EXHIBIT 10.13
CONFIDENTIAL
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Confidential Materials omitted and filed separately with the
Securities and Exchange Commission pursuant to a request
for confidential treatment. Asterisks denote omissions.
LICENSE AGREEMENT
This License Agreement, dated as of June 5, 1997 (the "Effective
Date"), is made by and between Dow Xxxxx & Company, Inc. ("Dow Xxxxx"), having
an office at 000 Xxxxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000, and the Board of
Trade of the City of Chicago (the "Licensee"), having an office at 000 Xxxx
Xxxxxxx Xxxxxxxxx, Xxxxxxx, Xxxxxxxx 00000.
WHEREAS, Dow Xxxxx compiles, calculates and maintains the indexes
specified on Schedule A hereto (the "Indexes"), and Dow Xxxxx owns rights in and
to the Indexes, the proprietary data contained therein, and the Dow Xxxxx Marks
(defined below) (such rights, including without limitation, copyright, trademark
or proprietary rights and trade secrets, being hereinafter collectively referred
to as the "Intellectual Property"); and
WHEREAS, Dow Xxxxx uses in commerce and has trade name and/or
trademark rights to the designations "Dow Xxxxx," "Dow Xxxxx Industrial
Average," "DJIA," "Dow Xxxxx Transportation Average," "Dow Xxxxx Utilities
Average," "Dow Xxxxx Global Indexes," "DJGI," and those designations listed on
Schedule A hereto (and Annex I thereto) (such rights being hereinafter
individually and collectively referred to as the "Dow Xxxxx Marks"); and
WHEREAS, the Licensee wishes to use the Indexes and the Dow Xxxxx
Marks, pursuant to the terms and conditions hereinafter set forth, in connection
with (i) the listing for trading, marketing and promotion of the Products (as
defined in Section 1(b)) and (ii) making disclosure about the Products under
applicable laws, rules and regulations in order to indicate that Dow Xxxxx is
the source of the Indexes.
NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements contained herein, it is agreed as follows:
1. Grant of License.
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(a) Subject to the terms and conditions of this Agreement, Dow Xxxxx
hereby grants to the Licensee a non-transferable (except to affiliates pursuant
to Section 12(a)) exclusive (subject to Section 1(d)) world-wide license (i) to
use the Indexes solely in connection with the listing for trading of the
Products for trading on or through the Licensee during the hours of 9:30 A.M. to
4:15 P.M. (Eastern Time) and (ii) to use and refer to the Dow Xxxxx Marks in
connection with such listing, and the marketing and promotion of the Products,
in order to indicate the source of the Indexes and as may otherwise be required
by applicable laws, rules or regulations or under this Agreement.
(b) As used in this Agreement, "Products" means the products
designated on Schedule B hereto that are based upon one or more of the Indexes
(but not any part of any Index other than the whole Index, and not any subset of
the components of any Index) and correlated to the underlying securities
comprising such Indexes, and that are to be traded on or through the Licensee.
The terms of the Products, and any material changes therein, will be subject to
Dow Xxxxx' prior written consent. Unless otherwise expressly agreed by Dow
Xxxxx in writing, the Initial Product at the Commencement Date will have a
contract size of approximately ten (10) times the value of the DJIA as of the
Commencement Date. As used in this Agreement, the "Initial Product" means a
Product based on the Dow Xxxxx Industrial Average Index (the "DJIA"). As used
in this Agreement, "Commencement Date" means the first day of trading in the
Initial Product.
(c) The Licensee agrees that it will list for trading at least six (6)
futures Products (not including options on futures Products) by the second
anniversary of the Commencement Date. The Licensee agrees that the first Product
to be listed by it will be the Initial Product, and that the Licensee will use
all reasonable efforts to list the Initial Product as soon as practicable after
the Effective Date.
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(d) Dow Xxxxx at any time or from time to time during the Term
(defined in Section 2) may propose in writing that the Licensee list for trading
a new Product. If the Licensee shall not, within 60 days after receipt of such
written proposal, deliver to Dow Xxxxx a written commitment (reasonably
satisfactory in form and substance to Dow Xxxxx) to list for trading such
Product, subject to regulatory approval, in accordance with the terms of this
License Agreement, within a reasonably prompt time frame, or, if the Licensee
does deliver such a written commitment but does not fulfill it on a timely
basis, then notwithstanding anything to the contrary contained in this
Agreement, Dow Xxxxx shall thereafter be free to license any other person or
entity to list such a product (to be traded other than by or through the
Licensee).
(e) The Licensee agrees that, during the Term, the Licensee will not
list any new futures contracts or options on futures contracts that are based on
any one or more indexes other than the Indexes or other indexes compiled and
provided by Dow Xxxxx. Licensee at any time or from time to time during the
Term may propose in writing that Dow Xxxxx compile and provide a new Index (a
"Proposed Index"). If Dow Xxxxx shall not, within 60 days after receipt of such
written proposal, deliver to the Licensee a written commitment (reasonably
satisfactory in form and substance to the Licensee) to compile and provide such
Proposed Index, within a reasonably prompt time frame, or, if Dow Xxxxx does
deliver such a written commitment but does not fulfill it on a timely basis,
then notwithstanding anything to the contrary contained in this Agreement, the
Licensee shall thereafter be free to list any new futures contracts or options
on futures contracts that are based on such a Proposed Index.
(f) Dow Xxxxx agrees that no person or entity other than the Licensee
shall need to obtain a license from Dow Xxxxx with respect to the sale and
purchase of the Products.
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(g) Subject only to Section 1(a), nothing contained in this Agreement
shall restrict Dow Xxxxx from licensing any one or more of the Indexes or the
Dow Xxxxx Marks to any other person or entity at any time.
(h) Nothing contained in this Agreement constitutes a license to the
Licensee to use any one or more of the Indexes other than in connection with the
listing for trading, marketing and promotion of the Products.
(i) The Licensee acknowledges that the Indexes and the Dow Xxxxx Marks
are the exclusive property of Dow Xxxxx and that Dow Xxxxx has and retains all
Intellectual Property and other proprietary rights therein. Except as otherwise
specifically provided herein, Dow Xxxxx reserves all rights to the Indexes and
the Dow Xxxxx Marks, and this Agreement shall not be construed to transfer to
the Licensee any ownership right to, or equity interest in, the Indexes or the
Dow Xxxxx Marks, or in any Intellectual Property or other proprietary rights
pertaining thereto.
(j) The Licensee acknowledges that the Indexes and their compilation
and composition, and any changes therein, are and will be in the complete
control and sole discretion of Dow Xxxxx.
2. Term.
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The term of this Agreement shall commence as of the Effective Date and
shall remain in full force and effect for five (5) years following the
Commencement Date (the first twelve months following the Commencement Date being
referred to herein as the "First Year," the next twelve months being referred to
as the "Second Year," and so on), unless this Agreement is terminated earlier as
provided herein (such term being referred to herein as the "Initial Term"). Upon
the expiration of the Initial Term (other than by reason of termination of this
Agreement as provided herein), this Agreement shall automatically be renewed for
an additional term of five (5) years (the "Renewal Term"); provided, however,
that the Initial Term shall not be renewed, and this Agreement shall
automatically terminate upon expiration of the Initial Term, unless, during the
Fourth
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Year, the trading volume of the Products exceeded (a) in the case of the
Initial Product, an average of 100,000 contracts traded (round turn) per day and
(b) in the case of any five (5) Products based on any one or more of the Dow
Xxxxx Transportation Average Index, the Dow Xxxxx Utilities Average Index and
the Dow Xxxxx Global Indexes, in the aggregate, an average number of contracts
traded (round turn) per day equal to (i) 3,000 times (ii) the number of Products
based on the Dow Xxxxx Transportation Average Index, the Dow Xxxxx Utilities
Average Index and the Dow Xxxxx Global Indexes. (The Initial Term and any
Renewal Term are referred to herein, together, as the "Term".) For the purposes
of this Agreement, "per day" means any day on which the New York Stock Exchange
is open.
3. License Fees.
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(a) As consideration for the license granted herein, the Licensee
shall pay to Dow Xxxxx license fees ("License Fees") as set forth on Schedule C
hereto.
(b) Dow Xxxxx shall have the right to audit on a confidential basis
the relevant books and records of the Licensee to confirm the accuracy of any
one or more calculations of License Fees. Dow Xxxxx shall bear its own costs of
any such audit unless it is determined that Dow Xxxxx has been underpaid by 5%
or more with respect to the payments being audited, in which case Dow Xxxxx'
costs of such audit shall be paid by the Licensee.
4. Termination.
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(a) If there is a material breach of this Agreement by either party
(such party, the "breaching party," and, the other party, the "non-breaching
party"), or if either party (such party, the "harmed party") believes in good
faith that material damage or harm is occurring to its reputation or good will
by reason of its continued performance hereunder (other than pursuant to Section
4(g)), then the non-breaching party or the harmed party, as the case may be, may
terminate this Agreement, effective thirty (30) days after written notice
thereof to the other party (with reasonable specificity as to the
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nature of the breach or the condition causing such damage or harm, as the case
may be, and including a statement as to such party's intent to terminate),
unless the other party shall correct such breach or the condition causing such
damage or harm, as the case may be, within such 30-day period.
(b) The Licensee or Dow Xxxxx may terminate this Agreement upon ninety
(90) days prior notice to the other (or such lesser period of time as may be
necessary pursuant to law, rule, regulation or court order) if (i) any
legislation or regulation is finally adopted or any government interpretation is
issued that prevents the Licensee from listing for trading, marketing or
promoting the Initial Product; (ii) any material litigation or material
regulatory proceeding regarding the Initial Product is commenced and such party
reasonably believes that such litigation or regulatory proceeding is reasonably
likely to have a material and adverse effect on the good name or reputation of
such party or on such party's ability to perform its obligations under this
Agreement; or (iii) the Licensee elects to terminate the listing for trading of
the Initial Product. The Licensee or Dow Xxxxx may terminate this Agreement with
respect to any one or more specific Products other than the Initial Product (but
not this Agreement in its entirety) upon ninety (90) days prior written notice
to the other (or such lesser period of time as may be necessary pursuant to law,
rule, regulation or court order) if (i) any legislation or regulation is finally
adopted or any government interpretation is issued that prevents the Licensee
from listing for trading, marketing or promoting such Product; (ii) any material
litigation or material regulatory proceeding regarding such Product is commenced
and such Party reasonably believes that such litigation or regulatory proceeding
is reasonably likely to have a material and adverse effect on the good name or
reputation of such Party or on such Party's ability to perform its obligations
under this Agreement; or (iii) the Licensee elects to terminate the listing for
trading of such Product.
