIAL SUMMARY ($MM) - ----------------------------------------------------------------------------------------------------------------------------- 1995 1996 1997 REC Q PAST Q LTM NFY(1) FY 12/31 12/31/95 12/31/96 12/31/97 3/31/98 3/31/98 12/31/98 - ----------------------------------------------------------------------------------------------------------------------------- SALES $20,200.0 $20,053.0 $20,018.0 $4,829.0 $4,992.0 $19,855.0 $18,899.0 Less: Cost of Sales 13,337.0 14,108.0 14,679.0 3,691.0 3,615.0 14,755.0 13,059.0 --------- --------- --------- -------- -------- --------- --------- Gross Margin 6,863.0 5,945.0 5,339.0 1,138.0 1,377.0 5,100.0 5,840.0 Less: S, G & A Expense 2,972.0 2,858.0 2,613.0 582.0 612.0 2,583.0 3,700.0 --------- --------- --------- -------- -------- --------- --------- EBIT 3,891.0 3,087.0 2,726.0 556.0 765.0 2,517.0 2,140.0 Less: Interest Exp. 145.0 208.0 277.0 64.0 (39.0) 380.0 480.0 Less: Other Exp. (Inc.) 217.0 (409.0) (499.0) 0.0 0.0 (499.0) (468.0) --------- --------- --------- -------- -------- --------- --------- EBT 3,529.0 3,288.0 2,948.0 492.0 804.0 2,636.0 2,128.0 Less: Income Tax Exp. 1,442.0 1,187.0 1,041.0 172.4 289.0 924.4 776.0 Less: Pref. Div. & Min. Int. 203.0 201.0 105.0 3.0 63.0 45.0 9.0 --------- --------- --------- -------- -------- --------- --------- NET INCOME (3) 1,884.0 1,900.0 1,802.0 316.6 452.0 1,666.6 1,343.0 - ---------------------------------------------------------------------------------------------------------------------------- EBIT $3,891.0 $3,087.0 $2,726.0 $556.0 $765.0 $2,517.0 $2,140.0 Plus: Dep & Amor. 1,442.0 1,298.0 1,287.0 287.0 320.0 1,254.0 1,185.0 --------- --------- --------- -------- -------- --------- --------- EBITDA 5,333.0 4,385.0 4,013.0 843.0 1,085.0 3,771.0 3,325.0 Less: Capital Exp. 1,417.0 1,344.0 1,198.0 301.0 245.0 1,254.0 1,650.0 --------- --------- --------- -------- -------- --------- --------- FREE CASH FLOW 3,916.0 3,041.0 2,815.0 542.0 840.0 2,517.0 1,675.0 - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- MARGINS - ---------------------------------------------------------------------------------------------------------------------------- GROSS MARGIN 34.0% 29.6% 26.7% 25.7% 30.9% EBITDA 26.4% 21.9% 20.0% 19.0% 17.6% EBIT 19.3% 15.4% 13.6% 12.7% 11.3% NET INCOME 9.3% 9.5% 9.0% 8.4% 7.1% FREE CASH FLOW 19.4% 15.2% 14.1% 12.7% 8.9% - ---------------------------------------------------------------------------------------------------------------------------- - ---------------------------------------------------------------------------------------------------------------------------- RATIOS - ---------------------------------------------------------------------------------------------------------------------------- Book Value - $7,954.0 $7,626.0 $7,806.0 NA $7,806.0 $7,960.0 RET. ON BOOK EQUITY (ROE) - 23.9% 23.6% 21.4% 16.9% Total Book Assets - 24,673.0 24,040.0 23,524.0 NA 23,524.0 24,311.0 RET. ON BOOK ASSETS (ROA) - 8.2% 8.2% 8.1% 6.7% - ----------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------- MARKET CAPITALIZATION - ------------------------------------------------------------------------------- STOCK PRICE (7/16/98) $95.81 52-WEEK HIGH/LOW: $102.63/$84.75 Shares Outstanding - DOW 225.12 ------ PRE-DILUTED EQUITY MARKET VALUE $21,569.6 - ------------------------------------------------------------------------------- Pre-Diluted Equity Market Value $21,569.6 Options Exercisable 8.7 Average Strike Price $63.84 ------ Options Value 276.6 Plus: Other Options/Warrants Value 25.0 Total Value of Options/Warrants 301.6 ----- EQUITY MARKET VALUE $21,871.3 Plus: Debt (2) $5,621.0 Plus: Preferred Stock 120.0 Plus: Post Ret. and Postemp. Benefits or Min. Int. 2,259.0 Less: Cash & Equivalents 537.0 ----- Net Debt 7,463.0 ------- ADJUSTED MARKET VALUE $29,334.3 - -------------------------------------------------------------------------------
- ------------------------------------------------------------------------------- MARKET TRADING MULTIPLES - ------------------------------------------------------------------------------- Adjusted Market Value as Market Value as a multiple of: a multiple of: SALES EBITDA EBIT FCF NET INC. BOOK VAL. ----- ------ ---- --- -------- --------- LTM 1.5x 7.8x 11.7x 11.7x 13.1x 2.8x NFY 1.6x 8.8x 13.7x 17.5x 16.3x 2.7x - -------------------------------------------------------------------------------
- ------------------------------------------------------------------------------- LTM CAPITALIZATION AND CREDIT RATIOS - ------------------------------------------------------------------------------- DEBT COVERAGE EBITDA/Int. EBIT/Int. FCF/Int. Debt/EBITDA ----------- --------- -------- ----------- 9.9% 6.6x 6.6x 1.5x - ------------------------------------------------------------------------------- CAPITALIZATION BOOK RATIOS MARKET RATIOS D/E D/(D+E) D/E D/(D+E) ---- ------ --- ------ 72.0% 41.9% 25.7% 20.4% - -------------------------------------------------------------------------------
- ---------------------------- FOOTNOTES - ---------------------------- (1) Next fiscal year results are based upon Morgan Stanley Dean Witter research report as of 4/29/98 (2) Book value of debt assumed to approximate market value (3) Excludes after-tax income from discontinued operations of $187.0MM in 1995, pre-tax non-recurring charges of $668MM and one-time sale of $816MM in 1998 (tax-effected at 40%) WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION - ------------------------------------------------------------------------------ PRELIMINARY VALUATION ANALYSIS WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION - -------------------------------------------------------------------------------- REVIEW OF ANALYST PERSPECTIVES WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION REVIEW OF ANALYST PERSPECTIVES - -------------------------------------------------------------------------------- REVIEW OF ANALYST RESEARCH REPORTS
- ------------------------------------------------------------------------------------------------------------------- UNADJUSTED ADJUSTED (EXCLUDES LITIGATION) ---------- ------------------------------ 1998E 1999E 1998E 1999E ANALYST/COMPANY NAME DATE RECOMMENDATION EARNINGS EARNINGS EARNINGS EARNINGS - -------------------- ---- -------------- -------- -------- -------- -------- Timothy Ramey 5/12/98 Buy NA NA NA NA Maria Wimmer DEUTSCHE MORGAN GRENFELL - ------------------------------------------------------------------------------------------------------------------- Jeff Cianci 5/4/98 Neutral $(0.40) $0.10 NA NA Jeffrey Peck BEAR, STEARNS & CO - ------------------------------------------------------------------------------------------------------------------- Timothy Ramey 4/15/98 Buy $(0.75) $0.10 $(0.19) $0.65 Maria Wimmer DEUTSCHE MORGAN GRENFELL - ------------------------------------------------------------------------------------------------------------------- FIRST CALL 3/24/98 NA $(0.39) $0.04 NA NA - ------------------------------------------------------------------------------------------------------------------- Mark Wiltamuth 3/13/98 Hold $(0.40) $(0.04) $(0.09) $0.15 FURMAN SELZ - ------------------------------------------------------------------------------------------------------------------- George Dahlman 2/4/98 Neutral $(0.46) NA NA NA PIPER JAFFRAY - ------------------------------------------------------------------------------------------------------------------- BIOSCIENCE SECURITIES, INC. 2/4/98 Hold NA NA $(0.10) $0.23 - ------------------------------------------------------------------------------------------------------------------- Gilbert Yang 1/21/98 Market Performer $(0.20) $0.15 NA NA J.P. MORGAN - ------------------------------------------------------------------------------------------------------------------- Gilbert Yang 10/24/97 Market Performer $(0.21) $0.13 $0.18 $0.45 J.P. MORGAN - ------------------------------------------------------------------------------------------------------------------- Timothy Ramey 7/11/97 Buy $(0.25) NA $0.06 $1.86 Maria Wimmer DEUTSCHE MORGAN GRENFELL - ------------------------------------------------------------------------------------------------------------------- James Wilbur 5/30/97 Neutral $0.05 $0.42 $0.38 $0.59 SMITH BARNEY - -------------------------------------------------------------------------------------------------------------------
WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: REVIEW OF ANALYST PERSPECTIVES - ----------------------------------------------------------------------------- EQUITY ANALYST PERSPECTIVE Six Analyst recommendations: 2 buy, 4 hold
Wide range of forecasts: FY 1998 FY 1999 ------- ------- HI ($0.39) $0.15 MEAN (0.51) 0.06 LO (0.75) (0.04)
Negative E.P.S. momentum: YTD 5 downward revisions, 1 UPWARD REVISION General Issues: * Outlook for conventional seed business * Bt dependency * Diffuse nature of R & D program WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: REVIEW OF ANALYST PERSPECTIVES - ----------------------------------------------------------------------------- OUTLOOK FOR CONVENTIONAL SEED BUSINESS "...[MYCOGEN'S SEED BUSINESS] SMALL SIZE IS A DETRIMENT,... HIGH SEED DISCARD AND OBSOLESCENCE CHARGES AND A HIGHER COST BASE... WE BELIEVE INCREASING THE SIZE OF THE MYCOGEN SEED EFFORT IS KEY... HOWEVER... WE QUESTION WHETHER THE COMPANY WILL BE ABLE TO FIND SEED OPERATORS OF SUFFICIENT SIZE AND QUALITY." FURMAN SELZ, MARCH 13, 1998 WP&Co. Observations: * Mycogen, over the past three years has increased its presence on the N. American corn farmers fields by nearly four-fold. * Mycogen is uniquely positioned to pursue the opportunities to build a franchise in the large and growing Latin American market for major row crops. Further, while the size and scope of Mycogen's breeding programs are much smaller than largest germplasm suppliers, less overlap within Mycogen product lines allows keeping a closer relationship of proprietary lines to competition. Mycogen'network of 11 breeding stations provides adequate diversity of yield, maturity and disease resistance characteristics. * Side-by-side comparisons of Mycogen hybrids show per acre yields approaching leading competitors. * Program appears effective, but subject to execution risk of producing adequate seed inventory within time, cost and quality constraints. Too early to judge efficiency of winter nursery exchange between US/Europe and PR/ S. America. Investments in new equipment (combines, tractors, dryers) and software (SAP/R3) enhance probability of success. WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: REVIEW OF ANALYST PERSPECTIVES - ----------------------------------------------------------------------------- Bt DEPENDENCY "...THE RAPIDLY GROWING ACREAGE OF CORN, COTTON AND POTATOES THAT ARE GENETICALLY ENGINEERED TO PRODUCE Bt... HIGHLIGHTS FEARS ABOUT EMERGING INSECT RESISTANCE. GENETICALLY ENGINEERED Bt CROPS PROVIDE EXPOSURE TO THE TOXINS THROUGHOUT THE GROWING SEASON, LEADING TO SELECTION PRESSURES THAT MIGHT ENABLE ONLY RESISTANT PESTS TO SURVIVE." SCIENTIFIC AMERICAN, May 1998 WP&Co. Observations: * Mycogen first company to recognize insect-specific bioactivity of Bt's. Portfolio of -50 Bt genes equal to next four competitors combined. * Array of Bt's provides access to multiple products for specific pest/crop situations. Pest specific products may change the threshold for insect control and justify significant increases in treated acreage. * Cross resistance unlikely since Bt protein structurally diverse; unique 3D configurations form very specific associations with cellular constituents. * Rotation between different Bt's remove selection pressure for resistant pest; fitness requirement restores susceptibility. Toxin cycling "evergreens" product line. * Bt toxins have been characterized by Mycogen researchers as having specific activity against a wide range of coleopteran, lepidopteran, and even nematode pests making the Bt technology valuable against a broad host of crop applications * Near to medium term competition to Bt's looks problematic since these proteins are well characterized with a good understanding of the functional genetics and expression. By comparison, novel toxins face an 8-10 year regulatory and scientific timeline for commercialization. WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: REVIEW OF ANALYST PERSPECTIVES - ----------------------------------------------------------------------------- Bt DEPENDENCY (CONTINUED) * Program appears logical and defensible, but suffers from execution risk: Manpower commitments for developing novel transgenics are quite modest at both Pioneer and at Mycogen and there appears to be little effort underway to stack Bt genes in multiple trait products: Mycogen currently markets a single Bt cultivar and no second generation Bt product is projected to be available prior to 2001. * While emphasizing the development of Bt-based plant products, Mycogen has created a sizable array of promoters, expression systems, and experience relevant to expression of any transgene in plants. This competency in regulating exogenous gene expression would be valuable to any other research program as it nears commercialization (e.g. Ahlquist Technology). Clearly, it is of value of any competitor desiring to shorten time to market of its own products as illustrated by Monsanto's repeated requests to gain access to Mycogen's proprietary Ub-1 promoter. WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: REVIEW OF ANALYST PERSPECTIVES - ----------------------------------------------------------------------------- DIFFUSE NATURE OF R & D PROGRAM Mycogen has significant commitments to six distinct R & D efforts: Input traits Oral immunity Output traits Ahlquist technology Disease resistance fermentation WP&Co. Observations: * Large multinationals with enormous financial resources have generally prioritized around a single program: Monsanto/input DuPont/output Zeneca/disease resistance * Agbiotech competition may rapidly transition from critical mass to scale, isolating Mycogen's modest efforts. * Technological developments may leapfrog Mycogen's position and render its intellectual property obsolescent. Genechip systems, combinatorial chemistry and high throughput screening have already proven their utility in human drug development. These technologies can likely be adapted for agbiotech applications: - Use DNA microarrays for "directed evolution" - Use retroviral vectors to immortalize insect gut cells as the basis for a high volume assay. WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN CORPORATION - ----------------------------------------------------------------------------- ----------------------------------- VALUATION: DISCOUNTED CASH FLOW ANALYSIS (DCF) ----------------------------------- WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN VALUATION: DCF ANALYSIS BUSINESS FINANCIAL PROJECTION METHODOLOGY
10-YEAR PROJECTIONS DETAILED BASIS ----------------------------------- Target Crop Acreage * Includes demographic factors and X regional analysis by crop * Shifting planting patterns ----------------------------------- Market Penetration of Genetically * Adoption value of Bt and output Modified Seeds modified seed X * Presence on farmers fields ----------------------------------- Market Share of Mycogen Product * Preferred penetration in existing X base * Access to partners with large share of new markets ----------------------------------- Mycogen Product Selling Price * Value capture based on improved = productivity and competitive Mycogen Product Sales Projections advantage - ----------------------------------- Fixed and Variable Costs and Taxes * Costs reflect minimal additional + COGs and SGA for traits above those for conventional seed * R&D investment accelerated to ensure success timing of products ----------------------------------- Cash Flow Impact (-W.I.-CapEx + Dep.) * Based on current inventory and = accounts payable/receivable trends Mycogen Product Free Cash Flow * Additional plant expenditure is depending on sales levels and existing capacity ----------------------------------- | | V - -------------------------------------- VALUATION METHODOLOGY - --------------------------------------
WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN VALUATION: DCF ANALYSIS - ------------------------------------------------------------------------------ BAR CHART OF VALUATION METHODOLOGY - -------------- TERMINAL VALUE: EBIT MULTIPLES - -------------- 6X - 12X 11% - 14% - -Lower risk established or growing businesses - -Includes Soil Serv, Biopesticides, AC Humko, and VMO - -Conventional seed businesses merit higher discount rates due to executional risks - -Suitable for established or mature businesses - ------------- DISCOUNT RATE - ------------- 20% - 24% - -Developing Bt/Herbicide-resistance businesses based on new products and established but rapidly improving technology 25% - 30% - -Higher-risk output trait improvement business - -Lower growth rate reflects early stages in commercialization of new technology 31% - 50% - -New relatively untested technology-based products. Large growth potential offset by high risk - -Risk-adjusted cost-of-capital - ----------------- TERMINAL VALUE: FREE CASH GROWTH - ----------------- 8% - 10% - -Developing Bt/Herbicide-resistance businesses based on new products and established but rapidly improving technology 1% - 2.5% - -Higher-risk output trait improvement business - -Lower growth rate reflects early stages in commercialization of new technology 25% - 28% - -New relatively untested technology-based products. Large growth potential offset by high risk - -Suitable for growing businesses in take-off phase WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN VALUATION: DCF ANALYSIS--BRAZIL MODEL EXAMPLE - -------------------------------------------------------------------------------- BRAZIL CORN INCOME STATEMENT AND NET ASSETS PROJECTIONS ($MM)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 ----- ----- ----- ----- ------ ------ ------ ------ ------ ------ Total Operating Revenue $52.8 $65.7 $79.6 $94.6 $104.9 $113.4 $128.4 $156.5 $173.1 $190.3 Cost of Goods Sold 26.4 32.8 39.6 47.0 52.0 56.1 63.4 77.2 85.2 93.5 ----- ----- ----- ----- ------ ------ ------ ------ ------ ------ GROSS PROFIT 26.4 32.9 39.9 47.6 52.8 57.3 65.0 79.4 87.9 96.8 Research & Development 3.2 4.6 6.4 8.5 10.5 11.3 12.8 15.7 17.3 19.0 Selling and Marketing 6.3 7.9 9.5 11.3 12.6 13.6 15.4 18.8 20.8 22.8 General & Administrative 7.4 7.7 7.6 6.9 5.2 5.7 6.4 7.8 8.7 9.5 ----- ----- ----- ----- ------ ------ ------ ------ ------ ------ 16.9 20.2 23.5 26.7 28.3 30.6 34.7 42.3 46.7 51.4 EBITDA 9.5 12.7 16.5 20.9 24.5 26.7 30.3 37.1 41.1 45.4 Depreciation 1.1 1.3 1.6 1.9 2.1 2.3 2.6 3.1 3.5 3.8 Amortization 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 ----- ----- ----- ----- ------ ------ ------ ------ ------ ------ EBIT 8.0 11.0 14.5 18.6 22.0 24.0 27.3 33.6 37.3 41.2 Contract and Other Revenue - - - - - - - - - - ----- ----- ----- ----- ------ ------ ------ ------ ------ ------ TOTAL OPERATING INCOME $8.0 $11.0 $14.5 $18.6 $22.0 $24.0 $27.3 $33.6 $37.3 $41.2 NET ASSETS CALCULATION - ---------------------- Accounts Receivable 13.2 16.4 19.9 23.6 26.2 28.4 32.1 39.1 43.3 47.6 Inventories 13.2 16.4 19.8 23.5 26.0 28.1 31.7 38.6 42.6 46.7 A/P & Accruals (4.4) (5.4) (6.5) (7.8) (8.6) (9.3) (10.5) (12.7) (14.1) (15.4) ----- ----- ----- ----- ------ ------ ------ ------ ------ ------ NET WORKING CAPITAL $22.0 $27.4 $33.2 $39.4 $43.7 $47.2 $53.4 $65.0 $71.8 $78.9 PP & E 21.0 24.0 27.0 30.0 33.0 34.0 38.0 44.0 47.0 51.0 Intangible Assets 9.3 8.9 8.5 8.1 7.7 7.3 6.9 6.5 6.1 5.7 ----- ----- ----- ----- ------ ------ ------ ------ ------ ------ NET ASSETS $52.3 $60.3 $68.6 $77.5 $84.3 $88.4 $98.2 $115.5 $124.9 $135.5 Total Operating Income $8.0 $11.0 $14.5 $18.6 $22.0 $24.0 $27.3 $33.6 $37.3 $41.2 Less: Taxes Paid (2.7) (3.6) (4.8) (6.1) (7.3) (7.9) (9.0) (11.1) (12.3) (13.6) Plus: D&A 1.5 1.7 2.0 2.3 2.5 2.7 3.0 3.5 3.9 4.2 Less: Capital Expenditure (1.1) (4.3) (4.6) (4.9) (5.1) (3.3) (6.6) (9.1) (6.5) (7.8) Less: Increase in NWC (22.0) (5.3) (5.8) (6.2) (4.3) (3.5) (6.2) (11.6) (6.8) (7.1) ----- ----- ----- ----- ------ ------ ------ ------ ------ ------ UNLEVERED FREE CASH FLOW ($16.3) ($0.6) $1.3 $3.6 $7.9 $12.0 $8.5 $5.2 $15.6 $16.9
WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN VALUATION: DCF ANALYSIS--BRAZIL MODEL EXAMPLE - -------------------------------------------------------------------------------- BRAZIL CORN FINANCIAL ASSUMPTIONS ($MM, EXCEPT PER UNIT PRICE AND UNITS IN (000s)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ INCOME STATEMENT ASSUMPTIONS - ---------------------------- Total Market in Hectares 12,000 12,500 13,000 13,500 14,000 14,200 14,400 14,600 14,800 15,000 Mycogen % of Market Share 11.0% 13.0% 15.0% 17.0% 18.0% 19.0% 21.0% 25.0% 27.0% 29.0% ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ Mycogen Units 1,320 1,625 1,950 2,295 2,520 2,698 3,024 3,650 3,996 4,350 Unit Selling Price $40.00 $40.40 $40.80 $41.21 $41.62 $42.04 $42.46 $42.89 $43.31 $43.75 Sales Growth 24.3% 21.2% 18.9% 10.9% 8.1% 13.2% 21.9% 10.6% 10.0% Cost per Unit $20.00 $20.16 $20.32 $20.48 $20.65 $20.81 $20.98 $21.15 $21.32 $21.49 Royalties per Unit $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ Total Cost per Unit $20.00 $20.16 $20.32 $20.48 $20.65 $20.81 $20.98 $21.15 $21.32 $21.49 COGS/Sales 50.0% 49.9% 49.8% 49.7% 49.6% 49.5% 49.4% 49.3% 49.2% 49.1% R&D/Sales 6.0% 7.0% 8.0% 9.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% Selling & Marketing/Sales 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% G&A/Sales 14.0% 11.8% 9.5% 7.3% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% Depreciation/Sales 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% Tax Rate 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% EBITDA/Sales 18.0% 19.3% 20.7% 22.1% 23.4% 23.5% 23.6% 23.7% 23.8% 23.9% EBIT/Sales 15.2% 16.7% 18.2% 19.6% 21.0% 21.1% 21.3% 21.4% 21.5% 21.7% BALANCE SHEET ASSUMPTIONS - ------------------------- Days Receivable 90.0 90.0 90.0 90.0 90.0 90.0 90.0 90.0 90.0 90.0 Inventory Days 180.0 180.0 180.0 180.0 180.0 180.0 180.0 180.0 180.0 180.0 Inventory Turns 2.0x 2.0x 2.0x 2.0x 2.0x 2.0x 2.0x 2.0x 2.0x 2.0x A/P & Accruals % of Inventory 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% Capital Expenditures $1.1 $4.3 $4.6 $4.9 $5.1 $3.3 $6.6 $9.1 $6.5 $7.8 Capital Expenditures as % of Net Sales 2.0% 6.6% 5.8% 5.2% 4.9% 2.9% 5.1% 5.8% 3.7% 4.1%
WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE - -------------------------------------------------------------------------------- BRAZIL CORN DISCOUNTED CASH FLOW ANALYSIS
- --------------- --------------------------------------------------- DISCOUNT RATE TERMINAL MULTIPLE OF YEAR 2007 OPERATING INCOME - --------------- --------------------------------------------------- 8.0x 9.3x 10.7x 12.0x ---------- ---------- ---------- ---------- 12.0% PV of Free Cash Flow $ 15.8 $ 15.8 $ 15.8 $ 15.8 PV of Terminal Multiple 106.2 123.9 141.6 159.3 ---------- ---------- ---------- ---------- Enterprise Value $122.1 $139.8 $157.5 $175.2 Less: Net Debt 0.0 0.0 0.0 0.0 ---------- ---------- ---------- ---------- EQUITY VALUE $122.1 $139.8 $157.5 $175.2 IMPLIED PERPETUITY GROWTH 6.5% 7.3% 7.8% 8.3% % VALUE FROM TERMINAL MULT. 87.0% 88.7% 89.9% 91.0% 13.0% PV of Free Cash Flow $ 14.1 $ 14.1 $ 14.1 $ 14.1 PV of Terminal Multiple 97.2 113.4 129.6 145.8 ---------- ---------- ---------- ---------- Enterprise Value $111.3 $127.5 $143.7 $159.9 Less: Net Debt 0.0 0.0 0.0 0.0 ---------- ---------- ---------- ---------- EQUITY VALUE $111.3 $127.5 $143.7 $159.9 IMPLIED PERPETUITY GROWTH 7.5% 8.2% 8.8% 9.3% % VALUE FROM TERMINAL MULT. 87.3% 88.9% 90.2% 91.2% 14.0% PV of Free Cash Flow $ 12.5 $ 12.5 $ 12.5 $ 12.5 PV of Terminal Multiple 89.0 103.8 118.7 133.5 ---------- ---------- ---------- ---------- Enterprise Value $101.5 $116.3 $131.1 $146.0 Less: Net Debt 0.0 0.0 0.0 0.0 ---------- ---------- ---------- ---------- EQUITY VALUE $101.5 $116.3 $131.1 $146.0 IMPLIED PERPETUITY GROWTH 8.4% 9.2% 9.8% 10.2% % VALUE FROM TERMINAL MULT. 87.7% 89.3% 90.5% 91.5% --------------------------------------------------- SELECTED EQUITY VALUE RANGE $101 - $175 ---------------------------------------------------
WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE - -------------------------------------------------------------------------------- BRAZIL EARLY CORN TRAIT REVENUES AND EXPENSES ($MM, EXCEPT PER UNIT PRICE AND UNITS IN 000S)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ Corn Market Share 1,320 1,625 1,950 2,295 2,520 2,698 3,024 3,650 3,996 4,350 HERBICIDE RESISTANCE (THIRD PARTY) - ---------------------------------- Gross Price per Hectare $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 5.00 $ 4.80 $ 4.60 $ 4.40 $ 4.20 $ 4.00 % Market Share Penetrated 0.0% 0.0% 0.0% 0.0% 5.0% 11.0% 18.0% 24.0% 30.0% 50.0% ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ Revenue 0.0 0.0 0.0 0.0 0.6 1.4 2.5 3.9 5.0 8.7 SPODOPTERM (MYCOGEN) - -------------------- Gross Price per Hectare $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $21.00 $19.50 $18.00 $16.50 $15.00 % Market Share Penetrated 0.0% 0.0% 0.0% 0.0% 3.0% 5.0% 11.0% 18.0% 24.0% 30.0% ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ Revenue 0.0 0.0 0.0 0.0 0.0 2.8 6.5 11.8 15.8 19.6 ELASMOPALPOST (MYCOGEN) - ----------------------- Gross Price per Hectare $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $12.00 $10.67 $ 9.33 $ 8.00 % Market Share Penetrated 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 5.0% 13.0% 22.0% 30.0% ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ Revenue 0.0 0.0 0.0 0.0 0.0 0.0 1.8 5.1 8.2 10.4 DIABROTICA (MYCOGEN) - -------------------- Gross Price per Hectare $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $25.00 $24.50 $24.00 % Market Share Penetrated 0.0% 0.0% 0.0% 0.0% 0.0% 00.0% 00.0% 5.0% 8.0% 10.0% ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ Revenue 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.6 7.8 10.4 HELICOVERPA (MYCOGEN) - --------------------- Gross Price per Hectare $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $24.00 $24.00 % Market Share Penetrated 0.0% 0.0% 0.0% 0.0% 0.0% 00.0% 00.0% 00.0% 5.0% 5.0% ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ Revenue 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.8 5.2 MYCOGEN CORN TRAIT REV. $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.6 $ 4.3 $ 10.8 $ 25.3 $ 41.7 $ 54.4 Corn Trait R&D Expenses 0.6 1.3 1.7 2.3 2.1 2.3 2.3 2.5 4.2 5.4 % of Corn Seeds Sales 1.1% 2.0% 2.2% 2.4% 2.0% 2.1% 1.8% 1.6% 2.4% 2.9% Other R&D Expenses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ Total R&D Expenses 0.6 1.3 1.7 2.3 2.1 2.3 2.3 2.5 4.2 5.4 INCOME BEFORE TAX $(0.6) $(1.3) $(1.7) $(2.3) $(1.5) $ 1.9 $ 8.5 $ 22.8 $ 37.5 $ 48.9 Tax @33.0% 0.0 0.0 0.0 0.0 0.0 (0.6) (2.8) (7.5) (12.4) (16.1) ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ CASH FLOW $ (0.6) $ (1.3) $ (1.7) $ (2.3) $ (1.5) $ 1.3 $ 5.7 $ 15.3 $ 25.1 $ 32.8 NOL Carry $ 0.2 $ 0.4 $ 0.6 $ 0.8 $ 0.5 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0
WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE - ------------------------------------------------------------------------------ BRAZIL CORN EARLY TRAITS DISCOUNTED CASH FLOW ANALYSIS
DISCOUNT RATE YEAR 2007 CASH FLOW GROWTH RATE - ----------------- ------------------------------------------------------ 8.0% 8.7% 9.3% 10.0% ------------ ------------ ------------ ------------ 20.0% PV of Free Cash Flow $11.6 $11.6 $11.6 $11.6 PV of Terminal Multiple 47.7 50.8 54.3 58.2 ------------ ------------ ------------ ------------ Enterprise Value $59.3 $62.4 $65.9 $69.9 Less: Net Debt 0.0 0.0 0.0 0.0 ------------ ------------ ------------ ------------ EQUITY VALUE $59.3 $62.4 $65.9 $69.9 IMPLIED PERPETUITY GROWTH 8.0% 8.7% 9.3% 10.0% % VALUE FROM TERMINAL MULT. 80.4% 81.4% 82.4% 83.4% 22.0% PV of Free Cash Flow $9.7 $9.7 $9.7 $9.7 PV of Terminal Multiple 34.6 36.6 38.7 41.1 ------------ ------------ ------------ ------------ Enterprise Value $44.3 $46.3 $48.4 $50.8 Less: Net Debt 0.0 0.0 0.0 0.0 ------------ ------------ ------------ ------------ EQUITY VALUE $44.3 $46.3 $48.4 $50.8 IMPLIED PERPETUITY GROWTH 8.0% 8.7% 9.3% 10.0% % VALUE FROM TERMINAL MULT. 78.1% 79.0% 80.0% 80.9% 24.0% PV of Free Cash Flow $8.1 $8.1 $8.1 $8.1 PV of Terminal Multiple 25.8 27.0 28.4 30.0 ------------ ------------ ------------ ------------ Enterprise Value $33.8 $35.1 $36.5 $38.0 Less: Net Debt 0.0 0.0 0.0 0.0 ------------ ------------ ------------ ------------ EQUITY VALUE $33.8 $35.1 $36.5 $38.0 IMPLIED PERPETUITY GROWTH 8.0% 8.7% 9.3% 10.0% % VALUE FROM TERMINAL MULT. 76.1% 77.0% 77.9% 78.8% ------------------------------------------------------------ SELECTED EQUITY VALUE RANGE $34 - $70 ------------------------------------------------------------
WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE - ------------------------------------------------------------------------------ BRAZIL SOYBEAN EARLY TRAITS REVENUES AND EXPENSES ($MM, EXCEPT PER UNIT PRICE AND UNITS IN 000s)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Soybean Market (Hectares) 2,500 2,550 2,601 2,653 2,706 2,760 2,815 2,872 2,929 2,988 Mycogen Market Share 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% HERBICIDE RESISTANCE (THIRD PARTY) Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $5.00 $4.75 $4.50 $4.25 $4.00 % Market Share Penetrated 0.0% 0.0% 0.0% 0.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Revenue 0.0 0.0 0.0 0.0 0.0 0.1 0.2 0.3 0.4 0.5 Bt CYST (MYCOGEN) Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $12.00 $12.00 $12.00 % of Market Share Penetrated 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.0% 4.0% 6.0% -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Revenue 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.7 1.4 2.2 MYCOGEN SOY. TRAIT REV. $0.0 $0.0 $0.0 $0.0 $0.0 $0.1 $0.2 $1.0 $1.9 $2.7 Soy Trait R&D Expenses 0.0 0.8 1.0 1.0 1.2 0.6 0.6 0.0 0.0 0.0 % of Soya Seeds Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Other R&D Expenses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Total R&D Expense 0.0 0.8 1.0 1.0 1.2 0.6 0.6 0.0 0.0 0.0 INCOME BEFORE TAX ($0.0) ($0.8) ($1.0) ($1.0) ($1.2) ($0.5) ($0.4) $1.0 $1.9 $2.7 Tax @ 33.0% 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (0.3) (0.6) (0.9) -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- CASH FLOW ($0.0) ($0.8) ($1.0) ($1.0) ($1.2) ($0.5) ($0.4) $0.7 $1.2 $1.8 NOL Carry $0.0 $0.3 $0.3 $0.3 $0.4 $0.2 $0.1 $0.0 $0.0 $0.0 TOTAL EARLY TRAIT CF ($0.6) ($2.1) ($2.7) ($3.3) ($2.7) $0.8 $5.3 $16.0 $26.4 $34.6
WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE - -------------------------------------------------------------------------------- BRAZIL SOYBEAN EARLY TRAITS DISCOUNTED CASH FLOW ANALYSIS
- ----------------- ------------------------------------------------------ DISCOUNT RATE YEAR 2007 CASH FLOW GROWTH RATE - ----------------- ------------------------------------------------------ 8.0% 8.7% 9.3% 10.0% ------------ ------------ ------------ ------------ 20.0% PV of Free Cash Flow ($1.7) ($1.7) ($1.7) ($1.7) PV of Terminal Multiple 2.6 2.8 3.0 3.2 ------------ ------------ ------------ ------------ Enterprise Value $0.9 $1.1 $1.3 $1.5 Less: Net Debt 0.0 0.0 0.0 0.0 ------------ ------------ ------------ ------------ EQUITY VALUE $0.9 $1.1 $1.3 $1.5 IMPLIED PERPETUITY GROWTH 8.0% 8.7% 9.3% 10.0% % VALUE FROM TERMINAL MULT. 289.5% 259.4% 235.2% 215.3% 22.0% PV of Free Cash Flow ($1.7) ($1.7) ($1.7) ($1.7) PV of Terminal Multiple 1.9 2.0 2.1 2.3 ------------ ------------ ------------ ------------ Enterprise Value $0.2 $0.3 $0.5 $0.6 Less: Net Debt 0.0 0.0 0.0 0.0 ------------ ------------ ------------ ------------ EQUITY VALUE $0.2 $0.3 $0.5 $0.6 IMPLIED PERPETUITY GROWTH 8.0% 8.7% 9.3% 10.0% % VALUE FROM TERMINAL MULT. 814.2% 589.2% 462.9% 382.0% 24.0% PV of Free Cash Flow ($1.6) ($1.6) ($1.6) ($1.6) PV of Terminal Multiple 1.4 1.5 1.6 1.6 ------------ ------------ ------------ ------------ Enterprise Value ($0.2) ($0.1) ($0.1) $0.0 Less: Net Debt 0.0 0.0 0.0 0.0 ------------ ------------ ------------ ------------ EQUITY VALUE ($0.2) ($0.1) ($0.1) $0.0 IMPLIED PERPETUITY GROWTH 8.0% 8.7% 9.3% 10.0% % VALUE FROM TERMINAL MULT. (689.2%) (1,103.1%) (2,712.0%) 6,151.5% ----------------------------------------------------- SELECTED EQUITY VALUE RANGE ($0) - $1 -----------------------------------------------------
WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE - -------------------------------------------------------------------------------- BRAZIL EARLY TRAIT DISCOUNTED CASH FLOW ANALYSIS
- ----------------- ------------------------------------------------------ DISCOUNT RATE YEAR 2007 CASH FLOW GROWTH RATE - ----------------- ------------------------------------------------------ 8.0% 8.7% 9.3% 10.0% ------------ ------------ ------------ ------------ 20.0% PV of Free Cash Flow $9.9 $9.9 $9.9 $9.9 PV of Terminal Multiple 50.3 53.6 57.3 61.5 ------------ ------------ ------------ ------------ Enterprise Value $60.2 $63.5 $67.2 $71.4 Less: Net Debt 0.0 0.0 0.0 0.0 ------------ ------------ ------------ ------------ EQUITY VALUE $60.2 $63.5 $67.2 $71.4 IMPLIED PERPETUITY GROWTH 8.0% 8.7% 9.3% 10.0% % VALUE FROM TERMINAL MULT. 83.5% 84.4% 85.2% 86.1% 22.0% PV of Free Cash Flow $8.0 $8.0 $8.0 $8.0 PV of Terminal Multiple 36.5 38.6 40.9 43.4 ------------ ------------ ------------ ------------ Enterprise Value $44.6 $46.6 $48.9 $51.4 Less: Net Debt 0.0 0.0 0.0 0.0 ------------ ------------ ------------ ------------ EQUITY VALUE $44.6 $46.6 $48.9 $51.4 IMPLIED PERPETUITY GROWTH 8.0% 8.7% 9.3% 10.0% % VALUE FROM TERMINAL MULT. 82.0% 82.8% 83.6% 84.4% 24.0% PV of Free Cash Flow $6.5 $6.5 $6.5 $6.5 PV of Terminal Multiple 27.2 28.5 30.0 31.6 ------------ ------------ ------------ ------------ Enterprise Value $33.6 $35.0 $36.5 $38.1 Less: Net Debt 0.0 0.0 0.0 0.0 ------------ ------------ ------------ ------------ EQUITY VALUE $33.6 $35.0 $36.5 $38.1 IMPLIED PERPETUITY GROWTH 8.0% 8.7% 9.3% 10.0% % VALUE FROM TERMINAL MULT. 80.8% 81.5% 82.3% 83.0% ------------------------------------------------------ SELECTED EQUITY VALUE RANGE $34 - $71 ------------------------------------------------------
WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN VALUATION: DCF ANALYSIS -- BRAZIL MODEL EXAMPLE - -------------------------------------------------------------------------------- BRAZIL OUTPUT TRAITS REVENUES AND EXPENSES ($MM, EXCEPT PER UNIT PRICE AND UNITS IN 000S)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ Corn Market Share 1,320 1,625 1,950 2,295 2,520 2,698 3,024 3,650 3,996 4,350 HIGH OIL/NUTRISEED Gross Price per Hectare $0.00 $0.00 $4.80 $4.80 $4.80 $4.80 $4.80 $4.80 $4.80 $4.80 % Market Share Penetrated 0.0% 0.0% 0.0% 0.0% 5.0% 11.0% 18.0% 24.0% 30.0% 50.0% ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ Revenue 0.0 0.0 0.0 0.0 0.6 1.4 2.6 4.2 5.8 10.4 HIGH OLEIC Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $9.60 $9.60 $9.60 $9.60 % Market Share Penetrated 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.0% 4.0% 8.0% 10.0% ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ Revenue 0.0 0.0 0.0 0.0 0.0 0.0 0.3 1.4 3.1 4.2 LOW PHYTATE Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $19.20 $19.20 $14.40 $14.40 $12.00 % Market Share Penetrated 0.0% 0.0% 0.0% 0.0% 0.0% 1.0% 3.0% 6.0% 9.0% 12.0% ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ Revenue 0.0 0.0 0.0 0.0 0.0 0.5 1.7 3.2 5.2 6.3 FORAGE PROTEIN MODIFICATION Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $36.00 % Market Share Penetrated 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.0% ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ Revenue 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.1 GREEN GENE-INCREASED BIOMASS Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $24.00 $24.00 % Market Share Penetrated 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 3.0% 10.0% ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ Revenue 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.9 10.4 Soyabean Market 1,320 1,625 1,950 2,295 2,520 2,698 3,024 3,650 3,996 4,350 F.MT/Mycogen Share 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% HIGH NUTRITION PROTEIN (DEMETER) Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $72.00 $72.00 % Market Share Penetrated 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 5.0% 10.0% ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ Revenue 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14.4 31.3 MYCOGEN TRAIT REV. $0.0 $0.0 $0.0 $0.0 $0.6 $1.9 $4.6 $8.8 $31.3 $65.8 Corn Output R&D 0.4 1.0 1.7 2.2 1.5 1.5 1.7 0.9 3.1 6.6 % of Seeds Sales 0.8% 1.5% 2.1% 2.3% 1.4% 1.3% 1.3% 0.6% 1.8% 3.5% Soybean R&D 0.0 0.4 0.6 0.4 0.2 0.6 0.6 0.0 1.2 2.5 INCOME BEFORE TAX ($0.4) ($1.4) ($2.3) ($2.6) ($1.1) ($0.2) $2.4 $7.9 $27.0 $56.7 Tax @33.0% 0.0 0.0 0.0 0.0 0.0 0.0 (0.8) (2.6) (8.9) (18.7) ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ CASH FLOW ($0.4) ($1.4) ($2.3) ($2.6) ($1.1) ($0.2) $1.6 $5.3 $18.1 $38.0 NOL Carry $0.1 $0.5 $0.8 $0.9 $0.4 $0.1 $0.0 $0.0 $0.0 $0.0 CORN OUTPUT CF ($0.4) ($1.4) ($2.3) ($2.6) ($1.1) ($0.2) $1.6 $5.3 $8.4 $17.0 SOYBEAN OUTPUT CF $0.0 ($0.4) ($0.6) ($0.4) ($0.2) ($0.6) ($0.6) $0.0 $8.9 $19.3
WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN VALUATION: DCF ANALYSIS -- BRAZIL MODEL EXAMPLE - -------------------------------------------------------------------------------- BRAZIL CORN OUTPUT TRAITS DISCOUNTED CASH FLOW ANALYSIS
