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Fall 2005 United States/Canada

Research Quarterly and Common Stock Universe

CIBC World Markets does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interestthat could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Please see the Important Disclosure Footnotes List, p. 70, for important disclosures that correspond to the footnotes in the tables, including disclosures that relate to potential conflicts of interest.

Research Quarterly: Fall 2005

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Table of Contents page

Conference Schedule vii Research Offerings by Industry viii Sector Outperformer List xvi Sector Composition xxiii Company Page Index xxx

Canadian Enterprise Software Paul Lechem 1 Communications Software Shaul Eyal, Ittai Kidron, 2 Yair Reiner, Manish Hemrajani Electronics Manufacturing Todd Coupland 3

Services Enterprise Software Brad Reback, Woo Jin Ho, Paul Lechem, 4, 5 Brendan McCabe, Renaud DeVreker FPD Food Chain Matthew Smith, Mary Brixie 6 Hardware Mary Brixie, Matthew Smith 7 Hardware - Canadian Todd Coupland 8 Online Gaming Todd Coupland 9 Infrastructure Software Shaul Eyal, Yair Reiner, Manish Hemrajani 10 Israeli Technology Shaul Eyal, Ittai Kidron, Yair Reiner, 11 Sergey Vastchenok Networking & Data Infrastructure; Steve Kamman, Jeff Osborne 12, 13

Cable Equipment/Broadband Access Semiconductors & Components Rick Schafer, Daniel Gelbtuch, 14-16 Allan Mishan, Sam Dubinsky, Daniel Morris Wireless Technology Ittai Kidron, George Iwanyc, Shaul Eyal 17

Technology


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Table of Contents (cont’d) page

Broadcasting & Advertising Jason Helfstein 18 Cable Services & Satellite Timothy Horan, William Maina, Srinivas Anantha 19

Communications & Media Bob Bek, Amy Glading 20

CLECs/Wireless Services/ Tim Horan, William Maina, Srinivas Anantha 21 Wireless Tower Services Emerging/Long Distance/RBOCs Timothy Horan, Srinivas Anantha 22 RLECs Edward Yang, Timothy Horan 23

Telecommunications & Dvai Ghose, Corey Dias 24 Cable Services

Biotechnology Matthew Geller, Bret Holley, 25-26 Tariq Kassum, Brian Abrahams Healthcare—Facilities Charles Lynch, Michael Wiederhorn 27 Specialty Healthcare Services Michael Wiederhorn 28 Healthcare—Services Carl McDonald, James Naklicki 29 Medical Devices John Calcagnini, Chad Suggs, 30 Jodie Wehner Pharmaceuticals Mara Goldstein, Christopher Meyer, 31 Kent McCrea Specialty Pharmaceuticals Elliot Wilbur, Kent McCrea, 32

Christopher Meyer

Canadian Pipelines & Utilities Matthew Akman, Alda Pavao 33 Oil & Gas—Integrated Robert Plexman, Olivia Chen 34-35 Oil & Gas—E&P Andrew Potter, Robert Plexman, Olivia Chen, 36 Michael Rimell

Media & Entertainment

Communications

Telecommunications Services

Telecommunications &

Cable Services

Healthcare

Energy


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Asset Managers Ken Worthington, Niamh Guinan 37 Brokers Ken Worthington, Niamh Guinan 38 Canadian Banks Quentin Broad, Mohammad Saleem 39 Canadian Property & Quentin Broad, Mohammad Saleem 40

Casualty Insurance Diversified Financial Mohammad Saleem, Quentin Broad 41 U.S. Banks/Diversified Fin’l Meredith Whitney 42-44

Broadlines/Home Furnishings Peter Benedict 45 Retailing Business Services Thatcher Thompson, Cannon Carr 46-47 Larry Lee, Crista Lewis, Adam Mezan Consumer & Household Products Joseph Altobello 48 Gaming,Lodging & Leisure William Schmitt, David Katz, John Alterio 49-50 Hardlines Retailing Dan Wewer, Vivian Ma, Sujata Shekar 51 Internet Paul Keung, Peter Benedict, Apurva Shah 52 Travel Services Paul Keung, Apurva Shah 53 Restaurants John Glass, Jeffrey Farmer, Jon Tower 54 Specialty Retailing - Softlines Dorothy Lakner, Roxanne Meyer 55-56

Merchandising Perry Caicco, Kathleen Wong, Richard Piticco 57

Chemicals & Fertilizers Jacob Bout, Stephen Bonnyman 58

Metals & Minerals Stephen Bonnyman, Barry Cooper, 59-60 Michael Curran, Michael Vint, Terry Tsui Precious Metals Barry Cooper, Michael Vint, Terry Tsui 61-62

Financial Institutions

Consumer & Business Services

Consumer Products

Chemicals & Fertilizers

Mining


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Aerospace/Defense Myles Walton, Edwin Keller 63 Industrial Diversified Robert LaGaipa 64 Industrial Multi-Industry Robert McCarthy, Christopher Glynn 65

Automotive John Novak, Michael Willemse 66 Steel John Novak, Michael Willemse 67

Paper & Forest Products Don Roberts, Herve Carreau, 68 Jonathan Lethbridge

Income Trusts Alice Sun Dunning, Vivian Lo, Petro Panarites 69

Industrial/Capital Goods

& Services

Industrial Products

Paper & Forest Products

Income Trusts


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2005 Conference Schedule

Dates Conference Focus Conference Location

November 7-9 16th Annual Healthcare Conference New York, NY

November 29-30 “Best Ideas” Small- and Mid-Cap Conference New York, NY

December 5 Annual Communications Software 1-1 Conference New York, NY

This information may also be found on our Web site at:

http://conference.cibcwm.com/schedule.html This schedule is subject to change. All conferences are by invitation only. For further information on these upcoming conferences, please contact your CIBC World Markets salesperson.


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Research Offerings by Industry

Technology Software Paul Lechem

Quarterly Canadian Software Quarterly – Software industry earnings preview. – Industry and earnings overview.

Enterprise Software Brad Reback, Woo Jin Ho, Brendan McCabe, Renaud DeVreker

Daily CIBC Software BYTES – Industry tidbits on private and public companies. Quarterly Software Industry Earnings Preview Software Industry Outlook – Post-earnings outlook for the industry.

The CIBC Enterprise Software Encyclopedia – A Quarterly Compendium of Financial Data For The

Software Industry.

Networking & Data Infrastructure Stephen Kamman, Jeff Osborne

Quarterly Quarterly Preview – Preview of the Networking Universe

- Discussion of expectations for specific Networking stocks, both EPS/revenues as well as general expectations for tone.

- Review of key investment themes and theses. Cap-ex Steeplechase – A quarterly series on US telecom carriers capital

spending trends.

Israeli Technology Shaul Eyal, Ittai Kidron, Yair Reiner

Quarterly Preview of the Israeli Universe – Discussion of the 30 Israeli stocks under the direct

coverage of CIBC with financial models and balance sheets; trends and developments (as well as non-covered companies).

Quarterly Recap of the Israeli Universe – Discussion of the 30 stocks under the direct coverage of

CIBC, trends, performance and developments. Gorillas update on Israeli conglomerates

Wireless Technology Ittai Kidron, George Iwanyc, Shaul Eyal

Quarterly Wireless Quarterly Preview/Review – Recap of previous quarter and preview of next for the

wireless handset and infrastructure market and the roughly 16 wireless companies under CIBC’s direct coverage.

Annual Wireless Handset Forecast – Report including forecast and market analysis of the

mobile subscriber user base and wireless handset unit shipments; forecast includes detailed market splits by technology and geography.

Wireless Handset Market Share – Report including market share estimates of mobile phone

vendors and discussion of competitive trends. Wireless Infrastructure Forecast – Report including forecast and market analysis of the

wireless infrastructure industry, examining topics such as technology transitions, base station deployments and worldwide capital expenditure trends; forecast includes detailed market splits by technology and geography.


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Telecommunications Services

Telecommunications Dvai Ghose, Corey Dias

Quarterly Wireless Telecom Preview – Earnings preview. Cable Preview – Earnings preview.

Wireline Telecom Services; Emerging Telecom/RLECs Tim Horan, Edward Yang, Srinivas Anantha

Daily Daily Datatimes – A comprehensive daily publication detailing the news

stories affecting the telecommunications services industry. We provide highlights and CIBC’s viewpoints of news stories, blurbs of proprietary research notes published within the telecommunications universe, and upcoming conferences and industry events.

Quarterly Quarterly Preview – An in-depth look at our expectations for the quarter

ahead. Contains CIBC’s and management’s forecasts, detailed company financial models within our coverage universe, industry models (revenue, cap-ex, free cash flow and comparable analysis), analysis of the industry, and our investment thesis and recommendations.

Quarterly Review – The Quarterly Preview provides an in-depth analysis of

the most recent quarter. We provide an analysis of actual results vs. management and CIBC’s expectations, updated company financial models (both quarterly and with 5-year projections), updated industry models (revenue, cap-ex, free cash flow and comparable analysis), highlights of each company’s research note published during the quarter, segment analysis of the industry, and an updated investment thesis and recommendation.


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Healthcare

Healthcare Facilities Charles Lynch

Weekly Healthcare Facilities Weekly. – Company news (public and private). – Industry happenings. – Weekly healthcare funds flow. – Updated evaluations.

Quarterly Hospitals Quarterly – A 150+ page quarterly review of the hospital industry

that includes: – Investment stance. – Valuation and performance review. – Company overviews and financial models.

Medical Devices John Calcagnini, Chad Suggs, Jodie Wehner

Quarterly Medical Devices Quarterly – Provides an in-depth competitive product and growth

analysis of 13 sub-segments within the cardiovascular device markets. Also details our investment position on the group and summarizes our investment recommendations for each of the companies under coverage.

Pharmaceuticals Mara Goldstein, Kent McCrea, Christopher Meyer

Weekly On Drugs … A Weekly Dose of Pharmaceutical News – A weekly publication reviewing pharmaceutical industry

events, including general industry news, regulatory and clinical developments, new collaborations and an update on products under review at the FDA.

Weekly Scrip Monitor – A weekly publication of IMS Health prescription data for

key products and therapeutic categories of interest. This product highlights the impact of new product launches and the introduction of generic and over-the-counter competition. The Weekly Scrip Monitor also includes our commentary on changes in the competitive landscape as new developments occur.

Quarterly Large-Cap Pharmaceutical Quarterly Preview –The Large-Cap Quarterly Pharmaceutical Preview offers

investors an update on our group thesis, insight into salient issues facing the industry and our outlook for earnings performance in the coming reporting season. Also included are an earnings calendar, prescription trends for key products and therapeutics areas, and company-specific reviews, including the status of key patent challenges, pipeline progress and upcoming milestones.

Specialty & Generic Pharmaceuticals Elliot Wilbur, Kent McCrea, Christopher Meyer

Weekly Rx Metrics – Provides prescription data, competitive analysis, and

market share information for companies under coverage. – Examines leading products in the anti-depressant,

hormone replacement, cardiovascular and oral contraceptive markets.

Quarterly – Specialty and Generic Pharmaceuticals:

Quarterly Earnings Preview. – Industry update – Sector earnings and stock performance review – Company product trends and financial overview – Valuation and company models


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Energy

Oil & Gas - Integrateds Robert Plexman, Olivia Chen

Weekly – Weekly update of key industry indicators, our current

estimates and recommendations, and financial and operating statistics for the over 30 oil and gas producers covered by our equity analysts.

Quarterly Earnings Preview – Overview of key themes for the upcoming earnings

season, report dates, financial and production estimates plus a brief commentary on what to watch for in the upcoming results.

Scorecard – Analyzes the operational performance of the integrated

oil companies based on a number of operating and financial measures.

As Required – Global supply/demand analysis. – Comprehensive overview of world oil & gas market

events.

Oil & Gas E&P Andrew Potter, Robert Plexman, Olivia Chen, Michael Rimell

Weekly – Weekly update of key industry indicators, our current

estimates and recommendations, and financial and operating statistics for the over 30 oil and gas companies covered by our equity analysts.

Quarterly

Earnings Preview – Overview of key themes for the upcoming earnings

season, reporting dates, financial and production estimates plus a brief commentary on what to watch for in the upcoming results.

Scorecard – Analyzes the performance of the senior producers based

on a number of operating and financial measures. Canadian Senior Producers – Earnings preview. Quarter Junior Round-up – Canadian Junior Producers – Evaluates operating, financial and price performance

trends for 29 junior producers in the oil & gas sector. U.S. Natural Gas Storage Inventory Update – Analyzes the effect of weekly changes in U.S. natural gas

inventory levels on natural gas prices. As Required – Global supply/demand analysis. – Comprehensive overview of world oil & gas market

events.

Oil & Gas Royalty Trusts Brad Borggard, Mark Bridges, Clayton Paradis, Robert Pare

Daily Income Trust Daily Valuation Report – A compendium of Royalty Trusts, Income Trusts, and

REITS. Quarterly – A review of recent industry issues and trends as well as

sector benchmarking analysis.

Pipelines & Utilities Matthew Akman, Alda Pavao

Quarterly Quarterly earnings preview – Preview of the upcoming quarterly earnings, including

discussion of factors likely to impact earnings results.


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Financial Institutions

Banking — Canadian Banks Quentin Broad, Mohammad Saleem

Quarterly Canadian Banks – Quarterly earnings preview.

Canadian Property & Casualty Insurance Quentin Broad, Mohammad Saleem

As Required.

Diversified Financial Services Ken Worthington, Niamh Guinan

Weekly Asset Management Weekly Flows – Flows by type (equity, fixed income, money market).

Monthly Asset Management Monthly - Flows and Performance – Comprehensive look at flows and performance for our

asset managers. – Analyzes their monthly fund flows and individual fund

performance.

Real Estate & Related

Real Estate Rossa O’Reilly, Alex Avery


REITS.

Monthly Canadian REITs Monthly – Discussion of REITS business and market performance,

latest news and relevant issues.


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Consumer & Business Services

Business Services Thatcher Thompson, Larry Lee, Crista Lewis, Adam Mezan

Weekly At Your Service – Weekly highlight of a new company or investment theme

in the Business Services space. Activity recap and valuation tables. Calendar of upcoming events.

Quarterly Quarterly Earnings Preview – Recap of significant comments from previous quarterly

conference call and outlook for current quarterly earnings results.

10Q Review – Detailed review of information provided by quarterly SEC

filings.

Gaming & Lodging Bill Schmitt, David Katz, John Alterio

Weekly Weekly Highlights – Weekly publication, providing analysis of price

performance for the CIBC World Markets gaming and lodging indices, recap of relevant news items and summary of First Call notes published during the prior week. The Weekly Highlights is published each Monday.

Monthly Gaming Markers – A monthly statistical review relevant to the gaming

sector. The priority is year-over-year comparisons of monthly gross gaming revenue figures as reported to the various state regulatory agencies. We also provide capital markets detail, such as short interest and average trading volume and price performance, as well as an investment overview, which is an investment thesis that is updated monthly.

Quarterly Quarterly Preview – Preview of the upcoming quarterly earnings, including a

discussion of trends and performance, as well as upside/downside potential.

Quarterly Recap – Recap of the quarterly earnings by market (i.e., Las

Vegas Strip, Atlantic City); includes a discussion of the factors driving the quarterly performance.

Leisure & Travel Services Paul Keung, Apurva Shah

Monthly Leisure & Travel Services Monthly Update - Monthly publication for the travel industry that

summarizes our outlook on the industry and discusses recent industry news and its implications to individual stocks and groups. Includes: price performance tables, financial summary sheets of covered companies, comparative valuation tables, industry data figures.

Merchandising & Consumer Products Perry Caicco, Kathleen Wong, Richard Piticco

Bi-annually Investors' Guide to the Canadian Drugstore Industry – Overview of the Canadian drugstore industry with market

share data. – Next issue slated for release in 2005.

Restaurants John Glass, Jeffrey Farmer, Jon Tower

Monthly Same Store Sales preview for the upcoming month.

Quarterly Quarterly Preview

Specialty Retailing – Softlines Dorothy Lakner, Roxanne Meyer

Monthly Retailing Trends – Monthly publication featuring updates on the 20

companies under coverage with financial models, relevant valuation, square footage and historical same-store sales data as well as charts and commentary on relevant economic data

State of the Stores – Bimonthly publication detailing our store visits with

comments on merchandise currently available in stores as well as promotional activity, markdowns or clearance levels observed.

Monthly Same-Store Sales Preview – Our same-store sales estimates for each company under

coverage reporting monthly sales along with our comments on the factors behind the month’s sales performance, published within the week prior to sales release dates.

Monthly Same-Store Sales Summary – A brief recap of same-store sales results from each

company reporting published on the morning sales are reported along with our comments on sector performance.

Specialty Retailing - Hardlines Dan Wewer, Vivian Ma, Sujata Shekar

Bi-Weekly Weekly Consumer Electronics –A weekly analysis on factory shipment data.

Quarterly The Homecenter Quarterly –Analysis of and outlook on the home improvement

industry on a quarterly basis. Consumer Electronics Quarterly –Analysis of and outlook on consumer electronics on a

quarterly basis.


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Chemicals & Fertilizers

Chemical & Fertilizers Jacob Bout, Stephen Bonnyman

Weekly Chemicals & Fertilizer Review – Industry commentary. – Snapshot of share prices; agricultural, basic chemical and

fertilizer prices; inventory levels; regression analysis between share prices and commodity prices.

Quarterly Quarterly Preview – Discusses trends in pricing and supply/demand

fundamentals. – Commentary on expectations for specific stocks’

upcoming quarterly results.

Metals & Mining

Metals, Minerals and Precious Metals Stephen Bonnyman, Barry Cooper, Michael Curran, Jacob Bout, Michael Vint, Terry Tsui

Quarterly Quarterly Metals Preview – Earnings preview.

Industrial Growth & Services

Areospace/Defense Electronics Myles Walton, Ed Keller

Quarterly Quarterly Earnings Preview –Overview of key themes for the upcoming earnings

season, report dates, financial estimates plus a brief commentary on what to watch for in the upcoming results.

Capital Goods/Industrials Robert LaGaipa

Company and industry comments as required.

Paper & Forest Products

Paper & Forest Products Don Roberts, Herve Carreau, Jonathan Lethbridge

Weekly Spotlight on the Paper & Wood Stocks – Compilation of the highlights written during the prior

week, plus a regular piece that appears exclusively in the Spotlight.

Quarterly Quarterly Results for the Paper & Wood Stocks: What to Expect – Status of each commodity over the quarter and a

summary of our earnings expectations for each company we cover.

Income Trusts

Income Trusts Alice Sun Dunning, Mary McKee, Petro Panarites, Paul Holden, Natalia Zalba


REITS.

Weekly Income Trusts – Summary of the latest press releases, recommendations

and estimates together with a review of key developments in the sector over the previous week.

Other

Portfolio Strategy Subodh Kumar, Zubeida Mirza

Weekly Concise e-mail and 1-page note of our take on factors affecting markets.

Monthly –60-page Portfolio Strategy report on global, U.S., asset

mix, equity, sector weightings and valuation. Special Research Series – A monthly report describing the performance of the

Special Research Series (SRS) list of stocks, a “best of the best” lineup of Sector Outperformer-rated stocks that Equity Research has been tracking since 1975.

Quarterly –40-page S&P 500 and sector earnings report.

Periodic – Thematic timely topic reports in conjunction with sector

analysis.


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Other (cont’d)

Economics Jeff Rubin/Avery Shenfeld

Weekly The Week Ahead – Analysis of the latest economic developments affecting

fixed-income, equity and foreign exchange markets, and previews of next week's key releases

Economic Flashes – Analysis of the latest key statistical releases

(approximately 2-3 times per week)

Monthly Monthly Indicators – Provides ongoing analysis of the economy with an

actionable focus on financial markets Canadian Portfolio Strategy Outlook – Sets out the firm’s recommended asset allocation (bonds,

stocks, cash) and TSX group weights each month, including TSX earnings by sector and TSX targets

– Contains contributions from Economics & Strategy, Equity Research, Technical & Quantitative Analytics & Corporate Debt Research

Quarterly Economic Forecast – Detailed and longer term forecast for the Canadian and

U.S. economies, interest rates and currencies. Quarterly Earnings Report – Review of recent TSX earnings trends, sector valuation

analysis, and outlook

Periodically TSX Sector Strategy – Forecasts and analysis of individual TSX GICS

sectors/weighting recommendations

Statistical Reports

Monthly Canadian Research Review And Common Stock Universe Our current estimates and recommendations for over 400 companies.

Morning Fact Sheet Daily update on key global equity market financial data.

Income Trust Units Report A daily statistical snapshot of the income trusts covered by our equity analysts.

Upcoming Earnings Report Quarterly estimates of companies reporting in the upcoming week.

Special Situations Ron Schwarz, Jacqueline Boland, Robert Stabile, Stephen Kammermayer

Monthly Small-Cap Monthly Update – Includes performance measurements, returns and

valuation analysis and trend analysis, for the CIBC World Markets Small-Cap Index.

Quarterly

The Rail Industry – Quarterly earnings preview.

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Sector Outperformer List

Stock Recommendation Key

A : Actual

h : High End of

Range

l : Low End of Range

m: Midpoint

Estimates for companies with fiscal years ending through May are shown under prior calendar year.

New Rating Key: SO-Sector Outperformer, SP-Sector Performer, SU-Sector Underperformer, S-Suspended, NR-Not Rated, Spec-Speculative, + - Special Research

Series Prior Rating Key: SB-Strong Buy, B-Buy, H-Hold, U-Underperform, UR-Under Review, SU-Suspended, NR-Not Rated, *-Speculative, + - Special Research Series 1) CIBC World Markets Corp. makes a market in the securities of this company. 2a) This company is a client for which a CIBC World Markets company has performed investment banking services in the past 12 months. 2b) CIBC World Markets Corp. has managed or co-managed a public offering of securities for this company in the past 12 months. 2c) CIBC World Markets Inc. has managed or co-managed a public offering of securities for this company in the past 12 months. 2d) CIBC World Markets Corp. has received compensation for investment banking services from this company in the past 12 months. 2e) CIBC World Markets Inc. has received compensation for investment banking services from this company in the past 12 months. 2f) CIBC World Markets Corp. expects to receive or intends to seek compensation for investment banking services from the company in the next 3 months. 2g) CIBC World Markets Inc. expects to receive or intends to seek compensation for investment banking services from this company in the next 3 months. 3a) This company is a client for which a CIBC World Markets company has performed non-investment banking, securities-related services in the past 12 months. 3b) CIBC World Markets Corp. has received compensation for non-investment banking, securities-related services from this company in the past 12 months. 3c) CIBC World Markets Inc. has received compensation for non-investment banking, securities-related services from this company in the past 12 months. 4a) This company is a client for which a CIBC World Markets company has performed non-investment banking, non-securities-related services in the past 12

months. 4b) CIBC World Markets Corp. has received compensation for non-investment banking, non-securities-related services from this company in the past 12 months. 4c) CIBC World Markets Inc. has received compensation for non-investment banking, non-securities-related services from this company in the past 12 months. 5a) The CIBC World Markets Corp. analyst(s) who covers this company also has a long position in its common equity securities. 5b) A member of the household of a CIBC World Markets Corp. research analyst who covers this company has a long position in the common equity securities of

this company. 6a) The CIBC World Markets Inc. analyst(s) who covers this company also has a long position in its common equity securities. 6b) A member of the household of a CIBC World Markets Inc research analyst who covers this company has a long position in the common equity securities. of

this company. 7) CIBC World Markets Corp., CIBC World Markets Inc., and their affiliates, in the aggregate, beneficially own 1% or more of a class of equity securities issued

by this company. 8) A partner, director or officer of CIBC World Markets Inc. or any analyst involved in the preparation of this research report has provided services to this

company for remuneration in the past 12 months. 9) A senior executive member or director of Canadian Imperial Bank of Commerce (“CIBC”), the parent company to CIBC World Markets Inc. and CIBC World

Markets Corp., or a member of his/her household is an officer, director or advisory board member of this company or one of its subsidiaries. 10) Canadian Imperial Bank of Commerce (“CIBC”), the parent company to CIBC World Markets Inc. and CIBC World Markets Corp., has a significant credit

relationship with this company. 11) The equity securities of this company are restricted voting shares. 12) The equity securities of this company are subordinate voting shares. 13) The equity securities of this company are non-voting shares. 14) The equity securities of this company are limited voting shares. A:Actual, E:Estimate, cfs:Cash Flow per Share, c:Cash EPS, afo: Adjusted Funds from Operations, ffo: Funds from Operations NM/NA/-:Data Not Meaningful or Unavailable. cd:Cash Distribution, dcf:Distributable Cash Flow per Unit, dip:Distributable Income per Unit, fde:Fully Diluted Earnings per Share, fdf:Fully Diluted Funds from Operations, EBITDA:Earnings before Interest, Taxes & Depreciation.

ADBE Adobe Systems Incorporated (1) O US 28.40 34.48 23.88 0.1 US 0.90 1.13 1.23 25.1 153 - 4.10 NMAET Aetna, Inc. (2f) N US 83.39 86.47 41.30 - US 3.51 4.60 5.65 18.1 110 - 31.16 15.7ACS Affiliated Computer Services (2f) N US 53.46 61.23 45.81 - US 2.61 3.12 A 3.40 17.1 104 - 22.45 14.7ALDN Aladdin Knowledge Systems Ltd (1, 2a, 2b, 2d, 2f) O US 19.99 32.12 17.92 - US 0.68 0.97 1.18 20.6 126 - 6.42 13.6ABS Albertsons Inc. N US 25.49 26.51 19.26 3.3 US 1.32 1.33 1.42 19.2 117 - 14.61 9.7AL Alcan Inc. (2a, 2e, 2f, 7) N US 31.59 52.65 28.75 1.8 US 2.43 2.45 3.08 12.9 79 - 26.93 10.1AA Alcoa Inc. N US 24.01 34.99 23.81 2.3 US 1.51 1.64 2.11 14.6 89 - 15.25 NMALKS Alkermes, Inc. (1, 2f) > O US 16.95 19.87 9.68 - US (1.22) (0.72) A (0.30) - - - NM NMATI Allegheny Technologies Inc. (2f) N US 30.57 31.38 14.22 0.8 US (0.23) 3.30 2.80 9.3 56 - 6.01 NMAC Alliance Capital (3a, 3b, 5a) N US 45.25 49.90 35.12 5.9 US 2.45 2.77 3.21 16.3 100 - 15.67 14.1ADS Alliance Data Systems Corp. (2f) N US 39.79 48.54 33.01 - c US 1.54 1.95 2.20 20.4 - - 11.51 14.7AGI Alliance Gaming (2f) N US 11.06 15.80 8.83 - US 1.01 E 0.00 0.29 - - - 3.48 NMDOX Amdocs Ltd. N US 26.61 30.96 20.70 - US 1.16 1.42 1.63 18.7 114 - 7.39 19.0AMED Amedisys, Incorporated (1, 2f) O US 37.96 44.43 26.87 - US 1.51 2.01 2.70 18.9 115 - 10.89 18.5AEOS American Eagle Outfitters (1, 2f, 3a, 3b) O US 23.42 34.04 17.39 1.4 US 1.49 1.96 2.30 11.9 73 - 7.28 27.9AXP American Express (3a, 3b) N US 56.70 59.50 49.51 0.8 US 2.68 3.20 3.70 17.7 108 - 13.84 23.0APPX American Pharmaceutical Ptnrs. (1, 2f) O US 44.84 58.73 21.28 - US 0.88 1.28 2.31 35.0 213 - 4.45 34.0AMT American Tower Corporation N US 24.21 25.20 14.38 - US (1.01) (0.19) 0.04 - - - 16.83 NMAGP AMERIGROUP Corporation (4a, 4b) N US 35.00 49.30 26.50 - US 1.66 1.75 2.35 20.0 122 - 11.81 16.4AMGN Amgen (1, 2f) O US 79.97 86.92 52.00 - US 2.40 3.25 3.76 24.6 150 - 15.66 NMAPPB Applebee's International, Inc. (1, 2f) O US 20.68 29.19 19.95 0.2 US 1.31 1.37 1.63 15.1 92 - 6.43 22.6AFCO Applied Films Corp. (1) > O US 20.89 27.95 17.28 - US 1.16 0.37 A 0.59 56.5 344 - 19.97 6.0ARNA Arena Pharmaceuticals (1, 2a, 2b, 2d, 2f) O US 9.31 9.54 4.16 - US (2.40) (2.24) (1.86) - - - 3.82 NMATYT ATI Technologies (1, 2f, 2g) O US 13.92 20.66 10.47 - US 0.82 0.45 0.20 30.9 188 - 4.35 NMAUDC AudioCodes (1, 2a, 2d, 2f) > O US 10.99 17.00 8.67 - US 0.12 0.31 0.47 35.5 216 - 3.06 10.0AVN Avanir Pharmaceuticals (2a, 2d, 2f) A US 3.15 3.85 2.10 - US (0.36) (0.28) (0.37) - - - NM NMBAC Bank of America Corporation (3a, 3b) N US 41.92 47.47 41.75 4.4 US 3.69 4.30 4.50 9.7 59 - 11.94 16.9BRL Barr Pharmaceuticals (2f) N US 53.27 54.80 35.07 - US 2.17 2.41 A 3.04 22.1 135 - 10.54 19.0ABX Barrick Gold Corporation (7, 8) N US 28.40 29.96 19.90 0.9 US 0.17 0.52 0.72 54.6 333 - 6.79 7.3BBBY Bed, Bath & Beyond (1) O US 40.44 46.99 35.50 - US 1.65 1.90 2.17 21.3 130 - 8.27 22.0BLS BellSouth (2f) N US 25.56 28.96 24.85 4.4 US 1.79 1.72 1.80 14.9 91 - 13.08 13.7BGO Bema Gold Corporation (2a, 2c, 2e, 2g) A US 2.66 3.87 1.70 - US (0.12) (0.08) 0.02 - - - 0.79 NMBBY Best Buy Co. N US 43.77 53.17 31.93 0.7 US 1.75 2.13 2.48 20.5 125 - 9.48 22.8BIVN Bioenvision Incorporated (1, 2a, 2b, 2d, 2f) O US 7.95 11.74 5.17 - US (0.57) (0.46) (0.28) - - - 1.98 NMBSX Boston Scientific Corp. N US 23.60 39.98 23.11 - US 1.63 1.99 2.27 11.9 72 - 5.02 40.0BOW Bowater Inc. (9) N US 27.63 44.43 27.28 2.6 US (1.27) (0.23) 2.20 - - - 25.07 NMBYD Boyd Gaming Corporation (2f, 4a, 4b) N US 42.47 59.25 26.71 1.1 US 1.44 2.26 2.72 18.8 114 - 11.18 10.2CELL Brightpoint Inc. (1) > O US 19.21 20.56 9.40 - US 0.69 0.86 1.02 22.3 136 - 5.37 14.0BCR C.R. Bard, Inc. N US 65.91 72.79 51.67 0.8 US 2.45 3.00 3.40 22.0 134 - 13.84 21.6

Stock 4/15 Erns. Erns. EPS P/E Rel. P/E 2005 BookSymbol Company Spec Exch. $ Price Week Low % Yield Type $ 2004A 2005E 2006E 2005 S&P TSE Value R.O.E.

