This spreadsheet supports INSTRUCTOR analysis of the case, "The Wm.

Wrigley Jr. Company: Capital Structure, Valuation, and Cost of Capital" (Case
34).

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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 Step One: Alternatives for Step T

Recapitalization Changes Releveraging Dividend

$581,609 $3,000,000 $3,581,609 ($3,000,000)

$851,795 $851,795
$1,433,404 $4,433,404

$0 $3,000,000 $3,000,000
$157,127 $157,127
$1,276,287 $1,276,287 ($3,000,000)
$1,433,414 $4,433,414

$5.49 $5.49
89% 29%

$581,609 $3,000,000 $3,581,609 ($3,000,000)

$12,678,217 $12,678,217
$0 $1,200,000 $1,200,000
$13,259,826 $17,459,826

$0 $3,000,000 $3,000,000
$157,127 $157,127
$13,102,699 $1,200,000 $14,302,699 ($3,000,000)
$13,259,826 $17,459,826

232,441 232,441
$56.37 $61.53
99% 82%
 $0 $0
$13,102,699 $1,200,000 $14,302,699
$13,102,699 $14,302,699
$56.37 $61.53
9.2%

53219.7977647685 $ 5.16
179,221

$ 61.53
 Alternatives for Step Two:
Dividend Share Repurchase

$581,609 ($3,000,000) $581,609

$851,795 $851,795
$1,433,404 $1,433,404

$3,000,000 $3,000,000
$157,127 $157,127
($1,723,713) ($3,000,000) ($1,723,713)
$1,433,414 $1,433,414

($7.42) ($9.38)
-120% -120%

$581,609 ($3,000,000) $581,609

$12,678,217 $12,678,217
$1,200,000 $1,200,000
$14,459,826 $14,459,826

$3,000,000 $3,000,000
$157,127 $157,127
$11,302,699 ($3,000,000) $11,302,699 $ (1,800,000)
$14,459,826 $14,459,826
$ -
$ 232,441 48,755 183,686
$48.63 $61.53
78% 78%
 $3,000,000 $3,000,000
$11,302,699 $11,302,699
$14,302,699 $14,302,699
$61.53 $61.53
9.2% 9.2%

put option
per share
#REF!
#REF!
SIMPLE VALUATION ANALYSIS
a. Effect of Additional Debt on Wrigley's Share Price:

Prerepurchase Shares Add'l.

Stock Price Outstanding Debt
6/3/2002 Tax Rate (000,000) (000,000)
$56.37 40% 232.441 $3,000
b. Effect of Additional Debt on Wrigley's Outstanding (o/s) Shares:
assuming tax benefits:

Stock Price Add'l. Shares Prerepurchase

w/ Tax Benefit Debt Repurchased Shares o/s
(assumed) (000,000) (000,000) (000,000)
$61.53 $3,000 48.755 232.441
c. Effect of Additional Debt on Wrigley's Book-Value and Market-Value Weights:

Recapitalization with Recapitalization with

Prerepurchase Share Repurchase Dividend
(000,000) (000,000) (000,000)
Long-term debt $0 $3,000 $3,000
Equity (book value) $1,276 ($1,724) ($1,724)
Share price $56.37 $61.53 $48.63
Shares outstanding 232.441 183.686 232.441
Equity (market value) $13,103 $11,303 $11,303
Debt to capital (book) 0.00 2.35 2.35
Debt to capital (market) 0.00 0.21 0.21
 Post-
Repurchase Per Share
Stock price Value of
6/4/2002 Leverage
$61.53 $5.16

Post-
Repurchase
Shares o/s
(000,000)
183.686
WACC Calculations-- Exhibit TN3

a. Prerecap

Prerecap stock price $56.37

Prerecap shares outstanding 232.44
Beta 0.75
Long-term debt (LTD) $0.00
Corporate AAA 9.31%
20-year Treasury 5.65%
Risk premium 7.00%

b. Post-Recap

Wrigley Equity LTD

Book value $1,276 $3,000
Market value (MV) $13,103 $3,000
MV (repurch.) $10,103 $3,000
MV (repurch. & tax shield) $11,303 $3,000

Comparables MV Equity LTD

Cadbury Schweppes PLC $13,397 $2,264
Hershey Foods Corp. $8,942 $869
Kraft Foods $67,353 $8,548
Tootise Roll Industries Inc. $1,610 $8
Industry average

Target Capital Structure

Unlevered beta
Relevered beta Market value (repurch.)
Relevered beta MV (repurch & tax shield)

c. Summary of Calculations

Levered Beta Equity

Prerecap (MV equity) 0.75 $13,103
Post-recap (MV repurch. 0.87 $11,303
& tax shield)
 Pretax Kd After-Tax Kd
Prerecap (MV equity) 9.31% 5.59%
Post-recap (MV repurch. 13.00% 7.80%
& tax shield)
Total equity (mkt.) $13,103
Equity/ total cap. 1.00
Debt/ total cap. 0.00
Tax rate 40%
Ke (CAPM) 10.90%

WACC: 10.90%
(pre-recap)

Equity/ Cap. Debt/ Cap. Debt/ Equity

29.84% 70.16% 235.11%
81.37% 18.63% 22.90%
77.10% 22.90% 29.70%
79.02% 20.98% 26.54%
Levered Unlevered
Equity/ Cap. Debt/ Cap. D/E Beta Beta
85.54% 14.46% 16.90% 0.60 0.51
91.15% 8.85% 9.71% 0.60 0.55
88.74% 11.26% 12.69% nmf nmf
99.54% 0.46% 0.47% 0.65 0.65
91.24% 8.76% 9.94% 0.62 0.57

Wrigley Ind. Avg.

0.75 0.57
0.88 0.67
0.87 0.66

LTD Equity/ Cap Debt/ Cap

$0 100.00% 0.00%
$3,000 79.02% 20.98%
 Ind Avg
Wrigley Ke Industry Ke Wrigley WACC WACC
10.9% 9.63% 10.90% 9.63%
11.7% 10.3% 10.91% 9.75%
 Item Sumber (000.000)
MV Equity (E) Jawaban no.1 11,303
MV Debt (D) info case 0
Weight Debt (Wd) D/(D+E) 0.00%
Weight Equity (We) E/(D+E) 100.00%
Cost of Debt (kd) Dobrynin's assumption (hal 4 13%
Tax Rate (tc) Chandler's assumption (hal 46 40%
Beta Exhibit 5 0.75
Equity MRP Case info (hal 469) 7%
Risk-free rate (rf) Exhibit 7 5.65%
Cost of Equity (ke) Rf + Beta x MRP 10.90%
WACC Wd x kd(1-tc) + We x ke 10.90%

Item Sumber (000.000)

MV Equity (E) Jawaban no.1 11,303
MV Debt (D) info case 3,000
Weight Debt (Wd) D/(D+E) 20.97%
Weight Equity (We) E/(D+E) 79.03%
Cost of Debt (kd) Dobrynin's assumption (hal 4 13%
Tax Rate (tc) Chandler's assumption (hal 46 40%
Beta Exhibit 5 0.87
Equity MRP Case info (hal 469) 7%
Risk-free rate (rf) Exhibit 7 5.65%
Cost of Equity (ke) Rf + Beta x MRP 11.74%
WACC Wd x kd(1-tc) + We x ke 10.91%

Item Sumber (000.000)

MV Equity (E) Jawaban no.1 11,303
MV Debt (D) info case 3,000
D/E ratio D/E 26.54%
Tax Rate (tc) Chandler's assumption (hal 46 40%
Beta Unlevered (u) Exhibit 5 0.75
Levered Beta (L) _= _(1+ 0.87
((1))/)

Total Outstanding Shares

Item Sumber Shares (in million)
Common Shares Footnote hal 469 189.8
Class B Shares Footnote hal 470 42.641
Total 232.441

Outstanding Shares Controlled by Family

Item Controlled Portion Shares (in million)
Common Shares 21% 189.8
Class B Shares 58% 42.641

Total Outstanding Shares (Adjusted)

Item Sumber Shares (in million)
Common Shares Footnote hal 469 189.8
Share Repurchase Jawaban nomor 1 48.755
Adjusted Common Shares Common share - Repurchase 141.045
Class B Shares Footnote hal 470 42.641
Total 183.686

Outstanding Shares Controlled by Family (Adjusted)

Item Controlled (in million) New OS Shares (in m)
Common Shares 39.86 141.045
Class B Shares 24.73 42.641
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 AA A BBB
Key Industrial Financial Ratios Investment
(Three-year medians 20002002) Grade

EBIT interest coverage (x) 23.4 13.3 6.3 3.9

Funds from operations/total debt (%) 214.2 65.7 42.2 30.6
Free operating cash flow/total debt (%) 156.6 33.6 22.3 12.8
Return on capital (%) 35.0 26.6 18.1 13.1
Operating income/sales (%) 23.4 24.0 18.1 15.5
Long-term debt/capital, book (%) (1.1) 21.1 33.8 40.3
Total debt/capital, book (%) 5.0 35.9 42.6 47.0

Source of data: Standard & Poor's CreditStats, September 8, 2003.

it Rating

BB B
Noninvestment Wrigley
Grade Prerecap Post-recap

2.2 1.0 48.45 1.32

19.7 10.4 319% 12%
7.3 1.5 215% 8%
11.5 8.0 39% 18%
15.4 14.7 21% 21%
53.6 72.6 0% 68%
57.7 75.1 11% 71%
 Indicated
Rating, Post-
Recap
Calculation

