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Distribution Adjustment Example

*with stock split*

Symbol: TCI from starting date:  01/02/96   to last date in the database: 12/31/96.

BP= 15.03%    First CP= $14.750    Last CP = $11.000
X-Date of Distribution Closing Price Distribution Amount Split Ratio
12/11/96 $10.250 0.070 1.0
9/11/96 $10.000 0.070 1.0
6/12/96 $9.750 0.070 1.0
3/13/96 $10.000 0.070 1.0
3/4/96 $10.000 --- 1/1.50

For each of the 5 lines above, the calculations are,
AdjFactor(1) = Split Ratio(1) * [ Closing Price(1) / (Closing Price(1) + Distribution Amount(1) ) ]
AdjFactor(1) =  1.0 * [ $10.250 / ($10.250 + 0.070) ]
AdjFactor(1) = .993217
AdjFactor(2) = Split Ratio(2) * [ Closing Price(2) / (Closing Price(2) + Distribution Amount(2) ) ]
AdjFactor(2) =  1.0 * [ $10.000 / ($10.000 + 0.070) ]
AdjFactor(2) = .993049
AdjFactor(3) = Split Ratio(3) * [ Closing Price(3) / (Closing Price(3) + Distribution Amount(3) ) ]
AdjFactor(3) =  1.0 * [ $10.250 / ($10.250 + 0.070) ]
AdjFactor(3) = .993217
AdjFactor(4) = Split Ratio(4) * [ Closing Price(4) / (Closing Price(4) + Distribution Amount(4) ) ]
AdjFactor(4) =  1.0 * [ $10.000 / ($10.000 + 0.070) ]
AdjFactor(4) = .993049
AdjFactor(5) = Split Ratio(5) * [ Closing Price(5) / (Closing Price(5) + Distribution Amount(5) ) ]
AdjFactor(5) =  1/1.5 * [ $10.000 / $10.000 ]
AdjFactor(5) = .993217
Product of All Adjustment Factors(PofAll) = AdjFactor(1) * AdjFactor(2) * AdjFactor(3) *  AdjFactor(etc..)
PofAll = .993217 * .993049 * .992872 * .993049 * .666667
PofAll = 0.648317
Adjusted1stPrice = First CP * PofAll
Adjusted1stPrice = $14.750 * 0.648317
Adjusted1stPrice = $9.562669

Total Return recorded as BP

[(Last CP - Adj1stPrice) / Adj1stPrice] * 100 =               %   <===== RESULT
[($11.000 -   $9.562669) /   $9.562669] * 100 =   15.03137%