THE STATE OF SOUTH CAROLINA

Harvard Business School Case 9-201-061

Case Software 2-201-715 (2nd Edition)

Copyright © 2000 by the President and Fellows of Harvard College

This case was prepared as the basis for class discussion rather than to
illustrate either effective or ineffective handling of an administrative situation.
Exhibit 1      Annual Total Returns 1926­1997 (in percent) 

Year Inflation Treasury Bills Treasury Bonds Corporate Bonds Common Stocks

1926 ­1.49 3.27 7.77 7.37 11.62
1927 ­2.08 3.12 8.93 7.44 37.49
1928 ­0.97 3.56 0.1 2.84 43.61
1929 0.2 4.75 3.42 3.27 ­8.42
1930 ­6.03 2.41 4.66 7.98 ­24.9
1931 ­9.52 1.07 ­5.31 ­18.5 ­43.34
1932 ­10.3 0.96 16.84 10.82 ­8.19
1933 0.51 0.3 ­0.07 10.38 53.99
1934 2.03 16 10.03 13.84 ­1.44
1935 2.99 0.17 4.98 9.16 47.67
1936 1.21 0.18 7.52 6.74 33.92
1937 3.1 0.31 0.23 2.75 ­35.03
1938 ­2.78 ­0.02 5.53 6.13 31.12
1939 ­0.48 0.02 4.52 3.97 ­0.41
1940 0.96 0 2.96 3.39 ­9.78
1941 9.72 0.06 0.93 2.73 ­11.59
1942 9.29 0.27 3.22 2.6 20.34
1943 3.16 0.35 2.08 2.83 25.9
1944 2.11 0.33 2.81 4.73 19.75
1945 2.25 0.33 10.73 4.08 36.44
1946 18.16 0.35 ­0.1 1.72 ­8.07
1947 9.01 0.5 ­2.62 ­2.34 5.71
1948 2.71 0.81 3.4 4.14 5.5
1949 ­1.8 1.1 6.45 3.31 18.79
1950 5.79 1.2 0.06 2.12 31.71
1951 5.87 1.49 ­3.93 ­2.69 24.02
1952 0.88 1.66 1.16 3.52 18.37
1953 0.62 1.82 3.64 3.41 ­0.99
1954 ­0.5 0.86 7.19 5.39 52.62
1955 0.37 1.57 ­1.29 0.48 31.56
1956 2.86 2.46 ­5.59 ­6.81 6.56
1957 3.02 3.14 7.46 8.71 ­10.78
1958 1.76 1.54 ­6.09 ­2.22 43.36
1959 1.5 2.95 ­0.39 ­0.97 11.96
1960 1.48 2.66 13.78 9.07 0.47
1961 0.67 2.13 0.97 4.82 26.89
1962 1.22 2.73 6.89 7.95 ­8.73
1963 1.65 3.12 1.21 2.19 22.8
1964 1.19 3.54 3.51 4.77 16.48
1965 1.92 3.93 0.71 ­0.46 12.45
1966 3.35 4.76 4.69 0.2 ­10.06
1967 3.04 4.21 ­9.18 ­4.95 23.98
1968 4.72 5.21 ­0.26 2.57 11.06
1969 6.11 6.58 ­5.07 ­8.09 ­8.5
1970 5.49 6.52 12.11 18.37 4.01
1971 3.36 4.39 13.23 11.01 14.31
1972 3.41 3.84 5.69 7.26 18.98
1973 8.8 6.93 ­1.11 1.14 ­14.66
1974 12.2 8 4.35 ­3.06 ­26.47
1975 7.01 5.8 9.2 14.64 37.2
1976 4.81 5.08 16.75 18.65 23.84
1977 6.77 5.12 ­0.69 1.71 ­7.18
1978 9.03 7.18 ­1.18 ­0.07 6.56
1979 13.31 10.38 ­1.23 ­4.18 18.44
1980 12.4 11.24 ­3.95 ­2.76 32.42
1981 8.94 14.71 1.86 ­1.24 ­4.91
1982 3.87 10.54 40.36 42.56 21.41
1983 3.8 8.8 0.65 6.26 22.51
1984 3.95 9.85 15.48 16.86 6.27
1985 3.77 7.72 30.97 30.09 32.16
1986 1.13 6.16 24.53 19.85 18.47
1987 4.41 5.47 ­2.71 ­0.27 5.23
1988 4.42 6.35 9.67 10.7 16.81
1989 4.65 8.37 18.11 16.23 31.49
1990 6.11 7.81 6.18 6.78 ­3.17
1991 3.06 5.6 19.3 19.89 30.55
1992 2.9 3.51 8.05 9.39 7.67
1993 2.75 2.9 18.24 13.19 9.99
1994 2.67 3.9 ­7.77 ­5.76 1.31
1995 2.74 5.6 31.67 27.2 37.43
1996 3.32 5.21 ­0.93 1.4 23.07
1997 1.7 5.26 15.88 12.95 33.36
Exhibit 2     Monthly Returns for Dow 30 Stocks

ALUMINUM COMPANY AMER ALLIED SIGNAL INC AMERICAN EXPRESS CO

Return (%) Market Cap ($ bil) Return (%) Market Cap ($ bil) Return (%)
31­Jan­90 ­15.8 6.59 ­2.5 5.23 ­14.7
28­Feb­90 4.7 5.39 4.6 5.1 ­2.1
30­Mar­90 0.8 5.64 5.3 5.27 ­11.6
30­Apr­90 ­3.6 5.69 ­5.1 5.33 6.2
31­May­90 6.5 5.44 5.2 5.06 7.8
29­Jun­90 ­3.4 5.8 0.7 5.26 5.9
31­Jul­90 9.7 5.54 ­8.2 5.29 ­5.3
31­Aug­90 ­7.4 6.04 ­6.8 4.86 ­17.2
28­Sep­90 ­2.7 5.6 ­10.1 4.46 ­12.4
31­Oct­90 ­14.5 5.4 ­9.9 3.86 ­9.6
30­Nov­90 3.3 4.58 12.2 3.48 8.6
31­Dec­90 5 4.73 ­2.7 3.84 1.7
31­Jan­91 12.7 4.89 7.4 3.64 10.3
28­Feb­91 ­0.4 5.46 4.1 3.91 5.5
28­Mar­91 2.1 5.44 ­2.5 4.01 20.3
30­Apr­91 3.7 5.56 2.2 3.91 ­12.6
31­May­91 5.4 5.73 2.4 3.99 2.5
28­Jun­91 ­5.1 6.03 10.5 4.02 ­11.3
31­Jul­91 5.2 5.73 17.8 4.48 12.8
30­Aug­91 ­1.9 5.99 ­0.1 5.28 4.4
30­Sep­91 ­7.8 5.88 ­5.5 5.21 ­2.4
31­Oct­91 ­0.2 5.43 14.5 4.95 ­25.9
29­Nov­91 ­7.7 5.39 ­5.7 5.67 0
31­Dec­91 10 4.98 12.9 5.31 9.2
31­Jan­92 0.2 5.48 12.8 6.03 0.6
28­Feb­92 8.2 5.49 0.8 6.8 1.8
31­Mar­92 1.6 5.9 1.8 6.82 10.1
30­Apr­92 10.3 6 15.3 6.98 ­1.6
29­May­92 0.3 6.58 0 8.05 1.1
30­Jun­92 ­2.3 6.6 ­7.3 8.01 3.3
31­Jul­92 ­2.8 6.49 3.3 7.54 ­1.1
31­Aug­92 ­11.8 6.31 ­5.2 7.78 ­9.2
30­Sep­92 2.5 5.53 ­0.7 7.34 6
30­Oct­92 5.3 5.67 6.7 7.34 ­2.3
30­Nov­92 1.1 5.97 3.4 7.83 7
31­Dec­92 2.1 6.01 5.9 8.06 8.7
29­Jan­93 3.8 6.14 ­4.8 8.57 ­5.5
26­Feb­93 ­5.2 6.37 14.8 8.16 5.4
31­Mar­93 ­8 6.01 1.1 9.33 11.7
30­Apr­93 2.5 5.53 ­2.1 9.45 3.2
28­May­93 2.7 5.67 2.7 9.26 2.7
30­Jun­93 3.7 5.78 0 9.47 12.2
30­Jul­93 1.8 6.17 5.1 9.47 1.9
31­Aug­93 6 6.28 7 9.95 ­0.4
30­Sep­93 ­10.6 6.62 ­2.5 10.61 10.4
29­Oct­93 1.3 5.92 ­1.7 10.28 ­9.4
30­Nov­93 2.4 6 ­0.3 10.1 ­2.7
31­Dec­93 0.2 6.11 11.1 10.08 ­1.6
31­Jan­94 14.6 6.13 ­0.5 11.19 6.5
28­Feb­94 ­4.9 6.99 ­2.5 11.14 ­10.3
31­Mar­94 ­4.8 6.65 ­4.4 10.34 ­5.1
29­Apr­94 ­5.1 6.33 ­5.5 10.36 7.7
31­May­94 4.4 6.01 2.3 9.79 5.4
30­Jun­94 3.5 6.24 ­1.4 9.97 ­6.8
29­Jul­94 7 6.5 10.5 9.85 3.8
31­Aug­94 7.9 6.95 ­1.9 10.88 6.1
30­Sep­94 0.9 7.46 ­8.7 10.63 8
31­Oct­94 1.1 7.54 1.5 9.65 2.4
30­Nov­94 ­4.3 7.58 ­5.3 9.79 ­4
30­Dec­94 6.1 7.29 4.2 9.23 0.3
31­Jan­95 ­9 7.74 5.1 9.62 6.8
28­Feb­95 ­0.8 7.02 6.5 10.12 6.7
31­Mar­95 6.4 6.97 3.6 10.72 3.7
28­Apr­95 8.1 7.42 1 11.11 0.3
31­May­95 4.1 8.03 2.4 11.22 2.2
30­Jun­95 7.8 8.28 10.2 11.48 ­0.7
31­Jul­95 13.7 8.93 5.1 12.65 9.9
31­Aug­95 0.6 10.15 ­4.7 13.29 4.9
29­Sep­95 ­7.4 10.2 ­0.6 12.57 9.9
31­Oct­95 ­3.5 9.44 ­3.7 12.49 ­7.9
30­Nov­95 15.1 9.1 11.9 12.03 4.6
29­Dec­95 ­9.6 10.37 0.3 13.4 ­2.6
31­Jan­96 5.6 9.37 5 13.44 11.7
29­Feb­96 2.5 9.84 12 14.11 ­0.3
29­Mar­96 10.1 10.08 6.3 15.73 7.6
30­Apr­96 ­0.4 10.96 ­1.9 16.72 ­1.3
31­May­96 ­0.7 10.92 ­5.2 16.4 ­5.7
28­Jun­96 ­6.9 10.83 4.3 15.48 ­2.5
31­Jul­96 1.7 10.08 2.8 16.15 ­1.5
30­Aug­96 7.1 10.19 5.5 16.61 0
30­Sep­96 ­5 10.82 6.7 17.46 5.7
31­Oct­96 ­0.1 10.27 ­0.6 18.63 2.1
29­Nov­96 8.5 10.21 12.2 18.52 11.2
31­Dec­96 0.2 11.03 ­8.5 20.71 8.6
31­Jan­97 8.2 11.05 5 18.95 10
28­Feb­97 3.6 11.96 3 19.9 5.6
31­Mar­97 ­4.6 12.35 ­1.4 20.43 ­8.8
30­Apr­97 3.1 11.75 1.4 20.15 10.2
30­May­97 5.4 12.07 6.6 20.43 5.7
30­Jun­97 2.4 12.78 9.4 21.72 7.2
31­Jul­97 17.4 13.09 9.8 23.77 12.7
29­Aug­97 ­6.8 15.37 ­10.2 26.11 ­7.2
30­Sep­97 ­0.3 14.31 3 23.37 5.3
31­Oct­97 ­11 14.26 ­15.3 24.05 ­4.5
28­Nov­97 ­7.5 12.7 3.5 20.37 1.1
31­Dec­97 4.6 11.6 4.5 20.94 13.4
30­Jan­98 8.5 12.14 0.3 21.89 ­6.2
27­Feb­98 ­3.6 13.17 9.7 21.97 7.6
31­Mar­98 ­6.2 12.66 ­1.3 24.09 1.9
30­Apr­98 12.6 11.57 4.3 23.85 11.5
29­May­98 ­10.2 13.05 ­2.1 24.88 0.4
30­Jun­98 ­5 11.68 3.8 24.28 11.1
AMERICAN EXPRESS CO AT&T
Market Cap ($ bil) Return (%) Market Cap ($ bil)
14.55 ­14.3 48.94
12.41 1.9 41.95
12.15 6.5 42.75
10.74 ­4.5 45.18
11.31 7.5 43.17
12.2 ­10 46.39
12.82 ­3.9 41.93
12.14 ­12.5 40.29
10.06 ­3.6 35.26
9.77 10.1 33.62
8.73 ­5.5 37.03
9.48 ­5.2 34.99
9.57 8.3 32.81
10.55 2.3 35.53
11.13 3.6 36.35
13.41 9.1 37.41
11.61 ­0.7 40.82
11.9 3.9 40.55
10.56 4.2 41.97
11.91 ­2.2 43.75
12.43 ­3 42.79
12.04 3.7 48.97
8.93 ­6.4 50.76
8.93 8.5 47.5
9.64 ­4.8 51.1
9.7 ­0.3 48.66
9.88 10.7 48.49
10.8 6.1 53.86
10.62 ­1.7 57.16
10.74 2 56.17
11.04 2 57.03
10.92 ­3.7 58.19
9.91 4 56.04
10.43 0 58.02
10.19 8 58.02
10.91 8.9 62.67
11.89 3.7 68.12
11.11 5.7 70.62
11.71 2.2 74.63
12.97 ­1.5 75.8
13.38 10.1 74.63
13.74 3 82.14
15.52 0.6 84.68
15.7 ­0.8 85.19
15.64 ­5.8 84.51
17.42 ­2.3 79.34
15.66 ­5 77.49
15.23 ­3.3 73.76
15.08 8.1 70.89
15.94 ­7.5 76.63
14.29 ­1.8 70.89
13.56 0 69.31
14.51 6.6 69.31
13.53 0.1 73.87
12.74 0.5 73.82
13.11 0 74.16
13.91 ­0.5 74.16
15.03 1.9 84.75
15.28 ­10.7 86.29
15.02 3 76.78
14.95 ­0.7 78.54
15.97 3.5 77.96
17.04 0.9 80.69
17.29 ­1.9 81.2
17.23 0 79.63
17.6 5.1 80.3
17.48 ­0.5 83.86
19.09 7.3 83.46
19.69 16.7 89.83
21.64 ­2.7 104.3
19.81 2.9 101.53
20.59 ­1.2 104.86
20.04 3.3 103.07
22.28 ­4.9 106.46
22.22 ­3.4 101.28
23.85 0.2 97.72
23.43 1.8 97.92
22.1 ­0.1 99.72
21.56 ­15.7 99.63
20.93 0.5 83.96
20.93 0.2 84.36
21.94 ­8.5 84.25
22.29 12.1 56.66
24.78 11.4 63.54
26.77 ­4.7 70.28
29.44 1.3 63.8
31.1 ­11.7 64.61
28.37 ­3.9 56.51
31.16 9.7 54.43
32.86 ­3.7 59.71
35.09 5 56.97
39.45 5.9 59.81
36.45 14.3 63.35
38.38 10.5 71.88
36.57 14.3 79.39
36.98 10.3 90.76
41.48 2.1 99.59
38.9 ­2.6 101.72
41.86 8.3 99.08
42.7 ­8.6 106.54
47.52 1.2 97.43
47.33 ­5.6 98.87
Exhibit 2     Monthly Returns for Dow 30 Stocks

