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<SEC-DOCUMENT>/in/edgar/work/0000950131-00-006515/0000950131-00-006515.txt : 20001121
<SEC-HEADER>0000950131-00-006515.hdr.sgml : 20001121
ACCESSION NUMBER:		0000950131-00-006515
CONFORMED SUBMISSION TYPE:	PRE13E3/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20001120

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PHOENIX INVESTMENT PARTNERS LTD/CT
		CENTRAL INDEX KEY:			0000883237
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6282
]		IRS NUMBER:				954191764
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231
</COMPANY-DATA>

		FILING VALUES:
			FORM TYPE:		PRE13E3/A
			SEC ACT:		
			SEC FILE NUMBER:	005-43022
			FILM NUMBER:		773171
</FILING-VALUES>

			BUSINESS ADDRESS:	
				STREET 1:		56 PROSPECT ST
				CITY:			HARTFORD
				STATE:			CT
				ZIP:			06115-0480
				BUSINESS PHONE:		8604035000
</BUSINESS-ADDRESS>

				MAIL ADDRESS:	
					STREET 1:		56 PROSPECT STREET
					CITY:			HARTFORD
					STATE:			CO
					ZIP:			06115
</MAIL-ADDRESS>

					FORMER COMPANY:	
						FORMER CONFORMED NAME:	PHOENIX DUFF & PHELPS CORP
						DATE OF NAME CHANGE:	19951117
</FORMER-COMPANY>

						FORMER COMPANY:	
							FORMER CONFORMED NAME:	DUFF & PHELPS CORP
							DATE OF NAME CHANGE:	19930328
</FORMER-COMPANY>
</SUBJECT-COMPANY>

							FILED BY:		

								COMPANY DATA:	
									COMPANY CONFORMED NAME:			PHOENIX INVESTMENT PARTNERS LTD/CT
									CENTRAL INDEX KEY:			0000883237
									STANDARD INDUSTRIAL CLASSIFICATION:	 [6282
]									IRS NUMBER:				954191764
									STATE OF INCORPORATION:			DE
									FISCAL YEAR END:			1231
</COMPANY-DATA>

									FILING VALUES:
										FORM TYPE:		PRE13E3/A
</FILING-VALUES>

										BUSINESS ADDRESS:	
											STREET 1:		56 PROSPECT ST
											CITY:			HARTFORD
											STATE:			CT
											ZIP:			06115-0480
											BUSINESS PHONE:		8604035000
</BUSINESS-ADDRESS>

											MAIL ADDRESS:	
												STREET 1:		56 PROSPECT STREET
												CITY:			HARTFORD
												STATE:			CO
												ZIP:			06115
</MAIL-ADDRESS>

												FORMER COMPANY:	
													FORMER CONFORMED NAME:	PHOENIX DUFF & PHELPS CORP
													DATE OF NAME CHANGE:	19951117
</FORMER-COMPANY>

													FORMER COMPANY:	
														FORMER CONFORMED NAME:	DUFF & PHELPS CORP
														DATE OF NAME CHANGE:	19930328
</FORMER-COMPANY>
</FILED-BY>
</SEC-HEADER>
<DOCUMENT>
<TYPE>PRE13E3/A
<SEQUENCE>1
<FILENAME>0001.txt
<DESCRIPTION>AMENDMENT #1
<TEXT>

<PAGE>

================================================================================
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                               Schedule 13E-3/A
                              (Amendment No. 1)
                             Transaction Statement
          Under Section 13(e) of the Securities Exchange Act of 1934

                       PHOENIX INVESTMENT PARTNERS, LTD.
                             (Name of the Issuer)

                       PHOENIX INVESTMENT PARTNERS, LTD.
                  PHOENIX HOME LIFE MUTUAL INSURANCE COMPANY
                               PM HOLDINGS, INC.
                    (Name of the Persons Filing Statement)

                         Common Stock, $.01 par value
                        (Title of Class of Securities)

                                   719085102
                                (CUSIP Number)

                             Philip R. McLoughlin
                            Chief Executive Officer
                       Phoenix Investment Partners, Ltd.
                              56 Prospect Street
                          Hartford, Connecticut 06115
                                (860) 403-5000
      (Name, Address and Telephone Number of Person Authorized to Receive
     Notices and Communications on Behalf of the Persons Filing Statement)

                                  Copies to:
<TABLE>
     <S>                                 <C>                               <C>
         Tracy L. Rich, Esq.              John S. Chapman, Esq.            Gregory V. Gooding, Esq.
       Senior Vice President &           J. Brett Pritchard, Esq.            Debevoise & Plimpton
           General Counsel                Lord, Bissell & Brook                875 Third Avenue
      Phoenix Home Life Mutual           115 South LaSalle Street          New York, New York 10022
          Insurance Company              Chicago, Illinois 60603
          One American Row
     Hartford, Connecticut 06115
</TABLE>

This statement is filed in connection with (check the appropriate box):
a. [X] The filing of solicitation materials or an information statement subject
to Regulation 14A ((S)(S)240.14a-1 through 240.14b-2), Regulation 14C
((S)(S)240.14c-1 through 240.14c-101) or Rule 13e-3(c) ((S)240.13e-3(c)) under
the Securities Exchange Act of 1934 ("the Act").
b. [_] The filing of a registration statement under the Securities Act of 1933.
c. [_] A tender offer.
d. [_] None of the above.
Check the box if the soliciting materials or information statement referred to
in checking box (a) are preliminary copies: [X]
Calculation of Filing Fee
- --------------------------------------------------------------------------------
               Transaction valuation*               Amount of filing fee**
               $433,895,397                         $86,779
- --------------------------------------------------------------------------------
*The "transaction valuation" amount referred to above is approximately the sum
of (i) the product of 19,424,865 outstanding shares of Common Stock and $15.75,
the cash price per share to be paid in the merger, plus (ii) cash consideration
of up to $58,232,771 to be paid for options to purchase 7,373,662 shares of
Common Stock being surrendered in connection with the merger, plus (iii) cash
consideration up to $69,721,002 to be paid for the 4,545,778 shares of Common
Stock into which the 6% convertible subordinated debentures may be converted
prior to the merger.
**In accordance with Rule 0-11 under the Securities Exchange Act of 1934, as
amended, the filing fee is determined by multiplying the transaction valuation
by 1/50th of 1%.
[X]  Check the box if any part of the fee is offset as provided by (S)240.0-
     11(a)(2) and identify the filing with which the offsetting fee was
     previously paid. Identify the previous filing by registration statement
     number, or the Form or Schedule and the date of its filing.
          Amount Previously Paid: $86,779
          Form or Registration No.: 14A
          Filing Party: Phoenix Investment Partners, Ltd.
          Date Filed: October 10, 2000
================================================================================
<PAGE>

