EXHIBIT (C)(2)
October 1, 2000 Confidential
================================================================================
Project Carnival
Presentation to Special Committee of Board of Directors
[LOGO] JP Morgan
<PAGE>
This presentation was prepared exclusively for the benefit and internal use of
Special Committee of Board of Directors of Carnival and does not carry any right
of publication or disclosure to any other party. This presentation is incomplete
without reference to, and should be viewed solely in conjunction with, the oral
briefing provided by J.P. Morgan. Neither this presentation nor any of its
contents may be used for any other purpose without the prior written consent of
J.P. Morgan.
Notwithstanding the above, by acceptance of these materials Special Committee of
Board of Directors of Carnival and J.P. Morgan hereby agree that with respect to
any description contained herein of the use of entities, plans or arrangements
that are intended to produce significant U.S. federal income tax benefits for
the shareholders of Carnival, (i) the Special Committee of the Board of
Directors of Carnival is not obligated to J.P. Morgan to keep confidential or
otherwise limit the use of any element of our descriptions that is necessary to
understand or support any such intended U.S. federal income tax benefits, and
(ii) J.P. Morgan does not assert any claim of proprietary ownership in respect
of our descriptions contained herein of the use of any entities, plans or
arrangements to give rise to significant U.S. federal income tax benefits for
the shareholders of Carnival; provided however, that the right of disclosure
contained in (i) and (ii) above shall not extend to the name or other specific
identifying details of any party or potential party to any plan or arrangement,
or of any party whose equity is referenced by a derivative embedded in any plan
or arrangement.
[LOGO] JP Morgan
<PAGE>
Agenda
================================================================================
--------------------------------------------------------------------------------
o Discussion materials
--------------------------------------------------------------------------------
o Appendix
- Business Mix
- Public market analysis
- Projections
- Implied multiples
- Discounted cash flow
- LBO analysis
- Public recapitalization analysis
[LOGO] JP Morgan 1
<PAGE>
Summary of proposed transaction
================================================================================
Buyer: Rawhide Acquisition Corporation, a wholly owned
subsidiary of Rawhide Holdings Corporation, of which all
of the outstanding capital stock is owned by DLJ
Merchant Banking Partners III, L.P.; Ultimate equity
ownership will include DLJ Merchant Banking Partners
III, L.P., Acher-Daniels-Midland Company, George
Gillett, and management
Offer price: $22.25 per share
Consideration: All cash
Termination fee: $59MM (approximately 2.5% of equity value)
Shareholder vote: The transaction is subject to the approval of the
holders of a majority of the shares voting at a special
meeting excluding those shares owned by holders who have
an interest in the buyout group
Other: Agreement includes a non solicitation provision, under
which the committee is able to respond to a proposal if
it reasonably believes that it could lead to a superior
proposal
Expense reimbursement is capped at $7.5MM
[LOGO] JP Morgan 2
<PAGE>
Review of process
================================================================================
o Saturday, July 22, 2000 J.P. Morgan verbally engaged by Special
Committee
o Sunday, July 23, 2000 Discussion with CFO
o Wednesday, July 26, 2000 Received Management projections and other
information (see next page)
o Wednesday, July 26, 2000 Discussion with CFO
o Tuesday, August 1, 2000 Meeting with Special Committee; process
discussion
o Wednesday, August 2, 2000 Meeting with management team (CEO,
President, CFO, three senior operating
management)
o Thursday, August 3, 2000 Received additional information from CFO
o Friday, August 4, 2000 Received additional information from CFO,
including Revised Management projections
o Tuesday, August 8, 2000 Meeting with Special Committee; valuation
discussion
o Thursday, August 9, 2000 First offer received; discussions commence
o Monday, September 18, 2000 Final offer received; Special Committee
decides to pursue transaction subject to
satisfactory fulfillment of certain
transactional/contractual issues
[LOGO] JP Morgan 3
<PAGE>
Review of DLJ Merchant Banking offers
================================================================================
Offer
number Offer
--------------------------------------------------------------------------------
1 $20.00 per share (all cash) for all shares
2 $20.00 per share (all cash), plus $2.00 per share (PIK) for all
shares
- Preliminary valuation of PIK at $1.20-$1.60
3 $24.00 per share (all cash) for 80% of shares, plus 30% equity
interest in NewCo for 20% of remaining shares
- Implies $19.20 in cash plus equity stub valued at $1.00-$2.00
4 $25.00 per share (all cash) for 80% of shares, plus 20% equity
interest in NewCo for 20% of remaining shares
- Implies $20.00 in cash plus equity stub valued at $1.00-$2.00
5 $22.00 per share (all cash) for all shares
6 $22.25 per share (all cash) for all shares
[LOGO] JP Morgan 4
<PAGE>
Review of proposed capital structure
================================================================================
$ millions
x 2000
Tranche Face amount EBITDA(1) % total
--------------------------------------------------------------------------------
New term A debt 448.3 0.6x 11.5%
New term B debt 700.0 1.0x 18.0%
Senior unsecured notes 500.0 0.7x 12.8%
Senior subordinated notes 400.0 0.6x 10.3%
Assumed long term debt
7.95% 2010 senior debt 300.0 0.4x 7.7%
7.45% 2007 senior debt 125.0 0.2x 3.2%
6.125% 2006 senior debt 100.0 0.1x 2.6%
7.125% 2026 senior debt 100.0 0.1x 2.6%
Continuing capital leases 26.7 0.0x 0.7%
----------------------------------------------
Total debt 2,700.0 3.7x 69.3%
Shareholders' equity 1,194.2 1.7x 30.7%
Total 3,894.2 5.4x 100.0%
(1) DLJ projected 2000 EBITDA: $722
[LOGO] JP Morgan 5
<PAGE>
Analysis of premium
================================================================================
As of market close September 29, 2000
Base price $22.25
--------------------------------------------------------------------------------
First offer (8/9/00) $15.19 46.5%
Current $18.31 21.5%
5-day average $17.84 24.7%
30-day average $17.07 30.4%
LTM average $17.13 29.9%
LTM high $25.00 (11.0%)
3-year high $29.25 (23.9%)
LTM low $11.19 98.9%
3-year low $11.19 98.9%
[LOGO] JP Morgan 6
<PAGE>
Summary of Carnival valuation
================================================================================
Equity value per share
[The following was depicted by a range chart in the printed material.]
Current share price $18.31(1)
Offer share price $22.25
12-month trading range $11------------------------------$25
DCF valuation
- Revised Management case $20--------------------$28
LBO analysis
- Revised Management case $18-----------------$24
Public recap analysis
- Revised Management case $14------$18
- Street case $15------$19
(1) As of September 29, 2000
[LOGO] JP Morgan 7
<PAGE>
Agenda
================================================================================
o Discussion materials
--------------------------------------------------------------------------------
o Appendix
--------------------------------------------------------------------------------
- Business Mix
- Public market analysis
- Projections
- Implied multiples
- Discounted cash flow
- LBO analysis
- Public recapitalization analysis
[LOGO] JP Morgan 8
<PAGE>
Schematic of change and potential change in business mix
================================================================================
[The following table was represented by pie charts in the printed material.]
$ millions
Operating profit contribution
[The following table was represented by a pie chart in the printed material.]
1990 Fresh Meats 100%
Total = $73
[The following table was represented by a pie chart in the printed material.]
1999 Fresh Meats 83%
Foodbrands 17%
Total = $528
[The following table was represented by a pie chart in the printed material.]
2005E Fresh Meats excluding Case Ready 41%
Foodbrands 40%
Case Ready 19%
Total = $760
[LOGO] JP Morgan 9
<PAGE>
Agenda
================================================================================
o Discussion materials
--------------------------------------------------------------------------------
o Appendix
--------------------------------------------------------------------------------
- Business Mix
- Public market analysis
- Projections
- Implied multiples
- Discounted cash flow
- LBO analysis
- Public recapitalization analysis
[LOGO] JP Morgan 10
<PAGE>
Three-month performance with trading volume
================================================================================
[The following table was depicted as a line/bar chart in the printed material.]
Price
Volume Carnival
6/29/00 240400 15.625
6/30/00 472900 15.4375
7/3/00 183700 15.625
7/4/00 N/A 15.625
7/5/00 220900 15.625
7/6/00 546400 15.4375
7/7/00 215900 15.4375
7/10/00 379400 14.75
7/11/00 346300 14.5
7/12/00 244500 14.375
7/13/00 470200 14.875
7/14/00 467900 14.875
7/17/00 341100 14.9375
7/18/00 300200 14.875
7/19/00 154600 14.8125
7/20/00 197600 14.5625
7/21/00 152400 14.5625
7/24/00 184200 14.25
7/25/00 219200 14.3125
7/26/00 191300 14.375
7/27/00 192500 14.125
7/28/00 299100 14.1875
7/31/00 429300 14.4375
8/1/00 258500 14.5625
8/2/00 278800 14.8125
8/3/00 375000 15.3125
8/4/00 226500 15.0625
8/7/00 247300 15.375
8/8/00 256700 15.5
8/9/00 836800 15.0625
8/10/00 480900 15.1875
8/11/00 319100 15.375
8/14/00 321800 15.4375
8/15/00 258100 15.25
8/16/00 168300 15.3125
8/17/00 256300 15.25
8/18/00 325300 15.625
8/21/00 169200 16.0625
8/22/00 332700 16.125
8/23/00 768700 17.125
--------------------------------------------------------------------------------
8/23/00 - Smithfield Foods announces it has acquired a 6.3 percent interest in
Carnival
--------------------------------------------------------------------------------
8/24/00 541500 17.4375
8/25/00 240300 16.8125
--------------------------------------------------------------------------------
8/25/00 - National Farmers Union announces it has asked the Justice Department
to investigate whether Smithfield Foods violated anti-trust laws by acquiring
6.3 percent interest in Carnival
--------------------------------------------------------------------------------
8/28/00 138800 16.875
8/29/00 209500 16.75
8/30/00 142200 16.1875
--------------------------------------------------------------------------------
8/30/00 - Midwest Research initiates coverage of Carnival with a BUY rating
--------------------------------------------------------------------------------
8/31/00 581400 16.0625
9/1/00 476500 16
9/4/00 N/A 16
9/5/00 436000 16
9/6/00 413500 16.3125
9/7/00 285600 17.1875
9/8/00 253300 17.4375
9/11/00 134700 17.25
9/12/00 242500 17.4375
9/13/00 344200 17.6875
9/14/00 171700 17.25
9/15/00 207800 17.4375
9/18/00 269100 17.375
9/19/00 370500 17.4375
9/20/00 162700 17.25
9/21/00 222300 17.625
9/22/00 256300 17.75
9/25/00 250900 17.5
9/26/00 153600 17.375
9/27/00 254200 17.6875
9/28/00 380700 18.3125
9/29/00 250700 18.3125
[LOGO] JP Morgan 11
<PAGE>
One-year relative performance with trading volume
================================================================================
[The following table was depicted as a line/bar chart in the printed material.]
Peers(1) Carnival S&P Industrials Volume
9/29/99 24 24 24 250400
9/30/99 24.07323072 24.6875 24.25198252 248100
10/1/99 23.79998595 23.3125 24.30090486 279100
10/4/99 23.98431289 23.875 24.65548796 94000
10/5/99 23.76322892 23.25 24.57144318 228300
10/6/99 23.5580752 22.4375 25.02172691 701300
10/7/99 23.43974718 22.3125 24.90240785 564900
10/8/99 23.75257763 22.875 25.23643985 100400
10/11/99 23.73790655 23.125 25.28950463 239200
10/12/99 23.45273365 22.625 24.855786 248600
10/13/99 23.38454027 22.625 24.36286488 153100
10/14/99 23.47404989 22.5 24.32467665 305500
10/15/99 23.1717092 21.9375 23.68176474 174600
10/18/99 23.05011952 22.0625 23.74218956 267600
10/19/99 23.21091305 22.6875 23.81289454 226800
10/20/99 23.10725838 23 24.38188232 691800
10/21/99 22.85905977 22.9375 24.24201217 513700
10/22/99 22.91397832 24.1875 24.45933234 502600
10/25/99 22.89462531 24 24.33219161 245900
10/26/99 22.5828691 23.5625 24.09830786 290900
10/27/99 22.88481458 23.5 24.20290374 176200
10/28/99 23.35019712 24 24.92740657 134300
10/29/99 23.42272995 23.9375 25.38505036 206800
11/1/99 23.3477954 23.375 25.26941363 125200
11/2/99 23.03452706 24.3125 25.10761209 271900
