iits;naaiE+

+1:si1E[+3*

Ai1;c v BenlilllXlj

ig

E iiir? iz

1[i i

iiiiiii ti*E

'i[

la ; $pE i

;ezZ*EirE*;

\z*i1ilie'$*

aia:r

iiiiEil Eiasi

iir;;li

igisrii
a i?iiiEiEaii

iir;3ir Fgr:E

iiiE;iiEIi;t=s-rsaElgill

=iiiE?i?

$iiiEili ii=[
iiiielgf fEEgi

s[.J

(t

El

SJ

CN

o'

?
F>

(A

o
a

ljl

[$geEE

=e?ai7+1

r.a
=n.-;iiai
i6z ;.;
+i*3;=

+$FEF$B
*

r[gF$$[rE
EF$EEF

EEi IEg1Bl$e :

i$iFgErE

g*ggggr ggg*grg*E Iiggrggggg

i;gggglg
*EF-[3 **i

rrF6Fg ia**s$t a+cEsrss+

$iIiEE
1H F=H s

ggigrgg

i * iEFi ig i F i FE $ $FgF [$EEi$E' ii i$E$Fg

i*6 B uEgEl$rifig[iFIi$+*fu rE $$rrE F
a[ei*iF iac re
*:;5s $? $;3 es #H rFsEs; aE [$EEltHA E $f A# $lE

Hg[rE $rEE

$ 1s

il

iiEi ESiii!F6+
i;ie?elA+

EB+itlielili
ie
!=
=1
?3,
i^V B8 +#_El?iil= !i/*;s
7=;*;r iEazlTTz EiE
isE il

;{:e1E?}iia.7i
z*
g$ii

;zzll=Hi;*,rg;+rr
1=;6:_';i
.i-,
2=u21?fiZ7=fiCAi
=i'='f
3gr i: =iv a: i 1121 i i;1'e : rs
i-r27zVil2z_;?ur=ii14H''i
Bai=zJ 3i+zi=z=7trE==*-'
21
+E=?ez=7?==
VinuirE=:i?:VA=Z??7';1 i7
ai
i"r" aa'i
i;iilziii:'11:i=1*"t-g
7E
ic
6r?:
s ia aelte;; r i?'t 1t
?i i
i=:
n,a:A?L?[3
axEiPE=
fE
aa
sEi=;
6B
i3-3=;
rE
;.;e6o.sopg
ie't i!
:l: gF 77Ei3=Z='= *iiiEH$7i:1??E;Eii;i
=
= =eb-"l?iZ
7Ev;Es;
Si;=a;=r -=if
af

is
7l =q 7A;-V==iE
F:
i+ ;1
+r
+1 i1?arri
i1F+iii*\
'2,7271g*1ia=,

2
;F
;iiE*i? ;f?!Il=aar=ii-;r.7=- ii
E;1"+a;iea
EE,!i:r1r6
ir
;i;rI
:Eai?i*
E7?'
:*= Ert-ri=
i7L:ril'v'+FilE=.{l,Zifzill
.i;A-;lia=i
i7a =?

x-

ii=+Eli
^7:!ii?E|i "=i?i =7i=? ;
E:_s,i;==zi=-=i=-,;,;L=,.iL
o
:=.i?:i;E
'iSl
i1;;
:e
s:?aqi_?:ia_27: i
i;#a;a:i
Fo.aQ=!7-=Ela=r_
'i=i
;ij I iiigiB;ai?i?';*:4?
n+{
i3:E=
?
=:rl
F xi.^liit{=*;AB
::Er
ElrFSiEqse,,i
iEliill?E; l'
ttt?l
;z-?;'=iilai=e6{++

+;;t ?7=?i;;;i
=,-iv-i,= z)i E
=7s= E

s1-:o+3s;;g*[si,Zzi_

4ZAiTO+

tsPqe6
N=is

23" Z?\

1S

Bq

iT? rz?=+? iins ;_i*aEg= iTEzEEl; ?4'v

>7ai:
i v z?=i,-,t1iz=1 = =; iz

=?';

lx*
+= ii+

e?ec1 ?
*2++1=s;+B i'=-:1-=+ er*e?

i|?iz

iIt

z;i=

1 2_a;

=7=:
?iL"a

ti
;iE+r:
;i?1

4i-==

z?Zi
52=i7

?rZ?
L6=

l=;a.=-;

-G'li

izl=

iZ=iE,=L2Zzzl1_=I=Zzz=
y;i jlE
== =*:?d =._2.
._e+=Z;Ei==7==?e7.a==

?'-_ ?