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52 Week

CCI Canaccord Capital Inc. (2a, 2e) T C 9.31 10.94 6.60 2.0 C 0.88 1.05 A 1.02 8.9 - - 4.91 19.2COF Capital One Financial Corporation N US 80.16 85.97 67.62 0.1 US 6.21 7.20 8.05 11.1 68 - 39.86 22.0CRME Cardiome Pharma Corp. (1, 2a, 2b, 2c, 2d, 2f, 2g, 7) O US 7.64 8.97 4.36 - US (0.53) (0.58) (0.10) - - - NM NMCCL Carnival Corporation N US 49.59 58.98 46.76 1.6 US 2.24 2.72 3.21 18.2 111 - 18.96 15.9CCBL C-COR Inc. (1) O US 6.67 9.75 5.57 - US 0.48 (0.33) A (0.12) - - - 4.55 6.5BDAY Celebrate Express, Inc. (1, 2a, 2b, 2d) O US 14.47 22.75 10.90 - US 0.08 0.35 A 0.57 41.3 252 - 6.00 9.0CLS Celestica Inc. (2a, 2g, 6a, 7, 9, 12) N US 11.14 16.06 11.00 - US 0.43 0.67 0.98 16.6 101 - 10.94 5.4CD Cendant Corporation (2f) N US 20.38 23.58 19.04 2.2 US 1.71 1.39 1.71 14.7 89 - 11.77 12.1CG Centerra Gold Inc. (2a, 2e) T C 23.50 27.09 16.55 - US 0.91 0.65 0.98 - - - 8.73 NMCENT Central Garden & Pet (1, 2f, 4a, 4b) O US 45.11 55.59 29.62 - US 1.99 2.50 3.00 18.0 110 - 27.28 10.0CTL CenturyTel (2f) N US 33.45 36.50 29.55 0.7 US 2.38 2.51 2.54 13.3 81 - 25.45 10.0CEPH Cephalon (1, 2f) O US 45.52 52.24 37.35 - US 2.42 2.82 3.36 16.1 98 - 8.59 NMCHKP Check Point Software Tech. (1) O US 23.19 26.21 16.64 - US 1.07 1.28 1.41 18.1 110 - 6.57 18.0CHE Chemed Corporation (2f) N US 42.55 45.46 25.34 0.6 US 1.27 1.80 2.24 23.6 144 - 13.99 14.1CHS Chico's FAS Inc. N US 36.01 41.67 17.02 - US 0.80 1.06 1.38 34.0 207 - 3.74 28.6CPS ChoicePoint (2f) N US 42.71 47.95 36.35 - US 1.63 1.75 2.00 24.4 149 - 11.84 17.1CI CIGNA Corp. N US 114.90 117.44 58.00 0.1 US 7.78 7.50 8.05 15.3 93 - 44.78 18.7CTAS Cintas Corporation (1) O US 40.26 46.87 37.51 0.8 US 1.58 E 1.74 A 1.95 23.1 141 - 12.43 14.3CRUS Cirrus Logic (1) > O US 7.20 8.04 3.70 - US (0.21) (0.11) A 0.25 - - - 2.68 NMCSCO Cisco Systems (1) O US 17.72 20.35 17.01 - US 0.76 0.92 A 1.02 19.3 117 - 3.58 4.0CIT CIT Group Inc. (4a, 4b) N US 45.52 47.18 35.41 1.4 US 3.50 4.20 4.80 10.8 66 - 30.41 13.1CDL Citadel Broadcasting Corp N US 13.60 16.60 11.09 - US 0.02 0.56 0.68 24.3 148 - 11.28 5.7CTXS Citrix Systems (1) O US 23.90 26.00 16.68 - US 0.93 1.04 1.17 23.0 140 - 5.65 NMCNET CNET Networks, Inc. (1) O US 13.30 14.24 8.04 - US 0.08 0.24 0.39 55.4 338 - 1.39 15.3COGN Cognos Incorporated (1, 2f, 2g, 7) O US 37.39 47.40 33.36 - US 1.10 1.47 A 1.55 25.4 155 - 7.49 19.2CWTR Coldwater Creek Inc. (1) O US 26.04 31.47 12.79 - US 0.48 0.70 0.99 37.2 227 - 3.46 16.8CMCSA Comcast (1) O US 29.01 34.50 27.47 - US 0.43 0.65 1.08 44.6 272 - 32.15 NMCBH Commerce Bancorp Incorporated N US 31.13 35.98 26.87 1.4 US 1.63 1.81 2.05 17.2 105 - 10.53 8.4CYH Community Health Systems, Inc. (2f) N US 39.05 39.52 25.51 - US 1.58 1.95 2.30 20.0 122 - 15.14 13.4CMVT Comverse Technology (1) O US 25.36 27.93 17.79 - US 0.31 0.59 0.88 43.0 262 - 8.95 6.0CONR Conor Medsystems, Inc. (1, 2a, 2b, 2d, 2f) > O US 23.00 23.13 12.50 - US (1.20) (1.49) (0.98) - - - 3.26 NMGLW Corning Inc. N US 18.52 21.95 10.16 - US 0.45 0.79 0.96 23.4 143 - 3.25 13.0CPWM Cost Plus, Inc. (1) O US 19.11 37.19 18.51 - US 1.35 1.37 1.57 13.9 85 - 13.37 11.0CVH Coventry Health Care, Inc. (2a, 2d, 2f, 4a, 4b) N US 85.19 85.85 36.99 - US 3.72 4.75 5.60 17.9 109 - 20.85 24.0CRTX Critical Therapeutics (1, 2f) O US 6.51 8.49 4.91 - US (2.13) (1.68) (1.40) - - - 2.92 NMCCI Crown Castle International (2f) N US 24.45 25.43 14.43 - US (1.22) (0.66) (0.31) - - - 16.45 NMCW Curtiss-Wright Corp N US 61.53 67.40 48.81 0.6 US 3.07 3.50 3.96 17.6 107 - 27.56 12.7DHR Danaher Corporation N US 53.01 58.90 48.32 0.1 US 2.28 2.77 3.18 19.1 117 - 14.61 18.9DELL Dell Computer Corp. (1) O US 33.97 42.57 33.24 - US 1.01 1.30 A 1.63 26.1 159 - NM 45.0DEPO DepoMed (1, 2f) > O US 6.49 6.63 3.13 - US (0.78) (0.51) (0.02) - - - 0.97 NMDSM Desert Sun Mining Corp. (2a, 2c, 2e) > T C 2.10 2.61 1.24 - C (0.07) (0.04) 0.17 - - - 0.96 NM

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DFS Dofasco Inc. (2f, 7, 9) T C 44.80 48.74 31.25 2.7 C 4.77 3.38 3.00 13.3 - - 29.34 11.6DTC Domtar Inc. (2g, 7) T C 7.54 16.02 7.49 2.4 C (0.14) 0.01 0.73 - - - 8.89 3.0DOVP DOV Pharmaceutical (1, 2a, 2d, 2f) O US 16.90 21.49 12.79 - US (1.67) (2.44) (2.61) - - - 0.55 NMDRS DRS Technologies Inc N US 49.20 53.90 33.97 0.3 US 1.81 2.09 A 2.50 23.5 143 - 24.95 10.1DSPG DSP Group (1) O US 24.73 26.75 18.55 - US 0.97 0.93 1.07 26.6 162 - 11.33 8.0DSW DSW, Inc. (2a, 2b, 2d, 2f) N US 22.91 27.50 21.59 - US 0.80 1.01 1.20 22.7 138 - 6.45 NMJOR Earle M. Jorgensen Company (2a, 2b, 2d) N US 9.96 11.00 6.52 - US - 1.62 A 1.32 6.1 37 - NM NMEMR Emerson N US 70.20 70.88 60.69 2.4 US 2.98 3.55 4.00 19.8 120 - 17.52 NMECA EnCana Corporation (2f, 2g, 7, C6) N US 55.80 57.99 22.55 0.6 cfs US 4.92 7.76 9.29 7.2 - - 15.36 19.0EXPE Expedia, Inc. (1) O US 19.92 27.50 18.61 - US 0.37 0.58 0.63 34.3 209 - 23.11 5.0FVRL Favrille, Inc. (1, 2a, 2b, 2d, 2f) > O US 4.51 7.50 3.46 - US (24.73) (2.07) (1.64) - - - 2.63 NMFILE FileNet (1, 2f) O US 27.20 30.30 16.44 - US 0.56 0.85 0.98 32.0 195 - 9.18 NMFINL Finish Line (1) O US 14.21 23.39 13.29 0.7 US 0.97 1.24 A 1.18 11.5 70 - 8.03 13.2FS Four Seasons Hotels & Resorts (9, 14) N US 57.87 84.50 54.66 0.1 US 1.14 1.57 2.26 36.9 225 - 15.37 8.1RAIL FreightCar America, Inc. (1, 2a, 2b, 2d, 7, C12) > O US 40.15 41.75 16.51 - US - 3.45 4.00 11.6 71 - 4.67 NMFUN FUN Technologies plc (2g) > T C 5.55 6.05 2.50 - C (0.20) (0.01) 0.35 - - - 0.85 NMGPS Gap (5a) N US 17.15 23.75 16.70 1.0 US 1.20 1.32 1.52 13.0 79 - 5.94 23.8GET Gaylord Entertainment Co. (2a, 2d, 2f) N US 46.43 48.97 30.41 - US (0.66) (0.30) 0.17 - - - 21.74 NMGD General Dynamics Corporation N US 118.60 120.77 96.25 1.4 US 5.97 7.15 7.86 16.6 101 - 37.73 18.6GE General Electric (4a, 4b) N US 33.64 37.75 32.65 2.6 US 1.61 1.82 2.08 18.5 113 - 10.56 23.7GHCI Genesis HealthCare Corporation (1, 2f) O US 40.02 48.03 28.59 - US 1.60 2.32 2.45 17.3 105 - 29.50 8.7GP Georgia-Pacific Corp. N US 33.42 38.45 30.69 2.1 US 2.92 2.71 3.02 12.3 75 - 24.32 12.1GIVN Given Imaging Ltd. (1, 2f) O US 23.92 45.23 19.43 - US 0.08 0.19 0.55 - - - 3.20 6.0GLG Glamis Gold Ltd. N US 20.75 22.65 12.82 - US 0.11 0.20 0.65 - - - 3.57 5.5GOOG Google Inc. (1, 2f) O US 313.94 320.95 117.80 - US 2.50 5.57 7.83 56.4 343 - 13.78 37.1GSIC GSI Commerce Inc. (1, 2f) O US 19.82 20.13 8.48 - US 0.01 0.35 0.70 56.6 345 - 2.68 NMGYMB Gymboree (1) O US 13.89 17.74 10.87 - US 0.54 0.60 0.85 23.2 141 - 7.05 8.2HET Harrah's Entertainment, Inc. (2a, 2d, 2f) N US 64.89 79.69 51.48 2.0 US 3.26 3.62 4.66 17.9 109 - 19.03 19.2HCA HCA N US 47.69 58.60 34.70 1.2 US 2.58 3.16 3.60 15.1 92 - 13.53 24.9HIBB Hibbett Sporting Goods, Inc. (1) O US 22.39 27.68 12.87 - US 1.06 1.42 1.70 15.8 96 - 6.19 21.6HRG High River Gold Mines Ltd (2a, 2c, 2e) T C 1.55 1.90 1.11 - C 0.01 (0.01) 0.02 - - - 0.73 NMHLT Hilton Hotels N US 22.06 25.81 18.03 0.7 US 0.60 0.81 1.03 27.2 166 - 6.25 11.1HD Home Depot N US 38.39 44.30 34.56 1.0 US 2.26 2.63 3.01 14.6 89 - 10.97 21.9HUBb Hubbell Inc. N US 45.11 54.20 42.56 2.8 US 2.53 2.70 3.20 16.7 102 - 15.12 15.6ICGN Icagen, Inc. (1, 2a, 2b, 2d, 2f) O US 6.80 9.99 5.35 - US (10.61) (0.97) (1.16) - - - 1.99 NMITW Illinois Tool Works Inc. N US 80.11 96.62 78.50 1.6 US 4.38 5.09 5.70 15.7 96 - 25.61 19.8IART Integra LifeSciences Holdings (1, 2f) O US 37.23 39.87 28.69 - US 1.04 1.30 1.66 28.6 174 - 8.49 15.0IDTI Integrated Device Technology (1) O US 10.39 13.27 8.88 - US 0.07 0.33 A 0.32 31.5 192 - 7.32 4.0


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IACI InterActiveCorp (1, 2f) O US 25.36 57.82 23.49 - c US 0.79 1.08 1.33 23.5 - - 19.19 2.5ITG Investment Technology Group N US 28.96 29.70 14.32 - US 0.93 1.37 1.58 21.1 129 - 9.17 13.8IRM Iron Mountain Incorporated (2f) N US 36.37 37.76 26.66 - US 0.68 0.80 1.00 45.5 277 - 9.90 NMJBL Jabil Circuit, Inc. N US 29.75 32.88 21.80 - US 1.00 1.28 A 1.62 23.2 142 - 10.18 12.7JTX Jackson Hewitt Tax Service Inc. (2f) N US 23.80 27.24 17.65 1.3 US 0.90 1.39 A 1.50 17.1 104 - 9.59 14.4JAH Jarden Corporation (2a, 2d, 2f, 4a, 4b) N US 39.50 41.78 22.01 - US 1.51 2.18 2.62 18.1 110 - 8.36 29.9JDAS JDA Software (1, 2f) O US 15.09 16.54 9.89 - US 0.29 0.55 0.70 27.4 167 - 9.36 8.1JNJ Johnson & Johnson N US 63.45 69.99 54.81 2.0 US 3.10 3.45 3.80 18.4 112 - 11.32 29.0JNPR Juniper Networks (1) O US 22.59 30.25 19.65 - US 0.46 0.70 0.82 32.3 197 - 10.70 NMKZL Kerzner International Ltd N US 55.83 67.21 43.04 - US 2.55 2.91 3.21 19.2 117 - 30.75 6.0KFS Kingsway Financial Services (6a) T C 17.14 18.75 12.46 1.0 C 2.32 2.68 2.92 6.4 - - 15.84 17.1KGC Kinross Gold Corporation N US 7.33 8.41 4.61 - US 0.12 E 0.13 0.27 56.4 344 - 5.31 NMKR Kroger Co. N US 20.42 20.88 14.65 - US 1.03 1.34 1.58 15.2 93 - 5.41 28.3LLL L-3 Communications Holdings Inc N US 80.13 84.84 61.88 0.6 US 3.33 4.15 4.88 19.3 118 - 34.97 12.3LQI La Quinta Corporation (2a, 2d, 2f) N US 8.25 9.70 7.44 - US (0.18) 0.00 0.12 - - - 8.43 NMLAMR Lamar Advertising Co. (1, 2f) O US 44.49 44.75 36.63 - US 0.16 0.45 0.85 98.9 602 - 16.74 15.0LEH Lehman Brothers (3a, 3b) N US 116.00 116.57 76.42 0.7 US 7.91 10.62 10.56 10.9 67 - 54.91 20.3LEXR Lexar Media (1) > O US 6.00 10.45 2.55 - US (0.93) (0.23) 0.20 - - - 1.27 NMLPNT LifePoint Hospitals, Inc. (1, 2a, 2d, 2f, 4a, 4b) O US 44.06 51.54 28.51 - US 2.13 2.57 3.10 17.1 104 - 21.86 13.7LMT Lockheed Martin Corporation N US 61.60 65.46 52.19 2.0 US 2.83 3.76 4.26 16.4 100 - 17.76 19.0LOW Lowe's Companies N US 64.50 68.95 50.72 0.4 US 2.71 3.35 3.98 19.3 117 - 16.30 20.6MGA Magna International Inc. (2a, 2e, 2g, 7, 12) N US 73.80 82.94 60.00 2.1 US 7.23 7.02 8.20 10.5 64 - 58.12 11.8MRVL Marvell Technology (1) O US 43.77 48.21 24.86 - US 0.47 0.84 A 1.28 52.1 317 - 7.97 10.0MXIM Maxim Integrated Products (1) O US 40.89 45.91 36.20 1.0 US 1.20 1.58 A 1.62 25.9 158 - 7.59 NMMCD McDonald's Corporation N US 33.01 35.03 27.31 2.0 US 1.93 2.02 2.14 16.3 100 - 10.29 16.3MNT Mentor Corporation (2f) N US 53.41 56.31 28.93 1.3 US 1.13 1.41 A 1.69 37.9 231 - 4.67 17.0MCRS Micros Systems Incorporated (1) O US 41.51 48.71 24.02 - US 0.87 1.35 A 1.66 30.7 187 - 8.58 17.7MSCC Microsemi Corp. (1, 2f) O US 24.86 25.45 13.19 - US 0.35 0.66 0.97 37.7 229 - 3.35 NMMSFT Microsoft Corporation (1) O US 25.34 30.20 23.82 1.2 US 1.26 1.31 1.32 19.3 118 - 4.45 19.0MOT Motorola, Inc. N US 22.37 23.99 14.48 0.7 US 0.97 1.09 1.27 20.5 125 - 5.83 19.9FLSH M-Systems Flash Disk Pioneers (1, 2a, 2d, 2f) O US 27.26 30.39 13.55 - US 0.66 1.00 1.45 27.3 166 - 6.86 NM


52 Week

xx


MYOG Myogen Inc. (1, 2a, 2b, 2d, 2f) O US 24.62 24.98 5.21 - US (2.00) (2.05) (2.26) - - - 1.92 NMNA National Bank Of Canada (2a, 2c, 2e, 3a, 3c, 7) T C 52.14 52.26 33.76 2.9 C 3.76 4.60 4.89 11.3 - - 24.70 19.3NFP National Financial Partners (2a, 2b, 2d) N US 43.70 46.45 22.47 1.1 US 1.10 1.40 1.69 31.2 190 - 15.81 8.7NSTC Ness Technologies Inc. (1) O US 9.75 15.60 8.25 - US 0.53 0.62 0.83 15.7 96 - 6.82 9.0NRMX Neurochem Inc. (1, 2a, 2b, 2c, 2d, 2f, 2g) > O US 11.81 20.97 6.89 - US (1.34) (1.69) (1.52) - - - 2.03 NMNBIX Neurocrine Biosciences (1, 2f) O US 47.86 52.90 33.86 - US (1.26) (0.96) 0.09 - - - 10.15 NMNICE Nice Systems, Ltd. (1, 2f) O US 44.05 48.34 20.74 - US 1.14 1.60 2.07 27.5 168 - 12.06 12.5OCR Omnicare, Inc. (2f, 2g, 4a, 4b) N US 56.24 57.00 26.90 0.2 US 2.31 2.44 3.20 23.0 140 - 18.94 12.5ORCL Oracle Corporation (1) O US 12.33 14.87 10.93 - US 0.51 0.68 A 0.80 18.1 110 - 2.16 45.7OSI Outback Steakhouse, Inc. N US 39.42 47.75 37.40 1.1 US 2.04 2.38 2.85 16.6 101 - 15.25 15.0PFCB P.F. Chang's China Bistro, Inc (1) O US 45.14 65.12 43.31 - US 1.27 1.45 1.80 31.1 190 - 9.38 14.6PTIE Pain Therapeutics (1, 2a, 2b, 2d, 2f) O US 6.45 8.13 4.78 - US (1.01) (0.87) (0.90) - - - 1.70 NMPTN Palatin Tech (2f) > A US 2.36 3.01 1.70 - US (0.55) (0.27) A (0.24) - - - 0.33 NMPAYX Paychex (1) O US 34.09 35.37 28.80 1.5 US 0.80 0.97 A 1.15 35.1 214 - 3.65 42.0PNR Pentair Inc. N US 36.35 46.47 33.50 1.3 US 1.35 2.00 2.40 18.2 111 - 14.66 13.6PFE Pfizer Inc. (8) N US 24.80 31.50 21.99 3.0 US 2.12 1.96 2.15 12.7 77 - 9.06 17.1PGI Premiere Global Services > N US 8.25 12.17 6.76 - US 0.62 0.66 0.60 12.5 76 - 3.91 22.0PBH Prestige Brands Holdings, Inc. N US 12.31 21.15 10.10 - US - 0.82 A 0.80 15.0 91 - NM 10.0PGNX Progenics Pharmaceuticals (1, 2a, 2b, 2d, 2f) O US 23.54 25.07 12.03 - US (2.48) (2.73) (2.38) - - - 3.26 NMPDLI Protein Design Labs (1, 2f, 5a, 5b) O US 27.68 30.79 13.79 - US (0.53) 0.02 0.21 - - - 4.50 NMQCOM Qualcomm (1) O US 44.35 44.99 32.08 0.8 US 1.09 1.16 1.56 38.2 233 - 6.21 18.3ZQK Quiksilver Inc (2f) N US 14.40 18.12 12.35 - US 0.68 0.86 1.00 16.7 102 - 5.62 15.7ROIAK Radio One, Inc. (1) O US 13.20 16.43 12.30 - US 0.39 0.53 0.72 24.9 152 - 10.11 7.1RDWR Radware (1) > O US 18.95 27.95 14.79 - US 0.70 0.43 0.79 44.1 268 - 8.46 NMRNDC Raindance Communications (1, 2f) > O US 2.21 2.73 1.47 - US (0.02) 0.07 0.07 31.6 192 - 1.95 NMRBAK Redback Networks (1) > O US 10.02 11.47 2.83 - US (0.44) (0.14) 0.33 - - - NM NMRRI Reliant Energy Inc. N US 14.92 15.01 9.14 - US 0.07 0.20 0.45 74.6 454 - 14.41 NMRNVS Renovis, Inc. (1, 2f) O US 13.51 19.25 6.34 - US (1.70) (1.44) (1.54) - - - 3.04 NMRECN Resources Global Professionals (1, 2f) O US 30.83 31.21 17.40 - US 0.50 1.11 1.28 27.8 169 - 4.91 31.1RHI Robert Half International N US 35.70 35.96 23.95 1.0 US 0.79 1.27 1.45 28.1 171 - 5.09 25.5COL Rockwell Collins Inc N US 47.44 49.80 34.40 1.0 US 1.67 2.20 2.50 21.6 131 - 7.31 29.8RCI.NV.B Rogers Communications Inc. (2g, 7, 13) T C 48.06 48.69 24.67 0.2 C (0.28) (0.24) 1.36 - - - 8.69 NMRUS Russel Metals Inc. (2f) T C 18.36 18.84 11.61 5.5 C 3.87 1.88 1.96 9.8 - - 9.79 17.5RUTH Ruth's Chris Steak House, Inc. (1, 2a, 2b, 2d) O US 17.29 23.06 16.59 - US - 0.73 0.86 23.7 144 - NM NMTSG Sabre Holdings Corporation (2f) N US 19.47 25.81 18.26 1.9 US 1.47 1.54 1.65 12.6 77 - 12.98 10.0SWY Safeway Inc. N US 25.15 25.60 17.26 0.8 US 1.33 1.54 1.75 16.3 99 - 10.19 16.1SANM Sanmina-SCI Corporation (1, 2g) O US 4.05 9.35 3.74 - US 0.24 0.24 0.45 16.9 103 - 4.53 3.4SAP SAP AG N US 42.55 45.83 36.60 0.8 US 1.34 1.62 1.75 26.3 160 - NM 14.9


A : Actual

h : High End of

Range


m: Midpoint












52 Week

xxi



52 Week

MYOG Myogen Inc. (1, 2a, 2b, 2d, 2f) O US 24.62 24.98 5.21 - US (2.00) (2.05) (2.26) - - - 1.92 NMNA National Bank Of Canada (2a, 2c, 2e, 3a, 3c, 7) T C 52.14 52.26 33.76 2.9 C 3.76 4.60 4.89 11.3 - - 24.70 19.3NFP National Financial Partners (2a, 2b, 2d) N US 43.70 46.45 22.47 1.1 US 1.10 1.40 1.69 31.2 190 - 15.81 8.7NSTC Ness Technologies Inc. (1) O US 9.75 15.60 8.25 - US 0.53 0.62 0.83 15.7 96 - 6.82 9.0NRMX Neurochem Inc. (1, 2a, 2b, 2c, 2d, 2f, 2g) > O US 11.81 20.97 6.89 - US (1.34) (1.69) (1.52) - - - 2.03 NMNBIX Neurocrine Biosciences (1, 2f) O US 47.86 52.90 33.86 - US (1.26) (0.96) 0.09 - - - 10.15 NMNICE Nice Systems, Ltd. (1, 2f) O US 44.05 48.34 20.74 - US 1.14 1.60 2.07 27.5 168 - 12.06 12.5OCR Omnicare, Inc. (2f, 2g, 4a, 4b) N US 56.24 57.00 26.90 0.2 US 2.31 2.44 3.20 23.0 140 - 18.94 12.5ORCL Oracle Corporation (1) O US 12.33 14.87 10.93 - US 0.51 0.68 A 0.80 18.1 110 - 2.16 45.7OSI Outback Steakhouse, Inc. N US 39.42 47.75 37.40 1.1 US 2.04 2.38 2.85 16.6 101 - 15.25 15.0PFCB P.F. Chang's China Bistro, Inc (1) O US 45.14 65.12 43.31 - US 1.27 1.45 1.80 31.1 190 - 9.38 14.6PTIE Pain Therapeutics (1, 2a, 2b, 2d, 2f) O US 6.45 8.13 4.78 - US (1.01) (0.87) (0.90) - - - 1.70 NMPTN Palatin Tech (2f) > A US 2.36 3.01 1.70 - US (0.55) (0.27) A (0.24) - - - 0.33 NMPAYX Paychex (1) O US 34.09 35.37 28.80 1.5 US 0.80 0.97 A 1.15 35.1 214 - 3.65 42.0PNR Pentair Inc. N US 36.35 46.47 33.50 1.3 US 1.35 2.00 2.40 18.2 111 - 14.66 13.6PFE Pfizer Inc. (8) N US 24.80 31.50 21.99 3.0 US 2.12 1.96 2.15 12.7 77 - 9.06 17.1PGI Premiere Global Services > N US 8.25 12.17 6.76 - US 0.62 0.66 0.60 12.5 76 - 3.91 22.0PBH Prestige Brands Holdings, Inc. N US 12.31 21.15 10.10 - US - 0.82 A 0.80 15.0 91 - NM 10.0PGNX Progenics Pharmaceuticals (1, 2a, 2b, 2d, 2f) O US 23.54 25.07 12.03 - US (2.48) (2.73) (2.38) - - - 3.26 NMPDLI Protein Design Labs (1, 2f, 5a, 5b) O US 27.68 30.79 13.79 - US (0.53) 0.02 0.21 - - - 4.50 NMQCOM Qualcomm (1) O US 44.35 44.99 32.08 0.8 US 1.09 1.16 1.56 38.2 233 - 6.21 18.3ZQK Quiksilver Inc (2f) N US 14.40 18.12 12.35 - US 0.68 0.86 1.00 16.7 102 - 5.62 15.7ROIAK Radio One, Inc. (1) O US 13.20 16.43 12.30 - US 0.39 0.53 0.72 24.9 152 - 10.11 7.1RDWR Radware (1) > O US 18.95 27.95 14.79 - US 0.70 0.43 0.79 44.1 268 - 8.46 NMRNDC Raindance Communications (1, 2f) > O US 2.21 2.73 1.47 - US (0.02) 0.07 0.07 31.6 192 - 1.95 NMRBAK Redback Networks (1) > O US 10.02 11.47 2.83 - US (0.44) (0.14) 0.33 - - - NM NMRRI Reliant Energy Inc. N US 14.92 15.01 9.14 - US 0.07 0.20 0.45 74.6 454 - 14.41 NMRNVS Renovis, Inc. (1, 2f) O US 13.51 19.25 6.34 - US (1.70) (1.44) (1.54) - - - 3.04 NMRECN Resources Global Professionals (1, 2f) O US 30.83 31.21 17.40 - US 0.50 1.11 1.28 27.8 169 - 4.91 31.1RHI Robert Half International N US 35.70 35.96 23.95 1.0 US 0.79 1.27 1.45 28.1 171 - 5.09 25.5COL Rockwell Collins Inc N US 47.44 49.80 34.40 1.0 US 1.67 2.20 2.50 21.6 131 - 7.31 29.8RCI.NV.B Rogers Communications Inc. (2g, 7, 13) T C 48.06 48.69 24.67 0.2 C (0.28) (0.24) 1.36 - - - 8.69 NMRUS Russel Metals Inc. (2f) T C 18.36 18.84 11.61 5.5 C 3.87 1.88 1.96 9.8 - - 9.79 17.5RUTH Ruth's Chris Steak House, Inc. (1, 2a, 2b, 2d) O US 17.29 23.06 16.59 - US - 0.73 0.86 23.7 144 - NM NMTSG Sabre Holdings Corporation (2f) N US 19.47 25.81 18.26 1.9 US 1.47 1.54 1.65 12.6 77 - 12.98 10.0SWY Safeway Inc. N US 25.15 25.60 17.26 0.8 US 1.33 1.54 1.75 16.3 99 - 10.19 16.1SANM Sanmina-SCI Corporation (1, 2g) O US 4.05 9.35 3.74 - US 0.24 0.24 0.45 16.9 103 - 4.53 3.4SAP SAP AG N US 42.55 45.83 36.60 0.8 US 1.34 1.62 1.75 26.3 160 - NM 14.9


A : Actual

h : High End of

Range


m: Midpoint











xxii


WCG WellCare Health Plans, Inc. N US 41.27 44.40 18.41 - US 1.31 1.63 2.50 25.3 154 - 8.10 20.0WLP WellPoint, Inc. (2f) N US 75.01 77.40 36.10 - US 3.33 4.00 4.85 18.8 114 - 32.97 12.9WIND Wind River Systems (1) O US 12.49 17.68 10.70 - US (0.17) 0.13 A 0.28 96.1 585 - 2.84 NMWMS WMS Industries, Inc. (2f) N US 27.97 35.19 23.53 - US (0.02) 0.68 A 1.06 41.1 251 - 9.11 17.8WYE Wyeth N US 44.76 46.76 36.57 2.0 US 2.65 2.88 3.09 15.5 95 - 7.36 12.9WYNN Wynn Resorts, Limited (1) O US 44.51 76.45 42.32 - US - 0.52 1.31 85.6 521 - 16.24 NMXMSR XM Satellite Radio Holdings Inc (1, 2g) > O US 34.05 40.89 26.16 - US (3.30) (2.78) (1.32) - - - 1.15 NM


A : Actual

h : High End of

Range


m: Midpoint











xxiii

Sector Composition

TECHNOLOGYCanadian Enterprise Software

Market Weight PAUL LECHEMApplications & Systems Infrastructure COGN, GAC, OTEX

Communication SoftwareMarket Weight SHAUL EYAL

ITTAI KIDRONYAIR REINER

Communication Software DOX, CMVT, CVG, CSGS, MUSE, NICE, OPWV, PRSF, TTIL, VRNT

Electronics Manufacturing ServicesMarket Weight TODD COUPLAND

Electronic Manufacturing Services CLS, FLEX, JBL, PLXS, SANM, SLRPrinted Circuit Board Fabrication MERX

Enterprise SoftwareMarket Weight BRAD REBACK

BRENDAN McCABERENAUD DEVREKERWOO JIN HO

Application Software ARBA, BOBJ, CHRD, CNQR, DSGX, FILE, ITWO, JDAS, KRON, MANH, MANU, MSFT, ORCL, SAP, SEBL

Enterprise Applications ADBE, EPIC, MCRS, UNCAInfrastructure Software CTXS, CA, NOVL, RHAT, WIND

