EX-2 4 g78608exv2.txt PRESENTATION TO ORIOLE HOMES CORP. Exhibit 2 Valuation Oriole Homes Corporation -------------------------------------------------------------------------------- Company Summary: (Amounts in thousands except per share data or where otherwise noted) General Information: Date: 9-Sep-02 Company: Oriole Homes Corporation Ticker: OHC Common Stock Class A (OHCa) Most Recent Price $ 4.20 Fully Diluted Shares Outstanding 1,863 Common Stock Class B (OHCb) Most Recent Price $ 4.15 Fully Diluted Shares Outstanding 2,772 ---------- Market Capitalization $ 19,331 ========== 06/30/2002 ---------- Shareholders' Equity $ 33,162 Basic Shares Outstanding 4,636 Fully Diluted Shares Outstanding 4,636 ---------- Basic Book Value per Share $ 7.15 Fully Diluted Book Value Per Share 7.15 ----------
VFINANCE INVESTMENTS, INC. STRICTLY CONFIDENTIAL Page 1 Valuation Oriole Homes Corporation -------------------------------------------------------------------------------- Valuation Analysis: Summary (Amounts in thousands except per share data or where otherwise noted) Summary of Discounted Cash Flow Analysis:
Low Median High ------------------------------------------------------------------------------- $ 12,588 $ 16,041 $ 20,249
Summary of Comparable Companies Analysis:
Low Median High ------------------------------------------------------------------------------- $ 31,397 $ 34,885 $ 38,374
Summary of Comparable Transactions Analysis:
Low Median High ------------------------------------------------------------------------------- $ 7,405 $ 19,487 $ 34,779
Summary of Liquidation Analysis:
Low Median High ------------------------------------------------------------------------------- $ 18,205 $ 23,597 $ 30,384
VFINANCE INVESTMENTS, INC. STRICTLY CONFIDENTIAL Page 2 Valuation Oriole Homes Corporation -------------------------------------------------------------------------------- Valuation Analysis: Summary (Amounts in thousands except per share data or where otherwise noted) 4 Valuation Methodologies:
Low Median High -------------------------------------------------------------- 1. Summary DCF $ 12,588 $ 16,041 $ 20,249 2. Summary of Comparables Analysis 31,397 34,885 38,374 3. Summary of Comparable Transactions Analysis 7,405 19,487 34,779 4. Summary of Liquidation Analysis 18,205 23,597 30,384
SUMMARY;
--------------------------------------------------------------------------------------------------------------- Low Median High ------------------------------------------------------ Value based on 4,635,524 shares outstanding $ 17,399 $ 23,503 $ 30,946 Price per share $ 3.75 $ 5.07 $ 6.68 ---------------------------------------------------------------------------------------------------------------
VFINANCE INVESTMENTS, INC. STRICTLY CONFIDENTIAL Page 3 Valuation Oriole Homes Corporation -------------------------------------------------------------------------------- Discounted Cash Flow Analysis: (Amounts in thousands except per share data or where otherwise noted)
Projected Income Statements: Fiscal Year Ending, December 31 -------------------------------------------------------------- 2002 2003 2004 2005 -------------------------------------------------------------- Revenues 105,270 $ 48,024 $ 14,443 $ 11,617 Growth rate n.a. -54.4% -69.9% -19.6% Cost of revenues $ 93,050 $ 36,264 $ 10,577 $ 8,739 -------------------------------------------------------------- Gross profit 12,220 11,760 3,866 2,878 Gross margin 11.6% 24.5% 26.8% 24.8% Operating expenses $ 13,589 $ 7,105 $ 2,908 $ 2,659 -------------------------------------------------------------- Operating income (1,369) 4,656 958 219 % of revenue -1.3% 9.7% 6.6% 1.9% Other (Income) expense Interest (income) $ -- $ -- $ -- $ -- Interest expense 2,435 566 259 213 Other (income) expense 1,217 200 - - -------------------------------------------------------------- Total (income) expense 3,652 766 259 213 Taxes -- -- -- -- -------------------------------------------------------------- Net income $ (5,021) $ 3,890 $ 699 $ 7 ============================================================== % of revenue -4.8% 8.1% 4.8% 0.1%
