EX-3.C 3 ex3-c.txt PRESENTATION OF MORGAN STANLEY & COMPANY 1 EXHIBIT (C)(3) PROJECT SPACE ========================================================== Board Discussion Materials AUGUST 25, 2000 ========================================================== 2 ----------------------- PROJECT SPACE ========================================================== Table of Contents ========================================================== ----------------------------------------------------------- SECTION 1 Executive Summary ----------------------------------------------------------- SECTION 2 Valuation Analysis ----------------------------------------------------------- SECTION 3 Alternative Transaction Structures ----------------------------------------------------------- SECTION 4 Operating Business Valuation ----------------------------------------------------------- SECTION 5 Venus Overview ----------------------------------------------------------- 3 ----------------------- PROJECT SPACE ========================================================== SECTION 1 ========================================================== Executive Summary ========================================================== 4 -------------------- PROJECT SPACE ========================================================= EXECUTIVE SUMMARY Recap of Transaction ========================================================= - THE PRINCIPAL ECONOMICS OF THE PROPOSED TRANSACTION HAVE NOT CHANGED SINCE THE ANNOUNCEMENT ON MARCH 29 - Financial Buyer Group purchases Star's operating businesses for $2 billion in cash - Remaining Star (holding Venus shares, certain investment securities and cash) merges with Venus - Indicated value of approximately $59.04 per share (0.491 shares of Venus and approximately $2.20 of cash, assuming Venus elects to retain $750 million in cash), based on current prices(1) - Tax-refund payments available to Star shareholders post-closing based on potential tax refunds or other credits are currently estimated to provide additional consideration of $2.35 per share - CERTAIN DETAILS OF THE TRANSACTION HAVE BEEN ADJUSTED - Star has sold all of its shares in SanDisk($540MM market value at announcement) to third parties - Star has made one strategic investment (Connexion) of $25 million that will be transferred to the Financial Buyer Group in the transaction and settled a lawsuit relating to Quinta for a payment of $25 million. In return, Star will reduce the working capital cash to be transferred to the Financial Buyer Group by $35 million from $800 million to $765 million - Star and Financial Buyer Group have agreed to estimates for certain tax liabilities and other liabilities not assumed by Financial Buyer Group - Star and the Financial Buyer Group are negotiating an amendment to the transaction relating to certain tax elections. As a result of these elections, Star shareholders will benefit through lower tax payments to be made by Star in the transaction. Some of these benefits are expected to be realized after the closing of the transaction Note 1. All values in this presentation relating to the merger consideration are based on Venus share price of $115.69 as of 8/24/00 and tax assumptions and transaction mechanics based on Star management estimates. 2 5 -------------------- PROJECT SPACE ========================================================= EXECUTIVE SUMMARY Changes Since Announcement ========================================================= - Venus stock price down 25% - No approach from other buyers - Comparables for Disc Drives down 16% - 47% - More difficult near-term environment for disc drives - Sale of all SanDisk securities and some Veeco securities - $800MM lawsuit filed by Convolve - [Amendment to Merger Agreement signed] 3 6 -------------------- PROJECT SPACE ========================================================= EXECUTIVE SUMMARY Venus Indexed Price Performance LAST TWELVE MONTHS ========================================================= VENUS INDEXED PRICE PERFORMANCE -------------------------------------------------------------------------------- Last Twelve Months (Indexed to 100 at 3/28/00)

4 7 10/28/1999 57.5904 55.4160 89.0372 29.0081 10/29/1999 59.6674 57.5434 90.3962 30.9444 11/01/1999 59.7357 57.0835 89.8118 30.4065 11/02/1999 60.1124 57.3154 89.3887 30.0480 11/03/1999 59.8449 58.3132 89.8656 30.7472 11/04/1999 59.5137 58.9762 90.3769 31.2133 11/05/1999 60.4654 60.1236 90.8803 30.9982 11/08/1999 60.4467 60.7906 91.3300 31.6974 11/09/1999 59.5950 60.2956 90.5520 32.9524 11/10/1999 60.3558 61.0380 91.0946 33.2392 11/11/1999 62.6453 62.1769 91.6252 32.6117 11/12/1999 62.7244 63.0300 92.5935 33.2930 11/15/1999 61.6975 62.7455 92.4827 34.4583 11/16/1999 62.3644 64.1451 94.1700 37.5600 11/17/1999 62.3039 63.5270 93.5652 37.1476 11/18/1999 63.5089 65.5299 94.5090 39.6217 11/19/1999 64.1065 66.0830 94.3140 41.7373 11/22/1999 65.4355 66.5361 94.2437 44.3458 11/23/1999 65.1534 65.4489 93.1626 43.2970 11/24/1999 66.7945 67.8214 93.9877 43.8887 11/25/1999 66.7945 67.8214 93.9877 43.8887 11/26/1999 66.9574 67.9981 93.9572 45.0719 11/29/1999 66.3456 66.8333 93.3742 43.1088 11/30/1999 65.2884 64.7274 92.1193 39.3976 12/01/1999 66.9363 65.3944 92.7036 40.5540 12/02/1999 68.7089 67.8203 93.4544 42.7592 12/03/1999 70.2204 69.2145 95.0634 45.6636 12/06/1999 70.6528 69.6229 94.4022 44.8030 12/07/1999 70.7674 69.9282 93.4630 44.5341 12/08/1999 69.5883 69.0336 93.1122 44.9644 12/09/1999 70.0223 69.1087 93.3927 46.4435 12/10/1999 71.4077 69.8889 93.9850 46.9275 12/13/1999 72.2629 70.7417 93.8643 46.2821 12/14/1999 71.8181 69.1037 93.0651 44.2114 12/15/1999 76.3574 70.6721 93.7383 46.5510 12/16/1999 78.8365 72.7041 94.1004 48.6218 12/17/1999 79.9646 73.3051 94.2496 50.5446 12/20/1999 80.5342 73.9629 94.0546 53.9465 12/21/1999 82.2835 76.9852 95.0721 53.3280 12/22/1999 83.4609 77.7217 95.2511 57.8728 12/23/1999 84.0425 78.3324 96.7242 61.5840 12/24/1999 84.0425 78.3324 96.7242 61.5840 12/27/1999 84.5094 78.5120 96.6420 57.4963 12/28/1999 84.0545 78.1070 96.6791 58.1148 12/29/1999 84.9066 80.5011 97.0638 60.2394 12/30/1999 84.9467 80.3700 97.1308 58.8947 12/31/1999 84.8449 80.8971 97.4478 61.5840 1/03/2000 85.5850 82.7019 96.5173 61.0999 1/04/2000 81.3067 77.3707 92.8164 56.0710 1/05/2000 80.9894 76.5222 92.9948 54.7264 1/06/2000 78.4169 72.8895 93.0836 49.0789 1/07/2000 81.4676 77.0085 95.6053 53.5700

5 8 1/10/2000 84.0697 81.1061 96.6751 61.8798 1/11/2000 81.5668 77.3303 95.4123 56.8240 1/12/2000 78.7967 75.8858 94.9938 54.2154 1/13/2000 80.2558 78.8080 96.1498 60.0242 1/14/2000 82.6322 80.8297 97.1759 63.0026 1/17/2000 82.6322 80.8297 97.1759 63.0026 1/18/2000 85.3168 81.9869 96.5120 63.5202 1/19/2000 82.7522 82.7093 96.5624 63.5740 1/20/2000 82.9432 83.8188 95.8772 67.0163 1/21/2000 82.9460 83.9981 95.5980 73.8201 1/24/2000 79.1686 79.8745 92.9563 65.0800 1/25/2000 80.9872 82.0159 93.5201 68.8181 1/26/2000 78.2660 79.0072 93.1261 67.6079 1/27/2000 77.3541 78.3950 92.7593 67.8768 1/28/2000 75.2759 75.1874 90.2124 66.2633 1/31/2000 76.9588 77.8910 92.4874 62.7672 2/01/2000 81.9033 80.7651 93.4703 66.5591 2/02/2000 80.3127 81.2599 93.4597 66.1019 2/03/2000 83.2037 84.0243 94.5110 66.9356 2/04/2000 85.2853 84.5307 94.4712 67.5272 2/07/2000 86.7070 85.8173 94.4625 67.0701 2/08/2000 88.0245 88.6412 95.6239 73.0133 2/09/2000 86.5592 86.5835 93.6308 70.8888 2/10/2000 89.6989 89.2353 93.9711 76.7514 2/11/2000 85.7198 86.5929 92.0006 74.2302 2/14/2000 86.0730 86.9690 92.1876 72.5292 2/15/2000 84.7656 87.2069 92.9908 71.4267 2/16/2000 84.3984 87.2274 92.0370 71.5073 2/17/2000 86.2651 90.0072 92.0762 74.6538 2/18/2000 82.7695 86.5244 89.2792 74.4655 2/21/2000 82.7695 86.5244 89.2792 74.4655 2/22/2000 82.4520 86.5981 89.6825 73.9815 2/23/2000 87.1816 90.9827 90.2476 78.7952 2/24/2000 87.0522 92.7927 89.7661 81.6458 2/25/2000 85.9978 91.1679 88.4349 77.9615 2/28/2000 85.3194 90.8090 89.4093 80.9197 2/29/2000 86.0185 93.0957 90.6276 85.1419 3/01/2000 85.8164 94.0136 91.4746 86.5941 3/02/2000 86.4233 92.3827 91.6451 88.0463 3/03/2000 90.3631 96.9341 93.4630 95.6837 3/06/2000 88.0811 97.2464 92.2765 102.6624 3/07/2000 87.8318 95.7987 89.9113 105.6474 3/08/2000 90.9353 96.9955 90.6462 102.5010 3/09/2000 94.9675 100.0626 92.9669 105.1634 3/10/2000 93.8731 100.0823 92.5278 108.8746 3/13/2000 91.7600 96.5835 91.7684 106.9786 3/14/2000 88.7281 92.2241 90.1455 99.8790 3/15/2000 87.9636 90.1082 92.3342 86.1234 3/16/2000 89.7524 94.9806 96.7328 97.9427 3/17/2000 91.7734 96.8814 97.1308 106.0912 3/20/2000 90.2682 92.9694 96.6108 91.9726 3/21/2000 94.3091 97.0751 99.0807 95.8854

6 9 3/22/2000 96.5365 100.2928 99.5298 104.7197 3/23/2000 103.0544 101.6850 101.3013 102.5817 3/24/2000 103.8387 102.3611 101.3086 104.9213 3/27/2000 101.7145 102.6474 101.0698 108.7132 3/28/2000 100.0000 100.0000 100.0000 100.0000 < == ANNOUNCEMENT OF TRANSACTION 3/29/2000 98.7459 96.3025 100.0524 91.9726 3/30/2000 95.1062 92.7303 98.6861 93.7475 3/31/2000 97.9381 95.9517 99.3931 84.5502 4/03/2000 89.0085 88.9521 99.8833 71.9645 4/04/2000 87.9280 88.0172 99.1378 70.9964 4/05/2000 87.3285 87.9319 98.6496 75.0303 4/06/2000 88.2266 89.1639 99.5762 76.8052 4/07/2000 92.3092 93.6322 100.5717 81.4845 4/10/2000 88.4223 87.2337 99.7831 73.3764 4/11/2000 85.1963 85.2908 99.5264 70.5123 4/12/2000 79.8089 79.2782 97.3099 67.0835 4/13/2000 77.6269 77.5367 95.5416 59.1771 4/14/2000 71.5407 69.9910 89.9737 52.9246 4/17/2000 79.6033 77.0052 92.9503 64.2598 4/18/2000 84.0364 81.0712 95.6146 67.9710 4/19/2000 80.9173 78.1751 94.6768 67.8903 4/20/2000 79.6859 76.4781 95.1457 64.5422 4/21/2000 79.6859 76.4781 95.1457 64.5422 4/24/2000 74.3583 73.1670 94.8353 63.6144 4/25/2000 77.8363 79.0149 97.9910 68.3743 4/26/2000 76.7464 76.4873 96.9000 64.4615 4/27/2000 79.7158 80.5642 97.1606 66.8011 4/28/2000 80.5936 82.3229 96.3322 69.2315 5/01/2000 82.9263 83.5591 97.3815 71.6015 5/02/2000 79.3160 79.1403 95.9250 66.7608 5/03/2000 78.1588 77.7189 93.8563 63.6144 5/04/2000 76.6808 77.9059 93.4896 62.1218 5/05/2000 79.6676 80.4723 95.0190 64.6632 5/08/2000 75.5323 76.8340 94.4579 61.1537 5/09/2000 74.6912 75.1549 93.6600 58.5317 5/10/2000 70.8806 70.7932 91.7306 55.1029 5/11/2000 73.4680 73.7788 93.3728 57.9266 5/12/2000 74.1804 74.3173 94.2450 57.7652 5/15/2000 75.1992 76.6269 96.3276 60.6293 5/16/2000 76.0833 79.5675 97.2349 67.1238 5/17/2000 73.8518 77.4645 96.0252 71.8435 5/18/2000 70.6518 74.7558 95.3228 71.8435 5/19/2000 68.4597 71.1404 93.3158 65.9137 5/22/2000 68.5191 71.2292 92.9026 66.3977 5/23/2000 64.3256 65.9647 91.1211 60.1856 5/24/2000 68.1326 69.3877 92.7918 67.6483 5/25/2000 66.5216 67.6198 91.6291 67.4466 5/26/2000 66.9305 67.6669 91.3970 69.1005 5/29/2000 66.9305 67.6669 91.3970 69.1005 5/30/2000 72.0112 74.4870 94.3438 80.3146 5/31/2000 69.6596 72.5245 94.2211 75.1916 6/01/2000 73.9539 76.7768 96.0921 82.2509

