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The Hertz Corporation (A) Harvard Business School Case #9-208-030 Courseware #9-208-709

This courseware was prepared solely as the basis for class discussion. Cases are not intended to serve as

endorsements, sources of primary data, or illustrations of effective or ineffective management. Copyright © 2007 President and Fellows of Harvard College. No part of this product may be reproduced, stored in a

retrieval system, used in a spreadsheet or transmitted in any form or by any means—electronic, mechanical, photocopying, recording or otherwise—without the permission of Harvard Business School.

Exhibit 1: Hertz Historical Operating and Financial Performance

Historical Financial Summary ($ millions)

 

2000

2001

2002

2003

2004

2005CC 1

 

2005E

Revenue

RAC

$

4,691.4

$

4,468.2

$

4,619.7

$

4,895.9

$

5,635.2

$

6,118.3

$

6,000.9

HERC

1,180.0

1,218.4

1,095.7

1,081.5

1,185.9

1,388.4

1,374.4

Corporate/Consolidating

(73.7)

(89.6)

(77.0)

(43.7)

(145.1)

(60.5)

70.9

Total Revenue

5,797.7

5,597.0

5,638.4

5,933.7

6,676.0

7,446.2

7,446.2

Gross EBITDA

RAC

2,029.9

1,651.9

1,874.7

1,920.4

2,142.5

2,234.3

2,201.1

HERC

 

450.7

425.9

373.5

363.5

436.3

562.9

557.7

Corporate/Consolidating

(23.4)

(44.9)

(8.3)

(12.0)

(46.2)

(45.2)

(6.8)

Total Gross EBITDA

2,457.2

2,032.9

2,239.9

2,271.9

2,532.6

2,752.0

2,752.0

Adjusted EBITDA

RAC

 

656.0

172.0

380.1

390.1

576.4

464.7

452.4

HERC

88.6

31.2

(4.7)

17.6

130.6

252.4

251.6

Corporate/Consolidating

(25.8)

(34.0)

(1.4)

(14.3)

(22.3)

(15.1)

(2.0)

Total Adjusted EBITDA

718.8

169.2

374.0

393.4

684.7

702.0

702.0

Corporate EBITDA 2

 

1,083.3

553.0

745.3

741.6

966.5

982.4

1,003.3

EoY Fleet Value

RAC

5,186.2

5,220.4

5,998.3

6,462.0

7,597.2

NA

8,176.0

HERC

1,734.9

1,620.1

1,427.5

1,331.3

1,525.7

NA

1,856.5

Corporate/Consolidating

0.0

0.0

0.0

0.0

0.0

NA

0.0

Total EoY Fleet Value

$

6,921.1

$

6,840.5

$

7,425.8

$

7,793.3

$

9,122.9

NA

$ 10,032.5

Source: CD&R

Notes:

1. CC: Constant currency for RAC and HERC segments. In 2000 - 2004, RAC and HERC data are shown in constant currencies; currency adjustments for those years appear in the Corporate/Consolidating entry. Figures for 2005CC present 2005 on the same basis. In contrast, figures for 2005E include currency adjustments in the segment data.

2. Corporate EBITDA equals HERC Gross EBITDA plus RAC Adjusted EBITDA less corporate level expenses and consolidating entries.

Exhibit 2A: US RAC On-Airport Operating Expense Opportunity ($ millions except %)

 

Total US RAC

   

US RAC On-Airport

 
 

2000

2001

2002

2003

2004

2005E

 

2002

2003

2004

2005E

Revenue

$3,521

$3,330

$3,399

$3,455

$3,768

$4,125

$2,846

$2,877

$3,069

$3,266

Fleet Costs

1173

1279

1275

1277

1205

1383

1047

1023

938

1043

OpEx

1684

1845

1759

1806

2064

2345

 

1426

1459

1618

1793

% of Revenue

47.8%

55.4%

51.7%

52.3%

54.8%

56.9%

50.1%

50.7%

52.7%

54.9%

SG&A

204

204

193

195

227

225

 

174

181

208

205

Adjusted EBITA

$460

$1

$173

$178

$273

$171

$199

$214

$305

$225

Adjusted EBITDA

536

96

262

251

368

278

 