11/3/99 22.91668277 25 25.32462553 275600
11/4/99 22.85451298 24.8125 25.44164409 242800
11/5/99 22.99248455 24.4375 25.5264557 244900
11/8/99 22.8048917 24.5 25.70850161 91900
11/9/99 22.64719165 23.6875 25.527836 224400
11/10/99 22.83080223 23.75 25.77935688 144500
11/11/99 22.81772057 23.25 25.99391647 142000
11/12/99 22.96810241 22.9375 26.12627166 199500
11/15/99 22.64329928 22.5 26.09038546 278600
11/16/99 22.82802403 22.9375 26.52901181 113200
11/17/99 22.95765844 23.8125 26.46444302 279700
11/18/99 23.16999229 23 26.79801493 278700
11/19/99 22.87855671 22.125 26.78406012 178100
11/22/99 22.70389116 22.0625 26.83835182 258100
11/23/99 22.50836153 21.625 26.56152548 285500
11/24/99 22.80986243 21.625 26.88558867 249600
11/25/99 22.80986243 21.625 26.88558867 N/A
11/26/99 23.02174595 21.25 26.8904964 62500
11/29/99 22.89157923 21.8125 26.81258627 211200
11/30/99 22.85210111 22.0625 26.30524871 172800
12/1/99 22.73862055 22 26.53100557 214400
12/2/99 22.72214658 21.9375 26.79479577 189500
12/3/99 22.70677625 21.625 27.21977251 529400
12/6/99 22.38153573 21.125 27.13158683 184200
12/7/99 22.49048318 18.75 26.86273708 725600
12/8/99 22.10823722 18.5625 26.81458003 672400
12/9/99 22.01426532 19.625 26.86457748 272400
12/10/99 21.96318658 18.75 26.9976995 473300
12/13/99 21.87647465 18.75 27.01886407 227700
12/14/99 21.76801195 19 26.82347528 282000
12/15/99 22.0265849 18.875 27.08496498 267300
12/16/99 21.76612897 18.75 27.28710189 415800
12/17/99 21.52463336 18.125 27.33188487 1422100
12/20/99 21.35405852 18.3125 27.2989111 221600
12/21/99 21.04231435 18.25 27.56530852 459400
12/22/99 21.19511536 17.9375 27.63232964 551800
12/23/99 21.26477958 17.8125 28.05684781 314900
12/24/99 21.26477958 17.8125 28.05684781 N/A
12/27/99 21.48660965 17.875 28.07893257 280900
12/28/99 21.75358844 17.5 28.07310465 294500
12/29/99 21.98527547 17.625 28.1559225 207800
12/30/99 21.87043366 17.5625 28.14457339 462300
12/31/99 21.67168674 18 28.24886253 368900
1/3/00 21.5305104 17.5625 28.14763918 509900
1/4/00 21.01935982 17.5 27.04831041 438100
1/5/00 21.30340482 17.625 27.1099637 277800
1/6/00 21.41907443 17.75 26.96073974 438900
1/7/00 21.89098285 17.9375 27.72542304 353400
1/10/00 21.48312365 17.625 28.17294617 593500
1/11/00 21.60816077 17.75 27.78968355 394700
1/12/00 21.25207549 16.9375 27.57512397 1116300
1/13/00 21.48793045 16.3125 27.8574715 982900
1/14/00 21.53353729 16.0625 28.09028168 755300
1/17/00 21.53353729 16.0625 28.09028168 N/A
1/18/00 21.28424827 16.25 28.02341394 387500
1/19/00 21.250391 15.75 28.06482286 443000
1/20/00 20.89507844 15.5 27.89443433 382800
1/21/00 20.84866846 14.9375 27.82710495 782000
1/24/00 20.55098796 14.25 26.99524718 1093700
1/25/00 19.96808995 14.5 27.16793467 685600
1/26/00 19.80813485 14.5625 26.87853228 375700
1/27/00 19.77278627 14.0625 26.71166965 371300
1/28/00 19.39880975 14.0625 26.00633914 317400
1/31/00 19.75885229 15 26.62471244 398700
2/1/00 19.5209545 14.75 26.96380553 712400
2/2/00 19.42130038 15 27.01104238 644600
2/3/00 19.71620251 15.3125 27.36853944 687400
2/4/00 19.67158217 15.0625 27.43755432 608100
2/7/00 19.63389701 14.3125 27.47466745 621700
2/8/00 19.5599041 15.3125 27.81575737 1538400
2/9/00 19.3743305 14.75 27.24538623 652400
2/10/00 19.06856032 14.3125 27.45396452 591900
2/11/00 18.68328918 13.875 26.78896784 462000
2/14/00 18.4311571 13.625 26.904146 562000
2/15/00 18.34607214 13.5625 27.08726701 673500
2/16/00 18.45878993 13.3125 26.82056132 353000
2/17/00 18.57590693 13.1875 26.89939318 510500
2/18/00 18.51638474 12.9375 26.08010838 432400
2/21/00 18.51638474 12.9375 26.08010838 N/A
2/22/00 18.31100535 13.1875 26.20234139 367100
2/23/00 17.97969493 12.8125 26.43039722 302800
2/24/00 17.74993499 12.625 26.33346966 317300
2/25/00 17.87218743 12.75 25.92536169 252600
2/28/00 17.67037217 12.8125 26.13163949 219400
2/29/00 17.66325186 12.5 26.50784725 327300
3/1/00 17.7803253 13.6875 26.74679209 529200
3/2/00 17.52700803 12.375 26.84172588 895700
3/3/00 17.40173798 12.625 27.40611421 787700
3/6/00 17.26024672 12.75 27.06794131 775500
3/7/00 17.00414495 12.125 26.38898829 922400
3/8/00 17.07066331 11.5625 26.6823782 992300
3/9/00 17.00769185 11.1875 27.43678749 1229200
3/10/00 16.84398007 11.75 27.27314554 1000200
3/13/00 16.77199868 11.875 26.99923163 819200
3/14/00 16.556262 12.8125 26.47241961 941200
3/15/00 16.89177342 13.75 26.95598385 1245400
3/16/00 18.04577318 14.5 28.09181688 1180400
3/17/00 17.77445968 16.25 28.23920045 1732000
3/20/00 17.64934583 14.75 28.15806963 1141900
3/21/00 18.02645479 15.3125 28.84438423 515300
3/22/00 17.79885824 14.9375 28.96262972 858300
3/23/00 17.6664148 14 29.38469403 1008900
3/24/00 17.26347252 13.875 29.38868156 695200
3/27/00 17.12351018 13.5 29.41015286 439900
3/28/00 16.98237237 13.3125 29.03087777 619200
3/29/00 16.9025548 13.5 29.05925055 666500
3/30/00 17.78165835 14.0625 28.61770871 1065900
3/31/00 17.6794999 15.75 28.79714739 1089400
4/3/00 17.54048806 14.75 28.75144267 514600
4/4/00 17.99632254 14.3125 28.6775216 896100
4/5/00 18.27112414 14 28.53596442 1733000
4/6/00 18.04323025 13.75 28.82045754 578500
4/7/00 18.07845286 13.875 29.2547927 677900
4/10/00 18.07433298 13.8125 28.84944532 442200
4/11/00 18.08107929 14.4375 28.73626093 508400
4/12/00 17.95219518 14.5 27.90240785 429500
4/13/00 17.96941848 15.0625 27.38126885 375500
4/14/00 17.52976435 15 25.84821839 874300
4/17/00 17.91704459 15.25 26.84494658 389900
4/18/00 17.97822406 15.125 27.59046061 369300
4/19/00 18.01000997 15.8125 27.34384745 767500
4/20/00 17.6870845 16.1875 27.40657431 455700
4/21/00 17.6870845 16.1875 27.40657431 N/A
4/24/00 17.66757276 16.3125 27.19554215 443100
4/25/00 17.97946236 16.625 28.10669189 502100
4/26/00 17.78143679 16.8125 27.80502019 644700
4/27/00 17.76884665 17.0625 28.00777056 414200
4/28/00 17.61900386 16.5 27.82449773 468700
5/1/00 17.83194498 16.625 28.11497214 394400
5/2/00 17.55678626 16.75 27.63401667 315500
5/3/00 17.61765543 16.9375 27.03849496 199000
5/4/00 17.96805197 17.4375 26.95552375 438400
5/5/00 17.90436109 17.5625 27.45856551 286100
5/8/00 17.61576774 17.8125 27.16164818 259200
5/9/00 17.75306089 17.9375 26.91917591 162500
5/10/00 17.35437093 18 26.33377639 234000
5/11/00 17.84317381 18.5625 26.7740913 233400
5/12/00 17.87932664 18.75 27.00475436 181400
5/15/00 17.82023714 18.25 27.5393896 369800
5/16/00 18.05771598 17.8125 27.88062982 319700
5/17/00 17.9646243 17.75 27.52896069 254200
5/18/00 18.04033934 17.6875 27.22284137 233700
5/19/00 18.0903352 17.875 26.6472573 249800
5/22/00 18.2533356 18.625 26.44772762 384400
5/23/00 18.1291538 18.375 25.83226829 1011700
5/24/00 18.25605702 18.6875 26.34006441 407300
5/25/00 18.16770102 17.9375 26.05817698 734400
5/26/00 18.50147927 17.75 25.97244517 472400
5/29/00 18.50147927 17.75 25.97244517 N/A
5/30/00 18.45907672 17.3125 26.89525075 434800
5/31/00 18.44531471 16.5 26.78881448 633900
6/1/00 18.90353808 16.5 27.30581412 617700
6/2/00 18.71226629 16.6875 27.76131077 591200
6/5/00 18.6268952 16.3125 27.68401411 308900
6/6/00 18.44908407 15.375 27.52926742 614900
6/7/00 18.34576989 16.125 27.76361127 391500
6/8/00 18.18168068 15.9375 27.62251419 697600
6/9/00 18.30668555 15.5 27.58785185 269900
6/12/00 18.17857258 15.3125 27.30780788 462300
6/13/00 18.23999891 15.5625 27.79489648 165600
6/14/00 18.28908962 15.5625 27.77818107 483400
6/15/00 18.80051394 15.625 28.09580134 165400
6/16/00 18.46471665 15.625 27.97663719 295900
6/19/00 18.44521494 15.5 28.3799908 483100
6/20/00 18.1608784 15.0625 28.17540003 626000
6/21/00 18.04625393 15.25 28.3069884 539200
6/22/00 17.75350854 15.4375 27.71514749 442400
6/23/00 17.41879227 15.5625 27.47482235 304500
6/26/00 17.63805806 15.4375 27.72404274 185500
6/27/00 17.61382992 15.5 27.62481468 216800
6/28/00 17.76389223 15.625 27.71238536 161700
6/29/00 17.95732474 15.625 27.45810541 240400
6/30/00 17.95470486 15.4375 27.89182557 472900
7/3/00 18.12882906 15.625 28.09610961 183700
7/4/00 18.12882906 15.625 28.09610961 N/A
7/5/00 17.91945342 15.625 27.52773376 220900
7/6/00 18.05341819 15.4375 27.72143551 546400
7/7/00 18.36317648 15.4375 28.12202853 215900
7/10/00 18.24718808 14.75 28.0231072 379400
7/11/00 18.06085395 14.5 28.09672307 346300
7/12/00 18.11558849 14.375 28.33060682 244500
7/13/00 18.24318558 14.875 28.41986453 470200
7/14/00 18.43348539 14.875 28.65558867 467900
7/17/00 18.16830216 14.9375 28.74853024 341100
7/18/00 18.20106416 14.875 28.40146209 300200
7/19/00 18.3184872 14.8125 28.13429784 154600
7/20/00 18.44499873 14.5625 28.30652983 197600
7/21/00 18.23115684 14.5625 27.97832422 152400
7/24/00 18.21976747 14.25 27.62128726 184200
7/25/00 18.21387329 14.3125 27.80302643 219200
7/26/00 18.17732444 14.375 27.3938449 191300
7/27/00 18.21230232 14.125 27.23694954 192500
7/28/00 17.91544282 14.1875 26.67102909 299100
7/31/00 17.92882656 14.4375 26.85169316 429300
8/1/00 18.0639721 14.5625 26.95583048 258500
8/2/00 18.1510239 14.8125 26.97668831 278800
8/3/00 18.06735219 15.3125 27.17299729 375000
8/4/00 17.90749984 15.0625 27.22928122 226500
8/7/00 17.81106855 15.375 27.56224119 247300
8/8/00 17.3826652 15.5 27.63585706 256700
8/9/00 17.36314064 15.0625 27.42789223 836800
8/10/00 17.18083517 15.1875 27.19446859 480900
8/11/00 17.39504871 15.375 27.37037984 319100
8/14/00 17.485307 15.4375 27.74121824 321800
8/15/00 17.26164941 15.25 27.65763509 258100
8/16/00 17.23826005 15.3125 27.6311027 168300
8/17/00 17.23474425 15.25 27.92219212 256300
8/18/00 17.21420434 15.625 27.85593784 325300
8/21/00 17.23583948 16.0625 27.98200501 169200
8/22/00 17.22147772 16.125 27.91161137 332700
8/23/00 17.32059899 17.125 28.12877665 768700
8/24/00 17.61142154 17.4375 28.23720669 541500
8/25/00 17.20023493 16.8125 28.23597976 240300
8/28/00 17.20403554 16.875 28.32707939 138800
8/29/00 17.27035653 16.75 28.26833853 209500
8/30/00 16.93722444 16.1875 28.07049742 142200
8/31/00 17.03143086 16.0625 28.29487245 581400
9/1/00 16.9734878 16 28.40652318 476500
9/4/00 16.9734878 16 28.40652318 N/A
9/5/00 17.09204891 16 28.05838147 436000
9/6/00 17.53502387 16.3125 27.67419866 413500
9/7/00 17.60518931 17.1875 27.90946271 285600
9/8/00 17.52210274 17.4375 27.61147181 253300
9/11/00 17.26240507 17.25 27.37988855 134700
9/12/00 17.26816856 17.4375 27.21149225 242500
9/13/00 17.71390859 17.6875 27.3144011 344200
9/14/00 17.54806784 17.25 27.24155207 171700
9/15/00 17.70587203 17.4375 26.98573846 207800
9/18/00 17.44908828 17.375 26.66872859 269100
9/19/00 17.69314932 17.4375 26.96855836 370500
9/20/00 17.73701863 17.25 26.84663361 162700
9/21/00 17.83916412 17.625 26.86350391 222300
9/22/00 17.8179567 17.75 26.74326466 256300
9/25/00 17.76126131 17.5 26.44619396 250900
9/26/00 18.44050503 17.375 26.18884515 153600
9/27/00 18.48487898 17.6875 26.15909207 254200
9/28/00 17.86239776 18.3125 26.72593426 380700
9/29/00 18.03001968 18.3125 26.24942488 250700
(1) Peers include: Pilgrim's Pride, Sanderson Farms, WLR Foods, Cagle's,
Smithfield Foods, Hormel, ConAgra, and Tyson Foods
Source: Tradeline
Note: Excludes WLR Foods stock price after 9/27/00
[LOGO] JP Morgan 12
<PAGE>
Three-year relative performance with trading volume
================================================================================
[The following table was depicted as a line/bar chart in the printed material.]
Peers(1) Carnival S&P Industrials Volume
9/29/97 24.25 24.25 24.25 923400
9/30/97 24.02453634 23.625 24.08550183 256600
10/1/97 24.56580752 24 24.28259584 101100
10/2/97 24.54347883 23.875 24.39972574 122800
10/3/97 24.53021699 24.125 24.47273825 182300
10/6/97 24.36102775 24.5 24.64441185 237000
10/7/97 24.5218931 24.375 24.92103972 146000
10/8/97 24.23697197 24.3125 24.71373234 134400
10/9/97 24.26269263 24.1875 24.6355045 152200
10/10/97 23.86420306 24.75 24.57422214 389200
10/13/97 23.90303667 24.625 24.57791634 61100
10/14/97 23.81143373 24.5625 24.59856037 135300
10/15/97 23.57407166 25 24.49664404 254200
10/16/97 23.432455 24.75 24.18328935 307100
10/17/97 22.91122562 24.125 23.90557278 523700
10/20/97 23.32643118 23.875 24.21936208 457600
10/21/97 23.2308491 23.5625 24.61746596 385800
10/22/97 23.08156403 23.5 24.52315532 1242100
10/23/97 22.77896773 23.125 24.06442318 226000
10/24/97 22.65563874 23.3125 23.80278723 154300
10/27/97 21.34155595 23.25 22.14539735 329100
10/28/97 22.16839382 23.1875 23.35035695 2820000
10/29/97 22.25958586 23.0625 23.22301804 131100
10/30/97 21.97239473 23.0625 22.8720673 127700
10/31/97 21.59630395 23.1875 23.15499921 238600
11/3/97 22.32886212 23.3125 23.794095 110500
11/4/97 22.34598598 23.3125 23.82973312 119100
11/5/97 22.39324397 23 23.86797891 172000
11/6/97 22.01794782 23.1875 23.73824746 148500
11/7/97 21.81397887 23 23.48052301 183500
11/10/97 21.79625365 23.1875 23.33492825 116600
11/11/97 21.83215779 23.25 23.43706189 135100
11/12/97 21.75514521 23.4375 22.99310653 107200