VFINANCE INVESTMENTS, INC. STRICTLY CONFIDENTIAL Page 4 Valuation Oriole Homes Corporation -------------------------------------------------------------------------------- Discounted Cash Flow Analysis: (Amounts in thousands except per share data or where otherwise noted) Unlevered Free Cash Flow Analysis:
Fiscal Year Ending, December 31 --------------------------------------------------------------- 2002 2003 2004 2005 --------------------------------------------------------------- Net Income $ (5,021) $ 3,890 $ 699 $ 7 Plus Depreciation 1,778 503 277 299 Plus Income Taxes -- -- -- -- Less CAPEX -- (600) -- -- Other income 1,952 4,048 -- -- Changes in Working Capital (21,931) 12,965 2,630 2,797 --------------------------------------------------------------- Unlevered Free Cash Flow (23,222) 20,807 3,605 3,103
VFINANCE INVESTMENTS, INC. STRICTLY CONFIDENTIAL Page 5 Valuation Oriole Homes Corporation -------------------------------------------------------------------------------- Discounted Cash Flow Analysis: (Amounts in thousands except per share data or where otherwise noted)
Discount Rate Present value of unlevered free cash flow (1) $ (315) 15.0% Present value of terminal value (2) 20,564 -------- Present value of enterprise $ 20,249 Present value of unlevered free cash flow (1) $ (741) 17.0% Present value of terminal value (2) 19,194 -------- Present value of enterprise $ 18,453 Present value of unlevered free cash flow (1) $ (1,134) 19.0% Present value of terminal value (2) 17,936 -------- Present value of enterprise $ 16,801 Present value of unlevered free cash flow (1) $ (1,498) 21.0% Present value of terminal value (2) 16,779 -------- Present value of enterprise $ 15,281 Present value of unlevered free cash flow (1) $ (1,834) 23.0% Present value of terminal value (2) 15,714 -------- Present value of enterprise $ 13,880 Present value of unlevered free cash flow (1) $ (2,144) 25.0% Present value of terminal value (2) 14,732 -------- Present value of enterprise $ 12,588 (1) Free Cash Flow Forecast Period is CY 2001 - CY 2005 (2) Terminal Value is based on cash at the end of 2005 $ 35,967 --------
VFINANCE INVESTMENTS, INC. STRICTLY CONFIDENTIAL Page 6 Valuation Oriole Homes Corporation -------------------------------------------------------------------------------- Summary Discounted Cash Flow Analysis: (Amounts in thousands except per share data or where otherwise noted)
---------------------------------------------------- Low Median High ---------------------------------------------------- Equity Value $ 12,588 $ 16,041 $ 20,249 Price per Share $ 2.72 $ 3.46 $ 4.37 ----------------------------------------------------
VFINANCE INVESTMENTS, INC. STRICTLY CONFIDENTIAL Page 7 Valuation Oriole Homes Corporation -------------------------------------------------------------------------------- Comparables Companies Analysis: (Amounts in thousands, except per share data and where otherwise noted)
Stock Market P/E Ratio Ticker Price % of Market(a) to Book ------------------- Company Symbol 8/26/02 High Value Value 2002 E 2003 E -------------------------------------------------------------------------------------------------------------------- Meritage Corporation MTH $ 38.00 81% $ 517,558 2.7x 7.6x 6.4x William Lyons Homes WLS 22.17 74% 227,398 1.5x n.a. n.a. Technical Olympic USA TOUS 16.23 88% 186,634 1.2x n.a. n.a. Dominion Homes DHOM 20.68 79% 172,928 2.0x 7.5x 7.1x Orleans Homebuilders OHB 7.60 76% 95,021 1.7x n.a. n.a. Capital Pacific Holdings CPH 4.14 78% 62,375 0.6x n.a. n.a.