286

286

394

327

% Margin

15.2%

2.9%

7.7%

7.3%

9.8%

6.7%

10.0%

9.9%

12.8%

10.0%

Source: CD&R

Exhibit 2B: Quantification of the US RAC On-Airport Operating Expense Opportunity

OpEx Resulting EBITDA Margin OpEx Improvement Reduction Margin ($millions) 1.0% 53.9% $32.7 2.0% 52.9% $65.3 3.0%
OpEx
Resulting
EBITDA
Margin
OpEx
Improvement
Reduction
Margin
($millions)
1.0%
53.9%
$32.7
2.0%
52.9%
$65.3
3.0%
51.9%
$98.0
4.0%
50.9%
$130.6
Based on 2002 US On-
Airport RAC level
5.0%
49.9%
$163.3
6.0%
48.9%
$196.0
Based on 2000 Total US RAC
level
7.0%
47.9%
$228.6
8.0%
46.9%
$261.3

Source: CD&R

Exhibit 3A: US vs. Europe RAC Financial Comparison ($ millions)

2005 PF

 

US

Europe

RAC

RAC

Revenue

$4,125

$1,464

Fleet Costs

$1,325

$301

Contribution After Fleet Costs

$2,800

$1,163

Total OpEx

$2,345

$860

Total SG&A

$225

$219

Adjusted EBITA

$230

$84

Adjusted EBITDA

$337

$111

Source:

CD&R

Exhibit 3B: Implied US vs. Europe RAC SG&A Opportunity

 

Current Europe

At US RAC

At US Airport

RAC Level

Level

Level

OpEx % of Revenue

58.7%

56.8%

54.9%

OpEx Savings

$0

$28

$56

SG&A % of Revenue

15.0%

5.5%

6.3%

SG&A Savings

$0

$139

$127

Combined OpEx & SG&A % of Revenue

73.7%

62.3%

61.2%

Total Savings

$0

$167

$183

Implied % of Adjusted EBITDA

0.0%

150.3%

164.9%

Source: CD&R

#DIV/0!

Exhibit 4: Proposed Transaction Structure

• $1.85 billion Term Loan • $250 million Synthetic LC • $3.05 billion Unsecured Loan The
• $1.85 billion Term Loan
• $250 million Synthetic LC
• $3.05 billion Unsecured Loan
The Hertz Corporation
• $2.4 billion international ABS/ABL
structure ($1.97 billion funded)
• Borrowers are local entities
Other Domestic
Hertz Vehicle
HERC North America
Hertz International
Subsidiaries
Financing
$1.4 billion ABL
• $396 million funded at close
• $5.26 billion funded domestic ABS
• $1.25 billion unfunded domestic ABS
Source:
CD&R
:
:
:
Bankruptcy-remote special purpose entities for ABS financing of RAC fleet: "FleetCo"
Financial guarantee
Elements of the operating company: "OpCo"
Source:
CD&R

Exhibit 5A: Pro Forma Capitalization

Pro Forma Capitalization ($ millions except as noted)

 

% of

x 2005 PF

% of

Indicative

 

x 2005 PF

Total

Financeable

Total

Interest

 