7 10 6/02/2000 77.1029 81.9409 97.9791 86.8092 6/05/2000 76.8815 81.3876 97.3404 85.7604 6/06/2000 76.1311 79.5551 96.6911 80.5970 6/07/2000 78.0911 81.5119 97.5878 86.8092 6/08/2000 78.2625 80.8858 96.9451 86.9302 6/09/2000 78.7164 82.0410 96.6320 87.5756 6/12/2000 76.2433 79.3827 95.9058 80.8391 6/13/2000 78.4281 82.1621 97.4604 87.1319 6/14/2000 78.8043 80.2352 97.5334 82.3820 6/15/2000 80.9377 81.8610 98.0766 83.0980 6/16/2000 81.6064 82.6323 97.1301 86.4865 6/19/2000 83.6952 85.8251 98.5588 90.4800 6/20/2000 83.2952 85.8280 97.8922 87.9790 6/21/2000 85.5146 86.6171 98.1031 87.0512 6/22/2000 82.6005 82.9977 96.3157 80.0323 6/23/2000 80.2028 80.4056 95.6060 75.6353 6/26/2000 81.7725 82.2852 96.5233 77.5716 6/27/2000 81.0480 80.7045 96.2076 74.6672 6/28/2000 81.8539 82.2767 96.4908 74.3445 6/29/2000 79.7125 79.9808 95.6663 68.2533 6/30/2000 82.6325 82.1180 96.4762 72.9427 7/03/2000 82.3791 83.0124 97.4671 71.5208 7/04/2000 82.3791 83.0124 97.4671 71.5208 7/05/2000 78.8181 79.6310 95.9210 68.4147 7/06/2000 82.0079 82.7658 96.6135 72.1259 7/07/2000 82.9091 83.8085 98.0879 75.5143 7/10/2000 80.4380 82.3015 97.8703 75.6353 7/11/2000 79.3782 81.6978 98.2192 78.9835 7/12/2000 81.4590 85.1143 99.0177 83.5821 7/13/2000 82.5329 86.3263 99.2114 85.4377 7/14/2000 83.8634 88.1695 100.1492 88.3017 7/17/2000 84.1159 88.6217 100.1831 88.0194 7/18/2000 82.5554 86.4199 99.0721 82.3316 7/19/2000 80.0085 83.8676 98.2908 72.4486 7/20/2000 83.1753 87.1726 99.1935 71.9645 7/21/2000 80.7424 85.2808 98.1734 70.5526 7/24/2000 78.8235 82.7034 97.1189 70.9157 7/25/2000 79.4980 84.3347 97.7940 71.6418 7/26/2000 79.2108 83.3069 96.3316 68.4954 7/27/2000 79.0617 80.3255 96.1459 62.0815 7/28/2000 75.8454 75.8676 94.1740 56.5954 7/31/2000 78.0119 78.7485 94.8996 65.7927 8/01/2000 75.8543 76.8241 95.3818 64.5422 8/02/2000 75.1093 76.1519 95.4216 64.9052 8/03/2000 78.3284 79.0572 96.3409 70.3913 8/04/2000 79.3176 78.9510 97.0287 72.4889 8/07/2000 80.2996 80.9530 98.1157 69.0097 8/08/2000 81.8062 80.4289 98.3465 71.9242 8/09/2000 82.5280 80.5744 97.6879 69.3828 8/10/2000 79.4126 78.4395 96.8509 62.6059 8/11/2000 80.1955 79.5178 97.6196 66.4784 8/14/2000 80.5523 81.1541 98.9275 63.4127

8 11 8/15/2000 79.4070 81.2198 98.4546 65.9944 8/16/2000 79.0469 81.1899 98.1509 70.8754 8/17/2000 80.1891 83.5755 99.2267 71.6418 8/18/2000 79.3847 83.0719 98.9381 69.1408 8/21/2000 80.6055 83.5107 99.4528 70.2703 8/22/2000 80.5267 83.5166 99.3633 71.9645 8/23/2000 81.4179 85.0227 99.8833 73.5781 8/24/2000 81.8518 86.1698 100.0378 74.6672 (-18.1%) (-13.8%) (0.0%) (-25.3%) ===============================================================================================

Notes: 1. Venus comparable companies include Microsoft, Cisco, Oracle, i2 Technologies, Siebel Systems, and Legato Systems 9 12 -------------------- PROJECT SPACE ========================================================= EXECUTIVE SUMMARY Disc Drives Indexed Price Performance LAST TWELVE MONTHS ========================================================= --------------------------------------------------------- LAST TWELVE MONTHS INDEXED TO 100 AT 3/28/00 --------------------------------------------------------- DISC DRIVES INDEXED PRICE PERFORMANCE -------------------------------------------------------------------------------- Last Twelve Months (Indexed to 100 at 3/28/00)
DATE QUANTUM CORP HDDG MAXTOR CORP. WESTERN DIGITAL CORP. --------- ----------------- ------------ --------------------- 8/24/1999 71.1864 47.3094 76.4228 8/25/1999 72.3164 45.7399 75.6098 8/26/1999 71.1864 45.9641 73.9837 8/27/1999 67.7966 43.9462 70.7317 8/30/1999 63.8418 45.7399 73.1707 8/31/1999 64.4068 45.9641 79.6748 9/01/1999 69.4915 47.5336 82.9268 9/02/1999 72.3164 50.2242 79.6748 9/03/1999 74.5763 52.4664 78.0488 9/06/1999 74.5763 52.4664 78.0488 9/07/1999 77.4011 51.1211 75.6098 9/08/1999 75.7062 48.4305 73.1707 9/09/1999 79.6610 50.2242 71.5447 9/10/1999 80.2260 50.2242 69.9187 9/13/1999 79.6610 48.8789 69.9187 9/14/1999 74.0113 48.6547 66.6667 9/15/1999 76.8362 47.5336 64.2276 9/16/1999 68.9266 43.4978 60.1626 9/17/1999 72.3164 43.4978 62.6016 9/20/1999 71.1864 41.4798 60.1626 9/21/1999 71.1864 43.2735 55.2846 9/22/1999 67.7966 43.9462 56.9106 9/23/1999 62.1469 42.6009 58.5366 9/24/1999 65.5367 41.2556 56.0976 9/27/1999 66.1017 44.3946 54.4716 9/28/1999 59.8870 43.0493 52.0325 9/29/1999 63.2768 44.8431 49.5935 9/30/1999 67.2316 47.3094 47.9675 10/01/1999 63.2768 46.8610 54.4716 10/04/1999 63.2768 46.6368 51.2195 10/05/1999 59.8870 45.2915 50.4065 10/06/1999 61.0170 46.1883 52.0325 10/07/1999 57.0622 45.7399 49.5935 10/08/1999 53.6723 45.7399 47.1545 10/11/1999 58.1921 43.4978 47.9675 10/12/1999 58.1921 44.1704 46.3415 10/13/1999 54.8023 41.2556 45.5285 10/14/1999 54.8023 41.7040 47.1545 10/15/1999 53.6723 41.2556 45.5285 10/18/1999 51.9774 40.8072 43.0894 10/19/1999 51.9774 39.4619 44.7155 10/20/1999 51.9774 39.9103 43.0894 10/21/1999 53.1074 39.0135 43.9024 10/22/1999 53.6723 38.5650 44.7155 10/25/1999 57.6271 36.9955 39.8374 10/26/1999 55.9322 36.0987 39.8374 10/27/1999 51.9774 35.4260 42.2764
10 13 10/28/1999 54.2373 37.8924 41.4634 10/29/1999 55.3672 39.4619 42.2764 11/01/1999 54.2373 39.2377 40.6504 11/02/1999 53.1074 37.6682 40.6504 11/03/1999 50.8475 37.4439 40.6504 11/04/1999 51.4124 38.1166 36.5854 11/05/1999 53.6723 40.3587 36.5854 11/08/1999 55.3672 42.1525 38.2114 11/09/1999 57.6271 42.6009 42.2764 11/10/1999 67.7966 51.1211 55.2846 11/11/1999 61.5819 47.5336 50.4065 11/12/1999 62.1469 50.2242 48.7805 11/15/1999 64.4068 50.2242 48.7805 11/16/1999 63.2768 50.6727 47.9675 11/17/1999 67.2316 51.1211 51.2195 11/18/1999 66.1017 51.1211 51.2195 11/19/1999 66.6667 49.3274 50.4065 11/22/1999 67.2316 48.6547 50.4065 11/23/1999 60.4520 47.0852 47.9675 11/24/1999 59.3220 46.6368 47.9675 11/25/1999 59.3220 46.6368 47.9675 11/26/1999 59.3220 46.6368 47.9675 11/29/1999 59.8870 44.6188 54.4716 11/30/1999 62.1469 43.4978 50.4065 12/01/1999 59.8870 42.1525 49.5935 12/02/1999 61.0170 42.1525 49.5935 12/03/1999 62.7119 42.1525 48.7805 12/06/1999 59.3220 43.0493 48.7805 12/07/1999 58.7571 43.0493 47.9675 12/08/1999 57.6271 43.0493 46.3415 12/09/1999 57.6271 40.8072 45.5285 12/10/1999 55.3672 39.2377 47.1545 12/13/1999 54.2373 38.5650 47.1545 12/14/1999 54.2373 39.4619 47.1545 12/15/1999 52.5424 39.0135 46.3415 12/16/1999 59.8870 39.6861 52.0325 12/17/1999 63.2768 47.3094 54.4716 12/20/1999 61.5819 45.2915 51.2195 12/21/1999 62.1469 44.3946 50.4065 12/22/1999 62.7119 44.8431 50.4065 12/23/1999 58.7571 46.4126 48.7805 12/24/1999 58.7571 46.4126 48.7805 12/27/1999 63.2768 44.6188 47.9675 12/28/1999 60.4520 45.0673 46.3415 12/29/1999 57.0622 46.6368 47.9675 12/30/1999 59.3220 49.7758 49.5935 12/31/1999 62.7119 52.0179 54.4716 1/03/2000 68.3616 51.5695 51.2195 1/04/2000 72.8814 49.3274 59.3496 1/05/2000 69.4915 50.4484 56.9106 1/06/2000 72.3164 51.1211 59.3496 1/07/2000 77.9661 55.6054 73.1707

