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Back Up: Market Data as of October 2, 2000 Company Annual Sales, $Bn* Annual Sales* Share Price, $ MM Shares Market Cap, $MM Campbell 6.3 6,267 25.174 408.3 10,279 Coca-Cola 19.8 19,805 56.6355 2490 141,022 Danone 13.4 13,415 General Mills 6.7 6,700 35.1286 283.9 9,973 Heinz 9.4 9,408 36.9305 347.7 12,841 Hershey 4.0 3,971 52.0299 136.5 7,102 Keebler 2.7 2,668 40.7778 85.1 3,470 Kellogg 7.0 6,984 23.428 405.7 9,505 Kraft 26.8 26,797 Nestle 46.9 46,924 PepsiCo 20.4 20,367 47.0806 1450 68,267 Quaker Oats 4.7 4,725 78.2629 131.9 10,323 Unilever 43.6 43,636 * Last full financial year Campbell Coca-Cola Danone General Mills Heinz Hershey Keebler Kellogg Kraft Nestle PepsiCo Quaker Oats Unilever 0 10 20 30 40 50 Annual Revenues, $Bns
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PepsiCo's Quaker Bid

Jan 26, 2016

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Finalcials relevant to PepsiCo's takeover bid of Quaker
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Page 1: PepsiCo's Quaker Bid

Back Up:Market Data as of October 2, 2000

Company Annual Sales, $Bn* Annual Sales* Share Price, $ MM Shares Market Cap, $MM

Campbell 6.3 6,267 25.174 408.3 10,279Coca-Cola 19.8 19,805 56.6355 2490 141,022

Danone 13.4 13,415General Mills 6.7 6,700 35.1286 283.9 9,973

Heinz 9.4 9,408 36.9305 347.7 12,841Hershey 4.0 3,971 52.0299 136.5 7,102Keebler 2.7 2,668 40.7778 85.1 3,470Kellogg 7.0 6,984 23.428 405.7 9,505

Kraft 26.8 26,797Nestle 46.9 46,924

PepsiCo 20.4 20,367 47.0806 1450 68,267Quaker Oats 4.7 4,725 78.2629 131.9 10,323

Unilever 43.6 43,636* Last full financial year

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Annual Revenues, $Bns

Page 2: PepsiCo's Quaker Bid

Potential Acquirer's Estimated Synergies$ in millions

Synergy Estimates Capitalized Value Potential

Savings Revenues Total Per OAT Share Takeover Price

Kellogg 300 150 450 $20.36 $95.36

Campbell 175 25 200 $9.05 $84.05

Philip Morris 300 150 450 $20.36 $95.36

Coca-Cola 150 500+ 650+ $30.00+ $105+

Pepsi-Cola 175 250 425 $19.23 $94.23

Nestle 250 150 400 $18.10 $93.10

Danone 175 100 275 $12.45 $87.45

Source: CSFB Equity Research Report on Quaker Oats, August 1, 2000.

Page 3: PepsiCo's Quaker Bid

PepsiCo Financial Statements: Consolidated Statement of Income

($ Milllions, except for per share data)9/2/00* 1999 1998 1997 1996

Net salesNew PepsiCo 14,028 18,244 14,686 13,655 Bottling operations 0 2,123 7,662 7,262 Total net sales 14,028 20,367 22,348 20,917 20,337

Costs and expensesCost of sales 5,433 8,198 9,330 8,525 8,452 SG&A 6,209 9,103 9,924 9,241 9,063 Amortization of intangible assets 96 183 222 199 206 Impairment and restructuring charge 0 65 288 290 576 Total costs and expenses 11,738 17,549 19,764 18,255 18,297

Operating profitNew PepsiCo 2,290 2,765 2,460 2,252 Bottling operations and equity investments 0 53 124 410 Total operating profit 2,290 2,818 2,584 2,662 2,040

Bottling equity income, net 135 83 0 0 Gain on bottling transactions 0 1,000 0 0 Interest expense (156) (363) (395) (478) (565)Interest income 43 118 74 125 91

Income before taxes 2,312 3,656 2,263 2,309 1,566

Provision for income taxes 740 1,606 270 818 624

Income from continuing operations 1,572 2,050 1,993 1,491 942 Income from discontinued operations, net 0 0 0 651 207

Net income 1,572 2,050 1,993 2,142 1,149

Net income per share of common stock, $ 1.09 1.40 1.35 1.40 0.73

* Data for 36 weeks ended 09/02/2000

Source: Company 10(K) and 10(Q) filings.

Selected RatiosCOGS/Sales 39% 40% 42% 41% 42%SGA/Sales 44% 45% 44% 44% 45%Operating Profit/Sales 16% 14% 12% 13% 10%New Pepsi Operating Profit/New Pepsi Sales 16% 15% 17% 16%

Tax Rate 32% 44% 12% 35% 40%

Page 4: PepsiCo's Quaker Bid

PepsiCo Financial Statements: Consolidated Balance Sheet

($ Milllions)Assets 9/2/00* 1999 1998 1997 1996

Cash and cash equivalents 705 964 311 1,928 307 Short-term investments, at cost 97 92 83 955 289 Accounts and notes receivable, net 1,835 1,704 2,453 2,150 2,276 Inventories 975 899 1,016 732 853 Prepaid expenses and other current assets 588 514 499 486 225

Total current assets 4,200 4,173 4,362 6,251 3,950

Property, plant and equipment, net 9,209 8,816 13,110 11,294 10,908 Accumulated depreciation (3,928) (3,550) (5,792) (5,033) (4,822)

Net PP&E 5,281 5,266 7,318 6,261 6,086

Intangible assets, net 4,531 4,735 8,996 5,855 6,036 Investments in unconsolidated affiliates 3,011 2,846 1,396 1,201 1,147 Other assets 636 531 588 533 491

Net II&O 8,178 8,112 10,980 7,589 7,674

Net assets of discontinued operations - - - - 4,450

Total assets 17,659 17,551 22,660 20,101 22,160

Liabilities and Shareholders' EquityShort-term borrowings 116 233 3,921 0 0 Accounts payable and other current liabilitie 3,337 3,399 3,870 3,617 3,378 Income taxes payable 168 156 123 640 413 Total current liabilities 3,621 3,788 7,914 4,257 3,791

Long-term debt 2,737 2,812 4,028 4,946 8,174 Other liabilities 3,033 2,861 2,314 2,265 1,997 Deferred income taxes 1,380 1,209 2,003 1,697 1,575

Common stock 29 29 29 29 29 Capital in excess of par value 963 1,081 1,166 1,314 1,201 Retained earnings 15,040 14,066 12,800 11,567 9,184 Accumulated other comprehensive loss (1,219) (989) (1,059) (988) (768)Less: Repurchased common shares, at cost (7,925) (7,306) (6,535) (4,986) (3,023)Total shareholders' equity 6,888 6,881 6,401 6,936 6,623

Total liabilities and shareholders' equity 17,659 17,551 22,660 20,101 22,160

Average shares outstanding, millions 1,446 1,466 1,480 1,528 1,564

* Data for 36 weeks ended 09/02/2000

Source: Company 10(K) and 10(Q) filings.

Additional CalculationsTotal net sales 14,028 20367 22348 20917 20337Income from continuing operations 1,572 2,050 1,993 1,491 942 NWC (excluding Cash, ST Inv & ST Debt) (107) (438) (25) (889) (437)Invested Capital 13,352 12,940 18,273 12,961 13,323

Page 5: PepsiCo's Quaker Bid

Selected Ratios AnnualizedNWC (excl. Cash ST Inv and ST Debt)/Sale -1% -2% 0% -4% -2%Net PPE/Sales 26% 26% 33% 30% 30%Net II&O/Sales 40% 40% 49% 36% 38%

Invested Capital/Sales 66% 64% 82% 62% 66%

Shareholders Equity/Invested Capital 52% 53% 35% 54% 50%

ROE 23% 30% 31% 21% 14%

Page 6: PepsiCo's Quaker Bid

PepsiCo Financial Statements: Consolidated Statement of Cash Flows

($ Milllions)9/2/00* 1999 1998 1997 1996

Cash Flows from Operating ActivitiesNet income from continuing operations 1,572 2,050 1,993 1,491 942 Adjustments to reconcile net income to net cashprovided by operating activities:Gain on bottling transactions 0 (1,000) 0 0 0 Bottling equity income, net (135) (83) 0 0 0 Depreciation and amortization 642 1,032 1,234 1,106 1,073 Noncash portion of 1998 income tax benefit 0 0 (259) 0 0 Noncash portion of restructuring charges 0 37 254 233 366 Deferred income taxes 138 529 150 51 160 Other noncash charges and credits, net 191 364 237 342 505 Net change in operating working capital (295) 98 (398) 196 146 Net Cash Provided by Operating Activities 2,113 3,027 3,211 3,419 3,192

Cash Flows from Investing ActivitiesCapital spending (574) (1,118) (1,405) (1,506) (1,630)Investments in unconsolidated affiliates (66) (430) (4,537) (119) (75)Sales of businesses 0 499 17 221 43 Sales of property, plant and equipment 0 126 134 80 9 Short-term investments, by original maturity:

More than three months - purchases (582) (2,025) (525) (92) (115)More than three months - maturities 577 2,008 584 177 192 Three months or less, net 0 12 839 (735) 736

Other, net (137) (144) (126) (96) (214)Net Cash Used for Investing Activities (782) (1,072) (5,019) (2,070) (1,054)

Cash Flows from Financing ActivitiesProceeds from issuances of long-term debt 108 3,480 990 0 1,772 Payments of long-term debt (716) (1,123) (2,277) (1,875) (1,432)Short-term borrowings, by original maturity:

More than three months - proceeds 103 3,691 2,713 146 740 More than three months - payments (32) (2,741) (417) (177) (1,873)Three months or less, net 375 (2,856) 1,753 (1,269) 89

Cash dividends paid (594) (778) (757) (736) (675)Share repurchases (1,238) (1,285) (2,230) (2,459) (1,651)Proceeds from exercises of stock options 408 308 415 403 323 Other, net 0 0 0 5 (9)Net Cash Used for Financing Activities (1,586) (1,304) 190 (5,962) (2,716)

Net cash from discontinued operations 0 0 0 6,236 605 Effect of Exchange Rate Changes (4) 2 1 (2) (5)

Net (Decr.)/Incr. in Cash and Cash Equivalents (259) 653 (1,617) 1,621 22 Cash and Cash Equivalents - Beginning of year 964 311 1,928 307 285 Cash and Cash Equivalents - End of period 705 964 311 1,928 307

* Data represents 36 weeks of 2000, finishing on 9/2/00

Page 7: PepsiCo's Quaker Bid

Source: Company 10(K) and 10(Q) filings.

Page 8: PepsiCo's Quaker Bid

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PEP Historical Price Performance, October 31, 1997-October 4, 2000

Mar 8: 52 week low of $30.50

Mar 8: 52 week low of $30.50

Oct 4: Last close $45.125

Oct 4: Last close $45.125

Page 9: PepsiCo's Quaker Bid

Quaker Financial Statements: Consolidated Statement of Income

($ Milllions, except for per share data)

9/30/00* 1999 1998 1997 1996

Net sales 4,045 4,725 4,843 5,016 5,199 Cost of goods sold 1,805 2,137 2,374 2,565 2,808

Gross Profit 2,240 2,588 2,468 2,451 2,392

SG&A 1,551 1,904 1,873 1,939 1,981 Impairment and restructuring (gain) or charge 172 (2) 129 1,486 (113)Interest expense 40 62 70 86 107 Interest income (12) (11) (7) (7)Foreign exchange loss, net 18 12 11 9

Income before taxes 477 618 397 (1,064) 416

Provision (benefit) for income taxes 165 163 112 (133) 168

Net income 312 455 285 (931) 248 Preferred dividends, net 3 4 5 4 4

Net income available for common 309 451 280 (934) 244

Net income per share of common stock, $ 2.34 3.36 2.04 (6.80) 1.80

* Data represents 3 quarters of 2000, finishing on 9/30/00

Source: Company 10(K) and 10(Q) filings.

Selected RatiosCOGS/Sales 45% 45% 49% 51% 54%SGA/Sales 38% 40% 39% 39% 38%Operating Profit/Sales 13% 15% 10% -19% 10%

Tax Rate 35% 26% 28% 13% 40%

Operating Profit = Gross Profit - SG&A -Impairment, consistent with PepsiCo practice.

Page 10: PepsiCo's Quaker Bid

Quaker Financial Statements: Consolidated Balance Sheet

($ Milllions)

Assets 9/30/00* 1999 1998 1997 1996

Cash and cash equivalents 111 283 327 84 111 Short-term investments, at cost 126 0 28 0 0 Accounts and notes receivable, net 391 254 283 306 295 Inventories 287 266 261 256 275 Other current assets 234 193 216 487 209 Total current assets 1,149 997 1,115 1,133 890

Property, plant and equipment 1,872 1,852 1,819 1,913 1,943 Accumulated depreciation (797) (745) (749) (748) (743)

Net PP&E 1,075 1,107 1,070 1,165 1,200

Intangible assets, net 231 237 246 351 2,237 Other assets 57 56 79 49 69

288 293 325 400 2,306

Total assets 2,512 2,396 2,510 2,697 4,394

Liabilities and Shareholders' EquityShort-term borrowings 89 155 137 169 568 Accounts payable 258 214 168 191 210 Other current liabilities 648 570 704 586 576 Total current liabilities 995 938 1,009 946 1,355

Long-term debt 672 715 795 888 994 Other liabilities 510 523 533 579 559 Deferred income taxes 0 0 0 36 238

Preferred stock 100 100 100 100 100 Deferred compensation (27) (39) (48) (57) (65)Tresury preferred stock (47) (39) (30) (22) (16)Total preferred stock, net 25 22 22 21 19

Common stock 840 840 840 840 840 Capital in excess of par value 126 101 79 29 0 Retained earnings 1,051 855 556 431 1,521 Accumulated other comprehensive loss (108) (95) (80) (82) (68)Deferred compensation (22) (46) (68) (91) (103)Less: Repurchased common shares, at cos (1,578) (1,457) (1,176) (899) (960)Total shareholders' equity 310 197 151 228 1,230

Total liabilities and shareholders' equity 2,512 2,396 2,510 2,697 4,394 Average shares outstanding, millions 132 134 137 137 135

* Data represents 3 Quarters of 2000, finishing on 9/30/00

Source: Company 10(K) and 10(Q) filings.

Additional CalculationsTotal net sales 4,045 4,725 4,843 5,016 5,199 Net income available for common 309 451 280 (934) 244 NWC (excluding Cash, ST Inv & ST Debt) 6 (71) (112) 272 (7)Invested Capital 1,369 1,329 1,283 1,837 3,499

Page 11: PepsiCo's Quaker Bid

Selected Ratios AnnualizedNWC (excl. Cash ST Inv and ST Debt)/Sal 0% -2% -2% 5% 0%Net PPE/Sales 20% 23% 22% 23% 23%Net II&O/Sales 5% 6% 7% 8% 44%

Invested Capital/Sales 25% 28% 26% 37% 67%

Shareholders Equity/Invested Capital 23% 15% 12% 12% 35%

ROE 100% 229% 185% -410% 20%

Page 12: PepsiCo's Quaker Bid

Quaker Financial Statements: Consolidated Statement of Cash Flows

($ Milllions)

9/30/00* 1999 1998 1997 1996

Cash Flows from Operating ActivitiesNet income from continuing operations 312 455 285 (931) 248 Adjustments to reconcile net income to net cashprovided by operating activities:Depreciation and amortization 99 124 133 161 201 Deferred income taxes 4 14 (31) (12) 14 (Gains) losses on divestitures, net 0 (5) (27) 1,151 (82)Restructuring charges** 177 4 90 66 23 Asset impairment losses 0 0 38 40 0 Loss on disposition of property and equipment 2 13 12 42 29 Net change in operating working capital (132) (38) (41) (91) (70)Change in deferred compensation 35 32 32 20 22 Other items 15 31 23 43 27 Net Cash Provided by Operating Activities 512 631 514 490 410

Cash Flows from Investing ActivitiesAdditions to property, plant and equipment (199) (222) (205) (216) (243)Business divestitures, net of tax 0 14 266 300 174 Purchase of marketable securities (354) (185) (166) 0 0 Proceeds from sale of marketable securities 232 219 143 0 0 Proceeds from sale of PP&E 5 14 8 0 0 Capial gains tax recovery 0 0 240 0 0 Net Cash Used for Investing Activities (316) (160) 287 84 (68)

Cash Flows from Financing ActivitiesCash dividends paid (115) (156) (160) (159) (157)Change in short-term debt (25) 34 (17) (453) (125)Proceeds from issuances of long-term debt 1 1 2 8 2 Reduction of long-term debt (84) (96) (109) (54) (78)Issuance of common treasury stock 105 83 112 121 31 Repurchases of common stock (236) (373) (377) (50) 0 Repurchases of preferred stock (9) (9) (8) (6) (6)Net Cash Used for Financing Activities (364) (516) (557) (593) (331)

Effect of Exchange Rate Changes (4) 2 (1) (7) 6

Net (Decr.)/Incr. in Cash and Cash Equivalents (172) (44) 242 (26) 17 Cash and Cash Equivalents - Beginning of year 283 327 84 111 93 Cash and Cash Equivalents - End of period 111 283 327 84 111

* Data represents 3 Quarters of 2000, finishing on 9/30/00

** The 2000 number represents the sum of restructuring charges, asset impairments and losses (gains) on divestiture

Source: Company 10(K) and 10(Q) filings.