                                  INTRODUCTION

     This Rule 13e-3 Transaction Statement on Schedule 13E-3 ("Statement") is
being filed jointly by Phoenix Investment Partners, Ltd., a Delaware corporation
("PXP"), Phoenix Home Life Mutual Insurance Company, a New York mutual life
insurance company ("Phoenix Home Life"), and PM Holdings, Inc., a Connecticut
corporation ("PM Holdings"), in connection with the merger of a Delaware
corporation to be formed by Phoenix Home Life with and into PXP, with PXP as the
surviving entity, pursuant to an Agreement and Plan of Merger, dated September
10, 2000, among Phoenix Home Life, PM Holdings, a wholly-owned subsidiary of
Phoenix Home Life, and PXP (the "Merger Agreement"). The independent directors
committee of the board of directors of PXP unanimously recommended that the
entire board of directors of PXP approve the merger agreement. PXP's board of
directors, based on the recommendation of the independent directors committee,
unanimously approved the merger agreement and recommended that it be submitted
to PXP's stockholders for adoption. PXP's stockholders will be asked to vote
upon and approve the Merger Agreement at a special meeting of the stockholders
of PXP to be held on _______________, 2001.

     This Statement is intended to satisfy the reporting requirements of Section
13(e) of the Securities Exchange Act of 1934, as amended. Concurrently with the
filing of this Statement, PXP is filing a preliminary proxy statement relating
to the solicitation of proxies for the special meeting (the "Proxy Statement").
The Proxy Statement is incorporated herein by reference. Except as otherwise set
forth below, the information set forth in the Proxy Statement, including all
appendices thereto, is hereby expressly incorporated herein by reference in
response to the items of this Statement, and the responses to each item in this
Statement are qualified in their entirety by the information contained in the
Proxy Statement and the appendices thereto. Capitalized terms used but not
defined herein shall have the meanings ascribed to such terms in the Proxy
Statement.

ITEM 1.      SUMMARY TERM SHEET.

     The information set forth in the Proxy Statement under the captions
"SUMMARY TERM SHEET" and "QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING" is
incorporated herein by reference.

ITEM 2.      SUBJECT COMPANY INFORMATION.

     (a)     The information set forth on the cover page of the Proxy Statement
             and in the Proxy Statement under the caption "SUMMARY TERM SHEET -
             The Companies" is incorporated herein by reference.

     (b)     The information set forth in the Proxy Statement under the caption
             "INFORMATION CONCERNING THE SPECIAL MEETING - Record Date, Quorum
             Requirement, and Vote Required" and on the cover page of the Proxy
             Statement is incorporated herein by reference.

     (c)-(d) The information set forth in the Proxy Statement under the caption
             "COMMON STOCK MARKET PRICE AND DIVIDEND INFORMATION" is
             incorporated herein by reference.
<PAGE>

     (e)     The information set forth in the Proxy Statement under the caption
             "SPECIAL FACTORS - Public Offerings and Repurchases of Common
             Stock" is incorporated herein by reference.

     (f)     The information set forth in the Proxy Statement under the caption
             "COMMON STOCK PURCHASE INFORMATION" is incorporated herein by
             reference.

ITEM 3.      IDENTITY AND BACKGROUND OF FILING PERSONS.

     (a)-(c) The information set forth in the Proxy Statement under the captions
             "SUMMARY TERM SHEET - The Companies", "CURRENT MANAGEMENT OF PXP",
             "PHOENIX ", "SPECIAL FACTORS - Interests of Certain Persons in the
             Merger; - Consequences of the Merger; - Principal Purposes of the
             Merger/Plans for Surviving Company After the Merger" and "SECURITY
             OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT" is
             incorporated herein by reference.

ITEM 4.      TERMS OF THE TRANSACTION.

     (a)     The information set forth in the Proxy Statement and under the
             captions "SUMMARY TERM SHEET", "INFORMATION CONCERNING THE SPECIAL
             MEETING -Record Date, Quorum Requirement, and Vote Required",
             "SPECIAL FACTORS" and "THE MERGER AGREEMENT" is incorporated herein
             by reference and Appendix A to the Proxy Statement is also
             incorporated herein by reference.

     (c)     The information set forth in the Proxy Statement under the captions
             "SUMMARY TERM SHEET", "INFORMATION CONCERNING THE SPECIAL MEETING",
             "SPECIAL FACTORS - Interests of Certain Persons in the Merger",
             "THE MERGER AGREEMENT - The Merger; Time of Closing; - Treatment of
             Stock Options" and "SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
             OWNERSHIP AND MANAGEMENT" is incorporated herein by reference and
             Appendix A to the Proxy Statement is also incorporated herein by
             reference.

     (d)     The information set forth in the Proxy Statement under the caption
             "APPRAISAL RIGHTS" is incorporated herein by reference and Appendix
             C to the Proxy Statement is also incorporated herein by reference.

     (e)     The information set forth in the Proxy Statement under the caption
             "WHERE YOU CAN FIND MORE INFORMATION" is incorporated herein by
             reference.

     (f)     Not applicable.

ITEM 5.      PAST CONTACTS, TRANSACTIONS OR NEGOTIATIONS AND AGREEMENTS.

     (a)     The information set forth in the Proxy Statement under the caption
             "RELATED PARTY TRANSACTIONS" is incorporated herein by reference.