BETHLEHEM STEEL CORP BOEING CO CHEVRON CORP

Return (%) Market Cap ($ bil) Return (%) Market Cap ($ bil) Return (%)
31­Jan­90 ­2.7 1.39 ­0.2 13.68 ­1.3
28­Feb­90 ­2.2 1.35 8.3 13.65 1.4
30­Mar­90 12.1 1.31 12.3 14.72 0.6
30­Apr­90 ­17.2 1.47 ­2.8 16.53 ­2.4
31­May­90 9.1 1.22 19 16.07 7.3
29­Jun­90 ­8.5 1.32 6.2 20.22 0.5
31­Jul­90 ­15.5 1.21 ­1.3 20.23 13.9
31­Aug­90 ­11.2 1.02 ­16 19.97 ­4.4
28­Sep­90 0 0.9 ­13.7 16.69 ­2.5
31­Oct­90 ­5.2 0.91 7.5 14.42 ­7.9
30­Nov­90 4.2 0.86 ­0.6 15.51 3.7
31­Dec­90 25.5 0.89 2.5 15.33 3.9
31­Jan­91 0.8 1.12 8.8 15.58 ­1.7
28­Feb­91 9.1 1.13 ­1.8 16.96 6.5
28­Mar­91 ­14.7 1.22   ­2.6 16.57 2.3
30­Apr­91 0.9 1.04 ­2.7 16.14 1.6
31­May­91 15.1 1.05 7.4 15.71 ­4.5
28­Jun­91 1.6 1.2 ­6.4 16.79 ­4.7
31­Jul­91 11.6 1.22 1.4 15.73 2.5
30­Aug­91 ­0.1 1.37 7.8 15.94 0.6
30­Sep­91 ­5.6 1.36 2 17.1 2.4
31­Oct­91 ­9.6 1.29 ­3 17.43 1.7
29­Nov­91 ­25.6 1.16 ­9.6 16.92 ­9.6
31­Dec­91 24.4 0.86 7.9 15.2 3.4
31­Jan­92 3.6 1.07 6.5 16.39 ­7.8
28­Feb­92 2.6 1.11 ­9.1 17.46 ­1.8
31­Mar­92 ­0.8 1.13 ­4.6 15.79 3.9
30­Apr­92 ­1.7 1.12 0.3 15.06 9
29­May­92 ­2.6 1.11 0.3 15.1 3.5
30­Jun­92 7.1 1.08 ­9.1 15.06 ­6.1
31­Jul­92 ­8.3 1.16 0.3 13.61 6.5
31­Aug­92 ­13.5 1.06 ­6.3 13.65 4.1
30­Sep­92 ­3.1 0.92 ­1.3 12.71 0.9
30­Oct­92 7.5 1.05 ­2 12.47 ­4.2
30­Nov­92 23 1.13 ­1.7 12.21 ­2
31­Dec­92 4.1 1.39 14.2 11.92 1.1
29­Jan­93 18 1.45 ­12.2 13.62 4.7
26­Feb­93 ­9.9 1.71 ­1.8 11.96 7
31­Mar­93 3.7 1.54 1.8 11.66 8
30­Apr­93 11.3 1.59 8.6 11.88 3.6
28­May­93 ­1.3 1.78 4.9 12.89 3.3
30­Jun­93 ­3.2 1.75 ­6.6 13.45 ­0.4
30­Jul­93 ­22.7 1.7 6.4 12.57 0.7
31­Aug­93 ­6.9 1.31 1.3 13.37 6.4
30­Sep­93 6.5 1.22 ­3.2 13.46 5
29­Oct­93 15.7 1.31 ­2.3 13.04 ­0.8
30­Nov­93 4.5 1.51 3.7 12.74 ­9.5
31­Dec­93 17.3 1.58 12 13.12 0.3
31­Jan­94 14.7 1.86 0 14.69 7.2
28­Feb­94 ­7 2.13 8.7 14.69 ­6.2
31­Mar­94 ­8.6 1.99 ­4.8 15.88 ­3
29­Apr­94 1.3 2.12 1.1 15.12 6
31­May­94 ­4.3 2.14 3.6 15.31 ­1.2
30­Jun­94 ­3.2 2.05 ­0.3 15.79 ­3.7
29­Jul­94 19.5 1.98 ­3.5 15.75 6
31­Aug­94 3.4 2.43 2.5 15.19 ­3.5
30­Sep­94 ­8.7 2.51 ­4.9 15.5 ­1.8
31­Oct­94 ­8.9 2.29 1.4 14.74 8.1
30­Nov­94 ­7.2 2.09 2.8 14.95 ­2
30­Dec­94 1.4 1.95 4.7 15.29 2.3
31­Jan­95 ­13.2 1.98 ­5.3 16.02 0
28­Feb­95 0.8 1.72 4.2 15.16 7.8
31­Mar­95 2.4 1.73 16.5 15.72 0.8
28­Apr­95 ­12.4 1.77 2.3 18.33 ­1.3
31­May­95 4.4 1.55 7.5 18.75 4.7
30­Jun­95 10.2 1.62 6.4 20.11 ­5.6
31­Jul­95 ­3.1 1.79 7 21.39 6.5
31­Aug­95 ­7.1 1.73 ­4.1 22.88 ­1
29­Sep­95 ­3.4 1.62 6.6 21.92 0.8
31­Oct­95 ­7.1 1.56 ­4 23.37 ­4.1
30­Nov­95 6.7 1.45 11.6 22.43 6.7
29­Dec­95 ­0.9 1.58 7.5 25.01 6.1
31­Jan­96 9 1.56 ­1.1 26.89 ­1
29­Feb­96 ­9.1 1.7 5 26.59 8.2
29­Mar­96 ­4.5 1.55 6.8 27.84 0.9
30­Apr­96 4.8 1.48 ­5.2 29.84 3.3
31­May­96 ­7.3 1.52 4.1 28.29 3.9
28­Jun­96 ­6.9 1.41 2.2 29.37 ­1.3
31­Jul­96 ­14.7 1.32 1.6 30.15 ­1.9
30­Aug­96 1.2 1.12 2.6 30.63 2.7
30­Sep­96 ­2.4 1.14 4.4 31.54 6.4
31­Oct­96 ­18.8 1.11 0.9 32.93 5
29­Nov­96 10.8 0.91 4.5 33.24 2.7
31­Dec­96 ­1.4 1 7.2 34.63 ­3
31­Jan­97 ­5.6 0.99 0.6 37.19 2.1
28­Feb­97 ­1.5 0.94 ­4.8 37.4 ­2
31­Mar­97 0 0.92 ­3.1 36.46 7.9
30­Apr­97 0 0.92 0 35.56 ­1.6
30­May­97 21.2 0.92 7.1 35.56 3
30­Jun­97 4.4 1.12 0.7 38.26 5.6
31­Jul­97 7.8 1.17 10.6 38.25 6.8
29­Aug­97 6.7 1.26 ­6.9 40.8 ­1.2
30­Sep­97 ­14.1 1.35 ­0.1 54.57 7.3
31­Oct­97 ­3 1.16 ­11.8 54.51 ­0.2
28­Nov­97 2.5 1.13 11 48.06 ­2.6
31­Dec­97 ­15.2 1.16 ­7.9 53.19 ­4
30­Jan­98 13.7 0.98 ­2.7 48.92 ­2.9
27­Feb­98 7.6 1.11 14.2 47.61 9
31­Mar­98 27.6 1.2 ­3.9 54.23 ­0.7
30­Apr­98 14.7 1.53 ­4 50.74 3
29­May­98 ­21.3 1.76 ­4.3 48.73 ­2.7
30­Jun­98 1.5 1.39 ­6.7 48.24 4.9
CHEVRON CORP COCA COLA CO
Market Cap ($ bil) Return (%) Market Cap ($ bil)
23.18 ­10.8 26.37
22.88 2.4 23.51
22.96 6.6 24.06
23.09 2 25.19
22.54 18.4 25.7
23.95 ­1.2 30.42
24.95 2.3 29.58
28.14 ­6.9 30.25
26.9 ­6 28.16
26.16 13.6 26.37
24.08 3.5 29.96
24.7 0.5 30.87
25.66 4.8 31.05
25.22 7.4 32.55
26.59 4 34.97
27.21 ­2.8 36.23
27.34 8.5 35.22
26.1 ­4.4 38.23
24.69 10.3 36.38
25.31 9.4 40.13
25.17 ­1.5 43.89
25.77 3.3 42.98
26.21 4.5 44.4
23.4 15.7 46.23
24.14 ­3.4 53.36
22.26 5.5 51.53
21.56 0.3 54.36
22.39 1.5 54.32
24.4 6 55.15
24.97 ­8.8 58.47
23.23 4.7 52.7
24.75 2.7 55.17
25.48 ­5.5 56.66
25.3 0.3 53.21
24.23 ­1.8 53.38
23.47 5.3 52.23
23.69 1.2 54.85
24.8 0 55.51
26.25 1 55.51
28.34 ­7.6 55.7
29.36 5.4 51.45
30.04 4 54.23
28.54 0.6 56.19
28.75 0.3 56.52
30.29 ­2.2 56.68
31.82 2.7 54.94
31.57 ­2.8 56.41
28.28 6.3 54.62
28.37 ­8.4 57.96
30.41 4.3 53.09
28.21 ­4.2 55.36
27.35 2.8 52.71
28.98 ­3.6 54.17
27.28 1.4 52.22
27.29 9.2 52.54
28.92 3.7 57.39
27.61 6.1 59.49
27.13 3.6 62.71
29.33 1.9 64.97
28.43 0.7 65.73
29.08 1.9 66.22
29.08 4.8 67.5
31.04 2.9 70.72
31.28 3.1 71.73
30.87 6 73.96
32.02 3.8 78.11
30.24 2.9 80.8
32.19 ­2.1 83.18
31.54 7.7 81.44
31.79 4.2 87.02
30.48 5.7 90.65
32.2 ­2 95.02
34.16 1.5 93.14
33.83 7.1 94.55
36.28 2.8 101.29
36.61 ­1.5 103.5
37.85 12.9 101.94
39 6.8 115.07
38.51 ­4.3 122.31
37.77 7.2 117
38.43 1.5 125.43
40.88 ­0.7 126.83
42.92 1.5 125.9
43.73 2.9 127.45
42.41 10 130.94
43.3 5.4 144
42.08 ­8.4 151.78
45.42 14.1 138.71
44.75 7.7 158.31
45.74 ­0.5 169.81
48.32 1.7 168.57
51.62 ­17.1 171.36
50.7 6.7 142.15
54.38 ­7.2 151.3
54.3 10.6 140.45
52.66 6.7 154.58
50.57 ­2.9 164.93
49.09 6 160.14
53.11 13.1 169.72
52.48 ­2 191.38
54.03 3.3 187.52
52.24 9.3 193.53
Exhibit 2     Monthly Returns for Dow 30 Stocks

