<PAGE>
EX-99.(c)(2)
PRESENTATION TO THE SPECIAL COMMITTEE OF THE
BOARD OF DIRECTORS OF:
LEAF
AUGUST 28, 2000
<PAGE>
TABLE OF CONTENTS
--------------------------------------------------------------------------------
1. Situation Overview
2. Industry Overview
3. Historical Financial Performance of Leaf
4. Public Market Overview of Leaf
5. Preliminary Valuation of Leaf
Appendix
LOGO MERRILL LYNCH--------------------------------------------------------------
<PAGE>
--------------------------------------------------------------------------------
SITUATION OVERVIEW
--------------------------------------------------------------------------------
<PAGE>
SITUATION OVERVIEW
--------------------------------------------------------------------------------
SUMMARY OF KEY TERMS OF PROPOSAL
-------------------------------
Price Per Share: o $13.00 per share
------------------------------
Form of Consideration o Cash
------------------------------
Transaction Structure o Tender Offer with back-end merger
------------------------------
Minimum Acceptance o Majority of the outstanding shares not
Condition: owned by the majority shareholders
------------------------------
Break-Up Fee o None
------------------------------
Existing Ownership of o 9.3 million shares owned by the Rothmans
Acquiror: and all Rothman Trusts (78.4% of the
outstanding primary shares)
<PAGE>
SITUATION OVERVIEW
--------------------------------------------------------------------------------
IMPLIED VALUATION MATRIX
(DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
Offer Price
Premium to As a Multiple of: Transaction Value as Multiple of:
----------------- ----------------------------------
Offer Current Offer Trans EPS Sales
------------------ ----------------------------------
Price Price Value (a) Value (b) 2000E 2001E LTM 2000E 2001E
----- --------- ----------- ---------- ------ ------- ------- ------ --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$13.00 20.9% $156.1 $142.8 12.7x 11.5x 0.45x 0.44x 0.41x
LEAF DATA $1.02 $1.13 $316.1 $324.1 $349.5
---------------------------------------------------------------------------------------------------------
<CAPTION>
Transaction Value as Multiple of:
----------------------------------------------------------------------
EBITDA EBIT
---------------------------------- ---------------------------------
LTM 2000E 2001E LTM 2000E 2001E
------ ------- --------- ------- ------ --------
<C> <C> <C> <C> <C> <C>
6.5x 6.4x 6.0x 7.4x 7.2x 6.7x
$21.9 $22.3 $23.9 $19.4 $19.9 $21.4
----------------------------------------------------------------------
</TABLE>
----------------------------
(a) Based on 11.9 million shares outstanding, 0.480 million options proceeds of
$4.3 million.
(b) Transaction value is equal to offer value plus net debt ($13.3) million
(as of 6/30/00).
[LOGO] MERRILL LYNCH------------------------------------------------------------
2
<PAGE>
--------------------------------------------------------------------------------
INDUSTRY OVERVIEW
--------------------------------------------------------------------------------
<PAGE>
INDUSTRY OVERVIEW
--------------------------------------------------------------------------------
HISTORICAL CIGAR CONSUMPTION TRENDS
(UNITS IN MILLIONS)
[LINE-BAR CHART]
Total Cigars Premium Cigars
1990 3553.659 101.977
1991 3530.432 98.2
1992 3518.098 99.472
1993 3423.424 110.026
1994 3718.115 125.882
1995 4040.277 164.279
1996 4588.612 274.569
1997 5163.169 463.977
1998 5350.894 363.876
1999 6023 320.792
Sources: Cigar Association of America.
[LOGO] MERRILL LYNCH------------------------------------------------------------
3
<PAGE>
INDUSTRY OVERVIEW
--------------------------------------------------------------------------------
CASE STUDY: CIGAR MANUFACTURERS
[LOGO]
o On August 15, 1996, Mafco Consolidated Group sold 5.4 million Class A shares
to the public priced at $23.00 per share. The sale represented an 18 percent
stake in the Company
[LINE CHART]
Date Close
16-Aug-96 28.375
19-Aug-96 30
20-Aug-96 28.5
21-Aug-96 28.75
22-Aug-96 30.25
23-Aug-96 31.25
26-Aug-96 31
27-Aug-96 31.25
28-Aug-96 31.5
29-Aug-96 31.5
30-Aug-96 31.5
3-Sep-96 30.5
4-Sep-96 30.125
5-Sep-96 30.125
6-Sep-96 30.25
9-Sep-96 30.875
10-Sep-96 30.75
11-Sep-96 30.875
12-Sep-96 31.25
13-Sep-96 30.75
16-Sep-96 32
17-Sep-96 32.125
18-Sep-96 32.5
19-Sep-96 32
20-Sep-96 31.375
23-Sep-96 31
24-Sep-96 31.375 45
25-Sep-96 31.125
26-Sep-96 31
27-Sep-96 30.75
30-Sep-96 30.625
1-Oct-96 30.375
2-Oct-96 30.625
3-Oct-96 30.625
4-Oct-96 30.5
7-Oct-96 30.375
8-Oct-96 30
9-Oct-96 29.375
10-Oct-96 29.125
11-Oct-96 28.75
14-Oct-96 28.625
15-Oct-96 29
16-Oct-96 28
17-Oct-96 27
18-Oct-96 25.875
21-Oct-96 25.875
22-Oct-96 26.75
23-Oct-96 27
24-Oct-96 27.75
25-Oct-96 27.75
28-Oct-96 27.5
29-Oct-96 26.25 42.8125
30-Oct-96 27
31-Oct-96 27.25 45
1-Nov-96 27.25
4-Nov-96 26.125
5-Nov-96 25.75
6-Nov-96 26
7-Nov-96 24.75
8-Nov-96 24
11-Nov-96 24.25
12-Nov-96 25.5
13-Nov-96 25.5
14-Nov-96 24.625
15-Nov-96 24.5
18-Nov-96 24.875
19-Nov-96 24.75
20-Nov-96 24.75
21-Nov-96 24.75
22-Nov-96 25
25-Nov-96 24.625
26-Nov-96 24.75
27-Nov-96 24.5
29-Nov-96 24.375
2-Dec-96 24.25
3-Dec-96 24.875
4-Dec-96 24.75
5-Dec-96 25.5
6-Dec-96 25
9-Dec-96 26.125
10-Dec-96 26
11-Dec-96 25.875
12-Dec-96 26.125
13-Dec-96 26.5
16-Dec-96 26.5
17-Dec-96 26.125
18-Dec-96 25.625
19-Dec-96 25.375
20-Dec-96 24.875
23-Dec-96 25.5
24-Dec-96 25.125
26-Dec-96 25.25 46.5
27-Dec-96 25.375
30-Dec-96 24.875
31-Dec-96 24.75
2-Jan-97 24.625
3-Jan-97 24.625
6-Jan-97 24.75
7-Jan-97 25
8-Jan-97 25.625
9-Jan-97 26.75
10-Jan-97 27.125
13-Jan-97 26.75
14-Jan-97 25.875
15-Jan-97 24.625
16-Jan-97 24.875
17-Jan-97 24.875
20-Jan-97 24.5
21-Jan-97 24.375
22-Jan-97 24
23-Jan-97 23.5
24-Jan-97 23
27-Jan-97 23
28-Jan-97 23.375
29-Jan-97 23.625
30-Jan-97 23.75
31-Jan-97 24.25
3-Feb-97 24
4-Feb-97 23.25
5-Feb-97 22.875
6-Feb-97 22.875
7-Feb-97 23
10-Feb-97 22.875
11-Feb-97 22.25
12-Feb-97 23.375
13-Feb-97 24.25
14-Feb-97 25.25 39.1875
18-Feb-97 25.25
19-Feb-97 25
20-Feb-97 24.875
21-Feb-97 25
24-Feb-97 26
25-Feb-97 27.25
26-Feb-97 26.875
27-Feb-97 25.75
28-Feb-97 25.375
3-Mar-97 25.375
4-Mar-97 25
5-Mar-97 24.875
6-Mar-97 24.375
7-Mar-97 24.125
10-Mar-97 23.875
11-Mar-97 24.125
12-Mar-97 24.5
13-Mar-97 24.125
14-Mar-97 24.25
17-Mar-97 23.875
18-Mar-97 23.75
19-Mar-97 23.625
20-Mar-97 23.875
21-Mar-97 24
24-Mar-97 23.75
25-Mar-97 23.5
26-Mar-97 23.5
27-Mar-97 23.875
31-Mar-97 23.625
1-Apr-97 23.625
2-Apr-97 23.75
3-Apr-97 24.125
4-Apr-97 24.125
7-Apr-97 23.875
8-Apr-97 23.875
9-Apr-97 24
10-Apr-97 23.875
11-Apr-97 23.625
14-Apr-97 23.5
15-Apr-97 23.25
16-Apr-97 23.625
17-Apr-97 23.375 25.75
18-Apr-97 23.625
21-Apr-97 22.875
22-Apr-97 22.25
23-Apr-97 22
24-Apr-97 22.125
25-Apr-97 21.75
28-Apr-97 22.5
29-Apr-97 22.75
30-Apr-97 23
1-May-97 22.875
2-May-97 23.25
5-May-97 24.125
6-May-97 24.25
7-May-97 24.125
8-May-97 24.75
9-May-97 26.125
12-May-97 26.25
13-May-97 26.625
14-May-97 26.5
15-May-97 26.5
16-May-97 26.5 23.75
19-May-97 26.625
20-May-97 26.375
21-May-97 27.125
22-May-97 28
23-May-97 28.125
27-May-97 28.125
28-May-97 29
29-May-97 29.875
30-May-97 30.25
2-Jun-97 29.875
3-Jun-97 29.125
4-Jun-97 29.875
5-Jun-97 30
6-Jun-97 30
9-Jun-97 29.125
10-Jun-97 29.875
11-Jun-97 29.625
12-Jun-97 29.125
13-Jun-97 28.625
16-Jun-97 28.625
17-Jun-97 28.625
18-Jun-97 28.625
19-Jun-97 28.5
20-Jun-97 28.625
23-Jun-97 28.5
24-Jun-97 28.25
25-Jun-97 27.5625
26-Jun-97 27.625 28.4375
27-Jun-97 27.625
30-Jun-97 27.75
1-Jul-97 27.0625
2-Jul-97 27.5
3-Jul-97 27
7-Jul-97 26.9375
8-Jul-97 27.125
9-Jul-97 26.875
10-Jul-97 26.875 30.4375
11-Jul-97 26.5625
14-Jul-97 25.375
15-Jul-97 24.6875
16-Jul-97 25.75
17-Jul-97 25.1875
18-Jul-97 25
21-Jul-97 25.875
22-Jul-97 27.1875
23-Jul-97 27.125
24-Jul-97 27.1875
25-Jul-97 26.875
28-Jul-97 26.6875
29-Jul-97 27.0625
30-Jul-97 28.8125
31-Jul-97 29.875
1-Aug-97 31.6875
4-Aug-97 31
5-Aug-97 31.5
6-Aug-97 31.375
7-Aug-97 30.875
8-Aug-97 30.375
11-Aug-97 30
12-Aug-97 30.625
13-Aug-97 30.875
14-Aug-97 32.875
15-Aug-97 33.3125
18-Aug-97 34.5
19-Aug-97 35.375
20-Aug-97 35
21-Aug-97 34.25
22-Aug-97 33.625
25-Aug-97 34.25
26-Aug-97 33.8125
27-Aug-97 33.5
28-Aug-97 33.0625
29-Aug-97 33.125
2-Sep-97 33.4375
3-Sep-97 32.3125
4-Sep-97 32.25
5-Sep-97 31.75
8-Sep-97 31.125
9-Sep-97 33.1875
10-Sep-97 33.125
11-Sep-97 33.75
12-Sep-97 34.25
15-Sep-97 34.0625
16-Sep-97 34.8125
17-Sep-97 34.9375
18-Sep-97 36.5
19-Sep-97 39
22-Sep-97 39.5
23-Sep-97 39.5
24-Sep-97 40.3125
25-Sep-97 40
26-Sep-97 40.3125
29-Sep-97 40.6875
30-Sep-97 40.875
1-Oct-97 43
2-Oct-97 44.1875
3-Oct-97 43.625
6-Oct-97 40.5
7-Oct-97 39.625
8-Oct-97 40.125
9-Oct-97 40.25
10-Oct-97 41.5625
13-Oct-97 42.3125
14-Oct-97 42.0625
15-Oct-97 41
16-Oct-97 41.5
17-Oct-97 40.75
20-Oct-97 40.5625
21-Oct-97 41.875
22-Oct-97 43.375
23-Oct-97 42.8125
24-Oct-97 41.125
27-Oct-97 38.5
28-Oct-97 38.6875
29-Oct-97 39
30-Oct-97 38.25
31-Oct-97 39.25
3-Nov-97 39
4-Nov-97 37.75
5-Nov-97 35
6-Nov-97 34.25
7-Nov-97 32.6875
10-Nov-97 32.6875
11-Nov-97 32.5
12-Nov-97 30.5
13-Nov-97 31.125
14-Nov-97 31.8125
17-Nov-97 32.5
18-Nov-97 32.5
19-Nov-97 32.5
20-Nov-97 32.375
21-Nov-97 32.25
24-Nov-97 31
25-Nov-97 30
26-Nov-97 28.375
28-Nov-97 27.5625
1-Dec-97 26.0625
2-Dec-97 26.8125
3-Dec-97 26.6875
4-Dec-97 27.375
5-Dec-97 27.0625
8-Dec-97 28.5
9-Dec-97 28.5625
10-Dec-97 27.75
11-Dec-97 26.875
12-Dec-97 27.875
15-Dec-97 28.125
16-Dec-97 27.875
17-Dec-97 28.1875
18-Dec-97 28
19-Dec-97 27.6875
22-Dec-97 27.125
23-Dec-97 27.25
24-Dec-97 26.8125
26-Dec-97 27.0625
29-Dec-97 27
30-Dec-97 27
31-Dec-97 27.5625
2-Jan-98 28.0625
5-Jan-98 27.8125
6-Jan-98 25.9375
7-Jan-98 26.3125
8-Jan-98 25.625
9-Jan-98 24.5625
12-Jan-98 23.5
13-Jan-98 25.625
14-Jan-98 25.375
15-Jan-98 24.625
16-Jan-98 24.375
20-Jan-98 24.5
21-Jan-98 24.875
22-Jan-98 23.875
23-Jan-98 24.3125
26-Jan-98 24.125
27-Jan-98 23.625
28-Jan-98 23.1875
29-Jan-98 23.0625
30-Jan-98 24.125
2-Feb-98 24.9375
3-Feb-98 21.875
4-Feb-98 22.125
5-Feb-98 23.1875
6-Feb-98 22.75
9-Feb-98 22.875
10-Feb-98 22.5625
11-Feb-98 22.875
12-Feb-98 23.1875
13-Feb-98 22.75
17-Feb-98 22.0625
18-Feb-98 22.25
19-Feb-98 22.125
20-Feb-98 22.1875
23-Feb-98 22.3125
24-Feb-98 21.9375
25-Feb-98 22.1875
26-Feb-98 23.375
27-Feb-98 23.1875
2-Mar-98 23.3125
3-Mar-98 24.125
4-Mar-98 24.5
5-Mar-98 23.8125
6-Mar-98 24.3125
9-Mar-98 24.75
10-Mar-98 21
11-Mar-98 19
12-Mar-98 18.375
13-Mar-98 17.625
16-Mar-98 17.6875
17-Mar-98 17.125
18-Mar-98 16.875
19-Mar-98 16.8125
20-Mar-98 16.4375
23-Mar-98 15.75
24-Mar-98 16
25-Mar-98 16.375
26-Mar-98 16.1875
27-Mar-98 16.625
30-Mar-98 16.3125
31-Mar-98 15.8125
1-Apr-98 15.5
2-Apr-98 15.3125
3-Apr-98 14.9375
6-Apr-98 14.8125
7-Apr-98 14.5625
8-Apr-98 15.125
9-Apr-98 15.625
13-Apr-98 14.6875
14-Apr-98 14.4375
15-Apr-98 14.1875
16-Apr-98 14.125
17-Apr-98 14
20-Apr-98 14.4375
21-Apr-98 14.8125
22-Apr-98 14.1875
23-Apr-98 14.125
24-Apr-98 13.875
27-Apr-98 13.875
28-Apr-98 14.125
29-Apr-98 13.875
30-Apr-98 13.8125
1-May-98 13.8125
4-May-98 13.875
5-May-98 13.75
6-May-98 15.6875
7-May-98 15.6875
8-May-98 15.6875
11-May-98 15.5
12-May-98 15.4375
13-May-98 15.375
14-May-98 15.1875
15-May-98 14.6875
18-May-98 14.1875
19-May-98 14.125
20-May-98 13.75
21-May-98 14
22-May-98 13.875
26-May-98 13.75
27-May-98 13.6875
28-May-98 13.6875
29-May-98 13.8125
1-Jun-98 13.75
2-Jun-98 13.75
3-Jun-98 13.75
4-Jun-98 12.8125
5-Jun-98 13.125
8-Jun-98 13.0625
9-Jun-98 12.6875
10-Jun-98 11.3125
11-Jun-98 10.4375
12-Jun-98 10.1875
15-Jun-98 9.75
16-Jun-98 10.25
17-Jun-98 10.8125
18-Jun-98 11.0625
19-Jun-98 11.5
22-Jun-98 11.9375
23-Jun-98 12.125
24-Jun-98 12
25-Jun-98 11.875
26-Jun-98 11.6875
29-Jun-98 11.9375
30-Jun-98 12.25
1-Jul-98 11.8125
2-Jul-98 11.625
6-Jul-98 11.5
7-Jul-98 11.375
8-Jul-98 11.375
9-Jul-98 11.1875
10-Jul-98 10.75
13-Jul-98 10.3125
14-Jul-98 10.375
15-Jul-98 10.25
16-Jul-98 10
17-Jul-98 10.0625
20-Jul-98 9.9375
21-Jul-98 10
22-Jul-98 9.9375
23-Jul-98 9.5
24-Jul-98 9.6875
27-Jul-98 9.9375
28-Jul-98 10.0625
29-Jul-98 9.9375
30-Jul-98 9.875
31-Jul-98 9.8125
3-Aug-98 10
4-Aug-98 9.9375
5-Aug-98 10
6-Aug-98 9.625
7-Aug-98 9.75
10-Aug-98 9.75
11-Aug-98 9.4375
12-Aug-98 9.75
13-Aug-98 9.5
14-Aug-98 9.3125
17-Aug-98 9.4375
18-Aug-98 9.3125
19-Aug-98 9.0625
20-Aug-98 8.875
21-Aug-98 8.5
24-Aug-98 8.3125
25-Aug-98 8.1875
26-Aug-98 7.5625
27-Aug-98 7.1875
28-Aug-98 7.5625
31-Aug-98 7.4375
1-Sep-98 8
2-Sep-98 8.625
3-Sep-98 9.125
4-Sep-98 8.8125
8-Sep-98 9.1875
9-Sep-98 8.8125
10-Sep-98 8.5625
11-Sep-98 8.5625
14-Sep-98 8.625
15-Sep-98 8.5
16-Sep-98 8.3125
17-Sep-98 8.4375
18-Sep-98 8.5
21-Sep-98 8.4375
22-Sep-98 8.5625
23-Sep-98 8.8125
24-Sep-98 9.0625
25-Sep-98 9.875
28-Sep-98 10.0625
29-Sep-98 10.25
30-Sep-98 9.9375
1-Oct-98 9.5625
2-Oct-98 9.25
5-Oct-98 8.875
6-Oct-98 8.625
7-Oct-98 8.3125
8-Oct-98 8.375
9-Oct-98 8.5625
12-Oct-98 8.8125
13-Oct-98 9
14-Oct-98 9.4375
15-Oct-98 9.25
16-Oct-98 9.3125
19-Oct-98 10.0625
20-Oct-98 10.1875
21-Oct-98 10.5
22-Oct-98 10.1875
23-Oct-98 10.5625
26-Oct-98 10.4375
27-Oct-98 10.8125
28-Oct-98 11.0625
29-Oct-98 11.25
30-Oct-98 11.5
2-Nov-98 12.1875
3-Nov-98 12.5
4-Nov-98 12.5
5-Nov-98 10.8125
6-Nov-98 9.8125
9-Nov-98 9.75
10-Nov-98 10.125
11-Nov-98 10.5
12-Nov-98 10
13-Nov-98 9.6875
16-Nov-98 9.6875
17-Nov-98 9.9375
18-Nov-98 9.5625
19-Nov-98 10.0625
20-Nov-98 10.9375
23-Nov-98 11.4375
24-Nov-98 11.3125
25-Nov-98 11.625
27-Nov-98 11.625
30-Nov-98 11.375
1-Dec-98 11.5
2-Dec-98 11.5625
3-Dec-98 12
4-Dec-98 12.125
7-Dec-98 12.125
8-Dec-98 12.5625
9-Dec-98 13.375
10-Dec-98 13.375
11-Dec-98 14.3125
14-Dec-98 14.8125
15-Dec-98 15.875
16-Dec-98 17.375
o On February 11, 1998 Consolidated Cigar authorized a four million share
repurchase program
o On March 10, 1998 Consolidated Cigar announced that 2 Qtr earnings would be
below analyst expectations
o On December 16, 1998 Consolidated Cigar announced that it had entered into a
definitive agreement to merge with Seita
[LOGO]
o On February 27, 1997, Colbro Corporation sold 6 million Class A shares of
General Cigar to the public priced at $18.00 per share. The sale represented
a 23 percent stake in General Cigar
[LINE CHART]
Date Close
28-Feb-97 23
3-Mar-97 22.125
4-Mar-97 22
5-Mar-97 22
6-Mar-97 21.375
7-Mar-97 21
10-Mar-97 20.75
11-Mar-97 21.875
12-Mar-97 21.875
13-Mar-97 21.125
14-Mar-97 21
17-Mar-97 20.875
18-Mar-97 20.375
19-Mar-97 20.375
20-Mar-97 20.75
21-Mar-97 22
24-Mar-97 22.125
25-Mar-97 22
26-Mar-97 22.125
27-Mar-97 23.125
31-Mar-97 22.25
1-Apr-97 22
2-Apr-97 21.75
3-Apr-97 22.375
4-Apr-97 23
7-Apr-97 23
8-Apr-97 23.375 45
9-Apr-97 23.375
10-Apr-97 22.875
11-Apr-97 22.5
14-Apr-97 22.25
15-Apr-97 22.625
16-Apr-97 22.125
17-Apr-97 22.25
18-Apr-97 23
21-Apr-97 23.25
22-Apr-97 23
23-Apr-97 23.25
24-Apr-97 23.125
25-Apr-97 22.625
28-Apr-97 22.625
29-Apr-97 23.375
30-Apr-97 23.625
1-May-97 23.5
2-May-97 23.75
5-May-97 25
6-May-97 26.5
7-May-97 28.125
8-May-97 28.625
9-May-97 27.75
12-May-97 28
13-May-97 28.375 42.8125
14-May-97 28.375
15-May-97 28.25 45
16-May-97 26.75
19-May-97 27.125
20-May-97 26.875
21-May-97 26.5
22-May-97 27.125
23-May-97 28.375
27-May-97 29
28-May-97 29
29-May-97 29.625
30-May-97 29.5
2-Jun-97 29.875
3-Jun-97 30.875
4-Jun-97 31.75
5-Jun-97 31.5
6-Jun-97 30.75
9-Jun-97 30.5
10-Jun-97 30
11-Jun-97 30.25
12-Jun-97 29.625
13-Jun-97 30.875
16-Jun-97 30.375
17-Jun-97 30.5
18-Jun-97 30.25
19-Jun-97 30.5
20-Jun-97 29.875
23-Jun-97 29.375
24-Jun-97 28.25
25-Jun-97 27.875
26-Jun-97 28.0625
27-Jun-97 29.375
30-Jun-97 29.4375
1-Jul-97 28.875
2-Jul-97 28.625
3-Jul-97 28.375
7-Jul-97 27.5625
8-Jul-97 26.875
9-Jul-97 25.125
10-Jul-97 25.125 46.5
11-Jul-97 25
14-Jul-97 23.3125
15-Jul-97 24
16-Jul-97 24.875
17-Jul-97 24.0625
18-Jul-97 23.75
21-Jul-97 23.5
22-Jul-97 23
23-Jul-97 23.6875
24-Jul-97 24.75
25-Jul-97 24.125
28-Jul-97 23.6875
29-Jul-97 23.875
30-Jul-97 24.125
31-Jul-97 24.625
1-Aug-97 24.5625
4-Aug-97 24.125
5-Aug-97 23.875
6-Aug-97 23.25
7-Aug-97 22.875
8-Aug-97 22.6875
11-Aug-97 22.5
12-Aug-97 23.375
13-Aug-97 23.4375
14-Aug-97 23.25
15-Aug-97 22.9375
18-Aug-97 22.6875
19-Aug-97 23
20-Aug-97 22.75
21-Aug-97 22.5625
22-Aug-97 22.375
25-Aug-97 22.0625
26-Aug-97 22
27-Aug-97 21.375
28-Aug-97 21.875 39.1875
29-Aug-97 21.625
2-Sep-97 20.25
3-Sep-97 22.6875
4-Sep-97 22.6875
5-Sep-97 22.5625
8-Sep-97 22.6875
9-Sep-97 22.6875
10-Sep-97 22.375
11-Sep-97 21.625
12-Sep-97 22
15-Sep-97 22
16-Sep-97 25.375
17-Sep-97 25.75
18-Sep-97 25.5625
19-Sep-97 26.625
22-Sep-97 27.5
23-Sep-97 26.6875
24-Sep-97 27
25-Sep-97 26.6875
26-Sep-97 27.5625
29-Sep-97 27.625
30-Sep-97 28.875
1-Oct-97 28.5
2-Oct-97 28.875
3-Oct-97 29.4375
6-Oct-97 29.4375
7-Oct-97 31.25
8-Oct-97 32.125
9-Oct-97 33.0625
10-Oct-97 33.125
13-Oct-97 32.8125
14-Oct-97 33.25
15-Oct-97 32.4375
16-Oct-97 30.75
17-Oct-97 30.375
20-Oct-97 31.5
21-Oct-97 31.5
22-Oct-97 30.125
23-Oct-97 29.625
24-Oct-97 28.375
27-Oct-97 25.9375
28-Oct-97 26.6875 25.75
29-Oct-97 29
30-Oct-97 28.75
31-Oct-97 28.9375
3-Nov-97 29.75
4-Nov-97 29.75
5-Nov-97 29.0625
6-Nov-97 26.625
7-Nov-97 25.75
10-Nov-97 25.375
11-Nov-97 26.125
12-Nov-97 25.3125
13-Nov-97 25.25
14-Nov-97 25.5
17-Nov-97 25.75
18-Nov-97 26.625
19-Nov-97 26.75
20-Nov-97 26.875
21-Nov-97 26.9375
24-Nov-97 25
25-Nov-97 24.4375
26-Nov-97 23.5 23.75
28-Nov-97 23.5
1-Dec-97 23
2-Dec-97 23
3-Dec-97 22.6875
4-Dec-97 22.25
5-Dec-97 22.1875
8-Dec-97 23.5625
9-Dec-97 22.875
10-Dec-97 22.25
11-Dec-97 21.4375
12-Dec-97 23.1875
15-Dec-97 22.875
16-Dec-97 22.9375
17-Dec-97 22.0625
18-Dec-97 21.875
19-Dec-97 21.5
22-Dec-97 21.4375
23-Dec-97 21.125
24-Dec-97 20.5
26-Dec-97 20.3125
29-Dec-97 19.9375
30-Dec-97 20.625
31-Dec-97 21.3125
2-Jan-98 21.0625
5-Jan-98 21.4375
6-Jan-98 20.4375
7-Jan-98 20.9375
8-Jan-98 20.75 28.4375
9-Jan-98 20
12-Jan-98 19.8125
13-Jan-98 21.625
14-Jan-98 20.5625
15-Jan-98 20.375
16-Jan-98 20.9375
20-Jan-98 20
21-Jan-98 19.8125
22-Jan-98 18.75 30.4375
23-Jan-98 18
26-Jan-98 17.6875
27-Jan-98 18
28-Jan-98 17.9375
29-Jan-98 17.75
30-Jan-98 18.375
2-Feb-98 19.9375
3-Feb-98 18.5625
4-Feb-98 18
5-Feb-98 18.1875
6-Feb-98 17.875
9-Feb-98 17.25
10-Feb-98 16
11-Feb-98 16.375
12-Feb-98 16.125
13-Feb-98 16
17-Feb-98 16.5
18-Feb-98 17
19-Feb-98 16.375
20-Feb-98 16
23-Feb-98 15.6875
24-Feb-98 15.25
25-Feb-98 15.8125
26-Feb-98 16.1875
27-Feb-98 16.625
2-Mar-98 17.1875
3-Mar-98 18.125
4-Mar-98 18.3125
5-Mar-98 18.3125
6-Mar-98 18.5625
9-Mar-98 18.5
10-Mar-98 17.3125
11-Mar-98 15.25
12-Mar-98 16
13-Mar-98 15.5
16-Mar-98 15.125
17-Mar-98 15.25
18-Mar-98 15.625
19-Mar-98 15.125
20-Mar-98 15.5
23-Mar-98 15.375
24-Mar-98 15.125
25-Mar-98 15.125
26-Mar-98 15.5
27-Mar-98 15.6875
30-Mar-98 15.6875
31-Mar-98 15.3125
1-Apr-98 14.3125
2-Apr-98 14.4375
3-Apr-98 14.5625
6-Apr-98 14.8125
7-Apr-98 14
8-Apr-98 14.5
9-Apr-98 14.6875
13-Apr-98 13.9375
14-Apr-98 14.625
15-Apr-98 14.75
16-Apr-98 14.125
17-Apr-98 13.9375
20-Apr-98 14.125
21-Apr-98 14.5
22-Apr-98 14.5625
23-Apr-98 14.3125
24-Apr-98 14.3125
27-Apr-98 13.8125
28-Apr-98 14.25
29-Apr-98 14.25
30-Apr-98 13.8125
1-May-98 14.3125
4-May-98 13.875
5-May-98 13.875
6-May-98 15.5625
7-May-98 16
8-May-98 15.75
11-May-98 15.3125
12-May-98 13.75
13-May-98 13.1875
14-May-98 12.875
15-May-98 11.75
