EXHIBIT (c)(2): Financial Presentation Materials of Dresdner
Kleinwort Wasserstein, Inc.
Confidential
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PROJECT BRICKYARD
Presentation to the Special Committee of the Board of Directors
Book 1
June 18, 2001
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EXHIBIT(c)(2): Financial Presentation Materials of Dresdner Kleinwort
Wasserstein, Inc.
Table of Contents
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BOOK 1 - SUMMARY
1. Background of Proposal
2. Summary of Valuation Analyses
3. Summary of Other Processes
4. Brickyard Overview
BOOK 2 - APPENDIX
1. Discounted Cash Flow Analysis
2. Comparable Companies Analysis
3. Comparable Transactions Analysis
4. Leveraged Recapitalization Analysis
5. EPS Implied Share Price Analysis
6. Premiums Analysis
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Background of Proposal
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-1-
Proposal Summary
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Dresdner Kleinwort Wasserstein ("DrKW") is advising the Special Committee of the
Board of Directors of Brickyard (or the "Company") in connection with a proposal
received on May 16, 2001 from J. George Mikelsons ("JGM") for the acquisition by
JGM of the outstanding shares of Brickyard not already owned by JGM (such
proposal, the "Proposal")
o JGM is Brickyard's founder and controlling shareholder, holding
approximately 72% of the outstanding shares
Brickyard is the 11th largest passenger airline in the U.S. (based on capacity
and traffic) and generates approximately $1.3 billion in annual revenues through
its ATA subsidiary
The Proposal reflects the following:
o An initial offer of $21.00 per share in cash valuing Brickyard at a
$684 million total enterprise value (valuing debt at par)
o A revised offer of $23.00 per share in cash valuing Brickyard at a
$708 million total enterprise value (valuing debt at par)
o Committed senior secured debt financing provided by Citicorp USA, Inc.
("Citicorp")
- Due diligence has been completed by the bank financing sources
o Brickyard's existing debt securities, including $300 million in high
yield notes, will remain in place
DrKW is advising the Special Committee formed to evaluate the Proposal
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Background of Proposal
Proposal Summary (Cont'd)
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Offer $23.00 per share in cash paid to all shareholders
other than JGM (the "Public Shareholders")
Structure Acquisition of shares to be effected through a
merger of Brickyard with a special-purpose company
to be formed by JGM, with Brickyard as the
surviving entity
Senior Management Options All stock options will accelerate and vest upon
the close of the transaction. Senior management
would agree to defer exercise of their options
until 2002. Thereafter, options would be
exercisable annually until the expiration of
options in accordance with their terms. In order
to provide liquidity while the Company is private,
senior management would have the right to put
shares acquired upon exercise of their options
annually for three years following exercise
Other Options Cash equal to the amount of the difference between
$23.00 and the strike price per share for
approximately 600,000 options will be paid to
option holders (excluding options held by senior
management)
ILFC Company will purchase 5% - 10% (equal to 95,724 to
191,448 common shares) of the convertible
redeemable preferred stock held by International
Lease Finance Corp. in a cash transaction equal to
the difference between $23.00 and the $15.67
conversion price in exchange for a new debt
security
Conditions Negotiation of a satisfactory merger agreement
Approval of the proposal by the Special Committee
Approval of the proposal by a majority of the
Public Shareholders
Receipt of financing
Consent by the senior officers of Brickyard to
modifications of terms of options to remain
outstanding following the proposed transaction
Implementation of a satisfactory agreement with
International Lease Finance Corp. ("ILFC") which
modifies an existing convertible preferred
investment by ILFC
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Background of Proposal
Proposal Summary (Cont'd)
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Financing Commitment Financing of the proposal will be provided by a
new $175 million secured 3-year reducing revolving
credit facility provided by Citibank, a portion of
which is available to finance all of JGM's
purchase of the shares from the Public
Shareholders and cash out of certain management
options
Citibank's commitment is subject to reduction or
withdrawal based on a material change in the loan
syndication, financing or capital market
conditions and in the Company's business or
operations since December 31, 2000
The commitment will be secured by aircraft
(comprised of L1011s and 727s currently owned by
the Company) and equipment and subject to a
monthly borrowing base
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Background of Proposal
Overview of Process to Date
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In anticipation of the Proposal, on April 17, 2001 DrKW made a presentation to
the Special Committee
Upon receipt of the Proposal on May 16, 2001, an organizational teleconference
meeting was held with the Special Committee, management of Brickyard, advisors
to the Special Committee and advisors to JGM
Upon receipt of the Proposal, DrKW commenced due diligence
o DrKW received a number of documents and materials from both the
Company and its advisors, related to:
- (i) the Company and its prospects;
- (ii) the Proposal; and
- (iii) other proposals put forth by third parties regarding the
potential sale or recapitalization of the Company
On May 24 and 25, 2001 DrKW and the Special Committee conducted due diligence
with Brickyard management and the advisors to JGM
o Senior management, with their advisors, presented Brickyard's business
plan to DrKW
o The 5-year business plan and assumptions were reviewed in detail
including:
- Refleeting of Brickyard's fleet driven by the lease of 49 new
planes through FY 2004 (with purchase options on an additional 7)
- Significant business transition in which Brickyard's charter
service will be reduced in size and the Company will become a
more traditional carrier focused on scheduled service
- Large expense items, including maintenance, as well as customer
ticket liabilities
o Other processes conducted by the Company and its advisors were
reviewed with DrKW and the Special Committee
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Background of Proposal
Overview of Process to Date (Cont'd)
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On May 29, 2001 DrKW spoke with representatives from Apollo Management, L.P.
("Apollo") to obtain a history of their interest in investing in Brickyard as
well as their current perspectives on the Company
o A summary of the history of Apollo's interest in Brickyard is shown in
"Summary of Other Processes"
o The Apollo representative advised DrKW that they would be prepared,
subject to due diligence, to acquiring the entire company at a price
in excess of $20 per share and would consider a minority investment
assuming the availability of appropriate supermajority rights and
shareholder protections
On May 30, 2001 additional due diligence was performed, including tours of the
Company's facilities in Indianapolis and of Midway Airport in Chicago
o DrKW conducted on site due diligence with most of Brickyard's senior
management team including individuals responsible for managing
stations, flight operations, marketing and sales, and strategic
planning
On June 1, 2001 a confirmatory due diligence call was held with senior
management responsible for overseeing labor relations and treasury functions
On June 4, 2001, preliminary meetings were held between the Special Committee
and its advisors and between the advisors of the Special Committee and the
advisors to JGM to discuss the results of due diligence to date and view toward
valuation
During the weeks of June 4th and June 11th, the advisors to the Special
Committee and JGM held several discussions reviewing management forecasts and
recent industry conditions and to discuss the JGM Initial Proposal
On June 15, 2001, discussions were held between JGM's advisors and the advisors
to the Special Committee regarding JGM's initial offer of $21.00 per share in
view of the due diligence performed over the last month by the Special
Committee's advisors
o JGM's advisors, on behalf of JGM, stated that JGM raised his offer to
$22.50 per share
o Shortly thereafter, the Special Committee's advisors relayed the
Special Committee's view that it would accept a price of $23.50
o Both parties settled at $23.00 per share
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Background of Proposal
Brickyard Financial Summary ($ in millions, except per share)
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Historical Estimates
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FYE 12/31 1998 1999 2000 LTM 2001 2002
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Revenue $919.4 $1,122.4 $1,291.6 $1,317.7 $1,385.0 $1,666.7
Operating Expenses 844.0 1,032.7 1,289.0 1,319.9 1,355.1 1,638.5
------ -------- -------- -------- -------- --------
EBIT 75.4 89.7 2.6 (2.2) 30.0 28.2
Less: Interest Expense 8.4 15.6 23.1 22.9 22.7 20.8
Less: Other Expense (0.2) (3.3) (0.6) (0.6) (0.3) 0.0
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Pretax Income 67.2 77.4 (19.9) (24.6) 7.5 7.4
Income Taxes 27.1 30.5 (4.6) (6.8) 3.9 5.0
Convertible Dividend 0.0 0.0 0.4 0.8 1.5 1.5
Preferred Dividend 0.0 0.0 0.0 0.0 4.2 4.2
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Net Income $40.1 $47.0 ($15.7) ($18.5) ($2.1) ($3.4)
Avg. Diluted Shares 13.1 13.5 12.0 11.4 11.4 11.4
Earnings per Share $3.07 $3.49 ($1.32) ($1.63) ($0.18) ($0.30)
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EBIT 75.4 89.7 2.6 (2.2) 30.0 28.2
Adjusted EBIT for Loss on L1011s 75.4 89.7 2.6 (2.2) 30.0 47.6
Plus: D&A 78.7 96.0 125.0 129.0 128.9 133.0
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EBITDA $154.0 $185.7 $127.6 $126.7 $158.9 $180.6
Plus: Aircraft Rent 53.1 58.7 72.1 76.0 110.1 209.7
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EBITDAR 207.2 244.4 199.8 202.8 269.0 390.3
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Margins & Growth Rates
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Sales Growth 17.4% 22.1% 15.1% -- 7.2% 20.3%
EBITDA 16.8% 16.5% 9.9% 9.6% 11.5% 10.8%
EBIT 8.2% 8.0% 0.2% (0.2%) 2.2% 1.7%
Net Income 0.0% 0.0% 0.0% 0.0% 0.3% 0.3%
Free Cash Flow 22.5% 21.8% 15.5% 15.4% 19.4% 23.4%
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Ratios
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Book Equity $102.8 $151.4 $124.7 $119.7 $117.6 $114.2
Return on Book Equity 39.0% 31.0% (12.6%) (15.5%) (1.8%) (2.9%)
Total Book Assets 594.5 815.3 1,032.4 1,104.1 1,013.6 1,090.3
Return on Book Assets 7.6% 6.9% (0.2%) (0.4%) 1.1% 0.8%
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LTM Capitalization and Credit Ratios
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EBITDA / Interest EBIT / Interest Book Debt/EBITDAR (1) Book Debt/EBITDA
------------------------ ----------------- ------------------------ ---------------------
5.5x NM 5.4x 3.9x
Book Ratios Market Ratios
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D / E D / (D + E) D /E D / (D + E) Mrkt Debt/EBITDA (1) Mrkt Debt/EBITDA (1)
- --------- ----------------- ------ ----------- ---------------------- ---------------------------
408.6% 80.3% 203.4% 67.0% 5.2x 3.5x
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Market Capitalization
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Stock Price as of 6/15/01 $17.94
52 Week High / Low ($20.00 / $8.63)
Shares Outstanding as of 4/30/01 11.4
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Pre-diluted Equity Value $204.3
Equity Options Outstanding 2.9
Weighted Average Exercise Price $14.19
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Option Value 10.9
Total Equity Value $215.2
Plus: Debt from 3/31/01 10-Q 488.9
Plus: Redeemable Preferred Stock 80.0
Less: Cash and Equivalents from 3/31/01 10-Q 129.7
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Net Debt $439.2
Enterprise Value (debt @ book) $654.4
Less: Market discount on debt book value as
of 6/15/01 51.3
Enterprise Value (debt @ market) $603.1
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Market Trading Multiples (debt @ book)
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Adjusted Market Value (1) Market Value as a
as a multiple of: multiple of:
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Adjusted Net Book
Sales EBITDA EBITDAR EBIT Income Value
-------- -------- --------- --------- --------- --------
LTM 0.5x 5.2x 6.2x NM NM 1.8x
2001 0.5x 4.1x 4.7x 21.8x NM 1.8x
2002 0.4x 3.6x 3.2x 13.7x NM 1.9x
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Market Trading Multiples (debt @ market)
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Adjusted Market Value (1) Market Value as a
as a multiple of: multiple of:
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Adjusted Net Book
Sales EBITDA EBITDAR EBIT Income Value
-------- -------- --------- --------- --------- --------
LTM 0.5x 4.8x 6.0x NM NM 1.8x
2001 0.4x 3.8x 4.5x 20.1x NM 1.8x
2002 0.4x 3.3x 3.1x 12.7x NM 1.9x
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Note: Estimates are derived from Brickyard management projections
(1) For EBITDAR, debt includes capitalized operating leases at 8x LTM aircraft
rent
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Background of Proposal
Overview of JGM Proposal ($ in millions, except per share)
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o JGM holds approximately 72.4% of the common stock of Brickyard
o The proposal includes the acceleration and payout of approximately 600,000
non-senior management stock options
o 5% to 10% of ILFC preferred convertible stock will be acquired in
connection with the transaction
o JGM's current $23.00 per share offer implies the following multiples:
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Implied Market Capitalization of Initial Offer
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JGM Offer Price $23.00
Total Shares Outstanding 11.4
Option Value (excluding Sr. Management options) 7.0
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Implied Equity Market Value $268.8
Plus: Net Debt as of 3/31/01 439.2
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Implied Adjusted Market Value $708.1
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Share Price Premium Comparison to Initial Offer
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1 30 60 90 52 Week
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Day Days Days Days High Low
------------- ------------- ------------ ------------ ------------- -------------
Share Price Prior to 5/16/01 $12.60 $9.63 $11.75 $14.25 $20.00 $8.63
Premium @ $23.00 82.5% 139.0% 95.7% 61.4% 15.0% 166.5%
Median Premiums Paid (>50%) 24.5% 31.5% 28.2% 26.5% -- --
Implied Brickyard Stock Price $15.69 $12.66 $15.06 $18.02 -- --
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Sales EBITDA EBITDAR EBIT Net Inc. Book Val.
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Transaction Multiples @ $23.00 LTM 0.5x 5.6x 6.5x NM NM 2.2x
2001E 0.5x 4.5x 4.9x 23.6x NM 2.3x
2002E 0.4x 3.9x 3.4x 25.1x NM 2.4x
Note: The Proposal may represent a premium to the original basis of Brickyard's
largest institutional investors
Dimensional Fund Advisors holds 8.7% of Brickyard outstanding shares and has an
estimated weighted average basis per share of over $12.00
PAR Investment Partners holds 3.9% of Brickyard outstanding shares and has an
estimated weighted average basis per share of over $18.00
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Background of Proposal
Brickyard Preliminary Valuation Summary ($ in millions, except per share)
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Enterprise Value as a Multiple of 2001E
Enterprise Equity Price per -------------------------------------------
Value Range (1) Value Range Share Sales EBITDA EBIT
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Discounted Cash Flow Analysis
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Base Case $712 - $827 $273 - $387 $22 - $30 0.5x - 0.6x 4.5x - 5.2x 23.8x - 27.6x
Base Case with Maintenance Adj. $658 - $755 $218 - $316 $18 - $25 0.5x - 0.5x 4.1x - 4.8x 22.0x - 25.2x
Base Case with Fuel Adj. $581 - $658 $141 - $218 $12 - $18 0.4x - 0.5x 3.7x - 4.1x 19.4x - 22.0x
Base Case with LUV Adj. $619 - $712 $180 - $273 $15 - $22 0.4x - 0.5x 3.9x - 4.5x 20.7x - 23.8x
Recession Case NM - NM NM - NM NM - NM NM - NM NM - NM NM - NM
Downside Case NM - NM NM - NM NM - NM NM - NM NM - NM NM - NM
Comparable Companies Analysis
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Major Domestic Airlines $755 - $898 $316 - $459 $25 - $35 0.5x - 0.6x 4.8x - 5.7x 25.2x - 30.0x
Regional and Discount Airlines $619 - $755 $180 - $316 $15 - $25 0.4x - 0.5x 3.9x - 4.8x 20.7x - 25.2x
Comparable Transactions Analysis $684 - $827 $245 - $387 $20 - $30 0.5x - 0.6x 4.3x - 5.2x 22.8x - 27.6x
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Premiums Analysis $555 - $619 $116 - $180 $10 - $15 0.4x - 0.4x 3.5x - 3.9x 18.5x - 20.7x
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Note: Discounted Cash Flow analyses performed on business cases provided to DrKW
by Brickyard management
(1) Reflects $439.2mm in net debt as of 3/31/00, including $80mm in redeemable
preferred stock
June 2001 - Management Base Case
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Background of Proposal
Significant Transaction Issues
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o An auction cannot be conducted - JGM has stated that he is not a seller nor
is he prepared to consider equity partners or other investors in the
business
o Even if an auction could be conducted (which it cannot), JGM would have
significant competitive advantages over other bidders including the
following:
o Speed of execution based on:
- JGM's ability to make an all-cash offer for a smaller amount of
shares (i.e., JGM's offer is for 3.1 million shares compared with
a third party who would need to raise cash for approximately 12
million shares)
- JGM's pre-existing knowledge of business
o Ready access to committed financing
o Ability to vote against any competing offers
o Ability to go directly to shareholders with his offer
o If JGM and the Special Committee are unable to reach agreement following a
public announcement of JGM's Proposal and JGM withdraws its proposal,
Brickyard's stock price will likely decline significantly
o The stock price before the announcement of JGM's proposal was $12.60
o A decline in the stock price to pre-announcement levels would
represent a total market loss of approximately $80 million and a loss
to the minority shareholders of approximately $22 million
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Background of Proposal
Significant Transaction Issues (Cont'd)
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o Covenants of Brickyard's 9.625% '05 Notes and 10.500% '04 Notes limit the
Company's ability to finance a repurchase of shares since any such use of
funds falls under the "Limitation on Restricted Payments" test
o The basket available for Restricted Payments under the most restrictive
indenture (the 9.625% '05 Notes) is estimated as of March 31, 2001 to be
$100.5 million, the calculation for which is shown below:
$MM
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50% of Adjusted Consolidated Net Income (less 100% of net loss)
accrued on a cumulative basis from October 1, 1997 (issue date) to
March 31, 2001, less $ 32.5
Preferred dividends paid from October 1, 1997 (issue date) to March
31, 2001, plus (0.8)
Aggregate net cash proceeds received by the Company from the sale of
capital stock (including preferred stock), plus 86.6
Net reduction in investments, less 0.0
Amount by which consolidated net income declines as a result of a
consolidation, plus (0.0)
$5.0 million, less 5.0
Value of shares repurchased (22.9)
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Total available for Restricted Payments as of March 31, 2001 $100.5
o The estimated reduction in the basket as a result of the Proposal is
approximately $84.6 million which reflects the value of the share
repurchase, the cash out of in-the-money management options, the retirement
of a portion of the ILFC preferred and transaction expenses related to the
Proposal
o Going forward, the basket is increased by positive net income and
decreased by losses and dividend payments
o Violation of the Limitations on Restricted Payments test would result
in an event of default under the indentures and likely require the
Company to refinance the notes or obtain a consent from bondholders
(at the cost of a consent premium), placing additional leverage on the
Company
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Background of Proposal
Significant Transaction Issues (Cont'd)
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o Due to recent deterioration in the domestic airline industry, Brickyard
management's view regarding net income performance in FY 2001 has become
more pessimistic compared with forecasts prepared in May 2001
o As a result, Brickyard management believes FY 2001 net income will be
approximately $4.6 million lower than forecast in May
o Shown below is a projected basket for Restricted Payments that will be
available to the Company following a transaction consummated per the terms
of the Proposal based on the revised net income estimates for the next six
quarters
o The reduction in net income in FY 2001 from the forecast prepared in
May 2001 reflects a $4.6 million contraction in net income due to
weaker industry conditions, approximately $1 million in additional
interest expense during the fourth quarter related to the additional
debt Brickyard will incur to finance the Proposal and a $2.5 million
non-cash charge related to the sale of one of the Company's L1011
airplanes during the fourth quarter
o The reduction in net income in FY 2002 from the forecast prepared in
May 2001 reflects the additional interest expense (approximately $1
million per quarter) related to the additional debt Brickyard will
incur to finance the Proposal
$MM 3/31/01 6/30/01 9/30/01 12/31/01 3/31/02 6/30/02 9/30/02 12/31/02
------- ------- ------- -------- ------- ------- ------- --------
Net Income Forecast
as of 5/2001 ($ 4.4) $ 7.4 $ 8.3 ($ 12.3) ($ 8.7) $ 8.3 $ 3.7 ($ 1.0)
Revised Net Income
Forecast as of 6/2001 (4.4) 7.4 3.7 (20.4) (9.7) 7.3 2.7 (2.0)
------ ------ ------ ------ ----- ----- ----- ----
Difference $ 0.0 $ 0.0 ($ 4.7) ($ 8.1) ($ 1.0) ($ 1.0) ($ 1.0) ($ 1.0)
Basket Available under
Restricted Payments test $100.5 $101.7 $103.2 $ 90.5 $85.3 $86.4 $87.4 83.9
Less: Total Impact of
Proposal 84.6 84.6 84.6 84.6 84.6 84.6 84.6 84.6
------ ------ ------ ------ ----- ----- ----- ----
Adj. Basket Pro Forma for
Impact of Proposal $ 15.9 $ 17.1 $ 18.5 $ 5.8 $ 0.6 $ 1.8 $ 2.7 ($ 0.8)
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Background of Proposal
Analysts' Views
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Date of FY 2001E FY 2002E
Last Target ----------------- --------------
Analyst / Firm Report Price EPS P/E(1) EPS P/E(1) Comments
-------------- ------ ----- --- ------ --- ------ ------------------------------
Brian Harris/ 4/26/01 $12.00 $0.18 70.0x NA NA Rating: Outperform, High Risk
Salomon Smith
Barney
"Maintaining our [Outperform,
High Risk] rating -- (1)
anticipated improvements from
new aircraft and (2) we
believe most of the bad news
is already out there (tho
increased low-cost competition
remains a concern)"
"In May, AMTR begins delivery
of 47 new Boeing aircraft --
40% more fuel efficient."
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Julius Maldutis/ 4/27/01 $15.00 $0.35 36.0x $1.00 12.6x Rating: Buy
CIBC World Markets
"Despite the economic slowdown
system unit revenue increased
5.7% [in the first quarter] as
price conscious travelers
sought out Brickyard's low
cost product."
"To alleviate operating costs
and improve schedule
reliability the airline will
begin transitioning to a
modern, more fuel efficient
aircraft fleet beginning in
late 2Q01"
"Looking ahead to 2Q01, we
expect continued unit cost
pressure stemming from high
fuel prices, inefficiencies of
an older fleet of aircraft and
continued softness in the
revenue environment."
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(1) Based on 5/16/01 closing price of $12.60 one day prior to the proposal
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Background of Proposal
Pro Forma Capitalization
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As of
March 31, 2001 Adjustments Pro Forma
-------------- ----------- ---------
Cash $129.7 $0.0 $129.7
Debt:
Secured Aircraft Financing $123.0 $0.0 $123.0
Secured Non-Aircraft Financing excl. New Bank Debt 63.1 0.0 63.1
New Bank Debt (secured) 0.0 79.5 (1) 79.5
New ILFC Debt (unsecured) 0.0 1.0 (2) 1.0
High Yield Notes (unsecured) 300.0 0.0 300.0
Other Debt (unsecured) 2.8 0.0 2.8
--- --- ---
Total Debt $488.9 $80.5 $569.4
Preferred
Convertible 30.0 (1.0) (2) 29.0
Non-convertible 50.0 0.0 50.0
---- --- ----
Total Preferred 80.0 (1.0) 79.0
Shareholders' Equity 119.7 (79.5) 40.2
----- ------ ----
Total Capitalization $688.6 $0.0 $688.6
Total Debt + Preferred $568.9 $79.5 $648.4
Total Debt + Preferred/Capitalization 83% 94%
Net Debt (incl. Preferred) $439.2 $79.5 $518.7
Net Debt/Capitalization 79% 93%
(1) Reflects total borrowing to finance 3.153 million shares purchased at $23.00
per share and $7.0 million for the cash out of certain management options
(2) Assumes 10% of the ILFC convertible preferred security is refinanced by a
new unsecured debt instrument
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Background of Proposal
Summary of ILFC Revised Terms
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o In September 2000 Brickyard issued to ILFC 300 shares of Series B Preferred
Stock with the following terms:
o $30 million liquidation value, 5.0% annual cumulative dividend paid
quarterly
o Convertible (in the aggregate) into 1.9 million shares of common stock
at ILFC's option
o Conversion price of $15.67 per share
o Optional redemption by Brickyard beginning September 2002 at a premium
of 103.6% which declines thereafter
o Mandatory redemption by 2015
o Pursuant to the Proposal, ILFC has agreed to the following revisions to
their preferred investment in Brickyard:
o Between 5% and 10% (at the option of Brickyard) of the Series B
Preferred Shares held by ILFC will be redeemed by Brickyard in
exchange for a new senior unsecured note
- The face value of the new note will be based on the spread
between the $15.67 conversion price and the final price paid to
the Public Shareholders multiplied by the number of preferred
shares redeemed, resulting in face value of between $0.5 million
and $1.0 million
- The new note will bear interest at 7.38% p.a.
o The annual dividend rate on the remaining Series B Preferred Shares
will increase from 5.0% to 5.66% at closing and increase again to 6.5%
four years from closing
- The dividend rate will fall to 5.0% upon the public issuance of
at least 15% of common stock (i.e., and initial public offering)
following closing of a transaction with JGM
o Brickyard will lease a new Boeing 737-800 from ILFC effective at the
time of the closing of a transaction with JGM
o $100,000 management fee will be paid to ILFC annually for four years
in exchange for assistance in fleet management
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-15-
- --------------------------------------------------------------------------------
----------------------------------
Summary of Valuation Analyses
----------------------------------
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-16-
Summary of Valuation Analyses
Management Forecast Due Diligence: Management Base Case
- --------------------------------------------------------------------------------
DrKW reviewed Brickyard's detailed five-year business plan (the
"Management Base Case") which was prepared and distributed in May 2001
o Subsequently, management's view of the industry conditions has become
more pessimistic causing management to indicate their expectations
for significantly lower net income for FY 2001 (see page 12 for
additional detail)
Management also prepared additional forecasts incorporating a number of
sensitivities to their assumptions
The Management Base Case reflects the following significant assumptions:
Refleeting
o Brickyard is projected to accept delivery of 49 new planes (39
737-800s and 10 757-300s) between 2001 and 2004 (with purchase
options for 7 additional 737-800s), primarily for its scheduled
service unit, which will be operated by Brickyard under operating
leases
o 12 of Brickyard's 18 L1011s will be sold or retired between 2002 and
2004 at values which are significantly below book values (but
approximate current market values) generating aggregate pre-tax
losses of $66.1MM
o All 24 of Brickyard's 727s will be sold to a joint venture with BATA
Leasing LLC at book value (no gain or losses assumed) between 2001
and 2002 for over $50MM in cash proceeds
Revenue
o Projected total compound annual revenue growth of 11% will be driven
by the scheduled service unit which is projected to increase from
$753MM in 2000 revenues to $1.8 billion by 2005 due to additional
routes for its scheduled service business supported by the larger
fleet as well as projected productivity improvements across all
business
o As a result of the refleeting in which most of the equipment
dedicated to the Company's charter business is sold, Brickyard's
charter business is projected to decline by over 50% from $247MM in
2000 to $107MM in 2005
o Military and other unit revenue is projected to remain essentially
flat
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-17-
Summary of Valuation Analyses
Management Forecast Due Diligence: Management Base Case (Cont'd)
- --------------------------------------------------------------------------------
Costs
o EBITDAR margin is projected to improve from 15.5% in 2000 (an
unusually low margin due to high fuel costs and low compared to 1998
and 1999 EBITDAR margin of 22%) to 19.9% in 2005 which includes the
full effect of additional lease payments for the new fleet (all of
which are being leased)
o Labor costs are projected to increase from 23.0% of total revenues in
2000 to 29.3% in 2005 as a result of new contract currently in
negotiation with the pilot's union and expected cost of living
increases across all employee groups
o Fuel costs are projected to decline from 21.3% of total revenues in
2000 to 13.1% in 2005 which is largely attributable to savings
generated by Brickyard's more efficient fleet as the new planes are
brought on line and the phase-out of the older fleet
- Management forecast assumes fuel price declines to $0.891/gallon
by 2003 from $0.989 in 2001 (compared with $1.094 in 2000)
o Costs for maintenance, materials and repair ("MMR") are projected to
decline from 5.5% of total revenues in 2000 to 4.5% by 2005 which
reflects the total annual MMR run rate for the full fleet which will
be in place by FYE 2004
- MMR declines to 3.9% of total revenues in 2002 which reflects the
sale of all of Brickyard's 727s and most of the high maintenance
L1011s and only a portion of the new fleet
- Expenses for MMR costs will be accrued based on block hours and
will not reflect actual cash costs during the early years of the
new planes resulting in a cash reserve
o Other costs grow generally in line with projected revenue growth
Working capital
o Working capital is projected to be largely self-financing through
2005 due to rapid growth in Air Traffic Liabilities ("ATL") which
primarily reflect customer tickets which are typically paid several
months in advance by customers
- As Brickyard's fleet expands and additional routes and schedules
are offered, ATL is projected to increase from $107MM in 2000 to
$248MM by 2004
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-18-
Summary of Valuation Analyses
Management Forecast Due Diligence: Management Base Case (Cont'd)
- --------------------------------------------------------------------------------
Working capital (cont'd)
- The rapid growth in ATL is projected to generate nearly $150MM in
aggregate cash from 2001 to 2004
- By 2005, Brickyard is projected to have all of its new fleet in
place at which point growth in ATL slows significantly
Capital expenditures/equipment sales
o Capital expenditures (excluding aircraft predelivery deposits which
are returned to the Company as new fleet is delivered) are projected
to decline from $170MM in 2001 to $82MM by 2005
o During the projection period of 2001-2005, capital expenditures
generally consist of D-checks and engine overhauls of the Company's
remaining L1011 and 757-200s which are approaching the service-heavy
portion of their life cycles
- The average age of Brickyard's fleet will decline dramatically
with the new fleet deliveries resulting in capital investment
lower costs
o 10 L1011s are sold at values which are significant below book value
and generate large losses 2002 through 2004
- An aggregate $6.75MM in cash proceeds is generated compared with
$72.8MM in net book value for the 10 L1011s sold
o 24 727s are sold to the joint venture at book value ($142MM) and
generate over $50MM in cash proceeds (the remaining consideration is
in stock of the joint venture)
o Rotables allocated to the 727s have been fully depreciated
o Rotables allocated to the L1011s are currently carried at a current
net book value of approximately $29MM and are not included in the
sale of the planes
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-19-
Summary of Valuation Analyses
Management Forecast Due Diligence: Other Cases
- --------------------------------------------------------------------------------
Brickyard management provided DrKW with the following additional
sensitivities to its Management Base Case forecast:
Case Sensitivity Description
---------------- -----------
Maintenance Adjustment Case Maintenance, materials and repaid expense ("MMR") is "normalized" over
the 2001-2005 forecast horizon. Brickyard generally expenses MMR based
on the life cycle of its planes and as planes age, greater levels of
MMR is incurred to reflect maintenance-heavy portions of their life
cycles for D-checks and engine overhauls; consequently, MMR . In the
Management Base Case, only a small portion of the total MMR which will
be incurred for Brickyard's fleet over the next 10 years is reflected
in the 2001-2005 forecast horizon due to the impact of the
introduction of the new planes into Brickyard's fleet between mid 2001
and 2004 resulting in a "honeymoon" period of MMR for the forecast
period. The Maintenance Adjustment Case reflects aggregate projected
MMR over the ten-year, 2001-2010 period, including the higher annual
costs in the 2006-2010 period on the new planes, shown on a
straight-line basis for 2001-2005 resulting in significantly higher
MMR and lower EBITDAR for 2001-2005 compared with the Management Base
Case.
MMR Expense ($MM)
--------------------------------------------
2001E 2002E 2003E 2004E 2005E
-------- -------- ------- -------- -------
MMR Adj. Case $67.4 $84.6 $97.6 $104.1 $109.3
Management Base Case 64.4 65.6 70.4 84.5 97.2
----- ----- ----- ------ ------
Difference $3.0 $18.9 $27.2 $19.6 $12.1
EBITDAR ($MM)
--------------------------------------------
2001E 2002E 2003E 2004E 2005E
------- -------- ------- --------- ---------
MMR Adj. Case $266.0 $371.4 $453.4 $459.6 $422.2
Management Base Case 269.0 390.3 480.6 479.2 434.3
----- ----- ----- ----- -----
Difference ($3.0) ($18.9) ($27.2) ($19.6) ($12.1)
--------------------------------------
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- --------------------------------------------------------------------------------
-20-
Summary of Valuation Analyses
Management Forecast Due Diligence: Other Cases (Cont'd)
- --------------------------------------------------------------------------------
Case Sensitivity Description
---------------- -----------
Fuel Adjustment Case The Fuel Adjustment Case reflects an assumption that jet fuel costs
will remain at 2001's level of $0.989 per gallon instead of declining
to $0.891 by 2003, resulting in higher fuel expense and lower EBITDAR
compared with the Management Base Case.
Fuel and Oil Expense ($MM)
------------------------------------------------
2001E 2002E 2003E 2004E 2005E
------- -------- -------- --------- --------
Fuel Adj. Case $271.5 $281.4 $306.7 $316.8 $322.2
Management Base Case 271.5 254.2 272.5 281.5 286.3
----- ----- ----- ----- -----
Difference $0.0 $27.2 $34.2 $35.3 $35.9
EBITDAR ($MM)
------------------------------------------------
2001E 2002E 2003E 2004E 2005E
------- --------- -------- -------- ---------
Fuel Adj. Case $269.0 $363.1 $446.4 $443.9 $398.4
Management Base Case 269.0 390.3 480.6 479.2 434.3
----- ----- ----- ----- -----
Difference $0.0 ($27.2) ($34.2) ($35.3) ($35.9)
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-21-
Summary of Valuation Analyses
Management Forecast Due Diligence: Other Cases (Cont'd)
================================================================================
Case Sensitivity Description
- -------------------- -----------------------------------------------------------
Recession Case The Management Base Case reflects a 2.0% compound annual
growth rate in the RASM of Brickyard's scheduled service
business from 7.44 cents per passenger mile to 8.20 cents
per passenger mile. The Recession Case assumes that the
scheduled service RASM remains at 2000's level of 7.44
cents and results in lower revenues compared with the
Management Base Case.
Scheduled Service Revenues ($MM)
---------------------------------------------------------
2001E 2002E 2003E 2004E 2005E
-------- -------- -------- -------- --------
Recession Case $888.0 $1,153.9 $1,402.2 $1,610.1 $1,699.5
Management Base Case 926.7 1,218.5 1,485.9 1,706.3 1,801.0
-------- -------- -------- -------- --------
Difference ($38.6) ($64.7) ($83.8) ($96.2) ($101.5)
EBITDAR ($MM)
---------------------------------------------------------
2001E 2002E 2003E 2004E 2005E
-------- -------- -------- -------- --------
Recession Case $230.4 $326.5 $398.9 $385.1 $335.3
Management Base Case 269.0 390.3 480.6 479.2 434.3
-------- -------- -------- -------- --------
Difference ($38.6) ($63.8) ($81.7) ($94.1) ($99.0)
------------------------------
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-22-
Summary of Valuation Analyses
Management Forecast Due Diligence: Other Cases (Cont'd)
================================================================================
Case Sensitivity Description
- -------------------- --------------------------------------------------------
Southwest (LUV) Case A Southwest Case assumes that scheduled service revenues
decline as a result of pricing competition with
Southwest Airlines. Beginning in 2002, Brickyard's fare
decline 5% from the Management Base Case in every market
in which it competes with Southwest except for the Los
Angeles routes in which Brickyard's fares decline 10%
resulting in lower scheduled service revenues.
Scheduled Service Revenues ($MM)
--------------------------------------------------------
2001E 2002E 2003E 2004E 2005E
-------- -------- -------- -------- --------
Southwest Case $926.7 $1,193.9 $1,460.7 $1,679.9 $1,733.6
Management Base Case 926.7 1,218.5 1,485.9 1,706.3 1,801.0
-------- -------- -------- -------- --------
Difference $0.0 ($24.6) ($25.2) ($26.4) ($67.4)
EBITDAR ($MM)
--------------------------------------------------------
2001E 2002E 2003E 2004E 2005E
-------- -------- -------- -------- --------
Southwest Case $269.0 $368.1 $457.8 $455.4 $409.6
Management Base Case 269.0 390.3 480.6 479.2 434.3
-------- -------- -------- -------- --------
Difference $0.0 ($22.2) ($22.8) ($23.8) ($24.7)
------------------------------
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- --------------------------------------------------------------------------------
-23-
Summary of Valuation Analyses
Management Forecast Due Diligence: Other Cases (Cont'd)
================================================================================
Case Sensitivity Description
- -------------------- -----------------------------------------------------------
Downside Case The downside case reflects the revenue assumption
sensitivities used in the Recession and Southwest Cases and
the fuel and oil expense assumption sensitivity used in the
Fuel Adjustment Case resulting in significantly lower
revenues and higher costs compared with the Management Base
Case.
Scheduled Service Revenues ($MM)
---------------------------------------------------------
2001E 2002E 2003E 2004E 2005E
-------- -------- -------- -------- ---------
Downside Case $888.0 $1,130.8 $1,378.6 $1,585.5 $1,673.9
Management Base Case 926.7 1,218.5 1,485.9 1,706.3 1,801.0
Difference ($38.6) ($87.7) ($107.3) ($120.8) ($127.1)
Fuel and Oil Expense ($MM)
--------------------------------------------------------
2001E 2002E 2003E 2004E 2005E
-------- -------- -------- -------- ---------
Downside Case $271.5 $281.4 $306.7 $316.8 $322.2
Management Base Case 271.5 254.2 272.5 281.5 286.3
-------- -------- -------- -------- --------
Difference $0.0 $27.2 $34.2 $35.3 $35.9
EBITDAR ($MM)
---------------------------------------------------------
2001E 2002E 2003E 2004E 2005E
-------- -------- -------- -------- ---------
Downside Case $230.4 $278.7 $343.6 $327.7 $276.4
Management Base Case 269.0 390.3 480.6 479.2 434.3
-------- -------- -------- -------- --------
Difference ($38.6) ($111.6) ($137.0) ($151.5) ($157.9)
------------------------------
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- --------------------------------------------------------------------------------
-24-
Summary of Valuation Analyses
Summary of Forecast Assumptions: Management Base Case
================================================================================
o Shown below is a summary of Management's Base Case which illustrates the
impact of Brickyard's rapid revenue growth over the next several years
o However, due to higher costs associated with the new fleet (primarily
labor), cash flow does not grow as rapidly and declines in 2005
- -------------------------------------------------------------------------------------------------------------------------
Management Base Case ($MM)
- -------------------------------------------------------------------------------------------------------------------------
FY 2000A FY 2001E FY 2002P FY 2003P FY 2004P FY 2005P
-------- -------- -------- -------- -------- --------
Revenues $1,291.6 $1,385.0 $1,666.7 $1,941.7 $2,107.1 $2,182.8
Revenue Growth 15.1% 7.2% 20.3% 16.5% 8.5% 3.6%
EBITDAR 199.7 269.0 390.3 480.6 479.2 434.3
EBITDAR Margin 15.5% 19.4% 23.4% 24.8% 22.7% 19.9%
EBITDA 127.6 158.9 180.6 225.1 204.1 145.1
EBITDA Margin 9.9% 11.5% 10.8% 11.6% 9.7% 6.6%
Capital Expenditures (excl. deposit facilities) 126.6 169.6 114.5 74.9 57.0 82.1
Net Debt 408.8 373.0 45.2 (56.8) (253.9) (306.3)
Adjusted Net Debt (incl. capitalized leases) (1) 986.0 1,253.6 1,722.7 1,987.2 1,946.4 2,007.2
Net Debt/EBITDA 3.2x 2.3x 0.3x NM NM NM
Adjusted Net Debt/EBITDAR 4.9x 4.7x 4.4x 4.1x 4.1x 4.6x
- -------------------------------------------------------------------------------------------------------------------------
- ----------
(1) Reflects aircraft lease expense capitalized at an 8x multiple
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- --------------------------------------------------------------------------------
-25-
Summary of Valuation Analyses
Comparison of Brickyard Forecasts and Actual Performance ($MM)
================================================================================
o Until 2000, Brickyard had generally been able to achieve its budgets
1998 1999 2000
---------------------------- ---------------------------- ----------------------------
Budget Actual Variance Budget Actual Variance Budget(1) Actual Variance
-------- -------- -------- -------- -------- -------- -------- -------- --------
Revenue
Scheduled Service $471.7 $511.3 $39.6 $617.1 $624.6 $7.6 $784.3 $753.3 ($31.0)
Charter (incl. Military) 348.5 344.5 (4.0) 379.5 390.0 10.5 425.3 435.3 10.0
Ground & Other 57.4 63.6 6.3 64.3 107.8 43.4 125.5 103.0 (22.5)
-------- -------- -------- -------- -------- -------- -------- -------- --------
Total Revenue $877.5 $919.4 $41.9 $1,060.9 $1,122.4 $61.5 $1,335.1 $1,291.6 ($43.6)
Expenses
Salaries, Wages & Benefits $199.7 $211.4 $11.7 $243.8 $252.6 $8.7 $296.5 $297.0 $0.5
Fuel and Oil 162.3 137.4 (24.9) 171.4 170.9 (0.4) 267.5 274.8 7.3
Handling, Landing and Navigation 76.6 74.6 (2.0) 86.6 89.3 2.7 99.4 97.4 (1.9)
Passenger Service 34.1 34.0 (0.0) 37.0 39.2 2.2 45.9 45.6 (0.3)
Aircraft Rentals 56.4 53.1 (3.3) 59.4 58.7 (0.7) 72.0 72.1 0.2
Aircraft Main./Materials/Repair 53.2 53.7 0.4 57.9 55.6 (2.3) 66.2 70.4 4.3
Depreciation and Amortization 74.8 78.7 3.9 95.7 96.0 0.4 126.7 125.0 (1.6)
Crew and Employee Travel 35.7 41.5 5.8 44.1 49.7 5.6 60.3 65.8 5.5
Ground Package Cost 22.9 19.5 (3.4) 21.1 49.0 27.9 61.7 50.9 (10.8)
Commissions 28.2 28.5 0.2 33.7 39.0 5.3 42.1 39.1 (3.0)
Advertising 15.6 17.8 2.2 17.4 18.6 1.2 19.0 22.0 3.0
Other Selling Expenses 21.0 22.1 1.2 26.6 28.1 1.5 36.5 36.6 0.2
Fixed Costs 68.5 71.7 3.2 72.7 85.8 13.2 91.1 92.2 1.1
-------- -------- -------- -------- -------- -------- -------- -------- --------
Total Expenses $849.0 $844.0 ($5.0) $967.3 $1,032.7 $65.4 $1,284.7 $1,289.0 $4.3
EBIT $28.5 $75.4 $46.9 $93.6 $89.7 ($3.9) $50.5 $2.6 ($47.9)
EBITDA 103.3 154.0 50.8 189.3 185.7 (3.5) 177.1 127.6 (49.5)
EBITDAR 159.6 207.2 47.5 248.7 244.4 (4.3) 249.1 199.8 (49.4)
- ----------
(1) Budget as of July 2000
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-26-
Summary of Valuation Analyses
Comparison of Brickyard Management Forecasts ($MM)
================================================================================
o Shown below is a comparison of summaries of two sets of forecasts prepared
by Brickyard management
o The July 2000 forecast was presented to the rating agencies in conjunction
with a proposal to recapitalize Brickyard
o SSB also referenced the July 2000 forecast in a presentation to JGM
dated 1/12/01
o The current forecast was revised by Brickyard management in May 2001
Brickyard Management Forecast for the Fiscal Year Ended December 31
-------------------------------------------------------------------
FY 2000 FY 2001 FY 2002 FY 2003 FY 2004 FY 2005
-------- -------- -------- -------- -------- --------
Revenue
July 2000 Forecast $1,328.8 $1,469.7 $1,722.5 $1,960.6 $2,075.9 --
Current Forecast -- 1,385.0 1,666.7 1,941.7 2,107.1 2,182.8
-------- -------- -------- -------- -------- --------
Difference -- $84.7 $55.8 $18.9 ($31.2) --
EBITDAR (1)
July 2000 Forecast $233.9 $337.1 $470.1 $562.1 $608.8 --
Current Forecast -- 269.0 390.3 480.6 479.2 434.3
-------- -------- -------- -------- -------- --------
Difference -- $68.1 $79.8 $81.5 $129.6 --
EBITDA
July 2000 Forecast $162.4 $232.4 $265.9 $318.4 $344.0 --
Current Forecast -- 158.9 180.6 225.1 204.1 145.1
-------- -------- -------- -------- -------- --------
Difference -- $73.5 $85.3 $93.3 $139.9 --
EBIT
July 2000 Forecast $23.2 $49.2 $148.0 $212.6 $251.5 --
Current Forecast -- 30.0 47.6 124.6 123.8 71.1
-------- -------- -------- -------- -------- --------
Difference -- $19.2 $100.4 $88.0 $127.7 --
- ----------
(1) Excludes non-recurrting losses related to the sale of the L1011s
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-27-
Summary of Valuation Analyses
Implied Share Prices - EPS Analysis June 2001 - Management Base Case
================================================================================
- --------------------------------------------------------------------------------
EARNINGS PER SHARE
- --------------------------------------------------------------------------------
Year 2003E 2004E 2005E
Proj. EPS $3.37 $5.30 $3.74
--------- ------ ------ -------
- --------
8.0x $26.93 $42.42 $29.91 Undiscounted Share Price
18.99 26.01 15.95 Discounted @ 15.0%
17.99 24.13 14.48 Discounted @ 17.5%
P/E 17.07 22.41 13.17 Discounted @ 20.0%
9.0x $30.29 $47.73 $33.65 Undiscounted Share Price
21.36 29.26 17.94 Discounted @ 15.0%
20.24 27.14 16.29 Discounted @ 17.5%
19.20 25.21 14.81 Discounted @ 20.0%
Multiple 10.0x $33.66 $53.03 $37.39 Undiscounted Share Price
23.73 32.51 19.93 Discounted @ 15.0%
22.49 30.16 18.10 Discounted @ 17.5%
21.34 28.01 16.46 Discounted @ 20.0%
11.0x $37.02 $58.33 $41.13 Undiscounted Share Price
26.11 35.77 21.93 Discounted @ 15.0%
24.74 33.17 19.91 Discounted @ 17.5%
Range 23.47 30.82 18.11 Discounted @ 20.0%
12.0x $40.39 $63.64 $44.87 Undiscounted Share Price
28.48 39.02 23.92 Discounted @ 15.0%
26.99 36.19 21.72 Discounted @ 17.5%
25.60 33.62 19.75 Discounted @ 20.0%
- --------------------------------------------------------------------------------
- --------------------------------------------
Note: All figures discounted to July 1, 2001
------------------------------
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------------------------------
- --------------------------------------------------------------------------------
-28-
Summary of Valuation Analyses
June 2001 - Management Base Case
Implied Share Prices - EPS Analysis with Maintenance Adjustment
================================================================================
- --------------------------------------------------------------------------------
EARNINGS PER SHARE
- --------------------------------------------------------------------------------
Year 2003E 2004E 2005E
Proj. EPS $1.87 $4.25 $3.14
--------- ------ ------ -------
- --------
8.0x $15.00 $34.01 $25.15 Undiscounted Share Price
10.57 20.86 13.41 Discounted @ 15.0%
10.02 19.34 12.17 Discounted @ 17.5%
P/E 9.51 17.97 11.07 Discounted @ 20.0%
9.0x $16.87 $38.27 $28.30 Undiscounted Share Price
11.90 23.46 15.09 Discounted @ 15.0%
11.27 21.76 13.69 Discounted @ 17.5%
10.70 20.22 12.46 Discounted @ 20.0%
Multiple 10.0x $18.75 $42.52 $31.44 Undiscounted Share Price
13.22 26.07 16.76 Discounted @ 15.0%
12.53 24.18 15.22 Discounted @ 17.5%
11.88 22.46 13.84 Discounted @ 20.0%
11.0x $20.62 $46.77 $34.58 Undiscounted Share Price
14.54 28.68 18.44 Discounted @ 15.0%
13.78 26.60 16.74 Discounted @ 17.5%
Range 13.07 24.71 15.23 Discounted @ 20.0%
12.0x $22.49 $51.02 $37.73 Undiscounted Share Price
15.86 31.28 20.12 Discounted @ 15.0%
15.03 29.02 18.26 Discounted @ 17.5%
14.26 26.95 16.61 Discounted @ 20.0%
- --------------------------------------------------------------------------------
- --------------------------------------------
Note: All figures discounted to July 1, 2001
------------------------------
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- --------------------------------------------------------------------------------
-29-
Summary of Valuation Analyses
Revenue Growth Assumptions
================================================================================
Breakdown of Projected Revenues
[The following table was depicted as a bar chart in the printed material.]
2000 2001E 2002E 2003E 2004E 2005E
Scheduled Service $753.3 $926.7 $1,218.5 $1,485.9 $1,706.3 $1,801.0
Charter 246.7 218.3 199.3 190.6 133.9 106.7
Military 188.6 135.4 131.2 135.0 129.8 134.9
Ground 58.9 57.9 56.1 56.2 56.2 56.2
Other 43.1 46.8 61.5 73.9 80.9 84.0
o As these charts illustrate, Brickyard is projected to significantly
increase its base of scheduled service revenues and reduce charter
operations
o Aircraft used for the scheduled service unit is projected to
increase from 33 planes at FYE 2000 to 60 by FY 2005
o Concurrently, planes operated for the charter business will decline
from 10 at FYE 2000 to 4 by FYE 2005
o Scheduled service will account for 82% of total revenues by FY 2005
compared with 58% in FY 2000
[The following table was depicted as a pie chart in the printed material.]
FY 2000 Revenue Breakdown: $1,291 MM Total
Scheduled Service 58%
Charter 19%
Military 15%
Ground 5%
Other 3%
[The following table was depicted as a pie chart in the printed material.]
FY 2005E Revenue Breakdown: $2,183 MM Total
Scheduled Service 82%
Charter 5%
Military 6%
Ground 3%
Other 4%
------------------------------
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------------------------------
- --------------------------------------------------------------------------------
-30-
Summary of Valuation Analyses
Summary of Fleet Projections
================================================================================
As the new 737s and 757s are brought on line and 727s and L1011s are retired,
Brickyard's fleet size and composition will change dramatically and provide the
primary driver for revenue growth
[The following table was depicted as a bar chart in the printed material.]
Fleet Breakdown by Aircraft
2000 2001E 2002E 2003E 2004E 2005E
737-800 0 14 35 39 46 46
757-300 0 5 10 10 10 10
757-200 15 15 14 14 14 14
L1011-500 5 5 5 5 5 5
L1011-50/100 13 10 8 3 1 1
727 24 12 0 0 0 0
[The following table was depicted as a bar chart in the printed material.]
Fleet Breakdown by Use
2000 2001E 2002E 2003E 2004E 2005E
Scheduled Service 34 37 50 52 60 60
Charter 10 8 7 5 4 4
Military 4 6 5 5 5 5
Spare/Other 10 11 11 9 7 7
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- --------------------------------------------------------------------------------
-31-
Summary of Valuation Analyses
Current Fleet Overview and Plan (1)
================================================================================
- -------------------------------------------------------------------
Fleet as of 12/31/00
- -------------------------------------------------------------------
Average Age Average Seats Owned Leased Total
----------- ------------- ----- ------ -----
B727-200 20.4 173 13 11 24
B737-800 0.0 170 0 0 0
B757-200 3.1 246 0 15 15
B757-300 0.0 210 0 0 0
L1011-50/100 26.0 362 13 1 14
L1011-500 18.8 307 5 0 5
---- --- -- -- --
Total Fleet 17.1 249 31 27 58
- -------------------------------------------------------------------
- -------------------------------------------------------------------------
Historical and Forecasted Fleet Plan at Year End
- -------------------------------------------------------------------------
1997 1998 1999 2000 2001E 2002E 2003E 2004E
---- ---- ---- ---- ----- ----- ----- -----
B727-200 24 24 24 24 12 0 0 0
B737-800 0 0 0 0 14 35 39 46
B757-200 7 9 11 15 15 14 14 14
B757-300 0 0 0 0 5 10 10 10
L1011-50/100 16 14 14 14 10 9 4 0
L1011-500 0 1 4 5 5 5 5 5
-- -- -- -- -- -- -- --
Total Fleet 47 48 53 58 61 73 72 75
- -------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------
Average Seats at Year End
- -------------------------------------------------------------------------------------------
1997 1998 1999 2000 2001E 2002E 2003E 2004E
---- ---- ---- ---- ----- ----- ----- -----
Average Seats/Aircraft 248.2 244.6 248.2 249.1 235.3 223.1 210.5 198.7
% Change -- (1.5%) 1.5% 0.3% (5.5%) (5.2%) (5.6%) (5.6%)
- -------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
% Change in Aircraft and Seats
- --------------------------------------------------------------------------------
1998 1999 2000 2001E 2002E 2003E 2004E
---- ---- ---- ----- ----- ----- -----
Aircraft 2.1% 10.4% 9.4% 5.2% 19.7% (1.4%) 4.2%
Seats 0.6% 12.0% 9.8% (0.7%) 13.5% (6.9%) (1.7%)
- --------------------------------------------------------------------------------
- -----------------------------
(1) Source: Company reports and Salomon Smith Barney research dated 3/30/01
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-32-
Summary of Valuation Analyses
Comparative Fleet Age (1)
================================================================================
o While Brickyard currently operates one of the oldest fleets, by 2004
following an ambitious fleet build out plan, Brickyard will have one of
the youngest fleets in the country which should improve reliability and
utilization rates
[The following table was depicted as a bar chart in the printed material.]
Average Fleet Age
ATA-2004 4.9
Alaska 7.6
Southwest 8.2
Continental 8.4
United 9.9
America West 10
American 10.6
Delta 12
TWA 12.1
US Airways 12.7
ATA-2000 17.2
Northwest 19.9
- -----------------------------
(1) Source: 8K dated 3/16/01
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-33-
Summary of Valuation Analyses
Key Operating Statistic Assumptions
================================================================================
Scheduled Service Yield and Load Factor
[The following table was depicted as a bar chart in the printed material.]
1996 1997 1998 1999 2000 2001E 2002E 2003E 2004E 2005E
---- ---- ---- ---- ---- ----- ----- ----- ----- -----
Scheduled Service Yield (cents) 0.0786 0.0819 0.0880 0.0910 0.0971 0.1041 0.1095 0.1082 0.1110 0.1123
Scheduled Service Load Factor (%) 67% 73% 74% 77% 77% 74% 74% 73% 73% 73%
o Management's Base Case forecast reflects only modest improvement in
scheduled service yield and load factor
Revenue per Available Seat Miles ("RASM")
[The following table was depicted as a bar chart in the printed material.]
1996 1997 1998 1999 2000 2001E 2002E 2003E 2004E 2005E
---- ---- ---- ---- ---- ----- ----- ----- ----- -----
Scheduled Service RASM 0.0529 0.0596 0.0655 0.0704 0.0744 0.0770 0.0810 0.0790 0.0810 0.0820
Charter RASM 0.0519 0.0547 0.0573 0.0639 0.0683 0.0720 0.0710 0.0750 0.0780 0.0810
Military RASM 0.0584 0.0606 0.0621 0.0623 0.0724 0.0760 0.0720 0.0730 0.0800 0.0830
Total RASM 0.0565 0.0619 0.0664 0.0744 0.0788 0.0830 0.0850 0.0840 0.0830 0.0880
o RASM across all of Brickyard's businesses is projected to stabilize at
levels just slightly above 2000, a difficult year for most airlines
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-34-
Summary of Valuation Analyses
Comparative Analysis
================================================================================
o In recent years Brickyard has underperformed other airlines in terms of
revenue performance measured by revenue passenger miles and slightly
outperformed its peers in terms of load factor indicating that while
Brickyard's fares are discounted relative to other airlines it has been
able to extract good revenue efficiencies from its routes flown
Revenue per Available Seat Mile
- --------------------------------------------------------------------------------
[The following table was depicted as a bar chart in the printed material.]
1998 1999 2000
---- ---- ----
Brickyard 6.55 7.04 7.44
Frontier 7.114 8.45 9.01
Alaska Air 9.32 9.69 10.1
Airtran 7.73 9.8 10.32
America West 7.65 7.83 8.04
United 10.1 10.2 11
Southwest 8.76 8.96 9.43
Northwest 9.12 9.44 10.01
Delta 10.07 10.12 10.8
Continental 9.23 9.12 9.84
American 9.46 9.12 10.17
RASM (cents)
Load Factor
- --------------------------------------------------------------------------------
[The following table was depicted as a bar chart in the printed material.]