= Operating income/ KD x total debt B

= Net income/ total debt B
= (Net income - NWC - capex)/ total debt BB
= (Op. income + invest. income)/ total debt A
= Operating income/ sales A
= LTD/ (total debt + equity) B
= Total debt/ (total debt + equity) B
Wrigley's Volatility Estimate Date
Equal weighting methodology 6/1/2000
Number of price relatives: 541 6/2/2000
Number of stock prices: 542 6/5/2000
Average daily variance: 0.000152 6/6/2000
Adjusted daily variance: 0.000152 6/7/2000
Annualized volatility(1): 19.58% 6/8/2000
(1) Annualization factor = 252 6/9/2000
6/12/2000
Distress Costs "Put Option" 6/13/2000
Black-Scholes (European: No Dividend) 6/14/2000
6/15/2000
Call value $10,814.87 6/16/2000
Call delta (hedge ratio) 1.000 6/19/2000
6/19/2000 6/20/2000
Using put-call parity 6/21/2000
Put value $0.032 6/22/2000
Delta 0.000 6/23/2000
6/23/2000 6/26/2000
S underlying asset price $13,260.00 6/27/2000
X exercise price $3,000.00 6/28/2000
rf risk-free rate 4.09% 6/29/2000
sd volatility 19.58% 6/30/2000
t years to expiration 5.00 7/3/2000
7/4/2000
Cumulative Standard Normal Function 7/5/2000
d1 from Black-Scholes 4.080 7/6/2000
N(d1) 1.000 7/7/2000
7/10/2000
d2 from Black Scholes 3.643 7/11/2000
N(d2) 1.000 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
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8/1/2000
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8/22/2000
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8/30/2000
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9/1/2000
9/4/2000
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9/11/2000
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2/1/2002
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2/18/2002
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2/25/2002
2/26/2002
2/27/2002
2/28/2002
3/1/2002
3/4/2002
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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
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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
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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
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5/24/2002
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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 Price Log of Price Sq. Error of
(US$) Relative Relative Price Rel.
40.16
39.94 0.995 (0.005) 0.0000
39.81 0.997 (0.003) 0.0000
40.41 1.015 0.015 0.0002
40.69 1.007 0.007 0.0000
40.63 0.999 (0.001) 0.0000
40.47 0.996 (0.004) 0.0000
41.12 1.016 0.016 0.0002
41.84 1.018 0.017 0.0003
41.56 0.993 (0.007) 0.0001
40.50 0.974 (0.026) 0.0007
39.75 0.981 (0.019) 0.0004
39.53 0.994 (0.006) 0.0000
38.56 0.975 (0.025) 0.0006
38.19 0.990 (0.010) 0.0001
38.78 1.015 0.015 0.0002
39.25 1.012 0.012 0.0001
40.69 1.037 0.036 0.0013
40.25 0.989 (0.011) 0.0001
39.56 0.983 (0.017) 0.0003
38.91 0.984 (0.017) 0.0003
40.09 1.030 0.030 0.0009
39.97 0.997 (0.003) 0.0000
39.97 1.000 0.000 0.0000
40.31 1.009 0.008 0.0001
40.56 1.006 0.006 0.0000
40.53 0.999 (0.001) 0.0000
40.00 0.987 (0.013) 0.0002
39.56 0.989 (0.011) 0.0001
39.19 0.991 (0.009) 0.0001
39.03 0.996 (0.004) 0.0000
39.47 1.011 0.011 0.0001
38.66 0.979 (0.021) 0.0005
39.03 1.010 0.010 0.0001
39.34 1.008 0.008 0.0001
39.06 0.993 (0.007) 0.0001
38.69 0.991 (0.010) 0.0001
37.91 0.980 (0.020) 0.0004
38.06 1.004 0.004 0.0000
38.09 1.001 0.001 0.0000
38.31 1.006 0.006 0.0000
38.16 0.996 (0.004) 0.0000
38.00 0.996 (0.004) 0.0000
38.84 1.022 0.022 0.0005
39.34 1.013 0.013 0.0001
38.75 0.985 (0.015) 0.0002
39.13 1.010 0.010 0.0001
38.88 0.994 (0.006) 0.0000
38.47 0.989 (0.011) 0.0001
38.09 0.990 (0.010) 0.0001
38.59 1.013 0.013 0.0002
38.66 1.002 0.002 0.0000
38.91 1.006 0.006 0.0000
39.03 1.003 0.003 0.0000
38.53 0.987 (0.013) 0.0002
38.38 0.996 (0.004) 0.0000
39.03 1.017 0.017 0.0003
39.34 1.008 0.008 0.0001
38.72 0.984 (0.016) 0.0003
38.53 0.995 (0.005) 0.0000
38.38 0.996 (0.004) 0.0000
38.06 0.992 (0.008) 0.0001
38.13 1.002 0.002 0.0000
37.91 0.994 (0.006) 0.0000
37.31 0.984 (0.016) 0.0003
37.03 0.992 (0.008) 0.0001
36.81 0.994 (0.006) 0.0000
36.81 1.000 0.000 0.0000
37.03 1.006 0.006 0.0000
36.59 0.988 (0.012) 0.0002
36.22 0.990 (0.010) 0.0001
37.50 1.035 0.035 0.0012
36.75 0.980 (0.020) 0.0004
37.22 1.013 0.013 0.0001
37.09 0.997 (0.003) 0.0000
35.91 0.968 (0.032) 0.0011
35.84 0.998 (0.002) 0.0000
35.47 0.990 (0.010) 0.0001
35.72 1.007 0.007 0.0000
35.34 0.989 (0.011) 0.0001
35.78 1.012 0.012 0.0001
36.28 1.014 0.014 0.0002
35.87 0.989 (0.011) 0.0001
36.50 1.018 0.017 0.0003
36.66 1.004 0.004 0.0000
37.16 1.014 0.014 0.0002
37.44 1.008 0.008 0.0000
37.28 0.996 (0.004) 0.0000
36.97 0.992 (0.008) 0.0001
36.50 0.987 (0.013) 0.0002
38.34 1.050 0.049 0.0024
37.69 0.983 (0.017) 0.0003
37.81 1.003 0.003 0.0000
38.09 1.007 0.007 0.0000
38.16 1.002 0.002 0.0000
38.13 0.999 (0.001) 0.0000
37.31 0.978 (0.022) 0.0005
38.03 1.019 0.019 0.0003
37.44 0.984 (0.016) 0.0003
37.25 0.995 (0.005) 0.0000
37.50 1.007 0.007 0.0000
36.94 0.985 (0.015) 0.0002
37.12 1.005 0.005 0.0000
37.19 1.002 0.002 0.0000
38.47 1.034 0.034 0.0011
38.75 1.007 0.007 0.0000
39.19 1.011 0.011 0.0001
40.09 1.023 0.023 0.0005
39.59 0.988 (0.013) 0.0002
40.00 1.010 0.010 0.0001
39.78 0.995 (0.006) 0.0000
40.25 1.012 0.012 0.0001
41.09 1.021 0.021 0.0004
40.84 0.994 (0.006) 0.0000
41.06 1.005 0.005 0.0000
41.97 1.022 0.022 0.0005
42.50 1.013 0.013 0.0001
42.09 0.990 (0.010) 0.0001
42.06 0.999 (0.001) 0.0000
43.31 1.030 0.029 0.0008
43.59 1.006 0.006 0.0000
43.19 0.991 (0.009) 0.0001
43.69 1.012 0.012 0.0001
44.72 1.024 0.023 0.0005
44.31 0.991 (0.009) 0.0001
44.31 1.000 0.000 0.0000
43.59 0.984 (0.016) 0.0003
43.78 1.004 0.004 0.0000
44.53 1.017 0.017 0.0003
45.47 1.021 0.021 0.0004
45.41 0.999 (0.001) 0.0000
45.28 0.997 (0.003) 0.0000
45.66 1.008 0.008 0.0001
44.88 0.983 (0.017) 0.0003
44.47 0.991 (0.009) 0.0001
45.19 1.016 0.016 0.0002
44.53 0.985 (0.015) 0.0002
43.00 0.966 (0.035) 0.0013
43.31 1.007 0.007 0.0000
43.91 1.014 0.014 0.0002
43.31 0.986 (0.014) 0.0002
44.69 1.032 0.031 0.0009
45.44 1.017 0.017 0.0003
45.75 1.007 0.007 0.0000
46.00 1.005 0.005 0.0000
46.78 1.017 0.017 0.0003
46.34 0.991 (0.009) 0.0001
46.34 1.000 0.000 0.0000
46.91 1.012 0.012 0.0001
46.91 1.000 0.000 0.0000
47.09 1.004 0.004 0.0000
47.91 1.017 0.017 0.0003
47.91 1.000 0.000 0.0000
48.03 1.003 0.003 0.0000
46.00 0.958 (0.043) 0.0019
44.75 0.973 (0.028) 0.0008
45.66 1.020 0.020 0.0004
45.88 1.005 0.005 0.0000
46.19 1.007 0.007 0.0000
45.81 0.992 (0.008) 0.0001
45.03 0.983 (0.017) 0.0003
44.00 0.977 (0.023) 0.0006
44.00 1.000 0.000 0.0000
44.91 1.021 0.020 0.0004
44.59 0.993 (0.007) 0.0001
44.56 0.999 (0.001) 0.0000
43.50 0.976 (0.024) 0.0006
43.47 0.999 (0.001) 0.0000
44.03 1.013 0.013 0.0001
43.91 0.997 (0.003) 0.0000
43.63 0.994 (0.006) 0.0000
43.34 0.993 (0.007) 0.0001
43.80 1.011 0.011 0.0001
43.51 0.993 (0.007) 0.0001
43.70 1.004 0.004 0.0000
43.96 1.006 0.006 0.0000
44.06 1.002 0.002 0.0000
44.90 1.019 0.019 0.0003
44.83 0.998 (0.002) 0.0000
45.17 1.008 0.008 0.0000
45.48 1.007 0.007 0.0000
45.50 1.000 0.000 0.0000
45.67 1.004 0.004 0.0000
45.69 1.000 0.000 0.0000
44.78 0.980 (0.020) 0.0004
44.90 1.003 0.003 0.0000
45.80 1.020 0.020 0.0004
45.80 1.000 0.000 0.0000
46.17 1.008 0.008 0.0001
45.81 0.992 (0.008) 0.0001
45.90 1.002 0.002 0.0000
45.57 0.993 (0.007) 0.0001
45.74 1.004 0.004 0.0000
46.06 1.007 0.007 0.0000
46.56 1.011 0.011 0.0001
47.02 1.010 0.010 0.0001
46.53 0.990 (0.010) 0.0001
46.55 1.000 0.000 0.0000
46.30 0.995 (0.005) 0.0000
46.50 1.004 0.004 0.0000
47.71 1.026 0.026 0.0006
47.70 1.000 (0.000) 0.0000
47.51 0.996 (0.004) 0.0000
47.40 0.998 (0.002) 0.0000
46.45 0.980 (0.020) 0.0004
47.23 1.017 0.017 0.0003
47.65 1.009 0.009 0.0001
47.79 1.003 0.003 0.0000
46.93 0.982 (0.018) 0.0004
45.87 0.977 (0.023) 0.0005
45.18 0.985 (0.015) 0.0002
45.35 1.004 0.004 0.0000
45.74 1.009 0.009 0.0001
47.22 1.032 0.032 0.0010
47.10 0.997 (0.003) 0.0000
47.36 1.006 0.006 0.0000
48.25 1.019 0.019 0.0003
48.12 0.997 (0.003) 0.0000
47.10 0.979 (0.021) 0.0005
48.20 1.023 0.023 0.0005
47.55 0.987 (0.014) 0.0002
46.51 0.978 (0.022) 0.0005
46.86 1.008 0.007 0.0000
45.97 0.981 (0.019) 0.0004
45.45 0.989 (0.011) 0.0001
45.35 0.998 (0.002) 0.0000
45.35 1.000 0.000 0.0000
46.10 1.017 0.016 0.0002
46.40 1.007 0.006 0.0000
45.42 0.979 (0.021) 0.0005
45.60 1.004 0.004 0.0000
44.59 0.978 (0.022) 0.0005
45.51 1.021 0.020 0.0004
46.29 1.017 0.017 0.0003
47.70 1.030 0.030 0.0009
47.75 1.001 0.001 0.0000
48.58 1.017 0.017 0.0003
48.31 0.994 (0.006) 0.0000
49.01 1.014 0.014 0.0002
48.80 0.996 (0.004) 0.0000
48.12 0.986 (0.014) 0.0002
48.88 1.016 0.016 0.0002
48.89 1.000 0.000 0.0000
49.32 1.009 0.009 0.0001
48.61 0.986 (0.015) 0.0002
49.20 1.012 0.012 0.0001
48.68 0.989 (0.011) 0.0001
48.50 0.996 (0.004) 0.0000
48.00 0.990 (0.010) 0.0001
48.99 1.021 0.020 0.0004
48.28 0.986 (0.015) 0.0002
47.96 0.993 (0.007) 0.0001
48.37 1.009 0.009 0.0001
47.92 0.991 (0.009) 0.0001
48.10 1.004 0.004 0.0000
48.53 1.009 0.009 0.0001
48.12 0.992 (0.008) 0.0001
48.12 1.000 0.000 0.0000
48.82 1.015 0.014 0.0002
48.45 0.992 (0.008) 0.0001
48.03 0.991 (0.009) 0.0001
48.27 1.005 0.005 0.0000
48.49 1.005 0.005 0.0000
48.48 1.000 (0.000) 0.0000
48.09 0.992 (0.008) 0.0001
48.22 1.003 0.003 0.0000
48.01 0.996 (0.004) 0.0000
47.96 0.999 (0.001) 0.0000
47.93 0.999 (0.001) 0.0000
47.74 0.996 (0.004) 0.0000
47.39 0.993 (0.007) 0.0001
47.13 0.995 (0.006) 0.0000
47.00 0.997 (0.003) 0.0000
47.35 1.007 0.007 0.0000
47.75 1.008 0.008 0.0001
48.15 1.008 0.008 0.0001
47.59 0.988 (0.012) 0.0002
47.04 0.988 (0.012) 0.0001
47.10 1.001 0.001 0.0000
46.90 0.996 (0.004) 0.0000
46.94 1.001 0.001 0.0000
46.85 0.998 (0.002) 0.0000
47.80 1.020 0.020 0.0004
47.95 1.003 0.003 0.0000
47.95 1.000 0.000 0.0000
47.72 0.995 (0.005) 0.0000
46.88 0.982 (0.018) 0.0003
47.42 1.012 0.011 0.0001
47.07 0.993 (0.007) 0.0001
47.40 1.007 0.007 0.0000
47.10 0.994 (0.006) 0.0000
46.86 0.995 (0.005) 0.0000
46.80 0.999 (0.001) 0.0000
47.89 1.023 0.023 0.0005
48.14 1.005 0.005 0.0000
48.48 1.007 0.007 0.0000
48.62 1.003 0.003 0.0000
48.06 0.988 (0.012) 0.0001
48.07 1.000 0.000 0.0000
48.95 1.018 0.018 0.0003
48.88 0.999 (0.001) 0.0000
49.01 1.003 0.003 0.0000
49.10 1.002 0.002 0.0000
49.92 1.017 0.017 0.0003
50.16 1.005 0.005 0.0000
50.64 1.010 0.010 0.0001
50.30 0.993 (0.007) 0.0001
49.52 0.984 (0.016) 0.0003
49.48 0.999 (0.001) 0.0000
48.94 0.989 (0.011) 0.0001
49.57 1.013 0.013 0.0001
50.08 1.010 0.010 0.0001
49.94 0.997 (0.003) 0.0000
50.18 1.005 0.005 0.0000
50.15 0.999 (0.001) 0.0000
50.16 1.000 0.000 0.0000
50.04 0.998 (0.002) 0.0000
50.66 1.012 0.012 0.0001
50.90 1.005 0.005 0.0000
50.75 0.997 (0.003) 0.0000
50.35 0.992 (0.008) 0.0001
50.98 1.013 0.012 0.0001
50.90 0.998 (0.002) 0.0000
50.25 0.987 (0.013) 0.0002
49.98 0.995 (0.005) 0.0000
50.35 1.007 0.007 0.0000
50.14 0.996 (0.004) 0.0000
50.14 1.000 0.000 0.0000
50.95 1.016 0.016 0.0002
51.06 1.002 0.002 0.0000
50.51 0.989 (0.011) 0.0001
50.28 0.995 (0.005) 0.0000
51.82 1.031 0.030 0.0009
51.82 1.000 0.000 0.0000
51.82 1.000 0.000 0.0000
51.82 1.000 0.000 0.0000
51.82 1.000 0.000 0.0000
51.23 0.989 (0.011) 0.0001
51.11 0.998 (0.002) 0.0000
50.31 0.984 (0.016) 0.0003
49.10 0.976 (0.024) 0.0006
47.00 0.957 (0.044) 0.0020
48.13 1.024 0.024 0.0005
48.22 1.002 0.002 0.0000
49.56 1.028 0.027 0.0007
50.55 1.020 0.020 0.0004
51.30 1.015 0.015 0.0002
51.15 0.997 (0.003) 0.0000
51.95 1.016 0.016 0.0002
50.70 0.976 (0.024) 0.0006
50.18 0.990 (0.010) 0.0001
50.41 1.005 0.005 0.0000
48.97 0.971 (0.029) 0.0009
49.95 1.020 0.020 0.0004
50.92 1.019 0.019 0.0003
49.89 0.980 (0.020) 0.0004
49.07 0.984 (0.017) 0.0003
48.90 0.997 (0.003) 0.0000
48.83 0.999 (0.001) 0.0000
48.24 0.988 (0.012) 0.0002
48.21 0.999 (0.001) 0.0000
49.48 1.026 0.026 0.0006
50.25 1.016 0.015 0.0002
49.79 0.991 (0.009) 0.0001
49.99 1.004 0.004 0.0000
50.02 1.001 0.001 0.0000
50.50 1.010 0.010 0.0001
49.89 0.988 (0.012) 0.0002
49.63 0.995 (0.005) 0.0000
50.05 1.008 0.008 0.0001
51.22 1.023 0.023 0.0005
51.94 1.014 0.014 0.0002
52.28 1.007 0.007 0.0000
52.90 1.012 0.012 0.0001
52.92 1.000 0.000 0.0000
52.25 0.987 (0.013) 0.0002
51.76 0.991 (0.009) 0.0001
51.42 0.993 (0.007) 0.0001
51.63 1.004 0.004 0.0000
51.63 1.000 0.000 0.0000
51.26 0.993 (0.007) 0.0001
51.10 0.997 (0.003) 0.0000
50.98 0.998 (0.002) 0.0000
50.57 0.992 (0.008) 0.0001
50.38 0.996 (0.004) 0.0000
50.38 1.000 0.000 0.0000
50.55 1.003 0.003 0.0000
50.45 0.998 (0.002) 0.0000
49.90 0.989 (0.011) 0.0001
50.20 1.006 0.006 0.0000
50.51 1.006 0.006 0.0000
50.54 1.001 0.001 0.0000
50.45 0.998 (0.002) 0.0000
50.78 1.007 0.007 0.0000
51.31 1.010 0.010 0.0001
50.23 0.979 (0.021) 0.0005
49.97 0.995 (0.005) 0.0000
49.78 0.996 (0.004) 0.0000
49.29 0.990 (0.010) 0.0001
49.35 1.001 0.001 0.0000
49.60 1.005 0.005 0.0000
49.95 1.007 0.007 0.0000
50.17 1.004 0.004 0.0000
50.80 1.013 0.012 0.0001
51.25 1.009 0.009 0.0001
51.43 1.004 0.004 0.0000
52.60 1.023 0.022 0.0005
52.00 0.989 (0.011) 0.0001
52.00 1.000 0.000 0.0000
52.40 1.008 0.008 0.0000
52.47 1.001 0.001 0.0000
51.78 0.987 (0.013) 0.0002
51.37 0.992 (0.008) 0.0001
51.37 1.000 0.000 0.0000
51.44 1.001 0.001 0.0000
50.81 0.988 (0.012) 0.0002
50.67 0.997 (0.003) 0.0000
50.55 0.998 (0.002) 0.0000
50.84 1.006 0.006 0.0000
50.86 1.000 0.000 0.0000
51.07 1.004 0.004 0.0000
51.10 1.001 0.001 0.0000
51.73 1.012 0.012 0.0001
51.80 1.001 0.001 0.0000
51.09 0.986 (0.014) 0.0002
51.47 1.007 0.007 0.0000
51.46 1.000 (0.000) 0.0000
51.46 1.000 0.000 0.0000
51.88 1.008 0.008 0.0001
51.90 1.000 0.000 0.0000
52.27 1.007 0.007 0.0000
52.20 0.999 (0.001) 0.0000
52.36 1.003 0.003 0.0000
52.52 1.003 0.003 0.0000
54.10 1.030 0.030 0.0008
54.64 1.010 0.010 0.0001
54.51 0.998 (0.002) 0.0000
54.23 0.995 (0.005) 0.0000
54.85 1.011 0.011 0.0001
53.91 0.983 (0.017) 0.0003
54.36 1.008 0.008 0.0001
53.85 0.991 (0.009) 0.0001
53.84 1.000 (0.000) 0.0000
53.76 0.999 (0.001) 0.0000
53.75 1.000 (0.000) 0.0000
53.95 1.004 0.004 0.0000
54.86 1.017 0.017 0.0003
54.86 1.000 0.000 0.0000
54.42 0.992 (0.008) 0.0001
55.40 1.018 0.018 0.0003
54.85 0.990 (0.010) 0.0001
55.55 1.013 0.013 0.0001
56.06 1.009 0.009 0.0001
55.76 0.995 (0.005) 0.0000
55.50 0.995 (0.005) 0.0000
56.04 1.010 0.010 0.0001
56.51 1.008 0.008 0.0001
55.78 0.987 (0.013) 0.0002
55.29 0.991 (0.009) 0.0001
55.24 0.999 (0.001) 0.0000
54.39 0.985 (0.016) 0.0003
54.15 0.996 (0.004) 0.0000
54.15 1.000 0.000 0.0000
54.10 0.999 (0.001) 0.0000
53.75 0.994 (0.006) 0.0001
53.80 1.001 0.001 0.0000
54.75 1.018 0.018 0.0003
53.76 0.982 (0.018) 0.0004
53.78 1.000 0.000 0.0000
53.43 0.993 (0.007) 0.0001
53.95 1.010 0.010 0.0001
53.93 1.000 (0.000) 0.0000
53.27 0.988 (0.012) 0.0002
54.22 1.018 0.018 0.0003
53.95 0.995 (0.005) 0.0000
53.31 0.988 (0.012) 0.0002
53.31 1.000 0.000 0.0000
53.15 0.997 (0.003) 0.0000
53.63 1.009 0.009 0.0001
53.00 0.988 (0.012) 0.0002
53.93 1.018 0.017 0.0003
54.10 1.003 0.003 0.0000
54.12 1.000 0.000 0.0000
54.00 0.998 (0.002) 0.0000
55.00 1.019 0.018 0.0003
55.00 1.000 0.000 0.0000
55.40 1.007 0.007 0.0000
54.86 0.990 (0.010) 0.0001
55.12 1.005 0.005 0.0000
54.87 0.995 (0.005) 0.0000
54.88 1.000 0.000 0.0000
55.16 1.005 0.005 0.0000
54.56 0.989 (0.011) 0.0001
54.51 0.999 (0.001) 0.0000
55.02 1.009 0.009 0.0001
55.12 1.002 0.002 0.0000
54.80 0.994 (0.006) 0.0000
54.71 0.998 (0.002) 0.0000
55.00 1.005 0.005 0.0000
56.24 1.023 0.022 0.0005
56.65 1.007 0.007 0.0000
55.97 0.988 (0.012) 0.0002
55.66 0.994 (0.006) 0.0000
55.34 0.994 (0.006) 0.0000
55.72 1.007 0.007 0.0000
55.80 1.001 0.001 0.0000
55.70 0.998 (0.002) 0.0000
56.23 1.010 0.009 0.0001
56.46 1.004 0.004 0.0000
56.60 1.002 0.002 0.0000
56.94 1.006 0.006 0.0000
57.01 1.001 0.001 0.0000
57.08 1.001 0.001 0.0000
57.32 1.004 0.004 0.0000
58.14 1.014 0.014 0.0002
57.87 0.995 (0.005) 0.0000
57.10 0.987 (0.013) 0.0002
57.10 1.000 0.000 0.0000
56.54 0.990 (0.010) 0.0001
56.77 1.004 0.004 0.0000
56.16 0.989 (0.011) 0.0001
57.31 1.020 0.020 0.0004
56.37 0.984 (0.017) 0.0003
56.83 1.008 0.008 0.0001
57.66 1.015 0.014 0.0002
56.52 0.980 (0.020) 0.0004
57.07 1.010 0.010 0.0001
57.25 1.003 0.003 0.0000
58.01 1.013 0.013 0.0002
58.35 1.006 0.006 0.0000
57.66 0.988 (0.012) 0.0002
56.73 0.984 (0.016) 0.0003
57.16 1.008 0.008 0.0000
57.11 0.999 (0.001) 0.0000
56.67 0.992 (0.008) 0.0001
56.82 1.003 0.003 0.0000
57.02 1.004 0.004 0.0000
56.40 0.989 (0.011) 0.0001
55.78 0.989 (0.011) 0.0001
56.42 1.011 0.011 0.0001
57.63 1.021 0.021 0.0004
55.35 0.960 (0.040) 0.0017
0.00059 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 Step One: Alternatives for Step Tw