Company Value to ---------------------------------------- Company(b) LTM LTM LTM Net Company Value Revenue EBITDA EBIT Assets ------------------------------------------------------------------------------------------- Meritage Corporation $ 727,484 0.91x 8.3x 8.9x 1.8x William Lyons Homes 484,701 1.00x 19.3x 21.2x 1.2x Technical Olympic USA 269,881 0.44x 6.4x 7.1x 1.1x Dominion Homes 311,091 0.73x 6.9x 7.3x 1.4x Orleans Homebuilders 219,163 0.62x 8.1x 8.2x 1.2x Capital Pacific Holdings 194,020 0.73x 5.4x 5.5x 0.8x
---------------------------------------------------------------------------------------------- Mean 79% 1.6x n.a. n.m. Median 79% 1.6x n.a. n.m. Low 74% 0.6x ---------------------------------------------------------------------------------------------- Oriole Homes Corp. OHC 4.15 97% $ 19,373 0.6x n.a. n.a. $ 18,045 -------------------------------------------------------------------------------------------------------------------------------- Discount of Low vs. Median -5% -61% --------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------- Mean 0.74x 9.1x 9.7x 1.3x Median 0.73x 7.5x 7.8x 1.2x Low 0.44x 5.4x 5.5x 0.8x -------------------------------------------------- Oriole Homes Corp. OHC 0.12x n.m. n.m. 0.6x ------------------------------------------------------------------------------------ Discount of Low vs. Median -40% -28% -30% -30% ------------------------------------------------------------------------------------
-------------------------------------------------------------------------------- (a) Considers fully diluted outstanding shares including possible conversion of debt and preferred stock (b) Company value is calculated by adding debt and subtracting cash from the market value (market cap). -------------------------------------------------------------------------------- VFINANCE INVESTMENTS, INC. STRICTLY CONFIDENTIAL Page 8 Valuation Oriole Homes Corporation -------------------------------------------------------------------------------- Comparables Companies Analysis: (Amounts in thousands except per share data or where otherwise noted)
FYE(a) Six Months Ended, LTM ---------- -------------------------- ---------- 12/31/2001 6/30/2002 6/30/2001 6/30/2002 ---------- -------------------------- ---------- Revenue: Sales of homes $ 140,029 $ 66,352 $ 52,042 $ 154,340 Sales of land 15 11 -- 26 Other -- -- -- -- Gain on sales of PPE 105 4 96 14 Gain on sales of land -- -- -- -- Interest, rentals and other income 2,615 754 1,103 2,266 --------- -------- -------- --------- Total revenue 142,765 67,120 53,240 156,645 Costs and expenses: Cost of homes 128,461 61,276 47,470 142,267 Inventory valuation adjustments -- -- -- -- Cost of land sold 6 10 -- 17 Loss on joint ventures investments -- -- -- -- Costs relating to other operating income 10 -- 5 5 Selling, general and administrative expenses 