18-May-98 11.6875
19-May-98 10.9375
20-May-98 10.625
21-May-98 11.125
22-May-98 10.9375
26-May-98 10.25
27-May-98 9.9375
28-May-98 10.1875
29-May-98 9.9375
1-Jun-98 9.75
2-Jun-98 9.75
3-Jun-98 9.375
4-Jun-98 9.8125
5-Jun-98 10
8-Jun-98 10
9-Jun-98 9.6875
10-Jun-98 9.25
11-Jun-98 8.875
12-Jun-98 9
15-Jun-98 8.875
16-Jun-98 9.125
17-Jun-98 9.875
18-Jun-98 10
19-Jun-98 10.375
22-Jun-98 10.6875
23-Jun-98 10.9375
24-Jun-98 11
25-Jun-98 10.3125
26-Jun-98 10.0625
29-Jun-98 10.1875
30-Jun-98 9.875
1-Jul-98 9.8125
2-Jul-98 9.375
6-Jul-98 9.4375
7-Jul-98 9.8125
8-Jul-98 9.375
9-Jul-98 9.375
10-Jul-98 9.25
13-Jul-98 8.875
14-Jul-98 8.75
15-Jul-98 8.375
16-Jul-98 8.0625
17-Jul-98 8.25
20-Jul-98 8.0625
21-Jul-98 8
22-Jul-98 7.8125
23-Jul-98 7.625
24-Jul-98 7.5
27-Jul-98 7.75
28-Jul-98 7.6875
29-Jul-98 7.75
30-Jul-98 7.625
31-Jul-98 7.5625
3-Aug-98 7.0625
4-Aug-98 6.5625
5-Aug-98 6.9375
6-Aug-98 7.0625
7-Aug-98 7.3125
10-Aug-98 7.0625
11-Aug-98 7.25
12-Aug-98 7.625
13-Aug-98 6.8125
14-Aug-98 6.4375
17-Aug-98 6.3125
18-Aug-98 7.4375
19-Aug-98 7.3125
20-Aug-98 7.125
21-Aug-98 6.625
24-Aug-98 6.9375
25-Aug-98 6.25
26-Aug-98 6.125
27-Aug-98 5.875
28-Aug-98 5.9375
31-Aug-98 5.5
1-Sep-98 5.875
2-Sep-98 5.875
3-Sep-98 5.8125
4-Sep-98 5.875
8-Sep-98 5.8125
9-Sep-98 5.75
10-Sep-98 5.6875
11-Sep-98 5.8125
14-Sep-98 6
15-Sep-98 5.875
16-Sep-98 6.1875
17-Sep-98 6.4375
18-Sep-98 7.375
21-Sep-98 7.125
22-Sep-98 6.9375
23-Sep-98 7.125
24-Sep-98 7
25-Sep-98 6.875
28-Sep-98 6.75
29-Sep-98 6.5
30-Sep-98 6.4375
1-Oct-98 6.125
2-Oct-98 6.625
5-Oct-98 6.5625
6-Oct-98 6.9375
7-Oct-98 6.9375
8-Oct-98 7
9-Oct-98 7.25
12-Oct-98 8.0625
13-Oct-98 8.1875
14-Oct-98 8.1875
15-Oct-98 7.9375
16-Oct-98 7.8125
19-Oct-98 8.375
20-Oct-98 9.1875
21-Oct-98 10
22-Oct-98 10.0625
23-Oct-98 9.8125
26-Oct-98 9.75
27-Oct-98 9
28-Oct-98 8.4375
29-Oct-98 8.375
30-Oct-98 8.875
2-Nov-98 9.375
3-Nov-98 9.125
4-Nov-98 9
5-Nov-98 8.75
6-Nov-98 8.8125
9-Nov-98 9.0625
10-Nov-98 9.4375
11-Nov-98 9.4375
12-Nov-98 9.625
13-Nov-98 9.6875
16-Nov-98 9.9375
17-Nov-98 9.75
18-Nov-98 10.1875
19-Nov-98 10.375
20-Nov-98 10.25
23-Nov-98 10.4375
24-Nov-98 10.25
25-Nov-98 9.6875
27-Nov-98 9.9375
30-Nov-98 9.8125
1-Dec-98 9.6875
2-Dec-98 9.6875
3-Dec-98 9.3125
4-Dec-98 9.3125
7-Dec-98 9.4375
8-Dec-98 9
9-Dec-98 9.3125
10-Dec-98 9.25
11-Dec-98 9.0625
14-Dec-98 8.9375
15-Dec-98 9.75
16-Dec-98 10.25
17-Dec-98 9.9375
18-Dec-98 9.5625
21-Dec-98 9.25
22-Dec-98 8.5
23-Dec-98 9.5625
24-Dec-98 9.125
28-Dec-98 8.75
29-Dec-98 8.625
30-Dec-98 8.5
31-Dec-98 8.6875
4-Jan-99 9.3125
5-Jan-99 9.4375
6-Jan-99 9.375
7-Jan-99 9.0625
8-Jan-99 9.6875
11-Jan-99 9.75
12-Jan-99 9.6875
13-Jan-99 9.5625
14-Jan-99 9.5625
15-Jan-99 9.375
19-Jan-99 9.25
20-Jan-99 9.375
21-Jan-99 9.25
22-Jan-99 9.4375
25-Jan-99 9.4375
26-Jan-99 9
27-Jan-99 8.9375
28-Jan-99 9.4375
29-Jan-99 9
1-Feb-99 8.625
2-Feb-99 8.6875
3-Feb-99 9
4-Feb-99 8.9375
5-Feb-99 8.9375
8-Feb-99 8.75
9-Feb-99 8.75
10-Feb-99 8.6875
11-Feb-99 8.625
12-Feb-99 8.6875
16-Feb-99 8.4375
17-Feb-99 7.875
18-Feb-99 7.875
19-Feb-99 7.5625
22-Feb-99 7.4375
23-Feb-99 7.125
24-Feb-99 7.125
25-Feb-99 7.25
26-Feb-99 7.3125
1-Mar-99 7.625
2-Mar-99 7.4375
3-Mar-99 7.5
4-Mar-99 7.3125
5-Mar-99 7.5
8-Mar-99 7.5
9-Mar-99 7.4375
10-Mar-99 7.5
11-Mar-99 7.25
12-Mar-99 7.5
15-Mar-99 8.1875
16-Mar-99 7.5625
17-Mar-99 7.875
18-Mar-99 7.5
19-Mar-99 7.3125
22-Mar-99 7.25
23-Mar-99 7.4375
24-Mar-99 7.625
25-Mar-99 9.5
26-Mar-99 10.5
29-Mar-99 9.6875
30-Mar-99 9.25
31-Mar-99 9.3125
1-Apr-99 9.5
5-Apr-99 9.5
6-Apr-99 9
7-Apr-99 9.125
8-Apr-99 9
9-Apr-99 9.375
12-Apr-99 9.375
13-Apr-99 9.125
14-Apr-99 9.0625
15-Apr-99 8.75
16-Apr-99 8.6875
19-Apr-99 8.3125
20-Apr-99 8.25
21-Apr-99 8.375
22-Apr-99 8.625
23-Apr-99 8.5
26-Apr-99 8.5
27-Apr-99 8.5
28-Apr-99 8.125
29-Apr-99 8
30-Apr-99 8.4375
3-May-99 8.3125
4-May-99 8.1875
5-May-99 8.125
6-May-99 8
7-May-99 7.9375
10-May-99 7.8125
11-May-99 7.5
12-May-99 7.25
13-May-99 7.1875
14-May-99 7.375
17-May-99 7.25
18-May-99 7.4375
19-May-99 7.1875
20-May-99 7.5625
21-May-99 8.375
24-May-99 8
25-May-99 7.6875
26-May-99 7.75
27-May-99 8
28-May-99 8
1-Jun-99 7.9375
2-Jun-99 8
3-Jun-99 7.9375
4-Jun-99 8.125
7-Jun-99 8
8-Jun-99 7.6406
9-Jun-99 7.75
10-Jun-99 7.75
11-Jun-99 7.6875
14-Jun-99 7.625
15-Jun-99 7.625
16-Jun-99 7.875
17-Jun-99 7.75
18-Jun-99 7.625
21-Jun-99 7.5625
22-Jun-99 7.625
23-Jun-99 7.5625
24-Jun-99 7.4375
25-Jun-99 7.625
28-Jun-99 7.6875
29-Jun-99 7.6875
30-Jun-99 7.8125
1-Jul-99 7.875
2-Jul-99 8.125
6-Jul-99 8.0625
7-Jul-99 8.375
8-Jul-99 8.0625
9-Jul-99 8.25
12-Jul-99 8.125
13-Jul-99 7.6875
14-Jul-99 7.3125
15-Jul-99 7.375
16-Jul-99 7.625
19-Jul-99 7.5625
20-Jul-99 7.625
21-Jul-99 7.625
22-Jul-99 7.75
23-Jul-99 7.8125
26-Jul-99 7.6875
27-Jul-99 7.6875
28-Jul-99 7.625
29-Jul-99 7.625
30-Jul-99 7.5625
2-Aug-99 7.375
3-Aug-99 7.375
4-Aug-99 7.25
5-Aug-99 6.875
6-Aug-99 7.125
9-Aug-99 6.875
10-Aug-99 6.875
11-Aug-99 6.875
12-Aug-99 6.8125
13-Aug-99 6.8125
16-Aug-99 6.75
17-Aug-99 7
18-Aug-99 6.8125
19-Aug-99 6.6875
20-Aug-99 6.5625
23-Aug-99 6.375
24-Aug-99 6.1875
25-Aug-99 6.25
26-Aug-99 6.0625
27-Aug-99 6.1875
30-Aug-99 6.25
31-Aug-99 6.4375
1-Sep-99 6.3125
2-Sep-99 6.25
3-Sep-99 6.3125
7-Sep-99 6.5
8-Sep-99 6.5625
9-Sep-99 6.625
10-Sep-99 7
13-Sep-99 7
14-Sep-99 6.625
15-Sep-99 6.9375
16-Sep-99 6.75
17-Sep-99 6.875
20-Sep-99 6.5
21-Sep-99 6.4375
22-Sep-99 6.875
23-Sep-99 6.8125
24-Sep-99 6.8125
27-Sep-99 6.75
28-Sep-99 6.75
29-Sep-99 6.625
30-Sep-99 6.75
1-Oct-99 6.375
4-Oct-99 6.125
5-Oct-99 6.5
6-Oct-99 6.375
7-Oct-99 6.625
8-Oct-99 6.75
11-Oct-99 6.75
12-Oct-99 6.5
13-Oct-99 6.5
14-Oct-99 6.625
15-Oct-99 6.625
18-Oct-99 6.6875
19-Oct-99 6.5625
20-Oct-99 6.5625
21-Oct-99 6.5
22-Oct-99 6.0625
25-Oct-99 6.125
26-Oct-99 6.125
27-Oct-99 5.875
28-Oct-99 5.9375
29-Oct-99 5.75
1-Nov-99 5.625
2-Nov-99 5.75
3-Nov-99 6
4-Nov-99 6
5-Nov-99 6.4375
8-Nov-99 6.5
9-Nov-99 6.5625
10-Nov-99 6.75
11-Nov-99 6.5625
12-Nov-99 6.5625
15-Nov-99 6.625
16-Nov-99 6.6875
17-Nov-99 6.625
18-Nov-99 6.625
19-Nov-99 6.6875
22-Nov-99 6.6875
23-Nov-99 6.5625
24-Nov-99 7.0625
26-Nov-99 7.5
29-Nov-99 7.625
30-Nov-99 7.5625
1-Dec-99 7.25
2-Dec-99 7.125
3-Dec-99 7.75
6-Dec-99 7.3125
7-Dec-99 7.125
8-Dec-99 7
9-Dec-99 6.9375
10-Dec-99 7.8125
13-Dec-99 7.3125
14-Dec-99 7.0625
15-Dec-99 7.25
16-Dec-99 7.75
17-Dec-99 7.875
20-Dec-99 8.3125
21-Dec-99 8.5625
22-Dec-99 8.6875
23-Dec-99 8.25
27-Dec-99 8
28-Dec-99 7.5
29-Dec-99 7.5
30-Dec-99 7.5625
31-Dec-99 8.3125
3-Jan-00 8.625
4-Jan-00 8.0625
5-Jan-00 8.25
6-Jan-00 7.875
7-Jan-00 7.9375
10-Jan-00 8
11-Jan-00 8.4375
12-Jan-00 8.6875
13-Jan-00 8.4375
14-Jan-00 8.6875
18-Jan-00 8.625
19-Jan-00 8.9375
o On May 11, 1998 General Cigar Holdings announced that 2Qtr earnings would be
below analyst expectations
o On May 21, 1998 announced that its Board of Directors had authorized the
repurchase of up to 5% of the Company's Class A common stock in open market
transactions
o On January 19, 2000 Swedish Match AB acquired 3.5 million common shares from
the Cullman family for $15.00 per share in cash in a private negotiated
transaction. Concurrently, Swedish Match acquired all outstanding shares from
the public for $15.25 per share in cash. The two transactions represent an
equity stake of 63.5% in General Cigar Holdings and a transaction value of
$210 million
[LOGO]
o On December 17, 1996, Swisher International sold 6 million Class A shares to
the public priced at $17.00 per share representing a 17.6 percent stake in
the Company
[LINE CHART]
Date Close
18-Dec-96 17.25
19-Dec-96 16.375
20-Dec-96 16
23-Dec-96 16.5
24-Dec-96 16.75
26-Dec-96 16.5
27-Dec-96 16.25
30-Dec-96 15.75
31-Dec-96 15.875
2-Jan-97 16
3-Jan-97 16
6-Jan-97 16
7-Jan-97 16.25
8-Jan-97 16.375
9-Jan-97 16.125
10-Jan-97 17
13-Jan-97 18.75
14-Jan-97 17.875
15-Jan-97 17.75
16-Jan-97 17.5
17-Jan-97 16.75
20-Jan-97 16.625
21-Jan-97 16.625
22-Jan-97 16
23-Jan-97 15.625
24-Jan-97 15.25
27-Jan-97 14.75 45
28-Jan-97 14.125
29-Jan-97 14.5
30-Jan-97 15.25
31-Jan-97 15
3-Feb-97 15
4-Feb-97 14.5
5-Feb-97 14.625
6-Feb-97 14.375
7-Feb-97 14.125
10-Feb-97 13.625
11-Feb-97 13.375
12-Feb-97 13.875
13-Feb-97 13.625
14-Feb-97 13.5
18-Feb-97 13.625
19-Feb-97 14.5
20-Feb-97 14.125
21-Feb-97 14.625
24-Feb-97 14.5
25-Feb-97 14.75
26-Feb-97 15.25
27-Feb-97 15.75
28-Feb-97 16.25
3-Mar-97 15.875
4-Mar-97 16 42.8125
5-Mar-97 16.125
6-Mar-97 15.375 45
7-Mar-97 15.5
10-Mar-97 15
11-Mar-97 15.375
12-Mar-97 15.125
13-Mar-97 14.75
14-Mar-97 14.75
17-Mar-97 14.25
18-Mar-97 14
19-Mar-97 13.875
20-Mar-97 14
21-Mar-97 13.625
24-Mar-97 14.125
25-Mar-97 13.75
26-Mar-97 13.875
27-Mar-97 15
31-Mar-97 14.625
1-Apr-97 14.25
2-Apr-97 14.625
3-Apr-97 14.625
4-Apr-97 14.5
7-Apr-97 14.5
8-Apr-97 14.125
9-Apr-97 14
10-Apr-97 14
11-Apr-97 13.625
14-Apr-97 14
15-Apr-97 13.75
16-Apr-97 13.875
17-Apr-97 14
18-Apr-97 14.75
21-Apr-97 15.125
22-Apr-97 15.375
23-Apr-97 15.125
24-Apr-97 15.5
25-Apr-97 15.125
28-Apr-97 15
29-Apr-97 15.375
30-Apr-97 15.75 46.5
1-May-97 15.875
2-May-97 16
5-May-97 16.25
6-May-97 17
7-May-97 17.25
8-May-97 17
9-May-97 17.25
12-May-97 17.375
13-May-97 17.625
14-May-97 17.625
15-May-97 17.625
16-May-97 17.5
19-May-97 16.875
20-May-97 16.625
21-May-97 17.375
22-May-97 17.75
23-May-97 18.25
27-May-97 18.125
28-May-97 17.5
29-May-97 18
30-May-97 18.25
2-Jun-97 18.5
3-Jun-97 18.5
4-Jun-97 18
5-Jun-97 18.5
6-Jun-97 18.5
9-Jun-97 18
10-Jun-97 18.125
11-Jun-97 18.5
12-Jun-97 17.75
13-Jun-97 18.5
16-Jun-97 19.5
17-Jun-97 18.875
18-Jun-97 18.875
19-Jun-97 18.125 39.1875
20-Jun-97 18.125
23-Jun-97 17.75
24-Jun-97 17.125
25-Jun-97 16.625
26-Jun-97 17.0625
27-Jun-97 17
30-Jun-97 17.25
1-Jul-97 17.5
2-Jul-97 17.875
3-Jul-97 18.25
7-Jul-97 17.75
8-Jul-97 17
9-Jul-97 17.5625
10-Jul-97 17.75
11-Jul-97 17.6875
14-Jul-97 17.125
15-Jul-97 16.5
16-Jul-97 17.75
17-Jul-97 14.375
18-Jul-97 14.5
21-Jul-97 14.8125
22-Jul-97 14.625
23-Jul-97 14.6875
24-Jul-97 14.625
25-Jul-97 14.5
28-Jul-97 15.0625
29-Jul-97 15.25
30-Jul-97 15.5
31-Jul-97 16
1-Aug-97 15.625
4-Aug-97 15.75
5-Aug-97 15.625
6-Aug-97 15.6875
7-Aug-97 15.3125
8-Aug-97 14.6875
11-Aug-97 15
12-Aug-97 15.625
13-Aug-97 16
14-Aug-97 15.625
15-Aug-97 15.75
18-Aug-97 15.625
19-Aug-97 15.5 25.75
20-Aug-97 14.875
21-Aug-97 15
22-Aug-97 14.5
25-Aug-97 14.875
26-Aug-97 15.125
27-Aug-97 15.25
28-Aug-97 15.375
29-Aug-97 15.5625
2-Sep-97 15.4375
3-Sep-97 15.5
4-Sep-97 16.875
5-Sep-97 16.875
8-Sep-97 17.6875
9-Sep-97 17.75
10-Sep-97 17.375
11-Sep-97 16.9375
12-Sep-97 17.375
15-Sep-97 17.5
16-Sep-97 17.5
17-Sep-97 17.875
18-Sep-97 17.5 23.75
19-Sep-97 17.75
22-Sep-97 18.25
23-Sep-97 18.3125
24-Sep-97 18.875
25-Sep-97 18
26-Sep-97 18.1875
29-Sep-97 18
30-Sep-97 18.0625
1-Oct-97 17.9375
2-Oct-97 18.25
3-Oct-97 18.6875
6-Oct-97 19.5
7-Oct-97 19.25
8-Oct-97 18.75
9-Oct-97 19.25
10-Oct-97 19.875
13-Oct-97 20
14-Oct-97 20.875
15-Oct-97 20.125
16-Oct-97 20.25
17-Oct-97 19.5
20-Oct-97 19.9375
21-Oct-97 19.625
22-Oct-97 19.5
23-Oct-97 19.625
24-Oct-97 19.875
27-Oct-97 19.125
28-Oct-97 19.375 28.4375
29-Oct-97 19.625
30-Oct-97 19.9375
31-Oct-97 19.8125
3-Nov-97 19.5
4-Nov-97 18.875
5-Nov-97 19.4375
6-Nov-97 18.875
7-Nov-97 18.5
10-Nov-97 18.625 30.4375
11-Nov-97 18.75
12-Nov-97 18.3125
13-Nov-97 17.875
14-Nov-97 17.875
17-Nov-97 18.375
18-Nov-97 18
19-Nov-97 17.3125
20-Nov-97 17.375
21-Nov-97 18
24-Nov-97 16.6875
25-Nov-97 15.875
26-Nov-97 15.625
28-Nov-97 15.5
1-Dec-97 15
2-Dec-97 16.125
3-Dec-97 16.375
4-Dec-97 16.25
5-Dec-97 16.3125
8-Dec-97 15.75
9-Dec-97 15.9375
10-Dec-97 15.75
11-Dec-97 15.5
12-Dec-97 15.5
15-Dec-97 15.4375
16-Dec-97 15.5
17-Dec-97 16
18-Dec-97 16.75
19-Dec-97 16.4375
22-Dec-97 16.25
23-Dec-97 15.875
24-Dec-97 15.625
26-Dec-97 15.75
29-Dec-97 15.75
30-Dec-97 15.75
31-Dec-97 17
2-Jan-98 17.625
5-Jan-98 17.375
6-Jan-98 16.875
7-Jan-98 16.625
8-Jan-98 16.4375
9-Jan-98 16.25
12-Jan-98 15.875
13-Jan-98 15.8125
14-Jan-98 16
15-Jan-98 16
16-Jan-98 16
20-Jan-98 16.125
21-Jan-98 15.875
22-Jan-98 15.875
23-Jan-98 15.875
26-Jan-98 15.75
27-Jan-98 15.25
28-Jan-98 15.25
29-Jan-98 14.8125
30-Jan-98 14.75
2-Feb-98 14.4375
3-Feb-98 14.375
4-Feb-98 14.5
5-Feb-98 14.25
6-Feb-98 14.375
9-Feb-98 13.625
10-Feb-98 13.625
11-Feb-98 13.5
12-Feb-98 13.25
13-Feb-98 14.375
17-Feb-98 14.25
18-Feb-98 14.375
19-Feb-98 14.625
20-Feb-98 14.375
23-Feb-98 14.25
24-Feb-98 13.875
25-Feb-98 14.1875
26-Feb-98 14.125
27-Feb-98 14.3125
2-Mar-98 14.5625
3-Mar-98 14.6875
4-Mar-98 14.625
5-Mar-98 14.9375
6-Mar-98 15.125
9-Mar-98 15.0625
10-Mar-98 14.75
11-Mar-98 13.125
12-Mar-98 13.125
13-Mar-98 13.0625
16-Mar-98 13.0625
17-Mar-98 13.0625
18-Mar-98 13
19-Mar-98 13
20-Mar-98 13
23-Mar-98 13
24-Mar-98 13
25-Mar-98 13.0625
26-Mar-98 13.125
27-Mar-98 13
30-Mar-98 13.0625
31-Mar-98 13
1-Apr-98 12.375
2-Apr-98 11.625
3-Apr-98 11
6-Apr-98 10.875
7-Apr-98 10.75
8-Apr-98 10.8125
9-Apr-98 10.9375
13-Apr-98 10.5625
14-Apr-98 10.375
15-Apr-98 10.625
16-Apr-98 10.625
17-Apr-98 11.125
20-Apr-98 11.375
21-Apr-98 11.625
22-Apr-98 11.75
23-Apr-98 11.875
24-Apr-98 12.125
27-Apr-98 11.875
28-Apr-98 12
29-Apr-98 12
30-Apr-98 12.3125
1-May-98 12.375
4-May-98 12
5-May-98 12.125
6-May-98 12.4375
7-May-98 12.3125
8-May-98 12.5
11-May-98 12.4375
12-May-98 12.5
13-May-98 12.75
14-May-98 12.5625
15-May-98 12.375
18-May-98 11.5625
19-May-98 9.6875
20-May-98 9.3125
21-May-98 9.125
22-May-98 9.125
26-May-98 9.25
27-May-98 8.9375
28-May-98 9
29-May-98 8.875
1-Jun-98 8.5625
2-Jun-98 9
3-Jun-98 9
4-Jun-98 8.9375
5-Jun-98 8.9375
8-Jun-98 8.9375
9-Jun-98 8.875
10-Jun-98 8.4375
11-Jun-98 8.25
12-Jun-98 8.5625
15-Jun-98 7.875
16-Jun-98 7.875
17-Jun-98 7.875
18-Jun-98 8
19-Jun-98 8.0625
22-Jun-98 8.125
23-Jun-98 8.25
24-Jun-98 8.25
25-Jun-98 8.1875
26-Jun-98 8
29-Jun-98 8
30-Jun-98 8
1-Jul-98 8
2-Jul-98 7.8125
6-Jul-98 7.6875
7-Jul-98 7.875
8-Jul-98 7.875
9-Jul-98 7.875
10-Jul-98 7.875
13-Jul-98 7.6875
14-Jul-98 7.75
15-Jul-98 7.3125
16-Jul-98 7.125
17-Jul-98 7.125
20-Jul-98 7.125
21-Jul-98 6.75
22-Jul-98 6.75
23-Jul-98 6.625
24-Jul-98 6.75
27-Jul-98 6.75
28-Jul-98 6.375
29-Jul-98 6.125
30-Jul-98 6.1875
31-Jul-98 6.375
3-Aug-98 6.5625
4-Aug-98 6.5
5-Aug-98 6.375
6-Aug-98 6.375
7-Aug-98 6.25
10-Aug-98 6.125
11-Aug-98 6.1875
12-Aug-98 6.25
13-Aug-98 6.25
14-Aug-98 6.1875
17-Aug-98 6.25
18-Aug-98 6.25
19-Aug-98 6.1875
20-Aug-98 6.125
21-Aug-98 6.0625
24-Aug-98 6.125
25-Aug-98 6.0625
26-Aug-98 6.125
27-Aug-98 5.8125
28-Aug-98 5.9375
31-Aug-98 6
1-Sep-98 5.875
2-Sep-98 5.4375
3-Sep-98 5.375
4-Sep-98 5.375
8-Sep-98 5.5625
9-Sep-98 5.5
10-Sep-98 5.4375
11-Sep-98 5.4375
14-Sep-98 5.5
15-Sep-98 5.4375
16-Sep-98 5.5
17-Sep-98 5.3125
18-Sep-98 5.375
21-Sep-98 5.3125
22-Sep-98 5.375
23-Sep-98 5.4375
24-Sep-98 5.5625
25-Sep-98 5.625
28-Sep-98 5.6875
29-Sep-98 5.875
30-Sep-98 6
1-Oct-98 6
2-Oct-98 5.9375
5-Oct-98 5.8125
6-Oct-98 5.625
7-Oct-98 5.5
8-Oct-98 5.125
9-Oct-98 4.875
12-Oct-98 4.375
13-Oct-98 4.875
14-Oct-98 4.875
15-Oct-98 4.625
16-Oct-98 4.5
19-Oct-98 4.75
20-Oct-98 4.8125
21-Oct-98 5.375
22-Oct-98 5.25
23-Oct-98 5.3125
26-Oct-98 5.125
27-Oct-98 5.25
28-Oct-98 6.0625
29-Oct-98 6.375
30-Oct-98 6.75
2-Nov-98 6.75
3-Nov-98 6.8125
4-Nov-98 6.875
5-Nov-98 6.75
6-Nov-98 6.25
9-Nov-98 6.25
10-Nov-98 6
11-Nov-98 5.6875
12-Nov-98 5.6875
13-Nov-98 5.8125
16-Nov-98 6
17-Nov-98 6
18-Nov-98 6.25
19-Nov-98 6.1875
20-Nov-98 6.3125
23-Nov-98 6.375
24-Nov-98 6.3125
25-Nov-98 6.375
27-Nov-98 6.375
30-Nov-98 6.25
1-Dec-98 6.5
2-Dec-98 6.375
3-Dec-98 6.5
4-Dec-98 6.5
7-Dec-98 6.5625
8-Dec-98 6.8125
9-Dec-98 6.8125
10-Dec-98 8.875
11-Dec-98 8.9375
14-Dec-98 8.8125
15-Dec-98 8.8125
16-Dec-98 8.875
17-Dec-98 8.875
18-Dec-98 8.9766
21-Dec-98 8.9375
22-Dec-98 8.9375
23-Dec-98 8.9375
24-Dec-98 8.9375
28-Dec-98 8.9375
29-Dec-98 8.9375
30-Dec-98 8.9375
31-Dec-98 9
4-Jan-99 9
5-Jan-99 9
6-Jan-99 9.0625
7-Jan-99 9
8-Jan-99 9
11-Jan-99 9.125
12-Jan-99 9.0625
13-Jan-99 9
14-Jan-99 9
15-Jan-99 8.9375
19-Jan-99 8.9375
20-Jan-99 8.9375
21-Jan-99 9
22-Jan-99 9
25-Jan-99 8.9375
26-Jan-99 8.9375
27-Jan-99 8.8125
28-Jan-99 9
29-Jan-99 9.0625
1-Feb-99 9.125
2-Feb-99 9.125
3-Feb-99 9.1875
4-Feb-99 9.125
5-Feb-99 9.125
8-Feb-99 9.125
9-Feb-99 9.125
10-Feb-99 9.125
11-Feb-99 9.125
12-Feb-99 9.125
16-Feb-99 9
17-Feb-99 9
18-Feb-99 8.875
19-Feb-99 9
22-Feb-99 9
23-Feb-99 8.9375
24-Feb-99 8.9375
25-Feb-99 9
26-Feb-99 8.9375
1-Mar-99 8.9375
2-Mar-99 8.875
3-Mar-99 8.9375
4-Mar-99 9
5-Mar-99 9.0625
8-Mar-99 9.0625
9-Mar-99 8.9375
10-Mar-99 8.875
11-Mar-99 8.9375
12-Mar-99 9
15-Mar-99 9
16-Mar-99 9
17-Mar-99 9.125
18-Mar-99 8.9375
19-Mar-99 9.125
22-Mar-99 9.125
23-Mar-99 8.9375
24-Mar-99 8.9375
25-Mar-99 9
26-Mar-99 9
29-Mar-99 8.9375
30-Mar-99 8.9375
31-Mar-99 8.9375
1-Apr-99 9
5-Apr-99 8.9375
6-Apr-99 8.9375
7-Apr-99 8.9375
8-Apr-99 9
9-Apr-99 9.0625
12-Apr-99 8.9375
13-Apr-99 9
14-Apr-99 8.9375
15-Apr-99 9
16-Apr-99 9
19-Apr-99 9.0625
20-Apr-99 9.0625
21-Apr-99 9
22-Apr-99 9
23-Apr-99 9
26-Apr-99 8.9375
27-Apr-99 9
28-Apr-99 8.9375
29-Apr-99 8.9375
30-Apr-99 9.125
3-May-99 9.0625
4-May-99 9
5-May-99 9
6-May-99 9
7-May-99 9.125
10-May-99 9.125
11-May-99 9.0625
12-May-99 9
13-May-99 9
14-May-99 9.125
17-May-99 9.125
18-May-99 9.125
19-May-99 9.125
20-May-99 9.1875
21-May-99 9.1875
24-May-99 9.1875
25-May-99 9.1875
26-May-99 9.1875
27-May-99 9.1875
28-May-99 9.375
1-Jun-99 9.25
2-Jun-99 9.25
3-Jun-99 9.375
4-Jun-99 9.4375
7-Jun-99 9.4375
8-Jun-99 9.3125
9-Jun-99 9.375
10-Jun-99 9.375
11-Jun-99 9.375
14-Jun-99 9.4375
24-Aug-99 6.1875
25-Aug-99 6.25
26-Aug-99 6.0625
27-Aug-99 6.1875
30-Aug-99 6.25
31-Aug-99 6.4375
1-Sep-99 6.3125
2-Sep-99 6.25
3-Sep-99 6.3125
7-Sep-99 6.5
8-Sep-99 6.5625
9-Sep-99 6.625
10-Sep-99 7
13-Sep-99 7
14-Sep-99 6.625
15-Sep-99 6.9375
16-Sep-99 6.75
17-Sep-99 6.875
20-Sep-99 6.5
21-Sep-99 6.4375
22-Sep-99 6.875
23-Sep-99 6.8125
24-Sep-99 6.8125
27-Sep-99 6.75
28-Sep-99 6.75
29-Sep-99 6.625
30-Sep-99 6.75
1-Oct-99 6.375
4-Oct-99 6.125
5-Oct-99 6.5
6-Oct-99 6.375
7-Oct-99 6.625
8-Oct-99 6.75
11-Oct-99 6.75
12-Oct-99 6.5
13-Oct-99 6.5
14-Oct-99 6.625
15-Oct-99 6.625
18-Oct-99 6.6875
19-Oct-99 6.5625
20-Oct-99 6.5625
21-Oct-99 6.5
22-Oct-99 6.0625
25-Oct-99 6.125
26-Oct-99 6.125
27-Oct-99 5.875
28-Oct-99 5.9375
29-Oct-99 5.75
1-Nov-99 5.625
2-Nov-99 5.75
3-Nov-99 6
4-Nov-99 6
5-Nov-99 6.4375
8-Nov-99 6.5
9-Nov-99 6.5625
10-Nov-99 6.75
11-Nov-99 6.5625
12-Nov-99 6.5625
15-Nov-99 6.625
16-Nov-99 6.6875
17-Nov-99 6.625
18-Nov-99 6.625
19-Nov-99 6.6875
22-Nov-99 6.6875
23-Nov-99 6.5625
24-Nov-99 7.0625
26-Nov-99 7.5
29-Nov-99 7.625
30-Nov-99 7.5625
1-Dec-99 7.25
2-Dec-99 7.125
3-Dec-99 7.75
6-Dec-99 7.3125
7-Dec-99 7.125
8-Dec-99 7
9-Dec-99 6.9375
o On February 5, 1998, Swisher International announced that its Board of
Directors had authorized the repurchase of up to $15 million of the Company's
Class A common stock through open market purchases and privately negotiated
transactions
o On March 10, 1998, Swisher International stock declined on earnings warnings
o On December 9, 1998 Swisher announced its intention to self-tender for 100%
of its Class A common shares for $9.50 per share; the 5.8 million Class A
shares represent 17% of the outstanding shares held by the public at the time
of announcement
(a) Source: Company press releases.
