1 EXHIBIT (b)(4) AMENDED AND RESTATED PAGE 18 OF THE PRESENTATION OF MORGAN STANLEY & CO. INCORPORATED TO THE DISINTERESTED BOARD ON JULY 30, 1997 PROJECT 2000 - -------------------------------------------------------------------------------- ALMOND COMPANY SUMMARY OF VALUATION METHODOLOGIES ($MM, except per share data) FINANCIAL FULLY DILUTED EQUITY VALUE VALUATION METHODOLOGY STATISTIC MULTIPLE RANGE EQUITY VALUE PER SHARE - --------------------- --------- -------------- -------------- ------------ TRADING STATISTICS OF COMPARABLE COMPANIES 1997E EPS(1) Management Case $ 0.21 20.0 - 25.0 $480.1 - $618.5 $ 4.17 - $ 5.21 Management Case with tax-affected earnings 0.18 20.0 - 25.0 403.2 - 522.3 3.59 - 4.49 Adjusted Case 0.21 20.0 - 25.0 480.1 - 618.5 4.17 - 5.21 Downside Case 0.21 20.0 - 25.0 480.1 - 618.5 4.17 - 5.21 1998E EPS(1) Management Case $0.89 13.0 - 17.0 1,468.9 - 1,943.4 11.62 - 15.20 Management Case with tax-affected earnings 0.74 13.0 - 17.0 1,210.2 - 1,605.1 9.67 - 12.65 Adjusted Case 0.53 13.0 - 17.0 842.9 - 1,124.8 6.91 - 9.03 Downside Case 0.33 13.0 - 17.0 501.4 - 678.3 4.33 - 5.67 ------------------------------------------------------------- IMPLIED VALUATION RANGE: $ 7.50 - $11.00 ------------------------------------------------------------ PREMIUMS PAID IN PRECEDENT TRANSACTIONS LTM Revenue $1,709.0 0.50 - 1.20 $1,046.0 - $2,242.3 $ 8.27 - $17.73 1997 Operating Income 20.0 12.0 - 12.0 431.5 - 531.5 3.41 - 4.20 1-Year Forward Net Income(1) Management Case 69.7 13.0 - 23.0 906.5 - 1,603.8 7.17 - 12.68 Management Case with tax-affected earnings 58.4 13.0 - 23.0 759.4 - 1,343.5 6.00 - 10.62 Adjusted Case 46.8 13.0 - 23.0 608.1 - 1,075.9 4.81 - 8.51 Downside Case 34.3 13.0 - 23.0 445.4 - 788.1 3.52 - 6.23 ------------------------------------------------------------- IMPLIED VALUATION RANGE: $ 7.00 - $11.00 ------------------------------------------------------------ PREMIUMS PAID IN SELECTED ACQUISITION BY MINORITY AFFILIATES TRANSACTIONS Premium to Stock Price Unaffected Price(4) $10.31 10.0% - 30.0% $1,434.7 - $1,695.6 $11.34 - $13.41 30 Days Prior 9.63 20.0% - 35.0% 1,460.7 - 1,643.3 11.55 - 12.99 ------------------------------------------------------------- IMPLIED VALUATION RANGE: $11.50 - $13.00 ------------------------------------------------------------ DISCOUNTED EQUITY VALUE(2) 2000E EPS(1) Management Case $1.20 12.0 - 16.0 $1,305.7 - $1,741.0 $10.32 - $13.77 Adjusted Case 0.92 12.0 - 16.0 1,003.2 - 1,337.7 7.93 - 10.58 Downside Case 0.41 12.0 - 16.0 450.1 - 600.1 3.56 - 4.75 ------------------------------------------------------------- DISCOUNTED EQUITY VALUATION RANGE: $ 8.00 - $11.00 ------------------------------------------------------------ DISCOUNTED CASH FLOW(3) Management Case $158.3 12.0 - 16.0 $1,614.1 - $1,907.8 $12.76 - $15.08 Adjusted Case 120.6 12.0 - 16.0 1,274.3 - 1,498.0 10.08 - 11.85 Downside Case 78.5 12.0 - 16.0 906.6 - 1,052.2 7.17 - 8.32 ------------------------------------------------------------- DISCOUNTED CASH FLOW VALUATION RANGE: $10.00 - $12.00 ------------------------------------------------------------ - -------------------- Notes: (1) Based on Company July 3 revised forecast. Value range includes the tax benefit of $144MM in NOL. (2) Based on Company July 3 revised forecast; assumes a 18.0% discount rate; discounted two years CY2000 estimates. (3) Based on Company July 3 revised forecast; assumes 15.5% discount rate; discounted for six years. (4) Unaffected price taken as price on July 28, 1997. - 18 - MORGAN STANLEY