FPD Food ChainOverweight MATTHEW SMITH

MARY BRIXIEFlat Panel Displays AFCO, AUO, OLED, CLRK, GLW, CREE, PHTN, PLNR

HardwareMarket Weight MATTHEW SMITH

MARY BRIXIEDiversified DELL

Technology HardwareMarket Weight TODD COUPLAND

Semiconductor GSIG

Online GamingMarket Weight TODD COUPLAND

Online Gaming CWH, CRYP, FUN

Infrastructure SoftwareMarket Weight SHAUL EYAL

MANISH HEMRAJANIYAIR REINER

Infrastructure Software ALDN, CHKP, MFE, MERQE, SYMC

Israeli TechnologyMarket Weight SHAUL EYAL

ITTAI KIDRONSERGEY VASTCHENOKYAIR REINER

Israeli Technology AUDC, DSPG, ECTX, ESLT, ELRN, GIVN, LPMA, MRVC, NSTC, RVSN, SHMR

xxiv

Sector Composition

Networking & Data InfrastructureUnderweight STEPHEN KAMMAN

JEFF OSBORNECable Equipment ARRS, CCBL, CTV, CCUR, HLIT, SFANetworking & Data Infrastructure BRCDE, CIEN, CSCO, EXTR, FDRY, INTL, JNPR, LU, MCDTA,

NT, RDWR, RBAK, TLAB

Semiconductors & ComponentsMarket Weight RICK SCHAFER

ALLAN MISHANDANIEL GELBTUCH

Analog/Mixed Signal ISIL, LLTC, MXIM, MSCC, PSEM, PDSN, SMTCCommunication Ics AMCC, EXAR, IDTI, PMCS, VTSSDigital Media ATYT, CRUS, ESST, GNSS, LEXR, FLSH, NVDA, OVTI, PXLW,

SNDK, SGTL, SIMG, TRID, ZRANDiversified AGR, TXN, ZLEnterprise Networking BRCM, MRVLPC Processing and Memory AMD, INTCPower and Discrete FCS

Wireless TechnologyOverweight ITTAI KIDRON

GEORGE IWANYCSHAUL EYAL

Wireless Technology ALVR, ANAD, ANEN, CELL, KOPN, LCCIE, ERICY, MOT, NOK, PWAV, QCOM, RFMD, SMDI, SWKS, STXN, TQNT

MEDIA and ENTERTAINMENTBroadcasting and Advertising

Market Weight JASON HELFSTEINBroadcasting CDL, CCU, CXR, CMLS, ETM, LAMR, OMC, ROIAK, RGCI, IPG,

UVN, WPPGYSatellite DTV, DISH, SIRI, XMSR

TELECOM SERVICESTelecommunications Services

Market Weight TIMOTHY HORANSRINIVAS ANANTHAWILLIAM MAINA

Cable Services CVC, CHTR, CMCSA, ICCI, MCCC

COMMUNICATIONSCanadian Media

Market Weight ROBERT BEKAMY GLADINGED YANGSRI ANANTHASRINIVAS ANANTHATIMOTHY HORANWILLIAM MAINA

CLECs COI, TWTCEmerging BWNG, ELNK, GNSY, IIP, PGI, RNDC, WEBXLong Distance T, LVLT, SMulti-Media CGS.SVPrinting and Publishing IQWRBOCs BLS, Q, SBC, VZRLECs ALSK, CTL, CBB, CZN, CTCO, FRP, IWA, OTT, VCGWireless Services AT, NXTP, TPCWireless Tower Services AMT, CCI

Telecommunication and Cable ServicesMarket Weight DVAI GHOSE

COREY DIASCable Companies CCA.SV, RCI.NV.B, SJR.NV.BTelecommunications Operating Companies BCE, T.TO

xxv

Sector Composition

HEALTHCAREBiotechnology

Overweight MATTHEW GELLERBRET HOLLEYBRIAN ABRAHAMSTARIQ KASSUM

Biotechnology AMGN, ARNA, AVGN, AVN, BIVN, BIIB, CRME, CTIC, CEPH, CGTK, CTRX, CRTX, CVTX, CYPB, DOVP, EXEL, FVRL, DNA, GILD, ICGN, SRLS, THLD, VION, HGSI, IDBE, KOSN, MEDI, MLNM, MNTA, MYOG, NRMX, NBIX, NUVO, PTIE, PTN, PGNX, PDLI, QLTI, RNVS, SGEN, TNOX, VXGN.PK, XGE

Healthcare FacilitiesMarket Weight CHARLES LYNCH

MICHAEL WIEDERHORNHealthcare Facilities AMSG, BEV, CYH, CCRN, EXE.SV, GHCI, HCA, HMA, LH,

LPNT, HCR, OCR, DGX, THC, TRI, UHS, VTR

Specialty Healthcare ServicesOverweight MICHAEL WIEDERHORN

Specialty Healthcare Services AMED, CHE, GTIV, LNCR, ODSY, ROHI

Healthcare ServicesOverweight CARL MCDONALD

JAMES NAKLICKIManaged Care and Other AET, AGP, CI, CVH, HNT, HUM, MGLN, PHS, SIE, UNH,

UHCO, WCG, WC, WLP

Medical DevicesMarket Weight JOHN P. CALCAGNINI

CHAD SUGGSJODIE WEHNER

Medical Devices ANSI, BAX, BDX, BSX, BCR, CSCX, CPTS, CONR, DSCP, GDT, IMDC, IART, ILE, MDT, MNT, NASI, STJ, ELOS, VAS

PharmaceuticalsOverweight MARA GOLDSTEIN

KENT McCREADrug Delivery ALKS, DEPO, DRRX, NKTR, MDCOPharmaceuticals AZN, BMY, LLY, GSK, JNJ, MRK, PFE, SGP, WYE

Specialty PharmaceuticalsMarket Weight ELLIOT WILBUR

KENT McCREASpecialty Pharmaceuticals AGN, ALO, APPX, ADRX, BRL, BVF, CNCT, FRX, IVX, KG,

KV.A, MYL, PRX, TARO, TEVA, WPI

xxvi

Sector Composition

ENERGYPipelines, Utilities & Power

Market Weight MATTHEW AKMANALDA PAVAO

Canadian Pipelines & Utilities ENBMaster Limited Partnerships EEPU.S. Pipelines & Utilities DUK, RRI

Oil and GasOverweight ROBERT PLEXMAN

ANDREW POTTERMICHAEL RIMELLOLIVIA CHEN

Expl & Prod - Senior Producers APC, APA, BR, CNQ, DVN, ECA, NXY, TLMIntegrated Oils, Canadian HSE, PCA, PKZ, SUIntegrated Oils, International BP, CVX, XOM, RDS.A

FINANCIAL INSTITUTIONSDiv. Finl Srvcs; Brks & Asset Mgrs

Market Weight KEN WORTHINGTONNIAMH GUINAN

Asset Management AC, AVZ, BPFH, FII, BEN, JNS, NFP, TROWE-Brokers and Traders ITG, NITEMoney Center & Investment Banks BSC, SCH, LEH, MER, MWD, GS

BanksMarket Weight QUENTIN BROAD

MOHAMMAD SALEEMCanadian Banks BMO, BNS, NA, RY, TD

Canadian Property & Casualty CompaniesMarket Weight QUENTIN BROAD

MOHAMMAD SALEEMProperty & Casualty FFH, IIC.LV, KFS, NB, ORH

Diversified FinancialMarket Weight MOHAMMAD SALEEM

QUENTIN BROADInvestment Dealers CCI, GMP

U.S. BanksMarket Weight MEREDITH WHITNEY

Credit Cards AXP, COFLarge Cap Banks BAC, C, JPM, USB, WB, WFC

Regional BanksUnderweight MEREDITH WHITNEY

Regional Banks ASO, BBT, CBH, NCC, PNC, STI

Specialty FinanceMarket Weight MEREDITH WHITNEY

Specialty Finance CIT

xxvii

Sector Composition

CONSUMER AND BUSINESS SERVICESBroadlines/Home Furnishings Retailing

Market Weight PETER BENEDICTDiscount/Warehouse Clubs BJ, COST, TGT, WMTHome Goods & Furnishings BBBY, CPWM, DWRI, KIRK, LIN, PIR, WSM

Business ServicesOverweight THATCHER THOMPSON

ADAM MEZANCANNON CARRCRISTA LEWISLARRY LEE

Business Services ACXM, ACS, ADS, ARP, RMK, AACC, ADP, POS, CPS, CTAS, EFX, HHS, HEW, IRM, JTX, MAN, MMS, MINI, VTIV, CVP, NCOG, ASGN, PAYX, PRGX, RECN, RHI, SFN, TALX, ABCO, EXBD, WW, WSTC

IT Services TWW

Consumer and Household ProductsMarket Weight JOSEPH ALTOBELLO

Household Products CENT, CHD, CLX, CL, G, JAH, NWL, PG, TPX, SMG, SPCPersonal Care & Cosmetics RDEN, PBH

Gaming, Lodging & LeisureMarket Weight WILLIAM SCHMITT

DAVID KATZJOHN ALTERIO

Gaming AGI, ASCA, AGY, AZR, BYD, CHDN, GTK, HET, IGT, ISLE, KZL, MGM, MNTG, MGAM, PENN, PNK, STN, WMS, WYNN

Leisure CCL, RCLLodging CHH, FHR, FS, GET, HLT, LQI, MAR, HOT

Hardline RetailingMarket Weight DAN WEWER

SUJATA SHEKARVIVIAN MA

Consumer Electronics BBY, CC, RSHHome Centers HD, LOWPet Food and Supplies PETC, PETM, TSCOSporting Goods HIBBValue Retailing NDN, DG, DLTR, FDO

InternetMarket Weight PAUL KEUNG

APURVA SHAHInternet FLWS, AMZN, BDAY, CNET, EBAY, EXPE, GOOG, GSIC,

INSP, IACI, OSTK, PCLN, PRVD, YHOOLeisure & Travel Services

Market Weight PAUL KEUNGAPURVA SHAH

Leisure & Travel Services CD, LNET, FLYR, PEGS, TSG

RestaurantsMarket Weight JOHN GLASS

JEFFREY FARMERJON TOWER

Restaurants AFCE, APPB, EAT, CPKI, DRI, KKD, MCD, OSI, PFCB, PNRA, SONC, RUTH, SBUX, CAKE, WEN, YUM

Speciality Retailing SoftlinesMarket Weight DOROTHY LAKNER

ROXANNE MEYERChildren's Fashion PLCE, GYMBFootwear DSW, FINLLuxury Goods ODMO, TIFMen's/Women's Fashion ANN, CHRS, CHS, CBK, CTRN, CWTR, GPS, JILL, LTD, JWN,

TLB, TJXYouth Lifestyle ANF, AEOS, FOSL, GES, PSUN, ZQK, SKX

xxviii

Sector Composition

CONSUMER PRODUCTSMerchandising

Market Weight PERRY CAICCOKATHLEEN WONGRICHARD PITICCO

Consumer Products COTFood Companies ABS, KR, SWY

CHEMICALS & FERTILIZERSChemicals & Fertilizers

Market Weight JACOB BOUTSTEPHEN BONNYMAN

Chemicals MEOHFertilizers AGU, POT

MININGMetals & Minerals

Market Weight STEPHEN BONNYMANBARRY COOPERJACOB BOUTMICHAEL VINTTERRY TSUI

Aluminium AL, AA, NVLBase Metals N, FAL, PDInternational Mining CCO

Precious MetalsOverweight BARRY COOPER

MICHAEL VINTTERRY TSUI

Gold Companies AEM, AU, ABX, BGO, CBJ, CG, CRJ, DSM, GLG, GFI, GG, HRG, IAG, KGC, MDG, NEM, NXG, PDG

Other Precious Metals HL, PAAS

INDUSTRIAL/CAPITAL GOODSAerospace/Defense

Market Weight MYLES WALTONEDWIN KELLER

Aerospace/Defense CW, DRS, EDO, GD, LLL, LMT, NOC, RTN, COL, BA, UTX

Industrial DiversifiedMarket Weight ROBERT LAGAIPA

Industrial Diversified ATI, DHR, ETN, ITW, PH, RAIL, ROCK, GTI

Industrial Multi-IndustryOverweight ROBERT MCCARTHY

CHRISTOPHER GLYNNIndustrial Multi-Industry CBE, EMR, GE, HON, HUBb, PNR, ROK, ROP, TYC, GWW,

XRM

xxix

Sector Composition

INDUSTRIAL PRODUCTSAutomotive

Market Weight JOHN NOVAKMICHAEL WILLEMSE

AutoParts MGA

SteelMarket Weight JOHN NOVAK

MICHAEL WILLEMSESteel Producers AGA, DFS, GNA, IPS, NUE, OS, XSteel Service Centre JOR, HSG, RS, RUS, STTX, TONS, WOR

PAPER & FOREST PRODUCTSPaper & Forest Products

Underweight DON ROBERTSHERVE CARREAUJONATHAN LETHBRIDGE

Canada A, CFP, DTC, NBD, NS, TBCU.S. BOW, GP, IP, LPX, WY

INCOME TRUSTSIncome Trusts

Market Weight ALICE DUNNINGALDA PAVAODVAI GHOSEMARY MCKEENATALIA ZALBAPAUL HOLDENPETRO PANARITESROBERT BEKROSSA O'REILLYVIVIAN LO

Business Trusts FDG.UN

CIBC World Markets Company Page Index ---- NOTE: Page numbers start on tables

COMPANY RATING PG COMPANY RATING PG COMPANY RATING PG COMPANY RATING PG

<A> Choice Hotels International, Inc. SP 49 Desert Sun Mining Corp. (2a, 2c, 2e) SO 61Bank of America Corporation (3a, 3b) SO 42 ChoicePoint (2f) SO 46 Design Within Reach, Inc. (1, 2a, 2b, 2d, 2f) SP 45

Abercrombie & Fitch Co. SP 55 Bank of Montreal (2a, 2c, 2e, 3a, 3c, 7, 8) SP 39 Chordiant (1, 2f) SP 4 Devon Energy Corp. (2g) SP 36Abitibi-Consolidated Inc. (2f, 2g, 6a) R 68 Bank of Nova Scotia (2a, 2c, 2e, 3a, 3c, 6a, 7) SU 39 Christopher & Banks Corporation SP 55 DirecTV Group Inc. (The) SP 18Acxiom Corporation (1, 2f) SP 46 Barr Pharmaceuticals (2f) SO 32 Church & Dwight (2f) SP 48 Dofasco Inc. (2f, 7, 9) SO 67Adobe Systems Incorporated (1) SO 4 Barrick Gold Corporation (7, 8) SO 61 Churchill Downs Inc. (1) SP 49 Dollar General SP 51Advanced Micro Devices SU 15 Baxter International SP 30 CIENA Corporation (1) SU 12 Dollar Tree Stores (1) SP 51Advanced Neuromodulation (1, 2f) SU 30 BB&T Corporation (3a, 3b) SU 43 CIGNA Corp. SO 29 Domtar Inc. (2g, 7) SO 68Aetna, Inc. (2f) SO 29 BCE Inc. (2a, 2f, 2g, 7) SP 24 Cincinnati Bell SP 23 DOV Pharmaceutical (1, 2a, 2d, 2f) SO 25AFC Enterprises, Inc. (1) SU 54 Bear Stearns (3a, 3b) SP 38 Cintas Corporation (1) SO 46 DRS Technologies Inc SO 63Affiliated Computer Services (2f) SO 46 Becton Dickinson, Inc. SU 30 Circuit City Group SP 51 DSP Group (1) SO 11Agere Systems SP 15 Bed, Bath & Beyond (1) SO 45 Cirrus Logic (1) SO 14 DSW, Inc. (2a, 2b, 2d, 2f) SO 56Agnico-Eagle Mines Limited SP 61 BellSouth (2f) SO 22 Cisco Systems (1) SO 12 Duke Energy (2g, 7) SP 33Agrium Inc. (2g, 7) SP 58 Bema Gold Corporation (2a, 2c, 2e, 2g) SO 61 CIT Group Inc. (4a, 4b) SO 44 DURECT (1, 2f) SP 31Aladdin Knowledge Systems Ltd (1, 2a, 2b, 2d, 2f) SO 10 Best Buy Co. SO 51 Citadel Broadcasting Corp SO 18Alaska Communications (1, 2a, 2b, 2d, 2f, 4a, 4b) SP 23 Beverly Enterprises (2a, 2d, 2f) NR 27 Citi Trends, Inc. (1, 2a, 2b, 2d, 2f) SP 55 <E>Albertsons Inc. SO 57 Bioenvision Incorporated (1, 2a, 2b, 2d, 2f) SO 25 Citigroup (3a, 3b, 5b) SP 42Alcan Inc. (2a, 2e, 2f, 7) SO 59 Biogen Idec (1, 2f) SP 25 Citizens Communications SP 23 Earle M. Jorgensen Company (2a, 2b, 2d) SO 67Alcoa Inc. SO 59 Biovail Corporation (2f) SU 32 Citrix Systems (1) SO 5 EarthLink, Inc. (1, 2f, 3a, 3b) SP 22Algoma Steel Inc. SU 67 BJ's Wholesale Club, Inc. SU 45 Claude Resources Inc. SU 61 Eaton Corp. SP 64Alkermes, Inc. (1, 2f) SO 31 Boston Private Financial (1, 2f, 3a, 3b) SP 37 Clear Channel Communications SP 18 eBay Inc. (1) SP 52Allegheny Technologies Inc. (2f) SO 64 Boston Scientific Corp. SO 30 Clorox SU 48 EchoStar Communications (1) SP 18Allergan Inc. (2f) SP 32 Bowater Inc. (9) SO 68 CNET Networks, Inc. (1) SO 52 ECtel Ltd. (1) SU 11Alliance Capital (3a, 3b, 5a) SO 37 Boyd Gaming Corporation (2f, 4a, 4b) SO 49 Cogeco Cable Inc. (2a, 2e, 2g, 12) SP 24 EDO Corporation SP 63Alliance Data Systems Corp. (2f) SO 46 BP p.l.c. (2g) SP 35 Cogent Communications (2a, 2b, 2d) SP 21 Elbit Systems Ltd. (1) SP 11Alliance Gaming (2f) SO 49 Brightpoint Inc. (1) SO 17 Cognos Incorporated (1, 2f, 2g, 7) SO 1 Eli Lilly & Co. SP 31Alltel Corporation SP 21 Brinker International, Inc. SP 54 Coldwater Creek Inc. (1) SO 55 Elizabeth Arden (1) SP 48Alpharma Inc. (2f) SU 32 Bristol-Myers Squibb SU 31 Colgate-Palmolive SP 48 Elron Electronic Industries (1) SP 11Alvarion (1) SU 17 Broadcom Corp. (1) SP 15 Color Kinetics (1, 2f) SP 6 Emerson SO 65Amazon.com (1) SP 52 Broadwing Communications (1) SU 22 Comcast (1) SO 19 Enbridge Energy Partners, L.P. (4a, 4b) SP 33Amdocs Ltd. SO 2 Brocade Communications (1) SU 12 Commerce Bancorp Incorporated SO 43 Enbridge Inc. (2a, 2c, 2e, 2g, 7) SP 33Amedisys, Incorporated (1, 2f) SO 28 Burlington Resources, Inc. (2g) SP 36 Commonwealth Telephone Enterprises Inc. (1) SP 23 EnCana Corporation (2f, 2g, 7, C6) SO 36American Eagle Outfitters (1, 2f, 3a, 3b) SO 55 Business Objects SA (1) SP 4 CommScope (2f, 4a, 4b) SP 13 Entercom Communications Corp. SP 18American Express (3a, 3b) SO 42 Community Health Systems, Inc. (2f) SO 27 Epicor Software Corporation (1, 2f) SP 4American Pharmaceutical Ptnrs. (1, 2f) SO 32 <C> Computer Associates SP 5 Equifax (2f) SP 46American Reprographics Company (2a, 2b, 2d, 2f) SP 46 Comverse Technology (1) SO 2 ESS Technology Inc. (1) SU 14American Tower Corporation SO 21 C.R. Bard, Inc. SO 30 Conceptus, Inc. (1, 2f) SP 30 Exar Corporation (1) SU 16AMERIGROUP Corporation (4a, 4b) SO 29 Cablevision Systems Corp. (2f) SP 19 Concur Technologies (1, 2f) SP 4 Exelixis (1, 2f) SP 25Ameristar Casinos (1) SU 49 California Pizza Kitchen, Inc. (1) SP 54 Concurrent Computer Corp. (1, 2f) SU 13 Expedia, Inc. (1) SO 52Amgen (1, 2f) SO 25 Cambior Inc. (2a, 2c, 2e) SU 61 Connetics Corp. (1, 2a, 2d, 2f) SP 32 Extendicare Inc. (2a, 2d, 2f, 2g, 12) SP 27AmSouth Bancorporation SU 43 Cambridge Display Technology (1, 2a, 2b, 2d, 2f) SP 6 Conor Medsystems, Inc. (1, 2a, 2b, 2d, 2f) SO 30 Extreme Networks (1) SU 12AmSurg Corp. (1, 2f) SU 27 Cameco Corporation (2g, 7) SP 60 Convergys Corp. SP 2 ExxonMobil Corporation (2g) SP 35AMVESCAP PLC (2g, 3a, 3b, 4a, 4b) SP 37 Canaccord Capital Inc. (2a, 2e) SO 41 Cooper Industries Ltd. SP 65Anadarko Petroleum Corp. (2g) SP 36 Canadian Natural Resources Ltd (2a, 2c, 2e, 2g, 7, 9) SP 36 Corgentech Inc. (1, 2f) NR 25 <F>Anadigics, Inc. (1) SU 17 Canfor Corporation (2g) SP 68 Corning Inc. SO 6Anaren Microwave (1) SP 17 CanWest Global Communications (2g, 7, 12) R 20 Cost Plus, Inc. (1) SO 45 Fairchild Semiconductor SP 15Andrx Corp. (1, 2f) SP 32 Capital One Financial Corporation SO 42 Costco Wholesale Corp. (1) SP 45 Fairfax Financial Holdings (2g, 3a, 12) SP 40AngloGold Ashanti Limited SU 61 Cardiac Science Corp. (1, 2a, 2d, 2f) R 30 CoTherix, Inc. (1, 2a, 2b, 2d, 2f) SP 25 Fairmont Hotels & Resorts Inc. (2g) SP 49Ann Taylor Stores SP 55 Cardiome Pharma Corp. (1, 2a, 2b, 2c, 2d, 2f, 2g, 7) SO 25 Cott Corporation (2f, 7) SU 57 Fairpoint Communications, Inc. SU 23Apache Corp. (2g) SU 36 Carnival Corporation SO 50 Coventry Health Care, Inc. (2a, 2d, 2f, 4a, 4b) SO 29 Falconbridge Limited (2g, 7) SP 59Applebee's International, Inc. (1, 2f) SO 54 Catalina Marketing Corporation SP 46 Cox Radio SP 18 Family Dollar Stores SP 51Applied Films Corp. (1) SO 6 C-COR Inc. (1) SO 13 Cree, Inc. (1, 2f, 3a, 3b) SP 6 Favrille, Inc. (1, 2a, 2b, 2d, 2f) SO 25Applied Micro Circuits (1) SP 16 Celebrate Express, Inc. (1, 2a, 2b, 2d) SO 52 Critical Therapeutics (1, 2f) SO 25 Federated Investors (3a, 3b) SU 37ARAMARK Corporation SP 46 Celestica Inc. (2a, 2g, 6a, 7, 9, 12) SO 3 Cross Country, Inc. (1, 2f) SU 27 FileNet (1, 2f) SO 4Arena Pharmaceuticals (1, 2a, 2b, 2d, 2f) SO 25 Cell Therapeutics (1, 2a, 2d, 2f, 5b) SP 25 Crown Castle International (2f) SO 21 Finish Line (1) SO 56Argosy Gaming Company NR 49 Cendant Corporation (2f) SO 53 CryptoLogic Inc. (1, 2g) SP 9 Flextronics International Ltd. (1, 2g, 6a) SP 3Ariba (1) SU 4 Centerplate Inc SP 47 CSG Systems International, Inc (1) SP 2 Fording Inc. SP 69Arris Group (1, 2f) SP 13 Centerra Gold Inc. (2a, 2e) SO 61 Cumulus Media Inc. (1, 2f) SP 18 Forest Laboratories SP 32Asset Acceptance Capital Corp. (1, 2f) SP 46 Central Garden & Pet (1, 2f, 4a, 4b) SO 48 Curtiss-Wright Corp SO 63 Fossil, Inc. (1) SP 55AstraZeneca PLC (2f) SU 31 CenturyTel (2f) SO 23 CV Therapeutics (1, 2f) SP 25 Foundry Networks (1) SP 12AT&T Corp. (2f) SP 22 Cephalon (1, 2f) SO 25 Cypress Bioscience, Inc. (1, 2f) SP 25 Four Seasons Hotels & Resorts (9, 14) SO 49ATI Technologies (1, 2f, 2g) SO 14 Charles Schwab SP 38 Franklin Resources (3a, 3b) SP 37AU Optronics SP 6 Charming Shoppes (1) SU 55 <D> FreightCar America, Inc. (1, 2a, 2b, 2d, 7, C12) SO 64AudioCodes (1, 2a, 2d, 2f) SO 11 Charter Communications (1) SP 19 FUN Technologies plc (2g) SO 9Automatic Data Processing SP 46 Chartwell Technology Inc. (2g) SP 9 Danaher Corporation SO 64Avanir Pharmaceuticals (2a, 2d, 2f) SO 25 Check Point Software Tech. (1) SO 10 Darden Restaurants, Inc. SP 54 <G>Avigen (1, 2f) SU 25 Chemed Corporation (2f) SO 28 Datascope Corp. (1) SP 30Aztar Corporation SU 49 Chevron Corporation (2g) SP 35 Dell Computer Corp. (1) SO 7 Gap (5a) SO 55

Chico's FAS Inc. SO 55 DepoMed (1, 2f) SO 31 Gaylord Entertainment Co. (2a, 2d, 2f) SO 49<B> Children's Place (1) SU 56 Descartes Systems Group Inc. (1, 2g) SU 4 Geac Computer Corporation Ltd. (1, 2f, 2g) SP 1



Genentech (2f) SP 25 Iowa Telecom Services (2a, 2b, 2d, 4a, 4b) SP 23 McData Corp (1) SP 12 On Assignment (1) SP 47General Dynamics Corporation SO 63 IPSCO Inc. (2f) SU 67 McDonald's Corporation SO 54 1-800-FLOWERS.COM (1, 2f, 3a, 3b) SP 52General Electric (4a, 4b) SO 65 Iron Mountain Incorporated (2f) SO 46 Mediacom (1, 2f) SP 19 Open Text Corporation (1, 2f, 2g) SP 1Genesis HealthCare Corporation (1, 2f) SO 27 Isle of Capri, Inc. (1, 2f, 4a, 4b) SP 49 MedImmune, Inc. (1, 2f) SU 26 Openwave Systems Inc. (1) SP 2Genesis Microchip (1) SP 14 Isolagen, Inc. (2a, 2d, 2f) SP 30 Medtronic, Inc. SP 30 Oracle Corporation (1) SO 4Genesys Conferencing (1, 2f) SP 22 IVAX Corp. (2f) NR 32 Mentor Corporation (2f) SO 30 Oregon Steel Mills Inc (2a, 2b, 2d) SP 67Gentiva Health Services, Incorporated (1, 2f) SP 28 Merck & Co. (5a) SP 31 Otelco, Inc (2a, 2b, 2c, 2d, 2f, 4a, 4b) SP 23Georgia-Pacific Corp. SO 68 <J> Mercury Interactive (1) SP 10 Outback Steakhouse, Inc. SO 54Gerdau Ameristeel Corp. (2a, 2b, 2c, 2d, 2e, 2f) SP 67 Meridian Gold Inc. SP 61 Overstock.com (1) SU 52Gibraltar Industries Inc (1, 2f) SP 64 J. Jill Group (1) SU 55 Merix Corporation (1, 2a, 2d, 2f, C9) R 3Gilead Sciences Inc (1, 2f) SP 25 Jabil Circuit, Inc. SO 3 Merrill Lynch (3a, 3b) SP 38 <P>Gillette NR 48 Jackson Hewitt Tax Service Inc. (2f) SO 46 Methanex Corporation (1, 2f, 2g) SP 58Given Imaging Ltd. (1, 2f) SO 11 Janus Capital Group (3a, 3b) SP 37 MGM Mirage (2a, 2d, 2f) SP 49 P.F. Chang's China Bistro, Inc (1) SO 54Glamis Gold Ltd. SO 61 Jarden Corporation (2a, 2d, 2f, 4a, 4b) SO 48 Micromuse, Inc. (1) SP 2 Pacific Sunwear of California (1) SP 55GlaxoSmithKline SP 31 JDA Software (1, 2f) SO 4 Micros Systems Incorporated (1) SO 4 PacifiCare Health Systems, Inc. (2f, 4a, 4b) SP 29GMP Capital Corp. (2g, 7) SP 41 Johnson & Johnson SO 31 Microsemi Corp. (1, 2f) SO 14 Pain Therapeutics (1, 2a, 2b, 2d, 2f) SO 26Gold Fields Ltd. SU 61 JP Morgan Chase & Company (3a, 3b, 5a, 5b, 8) SP 42 Microsoft Corporation (1) SO 4 Palatin Tech (2f) SO 26Goldcorp Inc. SP 61 Juniper Networks (1) SO 12 Millennium Pharmaceuticals (1, 2f) SP 26 Pan American Silver Corp. (1, 2g) SU 62Google Inc. (1, 2f) SO 52 Mobile Mini, Inc. (1, 2f) SP 46 Panera Bread Company (1) SP 54GrafTech International (2a, 2d, 2f) SP 64 <K> Momenta Pharmaceuticals, Inc. (1, 2f) SP 26 Par Pharmaceutical Cos. Inc. (2f) SU 32GSI Commerce Inc. (1, 2f) SO 52 Morgan Stanley (3a, 3b) SP 38 Parker Hannifin Corporation SP 64GSI Group Inc. (1, 2f, 2g) SP 8 Kerzner International Ltd SO 49 Motorola, Inc. SO 17 Paychex (1) SO 47GTECH Holdings Corporation SP 49 King Pharmaceuticals (2f) SP 32 MRV Communications Inc. (1) SU 11 Pegasus Solutions, Inc. (1) SU 53Guess? Inc. SU 55 Kingsway Financial Services (6a) SO 40 M-Systems Flash Disk Pioneers (1, 2a, 2d, 2f) SO 14 Penn National Gaming (1) SP 49Guidant Corp. NR 30 Kinross Gold Corporation SO 61 MTR Gaming (1) SP 49 Pentair Inc. SO 65Gymboree (1) SO 56 Kirkland's, Inc. (1, 2f) SU 45 Multimedia Games Inc. (1) SP 49 Pericom Semiconductor (1) SU 14

Knight Capital Group, Inc. (1, 3a, 3b, 5a) SP 37 Mylan Laboratories (2f) SP 32 Petco Animal Supplies Inc. (1, 2f) SP 51<H> Kopin Corporation (1, 3a, 3b, 5a) SP 17 Myogen Inc. (1, 2a, 2b, 2d, 2f) SO 26 Petro-Canada (2a, 2c, 2e, 2g, 6a, 7) SP 34