11/13/97 21.95849908 23.5625 23.29885552 137800
11/14/97 21.96502096 23.0625 23.62437932 495800
11/17/97 22.52368118 23.125 24.03204465 406100
11/18/97 22.42455399 22.75 23.83603499 218400
11/19/97 22.47859659 22.5 23.95794343 206400
11/20/97 22.75130272 22.125 24.3043264 414300
11/21/97 22.91149312 22.375 24.42688894 374200
11/24/97 22.58664263 22.25 24.00249108 190500
11/25/97 22.78581597 23.1875 24.10658047 193500
11/26/97 22.73770721 22.8125 24.1191842 304300
11/27/97 22.73770721 22.8125 24.1191842 N/A
11/28/97 22.61496935 22.8125 24.13004948 51400
12/1/97 22.74995814 22.9375 24.60790451 159600
12/2/97 22.6174835 22.625 24.50272642 80000
12/3/97 22.87232337 22.75 24.62833124 71300
12/4/97 22.85474985 22.1875 24.48816912 121200
12/5/97 22.72776581 22.9375 24.77435844 88800
12/8/97 22.75444643 23 24.72285918 209500
12/9/97 22.54257341 22.4375 24.53423791 165400
12/10/97 22.77832139 22.8125 24.40711413 180600
12/11/97 22.63028007 22.5 24.02335242 143200
12/12/97 22.78171267 22.3125 23.95229349 833800
12/15/97 22.91018074 21.9375 24.16938179 1380900
12/16/97 22.71781628 22 24.33496867 979600
12/17/97 22.75060651 21.9375 24.23892176 647200
12/18/97 22.44163901 22.0625 23.96620105 163100
12/19/97 22.37176885 21.625 23.76454144 560400
12/22/97 22.40844379 21.5 23.9538168 259200
12/23/97 22.16483541 20.9375 23.56375106 276300
12/24/97 22.11380275 20.6875 23.43510396 87800
12/25/97 22.11380275 20.6875 23.43510396 N/A
12/26/97 22.05945435 20.75 23.52615719 108200
12/29/97 22.14125292 20.9375 23.95251079 307900
12/30/97 22.68137345 20.9375 24.4097218 277600
12/31/97 22.86288408 20.9375 24.36821642 470400
1/1/98 22.86288408 20.9375 24.36821642 N/A
1/2/98 23.06524077 21.125 24.51468041 86600
1/5/98 22.61844138 20.875 24.56748567 168200
1/6/98 22.17208129 20.9375 24.3234493 230500
1/7/98 22.13300697 21 24.30737085 150200
1/8/98 22.12623246 21.0625 24.13873953 128600
1/9/98 21.59204783 20.8125 23.41250635 156000
1/12/98 21.55693052 20.625 23.762803 110100
1/13/98 21.87458934 20.4375 24.09636711 276200
1/14/98 21.66629724 20.875 24.21436405 102100
1/15/98 21.46308214 20.5 24.03161004 72900
1/16/98 21.44948576 20.5 24.30389396 157400
1/19/98 21.44948576 20.5 24.30389396 N/A
1/20/98 21.74328542 20.4375 24.78001055 227400
1/21/98 21.70636343 20.5 24.61963901 144400
1/22/98 21.91554754 20.25 24.35278773 81800
1/23/98 21.97190788 20.125 24.33366483 116000
1/26/98 21.74775848 20.0625 24.30411344 190100
1/27/98 21.82939874 20.125 24.59682193 39700
1/28/98 21.82869005 20.3125 24.82021427 95300
1/29/98 21.71383799 20.3125 25.03034662 102200
1/30/98 21.46368119 20.25 24.89713828 87100
2/2/98 20.90782346 20.125 25.41736791 243200
2/3/98 21.17741223 20.125 25.50863626 95000
2/4/98 21.58190394 20.125 25.55731272 128300
2/5/98 21.649231 20.0625 25.45278872 148900
2/6/98 21.6679309 20.8125 25.65531755 171000
2/9/98 21.42564665 21.1875 25.57795675 232400
2/10/98 21.23823296 21.5 25.81264681 229600
2/11/98 21.34416566 21.0625 25.83111779 43700
2/12/98 21.42812216 21.1875 25.92890531 90800
2/13/98 21.85888714 21 25.8393754 182500
2/16/98 21.85888714 21 25.8393754 N/A
2/17/98 21.18340743 21.125 25.85436949 320400
2/18/98 20.86193742 21.0625 26.10079405 68300
2/19/98 20.58173435 21.375 26.02734475 129400
2/20/98 20.65188081 21.375 26.18271826 56300
2/23/98 20.89669283 21.8125 26.27963656 188400
2/24/98 20.63141899 22.0625 26.09036338 209200
2/25/98 20.72234454 22.5625 26.39328523 242600
2/26/98 20.65269772 22.9375 26.5675665 327900
2/27/98 20.39126551 22.3125 26.59364317 136400
3/2/98 20.52691106 22.5 26.55713583 191700
3/3/98 20.82157693 22.5625 26.64275424 166500
3/4/98 20.79144254 22.625 26.53866485 143500
3/5/98 20.62393718 22.25 26.1948852 48500
3/6/98 20.80134356 22.5 26.72707099 196500
3/9/98 20.73357467 22.75 26.61081031 166300
3/10/98 21.03385253 22.6875 26.89808833 307300
3/11/98 21.16472622 23.125 26.99696238 121400
3/12/98 21.29765146 23.1875 27.01803885 230500
3/13/98 21.37584631 23.25 26.98935668 128500
3/16/98 21.29851789 23.3125 27.2144853 115400
3/17/98 21.17413231 24 27.1797164 216300
3/18/98 21.16367256 24.125 27.30510174 612200
3/19/98 21.17817626 23.9375 27.39832367 283200
3/20/98 21.62798992 23.5625 27.65409454 97300
3/23/98 21.6177108 23.6875 27.63497165 213200
3/24/98 22.00655321 23.125 27.88378657 211300
3/25/98 21.76669553 23 27.82446431 224800
3/26/98 21.61470138 22.9375 27.82185665 168200
3/27/98 21.4668119 22.75 27.68321567 127600
3/30/98 21.43063297 22.6875 27.70450945 250900
3/31/98 21.81266728 22.4375 27.86357715 204300
4/1/98 21.57572877 22.5625 28.07392898 88800
4/2/98 21.85206755 22.75 28.35446835 117800
4/3/98 21.6304613 22.5 28.38728367 270100
4/6/98 21.31229218 22.4375 28.14368408 262000
4/7/98 21.08347626 22.5625 27.87965777 185200
4/8/98 21.07750709 22.5625 27.71168053 108800
4/9/98 21.19929422 22.875 27.89986719 93900
4/10/98 21.19929422 22.875 27.89986719 N/A
4/13/98 21.00558092 22.3125 27.79034516 150700
4/14/98 20.96886892 22.5 27.96549348 178400
4/15/98 21.31719362 22.6875 28.09370162 83000
4/16/98 21.59560577 22.25 27.84706193 98200
4/17/98 21.94109818 22.1875 28.20713732 82500
4/20/98 22.07107679 22.1875 28.30753251 909900
4/21/98 22.2554197 21.875 28.43748127 277800
4/22/98 21.66991566 21.625 28.49876145 168000
4/23/98 21.78003025 21.6875 28.26776558 344100
4/24/98 21.3406495 21.625 28.01047574 89800
4/27/98 21.23904083 21.4375 27.5256691 143100
4/28/98 21.12264023 21.375 27.48025006 189800
4/29/98 21.18938004 20.75 27.73319379 917200
4/30/98 21.61434059 20.625 28.1445533 722100
5/1/98 21.73113378 20.625 28.34860327 244300
5/4/98 21.71138175 20.5 28.43139671 344400
5/5/98 21.61055237 20.4375 28.29101729 164300
5/6/98 21.53119384 20.375 28.06545406 213100
5/7/98 21.56880948 20.4375 27.80121044 458100
5/8/98 21.58022494 20.4375 28.15628781 301700
5/11/98 21.62054763 20.3125 28.12390927 174900
5/12/98 21.65341363 20.25 28.34425716 292000
5/13/98 21.72749416 20 28.44965038 213300
5/14/98 22.14358101 20 28.42791982 426800
5/15/98 22.26962067 19.9375 28.13368802 217600
5/18/98 22.05307268 19.875 28.06936556 238600
5/19/98 22.4416677 19.6875 28.16498003 399900
5/20/98 22.30952947 19.625 28.36359736 224300
5/21/98 22.3032089 19.75 28.23929855 164600
5/22/98 22.00613696 19.6875 28.13716274 170800
5/25/98 22.00613696 19.6875 28.13716274 N/A
5/26/98 21.56856516 19.6875 27.71015939 133600
5/27/98 21.35218824 19.25 27.74340715 283600
5/28/98 21.47680515 19.375 27.86422907 134600
5/29/98 21.56048919 19.375 27.65322532 160500
6/1/98 21.80120389 19.6875 27.59259706 74700
6/2/98 21.8945632 19.6875 27.64670615 106000
6/3/98 21.76703159 19.625 27.37616067 95800
6/4/98 21.77098403 19.875 27.72384964 222500
6/5/98 21.94790993 19.8125 28.23973316 293800
6/8/98 21.89854698 19.625 28.23125824 151300
6/9/98 22.10685144 19.875 28.31600743 104400
6/10/98 22.50120048 20 28.1210843 125500
6/11/98 22.53643711 19.75 27.64692346 54800
6/12/98 22.83656163 20 27.80142775 151800
6/15/98 22.84023077 19.875 27.25186186 108100
6/16/98 22.83540787 20.25 27.59976814 200400
6/17/98 23.4624304 20.125 28.07566743 102700
6/18/98 23.54234283 19.9375 28.07697126 60400
6/19/98 23.26473002 19.375 27.91290552 467600
6/22/98 23.82641843 19.125 28.02786019 266300
6/23/98 24.03597726 18.875 28.49093845 779000
6/24/98 24.2180026 18.625 28.76843771 241900
6/25/98 23.98307334 18.375 28.65848324 280100
6/26/98 24.29675841 18.4375 28.77147999 77000
6/29/98 24.32988457 18.375 28.88078471 308900
6/30/98 24.28012787 18.125 28.75518207 228400
7/1/98 24.88257367 18.375 29.08635582 272200
7/2/98 24.76367941 18.375 28.97857223 116300
7/3/98 24.76367941 18.375 28.97857223 N/A
7/6/98 24.38895638 18.3125 29.23781783 92000
7/7/98 24.33614593 18.4375 29.14307258 234100
7/8/98 24.15104815 18.125 29.38471642 195100
7/9/98 24.15534639 18.25 29.20065857 219700
7/10/98 24.17756154 18 29.31974204 228800
7/13/98 23.622616 17.9375 29.36059549 192100
7/14/98 23.65536671 18 29.65830201 255800
7/15/98 23.67533649 17.9375 29.67634054 213300
7/16/98 24.12452513 17.9375 29.94101878 177700
7/17/98 24.05599282 20.875 30.00055834 1462100
7/20/98 23.99391725 20 29.96340125 396100
7/21/98 23.6981039 20.5625 29.55182443 677400
7/22/98 23.66364273 20.4375 29.55182443 503100
7/23/98 23.64386753 20 29.55182443 317200
7/24/98 23.62079586 20 28.96314353 198700
7/27/98 23.53436107 20 29.11134596 100500
7/28/98 23.27105136 19.875 28.70346333 387500
7/29/98 23.16057965 19.75 28.56764733 235800
7/30/98 23.34494986 19.8125 29.03659283 214900
7/31/98 22.60470703 19.6875 28.41031806 171900
8/3/98 22.6296828 19.75 28.22995441 185100
8/4/98 21.80633864 19 27.27620009 105400
8/5/98 21.97757705 19.25 27.50176331 409100
8/6/98 22.07203232 19.625 27.73927834 204900
8/7/98 22.64654366 19.875 27.76839729 237800
8/10/98 22.87482223 19.4375 27.65561568 86400
8/11/98 22.67013205 19.3125 27.36442617 219000
8/12/98 23.17204914 19.5625 27.71581151 94800
8/13/98 23.31883511 20 27.52153812 330000
8/14/98 23.54511623 20.0625 27.21970063 110100
8/17/98 23.83103141 19.6875 27.73906104 609100
8/18/98 24.23843774 19.625 28.15281092 154700
8/19/98 24.19247816 19.3125 28.1328188 172100
8/20/98 23.96268264 19.25 28.05002754 90600
8/21/98 23.22449443 19.375 27.82837364 144500
8/24/98 23.02246386 19.6875 28.0048258 145300
8/25/98 22.87125789 19.875 28.14563983 106200
8/26/98 22.36720825 19.3125 27.9507167 127500
8/27/98 21.0323157 18.3125 26.94176893 155500
8/28/98 20.76454859 18.625 26.5638723 187200
8/31/98 20.38791633 16.5625 24.65831941 469800
9/1/98 20.89148199 17 25.72376882 420700
9/2/98 20.8875586 17.375 25.54079749 307800
9/3/98 20.69487307 17.1875 25.43214469 277300
9/4/98 20.85202429 17.0625 25.3319668 445000
9/7/98 20.85202429 17.0625 25.3319668 N/A
9/8/98 21.09371666 17.5625 26.5829952 270100
9/9/98 20.83584348 17.375 26.1609877 244500
9/10/98 20.49492679 17.0625 25.54601283 816000
9/11/98 20.76027826 17.625 26.2227025 1119500
9/14/98 20.79674701 18 26.69990779 659500
9/15/98 20.92844182 18.3125 26.81898909 536300
9/16/98 21.07486988 19.125 26.93372428 1299100
9/17/98 20.84562763 19.75 26.2770289 871900
9/18/98 21.35977997 20.375 26.36003964 584800
9/21/98 21.20159515 20.25 26.48412114 555900
9/22/98 21.10458206 20.0625 26.61754679 336900
9/23/98 21.58734802 20.25 27.51893045 216600
9/24/98 21.1862086 20.375 27.00761036 570200
9/25/98 21.24584048 20.375 27.08866318 1182300
9/28/98 21.48022741 20.625 27.18840862 452200
9/29/98 21.54226496 20.5625 27.24556 535600
9/30/98 21.70214589 20.25 26.4165391 261100
10/1/98 21.55201282 20.875 25.62293901 1034600
10/2/98 21.9914314 20.8125 25.9673684 458500
10/5/98 21.87399855 20.5625 25.69160759 484000
10/6/98 21.78723142 20.8125 25.65379641 535100
10/7/98 21.96834177 21.25 25.38890087 918000
10/8/98 21.26528707 21.125 25.05707521 239000
10/9/98 21.26155984 20.875 25.5951239 188400
10/12/98 21.31844926 20.75 26.00431036 85400
10/13/98 21.11727835 20.75 25.85284835 131500
10/14/98 21.40131541 21 26.129913 272200
10/15/98 22.41600982 20.8125 27.13734398 178800
10/16/98 22.65986529 23.0625 27.29489054 1341400
10/19/98 23.11750118 23.625 27.43657163 631900
10/20/98 23.28436342 23.75 27.37137995 474600
10/21/98 23.77586478 24.625 27.67473858 705200
10/22/98 24.57048986 24.625 27.90725558 579900
10/23/98 24.90428062 24.6875 27.73471493 246900
10/26/98 24.91886261 24.6875 27.8268525 304100
10/27/98 24.96823776 25.3125 27.69386147 1104500
10/28/98 24.79217539 25.9375 27.74297471 383400
10/29/98 24.78593363 26.625 28.21365649 418600
10/30/98 24.88519017 27.0625 28.46051566 447100
11/2/98 25.20387857 27.625 28.82841406 655700
11/3/98 25.17385824 27.125 28.82797945 984500
11/4/98 25.86040652 27.75 28.96662042 394600
11/5/98 26.12168431 26.9375 29.31648246 1043700
11/6/98 26.25537641 27.8125 29.53704765 366400
11/9/98 26.00368431 27.125 29.33299768 353300
11/10/98 25.77771129 27.0625 29.33408421 308700
11/11/98 25.7126273 26.875 29.21152385 360200
11/12/98 26.1104877 27.1875 29.12112471 342400
11/13/98 26.06578146 26.3125 29.2523773 587700
11/16/98 25.75911638 26.0625 29.48163255 385900
11/17/98 25.62751868 25.6875 29.49619419 215300
11/18/98 25.65726418 25.6875 29.69676727 121900
11/19/98 25.78527544 25.75 29.91906874 342500
11/20/98 25.62460199 25.6875 30.17527422 274400
11/23/98 25.85714792 25.4375 30.74418031 531800
11/24/98 26.00771958 25.625 30.5890241 255800
11/25/98 26.05099843 25.8125 30.69267888 231100
11/26/98 26.05099843 25.8125 30.69267888 N/A
11/27/98 25.9955073 25.75 30.88629818 28700
11/30/98 25.73285613 25.375 30.16332459 434700
12/1/98 26.01699418 25.25 30.5346977 371800
12/2/98 25.96661804 26.0625 30.38258378 881300
12/3/98 25.69112647 26.875 29.84866389 770000
12/4/98 25.63024023 27.5 30.50818859 1432300
12/7/98 25.81088742 27.6875 30.87130409 579600
12/8/98 25.75448687 28.3125 30.79068588 696400
12/9/98 25.86480744 28 30.86565414 756700
12/10/98 25.42929267 28 30.38127994 1160700
12/11/98 25.4702058 27.875 30.50927295 371800
