The Daily Dow FOOL GLOBAL WIRE by Robert Sheard LEXINGTON, KY. (Apr. 8, 1997) -- We're on the road to Splitsville with the Dow. Three of the top ten yielding issues in the index will be splitting soon, two this week. Let's look at how the Dow Approach rankings will be affected. PHILIP MORRIS <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: MO)") else Response.Write("(NYSE: MO)") end if %> is slated to split its stock 3-for-1 on Thursday. EXXON <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: XON)") else Response.Write("(NYSE: XON)") end if %> is scheduled to follow on Friday with a 2-for-1 split. And DUPONT <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: DD)") else Response.Write("(NYSE: DD)") end if %> will split 2-for-1 in several weeks. In addition, a few of the stocks outside of the top ten are splitting, GENERAL ELECTRIC <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: GE)") else Response.Write("(NYSE: GE)") end if %> and BOEING <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BA)") else Response.Write("(NYSE: BA)") end if %> among them. It wouldn't be a shock to see J.P. MORGAN <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: JPM)") else Response.Write("(NYSE: JPM)") end if %> to follow the trend either, given its price is hovering near three digits. What does all of this mean for the Dow Approach? Assuming all three announced splits among the top ten have already occurred, the Beating the Dow rankings (which sort by share price once the top ten yielders are identified) would change significantly. Using yesterday's closing numbers, AT&T <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: T)") else Response.Write("(NYSE: T)") end if %> would still be the cheapest of the ten high yielders, meaning that the Foolish Four approach would skip it automatically. The Unemotional Value approach, however, would still include it since it's not the highest yielder. (Philip Morris is.) Philip Morris would fall in the number two slot, followed by INTERNATIONAL PAPER <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: IP)") else Response.Write("(NYSE: IP)") end if %>, DuPont, and Exxon. The obvious question is what one should do if buying or updating now, before the splits kick in officially? While there's no "official" policy on such a case, especially a situation where three of the top ten have announced splits, it makes good sense to consider the announced splits in your numbers. When a stock announces a dividend increase, we adjust the rankings to account for the new dividend, so it stands to reason we should follow the same procedure for splits. So, even though we're listing the pre-split prices until the splits really take place, you should be aware that splits are coming and take that information into account for your own portfolio decisions. (c) Copyright 1997, The Motley Fool. All rights reserved. This material is for personal use only. Republication and redissemination, including posting to news groups, is expressly prohibited without the prior written consent of The Motley Fool. ________________________________

The Current BTD 10 AT&T <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE:T)") else Response.Write("(NYSE:T)") end if %> *Intl. Paper <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE:IP)") else Response.Write("(NYSE:IP)") end if %> *General Motors <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE:GM)") else Response.Write("(NYSE:GM)") end if %> *Chevron <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE:CHV)") else Response.Write("(NYSE:CHV)") end if %> *Eastman Kodak <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE:EK)") else Response.Write("(NYSE:EK)") end if %> Minnesota Mining <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE:MMM)") else Response.Write("(NYSE:MMM)") end if %> J.P. Morgan <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE:JPM)") else Response.Write("(NYSE:JPM)") end if %> Exxon <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE:XON)") else Response.Write("(NYSE:XON)") end if %> DuPont <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: DD)") else Response.Write("(NYSE: DD)") end if %> Philip Morris <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE:MO)") else Response.Write("(NYSE:MO)") end if %> NOTE: Foolish four stocks are preceded by an asterisk. Updated Daily

1997 Foolish Four Model Stock Change Last -------------------- T - 1/8 34.63 GM + 5/8 54.63 CHV + 1/8 65.13 MMM +2 1/2 84.63 Day Month Year FOOL-4 +0.80% -1.96% -6.17% DJIA +0.81% 0.39% 2.50% S&P 500 +0.52% 1.19% 3.43% NASDAQ +0.48% 2.92% -2.61% Rec'd # Security In At Now Change 1/2/97 120 3M 83.00 84.63 1.96% 1/2/97 153 Chevron 65.00 65.13 0.19% 1/2/97 179 Gen. Motor 55.75 54.63 -2.02% 1/2/97 479 AT&T 41.75 34.63 -17.07% Rec'd # Security In At Value Change 1/2/97 120 3M 9960.00 10155.00 $195.00 1/2/97 153 Chevron 9945.00 9964.13 $19.13 1/2/97 179 Gen. Motor 9979.25 9777.88 -$201.38 1/2/97 479 AT&T 19998.25 16585.38 -$3412.88 CASH $431.29 TOTAL $46913.67

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