Recapitalization Changes Releveraging Dividend

$581,519 $3,000,000 $3,581,519 ($3,000,000)

$851,795 $851,795
$1,433,314 $4,433,314

$0 $3,000,000 $3,000,000
$157,127 $157,127
$1,276,287 $1,276,287 ($3,000,000)
$1,433,414 $4,433,414

$5.49 $5.49
89% 29%

$581,519 $3,000,000 $3,581,519 ($3,000,000)

$12,678,307 $12,678,307
($32)
$0 $1,200,000 $1,200,000
$13,259,826 $17,459,794

$113,921 $3,000,000 $3,113,921

$43,206 $43,206
$13,102,699 $1,199,968 $14,302,667 ($3,000,000)
$13,259,826 $17,459,794

232,441 232,441
 $56.37 $61.53
99% 82%

$0 $0
$13,102,699 $1,199,968 $14,302,667
$13,102,699 $14,302,667
$56.37 $61.53
9.2%

53219.7977647685 $ 5.16
179,221

$ 61.53
 Alternatives for Step Two:
Dividend Share Repurchase

$581,519 ($3,000,000) $581,519

$851,795 $851,795
$1,433,314 $1,433,314

$3,000,000 $3,000,000
$157,127 $157,127
($1,723,713) ($3,000,000) ($1,723,713)
$1,433,414 $1,433,414

($7.42) ($9.38)
-120% -120%

$581,519 ($3,000,000) $581,519

$12,678,307 $12,678,307
($32) ($32)
$1,200,000 $1,200,000
$14,459,794 $14,459,794

$3,113,921 $3,113,921
$43,206 $43,206
$11,302,667 ($3,000,000) $11,302,667 $ (1,800,032)
$14,459,794 $14,459,794

232,441 48,755 183,686

 $48.63 $61.53
78% 78%

$3,000,000 $3,000,000
$11,302,667 $11,302,667
$14,302,667 $14,302,667
$61.53 $61.53
9.2% 9.2%

put option
per share
 (0.03)
$ (0.00)
3. EBIT vs. EPS Calculations -- Exhibit TN3

Status Quo
Pro forma 300 Operating income (EBIT) ($86)
increase Interest expense $0
Taxable income ($86)
Taxes (@ 40%) ($34)
Net income ($52)
Shares outstanding 232.441
EPS (status quo) ($0.22)

Recapitalization with Share Repurchase

Operating income (EBIT) ($86)
13% Interest expense1 $390
Taxable income ($476)
Taxes (@ 40%) ($190)
Net income ($286)
Shares outstanding2 183.686
EPS (recap. with share repurchase) ($1.55)

Recapitalization with Dividend

Operating income (EBIT) ($86)
13% Interest expense1 $390
Taxable income ($476)
Taxes (@ 40%) ($190)
Net income ($286)
Shares outstanding 232.441
EPS (recapitalization with dividend) ($1.23)
1
Interest expense is the 13% on the added debt.
2
Includes share repurchase.

EPS versus EBIT

$5.00

$4.00

$3.00

$2.00
EPS
$1.00

$0.00
 $5.00

$4.00

$3.00

$2.00
EPS
$1.00

$0.00
($86) $214 $514 $814 $1,114 $1,414
($1.00)

($2.00)
EBIT
 2001
$214 $514 $814 $1,114 $1,414 $1,714
$0 $0 $0 $0 $0 $0
$214 $514 $814 $1,114 $1,414 $1,714
$86 $206 $326 $446 $566 $686
$128 $308 $488 $668 $848 $1,028
232.441 232.441 232.441 232.441 232.441 232.441
$0.55 $1.33 $2.10 $2.88 $3.65 $4.42

2001
$214 $514 $814 $1,114 $1,414 $1,714
$390 $390 $390 $390 $390 $390
($176) $124 $424 $724 $1,024 $1,324
($70) $50 $170 $290 $410 $530
($106) $74 $254 $434 $614 $794
183.686 183.686 183.686 183.686 183.686 183.686
($0.57) $0.41 $1.38 $2.36 $3.34 $4.32

2001
$214 $514 $814 $1,114 $1,414 $1,714
$390 $390 $390 $390 $390 $390
($176) $124 $424 $724 $1,024 $1,324
($70) $50 $170 $290 $410 $530
($106) $74 $254 $434 $614 $794
232.441 232.441 232.441 232.441 232.441 232.441
($0.45) $0.32 $1.09 $1.87 $2.64 $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 2000 1999

$ 2,429,646 $ 2,145,706 $ 2,061,602

$ 997,054 $ 904,266 $ 904,183
$ 1,432,592 $ 1,241,440 $ 1,157,419
$ 919,236 $ 778,197 $ 721,813
$ 513,356 $ 463,243 $ 435,606
$ 18,553 $ 19,185 $ 17,636
$ (4,543) $ (3,116) $ (8,812)
$ 527,366 $ 479,312 $ 444,430
$ 164,380 $ 150,370 $ 136,247
$ 362,986 $ 328,942 $ 308,183

$ 1.61 $ 1.45 $ 1.33

$ 0.745 $ 0.70 $ 0.66

e Commission.