---------------------------------------------------- - ------------------ TERMINAL MULTIPLE OF YEAR 2007 CASH FLOW DISCOUNT RATE ---------------------------------------------------- - ------------------ 1.0% 1.5% 2.0% 2.5% ---------- -------- -------- -------- 25.0% PV of Free Cash Flow $0.3 $0.3 $0.3 $0.3 PV of Terminal Multiple 7.7 7.9 8.1 8.3 ---------- -------- -------- -------- Enterprise Value $8.0 $8.2 $8.4 $8.6 Less: Net Debt 0.0 0.0 0.0 0.0 ---------- -------- -------- -------- EQUITY VALUE $8.0 $8.2 $8.4 $8.6 IMPLIED PERPETUITY GROWTH 1.0% 1.5% 2.0% 2.5% % VALUE FROM TERMINAL MULT. 96.2% 96.2% 96.3% 96.4% 27.5% PV of Free Cash Flow ($0.1) ($0.1) ($0.1) ($0.1) PV of Terminal Multiple 5.7 5.8 6.0 6.1 ---------- -------- -------- -------- Enterprise Value $5.6 $5.7 $5.8 $6.0 Less: Net Debt 0.0 0.0 0.0 0.0 ---------- -------- -------- -------- EQUITY VALUE $5.6 $5.7 $5.8 $6.0 IMPLIED PERPETUITY GROWTH 1.0% 1.5% 2.0% 2.5% % VALUE FROM TERMINAL MULT. 102.7% 102.6% 102.5% 102.5% 30.0% PV of Free Cash Flow ($0.5) ($0.5) ($0.5) ($0.5) PV of Terminal Multiple 4.3 4.4 4.5 4.6 ---------- -------- -------- -------- Enterprise Value $3.8 $3.9 $4.0 $4.1 Less: Net Debt 0.0 0.0 0.0 0.0 ---------- -------- -------- -------- EQUITY VALUE $3.8 $3.9 $4.0 $4.1 IMPLIED PERPETUITY GROWTH 1.0% 1.5% 2.0% 2.5% % VALUE FROM TERMINAL MULT. 113.2% 112.9% 112.5% 112.2% ----------------------------------------------------- SELECTED EQUITY VALUE RANGE $4 - $9 -----------------------------------------------------
WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE - ----------------------------------------------------------------------------- BRAZIL SOYBEAN OUTPUT TRAITS DISCOUNTED CASH FLOW ANALYSIS
DISCOUNT RATE YEAR 2007 CASH FLOW GROWTH RATE - ------------- ------------------------------------------- 1.0% 1.5% 2.0% 2.5% ----- ----- ----- ------- 25.0% PV of Free Cash Flow $2.2 $2.2 $2.2 $2.2 PV of Terminal Multiple 8.7 9.0 9.2 15.2 # ----- ----- ----- ------- Enterprise Value $10.9 $11.1 $11.4 $17.4 Less: Net Debt 0.0 0.0 0.0 0.0 ----- ----- ----- ------- EQUITY VALUE $10.9 $11.1 $11.4 $17.4 IMPLIED PERPETUITY GROWTH 1.0% 1.5% 2.0% 10.0% % VALUE FROM TERMINAL MULT. 80.0% 80.5% 80.9% 87.5% 27.5% PV of Free Cash Flow $1.7 $1.7 $1.7 $1.7 PV of Terminal Multiple 6.5 6.6 6.8 10.7 ----- ----- ----- ------- Enterprise Value $8.2 $8.3 $8.5 $12.4 Less: Net Debt 0.0 0.0 0.0 0.0 ----- ----- ----- ------- EQUITY VALUE $8.2 $8.3 $8.5 $12.4 IMPLIED PERPETUITY GROWTH 1.0% 1.5% 2.0% 10.0% % VALUE FROM TERMINAL MULT. 79.3% 79.7% 80.1% 86.3% 30.0% PV of Free Cash Flow $1.3 $1.3 $1.3 $1.3 PV of Terminal Multiple 4.9 5.0 5.1 7.7 ----- ----- ----- ------- Enterprise Value $6.2 $6.3 $6.4 $9.0 Less: Net Debt 0.0 0.0 0.0 0.0 ----- ----- ----- ------- EQUITY VALUE $6.2 $6.3 $6.4 $9.0 IMPLIED PERPETUITY GROWTH 1.0% 1.5% 2.0% 10.0% % VALUE FROM TERMINAL MULT. 78.9% 79.3% 79.6% 85.5% ------------------------------------------ SELECTED EQUITY VALUE RANGE $6 - $17 ------------------------------------------
WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE - ----------------------------------------------------------------------------- BRAZIL OUTPUT TRAITS DISCOUNTED CASH FLOW ANALYSIS
DISCOUNT RATE YEAR 2007 CASH FLOW GROWTH RATE - ------------- ------------------------------------------ 1.0% 1.5% 2.0% 2.5% ----- ----- ----- ----- 25.0% PV of Free Cash Flow $3.9 $3.9 $3.9 $3.9 PV of Terminal Multiple 17.2 17.6 18.1 18.6 ----- ----- ----- ----- Enterprise Value $21.0 $21.5 $21.9 $22.4 Less: Net Debt 0.0 0.0 0.0 0.0 ----- ----- ----- ----- EQUITY VALUE $21.0 $21.5 $21.9 $22.4 IMPLIED PERPETUITY GROWTH 1.0% 1.5% 2.0% 2.5% % VALUE FROM TERMINAL MULT. 81.7% 82.0% 82.4% 82.8% 27.5% PV of Free Cash Flow $2.8 $2.8 $2.8 $2.8 PV of Terminal Multiple 12.8 13.1 13.4 13.7 ----- ----- ----- ----- Enterprise Value $15.5 $15.8 $16.2 $16.5 Less: Net Debt 0.0 0.0 0.0 0.0 ----- ----- ----- ----- EQUITY VALUE $15.5 $15.8 $16.2 $16.5 IMPLIED PERPETUITY GROWTH 1.0% 1.5% 2.0% 2.5% % VALUE FROM TERMINAL MULT. 82.1% 82.4% 82.8% 83.1% 30.0% PV of Free Cash Flow $1.9 $1.9 $1.9 $1.9 PV of Terminal Multiple 9.6 9.8 10.0 10.3 ----- ----- ----- ----- Enterprise Value $11.5 $11.7 $12.0 $12.2 Less: Net Debt 0.0 0.0 0.0 0.0 ----- ----- ----- ----- EQUITY VALUE $11.5 $11.7 $12.0 $12.2 IMPLIED PERPETUITY GROWTH 1.0% 1.5% 2.0% 2.5% % VALUE FROM TERMINAL MULT. 83.3% 83.6% 83.9% 84.2% ----------------------------------------- SELECTED EQUITY VALUE RANGE $12 - $22 -----------------------------------------
WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE - ----------------------------------------------------------------------------- BRAZIL DISEASE RESISTANCE REVENUES AND EXPENSES ($MM, except per unit price and Units in 000s)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 ------ ------ ------ ------ ------ ------ ------ ------ ------- ------- Corn Market Share 392 461 536 617 703 710 718 725 733 740 MOLD/MYCOTOXIN - -------------- Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $12.00 $12.00 % of Market Share Penetrated 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.0% 5.0% ------ ------ ------ ------ ------ ------ ------ ------ ------- ------- Revenue 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.4 Brazil Soyabean Market 2,500 2,550 2,601 2,653 2,706 2,760 2,815 2,872 2,929 2,988 F. MT/Mycogen Share 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% SOYABEAN DISEASE I - ------------------ Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 % of Market Share Penetrated 0.0% 0.0% 0.0% 0.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% ------ ------ ------ ------ ------ ------ ------ ------ ------- ------- Revenue 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 SOYBEAN DISEASE II - ------------------ Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 % of Market Share Penetrated 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 10.0% 20.0% 30.0% 40.0% ------ ------ ------ ------ ------ ------ ------ ------ ------- ------- Revenue 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Corn Trait Revenue $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.2 $0.4 Soyabean Trait Revenue 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 ------ ------ ------ ------ ------ ------ ------ ------ ------- ------- Mycogen Disease Trait Rev. $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.2 $0.4 Corn Trait R&D Expenses 0.0 0.0 0.0 0.0 0.0 0.6 0.6 0.0 0.0 0.0 % of Corn Seeds Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.5% 0.5% 0.0% 0.0% 0.0% Soyabean Trait R&D Expenses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 ------ ------ ------ ------ ------ ------ ------ ------ ------- ------- R&D Expense (with Alloc.) 0.0 0.2 0.5 0.3 0.2 0.6 0.6 0.0 0.0 0.0 Income Before Tax $0.0 ($0.2) ($0.5) ($0.3) ($0.2) ($0.6) ($0.6) $0.0 $0.2 $0.4 Tax @ 33.0% 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (0.1) (0.1) ------ ------ ------ ------ ------ ------ ------ ------ ------- ------- Cash Flow $0.0 ($0.2) ($0.5) ($0.3) ($0.2) ($0.6) ($0.6) $0.0 $0.2 $0.5 NOL Carry $0.0 $0.1 $0.2 $0.1 $0.1 $0.2 $0.2 $0.0 $0.0 $0.0
WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE - ----------------------------------------------------------------------------- BRAZIL DISEASE RESISTANCE DISCOUNTED CASH FLOW ANALYSIS
DISCOUNT RATE YEAR 2007 CASH FLOW GROWTH RATE - ------------- ------------------------------------------- 25.0% 26.0% 27.0% 28.0% -------- -------- -------- -------- 31.0% PV of Free Cash Flow ($0.7) ($0.7) ($0.7) ($0.7) PV of Terminal Multiple 0.7 0.9 1.1 1.5 -------- -------- -------- -------- Enterprise Value $0.1 $0.2 $0.5 $0.9 Less: Net Debt 0.0 0.0 0.0 0.0 -------- -------- -------- -------- EQUITY VALUE $0.1 $0.2 $0.5 $0.9 IMPLIED PERPETUITY GROWTH 25.0% 26.0% 27.0% 28.0% % VALUE FROM TERMINAL MULT. 830.3% 366.5% 236.5% 175.3% 40.5% PV of Free Cash Flow ($0.5) ($0.5) ($0.5) ($0.5) PV of Terminal Multiple 0.0 0.0 0.0 0.0 -------- -------- -------- -------- Enterprise Value ($0.5) ($0.5) ($0.5) ($0.5) Less: Net Debt 0.0 0.0 0.0 0.0 -------- -------- -------- -------- EQUITY VALUE ($0.5) ($0.5) ($0.5) ($0.5) IMPLIED PERPETUITY GROWTH (100.0%) (100.0%) (100.0%) (100.0%) % VALUE FROM TERMINAL MULT. 0.0% 0.0% 0.0% 0.0% 50.0% PV of Free Cash Flow ($0.4) ($0.4) ($0.4) ($0.4) PV of Terminal Multiple 0.0 0.0 0.0 0.0 -------- -------- -------- -------- Enterprise Value ($0.4) ($0.4) ($0.4) ($0.4) Less: Net Debt 0.0 0.0 0.0 0.0 -------- -------- -------- -------- EQUITY VALUE ($0.4) ($0.4) ($0.4) ($0.4) IMPLIED PERPETUITY GROWTH (100.0%) (100.0%) (100.0%) (100.0%) % VALUE FROM TERMINAL MULT. 0.0% 0.0% 0.0% 0.0% ---------------------------------------------- SELECTED EQUITY VALUE RANGE ($0) - $1 ----------------------------------------------
WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN VALUATION: SUMMARY OF BUSINESS UNITS - -------------------------------------------------------------------------------- ELEMENTS OF PROJECTED BUSINESS VALUATION
- ---------------------------------------------------------------------------------------------------------- BUSINESS CROP TRAIT GEOGRAPHICAL REGION - -------- ---- ----- ------------------- N. AMERICA ARGENTINA BRAZIL OTHER - ---------------------------------------------------------------------------------------------------------- Biopesticides -- -- X SoilServ -- -- X Conventional Seed Corn -- X X X Soybeans -- X Sunflower -- X Sorghum -- X Alfalfa -- X Early Traits (Herbicide Resistance) Corn RR/LL X X X Sunflower RR/LL X Soybean LL X Sorghum RR/LL X Early Traits (Insect Resistance) Corn Bt176 X Corn Spodoptera X Corn Elasmopalpost X Corn Diabrotica X Corn Helicoverpa X Corn Armyworm Corn ECB/Glufosinate X X Corn CRW/Glufosinate X X Sunflower Looper X Sunflower Head Moth X Sunflower Seed Weevil X Soybean Cyst X - ----------------------------------------------------------------------------------------------------------
WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN VALUATION: SUMMARY OF BUSINESS UNITS - -------------------------------------------------------------------------------- ELEMENTS OF PROJECTED BUSINESS VALUATION (CONT'D)
BUSINESS CROP TRAIT GEOGRAPHICAL REGION - -------- ---- ----- ------------------- N. AMERICA ARGENTINA BRAZIL OTHER - ---------------------------------------------------------------------------------------------------------- Sorghum Midge Greenbug Aphid Alfalfa Weevil Lepidoptera Output Corn High Oil X X X High Oil/Evt. 176 X Hi Oleic X X X Low Phytate X X X Forage Protein X X X Green Gene X X X Soyabean High Nutrition X X Sunflower High Oleic X High Palmitic X Quality Protein X X Sorghum Nutritional X Disease Resistance Corn Mold/Mycotoxin X X Sunflower Sclerotinia X X Verticilian X - ----------------------------------------------------------------------------------------------------------
WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN VALUATION: SUMMARY OF BUSINESS UNITS - -------------------------------------------------------------------------------- ELEMENTS OF PROJECTED BUSINESS VALUATION (CONT'D)
BUSINESS CROP TRAIT GEOGRAPHICAL REGION - -------- ---- ----- ------------------- N. AMERICA ARGENTINA BRAZIL OTHER - ---------------------------------------------------------------------------------------------------------- JV/Partner Royalties VMO Conventional Europe Early Traits Europe Output Traits Europe Cotton Conventional X X Bud/Bollworm X X Australia Boll Weevil X X and Lygus X Greece Oilseed/Humko -- X X Oilseed/DAS -- X Rice Stem Borer Japan Plant Hopper Japan Turf White Grub X Army/Cutworm X Webworm X
WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: DCF ANALYSIS - ------------------------------------------------------------------------------- SUMMARY OF VALUATION
- ----------------------------------------------------------------------------------------------------------------------------------- Discount Growth Rate Valuations Geographic Sub- Value Business Crop Region Rate /EBIT Multiple Lo Hi Average Total Totals Share - ----------------------------------------------------------------------------------------------------------------------------------- BIOPESTICIDES - - 11.0%-14.0% 6 - 10 $3 - $5 $4 $4 $4 $0.08-$0.11 SOILSERV - - 11.0%-14.0% 6 - 10 $28 - $40 $34 $34 $34 $0.69-$0.98 CONVEN. SEED Corn N. America 12.0%-14.0% 8 - 12 $94 - $210 $152 Argentina 12.0%-14.0% 8 - 12 $37 - $56 $47 Brazil 12.0%-14.0% 8 - 12 $101 - $175 $138 Soybeans N. America 12.0%-14.0% 8 - 12 ($10)- $18 $4 Brazil 12.0%-14.0% 8 - 12 $0 - $0 $0 Sorghum N. America 12.0%-14.0% 8 - 12 $9 - $15 $12 Alfalfa N. America 12.0%-14.0% 8 - 12 $3 - $9 $6 Sunflower N. America 12.0%-14.0% 8 - 12 ($4)- ($4) ($4) Argentina 12.0%-14.0% 8 - 12 $14 - $22 $18 All N. America 12.0%-14.0% 8 - 12 $97 - $254 $176 $2.40-$6.28 Argentina 12.0%-14.0% 8 - 12 $49 - $79 $64 $1.22-$1.94 Brazil 12.0%-14.0% 8 - 12 $101 - $175 $138 $2.50-$4.32 TOTAL CONVENTIONAL SEED $378 EARLY/INPUT TRAITS Corn N. America 20.0%-24.0% 8.0% - 10.0% $82 - $162 $122 Argentina 20.0%-24.0% 8.0% - 10.0% $2 - $7 $3 Brazil 20.0%-24.0% 8.0% - 10.0% $34 - $70 $52 Soybeans N. America 20.0%-24.0% 8.0% - 10.0% $49 - $90 $69 Brazil 20.0%-24.0% 8.0% - 10.0% ($0)- $1 $1 Sunflower N. America 20.0%-24.0% 8.0% - 10.0% ($1)- ($1) ($1) Argentina 20.0%-24.0% 8.0% - 10.0% $0 - $4 $2 All N. America 20.0%-24.0% 8.0% - 10.0% $130 - $251 $190 $3.20-$6.20 Argentina 20.0%-24.0% 8.0% - 10.0% $2 - $11 $7 $0.05-$0.28 Brazil 20.0%-24.0% 8.0% - 10.0% $34 - $71 $52 $0.83-$1.76 TOTAL EARLY TRAITS $240 OUTPUT TRAITS Corn N. America 25.0%-30.0% 1.0% - 2.5% $6 - $14 $10 Argentina 25.0%-30.0% 1.0% - 2.5% ($2)- ($1) ($2) Brazil 25.0%-30.0% 1.0% - 2.5% $4 - $9 $6 Soybean N. America 25.0%-30.0% 1.0% - 2.5% $128 - $225 $176 Brazil 25.0%-30.0% 1.0% - 2.5% $6 - $17 $12 Sunflower N. America 25.0%-30.0% 1.0% - 2.5% $4 - $7 $5 Argentina 25.0%-30.0% 1.0% - 2.5% $12 - $20 $16 All N. America 25.0%-30.0% 1.0% - 2.5% $138 - $245 $192 $3.40-$6.06 Argentina 25.0%-30.0% 1.0% - 2.5% $10 - $26 $18 $0.24-$0.63 Brazil 25.0%-30.0% 1.0% - 2.5% $12 - $22 $17 $0.28-$0.55 TOTAL OUTPUT TRAITS $226 DISEASE RESISTANCE N. America 31.0%-50.0% 25.0% - 28.0% ($2)- $19 $9 $9 $-0.04-$0.47 Argentina 31.0%-50.0% 25.0% - 28.0% $0 - $14 $7 $7 $0.00-$0.36 Brazil 31.0%-50.0% 25.0% - 28.0% ($0)- $1 $0 $0 $-0.01-$0.03 TOTAL DISEASE RESISTANCE $16 JV/ROYALTIES VMO Conventional Seed 12.0%-14.0% 6 - 10 $7 - $10 $9 $0.17-$0.26 Early/Input Traits 20.0%-24.0% 8.0% - 10.0% ($1)- ($2) $2 $-0.04-$-0.04 Output Traits 25.0%-30.0% 8.0% - 10.0% $2 - $3 $4 $0.06-$0.13 Disease Res. 31.0%-30.0% 15.0% - 28.0% $0 - $3 $3 $0.00-$0.13 TOTAL VMO $8 $20 $14 $14 JG Boswell Cotton 12.0%-14.0% 8 - 12 $59 - $86 $73 $73 $73 $1.46-$2.13 Humko Oilseed N. America 12.0%-14.0% 6 - 10 $0 - $0 $0 $0 $0.00-$0.00 Argentina 12.0%-14.0% 6 - 10 $2 - $3 $2 $2 $0.06-$0.06 TOTAL OILSEED $0 - $0 $3 DAS Canada Canola 20.0%-24.0% 8 - 12 $13 - $21 $17 $17 $17 $0.32-$0.52 PHB Bt Royalties 20.0%-24.0% $35 - $38 $36 $36 $36 $0.85-$0.93 Other Partner Royalties 20.0%-24.0% 1.0% - 2.5% $14 - $21 $17 $17 $17 $0.33-$0.52 Other Pests/Crops 31.0%-50.0% 8.0% -10.0% $21 - $118 $69 $69 $69 $0.53-$2.90 Disease Resistance -All Other Crops 45.0%-50.0% 25.0% -28.0% $131 - $185 $158 $158 $158 $3.24-$4.57 - Rice (Japan Tobaco) 31.0%-50.0% 15.0% -18.0% ($2)- $15 $1 $1 $1 $-0.05-$0.12 MISCELLANEOUS NOL-Current (est) $50 - $70 $60 $60 $1.23-$1.73 NOL-Projects (est) $26 - $26 $26 $26 $0.64-$0.64 Monsanto Settlement $174 - $174 $174 $174 $4.30-$4.30 35% in Vermont (at cost) 20.0%-24.0% $33 - $66 $50 $50 $0.82-$1.63 Net Debt ($75)- ($75) ($75) ($75) $-1.84-$1.84 $295 ------ ------ ------ ------ ------ TOTAL $1,148 $2,025 $1,583 $1,590 $1,590 Shares Outstand (MM) 40.51 Value Share $28.35 $49.98 $39.07 $39.26 - -----------------------------------------------------------------------------------------------------------------------------------
Note: Initial value excludes contribution from revenue synergies, cost savings, and other economies of scale from consolidation with DAS. Value per share calculated based on outstanding common shares, includes 3.593 million outstanding options with an average exercise price of $12.03 WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN VALUATION: DCF ANALYSIS - ---------------------------------------------------------------------------- VALUATION OF BUSINESSES (AVERAGE OF PROJECTED RANGE) Pie Chart of Conventional Seed Contribution to Value North America 45.6% Brazil 36.5% Argentina 17.9%
Pie Chart of Early Traits Contribution to Value North America 76.0% Brazil 20.8% Argentina 3.2%
Pie Chart of Output Traits Contribution to Value North America 85.0% Brazil 7.0% Argentina 8.0%
BAR CHART Conventional Seed Corn $ 282 Soybean 4 Sunflower 9 Other 18 ------ Total $ 378 Early Traits Corn $ 154 Soybean 61 ------ Total $ 201 Output Traits Corn $ 14 Soybean 186 Sunflower 21 ------ Total $ 226 Disease Resistance (All Crops) New $ 158 Current 16 ------ Total $ 174 Other Businesses Biopest. $ 4 Soil Serv. 34 ------ Total $ 38 Current JV Humko $ 3 Boswell 73 VMO 14 ------ Total $ 90 DAS Collaboration Rice/Japan Tobacco $ 1 Canola/ DAS Canola 17 ------ Total $ 18 Royalties Other Partners $ 17 Pioneer Bt 36 ------ Total $ 53 New Pest-Resistant Crops Total $ 69 Operating Value Total $1,144 NOL Projected $ 26 Current 60 ------ Total $ 86 Monsanto Settlement Total $ 174 35% Stake in Verneuil Total $ 50 Bt FTO Fees Total $ 61 Net Debt Total $ (75) Total Value Total $1,590 Misscellaneous Items $ 296 VALUATION/SHARE $39.26
WASSERSTEIN PERELLA & CO. - ---------------------------------------------------------------------------- MYCOGEN VALUATION:DCF ANALYSIS - ---------------------------------------------------------------------------- BAR CHART OF IMPLIED RANGE OF MYCOGEN VALUATION Valuation/Share $27.65 $46.63 Total ------------------------------ Valuation Range Based on Projections $1,148 $877 $2,025 Stake in Verneuil* ($33) -- ($33) Disease Resistance* -- ($70) ($70) Bt FTO* -- ($33) ($33) Resulting Valuation Range $1,120 $769 $1,889
*Discounted Upside for Higher Risk Opportunities WASSERSTEIN PERELLA & CO. - ---------------------------------------------------------------------------- MYCOGEN CORPORATION - -------------------------------------------------------------------------------- ----------------------------- VALUATION: COMPARABLE COMPANY TRADING ANALYSIS ----------------------------- WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: COMPARABLE COMPANY TRADING ANALYSIS - -------------------------------------------------------------------------------- SELECTED SEED COMPARABLE COMPANIES ANALYSIS TRADING STATISTICS - ------------------
ADJUSTED MARKET VALUE/ CURRENT EQUITY ADJUSTED PRICE/EARNINGS EST. 3-5 98E P/E/ ------------------------------------ PRICE MARKET MARKET -------------- YR. EPS 3-5 YEAR PRICE/ 1997 LTM 1998E 1999E 1997 COMPANY 7/16/98 VALUE VALUE 1997 1998E GTH. EPS GTH.(1) BOOK SALES SALES SALES SALES EBITDA - ---------- ------- -------- -------- -------------- -------- ----------- ------ ------ ----- ----- ----- ------ (IN $) (IN $ MM) (IN $ MM) (X) (X) (%) (X) (X) (X) (X) (X) (X) (X) Mycogen (2) 24.75 950.1 963.8 NM NM 22.5 NM 4.5 4.57 4.42 4.11 3.89 NM Pioneer Hi-Bred 35.06 8,470.4 8,272.4 35.6 30.6 15.0 2.04 6.1 4.64 4.50 4.27 3.99 18.3 Dekalb Genetics 94.69 3,419.3 3,659.3 117.6 121.4 25.0 4.86 15.1 8.11 7.18 7.67 6.90 59.9 Delta & Pine Land 46.31 1,831.1 1,898.3 93.8 72.4 30.0 2.41 18.4 10.36 9.37 7.16 5.35 51.1 Agribiotech (3) 23.13 779.9 778.5 NM 96.4 40.0 2.41 9.7 2.81 2.81 3.05 1.52 67.9 --------------------------------------------------------------------------------------------- Mean 82.3 80.2 27.5 2.93 12.3 6.48 5.96 5.54 4.44 49.3 Median 93.8 84.4 27.5 2.41 12.4 6.37 5.84 5.71 4.67 55.5 High 117.6 121.4 40.0 4.86 18.4 10.36 9.37 7.67 6.90 67.9 Low 35.6 30.6 15.0 2.04 6.1 2.81 2.81 3.05 1.52 18.3 --------------------------------------------------------------------------------------------- ADJUSTED MARKET VALUE/ ------------------------------------------------------- NET DEBT/ LTM 1998E 1999E 1997 LTM 1998E 1999E MARKET EBITDA EBITDA EBITDA EBIT EBIT EBIT EBIT CAP. ------ ------ ------ ----- ----- ------- ------ --------- (X) (X) (X) (X) (X) (X) (X) (%) Mycogen (2) NM 86.1 96.4 NM NM NM NM 1.4 Pioneer Hi-Bred 17.9 15.9 13.6 22.8 22.2 19.1 15.9 (2.4) Dekalb Genetics 74.8 59.0 46.9 77.4 NM 77.9 61.0 7.0 Delta & Pine Land 57.8 33.4 22.5 59.1 71.7 37.4 24.2 3.6 Agribiotech (3) 67.9 68.2 26.4 NM NM 90.2 29.9 (0.2) ---------------------------------------------------------------------------- Mean 54.6 44.1 27.4 53.1 47.0 56.1 32.8 2.0 Median 62.8 46.2 24.5 59.1 47.0 57.6 27.0 1.7 High 74.8 68.2 46.9 77.4 71.7 90.2 61.0 7.0 Low 17.9 15.9 13.6 22.8 22.2 19.1 15.9 (2.4) ----------------------------------------------------------------------------
OPERATING STATISTICS - --------------------
TOTAL REVENUES --------------------------- EBITDA MARGIN EBIT MARGIN LTM 97/96 % 98E/97 % --------------------------- --------------------------- COMPANY AMOUNT GROWTH GROWTH 1997 LTM 1998E 1999E 1997 LTM 1998E 1999E - ---------- -------- ------- -------- ------ ----- ----- ----- ------ ----- ----- ----- (IN $ MM) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Mycogen (2) 218 35.6 11.2 3.4 1.2 4.8 4.0 NM NM NM 0.0 Pioneer Hi-Bred 1,840 3.7 8.7 25.3 25.1 26.8 29.4 20.3 20.2 22.4 25.1 Dekalb Genetics 510 16.5 5.7 13.5 9.6 13.0 14.7 10.5 6.5 9.9 11.3 Delta & Pine Land 203 19.6 44.8 20.3 16.2 21.4 23.8 17.5 13.1 19.1 22.1 Agribiotech (3) 277 NA (8.1) 4.1 4.1 4.5 5.8 2.1 2.1 3.4 5.1 ------------------------------------------------------------------------------------- Mean 13.2 12.8 15.8 13.7 16.4 18.4 12.6 10.5 13.7 15.9 Median 16.5 7.2 16.9 12.9 17.2 19.2 14.0 9.8 14.5 16.7 High 19.6 44.8 25.3 25.1 26.8 29.4 20.3 20.2 22.4 25.1 Low 3.7 (8.1) 4.1 4.1 4.5 5.8 2.1 2.1 3.4 5.1 ------------------------------------------------------------------------------------- NET INCOME MARGIN R&D / TOTAL REVENUES --------------------------- ----------------------- 1997 LTM 1998E 1999E 1997 1998E 1999E ------ ----- ----- ----- ------ ------ ------- (%) (%) (%) (%) (%) (%) (%) Mycogen (2) NM NM NM NM 11.4 NA NA Pioneer Hi-Bred 13.6 14.6 15.0 16.9 8.2 7.7 7.8 Dekalb Genetics 6.4 4.3 6.1 7.1 12.7 12.6 15.1 Delta & Pine Land 10.7 6.9 10.1 11.8 7.4 6.1 4.7 Agribiotech (3) NM NM 1.9 2.3 NA NA NA --------------------------------------------------------------- Mean 10.2 8.6 8.3 9.5 9.4 8.8 9.2 Median 10.7 6.9 8.1 9.4 8.2 7.7 7.8 High 13.6 14.6 15.0 16.9 12.7 12.6 15.1 Low 6.4 4.3 1.9 2.3 7.4 6.1 4.7 ---------------------------------------------------------------
- -------------------------- 1997 data refers to FYE 8/31/97, etc. All means and medians exclude Mycogen. Currency are converted at current exchange rates. EPS projections are based on I/B/E/S consensus; other projections are based on selected brokers' research. When not available, depreciation and amortization are estimated as a percentage of sales based on the latest released data. When not available, LTM data is based on selected brokers' research. 1) Represents ratio of the 1998E P/E ratio in the estimated 3-5 year earnings growth rate. 2) LTM operating data are based on press release for LTM ended 5/31/98. Balance sheet data are based on 2/28/98 balance sheet. 3) Agribiotech fiscal year end 6/30. LTM data represents financials for 1997 fiscal year end pro forma for acquisitions. EBITDA estimated per analyst projections of D&A margins. WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: COMPARABLE COMPANY TRADING ANALYSIS - ------------------------------------------------------------------------------ SELECTED AG-BIOTECHNOLOGY COMPARABLE COMPANIES ANALYSIS
TRADING STATISTICS - ------------------ CURRENT EQUITY ADJUSTED PRICE/EARNINGS EST. 3-5 98E P/E/ PRICE MARKET MARKET -------------- YR. EPS 3-5 YEAR PRICE/ COMPANY 7/16/98 VALUE VALUE 1997 1998E GTH. EPS GTH.(1) BOOK - -------------- ------- --------- --------- ---- ----- -------- ----------- ------ (IN $) (IN $ MM) (IN $ MM) (X) (X) (%) (X) (X) MYCOGEN (2) 24.75 950.1 963.8 NM NM 22.5 NM 4.5 DNAP HOLDING 4.38 76.9 126.4 35.6 NA NA NM 2.8 ECOGEN (3) 2.06 16.5 18.0 NM NM NA NM 3.2 ------------------------------------------------------- MEAN 35.6 NA NA NA 3.0 MEDIAN 35.6 NA NA NA 3.0 HIGH 35.6 NA NA NA 3.2 LOW 35.6 NA NA NA 2.8 ------------------------------------------------------- ADJUSTED MARKET VALUE / ------------------------------------------------------------------------------------ NET DEBT/ 1997 LTM 1998E 1999E 1997 LTM 1998E 1999E 1997 LTM 1998E 1999E MARKET COMPANY SALES SALES SALES SALES EBITDA EBITDA EBITDA EBITDA EBIT EBIT EBIT EBIT CAP. - -------------- ----- ----- ----- ----- ------ ------ ------ ------ ---- ---- ----- ----- --------- (X) (X) (X) (X) (X) (X) (X) (X) (X) (X) (X) (X) (%) MYCOGEN (2) 4.57 4.42 4.11 3.89 NM NM 86.1 96.4 NM NM NM NM 1.4 DNAP HOLDING 0.45 0.46 NA NA NM NM NA NA NM NM NA NA 63.1 ECOGEN (3) 1.54 1.09 NA NA NM NM NM NM NM NM NM NM 9.0 ---------------------------------------------------------------------------------------------- MEAN 0.99 0.77 NA NA NA NA NA NA NA NA NA NA 36.1 MEDIAN 0.99 0.77 NA NA NA NA NA NA NA NA NA NA 36.1 HIGH 1.54 1.09 NA NA NA NA NA NA NA NA NA NA 63.1 LOW 0.45 0.46 NA NA NA NA NA NA NA NA NA NA 9.0 ----------------------------------------------------------------------------------------------
OPERATING STATISTICS - --------------------
TOTAL REVENUE ---------------------------- EBITDA MARGIN EBIT MARGIN LTM 97/96 % 98E/97 % ----------------------- ----------------------- COMPANY AMOUNT GROWTH GROWTH 1997 LTM 1998E 1999E 1997 LTM 1998E 1999E - -------------- --------- ------- -------- ---- --- ----- ----- ---- --- ----- ----- (IN $ MM) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) MYCOGEN (2) 218 35.6 11.2 3.4 1.2 4.8 4.0 NM NM NM 0.0 DNAP HOLDING 275 45.7 NA NM NM NA NA NM NM NA NA ECOGEN (3) 17 9.5 NA NM NM NA NA NM NM NA NA ------------------------------------------------------------------------------ MEAN 27.6 NA NA NA NA NA NA NA NA NA MEDIAN 27.6 NA NA NA NA NA NA NA NA NA HIGH 45.7 NA NA NA NA NA NA NA NA NA LOW 9.5 NA NA NA NA NA NA NA NA NA ------------------------------------------------------------------------------ NET INCOME MARGIN R&D/TOTAL REVENUES ----------------------- -------------------- COMPANY 1997 LTM 1998E 1999E 1997 1998E 1999E - -------------- ---- --- ----- ----- ---- ----- ----- (%) (%) (%) (%) (%) (%) (%) MYCOGEN (2) NM NM NM NM 11.4 NA NA DNAP HOLDING NM NM NA NA 2.8 NA NA ECOGEN (3) NM NM NA NA 32.6 NA NA ------------------------------------------- MEAN NA NA NA NA 17.7 NA NA MEDIAN NA NA NA NA 17.7 NA NA HIGH NA NA NA NA 32.6 NA NA LOW NA NA NA NA 2.8 NA NA -------------------------------------------
- -------------- 1997 data refers to FYE 8/31/97, etc. All means and medians exclude Mycogen. Currency are converted at current exchange rates. EPS projections are based on I/B/E/S consensus; other projections are based on selected brokers' research When not available, depreciation and amortization are estimated as a percentage of sales based on the latest released data. When not available, LTM data is based on selected brokers' research. (1) Represents ratio of the 1998E P/E ratio to the estimated 3-5 year earnings growth rate. (2) LTM operating data are based on press release for LTM ended 5/31/98. Balance sheet data are based on 2/28/98 balance sheet. (3) Ecogen fiscal year end 10/31. WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION VALUATION: COMPARABLE COMPANY TRADING ANALYSIS - ------------------------------------------------------------------------------ SELECTED SEED COMPARABLE COMPANIES ANALYSIS FOR FISCAL YEAR 1994-1997
EBITDA MARGIN EBIT MARGIN ------------------------------- --------------------------------- 1994 1995 1996 1997 1994 1995 1996 1997 ------ ------- ------ ------ ------- ------- ------- ------ Mycogen (5.3%) (5.8%) (8.7%) 3.4% (11.0%) (13.7%) (14.5%) (1.3%) Pioneer Hi-Bred 25.4% 23.1% 24.6% 25.3% 20.4% 18.3% 20.2% 20.3% Dekalb Genetics 10.2% 11.1% 11.4% 13.5% 6.6% 7.6% 8.5% 10.5% Delta & Pine Land 19.3% 22.5% 20.4% 20.3% 16.1% 19.4% 17.7% 17.5% Agribiotech (1) NM (27.0%) (9.0%) (0.7%) NM (29.9%) (11.2%) (2.4%) -------------------------------------------------------------------- MEAN 18.3% 7.4% 11.8% 14.6% 14.4% 3.8% 8.8% 11.5% MEDIAN 19.3% 16.8% 15.9% 16.9% 16.1% 12.9% 13.1% 14.0% -------------------------------------------------------------------- NET INCOME MARGIN R&D/TOTAL REVENUE ------------------------------- --------------------------------- 1994 1995 1996 1997 1994 1995 1996 1997 ------ ------- ------ ------ ------- ------- ------- ------ Mycogen (8.8%) (14.1%) (19.6%) (8.5%) 16.1% 18.7% 15.2% 11.4% Pioneer Hi-Bred 12.4% 11.9% 13.0% 13.6% 7.7% 8.5% 7.9% 8.2% Dekalb Genetics 3.5% 3.0% 4.4% 6.4% 13.8% 13.3% 12.3% 12.7% Delta & Pine Land 9.7% 11.1% 10.5% 10.7% 6.8% 6.7% 6.4% 7.4% Agribiotech (1) NM (29.6%) (12.8%) (4.1%) NM 1.2% 0.2% 1.8% -------------------------------------------------------------------- MEAN 8.6% (0.9%) 3.8% 6.7% 9.4% 7.4% 6.7% 7.5% MEDIAN 9.7% 7.0% 7.4% 8.6% 7.7% 7.6% 7.1% 7.8% -------------------------------------------------------------------- SELLING/TOTAL REVENUES G&A MARGIN ------------------------------- --------------------------------- 1994 1995 1996 1997 1994 1995 1996 1997 ------ ------- ------ ------ ------- ------- ------- ------ Mycogen 22.4% 20.8% 24.3% 19.8% 14.9% 11.7% 12.7% 8.5% Pioneer Hi-Bred 22.7% 23.1% 22.2% 21.0% 8.3% 8.2% 7.5% 7.3% Dekalb Genetics 19.3% 20.2% 18.8% 18.2% 5.7% 8.1% 8.3% 7.6% Delta & Pine Land 7.2% 7.7% 6.2% 6.0% 10.1% 9.7% 6.1% 5.5% Agribiotech (1) NA NA NA NA NA NA NA NA -------------------------------------------------------------------- MEAN 16.4% 17.0% 15.7% 15.1% 8.0% 8.7% 7.3% 6.8% MEDIAN 19.3% 20.2% 18.8% 18.2% 8.3% 8.2% 7.5% 7.3% -------------------------------------------------------------------- DAYS RECEIVABLE DAYS OF INVENTORY ------------------------------- --------------------------------- 1994 1995 1996 1997 1994 1995 1996 1997 ------ ------- ------ ------ ------- ------- ------- ------ Mycogen 86 89 70 70 182 181 143 162 Pioneer Hi-Bred 39 38 44 52 213 239 189 205 DeKalb Genetics (2)(3) 53 65 48 42 218 235 177 217 Delta & Pine Land 11 19 157 187 144 130 153 133 Agribiotech (1) NM 54 104 95 NM 145 136 170 -------------------------------------------------------------------- MEAN 34 44 88 94 192 187 164 181 MEDIAN 39 46 76 74 213 190 165 188 -------------------------------------------------------------------- DAYS PAYABLE NET DEBT/BOOK EQUITY ------------------------------- --------------------------------- 1994 1995 1996 1997 1994 1995 1996 1997 ------ ------- ------ ------ ------- ------- ------- ------ Mycogen 22 36 33 60 (30.02%) (13.5%) (36.7%) 19.5% Pioneer Hi-Bred 48 33 44 40 (6.1%) 4.9% (4.8%) 1.7% DeKalb Genetics (2)(3) 14 15 24 24 102.1% 98.8% 36.6% 60.8% Delta & Pine Land 28 40 55 59 31.8% 11.0% 48.3% 39.9% Agribiotech (1) NM 56 82 77 (45.4%) (9.3%) 29.9% 56.4% -------------------------------------------------------------------- MEAN 30 36 51 50 20.6% 26.4% 27.5% 39.7% MEDIAN 28 36 50 49 12.8% 8.0% 33.2% 48.2% --------------------------------------------------------------------
- -------------- NOTE: DAYS CALCULATION ASSUMES 360-DAY A YEAR AND ALL MEANS AND MEDIANS EXCLUDE MYCOGEN DATA (1) Agribiotech changed its fiscal year end in 1995. 1995 data are based on nine-month period ended 6/30/95. 1997 data are not pro forma of acquisition because no pro forma balance sheet number available for ratio calculations. (2) Data not available to separate trade receivables from note receivables. (3) Accounts Payable includes only trade accounts payable. WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------
MYCOGEN CORPORATION VALUATION: COMPARABLE COMPANY TRADING ANALYSIS - --------------------------------------------------------------------------------------------- SELECTED AG-BIOTECHNOLOGY COMPARABLE COMPANIES ANALYSIS FOR FISCAL YEAR 1994-1997 EBITDA MARGIN EBIT MARGIN ------------------------------------- ------------------------------------- 1994 1995 1996 1997 1994 1995 1996 1997 ---- ---- ---- ---- ---- ---- ---- ---- MYCOGEN (5.3%) (5.8%) (8.7%) 3.4% (11.0%) (13.7%) (14.5%) (1.3%) DNAP HOLDING (1) (12.9%) 4.0% (5.9%) (4.3%) (18.0%) 2.3% (7.6%) (6.6%) ECOGEN (1)(2) (174.2%) (114.4%) (19.4%) (59.0%) (179.1%) (119.8%) (22.0%) (70.6%) ------------------------------------------------------------------------------------------------------ MEAN (93.6%) (55.2%) (12.7%) (31.7%) (98.6%) (58.7%) (14.8%) (38.6%) MEDIAN (93.6%) (55.2%) (12.7%) (31.7%) (98.6%) (58.7%) (14.8%) (38.6%) ------------------------------------------------------------------------------------------------------ DAYS RECEIVABLE DAYS OF INVENTORY ------------------------------------- ------------------------------------- 1994 1995 1996 1997 1994 1995 1996 1997 ---- ---- ---- ---- ---- ---- ---- ---- MYCOGEN 86 89 70 70 182 181 143 162 DNAP HOLDING (2) NA 45 51 38 NA 30 41 24 ECOGEN 46 23 41 54 403 415 433 478 ------------------------------------------------------------------------------------------------------ MEAN 46 34 46 46 403 222 237 251 MEDIAN 46 34 46 46 403 222 237 251 ------------------------------------------------------------------------------------------------------ NET INCOME MARGIN R&D/TOTAL REVENUES ------------------------------------- ------------------------------------- 1994 1995 1996 1997 1994 1995 1996 1997 ---- ---- ---- ---- ---- ---- ---- ---- Mycogen (8.8%) (14.1%) (19.6%) (8.5%) 16.1% 18.7% 15.2% 11.4% DNAP Holding (1) (10.6%) (1.9%) (8.8%) (7.2%) 0.0% 0.0% 7.3% 2.8% Ecogen (1)(2) (171.5%) (148.7%) (17.5%) (75.1%) 37.6% 63.6% 25.1% 32.6% ------------------------------------------------------------------------------------------------------ MEAN (91.0%) (75.3%) (13.1%) (41.2%) (18.8%) (31.8%) (16.2%) (17.7%) MEDIAN (91.0%) (75.3%) (13.1%) (41.2%) (18.8%) (31.8%) (16.2%) (17.7%) ------------------------------------------------------------------------------------------------------ DAYS PAYABLE NET DEBT/BOOK EQUITY ------------------------------------- ------------------------------------- 1994 1995 1996 1997 1994 1995 1996 1997 ---- ---- ---- ---- ---- ---- ---- ---- Mycogen 22 36 33 60 (30.2%) (13.5%) (36.7%) 19.5% DNAP Holding (2) NA 34 39 22 NA 276.8% 67.6% 191.9% Ecogen 98 179 221 227 (91.5%) (21.0%) (57.7%) 31.7% ------------------------------------------------------------------------------------------------------ MEAN 98 107 130 125 (91.5%) 127.9% 4.9% 111.8% MEDIAN 98 107 130 125 (91.5%) 127.9% 4.9% 111.8% ------------------------------------------------------------------------------------------------------
- ------------------ NOTE: DAYS CALCULATION ASSUMES 360-DAY A YEAR AND ALL MEANS AND MEDIANS EXCLUDE MYCOGEN DATA (1) R&D expenses includes both self-funded expenses and purchased R&D expenses (2) Ecogen changed its fiscal year end in 1994. 1994 data are based on ten-month period ended 10/31/94 (3) Data not available to separate accounts payable from accrued expenses for 1995
MYCOGEN CORPORATION VALUATION: COMPARABLE COMPANY TRADING ANALYSIS - --------------------------------------------------------------------------------------------- SELECTED COMPARABLE COMPANIES QUARTERLY ANALYSIS FOR LTM EBITDA MARGIN EBIT MARGIN -------------------------------------- -------------------------------------- 1-QTR 2-QTR 3-QTR 4-QTR 1-QTR 2-QTR 3-QTR 4-QTR ----- ----- ----- ----- ----- ----- ----- ----- Mycogen (1) (6.2%) (39.4%) 10.3% NA (16.4%) (51.2%) 6.2% 10.6% Pioneer Hi-Bred (35.2%) (84.8%) 9.3% 41.8% (52.8%) (112.7%) 2.3% 40.2% Dekalb Genetics (19.4%) 14.8% 14.6% 5.0% (53.0%) 9.1% 12.3% 3.1% Delta & Pine Land NM (98.9%) 23.2% 22.9% NM (132.8%) 21.1% 21.6% Agribiotech (2) (2.3%) 4.2% (3.6%) 6.6% (3.8%) 2.6% (6.5%) 4.6% ------------------------------------------------------------------------------------------------------ MEAN (19.0%) (41.2%) 10.9% (19.0%) (36.5%) (58.4%) 7.3% (36.5%) MEDIAN (19.4%) (40.3%) 12.0% (19.4%) (52.8%) (55.0%) 7.3% (52.8%) ------------------------------------------------------------------------------------------------------ DAYS RECEIVABLE DAYS OF INVENTORY -------------------------------------- -------------------------------------- 1-QTR 2-QTR 3-QTR 4-QTR 1-QTR 2-QTR 3-QTR 4-QTR ----- ----- ----- ----- ----- ----- ----- ----- Mycogen (1)(3)(4) 109 136 61 NA 257 633 178 NA Pioneer Hi-Bred (3) 162 270 101 38 558 1,433 490 72 Dekalb Genetics (3)(5) 357 63 31 72 1,361 819 193 103 Delta & Pine Land NM 185 96 131 NM 1,882 138 62 Agribiotech (2) 64 62 55 61 113 67 165 104 ------------------------------------------------------------------------------------------------------ MEAN 194 145 71 194 677 1,050 246 677 MEDIAN 162 124 76 162 558 1,126 179 558 ------------------------------------------------------------------------------------------------------ NET INCOME MARGIN R&D/TOTAL REVENUES -------------------------------------- -------------------------------------- 1-QTR 2-QTR 3-QTR 4-QTR 1-QTR 2-QTR 3-QTR 4-QTR ----- ----- ----- ----- ----- ----- ----- ----- Mycogen (1) (48.4%) (58.4%) (4.5%) 3.4% 22.3% 26.6% 9.6% NA Pioneer Hi-Bred (29.6%) (69.6%) (0.3%) 27.8% 30.3% 43.0% 12.6% 3.3% Dekalb Genetics (20.1%) 4.3% 9.0% 1.3% 23.1% 10.2% 14.4% 16.2% Delta & Pine Land NM (87.4%) 12.6% 12.2% NM 68.0% 5.1% 3.8% Agribiotech (2) (6.2%) 1.9% (6.1%) 6.5% 2.0% 1.1% 2.0% 0.7% ------------------------------------------------------------------------------------------------------ MEAN (18.6%) (37.7%) 3.8% (18.6%) 26.7% 30.6% 8.5% 18.5% MEDIAN (20.1%) (33.8%) 4.3% (20.1%) 23.1% 26.6% 8.9% 23.1% ------------------------------------------------------------------------------------------------------ DAYS PAYABLE NET DEBT/BOOK EQUITY -------------------------------------- -------------------------------------- 1-QTR 2-QTR 3-QTR 4-QTR 1-QTR 2-QTR 3-QTR 4-QTR ----- ----- ----- ----- ----- ----- ----- ----- Mycogen (1)(3)(4) 95 255 50 NA 19.5% 43.9% 6.7% NA Pioneer Hi-Bred (3) 108 600 107 23 1.7% 3.1% (42.1%) (14.8%) Dekalb Genetics (3)(5) 153 299 51 7 60.8% 83.2% 49.3% 106.2% Delta & Pine Land NM 898 36 12 39.9% 63.8% 94.6% 65.4% Agribiotech (2) 52 53 70 41 56.4% 31.0% (1.7%) 37.0% -------------------------------------------------------------------------------------------------------- MEAN 104 463 66 104 39.7% 45.3% 25.0% 39.7% MEDIAN 108 449 61 108 48.2% 47.4% 23.8% 48.2% --------------------------------------------------------------------------------------------------------
