This spreadsheet supports INSTRUCTOR analysis of the case, "The Wm. Wrigley Jr. Company: Capital Structure, Valuation, and Cost of Capital" (Case 34). Please note: 1) This is a working model. Assumptions / Inputs presented can be changed to vary the results.
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Copyright © 2005 by the University of Virginia Darden School Foundation.
Effects of Recapitalization
To test the valuation effects of the repurchase, assume that Wrigley could borrow a maximum of $3 billlion at a pretax cost of debt of 13 percent and that the aggregate amount of debt will remain constant in perpetuity. Also assume that the proceeds of the loan would be used to repurchase shares or be paid as an extraordinary dividend to shareholders. Exhibit 1 presen Wrigley's book- and market-value balance sheets assuming the capital structure before recapitalization. Wm. Wrigley Jr. Company, Inc. (values are in thousands)
Book Value Balance Sheets 1 Net working capital 2 Fixed assets, marketable securities, deferred tax assets 3 Total assets 4 Long-term debt 5 Deferred taxes, other noncurrent liabilities 6 Common equity 7 Total capital 8 Book value per share 9 Book value of equity divided by total capital Market Value Balance Sheets 10 Net working capital 11 Fixed assets 12 PV debt tax shield (equals 0.40 times debt balance) 13 Total assets 14 Long-term debt 15 Deferred taxes, other noncurrent liabilities 16 Common equity 17 Total capital 18 Number of shares 19 Price per share 20 Market value of equity divided by total capital
Value to Public Shareholders 21 Cash received 22 Value of shares 23 Total 24 Total per share 25 Percentage change in value
gley could borrow and that the aggregate e that the proceeds of the loan ary dividend to shareholders. Exhibit 1 presents capital structure before recapitalization.
Before Recapitalization
Changes
Step One: Releveraging
$581,609 $851,795 $1,433,404
$3,000,000
$3,581,609 $851,795 $4,433,404
$0 $157,127 $1,276,287 $1,433,414
$3,000,000
$3,000,000 $157,127 $1,276,287 $4,433,414
$5.49 89%
Dividend ($3,000,000)
($3,000,000)
$5.49 29%
$581,609 $12,678,217 $0 $13,259,826
$3,000,000
$0 $157,127 $13,102,699 $13,259,826
$3,000,000
232,441 $56.37 99%
Alternatives for Step T
$1,200,000
$1,200,000
$3,581,609 $12,678,217 $1,200,000 $17,459,826 $3,000,000 $157,127 $14,302,699 $17,459,826 232,441 $61.53 82%
($3,000,000)
($3,000,000)
$0 $13,102,699 $13,102,699 $56.37
53219.7977647685 179,221
$0 $14,302,699 $14,302,699 $61.53 9.2%
$1,200,000
$
5.16
$
61.53
Alternatives for Step Two: Dividend Share Repurchase $581,609 $851,795 $1,433,404 $3,000,000 $157,127 ($1,723,713) $1,433,414
($3,000,000)
($3,000,000)
($7.42) -120%
$581,609 $12,678,217 $1,200,000 $14,459,826
$ $
$3,000,000 $157,127 $11,302,699 $14,459,826 232,441 $48.63 78%
$581,609 $851,795 $1,433,404 $3,000,000 $157,127 ($1,723,713) $1,433,414 ($9.38) -120%
($3,000,000)
($3,000,000)
48,755
$581,609 $12,678,217 $1,200,000 $14,459,826 $3,000,000 $157,127 $11,302,699 $14,459,826 183,686 $61.53 78%
$
(1,800,000)
$3,000,000 $11,302,699 $14,302,699 $61.53 9.2%
$3,000,000 $11,302,699 $14,302,699 $61.53 9.2%
put option per share
#REF! #REF!
SIMPLE VALUATION ANALYSIS a. Effect of Additional Debt on Wrigley's Share Price: Prerepurchase Stock Price 6/3/2002 $56.37
Tax Rate 40%
Shares Outstanding (000,000) 232.441
Add'l. Debt (000,000) $3,000
b. Effect of Additional Debt on Wrigley's Outstanding (o/s) Shares: assuming tax benefits: Stock Price w/ Tax Benefit (assumed) $61.53
Add'l. Debt (000,000) $3,000
Shares Repurchased (000,000) 48.755
Prerepurchase Shares o/s (000,000) 232.441
c. Effect of Additional Debt on Wrigley's Book-Value and Market-Value Weights:
Long-term debt Equity (book value) Share price Shares outstanding Equity (market value)
Prerepurchase (000,000) $0 $1,276 $56.37 232.441 $13,103
Recapitalization with Recapitalization with Share Repurchase Dividend (000,000) (000,000) $3,000 $3,000 ($1,724) ($1,724) $61.53 $48.63 183.686 232.441 $11,303 $11,303
Debt to capital (book) Debt to capital (market)
0.00 0.00
2.35 0.21
2.35 0.21
PostRepurchase Stock price 6/4/2002 $61.53
PostRepurchase Shares o/s (000,000) 183.686
Per Share Value of Leverage $5.16
WACC Calculations-- Exhibit TN3 a. Prerecap Prerecap stock price Prerecap shares outstanding Beta Long-term debt (LTD) Corporate AAA 20-year Treasury Risk premium
$56.37 232.44 0.75 $0.00 9.31% 5.65% 7.00%
b. Post-Recap Wrigley Book value Market value (MV) MV (repurch.) MV (repurch. & tax shield)
Equity $1,276 $13,103 $10,103 $11,303
LTD $3,000 $3,000 $3,000 $3,000
Comparables Cadbury Schweppes PLC Hershey Foods Corp. Kraft Foods Tootise Roll Industries Inc. Industry average
MV Equity $13,397 $8,942 $67,353 $1,610
LTD $2,264 $869 $8,548 $8
Target Capital Structure Unlevered beta Relevered beta Relevered beta
Market value (repurch.) MV (repurch & tax shield)
c. Summary of Calculations
Prerecap (MV equity) Post-recap (MV repurch. & tax shield)
Levered Beta 0.75 0.87
Equity $13,103 $11,303
Prerecap (MV equity) Post-recap (MV repurch. & tax shield)
Pretax Kd
After-Tax Kd
9.31% 13.00%
5.59% 7.80%
Total equity (mkt.) Equity/ total cap. Debt/ total cap. Tax rate Ke (CAPM)
$13,103 1.00 0.00 40%
WACC: (pre-recap)
10.90%
10.90%
Equity/ Cap. 29.84% 81.37% 77.10% 79.02%
Debt/ Cap. 70.16% 18.63% 22.90% 20.98%
Debt/ Equity 235.11% 22.90% 29.70% 26.54%
Equity/ Cap. 85.54% 91.15% 88.74% 99.54% 91.24%
Debt/ Cap. 14.46% 8.85% 11.26% 0.46% 8.76%
D/E 16.90% 9.71% 12.69% 0.47% 9.94%
Wrigley 0.75 0.88 0.87
Ind. Avg. 0.57 0.67 0.66
LTD $0 $3,000
Equity/ Cap 100.00% 79.02%
Debt/ Cap 0.00% 20.98%
Levered Beta 0.60 0.60 nmf 0.65 0.62
Unlevered Beta 0.51 0.55 nmf 0.65 0.57
Wrigley Ke
Industry Ke
10.9% 11.7%
9.63% 10.3%
Wrigley WACC 10.90% 10.91%
Ind Avg WACC 9.63% 9.75%
Item MV Equity (E) MV Debt (D) Weight Debt (Wd) Weight Equity (We) Cost of Debt (kd) Tax Rate (tc) Beta Equity MRP
Sumber Jawaban no.1 info case D/(D+E) E/(D+E) Dobrynin's assumption (hal 4 Chandler's assumption (hal 46 Exhibit 5 Case info (hal 469)
Risk-free rate (rf) Cost of Equity (ke) WACC
Exhibit 7 Rf + Beta x MRP Wd x kd(1-tc) + We x ke
Item MV Equity (E) MV Debt (D) Weight Debt (Wd) Weight Equity (We) Cost of Debt (kd) Tax Rate (tc) Beta Equity MRP Risk-free rate (rf) Cost of Equity (ke) WACC
Sumber Jawaban no.1 info case D/(D+E) E/(D+E) Dobrynin's assumption (hal 4 Chandler's assumption (hal 46 Exhibit 5 Case info (hal 469) Exhibit 7 Rf + Beta x MRP Wd x kd(1-tc) + We x ke
(000.000) 11,303 3,000 20.97% 79.03% 13% 40% 0.87 7% 5.65% 11.74% 10.91%
Item MV Equity (E) MV Debt (D) D/E ratio Tax Rate (tc) Beta Unlevered (βu)
Sumber Jawaban no.1 info case D/E Chandler's assumption (hal 46 Exhibit 5
(000.000) 11,303 3,000 26.54% 40% 0.75
Levered Beta (βL)
Item Common Shares
�_�= �_�×(1+ ((1−��)×�)/�)
(000.000) 11,303 0 0.00% 100.00% 13% 40% 0.75 7% 5.65% 10.90% 10.90%
0.87
Total Outstanding Shares Shares (in million) Sumber Footnote hal 469 189.8
Class B Shares
Footnote hal 470 Total
Item Common Shares Class B Shares
Item Common Shares Share Repurchase Adjusted Common Shares Class B Shares
Item Common Shares Class B Shares
42.641 232.441
Outstanding Shares Controlled by Family Controlled Portion Shares (in million) 21% 189.8 58% 42.641 Total Outstanding Shares (Adjusted) Shares (in million) Sumber Footnote hal 469 189.8 Jawaban nomor 1 48.755 Common share - Repurchase 141.045 Footnote hal 470 42.641 Total 183.686 Outstanding Shares Controlled by Family (Adjusted) Controlled (in million) New OS Shares (in m) 141.045 39.86 42.641 24.73
Shares (in%) 81.66%
18.34% 100.00%
Controlled (in million) 39.86 24.73
Shares (in%)
76.79% 23.21% 100.00%
ed) Controlled Portion 28% 58%
Credit Rating AAA Key Industrial Financial Ratios (Three-year medians 2000–2002) EBIT interest coverage (x) Funds from operations/total debt (%) Free operating cash flow/total debt (%) Return on capital (%) Operating income/sales (%) Long-term debt/capital, book (%) Total debt/capital, book (%) Source of data: Standard & Poor's CreditStats, September 8, 2003.