9%
10%
9%
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 NWC=
$ 25,300 $ 28,535 FA etc. =
$ 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 Change NWC=
$ 684,379 $ 607,034 CapEx=
$ 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 Def. tax & other NCL
$ 113,921 $ 113,489
$ 12,646 $ 12,558
$ 2,850 $ 2,938 Common
$ 1,153 $ 346 Class B
 $ 1,684,337 $ 1,492,547 Total
$ (289,799) $ (256,478)
$ (134,900) $ (119,014)
$ 1,276,287 $ 1,132,897
$ 1,765,648 $ 1,574,740

hange Commission.
 $ 581,609 $ 540,505
$ 851,795

$ 41,104
$ 77,345

$ 157,127

Total Share Equivalents

189.800
42.641
232.441
$1,500

Wrigley
$1,400

$1,300

$1,200

$1,100
S&P Food
Beverage &
$1,000 Tobacco Index

$900 S&P 500

$800

$700

$600
Financial Characteristics of Major Confectionary Firms

Common Shares
Outstanding Market Value of
Company Name Recent Price (millions) Equity (millions)
Cadbury Schweppes PLC $ 26.66 502.50 $ 13,397
Hershey Foods Corp. $ 65.45 136.63 $ 8,942
Kraft Foods $ 38.82 1,735.00 $ 67,353
Tootise Roll Industries Inc. $ 31.17 51.66 $ 1,610
Wm. Wrigley Jr. Co. $ 56.37 232.44 $ 13,103
S&P 500 Composite $ 1,148.08

Company Name Beta EPS Price/ Earnings

Cadbury Schweppes PLC 0.60 1.39 15.20
Hershey Foods Corp. 0.60 2.74 20.40
Kraft Foods nmf 1.17 18.70
Tootise Roll Industries Inc. 0.65 1.30 24.00
Wm. Wrigley Jr. Co. 0.75 1.61 29.30
S&P 500 Composite 1.00 18.78 40.55

Source of data: Value Line Investment Survey

Book Value of LT Debt/ (LT LT Debt/ (LT Debt
Equity Total LT Debt Debt + Book + Mkt Value of LT Debt/Book LT Debt/Mkt Value
(millions) (millions) Value of Equity) Equity) Value of Equity of Equity
$ 5,264 $ 2,264 30.07% 14.46% 43.01% 16.90%
$ 2,785 $ 869 23.77% 8.85% 31.18% 9.71%
$ 39,920 $ 8,548 17.64% 11.26% 21.41% 12.69%
$ 509 $ 8 1.45% 0.46% 1.47% 0.47%
$ 1,276 $ - 0.00% 0.00% 0.00% 0.00%
18.23% 8.76% 24.27% 9.94%

Interest Coverage Compound Growth Firm Value/

Cash Dividend Dividend Payout Dividend Yield Before Tax of EPS Past 5 Yrs EBITDA
$ 0.67 44.0% 2.50% 4.6x 6.50% 10.3
$ 1.16 41.0% 2.00% 11.1x 6.50% 11.4
$ 0.26 12.0% 1.50% 3.4x nmf 10.1
$ 0.28 22.0% 0.90% nmf 12.50% 14.6
$ 0.75 46.0% 1.50% nmf 9.00% 22.6
-49.57%
Capital Market Conditions, June 7, 2002
U.S. Treasury Obligations Yield
3-mos. 1.670%
6 mos. 1.710%
1 yr. 2.310%
2 yr. 3.160%
3 yr. 3.660%
5 yr. 4.090%
7 yr. 4.520%
10 yr. 4.860%
6%
20 yr. 5.650%
5%
Corporate Debt Obligations (10-year) Yield
4%
AAA 9.307%
3%
AA 9.786%
A 10.083% 2%
BBB 10.894% 1%
BB 12.753% 0%
B 14.663% 3-mos. 6 mos. 1

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
Other Instruments Yield
U.S. Federal Reserve Bank Discount Rate 1.730%
LIBOR (1-month) 1.840%
Certificates of Deposit (6-month) 1.980%
Prime Interest Rates 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. 7 yr. 10 yr. 20 yr.

Sources of data: Bloomberg LP, Federal Reserve Bank Reports.

EPS versus EBIT Analysis

Assumptions Before Recapitalization

Interest Rate on debt
Debt Outstanding
Tax Rate

Before Recapitalization Worst Case Most Likely Best Case After Recapitalization
Operating Income (EBIT) Operating Income (EBIT)
Interest Expense Interest Expense
Taxable Income Taxable Income
Taxes Taxes
Net Income Net Income
Shares Outstanding Shares Outstanding
EPS (Earnings Per Share) EPS (Earnings Per Share)
 After Recapitalization