12/14/98 25.05004824 28.1875 29.83062753 607000
12/15/98 25.19177298 28.6875 30.37128388 1758000
12/16/98 24.9093731 28.75 30.34064379 250600
12/17/98 24.95480996 29 30.64661009 1077200
12/18/98 24.81330875 28.6875 30.87782109 456400
12/21/98 25.12251655 29 31.26136766 475400
12/22/98 25.16868921 29.25 31.34155343 620300
12/23/98 24.9162619 28.75 32.05214277 510100
12/24/98 24.84991837 28.9375 31.97673773 43300
12/25/98 24.84991837 28.9375 31.97673773 N/A
12/28/98 24.85985051 28.25 32.0075973 209700
12/29/98 25.19127809 28.875 32.46676405 497600
12/30/98 25.62150107 28.75 32.16057827 189000
12/31/98 25.75162919 29.125 32.14297652 328700
1/1/99 25.75162919 29.125 32.14297652 N/A
1/4/99 25.7191435 28.8125 32.08734628 458900
1/5/99 25.75558374 27.1875 32.56368018 602700
1/6/99 26.07595625 27.0625 33.25710455 575600
1/7/99 26.2165098 27.125 33.071958 381900
1/8/99 26.3238597 26.4375 33.19038955 368000
1/11/99 26.20943943 26.75 32.96004561 321100
1/12/99 26.2391088 26.8125 32.33333623 480200
1/13/99 25.87576023 26.3125 32.271189 251900
1/14/99 25.73725604 26 31.76399553 588800
1/15/99 26.01885566 25.375 32.52869397 354000
1/18/99 26.01885566 25.375 32.52869397 N/A
1/19/99 26.03325261 26.375 32.88507735 434100
1/20/99 25.74788699 26.125 33.0024202 179300
1/21/99 25.32329733 26.1875 32.37440916 191600
1/22/99 25.37532802 26.625 32.13993424 354500
1/25/99 25.49710445 26.625 32.34811301 244500
1/26/99 25.52041046 26.25 32.94005349 339900
1/27/99 25.54692884 25.875 32.79728371 324100
1/28/99 26.1085775 25.6875 33.39530874 340800
1/29/99 26.44817591 24.125 33.71822488 417600
2/1/99 26.5862104 24.375 33.61848378 641000
2/2/99 26.37298325 23.4375 33.34359001 913800
2/3/99 26.33029806 24.4375 33.63260647 737900
2/4/99 26.48855868 24.25 32.99894331 595400
2/5/99 26.11722018 24.375 32.73578405 317000
2/8/99 26.23845865 24.0625 32.91810563 496500
2/9/99 25.74038736 23.625 32.1151614 444900
2/10/99 25.19173605 23.9375 32.30834609 334000
2/11/99 25.33407101 23.8125 33.07108877 248500
2/12/99 25.13170998 23.625 32.43047184 311600
2/15/99 25.13170998 23.625 32.43047184 N/A
2/16/99 24.95702778 23.9375 32.64495247 210700
2/17/99 24.77391158 23.9375 32.06996183 359900
2/18/99 24.84211406 23.375 32.38092616 201700
2/19/99 24.63839478 23.75 32.43525256 362700
2/22/99 24.85953354 24 33.29013283 223400
2/23/99 24.49080177 23.1875 33.2501486 194100
2/24/99 24.46596374 24.125 32.87812139 478900
2/25/99 24.35980789 22.9375 32.61257394 179400
2/26/99 24.29526086 22.375 32.33724773 420100
3/1/99 24.21897075 22.6875 32.21142996 178600
3/2/99 23.82633569 23 31.87569062 271800
3/3/99 23.46057439 22.4375 31.971957 186400
3/4/99 23.72414924 22.5625 32.43960085 88400
3/5/99 23.98498705 22.6875 33.20277815 186500
3/8/99 23.77270315 22.125 33.47744809 218200
3/9/99 23.92298138 21.8125 33.33772276 294300
3/10/99 23.87596389 21.3125 33.46223887 168900
3/11/99 24.00707173 20.6875 33.75538414 467500
3/12/99 23.86434403 21.9375 33.66411578 336400
3/15/99 23.98898194 20.9375 33.98659731 332600
3/16/99 23.89125249 21.125 34.07112919 99300
3/17/99 23.86601867 20.8125 33.89489434 399800
3/18/99 23.5983828 20.1875 34.31212111 336600
3/19/99 22.84796108 20.1875 33.87990025 514400
3/22/99 22.45610955 20 33.82187965 206400
3/23/99 22.36814583 19.625 32.90419589 308800
3/24/99 22.61795383 20.25 33.1223729 283500
3/25/99 22.23708703 20.75 33.6891081 308900
3/26/99 21.83509927 20 33.50830766 265400
3/29/99 21.96076628 19.875 34.2886521 146900
3/30/99 21.85358392 19.25 34.08416753 261800
3/31/99 21.38577391 18.625 33.67585029 365600
4/1/99 21.39250027 18.4375 33.90445579 316300
4/2/99 21.39250027 18.4375 33.90445579 N/A
4/5/99 21.46158619 18.6875 34.62091021 287000
4/6/99 21.07905824 18.4375 34.58331851 333100
4/7/99 21.10883495 18.1875 34.70805193 292700
4/8/99 21.11894957 16.75 35.13679807 726500
4/9/99 21.04682504 17.875 35.25435823 606600
4/12/99 21.08776207 17.375 35.46449276 381900
4/13/99 21.31125099 17.5 35.19720686 509700
4/14/99 21.34642962 17.875 34.58505696 342600
4/15/99 21.45228433 17.6875 34.47336187 473000
4/16/99 21.43775483 18 34.33580525 570500
4/19/99 21.46036142 19.9375 33.37118999 948700
4/20/99 21.77942118 20 33.81340474 474900
4/21/99 22.10344284 19.9375 34.68219256 289100
4/22/99 22.23881947 19.8125 35.34106317 385900
4/23/99 22.26614263 20.375 35.31237883 261000
4/26/99 22.15890161 20.4375 35.53424786 313300
4/27/99 22.03477453 20.8125 35.45623514 478700
4/28/99 22.55479295 20.9375 35.13244979 253300
4/29/99 22.54295092 20.3125 34.8269181 358900
4/30/99 22.55165117 20.25 34.67176189 269000
5/3/99 22.78371252 22.0625 35.18829733 393100
5/4/99 22.91655279 21.1875 34.67849837 216200
5/5/99 22.87826953 21.9375 35.10463467 361600
5/6/99 22.90675421 21.625 34.71413649 240700
5/7/99 23.45825654 21.9375 35.01532206 498900
5/10/99 23.83369272 22.3125 34.88863289 156000
5/11/99 24.50241346 22.3125 35.2956463 225100
5/12/99 24.73871843 22.4375 35.50665004 328000
5/13/99 25.28668964 22.5625 35.52512102 197100
5/14/99 24.52951049 21.8125 34.83039499 275400
5/17/99 24.62649582 21.375 34.95273805 251000
5/18/99 24.75118397 22.25 34.78888962 263200
5/19/99 25.12019816 22.5625 35.06052163 243300
5/20/99 25.1624891 22.5625 34.94643618 110400
5/21/99 25.27744595 22.6875 34.73478269 219200
5/24/99 25.17269615 22.0625 34.113067 97300
5/25/99 24.76137331 22.125 33.56828401 122900
5/26/99 24.57107118 21.25 34.01636818 238500
5/27/99 24.58772279 21.3125 33.44745992 296300
5/28/99 24.71579035 21.4375 33.94813421 152800
5/31/99 24.71579035 21.4375 33.94813421 N/A
6/1/99 24.56255748 21.4375 33.82753177 108800
6/2/99 24.59281652 21.75 33.8933732 232800
6/3/99 24.50287784 22.0625 34.00963387 165200
6/4/99 24.62476168 22 34.81996432 120900
6/7/99 24.8183679 21.6875 34.93383246 110100
6/8/99 25.09387692 21.4375 34.44967773 227500
6/9/99 24.73886818 21.125 34.55485148 300200
6/10/99 25.10077348 21.75 34.16304946 245300
6/11/99 25.19909569 21.9375 33.87316378 350700
6/14/99 25.17839927 22.375 33.91749195 418600
6/15/99 25.18668234 22.75 34.10155197 330800
6/16/99 25.18768321 22.8125 34.85277747 421500
6/17/99 25.15980635 22.625 35.08007696 175000
6/18/99 25.34266564 22 35.15830915 314600
6/21/99 25.3821736 22.3125 35.31172691 388300
6/22/99 25.54186847 23.25 34.94513235 555800
6/23/99 25.68987771 23.4375 34.9507823 364200
6/24/99 25.41934741 23 34.53181708 183200
6/25/99 25.77551987 22.9375 34.4937886 181800
6/28/99 25.62378411 23.125 34.86103508 212800
6/29/99 25.90035924 24 35.44037183 541400
6/30/99 27.38658108 23.75 36.04035262 480300
7/1/99 27.04280873 23.375 36.25765823 765900
7/2/99 26.38007615 23.6875 36.51103657 397700
7/5/99 26.38007615 23.6875 36.51103657 N/A
7/6/99 26.32672634 23.75 36.40564118 142800
7/7/99 26.63116557 23.375 36.66184666 160400
7/8/99 26.47146936 22.9375 36.68357722 835600
7/9/99 26.36079282 22.9375 36.9267422 242600
7/12/99 26.3241956 23.375 36.85590057 403800
7/13/99 26.22601809 24 36.74768455 591600
7/14/99 26.23898363 24.25 36.93630365 160600
7/15/99 26.33894032 24.0625 37.2405315 192500
7/16/99 26.52614325 24.0625 37.46957161 149100
7/19/99 26.55302741 24.375 37.14187476 321000
7/20/99 26.08190871 25.25 36.2670002 790900
7/21/99 26.27300929 24.875 36.41237982 480200
7/22/99 26.2595602 24.5625 35.79697251 320200
7/23/99 26.01907913 24.4375 35.7491631 161900
7/26/99 25.70995999 24.625 35.42385661 248000
7/27/99 25.62539414 24.5625 35.86259663 288600
7/28/99 24.93371076 24.5625 35.98493969 266100
7/29/99 24.52077091 24.5 35.34193239 217400
7/30/99 24.24996921 24.4375 35.09637488 426200
8/2/99 23.62592442 24.6875 35.07703903 165000
8/3/99 23.37514837 24.25 34.97946446 492300
8/4/99 23.4765153 23.5 34.55028588 130600
8/5/99 23.42442983 23.625 34.78845501 138800
8/6/99 22.91491893 23.5 34.5363805 199900
8/9/99 22.86075599 24.1875 34.41968956 152900
8/10/99 22.96403863 24.0625 34.00789326 401300
8/11/99 22.99637711 24.125 34.55528609 173300
8/12/99 22.90618114 24.0625 34.45967162 114900
8/13/99 22.72162265 23.5625 35.17525899 172400
8/16/99 22.62116177 23.875 35.27674071 171700
8/17/99 22.45899303 24.1875 35.51425574 373800
8/18/99 22.23921621 24.3125 35.19068769 220300
8/19/99 22.50595544 24.25 34.96794944 177900
8/20/99 22.31997879 24.25 35.2880406 97700
8/23/99 22.14994334 24.25 35.89106367 284700
8/24/99 22.16758603 23.875 35.96473027 185100
8/25/99 21.99406542 23.8125 36.59969726 166600
8/26/99 21.76359381 22.5 36.10771736 602400
8/27/99 21.40978744 22.25 35.76198414 399400
8/30/99 21.68974908 22.75 35.25457554 256700
8/31/99 21.74261683 22.9375 35.16591485 144300
9/1/99 21.70598446 23.125 35.4494965 183300
9/2/99 21.46814891 22.625 35.17786448 111200
9/3/99 21.81580212 22.875 36.12293093 119900
9/6/99 21.81580212 22.875 36.12293093 N/A
9/7/99 21.72264458 22.6875 36.06121396 133500
9/8/99 21.9547018 22.9375 35.9156192 268000
9/9/99 21.93807054 24.25 36.10011166 1005300
9/10/99 21.77365267 25 36.18855505 787200
9/13/99 21.52074317 25.125 35.99124155 267400
9/14/99 21.4747787 25 35.87650419 304900
9/15/99 21.64228325 24.8125 35.29760205 210300
9/16/99 21.38019886 24.375 35.35562265 187900
9/17/99 21.35714058 24.3125 35.8069664 178200
9/20/99 21.06909288 23.625 35.83999685 191900
9/21/99 21.05026362 23.5625 35.09463861 102700
9/22/99 20.96159059 23.125 35.20372603 150600
9/23/99 20.61405057 23.125 34.28256755 217300
9/24/99 20.66186223 23.1875 34.16152832 300400
9/27/99 20.60295433 24 34.46227929 328700
9/28/99 20.62793025 23.3125 34.42120853 151200
9/29/99 20.73593577 24 34.0057202 250400
9/30/99 20.73120168 24.6875 34.36275549 248100
10/1/99 20.52450496 23.3125 34.43207381 279100
10/4/99 20.71007526 23.875 34.93448438 94000
10/5/99 20.50583185 23.25 34.8154009 228300
10/6/99 20.34826102 22.4375 35.45341017 701300
10/7/99 20.24099069 22.3125 35.28434641 564900
10/8/99 20.51258819 22.875 35.75763802 100400
10/11/99 20.49449689 23.125 35.83282576 239200
10/12/99 20.23377715 22.625 35.21828767 248600
10/13/99 20.17630421 22.625 34.51986527 153100
10/14/99 20.28512005 22.5 34.46575618 305500
10/15/99 19.95813345 21.9375 33.55481106 174600
10/18/99 19.88987307 22.0625 33.6404273 267600
10/19/99 20.0477486 22.6875 33.74060953 226800
10/20/99 19.85783338 23 34.54681117 691800
10/21/99 19.69903578 22.9375 34.34862845 513700
10/22/99 19.75584835 24.1875 34.6565505 502600
10/25/99 19.73794648 24 34.47640415 245900
10/26/99 19.45715046 23.5625 34.1450131 290900
10/27/99 19.67536596 23.5 34.29321552 176200
10/28/99 20.15218437 24 35.31976722 134300
10/29/99 20.16862766 23.9375 35.96820499 206800
11/1/99 20.11968101 23.375 35.80435873 125200
11/2/99 19.84938877 24.3125 35.57510131 271900
11/3/99 19.73358075 25 35.88258875 275600
11/4/99 19.67315079 24.8125 36.04839293 242800
11/5/99 19.84372154 24.4375 36.16856293 244900
11/8/99 19.65207571 24.5 36.42650469 91900
11/9/99 19.41813598 23.6875 36.17051868 224400
11/10/99 19.55409885 23.75 36.52689988 144500
11/11/99 19.55529782 23.25 36.83091043 142000
11/12/99 19.65493159 22.9375 37.01844517 199500
11/15/99 19.40019371 22.5 36.96759783 278600
11/16/99 19.59246754 22.9375 37.5890897 113200
11/17/99 19.73912562 23.8125 37.49760186 279700
11/18/99 19.84395738 23 37.97024156 278700
11/19/99 19.58816432 22.125 37.95046893 178100
11/22/99 19.4359932 22.0625 38.02739511 258100
11/23/99 19.26383924 21.625 37.63515849 285500
11/24/99 19.60583161 21.625 38.09432524 249600
11/25/99 19.60583161 21.625 38.09432524 N/A
11/26/99 19.78075181 21.25 38.10127902 62500
11/29/99 19.71224421 21.8125 37.99088777 211200
11/30/99 19.76093282 22.0625 37.27203864 172800
12/1/99 19.68118692 22 37.59191467 214400
12/2/99 19.62171599 21.9375 37.96568032 189500
12/3/99 19.61387598 21.625 38.56783199 529400
12/6/99 19.27629667 21.125 38.44288127 184200
12/7/99 19.40570471 18.75 38.06194671 725600
12/8/99 19.1235573 18.5625 37.99371274 672400
12/9/99 18.94240211 19.625 38.06455437 272400
12/10/99 18.94265444 18.75 38.25317564 473300
12/13/99 18.82074441 18.75 38.28316382 227700
12/14/99 18.68201169 19 38.00631647 282000
12/15/99 18.9423562 18.875 38.37682253 267300
12/16/99 18.72366992 18.75 38.66323133 415800
12/17/99 18.4632948 18.125 38.72668456 1422100
12/20/99 18.2849392 18.3125 38.67996386 221600
12/21/99 18.07102121 18.25 39.0574237 459400
12/22/99 18.2259858 17.9375 39.15238625 551800
12/23/99 18.26129449 17.8125 39.75388818 314900
12/24/99 18.26129449 17.8125 39.75388818 N/A
12/27/99 18.43327544 17.875 39.78518019 280900
12/28/99 18.63740558 17.5 39.77692257 294500
12/29/99 18.84371437 17.625 39.8942676 207800
12/30/99 18.77945193 17.5625 39.87818699 462300
12/31/99 18.61231087 18 40.0259548 368900
1/3/00 18.46763581 17.5625 39.88253093 509900
1/4/00 18.01764382 17.5 38.32488649 438100
1/5/00 18.2469324 17.625 38.41224335 277800
1/6/00 18.37591876 17.75 38.20080716 438900
1/7/00 18.76474231 17.9375 39.28429076 353400
1/10/00 18.41641657 17.625 39.91838853 593500
1/11/00 18.48204633 17.75 39.37534181 394700