?.

i.Z=
-=F?ia
:.--=
i?';===
=,?=?
? <=
+=
=
1-;i+;7
i?Z Zia::

:z;+

=iEd
*'i;

t?'= st
==?1=;=iliry?-E==++|F*Zi+2+
*Z

2zaT.-;q;212?==:=U
-,: '';=a

':

'=

ii=li;a1?,4+i==i_Via'i=
=;ziiz
==iZ
Esi*,::ni-E iazil a? i ;
a, i::;
ir'3n
i AE a+;=?=727=7+??=;';:
t;18"7
7:44 i=gii;
!
7=12_ri; zEz= ?i:11i=illi!.77=:r
i,. !
|;ii= a=?--:==-==

c=t=t

17=Ei'5_i?i?.= ,r'=L
a.Z--=S.=':=_=?7

? = ==E

*1*e
iitl
i
71-i7
?=te iiea:i===VZ
i
iil
pr-I =*i?iiZv=i2=""01==-;

:3
2?iZ;;ia,=
1 i =;|=7'-it= F
= As.-..1:.8
6 9 !?:?7
*'-n
=:Zr7u':-11i=
?2i11?=. -=,J
a ? ? =7:
? = -= =.=.,
=;;.
=r+a*
=1
a itiar3Eg;il+E $g i"i;4i;is;+iF
ii?ii
1i+=
Ec
x
!
:
q
. =. - r -====.=
-?7'1 =.
3-: :e,-=
" i3
.i- -= v
I r i;;t?;i;7{1;Jl,
r e7 g-=
ai
zi==3i';?7
E:={7=It2zi
ai13=
{
*:1-=1?",
rZ?.
=
;7i.
E
Ir
.=l:?ai-=
'
=i*;=
,a"; = :
=
f
==?
== =5 = 15 [; i1; lEIE ? iEiESi-/,2';;:p1i
FFiA
EF*Ei*Frs= ;r r : all* a ai:[;iizEE+-/'Eis r
f iil' i =;iiqil',=, i
l7a=a==+--447-=47^'-qA ll|!,a=j' i5;
=Z';ztiali
1i t+iz?i1zz??*i? i :; ?i=i*"=r1-2jlV1i"-+E?
+:'i
aIt=z2lorii =r?17*?i 7v,Zii i?)?1 i 1;:!"r+7;
tilir=+t
i- +i e iE* i? llriiriil?!=iE!
zE3E 2*6:=iE ai'!!
iirii

E=ss q
=4aE?
i=E:
E
-ta;;' =
14

==?=

ieia
EEE?ie+ilE*ifEE1f
6gil

2e?-42tq

E B 3.Y

a
I?T* iEE li1t iE
7=4?i=!i
i-*; E;==L il
i';AE ?!*;eiilli; a
E;f
ritiiii5iHi*3BE;$r
ii;?i1*i*ili
E.iEE
cn
7j? 1,
ip?=e1;?vv=
trEE=.
r?.+3;d34=ei
I
=::!:
z4aE
=i

i
il-!"i

E
a

?i? 7?
g27E-eig31
*";5>
D
ilgEgl
Y:.rc 6 ? 6; [3
?1
fr
glEEia
iii*i=i':i;
A
E
-z;
E
*EiliziliEl;i=i*Eti
i
33 3Z A
+2e?6=E"iry*:H;*g*;
iiA+Z;i,V?cg3lr3:qL
7;7=-=Zzt:=7?ai='z1E=
;,
<=i!1;=B+i =',+=\=v= i
?.:1i'?7r.i
E
'.7i?i=riif ,i7_A+7;
==7:
E
e-rpii
q
ri E
a +*i-Ea;:i
a?i=; f ;f 1 Sii2tgaE *irZrisz_z i;.s =*, ^ ;i
?iiE i ? i,E\??T! iiE i r=7"8;i=E1i=ai, i ii il iF
lEi=z
211'z'
V=i;
E=?E':rqE;
E{E'? iilEAEl?
1g gdtE-3 *!e? r1* \tz*1 tial,a{zit:gErr*1
;aEizz=i7::= aEE=e:t
Egt? iaiEi,iz7*i:x?*;Aa
'
=t{IE
i*
3
iBls ii ;3{g aE
A'E E ]
E
iEt

E
o

-o?
Ei

*q

=.