Kosan Biosciences (1, 2a, 2b, 2f) SP 26 PetroKazakhstan Inc. (2a, 2e, 2g, 6a) SU 34Harmonic, Inc. (1) SP 13 Krispy Kreme Doughnuts, Inc. (2f) SU 54 <N> PetSmart (1) SP 51Harrah's Entertainment, Inc. (2a, 2d, 2f) SO 49 Kroger Co. SO 57 Pfizer Inc. (8) SO 31Harris Steel Group Inc. (2a, 2c) SP 67 Kronos Inc. (1, 2f) SP 4 99 Cents Only Stores SP 51 Phelps Dodge Corp. SP 59Harte-Hanks, Inc. (2f) SU 46 KV Pharmaceutical (2f) SP 32 National Bank Of Canada (2a, 2c, 2e, 3a, 3c, 7) SO 39 Photon Dynamics (1) SP 6HCA SO 27 National City Corporation SP 43 Pier 1 Imports, Inc. SP 45Health Management Associates SP 27 <L> National Financial Partners (2a, 2b, 2d) SO 37 Pinnacle Entertainment (2a, 2d) SP 49Health Net, Inc. (2f) SU 29 Navigant International (1) SP 53 Pixelworks Inc. (1) SU 14Hecla Mining Company (2g) SU 62 L-3 Communications Holdings Inc SO 63 NCO Group, Inc. (1, 2f) SP 47 Placer Dome Inc. (2a, 2b, 2c, 2e, 2f, 4a, 4b, 7) SP 61Hewitt Associates Inc SU 46 La Quinta Corporation (2a, 2d, 2f) SO 49 Nektar Therapeutics (1, 2f) SP 31 Planar Systems, Inc. (1) SP 6Hibbett Sporting Goods, Inc. (1) SO 51 Laboratory Corp of America (2f, 2g) SP 27 Ness Technologies Inc. (1) SO 11 Plexus Corp. (1) SP 3High River Gold Mines Ltd (2a, 2c, 2e) SO 61 Lamar Advertising Co. (1, 2f) SO 18 Neurochem Inc. (1, 2a, 2b, 2c, 2d, 2f, 2g) SO 26 PMC-Sierra Inc. (1, 2f) SP 16Hilton Hotels SO 49 LCC International, Inc. (1, 2f) SP 17 Neurocrine Biosciences (1, 2f) SO 26 PNC Financial Services Group (3a, 3b) SP 43Home Depot SO 51 Lehman Brothers (3a, 3b) SO 38 Newell Rubbermaid SP 48 Portal Software, Inc. (2f) SP 2Honeywell International Inc. SP 65 Level 3 (1) SU 22 Newmont Mining Corporation SP 61 Potash Corporation (2f, 7) SP 58Hubbell Inc. SO 65 Lexar Media (1) SO 14 Nexen Inc. (2f, 2g, 7) SP 36 PowerDsine Ltd. (1, 2f) SP 14Human Genome Sciences (1, 2f) SP 26 LifePoint Hospitals, Inc. (1, 2a, 2d, 2f, 4a, 4b) SO 27 Nextel Partners, Inc. (1) SP 21 Powerwave Technologies, Inc. (1) SP 17Humana, Inc. (2f) SP 29 Limited Brands SP 55 Nice Systems, Ltd. (1, 2f) SO 2 Premiere Global Services SO 22Husky Energy Inc. (2g) SP 34 Lincare Holdings Incorporated (1, 2f) SP 28 Nokia Corporation SP 17 Prestige Brands Holdings, Inc. SO 48

Linear Technology (1) SP 14 Norbord Inc (2a, 2c, 2e, 2g) SU 68 PRG-Schultz International, Inc (1, 2a, 2d, 2f) SP 47<I> Linens 'n Things SP 45 Nordstrom SP 55 Priceline.com Incorporated (1) SP 52

Lipman Electronic Engineering (1) SP 11 NorskeCanada Limited (2a, 2e, 2g) SP 68 Procter & Gamble SP 48i2 Technologies (1) SP 4 LM Ericsson AB (1) SP 17 Nortel Networks Corporation (2f, 2g, 9) SP 12 Progenics Pharmaceuticals (1, 2a, 2b, 2d, 2f) SO 26IAMGOLD Corporation SP 61 Lockheed Martin Corporation SO 63 North American Scientific, Inc (1, 2f) SP 30 Protein Design Labs (1, 2f, 5a, 5b) SO 26Icagen, Inc. (1, 2a, 2b, 2d, 2f) SO 25 LodgeNet Entertainment (1, 2f, 4a, 4b) SP 53 Northbridge Financial Corp. SP 40 Provide Commerce, Inc. (1) SP 52ID Biomedical (1, 2f, 2g) NR 26 Louisiana-Pacific Corp. SP 68 Northgate Minerals Corporation SU 61Illinois Tool Works Inc. SO 64 Lowe's Companies SO 51 Northrop Grumman Corp. SP 63 <Q>Inamed Corporation (1, 2f) SP 30 Lucent Technologies SU 12 Novamerican Steel Inc. (1, 2a, 2b, 2d, 2f) SP 67Inco Ltd. (7) SP 59 Novelis Inc. (2a, 2d, 2f, 7) SP 59 QLT Inc. (1, 2f, 2g) SP 26InfoSpace, Inc. (1) SP 52 <M> Novell (1) SP 5 Qualcomm (1) SO 17ING Canada Inc. (2a, 2c, 2e, 2g, 9, 14) SP 40 Nucor Corporation (2a, 2d, 2f, 2g, 4a, 4b) SU 67 Quebecor World Inc. (2g, 7, 12) SP 20Insight Communications (1) SP 19 Magellan Health Services (1, 2f) SP 29 Nuvelo, Inc. (1, 2a, 2b, 2d, 2f) SP 26 Quest Diagnostics, Inc. (2f) SP 27Integra LifeSciences Holdings (1, 2f) SO 30 Magna International Inc. (2a, 2e, 2g, 7, 12) SO 66 NVIDIA Corp. (1) SP 14 Quiksilver Inc (2f) SO 55Integrated Device Technology (1) SO 16 Manhattan Associates (1, 2f) SP 4 Qwest Communications (5a) SU 22Intel Corporation (1) SP 15 Manor Care, Inc. (2f) SP 27 <O>InterActiveCorp (1, 2f) SO 52 Manpower SP 46 <R>Internap Network Services Corporation (2f) SU 22 Manugistics (1, 2f) SU 4 Odimo Incorporated (1, 2a, 2b, 2d, 2f) SU 56International Game Tech. SU 49 Marriott International SP 49 Odyssey HealthCare, Inc. (1, 2f) SU 28 Radio One, Inc. (1) SO 18International Paper Co. SP 68 Marvell Technology (1) SO 15 Odyssey Re Holdings Corp. SU 40 RadioShack Corp. SP 51Intersil Corporation (1) SP 14 Maxim Integrated Products (1) SO 14 Omnicare, Inc. (2f, 2g, 4a, 4b) SO 27 RADVISION Ltd. (1) SP 11Inter-Tel Inc. (1) SP 12 MAXIMUS, Inc. (2f) SP 46 Omnicom Group Inc. (2f) SP 18 Radware (1) SO 12Investment Technology Group SO 37 McAfee Inc SP 10 OmniVision Technologies Inc. (1) SP 14 Raindance Communications (1, 2f) SO 22



Raytheon Company SP 63 TD Bank (3a, 3c, 6a, 7) SO 39 WPP Group plc (1, 2f) SP 18Red Hat (1) SP 5 Tellabs, Inc. (1) SU 12 Wyeth SO 31Redback Networks (1) SO 12 TELUS (2a, 2c, 2e, 2g, 7, 9, 13) SO 24 Wynn Resorts, Limited (1) SO 49Regent Communications, Inc. (1, 2f) SU 18 Tembec Inc. (2g) SU 68Reliance Steel and Aluminum (2f) SP 67 Tempur-Pedic International (2f) SP 48 <X>Reliant Energy Inc. SO 33 Tenet Healthcare Corp. SU 27Renovis, Inc. (1, 2f) SO 26 Terremark Worldwide, Inc. (2a, 2b, 2d, 2f) SP 47 Xenogen Corporation (1, 2f) SP 26Resources Global Professionals (1, 2f) SO 47 Teva Pharmaceutical (1, 2f) SO 32 Xerium Technologies (2a, 2b, 2d, 7) SP 65RF Micro Devices, Inc. (1) SP 17 Texas Instruments SP 15 XM Satellite Radio Holdings Inc (1, 2g) SO 18Robert Half International SO 47 The Advisory Board Company (1, 2f) SO 47Rockwell Automation Inc. SU 65 The Boeing Company SP 63 <Y>Rockwell Collins Inc SO 63 The Cheesecake Factory (1) SO 54Rogers Communications Inc. (2g, 7, 13) SO 24 The Corporate Executive Board (1) SO 47 Yahoo! Inc. (1) SP 52Roper Industries, Inc. SP 65 The Goldman Sachs Group, Inc. (3a, 3b) SO 38 Yum! Brands, Inc. SP 54Rotech Healthcare Inc. (1) SP 28 The Interpublic Group of Cos. SU 18Royal Bank of Canada (2a, 2c, 2e, 3a, 3c, 7, 8) SP 39 The Medicines Company (1, 2f) SO 31 <Z>Royal Caribbean Cruises, Ltd. SP 50 The Scotts Miracle-Gro Company SP 48Royal Dutch Shell (2g) SU 35 The TJX Companies, Inc. SP 55 Zarlink Semiconductor (2a, 2e, 2f, 2g) SP 15Russel Metals Inc. (2f) SO 67 Threshold Pharmaceuticals, Inc. (1, 2a, 2b, 2d, 2f) SO 25 Zoran Corporation (1) SP 14Ruth's Chris Steak House, Inc. (1, 2a, 2b, 2d) SO 54 Tiffany & Co. (3a, 3b) SO 56

Time Warner Telecom (1) SU 21<S> Tractor Supply Company (1) SP 51

Triad Hospitals, Inc. (2f) SP 27Sabre Holdings Corporation (2f) SO 53 Trident Microsystems Inc. (1) SO 14Safeway Inc. SO 57 TriQuint Semiconductor, Inc. (1) SP 17SanDisk Corporation (1) SP 14 TTI Telecom (1, 2f) SU 2Sanmina-SCI Corporation (1, 2g) SO 3 Tyco International Ltd. SP 65SAP AG SO 4SBC Communications (2f) SP 22 <U>Schering-Plough Corp. SU 31Scientific-Atlanta SP 13 U.S. Bancorp (3a, 3b) SP 42Seattle Genetics (1, 2f) SP 26 Unica Corporation (1, 2a, 2b, 2d) SO 4Semtech Corp. (1) SP 14 United States Steel Corporation (2f) SU 67SeraCare Life Sciences, Inc. (1, 2a, 2b, 2d, 2f) SO 25 United Technologies Corp SP 63Shamir Optical Industry Ltd. (1, 2a, 2b, 2d, 2f) SO 11 UnitedHealth Group, Inc (2f) SO 29Shaw Communications Inc. (2a, 2e, 2g, 7, 13) SU 24 Universal American Financial Corp. (1) SP 29Siebel Systems (1) SP 4 Universal Health Services, Inc (2f) SP 27Sierra Health Services (2f) SO 29 Univision Communications Inc. SP 18SigmaTel (1) SP 14Silicon Image (1, 2f) SP 14 <V>Sirenza Microdevices, Inc. (1) SP 17Sirius Satellite Radio Inc. (1, 2g) SO 18 Valor Communications Group (2a, 2b, 2d, 2f, 4a, 4b) SP 23Skechers U.S.A., Inc. (2f) SP 55 Vaxgen Inc. (1, 2a, 2d, 2f) SP 26Skyworks Solutions, Inc. (1) SO 17 Ventas, Inc. (2f) SP 27Solectron Corp. (2f, 2g, 6a) SU 3 Ventiv Health Inc. (1, 2f) SO 46Sonic Corporation (1) SO 54 Verint Systems (1) SO 2Spherion SU 47 Verizon (2f) SP 22Sprint Nextel (2f) SO 22 Viasys Healthcare, Inc. (2f) SP 30St. Jude Medical, Inc. SP 30 Vion Pharmaceuticals, Inc. (1, 2a, 2d, 2f) SP 25ST. Paul Travelers SU 48 Vitesse Semiconductor (1, 2f) SP 16Starbucks Corporation (1) SO 54Starwood Hotels and Resorts SO 49 <W>Station Casinos Inc. SP 49Steel Technologies, Inc. (1, 2f) SU 67 W.W. Grainger, Inc. SP 65Stratex Networks, Inc. (1, 2a, 2d, 2f) SO 17 Wachovia Corporation (3a, 3b) SP 42SunCom Wireless Holdings Inc. SP 21 Wal-Mart SO 45Suncor Energy Inc. (2g, 6a, 7) SO 34 Watson Pharmaceuticals (2f) SU 32SunTrust Banks Incorporated (3a, 3b) SU 43 Watson Wyatt & Company (2a, 2d, 2f, C3) SU 47Symantec Corporation (1) SO 10 WebEx (1) SP 22Syneron Medical Ltd. (1, 2a, 2b, 2d, 2f) SO 30 WellCare Health Plans, Inc. SO 29

WellChoice, Inc. (2f) SP 29<T> WellPoint, Inc. (2f) SO 29

Wells Fargo & Company (3a, 3b) SP 42T. Rowe Price (1, 3a, 3b) SP 37 Wendy's Int'l Inc. (2f) SP 54Talbots SO 55 West Corporation (1, 2f) SP 47Talisman Energy Inc. (2a, 2e, 2g, 6a, 7, 9) SO 36 Weyerhaeuser Co. (2a, 2e, 2g) SU 68Talx Corp. (1, 2f) SP 47 Williams-Sonoma, Inc. SP 45Tanox (1, 2f) SP 26 Wind River Systems (1) SO 5Target Corp. SP 45 WMS Industries, Inc. (2f) SO 49Taro Pharmaceutical (1, 2f) SP 32 Worthington Industries (2f) SP 67

Page 1

TECHNOLOGY - Canadian Enterprise SoftwareCanadian Enterprise Software - Sector Weighting - Market Weight PAUL LECHEM, Toronto (416) 956-6429

12-18mo. Mkt. Rel.

Stock New Mkt Price 9/27 52 Week % Cap. Erns. Erns. E.P.S. P/E P/E 2005 Next Qtr Book

Symbol Company Spec Rating Exch. $ Target Price High Low Yield US$MM FY Type $ 2004A 2005E 2006E 2005 S&P TSE Date E.P.S. Value R.O.E. Analyst

Applications & Systems Infrastructure

COGN Cognos Incorporated (1, 2f, 2g, 7) SO O US 45.00 37.39 47.40 - 33.36 - 3,393 2 US 1.10 1.47 A 1.55 25.4 155 - 11/05 0.36 7.49 19.2 PL

GAC Geac Computer Corporation Ltd. (1, 2f, 2g) SP T C 12.50 9.29 10.26 - 6.09 - 790 4 US 0.66 0.87 A 0.66 - - - 10/05 0.16 2.70 24.0 PL

OTEX Open Text Corporation (1, 2f, 2g) SP O US 13.25 13.01 21.22 - 11.51 - 634 6 US 0.85 0.75 A 1.01 17.3 106 - 9/05 0.10 8.54 12.3 PL

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5

Rating Key: SO-Sector Outperformer, SP-Sector Performer, SU-Sector Underperformer Exchange Key: A = AMEX, N = NYSE, O = NASDAQ, C = CANADIAN VENTURE, T = Toronto, L = LONDON, OL = OSLO

Rating Key cont'd: S-Suspended, NR-Not Rated, R-Restricted, >-Speculative, + - Special Research Series

A:Actual, E:Estimate, cfs:Cash Flow per Share, c:Cash EPS, afo: Adjusted Funds from Operations, ffo: Funds from Operations NM/NA/-:Data Not Meaningful or Unavailable.

cd:Cash Distribution, dcf:Distributable Cash Flow per Unit, dip:Distributable Income per Unit, fde:Fully Diluted Earnings per Share, fdf:Fully Diluted Funds from Operations, EBITDA:Earnings before Interest, Taxes & Depreciation

Where applicable, market capitalization figure calculated with an exchange rate of C$1.24

Please see the Master Disclosure Footnote Table, p. 70, for important disclosures that correspond to footnotes 1 to 14 in this table, including disclosures that relate to potential conflicts of interest.

Page 2

TECHNOLOGY - Communications SoftwareCommunication Software - Sector Weighting - Market Weight SHAUL EYAL, New York (212) 667-8411

ITTAI KIDRON, New York (212) 667-6292YAIR REINER, New York (212) 667-6994

12-18mo. Mkt. Rel.



Communication Software

DOX Amdocs Ltd. + SO N US 35.00 26.61 30.96 - 20.70 - 5,763 9 US 1.16 1.42 1.63 18.7 114 - 9/05 0.38 7.39 19.0 SE

CMVT Comverse Technology (1) + SO O US 33.00 25.36 27.93 - 17.79 - 5,351 1 US 0.31 0.59 0.88 43.0 262 - 10/05 0.16 8.95 6.0 SE

CVG Convergys Corp. SP N US 16.00 13.98 15.76 - 12.42 - 1,998 US 0.91 0.97 1.06 14.4 88 - 9/05 0.26 9.15 9.0 SE

CSGS CSG Systems International, Inc (1) SP O US 20.00 20.99 21.19 - 14.57 - 1,026 US 0.92 0.86 1.15 24.4 149 - 9/05 0.25 6.00 13.3 SE

MUSE Micromuse, Inc. (1) > SP O US 7.00 7.36 7.52 - 3.37 - 618 9 US 0.17 0.19 0.28 38.7 236 - 9/05 0.04 2.59 8.0 SE

NICE Nice Systems, Ltd. (1, 2f) SO O US 51.00 44.05 48.34 - 20.74 - 894 US 1.14 1.60 2.07 27.5 168 - 9/05 0.41 12.06 12.5 SE

OPWV Openwave Systems Inc. (1) > SP O US - 18.88 19.99 - 7.69 - 1,376 6 US (0.49) 0.25 A 0.73 75.5 460 - 9/05 0.13 2.15 11.0 SE

PRSF Portal Software, Inc. (2f) > SP O US - 2.78 3.73 - 1.62 - 119 1 US (0.57) (1.62) A (0.38) - - - 10/05 (0.10) NM NM SE

TTIL TTI Telecom (1, 2f) SU O US - 2.74 3.49 - 1.77 - 33 US (2.18) (0.74) 0.03 - - - 9/05 (0.13) 1.49 NM SE

VRNT Verint Systems (1) SO O US 43.00 37.99 43.17 - 29.37 - 1,257 1 US 0.82 1.04 1.39 36.5 223 - 10/05 0.26 8.81 10.6 SE

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5



A:Actual, E:Estimate, cfs:Cash Flow per Share, c:Cash EPS, afo: Adjusted Funds from Operations, ffo:Funds from Operations, NM/NA/-:Data Not Meaningful or Unavailable.




Page 3

TECHNOLOGY - Electronics Manufacturing ServicesElectronics Manufacturing Services - Sector Weighting - Market Weight TODD COUPLAND, Toronto (416) 956-6025

12-18mo. Mkt. Rel.



Electronic Manufacturing Services

CLS Celestica Inc. (2a, 2g, 6a, 7, 9, 12) SO N US 19.00 11.14 16.06 - 11.00 - 2,534 US 0.43 0.67 0.98 16.6 101 - 9/05 0.15 10.94 5.4 TC

FLEX Flextronics International Ltd. (1, 2g, 6a) SP O US 13.00 12.27 15.01 - 10.43 - 6,986 3 US 0.42 0.66 A 0.78 18.6 113 - 9/05 0.19 9.21 7.6 TC

JBL Jabil Circuit, Inc. SO N US 36.00 29.75 32.88 - 21.80 - 6,242 8 US 1.00 1.28 A 1.62 23.2 142 - 11/05 0.43 10.18 12.7 TC

PLXS Plexus Corp. (1) SP O US 17.00 16.30 17.93 - 10.02 - 707 9 US 0.31 0.57 0.92 28.6 174 - 9/05 0.17 7.54 6.0 TC

SANM Sanmina-SCI Corporation (1, 2g) SO O US 6.50 4.05 9.35 - 3.74 - 2,112 9 US 0.24 0.24 0.45 16.9 103 - 9/05 0.05 4.53 3.4 TC

SLR Solectron Corp. (2f, 2g, 6a) SU N US - 3.81 6.69 - 3.08 - 3,728 8 US 0.04 0.15 0.15 25.4 155 - 8/05 0.03 2.56 5.2 TC

Printed Circuit Board Fabrication

MERX Merix Corporation (1, 2a, 2d, 2f, C9) R O US -- 5.31 12.85 - 5.07 - 103 5 US 0.00 -- -- -- -- - 8/05 -- 10.23 -- TC

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 4

TECHNOLOGY - Enterprise SoftwareEnterprise Software - Sector Weighting - Market Weight BRAD REBACK, Atlanta (404) 238-9572

WOO JIN HO, New York (212) 667-8627BRENDAN McCABE, New York (212) 667-8162RENAUD DEVREKER, San Francisco (415) 399-5720

12-18mo. Mkt. Rel.



Application Software

ARBA Ariba (1) SU O US - 5.75 17.50 - 5.40 - 408 9 US (0.11) 0.19 0.33 30.3 184 - 9/05 0.06 4.63 NM BR

BOBJ Business Objects SA (1) SP O US - 34.28 36.25 - 20.63 - 3,157 US 0.79 1.22 1.32 28.1 171 - 9/05 0.26 15.85 NM BR

CHRD Chordiant (1, 2f) SP O US - 2.74 3.50 - 1.38 - 206 9 US 0.03 (0.14) 0.08 - - - 9/05 (0.01) 0.91 NM BR

CNQR Concur Technologies (1, 2f) SP O US - 12.07 13.19 - 6.99 - 433 9 US 0.09 0.19 0.33 63.5 387 - 9/05 0.06 0.76 NM BR

DSGX Descartes Systems Group Inc. (1, 2g) SU O US - 2.37 2.59 - 1.00 - 99 1 US (0.84) (1.35) A 0.04 - - - 10/05 0.00 0.88 NM BR

FILE FileNet (1, 2f) SO O US 34.00 27.20 30.30 - 16.44 - 1,147 US 0.56 0.85 0.98 32.0 195 - 9/05 0.18 9.18 NM BR

ITWO i2 Technologies (1) SP O US - 21.15 24.88 - 6.75 - 550 US (0.17) 0.57 0.91 37.1 226 - 9/05 0.36 NM NM BR

JDAS JDA Software (1, 2f) SO O US 18.00 15.09 16.54 - 9.89 - 438 US 0.29 0.55 0.70 27.4 167 - 9/05 0.13 9.36 8.1 BR

KRON Kronos Inc. (1, 2f) SP O US - 43.66 56.12 - 37.84 - 1,423 9 US 1.44 1.63 1.90 26.8 163 - 9/05 0.57 9.68 19.0 BR

MANH Manhattan Associates (1, 2f) SP O US - 22.68 26.26 - 17.35 - 676 US 0.78 0.84 0.99 27.0 164 - 9/05 0.20 7.81 10.0 BR

MANU Manugistics (1, 2f) SU O US - 2.03 3.07 - 1.38 - 167 2 US (0.06) (0.22) A 0.01 - - - 11/05 0.01 1.87 NM BR

MSFT Microsoft Corporation (1) SO O US 31.00 25.34 30.20 - 23.82 1.2 274,153 6 US 1.26 1.31 1.32 19.3 118 - 9/05 0.30 4.45 19.0 BR

ORCL Oracle Corporation (1) + SO O US 17.00 12.33 14.87 - 10.93 - 64,622 5 US 0.51 0.68 A 0.80 18.1 110 - 11/05 0.19 2.16 45.7 BR

SAP SAP AG SO N US 48.00 42.55 45.83 - 36.60 0.8 52,762 US 1.34 1.62 1.75 26.3 160 - 9/05 0.35 NM 14.9 BR

SEBL Siebel Systems (1) SP O US - 10.27 10.85 - 7.37 1.2 5,327 US 0.22 0.10 0.22 - - - 9/05 0.02 4.30 NM BR

Enterprise Applications

ADBE Adobe Systems Incorporated (1) SO O US 37.00 28.40 34.48 - 23.88 0.1 14,422 11 US 0.90 1.13 1.23 25.1 153 - 11/05 0.29 4.10 NM BR

EPIC Epicor Software Corporation (1, 2f) SP O US - 12.51 16.58 - 10.07 - 708 US 0.68 0.90 0.74 13.9 85 - 9/05 0.22 2.75 NM BR

MCRS Micros Systems Incorporated (1) SO O US 48.00 41.51 48.71 - 24.02 - 1,673 6 US 0.87 1.35 A 1.66 30.7 187 - 9/05 0.32 8.58 17.7 BR

UNCA Unica Corporation (1, 2a, 2b, 2d) SO O US 14.00 11.54 13.54 - 10.20 - 213 9 US - 0.28 0.34 41.2 251 - 9/05 0.07 NM NM BR

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 5

TECHNOLOGY - Enterprise SoftwareEnterprise Software - Sector Weighting - Market Weight BRAD REBACK, Atlanta (404) 238-9572

WOO JIN HO, New York (212) 667-8627BRENDAN McCABE, New York (212) 667-8162RENAUD DEVREKER, San Francisco (415) 399-5720

12-18mo. Mkt. Rel.



Infrastructure Software

CTXS Citrix Systems (1) SO O US 26.00 23.90 26.00 - 16.68 - 4,185 US 0.93 1.04 1.17 23.0 140 - 9/05 0.24 5.65 NM BR

CA Computer Associates SP N US - 27.64 31.71 - 25.91 0.3 16,916 3 US 0.61 0.82 A 0.96 33.7 205 - 9/05 0.24 7.21 NM BR

NOVL Novell (1) SP O US - 6.99 7.70 - 4.94 - 2,781 10 US 0.14 0.07 0.10 - - - 10/05 0.02 3.45 5.2 BR

RHAT Red Hat (1) SP O US - 16.92 17.15 - 10.37 - 3,501 2 US 0.09 0.24 A 0.30 70.5 430 - 8/05 0.07 1.81 12.4 BR

WIND Wind River Systems (1) SO O US 18.00 12.49 17.68 - 10.70 - 1,045 1 US (0.17) 0.13 A 0.28 96.1 585 - 10/05 0.07 2.84 NM BR

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 6

TECHNOLOGY - FPD Food ChainFPD Food Chain - Sector Weighting - Overweight MATTHEW SMITH, New York (212) 667-7905

MARY BRIXIE, New York (212) 667-8091

12-18mo. Mkt. Rel.



Flat Panel Displays

AFCO Applied Films Corp. (1) > SO O US 30.00 20.89 27.95 - 17.28 - 318 6 US 1.16 0.37 A 0.59 56.5 344 - 9/05 0.06 19.97 6.0 MS

AUO AU Optronics SP N US - 12.62 16.77 - 8.94 2.9 5,880 US 1.84 0.50 2.00 25.2 154 - 9/05 0.24 8.29 18.0 MS

OLED Cambridge Display Technology (1, 2a, 2b, 2d, 2f) > SP O US - 7.50 13.00 - 5.88 - 146 US (3.77) (0.45) (0.55) - - - 9/05 (0.30) 5.06 NM MS

CLRK Color Kinetics (1, 2f) SP O US - 14.75 19.80 - 9.00 - 291 US 0.12 0.21 0.37 70.2 428 - 9/05 0.05 3.20 NM MS

GLW Corning Inc. SO N US 21.00 18.52 21.95 - 10.16 - 27,836 US 0.45 0.79 0.96 23.4 143 - 9/05 0.21 3.25 13.0 MS

CREE Cree, Inc. (1, 2f, 3a, 3b) SP O US 30.00 23.73 42.44 - 20.68 - 1,794 6 US 0.76 1.18 A 1.00 20.1 123 - 9/05 0.23 9.43 15.9 MS

PHTN Photon Dynamics (1) > SP O US 25.00 17.85 25.52 - 16.71 - 303 9 US 0.65 (1.12) 0.79 - - - 9/05 (0.44) 8.68 NM MS

PLNR Planar Systems, Inc. (1) > SP O US - 8.10 12.00 - 7.19 - 122 9 US 0.58 0.14 0.45 57.9 352 - 9/05 0.06 10.98 6.8 MS

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 7

TECHNOLOGY - HardwareHardware - Sector Weighting - Market Weight MATTHEW SMITH, New York (212) 667-7095

MARY BRIXIE, New York (212) 667-8091

12-18mo. Mkt. Rel.



Diversified

DELL Dell Computer Corp. (1) SO O US 48.00 33.97 42.57 - 33.24 - 86,725 1 US 1.01 1.30 A 1.63 26.1 159 - 10/05 0.40 NM 45.0 MS

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 8

TECHNOLOGY - Technology HardwareTechnology Hardware - Sector Weighting - Market Weight TODD COUPLAND, Toronto (416) 956-6025

12-18mo. Mkt. Rel.



Semiconductor

GSIG GSI Group Inc. (1, 2f, 2g) SP O US 12.00 10.21 11.57 - 7.21 - 426 US 1.00 0.18 0.50 56.7 346 - 9/05 0.02 7.26 NM TC

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 9

TECHNOLOGY - Online GamingOnline Gaming - Sector Weighting - Market Weight TODD COUPLAND, Toronto (416) 956-6025

12-18mo. Mkt. Rel.



Online Gaming

CWH Chartwell Technology Inc. (2g) SP T C 7.00 4.15 11.90 - 3.45 - 71 10 C 0.24 0.19 0.30 21.8 - - 10/05 0.03 1.39 NM TC

CRYP CryptoLogic Inc. (1, 2g) SP O US 24.00 17.20 36.81 - 14.11 1.1 247 US 0.99 1.34 1.22 12.8 78 - 9/05 0.31 5.96 NM TC

FUN FUN Technologies plc (2g) > SO T C 7.50 5.55 6.05 - 2.50 - 226 C (0.20) (0.01) 0.35 - - - 9/05 0.02 0.85 NM TC

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 10

TECHNOLOGY - Infrastructure SoftwareInfrastructure Software - Sector Weighting - Market Weight SHAUL EYAL, New York (212) 667-8411

YAIR REINER, New York (212) 667-6994MANISH HEMRAJANI, New York (212) 667-6106

12-18mo. Mkt. Rel.



Infrastructure Software

ALDN Aladdin Knowledge Systems Ltd (1, 2a, 2b, 2d, 2f) SO O US 28.00 19.99 32.12 - 17.92 - 302 US 0.68 0.97 1.18 20.6 126 - 9/05 0.24 6.42 13.6 SE

CHKP Check Point Software Tech. (1) SO O US 30.00 23.19 26.21 - 16.64 - 5,848 US 1.07 1.28 1.41 18.1 110 - 9/05 0.32 6.57 18.0 SE

MFE McAfee Inc SP N US 35.00 30.40 33.55 - 19.31 - 5,088 US 0.59 1.23 1.39 24.7 151 - 9/05 0.28 7.23 11.9 SE

MERQE Mercury Interactive (1) SP O US - 37.56 49.58 - 31.05 - 3,748 US 1.15 1.48 1.79 25.4 155 - 9/05 0.33 7.02 15.0 SE

SYMC Symantec Corporation (1) + SO O US 33.00 21.26 34.05 - 18.01 - 25,348 3 US 0.59 0.88 A 0.99 24.2 147 - 9/05 0.20 2.31 19.5 SE

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 11

TECHNOLOGY - Israeli TechnologyIsraeli Technology - Sector Weighting - Market Weight SHAUL EYAL, New York (212) 667-8411

ITTAI KIDRON, New York (212) 667-6292YAIR REINER, New York (212) 667-6994SERGEY VASTCHENOK, Tel Aviv (9723) 526-2601

12-18mo. Mkt. Rel.