$ millions

EBITDA

w/ Fleet

EBITDA

%Fleet

Rate

Cash

$526.4

0.19 x

--

0.52 x

--

--

US Fleet ABS

5256.7

1.91 x

31.9%

L + 60

International Fleet ABS

1972.4

0.72 x

12.0%

L + 100

Total Fleet Debt

$7,229.1

2.63 x

43.9%

L + 70

Fleet Enhancement - Cars

1346.9

0.49 x

8.2%

Ford Enhancement - LC

200

0.07 x

1.2%

Fleet Enhancement - Cash

115.1

0.04 x

0.7%

Total Fleet Equity

$1,662.0

0.60 x

10.1%

Total FleetCo Capitalization

$8,891.1

3.23 x

53.9%

ABL Facility

396

0.14 x

2.4%

0.39 x

5.2%

L + 250

Term Loan B

1850

0.67 x

11.2%

1.81 x

24.4%

L + 300

Senior Unsecured Notes

2250

0.82 x

13.7%

2.21 x

29.7%

9.50%

Senior Sub Notes

800

0.29 x

4.9%

0.78 x

10.5%

10.75%

Existing Debt

0

0.00 x

0.0%

0.00 x

0.0%

0.00%

Total OpCo Debt

$5,296.0

1.92 x

32.2%

5.19 x

69.8%

8.64%

Sponsor Equity

$2,295.0

0.83 x

13.9%

2.25 x

30.2%

Management Equity

0

0.00 x

0.0%

0.00 x

0.0%

Total OpCo Equity

$2,295.0

0.83 x

13.9%

2.25 x

30.2%

Total OpCo Capitalization

$7,591.0

2.76 x

46.1%

7.45 x

100.0%

Total Capitalization

$16,482.1

5.99 x

100.0%

Source:

CD&R

Exhibit 5B:

Projected Sources and Uses of Funds ($ millions)

Sources

Uses

Existing Cash

$975.5

Cash to Ford

$5,600.0

US Fleet ABS

4656.7

Refinance Existing Debt

8454.1

International Fleet ABS

1972.4

Roll-over 2004ABS Debt

600

Roll-Over 2004 ABS Debt

600

Transaction Expenses

500

Ford Enhancement LC

200

Operating Cash

526.4

ABL Facility

396

Fleet Cash Enhancement

315.1

Term Loan B

1850

Senior Unsecured Notes

2250

Senior Sub Notes

800

Sponsor Equity

2295

Total Sources

$15,995.6

Total Uses

$15,995.6

Source: CD&R

Exhibit 6

Summary of Pro Forma Liquidity at Closing ($millions)

 

Unfunded

 
 

Funded

Liquidity

 

Total

Fleet

   

U.S. Fleet Debt (a)

5,256.7

1,250.0

 

6,506.7

International Fleet Debt

1,972.4

427.6

2,400.0

Total Fleet Debt

7,229.1

1,677.6

8,906.7

Corporate

 

Cash

0.0

526.4

 

526.4

ABL Facility (b)

396.0

1,004.0

1,400.0

Term Loan

1,850.0

0.0

1,850.0

Notes

3,050.0

0.0

3,050.0

Total Corporate

5,296.0

1,530.4

6,826.4

Notes a) Includes $600 million rollover of existing (2004) ABS debt b) Based on year-end projections, borrowing base is estimated at $1.4 billion with commitments up to $1.5 billion

Source: CD&R

Exhibit 7

Projections for 2005 -- Consolidating Summary ($ millions)

 

RAC

HERC

 

On-

Off-

Total

Other

Total

Total

Total

Airport

Airport

US

Europe

Int'l

RAC

 

NA

Europe

HERC

Corp.

Hertz

Revenue

$3,266

$859

$4,125

$1,464

$412

$6,001

$1,222

$152

$1,374

$71

$7,446

OpEx / SG&A

1,896

567

2,463

1,051

285

3,799

719

97

816

78

4,693

Gross EBITDA

$1,370

$292

$1,662

$413

$127

$2,202

$503

$55

$558

 

($7)

$2,753

Fleet Depreciation

797

267

1,064

224

86

1,374

171

43

214

0

1,588

Fleet Interest

192

69

261

78

21

360

0

0

0

0

360

Adjusted EBITDA

$381

($44)

$337

$111

$20

$468

 

$331

$12

$343

($7)

$804

   

Corporate EBITDA

$381

($44)

$337

$111

$20

$468

 

$503

$55

$558

($7)

$1,019

Non-Fleet CapEx

$142

$10

$152

$61

$10

$223

 

$81

$5

$86

$4

$313

Year End Fleet Value

$4,335

$1,720

$6,055

$1,656

$465

$8,176

$1,694

$162

$1,856

$0

$10,032

Source: CD&R

Exhibit 8

Contemporaneous Financial Market Data

Hertz Historical Stock Price $65 $60 $55 $50 $45 $40 $35 $30 $25 $20 Price Per
Hertz Historical Stock Price
$65
$60
$55
$50
$45
$40
$35
$30
$25
$20
Price Per Share
Apr-97
Aug-97
Dec-97
Apr-98
Aug-98
Dec-98
Apr-99
Aug-99
Dec-99
Apr-00
Aug-00
Dec-00
Exhibit 8 Contemporaneous Financial Market Data Hertz Historical Stock Price $65 $60 $55 $50 $45 $40