17,281 8,215 8,041 17,455 --------- -------- -------- --------- Total expenses 145,758 69,502 55,515 159,745 --------- -------- -------- --------- EBIT (2,994) (2,381) (2,275) (3,100) --------- -------- -------- --------- Total Other (Income) Expenses -- -- -- -- --------- -------- -------- --------- EBT (2,994) (2,381) (2,275) (3,100) ========= ======== ======== ========= % of revenue -2.1% -3.5% -4.3% -2.0% Extraordinary loss (572) (261) -- (833) --------- -------- -------- --------- Net Income (3,566) (2,642) (2,275) (3,933) ========= ======== ======== ========= % of revenue -2.5% -3.9% -4.3% -2.5% EBIT (2,994) (2,381) (2,275) (3,100) Depreciation and amortization 1,805 1,454 366 2,892 --------- -------- -------- --------- EBITDA (1,189) (927) (1,909) (208) ========= ======== ======== ========= % of revenue -0.8% -1.4% -3.6% -0.1%
-------------------- (a) FYE stands for fiscal year ending. VFINANCE INVESTMENTS, INC. STRICTLY CONFIDENTIAL Page 9 Valuation Oriole Homes Corporation -------------------------------------------------------------------------------- Comparables Companies Analysis: (Amounts in thousands except per share data or where otherwise noted)
Actual ---------- ASSETS: 6/30/2002 ---------- Cash and cash equivalents: Unrestricted cash 9,551 Restricted cash 2,583 -------- 12,135 Inventories Land 17,267 Homes completed or under construction 14,987 Model homes 1,013 -------- 33,267 Property and equipment, at cost Land 82 Buildings 457 Furniture, fixtures and equipment 1,882 -------- 2,421 Less accumulated depreciation 1,817 -------- Net PPE 604 Land held for investment, at cost -- Investment in unconsolidated joint venture 5,739 Other Prepaid expenses 762 Unamortized financing costs 187 Other assets 1,736 -------- 2,685 -------- Total assets $ 54,430 ======== LIABILITIES AND SHAREHOLDERS' EQUITY: Liabilities: Line of credit -- Mortgage notes payable 8,224 Accounts payable and accrued liabilities 6,728 Customer deposit 6,316 Senior notes -- -------- Total liabilities 21,268 Total shareholders' equity 33,162 -------- Total liabilities and shareholders' equity $ 54,430 ======== balance check==> --
VFINANCE INVESTMENTS, INC. STRICTLY CONFIDENTIAL Page 10 Valuation Oriole Homes Corporation -------------------------------------------------------------------------------- Comparables Companies Analysis: (Amounts in thousands except per share data and where otherwise noted) Liquidity: Last Twelve Months Trading Volume (shares) 903 Last Three Months Trading Volume (shares) 326 Oriole shares outstanding 4,636
Source: Yahoo Finance as of September 9, 2002