Page 13: PepsiCo's Quaker Bid

Quaker Oats Operating Segment Information

Dollars in Millions (Except Per Share Data)

Year Ended December 31 1999 1998 1997 1999 1998 1997

Foods:U.S. and Canadian $2,359.5 $2,274.1 $2,287.8 $399.8 $369.8 $390.3 Latin American 308.4 372.9 371.4 26.2 28.2 34.0

215.4 202.9 205.7 21.1 (1.2) (9.9)Total Foods 2,883.3 2,849.9 2,864.9 447.1 396.8 414.4 Beverages:

U.S. and Canadian 1,502.3 1,338.2 1,183.3 253.9 214.9 182.7 Latin American 229.1 267.7 232.2 16.5 25.6 19.3

103.8 103.1 103.0 (7.3) (7.4) (15.0)Total Beverages 1,835.2 1,709.0 1,518.5 263.1 233.1 187.0 Total Ongoing Businesses 4,718.5 4,558.9 4,383.4 710.2 629.9 601.4

6.7 283.6 632.3 -- (2.4) (34.6)Total Sales/Operating Income $4,725.2 $4,842.5 $5,015.7 $710.2 $627.5 $566.8 Less: (Gains) losses on divestitures,

restructuring charges, asset impairments(2.3) 128.5 1,491.1

General corporate expenses 25.9 31.9 50.1 Interest expense--net 50.2 58.9 79.1 Foreign exchange loss--net 18.1 11.6 10.8

Income (Loss) before income taxes 618.3 396.6 (1,064.3)

163.3 112.1 (133.4)Net Income (Loss) $455.0 $284.5 ($930.9)Per Common Share:

$3.36 $2.04 ($6.80)Net income (loss)--diluted $3.23 $1.97 ($6.80)

Net Salesa Operating Income (Loss)b

Otherc

Otherc

Total Divested Businessesd

and other--nete

Provision (Benefit) for income taxesf

Net income (loss)e

Page 14: PepsiCo's Quaker Bid

Dollars in MillionsCapital Expenditures

Identifiable Assets Net of DepreciationYear Ended December 31 1999 1998 1997 1999 1998 1997

Foods:U.S. and Canadian $1,124.6 $1,187.0 $1,056.9 $3.7 $37.5 $7.2 Latin American 174.0 167.7 122.4 3.7 6.5 9.7

110.1 92.1 121.5 0.2 (0.6) 12.3 Total Foods 1,408.7 1,446.8 1,300.8 ### 7.6 43.4 29.2 Beverages:

U.S. and Canadian 522.7 464.2 364.5 69.8 26.1 26.4 Latin American 105.4 94.6 81.9 20.4 6.3 (0.9)

79.6 109.5 98.2 1.7 0.8 20.0 Total Beverages 707.7 668.3 544.6 ### 91.9 33.2 45.5 Total Ongoing Businesses 2,116.4 2,115.1 1,845.4 ### 99.5 76.6 74.7

0.0 37.5 335.9 0.0 (3.5) (18.7)Total Operating Segments 2,116.4 2,152.6 2,181.3 ### 99.5 73.1 56.0

279.8 357.7 515.7 (0.9) (0.9) (1.7)Total Consolidated $2,396.2 $2,510.3 $2,697.0 ### $98.6 $72.2 $54.3

operating segments such as income taxes, general corporate expenses and financing costs.

results (through the divestiture date) for the Ardmore Farms, Continental Coffee, Nile Spice and Liqui-Dri businesses and the business divested in 1999. 1997 includes net sales and operating results (through the divestiture date) for the Snapple beverages and certain food service businesses and the businesses divested in 1999 and 1998.

adjustments of $9.9 million, or $0.04 per share, to reduce prior restructuring and divestiture reserves.1998 includes pretax restructuring charges of $89.7 mmillion, or $0.38 per share, pretax asset impairment losses of $38.1 million, or $0.18 per share, and a combined pretax divestiture loss of $0.7 million, or a gain of $0.20 per share, due to certain tax benefits.1997 includes pretax restructuring charges of $65.9 million, or $0.27 per share, a pretax net charge of $4.8 million, or $0.02 per share, for an asset impairment loss partly offset by a cash litigation settlement, and a combined pretax loss of $1.42 billion, or $8.41 per share, for business divestitures.

and the business divested in 1999; in 1997, Snapple, certain food service businesses and the businesses divested in 1999 and 1998.

Otherc

Otherc

Total Divested Businessesg

Corporateh

Source: Company financial statements and casewriter calculations.aIntersegment sales are not material.bOperating results exclude restructuring and asset impairment charges, gains and losses on divestitures and certain other expenses not allocated to

cOther includes European and Asia/Pacific businesses.d1999 includes net sales and operating results (through the divestiture date) for the Brazilian pasta business. 1998 includes net sales and operating

e1999 includes pretax restructuring charges of $12.7 million, or $0.06 per share, a pretax divestiture gain of $5.1 million, or $0.03 per share, and pretax

f1999 includes reductions in the provision for income taxes of $59.3 million, or $0.44 per share, related to previously recorded tax accruals and tax assets.gIncludes the following Divested Businesses: in 1999, the Brazilian pasta business; in 1998, Ardmore Farms, Continental Coffee, Nile spice, Liqui-Dri

Page 15: PepsiCo's Quaker Bid

hIncludes corporate cash and cash equivalents, short-term investments and miscellaneous receivables and investments.

Page 16: PepsiCo's Quaker Bid

results (through the divestiture date) for the Ardmore Farms, Continental Coffee, Nile Spice and Liqui-Dri businesses and the business divested in 1999. 1997 includes net sales and operating results (through the divestiture date) for the Snapple beverages and certain food service businesses and the

1998 includes pretax restructuring charges of $89.7 mmillion, or $0.38 per share, pretax asset impairment losses of $38.1 million, or $0.18 per share,

1997 includes pretax restructuring charges of $65.9 million, or $0.27 per share, a pretax net charge of $4.8 million, or $0.02 per share, for an asset impairment loss partly offset by a cash litigation settlement, and a combined pretax loss of $1.42 billion, or $8.41 per share, for business divestitures.

Operating results exclude restructuring and asset impairment charges, gains and losses on divestitures and certain other expenses not allocated to

1999 includes net sales and operating results (through the divestiture date) for the Brazilian pasta business. 1998 includes net sales and operating

1999 includes pretax restructuring charges of $12.7 million, or $0.06 per share, a pretax divestiture gain of $5.1 million, or $0.03 per share, and pretax

1999 includes reductions in the provision for income taxes of $59.3 million, or $0.44 per share, related to previously recorded tax accruals and tax assets.

Includes the following Divested Businesses: in 1999, the Brazilian pasta business; in 1998, Ardmore Farms, Continental Coffee, Nile spice, Liqui-Dri

Page 17: PepsiCo's Quaker Bid

Quaker Oats Company Operations Summary 1994-1999

Annual Sales (dollars in millions)

1994 1995 1996 1997 1998 1999 CAGR

$908 $1,040 $1,095 $1,183 $1,338 $1,502 10.6%

269 308 283 335 371 333 4.4%Total Beverages 1,177 1,348 1,378 1,518 1,709 1,835 9.3%

U.S. Hot Cereals 416 402 440 462 431 485 3.1%U.S. Ready-to-Eat Cereals 679 665 626 693 712 725 1.3%Golden Grain 334 324 316 343 341 344 0.6%Grain-based Snacks 275 298 285 269 291 305 2.1%Other U.S. and Canadian Foods 483 505 518 521 500 501 0.7%Latin American Foods 301 319 345 371 373 308 0.5%European and Asian Foods 233 210 207 208 203 215 -1.6%

Total Foods 2,721 2,723 2,737 2,867 2,851 2,883 1.2%

Total Sales $3,898 $4,071 $4,115 $4,385 $4,560 $4,718 3.9%

Distribution of Annual Sales (%)

1994 1995 1996 1997 1998 1999

23% 26% 27% 27% 29% 32%

7% 8% 7% 8% 8% 7%Total Beverages 30% 33% 33% 35% 37% 39%

U.S. Hot Cereals 11% 10% 11% 11% 9% 10%U.S. Ready-to-Eat Cereals 17% 16% 15% 16% 16% 15%Golden Grain 9% 8% 8% 8% 7% 7%Grain-based Snacks 7% 7% 7% 6% 6% 6%Other U.S. and Canadian Foods 12% 12% 13% 12% 11% 11%Latin American Foods 8% 8% 8% 8% 8% 7%European and Asian Foods 6% 5% 5% 5% 4% 5%

Total Foods 70% 67% 67% 65% 63% 61%

Total Sales 100% 100% 100% 100% 100% 100%

U.S. and Canadian Gatorade

International Gatoradea

U.S. and Canadian Gatorade

International Gatoradea

aIncludes Europe, Asia-Pacific and Latin America.

Page 18: PepsiCo's Quaker Bid

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OAT Historical Price Performance, October 31, 1997-October 4, 2000

Mar 14: 52 week low of $45.9375

Mar 14: 52 week low of $45.9375

October 4: Last Close$76.0625

October 4: Last Close$76.0625

Page 19: PepsiCo's Quaker Bid

PepsiCo and Quaker Oats: Selected Ratios 1996 - 2000

PepsiCo 36 Wks. 00 1999 1998 1997 1996

COGS/Sales 39% 40% 42% 41% 42%SGA/Sales 44% 45% 44% 44% 45%Operating Profit/Sales 16% 14% 12% 13% 10%New Pepsi Operating Profit/New Pepsi Sales 16% 15% 17% 16%

Tax Rate 32% 44% 12% 35% 40%

-1% -2% 0% -4% -2%

26% 26% 33% 30% 30%

40% 40% 49% 36% 38%

66% 64% 82% 62% 66%

Shareholders Equity/Invested Capital 52% 53% 35% 54% 50%

17% 12% 12% 13% 9%

23% 30% 31% 21% 14%

Quaker Oats, Inc. 9 Mos. 00 1999 1998 1997 1996

COGS/Sales 45% 45% 49% 51% 54%SGA/Sales 38% 40% 39% 39% 38%

13% 15% 10% -19% 10%

Tax Rate 35% 26% 28% 13% 40%

0% -2% -2% 5% 0%

20% 23% 22% 23% 23%

5% 6% 7% 8% 44%

25% 28% 26% 37% 67%

Shareholders Equity/Invested Capital 23% 15% 12% 12% 35%

33% 38% 26% -46% 9%

100% 229% 185% -410% 20%

NWC (excl. Cash ST Inv and ST Debt)/Salesa

Net PPE/Salesa

Net II&O/Salesa

Invested Capital/Salesa

Return on Invested Capitalc

Return on Equityd

Operating Profit/Salesb

NWC (excl. Cash ST Inv and ST Debt)/Salesa

Net PPE/Salesa

Net II&O/Salesa

Invested Capital/Salesa

Return on Invested Capitalc

Return on Equityd

aAnnualizedbQuaker Operating Profit = Gross Profit - SG&A -Impairment, consistent with PepsiCo's definition.cReturn on Invested Capital = [Operating Profit *(1- Tax Rate)]/Invested CapitaldReturn on Equity = Net Income from continuing operations/Shareholders Equity

Page 20: PepsiCo's Quaker Bid

Quaker Oats: Comparable Food and Beverage Companies

Food Peers Beverage Peers Food/Beverage Peers

Quaker Campbell Hershey Kellogg Sara Lee PepsiCo Danone Nestle

Last Fiscal Year Ended Dec-99 July-00 May-00 Apr-00 Dec-99 Dec-99 Jun-00 Dec-99 Dec-99 Dec-99 Dec-99 Dec-99

4,725.2 6,267.0 6,700.2 9,407.9 3,970.9 6,984.2 17,511.0 19,805.0 20,367.0 6,950.0 13,415.0 46,923.8Gross Profit 2,588.4 3,359.0 4,002.6 3,619.4 1,616.2 3,659.1 7,411.0 6,822.0 11,986.0 3,499.0 6,575.0 24,353.1

684.3 1,265.0 1,098.9 1,733.1 802.1 828.8 1,743.0 3,982.0 3,901.0 1,128.0 1,404.0 4,973.9EBITDA 817.3 1,516.0 1,307.7 2,039.6 965.4 1,116.8 2,345.0 4,755.0 4,933.0 1,375.0 2,169.0 6,845.6Net Income 455.0 714.0 614.4 890.6 460.3 338.3 1,222.0 2,431.0 2,050.0 1,037.0 688.0 2,969.0

139.9 432.0 307.3 360.1 141.3 405.2 912.0 2487.0 1496.0 505.2 675.6 naEPS 3.23 1.65 2.00 2.47 3.26 0.83 1.34 0.98 1.37 2.02 0.95 na

- High 79.125 46.625 43.5938 47.75 54.125 40.875 27 68.3125 47.375 28.375 30.5625 na - Low 45.9375 24.6875 30.125 31.0625 37.75 21.0625 13.625 43.3125 30.50 21.4375 17.6563 na - Close 10/4/00 76.0625 32 36.375 37.6875 51.625 24 19.5625 57.25 45.125 25 25.2 na

23.5 19.4 18.2 15.3 15.8 28.9 14.6 58.4 32.9 12.4 26.5 na

10,643 13,824 11,178 13,571 7,295 9,725 17,841 142,381 67,507 12,630 17,025 na

Dividends Per Share 1.14 1.13 1.10 1.45 1.00 0.96 0.53 0.64 0.53 0.66 - na60-Month Beta 0.4 0.5 0.2 0.5 (0.3) 0.3 0.5 0.7 0.9 0.0 0.4 na

Total Assets 2,396.2 5,196.0 4,573.7 8,850.7 3,346.7 4,808.7 11,611.0 21,623.0 17551.0 8021.0 15153.0 37043.2Total Debt 869.5 3,091.0 3,349.4 4,112.4 1,089.8 2,134.3 4,683.0 6,227.0 3042.0 1201.0 4107.0 8090.1

Employees 11,666 22,000 11,077 49,600 15,300 15,051 154,000 37,400 118,000 37,425 75,965 230,929

General Mills

H.J. Heinz

Coca-Cola

Cadbury Schweppes

Salesa

EBITb

Shares Oustandingc

Common Stockd

P-Ee

Market Capitalizationf

Page 21: PepsiCo's Quaker Bid

Notes:

Hershey EBIT includes $243.8M gain on the sale of U.S. pasta business. Kellogg EBIT incorporates $244.6M in restructuring charges and equipment write offs. PepsiCo EBIT includes $1000M gain on bottling transactions

outstanding would not change the calculations significantly.

Source: Company Annual Reports, Hoover's Online Business Network.

aSara Lee financial information includes RYA/Monarch, the sale of which is scheduled to close in second quarter of fiscal 2001.bH.J.Heinz EBIT includes $464.6M gain on the sale of Weight Watchers.

cAverage diluted shares oustanding, in millions for per-share calculations, including stock options, ESOP and non-vested awards.dCommon Stock price data for 52 weeks prior to Oct 4, 2000, includes Danone ADR's traded at NYSEeP-E calculated as Closing Common Stock price divided by EPS for the last full fiscal year.fMarket Capitalization calculated as the Closing Common Stock price times the average diluted shares outstanding. Using last-available diluted shares

Page 22: PepsiCo's Quaker Bid

Market Interest Rates as of October 4, 2000

Short-Term Rates

90-Day Treasury Bills 6.06Discount Rate 6.0090-Day AA Commercial Paper 6.503-Month LIBOR 6.70Prime Rate 9.50

Long-Term Rates

One-Year Treasury Bonds 6.06Two-Year Treasury Bonds 6.03Five-Year Treasury Bonds 5.94Ten-Year Treasury Bonds 5.90Thirty-Year Treasury Bonds 5.95Ten-Year AA Corporate Bonds 7.71

Page 23: PepsiCo's Quaker Bid

Date Open High Low Close Volume4-Oct-00 75.8951 76.5805 75.5212 75.8328 5060003-Oct-00 78.0137 78.2006 76.6428 76.8921 6310002-Oct-00 79.1353 79.3845 77.9514 78.2629 760700

29-Sep-00 78.5745 79.6338 77.8891 78.8861 56080028-Sep-00 78.5122 79.5715 77.7645 78.076 55180027-Sep-00 76.6428 78.0137 76.5182 77.7645 60000026-Sep-00 75.5212 76.3936 75.2097 76.0197 58560025-Sep-00 75.5212 75.5212 74.5243 75.1474 40000022-Sep-00 74.5243 75.6459 74.3996 75.272 50110021-Sep-00 72.7172 74.3996 72.5926 73.9012 65270020-Sep-00 72.7172 73.6519 72.2811 72.7172 34870019-Sep-00 72.9306 73.1789 72.6203 72.6823 72620018-Sep-00 73.5513 73.7375 72.6203 72.9306 37080015-Sep-00 72.7444 74.3582 72.4961 73.1789 60160014-Sep-00 72.372 72.4961 71.6272 72.2479 48370013-Sep-00 71.503 72.9927 71.3168 72.4961 45790012-Sep-00 70.8824 72.0617 70.572 71.6892 41300011-Sep-00 71.503 71.8755 70.7582 71.1306 620500

8-Sep-00 67.2203 73.3651 67.2203 72.1858 10904007-Sep-00 65.5445 67.5927 65.5445 67.1582 7329006-Sep-00 67.7789 67.7789 67.1582 67.5306 6036005-Sep-00 68.2755 68.3375 67.5306 67.7789 4192001-Sep-00 67.9031 68.3375 67.2824 67.7789 709100