DU PONT EASTMAN KODAK CO
Return (%) Market Cap ($ bil) Return (%) Market Cap ($ bil)
31­Jan­90 ­7.6 28.77 ­7.3 13.34
28­Feb­90 4.7 26.58 0 12.37
30­Mar­90 ­2.2 27.54 4 12.21
30­Apr­90 ­2.9 26.36 ­5.8 12.69
31­May­90 8.1 25.59 10.5 11.96
29­Jun­90 ­3.4 27.39 0.6 13.06
31­Jul­90 7.8 26.12 ­5.9 13.15
31­Aug­90 ­12.3 28.15 6.9 12.37
28­Sep­90 ­5.9 24.42 ­4.3 13.06
31­Oct­90 ­2.2 22.88 3.2 12.49
30­Nov­90 12.6 22.38 7.9 12.9
31­Dec­90 ­0.3 24.91 ­1.8 13.75
31­Jan­91 ­1.4 24.64 2.4 13.51
28­Feb­91 5 24.3 3.8 13.83
28­Mar­91 ­1.3 25.23 ­0.3 14.2
30­Apr­91 12.1 24.89 ­4.6 14.15
31­May­91 14.5 27.91 3 13.51
28­Jun­91 ­2.9 31.68 ­8.6 13.75
31­Jul­91 6.5 30.76 5.8 12.57
30­Aug­91 ­0.4 32.77 6.4 13.31
30­Sep­91 ­6.5 32.35 ­1.2 13.99
31­Oct­91 5.5 30.28 5.9 13.83
29­Nov­91 ­5.9 31.96 4.4 14.65
31­Dec­91 5.1 29.77 3.5 15.13
31­Jan­92 ­0.3 31.29 4.7 15.67
28­Feb­92 0.4 31.21 ­10.6 16.4
31­Mar­92 3 31.04 ­9 14.49
30­Apr­92 13.9 31.96 ­2.5 13.2
29­May­92 ­2 36.41 1.9 12.88
30­Jun­92 ­4.3 35.4 0.6 12.96
31­Jul­92 6.2 33.98 8.4 13.04
31­Aug­92 ­7.1 36.08 2.9 14.14
30­Sep­92 ­4.6 33.22 0.6 14.38
30­Oct­92 2.7 31.71 ­8.1 14.46
30­Nov­92 0.4 32.55 3.7 13.29
31­Dec­92 ­2.1 32.38 ­3.3 13.61
29­Jan­93 ­2.9 31.78 23.1 13.17
26­Feb­93 2.3 30.86 8.5 16.22
31­Mar­93 4 31.28 1.2 17.44
30­Apr­93 8 32.54 ­10.1 17.64
28­May­93 2 35.16 7.2 15.85
30­Jun­93 ­10.7 35.58 ­3.4 16.83
30­Jul­93 ­0.5 31.81 7.3 16.38
31­Aug­93 4.7 31.64 14.7 17.57
30­Sep­93 ­4.4 32.82 ­2.7 19.98
29­Oct­93 2.4 31.48 5.9 19.47
30­Nov­93 1.2 32.24 ­2.4 20.62
31­Dec­93 1 32.33 ­7.6 20.06
31­Jan­94 16.3 32.68 ­2.3 18.54
28­Feb­94 ­4.3 38.01 ­1.6 14.54
31­Mar­94 ­0.5 36.07 3.2 14.17
29­Apr­94 7.8 35.9 ­6.5 14.67
31­May­94 9.3 38.69 13.9 13.72
30­Jun­94 ­6 42.08 2.7 15.5
29­Jul­94 1.9 39.59 0.5 15.91
31­Aug­94 2.7 40.36 3.7 16.09
30­Sep­94 ­4.1 41.12 4 16.55
31­Oct­94 2.8 39.47 ­7 17.55
30­Nov­94 ­8.9 40.58 ­4.6 16.32
30­Dec­94 4.2 36.68 4.9 15.43
31­Jan­95 ­5.1 38.22 2.6 16.22
28­Feb­95 6.3 36.26 4.9 16.64
31­Mar­95 7.8 38.22 4.4 17.32
28­Apr­95 8.9 41.22 8 18.09
31­May­95 3.8 34.6 5.7 19.54
30­Jun­95 1.3 37.51 0.4 20.55
31­Jul­95 ­2.5 37.38 ­4.9 20.63
31­Aug­95 ­1.6 36.43 0.9 19.61
29­Sep­95 5.2 36.28 2.6 19.74
31­Oct­95 ­9.3 38.15 5.7 20.25
30­Nov­95 7.4 34.62 9.6 21.41
29­Dec­95 5.1 36.93 ­1.8 23.33
31­Jan­96 9.8 38.8 9.5 22.92
29­Feb­96 0.4 42.62 ­2 25.1
29­Mar­96 8.5 42.48 ­0.7 24.46
30­Apr­96 ­3.3 46.09 7.7 24.56
31­May­96 0.1 44.86 ­2.3 26.46
28­Jun­96 ­0.8 44.7 4.5 25.73
31­Jul­96 2.1 44.35 ­4 26.89
30­Aug­96 2.4 45.26 ­2.3 25.34
30­Sep­96 7.3 46.08 8.3 24.43
31­Oct­96 5.2 49.44 1.4 26.45
29­Nov­96 2.2 52.04 2.4 26.83
31­Dec­96 ­0.1 53.06 ­1.1 27.03
31­Jan­97 16.5 52.99 8.1 26.74
28­Feb­97 ­1.6 61.72 4 28.91
31­Mar­97 ­1.2 60.38 ­15.3 29.91
30­Apr­97 0.1 59.68 9.4 25.22
30­May­97 2.9 60.03 0.2 27.58
30­Jun­97 15.8 71.14 ­7.4 27.5
31­Jul­97 6.7 70.98 ­12.7 25.25
29­Aug­97 ­6.6 75.71 ­1.8 22.04
30­Sep­97 ­1.2 70.35 ­0.7 21.3
31­Oct­97 ­7.6 69.5 ­7.8 21.16
28­Nov­97 7 64.32 2 19.51
31­Dec­97 ­0.8 68.49 ­0.1 19.75
30­Jan­98 ­5.7 67.92 7.7 19.68
27­Feb­98 8.8 64.03 1.2 21.2
31­Mar­98 10.9 69.34 ­1.1 21.32
30­Apr­98 7.1 76.54 11.3 20.97
29­May­98 6.5 81.96 ­0.5 23.33
30­Jun­98 ­3.2 87.11 2.4 23.03
EXXON CORP GENERAL ELECTRIC CO GENERAL MOTORS CORP
Return (%) Market Cap ($ bil) Return (%) Market Cap ($ bil) Return (%) Market Cap ($ bil)
­6 62.58 ­3.5 58.2 ­1.5 25.44
1.3 58.83 0 56.17 9.6 25.06
­1.9 58.83 4 55.72 2.2 27.02
­1.9 57.66 ­0.4 57.75 ­3.5 27.62
7.4 56.56 8.4 57.52 11.6 26.64
­0.3 60 0.5 61.9 ­2.1 29.28
8.4 59.84 3.4 62.13 ­2.1 28.67
­2.5 64.84 ­13.4 64.26 ­13.1 28.07
­2 62.5 ­11.3 55.62 ­8.8 23.93
0 61.11 ­4.6 48.43 1.4 21.82
4.7 61.11 5.3 46.21 1.4 22.12
2.2 63.13 5.7 48.65 ­5.8 21.97
­0.2 64.49 11.5 50.34 5.5 20.63
8.1 64.33 7 56.16 10.1 21.75
6.1 68.7 2.4 59.67 ­4.4 23.7
1.7 72.83 1.6 61.09 ­5.3 22.86
­1 74.08 9.9 62.08 21.7 21.65
­0.2 72.52 ­4.2 67.78 ­5.5 26.12
2.2 72.35 ­1 64.42 ­2.5 24.95
­0.8 73.91 2.2 63.77 ­3.4 24.33
2.1 72.51 ­6.7 65.19 ­1.6 23.26
2.5 74.01 ­0.5 60.37 ­6 23
­2.8 75.87 ­6.2 60.05 ­11.3 21.61
3.8 72.92 19 56.35 ­6.1 18.92
­4.3 75.65 ­1.6 66.29 12.1 17.78
­0.8 72.39 4.5 65.21 17.1 19.94
­4.2 70.99 ­3 68.14 ­2.3 23.09
9.6 68 1.2 65.46 13.3 22.55
2.2 74.52 ­0.3 66.21 ­3.9 25.56
2.1 75.3 2.5 66 11.3 24.55
2.6 76.85 ­1.6 66.72 ­5.4 30.23
2.3 78.87 ­3.3 65.64 ­15.9 28.6
­0.6 79.8 6.5 63.5 ­7.2 23.79
­4.1 79.3 ­1.9 66.85 ­4.3 22.15
­1.7 76.04 8.5 65.57 5.5 21.2
2.7 73.87 3.5 71.12 0 22.24
0 75.88 0.7 73.02 17.1 22.74
5.3 75.88 ­2.3 73.55 ­0.8 26.62
3.9 78.99 6.7 71.85 1 26.27
­0.2 82.13 1.7 76.12 8.6 26.53
0.3 81.97 2.3 77.4 ­1.3 28.83
1 81.35 3.9 79.21 10.9 28.3
­0.8 82.13 2.9 81.83 9 31.45
0.7 81.51 ­0.3 84.18 ­2.9 34.28
0.2 81.2 ­1.8 83.96 ­10.9 33.13
­0.2 81.33 1.2 81.89 14.1 29.55
­2.9 81.18 1.4 82.85 11.2 33.71
0.6 77.91 7.3 84.03 4 37.33
 5.3 78.38 2.7 89.45 11.6 38.99
­1.4 82.57 ­2.2 91.9 ­4.6 43.52
­3.1 80.55 ­4.4 89.88 ­7.5 41.39
0 78.09 ­4.8 85.38 5.3 38.28
­1.6 78.09 4.5 81.33 ­4.9 41.25
­7.2 75.92 ­5.6 84.96 ­6.5 39.07
4.8 70.47 8 79.75 2.2 37.42
1.2 73.89 ­1.2 86.16 ­1.8 38.26
­3.4 73.89 ­2.5 85.19 ­6.7 37.42
9.3 71.38 1.6 82.41 ­15.7 35.16
­2.8 78.05 ­5.9 83.69 ­3 29.63
0.6 74.95 11.8 78.64 10.5 28.73
2.9 75.42 1 87.19 ­7.7 31.74
3.4 77.59 6.3 88.05 10.2 29.29
4.3 79.3 ­0.6 93.6 3.2 32.12
4.3 82.73 3.7 92.32 2.6 33.16
3.8 86.3 3.6 95.74 7 34.04
­1.1 88.63 ­2.1 98.4 ­2.3 36.21
2.7 87.73 4.7 95.49 4 35.04
­4.1 90.06 ­0.2 99.94 ­2.7 36.44
5.1 85.4 9 99.73 ­0.5 35.22
5.7 89.72 ­0.8 107.25 ­6.7 35.03
2.3 94.84 6.1 106.41 11.5 32.7
4.8 96.08 7.9 112.12 9 36.35
­1.1 100.73 6.6 120.26 ­0.5 39.62
0 99.64 ­1.6 128.19 ­1.9 39.44
2.5 98.71 3.8 126.11 3.9 38.41
4.3 101.23 ­0.8 130.07 1.9 39.91
0.6 105.58 7.1 128.43 2.4 41.01
2.5 105.27 4.8 137.57 ­5 41.67
­5.3 107.91 ­4.7 144.22 ­6.9 39.59
0 102.16 1.1 136.51 2.6 36.85
2.1 101.23 10 137.97 ­3.3 37.51
6.5 103.38 6.3 150.26 11.7 36.28
7.4 110.06 7.5 159.76 8.2 40.54
3.8 117.19 ­4.4 171.73 ­3.3 43.56
5.7 121.69 4.7 162.79 5.8 42.15
­2.5 128.68 ­0.6 170.4 ­1.1 44.61
7.5 124.49 ­3 169.38 ­4.3 43.75
5.1 133.84 11.8 163.41 4.5 41.16
5.4 140.68 8.8 198.05 0 43.01
3.4 147.12 7.7 197.21 ­2.8 42.64
4.9 152.09 8.3 212.31 11 40.65
­4.1 159.53 ­10.8 229.03 2.2 45.11
4.7 151.4 9.2 204.34 6.7 45.19
­4.1 158.52 ­5.1 222.3 ­4.1 48.21
0 152.02 14.3 211.5 ­4.3 46.23
0.3 150.42 ­0.3 241.77 5.8 43.89
­3.1 150.88 5.6 240.14 ­4.6 42.97
8.2 146.26 0.3 253.64 19.8 40.98
6.1 157.2 11.2 254.45 ­1.7 48.76
8 165.66 ­1.2 281.01 ­0.6 45.97
­2.9 178.98 ­2.1 277.75 7.4 45.72
1.2 172.5 9 271.64 ­7 48.04
Exhibit 2     Monthly Returns for Dow 30 Stocks