     (b)-(c) The information set forth in the Proxy Statement under the caption
             "SPECIAL FACTORS - Background of the Merger" is incorporated herein
             by reference.
<PAGE>


     (e)     The information set forth in the Proxy Statement under the captions
             "SUMMARY TERM SHEET - The Merger; - Vote Required/Security
             Ownership of Phoenix and PXP's Directors and Executive Officers; -
             Interests of Certain Persons in the Merger", "THE MERGER
             AGREEMENT", "SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
             MANAGEMENT" and "RELATED PARTY TRANSACTIONS" is incorporated herein
             by reference and Appendix A to the Proxy Statement is also
             incorporated herein by reference.

ITEM 6.      PURPOSES OF THE TRANSACTION AND PLANS OR PROPOSALS.

     (b)     The information set forth in the Proxy Statement under the captions
             "SUMMARY TERM SHEET - Consequences of the Merger; and - Principal
             Purposes of the Merger" and "SPECIAL FACTORS; - Consequences of the
             Merger; - Principal Purposes of the Merger/Plans for Surviving
             Company After the Merger" is incorporated herein by reference.

(c)(1)-(8)   The information set forth in the Proxy Statement under the captions
             "SUMMARY TERM SHEET - Consequences of the Merger; and - Principal
             Purposes of the Merger", "SPECIAL FACTORS - Interests of Certain
             Persons in the Merger; - Consequences of the Merger; - Surviving
             Company After the Merger" and "PHOENIX" is incorporated herein by
             reference.

ITEM 7.      PURPOSES, ALTERNATIVES, REASONS AND EFFECTS.

     (a)-(d) The information set forth in the Proxy Statement under the captions
             "SUMMARY TERM SHEET - Consequences of the Merger; - Recommendation
             of the Independent Directors Committee and PXP's Board of
             Directors; - Principal Purposes of the Merger; -Independent
             Directors Committee Considerations; - Interests of Certain Persons
             in the Merger; - Material Federal Income Tax Consequences",
             "SPECIAL FACTORS - Background of the Merger; - Recommendations of
             the Independent Directors Committee and Board of Directors; -
             Benefits and Detriments of the Merger to PXP and PXP's Public
             Stockholders; - Interests of Certain Persons in the Merger; -
             Consequences of the Merger; - Principal Purposes of the
             Merger/Plans for Surviving Company After the Merger; - U.S. Federal
             Income Tax Consequences" and "THE MERGER AGREEMENT" is incorporated
             herein by reference.

ITEM 8.      FAIRNESS OF THE TRANSACTION.

     (a)-(e) The information set forth in the Proxy Statement under the captions
             "SUMMARY TERM SHEET - Fairness Opinion of Salomon Smith Barney";
             Vote Required/Security Ownership of Phoenix and PXP's Directors
             and Executive Officers", "SPECIAL FACTORS - Background of the
             Merger; - Recommendations of the Independent Directors Committee
             and Board of Directors; - Opinion of the Financial Advisor for the
             Independent Directors Committee; - Position of Phoenix and PM
             Holdings as to Fairness of the Merger", "THE MERGER AGREEMENT",
             "SELECTED HISTORICAL CONSOLIDATED FINANCIAL DATA", "FINANCIAL
             PROJECTIONS", "COMMON STOCK MARKET PRICE AND DIVIDEND INFORMATION"
             and "SECURITY OWNERSHIP OF
<PAGE>

             CERTAIN BENEFICIAL OWNERS AND MANAGEMENT" is incorporated herein by
             reference and Appendix B to the Proxy Statement is also
             incorporated herein by reference.

     (f)     Not applicable.

ITEM 9.      REPORTS, OPINIONS, APPRAISALS AND CERTAIN NEGOTIATIONS.

     (a)-(c) The information set forth in the Proxy Statement under the captions
             "SUMMARY TERM SHEET - Fairness Opinion of Salomon Smith Barney" and
             "SPECIAL FACTORS - Background of the Merger; - Recommendations of
             the Independent Directors Committee and Board of Directors; -
             Opinion of the Financial Advisor for the Independent Directors
             Committee; - Financial Analysis of the Financial Advisor to
             Phoenix; - Position of Phoenix and PM Holdings as to the Fairness
             of the Merger" is incorporated herein by reference and Appendix B
             to the Proxy Statement is also incorporated herein by
             reference.

ITEM 10.     SOURCE AND AMOUNTS OF FUNDS OR OTHER CONSIDERATION.

     (a)-(b) The information set forth in the Proxy Statement under the captions
             "SUMMARY TERM SHEET - The Merger; - Financing; Source of Funds" and
             "THE MERGER AGREEMENT" is incorporated herein by reference.

     (c)     The information set forth in the Proxy Statement under the captions
             "INFORMATION CONCERNING THE SPECIAL MEETING - Solicitation,
             Revocation and Use of Proxies" and "SPECIAL FACTORS - Fees and
             Expenses" is incorporated herein by reference.

     (d)     The information set forth in the Proxy Statement under the captions
             "SUMMARY TERM SHEET - Financing; Source of Funds" and "SPECIAL
             FACTORS -Financing; Source of Funds" is incorporated herein by
             reference.

ITEM 11.     INTEREST IN SECURITIES OF THE SUBJECT COMPANY.

     (a)     The information set forth in the Proxy Statement under the captions
             "SUMMARY TERM SHEET - Interests of Certain Persons in the Merger",
             "SPECIAL FACTORS - Interests of Certain Persons in the Merger",
             "SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT"
             and "COMMON STOCK PURCHASE INFORMATION" is incorporated herein by
             reference.

     (b)     The information set forth in the Proxy Statement under the caption
             "COMMON STOCK PURCHASE INFORMATION - Recent Transactions" is
             incorporated herein by reference.

ITEM 12.     THE SOLICITATION OR RECOMMENDATION.

     (d)     The information set forth in the Proxy Statement under the captions
             "QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING", "INFORMATION
             CONCERNING THE SPECIAL MEETING" and "THE MERGER AGREEMENT" is
             incorporated herein by reference.
<PAGE>


     (e)     The information set forth in the Proxy Statement under the captions
             "SUMMARY TERM SHEET - Recommendation of the Independent Directors
             Committee and PXP's Board of Directors", "INFORMATION CONCERNING
             THE SPECIAL MEETING - Solicitation, Revocation and Use of Proxies"
             and "SPECIAL FACTORS - Background of the Merger; - Recommendations
             of the Independent Directors Committee and Board of Directors; -
             Position of Phoenix and PM Holdings as to Fairness of the Merger"
             is incorporated herein by reference.