31-Aug-00 69.1444 69.1444 67.0341 67.4841 157370030-Aug-00 70.0755 70.3858 69.2686 69.3927 59590029-Aug-00 71.6892 71.8755 69.641 69.9513 67650028-Aug-00 72.6823 73.1789 71.1306 71.441 60770025-Aug-00 73.9858 73.9858 72.5582 72.6203 53380024-Aug-00 73.3651 73.8616 73.1789 73.6134 21970023-Aug-00 72.9306 73.3651 72.8685 73.3651 28730022-Aug-00 73.1789 73.303 72.4961 72.5582 25250021-Aug-00 72.7444 73.303 72.5582 73.0548 19890018-Aug-00 72.5582 72.8685 72.4961 72.6203 15750017-Aug-00 73.3651 73.3651 72.1237 72.5582 31640016-Aug-00 73.9858 73.9858 71.9375 73.303 82750015-Aug-00 73.1168 74.8547 73.1168 74.3582 68710014-Aug-00 71.0065 73.3651 70.8824 73.241 74750011-Aug-00 70.2617 71.1927 70.0134 71.0065 66350010-Aug-00 68.5237 70.3858 68.5237 69.8272 470800

9-Aug-00 67.7169 68.5237 67.5927 68.5237 3830008-Aug-00 67.5306 68.5237 67.4065 68.3375 4066007-Aug-00 68.5237 68.6479 67.5927 68.3375 2721004-Aug-00 67.7169 67.9031 66.91 67.5306 5073003-Aug-00 68.8962 68.8962 67.7169 67.7789 2604002-Aug-00 68.5858 69.2686 68.1513 68.6479 3999001-Aug-00 67.4065 68.8962 66.1651 68.4617 61980031-Jul-00 67.7789 68.0893 66.5996 66.7858 60660028-Jul-00 68.5858 68.8962 67.2824 67.5306 52010027-Jul-00 68.71 69.0203 67.7789 68.6479 51230026-Jul-00 68.772 69.641 68.3375 68.8341 465800

Page 24: PepsiCo's Quaker Bid

25-Jul-00 69.1444 69.3927 68.3375 68.6479 47470024-Jul-00 68.2755 68.3375 67.2824 68.1513 106270021-Jul-00 71.7513 72.372 66.7858 68.3996 169830020-Jul-00 79.3237 80.1306 71.2548 72.6203 227340019-Jul-00 75.103 78.4547 75.103 77.5858 88520018-Jul-00 74.9789 75.4134 74.5444 75.103 31470017-Jul-00 75.2272 75.2272 74.1099 74.2341 41100014-Jul-00 74.5444 75.4134 74.2961 74.4203 35190013-Jul-00 74.172 75.2272 74.1099 74.2961 42970012-Jul-00 74.1099 74.7306 73.5513 74.172 35650011-Jul-00 73.4892 74.1099 73.1789 73.7375 63670010-Jul-00 74.6065 74.7306 72.9927 73.241 870200

7-Jul-00 76.0961 76.0961 74.6065 74.6065 5581006-Jul-00 76.2823 76.2823 74.8547 75.8478 6516005-Jul-00 75.4754 75.972 75.041 75.972 5533003-Jul-00 74.8547 75.4754 73.9858 75.4754 425900

30-Jun-00 75.972 75.972 74.4823 74.6065 145900029-Jun-00 74.6685 76.1582 74.6685 74.9789 61490028-Jun-00 75.2272 76.0961 73.6754 74.7306 55240027-Jun-00 74.4203 75.5996 74.2341 74.9789 87060026-Jun-00 73.303 74.8547 73.303 74.3582 57680023-Jun-00 72.2479 73.5513 71.6272 72.6823 55520022-Jun-00 72.2479 72.3099 71.3168 71.6892 43020021-Jun-00 74.172 74.172 71.6892 72.4341 48720020-Jun-00 73.8616 74.2961 72.5582 73.6754 60560019-Jun-00 72.8685 73.4892 72.4341 73.241 34160016-Jun-00 74.8547 74.8547 71.7513 71.9065 70180015-Jun-00 72.9927 76.2203 72.9927 74.6685 96740014-Jun-00 71.6272 73.241 71.5651 73.1168 66080013-Jun-00 70.2325 72.3964 70.2325 71.6545 57920012-Jun-00 69.4288 70.4798 69.2433 70.1089 561600

9-Jun-00 70.2325 70.4798 69.367 69.9234 2830008-Jun-00 70.2325 70.7889 69.4906 70.1089 4650007-Jun-00 68.8106 71.7163 68.8106 71.2217 7468006-Jun-00 67.7596 68.7487 67.265 68.5633 6877005-Jun-00 69.1197 69.1815 67.6977 67.7596 4543002-Jun-00 71.469 71.84 68.8106 68.8724 6263001-Jun-00 72.52 72.7673 71.3454 71.5927 432700

31-May-00 73.0146 73.0764 71.469 72.7673 52100030-May-00 71.84 74.0656 71.2835 73.4474 48290026-May-00 71.2217 72.7055 71.0362 71.7163 72210025-May-00 72.3346 73.6329 70.1089 70.9126 82580024-May-00 71.3454 72.891 71.3454 72.2109 108220023-May-00 69.4906 71.3454 69.1197 71.2217 40510022-May-00 67.265 69.7379 67.265 69.5525 110070019-May-00 70.1089 71.6545 69.2433 69.6143 71930018-May-00 69.9852 71.1599 69.8616 70.6035 35170017-May-00 70.4798 70.6653 69.8616 70.2944 55780016-May-00 70.4798 70.7271 69.4288 70.6035 40180015-May-00 69.6143 70.5416 69.4906 69.6761 56040012-May-00 70.2325 70.6035 69.367 69.7998 374600

Page 25: PepsiCo's Quaker Bid

11-May-00 69.8616 71.2835 69.367 71.2835 63180010-May-00 70.3562 72.0254 68.7487 69.0579 685200

9-May-00 69.2433 71.3454 68.3778 71.0362 8954008-May-00 68.5633 69.1197 68.3778 68.7487 5254005-May-00 68.7487 68.7487 67.3268 68.1923 6047004-May-00 68.5633 69.1815 67.0177 68.316 9110003-May-00 67.5123 70.1089 67.5123 68.8106 18551002-May-00 66.8322 67.8832 65.5339 65.5339 6221001-May-00 64.4829 67.5741 64.4829 67.0795 72350028-Apr-00 65.5339 65.5339 63.3082 64.4829 54770027-Apr-00 66.7704 67.0795 65.472 65.7812 46410026-Apr-00 66.2758 67.1413 66.0903 66.5231 82060025-Apr-00 65.1629 66.7704 64.5447 66.2758 61620024-Apr-00 66.3376 68.2541 65.5339 65.843 136800020-Apr-00 64.0501 66.6467 63.6791 66.5849 133270019-Apr-00 62.6899 63.1227 62.1335 62.3808 25140018-Apr-00 61.7626 62.9372 61.268 62.6899 56700017-Apr-00 60.7116 61.8244 59.9697 61.5153 53020014-Apr-00 63.3082 63.741 60.3406 60.9589 73200013-Apr-00 63.3082 64.6065 62.8136 63.9264 37780012-Apr-00 62.1335 65.2866 62.1335 63.3082 49300011-Apr-00 60.4643 61.9481 60.1551 61.7626 31990010-Apr-00 59.9079 61.3298 59.7224 60.3406 578800

7-Apr-00 60.4643 60.5879 59.846 60.1551 2335006-Apr-00 61.8244 61.9481 59.2278 60.0315 2813005-Apr-00 61.1443 62.5663 60.6497 61.0825 4266004-Apr-00 60.9589 63.4318 59.4133 61.1443 4637003-Apr-00 59.3514 60.8352 59.3514 60.4643 530700

31-Mar-00 61.8244 61.8244 59.9697 59.9697 91180030-Mar-00 58.3622 61.8244 58.1149 60.217 102330029-Mar-00 54.4055 57.1876 54.2818 56.8785 65650028-Mar-00 51.3143 54.4055 51.067 53.7254 85460027-Mar-00 50.696 51.4379 48.9649 50.5724 64510024-Mar-00 52.4271 52.9835 51.4379 51.5616 54890023-Mar-00 50.9433 51.4379 50.3251 51.3143 49190022-Mar-00 52.798 53.1072 50.8197 51.6852 50860021-Mar-00 51.1906 53.6018 51.067 53.4163 48130020-Mar-00 51.9943 52.9217 51.1906 51.8089 51210017-Mar-00 54.9001 54.9001 52.7362 52.7362 56390016-Mar-00 51.0051 57.8676 50.5724 54.6528 114330015-Mar-00 45.5028 51.6234 45.3791 51.0051 121680014-Mar-00 45.4409 45.9974 45.3173 45.5028 108310013-Mar-00 46.121 47.2338 45.3173 45.4409 53810010-Mar-00 47.1913 47.3142 45.8395 45.9009 353000

9-Mar-00 48.4202 48.666 46.2081 46.2081 6374008-Mar-00 47.4371 52.1071 47.1913 48.666 6781007-Mar-00 48.4202 48.4202 46.2081 46.6383 8099006-Mar-00 50.7552 50.7552 48.4202 48.666 2950003-Mar-00 50.5094 51.4926 50.0793 50.7552 6086002-Mar-00 52.783 53.0902 49.7721 50.7552 3103001-Mar-00 53.2746 53.4589 52.3528 52.783 373500

Page 26: PepsiCo's Quaker Bid

29-Feb-00 52.3528 53.4589 52.2914 53.0288 33090028-Feb-00 50.1408 52.5986 49.6492 52.23 50440025-Feb-00 50.8781 51.8613 50.0179 50.6323 61490024-Feb-00 53.9505 53.9505 50.1408 50.9396 61480023-Feb-00 55.2409 55.4252 53.7047 54.1963 45200022-Feb-00 55.0565 55.7939 54.2577 54.9951 80560018-Feb-00 55.9168 56.5312 54.5649 54.9951 48250017-Feb-00 55.9168 56.9614 55.6095 56.5312 41580016-Feb-00 56.6541 56.7156 54.9336 56.4084 81140015-Feb-00 55.671 57.3301 55.5481 57.2686 43890014-Feb-00 54.8107 56.0397 54.442 55.671 30780011-Feb-00 54.3806 55.0565 53.336 54.8107 52820010-Feb-00 55.9168 56.4698 53.5203 54.6264 457200

9-Feb-00 56.1626 56.5927 55.671 55.7324 4325008-Feb-00 56.4084 56.6541 55.7939 56.1011 7491007-Feb-00 55.9168 55.9168 54.6878 55.4866 4688004-Feb-00 56.8999 57.9445 55.7939 56.4084 5264003-Feb-00 56.0397 57.5758 55.0565 56.9614 7667002-Feb-00 56.777 57.8831 54.9336 55.5481 12171001-Feb-00 57.7602 58.006 54.1348 55.118 675100

31-Jan-00 55.8553 58.8662 55.5481 58.3747 52500028-Jan-00 57.4529 57.4529 54.8107 55.6095 29160027-Jan-00 57.7602 57.8831 56.7156 57.2072 33070026-Jan-00 57.0228 58.006 56.8385 57.9445 44810025-Jan-00 58.1289 58.6204 56.0397 57.2686 49840024-Jan-00 59.7265 60.2181 58.1903 58.9277 35770021-Jan-00 60.341 60.4024 59.1735 59.4807 48440020-Jan-00 60.5867 61.0169 59.6036 60.4639 52980019-Jan-00 61.6928 61.8771 60.5253 60.6482 50200018-Jan-00 62.1844 62.9832 61.9386 61.9386 69910014-Jan-00 64.6422 64.6422 62.4916 63.4133 54230013-Jan-00 65.9326 65.9326 65.0724 65.2567 32100012-Jan-00 65.9941 66.7314 65.564 65.6868 31330011-Jan-00 65.0724 66.8543 65.0109 66.5471 34780010-Jan-00 66.2399 66.5471 64.5194 64.8266 571300

7-Jan-00 64.3965 65.2567 64.1507 65.2567 3665006-Jan-00 62.8603 65.3796 62.6145 64.2121 4603005-Jan-00 60.7096 63.4133 60.7096 62.9832 4364004-Jan-00 62.3687 62.6145 60.2181 60.9554 2934003-Jan-00 64.2736 64.3965 62.0615 62.6145 218700

31-Dec-99 64.9495 64.9495 64.2736 64.5194 8580030-Dec-99 64.6422 65.9941 64.3965 64.8266 17770029-Dec-99 65.2567 65.6254 64.6422 64.888 17450028-Dec-99 64.888 65.3796 64.4579 65.3182 33680027-Dec-99 63.1061 65.3796 62.6759 65.0724 25310023-Dec-99 62.9217 63.5362 62.5531 63.229 19280022-Dec-99 62.3687 63.1675 62.3687 62.7988 20850021-Dec-99 61.5699 62.9217 61.5085 62.3533 30350020-Dec-99 61.2012 61.9386 60.894 61.8157 30050017-Dec-99 61.2627 61.2627 60.5867 60.7096 59490016-Dec-99 61.9386 61.9386 60.5253 61.2627 354300

Page 27: PepsiCo's Quaker Bid

15-Dec-99 61.5085 62.1844 61.3241 61.9386 33940014-Dec-99 63.0636 63.1247 61.2897 61.2897 48780013-Dec-99 63.3082 63.7364 62.8189 63.0636 35780010-Dec-99 63.2471 63.4306 62.9412 63.1247 148900

9-Dec-99 62.8801 63.2471 62.3907 63.0024 2360008-Dec-99 63.1247 64.5927 62.6354 63.1247 5081007-Dec-99 63.8587 64.0422 62.7577 62.8801 2849006-Dec-99 64.5927 65.1432 63.6141 64.1034 2757003-Dec-99 63.0636 65.0821 63.0636 64.4704 3833002-Dec-99 63.1247 63.4917 62.7577 63.2471 2609001-Dec-99 63.8587 63.9199 63.1247 63.3082 347900

30-Nov-99 63.6752 64.4092 63.6141 63.8587 25470029-Nov-99 63.4917 63.9811 62.6354 63.6752 44890026-Nov-99 64.5927 64.6539 63.7364 64.2869 10230024-Nov-99 64.2257 64.8374 63.1859 64.5316 27940023-Nov-99 63.4917 64.9597 62.6354 64.3481 87340022-Nov-99 66.9783 67.2841 63.3694 63.6141 64130019-Nov-99 67.6511 67.9569 66.8559 66.9783 27160018-Nov-99 68.5075 69.1191 68.2628 68.2628 65360017-Nov-99 67.6511 69.4861 67.1618 68.3851 87550016-Nov-99 65.5714 67.3453 65.5714 66.9171 44100015-Nov-99 64.5927 64.8374 63.2471 64.7151 28110012-Nov-99 64.9597 65.6326 63.8587 65.1432 24710011-Nov-99 65.8773 66.1831 64.7762 64.9597 18030010-Nov-99 66.3666 66.3666 65.4491 65.9996 203300

9-Nov-99 68.0793 68.0793 65.5714 66.8559 3821008-Nov-99 66.4889 68.0181 66.1219 67.9569 2818005-Nov-99 66.4889 66.7948 66.2443 66.4278 3015004-Nov-99 67.4064 67.6511 65.4491 66.4278 4871003-Nov-99 67.0394 68.4463 66.9783 67.5899 5994002-Nov-99 67.8958 68.4463 66.7948 66.7948 3922001-Nov-99 68.2628 68.9968 67.7734 67.8958 623100

29-Oct-99 68.2628 69.425 68.1404 68.5075 67380028-Oct-99 66.4278 67.2841 65.6326 67.2841 34040027-Oct-99 63.8587 65.3879 63.7364 65.2656 31470026-Oct-99 64.7762 64.8374 63.6141 63.6752 30540025-Oct-99 65.5102 65.7549 63.6752 64.5316 53750022-Oct-99 65.4491 65.8161 64.2257 65.3267 46130021-Oct-99 68.0181 68.3239 62.8801 65.2044 140440020-Oct-99 66.3054 66.7948 65.6938 66.5501 29260019-Oct-99 65.5714 66.5501 64.2257 66.4278 74210018-Oct-99 61.7179 63.9811 61.6567 63.9811 45170015-Oct-99 61.8402 62.3907 61.412 61.7179 26560014-Oct-99 61.5344 62.8801 61.412 62.0849 24650013-Oct-99 62.513 62.513 61.412 61.6567 25700012-Oct-99 62.0237 63.1247 62.0237 62.4519 23080011-Oct-99 62.6354 62.9412 61.9014 62.0237 209000

8-Oct-99 61.779 62.8801 61.7179 62.8801 2674007-Oct-99 60.6169 62.0237 60.6169 61.8402 3458006-Oct-99 58.843 60.9227 58.843 60.6169 4718005-Oct-99 58.9653 59.6993 58.0478 58.843 370300

Page 28: PepsiCo's Quaker Bid

4-Oct-99 59.3323 59.6993 59.1488 59.21 3522001-Oct-99 59.8217 60.5557 59.0877 59.3323 285600

30-Sep-99 60.1887 61.045 60.1275 60.5557 39420029-Sep-99 61.1674 61.2897 59.5158 59.944 39920028-Sep-99 61.2897 61.4732 59.944 61.2897 39450027-Sep-99 61.9625 62.4519 61.2897 61.2897 47000024-Sep-99 61.6567 62.2072 61.6567 61.9014 29110023-Sep-99 62.6966 63.1859 61.2897 61.779 50670022-Sep-99 61.1062 62.8801 60.9839 62.6966 53160021-Sep-99 60.4334 61.2285 60.3722 61.1062 52220020-Sep-99 62.0849 62.2684 61.3509 61.412 34940017-Sep-99 61.9014 62.7577 61.2897 62.0237 65640016-Sep-99 59.8829 60.3722 59.21 60.2499 36810015-Sep-99 61.9014 63.1247 60.8004 60.8615 83310014-Sep-99 61.985 62.2286 60.7063 61.0108 34230013-Sep-99 62.7157 63.1419 62.1068 62.2286 17990010-Sep-99 63.9943 64.0552 62.8983 62.9592 155500