23.4 214.2 156.6 35.0 23.4 (1.1) 5.0
AA A Investment Grade 13.3 65.7 33.6 26.6 24.0 21.1 35.9
6.3 42.2 22.3 18.1 18.1 33.8 42.6
BBB
3.9 30.6 12.8 13.1 15.5 40.3 47.0
it Rating BB B Noninvestment Grade 2.2 19.7 7.3 11.5 15.4 53.6 57.7
1.0 10.4 1.5 8.0 14.7 72.6 75.1
Wrigley Prerecap Post-recap 48.45 319% 215% 39% 21% 0% 11%
1.32 12% 8% 18% 21% 68% 71%
Indicated Rating, PostRecap
Calculation = Operating income/ KD x total debt = Net income/ total debt = (Net income - ▲NWC - capex)/ total debt = (Op. income + invest. income)/ total debt = Operating income/ sales = LTD/ (total debt + equity) = Total debt/ (total debt + equity)
B B BB A A B B
Wrigley's Volatility Estimate Equal weighting methodology Number of price relatives: Number of stock prices: Average daily variance: Adjusted daily variance: Annualized volatility(1): (1) Annualization factor = 252
541 542 0.000152 0.000152 19.58%
Distress Costs "Put Option" Black-Scholes (European: No Dividend) Call value Call delta (hedge ratio) 6/19/2000 Using put-call parity Put value Delta 6/23/2000 S underlying asset price X exercise price rf risk-free rate sd volatility t years to expiration
$10,814.87 1.000
$0.032 0.000 $13,260.00 $3,000.00 4.09% 19.58% 5.00
Cumulative Standard Normal Function d1 from Black-Scholes N(d1)
4.080 1.000
d2 from Black Scholes N(d2)
3.643 1.000
Date 6/1/2000 6/2/2000 6/5/2000 6/6/2000 6/7/2000 6/8/2000 6/9/2000 6/12/2000 6/13/2000 6/14/2000 6/15/2000 6/16/2000 6/19/2000 6/20/2000 6/21/2000 6/22/2000 6/23/2000 6/26/2000 6/27/2000 6/28/2000 6/29/2000 6/30/2000 7/3/2000 7/4/2000 7/5/2000 7/6/2000 7/7/2000 7/10/2000 7/11/2000 7/12/2000 7/13/2000 7/14/2000 7/17/2000 7/18/2000
7/19/2000 7/20/2000 7/21/2000 7/24/2000 7/25/2000 7/26/2000 7/27/2000 7/28/2000 7/31/2000 8/1/2000 8/2/2000 8/3/2000 8/4/2000 8/7/2000 8/8/2000 8/9/2000 8/10/2000 8/11/2000 8/14/2000 8/15/2000 8/16/2000 8/17/2000 8/18/2000 8/21/2000 8/22/2000 8/23/2000 8/24/2000 8/25/2000 8/28/2000 8/29/2000 8/30/2000 8/31/2000 9/1/2000 9/4/2000 9/5/2000 9/6/2000 9/7/2000 9/8/2000 9/11/2000 9/12/2000 9/13/2000
9/14/2000 9/15/2000 9/18/2000 9/19/2000 9/20/2000 9/21/2000 9/22/2000 9/25/2000 9/26/2000 9/27/2000 9/28/2000 9/29/2000 10/2/2000 10/3/2000 10/4/2000 10/5/2000 10/6/2000 10/9/2000 10/10/2000 10/11/2000 10/12/2000 10/13/2000 10/16/2000 10/17/2000 10/18/2000 10/19/2000 10/20/2000 10/23/2000 10/24/2000 10/25/2000 10/26/2000 10/27/2000 10/30/2000 10/31/2000 11/1/2000 11/2/2000 11/3/2000 11/6/2000 11/7/2000 11/8/2000 11/9/2000
11/10/2000 11/13/2000 11/14/2000 11/15/2000 11/16/2000 11/17/2000 11/20/2000 11/21/2000 11/22/2000 11/23/2000 11/24/2000 11/27/2000 11/28/2000 11/29/2000 11/30/2000 12/1/2000 12/4/2000 12/5/2000 12/6/2000 12/7/2000 12/8/2000 12/11/2000 12/12/2000 12/13/2000 12/14/2000 12/15/2000 12/18/2000 12/19/2000 12/20/2000 12/21/2000 12/22/2000 12/25/2000 12/26/2000 12/27/2000 12/28/2000 12/29/2000 1/1/2001 1/2/2001 1/3/2001 1/4/2001 1/5/2001
1/8/2001 1/9/2001 1/10/2001 1/11/2001 1/12/2001 1/15/2001 1/16/2001 1/17/2001 1/18/2001 1/19/2001 1/22/2001 1/23/2001 1/24/2001 1/25/2001 1/26/2001 1/29/2001 1/30/2001 1/31/2001 2/1/2001 2/2/2001 2/5/2001 2/6/2001 2/7/2001 2/8/2001 2/9/2001 2/12/2001 2/13/2001 2/14/2001 2/15/2001 2/16/2001 2/19/2001 2/20/2001 2/21/2001 2/22/2001 2/23/2001 2/26/2001 2/27/2001 2/28/2001 3/1/2001 3/2/2001 3/5/2001
3/6/2001 3/7/2001 3/8/2001 3/9/2001 3/12/2001 3/13/2001 3/14/2001 3/15/2001 3/16/2001 3/19/2001 3/20/2001 3/21/2001 3/22/2001 3/23/2001 3/26/2001 3/27/2001 3/28/2001 3/29/2001 3/30/2001 4/2/2001 4/3/2001 4/4/2001 4/5/2001 4/6/2001 4/9/2001 4/10/2001 4/11/2001 4/12/2001 4/13/2001 4/16/2001 4/17/2001 4/18/2001 4/19/2001 4/20/2001 4/23/2001 4/24/2001 4/25/2001 4/26/2001 4/27/2001 4/30/2001 5/1/2001
5/2/2001 5/3/2001 5/4/2001 5/7/2001 5/8/2001 5/9/2001 5/10/2001 5/11/2001 5/14/2001 5/15/2001 5/16/2001 5/17/2001 5/18/2001 5/21/2001 5/22/2001 5/23/2001 5/24/2001 5/25/2001 5/28/2001 5/29/2001 5/30/2001 5/31/2001 6/1/2001 6/4/2001 6/5/2001 6/6/2001 6/7/2001 6/8/2001 6/11/2001 6/12/2001 6/13/2001 6/14/2001 6/15/2001 6/18/2001 6/19/2001 6/20/2001 6/21/2001 6/22/2001 6/25/2001 6/26/2001 6/27/2001
6/28/2001 6/29/2001 7/2/2001 7/3/2001 7/4/2001 7/5/2001 7/6/2001 7/9/2001 7/10/2001 7/11/2001 7/12/2001 7/13/2001 7/16/2001 7/17/2001 7/18/2001 7/19/2001 7/20/2001 7/23/2001 7/24/2001 7/25/2001 7/26/2001 7/27/2001 7/30/2001 7/31/2001 8/1/2001 8/2/2001 8/3/2001 8/6/2001 8/7/2001 8/8/2001 8/9/2001 8/10/2001 8/13/2001 8/14/2001 8/15/2001 8/16/2001 8/17/2001 8/20/2001 8/21/2001 8/22/2001 8/23/2001
8/24/2001 8/27/2001 8/28/2001 8/29/2001 8/30/2001 8/31/2001 9/3/2001 9/4/2001 9/5/2001 9/6/2001 9/7/2001 9/10/2001 9/11/2001 9/12/2001 9/13/2001 9/14/2001 9/17/2001 9/18/2001 9/19/2001 9/20/2001 9/21/2001 9/24/2001 9/25/2001 9/26/2001 9/27/2001 9/28/2001 10/1/2001 10/2/2001 10/3/2001 10/4/2001 10/5/2001 10/8/2001 10/9/2001 10/10/2001 10/11/2001 10/12/2001 10/15/2001 10/16/2001 10/17/2001 10/18/2001 10/19/2001
10/22/2001 10/23/2001 10/24/2001 10/25/2001 10/26/2001 10/29/2001 10/30/2001 10/31/2001 11/1/2001 11/2/2001 11/5/2001 11/6/2001 11/7/2001 11/8/2001 11/9/2001 11/12/2001 11/13/2001 11/14/2001 11/15/2001 11/16/2001 11/19/2001 11/20/2001 11/21/2001 11/22/2001 11/23/2001 11/26/2001 11/27/2001 11/28/2001 11/29/2001 11/30/2001 12/3/2001 12/4/2001 12/5/2001 12/6/2001 12/7/2001 12/10/2001 12/11/2001 12/12/2001 12/13/2001 12/14/2001 12/17/2001
12/18/2001 12/19/2001 12/20/2001 12/21/2001 12/24/2001 12/25/2001 12/26/2001 12/27/2001 12/28/2001 12/31/2001 1/1/2002 1/2/2002 1/3/2002 1/4/2002 1/7/2002 1/8/2002 1/9/2002 1/10/2002 1/11/2002 1/14/2002 1/15/2002 1/16/2002 1/17/2002 1/18/2002 1/21/2002 1/22/2002 1/23/2002 1/24/2002 1/25/2002 1/28/2002 1/29/2002 1/30/2002 1/31/2002 2/1/2002 2/4/2002 2/5/2002 2/6/2002 2/7/2002 2/8/2002 2/11/2002 2/12/2002
2/13/2002 2/14/2002 2/15/2002 2/18/2002 2/19/2002 2/20/2002 2/21/2002 2/22/2002 2/25/2002 2/26/2002 2/27/2002 2/28/2002 3/1/2002 3/4/2002 3/5/2002 3/6/2002 3/7/2002 3/8/2002 3/11/2002 3/12/2002 3/13/2002 3/14/2002 3/15/2002 3/18/2002 3/19/2002 3/20/2002 3/21/2002 3/22/2002 3/25/2002 3/26/2002 3/27/2002 3/28/2002 3/29/2002 4/1/2002 4/2/2002 4/3/2002 4/4/2002 4/5/2002 4/8/2002 4/9/2002 4/10/2002
4/11/2002 4/12/2002 4/15/2002 4/16/2002 4/17/2002 4/18/2002 4/19/2002 4/22/2002 4/23/2002 4/24/2002 4/25/2002 4/26/2002 4/29/2002 4/30/2002 5/1/2002 5/2/2002 5/3/2002 5/6/2002 5/7/2002 5/8/2002 5/9/2002 5/10/2002 5/13/2002 5/14/2002 5/15/2002 5/16/2002 5/17/2002 5/20/2002 5/21/2002 5/22/2002 5/23/2002 5/24/2002 5/27/2002 5/28/2002 5/29/2002 5/30/2002 5/31/2002 6/3/2002 6/4/2002 6/5/2002 6/6/2002
6/7/2002 6/10/2002 6/11/2002 6/12/2002 6/13/2002 6/14/2002 6/17/2002 6/18/2002 6/19/2002 6/20/2002 6/21/2002 6/24/2002 6/25/2002 6/26/2002 6/27/2002 6/28/2002 Average
Wrigley (US$) 40.16 39.94 39.81 40.41 40.69 40.63 40.47 41.12 41.84 41.56 40.50 39.75 39.53 38.56 38.19 38.78 39.25 40.69 40.25 39.56 38.91 40.09 39.97 39.97 40.31 40.56 40.53 40.00 39.56 39.19 39.03 39.47 38.66 39.03
Price Relative
Log of Price Sq. Error of Relative Price Rel.
0.995 0.997 1.015 1.007
(0.005) (0.003) 0.015 0.007
0.0000 0.0000 0.0002 0.0000
0.999 0.996 1.016 1.018 0.993 0.974 0.981 0.994 0.975 0.990 1.015 1.012 1.037 0.989 0.983 0.984 1.030 0.997 1.000 1.009 1.006 0.999 0.987 0.989 0.991 0.996 1.011 0.979 1.010
(0.001) (0.004) 0.016 0.017 (0.007) (0.026) (0.019) (0.006) (0.025) (0.010) 0.015 0.012 0.036 (0.011) (0.017) (0.017) 0.030 (0.003) 0.000 0.008 0.006 (0.001) (0.013) (0.011) (0.009) (0.004) 0.011 (0.021) 0.010
0.0000 0.0000 0.0002 0.0003 0.0001 0.0007 0.0004 0.0000 0.0006 0.0001 0.0002 0.0001 0.0013 0.0001 0.0003 0.0003 0.0009 0.0000 0.0000 0.0001 0.0000 0.0000 0.0002 0.0001 0.0001 0.0000 0.0001 0.0005 0.0001
39.34 39.06 38.69 37.91 38.06 38.09 38.31 38.16 38.00 38.84 39.34 38.75 39.13 38.88 38.47 38.09 38.59 38.66 38.91 39.03 38.53 38.38 39.03 39.34 38.72 38.53 38.38 38.06 38.13 37.91 37.31 37.03 36.81 36.81 37.03 36.59 36.22 37.50 36.75 37.22 37.09
1.008 0.993 0.991 0.980 1.004 1.001 1.006 0.996 0.996 1.022 1.013 0.985 1.010 0.994 0.989 0.990 1.013 1.002 1.006 1.003 0.987 0.996 1.017 1.008 0.984 0.995 0.996 0.992 1.002 0.994 0.984 0.992 0.994 1.000 1.006 0.988 0.990 1.035 0.980 1.013 0.997
0.008 (0.007) (0.010) (0.020) 0.004 0.001 0.006 (0.004) (0.004) 0.022 0.013 (0.015) 0.010 (0.006) (0.011) (0.010) 0.013 0.002 0.006 0.003 (0.013) (0.004) 0.017 0.008 (0.016) (0.005) (0.004) (0.008) 0.002 (0.006) (0.016) (0.008) (0.006) 0.000 0.006 (0.012) (0.010) 0.035 (0.020) 0.013 (0.003)
0.0001 0.0001 0.0001 0.0004 0.0000 0.0000 0.0000 0.0000 0.0000 0.0005 0.0001 0.0002 0.0001 0.0000 0.0001 0.0001 0.0002 0.0000 0.0000 0.0000 0.0002 0.0000 0.0003 0.0001 0.0003 0.0000 0.0000 0.0001 0.0000 0.0000 0.0003 0.0001 0.0000 0.0000 0.0000 0.0002 0.0001 0.0012 0.0004 0.0001 0.0000
35.91 35.84 35.47 35.72 35.34 35.78 36.28 35.87 36.50 36.66 37.16 37.44 37.28 36.97 36.50 38.34 37.69 37.81 38.09 38.16 38.13 37.31 38.03 37.44 37.25 37.50 36.94 37.12 37.19 38.47 38.75 39.19 40.09 39.59 40.00 39.78 40.25 41.09 40.84 41.06 41.97
0.968 0.998 0.990 1.007 0.989 1.012 1.014 0.989 1.018 1.004 1.014 1.008 0.996 0.992 0.987 1.050 0.983 1.003 1.007 1.002 0.999 0.978 1.019 0.984 0.995 1.007 0.985 1.005 1.002 1.034 1.007 1.011 1.023 0.988 1.010 0.995 1.012 1.021 0.994 1.005 1.022
(0.032) (0.002) (0.010) 0.007 (0.011) 0.012 0.014 (0.011) 0.017 0.004 0.014 0.008 (0.004) (0.008) (0.013) 0.049 (0.017) 0.003 0.007 0.002 (0.001) (0.022) 0.019 (0.016) (0.005) 0.007 (0.015) 0.005 0.002 0.034 0.007 0.011 0.023 (0.013) 0.010 (0.006) 0.012 0.021 (0.006) 0.005 0.022