Israeli Technology

AUDC AudioCodes (1, 2a, 2d, 2f) > SO O US 13.00 10.99 17.00 - 8.67 - 465 US 0.12 0.31 0.47 35.5 216 - 9/05 0.08 3.06 10.0 IK

DSPG DSP Group (1) SO O US 30.00 24.73 26.75 - 18.55 - 732 US 0.97 0.93 1.07 26.6 162 - 9/05 0.34 11.33 8.0 SE

ECTX ECtel Ltd. (1) SU O US - 5.30 5.50 - 2.10 - 96 US (1.40) (0.10) - - - - 9/05 (0.02) 3.38 NM SE

ESLT Elbit Systems Ltd. (1) SP O US 28.00 22.73 27.12 - 19.28 2.2 946 US 1.27 1.44 1.62 15.8 96 - 9/05 0.33 10.74 13.5 SE

ELRN Elron Electronic Industries (1) SP O US 17.00 10.68 17.99 - 10.25 - 311 US 2.87 - - - - - 9/05 - 13.37 NM SE

GIVN Given Imaging Ltd. (1, 2f) SO O US 24.00 23.92 45.23 - 19.43 - 720 US 0.08 0.19 0.55 - - - 9/05 0.01 3.20 6.0 IK

LPMA Lipman Electronic Engineering (1) SP O US 35.00 26.19 33.65 - 22.91 0.8 721 US 1.37 1.60 2.04 16.4 100 - 9/05 0.42 9.22 15.6 IK

MRVC MRV Communications Inc. (1) SU O US - 2.15 4.15 - 1.60 - 224 US (0.10) (0.17) - - - - 9/05 (0.05) 1.22 NM SE

NSTC Ness Technologies Inc. (1) SO O US 13.00 9.75 15.60 - 8.25 - 348 US 0.53 0.62 0.83 15.7 96 - 9/05 0.17 6.82 9.0 SE

RVSN RADVISION Ltd. (1) SP O US 15.00 13.30 15.17 - 9.05 - 293 US 0.29 0.59 0.82 22.5 137 - 9/05 0.15 5.07 10.0 IK

SHMR Shamir Optical Industry Ltd. (1, 2a, 2b, 2d, 2f) SO O US 15.00 11.00 19.49 - 10.50 - 183 US - 0.56 0.74 19.6 120 - 9/05 0.11 3.89 13.0 SE

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 12

TECHNOLOGY - Networking & Data InfrastructureNetworking & Data Infrastructure - Sector Weighting - Underweight STEPHEN KAMMAN, New York (212) 667-8146

JEFF OSBORNE, New York (212) 667-7292

12-18mo. Mkt. Rel.



Networking & Data Infrastructure

BRCDE Brocade Communications (1) SU O US - 3.92 8.17 - 3.76 - 1,056 10 US 0.19 0.23 0.26 17.0 104 - 10/05 0.04 1.85 3.7 SK

CIEN CIENA Corporation (1) > SU O US - 2.44 3.50 - 1.64 - 1,406 10 US (0.30) (0.17) (0.09) - - - 10/05 (0.03) 1.71 NM SK

CSCO Cisco Systems (1) + SO O US 25.00 17.72 20.35 - 17.01 - 114,826 7 US 0.76 0.92 A 1.02 19.3 117 - 10/05 0.23 3.58 4.0 SK

EXTR Extreme Networks (1) SU O US - 4.34 7.25 - 4.02 - 539 6 US (0.02) 0.09 A 0.25 48.2 294 - 9/05 0.04 2.00 NM SK

FDRY Foundry Networks (1) SP O US - 12.45 14.28 - 7.95 - 1,757 US 0.47 0.37 0.50 33.6 205 - 9/05 0.11 5.23 NM SK

INTL Inter-Tel Inc. (1) SP O US - 21.01 30.78 - 17.27 1.5 569 US 1.26 1.07 1.29 19.6 120 - 9/05 0.29 8.84 NM SK

JNPR Juniper Networks (1) SO O US 30.00 22.59 30.25 - 19.65 - 13,352 US 0.46 0.70 0.82 32.3 197 - 9/05 0.18 10.70 NM SK

LU Lucent Technologies SU N US - 3.10 4.16 - 2.35 - 16,511 9 US 0.13 0.17 0.13 18.2 111 - 9/05 0.05 NM NM SK

MCDTA McData Corp (1) SP O US - 5.09 6.73 - 2.99 - 713 1 US 0.08 0.19 0.39 26.8 163 - 10/05 0.04 3.93 4.1 SK

NT Nortel Networks Corporation (2f, 2g, 9) SP N US - 3.21 3.91 - 2.26 - 13,926 US 0.00 0.12 0.18 26.8 163 - 9/05 0.04 0.83 NM SK

RDWR Radware (1) > SO O US 21.00 18.95 27.95 - 14.79 - 384 US 0.70 0.43 0.79 44.1 268 - 9/05 0.05 8.46 NM SK

RBAK Redback Networks (1) > SO O US 13.00 10.02 11.47 - 2.83 - 542 US (0.44) (0.14) 0.33 - - - 9/05 (0.04) NM NM SK

TLAB Tellabs, Inc. (1) SU O US - 10.03 10.25 - 6.56 - 4,528 US 0.36 0.47 0.62 21.3 130 - 9/05 0.14 5.89 NM SK

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 13

TECHNOLOGY - Networking & Data InfrastructureNetworking & Data Infrastructure - Sector Weighting - Underweight STEPHEN KAMMAN, New York (212) 667-8146

JEFF OSBORNE, New York (212) 667-7292

12-18mo. Mkt. Rel.



Cable Equipment

ARRS Arris Group (1, 2f) > SP O US - 11.15 11.87 - 4.34 - 1,019 US 0.11 0.48 0.61 23.2 142 - 9/05 0.14 4.06 NM SK

CCBL C-COR Inc. (1) SO O US 10.00 6.67 9.75 - 5.57 - 318 6 US 0.48 (0.33) A (0.12) - - - 9/05 (0.16) 4.55 6.5 SK

CTV CommScope (2f, 4a, 4b) SP N US - 17.58 22.65 - 13.83 - 1,179 US 0.49 0.92 1.16 19.1 116 - 9/05 0.26 7.09 21.0 SK

CCUR Concurrent Computer Corp. (1, 2f) > SU O US - 1.66 2.95 - 1.40 - 104 6 US (0.16) (0.11) A (0.10) - - - 9/05 (0.05) 0.61 NM SK

HLIT Harmonic, Inc. (1) > SP O US - 5.74 12.40 - 4.25 - 420 US 0.16 (0.03) 0.14 - - - 9/05 (0.04) 1.61 NM SK

SFA Scientific-Atlanta SP N US - 36.23 39.89 - 24.61 0.1 5,605 6 US 1.29 1.64 A 1.85 22.1 135 - 9/05 0.43 12.80 11.1 SK

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 14

TECHNOLOGY - Semiconductors & ComponentsSemiconductors & Components - Sector Weighting - Market Weight RICK SCHAFER, Denver (720) 554-1119

DANIEL GELBTUCH, New York (212) 667-8108

12-18mo. Mkt. Rel.



Analog/Mixed Signal

ISIL Intersil Corporation (1) SP O US - 20.12 21.75 - 13.69 0.8 2,917 US 0.60 0.62 0.78 32.5 198 - 9/05 0.17 16.68 NM RS

LLTC Linear Technology (1) SP O US - 36.27 41.67 - 34.86 1.0 11,392 6 US 1.02 1.31 A 1.37 27.7 169 - 9/05 0.33 6.39 25.0 RS

MXIM Maxim Integrated Products (1) + SO O US 60.00 40.89 45.91 - 36.20 1.0 13,925 6 US 1.20 1.58 A 1.62 25.9 158 - 9/05 0.39 7.59 NM RS

MSCC Microsemi Corp. (1, 2f) + SO O US 30.00 24.86 25.45 - 13.19 - 1,633 9 US 0.35 0.66 0.97 37.7 229 - 9/05 0.19 3.35 NM RS

PSEM Pericom Semiconductor (1) SU O US - 8.63 10.40 - 7.53 - 234 6 US (0.04) 0.05 A 0.08 - - - 9/05 0.01 6.69 NM RS

PDSN PowerDsine Ltd. (1, 2f) SP O US - 11.00 14.94 - 7.32 - 235 US 0.25 0.27 0.44 40.7 248 - 9/05 0.07 3.75 NM RS

SMTC Semtech Corp. (1) SP O US - 15.55 22.43 - 15.20 - 1,188 1 US 0.49 0.75 A 0.56 20.7 126 - 10/05 0.14 5.65 NM RS

Digital Media

ATYT ATI Technologies (1, 2f, 2g) SO O US 14.00 13.92 20.66 - 10.47 - 3,607 8 US 0.82 0.45 0.20 30.9 188 - 8/05 (0.12) 4.35 NM RS

CRUS Cirrus Logic (1) > SO O US 9.00 7.20 8.04 - 3.70 - 621 3 US (0.21) (0.11) A 0.25 - - - 9/05 0.06 2.68 NM DG

ESST ESS Technology Inc. (1) SU O US - 3.50 8.31 - 3.25 - 139 US (0.79) (1.49) (0.67) - - - 9/05 (0.36) 3.98 NM DG

GNSS Genesis Microchip (1) SP O US - 21.69 27.69 - 11.96 - 760 3 US 0.21 0.22 A 0.71 98.6 601 - 9/05 0.21 11.30 NM DG

LEXR Lexar Media (1) > SO O US 7.00 6.00 10.45 - 2.55 - 479 US (0.93) (0.23) 0.20 - - - 9/05 (0.06) 1.27 NM DG

FLSH M-Systems Flash Disk Pioneers (1, 2a, 2d, 2f) + SO O US 30.00 27.26 30.39 - 13.55 - 1,125 US 0.66 1.00 1.45 27.3 166 - 9/05 0.26 6.86 NM DG

NVDA NVIDIA Corp. (1) SP O US - 33.09 33.95 - 13.08 - 5,982 1 US 0.49 0.57 A 1.48 58.1 354 - 10/05 0.35 7.05 NM RS

OVTI OmniVision Technologies Inc. (1) SP O US - 12.37 20.91 - 11.70 - 720 4 US 0.98 1.25 A 1.19 9.9 60 - 10/05 0.31 6.70 NM DG

PXLW Pixelworks Inc. (1) SU O US - 6.50 12.80 - 6.25 - 306 US 0.48 (0.02) 0.26 - - - 9/05 (0.01) 5.47 NM DG

SNDK SanDisk Corporation (1) SP O US - 44.32 47.81 - 19.66 - 8,432 US 1.41 1.54 1.69 28.8 175 - 9/05 0.35 11.04 NM DG

SGTL SigmaTel (1) SP O US - 19.78 45.50 - 15.95 - 739 US 1.36 1.46 1.04 13.5 83 - 9/05 0.27 6.07 NM RS

SIMG Silicon Image (1, 2f) SP O US - 9.01 18.37 - 8.69 - 782 US 0.39 0.48 0.52 18.8 114 - 9/05 0.13 1.66 NM DG

TRID Trident Microsystems Inc. (1) SO O US 35.00 31.37 37.17 - 9.95 - 879 6 US 0.02 0.20 A 0.87 - - - 9/05 0.19 3.88 NM DG

ZRAN Zoran Corporation (1) SP O US - 13.89 17.27 - 8.71 - 607 US 0.40 0.23 0.51 60.4 368 - 9/05 0.14 11.19 NM RS

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 15

TECHNOLOGY - Semiconductors & ComponentsSemiconductors & Components - Sector Weighting - Market Weight ALLAN MISHAN, New York (212) 667-7756

RICK SCHAFER, Denver (720) 554-1119

12-18mo. Mkt. Rel.



Diversified

AGR Agere Systems SP N US - 10.32 16.90 - 9.63 - 1,868 9 US 0.24 0.30 0.50 34.4 210 - 9/05 0.10 2.29 NM AM

TXN Texas Instruments SP N US - 32.92 34.50 - 20.52 0.4 54,943 US 1.05 1.35 1.65 24.4 149 - 9/05 0.40 7.24 12.0 RS

ZL Zarlink Semiconductor (2a, 2e, 2f, 2g) SP N US - 1.30 3.34 - 1.20 - 165 3 US (0.21) (0.15) A (0.18) - - - 9/05 (0.05) 0.98 NM AM

Enterprise Networking

BRCM Broadcom Corp. (1) SP O US - 45.09 47.00 - 25.61 - 16,377 US 1.22 1.30 1.50 34.7 211 - 9/05 0.37 4.50 18.0 AM

MRVL Marvell Technology (1) SO O US 51.00 43.77 48.21 - 24.86 - 13,705 1 US 0.47 0.84 A 1.28 52.1 317 - 10/05 0.33 7.97 10.0 AM

PC Processing and Memory

AMD Advanced Micro Devices SU N US - 23.77 24.95 - 12.22 - 9,399 US 0.38 0.15 0.50 - - - 9/05 0.07 6.37 NM AM

INTC Intel Corporation (1) SP O US - 23.83 28.84 - 19.64 1.2 148,103 US 1.16 1.41 1.65 16.9 103 - 9/05 0.32 6.13 14.4 RS

Power and Discrete

FCS Fairchild Semiconductor SP N US - 14.43 17.99 - 12.80 - 1,729 US 0.89 0.15 0.55 96.2 586 - 9/05 (0.01) 9.99 5.6 AM

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 16

TECHNOLOGY - Semiconductors & ComponentsSemiconductors & Components - Sector Weighting - Market Weight RICK SCHAFER, Denver (720) 554-1119

ALLAN MISHAN, New York (212) 667-7756

12-18mo. Mkt. Rel.



Communication Ics

AMCC Applied Micro Circuits (1) SP O US - 2.96 4.37 - 2.50 - 910 3 US (0.07) (0.01) A 0.06 - - - 9/05 0.01 3.33 NM AM

EXAR Exar Corporation (1) SU O US - 13.55 16.79 - 11.94 - 578 3 US 0.18 0.10 A 0.18 - - - 9/05 0.05 11.25 0.6 AM

IDTI Integrated Device Technology (1) + SO O US 15.00 10.39 13.27 - 8.88 - 1,123 3 US 0.07 0.33 A 0.32 31.5 192 - 9/05 0.06 7.32 4.0 AM

PMCS PMC-Sierra Inc. (1, 2f) SP O US - 8.27 12.37 - 7.42 - 1,557 US 0.18 0.20 0.35 41.4 252 - 9/05 0.06 1.51 NM AM

VTSS Vitesse Semiconductor (1, 2f) SP O US - 1.92 3.93 - 1.89 - 416 9 US 0.01 (0.14) (0.02) - - - 9/05 (0.02) 1.81 NM AM

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 17

TECHNOLOGY - Wireless TechnologyWireless Technology - Sector Weighting - Overweight ITTAI KIDRON, New York (212) 667-6292

GEORGE IWANYC, San Francisco (415) 399-5748SHAUL EYAL, New York (212) 667-8411

12-18mo. Mkt. Rel.Stock New Mkt Price 9/27 52 Week % Cap. Erns. Erns. E.P.S. P/E P/E 2005 Next Qtr Book


Wireless Technology

ALVR Alvarion (1) SU O US - 8.20 16.01 - 7.87 - 479 US 0.24 (0.08) 0.05 - - - 9/05 (0.06) 3.97 NM IK

ANAD Anadigics, Inc. (1) SU O US - 3.27 3.92 - 1.26 - 111 US (1.33) (1.03) (0.64) - - - 9/05 (0.24) 1.92 NM GI

ANEN Anaren Microwave (1) SP O US - 13.80 14.91 - 9.29 - 258 6 US 0.35 0.44 A 0.57 31.4 191 - 9/05 0.13 8.52 6.5 GI

CELL Brightpoint Inc. (1) > SO O US 22.00 19.21 20.56 - 9.40 - 529 US 0.69 0.86 1.02 22.3 136 - 9/05 0.24 5.37 14.0 IK

KOPN Kopin Corporation (1, 3a, 3b, 5a) SP O US - 6.84 7.27 - 2.62 - 476 US (0.14) 0.08 0.11 85.5 521 - 9/05 0.01 1.99 NM IK

LCCIE LCC International, Inc. (1, 2f) SP O US - 2.49 6.05 - 2.01 - 61 US (0.22) (0.25) 0.17 - - - 9/05 0.01 2.81 4.9 IK

ERICY LM Ericsson AB (1) SP O US - 35.67 36.99 - 27.76 1.0 57,072 US 1.53 1.97 1.98 18.1 110 - 9/05 0.45 7.25 NM IK

MOT Motorola, Inc. + SO N US 25.00 22.37 23.99 - 14.48 0.7 56,014 US 0.97 1.09 1.27 20.5 125 - 9/05 0.28 5.83 19.9 IK

NOK Nokia Corporation SP N US - 16.31 18.07 - 13.44 2.7 72,041 US 0.84 0.97 1.02 16.8 102 - 9/05 0.21 4.30 28.0 IK

PWAV Powerwave Technologies, Inc. (1) SP O US - 12.95 13.08 - 5.79 - 1,708 US 0.09 0.45 0.63 28.8 175 - 9/05 0.12 3.55 6.3 IK

QCOM Qualcomm (1) SO O US 50.00 44.35 44.99 - 32.08 0.8 74,641 9 US 1.09 1.16 1.56 38.2 233 - 9/05 0.32 6.21 18.3 IK

RFMD RF Micro Devices, Inc. (1) SP O US - 5.61 7.79 - 3.77 - 1,071 3 US 0.14 (0.02) A 0.10 - - - 9/05 0.03 2.86 2.0 IK

SMDI Sirenza Microdevices, Inc. (1) SP O US - 3.21 6.89 - 2.15 - 115 US 0.15 0.11 0.26 29.2 178 - 9/05 0.05 1.28 NM GI

SWKS Skyworks Solutions, Inc. (1) SO O US 9.00 6.90 11.10 - 5.02 - 1,093 9 US 0.31 0.30 0.39 23.0 140 - 9/05 0.08 4.90 9.0 IK

STXN Stratex Networks, Inc. (1, 2a, 2d, 2f) > SO O US 3.00 2.71 2.72 - 1.24 - 257 3 US (0.40) (0.40) A (0.08) - - - 9/05 (0.03) 0.77 NM IK

TQNT TriQuint Semiconductor, Inc. (1) SP O US - 3.44 4.71 - 2.88 - 479 US (0.09) (0.06) 0.04 - - - 9/05 (0.01) 3.17 NM IK

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 18

MEDIA and ENTERTAINMENT - Broadcasting and AdvertisingBroadcasting and Advertising - Sector Weighting - Market Weight JASON HELFSTEIN, New York (212) 667-6433

12-18mo. Mkt. Rel.



Broadcasting

CDL Citadel Broadcasting Corp SO N US 16.00 13.60 16.60 - 11.09 - 1,639 US 0.02 0.56 0.68 24.3 148 - 9/05 0.16 11.28 5.7 JH

CCU Clear Channel Communications SP N US 38.00 32.10 35.07 - 28.75 2.4 17,430 US 1.39 1.20 1.34 26.8 163 - 9/05 0.39 26.17 NM JH

CXR Cox Radio SP N US 19.00 14.96 17.47 - 13.83 - 1,505 US 0.72 0.76 0.89 19.7 120 - 9/05 0.22 10.49 6.9 JH

CMLS Cumulus Media Inc. (1, 2f) SP O US 15.00 12.30 16.52 - 11.26 - 849 US 0.47 0.52 0.67 23.7 144 - 9/05 0.12 12.86 6.4 JH

ETM Entercom Communications Corp. SP N US 38.00 30.95 36.90 - 29.00 - 1,424 US 1.51 1.69 2.00 18.3 112 - 9/05 0.48 22.17 8.2 JH

LAMR Lamar Advertising Co. (1, 2f) SO O US 50.00 44.49 44.75 - 36.63 - 4,671 US 0.16 0.45 0.85 98.9 602 - 9/05 0.15 16.74 15.0 JH

OMC Omnicom Group Inc. (2f) SP N US 93.00 82.71 91.48 - 70.97 1.1 15,186 US 3.88 4.37 4.91 18.9 115 - 9/05 0.88 22.92 22.0 JH

ROIAK Radio One, Inc. (1) SO O US 17.00 13.20 16.43 - 12.30 - 1,386 US 0.39 0.53 0.72 24.9 152 - 9/05 0.16 10.11 7.1 JH

RGCI Regent Communications, Inc. (1, 2f) SU O US - 5.24 6.39 - 4.88 - 220 US 0.14 0.17 0.23 30.8 188 - 9/05 0.04 6.95 4.3 JH

IPG The Interpublic Group of Cos. > SU N US - 11.15 13.80 - 10.52 - 4,683 US (1.40) E 0.40 - 27.9 170 - 9/05 - 6.10 NM JH

UVN Univision Communications Inc. SP N US 31.00 26.29 32.94 - 25.00 - 9,146 US 0.70 0.65 1.08 40.4 246 - 9/05 0.21 15.12 5.0 JH

WPPGY WPP Group plc (1, 2f) SP O US - 51.21 60.55 - 45.42 0.9 60,377 US 2.81 E 3.17 - 16.2 98 - 9/05 - 5.00 5.4 JH

Satellite

DTV DirecTV Group Inc. (The) SP N US - 14.98 18.25 - 13.88 - 20,732 US (1.40) 0.15 0.54 - - - 9/05 0.08 NM NM JH

DISH EchoStar Communications (1) SP O US - 28.92 34.38 - 27.26 - 14,113 US 0.46 2.17 1.91 13.3 81 - 9/05 0.53 NM NM JH

SIRI Sirius Satellite Radio Inc. (1, 2g) > SO O US 9.00 6.51 9.43 - 2.60 - 10,943 US (0.57) (0.63) (0.63) - - - 9/05 (0.15) 0.60 NM JH

XMSR XM Satellite Radio Holdings Inc (1, 2g) > SO O US 55.00 34.05 40.89 - 26.16 - 11,373 US (3.30) (2.78) (1.32) - - - 9/05 (0.63) 1.15 NM JH

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 19

TELECOM SERVICES - Telecommunications ServicesTelecommunications Services - Sector Weighting - Market Weight TIMOTHY HORAN, New York (212) 667-8137

WILLIAM MAINA, New York (212) 667-8620SRINIVAS ANANTHA, New York (212) 667-8189

12-18mo. Mkt. Rel.



Cable Services

CVC Cablevision Systems Corp. (2f) SP N US - 30.50 33.90 - 19.15 - 8,787 US (2.32) (0.42) 0.41 - - - 9/05 (0.05) 26.16 NM TH

CHTR Charter Communications (1) > SP O US - 1.47 3.03 - 0.88 - 445 US (14.39) (4.46) (4.04) - - - 9/05 (1.05) NM NM TH

CMCSA Comcast (1) SO O US 37.00 29.01 34.50 - 27.47 - 64,460 US 0.43 0.65 1.08 44.6 272 - 9/05 0.14 32.15 NM TH

ICCI Insight Communications (1) SP O US - 11.62 12.15 - 7.83 - 690 US (0.23) (0.05) 0.34 - - - 9/05 0.02 11.31 NM TH

MCCC Mediacom (1, 2f) SP O US - 7.27 7.56 - 5.06 - 858 US 0.11 (0.05) 0.16 - - - 9/05 (0.03) 5.77 NM TH

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 20

COMMUNICATIONS - Canadian MediaCanadian Media - Sector Weighting - Market Weight ROBERT BEK, Toronto (416) 594-7454

AMY GLADING, Toronto (416) 956-3802

12-18mo. Mkt. Rel.



Multi-Media

CGS.SV CanWest Global Communications (2g, 7, 12) R T C -- 13.25 15.75 - 9.75 - 1,998 8 C 0.68 -- -- -- - - 8/05 -- 7.33 -- RB

Printing and Publishing

IQW Quebecor World Inc. (2g, 7, 12) SP N US 22.00 19.19 24.50 - 17.93 2.9 2,510 US 1.51 1.44 1.50 13.3 81 - 9/05 0.39 19.11 4.6 RB

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 21


WILLIAM MAINA, New York (212) 667-8620SRINIVAS ANANTHA, New York (212) 667-8189

12-18mo. Mkt. Rel.



CLECs

COI Cogent Communications (2a, 2b, 2d) > SP A US - 4.91 40.00 - 4.56 - 216 US (120.95) (1.76) (0.99) - - - 9/05 (0.35) 5.92 NM TH

TWTC Time Warner Telecom (1) > SU O US - 7.54 8.10 - 3.31 - 876 US (1.15) (0.99) (0.60) - - - 9/05 (0.24) 2.63 NM TH

Wireless Services

AT Alltel Corporation SP N US - 63.85 66.95 - 53.40 2.4 20,166 US 3.37 3.44 3.64 18.6 113 - 9/05 0.85 28.04 11.5 TH

NXTP Nextel Partners, Inc. (1) > SP O US - 25.09 27.40 - 14.65 - 7,810 US 0.35 E 0.74 0.85 33.9 207 - 9/05 0.15 22.65 NM TH

TPC SunCom Wireless Holdings Inc. > SP N US - 3.34 4.00 - 1.57 - 227 US 10.40 (5.06) (3.87) - - - 9/05 (1.27) 1.71 NM TH

Wireless Tower Services

AMT American Tower Corporation SO N US 25.00 24.21 25.20 - 14.38 - 5,587 US (1.01) (0.19) 0.04 - - - 9/05 (0.04) 16.83 NM TH

CCI Crown Castle International (2f) SO N US 23.00 24.45 25.43 - 14.43 - 5,330 US (1.22) (0.66) (0.31) - - - 9/05 (0.14) 16.45 NM TH

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 22


SRI ANANTHA, New York (212) 667-8189

12-18mo. Mkt. Rel.



Emerging

BWNG Broadwing Communications (1) > SU O US - 5.06 10.41 - 3.46 - 372 US (2.60) (1.96) (1.37) - - - 9/05 (0.47) 5.62 NM TH

ELNK EarthLink, Inc. (1, 2f, 3a, 3b) SP O US - 10.28 11.99 - 8.11 - 1,448 US 0.88 0.98 0.45 10.5 64 - 9/05 0.22 3.55 17.0 TH

GNSY Genesys Conferencing (1, 2f) > SP O US - 1.32 1.70 - 0.49 - 29 EUR 0.25 0.44 0.45 - - - 9/05 0.10 NM NM TH

IIP Internap Network Services Corporation (2f) > SU A US - 0.47 1.14 - 0.41 - 159 US (0.05) (0.01) 0.00 - - - 9/05 0.00 NM NM TH

PGI Premiere Global Services > SO N US 10.00 8.25 12.17 - 6.76 - 600 US 0.62 0.66 0.60 12.5 76 - 9/05 0.13 3.91 22.0 TH

RNDC Raindance Communications (1, 2f) > SO O US 3.00 2.21 2.73 - 1.47 - 126 US (0.02) 0.07 0.07 31.6 192 - 9/05 0.01 1.95 NM TH

WEBX WebEx (1) > SP O US - 25.11 29.96 - 19.20 - 1,193 US 1.03 1.18 1.30 21.3 130 - 9/05 0.30 5.70 20.0 TH

Long Distance

T AT&T Corp. (2f) SP N US - 19.48 20.30 - 13.77 5.0 15,759 US 1.95 2.14 1.49 9.1 55 - 9/05 0.45 9.20 NM TH

LVLT Level 3 (1) > SU O US - 2.30 4.27 - 1.55 - 1,601 US (0.90) (1.01) (1.21) - - - 9/05 (0.31) NM NM TH

S Sprint Nextel (2f) + SO N US 30.00 23.95 27.20 - 19.81 0.4 35,877 US 0.92 1.54 1.68 15.6 95 - 9/05 0.38 9.66 10.6 TH

RBOCs

BLS BellSouth (2f) SO N US 33.00 25.56 28.96 - 24.85 4.4 46,903 US 1.79 1.72 1.80 14.9 91 - 9/05 0.44 13.08 13.7 TH

Q Qwest Communications (5a) > SU N US - 3.90 4.86 - 3.04 - 7,110 US (0.58) (0.31) (0.22) - - - 9/05 (0.07) NM NM TH

SBC SBC Communications (2f) SP N US - 23.64 27.29 - 22.78 5.4 78,296 US 1.47 1.50 1.45 15.8 96 - 9/05 0.37 12.19 12.0 TH

VZ Verizon (2f) SP N US - 31.85 42.27 - 31.65 5.0 89,753 US 2.50 2.50 2.55 12.7 78 - 9/05 0.63 13.68 18.0 TH

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 23

TELECOM SERVICES - Telecommunications ServicesTelecommunications Services - Sector Weighting - Market Weight ED YANG, New York (212) 667-8459

TIMOTHY HORAN, New York (212) 667-8137

12-18mo. Mkt. Rel.



RLECs

ALSK Alaska Communications (1, 2a, 2b, 2d, 2f, 4a, 4b) SP O US - 11.29 11.40 - 5.26 7.3 463 US (0.91) (0.14) (0.09) - - - 9/05 (0.02) 2.14 NM EY

CTL CenturyTel (2f) + SO N US 43.00 33.45 36.50 - 29.55 0.7 4,526 US 2.38 2.51 2.54 13.3 81 - 9/05 0.69 25.45 10.0 EY

CBB Cincinnati Bell > SP N US - 4.44 4.88 - 3.14 - 1,090 US 0.20 0.20 0.24 22.2 135 - 9/05 0.05 NM NM EY

CZN Citizens Communications SP N US - 13.21 14.63 - 12.16 7.5 4,497 US 0.40 0.46 0.42 28.7 175 - 9/05 0.11 3.87 10.0 EY

CTCO Commonwealth Telephone Enterprises Inc. (1) SP O US - 37.71 53.28 - 37.38 4.7 1,006 US 2.58 2.78 2.64 13.6 83 - 9/05 0.70 10.64 22.0 EY

FRP Fairpoint Communications, Inc. SU N US 11.00 14.68 18.55 - 14.00 10.0 513 US (1.94) 0.66 0.78 22.2 136 - 9/05 0.21 NM NM EY

IWA Iowa Telecom Services (2a, 2b, 2d, 4a, 4b) SP N US - 17.65 21.90 - 17.65 8.7 558 US 1.23 1.55 1.61 11.4 69 - 9/05 0.38 NM 17.0 EY

OTT Otelco, Inc (2a, 2b, 2c, 2d, 2f, 4a, 4b) SP A US - 15.70 16.50 - 14.50 10.5 152 dcf US 2.02 1.78 1.78 8.8 - - 9/05 0.44 NM NM EY

VCG Valor Communications Group (2a, 2b, 2d, 2f, 4a, 4b) SP N US - 14.15 16.17 - 12.51 10.3 1,002 US 0.94 0.93 0.92 15.2 93 - 9/05 0.22 NM NM EY

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 24

COMMUNICATIONS - Telecommunication and Cable ServicesTelecommunication and Cable Services - Sector Weighting - Market Weight DVAI GHOSE, Toronto (416) 956-6197

COREY DIAS, Toronto (416) 956-6676

12-18mo. Mkt. Rel.