Selected Data on RAC and Equipment Rental Companies

DOLLAR THRIFTY AUTOMOTIVE ($ millions except s

Revenue

Net Income

EBIT

EBITDA

Debt

Equity

Shares Out (millions) Avg. PPS

β equity

2001

$1,041.1

13.8

118.6

469.7

1516.7

463.3

24.3

$18.28

1.56

2002

2003

$1,122.4

$1,193.2

46.8

19.8

170.9

126.5

543.6

514.2

2224.3

2442.2

499.5

533.5

24.6

25.0

$19.94

$21.03

1.39

1.49

UNITED RENTALS, INC ($ millions except share data)

2002

2003

$2,821.0

$2,882.0

-397.8

-258.6

388.1

339.0

772.9

740.9

2739.3

3038.6

1331.5

1140.9

76.7

77.2

$17.67

$13.90

1.69

1.47

2001

 

Revenue

$2,886.6

Net Income

111.3

 

U.S. Treasury Bond Yields

 

EBIT

491.0

August 30, 2005

EBITDA

918.7

10-year:

4.34%

Debt

2759.5

20-year:

4.62%

Equity

1625.5

30-year:

5.42%

Shares Out (millions)

73.4

 

Avg. PPS

$20.33

 

β equity

1.56

Source: Standard & Poor's CompuStat

2001

hare data)

2004

$1,390.5

50.8

171.7

448.5

2500.4

603.5

25.0

$25.82

1.54

2004

$2,835.0

-84.0

395.0

777.0

3167.0

1026.0

77.9

$17.92

1.70

Sep2005 Treasuries

10 yr.