0.0011 0.0000 0.0001 0.0000 0.0001 0.0001 0.0002 0.0001 0.0003 0.0000 0.0002 0.0000 0.0000 0.0001 0.0002 0.0024 0.0003 0.0000 0.0000 0.0000 0.0000 0.0005 0.0003 0.0003 0.0000 0.0000 0.0002 0.0000 0.0000 0.0011 0.0000 0.0001 0.0005 0.0002 0.0001 0.0000 0.0001 0.0004 0.0000 0.0000 0.0005
42.50 42.09 42.06 43.31 43.59 43.19 43.69 44.72 44.31 44.31 43.59 43.78 44.53 45.47 45.41 45.28 45.66 44.88 44.47 45.19 44.53 43.00 43.31 43.91 43.31 44.69 45.44 45.75 46.00 46.78 46.34 46.34 46.91 46.91 47.09 47.91 47.91 48.03 46.00 44.75 45.66
1.013 0.990 0.999 1.030 1.006 0.991 1.012 1.024 0.991 1.000 0.984 1.004 1.017 1.021 0.999 0.997 1.008 0.983 0.991 1.016 0.985 0.966 1.007 1.014 0.986 1.032 1.017 1.007 1.005 1.017 0.991 1.000 1.012 1.000 1.004 1.017 1.000 1.003 0.958 0.973 1.020
0.013 (0.010) (0.001) 0.029 0.006 (0.009) 0.012 0.023 (0.009) 0.000 (0.016) 0.004 0.017 0.021 (0.001) (0.003) 0.008 (0.017) (0.009) 0.016 (0.015) (0.035) 0.007 0.014 (0.014) 0.031 0.017 0.007 0.005 0.017 (0.009) 0.000 0.012 0.000 0.004 0.017 0.000 0.003 (0.043) (0.028) 0.020
0.0001 0.0001 0.0000 0.0008 0.0000 0.0001 0.0001 0.0005 0.0001 0.0000 0.0003 0.0000 0.0003 0.0004 0.0000 0.0000 0.0001 0.0003 0.0001 0.0002 0.0002 0.0013 0.0000 0.0002 0.0002 0.0009 0.0003 0.0000 0.0000 0.0003 0.0001 0.0000 0.0001 0.0000 0.0000 0.0003 0.0000 0.0000 0.0019 0.0008 0.0004
45.88 46.19 45.81 45.03 44.00 44.00 44.91 44.59 44.56 43.50 43.47 44.03 43.91 43.63 43.34 43.80 43.51 43.70 43.96 44.06 44.90 44.83 45.17 45.48 45.50 45.67 45.69 44.78 44.90 45.80 45.80 46.17 45.81 45.90 45.57 45.74 46.06 46.56 47.02 46.53 46.55
1.005 1.007 0.992 0.983 0.977 1.000 1.021 0.993 0.999 0.976 0.999 1.013 0.997 0.994 0.993 1.011 0.993 1.004 1.006 1.002 1.019 0.998 1.008 1.007 1.000 1.004 1.000 0.980 1.003 1.020 1.000 1.008 0.992 1.002 0.993 1.004 1.007 1.011 1.010 0.990 1.000
0.005 0.007 (0.008) (0.017) (0.023) 0.000 0.020 (0.007) (0.001) (0.024) (0.001) 0.013 (0.003) (0.006) (0.007) 0.011 (0.007) 0.004 0.006 0.002 0.019 (0.002) 0.008 0.007 0.000 0.004 0.000 (0.020) 0.003 0.020 0.000 0.008 (0.008) 0.002 (0.007) 0.004 0.007 0.011 0.010 (0.010) 0.000
0.0000 0.0000 0.0001 0.0003 0.0006 0.0000 0.0004 0.0001 0.0000 0.0006 0.0000 0.0001 0.0000 0.0000 0.0001 0.0001 0.0001 0.0000 0.0000 0.0000 0.0003 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0004 0.0000 0.0004 0.0000 0.0001 0.0001 0.0000 0.0001 0.0000 0.0000 0.0001 0.0001 0.0001 0.0000
46.30 46.50 47.71 47.70 47.51 47.40 46.45 47.23 47.65 47.79 46.93 45.87 45.18 45.35 45.74 47.22 47.10 47.36 48.25 48.12 47.10 48.20 47.55 46.51 46.86 45.97 45.45 45.35 45.35 46.10 46.40 45.42 45.60 44.59 45.51 46.29 47.70 47.75 48.58 48.31 49.01
0.995 1.004 1.026 1.000 0.996 0.998 0.980 1.017 1.009 1.003 0.982 0.977 0.985 1.004 1.009 1.032 0.997 1.006 1.019 0.997 0.979 1.023 0.987 0.978 1.008 0.981 0.989 0.998 1.000 1.017 1.007 0.979 1.004 0.978 1.021 1.017 1.030 1.001 1.017 0.994 1.014
(0.005) 0.004 0.026 (0.000) (0.004) (0.002) (0.020) 0.017 0.009 0.003 (0.018) (0.023) (0.015) 0.004 0.009 0.032 (0.003) 0.006 0.019 (0.003) (0.021) 0.023 (0.014) (0.022) 0.007 (0.019) (0.011) (0.002) 0.000 0.016 0.006 (0.021) 0.004 (0.022) 0.020 0.017 0.030 0.001 0.017 (0.006) 0.014
0.0000 0.0000 0.0006 0.0000 0.0000 0.0000 0.0004 0.0003 0.0001 0.0000 0.0004 0.0005 0.0002 0.0000 0.0001 0.0010 0.0000 0.0000 0.0003 0.0000 0.0005 0.0005 0.0002 0.0005 0.0000 0.0004 0.0001 0.0000 0.0000 0.0002 0.0000 0.0005 0.0000 0.0005 0.0004 0.0003 0.0009 0.0000 0.0003 0.0000 0.0002
48.80 48.12 48.88 48.89 49.32 48.61 49.20 48.68 48.50 48.00 48.99 48.28 47.96 48.37 47.92 48.10 48.53 48.12 48.12 48.82 48.45 48.03 48.27 48.49 48.48 48.09 48.22 48.01 47.96 47.93 47.74 47.39 47.13 47.00 47.35 47.75 48.15 47.59 47.04 47.10 46.90
0.996 0.986 1.016 1.000 1.009 0.986 1.012 0.989 0.996 0.990 1.021 0.986 0.993 1.009 0.991 1.004 1.009 0.992 1.000 1.015 0.992 0.991 1.005 1.005 1.000 0.992 1.003 0.996 0.999 0.999 0.996 0.993 0.995 0.997 1.007 1.008 1.008 0.988 0.988 1.001 0.996
(0.004) (0.014) 0.016 0.000 0.009 (0.015) 0.012 (0.011) (0.004) (0.010) 0.020 (0.015) (0.007) 0.009 (0.009) 0.004 0.009 (0.008) 0.000 0.014 (0.008) (0.009) 0.005 0.005 (0.000) (0.008) 0.003 (0.004) (0.001) (0.001) (0.004) (0.007) (0.006) (0.003) 0.007 0.008 0.008 (0.012) (0.012) 0.001 (0.004)
0.0000 0.0002 0.0002 0.0000 0.0001 0.0002 0.0001 0.0001 0.0000 0.0001 0.0004 0.0002 0.0001 0.0001 0.0001 0.0000 0.0001 0.0001 0.0000 0.0002 0.0001 0.0001 0.0000 0.0000 0.0000 0.0001 0.0000 0.0000 0.0000 0.0000 0.0000 0.0001 0.0000 0.0000 0.0000 0.0001 0.0001 0.0002 0.0001 0.0000 0.0000
46.94 46.85 47.80 47.95 47.95 47.72 46.88 47.42 47.07 47.40 47.10 46.86 46.80 47.89 48.14 48.48 48.62 48.06 48.07 48.95 48.88 49.01 49.10 49.92 50.16 50.64 50.30 49.52 49.48 48.94 49.57 50.08 49.94 50.18 50.15 50.16 50.04 50.66 50.90 50.75 50.35
1.001 0.998 1.020 1.003 1.000 0.995 0.982 1.012 0.993 1.007 0.994 0.995 0.999 1.023 1.005 1.007 1.003 0.988 1.000 1.018 0.999 1.003 1.002 1.017 1.005 1.010 0.993 0.984 0.999 0.989 1.013 1.010 0.997 1.005 0.999 1.000 0.998 1.012 1.005 0.997 0.992
0.001 (0.002) 0.020 0.003 0.000 (0.005) (0.018) 0.011 (0.007) 0.007 (0.006) (0.005) (0.001) 0.023 0.005 0.007 0.003 (0.012) 0.000 0.018 (0.001) 0.003 0.002 0.017 0.005 0.010 (0.007) (0.016) (0.001) (0.011) 0.013 0.010 (0.003) 0.005 (0.001) 0.000 (0.002) 0.012 0.005 (0.003) (0.008)
0.0000 0.0000 0.0004 0.0000 0.0000 0.0000 0.0003 0.0001 0.0001 0.0000 0.0000 0.0000 0.0000 0.0005 0.0000 0.0000 0.0000 0.0001 0.0000 0.0003 0.0000 0.0000 0.0000 0.0003 0.0000 0.0001 0.0001 0.0003 0.0000 0.0001 0.0001 0.0001 0.0000 0.0000 0.0000 0.0000 0.0000 0.0001 0.0000 0.0000 0.0001
50.98 50.90 50.25 49.98 50.35 50.14 50.14 50.95 51.06 50.51 50.28 51.82 51.82 51.82 51.82 51.82 51.23 51.11 50.31 49.10 47.00 48.13 48.22 49.56 50.55 51.30 51.15 51.95 50.70 50.18 50.41 48.97 49.95 50.92 49.89 49.07 48.90 48.83 48.24 48.21 49.48
1.013 0.998 0.987 0.995 1.007 0.996 1.000 1.016 1.002 0.989 0.995 1.031 1.000 1.000 1.000 1.000 0.989 0.998 0.984 0.976 0.957 1.024 1.002 1.028 1.020 1.015 0.997 1.016 0.976 0.990 1.005 0.971 1.020 1.019 0.980 0.984 0.997 0.999 0.988 0.999 1.026
0.012 (0.002) (0.013) (0.005) 0.007 (0.004) 0.000 0.016 0.002 (0.011) (0.005) 0.030 0.000 0.000 0.000 0.000 (0.011) (0.002) (0.016) (0.024) (0.044) 0.024 0.002 0.027 0.020 0.015 (0.003) 0.016 (0.024) (0.010) 0.005 (0.029) 0.020 0.019 (0.020) (0.017) (0.003) (0.001) (0.012) (0.001) 0.026
0.0001 0.0000 0.0002 0.0000 0.0000 0.0000 0.0000 0.0002 0.0000 0.0001 0.0000 0.0009 0.0000 0.0000 0.0000 0.0000 0.0001 0.0000 0.0003 0.0006 0.0020 0.0005 0.0000 0.0007 0.0004 0.0002 0.0000 0.0002 0.0006 0.0001 0.0000 0.0009 0.0004 0.0003 0.0004 0.0003 0.0000 0.0000 0.0002 0.0000 0.0006
50.25 49.79 49.99 50.02 50.50 49.89 49.63 50.05 51.22 51.94 52.28 52.90 52.92 52.25 51.76 51.42 51.63 51.63 51.26 51.10 50.98 50.57 50.38 50.38 50.55 50.45 49.90 50.20 50.51 50.54 50.45 50.78 51.31 50.23 49.97 49.78 49.29 49.35 49.60 49.95 50.17
1.016 0.991 1.004 1.001 1.010 0.988 0.995 1.008 1.023 1.014 1.007 1.012 1.000 0.987 0.991 0.993 1.004 1.000 0.993 0.997 0.998 0.992 0.996 1.000 1.003 0.998 0.989 1.006 1.006 1.001 0.998 1.007 1.010 0.979 0.995 0.996 0.990 1.001 1.005 1.007 1.004
0.015 (0.009) 0.004 0.001 0.010 (0.012) (0.005) 0.008 0.023 0.014 0.007 0.012 0.000 (0.013) (0.009) (0.007) 0.004 0.000 (0.007) (0.003) (0.002) (0.008) (0.004) 0.000 0.003 (0.002) (0.011) 0.006 0.006 0.001 (0.002) 0.007 0.010 (0.021) (0.005) (0.004) (0.010) 0.001 0.005 0.007 0.004
0.0002 0.0001 0.0000 0.0000 0.0001 0.0002 0.0000 0.0001 0.0005 0.0002 0.0000 0.0001 0.0000 0.0002 0.0001 0.0001 0.0000 0.0000 0.0001 0.0000 0.0000 0.0001 0.0000 0.0000 0.0000 0.0000 0.0001 0.0000 0.0000 0.0000 0.0000 0.0000 0.0001 0.0005 0.0000 0.0000 0.0001 0.0000 0.0000 0.0000 0.0000
50.80 51.25 51.43 52.60 52.00 52.00 52.40 52.47 51.78 51.37 51.37 51.44 50.81 50.67 50.55 50.84 50.86 51.07 51.10 51.73 51.80 51.09 51.47 51.46 51.46 51.88 51.90 52.27 52.20 52.36 52.52 54.10 54.64 54.51 54.23 54.85 53.91 54.36 53.85 53.84 53.76
1.013 1.009 1.004 1.023 0.989 1.000 1.008 1.001 0.987 0.992 1.000 1.001 0.988 0.997 0.998 1.006 1.000 1.004 1.001 1.012 1.001 0.986 1.007 1.000 1.000 1.008 1.000 1.007 0.999 1.003 1.003 1.030 1.010 0.998 0.995 1.011 0.983 1.008 0.991 1.000 0.999
0.012 0.009 0.004 0.022 (0.011) 0.000 0.008 0.001 (0.013) (0.008) 0.000 0.001 (0.012) (0.003) (0.002) 0.006 0.000 0.004 0.001 0.012 0.001 (0.014) 0.007 (0.000) 0.000 0.008 0.000 0.007 (0.001) 0.003 0.003 0.030 0.010 (0.002) (0.005) 0.011 (0.017) 0.008 (0.009) (0.000) (0.001)
0.0001 0.0001 0.0000 0.0005 0.0001 0.0000 0.0000 0.0000 0.0002 0.0001 0.0000 0.0000 0.0002 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0001 0.0000 0.0002 0.0000 0.0000 0.0000 0.0001 0.0000 0.0000 0.0000 0.0000 0.0000 0.0008 0.0001 0.0000 0.0000 0.0001 0.0003 0.0001 0.0001 0.0000 0.0000
53.75 53.95 54.86 54.86 54.42 55.40 54.85 55.55 56.06 55.76 55.50 56.04 56.51 55.78 55.29 55.24 54.39 54.15 54.15 54.10 53.75 53.80 54.75 53.76 53.78 53.43 53.95 53.93 53.27 54.22 53.95 53.31 53.31 53.15 53.63 53.00 53.93 54.10 54.12 54.00 55.00
1.000 1.004 1.017 1.000 0.992 1.018 0.990 1.013 1.009 0.995 0.995 1.010 1.008 0.987 0.991 0.999 0.985 0.996 1.000 0.999 0.994 1.001 1.018 0.982 1.000 0.993 1.010 1.000 0.988 1.018 0.995 0.988 1.000 0.997 1.009 0.988 1.018 1.003 1.000 0.998 1.019
(0.000) 0.004 0.017 0.000 (0.008) 0.018 (0.010) 0.013 0.009 (0.005) (0.005) 0.010 0.008 (0.013) (0.009) (0.001) (0.016) (0.004) 0.000 (0.001) (0.006) 0.001 0.018 (0.018) 0.000 (0.007) 0.010 (0.000) (0.012) 0.018 (0.005) (0.012) 0.000 (0.003) 0.009 (0.012) 0.017 0.003 0.000 (0.002) 0.018