(c) Dow Xxxxx may terminate this Agreement upon ninety (90) days prior
written notice to the Licensee (or such lesser period of time as may be
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necessary pursuant to law, rule, regulation or court order) if (i) any
legislation or regulation is finally adopted or any government interpretation is
issued that in Dow Xxxxx' reasonable judgment materially impairs Dow Xxxxx'
ability to license and provide the Indexes or the Dow Xxxxx Marks under this
Agreement; (ii) any litigation or proceeding is commenced which relates,
directly or indirectly, to Dow Xxxxx' licensing and providing the Indexes or the
Dow Xxxxx Marks under this Agreement, or any such litigation proceeding is
threatened and Dow Xxxxx reasonably believes that such litigation or proceeding
would be reasonably likely to have a material and adverse effect on the Indexes
or the Dow Xxxxx Marks or on Dow Xxxxx' ability to perform under this Agreement;
or (iii) Dow Xxxxx elects (other than pursuant to Section 4(g)) to cease
compiling, calculating and publishing values of the Indexes.
(d) Dow Xxxxx may terminate this Agreement (i) 180 days after the
Effective Date if the Initial Product has not by such date received all
necessary regulatory authorizations for listing and trading, or (ii) 30 days
after the date of receipt of all such necessary regulatory authorizations if the
Initial Product has not by then been listed, with trading having commenced.
(e) During any Renewal Term, Dow Xxxxx may terminate this Agreement if
at the end of any Year (beginning with the end of the Fifth Year), the trading
volume of the Products during such Year was equal to or less than (a) in the
case of the Initial Product an average of 100,000 contracts traded (round turn)
per day or (b) in the case of any six (6) Products based on any one or more of
the Dow Xxxxx Transportation Average Index, the Dow Xxxxx Utilities Average
Index and the Dow Xxxxx Global Indexes, in the aggregate, an average number of
contracts traded (round turn) per day equal to (i) 3,000 times (ii) the number
of Products based on the Dow Xxxxx Transportation Average Index, the Dow Xxxxx
Utilities Average Index and the Dow Xxxxx Global Indexes.
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(f) Dow Xxxxx may terminate this Agreement upon written notice to the
Licensee if any securities exchange ceases to provide data to Dow Xxxxx
necessary for providing the Indexes, terminates Dow Xxxxx' right to receive data
in the form of a "feed" from such securities exchange, materially restricts Dow
Xxxxx' right to redistribute data received from such securities exchange, or
institutes charges of a type or to an extent applicable to Dow Xxxxx (and not to
others generally) for the provision of data to Dow Xxxxx or the redistribution
of data by Dow Xxxxx.
(g) Notwithstanding anything to the contrary herein, Dow Xxxxx shall
have the right, in its sole discretion, to cease compiling, calculating and
publishing values of any one or more of the Indexes, and to terminate this
Agreement with respect only to such Indexes, at any time that Dow Xxxxx
determines that such Indexes no longer meet or will not be capable of meeting
the criteria established by Dow Xxxxx for maintaining such Indexes (and in such
event Dow Xxxxx will use all reasonable efforts to provide the Licensee with as
much prior notice as is reasonably practicable under the circumstances).
(h) Notwithstanding anything to the contrary herein, in the event that
there shall occur any change in law (statutory law, case law or otherwise)
relating to or affecting the liability of index providers to third parties, and
Dow Xxxxx thereafter ceases to engage in the business of providing real-time
data, Dow Xxxxx shall have the right to terminate this Agreement upon written
notice to the Licensee.
(i) In the event either the Licensee or Dow Xxxxx shall give notice of
termination pursuant to this Section 4 (but excluding Section 4(d)), any
Products then listed ("Pending Products") may continue to be traded to the
expiration date thereof, and (i) to the extent necessary for such purpose, the
license granted in Section 1(a) and Dow Xxxxx' obligations under Sections 5(b),
5(c) and 7, and (ii) the Licensee's obligations under Sections 5(h), 6, 7, 8(b)
and 9 shall be deemed to continue until the expiration date of the last of such
Pending Products. Notwithstanding the above, any Pending Products
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without open interest which are farther out than the farthest contract month
with open interest shall be terminated. Notwithstanding the above, in the event
of a termination by Dow Xxxxx under Section 4(a) by reason of any breach by the
Licensee relating to its obligations under this Agreement with respect to Dow
Xxxxx' Intellectual Property, Section 6(g) shall continue to apply to the
Licensee. Notwithstanding the foregoing, in the event of a termination by reason
of discontinuance of any Index under Sections 4(f), (g), or (h), Dow Xxxxx
shall, at the time the notice of termination is provided to the Licensee,
provide to the Licensee a non-exclusive, perpetual and royalty-free license
effective as of the date of the discontinuance and a list of companies, shares
outstanding and divisors for the terminated Index as of the date of
discontinuance. The Licensee shall not thereafter make any reference to the Dow
Xxxxx Marks in respect of the discontinued Index (except as provided in the next
sentence) and Dow Xxxxx shall have no further obligations to the Licensee with
respect to the discontinued Index, or any Product based thereon, after
furnishing the Licensee with the aforesaid information. In any such event, the
Licensee shall redesignate the Index and the Products based thereon as the
Licensee's and may continue to list for trading Pending Products as if no notice
of termination had been received, except that, until termination of the license,
such index shall be described as the "CBOT _____ Index" formerly "Dow Xxxxx
_______ Index". Thereafter, upon termination of the license, the Licensee may
promote and list for trading indexed products based upon the securities index
designated by the name "CBOT _______ Index" or equivalent provided that the
Licensee prominently disclaims any relationship with Dow Xxxxx in respect
thereto.
5. Dow Xxxxx Obligations; Licensee's Obligations.
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(a) Dow Xxxxx is not, and shall not be, obligated to engage in
any way or to any extent in any marketing or promotional activities in
connection with the Products or in making any representation or statement to
investors or prospective investors in connection with the marketing or promotion
of the Products by the Licensee.
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At the Licensee's request, Dow Xxxxx will provide Licensee with all reasonable
cooperation in connection with Licensee obtaining and maintaining regulatory
approval for the Products.
(b) Dow Xxxxx agrees to provide reasonable support for the
Licensee's development and educational efforts with respect to the Products as
follows:
(i) Dow Xxxxx shall respond in a timely fashion to any
reasonable requests by the Licensee for information regarding the
Indexes.
(ii) Dow Xxxxx or its agent shall, or Dow Xxxxx shall
arrange for a third party vendor to, calculate, and provide to
the Licensee via a feed, through a dedicated line, as well as a
dial-up backup line, the values of each of the Indexes at least
once every fifteen (15) seconds, or more frequently if agreed by
the parties, on each day that the New York Stock Exchange (or the
applicable exchange from which such Index is derived) is open for
trading, in accordance with Dow Xxxxx' current procedures, which
procedures may be modified by Dow Xxxxx.
(iii) Dow Xxxxx shall promptly correct, or instruct its
agent to correct, any mathematical errors made in Dow Xxxxx'
computations of the Indexes of which Dow Xxxxx becomes aware.
Notwithstanding anything herein to the contrary, nothing in this Section 5 shall
give the Licensee the right to exercise any judgment or require any changes with
respect to Dow Xxxxx' method of composing, calculating or determining the
Indexes, and nothing in this Section 5 shall be deemed to modify the provisions
of Section 9 of this Agreement.
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(c) Dow Xxxxx has, and shall maintain, a policy pursuant to
which its employees who are directly responsible for changes in the components
of the Indexes are prohibited from purchasing or beneficially owning any
interest in the Products. The Licensee shall have no responsibility for ensuring
that such Dow Xxxxx employees comply with such Dow Xxxxx policy and shall have
no duty to inquire whether any purchasers or sellers of the Products are such
Dow Xxxxx employees. Dow Xxxxx shall have no liability to the Licensee or its
affiliates with respect to Dow Xxxxx' employees' adherence or failure of
adherence to such policy.
(d) Dow Xxxxx shall use reasonable efforts to safeguard the
confidentiality of all impending changes in the components or method of
computation of the Indexes until such changes are publicly disseminated, and
shall require the same of any agent with whom it has contracted for computation
thereof. Dow Xxxxx shall implement reasonable procedures so that only those
persons at Dow Xxxxx directly responsible for changes in the composition or
method of computation of the Indexes shall be granted access to information
respecting impending changes.
(e) The Licensee will develop and implement a marketing program
for the Products. The Licensee will spend [**] during the period between the
Effective Date and the end of the First Year in implementing the marketing
program. During each subsequent Year of the Initial Term, the Licensee will
spend the greater of [**] in implementing the marketing program.
(f) The Licensee will use best efforts to obtain commitments
from major market makers to dedicate traders and capital to provide tight, deep
and liquid markets for the Products. For the first six months after the
Commencement Date, such efforts will include, without limitation, waiver of
booth fees, payment for installation of arbitrage telephone lines, waiver of
fees for headsets and order-entry systems, and physical
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plant modifications to open the pit with the closest proximity to the Treasury
Bond pit for the Products.
(g) Prior to the Commencement Date, the Licensee will adopt, and
during the Term the Licensee will maintain, as part of its rules, to be set
forth in the terms of the Products and in the Licensee's Rules and Regulations,
a limitation on liability of licensors of indexes, with respect to trading on or
through the Licensee, which is in form and substance substantially as set forth
in the New York Stock Exchange Rule 813.