4
<PAGE>
--------------------------------------------------------------------------------
HISTORICAL FINANCIAL PERFORMANCE OF LEAF
--------------------------------------------------------------------------------
<PAGE>
HISTORICAL FINANCIAL PERFORMANCE OF LEAF
ANALYSIS OF REVENUE MIX
<TABLE>
<CAPTION>
YTD 2000 1999 1998 1997
----------------- -------------------- ------------------- ------------------------
<S> <C> <C> <C> <C>
PRODUCT:
Cigars/Tobacco 45.1% 47.3% 53.4% 56.9%
Cigarettes 46.0% 43.3% 37.9% 34.6%
Fragrances 2.2% 2.5% 2.6% 3.1%
Other Merchandise 6.7% 6.9% 6.0% 5.3%
----------------- -------------------- ------------------- ------------------------
Total Net Sales 100.0% 100.0% 100.0% 100.0%
RETAIL OPERATIONS:
Direct Mail Cigars 16.9% 17.7% 22.0% 22.3%
Cigar Stores 9.3% 10.3% 9.0% 9.6%
Discount Outlet Stores 21.3% 21.4% 23.7% 26.5%
Internet 3.0% 1.2% -- --
----------------- -------------------- ------------------- ------------------------
Total Retail Sales 50.6% 50.6% 54.7% 58.4%
WHOLESALE OPERATIONS:
Direct Mail Cigars 15.8% 18.1% 19.5% 18.8%
Cash & Carry Cigarettes 33.6% 31.2% 25.8% 22.8%
----------------- -------------------- ------------------- ------------------------
Total Wholesale Sales 49.4% 49.4% 45.3% 41.6%
Total Net Sales 100.0% 100.0% 100.0% 100.0%
----------------- -------------------- ------------------- ------------------------
<CAPTION>
Indicative Gross Margin (a)
----------------------------------------
<S> <C>
PRODUCT:
Cigars/Tobacco 10% (wholesale)/30%(retail)
Cigarettes 2% (wholesale)/6%(retail)
Fragrances 30%
Other Merchandise 30%
Total Net Sales
RETAIL OPERATIONS:
Direct Mail Cigars 29%-31%
Cigar Stores 28%-33%
Discount Outlet Stores 6%
Internet 30%
Total Retail Sales
WHOLESALE OPERATIONS:
Direct Mail Cigars 10%
Cash & Carry Cigarettes 2%
Total Wholesale Sales
Total Net Sales
</TABLE>
Source: Leaf management.
(a) Indicative gross margin as per management estimate.
[LOGO] MERRILL LYNCH------------------------------------------------------------
5
<PAGE>
HISTORICAL FINANCIAL PERFORMANCE OF LEAF
--------------------------------------------------------------------------------
ANALYSIS OF SALES TRENDS - ANNUAL AND YTD
<TABLE>
<CAPTION>
YTD Annual
-------------------------------- -----------------------------------
2000 1999 % Change 1999 1998 % Change
---------- --------- ----------- ---------- ----------- ------------
PRODUCT:
<S> <C> <C> <C> <C> <C> <C>
Cigars/Tobacco $68.0 $70.6 (3.6%) $150.0 $153.1 (2.1%)
Cigarettes 69.3 68.8 0.7% 137.1 108.6 26.3%
Fragrances 3.3 3.2 3.2% 8.0 7.6 5.3%
Other Merchandise 10.1 9.1 11.0% 22.0 17.3 27.1%
------- ------- -------- --------- --------- ---------
Total Net Sales $150.7 $151.6 (0.6%) $317.0 $286.5 10.6%
RETAIL OPERATIONS:
Direct Mail Cigars $25.5 $27.6 (7.8%) $56.3 $63.0 (10.7%)
Cigar Stores 14.1 15.3 (7.8%) 32.6 25.7 26.7%
Discount Outlet Stores 32.1 32.9 (2.2%) 67.9 68.0 (0.1%)
Internet 4.6 0.7 -- 3.7 -- --
------- ------- -------- --------- --------- ---------
Total Retail Stores $76.3 $76.5 (0.3%) $160.5 $156.6 2.4%
Wholesale Operations:
Direct Mail Cigars $23.8 $26.8 (11.5%) $57.5 $56.0 2.7%
Cash & Carry Cigarettes 50.7 48.3 4.8% 99.0 73.9 34.1%
------- ------- -------- --------- --------- ---------
Total Wholesale Sales 74.4 75.2 (1.0%) 156.5 129.9 20.5%
------- ------- -------- --------- --------- ---------
Total Net Sales $150.7 $151.6 -0.6% $317.0 $286.5 10.6%
======= ======= ======== ========= ========= =========
<CAPTION>
Annual
----------------------------------
1998 1997 % Change
-------- ----------- ----------
PRODUCT:
<S> <C> <C> <C>
Cigars/Tobacco $153.1 $136.8 11.9%
Cigarettes 108.6 83.2 30.5%
Fragrances 7.6 7.5 1.2%
Other Merchandise 17.3 12.9 34.5%
------- -------- -------
Total Net Sales $286.5 $240.3 19.2%
RETAIL OPERATIONS:
Direct Mail Cigars $63.0 $53.6 17.6%
Cigar Stores 25.7 23.1 11.3%
Discount Outlet Stores 68.0 63.6 6.8%
Internet 1.9 -- --
------- -------- -------
Total Retail Stores $156.6 $140.3 11.7%
Wholesale Operations:
Direct Mail Cigars $56.0 $45.3 23.6%
Cash & Carry Cigarettes 73.9 54.8 34.9%
------- -------- -------
Total Wholesale Sales 129.9 100.1 29.8%
Total Net Sales $286.5 $240.3 19.2%
======= ======= =======
</TABLE>
----------------------------------------
Source: Leaf management.
[LOGO] MERRILL LYNCH------------------------------------------------------------
6
<PAGE>
--------------------------------------------------------------------------------
PUBLIC MARKET OVERVIEW OF LEAF
--------------------------------------------------------------------------------
<PAGE>
PUBLIC MARKET OVERVIEW OF LEAF
--------------------------------------------------------------------------------
(DOLLARS IN MILLIONS, EXCEPT PER SHARE AMOUNTS)
MARKET VALUATION AND CAPITALIZATION
Current Market Price 8/25/00 $10.75
52-Week High 11.00
52-Week Low 7.63
Diluted Shares Outstanding (TS Method) (a) 11.9
Market Value $128.4
Plus: Total Debt and Preferred (b) 0.0
Less: Cash (b) (13.3)
-------
Market Capitalization $115.1
FORWARD TRADING MULTIPLES
<TABLE>
<CAPTION>
Market Capitalization as a Multiple of: Stock Price as a P/E to 5-Year
-------------------------------------------------
Year Sales EBITDA EBIT Multiple of EPS Growth Rate
------------------ ------------ ------------- ------------- --------------------- ----------------------
<S> <C> <C> <C> <C> <C>
LTM 6/30/00 (e) 0.36x 5.3x 5.9x 11.2x 1.12x
2000E (f) 0.36x 5.2x 5.8x 10.5x 1.05x
2001E (f) 0.33x 4.8x 5.4x 9.5x 0.95x
<CAPTION>
Estimated Financial Results 5-Year EPS
---------------------------------------------------------------
Year Sales EBITDA EBIT EPS Growth Rate
------------------ ------------- -------------- ------------ --------------- -------------------
<S> <C> <C> <C> <C> <C>
LTM 6/30/00 (d) $316 $22 $19 $0.96 10.0%(C)
2000E (c) 324 22 20 1.02
2001E (c) 350 24 21 1.13
</TABLE>
(A) BASED ON 11.9 MILLION SHARES OUTSTANDING AND 0.480 MILLION OPTIONS
OUTSTANDING AT A WEIGHTED AVERAGE STRIKE PRICE OF
$8.90.
(B) AS OF JUNE 30, 2000.
(C) LEAF MANAGEMENT ESTIMATES.
(D) BASED ON LEAF PUBLIC SEC FILINGS.
(E) CALCULATIONS BASED ON FINANCIAL RESULTS OBTAINED FROM LEAF PUBLIC SEC
FILINGS.
(F) CALCULATIONS BASED ON FINANCIAL RESULTS PROVIDED BY LEAF MANAGEMENT.
[LOGO] MERRILL LYNCH------------------------------------------------------------
7
<PAGE>
PUBLIC MARKET OVERVIEW OF LEAF
--------------------------------------------------------------------------------
ANNOTATED STOCK PRICE PERFORMANCE SINCE IPO
[CHART]
Date Close
26-Jun-97 19.875
27-Jun-97 21.25
30-Jun-97 20.75
1-Jul-97 20.75
2-Jul-97 20.75
3-Jul-97 21.75
7-Jul-97 22
8-Jul-97 20.875
9-Jul-97 20.25
10-Jul-97 20.5
11-Jul-97 20.75
14-Jul-97 20.75
15-Jul-97 20.6875
16-Jul-97 20.625
17-Jul-97 20.5
18-Jul-97 20.5
21-Jul-97 21.375
22-Jul-97 21.25
23-Jul-97 21.375
24-Jul-97 22.125
25-Jul-97 22.75
28-Jul-97 23.375
29-Jul-97 25.375
30-Jul-97 24.625
31-Jul-97 24.625
1-Aug-97 24
4-Aug-97 23
5-Aug-97 24.875
6-Aug-97 26.375
7-Aug-97 26.625
8-Aug-97 30.5
11-Aug-97 33.625
12-Aug-97 33.125
13-Aug-97 31.875
14-Aug-97 31.5
15-Aug-97 30.25
18-Aug-97 31.25
19-Aug-97 31.5
20-Aug-97 32.25
21-Aug-97 31.5
22-Aug-97 31.125
25-Aug-97 31.5
26-Aug-97 30.5
27-Aug-97 29.875
28-Aug-97 30.75
29-Aug-97 32
2-Sep-97 32.5
3-Sep-97 34
4-Sep-97 33.875
5-Sep-97 33.75
8-Sep-97 35.375
9-Sep-97 36
10-Sep-97 34.5
11-Sep-97 34.5625
12-Sep-97 34.5
15-Sep-97 35
16-Sep-97 35
17-Sep-97 34.25
18-Sep-97 34.625
19-Sep-97 35.75
22-Sep-97 35.75
23-Sep-97 35.75
24-Sep-97 35
25-Sep-97 34.5
26-Sep-97 35.5
29-Sep-97 35.5
30-Sep-97 35
1-Oct-97 35.875
2-Oct-97 37
3-Oct-97 38
6-Oct-97 38.1875
7-Oct-97 35.375
8-Oct-97 35.375
9-Oct-97 33.625
10-Oct-97 33.25
13-Oct-97 34
14-Oct-97 33
15-Oct-97 33.5
16-Oct-97 33
17-Oct-97 31.25
20-Oct-97 31.375
21-Oct-97 31.375
22-Oct-97 31
23-Oct-97 29.5
24-Oct-97 32
27-Oct-97 30.5
28-Oct-97 32
29-Oct-97 31.6875
30-Oct-97 31.6875
31-Oct-97 31.25
3-Nov-97 30.875
4-Nov-97 30.8125
5-Nov-97 29.875
6-Nov-97 30.625
7-Nov-97 30.125
10-Nov-97 30.25
11-Nov-97 30.25
12-Nov-97 28
13-Nov-97 27.5
14-Nov-97 26.625
17-Nov-97 26.875
18-Nov-97 27.25
19-Nov-97 27.25
20-Nov-97 27.25
21-Nov-97 29
24-Nov-97 26.875
25-Nov-97 27.125
26-Nov-97 27.5625
28-Nov-97 27.5
1-Dec-97 26.875
2-Dec-97 27
3-Dec-97 26.625
4-Dec-97 26.25
5-Dec-97 25
8-Dec-97 24.375
9-Dec-97 23.625
10-Dec-97 23.5
11-Dec-97 22
12-Dec-97 21.375
15-Dec-97 21.5
16-Dec-97 21.75
17-Dec-97 22
18-Dec-97 20.5
19-Dec-97 22.75
22-Dec-97 24.25
23-Dec-97 24.125
24-Dec-97 23.875
26-Dec-97 23.875
29-Dec-97 23.875
30-Dec-97 25
31-Dec-97 25
2-Jan-98 25.5
5-Jan-98 25.25
6-Jan-98 25
7-Jan-98 24.875
8-Jan-98 24
9-Jan-98 23.5
12-Jan-98 23.125
13-Jan-98 23
14-Jan-98 23.375
15-Jan-98 23.375
16-Jan-98 23.25
20-Jan-98 23.875
21-Jan-98 24.125
22-Jan-98 25.5
23-Jan-98 25.75
26-Jan-98 25.5
27-Jan-98 25.5
28-Jan-98 26.25
29-Jan-98 26.25
30-Jan-98 26
2-Feb-98 25.875
3-Feb-98 26
4-Feb-98 26.75
5-Feb-98 27
6-Feb-98 26.75
9-Feb-98 26
10-Feb-98 23.8125
11-Feb-98 24.5
12-Feb-98 24.375
13-Feb-98 25.25
17-Feb-98 25
18-Feb-98 24.25
19-Feb-98 24.625
20-Feb-98 24.25
23-Feb-98 24
24-Feb-98 23.75
25-Feb-98 22
26-Feb-98 22.75
27-Feb-98 22.75
2-Mar-98 24.25
3-Mar-98 24.25
4-Mar-98 24.875
5-Mar-98 24
6-Mar-98 24.3125
9-Mar-98 24.125
10-Mar-98 21.75
11-Mar-98 21.625
12-Mar-98 22
13-Mar-98 21.75
16-Mar-98 21.3125
17-Mar-98 21.6875
18-Mar-98 21
19-Mar-98 21
20-Mar-98 20.5625
23-Mar-98 20.1875
24-Mar-98 20.75
25-Mar-98 20.75
26-Mar-98 21.125
27-Mar-98 21
30-Mar-98 19.875
31-Mar-98 20
1-Apr-98 20
2-Apr-98 19.75
3-Apr-98 19.625
6-Apr-98 19.25
7-Apr-98 19.125
8-Apr-98 19.75
9-Apr-98 20.25
13-Apr-98 20.625
14-Apr-98 20.625
15-Apr-98 23
16-Apr-98 22.875
17-Apr-98 21.875
20-Apr-98 21.75
21-Apr-98 22
22-Apr-98 23
23-Apr-98 23.25
24-Apr-98 22.125
27-Apr-98 22.25
28-Apr-98 22.125
29-Apr-98 21.5
30-Apr-98 21.625
1-May-98 22.25
4-May-98 23
5-May-98 23.5
6-May-98 23.875
7-May-98 22.75
8-May-98 23.5
11-May-98 23.875
12-May-98 23.625
13-May-98 23.25
14-May-98 22.8125
15-May-98 22.125
18-May-98 21.75
19-May-98 20.9375
20-May-98 20.25
21-May-98 20
22-May-98 20.125
26-May-98 19.625
27-May-98 19
28-May-98 19.125
29-May-98 19.875
1-Jun-98 20
2-Jun-98 20.0625
3-Jun-98 20.125
4-Jun-98 20.125
5-Jun-98 20.125
8-Jun-98 21.125
9-Jun-98 20.5625
10-Jun-98 19.5
11-Jun-98 19
12-Jun-98 18.875
15-Jun-98 19.125
16-Jun-98 19
17-Jun-98 19.625
18-Jun-98 20.125
19-Jun-98 20
22-Jun-98 19.5
23-Jun-98 20.125
24-Jun-98 20.25
25-Jun-98 20.125
26-Jun-98 20.75
29-Jun-98 21.9375
30-Jun-98 19.75
1-Jul-98 21.4688
2-Jul-98 20.625
6-Jul-98 20.875
7-Jul-98 21.5
8-Jul-98 21.875
9-Jul-98 22.375
10-Jul-98 22.125
13-Jul-98 22.375
14-Jul-98 20.75
15-Jul-98 20.5
16-Jul-98 21
17-Jul-98 20.5
20-Jul-98 20.5
21-Jul-98 20.5
22-Jul-98 20.125
23-Jul-98 20.0625
24-Jul-98 19.5
27-Jul-98 19.125
28-Jul-98 18.875
29-Jul-98 19.125
30-Jul-98 19.25
31-Jul-98 19.5
3-Aug-98 18.75
4-Aug-98 19.25
5-Aug-98 18.5
6-Aug-98 14
7-Aug-98 13.875
10-Aug-98 13.75
11-Aug-98 12.875
12-Aug-98 13.625
13-Aug-98 13
14-Aug-98 13.125
17-Aug-98 12.75
18-Aug-98 12.9375
19-Aug-98 12.625
20-Aug-98 12.25
21-Aug-98 11.875
24-Aug-98 10.5
25-Aug-98 11.8125
26-Aug-98 11.375
27-Aug-98 11.125
28-Aug-98 11.0625
31-Aug-98 11
1-Sep-98 11.375
2-Sep-98 11
3-Sep-98 11
4-Sep-98 11
8-Sep-98 12.25
9-Sep-98 11.75
10-Sep-98 11.5
11-Sep-98 12
14-Sep-98 11.875
15-Sep-98 11.625
16-Sep-98 12
17-Sep-98 11.5
18-Sep-98 11.25
21-Sep-98 11.5625
22-Sep-98 11.75
23-Sep-98 12
24-Sep-98 11.625
25-Sep-98 12.0625
28-Sep-98 12
29-Sep-98 11.375
30-Sep-98 11.125
1-Oct-98 10.875
2-Oct-98 11.5
5-Oct-98 10.875
6-Oct-98 10.75
7-Oct-98 10.5
8-Oct-98 10.625
9-Oct-98 10.25
12-Oct-98 10.5
13-Oct-98 10.25
14-Oct-98 10.75
15-Oct-98 10.5
16-Oct-98 10.75
19-Oct-98 11.25
20-Oct-98 11.0625
21-Oct-98 12.125
22-Oct-98 12.0625
23-Oct-98 13
26-Oct-98 14.375
27-Oct-98 16.5
28-Oct-98 15.5
29-Oct-98 15
30-Oct-98 14.75
2-Nov-98 16.125
3-Nov-98 15.25
4-Nov-98 15.875
5-Nov-98 15.9375
6-Nov-98 16
9-Nov-98 15.125
10-Nov-98 14.5625
11-Nov-98 14.5
12-Nov-98 14.4375
13-Nov-98 13.25
16-Nov-98 13.25
17-Nov-98 13.25
18-Nov-98 12.75
19-Nov-98 12.75
20-Nov-98 13.0625
23-Nov-98 13.1875
24-Nov-98 13.25
25-Nov-98 13.4375
27-Nov-98 13.5
30-Nov-98 14.5
1-Dec-98 17.25
2-Dec-98 16.5
3-Dec-98 16.5
4-Dec-98 16.25
7-Dec-98 16.5
8-Dec-98 17.25
9-Dec-98 17.5
10-Dec-98 17
11-Dec-98 17
14-Dec-98 17.25
15-Dec-98 17
16-Dec-98 17.0625
17-Dec-98 17
18-Dec-98 17.875
21-Dec-98 17.875
22-Dec-98 18
23-Dec-98 17.625
24-Dec-98 17.25
28-Dec-98 17.875
29-Dec-98 19
30-Dec-98 22
31-Dec-98 23.25
4-Jan-99 21.0625
5-Jan-99 21
6-Jan-99 20.75
7-Jan-99 21.5
8-Jan-99 20.5
11-Jan-99 20
12-Jan-99 19.5625
13-Jan-99 18.5
14-Jan-99 18.5
15-Jan-99 18.3125
19-Jan-99 19.0625
20-Jan-99 19.5
21-Jan-99 19.375
22-Jan-99 19.5
25-Jan-99 20.25
26-Jan-99 19.625
27-Jan-99 19.375
28-Jan-99 19.25
29-Jan-99 19.625
1-Feb-99 21
2-Feb-99 20
3-Feb-99 20.75
4-Feb-99 18.9375
5-Feb-99 18.75
8-Feb-99 18.9375
9-Feb-99 18.9375
10-Feb-99 18.875
11-Feb-99 18.75
12-Feb-99 18.3125
16-Feb-99 18.1875
17-Feb-99 18.625
18-Feb-99 18.125
19-Feb-99 18.125
22-Feb-99 18.3125
23-Feb-99 18.125
24-Feb-99 18.4375
25-Feb-99 18.5
26-Feb-99 18.625
1-Mar-99 18.125
2-Mar-99 18.25
3-Mar-99 18.125
4-Mar-99 18
5-Mar-99 18
8-Mar-99 15.8125
9-Mar-99 15.625
10-Mar-99 15.25
11-Mar-99 8.3125
12-Mar-99 9.25
15-Mar-99 9.25
16-Mar-99 8.5625
17-Mar-99 8.75
18-Mar-99 8.75
19-Mar-99 8.875
22-Mar-99 8.75
23-Mar-99 8
24-Mar-99 7.5625
25-Mar-99 8.375
26-Mar-99 7.875
29-Mar-99 8
30-Mar-99 8.125
31-Mar-99 7.75
1-Apr-99 8
5-Apr-99 8
6-Apr-99 7.75
7-Apr-99 7.75
8-Apr-99 7.5625
9-Apr-99 7.875
12-Apr-99 7.625
13-Apr-99 8
14-Apr-99 8.375
15-Apr-99 8.3125
16-Apr-99 8.25
19-Apr-99 7.4375
20-Apr-99 7.9375
21-Apr-99 7.75
22-Apr-99 7.6875
23-Apr-99 7.75
26-Apr-99 9.125
27-Apr-99 9.0625
28-Apr-99 8.25
29-Apr-99 8.5
30-Apr-99 8.4375
3-May-99 8.875
4-May-99 8.5
5-May-99 8.8125
6-May-99 8.9375
7-May-99 8.6563
10-May-99 8.625
11-May-99 8.5625
12-May-99 8.5625
13-May-99 8.5625
14-May-99 8.5313
17-May-99 8.5
18-May-99 8.5
19-May-99 8.5625
20-May-99 8.75
21-May-99 8.875
24-May-99 9.375
25-May-99 9.25
26-May-99 9.125
27-May-99 9.125
28-May-99 9.125
1-Jun-99 9
2-Jun-99 8.9375
3-Jun-99 9.25
4-Jun-99 9
7-Jun-99 9.3125
8-Jun-99 9
9-Jun-99 9.125
10-Jun-99 9.0625
11-Jun-99 9.125
14-Jun-99 9.0938
15-Jun-99 9.125
16-Jun-99 9.0938
17-Jun-99 9.125
18-Jun-99 9.3125
21-Jun-99 9.8125
22-Jun-99 9.625
23-Jun-99 9.9375
24-Jun-99 9.8125
25-Jun-99 9.9375
28-Jun-99 9.875
29-Jun-99 11
30-Jun-99 12.375
1-Jul-99 12.75
2-Jul-99 12
6-Jul-99 12.375
7-Jul-99 12.125
8-Jul-99 12
9-Jul-99 11.0625
12-Jul-99 10.75
13-Jul-99 11.125
14-Jul-99 11.625
15-Jul-99 11.375
16-Jul-99 11.375
19-Jul-99 11.1875
20-Jul-99 11.125
21-Jul-99 11.4375
22-Jul-99 10.9375
23-Jul-99 10.75
26-Jul-99 10.75
27-Jul-99 10.75
28-Jul-99 10.75
29-Jul-99 10.75
30-Jul-99 10.625
2-Aug-99 10.75
3-Aug-99 10.75
4-Aug-99 10.5
5-Aug-99 9.875
6-Aug-99 9.5
9-Aug-99 9.625
10-Aug-99 10.0625
11-Aug-99 9.75
12-Aug-99 9.9375
13-Aug-99 9.9375
16-Aug-99 9.875
17-Aug-99 9.875
18-Aug-99 10.3125
19-Aug-99 10.25
20-Aug-99 10.25
23-Aug-99 10.5
24-Aug-99 11.25
25-Aug-99 10.875
26-Aug-99 10.75
27-Aug-99 10.5625
30-Aug-99 10.625
31-Aug-99 10.5
1-Sep-99 10.5
2-Sep-99 10.875
3-Sep-99 10.875
7-Sep-99 11
8-Sep-99 10.75
9-Sep-99 10.5
10-Sep-99 10.5625
13-Sep-99 10.5
14-Sep-99 10.5
15-Sep-99 10.75
16-Sep-99 10.5
17-Sep-99 10.5
20-Sep-99 10.5
21-Sep-99 10.375
22-Sep-99 10.5
23-Sep-99 10.375
24-Sep-99 10.375
27-Sep-99 10.375
28-Sep-99 10.375
29-Sep-99 10.5
30-Sep-99 10.625
1-Oct-99 10.3125
4-Oct-99 9.75
5-Oct-99 9.875
6-Oct-99 9.875
7-Oct-99 10
8-Oct-99 9.8438
11-Oct-99 9.875
12-Oct-99 9.625
13-Oct-99 9.9375
14-Oct-99 9.4375
15-Oct-99 9.125
18-Oct-99 9.0625
19-Oct-99 9.875
20-Oct-99 9.0625
21-Oct-99 9.125
22-Oct-99 9.125
25-Oct-99 9.0313
26-Oct-99 9
27-Oct-99 7.625
28-Oct-99 8.375
29-Oct-99 8.125
1-Nov-99 7.875
2-Nov-99 8
3-Nov-99 8.25
4-Nov-99 8.25
5-Nov-99 8.25
8-Nov-99 8.0625
9-Nov-99 8.5
10-Nov-99 8.5625
11-Nov-99 9
12-Nov-99 8.75
15-Nov-99 8.25
16-Nov-99 8.3125
17-Nov-99 8.5938
18-Nov-99 8.3125
19-Nov-99 8.3125
22-Nov-99 7.75
23-Nov-99 8.1875
24-Nov-99 8
26-Nov-99 8
29-Nov-99 8
30-Nov-99 8.3125
1-Dec-99 8.5
2-Dec-99 8.5625
3-Dec-99 8.625
6-Dec-99 8.25
7-Dec-99 8.5
8-Dec-99 8.875
9-Dec-99 8.875
10-Dec-99 8.625
13-Dec-99 8.625
14-Dec-99 8.5
15-Dec-99 8.625
16-Dec-99 8.9688
17-Dec-99 8.9375
20-Dec-99 8.5
21-Dec-99 8.625
22-Dec-99 8.6563
23-Dec-99 8.75
27-Dec-99 8.625
28-Dec-99 8.625
29-Dec-99 8.75
30-Dec-99 8.75
31-Dec-99 8.6875
3-Jan-00 9.125
4-Jan-00 8.75
5-Jan-00 8.75
6-Jan-00 8.6875
7-Jan-00 8.6875
10-Jan-00 8.875
11-Jan-00 8.9375
12-Jan-00 9
13-Jan-00 9.125
14-Jan-00 9
18-Jan-00 9.25
19-Jan-00 9.0625
20-Jan-00 9.5
21-Jan-00 9.3125
24-Jan-00 9.375
25-Jan-00 9.3125
26-Jan-00 9.875
27-Jan-00 10
28-Jan-00 9.625
31-Jan-00 8.6875
1-Feb-00 9.625
2-Feb-00 9.125
