Actually, I forgot the first 4.25% cut, and after recalculation, (1-4.25%)*(1-3%)*(1-3%)*(1+4.96%)*(1+6.3%) will give you 1.005, i.e. net 0.5% increase of the 97 level.
kluge,
We are now only getting back what we had in 97, but I believe those working in cx/ka have a very different (better) situation.