(h) In the event that any third party shall commence any
litigation, action or proceeding, or make any claim, against Dow Xxxxx which
alleges liability of Dow Xxxxx by reason of miscalculation or error in any Dow
Xxxxx index (whether or not any Product is based on such index), the Licensee
shall, at Dow Xxxxx' request, participate in the defense thereof in any manner
reasonably requested by Dow Xxxxx, at the Licensee's own expense up to an
aggregate of$1 million of out-of-pocket expenses therefor.
6. Trademark Filings; Recognition of Intellectual Property Rights;
Protection of Intellectual Property; Quality Control .
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(a) During the Term, Dow Xxxxx shall apply for such trademark
and trade name registrations for the Dow Xxxxx Marks only in such jurisdictions,
if any, where Dow Xxxxx, in its sole discretion, considers such filings
appropriate. The Licensee shall reasonably cooperate with Dow Xxxxx in the
maintenance of such rights and registrations and shall do such acts and execute
such instruments as are reasonably necessary or appropriate for such purpose.
The Licensee shall use the following notice when referring to any of the Indexes
or any of the Dow Xxxxx Marks in any informational materials to be used in
connection with the Products (including, where applicable, advertisements,
brochures and promotional and any other similar informational materials, and any
documents or materials required to be filed with governmental or regulatory
agencies) that in any way use or refer to Dow Xxxxx, any of the Indexes or any
of the Dow Xxxxx Marks (collectively, the "Informational Materials"):
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"Dow Xxxxx," and "[INSERT Name of Index(es)](TM)," are trademarks
of Dow Xxxxx & Company, Inc. and have been licensed for use for
certain purposes by [INSERT Name of Licensee]. [INSERT Name of
Licensee's [INSERT Name of Product(s)] based on the [INSERT Name
of Index](TM) are not sponsored, endorsed, sold or promoted by Dow
Xxxxx, and Dow Xxxxx makes no representation regarding the
advisability of trading in such product(s).
or such similar language as may be approved in advance in writing by Dow Xxxxx.
(b) The Licensee agrees that the Dow Xxxxx Marks and all Intellectual
Property and other rights, registrations and entitlement thereto, together with
all applications, registrations and filings with respect to any of the Dow Xxxxx
Marks and any renewals and extensions of any such applications, registration and
filings, are and shall remain the sole and exclusive property of Dow Xxxxx. The
Licensee agrees to cooperate with Dow Xxxxx in the maintenance of such rights
and registrations and shall do such acts and execute such instruments as are
reasonably necessary or appropriate for such purpose. The Licensee acknowledges
that each of the Dow Xxxxx Marks is part of the business and goodwill of Dow
Xxxxx and agrees that it shall not, during the term of this Agreement or
thereafter, contest the fact that the Licensee's rights in the Dow Xxxxx Marks
under this Agreement (i) are limited solely to the use of the Dow Xxxxx Marks in
connection with the listing for trading, marketing, and/or promotion of the
Products and disclosure about the Products under applicable law as provided in
Section 1(a), and (ii) shall cease upon termination of this Agreement, except as
otherwise expressly provided herein. The Licensee recognizes the great value of
the reputation and goodwill associated with the Dow Xxxxx Marks and acknowledges
that such goodwill associated with the Dow Xxxxx Marks belongs exclusively to
Dow Xxxxx, and that Dow Xxxxx is the owner of all right, title and interest in
and to the Dow Xxxxx Marks in connection with the Products. The Licensee further
acknowledges that all rights in any translations, derivatives or
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modifications in the Dow Xxxxx Marks which may be created by or for the Licensee
shall be and shall remain the exclusive property of Dow Xxxxx and said property
shall be and shall remain a part of the Intellectual Property subject to the
provisions and conditions of this Agreement. The Licensee shall never, either
directly or indirectly, contest Dow Xxxxx' exclusive ownership of any of the
Intellectual Property. In the event that Dow Xxxxx consents to, and the Licensee
uses any Dow Xxxxx Xxxx in conjunction with the Licensee's own trademark(s),
such resulting xxxx shall be owned by Dow Xxxxx, and shall be part of the
Intellectual Property of Dow Xxxxx and included in the Dow Xxxxx Marks as
defined herein. With respect to any such composite xxxx: (i) Dow Xxxxx shall not
register or apply for registration of such xxxx; (ii) Dow Xxxxx shall not use
such xxxx; and (iii) after termination or expiration of this Agreement, Dow
Xxxxx shall disclaim ownership rights in Licensee's own trademark forming a part
of such xxxx and shall assign to Licensee any rights in Licensee's own trademark
forming a part of such xxxx and the goodwill associated therewith that Dow Xxxxx
might have acquired during the Term.
(c) In the event that the Licensee learns of any infringement or
imitation of any of the Indexes and/or any Dow Xxxxx Xxxx, or of any use by any
person of a trademark similar to any of the Dow Xxxxx Marks, it shall promptly
notify Dow Xxxxx. Dow Xxxxx shall take such action as it deems advisable for
the protection of rights in and to the Indexes and the Dow Xxxxx Marks and, if
requested to do so by Dow Xxxxx, the Licensee shall cooperate with Dow Xxxxx in
all respects, at Dow Xxxxx' expense, including, without limitation, by being a
plaintiff or co-plaintiff and, upon Dow Xxxxx' reasonable request, by causing
its officers to execute appropriate pleadings and other necessary documents. In
no event, however, shall Dow Xxxxx be required to take any action it deems
inadvisable. The Licensee shall have no right to take any action which would
materially affect any of the Indexes and/or any of the Dow Xxxxx Marks without
Dow Xxxxx' prior written approval.
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(d) The Licensee shall use its best efforts to protect the goodwill
and reputation of Dow Xxxxx, the Indexes and the Dow Xxxxx Marks in connection
with its use of the Indexes and any of the Dow Xxxxx Marks under this Agreement.
The Licensee shall submit to Dow Xxxxx, for Dow Xxxxx' review and approval, and
the Licensee shall not use until receiving Dow Xxxxx' approval thereof in
writing, all Informational Materials. Dow Xxxxx' approval shall be required
with respect to the use of and description of Dow Xxxxx, any of the Indexes or
any of the Dow Xxxxx Marks. Dow Xxxxx shall notify the Licensee of its approval
or disapproval of any Informational Materials within 72 hours (excluding any day
which is a Saturday or Sunday or a day on which The New York Stock Exchange is
closed) following receipt thereof from the Licensee. Once Informational
Materials have been approved by Dow Xxxxx, subsequent Informational Materials
which do not alter the use or description of Dow Xxxxx, such Indexes or such Dow
Xxxxx Marks, as the case may be, need not be submitted for review and approval
by Dow Xxxxx.
(e) Except as may be expressly otherwise agreed in writing by Dow
Xxxxx, or as otherwise permitted or required under this Agreement, the Dow Xxxxx
Marks and the Licensee's marks, the marks of any of their respective affiliates
or the marks of any third party, to the extent they appear in any Informational
Material, shall appear separately and shall be clearly identified with regard to
ownership. Whenever the Dow Xxxxx Marks are used in any Informational Material
in connection with any of the Products, the name of the Licensee shall appear in
close proximity to the Dow Xxxxx Marks so that the identity of the Licensee, and
its status as an authorized licensee of such Dow Xxxxx Marks, is clear and
obvious.
(f) The Licensee agrees that any proposed change in the use of the
Dow Xxxxx Marks shall be submitted to Dow Xxxxx for, and shall be subject to,
Dow Xxxxx' prior written consent.
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(g) If at any time Dow Xxxxx is of the opinion that the Licensee is
not properly using the Intellectual Property in connection with the Products or
Informational Materials, or that the standard of quality of any of the Products
or Informational Materials does not conform to the standards as set forth
herein, Dow Xxxxx shall give notice to the Licensee to that effect. Upon
receipt of such notice, the Licensee shall forthwith correct the defects in the
non-conforming Products or Informational Materials so that they comply with all
required standards or cease (subject to regulatory requirements) the listing,
marketing and promotion of the non-conforming Products or Informational
Materials.
7. Proprietary Rights.
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(a) The Licensee expressly acknowledges and agrees that the Indexes
are selected, compiled, coordinated, arranged and prepared by Dow Xxxxx through
the application of methods and standards of judgment used and developed through
the expenditure of considerable work, time and money by Dow Xxxxx. The Licensee
also expressly acknowledges and agrees that the Indexes and the Dow Xxxxx Marks
are valuable assets of Dow Xxxxx and the Licensee agrees that it will take
reasonable measures to prevent any unauthorized use of the information provided
to it concerning the selection, compilation, coordination, arrangement and
preparation of the Indexes.
(b) Dow Xxxxx expressly acknowledges and agrees that: (i)
Licensee has the exclusive property rights in and to Market Data; (ii) Market
Data constitutes valuable Confidential Information and proprietary rights of
Licensee; and (iii) Licensee's trademarks and trade names, including but not
limited to, Chicago Board of Trade, Board of Trade and CBOT, are valuable assets
of Licensee. "Market Data" shall mean bids, asks and market prices, opening and
closing range prices, high-low prices, settlement prices, estimated and actual
contract volume and other information regarding
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CBOT market activity, including exchange for physical transactions (excluding
the values of Dow Xxxxx indexes).
(c) Each party shall treat as confidential and shall not
disclose or transmit to any third party (i) any documentation or other materials
that are marked as "Confidential" by the providing party and (ii) the terms of
this Agreement (collectively, "Confidential Information"). Confidential
Information as described in clause (i) of the preceding sentence shall not
include (A) any information that is available to the public or to the receiving
party hereunder from sources other than the providing party (provided that such
source is not subject to a confidentiality agreement with regard to such
information) or (B) any information that is independently developed by the
receiving party without use of or reference to information from the providing
party.
(d) Notwithstanding the foregoing, either party may reveal
Confidential Information to any regulatory agency or court of competent
jurisdiction if such information to be disclosed is (i) approved in writing by
the providing party for disclosure or (ii) required by law, regulatory agency or
court order to be disclosed by the receiving party, provided, if permitted by
law, that prior written notice of such required disclosure is given to the
providing party and provided further that the receiving party shall cooperate
with the providing party to limit the extent of such disclosure. The provisions
of Sections 7(c) and (d) shall survive termination or expiration of this
Agreement for a period of five (5) years from disclosure by either party to the
other of the last item of such Confidential Information.