- ---------------- NOTE: DAYS CALCULATION ASSUMES 360-DAY A YEAR AND ALL MEANS AND MEDIANS EXCLUDE MYCOGEN DATA (1) Mycogen 10-Q for quarter ended 5/28/98 is still unavailable and all information for the quarter based on the press release (2) Agribiotech data are not pro forma of acquisition (3) Data not available to separate notes receivable from accounts receivable for quarterly data (4) 2nd quarter net debts include $14.25 million unsecured note payable to bank that was specified in the 10-K (5) Accounts Payable includes only trade accounts payable. MYCOGEN CORPORATION VALUATION: COMPARABLE COMPANY TRADING ANALYSIS - -------------------------------------------------------------------------------- SELECTED COMPARABLE COMPANIES QUARTERLY ANALYSIS FOR FISCAL YEAR 1997
EBITDA MARGIN EBIT MARGIN ------------------------------------ ----------------------------------- 1-Qtr 2-Qtr 3-Qtr 4-Qtr 1-Qtr 2-Qtr 3-Qtr 4-Qtr ----- ----- ----- ----- ----- ----- ----- ----- Mycogen (44.7%) 8.3% 13.5% (6.2%) (55.4%) 5.5% 10.6% (16.4%) Pioneer Hi-Bred (57.8%) 6.1% 41.8% (35.2%) (78.9%) (2.3%) 40.0% (52.8%) Dekalb Genetics 11.0% 16.1% 14.2% (19.4%) 6.4% 14.5% 12.5% (53.0%) Delta & Pine Land (82.8%) 25.2% 29.5% NM (101.6%) 23.3% 28.4% NM Agribiotech (1) (14.0%) (4.1%) 8.6% (2.3%) (16.4%) (6.1%) 7.0% (3.8%) ------------------------------------------------------------------------------------------ MEAN (35.9%) 10.8% 23.5% (19.0%) (47.6%) 7.4% 22.0% (36.5%) MEDIAN (35.9%) 11.1% 21.8% (19.4%) (47.7%) 6.1% 20.4% (52.8%) ------------------------------------------------------------------------------------------ NET INCOME MARGIN R&D/TOTAL REVENUES ------------------------------------ ----------------------------------- 1-Qtr 2-Qtr 3-Qtr 4-Qtr 1-Qtr 2-Qtr 3-Qtr 4-Qtr ----- ----- ----- ----- ----- ----- ----- ----- Mycogen (54.7%) 3.7% 6.8% (48.4%) 26.3% 7.8% 6.9% 22.3% Pioneer Hi-Bred (50.0%) (0.8%) 25.8% (29.6%) 33.3% 12.5% 3.1% 30.3% Dekalb Genetics 3.1% 8.5% 7.3% (20.1%) 8.9% 13.2% 12.8% 23.1% Delta & Pine Land (65.5%) 14.1% 17.9% NM 41.0% 5.2% 3.3% NM Agribiotech (16.9%) (8.9%) 6.4% (6.2%) 1.2% 2.1% 1.4% 2.0% ------------------------------------------------------------------------------------------ MEAN (32.3%) 3.2% 14.3% (18.6%) 21.1% 8.3% 5.2% 18.5% MEDIAN (33.5%) 3.9% 12.6% (20.1%) 21.1% 8.8% 3.2% 23.1% ------------------------------------------------------------------------------------------ DAYS RECEIVABLE DAYS OF INVENTORY ------------------------------------ ----------------------------------- 1-Qtr 2-Qtr 3-Qtr 4-Qtr 1-Qtr 2-Qtr 3-Qtr 4-Qtr ----- ----- ----- ----- ----- ----- ----- ----- Mycogen (2)(3) 129 61 85 109 761 145 89 257 Pioneer Hi-Bred (2) 178 79 34 162 1,490 515 68 558 Dekalb Genetics (2)(4) 69 33 79 357 526 147 97 1,361 Delta & Pine Land 92 99 99 NM 1,067 144 50 NM Agribiotech (1) 97 61 81 64 289 189 122 113 ------------------------------------------------------------------------------------------ MEAN 109 68 73 194 843 249 84 677 MEDIAN 94 70 80 162 796 168 83 558 ------------------------------------------------------------------------------------------ DAYS PAYABLE NET DEBT/BOOK EQUITY ------------------------------------ ----------------------------------- 1-Qtr 2-Qtr 3-Qtr 4-Qtr 1-Qtr 2-Qtr 3-Qtr 4-Qtr ----- ----- ----- ----- ----- ----- ----- ----- Mycogen (2)(3) 216 40 25 95 (3.4%) 8.4% 24.5% 19.5% Pioneer Hi-Bred (2) 718 147 29 108 19.3% (30.8%) (9.7%) 1.7% Dekalb Genetics (2)(4) 249 44 11 153 71.8% 35.7% 72.4% 60.8% Delta & Pine Land 314 38 12 NM 66.1% 103.1% 34.7% 39.9% Agribiotech (1) 104 92 64 52 (16.8%) 60.4% 64.3% 56.4% ------------------------------------------------------------------------------------------ MEAN 346 80 29 104 35.1% 42.1% 40.4% 39.7% MEDIAN 281 68 21 108 42.7% 48.0% 49.5% 48.2% ------------------------------------------------------------------------------------------
- ---------------------- NOTE: DAYS CALCULATION ASSUMES 360-DAY A YEAR AND ALL MEANS AND MEDIANS EXCLUDE MYCOGEN DATA (1) Agribiotech data are not pro forma of acquisition (2) Data not available to separate notes receivable from accounts receivable for quarterly data (3) 2nd and 3rd quarter net debts include $14.25 million unsecured note payable to bank that was specified in the 10-K (4) Accounts Payable includes only trade accounts payable WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION - ----------------------------------------------------------------------------- --------------------------- VALUATION: COMPARABLE ACQUISITION ANALYSIS --------------------------- WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: COMPARABLE ACQUISITION ANALYSIS - ----------------------------------------------------------------------------- SELECTED COMPARABLE ACQUISITION/VALUATION MULTIPLES
IMPLIED VALUE OF ADJUSTED PURCHASE PRICE/ EQUITY/ ------------------------ ---------------- IMPLIED VALUE ADJUSTED LTM LTM LTM NET BOOK TARGET ACQUIRER CLOSE DATE OF EQUITY PURCHASE PRICE SALES EBITDA EBIT INCOME VALUE - ------------------------- ---------- ---------- ------------- -------------- ----- ------ ---- ------ ----- SEEDS COMPANIES - --------------- Delta & Pine Land Monsanto Pending $1,832.5 $1,906.7 9.87 x 69.8 x 89.6 x NM x 25.1 x Sunseeds AgrEvo 10/6/97 NA NA 2.20 x 13.1 x 18.0 x NA x NA x Pioneer Hi-Bred (16.6% stake) DuPont 9/18/97 $1,700.0 $1,700.0 4.60 x 18.4 x 22.6 x 33.9 x 8.9 x Holden's Foundation Seeds Monsanto 9/4/97 NA $975.0 (1) 21.67 x NA x NA x NA x NA x Asgrow Corn & Seed Monsanto 2/4/97 NA $240.0 1.41 x NA NA NA NA Morgan Seeds Mycogen Corp. 10/1/96 $40.9 $40.9 1.10 x NA NA NA NA Agracetus (W.R. Grace) Monsanto 5/21/96 $150.0 $150.0 NA NA NA NA NA Sure Grow Delta & Pine 5/21/96 $70.0 $78.9 3.47 17.5 19.1 29.9 3.2 Land Jacobs Henz Seed (Monsanto) Delta & Pine 2/5/96 NA NA NA NA NA NA NA Land Cargill - Cotton & Seed Delta & Pine 5/3/94 NA NA NA NA NA NA NA Land --------------------------------------------------------- Mean Sales Multiple (2) 6.33 x Median Sales Multiple (2) 3.47 x Implied Mycogen Enterprise Value Rante $757 - $1,381 ---------------------------------------------------------
- ------------- (1) Final terms not disclosed; purchase price assumes maximum expected price. WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATIONS: COMPARABLE ACQUISITION ANALYSIS - ------------------------------------------------------------------------------- SELECTED COMPARABLE ACQUISITION/VALUATION MULTIPLES
ADJUSTED PURCHASE PRICE/ EQUITY/ ------------------------ --------------- IMPLIED VALUE ADJUSTED LTM LTM LTM NET BOOK TARGET ACQUIRER CLOSE DATE OF EQUITY PURCHASE PRICE SALES EBITDA EBIT INCOME VALUE - ------------------------- ---------- ---------- ------------- --------------- ------ ------ ---- ------ ----- BIOTECH COMPANIES/ MINORITY STAKES) Calene (Minority Buy-in) Monsanto 5/22/97 $534.1 (1) $567.3 (1) 2.86 x NM x NM x NM x 6.3 x MYCOGEN DowElanco 12/4/96 $587.9 (1) $556.7 (1) 3.50 x NM x NM x NM x 3.4 x (1mm shares) Calgene Inc. Monsanto 11/13/96 $573.1 (1) $620.5 (1) 6.50 x NM x NM x NM x 6.1 x (6.25mm shares) DeKalb Genetics Corp. Monsanto 3/8/96 $417.3 (1) $533.4 (1) 1.70 x 15.9 x 23.4 x 33.4 x 3.1 x (10% of voting shrs and 8% of non-voting shrs) Mycogen Pioneer 9/18/95 $257.3(1) $196.9 (1) 1.70 x NM x NM x NM x 2.3 x Hi-Bred ---------------------------------------------------------------- Mean Sales Multiple 3.25 x Medium Sales Multiple 2.86 x Implied Mycogen Enterprise Value Range $623 - $709 ----------------------------------------------------------------
- ------------------------ (1) Calculated by translating the price that acquiror paid for part of the target into price for the entire company WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATIONS: COMPARABLE ACQUISITION ANALYSIS - ------------------------------------------------------------------------------- SELECTED COMPARABLE ACQUISITION/VALUATION MULTIPLES (CONT'D)
ADJUSTED PURCHASE PRICE/ EQUITY/ ------------------------ --------------- IMPLIED VALUE ADJUSTED LTM LTM LTM NET BOOK TARGET ACQUIRER CLOSE DATE OF EQUITY PURCHASE PRICE SALES EBITDA EBIT INCOME VALUE - ------------------------- ---------- ---------- ------------- --------------- ------ ------ ----- ------ ----- BIOTECH COMPANIES/ MAJORITY STAKES) Monsanto American Pending (1) $35,563.7 $39,134.7 5.09 x 70.8 x NM x NM x 6.3 x Home Products Plant Breeding Int'l Monsanto Pending $523.0 $523.0 19.96 x NA NA NA NA (Unilever) Dekalb Genetics Monsanto Pending $3,771.2 (2) $3,881.2 (2) 8.28 x 61.2 x 79.7 x NM x 16.9 x (6.25mm shares) Zeneca Moge 5/13/97 $73.6 $73.6 12.80 x NM x NM x NM x NA Bionova (ELM) DNA Plant 9/27/96 $63.4 $67.9 NM x NM x NM x NM x NA Tech. Plant Genetic Systems AgrEvo 8/30/96 $733.0 $733.0 NM x NM x NM x NM x NA Calgene Inc. Monsanto 4/1/96 $299.8 (2) $268.0 (2) 4.80 x NM x NM x NM x 3.1 x (49.9% shares) Mycogen DowElesco 3/8/96 $444.7 (2) $358.1 (2) 2.90 x NM x NM x NM x 2.3 x (9.5mm shares) United AgriSeeds Inc. Mycogen 2/28/96 $72.4 $72.4 NA NA NA NA NA Lubritol Mycogen 1/15/96 NA NA NA NA NA NA NA ---------------------------------------------------------------- Mean Sales Multiple 7.78 x Medium Sales Multiple 5.09 x Implied Mycogen Enterprise Value Range $1,111 - $1,689 ----------------------------------------------------------------
- ------------------------ (1) Monsanto operating data are not pro forma of all announced acquisitions and acquisitions Monsanto is currently bidding (2) Calculated by translating the price that acquiror paid for part of the target into price for the entire company WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: COMPARABLE ACQUISITON ANALYSIS - -------------------------------------------------------------------------------- PREMIUM ANALYSIS FOR ACQUISITIONS BY MAJORITY SHAREHOLDERS WITH DEAL SIZES BETWEEN $100MM - $550MM(1)
SELLER CLOSING PRICE PRE-ANNOUNCEMENT/ ACQUISITION PREMIUM ANN. DEAL PER SHARE ----------------------------------------- ANN. VALUE ACQ. % BEING 1-DAY 30-DAY 60-DAY 90-DAY 120-DAY ACQUIROR SELLER DATE ($MM) PRICE ACQUIRED PREM. PREM. PREM. PREM. PREM. - -------- ------ ---- ----- ----- -------- ----- ------ -------- -------- ------ DOW MYCOGEN CORP. (BIOTECH) 5/1/98 $778.5 $20.50 31.2% 0.0% 12.3% 20.6% (0.6%) 7.2% Monsanto Co. Calgene Inc. (Biotech) 1/28/97 242.6 8.00 43.7% 45.5% 60.0% 45.5% 64.1% 60.0% Novartis AG SyStemix Inc. (Biotech) 5/27/96 119.4 19.50 26.8% 77.3% 59.2% 48.6% 39.3% 52.9% Investor Group BET Holdings Inc. 3/17/98 $471.6 $63.00 42.0% 4.0% 17.5% 18.0% 17.8% 20.9% Telephone and Data Systems United States Cellular Corp. 12/18/97 539.2 33.00 19.3% 0.0% 1.1% (5.2%) (1.3%) 10.5% Telephone and Data Systems Aerial Communications Inc. 12/18/97 107.6 8.19 17.5% 0.0% (1.5%) (14.9%) (12.7%) 7.4% Rexel, S.A. Rexel, Inc. 8/29/97 290.1 22.50 49.5% 19.2% 25.9% 25.9% 24.1% 32.4% Anthem Inc. Acordia Inc. 6/2/97 172.7 40.00 33.2% 12.7% 26.5% 25.5% 26.0% 43.5% Enron Corp. Enron Global Power & Pipelines 5/14/97 428.0 33.83 48.0% 11.8% 20.8% 19.2% 12.8% 24.1% Petrofina S.A. Fina Inc. 2/25/97 257.0 60.00 14.6% 19.7% 18.2% 24.7% 16.2% 11.1% Mafco Holdings Inc. Mafco Consolidated Group 1/21/97 116.8 33.50 15.0% 23.5% 30.1% 17.0% 40.3% 10.3% Zurich Versicherungs Zurich Reinsurance Center 1/13/97 319.0 36.00 34.0% 17.1% 12.1% 15.7% 18.5% 17.1% Andrews Group Inc. Toy Biz Inc.(2) 11/20/96 208.2 22.50 33.0% 29.5% 20.0% 37.4% 52.5% 31.4% COBE Laboratories Inc. REN Corp.-USA 7/14/95 177.7 20.00 47.0% 27.0% 35.6% 29.0% 35.6% 29.6% BIC SA Bic Corp. 5/19/95 212.6 40.50 22.0% 13.3% 30.1% 28.1% 29.1% 37.9% Club Mediterranee S.A. Club Med Inc. 4/5/95 153.4 32.00 33.0% 41.4% 45.5% 42.2% 36.2% 35.4% - ---------------------------------------------------------------------------------------------------------------------------------- Mean 31.9% 22.8% 26.7% 23.8% 26.6% 28.3% Median 33.0% 19.2% 25.9% 25.5% 26.0% 29.6% Maximum 49.5% 77.3% 60.0% 48.6% 64.1% 60.0% Minimum 14.6% 0.0% (1.5%) (14.9%) (12.7%) 7.4% Mean/Median for Biotech Transactions 35.2% 61.4% 59.6% 47.0% 51.7% 56.5% MYCOGEN CORP. DATA $20.50 $18.25 $17.00 $20.63 $19.13 IMPLIED SHARE PRICE BASED ON MEDIAN $24.44 $22.97 $21.33 $25.98 $24.78 IMPLIED SHARE PRICE BASED ON MEDIAN FOR BIOTECH TRANSACTIONS $33.08 $29.13 $24.99 $31.29 $29.93 - ----------------------------------------------------------------------------------------------------------------------------------
- --------------------------- (1) Source: Securities Data Company (2) The deal was later withdrawn Note: Unless noted, days referred to are calender days. WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: COMPARABLE ACQUISITON ANALYSIS - -------------------------------------------------------------------------------- PREMIUM ANALYSIS -- MONSTANTO/DEKALB GENETICS
Premium to Prior Price ---------------------------------------------------- Annc. Date Shares(3) % Total Cumm% Price/Share(3) 1-day 1-Week 4-Weeks 8-Weeks - ---------- --------- ------- ----- -------------- ----- ------ ------- ------- 2/11/96 0.49 1.4% 1.4% $10.83 $11.42 (5%) $10.96 (1%) $7.83 38% $7.58 43% 2/11/96 2.27 6.6% 8.0% $10.83 $11.42 (5%) $10.96 (1%) $7.83 38% $7.58 43% 2/11/96 10.34 29.9% 37.8% $11.83 $11.42 4% $10.96 8% $7.83 51% $7.58 56% N/A 0.71 2.1% 39.9% $38.26 (4) 5/9/98 20.81 60.1% 100.0% $100.00 $74.13 35% $69.50 44% $70.81 41% $70.19 42% ------ TOTAL 34.61
Weighted Avg. Latest Acq. ------------- ----------- PURCHASE PRICE PER SHARE $65.29 $100.00 Shares Outstanding (2) 36.3 36.3 ---- ---- Aggregate Purchase Value $2,371.9 $3,632.7 Net Debt (2/98) 110.0 110.0 ----- ----- ADJUSTED AGGREGATE PURCHASE VALUE $2,481.9 $3,742.7 LTM Sales (2/98) $468.6 $468.6 ADJUSTED AGGREGATE PURCHASE VALUE/SALES 5.30X 7.99X
- --------------------- (1) Estimated based on analyst estimates and news articles (2) Represents common equivelent shares based on respective prices (3) Split adjusted (4) Estimated average share price. Specific dates were not available WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION Valuation: Comparable Acquisition Analysis - ------------------------------------------------------------------------------ PREMIUM ANALYSIS - DOW/MYCOGEN
TOTAL % ------------------- PRE POST PREMIUM TO PRIOR PRICE ------------------------------------------------------ ANNC. DATE SHARES TRANS. TRANS. PRICE/SHARE 1-DAY 1-WEEK 4-WEEKS 8-WEEKS - ---------- ------ ------ ------ ----------- ----- ------ -------- -------- 1/15/96 4.45 18.1% 12.3% $16.27 $16.00 2% $14.25 14% $13.88 17% $13.00 25% 1/15/96 9.50 38.6% 26.3% $13.28 $16.00 (17%) $14.25 (7%) $13.88 (4%) $13.00 (2%) 1996 0.85 3.4% 2.3% $17.21(1) 12/3/96 1.00 4.1% 2.8% $16.75 $16.75 0% $16.75 0% $15.75 6% $14.38 17% 1997 2.29 9.3% 6.3% $23.20(2) 1/9/98 0.48 2.0% 1.3% $19.46 $19.25 1% $19.13 2% $19.75 (1%) $19.94 (2%) 1/16/98 3.76 15.3% 10.4% $19.94 $18.75 6% $19.13 4% $19.13 4% $19.88 0% 1998 0.30 1.2% 0.8% $19.48 3/13/98 2.00 8.1% 5.5% $20.06 $18.31 10% $18.75 7% $20.63 (3%) $21.75 (8%) ----- ------ ------ ------ SUBTOTAL 24.63 100.0% 68.2% $16.78 Final 11.48 31.8% ----- ----- TOTAL 36.11 100.0%
ASSUMED FINAL BLOCK PURCHASE PRICE/SHARE $ 20.50 $ 25.00 $ 30.00 $ 35.00 Cum. Wtd. Avg. Price 17.96 $19.39 $ 20.98 $ 22.57 Shares Outstanding (3) 37.9 38.4 38.8 39.0 ---- ---- ---- ---- Aggregate Purchase Value $681.6 $744.9 $813.5 $880.8 Net Debt (2/98) 13.7 13.7 13.7 13.7 ---- ---- ---- ---- ADJUSTED AGGREGATE PURCHASE VALUE $695.2 $758.6 $827.1 $894.5 LTM Sales (2/98) $214.0 $214.0 $214.0 $214.0 ADJUSTED AGGREGATE PURCHASE VALUE/SALES 3.25x 3.55x 3.87x 4.18x
- -------------------------------------------- (1) Weighted average price of various open market purchases made during 1996 (2) Weighted average price of various open market purchases made during 1997 (3) Represents common equivalent shares based on respective purchase prices for final share blocks MYCOGEN CORPORATION - ----------------------------------------------------------------------------- --------------------------- STRATEGIC ALTERNATIVES --------------------------- WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN CORPORATION STRATEGIC ALTERNATIVES - ----------------------------------------------------------------------------- POTENTIAL BUSINESS STRATEGIES OPINION I 1. NEGOTIATE A FAIR PRICE FOR THE SALE OF ALL OUTSTANDING SHARES TO DOW BENEFITS: --------- - Provides cash payment at attractive share price - Eliminates barriers to full cooperation associated with maintaining two separate public companies - Resources of the combined company would be better able to realize Mycogen's goal of becoming a leading fully integrated developer, manufacturer and marketer of products used to control pests and improve food production ISSUES: ------- - Cash offer eliminates opportunity to participate fully in potential future up-side WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN CORPORATION STRATEGIC ALTERNATIVES - ----------------------------------------------------------------------------- POTENTIAL BUSINESS STRATEGIES OPTION II II. IF UNABLE TO REACH AGREEMENT ON PRICE, NEGOTIATE A SUBSTANTIAL REDUCTION IN DOW'S MYCOGEN SHAREHOLDINGS. EXAMPLE: -------- As a major agchem company, Dow's business interests have led Mycogen to focus on product development for row crops such as corn, soybeans, and possibly cotton. These hypercompetitive sectors are not areas which Mycogen would target as an independent entity. Therefore it may be possible for Mycogen to redeem a substantial portion of Dow's shareholdings in the Company for a transfer to Dow of its corn and soybean (and possibly cotton) conventional seed and assorted biotech trait capabilities. BENEFITS: --------- - If a buyout not possible, then an asset separation is preferable to a continuation of status-quo - Grants Mycogen freedom to develop its own strategy and to pursue a broader array of external collaborations. - Allows Dow to capture full ownership of its most desired Mycogen assets with no further cash outlay - Patent defense litigation expenses follow seed assets to Dow. ISSUES: ------- - Taxable transaction for Mycogen with potentially significant liability for capital gains. - Dow unlikely to fully exist and residual shareholding (probably - 20%) may discourage new investments from other strategic partners. - Niche strategy for Mycogen implies distant profit outlook. Priority focus on row crops has delayed innovation efforts in other agro sectors. WP & Co. model shows relatively low NPV for Mycogen peanut, sunflower, vegetable and cereal applications. - Segregation of new crop assets (i.e., breeding stations, trait development, etc.) may be problematic. - Requires simultaneous recapitalization of Company to finance its long term growth. Issue of new shares at attractive value in secondary offering should be possible given ongoing public interest in agbiotech. WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN CORPORATION STRATEGIC ALTERNATIVES - ----------------------------------------------------------------------------- POTENTIAL BUSINESS STRATEGIES OPTION III III. IF UNABLE TO REACH AGREEMENT ON PRICE, NEGOTIATE A SUBSTANTIAL REDUCTION IN DOW'S MYCOGEN SHAREHOLDINGS. EXAMPLE: - Although supported by Dow Agro Sciences, the primary initiative for Dow's buyout of Mycogen's public shareholders appears to be coming from Dow corporate offices in Midland, Michigan, Dow Corporate's interests in agbiotech may be driven by industrial feedstock applications with crop protection and crop quality enhancements seen as secondary benefits. As a result, it may be possible to find a complimentary strategic partner who is focused on the crop aspects of agbiotech but who also has assets or intellectual property which could accelerate or improve the probability of success of agbiotech in industrial applications. - One possible scenario is for the third party - after extensive negotiations with Dow and Mycogen - to tender for the remaining public shares of Mycogen and in a subsequent step to: i) Merger a complimentary agbiotech asset into Mycogen for newly issued shares; or ii) Swap a complimentary agbiotech asset with Dow for a portion of its shareholdings. WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN CORPORATION STRATEGIC ALTERNATIVES - ----------------------------------------------------------------------------- POTENTIAL BUSINESS STRATEGIES OPTION III (CONT'D) In either case, Dow's position is diluted to a 50% level and Mycogen becomes a joint venture vehicle between multinational companies. The target ownership levels can be readily achieved by adjusting the value of the third party asset which is contributed with cash or debt. Among the possible candidates for this strategy include Zeneca or Novartis where the contributed asset would likely be the seed activities of either company. BENEFITS: --------- - Expands the scope of Mycogen's technology base and enhances competitiveness of overall effort in light of recent industry consolidation. - Introduction of new entity into the situation may allow Mygogen to realize full third party sale value for remaining public shares. ISSUES: ------- - Third parties may be reluctant to invest resources in negotiating a deal if they perceive situation as mere stalking horse for Dow buyout bid. WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN CORPORATION STRATEGIC ALTERNATIVES - ----------------------------------------------------------------------------- POTENTIAL BUSINESS STRATEGIES OPTION IV IV. IN THE EVENT OF A DEADLOCK, DEVELOP AND EXPEDITIOUSLY IMPLEMENT A COMPREHENSIVE, LONG-TERM FINANCING PLAN FOR THE COMPANY. EXAMPLE: -------- - Given existing Dow proposal, current Mycogen share price and preliminary WP & Co. valuation, value gap looks substantial and stand-off a reasonable possibility. In recent past, the Company has deferred developing any long-term financial plan due to Dow support and influence. With any deadlock, there is a prospect for a reduction in Dow contributions as well as a need for expanded funding by Company to accelerate its own initiatives. Mycogen's weak balance sheet and operating exposure to uncontrollable variables strongly suggest a need for contingency plans. BENEFITS: --------- - Credible back-up plan can provide useful leverage in Dow negotiations. - Rapid rate of agbiotech developments: M & A, litigation, '98 growing season results, scientific discoveries, etc., may trigger sudden shift in Dow strategy. - Sale of Verneuil minority interest and possible factoring of Monsanto settlement can yield significant cash in relatively short time frame. ISSUES: ------- - The ultimate solution requires an equity offering by the Company and given the current investor focus on the sector it would be prudent to go to market as soon as possible. Although WP & Co can formulate a specific equity plan, it will be difficult to begin even preliminary implementation without a resolution of the Dow situation. WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN CORPORATION - ----------------------------------------------------------------------------- --------------------------- NEXT STEPS --------------------------- WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN CORPORATION NEXT STEPS - ----------------------------------------------------------------------------- OVERVIEW * Conduct follow-up business and financial due diligence with Dow and Mycogen * Complete valuation analysis * Develop point of view regarding the historical relationship between Mycogen and Dow * Reach preliminary conclusion as to the range of fair values * Present findings to the Special Committee * Formulate response to Dow's proposal and select appropriate alternative to pursue WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN CORPORATION - ------------------------------------------------------------------------------- APPENDIX - DCF SUMMARY WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------
MYCOGEN VALUATION: DCF ANALYSIS - ------------------------------------------------------------------------------------------------------------------------------------ CORPORATE INCOME STATEMENT PROJECTIONS ($MM) 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 ------ ------ ------ ------ ------ ------ ------ -------- -------- -------- Revenues $265.5 $298.5 $355.8 $418.5 $491.5 $576.0 $703.3 $1,059.7 $1,503.7 $2,034.4 SoilServ $34.2 $33.4 $33.4 $33.4 $33.4 $33.4 $33.4 $33.4 $33.4 $33.4 Biopesticides $8.3 $7.8 $7.8 $7.8 $7.8 $7.8 $7.8 $7.8 $7.8 $7.8 Seeds $186.4 $221.0 $273.3 $330.1 $400.8 $484.2 $606.2 $959.3 $1,398.8 $1,923.9 VMO $5.9 $7.4 $8.1 $9.1 $10.2 $11.5 $17.0 $20.5 $25.2 $30.7 Oilseed $21.7 $28.8 $33.2 $38.1 $39.3 $39.1 $38.9 $38.7 $38.5 $38.5 COGS $147.6 $175.3 $200.1 $226.8 $252.6 $278.7 $312.7 $361.5 $408.9 $464.1 SoilServ $22.0 $22.3 $22.3 $22.3 $22.3 $22.3 $22.3 $22.3 $22.3 $22.3 Biopesticides $4.5 $4.9 $4.9 $4.9 $4.9 $4.9 $4.9 $4.9 $4.9 $4.9 Seeds $96.3 $115.8 $135.9 $157.3 $180.9 $206.1 $239.3 $287.1 $333.3 $387.2 VMO $3.9 $4.9 $5.4 $6.1 $6.8 $7.6 $8.5 $9.6 $10.7 $12.0 Oilseed $20.9 $27.5 $31.7 $36.3 $37.8 $37.8 $37.8 $37.8 $37.8 $37.8 GROSS PROFIT $109.0 $123.2 $155.7 $191.8 $239.0 $297.3 $390.5 $698.2 $1,094.8 $1,570.3 SG&A $68.6 $81.6 $88.9 $95.7 $105.0 $114.1 $127.9 $147.0 $173.4 $204.9 R&D $32.5 $45.5 $56.4 $64.5 $71.3 $77.2 $86.8 $119.7 $164.6 $215.5 SoilServ $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Biopesticides $1.1 $0.8 $0.8 $0.8 $0.8 $0.8 $0.8 $0.8 $0.8 $0.8 Seeds $30.8 $44.0 $53.9 $60.8 $66.8 $72.7 $83.1 $116.8 $161.2 $211.6 VMO $0.6 $0.7 $1.7 $2.8 $3.6 $3.6 $2.9 $2.1 $2.5 $3.1 Oilseed $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 EBITDA $7.9 ($4.0) $10.4 $31.5 $62.7 $106.1 $175.8 $431.5 $756.8 $1,149.9 Depreciation $4.5 $5.1 $6.0 $7.0 $8.1 $9.3 $10.8 $13.1 $15.3 $17.9 Amortization $1.3 $1.3 $1.3 $1.3 $1.3 $1.3 $1.3 $1.3 $1.2 $1.2 ------ ------ ------ ------ ------ ------ ------ -------- -------- -------- EBIT $2.0 ($10.5) $3.1 $23.2 $53.2 $95.5 $163.7 $417.1 $740.4 $1,130.7 Royalty and Venture Income ($4.1) ($5.0) ($4.8) ($2.7) $2.4 $12.0 $20.6 $29.9 $37.0 $48.2 TOTAL OPERATING INCOME ($2.1) ($15.5) ($1.7) $20.5 $55.6 $107.4 $184.2 $447.1 $777.4 $1,179.0 LITIGATION EXPENSES ($20.0) ($15.0) ($10.0) INTEREST EXP./REV. ($2.8) ($7.6) ($11.7) ($15.2) ($16.6) ($15.0) ($12.2) ($4.1) $12.8 $39.2 PRE-TAX INCOME (TOTAL) ($24.9) ($38.0) ($23.4) $5.2 $38.9 $92.4 $172.1 $442.9 $790.2 $1,218.2 Taxes (@ 41%) 0.0 0.0 0.0 (2.1) (16.0) (37.9) (70.5) (181.6) (324.0) (499.5) NOL Utilization 0.0 0.0 0.0 2.1 16.0 17.3 0.0 0.0 0.0 0.0 NET INCOME (24.9) (38.0) (23.4) 5.2 38.9 71.8 101.5 261.3 466.2 718.7 E.P.S. (36.11 MM SHARES) ($0.69) ($1.05) ($0.65) $0.15 $1.08 $1.99 $2.81 $7.24 $12.91 $19.90
- ------------------------------------------------------------------------------- WASSERSTEIN PERELLA & CO. MYCOGEN VALUATION: DCF ANALYSIS - ------------------------------------------------------------------------------ CORPORATE BALANCE SHEET PROJECTIONS ($MM)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 ------- ------- ------- ------- ------- ------- ------ ------ -------- -------- Cash and Equivalents $2.2 $2.2 $2.2 $2.2 $2.2 $2.2 $2.2 $51.5 $459.6 $1,108.9 Accounts Receivable $59.7 $70.2 $82.9 $97.4 $112.9 $128.9 $149.7 $179.4 $209.0 $244.3 Inventories $65.9 $79.3 $92.2 $106.1 $121.2 $137.4 $158.2 $187.5 $216.6 $250.7 PP&E $105.0 $107.8 $115.1 $138.3 $147.0 $155.0 $186.4 $204.8 $214.8 $227.2 Total Market in Hectares $31.6 $30.3 $29.0 $27.6 $26.3 $24.9 $23.6 $22.3 $21.1 $19.9 Prepaid Expenses $18.1 $18.1 $18.1 $18.1 $18.1 $18.1 $18.1 $18.1 $18.1 $18.1 ------- ------- ------- ------- ------- ------- ------ ------ -------- -------- TOTAL ASSETS $282.5 $307.8 $339.4 $389.7 $427.6 $466.4 $538.1 $663.5 $1,139.2 $1,869.1 ------- ------- ------- ------- ------- ------- ------ ------ -------- -------- ------- ------- ------- ------- ------- ------- ------ ------ -------- -------- Advances from DAS $13.5 $13.5 $13.5 $13.5 $13.5 $13.5 $13.5 $13.5 $13.5 $13.5 Short-term Borrowings $73.1 $131.5 $183.6 $225.7 $220.5 $182.2 $145.5 $0.0 $0.0 $0.0 A/P & Accruals $19.3 $24.2 $27.1 $30.1 $34.3 $39.6 $46.4 $56.0 $65.5 $76.7 Accrued Compensation $6.1 $6.1 $6.1 $6.1 $6.1 $6.1 $6.1 $6.1 $6.1 $6.1 Deferred Revenues $8.2 $8.2 $8.2 $8.2 $8.2 $8.2 $8.2 $8.2 $8.2 $8.2 Other Current Liabilities $12.9 $12.9 $12.9 $12.9 $12.9 $12.9 $12.9 $12.9 $12.9 $12.9 TOTAL CURRENT LIABILITIES $133.1 $196.5 $251.5 $296.5 $295.5 $262.5 $232.7 $96.7 $106.2 $117.4 Long-term Liabilities $17.1 $17.1 $17.1 $17.1 $17.1 $17.1 $17.1 $17.1 $17.1 $17.1 Paid-In Capital 0.031 0.031 0.031 0.031 0.031 0.031 0.031 0.031 0.031 0.031 Additional PIC $344.7 $344.7 $344.7 $344.7 $344.7 $344.7 $344.7 $344.7 $344.7 $344.7 Retained Earning (Deficit) ($212.4) ($250.5) ($273.9) ($268.7) ($229.7) ($157.9) ($56.4) $205.0 $671.2 $1,389.9 STOCKHOLDERS EQUITY $132.3 $94.2 $70.8 $76.0 $115.0 $186.8 $288.3 $549.7 $1,015.9 $1,734.6 ------- ------- ------- ------- ------- ------- ------ ------ -------- -------- TOTAL S.H. EQUITY AND LIAB. $282.5 $307.8 $339.4 $389.7 $427.6 $466.4 $538.1 $663.5 $1,139.2 $1,869.1 ------- ------- ------- ------- ------- ------- ------ ------ -------- -------- ------- ------- ------- ------- ------- ------- ------ ------ -------- -------- NET WORKING CAPITAL $93.4 $112.4 $135.1 $160.5 $186.9 $213.8 $248.6 $298.0 $347.2 $405.5 NET ASSETS $198.5 $220.2 $250.1 $298.8 $333.9 $368.8 $435.0 $502.8 $562.1 $632.7 Net Operating Income ($24.9) ($38.0) ($23.4) $5.2 $38.9 $92.4 $172.1 $442.9 $790.2 $1,218.2 Less: Taxes Paid $0.0 $0.0 $0.0 $0.0 $0.0 ($20.6) ($70.5) ($181.6) ($324.0) ($499.5) Plus: D&A $5.9 $6.5 $7.4 $8.3 $9.5 $10.6 $12.2 $14.3 $16.5 $19.1 Less: Capital Expenditure ($22.4) ($7.9) ($13.3) ($30.2) ($16.8) ($17.2) ($42.3) ($31.5) ($25.3) ($30.3) Less: Increase in NWC ($28.1) ($19.0) ($22.6) ($25.5) ($26.3) ($26.9) ($34.8) ($49.4) ($49.2) ($58.3) FREE CASH FLOW ($69.6) ($58.4) ($52.1) ($42.1) $5.2 $38.3 $36.6 $194.8 $408.1 $649.3
WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN VALUATION: DCF ANALYSIS - ------------------------------------------------------------------------------ CORPORATE CASH FLOW STATEMENT ($MM)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 ------- ------- ------- ------- ------- ------- ------ ------ -------- -------- Net Income ($24.9) ($38.0) ($23.4) $5.2 $38.9 $71.8 $101.5 $261.3 $466.2 $718.7 Depreciation 4.5 5.1 6.0 7.0 8.1 9.3 10.8 13.1 15.3 17.9 Amortization 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.3 1.2 1.2 Change in Working Capital: (INC.) DEC. IN ACCTS. REC. (17.6) (10.5) (12.7) (14.5) (15.4) (16.0) (20.8) (29.7) (29.6) (35.4) (INC.) DEC. IN INVENTORY (8.8) (13.4) (12.9) (13.9) (15.1) (16.2) (20.8) (29.3) (29.1) (34.1) (INC.) DEC. IN PPD. EXPENSES - - - - - - - - - - INC. (DEC.) IN ACC. PAY/ACC. (1.8) 4.9 2.9 2.9 4.2 5.3 6.8 9.6 9.5 11.2 INC. (DEC.) IN ACCRUED COMPENSATION - - - - - - - - - - INC. (DEC.) IN DEFERRED REVENUES - - - - - - - - - - INC. (DEC.) IN OTHER CURR. LIAB. - - - - - - - - - - INC. (DEC.) IN LT LIABILITIES 1.6 - - - - - - - - - CASH FLOW FROM OPERATIONS (45.6) (50.6) (38.7) (11.9) 22.1 55.5 78.9 226.3 433.4 679.5 Capital Expenditures (22.4) (7.9) (13.3) (30.2) (16.8) (17.2) (42.3) (31.5) (25.3) (30.3) CASH FLOW FROM INVESTMENTS (22.4) (7.9) (13.3) (30.2) (16.8) (17.2) (42.3) (31.5) (25.3) (30.3) NET CASH FLOW (68.0) (58.4) (52.1) (42.1) 5.2 38.3 36.6 194.8 408.1 649.3 Debt Issuance (Paydown) ADVANCES FROM DAS - - - - - - - - - - SHORT-TERM BORROWINGS 68.0 58.4 52.1 42.1 (5.2) (38.3) (36.6) (145.5) - - Equity Issuance - - - - - - - - - - CASH FLOW (FINANCING) 68.0 58.4 52.1 42.1 (5.2) (38.3) (36.6) (145.5) - - NET INC./DEC. IN CASH $0.0 ($0.0) $0.0 ($0.0) $0.0 ($0.0) $0.0 $49.3 $408.1 $649.3 Cash & Equivalents BOY $2.2 $2.2 $2.2 $2.2 $2.2 $2.2 $2.2 $2.2 $51.5 $459.6 Cash & Equivalents EOY $2.2 $2.2 $2.2 $2.2 $2.2 $2.2 $2.2 $51.5 $459.6 $1,108.9
WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN VALUATION : DCF ANALYSIS - ------------------------------------------------------------------------------ CORPORATE NET OPERATING LOSS CARRYFORWARDS / DEBT SCHEDULE ($MM)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 NOL Schedule ------ ------ ------ -------- --------- -------- -------- -------- ------- -------- - ------------ Start. Current NOL Carry $200.0 Start New NOL Carry $ 10.2 $ 25.8 $ 35.4 $ 35.4 $ 33.3 $ 17.3 $ 0.0 $ 0.0 $ 0.0 $ 0.0 Taxes Due $ 0.0 $ 0.0 $ 0.0 ($ 2.1) ($ 16.0) ($ 37.9) ($ 70.5) ($181.6) ($324.0) ($499.5) Total New NOL Utilized $ 0.0 $ 0.0 $ 0.0 $ 2.1 $ 16.0 $ 17.3 $ 0.0 $ 0.0 $ 0.0 $ 0.0 Balance Current NOL Carry Total Market in Hectares $ 10.2 $ 25.8 $ 35.4 $ 33.3 $ 17.3 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 New NOL YTD $ 10.2 $ 15.6 $ 9.6 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 New NOL YTD $ 6.9 $ 12.1 $ 9.4 $ 7.3 $ 5.5 $ 3.9 $ 0.9 $ 0.0 $ 0.0 $ 0.0 Debt Schedule - ------------- Advances from DAS $ 13.5 $ 13.5 $ 13.5 $ 13.5 $ 13.5 $ 13.5 $ 13.5 $ 13.5 $ 13.5 $ 13.5 BOY Short Term Borrowings 5.1 73.1 131.5 183.6 225.7 220.5 182.2 145.5 - - Addn. Short-Term Borrow. 68.0 58.4 52.1 42.1 - - - - - - Debt Paid Down - - - - (5.2) (38.3) (36.6) (145.5) - - --------- ------- ------ ------- ------- ------- ------- ------- ------- ------- EOY Short-term Borrowings $ 73.1 $131.5 $183.6 $225.7 $220.5 $182.2 $145.5 $ 0.0 $ 0.0 $ 0.0
WASSERSTEIN PERELLA $ CO. - -------------------------------------------------------------------------------- MYCOGEN VALUATION : DCF ANALYSIS - ------------------------------------------------------------------------------ CORPORATE FINANCIAL RATIO PROTECTON ($MM)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 ------ ------ ------ ------- ------ ------ ------- ------- ------- ------- COGS/Sales 58.5% 59.7% 57.0% 54.5% 51.1% 47.4% 43.2% 33.2% 26.5% 22.3% SG&A/Sales 27.2% 27.8% 25.3% 23.0% 21.3% 19.4% 17.7% 13.5% 11.3% 9.8% R&D/Sales 12.9% 15.5% 16.1% 15.5% 14.4% 13.1% 12.0% 11.0% 10.7% 10.3% Royalty/Sales -1.6% -1.7% -1.4% -0.6% 0.5% 2.1% 2.9% 2.8% 2.5% 2.4% Operating Margin 3.3% -1.3% 3.3% 8.6% 14.8% 21.7% 28.6% 43.5% 52.5% 58.4% EBITDA/Sales 3.1% -1.4% 3.0% 7.6% 12.7% 18.0% 24.3% 39.6% 49.1% 55.2% EBIT/Sales 0.8% -3.6% 0.9% 5.6% 10.8% 16.2% 22.6% 38.3% 48.1% 54.3% Net Inc./Sales -9.9% -13.0% -6.7% 1.3% 7.9% 12.2% 14.0% 24.0% 30.3% 34.5% Working Cap/Sales 37.0% 38.3% 38.5% 38.6% 37.8% 36.4% 34.3% 27.3% 22.5% 19.5% Depreciation/PP&E 4.3% 4.8% 5.2% 5.1% 5.5% 6.0% 5.8% 6.4% 7.1% 7.9% Depreciation/Sales 1.8% 1.8% 1.7% 1.7% 1.6% 1.6% 1.5% 1.2% 1.0% 0.9% PPE/Sales 41.6% 36.7% 32.8% 33.3% 29.8% 26.4% 25.7% 18.8% 13.9% 10.9% Debt/Assets 36.8% 59.7% 73.4% 75.5% 66.0% 49.4% 33.5% 0.0% 0.0% 0.0% Coverage (EBIT/Interest) 0.7x -1.4x 0.3x 1.5x 3.2x 6.4x 13.4x 101.4x -57.9x -28.8x Debt/Total Cap. 36.8% 59.7% 73.4% 75.5% 66.0% 49.4% 33.5% 0.0% 0.0% 0.0%
WASSERSTEIN PERELLA $ CO. - -------------------------------------------------------------------------------- MYCOGEN VALUATION : DCF ANALYSIS - ------------------------------------------------------------------------------ NEW TRAIT DEVELOPMENT SCHEDULE
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 ------ ------ ------ ------- ------ ------ ------- ------- ------- ------- INPUT TRAITS Corn 1 0 2 2 1 2 1 1 0 Soybean/Sorghum 2 2 Sunflower 2 Alfalfa and Forage Rice ------ ------ ------ ------- ------ ------ ------- ------- ------- ------- Total 0 1 2 2 4 1 4 1 1 0 OUTPUT TRAITS Corn 1 2 1 1 1 Soybean/Sorghum 1 1 Sunflower 1 2 ------ ------ ------ ------- ------ ------ ------- ------- ------- ------- Total 0 1 1 0 0 2 2 4 1 0 DISEASE RESISTANCE 1 2 ------ ------ ------ ------- ------ ------ ------- ------- ------- ------- ALL TRAITS 0 2 3 2 4 3 7 7 2 0
WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN VALUATION : DCF ANALYSIS - ------------------------------------------------------------------------------ R&D ALLOCATION BY TRAIT
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 ------ ------ ------ ------- ------ ------ ------- ------- ------- ------- Gene Characterization $ 4.0 $ 8.5 $ 4.0 $ 2.5 $ 0.5 $0.0 $0.0 $0.0 $0.0 $0.0 Expression/Screening $ 3.0 $ 2.5 $ 2.5 $ 2.5 $ 1.0 $0.5 $0.0 $0.0 $0.0 $0.0 Optimization $ 1.2 $ 2.0 $ 0.5 $ 2.0 $ 0.5 $0.5 $0.0 $0.0 $0.0 $0.0 INPUT TRAITS $ 8.2 $13.0 $ 7.0 $ 7.0 $ 2.0 $1.0 $0.0 $0.0 $0.0 $0.0 TOTAL MARKET IN HECTARES Gene Characterization $ 4.0 $ 5.0 $ 9.0 $ 4.0 $ 0.5 $0.0 $0.0 $0.0 $0.0 $0.0 Expression/Screening $ 0.0 $ 1.0 $ 3.0 $ 4.0 $ 4.5 $1.0 $0.0 $0.0 $0.0 $0.0 Optimization $ 0.1 $ 0.0 $ 1.0 $ 1.2 $ 2.2 $0.9 $0.1 $0.0 $0.0 $0.0 OUTPUT TRAITS $ 4.1 $ 6.0 $13.0 $ 9.2 $ 7.2 $1.9 $0.1 $0.0 $0.0 $0.0 Gene Characterization $ 0.0 $ 2.0 $ 4.5 $ 1.0 $ 0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Expression/Screening $ 0.0 $ 0.0 $ 0.5 $ 1.5 $ 1.0 $0.0 $0.0 $0.0 $0.0 $0.0 Optimization $ 0.0 $ 0.0 $ 0.0 $ 0.5 $ 1.1 $0.2 $0.0 $0.0 $0.0 $0.0 DISEASE RESISTANCE $ 0.0 $ 2.0 $ 5.0 $ 3.0 $ 2.1 $0.2 $0.0 $0.0 $0.0 $0.0 TOTAL R&D $12.3 $21.0 $25.0 $19.2 $11.3 $3.1 $0.1 $0.0 $0.0 $0.0 Gene Characterization $2.00 $ 0.50 Expression/Screening $ 0.50 $ 0.50 Optimization $ 0.50 $ 0.10 Event/Breeding $ 0.60 $0.60 Launch
WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------
MYCOGEN VALUATION : DCF ANALYSIS - ---------------------------------------------------------------------------------------------------------------- NEW PRODUCT LAUNCHES 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ Corn $6.0 $7.2 $5.2 $5.1 $2.2 $1.1 $0.1 $0.0 $0.0 $0.0 Soybean/Sorghum $0.2 $4.0 $2.0 $2.0 $0.2 $0.0 $0.0 $0.0 $0.0 $0.0 Sunflower $2.0 $2.0 $0.2 $2.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Alfalfa and Forage $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 Rice $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ INPUT TRAIT R&D $8.2 $13.2 $7.4 $7.1 $2.4 $1.1 $0.1 $0.0 $0.0 $0.0 Corn $4.0 $4.0 $5.0 $4.2 $2.1 $1.1 $0.1 $0.0 $0.0 $0.0 Soybean/Sorghum $0.0 $2.0 $3.0 $2.0 $1.1 $0.1 $0.0 $0.0 $0.0 $0.0 Sunflower $0.1 $0.0 $4.0 $2.0 $2.0 $0.2 $0.0 $0.0 $0.0 $0.0 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ OUTPUT TRAIT R&D $4.1 $6.0 $12.0 $8.2 $5.2 $1.4 $0.1 $0.0 $0.0 $0.0 DISEASE RESISTANCE $0.0 $2.0 $5.0 $3.0 $2.1 $0.2 $0.0 $0.0 $0.0 $0.0 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------ ALL TRAITS $12.3 $21.2 $24.4 $18.3 $9.7 $2.7 $0.2 $0.0 $0.0 $0.0 WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------------------------------------------