Valuation at Peers' Multiples ------------------------------------------------------------------------------------------- Year to Date Company Equity Data Multiple Value Cash Debt Value ------------------------------------------------------------------------------------------- Revenue $ 156,645 0.73x $ 114,216 $ 9,551 (8,224) $ 115,543 EBITDA (208) 7.5x n.m. 9,551 (8,224) n.m. EBIT (3,100) 7.8x n.m. 9,551 (8,224) n.m. Book value of net assets 31,835 1.2x 38,470 9,551 (8,224) 39,797 Book value of equity 33,162 1.6x 52,645 9,551 (8,224) 53,972 ---------------------------------------------------- Mean $ 69,771 ----------------------------------------------------
Discount Value Per share --------------------------------------- High 45.0% $ 38,374 $ 8.22 Median 50.0% 34,885 $ 7.47 Low 55.0% 31,397 $ 6.73
VFINANCE INVESTMENTS, INC. STRICTLY CONFIDENTIAL Page 11 Valuation Oriole Homes Corporation Analysis of Selected Transactions: (Amounts in thousands, except per share data and where otherwise noted)
Announcement Target Company Equity Date Status Company Description Value Value Revenue ---- ------ ------- ----------- ----- ----- ------- 6/22/02 Completed Fortress Group Operative Builders $ 151,519 $ 50,700 $ 280,234 4/17/02 Completed Crossman Communities Operative Builders 590,354 486,200 798,356 1/19/02 Completed Rottlund Co., Inc. Operative Builders 89,917 54,069 257,653 5/10/01 Completed Hancock Communities LLC Construction Services 69,700 67,800 183,651 10/12/00 Completed Engle Homes, Inc. Operative Builders 412,600 215,000 977,794 9/12/00 Completed Western Pacific Housing Development Operative Builders 470,500 162,700 535,019 8/28/00 Completed Washington Homes Operative Builders 104,000 81,900 486,833 1/31/00 Completed Writer Corp. Operative Builders 49,800 27,900 87,455
Company Value Equity Value ------------- ------------ Announcement Target Book Date Status Company EBITDA Value Revenue EBITDA Book Value ---- ------ ------- ------- ----- ------- ------ ---------- 6/22/02 Completed Fortress Group $19,741 $ 189,985 0.54x 7.7x 0.3x 4/17/02 Completed Crossman Communities 87,396 264,407 0.74x 6.8x 1.8x 1/19/02 Completed Rottlund Co., Inc. 40,404 52,145 0.35x 2.2x 1.0x 5/10/01 Completed Hancock Communities LLC n.a. 53,200 0.38x n.a. 1.3x 10/12/00 Completed Engle Homes, Inc. 103,856 207,531 0.42x 4.0x 1.0x 9/12/00 Completed Western Pacific Housing Development 74,800 118,900 0.88x 6.3x 1.4x 8/28/00 Completed Washington Homes 32,832 82,955 0.21x 3.2x 1.0x 1/31/00 Completed Writer Corp. 6,604 24,652 0.57x 7.5x 1.1x
High 0.88x 7.7x 1.8x Median 0.48x 6.3x 1.1x Low 0.21x 2.2x 0.3x ---- --- --- -56% -65% -75% ---- --- --- Discount low vs. median
Transactions Equity Value ------------------------------------- ------------------------- TTM Sales TTM Sales --------- ------------------------- High 0.88x High $ 137,755 Median 0.48x Median 75,398 Low 0.21x Low 33,463
Transactions Equity Value TTM Book Value TTM Book Value ----------------------------------- ------------------------- High 1.8x High $ 60,980 Median 1.1x Median 35,959 Low 0.3x Low 8,850