8. Warranties; Disclaimers.
-----------------------
(a) Each party represents and warrants to the other that it has
the authority to enter into this Agreement according to its terms, and that its
execution and delivery of this Agreement and its performance hereunder will not
violate any agreement applicable to it or violate any applicable laws, rules or
regulations. Dow Xxxxx represents that it owns and has the right to license
hereunder the Intellectual Property licensed
-17-
hereunder. The Licensee represents and warrants to Dow Xxxxx that the Products
listed for trading, and the marketing and promotion thereof, by the Licensee
will not violate any agreement applicable to the Licensee or violate any
applicable laws, rules or regulations, including without limitation, securities,
commodities, and banking laws.
(b) The Licensee shall include the statement contained in
Exhibit I hereto in each contract designation application and in the terms and
conditions of any Products (and upon request shall furnish copies thereof to Dow
Xxxxx), and the Licensee expressly agrees to be bound by the terms of the
statement contained in Exhibit I hereto (which terms are expressly incorporated
herein by reference and made a part hereof). Any changes in the statement
contained in Exhibit I hereto must be approved in advance in writing by an
authorized officer of Dow Xxxxx.
(c) Without limiting the disclaimers set forth in this Agreement
(including in Exhibit I hereto), in no event shall the cumulative liability of
Dow Xxxxx to the Licensee and its affiliates under or relating to this Agreement
at any time exceed the aggregate amount of License Fees received by Dow Xxxxx
pursuant to this Agreement prior to such time.
(d) Notwithstanding any other provision of this Agreement, in no
event shall Dow Xxxxx be liable to the Licensee for damages of any kind (whether
monetary, special, indirect, exemplary, incidental, consequential or otherwise)
in connection with any breach by Dow Xxxxx of any of its covenants under this
Agreement. In addition, in no event shall either Dow Xxxxx or the Licensee be
liable to the other for more than an aggregate of $2 million (in respect of any
and all claims) for any special, indirect, exemplary, incidental or
consequential damages (including loss of products or savings and including under
any indemnification obligation under Section 9(a)(i), but not including under
any indemnification obligation under Section 9(a)(ii)) even if such other party
has been advised, knows or should know of the possibility of same arising in
connection with this Agreement.
-18-
9. Indemnification.
---------------
(a) The Licensee shall indemnify and hold harmless Dow Xxxxx and
its affiliates, and their respective officers, directors, members, employees and
agents, against any and all judgments, damages, liabilities, costs and losses of
any kind (including reasonable attorneys' and experts' fees) (collectively,
"Losses") that arise out of or relate to (i) any breach by the Licensee of its
representations and warranties or covenants under this Agreement, or (ii) any
claim, action or proceeding that arises out of or relates to (x) this Agreement
or (y) the Products; provided, however, that Dow Xxxxx must promptly notify the
Licensee in writing of any such claim, action or proceeding (but the failure to
do so shall not relieve the Licensee of any liability hereunder except to the
extent the Licensee has been materially prejudiced therefrom). The Licensee may
elect, by written notice to Dow Xxxxx within ten (10) days after receiving
notice of such claim, action or proceeding from Dow Xxxxx, to assume the defense
thereof with counsel reasonably acceptable to Dow Xxxxx. If the Licensee does
not so elect to assume such defense or disputes its indemnity obligation with
respect to such claim, action or proceeding, or if Dow Xxxxx reasonably believes
that there are conflicts of interest between Dow Xxxxx and the Licensee or that
additional defenses are available to Dow Xxxxx with respect to such defense,
then Dow Xxxxx shall retain its own counsel to defend such claim, action or
proceeding, at the Licensee's expense. The Licensee shall periodically reimburse
Dow Xxxxx for its expenses incurred under this Section 9. Dow Xxxxx shall have
the right, at its own expense, to participate in the defense of any claim,
action or proceeding against which it is indemnified hereunder; provided,
however, that Dow Xxxxx shall have no right to control the defense, consent to
judgment, or agree to settle any such claim, action or proceeding without the
written consent of the Licensee unless Dow Xxxxx waives its right to indemnity
hereunder. The Licensee, in the defense of any such claim, action or proceeding,
except with the written consent of Dow Xxxxx, shall not consent to entry of any
judgment or enter into any settlement which (i) does not include, as an
unconditional
-19-
term, the grant by the claimant to Dow Xxxxx of a release of all liabilities in
respect of such claims or (ii) otherwise adversely affects the rights of Dow
Xxxxx.
(b) Notwithstanding Section 9(a), the Licensee shall not have
any obligation to indemnify and hold harmless Dow Xxxxx and its affiliates, and
their respective officers, directors, members, employees and agents, to the
extent that Losses arise out of or relate to (i) a breach by Dow Xxxxx of its
representations, warranties or covenants under this Agreement, (ii) the willful
or reckless misconduct of any of Dow Xxxxx' officers, directors, employees or
agents acting within the scope of their authority, or (iii) miscalculations or
errors in an Index originated by Dow Xxxxx (i.e., not including miscalculations
or errors resulting from wrong information received by Dow Xxxxx or from Dow
Xxxxx' lack of information).
(c) The indemnification provisions set forth herein are solely
for the benefit of Dow Xxxxx and are not intended to, and do not, create any
rights or causes of actions on behalf of any third party.
10. Suspension of Performance.
-------------------------
Notwithstanding anything herein to the contrary, neither Dow Xxxxx nor
the Licensee shall bear responsibility or liability to each other or to third
parties for any Losses arising out of any delay in or interruptions of
performance of their respective obligations under this Agreement due to any act
of God, act of governmental authority, or act of public enemy, or due to war,
the outbreak or escalation of hostilities, riot, fire, flood, civil commotion,
insurrection, labor difficulty (including, without limitation, any strike, other
work stoppage, or slow-down), severe or adverse weather conditions, power
failure, communications line or other technological failure, or other similar
cause beyond the reasonable control of the party so affected; provided, however,
that nothing in this Section 9 shall affect the Licensee's obligations under
Section 9(a)(ii).
-20-
11. Injunctive Relief.
-----------------
In the event of a material breach by one party ("Breaching Party") of
provisions of this Agreement relating to the Confidential Information of the
other party ("Non-breaching Party"), the Breaching Party acknowledges and agrees
that damages would be an inadequate remedy and that the Non-breaching Party
shall be entitled to preliminary and permanent injunctive relief to preserve
such confidentiality or limit improper disclosure of such Confidential
Information, but nothing herein shall preclude the Non-breaching Party from
pursuing any other action or remedy for any breach or threatened breach of this
Agreement. All remedies under this Section 11 shall be cumulative.
12. Other Matters.
-------------
(a) This Agreement is solely and exclusively between the parties
hereto and, except to the extent otherwise expressly provided herein, shall not
be assigned or transferred, nor shall any duty hereunder be delegated, by either
party, without the prior written consent of the other party, and any attempt to
so assign or transfer this Agreement or delegate any duty hereunder without such
written consent shall be null and void; provided, however, that any affiliate
which, directly or indirectly, controls, is controlled by or is under common
control with the Licensee may use the Indexes and the Dow Xxxxx Marks in
connection with the issuance, marketing and promotion of the Products, provided
that such affiliate shall be subject to all of the terms and conditions of this
Agreement applicable to the Licensee. This Agreement shall be valid and binding
on the parties hereto and their successors and permitted assigns.
(b) This Agreement, including the Schedules and Exhibits hereto
(which are hereby expressly incorporated into and made a part of this
Agreement), constitutes the entire agreement of the parties hereto with respect
to its subject matter, and supersedes any and all previous agreements between
the parties with respect to the
-21-
subject matter of this Agreement. There are no oral or written collateral
representations, agreements or understandings except as provided herein.
(c) No waiver, modification or amendment of any of the terms and
conditions hereof shall be valid or binding unless set forth in a written
instrument signed by duly authorized officers of both parties. The delay or
failure by any party to insist, in any one or more instances, upon strict
performance of any of the terms or conditions of this Agreement or to exercise
any right or privilege herein conferred shall not be construed as a waiver of
any such term, condition, right or privilege, but the same shall continue in
full force and effect.
(d) No breach, default or threatened breach of this Agreement by
either party shall relieve the other party of its obligations or liabilities
under this Agreement with respect to the protection of the property or
proprietary nature of any property which is the subject of this Agreement.
(e) All notices and other communications under this Agreement
shall be (i) in writing, (ii) delivered by hand (with receipt confirmed in
writing), by registered or certified mail (return receipt requested), or by
facsimile transmission (with receipt confirmed in writing), to the address or
facsimile number set forth below or to such other address or facsimile number as
either party shall specify by a written notice to the other, and (iii) deemed
given upon receipt.
If to Dow Xxxxx: Dow Xxxxx & Company, Inc.
000 Xxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attn: Xxxxx X. Xxxxx,
President/Dow Xxxxx Global Indexes
Fax No.: 212/000-0000
-22-
With a copy to: Fried, Frank, Harris, Xxxxxxx & Xxxxxxxx
Xxx Xxx Xxxx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attn: Xxxx Xxxxxxxxx, Esq.
Fax No.: 212/000-0000
If to the Licensee: Board of Trade of the City of Chicago
000 Xxxx Xxxxxxx Xxxxxxxxx
Xxxxxxx, Xxxxxxxx 00000
Attn: Xxxxx Xxxxx, Executive Vice President &
General Counsel
Fax No. (000) 000-0000
(f) This Agreement shall be interpreted, construed and enforced
in accordance with the laws of the State of New York without reference to or
inclusion of the principles of choice of law or conflicts of law of that
jurisdiction. It is the intent of the parties that the substantive law of the
State of New York govern this Agreement and not the law of any other
jurisdiction incorporated through choice of law or conflicts of law principles.