9-Sep-99 63.7508 63.8726 63.3246 63.7508 4731008-Sep-99 63.6899 64.0552 63.3246 63.629 4690007-Sep-99 66.917 66.917 63.6899 64.0552 4107003-Sep-99 65.2121 66.8561 65.1512 66.7952 3377002-Sep-99 65.273 65.273 63.8726 64.9686 2080001-Sep-99 65.3339 65.8819 65.0903 65.5166 108600

31-Aug-99 64.6032 66.9779 64.0552 65.0903 30580030-Aug-99 65.7601 65.8819 64.7859 64.8468 14900027-Aug-99 66.2472 66.6735 65.7601 65.9428 19960026-Aug-99 66.4908 67.0997 66.0037 66.2472 10130025-Aug-99 65.5775 67.0388 65.3339 66.7343 24920024-Aug-99 65.2121 65.6383 64.7859 65.3948 16270023-Aug-99 64.8468 65.4557 64.8468 65.3339 16230020-Aug-99 65.2121 65.273 64.6641 64.8468 15160019-Aug-99 64.7859 65.2121 63.9334 65.0903 17920018-Aug-99 66.0037 66.369 64.6032 64.7859 17330017-Aug-99 66.1255 66.1863 65.5775 66.0037 18660016-Aug-99 65.273 66.2472 64.7859 65.9428 26410013-Aug-99 65.6992 66.4299 64.725 65.1512 23020012-Aug-99 66.3081 66.7343 64.9686 65.4557 22530011-Aug-99 67.5868 68.1348 66.3081 66.4908 28450010-Aug-99 67.7086 67.9521 66.4299 67.0997 282600

9-Aug-99 66.7343 68.0739 66.7343 67.8912 2530006-Aug-99 67.2215 68.0739 65.7601 66.4908 5102005-Aug-99 67.6477 68.1957 67.3432 67.465 4777004-Aug-99 67.7695 68.3175 67.2215 67.4041 3538003-Aug-99 67.0997 68.0739 67.0997 67.7695 2913002-Aug-99 66.1255 67.5868 66.1255 67.0997 44180030-Jul-99 66.2472 66.8561 65.8819 66.3081 53310029-Jul-99 65.8819 66.6735 65.6383 66.5517 32330028-Jul-99 65.6992 66.5517 65.5775 66.4908 26360027-Jul-99 65.0295 66.4908 64.5423 65.821 34040026-Jul-99 62.6548 65.3948 62.5939 65.273 37250023-Jul-99 64.2379 65.1512 62.4112 62.4112 499700

Page 29: PepsiCo's Quaker Bid

22-Jul-99 67.8303 68.1957 63.9334 64.2379 58650021-Jul-99 67.0997 69.1699 67.0997 67.465 100280020-Jul-99 66.0646 67.6477 66.0646 67.2215 61880019-Jul-99 67.3432 67.8303 65.8819 66.0646 18190016-Jul-99 66.4299 66.4908 66.1255 66.369 13090015-Jul-99 65.821 67.0997 65.821 66.2472 23880014-Jul-99 64.7859 66.0037 63.9334 65.821 28050013-Jul-99 65.273 65.7601 64.4815 64.5423 18950012-Jul-99 66.7343 67.2215 64.7859 65.4557 182900

9-Jul-99 67.465 67.465 66.369 66.4908 1348008-Jul-99 66.2472 67.6477 66.0646 67.2215 3719007-Jul-99 65.5166 66.4908 65.3948 66.4299 1937006-Jul-99 65.6383 65.6383 64.8468 65.3948 1724002-Jul-99 66.5517 66.5517 65.6383 65.8819 790001-Jul-99 64.9077 66.9779 64.9077 66.7952 330100

30-Jun-99 66.7343 68.1348 64.6641 64.6641 47350029-Jun-99 65.5775 66.9779 65.1512 66.917 22570028-Jun-99 65.0295 66.1255 64.8468 65.3339 40840025-Jun-99 65.273 65.5166 63.9334 64.4815 26450024-Jun-99 64.9077 65.7601 64.4815 65.3948 31490023-Jun-99 65.6383 66.6126 64.9077 64.9686 26570022-Jun-99 66.0646 66.1863 65.5166 65.821 39220021-Jun-99 66.1255 66.3081 65.8819 66.1255 22250018-Jun-99 66.2472 66.6735 66.1863 66.2472 35180017-Jun-99 66.4299 67.7086 66.3081 66.7343 19000016-Jun-99 64.7859 67.5259 64.7859 66.917 51030015-Jun-99 64.4482 64.9939 64.4482 64.8726 36090014-Jun-99 64.9939 65.4789 64.5695 64.6907 25190011-Jun-99 64.3876 65.6001 63.9025 64.812 79440010-Jun-99 63.7813 64.3269 63.3569 63.7813 282500

9-Jun-99 64.7513 65.4183 63.5388 63.7813 3150008-Jun-99 64.9939 65.4789 64.2057 64.5695 1749007-Jun-99 65.1151 65.5395 64.3269 64.9939 1108004-Jun-99 63.3569 65.6001 63.3569 65.3576 2126003-Jun-99 63.9025 64.4482 63.2356 63.2963 3242002-Jun-99 65.2364 65.4789 63.5388 63.9025 2152001-Jun-99 64.3269 65.2364 63.0537 65.2364 286800

28-May-99 64.4482 65.2364 64.0844 64.0844 22890027-May-99 66.0852 66.0852 64.0844 64.3269 35310026-May-99 65.6001 66.7521 64.8726 66.3277 30330025-May-99 65.4789 67.419 65.4183 65.6001 31110024-May-99 64.5088 65.9639 64.3876 65.8427 38320021-May-99 65.6001 65.9033 64.3876 64.6907 37450020-May-99 66.2064 66.7521 65.6001 65.782 78910019-May-99 66.6915 68.6316 66.6915 67.6009 67870018-May-99 65.6001 67.419 64.9939 67.1159 51260017-May-99 64.9332 65.4789 64.3269 65.3576 22640014-May-99 64.9939 65.3576 64.3269 65.1757 21760013-May-99 64.812 66.4489 64.812 65.782 23150012-May-99 64.5088 64.812 63.7813 64.5088 45470011-May-99 64.0238 64.8726 63.7207 64.7513 352700

Page 30: PepsiCo's Quaker Bid

10-May-99 63.8419 64.1451 63.4175 63.9632 2760007-May-99 63.0537 64.0238 62.9325 63.9025 5649006-May-99 62.5081 63.0537 61.9624 62.69 3615005-May-99 62.7506 63.0537 62.0231 62.5687 5271004-May-99 63.0537 63.5388 62.6293 62.7506 4918003-May-99 62.6293 63.4781 62.6293 63.1144 57890030-Apr-99 62.5687 62.8112 62.1443 62.6293 47360029-Apr-99 62.5687 62.8112 61.9624 62.3262 61550028-Apr-99 62.5081 62.8719 61.8412 62.1443 35690027-Apr-99 62.69 63.4175 62.4475 62.7506 50830026-Apr-99 63.9025 63.9632 61.8412 62.4475 34780023-Apr-99 64.9332 64.9939 63.175 63.9025 58960022-Apr-99 62.3262 65.3576 61.9624 65.1757 107490021-Apr-99 60.3861 61.053 59.3554 61.053 15340020-Apr-99 60.6286 60.6286 59.1735 60.4467 30750019-Apr-99 60.9924 61.5987 59.9011 60.4467 24830016-Apr-99 59.3554 60.9924 58.6279 60.9924 46200015-Apr-99 60.0223 60.3861 57.7184 59.1735 117860014-Apr-99 61.9018 62.0837 60.568 60.9317 49100013-Apr-99 61.1136 62.2656 60.8711 61.9018 38150012-Apr-99 59.8404 62.0837 59.1129 61.3561 311500

9-Apr-99 59.1129 59.9011 58.0216 59.8404 2609008-Apr-99 59.1735 59.8404 58.931 59.2341 4609007-Apr-99 60.2648 60.2648 58.446 59.416 3239006-Apr-99 61.1743 61.4774 59.5373 60.0829 5313005-Apr-99 60.6286 61.9018 60.2042 61.3561 6069001-Apr-99 60.6286 61.053 60.0223 60.1436 659100

31-Mar-99 60.0223 60.8105 60.0223 60.3861 86410030-Mar-99 59.6585 61.4774 59.2341 60.0829 99920029-Mar-99 60.3861 60.5073 59.0523 59.9011 91460026-Mar-99 57.0515 60.3861 56.9303 60.3861 80320025-Mar-99 57.5365 58.2035 56.7484 57.1728 75690024-Mar-99 52.6256 58.1428 52.6256 57.5365 100730023-Mar-99 53.7776 53.7776 52.4437 52.6256 27010022-Mar-99 52.4437 53.6563 52.4437 53.5351 19990019-Mar-99 52.9288 53.2925 52.4437 52.5044 25630018-Mar-99 53.4744 54.0807 53.3532 53.4138 20400017-Mar-99 53.3532 54.0201 53.1713 53.7169 32930016-Mar-99 54.3232 54.3232 52.9894 53.3532 53690015-Mar-99 52.5044 55.2933 52.5044 54.5657 40590012-Mar-99 52.1098 53.5573 52.1098 52.7129 24730011-Mar-99 51.5067 52.7129 51.5067 52.0495 24100010-Mar-99 51.6876 51.8082 51.1448 51.6273 221600

9-Mar-99 51.5067 51.8082 50.8432 51.6273 5372008-Mar-99 52.7732 52.8336 51.0845 51.2654 6114005-Mar-99 52.4114 53.4367 52.3511 53.0145 5655004-Mar-99 52.532 53.3161 51.8686 52.1701 2717003-Mar-99 51.7479 52.5923 50.9036 52.4114 4355002-Mar-99 53.0145 53.0145 51.6273 51.8082 3443001-Mar-99 52.5923 52.9542 52.1098 52.6375 252100

26-Feb-99 53.6176 53.6176 52.3511 52.7129 879000

Page 31: PepsiCo's Quaker Bid

25-Feb-99 54.4017 54.7635 53.5573 53.6176 40790024-Feb-99 55.246 55.4873 54.5223 54.9445 88110023-Feb-99 54.7032 55.246 54.0398 55.1857 38790022-Feb-99 53.2557 55.0048 53.2557 54.7635 52900019-Feb-99 52.6526 53.9795 52.6526 53.2557 30950018-Feb-99 52.4114 53.4367 52.1701 52.4114 34390017-Feb-99 52.4114 52.4114 51.7479 52.1701 29780016-Feb-99 51.3257 52.4717 51.3257 52.1701 55180012-Feb-99 51.6273 51.8082 50.7829 51.3257 24510011-Feb-99 52.0495 52.9542 51.7479 51.7479 77900010-Feb-99 50.7226 52.0495 50.6623 51.7479 571500

9-Feb-99 51.1448 51.3257 50.7829 50.9639 5498008-Feb-99 49.9989 51.0845 49.0942 50.9639 8544005-Feb-99 51.5067 51.5067 49.8179 50.1798 9938004-Feb-99 52.1098 52.532 49.2148 49.6973 6687003-Feb-99 52.4114 52.8336 52.2907 52.6526 4300002-Feb-99 53.0748 53.2557 52.3511 52.6526 3522001-Feb-99 53.4367 53.4367 52.7129 53.1351 504700

29-Jan-99 54.6429 54.6429 53.3161 53.6779 29880028-Jan-99 53.4367 54.8239 53.3161 54.7032 65250027-Jan-99 54.0398 54.5223 53.1954 53.6176 34520026-Jan-99 54.0398 54.5223 53.1954 54.0398 22740025-Jan-99 53.7986 54.3414 53.4367 54.0398 25340022-Jan-99 53.6176 53.9795 53.6176 53.9795 21470021-Jan-99 53.7382 53.9192 53.3161 53.6176 44410020-Jan-99 55.6079 55.6079 53.6176 53.7382 35760019-Jan-99 57.4173 57.4173 56.392 56.5729 40840015-Jan-99 57.176 58.0204 56.9348 57.6585 79530014-Jan-99 57.2364 57.2364 56.4523 56.6935 41050013-Jan-99 56.9348 57.8395 56.6935 57.4776 33780012-Jan-99 57.5982 57.6585 56.4523 57.1157 41070011-Jan-99 58.8648 59.0457 56.9951 57.8395 601700

8-Jan-99 57.6585 58.8648 56.9348 58.8648 3488007-Jan-99 56.9951 58.0204 56.9348 57.6585 4220006-Jan-99 57.0554 57.4173 56.8142 57.2364 2828005-Jan-99 57.5379 57.8395 56.9348 57.0554 2675004-Jan-99 57.4173 58.6838 56.9951 57.176 324500

31-Dec-98 57.4776 57.6585 56.9348 57.4173 32990030-Dec-98 58.0807 58.0807 57.0554 57.4776 34240029-Dec-98 56.9348 58.5029 56.9348 58.2617 14640028-Dec-98 56.9348 57.5982 56.6332 57.176 8850024-Dec-98 56.9348 57.357 56.5729 57.1157 6600023-Dec-98 56.8142 56.9951 56.392 56.9348 23670022-Dec-98 56.6935 56.9951 56.0301 56.7539 21990021-Dec-98 57.5379 57.6585 56.6935 56.7539 43490018-Dec-98 56.3317 58.2013 56.3317 57.7188 45720017-Dec-98 56.6935 56.9951 55.4873 56.8142 32520016-Dec-98 58.3823 58.3823 56.6935 56.6935 28190015-Dec-98 57.8694 58.5898 57.6293 58.5898 21520014-Dec-98 57.6293 58.8299 57.5092 57.7493 41370011-Dec-98 58.2296 58.8299 58.1095 58.2296 314300

Page 32: PepsiCo's Quaker Bid

10-Dec-98 58.5898 59.1901 57.8694 58.4697 5721009-Dec-98 59.7303 60.3907 59.1901 59.3702 2512008-Dec-98 60.0905 60.1506 59.3101 59.8504 2058007-Dec-98 59.5502 60.3907 58.6498 60.3306 1627004-Dec-98 58.9499 60.0905 58.6498 59.6703 2344003-Dec-98 59.13 60.0305 57.8694 58.8899 4129002-Dec-98 59.3101 59.7904 59.1901 59.3702 1956001-Dec-98 58.7098 60.4507 58.7098 59.4902 242900

30-Nov-98 60.3907 60.4507 58.9499 58.9499 31720027-Nov-98 60.3907 60.5708 59.6103 60.3306 5990025-Nov-98 60.7509 60.7509 59.3101 60.3306 28600024-Nov-98 62.4317 62.5518 60.5107 60.6308 29480023-Nov-98 62.0715 62.972 61.8314 62.7919 23560020-Nov-98 62.5518 62.7919 62.2516 62.3116 39900019-Nov-98 61.5913 62.3717 61.4712 62.0715 71590018-Nov-98 60.5107 61.4112 60.3907 61.3512 24180017-Nov-98 60.6308 61.5913 60.3907 60.3907 35180016-Nov-98 60.5107 61.111 60.3907 61.111 62390013-Nov-98 58.1095 59.7904 58.1095 59.6103 35800012-Nov-98 57.6293 58.5297 57.6293 58.1695 19060011-Nov-98 58.1095 58.4097 57.6293 57.8694 30300010-Nov-98 57.6293 58.6498 57.6293 58.5297 538300

9-Nov-98 58.3496 58.8899 56.9089 57.3891 2875006-Nov-98 58.4697 58.6498 57.3891 57.5692 2417005-Nov-98 56.2486 58.5898 56.1285 58.5898 2909004-Nov-98 57.6293 58.4697 56.4887 56.4887 2826003-Nov-98 56.3086 57.5092 56.1285 57.149 6719002-Nov-98 56.6688 56.7288 56.0084 56.2486 696800

30-Oct-98 57.2091 57.3291 56.1885 56.7288 53050029-Oct-98 57.3291 57.9294 56.8489 56.9689 41480028-Oct-98 57.8094 57.9294 56.7888 57.2091 26770027-Oct-98 58.7098 59.2501 57.8094 58.0495 45940026-Oct-98 59.7303 59.7904 58.8899 59.3101 47330023-Oct-98 59.07 59.9705 58.6498 59.9705 76220022-Oct-98 59.6703 60.0305 58.5898 59.13 90470021-Oct-98 58.9499 59.7904 58.8299 59.5502 44810020-Oct-98 58.2896 59.13 58.2296 59.01 33290019-Oct-98 58.5898 60.1506 58.4697 58.5297 37680016-Oct-98 59.01 59.01 57.6293 58.5898 44040015-Oct-98 56.9089 59.5502 56.0685 58.9499 53470014-Oct-98 54.9279 56.8489 54.9279 56.6688 50770013-Oct-98 55.3481 55.3481 54.0274 54.6878 43620012-Oct-98 55.4081 55.9484 55.3481 55.5882 429900

9-Oct-98 55.4682 55.7083 53.6072 54.4477 5540008-Oct-98 54.7478 55.7083 52.9469 55.108 7904007-Oct-98 57.029 57.089 54.7478 55.6483 9953006-Oct-98 60.1506 60.5107 57.3291 58.7098 11100005-Oct-98 58.6498 62.5518 58.0495 61.9515 8325002-Oct-98 56.8489 58.7698 56.4887 58.6498 9169001-Oct-98 56.4287 57.5692 55.7683 55.8884 373900