3-Feb-00 9.75
4-Feb-00 9.5625
7-Feb-00 9.25
8-Feb-00 9.625
9-Feb-00 9.375
10-Feb-00 9.75
11-Feb-00 9.5625
14-Feb-00 9.5
15-Feb-00 9.6875
16-Feb-00 9.5
17-Feb-00 9.5
18-Feb-00 9.125
22-Feb-00 9.0625
23-Feb-00 9.3438
24-Feb-00 9.5
25-Feb-00 9.1875
28-Feb-00 9.2813
29-Feb-00 9.375
1-Mar-00 9.25
2-Mar-00 8.5
3-Mar-00 9
6-Mar-00 8.75
7-Mar-00 9
8-Mar-00 9
9-Mar-00 8.75
10-Mar-00 8.75
13-Mar-00 8.6875
14-Mar-00 8.625
15-Mar-00 8.875
16-Mar-00 9.3125
17-Mar-00 9.0625
20-Mar-00 9.25
21-Mar-00 9
22-Mar-00 9.0625
23-Mar-00 9.125
24-Mar-00 9.375
27-Mar-00 9.4688
28-Mar-00 9.4375
29-Mar-00 9.125
30-Mar-00 9.7188
31-Mar-00 9.75
3-Apr-00 9.25
4-Apr-00 9.5
5-Apr-00 9.5
6-Apr-00 9.375
7-Apr-00 9.5
10-Apr-00 9.75
11-Apr-00 9.6875
12-Apr-00 9.8125
13-Apr-00 9.75
14-Apr-00 9.75
17-Apr-00 9.75
18-Apr-00 10.6875
19-Apr-00 10
20-Apr-00 10
24-Apr-00 10
25-Apr-00 10
26-Apr-00 10
27-Apr-00 10
28-Apr-00 10
1-May-00 10.0313
2-May-00 9.75
3-May-00 9.875
4-May-00 10.25
5-May-00 10.3125
8-May-00 10.0938
9-May-00 10.3125
10-May-00 9.75
11-May-00 10.25
12-May-00 10.0625
15-May-00 9.875
16-May-00 10
17-May-00 9.9375
18-May-00 10
19-May-00 10.125
22-May-00 10.125
23-May-00 10.125
24-May-00 9.875
25-May-00 9.9375
26-May-00 9.8125
30-May-00 9.8125
31-May-00 10.1875
1-Jun-00 10.25
2-Jun-00 10.25
5-Jun-00 10.25
6-Jun-00 10.25
7-Jun-00 10.25
8-Jun-00 9.875
9-Jun-00 9.875
12-Jun-00 9.8125
13-Jun-00 9.8438
14-Jun-00 9.8125
15-Jun-00 9.625
16-Jun-00 9.625
19-Jun-00 9.75
20-Jun-00 9.8125
21-Jun-00 9.625
22-Jun-00 9.625
23-Jun-00 9.625
26-Jun-00 9.5625
27-Jun-00 9.125
28-Jun-00 9.625
29-Jun-00 9.25
30-Jun-00 9.875
3-Jul-00 10
5-Jul-00 9.8125
6-Jul-00 10.0625
7-Jul-00 10
10-Jul-00 10.1875
11-Jul-00 10
12-Jul-00 10
13-Jul-00 9.875
14-Jul-00 9.875
17-Jul-00 10.25
18-Jul-00 10.0625
19-Jul-00 9.875
20-Jul-00 10.0938
21-Jul-00 10
24-Jul-00 10
25-Jul-00 10
26-Jul-00 10
27-Jul-00 10
28-Jul-00 10
31-Jul-00 11
1-Aug-00 10.5
2-Aug-00 10.125
3-Aug-00 10
4-Aug-00 10
7-Aug-00 10.25
8-Aug-00 10.4375
9-Aug-00 10.2813
10-Aug-00 10.2813
11-Aug-00 10.125
14-Aug-00 10.125
15-Aug-00 10.125
16-Aug-00 10.3125
17-Aug-00 10.25
18-Aug-00 10.625
21-Aug-00 10.9375
22-Aug-00 10.7188
23-Aug-00 10.625
8/24/2000 10.5
8/25/2000 10.75
AUGUSUT 7, 1997:
In its first report to stockholders as a public company, Leaf announces record
sales and earnings for the quarter ended 6/30/97.
MARCH 4, 1998:
Leaf reports record year-end results, including a 25% increase in sales and 44%
increase in gross profit.
AUGUST 7, 1998:
Leaf's stock falls 24% after the Company reports lower than expected second
quarter earnings.
AUGUST 25, 1998:
Leaf announces that its Board has authorized a stock repurchase of up to $10
million.
MARCH 10, 1999:
Leaf reports record quarterly sales, but declining year end results for gross
profit, operating income and EPS.
MARCH 17, 1999:
Leaf announces it has resumed its $10 million share repurchase program.
APRIL 26, 1999:
Leaf announces the launch of sales on its website, www.jrcigars.com
MARCH 8, 2000:
Leaf announces FYE 1999 earnings of $0.96 per share, down 11% from the prior
year's EPS of $1.08.
MAY 8, 2000:
Leaf announces Q1 2000 revenue of $70.4 million, down 3.3% from Q1 1999 and EPS
of $0.19 unchanged from Q1 1999
AUGUST 2, 2000:
Leaf reports Q2 2000 revenue of $80.2 million, up 1.8% from Q2 1999, and EPS
of $0.25 per share
Current: $10.75
---------------------------------------
Source: Factset and Bloomberg.
[LOGO] MERRILL LYNCH------------------------------------------------------------
8
<PAGE>
PUBLIC MARKET OVERVIEW OF LEAF
--------------------------------------------------------------------------------
FORWARD P/E SINCE IPO
[CHART]
Summary Statistics
Time Period Average High Low
----------- ------- ---- ---
1-Year 8.7x 10.5x 7.3x
2-Year 8.7 13.8 6.0
Since IPO 10.7 24.6 6.0
Date
26-Jun-97 15.77380952
27-Jun-97 16.86507937
30-Jun-97 16.46825397
1-Jul-97 16.46825397
2-Jul-97 16.46825397
3-Jul-97 17.26190476
7-Jul-97 17.46031746
8-Jul-97 16.56746032
9-Jul-97 16.07142857
10-Jul-97 16.26984127
11-Jul-97 16.46825397
14-Jul-97 16.46825397
15-Jul-97 16.41865079
16-Jul-97 16.36904762
17-Jul-97 16.26984127
18-Jul-97 16.26984127
21-Jul-97 16.96428571
22-Jul-97 16.86507937
23-Jul-97 16.96428571
24-Jul-97 17.55952381
25-Jul-97 18.05555556
28-Jul-97 18.5515873
29-Jul-97 20.13888889
30-Jul-97 19.54365079
31-Jul-97 19.54365079
1-Aug-97 19.04761905
4-Aug-97 18.25396825
5-Aug-97 19.74206349
6-Aug-97 20.93253968
7-Aug-97 21.13095238
8-Aug-97 19.67742
11-Aug-97 21.69355
12-Aug-97 21.37097
13-Aug-97 20.56452
8/14/1997 20.32258065
8/15/1997 19.51612903
8/18/1997 20.16129032
8/19/1997 20.32258065
8/20/1997 20.80645161
8/21/1997 20.32258065
8/22/1997 20.08064516
8/25/1997 20.32258065
8/26/1997 19.67741935
8/27/1997 19.27419355
8/28/1997 19.83870968
8/29/1997 20.64516129
9/2/1997 20.96774194
9/3/1997 21.93548387
9/4/1997 21.85483871
9/5/1997 21.77419355
9/8/1997 22.82258065
9/9/1997 23.22580645
9/10/1997 22.25806452
9/11/1997 22.2983871
9/12/1997 22.25806452
9/15/1997 22.58064516
9/16/1997 22.58064516
9/17/1997 22.09677419
9/18/1997 22.33870968
9/19/1997 23.06451613
9/22/1997 23.06451613
9/23/1997 23.06451613
9/24/1997 22.58064516
9/25/1997 22.25806452
9/26/1997 22.90322581
9/29/1997 22.90322581
9/30/1997 22.58064516
10/1/1997 23.14516129
10/2/1997 23.87096774
10/3/1997 24.51612903
10/6/1997 24.63709677
10/7/1997 22.82258065
10/8/1997 22.82258065
10/9/1997 21.69354839
10/10/1997 21.4516129
10/13/1997 21.93548387
10/14/1997 21.29032258
10/15/1997 21.61290323
10/16/1997 21.29032258
10/17/1997 20.16129032
10/20/1997 20.24193548
10/21/1997 20.24193548
10/22/1997 20
10/23/1997 19.03225806
10/24/1997 19.69230769
10/27/1997 18.76923077
10/28/1997 19.69230769
10/29/1997 19.5
10/30/1997 19.5
10/31/1997 19.23076923
11/3/1997 19
11/4/1997 18.96153846
11/5/1997 18.38461538
11/6/1997 18.56060606
11/7/1997 18.25757576
11/10/1997 18.33333333
11/11/1997 18.33333333
11/12/1997 16.96969697
11/13/1997 16.66666667
11/14/1997 16.13636364
11/17/1997 16.28787879
11/18/1997 16.51515152
11/19/1997 16.51515152
11/20/1997 16.51515152
11/21/1997 17.57575758
11/24/1997 16.28787879
11/25/1997 16.43939394
11/26/1997 16.70454545
11/28/1997 16.66666667
12/1/1997 16.28787879
12/2/1997 16.36363636
12/3/1997 16.13636364
12/4/1997 15.90909091
12/5/1997 15.15151515
12/8/1997 14.77272727
12/9/1997 14.31818182
12/10/1997 14.24242424
12/11/1997 13.33333333
12/12/1997 12.95454545
12/15/1997 13.03030303
12/16/1997 13.18181818
12/17/1997 13.33333333
12/18/1997 12.42424242
12/19/1997 13.78787879
12/22/1997 14.6969697
12/23/1997 14.62121212
12/24/1997 14.46969697
12/26/1997 14.46969697
12/29/1997 14.46969697
12/30/1997 15.15151515
12/31/1997 15.15151515
1/2/1998 15.45454545
1/5/1998 15.3030303
1/6/1998 15.15151515
1/7/1998 15.07575758
1/8/1998 14.54545455
1/9/1998 14.24242424
1/12/1998 14.01515152
1/13/1998 13.93939394
1/14/1998 14.16666667
1/15/1998 14.16666667
1/16/1998 14.09090909
1/20/1998 14.46969697
1/21/1998 14.62121212
1/22/1998 15.45454545
1/23/1998 15.60606061
1/26/1998 15.45454545
1/27/1998 15.45454545
1/28/1998 15.90909091
1/29/1998 15.90909091
1/30/1998 15.75757576
2/2/1998 15.68181818
2/3/1998 15.75757576
2/4/1998 16.21212121
2/5/1998 16.36363636
2/6/1998 16.21212121
2/9/1998 15.75757576
2/10/1998 14.43181818
2/11/1998 14.84848485
2/12/1998 14.77272727
2/13/1998 15.3030303
2/17/1998 15.15151515
2/18/1998 14.6969697
2/19/1998 14.92424242
2/20/1998 14.6969697
2/23/1998 14.54545455
2/24/1998 14.39393939
2/25/1998 13.33333333
2/26/1998 13.78787879
2/27/1998 13.78787879
3/2/1998 14.6969697
3/3/1998 14.6969697
3/4/1998 15.07575758
3/5/1998 11.67883212
3/6/1998 11.83090024
3/9/1998 11.73965937
3/10/1998 10.58394161
3/11/1998 10.52311436
3/12/1998 10.70559611
3/13/1998 10.58394161
3/16/1998 10.37104623
3/17/1998 10.55352798
3/18/1998 10.2189781
3/19/1998 10.2189781
3/20/1998 10.00608273
3/23/1998 9.823600973
3/24/1998 10.0973236
3/25/1998 10.0973236
3/26/1998 10.27980535
3/27/1998 10.2189781
3/30/1998 9.671532847
3/31/1998 9.732360097
4/1/1998 9.732360097
4/2/1998 9.610705596
4/3/1998 9.549878345
4/6/1998 9.367396594
4/7/1998 9.306569343
4/8/1998 9.610705596
4/9/1998 9.854014599
4/13/1998 10.03649635
4/14/1998 10.03649635
4/15/1998 11.19221411
4/16/1998 11.13138686
4/17/1998 10.64476886
4/20/1998 10.58394161
4/21/1998 10.70559611
4/22/1998 11.19221411
4/23/1998 11.31386861
4/24/1998 10.76642336
4/27/1998 10.82725061
4/28/1998 10.76642336
4/29/1998 10.4622871
4/30/1998 10.52311436
5/1/1998 10.82725061
5/4/1998 11.19221411
5/5/1998 11.43552311
5/6/1998 11.61800487
5/7/1998 11.07055961
5/8/1998 11.43552311
5/11/1998 11.61800487
5/12/1998 11.49635036
5/13/1998 11.31386861
5/14/1998 11.10097324
5/15/1998 10.76642336
5/18/1998 10.58394161
5/19/1998 10.18856448
5/20/1998 9.854014599
5/21/1998 9.732360097
5/22/1998 9.793187348
5/26/1998 9.549878345
5/27/1998 9.245742092
5/28/1998 9.306569343
5/29/1998 9.671532847
6/1/1998 9.732360097
6/2/1998 9.762773723
6/3/1998 9.793187348
6/4/1998 9.793187348
6/5/1998 9.793187348
6/8/1998 10.27980535
6/9/1998 10.00608273
6/10/1998 9.489051095
6/11/1998 9.245742092
6/12/1998 9.184914842
6/15/1998 9.306569343
6/16/1998 9.245742092
6/17/1998 9.549878345
6/18/1998 9.793187348
6/19/1998 9.732360097
6/22/1998 9.489051095
6/23/1998 9.793187348
6/24/1998 9.854014599
6/25/1998 9.793187348
6/26/1998 10.0973236
6/29/1998 10.67518248
6/30/1998 9.610705596
7/1/1998 10.44708029
7/2/1998 10.03649635
7/6/1998 10.15815085
7/7/1998 10.4622871
7/8/1998 10.64476886
7/9/1998 10.88807786
7/10/1998 10.76642336
7/13/1998 10.88807786
7/14/1998 10.0973236
7/15/1998 9.9756691
7/16/1998 10.2189781
7/17/1998 9.9756691
7/20/1998 9.9756691
7/21/1998 9.9756691
7/22/1998 9.793187348
7/23/1998 9.762773723
7/24/1998 9.489051095
7/27/1998 9.306569343
7/28/1998 9.184914842
7/29/1998 9.306569343
7/30/1998 9.367396594
7/31/1998 9.489051095
8/3/1998 9.124087591
8/4/1998 9.367396594
8/5/1998 9.00243309
8/6/1998 8.235294118
8/7/1998 8.161764706
8/10/1998 8.088235294
8/11/1998 7.573529412
8/12/1998 8.014705882
8/13/1998 7.647058824
8/14/1998 7.720588235
8/17/1998 7.5
8/18/1998 7.610294118
8/19/1998 7.426470588
8/20/1998 7.205882353
8/21/1998 6.985294118
8/24/1998 6.176470588
8/25/1998 6.948529412
8/26/1998 6.691176471
8/27/1998 6.544117647
8/28/1998 6.507352941
8/31/1998 6.470588235
9/1/1998 6.691176471
9/2/1998 6.470588235
9/3/1998 6.470588235
9/4/1998 6.470588235
9/8/1998 7.205882353
9/9/1998 6.911764706
9/10/1998 6.764705882
9/11/1998 7.058823529
9/14/1998 6.985294118
9/15/1998 6.838235294
9/16/1998 7.058823529
9/17/1998 6.764705882
9/18/1998 6.617647059
9/21/1998 6.801470588
9/22/1998 6.911764706
9/23/1998 7.058823529
9/24/1998 6.838235294
9/25/1998 7.095588235
9/28/1998 7.058823529
9/29/1998 6.691176471
9/30/1998 6.544117647
10/1/1998 6.397058824
10/2/1998 6.764705882
10/5/1998 6.397058824
10/6/1998 6.323529412
10/7/1998 6.176470588
10/8/1998 6.25
10/9/1998 6.029411765
10/12/1998 6.176470588
10/13/1998 6.029411765
10/14/1998 6.323529412
10/15/1998 6.176470588
10/16/1998 6.323529412
10/19/1998 6.617647059
10/20/1998 6.507352941
10/21/1998 7.132352941
10/22/1998 7.095588235
10/23/1998 7.647058824
10/26/1998 8.455882353
10/27/1998 9.705882353
10/28/1998 9.117647059
10/29/1998 8.823529412
10/30/1998 8.676470588
11/2/1998 9.485294118
11/3/1998 8.970588235
11/4/1998 9.338235294
11/5/1998 9.430473373
11/6/1998 9.467455621
11/9/1998 8.949704142
11/10/1998 8.616863905
11/11/1998 8.579881657
11/12/1998 8.542899408
11/13/1998 7.840236686
11/16/1998 7.840236686
11/17/1998 7.840236686
11/18/1998 7.544378698
11/19/1998 7.544378698
11/20/1998 7.729289941
11/23/1998 7.803254438
11/24/1998 7.840236686
11/25/1998 7.951183432
11/27/1998 7.98816568
11/30/1998 8.579881657
12/1/1998 10.20710059
12/2/1998 9.763313609
12/3/1998 9.763313609
12/4/1998 9.615384615
12/7/1998 9.763313609
12/8/1998 10.20710059
12/9/1998 10.35502959
12/10/1998 10.0591716
12/11/1998 10.0591716
12/14/1998 10.20710059
12/15/1998 10.0591716
12/16/1998 10.09615385
12/17/1998 10.0591716
12/18/1998 10.57692308
12/21/1998 10.57692308
12/22/1998 10.65088757
12/23/1998 10.42899408
12/24/1998 10.20710059
12/28/1998 10.57692308
12/29/1998 11.24260355
12/30/1998 13.01775148
12/31/1998 13.75739645
1/4/1999 12.46301775
1/5/1999 12.4260355
1/6/1999 12.27810651
1/7/1999 12.72189349
1/8/1999 12.13017751
1/11/1999 11.83431953
1/12/1999 11.57544379
1/13/1999 10.94674556
1/14/1999 10.94674556
1/15/1999 10.83579882
1/19/1999 11.2795858
1/20/1999 11.53846154
1/21/1999 11.46449704
1/22/1999 11.53846154
1/25/1999 11.98224852
1/26/1999 11.61242604
1/27/1999 11.46449704
1/28/1999 11.39053254
1/29/1999 11.61242604
2/1/1999 12.4260355
2/2/1999 11.83431953
2/3/1999 12.27810651
2/4/1999 11.2056213
2/5/1999 11.09467456
2/8/1999 11.2056213
2/9/1999 11.2056213
2/10/1999 11.16863905
2/11/1999 11.09467456
2/12/1999 10.83579882
2/16/1999 10.69852941
2/17/1999 10.95588235
2/18/1999 10.66176471
2/19/1999 10.66176471
2/22/1999 10.77205882
2/23/1999 10.66176471
2/24/1999 10.84558824
2/25/1999 10.88235294
2/26/1999 10.95588235
3/1/1999 10.66176471
3/2/1999 10.73529412
3/3/1999 10.66176471
3/4/1999 10.58823529
3/5/1999 10.58823529
3/8/1999 9.301470588
3/9/1999 9.191176471
3/10/1999 8.970588235
3/11/1999 7.556818182
3/12/1999 8.409090909
3/15/1999 8.409090909
3/16/1999 7.784090909
3/17/1999 7.954545455
3/18/1999 7.954545455
3/19/1999 8.068181818
3/22/1999 7.954545455
3/23/1999 7.272727273
3/24/1999 6.875
3/25/1999 7.613636364
3/26/1999 7.159090909
3/29/1999 7.272727273
3/30/1999 7.386363636
3/31/1999 7.045454545
4/1/1999 7.272727273
4/5/1999 7.272727273
4/6/1999 7.045454545
4/7/1999 7.045454545
4/8/1999 6.875
4/9/1999 7.159090909
4/12/1999 6.931818182
4/13/1999 7.272727273
4/14/1999 7.613636364
4/15/1999 7.556818182
4/16/1999 7.5
4/19/1999 6.761363636
4/20/1999 7.215909091
4/21/1999 7.045454545
4/22/1999 6.988636364
4/23/1999 7.045454545
4/26/1999 8.295454545
4/27/1999 8.238636364
4/28/1999 7.5
4/29/1999 7.727272727
4/30/1999 7.670454545
5/3/1999 8.068181818
5/4/1999 7.727272727
5/5/1999 8.011363636
5/6/1999 8.125
5/7/1999 7.213541667
5/10/1999 7.1875
5/11/1999 7.135416667
5/12/1999 7.135416667
5/13/1999 7.135416667
5/14/1999 7.109375
5/17/1999 7.083333333
5/18/1999 7.083333333
5/19/1999 7.135416667
5/20/1999 7.291666667
5/21/1999 7.395833333
5/24/1999 7.8125
5/25/1999 7.708333333
5/26/1999 7.604166667
5/27/1999 7.604166667
5/28/1999 7.604166667
6/1/1999 7.5
6/2/1999 7.447916667
6/3/1999 7.708333333
6/4/1999 7.5
6/7/1999 7.760416667
6/8/1999 7.5
6/9/1999 7.604166667
6/10/1999 7.552083333
6/11/1999 7.604166667
6/14/1999 7.578125
6/15/1999 7.604166667
6/16/1999 7.578125
6/17/1999 7.604166667
6/18/1999 7.760416667
6/21/1999 8.177083333
6/22/1999 8.020833333
6/23/1999 8.28125
6/24/1999 8.177083333
6/25/1999 8.28125
6/28/1999 8.229166667
6/29/1999 9.166666667
6/30/1999 10.3125
7/1/1999 10.625
7/2/1999 10
7/6/1999 10.3125
7/7/1999 10.10416667
7/8/1999 10
7/9/1999 9.21875
7/12/1999 8.958333333
7/13/1999 9.270833333
7/14/1999 9.6875
7/15/1999 9.479166667
7/16/1999 9.479166667
7/19/1999 9.322916667
7/20/1999 9.270833333
7/21/1999 9.53125
7/22/1999 9.114583333
7/23/1999 8.958333333
7/26/1999 8.958333333
7/27/1999 8.958333333
7/28/1999 8.958333333
7/29/1999 8.958333333
7/30/1999 8.854166667
8/2/1999 8.958333333
8/3/1999 8.958333333
8/4/1999 8.75
8/5/1999 9.404761905
8/6/1999 9.047619048
8/9/1999 9.166666667
8/10/1999 9.583333333
8/11/1999 9.285714286
8/12/1999 9.464285714
8/13/1999 9.464285714
8/16/1999 9.404761905
8/17/1999 9.404761905
8/18/1999 9.821428571
8/19/1999 9.761904762
8/20/1999 9.761904762
8/23/1999 10
8/24/1999 10.71428571
8/25/1999 10.35714286
8/26/1999 10.23809524
8/27/1999 10.05952381
8/30/1999 10.11904762
8/31/1999 10
9/1/1999 10
9/2/1999 10.35714286
9/3/1999 10.35714286
9/7/1999 10.47619048
9/8/1999 10.23809524
9/9/1999 10
9/10/1999 10.05952381
9/13/1999 10
9/14/1999 10 9.625
9/15/1999 10.23809524 9.875
9/16/1999 10 11.125
9/17/1999 10
9/20/1999 10
9/21/1999 9.880952381
9/22/1999 10
9/23/1999 9.880952381
9/24/1999 9.880952381
9/27/1999 9.880952381
9/28/1999 9.880952381
9/29/1999 10
9/30/1999 10.11904762
10/1/1999 9.821428571
10/4/1999 9.285714286
10/5/1999 9.404761905
10/6/1999 9.404761905 10.75
10/7/1999 9.523809524 9.3125
10/8/1999 9.375 11.4375
10/11/1999 9.404761905 28.25
10/12/1999 9.166666667
10/13/1999 9.464285714
10/14/1999 8.988095238
10/15/1999 8.69047619
10/18/1999 8.630952381
10/19/1999 9.404761905
10/20/1999 8.630952381
10/21/1999 8.69047619
10/22/1999 8.69047619
10/25/1999 8.601190476
10/26/1999 8.571428571
10/27/1999 7.261904762
10/28/1999 7.976190476
10/29/1999 7.738095238
11/1/1999 7.5
11/2/1999 7.619047619
11/3/1999 7.857142857 28
11/4/1999 7.857142857
11/5/1999 7.857142857
11/8/1999 7.678571429
11/9/1999 8.095238095
11/10/1999 8.154761905