Cable Companies

CCA.SV Cogeco Cable Inc. (2a, 2e, 2g, 12) SP T C 34.00 30.50 33.19 - 20.75 0.5 1,038 8 C (0.81) 0.68 1.08 44.9 - - 8/05 0.24 16.95 4.1 DG

RCI.NV.B Rogers Communications Inc. (2g, 7, 13) SO T C 52.00 48.06 48.69 - 24.67 0.2 11,343 C (0.28) (0.24) 1.36 - - - 9/05 0.00 8.69 NM DG

SJR.NV.B Shaw Communications Inc. (2a, 2e, 2g, 7, 13) SU T C 21.00 24.46 27.16 - 20.15 1.7 4,666 8 C 0.22 0.49 0.81 49.9 - - 8/05 0.13 9.66 4.9 DG

Telecommunications Operating Companies

BCE BCE Inc. (2a, 2f, 2g, 7) SP T C 33.00 31.97 33.00 - 27.15 4.1 25,132 C 2.02 2.15 2.32 14.9 - - 9/05 0.57 13.82 16.4 DG

T.TO TELUS (2a, 2c, 2e, 2g, 7, 9, 13) SO T C 53.00 47.30 48.84 - 23.50 1.6 14,352 C 1.58 2.20 2.87 21.5 - - 9/05 0.60 20.00 11.0 DG

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 25

HEALTHCARE - Biotechnology - New YorkBiotechnology - Sector Weighting - Overweight MATTHEW GELLER, New York (212) 667-7034

BRET HOLLEY, New York (212) 667-7289TARIQ KASSUM, New York (212) 667-7217BRIAN ABRAHAMS, New York (212) 667-6795

12-18mo. Mkt. Rel.



Biotechnology

AMGN Amgen (1, 2f) + SO O US 90.00 79.97 86.92 - 52.00 - 99,963 US 2.40 3.25 3.76 24.6 150 - 9/05 0.83 15.66 NM MG

ARNA Arena Pharmaceuticals (1, 2a, 2b, 2d, 2f) SO O US 12.00 9.31 9.54 - 4.16 - 327 US (2.40) (2.24) (1.86) - - - 9/05 (0.47) 3.82 NM BH

AVGN Avigen (1, 2f) SU O US - 2.77 3.80 - 2.60 - 56 US (1.17) (1.26) (0.99) - - - 9/05 (0.25) 3.18 NM MG

AVN Avanir Pharmaceuticals (2a, 2d, 2f) SO A US 5.50 3.15 3.85 - 2.10 - 338 9 US (0.36) (0.28) (0.37) - - - 9/05 0.00 NM NM BH

BIVN Bioenvision Incorporated (1, 2a, 2b, 2d, 2f) SO O US 10.00 7.95 11.74 - 5.17 - 322 6 US (0.57) (0.46) (0.28) - - - 9/05 - 1.98 NM BH

BIIB Biogen Idec (1, 2f) SP O US - 38.05 70.00 - 33.18 - 13,117 US 1.44 1.52 2.06 25.0 153 - 9/05 0.34 19.57 7.5 BH

CRME Cardiome Pharma Corp. (1, 2a, 2b, 2c, 2d, 2f, 2g, 7) SO O US 11.00 7.64 8.97 - 4.36 - 390 US (0.53) (0.58) (0.10) - - - 9/05 (0.15) NM NM BH

CTIC Cell Therapeutics (1, 2a, 2d, 2f, 5b) SP O US - 2.90 10.85 - 1.97 - 184 US (3.03) (2.16) (1.58) - - - 9/05 (0.54) NM NM MG

CEPH Cephalon (1, 2f) SO O US 71.00 45.52 52.24 - 37.35 - 2,958 US 2.42 2.82 3.36 16.1 98 - 9/05 0.70 8.59 NM MG

CGTK Corgentech Inc. (1, 2f) NR O US - 2.38 20.17 - 2.11 - 66 US (1.63) (1.14) (1.37) - - - 9/05 (0.11) 3.40 NM MG

CTRX CoTherix, Inc. (1, 2a, 2b, 2d, 2f) SP O US - 13.82 15.50 - 4.50 - 330 US (2.74) (1.56) (0.53) - - - 9/05 (0.40) 2.68 NM MG

CRTX Critical Therapeutics (1, 2f) SO O US 11.00 6.51 8.49 - 4.91 - 221 US (2.13) (1.68) (1.40) - - - 9/05 (0.44) 2.92 NM MG

CVTX CV Therapeutics (1, 2f) SP O US - 26.83 29.79 - 12.08 - 969 US (4.90) (5.60) (4.29) - - - 9/05 (1.35) 0.30 NM BH

CYPB Cypress Bioscience, Inc. (1, 2f) SP O US 16.00 12.55 14.72 - 8.35 - 381 US (0.40) (0.70) (0.71) - - - 9/05 (0.23) 3.00 NM TK

DOVP DOV Pharmaceutical (1, 2a, 2d, 2f) + SO O US 20.00 16.90 21.49 - 12.79 - 385 US (1.67) (2.44) (2.61) - - - 9/05 (0.72) 0.55 NM MG

EXEL Exelixis (1, 2f) SP O US - 7.46 9.79 - 6.02 - 566 US (1.49) (1.26) (1.27) - - - 9/05 (0.37) 0.44 NM BH

FVRL Favrille, Inc. (1, 2a, 2b, 2d, 2f) > SO O US 9.00 4.51 7.50 - 3.46 - 89 US (24.73) (2.07) (1.64) - - - 9/05 (0.48) 2.63 NM BH

DNA Genentech (2f) SP N US - 79.86 94.99 - 41.00 - 86,556 US 0.83 1.19 1.72 67.1 409 - 9/05 0.28 7.36 NM MG

GILD Gilead Sciences Inc (1, 2f) SP O US - 47.16 47.99 - 30.39 - 22,288 US 0.96 1.50 1.76 31.4 192 - 9/05 0.36 5.06 NM BH

ICGN Icagen, Inc. (1, 2a, 2b, 2d, 2f) SO O US 11.00 6.80 9.99 - 5.35 - 148 US (10.61) (0.97) (1.16) - - - 9/05 (0.23) 1.99 NM MG

SRLS SeraCare Life Sciences, Inc. (1, 2a, 2b, 2d, 2f) SO O US 21.00 17.44 18.99 - 9.81 - 248 9 US 0.45 0.67 0.83 26.0 159 - 9/05 0.18 NM NM BH

THLD Threshold Pharmaceuticals, Inc. (1, 2a, 2b, 2d, 2f) SO O US 15.00 13.77 14.09 - 5.37 - 395 US (0.98) E (1.67) (1.49) - - - 9/05 (0.42) 1.63 NM MG

VION Vion Pharmaceuticals, Inc. (1, 2a, 2d, 2f) SP O US - 2.27 5.18 - 2.03 - 150 US (0.30) (0.31) (0.35) - - - 9/05 (0.08) 0.94 NM BH

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 26

HEALTHCARE - Biotechnology - New YorkBiotechnology - Sector Weighting - Overweight MATTHEW GELLER, New York (212) 667-7034

BRET HOLLEY, New York (212) 667-7289TARIQ KASSUM, New York (212) 667-7217BRIAN ABRAHAMS, New York (212) 667-6795

12-18mo. Mkt. Rel.



Biotechnology

HGSI Human Genome Sciences (1, 2f) SP O US - 13.65 15.50 - 8.96 - 1,784 US (1.77) (1.92) (1.90) - - - 9/05 (0.49) 4.09 NM MG

IDBE ID Biomedical (1, 2f, 2g) NR O US - 29.72 31.05 - 12.40 - 1,282 US (0.73) (2.30) (1.12) - - - 9/05 (0.57) 2.04 NM MG

KOSN Kosan Biosciences (1, 2a, 2b, 2f) SP O US - 6.85 9.77 - 3.96 - 199 US (0.77) (1.08) (0.74) - - - 9/05 (0.27) 2.61 NM BH

MEDI MedImmune, Inc. (1, 2f) SU O US - 31.58 32.53 - 22.95 - 7,813 US 0.32 0.32 0.41 98.7 601 - 9/05 (0.15) 6.79 NM MG

MLNM Millennium Pharmaceuticals (1, 2f) SP O US - 9.15 13.84 - 7.63 - 2,814 US (0.59) (0.33) 0.01 - - - 9/05 (0.07) 7.16 NM BH

MNTA Momenta Pharmaceuticals, Inc. (1, 2f) SP O US - 30.80 34.60 - 6.46 - 936 US (2.57) (0.67) (0.61) - - - 9/05 (0.16) 5.42 NM MG

MYOG Myogen Inc. (1, 2a, 2b, 2d, 2f) SO O US 36.00 24.62 24.98 - 5.21 - 881 US (2.00) (2.05) (2.26) - - - 9/05 (0.45) 1.92 NM MG

NRMX Neurochem Inc. (1, 2a, 2b, 2c, 2d, 2f, 2g) > SO O US 19.00 11.81 20.97 - 6.89 - 442 US (1.34) (1.69) (1.52) - - - 9/05 (0.40) 2.03 NM MG

NBIX Neurocrine Biosciences (1, 2f) SO O US 64.00 47.86 52.90 - 33.86 - 1,754 US (1.26) (0.96) 0.09 - - - 9/05 0.59 10.15 NM MG

NUVO Nuvelo, Inc. (1, 2a, 2b, 2d, 2f) SP O US 13.00 9.65 11.23 - 5.75 - 406 US (1.70) (1.64) (1.47) - - - 9/05 (0.41) 1.97 NM TK

PTIE Pain Therapeutics (1, 2a, 2b, 2d, 2f) SO O US 13.00 6.45 8.13 - 4.78 - 282 US (1.01) (0.87) (0.90) - - - 9/05 (0.23) 1.70 NM MG

PTN Palatin Tech (2f) > SO A US 8.00 2.36 3.01 - 1.70 - 127 6 US (0.55) (0.27) A (0.24) - - - 9/05 - 0.33 NM MG

PGNX Progenics Pharmaceuticals (1, 2a, 2b, 2d, 2f) SO O US 30.00 23.54 25.07 - 12.03 - 502 US (2.48) (2.73) (2.38) - - - 9/05 (0.63) 3.26 NM MG

PDLI Protein Design Labs (1, 2f, 5a, 5b) + SO O US 43.00 27.68 30.79 - 13.79 - 2,938 US (0.53) 0.02 0.21 - - - 9/05 (0.01) 4.50 NM MG

QLTI QLT Inc. (1, 2f, 2g) SP O US - 7.22 18.10 - 6.70 - 745 US 0.80 0.69 0.56 10.5 64 - 9/05 0.16 8.52 NM MG

RNVS Renovis, Inc. (1, 2f) SO O US 22.00 13.51 19.25 - 6.34 - 331 US (1.70) (1.44) (1.54) - - - 9/05 (0.32) 3.04 NM BH

SGEN Seattle Genetics (1, 2f) SP O US - 5.11 7.85 - 3.52 - 216 US (1.80) (0.96) (1.17) - - - 9/05 (0.27) 2.30 NM MG

TNOX Tanox (1, 2f) SP O US - 13.92 18.69 - 9.05 - 613 US (0.23) (0.55) (0.36) - - - 9/05 (0.14) 4.68 NM MG

VXGN.PK Vaxgen Inc. (1, 2a, 2d, 2f) SP O US 25.00 14.10 20.00 - 8.25 - 351 US (1.51) E (1.22) - - - - 9/05 - 1.42 NM MG

XGEN Xenogen Corporation (1, 2f) SP O US - 3.05 7.30 - 2.77 - 45 US (2.99) (1.07) (0.61) - - - 9/05 (0.28) 0.74 NM BH

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 27

HEALTHCARE - Healthcare FacilitiesHealthcare Facilities - Sector Weighting - Market Weight CHARLES LYNCH, New York (212) 667-7012

MICHAEL WIEDERHORN, New York (212) 667-8200

12-18mo. Mkt. Rel.



Healthcare Facilities

AMSG AmSurg Corp. (1, 2f) SU O US - 27.19 29.99 - 20.59 - 789 US 1.14 E 1.33 1.55 20.4 125 - 9/05 0.34 8.31 14.4 CL

BEV Beverly Enterprises (2a, 2d, 2f) NR N US - 12.20 13.44 - 7.17 - 1,338 US 0.62 0.82 0.89 14.9 91 - 9/05 0.20 2.67 29.7 CL

CYH Community Health Systems, Inc. (2f) SO N US 42.00 39.05 39.52 - 25.51 - 3,515 US 1.58 1.95 2.30 20.0 122 - 9/05 0.45 15.14 13.4 CL

CCRN Cross Country, Inc. (1, 2f) SU O US - 17.93 20.31 - 14.20 - 574 US 0.64 0.54 0.67 33.2 202 - 9/05 0.13 10.83 5.3 CL

EXE.SV Extendicare Inc. (2a, 2d, 2f, 2g, 12) SP T C 21.00 17.72 18.03 - 12.12 1.0 1,217 C 1.14 1.39 1.35 12.7 - - 9/05 0.35 7.13 20.4 CL

GHCI Genesis HealthCare Corporation (1, 2f) + SO O US 49.00 40.02 48.03 - 28.59 - 808 9 US 1.60 2.32 2.45 17.3 105 - 9/05 0.63 29.50 8.7 CL

HCA HCA SO N US 60.00 47.69 58.60 - 34.70 1.2 21,556 US 2.58 3.16 3.60 15.1 92 - 9/05 0.65 13.53 24.9 CL

HMA Health Management Associates SP N US - 23.54 27.00 - 18.80 0.7 5,803 9 US 1.32 1.48 1.70 15.9 97 - 9/05 0.37 9.27 16.9 CL

LH Laboratory Corp of America (2f, 2g) SP N US - 48.06 51.97 - 40.80 - 6,378 US 2.57 E 2.83 - 17.0 103 - 9/05 - 14.88 19.0 CL

LPNT LifePoint Hospitals, Inc. (1, 2a, 2d, 2f, 4a, 4b) + SO O US 55.00 44.06 51.54 - 28.51 - 2,459 US 2.13 2.57 3.10 17.1 104 - 9/05 0.60 21.86 13.7 CL

HCR Manor Care, Inc. (2f) SP N US 40.00 38.19 41.16 - 29.20 1.6 3,300 US 1.86 1.96 2.15 19.5 119 - 9/05 0.49 12.07 17.2 CL

OCR Omnicare, Inc. (2f, 2g, 4a, 4b) SO N US 60.00 56.24 57.00 - 26.90 0.2 5,905 US 2.31 2.44 3.20 23.0 140 - 9/05 0.61 18.94 12.5 CL

DGX Quest Diagnostics, Inc. (2f) SP N US - 50.94 54.80 - 41.58 0.7 5,364 US 4.87 5.60 6.20 9.1 55 - 9/05 1.45 21.74 23.5 CL

THC Tenet Healthcare Corp. SU N US - 11.47 13.06 - 9.77 - 5,379 US (0.15) (0.10) (0.03) - - - 9/05 (0.09) 3.74 NM CL

TRI Triad Hospitals, Inc. (2f) SP N US 55.00 45.62 56.17 - 31.32 - 3,923 US 2.43 2.88 3.30 15.8 97 - 9/05 0.63 30.10 8.9 CL

UHS Universal Health Services, Inc (2f) SP N US 60.00 47.80 63.74 - 39.55 0.5 2,772 US 2.64 3.15 3.60 15.2 92 - 9/05 0.69 21.98 14.5 CL

VTR Ventas, Inc. (2f) SP N US 18.00 31.41 32.39 - 24.40 4.9 2,450 ff US 1.56 E - - - - - 9/05 - 0.60 NM CL

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 28

HEALTHCARE - Specialty Healthcare ServicesSpecialty Healthcare Services - Sector Weighting - Overweight MICHAEL WIEDERHORN, New York (212) 667-8200

12-18mo. Mkt. Rel.



Specialty Healthcare Services

AMED Amedisys, Incorporated (1, 2f) SO O US 54.00 37.96 44.43 - 26.87 - 591 US 1.51 2.01 2.70 18.9 115 - 9/05 0.52 10.89 18.5 MW

CHE Chemed Corporation (2f) + SO N US 52.00 42.55 45.46 - 25.34 0.6 1,092 US 1.27 1.80 2.24 23.6 144 - 9/05 0.46 13.99 14.1 MW

GTIV Gentiva Health Services, Incorporated (1, 2f) SP O US 19.00 18.30 20.83 - 13.68 - 426 US 0.69 0.75 0.92 24.4 149 - 9/05 0.19 7.57 10.4 MW

LNCR Lincare Holdings Incorporated (1, 2f) SP O US 50.00 42.28 46.00 - 29.43 - 4,152 US 2.65 2.00 2.41 21.1 129 - 9/05 0.50 12.01 17.2 MW

ODSY Odyssey HealthCare, Inc. (1, 2f) SU O US - 16.88 18.33 - 7.13 - 582 US 0.93 0.82 1.00 20.6 125 - 9/05 0.22 4.82 17.0 MW

ROHI Rotech Healthcare Inc. (1) SP O US 28.00 23.70 28.45 - 19.70 - 601 US 1.48 0.20 0.75 - - - 9/05 0.12 22.11 7.0 MW

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 29

HEALTHCARE - Healthcare ServicesHealthcare Services - Sector Weighting - Overweight CARL MCDONALD, New York (212) 667-6558

JAMES NAKLICKI, New York (212) 667-7592

12-18mo. Mkt. Rel.



Managed Care and Other

AET Aetna, Inc. (2f) SO N US 93.00 83.39 86.47 - 41.30 - 25,276 US 3.51 4.60 5.65 18.1 110 - 9/05 1.18 31.16 15.7 CM

AGP AMERIGROUP Corporation (4a, 4b) SO N US 39.00 35.00 49.30 - 26.50 - 1,859 US 1.66 1.75 2.35 20.0 122 - 9/05 0.49 11.81 16.4 CM

CI CIGNA Corp. + SO N US 129.00 114.90 117.44 - 58.00 0.1 15,086 US 7.78 7.50 8.05 15.3 93 - 9/05 1.61 44.78 18.7 CM

CVH Coventry Health Care, Inc. (2a, 2d, 2f, 4a, 4b) SO N US 87.00 85.19 85.85 - 36.99 - 9,277 US 3.72 4.75 5.60 17.9 109 - 9/05 1.23 20.85 24.0 CM

HNT Health Net, Inc. (2f) SU N US 41.00 45.96 46.50 - 21.60 - 5,166 US 1.83 2.35 2.75 19.6 119 - 9/05 0.62 11.32 27.0 CM

HUM Humana, Inc. (2f) SP N US 48.00 49.44 50.91 - 17.08 - 8,118 US 1.69 2.10 2.95 23.5 143 - 9/05 0.51 13.40 14.7 CM

MGLN Magellan Health Services (1, 2f) SP O US 37.00 35.18 38.98 - 29.90 - 1,295 US 2.30 2.40 2.25 14.7 89 - 9/05 0.59 13.51 12.3 CM

PHS PacifiCare Health Systems, Inc. (2f, 4a, 4b) SP N US 80.00 79.03 83.45 - 32.50 - 7,318 US 3.18 3.85 4.85 20.5 125 - 9/05 1.07 25.98 14.2 CM

SIE Sierra Health Services (2f) SO N US 76.00 69.89 75.75 - 40.90 - 2,383 US 3.31 3.50 4.10 20.0 122 - 9/05 0.85 6.96 41.0 CM

UNH UnitedHealth Group, Inc (2f) SO N US 59.00 55.26 55.90 - 32.31 - 72,998 US 1.98 2.50 3.05 22.1 135 - 9/05 0.64 7.97 32.6 CM

UHCO Universal American Financial Corp. (1) SP O US 23.00 22.33 25.08 - 11.07 - 1,295 US 1.13 1.15 1.55 19.4 118 - 9/05 0.30 8.85 17.0 CM

WCG WellCare Health Plans, Inc. SO N US 50.00 41.27 44.40 - 18.41 - 1,630 US 1.31 1.63 2.50 25.3 154 - 9/05 0.49 8.10 20.0 CM

WC WellChoice, Inc. (2f) SP N US 70.00 75.51 76.24 - 33.81 - 6,403 US 2.85 3.40 3.90 22.2 135 - 9/05 0.87 21.64 14.7 CM

WLP WellPoint, Inc. (2f) SO N US 82.00 75.01 77.40 - 36.10 - 46,866 US 3.33 4.00 4.85 18.8 114 - 9/05 1.02 32.97 12.9 CM

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 30

HEALTHCARE - Medical DevicesMedical Devices - Sector Weighting - Market Weight JOHN P. CALCAGNINI, Los Angeles (310) 446-3694

CHAD SUGGS, Los Angeles (310) 446-3657JODIE WEHNER, Los Angeles (310) 446-3655

12-18mo. Mkt. Rel.



Medical Devices

ANSI Advanced Neuromodulation (1, 2f) SU O US - 47.84 53.88 - 26.52 - 978 US 0.86 0.95 1.16 50.4 307 - 9/05 0.24 12.64 7.9 JC

BAX Baxter International SP N US - 39.94 41.07 - 29.35 1.5 25,002 US 1.69 1.88 2.07 21.2 129 - 9/05 0.46 6.73 23.2 JC

BDX Becton Dickinson, Inc. SU N US - 52.70 60.37 - 49.44 1.3 13,707 9 US 2.56 2.82 3.10 18.7 114 - 9/05 0.69 11.80 20.5 JC

BSX Boston Scientific Corp. SO N US 43.00 23.60 39.98 - 23.11 - 19,822 US 1.63 1.99 2.27 11.9 72 - 9/05 0.47 5.02 40.0 JC

BCR C.R. Bard, Inc. SO N US 77.00 65.91 72.79 - 51.67 0.8 7,151 US 2.45 3.00 3.40 22.0 134 - 9/05 0.74 13.84 21.6 JC

CSCX Cardiac Science Corp. (1, 2a, 2d, 2f) R O US - 10.24 23.90 - 7.40 - 881 US (0.24) (0.22) (0.04) - - - 9/05 (0.06) 0.87 NM JC

CPTS Conceptus, Inc. (1, 2f) SP O US - 11.68 12.24 - 5.09 - 297 US (1.05) (0.91) (0.58) - - - 9/05 (0.23) 0.99 NM JC

CONR Conor Medsystems, Inc. (1, 2a, 2b, 2d, 2f) > SO O US 26.00 23.00 23.13 - 12.50 - 758 US (1.20) (1.49) (0.98) - - - 9/05 (0.40) 3.26 NM JC

DSCP Datascope Corp. (1) SP O US - 31.54 42.23 - 26.94 0.8 470 6 US 1.58 1.42 A 1.50 22.2 135 - 9/05 0.31 17.85 3.1 JC

GDT Guidant Corp. NR N US - 70.36 75.15 - 59.94 0.6 23,184 US 2.47 2.49 2.73 28.3 172 - 9/05 0.57 12.27 21.0 JC

IMDC Inamed Corporation (1, 2f) SP O US - 75.27 78.74 - 45.17 - 2,755 US 2.04 2.25 2.70 33.5 204 - 9/05 0.50 13.09 14.2 JC

IART Integra LifeSciences Holdings (1, 2f) SO O US 39.00 37.23 39.87 - 28.69 - 1,292 US 1.04 1.30 1.66 28.6 174 - 9/05 0.33 8.49 15.0 JC

ILE Isolagen, Inc. (2a, 2d, 2f) > SP A US - 1.52 10.25 - 1.38 - 46 US (0.71) (1.00) (0.61) - - - 9/05 (0.26) 0.39 NM JC

MDT Medtronic, Inc. SP N US - 54.91 57.95 - 46.88 0.7 67,155 4 US 1.63 1.86 A 2.15 29.5 180 - 10/05 0.51 8.59 22.0 JC

MNT Mentor Corporation (2f) SO N US 60.00 53.41 56.31 - 28.93 1.3 2,638 3 US 1.13 1.41 A 1.69 37.9 231 - 9/05 0.34 4.67 17.0 JC

NASI North American Scientific, Inc (1, 2f) > SP O US - 2.80 6.28 - 1.85 - 46 10 US (1.34) (0.83) (0.46) - - - 10/05 (0.16) 3.34 NM JC

STJ St. Jude Medical, Inc. SP N US - 45.82 48.36 - 34.48 - 17,260 US 1.16 1.51 1.73 30.3 185 - 9/05 0.39 6.91 21.9 JC

ELOS Syneron Medical Ltd. (1, 2a, 2b, 2d, 2f) + SO O US 52.00 36.18 44.13 - 15.58 - 991 US 1.16 1.51 2.02 24.0 146 - 9/05 0.38 3.77 30.0 JC

VAS Viasys Healthcare, Inc. (2f) SP N US - 24.78 27.05 - 15.87 - 776 US 0.59 0.94 1.15 26.4 161 - 9/05 0.22 13.90 5.8 JC

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 31

HEALTHCARE - PharmaceuticalsPharmaceuticals - Sector Weighting - Overweight MARA GOLDSTEIN, New York (212) 667-8112

KENT McCREA, New York (212) 667-8180

12-18mo. Mkt. Rel.



Drug Delivery

ALKS Alkermes, Inc. (1, 2f) > SO O US 24.00 16.95 19.87 - 9.68 - 1,532 3 US (1.22) (0.72) A (0.30) - - - 9/05 (0.09) NM NM MG

DEPO DepoMed (1, 2f) > SO O US 10.00 6.49 6.63 - 3.13 - 258 US (0.78) (0.51) (0.02) - - - 9/05 (0.07) 0.97 NM MG

DRRX DURECT (1, 2f) > SP O US - 6.71 7.43 - 1.32 - 349 US (0.53) (0.35) (0.45) - - - 9/05 (0.09) NM NM MG

NKTR Nektar Therapeutics (1, 2f) SP O US - 17.09 21.52 - 13.32 - 1,453 US (1.02) (1.39) (0.57) - - - 9/05 (0.36) 4.96 NM MG

MDCO The Medicines Company (1, 2f) SO O US 27.00 20.87 29.95 - 20.45 - 1,044 US 0.34 0.44 0.95 47.4 289 - 9/05 0.13 4.20 8.1 MG

Pharmaceuticals

AZN AstraZeneca PLC (2f) SU N US - 47.31 49.39 - 34.72 3.0 76,654 US 2.11 2.39 2.65 19.8 121 - 9/05 0.60 21.80 9.0 MG

BMY Bristol-Myers Squibb SU N US - 24.15 26.60 - 22.75 4.5 47,195 US 1.70 1.42 1.22 17.0 104 - 9/05 0.30 5.31 33.0 MG

LLY Eli Lilly & Co. SP N US - 53.57 63.85 - 50.34 2.7 60,154 US 2.82 3.07 3.42 17.4 106 - 9/05 0.78 8.45 42.4 MG

GSK GlaxoSmithKline SP N US - 50.81 51.92 - 41.12 3.3 148,535 US 2.77 2.92 3.15 17.4 106 - 9/05 0.74 21.19 8.0 MG

JNJ Johnson & Johnson + SO N US 74.00 63.45 69.99 - 54.81 2.0 188,669 US 3.10 3.45 3.80 18.4 112 - 9/05 0.86 11.32 29.0 MG

MRK Merck & Co. (5a) SP N US - 27.45 45.34 - 25.60 5.4 61,076 US 2.61 2.44 2.33 11.3 69 - 9/05 0.62 7.93 35.0 MG

PFE Pfizer Inc. (8) SO N US 30.00 24.80 31.50 - 21.99 3.0 184,397 US 2.12 1.96 2.15 12.7 77 - 9/05 0.50 9.06 17.1 MG

SGP Schering-Plough Corp. SU N US - 20.97 22.53 - 16.56 1.1 30,753 US (0.05) 0.25 0.41 83.9 511 - 9/05 0.03 5.52 NM MG

WYE Wyeth + SO N US 50.00 44.76 46.76 - 36.57 2.0 59,910 US 2.65 2.88 3.09 15.5 95 - 9/05 0.74 7.36 12.9 MG

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 32

HEALTHCARE - Specialty PharmaceuticalsSpecialty Pharmaceuticals - Sector Weighting - Market Weight ELLIOT WILBUR, New York (212) 667-7599

KENT McCREA, New York (212) 667-8180

12-18mo. Mkt. Rel.



Specialty Pharmaceuticals

AGN Allergan Inc. (2f) SP N US - 90.53 95.43 - 66.78 0.4 11,868 US 2.75 3.22 3.90 28.1 171 - 9/05 0.79 8.35 24.5 EW

ALO Alpharma Inc. (2f) SU N US - 24.56 27.67 - 9.39 0.7 1,277 US 0.58 0.90 0.72 27.3 166 - 9/05 0.06 21.50 5.9 EW

APPX American Pharmaceutical Ptnrs. (1, 2f) SO O US 59.00 44.84 58.73 - 21.28 - 3,157 US 0.88 1.28 2.31 35.0 213 - 9/05 0.34 4.45 34.0 EW

ADRX Andrx Corp. (1, 2f) SP O US - 15.56 24.47 - 12.74 - 1,128 US 1.39 0.59 1.03 26.4 161 - 9/05 0.16 9.32 12.5 EW

BRL Barr Pharmaceuticals (2f) + SO N US 63.00 53.27 54.80 - 35.07 - 5,460 6 US 2.17 2.41 A 3.04 22.1 135 - 9/05 0.79 10.54 19.0 EW

BVF Biovail Corporation (2f) SU N US - 23.23 23.78 - 13.74 - 3,694 US 1.35 1.76 1.99 13.2 80 - 9/05 0.61 6.27 NM EW

CNCT Connetics Corp. (1, 2a, 2d, 2f) SP O US 20.00 17.55 30.41 - 15.12 - 626 US 0.61 0.58 0.84 30.3 184 - 9/05 0.22 2.68 24.2 EW

FRX Forest Laboratories SP N US - 41.48 49.10 - 32.46 - 15,344 3 US 1.96 2.50 A 2.31 16.6 101 - 9/05 0.55 9.21 18.5 EW

IVX IVAX Corp. (2f) NR A US - 26.17 26.98 - 12.36 - 6,700 US 0.75 0.80 1.26 32.7 199 - 9/05 0.24 2.51 15.5 EW

KG King Pharmaceuticals (2f) SP N US - 14.76 16.39 - 7.50 - 3,567 US 0.62 1.37 0.87 10.8 66 - 9/05 0.30 7.94 12.0 EW

KV.A KV Pharmaceutical (2f) SP N US 20.00 17.25 24.38 - 15.45 - 876 3 US 0.82 0.63 A 0.85 27.4 167 - 9/05 0.17 5.51 17.8 EW

MYL Mylan Laboratories (2f) SP N US - 17.74 20.03 - 15.21 1.3 4,786 3 US 1.10 0.74 A 0.99 24.0 146 - 9/05 0.26 6.62 12.0 EW

PRX Par Pharmaceutical Cos. Inc. (2f) SU N US 27.00 26.26 43.81 - 22.96 - 895 US 2.12 1.11 1.81 23.7 144 - 9/05 0.34 13.08 15.8 EW

TARO Taro Pharmaceutical (1, 2f) SP O US 28.00 26.11 36.00 - 20.98 - 757 US 0.36 1.06 1.85 24.6 150 - 9/05 0.31 9.28 17.6 EW

TEVA Teva Pharmaceutical (1, 2f) + SO O US 39.00 33.00 34.26 - 22.82 0.8 21,252 US 1.41 1.55 1.94 21.3 130 - 9/05 0.38 8.37 20.0 EW

WPI Watson Pharmaceuticals (2f) SU N US 32.00 35.12 36.13 - 25.20 - 3,828 US 1.69 1.38 1.56 25.4 155 - 9/05 0.35 20.58 12.2 EW

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 33

ENERGY - Pipelines, Utilities & PowerPipelines, Utilities & Power - Sector Weighting - Market Weight MATTHEW AKMAN, Toronto (416) 956-6169

ALDA PAVAO, Toronto (416) 956-3229

12-18mo. Mkt. Rel.



