         VALUE OF A RIGHT                                                       
                                                                                
THE PRIVILEGE OF A STOCKHOLDER TO SUBSCRIBE AT A STATED PRICE                   
TO NEW ISSUES OF COMMON STOCKS IN PROPORTION TO HIS PRESENT                     
HOLDINGS IS A RIGHT OR STOCK RIGHT. THIS PRIVILEGE IS                           
GENERALLY OFFERED FOR A VERY LIMITED PERIOD. DURING THIS                        
PERIOD MAY EXERCISE HIS OFFER OR HE MAY SELL THE RIGHT TO                       
ANOTHER INVESTOR. WHEN THE RIGHTS OFFERING IS ANNOUNCED THE                     
BOARD OF DIRECTORS ESTABLISHES A CUTOFF DATE. ANYONE WHO                        
PURCHASES THE STOCK BEFORE THAT DATE RECEIVES RIGHTS FOR THE                    
NEW ISSUE. THE STOCK IS THEN SAID TO SELL RIGHTS-ON. AFTER                      
THE CUTOFF DATE NEW PURCHASERS OF THE STOCK DO NOT GET THE                      
RIGHT AND THE STOCK IS TRADED EX-RIGHTS.                                        
                                                                                
PRESS ENTER TO CONTINUE?                                                        
GIVEN THE MARKET VALUE OF 1 SHARE OF STOCK SELLING RIGHTS-ON,                   
THE SUBSCRIPTION PRICE PER SHARE, AND THE NUMBER OF RIGHTS                      
REQUIRED TO PURCHASE ONE SHARE OF STOCK THIS PROGRAM WILL                       
COMPUTE THE MARKET VALUE OF 1 RIGHT WHEN THE STOCK IS SELLING                   
RIGHTS-ON, THE THEORETICAL VALUE OF ONE SHARE OF STOCK WHEN                     
IT GOES EX-RIGHTS, AND THE THEORETICAL VALUE OF 1 RIGHT                         
WITH THE STOCK SELLING EX-RIGHTS.                                               
                                                                                
PRESS ENTER TO BEGIN?                                                           
ENTER MARKET VALUE OF 1 SHARE RIGHTS-ON? 1223.45                                
ENTER SUBSCRIPTION PRICE PER SHARE     ? 22.44                                  
ENTER # RIGHTS NEEDED TO BUY 1 SHARE   ? 55                                     
                                                                                
                                                                                
MARKET VALUE OF 1 RIGHT - RIGHTS-ON        21.4466                              
THEORETICAL VALUE OF 1 SHARE EX-RIGHTS     1202.                                
THEORETICAL VALUE OF 1 RIGHT EX-RIGHTS     21.4466                              
                                                                                
PRESS ENTER FOR MORE COMPUTATION? -1                                            