LOW MEDIAN HIGH -------- -------- -------- Equity Value $ 21,157 $ 55,678 $ 99,367 Price per Share $ 4.56 $ 12.01 $ 21.44 Discount rate 65% $ 7,405 $ 19,487 $ 34,779 $ 1.60 $ 4.20 $ 7.50
VFINANCE INVESTMENTS, INC. STRICTLY CONFIDENTIAL Page 12 Valuation Oriole Homes Corporation Discounted Cash Flow Analysis: Liquidation (Amounts in thousands except per share data or where otherwise noted)
PROJECTED INCOME STATEMENTS: Fiscal Year Ending, December 31 ------------------------------- 2002 2003 --------- --------- Revenues $ 105,270 $ 29,419 Growth rate n.a. -72.1% Cost of revenues $ 93,050 $ 21,622 --------- --------- Gross profit 12,220 7,796 Gross margin 11.6% 26.5% Operating expenses $ 13,589 $ 5,090 --------- --------- Operating income (1,369) 2,706 % of revenue -1.3% 9.2% Other (Income) expense Interest (income) $ -- $ -- Interest expense 2,435 417 Other (income) expense 1,217 2,995 --------- --------- Total (income) expense 3,652 3,413 Taxes -- -- --------- --------- Net income $ (5,021) $ (706) ========= ========= % of revenue -4.8% -2.4%
VFINANCE INVESTMENTS, INC. STRICTLY CONFIDENTIAL Page 15 Valuation Oriole Homes Corporation Discounted Cash Flow Analysis: Liquidation (Amounts in thousands except per share data or where otherwise noted) UNLEVERED FREE CASH FLOW ANALYSIS:
Fiscal Year Ending, December 31 ------------------------------- 2002 2003 -------- -------- Net Income $ (5,021) $ (706) Plus Depreciation 1,778 603 Plus Income Taxes -- -- Other income 26 3,948 Changes in Working Capital (17,913) 11,702 -------- -------- UNLEVERED FREE CASH FLOW (21,130) 15,546
VFINANCE INVESTMENTS, INC. STRICTLY CONFIDENTIAL Page 16 Valuation Oriole Homes Corporation Discounted Cash Flow Analysis: Liquidation (Amounts in thousands except per share data or where otherwise noted)
DISCOUNT RATE ---- Present value of unlevered free cash flow (1) $ (5,583) 0.0% Present value of terminal value (2) 35,967 -------- Present value of enterprise $ 30,384 Present value of unlevered free cash flow (1) $ (5,773) 2.0% Present value of terminal value (2) 33,228 -------- Present value of enterprise $ 27,455 Present value of unlevered free cash flow (1) $ (5,943) 4.0% Present value of terminal value (2) 30,745 -------- Present value of enterprise $ 24,801 Present value of unlevered free cash flow (1) $ (6,097) 6.0% Present value of terminal value (2) 28,489 -------- Present value of enterprise $ 22,392 Present value of unlevered free cash flow (1) $ (6,236) 8.0% Present value of terminal value (2) 26,437 -------- Present value of enterprise $ 20,201 Present value of unlevered free cash flow (1) $ (6,361) 10.0% Present value of terminal value (2) 24,566 -------- Present value of enterprise $ 18,205 (1) Free Cash Flow Forecast Period is CY 2001 - CY 2003 (2) Terminal Value is based on cash at the end of 2003 $ 28,667 ========