0.0000 0.0000 0.0003 0.0000 0.0001 0.0003 0.0001 0.0001 0.0001 0.0000 0.0000 0.0001 0.0001 0.0002 0.0001 0.0000 0.0003 0.0000 0.0000 0.0000 0.0001 0.0000 0.0003 0.0004 0.0000 0.0001 0.0001 0.0000 0.0002 0.0003 0.0000 0.0002 0.0000 0.0000 0.0001 0.0002 0.0003 0.0000 0.0000 0.0000 0.0003
55.00 55.40 54.86 55.12 54.87 54.88 55.16 54.56 54.51 55.02 55.12 54.80 54.71 55.00 56.24 56.65 55.97 55.66 55.34 55.72 55.80 55.70 56.23 56.46 56.60 56.94 57.01 57.08 57.32 58.14 57.87 57.10 57.10 56.54 56.77 56.16 57.31 56.37 56.83 57.66 56.52
1.000 1.007 0.990 1.005 0.995 1.000 1.005 0.989 0.999 1.009 1.002 0.994 0.998 1.005 1.023 1.007 0.988 0.994 0.994 1.007 1.001 0.998 1.010 1.004 1.002 1.006 1.001 1.001 1.004 1.014 0.995 0.987 1.000 0.990 1.004 0.989 1.020 0.984 1.008 1.015 0.980
0.000 0.007 (0.010) 0.005 (0.005) 0.000 0.005 (0.011) (0.001) 0.009 0.002 (0.006) (0.002) 0.005 0.022 0.007 (0.012) (0.006) (0.006) 0.007 0.001 (0.002) 0.009 0.004 0.002 0.006 0.001 0.001 0.004 0.014 (0.005) (0.013) 0.000 (0.010) 0.004 (0.011) 0.020 (0.017) 0.008 0.014 (0.020)
0.0000 0.0000 0.0001 0.0000 0.0000 0.0000 0.0000 0.0001 0.0000 0.0001 0.0000 0.0000 0.0000 0.0000 0.0005 0.0000 0.0002 0.0000 0.0000 0.0000 0.0000 0.0000 0.0001 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0002 0.0000 0.0002 0.0000 0.0001 0.0000 0.0001 0.0004 0.0003 0.0001 0.0002 0.0004
57.07 57.25 58.01 58.35 57.66 56.73 57.16 57.11 56.67 56.82 57.02 56.40 55.78 56.42 57.63 55.35
1.010 1.003 1.013 1.006 0.988 0.984 1.008 0.999 0.992 1.003 1.004 0.989 0.989 1.011 1.021 0.960
0.010 0.003 0.013 0.006 (0.012) (0.016) 0.008 (0.001) (0.008) 0.003 0.004 (0.011) (0.011) 0.011 0.021 (0.040) 0.00059
0.0001 0.0000 0.0002 0.0000 0.0002 0.0003 0.0000 0.0000 0.0001 0.0000 0.0000 0.0001 0.0001 0.0001 0.0004 0.0017 0.00015
To test the valuation effects of the repurchase, assume that Wrigley could borrow a maximum of $3 billlion at a pretax cost of debt of 13 percent and that the aggregate amount of debt will remain constant in perpetuity. Also assume that the proceeds of the loan would be used to repurchase shares or be paid as an extraordinary dividend to shareholders. Exhibit 1 pre Wrigley's book- and market-value balance sheets assuming the capital structure before recapitalization. Please complete the work sheet for the recapitalization alternative. Wm. Wrigley Jr. Company, Inc. (values are in thousands)
Book Value Balance Sheets 1 Net working capital 2 Fixed assets, marketable securities, deferred tax assets 3 Total assets 4 Long-term debt 5 Deferred taxes, etc. 6 Common equity 7 Total capital 8 Book value per share 9 Book value of equity divided by total capital Market Value Balance Sheets 10 Net working capital 11 Fixed assets 12 PV costs of expected financial distress 13 PV debt tax shield (equals 0.40 times debt balance) 14 Total assets 15 Long-term debt 16 Deferred taxes, etc. 17 Common equity 18 Total capital 19 Number of shares
20 Price per share 21 Market value of equity divided by total capital Value to Public Shareholders 22 Cash received 23 Value of shares 24 Total 25 Total per share 26 Percentage change in value
ley could borrow nd that the aggregate that the proceeds of the loan y dividend to shareholders. Exhibit 1 presents apital structure before recapitalization.
Before Recapitalization
Changes
Step One: Releveraging
$581,519 $851,795 $1,433,314
$3,000,000
$3,581,519 $851,795 $4,433,314
$0 $157,127 $1,276,287 $1,433,414
$3,000,000
$3,000,000 $157,127 $1,276,287 $4,433,414
$5.49 89%
Dividend ($3,000,000)
($3,000,000)
$5.49 29%
$581,519 $12,678,307
$3,000,000
$0 $13,259,826
$1,200,000
$113,921 $43,206 $13,102,699 $13,259,826
$3,000,000
232,441
Alternatives for Step Tw
$1,199,968
$3,581,519 $12,678,307 ($32) $1,200,000 $17,459,794 $3,113,921 $43,206 $14,302,667 $17,459,794 232,441
($3,000,000)
($3,000,000)
$56.37 99%
$61.53 82%
$0 $13,102,699 $13,102,699 $56.37
$0 $14,302,667 $14,302,667 $61.53 9.2%
53219.7977647685 179,221
$1,199,968
$
5.16
$
61.53
Alternatives for Step Two: Dividend Share Repurchase $581,519 $851,795 $1,433,314 $3,000,000 $157,127 ($1,723,713) $1,433,414
($3,000,000)
($3,000,000)
($7.42) -120%
$581,519 $12,678,307 ($32) $1,200,000 $14,459,794 $3,113,921 $43,206 $11,302,667 $14,459,794 232,441
$581,519 $851,795 $1,433,314 $3,000,000 $157,127 ($1,723,713) $1,433,414 ($9.38) -120%
($3,000,000)
($3,000,000)
48,755
$581,519 $12,678,307 ($32) $1,200,000 $14,459,794 $3,113,921 $43,206 $11,302,667 $14,459,794 183,686
$
(1,800,032)
$48.63 78%
$61.53 78%
$3,000,000 $11,302,667 $14,302,667 $61.53 9.2%
$3,000,000 $11,302,667 $14,302,667 $61.53 9.2%
put option per share
$
(0.03) (0.00)
3. EBIT vs. EPS Calculations -- Exhibit TN3
Pro forma increase
Status Quo 300 Operating income (EBIT) Interest expense Taxable income Taxes (@ 40%) Net income Shares outstanding EPS (status quo) Recapitalization with Share Repurchase Operating income (EBIT) 13% Interest expense1 Taxable income Taxes (@ 40%) Net income Shares outstanding2 EPS (recap. with share repurchase) Recapitalization with Dividend Operating income (EBIT) 13% Interest expense1 Taxable income Taxes (@ 40%) Net income Shares outstanding EPS (recapitalization with dividend)
($86) $0 ($86) ($34) ($52) 232.441 ($0.22)
($86) $390 ($476) ($190) ($286) 183.686 ($1.55)
($86) $390 ($476) ($190) ($286) 232.441 ($1.23)
Interest expense is the 13% on the added debt.
1
Includes share repurchase.
2
EPS versus EBIT $5.00 $4.00 $3.00 EPS
$2.00 $1.00 $0.00
$5.00 $4.00 $3.00 EPS
$2.00 $1.00 $0.00 ($86) ($1.00)
$214
$514
$814
($2.00) EBIT
$1,114
$1,414
$214 $0 $214 $86 $128 232.441 $0.55
2001 $514 $0 $514 $206 $308 232.441 $1.33
$814 $0 $814 $326 $488 232.441 $2.10
$1,114 $0 $1,114 $446 $668 232.441 $2.88
$1,414 $0 $1,414 $566 $848 232.441 $3.65
$1,714 $0 $1,714 $686 $1,028 232.441 $4.42
$214
2001 $514
$814
$1,114
$1,414
$1,714
$390 ($176) ($70) ($106)
$390 $124 $50 $74
$390 $424 $170 $254
$390 $724 $290 $434
$390 $1,024 $410 $614
$390 $1,324 $530 $794
183.686 ($0.57)
183.686 $0.41
183.686 $1.38
183.686 $2.36
183.686 $3.34
183.686 $4.32
$214
2001 $514
$814
$1,114
$1,414
$1,714
$390 ($176) ($70) ($106) 232.441 ($0.45)
$390 $124 $50 $74 232.441 $0.32
$390 $424 $170 $254 232.441 $1.09
$390 $724 $290 $434 232.441 $1.87
$390 $1,024 $410 $614 232.441 $2.64
$390 $1,324 $530 $794 232.441 $3.42
S versus EBIT
Status Quo Recapitalization with Dividend Recapitalization with Repurchase
Status Quo Recapitalization with Dividend Recapitalization with Repurchase
$1,114
$1,414
$1,714
(in thousands, except per share amounts) EARNINGS Net sales Cost of sales Gross Profit Selling and general administrative expenses Operating income Investment income Other expense Earnings before income taxes Income taxes Net earnings PER SHARE AMOUNTS Net earnings per share of common stock (basic and diluted) Dividends paid per share of common stock Source: The Wm. Wrigley Jr. Co. 2001 filings with the U.S. Securities and Exchange Commission.
Net earnings EPS Revenues
2001 $ $ $ $ $ $ $ $ $ $
$ $
2,429,646 997,054 1,432,592 919,236 513,356 18,553 (4,543) 527,366 164,380 362,986
2000 $ $ $ $ $ $ $ $ $ $
1.61 $ 0.745 $
e Commission.
9% 10% 9%
2,145,706 904,266 1,241,440 778,197 463,243 19,185 (3,116) 479,312 150,370 328,942
1999 $ $ $ $ $ $ $ $ $ $
2,061,602 904,183 1,157,419 721,813 435,606 17,636 (8,812) 444,430 136,247 308,183
1.45 $ 0.70 $
1.33 0.66
Consolidated Balance Sheet (in thousands of dollars) ASSETS Current assets: Cash and equivalents Short-term investments, at amortized cost Accounts receivable (less allowance for doubtful accounts: 2001 - $7,712, 2000 - $7,065) Inventories Finished goods Raw materials and suppplies Other current assets Deferred income taxes - current Total current assets Marketable equity securities, at fair value Deferred charges and other assets Deferred income taxes - non-current Property, plant, and equipment (at cost) Land Buildings and building equipment Machinery and equipment Less accumulated depreciation Net, property plant and equipment TOTAL ASSETS LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable Accrued expenses Dividends payable Income and other taxes payable Deferred income taxes - current Total current liabilities Deferred income taxes - non-current Other non-current liabilities Common stock (189.8 million shares outstanding) Class B common stock (42.641 million shares outstanding) Additional paid-in capital
Retained earnings Treasury stock Accumulated other comprehensive income Total stockholders' equity TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY Source: The Wm. Wrigley Jr. Co. 2001 10-K filing with the U.S. Securities and Exchange Commission.
2001
2000
$
307,785 $
300,599
$
25,450 $
29,301
$
239,885 $
191,570
$
75,693 $
64,676
$
203,288 $
188,615
$
278,981 $
253,291
$
46,896 $
39,728
$
14,846 $
14,226
$
913,843 $
828,715
$
25,300 $
28,535
$
115,745 $
83,713
$
26,381 $
26,743
$
39,933 $
39,125
$
359,109 $
344,457
$
857,044 $
756,050
$
1,256,086 $
1,139,632
$
571,717 $
532,598
$
684,379 $
607,034
$
1,765,648 $
1,574,740
$
91,225 $
73,129
$
128,406 $
113,779
$
42,711 $
39,467
$
68,437 $
60,976
$
1,455 $
859
$
332,234 $
288,210
$
43,206 $
40,144
$
113,921 $
113,489
$
12,646 $
12,558
$
2,850 $
2,938
$
1,153 $
346
NWC= FA etc. =
Change NWC= CapEx=
Def. tax & other NCL
Common Class B
$
1,684,337 $
1,492,547
$
(289,799) $
(256,478)
$
(134,900) $
(119,014)
$
1,276,287 $
1,132,897
$
1,765,648 $
1,574,740
hange Commission.
