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	NOTES FOR REMARKS TO WASHINGTON SOCIETY OF INVESTMENT ANALYSTS Washington, D.C. March 7, 1984

D. THE GULF INVESTORS GROUP CURRENTLY HOLDS 21.7 MILLION GULF SHARES, OR 13.2 PERCENT OF THE TOTAL OUTSTANDING.

E. AND IF AN ADDITIONAL 13.5 MILLION SHARES ARE PURCHASED THROUGH OUR OFFER, THE GROUP WILL OWN 35.2 MILLION SHARES, OR 21.3 PERCENT OF THE OUTSTANDING STOCK.

F. OUR PURPOSE IN THIS OFFER IS TO INCREASE THE GROUP’S EQUITY INTEREST IN GULF AND, AS A RESULT, ENHANCE OUR ABILITY TO GAIN CONTROL OF THE COMPANY.

[Handwritten addition: D. (Other comments on Gulf/Socal)]

[Handwritten addition: (Pause)]

[Handwritten addition: -7:30]
[Handwritten addition: -9:30]
[Handwritten addition: Done by 10:30]

[Handwritten addition: Dead duck]

[Handwritten addition: Economy doesn’t need any dead ducks]

[Handwritten addition: If Cong relax, let system work. . .be surprised at results.]

[Handwritten addition: Above the other]

[Handwritten addition: Who are the winners?]

[Handwritten addition: first—SHs who took risk]

[Handwritten addition: 2nd govt—reap tax revenues]

[Handwritten addition: 3rd consumers and more efficient interest, duplications in SH-Govt-Consumer group.]

[Handwritten addition: Govt. . .Cons-people. . .most of time SH. . .people]

[Handwritten addition: People become winners.]

[Handwritten addition: Price of gasoline. How will 60 SHs come out: 270, 165, 40 points, 13 billion]

[Handwritten addition: in release & spch no losers back into economy]

[Handwritten addition: —Liz to come to mtg. Tell her in a.m.]

[Handwritten addition: Double-check Doe, since 70 reserves declining]

[Handwritten addition: Pg. 6 Record drilling act, from 73 to 82]

[Handwritten addition: Best of on table. Always said wanted best deal for 60. Unfortunate now talking panic legislation. Deprive SHs from receiving best offer. Combined would make them more efficient. Further evidence SH is forgotten person is corp. America. Generally that mgmts own these co. but not the SHs. This has got to change because SH is cornerstone. Can’t lose it.]

G. OUR CURRENT INTENTION IS TO PROPOSE A SLATE OF DIRECTORS AT GULF’S ANNUAL MEETING IN MAY.

H. GULF HAS NARROWED OUR OPTIONS, ONE BY ONE, AND HAS WORKED DIRECTLY AGAINST OUR ULTIMATE GOAL OF MAXIMIZING VALUE FOR GULF SHAREHOLDERS.

I. THEY HAVE FORCED US INTO TAKING AGGRESSIVE ACTION TO REACH THAT GOAL.

J. THERE ARE PLENTY OF RUMORS ON WALL STREET ABOUT OTHER COMPANIES WHICH MAY BID ON GULF, BUT, SO FAR, OUR OFFER IS THE ONLY ONE ON THE TABLE.

[Handwritten addition: When you stop to think. . .]

[Handwritten addition: Those three groups—]

[Handwritten addition: Shareholders, consumers and Government—may often be the same people.]

[Handwritten addition: Shareholders are consumers, and some consumers are shareholders.]

[Handwritten addition: And Government [Text stricken: may be composed of both] is all the people.]

[Handwritten addition: Passing legislation to harm one group will, in turn, harm another.]

[Handwritten addition: Pg. 1. With $80 a share, pleasure to be anywhere.]

[Handwritten addition: Pg. 2. Statement on Gulf.]

[Handwritten addition: Just to bring you up to date. . .on Feb. 23. . .the CIC commenced a cash tender offer at $65 a share for up to 13.5 mm. Shares of Gulf common stock. On Monday, Socal signed an agreement to acquire Gulf at $80 a share ($13.4).]

[Handwritten addition: delete 3 & 4]

[Handwritten addition: 5. Cut out III.]

[Handwritten addition: A. . . .in the O&G industry lately.
12.]

[Handwritten addition: Yet they’re the cornerstone of the free Enterprise system. Too often, though, their interests are not considered.]

[Handwritten addition: 18. [Text stricken: Between M&N] I and the bd of directors]

[Handwritten addition: You’d be surprised at the no. of directors.]

[Handwritten addition: barely stockholders. Many own little stock & some own none at all. They are very beholden to mgmt. It seems reasonable that directors should put either a major portion or all of their director’s fees back into the company’s stock.]

[Handwritten addition: J. At Mesa, we. . .]

[Handwritten addition: 19. L. mgmts, the directors]

[Handwritten addition: 21. Change to past tense]

[Handwritten addition: 25. Makes no sense]

[Handwritten addition: Great to be here, but w/$80 offer, great to be anywhere.]

[Handwritten addition: If it weren’t for the SH, there wouldn’t be a free entry system—cornerstone of it.]

[Handwritten addition: Too often, no consideration.]

[Handwritten addition: Institutions will say, “Sic em, boy!” But won’t come up front.]

[Handwritten addition: proves you can bring mkt price closer to appraised value. . .]

[Handwritten addition: No interest in enhancing value.]

[Handwritten addition: SHs have their $ at risk]

[Handwritten addition: Appalled. Do directors have a real interest in the co.]

[Handwritten addition: Give them a chance to participate. Then interesting things happen.]

[Handwritten addition: No one lost in this deal. Most healthy situation in corp. America. 270,000 6 SHs benefited. Real $ that goes back into the system. 270,000 new friends.]