4."

Ho

E;O

z=

1E e a

z2i7E=-:s==

?=*zi

=e*i

ti
+ii:;

ii i i

*ri

zii =:v

i';=L

7ijE='i=:+e;f 7=77'=!7
2=EiSnA,
iil i 116 ai;?lvle
ira72l*'iiii t z?:':vi i

i;
i=;773-2i
i i 7.ii i 3=ia
5Ee a
1?

1v=,i=

i: aE

gztiiz

ii ir*e i

i,=it ?'=: i=I

lilt

E1{EE

EZt ?'cE=Ei'?i, ;?17Zlzz*

iag*F a IiE aE

*i ;

=i

s5

lE

E*{[ lEiael1

if Agii*+Ee1 Eililili;

,n\l!al1i=*i i; 7+ii*tii zi=?v?=iv

"E*At i

*?*ii li iiB rE iE I +k*,

g
i i iE E X

?z??IlE

t1:il'iiilat*f1*aTl'qiltrEtzil:ii
1
1=!jlii*'ri='='r zi.
n

.;i
*1

EE

alil!ii;1eEi1*lEr{:u1?E*1$al*11111t

{2E11{tllilz*El{laia*Teat?iui?!ffi i

7i

iEE +E ie

i+ i9s 11E1213 ?i ?!Z ?78=7?

if
l:zg i= iliEzaE E iq=xB=ei;
I = i* aE iiAE? *Ei=_i
=a=ii rt; ;iaaE
i i *E E 3; E?_1,fili=r*iE 5 i E isla a + ?=*at ei *

iii5a

ggr

ii

{1tE
+E I I ![E i**[g.E
1
=,{iE i3 !$3
i iEl*?Ei=*3;i;rStlilT'=*B;

e; rq I I * i

il;E ;! izlliz!i1?it='

.
i f i r?iilZ;ZIE i i ?^1iE $; ?.i;i=r|is i + i ;
q+?eE'=
?;liia?1*Z;C:Ei':i,5$p
+s ;a
qi;
i! 1/_-tEi++if *ef =_i r a=
=a?a= ;a{i= E'*lll
=
q i*; ii: E; i7-1=i?;
i7--e=i
+5
=ic
1i=* r1; r='i-iiE':",.
Et 7la Ii fi : iasl!1eli;a i -a l*i= + g ?i? :-?=*'iz ii11?,
I 1 a ?i z ;a i i z 7 : 7 i = 1:
=
=

*E
5.<
c

qi
c=

?2.

^ O*o
>J;:!

ig0=

BL,O4

Jl

AJ
-i

?1

>o
ct

>!

.i

i.

i3.
!ll

o3

oo

73

a'tD

c'

! pl'

-u

o-J',

^^1

*[;

il $*EE +E

gFi[EB*EF

E $a[E

rsrF
=
s
::-E; X+tfiEr

Hf;A3siHFEii
1A?ireaFlEil

r$EEgEE

iEgIE+a+r

ililrf

g[g

fi;+EIaiaEa*+

t.
c

c
o

-l

uio
96

pa

--

?ini

,,-m

*:

^tZ

=o

v:!