1998 1999 2000
---- ---- ----
Brickyard 0.7439 0.7741 0.7665
Frontier 0.561 0.594 0.591
Alaska Air 0.596 0.635 0.702
Airtran 0.596 0.635 0.702
America West 0.674 0.684 0.705
United 0.716 0.71 0.723
Southwest 0.661 0.69 0.705
Northwest 0.731 0.746 0.766
Delta 0.727 0.7218 0.7291
Continental 0.721 0.732 0.745
American 0.702 0.695 0.724
Load Factor(%)
------------------------------
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-35-
Summary of Valuation Analyses
New Fleet Impact on Cost Structure
================================================================================
o The planned upgrade and build-out of the Company's new fleet in which it
will replace its current fleet of older 727s by more efficient 737s and
757s will lower the carrier's cost structure, allowing it better weather
spikes in fuel and labor costs
o The 727-200 represents over 40% of Brickyard's current fleet
o By 2004, all of the 727s will have been replaced by 737s and 757s,
which will represent 61% and 32% of the future fleet, respectively
o The dramatic expected improvement in operating efficiency between the 727
and 737 is shown below:
Cents per Available Seat Mile ("ASM")
------------------------------------- Monthly
727-200 (1) 737-800 (2) Difference Difference
---------- ---------- ---------- ----------
Handling, landing and navigation 1.21 1.20 0.01 $1,000
Fuel costs 2.09 1.25 0.84 135,000
Crew costs 1.35 1.18 0.17 27,000
Ownership costs 0.50 1.70 (1.21) (192,000)
Maintenance 1.79 0.46 1.34 214,000
Other 1.91 1.91 0.00 0
---- ---- ---- ---------
Total cents/ASM 8.86 7.71 1.15 $184,000
- -----------------------------
(1) Based on 2000 actual results
(2) Estimates based on information estimated provided by Boeing
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-36-
Summary of Valuation Analyses
Brickyard Midway Expansion
================================================================================
o A key feature of Brickyard's growth profile over the next several years is
the expansion of Brickyard's traffic through Midway Airport
o Due to growth in the Chicago market, capacity constraints at O'Hare
and an upgrade and expansion of Midway facilities, Midway volumes
and revenues are projected to grow approximately 20% per year
- New gates at Midway come on line beginning 2001 - ATA will be
the prime beneficiary of the expanded capacity
- Midway is recognized as the airport of choice for
value-conscious travelers, is closer to 40% of the greater
Chicago population base and is a 15 minute subway ride to
downtown
- A new international terminal and processing facility will
allow international flights to return to Midway, thereby
further strengthening its competitive position against O'Hare
o Currently, Brickyard operates 6 jet gates and 58 daily jet
departures from Midway
- By 2005 as a result of greater capacity at Midway and
Brickyard's fleet growth, Brickyard projects it will operate
12 jet gates and 100 daily departures with increased
efficiency
- Brickyard's increased volume out of Midway is further
illustrated by the following statistics:
Brickyard Midway Metrics 1997 1998 1999 2000 2001E 2002E 2003E 2004E 2005E
- ------------------------------ ----- ----- ----- ----- ----- ----- ----- ----- -----
# of jet gates (year-end) 6 6 6 6 8 8 8 12 12
Daily jet departures 19 30 32 48 58 71 75 100 100
Jet markets served (year-end) 11 13 15 18 23 27 29 32 34
Annual Midway revenue ($MM) $177 $285 $371 $511 $680 $931 $991 $1,215 $1,311
% total Brickyard revenue 23% 31% 33% 40% 49% 54% 52% 58% 60%
Brickyard Midway yield (cents) 0.092 0.098 0.099 0.106 0.109 0.116 0.111 0.115 0.116
------------------------------
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-37-
================================================================================
==========================
Summary of Other Processes
==========================
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-38-
Summary of Other Processes
Other Processes Chronology
================================================================================
o Over the last several years, the Company has engaged in several
discussions and processes with respect to strategic alternatives,
particularly those involving full or partial monetization of both JGM's
and the Public Shareholders' interests in Brickyard
o In 1999, two processes were conducted:
o One process (the "Company Process") was conducted by the Company and
Salomon Smith Barney ("SSB") to explore the Company's strategic
alternatives, including a possible sale of the Company
o Another process (the "Management Process") was conducted by
Brickyard senior management and Morgan Stanley Dean Witter to
explore a possible management-led proposal to buy the Company
o The Company Process generated an indication of interest, including a
proposal from America West Airlines ("AWA")
o In April 1999 AWA executed a Confidentiality Agreement with
Brickyard and commenced due diligence to explore the possible
acquisition of Brickyard
o A transaction with AWA did not proceed further due to AWA's
conclusions regarding potential available synergies and a decline in
AWA's stock price
o In connection with the Management Process, Apollo put forth a
recapitalization proposal which was revised several times
o Apollo signed a Confidentiality Agreement in May 1999
o In August 1999, Apollo put forth a proposal (the "August 1999
Proposal") to invest $200 million in convertible preferred stock
issued by Brickyard, the proceeds of which would be used to
repurchase 59% of outstanding shares for $33 per share in cash and
significantly lever the Company
- JGM's ownership stake in Brickyard was projected to decline
from 72% to 31%; Apollo would hold approximately 54% of the
equity on a fully diluted basis
------------------------------
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-39-
Summary of Other Processes
Other Processes Chronology (Cont'd)
================================================================================
- The August 1999 Proposal assumed a public stub representing
approximately 15% of the common equity would remain after the
transaction
SSB assumed the public stub would trade at an
illiquidity discount to the public comparable companies
of at least 30%
- The August 1999 Proposal was conditioned on a minimum of 59%
of shares tendered and allowed the Public Shareholders to
elect to either sell their shares or retain their stake in the
public stub and wasn't expected to trigger the change of
control provisions in Brickyard's high yield notes
o Apollo cited the following value drivers in its August 1999
Proposal:
- The quality of senior management
- Brickyard's low cost structure
- A track record of profitability
- Brickyard's business plan to redevelop and expand its Midway
business thereby enhancing Brickyard's "franchise" value
- The counter cyclical impact of Brickyard's military and
commercial charter business
o In March 2000, Apollo revised its offer from $33.00 per share in
cash for 59% of outstanding shares to $23.25 per share in cash for
85% of outstanding shares (the "$23.25 March 2000 Proposal") and
subsequently (within two weeks) revised the offer again to $25.00
per share for 96% of outstanding shares in cash (the "$25.00 March
2000 Proposal")
- Apollo attributed the reduction in purchase price to a
deterioration in Brickyard's financial results since the
August 1999 Proposal and an increase in perceived execution
risk with regard to Brickyard's Midway expansion
- The revised proposal reflected a $200 million investment from
Apollo (in the form of 50% common equity and 50% junior notes)
and additional $115 million to $125 million in mezzanine and
bank financing
------------------------------
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-40-
Summary of Other Processes
Other Processes Chronology (Cont'd)
================================================================================
o In July 2000, Brickyard, Apollo and their respective advisors made
presentations to the rating agencies to discuss the proposed Apollo
recapitalization transaction
- Brickyard's credit ratings could not be downgraded in order
for the high yield notes to remain outstanding pro forma for
the transaction - Apollo's proposal was contingent on
Brickyard's high yield notes remaining outstanding
- Feedback from the rating agencies indicated to avoid a
downgrade, no new debt could be incurred by the Company;
Consequently, additional equity would be required in a
recapitalization structure and Apollo revised its offer
a 100% investment in the Company's stock
o In order to comply with the rating agencies' request for additional
equity, by August 2000 Apollo revised the consideration of the
$25.00 per share offer to $21.00 in cash, $3.00 in preferred stock
and $1.00 in common stock resulting in a total fair market value of
less than $25.00 per share due to the preferred and common stock
components
- Terms of the preferred stock portion included an 8.0%
dividend, payable in cash or in kind at the option of the
Company, and a 7-year maturity with no conversion rights
o An estimated range for the total fair market value of Apollo's
revised offer is shown below:
Par Value Estimated FMV Range Comments
--------- ------------------- ----------------------------
Cash $21.00 $21.00 - $21.00 Valued at face
Preferred Stock 3.00 1.39 - 2.13 Discounted cash flow value
of security assuming cash
coupon and liquidation value
is discounted at 15% and 25%
over 7 years. Discount range
is based on expected premium
required over current YTW of
high yield notes of between
12% and 13%
Common Stock 1.00 0.32 - 0.78 Based on range of forward
---- ---- ---- positive EPS pro forma for
the Apollo transaction
valued at a 10.0x P/E
multiple, discounted back at
discount rates ranging from
20% to 30% and adjusted for
a 30% illiquidity discount
Total $25.00 $22.70 - $23.90
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-41-
Summary of Other Processes
Other Processes Chronology (Cont'd)
================================================================================
o The process with Apollo was terminated in late 2000 by JGM due to
Apollo's inability to provide an all-cash proposal to JGM which
would monetize a significant portion of his holdings
o On April 2, 2001, Apollo reiterated its continued interest in leading a
recapitalization of Brickyard, citing four months of extensive due
diligence at a cost of $1.5 million to Apollo
o On April 11, 2001, Apollo put forth a proposal for Brickyard for
$20.00 per share in cash (the "April 2001 Proposal") and noted that
it may be able to increase the offer following the completion of
additional due diligence
o In addition to AWA, and Apollo, the following parties executed
Confidentiality Agreements with Brickyard:
Party Date CA Signed
------------------------------ --------------
Thomas H. Lee Co. 4/16/99
Joseph Littlejohn & Levy, Inc. 5/20/99
Smith Capital Management 5/20/99
MSDW Capital Partners IV LLC 5/28/99
Air Tran Holdings, Inc. 8/1/00
o Brickyard also received preliminary proposals from Hawaiian Airlines
(no value assigned) and Freight World International, Inc. (for
$30.00 per share in cash) which were not viewed as serious offers by
the Company
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-42-
Summary of Other Processes
Summary of Proposals and Premiums Indicated
================================================================================
o Shown below is a summary of the premiums indicated by JGM's Proposal
compared with the proposals put forth by Apollo
o The LTM multiples shown are based on trailing 12 months results as of the
date each of the offers below were received by the Company
Premium Over Prior LTM EV/EBITDA LTM EV/EBITDAR
Day Stock Price Multiple Multiple
------------------ ------------- --------------
JGM Proposal ($23.00) 82.5% 5.6x 6.5x
Apollo August 1999 Proposal ($33.00) 51.7% 3.5x 4.6x
Apollo March Proposal ($23.25) 38.5% 2.9x 4.1x
Apollo March Proposal ($25.00) 40.9% 3.0x 4.2x
Apollo April 2001 Proposal ($20.00) 108.3% 5.4x 6.3x
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-43-
================================================================================
==================
Brickyard Overview
==================
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-44-
Brickyard Overview
AMTR Stock Price and Volume: Last 12 Months to May 16, 2001
================================================================================
Stock Price and Volume
[The following table was depicted as a line chart in the printed material.]
Date Closing Price Volume (000)
- ---- ------------- ------------
18-May-2000 16.5000 19.8000
19-May-2000 16.1250 0.1000
22-May-2000 16.4375 6.7000
23-May-2000 16.3750 5.0000
24-May-2000 16.5000 7.3000
25-May-2000 16.1250 15.2000
26-May-2000 16.0000 4.5000
30-May-2000 15.2500 11.5000
31-May-2000 14.1250 10.2000
01-Jun-2000 14.3750 7.8000
02-Jun-2000 14.8750 154.0000
05-Jun-2000 14.3125 5.3000
06-Jun-2000 14.3125 19.4000
07-Jun-2000 13.5000 9.6000
08-Jun-2000 14.6875 19.2000
09-Jun-2000 14.4688 16.2000
12-Jun-2000 14.6875 16.7000
13-Jun-2000 14.8750 4.9000
14-Jun-2000 14.5625 29.3000
15-Jun-2000 13.9375 72.1000
16-Jun-2000 14.2500 5.7000
19-Jun-2000 14.0000 1.6000
20-Jun-2000 12.8125 14.0000
21-Jun-2000 12.6250 6.6000
22-Jun-2000 12.0000 7.9000
23-Jun-2000 10.5625 20.2000
26-Jun-2000 10.5625 40.5000
27-Jun-2000 10.4375 7.6000
28-Jun-2000 9.3750 22.0000
29-Jun-2000 9.0625 67.8000
30-Jun-2000 12.4375 177.1000
03-Jul-2000 12.5000 39.7000
05-Jul-2000 12.5000 41.3000
06-Jul-2000 11.5000 44.5000
07-Jul-2000 11.0000 62.8000
10-Jul-2000 10.3750 6.0000
11-Jul-2000 10.6250 27.7000
12-Jul-2000 10.5000 9.0000
13-Jul-2000 11.1875 33.3000
14-Jul-2000 12.0000 5.2000
17-Jul-2000 12.0000 12.8000
18-Jul-2000 12.6250 9.4000
19-Jul-2000 12.6250 19.7000
20-Jul-2000 11.6250 9.2000
21-Jul-2000 11.7500 5.4000
24-Jul-2000 12.2500 1.9000
25-Jul-2000 12.1250 8.2000
26-Jul-2000 12.2500 1.8000
27-Jul-2000 12.2500 10.8000
28-Jul-2000 12.5000 17.2000
31-Jul-2000 13.1250 17.6000
01-Aug-2000 13.1563 16.2000
02-Aug-2000 13.8750 5.6000
03-Aug-2000 13.0000 1.1000
04-Aug-2000 12.8750 1.0000
07-Aug-2000 12.0625 5.6000
08-Aug-2000 12.2500 0.2000
09-Aug-2000 12.6250 2.2000
10-Aug-2000 11.8750 3.0000
11-Aug-2000 12.1250 5.3000
14-Aug-2000 12.0000 6.2000
15-Aug-2000 12.0000 1.8000
16-Aug-2000 11.7500 1.4000
17-Aug-2000 11.5000 1.8000
18-Aug-2000 11.5000 3.4000
21-Aug-2000 11.5000 0.8000
22-Aug-2000 11.8750 13.3000
23-Aug-2000 12.0625 0.0000
24-Aug-2000 12.1875 0.4000
25-Aug-2000 12.8125 3.8000
28-Aug-2000 12.8125 0.3000
29-Aug-2000 12.3750 0.5000
30-Aug-2000 12.5000 7.4000
31-Aug-2000 12.5000 1.6000
01-Sep-2000 12.2500 2.3000
05-Sep-2000 11.1875 153.7000
06-Sep-2000 12.2500 1.7000
07-Sep-2000 12.2500 2.4000
08-Sep-2000 12.2500 2.0000
11-Sep-2000 11.7500 2.2000
12-Sep-2000 11.0000 5.0000
13-Sep-2000 10.0625 22.0000
14-Sep-2000 10.8750 22.6000
15-Sep-2000 10.5000 8.1000
18-Sep-2000 10.5000 0.2000
19-Sep-2000 10.5000 2.4000
20-Sep-2000 10.5000 2.1000
21-Sep-2000 10.5000 0.2000
22-Sep-2000 10.5000 1.2000
25-Sep-2000 10.5000 2.0000
26-Sep-2000 10.5000 3.1000
27-Sep-2000 11.2500 9.0000
28-Sep-2000 10.5000 6.2000
29-Sep-2000 10.9375 40.6000
02-Oct-2000 11.0000 11.2000
03-Oct-2000 10.5000 30.4000
04-Oct-2000 10.5000 25.7000
05-Oct-2000 10.6250 215.4000
06-Oct-2000 11.1250 103.2000
09-Oct-2000 10.5000 169.2000
10-Oct-2000 10.5000 60.4000
11-Oct-2000 11.0000 3.6000
12-Oct-2000 10.6875 58.1000
13-Oct-2000 10.5000 109.2000
16-Oct-2000 10.4375 12.3000
17-Oct-2000 10.4375 43.7000
18-Oct-2000 10.2500 282.5000
19-Oct-2000 9.5000 16.0000
20-Oct-2000 9.7500 13.2000
23-Oct-2000 9.4375 2.5000
24-Oct-2000 9.8125 7.7000
25-Oct-2000 10.0000 8.9000
26-Oct-2000 10.5000 55.6000
27-Oct-2000 11.1250 70.6000
30-Oct-2000 11.9375 10.6000
31-Oct-2000 14.3125 79.0000
01-Nov-2000 12.5625 10.6000
02-Nov-2000 11.8750 131.0000
03-Nov-2000 11.5000 9.5000
06-Nov-2000 11.1875 14.3000
07-Nov-2000 11.2500 7.2000
08-Nov-2000 12.3750 4.9000
09-Nov-2000 13.0000 2.0000
10-Nov-2000 13.1250 11.7000
13-Nov-2000 12.8750 0.5000
14-Nov-2000 12.8750 3.8000
15-Nov-2000 13.6250 24.7000
16-Nov-2000 13.7500 8.3000
17-Nov-2000 13.7500 7.6000
20-Nov-2000 13.7500 11.1000
21-Nov-2000 13.8125 153.2000
22-Nov-2000 13.7500 7.3000
24-Nov-2000 14.0625 5.4000
27-Nov-2000 14.7500 34.7000
28-Nov-2000 14.5000 24.1000
29-Nov-2000 14.5000 132.6000
30-Nov-2000 14.5000 5.6000
01-Dec-2000 14.5000 21.1000
04-Dec-2000 14.5000 25.3000
05-Dec-2000 14.5000 25.3000
06-Dec-2000 14.5000 10.8000
07-Dec-2000 14.5000 12.1000
08-Dec-2000 14.8750 11.4000
11-Dec-2000 14.6250 3.3000
12-Dec-2000 14.5000 19.8000
13-Dec-2000 14.5000 12.3000
14-Dec-2000 14.5000 24.8000
15-Dec-2000 14.5000 11.1000
18-Dec-2000 14.5625 40.7000
19-Dec-2000 14.8125 50.5000
20-Dec-2000 14.8750 17.1000
21-Dec-2000 14.6250 0.3000
22-Dec-2000 14.6250 23.4000
26-Dec-2000 14.6250 7.6000
27-Dec-2000 14.5000 4.1000
28-Dec-2000 14.5000 38.9000
29-Dec-2000 14.5000 0.4000
02-Jan-2001 14.5000 2.0000
03-Jan-2001 14.5000 4.0000
04-Jan-2001 14.5000 0.4000
05-Jan-2001 14.2500 10.9000
08-Jan-2001 13.5000 24.8000
09-Jan-2001 13.9375 0.6000
10-Jan-2001 13.5000 8.2000
11-Jan-2001 13.5625 0.9000
12-Jan-2001 13.5000 0.6000
16-Jan-2001 13.5000 3.2000
17-Jan-2001 13.6875 2.1000
18-Jan-2001 13.6875 0.7000
19-Jan-2001 13.5625 9.2000
22-Jan-2001 13.5000 1.2000
23-Jan-2001 13.3750 0.0000
24-Jan-2001 13.3125 0.0000
25-Jan-2001 13.2500 1.8000
26-Jan-2001 13.5000 2.2000
29-Jan-2001 13.0000 6.8000
30-Jan-2001 12.6875 10.1000
31-Jan-2001 12.5000 16.6000
01-Feb-2001 12.3750 2.7000
02-Feb-2001 12.0000 3.5000
05-Feb-2001 12.2500 3.3000
06-Feb-2001 12.1250 2.3000
07-Feb-2001 12.0000 2.6000
08-Feb-2001 12.0000 1.7000
09-Feb-2001 12.0000 0.1000
12-Feb-2001 12.0000 1.6000
13-Feb-2001 12.0000 1.2000
14-Feb-2001 11.7500 1.4000
15-Feb-2001 11.7500 2.2000
16-Feb-2001 11.7500 10.6000
20-Feb-2001 11.7500 4.5000
21-Feb-2001 11.2500 0.6000
22-Feb-2001 11.6250 0.2000
23-Feb-2001 11.2500 4.0000
26-Feb-2001 11.2500 2.3000
27-Feb-2001 11.3125 0.3000
28-Feb-2001 11.5000 5.9000
01-Mar-2001 11.5000 1.0000
02-Mar-2001 11.4375 4.0000
05-Mar-2001 11.3750 0.4000
06-Mar-2001 11.8125 3.9000
07-Mar-2001 11.8750 2.6000
08-Mar-2001 11.6250 1.4000
09-Mar-2001 11.5313 0.0000
12-Mar-2001 10.8750 6.4000
13-Mar-2001 11.1250 1.3000
14-Mar-2001 10.2500 4.0000
15-Mar-2001 10.7500 0.6000
16-Mar-2001 10.7500 1.3000
19-Mar-2001 10.2500 2.6000
20-Mar-2001 10.0000 15.0000
21-Mar-2001 9.6250 0.1000
22-Mar-2001 9.8125 0.0000
23-Mar-2001 9.7500 0.1000
26-Mar-2001 9.4375 9.6000
27-Mar-2001 9.6719 0.2000
28-Mar-2001 10.0000 7.6000
29-Mar-2001 9.5000 0.3000
30-Mar-2001 9.6250 3.3000
02-Apr-2001 10.0000 1.0000
03-Apr-2001 9.6250 0.8000
04-Apr-2001 9.3750 3.0000
05-Apr-2001 9.7500 1.4000
06-Apr-2001 9.2500 2.2000
09-Apr-2001 9.3500 1.5000
10-Apr-2001 9.6000 0.6000
11-Apr-2001 9.4500 3.1000
12-Apr-2001 10.2500 4.3000
16-Apr-2001 9.9600 0.9000
17-Apr-2001 9.9500 0.6000
18-Apr-2001 10.0000 1.8000
19-Apr-2001 9.9500 5.2000
20-Apr-2001 10.0000 1.8000
23-Apr-2001 10.0000 4.2000
24-Apr-2001 9.9000 0.1000
25-Apr-2001 10.0000 15.9000
26-Apr-2001 10.2700 0.5000
27-Apr-2001 10.2700 1.1000
30-Apr-2001 10.2000 2.2000
01-May-2001 10.1000 0.2000
02-May-2001 10.2000 0.8000
03-May-2001 10.3000 0.5000
04-May-2001 10.3000 0.6000
07-May-2001 10.3000 2.0000
08-May-2001 10.2000 3.1000
09-May-2001 10.3400 2.8000
10-May-2001 10.7500 3.6000
11-May-2001 11.0000 21.1000
14-May-2001 11.9900 22.2000
15-May-2001 12.6500 11.9000
16-May-2001 12.6000 5.8000
Distribution of Volume
[The following table was depicted as a bar chart in the printed material.]
$0.00 - $10.01 - $11.01 - $12.01 - $13.01 - $14.01 - $15.01 - $16.01
$10.00 $11.00 $12.00 $13.00 $14.00 $15.00 $16.00 and above
------- -------- -------- -------- -------- -------- -------- -----------
Distribution of Volume (000) 218.4 1424.5 740.8 466.8 402.1 947.7 16 54.1
Cumulative Distribution of Volume (%) 5.1% 38.5% 55.8% 66.8% 76.2% 98.4% 98.7% 100.0%
------------------------------
[LOGO] Dresdner Kleinwort Wasserstein
------------------------------
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-45-
Brickyard Overview
AMTR Stock Price and Volume: Since IPO to May 16, 2001
================================================================================
Stock Price and Volume
[The following table was depicted as a line chart in the printed material.]
Date Closing Price Volume (000)
---- ------------- ------------
11-May-1993 16.0000 1238.2000
12-May-1993 16.0000 314.7000
13-May-1993 15.5000 284.8000
14-May-1993 15.7500 102.0000
17-May-1993 15.5000 8.4000
18-May-1993 16.0000 19.9000
19-May-1993 16.0000 42.3000
20-May-1993 16.0000 43.7000
21-May-1993 15.5000 23.6000
24-May-1993 15.5000 7.7000
25-May-1993 15.5000 40.1000
26-May-1993 15.8750 11.8000
27-May-1993 16.0000 2.9000
28-May-1993 15.5000 17.2000
01-Jun-1993 16.0000 70.7000
02-Jun-1993 15.7500 87.9000
03-Jun-1993 16.0000 72.9000
04-Jun-1993 16.0000 34.7000
07-Jun-1993 16.2500 2.3000
08-Jun-1993 16.2500 3.9000
09-Jun-1993 15.7500 1.0000
10-Jun-1993 16.1250 36.6000
11-Jun-1993 15.8750 21.1000
14-Jun-1993 15.8750 25.4000
15-Jun-1993 15.7500 0.4000
16-Jun-1993 15.7500 10.5000
17-Jun-1993 15.7500 18.2000
18-Jun-1993 15.5000 5.5000
21-Jun-1993 16.0000 1.7000
22-Jun-1993 15.6250 9.1000
23-Jun-1993 15.0000 25.3000
24-Jun-1993 15.2500 59.1000
25-Jun-1993 13.5000 33.6000
28-Jun-1993 14.1250 23.7000
29-Jun-1993 13.7500 2.9000
30-Jun-1993 13.7500 38.4000
01-Jul-1993 14.1250 0.0000
02-Jul-1993 13.7500 2.0000
06-Jul-1993 13.7500 0.5000
07-Jul-1993 14.0000 3.7000
08-Jul-1993 13.6250 143.0000
09-Jul-1993 13.5000 0.2000
12-Jul-1993 13.5000 1.1000
13-Jul-1993 13.5000 43.9000
14-Jul-1993 13.2500 6.1000
15-Jul-1993 13.5000 9.6000
16-Jul-1993 12.5000 2.7000
19-Jul-1993 12.5000 6.1000
20-Jul-1993 13.0000 4.3000
21-Jul-1993 13.0000 2.1000
22-Jul-1993 12.5000 2.1000
23-Jul-1993 13.0000 7.5000
26-Jul-1993 13.0000 0.9000
27-Jul-1993 12.5000 1.4000
28-Jul-1993 12.5000 11.4000
29-Jul-1993 12.0000 44.1000
30-Jul-1993 12.0000 42.8000
02-Aug-1993 12.2500 2.6000
03-Aug-1993 11.7500 106.5000
04-Aug-1993 11.7500 65.3000
05-Aug-1993 12.5000 0.7000
06-Aug-1993 12.5000 0.9000
09-Aug-1993 12.5000 0.6000
10-Aug-1993 12.1250 9.5000
11-Aug-1993 11.5000 101.2000
12-Aug-1993 11.2500 11.8000
13-Aug-1993 11.7500 3.5000
16-Aug-1993 11.2500 32.1000
17-Aug-1993 11.0000 51.4000
18-Aug-1993 10.7500 20.2000
19-Aug-1993 9.0000 81.8000
20-Aug-1993 9.6250 16.1000
23-Aug-1993 9.7500 45.2000
24-Aug-1993 9.2500 10.2000
25-Aug-1993 9.7500 1.5000
26-Aug-1993 9.5000 11.2000
27-Aug-1993 9.5000 3.0000
30-Aug-1993 9.5000 3.0000
31-Aug-1993 10.7500 164.5000
01-Sep-1993 11.0000 48.8000
02-Sep-1993 11.2500 3.5000
03-Sep-1993 11.0000 2.1000
07-Sep-1993 10.7500 8.9000
08-Sep-1993 10.5000 5.8000
09-Sep-1993 11.2500 69.7000
10-Sep-1993 11.2500 5.8000
13-Sep-1993 10.8750 86.1000
14-Sep-1993 11.2500 131.1000
15-Sep-1993 10.5000 68.3000
16-Sep-1993 11.0000 58.3000
17-Sep-1993 11.0000 9.8000
20-Sep-1993 11.0000 181.3000
21-Sep-1993 10.7500 44.2000
22-Sep-1993 10.7500 265.1000
23-Sep-1993 10.7500 21.7000
24-Sep-1993 10.5000 5.7000
27-Sep-1993 10.2500 12.6000
28-Sep-1993 10.0000 28.3000
29-Sep-1993 10.0000 3.4000
30-Sep-1993 10.5000 39.5000
01-Oct-1993 10.0000 5.9000
04-Oct-1993 10.7500 2.3000
05-Oct-1993 10.5000 1.8000
06-Oct-1993 10.0000 0.1000
07-Oct-1993 10.0000 48.7000
08-Oct-1993 10.2500 18.1000
11-Oct-1993 10.2500 31.3000
12-Oct-1993 9.8750 26.0000
13-Oct-1993 10.0000 9.5000
14-Oct-1993 9.5000 7.5000
15-Oct-1993 9.7500 1.9000
18-Oct-1993 9.5000 1.8000
19-Oct-1993 9.2500 104.3000
20-Oct-1993 9.2500 4.9000
21-Oct-1993 9.2500 4.2000
22-Oct-1993 8.0000 34.5000
25-Oct-1993 7.5000 52.0000
26-Oct-1993 8.0000 85.6000
27-Oct-1993 8.2500 11.6000
28-Oct-1993 8.1250 26.5000
29-Oct-1993 9.0000 58.4000
01-Nov-1993 9.0000 12.7000
02-Nov-1993 9.0000 137.0000
03-Nov-1993 9.2500 3.5000
04-Nov-1993 8.7500 83.0000
05-Nov-1993 9.2500 8.4000
08-Nov-1993 8.7500 7.5000
09-Nov-1993 9.2500 11.4000
10-Nov-1993 9.2500 26.7000
11-Nov-1993 10.0000 5.7000
12-Nov-1993 9.7500 3.3000
15-Nov-1993 10.0000 7.5000
16-Nov-1993 10.0000 49.7000
17-Nov-1993 10.2500 92.0000
18-Nov-1993 10.2500 20.9000
19-Nov-1993 9.7500 61.2000
22-Nov-1993 9.7500 142.6000
23-Nov-1993 9.7500 10.5000
24-Nov-1993 9.5000 39.7000
26-Nov-1993 9.5000 1.2000
29-Nov-1993 9.5000 11.1000
30-Nov-1993 9.7500 46.4000
01-Dec-1993 9.8750 35.4000
02-Dec-1993 10.0000 53.1000
03-Dec-1993 9.5000 23.4000
06-Dec-1993 10.0000 35.7000
07-Dec-1993 10.0000 37.8000
08-Dec-1993 10.0000 23.6000
09-Dec-1993 10.2500 4.4000
10-Dec-1993 10.0000 66.3000
13-Dec-1993 10.0000 7.0000
14-Dec-1993 9.7500 177.2000
15-Dec-1993 9.7500 1.3000
16-Dec-1993 10.0000 26.8000
17-Dec-1993 10.0000 2.8000
20-Dec-1993 10.0000 19.1000
21-Dec-1993 10.2500 6.4000
22-Dec-1993 10.0000 5.1000
23-Dec-1993 9.5000 2.2000
27-Dec-1993 10.0000 2.7000
28-Dec-1993 9.7500 87.7000
29-Dec-1993 10.1250 75.0000
30-Dec-1993 10.5000 68.2000
31-Dec-1993 9.7500 21.4000
03-Jan-1994 9.7500 2.7000
04-Jan-1994 10.0000 0.0000
05-Jan-1994 10.3750 27.3000
06-Jan-1994 10.5000 3.7000
07-Jan-1994 10.7500 0.8000
10-Jan-1994 10.7500 23.4000
11-Jan-1994 10.0000 2.2000
12-Jan-1994 10.0000 3.9000
13-Jan-1994 10.0000 3.9000
14-Jan-1994 9.7500 4.5000
17-Jan-1994 10.0000 3.9000
18-Jan-1994 10.5000 14.9000
19-Jan-1994 10.2500 0.0000
20-Jan-1994 10.5000 14.2000
21-Jan-1994 10.5000 8.4000
24-Jan-1994 10.2500 0.9000
25-Jan-1994 10.0000 2.0000
26-Jan-1994 10.5000 8.4000
27-Jan-1994 10.5000 2.5000
28-Jan-1994 9.7500 0.9000
31-Jan-1994 10.7500 21.3000
01-Feb-1994 10.5000 6.2000
02-Feb-1994 10.5000 3.4000
03-Feb-1994 10.7500 5.8000
04-Feb-1994 10.2500 2.2000
07-Feb-1994 10.7500 0.2000
08-Feb-1994 10.2500 1.1000
09-Feb-1994 10.7500 0.7000
10-Feb-1994 10.7500 0.8000
11-Feb-1994 10.2500 0.8000
14-Feb-1994 10.0000 3.5000
15-Feb-1994 10.0000 0.1000
16-Feb-1994 10.3750 23.7000
17-Feb-1994 10.5000 67.3000
18-Feb-1994 10.2500 3.9000
22-Feb-1994 10.2500 8.2000
23-Feb-1994 10.1250 220.2000
24-Feb-1994 10.3750 6.0000
25-Feb-1994 10.5000 1.1000
28-Feb-1994 10.7500 10.2000
01-Mar-1994 10.7500 0.1000
02-Mar-1994 10.0000 1.8000
03-Mar-1994 10.0000 25.8000
04-Mar-1994 9.8750 0.0000
07-Mar-1994 10.5000 3.5000
08-Mar-1994 10.2500 0.0000
09-Mar-1994 10.0000 0.2000
10-Mar-1994 10.1250 3.4000
11-Mar-1994 10.2500 1.7000
14-Mar-1994 10.2500 2.1000
15-Mar-1994 10.1250 3.7000
16-Mar-1994 10.2500 10.0000
17-Mar-1994 10.2500 7.0000
18-Mar-1994 10.5000 5.4000
21-Mar-1994 10.7500 2.1000
22-Mar-1994 10.1250 9.3000
23-Mar-1994 10.1250 0.7000
24-Mar-1994 10.2500 7.2000
25-Mar-1994 10.6250 2.9000
28-Mar-1994 10.2500 4.4000
29-Mar-1994 10.1250 1.3000
30-Mar-1994 10.2500 31.2000
31-Mar-1994 10.4375 0.0000
04-Apr-1994 10.0000 0.3000
05-Apr-1994 9.8750 14.1000
06-Apr-1994 9.8750 4.2000
07-Apr-1994 9.8750 6.0000
08-Apr-1994 10.2500 0.4000
11-Apr-1994 10.0000 48.0000
12-Apr-1994 10.0625 7.1000
13-Apr-1994 10.0000 7.1000
14-Apr-1994 10.0000 0.1000
15-Apr-1994 10.3750 0.0000
18-Apr-1994 10.7500 0.7000
19-Apr-1994 10.7500 0.2000
20-Apr-1994 10.2500 5.2000
21-Apr-1994 10.0000 0.6000
22-Apr-1994 10.2500 2.8000
25-Apr-1994 10.0000 0.5000
26-Apr-1994 10.0000 1.8000
28-Apr-1994 10.0000 10.2000
29-Apr-1994 10.1875 26.5000
02-May-1994 10.2500 25.7000
03-May-1994 10.0000 11.0000
04-May-1994 10.0000 21.0000
05-May-1994 9.7500 60.1000
06-May-1994 10.5000 19.1000
09-May-1994 9.5000 8.9000
10-May-1994 8.7500 14.5000
11-May-1994 8.7500 21.8000
12-May-1994 9.0000 6.0000
13-May-1994 9.2500 0.8000
16-May-1994 8.7500 3.9000
17-May-1994 8.7500 10.4000
18-May-1994 9.2500 0.1000
19-May-1994 9.2500 3.5000
20-May-1994 8.7500 10.2000
23-May-1994 8.7500 4.0000
24-May-1994 9.0000 301.5000
25-May-1994 9.2500 4.3000
26-May-1994 9.1250 327.1000
27-May-1994 9.2500 17.7000
31-May-1994 9.2500 0.9000
01-Jun-1994 9.2500 0.0000
02-Jun-1994 9.2500 0.4000
03-Jun-1994 9.5000 2.4000
06-Jun-1994 9.5000 2.4000
07-Jun-1994 9.0000 2.0000
08-Jun-1994 8.7500 0.5000
09-Jun-1994 8.7500 2.0000
10-Jun-1994 8.7500 0.2000
13-Jun-1994 8.7500 0.5000
14-Jun-1994 8.7500 4.2000
15-Jun-1994 8.8750 14.0000
16-Jun-1994 8.7500 2.5000
17-Jun-1994 9.0000 10.9000
20-Jun-1994 8.7500 13.5000
21-Jun-1994 8.5000 22.6000
22-Jun-1994 9.0000 2.4000
23-Jun-1994 8.7500 4.7000
24-Jun-1994 9.0000 2.6000
27-Jun-1994 8.5000 0.2000
28-Jun-1994 9.0000 0.7000
29-Jun-1994 8.7500 1.5000
30-Jun-1994 9.0000 0.6000
01-Jul-1994 8.8750 0.0000
05-Jul-1994 8.6250 15.0000
06-Jul-1994 8.5000 6.7000
07-Jul-1994 8.5000 55.7000
08-Jul-1994 8.5000 26.0000
11-Jul-1994 8.5000 0.5000
12-Jul-1994 8.6250 10.5000
13-Jul-1994 8.5000 29.9000
14-Jul-1994 8.7500 1.2000
15-Jul-1994 8.5000 0.5000
18-Jul-1994 8.5000 0.2000
19-Jul-1994 9.0000 4.1000
20-Jul-1994 8.8750 2.7000
21-Jul-1994 8.5000 0.2000
22-Jul-1994 9.0000 2.4000
25-Jul-1994 8.5000 0.3000
26-Jul-1994 9.0000 6.2000
27-Jul-1994 9.0000 0.0000
28-Jul-1994 9.2500 8.6000
29-Jul-1994 9.0000 1.0000
01-Aug-1994 9.0000 7.0000
02-Aug-1994 9.5000 1.6000
03-Aug-1994 9.5000 0.5000
04-Aug-1994 9.2500 0.0000
05-Aug-1994 9.2500 0.0000
08-Aug-1994 9.0000 1.1000
09-Aug-1994 9.7500 1.8000
10-Aug-1994 9.2500 18.9000
11-Aug-1994 9.1250 15.7000
12-Aug-1994 8.7500 5.4000
15-Aug-1994 8.5000 1.9000
16-Aug-1994 8.7500 2.2000
17-Aug-1994 8.5625 16.0000
18-Aug-1994 8.5000 0.0000
19-Aug-1994 8.0000 37.1000
22-Aug-1994 8.0000 9.8000
23-Aug-1994 8.1250 12.7000
24-Aug-1994 8.1250 4.0000
25-Aug-1994 8.2500 4.4000
26-Aug-1994 7.7500 2.8000
29-Aug-1994 8.2500 8.3000
30-Aug-1994 8.5000 7.6000
31-Aug-1994 8.7500 1.6000
01-Sep-1994 8.7500 63.3000
02-Sep-1994 8.6250 27.4000
06-Sep-1994 8.7500 105.9000
07-Sep-1994 8.7500 13.3000
08-Sep-1994 8.7500 1.8000
09-Sep-1994 8.6250 0.0000
12-Sep-1994 9.0000 0.8000
13-Sep-1994 8.7500 34.6000
14-Sep-1994 9.0000 211.9000
15-Sep-1994 9.2500 28.8000
16-Sep-1994 9.3750 1.0000
19-Sep-1994 9.3750 0.3000
20-Sep-1994 9.3750 0.1000
21-Sep-1994 9.3750 24.4000
22-Sep-1994 8.7500 1.0000
23-Sep-1994 9.3750 14.4000
26-Sep-1994 9.0625 8.0000
27-Sep-1994 9.3750 3.0000
28-Sep-1994 9.5000 276.7000
29-Sep-1994 9.2500 176.5000
30-Sep-1994 9.3750 6.7000
03-Oct-1994 9.5000 0.7000
04-Oct-1994 9.5000 0.0000
05-Oct-1994 9.5000 11.0000
06-Oct-1994 9.2500 0.3000
07-Oct-1994 9.8750 13.1000
10-Oct-1994 10.2500 13.6000
11-Oct-1994 10.5000 16.4000
12-Oct-1994 10.5000 2.4000
13-Oct-1994 10.7500 5.2000
14-Oct-1994 10.6250 9.5000
17-Oct-1994 10.7500 12.0000
18-Oct-1994 10.2500 0.7000
19-Oct-1994 10.5000 7.3000
20-Oct-1994 10.7500 60.7000
21-Oct-1994 10.7500 0.3000
24-Oct-1994 10.5000 3.2000
25-Oct-1994 10.3750 8.5000
26-Oct-1994 10.1250 0.4000
27-Oct-1994 10.0000 5.0000
28-Oct-1994 10.2500 1.4000
31-Oct-1994 10.0000 1.5000
01-Nov-1994 10.2500 9.2000
02-Nov-1994 10.2500 1.0000
03-Nov-1994 9.7500 10.9000
04-Nov-1994 9.7500 1.5000
07-Nov-1994 9.2500 3.3000
08-Nov-1994 9.0000 2.3000
09-Nov-1994 9.0000 1.3000
10-Nov-1994 9.0000 6.2000
11-Nov-1994 9.0000 2.6000
14-Nov-1994 8.2500 24.1000
15-Nov-1994 8.3750 13.7000
16-Nov-1994 7.8750 8.3000
17-Nov-1994 8.2500 4.7000
18-Nov-1994 9.0000 8.4000
21-Nov-1994 9.0000 10.5000
22-Nov-1994 8.5000 2.6000
23-Nov-1994 8.5000 7.7000
25-Nov-1994 8.5000 1.6000
28-Nov-1994 8.5000 1.0000
29-Nov-1994 9.0000 0.3000
30-Nov-1994 8.5000 7.0000
01-Dec-1994 8.7500 0.3000
02-Dec-1994 8.2500 3.1000
05-Dec-1994 8.0000 13.8000
06-Dec-1994 8.5000 2.5000
07-Dec-1994 7.8750 0.3000
08-Dec-1994 7.8750 0.7000
09-Dec-1994 7.8750 2.7000
12-Dec-1994 8.5000 4.4000
13-Dec-1994 7.8750 20.2000
14-Dec-1994 8.0000 10.8000
15-Dec-1994 8.0000 2.2000
16-Dec-1994 8.0000 7.0000
19-Dec-1994 7.5000 0.1000
20-Dec-1994 7.7500 3.7000
21-Dec-1994 8.0000 11.5000
22-Dec-1994 7.7500 5.2000
23-Dec-1994 7.7500 8.5000
27-Dec-1994 7.2500 2.7000
28-Dec-1994 7.2500 2.9000
29-Dec-1994 7.0000 34.3000
30-Dec-1994 6.2500 85.1000
03-Jan-1995 6.5000 17.7000
04-Jan-1995 7.0000 8.0000
05-Jan-1995 7.2500 12.4000
06-Jan-1995 7.5000 11.1000
09-Jan-1995 7.3750 1.3000
10-Jan-1995 7.2500 17.0000
11-Jan-1995 7.2500 6.4000
12-Jan-1995 7.5000 10.3000
13-Jan-1995 7.6875 10.7000
16-Jan-1995 8.2500 25.3000
17-Jan-1995 7.7500 0.7000
18-Jan-1995 8.1250 1.4000
19-Jan-1995 8.5000 1.0000
20-Jan-1995 8.0000 2.4000
23-Jan-1995 8.5000 3.0000
24-Jan-1995 8.2500 33.6000
25-Jan-1995 8.2500 0.1000
26-Jan-1995 8.2500 0.4000
27-Jan-1995 8.2500 0.7000
30-Jan-1995 8.2500 0.8000
31-Jan-1995 7.7500 2.3000
01-Feb-1995 8.1250 4.5000
02-Feb-1995 8.2500 4.2000
03-Feb-1995 8.0000 4.0000
06-Feb-1995 8.2500 3.2000
07-Feb-1995 8.7500 8.2000
08-Feb-1995 8.2500 0.5000
09-Feb-1995 8.2500 0.2000
10-Feb-1995 8.2500 0.5000
13-Feb-1995 8.2500 19.0000
14-Feb-1995 8.2500 14.7000
15-Feb-1995 8.5000 3.6000
16-Feb-1995 8.5000 15.2000
17-Feb-1995 8.2500 5.0000
21-Feb-1995 8.5000 1.6000
22-Feb-1995 9.0000 10.0000
23-Feb-1995 8.7500 5.0000
24-Feb-1995 9.2500 4.2000
27-Feb-1995 9.5000 2.8000
28-Feb-1995 9.5000 10.1000
01-Mar-1995 9.5000 4.0000
02-Mar-1995 9.5000 4.1000
03-Mar-1995 9.5000 0.8000
06-Mar-1995 9.5000 2.0000
07-Mar-1995 9.8125 4.3000
08-Mar-1995 9.5000 9.5000
09-Mar-1995 8.8750 8.2000
10-Mar-1995 8.7500 0.1000
13-Mar-1995 9.2500 1.9000
14-Mar-1995 9.2500 0.7000
15-Mar-1995 8.5000 0.2000
16-Mar-1995 9.2500 33.4000
17-Mar-1995 8.8750 0.0000
20-Mar-1995 9.1250 13.0000
21-Mar-1995 9.1875 28.3000
22-Mar-1995 8.5000 2.6000
23-Mar-1995 8.5000 24.6000
24-Mar-1995 9.0000 0.3000
27-Mar-1995 9.0000 0.1000
28-Mar-1995 8.7500 0.0000
29-Mar-1995 9.0000 28.8000
30-Mar-1995 8.5000 16.4000
31-Mar-1995 8.7500 0.0000
03-Apr-1995 8.5000 0.5000
04-Apr-1995 8.7500 0.0000
05-Apr-1995 8.7031 43.2000
06-Apr-1995 8.6250 1.7000
07-Apr-1995 8.7500 20.8000
10-Apr-1995 8.5000 3.2000
11-Apr-1995 9.0000 3.0000
12-Apr-1995 8.5000 1.8000
13-Apr-1995 8.5000 0.4000
17-Apr-1995 8.5000 21.9000
18-Apr-1995 8.5625 4.1000
19-Apr-1995 8.1250 5.1000
20-Apr-1995 8.0000 0.2000
21-Apr-1995 8.5000 4.1000
24-Apr-1995 8.0000 2.0000
25-Apr-1995 8.0000 2.0000
26-Apr-1995 8.0000 3.8000
27-Apr-1995 8.5000 10.3000
28-Apr-1995 8.2500 8.8000
01-May-1995 8.2500 8.9000
02-May-1995 8.5000 5.0000
03-May-1995 8.7500 23.2000
04-May-1995 9.5000 28.3000
05-May-1995 9.5000 16.7000
08-May-1995 9.2500 1.5000
09-May-1995 9.0000 24.0000
10-May-1995 9.5000 23.4000
11-May-1995 9.5000 0.7000
12-May-1995 9.5000 3.7000
15-May-1995 9.5000 125.6000
16-May-1995 9.5000 36.9000
17-May-1995 9.0000 5.8000
18-May-1995 9.2500 1.0000
19-May-1995 9.2500 1.1000
22-May-1995 8.7500 4.3000
23-May-1995 9.2500 217.1000
24-May-1995 9.5000 13.9000
25-May-1995 9.0000 6.6000
26-May-1995 9.0000 6.3000
30-May-1995 9.5000 2.2000
31-May-1995 9.2500 4.3000
01-Jun-1995 9.0000 3.5000
02-Jun-1995 9.2500 0.4000
05-Jun-1995 9.0000 4.7000
06-Jun-1995 9.5000 0.8000
07-Jun-1995 9.0000 236.6000
08-Jun-1995 9.0625 4.2000
09-Jun-1995 8.7500 5.8000
12-Jun-1995 9.0000 19.5000
13-Jun-1995 9.2500 81.3000
14-Jun-1995 9.0000 113.3000
15-Jun-1995 9.7500 126.9000
16-Jun-1995 10.4063 30.2000
19-Jun-1995 11.0000 93.9000
20-Jun-1995 11.0000 24.3000
21-Jun-1995 11.0000 20.6000
22-Jun-1995 10.7500 50.4000
23-Jun-1995 10.7500 13.9000
26-Jun-1995 10.7500 23.8000
27-Jun-1995 11.0000 23.6000
28-Jun-1995 11.0000 76.4000
29-Jun-1995 11.7500 13.6000
30-Jun-1995 11.2500 5.3000
03-Jul-1995 11.2500 11.9000
05-Jul-1995 11.1875 14.5000
06-Jul-1995 11.5000 1.5000
07-Jul-1995 12.1250 123.6000
10-Jul-1995 12.0000 7.9000
11-Jul-1995 13.0000 81.7000
12-Jul-1995 13.5000 116.9000
13-Jul-1995 12.7500 107.8000
14-Jul-1995 12.3750 44.2000
17-Jul-1995 12.2500 6.8000
18-Jul-1995 11.7500 30.6000
19-Jul-1995 11.0000 44.7000
20-Jul-1995 11.3750 32.0000
21-Jul-1995 11.7500 3.3000
24-Jul-1995 11.7500 10.0000
25-Jul-1995 12.2500 37.9000
26-Jul-1995 13.1250 85.8000
27-Jul-1995 14.2500 134.3000
28-Jul-1995 14.0000 44.9000
31-Jul-1995 13.2500 40.1000
01-Aug-1995 12.5000 10.9000
02-Aug-1995 12.6250 40.0000
03-Aug-1995 12.0000 9.6000
04-Aug-1995 11.9375 68.7000
07-Aug-1995 12.1250 46.7000
08-Aug-1995 12.3750 17.5000
09-Aug-1995 13.5000 23.2000
10-Aug-1995 13.6250 7.8000
11-Aug-1995 13.6250 49.1000
14-Aug-1995 13.3750 38.2000
15-Aug-1995 13.7500 123.6000
16-Aug-1995 13.6250 31.3000
17-Aug-1995 13.7500 18.6000
18-Aug-1995 14.1875 79.2000
21-Aug-1995 15.0000 80.1000
22-Aug-1995 15.0000 3.3000
23-Aug-1995 14.8750 13.8000
24-Aug-1995 15.1250 9.4000
25-Aug-1995 14.5000 6.8000
28-Aug-1995 14.8750 31.3000
29-Aug-1995 14.6250 20.8000
30-Aug-1995 14.7500 14.9000
31-Aug-1995 15.2500 33.8000
01-Sep-1995 15.2500 4.8000
05-Sep-1995 15.6250 36.3000
06-Sep-1995 15.9375 26.0000
07-Sep-1995 15.5000 49.1000
08-Sep-1995 15.2500 23.9000
11-Sep-1995 15.0000 17.6000
12-Sep-1995 14.1250 70.1000
13-Sep-1995 14.2500 32.3000
14-Sep-1995 14.2500 3.2000
15-Sep-1995 13.8750 15.7000
18-Sep-1995 13.8750 59.0000
19-Sep-1995 14.2500 4.4000
20-Sep-1995 14.1250 1.3000
21-Sep-1995 13.7500 23.9000
22-Sep-1995 13.0000 29.6000
25-Sep-1995 13.2500 3.5000
26-Sep-1995 12.2500 43.6000
27-Sep-1995 12.5000 22.0000
28-Sep-1995 12.2500 12.1000
29-Sep-1995 12.6250 50.8000
02-Oct-1995 12.7500 1.0000
03-Oct-1995 12.7500 4.7000
04-Oct-1995 12.3750 8.5000
05-Oct-1995 12.3750 4.3000
06-Oct-1995 11.8750 32.2000
09-Oct-1995 11.5000 2.9000
10-Oct-1995 11.0000 34.4000
11-Oct-1995 10.8125 33.3000
12-Oct-1995 11.2500 30.6000
13-Oct-1995 11.7500 34.5000
16-Oct-1995 12.5000 35.1000
17-Oct-1995 12.5000 5.0000
18-Oct-1995 12.7500 0.2000
19-Oct-1995 12.2500 8.7000
20-Oct-1995 12.5000 7.8000
23-Oct-1995 13.0000 65.3000
24-Oct-1995 12.5000 6.7000
25-Oct-1995 11.5000 28.6000
26-Oct-1995 10.8750 12.0000
27-Oct-1995 10.7500 37.3000
30-Oct-1995 11.3750 8.3000
31-Oct-1995 11.0000 41.6000
01-Nov-1995 11.2500 12.4000
02-Nov-1995 11.2500 4.1000
03-Nov-1995 10.7500 8.1000
06-Nov-1995 11.7500 7.1000
07-Nov-1995 11.6250 5.0000
08-Nov-1995 11.5000 22.1000
09-Nov-1995 11.0000 19.5000
10-Nov-1995 11.2500 0.3000
13-Nov-1995 11.3750 15.9000
14-Nov-1995 11.0000 2.0000
15-Nov-1995 11.6250 13.1000
16-Nov-1995 11.3750 8.0000
17-Nov-1995 12.0000 17.1000
20-Nov-1995 11.7500 11.3000
21-Nov-1995 12.0000 2.8000
22-Nov-1995 11.7500 13.1000
24-Nov-1995 11.5000 0.5000
27-Nov-1995 12.3125 19.8000
28-Nov-1995 12.7500 14.2000
29-Nov-1995 13.1250 20.3000
30-Nov-1995 13.5000 4.7000
01-Dec-1995 13.7500 51.5000
04-Dec-1995 12.8750 15.8000
05-Dec-1995 12.0000 20.4000
06-Dec-1995 11.9375 16.2000
07-Dec-1995 12.0000 2.0000
08-Dec-1995 12.3750 4.4000
11-Dec-1995 11.7500 3.3000
12-Dec-1995 12.0000 13.5000
13-Dec-1995 12.3750 5.6000