Total
$ $
581,609 $ 851,795
$ $
41,104 77,345
$
157,127
Total Share Equivalents 189.800 42.641
540,505
232.441
$1,500 $1,400
Wrigley
$1,300 $1,200 $1,100 $1,000 $900 $800 $700 $600
S&P Food Beverage & Tobacco Index S&P 500
Financial Characteristics of Major Confectionary Firms
Company Name
Cadbury Schweppes PLC Hershey Foods Corp. Kraft Foods Tootise Roll Industries Inc. Wm. Wrigley Jr. Co. S&P 500 Composite
Company Name
Cadbury Schweppes PLC Hershey Foods Corp. Kraft Foods Tootise Roll Industries Inc. Wm. Wrigley Jr. Co. S&P 500 Composite Source of data: Value Line Investment Survey
Recent Price
$ $ $ $ $ $
26.66 65.45 38.82 31.17 56.37 1,148.08
Beta
Common Shares Outstanding (millions)
502.50 136.63 1,735.00 51.66 232.44
EPS
0.60 0.60 nmf 0.65 0.75 1.00
1.39 2.74 1.17 1.30 1.61 18.78
Market Value of Equity (millions)
$ $ $ $ $
13,397 8,942 67,353 1,610 13,103
Price/ Earnings
15.20 20.40 18.70 24.00 29.30 40.55
Book Value of Equity (millions)
$ $ $ $ $
5,264 2,785 39,920 509 1,276
Total LT Debt (millions)
$ $ $ $ $
2,264 869 8,548 8 -
LT Debt/ (LT LT Debt/ (LT Debt Debt + Book + Mkt Value of Value of Equity) Equity)
30.07% 23.77% 17.64% 1.45% 0.00% 18.23%
Cash Dividend Dividend Payout Dividend Yield
$ $ $ $ $
0.67 1.16 0.26 0.28 0.75
44.0% 41.0% 12.0% 22.0% 46.0%
2.50% 2.00% 1.50% 0.90% 1.50%
14.46% 8.85% 11.26% 0.46% 0.00% 8.76%
LT Debt/Book Value of Equity
43.01% 31.18% 21.41% 1.47% 0.00% 24.27%
Interest Coverage Compound Growth Before Tax of EPS Past 5 Yrs
4.6x 11.1x 3.4x nmf nmf
6.50% 6.50% nmf 12.50% 9.00% -49.57%
LT Debt/Mkt Value of Equity
16.90% 9.71% 12.69% 0.47% 0.00% 9.94%
Firm Value/ EBITDA
10.3 11.4 10.1 14.6 22.6
Capital Market Conditions, June 7, 2002 U.S. Treasury Obligations 3-mos. 6 mos. 1 yr. 2 yr. 3 yr. 5 yr. 7 yr. 10 yr. 20 yr.
Yield 1.670% 1.710% 2.310% 3.160% 3.660% 4.090% 4.520% 4.860% 5.650%
Corporate Debt Obligations (10-year) AAA AA A BBB BB B
Yield 9.307% 9.786% 10.083% 10.894% 12.753% 14.663%
Yields on Corporate Debt by Credit Rating Category 17.000% 15.000% 13.000% 11.000% 9.000% 7.000% 5.000% AAA
AA
A
BBB
BB
B
6% 5% 4% 3% 2% 1% 0% 3-mos. 6 mos.
1
Other Instruments U.S. Federal Reserve Bank Discount Rate LIBOR (1-month) Certificates of Deposit (6-month) Prime Interest Rates
Yield 1.730% 1.840% 1.980% 4.750%
U.S. Treasury Yield Curve June 7, 2002
6% 5% 4% 3% 2% 1% 0% 3-mos. 6 mos.
1 yr.
2 yr.
3 yr.
5 yr.
Sources of data: Bloomberg LP, Federal Reserve Bank Reports.
7 yr.
10 yr.
20 yr.
EPS versus EBIT Analysis Assumptions Interest Rate on debt Debt Outstanding Tax Rate Before Recapitalization Operating Income (EBIT) Interest Expense Taxable Income Taxes Net Income Shares Outstanding EPS (Earnings Per Share)
Before Recapitalization
Worst Case
Most Likely
Best Case
After Recapitalization Operating Income (EBIT) Interest Expense Taxable Income Taxes Net Income Shares Outstanding EPS (Earnings Per Share)
After Recapitalization
Worst Case
Most Likely
Best Case
Source: Datastream
S&P 500 COMPOSITE PRICE INDEX
WRIGLEY WILLIAM JR.
Name
Code 6/1/2000 6/2/2000 6/5/2000 6/6/2000 6/7/2000 6/8/2000 6/9/2000 6/12/2000 6/13/2000 6/14/2000 6/15/2000 6/16/2000 6/19/2000 6/20/2000 6/21/2000 6/22/2000 6/23/2000 6/26/2000 6/27/2000 6/28/2000 6/29/2000 6/30/2000 7/3/2000 7/4/2000 7/5/2000 7/6/2000 7/7/2000 7/10/2000 7/11/2000 7/12/2000
Wrigley $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
40.16 39.94 39.81 40.41 40.69 40.63 40.47 41.12 41.84 41.56 40.50 39.75 39.53 38.56 38.19 38.78 39.25 40.69 40.25 39.56 38.91 40.09 39.97 39.97 40.31 40.56 40.53 40.00 39.56 39.19
WWY Indexed $ 1,000.00 $ 994.52 $ 991.28 $ 1,006.23 $ 1,013.20 $ 1,011.70 $ 1,007.72 $ 1,023.90 $ 1,041.83 $ 1,034.86 $ 1,008.47 $ 989.79 $ 984.31 $ 960.16 $ 950.95 $ 965.64 $ 977.34 $ 1,013.20 $ 1,002.24 $ 985.06 $ 968.87 $ 998.26 $ 995.27 $ 995.27 $ 1,003.74 $ 1,009.96 $ 1,009.21 $ 996.02 $ 985.06 $ 975.85
S&P 500 Comp $ 1,448.81 $ 1,477.27 $ 1,467.63 $ 1,457.84 $ 1,471.36 $ 1,461.67 $ 1,456.95 $ 1,446.00 $ 1,469.44 $ 1,470.54 $ 1,478.73 $ 1,464.46 $ 1,486.00 $ 1,475.95 $ 1,479.13 $ 1,452.18 $ 1,441.48 $ 1,455.31 $ 1,450.55 $ 1,454.82 $ 1,442.39 $ 1,454.60 $ 1,469.54 $ 1,469.54 $ 1,446.23 $ 1,456.67 $ 1,478.90 $ 1,475.62 $ 1,480.88 $ 1,492.92
S&P Indexed $ 1,000.00 $ 1,019.64 $ 1,012.99 $ 1,006.23 $ 1,015.56 $ 1,008.88 $ 1,005.62 $ 998.06 $ 1,014.24 $ 1,015.00 $ 1,020.65 $ 1,010.80 $ 1,025.67 $ 1,018.73 $ 1,020.93 $ 1,002.33 $ 994.94 $ 1,004.49 $ 1,001.20 $ 1,004.15 $ 995.57 $ 1,004.00 $ 1,014.31 $ 1,014.31 $ 998.22 $ 1,005.43 $ 1,020.77 $ 1,018.50 $ 1,022.14 $ 1,030.45
7/13/2000 7/14/2000 7/17/2000 7/18/2000 7/19/2000 7/20/2000 7/21/2000 7/24/2000 7/25/2000 7/26/2000 7/27/2000 7/28/2000 7/31/2000 8/1/2000 8/2/2000 8/3/2000 8/4/2000 8/7/2000 8/8/2000 8/9/2000 8/10/2000 8/11/2000 8/14/2000 8/15/2000 8/16/2000 8/17/2000 8/18/2000 8/21/2000 8/22/2000 8/23/2000 8/24/2000 8/25/2000 8/28/2000 8/29/2000 8/30/2000 8/31/2000 9/1/2000 9/4/2000 9/5/2000 9/6/2000 9/7/2000
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
39.03 39.47 38.66 39.03 39.34 39.06 38.69 37.91 38.06 38.09 38.31 38.16 38.00 38.84 39.34 38.75 39.13 38.88 38.47 38.09 38.59 38.66 38.91 39.03 38.53 38.38 39.03 39.34 38.72 38.53 38.38 38.06 38.13 37.91 37.31 37.03 36.81 36.81 37.03 36.59 36.22
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
971.86 982.82 962.65 971.86 979.58 972.61 963.40 943.97 947.71 948.46 953.93 950.20 946.22 967.13 979.58 964.89 974.35 968.13 957.92 948.46 960.91 962.65 968.87 971.86 959.41 955.68 971.86 979.58 964.14 959.41 955.68 947.71 949.45 943.97 929.03 922.06 916.58 916.58 922.06 911.11 901.89
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,495.84 1,509.98 1,510.49 1,493.74 1,481.96 1,495.57 1,480.19 1,464.29 1,474.47 1,452.42 1,449.62 1,419.89 1,430.83 1,438.10 1,438.70 1,452.56 1,462.93 1,479.32 1,482.80 1,472.87 1,460.25 1,471.84 1,491.56 1,484.43 1,479.85 1,496.07 1,491.72 1,499.48 1,498.13 1,505.97 1,508.31 1,506.45 1,514.09 1,509.84 1,502.59 1,517.68 1,520.77 1,520.77 1,507.08 1,492.25 1,502.51
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,032.46 1,042.22 1,042.57 1,031.01 1,022.88 1,032.27 1,021.66 1,010.68 1,017.71 1,002.49 1,000.56 980.04 987.59 992.61 993.02 1,002.59 1,009.75 1,021.06 1,023.46 1,016.61 1,007.90 1,015.90 1,029.51 1,024.59 1,021.42 1,032.62 1,029.62 1,034.97 1,034.04 1,039.45 1,041.07 1,039.78 1,045.06 1,042.12 1,037.12 1,047.54 1,049.67 1,049.67 1,040.22 1,029.98 1,037.06
9/8/2000 9/11/2000 9/12/2000 9/13/2000 9/14/2000 9/15/2000 9/18/2000 9/19/2000 9/20/2000 9/21/2000 9/22/2000 9/25/2000 9/26/2000 9/27/2000 9/28/2000 9/29/2000 10/2/2000 10/3/2000 10/4/2000 10/5/2000 10/6/2000 10/9/2000 10/10/2000 10/11/2000 10/12/2000 10/13/2000 10/16/2000 10/17/2000 10/18/2000 10/19/2000 10/20/2000 10/23/2000 10/24/2000 10/25/2000 10/26/2000 10/27/2000 10/30/2000 10/31/2000 11/1/2000 11/2/2000 11/3/2000
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
37.50 36.75 37.22 37.09 35.91 35.84 35.47 35.72 35.34 35.78 36.28 35.87 36.50 36.66 37.16 37.44 37.28 36.97 36.50 38.34 37.69 37.81 38.09 38.16 38.13 37.31 38.03 37.44 37.25 37.50 36.94 37.12 37.19 38.47 38.75 39.19 40.09 39.59 40.00 39.78 40.25
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
933.76 915.09 926.79 923.56 894.17 892.43 883.22 889.44 879.98 890.94 903.39 893.18 908.86 912.85 925.30 932.27 928.29 920.57 908.86 954.68 938.50 941.48 948.46 950.20 949.45 929.03 946.96 932.27 927.54 933.76 919.82 924.30 926.05 957.92 964.89 975.85 998.26 985.81 996.02 990.54 1,002.24
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,494.50 1,489.26 1,481.99 1,484.91 1,480.87 1,465.81 1,444.51 1,459.90 1,451.34 1,449.05 1,448.72 1,439.03 1,427.21 1,426.57 1,458.29 1,436.51 1,436.23 1,426.46 1,434.32 1,436.28 1,408.99 1,402.03 1,387.02 1,364.59 1,329.78 1,374.17 1,374.62 1,349.97 1,342.13 1,388.76 1,396.93 1,395.78 1,398.13 1,364.90 1,364.44 1,379.58 1,398.66 1,429.40 1,421.22 1,428.32 1,426.69
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,031.54 1,027.92 1,022.90 1,024.92 1,022.13 1,011.73 997.03 1,007.65 1,001.75 1,000.17 999.94 993.25 985.09 984.65 1,006.54 991.51 991.32 984.57 990.00 991.35 972.52 967.71 957.35 941.87 917.84 948.48 948.79 931.78 926.37 958.55 964.19 963.40 965.02 942.08 941.77 952.22 965.39 986.60 980.96 985.86 984.73
11/6/2000 11/7/2000 11/8/2000 11/9/2000 11/10/2000 11/13/2000 11/14/2000 11/15/2000 11/16/2000 11/17/2000 11/20/2000 11/21/2000 11/22/2000 11/23/2000 11/24/2000 11/27/2000 11/28/2000 11/29/2000 11/30/2000 12/1/2000 12/4/2000 12/5/2000 12/6/2000 12/7/2000 12/8/2000 12/11/2000 12/12/2000 12/13/2000 12/14/2000 12/15/2000 12/18/2000 12/19/2000 12/20/2000 12/21/2000 12/22/2000 12/25/2000 12/26/2000 12/27/2000 12/28/2000 12/29/2000 1/1/2001
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
41.09 40.84 41.06 41.97 42.50 42.09 42.06 43.31 43.59 43.19 43.69 44.72 44.31 44.31 43.59 43.78 44.53 45.47 45.41 45.28 45.66 44.88 44.47 45.19 44.53 43.00 43.31 43.91 43.31 44.69 45.44 45.75 46.00 46.78 46.34 46.34 46.91 46.91 47.09 47.91 47.91
