Argus Company Report on OAT

See attached pdf that I mentioned last night. Lots of goodies in there
about synergies, cost savings and EPS accretion. I have no idea who Argus
Company is - got the file through my Fidelity brokerage act. No reason to
believe it is not reputable.

Here are the highlights:
- with the merger Pepsi will have 25% of non-carbonated drink market vs.
coke's 10% share; non-carb drinks are growing at 8% annually
- Pepsi mgt is projecting revenue and cost savings increase of $230 million
in operating income by 2005; half from distribution system and half from
reduced procurement costs and SGA savings
- Pepsi mgt forecasts a restructing charge of $400 million after
finalization of deal; not accretive to EPS in 2001
- earnings will increase by $.02 in 2002 b/c of the merger

I also attached another report with lots of industry comps and ratios for
OAT.
Hope this helps.
- cv

Carolyn M. Vavrek
Manager - Human Capital Advisory Services
Deloitte & Touche
50 Fremont Street
San Francisco, CA 94105

phone: 415-783-5137
fax: 415-783-8760
e-mail: cvavrek@deloitte.com

-----Original Message-----
From: Sama, Anil [mailto:anil.sama@intel.com]
Sent: Thursday, April 05, 2001 10:45 PM
To: vavrek@haas.berkeley.edu; dasovich@haas.berkeley.edu;
guinney@haas.berkeley.edu
Subject: Here is what I've found on OAT/COKE acquisition

Probably very similar to what Carolyn sent out...

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- oat argus report.pdf
- oat provestor plus report.pdf