14-Dec-1995 12.3750 6.1000
15-Dec-1995 12.2500 28.7000
18-Dec-1995 12.1250 6.9000
19-Dec-1995 12.0000 0.0000
20-Dec-1995 12.5000 1.8000
21-Dec-1995 12.0000 23.2000
22-Dec-1995 11.7500 8.2000
26-Dec-1995 12.5000 0.5000
27-Dec-1995 12.5000 5.2000
28-Dec-1995 12.0000 17.6000
29-Dec-1995 12.7500 12.5000
02-Jan-1996 12.7500 21.7000
03-Jan-1996 13.2500 6.7000
04-Jan-1996 13.0000 4.9000
05-Jan-1996 13.2500 13.3000
08-Jan-1996 12.6250 1.5000
09-Jan-1996 13.2500 0.2000
10-Jan-1996 12.5000 12.2000
11-Jan-1996 12.6250 8.5000
12-Jan-1996 12.5000 3.2000
15-Jan-1996 12.2500 7.7000
16-Jan-1996 13.0000 14.5000
17-Jan-1996 13.0000 1.7000
18-Jan-1996 12.5000 7.3000
19-Jan-1996 12.7500 2.5000
22-Jan-1996 12.5000 27.5000
23-Jan-1996 12.5000 4.8000
24-Jan-1996 12.0000 0.8000
25-Jan-1996 12.5000 0.7000
26-Jan-1996 12.0000 0.5000
29-Jan-1996 12.0000 4.4000
30-Jan-1996 12.2500 1.7000
31-Jan-1996 12.7500 31.2000
01-Feb-1996 12.7500 0.5000
02-Feb-1996 12.5000 4.2000
05-Feb-1996 13.1250 3.6000
06-Feb-1996 12.5000 4.7000
07-Feb-1996 12.5000 18.8000
08-Feb-1996 13.0000 20.5000
09-Feb-1996 12.7500 25.2000
12-Feb-1996 12.5000 2.8000
13-Feb-1996 12.7500 10.8000
14-Feb-1996 13.0000 37.0000
15-Feb-1996 12.5000 12.3000
16-Feb-1996 12.2500 13.0000
20-Feb-1996 12.7500 4.0000
21-Feb-1996 12.2500 5.2000
22-Feb-1996 12.7500 9.5000
23-Feb-1996 12.2500 7.4000
26-Feb-1996 12.2500 9.1000
27-Feb-1996 12.5000 15.4000
28-Feb-1996 12.2500 10.4000
29-Feb-1996 12.5000 2.6000
01-Mar-1996 12.2500 10.9000
04-Mar-1996 12.3750 33.5000
05-Mar-1996 12.3750 7.1000
06-Mar-1996 12.5000 2.7000
07-Mar-1996 12.2500 2.0000
08-Mar-1996 12.6250 3.6000
11-Mar-1996 12.2500 14.3000
12-Mar-1996 11.7500 497.0000
13-Mar-1996 11.8750 10.5000
14-Mar-1996 11.8750 1.0000
15-Mar-1996 11.8750 17.3000
18-Mar-1996 11.7500 5.6000
19-Mar-1996 11.7500 6.1000
20-Mar-1996 11.7500 1.7000
21-Mar-1996 12.2500 3.6000
22-Mar-1996 12.2500 0.4000
25-Mar-1996 12.2500 1.1000
26-Mar-1996 12.0000 22.4000
27-Mar-1996 12.3750 0.7000
28-Mar-1996 11.6250 3.0000
29-Mar-1996 11.7500 13.3000
01-Apr-1996 11.6250 2.5000
02-Apr-1996 11.7500 1.8000
03-Apr-1996 12.3750 4.2000
04-Apr-1996 12.3750 120.4000
08-Apr-1996 12.3750 1.3000
09-Apr-1996 12.0000 12.2000
10-Apr-1996 12.3750 1.7000
11-Apr-1996 11.7500 389.2000
12-Apr-1996 11.7500 9.7000
15-Apr-1996 11.3750 24.0000
16-Apr-1996 11.0000 32.5000
17-Apr-1996 10.0000 32.7000
18-Apr-1996 10.5000 2.9000
19-Apr-1996 10.5000 3.0000
22-Apr-1996 10.1250 7.1000
23-Apr-1996 10.3750 28.3000
24-Apr-1996 10.2500 15.0000
25-Apr-1996 10.5000 13.5000
26-Apr-1996 10.2500 6.8000
29-Apr-1996 10.3125 15.9000
30-Apr-1996 10.2500 11.5000
01-May-1996 10.7500 5.4000
02-May-1996 10.2500 5.6000
03-May-1996 10.5000 16.1000
06-May-1996 10.5000 1.9000
07-May-1996 10.0000 4.5000
08-May-1996 10.2500 10.0000
09-May-1996 10.5000 3.8000
10-May-1996 10.0000 0.8000
13-May-1996 10.0000 23.3000
14-May-1996 9.7500 6.5000
15-May-1996 10.2500 4.4000
16-May-1996 9.7500 4.9000
17-May-1996 10.2500 4.0000
20-May-1996 9.7500 2.0000
21-May-1996 10.0000 14.2000
22-May-1996 10.2500 12.9000
23-May-1996 10.1250 20.6000
24-May-1996 10.2500 4.0000
28-May-1996 10.2500 13.7000
29-May-1996 9.7500 3.9000
30-May-1996 10.2500 0.9000
31-May-1996 9.6250 35.4000
03-Jun-1996 9.7500 5.6000
04-Jun-1996 9.2500 15.0000
05-Jun-1996 9.3750 4.1000
06-Jun-1996 9.3750 14.0000
07-Jun-1996 9.0000 1.4000
10-Jun-1996 9.0000 1.1000
11-Jun-1996 9.3750 2.4000
12-Jun-1996 9.1875 0.0000
13-Jun-1996 9.3750 1.2000
14-Jun-1996 9.0000 2.9000
17-Jun-1996 9.2500 1.8000
18-Jun-1996 8.6250 7.8000
19-Jun-1996 8.7500 46.0000
20-Jun-1996 9.2500 3.9000
21-Jun-1996 9.0000 6.1000
24-Jun-1996 9.0625 6.2000
25-Jun-1996 8.8750 39.2000
26-Jun-1996 9.2500 19.4000
27-Jun-1996 8.2500 302.5000
28-Jun-1996 8.2500 16.7000
01-Jul-1996 8.5000 8.7000
02-Jul-1996 8.2500 6.6000
03-Jul-1996 8.1875 10.5000
05-Jul-1996 8.3750 7.0000
08-Jul-1996 8.0000 17.6000
09-Jul-1996 8.0000 16.1000
10-Jul-1996 8.1250 18.3000
11-Jul-1996 8.2500 1.6000
12-Jul-1996 8.3750 9.2000
15-Jul-1996 8.3750 3.5000
16-Jul-1996 8.3750 14.0000
17-Jul-1996 8.1250 5.3000
18-Jul-1996 8.0000 2.4000
19-Jul-1996 7.6875 42.8000
22-Jul-1996 7.5000 25.5000
23-Jul-1996 7.5000 7.8000
24-Jul-1996 7.7500 0.6000
25-Jul-1996 7.5000 25.6000
26-Jul-1996 7.2500 25.3000
29-Jul-1996 7.5000 32.1000
30-Jul-1996 6.8750 36.3000
31-Jul-1996 6.8750 37.6000
01-Aug-1996 6.8750 21.2000
02-Aug-1996 6.8750 14.3000
05-Aug-1996 6.7500 49.6000
06-Aug-1996 6.8750 53.1000
07-Aug-1996 6.8750 42.6000
08-Aug-1996 6.8750 23.8000
09-Aug-1996 7.1250 28.6000
12-Aug-1996 7.2500 43.7000
13-Aug-1996 7.8750 78.2000
14-Aug-1996 8.5000 59.6000
15-Aug-1996 9.2500 114.4000
16-Aug-1996 9.2500 36.0000
19-Aug-1996 9.0000 12.0000
20-Aug-1996 9.2500 15.4000
21-Aug-1996 8.7500 9.7000
22-Aug-1996 9.2500 16.9000
23-Aug-1996 9.2500 9.4000
26-Aug-1996 9.2500 15.0000
27-Aug-1996 9.0000 3.5000
28-Aug-1996 9.0000 6.8000
29-Aug-1996 9.2500 5.5000
30-Aug-1996 9.2500 6.2000
03-Sep-1996 9.2500 2.7000
04-Sep-1996 9.0000 11.5000
05-Sep-1996 9.0000 7.8000
06-Sep-1996 8.8750 2.6000
09-Sep-1996 9.1250 4.2000
10-Sep-1996 8.9375 3.4000
11-Sep-1996 9.0000 12.4000
12-Sep-1996 8.7500 1.3000
13-Sep-1996 9.0000 9.9000
16-Sep-1996 9.1250 16.1000
17-Sep-1996 8.7500 0.3000
18-Sep-1996 9.2500 1.3000
19-Sep-1996 8.7500 1.5000
20-Sep-1996 8.7500 0.7000
23-Sep-1996 9.1250 17.4000
24-Sep-1996 9.2500 1.4000
25-Sep-1996 8.7500 6.1000
26-Sep-1996 9.0000 1.3000
27-Sep-1996 8.7500 6.1000
30-Sep-1996 8.7500 5.0000
01-Oct-1996 8.7500 11.1000
02-Oct-1996 8.5000 5.7000
03-Oct-1996 8.2500 2.1000
04-Oct-1996 8.2500 2.2000
07-Oct-1996 8.5000 5.2000
08-Oct-1996 8.0000 15.2000
09-Oct-1996 7.9375 14.7000
10-Oct-1996 7.7500 1.1000
11-Oct-1996 7.7500 7.9000
14-Oct-1996 7.5000 17.5000
15-Oct-1996 7.7500 6.9000
16-Oct-1996 7.7500 8.2000
17-Oct-1996 7.7500 3.2000
18-Oct-1996 7.5000 3.2000
21-Oct-1996 7.2500 2.9000
22-Oct-1996 7.7500 2.2000
23-Oct-1996 7.5156 4.3000
24-Oct-1996 7.6250 33.4000
25-Oct-1996 7.0000 1.2000
28-Oct-1996 7.5000 12.3000
29-Oct-1996 7.0000 14.4000
30-Oct-1996 7.0000 10.0000
31-Oct-1996 7.2500 20.7000
01-Nov-1996 7.5000 5.4000
04-Nov-1996 7.0000 0.9000
05-Nov-1996 7.5000 2.1000
06-Nov-1996 7.5000 4.6000
07-Nov-1996 7.4844 3.8000
08-Nov-1996 7.5000 24.9000
11-Nov-1996 7.5000 1.9000
12-Nov-1996 7.5000 2.9000
13-Nov-1996 7.7500 6.7000
14-Nov-1996 7.5000 13.6000
15-Nov-1996 7.2500 4.0000
18-Nov-1996 7.5000 9.4000
19-Nov-1996 7.5000 2.8000
20-Nov-1996 7.5000 41.9000
21-Nov-1996 7.6250 19.8000
22-Nov-1996 7.5000 9.6000
25-Nov-1996 7.7500 23.0000
26-Nov-1996 7.2500 4.2000
27-Nov-1996 7.0000 10.0000
29-Nov-1996 7.1250 0.9000
02-Dec-1996 7.0000 4.0000
03-Dec-1996 7.1250 3.7000
04-Dec-1996 7.0000 18.7000
05-Dec-1996 7.5000 13.1000
06-Dec-1996 7.2500 15.5000
09-Dec-1996 7.0000 8.0000
10-Dec-1996 6.7500 4.5000
11-Dec-1996 6.8750 5.0000
12-Dec-1996 7.0000 70.6000
13-Dec-1996 7.7500 23.5000
16-Dec-1996 7.2500 10.7000
17-Dec-1996 7.2500 3.6000
18-Dec-1996 7.2500 2.7000
19-Dec-1996 7.2500 2.8000
20-Dec-1996 7.2500 6.3000
23-Dec-1996 7.3750 7.0000
24-Dec-1996 6.6250 25.2000
26-Dec-1996 7.0000 54.0000
27-Dec-1996 6.6250 4.5000
30-Dec-1996 7.0000 8.9000
31-Dec-1996 7.0000 21.8000
02-Jan-1997 7.0000 0.6000
03-Jan-1997 7.3750 5.6000
06-Jan-1997 7.7500 2.8000
07-Jan-1997 7.8750 10.9000
08-Jan-1997 8.7500 24.2000
09-Jan-1997 8.8750 7.1000
10-Jan-1997 8.7500 1.6000
13-Jan-1997 8.7500 4.4000
14-Jan-1997 9.2500 17.2000
15-Jan-1997 10.7500 41.7000
16-Jan-1997 10.0000 36.5000
17-Jan-1997 9.7500 10.1000
20-Jan-1997 9.9844 10.7000
21-Jan-1997 9.5000 1.3000
22-Jan-1997 10.0000 8.8000
23-Jan-1997 10.2500 16.2000
24-Jan-1997 10.1250 64.7000
27-Jan-1997 9.8750 66.6000
28-Jan-1997 9.7500 8.4000
29-Jan-1997 9.7500 2.5000
30-Jan-1997 10.0000 17.6000
31-Jan-1997 10.0000 14.0000
03-Feb-1997 9.7500 3.2000
04-Feb-1997 9.9375 2.8000
05-Feb-1997 10.0000 39.6000
06-Feb-1997 10.3750 107.0000
07-Feb-1997 10.3750 15.6000
10-Feb-1997 10.2500 8.1000
11-Feb-1997 10.5000 9.7000
12-Feb-1997 10.5000 22.0000
13-Feb-1997 10.1250 5.0000
14-Feb-1997 9.8750 8.4000
18-Feb-1997 9.6250 22.5000
19-Feb-1997 9.5000 9.6000
20-Feb-1997 9.2500 11.0000
21-Feb-1997 9.2500 10.1000
24-Feb-1997 9.3750 7.9000
25-Feb-1997 9.0000 1.7000
26-Feb-1997 9.0000 1.0000
27-Feb-1997 9.3750 0.0000
28-Feb-1997 9.2500 11.8000
03-Mar-1997 9.7500 3.5000
04-Mar-1997 9.7500 4.1000
05-Mar-1997 9.5000 0.1000
06-Mar-1997 9.7500 4.3000
07-Mar-1997 9.0000 15.8000
10-Mar-1997 8.7500 15.4000
11-Mar-1997 7.9375 45.2000
12-Mar-1997 8.0000 30.6000
13-Mar-1997 8.2500 34.1000
14-Mar-1997 8.0000 25.1000
17-Mar-1997 8.0000 0.6000
18-Mar-1997 8.2500 0.0000
19-Mar-1997 8.0000 10.1000
20-Mar-1997 8.0000 15.2000
21-Mar-1997 8.0000 1.3000
24-Mar-1997 8.5000 1.8000
25-Mar-1997 8.0000 3.0000
26-Mar-1997 8.2500 3.5000
27-Mar-1997 8.2500 10.7000
31-Mar-1997 8.3750 7.7000
01-Apr-1997 8.5000 1.1000
02-Apr-1997 8.1250 0.1000
03-Apr-1997 8.1250 20.2000
04-Apr-1997 8.5000 0.3000
07-Apr-1997 8.3125 0.0000
08-Apr-1997 8.1250 5.5000
09-Apr-1997 8.1250 21.1000
10-Apr-1997 8.3750 40.6000
11-Apr-1997 8.3750 3.5000
14-Apr-1997 8.3750 1.0000
15-Apr-1997 8.5000 1.3000
16-Apr-1997 8.5000 0.7000
17-Apr-1997 8.2500 8.4000
18-Apr-1997 8.2500 0.4000
21-Apr-1997 8.5000 12.7000
22-Apr-1997 8.2500 0.7000
23-Apr-1997 8.8125 15.8000
24-Apr-1997 8.5000 3.9000
25-Apr-1997 8.5000 3.8000
28-Apr-1997 9.0000 44.6000
29-Apr-1997 9.0000 7.4000
30-Apr-1997 9.2500 5.1000
01-May-1997 9.2500 68.3000
02-May-1997 9.1250 2.6000
05-May-1997 9.5000 5.1000
06-May-1997 9.1250 4.1000
07-May-1997 9.2500 0.8000
08-May-1997 9.5000 3.6000
09-May-1997 9.1250 0.6000
12-May-1997 9.1250 6.3000
13-May-1997 9.2500 9.4000
14-May-1997 9.1250 14.3000
15-May-1997 9.2500 15.6000
16-May-1997 9.2500 0.0000
19-May-1997 9.0000 1.1000
20-May-1997 9.2500 35.7000
21-May-1997 9.3750 2.9000
22-May-1997 9.5000 11.6000
23-May-1997 9.6250 46.4000
27-May-1997 9.5000 16.9000
28-May-1997 8.5000 62.5000
29-May-1997 8.7500 53.4000
30-May-1997 8.7500 10.5000
02-Jun-1997 8.3750 14.6000
03-Jun-1997 8.3750 2.2000
04-Jun-1997 8.2500 7.3000
05-Jun-1997 8.3125 4.2000
06-Jun-1997 8.5000 4.9000
09-Jun-1997 8.1250 2.4000
10-Jun-1997 8.1250 12.1000
11-Jun-1997 8.0000 1.5000
12-Jun-1997 8.0000 4.2000
13-Jun-1997 8.0000 1.4000
16-Jun-1997 8.0000 5.0000
17-Jun-1997 7.8750 0.8000
18-Jun-1997 8.2500 104.2000
19-Jun-1997 8.0000 34.3000
20-Jun-1997 8.5000 4.5000
23-Jun-1997 8.0000 4.6000
24-Jun-1997 8.0000 3.0000
25-Jun-1997 8.5000 0.2000
26-Jun-1997 8.2500 3.2000
27-Jun-1997 8.0000 0.3000
30-Jun-1997 8.2500 0.4000
01-Jul-1997 8.0000 9.9000
02-Jul-1997 7.8750 0.9000
03-Jul-1997 7.7500 0.4000
07-Jul-1997 7.7500 3.8000
08-Jul-1997 7.6250 2.8000
09-Jul-1997 7.8750 19.7000
10-Jul-1997 7.7500 9.4000
11-Jul-1997 7.6250 0.9000
14-Jul-1997 7.6250 4.8000
15-Jul-1997 7.6250 6.4000
16-Jul-1997 7.8750 10.1000
17-Jul-1997 7.8750 7.5000
18-Jul-1997 7.7500 7.5000
21-Jul-1997 7.6250 3.1000
22-Jul-1997 7.5000 4.4000
23-Jul-1997 7.3750 0.1000
24-Jul-1997 7.3750 8.5000
25-Jul-1997 7.7500 1.5000
28-Jul-1997 7.7500 0.2000
29-Jul-1997 7.7500 2.9000
30-Jul-1997 7.5625 10.1000
31-Jul-1997 7.3750 6.3000
01-Aug-1997 7.7500 2.2000
04-Aug-1997 7.3750 11.8000
05-Aug-1997 6.8750 25.1000
06-Aug-1997 7.2500 1.9000
07-Aug-1997 7.0000 19.6000
08-Aug-1997 7.0000 1.9000
11-Aug-1997 6.8750 4.2000
12-Aug-1997 7.0000 10.2000
13-Aug-1997 7.1250 4.2000
14-Aug-1997 7.1250 0.2000
15-Aug-1997 6.7500 7.2000
18-Aug-1997 6.7500 8.3000
19-Aug-1997 6.8750 35.0000
20-Aug-1997 7.0000 1.3000
21-Aug-1997 6.8750 0.5000
22-Aug-1997 7.0625 33.5000
25-Aug-1997 6.8750 14.6000
26-Aug-1997 7.1250 10.2000
27-Aug-1997 6.8750 16.1000
28-Aug-1997 7.0156 3.7000
29-Aug-1997 6.8750 83.2000
02-Sep-1997 6.8750 5.9000
03-Sep-1997 7.1250 15.4000
04-Sep-1997 7.0000 1.5000
05-Sep-1997 7.1250 4.5000
08-Sep-1997 7.2500 2.2000
09-Sep-1997 7.1250 28.3000
10-Sep-1997 8.0000 14.0000
11-Sep-1997 8.0000 7.2000
12-Sep-1997 8.1250 20.5000
15-Sep-1997 8.1250 8.9000
16-Sep-1997 8.3750 5.2000
17-Sep-1997 8.4375 16.8000
18-Sep-1997 8.2500 11.0000
19-Sep-1997 8.2500 6.1000
22-Sep-1997 8.0000 0.4000
23-Sep-1997 8.1875 1.7000
24-Sep-1997 8.5000 5.7000
25-Sep-1997 8.5000 10.6000
26-Sep-1997 8.3750 3.5000
29-Sep-1997 8.2500 5.7000
30-Sep-1997 8.2500 1.1000
01-Oct-1997 8.5000 2.6000
02-Oct-1997 8.3750 3.3000
03-Oct-1997 8.2500 6.6000
06-Oct-1997 8.2500 2.0000
07-Oct-1997 8.3750 1.9000
08-Oct-1997 8.0000 30.9000
09-Oct-1997 7.8750 0.6000
10-Oct-1997 7.6250 6.6000
13-Oct-1997 7.7500 4.3000
14-Oct-1997 7.7500 0.0000
15-Oct-1997 7.7500 0.0000
16-Oct-1997 7.8750 15.6000
17-Oct-1997 7.6875 3.7000
20-Oct-1997 7.6875 0.5000
21-Oct-1997 7.7500 1.6000
22-Oct-1997 7.7500 4.8000
23-Oct-1997 7.5000 0.4000
24-Oct-1997 7.6250 0.0000
27-Oct-1997 7.3750 11.6000
28-Oct-1997 7.3125 3.8000
29-Oct-1997 7.7500 6.8000
30-Oct-1997 7.3750 7.5000
31-Oct-1997 7.0000 18.2000
03-Nov-1997 7.0000 1.8000
04-Nov-1997 7.1250 12.4000
05-Nov-1997 7.5000 3.0000
06-Nov-1997 8.0000 6.8000
07-Nov-1997 8.0000 10.6000
10-Nov-1997 7.3750 7.7000
11-Nov-1997 8.0000 10.4000
12-Nov-1997 7.5000 2.0000
13-Nov-1997 8.0000 5.2000
14-Nov-1997 7.8750 0.7000
17-Nov-1997 7.8750 0.2000
18-Nov-1997 8.1250 6.4000
19-Nov-1997 7.4375 0.3000
20-Nov-1997 7.3750 1.4000
21-Nov-1997 8.0000 6.0000
24-Nov-1997 8.0000 7.0000
25-Nov-1997 8.2500 5.2000
26-Nov-1997 8.2500 0.2000
28-Nov-1997 8.0625 0.0000
01-Dec-1997 8.1875 5.5000
02-Dec-1997 7.8750 0.6000
03-Dec-1997 7.8750 6.7000
04-Dec-1997 8.1875 0.0000
05-Dec-1997 8.0000 1.6000
08-Dec-1997 8.0000 5.4000
09-Dec-1997 8.2500 12.9000
10-Dec-1997 8.0000 1.3000
11-Dec-1997 7.7500 0.4000
12-Dec-1997 8.1250 27.0000
15-Dec-1997 8.0000 31.0000
16-Dec-1997 8.2500 11.4000
17-Dec-1997 8.3750 5.6000
18-Dec-1997 8.2500 1.1000
19-Dec-1997 8.1250 1.6000
22-Dec-1997 7.5625 16.3000
23-Dec-1997 7.8750 4.6000
24-Dec-1997 7.6250 1.3000
26-Dec-1997 7.8750 10.0000
29-Dec-1997 7.7500 11.4000
30-Dec-1997 7.3125 28.4000
31-Dec-1997 7.8750 36.1000
02-Jan-1998 8.0000 4.4000
05-Jan-1998 8.0000 1.6000
06-Jan-1998 8.0000 3.3000
07-Jan-1998 8.0000 6.0000
08-Jan-1998 8.0625 0.0000
09-Jan-1998 7.8125 0.7000
12-Jan-1998 8.0000 0.2000
13-Jan-1998 7.5000 0.1000
14-Jan-1998 7.5000 1.0000
15-Jan-1998 7.6250 0.2000
16-Jan-1998 8.1250 6.7000
20-Jan-1998 7.7500 10.2000
21-Jan-1998 8.2500 38.2000
22-Jan-1998 8.2500 4.7000
23-Jan-1998 8.2500 9.0000
26-Jan-1998 8.3750 32.2000
27-Jan-1998 8.7500 18.3000
28-Jan-1998 9.5000 13.5000
29-Jan-1998 9.9375 43.3000
30-Jan-1998 10.0000 14.5000
02-Feb-1998 10.0000 40.4000
03-Feb-1998 10.3750 29.3000
04-Feb-1998 10.2500 23.6000
05-Feb-1998 10.5000 14.0000
06-Feb-1998 10.5000 12.3000
09-Feb-1998 10.7500 26.3000
10-Feb-1998 11.8750 28.5000
11-Feb-1998 11.8750 69.7000
12-Feb-1998 11.3750 35.0000
13-Feb-1998 11.5000 14.5000
17-Feb-1998 11.3750 7.9000
18-Feb-1998 10.6250 21.2000
19-Feb-1998 11.0000 11.0000
20-Feb-1998 10.7500 14.8000
23-Feb-1998 10.5000 7.8000
24-Feb-1998 10.5000 35.9000
25-Feb-1998 11.0000 0.5000
26-Feb-1998 10.7500 3.6000
27-Feb-1998 10.5000 0.6000
02-Mar-1998 10.6250 7.4000
03-Mar-1998 10.6875 9.0000
04-Mar-1998 10.6250 3.0000
05-Mar-1998 10.7500 1.5000
06-Mar-1998 10.7500 4.6000
09-Mar-1998 11.0000 2.3000
10-Mar-1998 11.0000 16.8000
11-Mar-1998 11.2500 4.5000
12-Mar-1998 11.7500 3.5000
13-Mar-1998 13.7500 131.0000
16-Mar-1998 13.7500 62.6000
17-Mar-1998 13.7500 86.6000
18-Mar-1998 14.0000 24.6000
19-Mar-1998 13.5000 20.8000
20-Mar-1998 13.7500 5.8000
23-Mar-1998 13.3750 9.6000
24-Mar-1998 14.0000 11.5000
25-Mar-1998 14.0000 9.7000
26-Mar-1998 14.2500 20.2000
27-Mar-1998 14.5000 21.1000
30-Mar-1998 15.6250 59.0000
31-Mar-1998 16.2500 49.9000
01-Apr-1998 15.7500 13.8000
02-Apr-1998 15.5000 33.6000
03-Apr-1998 15.8750 19.2000
06-Apr-1998 16.1563 31.3000
07-Apr-1998 16.1250 44.2000
08-Apr-1998 16.2500 39.8000
09-Apr-1998 16.0625 23.9000
13-Apr-1998 16.1250 17.6000
14-Apr-1998 16.0000 12.2000
15-Apr-1998 15.8750 25.6000
16-Apr-1998 15.7500 10.2000
17-Apr-1998 15.6250 28.0000
20-Apr-1998 16.0000 30.9000
21-Apr-1998 16.0625 28.0000
22-Apr-1998 17.0000 43.3000
23-Apr-1998 19.5000 140.0000
24-Apr-1998 20.8750 104.2000
27-Apr-1998 19.9375 155.5000
28-Apr-1998 20.1250 61.0000
29-Apr-1998 22.0000 160.1000
30-Apr-1998 21.6250 99.0000
01-May-1998 21.0000 48.0000
04-May-1998 20.0000 15.7000
05-May-1998 19.3750 35.4000
06-May-1998 20.6250 18.6000
07-May-1998 21.2500 62.0000
08-May-1998 21.0000 12.8000
11-May-1998 20.5000 5.9000
12-May-1998 20.3750 8.2000
13-May-1998 20.3750 26.0000
14-May-1998 19.0000 27.6000
15-May-1998 19.6250 38.6000
18-May-1998 19.2500 9.3000
19-May-1998 19.3750 3.6000
20-May-1998 20.0000 11.1000
21-May-1998 19.7500 6.6000
22-May-1998 19.7500 3.9000
26-May-1998 20.0000 0.9000
27-May-1998 18.8750 29.6000
28-May-1998 19.7500 3.8000
29-May-1998 19.7500 5.4000
01-Jun-1998 19.6250 18.2000
02-Jun-1998 19.2500 9.7000
03-Jun-1998 18.8750 12.3000
04-Jun-1998 18.6875 16.5000
05-Jun-1998 18.8750 12.0000
08-Jun-1998 19.4375 19.1000
09-Jun-1998 19.6250 5.6000
10-Jun-1998 19.4375 15.0000
11-Jun-1998 19.5000 7.6000
12-Jun-1998 20.0000 17.8000
15-Jun-1998 19.0000 8.2000
16-Jun-1998 19.5000 6.8000
17-Jun-1998 22.2500 129.9000
18-Jun-1998 22.7500 27.0000
19-Jun-1998 23.4375 65.2000
22-Jun-1998 23.8750 44.0000
23-Jun-1998 23.5000 18.7000
24-Jun-1998 22.8125 18.1000
25-Jun-1998 23.5000 8.4000
26-Jun-1998 23.4375 11.9000
29-Jun-1998 25.7500 64.3000
30-Jun-1998 24.6250 57.8000
01-Jul-1998 25.6250 22.9000
02-Jul-1998 26.0000 17.3000
06-Jul-1998 25.2500 11.5000
07-Jul-1998 26.8750 59.1000
08-Jul-1998 26.8750 38.6000
09-Jul-1998 26.6250 12.7000
10-Jul-1998 26.3750 8.4000
13-Jul-1998 26.7500 33.6000
14-Jul-1998 27.0000 28.0000
15-Jul-1998 27.0000 11.1000
16-Jul-1998 28.1250 125.4000
17-Jul-1998 28.6250 21.2000
20-Jul-1998 28.3750 27.4000
21-Jul-1998 27.1250 57.7000
22-Jul-1998 26.0625 61.3000
23-Jul-1998 25.6250 23.5000
24-Jul-1998 25.0000 17.5000
27-Jul-1998 24.1250 41.3000
28-Jul-1998 23.7500 35.6000
29-Jul-1998 22.5000 14.5000
30-Jul-1998 24.3750 101.2000
31-Jul-1998 23.6250 21.6000
03-Aug-1998 23.2500 13.4000
04-Aug-1998 22.5000 22.5000
05-Aug-1998 23.1250 12.5000
06-Aug-1998 24.7500 12.3000
07-Aug-1998 24.5000 20.9000
10-Aug-1998 25.7500 24.8000
11-Aug-1998 25.3750 48.1000
12-Aug-1998 26.0000 35.1000
13-Aug-1998 25.8750 19.7000
14-Aug-1998 25.0000 6.0000
17-Aug-1998 25.5000 9.4000
18-Aug-1998 25.6250 45.1000
19-Aug-1998 25.7500 37.3000
20-Aug-1998 26.0000 4.4000
21-Aug-1998 25.0000 97.5000
24-Aug-1998 24.5000 44.8000
25-Aug-1998 24.9375 16.3000
26-Aug-1998 24.1250 28.2000
27-Aug-1998 23.6250 23.5000
28-Aug-1998 21.5000 24.2000
31-Aug-1998 21.0000 17.5000
01-Sep-1998 22.1250 47.6000
02-Sep-1998 22.0000 4.4000
03-Sep-1998 22.7500 23.2000
04-Sep-1998 22.0000 0.7000
08-Sep-1998 23.0000 5.4000
09-Sep-1998 23.2500 2.9000
10-Sep-1998 23.2500 8.1000
11-Sep-1998 23.0000 10.0000
14-Sep-1998 23.5000 39.9000
15-Sep-1998 24.7500 50.2000
16-Sep-1998 23.9375 24.0000
17-Sep-1998 23.7500 26.1000
18-Sep-1998 23.3750 25.7000
21-Sep-1998 23.7500 3.3000
22-Sep-1998 23.0000 2.4000
23-Sep-1998 23.5000 9.9000
24-Sep-1998 23.7500 6.6000
25-Sep-1998 23.1250 0.3000
28-Sep-1998 23.1875 1.1000
29-Sep-1998 23.6250 3.2000
30-Sep-1998 23.5000 15.3000
01-Oct-1998 22.0000 9.4000
02-Oct-1998 22.4375 2.8000
05-Oct-1998 21.7500 8.0000
06-Oct-1998 21.5000 10.9000
07-Oct-1998 19.0000 20.8000
08-Oct-1998 16.2500 36.9000
09-Oct-1998 19.8750 17.9000
12-Oct-1998 20.0000 12.8000
13-Oct-1998 18.6250 4.3000
14-Oct-1998 19.3125 59.2000
15-Oct-1998 22.0000 15.3000
16-Oct-1998 22.2500 6.3000
19-Oct-1998 21.8750 52.8000
20-Oct-1998 19.7500 32.7000
21-Oct-1998 20.0000 11.2000
22-Oct-1998 20.4375 52.9000
23-Oct-1998 20.5000 2.8000
26-Oct-1998 20.8750 16.7000
27-Oct-1998 22.3750 22.6000
28-Oct-1998 22.6875 117.4000
29-Oct-1998 22.0000 28.1000
30-Oct-1998 22.1250 23.5000
02-Nov-1998 22.7500 33.1000
03-Nov-1998 22.6250 21.9000
04-Nov-1998 23.1250 74.7000
05-Nov-1998 23.5000 91.9000
06-Nov-1998 22.8750 101.0000
09-Nov-1998 22.3750 11.8000
10-Nov-1998 22.2500 28.8000
11-Nov-1998 20.0000 22.6000
12-Nov-1998 19.7500 6.7000
13-Nov-1998 20.4375 8.2000
16-Nov-1998 21.7500 6.7000
17-Nov-1998 21.7500 26.2000
18-Nov-1998 21.8750 7.9000
19-Nov-1998 21.0625 11.2000
20-Nov-1998 21.8750 8.3000
23-Nov-1998 22.0000 49.0000
24-Nov-1998 22.5000 243.3000
25-Nov-1998 22.0000 11.3000
27-Nov-1998 22.8750 2.7000
30-Nov-1998 22.0000 8.2000
01-Dec-1998 22.0000 17.4000
02-Dec-1998 22.0625 14.4000
03-Dec-1998 22.5000 28.0000
04-Dec-1998 22.7500 5.5000
07-Dec-1998 23.7500 144.7000
08-Dec-1998 24.0000 93.3000
09-Dec-1998 24.5000 13.6000
10-Dec-1998 25.2500 23.8000
11-Dec-1998 24.1250 14.1000
14-Dec-1998 24.1250 39.1000
15-Dec-1998 24.6250 5.6000
16-Dec-1998 25.3750 46.8000
17-Dec-1998 25.5000 106.4000
18-Dec-1998 26.5000 103.3000
21-Dec-1998 27.5000 45.1000
22-Dec-1998 26.0000 21.8000
23-Dec-1998 25.5000 47.0000
24-Dec-1998 25.6250 4.9000
28-Dec-1998 26.2500 5.9000
29-Dec-1998 27.0625 31.8000
30-Dec-1998 27.0000 36.3000
31-Dec-1998 27.1250 8.1000
04-Jan-1999 26.5000 248.8000
05-Jan-1999 27.2500 36.4000
06-Jan-1999 27.6250 156.1000
07-Jan-1999 28.0000 29.1000
08-Jan-1999 26.7500 46.4000
11-Jan-1999 25.6250 29.6000
12-Jan-1999 24.2500 23.5000
13-Jan-1999 24.1250 7.7000
14-Jan-1999 24.1250 13.4000
15-Jan-1999 24.0000 19.4000
19-Jan-1999 24.2500 19.5000
20-Jan-1999 23.5000 7.8000
21-Jan-1999 24.5000 53.6000
22-Jan-1999 25.1250 14.7000
25-Jan-1999 24.5000 86.1000
26-Jan-1999 24.8750 37.9000
27-Jan-1999 22.3750 36.1000
28-Jan-1999 22.1250 34.8000
29-Jan-1999 24.0625 84.0000
01-Feb-1999 23.6875 79.6000
02-Feb-1999 22.6250 29.0000
03-Feb-1999 21.9375 29.8000
04-Feb-1999 21.5000 9.5000
05-Feb-1999 21.6250 19.3000
08-Feb-1999 21.5625 89.8000
09-Feb-1999 21.7500 26.8000
10-Feb-1999 23.6875 21.9000
11-Feb-1999 23.2500 17.3000
12-Feb-1999 23.0000 5.8000
16-Feb-1999 21.7500 16.1000
17-Feb-1999 19.6250 28.2000
18-Feb-1999 20.5000 26.8000
19-Feb-1999 21.8750 40.1000
22-Feb-1999 22.9375 21.8000
23-Feb-1999 22.8125 19.5000
24-Feb-1999 22.7500 5.2000
25-Feb-1999 21.8125 7.8000
26-Feb-1999 22.1250 4.4000
01-Mar-1999 22.6875 17.4000
02-Mar-1999 21.3750 15.7000
03-Mar-1999 21.7500 11.6000
04-Mar-1999 22.5000 5.6000
05-Mar-1999 22.0000 4.5000
08-Mar-1999 21.0000 33.6000
09-Mar-1999 21.5000 20.6000
10-Mar-1999 22.0000 21.2000
11-Mar-1999 22.1250 6.0000
12-Mar-1999 21.8125 6.4000
15-Mar-1999 21.3750 43.1000
16-Mar-1999 21.5000 39.0000
17-Mar-1999 21.0000 56.8000
18-Mar-1999 21.1250 18.0000
19-Mar-1999 20.0000 28.7000
22-Mar-1999 20.2500 14.7000
23-Mar-1999 19.3750 23.6000
24-Mar-1999 19.7500 17.6000
25-Mar-1999 20.9375 11.3000
26-Mar-1999 20.0000 32.3000
29-Mar-1999 20.8750 14.8000
30-Mar-1999 20.5000 19.8000
31-Mar-1999 19.0000 110.5000
01-Apr-1999 18.8750 31.6000
05-Apr-1999 18.5000 103.0000
06-Apr-1999 19.0000 67.3000
07-Apr-1999 19.5000 99.8000
08-Apr-1999 19.5625 40.2000
09-Apr-1999 20.0000 18.0000
12-Apr-1999 20.1875 11.0000
13-Apr-1999 21.0000 61.0000
14-Apr-1999 21.8750 44.7000
15-Apr-1999 22.2500 29.0000
16-Apr-1999 21.8750 56.9000
19-Apr-1999 23.3750 72.8000
20-Apr-1999 23.8750 16.4000
21-Apr-1999 23.5000 44.7000
22-Apr-1999 23.0625 56.0000
23-Apr-1999 22.9375 7.4000
26-Apr-1999 22.8750 14.0000
27-Apr-1999 22.8750 8.5000
28-Apr-1999 22.9375 154.9000
29-Apr-1999 22.3750 42.3000
30-Apr-1999 22.6250 10.1000
03-May-1999 22.3125 24.3000
04-May-1999 22.5000 13.2000
05-May-1999 22.1250 14.6000
06-May-1999 21.4375 15.4000
07-May-1999 21.0000 8.6000
10-May-1999 22.2500 4.2000
11-May-1999 22.5000 5.6000
12-May-1999 22.2500 3.5000
13-May-1999 21.6250 19.6000
14-May-1999 22.0000 3.1000
17-May-1999 21.8750 2.2000
18-May-1999 21.8125 13.3000
19-May-1999 22.2500 26.5000
20-May-1999 23.0000 58.2000
21-May-1999 22.6875 174.1000
24-May-1999 22.7500 18.2000
25-May-1999 22.0000 76.9000
26-May-1999 24.1250 266.6000
27-May-1999 24.0000 33.7000
28-May-1999 23.5000 4.5000
01-Jun-1999 23.7500 27.7000
02-Jun-1999 23.7500 42.2000
03-Jun-1999 24.2500 0.8000
04-Jun-1999 24.6250 36.4000
07-Jun-1999 24.6250 4.1000
08-Jun-1999 23.3750 23.6000
09-Jun-1999 24.8125 14.4000
10-Jun-1999 24.4375 8.7000
11-Jun-1999 24.2500 14.0000
14-Jun-1999 24.0000 10.0000
15-Jun-1999 24.0000 40.7000
16-Jun-1999 24.0000 10.7000
17-Jun-1999 24.2500 3.9000
18-Jun-1999 24.3750 25.5000
21-Jun-1999 24.0625 18.4000
22-Jun-1999 24.5000 4.7000
23-Jun-1999 24.1250 8.8000
24-Jun-1999 23.5625 3.1000
25-Jun-1999 24.1250 10.4000
28-Jun-1999 23.5000 24.8000
29-Jun-1999 24.3750 7.9000
30-Jun-1999 24.6250 20.7000
01-Jul-1999 25.0000 12.5000
02-Jul-1999 24.5625 19.0000
06-Jul-1999 24.3750 8.7000
07-Jul-1999 24.7500 48.9000
08-Jul-1999 24.2500 4.1000
09-Jul-1999 24.5000 22.4000
12-Jul-1999 24.1250 13.9000
13-Jul-1999 25.0000 2.0000
14-Jul-1999 25.7500 113.2000
15-Jul-1999 27.1250 28.1000
16-Jul-1999 27.3750 1.2000
19-Jul-1999 25.7500 45.4000
20-Jul-1999 27.0000 60.6000
21-Jul-1999 26.0000 13.5000
22-Jul-1999 26.2500 8.1000
23-Jul-1999 23.5625 40.1000
26-Jul-1999 22.7500 2.5000
27-Jul-1999 22.5625 16.8000
28-Jul-1999 23.2500 7.0000
29-Jul-1999 22.5000 3.8000
30-Jul-1999 22.0000 13.8000
02-Aug-1999 21.7500 20.5000
03-Aug-1999 21.6250 2.3000
04-Aug-1999 22.7500 9.3000
05-Aug-1999 22.6250 11.7000
06-Aug-1999 23.3750 13.5000
09-Aug-1999 24.5000 9.8000
10-Aug-1999 23.0000 30.4000
11-Aug-1999 22.7500 4.2000
12-Aug-1999 22.5000 2.5000
13-Aug-1999 22.5000 5.2000
16-Aug-1999 22.5000 5.7000
17-Aug-1999 23.0000 0.3000
18-Aug-1999 22.5625 3.2000
19-Aug-1999 21.4375 15.7000
20-Aug-1999 20.2500 14.7000
23-Aug-1999 20.6250 27.3000
24-Aug-1999 19.6875 6.5000
25-Aug-1999 20.0000 26.8000
26-Aug-1999 20.0625 8.1000
27-Aug-1999 20.0625 34.5000
30-Aug-1999 19.7500 5.5000
31-Aug-1999 20.0000 36.2000
01-Sep-1999 20.0000 48.8000
02-Sep-1999 20.0000 36.7000
03-Sep-1999 20.5000 88.5000
07-Sep-1999 20.5000 49.9000
08-Sep-1999 20.4375 2.5000
09-Sep-1999 20.5000 11.7000
10-Sep-1999 20.3750 69.5000
13-Sep-1999 20.1875 64.2000
14-Sep-1999 20.1250 113.5000
15-Sep-1999 20.0000 42.2000
16-Sep-1999 19.2500 18.3000
17-Sep-1999 20.0000 9.2000
20-Sep-1999 20.6250 1.3000
21-Sep-1999 21.0000 4.4000
22-Sep-1999 21.2500 6.6000
23-Sep-1999 20.7500 12.2000
24-Sep-1999 19.6250 10.2000
27-Sep-1999 19.0000 11.4000
28-Sep-1999 18.8750 20.8000
29-Sep-1999 19.0625 9.3000
30-Sep-1999 18.7500 13.0000
01-Oct-1999 18.7500 20.0000
04-Oct-1999 19.7500 18.3000
05-Oct-1999 20.0000 1.3000
06-Oct-1999 20.3750 17.2000
07-Oct-1999 20.0000 21.1000
08-Oct-1999 19.6250 6.6000
11-Oct-1999 19.8750 2.7000
12-Oct-1999 19.0000 14.1000
13-Oct-1999 18.8750 29.0000
14-Oct-1999 19.0000 3.1000
15-Oct-1999 19.0000 9.2000
18-Oct-1999 19.7500 4.4000
19-Oct-1999 19.4375 5.6000
20-Oct-1999 19.7500 7.6000
21-Oct-1999 19.5000 2.9000
22-Oct-1999 19.3750 18.3000
25-Oct-1999 19.8750 15.6000
26-Oct-1999 20.0000 47.4000
27-Oct-1999 20.2500 4.2000
28-Oct-1999 20.3750 9.8000
29-Oct-1999 20.3750 104.6000
01-Nov-1999 20.1250 2.7000
02-Nov-1999 20.2500 3.5000
03-Nov-1999 20.8750 28.0000
04-Nov-1999 21.6250 23.2000
05-Nov-1999 21.6250 20.0000
08-Nov-1999 21.8750 15.2000
09-Nov-1999 21.6250 22.1000
10-Nov-1999 21.1250 26.4000
11-Nov-1999 21.8750 27.7000
12-Nov-1999 21.5000 87.0000
15-Nov-1999 20.6250 19.9000
16-Nov-1999 20.2500 9.3000
17-Nov-1999 19.8125 11.6000
18-Nov-1999 19.0000 12.1000
19-Nov-1999 18.3750 30.2000
22-Nov-1999 18.3750 15.3000
23-Nov-1999 18.0000 16.4000
24-Nov-1999 19.8750 26.1000
26-Nov-1999 19.4375 0.6000
29-Nov-1999 19.7500 10.8000
30-Nov-1999 19.7500 10.5000
01-Dec-1999 19.0000 4.0000
02-Dec-1999 18.4375 38.0000
03-Dec-1999 18.0000 13.7000
06-Dec-1999 18.2500 39.4000
07-Dec-1999 18.2500 10.3000
08-Dec-1999 18.0000 20.4000
09-Dec-1999 17.6250 9.2000
10-Dec-1999 17.5000 6.3000
13-Dec-1999 17.7500 7.7000
14-Dec-1999 17.8125 17.2000
15-Dec-1999 17.5625 47.8000
16-Dec-1999 16.7500 54.8000
17-Dec-1999 17.0000 28.0000
20-Dec-1999 16.7500 5.4000
21-Dec-1999 16.9375 6.1000
22-Dec-1999 17.0000 15.6000
23-Dec-1999 16.8750 9.7000
27-Dec-1999 17.0000 17.8000
28-Dec-1999 18.0000 17.2000
29-Dec-1999 18.2500 40.2000
30-Dec-1999 18.6250 19.6000
31-Dec-1999 19.3750 3.1000
03-Jan-2000 19.0000 68.8000
04-Jan-2000 17.6250 54.2000
05-Jan-2000 17.2500 28.1000
06-Jan-2000 17.0000 65.7000
07-Jan-2000 17.3750 11.9000
10-Jan-2000 17.7500 18.8000
11-Jan-2000 17.9375 9.7000
12-Jan-2000 18.5000 72.4000
13-Jan-2000 18.6250 8.3000
14-Jan-2000 18.8750 3.1000
18-Jan-2000 19.0000 12.1000
19-Jan-2000 19.0000 4.4000
20-Jan-2000 18.4375 27.5000
21-Jan-2000 18.5000 63.1000
24-Jan-2000 18.0000 6.3000
25-Jan-2000 17.6250 15.5000
26-Jan-2000 15.0000 49.5000
27-Jan-2000 16.0000 33.6000
28-Jan-2000 15.8750 99.6000
31-Jan-2000 15.6250 131.5000
01-Feb-2000 15.7500 77.7000
02-Feb-2000 15.8750 58.6000
03-Feb-2000 16.0625 141.8000
04-Feb-2000 16.2500 78.6000
07-Feb-2000 16.6875 14.5000
08-Feb-2000 16.7500 13.3000
09-Feb-2000 16.3125 36.1000
10-Feb-2000 16.5625 64.8000
11-Feb-2000 16.5000 28.2000
14-Feb-2000 16.8750 8.8000
15-Feb-2000 16.7500 39.6000
16-Feb-2000 16.5000 45.8000
17-Feb-2000 16.8750 11.0000
18-Feb-2000 16.8750 7.2000
22-Feb-2000 16.5000 24.2000
23-Feb-2000 16.7500 37.7000
24-Feb-2000 16.8750 12.5000
25-Feb-2000 17.0000 10.6000
28-Feb-2000 16.9375 1.0000
29-Feb-2000 16.8750 28.9000
01-Mar-2000 17.3750 150.0000
02-Mar-2000 16.8750 23.8000
03-Mar-2000 16.7500 28.6000
06-Mar-2000 16.7813 9.2000
07-Mar-2000 17.0000 31.9000
08-Mar-2000 16.5000 5.0000
09-Mar-2000 16.7500 19.0000
10-Mar-2000 15.7500 42.8000
13-Mar-2000 15.7500 4.6000
14-Mar-2000 14.7500 93.0000
15-Mar-2000 15.7500 28.7000
16-Mar-2000 15.7500 15.7000
17-Mar-2000 15.6250 9.7000
20-Mar-2000 16.5000 6.0000
21-Mar-2000 16.5000 3.3000
22-Mar-2000 16.9375 13.2000
23-Mar-2000 16.7500 5.1000
24-Mar-2000 16.8750 60.9000
27-Mar-2000 17.0000 5.9000
28-Mar-2000 16.9375 5.5000
29-Mar-2000 16.5000 36.8000
30-Mar-2000 18.3750 21.0000
31-Mar-2000 17.8750 7.3000
03-Apr-2000 18.1250 4.0000
04-Apr-2000 17.2500 0.8000
05-Apr-2000 18.2500 7.2000
06-Apr-2000 16.3750 8.6000
07-Apr-2000 16.7500 5.8000
10-Apr-2000 18.0000 2.3000
11-Apr-2000 17.2500 1.9000
12-Apr-2000 17.0000 2.1000
13-Apr-2000 16.7500 4.4000
14-Apr-2000 16.5625 14.1000
17-Apr-2000 16.3750 9.0000
18-Apr-2000 17.0000 6.8000
19-Apr-2000 16.7500 3.1000
20-Apr-2000 16.3750 2.7000
24-Apr-2000 16.8750 17.8000
25-Apr-2000 16.7500 16.6000
26-Apr-2000 16.4375 10.2000
27-Apr-2000 16.5000 6.2000
28-Apr-2000 16.5000 2.6000
01-May-2000 17.0000 0.2000
02-May-2000 16.2813 9.1000
03-May-2000 16.5000 6.0000
04-May-2000 16.5000 11.1000
05-May-2000 16.3750 11.9000
08-May-2000 16.3906 5.5000
09-May-2000 16.8125 5.0000
10-May-2000 16.5313 3.0000
11-May-2000 16.9375 0.8000
12-May-2000 16.7500 1.0000
15-May-2000 16.7500 2.6000
16-May-2000 16.7500 7.3000
17-May-2000 16.1250 9.3000
18-May-2000 16.5000 19.8000
19-May-2000 16.1250 0.1000
22-May-2000 16.4375 6.7000
23-May-2000 16.3750 5.0000
24-May-2000 16.5000 7.3000
25-May-2000 16.1250 15.2000
26-May-2000 16.0000 4.5000
30-May-2000 15.2500 11.5000
31-May-2000 14.1250 10.2000
01-Jun-2000 14.3750 7.8000
02-Jun-2000 14.8750 154.0000
05-Jun-2000 14.3125 5.3000
06-Jun-2000 14.3125 19.4000
07-Jun-2000 13.5000 9.6000
08-Jun-2000 14.6875 19.2000
09-Jun-2000 14.4688 16.2000
12-Jun-2000 14.6875 16.7000
13-Jun-2000 14.8750 4.9000
14-Jun-2000 14.5625 29.3000
15-Jun-2000 13.9375 72.1000
16-Jun-2000 14.2500 5.7000
19-Jun-2000 14.0000 1.6000
20-Jun-2000 12.8125 14.0000
21-Jun-2000 12.6250 6.6000
22-Jun-2000 12.0000 7.9000
23-Jun-2000 10.5625 20.2000
26-Jun-2000 10.5625 40.5000
27-Jun-2000 10.4375 7.6000
28-Jun-2000 9.3750 22.0000
29-Jun-2000 9.0625 67.8000
30-Jun-2000 12.4375 177.1000
03-Jul-2000 12.5000 39.7000
05-Jul-2000 12.5000 41.3000
06-Jul-2000 11.5000 44.5000
07-Jul-2000 11.0000 62.8000
10-Jul-2000 10.3750 6.0000
11-Jul-2000 10.6250 27.7000
12-Jul-2000 10.5000 9.0000
13-Jul-2000 11.1875 33.3000
14-Jul-2000 12.0000 5.2000
17-Jul-2000 12.0000 12.8000
18-Jul-2000 12.6250 9.4000
19-Jul-2000 12.6250 19.7000
20-Jul-2000 11.6250 9.2000
21-Jul-2000 11.7500 5.4000
24-Jul-2000 12.2500 1.9000
25-Jul-2000 12.1250 8.2000
26-Jul-2000 12.2500 1.8000
27-Jul-2000 12.2500 10.8000
28-Jul-2000 12.5000 17.2000
31-Jul-2000 13.1250 17.6000
01-Aug-2000 13.1563 16.2000
02-Aug-2000 13.8750 5.6000
03-Aug-2000 13.0000 1.1000
04-Aug-2000 12.8750 1.0000
07-Aug-2000 12.0625 5.6000
08-Aug-2000 12.2500 0.2000
09-Aug-2000 12.6250 2.2000
10-Aug-2000 11.8750 3.0000
11-Aug-2000 12.1250 5.3000
14-Aug-2000 12.0000 6.2000
15-Aug-2000 12.0000 1.8000
16-Aug-2000 11.7500 1.4000
17-Aug-2000 11.5000 1.8000
18-Aug-2000 11.5000 3.4000
21-Aug-2000 11.5000 0.8000
22-Aug-2000 11.8750 13.3000
23-Aug-2000 12.0625 0.0000
24-Aug-2000 12.1875 0.4000
25-Aug-2000 12.8125 3.8000
28-Aug-2000 12.8125 0.3000
29-Aug-2000 12.3750 0.5000
30-Aug-2000 12.5000 7.4000
31-Aug-2000 12.5000 1.6000
01-Sep-2000 12.2500 2.3000
05-Sep-2000 11.1875 153.7000
06-Sep-2000 12.2500 1.7000
07-Sep-2000 12.2500 2.4000
08-Sep-2000 12.2500 2.0000
11-Sep-2000 11.7500 2.2000
12-Sep-2000 11.0000 5.0000
13-Sep-2000 10.0625 22.0000
14-Sep-2000 10.8750 22.6000
15-Sep-2000 10.5000 8.1000
18-Sep-2000 10.5000 0.2000
19-Sep-2000 10.5000 2.4000
20-Sep-2000 10.5000 2.1000
21-Sep-2000 10.5000 0.2000
22-Sep-2000 10.5000 1.2000
25-Sep-2000 10.5000 2.0000
26-Sep-2000 10.5000 3.1000
27-Sep-2000 11.2500 9.0000
28-Sep-2000 10.5000 6.2000
29-Sep-2000 10.9375 40.6000
02-Oct-2000 11.0000 11.2000
03-Oct-2000 10.5000 30.4000
04-Oct-2000 10.5000 25.7000
05-Oct-2000 10.6250 215.4000
06-Oct-2000 11.1250 103.2000
09-Oct-2000 10.5000 169.2000
10-Oct-2000 10.5000 60.4000
11-Oct-2000 11.0000 3.6000
12-Oct-2000 10.6875 58.1000
13-Oct-2000 10.5000 109.2000
16-Oct-2000 10.4375 12.3000
17-Oct-2000 10.4375 43.7000
18-Oct-2000 10.2500 282.5000
19-Oct-2000 9.5000 16.0000
20-Oct-2000 9.7500 13.2000
23-Oct-2000 9.4375 2.5000
24-Oct-2000 9.8125 7.7000
25-Oct-2000 10.0000 8.9000
26-Oct-2000 10.5000 55.6000
27-Oct-2000 11.1250 70.6000
30-Oct-2000 11.9375 10.6000
31-Oct-2000 14.3125 79.0000
01-Nov-2000 12.5625 10.6000
02-Nov-2000 11.8750 131.0000
03-Nov-2000 11.5000 9.5000
06-Nov-2000 11.1875 14.3000
07-Nov-2000 11.2500 7.2000
08-Nov-2000 12.3750 4.9000
09-Nov-2000 13.0000 2.0000
10-Nov-2000 13.1250 11.7000
13-Nov-2000 12.8750 0.5000
14-Nov-2000 12.8750 3.8000
15-Nov-2000 13.6250 24.7000
16-Nov-2000 13.7500 8.3000
17-Nov-2000 13.7500 7.6000
20-Nov-2000 13.7500 11.1000
21-Nov-2000 13.8125 153.2000
22-Nov-2000 13.7500 7.3000
24-Nov-2000 14.0625 5.4000
27-Nov-2000 14.7500 34.7000
28-Nov-2000 14.5000 24.1000
29-Nov-2000 14.5000 132.6000
30-Nov-2000 14.5000 5.6000
01-Dec-2000 14.5000 21.1000
04-Dec-2000 14.5000 25.3000
05-Dec-2000 14.5000 25.3000
06-Dec-2000 14.5000 10.8000
07-Dec-2000 14.5000 12.1000
08-Dec-2000 14.8750 11.4000
11-Dec-2000 14.6250 3.3000
12-Dec-2000 14.5000 19.8000
13-Dec-2000 14.5000 12.3000
14-Dec-2000 14.5000 24.8000
15-Dec-2000 14.5000 11.1000
18-Dec-2000 14.5625 40.7000
19-Dec-2000 14.8125 50.5000
20-Dec-2000 14.8750 17.1000
21-Dec-2000 14.6250 0.3000
22-Dec-2000 14.6250 23.4000
26-Dec-2000 14.6250 7.6000
27-Dec-2000 14.5000 4.1000
28-Dec-2000 14.5000 38.9000
29-Dec-2000 14.5000 0.4000
02-Jan-2001 14.5000 2.0000
03-Jan-2001 14.5000 4.0000
04-Jan-2001 14.5000 0.4000
05-Jan-2001 14.2500 10.9000
08-Jan-2001 13.5000 24.8000
09-Jan-2001 13.9375 0.6000
10-Jan-2001 13.5000 8.2000
11-Jan-2001 13.5625 0.9000
12-Jan-2001 13.5000 0.6000
16-Jan-2001 13.5000 3.2000
17-Jan-2001 13.6875 2.1000
18-Jan-2001 13.6875 0.7000
19-Jan-2001 13.5625 9.2000
22-Jan-2001 13.5000 1.2000
23-Jan-2001 13.3750 0.0000
24-Jan-2001 13.3125 0.0000
25-Jan-2001 13.2500 1.8000
26-Jan-2001 13.5000 2.2000
29-Jan-2001 13.0000 6.8000
30-Jan-2001 12.6875 10.1000
31-Jan-2001 12.5000 16.6000
01-Feb-2001 12.3750 2.7000
02-Feb-2001 12.0000 3.5000
05-Feb-2001 12.2500 3.3000
06-Feb-2001 12.1250 2.3000
07-Feb-2001 12.0000 2.6000
08-Feb-2001 12.0000 1.7000
09-Feb-2001 12.0000 0.1000
12-Feb-2001 12.0000 1.6000
13-Feb-2001 12.0000 1.2000
14-Feb-2001 11.7500 1.4000
15-Feb-2001 11.7500 2.2000
16-Feb-2001 11.7500 10.6000
20-Feb-2001 11.7500 4.5000
21-Feb-2001 11.2500 0.6000
22-Feb-2001 11.6250 0.2000
23-Feb-2001 11.2500 4.0000
26-Feb-2001 11.2500 2.3000
27-Feb-2001 11.3125 0.3000
28-Feb-2001 11.5000 5.9000
01-Mar-2001 11.5000 1.0000
02-Mar-2001 11.4375 4.0000
05-Mar-2001 11.3750 0.4000
06-Mar-2001 11.8125 3.9000
07-Mar-2001 11.8750 2.6000
08-Mar-2001 11.6250 1.4000
09-Mar-2001 11.5313 0.0000
12-Mar-2001 10.8750 6.4000
13-Mar-2001 11.1250 1.3000
14-Mar-2001 10.2500 4.0000
15-Mar-2001 10.7500 0.6000
16-Mar-2001 10.7500 1.3000
19-Mar-2001 10.2500 2.6000
20-Mar-2001 10.0000 15.0000
21-Mar-2001 9.6250 0.1000
22-Mar-2001 9.8125 0.0000
23-Mar-2001 9.7500 0.1000
26-Mar-2001 9.4375 9.6000
27-Mar-2001 9.6719 0.2000
28-Mar-2001 10.0000 7.6000
29-Mar-2001 9.5000 0.3000
30-Mar-2001 9.6250 3.3000
02-Apr-2001 10.0000 1.0000
03-Apr-2001 9.6250 0.8000
04-Apr-2001 9.3750 3.0000
05-Apr-2001 9.7500 1.4000
06-Apr-2001 9.2500 2.2000
09-Apr-2001 9.3500 1.5000
10-Apr-2001 9.6000 0.6000
11-Apr-2001 9.4500 3.1000
12-Apr-2001 10.2500 4.3000
16-Apr-2001 9.9600 0.9000
17-Apr-2001 9.9500 0.6000
18-Apr-2001 10.0000 1.8000
19-Apr-2001 9.9500 5.2000
20-Apr-2001 10.0000 1.8000
23-Apr-2001 10.0000 4.2000
24-Apr-2001 9.9000 0.1000
25-Apr-2001 10.0000 15.9000
26-Apr-2001 10.2700 0.5000
27-Apr-2001 10.2700 1.1000
30-Apr-2001 10.2000 2.2000
01-May-2001 10.1000 0.2000
02-May-2001 10.2000 0.8000
03-May-2001 10.3000 0.5000
04-May-2001 10.3000 0.6000
07-May-2001 10.3000 2.0000
08-May-2001 10.2000 3.1000
09-May-2001 10.3400 2.8000
10-May-2001 10.7500 3.6000
11-May-2001 11.0000 21.1000
14-May-2001 11.9900 22.2000
15-May-2001 12.6500 11.9000
16-May-2001 12.6000 5.8000
Distribution of Volume
[The following table was depicted as a bar chart in the printed material.]
$0.00 - $9.01 - $11.01 - $13.01 - $15.01 - $17.01 - $19.01 - $21.01 - $23.01 - $25.01 -
$9.00 $11.00 $13.00 $15.00 $17.00 $19.00 $21.00 $23.00 $25.00 and above
------- -------- -------- -------- -------- -------- -------- -------- -------- ---------
Distribution of Volume (000) 7062.1 9849.8 164.1 3525.1 5166.3 1528 2788 6328.5 2922 2160.3
Cumulative Distribution of
Volume (%) 15.2% 36.4% 47.5% 55.1% 66.2% 69.5% 75.5% 89.1% 95.4% 100.0%
------------------------------
[LOGO] Dresdner Kleinwort Wasserstein
------------------------------
- --------------------------------------------------------------------------------
-46-
Brickyard Overview
Indexed Stock Price Performance
================================================================================
Last 12 Months to May 16, 2001
[The following table was depicted as a line chart in the printed material.]