11 14 1/10/2000 78.5311 59.6413 65.0407 1/11/2000 72.3164 56.0538 68.2927 1/12/2000 80.2260 56.5022 59.3496 1/13/2000 80.2260 58.0718 56.0976 1/14/2000 81.3559 58.5202 58.5366 1/17/2000 81.3559 58.5202 58.5366 1/18/2000 82.4859 60.5381 66.6667 1/19/2000 86.4407 59.1928 75.6098 1/20/2000 93.7853 60.5381 72.3577 1/21/2000 81.3559 58.7444 65.8537 1/24/2000 74.0113 55.6054 61.7886 1/25/2000 68.9266 56.0538 69.9187 1/26/2000 71.1864 58.2960 65.8537 1/27/2000 70.6215 55.6054 60.1626 1/28/2000 67.7966 52.9148 61.7886 1/31/2000 66.6667 49.3274 61.7886 2/01/2000 71.7514 53.1390 60.9756 2/02/2000 72.3164 53.8117 61.7886 2/03/2000 73.4463 53.5874 65.8537 2/04/2000 71.7514 53.1390 65.8537 2/07/2000 70.0565 51.1211 68.2927 2/08/2000 71.1864 49.7758 66.6667 2/09/2000 70.0565 49.7758 65.0407 2/10/2000 68.3616 49.3274 62.6016 2/11/2000 68.9266 47.5336 64.2276 2/14/2000 69.4915 45.7399 61.7886 2/15/2000 68.9266 49.3274 58.5366 2/16/2000 69.4915 49.3274 58.5366 2/17/2000 67.7966 48.4305 58.5366 2/18/2000 67.2316 47.5336 56.0976 2/21/2000 67.2316 47.5336 56.0976 2/22/2000 68.3616 44.8431 55.2846 2/23/2000 71.1864 50.2242 56.0976 2/24/2000 67.7966 47.9821 55.2846 2/25/2000 63.2768 47.5336 52.8455 2/28/2000 67.2316 51.1211 51.2195 2/29/2000 71.1864 57.3991 58.5366 3/01/2000 80.2260 62.3318 60.9756 3/02/2000 76.8362 59.6413 61.7886 3/03/2000 74.5763 59.1928 58.5366 3/06/2000 77.4011 63.6771 62.6016 3/07/2000 76.2712 69.2825 59.3496 3/08/2000 79.0961 73.9910 59.3496 3/09/2000 89.2655 85.6502 72.3577 3/10/2000 80.2260 83.4081 67.4797 3/13/2000 90.3955 89.6861 89.4309 3/14/2000 85.3107 85.2018 87.8049 3/15/2000 85.3107 84.7534 84.5529 3/16/2000 96.0452 91.9283 99.1870 3/17/2000 98.8701 91.4798 96.7480 3/20/2000 100.5650 86.0987 90.2439 3/21/2000 99.4350 91.4798 92.6829

12 15 3/22/2000 102.8249 94.1704 104.0650 3/23/2000 102.2599 95.5157 113.8211 3/24/2000 100.5650 100.4484 112.1951 3/27/2000 105.6497 105.3812 107.3171 3/28/2000 100.0000 100.0000 100.0000 < == ANNOUNCEMENT OF TRANSACTION 3/29/2000 96.0452 89.6861 97.5610 3/30/2000 92.0904 89.6861 89.4309 3/31/2000 101.6949 92.8251 96.7480 4/03/2000 103.3898 91.9283 92.6829 4/04/2000 94.9153 87.8924 83.7398 4/05/2000 98.8701 88.3408 100.0000 4/06/2000 108.4746 95.0673 100.8130 4/07/2000 112.9944 98.6547 98.3740 4/10/2000 108.4746 88.3408 91.8699 4/11/2000 107.3446 84.9776 86.9919 4/12/2000 96.6102 78.9238 81.3008 4/13/2000 99.4350 82.5112 87.8049 4/14/2000 88.1356 71.1883 78.0488 4/17/2000 85.8757 72.1973 73.1707 4/18/2000 93.2203 79.8206 80.4878 4/19/2000 97.7401 78.4753 91.0569 4/20/2000 97.7401 75.3363 80.4878 4/21/2000 97.7401 75.3363 80.4878 4/24/2000 93.7853 70.4036 78.8618 4/25/2000 101.6949 71.7489 91.0569 4/26/2000 109.0395 78.4753 88.6179 4/27/2000 105.6497 76.6816 100.8130 4/28/2000 105.6497 85.6502 89.4309 5/01/2000 110.1695 91.0314 90.2439 5/02/2000 108.4746 84.7534 86.9919 5/03/2000 107.3446 79.8206 86.9919 5/04/2000 103.9548 80.7175 85.3659 5/05/2000 106.2147 81.1659 85.3659 5/08/2000 112.9944 78.9238 84.5529 5/09/2000 109.6045 78.4753 76.4228 5/10/2000 103.9548 74.4395 75.6098 5/11/2000 105.0847 76.2332 76.4228 5/12/2000 107.3446 83.8565 74.7968 5/15/2000 108.4746 88.7892 77.2358 5/16/2000 105.0847 86.0987 73.1707 5/17/2000 103.3898 82.6233 67.4797 5/18/2000 98.3051 85.2018 68.2927 5/19/2000 98.3051 80.7175 67.4797 5/22/2000 95.4802 77.1300 65.0407 5/23/2000 91.5254 73.5426 65.0407 5/24/2000 92.0904 73.5426 60.9756 5/25/2000 89.8305 74.4395 56.0976 5/26/2000 84.7458 74.4395 60.1626 5/29/2000 84.7458 74.4395 60.1626 5/30/2000 84.1808 75.7848 61.7886 5/31/2000 85.3107 74.8879 60.9756 6/01/2000 94.3503 77.1300 56.0976

13 16 6/02/2000 101.1300 81.6144 58.5366 6/05/2000 110.7345 82.0628 59.3496 6/06/2000 114.6893 80.7175 58.5366 6/07/2000 109.0395 80.2691 56.9106 6/08/2000 110.1695 80.7175 56.0976 6/09/2000 110.7345 85.2018 56.0976 6/12/2000 105.0847 79.3722 56.0976 6/13/2000 106.2147 77.1300 56.9106 6/14/2000 101.6949 75.3363 55.2846 6/15/2000 101.1300 77.1300 52.8455 6/16/2000 105.6497 79.3722 52.0325 6/19/2000 106.7797 82.0628 61.7886 6/20/2000 101.6949 86.7713 63.4146 6/21/2000 102.8249 86.5471 66.6667 6/22/2000 101.6949 81.6144 65.8537 6/23/2000 100.5650 79.8206 61.7886 6/26/2000 98.3051 79.3722 62.6016 6/27/2000 94.3503 78.9238 64.2276 6/28/2000 94.3503 78.4753 62.6016 6/29/2000 97.1751 75.3363 61.7886 6/30/2000 100.0000 75.7848 65.0407 7/03/2000 101.6949 77.1300 64.2276 7/04/2000 101.6949 77.1300 64.2276 7/05/2000 97.7401 74.4395 60.9756 7/06/2000 90.9605 74.8879 59.3496 7/07/2000 97.7401 73.9910 58.5366 7/10/2000 99.4350 75.3363 60.1626 7/11/2000 102.8249 75.7848 64.2276 7/12/2000 107.9096 80.7175 71.5447 7/13/2000 106.7797 80.2691 74.7968 7/14/2000 98.3051 77.1300 68.2927 7/17/2000 93.2203 75.7848 65.8537 7/18/2000 101.1300 77.5785 65.0407 7/19/2000 102.2599 75.7848 62.6016 7/20/2000 109.0395 79.3722 60.9756 7/21/2000 108.4746 74.4395 61.7886 7/24/2000 110.1695 72.6457 60.9756 7/25/2000 103.9548 68.1614 58.5366 7/26/2000 75.1412 47.7579 56.0976 7/27/2000 71.1864 43.9462 52.8455 7/28/2000 75.1412 43.2735 51.2195 7/31/2000 74.5763 41.7040 53.6585 8/01/2000 74.5763 39.4619 52.8455 8/02/2000 75.1412 44.3946 49.5935 8/03/2000 75.7062 40.8072 48.7805 8/04/2000 77.4011 43.0493 49.5935 8/07/2000 76.8362 44.1704 51.2195 8/08/2000 75.7062 43.2735 48.7805 8/09/2000 75.1412 42.1525 46.3415 8/10/2000 72.3164 40.8072 47.1545 8/11/2000 76.2712 41.7040 47.9675 8/14/2000 76.2712 40.3587 48.7805

14 17 8/15/2000 75.7062 39.6861 53.6585 8/16/2000 81.3559 42.1525 56.0976 8/17/2000 80.7910 50.2242 56.9106 8/18/2000 83.6158 53.3632 71.5447 8/21/2000 84.1808 51.5695 70.7317 8/22/2000 82.4859 51.3453 68.2927 8/23/2000 81.3559 51.3453 64.2276 8/24/2000 83.6158 53.1390 71.5447 (-16.4%) (-46.9%) (-28.5%) ================================================================================