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,023.16 1,016.93 1,022.41 1,045.07 1,058.27 1,048.06 1,047.31 1,078.44 1,085.41 1,075.45 1,087.90 1,113.55 1,103.34 1,103.34 1,085.41 1,090.14 1,108.81 1,132.22 1,130.73 1,127.49 1,136.95 1,117.53 1,107.32 1,125.25 1,108.81 1,070.72 1,078.44 1,093.38 1,078.44 1,112.80 1,131.47 1,139.19 1,145.42 1,164.84 1,153.88 1,153.88 1,168.08 1,168.08 1,172.56 1,192.98 1,192.98
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,432.19 1,431.87 1,409.28 1,400.14 1,365.98 1,351.26 1,382.95 1,389.81 1,372.32 1,367.72 1,342.62 1,347.35 1,322.36 1,322.36 1,341.77 1,348.97 1,336.09 1,341.91 1,314.95 1,315.23 1,324.97 1,376.54 1,351.46 1,343.55 1,369.89 1,380.20 1,371.18 1,359.99 1,340.93 1,312.15 1,322.74 1,305.60 1,264.74 1,274.86 1,305.97 1,305.97 1,315.19 1,328.92 1,334.22 1,320.28 1,320.28
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
988.53 988.31 972.72 966.41 942.83 932.67 954.54 959.28 947.20 944.03 926.71 929.97 912.72 912.72 926.12 931.09 922.20 926.22 907.61 907.80 914.52 950.12 932.81 927.35 945.53 952.64 946.42 938.69 925.54 905.67 912.98 901.15 872.95 879.94 901.41 901.41 907.77 917.25 920.91 911.29 911.29
1/2/2001 1/3/2001 1/4/2001 1/5/2001 1/8/2001 1/9/2001 1/10/2001 1/11/2001 1/12/2001 1/15/2001 1/16/2001 1/17/2001 1/18/2001 1/19/2001 1/22/2001 1/23/2001 1/24/2001 1/25/2001 1/26/2001 1/29/2001 1/30/2001 1/31/2001 2/1/2001 2/2/2001 2/5/2001 2/6/2001 2/7/2001 2/8/2001 2/9/2001 2/12/2001 2/13/2001 2/14/2001 2/15/2001 2/16/2001 2/19/2001 2/20/2001 2/21/2001 2/22/2001 2/23/2001 2/26/2001 2/27/2001
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
48.03 46.00 44.75 45.66 45.88 46.19 45.81 45.03 44.00 44.00 44.91 44.59 44.56 43.50 43.47 44.03 43.91 43.63 43.34 43.80 43.51 43.70 43.96 44.06 44.90 44.83 45.17 45.48 45.50 45.67 45.69 44.78 44.90 45.80 45.80 46.17 45.81 45.90 45.57 45.74 46.06
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,195.97 1,145.42 1,114.29 1,136.95 1,142.43 1,150.15 1,140.69 1,121.26 1,095.62 1,095.62 1,118.28 1,110.31 1,109.56 1,083.17 1,082.42 1,096.36 1,093.38 1,086.40 1,079.18 1,090.64 1,083.42 1,088.15 1,094.62 1,097.11 1,118.03 1,116.28 1,124.75 1,132.47 1,132.97 1,137.20 1,137.70 1,115.04 1,118.03 1,140.44 1,140.44 1,149.65 1,140.69 1,142.93 1,134.71 1,138.94 1,146.91
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,283.27 1,347.56 1,333.34 1,298.35 1,295.86 1,300.80 1,313.27 1,326.82 1,318.32 1,318.32 1,326.65 1,329.47 1,347.97 1,342.54 1,342.90 1,360.40 1,364.31 1,357.51 1,354.95 1,364.17 1,373.73 1,366.01 1,373.47 1,349.47 1,354.31 1,352.26 1,340.89 1,332.53 1,314.76 1,330.31 1,318.80 1,315.92 1,326.62 1,301.53 1,301.53 1,278.95 1,255.27 1,252.82 1,245.86 1,267.65 1,257.94
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
885.74 930.12 920.30 896.15 894.43 897.84 906.45 915.80 909.93 909.93 915.68 917.63 930.40 926.65 926.90 938.98 941.68 936.98 935.22 941.58 948.18 942.85 948.00 931.43 934.77 933.36 925.51 919.74 907.48 918.21 910.26 908.28 915.66 898.34 898.34 882.76 866.41 864.72 859.92 874.96 868.26
2/28/2001 3/1/2001 3/2/2001 3/5/2001 3/6/2001 3/7/2001 3/8/2001 3/9/2001 3/12/2001 3/13/2001 3/14/2001 3/15/2001 3/16/2001 3/19/2001 3/20/2001 3/21/2001 3/22/2001 3/23/2001 3/26/2001 3/27/2001 3/28/2001 3/29/2001 3/30/2001 4/2/2001 4/3/2001 4/4/2001 4/5/2001 4/6/2001 4/9/2001 4/10/2001 4/11/2001 4/12/2001 4/13/2001 4/16/2001 4/17/2001 4/18/2001 4/19/2001 4/20/2001 4/23/2001 4/24/2001 4/25/2001
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
46.56 47.02 46.53 46.55 46.30 46.50 47.71 47.70 47.51 47.40 46.45 47.23 47.65 47.79 46.93 45.87 45.18 45.35 45.74 47.22 47.10 47.36 48.25 48.12 47.10 48.20 47.55 46.51 46.86 45.97 45.45 45.35 45.35 46.10 46.40 45.42 45.60 44.59 45.51 46.29 47.70
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,159.36 1,170.82 1,158.62 1,159.11 1,152.89 1,157.87 1,188.00 1,187.75 1,183.02 1,180.28 1,156.62 1,176.05 1,186.50 1,189.99 1,168.58 1,142.18 1,125.00 1,129.23 1,138.94 1,175.80 1,172.81 1,179.28 1,201.44 1,198.21 1,172.81 1,200.20 1,184.01 1,158.12 1,166.83 1,144.67 1,131.72 1,129.23 1,129.23 1,147.91 1,155.38 1,130.98 1,135.46 1,110.31 1,133.22 1,152.64 1,187.75
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,239.94 1,241.23 1,234.18 1,241.41 1,253.80 1,261.90 1,264.74 1,233.42 1,180.16 1,197.66 1,166.71 1,173.57 1,150.54 1,170.81 1,142.62 1,122.14 1,117.58 1,139.83 1,152.69 1,182.17 1,153.29 1,147.95 1,160.33 1,145.87 1,106.47 1,103.25 1,151.44 1,128.43 1,137.59 1,168.38 1,165.89 1,183.50 1,183.50 1,179.68 1,191.81 1,238.16 1,253.70 1,242.98 1,224.36 1,209.47 1,228.75
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
855.83 856.72 851.86 856.85 865.40 870.99 872.95 851.33 814.57 826.65 805.29 810.02 794.13 808.12 788.66 774.53 771.38 786.74 795.61 815.96 796.03 792.34 800.88 790.90 763.71 761.49 794.75 778.87 785.19 806.44 804.72 816.88 816.88 814.24 822.61 854.60 865.33 857.93 845.08 834.80 848.11
4/26/2001 4/27/2001 4/30/2001 5/1/2001 5/2/2001 5/3/2001 5/4/2001 5/7/2001 5/8/2001 5/9/2001 5/10/2001 5/11/2001 5/14/2001 5/15/2001 5/16/2001 5/17/2001 5/18/2001 5/21/2001 5/22/2001 5/23/2001 5/24/2001 5/25/2001 5/28/2001 5/29/2001 5/30/2001 5/31/2001 6/1/2001 6/4/2001 6/5/2001 6/6/2001 6/7/2001 6/8/2001 6/11/2001 6/12/2001 6/13/2001 6/14/2001 6/15/2001 6/18/2001 6/19/2001 6/20/2001 6/21/2001
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
47.75 48.58 48.31 49.01 48.80 48.12 48.88 48.89 49.32 48.61 49.20 48.68 48.50 48.00 48.99 48.28 47.96 48.37 47.92 48.10 48.53 48.12 48.12 48.82 48.45 48.03 48.27 48.49 48.48 48.09 48.22 48.01 47.96 47.93 47.74 47.39 47.13 47.00 47.35 47.75 48.15
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,188.99 1,209.66 1,202.94 1,220.37 1,215.14 1,198.21 1,217.13 1,217.38 1,228.09 1,210.41 1,225.10 1,212.15 1,207.67 1,195.22 1,219.87 1,202.19 1,194.22 1,204.43 1,193.23 1,197.71 1,208.42 1,198.21 1,198.21 1,215.64 1,206.42 1,195.97 1,201.94 1,207.42 1,207.17 1,197.46 1,200.70 1,195.47 1,194.22 1,193.48 1,188.75 1,180.03 1,173.56 1,170.32 1,179.03 1,188.99 1,198.95
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,234.52 1,253.05 1,249.46 1,266.44 1,267.43 1,248.58 1,266.61 1,263.51 1,261.20 1,255.54 1,255.18 1,245.67 1,248.92 1,249.44 1,284.99 1,288.49 1,291.96 1,312.83 1,309.38 1,289.05 1,293.17 1,277.90 1,277.90 1,267.94 1,248.08 1,255.83 1,260.67 1,267.11 1,283.57 1,270.03 1,276.96 1,264.96 1,254.39 1,255.85 1,241.60 1,219.87 1,214.37 1,208.43 1,212.58 1,223.14 1,237.04
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
852.09 864.88 862.40 874.12 874.81 861.80 874.24 872.10 870.51 866.60 866.35 859.79 862.03 862.39 886.93 889.34 891.74 906.14 903.76 889.73 892.57 882.03 882.03 875.16 861.45 866.80 870.14 874.59 885.95 876.60 881.39 873.10 865.81 866.81 856.98 841.98 838.18 834.08 836.95 844.24 853.83
6/22/2001 6/25/2001 6/26/2001 6/27/2001 6/28/2001 6/29/2001 7/2/2001 7/3/2001 7/4/2001 7/5/2001 7/6/2001 7/9/2001 7/10/2001 7/11/2001 7/12/2001 7/13/2001 7/16/2001 7/17/2001 7/18/2001 7/19/2001 7/20/2001 7/23/2001 7/24/2001 7/25/2001 7/26/2001 7/27/2001 7/30/2001 7/31/2001 8/1/2001 8/2/2001 8/3/2001 8/6/2001 8/7/2001 8/8/2001 8/9/2001 8/10/2001 8/13/2001 8/14/2001 8/15/2001 8/16/2001 8/17/2001
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
47.59 47.04 47.10 46.90 46.94 46.85 47.80 47.95 47.95 47.72 46.88 47.42 47.07 47.40 47.10 46.86 46.80 47.89 48.14 48.48 48.62 48.06 48.07 48.95 48.88 49.01 49.10 49.92 50.16 50.64 50.30 49.52 49.48 48.94 49.57 50.08 49.94 50.18 50.15 50.16 50.04
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,185.01 1,171.31 1,172.81 1,167.83 1,168.82 1,166.58 1,190.24 1,193.97 1,193.97 1,188.25 1,167.33 1,180.78 1,172.06 1,180.28 1,172.81 1,166.83 1,165.34 1,192.48 1,198.71 1,207.17 1,210.66 1,196.71 1,196.96 1,218.87 1,217.13 1,220.37 1,222.61 1,243.03 1,249.00 1,260.96 1,252.49 1,233.07 1,232.07 1,218.63 1,234.31 1,247.01 1,243.53 1,249.50 1,248.75 1,249.00 1,246.02
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,225.35 1,218.60 1,216.76 1,211.07 1,226.20 1,224.42 1,236.72 1,234.45 1,234.45 1,219.24 1,190.59 1,198.78 1,181.52 1,180.18 1,208.14 1,215.68 1,202.45 1,214.44 1,207.71 1,215.02 1,210.85 1,191.03 1,171.65 1,190.49 1,202.93 1,205.82 1,204.52 1,211.23 1,215.93 1,220.75 1,214.35 1,200.48 1,204.40 1,183.53 1,183.43 1,190.16 1,191.29 1,186.73 1,178.02 1,181.66 1,161.97
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
845.76 841.10 839.83 835.91 846.35 845.12 853.61 852.04 852.04 841.55 821.77 827.42 815.51 814.59 833.88 839.09 829.96 838.23 833.59 838.63 835.75 822.07 808.70 821.70 830.29 832.28 831.39 836.02 839.26 842.59 838.17 828.60 831.30 816.90 816.83 821.47 822.25 819.11 813.09 815.61 802.02
8/20/2001 8/21/2001 8/22/2001 8/23/2001 8/24/2001 8/27/2001 8/28/2001 8/29/2001 8/30/2001 8/31/2001 9/3/2001 9/4/2001 9/5/2001 9/6/2001 9/7/2001 9/10/2001 9/11/2001 9/12/2001 9/13/2001 9/14/2001 9/17/2001 9/18/2001 9/19/2001 9/20/2001 9/21/2001 9/24/2001 9/25/2001 9/26/2001 9/27/2001 9/28/2001 10/1/2001 10/2/2001 10/3/2001 10/4/2001 10/5/2001 10/8/2001 10/9/2001 10/10/2001 10/11/2001 10/12/2001 10/15/2001
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