Major Domestic Regional Domestic
Date Brickyard Airlines(1) Airlines(2)
---- --------- ----------- -----------
18-May-2000 100.0000 100.0000 100.0000
19-May-2000 97.7273 96.7118 99.5327
22-May-2000 99.6212 96.3709 96.7174
23-May-2000 99.2424 98.0894 97.3278
24-May-2000 100.0000 98.6107 105.7144
25-May-2000 97.7273 95.9231 104.8902
26-May-2000 96.9697 94.4545 103.9331
30-May-2000 92.4242 94.4545 103.9331
31-May-2000 85.6061 96.5534 105.4573
01-Jun-2000 87.1212 95.6259 104.8120
02-Jun-2000 90.1515 98.6357 104.3006
05-Jun-2000 86.7424 101.2821 109.6198
06-Jun-2000 86.7424 100.2718 105.3709
07-Jun-2000 81.8182 98.2746 105.0420
08-Jun-2000 89.0152 102.0472 107.2783
09-Jun-2000 87.6894 100.3858 107.7939
12-Jun-2000 89.0152 102.9781 112.0990
13-Jun-2000 90.1515 102.5275 109.1176
14-Jun-2000 88.2576 100.2256 106.6739
15-Jun-2000 84.4697 100.4210 105.8258
16-Jun-2000 86.3636 98.1292 105.9159
19-Jun-2000 84.8485 96.0463 106.5557
20-Jun-2000 77.6515 97.5585 103.8535
21-Jun-2000 76.5152 97.1534 101.5207
22-Jun-2000 72.7273 97.2004 98.8608
23-Jun-2000 64.0152 96.4860 99.5981
26-Jun-2000 64.0152 95.8395 99.3520
27-Jun-2000 63.2576 94.3217 101.8306
28-Jun-2000 56.8182 99.4862 101.9028
29-Jun-2000 54.9243 98.6585 103.5678
30-Jun-2000 75.3788 97.4592 101.0923
03-Jul-2000 75.7576 96.1152 104.8698
05-Jul-2000 75.7576 98.8348 106.0026
06-Jul-2000 69.6970 98.8348 106.0026
07-Jul-2000 66.6667 102.5974 107.5806
10-Jul-2000 62.8788 104.7175 109.4366
11-Jul-2000 64.3939 103.3962 110.2208
12-Jul-2000 63.6364 103.7189 111.0753
13-Jul-2000 67.8030 102.1226 113.4457
14-Jul-2000 72.7273 106.7027 115.5729
17-Jul-2000 72.7273 105.9340 116.2495
18-Jul-2000 76.5152 107.6036 115.7431
19-Jul-2000 76.5152 108.3507 117.7264
20-Jul-2000 70.4546 110.8696 116.3120
21-Jul-2000 71.2121 106.6273 115.5632
24-Jul-2000 74.2424 105.0963 114.7716
25-Jul-2000 73.4849 107.8538 114.4244
26-Jul-2000 74.2424 110.3980 114.0790
27-Jul-2000 74.2424 110.4305 111.2434
28-Jul-2000 75.7576 109.0303 111.8380
31-Jul-2000 79.5455 108.5797 109.5700
01-Aug-2000 79.7349 106.0172 108.3070
02-Aug-2000 84.0909 111.2386 109.3833
03-Aug-2000 78.7879 112.1817 108.7306
04-Aug-2000 78.0303 109.7467 109.9026
07-Aug-2000 73.1061 111.6143 110.0838
08-Aug-2000 74.2424 112.2455 109.5498
09-Aug-2000 76.5152 113.8270 112.3642
10-Aug-2000 71.9697 112.5336 111.0336
11-Aug-2000 73.4849 111.9509 108.8291
14-Aug-2000 72.7273 111.4790 108.7740
15-Aug-2000 72.7273 114.6032 110.0769
16-Aug-2000 71.2121 113.1198 109.3355
17-Aug-2000 69.6970 110.9217 106.8188
18-Aug-2000 69.6970 111.2418 106.0852
21-Aug-2000 69.6970 108.2975 105.4600
22-Aug-2000 71.9697 108.8664 104.6004
23-Aug-2000 73.1061 108.9914 105.5985
24-Aug-2000 73.8637 107.4944 104.6482
25-Aug-2000 77.6515 104.8482 103.0600
28-Aug-2000 77.6515 105.8733 103.7880
29-Aug-2000 75.0000 107.4589 103.8915
30-Aug-2000 75.7576 108.3047 101.6609
31-Aug-2000 75.7576 105.8653 100.6200
01-Sep-2000 74.2425 104.2888 100.5722
05-Sep-2000 67.8031 104.7373 101.8959
06-Sep-2000 74.2424 102.9682 99.4485
07-Sep-2000 74.2424 102.9682 99.4485
08-Sep-2000 74.2424 106.0559 99.9825
11-Sep-2000 71.2122 107.2743 99.6495
12-Sep-2000 66.6667 105.4703 99.2539
13-Sep-2000 60.9849 105.7173 100.6875
14-Sep-2000 65.9091 101.7532 99.1904
15-Sep-2000 63.6364 100.6369 98.8095
18-Sep-2000 63.6364 103.1701 98.4213
19-Sep-2000 63.6364 103.1753 98.8794
20-Sep-2000 63.6364 102.5843 99.0326
21-Sep-2000 63.6364 100.3000 97.5281
22-Sep-2000 63.6364 99.7605 99.6149
25-Sep-2000 63.6364 100.6396 98.4986
26-Sep-2000 63.6364 100.1582 99.6779
27-Sep-2000 68.1818 101.4956 100.0385
28-Sep-2000 63.6364 102.9358 99.3932
29-Sep-2000 66.2879 102.3252 99.4633
02-Oct-2000 66.6667 102.4544 101.0807
03-Oct-2000 63.6364 104.2882 101.2730
04-Oct-2000 63.6364 102.3438 100.4050
05-Oct-2000 64.3940 102.4422 98.5817
06-Oct-2000 67.4243 104.9715 96.8536
09-Oct-2000 63.6364 107.3175 100.2103
10-Oct-2000 63.6364 109.5626 101.3045
11-Oct-2000 66.6667 109.9711 98.1369
12-Oct-2000 64.7727 106.9275 97.5744
13-Oct-2000 63.6364 106.9899 96.4925
16-Oct-2000 63.2576 103.7800 95.0437
17-Oct-2000 63.2576 98.2932 92.4713
18-Oct-2000 62.1212 99.8936 93.6777
19-Oct-2000 57.5758 100.7042 93.2913
20-Oct-2000 59.0909 101.4990 94.1712
23-Oct-2000 57.1970 100.5608 91.8549
24-Oct-2000 59.4697 104.5268 93.8786
25-Oct-2000 60.6061 104.5377 92.2426
26-Oct-2000 63.6364 104.6682 93.2677
27-Oct-2000 67.4243 107.0823 93.0534
30-Oct-2000 72.3485 105.5544 92.1785
31-Oct-2000 86.7425 105.9154 94.1815
01-Nov-2000 76.1364 108.6422 95.3254
02-Nov-2000 71.9697 117.2159 98.5964
03-Nov-2000 69.6970 117.1472 100.6220
06-Nov-2000 67.8030 118.8028 101.9067
07-Nov-2000 68.1818 117.6638 106.1624
08-Nov-2000 75.0000 117.2086 101.1161
09-Nov-2000 78.7879 118.8718 100.4437
10-Nov-2000 79.5455 117.4475 99.6678
13-Nov-2000 78.0303 119.2454 101.1570
14-Nov-2000 78.0303 118.8326 103.0127
15-Nov-2000 82.5758 116.2866 104.8368
16-Nov-2000 83.3334 119.3224 108.2989
17-Nov-2000 83.3334 120.9293 109.4777
20-Nov-2000 83.3334 120.7718 109.2683
21-Nov-2000 83.7122 119.0455 107.8545
22-Nov-2000 83.3334 118.8356 106.3781
24-Nov-2000 85.2273 119.4280 106.1086
27-Nov-2000 89.3940 126.4152 106.5378
28-Nov-2000 87.8788 120.5653 104.3806
29-Nov-2000 87.8788 120.5653 104.3806
30-Nov-2000 87.8788 122.4293 105.8496
01-Dec-2000 87.8788 121.7045 109.4068
04-Dec-2000 87.8788 121.5120 111.0762
05-Dec-2000 87.8788 124.3847 115.8155
06-Dec-2000 87.8788 121.4832 116.4244
07-Dec-2000 87.8788 120.2286 115.2078
08-Dec-2000 90.1516 119.5594 111.5269
11-Dec-2000 88.6364 123.0450 118.5117
12-Dec-2000 87.8788 122.8454 121.7210
13-Dec-2000 87.8788 118.9359 112.7480
14-Dec-2000 87.8788 124.4795 125.7493
15-Dec-2000 87.8788 126.0913 127.8379
18-Dec-2000 88.2576 125.1098 128.5581
19-Dec-2000 89.7728 121.1396 127.6906
20-Dec-2000 90.1516 117.3222 124.6427
21-Dec-2000 88.6364 117.9455 124.4668
22-Dec-2000 88.6364 120.0762 127.8224
26-Dec-2000 88.6364 119.9849 129.0091
27-Dec-2000 87.8788 117.2405 121.7604
28-Dec-2000 87.8788 123.3762 127.3505
29-Dec-2000 87.8788 124.7466 128.3683
02-Jan-2001 87.8788 124.7466 128.3683
03-Jan-2001 87.8788 124.0844 130.3560
04-Jan-2001 87.8788 129.8203 130.2097
05-Jan-2001 86.3637 129.0466 133.4768
08-Jan-2001 81.8182 130.9759 140.5406
09-Jan-2001 84.4697 130.9759 140.5406
10-Jan-2001 81.8182 129.3820 133.4282
11-Jan-2001 82.1970 131.2695 140.3396
12-Jan-2001 81.8182 137.4247 143.6887
16-Jan-2001 81.8182 137.4269 144.9077
17-Jan-2001 82.9546 133.1800 145.5181
18-Jan-2001 82.9546 125.9316 142.5007
19-Jan-2001 82.1970 125.9875 144.0368
22-Jan-2001 81.8182 123.2309 146.7786
23-Jan-2001 81.0607 121.2774 143.4426
24-Jan-2001 80.6819 121.2774 143.4426
25-Jan-2001 80.3031 119.7172 148.1087
26-Jan-2001 81.8182 118.2051 146.6239
29-Jan-2001 78.7879 119.9522 145.5683
30-Jan-2001 76.8940 114.7067 140.1214
31-Jan-2001 75.7576 113.5762 140.6375
01-Feb-2001 75.0001 116.3784 148.2918
02-Feb-2001 72.7273 114.2206 148.2030
05-Feb-2001 74.2425 117.5244 147.0670
06-Feb-2001 73.4849 117.2693 151.4517
07-Feb-2001 72.7273 119.3425 153.7347
08-Feb-2001 72.7273 120.3325 160.1932
09-Feb-2001 72.7273 122.2251 162.5270
12-Feb-2001 72.7273 124.8549 162.2026
13-Feb-2001 72.7273 124.6621 160.3871
14-Feb-2001 71.2122 122.7071 166.6136
15-Feb-2001 71.2122 123.2652 167.6670
16-Feb-2001 71.2122 122.5114 166.3017
20-Feb-2001 71.2122 120.8519 161.0694
21-Feb-2001 68.1819 119.0105 159.2713
22-Feb-2001 70.4546 121.0938 160.6487
23-Feb-2001 68.1819 121.1121 163.7245
26-Feb-2001 68.1819 117.1703 162.2988
27-Feb-2001 68.5607 119.3604 165.9256
28-Feb-2001 69.6970 117.4624 164.8995
01-Mar-2001 69.6970 117.4624 164.8995
02-Mar-2001 69.3182 115.1766 161.3066
05-Mar-2001 68.9395 113.6057 164.2071
06-Mar-2001 71.5910 111.6631 155.9307
07-Mar-2001 71.9698 109.4622 155.8510
08-Mar-2001 70.4546 111.3203 156.9459
09-Mar-2001 69.8864 111.0371 134.1749
12-Mar-2001 65.9091 108.4577 133.0206
13-Mar-2001 67.4243 104.4753 125.0011
14-Mar-2001 62.1213 105.7053 127.7421
15-Mar-2001 65.1516 107.6700 130.7846
16-Mar-2001 65.1516 110.0086 135.7894
19-Mar-2001 62.1213 110.9599 132.2711
20-Mar-2001 60.6061 110.3476 128.2461
21-Mar-2001 58.3334 105.2125 121.8113
22-Mar-2001 59.4697 102.2823 115.0056
23-Mar-2001 59.0910 99.9273 111.3638
26-Mar-2001 57.1970 98.8478 111.8114
27-Mar-2001 58.6175 102.6248 108.6376
28-Mar-2001 60.6061 102.6414 102.6450
29-Mar-2001 57.5758 100.8838 101.2382
30-Mar-2001 58.3334 99.9727 102.0824
02-Apr-2001 60.6061 99.2634 103.6668
03-Apr-2001 58.3334 97.7170 102.1849
04-Apr-2001 56.8182 99.0799 107.4604
05-Apr-2001 59.0910 104.2420 113.0836
06-Apr-2001 56.0606 105.2903 111.2358
09-Apr-2001 56.6667 102.3421 109.8687
10-Apr-2001 58.1819 101.9462 110.9996
11-Apr-2001 57.2728 103.4248 111.8529
12-Apr-2001 62.1213 102.5955 107.7342
16-Apr-2001 60.3637 100.5071 104.9808
17-Apr-2001 60.3031 103.0319 108.1082
18-Apr-2001 60.6061 106.6983 113.8114
19-Apr-2001 60.3031 102.7767 111.5919
20-Apr-2001 60.6061 103.8416 116.1380
23-Apr-2001 60.6061 109.1241 123.4633
24-Apr-2001 60.0001 107.4769 123.6234
25-Apr-2001 60.6061 107.6678 122.0259
26-Apr-2001 62.2425 107.6678 122.0259
27-Apr-2001 62.2425 106.8597 123.7933
30-Apr-2001 61.8182 105.3367 123.5371
01-May-2001 61.2122 109.8004 128.3437
02-May-2001 61.8182 114.7703 132.4067
03-May-2001 62.4243 111.1558 132.0477
04-May-2001 62.4243 111.8859 130.0321
07-May-2001 62.4243 110.9275 128.1225
08-May-2001 61.8182 109.8976 131.4334
09-May-2001 62.6667 111.3595 130.4900
10-May-2001 65.1516 112.0931 131.9391
11-May-2001 66.6667 110.9793 130.5490
14-May-2001 72.6668 110.2830 128.7342
15-May-2001 76.6668 112.9459 130.1334
16-May-2001 76.3637 112.7561 129.9678
Last 3 Years to May 16, 2001
[The following table was depicted as a line chart in the printed material.]
Major Domestic Regional Domestic
Date Brickyard Airlines(1) Airlines(2)
---- --------- ----------- -----------
21-May-1998 100.0000 100.0000 100.0000
22-May-1998 100.0000 101.3210 102.3565
26-May-1998 101.2658 101.3210 102.3565
27-May-1998 95.5696 102.3506 102.0474
28-May-1998 100.0000 100.3557 99.3365
29-May-1998 100.0000 100.3476 99.2614
01-Jun-1998 99.3671 100.4606 97.3309
02-Jun-1998 97.4684 97.2617 94.2681
03-Jun-1998 95.5696 98.7808 93.9600
04-Jun-1998 94.6203 100.8858 100.2885
05-Jun-1998 95.5696 99.5338 99.4501
08-Jun-1998 98.4177 100.1422 100.1449
09-Jun-1998 99.3671 102.3768 101.9292
10-Jun-1998 98.4177 105.5172 104.2844
11-Jun-1998 98.7342 104.9309 105.7773
12-Jun-1998 101.2658 104.8405 102.7380
15-Jun-1998 96.2025 103.3582 101.6459
16-Jun-1998 98.7342 104.2752 99.7814
17-Jun-1998 112.6583 104.8556 100.3545
18-Jun-1998 115.1899 104.7394 102.2476
19-Jun-1998 118.6709 104.8271 99.7812
22-Jun-1998 120.8861 104.3374 100.6559
23-Jun-1998 118.9874 104.4012 100.9327
24-Jun-1998 115.5063 103.5822 101.4038
25-Jun-1998 118.9874 103.4385 100.8046
26-Jun-1998 118.6709 105.3178 96.6849
29-Jun-1998 130.3800 104.5040 96.9087
30-Jun-1998 124.6836 107.2530 97.6062
01-Jul-1998 129.7469 106.5261 99.6468
02-Jul-1998 131.6456 108.9211 100.2267
06-Jul-1998 127.8481 107.7933 100.7753
07-Jul-1998 136.0760 107.7933 100.7753
08-Jul-1998 136.0760 112.1241 101.1984
09-Jul-1998 134.8100 113.0579 100.9446
10-Jul-1998 133.5443 111.6876 101.7067
13-Jul-1998 135.4431 111.7990 103.4212
14-Jul-1998 136.7089 111.8271 101.9397
15-Jul-1998 136.7089 111.5469 102.9684
16-Jul-1998 142.4051 115.3586 102.9334
17-Jul-1998 144.9367 111.2169 101.8658
20-Jul-1998 143.6709 108.9161 98.6362
21-Jul-1998 137.3418 107.8628 98.3657
22-Jul-1998 131.9621 107.6390 96.2048
23-Jul-1998 129.7469 106.5469 98.9208
24-Jul-1998 126.5823 107.5954 98.3889
27-Jul-1998 122.1519 106.6847 94.2689
28-Jul-1998 120.2532 104.7586 89.8953
29-Jul-1998 113.9241 105.8607 88.7010
30-Jul-1998 123.4178 106.3168 87.8030
31-Jul-1998 119.6203 103.8767 84.0801
03-Aug-1998 117.7215 105.4754 86.7985
04-Aug-1998 113.9241 103.7884 86.3857
05-Aug-1998 117.0886 102.7330 80.5775
06-Aug-1998 125.3165 98.3092 76.3218
07-Aug-1998 124.0507 99.7761 76.7993
10-Aug-1998 130.3800 98.7271 75.8041
11-Aug-1998 128.4810 99.4493 79.0236
12-Aug-1998 131.6456 99.9753 78.8798
13-Aug-1998 131.0127 97.8504 75.5739
14-Aug-1998 126.5823 99.4422 77.5935
17-Aug-1998 129.1140 96.9595 76.6708
18-Aug-1998 129.7469 96.3047 75.7070
19-Aug-1998 130.3800 98.7295 76.7551
20-Aug-1998 131.6456 101.5632 82.6698
21-Aug-1998 126.5823 99.9521 81.3188
24-Aug-1998 124.0507 99.4236 79.4451
25-Aug-1998 126.2659 95.6246 76.9478
26-Aug-1998 122.1519 95.8688 76.1172
27-Aug-1998 119.6203 96.8149 75.3293
28-Aug-1998 108.8608 93.5170 71.8333
31-Aug-1998 106.3291 89.4443 65.9758
01-Sep-1998 112.0253 90.6648 69.0268
02-Sep-1998 111.3924 84.9475 64.8078
03-Sep-1998 115.1899 87.2187 67.5506
04-Sep-1998 111.3924 83.8171 66.1185
08-Sep-1998 116.4557 81.5140 54.1840
09-Sep-1998 117.7216 80.3638 53.2200
10-Sep-1998 117.7216 80.3638 53.2200
11-Sep-1998 116.4557 85.4327 57.8573
14-Sep-1998 118.9874 84.9356 56.7458
15-Sep-1998 125.3165 81.9859 54.2342
16-Sep-1998 121.2026 84.1244 54.8240
17-Sep-1998 120.2532 90.1598 57.6782
18-Sep-1998 118.3545 92.2000 60.2310
21-Sep-1998 120.2532 92.4737 61.6635
22-Sep-1998 116.4558 89.1230 55.7944
23-Sep-1998 118.9874 88.8894 55.2380
24-Sep-1998 120.2532 88.2539 55.5098
25-Sep-1998 117.0887 91.4473 56.7725
28-Sep-1998 117.4051 94.4935 54.6221
29-Sep-1998 119.6203 90.7434 53.8121
30-Sep-1998 118.9874 90.9587 52.8507
01-Oct-1998 111.3925 92.9969 50.3172
02-Oct-1998 113.6077 91.8971 50.4479
05-Oct-1998 110.1267 85.5449 49.6275
06-Oct-1998 108.8608 81.9357 45.5518
07-Oct-1998 96.2026 82.0998 45.2376
08-Oct-1998 82.2785 80.0809 44.6851
09-Oct-1998 100.6330 80.2649 42.9316
12-Oct-1998 101.2659 76.0068 39.0526
13-Oct-1998 94.3039 70.3637 37.5195
14-Oct-1998 97.7849 73.6435 40.0836
15-Oct-1998 111.3925 75.6816 40.3553
16-Oct-1998 112.6583 72.4616 39.2632
19-Oct-1998 110.7596 75.5310 38.5971
20-Oct-1998 100.0001 84.2678 41.3325
21-Oct-1998 101.2659 86.2485 41.9445
22-Oct-1998 103.4811 89.7475 44.7871
23-Oct-1998 103.7976 86.4009 43.2201
26-Oct-1998 105.6963 84.4912 45.0833
27-Oct-1998 113.2912 84.9575 47.7788
28-Oct-1998 114.8735 85.4471 47.6378
29-Oct-1998 111.3925 84.9286 46.8444
30-Oct-1998 112.0254 85.3678 47.4410
02-Nov-1998 115.1900 85.8023 47.4603
03-Nov-1998 114.5571 87.2048 48.5808
04-Nov-1998 117.0887 90.6467 51.7276
05-Nov-1998 118.9875 93.9102 53.1948
06-Nov-1998 115.8229 90.9689 52.8260
09-Nov-1998 113.2912 91.5804 53.6412
10-Nov-1998 112.6583 95.6971 55.8629
11-Nov-1998 101.2659 93.2109 54.6156
12-Nov-1998 100.0001 90.2469 50.5784
13-Nov-1998 103.4811 88.0093 48.8213
16-Nov-1998 110.1267 86.9216 48.3995
17-Nov-1998 110.1267 87.1068 48.1059
18-Nov-1998 110.7596 88.5935 48.1642
19-Nov-1998 106.6457 90.5508 47.2881
20-Nov-1998 110.7596 90.8897 47.3657
23-Nov-1998 111.3925 92.6177 49.1149
24-Nov-1998 113.9242 88.3457 46.8360
25-Nov-1998 111.3925 87.3233 47.4274
27-Nov-1998 115.8229 89.2306 49.7655
30-Nov-1998 111.3925 94.6356 52.1709
01-Dec-1998 111.3925 92.6897 54.4377
02-Dec-1998 111.7090 92.6897 54.4377
03-Dec-1998 113.9242 93.5884 56.6503
04-Dec-1998 115.1900 90.4874 54.2851
07-Dec-1998 120.2533 92.7684 55.5842
08-Dec-1998 121.5191 94.5964 55.8635
09-Dec-1998 124.0507 91.0591 53.3908
10-Dec-1998 127.8482 91.2569 53.2189
11-Dec-1998 122.1520 92.7997 53.5010
14-Dec-1998 122.1520 92.5070 53.1516
15-Dec-1998 124.6836 90.1323 51.5833
16-Dec-1998 128.4811 88.0644 51.3116
17-Dec-1998 129.1140 83.9806 49.1831
18-Dec-1998 134.1773 81.7618 48.1300
21-Dec-1998 139.2406 82.6380 48.4433
22-Dec-1998 131.6457 81.8167 48.6760
23-Dec-1998 129.1140 86.0928 50.7865
24-Dec-1998 129.7470 88.6355 51.3274
28-Dec-1998 132.9115 87.7861 50.2522
29-Dec-1998 137.0254 86.3457 50.4800
30-Dec-1998 136.7090 86.8355 50.8319
31-Dec-1998 137.3419 87.3900 51.5408
04-Jan-1999 134.1773 87.3900 51.5408
05-Jan-1999 137.9748 87.9987 50.3831
06-Jan-1999 139.8735 88.0367 52.0225
07-Jan-1999 141.7723 92.1505 52.3474
08-Jan-1999 135.4432 90.8837 54.5599
11-Jan-1999 129.7470 90.8837 54.5599
12-Jan-1999 122.7849 90.9029 55.7189
13-Jan-1999 122.1520 95.9605 58.4205
14-Jan-1999 122.1520 100.7340 61.4428
15-Jan-1999 121.5191 103.2413 61.5724
19-Jan-1999 122.7849 108.5143 62.9206
20-Jan-1999 118.9875 104.2094 62.0587
21-Jan-1999 124.0508 101.4741 58.7982
22-Jan-1999 127.2153 100.9247 58.9491
25-Jan-1999 124.0508 98.1765 57.2591
26-Jan-1999 125.9495 100.4532 59.2633
27-Jan-1999 113.2913 100.4532 59.2633
28-Jan-1999 112.0254 103.1581 61.9362
29-Jan-1999 121.8356 97.2668 65.1916
01-Feb-1999 119.9368 96.6661 73.0745
02-Feb-1999 114.5571 94.7944 71.0896
03-Feb-1999 111.0761 97.1970 69.5976
04-Feb-1999 108.8609 97.0629 70.4544
05-Feb-1999 109.4938 93.3325 67.1494
08-Feb-1999 109.1773 92.5348 67.8288
09-Feb-1999 110.1267 100.6265 70.1768
10-Feb-1999 119.9368 103.0768 71.2222
11-Feb-1999 117.7216 100.5604 71.0913
12-Feb-1999 116.4558 103.1764 71.1044
16-Feb-1999 110.1267 102.4698 71.0838
17-Feb-1999 99.3672 102.6511 74.3121
18-Feb-1999 103.7976 100.8584 74.6936
19-Feb-1999 110.7596 99.5429 71.3129
22-Feb-1999 116.1394 100.2239 70.3230
23-Feb-1999 115.5065 100.2160 68.6266
24-Feb-1999 115.1900 100.1236 69.2916
25-Feb-1999 110.4432 100.1236 69.2916
26-Feb-1999 112.0255 100.7568 69.2254
01-Mar-1999 114.8736 102.3144 68.2563
02-Mar-1999 108.2280 103.0178 67.9961
03-Mar-1999 110.1267 104.2076 74.9274
04-Mar-1999 113.9242 106.8985 72.8687
05-Mar-1999 111.3926 107.1403 65.9480
08-Mar-1999 106.3293 110.7792 66.3247
09-Mar-1999 108.8609 109.0300 65.5095
10-Mar-1999 111.3926 109.0981 63.0810
11-Mar-1999 112.0255 110.9905 65.3325
12-Mar-1999 110.4432 114.8251 64.4957
15-Mar-1999 108.2280 112.8910 63.7320
16-Mar-1999 108.8609 111.5431 64.2639
17-Mar-1999 106.3293 112.8771 63.3080
18-Mar-1999 106.9622 113.5898 61.7920
19-Mar-1999 101.2660 115.0440 62.0449
22-Mar-1999 102.5318 112.4456 62.1705
23-Mar-1999 98.1014 110.4895 61.7076
24-Mar-1999 100.0002 114.5093 63.1824
25-Mar-1999 106.0128 124.1520 63.5395
26-Mar-1999 101.2660 121.1100 63.9490
29-Mar-1999 105.6964 118.6963 64.2014
30-Mar-1999 103.7976 124.0396 65.7542
31-Mar-1999 96.2027 120.6928 64.2678
01-Apr-1999 95.5698 115.8573 69.0228
05-Apr-1999 93.6710 113.6978 68.6075
06-Apr-1999 96.2027 117.9977 69.2556
07-Apr-1999 98.7343 120.2344 70.6066
08-Apr-1999 99.0508 116.6900 71.1262
09-Apr-1999 101.2660 115.6903 71.7644
12-Apr-1999 102.2154 119.8663 70.8923
13-Apr-1999 106.3293 116.8244 72.2505
14-Apr-1999 110.7597 116.4354 72.8094
15-Apr-1999 112.6584 116.4354 72.8094
16-Apr-1999 110.7597 118.4154 74.5312
19-Apr-1999 118.3546 116.5401 77.6661
20-Apr-1999 120.8863 117.5478 76.1081
21-Apr-1999 118.9875 119.3343 76.0940
22-Apr-1999 116.7724 124.8227 76.8081
23-Apr-1999 116.1394 119.3613 77.0927
26-Apr-1999 115.8230 119.2432 79.1098
27-Apr-1999 115.8230 124.7460 80.7013
28-Apr-1999 116.1395 120.1274 84.6325
29-Apr-1999 113.2913 122.1144 85.3745
30-Apr-1999 114.5572 122.5929 83.5869
03-May-1999 112.9749 120.5124 82.1098
04-May-1999 113.9243 126.4640 82.7119
05-May-1999 112.0255 123.7071 83.7132
06-May-1999 108.5445 126.8770 83.3725
07-May-1999 106.3293 126.1056 85.9014
10-May-1999 112.6584 124.2527 85.7759
11-May-1999 113.9243 121.9315 84.6661
12-May-1999 112.6584 119.0414 84.3221
13-May-1999 109.4939 121.0913 84.0013
14-May-1999 111.3926 120.5370 85.0206
17-May-1999 110.7597 123.8266 84.7926
18-May-1999 110.4432 123.8248 84.1082
19-May-1999 112.6584 123.1230 83.2620
20-May-1999 116.4559 123.1888 83.0772
21-May-1999 114.8736 120.8373 82.4617
24-May-1999 115.1901 124.3964 80.1120
25-May-1999 111.3926 126.8380 81.3242
26-May-1999 122.1521 125.8084 84.0052
27-May-1999 121.5192 123.3799 83.1754
28-May-1999 118.9876 124.7630 83.1944
01-Jun-1999 120.2534 125.2145 82.6831
02-Jun-1999 120.2534 120.0119 82.6058
03-Jun-1999 122.7850 119.5645 84.2703
04-Jun-1999 124.6838 115.8012 84.2503
07-Jun-1999 124.6838 113.5680 82.5713
08-Jun-1999 118.3547 113.3856 81.8122
09-Jun-1999 125.6332 112.4745 83.1779
10-Jun-1999 123.7344 111.9022 80.8137
11-Jun-1999 122.7851 115.0852 82.6765
14-Jun-1999 121.5192 115.0852 82.6765
15-Jun-1999 121.5192 117.0272 83.4086
16-Jun-1999 121.5192 114.8262 82.3049
17-Jun-1999 122.7851 115.4490 82.0740
18-Jun-1999 123.4180 117.1565 85.7756
21-Jun-1999 121.8357 119.7858 84.1970
22-Jun-1999 124.0509 116.4572 83.4395
23-Jun-1999 122.1522 112.0749 79.7749
24-Jun-1999 119.3040 111.4637 78.5019
25-Jun-1999 122.1522 111.1489 77.5380
28-Jun-1999 118.9876 110.6703 76.0583
29-Jun-1999 123.4180 112.0664 75.9498
30-Jun-1999 124.6838 114.5103 76.8397
01-Jul-1999 126.5825 113.4428 76.9803
02-Jul-1999 124.3674 113.8163 79.8101
06-Jul-1999 123.4180 116.8514 82.7521
07-Jul-1999 125.3167 113.8913 81.8683
08-Jul-1999 122.7851 113.8025 81.8680
09-Jul-1999 124.0509 113.5702 80.8976
12-Jul-1999 122.1522 112.7738 80.4800
13-Jul-1999 126.5826 116.1373 81.5087
14-Jul-1999 130.3800 114.2726 84.5068
15-Jul-1999 137.3420 112.8950 86.5239
16-Jul-1999 138.6079 115.5644 86.2020
19-Jul-1999 130.3800 116.8374 86.3675
20-Jul-1999 136.7091 116.8374 86.3675
21-Jul-1999 131.6458 117.9238 88.7378
22-Jul-1999 132.9117 120.0432 88.7609
23-Jul-1999 119.3041 119.6116 88.9409
26-Jul-1999 115.1901 117.9462 89.6734
27-Jul-1999 114.2408 118.0613 90.4209
28-Jul-1999 117.7218 116.2350 91.6566
29-Jul-1999 113.9243 116.7917 96.4101
30-Jul-1999 111.3927 116.5999 96.8524
02-Aug-1999 110.1268 115.9568 95.9606
03-Aug-1999 109.4939 120.2991 96.4055
04-Aug-1999 115.1901 116.1867 96.7355
05-Aug-1999 114.5572 119.9940 98.3244
06-Aug-1999 118.3547 118.5819 96.4016
09-Aug-1999 124.0509 117.7409 95.9670
10-Aug-1999 116.4560 115.0080 95.8063
11-Aug-1999 115.1901 114.9010 93.4389
12-Aug-1999 113.9243 112.6788 88.9206
13-Aug-1999 113.9243 108.4782 89.4954
16-Aug-1999 113.9243 109.5357 91.0813
17-Aug-1999 116.4560 110.9270 91.2523
18-Aug-1999 114.2408 106.7336 91.1484
19-Aug-1999 108.5446 105.1981 87.0528
20-Aug-1999 102.5319 104.7252 83.8381
23-Aug-1999 104.4306 102.1055 85.1880
24-Aug-1999 99.6838 102.8460 83.8287
25-Aug-1999 101.2661 98.8920 83.9497
26-Aug-1999 101.5825 97.6016 85.1593
27-Aug-1999 101.5825 99.2087 85.2871
30-Aug-1999 100.0002 101.4670 86.0244
31-Aug-1999 101.2661 102.9437 86.1795
01-Sep-1999 101.2661 101.2769 83.8911
02-Sep-1999 101.2661 101.7993 82.2421
03-Sep-1999 103.7977 101.3097 82.0814
07-Sep-1999 103.7977 100.9173 80.9027
08-Sep-1999 103.4813 103.0101 80.0385
09-Sep-1999 103.7977 104.7137 80.2379
10-Sep-1999 103.1648 108.4186 82.7076
13-Sep-1999 102.2154 102.7017 81.9871
14-Sep-1999 101.8989 101.6500 83.0718
15-Sep-1999 101.2660 99.8762 83.4160
16-Sep-1999 97.4686 97.8844 82.4910
17-Sep-1999 101.2660 97.1839 81.6072
20-Sep-1999 104.4306 96.8822 83.7798
21-Sep-1999 106.3293 99.2901 85.7452
22-Sep-1999 107.5952 99.2901 85.7452
23-Sep-1999 105.0635 93.6927 83.4643
24-Sep-1999 99.3673 90.9160 82.6833
27-Sep-1999 96.2027 95.0234 82.5426
28-Sep-1999 95.5698 94.2527 81.9605
29-Sep-1999 96.5192 92.2403 80.1920
30-Sep-1999 94.9369 93.7899 78.7903
01-Oct-1999 94.9369 92.7767 78.5224
04-Oct-1999 100.0002 90.4592 75.9940
05-Oct-1999 101.2660 90.0410 75.7554
06-Oct-1999 103.1648 91.5193 77.7148
07-Oct-1999 101.2660 89.0657 77.5107
08-Oct-1999 99.3673 86.4442 76.9093
11-Oct-1999 100.6331 87.1464 75.0786
12-Oct-1999 96.2027 87.3439 73.3290
13-Oct-1999 95.5698 87.4828 73.6471
14-Oct-1999 96.2027 87.4431 70.2634
15-Oct-1999 96.2027 88.8428 72.3787
18-Oct-1999 100.0002 88.7179 71.7187
19-Oct-1999 98.4179 87.5685 72.7444
20-Oct-1999 100.0002 92.9466 74.1600
21-Oct-1999 98.7344 93.8132 74.7811
22-Oct-1999 98.1015 97.9610 74.7918
25-Oct-1999 100.6331 101.6945 79.5752
26-Oct-1999 101.2660 102.3227 79.0938
27-Oct-1999 102.5319 99.6941 79.3526
28-Oct-1999 103.1648 99.2549 76.4634
29-Oct-1999 103.1648 96.6327 74.9573
01-Nov-1999 101.8990 96.8802 75.3430
02-Nov-1999 102.5319 94.0063 74.1579
03-Nov-1999 105.6965 94.9480 73.4051
04-Nov-1999 109.4939 95.5003 76.8430
05-Nov-1999 109.4939 93.7113 76.8353
08-Nov-1999 110.7598 91.4375 76.6309
09-Nov-1999 109.4939 93.0767 77.2133
10-Nov-1999 106.9623 92.5433 76.6698
11-Nov-1999 110.7597 90.4115 75.5998
12-Nov-1999 108.8610 93.0937 75.9802
15-Nov-1999 104.4306 97.3661 76.2545
16-Nov-1999 102.5319 98.5704 77.5220
17-Nov-1999 100.3167 95.2563 78.4501
18-Nov-1999 96.2027 96.3477 77.3799
19-Nov-1999 93.0382 96.7790 77.1906
22-Nov-1999 93.0382 95.9523 77.8206
23-Nov-1999 91.1394 98.6125 82.5638
24-Nov-1999 100.6331 98.7225 82.5879
26-Nov-1999 98.4179 95.3644 83.2920
29-Nov-1999 100.0002 96.8466 82.8184
30-Nov-1999 100.0002 95.3684 82.3136
01-Dec-1999 96.2027 97.5154 84.9958
02-Dec-1999 93.3546 95.0019 84.4588
03-Dec-1999 91.1394 98.1423 82.9852
06-Dec-1999 92.4053 95.4993 79.0490
07-Dec-1999 92.4053 94.5328 78.8175
08-Dec-1999 91.1394 93.2947 78.8385
09-Dec-1999 89.2407 93.4080 77.2898
10-Dec-1999 88.6078 95.0143 77.0464
13-Dec-1999 89.8736 92.8747 75.7776
14-Dec-1999 90.1901 92.8747 75.7776
15-Dec-1999 88.9242 92.2686 76.5175
16-Dec-1999 84.8103 91.8353 76.9199
17-Dec-1999 86.0761 92.3392 77.3327
20-Dec-1999 84.8103 92.7256 76.1214
21-Dec-1999 85.7597 94.0015 75.4978
22-Dec-1999 86.0761 94.8063 77.8381
23-Dec-1999 85.4432 95.0756 76.0812
27-Dec-1999 86.0761 94.0295 78.7454
28-Dec-1999 91.1394 92.9353 79.1951
29-Dec-1999 92.4052 90.3924 77.7537
30-Dec-1999 94.3040 91.8473 79.2534
31-Dec-1999 98.1015 93.1810 81.1166
03-Jan-2000 96.2027 92.9683 81.0387
04-Jan-2000 89.2407 92.4168 79.9517
05-Jan-2000 87.3419 90.6699 77.9929
06-Jan-2000 86.0761 90.8150 77.7070
07-Jan-2000 87.9749 90.5637 79.2408
10-Jan-2000 89.8736 91.7409 78.5370
11-Jan-2000 90.8230 91.4340 75.5717
12-Jan-2000 93.6711 93.4898 78.0084
13-Jan-2000 94.3040 93.4898 78.0084
14-Jan-2000 95.5698 93.7343 77.8309
18-Jan-2000 96.2027 94.0871 77.3603
19-Jan-2000 96.2027 94.4338 78.5303
20-Jan-2000 93.3546 95.3918 78.8890
21-Jan-2000 93.6711 93.7056 79.3040
24-Jan-2000 91.1394 93.6799 79.3207
25-Jan-2000 89.2407 91.0457 77.8655
26-Jan-2000 75.9495 91.0378 78.3906
27-Jan-2000 81.0128 90.3958 78.6585
28-Jan-2000 80.3799 93.3927 80.8372
31-Jan-2000 79.1141 94.8046 81.5333
01-Feb-2000 79.7470 95.8877 80.8076
02-Feb-2000 80.3799 96.2405 79.9734
03-Feb-2000 81.3293 92.2280 77.6147
04-Feb-2000 82.2787 92.9960 77.9551
07-Feb-2000 84.4938 92.9960 77.9551
08-Feb-2000 84.8103 92.4211 76.0091
09-Feb-2000 82.5951 90.1117 76.2770
10-Feb-2000 83.8609 87.9733 76.3430
11-Feb-2000 83.5445 86.6861 74.7026
14-Feb-2000 85.4432 85.8664 73.9650
15-Feb-2000 84.8103 85.8086 73.7760
16-Feb-2000 83.5445 86.8281 75.7960
17-Feb-2000 85.4432 88.0264 74.3011
18-Feb-2000 85.4432 86.9533 72.3445
22-Feb-2000 83.5445 86.7235 72.7042
23-Feb-2000 84.8103 86.8281 70.6117
24-Feb-2000 85.4432 88.6426 70.5064
25-Feb-2000 86.0761 87.9937 70.7366
28-Feb-2000 85.7597 87.8445 68.8434
29-Feb-2000 85.4432 88.4741 70.8142
01-Mar-2000 87.9749 89.0676 69.8721
02-Mar-2000 85.4432 86.8025 69.0037
03-Mar-2000 84.8103 84.1091 68.1586
06-Mar-2000 84.9685 84.5169 66.3150
07-Mar-2000 86.0761 84.0647 65.4364
08-Mar-2000 83.5445 84.0199 65.1895
09-Mar-2000 84.8103 86.7678 66.9992
10-Mar-2000 79.7470 88.4504 66.3489
13-Mar-2000 79.7470 86.5460 65.8975
14-Mar-2000 74.6837 86.5460 65.8975
15-Mar-2000 79.7470 88.3231 64.4564
16-Mar-2000 79.7470 90.2455 62.8067
17-Mar-2000 79.1141 89.7248 61.4673
20-Mar-2000 83.5445 90.8873 61.8839
21-Mar-2000 83.5445 89.7068 61.1595
22-Mar-2000 85.7597 91.4506 61.0229
23-Mar-2000 84.8103 90.8654 60.5947
24-Mar-2000 85.4432 88.7214 60.2454
27-Mar-2000 86.0761 92.2016 60.9174
28-Mar-2000 85.7597 90.0407 58.5008
29-Mar-2000 83.5445 84.9358 57.8433
30-Mar-2000 93.0382 91.8213 60.2448
31-Mar-2000 90.5065 92.0123 59.8899
03-Apr-2000 91.7723 94.6398 59.8845
04-Apr-2000 87.3419 95.8049 59.4936
05-Apr-2000 92.4052 95.7102 58.7431
06-Apr-2000 82.9115 99.6357 61.3439
07-Apr-2000 84.8103 101.3284 64.0181
10-Apr-2000 91.1394 97.7512 64.2232
11-Apr-2000 87.3419 100.5998 63.7355
12-Apr-2000 86.0761 103.4387 65.6553
13-Apr-2000 84.8103 100.3584 66.0150
14-Apr-2000 83.8609 104.2687 65.7989
17-Apr-2000 82.9116 103.2340 68.8215
18-Apr-2000 86.0761 101.5930 66.1653
19-Apr-2000 84.8103 106.3364 65.9631
20-Apr-2000 82.9116 105.2985 66.3501
24-Apr-2000 85.4432 104.3612 67.4950
25-Apr-2000 84.8103 107.0844 67.9580
26-Apr-2000 83.2280 104.7783 67.8495
27-Apr-2000 83.5445 106.0460 68.8163
28-Apr-2000 83.5445 110.0466 70.3354
01-May-2000 86.0761 111.1252 71.1732
02-May-2000 82.4369 109.4678 73.1479
03-May-2000 83.5445 111.1129 74.7248
04-May-2000 83.5445 113.0909 74.2983
05-May-2000 82.9116 111.3725 71.2825
08-May-2000 82.9907 110.0970 70.1518
09-May-2000 85.1268 104.7918 66.7168
10-May-2000 83.7027 99.1554 65.9637
11-May-2000 85.7597 102.4643 65.6684
12-May-2000 84.8103 106.9815 66.5618
15-May-2000 84.8103 108.3773 68.9501
16-May-2000 84.8103 108.3773 68.9501
17-May-2000 81.6457 106.4272 67.2198
18-May-2000 83.5445 109.6042 68.5164
19-May-2000 81.6457 107.4659 69.3899
22-May-2000 83.2280 107.8227 68.7659
23-May-2000 82.9116 109.6633 69.5534
24-May-2000 83.5445 111.8890 69.8831
25-May-2000 81.6457 111.8842 71.0347
26-May-2000 81.0128 111.8307 69.2250
30-May-2000 77.2154 110.4161 69.2005
31-May-2000 71.5191 111.8943 70.7775
01-Jun-2000 72.7850 115.8189 73.4379
02-Jun-2000 75.3166 114.0316 72.4572
05-Jun-2000 72.4685 114.4014 71.8262
06-Jun-2000 72.4685 115.2812 73.1562
07-Jun-2000 68.3546 111.7838 72.8516
08-Jun-2000 74.3672 111.7584 70.4679
09-Jun-2000 73.2596 112.0557 70.7760
12-Jun-2000 74.3672 113.3031 71.9576
13-Jun-2000 75.3166 109.9261 70.0001
14-Jun-2000 73.7343 106.3115 69.6730
15-Jun-2000 70.5698 105.9368 67.7023
16-Jun-2000 72.1521 107.8259 68.1295
19-Jun-2000 70.8862 108.3989 74.0002
20-Jun-2000 64.8736 105.4445 73.4233
21-Jun-2000 63.9242 103.8302 72.7533
22-Jun-2000 60.7596 103.8302 72.7533
23-Jun-2000 53.4811 106.1374 73.8202
26-Jun-2000 53.4811 105.1178 73.3685
27-Jun-2000 52.8482 108.4264 73.0105
28-Jun-2000 47.4685 111.3354 76.7340
29-Jun-2000 45.8862 110.2249 73.7597
30-Jun-2000 62.9748 108.0294 73.5295
03-Jul-2000 63.2913 112.1765 75.0949
05-Jul-2000 63.2913 110.3502 75.4558
06-Jul-2000 58.2280 113.1998 78.4694
07-Jul-2000 55.6963 112.7045 76.3824
10-Jul-2000 52.5318 110.1740 74.6718
11-Jul-2000 53.7976 110.3888 74.0782
12-Jul-2000 53.1647 107.8696 74.1412
13-Jul-2000 56.6457 105.5799 74.5891
14-Jul-2000 60.7596 107.2423 72.6976
17-Jul-2000 60.7596 106.7969 71.0646
18-Jul-2000 63.9242 106.8486 69.2027
19-Jul-2000 63.9242 106.0633 69.7188
20-Jul-2000 58.8609 105.3526 69.5465
21-Jul-2000 59.4938 103.6841 71.2815
24-Jul-2000 62.0255 109.3613 71.3321
25-Jul-2000 61.3926 108.4515 72.4976
26-Jul-2000 62.0255 107.1331 70.7647
27-Jul-2000 62.0255 105.6557 73.4090
28-Jul-2000 63.2913 108.6452 74.2019
31-Jul-2000 66.4558 108.6452 74.2019
01-Aug-2000 66.6141 112.7813 75.3066
02-Aug-2000 70.2533 115.1118 76.6057
03-Aug-2000 65.8229 113.6594 77.1547
04-Aug-2000 65.1900 114.0142 77.7528
07-Aug-2000 61.0761 112.2594 79.4121
08-Aug-2000 62.0255 117.2941 80.9011
09-Aug-2000 63.9242 116.4491 81.3748
10-Aug-2000 60.1267 118.2844 81.0203
11-Aug-2000 61.3925 119.1057 82.4086
14-Aug-2000 60.7596 121.8746 81.4185
15-Aug-2000 60.7596 117.2112 80.8943
16-Aug-2000 59.4938 115.5283 80.3402
17-Aug-2000 58.2280 118.5595 80.0971
18-Aug-2000 58.2280 121.3562 79.8554
21-Aug-2000 58.2280 121.3919 77.8705
22-Aug-2000 60.1267 119.8527 78.2867
23-Aug-2000 61.0761 119.3574 76.6991
24-Aug-2000 61.7090 116.5406 75.8150
25-Aug-2000 64.8736 122.2802 76.5684
28-Aug-2000 64.8736 123.3169 76.1115
29-Aug-2000 62.6584 120.6402 76.9319
30-Aug-2000 63.2913 122.6932 77.0588
31-Aug-2000 63.2913 123.3871 76.6850
01-Sep-2000 62.0255 125.1255 78.6550
05-Sep-2000 56.6457 123.7038 77.7236
06-Sep-2000 62.0255 123.0632 76.1805
07-Sep-2000 62.0255 122.5444 76.1419
08-Sep-2000 62.0255 125.9788 77.0540
11-Sep-2000 59.4938 124.3482 76.5350
12-Sep-2000 55.6963 121.9319 74.7732
13-Sep-2000 50.9495 122.2837 74.2597
14-Sep-2000 55.0634 119.0472 73.8221
15-Sep-2000 53.1647 119.6726 73.2204
18-Sep-2000 53.1647 119.8100 73.9191
19-Sep-2000 53.1647 118.1643 73.2539
20-Sep-2000 53.1647 115.2555 72.1421
21-Sep-2000 53.1647 116.3824 72.6517
22-Sep-2000 53.1647 118.1253 72.7242
25-Sep-2000 53.1647 119.0551 71.1627
26-Sep-2000 53.1647 116.3736 70.4341
27-Sep-2000 56.9622 114.6406 70.4006
28-Sep-2000 53.1647 115.1336 71.3272
29-Sep-2000 55.3799 113.1889 69.6141
02-Oct-2000 55.6963 113.1889 69.6141
03-Oct-2000 53.1647 116.5830 69.9879
04-Oct-2000 53.1647 117.9224 69.7547
05-Oct-2000 53.7976 115.9394 69.4778
06-Oct-2000 56.3292 116.2109 70.4813
09-Oct-2000 53.1647 111.8532 69.4334
10-Oct-2000 53.1647 110.6261 69.1668
11-Oct-2000 55.6963 113.4108 68.8950
12-Oct-2000 54.1140 113.4166 69.2157
13-Oct-2000 53.1647 112.7669 69.3229
16-Oct-2000 52.8482 110.2558 68.2698
17-Oct-2000 52.8482 109.6629 69.7305
18-Oct-2000 51.8989 110.6292 68.9491
19-Oct-2000 48.1014 110.1000 69.7746
20-Oct-2000 49.3672 111.5701 70.0271
23-Oct-2000 47.7849 113.1533 69.5753
24-Oct-2000 49.6837 112.4820 69.6244
25-Oct-2000 50.6330 112.6241 70.7566
26-Oct-2000 53.1647 114.6399 70.8912
27-Oct-2000 56.3292 112.5025 70.2836
30-Oct-2000 60.4432 112.6107 69.0073
31-Oct-2000 72.4685 115.3910 67.7977
01-Nov-2000 63.6077 117.9699 70.1473
02-Nov-2000 60.1267 120.4379 70.9133
03-Nov-2000 58.2280 120.8869 68.6960
06-Nov-2000 56.6457 117.5412 68.3022
07-Nov-2000 56.9622 117.6098 67.5449
08-Nov-2000 62.6584 114.0813 66.5307
09-Nov-2000 65.8229 108.0499 64.7300
10-Nov-2000 66.4559 109.8092 65.5745
13-Nov-2000 65.1900 110.7002 65.3040
14-Nov-2000 65.1900 111.5738 65.9199
15-Nov-2000 68.9875 110.5425 64.2985
16-Nov-2000 69.6204 114.9022 65.7151
17-Nov-2000 69.6204 114.9142 64.5699
20-Nov-2000 69.6204 115.0576 65.2875
21-Nov-2000 69.9369 117.7114 65.1375
22-Nov-2000 69.6204 116.0318 64.5251
24-Nov-2000 71.2027 116.4287 65.9272
27-Nov-2000 74.6837 119.4261 66.7279
28-Nov-2000 73.4179 128.8509 69.0176
29-Nov-2000 73.4179 128.7753 70.4355
30-Nov-2000 73.4179 130.5952 71.3348
01-Dec-2000 73.4179 129.3432 74.3138
04-Dec-2000 73.4179 128.8428 70.7813
05-Dec-2000 73.4179 130.6711 70.3107
06-Dec-2000 73.4179 129.1054 69.7676
07-Dec-2000 73.4179 131.0818 70.8100
08-Dec-2000 75.3166 130.6280 72.1090
11-Dec-2000 74.0508 127.8293 73.3859
12-Dec-2000 73.4179 131.1664 75.8093
13-Dec-2000 73.4179 132.9328 76.6345
14-Dec-2000 73.4179 132.7597 76.4880
15-Dec-2000 73.4179 130.8620 75.4983
18-Dec-2000 73.7344 130.6313 74.4648
19-Dec-2000 75.0002 131.2825 74.2762
20-Dec-2000 75.3166 138.9633 74.5766
21-Dec-2000 74.0508 132.5327 73.0665
22-Dec-2000 74.0508 132.5327 73.0665
26-Dec-2000 74.0508 134.5817 74.0948
27-Dec-2000 73.4179 133.7849 76.5849
28-Dec-2000 73.4179 133.5733 77.7535
29-Dec-2000 73.4179 136.7312 81.0710
02-Jan-2001 73.4179 133.5417 81.4972
03-Jan-2001 73.4179 132.1626 80.6456
04-Jan-2001 73.4179 131.4269 78.0690
05-Jan-2001 72.1521 135.2585 82.9583
08-Jan-2001 68.3546 135.0391 85.2049
09-Jan-2001 70.5698 130.7415 78.9237
10-Jan-2001 68.3546 136.8354 88.0246
11-Jan-2001 68.6711 138.6072 89.4867
12-Jan-2001 68.3546 137.5283 89.9908
16-Jan-2001 68.3546 133.1640 89.3836
17-Jan-2001 69.3040 128.9677 87.2501
18-Jan-2001 69.3040 129.6529 87.1269
19-Jan-2001 68.6711 131.9950 89.4758
22-Jan-2001 68.3546 131.8946 90.3065
23-Jan-2001 67.7217 128.8779 85.2324
24-Jan-2001 67.4052 135.6226 89.1455
25-Jan-2001 67.0888 137.1290 89.8579
26-Jan-2001 68.3546 137.1290 89.8579
29-Jan-2001 65.8229 136.4011 91.2493
30-Jan-2001 64.2407 142.7063 91.1469
31-Jan-2001 63.2913 141.8558 93.4339
01-Feb-2001 62.6584 143.9766 98.3785
02-Feb-2001 60.7597 143.9766 98.3785
05-Feb-2001 62.0255 142.2245 93.3999
06-Feb-2001 61.3926 144.2994 98.2379
07-Feb-2001 60.7597 151.0656 100.5822
08-Feb-2001 60.7597 151.0680 101.4355
09-Feb-2001 60.7597 146.3993 101.8628
12-Feb-2001 60.7597 138.4316 99.7507
13-Feb-2001 60.7597 138.4930 100.8259
14-Feb-2001 59.4938 135.4629 102.7452
15-Feb-2001 59.4938 133.3154 100.4100
16-Feb-2001 59.4938 133.3154 100.4100
20-Feb-2001 59.4938 131.6003 103.6762
21-Feb-2001 56.9622 129.9382 102.6369
22-Feb-2001 58.8609 131.8586 101.8980
23-Feb-2001 56.9622 126.0925 98.0851
26-Feb-2001 56.9622 124.8498 98.4464
27-Feb-2001 57.2786 127.9301 103.8044
28-Feb-2001 58.2280 125.5582 103.7423
01-Mar-2001 58.2280 129.1900 102.9471
02-Mar-2001 57.9116 128.9095 106.0164
05-Mar-2001 57.5951 131.1885 107.6145
06-Mar-2001 59.8103 132.2767 112.1354
07-Mar-2001 60.1268 134.3572 113.7691
08-Mar-2001 58.8609 137.2480 113.5420
09-Mar-2001 58.3862 137.0361 112.2711
12-Mar-2001 55.0634 134.8870 116.6297
13-Mar-2001 56.3293 135.5005 117.3671
14-Mar-2001 51.8989 134.6719 116.4113
15-Mar-2001 54.4305 132.8477 112.7487
16-Mar-2001 54.4305 130.8235 111.4901
19-Mar-2001 51.8989 133.1135 112.4543
20-Mar-2001 50.6331 133.1338 114.6073
21-Mar-2001 48.7343 128.8006 113.6094
22-Mar-2001 49.6837 131.2082 116.1481
23-Mar-2001 49.3672 129.1217 115.4298
26-Mar-2001 47.7849 129.1217 115.4298
27-Mar-2001 48.9717 126.6091 112.9148
28-Mar-2001 50.6330 124.8822 114.9452
29-Mar-2001 48.1014 122.7468 109.1517
30-Mar-2001 48.7343 120.3274 109.0959
02-Apr-2001 50.6330 122.3700 109.8623
03-Apr-2001 48.7343 122.0586 93.9226
04-Apr-2001 47.4685 119.2233 93.1145
05-Apr-2001 49.3672 114.8455 87.5009
06-Apr-2001 46.8356 116.1976 89.4196
09-Apr-2001 47.3419 118.3573 91.5493
10-Apr-2001 48.6077 120.9281 95.0527
11-Apr-2001 47.8482 121.9738 92.5899
12-Apr-2001 51.8989 121.3007 89.7724
16-Apr-2001 50.4305 115.6559 85.2680
17-Apr-2001 50.3799 112.4349 80.5040
18-Apr-2001 50.6330 109.8462 77.9547
19-Apr-2001 50.3799 108.6595 78.2681
20-Apr-2001 50.6331 112.8113 76.0464
23-Apr-2001 50.6331 112.8296 71.8516
24-Apr-2001 50.1267 110.8976 70.8668
25-Apr-2001 50.6331 109.8960 71.4578
26-Apr-2001 52.0002 109.1163 72.5669
27-Apr-2001 52.0002 107.4164 71.5296
30-Apr-2001 51.6457 108.9147 75.2224
01-May-2001 51.1394 114.5891 79.1587
02-May-2001 51.6457 115.7415 77.8652
03-May-2001 52.1521 112.5006 76.9082
04-May-2001 52.1521 112.0655 77.6998
07-May-2001 52.1521 113.6907 78.2971
08-May-2001 51.6457 112.7792 75.4140
09-May-2001 52.3546 110.4835 73.4867
10-May-2001 54.4305 113.2590 75.6758
11-May-2001 55.6964 117.2892 79.6681
14-May-2001 60.7090 112.9783 78.1144
15-May-2001 64.0508 114.1490 81.2968
16-May-2001 63.7977 119.9558 86.4244
01-Mar-2001 71.5955 94.1541 66.6262
02-Mar-2001 71.2063 96.1906 68.3827
05-Mar-2001 70.8172 97.9778 69.1005
06-Mar-2001 73.5410 100.4939 71.0298
07-Mar-2001 73.9301 101.1955 69.9402
08-Mar-2001 72.3737 101.8490 69.0831
09-Mar-2001 71.7900 98.0184 66.5232
12-Mar-2001 67.7044 94.9102 63.7930
13-Mar-2001 69.2608 92.7403 62.8689
14-Mar-2001 63.8133 90.9806 62.4778
15-Mar-2001 66.9262 94.7096 61.2563
16-Mar-2001 66.9262 94.1656 58.4073
19-Mar-2001 63.8133 92.7830 57.1096
20-Mar-2001 62.2569 92.2180 57.5816
21-Mar-2001 59.9223 91.5254 57.7112
22-Mar-2001 61.0896 90.0779 56.8291
23-Mar-2001 60.7005 90.5131 59.0769
26-Mar-2001 58.7550 95.5780 61.6610
27-Mar-2001 60.2141 97.0967 60.8954
28-Mar-2001 62.2569 94.1926 60.1394
29-Mar-2001 59.1441 93.7017 60.2082
30-Mar-2001 59.9223 94.9595 60.7184
02-Apr-2001 62.2569 93.8444 58.9113
03-Apr-2001 59.9223 91.9679 57.8432
04-Apr-2001 58.3658 94.5029 59.2480
05-Apr-2001 60.7005 96.9960 61.6082
06-Apr-2001 57.5876 93.7565 60.1094
09-Apr-2001 58.2102 94.6005 61.6041
10-Apr-2001 59.7666 99.6474 65.1542
11-Apr-2001 58.8328 98.2614 65.1562
- ----------
(1) Major Domestic Airlines Composite reflects American, Continental, Delta,
Northwest, Southwest and United, weighted by market capitalizations
(2) Regional Domestic Airlines Composite reflects AirTran, Alaska Airlines,
America West and Frontier, weighted by market capitalizations
------------------------------
[LOGO] Dresdner Kleinwort Wasserstein
------------------------------
- --------------------------------------------------------------------------------
-47-
Brickyard Overview
Bond Price Performance (1)
================================================================================
o Brickyard's high yield notes have generally traded down since the date of
issue in line with the deterioration in its stock price
o After declining at the announcement of the Proposal on May 16, 2001, the
10.50% '04 notes and 9.625% '05 notes have rebounded to pre-announcement
levels of 85 and 80, respectively
[The following table was depicted as a line chart in the printed material.]