Worst Case Most Likely Best Case

Source:
Datastream

S&P 500
WRIGLEY WILLIAM COMPOSITE -
Name JR. PRICE INDEX

WWY
Code Wrigley Indexed S&P 500 Comp S&P Indexed
6/1/2000 $ 40.16 $ 1,000.00 $ 1,448.81 $ 1,000.00
6/2/2000 $ 39.94 $ 994.52 $ 1,477.27 $ 1,019.64
6/5/2000 $ 39.81 $ 991.28 $ 1,467.63 $ 1,012.99
6/6/2000 $ 40.41 $ 1,006.23 $ 1,457.84 $ 1,006.23
6/7/2000 $ 40.69 $ 1,013.20 $ 1,471.36 $ 1,015.56
6/8/2000 $ 40.63 $ 1,011.70 $ 1,461.67 $ 1,008.88
6/9/2000 $ 40.47 $ 1,007.72 $ 1,456.95 $ 1,005.62
6/12/2000 $ 41.12 $ 1,023.90 $ 1,446.00 $ 998.06
6/13/2000 $ 41.84 $ 1,041.83 $ 1,469.44 $ 1,014.24
6/14/2000 $ 41.56 $ 1,034.86 $ 1,470.54 $ 1,015.00
6/15/2000 $ 40.50 $ 1,008.47 $ 1,478.73 $ 1,020.65
6/16/2000 $ 39.75 $ 989.79 $ 1,464.46 $ 1,010.80
6/19/2000 $ 39.53 $ 984.31 $ 1,486.00 $ 1,025.67
6/20/2000 $ 38.56 $ 960.16 $ 1,475.95 $ 1,018.73
6/21/2000 $ 38.19 $ 950.95 $ 1,479.13 $ 1,020.93
6/22/2000 $ 38.78 $ 965.64 $ 1,452.18 $ 1,002.33
6/23/2000 $ 39.25 $ 977.34 $ 1,441.48 $ 994.94
6/26/2000 $ 40.69 $ 1,013.20 $ 1,455.31 $ 1,004.49
6/27/2000 $ 40.25 $ 1,002.24 $ 1,450.55 $ 1,001.20
6/28/2000 $ 39.56 $ 985.06 $ 1,454.82 $ 1,004.15
6/29/2000 $ 38.91 $ 968.87 $ 1,442.39 $ 995.57
6/30/2000 $ 40.09 $ 998.26 $ 1,454.60 $ 1,004.00
7/3/2000 $ 39.97 $ 995.27 $ 1,469.54 $ 1,014.31
7/4/2000 $ 39.97 $ 995.27 $ 1,469.54 $ 1,014.31
7/5/2000 $ 40.31 $ 1,003.74 $ 1,446.23 $ 998.22
7/6/2000 $ 40.56 $ 1,009.96 $ 1,456.67 $ 1,005.43
7/7/2000 $ 40.53 $ 1,009.21 $ 1,478.90 $ 1,020.77
7/10/2000 $ 40.00 $ 996.02 $ 1,475.62 $ 1,018.50
7/11/2000 $ 39.56 $ 985.06 $ 1,480.88 $ 1,022.14
7/12/2000 $ 39.19 $ 975.85 $ 1,492.92 $ 1,030.45
7/13/2000 $ 39.03 $ 971.86 $ 1,495.84 $ 1,032.46
7/14/2000 $ 39.47 $ 982.82 $ 1,509.98 $ 1,042.22
7/17/2000 $ 38.66 $ 962.65 $ 1,510.49 $ 1,042.57
7/18/2000 $ 39.03 $ 971.86 $ 1,493.74 $ 1,031.01
7/19/2000 $ 39.34 $ 979.58 $ 1,481.96 $ 1,022.88
7/20/2000 $ 39.06 $ 972.61 $ 1,495.57 $ 1,032.27
7/21/2000 $ 38.69 $ 963.40 $ 1,480.19 $ 1,021.66
7/24/2000 $ 37.91 $ 943.97 $ 1,464.29 $ 1,010.68
7/25/2000 $ 38.06 $ 947.71 $ 1,474.47 $ 1,017.71
7/26/2000 $ 38.09 $ 948.46 $ 1,452.42 $ 1,002.49
7/27/2000 $ 38.31 $ 953.93 $ 1,449.62 $ 1,000.56
7/28/2000 $ 38.16 $ 950.20 $ 1,419.89 $ 980.04
7/31/2000 $ 38.00 $ 946.22 $ 1,430.83 $ 987.59
8/1/2000 $ 38.84 $ 967.13 $ 1,438.10 $ 992.61
8/2/2000 $ 39.34 $ 979.58 $ 1,438.70 $ 993.02
8/3/2000 $ 38.75 $ 964.89 $ 1,452.56 $ 1,002.59
8/4/2000 $ 39.13 $ 974.35 $ 1,462.93 $ 1,009.75
8/7/2000 $ 38.88 $ 968.13 $ 1,479.32 $ 1,021.06
8/8/2000 $ 38.47 $ 957.92 $ 1,482.80 $ 1,023.46
8/9/2000 $ 38.09 $ 948.46 $ 1,472.87 $ 1,016.61
8/10/2000 $ 38.59 $ 960.91 $ 1,460.25 $ 1,007.90
8/11/2000 $ 38.66 $ 962.65 $ 1,471.84 $ 1,015.90
8/14/2000 $ 38.91 $ 968.87 $ 1,491.56 $ 1,029.51
8/15/2000 $ 39.03 $ 971.86 $ 1,484.43 $ 1,024.59
8/16/2000 $ 38.53 $ 959.41 $ 1,479.85 $ 1,021.42
8/17/2000 $ 38.38 $ 955.68 $ 1,496.07 $ 1,032.62
8/18/2000 $ 39.03 $ 971.86 $ 1,491.72 $ 1,029.62
8/21/2000 $ 39.34 $ 979.58 $ 1,499.48 $ 1,034.97
8/22/2000 $ 38.72 $ 964.14 $ 1,498.13 $ 1,034.04
8/23/2000 $ 38.53 $ 959.41 $ 1,505.97 $ 1,039.45
8/24/2000 $ 38.38 $ 955.68 $ 1,508.31 $ 1,041.07
8/25/2000 $ 38.06 $ 947.71 $ 1,506.45 $ 1,039.78
8/28/2000 $ 38.13 $ 949.45 $ 1,514.09 $ 1,045.06
8/29/2000 $ 37.91 $ 943.97 $ 1,509.84 $ 1,042.12
8/30/2000 $ 37.31 $ 929.03 $ 1,502.59 $ 1,037.12
8/31/2000 $ 37.03 $ 922.06 $ 1,517.68 $ 1,047.54
9/1/2000 $ 36.81 $ 916.58 $ 1,520.77 $ 1,049.67
9/4/2000 $ 36.81 $ 916.58 $ 1,520.77 $ 1,049.67
9/5/2000 $ 37.03 $ 922.06 $ 1,507.08 $ 1,040.22
9/6/2000 $ 36.59 $ 911.11 $ 1,492.25 $ 1,029.98
9/7/2000 $ 36.22 $ 901.89 $ 1,502.51 $ 1,037.06
 9/8/2000 $ 37.50 $ 933.76 $ 1,494.50 $ 1,031.54
9/11/2000 $ 36.75 $ 915.09 $ 1,489.26 $ 1,027.92
9/12/2000 $ 37.22 $ 926.79 $ 1,481.99 $ 1,022.90
9/13/2000 $ 37.09 $ 923.56 $ 1,484.91 $ 1,024.92
9/14/2000 $ 35.91 $ 894.17 $ 1,480.87 $ 1,022.13
9/15/2000 $ 35.84 $ 892.43 $ 1,465.81 $ 1,011.73
9/18/2000 $ 35.47 $ 883.22 $ 1,444.51 $ 997.03
9/19/2000 $ 35.72 $ 889.44 $ 1,459.90 $ 1,007.65
9/20/2000 $ 35.34 $ 879.98 $ 1,451.34 $ 1,001.75
9/21/2000 $ 35.78 $ 890.94 $ 1,449.05 $ 1,000.17
9/22/2000 $ 36.28 $ 903.39 $ 1,448.72 $ 999.94
9/25/2000 $ 35.87 $ 893.18 $ 1,439.03 $ 993.25
9/26/2000 $ 36.50 $ 908.86 $ 1,427.21 $ 985.09
9/27/2000 $ 36.66 $ 912.85 $ 1,426.57 $ 984.65
9/28/2000 $ 37.16 $ 925.30 $ 1,458.29 $ 1,006.54
9/29/2000 $ 37.44 $ 932.27 $ 1,436.51 $ 991.51
10/2/2000 $ 37.28 $ 928.29 $ 1,436.23 $ 991.32
10/3/2000 $ 36.97 $ 920.57 $ 1,426.46 $ 984.57
10/4/2000 $ 36.50 $ 908.86 $ 1,434.32 $ 990.00
10/5/2000 $ 38.34 $ 954.68 $ 1,436.28 $ 991.35
10/6/2000 $ 37.69 $ 938.50 $ 1,408.99 $ 972.52
10/9/2000 $ 37.81 $ 941.48 $ 1,402.03 $ 967.71
10/10/2000 $ 38.09 $ 948.46 $ 1,387.02 $ 957.35
10/11/2000 $ 38.16 $ 950.20 $ 1,364.59 $ 941.87
10/12/2000 $ 38.13 $ 949.45 $ 1,329.78 $ 917.84
10/13/2000 $ 37.31 $ 929.03 $ 1,374.17 $ 948.48
10/16/2000 $ 38.03 $ 946.96 $ 1,374.62 $ 948.79
10/17/2000 $ 37.44 $ 932.27 $ 1,349.97 $ 931.78
10/18/2000 $ 37.25 $ 927.54 $ 1,342.13 $ 926.37
10/19/2000 $ 37.50 $ 933.76 $ 1,388.76 $ 958.55
10/20/2000 $ 36.94 $ 919.82 $ 1,396.93 $ 964.19
10/23/2000 $ 37.12 $ 924.30 $ 1,395.78 $ 963.40
10/24/2000 $ 37.19 $ 926.05 $ 1,398.13 $ 965.02
10/25/2000 $ 38.47 $ 957.92 $ 1,364.90 $ 942.08
10/26/2000 $ 38.75 $ 964.89 $ 1,364.44 $ 941.77
10/27/2000 $ 39.19 $ 975.85 $ 1,379.58 $ 952.22
10/30/2000 $ 40.09 $ 998.26 $ 1,398.66 $ 965.39
10/31/2000 $ 39.59 $ 985.81 $ 1,429.40 $ 986.60
11/1/2000 $ 40.00 $ 996.02 $ 1,421.22 $ 980.96
11/2/2000 $ 39.78 $ 990.54 $ 1,428.32 $ 985.86
11/3/2000 $ 40.25 $ 1,002.24 $ 1,426.69 $ 984.73
 11/6/2000 $ 41.09 $ 1,023.16 $ 1,432.19 $ 988.53
11/7/2000 $ 40.84 $ 1,016.93 $ 1,431.87 $ 988.31
11/8/2000 $ 41.06 $ 1,022.41 $ 1,409.28 $ 972.72
11/9/2000 $ 41.97 $ 1,045.07 $ 1,400.14 $ 966.41
11/10/2000 $ 42.50 $ 1,058.27 $ 1,365.98 $ 942.83
11/13/2000 $ 42.09 $ 1,048.06 $ 1,351.26 $ 932.67
11/14/2000 $ 42.06 $ 1,047.31 $ 1,382.95 $ 954.54
11/15/2000 $ 43.31 $ 1,078.44 $ 1,389.81 $ 959.28
11/16/2000 $ 43.59 $ 1,085.41 $ 1,372.32 $ 947.20
11/17/2000 $ 43.19 $ 1,075.45 $ 1,367.72 $ 944.03
11/20/2000 $ 43.69 $ 1,087.90 $ 1,342.62 $ 926.71
11/21/2000 $ 44.72 $ 1,113.55 $ 1,347.35 $ 929.97
11/22/2000 $ 44.31 $ 1,103.34 $ 1,322.36 $ 912.72
11/23/2000 $ 44.31 $ 1,103.34 $ 1,322.36 $ 912.72
11/24/2000 $ 43.59 $ 1,085.41 $ 1,341.77 $ 926.12
11/27/2000 $ 43.78 $ 1,090.14 $ 1,348.97 $ 931.09
11/28/2000 $ 44.53 $ 1,108.81 $ 1,336.09 $ 922.20
11/29/2000 $ 45.47 $ 1,132.22 $ 1,341.91 $ 926.22
11/30/2000 $ 45.41 $ 1,130.73 $ 1,314.95 $ 907.61
12/1/2000 $ 45.28 $ 1,127.49 $ 1,315.23 $ 907.80
12/4/2000 $ 45.66 $ 1,136.95 $ 1,324.97 $ 914.52
12/5/2000 $ 44.88 $ 1,117.53 $ 1,376.54 $ 950.12
12/6/2000 $ 44.47 $ 1,107.32 $ 1,351.46 $ 932.81
12/7/2000 $ 45.19 $ 1,125.25 $ 1,343.55 $ 927.35
12/8/2000 $ 44.53 $ 1,108.81 $ 1,369.89 $ 945.53
12/11/2000 $ 43.00 $ 1,070.72 $ 1,380.20 $ 952.64
12/12/2000 $ 43.31 $ 1,078.44 $ 1,371.18 $ 946.42
12/13/2000 $ 43.91 $ 1,093.38 $ 1,359.99 $ 938.69
12/14/2000 $ 43.31 $ 1,078.44 $ 1,340.93 $ 925.54
12/15/2000 $ 44.69 $ 1,112.80 $ 1,312.15 $ 905.67
12/18/2000 $ 45.44 $ 1,131.47 $ 1,322.74 $ 912.98
12/19/2000 $ 45.75 $ 1,139.19 $ 1,305.60 $ 901.15
12/20/2000 $ 46.00 $ 1,145.42 $ 1,264.74 $ 872.95
12/21/2000 $ 46.78 $ 1,164.84 $ 1,274.86 $ 879.94
12/22/2000 $ 46.34 $ 1,153.88 $ 1,305.97 $ 901.41
12/25/2000 $ 46.34 $ 1,153.88 $ 1,305.97 $ 901.41
12/26/2000 $ 46.91 $ 1,168.08 $ 1,315.19 $ 907.77
12/27/2000 $ 46.91 $ 1,168.08 $ 1,328.92 $ 917.25
12/28/2000 $ 47.09 $ 1,172.56 $ 1,334.22 $ 920.91
12/29/2000 $ 47.91 $ 1,192.98 $ 1,320.28 $ 911.29
1/1/2001 $ 47.91 $ 1,192.98 $ 1,320.28 $ 911.29
 1/2/2001 $ 48.03 $ 1,195.97 $ 1,283.27 $ 885.74
1/3/2001 $ 46.00 $ 1,145.42 $ 1,347.56 $ 930.12
1/4/2001 $ 44.75 $ 1,114.29 $ 1,333.34 $ 920.30
1/5/2001 $ 45.66 $ 1,136.95 $ 1,298.35 $ 896.15
1/8/2001 $ 45.88 $ 1,142.43 $ 1,295.86 $ 894.43
1/9/2001 $ 46.19 $ 1,150.15 $ 1,300.80 $ 897.84
1/10/2001 $ 45.81 $ 1,140.69 $ 1,313.27 $ 906.45
1/11/2001 $ 45.03 $ 1,121.26 $ 1,326.82 $ 915.80
1/12/2001 $ 44.00 $ 1,095.62 $ 1,318.32 $ 909.93
1/15/2001 $ 44.00 $ 1,095.62 $ 1,318.32 $ 909.93
1/16/2001 $ 44.91 $ 1,118.28 $ 1,326.65 $ 915.68
1/17/2001 $ 44.59 $ 1,110.31 $ 1,329.47 $ 917.63
1/18/2001 $ 44.56 $ 1,109.56 $ 1,347.97 $ 930.40
1/19/2001 $ 43.50 $ 1,083.17 $ 1,342.54 $ 926.65
1/22/2001 $ 43.47 $ 1,082.42 $ 1,342.90 $ 926.90
1/23/2001 $ 44.03 $ 1,096.36 $ 1,360.40 $ 938.98
1/24/2001 $ 43.91 $ 1,093.38 $ 1,364.31 $ 941.68
1/25/2001 $ 43.63 $ 1,086.40 $ 1,357.51 $ 936.98
1/26/2001 $ 43.34 $ 1,079.18 $ 1,354.95 $ 935.22
1/29/2001 $ 43.80 $ 1,090.64 $ 1,364.17 $ 941.58
