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+This lowering of the call price continues as more dividends are paid, until it finally 
+reaches the final call price at maturity. The PERCS holder should not be confused 
+this sliding scale of call prices. The sliding call feature is designed to ensure that 
+PERC S holder is compensated for not receiving all his "promised" dividends if the 
+PERCS should be called prior to maturity. 
+Example: As before, XYZ issues a PERCS when the common is at 35. The PERCS 
+pays an annual dividend of $2.50 per share as compared to $1 per share on the com­
+mon stock. The PERCS has a final call price of 39 dollars per share in three years. 
+If XYZ stock should undergo a sudden price advance and rise dramatically in a 
+very short period of time, it is possible that the PERCS could be called before any 
+dividends are paid at all. In order to compensate the PERCS holder for such an 
+c>ecurrence, the initial call price would be set at 43.50 per share. That is, the PERCS 
+can't be called unless XYZ trades to a price over 43.50 dollars per share. Notice that 
+the difference between the eventual call price of 39 and the initial call price of 43.50 
+is 4.50 points, which is also the amount of additional dividends that the PERCS 
+would pay over the three-year period. The PER CS pays $2.50 per year and the com­
+mon $1 per year, so the difference is $1.50 per year, or $4.50 over three years. 
+Once the PERCS dividends begin to be paid, the call price will be reduced to 
+reflect that fact. For example, after one year, the call price would be 42, reflecting 
+the fact that if the PERCS were not called until a year had passed, the PERCS hold­
+er would be losing $3 of additional dividends as compared to the common stock 
+($1.50 per year for the remaining two years). Thus, the call price after one year is set 
+at the eventual call price, 39, plus the $3 of potential dividend loss, for a total call 
+price of 42. 
+This example shows how the company uses the sliding call price to compensate 
+the PERCS holder for potential dividend loss if the PERCS is called before the 
+three-year time to maturity has elapsed. Thus, the PER CS holder will make the same 
+dollars of profit - dividends and price appreciation combined - no matter when the 
+PERCS is called. In the case of the XYZ PERCS in the example, that total dollar 
+profit is $11.50 (see the prior example). Notice that the investor's annualized rate of 
+return would be much higher if he were called prior to the eventual maturity date. 
+One final point: The call price §lides on a scale as set forth in the prospectus for 
+the PERCS. It may be every time a dividend is paid, but more likely it will be daily! 
+That is, the present worth of the remaining dividends is added to the final call price 
+to calculate the sliding call price daily. Do not be overwhelmed by this feature. 
+Remember that it is just a means of giving the PERCS holder his entire "dividend 
+premium" if the PERCS is called before maturity.