1/12/00 18.20226109 16.9375 39.07133126 1116300
1/13/00 18.39110313 16.3125 39.47139089 982900
1/14/00 18.42800243 16.0625 39.8012608 755300
1/17/00 18.42800243 16.0625 39.8012608 N/A
1/18/00 18.25157196 16.25 39.70651556 387500
1/19/00 18.15446043 15.75 39.76518807 443000
1/20/00 17.90357639 15.5 39.52376371 382800
1/21/00 17.86637272 14.9375 39.42836438 782000
1/24/00 17.59992649 14.25 38.24970092 1093700
1/25/00 17.11275507 14.5 38.49438269 685600
1/26/00 17.04685664 14.5625 38.08432701 375700
1/27/00 17.02269022 14.0625 37.84789851 371300
1/28/00 16.75375516 14.0625 36.84851218 317400
1/31/00 17.09476961 15 37.7246884 398700
2/1/00 16.83194702 14.75 38.2051511 712400
2/2/00 16.76826529 15 38.27208123 644600
2/3/00 17.00746767 15.3125 38.7786206 687400
2/4/00 16.96940298 15.0625 38.87640813 608100
2/7/00 16.89192046 14.3125 38.92899391 621700
2/8/00 16.89346509 15.3125 39.41228593 1538400
2/9/00 16.75656327 14.75 38.6041242 652400
2/10/00 16.48960031 14.3125 38.89965983 591900
2/11/00 16.09113647 13.875 37.95742271 462000
2/14/00 15.85789502 13.625 38.12061922 562000
2/15/00 15.82906014 13.5625 38.38008429 673500
2/16/00 15.93547549 13.3125 38.00218766 353000
2/17/00 16.07977658 13.1875 38.11388492 510500
2/18/00 16.00366753 12.9375 36.95303618 432400
2/21/00 16.00366753 12.9375 36.95303618 N/A
2/22/00 15.84385243 13.1875 37.12622875 367100
2/23/00 15.57967141 12.8125 37.44936219 302800
2/24/00 15.39711938 12.625 37.31202505 317300
2/25/00 15.47930921 12.75 36.73377482 252600
2/28/00 15.25755381 12.8125 37.02605087 219400
2/29/00 15.26413876 12.5 37.55910153 327300
3/1/00 15.32421006 13.6875 37.89766366 529200
3/2/00 15.10396812 12.375 38.03217584 895700
3/3/00 14.90070127 12.625 38.83186048 787700
3/6/00 14.80783185 12.75 38.35270161 775500
3/7/00 14.53563976 12.125 37.39068968 922400
3/8/00 14.65667148 11.5625 37.80639531 992300
3/9/00 14.56518379 11.1875 38.8753216 1229200
3/10/00 14.38348945 11.75 38.64345652 1000200
3/13/00 14.3003987 11.875 38.25534652 819200
3/14/00 14.08142982 12.8125 37.50890393 941200
3/15/00 14.48509428 13.75 38.19406852 1245400
3/16/00 15.52412311 14.5 39.80343603 1180400
3/17/00 15.11197601 16.25 40.01226455 1732000
3/20/00 15.09850748 14.75 39.89730988 1141900
3/21/00 15.32764583 15.3125 40.86975248 515300
3/22/00 15.0859373 14.9375 41.03729511 858300
3/23/00 14.99897035 14 41.63532015 1008900
3/24/00 14.68052781 13.875 41.64097009 695200
3/27/00 14.61230157 13.5 41.67139288 439900
3/28/00 14.45805833 13.3125 41.1339961 619200
3/29/00 14.40505764 13.5 41.17419764 666500
3/30/00 15.10311683 14.0625 40.54857479 1065900
3/31/00 15.02016169 15.75 40.80282236 1089400
4/3/00 14.82282371 14.75 40.73806311 514600
4/4/00 15.34252339 14.3125 40.63332398 896100
4/5/00 15.58984371 14 40.4327509 1733000
4/6/00 15.4156154 13.75 40.83585064 578500
4/7/00 15.40290367 13.875 41.45126229 677900
4/10/00 15.33857298 13.8125 40.87692357 442200
4/11/00 15.37294695 14.4375 40.71655203 508400
4/12/00 15.30546546 14.5 39.53506143 429500
4/13/00 15.32421469 15.0625 38.79665697 375500
4/14/00 14.9873387 15 36.6244701 874300
4/17/00 15.36118597 15.25 38.03673925 389900
4/18/00 15.3944113 15.125 39.09306182 369300
4/19/00 15.40951354 15.8125 38.7436344 767500
4/20/00 15.17580189 16.1875 38.8325124 455700
4/21/00 15.17580189 16.1875 38.8325124 N/A
4/24/00 15.13709667 16.3125 38.53349988 443100
4/25/00 15.41558957 16.625 39.8245125 502100
4/26/00 15.22690051 16.8125 39.39707237 644700
4/27/00 15.2013017 17.0625 39.68435038 414200
4/28/00 15.08249472 16.5 39.42467018 468700
5/1/00 15.25344574 16.625 39.83624483 394400
5/2/00 15.00122805 16.75 39.15477661 315500
5/3/00 15.06753442 16.9375 38.31097893 199000
5/4/00 15.37102933 17.4375 38.1934166 438400
5/5/00 15.31426152 17.5625 38.906179 286100
5/8/00 15.10511589 17.8125 38.48547534 259200
5/9/00 15.17617423 17.9375 38.14191517 162500
5/10/00 14.85380553 18 37.31245966 234000
5/11/00 15.36409812 18.5625 37.93634406 233400
5/12/00 15.32727352 18.75 38.2631717 181400
5/15/00 15.35306123 18.25 39.02069905 369800
5/16/00 15.50860086 17.8125 39.50420403 319700
5/17/00 15.39294774 17.75 39.00592227 254200
5/18/00 15.48936543 17.6875 38.57218028 233700
5/19/00 15.54537871 17.875 37.75663232 249800
5/22/00 15.65447791 18.625 37.47391773 384400
5/23/00 15.54421334 18.375 36.60187032 1011700
5/24/00 15.75800112 18.6875 37.32136919 407300
5/25/00 15.66852709 17.9375 36.92196148 734400
5/26/00 16.00242384 17.75 36.80048764 472400
5/29/00 16.00242384 17.75 36.80048764 N/A
5/30/00 15.96889797 17.3125 38.10801549 434800
5/31/00 15.92328621 16.5 37.9572054 633900
6/1/00 16.29071592 16.5 38.68974478 617700
6/2/00 16.1393356 16.6875 39.33514027 591200
6/5/00 16.09384977 16.3125 39.22561824 308900
6/6/00 15.99861815 15.375 39.00635688 614900
6/7/00 16.01583514 16.125 39.33839985 391500
6/8/00 15.83744952 15.9375 39.13847869 697600
6/9/00 15.90484533 15.5 39.08936545 269900
6/12/00 15.91392636 15.3125 38.69256976 462300
6/13/00 15.88638446 15.5625 39.38272803 165600
6/14/00 15.94593391 15.5625 39.35904389 483400
6/15/00 16.42080854 15.625 39.80908163 165400
6/16/00 16.09014317 15.625 39.64023735 295900
6/19/00 16.05919149 15.5 40.2117511 483100
6/20/00 15.82040875 15.0625 39.92186542 626000
6/21/00 15.73218646 15.25 40.10831363 539200
6/22/00 15.52045482 15.4375 39.26973128 442400
6/23/00 15.29394515 15.5625 38.92921339 304500
6/26/00 15.46368966 15.4375 39.28233501 185500
6/27/00 15.36898128 15.5 39.14173828 216800
6/28/00 15.49000793 15.625 39.26581761 161700
6/29/00 15.61855094 15.625 38.90552708 240400
6/30/00 15.4673863 15.4375 39.52006734 472900
7/3/00 15.64846277 15.625 39.80951842 183700
7/4/00 15.64846277 15.625 39.80951842 N/A
7/5/00 15.47424717 15.625 39.00418383 220900
7/6/00 15.53354795 15.4375 39.27864081 546400
7/7/00 15.80185674 15.4375 39.84624306 215900
7/10/00 15.6696596 14.75 39.70608095 379400
7/11/00 15.47222703 14.5 39.81038764 346300
7/12/00 15.60680482 14.375 40.14177869 244500
7/13/00 15.72000541 14.875 40.26824838 470200
7/14/00 15.91164099 14.875 40.60224711 467900
7/17/00 15.678051 14.9375 40.73393648 341100
7/18/00 15.68678747 14.875 40.24217388 300200
7/19/00 15.80867857 14.8125 39.86362751 154600
7/20/00 15.90520174 14.5625 40.10766388 197600
7/21/00 15.70452013 14.5625 39.64262771 152400
7/24/00 15.70986091 14.25 39.13674025 184200
7/25/00 15.71807857 14.3125 39.3942474 219200
7/26/00 15.68196229 14.375 38.81447603 191300
7/27/00 15.71799487 14.125 38.59217022 192500
7/28/00 15.48477055 14.1875 37.79031469 299100
7/31/00 15.48603885 14.4375 38.04629853 429300
8/1/00 15.643369 14.5625 38.19385121 258500
8/2/00 15.7132519 14.8125 38.22340477 278800
8/3/00 15.58352974 15.3125 38.50155595 375000
8/4/00 15.4305876 15.0625 38.58130494 226500
8/7/00 15.33571056 15.375 39.05307759 247300
8/8/00 14.98830765 15.5 39.15738428 256700
8/9/00 14.94936001 15.0625 38.86271788 836800
8/10/00 14.79802652 15.1875 38.53197874 480900
8/11/00 15.04329511 15.375 38.78122827 319100
8/14/00 15.12757273 15.4375 39.30667106 321800
8/15/00 14.90937356 15.25 39.18824168 258100
8/16/00 14.83443084 15.3125 39.15064781 168300
8/17/00 14.82379004 15.25 39.56309385 256300
8/18/00 14.82401942 15.625 39.46921783 325300
8/21/00 14.81691302 16.0625 39.64784304 169200
8/22/00 14.77769158 16.125 39.54810194 332700
8/23/00 14.87305195 17.125 39.85580451 768700
8/24/00 15.09967122 17.4375 40.00943958 541500
8/25/00 14.78258757 16.8125 40.00770113 240300
8/28/00 14.83505455 16.875 40.13678066 138800
8/29/00 14.87668825 16.75 40.05355044 209500
8/30/00 14.61179632 16.1875 39.77322838 142200
8/31/00 14.68526696 16.0625 40.09114649 581400
9/1/00 14.64211122 16 40.24934497 476500
9/4/00 14.64211122 16 40.24934497 N/A
9/5/00 14.70923341 16 39.75606124 436000
9/6/00 15.10179996 16.3125 39.21171068 413500
9/7/00 15.17317577 17.1875 39.54505749 285600
9/8/00 15.06482887 17.4375 39.12283269 253300
9/11/00 14.82415304 17.25 38.79470122 134700
9/12/00 14.83525198 17.4375 38.55609966 242500
9/13/00 15.1374912 17.6875 38.70191172 344200
9/14/00 15.03925489 17.25 38.59869156 171700
9/15/00 15.16173333 17.4375 38.23622798 207800
9/18/00 14.90629612 17.375 37.78705511 269100
9/19/00 15.10743929 17.4375 38.2118854 370500
9/20/00 15.12429413 17.25 38.03912962 162700
9/21/00 15.24289937 17.625 38.06303323 222300
9/22/00 15.24438481 17.75 37.89266564 256300
9/25/00 15.15777974 17.5 37.47174467 250900
9/26/00 15.64991504 17.375 37.10710586 153600
9/27/00 15.71700302 17.6875 37.06494857 254200
9/28/00 15.92442547 18.3125 37.8681101 380700
9/29/00 16.09283626 18.3125 37.19294157 250700
(1) Peers include: Pilgrim's Pride, Sanderson Farms, WLR Foods, Cagle's,
Smithfield Foods, Hormel, ConAgra, and Tyson Foods
Source: Tradeline
Note: Excludes WLR Foods stock price after 9/27/00
[LOGO] JP Morgan 13
<PAGE>
Performance since IPO
================================================================================
[The following table was depicted as a line/bar chart in the printed material.]
------------------------
All-time high $33.31
All-time low $5.63
------------------------
Dates Carnival Volume
10/2/87 $9.56 5,211,200
10/9/87 $9.56 4,314,000
10/16/87 $8.88 6,058,200
10/23/87 $6.88 1,449,400
10/30/87 $6.94 1,505,200
11/6/87 $7.63 835,200
11/13/87 $6.88 666,200
11/20/87 $7.00 165,400
11/27/87 $6.88 140,600
12/4/87 $5.63 278,400
12/11/87 $5.63 1,728,000
12/18/87 $6.38 1,356,000
12/25/87 $6.63 567,600
1/1/88 $6.38 640,800
1/8/88 $6.13 2,688,200
1/15/88 $6.56 1,320,800
1/22/88 $6.56 635,600
1/29/88 $6.75 678,400
2/5/88 $7.25 928,600
2/12/88 $7.19 953,200
2/19/88 $7.31 752,400
2/26/88 $7.38 783,400
3/4/88 $7.13 2,701,400
3/11/88 $7.25 986,000
3/18/88 $7.25 792,200
3/25/88 $7.00 1,798,600
4/1/88 $7.31 782,600
4/8/88 $7.44 675,000
4/15/88 $7.25 864,200
4/22/88 $6.94 697,000
4/29/88 $7.25 524,600
5/6/88 $6.75 642,000
5/13/88 $6.88 282,400
5/20/88 $6.69 1,401,000
5/27/88 $6.56 225,600
6/3/88 $6.75 1,575,600
6/10/88 $7.13 2,512,600
6/17/88 $6.50 873,200
6/24/88 $6.94 918,000
7/1/88 $6.38 977,400
7/8/88 $6.31 515,400
7/15/88 $6.63 921,800
7/22/88 $6.38 1,033,200
7/29/88 $6.56 148,400
8/5/88 $6.69 226,800
8/12/88 $6.75 267,400
8/19/88 $6.69 339,800
8/26/88 $6.63 478,000
9/2/88 $6.69 117,200
9/9/88 $6.94 405,800
9/16/88 $6.75 162,000
9/23/88 $6.81 2,000,600
9/30/88 $6.75 120,400
10/7/88 $7.00 368,600
10/14/88 $7.13 1,494,400
10/21/88 $7.31 1,533,600
10/28/88 $7.31 1,107,000
11/4/88 $7.25 469,200
11/11/88 $7.00 537,600
11/18/88 $6.69 498,400
11/25/88 $6.94 334,000
12/2/88 $7.00 893,600
12/9/88 $7.63 1,164,400
12/16/88 $7.63 304,800
12/23/88 $7.63 390,400
12/30/88 $7.81 445,000
1/6/89 $7.81 493,200
1/13/89 $7.88 383,000
1/20/89 $7.63 698,800
1/27/89 $8.00 553,000
2/3/89 $7.75 864,000
2/10/89 $7.75 1,005,200
2/17/89 $7.88 834,400
2/24/89 $7.63 261,600
3/3/89 $7.94 486,200
3/10/89 $7.75 159,600
3/17/89 $7.88 597,400
3/24/89 $7.50 762,200
3/31/89 $7.25 1,621,400
4/7/89 $7.06 885,000
4/14/89 $7.25 946,200
4/21/89 $7.31 1,468,200
4/28/89 $7.63 450,000
5/5/89 $7.38 331,800
5/12/89 $7.38 699,800
5/19/89 $7.63 241,600
5/26/89 $8.00 1,395,200
6/2/89 $8.06 218,600
6/9/89 $7.94 1,749,200
6/16/89 $7.88 752,800
6/23/89 $7.13 1,976,600
6/30/89 $7.25 334,800
7/7/89 $7.31 420,600
7/14/89 $7.38 840,400
7/21/89 $7.31 525,200
7/28/89 $7.25 760,400
8/4/89 $7.38 2,020,200
8/11/89 $7.69 901,400
8/18/89 $8.00 1,897,000
8/25/89 $8.50 1,905,800
9/1/89 $8.50 1,376,200
9/8/89 $8.50 1,100,600
9/15/89 $8.19 1,084,800
9/22/89 $8.00 547,000
9/29/89 $7.88 481,200
10/6/89 $7.88 440,400
10/13/89 $7.63 776,800
10/20/89 $7.50 479,600
10/27/89 $7.00 899,800
11/3/89 $7.06 637,600
11/10/89 $7.25 1,071,400
11/17/89 $7.94 2,865,200
11/24/89 $7.94 534,200
12/1/89 $8.31 2,501,200
12/8/89 $8.13 1,180,400
12/15/89 $7.81 644,000
12/22/89 $7.63 888,800
12/29/89 $7.69 258,400
1/5/90 $7.88 840,000
1/12/90 $7.69 1,608,400
1/19/90 $7.75 1,085,200
1/26/90 $7.69 960,400
2/2/90 $8.25 2,154,000
2/9/90 $8.31 2,489,800
2/16/90 $9.00 5,287,200
2/23/90 $8.50 1,878,400
3/2/90 $8.63 1,064,600
3/9/90 $8.81 1,283,600
3/16/90 $8.50 442,000
3/23/90 $8.69 634,800
3/30/90 $8.50 379,200
4/6/90 $8.44 415,200
4/13/90 $8.38 813,800
4/20/90 $8.19 1,199,000
4/27/90 $7.94 610,200
5/4/90 $8.69 420,000
5/11/90 $8.75 710,000
5/18/90 $8.75 895,400
5/25/90 $8.81 1,515,000
6/1/90 $8.75 235,400
6/8/90 $8.50 1,038,200
6/15/90 $8.75 990,000
6/22/90 $9.31 2,176,000
6/29/90 $8.94 808,000
7/6/90 $8.88 172,200
7/13/90 $8.81 625,200
7/20/90 $8.56 600,200
7/27/90 $8.75 768,200
8/3/90 $8.75 1,323,000
8/10/90 $8.63 634,600
8/17/90 $8.38 311,400
8/24/90 $7.63 663,800
8/31/90 $8.06 296,600
9/7/90 $8.13 212,200
9/14/90 $7.88 532,600
9/21/90 $8.50 746,800
9/28/90 $8.44 668,600
10/5/90 $8.25 367,600
10/12/90 $7.75 699,000
10/19/90 $7.63 757,600
10/26/90 $7.44 830,000
11/2/90 $7.81 443,400
11/9/90 $7.63 215,000
11/16/90 $7.56 296,000
11/23/90 $7.94 346,000