30-Sep-98 57.8094 58.0495 56.6688 56.6688 282500

Page 33: PepsiCo's Quaker Bid

29-Sep-98 56.6688 58.1095 56.6688 57.5692 36100028-Sep-98 58.4697 58.4697 56.6688 56.6688 51060025-Sep-98 58.9499 58.9499 58.1095 58.4697 31810024-Sep-98 58.5898 59.01 57.9895 58.8899 85300023-Sep-98 57.7493 60.5107 57.7493 59.5502 87090022-Sep-98 57.7493 58.8899 57.2091 57.9895 110940021-Sep-98 53.7873 57.6293 53.5472 57.029 97710018-Sep-98 53.6673 54.3276 53.5472 54.3276 44430017-Sep-98 52.7068 53.7873 52.5267 53.4872 69220016-Sep-98 53.4271 54.4477 52.6467 53.067 52540015-Sep-98 53.0346 53.7512 52.7359 53.2735 44750014-Sep-98 52.6762 53.154 52.4373 53.0346 36400011-Sep-98 51.6012 53.2137 51.2429 52.4373 48710010-Sep-98 51.7206 52.2582 51.1234 51.7206 854600

9-Sep-98 51.6012 51.7804 51.1234 51.7206 5201008-Sep-98 51.1831 51.8401 50.6456 51.7804 4928004-Sep-98 50.8845 51.3623 50.6456 51.1831 2611003-Sep-98 51.3026 51.9595 50.4664 50.8845 3983002-Sep-98 51.2429 52.0193 50.8845 51.3623 3157001-Sep-98 50.6456 51.6012 49.69 51.1831 731300

31-Aug-98 52.6165 52.6165 50.7651 50.7651 31570028-Aug-98 52.7957 53.3929 52.1984 52.4971 23860027-Aug-98 53.8707 54.7665 51.6012 52.7957 38730026-Aug-98 54.5277 54.5874 53.9901 54.1096 23600025-Aug-98 54.6471 55.1249 54.1693 54.7665 79030024-Aug-98 52.5568 54.8263 52.5568 54.4679 92530021-Aug-98 52.8554 52.9151 51.7206 52.5568 20870020-Aug-98 53.0346 53.2137 52.1387 52.9748 22030019-Aug-98 53.2735 53.2735 52.6762 52.8554 35430018-Aug-98 52.5568 53.3332 52.5568 53.154 27130017-Aug-98 52.4971 52.5568 51.9595 52.3179 23000014-Aug-98 52.6762 53.2735 52.2582 52.4971 28100013-Aug-98 52.7359 53.4526 52.6165 52.7957 18590012-Aug-98 52.3776 53.2735 52.1984 52.6165 51040011-Aug-98 51.6012 52.3776 50.8845 52.3776 36510010-Aug-98 52.8554 52.8554 52.0193 52.5568 229000

7-Aug-98 52.6762 52.7359 52.079 52.7359 3987006-Aug-98 52.0193 52.9151 52.0193 52.2582 4519005-Aug-98 51.3623 51.9595 50.7651 51.9595 5537004-Aug-98 52.3179 52.3179 51.004 51.3623 6004003-Aug-98 50.5262 52.2582 50.5262 51.9595 37220031-Jul-98 52.8554 52.8554 50.0484 50.6456 46610030-Jul-98 52.5568 53.3929 52.3179 53.0346 55800029-Jul-98 50.4664 51.7804 50.4664 51.6012 53680028-Jul-98 50.347 50.5859 49.69 50.2276 39330027-Jul-98 51.004 51.004 50.2873 50.5859 20850024-Jul-98 52.5568 52.5568 51.1234 51.3623 65300023-Jul-98 50.6456 52.2582 50.347 51.4817 182190022-Jul-98 51.3623 51.422 49.4511 49.4511 110290021-Jul-98 51.5415 51.8401 51.422 51.5415 59620020-Jul-98 51.6609 51.8401 51.3324 51.4817 361000

Page 34: PepsiCo's Quaker Bid

17-Jul-98 51.6012 52.1387 51.4817 51.7804 39440016-Jul-98 51.2429 51.3623 51.004 51.3623 18350015-Jul-98 51.7206 51.7804 51.1234 51.6012 36470014-Jul-98 52.3179 52.3776 51.5415 52.1984 17760013-Jul-98 52.4373 52.7957 51.7804 52.4373 18540010-Jul-98 53.154 53.2137 52.4373 52.6165 713600

9-Jul-98 53.2137 53.3929 52.7957 53.154 1539008-Jul-98 53.5124 53.6318 52.9151 53.3332 1063007-Jul-98 53.2137 53.8707 53.0346 53.2735 3991006-Jul-98 52.5568 53.0943 52.3179 53.0943 1372002-Jul-98 52.6762 52.6762 52.2582 52.3776 2260001-Jul-98 52.5568 52.7957 52.2582 52.6762 393700

30-Jun-98 52.3776 52.6762 52.1387 52.4971 40640029-Jun-98 53.2137 53.2735 51.7206 52.5568 35080026-Jun-98 53.2735 53.5124 53.0943 53.4526 13090025-Jun-98 53.3929 53.5124 53.0943 53.3929 31780024-Jun-98 53.3332 53.4526 52.5568 53.154 11570023-Jun-98 52.6762 53.5124 52.6762 53.5124 56140022-Jun-98 52.5568 53.2137 52.4373 52.6762 20740019-Jun-98 53.9901 53.9901 52.4373 52.4971 30580018-Jun-98 53.8707 54.2888 53.5124 53.7512 44780017-Jun-98 52.9151 54.4679 52.5568 54.1693 47980016-Jun-98 52.8198 52.8792 51.9286 52.4039 23250015-Jun-98 52.9386 53.3545 52.5227 52.5821 33790012-Jun-98 52.8792 53.4733 52.2851 52.8198 22740011-Jun-98 53.1169 53.5328 52.3445 53.0574 31940010-Jun-98 53.1763 53.4733 52.8792 53.1169 708800

9-Jun-98 54.3052 54.3646 53.4139 53.4139 3881008-Jun-98 54.6022 55.5529 54.3052 54.3052 2216005-Jun-98 54.3052 54.9587 54.1269 54.3052 5812004-Jun-98 54.7805 54.7805 53.7704 54.3052 2334003-Jun-98 54.3646 55.3746 54.3052 54.7805 3085002-Jun-98 54.8993 55.3152 54.424 54.6022 4335001-Jun-98 54.6616 55.0181 54.424 54.8993 348800

29-May-98 54.8993 55.0181 54.6616 54.8399 42870028-May-98 54.3052 54.8993 54.3052 54.8399 41190027-May-98 54.6022 55.0775 54.0081 54.0675 49130026-May-98 54.424 54.8993 54.0675 54.7211 51070022-May-98 54.7805 55.137 53.5328 54.5428 51430021-May-98 54.1863 54.5428 53.711 54.1269 20050020-May-98 53.4733 54.4834 53.4733 54.424 30820019-May-98 53.711 54.1863 53.1169 53.2357 25580018-May-98 53.8298 53.8298 53.0574 53.4733 19120015-May-98 53.8893 54.3646 53.5922 54.0675 31520014-May-98 53.2357 54.6616 53.1763 54.1269 56870013-May-98 52.5227 53.5922 52.5227 53.3545 28520012-May-98 52.6415 52.8792 52.4633 52.7604 30490011-May-98 52.1662 53.6516 52.1662 52.998 481500

8-May-98 50.4432 52.8792 50.4432 52.1662 3399007-May-98 50.3838 51.5127 50.2649 50.4432 4312006-May-98 49.7302 50.8591 49.4331 50.4432 339900

Page 35: PepsiCo's Quaker Bid

5-May-98 49.7896 49.7896 49.2549 49.6114 2769004-May-98 49.3737 50.0273 49.3143 49.9085 4643001-May-98 49.552 49.849 49.1361 49.7302 32060030-Apr-98 49.9085 50.0273 49.4331 49.4331 53290029-Apr-98 48.5419 49.3143 48.1854 48.9578 44000028-Apr-98 49.7896 50.1461 48.126 48.4825 57680027-Apr-98 50.5026 50.6214 49.4926 49.4926 33960024-Apr-98 51.5721 51.8097 50.9185 51.1562 60990023-Apr-98 50.6214 51.3938 50.6214 50.7997 54260022-Apr-98 49.6708 50.7403 49.6114 50.6214 70620021-Apr-98 50.8591 51.0373 49.552 49.552 85900020-Apr-98 50.8591 51.275 50.5026 50.6214 45890017-Apr-98 50.8591 51.275 50.2649 50.9185 82470016-Apr-98 51.3344 52.2256 50.3838 50.6214 53860015-Apr-98 52.7604 52.8198 52.1068 52.2851 26710014-Apr-98 54.1269 54.1269 53.1169 53.3545 32210013-Apr-98 54.7211 54.7211 54.1863 54.3646 380500

9-Apr-98 53.6516 54.9587 53.5328 54.8993 3962008-Apr-98 53.4733 54.1863 53.3545 53.5328 2358007-Apr-98 53.711 53.711 52.8792 53.4733 4503006-Apr-98 54.424 54.6022 53.8298 53.8298 4035003-Apr-98 55.137 55.137 54.0675 54.424 3873002-Apr-98 54.0675 55.1964 53.8298 55.137 5150001-Apr-98 54.4834 54.4834 53.4733 53.9487 606600

31-Mar-98 54.6022 55.137 54.3646 54.424 51760030-Mar-98 54.5428 54.6616 53.4733 54.3646 31760027-Mar-98 55.3746 55.3746 53.8298 54.5428 28740026-Mar-98 54.5428 55.3152 54.5428 55.137 21240025-Mar-98 55.2558 55.3152 54.7805 55.0775 69060024-Mar-98 54.6616 55.3746 54.424 55.137 30680023-Mar-98 54.3052 55.0775 54.3052 54.6616 24160020-Mar-98 54.1863 55.0181 54.1863 54.8993 66950019-Mar-98 54.4834 54.6616 54.0675 54.424 75450018-Mar-98 55.0181 55.0775 54.3646 54.4834 46830017-Mar-98 54.7805 55.3152 54.5428 55.0181 102030016-Mar-98 55.8499 56.2064 54.5428 54.8993 65860013-Mar-98 54.9875 57.116 54.8692 55.5196 306600012-Mar-98 54.3962 55.2831 54.1597 54.6327 98310011-Mar-98 53.8641 54.1597 53.2728 53.7458 25150010-Mar-98 54.8101 54.8101 53.9232 54.1006 404700

9-Mar-98 52.7407 54.1597 52.6224 54.0414 4140006-Mar-98 51.9129 53.2137 51.9129 52.9772 2197005-Mar-98 52.3859 52.5633 51.3808 51.9129 3402004-Mar-98 52.7407 53.0954 52.0311 53.0954 2770003-Mar-98 52.0311 52.7407 51.7355 52.5042 2692002-Mar-98 52.0311 52.3859 51.499 52.0311 458900

27-Feb-98 50.8486 51.0851 50.7304 50.9669 27560026-Feb-98 50.9669 51.3808 50.8486 50.8486 63980025-Feb-98 51.4399 51.7355 50.8486 51.0851 32870024-Feb-98 50.7304 51.4399 50.3756 51.4399 48990023-Feb-98 51.1442 51.6764 50.2574 50.8486 403600

Page 36: PepsiCo's Quaker Bid

20-Feb-98 51.2034 51.499 50.9077 51.2625 50080019-Feb-98 50.1391 50.7895 50.08 50.3165 54520018-Feb-98 49.8435 50.4347 49.6661 50.1982 62130017-Feb-98 47.7741 49.9617 47.7741 49.8435 60970013-Feb-98 46.1185 47.9514 46.1185 47.7149 47130012-Feb-98 46.4733 46.7098 46.1776 46.355 84390011-Feb-98 48.4836 48.6018 45.882 46.5915 128430010-Feb-98 48.8975 49.0157 48.1879 48.2471 833300

9-Feb-98 49.2522 49.5478 48.7201 48.8975 4296006-Feb-98 49.1931 49.5478 49.0748 49.0748 13953005-Feb-98 49.3113 49.7843 47.0645 49.134 24769004-Feb-98 50.553 51.2034 50.1982 50.8486 2444003-Feb-98 51.1442 51.1442 50.1391 50.7304 3439002-Feb-98 51.5581 51.7355 51.2625 51.3808 393400

30-Jan-98 51.2625 51.2625 50.1982 50.8486 26960029-Jan-98 51.3216 51.7946 50.9077 51.0851 27930028-Jan-98 51.3216 51.9129 50.6121 51.1442 31320027-Jan-98 51.2625 51.7946 51.1442 51.3216 45630026-Jan-98 51.2034 51.5581 50.6712 51.3808 32030023-Jan-98 51.0851 51.4399 50.6121 51.026 44370022-Jan-98 50.4939 51.499 50.3165 51.1442 62080021-Jan-98 50.7304 50.7895 50.2574 50.6121 43710020-Jan-98 49.7843 50.6121 49.7843 50.553 57850016-Jan-98 49.1931 50.0208 48.9566 49.6661 32690015-Jan-98 48.1879 48.4836 47.8332 48.4244 21480014-Jan-98 48.4836 48.9566 47.7741 48.1879 45530013-Jan-98 48.7201 48.7201 47.8923 48.1288 35250012-Jan-98 47.5375 49.1931 47.5375 48.4244 556700

9-Jan-98 49.134 49.5478 48.2471 48.3062 3195008-Jan-98 49.0748 49.1931 48.7201 49.134 2999007-Jan-98 49.0157 49.0157 48.4836 48.8383 2866006-Jan-98 48.6609 49.134 48.4836 49.0748 5732005-Jan-98 49.7252 49.7252 48.1288 48.8975 6696002-Jan-98 49.7843 49.8435 49.1931 49.6661 123200

31-Dec-97 50.1391 50.2574 49.607 49.9026 20440030-Dec-97 50.1391 50.2574 49.9026 50.08 15010029-Dec-97 50.2574 50.2574 49.607 50.1982 19900026-Dec-97 50.1391 50.3165 49.7843 50.0208 4260024-Dec-97 50.0208 50.6121 49.9026 49.9026 22160023-Dec-97 51.6764 51.6764 49.6661 50.08 50750022-Dec-97 50.3756 52.1494 50.3756 51.8538 82580019-Dec-97 49.2522 50.3756 48.7201 50.3756 38920018-Dec-97 50.0208 50.08 49.4296 49.4296 21920017-Dec-97 49.7252 50.2574 49.3113 50.2574 42260016-Dec-97 50.1044 50.3396 49.3987 49.8104 18930015-Dec-97 48.987 50.1632 48.987 50.0456 40130012-Dec-97 48.8694 49.5751 48.8694 48.987 34460011-Dec-97 49.3399 49.3399 48.5166 48.8694 36400010-Dec-97 49.1047 49.7516 49.1047 49.2811 314500

9-Dec-97 49.3399 49.5163 48.9282 49.3399 2826008-Dec-97 49.5751 50.222 48.987 49.5751 200300

Page 37: PepsiCo's Quaker Bid

5-Dec-97 48.693 49.7516 48.6342 49.3399 2819004-Dec-97 49.8692 49.9868 49.1635 49.5163 2672003-Dec-97 50.222 50.222 49.3987 49.8692 3765002-Dec-97 50.1044 50.222 49.2811 50.1632 2646001-Dec-97 49.8692 50.222 49.6339 50.1044 484100

28-Nov-97 50.222 50.2808 49.8692 49.8692 14110026-Nov-97 49.7516 50.4572 49.7516 50.222 51370025-Nov-97 49.3399 50.1632 49.0459 49.8104 60880024-Nov-97 47.0464 48.9282 46.9288 48.5754 91520021-Nov-97 48.2814 48.693 46.7523 47.0464 75900020-Nov-97 49.2811 49.3987 47.8697 48.0461 53820019-Nov-97 49.3987 49.5163 48.8106 49.0459 87820018-Nov-97 49.8692 50.222 49.2811 49.5163 68720017-Nov-97 49.8692 50.4572 49.5751 49.8692 74360014-Nov-97 49.1047 50.5749 49.1047 50.5161 68970013-Nov-97 48.9282 49.3987 48.3402 49.3399 72710012-Nov-97 47.6933 49.5751 47.2228 48.9282 106980011-Nov-97 46.8112 47.9873 46.7523 47.9285 120630010-Nov-97 46.3995 47.164 46.3995 46.5759 462200

7-Nov-97 46.1055 46.3995 45.2821 46.3995 2774006-Nov-97 46.9288 46.9876 45.929 46.7523 4151005-Nov-97 47.0464 47.5168 46.6347 47.3404 4438004-Nov-97 45.2821 47.0464 45.2821 47.0464 5404003-Nov-97 45.2821 46.1055 45.1645 45.5174 385200

31-Oct-97 44.2236 45.1057 44.2236 45.0469 456100

Page 38: PepsiCo's Quaker Bid

Date Open High Low Close Volume4-Oct-00 45.0309 45.4036 44.1613 44.8446 47159003-Oct-00 47.6396 48.1365 45.2172 45.7141 56749002-Oct-00 46.3352 47.4532 46.0868 47.0806 5036700

29-Sep-00 45.2793 46.8321 45.1551 45.7141 446840028-Sep-00 45.0309 45.5899 44.7203 44.9688 213270027-Sep-00 44.2856 45.652 44.1613 45.2172 239110026-Sep-00 44.0992 44.8446 43.7266 44.1613 211110025-Sep-00 44.4098 45.0309 43.9129 44.534 213960022-Sep-00 44.534 45.5899 44.2234 45.093 506830021-Sep-00 41.9253 43.6644 41.8011 43.1054 329840020-Sep-00 42.857 43.1054 41.3663 41.3663 331670019-Sep-00 43.7266 44.0992 43.1054 43.6179 191090018-Sep-00 43.4781 43.975 43.1675 43.7266 140010015-Sep-00 44.3477 44.4719 43.1054 43.4781 342400014-Sep-00 43.8508 44.0371 42.857 43.8508 294620013-Sep-00 43.4781 44.534 43.416 44.4098 322860012-Sep-00 42.4843 43.975 42.4843 43.6023 200510011-Sep-00 41.8632 43.1675 41.8011 42.4843 1632100