ITEM 13.     FINANCIAL STATEMENTS.

     (a)     The information set forth in the Proxy Statement under the captions
             "SELECTED HISTORICAL CONSOLIDATED FINANCIAL DATA" is incorporated
             herein by reference.

     (b)     Not applicable.

ITEM 14.     PERSONS/ASSETS, RETAINED, EMPLOYED, COMPENSATED OR USED.

     (a)-(b) The information set forth in the Proxy Statement under the caption
             "INFORMATION CONCERNING THE SPECIAL MEETING - Solicitation,
             Revocation and Use of Proxies" is incorporated herein by reference.

ITEM 15.     ADDITIONAL INFORMATION.

     (b)     The information set forth in the Proxy Statement under the captions
             "SUMMARY TERM SHEET - Stockholder Lawsuit Challenging the Merger"
             and "SPECIAL FACTORS - Stockholder Lawsuit Challenging the Merger"
             is incorporated herein by reference.

ITEM 16.     EXHIBITS.

     (a)     Preliminary Proxy Statement, including all appendices thereto
             (incorporated herein by reference to the Preliminary Proxy
             Statement filed concurrently with this Statement).

     (b)     None.

     (c)(1)  Fairness Opinion of Salomon Smith Barney dated September 10, 2000
             (incorporated herein by reference to Appendix B to the Proxy
             Statement filed as Exhibit (a) to this Statement).

     (c)(2)  Presentation to the Independent Directors Committee of the Board of
             Directors of PXP prepared and presented by Salomon Smith Barney in
             connection with its fairness opinion dated September 10, 2000.

     (c)(3)  Preliminary presentation to the Independent Directors
             Committee of the Board of Directors of PXP prepared and presented
             by Salomon Smith Barney dated August 10, 2000.

     (c)(4)  Valuation Materials prepared and presented by Morgan Stanley Dean
             Witter dated July, 2000
<PAGE>

     (d)     Agreement and Plan of Merger, dated September 10, 2000, among
             Phoenix Home Life, PM Holdings and PXP (incorporated herein by
             reference to Appendix A to the Proxy Statement filed as Exhibit (a)
             to this Statement).

     (f)     Statement of Appraisal Rights and Procedures (incorporated herein
             by reference to Appendix C to the Proxy Statement filed as Exhibit
             (a) to this Statement).

     (g)     None.

SIGNATURE

     After due inquiry and to the best of our knowledge and belief, we certify
that the information set forth in this statement is true, complete and correct.

                                             PHOENIX INVESTMENT PARTNERS, LTD.

                                             By: /s/ Philip R. McLoughlin
                                                 Philip R. McLoughlin
                                                 Chief Executive Officer

                                             PHOENIX HOME LIFE MUTUAL INSURANCE
                                             COMPANY

                                             By: /s/ Robert W. Fiondella
                                                 Robert W. Fiondella
                                                 Chief Executive Officer

                                             PM HOLDINGS, INC.

                                             By: /s/ Robert W. Fiondella
                                                 Robert W. Fiondella
                                                 Chief Executive Officer

Dated: _______________, 2000.
<PAGE>

                                 EXHIBIT INDEX

   (a)    Preliminary Proxy Statement, including all appendices thereto
          (incorporated herein by reference to the Preliminary Proxy Statement,
          filed concurrently with this Statement).

   (c)(1) Fairness Opinion of Salomon Smith Barney dated September 10, 2000
          (incorporated herein by reference to Appendix B to the Proxy Statement
          filed as Exhibit (a) to this Statement).

   (c)(2) Presentation to the Independent Directors Committee of the Board of
          Directors of PXP prepared and presented by Salomon Smith Barney in
          connection with its fairness opinion dated September 10, 2000.*

   (c)(3) Preliminary presentation to the Independent Directors Committee of the
          Board of Directors of PXP prepared and presented by Salomon Smith
          Barney dated August 10, 2000.*

   (c)(4) Valuation Materials prepared and presented by Morgan Stanley Dean
          Witter dated July, 2000

   (d)    Agreement and Plan of Merger, dated September 10, 2000, among Phoenix
          Home Life, PM Holdings and PXP (incorporated herein by reference to
          Appendix A to the Proxy Statement filed as Exhibit (a) to this
          Statement).

   (f)    Statement of Appraisal Rights and Procedures (incorporated herein by
          reference to Appendix C to the Proxy Statement filed as Exhibit (a) to
          this Statement).

___________________
*  previously filed
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(C)(4)
<SEQUENCE>2
<FILENAME>0002.txt
<DESCRIPTION>VALUATION MATERIALS
<TEXT>

<PAGE>

                          Project Reunion


                          =====================================================
                          Valuation Materials
                          July, 2000
                          =====================================================

MORGAN STANLEY DEAN WITTER
<PAGE>

________________
Project Reunion

<TABLE>
<CAPTION>
                Summary Valuation

                ====================================================================================================================
                Indicative Valuation of Reunion
                ($ in millions)
                --------------------------------------------------------------------------------------------------------------------
                 I. Indicative Public Market Trading Valuation
                --------------------------------------------------------------------------------------------------------------------
                   A. Equity Value Basis
                --------------------------------------------------------------------------------------------------------------------
                                                Basis   Comparables Trading Range   Relevant Multiple Range    Implied Value Range
                --------------------------------------------------------------------------------------------------------------------
                <S>                            <C>      <C>                         <C>                        <C>
                   2000E I/B/E/S Median EPS     $0.86        12.5x -   17.5 x         12.5 x -    14.5 x        $10.75 -   $12.47
                --------------------------------------------------------------------------------------------------------------------
                   2001E I/B/E/S Median EPS      1.00        11.0  -   16.0           11.0   -    13.5           11.00 -    13.50
                --------------------------------------------------------------------------------------------------------------------