Common Stock 10.5% Note due 9.625% Note due
Date Closing Price August 2004 December 2005
- ----------- ------------- -------------- ---------------
30-Jan-1998 10.0000 105.2500
02-Feb-1998 10.0000 105.2500
03-Feb-1998 10.3750 105.2500
04-Feb-1998 10.2500 105.2500
05-Feb-1998 10.5000 105.2500
06-Feb-1998 10.5000 105.2500
09-Feb-1998 10.7500 105.2500
10-Feb-1998 11.8750 105.2500
11-Feb-1998 11.8750 105.2500
12-Feb-1998 11.3750 105.2500
13-Feb-1998 11.5000 105.2500
16-Feb-1998 11.5000 105.2500
17-Feb-1998 11.3750 105.2500
18-Feb-1998 10.6250 105.2500
19-Feb-1998 11.0000 105.2500
20-Feb-1998 10.7500 105.2500
23-Feb-1998 10.5000 105.2500
24-Feb-1998 10.5000 105.2500
25-Feb-1998 11.0000 105.2500
26-Feb-1998 10.7500 105.2500
27-Feb-1998 10.5000 105.2500
02-Mar-1998 10.6250 105.2500
03-Mar-1998 10.6875 105.2500
04-Mar-1998 10.6250 105.2500
05-Mar-1998 10.7500 105.2500
06-Mar-1998 10.7500 105.2500
09-Mar-1998 11.0000 105.2500
10-Mar-1998 11.0000 105.2500
11-Mar-1998 11.2500 105.2500
12-Mar-1998 11.7500 105.2500
13-Mar-1998 13.7500 105.2500
16-Mar-1998 13.7500 105.2500
17-Mar-1998 13.7500 105.2500
18-Mar-1998 14.0000 105.2500
19-Mar-1998 13.5000 105.2500
20-Mar-1998 13.7500 105.2500
23-Mar-1998 13.3750 105.2500
24-Mar-1998 14.0000 105.2500
25-Mar-1998 14.0000 105.2500
26-Mar-1998 14.2500 107.0000
27-Mar-1998 14.5000 107.0000
30-Mar-1998 15.6250 107.0000
31-Mar-1998 16.2500 107.0000
01-Apr-1998 15.7500 107.0000
02-Apr-1998 15.5000 107.0000
03-Apr-1998 15.8750 107.0000
06-Apr-1998 16.1563 107.0000
07-Apr-1998 16.1250 107.0000
08-Apr-1998 16.2500 107.0000
09-Apr-1998 16.0625 107.0000
10-Apr-1998 16.0625 107.0000
13-Apr-1998 16.1250 107.0000
14-Apr-1998 16.0000 107.0000
15-Apr-1998 15.8750 107.0000
16-Apr-1998 15.7500 107.0000
17-Apr-1998 15.6250 107.0000
20-Apr-1998 16.0000 107.0000
21-Apr-1998 16.0625 107.0000
22-Apr-1998 17.0000 107.0000
23-Apr-1998 19.5000 107.0000
24-Apr-1998 20.8750 107.0000
27-Apr-1998 19.9375 106.5000
28-Apr-1998 20.1250 106.5000
29-Apr-1998 22.0000 106.5000
30-Apr-1998 21.6250 106.5000
01-May-1998 21.0000 106.5000
04-May-1998 20.0000 106.5000
05-May-1998 19.3750 106.5000
06-May-1998 20.6250 106.5000
07-May-1998 21.2500 106.5000
08-May-1998 21.0000 106.5000
11-May-1998 20.5000 106.5000
12-May-1998 20.3750 106.5000
13-May-1998 20.3750 106.5000
14-May-1998 19.0000 105.2500
15-May-1998 19.6250 105.2500
18-May-1998 19.2500 105.2500
19-May-1998 19.3750 105.2500
20-May-1998 20.0000 105.2500
21-May-1998 19.7500 105.2500
22-May-1998 19.7500 105.2500
25-May-1998 19.7500 105.2500
26-May-1998 20.0000 105.2500
27-May-1998 18.8750 105.2500
28-May-1998 19.7500 105.2500
29-May-1998 19.7500 105.2500
01-Jun-1998 19.6250 105.2500
02-Jun-1998 19.2500 105.2500
03-Jun-1998 18.8750 105.2500
04-Jun-1998 18.6875 105.2500
05-Jun-1998 18.8750 105.2500
08-Jun-1998 19.4375 105.2500
09-Jun-1998 19.6250 105.2500
10-Jun-1998 19.4375 105.2500
11-Jun-1998 19.5000 105.2500
12-Jun-1998 20.0000 105.2500
15-Jun-1998 19.0000 105.2500
16-Jun-1998 19.5000 105.2500
17-Jun-1998 22.2500 105.2500
18-Jun-1998 22.7500 105.2500
19-Jun-1998 23.4375 105.2500
22-Jun-1998 23.8750 105.2500
23-Jun-1998 23.5000 105.2500
24-Jun-1998 22.8125 105.2500
25-Jun-1998 23.5000 105.2500
26-Jun-1998 23.4375 105.2500
29-Jun-1998 25.7500 105.2500
30-Jun-1998 24.6250 105.2500
01-Jul-1998 25.6250 105.2500
02-Jul-1998 26.0000 105.2500
03-Jul-1998 26.0000 105.2500
06-Jul-1998 25.2500 105.2500
07-Jul-1998 26.8750 105.2500
08-Jul-1998 26.8750 105.2500
09-Jul-1998 26.6250 105.0000
10-Jul-1998 26.3750 105.0000
13-Jul-1998 26.7500 105.0000
14-Jul-1998 27.0000 105.0000
15-Jul-1998 27.0000 105.0000
16-Jul-1998 28.1250 105.0000
17-Jul-1998 28.6250 105.0000
20-Jul-1998 28.3750 105.0000
21-Jul-1998 27.1250 105.0000
22-Jul-1998 26.0625 105.0000
23-Jul-1998 25.6250 105.0000
24-Jul-1998 25.0000 105.0000
27-Jul-1998 24.1250 105.0000
28-Jul-1998 23.7500 105.0000
29-Jul-1998 22.5000 105.0000
30-Jul-1998 24.3750 105.0000
31-Jul-1998 23.6250 105.0000
03-Aug-1998 23.2500 105.0000
04-Aug-1998 22.5000 105.0000
05-Aug-1998 23.1250 105.0000
06-Aug-1998 24.7500 105.0000
07-Aug-1998 24.5000 105.0000
10-Aug-1998 25.7500 105.0000
11-Aug-1998 25.3750 104.5000
12-Aug-1998 26.0000 104.5000
13-Aug-1998 25.8750 104.5000
14-Aug-1998 25.0000 104.5000
17-Aug-1998 25.5000 104.5000
18-Aug-1998 25.6250 104.0000
19-Aug-1998 25.7500 104.0000
20-Aug-1998 26.0000 104.0000
21-Aug-1998 25.0000 103.2500
24-Aug-1998 24.5000 103.2500
25-Aug-1998 24.9375 103.2500
26-Aug-1998 24.1250 102.5000
27-Aug-1998 23.6250 100.5000
28-Aug-1998 21.5000 100.5000
31-Aug-1998 21.0000 100.5000
01-Sep-1998 22.1250 100.5000
02-Sep-1998 22.0000 100.5000
03-Sep-1998 22.7500 100.5000
04-Sep-1998 22.0000 100.5000
07-Sep-1998 22.0000 100.5000
08-Sep-1998 23.0000 100.5000
09-Sep-1998 23.2500 100.5000
10-Sep-1998 23.2500 100.0000
11-Sep-1998 23.0000 100.0000
14-Sep-1998 23.5000 100.0000
15-Sep-1998 24.7500 100.0000
16-Sep-1998 23.9375 100.0000
17-Sep-1998 23.7500 100.0000
18-Sep-1998 23.3750 100.0000
21-Sep-1998 23.7500 100.0000
22-Sep-1998 23.0000 100.0000
23-Sep-1998 23.5000 100.0000
24-Sep-1998 23.7500 100.0000
25-Sep-1998 23.1250 100.0000
28-Sep-1998 23.1875 100.0000
29-Sep-1998 23.6250 100.0000
30-Sep-1998 23.5000 100.0000
01-Oct-1998 22.0000 100.0000
02-Oct-1998 22.4375 100.0000
05-Oct-1998 21.7500 99.5000
06-Oct-1998 21.5000 99.5000
07-Oct-1998 19.0000 99.0000
08-Oct-1998 16.2500 98.2500
09-Oct-1998 19.8750 98.2500
12-Oct-1998 20.0000 98.2500
13-Oct-1998 18.6250 98.2500
14-Oct-1998 19.3125 98.2500
15-Oct-1998 22.0000 98.2500
16-Oct-1998 22.2500 98.2500
19-Oct-1998 21.8750 98.2500
20-Oct-1998 19.7500 98.2500
21-Oct-1998 20.0000 98.2500
22-Oct-1998 20.4375 98.2500
23-Oct-1998 20.5000 98.2500
26-Oct-1998 20.8750 98.2500
27-Oct-1998 22.3750 98.2500
28-Oct-1998 22.6875 98.2500
29-Oct-1998 22.0000 98.2500
30-Oct-1998 22.1250 98.2500
02-Nov-1998 22.7500 98.2500
03-Nov-1998 22.6250 98.2500
04-Nov-1998 23.1250 98.2500
05-Nov-1998 23.5000 98.2500
06-Nov-1998 22.8750 98.2500
09-Nov-1998 22.3750 98.2500
10-Nov-1998 22.2500 98.2500
11-Nov-1998 20.0000 98.2500
12-Nov-1998 19.7500 98.2500
13-Nov-1998 20.4375 98.2500
16-Nov-1998 21.7500 102.0000
17-Nov-1998 21.7500 102.0000
18-Nov-1998 21.8750 102.0000
19-Nov-1998 21.0625 102.0000
20-Nov-1998 21.8750 102.0000
23-Nov-1998 22.0000 102.0000
24-Nov-1998 22.5000 102.0000
25-Nov-1998 22.0000 102.0000
26-Nov-1998 22.0000 102.0000
27-Nov-1998 22.8750 102.0000
30-Nov-1998 22.0000 102.0000
01-Dec-1998 22.0000 102.0000
02-Dec-1998 22.0625 102.0000
03-Dec-1998 22.5000 102.0000
04-Dec-1998 22.7500 102.0000
07-Dec-1998 23.7500 102.0000
08-Dec-1998 24.0000 102.0000
09-Dec-1998 24.5000 102.0000
10-Dec-1998 25.2500 102.0000
11-Dec-1998 24.1250 102.0000 100.5000
14-Dec-1998 24.1250 102.0000 100.5000
15-Dec-1998 24.6250 99.7500 100.5000
16-Dec-1998 25.3750 99.7500 100.5000
17-Dec-1998 25.5000 99.7500 100.5000
18-Dec-1998 26.5000 99.7500 100.5000
21-Dec-1998 27.5000 99.7500 100.5000
22-Dec-1998 26.0000 99.7500 100.5000
23-Dec-1998 25.5000 99.7500 99.5000
24-Dec-1998 25.6250 99.7500 99.5000
25-Dec-1998 25.6250 99.7500 99.5000
28-Dec-1998 26.2500 99.7500 99.5000
29-Dec-1998 27.0625 99.7500 99.5000
30-Dec-1998 27.0000 99.7500 99.5000
31-Dec-1998 27.1250 104.0000 100.0000
01-Jan-1999 27.1250 104.0000 100.0000
04-Jan-1999 26.5000 103.0000 98.7500
05-Jan-1999 27.2500 103.0000 98.7500
06-Jan-1999 27.6250 103.0000 98.5000
07-Jan-1999 28.0000 103.0000 98.5000
08-Jan-1999 26.7500 103.0000 98.5000
11-Jan-1999 25.6250 103.0000 98.5000
12-Jan-1999 24.2500 103.0000 99.2500
13-Jan-1999 24.1250 103.0000 99.2500
14-Jan-1999 24.1250 103.0000 99.2500
15-Jan-1999 24.0000 103.0000 99.2500
18-Jan-1999 24.0000 103.0000 99.2500
19-Jan-1999 24.2500 103.0000 99.2500
20-Jan-1999 23.5000 103.0000 99.2500
21-Jan-1999 24.5000 103.0000 99.2500
22-Jan-1999 25.1250 103.0000 99.2500
25-Jan-1999 24.5000 103.0000 99.2500
26-Jan-1999 24.8750 103.0000 99.2500
27-Jan-1999 22.3750 103.0000 99.2500
28-Jan-1999 22.1250 103.0000 99.2500
29-Jan-1999 24.0625 103.0000 99.7500
01-Feb-1999 23.6875 103.0000 99.7500
02-Feb-1999 22.6250 103.0000 99.7500
03-Feb-1999 21.9375 103.0000 99.7500
04-Feb-1999 21.5000 103.0000 104.0000
05-Feb-1999 21.6250 103.0000 104.0000
08-Feb-1999 21.5625 103.0000 104.0000
09-Feb-1999 21.7500 103.0000 104.0000
10-Feb-1999 23.6875 103.0000 104.0000
11-Feb-1999 23.2500 103.0000 104.0000
12-Feb-1999 23.0000 103.0000 99.0000
15-Feb-1999 23.0000 103.0000 99.0000
16-Feb-1999 21.7500 103.0000 99.6250
17-Feb-1999 19.6250 103.0000 99.5000
18-Feb-1999 20.5000 103.0000 99.5000
19-Feb-1999 21.8750 103.0000 99.5000
22-Feb-1999 22.9375 103.0000 99.5000
23-Feb-1999 22.8125 103.0000 99.7500
24-Feb-1999 22.7500 103.0000 99.7500
25-Feb-1999 21.8125 103.0000 99.7500
26-Feb-1999 22.1250 103.1250 99.7500
01-Mar-1999 22.6875 103.1250 99.7500
02-Mar-1999 21.3750 103.1250 99.7500
03-Mar-1999 21.7500 103.1250 99.7500
04-Mar-1999 22.5000 103.1250 99.7500
05-Mar-1999 22.0000 103.1250 99.7500
08-Mar-1999 21.0000 103.1250 99.5000
09-Mar-1999 21.5000 103.1250 99.0000
10-Mar-1999 22.0000 103.1250 99.0000
11-Mar-1999 22.1250 103.1250 99.0000
12-Mar-1999 21.8125 103.1250 99.0000
15-Mar-1999 21.3750 103.1250 99.0000
16-Mar-1999 21.5000 103.1250 99.0000
17-Mar-1999 21.0000 103.1250 99.0000
18-Mar-1999 21.1250 103.1250 99.0000
19-Mar-1999 20.0000 103.1250 99.7500
22-Mar-1999 20.2500 103.1250 99.7500
23-Mar-1999 19.3750 103.1250 99.5000
24-Mar-1999 19.7500 103.1250 99.5000
25-Mar-1999 20.9375 103.1250 99.5000
26-Mar-1999 20.0000 103.1250 99.5000
29-Mar-1999 20.8750 103.1250 99.5000
30-Mar-1999 20.5000 103.1250 99.8750
31-Mar-1999 19.0000 103.1250 99.5000
01-Apr-1999 18.8750 103.1250 99.5000
02-Apr-1999 18.8750 103.1250 99.5000
05-Apr-1999 18.5000 103.1250 99.6250
06-Apr-1999 19.0000 103.1250 99.6250
07-Apr-1999 19.5000 103.1250 99.6250
08-Apr-1999 19.5625 103.1250 99.6250
09-Apr-1999 20.0000 103.1250 100.3750
12-Apr-1999 20.1875 103.1250 100.3750
13-Apr-1999 21.0000 103.1250 100.5000
14-Apr-1999 21.8750 103.1250 100.5000
15-Apr-1999 22.2500 103.5000 100.5000
16-Apr-1999 21.8750 103.5000 100.5000
19-Apr-1999 23.3750 103.5000 100.3750
20-Apr-1999 23.8750 103.5000 100.3750
21-Apr-1999 23.5000 103.5000 101.5000
22-Apr-1999 23.0625 103.5000 101.5000
23-Apr-1999 22.9375 103.5000 101.5000
26-Apr-1999 22.8750 103.5000 101.0000
27-Apr-1999 22.8750 103.5000 101.0000
28-Apr-1999 22.9375 103.5000 102.0000
29-Apr-1999 22.3750 103.5000 101.2500
30-Apr-1999 22.6250 103.6250 101.2500
03-May-1999 22.3125 103.6250 101.7500
04-May-1999 22.5000 103.6250 101.5000
05-May-1999 22.1250 103.3750 101.5000
06-May-1999 21.4375 103.3750 101.5000
07-May-1999 21.0000 103.3750 101.5000
10-May-1999 22.2500 103.3750 101.5000
11-May-1999 22.5000 102.7500 100.7500
12-May-1999 22.2500 102.7500 100.7500
13-May-1999 21.6250 100.7500 100.7500
14-May-1999 22.0000 100.3750 100.2500
17-May-1999 21.8750 100.3750 100.2500
18-May-1999 21.8125 100.3750 100.2500
19-May-1999 22.2500 100.3750 100.2500
20-May-1999 23.0000 101.5000 100.0000
21-May-1999 22.6875 101.5000 99.3750
24-May-1999 22.7500 101.5000 99.0000
25-May-1999 22.0000 101.5000 99.2500
26-May-1999 24.1250 101.5000 99.2500
27-May-1999 24.0000 101.5000 98.0000
28-May-1999 23.5000 101.3750 98.0000
31-May-1999 23.5000 101.3750 98.0000
01-Jun-1999 23.7500 101.3750 98.0000
02-Jun-1999 23.7500 101.3750 96.7500
03-Jun-1999 24.2500 101.3750 98.0000
04-Jun-1999 24.6250 101.2500 98.0000
07-Jun-1999 24.6250 101.2500 98.0000
08-Jun-1999 23.3750 101.2500 98.1250
09-Jun-1999 24.8125 101.2500 98.1250
10-Jun-1999 24.4375 101.0000 98.1250
11-Jun-1999 24.2500 101.0000 98.1250
14-Jun-1999 24.0000 101.0000 98.1250
15-Jun-1999 24.0000 100.5000 97.6250
16-Jun-1999 24.0000 100.5000 97.6250
17-Jun-1999 24.2500 100.5000 97.6250
18-Jun-1999 24.3750 100.5000 97.6250
21-Jun-1999 24.0625 100.5000 97.6250
22-Jun-1999 24.5000 100.5000 97.6250
23-Jun-1999 24.1250 100.5000 97.6250
24-Jun-1999 23.5625 100.0000 97.2500
25-Jun-1999 24.1250 100.0000 97.2500
28-Jun-1999 23.5000 100.0000 97.2500
29-Jun-1999 24.3750 100.0000 97.2500
30-Jun-1999 24.6250 100.0000 97.6250
01-Jul-1999 25.0000 100.0000 97.6250
02-Jul-1999 24.5625 99.8750 97.6250
05-Jul-1999 24.5625 99.8750 97.6250
06-Jul-1999 24.3750 99.8750 97.6250
07-Jul-1999 24.7500 99.8750 97.6250
08-Jul-1999 24.2500 99.8750 97.6250
09-Jul-1999 24.5000 100.0000 97.5000
12-Jul-1999 24.1250 100.0000 97.5000
13-Jul-1999 25.0000 100.0000 97.6250
14-Jul-1999 25.7500 100.0000 97.2500
15-Jul-1999 27.1250 100.0000 97.2500
16-Jul-1999 27.3750 100.1250 97.2500
19-Jul-1999 25.7500 100.1250 97.2500
20-Jul-1999 27.0000 100.1250 97.2500
21-Jul-1999 26.0000 100.1250 97.2500
22-Jul-1999 26.2500 100.0000 97.2500
23-Jul-1999 23.5625 100.0000 97.7500
26-Jul-1999 22.7500 100.0000 96.7500
27-Jul-1999 22.5625 100.0000 96.7500
28-Jul-1999 23.2500 100.0000 96.7500
29-Jul-1999 22.5000 100.0000 96.0000
30-Jul-1999 22.0000 99.6250 96.0000
02-Aug-1999 21.7500 99.6250 96.0000
03-Aug-1999 21.6250 99.6250 96.0000
04-Aug-1999 22.7500 99.6250 96.0000
05-Aug-1999 22.6250 99.0000 96.0000
06-Aug-1999 23.3750 99.0000 96.0000
09-Aug-1999 24.5000 99.0000 96.0000
10-Aug-1999 23.0000 99.0000 96.0000
11-Aug-1999 22.7500 99.0000 95.0000
12-Aug-1999 22.5000 99.0000 95.0000
13-Aug-1999 22.5000 98.7500 95.0000
16-Aug-1999 22.5000 98.7500 95.0000
17-Aug-1999 23.0000 98.7500 95.0000
18-Aug-1999 22.5625 98.7500 95.0000
19-Aug-1999 21.4375 99.0000 96.0000
20-Aug-1999 20.2500 99.0000 96.0000
23-Aug-1999 20.6250 99.0000 96.0000
24-Aug-1999 19.6875 99.0000 96.1250
25-Aug-1999 20.0000 99.0000 96.1250
26-Aug-1999 20.0625 99.2500 96.1250
27-Aug-1999 20.0625 99.2500 96.1250
30-Aug-1999 19.7500 99.2500 96.1250
31-Aug-1999 20.0000 99.2500 96.1250
01-Sep-1999 20.0000 99.2500 96.1250
02-Sep-1999 20.0000 99.0000 96.0000
03-Sep-1999 20.5000 99.0000 96.0000
06-Sep-1999 20.5000 99.0000 96.0000
07-Sep-1999 20.5000 99.0000 96.0000
08-Sep-1999 20.4375 99.0000 95.0000
09-Sep-1999 20.5000 99.0000 95.0000
10-Sep-1999 20.3750 99.1250 95.0000
13-Sep-1999 20.1875 99.1250 95.0000
14-Sep-1999 20.1250 99.1250 95.0000
15-Sep-1999 20.0000 99.1250 95.0000
16-Sep-1999 19.2500 99.0000 95.0000
17-Sep-1999 20.0000 99.0000 96.0000
20-Sep-1999 20.6250 99.0000 96.0000
21-Sep-1999 21.0000 99.0000 96.0000
22-Sep-1999 21.2500 99.0000 96.0000
23-Sep-1999 20.7500 99.1250 96.1250
24-Sep-1999 19.6250 99.1250 96.1250
27-Sep-1999 19.0000 99.1250 96.1250
28-Sep-1999 18.8750 99.1250 96.1250
29-Sep-1999 19.0625 99.1250 96.1250
30-Sep-1999 18.7500 98.5000 95.5000
01-Oct-1999 18.7500 98.5000 95.5000
04-Oct-1999 19.7500 98.5000 95.5000
05-Oct-1999 20.0000 98.5000 95.5000
06-Oct-1999 20.3750 98.5000 95.5000
07-Oct-1999 20.0000 99.0000 96.0000
08-Oct-1999 19.6250 99.0000 96.0000
11-Oct-1999 19.8750 99.0000 96.0000
12-Oct-1999 19.0000 99.0000 96.0000
13-Oct-1999 18.8750 99.0000 96.0000
14-Oct-1999 19.0000 99.2500 96.2500
15-Oct-1999 19.0000 99.2500 96.2500
18-Oct-1999 19.7500 99.2500 96.2500
19-Oct-1999 19.4375 99.2500 96.2500
20-Oct-1999 19.7500 99.2500 96.2500
21-Oct-1999 19.5000 98.0000 94.0000
22-Oct-1999 19.3750 98.0000 94.0000
25-Oct-1999 19.8750 98.0000 94.0000
26-Oct-1999 20.0000 98.0000 94.0000
27-Oct-1999 20.2500 98.0000 93.7500
28-Oct-1999 20.3750 98.1250 93.7500
29-Oct-1999 20.3750 98.1250 93.7500
01-Nov-1999 20.1250 98.1250 93.7500
02-Nov-1999 20.2500 98.1250 93.7500
03-Nov-1999 20.8750 98.1250 93.7500
04-Nov-1999 21.6250 99.0000 95.0000
05-Nov-1999 21.6250 99.0000 95.0000
08-Nov-1999 21.8750 99.0000 95.0000
09-Nov-1999 21.6250 99.0000 95.0000
10-Nov-1999 21.1250 99.0000 95.0000
11-Nov-1999 21.8750 99.2500 95.2500
12-Nov-1999 21.5000 99.2500 95.2500
15-Nov-1999 20.6250 99.2500 95.2500
16-Nov-1999 20.2500 99.2500 95.2500
17-Nov-1999 19.8125 99.2500 95.2500
18-Nov-1999 19.0000 99.0000 95.0000
19-Nov-1999 18.3750 99.0000 95.0000
22-Nov-1999 18.3750 99.0000 95.0000
23-Nov-1999 18.0000 99.0000 95.5000
24-Nov-1999 19.8750 99.0000 95.5000
25-Nov-1999 19.8750 99.0000 95.5000
26-Nov-1999 19.4375 99.1250 95.5000
29-Nov-1999 19.7500 99.1250 95.5000
30-Nov-1999 19.7500 99.1250 95.5000
01-Dec-1999 19.0000 99.1250 95.5000
02-Dec-1999 18.4375 98.8750 95.0000
03-Dec-1999 18.0000 98.8750 95.0000
06-Dec-1999 18.2500 99.0000 95.5000
07-Dec-1999 18.2500 99.0000 95.5000
08-Dec-1999 18.0000 99.0000 95.5000
09-Dec-1999 17.6250 99.1250 95.2500
10-Dec-1999 17.5000 99.1250 95.2500
13-Dec-1999 17.7500 99.1250 97.5000
14-Dec-1999 17.8125 99.1250 97.5000
15-Dec-1999 17.5625 99.1250 97.5000
16-Dec-1999 16.7500 100.0000 97.5000
17-Dec-1999 17.0000 100.0000 97.5000
20-Dec-1999 16.7500 99.5000 96.7500
21-Dec-1999 16.9375 99.2500 96.7500
22-Dec-1999 17.0000 99.2500 96.7500
23-Dec-1999 16.8750 99.2500 96.7500
24-Dec-1999 16.8750 99.2500 96.7500
27-Dec-1999 17.0000 99.2500 96.7500
28-Dec-1999 18.0000 99.2500 96.7500
29-Dec-1999 18.2500 99.2500 96.7500
30-Dec-1999 18.6250 100.0000 96.0000
31-Dec-1999 19.3750 100.0000 96.0000
03-Jan-2000 19.0000 100.0000 96.0000
04-Jan-2000 17.6250 100.0000 96.0000
05-Jan-2000 17.2500 99.0000 94.0000
06-Jan-2000 17.0000 99.0000 94.0000
07-Jan-2000 17.3750 99.0000 94.0000
10-Jan-2000 17.7500 99.0000 94.0000
11-Jan-2000 17.9375 99.0000 94.0000
12-Jan-2000 18.5000 99.0000 93.2500
13-Jan-2000 18.6250 98.7500 93.2500
14-Jan-2000 18.8750 98.7500 93.2500
17-Jan-2000 18.8750 98.7500 93.2500
18-Jan-2000 19.0000 98.7500 93.0000
19-Jan-2000 19.0000 98.7500 92.0000
20-Jan-2000 18.4375 98.0000 92.0000
21-Jan-2000 18.5000 98.0000 92.0000
24-Jan-2000 18.0000 97.5000 92.5000
25-Jan-2000 17.6250 97.5000 92.5000
26-Jan-2000 15.0000 97.5000 92.5000
27-Jan-2000 16.0000 96.0000 92.7500
28-Jan-2000 15.8750 96.0000 92.7500
31-Jan-2000 15.6250 96.0000 92.7500
01-Feb-2000 15.7500 96.0000 92.7500
02-Feb-2000 15.8750 96.0000 92.7500
03-Feb-2000 16.0625 96.1250 94.0000
04-Feb-2000 16.2500 96.1250 94.0000
07-Feb-2000 16.6875 96.1250 94.0000
08-Feb-2000 16.7500 96.1250 92.7500
09-Feb-2000 16.3125 96.0000 92.7500
10-Feb-2000 16.5625 96.0000 92.7500
11-Feb-2000 16.5000 96.0000 92.7500
14-Feb-2000 16.8750 96.0000 92.7500
15-Feb-2000 16.7500 96.0000 92.5000
16-Feb-2000 16.5000 96.0000 92.5000
17-Feb-2000 16.8750 96.1250 92.5000
18-Feb-2000 16.8750 98.0000 91.0000
21-Feb-2000 16.8750 98.0000 91.0000
22-Feb-2000 16.5000 95.0000 91.0000
23-Feb-2000 16.7500 95.0000 91.0000
24-Feb-2000 16.8750 96.0000 91.0000
25-Feb-2000 17.0000 96.0000 91.0000
28-Feb-2000 16.9375 96.0000 91.0000
29-Feb-2000 16.8750 94.0000 91.0000
01-Mar-2000 17.3750 94.0000 91.0000
02-Mar-2000 16.8750 94.0000 91.5000
03-Mar-2000 16.7500 94.0000 91.5000
06-Mar-2000 16.7813 94.0000 91.5000
07-Mar-2000 17.0000 94.0000 91.5000
08-Mar-2000 16.5000 94.0000 91.5000
09-Mar-2000 16.7500 94.0000 91.5000
10-Mar-2000 15.7500 94.2500 91.7500
13-Mar-2000 15.7500 94.2500 91.7500
14-Mar-2000 14.7500 94.2500 91.7500
15-Mar-2000 15.7500 94.2500 91.7500
16-Mar-2000 15.7500 94.0000 92.0000
17-Mar-2000 15.6250 94.0000 92.0000
20-Mar-2000 16.5000 94.0000 92.0000
21-Mar-2000 16.5000 94.0000 92.0000
22-Mar-2000 16.9375 94.0000 92.0000
23-Mar-2000 16.7500 94.0000 92.0000
24-Mar-2000 16.8750 91.5000 88.0000
27-Mar-2000 17.0000 91.5000 88.0000
28-Mar-2000 16.9375 91.5000 88.0000
29-Mar-2000 16.5000 91.5000 88.0000
30-Mar-2000 18.3750 91.5000 88.0000
31-Mar-2000 17.8750 87.0000 84.0000
03-Apr-2000 18.1250 87.0000 84.0000
04-Apr-2000 17.2500 87.0000 84.0000
05-Apr-2000 18.2500 87.0000 84.0000
06-Apr-2000 16.3750 87.0000 84.0000
07-Apr-2000 16.7500 86.7500 83.7500
10-Apr-2000 18.0000 86.7500 83.7500
11-Apr-2000 17.2500 86.7500 83.7500
12-Apr-2000 17.0000 86.7500 83.7500
13-Apr-2000 16.7500 86.5000 83.7500
14-Apr-2000 16.5625 86.5000 83.7500
17-Apr-2000 16.3750 86.5000 83.7500
18-Apr-2000 17.0000 86.5000 83.7500
19-Apr-2000 16.7500 86.5000 83.7500
20-Apr-2000 16.3750 86.5000 83.7500
21-Apr-2000 16.3750 86.5000 83.7500
24-Apr-2000 16.8750 87.2500 83.7500
25-Apr-2000 16.7500 87.2500 83.7500
26-Apr-2000 16.4375 87.2500 83.7500
27-Apr-2000 16.5000 87.2500 83.7500
28-Apr-2000 16.5000 90.0000 83.7500
01-May-2000 17.0000 90.0000 83.7500
02-May-2000 16.2813 90.0000 83.7500
03-May-2000 16.5000 92.0000 87.5000
04-May-2000 16.5000 92.0000 87.5000
05-May-2000 16.3750 92.0000 87.5000
08-May-2000 16.3906 92.0000 87.5000
09-May-2000 16.8125 92.2500 87.5000
10-May-2000 16.5313 92.2500 87.5000
11-May-2000 16.9375 92.2500 87.5000
12-May-2000 16.7500 92.2500 87.5000
15-May-2000 16.7500 92.2500 87.5000
16-May-2000 16.7500 92.2500 87.5000
17-May-2000 16.1250 92.2500 87.5000
18-May-2000 16.5000 92.2500 87.5000
19-May-2000 16.1250 92.2500 87.0000
22-May-2000 16.4375 92.2500 87.0000
23-May-2000 16.3750 91.7500 87.0000
24-May-2000 16.5000 91.7500 87.0000
25-May-2000 16.1250 91.7500 87.0000
26-May-2000 16.0000 91.7500 86.6250
29-May-2000 16.0000 91.7500 86.6250
30-May-2000 15.2500 91.7500 86.6250
31-May-2000 14.1250 91.7500 86.6250
01-Jun-2000 14.3750 91.7500 86.6250
02-Jun-2000 14.8750 92.0000 86.5000
05-Jun-2000 14.3125 92.0000 86.5000
06-Jun-2000 14.3125 92.0000 86.5000
07-Jun-2000 13.5000 92.0000 86.5000
08-Jun-2000 14.6875 92.0000 86.5000
09-Jun-2000 14.4688 92.0000 86.5000
12-Jun-2000 14.6875 92.2500 86.7500
13-Jun-2000 14.8750 92.2500 86.7500
14-Jun-2000 14.5625 92.2500 86.7500
15-Jun-2000 13.9375 92.2500 86.7500
16-Jun-2000 14.2500 92.2500 86.7500
19-Jun-2000 14.0000 92.2500 86.7500
20-Jun-2000 12.8125 92.5000 87.5000
21-Jun-2000 12.6250 92.5000 87.5000
22-Jun-2000 12.0000 92.5000 87.5000
23-Jun-2000 10.5625 92.5000 87.5000
26-Jun-2000 10.5625 92.2500 87.5000
27-Jun-2000 10.4375 92.2500 87.5000
28-Jun-2000 9.3750 92.2500 87.5000
29-Jun-2000 9.0625 92.2500 87.5000
30-Jun-2000 12.4375 92.2500 87.2500
03-Jul-2000 12.5000 92.2500 87.2500
04-Jul-2000 12.5000 92.2500 87.2500
05-Jul-2000 12.5000 92.2500 87.2500
06-Jul-2000 11.5000 92.2500 87.2500
07-Jul-2000 11.0000 92.2500 87.2500
10-Jul-2000 10.3750 92.2500 87.2500
11-Jul-2000 10.6250 92.0000 87.0000
12-Jul-2000 10.5000 92.0000 87.0000
13-Jul-2000 11.1875 92.0000 87.0000
14-Jul-2000 12.0000 92.0000 87.0000
17-Jul-2000 12.0000 92.0000 87.0000
18-Jul-2000 12.6250 92.0000 87.0000
19-Jul-2000 12.6250 92.0000 87.0000
20-Jul-2000 11.6250 92.0000 87.0000
21-Jul-2000 11.7500 92.0000 87.0000
24-Jul-2000 12.2500 92.0000 87.0000
25-Jul-2000 12.1250 92.0000 87.0000
26-Jul-2000 12.2500 92.0000 87.0000
27-Jul-2000 12.2500 92.2500 87.2500
28-Jul-2000 12.5000 92.2500 87.2500
31-Jul-2000 13.1250 92.2500 87.2500
01-Aug-2000 13.1563 92.2500 87.2500
02-Aug-2000 13.8750 92.2500 87.2500
03-Aug-2000 13.0000 92.2500 87.2500
04-Aug-2000 12.8750 92.2500 87.2500
07-Aug-2000 12.0625 92.2500 87.2500
08-Aug-2000 12.2500 92.2500 87.2500
09-Aug-2000 12.6250 92.2500 87.2500
10-Aug-2000 11.8750 92.2500 87.2500
11-Aug-2000 12.1250 92.2500 87.2500
14-Aug-2000 12.0000 92.2500 87.2500
15-Aug-2000 12.0000 94.5000 91.5000
16-Aug-2000 11.7500 94.5000 91.5000
17-Aug-2000 11.5000 94.5000 91.5000
18-Aug-2000 11.5000 94.5000 91.5000
21-Aug-2000 11.5000 94.5000 91.5000
22-Aug-2000 11.8750 93.5000 91.5000
23-Aug-2000 12.0625 92.7500 91.0000
24-Aug-2000 12.1875 92.7500 91.0000
25-Aug-2000 12.8125 92.7500 91.0000
28-Aug-2000 12.8125 92.7500 91.0000
29-Aug-2000 12.3750 92.7500 91.0000
30-Aug-2000 12.5000 93.2500 91.0000
31-Aug-2000 12.5000 93.2500 91.0000
01-Sep-2000 12.2500 93.2500 91.0000
04-Sep-2000 12.2500 93.2500 91.0000
05-Sep-2000 11.1875 93.2500 91.0000
06-Sep-2000 12.2500 93.2500 91.0000
07-Sep-2000 12.2500 93.2500 91.0000
08-Sep-2000 12.2500 93.0000 91.5000
11-Sep-2000 11.7500 93.0000 91.5000
12-Sep-2000 11.0000 93.0000 91.5000
13-Sep-2000 10.0625 93.0000 91.5000
14-Sep-2000 10.8750 93.0000 91.5000
15-Sep-2000 10.5000 93.0000 91.5000
18-Sep-2000 10.5000 93.0000 91.5000
19-Sep-2000 10.5000 93.0000 91.5000
20-Sep-2000 10.5000 93.0000 91.5000
21-Sep-2000 10.5000 93.0000 91.5000
22-Sep-2000 10.5000 93.0000 91.5000
25-Sep-2000 10.5000 93.0000 91.5000
26-Sep-2000 10.5000 93.0000 91.5000
27-Sep-2000 11.2500 93.0000 91.5000
28-Sep-2000 10.5000 93.0000 91.5000
29-Sep-2000 10.9375 93.0000 91.5000
02-Oct-2000 11.0000 93.0000 91.5000
03-Oct-2000 10.5000 93.2500 91.7500
04-Oct-2000 10.5000 93.2500 91.7500
05-Oct-2000 10.6250 93.2500 91.7500
06-Oct-2000 11.1250 93.2500 91.7500
09-Oct-2000 10.5000 93.2500 91.7500
10-Oct-2000 10.5000 93.2500 91.7500
11-Oct-2000 11.0000 93.2500 91.7500
12-Oct-2000 10.6875 93.2500 91.7500
13-Oct-2000 10.5000 93.2500 91.7500
16-Oct-2000 10.4375 93.2500 91.7500
17-Oct-2000 10.4375 93.2500 91.7500
18-Oct-2000 10.2500 91.0000 90.0000
19-Oct-2000 9.5000 91.0000 90.0000
20-Oct-2000 9.7500 91.0000 90.0000
23-Oct-2000 9.4375 91.0000 90.0000
24-Oct-2000 9.8125 91.0000 90.0000
25-Oct-2000 10.0000 91.0000 90.0000
26-Oct-2000 10.5000 91.2500 90.2500
27-Oct-2000 11.1250 91.2500 90.2500
30-Oct-2000 11.9375 91.2500 90.2500
31-Oct-2000 14.3125 91.2500 90.2500
01-Nov-2000 12.5625 90.0000 87.2500
02-Nov-2000 11.8750 89.0000 85.0000
03-Nov-2000 11.5000 89.0000 85.0000
06-Nov-2000 11.1875 89.0000 85.0000
07-Nov-2000 11.2500 89.0000 85.0000
08-Nov-2000 12.3750 89.0000 85.0000
09-Nov-2000 13.0000 89.0000 85.0000
10-Nov-2000 13.1250 89.0000 85.0000
13-Nov-2000 12.8750 89.0000 85.0000
14-Nov-2000 12.8750 89.0000 85.0000
15-Nov-2000 13.6250 89.0000 85.0000
16-Nov-2000 13.7500 89.0000 85.0000
17-Nov-2000 13.7500 89.5000 85.2500
20-Nov-2000 13.7500 89.5000 85.2500
21-Nov-2000 13.8125 89.5000 85.2500
22-Nov-2000 13.7500 89.5000 85.2500
23-Nov-2000 13.7500 89.5000 85.2500
24-Nov-2000 14.0625 89.5000 85.2500
27-Nov-2000 14.7500 89.5000 85.2500
28-Nov-2000 14.5000 89.5000 85.2500
29-Nov-2000 14.5000 89.5000 85.2500
30-Nov-2000 14.5000 89.5000 85.2500
01-Dec-2000 14.5000 89.5000 85.2500
04-Dec-2000 14.5000 89.5000 85.2500
05-Dec-2000 14.5000 89.5000 85.2500
06-Dec-2000 14.5000 89.5000 85.2500
07-Dec-2000 14.5000 89.5000 85.2500
08-Dec-2000 14.8750 89.5000 85.2500
11-Dec-2000 14.6250 89.5000 85.2500
12-Dec-2000 14.5000 89.5000 85.2500
13-Dec-2000 14.5000 89.5000 85.2500
14-Dec-2000 14.5000 89.5000 85.2500
15-Dec-2000 14.5000 89.5000 85.2500
18-Dec-2000 14.5625 89.5000 85.2500
19-Dec-2000 14.8125 88.6250 83.0000
20-Dec-2000 14.8750 88.6250 83.0000
21-Dec-2000 14.6250 88.6250 83.0000
22-Dec-2000 14.6250 88.6250 83.0000
25-Dec-2000 14.6250 88.6250 83.0000
26-Dec-2000 14.6250 88.6250 83.0000
27-Dec-2000 14.5000 88.6250 83.0000
28-Dec-2000 14.5000 88.6250 83.0000
29-Dec-2000 14.5000 88.6250 83.0000
01-Jan-2001 14.5000 88.6250 83.0000
02-Jan-2001 14.5000 88.6250 83.0000
03-Jan-2001 14.5000 88.6250 83.0000
04-Jan-2001 14.5000 88.6250 83.0000
05-Jan-2001 14.2500 88.6250 83.0000
08-Jan-2001 13.5000 88.6250 83.0000
09-Jan-2001 13.9375 88.6250 83.0000
10-Jan-2001 13.5000 88.6250 83.0000
11-Jan-2001 13.5625 92.5000 87.0000
12-Jan-2001 13.5000 92.5000 87.0000
15-Jan-2001 13.5000 92.5000 87.0000
16-Jan-2001 13.5000 92.5000 87.0000
17-Jan-2001 13.6875 92.5000 87.0000
18-Jan-2001 13.6875 92.5000 87.0000
19-Jan-2001 13.5625 92.5000 87.0000
22-Jan-2001 13.5000 92.5000 87.0000
23-Jan-2001 13.3750 92.5000 87.0000
24-Jan-2001 13.3125 92.5000 87.0000
25-Jan-2001 13.2500 92.5000 87.0000
26-Jan-2001 13.5000 94.0000 89.5000
29-Jan-2001 13.0000 94.0000 89.5000
30-Jan-2001 12.6875 94.0000 89.5000
31-Jan-2001 12.5000 94.0000 89.5000
01-Feb-2001 12.3750 94.0000 89.5000
02-Feb-2001 12.0000 94.0000 89.5000
05-Feb-2001 12.2500 94.0000 89.5000
06-Feb-2001 12.1250 94.0000 89.5000
07-Feb-2001 12.0000 94.0000 89.5000
08-Feb-2001 12.0000 94.0000 89.5000
09-Feb-2001 12.0000 94.0000 89.5000
12-Feb-2001 12.0000 94.0000 89.5000
13-Feb-2001 12.0000 94.0000 89.5000
14-Feb-2001 11.7500 94.0000 89.5000
15-Feb-2001 11.7500 93.5000 89.0000
16-Feb-2001 11.7500 93.5000 89.0000
19-Feb-2001 11.7500 93.5000 89.0000
20-Feb-2001 11.7500 93.5000 89.0000
21-Feb-2001 11.2500 93.5000 89.0000
22-Feb-2001 11.6250 87.0000 83.0000
23-Feb-2001 11.2500 87.0000 83.0000
26-Feb-2001 11.2500 87.0000 83.0000
27-Feb-2001 11.3125 87.0000 83.0000
28-Feb-2001 11.5000 87.0000 83.0000
01-Mar-2001 11.5000 87.0000 83.0000
02-Mar-2001 11.4375 87.0000 83.0000
05-Mar-2001 11.3750 87.0000 83.0000
06-Mar-2001 11.8125 87.0000 83.0000
07-Mar-2001 11.8750 85.0000 81.0000
08-Mar-2001 11.6250 85.0000 81.0000
09-Mar-2001 11.5313 85.0000 81.0000
12-Mar-2001 10.8750 85.0000 81.0000
13-Mar-2001 11.1250 85.0000 81.0000
14-Mar-2001 10.2500 85.0000 81.0000
15-Mar-2001 10.7500 85.0000 81.0000
16-Mar-2001 10.7500 84.7500 80.0000
19-Mar-2001 10.2500 84.7500 80.0000
20-Mar-2001 10.0000 84.7500 80.0000
21-Mar-2001 9.6250 84.7500 80.0000
22-Mar-2001 9.8125 84.7500 80.0000
23-Mar-2001 9.7500 84.7500 80.0000
26-Mar-2001 9.4375 86.5000 82.0000
27-Mar-2001 9.6719 86.5000 82.0000
28-Mar-2001 10.0000 86.5000 82.0000
29-Mar-2001 9.5000 86.5000 82.0000
30-Mar-2001 9.6250 86.5000 82.0000
02-Apr-2001 10.0000 86.5000 82.0000
03-Apr-2001 9.6250 86.5000 82.0000
04-Apr-2001 9.3750 86.5000 82.0000
05-Apr-2001 9.7500 86.5000 82.0000
06-Apr-2001 9.2500 86.5000 82.0000
09-Apr-2001 9.3500 86.5000 82.0000
10-Apr-2001 9.6000 86.5000 82.0000
11-Apr-2001 9.4500 86.5000 82.0000
12-Apr-2001 10.2500 86.5000 82.0000
13-Apr-2001 10.2500 86.5000 82.0000
16-Apr-2001 9.9600 86.5000 82.0000
17-Apr-2001 9.9500 86.5000 82.0000
18-Apr-2001 10.0000 86.5000 82.0000
19-Apr-2001 9.9500 86.5000 82.0000
20-Apr-2001 10.0000 84.0000 81.0000
23-Apr-2001 10.0000 84.0000 81.0000
24-Apr-2001 9.9000 84.0000 81.0000
25-Apr-2001 10.0000 84.0000 81.0000
26-Apr-2001 10.2700 83.7500 79.0000
27-Apr-2001 10.2700 83.7500 79.0000
30-Apr-2001 10.2000 83.7500 79.0000
01-May-2001 10.1000 83.7500 79.0000
02-May-2001 10.2000 83.7500 79.0000
03-May-2001 10.3000 83.7500 79.0000
04-May-2001 10.3000 83.7500 79.0000
07-May-2001 10.3000 84.0000 78.0000
08-May-2001 10.2000 82.0000 77.0000
09-May-2001 10.3400 82.0000 77.0000
10-May-2001 10.7500 82.0000 77.0000
11-May-2001 11.0000 82.0000 77.0000
14-May-2001 11.9900 82.0000 77.0000
15-May-2001 12.6500 82.0000 77.0000
16-May-2001 12.6000 79.0000 74.0000
17-May-2001 19.7500 79.0000 74.0000
18-May-2001 19.5000 79.0000 74.0000
21-May-2001 19.4400 75.0000 68.0000
22-May-2001 19.1100 78.0000 71.0000
23-May-2001 19.3800 79.0000 72.0000
24-May-2001 19.4900 79.0000 72.0000
25-May-2001 19.4600 79.0000 72.0000
28-May-2001 19.4000 79.0000 72.0000
29-May-2001 19.3500 85.0000 79.0000
30-May-2001 19.5500 85.0000 80.0000
31-May-2001 19.5500 85.0000 80.0000
01-Jun-2001 19.5500 85.0000 80.0000
- ----------
(1) Source: Factset
------------------------------
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- --------------------------------------------------------------------------------
-48-
Brickyard Overview
Operating Cost Analysis
================================================================================
Cents per ASM Fiscal Year Ended 12/31, % of Revenues
----------------------------------------- ------------------------------------------
1996 1997 1998 1999 2000 1996 1997 1998 1999 2000
---- ---- ---- ---- ---- ---- ---- ---- ---- ----
Available Seat Miles ("ASM") (MM) 13,296 12,648 13,852 15,083 16,390
Consolidated operating revenues 5.65 6.19 6.64 7.44 7.88 100.0% 100.0% 100.0% 100.0% 100.0%
Consolidated operating costs:
Salaries, wages and benefits 1.23 1.36 1.52 1.67 1.81 21.8% 22.0% 22.9% 22.4% 23.0%
Fuel and oil 1.21 1.22 0.99 1.13 1.68 21.4% 19.7% 14.9% 15.2% 21.3%
Depreciation and amortization 0.47 0.49 0.57 0.64 0.76 8.3% 7.9% 8.6% 8.6% 9.6%
Handling, landing and navigation fees 0.53 0.55 0.54 0.59 0.59 9.4% 8.9% 8.1% 7.9% 7.5%
Aircraft rentals 0.49 0.43 0.38 0.39 0.44 8.7% 6.9% 5.7% 5.2% 5.6%
Maintenance, materials and repairs 0.42 0.41 0.39 0.37 0.43 7.4% 6.6% 5.9% 5.0% 5.5%
Crew and other employee travel 0.27 0.29 0.30 0.33 0.40 4.8% 4.7% 4.5% 4.4% 5.1%
Ground package cost 0.14 0.15 0.14 0.33 0.31 2.5% 2.4% 2.1% 4.4% 3.9%
Passenger service 0.25 0.26 0.24 0.26 0.28 4.4% 4.2% 3.6% 3.5% 3.6%
Commissions 0.20 0.21 0.21 0.26 0.24 3.5% 3.4% 3.2% 3.5% 3.0%
Other selling expenses 0.13 0.12 0.16 0.19 0.22 2.3% 1.9% 2.4% 2.6% 2.8%
Advertising 0.08 0.10 0.13 0.12 0.13 1.4% 1.6% 2.0% 1.6% 1.6%
Facilities and other rentals 0.07 0.07 0.07 0.08 0.10 1.2% 1.1% 1.1% 1.1% 1.3%
Other 0.43 0.43 0.45 0.47 0.47 7.6% 6.9% 6.8% 6.4% 6.0%
---- ---- ---- ---- ---- --- --- --- --- ---
Total consolidated operating costs 5.92 6.09 6.09 6.84 7.86 104.8% 98.4% 91.7% 91.9% 99.7%
Consolidated operating profit (0.27) 0.10 0.55 0.60 0.02 (4.8%) 1.6% 8.3% 8.1% 0.3%
[The following table was depicted as a line chart in the printed material.]
- ------------------------------------------------------------------------------
1996 1997 1998 1999 2000
----------------------------------
Amtran Cost of Fuel and Oil in cents/ASM 1.21 1.22 0.99 1.13 1.68
Amtran Operating Margin (4.8%) 1.6% 8.3% 8.1% 0.3%
- ------------------------------------------------------------------------------
------------------------------
[LOGO] Dresdner Kleinwort Wasserstein
------------------------------
- --------------------------------------------------------------------------------
-49-
Brickyard Overview
Stock Price Reaction to EPS Surprises (1)
================================================================================
o Since the May 1993 IPO, Brickyard's stock price has reacted sharply to
positive and negative quarterly EPS performance against expectations
[The following table was depicted as a bar chart in the printed material.]
9/93 12/93 3/94 6/94 9/94 12/94 3/95 6/95 9/95 12/95
------ ----- ------ ----- ----- ----- ----- ----- ------ ------
IBES Quarterly EPS Surprise ($0.26) $0.01 ($0.20) $0.04 ($0.13) ($0.11) ($0.02) $0.16 ($0.01) $0.02
Mean Stock Price During Quarter $11.57 $9.63 $10.30 $9.44 $8.83 $8.99 $8.44 $9.25 $13.37 $11.98
3/96 6/96 9/96 12/96 3/97 6/97 9/97 12/97 3/98 6/98
------ ------ ----- ----- ----- ----- ----- ----- ------ ------
IBES Quarterly EPS Surprise ($0.14) ($0.51) ($0.57) ($0.90) $0.00 $0.07 ($0.30) ($0.07) $0.32 $0.00
Mean Stock Price During Quarter $12.44 $10.15 $8.35 $7.43 $9.07 $8.61 $7.54 $7.84 $10.59 $19.50
9/98 12/98 3/99 6/99 9/99 12/99 3/00 6/00 9/00 12/00
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
IBES Quarterly EPS Surprise $0.20 $0.12 $0.09 $0.08 $0.05 ($0.11) ($0.19) ($0.15) $0.11 ($1.19)
Mean Stock Price During Quarter $24.59 $22.60 $22.81 $22.68 $22.13 $19.21 $16.96 $15.40 $11.77 $12.72
- -------------------------------
(1) Source: Factset
------------------------------
[LOGO] Dresdner Kleinwort Wasserstein
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- --------------------------------------------------------------------------------
-50-
Brickyard Overview
Capital Structure Overview
================================================================================
Security $MM Comments
- -------------------------------------------------------------------- ---------- ---------------------------------------------------
Cash and Equivalents $129.1 Includes $109MM in commercial paper investments
Debt Securities:
10 1/2 % Senior Notes due August 2004 $175.0 Rated B+/B2; unsecured; currently trading in mid-80s
9 5/8 % Senior Notes due December 2005 125.0 Rated B+/B2; unsecured; currently trading in low-80s
Aircraft Deposit Finance Facilities 89.9 Variable rates, payable upon delivery of aircraft
City of Chicago Special Facility Revenue Bond due January 2009 17.0 Variable rate; tax-exempt
City of Chicago Special Facility Revenue Bond due December 2020 6.0 Variable rate; tax-exempt
Other Debt 45.1 Primarily notes and mortgage notes payable
----
Total Debt Carried on Books $457.9
Redeemable Preferred Stock:
Series A Redeemable Preferred Stock $50.0 8.44% cumulative semiannual dividend
Issued September 2000 to Boeing Capital Corp.
Series B Convertible Redeemable Preferred Stock 30.0 5% cumulative quarterly dividend, convertible into
---- 6.4MM common shares at a $15.67 per share
Issued December 2000 to Int'l Lease Finance Corp.
Total Redeemable Preferred Stock $80.0
Shareholders' Equity $124.7
Total Capitalization (excl. Cash) $662.6
Total Debt and Preferred Stock/Total Capitalization 81.2%
Net Debt and Preferred Stock /Net Capitalization 76.6%
Total Debt and Preferred Stock/FY 2000 EBITDA 4.2x
Net Debt and Preferred Stock/FY 2000 EBITDA 3.2x
Future Total Noncancelable Operating Lease Payments $1,059.8 Primarily reflects lease financing for aircraft
------------------------------
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- --------------------------------------------------------------------------------
-51-
Brickyard Overview
Aircraft Financing Overview
================================================================================
o $80 million total equity investment placed in 2000
o $30 million issued to International Lease Finance Corp. September
2000
o $50 million issued to Boeing Capital Corp. December 2000
o $170 million in pre-delivery payment facilities arranged by December 2000
o $400 million bridge financing by Boeing Capital Corp. completed by
December 2000
o Enhanced Equipment Trust Certificates
o Wrap of A and B tranche provided
o C tranche purchase agreement from Boeing Capital Corp. and GE
Capital
o Lease commitments
o 17 leveraged leases provided by GE Capital
o 14 737-800 leases provided by International Lease Finance Corp.,
Boeing Capital Corp. and GE Capital
o 8 leases provided by GE Capital
o 10 757-300 leases provided by Boeing Capital Corp. and Rolls-Royce
o JV to place retiring 727-200s between ATA and Boeing Capital Corp.
o JV with GE Capital to place 737 and 757 simulators in new training center
based in Chicago
------------------------------
[LOGO] Dresdner Kleinwort Wasserstein
------------------------------
- --------------------------------------------------------------------------------
-52-
Brickyard Overview
Ownership Summary
================================================================================
Shares Held (000) % Total (1)
----------------- -----------
Insiders (1)
J. George Mikelsons 8,271.2 68.7%
Other Directors & Officers 740.0 6.1%
----- ----
Total Insiders 9,011.2 74.9%
Major Institutional Shareholders (2)
Dimensional Fund Advisors 1,041.5 8.7%
PAR Investment Partners L.P. 474.8 3.9%
William D. Witter, Inc. 92.9 0.8%
Brandywine Asset Mgmt 84.3 0.7%
Barclays Bank plc 79.2 0.7%
Manufacturers Life 40.0 0.3%
Ingalls & Snyder LLC 34.3 0.3%
AXP Managed Allocation 27.3 0.2%
Mellon Bank Corp. 25.6 0.2%
David L. Babson 23.0 0.2%
Other Shareholders 1,102.8 9.2%
======= ===
Total Shares Outstanding (3) 12,036.9 100.0%
- --------------------------------------------------------------------------------
Total Shares Outstanding not held by Mikelsons 3,765.7 31.3%
- --------------------------------------------------------------------------------
[The following table was depicted as a pie chart in the printed material.]
J. George Mikelsons 68.7%
Other Directors & Officers 6.1%
All Other Shareholders 25.1%
- ---------------------------------
(1) Source: Proxy dated 4/5/00; includes 656,692 shares that can be acquired
by directors and executive officers other than Mikelsons through
presently exercisable stock options
(2) Source: Bloomberg as of 4/10/01 and 13G filings
(3) Source: 10K dated 12/31/00; includes 656,692 shares that can be acquired
by directors and executive officers other than Mikelsons through
presently exercisable stock options
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- --------------------------------------------------------------------------------
-53-
Brickyard Overview
Industry Overview
================================================================================
[The following table was depicted as a bar chart in the printed material.]
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000F(1) 2001F(2)
---- ---- ---- ---- ---- ---- ---- ---- ---- -------- --------
U.S. airline operating revenues 75.158 78.14 84.56 88.313 94.58 101.938 109.57 113.465 118.25 125.931 132.23
U.S. airline operating margin (2.4%) (3.1%) 1.7% 3.1% 6.2% 6.1% 7.8% 8.2% 6.7% 5.4% 5.4%
o The U.S. airline industry, which generates approximately $130 billion in
annual revenues, is in a mature phase of its current cycle
o Marketplace circumstances are forcing U.S. carriers to conduct a
balancing act in terms of ticket prices charged and discounts
offered, resulting in little improvement in overall yield
o Growth in traffic rate has slowed significantly and now mirrors the
pace of real GDP
o Despite a softening economy 2001 will mark the seventh consecutive year of
profitability for the airline industry
- --------------------------------------------------------------------------------
U.S. Airline
Market Share by
Revenue
Passegner Miles
[The following table was depicted as a pie chart in the printed material.]
United 19%
American 18%
Delta 17%
Northwest 13%
Continental 10%
US Airways(1999) 7%
Southwest 5%
TWA(1999) 4%
American West 3%
ATA 2%
Other 2%
o The U.S. passenger airline market is dominated by several large carriers
and a number of mid-sized operators focusing on selected markets
o In terms of revenue passenger miles ("RPM"), the largest market positions
are controlled by United, American and Delta
o Following the completion of the pending US Airways acquisition and
the recently closed acquisition of TWA by American, these market
shares will increase and create a bigger market share gap between
carriers
- --------------------------------
(1) Source: Air Transport World, January 2001
(2) Source: Company reports and U.S. Trade and Industry Outlook
2000: Air Transportation
------------------------------
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- --------------------------------------------------------------------------------
-54-
Brickyard Overview
Industry Capacity
================================================================================
[The following table was depicted as a bar chart in the printed material.]