1/30/2001 $ 43.51 $ 1,083.42 $ 1,373.73 $ 948.18
1/31/2001 $ 43.70 $ 1,088.15 $ 1,366.01 $ 942.85
2/1/2001 $ 43.96 $ 1,094.62 $ 1,373.47 $ 948.00
2/2/2001 $ 44.06 $ 1,097.11 $ 1,349.47 $ 931.43
2/5/2001 $ 44.90 $ 1,118.03 $ 1,354.31 $ 934.77
2/6/2001 $ 44.83 $ 1,116.28 $ 1,352.26 $ 933.36
2/7/2001 $ 45.17 $ 1,124.75 $ 1,340.89 $ 925.51
2/8/2001 $ 45.48 $ 1,132.47 $ 1,332.53 $ 919.74
2/9/2001 $ 45.50 $ 1,132.97 $ 1,314.76 $ 907.48
2/12/2001 $ 45.67 $ 1,137.20 $ 1,330.31 $ 918.21
2/13/2001 $ 45.69 $ 1,137.70 $ 1,318.80 $ 910.26
2/14/2001 $ 44.78 $ 1,115.04 $ 1,315.92 $ 908.28
2/15/2001 $ 44.90 $ 1,118.03 $ 1,326.62 $ 915.66
2/16/2001 $ 45.80 $ 1,140.44 $ 1,301.53 $ 898.34
2/19/2001 $ 45.80 $ 1,140.44 $ 1,301.53 $ 898.34
2/20/2001 $ 46.17 $ 1,149.65 $ 1,278.95 $ 882.76
2/21/2001 $ 45.81 $ 1,140.69 $ 1,255.27 $ 866.41
2/22/2001 $ 45.90 $ 1,142.93 $ 1,252.82 $ 864.72
2/23/2001 $ 45.57 $ 1,134.71 $ 1,245.86 $ 859.92
2/26/2001 $ 45.74 $ 1,138.94 $ 1,267.65 $ 874.96
2/27/2001 $ 46.06 $ 1,146.91 $ 1,257.94 $ 868.26
2/28/2001 $ 46.56 $ 1,159.36 $ 1,239.94 $ 855.83
3/1/2001 $ 47.02 $ 1,170.82 $ 1,241.23 $ 856.72
3/2/2001 $ 46.53 $ 1,158.62 $ 1,234.18 $ 851.86
3/5/2001 $ 46.55 $ 1,159.11 $ 1,241.41 $ 856.85
3/6/2001 $ 46.30 $ 1,152.89 $ 1,253.80 $ 865.40
3/7/2001 $ 46.50 $ 1,157.87 $ 1,261.90 $ 870.99
3/8/2001 $ 47.71 $ 1,188.00 $ 1,264.74 $ 872.95
3/9/2001 $ 47.70 $ 1,187.75 $ 1,233.42 $ 851.33
3/12/2001 $ 47.51 $ 1,183.02 $ 1,180.16 $ 814.57
3/13/2001 $ 47.40 $ 1,180.28 $ 1,197.66 $ 826.65
3/14/2001 $ 46.45 $ 1,156.62 $ 1,166.71 $ 805.29
3/15/2001 $ 47.23 $ 1,176.05 $ 1,173.57 $ 810.02
3/16/2001 $ 47.65 $ 1,186.50 $ 1,150.54 $ 794.13
3/19/2001 $ 47.79 $ 1,189.99 $ 1,170.81 $ 808.12
3/20/2001 $ 46.93 $ 1,168.58 $ 1,142.62 $ 788.66
3/21/2001 $ 45.87 $ 1,142.18 $ 1,122.14 $ 774.53
3/22/2001 $ 45.18 $ 1,125.00 $ 1,117.58 $ 771.38
3/23/2001 $ 45.35 $ 1,129.23 $ 1,139.83 $ 786.74
3/26/2001 $ 45.74 $ 1,138.94 $ 1,152.69 $ 795.61
3/27/2001 $ 47.22 $ 1,175.80 $ 1,182.17 $ 815.96
3/28/2001 $ 47.10 $ 1,172.81 $ 1,153.29 $ 796.03
3/29/2001 $ 47.36 $ 1,179.28 $ 1,147.95 $ 792.34
3/30/2001 $ 48.25 $ 1,201.44 $ 1,160.33 $ 800.88
4/2/2001 $ 48.12 $ 1,198.21 $ 1,145.87 $ 790.90
4/3/2001 $ 47.10 $ 1,172.81 $ 1,106.47 $ 763.71
4/4/2001 $ 48.20 $ 1,200.20 $ 1,103.25 $ 761.49
4/5/2001 $ 47.55 $ 1,184.01 $ 1,151.44 $ 794.75
4/6/2001 $ 46.51 $ 1,158.12 $ 1,128.43 $ 778.87
4/9/2001 $ 46.86 $ 1,166.83 $ 1,137.59 $ 785.19
4/10/2001 $ 45.97 $ 1,144.67 $ 1,168.38 $ 806.44
4/11/2001 $ 45.45 $ 1,131.72 $ 1,165.89 $ 804.72
4/12/2001 $ 45.35 $ 1,129.23 $ 1,183.50 $ 816.88
4/13/2001 $ 45.35 $ 1,129.23 $ 1,183.50 $ 816.88
4/16/2001 $ 46.10 $ 1,147.91 $ 1,179.68 $ 814.24
4/17/2001 $ 46.40 $ 1,155.38 $ 1,191.81 $ 822.61
4/18/2001 $ 45.42 $ 1,130.98 $ 1,238.16 $ 854.60
4/19/2001 $ 45.60 $ 1,135.46 $ 1,253.70 $ 865.33
4/20/2001 $ 44.59 $ 1,110.31 $ 1,242.98 $ 857.93
4/23/2001 $ 45.51 $ 1,133.22 $ 1,224.36 $ 845.08
4/24/2001 $ 46.29 $ 1,152.64 $ 1,209.47 $ 834.80
4/25/2001 $ 47.70 $ 1,187.75 $ 1,228.75 $ 848.11
4/26/2001 $ 47.75 $ 1,188.99 $ 1,234.52 $ 852.09
4/27/2001 $ 48.58 $ 1,209.66 $ 1,253.05 $ 864.88
4/30/2001 $ 48.31 $ 1,202.94 $ 1,249.46 $ 862.40
5/1/2001 $ 49.01 $ 1,220.37 $ 1,266.44 $ 874.12
5/2/2001 $ 48.80 $ 1,215.14 $ 1,267.43 $ 874.81
5/3/2001 $ 48.12 $ 1,198.21 $ 1,248.58 $ 861.80
5/4/2001 $ 48.88 $ 1,217.13 $ 1,266.61 $ 874.24
5/7/2001 $ 48.89 $ 1,217.38 $ 1,263.51 $ 872.10
5/8/2001 $ 49.32 $ 1,228.09 $ 1,261.20 $ 870.51
5/9/2001 $ 48.61 $ 1,210.41 $ 1,255.54 $ 866.60
5/10/2001 $ 49.20 $ 1,225.10 $ 1,255.18 $ 866.35
5/11/2001 $ 48.68 $ 1,212.15 $ 1,245.67 $ 859.79
5/14/2001 $ 48.50 $ 1,207.67 $ 1,248.92 $ 862.03
5/15/2001 $ 48.00 $ 1,195.22 $ 1,249.44 $ 862.39
5/16/2001 $ 48.99 $ 1,219.87 $ 1,284.99 $ 886.93
5/17/2001 $ 48.28 $ 1,202.19 $ 1,288.49 $ 889.34
5/18/2001 $ 47.96 $ 1,194.22 $ 1,291.96 $ 891.74
5/21/2001 $ 48.37 $ 1,204.43 $ 1,312.83 $ 906.14
5/22/2001 $ 47.92 $ 1,193.23 $ 1,309.38 $ 903.76
5/23/2001 $ 48.10 $ 1,197.71 $ 1,289.05 $ 889.73
5/24/2001 $ 48.53 $ 1,208.42 $ 1,293.17 $ 892.57
5/25/2001 $ 48.12 $ 1,198.21 $ 1,277.90 $ 882.03
5/28/2001 $ 48.12 $ 1,198.21 $ 1,277.90 $ 882.03
5/29/2001 $ 48.82 $ 1,215.64 $ 1,267.94 $ 875.16
5/30/2001 $ 48.45 $ 1,206.42 $ 1,248.08 $ 861.45
5/31/2001 $ 48.03 $ 1,195.97 $ 1,255.83 $ 866.80
6/1/2001 $ 48.27 $ 1,201.94 $ 1,260.67 $ 870.14
6/4/2001 $ 48.49 $ 1,207.42 $ 1,267.11 $ 874.59
6/5/2001 $ 48.48 $ 1,207.17 $ 1,283.57 $ 885.95
6/6/2001 $ 48.09 $ 1,197.46 $ 1,270.03 $ 876.60
6/7/2001 $ 48.22 $ 1,200.70 $ 1,276.96 $ 881.39
6/8/2001 $ 48.01 $ 1,195.47 $ 1,264.96 $ 873.10
6/11/2001 $ 47.96 $ 1,194.22 $ 1,254.39 $ 865.81
6/12/2001 $ 47.93 $ 1,193.48 $ 1,255.85 $ 866.81
6/13/2001 $ 47.74 $ 1,188.75 $ 1,241.60 $ 856.98
6/14/2001 $ 47.39 $ 1,180.03 $ 1,219.87 $ 841.98
6/15/2001 $ 47.13 $ 1,173.56 $ 1,214.37 $ 838.18
6/18/2001 $ 47.00 $ 1,170.32 $ 1,208.43 $ 834.08
6/19/2001 $ 47.35 $ 1,179.03 $ 1,212.58 $ 836.95
6/20/2001 $ 47.75 $ 1,188.99 $ 1,223.14 $ 844.24
6/21/2001 $ 48.15 $ 1,198.95 $ 1,237.04 $ 853.83
6/22/2001 $ 47.59 $ 1,185.01 $ 1,225.35 $ 845.76
6/25/2001 $ 47.04 $ 1,171.31 $ 1,218.60 $ 841.10
6/26/2001 $ 47.10 $ 1,172.81 $ 1,216.76 $ 839.83
6/27/2001 $ 46.90 $ 1,167.83 $ 1,211.07 $ 835.91
6/28/2001 $ 46.94 $ 1,168.82 $ 1,226.20 $ 846.35
6/29/2001 $ 46.85 $ 1,166.58 $ 1,224.42 $ 845.12
7/2/2001 $ 47.80 $ 1,190.24 $ 1,236.72 $ 853.61
7/3/2001 $ 47.95 $ 1,193.97 $ 1,234.45 $ 852.04
7/4/2001 $ 47.95 $ 1,193.97 $ 1,234.45 $ 852.04
7/5/2001 $ 47.72 $ 1,188.25 $ 1,219.24 $ 841.55
7/6/2001 $ 46.88 $ 1,167.33 $ 1,190.59 $ 821.77
7/9/2001 $ 47.42 $ 1,180.78 $ 1,198.78 $ 827.42
7/10/2001 $ 47.07 $ 1,172.06 $ 1,181.52 $ 815.51
7/11/2001 $ 47.40 $ 1,180.28 $ 1,180.18 $ 814.59
7/12/2001 $ 47.10 $ 1,172.81 $ 1,208.14 $ 833.88
7/13/2001 $ 46.86 $ 1,166.83 $ 1,215.68 $ 839.09
7/16/2001 $ 46.80 $ 1,165.34 $ 1,202.45 $ 829.96
7/17/2001 $ 47.89 $ 1,192.48 $ 1,214.44 $ 838.23
7/18/2001 $ 48.14 $ 1,198.71 $ 1,207.71 $ 833.59
7/19/2001 $ 48.48 $ 1,207.17 $ 1,215.02 $ 838.63
7/20/2001 $ 48.62 $ 1,210.66 $ 1,210.85 $ 835.75
7/23/2001 $ 48.06 $ 1,196.71 $ 1,191.03 $ 822.07
7/24/2001 $ 48.07 $ 1,196.96 $ 1,171.65 $ 808.70
7/25/2001 $ 48.95 $ 1,218.87 $ 1,190.49 $ 821.70
7/26/2001 $ 48.88 $ 1,217.13 $ 1,202.93 $ 830.29
7/27/2001 $ 49.01 $ 1,220.37 $ 1,205.82 $ 832.28
7/30/2001 $ 49.10 $ 1,222.61 $ 1,204.52 $ 831.39
7/31/2001 $ 49.92 $ 1,243.03 $ 1,211.23 $ 836.02
8/1/2001 $ 50.16 $ 1,249.00 $ 1,215.93 $ 839.26
8/2/2001 $ 50.64 $ 1,260.96 $ 1,220.75 $ 842.59
8/3/2001 $ 50.30 $ 1,252.49 $ 1,214.35 $ 838.17
8/6/2001 $ 49.52 $ 1,233.07 $ 1,200.48 $ 828.60
8/7/2001 $ 49.48 $ 1,232.07 $ 1,204.40 $ 831.30
8/8/2001 $ 48.94 $ 1,218.63 $ 1,183.53 $ 816.90
8/9/2001 $ 49.57 $ 1,234.31 $ 1,183.43 $ 816.83
8/10/2001 $ 50.08 $ 1,247.01 $ 1,190.16 $ 821.47
8/13/2001 $ 49.94 $ 1,243.53 $ 1,191.29 $ 822.25
8/14/2001 $ 50.18 $ 1,249.50 $ 1,186.73 $ 819.11
8/15/2001 $ 50.15 $ 1,248.75 $ 1,178.02 $ 813.09
8/16/2001 $ 50.16 $ 1,249.00 $ 1,181.66 $ 815.61
8/17/2001 $ 50.04 $ 1,246.02 $ 1,161.97 $ 802.02
 8/20/2001 $ 50.66 $ 1,261.45 $ 1,171.41 $ 808.53
8/21/2001 $ 50.90 $ 1,267.43 $ 1,157.26 $ 798.77
8/22/2001 $ 50.75 $ 1,263.70 $ 1,165.31 $ 804.32
8/23/2001 $ 50.35 $ 1,253.74 $ 1,162.09 $ 802.10
8/24/2001 $ 50.98 $ 1,269.42 $ 1,184.93 $ 817.86
8/27/2001 $ 50.90 $ 1,267.43 $ 1,179.21 $ 813.92
8/28/2001 $ 50.25 $ 1,251.25 $ 1,161.51 $ 801.70
8/29/2001 $ 49.98 $ 1,244.52 $ 1,148.56 $ 792.76
8/30/2001 $ 50.35 $ 1,253.74 $ 1,129.03 $ 779.28
8/31/2001 $ 50.14 $ 1,248.51 $ 1,133.58 $ 782.42
9/3/2001 $ 50.14 $ 1,248.51 $ 1,133.58 $ 782.42
9/4/2001 $ 50.95 $ 1,268.68 $ 1,132.94 $ 781.98
9/5/2001 $ 51.06 $ 1,271.41 $ 1,131.74 $ 781.15
9/6/2001 $ 50.51 $ 1,257.72 $ 1,106.40 $ 763.66
9/7/2001 $ 50.28 $ 1,251.99 $ 1,085.79 $ 749.44
9/10/2001 $ 51.82 $ 1,290.34 $ 1,092.54 $ 754.09
9/11/2001 $ 51.82 $ 1,290.34 $ 1,092.54 $ 754.09
9/12/2001 $ 51.82 $ 1,290.34 $ 1,092.54 $ 754.09
9/13/2001 $ 51.82 $ 1,290.34 $ 1,092.54 $ 754.09
9/14/2001 $ 51.82 $ 1,290.34 $ 1,092.54 $ 754.09
9/17/2001 $ 51.23 $ 1,275.65 $ 1,038.77 $ 716.98
9/18/2001 $ 51.11 $ 1,272.66 $ 1,032.74 $ 712.82
9/19/2001 $ 50.31 $ 1,252.74 $ 1,016.10 $ 701.33
9/20/2001 $ 49.10 $ 1,222.61 $ 984.54 $ 679.55
9/21/2001 $ 47.00 $ 1,170.32 $ 965.80 $ 666.62
9/24/2001 $ 48.13 $ 1,198.46 $ 1,003.45 $ 692.60
9/25/2001 $ 48.22 $ 1,200.70 $ 1,012.27 $ 698.69
9/26/2001 $ 49.56 $ 1,234.06 $ 1,007.04 $ 695.08
9/27/2001 $ 50.55 $ 1,258.72 $ 1,018.61 $ 703.07
9/28/2001 $ 51.30 $ 1,277.39 $ 1,040.94 $ 718.48
10/1/2001 $ 51.15 $ 1,273.66 $ 1,038.55 $ 716.83
10/2/2001 $ 51.95 $ 1,293.58 $ 1,051.33 $ 725.65
10/3/2001 $ 50.70 $ 1,262.45 $ 1,072.28 $ 740.11