                --------------------------------------------------------------------------------------------------------------------
                   2000E Management EPS         $0.80        12.5x -   17.5 x         12.5 x -    14.5 x        $10.00 -   $11.60
                --------------------------------------------------------------------------------------------------------------------
                   2001E Management EPS          0.87        11.0  -   16.0           11.0   -    13.5            9.57 -    11.75
                --------------------------------------------------------------------------------------------------------------------

                --------------------------------------------------------------------------------------------------------------------
                   2000E MSDW EPS               $0.78        12.5x -   17.5 x         12.5 x -    14.5 x         $9.78 -   $11.34
                --------------------------------------------------------------------------------------------------------------------
                   2001E MSDW EPS                0.82        11.0  -   16.0           11.0   -    13.5            9.04 -    11.10
                --------------------------------------------------------------------------------------------------------------------
                                                                          Indicative Equity Value Range         $10.00 -   $11.50
                --------------------------------------------------------------------------------------------------------------------
                   B. Aggregate Value Basis
                --------------------------------------------------------------------------------------------------------------------
                                                Basis   Comparables Trading Range   Relevant Multiple Range    Implied Value Range
                --------------------------------------------------------------------------------------------------------------------
                   LTM EBITDA                   $112          6.50x -  10.00 x         6.50 x - 8.50 x           $728 -       $952
                --------------------------------------------------------------------------------------------------------------------
                   AUM                       $66,029          1.20% -   2.50 %         1.20 % - 1.60 %           $792 -     $1,056
                --------------------------------------------------------------------------------------------------------------------
                                                                         Indicative Aggregate Value Range        $750 -     $1,000
                --------------------------------------------------------------------------------------------------------------------
                   Less Net debt (3/31/00)                                                                       $181         $181
                --------------------------------------------------------------------------------------------------------------------
                                                                         Indicative Equity Value Range           $569 -       $819
                --------------------------------------------------------------------------------------------------------------------
                                                                       Indicative Value Per Diluted Share      $11.00 -     $15.00
                --------------------------------------------------------------------------------------------------------------------
                II. Indicative Minority Squeeze-out Premium Valuation
                --------------------------------------------------------------------------------------------------------------------
                               Public Market Trading Range:     $ 10.50 -  $ 12.50
                --------------------------------------------------------------------------------------------------------------------
                                             Premium: 10.0%       11.55 -    13.75
                --------------------------------------------------------------------------------------------------------------------
                                                      20.0%       12.60 -    15.00
                --------------------------------------------------------------------------------------------------------------------
                                                      30.0%       13.65 -    16.25
                --------------------------------------------------------------------------------------------------------------------
                                                                           Indicative Reference Range          $12.50 -     $14.50
                --------------------------------------------------------------------------------------------------------------------
                --------------------------------------------------------------------------------------------------------------------
</TABLE>

MORGAN STANLEY DEAN WITTER                                                     1
<PAGE>

_________________
Project Reunion

<TABLE>
<CAPTION>
                  ------------------------------------------------------------------------------------------------------------------
                  Summary Valuation (cont'd)

                  ==================================================================================================================

                  ------------------------------------------------------------------------------------------------------------------
                  Indicative Valuation of Reunion (cont'd)
                  ($ in millions)

                  ------------------------------------------------------------------------------------------------------------------
                    III. Indicative Premiums Paid in Squeeze-Out Transactions
                  ------------------------------------------------------------------------------------------------------------------
                                                       Basis  Acquisition Premium Range  Relevant Premium Range  Implied Value Range
                  ------------------------------------------------------------------------------------------------------------------
                  <S>                                <C>      <C>                        <C>                     <C>
                     Reunion Unaffected Share Price    $10.25     15.0%-    40.0%          20.0 % - 40.0%           $12.30 - 14.35
                  ------------------------------------------------------------------------------------------------------------------
                  ------------------------------------------------------------------------------------------------------------------
                    IV. Indicative Premiums Paid in Precedent Mergers & Acquisitions
                  ------------------------------------------------------------------------------------------------------------------
                                                Basis  Acquisition Multiples Range   Relevant Multiple Range   Implied Value Range

                  ------------------------------------------------------------------------------------------------------------------
                     LTM EBITDA                    $112       10.0x -   16.0x            8.0 x - 12.0x           $896 -   $1,344
                  ------------------------------------------------------------------------------------------------------------------
                     AUM                        $66,029        1.3% -    3.5%            1.2%  -  1.5%           $792 -     $990
                  ------------------------------------------------------------------------------------------------------------------
                                                                      Indicative Aggregate Value Range           $850 -   $1,100
                  ------------------------------------------------------------------------------------------------------------------
                     Less Net debt (3/31/00, plus Earn-outs of $57.5MM Payable in 2000)                          $239       $239
                  ------------------------------------------------------------------------------------------------------------------
                                                                      Indicative Equity Value Range              $612 -     $862
                  ------------------------------------------------------------------------------------------------------------------
                                                                 Indicative Value Per Diluted Share            $11.00 -   $16.00
                  ------------------------------------------------------------------------------------------------------------------
                  ------------------------------------------------------------------------------------------------------------------
                    V. Discounted Cash Flow Indicative Range
                  ------------------------------------------------------------------------------------------------------------------
                  ------------------------------------------------------------------------------------------------------------------
                                                                         Indicative Reference Range               $13.50 -  $15.50
                  ------------------------------------------------------------------------------------------------------------------
                  ------------------------------------------------------------------------------------------------------------------
                    VI. Indicative Reference Range
                  ------------------------------------------------------------------------------------------------------------------
                  ------------------------------------------------------------------------------------------------------------------
                  ------------------------------------------------------------------------------------------------------------------
                  ------------------------------------------------------------------------------------------------------------------
</TABLE>

MORGAN STANLEY DEAN WRITER                                                     2
<PAGE>

<TABLE>
<CAPTION>
- --------------------  --------------------------------------------------------------------------------------------------------------
Project Reunion
                      --------------------------------------------------------------------------------------------------------------
                       Valuation Matrix

                       =============================================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
Valuation Matrix
$ in millions, except per share data