15 18 -------------------- PROJECT SPACE ========================================================= EXECUTIVE SUMMARY Analysis of Assets Acquired ========================================================= - TWO STEP TRANSACTION: - OPERATING BUSINESS IS SOLD TO FINANCIAL BUYER GROUP AND DEBT IS RETIRED AND OPTIONS ARE EXERCISED [FLOW CHART] - VENUS MERGES WITH REMAINING STAR FOR STOCK AND CASH - VENUS MAY ALSO ELECT TO ISSUE ADDITIONAL STOCK FOR $750 MILLION OF CASH Notes 1. Assumes Venus elects to issue shares for $750 million of cash. 2. Includes XIOtech and telecoms business. 16 19 -------------------- PROJECT SPACE ========================================================= EXECUTIVE SUMMARY Summary of Merger Consideration ========================================================= - THE INDICATED VALUE OF THE PROPOSAL IS APPROXIMATELY $59.04 PER SHARE, BASED ON CURRENT PRICES - STAR SHAREHOLDERS MAY BE ENTITLED TO ADDITIONAL PAYMENTS FOR TAX REFUNDS
VENUS ISSUES SHARES FOR $750MM OF CASH VENUS ISSUES NO SHARES FOR CASH --------------------------------------------- ------------------------------------------- VENUS SHARES VALUE PER VENUS SHARES VALUE PER ISSUED TOTAL VALUE(1) STAR SHARE(2) ISSUED TOTAL VALUE(1) STAR SHARE(2) ------------ -------------- ------------- ------------ -------------- ------------- Buyer Purchase Price $ 2,000.0 $ 2,000.0 Less: Cash Retained by Venus $ (750.0) $ 0.0 Plus: Net Excess Cash $ (725.5) $ (725.5) ---------- ---------- ---------- ---------- Cash Consideration $ 524.5 $ 2.20 $ 1,274.5 $ 5.36 Venus Shares 109.33 $ 12,648.1 109.33 $ 12,648.1 Investments 1.06 $ 123.1 1.06 $ 123.1 Retained Venus Cash 6.48 $ 750.0 0.00 $ 0.0 ---------- ---------- ---------- ---------- ---------- ---------- Stock Consideration 116.88 $ 13,521.3 $ 56.83 110.39 $ 12,771.3 $ 53.68 ------------------------------------------------------------------------------------------------------------------------------ TOTAL $ 14,045.8 $ 59.04 $ 14,045.8 $ 59.04 ============================================================================================================================== Potential Tax Refund March 2001(3) $ 259.0 $ 1.09 $ 259.0 $ 1.09 Potential Tax Refund June 2002(4) $ 300.0 $ 1.26 $ 300.0 $ 1.26 POTENTIAL TOTAL $ 14,604.8 $ 61.39 $ 14,604.8 $ 61.39
Notes: (1) Reflects Venus closing price of $115.69 as of 8/24/00. (2) Reflects total net shares in merger of 237.9MM. (3) Potential tax refund amount includes the value of LHSP escrow shares based on closing prices as of 8/24/00 and assumes tax election relating to IMG made pursuant to the amendment to the merger agreement. (4) Includes post tax audit refund amount. 17 20 -------------------- PROJECT SPACE ========================================================= EXECUTIVE SUMMARY Transaction Considerations ========================================================= BENEFITS: + Delivers Venus shares to Star shareholders in tax-efficient manner + Significant premium to historical share price + Fixed cash amount received for drives and other operating businesses (no exposure to public market valuation) + No execution risk on drives business post-closing, including industry conditions, market conditions, and management retention ISSUES: - Exposure to Venus stock valuation - Lose potential upside on other businesses (software, telecom, SAN) 18 21 -------------------- PROJECT SPACE ========================================================= SECTION 2 ========================================================= Valuation Analysis ========================================================= 19 22 -------------------- PROJECT SPACE ========================================================= VALUATION ANALYSIS Implied Valuation of the Operating Businesses ========================================================= - PRIOR TO SPECULATIONS ABOUT THE PROPOSED TRANSACTION, THE IMPLIED VALUE OF THE OPERATING BUSINESSES HAD REACHED NEGATIVE VALUES EQUITY VALUE ($MM) IMPLIED VALUATION OF THE OPERATING BUSINESS -------------------------------------------------------------------------------- Equity Value ($MM)
AFTER-TAX VALUE OF IMPLIED VALUE OF DATE STAR SECURITIES AND CASH(1) OPERATING BUSINESS --------- -------- ---------------------- ------------------ 28-MAR-00 16,915.9 13,443.8 3,472.1 <== ANNOUNCEMENT OF TRANSACTION 27-Mar-00 17,896.6 14,535.7 3,361.0 24-Mar-00 17,700.5 14,015.0 3,685.5 23-Mar-00 17,406.3 13,708.7 3,697.6 22-Mar-00 16,965.0 13,959.7 3,005.3 21-Mar-00 16,180.4 12,910.1 3,270.3 20-Mar-00 16,392.9 12,406.5 3,986.4 17-Mar-00 17,112.1 14,096.2 3,015.8 16-Mar-00 16,491.0 13,128.8 3,362.2 15-Mar-00 14,533.7 11,726.6 2,807.0 14-Mar-00 16,147.7 13,438.2 2,709.6 13-Mar-00 17,308.2 14,260.5 3,047.7 10-Mar-00 16,000.6 14,501.1 1,499.5 09-Mar-00 14,545.9 14,129.6 416.3 08-MAR-00 13,385.4 13,829.2 (443.7) <== CNBC STORY SPECULATES 07-Mar-00 13,532.5 14,152.3 (619.8) ABOUT A TRANSACTION WITH 06-Mar-00 13,663.3 13,767.7 (104.4) VENUS 03-Mar-00 13,483.5 12,922.8 560.7 02-Mar-00 12,600.9 12,004.3 596.6 01-Mar-00 12,453.8 11,825.8 628.0 29-Feb-00 11,636.5 11,601.4 35.1 28-Feb-00 11,603.8 11,079.9 523.9 25-Feb-00 11,326.0 10,710.5 615.4 24-Feb-00 11,718.3 11,115.9 602.4 23-Feb-00 11,309.6 10,753.7 556.0 22-Feb-00 10,721.2 10,173.7 547.5 18-Feb-00 10,901.0 10,239.0 662.0 17-Feb-00 11,342.3 10,277.2 1,065.1 16-Feb-00 11,554.8 9,873.5 1,681.3 15-Feb-00 11,293.3 9,856.4 1,436.9 14-Feb-00 11,195.2 9,991.4 1,203.8 11-Feb-00 11,276.9 10,179.0 1,097.9 10-Feb-00 11,571.2 10,484.7 1,086.4 09-Feb-00 11,031.8 9,775.6 1,256.2 08-Feb-00 11,129.8 10,025.8 1,104.0 07-Feb-00 10,884.7 9,319.1 1,565.5 04-Feb-00 10,508.7 9,361.6 1,147.2 03-Feb-00 10,165.5 9,284.1 881.4 02-Feb-00 10,034.7 9,179.7 855.0 01-Feb-00 9,854.9 9,224.2 630.8 31-Jan-00 9,528.0 8,770.8 757.2 28-Jan-00 9,658.8 9,177.7 481.1 27-Jan-00 9,724.2 9,407.5 316.7 26-Jan-00 9,953.0 9,320.5 632.6 25-Jan-00 10,002.0 9,466.5 535.6
20 23 24-Jan-00 9,756.9 9,026.1 730.7 21-Jan-00 10,214.5 10,069.8 144.7 20-Jan-00 10,198.2 9,256.8 941.4 19-Jan-00 9,904.0 8,827.6 1,076.3 18-Jan-00 10,230.9 8,817.3 1,413.6 14-Jan-00 10,427.0 8,758.5 1,668.5 13-Jan-00 9,985.7 8,414.1 1,571.6 12-Jan-00 9,854.9 7,705.9 2,149.1 11-Jan-00 10,639.5 8,009.7 2,629.8 10-Jan-00 10,181.8 8,615.4 1,566.5 07-Jan-00 9,773.2 7,616.1 2,157.1 06-Jan-00 9,511.7 7,085.1 2,426.6 05-Jan-00 10,018.4 7,769.5 2,248.9 04-Jan-00 10,083.8 7,931.7 2,152.1 03-Jan-00 11,162.5 8,533.1 2,629.4 31-Dec-99 11,309.6 8,592.1 2,717.5 30-Dec-99 11,375.0 8,276.9 3,098.2 29-Dec-99 11,538.5 8,446.8 3,091.6 28-Dec-99 11,407.7 8,202.0 3,205.7 27-Dec-99 11,800.0 8,115.9 3,684.1 23-Dec-99 11,326.0 8,600.7 2,725.3 22-Dec-99 10,737.6 8,140.2 2,597.4 21-Dec-99 10,373.9 7,608.6 2,765.3 20-Dec-99 10,574.1 7,721.8 2,852.3 17-Dec-99 10,721.2 7,323.7 3,397.5 16-Dec-99 10,835.6 7,108.8 3,726.8 15-Dec-99 9,805.9 6,863.7 2,942.2 14-Dec-99 9,577.1 6,575.2 3,001.8 13-Dec-99 9,871.3 6,859.5 3,011.8 10-Dec-99 9,282.9 6,933.6 2,349.2 09-Dec-99 9,397.3 6,871.9 2,525.4 08-Dec-99 9,462.7 6,706.1 2,756.5 07-Dec-99 9,364.6 6,635.4 2,729.2 06-Dec-99 9,593.4 6,662.4 2,931.0 03-Dec-99 9,528.0 6,774.7 2,753.3 02-Dec-99 9,168.5 6,429.5 2,738.9 01-Dec-99 9,005.0 6,152.2 2,852.8 30-Nov-99 8,808.9 6,026.3 2,782.6 29-Nov-99 9,201.1 6,485.3 2,715.9 26-Nov-99 9,135.8 6,675.4 2,460.3 24-Nov-99 9,315.6 6,520.5 2,795.1 23-Nov-99 9,495.3 6,453.2 3,042.1 22-Nov-99 9,642.5 6,595.5 3,047.0 19-Nov-99 9,266.5 6,295.2 2,971.3 18-Nov-99 8,890.6 6,055.3 2,835.3 17-Nov-99 8,531.0 5,761.2 2,769.8 16-Nov-99 8,939.6 5,826.8 3,112.8 15-Nov-99 9,005.0 5,456.7 3,548.3 12-Nov-99 8,808.9 5,309.2 3,499.6 11-Nov-99 8,269.5 5,233.3 3,036.2 10-Nov-99 8,416.6 5,324.1 3,092.5 09-Nov-99 8,106.0 5,265.4 2,840.6

21 24 08-Nov-99 7,893.5 5,130.0 2,763.6 05-Nov-99 7,517.6 5,007.3 2,510.3 04-Nov-99 7,403.2 5,012.1 2,391.1 03-Nov-99 7,092.6 4,926.1 2,166.5 02-Nov-99 6,912.9 4,815.3 2,097.6 01-Nov-99 6,782.1 4,871.2 1,910.9 29-Oct-99 6,831.1 4,899.4 1,931.8 28-Oct-99 6,536.9 4,660.2 1,876.7 27-Oct-99 6,193.7 4,402.2 1,791.4 26-Oct-99 6,144.6 4,283.8 1,860.8 25-Oct-99 6,210.0 4,452.2 1,757.8 22-Oct-99 6,324.4 4,450.8 1,873.7 21-Oct-99 6,275.4 4,409.6 1,865.8 20-Oct-99 6,716.7 4,322.8 2,393.9 19-Oct-99 6,487.9 4,096.0 2,391.9 18-Oct-99 6,340.8 4,091.7 2,249.1 15-Oct-99 6,618.6 4,324.8 2,293.9 14-Oct-99 6,814.8 4,015.3 2,799.4 13-Oct-99 6,847.5 4,068.3 2,779.1 12-Oct-99 7,337.8 4,128.9 3,208.9 11-Oct-99 7,435.9 4,203.0 3,232.9 08-Oct-99 6,961.9 4,062.7 2,899.2 07-Oct-99 7,092.6 4,114.6 2,978.0 06-Oct-99 7,435.9 4,189.9 3,246.0 05-Oct-99 7,337.8 4,160.3 3,177.5 04-Oct-99 7,272.4 3,916.4 3,356.1 01-Oct-99 7,158.0 3,762.4 3,395.6 30-Sep-99 7,141.7 3,833.4 3,308.2 29-Sep-99 7,043.6 3,872.4 3,171.2 28-Sep-99 6,912.9 4,004.1 2,908.8 27-Sep-99 6,945.5 3,895.6 3,049.9 24-Sep-99 6,831.1 3,905.6 2,925.5 23-Sep-99 6,978.2 3,889.0 3,089.3 22-Sep-99 7,484.9 4,024.2 3,460.7 21-Sep-99 7,566.6 3,880.3 3,686.4 20-Sep-99 7,762.8 3,980.8 3,782.0 17-Sep-99 7,632.0 3,966.7 3,665.4 16-Sep-99 7,484.9 3,743.1 3,741.9 15-Sep-99 7,550.3 3,698.4 3,851.9 14-Sep-99 7,484.9 3,671.0 3,813.9 13-Sep-99 7,762.8 3,613.5 4,149.3 10-Sep-99 7,926.2 3,795.8 4,130.5 09-Sep-99 7,713.8 3,806.4 3,907.4 08-Sep-99 7,795.5 3,696.0 4,099.5 07-Sep-99 8,285.8 3,626.0 4,659.9 03-Sep-99 8,482.0 3,626.4 4,855.5 02-Sep-99 8,024.3 3,513.6 4,510.8 01-Sep-99 7,991.6 3,468.9 4,522.8 31-Aug-99 7,811.8 3,398.9 4,412.9 30-Aug-99 7,860.9 3,348.5 4,512.4 27-Aug-99 7,730.1 3,404.5 4,325.6 26-Aug-99 7,713.8 3,488.1 4,225.7

22 25 25-Aug-99 7,713.8 3,521.1 4,192.6 24-Aug-99 7,828.2 3,460.9 4,367.3 23-Aug-99 7,795.5 3,436.3 4,359.2 20-Aug-99 7,615.7 3,340.9 4,274.8 19-Aug-99 7,632.0 3,124.6 4,507.4 18-Aug-99 7,452.2 3,204.9 4,247.4 17-Aug-99 7,239.8 3,230.7 4,009.1 16-Aug-99 7,158.0 3,227.7 3,930.4 13-Aug-99 6,782.1 3,149.4 3,632.7 12-Aug-99 6,520.6 3,068.6 3,452.0 11-Aug-99 6,618.6 3,125.5 3,493.1 10-Aug-99 6,471.5 2,949.1 3,522.4 09-Aug-99 6,455.2 2,968.0 3,487.2 06-Aug-99 6,455.2 3,103.8 3,351.4 05-Aug-99 6,128.3 3,207.6 2,920.7 04-Aug-99 6,144.6 3,070.4 3,074.3 03-Aug-99 6,242.7 3,143.1 3,099.6 02-Aug-99 6,373.5 3,185.3 3,188.1 30-Jul-99 6,161.0 3,236.5 2,924.5 29-Jul-99 6,193.7 3,103.6 3,090.1 28-Jul-99 6,291.7 3,202.3 3,089.5 27-Jul-99 5,948.5 3,144.8 2,803.7 26-Jul-99 5,866.8 3,255.5 2,611.3 23-Jul-99 5,817.7 3,388.6 2,429.2 22-Jul-99 5,703.3 3,367.4 2,335.9 21-Jul-99 5,899.5 3,336.1 2,563.4 20-Jul-99 5,817.7 3,267.4 2,550.3 19-Jul-99 6,046.6 3,445.6 2,601.0 16-Jul-99 6,079.3 3,396.0 2,683.2 15-Jul-99 6,978.2 3,131.0 3,847.3 14-Jul-99 7,043.6 3,110.9 3,932.7 13-Jul-99 6,471.5 3,028.6 3,443.0 12-Jul-99 6,602.3 2,988.2 3,614.1 09-Jul-99 6,536.9 3,061.5 3,475.4 08-Jul-99 6,275.4 3,063.2 3,212.2 07-Jul-99 6,291.7 3,050.4 3,241.4 06-Jul-99 6,046.6 3,092.8 2,953.8 02-Jul-99 6,144.6 2,925.6 3,219.0 01-Jul-99 6,112.0 2,882.4 3,229.5 30-Jun-99 5,834.1 2,671.5 3,162.6 29-Jun-99 6,259.1 2,641.5 3,617.6 28-Jun-99 6,880.2 2,646.8 4,233.4 25-Jun-99 6,847.5 2,615.0 4,232.5 24-Jun-99 6,847.5 2,642.5 4,204.9 23-Jun-99 6,945.5 2,670.0 4,275.6 22-Jun-99 6,880.2 2,663.4 4,216.7 21-Jun-99 6,961.9 2,636.0 4,325.9 18-Jun-99 6,635.0 2,562.5 4,072.5 17-Jun-99 6,553.3 2,559.2 3,994.1 16-Jun-99 6,716.7 2,575.3 4,141.4 15-Jun-99 6,733.1 2,561.9 4,171.1 14-Jun-99 7,207.1 2,542.8 4,664.3