4.34

20

4.62

30

5.42

Copy

Date

Hertz Hertz Return

Shares

S&P 500

S&P 500

Hertz

Price

Index

Outstanding

Price

Return Index

Date

PPS

04/25/1997

27.63

100

40.95

765.37

1011.75

04/25/1997

27.63

04/28/1997

27.13

98.17

40.95

772.96

1021.92

04/28/1997

27.13

04/29/1997

28.63

103.6

40.95

794.05

1049.84

04/29/1997

28.63

04/30/1997

29

104.96

40.95

801.34

1059.7

04/30/1997

29

05/01/1997

29.5

106.77

40.95

798.53

1056.13

05/01/1997

29.5

05/02/1997

29

104.96

40.95

812.97

1075.23

05/02/1997

29

05/05/1997

29

104.96

40.95

830.24

1098.14

05/05/1997

29

05/06/1997

28.88

104.51

40.95

827.76

1094.95

05/06/1997

28.88

05/07/1997

28.63

103.6

40.95

815.62

1079.05

05/07/1997

28.63

05/08/1997

29.38

106.32

40.95

820.26

1085.21

05/08/1997

29.38

05/09/1997

29

104.96

40.95

824.78

1091.49

05/09/1997

29

05/12/1997

29.5

106.77

40.95

837.66

1108.58

05/12/1997

29.5

05/13/1997

29.5

106.77

40.95

833.13

1102.78

05/13/1997

29.5

05/14/1997

29.5

106.77

40.95

836.04

1106.79

05/14/1997

29.5

05/15/1997

30.5

110.39

40.95

841.88

1114.86

05/15/1997

30.5

05/16/1997

30.13

109.03

40.95

829.75

1099

05/16/1997

30.13

05/19/1997

30

108.58

40.95

833.27

1103.68

05/19/1997

30

05/20/1997

30

108.58

40.95

841.66

1114.88

05/20/1997

30

05/21/1997

29.88

108.13

40.95

839.35

1111.94

05/21/1997

29.88

05/22/1997

29.88

108.13

40.95

835.66

1107.08

05/22/1997

29.88

05/23/1997

31.13

112.65

40.95

847.03

1122.16

05/23/1997

31.13

05/26/1997

31.13

112.65

40.95

847.03

1122.16

05/26/1997

31.13

05/27/1997

32.38

117.17

40.95

849.71

1125.72

05/27/1997

32.38

05/28/1997

33.13

119.89

40.95

847.21

1122.6

05/28/1997

33.13

05/29/1997

33.63

121.7

40.95

844.08

1118.62

05/29/1997

33.63

05/30/1997

34.25

123.96

40.95

848.28

1124.22

05/30/1997

34.25

06/02/1997

32.88

118.98

40.95

846.36

1121.69

06/02/1997

32.88

06/03/1997

32.13

116.27

40.95

845.48

1120.54

06/03/1997

32.13

06/04/1997

32.25

116.72

40.95

840.11

1113.68

06/04/1997

32.25

06/05/1997

32

115.82

40.95

843.43

1118.23

06/05/1997

32

06/06/1997

32.63

118.08

40.95

858.01

1137.62

06/06/1997

32.63

06/09/1997

32.25

116.72

40.95

862.91

1144.15

06/09/1997

32.25

06/10/1997

33

119.44

40.95

865.27

1147.3

06/10/1997

33

06/11/1997

33.38

120.79

40.95

869.57

1153.21

06/11/1997

33.38

06/12/1997

33.25

120.34

40.95

883.48

1171.9

06/12/1997

33.25

06/13/1997

34

123.05

40.95

893.27

1184.9

06/13/1997

34

06/16/1997

34.63

125.32

40.95

893.9

1185.78

06/16/1997

34.63

06/17/1997

35

126.67

40.95

894.42

1186.47

06/17/1997

35

06/18/1997

35.38

128.03

40.95

889.06

1179.41

06/18/1997

35.38

06/19/1997

36.25

131.2

40.95

897.99

1191.29

06/19/1997

36.25

06/20/1997

35.38

128.03

40.95

898.7

1192.24

06/20/1997

35.38

06/23/1997

34

123.05

40.95

878.62

1165.62

06/23/1997

34

06/24/1997

34.56

125.09

40.95

896.34

1189.13

06/24/1997

34.56

06/25/1997

34.13

123.51

40.95

888.99

1179.42

06/25/1997

34.13

06/26/1997

33.88

122.6

40.95

883.68

1172.63

06/26/1997

33.88

06/27/1997

33.75

122.15

40.95

887.3

1177.45

06/27/1997

33.75

06/30/1997

36

130.29

40.95

885.14

1174.59

06/30/1997

36

07/01/1997

36.25

131.2

40.95

891.03

1182.57

07/01/1997

36.25

07/02/1997

36.25

131.2