                               Premium/Discount to                                    Price as a multiple of
                     ---------------------------------------  ----------------------------------------------------------------------
Equity Value  Equity 60 Day Ave.  52-week/(1)/  52-week/(1)/  I/B/E/S Median Earnings   Management Earnings  LTM EBITDA  6/30/2000
                                                              -----------------------   -------------------
 per Share    Value  Unaffected      high          low           2000E        2001E       2000E      2001E      ($MM)    AUM ($MM)
- ------------------------------------------------------------------------------------------------------------------------------------
<S>          <C>     <C>          <C>           <C>           <C>            <C>        <C>        <C>       <C>         <C>
                       $10.25        $10.25         $6.31        $0.86        $1.00       $0.80      $0.87       $112     $66,029
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
    $5.00      $291     (51.2) %      (51.2) %      (20.8)         5.8 x        5.0 x       6.3 x      5.7 x     4.01 %      0.68 %
- ------------------------------------------------------------------------------------------------------------------------------------
     6.00       349     (41.5)        (41.5)         (4.9)         7.0          6.0         7.5        6.9       4.49        0.76
- ------------------------------------------------------------------------------------------------------------------------------------
     7.00       407     (31.7)        (31.7)         10.9          8.1          7.0         8.8        8.0       4.97        0.84
- ------------------------------------------------------------------------------------------------------------------------------------
     8.00       465     (22.0)        (22.0)         26.8          9.3          8.0        10.0        9.2       5.45        0.93
- ------------------------------------------------------------------------------------------------------------------------------------
     9.00       524     (12.2)        (12.2)         42.6         10.5          9.0        11.3       10.3       5.93        1.01
- ------------------------------------------------------------------------------------------------------------------------------------
    10.00       582      (2.4)         (2.4)         58.5         11.6         10.0        12.5       11.5       6.41        1.09
- ------------------------------------------------------------------------------------------------------------------------------------
    11.00       640       7.3           7.3          74.3         12.8         11.0        13.8       12.6       6.89        1.17
- ------------------------------------------------------------------------------------------------------------------------------------
    12.00       698      17.1          17.1          90.2         14.0         12.0        15.0       13.8       7.37        1.25
- ------------------------------------------------------------------------------------------------------------------------------------
    13.00       756      26.8          26.8         106.0         15.1         13.0        16.3       14.9       7.85        1.33
- ------------------------------------------------------------------------------------------------------------------------------------
    14.00       815      36.6          36.6         121.9         16.3         14.0        17.5       16.1       8.33        1.41
- ------------------------------------------------------------------------------------------------------------------------------------
    15.00       873      46.3          46.3         137.7         17.4         15.0        18.8       17.2       8.81        1.50
- ------------------------------------------------------------------------------------------------------------------------------------
    16.00       931      56.1          56.1         153.6         18.6         16.0        20.0       18.4       9.29        1.58
- ------------------------------------------------------------------------------------------------------------------------------------
    17.00       989      65.9          65.9         169.4         19.8         17.0        21.3       19.5       9.76        1.66
- ------------------------------------------------------------------------------------------------------------------------------------
    18.00     1,047      75.6          75.6         185.3         20.9         18.0        22.5       20.7      10.24        1.74
- ------------------------------------------------------------------------------------------------------------------------------------
    19.00     1,105      85.4          85.4         201.1         22.1         19.0        23.8       21.8      10.72        1.82
- ------------------------------------------------------------------------------------------------------------------------------------
    20.00     1,164      95.1          95.1         217.0         23.3         20.0        25.0       23.0      11.20        1.90
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

                                                                               3
<PAGE>

________________________
Project Reunion
- --------------------------------------------------------------------------------
Selected Asset Management Transactions
- --------------------------------------------------------------------------------
Selected Precedent Transactions

Asset Management
================================================================================

<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
                                              Approx.         Agg    Mult.  Mult of Mult. of
   Date                 Acquiror/                 AUM      Consid       of      LTM LTM Net  % of            Business of
Announced                Target                ($ Bn)      ($ MM)  LTM Rev   EBITDA Income   AUM           Acquired Company
- ------------------------------------------------------------------------------------------------------------------------------------
<S>       <C>                                 <C>        <C>      <C>      <C>     <C>     <C>     <C>
                                                                                                   One of the largest value-oriented
                                                                                                   institutional managers in the
06/20/00  Alliance Capital/Sanford Bernstein     $86.0     $3,500.0    NA    10.9   19.4    4.1    industry. Also has large private
                                                                                                   client portfolio. Touted for its
                                                                                                   high quality investment research.
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                   A holding company for 41 asset
                                                                                                   managers. Primarily an
06/19/00  Old Mutual/UAM                         188.0      2,181.0   2.4     7.1   34.1    1.2    institutional manager, the
                                                                                                   majority invested in domestic
                                                                                                   equities.
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                   Publicly traded limited
                                                                                                   partnership, the operating
                                                                                                   partnership owns 12 independent
06/16/00  Caisse des Depots et                   134.0      2,200.0   3.4    12.3   21.8    1.6    inv. management firms and six
          Cosignations/Nvest Lp                                                                    distribution and consulting
                                                                                                   firms. Primarily institutional
                                                                                                   assets.
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                   Investment advisor to three
                                                                                                   retail mutual fund families,
06/12/00  Liberty Financial/Wanger(1)              8.8        450.0    NA      NA     NA    5.1    including the Acorn Family
                                                                                                   of Funds.
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                   Retail mutual fund manager,
05/15/00  UniCredito/Pioneer Group                24.4      1,228.0   6.0    18.0   35.7    5.1    majority invested in domestic
                                                                                                   equities
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                   6th largest mutual fund company
                                                                                                   in Canada, managing a range of 33
05/09/00  AMVESCAP/Trimark                        16.6      1,636.0   4.5    10.7   28.4    9.9    mutual funds and 23 segregated
                                                                                                   insurance funds
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                   Provides banking, investment
                                                                                                   banking, and asset management
04/11/00  Chase Manhattan/Fleming Holdings(2)     97.6      4,100.0    NA    19.6   31.4    4.2    services
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                   JV managed non-U.S. investments
                                                                                                   for institutional clients and 13
04/11/00  T. Rowe Price/Fleming JV                21.1        780.0    NA      NA   38.6    3.7    T. Rowe Price sponsored mutual
                                                                                                   funds
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                   U.K.'s fifth largest pension fund
                                                                                                   manager and seventh largest
03/30/00  Nationwide Financial/Gartmore           85.0      1,640.0    NA      NA     NA    1.9    retail manager; operations in
                                                                                                   U.S., Japan, and Germany
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                   9th largest institutional
03/10/00  Legg Mason/Perigee                      14.2        208.4   7.4    12.1   22.5    1.5    investment management firm in
                                                                                                   Canada.
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                   Manages 13 funds, including
                                                                                                   several international equity
02/29/00  ReliaStar/Lexington                      3.6         47.5   2.5    N.A.  174.0    1.3    funds, for retail investors,
                                                                                                   institutions and individuals.
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                   Premier fixed income manager with
                                                                                                   Total Return Fund managed by Bill
11/01/99  Allianz/PIMCO (70%)                    254.6      3,216.0   5.0    16.0   22.8    1.8    Gross. Approximately 66%
                                                                                                   institutional, remainder retail
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                   Manages 13 funds, includings
                                                                                                   several international equity
02/29/00 ReliaStar/Lexington                       3.6         47.5   2.5    N.A.  174.0    1.3    funds, for retail investors,
                                                                                                   institutions and individuals.
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                   Bermuda-based international asset
                                                                                                   manager serving 1100 private
09/15/99 UBS/Global Asset Management              13.9        700.0  N.A.    18.5   24.5    5.0    clients and 150 institutitional
                                                                                                   clients
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                   Manages, markets, and distributes
07/22/99 Reliastar/Pilgrim                         7.6        231.6   4.5     9.0   18.1    3.0    open- and closed-end mutual funds
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                   Strong retail and high-net worth
07/06/99 Credit Suisse/Warburg Pincus             22.0        650.0  N.A.    N.A.   N.A.    3.0    business
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                   Investment firm with individual
05/13/99 Wachovia/Offitbank                       11.0        203.0   4.9    22.0   43.0    1.8    clients in 39 states, Latin
                                                                                                   America, Europe, Asia
- ------------------------------------------------------------------------------------------------------------------------------------
                                                                                                   UK unit trust manager with
03/11/99 Prudential UK/M&G Group                  29.8      3,100.0  N.A.    N.A.   35.3   10.4    improving investment performance
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Notes: (1) Consideration includes a $170MM earn-out provision
       (2) Financial information is for asset management stand-alone
       (3) BOA purchased initial 50% for $150 and remaining 50% for $950MM
       (4) Based on $950 for 50%