11/30/90 $8.00 383,600
12/7/90 $8.31 793,400
12/14/90 $9.63 7,350,400
12/21/90 $10.19 1,761,600
12/28/90 $10.50 762,800
1/4/91 $10.19 1,227,000
1/11/91 $10.75 2,349,600
1/18/91 $10.63 2,027,800
1/25/91 $10.88 1,226,600
2/1/91 $12.13 2,337,800
2/8/91 $11.19 2,598,600
2/15/91 $11.00 1,771,400
2/22/91 $11.69 2,818,000
3/1/91 $11.94 3,849,800
3/8/91 $12.31 3,658,600
3/15/91 $11.75 1,372,000
3/22/91 $10.88 5,489,800
3/29/91 $10.38 2,248,400
4/5/91 $10.56 1,863,600
4/12/91 $11.00 2,787,200
4/19/91 $10.56 1,836,200
4/26/91 $10.75 1,228,200
5/3/91 $10.50 802,800
5/10/91 $10.38 1,260,400
5/17/91 $9.88 1,638,400
5/24/91 $9.88 840,200
5/31/91 $9.25 2,235,400
6/7/91 $9.00 1,497,800
6/14/91 $8.81 1,997,000
6/21/91 $8.94 1,364,600
6/28/91 $8.81 965,200
7/5/91 $8.63 1,142,600
7/12/91 $8.69 728,800
7/19/91 $9.25 2,042,400
7/26/91 $9.38 1,058,400
8/2/91 $9.56 1,283,800
8/9/91 $9.94 2,475,800
8/16/91 $9.63 1,806,600
8/23/91 $9.56 2,129,800
8/30/91 $9.81 2,526,200
9/6/91 $8.00 9,242,000
9/13/91 $7.88 6,031,200
9/20/91 $7.75 2,006,000
9/27/91 $7.13 3,464,600
10/4/91 $7.00 10,832,600
10/11/91 $6.94 1,729,800
10/18/91 $6.94 2,188,600
10/25/91 $6.88 2,082,000
11/1/91 $7.06 1,689,000
11/8/91 $6.88 1,859,200
11/15/91 $6.75 2,131,800
11/22/91 $6.69 3,773,800
11/29/91 $7.00 1,206,600
12/6/91 $6.69 1,859,000
12/13/91 $6.69 1,644,200
12/20/91 $7.06 3,228,800
12/27/91 $7.19 1,959,000
1/3/92 $7.88 5,122,000
1/10/92 $7.88 2,992,400
1/17/92 $7.81 1,642,600
1/24/92 $8.00 1,394,800
1/31/92 $8.25 8,308,200
2/7/92 $8.06 7,576,200
2/14/92 $8.38 2,259,000
2/21/92 $8.00 1,538,600
2/28/92 $8.00 1,067,800
3/6/92 $7.88 1,322,200
3/13/92 $8.13 2,087,000
3/20/92 $8.69 1,879,400
3/27/92 $8.75 3,343,000
4/3/92 $9.00 2,661,200
4/10/92 $8.63 2,319,800
4/17/92 $8.94 1,480,400
4/24/92 $8.75 5,130,000
5/1/92 $8.69 3,640,600
5/8/92 $9.13 1,905,800
5/15/92 $8.94 2,449,200
5/22/92 $9.13 1,787,600
5/29/92 $9.13 1,777,600
6/5/92 $9.31 1,929,600
6/12/92 $8.94 2,011,200
6/19/92 $8.69 1,021,400
6/26/92 $9.25 1,807,000
7/3/92 $9.31 2,201,400
7/10/92 $9.25 895,800
7/17/92 $9.31 1,099,800
7/24/92 $9.25 2,046,000
7/31/92 $9.19 2,144,800
8/7/92 $9.00 1,569,400
8/14/92 $8.88 758,400
8/21/92 $8.44 1,377,400
8/28/92 $8.44 1,210,400
9/4/92 $8.75 1,200,200
9/11/92 $8.44 2,403,400
9/18/92 $8.19 3,471,400
9/25/92 $8.25 1,421,400
10/2/92 $8.06 1,447,600
10/9/92 $8.06 2,692,000
10/16/92 $8.38 1,709,600
10/23/92 $8.88 1,140,000
10/30/92 $9.06 1,024,200
11/6/92 $9.06 1,004,600
11/13/92 $9.19 1,565,000
11/20/92 $9.44 1,193,400
11/27/92 $9.63 652,800
12/4/92 $9.88 929,200
12/11/92 $9.88 1,228,400
12/18/92 $10.19 1,134,600
12/25/92 $9.75 554,000
1/1/93 $10.06 609,600
1/8/93 $9.63 1,316,600
1/15/93 $10.06 1,277,200
1/22/93 $10.06 1,042,400
1/29/93 $9.88 1,863,800
2/5/93 $10.06 1,489,000
2/12/93 $9.94 1,267,800
2/19/93 $9.44 592,000
2/26/93 $9.56 1,072,200
3/5/93 $9.44 1,063,600
3/12/93 $9.25 1,237,000
3/19/93 $9.06 1,211,400
3/26/93 $8.88 3,783,600
4/2/93 $8.81 1,004,800
4/9/93 $9.00 1,418,800
4/16/93 $9.19 1,641,400
4/23/93 $9.19 2,320,600
4/30/93 $10.00 1,897,600
5/7/93 $9.81 1,524,400
5/14/93 $9.81 1,439,200
5/21/93 $9.63 2,631,400
5/28/93 $9.75 1,763,000
6/4/93 $10.13 1,161,000
6/11/93 $10.19 2,692,000
6/18/93 $10.13 1,888,800
6/25/93 $10.25 2,181,600
7/2/93 $10.31 2,569,400
7/9/93 $9.94 1,938,200
7/16/93 $10.06 2,503,000
7/23/93 $10.50 2,349,600
7/30/93 $10.69 812,800
8/6/93 $10.88 1,243,400
8/13/93 $11.00 974,400
8/20/93 $11.25 1,107,600
8/27/93 $11.00 1,082,800
9/3/93 $11.13 1,540,400
9/10/93 $11.69 1,244,200
9/17/93 $11.81 994,000
9/24/93 $12.06 1,666,600
10/1/93 $12.19 1,356,400
10/8/93 $12.50 955,600
10/15/93 $12.50 1,103,200
10/22/93 $12.44 1,724,200
10/29/93 $12.75 1,244,800
11/5/93 $12.81 1,192,600
11/12/93 $12.69 1,180,000
11/19/93 $12.75 834,800
11/26/93 $12.56 519,600
12/3/93 $12.94 1,059,200
12/10/93 $12.75 987,200
12/17/93 $12.75 819,600
12/24/93 $12.69 549,000
12/31/93 $12.94 951,200
1/7/94 $12.94 857,800
1/14/94 $12.88 1,759,800
1/21/94 $13.19 1,388,000
1/28/94 $12.38 2,254,200
2/4/94 $11.75 2,506,000
2/11/94 $12.31 1,130,600
2/18/94 $12.25 966,000
2/25/94 $12.19 1,199,200
3/4/94 $12.19 1,477,600
3/11/94 $11.81 840,600
3/18/94 $12.13 922,400
3/25/94 $12.19 476,400
4/1/94 $11.75 1,032,200
4/8/94 $12.06 1,200,000
4/15/94 $12.56 831,000
4/22/94 $12.75 1,500,400
4/29/94 $13.00 790,400
5/6/94 $12.56 1,128,800
5/13/94 $12.81 1,218,200
5/20/94 $13.00 1,166,000
5/27/94 $13.00 1,204,000
6/3/94 $13.19 717,200
6/10/94 $13.50 3,447,200
6/17/94 $13.69 1,363,400
6/24/94 $13.13 984,600
7/1/94 $13.44 1,681,400
7/8/94 $14.00 1,489,600
7/15/94 $13.94 1,621,000
7/22/94 $14.13 2,444,200
7/29/94 $14.56 2,798,000
8/5/94 $14.50 2,585,000
8/12/94 $14.75 2,933,800
8/19/94 $15.31 3,085,800
8/26/94 $15.81 4,200,800
9/2/94 $15.50 2,774,800
9/9/94 $15.44 1,148,400
9/16/94 $16.56 3,049,600
9/23/94 $15.75 2,211,600
9/30/94 $16.38 2,771,000
10/7/94 $16.19 2,932,000
10/14/94 $16.69 1,963,400
10/21/94 $17.31 3,652,800
10/28/94 $16.69 2,349,200
11/4/94 $17.38 2,246,200
11/11/94 $16.63 2,746,400
11/18/94 $17.13 2,128,000
11/25/94 $16.63 754,000
12/2/94 $17.25 2,696,000
12/9/94 $17.06 1,451,200
12/16/94 $16.88 1,816,200
12/23/94 $17.31 1,465,600
12/30/94 $15.13 2,793,000
1/6/95 $15.94 2,199,600
1/13/95 $15.81 2,193,600
1/20/95 $15.19 5,203,000
1/27/95 $14.56 2,778,000
2/3/95 $14.94 4,406,400
2/10/95 $15.63 3,690,600
2/17/95 $15.63 2,008,600
2/24/95 $16.50 1,960,600
3/3/95 $16.00 3,963,000
3/10/95 $16.06 1,198,200
3/17/95 $16.00 1,436,800
3/24/95 $16.38 1,381,000
3/31/95 $16.38 1,786,200
4/7/95 $16.56 1,848,800
4/14/95 $17.31 1,557,000
4/21/95 $17.38 1,555,200
4/28/95 $18.50 1,726,600
5/5/95 $18.13 1,392,800
5/12/95 $19.00 1,343,400
5/19/95 $18.63 1,305,400
5/26/95 $18.88 1,731,800
6/2/95 $19.75 2,144,800
6/9/95 $19.94 1,001,000
6/16/95 $20.38 2,842,800
6/23/95 $21.13 1,793,600
6/30/95 $21.75 1,367,000
7/7/95 $21.63 1,683,600
7/14/95 $23.31 1,442,600
7/21/95 $22.69 1,753,600
7/28/95 $23.31 1,770,200
8/4/95 $24.19 3,383,400
8/11/95 $24.38 2,673,400
8/18/95 $24.31 1,079,800
8/25/95 $24.44 854,000
9/1/95 $24.50 1,363,400
9/8/95 $25.13 1,968,600
9/15/95 $26.00 1,333,000
9/22/95 $25.75 816,000
9/29/95 $26.69 890,800
10/6/95 $26.50 1,414,400
10/13/95 $27.81 1,629,800
10/20/95 $28.75 2,393,600
10/27/95 $29.88 2,691,200
11/3/95 $30.75 1,304,800
11/10/95 $31.38 1,966,600
11/17/95 $33.31 1,947,600
11/24/95 $33.06 722,200
12/1/95 $30.63 3,427,600
12/8/95 $24.19 9,507,600
12/15/95 $22.44 6,418,000
12/22/95 $25.38 3,774,200
12/29/95 $25.25 1,847,200
1/5/96 $25.44 2,277,200
1/12/96 $24.50 1,352,600
1/19/96 $23.69 2,095,400
1/26/96 $25.50 3,673,800
2/2/96 $26.38 2,161,900
2/9/96 $26.50 6,149,100
2/16/96 $26.00 3,304,900
2/23/96 $25.75 3,698,000
3/1/96 $25.50 2,653,800
3/8/96 $24.50 3,337,700
3/15/96 $24.13 2,399,100
3/22/96 $25.75 5,116,200
3/29/96 $25.63 4,169,400
4/5/96 $25.63 1,394,200
4/12/96 $24.63 3,097,700
4/19/96 $24.00 3,180,000
4/26/96 $25.75 2,458,800
5/3/96 $26.38 2,029,500
5/10/96 $25.38 3,196,400
5/17/96 $27.38 2,487,300
5/24/96 $27.63 2,289,500
5/31/96 $27.38 1,780,000
6/7/96 $27.25 1,452,300
6/14/96 $28.25 1,299,100
6/21/96 $28.88 1,162,900
6/28/96 $27.63 1,381,500
7/5/96 $26.00 923,800
7/12/96 $25.25 1,345,400
7/19/96 $23.00 3,461,200
7/26/96 $23.75 2,699,500
8/2/96 $23.88 2,050,000
8/9/96 $24.00 1,652,000
8/16/96 $23.13 2,035,000
8/23/96 $23.63 1,707,200
8/30/96 $23.38 898,000
9/6/96 $23.13 1,081,200
9/13/96 $23.25 2,546,000
9/20/96 $23.00 1,601,500
9/27/96 $23.13 1,801,700
10/4/96 $23.88 1,043,000
10/11/96 $24.38 900,800
10/18/96 $25.88 1,829,000
10/25/96 $26.13 1,408,000
11/1/96 $25.00 1,722,500
11/8/96 $25.75 1,481,700
11/15/96 $26.50 1,133,300
11/22/96 $25.00 1,585,200
11/29/96 $24.75 1,341,900
12/6/96 $24.38 2,946,800
12/13/96 $23.50 1,897,400
12/20/96 $24.00 2,061,500
12/27/96 $23.88 637,900
1/3/97 $24.13 2,028,500
1/10/97 $24.13 3,587,700
1/17/97 $23.88 1,168,100
1/24/97 $23.25 1,214,400
1/31/97 $23.00 1,696,800
2/7/97 $23.13 1,239,600
2/14/97 $24.00 888,600
2/21/97 $23.13 1,068,500
2/28/97 $23.25 1,625,800
3/7/97 $23.38 1,852,200
3/14/97 $23.38 1,328,400
3/21/97 $24.13 1,242,300
3/28/97 $25.13 1,567,700
4/4/97 $24.88 1,245,000
4/11/97 $23.88 766,500
4/18/97 $23.25 1,770,400
4/25/97 $23.75 857,400
5/2/97 $24.00 1,280,600
5/9/97 $23.50 1,301,300
5/16/97 $24.00 925,100
5/23/97 $23.25 728,000
5/30/97 $23.50 580,200
6/6/97 $23.50 1,666,800
6/13/97 $24.00 2,359,400
6/20/97 $23.75 2,095,200
6/27/97 $23.81 791,300
7/4/97 $23.88 728,700
7/11/97 $23.31 818,100
7/18/97 $22.63 2,875,800
7/25/97 $23.13 2,300,300
8/1/97 $22.88 2,720,200
8/8/97 $22.56 1,620,900
8/15/97 $22.88 1,836,400
8/22/97 $23.00 1,134,400
8/29/97 $22.94 1,183,700
9/5/97 $22.75 651,200
9/12/97 $22.94 1,790,100
9/19/97 $24.00 2,951,800
9/26/97 $23.25 1,661,000
10/3/97 $24.13 1,586,200
10/10/97 $24.75 1,058,800
10/17/97 $24.13 1,281,400
10/24/97 $23.31 2,465,800
10/31/97 $23.19 3,646,500
11/7/97 $23.00 733,600
11/14/97 $23.06 992,500
11/21/97 $22.38 1,619,400
11/28/97 $22.81 739,700
12/5/97 $22.94 520,900
12/12/97 $22.31 1,532,500
12/19/97 $21.63 3,731,200
12/26/97 $20.75 731,500
1/2/98 $21.13 1,142,500
1/9/98 $20.81 833,500
1/16/98 $20.50 718,700
1/23/98 $20.13 569,600
1/30/98 $20.25 514,400
2/6/98 $20.81 786,400
2/13/98 $21.00 779,000
2/20/98 $21.38 574,400
2/27/98 $22.31 1,104,500
3/6/98 $22.50 746,700
3/13/98 $23.25 954,000
3/20/98 $23.56 1,324,400
3/27/98 $22.75 945,100
4/3/98 $22.50 931,900
4/10/98 $22.88 649,900
4/17/98 $22.19 592,800
4/24/98 $21.63 1,789,600
5/1/98 $20.63 2,216,500
5/8/98 $20.44 1,481,600
5/15/98 $19.94 1,324,600
5/22/98 $19.69 1,198,200
5/29/98 $19.38 712,300
6/5/98 $19.81 792,800
6/12/98 $20.00 587,800
6/19/98 $19.38 939,200
6/26/98 $18.44 1,644,300
7/3/98 $18.38 925,800
7/10/98 $18.00 969,700
7/17/98 $20.88 2,301,000
7/24/98 $20.00 2,092,500
7/31/98 $19.69 1,110,600
8/7/98 $19.88 1,142,300
8/14/98 $20.06 840,300
8/21/98 $19.38 1,171,000
8/28/98 $18.63 721,700
9/4/98 $17.06 1,920,600
9/11/98 $17.63 2,450,100
9/18/98 $20.38 3,951,600
9/25/98 $20.38 2,861,900
10/2/98 $20.81 2,742,000
10/9/98 $20.88 2,364,500
10/16/98 $23.06 2,009,300
10/23/98 $24.69 2,638,500
10/30/98 $27.06 2,657,700
11/6/98 $27.81 3,444,900
11/13/98 $26.31 1,952,300
11/20/98 $25.69 1,340,000
11/27/98 $25.75 1,047,400
12/4/98 $27.50 3,890,100
12/11/98 $27.88 3,565,200
12/18/98 $28.69 4,148,700
12/25/98 $28.94 1,649,100
1/1/99 $29.13 1,225,000
1/8/99 $26.44 2,387,100
1/15/99 $25.38 1,996,000
1/22/99 $26.63 1,159,500
1/29/99 $24.13 1,666,900
2/5/99 $24.38 3,205,100
2/12/99 $23.63 1,835,500
2/19/99 $23.75 1,135,000
2/26/99 $22.38 1,495,900
3/5/99 $22.69 911,700
3/12/99 $21.94 1,485,300
3/19/99 $20.19 1,682,700
3/26/99 $20.00 1,373,000
4/2/99 $18.44 1,090,600
4/9/99 $17.88 2,245,900
4/16/99 $18.00 2,277,700
4/23/99 $20.38 2,359,600
4/30/99 $20.25 1,673,200
5/7/99 $21.94 1,710,500
5/14/99 $21.81 1,181,600
5/21/99 $22.69 1,087,100
5/28/99 $21.44 907,800
6/4/99 $22.00 627,700
6/11/99 $21.94 1,233,800
6/18/99 $22.00 1,660,500
6/25/99 $22.94 1,673,300
7/2/99 $23.69 2,398,100
7/9/99 $22.94 1,381,400
7/16/99 $24.06 1,497,600
7/23/99 $24.44 2,074,200
7/30/99 $24.44 1,446,300
8/6/99 $23.50 1,126,600
8/13/99 $23.56 1,014,800
8/20/99 $24.25 1,041,400
8/27/99 $22.25 1,638,200
9/3/99 $22.88 815,400
9/10/99 $25.00 2,194,000
9/17/99 $24.31 1,148,700
9/24/99 $23.19 962,900
10/1/99 $23.31 1,257,500
10/8/99 $22.88 1,688,900
10/15/99 $21.94 1,121,000
10/22/99 $24.19 2,202,500
10/29/99 $23.94 1,054,100
11/5/99 $24.44 1,160,400
11/12/99 $22.94 802,300
11/19/99 $22.13 1,128,300
11/26/99 $21.25 855,700
12/3/99 $21.63 1,317,300
12/10/99 $18.75 2,327,900
12/17/99 $18.13 2,614,900
12/24/99 $17.81 1,547,700
12/31/99 $18.00 1,614,400
1/7/00 $17.94 2,018,100
1/14/00 $16.06 3,842,700
1/21/00 $14.94 1,995,300
1/28/00 $14.06 2,843,700
2/4/00 $15.06 3,051,200
2/11/00 $13.88 3,866,400
2/18/00 $12.94 2,531,400
2/25/00 $12.75 1,239,800
3/3/00 $12.63 2,759,300
3/10/00 $11.75 4,919,600
3/17/00 $16.25 5,917,900
3/24/00 $13.88 4,219,600
3/31/00 $15.75 3,880,900
4/7/00 $13.88 4,399,900
4/14/00 $15.00 2,629,900
4/21/00 $16.19 1,982,400
4/28/00 $16.50 2,472,800
5/5/00 $17.56 1,633,400
5/12/00 $18.75 1,070,500
5/19/00 $17.88 1,427,200
5/26/00 $17.75 3,010,200
6/2/00 $16.69 2,277,600
6/9/00 $15.50 2,282,800
6/16/00 $15.63 1,572,600
6/23/00 $15.56 2,395,200
6/30/00 $15.44 1,277,300
7/7/00 $15.44 1,166,900
7/14/00 $14.88 1,908,300
7/21/00 $14.56 1,145,900
7/28/00 $14.19 1,495,500
8/4/00 $15.06 1,132,500
8/11/00 $15.38 1,595,500
8/18/00 $15.63 1,626,500
8/25/00 $16.81 1,201,500
9/1/00 $16.00 2,382,500
9/8/00 $17.44 1,388,400
9/15/00 $17.44 1,100,900
9/22/00 $17.75 1,280,900
9/29/00 $18.31 1,290,100
Source: Tradeline
[LOGO] JP Morgan 14
<PAGE>
Forward P/E history
================================================================================
Historical forward 12-month projected P/E multiples
[The following table was depicted as a line chart in the printed material.]