8-Sep-00 42.5464 42.9812 41.9874 42.298 18515007-Sep-00 41.8011 43.3539 41.739 42.9191 35967006-Sep-00 41.9874 42.2359 41.0558 41.6769 22128005-Sep-00 41.9737 42.9643 41.3547 42.3452 26668001-Sep-00 42.0976 42.1595 41.6642 41.9118 1963400

31-Aug-00 41.5404 42.4071 40.7975 42.2369 301060030-Aug-00 42.2833 42.3452 41.2928 41.5404 294920029-Aug-00 42.469 42.7166 42.0976 42.0976 190310028-Aug-00 42.4071 43.5834 42.3452 42.9024 206960025-Aug-00 43.0262 43.0262 42.1595 42.3452 176360024-Aug-00 42.9024 43.6453 42.8405 43.0881 171780023-Aug-00 42.9643 43.2738 42.6547 42.9333 140260022-Aug-00 43.6453 43.7691 42.6547 42.8405 177610021-Aug-00 43.7072 44.0167 43.6453 43.8929 140390018-Aug-00 42.9024 43.831 42.6547 43.4595 259850017-Aug-00 43.3976 43.6453 42.6547 43.0726 258530016-Aug-00 43.7691 44.0786 42.2214 43.5834 667600015-Aug-00 46.1216 46.3073 45.5025 45.5025 248000014-Aug-00 46.3073 46.6169 45.3168 46.5549 387100011-Aug-00 44.8215 45.874 44.7596 45.3787 375690010-Aug-00 43.5834 44.8215 43.5834 44.6358 3483600

9-Aug-00 43.6453 44.2643 43.4595 43.5834 35749008-Aug-00 44.6358 45.0072 43.831 44.0167 34567007-Aug-00 44.3882 44.5739 44.1405 44.2024 18408004-Aug-00 45.0691 45.0691 44.3263 44.6358 31641003-Aug-00 45.193 45.4406 44.5739 44.6977 40313002-Aug-00 44.8834 45.4406 44.4501 45.193 24213001-Aug-00 44.7596 45.7501 44.5739 45.4406 356150031-Jul-00 44.3263 45.812 43.3357 45.3787 512990028-Jul-00 43.831 44.8215 43.7072 44.3263 403900027-Jul-00 43.3976 44.2024 43.3976 43.8929 251240026-Jul-00 43.831 44.2024 43.3976 43.3976 540010025-Jul-00 43.0881 44.4501 43.0262 43.7072 388680024-Jul-00 43.4595 43.7691 43.15 43.2119 264610021-Jul-00 43.7072 43.9548 43.3357 43.831 3349900

Page 39: PepsiCo's Quaker Bid

20-Jul-00 43.3357 43.9548 43.2738 43.3357 381710019-Jul-00 42.7166 43.8929 42.7166 42.9643 432830018-Jul-00 42.5309 43.2119 42.2833 42.5928 427150017-Jul-00 41.107 42.7785 40.9213 42.469 452170014-Jul-00 40.1165 41.6642 39.745 41.2928 464240013-Jul-00 41.107 41.2928 39.4355 39.9927 616200012-Jul-00 40.3022 40.3022 39.3117 39.3736 428620011-Jul-00 40.6118 40.6118 39.8689 40.2403 412250010-Jul-00 41.107 41.2928 40.1165 40.5499 4691100

7-Jul-00 42.0976 42.5928 41.6642 42.0356 35570006-Jul-00 42.7166 43.7691 42.5928 43.4595 25277005-Jul-00 42.4071 43.3976 42.3452 42.9643 35039003-Jul-00 43.4595 43.5834 42.469 42.5928 2001300

30-Jun-00 41.9737 44.1251 41.2308 44.0167 825810029-Jun-00 42.5928 43.0881 42.1595 42.3452 297230028-Jun-00 42.5928 43.4595 41.788 42.9952 304340027-Jun-00 42.5928 43.6453 42.4071 43.0262 395080026-Jun-00 41.9737 43.3357 41.9737 43.15 339170023-Jun-00 41.4785 41.788 40.9832 41.6642 373660022-Jun-00 41.6023 42.3452 41.1689 41.5404 328280021-Jun-00 41.107 42.1595 40.4879 41.8499 378380020-Jun-00 42.5928 42.7166 40.7356 40.7356 430650019-Jun-00 43.3976 43.7072 43.15 43.2738 368970016-Jun-00 43.3976 43.5214 43.2119 43.3357 604480015-Jun-00 42.5928 43.5214 42.469 42.9643 585660014-Jun-00 42.5928 43.3357 42.2833 43.0881 573680013-Jun-00 41.9737 42.5928 41.8499 42.4071 661980012-Jun-00 41.107 42.0356 41.107 41.5713 3470300

9-Jun-00 41.3547 42.0976 40.6737 40.8594 31196008-Jun-00 40.6737 42.0356 40.6118 42.0356 56866007-Jun-00 40.1784 41.4166 39.9927 40.9213 36522006-Jun-00 39.3116 40.7973 39.2496 40.6116 39969005-Jun-00 39.4354 39.7449 38.9401 39.1258 19683002-Jun-00 40.0545 40.364 39.4354 39.9306 32122001-Jun-00 40.0545 40.8593 39.4354 39.683 3685900

31-May-00 40.1783 40.7354 40.1783 40.3021 322230030-May-00 39.9306 40.6116 39.4354 40.6116 419640026-May-00 39.1258 40.6116 39.1258 40.6116 326100025-May-00 38.7544 39.6211 38.5068 39.5592 449420024-May-00 39.4973 40.4259 39.4354 40.364 544310023-May-00 38.9401 39.1877 38.4448 39.0639 289670022-May-00 38.6306 39.7449 38.1972 39.3735 642560019-May-00 38.8782 39.2496 38.6306 38.8782 257770018-May-00 38.6306 39.4973 38.6306 39.1413 254480017-May-00 38.0115 38.9401 38.0115 38.6306 296340016-May-00 38.5687 39.3735 38.2591 38.7544 373630015-May-00 38.6306 39.4973 38.3829 39.002 351920012-May-00 38.1972 39.1258 38.1972 39.1258 359820011-May-00 37.64 39.6211 37.64 39.6211 574310010-May-00 37.8258 38.9401 37.64 38.8163 8784400

9-May-00 37.5781 38.0115 36.9591 37.3305 43050008-May-00 37.3305 37.5781 37.021 37.5781 32461005-May-00 35.9066 37.3305 35.9066 37.1448 22527004-May-00 37.021 37.3305 36.2781 36.34 2320400

Page 40: PepsiCo's Quaker Bid

3-May-00 36.7114 37.4543 36.7114 37.2067 38021002-May-00 36.7114 37.3305 35.8447 37.1448 32283001-May-00 36.0923 36.8971 35.7828 36.6495 213010028-Apr-00 36.2781 36.5257 35.8447 36.34 227990027-Apr-00 36.7733 37.2067 36.4019 37.0829 282550026-Apr-00 37.0829 37.7639 36.7733 37.3924 334530025-Apr-00 36.7733 37.3924 36.6495 37.0829 334480024-Apr-00 36.34 37.9496 36.2781 37.5162 445730020-Apr-00 36.4019 37.1448 35.5971 36.8352 493180019-Apr-00 35.5971 36.0304 34.4827 34.978 294990018-Apr-00 35.7828 35.9066 34.6685 35.5971 298030017-Apr-00 35.4733 36.2781 34.297 36.2781 364870014-Apr-00 36.34 36.34 35.1637 36.0923 340730013-Apr-00 36.2162 36.5876 35.9066 36.0923 283550012-Apr-00 35.9066 37.5162 35.9066 36.8971 407170011-Apr-00 35.7209 36.8352 35.7209 36.7114 240860010-Apr-00 35.659 36.5876 35.5352 35.9066 2549500

7-Apr-00 36.0923 36.2162 34.978 35.659 38296006-Apr-00 36.34 36.9591 35.7828 36.4638 40500005-Apr-00 36.6495 37.021 36.1542 36.4019 47805004-Apr-00 35.7828 36.8971 35.1018 36.0923 58034003-Apr-00 34.297 36.0304 34.297 35.7828 4337100

31-Mar-00 35.659 35.7209 34.2351 34.5446 495760030-Mar-00 33.616 35.5971 33.4922 35.5971 685090029-Mar-00 32.0683 33.3684 32.0683 32.935 425440028-Mar-00 31.3873 32.8112 31.2635 32.1921 481430027-Mar-00 32.4398 32.6255 31.2635 32.0528 339710024-Mar-00 32.6874 33.1827 32.254 32.6255 334570023-Mar-00 32.5636 33.6779 32.4398 33.1827 379240022-Mar-00 33.9875 34.0494 32.4398 33.1827 343170021-Mar-00 33.0589 33.9875 32.316 33.9875 547970020-Mar-00 32.1921 33.3065 31.9445 32.935 264380017-Mar-00 32.6874 33.616 32.5017 32.6874 446450016-Mar-00 32.6874 33.8637 31.9445 33.7398 541030015-Mar-00 30.1492 32.8731 30.0254 32.8731 546380014-Mar-00 30.3349 30.4587 29.8396 30.3968 460290013-Mar-00 29.8396 30.8921 29.8396 30.8302 430800010-Mar-00 30.7683 31.0778 30.2111 30.4587 3649100

9-Mar-00 30.4587 31.4492 30.3349 31.0778 39132008-Mar-00 30.7063 31.2016 29.7777 30.2111 51598007-Mar-00 30.7062 31.2015 29.4062 30.3348 70532006-Mar-00 30.7681 31.1396 30.3967 30.7062 44579003-Mar-00 32.192 32.192 31.0158 31.3253 46266002-Mar-00 32.3777 32.5634 31.2634 31.2634 51704001-Mar-00 31.6967 32.6254 31.5729 32.2539 5496400

29-Feb-00 32.5634 32.7492 31.8206 31.8206 463550028-Feb-00 32.873 33.554 32.4396 32.9349 365470025-Feb-00 33.6778 34.0492 32.3777 32.4396 420550024-Feb-00 33.7397 34.0492 32.873 33.6778 361280023-Feb-00 33.9873 34.4207 33.6778 33.8635 324930022-Feb-00 33.9873 34.5445 33.8016 34.3588 292940018-Feb-00 34.0492 34.4207 33.6159 33.9254 366450017-Feb-00 34.235 34.4826 33.9254 33.9873 284770016-Feb-00 33.8016 34.4826 33.6159 33.6778 4606800

Page 41: PepsiCo's Quaker Bid

15-Feb-00 33.6778 34.5445 33.6778 33.8635 390960014-Feb-00 33.8635 34.173 33.6159 33.7397 349330011-Feb-00 34.6683 34.7921 33.6778 34.0492 553040010-Feb-00 34.5445 34.5445 33.7397 34.2969 5909500

9-Feb-00 34.6683 34.7921 33.4302 33.6778 84325008-Feb-00 32.9968 33.4302 32.6873 32.9968 50105007-Feb-00 32.5634 32.873 31.9444 32.0682 39997004-Feb-00 33.3063 33.8016 32.3158 32.4396 38856003-Feb-00 32.6873 33.0587 32.3158 32.7492 36629002-Feb-00 33.4302 33.6159 32.6254 32.6873 32891001-Feb-00 33.6778 33.9873 33.3682 33.6778 3602600

31-Jan-00 33.1825 34.0492 32.9349 33.8016 298960028-Jan-00 33.2444 33.6778 32.873 32.9349 409080027-Jan-00 33.6778 33.9873 32.9349 33.4921 261010026-Jan-00 33.9873 34.6064 33.4302 33.6159 317410025-Jan-00 34.9778 35.0398 33.554 33.9873 435650024-Jan-00 35.8446 36.0303 34.4826 34.9778 378500021-Jan-00 35.8446 36.0922 35.4112 35.7826 445440020-Jan-00 36.0922 36.0922 35.6588 35.7826 310610019-Jan-00 36.5255 36.5255 35.5969 36.0922 399970018-Jan-00 35.5969 36.6494 35.2255 35.9065 482160014-Jan-00 35.7207 36.4636 35.5969 35.8446 541370013-Jan-00 35.9684 36.2779 35.5969 35.5969 314420012-Jan-00 36.4017 36.897 35.9684 35.9684 426730011-Jan-00 36.897 37.2684 36.2779 36.4017 560780010-Jan-00 37.7637 37.8256 36.2779 36.5255 6402500

7-Jan-00 36.5255 38.259 36.3398 37.2684 105278006-Jan-00 34.4207 36.5255 34.173 36.2779 68631005-Jan-00 35.4731 35.9684 34.5445 34.7302 57019004-Jan-00 36.216 37.2065 35.4112 35.5969 45557003-Jan-00 35.0398 37.0208 34.6683 36.5255 5298400

31-Dec-99 35.1636 35.3493 34.9159 34.9159 122350030-Dec-99 35.1636 35.7826 35.1636 35.1636 193940029-Dec-99 36.2779 36.4017 35.2255 35.2255 118940028-Dec-99 35.9065 36.7732 35.7826 36.2779 418570027-Dec-99 34.854 36.0922 34.854 36.0922 245230023-Dec-99 35.2255 35.6588 34.7921 35.1017 276570022-Dec-99 34.7302 35.0398 34.4826 34.7302 380940021-Dec-99 34.7921 35.1017 34.235 34.5445 426340020-Dec-99 34.4826 35.6588 34.4207 35.0707 630060017-Dec-99 34.2969 34.7921 34.173 34.6683 542740016-Dec-99 34.173 34.235 33.4921 33.6778 441580015-Dec-99 34.7302 34.7302 34.1111 34.3588 277100014-Dec-99 34.4207 35.2874 34.4207 34.7921 430230013-Dec-99 37.0827 37.0827 34.6683 34.9778 586740010-Dec-99 36.2779 36.5874 36.0303 36.5874 4618700

9-Dec-99 36.8351 36.897 35.4112 35.5969 37557008-Dec-99 36.216 37.0827 36.216 36.6648 46486007-Dec-99 36.2778 36.9588 36.2778 36.5873 58616006-Dec-99 36.7111 37.0826 35.9682 36.5254 56410003-Dec-99 36.0301 37.3921 35.9682 36.773 74428002-Dec-99 34.0491 36.6492 33.8015 36.3397 81618001-Dec-99 33.9872 34.4825 33.9253 34.1574 2953000

30-Nov-99 33.8634 34.6063 33.8634 34.2348 3090200

Page 42: PepsiCo's Quaker Bid

29-Nov-99 34.5444 34.6063 33.7396 34.3586 471250026-Nov-99 34.9777 35.0396 34.4825 34.5444 132830024-Nov-99 35.5349 35.5968 34.6682 34.8539 340640023-Nov-99 36.154 36.773 35.5349 35.7206 606090022-Nov-99 34.792 36.2778 34.4205 35.9682 863740019-Nov-99 34.2967 34.792 33.8015 34.1729 452720018-Nov-99 33.8015 34.2967 33.6777 34.2348 435050017-Nov-99 33.3062 34.2967 33.1824 33.8015 421430016-Nov-99 32.1919 33.43 32.13 33.43 337030015-Nov-99 32.5014 32.811 31.8823 32.2538 260420012-Nov-99 32.6252 32.811 32.2538 32.811 240950011-Nov-99 32.2538 32.5014 32.13 32.4395 328250010-Nov-99 32.4395 32.749 32.2538 32.3776 4237500

9-Nov-99 33.3681 33.43 32.4395 32.4395 23914008-Nov-99 33.2443 33.6158 33.1824 33.3681 24494005-Nov-99 32.6871 33.7396 32.6871 33.4919 40801004-Nov-99 33.9253 34.2348 31.7585 32.6871 46839003-Nov-99 33.4919 33.9872 33.43 33.9253 28985002-Nov-99 33.3062 33.9872 33.2443 33.3681 26829001-Nov-99 34.111 34.2348 33.2443 33.2443 3635000

29-Oct-99 34.4825 34.792 34.1729 34.3586 427690028-Oct-99 33.9872 34.4205 33.9253 34.3586 359000027-Oct-99 33.6158 33.8015 32.8729 33.7396 392400026-Oct-99 33.9253 34.1729 33.43 33.5538 248050025-Oct-99 33.7396 34.3586 33.43 33.9253 233680022-Oct-99 33.1205 33.9872 33.0586 33.8015 279150021-Oct-99 32.811 33.0586 32.6252 32.9967 298640020-Oct-99 33.3062 34.0491 32.811 32.811 400820019-Oct-99 32.9967 33.5538 32.9348 33.5538 448430018-Oct-99 31.7585 32.749 31.6966 32.5633 375690015-Oct-99 32.1919 32.5014 31.8823 31.8823 550330014-Oct-99 33.1824 33.6777 33.0586 33.2443 341510013-Oct-99 33.8015 34.2348 33.0586 33.0586 319490012-Oct-99 34.2967 34.4825 33.7396 34.0491 343300011-Oct-99 33.9253 34.5444 33.8634 34.3586 3516600

8-Oct-99 32.9348 34.4825 32.8729 34.0491 53048007-Oct-99 32.9348 33.1824 32.5014 32.811 33081006-Oct-99 31.9443 33.1205 31.8204 32.8729 61610005-Oct-99 31.9443 32.0062 30.8918 31.1395 45887004-Oct-99 31.0775 31.5109 30.5204 31.5109 35674001-Oct-99 30.087 31.0775 29.8394 31.0775 3623600