MORGAN STANLEY DEAN WITTER                                                     4
<PAGE>

__________________
Project Reunion      Selected Asset Management Transactions

                     Selected Precedent Transactions

                     Asset Management

                     ===========================================================
<TABLE>
<CAPTION>
                     ---------------------------------------------------------------------------------------------------------------
                                                   Approx       Agg       Mult.     Mult of   Mult. of
                        Date         Acquiror/       AUM       Consid      of        LTM      LTM Net   % of  Business of
                     Announced        Target       ($ Bn)      ($ MM)    LTM Rev    EBITDA    Income     AUM  Acquired Company
                     ---------------------------------------------------------------------------------------------------------------
                     <S>        <C>                <C>         <C>       <C>        <C>      <C>      <C>     <C>
                       12/15/98 Phoenix Investment   4.4        164.0      2.8        14.6     17.7       3.7 Family of mutual funds
                                 Partners/Zweig                                                               and closed-end funds
                     ---------------------------------------------------------------------------------------------------------------
                       08/30/98 Northwestern        41.0 900.0-1200.0      N.A.  15.0-20.0      N.A.  2.2-2.9 Investment management
                                 Mutual / Frank                                                               and consulting
                                 Russell
                     ---------------------------------------------------------------------------------------------------------------
                       11/19/97 Merrill Lynch/     177.0      5,230.0      8.1        17.5     25.4       3.0 Domestic and
                                 Mercury Asset                                                                international fixed
                                 Management                                                                   income and equity
                                                                                                              fund to institutional
                                                                                                              and retail clients
                     ---------------------------------------------------------------------------------------------------------------
                       08/15/97 Affiliated           5.0        300.0      9.3        12.9     13.5       6.0 AMG will pay more than
                                 Managers Group/                                                              $100 million for 71.2%
                                 Tweedy Browne                                                                of firm owned by
                                 & Co. (71.2%)                                                                brothers Will and
                                                                                                              Chris Browneand John
                                                                                                              Spears. 30% will be
                                                                                                              held by insiders.
                     ---------------------------------------------------------------------------------------------------------------
                       08/13/97 Fleet Financial     22.0        635.0 (1)  N.A.       10.0      N.A.      2.9 68% institutional; 32%
                                 Group/ Columbia                                                              retail; 12 mut. funds,
                                 Management Co.                                                               5 with Morningstar 4
                                                                                                              star ratings
                     ---------------------------------------------------------------------------------------------------------------
                       02/14/97 PIMCO Advisors,    48.0        265.0      4.7        11.2      N.A.      1.7 A leading investment
                                 L.P./ Oppenheimer                                                           management firm,
                                 Capital                                                                     well-known for its
                                                                                                             value-based investment
                                                                                                             disciplines, primarily
                                                                                                             in equity management,
                                                                                                             serving a broad range
                                                                                                             of institutional
                                                                                                             clients, including
                                                                                                             public and private
                                                                                                             funds, foundations,
                                                                                                             endowments and
                                                                                                             individuals.
                     ---------------------------------------------------------------------------------------------------------------
                       11/14/96 Invesco PLC/        57.1     1,600.0      4.8         9.7     19.0       2.8 Manager of
                                 AIM Management                                                              Constellation and Value
                                 Group                                                                       Funds. One of the
                                                                                                             fastest growing fund
                                                                                                             groups in the U.S.
                     ---------------------------------------------------------------------------------------------------------------
                       06/24/96 Franklin            17.0       851.0 (2)  8.5        12.4     13.0       5.0 An equity mutual fund
                                 Resources, Inc./                                                            manager 100% owned by
                                 Heine Securities                                                            Michael Price
                                 Corp.
                     ---------------------------------------------------------------------------------------------------------------
                       06/24/96 Morgan Stanley      57.0     1,175.0      3.7        10.5 (3) 17.5       2.1 Investment management
                                 Group, Inc./                                                                company with the fifth
                                 VKAC Holding,                                                               largest non-
                                 Inc.                                                                        proprietary fund group
                                                                                                             sold by financial
                                                                                                             representatives
                                                                                                             nationwide.
                     ---------------------------------------------------------------------------------------------------------------
                                Mean                                      5.0        13.4     39.5       3.6
                     ---------------------------------------------------------------------------------------------------------------
                                Median                                    4.7        12.3     24.5       3.0
                     ---------------------------------------------------------------------------------------------------------------
</TABLE>

