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Derivation of Efficient Portfolio Frontier

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BALANCE SHEETS, 1991-2000 (Million $) | |
|ASSETS |

|2000 |1999 |1998 |1997 |1996 |1995 |1994 |1993 |1992 |1991 |1990 | |Sales |8,629 |7,757 |7,510 |7,379 |7,218 |7,058 |6,331 |5,754 |5,814 |5,673 |5,889 | |Cost of Goods Sold |5,334 |4,696 |4,476 |4,397 |4,340 |4,212 |3,866 |3,633 |3,695 |3,676 |. | |Selling, General, and Administrative Expense |1,646 |1,514 |1,404 |1,318 |1,243 |1,214 |1,137 |1,073 |1,083 |1,079 |1,079 | |Operating Income Before Depreciation |1,649 |1,547 |1,630 |1,664 |1,634 |1,632 |1,329 |1,048 |1,036 |918 |. | |Depreciation and Amortization |447 |415 |354 |348 |340 |332 |318 |331 |352 |351 |. | |Interest Expense |193 |142 |119 |115 |108 |93 |91 |109 |148 |169 |. | |Nonoperating Income (Expense) and Special Items |8 |-17 |137 |-26 |. |. |-64 |-63 |. |-44 |. | |Pretax Income |1,017 |973 |1,294 |1,175 |1,240 |1,262 |856 |544 |542 |354 |353 | |Income Taxes - Total |369 |377 |466 |435 |471 |480 |325 |236 |218 |147 |147 | |Minority Interest |28 |28 |27 |26 |25 |15 |16 |13 |4 |5 |5 | |Income Before Extraordinary Items |620 |568 |801 |714 |744 |768 |515 |295 |319 |201 |201 | |Extraordinary Items and Discontinued Operations |0 |0 |0 |0 |0 |0 |0 |-273 |0 |75 |75 | |Net Income (Loss) |620 |568 |801 |714 |744 |767.6 |514.6 |22.2 |319.4 |276.2 |276 | |Cash Dividends |276 |264 |252 |239 |237 |239 |238 |221 |200 |183 | | |Retained |344 |304 |549 |475 |507 |529 |277 |-199 |120 |94 | | | | | | | | | | | | | | | |Dividends per share |1.60 |1.52 |1.42 |1.33 |1.26 |1.18 |1.12 |1.04 |0.94 |0.86 |0 | | | | | | | | | | | | | | |Earnings Per Share (Primary) - Excluding Extraordinary Items |3.6 |3.27 |4.52 |3.97 |3.96 |3.8 |2.43 |2.78 |3.01 |1.9 |0.95 |…...

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