Each party agrees that any legal action, proceeding, controversy or claim
between the parties arising out of or relating to this Agreement may be brought
and prosecuted only in the United States District Court for the Southern
District of New York or in the Supreme Court of the State of New York in and for
the First Judicial Department, and by execution of this Agreement each party
hereto submits to the exclusive jurisdiction of such court and waives any
objection it might have based upon improper venue or inconvenient forum. Each
party hereby waives any right it may have to a jury trial in connection with any
legal action, proceeding, controversy or claim between the parties arising out
of or relating to this Agreement.
(g) This Agreement (and any related agreement or arrangement
between the parties hereto) is solely and exclusively for the benefit of the
parties hereto and their respective successors, and nothing in this Agreement
(or any related agreement or arrangement between the parties hereto), express or
implied, is intended to or shall confer on any other person or entity
(including, without limitation, any purchaser
-23-
of any Products issued by the Licensee), any rights, benefits or remedies of any
nature whatsoever under or by reason of this Agreement (or any such related
agreement or arrangement between the parties hereto).
(h) Section 4, Sections 7(c) and (d) (as provided therein),
Sections 8, 9, 11 and 12(e), (f) and (g), and this Section 12(h), shall survive
the expiration or termination of this Agreement.
(i) The parties hereto are independent contractors. Nothing
herein shall be construed to place the parties in the relationship of partners
or joint venturers, and neither party
-24-
shall acquire any power, other than as specifically and expressly provided in
this Agreement, to bind the other in any manner whatsoever with respect to third
parties.
(j) All references herein to "reasonable efforts" shall include
taking into account all relevant commercial and regulatory factors. All
references herein to "regulations" or "regulatory proceedings" shall include
regulations or proceedings by self-regulatory organizations such as securities
or futures exchanges.
-25-
IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed as of the date first set forth above.
DOW XXXXX & COMPANY, INC.
By: /s/ Xxxxx X. Xxxxx
------------------------------------------
Name: Xxxxx X. Xxxxx
Title: Vice President
BOARD OF TRADE OF THE CITY OF CHICAGO
By: /s/ Xxxxxxx X. Arbor
------------------------------------------
Name: Xxxxxxx X. Arbor
Title: Chairman of the Board
By: /s/ Xxxxxx X. Xxxxxxx
------------------------------------------
Name: Xxxxxx X. Xxxxxxx
Title: President and Chief Executive Officer
-26-
INDEX OF ATTACHMENTS
--------------------
SCHEDULES:
---------
Schedule A Indexes Being Licensed
Schedule B Products Description
Schedule C License Fees
EXHIBITS:
--------
Exhibit I Disclaimer Language
-27-
SCHEDULE A
----------
INDEXES BEING LICENSED
----------------------
. Dow Xxxxx Industrial Average Index
. Dow Xxxxx Transportation Average Index
. Dow Xxxxx Utilities Average Index
. Dow Xxxxx Global Indexes listed on Annex I to this Schedule A
(excluding the Dow Xxxxx Taiwan Stock Index)
SCHEDULE B
----------
PRODUCTS DESCRIPTION
--------------------
Standardized exchange-traded futures contracts and options on futures contracts.
SCHEDULE C
----------
LICENSE FEES
------------
Licensee shall pay license fees in accordance with the following:
. Licensee shall pay to Dow Xxxxx (a) an up-front one-time fee of [**], to be
paid on the Effective Date, (b) a one-time fee of [**] on the date of
regulatory approval of the Initial Product, and (c) a one-time fee of [**]
on the Commencement Date. The fees payable under (b) and (c) of this
paragraph are referred to herein together as the "[**] Fee."
. In addition, (i) on the Commencement Date, the Licensee will pay to Dow
Xxxxx a flat annual minimum payment of [**] in respect of the First Year;
(ii) during the Term, on each of the first, second, third and fourth
anniversaries of the Commencement Date, the Licensee will pay to Dow Xxxxx
a flat annual minimum payment of $2 million in respect of the Second Year,
the Third Year, the Fourth Year and the Fifth Year, respectively; and (iii)
during any Renewal Term, on each of the fifth, sixth, seventh, eighth and
ninth anniversaries of the Commencement Date, the Licensee will pay to Dow
Xxxxx a flat annual minimum payment of [**] in respect of the Sixth Year,
the Seventh Year, the Eighth Year, the Ninth Year and the Tenth Year,
respectively (each, an "Annual Minimum Payment").
. In addition, the Licensee will pay to the Dow Xxxxx affiliate designated by
Dow Xxxxx the amount, if any, by which (x) a fee (the "Per Transaction
Fee") equal to [**]. Within 10 days after each month-end after the
Commencement Date, the Licensee will provide to Dow Xxxxx a written report
of the trading volume for each Product for such month (each, a "Monthly
Report"), together with a calculation of the amount of the Per Transaction
Fees for such month. At such time during any Year that the cumulative Per
Transaction Fees first exceed the Annual Minimum Payment paid in respect of
such Year, the Licensee will make payment of such excess amount at the time
it provides the Monthly Report for such month and, thereafter, during the
remainder of such Year, the Licensee will pay the amount of the Per
Transaction Fees reflected in each Monthly Report at the time it provides
such Monthly Report.
. All amounts will be paid in cash and will be non-refundable, except that,
if during the Initial Term Dow Xxxxx terminates this Agreement pursuant to
Section 4(h), then any part of the [**] Fee already paid by the Licensee
shall be refunded to the extent of 20% if the termination occurs in the
Fifth Year, 40% if it occurs in the Fourth Year, 60% if it occurs in the
Third Year, and 80% if it occurs in either the Second Year or the First
Year.
. The terms hereof shall be deemed "Confidential Information" for purposes of
Section 7(c) of this Agreement.
-1-
EXHIBIT I
---------
The [Products] are not sponsored, endorsed, sold or promoted by Dow Xxxxx.
Dow Xxxxx makes no representation or warranty, express or implied, to the owners
of the [Product(s)] or any member of the public regarding the advisability of
trading in the Product(s). Dow Xxxxx' only relationship to the Licensee is the
licensing of certain trademarks and trade names of Dow Xxxxx and of the [INSERT
Name of Index(es)] which is determined, composed and calculated by Dow Xxxxx
without regard to [the Licensee] or the [Product(s)], Dow Xxxxx has no
obligation to take the needs of [the Licensee] or the owners of the [Product(s)]
into consideration in determining, composing or calculating [INSERT Name of
Index(es)]. Dow Xxxxx is not responsible for and has not participated in the
determination of the timing of, prices at, or quantities of the [Product(s)] to
be listed or in the determination or calculation of the equation by which the
[Product(s)] are to be converted into cash. Dow Xxxxx has no obligation or
liability in connection with the administration, marketing or trading of the
[Product(s)].
DOW XXXXX DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE
[INSERT NAME OF INDEX(ES)] OR ANY DATA INCLUDED THEREIN AND DOW XXXXX SHALL HAVE
NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. DOW XXXXX
MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY [THE
LICENSEE], OWNERS OF THE [PRODUCT(S)], OR ANY OTHER PERSON OR ENTITY FROM THE
USE OF THE [INSERT NAME OF INDEX(ES)] OR ANY DATA INCLUDED THEREIN. DOW XXXXX
MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES,
OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO
THE [INSERT NAMES OF [INDEX(ES)] OR ANY DATA INCLUDED THEREIN, WITHOUT LIMITING
ANY OF THE FOREGOING, IN NO EVENT SHALL DOW XXXXX HAVE ANY LIABILITY FOR ANY
LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES (INCLUDING
LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. THERE ARE
NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN DOW XXXXX
AND [THE LICENSEE].
ANNEX I [to Schedule A]
DOW XXXXX GLOBAL INDEXES
5:30 p.m., Friday May 30 1997
------------------------------------------------------------------------------------------------------------------------------------
------------------------------IN U.S. DOLLARS-------------------------------------
DJ
GLOBAL
INDEXES, 5:30
LOCAL PCT. P.M. PCT. 12-MO 12-MO 12-MO PCT. FROM PCT.
REGION/ COUNTRY CURRENCY CHG. INDEX CHG. CHG. HIGH LOW CHG. CHG. 12/31 CHG.
