1996 FOCUS LIST

Council of Institutional Investors


Methodology

The Council looked to total shareholder returns to identify an initial list of companies about which other information should be compiled and analyzed. More specifically, the Council used the Standard & Poor's Compustat database to identify companies in the S&P 500 that underperformed their industry medians in five- and one-year total shareholder returns as of July 31, 1996. Companies that outperformed the S&P 500 average for five-year shareholder total returns were dropped from the list. For the remaining companies the Council subtracted the difference ("returns deficit") between the industry's median five-year returns and the company's five-year returns to establish a ranking. The final list consists of the bottom 20 companies produced by this methodology.

1996 Focus List (in alphabetical order)


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