EX-99.(B)(7) 4 EXHIBIT 99(B)(7)' [WASSERSTEIN PERELLA & CO. LOGO] CONFIDENTIAL - ------------------------------------------------------------------------------ - ------------------------------------------------------------------------------ PRELIMINARY PRESENTATION TO THE SPECIAL COMMITTEE OF THE BOARD OF DIRECTORS OF MYCOGEN CORPORATION JUNE 25, 1998 WASSERSTEIN PERELLA & CO., INC. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION TABLE OF CONTENTS - ------------------------------------------------------------------------------ TABLE OF CONTENTS 1. BACKGROUND OF THE PROPOSED TRANSACTION 2. REVIEW OF MYCOGEN 3. REVIEW OF DOW 4. PRELIMINARY VALUATION ANALYSIS A. REVIEW OF ANALYST PERSPECTIVES B. DISCOUNTED CASH FLOW ANALYSIS (DCF) C. COMPARABLE COMPANY TRADING ANALYSIS D. COMPARABLE ACQUISITION ANALYSIS 5. STRATEGIC ALTERNATIVES 6. NEXT STEPS 7. APPENDIX A. WP&CO. JUNE 10TH LETTER TO DOW B. DOW'S RESPONSES TO WP&CO.'S JUNE 10TH LETTER WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION - -------------------------------------------------------------------------------- ----------------------------- BACKGROUND OF THE PROPOSED TRANSACTION ----------------------------- WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION BACKGROUND OF THE PROPOSED TRANSACTION - ------------------------------------------------------------------------------- TERMS OF DOW'S PROPOSAL - - THE DOW CHEMICAL COMPANY (TOGETHER WITH ITS AFFILIATES "DOW") HAS PROPOSED ACQUIRING ALL OF THE OUTSTANDING SHARES OF MYCOGEN CORPORATION FOR CASH CONSIDERATION OF $20.50 PER SHARE - - DOW'S $20.50 PER SHARE PRICE IMPLIES THE FOLLOWING MARKET CAPITALIZATION, PREMIUM TO MARKET AND TRADING MULTIPLES
- ----------------------------------------------------------------------- IMPLIED MARKET CAPITALIZATION ($ IN MM) - ----------------------------------------------------------------------- Dow Offer Price $20.50 Total Shares Outstanding 36.11 Total Options Outstanding 4.44 Average Strike Price of Options $12.03 ------ EQUITY MARKET VALUE $777.81 Plus: Net Debt(1) $13.66 ------ ADJUSTED MARKET VALUE $791.47 - -----------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------- ADJUSTED MARKET VALUE AS A MULTIPLE OF MARKET VALUE AS A MULTIPLE OF -------------------------------------- ----------------------------- SALES EBITDA EBIT NET INCOME BOOK VALUE ----- ------ ---- ---------- ---------- LTM BEFORE ADJ.(1) 3.7x NM NM NM 3.7x FY 1998 BEFORE ADJ.(2) 3.4x NM NM NM 3.9x FY 1999 3.2x NM NM NM 3.9x - -----------------------------------------------------------------------------------------------------------------
- --------------------------- (1) Includes other charges of $48.9MM (impairment of facilities and costs to exit those facilities, severance, patent litigation fees, acquired in-process technology and equity in net loss of investees) (2) Includes projected litigation expenses of $11.0MM WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION BACKGROUND OF THE PROPOSED TRANSACTION - ------------------------------------------------------------------------------- HISTORY OF DOW'S INVESTMENT IN MYCOGEN - - IN 1996, DOW ACQUIRED A 51.8% STAKE IN MYCOGEN - On January 15, 1996, Dow agreed to acquire a 36.6% stake, or approximately 9.5 million common shares of Mycogen from Lubrizol, for roughly $13.26/share. In a simultaneous transaction, Dow acquired approximately 4.5 million common shares of Mycogen in exchange for $26.5 million in cash and all of the outstanding shares of Dow's wholly-owned subsidiary United AgriSeeds, Inc. - On December 3, 1996, Dow acquired 1.0 million common shares of Mycogen from Pioneer Hi-Bred International for $16.75/share - During 1996, Dow acquired 850,000 common shares in open market transactions at a weighted average price of $17.21/share - - IN 1997, DOW INCREASED ITS STAKE IN MYCOGEN TO 56.9% - Dow acquired 2,287,843 common shares at a weighted average price of $23.20/share - Of these, 2,206,177 common shares (or 96%) were bought at prices in excess of $20.50/share - In connection with Dr. Caulder's resignation as Chairman of the Board and CEO of Mycogen on May 1, 1997, Dow offered to purchase substantially all shares of common stock owned by Dr. Caulder on the following terms - $28.00/share for the number of shares equal to the sum of 30,000 plus the number of shares issued to Dr. Caulder pursuant to his severance agreement - All other shares would be purchased at a price equal to 105% of the 30 day trailing trading average of Mycogen stock - Included in the 2,287,843 common shares referenced above were 95,752 common shares purchased by Dow from Dr. Caulder on May 2, 1997 at $28.00/share WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION BACKGROUND OF THE PROPOSED TRANSACTION - -------------------------------------------------------------------------------- HISTORY OF DOW'S INVESTMENT IN MYCOGEN (CONT'D) - - IN 1998, DOW INCREASED ITS STAKE IN MYCOGEN TO APPROXIMATELY 68.8% - On January 9, 1998, Dow acquired 483,439 newly-issued common shares at $19.46/share from Mycogen that were issued to finance Mycogen's acquisition of an additional 16.25% stake in Verneuil Holdings S.A., a French company - On January 16, 1998, Dow purchased 3,762,038 newly-issued common shares from Mycogen for $75 million cash, implying a share price of $19.94 - Dow purchased 296,035 common shares of Mycogen from Dr. Jerry L. Caulder, former Chairman of Board and CEO of Mycogen, for $19.48/share - On March 13, 1998, Dow agreed to purchase from Pioneer Overseas Corp. 2.0 million common shares of Mycogen for $20.06/share WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION BACKGROUND OF THE PROPOSED TRANSACTION - -------------------------------------------------------------------------------- TERMS OF THE EXCHANGE AND PURCHASE AGREEMENT - - UNDER THE TERMS OF THE JANUARY 15, 1996 EXCHANGE AND PURCHASE AGREEMENT (THE "AGREEMENT") - Dow agreed, subject to certain limitations, that: - Prior to February 19, 1998 (the second anniversary of the "Measurement Date"), it would not acquire or propose to acquire shares which, when aggregated with all other shares held by Dow (other than shares acquired after February 19, 1996 directly from Mycogen or any subsidiaries or employees) would constitute more than 60% of Mycogen's common stock - Prior to February 19, 1999 (the third anniversary of the "Measurement Date"), it would not acquire or propose to acquire shares which, when aggregated with all other shares held by Dow (other than shares acquired after February 19, 1996 directly from Mycogen or any subsidiaries or employees) would constitute more than 65% of Mycogen's common stock - After February 19, 1999, Dow may acquire more than 79.9% of Mycogen's outstanding shares only pursuant to a "Buyout Transaction" - A "Buyout Transaction" is defined as a tender offer, merger or similar transaction for "Third Party Sale Value" - "Third Party Sale Value" is defined as the value that an unaffiliated third party would be expected to pay in an arms'-length transaction for all outstanding shares and share equivalents, NOT TAKING INTO ACCOUNT DOW'S POTENTIALLY CONTROLLING POSITION - A Buyout Transaction can be consummated only: - With the approval of a majority of "Independent Directors" after receipt of a fairness opinion from a recognized investment bank, or - If approval of a majority of the "Independent Directors" cannot be obtained, through arbitration by an independent appraiser - The Agreement may be amended only by a majority of the Independent Directors and a majority of Mycogen's Board WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION BACKGROUND OF THE PROPOSED TRANSACTION - -------------------------------------------------------------------------------- DISTRIBUTION OF VOLUME AT VARIOUS PRICES FOR THE LAST FIVE YEARS THIS GRAPH ILLUSTRATES THE CUMULATIVE VOLUME OF MYCOGEN STOCK THAT TRADED AT VARIOUS PRICE INTERVALS OVER THE LAST FIVE YEARS. MYCO
Security Price History MYCOGEN CORP. COM 17-Jul-98 MYCO 62845210 Common Stock NASDAQ BAR LINE U.S. Dollar Date Volume High Low Close Volume Cumulative % - --------- -------- ------- ------- ------- ------- ------------- 29-Dec-94 38,100 8.5000 8.0000 8.0000 27-Dec-94 104,800 9.0000 8.0000 8.0000 18-Jul-95 95,200 9.0000 8.0000 8.1250 03-Jan-95 111,100 8.5000 8.0000 8.1250 28-Dec-94 65,500 8.5000 8.0000 8.1250 21-Jul-95 25,600 8.7500 8.2500 8.2500 19-Jul-95 66,300 8.5000 7.7500 8.2500 30-Jun-95 21,800 8.7500 8.2500 8.2500 30-May-95 12,700 9.0000 8.2500 8.2500 25-May-95 86,400 9.0000 8.2500 8.2500 24-May-95 62,100 9.0000 8.1250 8.2500 23-May-95 61,500 9.0000 8.0000 8.2500 18-May-95 61,900 9.0000 8.2500 8.2500 04-Jan-95 45,000 8.5000 7.8750 8.2500 23-Dec-94 30,500 8.7500 8.2500 8.2500 22-Dec-94 31,100 8.7500 8.2500 8.2500 09-Dec-94 29,900 8.7500 8.1250 8.2500 06-Dec-94 101,600 9.2500 8.0000 8.2500 01-Jun-95 11,500 9.0000 8.2500 8.3750 31-May-95 11,200 9.0000 8.2500 8.3750 30-Dec-94 152,100 8.7500 8.0000 8.3750 08-Dec-94 133,400 9.0000 8.1250 8.3750 27-Jul-95 25,000 9.0000 8.5000 8.5000 26-Jul-95 31,700 9.0000 8.5000 8.5000 25-Jul-95 15,900 9.1250 8.5000 8.5000 20-Jul-95 16,600 8.7500 8.0000 8.5000 17-Jul-95 20,200 9.0000 8.5000 8.5000 14-Jul-95 34,600 9.0000 8.5000 8.5000 13-Jul-95 61,600 9.3750 8.5000 8.5000 03-Jul-95 11,900 9.0000 8.2500 8.5000 28-Jun-95 15,500 8.7500 8.2500 8.5000 27-Jun-95 59,300 9.2500 8.2500 8.5000 05-Jun-95 9,900 9.0000 8.5000 8.5000 02-Jun-95 23,700 9.0000 8.2500 8.5000 22-May-95 72,800 9.0000 8.2500 8.5000 21-Dec-94 83,500 8.7500 8.0000 8.5000 20-Dec-94 28,500 8.5000 8.0000 8.5000 19-Dec-94 55,900 8.5000 8.0000 8.5000 16-Dec-94 72,100 8.7500 8.2500 8.5000 14-Dec-94 50,100 9.0000 8.5000 8.5000 13-Dec-94 22,900 9.0000 8.5000 8.5000 02-Aug-95 35,900 9.0000 8.6250 8.6250 31-Jul-95 82,800 9.0000 8.5000 8.6250 17-May-95 19,400 9.2500 8.5000 8.6250 06-Jan-95 17,000 9.0000 8.6250 8.6250 15-Dec-94 182,200 9.0000 8.0000 8.6250 08-Aug-95 16,600 9.0000 8.7500 8.7500 04-Aug-95 31,900 9.0000 8.5000 8.7500 24-Jul-95 44,100 9.2500 8.2500 8.7500 12-Jul-95 13,300 9.5000 8.7500 8.7500 11-Jul-95 14,600 9.5000 8.7500 8.7500 06-Jul-95 81,100 9.1250 8.5000 8.7500 29-Jun-95 20,100 8.7500 8.2500 8.7500 26-Jun-95 43,200 9.2500 8.7500 8.7500 09-Jun-95 13,600 9.2500 8.7500 8.7500 12-Dec-94 18,400 9.0000 8.3750 8.7500 07-Dec-94 52,300 9.0000 8.2500 8.7500 01-Aug-95 43,300 9.0000 8.5000 8.8125 07-Jul-95 95,300 9.0000 8.5000 8.8750 15-May-95 47,400 9.2500 8.7500 8.8750 08-May-95 55,600 9.5000 8.8750 8.8750 09-Jan-95 22,800 9.1250 8.6250 8.8750 05-Jan-95 27,600 8.8750 8.2500 8.8750 07-Aug-95 46,600 9.0000 8.6250 9.0000 03-Aug-95 31,600 9.0000 8.2500 9.0000 28-Jul-95 35,000 9.0000 8.2500 9.0000 21-Jun-95 21,100 9.2500 8.7500 9.0000 16-Jun-95 42,000 9.2500 8.7500 9.0000 15-Jun-95 4,800 9.2500 8.7500 9.0000 14-Jun-95 70,900 9.2500 8.7500 9.0000 08-Jun-95 31,600 9.2500 8.7500 9.0000 07-Jun-95 48,700 9.0000 8.5000 9.0000 06-Jun-95 19,200 9.0000 8.5000 9.0000 26-May-95 5,500 9.0000 8.2500 9.0000 19-May-95 90,000 9.0000 8.2500 9.0000 16-May-95 33,700 9.0000 8.7500 9.0000 12-May-95 37,200 9.2500 8.8750 9.0000 10-May-95 40,900 9.5000 8.7500 9.0000 24-Mar-95 54,700 10.0000 9.0000 9.0000 19-Jun-95 44,300 9.5000 8.7500 9.0156 09-May-95 35,900 9.5000 8.8750 9.0625 20-Jun-95 34,200 9.2500 8.7500 9.1250 05-Dec-94 26,300 9.5000 8.7500 9.1250 15-Aug-95 56,400 10.2500 9.2500 9.2500 10-Jul-95 44,900 9.2500 8.6250 9.2500 05-Jul-95 109,900 9.2500 8.2500 9.2500 23-Jun-95 21,100 9.2500 8.7500 9.2500 22-Jun-95 38,000 9.2500 8.7500 9.2500 13-Jun-95 15,600 9.2500 8.7500 9.2500 12-Jun-95 13,600 9.5000 8.7500 9.2500 11-May-95 5,900 9.2500 8.8750 9.2500 04-May-95 38,800 9.6250 9.0000 9.2500 28-Apr-95 25,400 10.0000 9.2500 9.2500 21-Apr-95 25,100 9.7500 9.2500 9.2500 28-Feb-95 42,600 10.0000 9.2500 9.2500 02-Dec-94 33,600 9.7500 9.2500 9.2500 01-Dec-94 21,700 10.0000 9.2500 9.2500 28-Nov-94 26,700 9.7500 9.2500 9.2500 31-Mar-94 29,000 10.0000 9.2500 9.2500 09-Mar-94 37,600 10.0000 9.2500 9.2500 30-Mar-95 26,500 10.0000 9.2500 9.3750 21-Mar-95 260,700 10.2500 8.7500 9.3750 10-Jan-95 80,400 10.2500 9.0000 9.3750 22-Nov-94 23,600 10.0000 9.3750 9.3750 18-Aug-95 31,200 9.7500 9.2500 9.5000 05-May-95 3,400 9.5000 9.0000 9.5000 02-May-95 26,700 9.7500 9.2500 9.5000 27-Apr-95 16,300 10.0000 9.5000 9.5000 26-Apr-95 34,600 10.0000 9.2500 9.5000 20-Apr-95 57,100 10.2500 9.2500 9.5000 19-Apr-95 19,900 10.2500 9.5000 9.5000 07-Apr-95 9,800 10.2500 9.5000 9.5000 27-Mar-95 19,300 10.0000 9.0000 9.5000 22-Mar-95 59,600 10.0000 8.7500 9.5000 17-Mar-95 11,700 10.0000 9.5000 9.5000 15-Mar-95 8,900 10.0000 9.5000 9.5000 09-Mar-95 55,300 10.2500 9.5000 9.5000 29-Nov-94 23,300 9.7500 9.2500 9.5000 23-Nov-94 44,900 9.7500 9.2500 9.5000 21-Nov-94 17,500 10.0000 9.5000 9.5000 19-Apr-94 94,000 10.5000 9.5000 9.5000 15-Apr-94 3,800 10.2500 9.5000 9.5000 13-Apr-94 7,100 10.2500 9.5000 9.5000 04-Apr-94 16,600 10.0000 9.2500 9.5000 01-May-95 13,000 9.7500 9.2500 9.5313 16-Aug-95 42,700 10.0000 9.0000 9.6250 09-Aug-95 123,100 9.6250 8.7500 9.6250 29-Mar-95 19,900 10.0000 9.2500 9.6250 10-Mar-94 51,500 9.7500 9.2500 9.6250 13-Sep-95 39,900 10.1250 9.7500 9.7500 21-Aug-95 30,800 9.7500 9.2500 9.7500 17-Aug-95 14,400 9.7500 9.2500 9.7500 14-Aug-95 150,100 10.2500 9.7500 9.7500 03-May-95 14,500 9.7500 9.2500 9.7500 25-Apr-95 16,700 9.7500 9.2500 9.7500 24-Apr-95 10,700 9.7500 9.2500 9.7500 05-Apr-95 59,500 10.0000 9.5000 9.7500 04-Apr-95 27,400 10.0000 9.2500 9.7500 03-Apr-95 17,800 9.7500 9.2500 9.7500 31-Mar-95 16,300 9.7500 9.2500 9.7500 07-Mar-95 15,600 10.2500 9.5000 9.7500 06-Mar-95 20,500 10.2500 9.7500 9.7500 27-Feb-95 14,200 10.0000 9.2500 9.7500 23-Feb-95 93,800 10.2500 9.2500 9.7500 19-Jan-95 86,200 10.2500 9.5000 9.7500 25-Nov-94 8,500 9.7500 9.2500 9.7500 17-Nov-94 15,900 10.1250 9.6250 9.7500 16-Nov-94 36,700 10.1250 9.7500 9.7500 21-Oct-94 2,700 10.5000 9.7500 9.7500 22-Aug-94 22,600 10.2500 9.7500 9.7500 10-Aug-94 11,400 10.2500 9.7500 9.7500 09-Aug-94 19,200 10.3125 9.7500 9.7500 11-Mar-94 20,700 9.7500 9.2500 9.7500 07-Mar-94 44,000 10.2500 9.7500 9.7500 27-Dec-93 42,400 10.2500 9.5000 9.7500 10-Dec-93 56,600 10.2500 9.7500 9.7500 09-Dec-93 31,800 10.2500 9.7500 9.7500 03-Dec-93 88,900 10.2500 9.7500 9.7500 19-Aug-94 8,000 10.2500 9.7500 9.8125 25-Aug-95 12,800 10.2500 9.5000 9.8750 08-Mar-95 25,100 10.2500 9.5000 9.8750 15-Nov-94 79,700 10.2500 9.8750 9.8750 14-Nov-94 17,700 10.2500 9.8750 9.8750 11-Nov-94 4,500 10.2500 9.8750 9.8750 09-Nov-94 213,000 10.5000 9.8750 9.8750 01-Nov-94 35,200 10.5000 9.7500 9.8750 05-Aug-94 32,400 10.5000 9.7500 9.8750 22-Jul-94 96,700 10.2500 9.7500 9.8750 04-Mar-94 43,800 10.2500 9.7500 9.8750 21-Jul-94 80,600 10.2500 9.7500 9.9375 12-Sep-95 60,600 10.1250 9.7500 10.0000 06-Sep-95 27,700 10.1250 9.5000 10.0000 05-Sep-95 42,900 10.2500 9.5000 10.0000 28-Aug-95 111,200 10.2500 9.5000 10.0000 24-Aug-95 20,600 10.2500 9.5000 10.0000 23-Aug-95 23,100 10.2500 9.5000 10.0000 22-Aug-95 29,900 10.2500 9.3750 10.0000 18-Apr-95 17,700 10.2500 9.5000 10.0000 17-Apr-95 222,600 10.2500 9.5000 10.0000 13-Apr-95 29,400 10.2500 9.5000 10.0000 11-Apr-95 17,000 10.2500 9.5000 10.0000 10-Apr-95 22,400 10.2500 9.5000 10.0000 28-Mar-95 9,400 10.0000 9.2500 10.0000 23-Mar-95 23,900 10.0000 9.5000 10.0000 16-Mar-95 9,200 10.0000 9.5000 10.0000 14-Mar-95 17,000 10.2500 9.5000 10.0000 02-Mar-95 36,900 10.0000 9.5000 10.0000 01-Mar-95 36,000 10.0000 9.2500 10.0000 24-Feb-95 28,900 10.0000 9.5000 10.0000 30-Nov-94 17,200 10.0000 9.5000 10.0000 18-Nov-94 23,000 10.1250 9.5000 10.0000 10-Nov-94 76,000 10.2500 9.8750 10.0000 08-Nov-94 18,800 10.2500 10.0000 10.0000 04-Nov-94 20,900 10.5000 10.0000 10.0000 31-Oct-94 15,500 10.5000 10.0000 10.0000 26-Oct-94 40,300 10.5000 9.7500 10.0000 25-Oct-94 54,600 10.2500 9.5000 10.0000 24-Oct-94 17,500 10.5000 9.7500 10.0000 17-Oct-94 13,400 10.5000 10.0000 10.0000 11-Oct-94 17,600 10.5000 9.7500 10.0000 07-Oct-94 58,400 10.5000 10.0000 10.0000 06-Oct-94 22,200 10.5000 10.0000 10.0000 03-Oct-94 10,800 10.5000 10.0000 10.0000 30-Sep-94 6,400 10.5000 10.0000 10.0000 29-Sep-94 29,200 10.5000 10.0000 10.0000 26-Sep-94 18,200 10.2500 9.7500 10.0000 23-Sep-94 33,200 10.5000 10.0000 10.0000 22-Sep-94 49,500 10.5000 10.0000 10.0000 21-Sep-94 9,800 10.5000 10.0000 10.0000 20-Sep-94 22,500 10.5000 10.0000 10.0000 16-Sep-94 3,400 10.5000 10.0000 10.0000 14-Sep-94 13,300 10.5000 10.0000 10.0000 12-Sep-94 28,800 10.2500 10.0000 10.0000 08-Sep-94 7,600 10.2500 10.0000 10.0000 07-Sep-94 50,100 10.5000 10.0000 10.0000 06-Sep-94 5,600 10.5000 10.0000 10.0000 02-Sep-94 21,100 10.5000 10.0000 10.0000 01-Sep-94 17,700 10.5000 10.0000 10.0000 29-Aug-94 20,100 10.5000 10.0000 10.0000 26-Aug-94 23,100 10.5000 10.0000 10.0000 18-Aug-94 25,600 10.5000 9.7500 10.0000 12-Aug-94 34,300 10.5000 10.0000 10.0000 04-Aug-94 12,700 10.5000 10.0000 10.0000 03-Aug-94 10,500 10.5000 10.0000 10.0000 02-Aug-94 7,300 10.5000 10.0000 10.0000 01-Aug-94 10,400 10.5000 10.0000 10.0000 29-Jul-94 59,600 10.5000 10.0000 10.0000 28-Jul-94 13,900 10.5000 10.0000 10.0000 25-Jul-94 38,900 10.0000 9.7500 10.0000 15-Jul-94 75,100 10.7500 10.0000 10.0000 12-Apr-94 46,600 11.0000 9.5000 10.0000 30-Mar-94 21,500 10.0000 9.2500 10.0000 08-Mar-94 43,300 10.2500 9.5000 10.0000 03-Mar-94 49,000 10.2500 9.8750 10.0000 30-Dec-93 76,400 10.5000 10.0000 10.0000 29-Dec-93 70,100 10.5000 10.0000 10.0000 28-Dec-93 109,200 10.2500 9.7500 10.0000 23-Dec-93 45,000 10.0000 9.5000 10.0000 22-Dec-93 35,900 10.5000 9.5000 10.0000 21-Dec-93 40,900 10.5000 10.0000 10.0000 07-Nov-94 42,100 10.2500 10.0000 10.0625 28-Oct-94 14,200 10.5000 10.0000 10.0625 15-Sep-95 342,500 10.2500 9.5000 10.1250 14-Sep-95 76,800 10.1250 9.7500 10.1250 11-Sep-95 98,400 10.1250 9.8750 10.1250 08-Sep-95 32,500 10.1250 9.8750 10.1250 07-Sep-95 87,900 10.1250 9.6250 10.1250 20-Jan-95 49,600 10.1250 9.6250 10.1250 18-Jan-95 27,300 10.5000 10.1250 10.1250 03-Nov-94 26,500 10.5000 10.0000 10.1250 02-Nov-94 24,400 10.2500 9.7500 10.1250 20-Oct-94 12,700 10.2500 9.7500 10.1250 30-Aug-94 60,200 10.5000 10.0000 10.1250 16-Aug-94 20,300 10.2500 9.7500 10.1250 02-Mar-94 25,100 10.5000 9.7500 10.1250 13-Dec-93 153,000 10.2500 9.5000 10.1250 01-Sep-95 13,000 10.2500 9.5000 10.2500 31-Aug-95 34,300 10.2500 9.5000 10.2500 30-Aug-95 10,700 10.2500 9.5000 10.2500 29-Aug-95 9,300 10.2500 9.5000 10.2500 11-Aug-95 107,800 11.0000 9.7500 10.2500 10-Aug-95 219,300 11.2500 10.2500 10.2500 12-Apr-95 27,700 10.2500 9.7500 10.2500 06-Apr-95 42,500 10.2500 9.2500 10.2500 13-Mar-95 11,400 10.2500 9.5000 10.2500 10-Mar-95 7,700 10.2500 9.5000 10.2500 03-Mar-95 19,000 10.2500 9.5000 10.2500 22-Feb-95 87,300 10.2500 9.7500 10.2500 21-Feb-95 231,700 11.5000 9.5000 10.2500 11-Jan-95 152,400 10.2500 9.6250 10.2500 27-Oct-94 27,900 10.5000 10.0000 10.2500 19-Oct-94 14,300 10.5000 9.7500 10.2500 13-Oct-94 11,100 10.5000 10.0000 10.2500 12-Oct-94 8,000 10.2500 9.7500 10.2500 04-Oct-94 99,300 10.5000 10.2500 10.2500 27-Sep-94 20,900 10.2500 9.7500 10.2500 09-Sep-94 14,500 10.2500 10.0000 10.2500 23-Aug-94 28,700 10.5000 9.7500 10.2500 15-Aug-94 7,900 10.2500 10.0000 10.2500 11-Aug-94 46,100 10.2500 9.7500 10.2500 08-Aug-94 17,100 10.2500 9.5000 10.2500 20-Jul-94 159,300 10.2500 9.7500 10.2500 19-Jul-94 107,600 10.5000 9.7500 10.2500 14-Jul-94 85,100 10.7500 10.2500 10.2500 13-Jul-94 2,700 10.7500 10.2500 10.2500 27-May-94 16,600 10.7500 10.2500 10.2500 26-May-94 7,300 10.7500 10.2500 10.2500 23-May-94 20,300 10.7500 10.2500 10.2500 21-Apr-94 153,100 11.5000 9.7500 10.2500 20-Apr-94 71,600 10.2500 9.5000 10.2500 14-Apr-94 9,900 10.2500 9.5000 10.2500 29-Mar-94 17,200 10.7500 9.7500 10.2500 25-Mar-94 23,400 11.0000 10.2500 10.2500 24-Mar-94 45,200 11.0000 10.2500 10.2500 31-Dec-93 64,700 10.7500 10.0000 10.2500 20-Dec-93 54,900 10.7500 10.0000 10.2500 16-Dec-93 50,500 10.5000 10.0000 10.2500 08-Dec-93 22,600 10.2500 9.7500 10.2500 07-Dec-93 118,400 10.2500 9.7500 10.2500 06-Dec-93 54,400 10.2500 9.5000 10.2500 02-Dec-93 49,000 10.2500 9.7500 10.2500 01-Dec-93 43,900 10.2500 9.7500 10.2500 30-Nov-93 114,500 10.2500 9.7500 10.2500 29-Nov-93 101,300 10.7500 9.7500 10.2500 23-Nov-93 40,700 10.5000 10.0000 10.2500 19-Sep-94 15,200 10.5000 10.0000 10.3750 11-Jul-94 11,800 10.7500 10.2500 10.3750 28-Mar-94 5,400 11.0000 10.2500 10.3750 14-Mar-94 29,500 10.5000 9.2500 10.3750 22-Nov-93 70,400 11.0000 10.0000 10.3750 20-Mar-95 42,600 10.7500 10.0000 10.5000 23-Jan-95 56,700 10.5000 9.6250 10.5000 17-Jan-95 47,400 11.3750 10.2500 10.5000 18-Oct-94 12,700 10.5000 9.7500 10.5000 14-Oct-94 13,200 10.5000 10.0000 10.5000 10-Oct-94 4,400 10.5000 10.0000 10.5000 05-Oct-94 22,900 10.5000 10.2500 10.5000 28-Sep-94 21,300 10.5000 10.0000 10.5000 15-Sep-94 26,000 10.5000 10.0000 10.5000 13-Sep-94 20,500 10.5000 10.0000 10.5000 31-Aug-94 35,300 10.5000 10.1250 10.5000 25-Aug-94 27,500 10.5000 10.0000 10.5000 24-Aug-94 13,800 10.5000 10.0000 10.5000 17-Aug-94 36,700 10.5000 10.0000 10.5000 27-Jul-94 27,700 11.0000 10.0000 10.5000 18-Jul-94 105,400 10.5000 9.7500 10.5000 07-Jul-94 28,100 11.0000 10.2500 10.5000 31-May-94 46,200 11.0000 10.5000 10.5000 25-May-94 34,500 10.7500 10.2500 10.5000 16-May-94 7,900 11.0000 10.5000 10.5000 18-Apr-94 203,600 10.5000 9.5000 10.5000 06-Apr-94 38,400 10.5000 10.0000 10.5000 05-Apr-94 18,000 10.5000 9.5000 10.5000 23-Mar-94 14,800 11.0000 10.5000 10.5000 18-Mar-94 25,600 11.2500 10.5000 10.5000 25-Feb-94 15,200 11.0000 10.5000 10.5000 24-Feb-94 45,400 11.0000 10.5000 10.5000 23-Feb-94 13,000 11.0000 10.5000 10.5000 17-Dec-93 19,000 10.5000 10.0000 10.5000 15-Dec-93 34,100 10.5000 10.0000 10.5000 14-Dec-93 87,700 10.5000 9.7500 10.5000 26-Nov-93 2,900 10.5000 10.0000 10.5000 24-Nov-93 20,100 10.5000 10.0000 10.5000 19-Nov-93 32,600 11.0000 10.5000 10.5000 18-Nov-93 11,600 11.0000 10.5000 10.5000 26-Jul-94 33,200 11.0000 10.2500 10.5625 13-May-94 41,800 11.0000 10.5000 10.6250 16-Mar-94 35,000 11.0000 10.5000 10.6250 03-Jan-94 31,600 10.7500 10.2500 10.6250 16-Jan-95 62,200 11.8750 10.7500 10.7500 12-Jul-94 6,500 10.7500 10.2500 10.7500 08-Jul-94 11,100 10.7500 10.2500 10.7500 06-Jul-94 30,800 11.2500 10.5000 10.7500 05-Jul-94 7,700 11.2500 10.7500 10.7500 30-Jun-94 9,000 11.5000 10.7500 10.7500 28-Jun-94 13,300 11.2500 10.7500 10.7500 27-Jun-94 14,400 11.2500 10.7500 10.7500 24-May-94 24,500 10.7500 10.2500 10.7500 20-May-94 99,000 11.2500 10.5000 10.7500 18-May-94 4,500 11.2500 10.7500 10.7500 17-May-94 32,600 11.2500 10.5000 10.7500 12-May-94 18,200 11.2500 10.5000 10.7500 22-Mar-94 5,300 11.0000 10.5000 10.7500 21-Mar-94 14,900 11.0000 10.5000 10.7500 01-Mar-94 645,300 11.0000 10.2500 10.7500 18-Feb-94 46,900 11.2500 10.5000 10.7500 17-Feb-94 22,800 11.7500 10.7500 10.7500 04-Jan-94 39,500 11.0000 10.5000 10.7500 16-Nov-93 9,700 11.2500 10.7500 10.7500 04-Nov-93 21,700 11.5000 10.7500 10.7500 25-Oct-93 175,400 11.5000 10.2500 10.7500 30-Jan-95 49,400 11.5000 10.8750 10.8750 11-May-94 51,200 11.7500 10.5000 10.8750 15-Mar-94 46,600 11.0000 10.2500 10.8750 15-Nov-93 13,300 11.5000 10.7500 10.8750 12-Jan-95 172,800 11.1250 9.8750 11.0000 01-Jul-94 25,900 11.2500 10.7500 11.0000 29-Jun-94 3,400 11.2500 10.7500 11.0000 20-Jun-94 15,500 11.2500 11.0000 11.0000 17-Jun-94 9,900 11.5000 11.0000 11.0000 07-Jun-94 16,900 11.5000 10.7500 11.0000 02-Jun-94 10,900 11.0000 10.2500 11.0000 01-Jun-94 2,300 11.0000 10.2500 11.0000 22-Apr-94 436,900 11.2500 10.0000 11.0000 11-Apr-94 28,200 11.2500 10.5000 11.0000 07-Apr-94 39,400 11.0000 10.2500 11.0000 28-Feb-94 22,200 11.0000 10.5000 11.0000 22-Feb-94 29,100 11.0000 10.5000 11.0000 17-Nov-93 29,500 11.2500 10.5000 11.0000 12-Nov-93 10,000 11.5000 11.0000 11.0000 11-Nov-93 13,100 11.5000 11.0000 11.0000 08-Nov-93 10,200 11.0000 10.7500 11.0000 05-Nov-93 43,300 11.0000 10.5000 11.0000 03-Nov-93 16,500 11.5000 11.0000 11.0000 02-Nov-93 19,100 11.5000 11.0000 11.0000 26-Jan-95 53,300 11.6250 11.1250 11.1250 25-Jan-95 54,500 11.6250 11.0000 11.1250 06-Jun-94 21,500 11.2500 10.7500 11.1250 01-Nov-93 10,000 11.5000 11.0000 11.1250 27-Jan-95 20,600 11.5000 11.0000 11.2500 24-Jun-94 23,100 11.2500 10.7500 11.2500 21-Jun-94 9,500 11.2500 11.0000 11.2500 15-Jun-94 39,700 12.0000 11.0000 11.2500 08-Jun-94 24,700 11.5000 11.0000 11.2500 03-Jun-94 20,500 11.2500 10.5000 11.2500 19-May-94 98,700 11.2500 10.7500 11.2500 29-Apr-94 37,500 11.5000 11.2500 11.2500 08-Apr-94 72,100 11.2500 10.5000 11.2500 17-Mar-94 27,600 11.2500 10.5000 11.2500 14-Feb-94 38,200 11.7500 11.0000 11.2500 11-Feb-94 10,800 11.7500 11.2500 11.2500 10-Feb-94 43,800 11.5000 11.2500 11.2500 08-Feb-94 67,700 11.7500 11.2500 11.2500 19-Jan-94 64,000 11.5000 11.0000 11.2500 10-Nov-93 15,100 11.5000 10.7500 11.2500 29-Oct-93 52,100 11.5000 11.0000 11.2500 22-Oct-93 15,200 11.7500 11.2500 11.2500 29-Sep-93 32,400 11.7500 11.2500 11.2500 28-Sep-93 45,000 11.7500 11.2500 11.2500 22-Jul-93 37,500 12.0000 11.2500 11.2500 01-Feb-95 30,500 11.5000 11.0000 11.3750 31-Jan-95 38,700 11.3750 10.7500 11.3750 09-Jun-94 17,400 11.5000 10.7500 11.3750 28-Apr-94 69,100 11.5000 11.2500 11.3750 25-Apr-94 202,400 11.5000 10.7500 11.3750 07-Feb-94 33,600 11.7500 11.2500 11.3750 21-Oct-93 19,200 12.0000 11.3750 11.3750 22-Sep-93 24,400 11.5000 11.0000 11.3750 18-Sep-95 223,700 11.5000 10.0000 11.5000 14-Feb-95 100,400 11.7500 11.5000 11.5000 06-Feb-95 17,500 11.7500 11.0000 11.5000 24-Jan-95 166,900 11.7500 10.5000 11.5000 23-Jun-94 9,800 11.5000 11.0000 11.5000 22-Jun-94 20,600 11.5000 11.0000 11.5000 16-Jun-94 7,400 11.7500 11.0000 11.5000 13-Jun-94 16,600 11.7500 11.2500 11.5000 10-Jun-94 17,000 11.7500 11.0000 11.5000 09-May-94 23,900 11.7500 11.2500 11.5000 26-Apr-94 35,700 11.5000 11.2500 11.5000 15-Feb-94 22,800 11.5000 11.0000 11.5000 09-Feb-94 12,600 11.5000 11.2500 11.5000 03-Feb-94 22,700 12.0000 11.5000 11.5000 02-Feb-94 16,300 12.0000 11.5000 11.5000 27-Jan-94 42,500 11.7500 11.5000 11.5000 26-Jan-94 24,100 11.7500 11.2500 11.5000 25-Jan-94 23,500 11.7500 11.2500 11.5000 24-Jan-94 19,500 11.7500 11.5000 11.5000 21-Jan-94 24,600 11.7500 11.5000 11.5000 14-Jan-94 9,200 12.0000 11.5000 11.5000 13-Jan-94 19,600 12.0000 11.5000 11.5000 10-Jan-94 18,400 12.0000 11.5000 11.5000 06-Jan-94 42,900 12.0000 11.5000 11.5000 09-Nov-93 14,700 11.5000 10.7500 11.5000 28-Oct-93 64,800 12.0000 11.2500 11.5000 27-Oct-93 68,300 12.0000 11.0000 11.5000 26-Oct-93 22,400 11.5000 10.7500 11.5000 27-Sep-93 47,600 11.7500 11.5000 11.5000 23-Sep-93 32,700 11.5000 11.2500 11.5000 21-Sep-93 54,100 12.0000 11.0000 11.5000 23-Jul-93 37,500 11.7500 11.0000 11.5000 20,015,600 0.281849 06-May-94 11,700 11.7500 11.2500 11.5625 17-Feb-95 47,400 12.0000 11.5000 11.6250 10-Feb-95 24,700 11.7500 11.5000 11.6250 13-Jan-95 103,900 11.8750 10.8750 11.6250 14-Jun-94 24,500 12.0000 11.5000 11.6250 31-Jan-94 10,800 11.7500 11.2500 11.6250 16-Feb-95 35,400 12.0000 11.5000 11.6875 13-Feb-95 70,200 12.0000 11.5000 11.7500 09-Feb-95 33,600 11.8750 11.5000 11.7500 08-Feb-95 21,600 11.8750 11.5000 11.7500 07-Feb-95 30,400 12.0000 11.1250 11.7500 03-Feb-95 18,700 11.8750 11.3750 11.7500 02-Feb-95 34,800 11.7500 11.1250 11.7500 10-May-94 16,300 11.7500 11.2500 11.7500 05-May-94 28,700 11.7500 11.2500 11.7500 04-May-94 14,900 11.7500 11.2500 11.7500 03-May-94 32,600 11.7500 11.2500 11.7500 02-May-94 61,700 11.7500 11.2500 11.7500 16-Feb-94 54,600 11.7500 11.0000 11.7500 04-Feb-94 17,900 12.0000 11.5000 11.7500 01-Feb-94 44,700 11.7500 11.2500 11.7500 28-Jan-94 22,500 11.7500 11.2500 11.7500 20-Jan-94 52,900 11.7500 11.0000 11.7500 18-Jan-94 20,300 12.0000 11.2500 11.7500 15-Oct-93 9,400 12.2500 11.7500 11.7500 13-Oct-93 193,200 12.5000 11.7500 11.7500 24-Sep-93 56,200 11.7500 11.0000 11.7500 20-Sep-93 10,400 12.0000 11.5000 11.7500 26-Jul-93 65,300 12.0000 11.5000 11.7500 07-Jan-94 33,800 12.0000 11.5000 11.8750 17-Sep-93 30,700 12.0000 11.5000 11.8750 20-Jul-93 30,300 12.2500 11.7500 11.8750 16-Jul-93 25,600 12.2500 11.7500 11.8750 07-Dec-95 51,500 12.2500 11.7500 12.0000 15-Feb-95 13,700 12.0000 11.5000 12.0000 17-Jan-94 21,100 12.0000 11.5000 12.0000 12-Jan-94 9,400 12.0000 11.5000 12.0000 11-Jan-94 13,500 12.0000 11.5000 12.0000 05-Jan-94 54,800 12.0000 11.2500 12.0000 20-Oct-93 43,000 12.0000 11.5000 12.0000 19-Oct-93 34,100 12.5000 12.0000 12.0000 14-Oct-93 21,000 12.2500 11.7500 12.0000 06-Dec-95 58,500 12.7500 11.7500 12.1250 27-Jul-93 88,200 12.2500 11.7500 12.1250 11-Dec-95 49,200 12.5000 11.8750 12.2500 08-Dec-95 13,600 12.2500 11.8750 12.2500 12-Oct-93 11,500 12.7500 12.2500 12.2500 11-Oct-93 4,800 12.7500 12.2500 12.2500 16-Sep-93 18,300 12.2500 11.7500 12.2500 15-Sep-93 50,700 12.7500 11.7500 12.2500 14-Sep-93 19,100 12.7500 12.2500 12.2500 16-Aug-93 23,100 12.7500 12.2500 12.2500 13-Aug-93 19,600 12.5000 12.2500 12.2500 12-Aug-93 11,200 12.5000 12.2500 12.2500 11-Aug-93 4,800 12.5000 12.2500 12.2500 10-Aug-93 12,900 12.5000 12.2500 12.2500 05-Aug-93 13,400 12.7500 12.2500 12.2500 21-Jul-93 71,300 12.2500 11.7500 12.2500 19-Jul-93 36,900 12.2500 11.7500 12.2500 05-Dec-95 56,800 13.0000 12.2500 12.5000 01-Dec-95 46,300 13.1250 12.5000 12.5000 27-Nov-95 19,800 13.1250 12.5000 12.5000 14-Nov-95 16,300 12.8750 12.2500 12.5000 09-Nov-95 19,000 13.1250 12.3750 12.5000 21-Sep-95 142,100 13.2500 12.5000 12.5000 18-Oct-93 25,700 12.5000 11.7500 12.5000 07-Oct-93 10,900 13.0000 12.5000 12.5000 06-Oct-93 48,700 13.0000 12.5000 12.5000 13-Sep-93 22,200 13.0000 12.5000 12.5000 10-Sep-93 11,900 13.0000 12.5000 12.5000 09-Sep-93 36,600 13.5000 12.5000 12.5000 18-Aug-93 336,000 13.2500 12.5000 12.5000 09-Aug-93 15,900 12.5000 12.0000 12.5000 04-Aug-93 26,000 12.7500 12.2500 12.5000 03-Aug-93 55,400 12.7500 12.5000 12.5000 02-Aug-93 52,200 12.7500 12.5000 12.5000 28-Jul-93 81,900 12.5000 12.2500 12.5000 16-Nov-95 14,000 12.6250 12.2500 12.6250 15-Nov-95 8,700 12.7500 12.2500 12.6250 05-Oct-93 45,900 13.2500 12.5000 12.6250 04-Dec-95 29,400 13.0000 12.5000 12.7500 17-Nov-95 8,000 12.7500 12.2500 12.7500 27-Oct-95 33,300 13.2500 12.7500 12.7500 08-Oct-93 12,300 13.0000 12.2500 12.7500 04-Oct-93 197,600 13.2500 12.7500 12.7500 30-Sep-93 73,300 13.0000 11.2500 12.7500 06-Aug-93 54,000 12.7500 12.2500 12.7500 30-Jul-93 53,000 12.7500 12.2500 12.7500 29-Jul-93 29,100 12.7500 12.2500 12.7500 24-Nov-95 2,900 13.1250 12.8750 12.8750 21-Nov-95 26,600 13.2500 12.8750 12.8750 08-Nov-95 29,800 13.1250 12.8750 12.8750 03-Nov-95 13,200 13.3750 12.7500 12.8750 25-Oct-95 93,000 13.7500 12.6250 12.8750 09-Oct-95 67,900 13.5000 12.8750 12.8750 25-Sep-95 61,300 13.5000 12.5000 12.8750 22-Nov-95 13,000 13.2500 12.8750 13.0000 20-Nov-95 55,400 13.2500 12.5000 13.0000 13-Nov-95 8,500 13.0000 12.5000 13.0000 10-Nov-95 16,500 13.0000 12.5000 13.0000 07-Nov-95 19,200 13.2500 12.7500 13.0000 02-Nov-95 9,700 13.3750 12.7500 13.0000 10-Oct-95 81,000 13.0000 12.7500 13.0000 22-Sep-95 45,400 13.0000 12.5000 13.0000 20-Sep-95 279,700 13.7500 12.7500 13.0000 08-Sep-93 34,100 13.5000 12.7500 13.0000 02-Sep-93 8,300 13.5000 13.0000 13.0000 01-Sep-93 18,100 13.5000 13.0000 13.0000 30-Aug-93 32,000 13.5000 13.0000 13.0000 27-Aug-93 16,900 13.5000 13.0000 13.0000 24-Aug-93 26,500 13.2500 12.7500 13.0000 23-Aug-93 47,800 13.2500 12.5000 13.0000 20-Aug-93 26,800 13.2500 12.7500 13.0000 17-Aug-93 177,800 13.0000 12.5000 13.0000 30-Nov-95 11,200 13.1250 12.7500 13.1250 29-Nov-95 8,300 13.1250 12.7500 13.1250 28-Nov-95 11,600 13.1250 12.5000 13.1250 01-Nov-95 18,000 13.3750 12.7500 13.1250 30-Oct-95 54,600 13.2500 12.7500 13.1250 17-Oct-95 23,500 13.6250 13.1250 13.1250 16-Oct-95 31,400 13.5000 13.1250 13.1250 13-Oct-95 10,100 13.5000 13.1250 13.1250 07-Sep-93 47,500 13.5000 13.0000 13.1250 19-Aug-93 39,500 13.2500 12.5000 13.1250 06-Nov-95 29,500 13.2500 12.8750 13.2500 26-Oct-95 46,800 13.2500 12.7500 13.2500 19-Oct-95 14,900 13.7500 13.1250 13.2500 19-Sep-95 560,900 13.6250 11.0000 13.2500 01-Oct-93 36,800 13.2500 12.7500 13.2500 31-Aug-93 60,500 13.5000 13.0000 13.2500 26-Aug-93 46,300 13.5000 12.7500 13.2500 25-Aug-93 29,800 13.2500 12.7500 13.2500 12-Dec-95 166,200 13.7500 12.2500 13.3750 31-Oct-95 6,400 13.3750 12.7500 13.3750 18-Oct-95 37,900 13.7500 13.1250 13.3750 11-Oct-95 67,600 13.5000 13.0000 13.3750 06-Oct-95 30,100 13.6250 13.3750 13.3750 12-Jul-96 22,000 14.0000 13.1250 13.5000 15-Dec-95 50,000 14.0000 13.5000 13.5000 24-Oct-95 21,500 14.0000 13.5000 13.5000 23-Oct-95 19,800 14.0000 13.5000 13.5000 12-Oct-95 54,100 13.5000 13.1250 13.5000 05-Oct-95 100,600 13.6250 13.3750 13.5000 04-Oct-95 54,600 13.7500 13.5000 13.5000 03-Sep-93 8,300 13.5000 13.0000 13.5000 03-Oct-95 118,600 13.8750 13.5000 13.6250 27-Sep-95 137,700 14.0000 13.3750 13.6250 11-Jul-96 29,300 14.2500 13.2500 13.7500 14-Dec-95 99,100 14.1250 13.5000 13.7500 29-Sep-95 33,700 14.0000 13.6250 13.7500 13-Dec-95 59,200 14.0000 13.2500 13.8125 21-Dec-95 96,800 14.2500 13.8750 13.8750 20-Dec-95 107,500 14.5000 13.8750 13.8750 18-Dec-95 68,900 14.0000 13.5000 13.8750 02-Oct-95 78,000 14.2500 13.5000 13.8750 17-Sep-96 27,000 14.5000 14.0000 14.0000 16-Sep-96 127,600 14.2500 13.7500 14.0000 12-Sep-96 71,700 15.5000 13.7500 14.0000 10-Jul-96 85,400 14.7500 13.0000 14.0000 28-Sep-95 58,400 14.0000 13.6250 14.0000 26-Sep-95 179,200 14.0000 13.3750 14.0000 20-Oct-95 104,900 14.1250 13.2500 14.1250 22-Oct-96 9,500 14.5000 14.2500 14.2500 21-Oct-96 29,400 14.5000 14.2500 14.2500 18-Oct-96 20,200 14.5000 14.2500 14.2500 16-Oct-96 84,600 14.5000 14.2500 14.2500 15-Oct-96 23,700 14.5000 14.2500 14.2500 14-Oct-96 33,800 14.5000 14.2500 14.2500 11-Oct-96 96,500 14.5000 14.2500 14.2500 09-Oct-96 147,600 14.7500 14.0000 14.2500 04-Oct-96 18,500 15.0000 14.2500 14.2500 03-Oct-96 1,600 15.0000 14.2500 14.2500 30-Sep-96 23,200 15.0000 14.2500 14.2500 23-Sep-96 21,300 14.7500 14.2500 14.2500 20-Sep-96 13,100 14.7500 14.2500 14.2500 18-Sep-96 95,600 14.7500 14.0000 14.2500 13-Sep-96 40,000 14.7500 13.7500 14.2500 15-Jul-96 101,600 14.6250 13.7500 14.2500 08-Jan-96 63,800 14.6250 13.6250 14.2500 19-Dec-95 110,000 14.5000 13.8750 14.2500 10-Oct-96 29,500 14.5000 14.2500 14.3750 08-Oct-96 28,000 14.7500 14.2500 14.3750 17-Oct-96 14,000 14.5000 14.2500 14.4750 27-Sep-96 13,100 15.0000 14.2500 14.5000 25-Sep-96 20,400 14.7500 14.2500 14.5000 24-Sep-96 27,900 14.5000 14.2500 14.5000 19-Sep-96 9,600 14.7500 14.2500 14.5000 10-Jan-96 37,900 14.7500 14.5000 14.5000 9,170,300 0.41098 24-Oct-96 160,600 15.5000 14.5000 14.7500 23-Oct-96 96,100 15.5000 14.2500 14.7500 07-Oct-96 61,700 14.7500 14.2500 14.7500 09-Aug-96 13,300 15.5000 14.3750 14.7500 06-Aug-96 17,800 15.5000 14.7500 14.7500 08-Jul-96 36,800 14.7500 14.2500 14.7500 05-Jul-96 73,800 15.2500 14.5000 14.7500 03-Jul-96 78,600 15.6250 14.6250 14.7500 09-Jan-96 74,400 14.7500 14.0000 14.7500 05-Jan-96 66,600 15.5000 14.7500 14.7500 07-Aug-96 21,500 15.0000 14.7500 14.8750 25-Jul-96 28,200 15.2500 14.7500 14.8750 09-Jul-96 16,900 15.0000 14.6250 14.8750 01-Jul-96 12,900 15.2500 14.8750 14.8750 02-Oct-96 21,700 15.0000 14.2500 15.0000 01-Oct-96 34,100 15.0000 14.2500 15.0000 26-Sep-96 233,600 15.0000 14.2500 15.0000 11-Sep-96 24,600 15.8750 15.0000 15.0000 08-Aug-96 29,400 15.0000 14.2500 15.0000 23-Jul-96 50,000 15.5000 15.0000 15.0000 17-Jul-96 29,800 15.8750 15.0000 15.0000 16-Jul-96 51,400 15.0000 14.0000 15.0000 02-Jul-96 14,800 15.5000 15.0000 15.0000 28-Jun-96 26,100 15.6250 14.8750 15.0000 22-Dec-95 126,600 15.0000 13.8750 15.0000 29-Jul-96 15,600 15.2500 15.0000 15.1250 24-Jul-96 60,600 15.1250 14.7500 15.1250 27-Jun-96 11,200 15.5000 15.0000 15.1250 26-Jun-96 6,000 17.0000 14.8750 15.1250 05-Aug-96 15,700 16.2500 15.2500 15.2500 26-Jul-96 38,300 15.2500 14.8750 15.2500 30-Jan-96 13,400 15.7500 15.2500 15.2500 31-Jul-96 24,200 16.0000 15.3750 15.3750 04-Jan-96 83,600 16.3750 15.0000 15.3750 26-Dec-95 88,500 15.7500 14.8750 15.3750 28-Oct-96 42,100 15.5000 15.0000 15.5000 25-Oct-96 73,800 15.5000 14.7500 15.5000 12-Aug-96 700 15.5000 14.7500 15.5000 22-Jul-96 29,500 15.5000 15.0000 15.5000 19-Jul-96 19,900 16.0000 15.2500 15.5000 18-Jul-96 11,200 15.7500 15.0000 15.5000 27-Dec-95 36,200 15.7500 15.2500 15.5000 30-Oct-96 38,300 15.7500 15.5000 15.6250 02-Aug-96 11,700 16.2500 15.6250 15.6250 29-Jan-96 20,000 16.2500 15.5000 15.6250 08-Nov-96 9,700 16.5000 15.7500 15.7500 05-Nov-96 6,600 16.0000 15.5000 15.7500 01-Nov-96 79,700 16.5000 15.5000 15.7500 29-Oct-96 51,500 16.0000 14.7500 15.7500 10-Sep-96 5,300 16.0000 15.5000 15.7500 29-Aug-96 43,200 16.6250 15.7500 15.7500 27-Aug-96 17,000 16.5000 15.5000 15.7500 26-Aug-96 21,400 16.5000 15.7500 15.7500 13-Aug-96 31,500 15.7500 14.7500 15.7500 30-Jul-96 62,100 15.7500 15.0000 15.7500 26-Jan-96 21,100 16.2500 15.7500 15.7500 23-Jan-96 16,800 16.0000 15.2500 15.7500 22-Jan-96 17,700 15.7500 15.5000 15.7500 19-Jan-96 36,300 15.7500 15.3750 15.7500 18-Jan-96 59,700 16.7500 15.2500 15.7500 03-Sep-96 15,900 16.0000 15.2500 15.8750 25-Jan-96 23,900 16.2500 15.2656 15.8750 15-Jan-96 38,200 16.1250 15.7500 15.8750 30-Aug-96 19,400 16.1250 15.5000 15.9375 06-Nov-96 19,200 16.2500 15.5000 16.0000 04-Nov-96 10,200 16.0000 15.5000 16.0000 31-Oct-96 25,400 16.0000 15.5000 16.0000 09-Sep-96 28,500 16.2500 15.7500 16.0000 23-Aug-96 39,600 16.2500 16.0000 16.0000 22-Aug-96 16,400 16.5000 16.0000 16.0000 21-Aug-96 19,600 16.5000 16.0000 16.0000 01-Aug-96 41,200 16.0000 15.3750 16.0000 03-Apr-96 50,800 17.0000 16.0000 16.0000 06-Feb-96 42,700 16.5000 16.0000 16.0000 24-Jan-96 23,900 16.0000 15.2500 16.0000 12-Jan-96 23,300 16.2500 15.8750 16.0000 03-Jan-96 81,200 16.6250 16.0000 16.0000 10-Apr-96 82,500 16.5000 16.0000 16.1250 28-Mar-96 113,900 16.5000 16.0000 16.1250 11-Jan-96 110,400 16.2500 14.6250 16.1250 28-Dec-95 216,700 16.7500 15.2500 16.1250 22-Nov-96 287,300 16.7500 16.2500 16.2500 21-Nov-96 57,400 17.0000 16.2500 16.2500 07-Nov-96 5,600 16.5000 15.7500 16.2500 06-Sep-96 29,900 16.2500 16.1250 16.2500 05-Sep-96 17,600 16.7500 16.2500 16.2500 14-Aug-96 144,900 16.7500 15.5500 16.2500 09-Apr-96 126,000 17.0000 16.0000 16.2500 26-Mar-96 57,700 16.7500 16.2500 16.2500 20-Mar-96 335,400 19.0000 15.0000 16.2500 07-Feb-96 325,900 16.2500 15.7500 16.2500 02-Feb-96 42,800 16.5000 16.0000 16.2500 01-Feb-96 48,700 16.2500 15.5000 16.2500 31-Jan-96 35,400 16.2500 15.2500 16.2500 11-Nov-96 63,800 16.5000 15.7500 16.3750 25-Jun-96 60,200 17.5000 16.3750 16.3750 02-Jan-96 176,000 17.2500 16.2500 16.3750 20-Aug-96 5,400 16.5000 16.0000 16.4375 10-Feb-98 15,800 16.5000 16.0000 16.5000 09-Feb-98 45,800 16.7500 16.0000 16.5000 04-Feb-98 265,500 17.7500 15.8750 16.5000 19-Nov-96 