GOODYEAR TIRE & RUBR CO INT BUSINESS MACHS CORP
Return (%) Market Cap ($ bil) Return (%) Market Cap ($ bil)
31­Jan­90 ­17.2 2.51 4.8 54.48
28­Feb­90 ­5 2.08 6.6 57.09
30­Mar­90 5.9 1.95 2.2 60.13
30­Apr­90 ­1 2.07 2.7 60.99
31­May­90 2.3 2.04 11.2 62.64
29­Jun­90 ­15.7 2.07 ­2.1 68.96
31­Jul­90 ­12 1.74 ­5.1 67.53
31­Aug­90 ­12.5 1.53 ­7.5 64.08
28­Sep­90 ­25.3 1.32 4.4 58.55
31­Oct­90 ­10.3 0.99 ­0.9 60.94
30­Nov­90 7.9 0.89 9 60.36
31­Dec­90 18 0.93 ­0.6 65.09
31­Jan­91 7.3 1.1 12.2 64.53
28­Feb­91 2.3 1.18 2.5 72.38
28­Mar­91 14.5 1.2 ­11.6 73.52
30­Apr­91 ­10.1 1.38 ­9.6 65.07
31­May­91 24 1.24 4.2 58.85
28­Jun­91 26.7 1.54 ­8.5 60.64
31­Jul­91 14.7 1.95 4.2 55.5
30­Aug­91 0.6 2.23 ­3.1 57.85
30­Sep­91 14.7 2.24 7 55.35
31­Oct­91 14 2.57 ­5.2 59.29
29­Nov­91 ­4.1 2.93 ­4.6 56.21
31­Dec­91 11.7 3.77 ­3.8 52.92
31­Jan­92 12.9 3.78 1.1 50.87
28­Feb­92 6.8 4.26 ­2.1 51.44
31­Mar­92 1.4 4.55 ­3.9 49.66
30­Apr­92 11.3 4.61 8.7 47.73
29­May­92 ­2.1 5.13 1.3 51.87
30­Jun­92 ­3.3 5.02 7.9 51.87
31­Jul­92 ­0.9 4.87 ­3.2 55.86
31­Aug­92 ­7 4.82 ­7.3 54.08
30­Sep­92 ­3.4 4.48 ­6.8 49.44
30­Oct­92 13.1 4.37 ­17.2 46.09
30­Nov­92 4.5 4.94 3.9 38.17
31­Dec­92 ­4.9 5.15 ­26.2 38.95
29­Jan­93 ­0.5 4.9 2.2 28.77
26­Feb­93 ­0.7 4.87 6.6 29.41
31­Mar­93 11.3 4.82 ­6.4 31.05
30­Apr­93 ­0.3 5.37 ­4.4 29.08
28­May­93 6.9 5.7 9.6 27.8
30­Jun­93 6.9 5.7 ­6.4 30.15
30­Jul­93 ­1.8 6.18 ­9.9 28.22
31­Aug­93 2.2 6.07 3.4 25.44
30­Sep­93 2.6 6.18 ­8.2 26.15
29­Oct­93 2.6 6.38 9.5 23.98
30­Nov­93 ­0.2 6.55 17.7 26.27
31­Dec­93 2.8 6.51 4.9 30.77
31­Jan­94 5.7 6.86 0 32.68
28­Feb­94 ­6.2 7.26 ­6 32.68
31­Mar­94 ­10.5 6.79 3.3 30.58
29­Apr­94 ­3.7 6.08 5.3 31.6
31­May­94 ­0.1 5.87 10 33.26
30­Jun­94 ­7.1 5.83 ­6.7 36.63
29­Jul­94 ­1 5.44 5.3 34.26
31­Aug­94 ­1.2 5.39 11.1 36.08
30­Sep­94 ­4.6 5.3 1.6 39.94
31­Oct­94 5.2 5.05 7 40.72
30­Nov­94 ­3 5.31 ­4.7 43.57
30­Dec­94 ­0.7 5.13 3.9 41.54
31­Jan­95 7.1 5.09 ­1.9 43.16
28­Feb­95 3 5.45 4.7 42.35
31­Mar­95 ­0.3 5.58 9.1 44.18
28­Apr­95 3.4 5.56 15.2 48.22
31­May­95 11.5 5.75 ­1.5 55.28
30­Jun­95 ­2.4 6.39 3.2 54
31­Jul­95 5.5 6.23 13.4 55.74
31­Aug­95 ­7.2 6.57 ­4.8 63.22
29­Sep­95 ­1.6 6.09 ­8.6 58.79
31­Oct­95 ­3.5 6 2.9 53.74
30­Nov­95 12.2 5.79 ­0.4 55.31
29­Dec­95 7.1 6.46 ­5.4 54.95
31­Jan­96 5.5 6.92 18.7 51.02
29­Feb­96 ­0.5 7.3 13.2 61.71
29­Mar­96 7.7 7.22 ­9.3 69.74
30­Apr­96 2.2 7.83 ­3.1 63.27
31­May­96 ­2.6 8 ­0.6 58.59
28­Jun­96 ­5 7.75 ­7.3 58.05
31­Jul­96 ­7.8 7.44 8.6 53.84
30­Aug­96 3.7 6.86 6.7 58.01
30­Sep­96 1.1 7.08 8.9 60.33
31­Oct­96 ­0.5 7.16 3.6 65.67
29­Nov­96 6.3 7.12 23.8 68.05
31­Dec­96 5.9 7.54 ­4.9 84.07
31­Jan­97 6.1 7.98 3.5 78.41
28­Feb­97 ­2.7 8.47 ­8.1 81.19
31­Mar­97 ­0.7 8.2 ­4.5 74.4
30­Apr­97 0.5 8.14 16.9 71.03
30­May­97 11.5 8.21 8 87.88
30­Jun­97 8.5 9.11 4.3 86.43
31­Jul­97 2.2 9.88 17.2 90.17
29­Aug­97 ­4.3 10.09 ­3.9 105.66
30­Sep­97 11.6 9.61 4.6 99.58
31­Oct­97 ­8.9 10.72 ­7.1 104.12
28­Nov­97 ­2.6 9.79 11.4 96.75
31­Dec­97 4.8 9.49 ­4.5 107.56
30­Jan­98 ­1.6 9.95 ­5.6 101.71
27­Feb­98 11.1 9.79 6 96
31­Mar­98 9.4 10.83 ­0.5 101.53
30­Apr­98 ­7.6 11.88 11.6 100.98
29­May­98 3.1 11.01 1.6 110.85
30­Jun­98 ­10.3 11.3 ­2.3 110.79
 INTERNATIONAL PAPER CO NAVISTAR INT CORP MCDONALDS CORP
Return (%) Market Cap ($ bil) Return (%) Market Cap ($ bil) Return (%)
­10.6 6.15 0 0.97 ­5.4
0.8 5.5 ­9.7 0.97 ­3.2
0 5.5 17.9 0.88 0.8
­1.7 5.49 ­6.1 1.04 ­4.7
6.6 5.39 6.5 0.98 14.7
­3.1 5.71 0 1.04 2.5
10.8 5.53 ­9.1 1.04 ­11.6
­14.8 6.13 ­16.7 0.94 ­10.9
­8.7 5.18 ­16 0.79 ­6.7
6.9 4.75 ­19 0.66 ­2.9
6.8 5.08 ­5.9 0.53 11.7
8.6 5.38 12.5 0.5 3.6
10 5.86 27.8 0.56 ­2.1
5 6.45 21.7 0.72 11
­0.6 6.72 10.7 0.88 10.2
3.1 6.68 ­6.5 0.97 ­3.6
13 6.88 3.4 0.91 4.8
­0.2 7.73 ­6.7 0.94 ­6.1
­1.4 7.73 ­10.7 0.88 ­0.4
0.8 7.62 0 0.78 ­0.1
­2.2 7.64 ­4 0.78 7.3
11.6 7.55 ­8.3 0.75 ­0.7
­11.6 8.43 0 0.69 ­3
6 7.4 ­4.5 0.69 13
2.1 7.86 23.8 0.66 14.5
2.8 8.02 23.1 0.81 ­6.7
­0.3 8.21 ­9.4 1 ­1.5
1.2 8.77 ­10.3 0.91 11.3
­4.8 8.87 ­11.5 0.81 5.9
­0.9 8.39 ­8.7 0.72 ­1.9
­4.5 8.53 0 0.66 ­4.6
­6.1 8.14 ­28.6 0.66 ­2.9
2.6 7.6 13.3 0.47 4.4
1.4 7.79 ­11.8 0.53 3.4
1.4 7.9 6.7 0.47 7
2.1 7.96 12.5 0.5 ­0.5
­3.2 8.15 33.3 0.57 ­0.3
0.3 7.89 ­4.2 0.76 4.3
­2.7 7.86 ­13 0.73 4.4
5.2 7.65 0 0.59 ­9
2.2 8.05 10 0.59 3.4
­4.1 8.17 ­9.1 0.64 ­1
­0.4 7.85 6.5 0.64 4.8
2.8 7.82 ­10.3 0.68 4.6
­7.5 7.99 ­0.5 1.22 ­3.5
­1.2 7.43 14.2 1.21 11.1
12.9 7.34 ­7.4 1.39 1.9
1.5 8.24 ­6 1.29 ­2.8
 10.9 8.37 10.1 1.21 6.6
­2.8 9.28 ­7.2 1.9 0
­6.5 8.97 ­7.8 1.81 ­6.2
­3.9 8.39 ­15.2 1.67 5.5
6.8 8.08 ­11.9 1.42 3.3
­4.3 8.58 ­19.5 1.25 ­6.7
10 8.26 ­2.8 1 ­6.1
6.4 9.08 26 0.98 4.4
1.8 9.61 ­15.3 1.23 ­6.6
­5.1 9.8 ­5.4 1.04 9.5
­3.5 9.3 ­1.9 0.98 ­1.5
5.4 8.94 17.5 0.97 3.1
­5.6 9.43 0.8 1.13 11.5
8 8.89 ­4.9 1.14 2.1
­1.8 9.55 ­12.1 1.08 2.6
2.7 9.38 10.8 0.96 2.6
2.7 9.69 9.7 1.06 8.4
9.1 9.96 ­2.4 1.16 3.3
­1.5 10.86 1.7 1.14 ­1.3
­2.5 10.7 ­15.4 1.16 ­5.3
2.6 10.64 ­7.7 0.98 4.8
­11.9 10.69 ­14.6 0.9 7.2
4.1 9.42 7.3 0.77 9
­1 9.74 ­3.4 0.83 1.1
7.6 9.88 ­10.6 0.8 11.4
­11.7 10.63 6.6 0.71 ­0.4
10.5 9.32 2.5 0.75 ­4
0.9 11.68 15.7 0.78 ­0.3
0.6 11.79 ­13.5 0.9 0.7
­7.5 11.82 ­4.8 0.78 ­2.9
2.7 11 1.3 0.74 ­0.8
6.3 11.3 ­2.5 0.75 0.2
6.3 11.93 ­12.8 0.73 2.2
0.3 12.75 10.3 0.63 ­6.1
0.3 12.79 1.3 0.69 5.2
­4.7 12.75 ­3.9 0.7 ­2.9
0.9 12.16 9.6 0.67 0.3
2.4 12.27 ­3.8 0.74 ­4.8
­6.3 12.49 ­2.6 0.71 9.2
8.3 11.71 21.3 0.46 13.2
13.9 12.68 46.2 0.67 ­5.9
1.4 14.4 3.8 0.98 ­3.9
15.6 14.61 19.6 0.85 11.3
­5.6 16.89 20.3 1.02 ­11.8
4.3 15.95 11.3 1.22 0.7
­18.2 16.63 ­16.1 1.44 ­5.9
6.1 13.61 ­5.1 1.21 8.4
­9.2 14.36 12.8 1.15 ­1.5
5.9 13.04 8.8 1.22 ­1.3
2.6 13.81 12.5 1.33 16
0.5 14.09 15.2 1.5 10
11.3 14.17 ­14.6 1.72 3.1
­11.4 15.81 1 1.47 6.2
­6.5 14.14 ­4.3 1.48 5.1
MCDONALDS CORP
Market Cap ($ bil)
12.76
12.07
11.65
11.75
11.19
12.81
12.85
11.36
10.09
9.32
9.05
10.08
10.45
10.23
11.35
12.47
12.02
12.56
11.81
11.76
11.72
12.5
12.41
12.01
13.57
15.54
14.46
14.24
15.85
16.74
16.54
15.78
15.28
15.98
16.52
17.65
17.74
17.69
18.42
19.24
17.51
18.1
17.8
18.67
19.48
18.34
20.37
20.73
20.12
21.45
21.4
20.08
21.18
21.94
20.44
19.2
19.99
18.53
20.29
19.82
20.43
22.79
23.23
23.84
24.45
26.27
27.18
26.84
25.36
26.55
28.45
30.97
31.42
34.99
34.81
33.42
33.53
33.71
32.75
32.43
32.43
33.13
31.13
32.7
31.66
31.75
30.18
32.97
37.02
34.77
33.32
37.07
32.55
32.77
30.83
33.41
32.89
32.46
37.58
41.33
42.44
45.11
Exhibit 2     Monthly Returns for Dow 30 Stocks