23 26 11-Jun-99 7,190.7 2,570.6 4,620.1 10-Jun-99 7,158.0 2,571.0 4,587.0 09-Jun-99 7,174.4 2,632.7 4,541.6 08-Jun-99 7,305.1 2,653.0 4,652.1 07-Jun-99 7,762.8 2,695.2 5,067.6 04-Jun-99 7,354.2 2,631.4 4,722.8 03-Jun-99 7,632.0 2,558.0 5,074.0 02-Jun-99 7,354.2 2,571.2 4,783.0 01-Jun-99 7,043.6 2,550.0 4,493.7 28-May-99 7,027.3 2,540.2 4,487.1 27-May-99 7,010.9 2,542.5 4,468.5 26-May-99 7,043.6 2,434.4 4,609.2 25-May-99 6,961.9 2,379.0 4,582.9 24-May-99 6,978.2 2,387.0 4,591.3 21-May-99 7,174.4 2,411.2 4,763.2 20-May-99 7,435.9 2,411.9 5,024.0 19-May-99 7,484.9 2,431.3 5,053.7 18-May-99 7,337.8 2,422.6 4,915.2 17-May-99 7,043.6 2,376.9 4,666.7 14-May-99 7,321.5 2,380.1 4,941.4 13-May-99 7,370.5 2,363.2 5,007.3 12-May-99 7,828.2 2,310.0 5,518.1 11-May-99 7,746.4 2,262.9 5,483.6 10-May-99 7,583.0 2,219.4 5,363.6 07-May-99 7,076.3 2,243.5 4,832.8 06-May-99 6,667.7 2,268.3 4,399.3 05-May-99 6,978.2 2,274.6 4,703.6 04-May-99 7,207.1 2,273.7 4,933.4 03-May-99 6,782.1 2,250.5 4,531.6 30-Apr-99 6,422.5 2,232.5 4,190.0 29-Apr-99 6,291.7 2,118.0 4,173.8 28-Apr-99 6,700.4 2,179.3 4,521.0 27-Apr-99 7,550.3 2,226.7 5,323.6 26-Apr-99 6,667.7 2,309.4 4,358.3 23-Apr-99 6,586.0 2,322.4 4,263.5 22-Apr-99 6,716.7 2,263.3 4,453.4 21-Apr-99 6,536.9 2,221.0 4,315.9 20-Apr-99 6,340.8 2,200.9 4,139.9 19-Apr-99 6,144.6 2,114.9 4,029.7 16-Apr-99 6,357.1 2,401.9 3,955.3 15-Apr-99 6,635.0 2,445.0 4,190.0 14-Apr-99 6,504.2 2,498.5 4,005.7 13-Apr-99 6,095.6 2,430.8 3,664.8 12-Apr-99 5,997.5 2,364.6 3,632.9 09-Apr-99 6,569.6 2,377.3 4,192.3 08-Apr-99 7,223.4 2,364.2 4,859.2 07-Apr-99 7,060.0 2,430.4 4,629.6 06-Apr-99 7,174.4 2,542.3 4,632.1 05-Apr-99 7,288.8 2,525.1 4,763.7 01-Apr-99 7,010.9 2,432.1 4,578.8 31-Mar-99 6,863.8 2,406.6 4,457.2 30-Mar-99 6,569.6 2,480.9 4,088.8

24 27 29-Mar-99 6,536.9 2,509.7 4,027.2 26-Mar-99 6324.4 2349.8 3974.6 ====================================================================================

Notes: 1. After-Tax value of securities and net cash based on after-tax value of holdings of 128.1MM shares of Venus, 4.1MM shares of SanDisk, 5.1MM shares of Gadzoox Networks, 2.4MM shares of CVC, $225.7MM holding in Dragon Systems, and $480MM in net cash after repatriation. Assumes tax rate of 40%. 25 28 -------------------- PROJECT SPACE ========================================================= VALUATION ANALYSIS Implied Historical Transaction Premium Analysis ========================================================= - THE MERGER CONSIDERATION REFLECTS A 9% - 41% PREMIUM TO STAR'S STOCK PRICE OVER PRE-ANNOUNCEMENT TRADING PERIODS
IMPLIED VALUE OF MERGER PERIOD VENUS PRICE CONSIDERATION STAR PRICE IMPLIED PREMIUM ------ ----------- ---------------- ---------- --------------- AT TIME OF ANNOUNCEMENT(1) 3/28/2000 $155 $ 75 $ 68 11% 30-Day Average $143 $ 71 $ 57 23% UNAFFECTED(2) 3/8/2000 $159 $ 77 $ 55 41% 5-Day Average $153 $ 75 $ 54 38% 10-Day Average $140 $ 69 $ 51 35% 30-Day Average $120 $ 61 $ 47 30% 60-Day Average $105 $ 54 $ 45 21% 120-Day Average $ 76 $ 43 $ 39 9%
Notes: (1) Analysis based on trading days; averages are for trading period ending 3/28/2000. (2) Analysis based on trading days; averages are for trading period ending 3/8/2000. 26 29 -------------------- PROJECT SPACE ========================================================= VALUATION ANALYSIS Value Realized for Venus Shares / Other Investments ($MM) ========================================================= - THE MERGER CONSIDERATION FROM VENUS REFLECTS A 47% PREMIUM TO THE UNDERLYING AFTER-TAX VALUE OF STAR'S INVESTMENTS
VENUS SHARES ONLY WITH OTHER SECURITIES(2) ----------------- ------------------------ Underlying Shares 128.1 128.1 Value of Venus Shares Owned by Star Shareholders(1) $ 14,125 $ 14,125 Shares Received 109.3 110.4 "Nominal Discount"(2) 14.6257% 13.8% Value of Venus Shares Received by Star Shareholders(1) $ 12,059 $ 12,176 --------------------------------------------------------------------------------------------------------- "Nominal" Premium to After-Tax Value 41.2% 40.6% ========================================================================================================= Value Lost by Star vs. Pre-Tax Venus Value (1) $ 2,066 $ 2,066 Portion of discount "recovered" by Star shareholders(3) $ 589 $ 589 Total Value to Star $ 12,648 $ 12,766 "EFFECTIVE DISCOUNT"(3) 10.5% 9.6% --------------------------------------------------------------------------------------------------------- "EFFECTIVE" PREMIUM TO AFTER-TAX VALUE 48.1% 47.4% =========================================================================================================
Notes: (1) Excludes the effect of financial accretion assumed already present in current Venus price. Pro-forma share price excluding financial accretion assumed at $110.30. (2) Other securities valued at stipulated liquidity discounts. (3) Reflects benefit accruing to Star shareholders through their pro forma 30% stake in Venus, based on 4.9% financial accretion to Venus. VALUE REALIZED FOR VENUS SHARES / OTHER INVESTMENTS -------------------------------------------------------------------------------- TAXABLE SALE VS. VENUS MERGER ($BN) ~~Current after-tax value of Venus stake and Other Investments(1) 8.7 Value of Venus stake and investments realized 12.8~~