Peers(1) Carnival S&P Industrials
Sep-97 17.30666667 13.57 23.01
Oct-97 16.06285714 14.29 23.4
Nov-97 19.365 12.83 22.76
Dec-97 19.4225 14.15 23
Jan-98 20.37125 13.83 22.98
Feb-98 15.46 14.83 24.89
Mar-98 16.22666667 17.65 25.74
Apr-98 19.50166667 16.32 26.42
May-98 20.41166667 16.1 26.61
Jun-98 18.17 16.3 26.13
Jul-98 16.15 14.45 27.47
Aug-98 14.47 14.37 26
Sep-98 13.17285714 12.88 25.03
Oct-98 12.78 13.74 25.23
Nov-98 14.77 14.67 28.91
Dec-98 14.62285714 15.71 29.47
Jan-99 15.43285714 13.16 31.43
Feb-99 13.58285714 12.14 32.08
Mar-99 13.44285714 10.63 33.62
Apr-99 12.14142857 9.2 34.29
May-99 14.28857143 11.02 34.65
Jun-99 14.78714286 11.18 34.24
Jul-99 15.81142857 11.88 36.08
Aug-99 15.98428571 10.43 32.95
Sep-99 11.87 9.93 32.42
Oct-99 11.375 9.16 31.55
Nov-99 11.31285714 8.81 33.68
Dec-99 11.79 6.74 33.86
Jan-00 11.57571429 6.06 34.53
Feb-00 9.564285714 4.95 33
Mar-00 10.75571429 5.14 31.83
Apr-00 11.94571429 5.95 31.93
May-00 12.71 6.71 31.48
Jun-00 8.831666667 6.16 31.43
Jul-00 8.833333333 5.85 30.98
Aug-00 9.815 6.04 30.22
Sep-00 9.125 6.75 29.67
(1) Peers include: Pilgrim's Pride, Sanderson Farms, WLR Foods, Cagle's,
Smithfield Foods, Hormel, ConAgra, and Tyson Foods
Note: Analysis excludes P/E ratios greater than 50.0x and less than 0.0x
Source: I/B/E/S
[LOGO] JP Morgan 15
<PAGE>
Review of stock price performance
================================================================================
<TABLE>
<CAPTION>
Price as of Percent change
--------------------------------- ---------------------------------------
1/1/00- 1/1/00- 8/9/00-
Company 1/1/00 8/9/00(1) 9/29/00 8/9/00 9/29/00 9/29/00
-------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Smithfield Foods $22.94 $26.19 $26.25 14.2% 14.4% 0.2%
Hormel $20.13 $16.13 $16.69 (19.9%) (17.1%) 3.5%
ConAgra $22.88 $19.94 $20.06 (12.8%) (12.3%) 0.6%
Tyson Foods $16.06 $9.56 $10.00 (40.5%) (37.7%) 4.6%
WLR Foods(2) $5.75 $4.56 $6.88 (20.7%) 19.6% 50.8%
Pilgrim's Pride $8.13 $6.94 $6.88 (14.6%) (15.4%) (0.9%)
Cagle's $11.50 $7.06 $8.63 (38.6%) (25.0%) 22.2%
Sanderson Farms $8.75 $6.13 $6.81 (29.9%) (22.1%) 11.1%
Median (20.3%) (16.3%) 4.0%
Carnival $17.56 $15.19 $18.31 (13.5%) 4.3% 20.6%
S&P 500 1,455.22 1,460.25 1,436.51 0.3% (1.3%) (1.6%)
</TABLE>
(1) Represents date of first offer
(2) Excludes stock prices after 9/27/00
[LOGO] JP Morgan 16
<PAGE>
Selected public companies
================================================================================
Market data as of September 29, 2000
$ millions
<TABLE>
<CAPTION>
Firm value/ Equity value/
--------------------------- ----------------------------------------
Most recent Market Firm Proj. 2000 Proj. 2001 LTM Proj. 2000 Proj. 2001 Book Long-term
Company stock price cap value Sales EBITDA EBITDA earnings earnings earnings value growth
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Smithfield Foods $26.25 $1,181 $2,423 0.4x 6.9x 6.0x 10.5x 10.9x 8.7x 1.3x 13.0%
Hormel 16.69 2,361 2,427 0.7x 6.5x 6.0x 13.4x 12.3x 11.2x 2.8x 10.0%
ConAgra 20.06 9,876 14,086 0.6x 6.3x 5.8x 13.4x 11.2x 9.9x 3.3x 10.0%
Tyson Foods 10.00 2,255 3,840 0.5x 6.0x 5.8x 9.1x 14.3x 12.8x 1.0x 12.0%
WLR Foods(2) 6.88 112 181 0.2x 5.5x 4.7x 17.8x 22.2x 13.2x 0.8x 8.0%
Sanderson Farms 6.81 94 205 0.4x 4.8x 4.8x NM 14.2x 14.2x 0.8x -1.5%
Pilgrim's Pride 6.88 285 460 0.3x 3.3x 2.9x 5.0x 4.7x 3.8x 0.9x 11.0%
Cagle's 8.63 41 87 0.3x 3.3x 3.1x 3.0x 4.0x 3.7x 0.5x 8.0%
Median 0.4x 5.7x 5.3x 10.5x 11.8x 10.5x 0.9x 10.0%
Carnival(1) $18.31 $1,933 $3,386 0.2x 4.8x 4.7x 7.3x 7.2x 6.8x 1.0x 8.0%
</TABLE>
(1) Reflects Street estimates
(2) As of market close, September 27, 2000
[LOGO] JP Morgan 17
<PAGE>
Agenda
================================================================================
o Discussion materials
--------------------------------------------------------------------------------
o Appendix
--------------------------------------------------------------------------------
- Business Mix
- Public market analysis
- Projections
- Implied multiples
- Discounted cash flow
- LBO analysis
- Public recapitalization analysis
[LOGO] JP Morgan 18
<PAGE>
Comparison of financial projections
================================================================================
$ millions
<TABLE>
<CAPTION>
------------------ -------------------- ------- ------- ------- ------- ------- -------
Scenario Item 2000 2001 2002 2003 2004 2005
------------------ -------------------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
Management EBITDA 698 674 757 816 859 915
EBIT 532 482 548 591 620 662
Capital expenditures 450 400 300 300 300 300
EBITDA-capex 248 274 457 516 559 615
EPS $2.43 $2.18
Revised Management EBITDA 709 642 762 861 954 1,035
EBIT 540 446 543 619 693 760
Capital expenditures 500 500 400 400 300 250
EBITDA-capex 209 142 362 461 654 785
EPS $2.48 $1.93
Street EBITDA 712 716 736 757 782 815
EBIT 521 523 538 554 574 603
Capital expenditures 400 195 201 208 214 221
EBITDA-capex 312 521 535 549 568 594
EPS $2.50 $2.66
</TABLE>
[LOGO] JP Morgan 19
<PAGE>
Assumptions for Revised Management EBIT
================================================================================
<TABLE>
<CAPTION>
1999 2000 2001 2002 2003 2004 2005
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Beef Vol. 9.5 9.9 9.5 9.2 9.2 9.4 9.7
% change 4.9% (4%) (3%) 0.0% 1.6% 3.5%
EBIT $/head 27.2 27.5 16.5 15.0 16.5 16.5 17.5
EBIT $ (millions) 257.1 273.0 157.0 138.2 152.0 154.4 169.5
Hide Vol. 9.5 9.9 9.5 9.2 9.2 9.4 9.7
% change 5% (4%) (3%) 0% 2% 4%
EBIT $/head 3.6 3.6 4.0 4.0 4.0 4.0 4.0
EBIT $ (millions) 34.1 35.8 38.1 36.8 36.8 37.4 38.7
Pork Vol. 18.2 18.3 18.4 18.9 19.4 19.7 19.9
% change 1% 0% 3% 3% 2% 1%
EBIT $/head 8.16 4.0 4.8 4.8 4.8 4.8 4.8
EBIT $ (millions) 148.9 73.3 87.3 89.9 92.1 93.5 94.5
Lakeside Vol. 1.0 1.0 1.0 1.0 1.0 1.0 1.0
% change 5% 0% 0% 0% 0% 0%
EBIT $/head 23.5 21.0 16.5 16.5 16.5 16.5 16.5
EBIT $ (millions) 23.3 21.8 17.1 17.1 17.1 17.1 17.1
Logistics EBIT $ (millions) 22.4 21.8 21.8 21.8 21.8 21.8 21.8
Case Ready EBIT $ (millions) (8.5) (12.1) 58.3 70.9 95.8 120.7
Freshmeats EBIT $ (millions) 417.2 309.2 362.1 390.8 420.1 462.3
Foodbrands EBIT $ (millions) 87.2 125.0 137.1 180.7 228.4 273.3 297.4
Total IBP 542.2 446.3 542.8 619.2 693.4 759.7
</TABLE>
Source: Revised Management case
[LOGO] JP Morgan 20
<PAGE>
Comparison of financial projections
================================================================================
$ millions
<TABLE>
<CAPTION>
Revised Managemnt
2000 2001 2002 2003 2004 2005
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Total revenues $16,600 $17,300 $18,000 $18,600 $18,800 $19,500
EBIT breakdown by division
Beef 273 157 138 152 154 170
Pork 73 87 90 92 94 95
Hide 36 38 37 37 37 39
Case Ready (9) (12) 58 71 96 121
Lakeside 22 17 17 17 17 17
Logistics 22 22 22 22 22 22
Foodbrands 125 137 181 228 273 297
--------------------------------------------------------------------------------------------------------
Consolidated EBIT 542 446 543 619 693 760
EBITDA 709 642 762 861 954 1035
Capital expenditures 500 500 400 400 300 250
EBITDA-capex 209 142 362 461 654 785
DLJ Projection
2000 2001 2002 2003 2004 2005
--------------------------------------------------------------------------------------------------------
Total revenues $16,249 $16,786 $17,659 $18,367 $19,069 $19,782
EBIT breakdown by division
Beef 329 223 158 234 255 275
Pork 73 82 100 118 66 83
Case Ready (9) (12) 50 66 79 90
Logistics and other 22 27 26 25 24 23
Foodbrands 125 153 161 171 183 195
--------------------------------------------------------------------------------------------------------
Consolidated EBIT 539 473 495 614 606 668
EBITDA 722 691 738 879 893 977
Capital expenditures 453 350 255 260 265 270
EBITDA-capex 269 341 483 619 628 707
</TABLE>
[LOGO] JP Morgan 21
<PAGE>
Agenda
================================================================================
o Discussion materials
o Appendix
- Business Mix
- Public market analysis
- Projections
- Implied multiples
- Discounted cash flow
- LBO analysis
- Public recapitalization analysis
[LOGO] JP Morgan 22
<PAGE>
Analysis of implied multiples
================================================================================
Assumes purchase price of $22.25 per share
$18.31 22.25
------------------------------------------------------------------------
Premium 0% 22%
Equity value $1,933 $2,370
Net debt 1,453 1,453
------ ------
Firm value 3,386 3,823
Firm value/EBITDA
2000 revised management 4.8x 5.4x
2000 Street 4.8 5.4
2001 revised management 5.3 6.0
2001 Street 4.7 5.3
Firm value/EBIT
2000 revised management 6.3x 7.1x
2000 Street 6.5 7.3
2001 revised management 7.6 8.6
2001 Street 6.5 7.3
Firm value/revenues
2000 revised management 0.20x 0.23x
2000 Street 0.21 0.24
2001 revised management 0.20 0.22
2001 Street 0.21 0.23
Equity value/net income
2000 revised management 7.2x 8.9x
2000 Street 7.2 8.8
2001 revised management 9.3 11.4
2001 Street 6.8 8.3
--------------------------------------------------------------------------------
Revised management case
2000 2001
-----------------------------------------------------------
Revenues $16,600 $17,500
EBITDA 709 642
EBIT 540 446
Net income 267 208
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Street case
2000 2001
-----------------------------------------------------------
Revenues $15,775 $16,406
EBITDA 712 716
EBIT 521 523
Net income 269 286
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Transaction assumptions
Shares outstanding 105.58
Options outstanding 4.43
Strike price 18.92
Fully diluted shares outstanding at $22.25 per share 106.24
--------------------------------------------------------------------------------
[LOGO] JP Morgan 23
<PAGE>
Agenda
================================================================================
o Discussion materials
o Appendix
- Business Mix
- Public market analysis
- Projections
- Implied multiples
- Discounted cash flow
- LBO analysis
- Public recapitalization analysis
[LOGO] JP Morgan 24
<PAGE>
Preliminary discounted cash flow analysis
================================================================================
$ millions, except per share data Reflects September 30, 2000 valuation date
--------------------------------------------------------------------------------
Revised Management case
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Implied equity value/share Implied firm value
Perpetual cash flow growth Perpetual cash flow growth
-------------------------------------- --------------------------------------
1.0% 1.5% 2.0% 1.0% 1.5% 2.0%
-------------------------------------- --------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
9.0% $28.06 $30.01 $32.25 9.0% $4,460 $4,675 $4,922
Discount Discount
rate 9.5% 25.25 26.92 28.81 rate 9.5% 4,150 4,334 4,543
10.0% 22.76 24.20 25.82 10.0% 3,876 4,034 4,213
10.5% 20.54 21.79 23.18 10.5% 3,631 3,768 3,922
11.0% 18.54 19.63 20.84 11.0% 3,411 3,531 3,664
</TABLE>
[LOGO] JP Morgan 25
<PAGE>
Analysis of sensitivity to key variables
================================================================================
Impact on
Annual change equity value
Variable in variable per share(1)($) % impact
--------------------------------------------------------------------------------
EBIT margin 0.25% $3.25 13.4%
Total EBIT $10MM $1.68 2.8%
Beef EBIT/head $1/head $1.65 7.7%
Pork EBIT/head $1/head $1.34 5.5%
Total capital expenditures ($10MM) $1.06 4.4%
Sales growth 1% $3.41 14.1%
(1) Relative to implied equity value per share of $24.20 (10% discount rate,
1.5% perpetual cash flow growth). Reflects Revised Management case
[LOGO] JP Morgan 26
<PAGE>
Agenda
================================================================================
o Discussion materials
o Appendix
- Business Mix
- Public market analysis
- Projections
- Implied multiples
- Discounted cash flow
- LBO analysis
- Public recapitalization analysis
[LOGO] JP Morgan 27
<PAGE>
LBO summary - Revised Management projections
================================================================================
Assumes 4.0x LTM EBITDA maximum leverage with 20% minimum equity
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
IRR sensitivity - return to common equity (five-year investment)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Purchase price per share $16.00 $18.00 $20.00 $22.00 $24.00 $26.00
Purchase price incl. fees $3,207 $3,427 $3,647 $3,867 $4,087 $4,307
P/2000 EPS (consensus) 6.4x 7.2x 8.0x 8.8x 9.6x 10.4x
FV/2000 EBITDA 4.5x 4.8x 5.1x 5.5x 5.8x 6.1x
Premium to current (13%) (2%) 9% 20% 31% 42%
---------------------------------------------------------------------------
@ 4.50x EBITDA: 29.8% 25.4% 19.8% 14.2% 9.8% 6.3%
Exit @ 5.00x EBITDA: 35.0% 31.0% 25.4% 19.5% 15.0% 11.3%
EBITDA @ 5.50x EBITDA: 39.6% 35.8% 30.2% 24.1% 19.4% 15.6%
multiple @ 6.00x EBITDA: 43.6% 39.9% 34.4% 28.1% 23.2% 19.3%
@ 6.50x EBITDA: 47.2% 43.7% 38.1% 31.6% 26.6% 22.6%
---------------------------------------------------------------------------
Common equity investment $641 $685 $811 $1,031 $1,251 $1,471
Common equity as a % of total capital 20.0% 20.0% 22.2% 26.7% 30.6% 34.2%
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
Credit statistics
------------------------------------------------------------------------------------------------------------------------------------
---------
2000 2001 2002 2003 2004 2005
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Credit ratios
Adjusted EBITDA $709 $642 $762 $861 $954 $1,035
Total debt $2,836 $3,036 $3,152 $3,150 $2,976 $2,659
Net debt $2,836 $3,036 $3,152 $3,150 $2,976 $2,659
Total debt/EBITDA 4.0x 4.7x 4.1x 3.7x 3.1x 2.6x
Nebt debt/EBITDA 4.0x 4.7x 4.1x 3.7x 3.1x 2.6x
Senior debt/EBITDA 3.4x 4.1x 3.6x 3.2x 2.7x 2.2x
EBITDA/interest 2.6x 2.3x 2.6x 2.9x 3.3x 3.8x