1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ---- ----
GDP Growth (1) 3.0% 2.9% 3.8% 3.4% 1.3% (1.0%) 2.7% 2.3% 3.5% 2.0% 2.8% 3.9% 4.4% 4.2%
ASM Growth (1) 12.3% 7.4% 4.2% 1.1% 7.9% (2.5%) 5.4% 1.1% (0.2%) 1.7% 2.9% 3.1% 2.0% 4.3%
RPM Growth 10.4% 10.9% 4.5% 2.3% 6.7% (2.1%) 6.9% 0.8% 4.4% 3.5% 6.5% 4.5% 2.6% 4.5%
Load Factor 60.4% 62.4% 62.5% 63.3% 62.5% 62.7% 63.7% 63.5% 66.4% 67.3% 69.7% 70.7% 71.1% 71.3%
2000 2001F 2002F 2003F 2004F
---- ----- ----- ----- -----
GDP Growth (1) 5.0% 1.8% 3.6% 3.5% 3.5%
ASM Growth (1) 3.4% 4.4% 3.8% 3.7% 3.7%
RPM Growth 6.1% 3.1%
Load Factor 72.8% 71.8%
o Capacity growth (ASM) has trailed GDP growth for 5 of the last 7 years and
has trailed traffic growth (RPM) for the past 7 years, resulting in a
increase in load factor to 72.8% by 2000 (estimated to contract slightly
to 71.8% in 2001)
o 2001 capacity growth is expected to exceed GDP growth which may create
excess capacity and put pressure on the industry's ability to pass on cost
escalations to the customer
o However, during the 2002-2004 period, capacity growth may more
closely track expected U.S. GDP growth based on current fleet plans
of the major domestic U.S. carriers and the expected impact of
near-term industry consolidation
o Additionally, recessionary fears will make price increases, and yield
improvements, more difficult to achieve
o However, a continued lull in the stock market and subsequent decline
in consumer "wealth effect" will impact the leisure markets more
dramatically than business markets, softening the impact on
carriers' profitability
- --------------------------------
(1) Source: Salomon Smith Barney estimates published 3/30/01; ASM, RPM and
load factor data based on performance of major domestic airlines
------------------------------
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- --------------------------------------------------------------------------------
-55-
Brickyard Overview
Dominant Industry Trends
================================================================================
o Cost containment will continue to be an important theme for all U.S.
carriers confronted by dramatic increases in fuel and labor expense
o The current fuel prices have effectively created a worst case
scenario in terms of margin performance for many carriers resulting
in the survival of quality operators while marginal operators have
been absorbed
- Commodity jet fuel per gallon has increased from $0.35 in
February 1999 to $1.15 currently
- A greater of number of airlines now enter into fuel hedging
contracts to better control costs
- Should fuel prices start the gradual decline which was
expected in 2000, 2001 may produce impressive financial
results as airlines, geared down for higher prices, realize
energy costs savings
o However, labor costs will continue to afflict carriers' profit
potential
- United's generous pilot contract effectively reset the bar for
future pacts - several labor groups have begun efforts to
renegotiate contracts far in advance of amendable dates
- Upward wage pressure is also expected from flight attendants'
and mechanics' unions
o Other materials trends include the following:
o Growth of regional carriers is expected to continue outpace the
major carriers
o Attempts to forge alliances and networks between and among carriers
has been more successful, with a greater degree of permanence and
less churning, in foreign markets than domestically
o An increase in passenger service complaints in recent periods is not
expected to trigger any significant Congressional action outside of
additional pressure to add runways and airports to the existing
infrastructure
o Carriers have continued to shift distribution efforts to lower-cost
channels, especially Internet sales
------------------------------
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------------------------------
- --------------------------------------------------------------------------------
-56-
Brickyard Overview
Industry Valuation View
================================================================================
o Most airline stocks are selling at valuations that approximate those seen
at valuation troughs in the 1990-91 and 1982 recessions
o Airlines revenues tend to lag economic activity
o Consequently, recoveries in the stock prices for airlines are not
expected in the near-term
o Bias in earnings estimates remains downward supported by several recent
2001 earnings revisions by major carriers citing near-term pricing
pressures and expected acceleration in U.S. airline capacity
o Year-to-data information through April indicate a significant softening in
industry metrics
o Traffic data metrics have fallen below the prior year
o Industry analysts expect the airlines as a group to report combined
net losses for the second quarter and all of 2001, the first such
losses since 1994
o Most analysts have lowered earnings forecasts for 2001
------------------------------
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------------------------------
- --------------------------------------------------------------------------------
-57-
Confidential
================================================================================
PROJECT BRICKYARD
Presentation to the Special Committee of the Board of Directors
Book 2
June 18, 2001
-------------------------------------
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- --------------------------------------------------------------------------------
Table of Contents
================================================================================
BOOK 1 - SUMMARY
1. Background of Proposal
2. Summary of Valuation Analyses
3. Summary of Other Processes
4. Brickyard Overview
BOOK 2 - APPENDIX
1. Discounted Cash Flow Analysis
2. Comparable Companies Analysis
3. Comparable Transactions Analysis
4. Leveraged Recapitalization Analysis
5. EPS Implied Share Price Analysis
6. Premiums Analysis
-------------------------------------
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- --------------------------------------------------------------------------------
================================================================================
--------------------
Discounted Cash Flow
Analysis
--------------------
-------------------------------------
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-------------------------------------
- --------------------------------------------------------------------------------
- 1 -
June 2001 - Management Base Case
Discounted Cash Flow Matrix ($ in millions, except per share)
================================================================================
- ------------------------------------------------------------------------------------------ ---------------------------------
Terminal Value EBITDA Multiple Year 2005E EBITDA $145.1
Book Debt as of 3/31/01 439.2
4.0x 4.5x 5.0x 5.5x
-------------------------------------------------------------------------------- ---------------------------------
Discount
Rate $393.6 $393.6 $393.6 $393.6 Present Value of Free Cash Flows
362.9 408.2 453.6 498.9 Present Value of Terminal Value
---------- ----------- ---------- -----------
11.0% $756.5 $801.9 $847.2 $892.6 Net Enterprise Value
317.3 362.7 408.0 453.4 Net Equity Value
$25.08 $28.26 $31.43 $34.60 Implied Price per Share
2.1% 3.0% 3.8% 4.4% Implied Perpetuity Growth Rate
0.6x 0.6x 0.6x 0.7x Multiple of LTM Sales
6.0x 6.3x 6.7x 7.0x Multiple of LTM EBITDA
0.5x 0.6x 0.6x 0.6x Multiple of 2001E Sales
4.8x 5.0x 5.3x 5.6x Multiple of 2001E EBITDA
---------------------------------------------------------------------------------------------------------------------
$386.4 $386.4 $386.4 $386.4 Present Value of Free Cash Flows
348.5 392.1 435.6 479.2 Present Value of Terminal Value
---------- ----------- ---------- -----------
12.0% $735.0 $778.5 $822.1 $865.7 Net Enterprise Value
295.8 339.3 382.9 426.5 Net Equity Value
$23.58 $26.63 $29.67 $32.72 Implied Price per Share
3.0% 4.0% 4.7% 5.3% Implied Perpetuity Growth Rate
0.6x 0.6x 0.6x 0.7x Multiple of LTM Sales
5.8x 6.1x 6.5x 6.8x Multiple of LTM EBITDA
0.5x 0.6x 0.6x 0.6x Multiple of 2001E Sales
4.6x 4.9x 5.2x 5.4x Multiple of 2001E EBITDA
---------------------------------------------------------------------------------------------------------------------
$379.5 $379.5 $379.5 $379.5 Present Value of Free Cash Flows
334.9 376.7 418.6 460.4 Present Value of Terminal Value
---------- ----------- ---------- -----------
13.0% $714.3 $756.2 $798.0 $839.9 Net Enterprise Value
275.1 317.0 358.8 400.7 Net Equity Value
$22.13 $25.06 $27.99 $30.92 Implied Price per Share
3.9% 4.9% 5.6% 6.3% Implied Perpetuity Growth Rate
0.5x 0.6x 0.6x 0.6x Multiple of LTM Sales
5.6x 6.0x 6.3x 6.6x Multiple of LTM EBITDA
0.5x 0.5x 0.6x 0.6x Multiple of 2001E Sales
4.5x 4.8x 5.0x 5.3x Multiple of 2001E EBITDA
Note: Valuation based on 3/31/01 to 12/31/05 horizon
-------------------------------------
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- --------------------------------------------------------------------------------
- 2 -
June 2001 - Management Base Case
Unlevered Free Cash Flow ($ in millions)
================================================================================
---------------------------------------------------------------------
FYE 12/31
---------------------------------------------------------------------
2001E 2002E 2003E 2004E 2005E
----------- ------------ ----------- ----------- ------------
EBIT $30.0 $28.2 $89.7 $112.0 $71.1
Tax-effected EBIT (at effective rate) 14.4 9.0 53.1 67.8 42.7
Plus: Tax-effected Loss on Sale of L1011s
(at marginal rate) 0.0 11.7 20.9 7.0 0.0
Plus: Depreciation and Amortization 128.9 133.0 100.5 80.4 74.0
Plus: Cash proceeds from sale of aircraft 18.3 33.4 1.5 1.5 0.0
Less: Increase in Net Working Capital (1) (36.3) (74.8) (21.5) (49.1) (16.0)
Less: Capital Expenditures (excluding deposits) 169.6 114.5 74.9 57.0 82.1
----------- ------------ ----------- ----------- ------------
Unlevered Free Cash Flow $28.3 $147.3 $122.7 $148.9 $50.5
- -------------------------------------------
(1) Net working capital includes the full annual ATL change without adjustment
for shift in business mix
-------------------------------------
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- --------------------------------------------------------------------------------
- 3 -
June 2001 - Management Base Case
Summary Financial Results ($ in millions)
================================================================================
--------------------------------------------------------
FYE 12/31
--------------------------------------------------------
1998 1999 2000 2001E
------------ ------------ ----------- ------------
Total Revenue $919.4 $1,122.4 $1,291.6 $1,385.0
% Growth 17.4% 22.1% 15.1% 7.2%
EBIT 75.4 89.7 2.6 30.0
Margin 8.2% 8.0% 0.2% 2.2%
(Gain) Loss on sale of L1011s 0.0 0.0 0.0 0.0
Adjusted EBIT 75.4 89.7 2.6 30.0
Margin 8.2% 8.0% 0.2% 2.2%
Depreciation and Amortization 78.7 96.0 125.0 128.9
EBITDA 154.0 185.7 127.6 158.9
Margin 16.8% 16.5% 9.9% 11.5%
Aircraft Rent Expense 53.1 58.7 72.1 110.1
EBITDAR 207.2 244.4 199.8 269.0
Margin 22.5% 21.8% 15.5% 19.4%
Aircraft Pre-Delivery Deposits 0.0 0.0 136.9 55.7
Capital Expenditures 175.4 274.3 126.6 169.6
Free Cash Flow (21.4) (88.6) (135.9) (66.4)
Margin (2.3%) (7.9%) (10.5%) (4.8%)
Net Income 40.1 47.0 (15.7) (2.1)
Margin 4.4% 4.2% (1.2%) (0.2%)
EPS $3.07 $3.49 ($1.32) ($0.18)
Average Diluted Shares Outstanding (MM) 13.1 13.5 12.0 11.4
Book Value 102.8 151.4 124.7 122.3
Return on Book Equity (ROE) 39.0% 31.0% (12.3%) 3.0%
--------------------------------------------------------
FYE 12/31
--------------------------------------------------------
2002E 2003E 2004E 2005E
------------ ------------ ----------- ------------
Total Revenue $1,666.7 $1,941.7 $2,107.1 $2,182.8
% Growth 20.3% 16.5% 8.5% 3.6%
EBIT 28.2 89.7 112.0 71.1
Margin 1.7% 4.6% 5.3% 3.3%
(Gain) Loss on sale of L1011s 19.5 34.9 11.7 0.0
Adjusted EBIT 47.6 124.6 123.8 71.1
Margin 2.9% 6.4% 5.9% 3.3%
Depreciation and Amortization 133.0 100.5 80.4 74.0
EBITDA 180.6 225.1 204.1 145.1
Margin 10.8% 11.6% 9.7% 6.6%
Aircraft Rent Expense 209.7 255.5 275.0 289.2
EBITDAR 390.3 480.6 479.2 434.3
Margin 23.4% 24.8% 22.7% 19.9%
Aircraft Pre-Delivery Deposits (180.6) 31.2 (43.2) 0.0
Capital Expenditures 114.5 74.9 57.0 82.1
Free Cash Flow 246.7 119.0 190.4 63.0
Margin 14.8% 6.1% 9.0% 2.9%
Net Income (3.4) 38.3 60.4 42.6
Margin (0.2%) 2.0% 2.9% 2.0%
EPS ($0.30) $3.37 $5.30 $3.74
Average Diluted Shares Outstanding (MM) 11.4 11.4 11.4 11.4
Book Value 119.0 157.3 217.6 260.2
Return on Book Equity (ROE) 2.0% 28.0% 30.4% 18.6%
-------------------------------------
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-------------------------------------
- --------------------------------------------------------------------------------
- 4 -
June 2001 - Management Base Case
Income Statement ($ in millions)
================================================================================
--------------------------------------------------------
FYE 12/31
--------------------------------------------------------
1998 1999 2000 2001E
------------ ------------ ----------- ------------
Revenue
Scheduled Service $511.3 $624.6 $753.3 $926.7
Charter 222.6 263.8 246.7 218.3
Military 121.9 126.2 188.6 135.4
Ground 23.2 58.2 59.8 57.9
Other 40.4 49.6 43.1 46.8
------------ ------------ ----------- ------------
Total Revenue $919.4 $1,122.4 $1,291.6 $1,385.0
Expenses
Salaries, Wages & Benefits $211.4 $252.6 $297.0 $330.2
Fuel and Oil 137.4 170.9 274.8 271.5
Handling, Landing and Navigation 74.6 89.3 97.4 97.6
Passenger Service 34.0 39.2 45.6 43.2
Aircraft Rentals 53.1 58.7 72.1 110.1
Aircraft Maintenance/Materials/Repair 53.7 55.6 70.4 64.4
Depreciation and Amortization 78.7 96.0 125.0 128.9
Crew and Employee Travel 41.5 49.7 65.8 61.2
Ground Package Cost 19.5 49.0 50.9 48.6
Commissions 28.5 39.0 39.1 36.9
Advertising 17.8 18.6 22.0 24.4
Other Selling Expenses 22.1 28.1 36.6 45.4
Fixed Costs (1) 71.7 85.8 92.2 92.7
(Gain) Loss on sale of L1011s 0.0 0.0 0.0 0.0
------------ ------------ ----------- ------------
Total Expenses $844.0 $1,032.7 $1,289.0 $1,355.1
EBIT $75.4 $89.7 $2.6 $30.0
Interest Income 4.4 5.4 8.4 6.0
Interest Expense (12.8) (21.0) (31.5) (28.7)
Other 0.2 3.3 0.6 0.3
------------ ------------ ----------- ------------
Pre-tax Income 67.2 77.4 (19.9) 7.5
Income Taxes 27.1 30.5 (4.6) 3.9
------------ ------------ ----------- ------------
Net Income 40.1 47.0 (15.3) 3.6
Preferred Convertible Stock Dividends 0.0 0.0 0.4 1.5
Preferred Stock Dividends 0.0 0.0 0.0 4.2
------------ ------------ ----------- ------------
Net Income to Common $40.1 $47.0 ($15.7) ($2.1)
--------------------------------------------------------
FYE 12/31
--------------------------------------------------------
2002E 2003E 2004E 2005E
------------ ------------ ----------- ------------
Revenue
Scheduled Service $1,218.5 $1,485.9 $1,706.3 $1,801.0
Charter 199.3 190.6 133.9 106.7
Military 131.2 135.0 129.8 134.9
Ground 56.1 56.2 56.2 56.2
Other 61.5 73.9 80.9 84.0
------------ ------------ ----------- ------------
Total Revenue $1,666.7 $1,941.7 $2,107.1 $2,182.8
Expenses
Salaries, Wages & Benefits $423.1 $502.0 $580.8 $639.5
Fuel and Oil 254.2 272.5 281.5 286.3
Handling, Landing and Navigation 121.1 145.7 169.1 184.3
Passenger Service 52.6 61.3 69.2 75.0
Aircraft Rentals 209.7 255.5 275.0 289.2
Aircraft Maintenance/Materials/Repair 65.6 70.4 84.5 97.2
Depreciation and Amortization 133.0 100.5 80.4 74.0
Crew and Employee Travel 72.0 81.8 83.0 87.0
Ground Package Cost 47.2 47.2 47.2 47.2
Commissions 43.9 50.9 56.2 58.8
Advertising 32.0 38.7 44.1 46.6
Other Selling Expenses 59.3 71.9 82.2 86.7
Fixed Costs (1) 105.4 118.7 130.2 140.0
(Gain) Loss on sale of L1011s 19.5 34.9 11.7 0.0
------------ ------------ ----------- ------------
Total Expenses $1,638.5 $1,852.0 $1,995.1 $2,111.7
EBIT $28.2 $89.7 $112.0 $71.1
Interest Income 10.7 17.9 22.4 23.0
Interest Expense (31.4) (33.3) (25.2) (13.6)
Other 0.0 0.0 0.0 0.0
------------ ------------ ----------- ------------
Pre-tax Income 7.4 74.3 109.2 80.5
Income Taxes 5.0 30.3 43.1 32.2
------------ ------------ ----------- ------------
Net Income 2.4 44.0 66.1 48.3
Preferred Convertible Stock Dividends 1.5 1.5 1.5 1.5
Preferred Stock Dividends 4.2 4.2 4.2 4.2
------------ ------------ ----------- ------------
Net Income to Common ($3.4) $38.3 $60.4 $42.6
- -------------------------------------------
(1) Fixed Costs includes facility, other rentals and other operating expenses
-------------------------------------
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- --------------------------------------------------------------------------------
- 5 -
June 2001 - Management Base Case
Income Statement: Growth Rates and Margins
================================================================================
--------------------------------------------------------
FYE 12/31
--------------------------------------------------------
1998 1999 2000 2001E
------------ ------------ ----------- ------------
Revenue Growth
Scheduled Service 37.5% 22.2% 20.6% 23.0%
Charter (2.4%) 18.5% (6.5%) (11.5%)
Military (7.0%) 3.5% 49.4% (28.2%)
Ground 3.9% 150.9% 2.9% (3.2%)
Other 35.1% 22.6% (13.0%) 8.4%
------------ ------------ ----------- ------------
Total Revenue Growth 17.4% 22.1% 15.1% 7.2%
Operating Margins
Salaries, Wages & Benefits 23.0% 22.5% 23.0% 23.8%
Fuel and Oil 14.9% 15.2% 21.3% 19.6%
Handling, Landing and Navigation 8.1% 8.0% 7.5% 7.0%
Passenger Service 3.7% 3.5% 3.5% 3.1%
Aircraft Rentals 5.8% 5.2% 5.6% 7.9%
Aircraft Maintenance 5.8% 5.0% 5.5% 4.7%
Depreciation and Amortization 8.6% 8.6% 9.7% 9.3%
Crew and Employee Travel 4.5% 4.4% 5.1% 4.4%
Ground Package Cost 2.1% 4.4% 3.9% 3.5%
Commissions 3.1% 3.5% 3.0% 2.7%
Advertising 1.9% 1.7% 1.7% 1.8%
Other Selling Expenses 2.4% 2.5% 2.8% 3.3%
Fixed Costs (1) 7.8% 7.6% 7.1% 6.7%
(Gain) Loss on sale of L1011s 0.0% 0.0% 0.0% 0.0%
------------ ------------ ----------- ------------
Total Operating Margins 91.8% 92.0% 99.8% 97.8%
EBIT Margin 8.2% 8.0% 0.2% 2.2%
Interest Income 0.5% 0.5% 0.6% (2.1%)
Interest Expense 1.4% 1.9% 2.4% 2.1%
Other 0.5% 6.8% 1.3% 0.6%
Income Tax Rate 40.4% 39.3% 23.1% 51.9%
Net Income Margin 4.4% 4.2% (1.2%) 0.3%
Preferred Stock Dividends 0.0% 0.0% (0.0%) (0.1%)
Preferred Convertible Stock Dividends 0.0% 0.0% 0.0% (0.3%)
Net Income to Common Margin 4.4% 4.2% (1.2%) (0.2%)
--------------------------------------------------------
FYE 12/31
--------------------------------------------------------
2002E 2003E 2004E 2005E
------------ ------------ ----------- ------------
Revenue Growth
Scheduled Service 31.5% 21.9% 14.8% 5.6%
Charter (8.7%) (4.4%) (29.7%) (20.4%)
Military (3.1%) 2.9% (3.9%) 4.0%
Ground (3.0%) 0.1% 0.0% 0.0%
Other 31.6% 20.2% 9.5% 3.8%
------------ ------------ ----------- ------------
Total Revenue Growth 20.3% 16.5% 8.5% 3.6%
Operating Margins
Salaries, Wages & Benefits 25.4% 25.9% 27.6% 29.3%
Fuel and Oil 15.3% 14.0% 13.4% 13.1%
Handling, Landing and Navigation 7.3% 7.5% 8.0% 8.4%
Passenger Service 3.2% 3.2% 3.3% 3.4%
Aircraft Rentals 12.6% 13.2% 13.1% 13.2%
Aircraft Maintenance 3.9% 3.6% 4.0% 4.5%
Depreciation and Amortization 8.0% 5.2% 3.8% 3.4%
Crew and Employee Travel 4.3% 4.2% 3.9% 4.0%
Ground Package Cost 2.8% 2.4% 2.2% 2.2%
Commissions 2.6% 2.6% 2.7% 2.7%
Advertising 1.9% 2.0% 2.1% 2.1%
Other Selling Expenses 3.6% 3.7% 3.9% 4.0%
Fixed Costs (1) 6.3% 6.1% 6.2% 6.4%
(Gain) Loss on sale of L1011s 2.1% 3.8% 1.3% 0.0%
------------ ------------ ----------- ------------
Total Operating Margins 98.3% 95.4% 94.7% 96.7%
EBIT Margin 1.7% 4.6% 5.3% 3.3%
Interest Income (1.9%) (1.7%) (1.2%) (0.6%)
Interest Expense 1.9% 1.7% 1.2% 0.6%
Other 0.0% 0.0% 0.0% 0.0%
Income Tax Rate 68.1% 40.7% 39.5% 40.0%
Net Income Margin 0.1% 2.3% 3.1% 2.2%
Preferred Stock Dividends (0.1%) (0.1%) (0.1%) (0.1%)
Preferred Convertible Stock Dividends (0.3%) (0.2%) (0.2%) (0.2%)
Net Income to Common Margin (0.2%) 2.0% 2.9% 2.0%
- -------------------------------------------
(1) Fixed Costs includes facility, other rentals and other operating expenses
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- --------------------------------------------------------------------------------
- 6 -
June 2001 - Management Base Case
Brickyard Working Capital Assumptions ($ in millions)
================================================================================
--------------------------------------------------------
FYE 12/31
--------------------------------------------------------
1998 1999 2000 2001E
------------ ------------ ----------- ------------
Accounts Receivable $24.9 $52.1 $56.6 $63.7
Inventories 19.6 36.7 49.1 45.4
Prepaids and Other Current Assets 25.6 22.9 25.4 27.3
------------ ------------ ----------- ------------
Total Current Assets $70.1 $111.7 $131.1 $136.4
Accounts Payable $7.2 $20.2 $10.1 $10.5
Air Traffic Liabilities 76.7 93.5 107.1 146.9
Accrued Expenses 98.5 126.2 147.1 148.5
------------ ------------ ----------- ------------
Total Current Liabilities $182.4 $239.9 $264.2 $305.9
Working Capital ($112.3) ($128.2) ($133.1) ($169.4)
Increase in Working in Capital -- ($15.9) ($4.9) ($36.3)
% Change in Working Capital -- 14.2% 3.9% 27.3%
% Change in Working Capital as a -- (7.8%) (2.9%) (38.8%)
% Change in Sales
Ratios (1)
Days Receivables 9.9 16.9 16.0 16.8
Inventory Turns (2) 2.7 1.5 1.4 1.4
Prepaids and Other Current Assets (3) 2.8% 2.0% 2.0% 2.0%
Days Payable 3.1 7.2 2.9 2.8
Air Traffic Liabilities (3) 8.3% 8.3% 8.3% 10.6%
Accrued Expenses (3) 10.7% 11.2% 11.4% 10.7%
--------------------------------------------------------
FYE 12/31
--------------------------------------------------------
2002E 2003E 2004E 2005E
------------ ------------ ----------- ------------
Accounts Receivable $89.5 $91.5 $105.2 $106.5
Inventories 50.5 45.7 48.2 44.8
Prepaids and Other Current Assets 35.3 37.1 41.3 41.5
------------ ------------ ----------- ------------
Total Current Assets $175.2 $174.3 $194.8 $192.8
Accounts Payable $15.7 $16.1 $18.5 $19.1
Air Traffic Liabilities 207.4 216.1 252.5 248.9
Accrued Expenses 196.4 207.8 238.6 255.6
------------ ------------ ----------- ------------
Total Current Liabilities $419.4 $440.0 $509.6 $523.6
Working Capital ($244.2) ($265.7) ($314.8) ($330.8)
Increase in Working in Capital ($74.8) ($21.5) ($49.1) ($16.0)
% Change in Working Capital 44.1% 8.8% 18.5% 5.1%
% Change in Working Capital as a (26.5%) (7.8%) (29.7%) (21.1%)
% Change in Sales
Ratios (1)
Days Receivables 19.6 17.2 18.2 17.8
Inventory Turns (2) 1.3 1.5 1.8 2.2
Prepaids and Other Current Assets (3) 2.1% 1.9% 2.0% 1.9%
Days Payable 3.5 3.2 3.4 3.3
Air Traffic Liabilities (3) 12.4% 11.1% 12.0% 11.4%
Accrued Expenses (3) 11.8% 10.7% 11.3% 11.7%
- -------------------------------------------
(1) Based on 365 day year convention
(2) Inventory turns are based on aircraft maintenance, materials and repair
costs
(3) Ratio based on a percentage of revenues
-------------------------------------
[LOGO] Dresdner Kleinwort Wasserstein
-------------------------------------
- --------------------------------------------------------------------------------
- 7-
June 2001 - Management Base Case with Maintenance Adjustment
Discounted Cash Flow Matrix ($ in millions, except per share)
================================================================================
- -------------------------------------------------------------------------------- ---------------------------------------
Terminal Value EBITDA Multiple Year 2005E EBITDA $133.0
Book Debt as of 3/31/01 439.2
4.0x 4.5x 5.0x 5.5x
--------------------------------------------------------------------- ---------------------------------------
Discount
Rate $359.8 $359.8 $359.8 $359.8 Present Value of Free Cash Flows
332.6 374.2 415.8 457.3 Present Value of Terminal Value
------------ ------------ ------------ -------------
11.0% $692.4 $734.0 $775.6 $817.1 Net Enterprise Value
253.2 294.8 336.4 377.9 Net Equity Value
$20.60 $23.51 $26.42 $29.33 Implied Price per Share
2.7% 3.5% 4.2% 4.8% Implied Perpetuity Growth Rate
0.5x 0.6x 0.6x 0.6x Multiple of LTM Sales
5.5x 5.8x 6.1x 6.4x Multiple of LTM EBITDA
0.5x 0.5x 0.6x 0.6x Multiple of 2001E Sales
4.4x 4.7x 5.0x 5.2x Multiple of 2001E EBITDA
-----------------------------------------------------------------------------------------------------------------
$353.3 $353.3 $353.3 $353.3 Present Value of Free Cash Flows
319.5 359.4 399.3 439.3 Present Value of Terminal Value
------------ ------------ ------------ -------------
12.0% $672.8 $712.7 $752.6 $792.6 Net Enterprise Value
233.6 273.5 313.4 353.4 Net Equity Value
$19.17 $22.02 $24.81 $27.61 Implied Price per Share
3.6% 4.5% 5.2% 5.7% Implied Perpetuity Growth Rate
0.5x 0.5x 0.6x 0.6x Multiple of LTM Sales
5.3x 5.6x 5.9x 6.3x Multiple of LTM EBITDA
0.5x 0.5x 0.5x 0.6x Multiple of 2001E Sales
4.3x 4.6x 4.8x 5.1x Multiple of 2001E EBITDA
-----------------------------------------------------------------------------------------------------------------
$347.0 $347.0 $347.0 $347.0 Present Value of Free Cash Flows
306.9 345.3 383.7 422.0 Present Value of Terminal Value
------------ ------------ ------------ -------------
13.0% $654.0 $692.3 $730.7 $769.1 Net Enterprise Value
214.8 253.1 291.5 329.9 Net Equity Value
$17.71 $20.60 $23.28 $25.96 Implied Price per Share
4.5% 5.4% 6.1% 6.7% Implied Perpetuity Growth Rate
0.5x 0.5x 0.6x 0.6x Multiple of LTM Sales
5.2x 5.5x 5.8x 6.1x Multiple of LTM EBITDA
0.5x 0.5x 0.5x 0.6x Multiple of 2001E Sales
4.2x 4.4x 4.7x 4.9x Multiple of 2001E EBITDA
Note: Valuation based on 3/31/01 to 12/31/05 horizon
-------------------------------------
[LOGO] Dresdner Kleinwort Wasserstein
-------------------------------------
- --------------------------------------------------------------------------------
- 8 -
June 2001 - Management Base Case with Maintenance Adjustment
Unlevered Free Cash Flow ($ in millions)
================================================================================
---------------------------------------------------------------------
FYE 12/31
---------------------------------------------------------------------
2001E 2002E 2003E 2004E 2005E
----------- ------------ ----------- ----------- ------------
EBIT $27.0 $9.2 $62.5 $92.5 $59.0
Tax-effected EBIT (at effective rate) 7.1 7.6 35.8 55.6 35.4
Plus: Tax-effected Loss on Sale of L1011s (at marginal rate) 0.0 11.7 20.9 7.0 0.0
Plus: Depreciation and Amortization 128.9 133.0 100.5 80.4 74.0
Plus: Cash proceeds from sale of aircraft 18.3 33.4 1.5 1.5 0.0
Less: Increase in Net Working Capital (1) (36.4) (74.9) (21.5) (49.0) (16.0)
Less: Capital Expenditures (excluding deposits) 169.6 114.5 74.9 57.0 82.1
----------- ------------ ----------- ----------- ------------
Unlevered Free Cash Flow $21.2 $146.1 $105.4 $136.5 $43.2
- -------------------------------------------
(1) Net working capital includes the full annual ATL change without adjustment
for shift in business mix
-------------------------------------
[LOGO] Dresdner Kleinwort Wasserstein
-------------------------------------
- --------------------------------------------------------------------------------
- 9 -
June 2001 - Management Base Case with Maintenance Adjustment
Summary Financial Results ($ in millions)
================================================================================
--------------------------------------------------------
FYE 12/31
--------------------------------------------------------
1998 1999 2000 2001E
------------ ------------ ----------- ------------
Total Revenue $919.4 $1,122.4 $1,291.6 $1,385.0
% Growth 17.4% 22.1% 15.1% 7.2%
EBIT 75.4 89.7 2.6 27.0
Margin 8.2% 8.0% 0.2% 1.9%
(Gain) Loss on sale of L1011s 0.0 0.0 0.0 0.0
Adjusted EBIT 75.4 89.7 2.6 27.0
Margin 8.2% 8.0% 0.2% 1.9%
Depreciation and Amortization 78.7 96.0 125.0 128.9
EBITDA 154.0 185.7 127.6 155.9
Margin 16.8% 16.5% 9.9% 11.3%
Aircraft Rent Expense 53.1 58.7 72.1 110.1
EBITDAR 207.2 244.4 199.8 266.0
Margin 22.5% 21.8% 15.5% 19.2%
Aircraft Pre-Delivery Deposits 0.0 0.0 136.9 55.7
Capital Expenditures 175.4 274.3 126.6 169.6
Free Cash Flow (21.4) (88.6) (135.9) (69.4)
Margin (2.3%) (7.9%) (10.5%) (5.0%)
Net Income 40.1 47.0 (15.7) (4.5)
Margin 4.4% 4.2% (1.2%) (0.3%)
EPS $3.07 $3.49 ($1.32) ($0.40)
Average Diluted Shares Outstanding (MM) 13.1 13.5 12.0 11.4
Book Value 102.8 151.4 124.7 122.3
Return on Book Equity (ROE) 39.0% 31.0% (12.3%) 1.0%
--------------------------------------------------------
FYE 12/31
--------------------------------------------------------
2002E 2003E 2004E 2005E
------------ ------------ ----------- ------------
Total Revenue $1,666.7 $1,941.7 $2,107.1 $2,182.8
% Growth 20.3% 16.5% 8.5% 3.6%
EBIT 9.2 62.5 92.5 59.0
Margin 0.6% 3.2% 4.4% 2.7%
(Gain) Loss on sale of L1011s 19.5 34.9 11.7 0.0
Adjusted EBIT 28.7 97.4 104.2 59.0
Margin 1.7% 5.0% 4.9% 2.7%
Depreciation and Amortization 133.0 100.5 80.4 74.0
EBITDA 161.7 197.9 184.6 133.0
Margin 9.7% 10.2% 8.8% 6.1%
Aircraft Rent Expense 209.7 255.5 275.0 289.2
EBITDAR 371.4 453.4 459.6 422.2
Margin 22.3% 23.4% 21.8% 19.3%
Aircraft Pre-Delivery Deposits (180.6) 31.2 (43.2) 0.0
Capital Expenditures 114.5 74.9 57.0 82.1
Free Cash Flow 227.8 91.8 170.8 50.9
Margin 13.7% 4.7% 8.1% 2.3%
Net Income (15.3) 21.3 48.4 35.7
Margin (0.9%) 1.1% 2.3% 1.6%
EPS ($1.35) $1.87 $4.25 $3.14
Average Diluted Shares Outstanding (MM) 11.4 11.4 11.4 11.4
Book Value 107.0 128.3 176.7 212.4
Return on Book Equity (ROE) (9.0%) 21.1% 30.6% 19.5%
-------------------------------------
[LOGO] Dresdner Kleinwort Wasserstein
-------------------------------------
- --------------------------------------------------------------------------------
- 10 -
June 2001 - Management Base Case with Maintenance Adjustment
Income Statement ($ in millions)
================================================================================
--------------------------------------------------------
FYE 12/31
--------------------------------------------------------
1998 1999 2000 2001E
------------ ------------ ----------- ------------
Revenue
Scheduled Service $511.3 $624.6 $753.3 $926.7
Charter 222.6 263.8 246.7 218.3
Military 121.9 126.2 188.6 135.4
Ground 23.2 58.2 59.8 57.9
Other 40.4 49.6 43.1 46.8
------------ ------------ ----------- ------------
Total Revenue $919.4 $1,122.4 $1,291.6 $1,385.0
Expenses
Salaries, Wages & Benefits $211.4 $252.6 $297.0 $330.2
Fuel and Oil 137.4 170.9 274.8 271.5
Handling, Landing and Navigation 74.6 89.3 97.4 97.6
Passenger Service 34.0 39.2 45.6 43.2
Aircraft Rentals 53.1 58.7 72.1 110.1
Aircraft Maintenance/Materials/Repair 53.7 55.6 70.4 67.4
Depreciation and Amortization 78.7 96.0 125.0 128.9
Crew and Employee Travel 41.5 49.7 65.8 61.2
Ground Package Cost 19.5 49.0 50.9 48.6
Commissions 28.5 39.0 39.1 36.9
Advertising 17.8 18.6 22.0 24.4
Other Selling Expenses 22.1 28.1 36.6 45.4
Fixed Costs (1) 71.7 85.8 92.2 92.7
(Gain) Loss on sale of L1011s 0.0 0.0 0.0 0.0
------------ ------------ ----------- ------------
Total Expenses $844.0 $1,032.7 $1,289.0 $1,358.0
EBIT $75.4 $89.7 $2.6 $27.0
Interest Income 4.4 5.4 8.4 5.9
Interest Expense (12.8) (21.0) (31.5) (28.7)
Other 0.2 3.3 0.6 0.3
------------ ------------ ----------- ------------
Pre-tax Income 67.2 77.4 (19.9) 4.5
Income Taxes 27.1 30.5 (4.6) 3.3
------------ ------------ ----------- ------------
Net Income 40.1 47.0 (15.3) 1.2
Preferred Convertible Stock Dividends 0.0 0.0 0.4 1.5
Preferred Stock Dividends 0.0 0.0 0.0 4.2
------------ ------------ ----------- ------------
Net Income to Common $40.1 $47.0 ($15.7) ($4.5)
--------------------------------------------------------
FYE 12/31
--------------------------------------------------------
2002E 2003E 2004E 2005E
------------ ------------ ----------- ------------
Revenue
Scheduled Service $1,218.5 $1,485.9 $1,706.3 $1,801.0
Charter 199.3 190.6 133.9 106.7
Military 131.2 135.0 129.8 134.9
Ground 56.1 56.2 56.2 56.2
Other 61.5 73.9 80.9 84.0
------------ ------------ ----------- ------------
Total Revenue $1,666.7 $1,941.7 $2,107.1 $2,182.8
Expenses
Salaries, Wages & Benefits $423.1 $502.0 $580.8 $639.5
Fuel and Oil 254.2 272.5 281.5 286.3
Handling, Landing and Navigation 121.1 145.7 169.1 184.3
Passenger Service 52.6 61.3 69.2 75.0
Aircraft Rentals 209.7 255.5 275.0 289.2
Aircraft Maintenance/Materials/Repair 84.6 97.6 104.1 109.3
Depreciation and Amortization 133.0 100.5 80.4 74.0
Crew and Employee Travel 72.0 81.8 83.0 87.0
Ground Package Cost 47.2 47.2 47.2 47.2
Commissions 43.9 50.9 56.2 58.8
Advertising 32.0 38.7 44.1 46.6
Other Selling Expenses 59.3 71.9 82.2 86.7
Fixed Costs (1) 105.4 118.7 130.2 140.0
(Gain) Loss on sale of L1011s 19.5 34.9 11.7 0.0
------------ ------------ ----------- ------------
Total Expenses $1,657.4 $1,879.2 $2,014.7 $2,123.8
EBIT $9.2 $62.5 $92.5 $59.0
Interest Income 10.5 18.0 22.4 23.0
Interest Expense (31.4) (33.3) (24.9) (12.9)
Other 0.0 0.0 0.0 0.0
------------ ------------ ----------- ------------
Pre-tax Income (11.7) 47.2 90.0 69.1
Income Taxes (2.1) 20.2 35.9 27.7
------------ ------------ ----------- ------------
Net Income (9.6) 27.1 54.1 41.4
Preferred Convertible Stock Dividends 1.5 1.5 1.5 1.5
Preferred Stock Dividends 4.2 4.2 4.2 4.2
------------ ------------ ----------- ------------
Net Income to Common ($15.3) $21.3 $48.4 $35.7
- -------------------------------------------
(1) Fixed Costs includes facility, other rentals and other operating expenses
-------------------------------------
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-------------------------------------
- --------------------------------------------------------------------------------
- 11 -
June 2001 - Management Base Case with Maintenance Adjustment
Income Statement: Growth Rates and Margins
================================================================================
--------------------------------------------------------
FYE 12/31
--------------------------------------------------------
1998 1999 2000 2001E
------------ ------------ ----------- ------------
Revenue Growth
Scheduled Service 37.5% 22.2% 20.6% 23.0%
Charter (2.4%) 18.5% (6.5%) (11.5%)
Military (7.0%) 3.5% 49.4% (28.2%)
Ground 3.9% 150.9% 2.9% (3.2%)
Other 35.1% 22.6% (13.0%) 8.4%
------------ ------------ ----------- ------------
Total Revenue Growth 17.4% 22.1% 15.1% 7.2%
Operating Margins
Salaries, Wages & Benefits 23.0% 22.5% 23.0% 23.8%
Fuel and Oil 14.9% 15.2% 21.3% 19.6%
Handling, Landing and Navigation 8.1% 8.0% 7.5% 7.0%
Passenger Service 3.7% 3.5% 3.5% 3.1%
Aircraft Rentals 5.8% 5.2% 5.6% 7.9%
Aircraft Maintenance 5.8% 5.0% 5.5% 4.9%
Depreciation and Amortization 8.6% 8.6% 9.7% 9.3%
Crew and Employee Travel 4.5% 4.4% 5.1% 4.4%
Ground Package Cost 2.1% 4.4% 3.9% 3.5%
Commissions 3.1% 3.5% 3.0% 2.7%
Advertising 1.9% 1.7% 1.7% 1.8%
Other Selling Expenses 2.4% 2.5% 2.8% 3.3%
Fixed Costs (1) 7.8% 7.6% 7.1% 6.7%
(Gain) Loss on sale of L1011s 0.0% 0.0% 0.0% 0.0%
------------ ------------ ----------- ------------
Total Operating Margins 91.8% 92.0% 99.8% 98.1%
EBIT Margin 8.2% 8.0% 0.2% 1.9%
Interest Income 0.5% 0.5% 0.6% (2.1%)
Interest Expense 1.4% 1.9% 2.4% 2.1%
Other 0.5% 6.8% 1.3% 0.6%
Income Tax Rate 40.4% 39.3% 23.1% 73.5%
Net Income Margin 4.4% 4.2% (1.2%) 0.1%
Preferred Stock Dividends 0.0% 0.0% (0.0%) (0.1%)
Preferred Convertible Stock Dividends 0.0% 0.0% 0.0% (0.3%)
Net Income to Common Margin 4.4% 4.2% (1.2%) (0.3%)
--------------------------------------------------------
FYE 12/31
--------------------------------------------------------
2002E 2003E 2004E 2005E
------------ ------------ ----------- ------------
Revenue Growth
Scheduled Service 31.5% 21.9% 14.8% 5.6%
Charter (8.7%) (4.4%) (29.7%) (20.4%)
Military (3.1%) 2.9% (3.9%) 4.0%
Ground (3.0%) 0.1% 0.0% 0.0%
Other 31.6% 20.2% 9.5% 3.8%
------------ ------------ ----------- ------------
Total Revenue Growth 20.3% 16.5% 8.5% 3.6%
Operating Margins
Salaries, Wages & Benefits 25.4% 25.9% 27.6% 29.3%
Fuel and Oil 15.3% 14.0% 13.4% 13.1%
Handling, Landing and Navigation 7.3% 7.5% 8.0% 8.4%
Passenger Service 3.2% 3.2% 3.3% 3.4%
Aircraft Rentals 12.6% 13.2% 13.1% 13.2%
Aircraft Maintenance 5.1% 5.0% 4.9% 5.0%
Depreciation and Amortization 8.0% 5.2% 3.8% 3.4%
Crew and Employee Travel 4.3% 4.2% 3.9% 4.0%
Ground Package Cost 2.8% 2.4% 2.2% 2.2%
Commissions 2.6% 2.6% 2.7% 2.7%
Advertising 1.9% 2.0% 2.1% 2.1%
Other Selling Expenses 3.6% 3.7% 3.9% 4.0%
Fixed Costs (1) 6.3% 6.1% 6.2% 6.4%
(Gain) Loss on sale of L1011s 2.1% 3.8% 1.3% 0.0%
------------ ------------ ----------- ------------
Total Operating Margins 99.4% 96.8% 95.6% 97.3%
EBIT Margin 0.6% 3.2% 4.4% 2.7%
Interest Income (1.9%) (1.7%) (1.2%) (0.6%)
Interest Expense 1.9% 1.7% 1.2% 0.6%
Other 0.0% 0.0% 0.0% 0.0%
Income Tax Rate 17.8% 42.7% 39.9% 40.0%
Net Income Margin (0.6%) 1.4% 2.6% 1.9%
Preferred Stock Dividends (0.1%) (0.1%) (0.1%) (0.1%)
Preferred Convertible Stock Dividends (0.3%) (0.2%) (0.2%) (0.2%)
Net Income to Common Margin (0.9%) 1.1% 2.3% 1.6%
- -------------------------------------------
(1) Fixed Costs includes facility, other rentals and other operating expenses
-------------------------------------
[LOGO] Dresdner Kleinwort Wasserstein
-------------------------------------
- --------------------------------------------------------------------------------
- 12 -
June 2001 - Management Base Case with Maintenance Adjustment
Brickyard Working Capital Assumptions ($ in millions)
================================================================================
-----------------------------------------
FYE 12/31
-----------------------------------------
1998 1999 2000 2001E
------------ ------------ ----------- ----------
Accounts Receivable $24.9 $52.1 $56.6 $63.7
Inventories 19.6 36.7 49.1 45.4
Prepaids and Other Current Assets 25.6 22.9 25.4 27.3
------------ ------------ ----------- ----------
Total Current Assets $70.1 $111.7 $131.1 $136.4
Accounts Payable $7.2 $20.2 $10.1 $10.6
Air Traffic Liabilities 76.7 93.5 107.1 146.9
Accrued Expenses 98.5 126.2 147.1 148.5
------------ ------------ ----------- ----------
Total Current Liabilities $182.4 $239.9 $264.2 $306.0
Working Capital ($112.3) ($128.2) ($133.1) ($169.5)
Increase in Working in Capital -- ($15.9) ($4.9) ($36.4)
% Change in Working Capital -- 14.2% 3.9% 27.3%
% Change in Working Capital as a -- (7.8%) (2.9%) (38.9%)
% Change in Sales
Ratios (1)
Days Receivables 9.9 16.9 16.0 16.8
Inventory Turns (2) 2.7 1.5 1.4 1.5
Prepaids and Other Current Assets (3) 2.8% 2.0% 2.0% 2.0%
Days Payable 3.1 7.2 2.9 2.8
Air Traffic Liabilities (3) 8.3% 8.3% 8.3% 10.6%
Accrued Expenses (3) 10.7% 11.2% 11.4% 10.7%
--------------------------------------------------------
FYE 12/31
--------------------------------------------------------
2002E 2003E 2004E 2005E
------------ ------------ ----------- ------------
Accounts Receivable $89.5 $91.5 $105.2 $106.5
Inventories 50.5 45.7 48.2 44.8
Prepaids and Other Current Assets 35.3 37.1 41.3 41.5
------------ ------------ ----------- ------------
Total Current Assets $175.2 $174.3 $194.8 $192.8
Accounts Payable $16.0 $16.4 $18.6 $19.3
Air Traffic Liabilities 207.4 216.1 252.5 248.9
Accrued Expenses 196.4 207.8 238.6 255.6
------------ ------------ ----------- ------------
Total Current Liabilities $419.7 $440.3 $509.7 $523.7
Working Capital ($244.5) ($266.0) ($315.0) ($330.9)
Increase in Working in Capital ($74.9) ($21.5) ($49.0) ($16.0)
% Change in Working Capital 44.2% 8.8% 18.4% 5.1%
% Change in Working Capital as a (26.6%) (7.8%) (29.6%) (21.1%)
% Change in Sales
Ratios (1)
Days Receivables 19.6 17.2 18.2 17.8
Inventory Turns (2) 1.7 2.1 2.2 2.4
Prepaids and Other Current Assets (3) 2.1% 1.9% 2.0% 1.9%
Days Payable 3.5 3.2 3.4 3.3
Air Traffic Liabilities (3) 12.4% 11.1% 12.0% 11.4%
Accrued Expenses (3) 11.8% 10.7% 11.3% 11.7%
- -------------------------------------------
(1) Based on 365 day year convention
(2) Inventory turns are based on aircraft maintenance, materials and repair
costs
(3) Ratio based on a percentage of revenues
-------------------------------------
[LOGO] Dresdner Kleinwort Wasserstein
-------------------------------------
- --------------------------------------------------------------------------------
- 13 -
June 2001 - Management Base Case with Fuel Adjustment
Discounted Cash Flow Matrix ($ in millions, except per share)
================================================================================
- --------------------------------------------------------- ----------------------------------------
Terminal Value EBITDA Multiple Year 2005E EBITDA $109.2
Book Debt as of 3/31/01 439.2
4.0x 4.5x 5.0x 5.5x
--------------------------------------------------------------------- ----------------------------------------
Discount
Rate $337.7 $337.7 $337.7 $337.7 Present Value of Free Cash Flows
273.1 307.2 341.4 375.5 Present Value of Terminal Value
------------ ------------ ------------ -------------
11.0% $610.8 $645.0 $679.1 $713.2 Net Enterprise Value
171.6 205.7 239.9 274.0 Net Equity Value
$14.35 $17.01 $19.66 $22.06 Implied Price per Share
4.2% 4.9% 5.5% 6.0% Implied Perpetuity Growth Rate
0.5x 0.5x 0.5x 0.5x Multiple of LTM Sales
4.8x 5.1x 5.4x 5.6x Multiple of LTM EBITDA
0.4x 0.5x 0.5x 0.5x Multiple of 2001E Sales
3.8x 4.1x 4.3x 4.5x Multiple of 2001E EBITDA
------------------------------------------------------------------------------------------------------------------
$331.9 $331.9 $331.9 $331.9 Present Value of Free Cash Flows
262.3 295.1 327.9 360.6 Present Value of Terminal Value
------------ ------------ ------------ -------------
12.0% $594.2 $626.9 $659.7 $692.5 Net Enterprise Value
154.9 187.7 220.5 253.3 Net Equity Value
$13.05 $15.61 $18.16 $20.61 Implied Price per Share
5.1% 5.8% 6.4% 6.9% Implied Perpetuity Growth Rate
0.5x 0.5x 0.5x 0.5x Multiple of LTM Sales
4.7x 4.9x 5.2x 5.5x Multiple of LTM EBITDA
0.4x 0.5x 0.5x 0.5x Multiple of 2001E Sales
3.7x 3.9x 4.2x 4.4x Multiple of 2001E EBITDA
------------------------------------------------------------------------------------------------------------------
$326.2 $326.2 $326.2 $326.2 Present Value of Free Cash Flows
252.0 283.5 315.0 346.5 Present Value of Terminal Value
------------ ------------ ------------ -------------
13.0% $578.2 $609.7 $641.2 $672.7 Net Enterprise Value
139.0 170.5 202.0 233.5 Net Equity Value
$11.81 $14.26 $16.71 $19.17 Implied Price per Share
6.1% 6.8% 7.4% 7.9% Implied Perpetuity Growth Rate
0.4x 0.5x 0.5x 0.5x Multiple of LTM Sales
4.6x 4.8x 5.1x 5.3x Multiple of LTM EBITDA
0.4x 0.4x 0.5x 0.5x Multiple of 2001E Sales
3.6x 3.8x 4.0x 4.2x Multiple of 2001E EBITDA
Note: Valuation based on 3/31/01 to 12/31/05 horizon
-------------------------------------
[LOGO] Dresdner Kleinwort Wasserstein
-------------------------------------
- --------------------------------------------------------------------------------
- 14 -
June 2001 - Management Base Case with Fuel Adjustment
Unlevered Free Cash Flow ($ in millions)
================================================================================
---------------------------------------------------------------------
FYE 12/31
---------------------------------------------------------------------
2001E 2002E 2003E 2004E 2005E
----------- ------------ ----------- ----------- ------------
EBIT $30.0 $1.0 $55.5 $76.7 $35.2
Tax-effected EBIT (at effective rate) 14.4 0.7 31.1 45.7 20.7
Plus: Tax-effected Loss on Sale of L1011s (at marginal rate) 0.0 11.7 20.9 7.0 0.0
Plus: Depreciation and Amortization 128.9 133.0 100.5 80.4 74.0
Plus: Cash proceeds from sale of aircraft 18.3 33.4 1.5 1.5 0.0
Less: Increase in Net Working Capital (1) (36.3) (74.8) (21.5) (49.1) (16.0)
Less: Capital Expenditures (excluding deposits) 169.6 114.5 74.9 57.0 82.1
----------- ------------ ----------- ----------- ------------
Unlevered Free Cash Flow $28.3 $139.1 $100.7 $126.8 $28.6
- -------------------------------------------
(1) Net working capital includes the full annual ATL change without adjustment
for shift in business mix
-------------------------------------
[LOGO] Dresdner Kleinwort Wasserstein
-------------------------------------
- --------------------------------------------------------------------------------
- 15 -
June 2001 - Management Base Case with Fuel Adjustment
Summary Financial Results ($ in millions)
================================================================================
--------------------------------------------------------
FYE 12/31
--------------------------------------------------------
1998 1999 2000 2001E
------------ ------------ ----------- ------------
Total Revenue $919.4 $1,122.4 $1,291.6 $1,385.0
% Growth 17.4% 22.1% 15.1% 7.2%
EBIT 75.4 89.7 2.6 30.0
Margin 8.2% 8.0% 0.2% 2.2%
(Gain) Loss on sale of L1011s 0.0 0.0 0.0 0.0
Adjusted EBIT 75.4 89.7 2.6 30.0
Margin 8.2% 8.0% 0.2% 2.2%
Depreciation and Amortization 78.7 96.0 125.0 128.9
EBITDA 154.0 185.7 127.6 158.9
Margin 16.8% 16.5% 9.9% 11.5%
Aircraft Rent Expense 53.1 58.7 72.1 110.1
EBITDAR 207.2 244.4 199.8 269.0
Margin 22.5% 21.8% 15.5% 19.4%
Aircraft Pre-Delivery Deposits 0.0 0.0 136.9 55.7
Capital Expenditures 175.4 274.3 126.6 169.6
Free Cash Flow (21.4) (88.6) (135.9) (66.4)
Margin (2.3%) (7.9%) (10.5%) (4.8%)
Net Income 40.1 47.0 (15.7) (2.1)
Margin 4.4% 4.2% (1.2%) (0.2%)
EPS $3.07 $3.49 ($1.32) ($0.18)
Average Diluted Shares Outstanding (MM) 13.1 13.5 12.0 11.4
Book Value 102.8 151.4 124.7 122.3
Return on Book Equity (ROE) 39.0% 31.0% (12.3%) 3.0%
--------------------------------------------------------
FYE 12/31
--------------------------------------------------------
2002E 2003E 2004E 2005E
------------ ------------ ----------- ------------
Total Revenue $1,666.7 $1,941.7 $2,107.1 $2,182.8
% Growth 20.3% 16.5% 8.5% 3.6%
EBIT 1.0 55.5 76.7 35.2
Margin 0.1% 2.9% 3.6% 1.6%
(Gain) Loss on sale of L1011s 19.5 34.9 11.7 0.0
Adjusted EBIT 20.4 90.4 88.5 35.2
Margin 1.2% 4.7% 4.2% 1.6%
Depreciation and Amortization 133.0 100.5 80.4 74.0
EBITDA 153.4 190.9 168.8 109.2
Margin 9.2% 9.8% 8.0% 5.0%
Aircraft Rent Expense 209.7 255.5 275.0 289.2
EBITDAR 363.1 446.4 443.9 398.4
Margin 21.8% 23.0% 21.1% 18.3%
Aircraft Pre-Delivery Deposits (180.6) 31.2 (43.2) 0.0
Capital Expenditures 114.5 74.9 57.0 82.1
Free Cash Flow 219.6 84.8 155.1 27.1
Margin 13.2% 4.4% 7.4% 1.2%
Net Income (20.7) 16.0 37.2 19.1
Margin (1.2%) 0.8% 1.8% 0.9%
EPS ($1.82) $1.41 $3.26 $1.68
Average Diluted Shares Outstanding (MM) 11.4 11.4 11.4 11.4
Book Value 101.6 117.7 154.8 173.9
Return on Book Equity (ROE) (14.7%) 18.5% 27.7% 14.3%
-------------------------------------
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-------------------------------------
- --------------------------------------------------------------------------------
- 16 -
June 2001 - Management Base Case with Fuel Adjustment
Income Statement ($ in millions)
================================================================================
--------------------------------------------------------
FYE 12/31
--------------------------------------------------------
1998 1999 2000 2001E
------------ ------------ ----------- ------------
Revenue
Scheduled Service $511.3 $624.6 $753.3 $926.7
Charter 222.6 263.8 246.7 218.3
Military 121.9 126.2 188.6 135.4
Ground 23.2 58.2 59.8 57.9
Other 40.4 49.6 43.1 46.8
------------ ------------ ----------- ------------
Total Revenue $919.4 $1,122.4 $1,291.6 $1,385.0
Expenses
Salaries, Wages & Benefits $211.4 $252.6 $297.0 $330.2
Fuel and Oil 137.4 170.9 274.8 271.5
Handling, Landing and Navigation 74.6 89.3 97.4 97.6
Passenger Service 34.0 39.2 45.6 43.2
Aircraft Rentals 53.1 58.7 72.1 110.1
Aircraft Maintenance/Materials/Repair 53.7 55.6 70.4 64.4
Depreciation and Amortization 78.7 96.0 125.0 128.9
Crew and Employee Travel 41.5 49.7 65.8 61.2
Ground Package Cost 19.5 49.0 50.9 48.6
Commissions 28.5 39.0 39.1 36.9
Advertising 17.8 18.6 22.0 24.4
Other Selling Expenses 22.1 28.1 36.6 45.4
Fixed Costs (1) 71.7 85.8 92.2 92.7
(Gain) Loss on sale of L1011s 0.0 0.0 0.0 0.0
------------ ------------ ----------- ------------
Total Expenses $844.0 $1,032.7 $1,289.0 $1,355.1
EBIT $75.4 $89.7 $2.6 $30.0
Interest Income 4.4 5.4 8.4 6.0
Interest Expense (12.8) (21.0) (31.5) (28.7)
Other 0.2 3.3 0.6 0.3
------------ ------------ ----------- ------------
Pre-tax Income 67.2 77.4 (19.9) 7.5
Income Taxes 27.1 30.5 (4.6) 3.9
------------ ------------ ----------- ------------
Net Income 40.1 47.0 (15.3) 3.6
Preferred Convertible Stock Dividends 0.0 0.0 0.4 1.5
Preferred Stock Dividends 0.0 0.0 0.0 4.2
------------ ------------ ----------- ------------
Net Income to Common $40.1 $47.0 ($15.7) ($2.1)
--------------------------------------------------------
FYE 12/31
--------------------------------------------------------
2002E 2003E 2004E 2005E
------------ ------------ ----------- ------------
Revenue
Scheduled Service $1,218.5 $1,485.9 $1,706.3 $1,801.0
Charter 199.3 190.6 133.9 106.7
Military 131.2 135.0 129.8 134.9
Ground 56.1 56.2 56.2 56.2
Other 61.5 73.9 80.9 84.0
------------ ------------ ----------- ------------
Total Revenue $1,666.7 $1,941.7 $2,107.1 $2,182.8
Expenses
Salaries, Wages & Benefits $423.1 $502.0 $580.8 $639.5
Fuel and Oil 281.4 306.7 316.8 322.2
Handling, Landing and Navigation 121.1 145.7 169.1 184.3
Passenger Service 52.6 61.3 69.2 75.0
Aircraft Rentals 209.7 255.5 275.0 289.2
Aircraft Maintenance/Materials/Repair 65.6 70.4 84.5 97.2
Depreciation and Amortization 133.0 100.5 80.4 74.0
Crew and Employee Travel 72.0 81.8 83.0 87.0
Ground Package Cost 47.2 47.2 47.2 47.2
Commissions 43.9 50.9 56.2 58.8
Advertising 32.0 38.7 44.1 46.6
Other Selling Expenses 59.3 71.9 82.2 86.7
Fixed Costs (1) 105.4 118.7 130.2 140.0
(Gain) Loss on sale of L1011s 19.5 34.9 11.7 0.0
------------ ------------ ----------- ------------
Total Expenses $1,665.7 $1,886.2 $2,030.4 $2,147.6
EBIT $1.0 $55.5 $76.7 $35.2
Interest Income 10.2 16.5 19.9 19.4
Interest Expense (31.4) (33.3) (24.7) (12.3)
Other 0.0 0.0 0.0 0.0
------------ ------------ ----------- ------------
Pre-tax Income (20.2) 38.8 71.9 42.3
Income Taxes (5.3) 17.0 29.1 17.4
------------ ------------ ----------- ------------
Net Income (15.0) 21.8 42.9 24.8
Preferred Convertible Stock Dividends 1.5 1.5 1.5 1.5
Preferred Stock Dividends 4.2 4.2 4.2 4.2
------------ ------------ ----------- ------------
Net Income to Common ($20.7) $16.0 $37.2 $19.1
- -------------------------------------------
(1) Fixed Costs includes facility, other rentals and other operating expenses
-------------------------------------
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-------------------------------------
- --------------------------------------------------------------------------------
- 17 -
June 2001 - Management Base Case with Fuel Adjustment
Income Statement: Growth Rates and Margins
================================================================================
--------------------------------------------------------
FYE 12/31
--------------------------------------------------------
1998 1999 2000 2001E
------------ ------------ ----------- ------------
Revenue Growth
Scheduled Service 37.5% 22.2% 20.6% 23.0%
Charter (2.4%) 18.5% (6.5%) (11.5%)
Military (7.0%) 3.5% 49.4% (28.2%)
Ground 3.9% 150.9% 2.9% (3.2%)
Other 35.1% 22.6% (13.0%) 8.4%
------------ ------------ ----------- ------------
Total Revenue Growth 17.4% 22.1% 15.1% 7.2%
Operating Margins
Salaries, Wages & Benefits 23.0% 22.5% 23.0% 23.8%
Fuel and Oil 14.9% 15.2% 21.3% 19.6%
Handling, Landing and Navigation 8.1% 8.0% 7.5% 7.0%
Passenger Service 3.7% 3.5% 3.5% 3.1%
Aircraft Rentals 5.8% 5.2% 5.6% 7.9%
Aircraft Maintenance 5.8% 5.0% 5.5% 4.7%
Depreciation and Amortization 8.6% 8.6% 9.7% 9.3%
Crew and Employee Travel 4.5% 4.4% 5.1% 4.4%
Ground Package Cost 2.1% 4.4% 3.9% 3.5%
Commissions 3.1% 3.5% 3.0% 2.7%
Advertising 1.9% 1.7% 1.7% 1.8%
Other Selling Expenses 2.4% 2.5% 2.8% 3.3%
Fixed Costs (1) 7.8% 7.6% 7.1% 6.7%
(Gain) Loss on sale of L1011s 0.0% 0.0% 0.0% 0.0%
------------ ------------ ----------- ------------
Total Operating Margins 91.8% 92.0% 99.8% 97.8%
EBIT Margin 8.2% 8.0% 0.2% 2.2%
Interest Income 0.5% 0.5% 0.6% (2.1%)
Interest Expense 1.4% 1.9% 2.4% 2.1%
Other 0.5% 6.8% 1.3% 0.6%
Income Tax Rate 40.4% 39.3% 23.1% 51.9%
Net Income Margin 4.4% 4.2% (1.2%) 0.3%