MERCK & CO INC 3M PROCTER & GAMBLE CO
Return (%) Market Cap ($ bil) Return (%) Market Cap ($ bil) Return (%)
31­Jan­90 ­6.8 30.64 ­1.9 17.84 ­8.3
28­Feb­90 ­5.4 28.56 3.5 17.5 ­0.2
30­Mar­90 2.3 27.03 1.6 17.95 6.1
30­Apr­90 5.4 27.48 ­2.5 18.23 4.9
31­May­90 13.6 28.96 5 17.78 17
29­Jun­90 4.8 32.72 4.8 18.51 5.4
31­Jul­90 2.7 34.3 4.3 19.29 0.1
31­Aug­90 ­7.8 35.24 ­12.1 20.12 ­11.2
28­Sep­90 ­6.7 32.28 ­2.1 17.53 ­5.4
31­Oct­90 1 29.76 2.4 17.12 8.6
30­Nov­90 12.2 30.05 3.8 17.54 5.4
31­Dec­90 4.9 33.72 5.5 18.04 4.5
31­Jan­91 1.8 34.82 ­1 18.89 ­7.9
28­Feb­91 11.6 35.45 5.2 18.7 2.5
28­Mar­91 3.9 39.56 0 19.5 4.8
30­Apr­91 2.1 40.87 0.7 19.5 ­0.9
31­May­91 10.3 41.74 7.7 19.63 1.5
28­Jun­91 ­1.8 46.05 ­1.7 20.98 ­9.1
31­Jul­91 10.9 44.94 ­6.3 20.56 5
30­Aug­91 ­1 49.83 ­0.1 19.27 3.4
30­Sep­91 2.6 49.1 3.7 19.08 1.6
31­Oct­91 5.5 50.3 1 19.82 ­0.9
29­Nov­91 6.6 53.06 ­3.8 20.01 ­3.1
31­Dec­91 14.2 56.59 9.8 19.08 15.9
31­Jan­92 ­5.6 64.35 ­4.5 20.89 11.1
28­Feb­92 0.3 60.73 0.9 19.96 ­2
31­Mar­92 ­6.2 60.92 ­2.5 19.96 0.6
30­Apr­92 ­1.4 56.86 5.6 19.46 1.5
29­May­92 4.2 56.04 2.9 20.56 ­0.5
30­Jun­92 ­2.8 58.41 1.4 20.97 ­10.5
31­Jul­92 6.4 56.36 3.1 21.26 10.7
31­Aug­92 ­5.8 59.98 ­0.7 21.91 ­7.4
30­Sep­92 ­8.5 56.22 4.1 21.59 5.3
30­Oct­92 ­1.4 51.33 0.4 22.44 7.6
30­Nov­92 2.8 50.61 ­0.1 22.53 2.6
31­Dec­92 ­3.3 52.05 ­1.3 22.34 ­1.2
29­Jan­93 ­6.9 49.75 ­2.6 22.05 ­6.7
26­Feb­93 ­4.6 46.31 8.5 21.47 4.5
31­Mar­93 ­7.5 44.16 3.8 23.12 ­4.1
30­Apr­93 4.6 40.58 1.6 23.99 ­1
28­May­93 3.4 42.44 2.2 24.38 0
30­Jun­93 ­6.5 43.87 ­4.3 24.73 5.9
30­Jul­93 ­13.7 40.65 ­2.8 23.63 ­5.7
31­Aug­93 4.1 35.07 5.2 22.97 ­0.8
30­Sep­93 ­2.7 36.5 ­6.2 23.98 ­1.8
29­Oct­93 4.5 34.92 0.9 22.32 14.9
30­Nov­93 6.6 36.48 5.9 22.51 4.6
31­Dec­93 1.2 42.73 ­0.2 23.52 0.4
31­Jan­94 6.2 44.08 ­1.4 23.47 4.9
28­Feb­94 ­11.3 46.8 ­0.9 23.14 ­3.4
31­Mar­94 ­7.2 41.51 ­6.1 22.74 ­7
29­Apr­94 ­0.4 38.15 ­1 21.19 6.9
31­May­94 3 37.99 5 20.97 ­0.9
30­Jun­94 ­1.5 38.25 ­2.7 21.6 ­5.3
29­Jul­94 ­0.4 37.4 7.1 21.02 5.1
31­Aug­94 15.2 37.24 4.6 22.5 9.2
30­Sep­94 5.3 42.89 0.2 23.35 ­2.1
31­Oct­94 0 44.9 0.2 23.34 6
30­Nov­94 4.6 44.9 ­6.7 23.4 ­0.6
30­Dec­94 3.2 46.87 4.1 21.55 ­0.8
31­Jan­95 5.6 47.98 ­1.9 22.44 5.6
28­Feb­95 5.3 50.65 5.4 22.02 2.1
31­Mar­95 1.3 53.32 6.2 23.02 ­0.4
28­Apr­95 0.6 52.87 2.6 24.4 6
31­May­95 9.6 53.18 1.4 25.03 2.9
30­Jun­95 5.2 58.12 ­4.4 25.2 0
31­Jul­95 5.1 60.75 ­1.3 24.09 ­3.6
31­Aug­95 ­3.4 63.84 ­2.7 23.78 0.7
29­Sep­95 13 61.68 3.2 22.95 11
31­Oct­95 2.7 69.19 0.9 23.69 5.7
30­Nov­95 7.6 71.04 15.8 23.9 6.8
29­Dec­95 6.6 76.45 1.5 27.43 ­4
31­Jan­96 6.9 80.81 ­2.8 27.85 1.7
29­Feb­96 ­5.5 86.35 1.7 27.07 ­2.4
29­Mar­96 ­5.5 81.57 ­0.8 27.33 3.4
30­Apr­96 ­2.8 76.65 1.7 27.03 0.2
31­May­96 6.8 74.27 4.5 27.5 4
28­Jun­96 0.5 79.33 1.1 28.55 3.1
31­Jul­96 ­0.6 78.62 ­2.3 28.86 ­1
30­Aug­96 2.1 78.16 6.5 27.21 ­0.4
30­Sep­96 7.8 79.84 1.5 28.82 9.7
31­Oct­96 5 85.61 9.5 29.24 2
29­Nov­96 12.4 89.05 10.3 32.01 9.8
31­Dec­96 ­3.6 100.05 ­0.9 35.01 ­1
31­Jan­97 13.8 95.98 2.7 34.69 7.5
28­Feb­97 1.7 109.24 8.5 35.63 3.9
31­Mar­97 ­8.1 111.05 ­8 38.46 ­4.5
30­Apr­97 7.3 101.94 2.8 35.27 10
30­May­97 ­0.6 109.35 6.2 36.26 9.6
30­Jun­97 14.3 108.49 11.3 38.24 2.4
31­Jul­97 1.5 123.5 ­7.3 42.56 8.1
29­Aug­97 ­11.6 125.39 ­4.6 39.44 ­12.5
30­Sep­97 9.3 110.9 2.9 37.34 3.8
31­Oct­97 ­10.7 120.71 ­1 38.41 ­1.2
28­Nov­97 6.2 107.8 7.1 37.39 12
31­Dec­97 12.3 113.61 ­15.8 39.82 4.8
30­Jan­98 10.7 127.02 1.8 33.54 ­1.5
27­Feb­98 8.7 140.65 2.8 34.12 8.3
31­Mar­98 0.8 152.85 6.7 34.86 ­0.6
30­Apr­98 ­6 153.31 3.7 36.77 ­2.3
29­May­98 ­2.9 144.12 ­1.3 38.13 2.1
30­Jun­98 14.7 139.85 ­11.3 37.47 8.6
PROCTER & GAMBLE CO PHILIP MORRIS COS INC PRIMERICA CORP 
Market Cap ($ bil) Return (%) Market Cap ($ bil) Return (%) Market Cap ($ bil)
24.35 ­9 38.62 ­8.1 2.74
22.18 ­2.3 35.14 2.9 2.51
22.14 8 34.33 2.3 2.58
23.46 6 36.77 4.5 3.1
24.45 0.3 38.97 13.8 3.24
28.61 11.2 39.09 4.6 3.68
30.17 3 43.18 ­5.2 3.78
30.04 ­5.7 44.45 ­13.6 3.57
26.66 1.2 41.9 ­26.5 3.08
25.24 4.1 41.83 ­11.1 2.28
27.23 3.2 43.56 24.8 2.01
28.7 7.3 44.95 1.1 2.51
30.03 7.5 47.89 15.7 2.47
27.47 18.7 51.48 16.6 2.85
28.17 3.7 61.08 ­0.8 3.33
29.48 ­1.8 62.93 ­3.4 3.3
29.04 2.4 61.77 7.7 3.18
29.48 ­6.5 63.28 ­12.3 3.42
26.68 6.7 58.81 14.4 3.04
27.84 9.4 62.75 6.3 3.46
28.79 ­2 68.66 5.6 3.68
28.7 ­2.8 66.85 2.8 3.81
28.27 ­3.4 64.99 ­10.3 3.91
27.39 19.2 62.79 20.7 3.51
31.76 ­4.8 74.02 5.7 4.26
35.1 0.5 70.44 0 4.49
34.39 ­0.6 70.79 ­3 4.49
34.65 2.8 69.87 1.4 4.35
34.98 ­0.5 71.83 ­5.5 4.4
31.17 ­4.5 71.48 0 4.15
31.21 8.7 67.18 15.2 4.24
34.35 2.7 73.01 ­9.7 4.86
31.8 4.1 74.95 10.1 4.39
33.52 ­10.3 76.15 ­2.3 4.81
35.9 4.8 68.28 12.2 4.7
36.83 ­2.3 71.54 1.3 5.24
36.45 ­3.1 69.29 9.8 5.31
33.81 ­10.2 67.16 3.7 5.83
35.34 ­3.7 60.31 26.1 7.6
33.96 ­26.6 57.36 ­0.3 7.65
33.45 7.2 42.13 1.2 7.63
33.45 ­2.4 45.15 13.5 7.69
35.43 ­2.8 43.3 2.6 9.26
33.21 3.4 42.07 9.9 10.41
32.96 ­4.6 43.52 7.6 10.41
32.38 17.2 40.2 ­7.6 11.2
36.99 4.2 47.1 ­9.1 10.35
38.73 0.5 49.09 ­2.8 9.38
 38.9 8.3 48.77 8.4 9.41
40.61 ­7.1 52.83 ­11.6 13.51
39.29 ­8.4 49.1 ­5.1 11.9
36.56 7.7 44.39 ­1.4 11.3
38.86 ­9.6 47.79 ­5 11.14
38.52 6 43.2 ­1.9 10.64
36.5 6.8 45.17 2.7 10.44
38.13 10.9 48.24 12.2 10.78
41.63 1.6 53.15 ­11.1 12.04
40.78 0.2 52.94 5.7 10.66
43 ­2.4 53.04 ­5.3 11.27
42.81 ­2.4 51.74 ­1.1 10.62
42.49 3.9 49.42 14.5 10.37
44.63 1.7 51.35 5.4 11.82
45.58 9 52.21 ­0.6 12.46
45.41 3.6 55.7 7.1 12.38
47.89 7.6 57.72 2.3 13.1
49.4 3.2 61.57 3.9 13.47
49.4 ­3.7 62.83 8.3 13.99
47.34 4.2 60.51 1.7 15.15
47.69 13.2 62.69 10.7 15.35
52.87 0.9 70.14 ­4.6 16.95
55.61 4.2 70.77 18.2 16.11
59.37 4 73.71 5.3 18.99
56.96 2.8 75.33 5 19.81
57.65 6.7 77.42 2.1 20.8
56.29 ­10.4 82.64 ­1.3 21.16
58.17 2.7 73.25 ­6.8 20.88
58 10.3 74.78 1.5 19.45
60.32 5.7 82.46 9.9 19.69
62.16 0.6 86.29 ­7.4 21.64
61.22 ­14.2 86.81 3 20.04
60.96 1.3 74.47 13.3 20.58
66.84 2.9 73.48 10.7 23.6
67.79 11.8 75.63 10.6 26.06
74.46 10.6 84.53 0.8 28.83
73.4 5.2 92.03 15.8 28.99
78.85 13.8 96.81 2.4 33.46
81.92 ­14.7 110.15 ­10.5 34.26
77.97 3.5 92.4 15.6 30.67
85.44 11.7 95.63 ­0.6 35.6
93.39 1.5 106.87 14.7 35.27
95.68 2 107.19 14.3 40.44
103.04 ­3.2 109.3 ­11.7 46.13
90.17 ­3.9 105.82 7.6 40.71
93.56 ­4.7 100.71 2.6 43.8
92.12 9.8 96.01 9 48.93
103.21 4.9 105.4 5.9 58.21
107.27 ­8.3 109.64 ­8 61.64
105.34 4.8 100.61 12.5 56.7
113.93 ­3.2 105.46 7.9 63.64
113.26 ­10.9 101.22 2.2 69.1
110.33 0.7 90.14 0.1 70.47
112.59 6.4 90.8 ­1 70.44
Exhibit 2     Monthly Returns for Dow 30 Stocks