30-Sep-99 30.8299 30.9537 29.9632 30.23 342280029-Sep-99 31.2633 31.7585 30.4585 30.7061 365140028-Sep-99 31.6966 31.9443 31.3252 31.5109 305990027-Sep-99 32.13 32.3157 31.8823 32.1919 338360024-Sep-99 30.7061 32.0681 30.5823 31.6347 436160023-Sep-99 31.8823 32.2538 31.2014 31.3252 341690022-Sep-99 32.6252 32.6871 31.9443 32.4395 309630021-Sep-99 33.5538 33.7396 32.5014 32.6871 292460020-Sep-99 33.3062 33.6158 33.2443 33.6158 226800017-Sep-99 32.9967 33.7396 32.9967 33.3062 455700016-Sep-99 33.1824 33.7396 32.811 32.8729 360880015-Sep-99 32.811 33.3062 32.6252 33.1824 458220014-Sep-99 32.3157 32.3776 31.6966 32.1919 5019500

Page 43: PepsiCo's Quaker Bid

13-Sep-99 32.6871 32.8729 32.3776 32.6871 350360010-Sep-99 33.6777 33.6777 32.6871 32.9967 4966500

9-Sep-99 33.0586 33.6777 32.6871 33.6777 47186008-Sep-99 32.6871 33.5538 32.6252 33.1824 51908007-Sep-99 34.1728 34.4823 33.1823 33.368 40440003-Sep-99 34.1728 34.5442 33.9252 34.2966 39345002-Sep-99 33.1823 33.6156 33.0585 33.2442 22202001-Sep-99 33.7394 33.8632 33.1823 33.5537 3947000

31-Aug-99 33.9252 33.9871 33.4918 33.8013 402240030-Aug-99 34.668 34.668 33.6775 33.9252 402100027-Aug-99 35.1014 35.349 34.8538 34.9776 298760026-Aug-99 35.1633 35.2871 34.7919 35.1014 353730025-Aug-99 34.3585 35.5347 34.3585 35.4109 505420024-Aug-99 34.668 34.8538 33.8632 34.1109 482400023-Aug-99 35.4109 35.4728 34.668 34.7919 387020020-Aug-99 35.0395 35.2871 34.9776 35.2252 493200019-Aug-99 35.1633 35.4109 34.668 35.0395 647630018-Aug-99 36.2776 36.3395 35.1633 35.4109 746510017-Aug-99 38.0729 38.0729 36.3395 36.8967 390610016-Aug-99 37.6396 38.1348 37.5777 38.1348 147500013-Aug-99 38.3825 38.5063 37.5777 37.7015 207460012-Aug-99 37.9491 38.5682 37.9491 38.1348 172360011-Aug-99 38.8777 38.8777 37.6396 37.9491 180820010-Aug-99 38.0729 38.8158 37.6396 38.5682 2377800

9-Aug-99 36.8348 38.1968 36.8348 38.0729 19916006-Aug-99 37.2062 37.392 36.4014 36.711 28137005-Aug-99 37.8253 38.2587 37.6396 37.6396 28211004-Aug-99 38.0729 38.5682 37.6396 37.8253 25738003-Aug-99 38.1348 38.3206 37.8253 37.9491 22378002-Aug-99 38.3206 38.8777 38.011 38.1968 202320030-Jul-99 38.6301 39.0015 38.5682 38.5682 265930029-Jul-99 38.7539 39.3111 38.5682 38.692 213440028-Jul-99 39.373 39.5587 39.0635 39.4968 251270027-Jul-99 39.1254 39.5587 39.0015 39.373 318700026-Jul-99 39.3111 39.6825 39.1254 39.2492 326600023-Jul-99 39.2492 39.9921 39.0015 39.0015 302030022-Jul-99 39.1254 40.1778 39.1254 39.4349 506370021-Jul-99 40.6111 41.1064 39.1873 39.9302 1050250020-Jul-99 37.8253 38.5682 37.8253 38.5063 239900019-Jul-99 39.1254 39.1873 37.7634 38.1968 294180016-Jul-99 38.1348 38.8777 37.7634 38.8777 250070015-Jul-99 38.1348 38.3825 37.9491 38.2587 194940014-Jul-99 38.3825 38.4444 37.7634 38.0729 206330013-Jul-99 38.1968 38.9396 38.0729 38.692 298150012-Jul-99 38.3825 38.3825 38.1348 38.3825 2555000

9-Jul-99 37.9491 38.3206 37.6396 38.1348 19144008-Jul-99 37.6396 38.3206 37.5777 38.1968 31098007-Jul-99 37.5158 37.9491 37.392 37.8872 30489006-Jul-99 36.9586 37.8253 36.9586 37.2681 25951002-Jul-99 37.3301 37.5777 37.0824 37.2681 20670001-Jul-99 38.0729 38.5682 37.2062 37.4539 3884900

30-Jun-99 36.6491 38.5682 36.6491 38.3206 552830029-Jun-99 37.1443 38.1348 37.0205 37.6396 656010028-Jun-99 35.5966 37.2062 35.5966 36.4633 5194000

Page 44: PepsiCo's Quaker Bid

25-Jun-99 34.7919 36.2776 34.7919 35.4109 383110024-Jun-99 35.349 35.4109 34.7919 35.0395 280590023-Jun-99 35.2871 35.9681 35.1633 35.4728 311510022-Jun-99 34.8538 36.3395 34.8538 35.7205 316930021-Jun-99 35.0395 35.5347 34.7919 34.7919 245220018-Jun-99 35.6586 35.8443 35.4109 35.6586 386490017-Jun-99 34.9776 35.9681 34.9776 35.9681 229670016-Jun-99 35.4728 35.9062 35.4109 35.4109 344290015-Jun-99 34.7919 35.8443 34.7919 35.2871 327310014-Jun-99 35.4109 35.4728 34.668 34.8538 368440011-Jun-99 35.2871 35.9681 35.0395 35.0395 394390010-Jun-99 34.7299 34.9776 34.668 34.7919 3184800

9-Jun-99 34.9157 35.5347 34.7919 34.8538 30206008-Jun-99 35.4727 35.6584 35.2251 35.3489 32596007-Jun-99 35.7203 35.968 35.7203 35.8441 28411004-Jun-99 35.8441 36.0918 35.7822 35.968 28531003-Jun-99 35.7822 36.0299 35.6584 35.6584 29887002-Jun-99 35.7203 36.2775 35.7203 35.906 24160001-Jun-99 35.5965 36.2775 35.5346 36.0299 2741700

28-May-99 35.6584 36.0299 35.1632 35.1632 293870027-May-99 35.7822 36.5251 35.4108 35.6584 435390026-May-99 37.1442 37.4537 35.8441 36.4013 460000025-May-99 37.4537 38.3204 37.1442 37.1442 331690024-May-99 37.7633 38.1347 37.1442 37.4537 274800021-May-99 37.268 38.1966 37.0823 37.949 540370020-May-99 37.268 37.3918 36.7108 37.268 348580019-May-99 37.268 37.3918 36.6489 37.1442 347040018-May-99 37.1442 37.7633 36.7108 37.3918 333080017-May-99 37.1442 37.6394 37.0204 37.268 411890014-May-99 36.587 38.0728 36.4013 37.8252 675190013-May-99 35.287 37.0823 34.9155 36.7727 811690012-May-99 34.7917 35.4108 33.925 35.1632 728070011-May-99 34.6679 34.8536 33.7393 34.2965 1029400010-May-99 35.6584 35.7822 34.7917 34.9155 6421200

7-May-99 36.1537 36.4013 35.968 36.4013 40341006-May-99 36.6489 36.7108 36.0918 36.3394 36858005-May-99 36.7108 37.0823 36.4632 36.8966 25473004-May-99 36.4013 36.8347 36.3394 36.7108 34840003-May-99 36.587 37.1442 36.2775 37.0823 310030030-Apr-99 36.3394 37.0204 36.2775 36.587 354520029-Apr-99 37.0823 37.7014 36.2775 36.587 487370028-Apr-99 37.3918 37.5156 37.0204 37.2061 336600027-Apr-99 36.6489 37.5775 36.6489 37.4537 518070026-Apr-99 36.0299 36.7727 35.968 36.4013 437540023-Apr-99 35.906 37.1442 35.7822 35.906 979630022-Apr-99 38.63 41.0443 36.1537 36.587 1930700021-Apr-99 37.0204 38.568 36.9585 38.568 451540020-Apr-99 36.5251 37.268 36.4013 36.7727 473630019-Apr-99 36.0918 37.1442 36.0299 36.4013 544680016-Apr-99 36.6489 36.9585 35.968 36.0918 545550015-Apr-99 38.1347 38.2585 36.6489 36.6489 779420014-Apr-99 37.5775 37.8252 37.3918 37.6394 316670013-Apr-99 38.568 39.0014 37.5775 37.7633 272250012-Apr-99 37.5156 39.1252 37.5156 39.1252 4153900

Page 45: PepsiCo's Quaker Bid

9-Apr-99 37.7014 37.949 37.4537 37.8871 26001008-Apr-99 37.0204 38.3204 37.0204 38.1347 31841007-Apr-99 37.7014 37.8871 37.0204 37.0823 36521006-Apr-99 37.7633 38.3204 37.4537 37.8871 29673005-Apr-99 38.3204 38.7538 37.8871 38.5061 29791001-Apr-99 38.8157 39.0633 38.1347 38.2585 2169800

31-Mar-99 39.3728 39.4967 38.1347 38.8157 557080030-Mar-99 39.6205 39.8062 39.1871 39.4967 427100029-Mar-99 39.6205 40.6729 39.5586 40.3014 492650026-Mar-99 38.9395 39.93 38.8157 39.6205 489320025-Mar-99 38.0109 39.1252 38.0109 38.8776 340020024-Mar-99 38.4442 38.6919 37.8871 37.8871 269870023-Mar-99 38.7538 38.8157 37.3299 38.5061 551970022-Mar-99 39.5586 39.5586 38.7538 39.3728 340350019-Mar-99 39.9919 40.0538 39.4347 39.5586 451660018-Mar-99 39.249 39.93 39.1871 39.7443 365540017-Mar-99 39.5586 39.93 39.1871 39.6824 494200016-Mar-99 38.63 39.7443 38.63 39.4967 537410015-Mar-99 38.1347 38.8776 37.8871 38.5061 270020012-Mar-99 38.1347 38.6919 37.8871 38.1347 478900011-Mar-99 38.1347 38.4442 37.3918 37.7014 449920010-Mar-99 37.8252 37.8871 37.268 37.7014 4785500

9-Mar-99 38.1965 38.6298 37.7631 38.0727 33418008-Mar-99 39.187 39.2489 37.9489 38.6917 34600005-Mar-99 38.3203 39.5584 38.1346 39.4965 48808004-Mar-99 37.0202 37.7012 36.525 37.3917 34878003-Mar-99 37.0822 37.0822 35.844 36.8964 33702002-Mar-99 37.2679 37.3917 36.525 36.525 31705001-Mar-99 38.0727 38.0727 36.525 37.6393 3830100

26-Feb-99 37.7631 38.3203 36.8345 37.206 475520025-Feb-99 37.9489 38.6917 37.4536 37.9489 345070024-Feb-99 38.6917 39.4346 37.8869 38.6298 397130023-Feb-99 39.5584 39.868 39.0013 39.1251 369520022-Feb-99 38.5679 39.868 38.4441 39.1251 385570019-Feb-99 37.0822 39.3108 37.0202 38.8155 527990018-Feb-99 37.206 37.7631 37.0202 37.206 197720017-Feb-99 36.9583 38.3822 36.8345 37.206 268710016-Feb-99 36.9583 37.5774 36.8345 36.8964 246680012-Feb-99 37.2679 37.6393 36.7107 36.7726 234910011-Feb-99 37.7012 38.1965 37.2679 37.5155 231940010-Feb-99 37.3298 38.1346 37.1441 38.1346 2976400

9-Feb-99 37.6393 38.1965 36.6488 37.3917 31037008-Feb-99 37.2679 38.2584 36.8964 37.9489 30274005-Feb-99 37.5155 38.1965 37.1441 37.5155 29145004-Feb-99 38.3822 38.3822 37.2679 37.7012 35389003-Feb-99 38.0108 39.5584 37.825 38.4441 42127002-Feb-99 38.0108 39.2489 37.8869 38.5679 41271001-Feb-99 38.4441 38.4441 37.7631 37.7631 2366800

29-Jan-99 39.187 39.187 38.0727 38.6298 285700028-Jan-99 39.7441 40.1156 39.1251 39.4346 298980027-Jan-99 38.9394 40.1775 38.5679 39.7441 405730026-Jan-99 39.9918 40.1156 38.6917 39.3108 446420025-Jan-99 39.1251 39.9918 38.506 39.868 525550022-Jan-99 37.5774 38.7536 37.1441 38.5679 3931200

Page 46: PepsiCo's Quaker Bid

21-Jan-99 37.7012 38.0108 37.2679 37.5774 315230020-Jan-99 37.3917 38.5679 37.3298 38.0727 290110019-Jan-99 38.8775 39.0013 37.1441 37.1441 482040015-Jan-99 38.6298 39.4346 38.2584 39.1251 294030014-Jan-99 39.4965 39.4965 37.4536 38.3822 509480013-Jan-99 38.3203 39.9918 38.2584 39.868 322600012-Jan-99 39.6822 40.3013 39.3727 39.6203 346720011-Jan-99 41.6013 42.1585 40.3632 40.487 7371700

8-Jan-99 40.3013 41.4156 39.2489 40.9823 51917007-Jan-99 40.3013 41.2299 39.9918 40.3632 33690006-Jan-99 40.3013 41.5394 40.2394 41.4156 42165005-Jan-99 39.6822 41.3537 39.6822 40.3632 36169004-Jan-99 40.2394 41.2918 39.8061 40.3013 3221600

31-Dec-98 40.1775 40.6108 39.868 40.487 231680030-Dec-98 40.6108 41.0442 39.6203 39.6203 180470029-Dec-98 39.6203 41.2299 39.6203 40.6108 354360028-Dec-98 39.868 40.3632 39.6822 39.868 209350024-Dec-98 39.4965 40.1156 39.4965 40.0537 72310023-Dec-98 39.3108 40.0537 39.2489 39.9299 316550022-Dec-98 38.8775 39.4965 38.6917 39.187 260370021-Dec-98 39.0013 39.9918 39.0013 39.2489 391760018-Dec-98 38.1346 39.187 37.9489 39.0013 432210017-Dec-98 37.3917 38.2584 37.3298 38.1346 405950016-Dec-98 37.5774 37.8869 37.206 37.3298 303250015-Dec-98 37.2679 38.4441 36.8345 37.825 395470014-Dec-98 36.8345 37.2679 36.2774 36.7107 326470011-Dec-98 37.1441 37.5774 36.8345 37.4536 262220010-Dec-98 38.3822 38.506 37.3298 37.6393 3388800

9-Dec-98 38.7536 39.3108 38.3203 38.8155 29036008-Dec-98 39.2488 39.5583 38.6297 38.9392 29340007-Dec-98 38.6297 39.1249 38.3821 39.063 28010004-Dec-98 39.9916 40.5488 38.9392 39.063 40535003-Dec-98 39.1249 40.1155 38.9392 39.1249 29187002-Dec-98 40.1155 40.3012 39.1249 39.3726 34881001-Dec-98 38.6297 40.8583 38.3202 40.5488 7689500

30-Nov-98 37.8868 39.8059 37.8249 38.3202 518310027-Nov-98 37.6392 38.7535 37.5773 38.7535 255700025-Nov-98 37.0201 37.6392 36.7106 37.5773 271480024-Nov-98 36.8963 37.5773 36.5249 36.8963 338840023-Nov-98 36.6487 37.2678 36.2153 37.1439 388330020-Nov-98 37.4535 37.5154 36.4011 36.9582 307240019-Nov-98 36.7106 37.3916 36.6487 37.0201 379470018-Nov-98 36.5249 36.8963 36.3392 36.7725 234970017-Nov-98 36.9582 37.2678 36.5868 36.5868 358370016-Nov-98 38.3821 38.444 37.2058 37.6392 342040013-Nov-98 38.6297 39.3107 38.1344 39.1249 595550012-Nov-98 36.5868 38.0725 36.5868 37.6392 449600011-Nov-98 37.1439 37.5154 36.3392 36.5868 336130010-Nov-98 35.5963 37.082 35.5344 36.8963 4263400

9-Nov-98 35.6582 35.9058 35.4725 35.4725 26230006-Nov-98 36.1534 36.1534 35.4725 35.7201 29539005-Nov-98 35.4106 36.5249 35.0391 36.5249 27768004-Nov-98 36.4011 36.5868 35.0391 35.4725 33519003-Nov-98 35.5963 36.0915 35.4106 35.5344 2686400

Page 47: PepsiCo's Quaker Bid

2-Nov-98 33.9248 36.1534 33.8629 35.4725 403080030-Oct-98 33.9867 34.2343 33.3057 33.4295 289200029-Oct-98 33.2438 34.2343 33.0581 34.2343 276430028-Oct-98 33.7391 34.1105 32.9343 33.12 239560027-Oct-98 35.3486 35.4725 33.8629 33.9248 255660026-Oct-98 35.6582 35.8439 34.5439 35.1629 268060023-Oct-98 36.5249 36.5249 34.9153 35.5963 341140022-Oct-98 35.101 36.6487 34.9772 36.3392 376780021-Oct-98 34.1105 35.5344 33.6153 35.2867 415920020-Oct-98 32.6867 34.4201 32.6867 33.6153 458890019-Oct-98 32.6867 33.4295 32.3462 32.6867 271230016-Oct-98 32.1914 33.6772 31.82 33.1819 640580015-Oct-98 30.8914 32.3152 30.7676 31.6343 626230014-Oct-98 30.2104 31.6962 29.7771 30.458 1088230013-Oct-98 31.3247 31.6962 29.9009 31.6962 344780012-Oct-98 31.9438 32.1914 31.0771 31.3866 3024000