11/11/1999 8.571428571
11/12/1999 8.333333333
11/15/1999 7.857142857
11/16/1999 7.916666667
11/17/1999 8.18452381
11/18/1999 7.916666667
11/19/1999 7.916666667
11/22/1999 7.380952381
11/23/1999 7.797619048
11/24/1999 7.619047619
11/26/1999 7.619047619
11/29/1999 7.619047619
11/30/1999 7.916666667
12/1/1999 8.095238095
12/2/1999 8.154761905
12/3/1999 8.214285714
12/6/1999 7.857142857
12/7/1999 8.095238095 42.5625
12/8/1999 8.452380952
12/9/1999 8.452380952
12/10/1999 8.214285714
12/13/1999 8.214285714
12/14/1999 8.095238095
12/15/1999 8.214285714 31.25
12/16/1999 8.541666667
12/17/1999 8.511904762
12/20/1999 8.095238095
12/21/1999 8.214285714
12/22/1999 8.244047619
12/23/1999 8.333333333 32
12/27/1999 8.214285714 29.625
12/28/1999 8.214285714
12/29/1999 8.333333333
12/30/1999 8.333333333
12/31/1999 8.273809524
1/3/2000 8.69047619
1/4/2000 8.333333333
1/5/2000 8.333333333
1/6/2000 8.273809524
1/7/2000 8.273809524
1/10/2000 8.452380952
1/11/2000 8.511904762
1/12/2000 8.571428571
1/13/2000 8.69047619
1/14/2000 8.571428571
1/18/2000 8.80952381
1/19/2000 8.630952381
1/20/2000 9.047619048
1/21/2000 8.869047619
1/24/2000 8.928571429
1/25/2000 8.869047619
1/26/2000 9.404761905
1/27/2000 9.523809524 20.375
1/28/2000 9.166666667
1/31/2000 8.273809524
2/1/2000 9.166666667
2/2/2000 8.69047619
2/3/2000 9.285714286
2/4/2000 9.107142857
2/7/2000 8.80952381
2/8/2000 9.166666667
2/9/2000 8.928571429
2/10/2000 9.285714286
2/11/2000 9.107142857
2/14/2000 9.047619048
2/15/2000 9.226190476
2/16/2000 9.047619048
2/17/2000 9.047619048
2/18/2000 8.69047619
2/22/2000 8.630952381
2/23/2000 8.898809524
2/24/2000 9.047619048
2/25/2000 8.75
2/28/2000 8.839285714
2/29/2000 8.928571429
3/1/2000 8.80952381
3/2/2000 8.095238095
3/3/2000 8.571428571
3/6/2000 8.333333333
3/7/2000 8.571428571
3/8/2000 8.571428571
3/9/2000 8.333333333
3/10/2000 8.333333333
3/13/2000 7.554347826
3/14/2000 7.5
3/15/2000 7.717391304
3/16/2000 8.097826087
3/17/2000 7.880434783 18.75
3/20/2000 8.043478261
3/21/2000 7.826086957
3/22/2000 7.880434783
3/23/2000 7.934782609
3/24/2000 8.152173913
3/27/2000 8.233695652
3/28/2000 8.206521739
3/29/2000 7.934782609
3/30/2000 8.451086957
3/31/2000 8.47826087
4/3/2000 8.043478261
4/4/2000 8.260869565
4/5/2000 8.260869565
4/6/2000 8.152173913
4/7/2000 8.260869565
4/10/2000 8.47826087
4/11/2000 8.423913043
4/12/2000 8.532608696
4/13/2000 8.47826087
4/14/2000 8.47826087
4/17/2000 8.47826087
4/18/2000 9.293478261
4/19/2000 8.695652174
4/20/2000 8.695652174
4/24/2000 8.695652174
4/25/2000 8.695652174
4/26/2000 8.695652174
4/27/2000 8.695652174
4/28/2000 8.695652174 20.875
5/1/2000 8.722826087
5/2/2000 8.47826087 21.375
5/3/2000 8.586956522
5/4/2000 8.913043478
5/5/2000 8.967391304 18.25
5/8/2000 8.777173913
5/9/2000 8.967391304
5/10/2000 8.47826087
5/11/2000 8.913043478
5/12/2000 8.75
5/15/2000 8.586956522
5/16/2000 8.695652174
5/17/2000 8.641304348
5/18/2000 8.695652174
5/19/2000 8.804347826
5/22/2000 8.804347826
5/23/2000 8.804347826
5/24/2000 8.586956522
5/25/2000 8.641304348
5/26/2000 8.532608696
5/30/2000 8.532608696
5/31/2000 8.858695652
6/1/2000 8.913043478
6/2/2000 8.913043478
6/5/2000 8.913043478
6/6/2000 8.913043478
6/7/2000 8.913043478
6/8/2000 8.586956522
6/9/2000 8.586956522
6/12/2000 8.532608696
6/13/2000 8.559782609
6/14/2000 8.532608696
6/15/2000 8.369565217
6/16/2000 8.369565217
6/19/2000 8.47826087
6/20/2000 8.532608696
6/21/2000 8.369565217
6/22/2000 8.369565217
6/23/2000 8.369565217
6/26/2000 8.315217391
6/27/2000 7.934782609
6/28/2000 8.369565217
6/29/2000 8.043478261 21.5417
6/30/2000 8.586956522
7/3/2000 8.695652174
7/5/2000 8.532608696
7/6/2000 8.75
7/7/2000 8.695652174
7/10/2000 8.858695652
7/11/2000 8.695652174
7/12/2000 8.695652174
7/13/2000 8.586956522
7/14/2000 8.586956522
7/17/2000 8.913043478
7/18/2000 8.75
7/19/2000 8.586956522
7/20/2000 8.777173913
7/21/2000 8.695652174
7/24/2000 8.695652174
7/25/2000 8.695652174
7/26/2000 8.695652174
7/27/2000 8.695652174
7/28/2000 8.695652174
7/31/2000 9.565217391
8/1/2000 9.130434783
8/2/2000 8.804347826
8/3/2000 8.695652174
8/4/2000 8.7
8/7/2000 8.91 12.5833
8/8/2000 9.08
8/9/2000 8.94
8/10/2000 8.94
8/11/2000 8.8
8/14/2000 8.8 8.9
8/15/2000 8.8
8/16/2000 8.97
8/17/2000 8.91
8/18/2000 9.24
8/21/2000 9.51
22-Aug-00 9.320652174
23-Aug-00 9.239130435 141.75
24-Aug-00 9.130434783 35607
25-Aug-00 9.347826087 36741
1 Year Average 8.7x
---------------------------------------
SOURCE: FACTSET CLOSING PRICES AND FIRST CALL MEAN 2-YEAR FORWARD EPS. WHERE
FIRST CALL MEAN 2-YEAR FORWARD EPS ESTIMATE WAS NOT AVAILABLE, THE PREVIOUS
ESTIMATE WAS USED UNTIL A NEW ESTIMATE BECAME AVAILABLE.
[LOGO] MERRILL LYNCH------------------------------------------------------------
9
<PAGE>
PUBLIC MARKET OVERVIEW OF LEAF
--------------------------------------------------------------------------------
INDEXED STOCK PRICE PERFORMANCE SINCE IPO
[CHART]
Date Leaf S&P Small Cap 600 S&P 500 Holt's Cigar Holdings
26-Jun-97 100.00% 100.00% 100.00%
27-Jun-97 106.92% 100.51% 100.41% 35636
30-Jun-97 104.40% 101.92% 100.17% 36741
1-Jul-97 104.40% 101.60% 100.83% 138.125
2-Jul-97 104.40% 102.16% 102.30%
3-Jul-97 109.43% 102.82% 103.76% 137
4-Jul-97 109.43% 102.82% 103.76%
7-Jul-97 110.69% 102.59% 103.23%
8-Jul-97 105.03% 103.30% 103.97%
9-Jul-97 101.89% 103.02% 102.70%
10-Jul-97 103.14% 103.55% 103.41%
11-Jul-97 104.40% 104.30% 103.73%
14-Jul-97 104.40% 104.61% 103.93%
15-Jul-97 104.09% 105.22% 104.76%
16-Jul-97 103.77% 106.70% 105.99%
17-Jul-97 103.14% 105.94% 105.42%
18-Jul-97 103.14% 105.42% 103.58%
21-Jul-97 107.55% 104.60% 103.31%
22-Jul-97 106.92% 105.58% 105.69%
23-Jul-97 107.55% 106.08% 105.98%
24-Jul-97 111.32% 106.13% 106.41%
25-Jul-97 114.47% 106.13% 106.24%
28-Jul-97 117.61% 106.18% 105.97%
29-Jul-97 127.67% 106.74% 106.63%
30-Jul-97 123.90% 107.72% 107.76%
31-Jul-97 123.90% 108.27% 107.99%
1-Aug-97 120.75% 108.30% 107.18%
4-Aug-97 115.72% 108.73% 107.54%
5-Aug-97 125.16% 109.61% 107.77%
6-Aug-97 132.70% 110.45% 108.67%
7-Aug-97 133.96% 110.14% 107.64%
8-Aug-97 153.46% 108.24% 105.64%
11-Aug-97 169.18% 107.93% 106.03%
12-Aug-97 166.67% 107.92% 104.85%
13-Aug-97 160.38% 108.06% 104.34%
14-Aug-97 158.49% 108.20% 104.65%
15-Aug-97 152.20% 107.20% 101.94%
18-Aug-97 157.23% 107.21% 103.26%
19-Aug-97 158.49% 108.64% 104.79%
20-Aug-97 162.26% 109.87% 106.30%
21-Aug-97 158.49% 109.21% 104.68%
22-Aug-97 156.60% 108.81% 104.51%
25-Aug-97 158.49% 109.58% 104.13%
26-Aug-97 153.46% 109.16% 103.32%
27-Aug-97 150.31% 110.02% 103.40%
28-Aug-97 154.72% 110.26% 102.26%
29-Aug-97 161.01% 110.91% 101.79%
1-Sep-97 161.01% 110.91% 101.79%
2-Sep-97 163.52% 112.43% 104.97%
3-Sep-97 171.07% 112.61% 105.00%
4-Sep-97 170.44% 112.49% 105.34%
5-Sep-97 169.81% 113.26% 105.13%
8-Sep-97 177.99% 113.98% 105.38%
9-Sep-97 181.13% 114.59% 105.65%
10-Sep-97 173.58% 114.34% 104.00%
11-Sep-97 173.90% 114.04% 103.27%
12-Sep-97 173.58% 114.98% 104.55%
15-Sep-97 176.10% 115.07% 104.08%
16-Sep-97 176.10% 116.50% 107.01%
17-Sep-97 172.33% 116.37% 106.71%
18-Sep-97 174.21% 116.49% 107.20%
19-Sep-97 179.87% 116.56% 107.56%
22-Sep-97 179.87% 117.24% 108.12%
23-Sep-97 179.87% 117.56% 107.72%
24-Sep-97 176.10% 117.27% 106.88%
25-Sep-97 173.58% 116.87% 106.14%
26-Sep-97 178.62% 117.12% 106.96%
29-Sep-97 178.62% 117.87% 107.88%
30-Sep-97 176.10% 118.17% 107.20%
1-Oct-97 180.50% 118.58% 108.12%
2-Oct-97 186.16% 119.37% 108.69%
3-Oct-97 191.19% 119.97% 109.21%
6-Oct-97 192.14% 120.47% 110.07%
7-Oct-97 177.99% 120.96% 111.25%
8-Oct-97 177.99% 121.08% 110.20%
9-Oct-97 169.18% 121.33% 109.84%
10-Oct-97 167.30% 121.43% 109.43%
13-Oct-97 171.07% 121.33% 109.55%
14-Oct-97 166.04% 121.18% 109.80%
15-Oct-97 168.55% 120.81% 109.28%
16-Oct-97 166.04% 119.31% 108.10%
17-Oct-97 157.23% 117.07% 106.84%
20-Oct-97 157.86% 118.31% 108.14%
21-Oct-97 157.86% 119.61% 110.03%
22-Oct-97 155.97% 119.46% 109.60%
23-Oct-97 148.43% 117.28% 107.58%
24-Oct-97 161.01% 116.95% 106.56%
27-Oct-97 153.46% 109.77% 99.24%
28-Oct-97 161.01% 112.52% 104.32%
29-Oct-97 159.43% 113.43% 104.02%
30-Oct-97 159.43% 111.80% 102.26%
31-Oct-97 157.23% 113.01% 103.50%
3-Nov-97 155.35% 115.20% 106.26%
4-Nov-97 155.03% 115.67% 106.46%
5-Nov-97 150.31% 116.47% 106.69%
6-Nov-97 154.09% 115.90% 106.15%
7-Nov-97 151.57% 113.84% 104.96%
10-Nov-97 152.20% 114.02% 104.24%
11-Nov-97 152.20% 113.84% 104.53%
12-Nov-97 140.88% 110.96% 102.52%
13-Nov-97 138.36% 110.81% 103.73%
14-Nov-97 133.96% 112.05% 105.05%
17-Nov-97 135.22% 114.15% 107.07%
18-Nov-97 137.11% 113.08% 106.17%
19-Nov-97 137.11% 112.60% 106.89%
20-Nov-97 137.11% 113.82% 108.52%
21-Nov-97 145.91% 113.70% 108.99%
24-Nov-97 135.22% 111.65% 107.13%
25-Nov-97 136.48% 111.29% 107.60% 100.00%
26-Nov-97 138.68% 111.52% 107.69% 105.88%
27-Nov-97 138.68% 111.52% 107.69% 105.88%
28-Nov-97 138.36% 112.11% 108.12% 104.71%
1-Dec-97 135.22% 113.32% 110.31% 104.71%
2-Dec-97 135.85% 112.90% 109.96% 104.71%
3-Dec-97 133.96% 113.16% 110.53% 104.71%
4-Dec-97 132.08% 113.23% 110.12% 103.53%
5-Dec-97 125.79% 113.84% 111.33% 104.71%
8-Dec-97 122.64% 114.99% 111.17% 103.53%
9-Dec-97 118.87% 114.23% 110.42% 104.12%
10-Dec-97 118.24% 112.92% 109.74% 103.53%
11-Dec-97 110.69% 110.67% 108.06% 103.53%
12-Dec-97 107.55% 110.40% 107.89% 103.53%
15-Dec-97 108.18% 110.04% 109.02% 94.71%
16-Dec-97 109.43% 111.43% 109.55% 94.12%
17-Dec-97 110.69% 111.41% 109.26% 94.12%
18-Dec-97 103.14% 109.88% 108.10% 94.12%
19-Dec-97 114.47% 109.80% 107.14% 95.29%
22-Dec-97 122.01% 110.75% 107.92% 94.12%
23-Dec-97 121.38% 110.30% 106.27% 92.94%
24-Dec-97 120.13% 109.94% 105.55% 83.53%
25-Dec-97 120.13% 109.94% 105.55% 83.53%
26-Dec-97 120.13% 110.01% 105.97% 87.65%
29-Dec-97 120.13% 111.56% 107.88% 88.24%
30-Dec-97 125.79% 113.43% 109.86% 87.06%
31-Dec-97 125.79% 114.29% 109.82% 85.88%
1-Jan-98 125.79% 114.29% 109.82% 85.88%
2-Jan-98 128.30% 114.19% 110.34% 85.88%
5-Jan-98 127.04% 114.21% 110.57% 87.06%
6-Jan-98 125.79% 113.03% 109.38% 89.41%
7-Jan-98 125.16% 112.26% 109.09% 89.41%
8-Jan-98 120.75% 110.89% 108.19% 89.41%
9-Jan-98 118.24% 107.23% 104.98% 90.59%
12-Jan-98 116.35% 106.49% 106.28% 87.06%
13-Jan-98 115.72% 108.65% 107.74% 85.29%
14-Jan-98 117.61% 109.67% 108.40% 84.71%
15-Jan-98 117.61% 109.78% 107.59% 84.71%
16-Jan-98 116.98% 111.10% 108.81% 84.71%
19-Jan-98 116.98% 111.10% 108.81% 84.71%
20-Jan-98 120.13% 112.49% 110.74% 85.88%
21-Jan-98 121.38% 112.14% 109.86% 85.29%
22-Jan-98 128.30% 110.88% 108.98% 85.88%
23-Jan-98 129.56% 110.57% 108.36% 84.71%
26-Jan-98 128.30% 109.68% 108.29% 85.88%
27-Jan-98 128.30% 110.09% 109.66% 82.35%
28-Jan-98 132.08% 111.68% 110.61% 80.00%
29-Jan-98 132.08% 112.48% 111.52% 80.00%
30-Jan-98 130.82% 112.01% 110.93% 80.00%
2-Feb-98 130.19% 113.44% 113.31% 80.59%
3-Feb-98 130.82% 114.54% 113.84% 76.47%
4-Feb-98 134.59% 115.66% 113.94% 74.12%
5-Feb-98 135.85% 116.13% 113.56% 74.12%
6-Feb-98 134.59% 116.47% 114.57% 70.59%
9-Feb-98 130.82% 116.94% 114.38% 68.24%
10-Feb-98 119.81% 118.12% 115.31% 68.24%
11-Feb-98 123.27% 118.77% 115.43% 68.24%
12-Feb-98 122.64% 118.95% 115.89% 68.82%
13-Feb-98 127.04% 119.47% 115.44% 70.59%
16-Feb-98 127.04% 119.47% 115.44% 70.59%
17-Feb-98 125.79% 119.31% 115.74% 71.76%
18-Feb-98 122.01% 119.85% 116.79% 72.94%
19-Feb-98 123.90% 120.03% 116.36% 80.00%
20-Feb-98 122.01% 119.90% 117.03% 80.00%
23-Feb-98 120.75% 120.79% 117.48% 80.00%
24-Feb-98 119.50% 120.43% 116.62% 81.18%
25-Feb-98 110.69% 121.58% 118.02% 76.47%
26-Feb-98 114.47% 122.50% 118.67% 76.47%
27-Feb-98 114.47% 122.12% 118.75% 71.76%
2-Mar-98 122.01% 122.51% 118.56% 80.00%
3-Mar-98 122.01% 122.52% 119.05% 75.88%
4-Mar-98 125.16% 122.31% 118.52% 80.00%
5-Mar-98 120.75% 120.53% 117.13% 75.29%
6-Mar-98 122.33% 122.23% 119.47% 75.29%
9-Mar-98 121.38% 121.28% 119.08% 77.65%
10-Mar-98 109.43% 122.55% 120.43% 81.18%
11-Mar-98 108.81% 123.35% 120.91% 75.29%
12-Mar-98 110.69% 123.44% 121.08% 74.12%
13-Mar-98 109.43% 123.58% 120.93% 76.47%
16-Mar-98 107.23% 124.50% 122.13% 75.29%
17-Mar-98 109.12% 124.14% 122.27% 72.94%
18-Mar-98 105.66% 124.40% 122.84% 74.12%
19-Mar-98 105.66% 125.12% 123.32% 75.29%
20-Mar-98 103.46% 124.86% 124.38% 72.94%
23-Mar-98 101.57% 124.73% 123.98% 76.47%
24-Mar-98 104.40% 125.48% 125.12% 75.29%
25-Mar-98 104.40% 125.61% 124.70% 76.47%
26-Mar-98 106.29% 126.00% 124.57% 76.47%
27-Mar-98 105.66% 125.72% 123.96% 78.82%
30-Mar-98 100.00% 125.30% 123.75% 78.82%
31-Mar-98 100.63% 126.70% 124.68% 74.12%
1-Apr-98 100.63% 128.02% 125.40% 75.29%
2-Apr-98 99.37% 128.26% 126.74% 72.94%
3-Apr-98 98.74% 128.11% 127.05% 72.94%
6-Apr-98 96.86% 127.12% 126.90% 71.18%
7-Apr-98 96.23% 125.10% 125.56% 71.76%
8-Apr-98 99.37% 124.95% 124.67% 71.76%
9-Apr-98 101.89% 127.20% 125.69% 70.59%
10-Apr-98 101.89% 127.20% 125.69% 70.59%
13-Apr-98 103.77% 126.76% 125.58% 69.41%
14-Apr-98 103.77% 128.02% 126.26% 67.06%
15-Apr-98 115.72% 128.68% 126.67% 65.88%
16-Apr-98 115.09% 127.81% 125.40% 64.71%
17-Apr-98 110.06% 128.70% 127.05% 64.71%
20-Apr-98 109.43% 129.04% 127.16% 63.53%
21-Apr-98 110.69% 130.07% 127.50% 58.82%
22-Apr-98 115.72% 129.83% 127.94% 60.59%
23-Apr-98 116.98% 128.14% 126.70% 61.76%
24-Apr-98 111.32% 126.97% 125.37% 61.18%
27-Apr-98 111.95% 123.63% 122.96% 61.76%
28-Apr-98 111.32% 124.57% 122.79% 65.88%
29-Apr-98 108.18% 125.71% 123.87% 71.18%
30-Apr-98 108.81% 127.39% 125.81% 67.65%
1-May-98 111.95% 128.11% 126.86% 62.94%
4-May-98 115.72% 128.12% 126.98% 61.18%
5-May-98 118.24% 127.08% 126.23% 61.18%
6-May-98 120.13% 126.60% 125.04% 62.35%
7-May-98 114.47% 125.53% 123.93% 68.24%
8-May-98 118.24% 126.59% 125.40% 69.41%
11-May-98 120.13% 125.99% 125.23% 65.88%
12-May-98 118.87% 125.86% 126.27% 63.53%
13-May-98 116.98% 126.14% 126.61% 62.35%
14-May-98 114.78% 125.43% 126.45% 63.53%
15-May-98 111.32% 124.27% 125.47% 61.18%
18-May-98 109.43% 123.15% 125.14% 65.88%
19-May-98 105.35% 124.24% 125.56% 67.06%
20-May-98 101.89% 123.49% 126.64% 65.88%
21-May-98 100.63% 123.73% 126.14% 67.06%
22-May-98 101.26% 122.82% 125.66% 62.35%
25-May-98 101.26% 122.82% 125.66% 62.35%
26-May-98 98.74% 120.50% 123.80% 64.71%
27-May-98 95.60% 118.86% 123.60% 62.94%
28-May-98 96.23% 120.72% 124.21% 62.35%
29-May-98 100.00% 120.57% 123.44% 64.71%
1-Jun-98 100.63% 119.10% 123.46% 63.53%
2-Jun-98 100.94% 118.89% 123.71% 64.71%
3-Jun-98 101.26% 118.62% 122.53% 61.18%
4-Jun-98 101.26% 119.48% 123.89% 62.35%
5-Jun-98 101.26% 119.82% 126.05% 65.29%
8-Jun-98 106.29% 120.41% 126.26% 63.53%
9-Jun-98 103.46% 120.17% 126.56% 61.76%
10-Jun-98 98.11% 118.50% 125.87% 61.18%
11-Jun-98 95.60% 117.01% 123.87% 61.76%
12-Jun-98 94.97% 116.22% 124.35% 57.65%
15-Jun-98 96.23% 114.18% 121.88% 57.65%
16-Jun-98 95.60% 115.58% 123.08% 57.65%
17-Jun-98 98.74% 117.06% 125.28% 58.82%
18-Jun-98 101.26% 115.66% 125.20% 58.82%
19-Jun-98 100.63% 115.23% 124.55% 57.65%
22-Jun-98 98.11% 116.23% 124.85% 56.47%
23-Jun-98 101.26% 117.73% 126.68% 56.47%
24-Jun-98 101.89% 119.10% 128.20% 55.88%
25-Jun-98 101.26% 119.10% 127.79% 57.06%
26-Jun-98 104.40% 119.45% 128.24% 57.65%
29-Jun-98 110.38% 120.09% 128.84% 56.47%
30-Jun-98 99.37% 120.84% 128.31% 54.12%
1-Jul-98 108.02% 121.71% 129.97% 55.29%
2-Jul-98 103.77% 121.58% 129.73% 57.06%
3-Jul-98 103.77% 121.58% 129.73% 57.06%
6-Jul-98 105.03% 121.89% 130.97% 55.29%
7-Jul-98 108.18% 121.45% 130.66% 57.06%
8-Jul-98 110.06% 122.21% 131.99% 47.06%
9-Jul-98 112.58% 122.18% 131.11% 52.94%
10-Jul-98 111.32% 121.74% 131.76% 51.47%
13-Jul-98 112.58% 122.00% 131.86% 49.41%
14-Jul-98 104.40% 122.06% 133.26% 50.59%
15-Jul-98 103.14% 122.56% 132.95% 48.24%
16-Jul-98 105.66% 122.67% 133.98% 47.06%
17-Jul-98 103.14% 122.38% 134.30% 45.29%
20-Jul-98 103.14% 121.98% 134.00% 44.71%
21-Jul-98 103.14% 120.50% 131.84% 44.71%
22-Jul-98 101.26% 118.76% 131.73% 45.88%
23-Jul-98 100.94% 116.35% 128.98% 45.88%
24-Jul-98 98.11% 115.56% 129.10% 48.24%
27-Jul-98 96.23% 114.20% 129.83% 45.88%
28-Jul-98 94.97% 113.00% 127.90% 45.88%
29-Jul-98 96.23% 113.05% 127.33% 45.88%
30-Jul-98 96.86% 113.77% 129.34% 45.88%
31-Jul-98 98.11% 111.53% 126.82% 44.71%
3-Aug-98 94.34% 109.75% 125.89% 42.35%
4-Aug-98 96.86% 106.38% 121.32% 41.18%
5-Aug-98 93.08% 105.99% 122.38% 40.00%
6-Aug-98 70.44% 108.38% 123.31% 47.06%
7-Aug-98 69.81% 110.93% 123.29% 47.06%
10-Aug-98 69.18% 109.48% 122.57% 47.65%
11-Aug-98 64.78% 106.81% 120.97% 49.41%
12-Aug-98 68.55% 109.24% 122.69% 50.59%
13-Aug-98 65.41% 107.55% 121.64% 49.41%
14-Aug-98 66.04% 107.25% 120.26% 40.00%
17-Aug-98 64.15% 107.60% 122.63% 39.41%
18-Aug-98 65.09% 109.50% 124.62% 42.35%
19-Aug-98 63.52% 107.83% 124.26% 43.53%
20-Aug-98 61.64% 106.50% 123.53% 39.41%
21-Aug-98 59.75% 104.96% 122.36% 40.00%
24-Aug-98 52.83% 104.57% 123.14% 40.00%
25-Aug-98 59.43% 103.91% 123.67% 40.00%
26-Aug-98 57.23% 101.28% 122.69% 40.00%
27-Aug-98 55.97% 97.34% 117.98% 40.00%
28-Aug-98 55.66% 95.30% 116.23% 40.59%
31-Aug-98 55.35% 89.94% 108.33% 37.65%