Preferred Stock Dividends 0.0% 0.0% (0.0%) (0.1%)
Preferred Convertible Stock Dividends 0.0% 0.0% 0.0% (0.3%)
Net Income to Common Margin 4.4% 4.2% (1.2%) (0.2%)
--------------------------------------------------------
FYE 12/31
--------------------------------------------------------
2002E 2003E 2004E 2005E
------------ ------------ ----------- ------------
Revenue Growth
Scheduled Service 31.5% 21.9% 14.8% 5.6%
Charter (8.7%) (4.4%) (29.7%) (20.4%)
Military (3.1%) 2.9% (3.9%) 4.0%
Ground (3.0%) 0.1% 0.0% 0.0%
Other 31.6% 20.2% 9.5% 3.8%
------------ ------------ ----------- ------------
Total Revenue Growth 20.3% 16.5% 8.5% 3.6%
Operating Margins
Salaries, Wages & Benefits 25.4% 25.9% 27.6% 29.3%
Fuel and Oil 16.9% 15.8% 15.0% 14.8%
Handling, Landing and Navigation 7.3% 7.5% 8.0% 8.4%
Passenger Service 3.2% 3.2% 3.3% 3.4%
Aircraft Rentals 12.6% 13.2% 13.1% 13.2%
Aircraft Maintenance 3.9% 3.6% 4.0% 4.5%
Depreciation and Amortization 8.0% 5.2% 3.8% 3.4%
Crew and Employee Travel 4.3% 4.2% 3.9% 4.0%
Ground Package Cost 2.8% 2.4% 2.2% 2.2%
Commissions 2.6% 2.6% 2.7% 2.7%
Advertising 1.9% 2.0% 2.1% 2.1%
Other Selling Expenses 3.6% 3.7% 3.9% 4.0%
Fixed Costs (1) 6.3% 6.1% 6.2% 6.4%
(Gain) Loss on sale of L1011s 2.1% 3.8% 1.3% 0.0%
------------ ------------ ----------- ------------
Total Operating Margins 99.9% 97.1% 96.4% 98.4%
EBIT Margin 0.1% 2.9% 3.6% 1.6%
Interest Income (1.9%) (1.7%) (1.2%) (0.6%)
Interest Expense 1.9% 1.7% 1.2% 0.6%
Other 0.0% 0.0% 0.0% 0.0%
Income Tax Rate 26.0% 43.9% 40.4% 41.2%
Net Income Margin (0.9%) 1.1% 2.0% 1.1%
Preferred Stock Dividends (0.1%) (0.1%) (0.1%) (0.1%)
Preferred Convertible Stock Dividends (0.3%) (0.2%) (0.2%) (0.2%)
Net Income to Common Margin (1.2%) 0.8% 1.8% 0.9%
- -------------------------------------------
(1) Fixed Costs includes facility, other rentals and other operating expenses
-------------------------------------
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-------------------------------------
- --------------------------------------------------------------------------------
- 18 -
June 2001 - Management Base Case with Fuel Adjustment
Brickyard Working Capital Assumptions ($ in millions)
================================================================================
--------------------------------------------------------
FYE 12/31
--------------------------------------------------------
1998 1999 2000 2001E
------------ ------------ ----------- ------------
Accounts Receivable $24.9 $52.1 $56.6 $63.7
Inventories 19.6 36.7 49.1 45.4
Prepaids and Other Current Assets 25.6 22.9 25.4 27.3
------------ ------------ ----------- ------------
Total Current Assets $70.1 $111.7 $131.1 $136.4
Accounts Payable $7.2 $20.2 $10.1 $10.5
Air Traffic Liabilities 76.7 93.5 107.1 146.9
Accrued Expenses 98.5 126.2 147.1 148.5
------------ ------------ ----------- ------------
Total Current Liabilities $182.4 $239.9 $264.2 $305.9
Working Capital ($112.3) ($128.2) ($133.1) ($169.4)
Increase in Working in Capital -- ($15.9) ($4.9) ($36.3)
% Change in Working Capital -- 14.2% 3.9% 27.3%
% Change in Working Capital as a -- (7.8%) (2.9%) (38.8%)
% Change in Sales
Ratios (1)
Days Receivables 9.9 16.9 16.0 16.8
Inventory Turns (2) 2.7 1.5 1.4 1.4
Prepaids and Other Current Assets (3) 2.8% 2.0% 2.0% 2.0%
Days Payable 3.1 7.2 2.9 2.8
Air Traffic Liabilities (3) 8.3% 8.3% 8.3% 10.6%
Accrued Expenses (3) 10.7% 11.2% 11.4% 10.7%
--------------------------------------------------------
FYE 12/31
--------------------------------------------------------
2002E 2003E 2004E 2005E
------------ ------------ ----------- ------------
Accounts Receivable $89.5 $91.5 $105.2 $106.5
Inventories 50.5 45.7 48.2 44.8
Prepaids and Other Current Assets 35.3 37.1 41.3 41.5
------------ ------------ ----------- ------------
Total Current Assets $175.2 $174.3 $194.8 $192.8
Accounts Payable $15.7 $16.1 $18.5 $19.1
Air Traffic Liabilities 207.4 216.1 252.5 248.9
Accrued Expenses 196.4 207.8 238.6 255.6
------------ ------------ ----------- ------------
Total Current Liabilities $419.4 $440.0 $509.6 $523.6
Working Capital ($244.2) ($265.7) ($314.8) ($330.8)
Increase in Working in Capital ($74.8) ($21.5) ($49.1) ($16.0)
% Change in Working Capital 44.1% 8.8% 18.5% 5.1%
% Change in Working Capital as a (26.5%) (7.8%) (29.7%) (21.1%)
% Change in Sales
Ratios (1)
Days Receivables 19.6 17.2 18.2 17.8
Inventory Turns (2) 1.3 1.5 1.8 2.2
Prepaids and Other Current Assets (3) 2.1% 1.9% 2.0% 1.9%
Days Payable 3.4 3.1 3.3 3.3
Air Traffic Liabilities (3) 12.4% 11.1% 12.0% 11.4%
Accrued Expenses (3) 11.8% 10.7% 11.3% 11.7%
- -------------------------------------------
(1) Based on 365 day year convention
(2) Inventory turns are based on aircraft maintenance, materials and repair
costs
(3) Ratio based on a percentage of revenues
-------------------------------------
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-------------------------------------
- --------------------------------------------------------------------------------
- 19 -
June 2001 - Management Base Case with LUV Adjustment
Discounted Cash Flow Matrix ($ in millions, except per share)
================================================================================
--------------------------------------------------------------------------- ---------------------------------
Terminal Value EBITDA Multiple Year 2005E EBITDA $120.4
Book Debt as of 3/31/01 439.2
4.0x 4.5x 5.0x 5.5x
----------------------------------------------------------------- ---------------------------------
Discount
Rate $356.0 $356.0 $356.0 $356.0 Present Value of Free Cash Flows
301.0 338.7 376.3 413.9 Present Value of Terminal Value
-------- --------- --------- --------
11.0% $657.1 $694.7 $732.3 $769.9 Net Enterprise Value
217.8 255.5 293.1 330.7 Net Equity Value
$17.95 $20.76 $23.39 $26.02 Implied Price per Share
3.4% 4.2% 4.8% 5.3% Implied Perpetuity Growth Rate
0.5x 0.5x 0.6x 0.6x Multiple of LTM Sales
5.2x 5.5x 5.8x 6.1x Multiple of LTM EBITDA
0.5x 0.5x 0.5x 0.6x Multiple of 2001E Sales
4.1x 4.4x 4.6x 4.8x Multiple of 2001E EBITDA
------------------------------------------------------------------------------------------------------
$349.7 $349.7 $349.7 $349.7 Present Value of Free Cash Flows
289.1 325.3 361.4 397.6 Present Value of Terminal Value
-------- --------- --------- --------
12.0% $638.8 $675.0 $711.1 $747.3 Net Enterprise Value
199.6 235.8 271.9 308.1 Net Equity Value
$16.53 $19.35 $21.91 $24.44 Implied Price per Share
4.3% 5.1% 5.7% 6.3% Implied Perpetuity Growth Rate
0.5x 0.5x 0.5x 0.6x Multiple of LTM Sales
5.0x 5.3x 5.6x 5.9x Multiple of LTM EBITDA
0.5x 0.5x 0.5x 0.5x Multiple of 2001E Sales
4.0x 4.2x 4.5x 4.7x Multiple of 2001E EBITDA
------------------------------------------------------------------------------------------------------
$343.6 $343.6 $343.6 $343.6 Present Value of Free Cash Flows
277.8 312.5 347.2 382.0 Present Value of Terminal Value
-------- --------- --------- --------
13.0% $621.4 $656.1 $690.9 $725.6 Net Enterprise Value
182.2 216.9 251.6 286.4 Net Equity Value
$15.17 $17.88 $20.49 $22.92 Implied Price per Share
5.2% 6.0% 6.7% 7.2% Implied Perpetuity Growth Rate
0.5x 0.5x 0.5x 0.6x Multiple of LTM Sales
4.9x 5.2x 5.5x 5.7x Multiple of LTM EBITDA
0.4x 0.5x 0.5x 0.5x Multiple of 2001E Sales
3.9x 4.1x 4.3x 4.6x Multiple of 2001E EBITDA
- -------
Note: Valuation based on 3/31/01 to 12/31/05 horizon
------------------------------
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------------------------------
- --------------------------------------------------------------------------------
- 20 -
June 2001 - Management Base Case with LUV Adjustment
Unlevered Free Cash Flow ($ in millions)
================================================================================
-------------------------------------------------------------
FYE 12/31
-------------------------------------------------------------
2001E 2002E 2003E 2004E 2005E
--------- -------- -------- -------- --------
EBIT $30.0 $5.9 $66.9 $88.2 $46.4
Tax-effected EBIT (at effective rate) 14.4 4.6 38.6 52.9 27.5
Plus: Tax-effected Loss on Sale of L1011s (at marginal rate) 0.0 11.7 20.9 7.0 0.0
Plus: Depreciation and Amortization 128.9 133.0 100.5 80.4 74.0
Plus: Cash proceeds from sale of aircraft 18.3 33.4 1.5 1.5 0.0
Less: Increase in Net Working Capital (1) (33.1) (76.0) (21.5) (49.0) (16.2)
Less: Capital Expenditures (excluding deposits) 169.6 114.5 74.9 57.0 82.1
--------- -------- -------- -------- --------
Unlevered Free Cash Flow $25.2 $144.2 $108.1 $133.9 $35.6
- -----------------------------------
(1) Net working capital includes the full annual ATL change without adjustment
for shift in business mix
------------------------------
[LOGO] Dresdner Kleinwort Wasserstein
------------------------------
- --------------------------------------------------------------------------------
- 21 -
June 2001 - Management Base Case with LUV Adjustment
Summary Financial Results ($ in millions)
================================================================================
-------------------------------------------------------------------------------------------------
FYE 12/31
-------------------------------------------------------------------------------------------------
1998 1999 2000 2001E 2002E 2003E 2004E 2005E
------ --------- --------- --------- --------- --------- --------- ---------
Total Revenue $919.4 $1,122.4 $1,291.6 $1,385.0 $1,642.1 $1,916.5 $2,080.8 $2,155.4
% Growth 17.4% 22.1% 15.1% 7.2% 18.6% 16.7% 8.6% 3.6%
EBIT 75.4 89.7 2.6 30.0 5.9 66.9 88.2 46.4
Margin 8.2% 8.0% 0.2% 2.2% 0.4% 3.5% 4.2% 2.2%
(Gain) Loss on sale of L1011s 0.0 0.0 0.0 0.0 19.5 34.9 11.7 0.0
Adjusted EBIT 75.4 89.7 2.6 30.0 25.4 101.8 99.9 46.4
Margin 8.2% 8.0% 0.2% 2.2% 1.5% 5.3% 4.8% 2.2%
Depreciation and Amortization 78.7 96.0 125.0 128.9 133.0 100.5 80.4 74.0
EBITDA 154.0 185.7 127.6 158.9 158.4 202.3 180.3 120.4
Margin 16.8% 16.5% 9.9% 11.5% 9.6% 10.6% 8.7% 5.6%
Aircraft Rent Expense 53.1 58.7 72.1 110.1 209.7 255.5 275.0 289.2
EBITDAR 207.2 244.4 199.8 269.0 368.1 457.8 455.4 409.6
Margin 22.5% 21.8% 15.5% 19.4% 22.4% 23.9% 21.9% 19.0%
Aircraft Pre-Delivery Deposits 0.0 0.0 136.9 55.7 (180.6) 31.2 (43.2) 0.0
Capital Expenditures 175.4 274.3 126.6 169.6 114.5 74.9 57.0 82.1
Free Cash Flow (21.4) (88.6) (135.9) (66.4) 224.5 96.2 166.6 38.3
Margin (2.3%) (7.9%) (10.5%) (4.8%) 13.7% 5.0% 8.0% 1.8%
Net Income 40.1 47.0 (15.7) (2.1) (17.7) 23.3 44.6 26.3
Margin 4.4% 4.2% (1.2%) (0.2%) (1.1%) 1.2% 2.1% 1.2%
EPS $ 3.07 $3.49 ($ 1.32) ($0.18) ($1.55) $2.05 $3.91 $2.31
Average Diluted Shares
Outstanding (MM) 13.1 13.5 12.0 11.4 11.4 11.4 11.4 11.4
Book Value 102.8 151.4 124.7 122.3 104.6 128.0 172.5 198.8
Return on Book Equity (ROE) 39.0% 31.0% (12.3%) 3.0% (11.4%) 22.7% 29.1% 16.1%
------------------------------
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------------------------------
- --------------------------------------------------------------------------------
- 22 -
June 2001 - Management Base Case with LUV Adjustment
Income Statement ($ in millions)
================================================================================
--------------------------------------------------------------------------------------------
FYE 12/31
--------------------------------------------------------------------------------------------
1998 1999 2000 2001E 2002E 2003E 2004E 2005E
-------- -------- -------- -------- -------- -------- -------- --------
Revenue
Scheduled Service $ 511.3 $ 624.6 $ 753.3 $ 926.7 $1,193.9 $1,460.7 $1,679.9 $1,773.6
Charter 222.6 263.8 246.7 218.3 199.3 190.6 133.9 106.7
Military 121.9 126.2 188.6 135.4 131.2 135.0 129.8 134.9
Ground 23.2 58.2 59.8 57.9 56.1 56.2 56.2 56.2
Other 40.4 49.6 43.1 46.8 61.5 73.9 80.9 84.0
-------- --------- --------- --------- --------- --------- --------- ---------
Total Revenue $ 919.4 $1,122.4 $1,291.6 $1,385.0 $1,642.1 $1,916.5 $2,080.8 $2,155.4
Expenses
Salaries, Wages & Benefits $ 211.4 $ 252.6 $ 297.0 $ 330.2 $ 423.1 $ 502.0 $ 580.8 $ 639.5
Fuel and Oil 137.4 170.9 274.8 271.5 254.2 272.5 281.5 286.3
Handling, Landing and Navigation 74.6 89.3 97.4 97.6 121.1 145.7 169.1 184.3
Passenger Service 34.0 39.2 45.6 43.2 52.6 61.3 69.2 75.0
Aircraft Rentals 53.1 58.7 72.1 110.1 209.7 255.5 275.0 289.2
Aircraft Maintenance/Materials/Repair 53.7 55.6 70.4 64.4 65.6 70.4 84.5 97.2
Depreciation and Amortization 78.7 96.0 125.0 128.9 133.0 100.5 80.4 74.0
Crew and Employee Travel 41.5 49.7 65.8 61.2 72.0 81.8 83.0 87.0
Ground Package Cost 19.5 49.0 50.9 48.6 47.2 47.2 47.2 47.2
Commissions 28.5 39.0 39.1 36.9 43.2 50.3 55.5 58.1
Advertising 17.8 18.6 22.0 24.4 31.4 38.1 43.4 45.9
Other Selling Expenses 22.1 28.1 36.6 45.4 58.2 70.7 81.0 85.4
Fixed Costs (1) 71.7 85.8 92.2 92.7 105.4 118.7 130.2 140.0
(Gain) Loss on sale of L1011s 0.0 0.0 0.0 0.0 19.5 34.9 11.7 0.0
-------- --------- --------- --------- --------- --------- --------- ---------
Total Expenses $ 844.0 $1,032.7 $1,289.0 $1,355.1 $1,636.1 $1,849.5 $1,992.5 $2,109.1
EBIT $ 75.4 $ 89.7 $ 2.6 $ 30.0 $ 5.9 $ 66.9 $ 88.2 $ 46.4
Interest Income 4.4 5.4 8.4 6.0 10.1 16.8 20.5 20.3
Interest Expense (12.8) (21.0) (31.5) (28.7) (31.4) (33.3) (24.9) (12.7)
Other 0.2 3.3 0.6 0.3 0.0 0.0 0.0 0.0
-------- --------- --------- --------- --------- --------- --------- ---------
Pre-tax Income 67.2 77.4 (19.9) 7.5 (15.4) 50.4 83.8 53.9
Income Taxes 27.1 30.5 (4.6) 3.9 (3.5) 21.4 33.6 21.9
-------- --------- --------- --------- --------- --------- --------- ---------
Net Income 40.1 47.0 (15.3) 3.6 (12.0) 29.1 50.3 32.0
Preferred Convertible Stock Dividends 0.0 0.0 0.4 1.5 1.5 1.5 1.5 1.5
Preferred Stock Dividends 0.0 0.0 0.0 4.2 4.2 4.2 4.2 4.2
-------- --------- --------- --------- --------- --------- --------- ---------
Net Income to Common $ 40.1 $ 47.0 ($15.7) ($ 2.1) ($17.7) $ 23.3 $ 44.6 $ 26.3
- ----------------------------
(1) Fixed Costs includes facility, other rentals and other operating expenses
------------------------------
[LOGO] Dresdner Kleinwort Wasserstein
------------------------------
- --------------------------------------------------------------------------------
- 23 -
June 2001 - Management Base Case with LUV Adjustment
Income Statement: Growth Rates and Margins
================================================================================
----------------------------------------------------------------------------------------------
FYE 12/31
----------------------------------------------------------------------------------------------
1998 1999 2000 2001E 2002E 2003E 2004E 2005E
---------- --------- -------- ---------- --------- --------- --------- ---------
Revenue Growth
Scheduled Service 37.5% 22.2% 20.6% 23.0% 28.8% 22.3% 15.0% 5.6%
Charter (2.4%) 18.5% (6.5%) (11.5%) (8.7%) (4.4%) (29.7%) (20.4%)
Military (7.0%) 3.5% 49.4% (28.2%) (3.1%) 2.9% (3.9%) 4.0%
Ground 3.9% 150.9% 2.9% (3.2%) (3.0%) 0.1% 0.0% 0.0%
Other 35.1% 22.6% (13.0%) 8.4% 31.6% 20.2% 9.5% 3.8%
---------- --------- -------- ---------- --------- --------- --------- ---------
Total Revenue Growth 17.4% 22.1% 15.1% 7.2% 18.6% 16.7% 8.6% 3.6%
Operating Margins
Salaries, Wages & Benefits 23.0% 22.5% 23.0% 23.8% 25.8% 26.2% 27.9% 29.7%
Fuel and Oil 14.9% 15.2% 21.3% 19.6% 15.5% 14.2% 13.5% 13.3%
Handling, Landing and Navigation 8.1% 8.0% 7.5% 7.0% 7.4% 7.6% 8.1% 8.5%
Passenger Service 3.7% 3.5% 3.5% 3.1% 3.2% 3.2% 3.3% 3.5%
Aircraft Rentals 5.8% 5.2% 5.6% 7.9% 12.8% 13.3% 13.2% 13.4%
Aircraft Maintenance 5.8% 5.0% 5.5% 4.7% 4.0% 3.7% 4.1% 4.5%
Depreciation and Amortization 8.6% 8.6% 9.7% 9.3% 8.1% 5.2% 3.9% 3.4%
Crew and Employee Travel 4.5% 4.4% 5.1% 4.4% 4.4% 4.3% 4.0% 4.0%
Ground Package Cost 2.1% 4.4% 3.9% 3.5% 2.9% 2.5% 2.3% 2.2%
Commissions 3.1% 3.5% 3.0% 2.7% 2.6% 2.6% 2.7% 2.7%
Advertising 1.9% 1.7% 1.7% 1.8% 1.9% 2.0% 2.1% 2.1%
Other Selling Expenses 2.4% 2.5% 2.8% 3.3% 3.5% 3.7% 3.9% 4.0%
Fixed Costs (1) 7.8% 7.6% 7.1% 6.7% 6.4% 6.2% 6.3% 6.5%
(Gain) Loss on sale of L1011s 0.0% 0.0% 0.0% 0.0% 2.1% 3.8% 1.3% 0.0%
---------- --------- -------- ---------- --------- --------- --------- ---------
Total Operating Margins 91.8% 92.0% 99.8% 97.8% 99.6% 96.5% 95.8% 97.8%
EBIT Margin 8.2% 8.0% 0.2% 2.2% 0.4% 3.5% 4.2% 2.2%
Interest Income 0.5% 0.5% 0.6% (2.1%) (1.9%) (1.7%) (1.2%) (0.6%)
Interest Expense 1.4% 1.9% 2.4% 2.1% 1.9% 1.7% 1.2% 0.6%
Other 0.5% 6.8% 1.3% 0.6% 0.0% 0.0% 0.0% 0.0%
Income Tax Rate 40.4% 39.3% 23.1% 52.0% 22.5% 42.4% 40.0% 40.7%
Net Income Margin 4.4% 4.2% (1.2%) 0.3% (0.7%) 1.5% 2.4% 1.5%
Preferred Stock Dividends 0.0% 0.0% (0.0%) (0.1%) (0.1%) (0.1%) (0.1%) (0.1%)
Preferred Convertible Stock Dividends 0.0% 0.0% 0.0% (0.3%) (0.3%) (0.2%) (0.2%) (0.2%)
Net Income to Common Margin 4.4% 4.2% (1.2%) (0.2%) (1.1%) 1.2% 2.1% 1.2%
- ------------------------
(1) Fixed Costs includes facility, other rentals and other operating expenses
------------------------------
[LOGO] Dresdner Kleinwort Wasserstein
------------------------------
- --------------------------------------------------------------------------------
- 24 -
June 2001 - Management Base Case with LUV Adjustment
Brickyard Working Capital Assumptions ($ in millions)
================================================================================
-------------------------------------------------------------------------------------------------
FYE 12/31
-------------------------------------------------------------------------------------------------
1998 1999 2000 2001E 2002E 2003E 2004E 2005E
----------- ---------- --------- ---------- --------- --------- --------- ---------
Accounts Receivable $24.9 $52.1 $56.6 $63.7 $88.3 $90.3 $103.9 $105.2
Inventories 19.6 36.7 49.1 45.4 50.5 45.7 48.2 44.8
Prepaids and Other Current Assets 25.6 22.9 25.4 27.0 34.8 36.6 40.9 41.0
----------- ---------- --------- ---------- --------- --------- --------- ---------
Total Current Assets $70.1 $111.7 $131.1 $136.1 $173.6 $172.6 $193.0 $191.0
Accounts Payable $7.2 $20.2 $10.1 $10.5 $15.7 $16.1 $18.4 $19.1
Air Traffic Liabilities 76.7 93.5 107.1 143.4 203.8 212.5 248.7 245.2
Accrued Expenses 98.5 126.2 147.1 148.5 196.4 207.8 238.6 255.6
----------- ---------- --------- ---------- --------- --------- --------- ---------
Total Current Liabilities $182.4 $239.9 $264.2 $302.4 $415.9 $436.4 $505.7 $520.0
Working Capital ($112.3) ($128.2) ($133.1) ($166.3) ($242.3) ($263.7) ($312.7) ($328.9)
Increase in Working in Capital -- ($15.9) ($4.9) ($33.1) ($76.0) ($21.5) ($49.0) ($16.2)
% Change in Working Capital -- 14.2% 3.9% 24.9% 45.7% 8.9% 18.6% 5.2%
% Change in Working Capital as a -- (7.8%) (2.9%) (35.4%) (29.6%) (7.8%) (29.8%) (21.7%)
% Change in Sales
Ratios (1)
Days Receivables 9.9 16.9 16.0 16.8 19.6 17.2 18.2 17.8
Inventory Turns (2) 2.7 1.5 1.4 1.4 1.3 1.5 1.8 2.2
Prepaids and Other Current Assets (3) 2.8% 2.0% 2.0% 2.0% 2.1% 1.9% 2.0% 1.9%
Days Payable 3.1 7.2 2.9 2.8 3.5 3.2 3.4 3.3
Air Traffic Liabilities (3) 8.3% 8.3% 8.3% 10.4% 12.4% 11.1% 12.0% 11.4%
Accrued Expenses (3) 10.7% 11.2% 11.4% 10.7% 12.0% 10.8% 11.5% 11.9%
- ------------------------
(1) Based on 365 day year convention
(2) Inventory turns are based on aircraft maintenance, materials and repair
costs
(3) Ratio based on a percentage of revenues
------------------------------
[LOGO] Dresdner Kleinwort Wasserstein
------------------------------
- --------------------------------------------------------------------------------
- 25 -
June 2001 - Management Recession Case
Discounted Cash Flow Matrix ($ in millions, except per share)
================================================================================
- --------------------------------------------------------------------------------- ----------------------------------------
Terminal Value EBITDA Multiple Year 2005E EBITDA $46.1
Book Debt as of 3/31/01 439.2
4.0x 4.5x 5.0x 5.5x
---------------------------------------------------------------------- ----------------------------------------
Discount
Rate $222.0 $222.0 $222.0 $222.0 Present Value of Free Cash Flows
115.3 129.7 144.1 158.5 Present Value of Terminal Value
------------ ------------ ------------ -------------
11.0% $337.3 $351.7 $366.1 $380.5 Net Enterprise Value
(101.9) (87.5) (73.1) (58.7) Net Equity Value
($8.95) ($7.69) ($6.42) ($5.16) Implied Price per Share
17.6% 16.8% 16.2% 15.7% Implied Perpetuity Growth Rate
0.3x 0.3x 0.3x 0.3x Multiple of LTM Sales
2.7x 2.8x 2.9x 3.0x Multiple of LTM EBITDA
0.3x 0.3x 0.3x 0.3x Multiple of 2001E Sales
2.8x 2.9x 3.0x 3.2x Multiple of 2001E EBITDA
--------------------------------------------------------------------------------------------------------------------
$218.5 $218.5 $218.5 $218.5 Present Value of Free Cash Flows
110.7 124.6 138.4 152.3 Present Value of Terminal Value
------------ ------------ ------------ -------------
12.0% $329.2 $343.1 $356.9 $370.8 Net Enterprise Value
(110.0) (96.1) (82.3) (68.4) Net Equity Value
($9.66) ($8.44) ($7.23) ($6.01) Implied Price per Share
18.6% 17.8% 17.2% 16.7% Implied Perpetuity Growth Rate
0.2x 0.3x 0.3x 0.3x Multiple of LTM Sales
2.6x 2.7x 2.8x 2.9x Multiple of LTM EBITDA
0.2x 0.3x 0.3x 0.3x Multiple of 2001E Sales
2.7x 2.9x 3.0x 3.1x Multiple of 2001E EBITDA
--------------------------------------------------------------------------------------------------------------------
$215.1 $215.1 $215.1 $215.1 Present Value of Free Cash Flows
106.4 119.7 133.0 146.3 Present Value of Terminal Value
------------ ------------ ------------ -------------
13.0% $321.5 $334.8 $348.1 $361.4 Net Enterprise Value
(117.7) (104.4) (91.1) (77.8) Net Equity Value
($10.34) ($9.17) ($8.00) ($6.83) Implied Price per Share
19.7% 18.9% 18.3% 17.8% Implied Perpetuity Growth Rate
0.2x 0.3x 0.3x 0.3x Multiple of LTM Sales
2.5x 2.6x 2.7x 2.9x Multiple of LTM EBITDA
0.2x 0.2x 0.3x 0.3x Multiple of 2001E Sales
2.7x 2.8x 2.9x 3.0x Multiple of 2001E EBITDA
- -----------
Note: Valuation based on 3/31/01 to 12/31/05 horizon
------------------------------
[LOGO] Dresdner Kleinwort Wasserstein
------------------------------
- --------------------------------------------------------------------------------
- 26 -
June 2001 - Management Recession Case
Unlevered Free Cash Flow ($ in millions)
================================================================================
---------------------------------------------------------------------
FYE 12/31
---------------------------------------------------------------------
2001E 2002E 2003E 2004E 2005E
----------- ------------ ----------- ----------- ------------
EBIT ($8.7) ($35.6) $8.0 $18.0 ($27.9)
Tax-effected EBIT (at effective rate) (5.5) (23.7) 6.7 7.2 (18.4)
Plus: Tax-effected Loss on Sale of L1011s (at marginal rate) 0.0 11.7 20.9 7.0 0.0
Plus: Depreciation and Amortization 128.9 133.0 100.5 80.4 74.0
Plus: Cash proceeds from sale of aircraft 18.3 33.4 1.5 1.5 0.0
Less: Increase in Net Working Capital (1) (33.2) (70.5) (21.5) (48.0) (16.2)
Less: Capital Expenditures (excluding deposits) 169.6 114.5 74.9 57.0 82.1
----------- ------------ ----------- ----------- ------------
Unlevered Free Cash Flow $5.3 $110.4 $76.3 $87.2 ($10.3)
- ------------------------------
(1) Net working capital includes the full annual ATL change without adjustment
for shift in business mix
------------------------------
[LOGO] Dresdner Kleinwort Wasserstein
------------------------------
- --------------------------------------------------------------------------------
- 27 -
June 2001 - Management Recession Case
Summary Financial Results ($ in millions)
================================================================================
-------------------------------------------------------------------------------------------------
FYE 12/31
-------------------------------------------------------------------------------------------------
1998 1999 2000 2001E 2002E 2003E 2004E 2005E
------------ ---------- ----------- ----------- ---------- ---------- ---------- ----------
Total Revenue $919.4 $1,122.4 $1,291.6 $1,346.4 $1,602.0 $1,857.9 $2,011.0 $2,081.3
% Growth 17.4% 22.1% 15.1% 4.2% 19.0% 16.0% 8.2% 3.5%
EBIT 75.4 89.7 2.6 (8.7) (35.6) 8.0 18.0 (27.9)
Margin 8.2% 8.0% 0.2% (0.6%) (2.2%) 0.4% 0.9% (1.3%)
(Gain) Loss on sale of L1011s 0.0 0.0 0.0 0.0 19.5 34.9 11.7 0.0
Adjusted EBIT 75.4 89.7 2.6 (8.7) (16.2) 42.9 29.7 (27.9)
Margin 8.2% 8.0% 0.2% (0.6%) (1.0%) 2.3% 1.5% (1.3%)
Depreciation and Amortization 78.7 96.0 125.0 128.9 133.0 100.5 80.4 74.0
EBITDA 154.0 185.7 127.6 120.3 116.8 143.4 110.1 46.1
Margin 16.8% 16.5% 9.9% 8.9% 7.3% 7.7% 5.5% 2.2%
Aircraft Rent Expense 53.1 58.7 72.1 110.1 209.7 255.5 275.0 289.2
EBITDAR 207.2 244.4 199.8 230.4 326.5 398.9 385.1 335.3
Margin 22.5% 21.8% 15.5% 17.1% 20.4% 21.5% 19.2% 16.1%
Aircraft Pre-Delivery Deposits 0.0 0.0 136.9 55.7 (180.6) 31.2 (43.2) 0.0
Capital Expenditures 175.4 274.3 126.6 169.6 114.5 74.9 57.0 82.1
Free Cash Flow (21.4) (88.6) (135.9) (105.0) 182.9 37.3 96.3 (36.0)
Margin (2.3%) (7.9%) (10.5%) (7.8%) 11.4% 2.0% 4.8% (1.7%)
Net Income 40.1 47.0 (15.7) (25.6) (44.9) (15.8) (2.2) (22.7)
Margin 4.4% 4.2% (1.2%) (1.9%) (2.8%) (0.9%) (0.1%) (1.1%)
EPS $3.07 $3.49 ($1.32) ($2.25) ($3.94) ($1.39) ($0.19) ($1.99)
Average Diluted Shares Outstanding (MM) 13.1 13.5 12.0 11.4 11.4 11.4 11.4 11.4
Book Value 102.8 151.4 124.7 122.3 77.5 61.6 59.5 36.8
Return on Book Equity (ROE) 39.0% 31.0% (12.3%) (16.2%) (50.5%) (16.4%) 6.0% (46.1%)
------------------------------
[LOGO] Dresdner Kleinwort Wasserstein
------------------------------
- --------------------------------------------------------------------------------
- 28 -
June 2001 - Management Recession Case
Income Statement ($ in millions)
================================================================================
--------------------------------------------------------------------------------------
FYE 12/31
--------------------------------------------------------------------------------------
1998 1999 2000 2001E 2002E 2003E
------------ ------------ ----------- ------------ ------------ ------------
Revenue
Scheduled Service $511.3 $624.6 $753.3 $888.0 $1,153.9 $1,402.2
Charter 222.6 263.8 246.7 218.3 199.3 190.6
Military 121.9 126.2 188.6 135.4 131.2 135.0
Ground 23.2 58.2 59.8 57.9 56.1 56.2
Other 40.4 49.6 43.1 46.8 61.5 73.9
------------ ------------ ----------- ------------ ------------ ------------
Total Revenue $919.4 $1,122.4 $1,291.6 $1,346.4 $1,602.0 $1,857.9
Expenses
Salaries, Wages & Benefits $211.4 $252.6 $297.0 $330.2 $423.1 $502.0
Fuel and Oil 137.4 170.9 274.8 271.5 254.2 272.5
Handling, Landing and Navigation 74.6 89.3 97.4 97.6 121.1 145.7
Passenger Service 34.0 39.2 45.6 43.2 52.6 61.3
Aircraft Rentals 53.1 58.7 72.1 110.1 209.7 255.5
Aircraft Maintenance/Materials/Repair 53.7 55.6 70.4 64.4 65.6 70.4
Depreciation and Amortization 78.7 96.0 125.0 128.9 133.0 100.5
Crew and Employee Travel 41.5 49.7 65.8 61.2 72.0 81.8
Ground Package Cost 19.5 49.0 50.9 48.6 47.2 47.2
Commissions 28.5 39.0 39.1 36.9 43.6 50.3
Advertising 17.8 18.6 22.0 24.4 31.8 38.2
Other Selling Expenses 22.1 28.1 36.6 45.4 58.9 70.9
Fixed Costs (1) 71.7 85.8 92.2 92.7 105.4 118.7
(Gain) Loss on sale of L1011s 0.0 0.0 0.0 0.0 19.5 34.9
------------ ------------ ----------- ------------ ------------ ------------
Total Expenses $844.0 $1,032.7 $1,289.0 $1,355.1 $1,637.6 $1,849.9
EBIT $75.4 $89.7 $2.6 ($8.7) ($35.6) $8.0
Interest Income 4.4 5.4 8.4 5.6 8.3 13.3
Interest Expense (12.8) (21.0) (31.5) (28.7) (31.4) (33.3)
Other 0.2 3.3 0.6 0.3 0.0 0.0
------------ ------------ ----------- ------------ ------------ ------------
Pre-tax Income 67.2 77.4 (19.9) (31.4) (58.8) (12.0)
Income Taxes 27.1 30.5 (4.6) (11.6) (19.6) (1.9)
------------ ------------ ----------- ------------ ------------ ------------
Net Income 40.1 47.0 (15.3) (19.8) (39.1) (10.1)
Preferred Convertible Stock Dividends 0.0 0.0 0.4 1.5 1.5 1.5
Preferred Stock Dividends 0.0 0.0 0.0 4.2 4.2 4.2
------------ ------------ ----------- ------------ ------------ ------------
Net Income to Common $40.1 $47.0 ($15.7) ($25.6) ($44.9) ($15.8)
-----------------------------------------
FYE 12/31
-----------------------------------------
2004E 2005E
----------- ------------
Revenue
Scheduled Service $1,610.1 $1,699.5
Charter 133.9 106.7
Military 129.8 134.9
Ground 56.2 56.2
Other 80.9 84.0
----------- ------------
Total Revenue $2,011.0 $2,081.3
Expenses
Salaries, Wages & Benefits $580.8 $639.5
Fuel and Oil 281.5 286.3
Handling, Landing and Navigation 169.1 184.3
Passenger Service 69.2 75.0
Aircraft Rentals 275.0 289.2
Aircraft Maintenance/Materials/Repair 84.5 97.2
Depreciation and Amortization 80.4 74.0
Crew and Employee Travel 83.0 87.0
Ground Package Cost 47.2 47.2
Commissions 55.6 58.1
Advertising 43.5 45.9
Other Selling Expenses 81.3 85.5
Fixed Costs (1) 130.2 140.0
(Gain) Loss on sale of L1011s 11.7 0.0
----------- ------------
Total Expenses $1,993.0 $2,109.2
EBIT $18.0 ($27.9)
Interest Income 14.8 12.2
Interest Expense (24.0) (10.0)
Other 0.0 0.0
----------- ------------
Pre-tax Income 8.8 (25.7)
Income Taxes 5.2 (8.8)
----------- ------------
Net Income 3.5 (16.9)
Preferred Convertible Stock Dividends 1.5 1.5
Preferred Stock Dividends 4.2 4.2
----------- ------------
Net Income to Common ($2.2) ($22.7)
- ------------------------
(1) Fixed Costs includes facility, other rentals and other operating expenses
------------------------------
[LOGO] Dresdner Kleinwort Wasserstein
------------------------------
- --------------------------------------------------------------------------------
- 29 -
June 2001 - Management Recession Case
Income Statement: Growth Rates and Margins
================================================================================
--------------------------------------------------------------------------------------
FYE 12/31
--------------------------------------------------------------------------------------
1998 1999 2000 2001E 2002E 2003E
------------ ------------ ----------- ------------ ------------ ------------
Revenue Growth
Scheduled Service 37.5% 22.2% 20.6% 17.9% 29.9% 21.5%
Charter (2.4%) 18.5% (6.5%) (11.5%) (8.7%) (4.4%)
Military (7.0%) 3.5% 49.4% (28.2%) (3.1%) 2.9%
Ground 3.9% 150.9% 2.9% (3.2%) (3.0%) 0.1%
Other 35.1% 22.6% (13.0%) 8.4% 31.6% 20.2%
------------ ------------ ----------- ------------ ------------ ------------
Total Revenue Growth 17.4% 22.1% 15.1% 4.2% 19.0% 16.0%
Operating Margins
Salaries, Wages & Benefits 23.0% 22.5% 23.0% 24.5% 26.4% 27.0%
Fuel and Oil 14.9% 15.2% 21.3% 20.2% 15.9% 14.7%
Handling, Landing and Navigation 8.1% 8.0% 7.5% 7.3% 7.6% 7.8%
Passenger Service 3.7% 3.5% 3.5% 3.2% 3.3% 3.3%
Aircraft Rentals 5.8% 5.2% 5.6% 8.2% 13.1% 13.8%
Aircraft Maintenance 5.8% 5.0% 5.5% 4.8% 4.1% 3.8%
Depreciation and Amortization 8.6% 8.6% 9.7% 9.6% 8.3% 5.4%
Crew and Employee Travel 4.5% 4.4% 5.1% 4.5% 4.5% 4.4%
Ground Package Cost 2.1% 4.4% 3.9% 3.6% 2.9% 2.5%
Commissions 3.1% 3.5% 3.0% 2.7% 2.7% 2.7%
Advertising 1.9% 1.7% 1.7% 1.8% 2.0% 2.1%
Other Selling Expenses 2.4% 2.5% 2.8% 3.4% 3.7% 3.8%
Fixed Costs (1) 7.8% 7.6% 7.1% 6.9% 6.6% 6.4%
(Gain) Loss on sale of L1011s 0.0% 0.0% 0.0% 0.0% 2.1% 3.8%
------------ ------------ ----------- ------------ ------------ ------------
Total Operating Margins 91.8% 92.0% 99.8% 100.6% 102.2% 99.6%
EBIT Margin 8.2% 8.0% 0.2% (0.6%) (2.2%) 0.4%
Interest Income 0.5% 0.5% 0.6% (2.1%) (2.0%) (1.8%)
Interest Expense 1.4% 1.9% 2.4% 2.1% 2.0% 1.8%
Other 0.5% 6.8% 1.3% 0.6% 0.0% 0.0%
Income Tax Rate 40.4% 39.3% 23.1% 36.8% 33.4% 15.9%
Net Income Margin 4.4% 4.2% (1.2%) (1.5%) (2.4%) (0.5%)
Preferred Stock Dividends 0.0% 0.0% (0.0%) (0.1%) (0.1%) (0.1%)
Preferred Convertible Stock Dividends 0.0% 0.0% 0.0% (0.3%) (0.3%) (0.2%)
Net Income to Common Margin 4.4% 4.2% (1.2%) (1.9%) (2.8%) (0.9%)
--------------------------
FYE 12/31
--------------------------
2004E 2005E
----------- ------------
Revenue Growth
Scheduled Service 14.8% 5.5%
Charter (29.7%) (20.4%)
Military (3.9%) 4.0%
Ground 0.0% 0.0%
Other 9.5% 3.8%
----------- ------------
Total Revenue Growth 8.2% 3.5%
Operating Margins
Salaries, Wages & Benefits 28.9% 30.7%
Fuel and Oil 14.0% 13.8%
Handling, Landing and Navigation 8.4% 8.9%
Passenger Service 3.4% 3.6%
Aircraft Rentals 13.7% 13.9%
Aircraft Maintenance 4.2% 4.7%
Depreciation and Amortization 4.0% 3.6%
Crew and Employee Travel 4.1% 4.2%
Ground Package Cost 2.3% 2.3%
Commissions 2.8% 2.8%
Advertising 2.2% 2.2%
Other Selling Expenses 4.0% 4.1%
Fixed Costs (1) 6.5% 6.7%
(Gain) Loss on sale of L1011s 1.3% 0.0%
----------- ------------
Total Operating Margins 99.1% 101.3%
EBIT Margin 0.9% (1.3%)
Interest Income (1.2%) (0.5%)
Interest Expense 1.2% 0.5%
Other 0.0% 0.0%
Income Tax Rate 59.7% 34.1%
Net Income Margin 0.2% (0.8%)
Preferred Stock Dividends (0.1%) (0.1%)
Preferred Convertible Stock Dividends (0.2%) (0.2%)
Net Income to Common Margin (0.1%) (1.1%)
- ------------------------
(1) Fixed Costs includes facility, other rentals and other operating expenses
------------------------------
[LOGO] Dresdner Kleinwort Wasserstein
------------------------------
- --------------------------------------------------------------------------------
- 30 -
June 2001 - Management Recession Case
Brickyard Working Capital Assumptions ($ in millions)
================================================================================
--------------------------------------------------------------------------------------
FYE 12/31
--------------------------------------------------------------------------------------
1998 1999 2000 2001E 2002E 2003E
------------ ------------ ----------- ------------ ------------ ------------
Accounts Receivable $24.9 $52.1 $56.6 $59.6 $85.8 $87.4
Inventories 19.6 36.7 49.1 45.4 50.5 45.7
Prepaids and Other Current Assets 25.6 22.9 25.4 26.7 34.6 36.4
------------ ------------ ----------- ------------ ------------ ------------
Total Current Assets $70.1 $111.7 $131.1 $131.7 $170.9 $169.4
Accounts Payable $7.2 $20.2 $10.1 $10.5 $15.8 $16.2
Air Traffic Liabilities 76.7 93.5 107.1 139.0 195.6 203.8
Accrued Expenses 98.5 126.2 147.1 148.5 196.4 207.8
------------ ------------ ----------- ------------ ------------ ------------
Total Current Liabilities $182.4 $239.9 $264.2 $298.0 $407.8 $427.8
Working Capital ($112.3) ($128.2) ($133.1) ($166.3) ($236.8) ($258.3)
Increase in Working in Capital -- ($15.9) ($4.9) ($33.2) ($70.5) ($21.5)
% Change in Working Capital -- 14.2% 3.9% 24.9% 42.4% 9.1%
% Change in Working Capital as a -- (7.8%) (2.9%) (60.5%) (27.6%) (8.4%)
% Change in Sales
Ratios (1)
Days Receivables 9.9 16.9 16.0 16.2 19.6 17.2
Inventory Turns (2) 2.7 1.5 1.4 1.4 1.3 1.5
Prepaids and Other Current Assets (3) 2.8% 2.0% 2.0% 2.0% 2.2% 2.0%
Days Payable 3.1 7.2 2.9 2.8 3.5 3.2
Air Traffic Liabilities (3) 8.3% 8.3% 8.3% 10.3% 12.2% 11.0%
Accrued Expenses (3) 10.7% 11.2% 11.4% 11.0% 12.3% 11.2%
2004E 2005E
----------- ------------
Accounts Receivable $100.3 $101.5
Inventories 48.2 44.8
Prepaids and Other Current Assets 40.5 40.7
----------- ------------
Total Current Assets $189.0 $187.0
Accounts Payable $18.5 $19.2
Air Traffic Liabilities 238.2 234.7
Accrued Expenses 238.6 255.6
----------- ------------
Total Current Liabilities $495.4 $509.5
Working Capital ($306.3) ($322.5)
Increase in Working in Capital ($48.0) ($16.2)
% Change in Working Capital 18.6% 5.3%
% Change in Working Capital as a (31.4%) (23.0%)
% Change in Sales
Ratios (1)
Days Receivables 18.2 17.8
Inventory Turns (2) 1.8 2.2
Prepaids and Other Current Assets (3) 2.0% 2.0%
Days Payable 3.4 3.3
Air Traffic Liabilities (3) 11.8% 11.3%
Accrued Expenses (3) 11.9% 12.3%
- ------------------------
(1) Based on 365 day year convention
(2) Inventory turns are based on aircraft maintenance, materials and repair
costs
(3) Ratio based on a percentage of revenues
------------------------------
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------------------------------
- --------------------------------------------------------------------------------
- 31 -
June 2001 - Management Downside Case
Discounted Cash Flow Matrix ($ in millions, except per share)
================================================================================
- ------------------------------------------------------------------------------------------- ---------------------------------------
Terminal Value EBITDA Multiple Year 2005E EBITDA ($12.8)
Book Debt as of 3/31/01 439.2
4.0x 4.5x 5.0x 5.5x
-------------------------------------------------------------------------------- ---------------------------------------
Discount
Rate $114.6 $114.6 $114.6 $114.6 Present Value of Free Cash Flows
(32.0) (36.0) (40.0) (44.0) Present Value of Terminal Value
------------- ------------- ------------- ------------
11.0% $82.6 $78.6 $74.6 $70.6 Net Enterprise Value
(356.6) (360.6) (364.6) (368.6) Net Equity Value
($31.32) ($31.67) ($32.02) ($32.37) Implied Price per Share
(41.6%) (38.3%) (35.5%) (32.9%) Implied Perpetuity Growth Rate
0.1x 0.1x 0.1x 0.1x Multiple of LTM Sales
0.7x 0.6x 0.6x 0.6x Multiple of LTM EBITDA
0.1x 0.1x 0.1x 0.1x Multiple of 2001E Sales
0.7x 0.7x 0.6x 0.6x Multiple of 2001E EBITDA
-------------------------------------------------------------------------------------------------------------------------
$113.4 $113.4 $113.4 $113.4 Present Value of Free Cash Flows
(30.7) (34.6) (38.4) (42.3) Present Value of Terminal Value
------------- ------------- ------------- ------------
12.0% $82.7 $78.9 $75.0 $71.2 Net Enterprise Value
(356.5) (360.4) (364.2) (368.0) Net Equity Value
($31.31) ($31.65) ($31.99) ($32.33) Implied Price per Share
(41.0%) (37.8%) (34.9%) (32.3%) Implied Perpetuity Growth Rate
0.1x 0.1x 0.1x 0.1x Multiple of LTM Sales
0.7x 0.6x 0.6x 0.6x Multiple of LTM EBITDA
0.1x 0.1x 0.1x 0.1x Multiple of 2001E Sales
0.7x 0.7x 0.6x 0.6x Multiple of 2001E EBITDA
-------------------------------------------------------------------------------------------------------------------------
$112.3 $112.3 $112.3 $112.3 Present Value of Free Cash Flows
(29.5) (33.2) (36.9) (40.6) Present Value of Terminal Value
------------- ------------- ------------- ------------
13.0% $82.7 $79.0 $75.3 $71.7 Net Enterprise Value
(356.5) (360.2) (363.9) (367.6) Net Equity Value
($31.31) ($31.64) ($31.96) ($32.28) Implied Price per Share
(40.5%) (37.2%) (34.3%) (31.7%) Implied Perpetuity Growth Rate
0.1x 0.1x 0.1x 0.1x Multiple of LTM Sales
0.7x 0.6x 0.6x 0.6x Multiple of LTM EBITDA
0.1x 0.1x 0.1x 0.1x Multiple of 2001E Sales
0.7x 0.7x 0.6x 0.6x Multiple of 2001E EBITDA
Note: Valuation based on 3/31/01 to 12/31/05 horizon
------------------------------
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------------------------------
- --------------------------------------------------------------------------------
- 32 -
June 2001 - Management Downside Case
Unlevered Free Cash Flow ($ in millions)
================================================================================
-----------------------------------------------------------------------
FYE 12/31
-----------------------------------------------------------------------
2001E 2002E 2003E 2004E 2005E
------------ ------------ ------------ ------------ -----------
EBIT ($8.7) ($83.5) ($47.3) ($39.5) ($86.8)
Tax-effected EBIT (at effective rate) (5.5) (54.1) (31.4) (26.1) (54.4)
Plus: Tax-effected Loss on Sale of L1011s (at marginal rate) 0.0 11.7 20.9 7.0 0.0
Plus: Depreciation and Amortization 128.9 133.0 100.5 80.4 74.0
Plus: Cash proceeds from sale of aircraft 18.3 33.4 1.5 1.5 0.0
Less: Increase in Net Working Capital(1) (30.2) (71.7) (21.5) (47.8) (16.5)
Less: Capital Expenditures (excluding deposits) 169.6 114.5 74.9 57.0 82.1
------------ ------------ ------------ ------------ -----------
Unlevered Free Cash Flow $2.4 $81.1 $38.2 $53.8 ($46.1)
- -------------------------------
(1) Net working capital includes the full annual ATL change without adjustment
for shift in business mix
------------------------------
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------------------------------
- --------------------------------------------------------------------------------
- 33 -
June 2001 - Management Downside Case
Summary Financial Results ($ in millions)
================================================================================
--------------------------------------------------------------------------------------
FYE 12/31
--------------------------------------------------------------------------------------
1998 1999 2000 2001E 2002E 2003E
------------ ------------ ----------- ------------ ------------ ------------
Total Revenue $919.4 $1,122.4 $1,291.6 $1,346.4 $1,579.0 $1,834.4
% Growth 17.4% 22.1% 15.1% 4.2% 17.3% 16.2%
EBIT 75.4 89.7 2.6 (8.7) (83.5) (47.3)
Margin 8.2% 8.0% 0.2% (0.6%) (5.3%) (2.6%)
(Gain) Loss on sale of L1011s 0.0 0.0 0.0 0.0 19.5 34.9
Adjusted EBIT 75.4 89.7 2.6 (8.7) (64.0) (12.5)
Margin 8.2% 8.0% 0.2% (0.6%) (4.1%) (0.7%)
Depreciation and Amortization 78.7 96.0 125.0 128.9 133.0 100.5
EBITDA 154.0 185.7 127.6 120.3 69.0 88.1
Margin 16.8% 16.5% 9.9% 8.9% 4.4% 4.8%
Aircraft Rent Expense 53.1 58.7 72.1 110.1 209.7 255.5
EBITDAR 207.2 244.4 199.8 230.4 278.7 343.6
Margin 22.5% 21.8% 15.5% 17.1% 17.6% 18.7%
Aircraft Pre-Delivery Deposits 0.0 0.0 136.9 55.7 (180.6) 31.2
Capital Expenditures 175.4 274.3 126.6 169.6 114.5 74.9
Free Cash Flow (21.4) (88.6) (135.9) (105.0) 135.1 (18.1)
Margin (2.3%) (7.9%) (10.5%) (7.8%) 8.6% (1.0%)
Net Income 40.1 47.0 (15.7) (25.6) (75.3) (52.0)
Margin 4.4% 4.2% (1.2%) (1.9%) (4.8%) (2.8%)
EPS $3.07 $3.49 ($1.32) ($2.25) ($6.62) ($4.57)
Average Diluted Shares Outstanding (MM) 13.1 13.5 12.0 11.4 11.4 11.4
Book Value 102.8 151.4 124.7 122.3 47.0 (5.0)
Return on Book Equity (ROE) 39.0% 31.0% (12.3%) (16.2%) (148.1%) 917.3%
--------------------------
FYE 12/31
--------------------------
2004E 2005E
----------- ------------
Total Revenue $1,986.3 $2,055.7
% Growth 8.3% 3.5%
EBIT (39.5) (86.8)
Margin (2.0%) (4.2%)
(Gain) Loss on sale of L1011s 11.7 0.0
Adjusted EBIT (27.8) (86.8)
Margin (1.4%) (4.2%)
Depreciation and Amortization 80.4 74.0
EBITDA 52.6 (12.8)
Margin 2.6% (0.6%)
Aircraft Rent Expense 275.0 289.2
EBITDAR 327.7 276.4
Margin 16.5% 13.4%
Aircraft Pre-Delivery Deposits (43.2) 0.0
Capital Expenditures 57.0 82.1
Free Cash Flow 38.8 (94.9)
Margin 2.0% (4.6%)
Net Income (40.1) (61.3)
Margin (2.0%) (3.0%)
EPS ($3.52) ($5.38)
Average Diluted Shares Outstanding (MM) 11.4 11.4
Book Value (45.1) (106.4)
Return on Book Equity (ROE) 76.1% 52.2%
------------------------------
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------------------------------
- --------------------------------------------------------------------------------
- 34 -
June 2001 - Management Downside Case
Income Statement ($ in millions)
================================================================================
--------------------------------------------------------------------------------------
FYE 12/31
--------------------------------------------------------------------------------------
1998 1999 2000 2001E 2002E 2003E
------------ ------------ ----------- ------------ ------------ ------------
Revenue
Scheduled Service $511.3 $624.6 $753.3 $888.0 $1,130.8 $1,378.6
Charter 222.6 263.8 246.7 218.3 199.3 190.6
Military 121.9 126.2 188.6 135.4 131.2 135.0
Ground 23.2 58.2 59.8 57.9 56.1 56.2
Other 40.4 49.6 43.1 46.8 61.5 73.9
------------ ------------ ----------- ------------ ------------ ------------
Total Revenue $919.4 $1,122.4 $1,291.6 $1,346.4 $1,579.0 $1,834.4
Expenses
Salaries, Wages & Benefits $211.4 $252.6 $297.0 $330.2 $423.1 $502.0
Fuel and Oil 137.4 170.9 274.8 271.5 281.4 306.7
Handling, Landing and Navigation 74.6 89.3 97.4 97.6 121.1 145.7
Passenger Service 34.0 39.2 45.6 43.2 52.6 61.3
Aircraft Rentals 53.1 58.7 72.1 110.1 209.7 255.5
Aircraft Maintenance/Materials/Repair 53.7 55.6 70.4 64.4 65.6 70.4
Depreciation and Amortization 78.7 96.0 125.0 128.9 133.0 100.5
Crew and Employee Travel 41.5 49.7 65.8 61.2 72.0 81.8
Ground Package Cost 19.5 49.0 50.9 48.6 47.2 47.2
Commissions 28.5 39.0 39.1 36.9 43.0 49.7
Advertising 17.8 18.6 22.0 24.4 31.2 37.6
Other Selling Expenses 22.1 28.1 36.6 45.4 57.8 69.8
Fixed Costs (1) 71.7 85.8 92.2 92.7 105.4 118.7
(Gain) Loss on sale of L1011s 0.0 0.0 0.0 0.0 19.5 34.9
------------ ------------ ----------- ------------ ------------ ------------
Total Expenses $844.0 $1,032.7 $1,289.0 $1,355.1 $1,662.4 $1,881.7
EBIT $75.4 $89.7 $2.6 ($8.7) ($83.5) ($47.3)
Interest Income 4.4 5.4 8.4 5.6 7.6 10.8
Interest Expense (12.8) (21.0) (31.5) (28.7) (31.4) (33.3)
Other 0.2 3.3 0.6 0.3 0.0 0.0
------------ ------------ ----------- ------------ ------------ ------------
Pre-tax Income 67.2 77.4 (19.9) (31.4) (107.3) (69.8)
Income Taxes 27.1 30.5 (4.6) (11.6) (37.7) (23.4)
------------ ------------ ----------- ------------ ------------ ------------
Net Income 40.1 47.0 (15.3) (19.8) (69.6) (46.3)
Preferred Convertible Stock Dividends 0.0 0.0 0.4 1.5 1.5 1.5
Preferred Stock Dividends 0.0 0.0 0.0 4.2 4.2 4.2
------------ ------------ ----------- ------------ ------------ ------------
Net Income to Common $40.1 $47.0 ($15.7) ($25.6) ($75.3) ($52.0)
--------------------------
FYE 12/31
--------------------------
2004E 2005E
----------- ------------
Revenue
Scheduled Service $1,585.5 $1,673.9
Charter 133.9 106.7
Military 129.8 134.9
Ground 56.2 56.2
Other 80.9 84.0
----------- ------------
Total Revenue $1,986.3 $2,055.7
Expenses
Salaries, Wages & Benefits $580.8 $639.5
Fuel and Oil 316.8 322.2
Handling, Landing and Navigation 169.1 184.3
Passenger Service 69.2 75.0
Aircraft Rentals 275.0 289.2
Aircraft Maintenance/Materials/Repair 84.5 97.2
Depreciation and Amortization 80.4 74.0
Crew and Employee Travel 83.0 87.0
Ground Package Cost 47.2 47.2
Commissions 55.0 57.4
Advertising 42.9 45.3
Other Selling Expenses 80.0 84.3
Fixed Costs (1) 130.2 140.0
(Gain) Loss on sale of L1011s 11.7 0.0
----------- ------------
Total Expenses $2,025.8 $2,142.5
EBIT ($39.5) ($86.8)
Interest Income 10.6 6.0
Interest Expense (23.2) (7.8)
Other 0.0 0.0
----------- ------------
Pre-tax Income (52.1) (88.6)
Income Taxes (17.7) (33.0)
----------- ------------
Net Income (34.4) (55.5)
Preferred Convertible Stock Dividends 1.5 1.5
Preferred Stock Dividends 4.2 4.2
----------- ------------
Net Income to Common ($40.1) ($61.3)
- ------------------------
(1) Fixed Costs includes facility, other rentals and other operating expenses
------------------------------
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------------------------------
- --------------------------------------------------------------------------------
- 35 -
June 2001 - Management Downside Case
Income Statement: Growth Rates and Margins
================================================================================
--------------------------------------------------------------------------------------
FYE 12/31
--------------------------------------------------------------------------------------
1998 1999 2000 2001E 2002E 2003E
------------ ------------ ----------- ------------ ------------ ------------
Revenue Growth
Scheduled Service 37.5% 22.2% 20.6% 17.9% 27.3% 21.9%
Charter (2.4%) 18.5% (6.5%) (11.5%) (8.7%) (4.4%)
Military (7.0%) 3.5% 49.4% (28.2%) (3.1%) 2.9%
Ground 3.9% 150.9% 2.9% (3.2%) (3.0%) 0.1%
Other 35.1% 22.6% (13.0%) 8.4% 31.6% 20.2%
------------ ------------ ----------- ------------ ------------ ------------
Total Revenue Growth 17.4% 22.1% 15.1% 4.2% 17.3% 16.2%
Operating Margins
Salaries, Wages & Benefits 23.0% 22.5% 23.0% 24.5% 26.8% 27.4%
Fuel and Oil 14.9% 15.2% 21.3% 20.2% 17.8% 16.7%
Handling, Landing and Navigation 8.1% 8.0% 7.5% 7.3% 7.7% 7.9%
Passenger Service 3.7% 3.5% 3.5% 3.2% 3.3% 3.3%
Aircraft Rentals 5.8% 5.2% 5.6% 8.2% 13.3% 13.9%
Aircraft Maintenance 5.8% 5.0% 5.5% 4.8% 4.2% 3.8%
Depreciation and Amortization 8.6% 8.6% 9.7% 9.6% 8.4% 5.5%
Crew and Employee Travel 4.5% 4.4% 5.1% 4.5% 4.6% 4.5%
Ground Package Cost 2.1% 4.4% 3.9% 3.6% 3.0% 2.6%
Commissions 3.1% 3.5% 3.0% 2.7% 2.7% 2.7%
Advertising 1.9% 1.7% 1.7% 1.8% 2.0% 2.0%
Other Selling Expenses 2.4% 2.5% 2.8% 3.4% 3.7% 3.8%
Fixed Costs (1) 7.8% 7.6% 7.1% 6.9% 6.7% 6.5%
(Gain) Loss on sale of L1011s 0.0% 0.0% 0.0% 0.0% 2.1% 3.8%
------------ ------------ ----------- ------------ ------------ ------------
Total Operating Margins 91.8% 92.0% 99.8% 100.6% 105.3% 102.6%
EBIT Margin 8.2% 8.0% 0.2% (0.6%) (5.3%) (2.6%)
Interest Income 0.5% 0.5% 0.6% (2.1%) (2.0%) (1.8%)
Interest Expense 1.4% 1.9% 2.4% 2.1% 2.0% 1.8%
Other 0.5% 6.8% 1.3% 0.6% 0.0% 0.0%
Income Tax Rate 40.4% 39.3% 23.1% 36.8% 35.2% 33.6%
Net Income Margin 4.4% 4.2% (1.2%) (1.5%) (4.4%) (2.5%)
Preferred Stock Dividends 0.0% 0.0% (0.0%) (0.1%) (0.1%) (0.1%)
Preferred Convertible Stock Dividends 0.0% 0.0% 0.0% (0.3%) (0.3%) (0.2%)
Net Income to Common Margin 4.4% 4.2% (1.2%) (1.9%) (4.8%) (2.8%)
--------------------------
FYE 12/31
--------------------------
2004E 2005E
----------- ------------
Revenue Growth
Scheduled Service 15.0% 5.6%
Charter (29.7%) (20.4%)
Military (3.9%) 4.0%
Ground 0.0% 0.0%
Other 9.5% 3.8%
----------- ------------
Total Revenue Growth 8.3% 3.5%
Operating Margins
Salaries, Wages & Benefits 29.2% 31.1%
Fuel and Oil 15.9% 15.7%
Handling, Landing and Navigation 8.5% 9.0%
Passenger Service 3.5% 3.6%
Aircraft Rentals 13.8% 14.1%
Aircraft Maintenance 4.3% 4.7%
Depreciation and Amortization 4.0% 3.6%
Crew and Employee Travel 4.2% 4.2%
Ground Package Cost 2.4% 2.3%
Commissions 2.8% 2.8%
Advertising 2.2% 2.2%
Other Selling Expenses 4.0% 4.1%
Fixed Costs (1) 6.6% 6.8%
(Gain) Loss on sale of L1011s 1.3% 0.0%
----------- ------------
Total Operating Margins 102.0% 104.2%
EBIT Margin (2.0%) (4.2%)
Interest Income (1.2%) (0.4%)
Interest Expense 1.2% 0.4%
Other 0.0% 0.0%
Income Tax Rate 34.0% 37.3%
Net Income Margin (1.7%) (2.7%)
Preferred Stock Dividends (0.1%) (0.1%)
Preferred Convertible Stock Dividends (0.2%) (0.2%)
Net Income to Common Margin (2.0%) (3.0%)
- ------------------------
(1) Fixed Costs includes facility, other rentals and other operating expenses
------------------------------
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------------------------------
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- 36 -
June 2001 - Management Downside Case
Brickyard Working Capital Assumptions ($ in millions)
================================================================================
--------------------------------------------------------------------------------------
FYE 12/31
--------------------------------------------------------------------------------------
1998 1999 2000 2001E 2002E 2003E
------------ ------------ ----------- ------------ ------------ ------------
Accounts Receivable $24.9 $52.1 $56.6 $59.6 $84.7 $86.2
Inventories 19.6 36.7 49.1 45.4 50.5 45.7
Prepaids and Other Current Assets 25.6 22.9 25.4 26.4 34.2 35.9
------------ ------------ ----------- ------------ ------------ ------------
Total Current Assets $70.1 $111.7 $131.1 $131.4 $169.4 $167.9
Accounts Payable $7.2 $20.2 $10.1 $10.5 $15.8 $16.2
Air Traffic Liabilities 76.7 93.5 107.1 135.8 192.3 200.5
Accrued Expenses 98.5 126.2 147.1 148.5 196.4 207.8
------------ ------------ ----------- ------------ ------------ ------------
Total Current Liabilities $182.4 $239.9 $264.2 $294.8 $404.4 $424.4
Working Capital ($112.3) ($128.2) ($133.1) ($163.4) ($235.0) ($256.5)
Increase in Working in Capital -- ($15.9) ($4.9) ($30.2) ($71.7) ($21.5)
% Change in Working Capital -- 14.2% 3.9% 22.7% 43.9% 9.2%
% Change in Working Capital as a -- (7.8%) (2.9%) (55.1%) (30.8%) (8.4%)
% Change in Sales
Ratios (1)
Days Receivables 9.9 16.9 16.0 16.2 19.6 17.2
Inventory Turns (2) 2.7 1.5 1.4 1.4 1.3 1.5
Prepaids and Other Current Assets (3) 2.8% 2.0% 2.0% 2.0% 2.2% 2.0%
Days Payable 3.1 7.2 2.9 2.8 3.5 3.1
Air Traffic Liabilities (3) 8.3% 8.3% 8.3% 10.1% 12.2% 10.9%
Accrued Expenses (3) 10.7% 11.2% 11.4% 11.0% 12.4% 11.3%
--------------------------
FYE 12/31
--------------------------
2004E 2005E
----------- ------------
Accounts Receivable $99.1 $100.3
Inventories 48.2 44.8
Prepaids and Other Current Assets 40.1 40.2
----------- ------------
Total Current Assets $187.4 $185.3
Accounts Payable $18.5 $19.2
Air Traffic Liabilities 234.6 231.4
Accrued Expenses 238.6 255.6
----------- ------------
Total Current Liabilities $491.7 $506.2
Working Capital ($304.4) ($320.9)
Increase in Working in Capital ($47.8) ($16.5)