9-Oct-98 33.3676 33.4915 31.6962 31.82 30776008-Oct-98 32.5629 33.4915 31.6962 33.3057 47168007-Oct-98 32.7486 33.7391 32.5629 33.12 48464006-Oct-98 32.0676 33.12 31.8819 32.8105 56579005-Oct-98 30.5818 31.4485 30.2104 31.0771 43610002-Oct-98 29.5294 30.5818 29.4056 30.1485 31778001-Oct-98 29.0961 29.4675 28.7246 29.3437 4913500

30-Sep-98 30.2723 30.5199 29.158 29.158 342650029-Sep-98 30.8914 30.8914 30.0866 30.5199 299170028-Sep-98 30.2723 30.8914 30.2723 30.7057 258320025-Sep-98 30.0247 31.0152 29.7771 30.1485 487200024-Sep-98 30.0866 31.9438 30.0866 30.7057 374700023-Sep-98 31.0152 31.3247 30.1485 30.3342 361390022-Sep-98 30.7057 31.0771 30.5199 31.0771 216690021-Sep-98 29.7152 30.5818 29.6532 30.0247 250260018-Sep-98 29.9009 30.2104 29.7771 29.839 437180017-Sep-98 29.9628 30.458 29.7771 29.7771 310320016-Sep-98 29.7152 31.0152 29.6532 30.7057 501070015-Sep-98 30.7676 30.8295 29.6532 29.7152 467610014-Sep-98 30.3961 31.2628 30.0247 31.0152 435210011-Sep-98 28.6008 29.9009 28.3532 29.4675 298150010-Sep-98 29.4056 29.6532 27.7341 28.1675 7136400

9-Sep-98 30.7676 30.7676 29.5294 29.5294 72219008-Sep-98 32.6246 33.1818 30.7674 31.3865 46031004-Sep-98 30.9532 31.2008 30.2103 30.6436 30867003-Sep-98 30.4579 31.1389 29.9627 30.5817 45467002-Sep-98 31.8198 31.9437 30.7055 30.7674 49596001-Sep-98 29.4674 32.6246 28.7864 32.0675 7374600

31-Aug-98 31.696 31.7579 27.3007 27.6102 682360028-Aug-98 32.9961 33.4913 31.077 31.077 568930027-Aug-98 33.677 33.677 31.7579 32.6246 489670026-Aug-98 34.4818 34.7913 33.677 33.8008 360670025-Aug-98 34.0485 35.4104 33.8628 34.6675 577150024-Aug-98 32.1913 33.6151 31.8198 33.2437 458630021-Aug-98 32.5008 32.7484 31.7579 32.1913 462410020-Aug-98 33.3675 33.4294 32.8103 33.058 309140019-Aug-98 34.0485 34.1104 33.4294 33.5532 369660018-Aug-98 34.1723 34.2342 33.677 34.1104 3364200

Page 48: PepsiCo's Quaker Bid

17-Aug-98 33.4294 33.6151 32.8103 33.5532 319220014-Aug-98 33.8008 34.1723 33.1818 33.5532 383920013-Aug-98 33.8008 34.6675 33.7389 33.9866 482130012-Aug-98 34.358 34.4199 33.6151 33.8008 707880011-Aug-98 33.8008 34.6675 33.4294 34.2961 1124000010-Aug-98 37.1438 37.2676 35.039 35.4723 6211300

7-Aug-98 37.3914 37.5771 36.9581 37.1438 29733006-Aug-98 37.3295 37.7009 37.1438 37.4533 25903005-Aug-98 37.3914 37.8248 36.6485 37.3914 41844004-Aug-98 39.001 39.1248 37.02 37.02 41891003-Aug-98 38.4438 39.3724 37.8867 39.001 324880031-Jul-98 38.6295 38.8153 38.0105 38.5676 320030030-Jul-98 38.3819 38.7534 38.0105 38.6295 389860029-Jul-98 39.4343 39.62 37.7629 38.32 593050028-Jul-98 39.4343 39.9296 38.8772 39.4962 391420027-Jul-98 39.4962 39.7439 39.1248 39.62 332660024-Jul-98 40.6105 40.7344 39.0629 39.3724 1522130023-Jul-98 38.5057 38.8153 36.6485 37.2057 756390022-Jul-98 39.6819 40.301 38.8772 39.1248 391370021-Jul-98 39.62 39.9915 39.4343 39.7439 472690020-Jul-98 39.001 39.62 39.001 39.3724 507360017-Jul-98 39.001 39.3105 38.4438 39.1248 892170016-Jul-98 36.8962 37.8248 36.6485 37.5771 1227820015-Jul-98 39.3105 39.4962 37.639 37.7629 833140014-Jul-98 40.4867 40.6724 38.3819 38.8772 940400013-Jul-98 41.0439 41.8487 40.9201 41.0439 248600010-Jul-98 40.9201 42.3439 40.7344 41.9106 2378000

9-Jul-98 41.1677 41.601 40.9201 40.9201 18355008-Jul-98 41.601 42.0963 41.5391 41.601 15266007-Jul-98 41.9106 42.4677 41.8487 41.8487 18667006-Jul-98 42.7154 43.2106 42.4677 42.5915 24502002-Jul-98 41.5391 43.3344 41.3534 43.2725 33542001-Jul-98 41.1058 41.601 40.982 41.601 2327600

30-Jun-98 40.9201 41.5391 40.5486 40.7963 245270029-Jun-98 41.2296 41.3534 40.8582 40.8582 199420026-Jun-98 40.5486 41.4153 40.4867 40.7963 168350025-Jun-98 41.9725 42.282 40.8582 41.0439 284280024-Jun-98 40.7963 42.3439 40.4867 41.7249 323540023-Jun-98 40.4248 41.2296 40.3629 40.7963 243230022-Jun-98 40.301 40.6105 40.1153 40.1772 213160019-Jun-98 41.0439 41.2915 39.9296 40.0534 480540018-Jun-98 41.4153 41.601 41.1058 41.4772 172740017-Jun-98 41.4153 41.601 40.982 41.4772 235170016-Jun-98 40.7344 40.982 39.8677 40.982 284520015-Jun-98 39.9296 41.5391 39.8677 40.7963 301340012-Jun-98 39.9915 40.6105 39.8058 40.301 218930011-Jun-98 40.2391 40.7344 39.6819 39.9915 337730010-Jun-98 41.4153 41.5391 40.7344 40.982 1855700

9-Jun-98 40.7961 41.6009 40.7342 41.6009 18706008-Jun-98 41.539 41.539 40.858 40.9819 13381005-Jun-98 40.4247 41.6009 40.4247 41.6009 20775004-Jun-98 40.1771 40.9199 39.9914 40.3628 23469003-Jun-98 40.858 40.9199 40.3009 40.3628 21772002-Jun-98 41.1057 41.539 40.7961 40.7961 2089900

Page 49: PepsiCo's Quaker Bid

1-Jun-98 40.239 41.1676 40.1771 41.1057 241180029-May-98 39.9294 41.0438 39.9294 40.4247 299860028-May-98 40.4866 41.1057 39.9294 40.0533 373560027-May-98 39.6199 40.9819 39.558 40.7342 413170026-May-98 39.9294 40.4866 39.6199 39.9914 413960022-May-98 39.6199 39.9294 39.4961 39.4961 213570021-May-98 40.3009 40.7961 39.558 39.6818 439400020-May-98 39.1247 40.1152 38.877 40.1152 802410019-May-98 37.4532 38.0104 37.4532 37.577 312830018-May-98 37.0199 38.5675 37.0199 37.4532 444890015-May-98 38.5675 38.8151 37.1437 37.2056 620170014-May-98 38.3818 39.3723 38.3818 38.6913 460860013-May-98 38.6913 39.2485 38.3818 38.5056 400930012-May-98 38.3199 39.3104 38.3199 39.0628 397240011-May-98 38.3199 38.877 38.0104 38.3818 3658700

8-May-98 37.6389 38.5056 37.6389 38.3199 55109007-May-98 38.6294 38.7532 37.4532 37.5151 55914006-May-98 39.558 39.8675 38.6913 38.7532 25853005-May-98 38.8151 39.8675 38.7532 39.8056 41522004-May-98 38.7532 39.558 38.6913 39.0009 37268001-May-98 39.3723 39.558 38.3199 39.0009 420610030-Apr-98 39.1247 39.8675 39.1247 39.3104 740570029-Apr-98 39.2485 39.6199 38.0104 39.0009 828560028-Apr-98 42.4676 42.7771 38.3818 39.3723 1426040027-Apr-98 42.6533 42.7771 41.2295 42.6533 324170024-Apr-98 43.7676 44.0772 42.7152 43.2105 229860023-Apr-98 43.4581 44.3248 43.0867 43.7676 315250022-Apr-98 41.4152 44.201 41.3533 43.4581 457550021-Apr-98 41.1057 42.0343 40.7342 41.6628 416090020-Apr-98 41.3533 41.539 41.0438 41.4771 262680017-Apr-98 41.2295 41.6009 40.9199 41.4152 262570016-Apr-98 41.4771 41.539 40.9819 41.2295 206750015-Apr-98 40.858 41.6009 40.6723 41.4152 375840014-Apr-98 40.6104 41.3533 40.6104 40.9199 223540013-Apr-98 41.7247 41.8485 40.7342 40.9199 2328400

9-Apr-98 41.7247 42.0962 41.6009 41.6009 18810008-Apr-98 42.0962 42.2819 41.4771 41.6628 36351007-Apr-98 42.2819 42.3438 41.6628 41.9723 33001006-Apr-98 44.0153 44.3867 42.5295 42.5295 32643003-Apr-98 43.6438 44.3867 43.3343 44.2629 31908002-Apr-98 43.0248 44.0772 42.5295 43.7676 32599001-Apr-98 42.0343 43.4581 41.9723 43.2105 4536300

31-Mar-98 42.22 43.0248 41.9104 42.2819 298250030-Mar-98 41.7866 42.6533 41.7247 42.3438 306290027-Mar-98 42.6533 42.839 41.539 41.9104 286000026-Mar-98 42.4057 43.1486 42.3438 42.839 422630025-Mar-98 42.2819 42.4676 41.539 42.3438 273180024-Mar-98 42.0343 42.2819 41.7247 41.9104 214970023-Mar-98 42.3438 42.4676 41.7247 41.7866 239040020-Mar-98 41.8485 42.5914 41.6628 42.5914 450540019-Mar-98 41.9104 41.9723 41.2914 41.4771 331380018-Mar-98 42.6533 42.7152 41.9723 42.1581 538460017-Mar-98 41.9104 43.4581 41.9104 43.1486 401880016-Mar-98 42.5914 43.0248 41.7866 42.9009 5315800

Page 50: PepsiCo's Quaker Bid

13-Mar-98 42.5914 42.9628 42.22 42.5295 508450012-Mar-98 41.6009 43.0867 41.6009 42.5914 1295580011-Mar-98 39.6199 40.239 39.1866 39.8675 400250010-Mar-98 39.1245 39.7436 39.0626 39.7436 5213400

9-Mar-98 38.2579 39.0626 38.0102 38.8769 59170006-Mar-98 36.215 37.6388 36.215 37.6388 40815005-Mar-98 36.7102 36.7721 35.9054 36.215 31266004-Mar-98 36.6483 36.7721 36.5245 36.7102 24469003-Mar-98 36.5864 37.0197 36.2769 37.0197 33297002-Mar-98 36.4007 36.834 36.215 36.6483 3689500

27-Feb-98 36.0912 36.4626 36.0912 36.1531 223600026-Feb-98 35.8435 36.7102 35.8435 36.4626 375850025-Feb-98 34.853 36.2769 34.853 36.0292 503840024-Feb-98 34.9149 35.1007 34.6673 34.853 310310023-Feb-98 34.853 35.1007 34.6673 34.9149 347470020-Feb-98 35.0388 35.2245 34.6673 35.1007 504710019-Feb-98 35.2864 35.4721 35.1007 35.1007 319200018-Feb-98 35.3483 35.5959 34.9149 34.9149 340130017-Feb-98 35.8435 36.2769 35.3483 35.3483 317110013-Feb-98 35.9054 36.2769 35.6578 36.1531 355780012-Feb-98 35.2864 36.0292 35.2245 35.6578 361730011-Feb-98 35.1626 35.4721 35.1007 35.2864 380650010-Feb-98 35.534 36.0912 35.2245 35.2245 5350700

9-Feb-98 35.0388 35.4721 35.0388 35.4102 30821006-Feb-98 35.0388 35.534 34.9149 35.0388 41828005-Feb-98 35.1007 35.5959 34.6054 34.9149 48124004-Feb-98 34.7292 35.7816 34.6673 35.1007 63227003-Feb-98 34.1721 35.6578 33.9864 34.853 153243002-Feb-98 35.9673 36.3388 35.4102 36.1531 3962000

30-Jan-98 36.2769 36.4007 35.5959 35.7816 256330029-Jan-98 36.1531 37.3293 36.0912 36.5245 238400028-Jan-98 35.534 36.5245 35.4102 36.0912 283680027-Jan-98 35.534 36.0912 35.2245 35.7197 297930026-Jan-98 35.8435 36.2769 35.7816 36.0912 211910023-Jan-98 36.4007 36.834 35.7816 35.9673 263760022-Jan-98 36.5245 36.7721 36.1531 36.5245 270270021-Jan-98 36.7102 37.0197 36.3388 36.6483 268820020-Jan-98 36.5245 37.3912 36.1531 37.2674 420240016-Jan-98 36.0292 36.6483 35.9054 36.3388 347820015-Jan-98 36.4007 36.5245 35.534 35.5959 202710014-Jan-98 35.9054 36.4007 35.534 36.3388 346040013-Jan-98 35.6578 36.1531 35.0388 36.1531 330900012-Jan-98 33.9244 35.3483 33.8625 35.0388 4438700

9-Jan-98 35.4721 35.8435 34.1721 34.4197 51146008-Jan-98 35.534 35.9673 35.4721 35.534 29207007-Jan-98 34.6054 35.534 34.4816 35.534 29710006-Jan-98 36.1531 36.2769 34.6673 34.853 43913005-Jan-98 35.534 36.4626 35.2864 36.1531 37699002-Jan-98 35.9673 35.9673 35.2245 35.6578 2588900

31-Dec-97 36.3388 36.4626 35.9054 35.9054 263390030-Dec-97 34.9768 36.5864 34.7292 36.3388 381330029-Dec-97 34.9149 34.9768 34.4816 34.5435 316060026-Dec-97 34.1721 34.7911 34.1721 34.4197 103440024-Dec-97 34.1721 34.7911 33.9244 34.1102 2048500

Page 51: PepsiCo's Quaker Bid

23-Dec-97 34.7911 34.9768 33.8006 33.9244 404910022-Dec-97 34.5435 35.1626 34.5435 34.7911 296970019-Dec-97 33.9864 34.9768 33.8006 34.5435 558050018-Dec-97 34.3578 34.5435 33.9864 34.4197 352590017-Dec-97 35.3483 35.3483 34.4816 34.5435 389070016-Dec-97 35.1626 35.2864 34.4197 35.1007 688590015-Dec-97 35.2245 35.7197 35.1007 35.7197 291800012-Dec-97 35.1626 35.5959 34.7292 34.7911 354840011-Dec-97 35.0388 35.2245 34.7911 34.9149 298110010-Dec-97 35.3483 36.215 34.853 35.1626 3350500

9-Dec-97 35.8434 36.091 35.2243 35.472 36160008-Dec-97 36.9577 36.9577 35.5339 36.1529 49540005-Dec-97 36.772 37.6387 36.772 36.9577 21964004-Dec-97 37.453 37.8244 36.8339 37.0196 24849003-Dec-97 37.0196 37.5149 36.9577 37.453 24360002-Dec-97 37.391 37.8244 36.7101 37.0196 32219001-Dec-97 37.0196 37.8244 36.8958 37.3291 2963700

28-Nov-97 36.5863 37.2053 36.5244 36.5244 80360026-Nov-97 37.0196 37.1434 36.4625 36.5863 223980025-Nov-97 36.8958 37.3291 36.7101 36.8339 283860024-Nov-97 37.0815 37.2053 36.5244 36.7101 289300021-Nov-97 37.5768 37.6387 36.9577 37.6387 384120020-Nov-97 37.453 38.072 37.3291 37.3291 317910019-Nov-97 35.9053 37.7006 35.9053 37.2053 283980018-Nov-97 36.5244 36.8339 35.7815 36.091 208450017-Nov-97 36.6482 37.1434 36.4006 37.0196 170500014-Nov-97 35.5958 36.4625 35.5339 36.2148 209990013-Nov-97 35.2863 35.8434 35.0386 35.5339 210590012-Nov-97 35.2243 35.9053 34.9148 35.0386 240620011-Nov-97 35.0386 35.7815 35.0386 35.472 174490010-Nov-97 35.9672 36.2767 35.1624 35.3482 2824900

7-Nov-97 35.3482 36.3387 35.3482 36.091 33967006-Nov-97 36.5863 37.0196 36.4006 36.5863 27934005-Nov-97 36.7101 37.7006 36.7101 37.0196 23998004-Nov-97 36.7101 37.0815 36.4625 36.8958 23417003-Nov-97 36.5244 37.391 36.5244 37.0196 2964500

31-Oct-97 36.1529 36.8339 35.9672 36.5244 3898700