SEARS ROEBUCK & CO TEXACO INC. UNION CARBIDE

Return (%) Market Cap ($ bil) Return (%) Market Cap ($ bil) Return (%)
31­Jan­90 4.6 13.05 ­1.1 15.63 ­4.8
28­Feb­90 4.1 13.65 2.4 15.47 10.7
30­Mar­90 ­4.3 14.04 ­0.2 15.63 ­10.3
30­Apr­90 ­9.6 13.44 ­1.9 15.6 ­10.9
31­May­90 3.5 12.16 3.9 15.3 4.5
29­Jun­90 0.7 12.41 ­4.2 15.7 ­3.8
31­Jul­90 ­7.9 12.52 11.7 15 0.6
31­Aug­90 ­11.5 11.53 ­1.2 16.76 ­12.3
28­Sep­90 ­13.2 10.03 ­0.8 16.36 ­10.4
31­Oct­90 ­3 8.7 ­3.3 15.81 9.2
30­Nov­90 8.1 8.45 1.8 15.29 ­0.8
31­Dec­90 ­2.9 8.96 1.7 15.36 2.3
31­Jan­91 13.3 8.71 ­2.6 15.62 16
28­Feb­91 10 9.86 9.2 15 0.7
28­Mar­91 12.5 10.68 0.6 16.39 ­6.6
30­Apr­91 6.8 12.01 5.9 16.49 2.8
31­May­91 10 12.82 ­3.4 17.46 11.7
28­Jun­91 ­6.8 13.94 ­6.8 16.65 1.9
31­Jul­91 8.3 13.02 9.4 15.52 0
30­Aug­91 2.4 14.09 ­1.3 16.98 6.7
30­Sep­91 ­7.2 14.26 ­1.9 16.56 ­5.8
31­Oct­91 ­2.6 13.24 3.6 16.24 ­3.7
29­Nov­91 ­4.3 12.9 ­9.3 16.82 ­9
31­Dec­91 7.1 12.17 5.2 15.05 15.7
31­Jan­92 8.3 13.03 ­0.9 15.83 14.2
28­Feb­92 7 14.11 ­1.7 15.48 7.6
31­Mar­92 3.5 14.92 ­2.3 15.22 1.5
30­Apr­92 ­2.8 15.44 9.7 14.86 11
29­May­92 1.1 15.01 2.8 16.09 4.5
30­Jun­92 ­8.9 15.01 ­3.5 16.54 ­5.7
31­Jul­92 0.6 13.71 4.9 15.96 29.6
31­Aug­92 5 13.8 2.7 16.55 ­9.6
30­Sep­92 7.8 14.31 ­2.5 17 ­1.9
30­Oct­92 ­6.1 15.44 ­5.2 16.59 11.4
30­Nov­92 4.2 14.49 0.2 15.52 11.5
31­Dec­92 5.2 14.92 ­0.6 15.56 3.1
29­Jan­93 8 15.71 1 15.46 2.3
26­Feb­93 8.4 16.96 5.1 15.62 ­0.4
31­Mar­93 3.5 18.26 1.2 16.2 7.5
30­Apr­93 ­4.3 18.9 ­0.2 16.4 8.3
28­May­93 4.6 18.08 2.3 16.36 ­2.2
30­Jun­93 1.1 18.78 ­1 16.53 2
30­Jul­93 22 19.18 ­0.6 16.37 ­2.6
31­Aug­93 9.5 17.48 4.5 16.27 ­0.3
30­Sep­93 ­1.1 19.01 4.4 16.79 4.7
29­Oct­93 6.5 18.85 0.6 17.53 1.9
30­Nov­93 ­4.5 20.08 ­4.7 17.63 6.6
31­Dec­93 ­2.8 19.03 1 16.6 7.2
31­Jan­94 3.8 18.54 4.4 16.77 14
28­Feb­94 ­16.1 19.24 ­2.9 17.51 ­5.6
31­Mar­94 ­5.5 16 ­2.9 16.8 ­5.8
29­Apr­94 9 15.12 1 16.32 17.2
31­May­94 8.6 16.49 1.1 16.48 2.6
30­Jun­94 ­5.2 17.78 ­4.9 16.45 ­1.4
29­Jul­94 ­1.6 16.86 5.2 15.65 6.6
31­Aug­94 1.1 16.6 ­1.3 16.46 22.3
30­Sep­94 1.3 16.64 ­3 16.04 ­1.1
31­Oct­94 3.1 16.87 9 15.56 ­2.9
30­Nov­94 ­3.7 17.4 ­3.7 16.96 ­12.7
30­Dec­94 ­2.6 16.61 ­3.6 16.12 2.6
31­Jan­95 ­3.8 16.18 2.9 15.54 ­13.2
28­Feb­95 12.2 15.56 4.7 15.99 13
31­Mar­95 8.4 17.32 4.5 16.54 7
28­Apr­95 1.6 20.67 2.6 17.29 4.9
31­May­95 4.9 21.02 1.4 17.75 ­8.8
30­Jun­95 5.3 21.89 ­4.2 17.78 15
31­Jul­95 6.3 23.11 1.1 17.04 3.7
31­Aug­95 ­0.1 12.67 ­1.2 17.24 2.7
29­Sep­95 13.9 12.61 ­0.4 16.82 12
31­Oct­95 ­7.8 14.36 5.6 16.75 ­4.7
30­Nov­95 16.5 13.24 9.6 17.71 5.1
29­Dec­95 ­1 15.35 6.3 19.21 ­5.4
31­Jan­96 6.4 15.2 3 20.73 12.3
29­Feb­96 9.9 16.18 ­0.4 21.36 7.3
29­Mar­96 7.4 17.69 7.5 21.06 10.3
30­Apr­96 2.6 19.11 ­0.3 22.65 ­8.3
31­May­96 2.2 19.57 ­1.1 22.58 ­4.8
28­Jun­96 ­4.4 19.91 0.1 22.12 ­7.8
31­Jul­96 ­15.7 19.07 1.3 22.16 5.7
30­Aug­96 7.9 16.08 5.4 22.46 3.4
30­Sep­96 1.7 17.22 3.7 23.45 5.5
31­Oct­96 8.1 17.52 10.5 24.31 ­6.6
29­Nov­96 3.3 18.94 ­1.6 26.86 8.7
31­Dec­96 ­7.5 19.47 ­1 26.2 ­11.4
31­Jan­97 4.3 18.01 7.9 25.95 11
28­Feb­97 13.5 18.79 ­5.8 28 4.5
31­Mar­97 ­7.6 21.24 10.7 26.15 ­6.3
30­Apr­97 ­4.2 19.62 ­3.7 28.96 12.7
30­May­97 2.8 18.82 4.2 27.82 ­5.9
30­Jun­97 9.4 19.26 ­0.3 28.77 0.7
31­Jul­97 17.4 21.07 6.7 28.67 17.7
29­Aug­97 ­9.7 24.72 0.2 30.6 ­7
30­Sep­97 0.3 22.22 6.5 30.47 ­5.1
31­Oct­97 ­26.5 22.3 ­7.1 32.45 ­6.2
28­Nov­97 10 16.4 ­0.2 30.14 ­2.9
31­Dec­97 ­1.2 17.96 ­3.8 30.92 ­2.7
30­Jan­98 1.7 17.74 ­4 29.76 2
27­Feb­98 15.7 18.03 7.7 28.56 6.5
31­Mar­98 8.4 20.78 8.1 30.51 7.9
30­Apr­98 3.3 22.45 2.3 32.59 ­3.2
29­May­98 4.6 23.18 ­5.6 33.33 3.4
30­Jun­98 ­1.2 24.16 3.4 31.25 6.9
UNION CARBIDE UNITED TECHNOLOGIES  WESTINGHOUSE
Market Cap ($ bil) Return (%) Market Cap ($ bil) Return (%) Market Cap ($ bil)
3.27 ­8.1 6.91 ­2.4 10.75
3.11 3.4 6.35 ­1.2 10.5
3.41 12 6.51 6.7 10.28
3.08 ­3.9 7.29 ­3.9 10.97
2.74 7.4 7.01 1.2 10.44
2.83 ­2.3 7.47 1 10.57
2.74 3.5 6.93 ­2.8 10.72
2.76 ­16.8 7.17 ­7.4 10.32
2.38 ­12.5 5.92 ­9.2 9.55
2.15 5.6 5.17 ­15.1 8.66
2.35 ­0.1 5.46 6.8 7.35
2.29 7.3 5.4 7 7.75
2.04 ­0.8 5.81 0 8.31
2.37 5.7 5.76 ­5.8 8.31
2.35 ­2.5 6.03 12.3 7.72