VFINANCE INVESTMENTS, INC. STRICTLY CONFIDENTIAL Page 17 Valuation Oriole Homes Corporation Summary Discounted Cash Flow Analysis: Liquidation (Amounts in thousands except per share data or where otherwise noted)
LOW MEDIAN HIGH ---------- ---------- ---------- Equity Value $ 18,205 $ 23,597 $ 30,384 Price per Share $ 3.93 $ 5.09 $ 6.55
vFinance INVESTMENTS, INC. STRICTLY CONFIDENTIAL Page 18 Oriole Homes Corporation Trading Information:
DATE OPEN HIGH LOW CLOSE VOLUME ---- ---- ---- --- ----- ------ 5-Sep-02 4.25 4.25 4.25 4.25 2500 4-Sep-02 4.25 4.3 4.25 4.3 200 3-Sep-02 4.25 4.25 4.15 4.2 3500 29-Aug-02 4.35 4.35 4.35 4.35 3300 28-Aug-02 4.3 4.4 4.3 4.4 1100 27-Aug-02 4.3 4.3 4.3 4.3 5200 26-Aug-02 4.28 4.3 4.28 4.3 7000 21-Aug-02 4.31 4.31 4.21 4.21 1300 20-Aug-02 4.31 4.31 4.31 4.31 1000 Total Volume Last Twelve Months: 903,000 19-Aug-02 4.35 4.35 4.35 4.35 1000 Average Monthly Volume: 75,250 16-Aug-02 4.45 4.45 4.36 4.45 14500 14-Aug-02 4.31 4.58 4.31 4.47 16500 13-Aug-02 3 4.3 3 4.21 15400 12-Aug-02 3 3 3 3 500 9-Aug-02 3 3 3 3 2700 8-Aug-02 2.91 2.91 2.91 2.91 100 7-Aug-02 2.95 2.95 2.95 2.95 100 6-Aug-02 2.9 3 2.9 3 4400 1-Aug-02 2.95 3 2.95 3 4100 31-Jul-02 3.3 3.3 2.85 2.85 18800 26-Jul-02 3.26 3.3 3.26 3.26 10000 24-Jul-02 3.4 3.4 3.25 3.25 10900 23-Jul-02 3.52 3.52 3.4 3.4 2100 22-Jul-02 3.6 3.6 3.6 3.6 1000 18-Jul-02 3.7 3.7 3.62 3.62 2500 16-Jul-02 3.8 3.9 3.8 3.8 5300 15-Jul-02 3.8 3.8 3.8 3.8 1000 12-Jul-02 3.64 3.85 3.64 3.85 10200 11-Jul-02 3.6 3.6 3.6 3.6 13500 10-Jul-02 3.6 3.6 3.6 3.6 14000 9-Jul-02 3.57 3.6 3.57 3.6 8000 8-Jul-02 3.57 3.57 3.57 3.57 5000 5-Jul-02 3.45 3.5 3.45 3.5 16400 3-Jul-02 3.6 3.6 3.5 3.5 2700 2-Jul-02 3.7 3.7 3.7 3.7 500 1-Jul-02 3.79 3.79 3.79 3.79 100 28-Jun-02 3.38 3.99 3.38 3.8 11100 27-Jun-02 3.1 3.2 3.1 3.2 2200 26-Jun-02 3.1 3.1 3 3 4200 25-Jun-02 3.1 3.1 3.1 3.1 500 24-Jun-02 3 3.15 3 3.15 10000 21-Jun-02 3.1 3.19 3.1 3.1 8000 20-Jun-02 2.9 2.99 2.9 2.99 2600 19-Jun-02 2.92 3 2.92 2.92 8200 18-Jun-02 3 3 3 3 5600 14-Jun-02 2.96 2.96 2.96 2.96 17700 13-Jun-02 2.9 2.9 2.9 2.9 22500 11-Jun-02 2.9 2.9 2.9 2.9 22000 10-Jun-02 2.8 2.8 2.8 2.8 2000 6-Jun-02 2.9 2.9 2.9 2.9 2500 30-May-02 2.82 2.82 2.82 2.82 400 29-May-02 2.82 2.82 2.82 2.82 1000 28-May-02 2.85 2.92 2.75 2.92 6000 24-May-02 2.95 2.95 2.95 2.95 200 23-May-02 3 3 3 3 400 22-May-02 3 3 3 3 3000 21-May-02 2.96 2.96 2.9 2.9 38600 20-May-02 2.96 2.96 2.96 2.96 10500 17-May-02 3.01 3.1 2.97 3.06 19200 16-May-02 2.9 3 2.82 3 24600 15-May-02 2.95 3.1 2.95 2.97 30000 14-May-02 2.95 2.95 2.95 2.95 1500 13-May-02 2.8 2.9 2.8 2.9 4000
