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Table: How Convertibles Temper Risk


Personal Business: SMART MONEY

TABLE: How Convertibles Temper Risk

Total return on the traditional equity and convertible

securities of AMR Corp., parent of American Airlines, would vary markedly under

different market scenarios

CURRENT PRICE SCENARIOS*

YIELD (4/27/95) STOCK FALLS STOCK RISES

28% IN A YEAR 39% IN A YEAR

COMMON STOCK 0% $68 $49(-28%) $95(+39%)

CONVERTIBLE BOND 6.26% $98 $85(-6.5%) $121(+30%)

*Stock's potential movement based on its historical volatility

DATA: CALAMOS ASSET MANAGEMENT INC.


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