-----------------------------------------------------------------------------------------------------------------------------------
Americas 197.28 + 1.04 + 0.53 197.51 146.19 + 40.85 + 26.11 + 23.89 + 13.78
-----------------------------------------------------------------------------------------------------------------------------------
Canada 176.18 + 0.24 147.84 + 0.78 + 0.53 150.21 110.46 + 29.87 + 25.32 + 12.43 + 9.18
-----------------------------------------------------------------------------------------------------------------------------------
Mexico 288.47 + 0.72 111.75 + 0.58 + 0.52 113.01 85.56 + 17.25 + 18.26 + 17.43 + 18.48
-----------------------------------------------------------------------------------------------------------------------------------
U.S. 738.46 + 0.53 798.46 + 4.23 + 0.53 799.28 591.10 + 165.81 + 26.21 + 97.90 + 13.97
-----------------------------------------------------------------------------------------------------------------------------------
Europe/Africa 171.89 - 2.85 - 4.63 176.96 138.43 + 28.73 + 20.07 + 11.59 + 7.23
-----------------------------------------------------------------------------------------------------------------------------------
Austria 123.31 - 1.81 110.36 - 1.81 - 1.61 114.62 100.23 - 2.70 - 2.39 + 0.36 + 0.32
-----------------------------------------------------------------------------------------------------------------------------------
Belgium 193.46 - 0.43 172.25 - 1.38 - 0.79 176.68 143.00 + 24.98 + 16.96 + 13.61 + 8.58
-----------------------------------------------------------------------------------------------------------------------------------
Denmark 167.99 - 0.41 154.63 - 1.54 - 0.99 159.18 114.59 + 38.60 + 33.27 + 17.38 + 12.66
-----------------------------------------------------------------------------------------------------------------------------------
Finland 375.81 - 2.02 302.65 - 8.33 - 2.68 316.01 201.41 + 74.75 + 32.80 + 21.93 + 7.81
-----------------------------------------------------------------------------------------------------------------------------------
France 156.52 - 0.52 140.67 - 1.44 - 1.01 153.55 124.57 + 9.65 + 7.37 - 1.70 - 1.20
-----------------------------------------------------------------------------------------------------------------------------------
Germany 200.52 - 2.50 177.95 - 5.65 - 3.08 186.09 142.25 + 34.80 + 24.31 + 16.54 + 10.24
-----------------------------------------------------------------------------------------------------------------------------------
Ireland 233.44 - 1.07 204.97 - 2.04 - 0.99 208.82 160.07 + 35.66 + 21.07 + 8.97 + 4.58
-----------------------------------------------------------------------------------------------------------------------------------
Italy 161.66 - 1.50 117.94 - 2.51 - 2.08 130.10 98.39 + 3.75 + 3.28 + 4.32 + 3.80
-----------------------------------------------------------------------------------------------------------------------------------
Netherlands 265.39 - 1.64 232.76 - 5.07 - 2.13 239.84 172.70 + 47.74 + 25.80 + 25.17 + 12.13
-----------------------------------------------------------------------------------------------------------------------------------
Norway 196.49 - 1.03 165.33 - 2.57 - 1.53 174.76 133.41 + 25.29 + 18.06 + 5.37 + 3.35
-----------------------------------------------------------------------------------------------------------------------------------
South Africa 214.51 - 0.84 131.67 - 1.11 - 0.84 136.80 112.45 - 0.85 - 0.64 + 13.02 + 10.98
-----------------------------------------------------------------------------------------------------------------------------------
Spain 248.76 - 1.72 167.84 - 3.05 - 1.73 178.52 119.44 + 44.83 + 36.44 + 18.40 + 12.31
-----------------------------------------------------------------------------------------------------------------------------------
Sweden 316.36 - 0.71 226.63 - 3.30 - 1.44 237.60 171.24 + 44.91 + 24.72 + 12.76 + 5.96
-----------------------------------------------------------------------------------------------------------------------------------
Switzerland 291.27 - 1.78 279.26 - 5.46 - 1.92 290.48 227.00 + 48.28 + 20.90 + 43.23 + 18.32
-----------------------------------------------------------------------------------------------------------------------------------
United Kingdom 180.97 - 1.16 158.89 - 1.73 - 1.08 162.13 124.53 + 30.54 + 23.80 + 6.87 + 4.52
-----------------------------------------------------------------------------------------------------------------------------------
Europe/Africa (ex. South 173.89 - 2.94 - 1.66 179.08 138.94 + 30.33 + 21.13 + 11.48 + 7.07
Africa)
-----------------------------------------------------------------------------------------------------------------------------------
Europe/Africa (ex. U.K. & 186.07 - 3.72 - 1.96 193.53 149.93 + 30.73 + 19.79 + 14.50 + 8.45
S. Africa)
-----------------------------------------------------------------------------------------------------------------------------------
Asia/Pacific 109.58 - 0.74 - 0.67 124.13 93.86 - 13.23 - 10.78 + 0.65 + 0.59
-----------------------------------------------------------------------------------------------------------------------------------
Australia 155.37 + 0.75 155.57 + 0.30 + 0.19 157.08 126.73 + 15.44 + 11.02 + 6.80 + 4.57
-----------------------------------------------------------------------------------------------------------------------------------
Hong Kong 319.53 + 2.09 320.45 + 6.50 + 2.07 320.45 235.92 + 70.47 + 28.19 + 20.96 + 7.00
-----------------------------------------------------------------------------------------------------------------------------------
Indonesia 232.52 + 1.32 190.34 + 2.87 + 1.53 204.08 156.38 - 5.40 - 2.76 + 2.92 + 1.56
-----------------------------------------------------------------------------------------------------------------------------------
Japan 90.07 - 1.34 96.69 - 1.27 - 1.30 116.89 79.74 - 18.11 - 15.78 + 1.06 + 1.11
-----------------------------------------------------------------------------------------------------------------------------------
Malaysia 216.41 - 0.02 230.40 - 0.18 - 0.08 282.10 223.30 - 16.64 - 6.63 - 31.10 - 11.71
-----------------------------------------------------------------------------------------------------------------------------------
New Zealand 156.24 - 0.90 199.17 + 1.60 + 0.31 211.01 165.69 + 23.57 + 16.74 - 4.17 - 2.05
-----------------------------------------------------------------------------------------------------------------------------------
Philippines 296.41 - 1.21 292.02 + 3.49 + 1.21 371.03 258.89 - 8.70 - 19.05 - 50.35 - 14.71
-----------------------------------------------------------------------------------------------------------------------------------
Singapore 158.16 + 0.46 179.16 + 0.63 + 0.38 210.25 164.33 - 20.16 - 10.11 - 20.64 - 10.35
-----------------------------------------------------------------------------------------------------------------------------------
South Korea 114.82 + 0.56 97.66 + 0.59 + 0.61 142.10 80.69 - 43.36 - 30.75 + 6.68 + 7.34
-----------------------------------------------------------------------------------------------------------------------------------
[This row redacted in the
original]
-----------------------------------------------------------------------------------------------------------------------------------
Thailand 92.61 + 2.30 87.86 + 3.91 + 4.66 204.81 83.75 - 116.95 - 57.10 - 38.80 - 30.63
-----------------------------------------------------------------------------------------------------------------------------------
Asia/Pacific (ex. Japan) 199.99 + 1.83 + 0.92 205.51 175.15 + 9.70 + 5.10 - 1.27 - 0.63
-----------------------------------------------------------------------------------------------------------------------------------
World (ex. U.S.) 135.35 - 1.50 - 1.10 138.13 121.10 + 5.65 + 4.36 + 5.66 + 4.36
-----------------------------------------------------------------------------------------------------------------------------------
DJ WORLD STOCK INDEX 160.26 - 0.56 - 0.35 161.55 133.22 + 19.09 + 13.53 + 12.69 + 8.60
------------------------------------------------------------------------------------------------------------------------------------
Industry Group Performance
WORLD U.S. AMERICAS EUROPE ASIA/PACIFIC
------------------ ------------------- ----------------- ------------------- ----------------
5:30 5:30 5:30 5:30 5:30
P.M. % CHG. P.M. % CHG. P.M. % CHG. P.M. % CHG. P.M. % CHG.
05/30/97 YTD 05/30/97 YTD 05/30/97 YTD 05/30/97 YTD 05/30/97 YTD
-------------------------------------------------------------------------------------------------------------------------------
141.65 + 3.68 Basic Materials 680.59 + 10.73 173.01 + 8.29 172.43 - 1.52 96.57 + 0.95
-------------------------------------------------------------------------------------------------------------------------------
173.09 + 12.48 Aluminum 563.65 + 15.81 190.10 + 12.89 223.52 + 16.83 94.87 + 3.76
-------------------------------------------------------------------------------------------------------------------------------
130.91 + 7.00 Other non-ferrous 427.47 + 10.31 158.65 + 7.19 121.93 + 8.70 109.99 + 5.42
-------------------------------------------------------------------------------------------------------------------------------
164.48 + 2.80 Chemicals 931.14 + 10.75 201.46 + 10.04 182.46 - 5.51 100.87 + 3.56
-------------------------------------------------------------------------------------------------------------------------------
183.24 + 2.89 Chem-commodity 1014.19 + 12.56 229.66 + 11.86 203.26 - 6.78 108.67 + 4.98
-------------------------------------------------------------------------------------------------------------------------------
130.70 + 2.63 Chem-specialty 820.24 + 7.39 156.12 + 6.73 137.58 - 1.79 85.76 + 0.03
-------------------------------------------------------------------------------------------------------------------------------
157.13 + 7.36 Forest products 460.50 + 8.84 163.07 + 9.63 108.04 + 11.15 359.92 + 0.72
-------------------------------------------------------------------------------------------------------------------------------
161.18 + 4.88 Mining, diversified 372.95 + 7.68 145.41 + 6.02 134.51 + 7.36 161.73 + 2.62
-------------------------------------------------------------------------------------------------------------------------------
113.05 + 5.76 Paper products 678.51 + 15.45 141.17 + 14.57 118.73 - 3.14 75.42 + 2.08
-------------------------------------------------------------------------------------------------------------------------------
143.01 + 0.27 Precious metals 250.85 - 5.26 144.80 + 8.61 206.56 - 1.01 98.14 - 10.29
-------------------------------------------------------------------------------------------------------------------------------
99.92 + 1.96 Steel 183.75 + 10.60 138.33 + 9.83 165.64 + 3.22 85.30 - 2.03
-------------------------------------------------------------------------------------------------------------------------------
183.83 + 7.31 Independent 1499.29 + 22.05 289.66 + 20.85 114.99 - 4.51 157.71 + 0.65
-------------------------------------------------------------------------------------------------------------------------------
213.60 + 8.77 Conglomerates 1499.29 + 22.05 289.66 + 20.85 116.18 - 4.26 239.19 - 0.17
-------------------------------------------------------------------------------------------------------------------------------
106.56 + 2.39 Overseas Trading 0.00 0.00 0.00 0.00 80.77 - 8.96 107.27 + 3.22
-------------------------------------------------------------------------------------------------------------------------------
222.23 - 6.53 Plantations 0.00 0.00 0.00 0.00 0.00 0.00 222.23 - 6.53
-------------------------------------------------------------------------------------------------------------------------------
158.45 + 6.60 Consumer, Cyclical 792.28 + 11.99 173.15 + 11.85 177.04 + 2.96 138.57 + 3.13
-------------------------------------------------------------------------------------------------------------------------------
262.92 + 13.58 Advertising 1427.73 + 24.13 250.07 + 24.13 253.36 - 8.65 0.00 0.00
-------------------------------------------------------------------------------------------------------------------------------
115.09 + 5.16 Airlines 585.16 + 20.07 165.33 + 20.24 201.26 + 12.34 70.83 - 12.53
-------------------------------------------------------------------------------------------------------------------------------
111.52 + 1.59 Apparel 1331.57 + 0.32 163.86 + 0.32 124.24 + 7.62 84.94 - 0.12
-------------------------------------------------------------------------------------------------------------------------------
95.97 + 2.73 Clothing/Fabrics 873.54 + 7.51 127.06 + 7.51 125.71 + 4.31 86.90 + 0.66
-------------------------------------------------------------------------------------------------------------------------------
169.62 - 1.10 Footwear 2193.31 - 4.01 210.44 - 4.01 98.10 + 17.78 57.42 - 15.27
-------------------------------------------------------------------------------------------------------------------------------
203.06 + 7.05 Auto Manufacturers 544.37 + 6.70 256.69 + 6.70 170.13 + 16.93 202.41 + 2.23
-------------------------------------------------------------------------------------------------------------------------------
170.97 + 4.91 Auto parts & equip 553.65 + 12.29 197.54 + 10.66 216.82 - 3.00 151.38 + 5.70
-------------------------------------------------------------------------------------------------------------------------------
194.49 - 14.02 Casinos 1434.18 - 6.71 244.19 - 6.71 150.73 - 4.57 226.86 - 21.60
-------------------------------------------------------------------------------------------------------------------------------
156.76 - 3.47 Home construction 701.21 + 5.59 161.10 + 5.59 107.82 - 3.67 161.16 - 4.26
-------------------------------------------------------------------------------------------------------------------------------
154.76 + 12.37 Home furnishings 453.41 + 15.31 181.54 + 14.14 181.13 + 3.40 149.78 + 13.00
-------------------------------------------------------------------------------------------------------------------------------
156.76 + 14.73 Consumer electronics 0.00 0.00 108.62 - 13.85 158.14 + 24.07 157.74 + 14.87
-------------------------------------------------------------------------------------------------------------------------------
153.10 + 6.36 Other furnishings 453.41 + 15.31 181.88 + 15.31 223.46 + 2.24 95.36 - 1.21
-------------------------------------------------------------------------------------------------------------------------------
141.31 + 2.01 Lodging 838.92 + 6.95 295.22 + 6.95 105.93 + 10.17 141.03 - 6.21
-------------------------------------------------------------------------------------------------------------------------------
-2-
WORLD U.S. AMERICAS EUROPE ASIA/PACIFIC
------------------ ------------------- ----------------- ------------------- --------------------
5:30 % 5:30 5:30 5:30 5:30
P.M. CHG. P.M. % CHG. P.M. % CHG. P.M. % CHG. P.M. % CHG.