62,800 17.0000 16.5000 16.5000 14-Nov-96 45,900 17.0000 16.5000 16.5000 13-Nov-96 50,000 17.0000 16.5000 16.5000 12-Nov-96 26,600 17.0000 16.0000 16.5000 04-Sep-96 43,500 16.7500 15.7500 16.5000 12-Apr-96 6,400 17.0000 16.5000 16.5000 27-Mar-96 212,500 16.7500 16.2500 16.5000 21-Mar-96 165,400 16.5000 16.0000 16.5000 05-Feb-96 57,800 16.8750 16.0000 16.5000 28-Aug-96 32,500 16.7500 16.0000 16.5625 06-Feb-98 31,600 17.0000 16.6250 16.6250 02-Apr-96 23,000 17.0000 16.5000 16.6250 17-Jan-96 84,500 16.6250 16.0000 16.6250 16-Jan-96 101,700 17.0000 16.2500 16.6250 02-Dec-96 25,900 17.1250 16.7500 16.7500 29-Nov-96 19,100 17.1250 16.7500 16.7500 27-Nov-96 17,100 17.1250 16.5000 16.7500 26-Nov-96 13,700 17.0000 16.2500 16.7500 25-Nov-96 77,700 16.7500 16.2500 16.7500 20-Nov-96 25,600 17.0000 16.5000 16.7500 18-Nov-96 68,400 17.0000 16.5000 16.7500 19-Aug-96 52,800 17.3750 16.5000 16.7500 03-May-96 51,100 17.0000 16.2500 16.7500 02-May-96 37,000 16.7500 16.0000 16.7500 01-May-96 111,900 17.5000 16.2500 16.7500 11-Apr-96 54,700 16.7500 16.1250 16.7500 08-Feb-96 56,100 16.7500 15.8750 16.7500 05-Feb-98 110,800 17.0000 16.5000 16.8750 15-Apr-96 14,300 17.0000 16.5000 16.8750 27-Feb-98 94,800 17.3750 16.6250 17.0000 03-Dec-96 39,100 17.1250 16.7500 17.0000 15-Nov-96 168,700 17.0000 16.5000 17.0000 16-Aug-96 176,100 17.5000 16.7500 17.0000 17-Apr-96 21,900 17.3750 16.5000 17.0000 16-Apr-96 38,600 17.1250 16.5000 17.0000 08-Apr-96 87,300 17.5000 16.2500 17.0000 04-Apr-96 126,100 17.5000 16.6250 17.0000 25-Mar-96 147,000 17.5000 16.8750 17.0000 29-Dec-95 108,400 17.2500 16.1250 17.0000 02-Mar-98 46,800 17.2500 16.6250 17.1250 24-Jun-96 197,800 18.0000 17.1250 17.1250 19-Jun-96 46,200 17.2500 16.7500 17.1250 01-Apr-96 29,000 17.3750 17.0000 17.1875 26-Feb-98 73,900 17.8125 16.7500 17.2500 20-Jun-96 41,700 17.2500 17.0000 17.2500 18-Jun-96 32,800 17.5000 16.7500 17.2500 06-May-96 56,700 17.2500 16.5000 17.2500 30-Apr-96 138,900 18.0000 17.2500 17.2500 25-Apr-96 58,800 17.7500 17.2500 17.2500 29-Mar-96 67,100 17.2500 16.0000 17.2500 22-Mar-96 124,100 17.5000 16.5000 17.2500 15-Aug-96 72,900 17.3750 16.2500 17.3750 21-Jun-96 73,200 17.5000 16.7500 17.3750 07-Apr-98 67,200 18.1250 17.2500 17.5000 21-Apr-97 9,400 18.3750 17.5000 17.5000 17-Jun-96 42,800 18.0000 17.2500 17.5000 16-May-96 170,500 18.0000 17.2500 17.5000 15-May-96 176,900 18.5000 17.5000 17.5000 29-Apr-96 143,600 18.0000 17.5000 17.5000 26-Apr-96 53,500 17.7500 17.2500 17.5000 24-Apr-96 40,600 18.0000 17.2500 17.5000 19-Apr-96 35,800 17.8750 17.5000 17.5000 09-Feb-96 143,100 17.5000 16.0000 17.5000 1,078,2500 0.562814 08-Apr-98 32,900 18.0000 17.2500 17.6250 06-Jun-96 41,900 18.0000 17.6250 17.6250 29-May-96 37,300 18.0000 17.6250 17.6250 18-Apr-96 130,600 18.2500 17.2500 17.6875 24-Apr-97 61,100 18.2500 17.5000 17.7500 04-Dec-96 49,200 17.5000 16.8750 17.7500 14-Jun-96 18,400 18.1250 17.7500 17.7500 13-Jun-96 8,800 18.1250 17.7500 17.7500 12-Jun-96 45,100 18.5000 17.7500 17.7500 10-Jun-96 27,300 18.0000 17.7500 17.7500 07-Jun-96 45,700 18.0000 17.6250 17.7500 05-Jun-96 30,700 18.2500 17.6250 17.7500 28-May-96 22,900 18.2500 17.7500 17.7500 08-May-96 40,000 18.0000 17.7500 17.7500 07-May-96 90,700 18.2500 17.2500 17.7500 23-Apr-96 177,100 18.1250 17.7500 17.7500 22-Apr-96 66,400 18.0000 17.5000 17.7500 08-Mar-96 98,600 19.0000 17.5000 17.7500 13-Feb-96 75,600 18.2500 17.5000 17.7500 25-Feb-98 95,100 18.3750 17.5000 17.8125 24-May-96 34,900 18.2500 17.8750 17.8750 23-May-96 292,200 18.2500 17.8750 17.8750 22-May-96 25,800 18.2500 17.7500 17.8750 09-May-96 25,000 18.0000 17.7500 17.8750 12-Feb-96 143,300 18.2500 16.7500 17.8750 14-Apr-98 224,100 18.5000 17.5000 18.0000 09-Mar-98 58,900 18.7500 18.0000 18.0000 28-Apr-97 17,600 18.7500 18.0000 18.0000 22-Apr-97 30,100 18.3750 17.5000 18.0000 18-Apr-97 152,900 18.3750 17.7500 18.0000 11-Jun-96 26,200 18.0000 17.7500 18.0000 30-May-96 30,900 18.0000 17.6250 18.0000 21-May-96 146,400 18.0000 17.7500 18.0000 20-May-96 13,600 18.0000 17.6250 18.0000 17-May-96 37,000 18.0000 17.5000 18.0000 10-May-96 82,400 18.5000 17.8750 18.0000 11-Mar-96 184,800 18.0000 16.5000 18.0000 13-Apr-98 32,300 18.2500 17.8750 18.1250 06-Apr-98 36,900 18.2500 18.0000 18.1250 30-Apr-97 15,500 18.3750 17.8750 18.1250 16-Apr-97 47,500 18.2500 17.5000 18.1250 11-Apr-97 33,600 18.5000 17.5000 18.1250 04-Jun-96 11,800 18.2500 17.7500 18.1250 13-May-96 254,100 18.2500 17.8750 18.1250 31-Mar-98 64,300 18.5000 18.0000 18.1875 11-Mar-98 33,600 19.0000 18.1875 18.1875 24-Feb-98 122,600 19.3750 17.6250 18.1875 01-Apr-98 70,100 18.5000 18.0000 18.2188 09-Apr-98 51,200 18.5000 17.6250 18.2500 03-Apr-98 65,100 18.3750 18.0625 18.2500 30-Mar-98 52,600 18.7500 18.0625 18.2500 27-Mar-98 136,100 19.1875 18.0000 18.2500 29-Apr-98 48,800 18.7500 17.7500 18.2500 23-Apr-97 3,400 18.3750 18.0000 18.2500 17-Apr-97 15,300 18.3750 17.5000 18.2500 15-Apr-97 57,400 18.7500 17.6250 18.2500 03-Jun-96 28,200 18.5000 17.7500 18.2500 31-May-96 26,600 18.2500 17.6250 18.2500 12-Mar-98 13,500 18.5000 18.2500 18.3125 02-Apr-98 30,700 18.3750 18.0625 18.3750 12-Jan-98 22,300 19.0000 18.3750 18.3750 29-Dec-97 17,300 18.7500 18.1250 18.3750 16-Mar-98 13,100 18.7500 18.0000 18.5000 13-Mar-98 13,300 18.5000 18.0000 18.5000 26-Dec-97 5,600 19.2500 18.5000 18.5000 04-Mar-98 60,600 19.1250 18.1250 18.6250 12-Feb-98 133,800 20.9375 18.1250 18.6250 22-Dec-97 12,700 19.5000 18.6250 18.6250 14-May-96 123,600 18.7500 18.1250 18.6250 20-Feb-96 88,900 19.2500 18.2500 18.6250 18-Mar-98 28,900 19.0000 18.5000 18.7500 10-Mar-98 39,400 19.0000 18.0000 18.7500 06-Mar-98 60,500 19.2500 18.5000 18.7500 27-Jan-98 3,200 19.1250 18.7500 18.7500 15-Jan-98 33,100 19.0625 18.7500 18.7500 31-Dec-97 14,700 19.3750 18.5000 18.7500 24-Dec-97 6,000 18.8750 18.6250 18.7500 01-May-97 25,900 18.7500 18.0000 18.7500 25-Apr-97 9,400 18.7500 18.0000 18.7500 14-Apr-97 54,600 19.0000 18.2500 18.7500 09-Apr-97 434,600 19.1250 17.7500 18.7500 13-Mar-96 56,700 18.7500 18.2500 18.7500 12-Mar-96 99,700 18.7500 17.6250 18.7500 26-Feb-96 16,700 19.2500 18.5000 18.7500 19-Mar-98 11,600 19.0000 18.6250 18.7813 20-Apr-98 17,000 19.3750 18.7500 18.8750 05-Mar-98 70,000 19.0000 18.5000 18.8750 03-Mar-98 227,400 19.1250 17.0625 18.8750 23-Jan-98 39,200 19.5000 18.6250 18.8750 14-Jan-98 14,200 20.0000 18.8750 18.8750 30-Dec-97 37,600 19.2500 18.3750 18.8750 10-Apr-97 178,600 18.8750 18.0000 18.8750 05-Dec-96 169,200 19.2500 17.5000 18.8750 05-Mar-96 122,300 19.2500 18.7500 18.8750 21-Feb-96 70,000 19.0000 18.2500 18.8750 14-Feb-96 147,800 19.2500 17.7500 18.8750 23-Dec-97 6,800 19.5000 18.6250 18.9375 03-Apr-97 115,400 21.5000 18.2500 18.9375 17-Apr-98 10,200 19.4375 19.0000 19.0000 15-Apr-98 93,900 19.0000 17.5000 19.0000 17-Mar-98 67,800 19.0000 18.2500 19.0000 22-Jan-98 16,800 19.5000 18.8750 19.0000 06-Dec-96 72,900 19.0000 17.7500 19.0000 07-Mar-96 19,000 19.2500 18.7500 19.0000 06-Mar-96 29,800 19.2500 18.7500 19.0000 04-Mar-96 73,500 20.0000 19.0000 19.0000 27-Feb-96 22,600 19.5000 18.7500 19.0000 26-Jan-98 15,700 19.5000 18.5000 19.1250 09-Jan-98 47,600 19.5000 19.0000 19.1250 02-Jan-98 10,800 19.1250 18.5000 19.1250 19-Dec-97 9,000 19.5000 19.0000 19.1250 18-Dec-97 42,300 20.0000 19.1250 19.1250 27-Jun-97 21,700 19.9375 18.8750 19.1250 08-Apr-97 62,500 19.7500 18.5000 19.1250 15-Mar-96 54,700 19.3750 18.5000 19.1250 28-Feb-96 58,300 19.3750 18.7500 19.1250 16-Apr-98 59,200 19.7500 18.8750 19.2500 23-Feb-98 142,400 20.5000 18.5000 19.2500 21-Jan-98 71,700 20.2500 18.7500 19.2500 08-Jan-98 18,600 19.7500 18.8750 19.2500 04-Apr-97 157,900 19.7500 18.0000 19.2500 19-Mar-96 22,900 19.5000 18.7500 19.2500 14-Mar-96 29,100 19.2500 18.5000 19.2500 01-Mar-96 141,100 19.5000 18.7500 19.2500 23-Feb-96 92,300 19.5000 18.5000 19.2500 16-Feb-96 57,800 19.2500 18.7500 19.2500 15-Feb-96 75,500 19.2500 18.7500 19.2500 10-Dec-97 46,100 19.5000 19.2500 19.3750 08-Dec-97 25,300 20.0000 19.3750 19.3750 07-Apr-97 135,100 19.7500 19.0000 19.3750 03-Dec-97 4,900 19.6250 19.2500 19.4375 22-Feb-96 62,000 19.4375 18.5000 19.4375 21-Apr-98 38,900 19.6250 18.7500 19.5000 26-Mar-98 24,100 19.7500 19.2500 19.5000 11-Feb-98 113,400 19.9375 16.0000 19.5000 17-Dec-97 16,900 20.0000 19.2500 19.5000 04-Dec-97 36,500 19.8750 19.1250 19.5000 02-Dec-97 25,800 19.7500 19.5000 19.5000 28-Nov-97 3,600 19.7500 19.5000 19.5000 26-Nov-97 38,600 20.0000 19.5000 19.5000 19-Nov-97 13,000 20.1250 19.5000 19.5000 26-Jun-97 42,100 20.2500 19.5000 19.5000 18-Mar-96 247,400 19.5000 18.7500 19.5000 29-Feb-96 45,300 19.5000 19.0000 19.5000 27-Apr-98 32,700 19.7500 19.0000 19.5625 20-Nov-97 19,900 19.8750 19.5625 19.5625 25-Mar-98 25,800 20.0000 19.2500 19.6250 15-Dec-97 28,000 19.7500 19.2500 19.6250 11-Dec-97 23,400 19.7500 19.2500 19.6250 01-Dec-97 19,200 19.8750 19.5000 19.6250 24-Nov-97 38,700 20.0000 19.3750 19.6250 30-Jun-9 35,000 19.6250 18.7500 19.6250 24-Mar-9 43,200 20.2500 19.5000 19.6875 09-Dec-9 17,500 19.7500 19.3750 19.6875 29-Apr-9 27,700 20.3750 19.7500 19.7500 23-Mar-9 93,400 21.0000 19.2500 19.7500 03-Feb-98 26,800 20.8750 19.3125 19.7500 13-Jan-98 71,600 20.0000 18.1250 19.7500 16-Dec-97 11,800 20.0000 19.7500 19.7500 12-Dec-97 19,100 19.7500 19.2500 19.7500 13-Nov-97 19,000 20.0000 19.5000 19.7500 25-Jun-97 11,000 20.0000 19.7500 19.7500 09-Dec-96 90,700 20.0000 18.7500 19.7500 28-Apr-98 42,600 20.2500 19.3750 19.8750 05-Dec-97 35,300 19.8750 19.0000 19.8750 21-Nov-97 7,000 19.8750 19.5000 19.8750 18-Nov-97 17,500 20.1250 19.5000 19.8750 14-Nov-97 4,100 20.3750 19.6250 19.9375 24-Apr-98 36,200 20.5000 19.8750 20.0000 23-Apr-98 45,800 20.7500 19.8750 20.0000 20-Feb-98 100,400 21.2500 20.0000 20.0000 25-Nov-97 13,500 20.0000 19.5000 20.0000 17-Nov-97 10,400 20.5000 19.6250 20.0000 24-Jun-97 16,500 20.5000 19.8125 20.0000 23-Jun-97 16,900 20.5000 20.0000 20.0000 20-Jun-97 58,100 20.8125 20.0000 20.0000 22-Apr-98 86,400 20.3750 19.8750 20.1250 27-Oct-97 34,700 20.7500 20.1250 20.1250 20-Mar-98 122,800 20.6250 18.6250 20.2500 20-Jan-98 32,400 21.8750 19.7500 20.2500 12-Nov-97 13,700 20.3750 20.0000 20.2500 23-Oct-97 59,100 21.0000 19.7500 20.2500 01-Jul-97 20,800 20.2500 19.5000 20.2500 29-Jan-98 21,600 21.1250 19.7500 20.3750 18-Jun-97 28,880 21.1250 20.2500 20.3750 11-Nov-97 15,000 21.0000 20.2500 20.4375 30-Apr-98 73,300 20.5000 19.7500 20.5000 28-Jan-98 51,800 21.3750 19.1250 20.5000 07-Jan-98 12,700 21.0000 19.8750 20.5000 05-Nov-97 16,200 20.8750 20.1250 20.5000 10,739,100 0.714036 13-Feb-98 409,900 21.5000 20.0000 20.6250 30-Jan-98 9,100 20.8750 19.7500 20.6250 02-Feb-98 31,700 21.5000 20.1250 20.7500 05-Jan-98 42,700 20.7500 18.7500 20.7500 07-Nov-97 17,800 20.7500 20.0000 20.7500 30-Oct-97 5,100 21.0000 20.5000 20.7500 28-Oct-97 50,800 21.0000 19.5000 20.7500 24-Oct-97 244,000 20.7500 20.0000 20.7500 19-Jun-97 23,400 20.7500 20.2500 20.7500 10-Nov-97 25,400 21.0000 20.2500 20.8750 06-Nov-97 11,600 20.8750 20.0000 20.8750 04-Nov-97 41,900 23.1250 20.8750 20.8750 17-Jun-98 316,800 24.1250 21.0000 21.0000 19-Feb-98 108,500 22.0000 21.6250 21.0000 06-Jan-98 13,500 21.0000 20.2500 21.0000 29-Oct-97 60,500 21.2500 20.5000 21.0000 02-May-97 93,700 21.1250 19.1250 21.1250 31-Oct-97 6,900 21.5000 21.0000 21.2500 17-Jun-97 53,100 22.5000 21.0000 21.2500 21-May-97 3,500 21.7500 21.2500 21.2500 17-Dec-96 69,700 22.5000 21.0000 21.2500 07-May-97 36,700 22.0000 21.2500 21.3750 18-Feb-98 91,200 22.5000 21.5000 21.5000 22-Jul-97 77,500 22.1250 21.5000 21.5000 13-May-97 31,800 22.2500 21.5000 21.5000 08-May-97 107,700 22.0000 21.5000 21.5000 31-Dec-96 32,900 21.6250 21.0000 21.5000 20-Dec-96 30,300 22.2500 21.5000 21.5000 18-Dec-96 302,800 22.0000 20.0000 21.5000 14-May-97 8,100 21.7500 21.3750 21.5625 24-Dec-96 19,200 21.7500 21.5000 21.5625 02-Jul-97 54,800 21.7500 20.5000 21.6250 23-Dec-96 27,900 21.7500 21.5000 21.6250 20-May-97 19,200 22.1250 21.5000 21.6875 16-Jan-98 44,900 21.7500 18.7500 21.7500 22-Oct-97 38,000 22.7500 21.7500 21.7500 19-May-97 12,700 22.1250 21.7500 21.7500 02-Apr-97 36,100 23.0000 21.5000 21.7500 08-Jan-97 69,900 22.7500 21.0000 21.7500 02-Jan-97 50,200 22.0000 21.0000 21.7500 30-Dec-96 38,400 21.7500 21.5000 21.7500 27-Dec-96 21,000 21.7500 21.5000 21.7500 26-Dec-96 10,400 21.7500 21.5000 21.7500 23-Jul-97 321,200 22.2500 21.2500 21.9375 04-Aug-97 7,800 22.2500 22.0000 22.0000 03-Jul-97 22,700 22.0000 21.5000 22.0000 22-May-97 48,300 22.2500 20.8750 22.0000 16-May-97 27,800 22.3750 21.6250 22.0000 12-May-97 13,500 22.2500 21.8750 22.0000 09-May-97 129,300 22.2500 22.0000 22.0000 19-Dec-96 163,900 23.2500 21.5000 22.0000 01-Aug-97 50,200 22.5000 22.0000 22.1250 15-May-97 41,100 22.2500 21.2500 22.1250 06-May-97 84,300 23.1250 21.7500 22.1250 05-May-98 143,800 22.6250 22.1875 22.2500 21-Jul-97 30,100 23.0000 22.0000 22.2500 23-May-97 36,900 22.6250 21.7500 22.2500 09-Jan-97 49,800 22.7500 21.2500 22.2500 10-Dec-96 657,900 23.3750 19.2500 22.2500 31-Jul-97 82,200 22.7500 22.2500 22.4375 17-Feb-98 255,500 22.5000 20.3750 22.5000 30-Jul-97 18,600 22.7500 22.4375 22.5000 24-Jul-97 41,200 22.6250 21.7500 22.5000 07-Jan-97 40,900 23.2500 22.2500 22.5000 16-Dec-96 400,700 24.7500 22.2500 22.5000 29-Jul-97 22,100 22.7500 22.2500 22.5625 28-Jul-97 63,500 23.2500 22.2500 22.5625 04-May-98 387,300 23.1250 22.6250 22.6250 03-Nov-97 26,100 22.8750 21.0000 22.6250 06-Aug-97 13,900 22.7500 22.2500 22.6250 05-Aug-97 13,500 22.6250 22.0000 22.6250 25-Jul-97 53,900 23.1250 22.1250 22.6250 05-Jun-97 60,100 22.8750 22.2500 22.6250 12-Jun-98 206,800 23.8750 22.7500 22.7500 07-Jul-97 60,500 23.3750 21.5000 22.7500 16-Jun-97 33,700 23.0000 22.5000 22.7500 13-Jun-97 31,400 23.2500 22.5000 22.7500 06-Jun-97 32,600 22.8125 22.6250 22.7500 05-May-97 163,000 24.1250 21.0000 22.7500 12-Aug-97 152,000 23.6250 22.6250 22.7813 01-May-98 532,500 23.2500 21.5000 22.8125 09-Jun-97 159,700 23.1250 22.7500 22.8125 10-Jun-97 182,900 23.2500 22.7500 22.8750 27-May-97 35,700 23.0000 21.8750 22.8750 12-Dec-96 175,900 23.5000 22.0000 22.8750 17-Oct-97 10,800 23.5000 22.7500 22.9375 29-Jun-98 48,400 23.5000 23.0000 23.0000 06-May-98 307,000 25.2500 22.1875 23.0000 21-Oct-97 20,000 23.0000 22.7500 23.0000 20-Oct-97 30,900 23.5000 22.8750 23.0000 24-Sep-97 9,000 23.5000 22.7500 23.0000 18-Jul-97 31,300 23.6250 22.5000 23.0000 12-Jun-97 24,300 23.5000 23.0000 23.0000 28-May-97 194,600 23.2500 22.6250 23.0000 13-Jan-97 100,500 24.5000 22.8750 23.0000 06-Jan-97 63,900 24.0000 22.2500 23.0000 11-Dec-96 405,800 24.2500 21.2500 23.0000 23-Sep-97 40,900 23.2500 22.7500 23.0625 15-Jun-98 110,100 23.5000 22.6250 23.1250 02-Jun-98 43,400 23.5625 23.0000 23.1250 16-Oct-97 48,600 23.3750 23.1250 23.1250 10-Oct-97 8,500 23.7500 23.0000 23.1250 09-Oct-97 5,000 23.2500 23.1250 23.1250 11-Jun-97 185,500 23.2500 22.7500 23.1250 07-May-98 88,700 23.2500 22.5000 23.1875 01-Oct-97 29,700 23.6250 23.1250 23.1875 19-Sep-97 34,200 23.8125 22.8750 23.1875 26-Jun-98 65,300 24.0000 22.8750 23.2500 18-Jun-98 127,100 23.3750 21.8750 23.2500 15-Oct-97 17,900 23.2500 23.0000 23.2500 08-Oct-97 7,400 24.0000 23.2500 23.2500 03-Oct-97 11,100 23.6250 23.2500 23.2500 13-Aug-97 55,400 23.6250 23.0000 23.2500 15-Jul-97 66,900 23.5000 23.0000 23.2500 10-Jul-97 67,600 23.5000 23.2500 23.2500 04-Jun-97 67,100 25.0000 23.2500 23.2500 31-Mar-97 43,000 24.7500 23.2500 23.2500 14-Jan-97 61,400 23.6250 22.7500 23.2500 22-Jun-98 131,900 24.0000 23.2500 23.3750 01-Jun-98 24,500 23.7500 23.0000 23.3750 14-Oct-97 21,600 23.3750 23.1250 23.3750 29-Sep-97 19,700 24.3750 23.0000 23.3750 11-Jul-97 190,200 23.7500 23.2500 23.3750 28-May-98 55,700 23.6250 22.8750 23.4375 09-Jul-98 67,100 23.8750 23.2500 23.5000 03-Jun-98 26,300 23.5000 23.1250 23.5000 30-Sep-97 9,500 23.5000 22.8750 23.5000 25-Sep-97 10,100 23.5000 23.0000 23.5000 22-Aug-97 79,500 23.9375 23.1250 23.5000 14-Jul-97 136,200 23.7500 23.2500 23.5000 30-May-97 13,800 23.5000 23.0000 23.5000 29-May-97 19,700 23.5000 22.7500 23.5000 01-Apr-97 6,500 23.5000 23.0000 23.5000 11,119,700 0.870618 19-Jun-98 59,400 23.7500 22.9375 23.5625 08-May-98 52,300 23.6250 22.7500 23.5625 07-Oct-97 9,500 24.0000 23.3750 23.5625 17-Jul-97 52,300 23.7500 23.1250 23.5625 02-Jun-97 22,700 23.6250 23.0000 23.5938 08-Jul-98 111,500 24.0000 23.0000 23.6250 29-May-98 39,800 23.6250 23.2500 23.6250 15-May-98 53,400 23.8750 23.5000 23.6250 13-Oct-97 9,700 23.6250 23.1250 23.6250 02-Oct-97 1,300 23.6250 23.1250 23.6250 22-Sep-97 6,200 23.6250 23.0000 23.6250 11-Aug-97 167,200 24.8750 23.3750 23.6250 13-Jul-98 11,200 24.2500 23.5000 23.6875 23-Jun-98 105,800 23.6875 23.0000 23.6875 27-May-98 19,300 23.7500 23.0000 23.6875 20-May-98 16,300 24.0000 23.5625 23.6875 25-Jun-98 145,200 25.0000 23.7500 23.7500 26-May-98 70,900 24.6250 23.7500 23.7500 06-Oct-97 8,600 23.8750 23.1250 23.7500 15-Sep-97 11,000 23.8125 23.7500 23.7500 21-Aug-97 51,200 24.0000 23.7500 23.7500 09-Jul-97 56,700 24.0000 23.2500 23.7500 10-Jan-97 251,400 24.5000 21.5000 23.7500 18-May-98 70,600 23.8750 23.5000 23.7813 14-May-98 105,800 24.2500 23.5000 23.8125 19-May-98 14,400 23.8750 23.6250 23.8438 07-Jul-98 146,300 24.0000 23.7500 23.8750 02-Jul-98 152,200 24.3750 23.7500 23.8750 11-Sep-97 21,500 24.1250 23.8750 23.8750 16-Jul-97 224,100 23.8750 22.6875 23.8750 24-Jun-98 118,400 24.0000 23.2500 23.9375 10-Jun-98 26,700 24.5000 23.6250 23.9375 18-Sep-97 153,300 25.0000 23.3750 23.9375 12-Sep-97 6,900 24.1250 23.7500 23.9375 06-Jul-98 67,300 24.1250 23.5000 24.0000 01-Jul-98 64,300 24.3125 23.8750 24.0000 11-Jun-98 11,900 24.1250 23.7500 24.0000 11-May-98 181,000 24.5000 23.0000 24.0000 10-Sep-97 13,300 24.7500 24.0000 24.0000 27-Aug-97 15,500 24.5000 24.0000 24.0000 20-Aug-97 38,400 24.2500 23.8750 24.0000 19-Aug-97 34,200 24.5000 23.7500 24.0000 15-Aug-97 22,700 24.2500 23.6250 24.0000 08-Jul-97 181,500 24.0000 20.8750 24.0000 29-Jan-97 30,800 24.7500 24.0000 24.0000 28-Jan-97 44,100 24.5000 23.7500 24.0000 27-Jan-97 151,000 25.0000 23.7500 24.0000 03-Jan-97 172,900 24.2500 21.5000 24.0000 13-Dec-96 288,900 25.2500 22.0000 24.0000 30-Jun-98 158,300 24.5000 23.1250 24.0313 16-Jun-98 35,400 24.2500 23.1250 24.0625 21-May-98 45,100 24.2500 23.5000 24.0625 10-Jul-98 50,700 24.2500 23.5000 24.1250 13-May-98 122,000 24.5000 23.6250 24.1250 12-May-98 129,400 24.2500 23.6875 24.1250 26-Sep-97 24,900 24.1250 23.0000 24.1250 14-Jul-98 65,600 24.3750 23.6875 24.1875 15-Jul-98 26,500 24.5000 24.2500 24.2500 08-Jun-98 17,500 24.4375 24.0000 24.2500 22-May-98 53,800 24.2500 23.8125 24.2500 26-Aug-97 29,800 24.5000 24.0000 24.2500 25-Aug-97 60,400 24.5000 23.3750 24.2500 18-Aug-97 40,600 24.2500 23.7500 24.2500 14-Aug-97 62,800 24.2500 23.1875 24.2500 09-Jun-98 62,700 24.3750 23.3750 24.3750 08-Sep-97 12,300 25.0000 24.3750 24.3750 28-Aug-97 9,800 24.5000 24.0000 24.3750 05-Sep-97 9,100 25.0000 24.5000 24.5000 04-Sep-97 10,900 25.0000 24.5000 24.5000 07-Aug-97 304,500 24.5000 22.3750 24.5000 03-Jun-97 64,600 25.0000 23.5625 24.5000 05-Jun-98 68,500 25.0000 24.2500 24.6250 08-Aug-97 85,100 25.0000 23.7500 24.6250 24-Jan-97 53,900 25.5000 24.6250 24.6250 16-Jul-98 70,000 25.0000 24.0000 24.7500 02-Sep-97 22,600 24.8750 24.0000 24.7500 29-Aug-97 27,500 24.7500 23.8750 24.7500 27-Mar-97 65,000 25.2500 24.0000 24.7500 24-Mar-97 52,700 25.7500 24.3750 24.7500 30-Jan-97 104,100 25.0000 23.7500 24.7500 23-Jan-97 34,100 25.7500 24.7500 24.7500 09-Sep-97 16,000 25.0000 24.3750 24.9844 04-Jun-98 63,100 25.0000 23.3750 25.0000 17-Sep-97 18,300 25.5000 24.7500 25.0000 16-Sep-97 93,200 25.3750 23.6250 25.0000 03-Sep-97 15,000 25.0000 24.3750 25.0000 25-Mar-97 27,500 25.1250 24.3750 25.0000 22-Jan-97 111,600 25.7500 24.7500 25.0000 15-Jan-97 173,900 25.5000 23.0000 25.2500 19-Feb-97 21,700 26.2500 25.5000 25.5000 11-Feb-97 35,000 26.2500 25.2500 25.5000 31-Jan-97 137,000 26.3750 24.2500 25.5000 21-Jan-97 42,800 26.2500 25.5000 25.5000 20-Jan-97 75,200 27.2500 25.1250 25.5000 26-Mar-97 34,400 25.6250 24.2500 25.6250 13-Feb-97 93,700 26.1250 25.2500 25.6250 21-Mar-97 37,600 26.7500 25.7500 25.7500 21-Feb-97 32,800 26.7500 25.7500 25.7500 18-Feb-97 12,500 26.0000 25.5000 26.0000 04-Feb-97 32,900 27.5000 26.0000 26.0000 03-Mar-97 7,200 26.1250 25.6250 26.0625 28-Feb-97 40,800 26.5000 25.7500 26.1250 26-Feb-97 27,500 26.6250 26.1250 26.1250 25-Feb-97 41,000 26.5000 26.1250 26.1250 24-Feb-97 39,000 26.6250 25.7500 26.1250 14-Feb-97 19,300 26.1250 25.5000 26.1250 12-Feb-97 32,600 26.1250 25.2500 26.1250 10-Feb-97 16,500 27.0000 26.0000 26.2500 04-Mar-97 42,400 27.0000 25.5000 26.3750 20-Mar-97 37,700 26.7500 26.2500 26.5000 05-Mar-97 120,200 28.0000 26.2500 26.5000 07-Feb-97 105,100 28.5000 26.3750 26.5000 7,274,600 0.973055 20-Feb-97 111,900 27.0000 25.2500 26.6250 18-Mar-97 33,000 27.2500 26.7500 26.7500 06-Mar-97 88,500 28.0000 26.5000 26.7500 11-Mar-97 80,000 28.5000 26.7500 26.8750 19-Mar-97 110,300 27.0000 26.5000 27.0000 17-Mar-97 52,400 27.6250 26.7500 27.0000 13-Mar-97 21,500 27.5000 26.7500 27.0000 07-Mar-97 27,000 27.5000 26.7500 27.0000 27-Feb-97 36,700 27.0000 26.1250 27.0000 12-Mar-97 49,700 28.0000 26.7500 27.1250 14-Mar-97 57,700 28.1250 26.7500 27.2500 03-Feb-97 175,500 27.5000 24.7500 27.2500 17-Jan-97 251,600 29.2500 27.0000 27.7500 06-Feb-97 99,700 29.0000 27.8750 27.8750 10-Mar-97 76,900 28.5000 26.8750 28.0000 05-Feb-97 201,400 28.5000 26.2500 28.2500 16-Jan-97 439,700 29.2500 25.5000 29.1250 1,913,500 1 71,015,300
WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION BACKGROUND OF THE PROPOSED TRANSACTION - -------------------------------------------------------------------------------- TRANSACTION RATIONALE - - MARKET FORCES MAKE MYCOGEN STRATEGICALLY IMPORTANT TO DOW - The intellectual property positions of agricultural biotechnology businesses are well-established, possibly foreclosing the opportunity for new entrants or greenfield initiatives - Imminent success of first generation biotech products for corn and soy will likely trigger high valuations, making future collaborations with agrochemical companies far more expensive - "Gene stacking" creates an urgency for agchem companies to find their biotech partner quickly or risk being rendered obsolete by super seeds that have performance characteristics that complement products of competitors - Dow has been slower than rivals Monsanto, DuPont and AgrEvo in acquiring the technology it needs to compete in the promising market for genetically engineered crops - The heightened pace of alliances between agchem and biotech companies (DuPont-Pioneer, American Home Products-Monsanto-Dekalb) makes it imperative for Dow to strengthen its biotech capabilities - - MYCOGEN OFFERS DOW AN UNIQUE OPPORTUNITY - Entry into the broader life science market - High value-added biotech traits with freedom to operate - Access to transformation technology - Access to Ahlquist and Demeter technologies - A credible seed platform - Access to more than 20% of North American farm operations - Modern production facilities with state of the art business systems - Strong positions in Argentina and Brazil provide an opportunity to bundle traits and more effectively compete with Monsanto WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN BACKGROUND OF PROPOSED TRANSACTION - ------------------------------------------------------------------------------- BAR CHART OF 1997 AGRICULTURAL CROP PROTECTION SALES OF LEADING COMPANIES (IN $MM)
Growth Op. Marg. Total % % $ Monsanto + AHP [ ] [ ] 5,245 Novartis 20.7 19.9 4,198 (A) Monsanto 22.3 23.8 3,126 (B) Zeneca (3.1) 13.7 2,674 (C) DUPONT 1.9 18.8 2,518 (D) Hoechst 11.8 7.7 2,347 (E) (AgrEvo) Bayer 10.6 16.6 2,264 Rhone-Poulenc 12.0 13.5 2,200 American 6.6 20.3 2,119 Home Products BASF(4) 42.9 14.6 1,875 (F) Dow Agrosciences 11.0 NA 1,613 (G) FMC 1.5 6.2 628 Rohm & Haas (2.3) 8.2 502
- --------------- (A) May-97 Merck - Crop Protection Value $910* (B) May-98 Dekalb Genetics (60%) Value $2,400* Delta Pine and Land (95%) Value $1,850* Apr-98 GeneTrace plant genomics rights Value $17.2* Mar-98 Dekalb Genetics announces consideration of sale -- Monsanto, Novartis, and others considering bids -- Nov-97 Sementes Agroceres NA Apr-97 Calgene (Rest of Stake) Value $240* Feb-97 Asgrow Agronomics Value $240* Jan-97 Holden's Foundation Seeds, Value $1,020* Corn States Hybrid Svc., Corn States Int'l. Dec-96 Announces Chemical Spinoff NA Aug-96 Calgene (5.1% Stake) Value $50* May-96 Agracetus Plant Sci. Value $150* Apr-96 Calgene (49.9% Stake) Value $258*(1) Mar-96 Dekalb Genetics (40% Stake) Value $152* Nov-95 Rights to Ecogen's gene technology Value $25* (C) Dec-97 Fungicide Business of ISK, Japan Value $500* Jun-97 Mogen International Value $74* (D) Aug-97 Pioneer Hi-Bred Int'l (20% Stake) Value $1,700* Aug-97 Protein Tech Int'l (PDI) Value $1,500* (Ralston Purina Company) (E) Sep-97 Sunseed Company -- Sep-96 Plant Genetic Systems Value $733* 1996 PlantTec (20% initial investment) -- (F) Feb-98 Researach agreement with Fytochem NA Jan-97 Sandoz Corn Herbicides Value $778* (G) Apr-98 Buyout proposal for Mycogen -- Apr-98 Research deal with BTG NA Mar-98 Dow ups stake in Mycogen to 69% Feb-98 Cereal Derived Functional Ingredients NA Jan-98 Raises Mycogen stake to 63%, along with transfer of 16.3% of Vernevil Value $94* Dec-97 SemBioSys investment Value $17* Dec-97 Garst Seed Co licensing NA Dec-97 Sentrachem and Sanachem Value $487*(2) May-97 Dow Elanco (40% Stake) Value $900* Dec-96 Mycogen (additonal 4.5% Stake) Value $17* Jan-96 Mycogen (47% Stake) Value $158* * All Values in $MM - ------------------------------- (1) Includes $30MM cash and Monsanto's 100% ownership of Gargiolo L.P. (2) Does not include $300MM in undistributed earnings to be paid to Lilly upon completion. (3) Less certain undisclosed liabilities. (4) BASF operating income excludes $46 million in integration and inventory step-up costs. WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN BACKGROUND OF THE PROPOSED TRANSACTION - ------------------------------------------------------------------------------ DIAGRAM OF ALLIANCES AND TRANSACTIONS IN THE SEED INDUSTRY - ------------------------------------------------------------------------------ ALLIANCE RATIONALE - ------------------------------------------------------------------------------ - Genetic engineering & traditional agricultural seeds = valued added benefits: herbicide tolerance, insecticide/fungal resistance, trait (oil or protein content) and yield improvement - Agchem companies need seed alliances for farmer relationships and germplasm - the delivery vehicle for modified genes - Monsanto paid ~ 14x sales for Holden's foundation seeds following an active auction - Dekalb Seeds was valued at over 8.2x LTM Sales following a strong cover bid from Novartis. - Monsanto (Roundup-Ready) and AgrEvo (Liberty-Link) forecast gene modified ag products to account for ~ 1/3 their post 2000 sales. - ------------------------------------------------------------------------------ WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION BACKGROUND OF THE PROPOSED TRANSACTION - -------------------------------------------------------------------------------- REVIEW OF PROCESS TO DATE - - ON APRIL 30, 1998 DOW, THROUGH DOW AGROSCIENCES LLC ("DAS"), PROPOSED: - To amend the Exchange and Purchase Agreement executed on January 15, 1996 by Mycogen, Agrigenetics, Inc., DowElanco and United Agriseed, Inc. - To acquire for $20.50 per share all of the outstanding shares of Mycogen not already owned by Dow and its affiliates - - ON APRIL 30, 1998, MYCOGEN'S BOARD OF DIRECTORS APPOINTED A SPECIAL COMMITTEE OF INDEPENDENT DIRECTORS TO CONSIDER DOW'S PROPOSAL - - IN EARLY MAY, 1998, THE SPECIAL COMMITTEE RETAINED ALTHEIMER & GRAY AS ITS LEGAL ADVISOR - - DURING THE FIRST TWO WEEKS OF MAY 1998, THE SPECIAL COMMITTEE INTERVIEWED A NUMBER OF INVESTMENT BANKING FIRMS. ON MAY 26, 1998, THE COMPANY ANNOUNCED THAT WASSERSTEIN PERELLA & CO., INC. ("WP&CO.") HAD BEEN RETAINED AS FINANCIAL ADVISOR TO THE SPECIAL COMMITTEE - - ON MAY 27, 1998, MEMBERS OF WP&CO. AND ALTHEIMER & GRAY MET WITH MYCOGEN'S SENIOR MANAGEMENT AT THE COMPANY'S HEADQUARTERS IN SAN DIEGO, CA TO DISCUSS THE COMPANY'S OPERATIONS, BUSINESS STRATEGY, INTELLECTUAL PROPERTY PORTFOLIO, PATENT LITIGATION, DAS' INVESTMENT IN MYCOGEN AND OTHER DUE DILIGENCE ITEMS - - DURING THE WEEK OF JUNE 1, 1998, WP&CO. AND ALTHEIMER & GRAY CONDUCTED ADDITIONAL DUE DILIGENCE AND REVIEWED VARIOUS BUSINESS, FINANCIAL AND LEGAL MATERIALS PROVIDED BY THE COMPANY - - FROM JUNE 8 THROUGH JUNE 11, 1998, MEMBERS OF WP&CO. AND ALTHEIMER & GRAY CONDUCTED DETAILED DUE DILIGENCE AT THE COMPANY'S SAN DIEGO HEADQUARTERS, MEETING WITH MYCOGEN'S SENIOR MANAGEMENT, TECHNICAL AND INTELLECTUAL PROPERTY PERSONNEL, SENIOR MANAGEMENT OF THE COMPANY'S BUSINESS UNITS, AND INTELLECTUAL PROPERTY COUNSEL - - ON JUNE 10, 1998, WP&CO. SENT A LETTER TO DOW REQUESTING A DUE DILIGENCE MEETING WITH REPRESENTATIVES OF DOW AND DAS WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION BACKGROUND OF THE PROPOSED TRANSACTION - -------------------------------------------------------------------------------- REVIEW OF PROCESS TO DATE (CONT'D) - - ON JUNE 11, 1998, THE HONORABLE CLAYTON YEUTTER WAS ELECTED TO MYCOGEN'S BOARD OF DIRECTORS AND DESIGNATED TO REPLACE DR. GEORGE KHACHATOURIANS ON THE SPECIAL COMMITTEE. DR. KHACHATOURIANS, WHO HAD PERFORMED CERTAIN CONSULTING SERVICES FOR DOW, VOLUNTARILY STEPPED DOWN FROM THE SPECIAL COMMITTEE TO AVOID ANY APPEARANCE OF A POTENTIAL CONFLICT OF INTEREST - - IN ADDITION TO FACE-TO-FACE MEETINGS, WP&CO. AND ALTHEIMER & GRAY HAVE CONDUCTED A NUMBER OF TELEPHONE CONVERSATIONS WITH THE COMPANY TO OBTAIN ADDITIONAL DUE DILIGENCE MATERIALS - - ON JUNE 22, 1998 DOW RESPONDED TO WP&CO.'S JUNE 10TH LETTER AND AGREED TO SCHEDULE A MEETING FOR JUNE 25, 1998 IN CHICAGO TO DISCUSS DUE DILIGENCE ITEMS - - ON JUNE 25, 1998, THE SPECIAL COMMITTEE AND MEMBERS OF WP&CO. AND ALTHEIMER & GRAY MET WITH REPRESENTATIVES OF DOW, DAS, SOLOMON SMITH BARNEY AND MAYER, BROWN & PLATT TO GATHER ADDITIONAL INFORMATION REGARDING DOW'S PROPOSAL WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION - ------------------------------------------------------------------------------- ---------------------------------- REVIEW OF MYCOGEN ---------------------------------- WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN CORPORATION REVIEW OF MYCOGEN - ------------------------------------------------------------------------------ OVERVIEW - --------------------- BUSINESS DESCRIPTION - A DIVERSIFIED AGRIBUSINESS AND BIOTECHNOLOGY COMPANY - --------------------- THAT DEVELOPS AND MARKETS SEED FOR IMPROVED CROP VARIETIES AND PROVIDES CROP PROTECTION SERVICES - --------------------- BUSINESS SEGMENTS - SEED SEGMENT -- PRODUCES AND MARKETS SEED FOR - --------------------- MAJOR AGRICULTURAL CROPS AND USES BIOTECHNOLOGY AND TRADITIONAL AND MARKER-ASSISTED BREEDING TO DEVELOP CROP VARIETIES WITH GENETICALLY ENHANCED PEST AND DISEASE RESISTANCE, IMPROVED VEGETABLE OIL PROFILES AND OTHER VALUE-ADDED CHARACTERISTICS - Mycogen Seeds ranks fourth in the U.S. in sales of seed corn, second in hybrid sunflower seed sales and is among the top five in soybean, sorghum and alfalfa sales - Morgan Seeds ranks second in Argentina in seed corn sales and third in hybrid sunflower seed sales - Dinamilho holds 4% of the Brazil's overall corn seed market, with a 10.2% share of Brazil's high-tech corn seed market - CROP PROTECTION SEGMENT -- MANUFACTURES AND MARKETS ENVIRONMENTALLY COMPATIBLE SPRAY-ON BIOPESTICIDE PRODUCTS. ALSO OPERATES SOILSERV, INC., WHICH PROVIDES CROP PROTECTION SERVICES TO GROWERS OF HIGH-VALUE CROPS - Biopesticide Products -- based on natural agents, such as proteins and fatty acid compounds, that have specific toxic activity on target pests. The company's Bt-based biopesticides use the Company's proprietary Cellcap technology - Soilserv -- monitors fields and uses customized equipment to apply pest control products primarily in the Salinas Valley, CA and Yuma, AZ regions - --------------------- ALLIANCES - VERNEUIL HOLDING, S.A. -- MYCOGEN HOLDS A 35% EQUITY - --------------------- STAKE IN VERNEUIL AND ENTERED AN AGREEMENT TO DEVELOP OILSEED PRODUCTS AND INSECT RESISTANT CORN - PIONEER HYBRID INTERNATIONAL -- 10-YEAR TECHNOLOGY COLLABORATION TO DEVELOP INSECT RESISTANT TRAITS FOR CORN, SOYBEAN, CANOLA, SUNFLOWER, SORGHUM AND WHEAT - J.G. BOSWELL -- JOINT VENTURE TO DEVELOP PEST AND HERBICIDE RESISTANT COTTON - --------------------- HEADQUARTERS - SAN DIEGO, CA - --------------------- - --------------------- OWNERSHIP - DOW AGROSCIENCES, LLC -- 69% - ---------------------
MYCOGEN CORPORATION REVIEW OF MYCOGEN - ------------------------------------------------------------------------------ MYCOGEN CORP. BEFORE ADJUSTMENTS - FINANCIAL SUMMARY ($MM)
- ------------------------------------------------------------------------------------------------------ 1995 1996 1997 LTM 1998(1) 1999(1) FY 8/31 8/31/95 8/31/96 8/31/97 2/28/98 8/31/98 8/31/99 - ------------------------------------------------------------------------------------------------------ SALES $113.2 $155.6 $211.0 $214.0 $234.5 $247.5 Less: Cost of Sales 67.0 93.5 126.9 127.8 NA NA ---- ---- ----- ----- ---- ---- Gross Margin 46.3 62.1 84.1 86.2 NA NA Less: S, G & A Expense 61.8 112.2 118.7 142.4 NA NA ---- ---- ----- ----- ---- ---- EBIT (15.5) (50.1) (34.5) (56.2) (12.5) 0.0 Less: Interest Exp. (0.9) (2.4) 1.6 2.9 1.5 1.5 Less: Other Exp. (Inc.) (0.2) (0.7) 0.0 (0.1) 0.0 0.0 ---- ---- ----- ----- ---- ---- EBT (14.4) (47.1) (36.1) (59.0) (14.0) (1.5) Less: Income Tax Exp. 0.0 0.0 1.5 0.6 0.0 0.0 Less: Pref. Div. & Min. Int. 1.5 0.6 0.0 0.0 0.0 0.0 ---- ---- ----- ----- ---- ---- NET INCOME (15.9) (47.6) (37.7) (59.6) (14.0) (1.5) - ------------------------------------------------------------------------------------------------------ EBIT ($15.5) ($50.1) ($34.5) ($56.2) ($12.5) $0.0 Plus: Dep. & Amort. 9.0 9.1 10.0 11.6 12.7 13.4 ---- ---- ----- ----- ---- ---- EBITDA (6.5) (41.1) (24.5) (44.6) 0.2 13.4 Less: Capital Exp. 6.6 13.9 35.7 36.0 39.5 41.7 ---- ---- ----- ----- ---- ---- FREE CASH FLOW (13.1) (55.0) (60.2) (80.7) (39.3) (28.3) - ------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------ MARGINS - ------------------------------------------------------------------------------------------------------ GROSS MARGIN 40.9% 39.9% 39.9% 40.3% NA NA EBITDA -5.8% -26.4% -11.6% -20.9% 0.1% 5.4% EBIT -13.7% -32.2% -16.4% -26.3% -5.3% 0.0% NET INCOME -14.1% -30.6% -17.9% -27.9% -6.0% -0.6% FREE CASH FLOW -11.6% -35.3% -28.5% -37.7% -16.7% -11.4% - ------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------ RATIOS - ------------------------------------------------------------------------------------------------------ Book Value - $181.2 $157.2 $210.2 $199.7 $198.2 RET. ON BOOK EQUITY (ROE) - -26.3% -24.0% -28.4% -7.0% -0.8% Total Book Assets - 227.5 239.7 292.8 NA NA RET. ON BOOK ASSETS (ROA) - -21.6% -15.3% -19.8% NA NA - ------------------------------------------------------------------------------------------------------
- ------------------------ FOOTNOTES - ------------------------ (1) Next fiscal year results are based upon Furman Selz research report as of 3/13/98 (2) Book value of debt assumed to approximate market value - ------------------------------------------------------------------------------- MARKET CAPITALIZATION - ------------------------------------------------------------------------------- STOCK PRICE (6/22/98) $ 23.38 52-WEEK HIGH/LOW: $25.50/$15.88 Shares Outstanding - MYCO 36.11 ----- PRE-DILUTED EQUITY MARKET VALUE $844.1 - ------------------------------------------------------------------------------- Pre-Diluted Equity Market Value $844.1 Options Outstanding 4.4 Average Strike Price $12.03 ------ Options Value 50.3 Plus: Other Options/Warrants Value 0.0 Total Value of Options/Warrants 50.3 ----- EQUITY MARKET VALUE $894.4 Plus: Debt (2) $16.4 Plus: Preferred Stock 0.0 Plus: Post Ret. and Postemp. Benefits or Min. Int. 0.0 Less: Cash & Equivalents 2.7 ---- Net Debt 13.7 ----- ADJUSTED MARKET VALUE $908.0 - -------------------------------------------------------------------------------
- ------------------------------------------------------------------------------- MARKET TRADING MULTIPLES - -------------------------------------------------------------------------------
ADJUSTED MARKET VALUE AS MARKET VALUE AS A MULTIPLE OF: A MULTIPLE OF: SALES EBITDA EBIT FCF NET INC. BOOK VALUE. ------ ------ ---- --- -------- ----------- LTM 4.2x NM NM NM NM 4.3x 1998 3.9x NM NM NM NM 4.5x 1999 3.7x NM NM NM NM 4.5x - -------------------------------------------------------------------------------
- ------------------------------------------------------------------------------- LTM CAPITALIZATION AND CREDIT RATIOS - ------------------------------------------------------------------------------- DEBT COVERAGE EBITDA/INT. EBIT/INT. FCF/INT. DEBT/EBITDA - ----------- ---------- -------- ----------- NM NM NM NM - -------------------------------------------------------------------------------
CAPITALIZATION BOOK RATIOS MARKET RATIOS D/E D/(D+E) D/E D/(D+E) - ---- ------- --- ------- 7.8% 7.2% 1.8% 1.8% - -------------------------------------------------------------------------------
WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN CORPORATION REVIEW OF MYCOGEN - ------------------------------------------------------------------------------- MYCOGEN CORP. AFTER ADJUSTMENTS - FINANCIAL SUMMARY ($MM)
