Entity Leverage Analysis
Pro Forma Debt Levels at June 30, 1999 ($ in millions)
NET EQUITY TOTAL NET DEBT/
PARENT DEBT MKT CAP MKT CAP TOTAL CAP
United $1,142 $3,144 $4,286 27%
UPC (Europe) 1,876 7,708 9,584 20%
UAP (AUN et. al) 290 1,470 1,760 17%
ULA (VTR et. al) 134 510 644 21%
TOTALS $2,300 $9,688 $11,988 19%