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Expected Splits
Sunday, May 13, 2001

                                       Date Expected
Symbol         Company                 To Announce

MKL            Markel Corporation         05/16
ADVP           AdvancePCS                 05/17
MDU            MDU Resources Group        05/17

MKL - Markel Corporation $194.00 (-4.05)

Markel has not split its shares since 1989. Due to the fact that the stock is closing in on $200, we feel it's about time for split. The firm has 15 million shares authorized and 8 million outstanding, so a 2:1 will require the board approval of more shares. We feel the BOD meeting scheduled for 5/16 would be a good time for the split announcement.

ADVP - AdvancePCS $61.10 (+0.55)

ADVP last announced a 2:1 split in October of 1999 at $50.25. Since then the stock has been on a steady roll higher and is now approaching the $65 level. We believe another 2:1 split is in the cards for 5/17 when the company reports its earnings.

MDU - MDU Resources Group $38.96 (-0.14)

MDU last split 3:2 at around $33 in 1998. With the recent resurgence of the energy sector, MDU is again knocking on the door of 3:2 split-levels. The company has 150 million shares authorized and only 65 million outstanding, so a 3:2 is certainly possible. The firm has its BoD meeting on 05/17, which is our target for the 3:2 announcement.

 


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