9-May-02 2.75 2.75 2.75 2.75 100 6-May-02 2.8 2.8 2.8 2.8 3000 3-May-02 2.75 2.8 2.75 2.8 11500 2-May-02 2.75 2.75 2.75 2.75 5000 30-Apr-02 2.8 2.8 2.75 2.75 4000 29-Apr-02 2.75 2.87 2.7 2.8 16000 26-Apr-02 2.65 2.85 2.6 2.85 10500 25-Apr-02 2.7 2.7 2.65 2.7 5100 24-Apr-02 2.6 2.6 2.6 2.6 1000 23-Apr-02 2.5 2.65 2.5 2.65 4900 22-Apr-02 2.5 2.5 2.4 2.4 800 19-Apr-02 2.6 2.6 2.6 2.6 400 18-Apr-02 2.7 2.7 2.7 2.7 1000 17-Apr-02 2.6 2.6 2.55 2.6 1700 16-Apr-02 2.65 2.65 2.65 2.65 2700 15-Apr-02 2.65 2.7 2.6 2.7 4000 12-Apr-02 2.7 2.8 2.65 2.65 2000 11-Apr-02 2.65 2.65 2.6 2.6 1800 10-Apr-02 2.56 2.75 2.55 2.65 8500 9-Apr-02 2.52 2.52 2.52 2.52 500 8-Apr-02 2.55 2.75 2.55 2.62 3200 5-Apr-02 2.4 2.5 2.35 2.5 4200 4-Apr-02 2.32 2.45 2.32 2.35 6200 3-Apr-02 2.25 2.4 2.25 2.31 8600 2-Apr-02 2.3 2.4 2.2 2.2 3800 1-Apr-02 1.95 2.2 1.95 2.2 8200 25-Mar-02 1.85 2 1.85 1.9 3000 12-Mar-02 1.85 1.85 1.75 1.75 3000 28-Feb-02 1.91 2 1.9 1.95 3900 26-Feb-02 2 2.09 2 2 3000 25-Feb-02 2.05 2.1 2.05 2.1 1500 22-Feb-02 1.9 2.09 1.9 2.05 3500 21-Feb-02 1.9 2 1.9 2 1100 20-Feb-02 2 2 1.9 2 3500 19-Feb-02 1.85 2.05 1.85 1.95 1800 13-Feb-02 1.7 1.9 1.7 1.75 3400 8-Feb-02 1.75 1.8 1.75 1.8 1000 5-Feb-02 1.6 1.75 1.55 1.65 6700 1-Feb-02 1.7 1.7 1.7 1.7 100 31-Jan-02 1.8 1.8 1.8 1.8 3000 15-Jan-02 1.7 1.7 1.7 1.7 700 14-Jan-02 1.8 1.8 1.8 1.8 200 11-Jan-02 1.9 1.9 1.9 1.9 1000 7-Jan-02 2.05 2.05 2 2 700 3-Jan-02 2 2 2 2 1000 2-Jan-02 2 2.2 2 2.1 4000 31-Dec-01 1.75 1.87 1.75 1.85 6700 28-Dec-01 1.67 1.77 1.67 1.75 13500 26-Dec-01 1.6 1.6 1.12 1.57 5400 21-Dec-01 1.7 1.79 1.7 1.7 5200 20-Dec-01 1.7 1.7 1.6 1.6 300 19-Dec-01 1.7 1.75 1.7 1.75 7500 18-Dec-01 1.7 1.7 1.62 1.62 5500 14-Dec-01 1.55 1.75 1.45 1.75 12500 12-Dec-01 1.76 1.76 1.65 1.65 300 11-Dec-01 1.85 1.85 1.85 1.85 2000 6-Dec-01 1.74 1.74 1.74 1.74 1200 5-Dec-01 1.64 1.64 1.64 1.64 2000 4-Dec-01 1.8 1.8 1.5 1.55 11500 3-Dec-01 1.9 1.9 1.5 1.65 14900 30-Nov-01 1.95 1.95 1.9 1.9 4500 29-Nov-01 1.9 1.9 1.8 1.9 5100 28-Nov-01 1.95 1.95 1.95 1.95 2400 27-Nov-01 1.9 1.9 1.8 1.9 2700 26-Nov-01 1.8 1.95 1.8 1.95 1500 19-Nov-01 1.9 1.9 1.9 1.9 1900 16-Nov-01 1.9 1.9 1.9 1.9 2200 15-Nov-01 1.85 1.9 1.85 1.9 1500 14-Nov-01 1.95 1.95 1.75 1.75 8300
13-Nov-01 1.9 1.9 1.85 1.85 1900 12-Nov-01 1.85 1.85 1.85 1.85 2000 9-Nov-01 1.5 1.8 1.5 1.8 5000 8-Nov-01 1.8 1.8 1.45 1.45 16300 7-Nov-01 1.8 1.9 1.8 1.9 3000 6-Nov-01 1.6 1.7 1.5 1.7 3500 5-Nov-01 1.6 1.6 1.5 1.5 2000 2-Nov-01 1.55 1.6 1.5 1.5 6300 1-Nov-01 1.65 1.65 1.45 1.45 4000 31-Oct-01 1.88 1.88 1.5 1.55 15700 29-Oct-01 1.84 1.84 1.84 1.84 1500 26-Oct-01 1.9 1.9 1.75 1.75 4000 25-Oct-01 2 2 1.9 1.9 9600 24-Oct-01 1.95 2 1.95 2 2500 23-Oct-01 1.9 1.9 1.9 1.9 1000 22-Oct-01 1.85 1.85 1.85 1.85 1000 19-Oct-01 1.85 1.85 1.75 1.75 6000 16-Oct-01 1.75 1.75 1.75 1.75 1000 11-Oct-01 1.6 1.7 1.6 1.7 3000 5-Oct-01 1.5 1.5 1.5 1.5 1200 4-Oct-01 1.35 1.44 1.25 1.44 4300 3-Oct-01 1.25 1.45 1.25 1.45 3300 28-Sep-01 1.2 1.25 1.2 1.25 3900 26-Sep-01 1.07 1.07 1.07 1.07 2500 25-Sep-01 1.2 1.2 1.1 1.17 7500 24-Sep-01 1.2 1.2 1.2 1.2 6000 21-Sep-01 1.05 1.05 1.05 1.05 4000 20-Sep-01 1.1 1.12 1.1 1.12 4000 19-Sep-01 1.05 1.05 1 1 9000 18-Sep-01 1.5 1.5 1 1.15 14700 10-Sep-01 1.6 1.6 1.6 1.6 5000