"i
^
^^
-es
Lbu

6-

o'a

l]:

Eo+u

X
J
L

u
:JNla
:-t
/l;

f
,- )".-.I
:.
q
o Y2X
-a=--=-=^-.==

E s- #%jd
i uau
-,-r QoQi
<-9:
E-it@<-d{ca*

4^+

-'u4
- /;.ib
^5u;5

394
;=a
:l

u'o

=; {
:{5o
,-'J
:

-rB
f

-a:J ata

uair<
--c!
i5oo.

uu@
-su
-{P9o
u!P

^
a9 2
927^
.'-u
4;t"e
=^et
E"
; i i
* I ua9,
"1i
x.=i
=.f,
i;.6
"?=ir
-FIor 92
=1.
Jae -E

F y=
3:*

fran
n q

=-<aqrA-a>='=l+
=
5=<<
o0a;

Uq^\PvJJ-^.+-l

a- a

UOn

5i

frl

6-

.16

;6
11

iX

F.t

(!

(!

si

L-J

-l

9X

(,

b -t

a o I 9 E = a i. il 3
=
? B - o: i = c'E- I 2 | +
-R
s= q 6 ?; x 1 e z
?
E ;:

E IIs

?
1
=
i-

- -'
-ai.r=E'.Iia=N=.+A,-;

ii? tE =#",8 iFl43i;

::: i-Ei*q:=; 3E ?i:
;r?i=3_=Hi;F?tz=+

''z,Et?2===1.8i;tr=g
F ilifi 1"2?ix=?; rE
=tA,:--oO-=+o-o',
t p'a E e ='Ci }a {
fi=6:-r6D"ib;=**?oZ
=
:3;
3iE
r:= E: E l\a
DcC--il'E-=
qA-ci-i=6=2:=isdA5 odh;A=
E;A:ri?====E-5=6
-:'7';o-oia-=,o@*L-o

X<J--iT!a=-<t^^ni=-i
X - ': X -O = .< = :i D : - (: c i- -,
li5
:2
6'E O^-doI6Or-cr.;=o
- ". 74 \ = =L =.6;6'd:;
a
=
.D-A
=t:'J.=
t- =f
it 4 a s :-'' 3
=.;. z *
=

sgfi*EEt;?;sv'*i1
=
rE;iz;eq13:iftA?
r.-

--P
- @-u
ia aab
ir
ir
;;&A
us

P!D
!p

='22
='-:.8 lai.=:,
;;.6Eig=rr.rg:i

6; . 3:3 =??a
r
v xE
ld
=;4 =-

E;

g.-

7
'=

;
a

l;5E ri: Irf i

r
;Ei?7*53fEi*?;=H
=;
a
Pglr3: .?i; i; Ae; !

z
="r
+E
?
=or; r
:=
9
dY
a
i'. a
'6

u '1,

+54irIEEafiiiI&r:
I'",i2 Fq:: i
3;
ai r=E+:f
^o:.6 5 ;! 1d'-n A < 6-a

+?n-:
eBiE

a)

ItJ

-)

=
=.

iz

:.

:,E
a=.

ca
i,.

':.

of.
9!=
;a

! a?
j6

ZF;

:o-h

'j47=

uoau

upO*
oa!@

5NO*
oc!e
cN@

o{u

-a{@

'u

=;o
= = =

6 6
@ a

cpa!

,lrr
rr !
llu!{
alaTrxo'-x
pl-!

-t
cl
clsu!

{l
DIJ
Dlu

:.-

3 Oda=

ao

s+

7tt

N
a
C

:n

{!

65

p
3', -

!
6
!

3
X f, =
=

S
s- u
* C

=.'-=;O+=
e=;:6J2t-ij
? i a i O?

E13:ii=3tr
+aa96iza=

[-9ama\r=ft-.
'I - = = I i D- "

nF

;6

0i

I
6

I
6

-o -c -o
'p _!
p U-Ou
OAPN

IJ

o*

ao@

5SO

?
,

5!{!
5tJ!5
5Au

&

{
's .P
N

=lrl'r
l7 F l1
?+;+;E E. +=

-O C
N
o

!
N

).'.
<!Y

-;
F o'ir

=.7--'io:'.i---=4ri?
9 ;

=.

"D

u!
c9u

t6
q

b.)

19

r-l

o'

E.

dX

atd

a5
o -.S'ooa

9
1i

=--

!
b ooq@

;!
o
!

p
o
!