1-Sep-98 57.23% 92.11% 112.51% 37.65%
2-Sep-98 55.35% 93.63% 112.08% 40.80%
3-Sep-98 55.35% 91.83% 111.16% 39.00%
4-Sep-98 55.35% 92.06% 110.21% 38.40%
7-Sep-98 55.35% 92.06% 110.21% 38.40%
8-Sep-98 61.64% 96.11% 115.82% 36.00%
9-Sep-98 59.12% 93.43% 113.86% 34.80%
10-Sep-98 57.86% 91.42% 110.92% 34.80%
11-Sep-98 60.38% 93.85% 114.19% 33.00%
14-Sep-98 59.75% 95.55% 116.53% 37.20%
15-Sep-98 58.49% 95.55% 117.43% 37.20%
16-Sep-98 60.38% 95.96% 118.31% 38.40%
17-Sep-98 57.86% 94.45% 115.30% 37.20%
18-Sep-98 56.60% 96.40% 115.44% 37.20%
21-Sep-98 58.18% 95.87% 115.87% 38.40%
22-Sep-98 59.12% 97.39% 116.52% 36.00%
23-Sep-98 60.38% 99.09% 120.64% 36.00%
24-Sep-98 58.49% 97.24% 118.00% 37.20%
25-Sep-98 60.69% 97.11% 118.23% 37.20%
28-Sep-98 60.38% 97.00% 118.67% 34.80%
29-Sep-98 57.23% 96.06% 118.71% 39.60%
30-Sep-98 55.97% 95.37% 115.09% 39.60%
1-Oct-98 54.72% 91.82% 111.62% 38.40%
2-Oct-98 57.86% 91.75% 113.46% 36.00%
5-Oct-98 54.72% 88.15% 111.87% 34.80%
6-Oct-98 54.09% 87.10% 111.42% 35.40%
7-Oct-98 52.83% 84.37% 109.85% 34.80%
8-Oct-98 53.46% 81.19% 108.57% 33.60%
9-Oct-98 51.57% 83.63% 111.40% 34.20%
12-Oct-98 52.83% 85.40% 112.90% 35.40%
13-Oct-98 51.57% 84.29% 112.57% 37.50%
14-Oct-98 54.09% 85.31% 113.79% 37.80%
15-Oct-98 52.83% 87.94% 118.54% 37.80%
16-Oct-98 54.09% 90.32% 119.55% 38.10%
19-Oct-98 56.60% 92.66% 120.22% 37.80%
20-Oct-98 55.66% 94.42% 120.40% 36.60%
21-Oct-98 61.01% 95.85% 121.08% 38.40%
22-Oct-98 60.69% 97.20% 122.04% 44.40%
23-Oct-98 65.41% 97.53% 121.16% 42.00%
26-Oct-98 72.33% 98.20% 121.35% 45.60%
27-Oct-98 83.02% 98.20% 120.56% 46.80%
28-Oct-98 77.99% 98.11% 120.87% 66.60%
29-Oct-98 75.47% 99.12% 122.89% 74.40%
30-Oct-98 74.21% 99.73% 124.33% 64.80%
2-Nov-98 81.13% 102.29% 125.79% 67.20%
3-Nov-98 76.73% 102.57% 125.71% 62.40%
4-Nov-98 79.87% 104.14% 126.59% 58.80%
5-Nov-98 80.19% 104.63% 128.31% 61.20%
6-Nov-98 80.50% 105.34% 129.12% 57.60%
9-Nov-98 76.10% 104.67% 127.90% 55.20%
10-Nov-98 73.27% 104.90% 127.68% 56.40%
11-Nov-98 72.96% 103.61% 126.85% 54.60%
12-Nov-98 72.64% 103.38% 126.48% 60.00%
13-Nov-98 66.67% 102.44% 127.39% 57.60%
16-Nov-98 66.67% 102.61% 128.54% 58.80%
17-Nov-98 66.67% 102.32% 128.93% 57.60%
18-Nov-98 64.15% 102.56% 129.51% 54.00%
19-Nov-98 64.15% 103.96% 130.43% 53.40%
20-Nov-98 65.72% 104.25% 131.67% 56.30%
23-Nov-98 66.35% 105.44% 134.46% 58.75%
24-Nov-98 66.67% 105.11% 133.87% 56.30%
25-Nov-98 67.61% 105.56% 134.31% 56.30%
26-Nov-98 67.61% 105.56% 134.31% 56.30%
27-Nov-98 67.92% 106.19% 134.93% 55.08%
30-Nov-98 72.96% 105.26% 131.68% 57.53%
1-Dec-98 86.79% 105.66% 133.00% 57.53%
2-Dec-98 83.02% 105.05% 132.54% 57.53%
3-Dec-98 83.02% 104.05% 130.15% 57.53%
4-Dec-98 81.76% 105.59% 133.16% 57.53%
7-Dec-98 83.02% 105.89% 134.40% 55.08%
8-Dec-98 86.79% 105.94% 133.69% 56.30%
9-Dec-98 88.05% 105.73% 133.93% 55.08%
10-Dec-98 85.53% 103.94% 131.84% 55.08%
11-Dec-98 85.53% 103.73% 132.00% 53.86%
14-Dec-98 86.79% 101.73% 129.14% 52.63%
15-Dec-98 85.53% 101.99% 131.59% 52.63%
16-Dec-98 85.85% 101.80% 131.49% 58.75%
17-Dec-98 85.53% 103.11% 133.53% 53.86%
18-Dec-98 89.94% 104.83% 134.44% 55.08%
21-Dec-98 89.94% 105.97% 136.12% 55.08%
22-Dec-98 90.57% 105.40% 136.20% 56.30%
23-Dec-98 88.68% 106.92% 139.03% 52.63%
24-Dec-98 86.79% 106.94% 138.77% 55.08%
25-Dec-98 86.79% 106.94% 138.77% 55.08%
28-Dec-98 89.94% 107.41% 138.68% 52.02%
29-Dec-98 95.60% 108.20% 140.53% 51.41%
30-Dec-98 110.69% 108.93% 139.41% 52.02%
31-Dec-98 116.98% 111.90% 139.10% 53.86%
1-Jan-99 116.98% 111.90% 139.10% 53.86%
4-Jan-99 105.97% 111.29% 138.98% 52.02%
5-Jan-99 105.66% 111.24% 140.86% 51.41%
6-Jan-99 104.40% 112.58% 143.98% 53.86%
7-Jan-99 108.18% 112.26% 143.69% 53.86%
8-Jan-99 103.14% 112.86% 144.29% 51.41%
11-Jan-99 100.63% 113.05% 143.02% 53.24%
12-Jan-99 98.43% 111.43% 140.27% 52.63%
13-Jan-99 93.08% 111.25% 139.69% 51.71%
14-Jan-99 93.08% 109.37% 137.18% 55.08%
15-Jan-99 92.14% 111.28% 140.69% 52.63%
18-Jan-99 92.14% 111.28% 140.69% 52.63%
19-Jan-99 95.91% 111.39% 141.68% 50.18%
20-Jan-99 98.11% 112.04% 142.20% 50.18%
21-Jan-99 97.48% 109.80% 139.77% 51.41%
22-Jan-99 98.11% 109.65% 138.65% 51.41%
25-Jan-99 101.89% 109.31% 139.64% 48.96%
26-Jan-99 98.74% 110.08% 141.72% 48.96%
27-Jan-99 97.48% 108.62% 140.68% 47.74%
28-Jan-99 96.86% 109.22% 143.19% 47.74%
29-Jan-99 98.74% 110.44% 144.81% 48.96%
1-Feb-99 105.66% 110.23% 144.06% 46.51%
2-Feb-99 100.63% 108.54% 142.81% 46.51%
3-Feb-99 104.40% 108.93% 143.95% 42.84%
4-Feb-99 95.28% 107.22% 141.28% 44.06%
5-Feb-99 94.34% 105.69% 140.25% 42.84%
8-Feb-99 95.28% 105.60% 140.75% 41.62%
9-Feb-99 95.28% 103.65% 137.62% 44.68%
10-Feb-99 94.97% 102.61% 138.46% 41.62%
11-Feb-99 94.34% 104.32% 141.91% 43.45%
12-Feb-99 92.14% 102.72% 139.21% 44.06%
15-Feb-99 92.14% 102.72% 139.21% 44.06%
16-Feb-99 91.51% 102.30% 140.53% 44.06%
17-Feb-99 93.71% 100.56% 138.52% 44.06%
18-Feb-99 91.19% 100.74% 140.01% 42.84%
19-Feb-99 91.19% 100.98% 140.23% 42.45%
22-Feb-99 92.14% 102.66% 143.96% 46.82%
23-Feb-99 91.19% 102.66% 143.85% 43.70%
24-Feb-99 92.77% 102.20% 141.84% 46.19%
25-Feb-99 93.08% 101.14% 140.89% 46.19%
26-Feb-99 93.71% 100.40% 140.13% 46.51%
1-Mar-99 91.19% 101.24% 139.89% 44.95%
2-Mar-99 91.82% 101.41% 138.68% 44.95%
3-Mar-99 91.19% 100.96% 138.93% 43.70%
4-Mar-99 90.57% 101.85% 141.07% 44.32%
5-Mar-99 90.57% 102.55% 144.34% 43.38%
8-Mar-99 79.56% 102.98% 145.16% 42.45%
9-Mar-99 78.62% 102.66% 144.83% 42.45%
10-Mar-99 76.73% 103.01% 145.62% 42.76%
11-Mar-99 41.82% 102.94% 146.85% 42.45%
12-Mar-99 46.54% 102.53% 146.50% 41.20%
15-Mar-99 46.54% 102.97% 147.93% 40.58%
16-Mar-99 43.08% 102.81% 147.83% 39.95%
17-Mar-99 44.03% 102.45% 146.87% 39.95%
18-Mar-99 44.03% 102.27% 148.98% 39.95%
19-Mar-99 44.65% 101.20% 147.03% 39.95%
22-Mar-99 44.03% 100.12% 146.77% 38.70%
23-Mar-99 40.25% 97.68% 142.83% 39.95%
24-Mar-99 38.05% 97.93% 143.56% 38.70%
25-Mar-99 42.14% 100.54% 145.98% 39.95%
26-Mar-99 39.62% 100.34% 145.17% 37.77%
29-Mar-99 40.25% 101.68% 148.26% 38.08%
30-Mar-99 40.88% 102.14% 147.20% 39.95%
31-Mar-99 38.99% 101.62% 145.57% 38.70%
1-Apr-99 40.25% 101.57% 146.40% 39.95%
2-Apr-99 40.25% 101.57% 146.40% 39.95%
5-Apr-99 40.25% 102.26% 149.50% 36.21%
6-Apr-99 38.99% 100.92% 149.14% 36.21%
7-Apr-99 38.99% 100.15% 150.16% 34.33%
8-Apr-99 38.05% 99.85% 152.09% 33.71%
9-Apr-99 39.62% 101.44% 152.58% 38.70%
12-Apr-99 38.36% 101.96% 153.75% 33.71%
13-Apr-99 40.25% 102.47% 152.75% 33.71%
14-Apr-99 42.14% 103.64% 150.33% 37.45%
15-Apr-99 41.82% 104.18% 149.70% 37.45%
16-Apr-99 41.51% 105.55% 149.26% 37.45%
19-Apr-99 37.42% 105.10% 145.92% 41.20%
20-Apr-99 39.94% 104.90% 147.81% 39.95%
21-Apr-99 38.99% 107.36% 151.20% 39.95%
22-Apr-99 38.68% 107.56% 153.77% 36.21%
23-Apr-99 38.99% 107.66% 153.55% 39.64%
26-Apr-99 45.91% 107.91% 153.91% 39.95%
27-Apr-99 45.60% 108.68% 154.22% 43.07%
28-Apr-99 41.51% 108.72% 152.87% 44.95%
29-Apr-99 42.77% 108.52% 151.96% 40.58%
30-Apr-99 42.45% 108.27% 151.09% 40.58%
3-May-99 44.65% 109.31% 153.29% 44.95%
4-May-99 42.77% 109.29% 150.73% 41.20%
5-May-99 44.34% 109.34% 152.47% 44.95%
6-May-99 44.97% 109.34% 150.74% 42.76%
7-May-99 43.55% 109.72% 152.20% 46.82%
10-May-99 43.40% 111.05% 151.67% 44.95%
11-May-99 43.08% 111.85% 153.41% 46.19%
12-May-99 43.08% 112.04% 154.35% 44.95%
13-May-99 43.08% 113.19% 154.76% 45.57%
14-May-99 42.92% 111.63% 151.39% 45.57%
17-May-99 42.77% 110.87% 151.58% 44.95%
18-May-99 42.77% 111.07% 150.88% 45.57%
19-May-99 43.08% 111.56% 152.12% 48.69%
20-May-99 44.03% 112.74% 151.51% 48.07%
21-May-99 44.65% 113.46% 150.54% 43.70%
24-May-99 47.17% 112.16% 147.86% 46.19%
25-May-99 46.54% 110.83% 145.35% 46.19%
26-May-99 45.91% 110.64% 147.65% 43.70%
27-May-99 45.91% 109.99% 145.01% 45.57%
28-May-99 45.91% 110.81% 147.32% 43.70%
31-May-99 45.91% 110.81% 147.32% 43.70%
1-Jun-99 45.28% 111.27% 146.46% 43.70%
2-Jun-99 44.97% 111.24% 146.52% 43.70%
3-Jun-99 46.54% 111.09% 147.06% 43.70%
4-Jun-99 45.28% 112.10% 150.25% 43.70%
7-Jun-99 46.86% 112.99% 151.02% 43.70%
8-Jun-99 45.28% 112.57% 149.07% 43.70%
9-Jun-99 45.91% 113.03% 149.22% 46.19%
10-Jun-99 45.60% 112.31% 147.43% 44.95%
11-Jun-99 45.91% 111.84% 146.39% 44.95%
14-Jun-99 45.75% 111.05% 146.43% 46.19%
15-Jun-99 45.91% 111.50% 147.24% 44.95%
16-Jun-99 45.75% 112.50% 150.55% 44.95%
17-Jun-99 45.91% 113.00% 151.63% 45.26%
18-Jun-99 46.86% 113.04% 151.96% 44.95%
21-Jun-99 49.37% 113.74% 152.66% 44.95%
22-Jun-99 48.43% 113.91% 151.17% 43.70%
23-Jun-99 50.00% 113.95% 150.85% 44.32%
24-Jun-99 49.37% 113.12% 148.90% 44.32%
25-Jun-99 50.00% 113.22% 148.84% 44.32%
28-Jun-99 49.69% 114.86% 150.66% 43.70%
29-Jun-99 55.35% 115.70% 152.93% 45.57%
30-Jun-99 62.26% 117.04% 155.34% 43.70%
1-Jul-99 64.15% 117.58% 156.27% 43.70%
2-Jul-99 60.38% 118.12% 157.43% 43.70%
5-Jul-99 60.38% 118.12% 157.43% 43.70%
6-Jul-99 62.26% 118.16% 157.08% 43.70%
7-Jul-99 61.01% 117.00% 157.96% 42.76%
8-Jul-99 60.38% 117.32% 157.80% 43.85%
9-Jul-99 55.66% 117.94% 158.80% 42.45%
12-Jul-99 54.09% 118.47% 158.33% 42.45%
13-Jul-99 55.97% 118.07% 157.70% 42.29%
14-Jul-99 58.49% 118.67% 158.22% 41.51%
15-Jul-99 57.23% 119.58% 159.52% 41.51%
16-Jul-99 57.23% 119.96% 160.55% 41.51%
19-Jul-99 56.29% 118.77% 159.29% 41.20%
20-Jul-99 55.97% 117.02% 155.84% 39.95%
21-Jul-99 57.55% 117.13% 156.08% 42.45%
22-Jul-99 55.03% 116.58% 154.01% 40.26%
23-Jul-99 54.09% 116.18% 153.56% 39.95%
26-Jul-99 54.09% 114.97% 152.52% 39.95%
27-Jul-99 54.09% 115.62% 154.22% 41.20%
28-Jul-99 54.09% 115.85% 154.51% 39.95%
29-Jul-99 54.09% 115.25% 151.76% 41.20%
30-Jul-99 53.46% 115.95% 150.36% 39.95%
2-Aug-99 54.09% 115.52% 150.29% 40.11%
3-Aug-99 54.09% 114.06% 149.62% 39.95%
4-Aug-99 52.83% 112.91% 147.72% 39.95%
5-Aug-99 49.69% 112.39% 148.66% 39.95%
6-Aug-99 47.80% 111.82% 147.14% 39.95%
9-Aug-99 48.43% 111.46% 146.86% 40.58%
10-Aug-99 50.63% 110.70% 145.01% 40.58%
11-Aug-99 49.06% 111.80% 147.33% 41.82%
12-Aug-99 50.00% 111.99% 146.90% 41.82%
13-Aug-99 50.00% 113.46% 150.24% 41.82%
16-Aug-99 49.69% 113.23% 150.59% 41.82%
17-Aug-99 49.69% 113.70% 152.11% 41.82%
18-Aug-99 51.89% 113.22% 150.83% 41.82%
19-Aug-99 51.57% 113.13% 149.78% 41.82%
20-Aug-99 51.57% 113.38% 151.25% 41.82%
23-Aug-99 52.83% 114.11% 153.93% 41.82%
24-Aug-99 56.60% 113.94% 154.30% 41.20%
25-Aug-99 54.72% 113.73% 156.37% 40.58%
26-Aug-99 54.09% 112.94% 154.13% 41.51%
27-Aug-99 53.14% 111.92% 152.57% 41.51%
30-Aug-99 53.46% 111.34% 149.83% 42.02%
31-Aug-99 52.83% 110.76% 149.42% 38.84%
1-Sep-99 52.83% 112.23% 150.63% 38.20%
2-Sep-99 54.72% 111.32% 149.27% 40.75%
3-Sep-99 54.72% 113.63% 153.59% 40.75%
6-Sep-99 54.72% 113.63% 153.59% 40.75%
7-Sep-99 55.35% 114.19% 152.82% 38.52%
8-Sep-99 54.09% 113.53% 152.11% 41.23%
9-Sep-99 52.83% 113.97% 152.51% 41.23%
10-Sep-99 53.14% 114.67% 152.96% 34.38%
13-Sep-99 52.83% 114.17% 152.11% 36.29%
14-Sep-99 52.83% 113.82% 151.22% 38.20%
15-Sep-99 54.09% 113.53% 149.15% 38.20%
16-Sep-99 52.83% 112.23% 149.20% 38.20%
17-Sep-99 52.83% 113.01% 151.12% 38.20%
20-Sep-99 52.83% 112.50% 151.13% 38.20%
21-Sep-99 52.20% 110.97% 147.97% 42.02%
22-Sep-99 52.83% 111.01% 148.30% 43.30%
23-Sep-99 52.20% 109.08% 144.90% 38.20%
24-Sep-99 52.20% 108.11% 144.55% 40.75%
27-Sep-99 52.20% 109.73% 145.22% 42.98%
28-Sep-99 52.20% 108.87% 145.10% 40.43%
29-Sep-99 52.83% 109.70% 143.53% 40.59%
30-Sep-99 53.46% 111.16% 145.16% 38.20%
1-Oct-99 51.89% 110.10% 145.17% 36.93%
4-Oct-99 49.06% 110.97% 147.63% 36.93%
5-Oct-99 49.69% 110.77% 147.26% 37.57%
6-Oct-99 49.69% 111.80% 149.99% 35.66%
7-Oct-99 50.31% 111.08% 149.11% 39.16%
8-Oct-99 49.53% 110.85% 151.19% 36.29%
11-Oct-99 49.69% 111.53% 151.10% 36.29%
12-Oct-99 48.43% 110.19% 148.59% 38.84%
13-Oct-99 50.00% 108.73% 145.48% 39.48%
14-Oct-99 47.48% 108.82% 145.24% 38.20%
15-Oct-99 45.91% 107.85% 141.16% 36.29%
18-Oct-99 45.60% 106.59% 141.92% 36.29%
19-Oct-99 49.69% 107.20% 142.73% 36.29%
20-Oct-99 45.60% 107.62% 145.92% 36.61%
21-Oct-99 45.91% 107.34% 145.26% 36.29%
22-Oct-99 45.91% 108.77% 147.30% 36.29%
25-Oct-99 45.44% 108.25% 146.39% 35.66%
26-Oct-99 45.28% 107.99% 145.06% 35.66%
27-Oct-99 38.36% 108.03% 146.74% 36.93%
28-Oct-99 42.14% 109.84% 151.91% 35.66%
29-Oct-99 40.88% 110.83% 154.23% 35.66%
1-Nov-99 39.62% 111.73% 153.24% 35.66%
2-Nov-99 40.25% 111.85% 152.51% 38.20%
3-Nov-99 41.51% 113.20% 153.33% 38.20%
4-Nov-99 41.51% 113.47% 154.20% 36.29%
5-Nov-99 41.51% 113.69% 155.06% 38.20%
8-Nov-99 40.57% 113.73% 155.83% 36.29%
9-Nov-99 42.77% 113.83% 154.50% 39.48%
10-Nov-99 43.08% 114.10% 155.43% 38.20%
11-Nov-99 45.28% 114.06% 156.33% 40.75%
12-Nov-99 44.03% 114.84% 157.98% 38.20%
15-Nov-99 41.51% 115.56% 157.79% 38.52%
16-Nov-99 41.82% 116.68% 160.70% 37.25%
17-Nov-99 43.24% 116.88% 159.64% 38.20%
18-Nov-99 41.82% 118.04% 161.25% 38.20%
19-Nov-99 41.82% 117.55% 160.92% 37.57%
22-Nov-99 38.99% 117.31% 160.80% 39.48%
23-Nov-99 41.19% 115.90% 158.95% 36.93%
24-Nov-99 40.25% 115.93% 160.36% 45.84%
25-Nov-99 40.25% 115.93% 160.36% 45.84%
26-Nov-99 40.25% 116.46% 160.31% 44.57%
29-Nov-99 40.25% 115.87% 159.31% 43.93%
30-Nov-99 41.82% 115.37% 157.17% 47.12%
1-Dec-99 42.77% 115.35% 158.17% 44.57%
2-Dec-99 43.08% 116.76% 159.45% 43.30%
3-Dec-99 43.40% 118.08% 162.20% 40.75%
6-Dec-99 41.51% 118.00% 161.07% 42.66%
7-Dec-99 42.77% 117.54% 159.47% 39.48%
8-Dec-99 44.65% 118.09% 158.87% 44.57%
9-Dec-99 44.65% 116.75% 159.35% 40.75%
10-Dec-99 43.40% 117.30% 160.36% 39.48%
13-Dec-99 43.40% 117.11% 160.15% 40.43%
14-Dec-99 42.77% 115.45% 158.79% 40.11%
15-Dec-99 43.40% 115.63% 159.94% 40.11%
16-Dec-99 45.13% 116.53% 160.55% 40.75%
17-Dec-99 44.97% 116.50% 160.81% 40.75%
20-Dec-99 42.77% 116.83% 160.48% 40.75%
21-Dec-99 43.40% 118.62% 162.21% 39.48%
22-Dec-99 43.55% 118.89% 162.52% 39.48%
23-Dec-99 44.03% 119.78% 165.03% 37.57%
24-Dec-99 44.03% 119.78% 165.03% 37.57%
27-Dec-99 43.40% 121.25% 164.89% 34.38%
28-Dec-99 43.40% 121.87% 164.95% 34.38%
29-Dec-99 44.03% 123.32% 165.61% 34.38%
30-Dec-99 44.03% 122.76% 165.72% 35.97%
31-Dec-99 43.71% 124.78% 166.26% 36.93%
3-Jan-00 45.91% 122.59% 164.68% 35.66%
4-Jan-00 44.03% 118.22% 158.36% 36.93%
5-Jan-00 44.03% 118.72% 158.67% 36.29%
6-Jan-00 43.71% 117.99% 158.82% 35.66%
7-Jan-00 43.71% 121.05% 163.12% 35.66%
10-Jan-00 44.65% 123.41% 164.95% 35.66%
11-Jan-00 44.97% 121.73% 162.79% 36.61%
12-Jan-00 45.28% 121.13% 162.08% 35.66%
13-Jan-00 45.91% 124.72% 164.05% 36.29%
14-Jan-00 45.28% 126.49% 165.80% 35.66%
17-Jan-00 45.28% 126.49% 165.80% 35.66%
18-Jan-00 46.54% 127.22% 164.67% 36.29%
19-Jan-00 45.60% 128.31% 164.75% 35.66%
20-Jan-00 47.80% 129.41% 163.59% 35.82%
21-Jan-00 46.86% 130.69% 163.11% 37.57%
24-Jan-00 47.17% 128.25% 158.60% 38.84%
25-Jan-00 46.86% 127.41% 159.56% 38.84%
26-Jan-00 49.69% 126.92% 158.89% 38.84%
27-Jan-00 50.31% 125.84% 158.27% 39.48%
28-Jan-00 48.43% 122.82% 153.92% 38.20%
31-Jan-00 43.71% 120.86% 157.80% 38.20%
1-Feb-00 48.43% 122.98% 159.48% 40.75%
2-Feb-00 45.91% 123.87% 159.46% 39.16%
3-Feb-00 49.06% 126.15% 161.25% 38.20%
4-Feb-00 48.11% 126.90% 161.19% 38.20%
7-Feb-00 46.54% 127.54% 161.17% 38.84%
8-Feb-00 48.43% 128.55% 163.15% 38.20%
9-Feb-00 47.17% 127.79% 159.75% 38.20%
10-Feb-00 49.06% 128.84% 160.33% 38.20%
11-Feb-00 48.11% 127.59% 156.97% 38.84%
14-Feb-00 47.80% 128.30% 157.29% 39.48%
15-Feb-00 48.74% 128.53% 158.66% 38.52%
16-Feb-00 47.80% 130.01% 157.03% 39.00%
17-Feb-00 47.80% 132.40% 157.10% 37.57%
18-Feb-00 45.91% 129.14% 152.33% 36.93%
21-Feb-00 45.91% 129.14% 152.33% 36.93%
22-Feb-00 45.60% 128.54% 153.02% 35.66%
23-Feb-00 47.01% 130.89% 153.98% 35.02%
24-Feb-00 47.80% 131.47% 153.16% 34.38%
25-Feb-00 46.23% 132.12% 150.89% 34.38%
28-Feb-00 46.70% 132.76% 152.55% 33.75%
29-Feb-00 47.17% 136.96% 154.63% 34.70%
1-Mar-00 46.54% 138.52% 156.07% 34.70%
2-Mar-00 42.77% 137.49% 156.36% 33.75%
3-Mar-00 45.28% 141.05% 159.47% 34.38%
6-Mar-00 44.03% 140.73% 157.44% 34.70%
7-Mar-00 45.28% 138.74% 153.41% 33.11%
8-Mar-00 45.28% 138.91% 154.66% 35.02%
9-Mar-00 44.03% 140.80% 158.62% 34.38%
10-Mar-00 44.03% 139.75% 157.87% 33.75%
13-Mar-00 43.71% 137.24% 156.57% 36.29%
14-Mar-00 43.40% 134.32% 153.81% 33.75%
15-Mar-00 44.65% 132.27% 157.54% 35.66%
16-Mar-00 46.86% 137.35% 165.05% 34.38%
17-Mar-00 45.60% 137.61% 165.72% 34.38%
20-Mar-00 46.54% 133.60% 164.84% 31.84%
21-Mar-00 45.28% 134.55% 169.05% 31.20%
22-Mar-00 45.60% 137.39% 169.82% 33.11%
23-Mar-00 45.91% 137.97% 172.84% 33.75%
24-Mar-00 47.17% 138.25% 172.85% 33.75%
27-Mar-00 47.64% 137.58% 172.44% 42.02%
28-Mar-00 47.48% 135.23% 170.62% 40.75%
29-Mar-00 45.91% 132.57% 170.71% 39.48%
30-Mar-00 48.90% 130.17% 168.38% 39.48%
31-Mar-00 49.06% 131.82% 169.58% 42.66%
3-Apr-00 46.54% 128.54% 170.42% 55.87%
4-Apr-00 47.80% 126.20% 169.15% 47.12%
5-Apr-00 47.80% 128.39% 168.32% 43.93%
6-Apr-00 47.17% 131.89% 169.90% 45.84%
7-Apr-00 47.80% 133.73% 171.59% 50.30%
10-Apr-00 49.06% 129.32% 170.25% 50.30%
