         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