40.95

904.03

1199.98

07/02/1997

36.25

07/03/1997

37

133.91

40.95

916.92

1217.11

07/03/1997

37

07/04/1997

37

133.91

40.95

916.92

1217.11

07/04/1997

37

07/07/1997

36.88

133.46

40.95

912.2

1210.86

07/07/1997

36.88

07/08/1997

36.5

132.1

40.95

918.75

1219.82

07/08/1997

36.5

07/09/1997

37

133.91

40.95

907.54

1204.99

07/09/1997

37

07/10/1997

38

137.53

40.95

913.78

1213.32

07/10/1997

38

07/11/1997

37.88

137.08

40.95

916.68

1217.34

07/11/1997

37.88

07/14/1997

38.81

140.47

40.95

918.38

1219.59

07/14/1997

38.81

07/15/1997

36.63

132.56

40.95

925.76

1229.4

07/15/1997

36.63

07/16/1997

35.25

127.58

40.95

936.59

1243.86

07/16/1997

35.25

07/17/1997

35.25

127.58

40.95

931.61

1237.28

07/17/1997

35.25

07/18/1997

35.5

128.48

40.95

915.3

1215.63

07/18/1997

35.5

07/21/1997

34.5

124.86

40.95

912.94

1212.5

07/21/1997

34.5

07/22/1997

35.13

127.13

40.95

933.98

1240.44

07/22/1997

35.13

07/23/1997

34.75

125.77

40.95

936.56

1243.9

07/23/1997

34.75

07/24/1997

34

123.05

40.95

940.3

1248.88

07/24/1997

34

07/25/1997

33.88

122.6

40.95

938.79

1246.87

07/25/1997

33.88

07/28/1997

32.75

118.53

40.95

936.45

1243.76

07/28/1997

32.75

07/29/1997

33.75

122.15

40.95

942.29

1251.66

07/29/1997

33.75

07/30/1997

35.25

127.58

40.95

952.29

1265.21

07/30/1997

35.25

07/31/1997

34.75

125.77

40.95

954.29

1268.04

07/31/1997

34.75

08/01/1997

35.13

127.13

40.95

947.14

1258.59

08/01/1997

35.13

08/04/1997

34.63

125.32

40.95

950.3

1262.81

08/04/1997

34.63

08/05/1997

33.5

121.25

40.95

952.37

1265.58

08/05/1997

33.5

08/06/1997

35

126.67

40.95

960.32

1276.25

08/06/1997

35

08/07/1997

34.38

124.41

40.95

951.19

1264.2

08/07/1997

34.38

08/08/1997

34

123.05

40.95

933.54

1240.74

08/08/1997

34

08/11/1997

33.63

121.7

40.95

937

1245.67

08/11/1997

33.63

08/12/1997

34.63

125.32

40.95

926.53

1231.82

08/12/1997

34.63

08/13/1997

34.94

126.63

40.95

922.02

1226.1

08/13/1997

34.94

08/14/1997

35.38

128.21

40.95

924.77

1229.79

08/14/1997

35.38

08/15/1997

35.5

128.67

40.95

900.81

1197.99

08/15/1997

35.5

08/18/1997

34.75

125.95

40.95

912.49

1213.68

08/18/1997

34.75

08/19/1997

33.5

121.42

40.95

926.01

1231.68

08/19/1997

33.5

08/20/1997

33.19

120.29

40.95

939.35

1249.61

08/20/1997

33.19

08/21/1997

33.19

120.29

40.95

925.05

1230.61

08/21/1997

33.19

08/22/1997

33.38

120.97

40.95

923.55

1228.63

08/22/1997

33.38

08/25/1997

33.38

120.97

40.95

920.16

1224.12

08/25/1997

33.38

08/26/1997

33.13

120.06

40.95

913.02

1214.64

08/26/1997

33.13

08/27/1997

34.5

125.04

40.95

913.7

1215.72

08/27/1997

34.5

08/28/1997

35

126.86

40.95

903.67

1202.56

08/28/1997

35

08/29/1997

34.56

125.27

40.95

899.47

1197.01

08/29/1997

34.56

09/01/1997

34.56

125.27

40.95

899.47

1197.01

09/01/1997

34.56

09/02/1997

34

123.23

40.95

927.58

1234.44

09/02/1997

34

09/03/1997

33.5

121.42

40.95

927.86

1235.14

09/03/1997

33.5

09/04/1997

33.31

120.74

40.95

930.87

1239.17

09/04/1997

33.31

09/05/1997

33.94

123

40.95

929.05

1236.81

09/05/1997

33.94

09/08/1997

33.56

121.65

40.95

931.2

1239.75

09/08/1997

33.56

09/09/1997

33.5

121.42

40.95

933.62

1242.98

09/09/1997

33.5

09/10/1997

33.56

121.65

40.95

919.03

1223.6