05/30/97 YTD 05/30/97 YTD 05/30/97 YTD 05/30/97 YTD 05/30/97 YTD
-----------------------------------------------------------------------------------------------------------------------------------
191.61 + 2.10 Media 874.04 + 10.90 173.21 + 9.93 200.34 - 3.51 236.54 - 2.30
-----------------------------------------------------------------------------------------------------------------------------------
183.59 + 3.77 Cable/Broadcasting 888.44 + 8.27 159.25 + 9.65 198.62 - 2.43 294.27 + 10.89
-----------------------------------------------------------------------------------------------------------------------------------
194.34 + 1.31 Publishing 811.76 + 11.75 179.53 + 9.73 198.73 - 4.05 223.33 - 6.11
-----------------------------------------------------------------------------------------------------------------------------------
151.69 + 8.22 Recreation Products 586.57 + 11.24 210.78 + 11.24 100.55 - 11.19 111.71 + 10.37
-----------------------------------------------------------------------------------------------------------------------------------
163.40 + 4.06 Entertainment 381.59 + 10.64 156.82 + 10.64 151.77 - 13.77 0.00 0.00
-----------------------------------------------------------------------------------------------------------------------------------
170.58 + 9.90 Other Rec Products 668.62 + 11.78 233.97 + 11.78 77.67 - 7.86 138.48 + 11.85
-----------------------------------------------------------------------------------------------------------------------------------
97.13 + 7.21 Toys 763.63 + 9.15 196.20 + 9.15 0.00 0.00 70.82 + 5.49
-----------------------------------------------------------------------------------------------------------------------------------
182.10 + 4.75 Restaurants 1141.17 + 6.84 197.75 + 6.93 114.60 - 14.50 107.69 - 1.03
-----------------------------------------------------------------------------------------------------------------------------------
113.63 + 11.21 Retailers, apparel 1401.96 + 15.98 126.46 + 15.98 225.40 - 17.91 62.12 + 7.01
-----------------------------------------------------------------------------------------------------------------------------------
125.80 + 12.99 Retailers, broadline 926.60 + 19.43 123.59 + 19.40 151.20 + 4.43 115.28 + 8.79
-----------------------------------------------------------------------------------------------------------------------------------
229.07 + 13.31 Retailers, drug-based 1641.93 + 14.02 308.67 + 14.02 143.52 + 11.01 0.00 0.00
-----------------------------------------------------------------------------------------------------------------------------------
140.93 + 9.01 Retailers, specialty 866.27 + 17.46 148.62 + 17.31 172.58 - 6.11 145.98 + 1.43
-----------------------------------------------------------------------------------------------------------------------------------
173.11 + 13.86 Consumer, Non-Cycl 1527.13 + 18.63 191.23 + 18.34 172.25 + 7.79 120.25 + 7.86
-----------------------------------------------------------------------------------------------------------------------------------
118.95 + 2.53 Beverages, distillers 828.15 + 8.43 139.53 + 6.05 118.95 - 0.33 103.56 + 3.68
-----------------------------------------------------------------------------------------------------------------------------------
258.93 + 27.16 Beverages, soft drinks 3207.88 + 28.42 297.99 + 28.71 0.00 0.00 160.63 - 1.51
-----------------------------------------------------------------------------------------------------------------------------------
170.06 + 13.61 Consumer services 811.00 + 16.96 166.56 + 14.03 0.00 0.00 194.96 + 8.66
-----------------------------------------------------------------------------------------------------------------------------------
227.91 + 9.09 Cosmetics 1758.95 + 12.59 253.51 + 12.69 276.06 - 3.94 135.13 + 20.38
-----------------------------------------------------------------------------------------------------------------------------------
129.03 + 7.30 Food 1414.53 + 10.04 140.50 + 9.68 145.50 + 7.33 86.36 - 0.90
-----------------------------------------------------------------------------------------------------------------------------------
54.20 - 14.87 Fishing 0.00 0.00 0.00 0.00 0.00 0.00 54.20 - 14.87
-----------------------------------------------------------------------------------------------------------------------------------
130.21 + 7.48 Other food 1414.53 + 10.04 140.50 + 9.68 145.50 + 7.33 88.94 - 0.10
-----------------------------------------------------------------------------------------------------------------------------------
164.04 + 6.12 Food retailers 1002.97 + 4.26 147.07 + 7.19 193.25 - 0.26 148.18 + 21.76
-----------------------------------------------------------------------------------------------------------------------------------
242.75 + 8.10 Health care 930.69 + 8.05 274.10 + 8.10 0.90 0.00 0.00 0.00
-----------------------------------------------------------------------------------------------------------------------------------
229.25 + 20.04 Household products 1992.50 + 21.77 251.75 + 21.25 117.07 + 13.85 76.33 - 5.70
-----------------------------------------------------------------------------------------------------------------------------------
112.38 + 5.76 Durable 1259.24 + 8.15 131.02 + 8.15 0.00 0.00 71.23 - 3.13
-----------------------------------------------------------------------------------------------------------------------------------
257.97 + 21.85 Non-durable 2033.03 + 23.24 274.56 + 22.64 117.07 + 13.85 88.60 - 10.65
-----------------------------------------------------------------------------------------------------------------------------------
172.66 + 14.06 Medical supplies 1087.64 + 16.89 179.38 + 16.89 151.35 - 9.81 163.07 + 9.04
-----------------------------------------------------------------------------------------------------------------------------------
183.41 + 18.08 Pharmaceuticals 1431.08 + 22.92 188.97 + 22.91 182.07 + 13.78 134.94 + 11.48
-----------------------------------------------------------------------------------------------------------------------------------
149.44 + 11.47 Tobacco 1622.33 + 14.05 154.91 + 14.08 147.42 + 4.44 108.85 + 3.64
-----------------------------------------------------------------------------------------------------------------------------------
177.43 + 8.67 Energy 493.59 + 11.65 184.34 + 11.16 192.75 + 6.83 87.16 - 1.18
-----------------------------------------------------------------------------------------------------------------------------------
-3-
WORLD U.S. AMERICAS EUROPE ASIA/PACIFIC
------------------ ------------------- ----------------- ------------------- --------------------
5:30 % 5:30 5:30 5:30 5:30
P.M. CHG. P.M. % CHG. P.M. % CHG. P.M. % CHG. P.M. % CHG.