% Change in Working Capital 18.7% 5.4%
% Change in Working Capital as a (31.5%) (23.8%)
% Change in Sales
Ratios (1)
Days Receivables 18.2 17.8
Inventory Turns (2) 1.8 2.2
Prepaids and Other Current Assets (3) 2.0% 2.0%
Days Payable 3.3 3.3
Air Traffic Liabilities (3) 11.8% 11.3%
Accrued Expenses (3) 12.0% 12.4%
- ------------------------
(1) Based on 365 day year convention
(2) Inventory turns are based on aircraft maintenance, materials and repair
costs
(3) Ratio based on a percentage of revenues
------------------------------
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------------------------------
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- 37 -
================================================================================
===========================================
Comparable Companies
Analysis
===========================================
------------------------------
[LOGO] Dresdner Kleinwort Wasserstein
------------------------------
- --------------------------------------------------------------------------------
- 38 -
Comparable Companies Analysis
Comparable Companies - LTM ($ in millions, except share price)
================================================================================
Market Value of Equity Adjusted Market Value
as a multiple of LTM as a multiple of LTM
% of Market Adjusted --------------------- ----------------------------------
Stock 52 Week Value of Market Net Book Adjusted
Company Price High Equity Value Income Value Sales EBITDA EBITDA (1)
- ----------- --------- ------- ---------- ---------- --------- --------- --------- --------- ---------
Brickyard $17.94 89.7% $215.2 $654.4 NM 1.8x 0.5x 5.2x 8.8x
Major Domestic Airlines
American Airlines $35.28 80.3% $5,699.4 $10,714.4 9.0x 0.8x 0.5x 4.4x 4.4x
Continental Airlines 45.71 79.0% 2,490.9 5,726.9 7.3x 2.1x 0.6x 5.2x 5.2x
Delta Airlines 42.95 74.3% 5,359.3 10,508.3 7.8x 1.0x 0.6x 4.2x 4.2x
Northwest Airlines 24.84 63.7% 2,124.0 5,569.0 12.4x 20.4x 0.5x 4.7x NA
Southwest Airlines 17.00 72.9% 13,356.6 13,536.8 20.5x 3.7x 2.3x 9.9x NA
United Airlines 32.28 52.4% 3,761.8 9,972.8 NM 0.8x 0.5x 8.8x 8.8x
- -------------------------------------------------------------------------------------------------------------------------------
Overall Mean excluding Brickyard 4.0x 4.8x 0.8x 6.2x 5.7x
Overall Median excluding Brickyard 8.4x 1.6x 0.6x 4.9x 4.8x
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Brickyard LTM Results (except FY 2000 Results for Adjusted EBITDA) (18.5) 119.7 1,317.7 126.7 74.7
Implied Enterprise Value $283.1 $629.2 $729.6 $626.6 $358.8
Less: Net Debt (@ Book Value) 439.2 439.2 439.2 439.2 439.2
--------- --------- --------- --------- ---------
Implied Equity Value (156.1) 190.0 290.3 187.3 (80.4)
Implied Per Share Value NM $16.41 $24.79 $16.19 NM
- -------------------------------------------------------------------------------------------------------------------------------
Regional & Discount Domestic Airlines
AirTran $11.97 97.7% $854.3 $1,105.9 16.4x 36.2x 1.7x 9.5x 9.5x
Alaska Air 26.82 76.1% 712.1 965.7 NM 0.8x 0.4x 11.5x NA
America West 9.12 48.6% 306.8 379.2 NM 0.5x 0.2x 8.7x NA
Frontier Airlines 12.01 45.9% 347.9 236.9 6.3x 2.4x 0.5x 2.7x 2.7x
- -------------------------------------------------------------------------------------------------------------------------------
Overall Mean excluding Brickyard 11.4x 10.0x 0.7x 8.1x 6.1x
Overall Median excluding Brickyard 11.4x 1.6x 0.5x 9.1x 6.1x
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Brickyard LTM Results (except FY 2000 Results for Adjusted EBITDA) (18.5) 119.7 1,317.7 126.7 74.7
Implied Enterprise Value $228.1 $632.4 $618.8 $1,154.0 $457.8
Less: Net Debt (@ Book Value) 439.2 439.2 439.2 439.2 439.2
--------- --------- --------- --------- ---------
Implied Equity Value (211.1) 193.1 179.6 714.8 18.6
Implied Per Share Value NM $16.68 $15.55 $59.66 $1.63
- -------------------------------------------------------------------------------------------------------------------------------
Adjusted Market Value
as a multiple of LTM
---------------------
Debt/
Company EBITDAR EBIT EBITDA
- ----------- --------- --------- ----------
Brickyard 6.2x NM 3.9x
Major Domestic Airlines
American Airlines 5.2x 9.0x 2.7x
Continental Airlines 6.4x 8.2x 3.6x
Delta Airlines 5.1x 8.2x 2.4x
Northwest Airlines 5.6x 10.0x 4.2x
Southwest Airlines 9.7x 12.6x 0.6x
United Airlines 8.5x NM 6.6x
- --------------------------------------------------------------------------------------------------------
Overall Mean excluding Brickyard 6.7x 9.6x 3.4x
Overall Median excluding Brickyard 6.0x 9.0x 3.2x
- --------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------
Brickyard LTM Results (except FY 2000 Results for Adjusted EBITDA) 202.8 (2.2)
Implied Enterprise Value $1,216.5 ($20.1)
Less: Net Debt (@ Book Value) 1,047.6 439.2
--------- ---------
Implied Equity Value 168.9 (459.4)
Implied Per Share Value $14.64 NM
- -------------------------------------------------------------------------------------------
Regional & Discount Domestic Airlines
AirTran 9.3x 12.7x 3.1x
Alaska Air 9.0x NM 7.7x
America West 8.1x NM 5.1x
Frontier Airlines 2.7x 2.9x 0.0x
- --------------------------------------------------------------------------------------------------------
Overall Mean excluding Brickyard 7.3x 7.8x 4.0x
Overall Median excluding Brickyard 8.6x 7.8x 4.1x
- --------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------
Brickyard LTM Results (except FY 2000 Results for Adjusted EBITDA) 202.8 (2.2)
Implied Enterprise Value $1,736.0 ($17.4)
Less: Net Debt (@ Book Value) 1,047.6 439.2
--------- ---------
Implied Equity Value 688.4 (456.6)
Implied Per Share Value $57.50 NM
- -------------------------------------------------------------------------------------------
Note: Stock prices as of 6/15/01
(1) Adjusted EBITDA metric includes companies that expense engine overhauls
and reduces Brickyard EBITDA by engine overhaul capital expenditures
------------------------------
[LOGO] Dresdner Kleinwort Wasserstein
------------------------------
- --------------------------------------------------------------------------------
- 39 -
Comparable Companies Analysis
Comparable Companies - 2001E ($ in millions, except share price)
================================================================================
Market Value of Equity Adjusted Market Value
as a multiple of 2001E as a multiple of 2001E
% of Market Adjusted --------------------- ----------------------------------
Stock 52 Week Value of Market Net Book Adjusted
Company Price High Equity Value Income Value Sales EBITDA EBITDA (1)
- ----------- --------- ------- ---------- ---------- --------- --------- --------- --------- ---------
Brickyard $17.94 89.7% $215.2 $654.4 NM 1.8x 0.5x 4.1x 7.1x
Major Domestic Airlines
American Airlines $35.28 80.3% $5,699.4 $10,714.4 15.7x 0.8x 0.5x 5.0x 5.0x
Continental Airlines 45.71 79.0% 2,490.9 5,726.9 6.6x 1.6x 0.5x 4.8x 4.8x
Delta Airlines 42.95 74.3% 5,359.3 10,508.3 NM 1.1x 0.6x 6.5x 6.5x
Northwest Airlines 24.84 63.7% 2,124.0 5,569.0 NM 22.1x 0.5x 7.2x NA
Southwest Airlines 17.00 72.9% 13,356.6 13,536.8 18.5x 3.1x 2.2x 8.9x NA
United Airlines 32.28 52.4% 3,761.8 9,972.8 NM 0.8x 0.5x 10.5x 10.5x
- -------------------------------------------------------------------------------------------------------------------------------
Overall Mean excluding Brickyard 13.6x 4.9x 0.8x 7.2x 6.7x
Overall Median excluding Brickyard 15.7x 1.3x 0.5x 6.9x 5.8x
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Brickyard 2001E Results (2.1) 117.6 1,385.0 158.9 92.4
Implied Enterprise Value $406.2 $597.0 $734.6 $1,092.2 $533.1
Less: Net Debt (@ Book Value) 439.2 439.2 439.2 439.2 439.2
--------- --------- --------- --------- ---------
Implied Equity Value (33.0) 157.8 295.4 653.0 93.9
Implied Per Share Value NM $13.70 $25.22 $54.59 $8.25
- -------------------------------------------------------------------------------------------------------------------------------
Regional & Discount Domestic Airlines
AirTran $11.97 97.7% $854.3 $1,105.9 11.0x 8.4x 1.4x 7.5x 7.5x
Alaska Air 26.82 76.1% 712.1 965.7 NM 0.8x 0.4x 8.6x NA
America West 9.12 48.6% 306.8 379.2 20.2x 0.5x 0.2x 3.5x NA
Frontier Airlines 12.01 45.9% 347.9 236.9 6.3x 1.7x 0.5x 2.7x 2.7x
- -------------------------------------------------------------------------------------------------------------------------------
Overall Mean excluding Brickyard 12.5x 2.9x 0.6x 5.6x 5.1x
Overall Median excluding Brickyard 11.0x 1.3x 0.5x 5.5x 5.1x
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Brickyard 2001E Results (2.1) 117.6 1,385.0 158.9 92.4
Implied Enterprise Value $416.2 $590.4 $623.8 $874.2 $469.6
Less: Net Debt (@ Book Value) 439.2 439.2 439.2 439.2 439.2
--------- --------- --------- --------- ---------
Implied Equity Value (23.0) 151.2 184.6 434.9 30.4
Implied Per Share Value NM $13.14 $15.96 $36.69 $2.67
- -------------------------------------------------------------------------------------------------------------------------------
Adjusted Market Value
as a multiple of 2001E
------------------------
Debt/
Company EBITDAR EBIT EBITDA
- ----------- ------------ --------- ----------
Brickyard 4.5x 21.8x 3.9x
Major Domestic Airlines
American Airlines 5.7x 13.3x 2.7x
Continental Airlines 5.9x 7.7x 3.6x
Delta Airlines 6.8x 30.8x 2.4x
Northwest Airlines 7.3x 22.7x 4.2x
Southwest Airlines 8.8x 11.4x 0.6x
United Airlines 9.6x NM 6.6x
- -------------------------------------------------------------------------------
Overall Mean excluding Brickyard 7.4x 17.2x 3.4x
Overall Median excluding Brickyard 7.1x 13.3x 3.2x
- -------------------------------------------------------------------------------
- ------------------------------------------------------------------
Brickyard 2001E Results 269.0 30.0
Implied Enterprise Value $1,900.3 $397.7
Less: Net Debt (@ Book Value) 1,047.6 439.2
--------- ---------
Implied Equity Value 852.7 (41.5)
Implied Per Share Value $70.98 NM
- ------------------------------------------------------------------
Regional & Discount Domestic Airlines
AirTran 6.7x 9.7x 3.1x
Alaska Air 8.7x NM 7.7x
America West 6.6x 12.8x 5.1x
Frontier Airlines 2.7x 2.9x 0.0x
- -------------------------------------------------------------------------------
Overall Mean excluding Brickyard 6.2x 8.5x 4.0x
Overall Median excluding Brickyard 6.7x 9.7x 4.1x
- -------------------------------------------------------------------------------
- ------------------------------------------------------------------
Brickyard 2001E Results 269.0 30.0
Implied Enterprise Value $1,792.9 $291.1
Less: Net Debt (@ Book Value) 1,047.6 439.2
--------- ---------
Implied Equity Value 745.3 (148.1)
Implied Per Share Value $62.16 NM
- ------------------------------------------------------------------
Note: Stock prices as of 6/15/01
(1) Adjusted EBITDA metric includes companies that expense engine overhauls
and reduces Brickyard EBITDA by engine overhaul capital expenditures June
2001 - Management Base Case
------------------------------
[LOGO] Dresdner Kleinwort Wasserstein
------------------------------
- --------------------------------------------------------------------------------
- 40 -
Comparable Companies Analysis
Comparable Companies - 2002E ($ in millions, except share price)
================================================================================
Market Value of Equity Adjusted Market Value
as a multiple of 2002E as a multiple of 2002E
% of Market Adjusted --------------------- ----------------------------------
Stock 52 Week Value of Market Net Book Adjusted
Company Price High Equity Value Income Value Sales EBITDA EBITDA (1)
- ----------- --------- ------- ---------- ---------- --------- --------- --------- --------- ---------
Brickyard $17.94 89.7% $215.2 $654.4 NM 1.9x 0.4x 3.6x 4.8x
Major Domestic Airlines
American Airlines $35.28 80.3% $5,699.4 $10,714.4 9.7x 0.7x 0.5x 4.2x 4.2x
Continental Airlines 45.71 79.0% 2,490.9 5,726.9 6.5x 1.3x 0.5x 4.7x 4.7x
Delta Airlines 42.95 74.3% 5,359.3 10,508.3 9.6x 1.0x 0.6x 4.3x 4.3x
Northwest Airlines 24.84 63.7% 2,124.0 5,569.0 8.7x 6.2x 0.5x 4.6x NA
Southwest Airlines 17.00 72.9% 13,356.6 13,536.8 14.1x 2.5x 1.9x 7.2x NA
United Airlines 32.28 52.4% 3,761.8 9,972.8 32.4x 0.8x 0.5x 6.5x 6.5x
- -------------------------------------------------------------------------------------------------------------------------------
Overall Mean excluding Brickyard 13.5x 2.1x 0.7x 5.2x 4.9x
Overall Median excluding Brickyard 9.6x 1.1x 0.5x 4.7x 4.5x
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Brickyard 2002E Results (3.4) 114.2 1,666.7 180.6 135.3
Implied Enterprise Value $406.8 $568.1 $856.5 $839.9 $608.9
Less: Net Debt (@ Book Value) 439.2 439.2 439.2 439.2 439.2
--------- --------- --------- --------- ---------
Implied Equity Value (32.4) 128.9 417.3 400.7 169.7
Implied Per Share Value NM $11.25 $35.24 $33.88 $14.71
- -------------------------------------------------------------------------------------------------------------------------------
Regional & Discount Domestic Airlines
AirTran $11.97 97.7% $854.3 $1,105.9 8.2x 4.2x 1.2x 6.1x 6.1x
Alaska Air 26.82 76.1% 712.1 965.7 11.7x 0.8x 0.4x 4.2x NA
America West 9.12 48.6% 306.8 379.2 9.0x 0.4x 0.2x 2.6x NA
Frontier Airlines 12.01 45.9% 347.9 236.9 5.8x 1.3x 0.4x 2.8x 2.8x
- -------------------------------------------------------------------------------------------------------------------------------
Overall Mean excluding Brickyard 8.7x 1.7x 0.5x 3.9x 4.4x
Overall Median excluding Brickyard 8.6x 1.1x 0.4x 3.5x 4.4x
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Brickyard 2002E Results (3.4) 114.2 1,666.7 180.6 135.3
Implied Enterprise Value $410.3 $560.0 $650.7 $624.7 $595.7
Less: Net Debt (@ Book Value) 439.2 439.2 439.2 439.2 439.2
--------- --------- --------- --------- ---------
Implied Equity Value (28.9) 120.8 211.5 185.5 156.5
Implied Per Share Value NM $10.56 $18.21 $16.04 $13.59
- -------------------------------------------------------------------------------------------------------------------------------
Adjusted Market Value
as a multiple of 2002E
----------------------
Debt/
Company EBITDAR EBIT EBITDA
- ----------- ---------- --------- ----------
Brickyard 3.1x 13.7x 3.9x
Major Domestic Airlines
American Airlines 4.8x 9.1x 2.7x
Continental Airlines 5.7x 7.7x 3.6x
Delta Airlines 5.0x 8.8x 2.4x
Northwest Airlines 5.3x 8.4x 4.2x
Southwest Airlines 7.2x 8.8x 0.6x
United Airlines 7.2x 22.6x 6.6x
- --------------------------------------------------------------------------------
Overall Mean excluding Brickyard 5.9x 10.9x 3.4x
Overall Median excluding Brickyard 5.5x 8.8x 3.2x
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------
Brickyard 2002E Results 390.3 47.6
Implied Enterprise Value $2,155.1 $419.9
Less: Net Debt (@ Book Value) 1,047.6 439.2
--------- ---------
Implied Equity Value 1,107.5 (19.3)
Implied Per Share Value $91.90 NM
- -------------------------------------------------------------------
Regional & Discount Domestic Airlines
AirTran 5.1x 7.8x 3.1x
Alaska Air 6.1x 9.2x 7.7x
America West 6.1x 5.8x 5.1x
Frontier Airlines 1.5x 2.6x 0.0x
- --------------------------------------------------------------------------------
Overall Mean excluding Brickyard 4.7x 6.3x 4.0x
Overall Median excluding Brickyard 5.6x 6.8x 4.1x
- --------------------------------------------------------------------------------
- -------------------------------------------------------------------
Brickyard 2002E Results 390.3 47.6
Implied Enterprise Value $2,189.1 $323.1
Less: Net Debt (@ Book Value) 1,047.6 439.2
--------- ---------
Implied Equity Value 1,141.5 (116.1)
Implied Per Share Value $94.69 NM
- -------------------------------------------------------------------
Note: Stock prices as of 6/15/01
(1) Adjusted EBITDA metric includes companies that expense engine overhauls
and reduces Brickyard EBITDA by engine overhaul capital expenditures June
2001 - Management Base Case
------------------------------
[LOGO] Dresdner Kleinwort Wasserstein
------------------------------
- --------------------------------------------------------------------------------
- 41 -
Comparable Companies Analysis
Comparable Companies - 2001E ($ in millions, except share price)
================================================================================
Market Value of Equity Adjusted Market Value
as a multiple of 2001E as a multiple of 2001E
% of Market Adjusted --------------------- ----------------------------------
Stock 52 Week Value of Market Net Book Adjusted
Company Price High Equity Value Income Value Sales EBITDA EBITDA (1)
- ----------- --------- ------- ---------- ---------- --------- --------- --------- --------- ---------
Brickyard $17.94 89.7% $215.2 $654.4 NM 1.9x 0.5x 4.2x 7.3x
Major Domestic Airlines
American Airlines $35.28 80.3% $5,699.4 $10,714.4 15.7x 0.8x 0.5x 5.0x 5.0x
Continental Airlines 45.71 79.0% 2,490.9 5,726.9 6.6x 1.6x 0.5x 4.8x 4.8x
Delta Airlines 42.95 74.3% 5,359.3 10,508.3 NM 1.1x 0.6x 6.5x 6.5x
Northwest Airlines 24.84 63.7% 2,124.0 5,569.0 NM 22.1x 0.5x 7.2x NA
Southwest Airlines 17.00 72.9% 13,356.6 13,536.8 18.5x 3.1x 2.2x 8.9x NA
United Airlines 32.28 52.4% 3,761.8 9,972.8 NM 0.8x 0.5x 10.5x 10.5x
- -------------------------------------------------------------------------------------------------------------------------------
Overall Mean excluding Brickyard 13.6x 4.9x 0.8x 7.2x 6.7x
Overall Median excluding Brickyard 15.7x 1.3x 0.5x 6.9x 5.8x
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Brickyard 2001E Results (4.5) 115.1 1,385.0 155.9 89.5
Implied Enterprise Value $368.0 $593.7 $734.6 $1,071.7 $515.9
Less: Net Debt (@ Book Value) 439.2 439.2 439.2 439.2 439.2
--------- --------- --------- --------- ---------
Implied Equity Value (71.2) 154.5 295.4 632.5 76.7
Implied Per Share Value NM $13.42 $25.22 $52.91 $6.74
- -------------------------------------------------------------------------------------------------------------------------------
Regional & Discount Domestic Airlines
AirTran $11.97 97.7% $854.3 $1,105.9 11.0x 8.4x 1.4x 7.5x 7.5x
Alaska Air 26.82 76.1% 712.1 965.7 NM 0.8x 0.4x 8.6x NA
America West 9.12 48.6% 306.8 379.2 20.2x 0.5x 0.2x 3.5x NA
Frontier Airlines 12.01 45.9% 347.9 236.9 6.3x 1.7x 0.5x 2.7x 2.7x
- -------------------------------------------------------------------------------------------------------------------------------
Overall Mean excluding Brickyard 12.5x 2.9x 0.6x 5.6x 5.1x
Overall Median excluding Brickyard 11.0x 1.3x 0.5x 5.5x 5.1x
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Brickyard 2001E Results (4.5) 115.1 1,385.0 155.9 89.5
Implied Enterprise Value $389.5 $587.3 $623.8 $857.8 $454.5
Less: Net Debt (@ Book Value) 439.2 439.2 439.2 439.2 439.2
--------- --------- --------- --------- ---------
Implied Equity Value (49.7) 148.1 184.6 418.6 15.3
Implied Per Share Value NM $12.88 $15.96 $35.35 $1.34
- -------------------------------------------------------------------------------------------------------------------------------
Adjusted Market Value
as a multiple of 2001E
----------------------
Debt/
Company EBITDAR EBIT EBITDA
- ----------- --------- --------- ----------
Brickyard 4.6x 24.3x 3.9x
Major Domestic Airlines
American Airlines 5.7x 13.3x 2.7x
Continental Airlines 5.9x 7.7x 3.6x
Delta Airlines 6.8x 30.8x 2.4x
Northwest Airlines 7.3x 22.7x 4.2x
Southwest Airlines 8.8x 11.4x 0.6x
United Airlines 9.6x NM 6.6x
- -----------------------------------------------------------------------------
Overall Mean excluding Brickyard 7.4x 17.2x 3.4x
Overall Median excluding Brickyard 7.1x 13.3x 3.2x
- -----------------------------------------------------------------------------
- ----------------------------------------------------------------
Brickyard 2001E Results 266.0 27.0
Implied Enterprise Value $1,879.3 $358.2
Less: Net Debt (@ Book Value) 1,047.6 439.2
--------- ---------
Implied Equity Value 831.7 (81.0)
Implied Per Share Value $69.25 NM
- ----------------------------------------------------------------
Regional & Discount Domestic Airlines
AirTran 6.7x 9.7x 3.1x
Alaska Air 8.7x NM 7.7x
America West 6.6x 12.8x 5.1x
Frontier Airlines 2.7x 2.9x 0.0x
- -----------------------------------------------------------------------------
Overall Mean excluding Brickyard 6.2x 8.5x 4.0x
Overall Median excluding Brickyard 6.7x 9.7x 4.1x
- -----------------------------------------------------------------------------
- ----------------------------------------------------------------
Brickyard 2001E Results 266.0 27.0
Implied Enterprise Value $1,773.0 $262.1
Less: Net Debt (@ Book Value) 1,047.6 439.2
--------- ---------
Implied Equity Value 725.5 (177.1)
Implied Per Share Value $60.53 NM
- ----------------------------------------------------------------
Note: Stock prices as of 6/15/01
(1) Adjusted EBITDA metric includes companies that expense engine overhauls
and reduces Brickyard EBITDA by engine overhaul capital expenditures June
2001 - Management Base Case with Maintenance Adjustment
------------------------------
[LOGO] Dresdner Kleinwort Wasserstein
------------------------------
- --------------------------------------------------------------------------------
- 42 -
Comparable Companies Analysis
Comparable Companies - 2002E ($ in millions, except share price)
================================================================================
Market Value of Equity Adjusted Market Value
as a multiple of 2002E as a multiple of 2002E
% of Market Adjusted --------------------- ----------------------------------
Stock 52 Week Value of Market Net Book Adjusted
Company Price High Equity Value Income Value Sales EBITDA EBITDA (1)
- ----------- --------- ------- ---------- ---------- --------- --------- --------- --------- ---------
Brickyard $17.94 89.7% $215.2 $654.4 NM 2.2x 0.4x 4.0x 5.6x
Major Domestic Airlines
American Airlines $35.28 80.3% $5,699.4 $10,714.4 9.7x 0.7x 0.5x 4.2x 4.2x
Continental Airlines 45.71 79.0% 2,490.9 5,726.9 6.5x 1.3x 0.5x 4.7x 4.7x
Delta Airlines 42.95 74.3% 5,359.3 10,508.3 9.6x 1.0x 0.6x 4.3x 4.3x
Northwest Airlines 24.84 63.7% 2,124.0 5,569.0 8.7x 6.2x 0.5x 4.6x NA
Southwest Airlines 17.00 72.9% 13,356.6 13,536.8 14.1x 2.5x 1.9x 7.2x NA
United Airlines 32.28 52.4% 3,761.8 9,972.8 32.4x 0.8x 0.5x 6.5x 6.5x
- -------------------------------------------------------------------------------------------------------------------------------
Overall Mean excluding Brickyard 13.5x 2.1x 0.7x 5.2x 4.9x
Overall Median excluding Brickyard 9.6x 1.1x 0.5x 4.7x 4.5x
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Brickyard 2002E Results (15.3) 99.8 1,666.7 161.7 116.4
Implied Enterprise Value $291.4 $551.8 $856.5 $751.8 $523.7
Less: Net Debt (@ Book Value) 439.2 439.2 439.2 439.2 439.2
--------- --------- --------- --------- ---------
Implied Equity Value (147.8) 112.6 417.3 312.6 84.5
Implied Per Share Value NM $9.86 $35.24 $26.65 $7.42
- -------------------------------------------------------------------------------------------------------------------------------
Regional & Discount Domestic Airlines
AirTran $11.97 97.7% $854.3 $1,105.9 8.2x 4.2x 1.2x 6.1x 6.1x
Alaska Air 26.82 76.1% 712.1 965.7 11.7x 0.8x 0.4x 4.2x NA
America West 9.12 48.6% 306.8 379.2 9.0x 0.4x 0.2x 2.6x NA
Frontier Airlines 12.01 45.9% 347.9 236.9 5.8x 1.3x 0.4x 2.8x 2.8x
- -------------------------------------------------------------------------------------------------------------------------------
Overall Mean excluding Brickyard 8.7x 1.7x 0.5x 3.9x 4.4x
Overall Median excluding Brickyard 8.6x 1.1x 0.4x 3.5x 4.4x
- -------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------------
Brickyard 2002E Results (15.3) 99.8 1,666.7 161.7 116.4
Implied Enterprise Value $307.2 $544.8 $650.7 $559.2 $512.3
Less: Net Debt (@ Book Value) 439.2 439.2 439.2 439.2 439.2
--------- --------- --------- --------- ---------
Implied Equity Value (132.1) 105.6 211.5 120.0 73.1
Implied Per Share Value NM $9.25 $18.21 $10.50 $6.42
- -------------------------------------------------------------------------------------------------------------------------------
Adjusted Market Value
as a multiple of 2002E
----------------------
Debt/
Company EBITDAR EBIT EBITDA
- ----------- ---------- --------- ----------
Brickyard 3.3x 22.8x 3.9x
Major Domestic Airlines
American Airlines 4.8x 9.1x 2.7x
Continental Airlines 5.7x 7.7x 3.6x
Delta Airlines 5.0x 8.8x 2.4x
Northwest Airlines 5.3x 8.4x 4.2x
Southwest Airlines 7.2x 8.8x 0.6x
United Airlines 7.2x 22.6x 6.6x
- -----------------------------------------------------------------------------
Overall Mean excluding Brickyard 5.9x 10.9x 3.4x
Overall Median excluding Brickyard 5.5x 8.8x 3.2x
- -----------------------------------------------------------------------------
- ----------------------------------------------------------------
Brickyard 2002E Results 371.4 28.7
Implied Enterprise Value $2,050.6 $252.9
Less: Net Debt (@ Book Value) 1,047.6 439.2
--------- ---------
Implied Equity Value 1,003.0 (186.3)
Implied Per Share Value $83.31 NM
- ----------------------------------------------------------------
Regional & Discount Domestic Airlines
AirTran 5.1x 7.8x 3.1x
Alaska Air 6.1x 9.2x 7.7x
America West 6.1x 5.8x 5.1x
Frontier Airlines 1.5x 2.6x 0.0x
- -----------------------------------------------------------------------------
Overall Mean excluding Brickyard 4.7x 6.3x 4.0x
Overall Median excluding Brickyard 5.6x 6.8x 4.1x
- -----------------------------------------------------------------------------
- ----------------------------------------------------------------
Brickyard 2002E Results 371.4 28.7
Implied Enterprise Value $2,082.9 $194.6
Less: Net Debt (@ Book Value) 1,047.6 439.2
--------- ---------
Implied Equity Value 1,035.3 (244.6)
Implied Per Share Value $85.97 NM
- ----------------------------------------------------------------
Note: Stock prices as of 6/15/01
(1) Adjusted EBITDA metric includes companies that expense engine overhauls
and reduces Brickyard EBITDA by engine overhaul capital expenditures June
2001 - Management Base Case with Maintenance Adjustment
------------------------------
[LOGO] Dresdner Kleinwort Wasserstein
------------------------------
- --------------------------------------------------------------------------------
- 43 -
Comparable Companies Analysis
Weighted Average Cost of Capital Model ($ in millions)
================================================================================
Curent Adjusted Market Debt/
Levered Market Equity Equity Unlevered
Company Beta (1) Value Value Ratio Beta (2)
- -------- -------- -------- -------- -------- --------
- --------------------------------------------------------------------------------
American Airlines 0.96 $ 10,714.4 $ 5,699.4 88.0% 0.63
Continental Airlines 0.87 5,726.9 2,490.9 129.9% 0.49
Delta Airlines 0.86 10,508.3 5,359.3 96.1% 0.55
Northwest Airlines 0.78 5,569.0 2,124.0 162.2% 0.39
Southwest Airlines 0.92 13,536.8 13,356.6 1.3% 0.91
United Airlines 0.83 9,972.8 3,761.8 165.1% 0.42
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
AirTran 0.92 854.3 1,105.9 (22.8%) 1.06
Alaska Air 0.71 712.1 965.7 (26.3%) 0.84
America West 0.70 306.8 379.2 (19.1%) 0.79
Frontier Airlines 0.98 347.9 236.9 46.8% 0.77
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
Mean 0.85 5,824.9 3,548.0 62.1% 0.68
Median 0.87 $ 5,648.0 $ 2,307.5 67.4% 0.70
- --------------------------------------------------------------------------------
- ---------------
(1) Source: BARRA U.S. and global equity models; assumes book value of debt
approximates market value
(2) Unlevered Beta = Predicted Levered Beta / {1 + (Debt / Equity * (1 - Tax
Rate)}
------------------------------
[LOGO] Dresdner Kleinwort Wasserstein
------------------------------
- --------------------------------------------------------------------------------
- 44 -
Comparable Companies Analysis
Weighted Average Cost of Capital Model ($ in millions) (Cont'd) (1)
================================================================================
- ---------------------------------------------------------------------------------------------------
Capital Structure Cost of Equity Cost of Debt
- ------------------ ------------------ ------------------ Wtd. Avg.
Debt/ Debt/ Relevered Cost of Before After Cost of
Capital Equity Beta (2) Equity Tax Tax Capital
- -------- -------- -------- -------- -------- -------- --------
0% 0% 0.70 11.3% 6.0% 3.6% 11.3%
10% 11% 0.77 12.0% 6.5% 3.9% 11.2%
20% 25% 0.87 12.9% 7.0% 4.2% 11.2%
30% 43% 1.00 14.1% 7.5% 4.5% 11.2%
40% 67% 1.16 15.6% 8.0% 4.8% 11.3%
50% 100% 1.39 17.8% 8.5% 5.1% 11.5%
60% 150% 1.74 21.1% 9.0% 5.4% 11.7%
70% 233% 2.32 26.5% 9.5% 5.7% 12.0%
- ---------------------------------------------------------------------------------------------------
Marginal Tax Rate Risk Free Rate (3) Market Risk Premium (4)
- ------------------ ------------------ ------------------
40.0% 4.71% 9.4%
- ---------------
(1) Based on the Weighted Average Cost of Capital and Capital Asset Pricing
Models and DrKW calculations
(2) Relevered Beta = Unlevered Beta *{1+ Debt/Equity Ratio * (1 - Tax Rate)}
(3) 5 year U.S. Treasury as of 6/15/01
(4) Market risk premium is calculated as the arithmetic difference between the
long-term rate of return on common stocks from 1926 - 2000 and short-term
treasury bill returns, calculated annually
------------------------------
[LOGO] Dresdner Kleinwort Wasserstein
------------------------------
- --------------------------------------------------------------------------------
- 45 -
================================================================================
=======================
Comparable Transactions
Analysis
=======================
------------------------------
[LOGO] Dresdner Kleinwort Wasserstein
------------------------------
- --------------------------------------------------------------------------------
- 46 -
Comparable Transactions Analysis
Comparable Transactions Analysis ($ in millions)
- --------------------------------------------------------------------------------
Adjusted Equity
Date Acquiror/ Target Business Purchase Purchase
Ann. Target Description Price Price
- ------------ ------------------------------- ------------------------------------------- --------------- ----------------
03/09/01 British Airways/* Regional UK passenger airlines $192.8 $111.9
British Regional Airlines
03/02/01 Atlantic Coast Airlines/* Regional domestic passenger airlines $218.0 $200.0
Allegheny Airlines, Piedmont
Airlines & PSA Airlines
01/29/01 Canada 3000/ Regional Canadian passenger airlines $74.6 $56.4
Royal Aviation
01/10/01 American Airlines/ National domestic passenger airlines $1,597.9 $742.0
TWA
11/01/00 Northwest Airlines/ Regional domestic passenger airlines $155.6 $263.7
Mesaba Holdings (operates as Northwest AirLink)
05/25/00 Robert Johnson/* Washington D.C. assets of U.S. Airways $141.2 $141.2
DC Air
05/23/00 UAL Corp./* National domestic passenger airlines $5,620.0 $4,020.0
U.S. Airways
05/05/00 Taitbout Antibes BV/ Regional Paris-based passenger airlines $72.6 $72.6
Air Liberte (British Air)
10/18/99 Delta Airlines/ Regional domestic passenger airlines $2,357.3 $2,247.3
Comair Holdings (operates as Delta Connection)
02/16/99 Delta Airlines/ Regional domestic passenger airlines $993.8 $1,106.1
ASA Holdings
11/26/98 British Airways/ Regional UK passenger airlines $124.5 $124.5
CityFlyer Express
11/19/98 American Airlines/ Regional domestic passenger airlines $168.1 $141.3
Reno Air
08/28/98 Mesa Air Group/ Regional domestic passenger airlines $67.3 $55.1
CCAIR
Date
Ann. Sales EBITDA EBIT Net Inc. Book Val.
- ------------ --------------- --------------- ---- -------- ---------
03/09/01 0.7x NA 12.9x 13.4x NA
03/02/01 0.4x 3.2x 3.7x 3.3x NA
01/29/01 0.3x 5.0x 10.6x 33.0x 2.2x
01/10/01 0.4x NM NM NM NM
11/01/00 0.4x 2.5x 3.3x 8.5x 1.6x
05/25/00 NA NA NA NA NA
05/23/00 0.6x 17.8x NM NM NM
05/05/00 0.1x NA NA NA NA
10/18/99 3.0x 9.5x 10.9x 16.9x 2.2x
02/16/99 2.5x 7.8x 10.6x NA NA
11/26/98 NA NA NA NA NA
11/19/98 0.4x 22.9x NM NM 4.1x
08/28/98 0.9x NM NM NM NM
* Deal Pending
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- --------------------------------------------------------------------------------
- 47 -
Comparable Transactions Analysis
Comparable Transactions Analysis ($ in millions) (Cont'd)
================================================================================
Adjusted Equity
Date Acquiror/ Target Business Purchase Purchase
Ann. Target Description Price Price Sales
- ----------- ----------------------- ------------------------------- ------------ ------------ ----------
08/28/98 Mesa Air Group/ Regional domestic passenger airlines $67.3 $55.1 0.9x
CCAIR
04/30/98 Guilford Transportation/ Regional domestic passenger airlines $61.3 $29.5 0.5x
Pan Am World Airways
02/04/98 Bax Global/ Freight and passenger airline $30.0 $30.0 NA
Air Transport Int'l
07/10/97 AirTran/ Regional domestic passenger airlines $63.8 $63.7 0.6x
Airways Corp.
03/20/97 Pan Am World Airways/ Regional domestic passenger airlines $123.1 $96.4 0.5x
Carnival Airlines
- ------------------------------------------------------------------------------------------------------------------------------------
Overall Mean 0.8x
Overall Median 0.5x
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Brickyard LTM Results 1,317.7
Implied Enterprise Value $680.8
Less: Net Debt 439.2
----------
Implied Equity Value 241.6
Implied Per Share Value $20.73
- ------------------------------------------------------------------------------------------------------------------------------------
Date
Ann. EBITDA EBIT Net Inc. Book Val.
- ---------- ----------- ---------- ----------- -----------
08/28/98 NM NM NM NM
04/30/98 NM NM NM 0.6x
02/04/98 NA NA NA NA
07/10/97 NM NM NM 3.6x
03/20/97 NM NM NM NM
- ------------------------------------------------------------------------------------------------------------------------------------
Overall Mean 9.8x 8.7x 15.0x 2.4x
Overall Median 7.8x 10.6x 13.4x 2.2x
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Brickyard LTM Results 126.7 (2.2) (18.5) 119.7
Implied Enterprise Value $988.5 ($23.6) $798.5 $706.1
Less: Net Debt 439.2 439.2 1,047.6 439.2
---------- ---------- ----------- -----------
Implied Equity Value 549.3 (462.8) (249.1) 266.9
Implied Per Share Value $46.08 NM NM $22.83
- ------------------------------------------------------------------------------------------------------------------------------------
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- --------------------------------------------------------------------------------
- 48 -
================================================================================
--------------------------
Leveraged Recapitalization
Analysis
--------------------------
------------------------------
[LOGO] Dresdner Kleinwort Wasserstein
------------------------------
- --------------------------------------------------------------------------------
-49-
Leveraged Recapitalization Analysis
Leveraged Recapitalization Assumptions ($ in millions, except per share)
================================================================================
- ----------------------------------------------------------------- --------------------------------------------------------
Use of Funds Source of Funds
- ----------------------------------------------------------------- --------------------------------------------------------
Total Shares Outstanding 11.4
Stock Price as of 5/16/01 $12.60 Int. Rate $MM % Cap.
Premium 82.5% --------- ------- --------
Purchase Price per Share $23.00 Citibank Credit Facility 6.9% 84.0 15.6%
% Incremental Ownership sought by Mikelsons 27.7% New Equity Investment $0.0 0.0%
Number of Shares 3.2 ------- --------
Total Sources $84.0 15.6%
--------------------------------------------------------
Equity Purchase Price $72.5 --------------------------------------------------------
Value of Outstanding Options (excluding Sr. Mgmt) 7.0 Implied Brickyard Valuation
Total Transaction Fees 8.0 --------------------------------------------------------
---------- Implied Equity Value @ $23.00 per share $261.9
Total Additional Equity Purchase Price $84.0 Implied Enterprise Value @ $23.00 per share 701.1
- ----------------------------------------------------------------- --------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Transaction Multiples
- -------------------------------------------------------------------------------------------------------------------------
LTM PF 2001PF 2002E 2003E 2004E 2005E 2006E
---------- ------------ ------------ ------------ ----------- ------------ -----------
Revenues 0.5x 0.5x 0.4x 0.4x 0.3x 0.3x 0.3x
EBITDA 5.5x 4.4x 3.8x 3.1x 3.4x 4.8x 4.6x
EBITDAR 3.5x 2.6x 1.8x 1.5x 1.5x 1.6x 1.5x
EBIT NM 22.6x 23.2x 7.6x 6.1x 9.6x 9.3x
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
Coverage Ratios (excluding aircraft deposit facilities)
- -------------------------------------------------------------------------------------------------------------------------
LTM PF 2001PF 2002E 2003E 2004E 2005E 2006E
---------- ------------ ------------ ------------ ----------- ------------ ------------
Debt/EBITDA 3.6x 2.3x 1.9x 1.4x 1.4x 1.5x 1.2x
EBITDA/Interest 5.2x 6.6x 7.1x 10.3x 14.0x 16.2x 37.6x
EBIT Interest NM 1.3x 1.2x 4.2x 7.8x 8.0x 18.7x
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
IRR of New Equity based on EBITDA Multiple in Exit Year
- -------------------------------------------------------------------------------------------------------------------------
2003E 2004E 2005E 2006E
------------ ----------- ------------ ------------
4.0x EBITDA Exit Multiple 49.0% 31.5% 18.8% 16.9%
4.5x EBITDA Exit Multiple 58.2% 36.7% 21.9% 19.2%
5.0x EBITDA Exit Multiple 66.5% 41.3% 24.7% 21.3%
5.5x EBITDA Exit Multiple 74.0% 45.6% 27.3% 23.2%
6.0x EBITDA Exit Multiple 81.0% 49.5% 29.7% 25.0%
- -------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------------------
IRR of New Equity based on EBITDAR Multiple in Exit Year
- -------------------------------------------------------------------------------------------------------------------------
2003E 2004E 2005E 2006E
------------ ----------- ------------ ------------
1.5x EBITDAR Exit Multiple 31.4% 25.8% 21.6% 19.6%
2.0x EBITDAR Exit Multiple 53.7% 38.3% 29.4% 25.4%
2.5x EBITDAR Exit Multiple 71.3% 48.2% 35.6% 30.2%
3.0x EBITDAR Exit Multiple 86.0% 56.5% 40.9% 34.2%
3.5x EBITDAR Exit Multiple 98.7% 63.6% 45.5% 37.6%
- -------------------------------------------------------------------------------------------------------------------------
Note: Assumes transaction closed 7/1/01
June 2001 - Management Base Case
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- --------------------------------------------------------------------------------
- 50 -
Leveraged Recapitalization Analysis
Mikelsons' Additional Equity IRR Analysis - EBITDA Multiples ($ in millions)
================================================================================
----------------------------------------------------------------------
Exit Year
----------------------------------------------------------------------
2002E 2003E 2004E 2005E 2006E
----------- ------------ ------------ ------------ -----------
EBITDA $182.6 $227.1 $206.1 $147.1 $151.5
Net Debt 306.1 180.2 94.7 (34.8) (75.3)
Additional Equity Ownership at Exit 27.7% 27.7% 27.7% 27.7% 27.7%
----------------------------------------------------------------------
EBITDA Purchase Exit Year
Exit Price of the ----------------------------------------------------------------------
Multiple IRR Investment 2002E 2003E 2004E 2005E 2006E
----------- ------------ ------------ ----------- ------------ ------------ ------------ -----------
4.0x 36.6% ($84.0) $117.5
4.0x 49.0% (84.0) 0.0 $201.7
4.0x 31.5% (84.0) 0.0 0.0 $202.2
4.0x 18.8% (84.0) 0.0 0.0 0.0 $172.6
4.0x 16.9% (84.0) 0.0 0.0 0.0 0.0 $188.7
4.5x 60.8% ($84.0) $142.8
4.5x 58.2% (84.0) 0.0 $233.1
4.5x 36.7% (84.0) 0.0 0.0 $230.7
4.5x 21.9% (84.0) 0.0 0.0 0.0 $193.0
4.5x 19.2% (84.0) 0.0 0.0 0.0 0.0 $209.7
5.0x 83.0% ($84.0) $168.1
5.0x 66.5% (84.0) 0.0 $264.6
5.0x 41.3% (84.0) 0.0 0.0 $259.3
5.0x 24.7% (84.0) 0.0 0.0 0.0 $213.4
5.0x 21.3% (84.0) 0.0 0.0 0.0 0.0 $230.7
5.5x 103.5% ($84.0) $193.4
5.5x 74.0% (84.0) 0.0 $296.0
5.5x 45.6% (84.0) 0.0 0.0 $287.8
5.5x 27.3% (84.0) 0.0 0.0 0.0 $233.7
5.5x 23.2% (84.0) 0.0 0.0 0.0 0.0 $251.7
6.0x 122.8% ($84.0) $218.7
6.0x 81.0% (84.0) 0.0 $327.5
6.0x 49.5% (84.0) 0.0 0.0 $316.4
6.0x 29.7% (84.0) 0.0 0.0 0.0 $254.1
6.0x 25.0% (84.0) 0.0 0.0 0.0 0.0 $272.6
Note: Assumes transaction closed 7/1/01
June 2001 - Management Base Case
------------------------------
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- --------------------------------------------------------------------------------
-51-
Leveraged Recapitalization Analysis
Mikelsons' Additional Equity IRR Analysis - EBITDAR Multiples ($ in millions)
================================================================================
----------------------------------------------------------------------
Exit Year
----------------------------------------------------------------------
2002E 2003E 2004E 2005E 2006E
----------- ------------ ------------ ------------ -----------
EBITDAR $392.3 $482.6 $481.2 $436.3 $464.5
Net Debt 306.1 180.2 94.7 (34.8) (75.3)
Additional Equity Ownership at Exit 27.7% 27.7% 27.7% 27.7% 27.7%
----------------------------------------------------------------------
EBITDAR Purchase Exit Year
Exit Price of the ----------------------------------------------------------------------
Multiple IRR Investment 2002E 2003E 2004E 2005E 2006E
----------- ------------ ------------ ----------- ------------ ------------ ------------ -----------
1.5x (7.0%) ($84.0) $78.2
1.5x 31.4% (84.0) 0.0 $150.6
1.5x 25.8% (84.0) 0.0 0.0 $173.7
1.5x 21.6% (84.0) 0.0 0.0 0.0 $190.9
1.5x 19.6% (84.0) 0.0 0.0 0.0 0.0 $213.8
2.0x 51.3% ($84.0) $132.5
2.0x 53.7% (84.0) 0.0 $217.4
2.0x 38.3% (84.0) 0.0 0.0 $240.3
2.0x 29.4% (84.0) 0.0 0.0 0.0 $251.4
2.0x 25.4% (84.0) 0.0 0.0 0.0 0.0 $278.2
2.5x 98.3% ($84.0) $186.9
2.5x 71.3% (84.0) 0.0 $284.3
2.5x 48.2% (84.0) 0.0 0.0 $307.0
2.5x 35.6% (84.0) 0.0 0.0 0.0 $311.8
2.5x 30.2% (84.0) 0.0 0.0 0.0 0.0 $342.5
3.0x 139.0% ($84.0) $241.2
3.0x 86.0% (84.0) 0.0 $351.1
3.0x 56.5% (84.0) 0.0 0.0 $373.6
3.0x 40.9% (84.0) 0.0 0.0 0.0 $372.2
3.0x 34.2% (84.0) 0.0 0.0 0.0 0.0 $406.8
3.5x 175.2% ($84.0) $295.5
3.5x 98.7% (84.0) 0.0 $417.9
3.5x 63.6% (84.0) 0.0 0.0 $440.3
3.5x 45.5% (84.0) 0.0 0.0 0.0 $432.6
3.5x 37.6% (84.0) 0.0 0.0 0.0 0.0 $471.2
Note: Assumes transaction closed 7/1/01
June 2001 - Management Base Case
------------------------------
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- --------------------------------------------------------------------------------
-52-
Leveraged Recapitalization Analysis
Leveraged Recapitalization - Statement of Operations ($ in millions)
================================================================================
--------------------------------------------------------------------------------------
FYE 12/31
--------------------------------------------------------------------------------------
2001E 2002E 2003E 2004E 2005E 2006E
------------ ------------ ------------ ----------- ------------ ------------
Revenue $1,385.0 $1,666.7 $1,941.7 $2,107.1 $2,182.8 $2,248.3
% Growth 7.2% 20.3% 16.5% 8.5% 3.6% 3.0%
Operating Expense 1,355.1 1,638.5 1,852.0 1,995.1 2,111.7 2,175.1
Margin 97.8% 98.3% 95.4% 94.7% 96.7% 96.7%
Less: Estimated Public Company Expenses 1.0 2.0 2.0 2.0 2.0 2.0
------------ ------------ ------------ ----------- ------------ ------------
EBIT 31.0 30.2 91.7 114.0 73.1 75.2
Margin 2.2% 1.8% 4.7% 5.4% 3.3% 3.3%
Adjusted EBIT for Loss on L1011s 31.0 49.6 126.6 125.8 73.1 75.2
Margin 2.2% 3.0% 6.5% 6.0% 3.3% 3.3%
EBITDA 159.9 182.6 227.1 206.1 147.1 151.5
Margin 11.5% 11.0% 11.7% 9.8% 6.7% 6.7%
EBITDAR 270.0 392.3 482.6 481.2 436.3 464.5
Margin 19.9% 23.9% 26.1% 24.1% 20.7% 20.7%
Debt Interest Expense 28.7 31.4 32.0 28.2 24.3 19.0
Cash Interest Income 4.5 5.6 9.9 13.5 15.2 15.0
Other 0.3 0.0 0.0 0.0 0.0 0.0
------------ ------------ ------------ ----------- ------------ ------------
Pre-tax Income 6.5 4.4 69.7 99.3 64.0 71.2
Income Taxes @ Effective Case Rate 3.4 3.0 28.4 39.2 25.6 28.5
------------ ------------ ------------ ----------- ------------ ------------
Net Income before dividends 3.1 1.4 41.3 60.1 38.4 42.7
Preferred Convertible Stock Dividends (1) 1.5 1.5 1.5 1.5 1.6 1.8
Preferred Stock Dividends 4.2 4.2 4.2 4.2 4.2 4.2
------------ ------------ ------------ ----------- ------------ ------------
Net Income ($2.6) ($4.4) $35.5 $54.4 $32.6 $36.8
- ------------------------
(1) Preferred stock dividend rate is 5.66% for the first 4 years after the
tranasction, and then 6.5% thereafter
June 2001 - Management Base Case
------------------------------
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- --------------------------------------------------------------------------------
-53-
================================================================================
--------------------------
EPS Implied Share Price
Analysis
--------------------------
------------------------------
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- --------------------------------------------------------------------------------
-54-
EPS Implied Share Price Analysis
Implied Share Prices - EPS Analysis June 2001 - Management Base Case
================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
EARNINGS PER SHARE
- ------------------------------------------------------------------------------------------------------------------------------------
Year 2003E 2004E 2005E
EPS Est. (1) $3.37 $5.30 $3.74
------------ -------- ------------ ------------
- -----------
8.0x $26.93 $42.42 $29.91 Undiscounted Share Price
18.99 26.01 15.95 Discounted @ 15.0%
17.99 24.13 14.48 Discounted @ 17.5%
P/E 17.07 22.41 13.17 Discounted @ 20.0%
9.0x $30.29 $47.73 $33.65 Undiscounted Share Price
21.36 29.26 17.94 Discounted @ 15.0%
20.24 27.14 16.29 Discounted @ 17.5%
19.20 25.21 14.81 Discounted @ 20.0%
Multiple 10.0x $33.66 $53.03 $37.39 Undiscounted Share Price
23.73 32.51 19.93 Discounted @ 15.0%
22.49 30.16 18.10 Discounted @ 17.5%
21.34 28.01 16.46 Discounted @ 20.0%
11.0x $37.02 $58.33 $41.13 Undiscounted Share Price
26.11 35.77 21.93 Discounted @ 15.0%
24.74 33.17 19.91 Discounted @ 17.5%
Range 23.47 30.82 18.11 Discounted @ 20.0%
12.0x $40.39 $63.64 $44.87 Undiscounted Share Price
28.48 39.02 23.92 Discounted @ 15.0%
26.99 36.19 21.72 Discounted @ 17.5%
25.60 33.62 19.75 Discounted @ 20.0%
- ------------------------------------------------------------------------------------------------------------------------------------
Note: All figures discounted to July 1, 2001
------------------------------
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- --------------------------------------------------------------------------------
-55-
EPS Implied Share Price Analysis
June 2001 - Management Base Case with Maintenance Adjustment
Implied Share Prices - EPS Analysis
================================================================================
- ------------------------------------------------------------------------------------------------------------------------------------
EARNINGS PER SHARE
- ------------------------------------------------------------------------------------------------------------------------------------
Year 2003E 2004E 2005E
EPS Est. (1) $1.87 $4.25 $3.14
------------ ---------- ------------ ------------
- -----------
8.0x $15.00 $34.01 $25.15 Undiscounted Share Price
10.57 20.86 13.41 Discounted @ 15.0%
10.02 19.34 12.17 Discounted @ 17.5%
P/E 9.51 17.97 11.07 Discounted @ 20.0%
9.0x $16.87 $38.27 $28.30 Undiscounted Share Price
11.90 23.46 15.09 Discounted @ 15.0%
11.27 21.76 13.69 Discounted @ 17.5%
10.70 20.22 12.46 Discounted @ 20.0%
Multiple 10.0x $18.75 $42.52 $31.44 Undiscounted Share Price
13.22 26.07 16.76 Discounted @ 15.0%
12.53 24.18 15.22 Discounted @ 17.5%
11.88 22.46 13.84 Discounted @ 20.0%
11.0x $20.62 $46.77 $34.58 Undiscounted Share Price
14.54 28.68 18.44 Discounted @ 15.0%
13.78 26.60 16.74 Discounted @ 17.5%
Range 13.07 24.71 15.23 Discounted @ 20.0%
12.0x $22.49 $51.02 $37.73 Undiscounted Share Price
15.86 31.28 20.12 Discounted @ 15.0%
15.03 29.02 18.26 Discounted @ 17.5%
14.26 26.95 16.61 Discounted @ 20.0%
- ------------------------------------------------------------------------------------------------------------------------------------
Note: All figures discounted to July 1, 2001
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-56-
================================================================================
--------------------------
Premiums Analysis
--------------------------
------------------------------
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- --------------------------------------------------------------------------------
-57-
Premiums Analysis
Premiums Analysis: Minority Close-Outs
================================================================================
% Stock Premium Before
Announcement Date (1)
Date Transaction -----------------------
Announced Target Acquiror Value ($MM) 1 Day 1 Week 4 Weeks
- -------------- ------------------------------------- --------------------------------- ---------------- ------ ------ ------
12/29/00 Berlitz International Benesse Corp. $105.0 81% 78% 87%
10/27/00 Azurix Corp. Enron Corp. 330.1 135% 135% 134%
09/21/00 Hertz Corp. Ford Motor Co. 706.5 46% 43% 12%
07/07/00 Life Technologies Inc. (Dexter) Invitrogen Corp. 401.7 22% 22% 20%
04/24/00 Cherry Corp. Investor Group 183.2 103% 109% 70%
03/21/00 Travelers Property Casualty Citigroup Inc. 2,423.0 23% 38% 34%
02/22/00 IXnet Inc. (IPC Information) Global Crossing Ltd. 2,694.0 18% 23% 26%
01/31/00 Thermo BioAnalysis Thermo Instrument Systems Inc. 592.4 51% 56% 53%
01/19/00 Trigen Energy Corp. Elyo (Suez Lyonnaise des Eaux) 296.2 38% 42% 32%
11/12/99 Howmet International Inc. Cordant Technologies Inc. 1,700.5 21% 19% 38%
10/21/99 Student Loan Corporation Citigroup Inc. 900.0 11% 12% 1%
04/01/99 Aqua Alliance Inc. Vivendi SA 562.8 29% 19% 102%
03/24/99 Knoll Inc. Warburg, Pincus Ventures Inc. 1,154.2 84% 52% 46%
03/21/99 Spelling Entertainment Group Viacom Inc. (Nat'l Amusements) 927.1 8% 43% 54%
10/27/98 Citizens Corp. (Hanover Ins. Co) Allmerica Financial Corp. 1,165.0 21% 17% 21%
10/22/98 BA Merchant Svcs. Bank of America National Trust 1,003.6 47% 56% 42%
07/17/98 West Teleservices Corp. Investor Group 981.6 26% 29% 23%
07/07/98 Life Technologies Inc. Dexter Corp. 924.1 25% 25% 19%
04/30/98 Mycogen Corp. Dow AgroSciences (Dow Chemical) 1,067.3 42% 40% 52%
03/27/98 Int'l Specialty Products ISP Holdings Inc. 1,789.6 4% 2% 15%
03/17/98 BET Holdings Inc. Investor Group 717.2 54% 58% 58%
03/02/98 Coleman Co. Inc. Sunbeam Corp. 1,653.7 44% 59% 121%
01/22/98 BT Office Products Int'l Inc. Koninklijke KNP BT NV 460.2 33% 79% 79%
09/18/97 Guaranty National Corp. Orion Capital Corp. 554.2 11% 24% 28%
06/20/97 Wheelabrator Technologies Inc. Waste Management Inc. 2,671.5 27% 28% 31%
06/02/97 Acordia Inc. Anthem Inc. 540.0 13% 11% 26%
05/16/97 Riviera Holdings Corp. R&E Gaming Corp. 73.7 18% 17% 8%
05/14/97 Enron Global Power & Pipelines Enron Corp. 884.7 12% 14% 20%
05/05/97 Florida East Coast Industries Inc. St. Joe Paper Co. 923.3 15% 17% 10%
02/25/97 Fina Inc. Petrofina SA 1,754.0 20% 19% 22%
02/20/97 NHP Inc. Apartment Investment & Mgmt. Co. 254.6 28% 25% 17%
01/28/97 Calgene Inc. Monsanto Co. 485.7 62% 60% 60%
---------------------------------------------------------------------------
Median 26% 29% 31%
Amtran Implied Price Per Share $11.95 $12.06 $13.46
---------------------------------------------------------------------------
- --------------------------
Note: Universe reflects transaction sizes of between $100MM and $3BN since 1997
for which a 50% or greater owner closed out the remaining public stake of target
(1) Reflects premium of final per share bid over closing prices just prior to
initial bid announcement date
------------------------------
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- 58 -