EBITDA-capex/interest 0.8x 0.5x 1.2x 1.5x 2.2x 2.9x
EBIT/interest 2.0x 1.9x 1.5x 1.8x 2.1x 2.6x
OCF/TBF --------- 0.10x 0.12x 0.14x 0.18x 0.22x
Change in nebt debt
Annual ($200) ($116) $2 $174 $317
Cumulative ($200) ($316) ($314) ($140) $176
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
[LOGO] JP Morgan 28
<PAGE>
LBO summary - DLJ Merchant Banking projections
================================================================================
Utilizes DLJ proposed capital structure
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
IRR sensitivity - return to common equity (five-year investment)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
--------------
Purchase price per share $22.00 $22.25 $22.50 $22.75 $23.00
Purchase price incl. fees $3,867 $3,894 $3,922 $3,949 $3,977
P/2000 EPS (consensus) 8.8x 8.9x 9.0x 9.1x 9.2x
FV/2000 EBITDA 5.4x 5.4x 5.4x 5.5x 5.5x
Premium to current 20% 22% 23% 24% 26%
----------------------------------------------------------------------------
@ 4.50x EBITDA: 15.1% 14.6% 14.1% 13.6% 13.1%
Exit @ 5.00x EBITDA: 19.5% 19.0% 18.4% 17.9% 17.4%
EBITDA @ 5.50x EBITDA: 23.4% 22.8% 22.3% 21.7% 21.2%
multiple @ 6.00x EBITDA: 26.8% 26.2% 25.6% 25.1% 24.5%
@ 6.50x EBITDA: 29.9% 29.3% 28.7% 28.1% 27.6%
----------------------------------------------------------------------------
Common equity investment $1,167 $1,194 $1,222 $1,249 $1,277
Common equity as a % of total capital 30.2% 30.7% 31.2% 31.6% 32.1%
--------------
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------------
Credit statistics
------------------------------------------------------------------------------------------------------------------------------------
---------
2000 2001 2002 2003 2004 2005
<S> <C> <C> <C> <C> <C> <C>
Credit ratios
Adjusted EBITDA $722 $691 $738 $879 $893 $977
Total debt $2,700 $2,717 $2,693 $2,567 $2,470 $2,351
Total net debt $2,700 $2,717 $2,693 $2,519 $2,323 $2,038
Total debt / EBITDA 3.7x 3.9x 3.6x 2.9x 2.8x 2.4x
Total net debt / EBITDA 3.7x 3.9x 3.6x 2.9x 2.6x 2.1x
Senior debt / EBITDA 2.1x 2.2x 2.1x 1.7x 1.7x 1.6x
EBITDA / cash interest 2.5x 2.4x 2.5x 3.1x 3.3x 3.8x
EBITDA - CapX / cash interest 0.9x 1.2x 1.7x 2.2x 2.3x 2.7x
EBIT/ cash interest 1.9x 1.9x 1.6x 1.8x 2.3x 2.3x
OCF / TBF 0.12x 0.14x 0.19x 0.21x 0.25x
---------
Change in net debt
Annual ($17) $24 $174 $196 $285
Cumulative ($17) $7 $181 $377 $662
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
[LOGO] JP Morgan 29
<PAGE>
LBO summary - debt paydown schedule
================================================================================
$ millions; JP Morgan analysis of DLJ merchant banking projections
<TABLE>
<CAPTION>
Initial
Facility amount 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Term A Beginning Balance $448 $426 $381 $336 $247 $134 $0 $0 $0 $0
Additions
(Retirements) (22) (45) (45) (90) (112) (134) 0 0 0 0
----------------------------------------------------------------------------------
Ending balance $448 $426 $381 $336 $247 $134 $0 $0 $0 $0 $0
Term B Beginning Balance $700 $693 $686 $679 $672 $665 $658 $0 $0 $0
Additions
(Retirements) (7) (7) (7) (7) (7) (7) (658) 0 0 0
----------------------------------------------------------------------------------
Ending balance $700 $693 $686 $679 $672 $665 $658 $0 $0 $0 $0
Senior unsecured Beginning Balance $500 $500 $500 $500 $500 $500 $500 $500 $500 $500
Additions
(Retirements) 0 0 0 0 0 0 0 0 0 (500)
----------------------------------------------------------------------------------
Ending balance $500 $500 $500 $500 $500 $500 $500 $500 $500 $500 $0
Senior subordinated Beginning Balance $400 $400 $400 $400 $400 $400 $400 $400 $400 $400
Additions
(Retirements) 0 0 0 0 0 0 0 0 0 (400)
----------------------------------------------------------------------------------
Ending balance $400 $400 $400 $400 $400 $400 $400 $400 $400 $400 $0
7.95% 2010 senior Beginning Balance $300 $300 $300 $300 $300 $300 $300 $300 $300 $300
Additions
(Retirements) 0 0 0 0 0 0 0 0 0 (300)
----------------------------------------------------------------------------------
Ending balance $300 $300 $300 $300 $300 $300 $300 $300 $300 $300 $0
7.45% 2007 senior Beginning Balance $125 $125 $125 $125 $125 $125 $125 $0 $0 $0
Additions
(Retirements) 0 0 0 0 0 0 (125) 0 0 0
----------------------------------------------------------------------------------
Ending balance $125 $125 $125 $125 $125 $125 $125 $0 $0 $0 $0
6.125% 2006 senior Beginning Balance $100 $100 $100 $100 $100 $100 $0 $0 $0 $0
Additions
(Retirements) 0 0 0 0 0 (100) 0 0 0 0
----------------------------------------------------------------------------------
Ending balance $100 $100 $100 $100 $100 $100 $0 $0 $0 $0 $0
7.125% 2026 senior Beginning Balance $100 $100 $100 $100 $100 $100 $100 $100 $100 $100
Additions
(Retirements) 0 0 0 0 0 0 0 0 0 0
----------------------------------------------------------------------------------
Ending balance $100 $100 $100 $100 $100 $100 $100 $100 $100 $100 $100
Capital leases Beginning Balance $27 $27 $27 $27 $27 $27 $27 $27 $27 $27
Additions
(Retirements) 0 0 0 0 0 0 0 0 0 0
----------------------------------------------------------------------------------
Ending balance $27 $27 $27 $27 $27 $27 $27 $27 $27 $27 $27
Revolver Ending balance $46 $74 $0 $0 $0 $0 $51 $0 $0 $0
Year end statistics
Total debt $2,700 $2,717 $2,693 $2,567 $2,470 $2,351 $2,110 $1,378 $1,327 $1,327 $127
Cash position 0 0 0 48 147 313 363 0 373 895 238
----------------------------------------------------------------------------------------
Total net debt $2,700 $2,717 $2,693 $2,519 $2,323 $2,038 $1,747 $1,378 $953 $432 ($112)
</TABLE>
[LOGO] JP Morgan 30
<PAGE>
Free cash flow calculation
================================================================================
$ millions; JP Morgan analysis of DLJ merchant banking projections
<TABLE>
<CAPTION>
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
EBITDA $691 $738 $879 $893 $977 $1,013 $1,051 $1,090 $1,131 $1,173
EBIT 473 495 614 606 668 693 719 745 773 802
EBT(1) 182 205 333 340 420 467 534 602 655 750
Net income(1) 119 133 216 221 273 304 347 391 426 488
Adjustments
Depreciation & amortization $218 $243 $265 $287 $309 $321 $333 $345 $358 $371
Changes in working capital (3) (97) (47) (47) (27) (63) (40) (42) (43) (45)
Capital expenditures (350) (255) (260) (265) (270) (270) (270) (270) (270) (270)
Total free cash flow generated ($17) $24 $174 $196 $285 $291 $369 $424 $470 $544
</TABLE>
(1) Figures incorporate interest expense related to acquisition debt
[LOGO] JP Morgan 31
<PAGE>
Agenda
================================================================================
o Discussion materials
o Appendix
- Business Mix
- Public market analysis
- Projections
- Implied multiples
- Discounted cash flow
- LBO analysis
- Public recapitalization analysis
[LOGO] JP Morgan 32
<PAGE>
Public recap analysis - Revised Management
================================================================================
$ millions
<TABLE>
<CAPTION>
--------------------------------- -------------------------------
Maximum debt 3.5x EBITDA Maximum debt 4.0x EBITDA Reference
--------------------------------- ------------------------------- stand-alone
EPS
-----------
<S> <C> <C> <C> <C> <C> <C> <C>
Price offered $20.00 $22.00 $24.00 $20.00 $22.00 $24.00
Shares bought in 46.6 42.4 38.8 64.3 58.5 53.6
% total shares 43.4% 39.4% 36.1% 59.9% 54.4% 49.9%
Implied EPS
------------------------------------- -----------
2001 $2.26 $2.11 $2.00 $2.32 $2.04 $1.86 $1.93
2002 $3.15 $2.94 $2.79 $3.51 $3.09 $2.81 $2.49
2003 $3.90 $3.65 $3.46 $4.51 $3.97 $3.61 $2.96
-----------
2003 stock price
-------------------------------------
@ 4x P/E $15.61 $14.60 $13.84 $18.06 $15.90 $14.46
@ 5x P/E $19.52 $18.24 $17.30 $22.57 $19.87 $18.07
@ 6x P/E $23.42 $21.89 $20.77 $27.09 $23.85 $21.68
Implied FV / EBITDA multiple
-------------------------------------
@ 4x P/E 3.9x 3.8x 3.7x 4.6x 4.4x 4.3x
@ 5x P/E 4.1x 4.0x 4.0x 4.9x 4.7x 4.6x
@ 6x P/E 4.4x 4.3x 4.2x 5.2x 5.0x 4.8x
PV of stock price (14% discount rate)
-------------------------------------
@ 4x P/E $10.54 $9.85 $9.34 $12.19 $10.73 $9.76
@ 5x P/E $13.17 $12.31 $11.68 $15.24 $13.41 $12.20
@ 6x P/E $15.81 $14.78 $14.02 $18.28 $16.10 $14.64
Blended value
-------------------------------------
@ 4x P/E $14.64 $14.64 $14.64 $16.87 $16.86 $16.86
@ 5x P/E $16.13 $16.13 $16.13 $18.09 $18.09 $18.08
@ 6x P/E $17.63 $17.63 $17.62 $19.31 $19.31 $19.31
</TABLE>
Note: Analysis assumes transaction date of December 31, 2000; debt/EBITDA ratios
are as of December 31, 2000
[LOGO] JP Morgan 33
<PAGE>
Public recap analysis - Revised Management (cont'd)
================================================================================
$ millions
<TABLE>
<CAPTION>
--------------------------------- -------------------------------
Maximum debt 3.5x EBITDA Maximum debt 4.0x EBITDA Reference
--------------------------------- ------------------------------- stand-alone
EPS
-----------
<S> <C> <C> <C> <C> <C> <C> <C>
Price offered $20.00 $22.00 $24.00 $20.00 $22.00 $24.00
Shares bought in 46.6 42.4 38.8 64.3 58.5 53.6
% total shares 43.4% 39.4% 36.1% 59.9% 54.4% 49.9%
Implied EPS
------------------------------------- -----------
2001 $2.26 $2.11 $2.00 $2.32 $2.04 $1.86 $1.93
2002 $3.15 $2.94 $2.79 $3.51 $3.09 $2.81 $2.49
2003 $3.90 $3.65 $3.46 $4.51 $3.97 $3.61 $2.96
-----------
2003 stock price
-------------------------------------
@ 4x P/E $15.61 $14.60 $13.84 $18.06 $15.90 $14.46
@ 5x P/E $19.52 $18.24 $17.30 $22.57 $19.87 $18.07
@ 6x P/E $23.42 $21.89 $20.77 $27.09 $23.85 $21.68
Implied FV / EBITDA multiple
-------------------------------------
@ 4x P/E 3.9x 3.8x 3.7x 4.6x 4.4x 4.3x
@ 5x P/E 4.1x 4.0x 4.0x 4.9x 4.7x 4.6x
@ 6x P/E 4.4x 4.3x 4.2x 5.2x 5.0x 4.8x
PV of stock price (16% discount rate)
-------------------------------------
@ 4x P/E $10.00 $9.35 $8.87 $11.57 $10.18 $9.26
@ 5x P/E $12.50 $11.69 $11.09 $14.46 $12.74 $11.58
@ 6x P/E $15.00 $14.03 $13.30 $17.35 $15.28 $13.89
Blended value
-------------------------------------
@ 4x P/E $14.34 $14.34 $14.34 $16.62 $16.62 $16.61
@ 5x P/E $15.75 $15.75 $15.75 $17.78 $17.78 $17.77
@ 6x P/E $17.17 $17.17 $17.17 $18.94 $18.94 $18.93
</TABLE>
Note: Analysis assumes transaction date of December 31, 2000; debt/EBITDA ratios
are as of December 31, 2000
[LOGO] JP Morgan 34
<PAGE>
Public recap analysis - Street
================================================================================
$ millions
<TABLE>
<CAPTION>
--------------------------------- -------------------------------
Maximum debt 3.5x EBITDA Maximum debt 4.0x EBITDA Reference
--------------------------------- ------------------------------- stand-alone
EPS
-----------
<S> <C> <C> <C> <C> <C> <C> <C>
Price offered $20.00 $22.00 $24.00 $20.00 $22.00 $24.00
Shares bought in 56.2 51.1 46.8 74.0 67.3 61.6
% total shares 52.3% 47.5% 43.6% 68.9% 62.6% 57.4%
Implied EPS
------------------------------------- -----------
2001 $3.63 $3.30 $3.07 $4.35 $3.63 $3.18 $2.50
2002 $3.91 $3.55 $3.30 $4.73 $3.94 $3.46 $2.66
2003 $4.32 $3.93 $3.65 $5.32 $4.43 $3.88 $2.87
-----------
2003 stock price
-------------------------------------
@ 4x P/E $17.29 $15.72 $14.62 $21.27 $17.71 $15.54
@ 5x P/E $21.61 $19.65 $18.27 $26.58 $22.13 $19.42
@ 6x P/E $25.93 $23.58 $21.92 $31.90 $26.56 $23.31
Implied FV / EBITDA multiple
-------------------------------------
@ 4x P/E 3.7x 3.7x 3.7x 4.7x 4.4x 4.3x
@ 5x P/E 4.0x 4.0x 4.0x 5.0x 4.7x 4.6x
@ 6x P/E 4.3x 4.3x 4.3x 5.4x 5.0x 4.8x
PV of stock price (14% discount rate)
-------------------------------------
@ 4x P/E $11.67 $10.61 $9.87 $14.35 $11.95 $10.49
@ 5x P/E $14.59 $13.26 $12.33 $17.94 $14.94 $13.11
@ 6x P/E $17.50 $15.92 $14.80 $21.53 $17.93 $15.73
Blended value
-------------------------------------
@ 4x P/E $16.02 $16.02 $16.02 $18.24 $18.24 $18.24
@ 5x P/E $17.42 $17.42 $17.42 $19.36 $19.36 $19.36
@ 6x P/E $18.81 $18.81 $18.81 $20.48 $20.48 $20.48
</TABLE>
Note: Analysis assumes transaction date of December 31, 2000; debt/EBITDA ratios
are as of December 31, 2000
[LOGO] JP Morgan 35
<PAGE>
Public recap analysis - Street (cont'd)
================================================================================
$ millions
<TABLE>
<CAPTION>
--------------------------------- -------------------------------
Maximum debt 3.5x EBITDA Maximum debt 4.0x EBITDA Reference
--------------------------------- ------------------------------- stand-alone
EPS
-----------
<S> <C> <C> <C> <C> <C> <C> <C>
Price offered $20.00 $22.00 $24.00 $20.00 $22.00 $24.00
Shares bought in 56.2 51.1 46.8 74.0 67.3 61.6
% total shares 52.3% 47.5% 43.6% 68.9% 62.6% 57.4%
Implied EPS -----------
-------------------------------------
2001 $3.63 $3.30 $3.07 $4.35 $3.63 $3.18 $2.50
2002 $3.91 $3.55 $3.30 $4.73 $3.94 $3.46 $2.66
2003 $4.32 $3.93 $3.65 $5.32 $4.43 $3.88 $2.87
-----------
2003 stock price
-------------------------------------
@ 4x P/E $17.29 $15.72 $14.62 $21.27 $17.71 $15.54
@ 5x P/E $21.61 $19.65 $18.27 $26.58 $22.13 $19.42
@ 6x P/E $25.93 $23.58 $21.92 $31.90 $26.56 $23.31
Implied FV / EBITDA multiple
-------------------------------------
@ 4x P/E 3.7x 3.7x 3.7x 4.7x 4.4x 4.3x
@ 5x P/E 4.0x 4.0x 4.0x 5.0x 4.7x 4.6x
@ 6x P/E 4.3x 4.3x 4.3x 5.4x 5.0x 4.8x
PV of stock price (16% discount rate)
-------------------------------------
@ 4x P/E $11.07 $10.07 $9.36 $13.62 $11.34 $9.96
@ 5x P/E $13.84 $12.59 $11.71 $17.03 $14.18 $12.44
@ 6x P/E $16.61 $15.11 $14.05 $20.44 $17.02 $14.93
Blended value
-------------------------------------
@ 4x P/E $15.74 $15.74 $15.74 $18.02 $18.02 $18.02
@ 5x P/E $17.06 $17.06 $17.06 $19.08 $19.08 $19.08
@ 6x P/E $18.38 $18.38 $18.38 $20.14 $20.14 $20.14
</TABLE>
Note: Analysis assumes transaction date of December 31, 2000; debt/EBITDA ratios
are as of December 31, 2000
[LOGO] JP Morgan 36