50.66 50.90 50.75 50.35 50.98 50.90 50.25 49.98 50.35 50.14 50.14 50.95 51.06 50.51 50.28 51.82 51.82 51.82 51.82 51.82 51.23 51.11 50.31 49.10 47.00 48.13 48.22 49.56 50.55 51.30 51.15 51.95 50.70 50.18 50.41 48.97 49.95 50.92 49.89 49.07 48.90
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,261.45 1,267.43 1,263.70 1,253.74 1,269.42 1,267.43 1,251.25 1,244.52 1,253.74 1,248.51 1,248.51 1,268.68 1,271.41 1,257.72 1,251.99 1,290.34 1,290.34 1,290.34 1,290.34 1,290.34 1,275.65 1,272.66 1,252.74 1,222.61 1,170.32 1,198.46 1,200.70 1,234.06 1,258.72 1,277.39 1,273.66 1,293.58 1,262.45 1,249.50 1,255.23 1,219.37 1,243.77 1,267.93 1,242.28 1,221.86 1,217.63
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,171.41 1,157.26 1,165.31 1,162.09 1,184.93 1,179.21 1,161.51 1,148.56 1,129.03 1,133.58 1,133.58 1,132.94 1,131.74 1,106.40 1,085.79 1,092.54 1,092.54 1,092.54 1,092.54 1,092.54 1,038.77 1,032.74 1,016.10 984.54 965.80 1,003.45 1,012.27 1,007.04 1,018.61 1,040.94 1,038.55 1,051.33 1,072.28 1,069.63 1,071.38 1,062.44 1,056.75 1,080.99 1,097.43 1,091.65 1,089.98
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
808.53 798.77 804.32 802.10 817.86 813.92 801.70 792.76 779.28 782.42 782.42 781.98 781.15 763.66 749.44 754.09 754.09 754.09 754.09 754.09 716.98 712.82 701.33 679.55 666.62 692.60 698.69 695.08 703.07 718.48 716.83 725.65 740.11 738.28 739.49 733.32 729.39 746.12 757.47 753.48 752.33
10/16/2001 10/17/2001 10/18/2001 10/19/2001 10/22/2001 10/23/2001 10/24/2001 10/25/2001 10/26/2001 10/29/2001 10/30/2001 10/31/2001 11/1/2001 11/2/2001 11/5/2001 11/6/2001 11/7/2001 11/8/2001 11/9/2001 11/12/2001 11/13/2001 11/14/2001 11/15/2001 11/16/2001 11/19/2001 11/20/2001 11/21/2001 11/22/2001 11/23/2001 11/26/2001 11/27/2001 11/28/2001 11/29/2001 11/30/2001 12/3/2001 12/4/2001 12/5/2001 12/6/2001 12/7/2001 12/10/2001 12/11/2001
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
48.83 48.24 48.21 49.48 50.25 49.79 49.99 50.02 50.50 49.89 49.63 50.05 51.22 51.94 52.28 52.90 52.92 52.25 51.76 51.42 51.63 51.63 51.26 51.10 50.98 50.57 50.38 50.38 50.55 50.45 49.90 50.20 50.51 50.54 50.45 50.78 51.31 50.23 49.97 49.78 49.29
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,215.89 1,201.20 1,200.45 1,232.07 1,251.25 1,239.79 1,244.77 1,245.52 1,257.47 1,242.28 1,235.81 1,246.26 1,275.40 1,293.33 1,301.79 1,317.23 1,317.73 1,301.05 1,288.84 1,280.38 1,285.61 1,285.61 1,276.39 1,272.41 1,269.42 1,259.21 1,254.48 1,254.48 1,258.72 1,256.23 1,242.53 1,250.00 1,257.72 1,258.47 1,256.23 1,264.44 1,277.64 1,250.75 1,244.27 1,239.54 1,227.34
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,097.54 1,077.09 1,068.61 1,073.48 1,089.90 1,084.78 1,085.20 1,100.09 1,104.61 1,078.30 1,059.79 1,059.78 1,084.10 1,087.20 1,102.84 1,118.86 1,115.80 1,118.54 1,120.31 1,118.33 1,139.09 1,141.21 1,142.24 1,138.65 1,151.06 1,142.66 1,137.03 1,137.03 1,150.34 1,157.42 1,149.50 1,128.52 1,140.20 1,139.45 1,129.90 1,144.80 1,170.35 1,167.10 1,158.31 1,139.93 1,136.76
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
757.55 743.43 737.58 740.94 752.27 748.74 749.03 759.31 762.43 744.27 731.49 731.48 748.27 750.41 761.20 772.26 770.15 772.04 773.26 771.90 786.22 787.69 788.40 785.92 794.49 788.69 784.80 784.80 793.99 798.88 793.41 778.93 786.99 786.47 779.88 790.17 807.80 805.56 799.49 786.80 784.62
12/12/2001 12/13/2001 12/14/2001 12/17/2001 12/18/2001 12/19/2001 12/20/2001 12/21/2001 12/24/2001 12/25/2001 12/26/2001 12/27/2001 12/28/2001 12/31/2001 1/1/2002 1/2/2002 1/3/2002 1/4/2002 1/7/2002 1/8/2002 1/9/2002 1/10/2002 1/11/2002 1/14/2002 1/15/2002 1/16/2002 1/17/2002 1/18/2002 1/21/2002 1/22/2002 1/23/2002 1/24/2002 1/25/2002 1/28/2002 1/29/2002 1/30/2002 1/31/2002 2/1/2002 2/4/2002 2/5/2002 2/6/2002
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
49.35 49.60 49.95 50.17 50.80 51.25 51.43 52.60 52.00 52.00 52.40 52.47 51.78 51.37 51.37 51.44 50.81 50.67 50.55 50.84 50.86 51.07 51.10 51.73 51.80 51.09 51.47 51.46 51.46 51.88 51.90 52.27 52.20 52.36 52.52 54.10 54.64 54.51 54.23 54.85 53.91
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,228.83 1,235.06 1,243.77 1,249.25 1,264.94 1,276.15 1,280.63 1,309.76 1,294.82 1,294.82 1,304.78 1,306.52 1,289.34 1,279.13 1,279.13 1,280.88 1,265.19 1,261.70 1,258.72 1,265.94 1,266.43 1,271.66 1,272.41 1,288.10 1,289.84 1,272.16 1,281.62 1,281.37 1,281.37 1,291.83 1,292.33 1,301.54 1,299.80 1,303.78 1,307.77 1,347.11 1,360.56 1,357.32 1,350.35 1,365.79 1,342.38
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,137.07 1,119.38 1,123.09 1,134.36 1,142.92 1,149.56 1,139.93 1,144.89 1,144.65 1,144.65 1,149.37 1,157.13 1,161.02 1,148.08 1,148.08 1,154.67 1,165.27 1,172.51 1,164.89 1,160.71 1,155.14 1,156.55 1,145.60 1,138.41 1,146.19 1,127.57 1,138.88 1,127.58 1,127.58 1,119.31 1,128.18 1,132.15 1,133.28 1,133.06 1,100.64 1,113.57 1,130.20 1,122.20 1,094.44 1,090.02 1,083.51
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
784.83 772.62 775.18 782.96 788.87 793.45 786.80 790.23 790.06 790.06 793.32 798.68 801.36 792.43 792.43 796.98 804.29 809.29 804.03 801.15 797.30 798.28 790.72 785.76 791.13 778.27 786.08 778.28 778.28 772.57 778.69 781.43 782.21 782.06 759.69 768.61 780.09 774.57 755.41 752.36 747.86
2/7/2002 2/8/2002 2/11/2002 2/12/2002 2/13/2002 2/14/2002 2/15/2002 2/18/2002 2/19/2002 2/20/2002 2/21/2002 2/22/2002 2/25/2002 2/26/2002 2/27/2002 2/28/2002 3/1/2002 3/4/2002 3/5/2002 3/6/2002 3/7/2002 3/8/2002 3/11/2002 3/12/2002 3/13/2002 3/14/2002 3/15/2002 3/18/2002 3/19/2002 3/20/2002 3/21/2002 3/22/2002 3/25/2002 3/26/2002 3/27/2002 3/28/2002 3/29/2002 4/1/2002 4/2/2002 4/3/2002 4/4/2002
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
54.36 53.85 53.84 53.76 53.75 53.95 54.86 54.86 54.42 55.40 54.85 55.55 56.06 55.76 55.50 56.04 56.51 55.78 55.29 55.24 54.39 54.15 54.15 54.10 53.75 53.80 54.75 53.76 53.78 53.43 53.95 53.93 53.27 54.22 53.95 53.31 53.31 53.15 53.63 53.00 53.93
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,353.59 1,340.89 1,340.64 1,338.65 1,338.40 1,343.38 1,366.04 1,366.04 1,355.08 1,379.48 1,365.79 1,383.22 1,395.92 1,388.45 1,381.97 1,395.42 1,407.12 1,388.94 1,376.74 1,375.50 1,354.33 1,348.36 1,348.36 1,347.11 1,338.40 1,339.64 1,363.30 1,338.65 1,339.14 1,330.43 1,343.38 1,342.88 1,326.44 1,350.10 1,343.38 1,327.44 1,327.44 1,323.46 1,335.41 1,319.72 1,342.88
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,080.17 1,096.22 1,111.94 1,107.50 1,118.51 1,116.48 1,104.18 1,104.18 1,083.34 1,097.98 1,080.95 1,089.84 1,109.43 1,109.38 1,109.89 1,106.73 1,131.78 1,153.84 1,146.14 1,162.77 1,157.54 1,164.31 1,168.26 1,165.58 1,154.09 1,153.04 1,166.16 1,165.55 1,170.29 1,151.85 1,153.59 1,148.70 1,131.87 1,138.49 1,144.58 1,147.39 1,147.39 1,146.54 1,136.76 1,125.40 1,126.34
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
745.56 756.63 767.49 764.42 772.02 770.62 762.13 762.13 747.74 757.85 746.10 752.23 765.75 765.72 766.07 763.89 781.18 796.41 791.09 802.57 798.96 803.63 806.36 804.51 796.58 795.85 804.91 804.49 807.76 795.03 796.23 792.86 781.24 785.81 790.01 791.95 791.95 791.37 784.62 776.78 777.42
4/5/2002 4/8/2002 4/9/2002 4/10/2002 4/11/2002 4/12/2002 4/15/2002 4/16/2002 4/17/2002 4/18/2002 4/19/2002 4/22/2002 4/23/2002 4/24/2002 4/25/2002 4/26/2002 4/29/2002 4/30/2002 5/1/2002 5/2/2002 5/3/2002 5/6/2002 5/7/2002 5/8/2002 5/9/2002 5/10/2002 5/13/2002 5/14/2002 5/15/2002 5/16/2002 5/17/2002 5/20/2002 5/21/2002 5/22/2002 5/23/2002 5/24/2002 5/27/2002 5/28/2002 5/29/2002 5/30/2002 5/31/2002
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
54.10 54.12 54.00 55.00 55.00 55.40 54.86 55.12 54.87 54.88 55.16 54.56 54.51 55.02 55.12 54.80 54.71 55.00 56.24 56.65 55.97 55.66 55.34 55.72 55.80 55.70 56.23 56.46 56.60 56.94 57.01 57.08 57.32 58.14 57.87 57.10 57.10 56.54 56.77 56.16 57.31
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,347.11 1,347.61 1,344.62 1,369.52 1,369.52 1,379.48 1,366.04 1,372.51 1,366.28 1,366.53 1,373.51 1,358.57 1,357.32 1,370.02 1,372.51 1,364.54 1,362.30 1,369.52 1,400.40 1,410.61 1,393.68 1,385.96 1,377.99 1,387.45 1,389.44 1,386.95 1,400.15 1,405.88 1,409.36 1,417.83 1,419.57 1,421.31 1,427.29 1,447.71 1,440.99 1,421.81 1,421.81 1,407.87 1,413.60 1,398.41 1,427.04
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,122.73 1,125.29 1,117.80 1,130.47 1,103.69 1,111.01 1,102.55 1,128.37 1,126.07 1,124.47 1,125.17 1,107.83 1,100.96 1,093.14 1,091.48 1,076.32 1,065.45 1,076.92 1,086.46 1,084.56 1,073.43 1,052.67 1,049.49 1,088.84 1,073.01 1,054.99 1,074.56 1,097.28 1,091.07 1,098.23 1,106.59 1,091.88 1,079.88 1,086.02 1,097.08 1,083.82 1,083.82 1,074.55 1,067.66 1,064.66 1,067.14
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
774.93 776.70 771.53 780.27 761.79 766.84 761.00 778.83 777.24 776.13 776.62 764.65 759.91 754.51 753.36 742.90 735.40 743.31 749.90 748.59 740.90 726.58 724.38 751.54 740.61 728.18 741.68 757.37 753.08 758.02 763.79 753.64 745.36 749.59 757.23 748.08 748.08 741.68 736.92 734.85 736.56
6/3/2002 $
56.37 $
1,403.64 $
1,040.68 $