N
O I

NJ

+
=

--*

t!

ll.
la

l{

N
N

t'J

{A

ca

r
i

c
i:

n
o

l!

tr1

9.

lju@-o
C@

N
O c*
.A

F5
oi

"s'@

ON
!!
'A "O

p+
N+O*IJ

ptJ

"o

a>=yJ

E-=cin

-U!{U
'c
'c -p'u

iJ+r-l.J

{c@pp
la AOMUC

pp
NraCi
tJ5C6a
-pauo
du555OP..!

,o caa!p

e
-p

i2

,1 2i7n
:;
-

3a

a;
CE

tr'dl

o*tr-apt

puro!rJOfJ
NC'.Acua

bo6!u!oo{

li9rCCioU
oa9o3!o

-uP65-5
uasN*@p

!o

trc)=a

l+

;
1

iu
9]\
+

11-',

lu

=
=m=a

+,LOaE
a<o!6

a --c--a-tril=.i
=a-

{.L

ctJ!

J:^
a!

&

i.o

=.

:c

," .o

!!U
<!@

:'af

nj

1=

lirI
uo-

='-

::,Y

=--

-**=>?i >X
:'lilil:"::"d3

ps-f
.; a

;4*E*Y
.'.
i{!

a ij, Zi
a'vzijv=i?.2 1-?=*'
)e_i?
p
;-j *'21=iTEEl
7=
i
3
=?a!"
6'
3=.- zi
i-rE:a
=;Siiazi
=-?fr,-r'*

^=

:.J-a
=ni-Ji,;v;;*

ouau :?=i..=
>?>=
?=-7 i: ;=:i.'';=7a]
-rE.o.
14c'?:.
,-_1?..
-l=i'==ii-.
)e.f;.==.=
2:ef i p-*-=ZT.'t=i'.4
l7ii.7i=
-18=:,
I*===E1 ;l;.;a
= a95k

*?;-*1o-==.2
* L,
i

aaa
re il

Ja4

=.
a

Hlj'

po

!ii

-.
I

la

->

tJ

o
b

oq

(!

(D

6
|-:
a
rl
t!

(!

!)

iQ

al

;H

RX

El!

(ae

ap

@+a

cx

id

IJ

IJ
I
c

-o
-

a
a

ir

*-z
!.2

x3
!'^

!!a

t=
!m

q
:

'--'

==-:

a@
6
t

==.

{o@-o
ji5-; -

tJ

3BS=:853t

oo!P9'
Ln<uam

bF+uL!c'rle

irsii;zs2=

S o u s b 5 lr < !^
L\oa'o!cba{c
n U
i'J-o-

O'}
P:cb>oo&ooa

zz= 377273

======-;=;

zzzzz44z'

-N*--w+

.7.

'7'z
tt
x
i--P-Zl<===
lbi->c-troiu

_=N
t

';-'<:
;iio-;o
n ^

Eb-+.e

=ueaE

)-'

af!sE3#Ei

"

a^
!_ja.^,.b
a-n:ar
XJ
-a=g=i 7=
i2
;=dF
ii=F
'=9
=

s;ttu
'j+ru

3E

=\rCo

=-

N
=

' -

6la*=
:->l

io
ol

iu
ag

=s'

6a
?D

5r

<=
'-a l

PA.i

5Yo
g< tr

^;

zz o9.Q

&

z i.s-

bo

i{ ii==iAE 3:Tiszli*;a '

i:H{AsE *i2a5E gli?i

a
: 9.
lL

5r
=rc

l-Yr.4

lcX0
lNir'ii
I

t-

9X
E=

Or!

:B
:rg

,tJ

tm

!:>

!r,
,lo

..6

;t<

do\

o
a
c

i!l
Nt

a'
a

in

IJ

-:h
D

IIHE -P5
tSrE
l= o -

^9
3AE
P
t
;-F;a-?"r;V.7=-=i,1
za=' ag
A*Aa5hs;;;?3=?uB =E

:iU;Iii-E:-i'i-o--li

P P !' :' l- P rJ u :- :^ - rJ u N u

!.:

,o ;i'

lt1q.

t?

qa

ta

;Q.

v) v)

*gEsesxss;sssSEh

7*7=3=oI.ceoe"rr1:E
;3i;5s-i"3{-c5-P+

zp5-P

4--J*@r

= =.'7

:BItissarjissi;3r&

';983d:,iiFI;7rl5i

lii;3S33;4u='x-'o

uppz
b.&u=

u?-e
;;ici-"

r'.).'':

;8',i5:!!B.:rf.:

,@urvr-'

zBPFS

N!5poo/\J/\u
@i!i-b

?jE55FE!',.:i;t;:::
&ir<p=:Y'iad|6=!.-!