                     Notes

                     1. Consideration includes a $170MM earn-out provision
                     2. Financial information is for asset management
                        stand-alone
                     3. BOA purchased initial 50% for $150 and remaining 50% for
                        $950MM
                     4. Based on $950 for 50%


MORGAN STANLEY DEAN WITTER

                                                                               5
<PAGE>

<TABLE>
<CAPTION>
- ------------------    --------------------------------------------------------------------------------------------------------------
Project Reunion
                      --------------------------------------------------------------------------------------------------------------
                       Trading Comparison of Selected Asset Management Companies /(1)/

                      ==============================================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
Trading Comparison of Selected Asset Management Companies/(1)/
($MM, except per-share data)

                                                Current                         Est.         Price as a Multiple of    Agg. Value/
                                                                                             ----------------------  ---------------
                                        Market    Share  Price as a % of LTM   5 Yr.   Div.   2000E      2001E         LTM
                                                         -------------------
Company                           AUM    Value    Price    High       Low     Growth   Yld.   EPS/(2)/   EPS/(2)/   EBITDA/(2)/  AUM
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                         <C>        <C>      <C>      <C>        <C>       <C>      <C>   <C>         <C>        <C>         <C>
U.S. Mutual Funds
- -----------------
- ------------------------------------------------------------------------------------------------------------------------------------
Franklin Resources           $233,400   $7,519   $30.68     71.1%   125.4%     15.2%   0.8%   13.2x      11.8x        9.0x      2.9%
- ------------------------------------------------------------------------------------------------------------------------------------
T. Rowe Price                 179,900    5,034    41.69     86.8    161.1      15.5    1.2    18.7       17.4         9.5       2.6
- ------------------------------------------------------------------------------------------------------------------------------------
AMVESCAP                      391,600   10,538    78.06     99.8    216.8      19.5    1.0    21.6       18.7        16.2       2.9
- ------------------------------------------------------------------------------------------------------------------------------------
Eaton Vance                    41,800    1,665    46.68     95.7    171.5      20.0    0.8    14.9       13.3         9.4       3.4
- ------------------------------------------------------------------------------------------------------------------------------------
Federated Investors           125,363    2,788    34.88     98.1    226.8      17.4    0.5    19.4       17.0        10.0       1.9
- ------------------------------------------------------------------------------------------------------------------------------------
John Nuveen Company            59,965    1,277    40.81     93.4    121.8      10.0    2.8    12.8       11.8         7.3       2.2
- ------------------------------------------------------------------------------------------------------------------------------------
Waddell & Reed                 41,480    2,638    32.13     90.2    238.7      15.3    1.1    20.1       17.8        14.3       6.7
- ------------------------------------------------------------------------------------------------------------------------------------
Neuberger Berman               55,470    2,312    47.00     96.9    198.9      12.2    0.9    16.5       14.9         8.8       4.2
- ------------------------------------------------------------------------------------------------------------------------------------
                                          Mean              91.5%   182.7%     15.6%   1.1%   17.2x      15.3x       10.6x      3.3%
- ------------------------------------------------------------------------------------------------------------------------------------
                                        Median              94.5    185.3      15.4    0.9    17.6       16.0         9.5       2.9
- ------------------------------------------------------------------------------------------------------------------------------------
U.S. Institutional
- ------------------
- ------------------------------------------------------------------------------------------------------------------------------------
United Asset Management      $188,000   $1,161   $20.56     84.8%   149.5%     12.5%   3.9%   16.9x      16.1x        6.3x      1.0%
- ------------------------------------------------------------------------------------------------------------------------------------
Phoenix Investment Partners    66,029      457    10.31     99.4    163.4       NA     3.1    12.0       10.3         6.4       1.1
- ------------------------------------------------------------------------------------------------------------------------------------
Affiliated Managers Group      91,600      964    43.44     85.2    197.4      23.0    0.0    17.2       14.1         6.0       1.3
- ------------------------------------------------------------------------------------------------------------------------------------
Blackrock                     172,600    2,084    32.63     90.6    261.0      16.3    0.0    25.3       21.6        14.2       1.2
- ------------------------------------------------------------------------------------------------------------------------------------
                                          Mean              90.0%   192.8%     17.3%   1.7%   17.8x      15.5x        8.2x      1.1%
- ------------------------------------------------------------------------------------------------------------------------------------
                                        Median              87.9    180.4      16.3    1.6    17.0       15.1         8.3       1.1
- ------------------------------------------------------------------------------------------------------------------------------------
Limited Partnerships
- --------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Alliance Capital Management  $394,200   $8,172   $47.38     94.0%   195.4%     21.0%   5.3%   15.5x      13.6x       15.1x      2.0%
- ------------------------------------------------------------------------------------------------------------------------------------
Nvest                         134,000      888    20.00     52.1    142.9       NA     9.2    11.8       10.1         6.3       0.8
- ------------------------------------------------------------------------------------------------------------------------------------
                                          Mean              73.1%   169.1%     21.0%   7.2%   13.6x      11.8x       10.7x      1.4%
- ------------------------------------------------------------------------------------------------------------------------------------
                                        Median              73.1    169.1      21.0    7.2    13.6       11.8        10.7       1.4
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

Notes:

1. Market data as of 6/29/2000. Financial data from latest 10-K or 10-Q.
2. Based on I/B/E/S estimates as of 6/29/2000. Earnings estimates calendarized
   for fiscal year ending 12/31. Aggregate values calculated as market value
   plus debt less cash.

                                                                               6
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