718.30
6/1/2000 6/3/2002 D S&P500 FOOD BEV & TOBACCO - PRICE INDEX S&P Food Beverage SS&P Food & & Tobacco Bev Indexed 178.77 $ 1,000.00 175.16 $ 979.81 174.46 $ 975.89 176.39 $ 986.69 180.56 $ 1,010.01 181.22 $ 1,013.70 179.34 $ 1,003.19 180.35 $ 1,008.84 182.75 $ 1,022.26 182.9 $ 1,023.10 185.9 $ 1,039.88 182.32 $ 1,019.86 181.55 $ 1,015.55 177.3 $ 991.78 177.31 $ 991.83 178.51 $ 998.55 179.98 $ 1,006.77 186.91 $ 1,045.53 185.95 $ 1,040.16 185.71 $ 1,038.82 184.28 $ 1,030.82 182.99 $ 1,023.61 185.13 $ 1,035.58 185.13 $ 1,035.58 186.86 $ 1,045.25 187.23 $ 1,047.32 185.41 $ 1,037.14 182.96 $ 1,023.44 180.73 $ 1,010.96 179.23 $ 1,002.57
181.12 181.32 179.46 181.47 186.05 186.08 184.96 182.35 184.13 182.4 184.56 187.27 185.26 188.55 189.98 189.49 189.7 189.43 189.44 187.27 190.21 194.6 196.61 195.2 193.38 192.37 191.35 192.07 189.7 190.01 189 185.81 186.93 184.86 180.5 178.78 179.24 179.24 181.28 179.05 179.98
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,013.15 1,014.26 1,003.86 1,015.10 1,040.72 1,040.89 1,034.63 1,020.03 1,029.98 1,020.31 1,032.39 1,047.55 1,036.30 1,054.71 1,062.71 1,059.97 1,061.14 1,059.63 1,059.69 1,047.55 1,063.99 1,088.55 1,099.79 1,091.91 1,081.73 1,076.08 1,070.37 1,074.40 1,061.14 1,062.87 1,057.22 1,039.38 1,045.65 1,034.07 1,009.68 1,000.06 1,002.63 1,002.63 1,014.04 1,001.57 1,006.77
181.39 179.89 181.74 180.25 177.16 176.01 178.09 178.61 173.24 175.03 181.69 181.8 183.19 185.5 187.22 186.66 189.11 188.58 189.04 192.77 192.09 192.42 194.34 194.14 193.53 190.37 193.63 194.19 196.17 194.8 190.24 192.38 194.22 197.69 199.42 202.05 207.59 205.9 206.15 205 202.99
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,014.66 1,006.27 1,016.61 1,008.28 990.99 984.56 996.20 999.10 969.07 979.08 1,016.33 1,016.95 1,024.72 1,037.65 1,047.27 1,044.13 1,057.84 1,054.87 1,057.45 1,078.31 1,074.51 1,076.36 1,087.10 1,085.98 1,082.56 1,064.89 1,083.12 1,086.26 1,097.33 1,089.67 1,064.16 1,076.13 1,086.42 1,105.83 1,115.51 1,130.22 1,161.21 1,151.76 1,153.16 1,146.72 1,135.48
206.06 205.22 207.33 210.55 212.51 208.8 207.6 209.62 210.84 211.04 207.41 209.98 210.43 210.43 208.02 209.22 211.92 215.48 216.39 213.49 215.95 214.54 213.38 218.15 215.13 209.43 209.81 213.16 213.58 208.78 212.67 216.71 217.09 220.25 218.68 218.68 222.25 224.8 225.08 224.87 224.87
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,152.65 1,147.96 1,159.76 1,177.77 1,188.73 1,167.98 1,161.27 1,172.57 1,179.39 1,180.51 1,160.21 1,174.58 1,177.10 1,177.10 1,163.62 1,170.33 1,185.43 1,205.35 1,210.44 1,194.22 1,207.98 1,200.09 1,193.60 1,220.28 1,203.39 1,171.51 1,173.63 1,192.37 1,194.72 1,167.87 1,189.63 1,212.23 1,214.35 1,232.03 1,223.25 1,223.25 1,243.22 1,257.48 1,259.05 1,257.87 1,257.87
226.11 215.19 206.2 208.7 212.15 214.67 214 208.6 208.03 208.03 211.58 211.12 210.35 207.34 208.54 209.71 210.42 212.45 211.39 211.46 213.81 213.36 214.71 214.73 217.49 217.34 220.07 221.85 222.09 223.64 223.22 218.23 216.61 219.6 219.6 221.63 216.79 213.88 211.02 211.34 212.61
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,264.81 1,203.73 1,153.44 1,167.42 1,186.72 1,200.82 1,197.07 1,166.86 1,163.67 1,163.67 1,183.53 1,180.96 1,176.65 1,159.81 1,166.53 1,173.07 1,177.04 1,188.40 1,182.47 1,182.86 1,196.01 1,193.49 1,201.04 1,201.15 1,216.59 1,215.75 1,231.02 1,240.98 1,242.32 1,250.99 1,248.64 1,220.73 1,211.67 1,228.39 1,228.39 1,239.75 1,212.68 1,196.40 1,180.40 1,182.19 1,189.29
213.56 214.12 213.93 211.85 209.89 212.14 216.1 216.86 212.19 209.61 205.84 205.39 206.19 204.78 200.11 196.77 195.03 197 198.22 202.79 201.46 199.81 202.1 201.47 196.79 199.83 199.78 197.68 196.69 196.98 193.46 195.56 195.56 197.8 199.52 198.43 199.31 197.64 199.31 199.69 204.76
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,194.61 1,197.74 1,196.68 1,185.04 1,174.08 1,186.66 1,208.82 1,213.07 1,186.94 1,172.51 1,151.42 1,148.91 1,153.38 1,145.49 1,119.37 1,100.69 1,090.95 1,101.97 1,108.80 1,134.36 1,126.92 1,117.69 1,130.50 1,126.98 1,100.80 1,117.81 1,117.53 1,105.78 1,100.24 1,101.86 1,082.17 1,093.92 1,093.92 1,106.45 1,116.07 1,109.97 1,114.90 1,105.55 1,114.90 1,117.02 1,145.38
203.98 204.97 202.35 206.93 205.08 204.48 207.17 206.58 205.59 204.79 206.41 205.13 205.14 204.25 210 208.24 208.58 207.18 204.67 206.69 207.9 206.45 206.45 208.49 207.84 207.43 207.79 207.37 207.86 205.15 203.59 202.8 202.03 203.15 201.66 199.58 197.7 195.25 195.15 198.19 200.2
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,141.02 1,146.56 1,131.90 1,157.52 1,147.17 1,143.82 1,158.86 1,155.56 1,150.03 1,145.55 1,154.61 1,147.45 1,147.51 1,142.53 1,174.69 1,164.85 1,166.75 1,158.92 1,144.88 1,156.18 1,162.95 1,154.84 1,154.84 1,166.25 1,162.61 1,160.32 1,162.33 1,159.98 1,162.72 1,147.56 1,138.84 1,134.42 1,130.11 1,136.38 1,128.04 1,116.41 1,105.89 1,092.19 1,091.63 1,108.63 1,119.87
199.13 199.93 199.33 199.48 202.65 202.5 204.08 203.39 203.39 200.87 199.17 199.73 199.91 202.01 201.12 201.05 201.3 202.71 203.78 204.4 203.71 200.07 198.6 200.44 199.78 198.11 198.39 201.81 200 200.93 200.22 198.7 199.91 199.75 200.49 200.97 200.95 201.4 202.97 203.81 204.36
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,113.89 1,118.36 1,115.01 1,115.85 1,133.58 1,132.74 1,141.58 1,137.72 1,137.72 1,123.62 1,114.11 1,117.25 1,118.25 1,130.00 1,125.02 1,124.63 1,126.03 1,133.92 1,139.90 1,143.37 1,139.51 1,119.15 1,110.92 1,121.22 1,117.53 1,108.18 1,109.75 1,128.88 1,118.76 1,123.96 1,119.99 1,111.48 1,118.25 1,117.36 1,121.50 1,124.18 1,124.07 1,126.59 1,135.37 1,140.07 1,143.14
208.13 208.1 209.76 211.83 212.42 212.03 210.77 209.71 212.21 211.21 211.21 213.52 215.99 213.17 212.33 213.56 213.56 213.56 213.56 213.56 214.59 214.24 212.43 208.79 202.56 205.01 205.47 204.82 208.41 208.29 208.03 209.29 208.21 206.93 208.4 208.27 208.97 210.94 209.09 205.73 205.51
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,164.23 1,164.07 1,173.35 1,184.93 1,188.23 1,186.05 1,179.00 1,173.07 1,187.06 1,181.46 1,181.46 1,194.38 1,208.20 1,192.43 1,187.73 1,194.61 1,194.61 1,194.61 1,194.61 1,194.61 1,200.37 1,198.41 1,188.29 1,167.93 1,133.08 1,146.78 1,149.35 1,145.72 1,165.80 1,165.13 1,163.67 1,170.72 1,164.68 1,157.52 1,165.74 1,165.02 1,168.93 1,179.95 1,169.60 1,150.81 1,149.58
205.23 204.93 206.47 210.02 212.27 211.46 211.29 212.07 213.1 211.39 209.42 208.93 211.74 214.36 215.39 216.55 215.21 212.9 213.05 213 214.2 215.65 216.04 215.74 214.91 213.57 212.62 212.62 213.27 211.49 208.51 207.22 209.92 210.28 210.19 209.94 210.23 207.45 207.18 205.68 204.76
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,148.01 1,146.33 1,154.95 1,174.81 1,187.39 1,182.86 1,181.91 1,186.27 1,192.03 1,182.47 1,171.45 1,168.71 1,184.43 1,199.08 1,204.84 1,211.33 1,203.84 1,190.92 1,191.75 1,191.48 1,198.19 1,206.30 1,208.48 1,206.80 1,202.16 1,194.66 1,189.35 1,189.35 1,192.99 1,183.03 1,166.36 1,159.14 1,174.25 1,176.26 1,175.76 1,174.36 1,175.98 1,160.43 1,158.92 1,150.53 1,145.38
205.87 206.91 207.7 208.86 209.86 213.1 213.23 214.84 214.66 214.66 215.1 215.04 212.75 211.96 211.96 213.43 211.95 209.96 208.42 208.56 207.52 208.48 209.85 210.45 211.84 210.3 212.21 213 213 214.37 213.42 211.27 211.98 212.25 209.26 210.86 213.03 213.53 213.25 214.92 213.45
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,151.59 1,157.41 1,161.83 1,168.32 1,173.91 1,192.03 1,192.76 1,201.77 1,200.76 1,200.76 1,203.22 1,202.89 1,190.08 1,185.66 1,185.66 1,193.88 1,185.60 1,174.47 1,165.86 1,166.64 1,160.82 1,166.19 1,173.85 1,177.21 1,184.99 1,176.37 1,187.06 1,191.48 1,191.48 1,199.14 1,193.82 1,181.80 1,185.77 1,187.28 1,170.55 1,179.50 1,191.64 1,194.44 1,192.87 1,202.22 1,193.99
212.74 212.83 214.26 214.33 215.61 216.7 218.25 218.25 216.32 218.76 217.21 221.46 223.13 221.82 221.1 221.09 224.1 221.85 220.54 220.98 219.81 220.23 219.31 220.96 219.54 220.57 222.81 221.34 223.29 222.85 225.2 226.91 226.03 229.29 228.64 227.9 227.9 228.22 227.69 226.01 228.27
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,190.02 1,190.52 1,198.52 1,198.91 1,206.07 1,212.17 1,220.84 1,220.84 1,210.05 1,223.70 1,215.02 1,238.80 1,248.14 1,240.81 1,236.78 1,236.73 1,253.57 1,240.98 1,233.65 1,236.11 1,229.57 1,231.92 1,226.77 1,236.00 1,228.06 1,233.82 1,246.35 1,238.13 1,249.04 1,246.57 1,259.72 1,269.28 1,264.36 1,282.60 1,278.96 1,274.82 1,274.82 1,276.61 1,273.65 1,264.25 1,276.89
227.78 228.74 229.69 233.82 232.44 232.5 229.82 232.77 231.92 232.56 235.74 236.31 236.14 236.02 235.31 233.99 234.67 235.86 240.93 242.06 240.23 239.24 238.34 237.33 237.94 237.41 239.38 237.84 236.36 238.7 238.43 236.5 235.65 238.17 238.37 236.56 236.56 234.87 235.54 236.38 239.68
$ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
1,274.15 1,279.52 1,284.84 1,307.94 1,300.22 1,300.55 1,285.56 1,302.06 1,297.31 1,300.89 1,318.68 1,321.87 1,320.92 1,320.24 1,316.27 1,308.89 1,312.69 1,319.35 1,347.71 1,354.03 1,343.79 1,338.26 1,333.22 1,327.57 1,330.98 1,328.02 1,339.04 1,330.42 1,322.15 1,335.24 1,333.72 1,322.93 1,318.17 1,332.27 1,333.39 1,323.26 1,323.26 1,313.81 1,317.56 1,322.26 1,340.72
236.00 $
1,320.13