================================================================================ Note: (1) Other investments valued at stipulated liquidity discounts. 27 30 -------------------- PROJECT SPACE ========================================================= VALUATION ANALYSIS Operating Company Valuation Matrix ($MM) =========================================================
EQUITY VALUE / CASH NET INCOME(1) ------------------------------------------------------------------- BASE CASE UPSIDE CASE SENSITIVITY CASE AGGREGATE AGGREGATE VALUE/ EQUITY VALUE/ --------------------------------- ----------- ---------------- EQUITY VALUE VALUE(1) CY2000E REVENUE CY2000E REVENUE CY2000E CY2001E CY2002E CY2002E CY2002E ------------ ---------- --------------- --------------- ------- --------- ------- ----------- ---------------- STATISTIC: $6,934 $6,934 $151 $217 $318 $583 $212 $1,700 $ 950 0.14x 0.25x 11.2x 7.8x 5.3x 2.9x 8.0x $1,800 $1,050 0.15x 0.26x 11.9x 8.3x 5.7x 3.1x 8.5x $1,900 $1,150 0.17x 0.27x 12.6x 8.8x 6.0x 3.3x 8.9x $2,000 $1,250 0.18x 0.29x 13.2x 9.2x 6.3x 3.4x 9.4x $2,100 $1,350 0.19x 0.30x 13.9x 9.7x 6.6x 3.6x 9.9x $2,200 $1,450 0.21x 0.32x 14.6x 10.1x 6.9x 3.8x 10.4x $2,300 $1,550 0.22x 0.33x 15.2x 10.6x 7.2x 3.9x 10.8x $2,400 $1,650 0.24x 0.35x 15.9x 11.1x 7.5x 4.1x 11.3x
Note: (1) Cash net income based on management projections dated March 2000 and confirmed August 2000. Equity value assumes no debt and total cash of $800.0MM and $50.0MM in golden parachute liabilities. Base case as provided by management. Upside case as provided by management. Sensitivity case same as base case but assuming 2000E gross margins for desktop segment of disc drive business remain constant throughout 2008E. 28 31 -------------------- PROJECT SPACE ========================================================= VALUATION ANALYSIS Hypothetical Sum-of-the-Parts Value - THE PROPOSED TRANSACTION REFLECTS A 12% - 40% PREMIUM TO A HYPOTHETICAL AFTER-TAX SUM-OF-THE-PARTS ANALYSIS - THESE VALUES WOULD NOT BE REALIZABLE TODAY GIVEN LIQUIDITY AND OTHER CONSTRAINTS
Low High ------ --------- Operating Businesses Excluding Cash(1) $1,200 - $ 3,600 Venus(2) $8,539 - $ 8,539 Other Investments(3) $189 - $ 189 Cash (after-tax) $1,355 - $ 1,355 Debt(4) $(790) - $ (705) Other Liabilities(5) $(432) - $ (432) ------ --------- Total $10,062 - $ 12,547 Per Share $42.29 - $ 52.74 ------------------------------------------------------------------------ Indicated Transaction Value(6) $14,046 - $ 14,046 Per Share $59.04 - $ 59.04 % Premium to Sum-of-the-Parts 40% - 12% ========================================================================
Notes: (1) Includes Drives, Tape, Software and XIOtech. (2) Post-tax value excluding financial accretion assumed present in current shareprice. (3) Post-tax value of Veeco, Gadzoox and Lernout & Hauspie. (4) Low end of the range includes debt breakage costs of $85.0MM. (5) Reflects Canadian tax payment, liabilities not assumed by financial buyer and estimated tax exposure remaining at closing. (6) Based on closing prices as of 8/24/00. 29 32 -------------------- PROJECT SPACE ========================================================= SECTION 3 Alternative Transaction Structures ========================================================= 30 33 -------------------- PROJECT SPACE ========================================================= ALTERNATIVE TRANSACTION STRUCTURES Overview of Structures ========================================================= - Each structure must be evaluated on a number of dimensions - Value for shareholders - Timing / certainty - Management impact - Risk / uncertainty - The proposed structure (Venus Merger / Sale of Businesses) has many benefits versus other structures - Most certainty of value (fixed number of Venus shares, cash portion determined with fixed formula) - Achievable near-term - Management support - "Permanent" resolution of embedded Venus investments 31 34 -------------------- PROJECT SPACE ========================================================= ALTERNATIVE TRANSACTION STRUCTURES Summary Valuation - THE CURRENT PROPOSAL OFFERS THE MOST CERTAINTY TO STAR SHAREHOLDERS IN TERMS OF VALUE AND COMPLETION RISK SUMMARY VALUATION --------------------------------------------------------------------------------
$ VALUE PER STAR SHARE (1) -------------------------- Low High ----- ----- Current Proposal(2) 59.04 61.39 Status Quo(3) 35.11 70.28 Tax-Free Spinoff(4) 52.18 67.94 HoldCo / Spin(5) 52.18 67.94 Merger / Spin(6) 57.81 65.47
================================== (1) Reflects Venus share price of $115.69 as of 8/24/00. (2) High end includes amount from tax refund. (3) Assumes operating business trades at 10 - 15 P/E, annual Venus share price increases /(decreases) 40%-(20%), Star continues to sell Venus shares and repurchases own shares, 20% discount rate applied, excludes effect of financial accretion assumed present in current Venus share price. (4) Assumes tax-free spin-off of operating businesses, which is assumed to trade at equity values of $1,500 - 3,500 million, remaining Star holding Venus shares as well as Software and Tape businesses will trade at 5-20% discount to the pre-tax value of underlying Venus shares , excludes effect of financial accretion assumed present in current Venus share price. (5) Assumes taxable spin-off of all assets excluding Venus shares, SpinCo is assumed to trade at equity values of $1,500 - 3,500 million. Remaining Star (holding only Venus shares) will trade at 5-20% discount to the pre-tax value of the underlying Venus shares, excludes effect of financial accretion assumed present in current Venus share price. (6) Assumes spin-off of all assets excluding Venus shares and investments, SpinCo is assumed to trade at equity values of $1,500 - 3,500 million. Remaining Star (holding Venus shares and other investments) will merge with Venus under same structure as current proposal. 32 35 -------------------- PROJECT SPACE ========================================================= ALTERNATIVE TRANSACTION STRUCTURES ========================================================= Overview of Potential Structures ========================================================= 1. CURRENT PROPOSAL (VENUS MERGER / SALE) - Sale of Operating Business to Financial Buyer - Merge remaining Star (holding Venus shares and investments) with Venus - Star shareholders to receive Venus shares and cash --------------------------------------------------------- 2. STATUS QUO - Continue current business model - Manage Operating Businesses under scrutiny of public markets - Sell Venus shares (taxable transaction) - Buy-back Star stock --------------------------------------------------------- 3. HOLDCO / TAX-FREE SPIN - Spin-off Drives in tax-free transaction - HoldCo would hold Venus shares, software and tape - Continue to manage under scrutiny of public markets --------------------------------------------------------- 4. HOLDCO / TAXABLE SPIN - Spin-off all operating businesses, investments and excess net cash - Remaining shell would hold only Venus shares --------------------------------------------------------- 5. VENUS MERGER / SPIN - Spin off Operating Businesses to shareholders (tax-free to shareholders, taxable to Star) - Merge remaining Star (holding Venus shares and investments) with Venus - Star shareholders to receive Venus shares and shares in Operating Company 33 36 -------------------- PROJECT SPACE ========================================================= SECTION 4 ========================================================= Operating Business Valuation ========================================================= 34 37 -------------------- PROJECT SPACE ========================================================= OPERATING BUSINESS VALUATION ========================================================= Summary Valuation ($MM) ========================================================= --------------------------------------------------------- OPERATING BUSINESSES EQUITY VALUE (1) ---------------------------------------------------------
Proposal -------- TRADING VALUATION COMPARABLE COMPANIES .10x -.40x CY2000E Revenue 1,400 THRU 3,500 DISCOUNTED EQUITY VALUE 8x -16x CY2001E Net Income - Base 1,600 THRU 3,300 - Upside 3,100 THRU 6,400 - Sensitivity 1,200 THRU 2,500 8x -16x CY2002E Net Income Base 2,000 THRU 4,200 Upside 3,600 THRU 7,700 Sensitivity 1,300 THRU 2,800 PRIVATE MARKET VALUATION DCF Analysis -Base Case 3,700 THRU 4,700 DCF Analysis -Upside Case 5,700 THRU 7,300 DCF Analysis -Sensitivity Case 2,500 THRU 3,000 Hypothetical Sum-of-the-Parts Analysis 2,000 THRU 4,400
Note 1. Reflects all operating businesses with a balance sheet of $800MM of cash and $50 million of non-operating liabilities. 35 38 -------------------- PROJECT SPACE ========================================================= OPERATING BUSINESS VALUATION ========================================================= Summary Valuation ($MM, EXCEPT PER SHARE AMOUNTS) =========================================================
MULTIPLE RANGE AGGREGATE VALUE(1) EQUITY VALUE(1) FINANCIAL ----------------- ------------------ ----------------- VALUATION METHODOLOGY STATISTIC LOW HIGH LOW HIGH LOW HIGH --------------------- --------- ------- ----- ------- ------- -------- ------ TRADING VALUATION Value Based on Comparable Companies CY2000E Revenue(2) $6,967 0.10x - 0.40x $ 684 - $2,783 $1,434 - $3,533 Value Based on Discounted Equity Value Analysis CY2001E(3) 15.0% - 20.0% Discount Rate -- Base Case $ 217 8.0x - 16.0x $ 878 - $2,455 $1,628 - $3,305 15.0% - 20.0% Discount Rate -- Upside Case $ 418 8.0x - 16.0x $2,388 - $5,521 $3,138 - $6,371 15.0% - 20.0% Discount Rate -- Sensitivity Case $ 166 8.0x - 16.0x $ 492 - $1,671 $1,242 - $2,521 Value Based on Discounted Equity Value Analysis CY2002E(3) 15.0% - 20.0% Discount Rate -- Base Case $ 318 8.0x - 16.0x $1,239 - $3,363 $1,989 - $4,213 15.0% - 20.0% Discount Rate -- Upside Case $ 583 8.0x - 16.0x $2,897 - $6,875 $3,647 - $7,725 15.0% - 20.0% Discount Rate -- Sensitivity Case $ 212 8.0x - 16.0x $ 578 - $1,963 $1,328 - $2,813 PRIVATE MARKET VALUATION Value Based on Discounted Cash Flow Analysis -- Base Case 6.0x - 9.0x EBITA exit multiple, 15.0% Discount Rate $2,948 - $3,908 $3,698 - $4,658 Value Based on Discounted Cash Flow Analysis -- Upside Case 6.0x - 9.0x EBITA exit multiple, 15.0% Discount Rate $4,957 - $6,503 $5,707 - $7,253 Value Based on Discounted Cash Flow Analysis -- Sensitivity Case 6.0x - 9.0x EBITA exit multiple, 15.0% Discount Rate $1,718 - $2,296 $2,468 - $3,046 Value Based on Hypothetical Sum-of-the-Parts Valuation $1,210 - $3,625 $1,960 - $4,375
Notes: (1) Based on $800.0MM of cash and no debt and assumed $50.0MM in golden parachute liabilities. (2) Based on MSDW research (3) Discounted to 8/24/00 36 39 -------------------- PROJECT SPACE ========================================================= OPERATING BUSINESS VALUATION Historical Aggregate Value/2000E Revenue 3/28/1999 To Present ========================================================= [GRAPH OF AGGREGATE VALUE/REVENUE] HISTORICAL AGGREGATE VALUE/2000E REVENUE -------------------------------------------------------------------------------- 3/28/99 TO PRESENT
DATE MAXTOR CORP. WESTERN DIGITAL CORP. QUANTUM CORP HDDG CURRENT PROPOSAL -------- ------------ --------------------- ----------------- ---------------- 08/24/00 0.20 0.40 0.07 0.18 08/23/00 0.19 0.36 0.07 0.18 08/22/00 0.19 0.38 0.07 0.18 08/21/00 0.19 0.40 0.08 0.18 08/18/00 0.20 0.40 0.07 0.18 08/17/00 0.18 0.32 0.07 0.18 08/16/00 0.14 0.32 0.07 0.18 08/15/00 0.12 0.31 0.05 0.18 08/14/00 0.13 0.28 0.06 0.18 08/11/00 0.13 0.27 0.06 0.18 08/10/00 0.13 0.27 0.05 0.18 08/09/00 0.14 0.27 0.05 0.18 08/08/00 0.14 0.28 0.05 0.18 08/07/00 0.15 0.29 0.06 0.18 08/04/00 0.14 0.28 0.06 0.18 08/03/00 0.13 0.28 0.05 0.18 08/02/00 0.15 0.23 0.05 0.18 08/01/00 0.12 0.25 0.05 0.18 07/31/00 0.13 0.25 0.05 0.18 07/28/00 0.14 0.24 0.05 0.18 07/27/00 0.15 0.25 0.04 0.18 07/26/00 0.17 0.26 0.05 0.18 07/25/00 0.29 0.27 0.13 0.18 07/24/00 0.31 0.28 0.14 0.18 07/21/00 0.32 0.29 0.14 0.18 07/20/00 0.35 0.28 0.14 0.18 07/19/00 0.33 0.29 0.12 0.18 07/18/00 0.34 0.30 0.12 0.18 07/17/00 0.33 0.31 0.10 0.18 07/14/00 0.34 0.32 0.11 0.18 07/13/00 0.35 0.35 0.13 0.18 07/12/00 0.36 0.33 0.14 0.18 07/11/00 0.33 0.30 0.12 0.18 07/10/00 0.33 0.28 0.11 0.18 07/07/00 0.32 0.27 0.11 0.18 07/06/00 0.32 0.28 0.09 0.18 07/05/00 0.33 0.19 0.11 0.18 07/03/00 0.34 0.20 0.12 0.18 06/30/00 0.34 0.20 0.12 0.18 06/29/00 0.33 0.19 0.11 0.18 06/28/00 0.35 0.19 0.10 0.18 06/27/00 0.35 0.20 0.10 0.18 06/26/00 0.36 0.19 0.11 0.18 06/23/00 0.39 0.19 0.12 0.18 06/22/00 0.40 0.21 0.12 0.18 06/21/00 0.44 0.21 0.13 0.18 06/20/00 0.44 0.20 0.12 0.18
37 40 06/19/00 0.41 0.19 0.14 0.18 06/16/00 0.39 0.15 0.13 0.18 06/15/00 0.38 0.15 0.12 0.18 06/14/00 0.36 0.16 0.12 0.18 06/13/00 0.38 0.17 0.13 0.18 06/12/00 0.39 0.16 0.13 0.18 06/09/00 0.43 0.16 0.15 0.18 06/08/00 0.40 0.16 0.14 0.18 06/07/00 0.40 0.17 0.14 0.18 06/06/00 0.40 0.17 0.16 0.18 06/05/00 0.41 0.18 0.15 0.18 06/02/00 0.40 0.17 0.12 0.18 06/01/00 0.38 0.16 0.10 0.18 05/31/00 0.36 0.19 0.08 0.18 05/30/00 0.37 0.19 0.08 0.18 05/26/00 0.36 0.18 0.08 0.18 05/25/00 0.36 0.16 0.09 0.18 05/24/00 0.35 0.19 0.10 0.18 05/23/00 0.35 0.20 0.10 0.18 05/22/00 0.38 0.20 0.11 0.18 05/19/00 0.40 0.21 0.11 0.18 05/18/00 0.43 0.22 0.11 0.18 05/17/00 0.41 0.21 0.13 0.18 05/16/00 0.43 0.24 0.13 0.18 05/15/00 0.45 0.26 0.14 0.18 05/12/00 0.42 0.25 0.14 0.18 05/11/00 0.37 0.25 0.13 0.18 05/10/00 0.36 0.25 0.13 0.18 05/09/00 0.38 0.25 0.14 0.18 05/08/00 0.39 0.29 0.15 0.18 05/05/00 0.40 0.29 0.13 0.18 05/04/00 0.40 0.29 0.13 0.18 05/03/00 0.39 0.30 0.14 0.18 05/02/00 0.42 0.30 0.15 0.18 05/01/00 0.46 0.31 0.15 0.18 04/28/00 0.43 0.31 0.14 0.18 04/27/00 0.37 0.36 0.14 0.18 04/26/00 0.38 0.31 0.15 0.18 04/25/00 0.34 0.32 0.13 0.18 04/24/00 0.33 0.26 0.11 0.18 04/20/00 0.36 0.27 0.12 0.18 04/19/00 0.38 0.32 0.12 0.18 04/18/00 0.39 0.27 0.10 0.18 04/17/00 0.35 0.24 0.08 0.18 04/14/00 0.34 0.26 0.09 0.18 04/13/00 0.41 0.30 0.12 0.18 04/12/00 0.39 0.27 0.11 0.18 04/11/00 0.43 0.30 0.14 0.18 04/10/00 0.45 0.32 0.15 0.18 04/07/00 0.51 0.35 0.16 0.18 04/06/00 0.49 0.36 0.15 0.18 04/05/00 0.45 0.36 0.12 0.18