09/10/1997

33.56

09/11/1997

33.63

121.87

40.95

912.59

1215.41

09/11/1997

33.63

09/12/1997

34.13

123.68

40.95

923.91

1230.52

09/12/1997

34.13

09/15/1997

34.63

125.5

40.95

919.77

1225.26

09/15/1997

34.63

09/16/1997

35

126.86

40.95

945.64

1259.72

09/16/1997

35

09/17/1997

34.75

125.95

40.95

943

1256.29

09/17/1997

34.75

09/18/1997

34.75

125.95

40.95

947.29

1262.06

09/18/1997

34.75

09/19/1997

34.56

125.27

40.95

950.51

1266.37

09/19/1997

34.56

09/22/1997

34.5

125.04

40.95

955.43

1272.95

09/22/1997

34.5

09/23/1997

35.38

128.21

40.95

951.93

1268.29

09/23/1997

35.38

09/24/1997

36.38

131.84

40.95

944.48

1258.4

09/24/1997

36.38

09/25/1997

36

130.48

40.95

937.91

1249.65

09/25/1997

36

09/26/1997

36.38

131.84

40.95

945.22

1259.79

09/26/1997

36.38

09/29/1997

36.63

132.74

40.95

953.34

1270.64

09/29/1997

36.63

09/30/1997

37.69

136.6

40.95

947.28

1262.56

09/30/1997

37.69

10/01/1997

38.63

139.99

40.95

955.41

1273.51

10/01/1997

38.63

10/02/1997

38.63

139.99

40.95

960.46

1280.3

10/02/1997

38.63

10/03/1997

39.38

142.71

40.95

965.03

1286.42

10/03/1997

39.38

10/06/1997

38.94

141.13

40.95

972.69

1296.63

10/06/1997

38.94

10/07/1997

38.5

139.54

40.95

983.12

1310.6

10/07/1997

38.5

10/08/1997

37.63

136.37

40.95

973.84

1298.58

10/08/1997

37.63

10/09/1997

36.75

133.2

40.95

970.62

1294.32

10/09/1997

36.75

10/10/1997

36.56

132.52

40.95

966.98

1289.54

10/10/1997

36.56

10/13/1997

36.94

133.88

40.95

968.1

1291.03

10/13/1997

36.94

10/14/1997

37

134.1

40.95

970.28

1293.94

10/14/1997

37

10/15/1997

36.5

132.29

40.95

965.72

1287.88

10/15/1997

36.5

10/16/1997

36.13

130.93

40.95

955.23

1273.92

10/16/1997

36.13

10/17/1997

35.31

127.99

40.95

944.16

1259.16

10/17/1997

35.31

10/20/1997

36.31

131.61

40.95

955.61

1274.44

10/20/1997

36.31

10/21/1997

37.5

135.92

40.95

972.28

1296.68

10/21/1997

37.5

10/22/1997

37.63

136.37

40.95

968.49

1291.7

10/22/1997

37.63

10/23/1997

36.88

133.65

40.95

950.69

1267.98

10/23/1997

36.88

10/24/1997

37

134.1

40.95

941.64

1255.91

10/24/1997

37

10/27/1997

34.75

125.95

40.95

876.99

1169.68

10/27/1997

34.75

10/28/1997

34

123.23

40.95

921.85

1229.52

10/28/1997

34

10/29/1997

34.63

125.5

40.95

919.16

1226.21

10/29/1997

34.63

10/30/1997

34.44

124.82

40.95

903.68

1205.79

10/30/1997

34.44

10/31/1997

34.56

125.27

40.95

914.62

1220.4

10/31/1997

34.56

11/03/1997

34.81

126.18

40.95

938.99

1252.95

11/03/1997

34.81

11/04/1997

34.94

126.63

40.95

940.76

1255.33

11/04/1997

34.94

11/05/1997

35.25

127.76

40.95

942.76

1258.18

11/05/1997

35.25

11/06/1997

35.25

127.76

40.95

938.03

1251.97

11/06/1997

35.25

11/07/1997

35.13

127.31

40.95

927.51

1238.2

11/07/1997

35.13

11/10/1997

35.44

128.44

40.95

921.13

1229.79

11/10/1997

35.44

11/11/1997

36.19

131.16

40.95

923.78

1233.33

11/11/1997

36.19

11/12/1997

36.38

132.02

40.95

905.96

1209.82

11/12/1997

36.38

11/13/1997

36.25

131.57

40.95

916.66

1224.19

11/13/1997

36.25

11/14/1997

36.25

131.57

40.95

928.35

1239.88

11/14/1997

36.25

11/17/1997

37.06

134.52

40.95

946.2

1263.76

11/17/1997

37.06

11/18/1997

37.44

135.88

40.95

938.23

1253.26

11/18/1997

37.44

11/19/1997

37

134.29

40.95

944.59