3B\z
iDb!=

?Y-;
I;;:

EiB;;E:asuiiitu:
-.-rJpps5

I..r=:
(iuouu

u-L^

^:

d==!;;d;4eieutst:;

u @ P rJ rJ rJ P -

sr!aa:!:::6'iuFo;
= V t - i: i: f.X I o I :- b v b'a
HI=A=?UZl6acEi'P

o-Eg
biibii

-Ifbb

"*rj"Ou
65eu

!;3d

a?->
Y.Os

c
1

c
I

BF

-a

2Z

o
c

EXHIBIT

7
Payouts (compiled from data available as of August 200L)
selected Healthy companies with High- and Zero-Dividend
Expected Return
on Total CaPital
(next 3-5 years)
High-Payout ComPanies
Scudder High Income
Hospitality Propefties
New Plan Excel RealtY
DQE
Cedar Fair L. P.
Plum Creek Timber
Puget Energy Inc.
National Presto Ind.

lnvestment comPany
Real estate inv. trust
Real estate inv. trust

Electric utility

Novell
AOL Time Wrner

9.0
8.0
'7.5

4.5

Recreation

3.5

Paper and forest Products

19.0

0.5

Electric utility
Home Appliances

Software
Software

1.5

'1.0

1.5

[.ands'End

Telecommunications
Semiconductor
Retail
Retail

1.5

Enterasys Networks
Cisco Systems

Network systems
Network systems

15.5
I

8.5

14.0

7.5
13.5

Current
P/E Ratio

11.2

NA

NA

9.9

NA

12.2

10.1
'1.9

NA

13.1

1.8
8.0
7.1

5.0
6.0

19.7
14.3

NMF

27.0

13.0

12.0

7.0

12.5

18.1

00
00
00
00
00
00
00
00
00

15.5
6.5

Expected Growth
Rate of Sales
(next 3-5 years)

Current
Dividend
Yield

Payout

24.0

Media and entertainment

Broadcom CorP.
Advanced NIicro Devices
Madden (Steven)

Current

Dividend

108
124
145
122
90
185
85
91

NA
NA
NA

NA

18.0

Zero-Payout ComPanies
Oracle Systems

Expected Growth
Rate of Dividends
(next 3-5 years)

15.5

33.3

9.5

NMF

NMF
NMF

NMF

12.5

35.2

31 .8

19.5

10.9

8.0

23.1

8.0

NMF
NMF

18.0

Sottrce: Value Line Inveshnent Suney, August 24, 2001 '

aaq q

16>
ord
x
-.-I
.;
o

It
o:

ia

s
=

!o

7
>

>=
=G
J^;:=

@ o:
!
- a
- -. :

i.o
3x
:< X

:=1'

mr'

\,
i*; o

oz??

p=:
=p
= =' a

3tsr
6 ?::

FE

a'
o6

lx5
A;0a
7io
;.

o
tD
q

Gm='

25

11'

.3x

=
o
-

!9

fto

a
(D
o

aa

A
o

!a il

6rJJ:
uo.|\

str+
+a@

c=

-.o

o!

!pu
aNO

6rJ5
6aC

N
aa

@Nq
u6@

@AU
@o@

p
[')

3
o
N

(D

-o

a
o
0q
!9

o
r-l
NP
p

AoO
aoo

Oo!
!ua

t)

t!

-a
p

A)

aN
!9

oua
N5@

aaa
lJ--

UN
Q!

PU!
!@6

SAA
U!@

u
N

o
3

!,
o
9^

6!u5O-b5 -p
aFuSl-!rro

p
I

P+P
UO

ON.ti
!-U
CSO

!Pu
ua
CTJ6

-b_

9-