05/30/97 YTD 05/30/97 YTD 05/30/97 YTD 05/30/97 YTD 05/30/97 YTD
-----------------------------------------------------------------------------------------------------------------------------------
96.75 - 6.29 Coal 330.21 + 4.42 139.93 + 4.42 0.00 0.00 69.15 - 16.91
-----------------------------------------------------------------------------------------------------------------------------------
361.74 + 7.14 Oil drilling 321.40 + 6.37 480.81 + 6.87 127.52 + 12.67 0.00 0.00
-----------------------------------------------------------------------------------------------------------------------------------
191.52 + 11.62 Oil cos, major 619.23 - 14.30 184.32 + 14.03 200.37 + 8.71 0.00 0.00
-----------------------------------------------------------------------------------------------------------------------------------
126.66 - 0.28 Oil cos, secondary 240.25 + 4.25 145.25 - 1.09 149.19 + 0.15 88.65 - 0.30
-----------------------------------------------------------------------------------------------------------------------------------
198.17 + 16.25 Oilfield equip/svcs 276.68 + 17.62 197.59 + 17.62 244.44 + 7.14 47.52 - 40.61
-----------------------------------------------------------------------------------------------------------------------------------
226.45 + 5.04 Pipelines 466.63 - 4.11 226.48 + 5.04 0.00 0.00 0.00 0.00
-----------------------------------------------------------------------------------------------------------------------------------
154.02 + 7.98 Financial 942.23 - 16.36 263.15 + 16.41 176.77 + 13.30 91.30 - 5.71
-----------------------------------------------------------------------------------------------------------------------------------
140.58 + 5.66 Banks, all 990.68 - 13.86 286.16 + 14.31 190.84 + 16.24 83.79 - 7.39
-----------------------------------------------------------------------------------------------------------------------------------
128.53 + 4.20 Major int'l 695.40 - 10.72 282.36 + 12.54 189.21 + 17.46 85.42 - 6.80
-----------------------------------------------------------------------------------------------------------------------------------
156.88 + 7.21 Regional banks 1037.47 - 15.44 288.62 + 15.44 192.21 + 14.66 80.29 - 8.29
-----------------------------------------------------------------------------------------------------------------------------------
0.00 0.00 U.S. east 941.66 - 18.35 0.00 0.00 0.00 0.00 0.00 0.00
-----------------------------------------------------------------------------------------------------------------------------------
0.00 0.00 U.S. central 1385.11 - 14.89 0.00 0.00 0.00 0.00 0.00 0.00
-----------------------------------------------------------------------------------------------------------------------------------
0.00 0.00 U.S. south 877.20 - 16.65 0.00 0.00 0.00 0.00 0.00 0.00
-----------------------------------------------------------------------------------------------------------------------------------
0.00 0.00 U.S. west 1244.43 - 6.70 0.00 0.00 0.00 0.00 0.00 0.00
-----------------------------------------------------------------------------------------------------------------------------------
211.49 + 15.44 Diversified financial 1094.35 - 20.15 273.19 + 19.48 175.52 + 14.63 108.35 - 0.15
-----------------------------------------------------------------------------------------------------------------------------------
180.44 - 13.16 Insurance, all 900.47 - 18.06 236.63 + 18.02 167.85 + 9.21 89.10 + 11.01
-----------------------------------------------------------------------------------------------------------------------------------
178.31 + 11.40 Full line 539.22 - 18.09 242.05 + 17.82 165.07 + 10.10 201.57 + 4.54
-----------------------------------------------------------------------------------------------------------------------------------
196.74 + 11.93 Life 1229.69 - 15.49 219.30 + 15.49 189.41 + 13.62 469.88 - 18.04
-----------------------------------------------------------------------------------------------------------------------------------
173.40 + 15.51 Property/Casualty 1185.42 - 19.10 241.09 + 19.10 155.32 + 2.68 77.24 + 18.13
-----------------------------------------------------------------------------------------------------------------------------------
146.40 + 3.73 Real estate 515.48 - 1.38 75.74 + 1.17 118.88 + 9.47 166.01 + 2.50
-----------------------------------------------------------------------------------------------------------------------------------
222.46 + 32.11 Savings & loan 988.81 - 32.11 222.46 + 32.11 0.00 0.00 0.00 0.00
-----------------------------------------------------------------------------------------------------------------------------------
135.53 + 1.67 Securities brokers 1315.40 + 23.57 272.57 + 23.57 216.68 + 7.27 85.72 - 19.93
-----------------------------------------------------------------------------------------------------------------------------------
128.38 + 4.97 Industrial 645.32 - 10.89 169.91 + 10.93 155.48 + 3.02 96.17 + 0.83
-----------------------------------------------------------------------------------------------------------------------------------
208.03 + 12.33 Air freight 450.36 - 13.69 230.31 + 13.69 80.20 - 13.14 0.00 0.00
-----------------------------------------------------------------------------------------------------------------------------------
113.52 + 1.56 Building materials 781.50 + 5.70 133.86 + 6.18 128.78 + 1.15 99.91 - 0.06
-----------------------------------------------------------------------------------------------------------------------------------
109.77 + 1.87 Containers & pkging 1047.41 + 11.57 151.19 + 11.56 86.46 - 10.66 82.89 - 6.56
-----------------------------------------------------------------------------------------------------------------------------------
149.63 + 8.84 Elec comps & equip 626.37 + 8.06 173.53 + 8.06 266.80 + 2.34 122.86 + 11.97
-----------------------------------------------------------------------------------------------------------------------------------
102.79 + 11.47 Factory equipment 403.00 + 18.86 127.98 + 18.86 124.67 + 11.77 98.36 + 10.52
-----------------------------------------------------------------------------------------------------------------------------------
68.30 - 11.53 Heavy construction 342.46 + 3.88 118.30 - 3.52 100.60 + 2.23 55.53 - 18.91
-----------------------------------------------------------------------------------------------------------------------------------
162.25 + 9.16 Heavy machinery 622.17 + 22.09 359.86 + 22.09 87.23 + 13.81 90.35 - 7.58
-----------------------------------------------------------------------------------------------------------------------------------
-4-
WORLD U.S. AMERICAS EUROPE ASIA/PACIFIC
------------------ ------------------- ----------------- ------------------- --------------------
5:30 % 5:30 5:30 5:30 5:30
P.M. CHG. P.M. % CHG. P.M. % CHG. P.M. % CHG. P.M. % CHG.
05/30/97 YTD 05/30/97 YTD 05/30/97 YTD 05/30/97 YTD 05/30/97 YTD
-----------------------------------------------------------------------------------------------------------------------------------
188.77 + 6.46 Industrial, diversified 716.18 + 14.56 218.10 + 14.90 211.99 + 1.23 119.89 - 3.37
-----------------------------------------------------------------------------------------------------------------------------------
109.77 + 4.79 Marine transport 619.87 + 2.08 130.45 + 2.08 154.55 + 17.79 74.64 - 7.48
-----------------------------------------------------------------------------------------------------------------------------------
96.78 + 4.45 Pollution control 740.38 + 3.76 84.82 + 3.76 122.84 + 0.90 122.80 + 20.69
-----------------------------------------------------------------------------------------------------------------------------------
155.81 + 6.93 Other industrial svcs 548.77 + 7.27 152.73 + 7.30 188.92 + 3.88 136.40 + 8.24
-----------------------------------------------------------------------------------------------------------------------------------
127.17 + 8.26 Railroads 972.03 + 10.95 205.43 + 10.95 16.22 - 18.10 102.00 + 6.77
-----------------------------------------------------------------------------------------------------------------------------------
125.65 + 5.92 Transportation equip 480.02 + 24.07 199.54 + 24.07 240.61 + 13.16 73.97 - 10.99
-----------------------------------------------------------------------------------------------------------------------------------
97.79 + 8.18 Trucking 250.93 + 23.78 94.90 + 25.68 58.86 - 28.72 102.39 + 9.48
-----------------------------------------------------------------------------------------------------------------------------------
229.65 + 16.02 Technology 846.38 + 16.87 276.09 + 16.21 195.11 + 13.22 151.12 + 18.19
-----------------------------------------------------------------------------------------------------------------------------------
283.19 - 0.06 Aerospace/Defense 1281.22 + 1.12 315.83 + 1.99 232.43 - 7.98 72.41 - 4.27
-----------------------------------------------------------------------------------------------------------------------------------
185.50 + 15.58 Communications tech 838.10 + 11.96 218.49 + 14.92 183.19 + 18.28 119.85 + 12.66
-----------------------------------------------------------------------------------------------------------------------------------
217.12 + 16.79 Computers w/IBM 424.57 + 16.35 239.51 + 16.40 22.35 - 17.39 147.49 + 22.04
-----------------------------------------------------------------------------------------------------------------------------------
0.00 0.00 Computers wo/IBM 729.83 + 17.45 0.00 0.00 0.00 0.00 0.00 0.00
-----------------------------------------------------------------------------------------------------------------------------------
190.54 + 11.14 Diversified technology 663.69 + 13.84 234.30 + 13.84 205.76 + 12.10 132.99 + 5.18
-----------------------------------------------------------------------------------------------------------------------------------
158.59 + 16.82 Industrial technology 422.95 + 5.03 137.83 + 5.03 207.54 - 24.41 168.13 + 26.66
-----------------------------------------------------------------------------------------------------------------------------------
166.46 + 10.08 Medical/Bio tech 1696.55 + 10.95 168.25 + 10.45 222.37 + 11.14 71.45 - 13.43
-----------------------------------------------------------------------------------------------------------------------------------
176.69 + 11.14 Advcd Med Devices 1646.76 + 11.92 176.75 + 11.92 149.03 - 1.34 0.00 0.00
-----------------------------------------------------------------------------------------------------------------------------------
159.56 + 9.24 Biotechnology 1754.15 + 10.12 163.88 + 9.21 124.17 + 21.50 71.45 - 13.43
-----------------------------------------------------------------------------------------------------------------------------------
218.00 + 20.12 Office equipment 749.81 + 28.79 259.92 + 28.79 227.67 + 21.10 189.14 + 13.10
-----------------------------------------------------------------------------------------------------------------------------------
600.72 + 26.34 Semiconductors 2709.40 + 21.53 915.12 + 21.53 0.00 0.00 258.83 + 46.64
-----------------------------------------------------------------------------------------------------------------------------------
329.86 + 22.52 Software 8765.34 + 22.27 363.93 + 22.06 149.83 + 33.43 99.75 + 6.44
-----------------------------------------------------------------------------------------------------------------------------------
127.45 + 2.86 Utilities 367.87 + 2.28 128.12 + 3.22 180.33 + 6.51 94.93 - 2.83
-----------------------------------------------------------------------------------------------------------------------------------
106.91 - 3.93 Electric 237.23 - 4.00 98.15 - 3.95 231.73 + 0.48 85.83 - 7.27
-----------------------------------------------------------------------------------------------------------------------------------
95.70 + 0.96 Gas 231.15 + 0.77 144.91 + 1.31 119.16 + 1.56 72.49 - 0.83
-----------------------------------------------------------------------------------------------------------------------------------
161.92 + 7.18 Telephone 578.38 + 5.98 151.92 + 7.17 192.01 + 10.87 203.24 + 1.08
-----------------------------------------------------------------------------------------------------------------------------------
146.99 + 3.97 Water 656.14 + 3.89 141.18 + 3.89 147.15 + 3.98 0.00 0.00
-----------------------------------------------------------------------------------------------------------------------------------
160.26 + 8.60 DJ Global Indexes 798.46 + 13.97 197.28 + 13.78 173.89 + 7.07 109.58 + 0.59
-----------------------------------------------------------------------------------------------------------------------------------
Indexes based on 6/30/82=100 for U.S., 12/31/91=100 for World
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