10/4/2001 $ 50.18 $ 1,249.50 $ 1,069.63 $ 738.28
10/5/2001 $ 50.41 $ 1,255.23 $ 1,071.38 $ 739.49
10/8/2001 $ 48.97 $ 1,219.37 $ 1,062.44 $ 733.32
10/9/2001 $ 49.95 $ 1,243.77 $ 1,056.75 $ 729.39
10/10/2001 $ 50.92 $ 1,267.93 $ 1,080.99 $ 746.12
10/11/2001 $ 49.89 $ 1,242.28 $ 1,097.43 $ 757.47
10/12/2001 $ 49.07 $ 1,221.86 $ 1,091.65 $ 753.48
10/15/2001 $ 48.90 $ 1,217.63 $ 1,089.98 $ 752.33
10/16/2001 $ 48.83 $ 1,215.89 $ 1,097.54 $ 757.55
10/17/2001 $ 48.24 $ 1,201.20 $ 1,077.09 $ 743.43
10/18/2001 $ 48.21 $ 1,200.45 $ 1,068.61 $ 737.58
10/19/2001 $ 49.48 $ 1,232.07 $ 1,073.48 $ 740.94
10/22/2001 $ 50.25 $ 1,251.25 $ 1,089.90 $ 752.27
10/23/2001 $ 49.79 $ 1,239.79 $ 1,084.78 $ 748.74
10/24/2001 $ 49.99 $ 1,244.77 $ 1,085.20 $ 749.03
10/25/2001 $ 50.02 $ 1,245.52 $ 1,100.09 $ 759.31
10/26/2001 $ 50.50 $ 1,257.47 $ 1,104.61 $ 762.43
10/29/2001 $ 49.89 $ 1,242.28 $ 1,078.30 $ 744.27
10/30/2001 $ 49.63 $ 1,235.81 $ 1,059.79 $ 731.49
10/31/2001 $ 50.05 $ 1,246.26 $ 1,059.78 $ 731.48
11/1/2001 $ 51.22 $ 1,275.40 $ 1,084.10 $ 748.27
11/2/2001 $ 51.94 $ 1,293.33 $ 1,087.20 $ 750.41
11/5/2001 $ 52.28 $ 1,301.79 $ 1,102.84 $ 761.20
11/6/2001 $ 52.90 $ 1,317.23 $ 1,118.86 $ 772.26
11/7/2001 $ 52.92 $ 1,317.73 $ 1,115.80 $ 770.15
11/8/2001 $ 52.25 $ 1,301.05 $ 1,118.54 $ 772.04
11/9/2001 $ 51.76 $ 1,288.84 $ 1,120.31 $ 773.26
11/12/2001 $ 51.42 $ 1,280.38 $ 1,118.33 $ 771.90
11/13/2001 $ 51.63 $ 1,285.61 $ 1,139.09 $ 786.22
11/14/2001 $ 51.63 $ 1,285.61 $ 1,141.21 $ 787.69
11/15/2001 $ 51.26 $ 1,276.39 $ 1,142.24 $ 788.40
11/16/2001 $ 51.10 $ 1,272.41 $ 1,138.65 $ 785.92
11/19/2001 $ 50.98 $ 1,269.42 $ 1,151.06 $ 794.49
11/20/2001 $ 50.57 $ 1,259.21 $ 1,142.66 $ 788.69
11/21/2001 $ 50.38 $ 1,254.48 $ 1,137.03 $ 784.80
11/22/2001 $ 50.38 $ 1,254.48 $ 1,137.03 $ 784.80
11/23/2001 $ 50.55 $ 1,258.72 $ 1,150.34 $ 793.99
11/26/2001 $ 50.45 $ 1,256.23 $ 1,157.42 $ 798.88
11/27/2001 $ 49.90 $ 1,242.53 $ 1,149.50 $ 793.41
11/28/2001 $ 50.20 $ 1,250.00 $ 1,128.52 $ 778.93
11/29/2001 $ 50.51 $ 1,257.72 $ 1,140.20 $ 786.99
11/30/2001 $ 50.54 $ 1,258.47 $ 1,139.45 $ 786.47
12/3/2001 $ 50.45 $ 1,256.23 $ 1,129.90 $ 779.88
12/4/2001 $ 50.78 $ 1,264.44 $ 1,144.80 $ 790.17
12/5/2001 $ 51.31 $ 1,277.64 $ 1,170.35 $ 807.80
12/6/2001 $ 50.23 $ 1,250.75 $ 1,167.10 $ 805.56
12/7/2001 $ 49.97 $ 1,244.27 $ 1,158.31 $ 799.49
12/10/2001 $ 49.78 $ 1,239.54 $ 1,139.93 $ 786.80
12/11/2001 $ 49.29 $ 1,227.34 $ 1,136.76 $ 784.62
12/12/2001 $ 49.35 $ 1,228.83 $ 1,137.07 $ 784.83
12/13/2001 $ 49.60 $ 1,235.06 $ 1,119.38 $ 772.62
12/14/2001 $ 49.95 $ 1,243.77 $ 1,123.09 $ 775.18
12/17/2001 $ 50.17 $ 1,249.25 $ 1,134.36 $ 782.96
12/18/2001 $ 50.80 $ 1,264.94 $ 1,142.92 $ 788.87
12/19/2001 $ 51.25 $ 1,276.15 $ 1,149.56 $ 793.45
12/20/2001 $ 51.43 $ 1,280.63 $ 1,139.93 $ 786.80
12/21/2001 $ 52.60 $ 1,309.76 $ 1,144.89 $ 790.23
12/24/2001 $ 52.00 $ 1,294.82 $ 1,144.65 $ 790.06
12/25/2001 $ 52.00 $ 1,294.82 $ 1,144.65 $ 790.06
12/26/2001 $ 52.40 $ 1,304.78 $ 1,149.37 $ 793.32
12/27/2001 $ 52.47 $ 1,306.52 $ 1,157.13 $ 798.68
12/28/2001 $ 51.78 $ 1,289.34 $ 1,161.02 $ 801.36
12/31/2001 $ 51.37 $ 1,279.13 $ 1,148.08 $ 792.43
1/1/2002 $ 51.37 $ 1,279.13 $ 1,148.08 $ 792.43
1/2/2002 $ 51.44 $ 1,280.88 $ 1,154.67 $ 796.98
1/3/2002 $ 50.81 $ 1,265.19 $ 1,165.27 $ 804.29
1/4/2002 $ 50.67 $ 1,261.70 $ 1,172.51 $ 809.29
1/7/2002 $ 50.55 $ 1,258.72 $ 1,164.89 $ 804.03
1/8/2002 $ 50.84 $ 1,265.94 $ 1,160.71 $ 801.15
1/9/2002 $ 50.86 $ 1,266.43 $ 1,155.14 $ 797.30
1/10/2002 $ 51.07 $ 1,271.66 $ 1,156.55 $ 798.28
1/11/2002 $ 51.10 $ 1,272.41 $ 1,145.60 $ 790.72
1/14/2002 $ 51.73 $ 1,288.10 $ 1,138.41 $ 785.76
1/15/2002 $ 51.80 $ 1,289.84 $ 1,146.19 $ 791.13
1/16/2002 $ 51.09 $ 1,272.16 $ 1,127.57 $ 778.27
1/17/2002 $ 51.47 $ 1,281.62 $ 1,138.88 $ 786.08
1/18/2002 $ 51.46 $ 1,281.37 $ 1,127.58 $ 778.28
1/21/2002 $ 51.46 $ 1,281.37 $ 1,127.58 $ 778.28
1/22/2002 $ 51.88 $ 1,291.83 $ 1,119.31 $ 772.57
1/23/2002 $ 51.90 $ 1,292.33 $ 1,128.18 $ 778.69
1/24/2002 $ 52.27 $ 1,301.54 $ 1,132.15 $ 781.43
1/25/2002 $ 52.20 $ 1,299.80 $ 1,133.28 $ 782.21
1/28/2002 $ 52.36 $ 1,303.78 $ 1,133.06 $ 782.06
1/29/2002 $ 52.52 $ 1,307.77 $ 1,100.64 $ 759.69
1/30/2002 $ 54.10 $ 1,347.11 $ 1,113.57 $ 768.61
1/31/2002 $ 54.64 $ 1,360.56 $ 1,130.20 $ 780.09
2/1/2002 $ 54.51 $ 1,357.32 $ 1,122.20 $ 774.57
2/4/2002 $ 54.23 $ 1,350.35 $ 1,094.44 $ 755.41
2/5/2002 $ 54.85 $ 1,365.79 $ 1,090.02 $ 752.36
2/6/2002 $ 53.91 $ 1,342.38 $ 1,083.51 $ 747.86
 2/7/2002 $ 54.36 $ 1,353.59 $ 1,080.17 $ 745.56
2/8/2002 $ 53.85 $ 1,340.89 $ 1,096.22 $ 756.63
2/11/2002 $ 53.84 $ 1,340.64 $ 1,111.94 $ 767.49
2/12/2002 $ 53.76 $ 1,338.65 $ 1,107.50 $ 764.42
2/13/2002 $ 53.75 $ 1,338.40 $ 1,118.51 $ 772.02
2/14/2002 $ 53.95 $ 1,343.38 $ 1,116.48 $ 770.62
2/15/2002 $ 54.86 $ 1,366.04 $ 1,104.18 $ 762.13
2/18/2002 $ 54.86 $ 1,366.04 $ 1,104.18 $ 762.13
2/19/2002 $ 54.42 $ 1,355.08 $ 1,083.34 $ 747.74
2/20/2002 $ 55.40 $ 1,379.48 $ 1,097.98 $ 757.85
2/21/2002 $ 54.85 $ 1,365.79 $ 1,080.95 $ 746.10
2/22/2002 $ 55.55 $ 1,383.22 $ 1,089.84 $ 752.23
2/25/2002 $ 56.06 $ 1,395.92 $ 1,109.43 $ 765.75
2/26/2002 $ 55.76 $ 1,388.45 $ 1,109.38 $ 765.72
2/27/2002 $ 55.50 $ 1,381.97 $ 1,109.89 $ 766.07
2/28/2002 $ 56.04 $ 1,395.42 $ 1,106.73 $ 763.89
3/1/2002 $ 56.51 $ 1,407.12 $ 1,131.78 $ 781.18
3/4/2002 $ 55.78 $ 1,388.94 $ 1,153.84 $ 796.41
3/5/2002 $ 55.29 $ 1,376.74 $ 1,146.14 $ 791.09
3/6/2002 $ 55.24 $ 1,375.50 $ 1,162.77 $ 802.57
3/7/2002 $ 54.39 $ 1,354.33 $ 1,157.54 $ 798.96
3/8/2002 $ 54.15 $ 1,348.36 $ 1,164.31 $ 803.63
3/11/2002 $ 54.15 $ 1,348.36 $ 1,168.26 $ 806.36
3/12/2002 $ 54.10 $ 1,347.11 $ 1,165.58 $ 804.51
3/13/2002 $ 53.75 $ 1,338.40 $ 1,154.09 $ 796.58
3/14/2002 $ 53.80 $ 1,339.64 $ 1,153.04 $ 795.85
3/15/2002 $ 54.75 $ 1,363.30 $ 1,166.16 $ 804.91
3/18/2002 $ 53.76 $ 1,338.65 $ 1,165.55 $ 804.49
3/19/2002 $ 53.78 $ 1,339.14 $ 1,170.29 $ 807.76
3/20/2002 $ 53.43 $ 1,330.43 $ 1,151.85 $ 795.03
3/21/2002 $ 53.95 $ 1,343.38 $ 1,153.59 $ 796.23
3/22/2002 $ 53.93 $ 1,342.88 $ 1,148.70 $ 792.86
3/25/2002 $ 53.27 $ 1,326.44 $ 1,131.87 $ 781.24
3/26/2002 $ 54.22 $ 1,350.10 $ 1,138.49 $ 785.81
3/27/2002 $ 53.95 $ 1,343.38 $ 1,144.58 $ 790.01
3/28/2002 $ 53.31 $ 1,327.44 $ 1,147.39 $ 791.95
3/29/2002 $ 53.31 $ 1,327.44 $ 1,147.39 $ 791.95
4/1/2002 $ 53.15 $ 1,323.46 $ 1,146.54 $ 791.37
4/2/2002 $ 53.63 $ 1,335.41 $ 1,136.76 $ 784.62
4/3/2002 $ 53.00 $ 1,319.72 $ 1,125.40 $ 776.78
4/4/2002 $ 53.93 $ 1,342.88 $ 1,126.34 $ 777.42
 4/5/2002 $ 54.10 $ 1,347.11 $ 1,122.73 $ 774.93
4/8/2002 $ 54.12 $ 1,347.61 $ 1,125.29 $ 776.70
4/9/2002 $ 54.00 $ 1,344.62 $ 1,117.80 $ 771.53
4/10/2002 $ 55.00 $ 1,369.52 $ 1,130.47 $ 780.27
4/11/2002 $ 55.00 $ 1,369.52 $ 1,103.69 $ 761.79
4/12/2002 $ 55.40 $ 1,379.48 $ 1,111.01 $ 766.84
4/15/2002 $ 54.86 $ 1,366.04 $ 1,102.55 $ 761.00
4/16/2002 $ 55.12 $ 1,372.51 $ 1,128.37 $ 778.83
4/17/2002 $ 54.87 $ 1,366.28 $ 1,126.07 $ 777.24
4/18/2002 $ 54.88 $ 1,366.53 $ 1,124.47 $ 776.13
4/19/2002 $ 55.16 $ 1,373.51 $ 1,125.17 $ 776.62
4/22/2002 $ 54.56 $ 1,358.57 $ 1,107.83 $ 764.65
4/23/2002 $ 54.51 $ 1,357.32 $ 1,100.96 $ 759.91
4/24/2002 $ 55.02 $ 1,370.02 $ 1,093.14 $ 754.51
4/25/2002 $ 55.12 $ 1,372.51 $ 1,091.48 $ 753.36
4/26/2002 $ 54.80 $ 1,364.54 $ 1,076.32 $ 742.90
4/29/2002 $ 54.71 $ 1,362.30 $ 1,065.45 $ 735.40
4/30/2002 $ 55.00 $ 1,369.52 $ 1,076.92 $ 743.31
5/1/2002 $ 56.24 $ 1,400.40 $ 1,086.46 $ 749.90
5/2/2002 $ 56.65 $ 1,410.61 $ 1,084.56 $ 748.59
5/3/2002 $ 55.97 $ 1,393.68 $ 1,073.43 $ 740.90
5/6/2002 $ 55.66 $ 1,385.96 $ 1,052.67 $ 726.58
5/7/2002 $ 55.34 $ 1,377.99 $ 1,049.49 $ 724.38
5/8/2002 $ 55.72 $ 1,387.45 $ 1,088.84 $ 751.54
5/9/2002 $ 55.80 $ 1,389.44 $ 1,073.01 $ 740.61
5/10/2002 $ 55.70 $ 1,386.95 $ 1,054.99 $ 728.18
5/13/2002 $ 56.23 $ 1,400.15 $ 1,074.56 $ 741.68
5/14/2002 $ 56.46 $ 1,405.88 $ 1,097.28 $ 757.37
5/15/2002 $ 56.60 $ 1,409.36 $ 1,091.07 $ 753.08
5/16/2002 $ 56.94 $ 1,417.83 $ 1,098.23 $ 758.02
5/17/2002 $ 57.01 $ 1,419.57 $ 1,106.59 $ 763.79
5/20/2002 $ 57.08 $ 1,421.31 $ 1,091.88 $ 753.64
5/21/2002 $ 57.32 $ 1,427.29 $ 1,079.88 $ 745.36
5/22/2002 $ 58.14 $ 1,447.71 $ 1,086.02 $ 749.59
5/23/2002 $ 57.87 $ 1,440.99 $ 1,097.08 $ 757.23
5/24/2002 $ 57.10 $ 1,421.81 $ 1,083.82 $ 748.08
5/27/2002 $ 57.10 $ 1,421.81 $ 1,083.82 $ 748.08
5/28/2002 $ 56.54 $ 1,407.87 $ 1,074.55 $ 741.68
5/29/2002 $ 56.77 $ 1,413.60 $ 1,067.66 $ 736.92
5/30/2002 $ 56.16 $ 1,398.41 $ 1,064.66 $ 734.85
5/31/2002 $ 57.31 $ 1,427.04 $ 1,067.14 $ 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 $ 1,013.15
181.32 $ 1,014.26
179.46 $ 1,003.86
181.47 $ 1,015.10
186.05 $ 1,040.72
186.08 $ 1,040.89
184.96 $ 1,034.63
182.35 $ 1,020.03
184.13 $ 1,029.98