38 41 04/04/00 0.46 0.37 0.16 0.18 04/03/00 0.49 0.41 0.18 0.18 03/31/00 0.49 0.42 0.18 0.18 03/30/00 0.47 0.39 0.15 0.18 03/29/00 0.47 0.43 0.16 0.18 03/28/00 0.54 0.44 0.17 0.18 <== ANNOUNCEMENT 03/27/00 0.57 0.47 0.19 0.18 OF TRANSACTION 03/24/00 0.54 0.49 0.18 0.18 03/23/00 0.51 0.49 0.18 0.18 03/22/00 0.50 0.45 0.18 0.18 03/21/00 0.48 0.41 0.17 0.18 03/20/00 0.45 0.40 0.18 0.18 03/17/00 0.48 0.42 0.17 0.18 03/16/00 0.49 0.43 0.16 0.18 03/15/00 0.44 0.37 0.13 0.18 03/14/00 0.44 0.39 0.13 0.18 03/13/00 0.47 0.39 0.15 0.18 03/10/00 0.43 0.30 0.12 0.18 03/09/00 0.45 0.32 0.14 0.18 03/08/00 0.37 0.27 0.12 0.18 03/07/00 0.34 0.27 0.11 0.18 03/06/00 0.31 0.28 0.11 0.18 03/03/00 0.28 0.27 0.10 0.18 03/02/00 0.28 0.28 0.11 0.18 03/01/00 0.30 0.28 0.12 0.18 02/29/00 0.27 0.27 0.09 0.18 02/28/00 0.23 0.24 0.08 0.18 02/25/00 0.21 0.24 0.07 0.18 02/24/00 0.21 0.25 0.08 0.18 02/23/00 0.22 0.26 0.09 0.18 02/22/00 0.19 0.25 0.09 0.18 02/18/00 0.21 0.26 0.08 0.18 02/17/00 0.21 0.27 0.08 0.18 02/16/00 0.22 0.27 0.09 0.18 02/15/00 0.22 0.27 0.09 0.18 02/14/00 0.19 0.28 0.09 0.18 02/11/00 0.21 0.29 0.09 0.18 02/10/00 0.22 0.28 0.09 0.18 02/09/00 0.22 0.29 0.09 0.18 02/08/00 0.22 0.30 0.09 0.18 02/07/00 0.23 0.31 0.09 0.18 02/04/00 0.24 0.30 0.09 0.18 02/03/00 0.24 0.30 0.10 0.18 02/02/00 0.25 0.28 0.10 0.18 02/01/00 0.24 0.28 0.09 0.18 01/31/00 0.22 0.28 0.08 0.18 01/28/00 0.24 0.28 0.08 0.18 01/27/00 0.26 0.27 0.09 0.18 01/26/00 0.27 0.30 0.09 0.18 01/25/00 0.26 0.31 0.09 0.18 01/24/00 0.26 0.28 0.10 0.18 01/21/00 0.28 0.30 0.12 0.18

39 42 01/20/00 0.29 0.32 0.16 0.18 01/19/00 0.28 0.34 0.14 0.18 01/18/00 0.29 0.30 0.13 0.18 01/14/00 0.27 0.27 0.12 0.18 01/13/00 0.27 0.26 0.12 0.18 01/12/00 0.26 0.27 0.12 0.18 01/11/00 0.26 0.31 0.10 0.18 01/10/00 0.28 0.29 0.11 0.18 01/07/00 0.26 0.33 0.11 0.18 01/06/00 0.23 0.27 0.10 0.18 01/05/00 0.22 0.26 0.09 0.18 01/04/00 0.24 0.29 0.10 0.18 01/03/00 0.25 0.26 0.09 0.18 12/31/99 0.26 0.27 0.07 0.18 12/30/99 0.24 0.25 0.06 0.18 12/29/99 0.22 0.25 0.05 0.18 12/28/99 0.21 0.24 0.08 0.18 12/27/99 0.21 0.25 0.08 0.18 12/23/99 0.22 0.25 0.07 0.18 12/22/99 0.21 0.25 0.08 0.18 12/21/99 0.21 0.25 0.08 0.18 12/20/99 0.22 0.26 0.08 0.18 12/17/99 0.23 0.27 0.08 0.18 12/16/99 0.18 0.26 0.07 0.18 12/15/99 0.18 0.24 0.05 0.18 12/14/99 0.18 0.24 0.06 0.18 12/13/99 0.17 0.24 0.06 0.18 12/10/99 0.18 0.24 0.06 0.18 12/09/99 0.19 0.24 0.07 0.18 12/08/99 0.20 0.24 0.07 0.18 12/07/99 0.20 0.25 0.07 0.18 12/06/99 0.20 0.25 0.07 0.18 12/03/99 0.20 0.25 0.08 0.18 12/02/99 0.20 0.25 0.08 0.18 12/01/99 0.20 0.25 0.07 0.18 11/30/99 0.20 0.25 0.08 0.18 11/29/99 0.21 0.27 0.07 0.18 11/26/99 0.22 0.25 0.07 0.18 11/24/99 0.22 0.25 0.07 0.18 11/23/99 0.23 0.25 0.08 0.18 11/22/99 0.24 0.25 0.09 0.18 11/19/99 0.24 0.25 0.09 0.18 11/18/99 0.25 0.26 0.09 0.18 11/17/99 0.25 0.26 0.09 0.18 11/16/99 0.25 0.25 0.08 0.18 11/15/99 0.25 0.25 0.09 0.18 11/12/99 0.25 0.25 0.08 0.18 11/11/99 0.23 0.25 0.08 0.18 11/10/99 0.25 0.27 0.10 0.18 11/09/99 0.20 0.23 0.07 0.18 11/08/99 0.20 0.21 0.06 0.18 11/05/99 0.18 0.21 0.06 0.18

40 43 11/04/99 0.17 0.21 0.05 0.18 11/03/99 0.17 0.22 0.05 0.18 11/02/99 0.17 0.22 0.05 0.18 11/01/99 0.18 0.22 0.06 0.18 10/29/99 0.18 0.23 0.06 0.18 10/28/99 0.17 0.22 0.06 0.18 10/27/99 0.15 0.23 0.05 0.18 10/26/99 0.16 0.22 0.06 0.18 10/25/99 0.16 0.22 0.07 0.18 10/22/99 0.17 0.23 0.06 0.18 10/21/99 0.18 0.23 0.05 0.18 10/20/99 0.18 0.23 0.05 0.18 10/19/99 0.18 0.23 0.05 0.18 10/18/99 0.19 0.23 0.05 0.18 10/15/99 0.19 0.24 0.06 0.18 10/14/99 0.19 0.24 0.06 0.18 10/13/99 0.19 0.24 0.06 0.18 10/12/99 0.21 0.24 0.07 0.18 10/11/99 0.20 0.25 0.07 0.18 10/08/99 0.22 0.24 0.06 0.18 10/07/99 0.22 0.25 0.07 0.18 10/06/99 0.22 0.26 0.08 0.18 10/05/99 0.18 0.29 0.07 0.18 10/04/99 0.18 0.29 0.08 0.18 10/01/99 0.19 0.30 0.08 0.18 09/30/99 0.19 0.28 0.09 0.18 09/29/99 0.17 0.28 0.08 0.18 09/28/99 0.16 0.29 0.07 0.18 09/27/99 0.17 0.30 0.09 0.18 09/24/99 0.15 0.31 0.09 0.18 09/23/99 0.16 0.31 0.08 0.18 09/22/99 0.17 0.31 0.10 0.18 09/21/99 0.17 0.30 0.10 0.18 09/20/99 0.16 0.32 0.10 0.18 09/17/99 0.17 0.33 0.11 0.18 09/16/99 0.17 0.32 0.10 0.18 09/15/99 0.19 0.33 0.12 0.18 09/14/99 0.20 0.34 0.11 0.18 09/13/99 0.20 0.35 0.13 0.18 09/10/99 0.21 0.35 0.13 0.18 09/09/99 0.21 0.35 0.13 0.18 09/08/99 0.20 0.36 0.12 0.18 09/07/99 0.21 0.37 0.12 0.18 09/03/99 0.22 0.38 0.11 0.18 09/02/99 0.21 0.38 0.11 0.18 09/01/99 0.19 0.39 0.10 0.18 08/31/99 0.18 0.38 0.09 0.18 08/30/99 0.18 0.36 0.08 0.18 08/27/99 0.17 0.35 0.10 0.18 08/26/99 0.18 0.36 0.10 0.18 08/25/99 0.18 0.37 0.11 0.18 08/24/99 0.19 0.37 0.10 0.18

41 44 08/23/99 0.18 0.36 0.10 0.18 08/20/99 0.18 0.37 0.11 0.18 08/19/99 0.19 0.41 0.13 0.18 08/18/99 0.18 0.36 0.12 0.18 08/17/99 0.16 0.32 0.08 0.18 08/16/99 0.14 0.31 0.09 0.18 08/13/99 0.12 0.28 0.08 0.18 08/12/99 0.12 0.27 0.07 0.18 08/11/99 0.12 0.28 0.08 0.18 08/10/99 0.12 0.28 0.06 0.18 08/09/99 0.12 0.29 0.06 0.18 08/06/99 0.12 0.29 0.06 0.18 08/05/99 0.12 0.30 0.06 0.18 08/04/99 0.13 0.29 0.08 0.18 08/03/99 0.13 0.30 0.09 0.18 08/02/99 0.14 0.32 0.10 0.18 07/30/99 0.14 0.33 0.08 0.18 07/29/99 0.13 0.33 0.09 0.18 07/28/99 0.13 0.33 0.09 0.18 07/27/99 0.12 0.33 0.07 0.18 07/26/99 0.11 0.33 0.08 0.18 07/23/99 0.12 0.34 NA 0.18 07/22/99 0.12 0.36 NA 0.18 07/21/99 0.12 0.38 NA 0.18 07/20/99 0.12 0.37 NA 0.18 07/19/99 0.13 0.38 NA 0.18 07/16/99 0.13 0.38 NA 0.18 07/15/99 0.17 0.41 NA 0.18 07/14/99 0.18 0.41 NA 0.18 07/13/99 0.14 0.37 NA 0.18 07/12/99 0.14 0.38 NA 0.18 07/09/99 0.14 0.38 NA 0.18 07/08/99 0.14 0.39 NA 0.18 07/07/99 0.14 0.34 NA 0.18 07/06/99 0.15 0.34 NA 0.18 07/02/99 0.13 0.34 NA 0.18 07/01/99 0.13 0.34 NA 0.18 06/30/99 0.13 0.34 NA 0.18 06/29/99 0.11 0.33 NA 0.18 06/28/99 0.11 0.34 NA 0.18 06/25/99 0.11 0.33 NA 0.18 06/24/99 0.11 0.34 NA 0.18 06/23/99 0.12 0.34 NA 0.18 06/22/99 0.11 0.34 NA 0.18 06/21/99 0.12 0.34 NA 0.18 06/18/99 0.12 0.35 NA 0.18 06/17/99 0.12 0.34 NA 0.18 06/16/99 0.12 0.35 NA 0.18 06/15/99 0.11 0.35 NA 0.18 06/14/99 0.13 0.36 NA 0.18 06/11/99 0.14 0.38 NA 0.18 06/10/99 0.14 0.38 NA 0.18

42 45 06/09/99 0.14 0.38 NA 0.18 06/08/99 0.14 0.38 NA 0.18 06/07/99 0.15 0.39 NA 0.18 06/04/99 0.14 0.38 NA 0.18 06/03/99 0.15 0.39 NA 0.18 06/02/99 0.16 0.38 NA 0.18 06/01/99 0.17 0.39 NA 0.18 05/28/99 0.16 0.40 NA 0.18 05/27/99 0.16 0.39 NA 0.18 05/26/99 0.16 0.39 NA 0.18 05/25/99 0.17 0.41 NA 0.18 05/24/99 0.17 0.42 NA 0.18 05/21/99 0.19 0.43 NA 0.18 05/20/99 0.19 0.44 NA 0.18 05/19/99 0.20 0.43 NA 0.18 05/18/99 0.21 0.43 NA 0.18 05/17/99 0.23 0.43 NA 0.18 05/14/99 0.21 0.43 NA 0.18 05/13/99 0.21 0.43 NA 0.18 05/12/99 0.23 0.42 NA 0.18 05/11/99 0.22 0.41 NA 0.18 05/10/99 0.20 0.41 NA 0.18 05/07/99 0.19 0.38 NA 0.18 05/06/99 0.18 0.38 NA 0.18 05/05/99 0.19 0.38 NA 0.18 05/04/99 0.18 0.38 NA 0.18 05/03/99 0.18 0.39 NA 0.18 04/30/99 0.15 0.40 NA 0.18 04/29/99 0.14 0.41 NA 0.18 04/28/99 0.15 0.40 NA 0.18 04/27/99 0.15 0.43 NA 0.18 04/26/99 0.15 0.37 NA 0.18 04/23/99 0.16 0.38 NA 0.18 04/22/99 0.23 0.38 NA 0.18 04/21/99 0.21 0.34 NA 0.18 04/20/99 0.20 0.36 NA 0.18 04/19/99 0.21 0.36 NA 0.18 04/16/99 0.23 0.36 NA 0.18 04/15/99 0.23 0.36 NA 0.18 04/14/99 0.26 0.36 NA 0.18 04/13/99 0.25 0.36 NA 0.18 04/12/99 0.23 0.37 NA 0.18 04/09/99 0.25 0.37 NA 0.18 04/08/99 0.24 0.37 NA 0.18 04/07/99 0.23 0.38 NA 0.18 04/06/99 0.24 0.38 NA 0.18 04/05/99 0.25 0.39 NA 0.18 04/01/99 0.25 0.40 NA 0.18 03/31/99 0.23 0.39 NA 0.18 03/30/99 0.23 0.37 NA 0.18 03/29/99 0.24 0.38 NA 0.18 03/26/99 0.24 0.39 NA 0.18