- ------------------------------------------------------------------------------------------ 1995 1996 1997 LTM 1998 (1) 1999 (1) FY 8/31 8/31/95 8/31/96 8/31/97 2/28/98 8/31/98 8/31/99 - ------------------------------------------------------------------------------------------ SALES $113.2 $155.6 $211.0 $214.0 $234.5 $247.5 Less: Cost of Sales 67.0 93.5 126.9 127.8 NA NA ------ ------ ------ ------ ------ ------ Gross Margin 46.3 62.1 84.1 86.2 NA NA Less: S, G & A Expense (3)(4) 61.8 84.6 86.9 93.4 NA NA ------ ------ ------ ------ ------ ------ EBIT (15.5) (22.6) (2.8) (7.3) (1.5) 0.0 Less: Interest Exp. (0.9) (2.4) 1.6 2.9 1.5 1.5 Less: Other Exp. (Inc.) (0.2) (0.7) 0.0 (0.1) 0.0 0.0 ------ ------ ------ ------ ------ ------ EBT (14.4) (19.5) (4.4) (10.0) (3.0) (1.5) Less: Income Tax Exp. 0.0 0.0 13.6 14.7 0.0 0.0 Less: Pref. Div. & Min. Int. 1.5 0.6 0.0 0.0 0.0 0.0 ------ ------ ------ ------ ------ ------ NET INCOME (3)(4) (15.9) (20.0) (18.0) (24.7) (3.0) (1.5) - ------------------------------------------------------------------------------------------ EBIT ($15.5) ($22.6) ($2.8) ($7.3) ($1.5) $0.0 Plus: Dep. & Amort. 9.0 9.1 10.0 11.6 12.7 13.4 ------ ------ ------ ------ ------ ------ EBITDA (6.5) (13.5) 7.2 4.3 11.2 13.4 Less: Capital Exp. 6.6 13.9 35.7 36.0 39.5 41.7 ------ ------ ------ ------ ------ ------ FREE CASH FLOW (13.1) (27.4) (28.5) (31.7) (28.3) (28.3) - ------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------ MARGINS - ------------------------------------------------------------------------------------------ GROSS MARGIN 40.9% 39.9% 39.9% 40.3% NA NA EBITDA -5.8% -8.7% 3.4% 2.0% 4.8% 5.4% EBIT -13.7% -14.5% -1.3% -3.4% -0.6% 0.0% NET INCOME -14.1% -12.9% -8.5% -11.6% -1.3% -0.6% FREE CASH FLOW -11.6% -17.6% -13.5% -14.8% -12.1% -11.4% - ------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------ RATIOS - ------------------------------------------------------------------------------------------ Book Value - $181.2 $157.2 $210.2 $207.9 $206.4 RET. ON BOOK EQUITY (ROE) - -11.1% -11.5% -11.8% -1.4% -0.7% Total Book Assets - 227.5 239.7 292.8 NA NA RET. ON BOOK ASSETS (ROA) - -9.5% -7.1% -7.9% NA NA - ------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------ MARKET CAPITALIZATION - ------------------------------------------------------------------------------------------ STOCK PRICE (6/22/98) $23.38 52-WEEK HIGH/LOW: $25.50/$15.88 Shares Outstanding - MYCO 36.11 ------ PRE-DILUTED EQUITY MARKET VALUE $844.1 - ------------------------------------------------------------------------------------------ Pre-Diluted Equity Market Value $844.1 Options Outstanding 4.4 Average Strike Price $12.03 ------ Options Value 50.3 Plus: Other Options/Warrants Value 0.0 Total Value of Options/Warrants 50.3 ---- EQUITY MARKET VALUE $894.4 Plus: Debt(2) $16.4 Plus: Preferred Stock 0.0 Plus: Post Ret. and Postemp Benefits or Min. Int. 0.0 Less: Cash & Equivalents 2.7 ------ Net Debt 13.7 ---- ADJUSTED MARKET VALUE $908.0 - ------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------- MARKET TRADING MULTIPLES - --------------------------------------------------------------------------------
Adjusted Market Value as Market Value as a multiple of: a multiple of SALES EBITDA EBIT FCF NET INC. BOOK VAL. ----- ------ ---- --- -------- --------- LTM 4.2x NM NM NM NM 4.3x 1998 3.9x NM NM NM NM 4.3x 1999 3.7x NM NM NM NM 4.3x - ------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------- LTM CAPITALIZATION AND CREDIT RATIOS - -------------------------------------------------------------------------------
DEBT COVERAGE EBITDA/INT. EBIT/INT. FCF/INT. DEBT/EBITDA ----------- --------- -------- ----------- 1.5x NM NM 3.8x - ------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
CAPITALIZATION BOOK RATIOS MARKET RATIOS -------------------- -------------------- D/E D/(D+E) D/E D/(D+E) --- ------- --- ------- 7.8% 7.2% 1.8% 1.8% - ------------------------------------------------------------------------------------------
- ---------------------------- FOOTNOTES - ---------------------------- (1) Next fiscal year results are based upon Furman Selz research report as of 3/1/98 (2) Book value of debt assumed to approximate market value (3) Excludes other charges of $27.6MM and $31.7MM (impairment of facilities and costs to exit those facilities, severance, patent litigation fees, acquired in-process technology and equity in net loss of investees) in 1996 and 1997, respectively (tax-effected at 38%) (4) Excludes litigation expenses of $11.0MM projected by analysts in 1998E WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION REVIEW OF MYCOGEN - ------------------------------------------------------------------------------- STOCK PRICE AND VOLUME HISTORY FOR LAST TWO YEARS Weekly from June 22, 1996 to June 22, 1998 MYCO MYCOGEN CORP
Closing Daily Price Volume 7/19/96 15.500 19.9 7/26/96 15.250 38.3 8/02/96 15.652 11.7 8/09/96 14.750 13.3 8/16/96 17.000 176.1 8/23/96 16.000 39.6 8/30/96 15.938 19.4 9/06/96 16.250 29.9 9/13/96 14.250 40.0 9/20/96 14.250 13.1 9/27/96 14.500 13.1 10/04/96 14.250 18.5 10/11/96 14.250 96.5 10/18/96 14.250 20.2 10/25/96 15.500 73.8 11/01/96 15.750 79.7 11/08/96 15.750 9.7 11/15/96 17.000 168.7 11/22/96 16.250 287.3 11/29/96 16.750 19.1 12/06/96 19.000 72.9 12/13/96 24.000 288.9 12/20/96 21.500 30.3 12/27/96 21.750 21.0 1/03/97 24.000 172.9 1/10/97 23.750 251.4 1/17/97 27.750 251.6 1/24/97 24.625 53.9 1/31/97 25.500 137.0 2/07/97 26.500 105.1 2/14/97 26.125 19.3 2/21/97 25.750 32.8 2/28/97 26.125 40.8 3/07/97 27.000 27.0 3/14/97 27.250 57.7 3/21/97 25.750 37.6 3/27/97 24.750 65.0 4/04/97 19.250 157.9 4/11/97 18.125 33.6 4/18/97 18.000 152.9 4/25/97 18.750 9.4 5/02/97 21.125 93.7 5/09/97 22.000 129.3 5/16/97 22.000 27.8 5/23/97 22.250 36.9 5/30/97 23.500 13.8 6/06/97 22.750 32.6 6/13/97 22.750 31.4 6/20/97 20.000 58.1 6/27/97 19.125 21.7 7/03/97 22.000 22.7 7/11/97 23.375 190.2 7/18/97 23.000 31.3 7/25/97 22.625 53.9 8/01/97 22.125 50.2 8/08/97 24.625 85.1 8/15/97 24.000 22.7 8/22/97 23.500 79.5 8/29/97 24.750 27.5 9/05/97 24.500 9.1 9/12/97 23.938 6.9 9/19/97 23.188 34.2 9/26/97 24.125 24.9 10/03/97 23.250 11.1 10/10/97 23.125 8.5 10/17/97 22.938 10.8 10/24/97 20.750 244.0 10/31/97 21.250 6.9 11/07/97 20.750 17.8 11/14/98 19.938 4.1 11/21/97 19.875 7.0 11/28/97 19.500 3.6 12/05/97 19.875 35.3 12/12/97 19.750 19.1 12/19/97 19.125 9.0 12/26/97 18.500 5.6 1/02/98 19.125 10.8 1/09/98 19.125 47.6 1/16/98 21.750 44.9 1/23/98 18.875 39.2 1/30/98 20.625 9.1 2/06/98 16.625 31.6 2/13/98 20.625 409.9 2/20/98 20.000 100.4 2/27/98 17.000 94.8 3/06/98 18.750 60.5 3/13/98 18.500 13.3 3/20/98 20.250 122.8 3/27/98 18.250 136.1 4/03/98 18.250 65.1 4/09/98 18.250 51.2 4/17/98 19.000 10.2 4/24/98 20.000 36.2 5/01/98 22.813 532.5 5/08/98 23.563 52.3 5/15/98 23.625 53.4 5/22/98 24.250 53.8 5/29/98 23.625 39.8 6/05/98 24.625 68.5 6/12/98 22.750 206.8 6/19/98 23.563 59.4 6/26/98 23.250 65.3 7/02/98 23.875 152.2 7/10/98 24.125 50.7
WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION REVIEW OF MYCOGEN - ------------------------------------------------------------------------------- INDEXED STOCK PRICE HISTORY SINCE 1996
Date Mycogen Dow Chemical S&P 500 Russell 2000 Peer - ---- ------- ------------ ------- ------------ ---- 12/29/95 100.00 100.00 100.00 100.00 100.00 1/05/96 86.76 103.56 100.13 98.80 95.94 1/12/96 94.12 100.71 97.71 96.57 97.13 1/19/96 92.65 98.40 99.33 96.62 97.33 1/26/96 92.65 101.70 100.92 98.50 98.07 2/02/96 95.59 105.34 103.23 100.55 105.37 2/09/96 102.94 111.03 106.57 101.63 107.90 2/16/96 113.24 107.47 105.20 101.78 107.97 2/23/96 113.24 113.35 107.01 103.10 110.20 3/01/96 113.24 113.52 104.62 102.57 112.99 3/08/96 104.41 116.01 102.85 101.03 115.43 3/15/96 112.50 126.33 104.14 102.88 117.19 3/22/96 101.47 123.31 105.63 104.28 120.77 3/29/96 101.47 123.84 104.80 104.68 122.51 4/04/96 100.00 125.27 106.48 105.95 124.04 4/12/96 97.06 124.73 103.37 104.81 125.61 4/19/96 102.94 127.76 104.73 107.13 143.51 4/26/96 102.94 124.56 106.09 110.08 146.59 5/03/96 98.53 130.78 104.17 109.77 139.44 5/10/96 105.88 125.44 105.87 111.13 139.80 5/17/96 105.88 121.35 108.60 114.13 144.01 5/24/96 105.15 121.89 110.16 115.39 139.10 5/31/96 107.35 119.04 108.64 114.52 137.96 6/07/96 104.41 116.90 109.32 113.57 135.84 6/14/96 104.41 116.19 108.10 112.38 133.41 6/21/96 102.21 113.70 108.27 109.25 122.44 6/28/96 88.24 108.19 108.88 109.70 132.31 7/05/96 86.76 109.25 106.74 107.54 126.02 7/12/96 79.41 111.92 104.91 102.44 119.06 7/19/96 91.18 103.56 103.70 101.76 107.41 7/26/96 88.71 104.98 103.24 99.56 105.72 8/02/96 91.91 107.12 107.56 102.67 111.19 8/09/96 86.76 110.14 107.50 103.63 108.10 8/16/96 100.00 112.46 108.00 104.10 105.65 8/23/96 94.12 113.70 108.30 105.00 110.56 8/30/96 93.75 113.52 105.85 105.67 108.04 9/06/96 95.59 113.17 106.45 105.74 106.36 9/13/96 83.82 114.95 110.49 107.86 111.80 9/20/96 83.82 117.08 111.54 108.50 109.51 9/27/96 85.29 115.12 111.41 109.35 112.98 10/04/96 83.82 114.59 113.89 110.55 132.75 10/11/96 83.82 112.46 113.76 110.10 132.71 10/18/96 83.82 112.10 115.41 110.09 137.07 10/25/96 91.18 111.57 113.80 108.55 130.24 11/01/96 92.65 111.57 114.26 107.53 129.10 11/08/96 92.65 114.23 118.65 109.05 132.13 11/15/96 100.00 119.75 119.76 109.67 128.49 11/22/96 95.59 117.44 121.56 110.74 125.41 11/29/96 98.53 119.22 122.91 112.07 126.64 12/06/96 111.76 116.37 120.08 112.51 129.14 12/13/96 141.18 113.17 128.30 112.09 127.73 12/20/96 126.47 113.70 121.58 112.89 132.32 12/27/96 127.94 112.46 122.87 113.67 131.09 1/03/97 141.18 114.06 121.45 114.52 124.29 1/10/97 139.71 117.79 123.31 115.86 129.21 1/17/97 163.24 117.97 126.02 116.43 136.78 1/24/97 144.85 112.63 125.10 116.51 137.14 1/31/97 150.00 109.79 127.64 116.93 136.39 2/07/97 155.88 112.63 128.19 116.07 131.98 2/14/97 153.68 114.77 131.26 116.82 140.11 2/21/97 151.47 112.81 130.17 115.95 138.29 2/28/97 153.68 115.30 128.39 113.95 135.89 3/07/97 158.82 117.97 130.69 115.66 136.36 3/14/97 160.29 118.51 128.78 114.26 133.07 3/21/97 151.47 117.97 127.30 111.32 127.18 3/27/97 145.59 114.23 125.64 110.44 122.04 4/04/97 113.24 112.63 123.05 107.88 117.99 4/11/97 106.62 112.63 119.76 107.37 113.63 4/18/97 105.88 114.59 124.42 108.16 121.16 4/25/97 110.29 114.59 124.26 106.29 119.95 5/02/97 124.26 120.64 131.99 112.03 129.62 5/09/97 129.41 125.09 133.91 114.38 132.57 5/16/97 129.41 124.38 134.71 115.61 139.50 5/23/97 130.88 120.46 137.52 118.89 147.39 5/30/97 138.24 118.68 137.72 120.51 146.79 6/06/97 133.82 120.11 139.30 122.52 150.55 6/13/97 133.82 126.69 145.03 124.08 154.09 6/20/97 117.65 125.80 145.91 124.57 166.68 6/27/98 112.50 125.36 144.06 124.23 169.65 7/03/97 129.41 125.27 148.87 125.38 169.41 7/11/97 137.50 128.91 148.83 127.31 173.01 7/18/97 135.29 128.02 148.60 128.46 170.47 7/25/97 133.09 128.02 152.42 129.30 175.23 8/01/97 130.15 133.90 153.77 131.09 178.40 8/08/97 144.85 132.56 151.57 131.09 195.38 8/15/97 141.18 130.96 146.25 129.31 188.34 8/22/97 138.24 127.85 149.94 131.57 190.51 8/29/97 145.59 125.98 146.03 134.01 188.11 9/05/97 144.12 122.86 150.84 137.05 185.99 9/12/97 140.81 126.25 150.00 139.28 185.01 9/19/97 136.40 131.49 154.32 141.52 194.22 9/26/97 141.91 128.74 153.46 142.06 186.61 10/03/97 136.76 132.38 156.68 145.43 195.80 10/10/97 136.03 128.65 157.00 147.18 213.86 10/17/97 134.93 128.11 153.29 142.19 205.02 10/24/97 122.06 131.05 152.88 141.64 205.02 10/31/97 125.00 129.00 148.49 137.12 199.15 11/07/97 122.06 128.38 150.59 137.74 197.27 11/14/97 117.28 131.94 150.72 135.59 202.64 11/21/97 116.91 140.30 156.36 137.69 208.25 11/28/97 114.71 140.57 155.12 136.06 204.61 12/05/97 116.91 143.42 159.72 138.64 208.73 12/12/97 116.18 138.79 154.79 133.76 216.80 12/19/97 112.50 137.54 153.72 132.93 233.41 12/26/97 108.82 140.93 152.04 133.40 236.39 1/02/98 112.50 143.42 158.30 138.15 238.63 1/09/98 112.50 132.74 150.62 130.69 234.51 1/16/98 127.94 130.16 156.11 134.90 237.30 1/23/98 111.03 127.67 155.47 134.45 231.59 1/30/98 121.32 128.11 159.15 136.10 233.17 2/06/98 97.79 132.38 164.38 140.99 231.29 2/13/98 121.32 127.49 165.62 143.78 233.84 2/20/98 117.65 127.76 167.91 143.68 239.18 2/27/98 100.00 130.25 170.37 146.16 253.30 3/06/98 110.29 129.89 171.40 146.76 274.53 3/13/98 108.82 130.52 173.50 148.36 300.36 3/20/98 119.12 137.90 178.46 150.09 299.39 3/27/98 107.35 135.50 177.85 151.01 286.42 4/03/98 107.35 134.16 182.28 153.75 289.14 4/09/98 107.35 137.54 180.32 151.93 281.63 4/17/98 111.76 141.46 182.28 154.13 275.38 4/24/98 117.65 139.41 179.87 152.01 272.16 5/01/98 134.19 140.04 182.00 153.48 293.81 5/08/98 138.60 139.50 179.91 151.75 307.46 5/15/98 138.97 139.15 180.01 149.52 294.36 5/22/98 142.65 139.59 180.29 146.53 290.90 5/29/98 138.97 137.90 177.10 144.51 291.63 6/05/98 144.85 142.26 180.84 143.76 315.28 6/12/98 133.82 138.52 178.40 139.76 309.82 6/19/98 138.60 135.23 178.70 138.77 330.38 6/26/98 136.76 137.19 183.98 142.50 319.47 7/02/98 140.44 137.63 186.13 145.05 313.28 7/10/98 141.91 135.94 189.04 145.09 295.63
WEEKLY FROM JANUARY 1, 1996 TO JUNE 22, 1998 - ------------------------- (1) Includes Pioneer Hi-Bred, Delta & Pine Land and Agribiotech WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN CORPORATION REVIEW OF MYCOGEN - ------------------------------------------------------------------------------- INDEXED PRICE HISTORY FOR LAST FIVE YEARS A graph appears here showing the monthly changes in relative stock prices of Mycogen Corporation, The Dow Chemical Company and the Standard & Poor's 500 Stock Index beginning on June 22, 1993, and ending on June 22, 1998, with each stock beginning at a baseline of 100. WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN CORPORATION REVIEW OF MYCOGEN - ------------------------------------------------------------------------------ SHAREHOLDER PROFILE ($ IN MILLIONS, SHARES IN THOUSANDS)
MARKET VALUE SHARES AS OF 6/22/98 % HELD ------ ------------- ------ 5% OWNERS - --------- Dow AgroSciences 24,917.0 $582.4 61.5% (1) State of Wisconsin Investment Board 1,800.5 42.1 4.4% -------- ------ ------ TOTAL 26,717.5 $624.5 65.9% OFFICERS, DIRECTORS AND EMPLOYEES - --------------------------------- Officers 1,668.6 $39.0 4.1% (2) Outside Directors (excl. Dow AgroSciences directors) 22.5 0.5 0.1% (3) Other (incl. Employees) 5,433.2 127.0 13.4% (4) -------- ------ ------ TOTAL 7,124.3 $166.5 17.6% INSTITUTIONS - ------------ Primecap Management Company 1,736.0 $40.6 4.3% Capital Research & Management Co. 1,700.0 $39.7 4.2% College Retirement Equities Fund (TIAA-CREF) 379.1 $8.9 0.9% Barclays Global Advisors 309.9 $7.2 0.8% Dimensional Fund Advisors 224.5 5.2 0.6% U.S. Trust Co. 147.0 3.4 0.4% Texas Teachers' Retirement System 125.0 2.9 0.3% Kentucky Employees Retirement System 111.0 2.6 0.3% Tirschwell & Loewy, Inc. 104.0 2.4 0.3% Ohio State Teacher's Retirement 101.0 2.4 0.2% Vanguard Group 101.0 2.4 0.2% Other 833.2 19.5 2.1% -------- ------ ------ TOTAL 5,871.6 $137.2 14.5% TOTAL INSTITUTIONS, INSIDERS AND BENEFICIAL HOLDERS 39,713.4 $928.3 97.9% Other Shareholders 831.9 19.4 2.1% -------- ------ ------ CURRENT TOTAL SHARES OUTSTANDING 40,545.3 $947.7 100.0% (5) -------- ------ ------ -------- ------ ------
- -------------------------------- Sources: CDA Spectrum dated 6/22/98, proxy dated 1/8/98, public filings and management (1) Includes 150,834 options outstanding (2) Includes 1,512,834 options outstanding (3) Includes 22,500 options outstanding (4) Includes 1,948,983 options outstanding (5) Includes 4,435,990 options outstanding WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN CORPORATION - ------------------------------------------------------------------------------- ----------------------------------- REVIEW OF DOW ----------------------------------- WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN CORPORATION REVIEW OF DOW - ------------------------------------------------------------------------------- OVERVIEW - ---------------------- BUSINESS DESCRIPTION - THE DOW CHEMICAL COMPANY IS A DIVERSIFIED, WORLDWIDE - ---------------------- MANUFACTURER AND SUPPLIER OF CHEMICALS, PLASTICS AND AGRICULTURAL PRODUCTS - ---------------------- DOW AGROSCIENCES - A WHOLLY-OWNED SUBSIDIARY OF THE DOW CHEMICAL COMPANY - ---------------------- THAT PRODUCES AGRICULTURAL PRODUCTS, SUCH AS BROADSTRIKE HERBICIDES AND DURSBAN AND LORSBAN INSECTICIDES, USED IN CROP PROTECTION AND INDUSTRIAL PEST CONTROL - Created in 1997 after Dow acquired Eli Lilly and Company's 40% share in DowElanco, which was then renamed Dow AgroSciences. The purchase price of $900 million was approximately 1.13x sales - Recent product launches include Tracer and Success insect control products in the U.S. and Fortress fungicide in Europe - Will incorporate the agricultural products business of Sanachem through Dow's acquisition of Sentrachem in late 1997. Sanachem is the world's third largest manufacturer of generic crop protection and pest control products with approximately $200 million in annual sales - ---------------------- FACILITIES - OPERATES 114 MANUFACTURING SITES IN 33 COUNTRIES - ---------------------- - ---------------------- HEADQUARTERS - MIDLAND, MICHIGAN - ---------------------- - ---------------------- STATE OF INCORPORATION - DELAWARE - ---------------------- WASSERSTEIN PERELLA & CO. - --------------------------------------------------------------------------------
MYCOGEN CORPORATION REVIEW OF DOW - --------------------------------------------------------------------------------------------------------------- THE DOW CHEMICAL CO. - FINANCIAL SUMMARY ($MM) - --------------------------------------------------------------------------------------------------------------- 1995 1996 1997 LTM NFY (1) FY12/31 12/31/95 12/31/96 12/31/97 3/31/98 12/31/98 - --------------------------------------------------------------------------------------------------------------- SALES $20,200.0 $20,053.0 $20,018.0 $19,855.0 $18,899.0 Less: Cost of Sales 13,337.0 14,108.0 14,679.0 14,755.0 13,059.0 -------- -------- -------- -------- -------- Gross Margin 6,863.0 5,945.0 5,339.0 5,100.0 5,840.0 Less: S, G & A Expense 2,972.0 2,858.0 2,613.0 2,583.0 3,700.0 ------- ------- ------- ------- ------- EBIT 3,891.0 3,087.0 2,726.0 2,517.0 2,140.0 Less: Interest Exp. 145.0 208.0 277.0 380.0 480.0 Less: Other Exp. (Inc.) 217.0 (409.0) (499.0) (499.0) (468.0) ----- ------ ------ ------ ------ EBT 3,529.0 3,288.0 2,948.0 2,636.0 2,128.0 Less: Income Tax Exp. 1,442.0 1,187.0 1,041.0 924.4 776.0 Less: Pref. Div. & Min. Int. 203.0 201.0 105.0 45.0 9.0 ----- ----- ----- ---- --- NET INCOME (3) 1,884.0 1,900.0 1,802.0 1,666.6 1,343.0 - -------------------------------------------------------------------------------------------------------------- EBIT $3,891.0 $3,087.0 $2,726.0 $2,517.0 $2,140.0 Plus: Dep. & Amort. 1,442.0 1,298.0 1,287.0 1,254.0 1,185.0 ------- ------- ------- ------- ------- EBITDA 5,333.0 4,385.0 4,013.0 3,771.0 3,325.0 Less: Capital Exp. 1,417.0 1,344.0 1,198.0 1,254.0 1,650.0 ------- ------- ------- ------- ------- FREE CASH FLOW 3,916.0 3,041.0 2,815.0 2,517.0 1,675.0 - --------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------- MARGINS - -------------------------------------------------------------------------------------------------------------- GROSS MARGIN 34.0% 29.6% 26.7% 25.7% 30.9% EBITDA 26.4% 21.9% 20.0% 19.0% 17.6% EBIT 19.3% 15.4% 13.6% 12.7% 11.3% NET INCOME 9.3% 9.5% 9.0% 8.4% 7.1% FREE CASH FLOW 19.4% 15.2% 14.1% 12.7% 8.9% - --------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------- RATIOS - -------------------------------------------------------------------------------------------------------------- Book Value - $7,954.0 $7,626.0 $7,806.0 $7,960.0 RET. ON BOOK EQUITY (ROE) - 23.9% 23.6% 21.4% 16.9% Total Book Assets - 24,673.0 24,040.0 23,524.0 24,311.0 RET. ON BOOK ASSETS (ROA) - 8.2% 8.2% 8.1% 6.7% - --------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------- MARKET CAPITALIZATION - --------------------------------------------------------------------------------- STOCK PRICE (6/22/98) $94.19 52-WEEK HIGH/LOW: $102.63/$84.75 Shares Outstanding - DOW 225.12 ------ PRE-DILUTED EQUITY MARKET VALUE $21,203.9 - --------------------------------------------------------------------------------- Pre-Diluted Equity Market Value $21,203.9 Options Exercisable 8.7 Average Strike Price $63.84 ------ Options Value 262.6 Plus: Other Options/Warrants Value 23.5 Total Value of Options/Warrants 286.0 ----- EQUITY MARKET VALUE $21,490.0 Plus: Debt(2) $5,621.0 Plus: Preferred Stock 120.0 Plus: Post Ret. and Postemp. Benefits or Min. Int. 2,259.0 Less: Cash & Equivalents 537.0 ----- Net Debt 7,463.0 ------- ADJUSTED MARKET VALUE $28,953.0 - ---------------------------------------------------------------------------------
- --------------------------------------------------------------------------------- MARKET TRADING MULTIPLES - --------------------------------------------------------------------------------- Adjusted Market Value as Market Value as a multiple of: a multiple of: Sales EBITDA EBIT FCF Net Inc. Book Val. ----- ------ ---- --- -------- --------- LTM 1.5x 7.7x 11.5x 11.5x 12.9x 2.8x NFY 1.5x 8.7x 13.5x 17.3x 16.0x 2.7x - ---------------------------------------------------------------------------------
- --------------------------------------------------------------------------------- LTM CAPITALIZATION AND CREDIT RATIOS - --------------------------------------------------------------------------------- DEBT COVERAGE EBITDA/Int. EBIT/Int. FCF/Int. Debt/EBITDA ----------- --------- -------- ----------- 9.9x 6.6x 6.6x 1.5x - --------------------------------------------------------------------------------- CAPITALIZATION BOOK RATIOS MARKET RATIOS D/E D/(D+E) D/E D/(D+E) --- ------- --- ------- 72.0% 41.9% 26.2% 20.7% - ---------------------------------------------------------------------------------
- ---------------------------------------- FOOTNOTES - ---------------------------------------- (1) Next fiscal year results are based upon Morgan Stanley Dean Witter research report as of 4/29/98 (2) Book value of debt assumed to approximate market value (3) Excludes after-tax income from discontinued operations of $187.0MM in 1995, pre-tax non-recurring charges of $668MM and one-time sale of $816MM in 1998 (tax-effected at 40%) WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN CORPORATION - ----------------------------------------------------------------------------- PRELIMINARY VALUATION ANALYSIS WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN CORPORATION - ----------------------------------------------------------------------------- REVIEW OF ANALYST PERSPECTIVES WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: REVIEW OF ANALYST PERSPECTIVES - ----------------------------------------------------------------------------- EQUITY ANALYST PERSPECTIVE Six Analyst recommendations: 2 buy, 4 hold Wide range of forecasts:
FY 1998 FY 1999 ------- ------- Hi ($0.39) $ 0.15 Mean (0.51) 0.06 Lo (0.75) (0.04)
Negative E.P.S. momentum: YTD 5 downward revisions, I upward revision General Issues: - Outlook for conventional seed business - Bt dependency - Diffuse nature of R & D program WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: REVIEW OF ANALYST PERSPECTIVES - ----------------------------------------------------------------------------- OUTLOOK FOR CONVENTIONAL SEED BUSINESS "...[MYCOGEN'S SEED BUSINESS] SMALL SIZE IS A DETRIMENT,...HIGH SEED DISCARD AND OBSOLESCENCE CHARGES AND A HIGHER COST BASE...WE BELIEVE INCREASING THE SIZE OF THE MYCOGEN SEED EFFORT IS KEY...HOWEVER...WE QUESTION WHETHER THE COMPANY WILL BE ABLE TO FIND SEED OPERATORS OF SUFFICIENT SIZE AND QUALITY." Furman Selz, March 13, 1998 WP&Co. Observations: - Mycogen, over the past three years has increased its presence on the N. American corn farmers fields by nearly four-fold. - Mycogen is uniquely positioned to pursue the opportunities to build a franchise in the large and growing Latin American market for major row crops. Further, while the size and scope of Mycogen's breeding programs are much smaller than largest germplasm suppliers, less overlap within Mycogen product lines allows keeping a closer relationship of proprietary lines to competition. Mycogen'network of 11 breeding stations provides adequate diversity of yield, maturity and disease resistance characteristics. - Side-by-side comparisons of Mycogen hybrids show per acre yields approaching leading competitors. - Program appears effective, but subject to execution risk of producing adequate seed inventory within time, cost and quality constraints. Too early to judge efficiency of winter nursery exchange between US/Europe and PR/ S. America. Investments in new equipment (combines, tractors, dryers) and software (SAP/R3) enhance probability of success. WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: REVIEW OF ANALYST PERSPECTIVES - ----------------------------------------------------------------------------- BT DEPENDENCY "...THE RAPIDLY GROWING ACREAGE OF CORN, COTTON AND POTATOES THAT ARE GENETICALLY ENGINEERED TO PRODUCE BT...HIGHLIGHTS FEARS ABOUT EMERGING INSECT RESISTANCE. GENETICALLY ENGINEERED BT CROPS PROVIDE EXPOSURE TO THE TOXINS THROUGHOUT THE GROWING SEASON, LEADING TO SELECTION PRESSURES THAT MIGHT ENABLE ONLY RESISTANT PESTS TO SURVIVE." SCIENTIFIC AMERICAN, May 1998 WP&Co. Observations: - - Mycogen first company to recognize insect-specific bioactivity of Bt's Portfolio of -50 Bt genes equal to next four competitors combined. - - Array of Bt's provides access to multiple products for specific pest/crop situations. Pest specific products may change the threshold for insect control and justify significant increases in treated acreage. - - Cross resistance unlikely since Bt protein structurally diverse; unique 3D configurations form very specific associations with cellular constituents. - - Rotation between different Bt's remove selection pressure for resistant pest; fitness requirement restores susceptibility. Toxin cycling "evergreens" product line. - - Bt toxins have been characterized by Mycogen researchers as having specific activity against a wide range of coleopteran, lepidopteran, and even nematode pests making the Bt technology valuable against a broad host of crop applications. - - Near to medium term competition to Bt's looks problematic since these proteins are well characterized with a good understanding of the functional genetics and expression. By comparison, novel toxins face an 8-10 year regulatory and scientific timeline for commercialization. WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: REVIEW OF ANALYST PERSPECTIVES - ----------------------------------------------------------------------------- BT DEPENDENCY (CONTINUED) - - Program appears logical and defensible, but suffers from execution risk: Manpower commitments for developing novel transgenics are quite modest at both Pioneer and at Mycogen and there appears to be little effort underway to stack Bt genes in multiple trait products: Mycogen currently markets a single Bt cultivar and no second generation Bt product is projected to be available prior to 2001. - - While emphasizing the development of Bt-based plant products, Mycogen has created a sizable array of promoters, expression systems, and experience relevant to expression of any transgene in plants. This competency in regulating exogenous gene expression would be valuable to any other research program as it nears commercialization (e.g. Ahlquist Technology). Clearly, it is of value to any competitor desiring to shorten time to market of its own products as illustrated by Monsonto's repeated requests to gain access to Mycogen's proprietary Ub-1 promoter. WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: REVIEW OF ANALYST PERSPECTIVES - ----------------------------------------------------------------------------- DIFFUSE NATURE OF R & D PROGRAM Mycogen has significant commitments to six distinct R & D efforts: Input traits Oral immunity Output traits Ahlquist technology Disease resistance fermentation WP&Co. Observations: - - Large multinationals with enormous financial resources have generally prioritized around a single program: Monsanto/input DuPont/output Zeneca/disease resistance - - Agbiotech competition may rapidly transition from critical mass to scale, isolating Mycogen's modest efforts. - - Technological developments may leapfrog Mycogen's position and render its intellectual property obsolescent. Genechip systems, combinatorial chemistry and high throughput screening have already proven their utility in human drug development. These technologies can likely be adapted for agbiotech applications: - Use DNA microarrays for "directed evolution" - Use retroviral vectors to immortalize insect gut cells as the basis for a high volume assay. WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN CORPORATION - ----------------------------------------------------------------------------- VALUATION: DISCOUNTED CASH FLOW ANALYSIS (DCF) WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN VALUATION: DCF ANALYSIS - ------------------------------------------------------------------------------ BUSINESS FINANCIAL PROJECTION METHODOLOGY
- ------------------------------------------------ ------------------------------------------- 10-YEAR PROJECTIONS DETAILED BASIS - ------------------------------------------------ ------------------------------------------- ------------------------------------------- - Includes demographic factors and regional Target Crop Acreage analysis by crop X - Shifting planting patterns ------------------------------------------- ------------------------------------------- - Adoption value of Bt and output modified Market Penetration of Genetically Modified Seeds seed X - Presence on farmers fields ------------------------------------------- ------------------------------------------- - Preferred penetration in existing base Market Share of Mycogen Product - Access to partners with large share of new X markets ------------------------------------------- Mycogen Product Selling Price ------------------------------------------- = - Value capture based on improved Mycogen Product Sales Projections productivity and competitive advantage - ------------------------------------------- ------------------------------------------- - Costs reflect minimal additional COGs and SGA for traits above those for conventional Fixed and Variable Costs and Taxes seed + - R&D investment accelerated to ensure success timing of products ------------------------------------------- ------------------------------------------- Cash Flow Impact (- W.I. - CapEx + Dep.) - Based on current inventory and accounts = payable/recievable trends Mycogen Product Free Cash Flow - Additional plant expenditure is depending on sales levels and existing capacity ------------------------------------------- | | V ---------------------------- VALUATION METHODOLOGY ----------------------------
WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN VALUATION: DCF ANALYSIS - ------------------------------------------------------------------------------ BAR CHART OF VALUATION METHODOLOGY - -------------- TERMINAL VALUE: EBIT MULTIPLES - -------------- 6X - 12X - -Lower risk established or growing businesses - -Includes conventional seed, Soil Sen, Biopesticides, AC Humko, and VMO - -Suitable for established or mature businesses - ------------- DISCOUNT RATE - ------------- 10% - 20% - -Lower risk established or growing businesses - -Includes conventional seed, Soil Sen, Biopesticides, AC Humko, and VMO 25% - 45% - -Higher-risk output trait improvement business - -Lower growth rate reflects early stages in commercialization of new technology 20% - 30% - -Developing Bt/Herbicide-resistance businesses based on new products and established but rapidly improving technology 40% - 60% - -New relatively untested technology-based products. Large growth potential offset by high risk - -Risk-adjusted cost-of-capital - ----------------- TERMINAL VALUE: FREE CASH GROWTH - ----------------- 1% - 2.5% - -Higher-risk output trait improvement business - -Lower growth rate reflects early stages in commercialization of new technology 8% - 14% - -Developing Bt/Herbicide-resistance businesses based on new products and established but rapidly improving technology 25% - 30% - -New relatively untested technology-based products. Large growth potential offset by high risk - -Suitable for growing businesses in take-off phase WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN VALUATION: DCF ANALYSIS-BRAZIL MODEL EXAMPLE - -------------------------------------------------------------------------------- BRAZIL INCOME STATEMENT PROJECTIONS ($MM)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Revenues Conventional Seeds $52.8 $65.7 $79.6 $94.6 $104.9 $113.4 $128.4 $156.5 $173.1 $190.3 Early Traits $0.0 $0.0 $0.0 $0.0 $0.6 $4.4 $11.0 $26.3 $43.5 $57.1 Output Traits $0.0 $0.0 $0.0 $0.0 $0.6 $1.9 $4.6 $8.8 $31.3 $65.8 Disease Resistance $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.2 $0.4 Total Revenues $52.8 $65.7 $79.6 $94.6 $106.1 $119.7 $144.1 $191.7 $248.1 $313.6 COGS Conventional Seeds $26.4 $32.8 $39.6 $47.0 $52.0 $56.1 $63.4 $77.2 $85.2 $93.5 GROSS PROFIT $26.4 $32.9 $39.9 $47.6 $54.1 $63.6 $80.6 $114.5 $162.9 $220.1 SG&A Conventional Seeds $13.7 $15.6 $17.1 $18.2 $17.8 $19.3 $21.8 $26.6 $29.4 $32.4 R&D Conventional Seeds $3.2 $4.6 $6.4 $8.5 $10.5 $11.3 $12.8 $15.7 $17.3 $19.0 Early Traits $0.6 $2.1 $2.7 $3.3 $3.3 $2.9 $2.9 $2.5 $4.2 $5.4 Output Traits $0.4 $1.4 $2.3 $2.6 $1.7 $2.1 $2.3 $0.9 $4.3 $9.1 Disease Resistance $0.0 $0.2 $0.5 $0.3 $0.2 $0.6 $0.6 $0.0 $0.0 $0.0 Total R&D $4.2 $8.3 $11.9 $14.7 $15.7 $17.0 $18.6 $19.1 $25.8 $33.6 EDITDA $8.5 $9.0 $10.9 $14.6 $20.5 $27.3 $40.2 $68.8 $107.7 $154.2 Depreciation $1.7 $1.9 $2.2 $2.4 $2.6 $2.7 $3.0 $3.5 $3.8 $4.1 Amortization $0.4 $0.4 $0.4 $0.4 $0.4 $0.4 $0.4 $0.4 $0.4 $0.4 EBIT $6.4 $6.7 $8.4 $11.8 $17.5 $24.2 $36.8 $64.9 $103.5 $149.7 Contract and Other Revenue $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- TOTAL OPERATING INCOME $6.4 $6.7 $8.4 $11.8 $17.5 $24.2 $36.8 $64.9 $103.5 $149.7 Taxes (based on BU's) (2.4) (3.4) (4.6) (6.0) (7.1) (8.4) (12.5) (21.4) (34.2) (49.4) Taxes (@ 33%) (2.1) (2.2) (2.8) (3.9) (5.8) (8.0) (12.1) (21.4) (34.2) (49.4) NET INCOME 4.3 4.5 5.6 7.9 11.7 16.2 24.6 43.5 69.3 100.3 Tax Advantage (0.3) (1.2) (1.8) (2.1) (1.3) (0.4) (0.3)
WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE - -------------------------------------------------------------------------------- BRAZIL CORN FINANCIAL ASSUMPTIONS ($MM, EXCEPT PER UNIT PRICE AND UNITS IN OOOS)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- INCOME STATEMENT ASSUMPTIONS Total Market in Hectors 12,000 12,500 13,000 13,500 14,000 14,200 14,400 14,600 14,800 15,000 Mycogen % of Market Share 11.0% 13.0% 15.0% 17.0% 18.0% 19.0% 21.0% 25.0% 27.0% 29.0% -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Mycogen Units 1,320 1,625 1,950 2,295 2,520 2,698 3,024 3,650 3,996 4,350 Unit Selling Price $40.00 $40.40 $40.80 $41.21 $41.62 $42.04 $42.46 $42.89 $43.31 $43.75 Sales Growth 24.3% 21.2% 18.9% 10.9% 8.1% 13.2% 21.9% 10.6% 10.0% Cost per Unit $20.00 $20.16 $20.32 $20.48 $20.65 $20.81 $20.98 $21.15 $21.32 $21.49 Royalties per Unit $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- Total Cost per Unit $20.00 $20.16 $20.32 $20.48 $20.65 $20.81 $20.98 $21.15 $21.32 $21.49 COGS/Sales 50.0% 49.9% 49.8% 49.7% 49.6% 49.5% 49.4% 49.3% 49.2% 49.1% R&D/Sales 6.0% 7.0% 8.0% 9.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% Selling & Marketing/Sales 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% 12.0% G&A/Sales 14.0% 11.8% 9.5% 7.3% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% Depreciation/Assets 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% Tax Rate 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% EBITDA/Sales 18.0% 19.3% 20.7% 22.1% 23.4% 23.5% 23.6% 23.7% 23.8% 23.9% EBIT/Sales 14.1% 15.8% 17.5% 19.1% 20.5% 20.7% 20.9% 21.2% 21.4% 21.5% BALANCE SHEET ASSUMPTIONS Days Receivable 90.0 90.0 90.0 90.0 90.0 90.0 90.0 90.0 90.0 90.0 Inventory Days 180.0 180.0 180.0 180.0 180.0 180.0 180.0 180.0 180.0 180.0 Inventory Turns 2.0x 2.0x 2.0x 2.0x 2.0x 2.0x 2.0x 2.0x 2.0x 2.0x A/P Accruals % of Inventory 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% Capital Expenditures $1.7 $4.9 $5.2 $5.4 $5.6 $3.7 $7.0 $9.5 $6.8 $8.1 Capital Expenditure as % of Net Sales 3.2% 7.5% 6.5% 5.7% 5.4% 3.3% 5.5% 6.1% 3.9% 4.2%
WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE - -------------------------------------------------------------------------------- BRAZIL NET ASSETS PROJECTIONS ($MM)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 ------- ------- ------ ------ ------ ------ ------- ------ ------ ------ NET ASSETS CALCUATION Account Recivable 13.2 16.4 19.9 23.6 26.2 28.4 32.1 39.1 43.3 47.6 Inventories 13.2 16.4 19.8 23.5 26.0 28.1 31.7 38.6 42.6 46.7 A/P & Accruals (4.4) (5.4) (6.5) (7.8) (8.6) (9.3) (10.5) (12.7) (14.1) (15.4) Net Working Capital $22.0 $27.4 $33.2 $39.4 $43.7 $47.2 $ 53.4 $ 65.0 $ 71.8 $ 78.9 PP&E 21.0 24.0 27.0 30.0 33.0 34.0 38.0 44.0 47.0 51.0 Intangible Asets 9.3 8.9 8.5 8.1 7.7 7.3 6.9 6.5 6.1 5.7 NET ASSETS $52.3 $60.3 $68.6 $77.5 $84.3 $88.4 $ 98.2 $115.5 $124.9 $135.5 Total Operating Income $ 6.4 $ 6.7 $ 8.4 $11.8 $17.5 $24.2 $ 36.8 $ 64.9 $103.5 $149.7 Less: Taxes Paid (2.1) (2.2) (2.8) (3.9) (5.8) (8.0) (12.1) (21.4) (34.2) (49.4) Plus: D&A 2.1 2.3 2.6 2.8 3.0 3.1 3.4 3.9 4.2 4.5 Less: Capital Expenditure (1.7) (4.9) (5.2) (5.4) (5.6) (3.7) (7.0) (9.5) (6.8) (8.1) Less: Increase in NWC (22.0) (5.3) (5.8) (6.2) (4.3) (3.5) (6.2) (11.6) (6.8) (7.1) UNLEVERED FREE CASH FLOW ($17.4) ($3.5) ($2.8) ($0.9) $ 4.9 $12.1 $ 14.9 $ 26.2 $59.9 $89.6
WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE - -------------------------------------------------------------------------------- BRAZIL CORN INCOME STATEMENT AND NET ASSETS PROJECTIONS ($MM)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 ------- ------- ------ ------ ------- ------ ------- ------ ------ ------ Total Operating Revenue $52.8 $65.7 $79.6 $94.6 $104.9 $113.4 $128.4 $156.5 $173.1 $190.3 Cost of Goods Sold 26.4 32.8 39.6 47.0 52.0 56.1 63.4 77.2 85.2 93.5 ------- ------- ------- ------ ------- ------ ------- ------ ------ ------ GROSS PROFIT 26.4 32.9 39.9 47.6 52.8 57.3 65.0 79.4 87.9 96.8 Research & Development 3.2 4.6 6.4 8.5 10.5 11.3 12.8 15.7 17.3 19.0 Selling and Marketing 6.3 7.9 9.5 11.3 12.6 13.6 15.4 18.8 20.8 22.8 General & Administrative 7.4 7.7 7.6 6.9 5.2 5.7 6.4 7.8 8.7 9.5 ------- ------- ------- ------ ------- ------ ------- ------ ------ ------ 16.9 20.2 23.5 26.7 28.3 30.6 34.7 42.3 46.7 51.4 EBITDA 9.5 12.7 16.5 20.9 24.5 26.7 30.3 37.1 41.1 45.4 Depreciation 1.7 1.9 2.2 2.4 2.6 2.7 3.0 3.5 3.8 4.1 Amortization 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 ------- ------- ------- ------ ------- ------ ------- ------ ------ ------ EBIT 7.4 10.4 13.9 18.1 21.5 23.5 26.8 33.2 37.0 41.0 Contract and Other Revenue - - - - - - - - - - ------- ------- ------- ------ ------- ------ ------- ------ ------ ------ TOTAL OPERATING INCOME $7.4 $10.4 $13.9 $18.1 $21.5 $23.5 $26.8 $33.2 $37.0 $41.0 NET ASSETS CALCULATION Accounts Receivable 13.2 16.4 19.9 23.6 26.2 28.4 32.1 39.1 43.3 47.6 Inventories 13.2 16.4 19.8 23.5 26.0 28.1 31.7 38.6 42.6 46.7 A/P & Accruals (4.4) (5.4) (6.5) (7.8) (8.6) (9.3) (10.5) (12.7) (14.1) (15.4) ------- ------- ------- ------ ------- ------ ------- ------ ------ ------ Net Working Capital $22.0 $27.4 $33.2 $39.4 $43.7 $47.2 $53.4 $65.0 $71.8 $78.9 PP&E 21.1 24.0 27.0 30.0 33.0 34.0 38.0 44.0 47.0 51.0 Intangible Assets 9.3 8.9 8.5 8.1 7.7 7.3 6.9 6.5 6.1 5.7 ------- ------- ------- ------ ------- ------ ------- ------ ------ ------ NET ASSETS $52.3 $60.3 $68.6 $77.5 $84.3 $88.4 $98.2 $115.2 $124.9 $135.5 Total Operating Income $7.4 $10.4 $13.9 $18.1 $21.5 $23.5 $26.8 $33.2 $37.0 $41.0 Less: Taxes Paid (2.4) (3.4) (4.6) (6.0) (7.1) (7.8) (8.9) (10.9) (12.2) (13.5) Plus: D&A 2.1 2.3 2.6 2.8 3.0 3.1 3.4 3.9 4.2 4.5 Less: Capital Expenditure (1.7) (4.9) (5.2) (5.4) (5.6) (3.7) (7.0) (9.5) (6.8) (8.1) Less: Increase in NWC (22.0) (5.3) (5.8) (6.2) (4.3) (3.5) (6.2) (11.6) (6.8) (7.1) ------- ------- ------- ------ ------- ------ ------- ------ ------ ------ UNLEVERED FREE CASH FLOW ($16.7) ($1.0) $0.9 $3.3 $7.5 $11.7 $8.2 $5.0 $15.4 $16.8
WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE - ------------------------------------------------------------------------------ BRAZIL EARLY CORN TRAIT REVENUES AND EXPENSES ($MM, EXCEPT PER UNIT PRICE AND UNITS IN 000S)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 ----- ----- ----- ----- ----- ----- ----- ----- ------ ------ Corn Market Share 1,320 1,625 1,950 2,295 2,520 2,698 3,024 3,650 3,996 4,350 HERBICIDE RESISTANCE (THIRD PARTY) Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $5.00 $4.80 $4.60 $4.40 $4.20 $4.00 % Market Share Penetrated 0.0% 0.0% 0.0% 0.0% 5.0% 11.0% 18.0% 24.0% 30.0% 50.0% ----- ----- ----- ----- ----- ----- ----- ----- ------ ------ Revenue 0.0 0.0 0.0 0.0 0.6 1.4 2.5 3.9 5.0 8.7 SPODOPTERA (MYCOGEN) Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $21.00 $19.50 $18.00 $16.50 $15.00 % of Market Share Penetrated 0.0% 0.0% 0.0% 0.0% 3.0% 5.0% 11.0% 18.0% 24.0% 30.0% ----- ----- ----- ----- ----- ----- ----- ----- ------ ------ Revenue 0.0 0.0 0.0 0.0 0.0 2.8 6.5 11.8 15.8 19.6 ELASMOPALPOST (MYCOGEN) Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $12.00 $10.67 $9.33 $8.00 % of Market Share Penetrated 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 5.0% 13.0% 22.0% 30.0% ----- ----- ----- ----- ----- ----- ----- ----- ------ ------ Revenue 0.0 0.0 0.0 0.0 0.0 0.0 1.8 5.1 8.2 10.4 DIABROTICA (MYCOGEN) Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $25.00 $24.50 $24.00 % Market Share Penetrated 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 5.0% 8.0% 10.0% ----- ----- ----- ----- ----- ----- ----- ----- ------ ------ Revenue 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.6 7.8 10.4 HELICOVERPA (MYCOGEN) Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $24.00 $24.00 % of Market Share Penetrated 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 5.0% 5.0% ----- ----- ----- ----- ----- ----- ----- ----- ------ ------ Revenue 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4.8 5.2 MYCOGEN CORN TRAIT REV. $0.0 $0.0 $0.0 $0.0 $0.6 $4.3 $10.8 $25.3 $41.7 $54.4 Corn Trait R&D Expenses 0.6 1.3 1.7 2.3 2.1 2.3 2.3 2.5 4.2 5.4 % of Corn Seeds Sales 1.1% 2.0% 2.2% 2.4% 2.0% 2.1% 1.8% 1.6% 2.4% 2.9% Other R&D Expenses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 ----- ----- ----- ----- ----- ----- ----- ----- ------ ------ Total R&D Expense 0.6 1.3 1.7 2.3 2.1 2.3 2.3 2.5 4.2 5.4 INCOME BEFORE TAX ($0.6) ($1.3) ($1.7) ($2.3) ($1.5) $1.9 $8.5 $22.8 $37.5 $48.9 Tax @ 33.0% 0.0 0.0 0.0 0.0 0.0 (0.6) (2.8) (7.5) (12.4) (16.1) ----- ----- ----- ----- ----- ----- ----- ----- ------ ------ CASH FLOW ($0.6) ($1.3) ($1.7) ($2.3) ($1.5) $1.3 $5.7 $15.3 $25.1 $32.8 NOL Carry $0.2 $0.4 $0.6 $0.8 $0.5 $0.0 $0.0 $0.0 $0.0 $0.0
WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE - ------------------------------------------------------------------------------ BRAZIL SOYBEAN EARLY TRAITS REVENUES AND EXPENSES ($MM, EXCEPT PER UNIT PRICE AND UNITS IN 000S)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 ----- ----- ----- ----- ----- ----- ----- ----- ------ ------ Soybean Market (Hectares) 2,500 2,550 2,601 2,653 2,706 2,760 2,815 2,872 2,929 2,988 Mycogen Market Share 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% 90.0% HERBICIDE RESISTANCE (THIRD PARTY) Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $5.00 $4.75 $4.50 $4.25 $4.00 % Market Share Penetrated 0.0% 0.0% 0.0% 0.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% ----- ----- ----- ----- ----- ----- ----- ------ ------ ------ Revenue 0.0 0.0 0.0 0.0 0.0 0.1 0.2 0.3 0.4 0.5 Bt CYST (MYCOGEN) Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $12.00 $12.00 $12.00 % of Market Share Penetrated 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 2.0% 4.0% 6.0% ----- ----- ----- ----- ----- ----- ----- ------ ------ ------ Revenue 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.7 1.4 2.2 MYCOGEN SOY. TRAIT REV. $0.0 $0.0 $0.0 $0.0 $0.0 $0.1 $0.2 $1.0 $1.9 $2.7 Soy Trait R&D Expenses 0.0 0.8 1.0 1.0 1.2 0.6 0.6 0.0 0.0 0.0 % of Soya Seeds Sales 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Other R&D Expenses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 ----- ----- ----- ----- ----- ----- ----- ------ ------ ------ Total R&D Expense 0.0 0.8 1.0 1.0 1.2 0.6 0.6 0.0 0.0 0.0 INCOME BEFORE TAX ($0.0) ($0.8) ($1.0) ($1.0) ($1.2) ($0.5) ($0.4) $1.0 $1.9 $2.7 Tax @ 33.0% 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (0.3) (0.6) (0.9) ----- ----- ----- ----- ----- ----- ----- ------ ------ ------ CASH FLOW ($0.0) ($0.8) ($1.0) ($1.0) ($1.2) ($0.5) ($0.4) $0.7 $1.2 $1.8 NOL Carry $0.0 $0.3 $0.3 $0.3 $0.4 $0.2 $0.1 $0.0 $0.0 $0.0 TOTAL EARLY TRAIT CF ($0.6) ($2.1) ($2.7) ($3.3) ($2.7) $0.8 $5.3 $16.0 $26.4 $34.6
WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------ MYCOGEN VALUATION : DCF ANALYSIS - BRAZIL MODEL EXAMPLE - ------------------------------------------------------------------------------ BRAZIL OUTPUT TRAITS REVENUES AND EXPENSES ($MM, EXCEPT PER UNIT PRICE AND UNITS IN 000S)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 ------ ------ ------ ------- ------ ------ ------- ------- ------- ------- Corn Market Share 1,320 1,625 1,950 2,295 2,520 2,698 3,024 3,650 3,996 4,350 HIGH OIL/NUTRISEED' Gross Price per Hectare $0.00 $0.00 $4.80 $4.80 $4.80 $4.80 $ 4.80 $ 4.80 $ 4.80 $ 4.80 % Market Share Penetrated 0.0 % 0.0 % 0.0 % 0.0 % 5.0 % 11.0 % 18.0 % 24.0 % 30.0 % 50.0 % ------ ------ ------ ------- ------ ------ ------- ------- ------- ------- Revenue 0.0 0.0 0.0 0.0 0.6 1.4 2.6 4.2 5.8 10.4 HIGH OLEIC Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $ 9.60 $ 9.60 $ 9.60 $ 9.60 % of Market Share Penetrated 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 1.0 % 4.0 % 8.0 % 10.0 % ------ ------ ------ ------- ------ ------ ------- ------- ------- ------- Revenue 0.0 0.0 0.0 0.0 0.0 0.0 0.3 1.4 3.1 4.2 LOW PHYTATE Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $19.20 $19.20 $14.40 $12.00 % Market Share Penetrated 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 1.0 % 3.0 % 6.0 % 9.0 % 12.0 % ------ ------ ------ ------- ------ ------ ------- ------- ------- ------- Revenue 0.0 0.0 0.0 0.0 0.0 0.5 1.7 3.2 5.2 6.3 FORAGE PROTEIN MODIFICATION Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $ 0.00 $ 0.00 $36.00 % of Market Share Penetrated 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 2.0 % ------ ------ ------ ------- ------ ------ ------- ------- ------- ------- Revenue 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.1 GREEN GENE- INCREASED BIOMASS Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $ 0.00 $24.00 $24.00 % of Market Share Penetrated 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 3.0 % 10.0 % ------ ------ ------ ------- ------ ------ ------- ------- ------- ------- Revenue 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 2.9 10.4 Soybean Market 1,320 1,625 1,950 2,295 2,520 2,698 3,024 3,650 3,996 4,350 F.MT/Mycogen Share 90.0 % 90.0 % 90.0 % 90.0 % 90.0 % 90.0 % 90.0 % 90.0 % 90.0 % 90.0 % HIGH NUTRITION PROTEIN (DEMETER) Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $ 0.00 $72.00 $72.00 % Market Share Penetrated 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 5.0 % 10.0 % ------ ------ ------ ------- ------ ------ ------- ------- ------- ------- Revenue 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 14.4 31.3 MYCOGEN TRAIT REV. $0.0 $0.0 $0.0 $0.0 $0.6 $1.9 $4.6 $ 8.8 $31.3 $65.8 Corn Output R&D 0.4 1.0 1.7 2.2 1.5 1.5 1.7 0.9 3.1 6.6 % of Seeds Sales 0.8 % 1.5 % 2.1 % 2.3 % 1.4 % 1.3 % 1.3 % 0.6 % 1.8 % 3.5 % Soybean R&D 0.0 0.4 0.6 0.4 0.2 0.6 0.6 0.0 1.2 2.5 INCOME BEFORE TAX ($0.4) ($1.4) ($2.3) ($2.6) ($1.1) ($0.2) $2.4 $7.9 $27.0 $56.7 Tax @ 33.0% 0.0 0.0 0.0 0.0 0.0 0.0 (0.8) (2.6) (8.9) (18.7) ------ ------ ------ ------- ------ ------ ------- ------- ------- ------- CASH FLOW ($0.4) ($1.4) ($2.3) ($2.6) ($1.1) ($0.2) $1.6 $5.3 $18.8 $38.0 NOL Carry $0.1 $0.5 $0.8 $0.9 $0.4 $0.1 $0.0 $ 0.0 $ 0.0 $ 0.0 Corn Output CF ($0.4) ($1.4) ($2.3) ($2.6) ($1.1) ($0.2) $1.6 $ 5.3 $ 8.4 $17.0 Soybean Output CF $ 0.0 ($0.4) ($0.6 ($0.4) ($0.2) ($0.6) ($0.6) $ 0.0 $ 8.9 $19.3
MYCOGEN VALUATION : DCF ANALYSIS - BRAZIL MODEL EXAMPLE - ------------------------------------------------------------------------------ BRAZIL OUTPUT TRAITS REVENUES AND EXPENSES ($MM, EXCEPT PER UNIT PRICE AND UNITS IN 000S)
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 ------ ------ ------ ------- ------ ------ ------- ------- ------- ------- Corn Market Share 392 461 536 617 703 710 718 725 733 740 MOLD MYCOTOXIN Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $12.00 $12.00 % Market Share Penetrated 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.2 % 5.0 % ------ ------ ------ ------- ------ ------ ------- ------- ------- ------- Revenue 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.2 0.4 Brazil Soyabean Market 2,500 2,500 2,601 2,653 2,706 2,760 2,815 2,872 2,929 2,988 F.MT/Mycogen Share 90.0 % 90.0 % 90.0 % 90.0 % 90.0 % 90.0 % 90.0 % 90.0 % 90.0 % 90.0 % SOYBEAN DISEASE I Gross Price per Hectare $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 % of Market Share Penetrated 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 10.0 % 20.0 % 30.0 % 40.0 % 50.0 % ------ ------ ------ ------- ------ ------ ------- ------- ------- ------- Revenue 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 CORN TRAIT REVENUE $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.2 $0.4 SOYABEAN TRAIT REVENUE 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 ------ ------ ------ ------- ------ ------ ------- ------- ------- ------- MYCOGEN DISEASE TRAIT TRAIT REV. $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.2 $0.4 Corn Trait R&D Expenses 0.0 0.0 0.0 0.0 0.0 0.6 0.6 0.0 0.0 0.0 % of Corn Seeds Sales 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.5 % 0.5 % 0.0 % 0.2 % 5.0 % Soyabean Trait R&D Expenses 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 ------ ------ ------ ------- ------ ------ ------- ------- ------- ------- R&D Expense (with Alloc.) 0.0 0.2 0.5 0.3 0.2 0.6 0.6 0.0 0.0 0.0 INCOME BEFORE TAX $0.0 ($0.2) ($0.5) ($0.3) ($0.2) ($0.6) ($0.6) $0.0 $0.2 $0.4 Tax @ 33.0% 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 (0.1) (0.1) ------ ------ ------ ------- ------ ------ ------- ------- ------- ------- CASH FLOW $0.0 ($0.2) ($0.5) ($0.3) ($0.2) ($0.6) ($0.6) $0.0 $0.2 $0.5 NOL Carry $0.0 $0.1 $0.2 $0.1 $0.1 $0.2 $0.2 $0.0 $0.0 $0.0
MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE - ------------------------------------------------------------------------------- BRAZIL CORN DISCOUNTED CASH FLOW ANALYSIS
- ------------------ ---------------------------------------------------------- DISCOUNT RATE TERMINAL MULTIPLE OF YEAR 2007 OPERATING INCOME - ------------------ ----------------------------------------------------------- 6.0x 8.0x 10.0x 12.0x ----------- ----------- ----------- ----------- 11.0% PV of Free Cash Flow $15.7 $15.7 $15.7 $15.7 PV of Terminal Multiple 86.6 115.4 144.3 173.1 ----------- ----------- ----------- ----------- Enterprise Value $102.3 $131.2 $160.0 $188.9 Less: Net Debt 0.0 0.0 0.0 0.0 ----------- ----------- ----------- ----------- EQUITY VALUE $102.3 $131.2 $160.0 $188.9 IMPLIED PERPETUITY GROWTH 3.9% 5.6% 6.6% 7.3% % VALUE FROM TERMINAL MULT. 84.6% 88.0% 90.2% 91.7% 16.0% PV of Free Cash Flow $7.9 $7.9 $7.9 $7.9 PV of Terminal Multiple 55.7 74.3 92.9 111.4 ----------- ----------- ----------- ----------- Enterprise Value $63.7 $82.2 $100.8 $119.4 Less: Net Debt 0.0 0.0 0.0 0.0 ----------- ----------- ----------- ----------- EQUITY VALUE $63.7 $82.2 $100.8 $119.4 IMPLIED PERPETUITY GROWTH 8.6% 10.4% 11.4% 12.2% % VALUE FROM TERMINAL MULT. 87.5% 90.3% 92.1% 93.4% 21.0% PV of Free Cash Flow $2.7 $2.7 $2.7 $2.7 PV of Terminal Multiple 36.5 48.7 60.9 73.1 ----------- ----------- ----------- ----------- Enterprise Value $39.3 $51.4 $63.6 $75.8 Less: Net Debt 0.0 0.0 0.0 0.0 ----------- ----------- ----------- ----------- EQUITY VALUE $39.3 $51.4 $63.6 $75.8 IMPLIED PERPETUITY GROWTH 13.3% 15.1% 16.2% 17.0% % VALUE FROM TERMINAL MULT. 93.1% 94.7% 95.7% 96.4%
------------------------------------------------------------- SELECTED EQUITY VALUE RANGE $39 - $189 ------------------------------------------------------------- WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE - ------------------------------------------------------------------------------- BRAZIL EARLY TRAIT DISCOUNTED CASH FLOW ANALYSIS
- ------------------ ----------------------------------------------------------- DISCOUNT RATE YEAR 2007 CASH FLOW GROWTH RATE - ------------------ ----------------------------------------------------------- 8.0% 10.0% 12.0% 14.0% ----------- ----------- ----------- ----------- 20.0% PV of Free Cash Flow $9.9 $9.9 $9.9 $9.9 PV of Terminal Multiple 50.3 61.5 78.2 106.1 ----------- ----------- ----------- ----------- Enterprise Value $60.2 $71.4 $88.1 $116.1 Less: Net Debt 0.0 0.0 0.0 0.0 ----------- ----------- ----------- ----------- EQUITY VALUE $60.2 $71.4 $88.1 $116.1 IMPLIED PERPETUITY GROWTH 8.0% 10.0% 12.0% 14.0% % VALUE FROM TERMINAL MULT. 83.5% 86.1% 88.7% 91.5% 25.0% PV of Free Cash Flow $5.8 $5.8 $5.8 $5.8 PV of Terminal Multiple 23.6 27.2 32.0 38.5 ----------- ----------- ----------- ----------- Enterprise Value $29.4 $33.0 $37.8 $44.3 Less: Net Debt 0.0 0.0 0.0 0.0 ----------- ----------- ----------- ----------- EQUITY VALUE $29.4 $33.0 $37.8 $44.3 IMPLIED PERPETUITY GROWTH 8.0% 10.0% 12.0% 14.0% % VALUE FROM TERMINAL MULT. 80.4% 82.5% 84.7% 87.0% 30.0% PV of Free Cash Flow $3.1 $3.1 $3.1 $3.1 PV of Terminal Multiple 12.3 13.8 15.6 17.9 ----------- ----------- ----------- ----------- Enterprise Value $15.4 $16.9 $18.7 $21.0 Less: Net Debt 0.0 0.0 0.0 0.0 ----------- ----------- ----------- ----------- EQUITY VALUE $15.4 $16.9 $18.7 $21.0 IMPLIED PERPETUITY GROWTH 8.0% 10.0% 12.0% 14.0% % VALUE FROM TERMINAL MULT. 79.9% 81.6% 83.4% 85.2%
------------------------------------------------------------- SELECTED EQUITY VALUE RANGE $15 - $116 ------------------------------------------------------------- WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE - ------------------------------------------------------------------------------- BRAZIL OUTPUT TRAITS DISCOUNTED CASH FLOW ANALYSIS
- ------------------ ------------------------------------------------ DISCOUNT RATE YEAR 2007 CASH FLOW GROWTH RATE - ------------------ ------------------------------------------------ 1.0% 1.5% 2.0% 2.5% -------- -------- -------- -------- 25.0% PV of Free Cash Flow $3.9 $3.9 $3.9 $3.9 PV of Terminal Multiple 17.2 17.6 18.1 18.6 -------- -------- -------- -------- Enterprise Value $21.0 $21.5 $21.9 $22.4 Less: Net Debt 0.0 0.0 0.0 0.0 -------- -------- -------- -------- EQUITY VALUE $21.0 $21.5 $21.9 $22.4 IMPLIED PERPETUITY GROWTH 1.0% 1.5% 2.0% 2.5% % VALUE FROM TERMINAL MULT. 81.7% 82.0% 82.4% 82.8% 35.0% PV of Free Cash Flow $0.7 $0.7 $0.7 $0.7 PV of Terminal Multiple 5.6 5.7 5.8 6.0 -------- -------- -------- -------- Enterprise Value $6.3 $6.4 $6.6 $6.7 Less: Net Debt 0.0 0.0 0.0 0.0 -------- -------- -------- -------- EQUITY VALUE $6.3 $6.4 $6.6 $6.7 IMPLIED PERPETUITY GROWTH 1.0% 1.5% 2.0% 2.5% % VALUE FROM TERMINAL MULT. 88.7% 88.9% 89.1% 89.3% 45.0% PV of Free Cash Flow ($0.5) ($0.5) ($0.5) ($0.5) PV of Terminal Multiple 2.1 2.2 2.2 2.2 -------- -------- -------- -------- Enterprise Value $1.6 $1.6 $1.7 $1.7 Less: Net Debt 0.0 0.0 0.0 0.0 -------- -------- -------- -------- EQUITY VALUE $1.6 $1.6 $1.7 $1.7 IMPLIED PERPETUITY GROWTH 1.0% 1.5% 2.0% 2.5% % VALUE FROM TERMINAL MULT. 133.0% 132.3% 131.6% 131.0%
------------------------------------------------ SELECTED EQUITY VALUE RANGE $2 - $22 ------------------------------------------------ WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE - ------------------------------------------------------------------------------- BRAZIL DISEASE RESISTANCE DISCOUNTED CASH FLOW ANALYSIS
- ------------------ ------------------------------------------------ DISCOUNT RATE YEAR 2007 CASH FLOW GROWTH RATE - ------------------ ------------------------------------------------ 25.0% 27.0% 29.0% 31.0% -------- -------- -------- -------- 40.0% PV of Free Cash Flow ($0.5) ($0.5) ($0.5) ($0.5) PV of Terminal Multiple 0.2 0.2 0.2 0.3 -------- -------- -------- -------- Enterprise Value ($0.4) ($0.3) ($0.3) ($0.2) Less: Net-Debt 0.0 0.0 0.0 0.0 -------- -------- -------- -------- EQUITY VALUE ($0.4) ($0.3) ($0.3) ($0.2) IMPLIED PERPETUITY GROWTH 25.0% 27.0% 29.0% 31.0% % VALUE FROM TERMINAL MULT. -- -- -- -- 50.0% PV of Free Cash Flow ($0.4) ($0.4) ($0.4) ($0.4) PV of Terminal Multiple 0.0 0.0 0.0 0.0 -------- -------- -------- -------- Enterprise Value ($0.4) ($0.4) ($0.4) ($0.4) Less: Net Debt 0.0 0.0 0.0 0.0 -------- -------- -------- -------- EQUITY VALUE ($0.4) ($0.4) ($0.4) ($0.4) IMPLIED PERPETUITY GROWTH (100.0%) (100.0%) (100.0%) (100.0%) % VALUE FROM TERMINAL MULT. 0.0% 0.0% 0.0% 0.0% 60.0% PV of Free Cash Flow ($0.3) ($0.3) ($0.3) ($0.3) PV of Terminal Multiple 0.0 0.0 0.0 0.0 -------- -------- -------- -------- Enterprise Value ($0.3) ($0.3) ($0.3) ($0.3) Less: Net Debt 0.0 0.0 0.0 0.0 -------- -------- -------- -------- EQUITY VALUE ($0.3) ($0.3) ($0.3) ($0.3) IMPLIED PERPETUITY GROWTH (100.0%) (100.0%) (100.0%) (100.0%) % VALUE FROM TERMINAL MULT. 0.0% 0.0% 0.0% 0.0%
------------------------------------------------ SELECTED EQUITY VALUE RANGE ($0) - ($0) ------------------------------------------------ WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE - -------------------------------------------------------------------------------- BRAZIL CORN EARLY TRAITS DISCOUNTED CASH FLOW ANALYSIS
DISCOUNT RATE YEAR 2007 CASH FLOW GROWTH RATE - ---------------- ---------------------------------------- 8.0% 10.0% 12.0% 14.0% -------- -------- ------- ------- 20.0% PV of Free Cash Flow $11.6 $11.6 $11.6 $ 11.6 PV of Terminal Multiple 47.7 58.2 74.1 100.6 -------- -------- ------- ------- Enterprise Value $59.3 $69.9 $85.8 $112.2 Less: Net Debt 0.0 0.0 0.0 0.0 -------- -------- ------- ------- EQUITY VALUE $59.3 $69.9 $85.8 $112.2 IMPLIED PERPETUITY GROWTH 8.0% 10.0% 12.0% 14.0% % VALUE FROM TERMINAL MULT. 80.4% 83.4% 86.4% 89.6% 25.0% PV of Free Cash Flow $7.4 $7.4 $ 7.4 $ 7.4 PV of Terminal Multiple 22.4 25.8 30.3 36.5 -------- -------- ------- ------- Enterprise Value $29.7 $33.2 $37.7 $ 43.8 Less: Net Debt 0.0 0.0 0.0 0.0 -------- -------- ------- ------- EQUITY VALUE $29.7 $33.2 $37.7 $ 43.8 IMPLIED PERPETUITY GROWTH 8.0% 10.0% 12.0% 14.0% % VALUE FROM TERMINAL MULT. 75.2% 77.8% 80.5% 83.2% 30.0% PV of Free Cash Flow $ 4.6 $ 4.6 $ 4.6 $ 4.6 PV of Terminal Multiple 11.7 13.1 14.8 16.9 -------- -------- ------- ------- Enterprise Value $16.2 $17.7 $19.4 $ 21.5 Less: Net Debt 0.0 0.0 0.0 0.0 -------- -------- ------- ------- EQUITY VALUE $16.2 $17.7 $19.4 $ 21.5 IMPLIED PERPETUITY GROWTH 8.0% 10.0% 12.0% 14.0% % VALUE FROM TERMINAL MULT. 71.9% 74.1% 76.4% 78.8%
------------------------------------------------------- SELECTED EQUITY VALUE RANGE $16 - $112 ------------------------------------------------------- WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE - -------------------------------------------------------------------------------- BRAZIL SOY BEAN EARLY TRAITS DISCOUNTED CASH FLOW ANALYSIS
DISCOUNT RATE YEAR 2007 CASH FLOW GROWTH RATE - ---------------- ------------------------------------------- 8.0% 10.0% 12.0% 14.0% -------- -------- ------- ------- 25.0% PV of Free Cash Flow ($1.6) ($1.6) ($1.6) ($1.6) PV of Terminal Multiple 1.2 1.4 1.7 2.0 -------- -------- ------- ------- Enterprise Value ($0.4) ($0.2) $0.1 $0.4 Less: Net Debt 0.0 0.0 0.0 0.0 -------- -------- ------- ------- EQUITY VALUE ($0.4) ($0.2) $0.1 $0.4 IMPLIED PERPETUITY GROWTH 8.0% 10.0% 12.0% 14.0% % VALUE FROM TERMINAL MULT. (335.6%) (803.6%) 2,331.4% 489.4% 35.0% PV of Free Cash Flow ($1.3) ($1.3) ($1.3) ($1.3) PV of Terminal Multiple 0.4 0.4 0.4 0.5 -------- -------- ------- ------- Enterprise Value ($1.0) ($0.9) ($0.9) ($0.9) Less: Net Debt 0.0 0.0 0.0 0.0 -------- -------- ------- ------- EQUITY VALUE ($1.0) ($0.9) ($0.9) ($0.9) IMPLIED PERPETUITY GROWTH 8.0% 10.0% 12.0% 14.0% % VALUE FROM TERMINAL MULT. (36.5%) (41.7%) (48.3%) (57.0%) 45.0% PV of Free Cash Flow ($1.1) ($1.1) ($1.1) ($1.1) PV of Terminal Multiple 0.1 0.1 0.1 0.2 -------- -------- ------- ------- Enterprise Value ($1.0) ($1.0) ($1.0) ($0.9) Less: Net Debt 0.0 0.0 0.0 0.0 -------- -------- ------- ------- EQUITY VALUE ($1.0) ($1.0) ($1.0) ($0.9) IMPLIED PERPETUITY GROWTH 8.0% 10.0% 12.0% 14.0% % VALUE FROM TERMINAL MULT. (13.0%) (14.2%) (15.5%) (17.0%)
------------------------------------------------------- SELECTED EQUITY VALUE RANGE ($1) - $0 ------------------------------------------------------- WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE - -------------------------------------------------------------------------------- BRAZIL CORN OUTPUT TRAITS DISCOUNTED CASH-FLOW ANALYSIS
- ------------------ ------------------------------------------------ DISCOUNT RATE YEAR 2007 CASH FLOW GROWTH RATE - ------------------ ------------------------------------------------ 1.0% 1.5% 2.0% 2.5% -------- -------- -------- -------- 25.0% PV of Free Cash Flow $0.3 $0.3 $0.3 $0.3 PV of Terminal Multiple 7.7 7.9 8.1 8.3 -------- -------- -------- -------- Enterprise Value $8.0 $8.2 $8.4 $8.6 Less: Net-Debt 0.0 0.0 0.0 0.0 -------- -------- -------- -------- EQUITY VALUE $8.0 $8.2 $8.4 $8.6 IMPLIED PERPETUITY GROWTH 1.0% 1.5% 2.0% 2.5% % VALUE FROM TERMINAL MULT. 96.2% 96.2% 96.3% 96.4% 35.0% PV of Free Cash Flow ($1.0) ($1.0) ($1.0) ($1.0) PV of Terminal Multiple 2.5 2.6 2.6 2.7 -------- -------- -------- -------- Enterprise Value $1.5 $1.6 $1.6 $1.7 Less: Net Debt 0.0 0.0 0.0 0.0 -------- -------- -------- -------- EQUITY VALUE $1.5 $1.6 $1.6 $1.7 IMPLIED PERPETUITY GROWTH 1.0% 1.5% 2.0% 2.5% % VALUE FROM TERMINAL MULT. 163.5% 161.4% 159.5% 157.6% 45.0% PV of Free Cash Flow ($1.4) ($1.4) ($1.4) ($1.4) PV of Terminal Multiple 0.9 1.0 1.0 1.0 -------- -------- -------- -------- Enterprise Value ($0.4) ($0.4) ($0.4) ($0.4) Less: Net Debt 0.0 0.0 0.0 0.0 -------- -------- -------- -------- EQUITY VALUE ($0.4) ($0.4) ($0.4) ($0.4) IMPLIED PERPETUITY GROWTH 1.0% 1.5% 2.0% 2.5% % VALUE FROM TERMINAL MULT. (221.7%) (234.0%) (247.5%) (262.5%)
------------------------------------------------ SELECTED EQUITY VALUE RANGE ($0) - $9 ------------------------------------------------ WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN VALUATION: DCF ANALYSIS - BRAZIL MODEL EXAMPLE - -------------------------------------------------------------------------------- BRAZIL SOYBEAN OUTPUT TRAITS DISCOUNTED CASH FLOW ANALYSIS
- ------------------ ------------------------------------------------ DISCOUNT RATE YEAR 2007 CASH FLOW GROWTH RATE - ------------------ ------------------------------------------------ 1.0% 1.5% 2.0% 2.5% -------- -------- -------- -------- 25.0% PV of Free Cash Flow $2.2 $2.2 $2.2 $2.2 PV of Terminal Multiple 8.7 9.0 9.2 21.5 # -------- -------- -------- -------- Enterprise Value $10.9 $11.1 $11.4 $23.7 Less: Net-Debt 0.0 0.0 0.0 0.0 -------- -------- -------- -------- EQUITY VALUE $10.9 $11.1 $11.4 $23.7 IMPLIED PERPETUITY GROWTH 1.0% 1.5% 2.0% 14.0% % VALUE FROM TERMINAL MULT. 80.0% 80.5% 80.9% 90.8% 35.0% PV of Free Cash Flow $0.7 $0.7 $0.7 $0.7 PV of Terminal Multiple 2.9 2.9 3.0 5.2 -------- -------- -------- -------- Enterprise Value $3.6 $3.7 $3.7 $6.0 Less: Net Debt 0.0 0.0 0.0 0.0 -------- -------- -------- -------- EQUITY VALUE $3.6 $3.7 $3.7 $6.0 IMPLIED PERPETUITY GROWTH 1.0% 1.5% 2.0% 14.0% % VALUE FROM TERMINAL MULT. 79.2% 79.6% 79.9% 87.5% 45.0% PV of Free Cash Flow $0.2 $0.2 $0.2 $0.2 PV of Terminal Multiple 1.1 1.1 1.1 1.7 -------- -------- -------- -------- Enterprise Value $1.2 $1.3 $1.3 $1.9 Less: Net Debt 0.0 0.0 0.0 0.0 -------- -------- -------- -------- EQUITY VALUE $1.2 $1.3 $1.3 $1.9 IMPLIED PERPETUITY GROWTH 1.0% 1.5% 2.0% 14.0% % VALUE FROM TERMINAL MULT. 87.1% 87.3% 87.5% 91.5%
------------------------------------------------ SELECTED EQUITY VALUE RANGE $1 - $24 ------------------------------------------------ WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN VALUATION: SUMMARY OF BUSINESS UNITS - -------------------------------------------------------------------------------- ELEMENTS OF PROJECTED BUSINESS VALUATION
BUSINESS CROP TRAIT GEOGRAPHICAL REGION - -------- ---- ----- ------------------- N. AMERICA ARGENTINA BRAZIL OTHER - ---------------------------------------------------------------------------------------------------------- Biopesticides -- -- X SoilServ -- -- X Conventional Seed Corn -- X X X Soybeans -- X Sunflower -- X Sorghum -- X Alfalfa -- X Early Traits (Herbicide Resistance) Corn RR/LL X X X Sunflower RR/LL X Soybean LL X Sorghum RR/LL X Early Traits (Insect Resistance) Corn Bt176 X Corn Spodoptera X Corn Elasmopalpost X Corn Diabrotica X Corn Helicoverpa X Corn Armyworm Corn ECB/Glufosinate X X Corn CRW/Glufosinate X X Sunflower Looper X Sunflower Head Moth X Sunflower Seed Weevil X Soybean Cyst X X
WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN VALUATION: SUMMARY OF BUSINESS UNITS - -------------------------------------------------------------------------------- ELEMENTS OF PROJECTED BUSINESS VALUATION (CONT'D)
BUSINESS CROP TRAIT GEOGRAPHICAL REGION - -------- ---- ----- ------------------- N. AMERICA ARGENTINA BRAZIL OTHER - ------------------------------------------------------------------------------------------------------------- Sorghum Midge Greenbug Aphid Alfalfa Weevil Lepidoptera Output Corn High Oil X X X High Oil/Evt. 176 X Hi Oleic X X X Low Phytate X X X Forage Protein X X X Green Gene X X X Soyabean High Nutrition X X Sunflower High Oleic X High Palmitic X Quality Protein X X Sorghum Nutritional X Disease Resistance Corn Mold/Mycotoxin X X Sunflower Sclerotinia X X Verticilian X
WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN VALUATION: SUMMARY OF BUSINESS UNITS - -------------------------------------------------------------------------------- ELEMENTS OF PROJECTED BUSINESS VALUATION (CONT'D)
- ---------------------------------------------------------------------------------------------------------- BUSINESS CROP TRAIT GEOGRAPHICAL REGION N. AMERICA ARGENTINA BRAZIL OTHER - ---------------------------------------------------------------------------------------------------------- JV/Partner Royalties VMO Conventional Europe Early Traits Europe Output Traits Europe Cotton Conventional X X Bud/Bollworm X X Australia Boll Weevil X X and Lygus X Greece Oilseed/Humko -- X X Oilseed/DAS -- X Rice Stem Borer Japan Plant Hopper Japan Turf White Grub X Army/Cutworm X Webworm X - ----------------------------------------------------------------------------------------------------------
WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION - ------------------------------------------------------------------------------- SUMMARY OF VALUATION
- --------------------------------------------------------------------------------------------------------------------- BUSINESS CROP REGION DISCOUNT GROWTH RATE VALUATIONS GEOGRAPHIC SUB- RATE /EBIT MULTIPLE LO HI AVERAGE TOTAL TOTALS - --------------------------------------------------------------------------------------------------------------------- BIOPESTICIDES - - 10.0%-14.0% 6 - 12 $ 4 - $ 6 $ 5 $ 5 $ 5 SOILSERV - - 10.0%-14.0% 6 - 12 $ 28 - $ 47 $ 37 $ 37 $ 37 CONVEN. SEED Corn N. America 11.0%-21.0% 6 - 12 $ 44 - $ 295 $ 170 Argentina 11.0%-21.0% 6 - 12 $ 20 - $ 61 $ 41 Brazil 11.0%-21.0% 6 - 12 $ 39 - $ 189 $ 114 Soybeans N. America 11.0%-21.0% 6 - 12 $ (20)- $ 36 $ 8 Brazil 11.0%-21.0% 6 - 12 $ 0 - $ 0 $ 0 Sorghum N. America 11.0%-21.0% 6 - 12 $ 4 - $ 16 $ 10 Alfalfa N. America 11.0%-21.0% 6 - 12 $ (2)- $ 11 $ 5 Sunflower N. America 11.0%-21.0% 6 - 12 $ (4)- $ (5) $ (4) Argentina 11.0%-21.0% 6 - 12 $ 7 - $ 25 $ 16 All N. America 11.0%-21.0% 6 - 12 $ 29 - $ 361 $ 195 Argentina 11.0%-21.0% 6 - 12 $ 25 - $ 86 $ 55 Brazil 11.0%-21.0% 6 - 12 $ 39 - $ 189 $ 114 TOTAL CONVENTIONAL SEED $ 364 EARLY/INPUT TRAITS Corn N. America 20.0%-30.0% 8.0% - 14.0% $ 42 - $ 255 $ 148 Argentina 20.0%-30.0% 8.0% - 14.0% $ (0)- $ 14 $ 7 Brazil 20.0%-30.0% 8.0% - 14.0% $ 16 - $ 112 $ 64 Soybeans N. America 25.0%-45.0% 8.0% - 14.0% $ 10 - $ 59 $ 34 Brazil 25.0%-45.0% 8.0% - 14.0% $ (1)- $ 0 $ (30) Sunflower N. America 20.0%-30.0% 8.0% - 14.0% $ (2)- $ (0) $ (1) Argentina 20.0%-30.0% 8.0% - 14.0% $ (2)- $ 9 $ 4 All N. America 20.0%-30.0% 8.0% - 14.0% $ 68 - $ 390 $ 229 Argentina 20.0%-30.0% 8.0% - 14.0% $ 2 - $ 23 $ 10 Brazil 20.0%-30.0% 8.0% - 14.0% $ 15 - $ 116 $ 66 TOTAL EARLY TRAITS $ 305 OUTPUT TRAITS Corn N. America 25.0%-45.0% 1.0% - 2.5% $ (1)- $ 14 $ 6 Argentina 25.0%-45.0% 8.0% - 14.0% $ (2)- $ (0) $ (1) Brazil 25.0%-45.0% 1.0% - 2.5% $ (0)- $ 9 $ 4 Soybean N. America 25.0%-45.0% 1.0% - 2.5% $ 34 - $ 225 $ 129 Brazil 25.0%-45.0% 1.0% - 2.5% $ 1 - $ 24 $ 12 Sunflower N. America 25.0%-45.0% 1.0% - 2.5% $ 1 - $ 7 $ 4 Argentina 25.0%-45.0% 8.0% - 14.0% $ 4 - $ 31 $ 17 All N. America 25.0%-45.0% 1.0% - 2.5% $ 34 - $ 245 $ 140 Argentina 25.0%-45.0% 8.0% - 14.0% $ 2 - $ 30 $ 16 Brazil 25.0%-45.0% 1.0% - 2.5% $ 2 - $ 22 $ 12 TOTAL OUTPUT TRAITS $ 168 DISEASE RESISTANCE N. America 40.0%-60.0% 25.0% - 31.0% $ (2)- $ 1 $ (0) $ (0) Argentina 40.0%-60.0% 25.0% - 31.0% $ 0 - $ 2 $ 1 $ 1 Brazil 40.0%-60.0% 25.0% - 31.0% $ (0)- $ (0) $ (0) $ (0) TOTAL DISEASE RESISTANCE $ 1 JV/ROYALTIES VMO Conventional Seed 11.0%-21.0% 6 - 12 $ 5 - $ 13 $ 9 Early/Input Traits 15.0%-25.0% 0.0% - 1.5% $ (1)- $ (2) $ (2) Output Traits 25.0%-45.0% 14.0% - 20.0% $ 0 - $ 15 $ 8 Disease-Res. 40.0%-60.0% 25.0% - 31.0% $ (0)- $ 1 $ 0 TOTAL VMO $ 4 $ 27 $ 15 $ 15 JG Boswell Cotton 10.0%-12.0% 6 - 12 $ 58 - $ 100 $ 79 $ 79 $ 79 Humko Oilseed N. America 10.0%-14.0% 8 - 14 $ 0 - $ 0 $ 0 $ 0 Argentina 10.0%-14.0% 8 - 14 $ 2 - $ 3 $ 3 $ 3 TOTAL OILSEED $ 0 - $ 0 $ 3 DAS Canada Canola 10.0%-14.0% 4 - 10 $ 19 - $ 40 $ 29 $ 29 $ 29 PHB Bt Royalties 20.0%-30.0% $ 31 - $ 38 $ 34 $ 34 $ 34 Other Partner Royalties 20.0%-30.0% 0.0% - 1.5% $ 8 - $ 20 $ 14 $ 14 $ 14 Other Pests/Crops 30.0%-50.0% 14.0% - 20.0% $ 24 - $ 238 $ 131 $ 131 $ 131 Disease Resistance - All Other Crops 40.0%-60.0% 25.0% - 31.0% $ 80 - $ 313 $ 196 $ 196 $ 196 - Rice (Japan Tobacco) 30.0%-50.0% 14.0% - 20.0% $ (2) - $ 8 $ 3 $ 3 $ 3 MISCELLANEOUS NOL-Current (est) $ 50 - $ 70 $ 60 $ 60 NOL-Projected (est) $ 30 - $ 30 $ 30 $ 30 Monsanto Settlement $ 0 - $ 174 $ 87 $ 87 35% in Verneuil (est.) $ 33 - $ 66 $ 50 $ 50 Bt FTO 30.0%-50.0% $ 101 - $ 179 $ 140 $ 140 Net Debt $ (75)- $ (75) $ (75) $ (75) $ (75) $ 363 ------ ------ ------ ------ ------ TOTAL $ 809 $2,199 $1,624 $1,674 $1,674 Shares Outstanding (MM) 36.11 VALUE/SHARE $22.41 $60.91 $44.99 $46.37 - --------------------------------------------------------------------------------------------------------------------
WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN VALUATION: DCF ANALYSIS - ------------------------------------------------------------------------------- VALUATION OF BUSINESS Pie Chart of Conventional Seed Contribution to Value North America 53.6% Brazil 31.3% Argentina 15.1%
Pie Chart of Early Traits Contribution to Value North America 75.1% Brazil 21.6% Argentina 3.3%
Pie Chart of Output Traits Contribution to Value North America 83.4% Brazil 7.1% Argentina 9.5%
BAR CHART Conventional Seed Corn $ 325 Soybean 8 Sunflower 12 Other 15 ------ Total $ 360 Early Traits Corn $ 219 Soybean 34 Sunflower 3 ------ Total $ 256 Output Traits Corn $ 9 Soybean 141 Sunflower 21 ------ Total $ 171 Disease Resistance (All Crops) New $ 193 Current 1 ------ Total $ 194 Other Businesses Biopesticides $ 5 Soil Serv. 37 ------ Total $ 42 Current JV Humko $ 3 Boswell 79 VMO 15 ------ Total $ 97 DAS Collaboration Rice/Japan Tobacco $ 3 Canola/ DAS Canola 29 ------ Total $ 32 Royalties Other Partners $ 14 Pioneer Bt 34 ------ Total $ 48 New Pest-Resistant Crops Total $ 131 Operating Value Total $1,331 NOL Projected $ 29 Current 65 ------ Total $ 90 Monsanto Settlement Total $ 87 35% Stake in Verneuil Total $ 50 Bt FTO Fees Total $ 140 Net Debt Total $ (75) Total Value Total $1,624 Miscellaneous Items $ 292 VALUATION/SHARE $44.99
WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION - -------------------------------------------------------------------------------- ------------------------------- VALUATION: COMPARABLE COMPANY TRADING ANALYSIS ------------------------------- WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: COMPARABLE COMPANY TRADING ANALYSIS - -------------------------------------------------------------------------------- SELECTED SEED COMPARABLE COMPANIES ANALYSIS TRADING STATISTICS
CURRENT EQUITY ADJUSTED PRICE/EARNINGS EST. 3-5 98E P/E/ PRICE MARKET MARKET -------------- YR. EPS 3-5 YEAR PRICE/ COMPANY 6/22/98 VALUE VALUE 1997 1998E GTH. EPS GTH(1) BOOK - ---------- ------- -------- -------- ---- ----- --------- ---------- ------ (IN $) (IN $MM) (IN $MM) (%) (%) (%) (%) (%) Mycogen 23.38 894.4 908.0 NM NM 22.5 NM 4.3 Pioneer Hi-Bred 39.00 9,525.3 9,044.3 39.6 34.0 15.0 2.27 8.2 Dekalb Genetics 94.19 3,372.4 3,482.4 117.0 120.8 25.0 4.83 15.1 Delta & Pine Land 44.44 1,742.8 1,818.6 90.0 69.4 30.0 2.31 22.2 Agribiotech (1) 28.63 966.9 965.5 NM 119.3 40.0 2.98 12.0 ---------------------------------------------------------- Mean 82.2 85.9 27.5 3.10 14.4 Median 90.0 94.4 27.5 2.65 13.6 High 117.0 120.8 40.0 4.83 22.2 Low 39.6 34.0 15.0 2.27 8.2 ---------------------------------------------------------- ADJUSTED MARKET VALUE/ ------------------------------------------------------------------------------------- Net Debt/ 1997 LTM 1998E 1999E 1997 LTM 1998E 1999E 1997 LTM 1998E 1999E MARKET COMPANY SALES SALES SALES SALES EBITDA EBITDA EBITDA EBITDA EBIT EBIT EBIT EBIT CAP. - ---------- ----- ----- ----- ----- ------ ------ ------ ------ ---- ---- ----- ----- --------- (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Mycogen 4.30 4.24 3.87 3.67 NM NM 81.1 90.8 NM NM NM NM 1.5 Pioner Hi-Bred 5.07 4.99 4.67 4.36 20.0 20.1 17.4 14.8 24.9 25.3 20.9 17.4 (5.1) Dekalb Genetics 7.71 7.43 7.30 6.57 57.0 54.9 56.2 44.6 73.6 71.5 74.1 58.0 3.3 Delta & Pine Land 9.92 9.42 6.86 5.13 48.9 47.4 32.0 21.6 56.6 56.3 35.8 23.2 4.3 Agribiotech (1) 3.48 3.48 3.79 1.89 84.2 84.2 84.5 32.8 NM NM NM 37.0 (O.1) ------------------------------------------------------------------------------------------------------------ Mean 6.55 6.33 5.65 4.49 52.5 51.7 47.5 28.5 51.7 51.0 43.6 33.9 0.6 Median 6.39 6.21 5.76 4.74 53.0 51.2 44.1 27.2 56.6 56.3 35.8 30.1 1.6 High 9.92 9.42 7.30 6.57 84.2 84.2 84.5 44.6 73.6 71.5 74.1 58.0 4.3 Low 3.48 3.48 3.79 1.89 20.0 20.1 17.4 14.8 24.9 25.3 20.9 17.4 (5.1) ------------------------------------------------------------------------------------------------------------
OPERATING STATISTICS
TOTAL REVENUES ------------------------ EBITDA MARGIN EBIT MARGIN LTM 97/96% 98E/97% ---------------------------- ---------------------------- COMPANY AMOUNT GROWTH GROWTH 1997 LTM 1998E 1999E 1997 LTM 1998E 1999E - ------------ --------- ------ ------ ---- ----- ----- ----- ---- ----- ----- ----- (In $ MM) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Mycogen 214 35.6 11.2 3.4 2.0 4.8 4.0 NM NM NM 0.0 Pioneer Hi-Bred 1,811 3.7 8.7 25.3 24.8 26.8 29.4 20.3 19.8 22.4 25.1 Dekalb Genetics 469 16.5 5.7 13.5 13.5 13.0 14.7 10.5 10.4 9.9 11.3 Delta & Pine Land 193 19.6 44.8 20.3 19.9 21.4 23.8 17.5 16.7 19.1 22.1 Agribiotech (1) 277 NA (8.1) 4.1 4.1 4.5 5.8 2.1 2.1 3.4 5.1 ----------------------------------------------------------------------------------------- Mean 13.2 12.8 15.8 15.6 16.4 18.4 12.6 12.3 13.7 15.9 Median 16.5 7.2 16.9 16.7 17.2 19.2 14.0 13.6 14.5 16.7 High 19.6 44.8 25.3 24.8 26.8 29.4 20.3 19.8 22.4 25.1 Low 3.7 (8.1) 4.1 4.1 4.5 5.8 2.1 2.1 3.4 5.1 ----------------------------------------------------------------------------------------- NET INCOME MARGIN R&D/TOTAL REVENUES ------------------------------------ ----------------------------------- 1997 LTM 1998E 1999E 1997 1998E 1999E -------- ------ ----- ------- -------- --------- -------- (%) (%) (%) (%) (%) (%) (%) Mycogen NM NM NM NM 11.4 NA NA Pioneer Hi-Bred 13.6 12.9 15.0 16.9 8.2 7.7 7.8 Dekalb Genetics 6.4 6.9 6.1 7.1 12.7 12.6 15.1 Delta & Pine Land 10.7 10.1 10.1 11.8 7.4 6.1 4.7 Agribiotech (1) NM NM 1.9 2.3 NA NA NA ------------------------------------------------------------- Mean 10.2 10.0 8.3 9.5 9.4 1.8 9.3 Median 10.7 10.1 8.1 9.4 8.2 7.7 7.8 High 13.6 12.9 15.0 16.9 12.7 12.6 15.1 Low 6.4 6.9 1.9 2.3 7.4 6.1 4.7 -------------------------------------------------------------