11-Apr-00 48.74% 127.94% 169.81% 50.30%
12-Apr-00 49.37% 125.29% 166.03% 45.84%
13-Apr-00 49.06% 124.11% 163.01% 45.84%
14-Apr-00 49.06% 116.93% 153.51% 44.57%
17-Apr-00 49.06% 118.36% 158.59% 43.30%
18-Apr-00 53.77% 123.59% 163.14% 48.39%
19-Apr-00 50.31% 124.04% 161.54% 48.39%
20-Apr-00 50.31% 123.67% 162.34% 46.48%
21-Apr-00 50.31% 123.67% 162.34% 46.48%
24-Apr-00 50.31% 120.88% 161.81% 47.12%
25-Apr-00 50.31% 125.76% 167.19% 48.39%
26-Apr-00 50.31% 125.09% 165.33% 49.66%
27-Apr-00 50.31% 127.23% 165.77% 48.39%
28-Apr-00 50.31% 129.51% 164.36% 48.39%
1-May-00 50.47% 131.65% 166.15% 49.51%
2-May-00 49.06% 128.55% 163.67% 50.94%
3-May-00 49.69% 126.01% 160.14% 53.48%
4-May-00 51.57% 127.76% 159.51% 53.48%
5-May-00 51.89% 130.98% 162.12% 49.66%
8-May-00 50.79% 128.52% 161.16% 50.94%
9-May-00 51.89% 127.10% 159.80% 53.48%
10-May-00 49.06% 123.27% 156.51% 56.03%
11-May-00 51.57% 127.26% 159.31% 57.31%
12-May-00 50.63% 127.53% 160.80% 66.22%
15-May-00 49.69% 129.25% 164.35% 61.13%
16-May-00 50.31% 130.77% 165.90% 66.22%
17-May-00 50.00% 129.27% 163.84% 61.13%
18-May-00 50.31% 127.74% 162.64% 63.99%
19-May-00 50.94% 125.22% 159.21% 62.40%
22-May-00 50.94% 123.58% 158.51% 59.85%
23-May-00 50.94% 121.80% 155.47% 57.31%
24-May-00 49.69% 122.60% 158.32% 43.93%
25-May-00 50.00% 120.92% 156.34% 53.48%
26-May-00 49.37% 121.05% 155.94% 51.57%
29-May-00 49.37% 121.05% 155.94% 51.57%
30-May-00 49.37% 125.04% 160.97% 51.57%
31-May-00 51.26% 125.58% 160.76% 54.76%
1-Jun-00 51.57% 128.35% 163.95% 56.35%
2-Jun-00 51.57% 132.36% 167.17% 54.76%
5-Jun-00 51.57% 132.09% 166.08% 56.67%
6-Jun-00 51.57% 131.34% 164.97% 55.40%
7-Jun-00 51.57% 132.11% 166.50% 54.76%
8-Jun-00 49.69% 131.13% 165.41% 54.76%
9-Jun-00 49.69% 132.50% 164.87% 50.94%
12-Jun-00 49.37% 130.31% 163.63% 59.22%
13-Jun-00 49.53% 131.38% 166.29% 57.31%
14-Jun-00 49.37% 130.79% 166.41% 58.90%
15-Jun-00 48.43% 131.34% 167.34% 50.94%
16-Jun-00 48.43% 131.58% 165.72% 50.94%
19-Jun-00 49.06% 133.13% 168.16% 52.85%
20-Jun-00 49.37% 132.85% 167.02% 52.85%
21-Jun-00 48.43% 132.67% 167.38% 52.21%
22-Jun-00 48.43% 130.30% 164.33% 53.80%
23-Jun-00 48.43% 129.09% 163.12% 45.84%
26-Jun-00 48.11% 131.30% 164.69% 56.99%
27-Jun-00 45.91% 130.28% 164.15% 48.39%
28-Jun-00 48.43% 134.74% 164.63% 53.48%
29-Jun-00 46.54% 133.01% 163.23% 55.71%
30-Jun-00 49.69% 132.92% 164.61% 57.94%
3-Jul-00 50.31% 134.53% 166.30% 54.28%
4-Jul-00 50.31% 134.53% 166.30% 54.28%
5-Jul-00 49.37% 132.68% 163.66% 51.57%
6-Jul-00 50.63% 134.15% 164.84% 57.31%
7-Jul-00 50.31% 136.09% 167.36% 57.31%
10-Jul-00 51.26% 137.06% 166.99% 56.03%
11-Jul-00 50.31% 136.94% 167.58% 54.76%
12-Jul-00 50.31% 138.85% 168.94% 57.94%
13-Jul-00 49.69% 138.66% 169.27% 53.80%
14-Jul-00 49.69% 138.58% 170.87% 53.48%
17-Jul-00 51.57% 139.61% 170.93% 54.76%
18-Jul-00 50.63% 137.77% 169.04% 56.03%
19-Jul-00 49.69% 135.64% 167.70% 56.03%
20-Jul-00 50.79% 136.94% 169.24% 56.03%
21-Jul-00 50.31% 133.81% 167.50% 56.03%
24-Jul-00 50.31% 132.49% 165.70% 53.48%
25-Jul-00 50.31% 132.58% 166.86% 53.48%
26-Jul-00 50.31% 132.36% 164.36% 50.94%
27-Jul-00 50.31% 129.68% 164.04% 50.94%
28-Jul-00 50.31% 126.64% 160.68% 50.94%
31-Jul-00 55.35% 129.60% 161.92% 52.21%
1-Aug-00 52.83% 129.35% 162.74% 53.48%
2-Aug-00 50.94% 130.24% 162.81% 48.39%
3-Aug-00 50.31% 129.67% 164.38% 50.94%
4-Aug-00 50.31% 130.85% 165.55% 53.48%
7-Aug-00 51.57% 132.25% 167.40% 52.53%
8-Aug-00 52.52% 131.85% 167.80% 49.66%
9-Aug-00 51.73% 131.97% 166.67% 45.84%
10-Aug-00 51.73% 130.79% 165.25% 45.84%
11-Aug-00 50.94% 132.94% 166.56% 47.12%
14-Aug-00 50.94% 134.30% 168.79% 47.12%
15-Aug-00 50.94% 133.11% 167.98% 47.12%
16-Aug-00 51.89% 134.01% 167.46% 48.39%
17-Aug-00 51.57% 135.32% 169.30% 47.12%
18-Aug-00 53.46% 135.06% 168.81% 44.57%
21-Aug-00 55.03% 135.20% 169.69% 40.75%
22-Aug-00 53.93% 135.47% 169.53% 43.14%
23-Aug-00 53.46% 135.72% 170.42% 43.30%
24-Aug-00 52.83% 137.40% 170.69% 43.30%
25-Aug-00 54.09% 137.40% 170.48% 38.20%
---------------------------------------
SOURCE: FACTSET.
[LOGO] MERRILL LYNCH------------------------------------------------------------
10
<PAGE>
PUBLIC MARKET OVERVIEW OF LEAF
--------------------------------------------------------------------------------
1-YEAR STOCK VOLUME TRADING ANALYSIS
[BAR CHART]
Percent of Volume Traded in Share Price Range
<TABLE>
<CAPTION>
Shares Traded % of Total Shares Traded % of Total Shares (a) % of Min. Shares (b)
<S> <C> <C> <C> <C>
$7.00-$8.00 178 7 2% 7%
$8.00-$9.00 1031 40.2 9% 40%
$9.00-$10.00 905 35.3 8% 35%
$10.00-$11.00 449 17.5 4% 17%
</TABLE>
Percent of Volume Traded Below Share Price
<TABLE>
<CAPTION>
Shares Traded % of Total Shares Traded % of Total Shares (a) % of Min. Shares (b)
<S> <C> <C> <C> <C>
$8.00 178 7 2% 7%
$9.00 1209 47.1 10% 47%
$10.00 2114 82.5 18% 82%
$11.00 2562 100 22% 100%
</TABLE>
---------------------------------------
SOURCE: FACTSET AS OF AUGUST 25, 2000.
(A) ASSUMES 11.9 MILLION SHARES OUTSTANDING.
(B) ASSUMES 2.6 MILLION MINORITY SHARES OUTSTANDING.
[LOGO] MERRILL LYNCH------------------------------------------------------------
11
<PAGE>
PUBLIC MARKET OVERVIEW OF LEAF
--------------------------------------------------------------------------------
STOCK VOLUME TRADING ANALYSIS
[BAR CHART]
One-Year Daily Trading Volume Analysis
Number of Days
0-10,000 180
10,000-20,000 43
20,000-30,000 16
30,000-40,000 6
40,000-50,000 3
greater than 50,000 7
Annual Trading Volume Analysis
Number of Days % of Total Shares (b) % of Minority Shares (c)
YTD 2000 (a) 995,700 8% 39%
1999 7,713,900 65% 300%
1998 10,523,300 89% 410%
1997 13,845,500 117% 539%
---------------------------------------
SOURCE: FACTSET.
(A) AS OF AUGUST 25, 2000
(B) ASSUMES 11.9 MILLION SHARES OUTSTANDING.
(C) ASSUMES 2.6 MILLION MINORITY SHARES OUTSTANDING.
[LOGO] MERRILL LYNCH------------------------------------------------------------
12
<PAGE>
--------------------------------------------------------------------------------
PUBLIC MARKET OVERVIEW OF LEAF
--------------------------------------------------------------------------------
SHAREHOLDER PROFILE
<TABLE>
<CAPTION>
Percent of Stock Options Percent of
Basic Shares Basic Shares Held Diluted Shares Total
------------- ------------- -------------- -------------- -----------
<S> <C> <C> <C> <C> <C>
INSTITUTIONAL HOLDERS (A)
Royce & Associates 734,300 6.2% -- 734,300 5.9%
Wachovia Asset Management 349,300 2.9% -- 349,300 2.8%
MSDW Advisors 260,300 2.2% -- 260,300 2.1%
Dimensional FD Advisors 121,500 1.0% -- 121,500 1.0%
Vanguard Group 109,000 0.9% -- 109,000 0.9%
Advisory Research 46,800 0.4% -- 46,800 0.4%
Mellon Private Asset Management 20,600 0.2% -- 20,600 0.2%
Barclays Bank 18,800 0.2% -- 18,800 0.2%
La Salle National Bank 10,000 0.1% -- 10,000 0.1%
Charles Schwab 600 0.0% -- 600 0.0%
--------- ----- --------- -----
Top Ten Institutions 1,671,200 14.1% -- 1,671,200 13.5%
Other 140,200 1.2% -- 140,200 1.1%
--------- ----- --------- -----
TOTAL INSTITUTIONAL HOLDINGS (B) 1,811,400 15.3% -- 1,811,400 14.7%
MANAGEMENT & DIRECTORS (C )
Lew and Lavonda Rothman (d) 8,775,840 73.9% 100,000 8,875,840 71.9%
Lewis Irving Rothman Children's Trust 524,160 4.4% -- 524,160 4.2%
Jane Vargas -- 0.0% 35,000 35,000 0.3%
Michael E. Colleton -- 0.0% 35,000 35,000 0.3%
Maureen Colleton -- 0.0% 35,000 35,000 0.3%
John Oliva 47,900 0.4% 10,000 57,900 0.5%
Other -- 0.0% 265,000 265,000 2.1%
--------- ----- --------- --------- -----
TOTAL MANAGEMENT & DIRECTORS 9,347,900 78.8% 480,000 9,827,900 79.6%
OTHER/PUBLIC 708,251 6.0% -- 708,251 5.7%
--------- ----- --------- --------- -----
TOTAL SHARES OUTSTANDING (D) 11,867,551 100.0% 480,000 12,347,551 100.0%
</TABLE>
----------------------------------
(A) SOURCE: CDA/SPECTRUM REPORT FOR THE QUARTER ENDED 6/30/00.
(B) INCLUDES ALL 13F INSTITUTIONS, MUTUAL FUNDS, PENSION FUNDS, VARIABLE
ANNUITIES, FOREIGN MUTUAL FUNDS, AND INSURANCE COMPANIES THAT DO NOT
FILE 13FS.
(C) SOURCE: PROXY DATED 12/31/99; INCLUDES ALL OPTIONS REGARDLESS OF
EXERCISABILITY.
(D) TOTAL SHARES AND OPTIONS OUTSTANDING BASED ON MANAGEMENT GUIDANCE.
[LOGO] MERRILL LYNCH
<PAGE>
--------------------------------------------------------------------------------
PRELIMINARY VALUATION OF LEAF
--------------------------------------------------------------------------------
<PAGE>
PRELIMINARY VALUATION OF LEAF
--------------------------------------------------------------------------------
SUMMARY FINANCIAL RESULTS
<TABLE>
<CAPTION>
Historical Projected
--------------------------------- ----------------------------------------------------------
1997 1998 1999 2000E 2001E 2002E 2003E 2004E
--------- --------- ---------- --------- ---------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INCOME STATEMENT (A)
Revenue $240.3 $286.5 $317.0 $324.1 $349.5 $367.0 $385.3 $404.6
Growth -- 19.2% 10.6% 2.3% 7.8% 5.0% 5.0% 5.0%
Gross Profit 49.5 52.8 55.3 57.9 61.0 64.0 67.2 70.6
Margin 20.6% 18.4% 17.4% 17.9% 17.4% 17.4% 17.4% 17.4%
EBITDA 24.7 24.0 21.7 22.3 23.9 25.1 26.4 27.7
Margin 10.3% 8.4% 6.9% 6.9% 6.9% 6.9% 6.9% 6.9%
EBIT 23.8 22.5 19.6 19.9 21.4 22.6 23.8 25.0
Margin 9.9% 7.8% 6.2% 6.1% 6.1% 6.2% 6.2% 6.2%
Net Income 14.8 13.7 11.9 12.2 13.5 14.4 15.4 16.4
EPS (b) -- $ 1.08 $0.96 $1.02 $1.13 $1.20 $1.28 $1.37
Growth -- -- (10.4%) 6.0% 10.3% 6.8% 6.8% 6.4%
Adjusted EPS (c ) -- $1.08 $0.96 $1.08 $1.28 $1.48 $1.71 $1.96
Growth -- -- (10.4%) 12.2% 18.6% 15.4% 15.3% 15.1%
Diluted Shares Outstanding -- 12.8 12.3 11.3 10.3 9.4 8.6 7.8
CASH FLOW ITEMS
Change in Working Capital (d) ($18.9) ($8.6) $7.2 ($0.6) ($2.6) ($1.7) ($1.8) ($1.9)
Capital Expenditures (d) 8.5 10.7 8.8 1.0 1.3 1.3 1.3 1.3
Depreciation (a) 0.9 1.6 2.2 2.5 2.5 2.6 2.6 2.8
<CAPTION>
CAGR
-------------
2000-2004
-------------
<S> <C>
INCOME STATEMENT (A)
Revenue 5.7%
Growth
Gross Profit 5.1%
Margin
EBITDA 5.6%
Margin
EBIT 5.9%
Margin
Net Income 7.6%
EPS (b) 7.6%
Growth
Adjusted EPS (c ) 16.1%
Growth --
Diluted Shares Outstanding --
CASH FLOW ITEMS
Change in Working Capital (d) --
Capital Expenditures (d) 5.7%
Depreciation (a) 2.9%
</TABLE>
-------------------------------
(A) BASED ON LEAF MANAGEMENT ESTIMATES.
(B) ASSUMES 11.9 MILLION SHARES OUTSTANDING FOR 2000 THROUGH 2004.
(C) ASSUMES EXCESS CASH IS USED TO REPURCHASE SHARES AT THE AVERAGE FORWARD
P/E MULTIPLE OF 8.7X.
(D) MERRILL LYNCH IBK ESTIMATES.
[LOGO] MERRILL LYNCH------------------------------------------------------------
14
<PAGE>
PRELIMINARY VALUATION OF LEAF
--------------------------------------------------------------------------------
PRELIMINARY VALUATION SUMMARY
[FLOATING BAR CHART]
Equity Value Per Share
----------------------
High Low
Public Comparables (LTM EBITDA) 12 8.5
Public Comparables (2001 EPS) 11.25 8
Illustrative Stock Price Based on Forward EPS 11 8.5
Transaction Comparables 15.5 12
Premiums Paid Analysis 12.5 11
DCF - Analysis 12.75 9.5
Leveraged Buyout Analysis 10 9
52-Week Share Price High/Low 11 7.63
Proposed Offer: $13.00
Current Price: $10.75
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------
Relevant Statistic LTM EBITDA 2001 EPS 2000-2004 LTM EBITDA 8/4/00 2004 EBITDA 5th Yr. Return
Forward EPS Price (c) to Equity Sponsor
<S> <C> <C> <C> <C> <C> <C> <C>
Leaf Results (b) $21.9mm $1.13 $1.08-$1.96 $21.9mm $10.00 $27.7mm
Multiple Range:
High 6.0x 10.0x 10.0x 8.0x 25% 6.0x 25%
Low 4.0x 7.0x 8.0x 6.0x 10% 4.0x 35%
--------------------------------------------------------------------------------------------------------------
</TABLE>
-------------------------------
(A) BASED ON 11.9 MILLION SHARES OUTSTANDING, 0.480 MILLION OPTIONS
OUTSTANDING, OPTION PROCEEDS OF $4.3 MILLION AND NET CASH OF $13.3 MILLION.
(B) FINANCIAL RESULTS BASED ON LEAF MANAGEMENT PROJECTIONS.
(C) LEAF CLOSING PRICE ONE DAY PRIOR TO THE DAY THAT THE PURCHASER MADE A
$13.00 OFFER PRICE PER SHARE.
[LOGO] MERRILL LYNCH------------------------------------------------------------
15
<PAGE>
PRELIMINARY VALUATION OF LEAF
--------------------------------------------------------------------------------
PUBLIC COMPARABLE COMPANIES - SPECIALTY RETAILERS
[BAR CHARTS (4)]
Market Capitalization/LTM Sales(a)
Sunglass Hut International 0.69x
Holt's Cigar Holdings 0.56x
Cole National 0.35x
PETsMART 0.35x
Jo-Ann Stores - Class A 0.25x
Offer = 0.45x
Mean = 0.44x
Market Capitalization/LTM EBITDA(a)
PETsMART 6.1x
Cole National 6.0x
Sunglass Hut International 5.5x
Holt's Cigar Holdings 4.1x
Jo-Ann Stores - Class A 3.2x
Offer = 6.5x
Mean = 5.0x
2001 P/E Multiples(b)
Cole National 9.3x
Sunglass Hut International 9.2x
PETsMART 7.8x
Jo-AnnStores -Class A 5.7x
Holt's CigarHoldings NA
Offer = 11.5x
Mean = 8.0x
2001E P/E to Growth Rate(b)
Sunglass Hut International 0.49x
Cole National 0.47x
Jo-Ann Stores - Class A 0.47x
PETsMART 0.30x
Holt's Cigar Holdings N/A
Offer = 1.15x
Mean = 0.43x
---------------------------------------
* EXCLUDED FROM CALCULATION OF MEAN.
(A) SOURCE: COMPANY SEC FILINGS.
(B) SOURCE: FIRST CALL ESTIMATES AND I/B/E/S MEAN GROWTH RATES.
[LOGO] MERRILL LYNCH------------------------------------------------------------
16
<PAGE>
PRELIMINARY VALUATION OF LEAF
PUBLIC COMPARABLE COMPANIES - DIRECT MAIL RETAILERS
[BAR CHARTS (4)]
Market Capitalization/LTM Sales(a)
Coldwater Creek 0.90x
Sharper Image 0.70x
Spiegel 0.55x
J. Jill Group 0.53x
Blair 0.34x
Lillian Vernon 0.25x
Mean = 0.55x
Offer = 0.45x
Market Capitalization/LTM EBITDA(a)
J. Jill Group* 20.9x
Coldwater Creek 9.6x
Sharper Image 9.1x
Spiegel 5.2x
Blair 4.7x
Lillian Vernon 4.0x
Mean = 6.5x
Offer = 6.5x
2001 P/E Multiples(b)
Sharper Image 15.6x
Coldwater Creek 14.8x
J.Jill Group 13.8x
Lillian Vernon 10.3x
Spiegel 6.8x
Blair NA
Mean = 12.3x
Offer = 11.5x
2001 P/E to Growth Rate(b)
Sharper Image 0.73x
Coldwater Creek 0.70x
Lillian Vernon 0.69x
J. Jill Group 0.61x
Spiegel 0.27x
Blair NA
Mean = 1.15x
Offer = 0.60x
---------------------------------------
* EXCLUDED FROM CALCULATION OF MEAN.
(A) SOURCE: COMPANY SEC FILINGS.
(B) SOURCE: FIRST CALL ESTIMATES AND I/B/E/S MEAN GROWTH RATES AS OF
AUGUST 25, 2000.
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17
<PAGE>
PRELIMINARY VALUATION OF LEAF
--------------------------------------------------------------------------------
SELECTED COMPARABLE TRANSACTIONS IN THE CIGAR INDUSTRY (A)
(DOLLARS IN MILLIONS)
<TABLE>
<CAPTION>
ANN. TARGET DESCRIPTION OFFER
DATE ACQUIROR OF TARGET DESCRIPTION OF TRANSACTION VALUE(B)
<S> <C> <C> <C> <C>
Jan-00 GENERAL CIGAR HOLDINGS MNFR CIGARS PURCHASE OF SHARES REPRESENTING $430.00
SWEDISH MATCH AB (UNITED STATES) A 64% EQUITY STAKE
DEC-99 CORPORACIO HABANOS MNFR CIGARS ALTADIS ACQUIRED A 50% STAKE IN 1,000.0
ALTADIS (CUBA HABANOS FOR $500 MILLION
MAY-99 SWEDISH MATCH CIGARETTE OPER. MNFR CIGARS ACQUISITION OF ASSETS 570.0
AUSTRIA TABAK AG (SWEDEN)
DEC-98 SWISHER INTL (AMERICAN MAIZE)* MNFR CIGARS SHARE BUY-BACK OF CLASS A SHARES 321.8
SWISHER INTL (AMERICAN MALZE) (UNITED STATED) (CLASS A HOLDERS HAVE 2%
VOTING RIGHTS, 17% OF SHARES
DEC-98 CONSOLIDATED CIGAR HOLDINGS MNFR CIGARETTS,CIGARS MERGER 531.4
SEITA (UNITED STATES)
SEP-97 HAVATAMPA INC.-CIGAR DIVISION MNFR CIGARS PURCHASE OF ASSETS 275.0
TABACALERA CIGARS INT'L SA (UNITED STATES
NOV-96 VILLAZON & CO. MNFR CIGARS PURCHASE OF A PRIVATELY HELD 64.0
GENERAL CIGAR HOLDINGS (United States) company
LEAF PROPOSAL* $156.1
<CAPTION>
TRANSACTION VALUE TO:
------------------------------
ANN. TARGET TRANSACTION LTM LTM LTM
DATE ACQUIROR VALUE(c)(d) EBITDA EBIT SALES
<S> <C> <C> <C> <C> <C>
Jan-00 GENERAL CIGAR HOLDINGS $316.00 10.4X 14.4X 2.1X
SWEDISH MATCH AB
DEC-99 CORPORACIO HABANO 1,000.0 8.4X(E) 11.9X(E) 3.5X(E)
ALTADIA
MAY-99 SWEDISH MATCH CIGARETTE OPER. 570.0 11.3X 12.2X 3.3X
AUSTRIA TABAK AG
DEC-98 SWISHER INTL (AMERICAN MAIZE)* 413.3 6.2X(F) 6.9X 1.5X
SWISHER INTL (AMERICAN MALZE)
DEC-98 CONSOLIDATED CIGAR HOLDIGS 730.4 7.3X 7.9X 2.4X
SEITZ
SEP-97 HAVATAMPA INC.-CIGAR DIVISION 275.0 N/A N/A 2.0X
TABACALERA CIGARS INT'L SA
NOV-96 VILLAZON & CO. 89.0 7.9X 8.0X 2.1X
GENERAL CIGAR HOLDINGS
LEAF PROPOSAL* 142.8 6.5x 7.4x 0.5x
</TABLE>
---------------------------------------
SOURCE: PUBLIC COMPANY FILINGS AND PRESS RELEASES
(A) CERTAIN TRANSACTIONS REPRESENT THE ACQUISITION OF CONTROL WHICH MAY NOT
BE DIRECTLY COMPARABLE TO THE ACQUISITION OF A MINORITY STAKE.
ACQUISITIONS OF A MINORITY STAKE ARE DENOTED BY "*". (B) OFFER VALUE =
OFFER PRICE PER SHARE X FULLY DILUTED SHARES OUTSTANDING.
(C) TRANSACTION VALUE = OFFER VALUE + TOTAL DEBT + NON CONVERTIBLE PREFERRED
STOCK + MINORITY INTEREST - CASH EQUIVALENTS - OPTION PROCEEDS.
(D) SOURCES WHERE NOT DISCLOSED: TEXTLINES; ANALYSTS' ESTIMATES.
(E) ESTIMATED BASED ON NET INCOME MULTIPLE.
(F) REPRESENTS MORE COMPARABLE TRANSACTION DUE TO MAJORITY OWNERSHIP POSITION
OF ACQUIROR AT THE TIME OF THE TRANSACTION.