================================================================================ 43 46 -------------------- PROJECT SPACE ========================================================= OPERATING BUSINESS VALUATION Historical Financial Performance JUNE FISCAL YEAR-END =========================================================
HISTORICAL(1) PROJECTED - BASE CASE ----------------------------------------------------------------------- -------------------------------- 1995A 1996A 1997A 1998A 1999A 2000A 2001E 2002E 2003E -------- -------- -------- -------- -------- -------- -------- -------- -------- TOTAL REVENUE $7,256.2 $8,588.4 $8,507.4 $6,522.2 $6,539.2 $6,448.0 $7,417.1 $8,563.8 $9,503.5 % Growth 18.4% N.M. (23.3%) 0.3% (1.4%) 15.0% 15.5% 11.0% GROSS PROFIT 1,373.4 1,581.0 1,846.8 820.1 1,357.1 1,254.0 1,405.8 1,692.1 2,042.1 % of Sales 18.9% 18.4% 21.7% 12.6% 20.8% 19.4% 19.0% 19.8% 21.5% EBITA 495.2 575.6 1,021.2 (144.3) 360.5 152.0 188.8 316.1 448.9 % of Sales 6.8% 6.7% 12.0% (2.2%) 5.5% 2.4% 2.5% 3.7% 4.7%
Notes: (1) Data from 1997 onwards excludes NSMG contribution. 44 47 -------------------- PROJECT SPACE ========================================================= SECTION 5 Venus Overview ========================================================= 45 48 -------------------- PROJECT SPACE ========================================================= VENUS OVERVIEW Venus Stock Price Performance LAST TWELVE MONTHS ========================================================= VENUS STOCK PRICE PERFORMANCE -------------------------------------------------------------------------------- LAST TWELVE MONTHS
DATE VOLUME ('000) PRICE ($) --------- ------------- --------- 8/24/1999 4291 27.11 8/25/1999 2353 27.50 8/26/1999 1739 27.25 8/27/1999 2578 26.28 8/30/1999 1567 25.74 8/31/1999 2099 26.33 9/01/1999 2652 27.44 9/02/1999 3730 27.97 9/03/1999 4975 29.17 9/07/1999 2600 29.28 9/08/1999 3170 30.03 9/09/1999 3258 31.49 9/10/1999 4839 31.54 9/13/1999 4855 29.61 9/14/1999 3970 30.50 9/15/1999 4519 31.19 9/16/1999 3336 31.83 9/17/1999 5405 34.69 9/20/1999 3928 34.47 9/21/1999 3431 33.47 9/22/1999 2967 35.33 9/23/1999 2538 34.17 9/24/1999 4169 34.33 9/27/1999 3140 34.14 9/28/1999 4053 35.67 9/29/1999 3808 34.04 9/30/1999 6538 33.75 10/01/1999 4091 32.94 10/04/1999 3339 34.71 10/05/1999 8389 37.78 <== ANNOUNCES AGREEMENT WITH MICROSOFT TO 10/06/1999 4332 38.03 PROVIDE DATA-PROTECTION SOFTWARE TO MICROSOFT 10/07/1999 3648 36.92 10/08/1999 3010 36.47 10/11/1999 2786 38.47 10/12/1999 3123 37.56 10/13/1999 2460 36.94 10/14/1999 3924 36.21 <== ANNOUNCES 3Q99 REVENUES OF $183,4MM, UP 75% Y/Y, AND EPS 10/15/1999 12585 40.49 OF $0.09, UP 76% Y/Y. ALSO ANNOUNCES 3-FOR-2 STOCK SPLIT 10/18/1999 12256 37.67 10/19/1999 5020 37.44 10/20/1999 6399 40.06 10/21/1999 4927 41.31 10/22/1999 5819 41.86 10/25/1999 3436 41.75 10/26/1999 3186 39.92 10/27/1999 4008 41.61 10/28/1999 6511 44.94
46 49 10/29/1999 6156 47.94 11/01/1999 4491 47.11 11/02/1999 5450 46.56 11/03/1999 6679 47.64 11/04/1999 9454 48.36 11/05/1999 6780 48.03 11/08/1999 5043 49.11 11/09/1999 7068 51.06 11/10/1999 4122 51.50 11/11/1999 3770 50.53 <== ANNOUNCES THAT IT PLANS TO RELEASE NEW VERSIONS OF ITS 11/12/1999 3547 51.58 PRODUCTS THAT RUN ON MULTIPLE OPERATING SYSTEMS 11/15/1999 3814 53.39 11/16/1999 5588 58.19 11/17/1999 5731 57.56 11/18/1999 5397 61.39 11/19/1999 8323 64.67 11/22/1999 6626 68.71 11/23/1999 6042 67.08 11/24/1999 3673 68.00 11/26/1999 1366 69.83 11/29/1999 4280 66.79 11/30/1999 10846 61.04 12/01/1999 5846 62.83 12/02/1999 4779 66.25 12/03/1999 5847 70.75 12/06/1999 3852 69.42 12/07/1999 3028 69.00 12/08/1999 5064 69.67 12/09/1999 5504 71.96 12/10/1999 3991 72.71 12/13/1999 3546 71.71 12/14/1999 3137 68.50 12/15/1999 4929 72.13 12/16/1999 6672 75.33 12/17/1999 7726 78.31 12/20/1999 3944 83.58 12/21/1999 5456 82.63 12/22/1999 3536 89.67 12/23/1999 4334 95.42 12/27/1999 4470 89.08 12/28/1999 2682 90.04 12/29/1999 2489 93.33 12/30/1999 2785 91.25 12/31/1999 3436 95.42 1/03/2000 5202 94.67 1/04/2000 5553 86.88 1/05/2000 8133 84.79 1/06/2000 6312 76.04 1/07/2000 8425 83.00 1/10/2000 9743 95.88 1/11/2000 5248 88.04 1/12/2000 5166 84.00

47 50 1/13/2000 4297 93.00 1/14/2000 4891 97.61 1/18/2000 3276 98.42 1/19/2000 2646 98.50 1/20/2000 5800 103.83 1/21/2000 6031 114.38 1/24/2000 8909 100.83 1/25/2000 5245 106.63 1/26/2000 4092 104.75 1/27/2000 5247 105.17 <== ANNOUNCES 4Q99 REVENUES OF $226.2MM, UP 80% Y/Y, AND EPS 1/28/2000 13607 102.67 OF $0.13, UP 46% Y/Y. ALSO ANNOUNCES 3-FOR-2 STOCK SPLIT 1/31/2000 6764 97.25 2/01/2000 5081 103.13 2/02/2000 4902 102.42 2/03/2000 3908 103.71 2/04/2000 6167 104.63 2/07/2000 3489 103.92 2/08/2000 6393 113.13 2/09/2000 4645 109.83 2/10/2000 4622 118.92 2/11/2000 3665 115.01 2/14/2000 2609 112.38 2/15/2000 4359 110.67 2/16/2000 3740 110.79 2/17/2000 2914 115.67 2/18/2000 4622 115.38 2/22/2000 3596 114.63 2/23/2000 5487 122.08 2/24/2000 5214 126.50 2/25/2000 4142 120.79 2/28/2000 4319 125.38 2/29/2000 4125 131.92 3/01/2000 3965 134.17 3/02/2000 3620 136.42 3/03/2000 5691 148.25 3/06/2000 5444 159.06 3/07/2000 5649 163.69 3/08/2000 5232 158.81 3/09/2000 4973 162.94 3/10/2000 4819 168.69 3/13/2000 4886 165.75 3/14/2000 4164 154.75 3/15/2000 8699 133.44 3/16/2000 8592 151.75 3/17/2000 4679 164.38 3/20/2000 6373 142.50 3/21/2000 7393 148.56 3/22/2000 4628 162.25 3/23/2000 3538 158.94 3/24/2000 3655 162.56 3/27/2000 3682 168.44 3/28/2000 5085 154.94

48 51 3/29/2000 4993 142.50 <== ANNOUNCES TRANSACTION WITH STAR 3/30/2000 39096 145.25 3/31/2000 57255 131.00 4/03/2000 17113 111.50 4/04/2000 20440 110.00 4/05/2000 11004 116.25 4/06/2000 7647 119.00 4/07/2000 5862 126.25 4/10/2000 5962 113.69 4/11/2000 7109 109.25 4/12/2000 7421 103.94 4/13/2000 9081 91.69 4/14/2000 13310 82.00 4/17/2000 13454 99.56 4/18/2000 7889 105.31 4/19/2000 5769 105.19 4/20/2000 6547 100.00 4/24/2000 6025 98.56 4/25/2000 7401 105.94 4/26/2000 4388 99.88 4/27/2000 6667 103.50 4/28/2000 7733 107.27 5/01/2000 5815 110.94 5/02/2000 4202 103.44 5/03/2000 3958 98.56 5/04/2000 4952 96.25 5/05/2000 4159 100.19 5/08/2000 3139 94.75 5/09/2000 6196 90.69 5/10/2000 5836 85.38 5/11/2000 4910 89.75 5/12/2000 4106 89.50 5/15/2000 3545 93.94 5/16/2000 5655 104.00 5/17/2000 12785 111.31 5/18/2000 5322 111.31 5/19/2000 5299 102.13 5/22/2000 6540 102.88 5/23/2000 7210 93.25 5/24/2000 8732 104.81 5/25/2000 8363 104.50 5/26/2000 3551 107.06 5/30/2000 6770 124.44 5/31/2000 6947 116.50 6/01/2000 7047 127.44 6/02/2000 7279 134.50 6/05/2000 4190 132.88 6/06/2000 4193 124.88 6/07/2000 4848 134.50 6/08/2000 4652 134.69 6/09/2000 3048 135.69 6/12/2000 4353 125.25

49 52 6/13/2000 5611 135.00 6/14/2000 4586 127.64 6/15/2000 4293 128.75 6/16/2000 4749 134.00 6/19/2000 3559 140.19 6/20/2000 5574 136.31 6/21/2000 2999 134.88 6/22/2000 4134 124.00 6/23/2000 3897 117.19 6/26/2000 3078 120.19 6/27/2000 3796 115.69 6/28/2000 4943 115.19 6/29/2000 8321 105.75 6/30/2000 7926 113.02 7/03/2000 1753 110.81 7/05/2000 4822 106.00 7/06/2000 6471 111.75 7/07/2000 6132 117.00 7/10/2000 3684 117.19 7/11/2000 6224 122.38 7/12/2000 3401 129.50 7/13/2000 9565 132.38 7/14/2000 5850 136.81 <== ANTITRUST REGULATORS CLEAR VENUS-STAR MERGER 7/17/2000 3729 136.38 7/18/2000 7305 127.56 7/19/2000 23221 112.25 <== ANNOUNCES 2Q00 SALES OF $275.4MM, UP 77% Y/Y, YET 7/20/2000 9343 111.50 SHORT OF INVESTOR EXPECTATIONS 7/21/2000 4590 109.31 7/24/2000 4475 109.88 7/25/2000 4217 111.00 7/26/2000 4516 106.13 7/27/2000 11905 96.19 7/28/2000 10786 87.69 7/31/2000 7540 101.94 8/01/2000 4743 100.00 8/02/2000 5382 100.56 8/03/2000 5928 109.06 8/04/2000 5902 112.31 8/07/2000 6097 106.92 8/08/2000 4323 111.44 8/09/2000 5764 107.50 8/10/2000 8448 97.00 8/11/2000 6169 103.00 8/14/2000 4754 98.25 8/15/2000 4242 102.25 8/16/2000 5345 109.81 8/17/2000 4360 111.00 8/18/2000 3963 107.13 8/21/2000 2656 108.88 8/22/2000 3558 111.50 8/23/2000 2866.4 114.00 8/24/2000 2866.4 115.69 =========================================================

50 53 -------------------- PROJECT SPACE ========================================================= VENUS OVERVIEW Trading Statistics of Selected Comparable Companies ========================================================= TRADING STATISTICS OF SELECTED COMPARABLE COMPANIES --------------------------------------------------------------------------------
CY2001E CY2001E CY2001E COMPANY P/E RATIO P/E 5 YR GROWTH AGG.VALUE/SALES ------- --------- --------------- --------------- (x) (x) (x) VeriSign 370 7.39 33.0 i2 Tech. 234 5.19 21.7 Siebel 152 3.24 22.1 VENUS 151 3.02 30.0 Broadvision 132 2.64 17.8 Oracle 81 3.79 18.7 Cisco 79 2.63 13.6 Legato 63 1.30 2.2 Microsoft 35 1.42 13.3 ========================================================================================
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