2.22 ­5.2 5.88 ­6.4 8.67
2.28 2.9 5.57 8.2 8.02
2.51 ­5.1 5.68 ­6.3 8.67
2.56 4.8 5.35 ­6.3 8.74
2.56 3.6 5.61 ­6.8 8.19
2.7 ­6 5.76 ­7.3 7.53
2.56 8.1 5.47 ­20.8 6.99
2.47 ­1.1 5.91 ­8.7 5.54
2.21 13.9 5.79 14.3 4.95
2.57 ­6.5 6.6 2.8 6.13
2.93 0.3 6.13 9.1 6.3
3.12 3.2 6.13 ­6.9 6.81
3.17 3.8 6.34 ­2.7 6.32
3.52 ­1.9 6.58 ­5.2 6.15
3.65 ­0.5 6.4 3.7 5.77
3.46 9.1 6.37 ­2.8 6.02
1.91 ­2.7 6.95 ­3.3 5.85
1.71 ­10.9 6.7 ­0.8 5.59
1.68 ­6.6 6.03 ­20.8 5.55
1.88 ­0.9 5.63 ­0.5 4.4
2.07 7.2 5.52 5.9 4.31
2.19 ­2.6 5.95 2.8 4.6
2.24 ­3.6 5.8 ­2 4.73
2.2 5.6 5.54 10.3 4.6
2.37 4.2 5.84 2.5 5.08
2.57 8.3 6.09 1.5 5.21
2.48 2.1 6.54 4.1 5.25
2.91 0.5 6.7 ­0.8 5.53
2.84 5.7 6.73 ­1.7 5.49
2.8 ­2.4 7.05 ­15.4 5.36
2.94 11.7 6.88 11.5 4.55
2.99 0.5 7.69 ­2.8 5.08
3.16 0.2 7.69 0.9 4.9
 3.4 8.7 7.75 ­0.5 4.96
3.87 1.6 8.42 2.7 4.95
3.62 ­8.6 8.5 ­16.5 5.08
3.42 2.6 7.76 ­3.1 4.24
4 4.8 7.97 12.3 4.11
4.06 ­3.2 8.4 ­10.6 4.59
4.01 ­6.2 8.16 4.3 4.11
4.27 6.4 7.65 16.9 4.29
5.2 ­1.6 8.08 ­8 4.99
5.14 0.6 7.91 9 4.61
4.95 ­6.3 7.96 ­9.7 5.01
4.25 7.5 7.29 ­3.9 4.54
4.37 2.2 7.84 14.7 4.36
3.79 4.1 8.01 10.7 4.98
4.25 4.1 8.17 ­8.9 5.51
4.55 5.8 8.51 6.2 5.04
4.77 4.4 9.01 ­3 5.36
4.33 3 9.36 0.9 5.19
4.6 7.5 9.64 ­6.8 5.24
4.77 ­0.1 10.36 0.4 4.88
4.87 6 10.27 10.1 4.89
5.46 0.4 10.89 ­5.8 5.39
5.2 6.3 10.94 19.8 5.07
5.44 1.2 11.55 ­3 6.62
5.15 8.2 11.58 26.7 6.8
5.78 5.2 12.52 ­10.6 8.62
6.18 4.5 13.1 4.7 7.68
6.7 ­1.6 13.7 ­2.6 8.08
6.15 ­0.5 13.45 ­2.4 7.87
5.74 5.1 13.31 2.7 7.67
5.29 ­2.2 14 ­11.3 7.91
5.49 0.7 13.7 ­1.9 7.02
5.65 6.8 13.73 13.7 6.86
5.96 7 14.66 ­7.8 7.84
5.53 9.4 15.56 9.5 7.21
5.87 ­5.5 16.01 6 7.89
5.21 5.3 15.93 ­7.5 8.38
5.78 8.3 16.77 ­5.9 11.52
6.02 0.7 17.86 3.6 10.42
5.63 ­0.2 17.98 ­5.6 10.8
6.32 6.7 17.95 20.3 10.19
5.87 3.3 19.04 14.2 12.36
5.91 1.9 19.66 4.1 14.7
6.95 ­7.3 19.91 7 15.29
6.44 3.8 18.38 5.4 16.61
6.11 ­13.6 19.07 ­2.3 17.5
5.73 7.5 16.31 13.7 18.66
6.09 ­2.8 17.46 ­1.9 21.34
5.92 11.6 16.96 1.7 20.94
6.04 10.3 18.93 3.5 21.29
6.4 3.4 20.81 9.7 22
6.87 6.6 21.16 5 24.25
6.64 ­4.1 22.59 ­10.9 25.46
6.8 ­1.6 21.57 0 22.8
 WOOLWORTH CORP USX CORP
Return (%) Market Cap ($ bil) Return (%) Market Cap ($ bil)
­8.9 4.11 ­6.3 9.15
3.2 3.72 7.8 8.57
5.9 3.84 ­0.4 9.15
­3.7 4.07 ­7.1 9.11
10.8 3.88 2.7 8.37
­1.5 4.24 ­1.9 8.59
­7.2 4.25 4.5 8.41
­15.3 3.91 ­5.9 8.79
­7.3 3.31 ­6.2 8.18
7.9 3.07 4.1 7.68
15.3 3.28 0.7 8
3.4 3.78 ­2.4 7.97
5 3.92 2.5 7.78
4 4.08 ­0.1 7.97
2.3 4.24 0.4 7.88
­7.8 4.34 2.3 7.89
9 3.97 ­4.9 7.99
­7.9 4.33 ­12.2 6.52
­5.2 3.99 12.8 5.73
6.1 3.74 29.1 6.46
­5.7 3.97 ­5.7 8.33
0.1 3.75 ­3.2 7.91
­11.4 3.72 ­8.5 7.66
4.4 3.29 ­9.3 6.92
12.3 3.45 ­6.1 6.27
­2.5 3.84 1 5.88
7.4 3.75 ­12.6 5.85
­7.6 4.02 15 5.56
­2.7 3.68 4.2 6.39
­1.4 3.58 ­7.9 6.57
7 3.54 ­1.1 6.19
5.2 3.75 ­9.4 6.12
7 3.94 ­2 5.44
1.6 4.22 ­8.7 5.34
5 4.26 ­2.7 4.87
­7.7 4.47 4.5 4.7
­6.2 4.15 ­1.4 4.94
­1.3 3.85 12 4.87
9.5 3.8 3.3 5.4
­3.4 4.16 ­5.1 5.58
­3.3 3.98 2.3 5.3
­7.7 3.85 ­10 5.37
­7.2 3.56 4.4 4.84
3.5 3.27 15.9 5.05
­2.9 3.38 ­1.2 5.8
­8.3 3.3 ­7.5 5.73
2.2 2.98 ­7.9 5.3
9.7 3.05 ­2.2 4.84
 3.1 3.35 13.2 4.73
­15 3.41 ­6.8 5.3
­31.3 2.9 ­4.3 4.94
11.8 2 2.3 4.73
­5.3 2.19 2.5 4.84
0.8 2.08 ­2.2 4.91
­3.8 2.09 3.7 4.8
7.4 2 0.3 4.98
6.9 2.14 2.9 4.94
­9.9 2.29 7.3 5.09
­8.9 2.05 ­4.6 5.41
6.2 1.87 ­9 5.16
6 1.99 ­2.3 4.7
­3.2 2.09 2.6 4.59
21.3 2.02 7.7 4.67
­13.5 2.45 7.1 5.03
­3.9 2.12 6.9 5.38
­1.6 2.04 ­0.6 5.71
3.3 2 1.9 5.67
­14.4 2.07 3.3 5.98
17.8 1.77 ­4.2 6.13
­7.1 2.09 ­10.1 5.67
2.6 1.95 4.5 5.1
­13.3 2 6.1 5.28
­13.5 1.73 ­3.8 5.6
6.7 1.5 ­0.4 5.39
30.2 1.6 4.1 5.32
22.4 2.08 14.3 5.53
7.2 2.54 0.2 6.32
9.8 2.73 ­8 6.29
­14.4 2.99 1.9 5.78
10.4 2.56 2.7 5.89
­2.9 2.83 3.6 6
1.8 2.75 1.2 6.22
14.3 2.8 5.4 6.29
­8.3 3.2 4.4 6.58
­7.4 2.95 11.5 6.86
2.5 2.73 0.7 7.65
12 2.8 4.7 7.65
­8 3.13 ­0.9 8.01
12.2 2.88 8.8 7.95
­0.5 3.24 ­3.3 8.59
18 3.22 11.5 8.31
­21 3.8 1.8 9.26
­1.1 3 14.2 9.37
­14.1 2.98 ­3.9 10.7
13.8 2.56 ­3.7 10.29
­5.8 2.92 ­1.5 9.86
6.7 2.75 ­0.6 9.73
9.2 2.93 3.6 9.68
5.3 3.2 8.9 9.97
­8 3.37 ­4.8 10.85
­14.1 3.11 ­1.7 10.33
­3.2 2.67 ­2 10.09
Exhibit 3     Annual Stock Market Returns for 14 Countries