- ----------------------- 1997 data refers to FYE 8/31/97, etc. All means and medians exclude Mycogen. Currency are converted at current exchange rates. EPS projections are based on I/B/E/S consensus; other projections are based on selected brokers' research. When not available, depreciation and amortization are estimated as a percentage of sales based on the latest released data. When not available, LTM data is based on selected brokers' research. (1) Represents ratio of the 1998E P/E ratio to the estimated 3-5 year earnings growth rate. (2) Agribiotech fiscal year end 6/30. LTM data represents financials for 1997 fiscal year end pro forma for acquisitions. EBITDA estimated per analyst projections of D&A margins. WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: COMPARABLE COMPANY TRADING ANALYSIS - -------------------------------------------------------------------------------- SELECTED AG-BIOTECHNOLOGY COMPARABLE COMPANIES ANALYSIS FOR FISCAL YEAR 1994-1997
EBITDA MARGIN EBIT MARGIN ------------------------------------ ------------------------------------ 1994 1995 1996 1997 1994 1995 1996 1997 ---- ---- ---- ---- ---- ---- ---- ---- Mycogen (5.3%) (5.8%) (8.7%) 3.4% (11.0%) (13.7%) (14.5%) (1.3%) Pioneer Hi-Bred 25.4% 23.1% 24.6% 25.3% 20.4% 18.3% 20.2% 20.3% Dekalb Genetics 10.2% 11.1% 11.4% 13.5% 6.6% 7.6% 8.5% 10.5% Delta & Pine Land 19.3% 22.5% 20.4% 20.3% 16.1% 19.4% 17.7% 17.5% Agribiotech (1) NM (27.0%) (9.0%) (0.7%) NM (29.9%) (11.2%) (2.4%) ---------------------------------------------------------------------------------------- MEAN 18.3% 7.4% 11.8% 14.6% 14.4% 3.8% 8.8% 11.5% MEDIAN 19.3% 16.8% 15.9% 16.9% 16.1% 12.9% 13.1% 14.0% ---------------------------------------------------------------------------------------- NET INCOME MARGIN R&D/TOTAL REVENUES ------------------------------------ ----------------------------------- 1994 1995 1996 1997 1994 1995 1996 1997 ---- ---- ---- ---- ---- ---- ---- ---- Mycogen (8.8%) (14.1%) (19.6%) (8.5%) 16.1% 18.7% 15.2% 11.4% Pioneer Hi-Bred 12.4% 11.9% 13.0% 13.6% 7.7% 8.5% 7.9% 8.2% Dekalb Genetics 3.5% 3.0% 4.4% 6.4% 13.8% 13.3% 12.3% 12.7% Delta & Pine Land 9.7% 11.1% 10.5% 10.7% 6.8% 6.7% 6.4% 7.4% Agribiotech (1) NM (29.6%) (12.8%) (4.1%) NM 1.2% 0.2% 1.8% -------------------------------------------------------------------------------------- MEAN 8.6% (0.9%) 3.8% 6.7% 9.4% 7.4% 6.7% 7.5% MEDIAN 9.7% 7.0% 7.4% 8.6% 7.7% 7.6% 7.1% 7.8% -------------------------------------------------------------------------------------- Selling/Total Revenues G & A Margin ------------------------------------ ----------------------------------- 1994 1995 1996 1997 1994 1995 1996 1997 ---- ---- ---- ---- ---- ---- ---- ---- Mycogen 22.4% 20.8% 24.3% 19.8% 14.9% 11.7% 12.7% 8.5% Pioneer Hi-Bred 22.7% 23.1% 22.2% 21.0% 8.3% 8.2% 7.5% 7.3% Dekalb Genetics 19.3% 20.2% 18.8% 18.2% 5.7% 8.1% 8.3% 7.6% Delta & Pine Land 7.2% 7.7% 6.2% 6.0% 10.1% 9.7% 6.1% 5.5% Agribiotech (1) NA NA NA NA NA NA NA NA ------------------------------------------------------------------------------------- MEAN 16.4% 17.0% 15.7% 15.1% 8.0% 8.7% 7.3% 6.8% MEDIAN 19.3% 20.2% 18.8% 18.2% 8.3% 8.2% 7.5% 7.3% ------------------------------------------------------------------------------------- Days Receivable Days of Inventory ------------------------------------ ----------------------------------- 1994 1995 1996 1997 1994 1995 1996 1997 ----- ----- ----- ----- ----- ----- ----- ----- Mycogen 86 89 70 70 182 181 143 162 Pioneer Hi-Bred 39 38 44 52 213 239 189 205 Dekalb Genetics (2) (3) 53 65 48 42 218 235 177 217 Delta & Pine Land 11 19 157 187 144 130 153 133 Agribiotech (1) NM 54 104 95 NM 145 136 170 ----------------------------------------------------------------------------------------- MEAN 34 44 88 94 192 187 164 181 MEDIAN 39 46 76 74 213 190 165 188 ----------------------------------------------------------------------------------------- Days Payable Net Debt/Book Equity ------------------------------------ ----------------------------------- 1994 1995 1996 1997 1994 1995 1996 1997 ----- ----- ----- ----- ----- ----- ----- ----- Mycogen 22 36 33 60 (30.2%) (13.5%) (36.7%) 19.5% Pioneer Hi-Bred 48 33 44 40 (6.1%) 4.9% (4.8%) 1.7% Dekalb Genetics (2) (3) 14 15 24 24 102.1% 98.8% 36.6% 60.8% Delta & Pine Land 28 40 55 59 31.8% 11.0% 48.3% 39.9% Agribiotech (1) NM 56 82 77 (45.4%) (9.3%) 29.9% 56.4% ---------------------------------------------------------------------------------------- MEAN 30 36 51 50 20.6% 26.4% 27.5% 39.7% MEDIAN 28 36 50 49 12.8% 8.0% 33.2% 48.2% ----------------------------------------------------------------------------------------
- ------------------------------- NOTE: DAYS CALCULATION ASSUMES 360-DAY A YEAR AND ALL MEANS AND MEDIANS EXCLUDE MYCOGEN DATA (1) Agribiotech changed its fiscal year end in 1995. 1995 data are based on nine-month period ended 6/30/95. 1997 data are not pro forma of acquisition because no pro forma balance sheet number available for ratio calculations (2) Data not available to separate trade receivables from note receivables (3) Accounts Payable includes only trade accounts payable WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: COMPARABLE COMPANY TRADING ANALYSIS - -------------------------------------------------------------------------------- SELECTED COMPARABLE COMPANIES QUARTERLY ANALYSIS FOR FISCAL YEAR 1997
EBITDA Margin EBIT Margin ------------------------------------ ----------------------------------- 1-Qtr 2-Qtr 3-Qtr 4-Qtr 1-Qtr 2-Qtr 3-Qtr 4-Qtr ----- ----- ----- ----- ----- ----- ----- ----- Mycogen (44.7%) 8.3% 13.5% (6.2%) (55.4%) 5.5% 10.6% (16.4%) Pioneer Hi-Bred (57.8%) 6.1% 41.8% (35.2%) (78.9%) (2.3%) 40.0% (52.8%) Dekalb Genetics 11.0% 16.1% 14.2% (19.4%) 6.4% 14.5% 12.5% (53.0% Delta & Pine Land (82.8%) 25.2% 29.5% NM (101.6%) 23.3% 28.4% NM Agribiotech (1) (14.0%) (4.1%) 8.6% (2.3%) (16.4%) (6.1%) 7.0% (3.8%) ------------------------------------------------------------------------------------------ MEAN (35.9%) 10.8% 23.5% (19.0%) (47.6%) 7.4% 22.0% (36.5%) MEDIAN (35.9%) 11.1% 21.8% (19.4%) (47.7%) 6.1% 20.4% (52.8%) ------------------------------------------------------------------------------------------ Net Income Margin R&D/Total Revenues ------------------------------------ ----------------------------------- 1-Qtr 2-Qtr 3-Qtr 4-Qtr 1-Qtr 2-Qtr 3-Qtr 4-Qtr ----- ----- ----- ----- ----- ----- ----- ----- Mycogen (54.7%) 3.7% 6.8% (48.4%) 26.3% 7.8% 6.9% 22.3% Pioneer Hi-Bred (50.0%) (0.8%) 25.8% (29.6%) 33.3% 12.5% 3.1% 30.3% Dekalb Genetics 3.1% 8.5% 7.3% (20.1%) 8.9% 13.2% 12.8% 23.1% Delta & Pine Land (65.5%) 14.1% 17.9% NM 41.0% 5.2% 3.3% NM Agribiotech (1) (16.9%) (8.9%) 6.4% (6.2%) 1.2% 2.1% 1.4% 2.0% ------------------------------------------------------------------------------------------ MEAN (32.3%) 3.2% 14.3% (18.6%) 21.1% 8.3% 5.2% 18.5% MEDIAN (33.5%) 3.9% 12.6% (20.1%) 21.1% 8.8% 3.2% 23.1% ------------------------------------------------------------------------------------------ Days Receivable Days of Inventory ------------------------------------ ----------------------------------- 1-Qtr 2-Qtr 3-Qtr 4-Qtr 1-Qtr 2-Qtr 3-Qtr 4-Qtr ----- ----- ----- ----- ----- ----- ----- ----- Mycogen (2) (3) 129 61 85 109 761 145 89 257 Pioneer Hi-Bred (2) 178 79 34 162 1,490 515 68 558 Dekalb Genetics (2) (4) 69 33 79 357 526 147 97 1,361 Delta & Pine Land 92 99 99 NM 1,067 144 50 NM Agribiotech (1) 97 61 81 64 289 189 122 113 ------------------------------------------------------------------------------------------ MEAN 109 68 73 194 843 249 84 677 MEDIAN 94 70 80 162 796 168 83 558 ------------------------------------------------------------------------------------------ Days Payable Net Debt/Book Equity ------------------------------------ ----------------------------------- 1-Qtr 2-Qtr 3-Qtr 4-Qtr 1-Qtr 2-Qtr 3-Qtr 4-Qtr ----- ----- ----- ----- ----- ----- ----- ----- Mycogen (2) (3) 216 40 25 95 (3.4%) 8.4% 24.5% 19.5% Pioneer Hi-Bred (2) 718 147 29 108 19.3% (30.8%) (9.7%) 1.7% Dekalb Genetics (2) (4) 249 44 11 153 71.8% 35.7% 72.4% 60.8% Delta & Pine Land 314 38 12 NM 66.1% 103.1% 34.7% 39.9% Agribiotech (1) 104 92 64 52 (16.8%) 60.4% 64.3% 56.4% ------------------------------------------------------------------------------------------ MEAN 346 80 29 104 35.1% 42.1% 40.4% 39.7% MEDIAN 281 68 21 108 42.7% 48.0% 49.5% 48.2% ------------------------------------------------------------------------------------------
NOTE: DAYS CALCULATION ASSUMES 360-DAY A YEAR AND ALL MEANS AND MEDIANS EXCLUDE MYCOGEN DATA (1) Agribiotech data are not pro forma of acquisition (2) Data not available to separate notes receivable from accounts receivable for quarterly data (3) 2nd and 3rd quarter net debts include $14.25 million unsecured note payable to bank that was specified in the 10-K (4) Accounts Payable includes only trade accounts payable WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: COMPARABLE COMPANY TRADING ANALYSIS - -------------------------------------------------------------------------------- SELECTED AG-BIOTECHNOLOGY COMPARABLE COMPANIES ANALYSIS TRADING STATISTICS
Current Equity Adjusted Price Earnings Est. 3-5 98E P/E Price Market Market -------------- yr. EPS 3-5 Year Price/ Company 6/22/98 Value Value 1997 1998E Gth. EPS Gth (1) Book - ---------- ------- -------- -------- ---- ----- --------- ---------- ------ (In $) (In $MM) (In $MM) (%) (%) (%) (%) (%) Mycogen 23.38 894.4 908.0 NM NM 22.5 NM 4.3 DNAP Holding 4.38 76.9 126.4 39.6 NA NA NM 2.8 Ecogen (2) 2.88 23.0 22.0 NM NM NA NM 4.1 Mean 39.6 NA NA NA 3.4 Median 39.6 NA NA NA 3.4 High 39.6 NA NA NA 4.1 Low 39.6 NA NA NA 2.8
Adjusted Market Value ---------------------------------------------------------------------------------- Net Debt/ 1997 LTM 1998E 1999E 1997 LTM 1998E 1999E 1997 LTM 1998E 1999E Market Company Sales Sales Sales Sales EBITDA EBITDA EBITDA EBITDA EBIT EBIT EBIT EBIT Cap. - ---------- ----- ----- ----- ----- ------ ------ ------ ------ ---- ---- ----- ----- --------- (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Mycogen 4.30 4.24 3.87 3.67 NM NM 81.1 90.8 NM NM NM NM 1.5 DNAP Holding 0.45 0.46 NA NA NM NM NA NA NM NM NA NA 63.1 Ecogen (2) 1.88 1.47 NA NA NM NM NM NM NM NM NM NM (4.2) Mean 1.17 0.96 NA NA NA NA NA NA NA NA NA NA 29.5 Median 1.17 0.96 NA NA NA NA NA NA NA NA NA NA 29.5 High 1.88 1.47 NA NA NA NA NA NA NA NA NA NA 63.1 Low 0.45 0.46 NA NA NA NA NA NA NA NA NA NA (4.2)
OPERATING STATISTICS
TOTAL REVENUES ------------------------ EBIDTA Margin EBIDTA Margin LTM 97/96% 98E/97% ----------------------------- ------------------------- Company Amount Growth Growth 1997 LTM 1998E 1999E 1997 LTM 1998E 1999E - ------------ --------- ------ ------ ---- ---- ----- ----- ---- ----- ----- ----- (In $ MM) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Mycogen 214 35.6 11.2 3.4 2.0 4.8 4.0 NM NM NM 0.0 DNAP Holding 275 45.7 NA NM NM NA NA NM NM NA NA Ecogen (2) 15 9.5 NA NM NM NA NA NM NM NA NA Mean 27.6 NA NA NA NA NA NA NA NA NA Median 27.6 NA NA NA NA NA NA NA NA NA High 45.7 NA NA NA NA NA NA NA NA NA Low 9.5 NA NA NA NA NA NA NA NA NA
EBIDTA Margin NET Income Margin R&D/Total Revenues -------------------------- -------------------------- ------------------ Company 1997 LTM 1998E 1999E 1997 LTM 1998E 1999E 1997 1998E 1999E - ------------ ---- ----- ----- ----- ---- ----- ----- ----- ----- ---- ----- (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) Mycogen NM NM NM 0.0 NM NM NM NM 11.4 NA NA DNAP Holding NM NM NA NA NM NM NA NA 2.8 NA NA Ecogen (2) NM NM NA NA NM NM NA NA 32.6 NA NA Mean NA NA NA NA NA NA NA NA 17.7 NA NA Median NA NA NA NA NA NA NA NA 17.7 NA NA High NA NA NA NA NA NA NA NA 32.6 NA NA Low NA NA NA NA NA NA NA NA 2.8 NA NA
- ----------------------- 1997 data refers to FYE 8/31/97, etc. All means and medians exclude Mycogen. Currency are converted at current exchanges rates. EPS projections are based on I/B/E/S consensus; other projections are based on selected brokers' research. When not available, depreciation and amortization are estimated as a percentage of sales based on the latest released data. When not available, LTM data is based on selected brokers' research. (1) Represents ratio of the 1998E P/E ratio to the estimated 3.5 year earnings growth rate. (2) Ecogen fiscal year end 10/31. WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: COMPARABLE COMPANY TRADING ANALYSIS - -------------------------------------------------------------------------------- SELECTED AG-BIOTECHNOLOGY COMPARABLE COMPANIES ANALYSIS FOR FISCAL YEAR 1994-1997
EBITDA MARGIN EBIT MARGIN ------------------------------------ ----------------------------------- 1994 1995 1996 1997 1994 1995 1996 1997 ---- ---- ---- ---- ---- ---- ---- ---- Mycogen (5.3%) (5.8%) (8.7%) 3.4% (11.0%) (13.7%) (14.5%) (1.3%) DNAP Holding (1) (12.9%) 4.0% (5.9%) (4.3%) (18.0%) 2.3% (7.6%) (6.6%) Ecogen (1)(2) (174.2%) (114.4%) (19.4%) (59.0%) (179.1%) (119.8%) (22.0%) (70.6%) -------------------------------------------------------------------------------------- MEAN (93.6%) (55.2%) (12.7%) (31.7%) (98.6%) (58.7%) (14.8%) (38.6%) MEDIAN (93.6%) (55.2%) (12.7%) (31.7%) (98.6%) (58.7%) (14.8%) (38.6%) -------------------------------------------------------------------------------------- NET INCOME MARGIN R&D/TOTAL REVENUES ------------------------------------ ----------------------------------- 1994 1995 1996 1997 1994 1995 1996 1997 ---- ---- ---- ---- ---- ---- ---- ---- Mycogen (8.8%) (14.1%) (19.6%) (8.5%) 16.1% 18.7% 15.2% 11.4% DNAP Holding (1) (10.6%) (1.9%) (8.8%) (7.2%) 0.0% 0.0% 7.3% 2.8% Ecogen (1)(2) (171.5%) (148.7%) (17.5%) (75.1%) 37.6% 63.6% 25.1% 32.6% -------------------------------------------------------------------------------------- MEAN (91.0%) (75.3%) (13.1%) (41.2%) 18.8% 31.8% 16.2% 17.7% MEDIAN (91.0%) (75.3%) (13.1%) (41.2%) 18.8% 31.8% 16.2% 17.7% --------------------------------------------------------------------------------------
DAYS RECEIVABLE DAYS OF INVENTORY ------------------------------------ ----------------------------------- 1994 1995 1996 1997 1994 1995 1996 1997 ---- ---- ---- ---- ---- ---- ---- ---- Mycogen 86 89 70 70 182 181 143 162 DNAP Holding (2) NA 45 51 38 NA 30 41 24 Ecogen 46 23 41 54 403 415 433 478 -------------------------------------------------------------------------------------- MEAN 46 34 46 46 403 222 237 251 MEDIAN 46 34 46 46 403 222 237 251 -------------------------------------------------------------------------------------- DAYS PAYABLE NET DEBT/BOOK EQUITY ------------------------------------ ----------------------------------- 1994 1995 1996 1997 1994 1995 1996 1997 ---- ---- ---- ---- ---- ---- ---- ---- Mycogen 22 36 33 60 (30.2%) (13.5%) (36.7%) 19.5% DNAP Holding (2) NA 34 39 22 NA 276.8% 67.6% 191.9% Ecogen 98 179 221 227 (91.5%) (21.0%) (57.7%) 31.7% -------------------------------------------------------------------------------------- MEAN 98 107 130 125 (91.5%) 127.9% 4.9% 111.8% MEDIAN 98 107 130 125 (91.5%) 127.9% 4.9% 111.8% --------------------------------------------------------------------------------------
- --------------------- NOTE: DAYS CALCULATION ASSUMES 360-DAY A YEAR AND ALL MEANS AND MEDIANS EXCLUDE MYCOGEN DATA (1) R&D expenses includes both self-funded expenses and purchased R&D expenses (2) Ecogen changed its fiscal year end in 1994. 1994 data are based on ten-month period ended 10/31/94 (3) Data not available to separate accounts payable from accrued expenses for 1995 WASSERSTEIN PERELLA & CO. - -------------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: COMPARABLE ACQUISITION ANALYSIS - ------------------------------------------------------------------------------- SELECTED COMPARABLE ACQUISITION/VALUATION MULTIPLES
Adjusted Purchase Implied Value Price/ of Equity/ -------------------- -------------- Implied Value Adjusted LTM LTM LTM Net Book Target Acquirer Close Date of Equity Purchase Price Sales EBITDA EBIT Income Value - ---------------------------- ------------------ ---------- --------- -------------- ----- ------- ---- ------ ------ SEEDS COMPANIES Delta & Pine Land Monsanto Pending $1,832.5 $1,906.7 9.87 x 69.8 x 89.6 x NM x 25.1 x Sunseeds AgrEvo 10/6/97 NA NA 2.20 x 13.1 x 18.0 x NA x NA x Pioneer Hi-Bred (16.6% stake) DuPont 9/18/97 $1,700.0 $1,700.0 4.60 x 18.4 x 22.6 x 33.9 x 8.9 x Holden's Foundation Seeds Monsanto 9/4/97 NA $975.0(1) 21.67 x NA x NA x NA x NA x Asgrow Corn & Seed Monsanto 2/4/97 NA $240.0 1.41 x NA NA NA NA Morgan Seeds Mycogen Corp. 10/1/96 $40.9 $40.9 1.10 x NA NA NA NA Agracetus (W.R. Grace) Monsanto 5/21/96 $150.0 $150.0 NA NA NA NA NA Sure Grow Delta & Pine Land 5/21/96 $70.0 $78.9 3.47 17.5 19.1 29.9 3.2 Jacobs Hertz Seed (Monsanto) Delta & Pine Land 2/5/96 NA NA NA NA NA NA Cargill - Cotton & Seed Delta & Pine Land 5/3/94 NA NA NA NA NA NA NA ------------------------------------------------------------------- MEAN SALES MULTIPLE (2) 6.33x MEDIAN SALES MULTIPLE (2) 3.47x IMPLIED MYCOGEN ENTERPRISE VALUE RANGE $743 - $1,355 -------------------------------------------------------------------
- ---------------------------------- (1) Final terms not disclosed; purchase price assumes maximum expected price. WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: COMPARABLE ACQUISITION ANALYSIS - ------------------------------------------------------------------------------- SELECTED COMPARABLE ACQUISITION/VALUATION MULTIPLES
Adjusted Purchase Implied Value Price/ of Equity/ -------------------- -------------- Implied Value Adjusted LTM LTM LTM Net Book Target Acquirer Close Date of Equity Purchase Price Sales EBITDA EBIT Income Value - ---------------------------- ------------------ ---------- --------- -------------- ----- ------- ---- ------ ------ BIOTECH COMPANIES (MINORITY STAKES) Calgene (Minority Buy-In) Monsanto 5/22/97 $534.1(1) 567.3(1) 2.86 x NM x NM x NM x 6.3 x Mycogen DowElanco 12/4/96 $587.9(1) $556.7(1) 3.50 x NM x NM x NM x 3.4 x (1mm shares) Calgene Inc. Monsanto 11/13/96 $573.1(1) $620.5(1) 6.50 x NM x NM x NM x 6.1 x (6.25mm shares) DeKalb Genetics Corp. Monsanto 3/8/96 $417.3(1) $533.4(1) 1.70 x 15.9 x 23.4 x 33.4 x 3.1 x (10% of voting shrs and 8% of non-voting shrs) Mycogen Pioneer Hi-Bred 9/18/95 $257.3(1) $196.9(1) 1.70 x NM x NM x NM x 2.3 x (3mm shares) ------------------------------------------------------------------- MEAN SALES MULTIPLE 3.25 x MEDIAN SALES MULTIPLE 2.86 x IMPLIED MYCOGEN ENTERPRISE VALUE RANGE $611 - $696 -------------------------------------------------------------------
- ----------------------------- (1) Calculated by translating the price that acquiror paid for part of the target into price for the entire company WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: COMPARABLE ACQUISITION ANALYSIS - -------------------------------------------------------------------------------- SELECTED COMPARABLE ACQUISITION/VALUATION MULTIPLES (CONT'D)
Adjusted Purchase Implied Value Price/ of Equity/ --------------------- -------------- Implied Value Adjusted LTM LTM LTM Net Book Target Acquirer Close Date of Equity Purchase Price Sales EBITDA EBIT Income Value - -------------------------------- ------------ ---------- ------------- -------------- ----- ------ ---- ------ ------ BIOTECH COMPANIES (MAJORITY STAKES) - ----------------------------------- Monsanto American Home Pending(1) $35,563.7 $39,134.7 5.09 x 36.4 x 70.8 x NM x 8.1 x Products Plant Breeding Int'l (Unilever) Monsanto Bidding NA NA NA NA NA NA NA Dekalb Genetics Monsanto Pending $3,771.2(2) $3,881.2(2) 8.28 x 61.2 x 79.7 x NM x 16.9 x Zeneca Mogen 5/13/97 $73.6 $73.6 12.80 x NM x NM x NM x NA Bionova (ELM) DNA Plant 9/27/96 $63.4 $67.9 NM x NM x NM x NM x NA Tech. Plant Genetic Systems AgrEvo 8/30/96 $733.0 $733.0 NM x NM x NM x NM x NA Calgene Inc. Monsanto 4/1/96 $299.8(2) $268.0(2) 4.80 x NM x NM x NM x 3.1 x (49.9% shares) Mycogen DowElanco 3/8/96 $444.7(2) $358.1(2) 2.90 x NM x NM x NM x 2.3 x (9.5mm shares) United AgriSeeds Inc. Mycogen 2/28/96 $72.4 $72.4 NA NA NA NA NA Lubrizol Mycogen 1/5/96 NA NA NA NA NA NA NA
- ------------------------------------------------------------------------- MEANS SALES MULTIPLE 7.74 x MEDIAN SALES MULTIPLE 5.09 x IMPLIED MYCOGEN ENTERPRISE VALUE RANGE $1,090 - $1,657 - -------------------------------------------------------------------------
- -------------------------------------- (1) Monsanto operating data are not pro forma of all announced acquisitions and acquisitions Monsanto is currently bidding (2) Calculated by translating the price that acquiror paid for part of the target into price for the entire company WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN CORPORATION VALUATION: COMPARABLE ACQUISITION ANALYSIS - -------------------------------------------------------------------------------- PREMIUM ANALYSIS FOR ACQUISITIONS BY MAJORITY SHAREHOLDERS WITH DEAL SIZES BETWEEN $100MM - $550MM(1)
Seller Closing Price Pre-Announcement/ Ann. Per Acquisition Premium Deal Share --------------------------------------- Ann. Value Acq. % Being 1-Day 30-Day 60-Day 90-Day 120-Day Acquiror Seller Date ($MM) Price Acquired Prem. Prem. Prem. Prem. Prem. - -------- ------ ---- ----- ----- -------- ----- ------ ------ ------ ------- Dow MYCOGEN CORP. (BIOTECH) 5/1/98 $778.5 $20.50 31.2% 0.0% 12.3% 20.6% (0.6%) 7.2% Monsanto Co. Calgene Inc. (Biotech) 1/28/97 242.6 8.00 43.7% 45.5% 60.0% 45.5% 64.1% 60.0% Novartis AG SyStemix Inc. (Biotech) 5/27/96 119.4 19.50 26.8% 77.3% 59.2% 48.6% 39.3% 52.9% Investor Group BET Holdings Inc. 3/17/98 $471.6 $63.00 42.0% 4.0% 17.5% 18.0% 17.8% 20.9% Telephone and Data Systems United States Cellular Corp. 12/18/97 539.2 33.00 19.3% 0.0% 1.1% (5.2%) (1.3%) 10.5% Telephone and Data Systems Aerial Communications Inc. 12/18/97 107.6 8.19 17.5% 0.0% (1.5%) (14.9%) (12.7%) 7.4% Rexel, S.A. Rexel, Inc. 8/29/97 290.1 22.50 49.5% 19.2% 25.9% 25.9% 24.1% 32.4% Anthem Inc. Acordia Inc. 6/2/97 172.7 40.00 33.2% 12.7% 26.5% 25.5% 26.0% 43.5% Enron Corp. Enron Global Power & Pipelines 5/14/97 428.0 33.83 48.0% 11.8% 20.8% 19.2% 12.8% 24.1% Petrofina SA Fina Inc. 2/25/97 257.0 60.00 14.6% 19.7% 18.2% 24.7% 16.2% 11.1% Mafco Holdings Inc. Mafco Consolidated Group 1/21/97 116.8 33.50 15.0% 23.5% 30.1% 17.0% 40.3% 10.3% Zunich Versicherungs Zurich Reinsurance Center 1/13/97 319.0 36.00 34.0% 17.1% 12.1% 15.7% 18.5% 17.1% Andrews Group Inc. Toy Biz Inc. (2) 11/20/96 208.2 22.50 33.0% 29.5% 20.0% 37.4% 52.5% 31.4% COBE Laboratories Inc. REN Corp. - USA 7/14/95 177.7 20.00 47.0% 27.0% 35.6% 29.0% 35.6% 29.6% BIC SA Bic Corp. 5/19/95 212.6 40.50 22.0% 13.3% 30.1% 28.1% 29.1% 37.9% Club Mediterranee SA Club Med Inc. 4/5/95 153.4 32.00 33.0% 41.4% 45.5% 42.2% 36.2% 35.4% - ----------------------------------------------------------------------------------------------------------------------------------- Mean 31.9% 22.8% 26.7% 23.8% 26.6% 28.3% Median 33.0% 19.2% 25.9% 25.5% 26.0% 29.6% Maximum 49.5% 77.3% 60.0% 48.6% 64.1% 60.0% Minimum 14.6% 0.0% (1.5%) (14.9%) (12.7%) 7.4% Mean/Median for Biotech Transactiosn 35.2% 61.4% 59.6% 47.0% 51.7% 56.5% MYCOGEN CORP. DATA $20.50 $18.25 $17.00 $20.63 $19.13 IMPLIED SHARE PRICE BASED ON MEDIAN $24.44 $22.97 $21.33 $25.98 $24.78 IMPLIED SHARE PRICE BASED ON MEDIAN FOR BIOTECH TRANSACTIONS $33.08 $29.13 $24.99 $31.29 $29.93 - -----------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------- (1) Source: Securities Data Company (2) The deal was later withdrawn Note: Unless noted, days referred to are calendar days. WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- 5 MYCOGEN CORPORATION - ----------------------------------------------------------------------------- ----------------------------------- STRATEGIC ALTERNATIVES ----------------------------------- WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN CORPORATION STRATEGIC ALTERNATIVES - ------------------------------------------------------------------------------- POTENTIAL BUSINESS STRATEGIES OPTION I I. NEGOTIATE A FAIR PRICE FOR THE SALE OF ALL OUTSTANDING SHARES TO DOW BENEFITS: - Provides cash payment at attractive share price - Eliminates barriers to full cooperation associated with maintaining two separate public companies - Resources of the combined company would be better able to realize Mycogen's goal of becoming a leading fully integrated developer, manufacturer and marketer of products used to control pests and improve food production ISSUES: - Cash offer eliminates opportunity to participate fully in potential future up-side WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN CORPORATION STRATEGIC ALTERNATIVES - ------------------------------------------------------------------------------- POTENTIAL BUSINESS STRATEGIES OPTION II II. IF UNABLE TO REACH AGREEMENT ON PRICE, NEGOTIATE A SUBSTANTIAL REDUCTION IN DOW'S MYCOGEN SHAREHOLDINGS. EXAMPLE: As a major agchem company, Dow's business interests have led Mycogen to focus on product development for row crops such as corn, soybeans, and possibly cotton. These hypercompetitive sectors are not areas which Mycogen would target as an independent entity. Therefore it may be possible for Mycogen to redeem a substantial portion of Dow's shareholdings in the Company for a transfer to Dow of its corn and soybean (and possibly cotton) conventional seed and assorted biotech trait capabilities. BENEFITS: - If a buyout not possible, then an asset separation is preferable to a continuation of status-quo - Grants Mycogen freedom to develop its own strategy and to pursue a broader array of external collaborations. - Allows Dow to capture full ownership of its most desired Mycogen assets with no further cash outlay - Patent defense litigation expenses follow seed assets to Dow. ISSUES: - Taxable transaction for Mycogen with potentially significant liability for capital gains. - Dow unlikely to fully exit and residual shareholding (probably - 20%) may discourage new investments from other strategic partners. - Niche strategy for Mycogen implies distant profit outlook. Priority focus on row crops has delayed innovation efforts in other agro sectors. WP & Co. model shows relatively low NPV for Mycogen peanut, sunflower, vegetable and cereal applications. - Segregation of new crop assets (i.e., breeding stations, trait developments, etc.) may be problematic. - Requires simultaneous recapitalization of Company to finance its long term growth. Issue of new shares at attractive value in secondary offering should be possible given ongoing public interest in agbiotech. WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN CORPORATION STRATEGIC ALTERNATIVES - -------------------------------------------------------------------------------- POTENTIAL BUSINESS STRATEGIES OPTION III III. IF DOW IS UNWILLING TO SUBSTANTIALLY CHANGE ITS SHAREHOLDING IN MYCOGEN, SECURE A THIRD PARTY INVESTMENT IN MYCOGEN WHICH BRINGS COMPLEMENTARY TECHNOLOGY AND NON-COMPETITIVE BUSINESS INTERESTS TO DOW. EXAMPLE: - Although supported by Dow Agro Sciences, the primary initiative for Dow's buyout of Mycogen's public shareholders appears to be coming from Dow corporate offices in Midland, Michigan. Dow Corporate's interests in agbiotech may be driven by industrial feedstock applications with crop protection and crop quality enhancements seen as secondary benefits. As a result, it may be possible to find a complimentary strategic partner who is focused on the crop aspects of agbiotech but who also has assets or intellectual property which could accelerate or improve the probability of success of agbiotech in industrial applications. - One possible scenario is for the third party - after extensive negotiations with Dow and Mycogen - to tender for the remaining public shares of Mycogen and in a subsequent step to: i) Merge a complimentary agbiotech asset into Mycogen for newly issued shares; or ii) Swap a complimentary agbiotech asset with Dow for a portion of its shareholdings. WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN CORPORATION STRATEGIC ALTERNATIVES - -------------------------------------------------------------------------------- POTENTIAL BUSINESS STRATEGIES OPTION III (CONT'D) In either case, Dow's position is diluted to a 50% level and Mycogen becomes a joint venture vehicle between two multinational companies. The target ownership levels can be readily achieved by adjusting the value of the third party asset which is contributed with cash or debt. Among the possible candidates for this strategy include Zeneca or Novartis where the contributed asset would likely be the seed activities of either company. BENEFITS: - Expands the scope of Mycogen's technology base and enhances competitiveness of overall effort in light of recent industry consolidation. - Introduction of new entity into the situation may allow Mycogen to realize full third party sale value for remaining public shares. ISSUES: - Third parties may be reluctant to invest resources in negotiating a deal if they perceive situation as mere stalking horse for Dow buyout bid. WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- MYCOGEN CORPORATION STRATEGIC ALTERNATIVES - ------------------------------------------------------------------------------- POTENTIAL BUSINESS STRATEGIES OPTION IV IV. IN THE EVENT OF A DEADLOCK, DEVELOP AND EXPEDITIOUSLY IMPLEMENT A COMPREHENSIVE LONG-TERM FINANCING PLAN FOR THE COMPANY. EXAMPLE: - Given existing Dow proposal, current Mycogen share price and preliminary WP & Co. valuation, value gap looks substantial and stand-off a reasonable possibility. In recent past, the Company has deferred developing any long-term financial plan due to Dow support and influence. With any deadlock, there is a prospect for a reduction in Dow contributions as well as a need for expanded funding by Company to accelerate its own initiatives. Mycogen's weak balance sheet and operating exposure to uncontrollable variables strongly suggest a need for contingency plans. BENEFITS: - Credible back-up plan can provide useful leverage in Dow negotiations. - Rapid rate of agbiotech developments: M & A, litigation, '98 growing season results, scientific discoveries, etc., may trigger sudden shift in Dow strategy. - Sale of Verneuil minority interest and possible factoring of Monsanto settlement can yield significant cash in relatively short time frame. ISSUES: - The ultimate solution requires an equity offering by the Company and given the current investor focus on the sector it would be prudent to go to market as soon as possible. Although WP & Co can formulate a specific equity plan, it will be difficult to begin even preliminary implementation without a resolution of the Dow situation. WASSERSTEIN PERELLA & CO. - ------------------------------------------------------------------------------- 6 MYCOGEN CORPORATION - ----------------------------------------------------------------------------- ----------------------------------- NEXT STEPS ----------------------------------- WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN CORPORATION NEXT STEPS - ----------------------------------------------------------------------------- OVERVIEW - - CONDUCT FOLLOW-UP BUSINESS AND FINANCIAL DUE DILIGENCE WITH DOW AND MYCOGEN - - COMPLETE VALUATION ANALYSIS - - DEVELOP POINT OF VIEW REGARDING THE HISTORICAL RELATIONSHIP BETWEEN MYCOGEN AND DOW - - REACH PRELIMINARY CONCLUSION AS TO THE RANGE OF FAIR VALUES - - PRESENT FINDINGS TO THE SPECIAL COMMITTEE - - FORMULATE RESPONSE TO DOW'S PROPOSAL AND SELECT APPROPRIATE ALTERNATIVE TO PURSUE WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- MYCOGEN CORPORATION - ----------------------------------------------------------------------------- ----------------------------------- APPENDIX ----------------------------------- WASSERSTEIN PERELLA & CO. - ----------------------------------------------------------------------------- [LETTERHEAD] June 10, 1998 Mr. J. Pedro Reinhard Executive Vice President and Chief Financial Officer Mr. Brian Taylorson The Dow Chemical Company 2030 Willard H. Dow Center Midland, MI 48674 Dear Messrs. Reinhard and Taylorson: As you know, we are serving as financial advisor to the Special Committee of the Board of Directors (the "Special Committee") of Mycogen Corporation ("Mycogen") in connection with the proposal by Dow AgroSciences LLC ("DAS") to amend the Exchange and Purchase Agreement dated January 15, 1996, between Mycogen, Agrigenetics, Inc., DowElanco and United Agriseeds, Inc. and subsequent to such amendment to propose to acquire all of the outstanding shares of Mycogen not owned by DAS and its affiliates (the "DAS Proposal"). As an integral part of our due diligence, we would like to obtain information from and meet with representatives of Dow and DAS. This meeting would not be a negotiating session, since the Special Committee has made no determination as to whether to negotiate with Dow or DAS regarding the DAS Proposal. Instead, the meeting and the information we are requesting are an important part of our due diligence investigation to assist us in better understanding the DAS Proposal and Dow and DAS perspectives regarding both the DAS Proposal and Mycogen. In light of the Mycogen Board of Directors meeting scheduled for June 25th in Chicago, we would propose an introductory meeting or dinner in Chicago either on June 24th or a meeting before or after the Board meeting on June 25th. The members of the Special Committee and representatives of both Wasserstein Perella and Altheimer & Gray would attend this meeting or dinner. While you will of course determine who would attend from the Dow/DAS group, we would think it important that a senior representative of Dow and DAS management participate. The following list sets forth some of the general topic areas we would find it useful to cover in a discussion with you and the information it would be helpful to have prior to the meeting. WE WOULD LIKE TO DISCUSS: 1. The background of DAS investment in Mycogen. [LETTERHEAD FOOTER] 2. The reasons DAS wishes to acquire the public shares of Mycogen at this time. 3. The rationale for the $20.50 per share price offered by DAS, including any pro forma projections or other analysis or valuations used in preparing the $20.50 per share offer. 4. The degree of historic involvement of DAS and Dow in the operations, strategy and management of Mycogen. 5. The terms and conditions of your proposal to amend Section 6.12 of the Exchange and Purchase Agreement dated January 15, 1996. PLEASE PROVIDE: 6. All analysis of the projected cost savings, synergies and growth opportunities from combining DAS and Mycogen. 7. Any analysis prepared regarding the effect of acquiring the public shares of Mycogen, including but not limited to any analyses of the accretive/dilutive effect on the financial results of Dow. 8. Any business or strategic plans or analyses regarding Mycogen's different business segments including any potential divestitures or acquisitions. 9. Any pending acquisitions by DAS or DOW in the agricultural or agricultural biotechnology industries that would impact the value of Mycogen to Dow or DAS. 10. Any analysis of the strengths, weaknesses and/or the value of Mycogen's intellectual property. 11. Any analysis of the agricultural biotechnology industry and Mycogen's competitive position therein. 12. Any analysis of DAS' and Mycogen's projected combined research and development spending. To the extent we receive this information prior to our meeting we will obviously be able to be more substantive. I expect, however, we will have follow up questions after the meeting in any event. Thank you very much for your assistance. If you have questions, please do not hesitate to call me. I look forward to meeting you and your colleagues. Sincerely yours, /s/ John Simpson cc: Joseph Sullivan The Hon. Clayton Yeuter Greg Polle Peter Taguc Scott Davis, Esq. Norman Gold, Esq. Peter Lieberman, Esq. [LOGO] [LETTERHEAD] June 22, 1998 John Simpson Wasserstein Perella & Co., Inc. 3 First National Plaza Suite 5700 Chicago, IL 60602 Dear Mr. Simpson: I am writing in response to your letter dated June 10, 1998. Representatives of Dow, along with representatives of Salomon Smith Barney and Mayer, Brown & Platt, would be pleased to meet with the Special Committee, its counsel and you at 8:00 a.m. Chicago time on the morning of June 15 in Chicago near O'Hare Airport. The group from Dow will be led by me. At the meeting, we will be happy to discuss with you most of the matters raised in your letter. However, you should be aware that we consider some of the questions you have raised to be inappropriate for the evaluation of the proposal Dow made to the Mycogen Board on April 30, 1998. As such, we may not be able to answer these questions to your satisfaction. In addition, we feel that a presentation to you of the details of our analyses would be inappropriate until negotiations begin, but we will describe to you some of the key elements of our analysis in addressing your questions. We understand that you have asked about the possibility of DAS selling its 69% ownership of the stock of Mycogen. You should be aware that Dow is not willing to have DAS sell its Mycogen stock and that your analysis of this situation should not assume that such a sale is possible. We look forward to seeing you on June 25. Yours sincerely, /s/ Brian Taylorson - ------------------- Brian Taylorson Corporate Director Mergers & Acquisitions agh [LOGO] [LETTERHEAD] June 22, 1998 Mr. John Simpson Wasserstein Perella & Co., Inc. 3 First National Plaza Suite 5700 Chicago, IL 60602 Dear Mr. Simpson: Thank you for your letter of June 10, 1998. By now you should have been contacted by Brian Taylorson and representatives of Salomon Smith Barney to arrange a meeting to discuss the questions you have raised. In view of my position as a director of Mycogen, I feel it is inappropriate that I attend this meeting. I have asked Brian Taylorson to lead a group which will include a Dow representative, as well as representatives from Salomon Smith Barney and Mayer, Brown & Platt. Yours sincerely, /s/ J.P. Reinhard - ----------------- J.P. Reinhard Executive Vice President and Chief Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----