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Expected Splits
Sunday, December 10, 2000

                                       Date Expected
Symbol         Company                 To Announce

CI             Cigna Corporation            12/11
P              Phillips Petroleum           12/11
CVTX           CV Therapeutics, Inc.        12/12
BMET           Biomet, Inc.                 12/14

CI - Cigna Corporation $129.25 (+1.34) The provider of insurance and financial services has had a nice run this year. Its board of directors meets on Monday, December 11th. We are expecting a 2:1 split announcement to come out of this meeting since Cigna has a history of announcing at BoD meetings and the stock is nearing split territory. The company last announced a 3:1 split at a BoD meeting on 02/25/98 at $186.50 a share.

P - Phillips Petroleum $54.00 (-3.31) The purveyor, explorer and refiner of crude oil and natural gas has benefited from higher energy prices this year. Phillips has a board of directors meeting on Monday, December 11th. The last stock last split was announced at a BoD meeting and was paid as a 3:1 on 07/03/85 at $38.75/share. We are expecting a 3:2 split this time around, due to the limited amount of shares authorized.

CVTX - CV Therapeutics, Inc. $75.94 (+4.94) CVTX is a biopharmaceutical company engaged in the development of drugs to treat cardiovascular disease. The stock has not split before but has enough shares currently authorized to enact a 3:1 split. We anticipate an announcement to come with the SEC filing meeting on Tuesday, December 12th. This meeting was called to discuss the approval of an increase of authorized shares from the current 30 million to 80 million. If approved, CVTX could then enact a 2:1 spit.

BMET - Biomet, Inc. $37.88 (+1.25) Although Biomet just split in August of this year, it is back in 3:2 split territory. The company last announced a split on 07/06/00 at $38/share. It has plenty of authorized shares to go forward with another split. We are expecting a 3:2 split announcement to accompany the earnings release on Thursday, December 14th.


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