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18
<PAGE>
PRELIMINARY VALUATION OF LEAF
--------------------------------------------------------------------------------
PREMIUMS PAID IN SELECTED TRANSACTIONS SINCE 1/1/98 - U.S. TARGETS
<TABLE>
<CAPTION>
% HELD AT DATE OF OFFER VALUE OFFER PREMIUM
---------------------------------------------
ANNOUNCEMENT ($ MM) 1 DAY 1 WEEK 4 WEEKS 52-WK. HIGH
------------------ -------------- ---------- --------- ------- ------------
ACQUIROR OWNERSHIP AT ANNOUNCEMENT >50%
<S> <C> <C> <C> <C> <C> <C>
Maximum 98.2% $1,324.6 100.0% 112.5% 107.4% 52.7%
Mean 72.9% 140.0 27.5% 30.4% 37.6% (11.5%)
Median 73.9% 59.1 23.7% 26.1% 40.4% (9.1%)
Minimum 50.0% 1.9 (11.1%) (11.6%) (40.8%) (69.3%)
Number of Transactions: 54
ACQUIROR OWNERSHIP AT ANNOUNCEMENT >75%
Maximum 98.2% $1,324.6 75.0% 61.5% 107.4% 40.8%
Mean 84.3% 145.6 19.9% 21.7% 37.0% (12.6%)
Median 81.7% 43.3 15.4% 17.3% 42.2% (4.1%)
Minimum 76.8% 6.5 -8.5% (11.6%) (40.8%) (69.3%)
Number of Transactions: 26
LEAF PROPOSAL (a) 78.4% $34.9 30.0% 25.9% 29.0% 11.8%
</TABLE>
-----------------------
SOURCE: THOMSON FINANCIAL SECURITIES DATA AND COMPANY PRESS RELEASES. FOR A
DETAILED LIST OF THESE TRANSACTIONS, PLEASE SEE APPENDIX.
(A) LEAF CLOSING PRICE ONE DAY PRIOR TO THE DAY THAT THE PURCHASER MADE A
$13.00 OFFER PRICE PER SHARE.
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19
<PAGE>
PRELIMINARY VALUATION OF LEAF
--------------------------------------------------------------------------------
DISCOUNTED CASH FLOW ANALYSIS
EBITDA MULTIPLE METHOD(A)
<TABLE>
<CAPTION>
Discount Equity Value Per Share (b) Implied Perprtuity Growth Rate
--------------------------------- ---------------------------------
Rates 4.0x 5.0x 6.0x 4.0x 5.0x 6.0x
-------- --------------------------------- ---------------------------------
<S> <C> <C> <C> <C> <C> <C>
13.0% $10.03 $11.33 $12.63 1.0% 3.2% 4.7%
13.5% 9.89 11.16 12.43 1.4% 3.6% 5.2%
14.0% 9.75 11.00 12.25 1.9% 4.1% 5.6%
14.5% 9.62 10.84 12.08 2.3% 4.6% 6.1%
15.0% 9.49 10.69 11.89 2.8% 5.0% 6.6%
-----------------------------------------------------------------------------------
</TABLE>
---------------------------------------
NOTE: DISCOUNTED BACK TO JUNE 30, 2000; ASSUMES NET CASH OF $13.3 MILLION AS OF
JUNE 30, 2000.
(A) BASED ON PROJECTIONS PROVIDED BY LEAF MANAGEMENT. BASED ON 2004 EBITDA OF
$27.7 MILLION.
(B) ASSUMES 11.9 MILLION SHARES OUTSTANDING, 0.480 MILLION OPTIONS OUTSTANDING
AND OPTION PROCEEDS OF $4.3 MILLION.
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20
<PAGE>
PRELIMINARY VALUATION OF LEAF
--------------------------------------------------------------------------------
ILLUSTRATIVE STOCK PRICE BASED ON CURRENT P/E
[BAR CHART]
2000 $10.81 (c)
$9.73 (d)
$8.64 (e)
EPS(b) $1.08
2001 $12.82 (c)
($11.05)(c)(f)
$11.53 (d)
($9.94)(d)(f)
$10.25 (e)
($8.84)(e)(f)
EPS(b) $1.28
2002 $14.79 (c)
($10.99)(c)(f)
$13.31 (d)
($9.89)(d)(f)
$11.83 (e)
($8.79)(e)(f)
EPS(b) $1.48
2003 $17.05 (c)
($10.92)(c)(f)
$15.35 (d)
($9.83)(d)(f)
$13.64 (e)
($8.74)(e)(f)
EPS(b) $1.71
2004 $19.62 (c)
($10.83)(c)(f)
$17.65 (d)
($9.75)(d)(f)
$15.69 (e)
($8.67)(e)(f)
EPS(b) $1.96
---------------------------------------
(a) BASED ON A COST OF EQUITY OF 16.0%.
(b) BASED ON PROJECTIONS PROVIDED BY LEAF MANAGEMENT.
(c) Calculated using a current P/E multiple of 8.0x
(d) Calculated using a current P/E multiple of 9.0x
(e) Calculated using a current P/E multiple of 10.0x
(f) Discounted back to December 31, 2000
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21
<PAGE>
PRELIMINARY VALUATION OF LEAF
--------------------------------------------------------------------------------
LEVERAGED BUYOUT ANALYSIS
CONSTRAINTS
<TABLE>
<S> <C>
Minimum 2000 EBITDA/Interest Coverage 2.0x
o Maximum Debt to EBITDA 3.5x
o Minimum Equity Investment 25%
o Minimum 5th Year Return on Equity 25%-35%
o Minimum 5th Year Return to Subordinated Debtholders 22%
LOW HIGH
----------- -----------
Results
o Offer Price Per Share $9.05 $10.05
o Transaction Value $93.8 $106.1
o Capital Structure (% of Sources)
Senior Bank Debt
(Term Loan and Revolver) @ 9.75% 58% 52%
13.0% Subordinated Debentures 4% 4%
Common Equity 23% 30%
Cash 12% 11%
Option Proceeds 3% 3%
o 5th Year Return to Equity Sponsor @ 5.0x EBITDA Exit 35% 25%
</TABLE>
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22
<PAGE>
--------------------------------------------------------------------------------
APPENDIX
--------------------------------------------------------------------------------
<PAGE>
APPENDIX
--------------------------------------------------------------------------------
PREMIUMS PAID IN SELECTED TRANSACTIONS SINCE 1/1/98 - U.S. TARGETS ONLY
(DOLLARS IN MILLIONS)
<TABLE>
<CAPTION>
OFFER
DATE % HELD AT DATE OF VALUE
ANNOUNCED TARGET ACQUIROR ANNOUNCEMENT ($MM)
---------- ----------------------------- ---------------------------- ----------------- -------
<S> <C> <C> <C> <C>
05/03/00 Roadhouse Grill* Investor Group 66.20% 23.0
04/25/00 MPW Industrial Services Group* Investor Group 52.4 43.8
04/24/00 Cherry Corp.* Investor Group 54.8 85.1
03/31/00 Solomon-Page Group* Investor Group 55.5 10.2
03/27/00 Hartford Life Hartford Financial Services 80.4 1,324.6
03/23/00 Homestead Village Security Capital Group 72.3 156.8
03/14/00 Howmet International Alcoa 81.1 349.3
01/31/00 ThermoQuest Theormo Instrument Systems 85.4 96.9
01/31/00 Thermo Sentron Themedics 80.5 30.7
01/31/00 Thermo Optek Thermo Instrument Systems 90.0 51.8
01/31/00 Thermo Bio Analysis Thermo Instrument Systems 70.1 167.9
01/31/00 Thermedics Detection Themedics 88.2 17.0
01/31/00 Metrika Systems Thermo Instrument Systems 78.3 14.2
01/19/00 Conning Metropolitan Life Insurance 56.6 73.5
11/05/99 Synthetic Industries* Investor Group 66.0 102.2
11/05/99 PEC Israel Economic Corp Discount Investment 56.3 320.0
10/20/99 Thermoretec Thermo Electron 55.4 56.9
10/20/99 Randers Killam Gr. Thermo Electron 91.2 6.7
07/13/99 Thermo Vision Thermo Instrument Systems 77.5 11.9
06/04/99 Intek Global Securicor Communications 56.3 51.9
05/21/99 ThermoSpectra Thermo Instrument Systems 85.5 26.1
05/07/99 J Ray McDermott SA McDermott International 63.0 514.5
05/05/99 Thermo Power Thermo Electron 69.3 34.8
04/29/99 Killearn Properties Killern 62.0 1.9
04/12/99 Meadowcraft Investor Group 73.0 53.2
04/01/99 Aqua Alliance Vivendl SA 77.8 117.1
03/24/99 Knoll Inc. Warburg, Pincus Ventures 58.2 490.8
03/21/99 Spelling Entertainment Viacom Inc. 80.9 191.6
03/09/99 Sun Energy Partners LP Kerr-McGee 98.2 43.4
03/08/99 LabOne Lab Holdings 76.8 34.3
03/08/99 ENStar Investor Group 64.5 13.2
12/09/98 Swisher International Investor Group 83.0 9.8
12/03/98 Banner Aerospace Fairchild 69.2 82.4
11/16/98 Western Beef Cactus Acquisitions 71.9 13.6
<CAPTION>
OFFER PREMIUM
DATE -----------------------------------------------
ANNOUNCED TARGET 1 DAY 1 WEEK 4 WEEKS 52-WK.HIGH
---------- ----------------------------- -------- ------ ------- ----------
<S> <C> <C> <C> <C> <C>
05/03/00 Roadhouse Grill* 38.3% 36.6% 62.3% 1.8%
04/25/00 MPW Industrial Services Group* 56.1 56.1 15.3 (27.3)
04/24/00 Cherry Corp.* 44.2 38.2 18.8 1.5
03/31/00 Solomon-Page Group* 47.8 47.8 41.7 52.7
03/27/00 Hartford Life 18.6 40.3 43.3 (8.2)
03/23/00 Homestead Village 49.1 56.2 98.8 (20.0)
03/14/00 Howmet International 13.5 12.8 14.3 1.8
01/31/00 ThermoQuest 36.0 47.0 61.9 3.4
01/31/00 Thermo Sentron 7.4 6.9 6.9 (0.8)
01/31/00 Thermo Optek 6.7 (5.1) 41.2 (11.1)
01/31/00 Thermo Bio Analysis 51.4 55.6 53.4 6.7
01/31/00 Thermedics Detection 0.8 0.8 14.3 (26.4)
01/31/00 Metrika Systems (6.5) 0.0 46.9 (10.0)
01/19/00 Conning 15.6 38.9 52.1 (35.5)
11/05/99 Synthetic Industries* 13.5 16.8 20.0 1.7
11/05/99 PEC Israel Economic Corp 0.2 1.0 2.8 (0.2)
10/20/99 Thermoretec 27.3 33.3 34.9 (3.7)
10/20/99 Randers Killam Gr. 12.5 12.5 33.3 5.9
07/13/99 Thermo Vision 75.0 60.0 107.4 (3.4)
06/04/99 Intek Global 32.1 26.9 22.0 (25.9)
05/21/99 ThermoSpectra 39.1 43.8 61.0 4.1
05/07/99 J Ray McDermott SA 16.8 13.1 19.2 (24.8)
05/05/99 Thermo Power 5.5 (1.5) 41.2 (3.0)
04/29/99 Killearn Properties 10.0 10.0 7.3 (48.2)
04/12/99 Meadowcraft 64.9 63.3 77.8 (41.6)
04/01/99 Aqua Alliance 28.9 19.0 101.7 (69.3)
03/24/99 Knoll Inc. 83.6 51.9 46.4 (32.5)
03/21/99 Spelling Entertainment 8.3 43.1 54.5 2.0
03/09/99 Sun Energy Partners LP 41.5 43.8 50.8 21.1
03/08/99 LabOne 17.2 10.3 8.5 (21.1)
03/08/99 ENStar 56.3 58.7 51.5 25.0
12/09/98 Swisher International 24.8 33.3 49.4 (46.5)
12/03/98 Banner Aerospace 25.7 41.9 40.8 (15.4)
11/16/98 Western Beef 25.0 14.8 22.8 (12.5)
</TABLE>
---------------------------------------
SOURCE: THOMSON FINANCIAL SECURITIES DATA. OFFER PREMIUMS FOR TRANSACTIONS
MARKED WITH "*" HAVE BEEN CALCULATED BASED ON COMPANY PRESS RELEASES.
[LOGO] MERRILL LYNCH------------------------------------------------------------
23
<PAGE>
APPENDIX
PREMIUMS PAID IN SELECTED TRANSACTIONS SINCE 1/1/98 - U.S. TARGETS ONLY (CONT'D)
(DOLLARS IN MILLIONS)
<TABLE>
<CAPTION>
DATE % HELD AT DATE OF VALUE
ANNOUNCED TARGET ACQUIROR ANNOUNCEMENT ($MM)
---------- ----------------------------- ---------------------------- ----------------- -------
<S> <C> <C> <C> <C>
11/12/98 Aquila Gas Pipeline UtiliCorp United 81.6% 43.2
10/27/98 Citizens Corp. Allmerica Financial 81.8 212.4
10/21/98 Capital Factors Holdings Union Planters Bk Nat Assoc 87.3 22.2
10/16/98 BRC Holdings Affiliated Computer Services 51.0 131.9
09/29/98 Newmont Gold Newmont Mining 93.8 264.8
09/23/98 Ryerson Tull Inland Steel Industries 86.4 61.2
09/23/98 J&L Specially Steel Usinor SA 53.5 115.0
09/08/98 PEC Israel Economic Corp Investor Group 81.4 125.0
08/24/98 Tele-Commun Intl Liberty Media 81.1 379.1
07/21/98 Forum Retirement Partners Forum Group 92.6 6.5
06/11/98 Imo Industries Constellation Capital Partners 92.8 9.1
04/30/98 Mycogen Corp Dow AgroSciences 62.2 379.3
04/29/98 Group 1 Software COMNET 78.3 11.8
03/31/98 Thermo Voltek Thermedics 50.0 43.9
03/27/98 Intl Specialty Prods ISP Holdings 79.9 324.5
03/17/98 BET Holdings Investor Group 57.9 462.3
03/05/98 XLConnect Solutions Xerox 69.7 93.0
01/22/98 BT Office Products Intl Koninklijke KNPBTNV 70.0 138.1
01/20/98 NACT Telecommunications World Access 61.0 53.1
01/08/98 Raynier Timberlands LP Rayonier 74.7 65.8
ACQUIROR OWNERSHIP AT ANNOUNCEMENT IS GREATER THAN 50%
------------------------------------------------------
Maximum 98.2% $1,324.6
Mean 72.9% 140.1
Median 73.9% 59.1
Minimum 50.0% 1.9
Number of Transactions: 54
ACQUIROR OWNERSHIP AT ANNOUNCEMENT IS GREATER THAN 75%
------------------------------------------------------
Maximum 98.2% $1,324.6
Mean 84.3% 145.6
Median 81.7% 43.3
Minimum 76.8% 6.5
Number of Transactions: 26
<CAPTION>
OFFER PREMIUM
DATE -------------------------------------------
ANNOUNCED TARGET ACQUIROR 1 DAY 1 WEEK 4 WEEKS 52-WK.HIGH
---------- ----------------------------- ---------------------------- -------- ------ ------- ----------
<S> <C> <C> <C> <C> <C> <C>
11/12/98 Aquila Gas Pipeline UtiliCorp United 23.1% 17.4% 68.4% (57.9%)
10/27/98 Citizens Corp. Allmerica Financial 20.6 17.2 20.9 (4.8)
10/21/98 Capital Factors Holdings Union Planters Bk Nat Assoc 4.5 8.9 2.9 (12.5)
10/16/98 BRC Holdings Affiliated Computer Services 17.1 16.9 15.2 (13.4)
09/29/98 Newmont Gold Newmont Mining (5.2) 20.8 62.4 (46.6)
09/23/98 Ryerson Tull Inland Steel Industries (8.5) (11.6) (40.8) (62.5)
09/23/98 J&L Specially Steel Usinor SA 100.0 112.5 37.8 (55.0)
09/08/98 PEC Israel Economic Corp Investor Group 60.0 55.7 50.5 44.6
08/24/98 Tele-Commun Intl Liberty Media (1.1) (4.5) (9.9) (19.1)
07/21/98 Forum Retirement Partners Forum Group 24.3 24.3 24.3 (2.1)
06/11/98 Imo Industries Constellation Capital Partners (1.1) 4.4 2.5 (2.8)
04/30/98 Mycogen Corp Dow AgroSciences 41.8 40.0 52.4 9.8
04/29/98 Group 1 Software COMNET 71.6 61.5 71.6 40.8
03/31/98 Thermo Voltek Thermedics 45.5 60.0 40.0 (27.3)
03/27/98 Intl Specialty Prods ISP Holdings 4.3 1.7 14.5 (1.4)
03/17/98 BET Holdings Investor Group 53.7 58.5 58.2 3.7
03/05/98 XLConnect Solutions Xerox (11.1) 15.1 22.1 (11.1)
01/22/98 BT Office Products Intl Koninklijke KNP BT NV 32.5 78.9 78.9 (15.7)
01/20/98 NACT Telecommunications World Access 12.0 12.5 16.7 (2.8)
01/08/98 Raynier Timberlands LP Rayonier 11.2 25.3 17.5 (30.7)
Maximum 100.0% 112.5% 107.4% 52.7%
Mean 27.5% 30.4% 37.6% (11.5%)
Median 23.7% 26.1% 40.4% (9.1%)
Minimum (11.1%) (11.6%) (40.8%) (69.3%)
Number of Transactions: 54
Maximum 75.0% 61.5% 107.4% 40.8%
Mean 19.9% 21.7% 37.0% 12.6%
Median 15.4% 17.3% (42.2%) (4.1%)
Minimum (8.5%) (11.6%) (40.8%) (69.3%)
Number of Transactions: 26
</TABLE>
---------------------------------------
SOURCE: THOMSON FINANCIAL SECURITIES DATA.
[LOGO] MERRILL LYNCH------------------------------------------------------------
24
<PAGE>
APPENDIX
ANALYSIS OF SALES TRENDS
<TABLE>
<CAPTION>
Comp Quarter Trends YTD 2000 Indicative
Positive Negative Revenue Contribution Gross Margin (a)
---------------------------- -------------------------- ---------------------------------
PRODUCT:
<S> <C> <C> <C> <C>
Cigars/Tobacco 4 6 45.1% 10% (wholesale)/30%(retail)
Cigarettes 9 1 46.0% 2% (wholesale)/6%(retail)
Fragrances 9 1 2.5% 30%
Other Merchandise 10 0 6.9% 30%
------------- ------------- --------------------------
Total Net Sales 9 1 100.0%
RETAIL OPERATIONS:
Direct Mail Cigars 3 7 17.7% 29%-31%
Cigar Stores 3 7 10.3% 28%-33%
Discount Outlet Stores 8 2 21.4% 6%
Internet NM NM 1.2% 30%
------------- ------------- --------------------------
Total Retail Sales 7 3 50.6%
WHOLESALE OPERATIONS:
Direct Mail Cigars 5 5 18.1% 10%
Cash & Carry Cigarettes 10 0 31.2% 2%
------------- ------------- --------------------------
Total Wholesale Sales 8 2 49.4%
</TABLE>
---------------------------------
Source: Leaf management.
(a) Indicative gross margin as per management estimate
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25
<PAGE>
APPENDIX
--------------------------------------------------------------------------------
ANALYSIS OF QUARTERLY SALES TRENDS - YTD 2000
(DOLLARS IN MILLIONS)
<TABLE>
<CAPTION>
Q2 Q1
----------------------------- --------------------------------
2000 1999 % Change 2000 1999 % Change
----------------------------- --------------------------------
<S> <C> <C> <C> <C> <C> <C>
PRODUCT:
Cigars/Tobacco $36.8 $37.7 (2.4%) $31.2 $32.9 (5.1%)
Cigarettes 36.1 34.0 6.2% 33.2 34.8 (4.6%)
Fragrances 1.9 1.8 2.7% 1.4 1.3 3.7%
Other Merchandise 5.4 5.3 3.0% 4.6 3.8 22.3%
------- ------- ------ ------- ------- -------
Total Net Sales $80.2 $78.8 1.8% $70.4 $72.8 (3.3%)
RETAIL OPERATIONS:
Direct Mail Cigars $13.5 $14.6 (7.8%) $12.0 $13.0 (7.9%)
Cigar Stores 7.9 8.3 (5.5%) 6.2 6.9 (10.4%)
Discount Outlet Stores 17.8 16.5 7.6% 14.4 16.4 (12.1%)
Internet 2.7 0.7 285.5% 1.9 -- --
------- ------- ------ ------- ------- -------
Total Retail Sales $41.8 $40.1 4.1% $34.5 $36.3 (5.1%)
WHOLESALE OPERATIONS:
Direct Mail Cigars $12.7 $14.1 (10.0%) $11.1 $12.8 (13.1%)
Cash & Carry Cigarettes 25.8 24.6 4.9% 24.9 23.7 4.8%
------- ------- ------ ------- ------- -------
Total Wholesale Sales 38.5 38.7 (0.5%) 35.9 36.5 (1.5%)
Total Net Sales $80.2 $78.8 1.8% $70.4 $72.8 (3.3%)
======= ======= ======= ======= ======= =======
</TABLE>
-------------------------------
SOURCE: LEAF MANAGEMENT.
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26
<PAGE>
APPENDIX
--------------------------------------------------------------------------------
ANALYSIS OF QUARTERLY SALES TRENDS - 1999 VS. 1998
(DOLLARS IN MILLIONS)
<TABLE>
<CAPTION>
Q4 Q3
------------------------------- --------------------------------------
1999 1998 % Change 1999 1998 % Change
------------------------------- --------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PRODUCT:
Cigars/Tobacco $40.6 $38.8 4.6% $38.8 $41.7 (7.0%)
Cigarettes 34.4 32.8 4.6% 33.9 25.7 32.2%
Fragrances 2.9 2.8 4.8% 1.9 1.7 8.3%
Other Merchandise 7.6 6.6 14.8% 5.3 4.1 29.2%
------ ------ ------- ------- -------- -------
Total Net Sales $85.5 $81.1 5.4% $79.9 $73.2 9.1%
RETAIL OPERATIONS:
Direct Mail Cigars $14.0 $16.2 (13.5%) $14.6 $17.7 (17.5%)
Cigar Stores 9.2 10.4 (11.8%) 8.1 8.8 (7.7%)
Discount Outlet Stores 18.9 18.8 0.6% 16.1 15.1 6.4%
Internet 1.7 -- -- 1.3 -- --
------ ------ ------- ------- -------- -------
Total Retail Sales $43.8 $45.4 (3.4%) $40.1 $41.7 (3.6%)
WHOLESALE OPERATIONS:
Direct Mail Cigars $16.2 $13.4 20.9% $14.5 $15.3 (5.1%)
Cash & Carry Cigarettes 25.5 22.3 14.2% 25.2 16.3 55.2%
------ ------ ------- ------- -------- -------
Total Wholesale Sales 41.7 35.7 16.7% 39.7 31.5 26.0%
Total Net Sales $85.5 $81.1 5.4% $79.9 $73.2 9.1%
====== ====== ======= ====== ======= =======
<CAPTION>
Q2 Q1
--------------------------------- ------------------------------------
1999 1998 % Change 1999 1998 % Change
--------------------------------- ------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PRODUCT:
Cigars/Tobacco $37.7 $38.5 (2.1%) $32.9 $34.1 (3.5%)
Cigarettes 34.0 26.0 30.7% 34.8 24.0 44.9%
Fragrances 1.8 1.8 2.2% 1.3 1.3 6.7%
Other Merchandise 5.3 3.7 41.6% 3.8 2.8 33.5%
------ ------ ------ ------ ------- -------
Total Net Sales $78.8 $70.0 12.5% $72.8 $62.2 17.1%
RETAIL OPERATIONS:
Direct Mail Cigars $14.6 $15.5 (6.0%) $13.0 $13.5 (3.6%)
Cigar Stores 8.3 10.2 (18.0%) 6.9 7.3 (5.6%)
Discount Outlet Stores 16.5 11.4 44.7% 16.4 11.6 40.9%
Internet 0.7 -- -- -- -- --
------ ------ ------ ------ ------- -------
Total Retail Sales $40.1 $37.1 8.2% $36.3 $32.5 11.9%
WHOLESALE OPERATIONS:
Direct Mail Cigars $14.1 $14.3 (1.3%) $12.8 $13.1 (2.5%)
Cash & Carry Cigarettes 24.6 18.7 31.7% 23.7 16.6 42.7%
------ ------ ------ ------ ------- -------
Total Wholesale Sales 38.7 32.9 17.4% 36.5 29.7 22.8%
Total Net Sales $78.8 $70.0 12.5% $72.8 $62.2 17.1%
====== ====== ====== ====== ====== =======
</TABLE>
-------------------------------
SOURCE: LEAF MANAGEMENT.
[LOGO] MERRILL LYNCH------------------------------------------------------------
27
<PAGE>
APPENDIX
--------------------------------------------------------------------------------
ANALYSIS OF SALES TRENDS - 1998 VS. 1997
(DOLLARS IN MILLIONS)
<TABLE>
<CAPTION>
Q4 Q3
--------------------------------- ----------------------------------
1998 1997 % Change 1998 1997 % Change
--------------------------------- ----------------------------------
PRODUCT:
<S> <C> <C> <C> <C> <C> <C>
Cigars/Tobacco $38.8 $39.0 (0.4%) $41.7 $36.0 15.9%
Cigarettes 32.8 22.4 46.4% 25.7 21.4 19.6%
Fragrances 2.8 2.7 3.6% 1.7 1.7 0.0%
Other Merchandise 6.6 4.1 62.3% 4.1 2.9 43.8%
------ ------ ------- -------- ------- -------
Total Net Sales $81.1 $68.2 18.9% $73.2 $62.0 18.0%
RETAIL OPERATIONS:
Direct Mail Cigars $16.2 $16.6 (2.5%) $17.7 $13.6 30.8%
Cigar Stores 9.2 6.8 35.1% 5.9 6.2 (4.2%)
Discount Outlet Stores 20.0 18.5 8.3% 18.0 15.5 16.2%
Internet -- -- -- -- -- --
------ ------ ------- -------- ------- -------
Total Retail Sales $45.4 $41.9 8.4% $41.7 $35.2 18.2%
WHOLESALE OPERATIONS:
Direct Mail Cigars $13.4 $12.0 11.1% $15.3 $12.0 26.8%
Cash & Carry Cigarettes 22.3 14.3 56.1% 16.3 14.7 10.4%
------ ------ ------- -------- ------- -------
Total Wholesale Sales 35.7 26.3 35.5% 31.5 26.8 17.8%
Total Net Sales $81.1 $68.2 18.9% $73.2 $62.0 18.0%
====== ====== ======= ======== ======= =======
<CAPTION>
Q2 Q1
----------------------------------- ----------------------------------
1998 1997 % Change 1998 1997 % Change
----------------------------------- ----------------------------------
<S> <C> <C> <C> <C> <C> <C>
PRODUCT:
Cigars/Tobacco $38.5 $34.5 11.5% $34.1 $27.3 24.8%
Cigarettes 26.0 21.0 24.0% 24.0 18.3 31.1%
Fragrances 1.8 1.7 2.3% 1.3 1.3 (3.3%)
Other Merchandise 3.7 3.2 17.2% 2.8 2.7 3.3%
------ ------ ------- -------- ------- -------
Total Net Sales $70.0 $60.4 15.9% $62.2 $49.7 25.2%
RETAIL OPERATIONS:
Direct Mail Cigars $15.5 $13.3 17.2% $13.5 $10.2 33.1%
Cigar Stores 5.9 5.7 3.2% 4.7 4.4 6.6%
Discount Outlet Stores 15.7 15.3 2.9% 14.3 14.4 (0.8%)
Internet -- -- -- -- -- --
------ ------ ------- -------- ------- -------
Total Retail Sales $37.1 $34.2 8.5% $32.5 $29.0 12.2%
WHOLESALE OPERATIONS:
Direct Mail Cigars $14.3 $11.9 19.7% $13.1 $9.3 40.7%
Cash & Carry Cigarettes 18.7 14.3 30.4% 16.6 11.4 45.4%
------ ------ ------- -------- ------- -------
Total Wholesale Sales 32.9 26.2 25.6% 29.7 20.7 43.3%
Total Net Sales $70.0 $60.4 15.9% $62.2 $49.7 25.2%
====== ======= ======= ======== ======= =======
</TABLE>
-------------------------------
Source: Leaf management.
[LOGO] MERRILL LYNCH------------------------------------------------------------
28