Canadian Pipelines & Utilities

ENB Enbridge Inc. (2a, 2c, 2e, 2g, 7) SP T C 38.00 32.29 32.85 - 20.04 2.8 11,245 C 1.47 1.60 1.70 20.2 - - 9/05 0.21 11.82 13.7 MA

Master Limited Partnerships

EEP Enbridge Energy Partners, L.P. (4a, 4b) SP N US 57.00 55.76 57.08 - 45.60 6.5 3,453 US 2.06 1.95 2.30 28.6 174 - 9/05 0.49 22.44 NM MA

U.S. Pipelines & Utilities

DUK Duke Energy (2g, 7) SP N US 32.00 28.35 30.55 - 22.35 4.3 26,252 US 1.28 1.65 1.80 17.2 105 - 9/05 0.48 17.60 9.3 MA

RRI Reliant Energy Inc. + SO N US 16.00 14.92 15.01 - 9.14 - 4,491 US 0.07 0.20 0.45 74.6 454 - 9/05 0.64 14.41 NM MA

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 34

ENERGY - Oil and GasOil and Gas - Sector Weighting - Overweight ROBERT PLEXMAN, Toronto (416) 956-6218

OLIVIA CHEN, Toronto (416) 956-6729

12-18mo. Mkt. Rel.



Integrated Oils, Canadian

HSE Husky Energy Inc. (2g) SP T C 72.00 54.71 59.92 - 23.38 0.9 23,194 C 2.12 4.77 6.27 11.5 - - 9/05 1.35 16.22 24.6 RP

PCA Petro-Canada (2a, 2c, 2e, 2g, 6a, 7) SP T C 60.00 42.47 43.92 - 24.03 0.8 22,056 C 3.41 4.26 4.83 10.0 - - 9/05 1.21 16.87 22.2 RP

PKZ PetroKazakhstan Inc. (2a, 2e, 2g, 6a) SU N US 55.00 54.57 55.58 - 24.55 1.2 4,076 US 6.36 7.60 8.05 7.2 44 - 9/05 1.71 14.56 46.9 RP

SU Suncor Energy Inc. (2g, 6a, 7) + SO T C 90.00 58.79 62.51 - 30.63 0.3 26,807 C 2.05 3.28 4.75 17.9 - - 9/05 0.54 11.28 24.8 RP

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 35


OLIVIA CHEN, Toronto (416) 956-6729

12-18mo. Mkt. Rel.



Integrated Oils, International

BP BP p.l.c. (2g) SP N US 84.00 71.05 72.66 - 56.60 3.1 251,878 US 4.51 6.80 7.12 10.4 64 - 9/05 1.81 22.59 30.9 RP

CVX Chevron Corporation (2g) SP N US 73.00 64.18 64.99 - 49.81 2.9 133,350 US 5.77 7.25 7.59 8.9 54 - 9/05 2.09 23.36 17.7 RP

XOM ExxonMobil Corporation (2g) SP N US 72.00 64.62 65.96 - 47.61 1.8 411,629 US 3.97 5.34 5.63 12.1 74 - 9/05 1.48 16.42 27.3 RP

RDS.A Royal Dutch Shell (2g) SU N US 72.00 65.07 68.08 - 50.91 3.7 437,563 US 5.22 6.63 6.62 9.8 60 - 9/05 1.73 NM 18.0 RP

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 36


ANDREW POTTER, Calgary (403) 260-0506OLIVIA CHEN, Toronto (416) 956-6729MICHAEL RIMELL, Toronto (403) 216-3403

12-18mo. Mkt. Rel.



Exploration And Production - Senior Producers

APC Anadarko Petroleum Corp. (2g) SP N US 115.00 95.70 98.97 - 60.02 0.8 23,159 US 6.24 10.50 11.38 9.1 56 - 9/05 2.78 41.55 20.3 AP

APA Apache Corp. (2g) SU N US 82.00 75.35 78.15 - 47.45 0.4 24,564 US 5.11 8.62 8.50 8.7 53 - 9/05 2.47 28.21 26.2 AP

BR Burlington Resources, Inc. (2g) SP N US 88.00 79.57 80.61 - 39.19 0.5 31,191 US 4.02 6.41 6.85 12.4 76 - 9/05 1.74 18.87 27.2 AP

CNQ Canadian Natural Resources Ltd (2a, 2c, 2e, 2g, 7, 9) SP T C 70.00 45.13 50.60 - 18.54 0.5 24,221 cfs C 6.99 9.23 9.96 4.9 - - 9/05 2.42 13.19 27.9 RP

DVN Devon Energy Corp. (2g) SP N US 78.00 67.28 68.70 - 34.55 0.5 31,218 US 4.38 6.14 7.81 11.0 67 - 9/05 1.64 28.66 17.6 AP

ECA EnCana Corporation (2f, 2g, 7, C6) SO N US 65.00 55.80 57.99 - 22.55 0.6 49,193 cfs US 4.92 7.76 9.29 7.2 - - 9/05 2.10 15.36 19.0 AP

NXY Nexen Inc. (2f, 2g, 7) SP T C 69.00 48.12 51.77 - 19.24 0.4 12,522 cfs C 7.26 8.78 8.47 5.5 - - 9/05 2.30 12.14 25.6 RP

TLM Talisman Energy Inc. (2a, 2e, 2g, 6a, 7, 9) SO T C 72.00 48.51 51.16 - 24.70 0.6 17,801 cfs C 7.52 12.33 12.89 3.9 - - 9/05 3.47 13.71 25.6 RP

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 37

FINANCIAL INSTITUTIONS - Diversified Financial Services; Brokers & Asset ManagersDiv. Finl Srvcs; Brks & Asset Mgrs - Sector Weighting - Market Weight KEN WORTHINGTON, New York (212) 667-6185

NIAMH GUINAN, New York (212) 667-6849

12-18mo. Mkt. Rel.



Asset Management

AC Alliance Capital (3a, 3b, 5a) SO N US 52.00 45.25 49.90 - 35.12 5.9 3,742 US 2.45 2.77 3.21 16.3 100 - 9/05 0.68 15.67 14.1 KW

AVZ AMVESCAP PLC (2g, 3a, 3b, 4a, 4b) SP N US - 12.92 15.70 - 10.09 2.5 5,126 US 0.80 0.74 0.84 17.5 106 - 9/05 0.18 9.29 8.0 KW

BPFH Boston Private Financial (1, 2f, 3a, 3b) SP O US - 26.68 29.00 - 21.10 1.0 739 US 1.18 1.47 1.64 18.1 111 - 9/05 0.39 12.27 13.3 KW

FII Federated Investors (3a, 3b) > SU N US - 33.15 33.79 - 26.99 1.9 3,575 US 1.79 1.82 1.95 18.2 111 - 9/05 0.46 4.23 42.5 KW

BEN Franklin Resources (3a, 3b) SP N US - 81.49 84.72 - 53.43 0.5 20,486 9 US 3.03 3.91 4.66 20.8 127 - 9/05 1.06 21.09 18.2 KW

JNS Janus Capital Group (3a, 3b) SP N US - 14.25 16.96 - 12.75 0.3 3,233 US 0.59 0.49 0.57 29.1 177 - 9/05 0.13 11.86 3.8 KW

NFP National Financial Partners (2a, 2b, 2d) + SO N US 50.00 43.70 46.45 - 22.47 1.1 1,541 US 1.10 1.40 1.69 31.2 190 - 9/05 0.38 15.81 8.7 KW

TROW T. Rowe Price (1, 3a, 3b) SP O US - 63.26 68.04 - 48.76 1.4 8,210 US 2.51 3.10 3.50 20.4 124 - 9/05 0.82 13.27 22.7 KW

E-Brokers and Traders

ITG Investment Technology Group SO N US 30.00 28.96 29.70 - 14.32 - 1,217 US 0.93 1.37 1.58 21.1 129 - 9/05 0.33 9.17 13.8 KW

NITE Knight Capital Group, Inc. (1, 3a, 3b, 5a) SP O US - 8.37 12.19 - 7.28 - 899 US 0.44 0.31 0.45 27.0 164 - 9/05 0.15 7.40 2.0 KW

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 38

FINANCIAL INSTITUTIONS - Diversified Financial Services; Brokers & Asset ManagersDiv. Finl Srvcs; Brks & Asset Mgrs - Sector Weighting - Market Weight KEN WORTHINGTON, New York (212) 667-6185

NIAMH GUINAN, New York (212) 667-6849

12-18mo. Mkt. Rel.



Money Center & Investment Banks

BSC Bear Stearns (3a, 3b) SP N US - 106.16 109.85 - 86.51 1.0 15,536 11 US 9.77 10.14 10.14 10.5 64 - 11/05 2.72 67.18 15.7 KW

SCH Charles Schwab SP N US 16.00 14.04 14.95 - 8.43 0.6 18,378 US 0.39 0.59 0.71 23.8 145 - 9/05 0.16 3.28 15.0 KW

LEH Lehman Brothers (3a, 3b) SO N US 124.00 116.00 116.57 - 76.42 0.7 31,239 11 US 7.91 10.62 10.56 10.9 67 - 11/05 2.50 54.91 20.3 KW

MER Merrill Lynch (3a, 3b) SP N US - 59.40 61.99 - 49.38 1.4 55,295 US 4.39 4.80 5.13 12.4 75 - 9/05 1.15 33.73 15.0 KW

MWD Morgan Stanley (3a, 3b) SP N US - 52.37 60.51 - 47.27 2.1 56,926 11 US 4.06 4.49 5.00 11.7 71 - 11/05 1.25 28.70 18.0 KW

GS The Goldman Sachs Group, Inc. (3a, 3b) + SO N US 135.00 119.67 120.97 - 90.74 0.8 56,855 11 US 8.92 11.31 10.81 10.6 64 - 11/05 3.45 55.39 21.3 KW

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 39

FINANCIAL INSTITUTIONS - BanksBanks - Sector Weighting - Market Weight QUENTIN BROAD, Toronto (416) 594-7294

MOHAMMAD SALEEM, Toronto (416) 956-3644

12-18mo. Mkt. Rel.



Canadian Banks

BMO Bank of Montreal (2a, 2c, 2e, 3a, 3c, 7, 8) SP T C 64.00 50.29 51.66 - 42.66 3.3 25,615 10 C 4.42 4.41 4.78 11.4 - - 10/05 1.11 25.52 17.8 QB

BNS Bank of Nova Scotia (2a, 2c, 2e, 3a, 3c, 6a, 7) SU T C 46.00 37.22 37.33 - 28.59 3.2 37,558 10 C 2.75 3.11 3.30 12.0 - - 10/05 0.75 15.68 20.6 QB

NA National Bank Of Canada (2a, 2c, 2e, 3a, 3c, 7) SO T C 66.00 52.14 52.26 - 33.76 2.9 8,752 10 C 3.76 4.60 4.89 11.3 - - 10/05 1.12 24.70 19.3 QB

RY Royal Bank of Canada (2a, 2c, 2e, 3a, 3c, 7, 8) SP T C 91.00 73.05 73.53 - 46.48 3.1 47,701 10 C 4.64 5.88 6.30 12.4 - - 10/05 1.49 30.15 20.5 QB

TD TD Bank (3a, 3c, 6a, 7) SO T C 64.00 49.82 49.84 - 35.94 3.0 35,542 10 C 3.63 4.09 4.30 12.2 - - 10/05 1.00 22.25 19.5 QB

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5

Rating Key: SO-Sector Outperformer, SP-Sector Performer, SU-Sector Underperformer






Page 40

FINANCIAL INSTITUTIONS - Canadian Property & Casualty CompaniesCanadian Property & Casualty Companies - Sector Weighting - Market Weight QUENTIN BROAD, Toronto (416) 594-7294

MOHAMMAD SALEEM, Toronto (416) 956-3644

12-18mo. Mkt. Rel.



Property & Casualty

FFH Fairfax Financial Holdings (2g, 3a, 12) SP N US 175.00 162.75 179.90 - 120.50 0.9 2,619 US (2.23) 3.74 19.55 43.5 265 - 9/05 (1.91) 184.46 2.0 QB

IIC.LV ING Canada Inc. (2a, 2c, 2e, 2g, 9, 14) SP T C 46.00 37.19 38.73 - 22.61 1.5 4,973 C 4.67 4.50 3.87 8.3 - - 9/05 0.73 18.92 24.8 MS

KFS Kingsway Financial Services (6a) + SO T C 27.00 17.14 18.75 - 12.46 1.0 975 C 2.32 2.68 2.92 6.4 - - 9/05 0.56 15.84 17.1 QB

NB Northbridge Financial Corp. SP T C 35.00 26.21 28.39 - 18.12 2.1 1,336 C 3.18 3.82 3.73 6.9 - - 9/05 0.39 19.20 20.6 MS

ORH Odyssey Re Holdings Corp. SU N US 27.00 24.95 26.01 - 20.09 0.5 1,625 US 1.66 0.92 2.61 27.1 165 - 9/05 (0.51) 26.42 11.4 QB

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 41

FINANCIAL INSTITUTIONS - Diversified FinancialDiversified Financial - Sector Weighting - Market Weight MOHAMMAD SALEEM, Toronto (416) 956-3644

QUENTIN BROAD, Toronto (416) 594-7294

12-18mo. Mkt. Rel.



Investment Dealers

CCI Canaccord Capital Inc. (2a, 2e) SO T C 17.00 9.31 10.94 - 6.60 2.0 428 3 C 0.88 1.05 A 1.02 8.9 - - 9/05 0.17 4.91 19.2 MS

GMP GMP Capital Corp. (2g, 7) SP T C 39.00 29.26 32.11 - 13.35 1.7 848 1 C 1.35 1.73 A 2.44 16.9 - - 10/05 0.50 6.42 40.0 QB

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 42

FINANCIAL INSTITUTIONS - U.S. BanksU.S. Banks - Sector Weighting - Market Weight MEREDITH WHITNEY, New York (212) 667-6897

12-18mo. Mkt. Rel.



Large Cap Banks

BAC Bank of America Corporation (3a, 3b) + SO N US 54.00 41.92 47.47 - 41.75 4.4 168,518 US 3.69 4.30 4.50 9.7 59 - 9/05 1.03 11.94 16.9 MW

C Citigroup (3a, 3b, 5b) SP N US - 45.09 49.99 - 42.10 3.9 233,115 US 3.09 3.97 4.10 11.4 69 - 9/05 0.97 21.86 18.0 MW

JPM JP Morgan Chase & Company (3a, 3b, 5a, 5b, 8) SP N US - 33.88 40.45 - 33.31 3.9 120,613 US 1.89 2.75 3.15 12.3 75 - 9/05 0.63 12.00 11.4 MW

USB U.S. Bancorp (3a, 3b) SP N US - 28.84 31.65 - 26.80 3.9 55,575 US 2.18 2.40 2.60 12.0 73 - 9/05 0.61 8.67 21.5 MW

WB Wachovia Corporation (3a, 3b) SP N US - 47.53 56.28 - 46.11 4.1 75,573 US 3.95 4.23 4.70 11.2 68 - 9/05 1.07 30.13 14.0 MW

WFC Wells Fargo & Company (3a, 3b) SP N US - 58.58 64.04 - 57.55 3.1 99,586 US 4.09 4.49 4.98 13.0 79 - 9/05 1.13 15.65 17.4 MW

Credit Cards

AXP American Express (3a, 3b) + SO N US 69.00 56.70 59.50 - 49.51 0.8 70,308 US 2.68 3.20 3.70 17.7 108 - 9/05 0.81 13.84 23.0 MW

COF Capital One Financial Corporation SO N US 97.00 80.16 85.97 - 67.62 0.1 20,938 US 6.21 7.20 8.05 11.1 68 - 9/05 1.72 39.86 22.0 MW

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 43

FINANCIAL INSTITUTIONS - Regional BanksRegional Banks - Sector Weighting - Underweight MEREDITH WHITNEY, New York (212) 667-6897

12-18mo. Mkt. Rel.



Regional Banks

ASO AmSouth Bancorporation SU N US - 25.78 28.29 - 24.22 3.6 9,281 US 1.89 2.00 1.99 12.9 79 - 9/05 0.49 10.83 20.0 MW

BBT BB&T Corporation (3a, 3b) SU N US - 39.14 43.25 - 37.04 3.6 21,488 US 2.80 2.92 3.00 13.4 82 - 9/05 0.73 19.72 14.0 MW

CBH Commerce Bancorp Incorporated + SO N US 35.00 31.13 35.98 - 26.87 1.4 5,046 US 1.63 1.81 2.05 17.2 105 - 9/05 0.45 10.53 8.4 MW

NCC National City Corporation SP N US - 34.14 39.66 - 32.08 4.2 21,737 US 3.57 3.20 3.10 10.7 65 - 9/05 0.74 12.49 20.6 MW

PNC PNC Financial Services Group (3a, 3b) SP N US - 57.47 58.95 - 49.35 3.6 16,321 US 4.21 4.21 4.46 13.7 83 - 9/05 1.04 26.69 0.2 MW

STI SunTrust Banks Incorporated (3a, 3b) SU N US - 69.68 75.77 - 67.03 2.9 25,294 US 5.25 5.28 5.43 13.2 80 - 9/05 1.32 44.35 12.0 MW

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 44

FINANCIAL INSTITUTIONS - Specialty FinanceSpecialty Finance - Sector Weighting - Market Weight MEREDITH WHITNEY, New York (212) 667-6897

12-18mo. Mkt. Rel.



Specialty Finance

CIT CIT Group Inc. (4a, 4b) SO N US 53.00 45.52 47.18 - 35.41 1.4 9,581 US 3.50 4.20 4.80 10.8 66 - 9/05 1.06 30.41 13.1 MW

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 45

CONSUMER AND BUSINESS SERVICES - Broadlines/Home Furnishings RetailingBroadlines/Home Furnishings Retailing - Sector Weighting - Market Weight PETER BENEDICT, New York (212) 667-8335

12-18mo. Mkt. Rel.



Discount/Warehouse Clubs

BJ BJ's Wholesale Club, Inc. SU N US - 27.89 34.70 - 25.96 - 1,942 1 US 1.67 1.86 1.98 15.0 91 - 10/05 0.37 13.45 13.0 PB

COST Costco Wholesale Corp. (1) SP O US 49.00 43.14 50.46 - 39.48 1.0 21,281 8 US 1.85 2.02 2.28 21.4 130 - 8/05 0.65 17.97 12.0 PB

TGT Target Corp. SP N US 63.00 52.73 60.00 - 45.17 0.7 47,088 1 US 2.16 2.68 3.06 19.7 120 - 10/05 0.43 15.12 17.0 PB

WMT Wal-Mart + SO N US 57.00 43.10 57.89 - 42.31 1.3 182,485 1 US 2.41 2.64 3.03 16.3 99 - 10/05 0.58 11.15 22.2 PB

Home Goods & Furnishings

BBBY Bed, Bath & Beyond (1) + SO O US 50.00 40.44 46.99 - 35.50 - 12,187 2 US 1.65 1.90 2.17 21.3 130 - 11/05 0.45 8.27 22.0 PB

CPWM Cost Plus, Inc. (1) SO O US 30.00 19.11 37.19 - 18.51 - 423 1 US 1.35 1.37 1.57 13.9 85 - 10/05 - 13.37 11.0 PB

DWRI Design Within Reach, Inc. (1, 2a, 2b, 2d, 2f) SP O US 13.00 9.49 19.45 - 9.13 - 140 US 0.29 0.37 0.58 25.6 156 - 9/05 0.03 3.67 13.0 PB

KIRK Kirkland's, Inc. (1, 2f) SU O US - 8.13 12.65 - 7.90 - 157 1 US 0.34 0.15 0.30 54.2 330 - 10/05 (0.14) 3.05 NM PB

LIN Linens 'n Things SP N US 26.00 26.65 29.60 - 21.10 - 1,215 US 1.32 0.70 1.15 38.1 232 - 9/05 0.00 17.54 6.0 PB

PIR Pier 1 Imports, Inc. SP N US 13.00 11.20 19.98 - 11.04 3.0 969 2 US 0.72 0.10 0.40 - - - 8/05 - 7.23 5.0 PB

WSM Williams-Sonoma, Inc. SP N US 44.00 37.00 45.03 - 32.75 - 4,370 1 US 1.60 1.89 2.08 19.6 119 - 10/05 0.30 8.36 21.0 PB

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 46

CONSUMER AND BUSINESS SERVICES - Business ServicesBusiness Services - Sector Weighting - Overweight THATCHER THOMPSON, New York (212) 667-8114

LARRY LEE, New York (212) 667-7003CRISTA LEWIS, New York (212) 667-8196ADAM MEZAN, New York (212) 667-7116

12-18mo. Mkt. Rel.



Business Services

ACXM Acxiom Corporation (1, 2f) SP O US - 18.76 27.14 - 16.15 1.0 1,760 3 US 0.54 0.76 A 0.70 24.7 150 - 9/05 0.17 7.17 12.0 LL

ACS Affiliated Computer Services (2f) SO N US 70.00 53.46 61.23 - 45.81 - 6,761 6 US 2.61 3.12 A 3.40 17.1 104 - 9/05 0.81 22.45 14.7 TT

ADS Alliance Data Systems Corp. (2f) SO N US 53.00 39.79 48.54 - 33.01 - 3,317 c US 1.54 1.95 2.20 20.4 - - 9/05 0.46 11.51 14.7 TT

ARP American Reprographics Company (2a, 2b, 2d, 2f) SP N US - 16.99 18.40 - 13.00 - 746 US 0.54 0.84 1.00 20.2 123 - 9/05 0.20 NM 40.0 TT

RMK ARAMARK Corporation SP N US 30.00 26.74 28.67 - 21.18 0.8 4,913 9 US 1.39 1.54 1.75 17.4 106 - 9/05 0.51 6.84 25.2 TT

AACC Asset Acceptance Capital Corp. (1, 2f) SP O US - 29.20 31.20 - 16.50 - 1,088 US 1.31 1.75 1.95 16.7 102 - 9/05 0.45 6.15 35.2 LL

ADP Automatic Data Processing SP N US - 42.21 46.31 - 39.79 1.5 24,844 6 US 1.56 1.79 A 1.84 23.6 144 - 9/05 0.36 9.83 18.3 TT

POS Catalina Marketing Corporation SP N US - 22.71 31.00 - 22.22 1.2 1,155 3 US 1.06 1.26 A 1.25 18.0 110 - 9/05 0.32 3.32 31.3 LL

CPS ChoicePoint (2f) SO N US 50.00 42.71 47.95 - 36.35 - 3,853 US 1.63 1.75 2.00 24.4 149 - 9/05 0.44 11.84 17.1 TT

CTAS Cintas Corporation (1) SO O US 50.00 40.26 46.87 - 37.51 0.8 6,777 5 US 1.58 E 1.74 A 1.95 23.1 141 - 11/05 0.45 12.43 14.3 TT

EFX Equifax (2f) SP N US - 34.90 38.07 - 25.15 0.4 4,631 US 1.62 1.83 1.95 19.1 116 - 9/05 0.46 4.69 41.2 TT

HHS Harte-Hanks, Inc. (2f) SU N US - 26.00 31.47 - 24.13 0.7 2,245 US 1.11 1.34 1.52 19.4 118 - 9/05 0.34 6.88 18.8 LL

HEW Hewitt Associates Inc SU N US - 27.15 32.30 - 23.94 - 2,936 9 US 1.33 1.24 1.43 21.9 133 - 9/05 0.36 11.67 12.6 TT

IRM Iron Mountain Incorporated (2f) + SO N US 44.00 36.37 37.76 - 26.66 - 4,741 US 0.68 0.80 1.00 45.5 277 - 9/05 0.22 9.90 NM TT

JTX Jackson Hewitt Tax Service Inc. (2f) SO N US 32.00 23.80 27.24 - 17.65 1.3 900 4 US 0.90 1.39 A 1.50 17.1 104 - 10/05 (0.33) 9.59 14.4 LL

MAN Manpower SP N US - 43.36 49.95 - 38.06 0.8 3,881 US 2.43 2.73 3.10 15.9 97 - 9/05 0.84 22.79 18.0 TT

MMS MAXIMUS, Inc. (2f) SP N US - 36.64 38.85 - 26.35 1.1 792 9 US 1.77 1.80 2.08 20.4 124 - 9/05 0.48 17.99 10.0 TT

MINI Mobile Mini, Inc. (1, 2f) > SP O US - 42.62 46.58 - 24.35 - 652 US 1.40 2.05 2.35 20.8 127 - 9/05 0.54 15.49 14.4 TT

VTIV Ventiv Health Inc. (1, 2f) SO O US 30.00 26.93 27.47 - 15.66 - 751 US 1.18 1.27 1.45 21.2 129 - 9/05 0.24 6.99 21.4 TT

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 47

CONSUMER AND BUSINESS SERVICES - Business ServicesBusiness Services - Sector Weighting - Overweight THATCHER THOMPSON, New York (212) 667-8114 CANNON CARR, New York (212) 667-8129

LARRY LEE, New York (212) 667-7003CRISTA LEWIS, New York (212) 667-8196ADAM MEZAN, New York (212) 667-7116

12-18mo. Mkt. Rel.



Business Services

CVP Centerplate Inc SP A US - 11.54 14.71 - 10.90 6.1 260 cd US 1.56 1.56 1.56 7.4 - - 9/05 0.39 1.68 NM TT

NCOG NCO Group, Inc. (1, 2f) > SP O US - 21.39 27.75 - 16.70 - 686 US 1.60 1.70 1.85 12.6 77 - 9/05 0.42 22.55 9.0 TT

ASGN On Assignment (1) SP O US - 8.62 8.66 - 3.99 - 219 US (0.34) (0.14) 0.12 - - - 9/05 0.00 2.81 NM TT

PAYX Paychex (1) SO O US 40.00 34.09 35.37 - 28.80 1.5 12,960 5 US 0.80 0.97 A 1.15 35.1 214 - 8/05 0.28 3.65 42.0 TT

PRGX PRG-Schultz International, Inc (1, 2a, 2d, 2f) > SP O US - 3.03 6.13 - 2.58 - 189 US (1.26) (0.23) 0.01 - - - 9/05 (0.06) 1.60 3.6 TT

RECN Resources Global Professionals (1, 2f) SO O US 38.00 30.83 31.21 - 17.40 - 1,558 5 US 0.50 1.11 1.28 27.8 169 - 8/05 0.28 4.91 31.1 TT

RHI Robert Half International SO N US 36.00 35.70 35.96 - 23.95 1.0 6,154 US 0.79 1.27 1.45 28.1 171 - 9/05 0.33 5.09 25.5 TT

SFN Spherion SU N US - 7.31 8.50 - 5.00 - 454 US 0.21 0.25 0.40 29.2 178 - 9/05 0.05 7.15 18.0 TT

TALX Talx Corp. (1, 2f) SP O US - 32.73 41.35 - 14.48 0.5 729 3 US 0.59 0.86 A 1.32 38.1 232 - 9/05 0.30 7.17 15.8 TT

ABCO The Advisory Board Company (1, 2f) SO O US 60.00 50.60 53.91 - 29.88 - 972 3 US 1.06 1.27 A 1.46 39.8 243 - 9/05 0.34 7.62 20.4 TT

EXBD The Corporate Executive Board (1) SO O US 95.00 78.18 82.42 - 57.26 0.5 3,234 US 1.43 1.80 2.15 43.4 265 - 9/05 0.46 9.34 17.2 TT

WW Watson Wyatt & Company (2a, 2d, 2f, C3) SU N US - 26.85 28.73 - 24.70 1.1 884 6 US 1.52 1.65 1.74 16.3 99 - 9/05 0.34 7.11 22.0 TT

WSTC West Corporation (1, 2f) SP O US - 37.33 41.98 - 28.12 - 2,652 US 1.63 2.05 2.30 18.2 111 - 9/05 0.52 12.22 18.6 LL

IT Services

TWW Terremark Worldwide, Inc. (2a, 2b, 2d, 2f) SP A US - 4.76 8.40 - 3.97 - 1,971 3 US - (0.02) 0.03 - - - 9/05 0.00 NM NM CC

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5




cd:Cash Distribution, dcf:Distributable Cash Flow per Unit, dip:Distributable Income per Unit, EBITDA:Earnings before Interest, Taxes & Depreciation, eda_nps:EBITDA_ Not per Share ($MM)



Page 48

CONSUMER AND BUSINESS SERVICES - Consumer and Household ProductsConsumer and Household Products - Sector Weighting - Market Weight JOSEPH ALTOBELLO, New York (212) 667-8085

12-18mo. Mkt. Rel.



Household Products

CENT Central Garden & Pet (1, 2f, 4a, 4b) + SO O US 57.00 45.11 55.59 - 29.62 - 884 9 US 1.99 2.50 3.00 18.0 110 - 9/05 0.31 27.28 10.0 JA

CHD Church & Dwight (2f) SP N US - 36.95 39.62 - 26.85 0.6 2,284 US 1.36 1.84 2.10 20.1 122 - 9/05 0.40 10.42 19.6 JA

CLX Clorox SU N US - 55.17 66.04 - 52.40 2.0 8,551 6 US 2.56 2.88 A 3.05 19.2 117 - 9/05 0.68 NM 36.8 JA

CL Colgate-Palmolive SP N US - 51.98 55.43 - 42.89 2.2 27,030 US 2.42 2.65 2.93 19.6 120 - 9/05 0.67 NM NM JA

G Gillette NR N US - 55.22 55.48 - 39.10 1.2 58,406 US 1.68 1.90 2.15 29.1 177 - 9/05 0.52 2.25 48.0 JA

JAH Jarden Corporation (2a, 2d, 2f, 4a, 4b) SO N US 44.00 39.50 41.78 - 22.01 - 2,765 US 1.51 2.18 2.62 18.1 110 - 9/05 0.63 8.36 29.9 JA

NWL Newell Rubbermaid SP N US - 22.19 25.69 - 19.05 3.8 6,102 US 1.39 1.47 1.52 15.1 92 - 9/05 0.35 6.20 18.7 JA

PG Procter & Gamble SP N US - 57.10 57.40 - 50.53 2.0 142,435 6 US 2.32 2.53 A 2.80 22.6 138 - 9/05 0.75 6.91 42.5 JA

TPX Tempur-Pedic International (2f) SP N US 14.00 11.95 25.00 - 10.90 - 1,231 US 0.82 1.02 1.14 11.7 71 - 9/05 0.22 2.29 45.0 JA

SMG The Scotts Miracle-Gro Company SP N US - 84.75 84.99 - 61.50 1.2 2,627 9 US 4.06 4.30 5.15 19.7 120 - 9/05 (0.15) 20.06 16.3 JA

SPC ST. Paul Travelers SU N US 28.00 23.90 46.11 - 23.34 - 1,212 9 US 1.83 2.10 2.55 11.4 69 - 9/05 0.13 16.35 NM JA

Personal Care & Cosmetics

RDEN Elizabeth Arden (1) SP O US - 21.61 26.50 - 20.22 - 629 6 US 1.01 1.30 A 1.42 16.6 101 - 9/05 0.03 8.91 16.7 JA

PBH Prestige Brands Holdings, Inc. SO N US 17.00 12.31 21.15 - 10.10 - 616 3 US - 0.82 A 0.80 15.0 91 - 9/05 0.20 NM 10.0 JA

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 49

CONSUMER AND BUSINESS SERVICES - Gaming, Lodging & LeisureGaming, Lodging & Leisure - Sector Weighting - Market Weight WILLIAM SCHMITT, New York (212) 667-8183

DAVID KATZ, New York (212) 667-8161JOHN ALTERIO, New York (212) 667-8186

12-18mo. Mkt. Rel.