Australia Austria Belgium

Date Market Market Market
Stock Bond Stock Bond Stock Bond
Capitalizati Capitalizati Capitalizati
Return Return Return Return Return Return
on on on
1981 -16.37 39,737 -3.30 -15.79 1,009 3.77 10.48 7,456 6.27
1982 -14.42 28,309 31.20 -1.88 889 21.90 24.32 7,893 21.62
1983 68.08 41,810 9.51 14.92 862 13.56 42.82 8,885 17.84
1984 -7.20 34,093 12.15 7.90 801 8.27 22.89 9,268 14.61
1985 45.42 39,727 6.57 103.14 2,023 10.54 42.72 15,345 24.47
1986 50.78 58,022 25.47 12.05 3,024 9.46 43.65 26,864 22.16
1987 4.86 63,975 18.91 -16.28 3,946 9.19 -13.42 29,366 5.30
1988 24.28 93,581 14.58 8.34 4,983 9.29 52.03 41,542 8.80
1989 19.82 100,359 14.67 82.61 10,184 -1.96 13.54 50,371 -3.16
1990 -14.87 78,567 21.24 -1.51 10,687 3.08 -20.81 44,284 8.20
1991 35.99 107,866 37.98 -13.07 11,710 9.21 17.33 52,652 15.06
1992 -4.46 96,824 16.62 -9.63 9,689 15.29 3.15 49,200 17.54
1993 40.96 137,181 33.23 43.89 12,909 20.63 37.58 60,366 17.96
1994 -7.65 143,349 -21.50 -9.73 13,125 -5.24 -5.18 64,811 -5.06
1995 21.19 169,490 18.96 -12.69 17,459 20.73 19.64 80,301 23.07
1996 12.36 200,745 17.68 18.04 20,516 12.30 20.48 90,456 12.11
1997 13.10 193,164 19.51 15.95 22,040 4.78 33.37 106,879 9.89

Germany Ireland Italy

Date Market Market Market
Stock Bond Stock Bond Stock Bond
Capitalizati Capitalizati Capitalizati
Return Return Return Return Return Return
on on on
1981 3.27 57,569 4.11 -4.26 1,316 5.11 4.62 23,528 -3.10
1982 19.42 61,691 23.10 -5.61 995 38.04 -10.55 18,073 27.56
1983 40.75 73,880 7.09 76.75 1,404 16.71 22.92 17,915 36.26
1984 11.06 69,496 18.14 -0.91 1,147 12.36 30.84 19,532 44.70
1985 79.47 155,940 11.69 66.23 2,286 34.31 108.42 45,693 18.67
1986 7.23 211,692 11.89 54.20 4,350 5.42 73.73 106,518 50.21
1987 -38.47 162,908 3.10 -11.41 4,963 28.15 -32.59 85,250 -3.98
1988 31.09 200,860 2.98 43.60 7,340 25.57 26.41 96,192 14.52
1989 37.46 282,378 -2.93 37.16 9,785 3.15 15.29 114,032 -1.24
1990 -18.36 260,676 -2.06 -26.33 8,162 7.00 -27.72 89,919 8.41
1991 8.13 266,741 12.39 17.78 10,337 14.96 2.22 103,415 26.60
1992 -4.29 238,333 16.31 -9.58 8,528 5.81 -5.59 77,353 1.68
1993 45.85 326,772 19.53 61.34 12,228 30.91 49.20 102,478 56.52
1994 -7.93 339,363 -6.14 5.35 14,756 -10.87 7.41 133,167 -13.11
1995 7.58 400,968 21.97 25.29 19,237 20.36 -1.19 139,736 17.69
1996 27.95 495,237 6.98 25.93 25,440 13.60 10.98 170,052 49.12
1997 40.01 606,704 4.78 45.30 33,347 16.69 64.80 252,960 25.69

Netherland New Zealand South Africa

Date Market Market Market
Stock Bond Stock Bond Stock Bond
Capitalizati Capitalizati Capitalizati
Return Return Return Return Return Return
on on on
1981 1.31 19,952 5.76 10.05 4,118 14.58 -0.32 29,105 3.99
1982 24.85 21,604 29.26 -19.02 2,931 11.43 50.82 36,353 28.94
1983 56.95 28,191 7.93 95.93 5,066 27.01 16.23 43,604 -2.18
1984 28.91 29,677 15.85 -0.57 3,508 -20.39 11.53 27,711 2.08
1985 32.58 48,023 15.20 46.88 5,083 18.10 38.72 20,221 7.90
1986 8.10 65,100 11.77 104.09 9,702 22.95 59.67 27,349 35.09
1987 -18.70 66,162 4.26 -35.61 7,396 20.88 -3.90 39,421 15.35
1988 31.20 75,787 5.22 -2.64 9,120 20.43 7.97 33,229 8.18
1989 26.89 106,486 -2.03 20.65 10,139 21.78 62.56 56,242 23.88
1990 -13.25 101,225 -0.97 -34.78 6,516 12.28 -7.12 53,254 18.85
1991 17.23 112,860 11.32 26.42 11,550 40.53 30.49 96,672 12.77
1992 9.00 110,892 19.02 0.19 10,591 15.66 -7.05 58,864 26.63
1993 46.31 159,107 16.98 55.63 17,072 20.88 66.13 104,746 31.24
1994 1.95 181,095 -6.18 -3.75 18,908 -12.72 23.27 130,245 -11.15
1995 20.89 231,344 17.20 15.64 22,404 19.53 4.69 139,970 30.70
1996 35.34 290,811 9.09 11.19 24,446 11.12 8.15 117,848 4.88
1997 46.43 363,562 11.21 6.89 19,631 6.79 -11.09 95,414 27.88

UK US
Date Market Market
Stock Bond Stock Bond
Capitalizati Capitalizati
Return Return Return Return
on on
1981 12.83 184,752 2.08 -3.61 893,430 1.90
1982 28.52 191,266 51.53 22.44 1,049,433 39.16
1983 25.97 210,607 20.31 22.55 1,222,131 -0.58
1984 30.18 211,340 9.96 6.24 1,228,621 14.22
1985 22.84 302,349 11.14 32.23 1,554,711 29.74
1986 26.29 403,071 9.16 17.68 1,743,364 25.21
1987 7.90 562,787 21.88 4.74 1,800,268 -3.45
1988 10.08 567,570 9.54 17.84 1,956,196 9.94
1989 37.39 665,860 5.96 32.40 2,355,377 17.98
1990 -8.26 705,011 8.07 -3.49 2,186,563 6.85
1991 20.87 800,896 18.82 29.16 2,900,656 18.17
1992 19.55 757,364 14.30 5.90 3,074,287 8.07
1993 24.59 917,948 40.52 10.29 3,332,434 16.94
1994 -6.95 903,719 -9.98 1.56 3,296,047 -6.19
1995 26.36 1,097,924 18.07 36.99 4,935,800 31.54
1996 15.79 1,392,185 9.42 21.29 5,926,178 -1.44
1997 24.75 #DIV/0! 22.98 34.41 8,003,025 14.51
 France
Market
Stock Bond
Capitalizati
Return Return
on
-12.38 26,447 4.59
8.79 22,970 24.21
62.29 29,170 23.59
20.12 29,529 21.32
48.59 53,943 22.36
53.38 100,302 21.98
-26.77 103,591 3.14
56.81 150,582 20.30
33.17 217,189 4.80
-22.74 195,888 6.05
21.15 243,055 18.10
5.94 234,464 12.07
30.04 312,041 26.69
-14.36 330,407 -6.17
3.64 371,700 18.25
30.88 441,339 14.69
31.01 514,162 8.97

Japan
Market
Stock Bond
Capitalizati
Return Return
on
21.90 358,043 18.49
5.72 439,744 10.83
26.49 509,844 9.47
29.18 509,844 10.48
14.16 725,436 10.59
56.86 1,455,105 14.17
8.13 2,137,715 7.84
38.09 2,964,727 5.36
20.47 3,150,654 -3.83
-38.94 2,027,842 -0.09
0.85 2,358,345 15.20
-21.42 1,826,976 12.66
13.59 2,270,842 17.13
7.08 2,747,311 -3.49
0.35 2,846,585 15.48
-6.98 2,386,941 3.75
-16.06 1,812,145 3.85

Switzerland
Market
Stock Bond
Capitalizati
Return Return
on
-9.94 23,243 -0.14
 12.70 22,587 13.72
26.15 25,662 3.07
1.56 21,677 1.99
58.91 41,534 6.25
10.95 64,444 7.43
-34.49 57,494 6.48
11.60 66,135 1.07
27.19 85,831 -3.84
-20.82 90,166 -0.20
20.91 116,529 8.14
24.60 145,659 14.02
48.05 212,466 15.70
-7.29 224,792 -4.28
28.05 329,869 18.50
19.37 339,927 5.03
53.42 482,030 8.94