182.4 $ 1,020.31
184.56 $ 1,032.39
187.27 $ 1,047.55
185.26 $ 1,036.30
188.55 $ 1,054.71
189.98 $ 1,062.71
189.49 $ 1,059.97
189.7 $ 1,061.14
189.43 $ 1,059.63
189.44 $ 1,059.69
187.27 $ 1,047.55
190.21 $ 1,063.99
194.6 $ 1,088.55
196.61 $ 1,099.79
195.2 $ 1,091.91
193.38 $ 1,081.73
192.37 $ 1,076.08
191.35 $ 1,070.37
192.07 $ 1,074.40
189.7 $ 1,061.14
190.01 $ 1,062.87
189 $ 1,057.22
185.81 $ 1,039.38
186.93 $ 1,045.65
184.86 $ 1,034.07
180.5 $ 1,009.68
178.78 $ 1,000.06
179.24 $ 1,002.63
179.24 $ 1,002.63
181.28 $ 1,014.04
179.05 $ 1,001.57
179.98 $ 1,006.77
181.39 $ 1,014.66
179.89 $ 1,006.27
181.74 $ 1,016.61
180.25 $ 1,008.28
177.16 $ 990.99
176.01 $ 984.56
178.09 $ 996.20
178.61 $ 999.10
173.24 $ 969.07
175.03 $ 979.08
181.69 $ 1,016.33
181.8 $ 1,016.95
183.19 $ 1,024.72
185.5 $ 1,037.65
187.22 $ 1,047.27
186.66 $ 1,044.13
189.11 $ 1,057.84
188.58 $ 1,054.87
189.04 $ 1,057.45
192.77 $ 1,078.31
192.09 $ 1,074.51
192.42 $ 1,076.36
194.34 $ 1,087.10
194.14 $ 1,085.98
193.53 $ 1,082.56
190.37 $ 1,064.89
193.63 $ 1,083.12
194.19 $ 1,086.26
196.17 $ 1,097.33
194.8 $ 1,089.67
190.24 $ 1,064.16
192.38 $ 1,076.13
194.22 $ 1,086.42
197.69 $ 1,105.83
199.42 $ 1,115.51
202.05 $ 1,130.22
207.59 $ 1,161.21
205.9 $ 1,151.76
206.15 $ 1,153.16
205 $ 1,146.72
202.99 $ 1,135.48
206.06 $ 1,152.65
205.22 $ 1,147.96
207.33 $ 1,159.76
210.55 $ 1,177.77
212.51 $ 1,188.73
208.8 $ 1,167.98
207.6 $ 1,161.27
209.62 $ 1,172.57
210.84 $ 1,179.39
211.04 $ 1,180.51
207.41 $ 1,160.21
209.98 $ 1,174.58
210.43 $ 1,177.10
210.43 $ 1,177.10
208.02 $ 1,163.62
209.22 $ 1,170.33
211.92 $ 1,185.43
215.48 $ 1,205.35
216.39 $ 1,210.44
213.49 $ 1,194.22
215.95 $ 1,207.98
214.54 $ 1,200.09
213.38 $ 1,193.60
218.15 $ 1,220.28
215.13 $ 1,203.39
209.43 $ 1,171.51
209.81 $ 1,173.63
213.16 $ 1,192.37
213.58 $ 1,194.72
208.78 $ 1,167.87
212.67 $ 1,189.63
216.71 $ 1,212.23
217.09 $ 1,214.35
220.25 $ 1,232.03
218.68 $ 1,223.25
218.68 $ 1,223.25
222.25 $ 1,243.22
224.8 $ 1,257.48
225.08 $ 1,259.05
224.87 $ 1,257.87
224.87 $ 1,257.87
226.11 $ 1,264.81
215.19 $ 1,203.73
206.2 $ 1,153.44
208.7 $ 1,167.42
212.15 $ 1,186.72
214.67 $ 1,200.82
214 $ 1,197.07
208.6 $ 1,166.86
208.03 $ 1,163.67
208.03 $ 1,163.67
211.58 $ 1,183.53
211.12 $ 1,180.96
210.35 $ 1,176.65
207.34 $ 1,159.81
208.54 $ 1,166.53
209.71 $ 1,173.07
210.42 $ 1,177.04
212.45 $ 1,188.40
211.39 $ 1,182.47
211.46 $ 1,182.86
213.81 $ 1,196.01
213.36 $ 1,193.49
214.71 $ 1,201.04
214.73 $ 1,201.15
217.49 $ 1,216.59
217.34 $ 1,215.75
220.07 $ 1,231.02
221.85 $ 1,240.98
222.09 $ 1,242.32
223.64 $ 1,250.99
223.22 $ 1,248.64
218.23 $ 1,220.73
216.61 $ 1,211.67
219.6 $ 1,228.39
219.6 $ 1,228.39
221.63 $ 1,239.75
216.79 $ 1,212.68
213.88 $ 1,196.40
211.02 $ 1,180.40
211.34 $ 1,182.19
212.61 $ 1,189.29
213.56 $ 1,194.61
214.12 $ 1,197.74
213.93 $ 1,196.68
211.85 $ 1,185.04
209.89 $ 1,174.08
212.14 $ 1,186.66
216.1 $ 1,208.82
216.86 $ 1,213.07
212.19 $ 1,186.94
209.61 $ 1,172.51
205.84 $ 1,151.42
205.39 $ 1,148.91
206.19 $ 1,153.38
204.78 $ 1,145.49
200.11 $ 1,119.37
196.77 $ 1,100.69
195.03 $ 1,090.95
197 $ 1,101.97
198.22 $ 1,108.80
202.79 $ 1,134.36
201.46 $ 1,126.92
199.81 $ 1,117.69
202.1 $ 1,130.50
201.47 $ 1,126.98
196.79 $ 1,100.80
199.83 $ 1,117.81
199.78 $ 1,117.53
197.68 $ 1,105.78
196.69 $ 1,100.24
196.98 $ 1,101.86
193.46 $ 1,082.17
195.56 $ 1,093.92
195.56 $ 1,093.92
197.8 $ 1,106.45
199.52 $ 1,116.07
198.43 $ 1,109.97
199.31 $ 1,114.90
197.64 $ 1,105.55
199.31 $ 1,114.90
199.69 $ 1,117.02
204.76 $ 1,145.38
203.98 $ 1,141.02
204.97 $ 1,146.56
202.35 $ 1,131.90
206.93 $ 1,157.52
205.08 $ 1,147.17
204.48 $ 1,143.82
207.17 $ 1,158.86
206.58 $ 1,155.56
205.59 $ 1,150.03
204.79 $ 1,145.55
206.41 $ 1,154.61
205.13 $ 1,147.45
205.14 $ 1,147.51
204.25 $ 1,142.53
210 $ 1,174.69
208.24 $ 1,164.85
208.58 $ 1,166.75
207.18 $ 1,158.92
204.67 $ 1,144.88
206.69 $ 1,156.18
207.9 $ 1,162.95
206.45 $ 1,154.84
206.45 $ 1,154.84
208.49 $ 1,166.25
207.84 $ 1,162.61
207.43 $ 1,160.32
207.79 $ 1,162.33
207.37 $ 1,159.98
207.86 $ 1,162.72
205.15 $ 1,147.56
203.59 $ 1,138.84
202.8 $ 1,134.42
202.03 $ 1,130.11
203.15 $ 1,136.38
201.66 $ 1,128.04
199.58 $ 1,116.41
197.7 $ 1,105.89
195.25 $ 1,092.19
195.15 $ 1,091.63
198.19 $ 1,108.63
200.2 $ 1,119.87
199.13 $ 1,113.89
199.93 $ 1,118.36
199.33 $ 1,115.01
199.48 $ 1,115.85
202.65 $ 1,133.58
202.5 $ 1,132.74
204.08 $ 1,141.58
203.39 $ 1,137.72
203.39 $ 1,137.72
200.87 $ 1,123.62
199.17 $ 1,114.11
199.73 $ 1,117.25
199.91 $ 1,118.25
202.01 $ 1,130.00
201.12 $ 1,125.02
201.05 $ 1,124.63
201.3 $ 1,126.03
202.71 $ 1,133.92
203.78 $ 1,139.90
204.4 $ 1,143.37
203.71 $ 1,139.51
200.07 $ 1,119.15
198.6 $ 1,110.92
200.44 $ 1,121.22
199.78 $ 1,117.53
198.11 $ 1,108.18
198.39 $ 1,109.75
201.81 $ 1,128.88
200 $ 1,118.76
200.93 $ 1,123.96
200.22 $ 1,119.99
198.7 $ 1,111.48
199.91 $ 1,118.25
199.75 $ 1,117.36
200.49 $ 1,121.50
200.97 $ 1,124.18
200.95 $ 1,124.07
201.4 $ 1,126.59
202.97 $ 1,135.37
203.81 $ 1,140.07
204.36 $ 1,143.14
208.13 $ 1,164.23
208.1 $ 1,164.07
209.76 $ 1,173.35
211.83 $ 1,184.93
212.42 $ 1,188.23
212.03 $ 1,186.05
210.77 $ 1,179.00
209.71 $ 1,173.07
212.21 $ 1,187.06
211.21 $ 1,181.46
211.21 $ 1,181.46
213.52 $ 1,194.38
215.99 $ 1,208.20
213.17 $ 1,192.43
212.33 $ 1,187.73
213.56 $ 1,194.61
213.56 $ 1,194.61
213.56 $ 1,194.61
213.56 $ 1,194.61
213.56 $ 1,194.61
214.59 $ 1,200.37
214.24 $ 1,198.41
212.43 $ 1,188.29
208.79 $ 1,167.93
202.56 $ 1,133.08
205.01 $ 1,146.78
205.47 $ 1,149.35
204.82 $ 1,145.72
208.41 $ 1,165.80
208.29 $ 1,165.13
208.03 $ 1,163.67
209.29 $ 1,170.72
208.21 $ 1,164.68
206.93 $ 1,157.52
208.4 $ 1,165.74
208.27 $ 1,165.02
208.97 $ 1,168.93
210.94 $ 1,179.95
209.09 $ 1,169.60
205.73 $ 1,150.81
205.51 $ 1,149.58
205.23 $ 1,148.01
204.93 $ 1,146.33
206.47 $ 1,154.95
210.02 $ 1,174.81
212.27 $ 1,187.39
211.46 $ 1,182.86
211.29 $ 1,181.91
212.07 $ 1,186.27
213.1 $ 1,192.03
211.39 $ 1,182.47
209.42 $ 1,171.45
208.93 $ 1,168.71
211.74 $ 1,184.43
214.36 $ 1,199.08
215.39 $ 1,204.84
216.55 $ 1,211.33
215.21 $ 1,203.84
212.9 $ 1,190.92
213.05 $ 1,191.75
213 $ 1,191.48
214.2 $ 1,198.19
215.65 $ 1,206.30
216.04 $ 1,208.48
215.74 $ 1,206.80
214.91 $ 1,202.16
213.57 $ 1,194.66
212.62 $ 1,189.35
212.62 $ 1,189.35
213.27 $ 1,192.99
211.49 $ 1,183.03
208.51 $ 1,166.36
207.22 $ 1,159.14
209.92 $ 1,174.25
210.28 $ 1,176.26
210.19 $ 1,175.76
209.94 $ 1,174.36
210.23 $ 1,175.98
207.45 $ 1,160.43
207.18 $ 1,158.92
205.68 $ 1,150.53
204.76 $ 1,145.38
205.87 $ 1,151.59
206.91 $ 1,157.41
207.7 $ 1,161.83
208.86 $ 1,168.32
209.86 $ 1,173.91
213.1 $ 1,192.03
213.23 $ 1,192.76
214.84 $ 1,201.77
214.66 $ 1,200.76
214.66 $ 1,200.76
215.1 $ 1,203.22
215.04 $ 1,202.89
212.75 $ 1,190.08
211.96 $ 1,185.66
211.96 $ 1,185.66
213.43 $ 1,193.88
211.95 $ 1,185.60
209.96 $ 1,174.47
208.42 $ 1,165.86
208.56 $ 1,166.64
207.52 $ 1,160.82
208.48 $ 1,166.19
209.85 $ 1,173.85
210.45 $ 1,177.21
211.84 $ 1,184.99
210.3 $ 1,176.37
212.21 $ 1,187.06
213 $ 1,191.48
213 $ 1,191.48
214.37 $ 1,199.14
213.42 $ 1,193.82
211.27 $ 1,181.80
211.98 $ 1,185.77
212.25 $ 1,187.28
209.26 $ 1,170.55
210.86 $ 1,179.50
213.03 $ 1,191.64
213.53 $ 1,194.44
213.25 $ 1,192.87
214.92 $ 1,202.22
213.45 $ 1,193.99
212.74 $ 1,190.02
212.83 $ 1,190.52
214.26 $ 1,198.52
214.33 $ 1,198.91
215.61 $ 1,206.07
216.7 $ 1,212.17
218.25 $ 1,220.84
218.25 $ 1,220.84
216.32 $ 1,210.05
218.76 $ 1,223.70
217.21 $ 1,215.02
221.46 $ 1,238.80
223.13 $ 1,248.14
221.82 $ 1,240.81
221.1 $ 1,236.78
221.09 $ 1,236.73
224.1 $ 1,253.57
221.85 $ 1,240.98
220.54 $ 1,233.65
220.98 $ 1,236.11
219.81 $ 1,229.57
220.23 $ 1,231.92
219.31 $ 1,226.77
220.96 $ 1,236.00
219.54 $ 1,228.06
220.57 $ 1,233.82
222.81 $ 1,246.35
221.34 $ 1,238.13
223.29 $ 1,249.04
222.85 $ 1,246.57
225.2 $ 1,259.72
226.91 $ 1,269.28
226.03 $ 1,264.36
229.29 $ 1,282.60
228.64 $ 1,278.96
227.9 $ 1,274.82
227.9 $ 1,274.82
228.22 $ 1,276.61
227.69 $ 1,273.65
226.01 $ 1,264.25
228.27 $ 1,276.89
227.78 $ 1,274.15
228.74 $ 1,279.52
229.69 $ 1,284.84
233.82 $ 1,307.94
232.44 $ 1,300.22
232.5 $ 1,300.55
229.82 $ 1,285.56
232.77 $ 1,302.06
231.92 $ 1,297.31
232.56 $ 1,300.89
235.74 $ 1,318.68
236.31 $ 1,321.87
236.14 $ 1,320.92
236.02 $ 1,320.24
235.31 $ 1,316.27
233.99 $ 1,308.89
234.67 $ 1,312.69
235.86 $ 1,319.35
240.93 $ 1,347.71
242.06 $ 1,354.03
240.23 $ 1,343.79
239.24 $ 1,338.26
238.34 $ 1,333.22
237.33 $ 1,327.57
237.94 $ 1,330.98
237.41 $ 1,328.02
239.38 $ 1,339.04
237.84 $ 1,330.42
236.36 $ 1,322.15
238.7 $ 1,335.24
238.43 $ 1,333.72
236.5 $ 1,322.93
235.65 $ 1,318.17
238.17 $ 1,332.27
238.37 $ 1,333.39
236.56 $ 1,323.26
236.56 $ 1,323.26
234.87 $ 1,313.81
235.54 $ 1,317.56
236.38 $ 1,322.26
239.68 $ 1,340.72
236.00 $ 1,320.13