Gaming

AGI Alliance Gaming (2f) SO N US 13.00 11.06 15.80 - 8.83 - 565 6 US 1.01 E 0.00 0.29 - - - 9/05 (0.05) 3.48 NM WS

ASCA Ameristar Casinos (1) SU O US 26.00 22.24 30.31 - 14.43 1.0 1,236 US 1.12 1.28 1.51 17.4 106 - 9/05 0.31 6.47 20.4 WS

AGY Argosy Gaming Company NR N US - 46.93 46.97 - 37.08 - 1,389 US 2.51 2.99 - 15.7 96 - 9/05 0.82 14.10 37.2 WS

AZR Aztar Corporation SU N US 28.00 31.34 35.67 - 25.99 - 1,091 US 1.21 1.35 1.87 23.2 141 - 9/05 0.49 17.33 10.4 WS

BYD Boyd Gaming Corporation (2f, 4a, 4b) SO N US 60.00 42.47 59.25 - 26.71 1.1 3,753 US 1.44 2.26 2.72 18.8 114 - 9/05 0.56 11.18 10.2 WS

CHDN Churchill Downs Inc. (1) SP O US 46.00 34.76 48.40 - 32.91 1.1 449 US 0.82 0.67 1.58 51.9 316 - 9/05 0.21 19.33 10.2 WS

GTK GTECH Holdings Corporation SP N US 35.00 32.49 35.00 - 22.29 1.0 3,762 2 US 1.39 1.44 A 1.67 22.6 137 - 11/05 0.37 7.38 12.2 WS

HET Harrah's Entertainment, Inc. (2a, 2d, 2f) SO N US 85.00 64.89 79.69 - 51.48 2.0 7,393 US 3.26 3.62 4.66 17.9 109 - 9/05 1.06 19.03 19.2 WS

IGT International Game Tech. SU N US 25.00 27.12 37.12 - 24.20 1.8 9,309 9 US 1.34 1.25 1.24 21.7 132 - 9/05 0.30 6.01 18.8 WS

ISLE Isle of Capri, Inc. (1, 2f, 4a, 4b) SP O US 34.00 21.86 31.39 - 18.94 - 734 4 US 1.43 0.83 A 0.91 26.3 160 - 10/05 0.04 7.79 NM WS

KZL Kerzner International Ltd SO N US 71.00 55.83 67.21 - 43.04 - 2,027 US 2.55 2.91 3.21 19.2 117 - 9/05 0.28 30.75 6.0 WS

MGM MGM Mirage (2a, 2d, 2f) SP N US 47.00 43.60 46.77 - 23.49 - 12,508 US 1.24 1.75 2.26 24.9 152 - 9/05 0.46 11.07 6.4 WS

MNTG MTR Gaming (1) SP O US 12.00 8.13 13.07 - 7.63 - 233 US 0.50 0.45 0.59 18.1 110 - 9/05 0.19 4.47 23.0 WS

MGAM Multimedia Games Inc. (1) SP O US 11.00 9.78 16.11 - 6.52 - 285 9 US 1.03 0.63 0.41 15.5 95 - 9/05 0.12 5.41 10.9 DK

PENN Penn National Gaming (1) SP O US 38.00 31.36 38.75 - 19.02 - 2,600 US 1.05 1.78 2.28 17.6 107 - 9/05 0.60 5.20 24.9 WS

PNK Pinnacle Entertainment (2a, 2d) SP N US 24.00 18.64 25.67 - 12.96 - 755 US 0.04 0.52 0.70 35.8 218 - 9/05 0.15 10.13 NM WS

STN Station Casinos Inc. SP N US 74.00 65.44 75.07 - 46.15 1.1 4,438 US 2.07 2.55 2.87 25.7 156 - 9/05 0.59 8.48 7.9 WS

WMS WMS Industries, Inc. (2f) SO N US 35.00 27.97 35.19 - 23.53 - 876 6 US (0.02) 0.68 A 1.06 41.1 251 - 9/05 0.21 9.11 17.8 WS

WYNN Wynn Resorts, Limited (1) + SO O US 69.00 44.51 76.45 - 42.32 - 4,428 US - 0.52 1.31 85.6 521 - 9/05 0.21 16.24 NM WS

Lodging

CHH Choice Hotels International, Inc. SP N US 68.00 61.98 67.91 - 47.35 1.4 2,064 US - 2.48 2.81 25.0 152 - 9/05 0.84 NM NM DK

FHR Fairmont Hotels & Resorts Inc. (2g) SP N US 32.00 32.98 35.98 - 26.90 0.4 2,510 US 0.65 0.76 1.01 43.4 264 - 9/05 0.42 21.17 3.6 DK

FS Four Seasons Hotels & Resorts (9, 14) SO N US 76.00 57.87 84.50 - 54.66 0.1 2,205 US 1.14 1.57 2.26 36.9 225 - 9/05 0.49 15.37 8.1 DK

GET Gaylord Entertainment Co. (2a, 2d, 2f) SO N US 53.00 46.43 48.97 - 30.41 - 1,857 US (0.66) (0.30) 0.17 - - - 9/05 (0.11) 21.74 NM DK

HLT Hilton Hotels SO N US 29.00 22.06 25.81 - 18.03 0.7 9,177 US 0.60 0.81 1.03 27.2 166 - 9/05 0.19 6.25 11.1 DK

LQI La Quinta Corporation (2a, 2d, 2f) SO N US 13.00 8.25 9.70 - 7.44 - 1,565 US (0.18) 0.00 0.12 - - - 9/05 0.05 8.43 NM DK

MAR Marriott International SP N US 73.00 61.39 70.78 - 49.46 0.6 14,396 US 2.48 3.05 3.40 20.1 123 - 9/05 0.66 16.63 14.0 DK

HOT Starwood Hotels and Resorts SO N US 70.00 55.89 64.36 - 45.36 1.4 12,079 US 1.62 2.21 2.82 25.3 154 - 9/05 0.53 NM 10.0 DK

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 50

CONSUMER AND BUSINESS SERVICES - Gaming, Lodging & LeisureGaming, Lodging & Leisure - Sector Weighting - Market Weight WILLIAM SCHMITT, New York (212) 667-8183

DAVID KATZ, New York (212) 667-8161JOHN ALTERIO, New York (212) 667-8186

12-18mo. Mkt. Rel.



Leisure

CCL Carnival Corporation SO N US 65.00 49.59 58.98 - 46.76 1.6 42,003 11 US 2.24 2.72 3.21 18.2 111 - 11/05 0.42 18.96 15.9 DK

RCL Royal Caribbean Cruises, Ltd. SP N US 50.00 43.49 55.47 - 40.72 1.2 10,264 US 2.26 2.67 3.19 16.3 99 - 9/05 1.40 21.61 12.0 DK

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 51

CONSUMER AND BUSINESS SERVICES - Hardline RetailingHardline Retailing - Sector Weighting - Market Weight DAN WEWER, Atlanta (404) 238-9573

VIVIAN MA, New York (212) 667-7785SUJATA SHEKAR, New York (212) 667-6647

12-18mo. Mkt. Rel.



Consumer Electronics

BBY Best Buy Co. + SO N US 50.00 43.77 53.17 - 31.93 0.7 22,279 2 US 1.75 2.13 2.48 20.5 125 - 8/05 0.37 9.48 22.8 DW

CC Circuit City Group SP N US - 16.71 18.71 - 13.40 0.4 3,038 2 US 0.31 0.67 0.86 24.9 152 - 11/05 0.04 10.53 NM DW

RSH RadioShack Corp. SP N US - 24.76 34.48 - 22.81 1.0 3,820 US 2.08 1.80 1.94 13.8 84 - 9/05 0.34 5.98 40.0 DW

Home Centers

HD Home Depot + SO N US 49.00 38.39 44.30 - 34.56 1.0 83,383 1 US 2.26 2.63 3.01 14.6 89 - 10/05 0.68 10.97 21.9 DW

LOW Lowe's Companies SO N US 70.00 64.50 68.95 - 50.72 0.4 51,794 1 US 2.71 3.35 3.98 19.3 117 - 10/05 0.77 16.30 20.6 DW

Pet Food and Supplies

PETC Petco Animal Supplies Inc. (1, 2f) SP O US - 21.20 39.91 - 20.80 - 1,240 1 US 1.44 1.36 1.46 15.6 95 - 10/05 0.26 3.02 NM VM

PETM PetSmart (1) SP O US - 21.34 36.24 - 21.31 0.4 3,146 1 US 1.14 1.25 1.48 17.1 104 - 10/05 0.21 6.62 19.2 VM

TSCO Tractor Supply Company (1) SP O US - 48.68 58.64 - 30.24 - 1,996 US 1.62 1.96 2.37 24.8 151 - 9/05 0.40 10.24 17.8 VM

Sporting Goods

HIBB Hibbett Sporting Goods, Inc. (1) SO O US 44.00 22.39 27.68 - 12.87 - 524 1 US 1.06 1.42 1.70 15.8 96 - 10/05 0.34 6.19 21.6 DW

Value Retailing

NDN 99 Cents Only Stores SP N US - 9.40 16.85 - 9.07 - 656 US 0.39 0.33 0.35 28.5 174 - 9/05 0.07 7.00 6.0 DW

DG Dollar General SP N US - 18.35 22.80 - 18.10 0.9 5,988 1 US 1.02 1.16 1.32 15.8 96 - 10/05 0.21 5.05 21.5 DW

DLTR Dollar Tree Stores (1) SP O US - 21.89 30.29 - 21.60 - 2,382 1 US 1.56 1.58 1.69 13.9 84 - 10/05 0.29 10.08 15.6 DW

FDO Family Dollar Stores SP N US - 19.72 35.25 - 19.43 1.9 3,296 8 US 1.50 1.29 1.42 15.3 93 - 8/05 0.17 8.46 16.6 DW

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 52

CONSUMER AND BUSINESS SERVICES - InternetInternet - Sector Weighting - Market Weight PAUL KEUNG, New York (212) 667-7789

APURVA SHAH, New York (212) 667-8250

12-18mo. Mkt. Rel.



Internet

FLWS 1-800-FLOWERS.COM (1, 2f, 3a, 3b) SP O US - 6.85 8.95 - 6.45 - 468 6 US 0.31 0.12 A 0.20 57.1 348 - 9/05 (0.09) 2.73 NM PK

AMZN Amazon.com (1) SP O US 42.00 43.16 46.97 - 30.60 - 18,343 US 0.93 0.66 1.00 65.4 398 - 9/05 0.11 NM NM PK

BDAY Celebrate Express, Inc. (1, 2a, 2b, 2d) SO O US 23.00 14.47 22.75 - 10.90 - 116 5 US 0.08 0.35 A 0.57 41.3 252 - 8/05 0.05 6.00 9.0 PB

CNET CNET Networks, Inc. (1) SO O US - 13.30 14.24 - 8.04 - 2,026 US 0.08 0.24 0.39 55.4 338 - 9/05 0.04 1.39 15.3 PK

EBAY eBay Inc. (1) SP O US 43.00 39.11 59.21 - 30.78 - 54,128 US 0.61 0.84 1.06 46.6 284 - 9/05 0.20 4.86 13.3 PK

EXPE Expedia, Inc. (1) SO O US 28.00 19.92 27.50 - 18.61 - 7,241 US 0.37 0.58 0.63 34.3 209 - 9/05 0.17 23.11 5.0 PK

GOOG Google Inc. (1, 2f) SO O US 345.00 313.94 320.95 - 117.80 - 90,101 US 2.50 5.57 7.83 56.4 343 - 9/05 1.29 13.78 37.1 PK

GSIC GSI Commerce Inc. (1, 2f) SO O US 20.00 19.82 20.13 - 8.48 - 815 US 0.01 0.35 0.70 56.6 345 - 9/05 (0.05) 2.68 NM PK

INSP InfoSpace, Inc. (1) SP O US 27.00 22.60 57.92 - 21.90 - 829 US 1.38 1.28 1.00 17.7 108 - 9/05 0.20 18.22 10.8 PK

IACI InterActiveCorp (1, 2f) SO O US 30.00 25.36 57.82 - 23.49 - 19,299 c US 0.79 1.08 1.33 23.5 - - 9/05 0.23 19.19 2.5 PK

OSTK Overstock.com (1) SU O US - 40.31 77.18 - 33.62 - 794 US (0.29) (0.53) (0.21) - - - 9/05 (0.53) 5.17 NM PK

PCLN Priceline.com Incorporated (1) SP O US - 18.87 27.08 - 18.77 - 764 US 0.96 1.28 1.42 14.7 90 - 9/05 0.37 4.92 17.0 PK

PRVD Provide Commerce, Inc. (1) SP O US - 25.06 38.75 - 16.68 - 346 6 US 0.64 0.81 A 0.99 30.9 188 - 9/05 (0.02) 4.90 15.0 PK

YHOO Yahoo! Inc. (1) SP O US 40.00 32.48 39.79 - 30.30 - 48,200 US 0.36 0.58 0.78 56.0 341 - 9/05 0.14 4.86 10.4 PK

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 53

CONSUMER AND BUSINESS SERVICES - Travel ServicesTravel Services - Sector Weighting - Market Weight PAUL KEUNG, New York (212) 667-7789

APURVA SHAH, New York (212) 667-8250

12-18mo. Mkt. Rel.



Travel Services

CD Cendant Corporation (2f) SO N US 28.00 20.38 23.58 - 19.04 2.2 21,990 US 1.71 1.39 1.71 14.7 89 - 9/05 0.46 11.77 12.1 PK

LNET LodgeNet Entertainment (1, 2f, 4a, 4b) > SP O US - 14.08 19.75 - 13.10 - 248 US (1.36) (0.34) 0.29 - - - 9/05 0.03 NM NM PK

FLYR Navigant International (1) SP O US - 12.50 18.00 - 10.25 - 252 US 1.16 1.10 1.18 11.4 69 - 9/05 0.29 11.61 6.0 PK

PEGS Pegasus Solutions, Inc. (1) SU O US - 8.95 12.98 - 8.75 - 195 US 0.51 0.45 0.51 19.9 121 - 9/05 0.17 8.59 5.0 PK

TSG Sabre Holdings Corporation (2f) SO N US 25.00 19.47 25.81 - 18.26 1.9 2,551 US 1.47 1.54 1.65 12.6 77 - 9/05 0.43 12.98 10.0 PK

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 54

CONSUMER AND BUSINESS SERVICES - RestaurantsRestaurants - Sector Weighting - Market Weight JOHN GLASS, Boston (617) 428-5960

JEFFREY FARMER, Boston (617) 428-5993JON TOWER, Boston (617) 428-5932

12-18mo. Mkt. Rel.



Restaurants

AFCE AFC Enterprises, Inc. (1) SU O US - 11.42 28.82 - 10.95 33.8 321 US 0.87 0.28 0.75 40.8 248 - 9/05 - 4.25 NM JG

APPB Applebee's International, Inc. (1, 2f) SO O US 28.00 20.68 29.19 - 19.95 0.2 1,675 US 1.31 1.37 1.63 15.1 92 - 9/05 0.33 6.43 22.6 JG

EAT Brinker International, Inc. SP N US 46.00 37.24 42.40 - 30.57 1.1 3,597 6 US 2.15 2.12 A 2.13 17.6 107 - 9/05 0.41 9.15 12.0 JG

CPKI California Pizza Kitchen, Inc. (1) SP O US 34.00 29.94 33.18 - 20.64 - 572 US 1.07 1.20 1.33 25.0 152 - 9/05 0.33 8.37 10.5 JG

DRI Darden Restaurants, Inc. SP N US 35.00 30.35 34.98 - 22.35 1.3 4,686 5 US 1.50 1.78 A 2.01 17.1 104 - 11/05 0.30 8.24 19.5 JG

KKD Krispy Kreme Doughnuts, Inc. (2f) SU N US - 6.36 13.57 - 5.05 - 393 1 US 0.34 E 0.14 0.29 45.4 277 - 10/05 - 7.12 11.0 JG

MCD McDonald's Corporation + SO N US 38.00 33.01 35.03 - 27.31 2.0 41,593 US 1.93 2.02 2.14 16.3 100 - 9/05 0.55 10.29 16.3 JG

OSI Outback Steakhouse, Inc. SO N US 54.00 39.42 47.75 - 37.40 1.1 2,913 US 2.04 2.38 2.85 16.6 101 - 9/05 0.50 15.25 15.0 JG

PFCB P.F. Chang's China Bistro, Inc (1) SO O US 63.00 45.14 65.12 - 43.31 - 1,180 US 1.27 1.45 1.80 31.1 190 - 9/05 0.32 9.38 14.6 JG

PNRA Panera Bread Company (1) SP O US 60.00 52.08 66.49 - 34.12 - 1,573 US 1.25 1.59 1.93 32.8 200 - 9/05 0.35 6.89 17.4 JG

SONC Sonic Corporation (1) SO O US 38.00 28.50 36.04 - 24.12 - 1,714 8 US 1.02 1.22 1.31 23.4 142 - 8/05 0.40 5.57 21.0 JG

RUTH Ruth's Chris Steak House, Inc. (1, 2a, 2b, 2d) SO O US 23.00 17.29 23.06 - 16.59 - 387 US - 0.73 0.86 23.7 144 - 9/05 0.08 NM NM JG

SBUX Starbucks Corporation (1) SO O US 65.00 48.55 64.26 - 44.18 - 19,250 9 US 0.95 1.20 1.47 40.5 246 - 9/05 0.30 5.67 15.5 JG

CAKE The Cheesecake Factory (1) SO O US 39.00 31.41 37.36 - 27.58 - 2,436 US 0.87 1.11 1.32 28.3 172 - 9/05 0.28 5.58 14.0 JG

WEN Wendy's Int'l Inc. (2f) SP N US 54.00 45.36 53.62 - 31.74 1.2 5,170 US 2.12 2.17 2.45 20.9 127 - 9/05 0.60 16.51 14.7 JG

YUM Yum! Brands, Inc. SP N US 55.00 48.11 53.79 - 40.03 0.9 13,979 US 2.36 2.60 2.89 18.5 113 - 9/05 0.71 4.47 NM JG

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 55

CONSUMER AND BUSINESS SERVICES - Specialty Retailing SoftlinesSpeciality Retailing Softlines - Sector Weighting - Market Weight DOROTHY LAKNER, New York (212) 667-7255

ROXANNE MEYER, New York (212) 667-7945

12-18mo. Mkt. Rel.



Youth Lifestyle

ANF Abercrombie & Fitch Co. SP N US - 47.06 74.10 - 30.80 1.2 4,593 1 US 2.49 3.30 3.92 14.3 87 - 10/05 0.78 7.06 25.0 DL

AEOS American Eagle Outfitters (1, 2f, 3a, 3b) + SO O US 35.00 23.42 34.04 - 17.39 1.4 3,656 1 US 1.49 1.96 2.30 11.9 73 - 10/05 0.44 7.28 27.9 DL

FOSL Fossil, Inc. (1) SP O US - 18.65 32.37 - 18.50 - 1,378 US 1.22 1.07 1.51 17.4 106 - 9/05 0.28 7.33 18.0 DL

GES Guess? Inc. SU N US - 20.64 25.67 - 11.58 - 923 US 0.66 1.05 1.20 19.7 120 - 9/05 0.36 5.17 14.3 DL

PSUN Pacific Sunwear of California (1) SP O US - 22.25 29.05 - 20.33 - 1,689 1 US 1.38 1.65 1.90 13.5 82 - 10/05 0.51 6.51 26.4 DL

ZQK Quiksilver Inc (2f) + SO N US 20.00 14.40 18.12 - 12.35 - 1,790 10 US 0.68 0.86 1.00 16.7 102 - 10/05 0.27 5.62 15.7 DL

SKX Skechers U.S.A., Inc. (2f) SP N US - 16.43 18.19 - 10.60 - 660 US 0.59 0.98 1.09 16.8 102 - 9/05 0.28 7.63 8.6 DL

Men's/Women's Fashion

ANN Ann Taylor Stores SP N US - 26.72 28.75 - 19.98 - 1,937 1 US 0.98 1.16 1.48 23.0 140 - 10/05 0.42 13.61 8.2 DL

CHRS Charming Shoppes (1) SU O US - 10.98 12.34 - 6.99 - 1,501 1 US 0.53 0.74 0.83 14.8 90 - 10/05 0.08 5.66 10.2 DL

CHS Chico's FAS Inc. SO N US 46.00 36.01 41.67 - 17.02 - 6,572 1 US 0.80 1.06 1.38 34.0 207 - 10/05 0.27 3.74 28.6 RM

CBK Christopher & Banks Corporation SP N US - 14.19 21.17 - 13.74 1.1 514 2 US 0.73 0.81 1.02 17.5 107 - 8/05 - 4.90 16.9 RM

CTRN Citi Trends, Inc. (1, 2a, 2b, 2d, 2f) SP O US - 23.01 30.00 - 14.00 - 331 1 US 0.54 0.83 0.95 27.7 169 - 10/05 - 4.80 30.7 DL

CWTR Coldwater Creek Inc. (1) + SO O US 34.00 26.04 31.47 - 12.79 - 1,637 1 US 0.48 0.70 0.99 37.2 227 - 10/05 - 3.46 16.8 RM

GPS Gap (5a) SO N US 25.00 17.15 23.75 - 16.70 1.0 15,521 1 US 1.20 1.32 1.52 13.0 79 - 10/05 0.26 5.94 23.8 DL

JILL J. Jill Group (1) SU O US 13.00 16.39 20.20 - 11.50 - 329 US 0.42 0.24 0.50 68.3 416 - 9/05 (0.03) 8.04 0.6 RM

LTD Limited Brands SP N US - 20.19 27.89 - 18.95 2.7 8,318 1 US 1.47 1.37 1.56 14.7 90 - 10/05 0.00 5.36 17.6 DL

JWN Nordstrom SP N US - 34.15 37.96 - 18.84 1.1 9,535 1 US 1.40 1.86 2.06 18.4 112 - 10/05 0.33 10.42 21.2 DL

TLB Talbots SO N US 38.00 29.12 35.34 - 24.11 1.6 1,572 1 US 1.71 1.89 2.09 15.4 94 - 10/05 0.52 11.12 16.0 DL

TJX The TJX Companies, Inc. SP N US - 20.43 25.96 - 20.10 1.1 10,025 1 US 1.38 1.44 1.69 14.2 86 - 10/05 0.44 3.07 42.6 DL

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 56

CONSUMER AND BUSINESS SERVICES - Specialty Retailing SoftlinesSpeciality Retailing Softlines - Sector Weighting - Market Weight DOROTHY LAKNER, New York (212) 667-7255

ROXANNE MEYER, New York (212) 667-7945

12-18mo. Mkt. Rel.



Children's Fashion

PLCE Children's Place (1) SU O US - 36.63 52.94 - 22.00 - 1,048 1 US 1.67 2.26 2.85 16.2 99 - 10/05 0.88 11.48 15.3 DL

GYMB Gymboree (1) SO O US 20.00 13.89 17.74 - 10.87 - 438 1 US 0.54 0.60 0.85 23.2 141 - 10/05 0.22 7.05 8.2 DL

Luxury Goods

ODMO Odimo Incorporated (1, 2a, 2b, 2d, 2f) SU O US - 1.54 9.40 - 1.26 - 11 US (1.75) (1.42) (0.76) - - - 9/05 (0.41) 4.04 NM DL

TIF Tiffany & Co. (3a, 3b) SO N US 43.00 38.61 39.35 - 27.89 0.9 5,595 1 US 1.37 1.66 1.85 23.3 142 - 10/05 0.14 11.69 12.8 DL

Footwear

DSW DSW, Inc. (2a, 2b, 2d, 2f) SO N US 30.00 22.91 27.50 - 21.59 - 1,008 1 US 0.80 1.01 1.20 22.7 138 - 10/05 0.27 6.45 NM DL

FINL Finish Line (1) SO O US 20.00 14.21 23.39 - 13.29 0.7 709 2 US 0.97 1.24 A 1.18 11.5 70 - 11/05 (0.02) 8.03 13.2 DL

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 57

CONSUMER PRODUCTS - MerchandisingMerchandising - Sector Weighting - Market Weight PERRY CAICCO, Toronto (416) 594-7279

KATHLEEN WONG, Toronto (416) 956-6054RICHARD PITICCO, Toronto (416) 956-6108

12-18mo. Mkt. Rel.



Food Companies

ABS Albertsons Inc. SO N US 30.00 25.49 26.51 - 19.26 3.3 9,457 1 US 1.32 1.33 1.42 19.2 117 - 10/05 - 14.61 9.7 PC

KR Kroger Co. SO N US 25.00 20.42 20.88 - 14.65 - 14,717 2 US 1.03 1.34 1.58 15.2 93 - 8/05 - 5.41 28.3 PC

SWY Safeway Inc. SO N US 28.00 25.15 25.60 - 17.26 0.8 11,255 US 1.33 1.54 1.75 16.3 99 - 9/05 0.38 10.19 16.1 PC

Consumer Products

COT Cott Corporation (2f, 7) SU N US 18.00 18.04 29.23 - 17.08 - 1,270 US 1.12 0.92 1.03 19.6 119 - 9/05 0.32 6.90 15.3 RP

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 58

CHEMICALS & FERTILIZERS - Chemicals & FertilizersChemicals & Fertilizers - Sector Weighting - Market Weight JACOB BOUT, Toronto (416) 956-6766

STEPHEN BONNYMAN, Toronto (416) 594-7284

12-18mo. Mkt. Rel.



Chemicals

MEOH Methanex Corporation (1, 2f, 2g) SP O US 18.00 14.70 20.21 - 13.84 2.9 1,748 US 1.93 1.93 2.12 7.6 46 - 9/05 0.30 8.50 NM JB

Fertilizers

AGU Agrium Inc. (2g, 7) SP N US 25.00 21.89 24.53 - 14.36 0.5 2,889 US 1.54 2.17 1.77 10.1 61 - 9/05 0.48 8.17 NM JB

POT Potash Corporation (2f, 7) SP N US 115.00 97.48 115.15 - 59.52 0.6 10,586 US 2.44 5.14 6.20 19.0 116 - 9/05 1.28 22.26 6.4 JB

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 59

MINING - Metals & MineralsMetals & Minerals - Sector Weighting - Market Weight STEPHEN BONNYMAN, Toronto (416) 594-7284

JACOB BOUT, Toronto (416) 956-6766

12-18mo. Mkt. Rel.



Aluminium

AL Alcan Inc. (2a, 2e, 2f, 7) + SO N US 42.00 31.59 52.65 - 28.75 1.8 11,695 US 2.43 2.45 3.08 12.9 79 - 9/05 0.54 26.93 10.1 SB

AA Alcoa Inc. SO N US 34.50 24.01 34.99 - 23.81 2.3 20,942 US 1.51 1.64 2.11 14.6 89 - 9/05 0.30 15.25 NM SB

NVL Novelis Inc. (2a, 2d, 2f, 7) SP N US 24.00 21.38 28.78 - 20.75 1.5 1,580 US 1.27 1.31 1.84 16.3 99 - 9/05 0.34 5.29 NM SB

Base Metals

N Inco Ltd. (7) SP N US 46.00 46.17 47.15 - 31.67 0.9 8,726 US 4.14 3.51 3.73 13.2 80 - 9/05 0.59 23.58 21.0 SB

FAL Falconbridge Limited (2g, 7) SP N US 26.50 26.43 27.49 - 15.42 1.6 9,673 US 1.67 2.74 2.95 9.6 59 - 9/05 0.85 12.49 NM SB

PD Phelps Dodge Corp. SP N US 120.00 125.15 127.37 - 78.20 1.3 12,653 US 11.05 16.66 10.26 7.5 46 - 9/05 4.05 53.38 NM SB

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 60

MINING - Metals & MineralsMetals & Minerals - Sector Weighting - Market Weight STEPHEN BONNYMAN, Toronto (416) 594-7284

JACOB BOUT, Toronto (416) 956-6766TERRY TSUI, Toronto (416) 956-3287

12-18mo. Mkt. Rel.



International Mining

CCO Cameco Corporation (2g, 7) SP T C 64.00 61.95 64.95 - 31.50 0.4 9,118 C 1.04 1.42 2.47 43.6 - - 9/05 0.52 12.86 NM SB

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 61

MINING - Precious MetalsPrecious Metals - Sector Weighting - Overweight BARRY COOPER, Toronto (416) 956-6787

MICHAEL VINT, Toronto (416) 595-7283TERRY TSUI, Toronto (416) 956-3287

12-18mo. Mkt. Rel.



Gold Companies

AEM Agnico-Eagle Mines Limited SP N US 15.00 14.63 16.73 - 10.80 0.2 1,261 US 0.50 0.31 0.30 47.2 288 - 9/05 0.04 5.76 NM BC

AU AngloGold Ashanti Limited SU N US 38.00 42.20 44.13 - 30.50 1.5 11,164 US 0.63 0.64 1.30 65.9 402 - 9/05 0.13 11.54 5.9 BC

ABX Barrick Gold Corporation (7, 8) + SO N US 32.00 28.40 29.96 - 19.90 0.9 15,194 US 0.17 0.52 0.72 54.6 333 - 9/05 0.16 6.79 7.3 BC

BGO Bema Gold Corporation (2a, 2c, 2e, 2g) SO A US 3.60 2.66 3.87 - 1.70 - 1,067 US (0.12) (0.08) 0.02 - - - 9/05 (0.02) 0.79 NM BC

CBJ Cambior Inc. (2a, 2c, 2e) SU A US 2.00 2.11 3.23 - 1.51 - 579 US 0.00 0.00 0.03 - - - 9/05 (0.01) 1.37 NM BC

CG Centerra Gold Inc. (2a, 2e) SO T C 28.00 23.50 27.09 - 16.55 - 1,437 US 0.91 0.65 0.98 - - - 9/05 0.09 8.73 NM BC

CRJ Claude Resources Inc. SU T C 1.00 1.05 1.51 - 0.85 - 63 C (0.01) (0.09) (0.02) - - - 9/05 (0.03) 0.79 NM BC

DSM Desert Sun Mining Corp. (2a, 2c, 2e) > SO T C 2.75 2.10 2.61 - 1.24 - 151 C (0.07) (0.04) 0.17 - - - 9/05 (0.01) 0.96 NM BC

GLG Glamis Gold Ltd. SO N US 24.00 20.75 22.65 - 12.82 - 2,745 US 0.11 0.20 0.65 - - - 9/05 0.04 3.57 5.5 BC

GFI Gold Fields Ltd. SU N US 12.00 13.61 15.25 - 9.40 1.1 6,696 US 0.12 0.13 0.50 - - - 9/05 0.00 4.77 NM BC

GG Goldcorp Inc. SP N US 20.00 19.50 21.06 - 12.04 1.1 6,513 US 0.47 0.56 0.69 34.8 212 - 9/05 0.14 8.41 19.3 BC

HRG High River Gold Mines Ltd (2a, 2c, 2e) SO T C 2.00 1.55 1.90 - 1.11 - 256 C 0.01 (0.01) 0.02 - - - 9/05 (0.01) 0.73 NM BC

IAG IAMGOLD Corporation SP A US 8.50 7.31 8.60 - 5.35 1.7 583 US 0.09 0.11 0.24 66.5 405 - 9/05 0.02 16.18 NM BC

KGC Kinross Gold Corporation SO N US 10.00 7.33 8.41 - 4.61 - 2,539 US 0.12 E 0.13 0.27 56.4 344 - 9/05 0.03 5.31 NM BC

MDG Meridian Gold Inc. SP N US 21.00 21.42 22.70 - 14.11 - 2,151 US 0.37 0.40 0.53 53.6 326 - 9/05 0.10 6.65 7.0 BC

NEM Newmont Mining Corporation SP N US 50.00 46.33 49.98 - 34.90 0.9 20,524 US 1.17 0.88 1.49 52.6 321 - 9/05 0.26 18.17 5.1 BC

NXG Northgate Minerals Corporation SU A US 1.00 1.27 2.20 - 0.92 - 255 C 0.15 0.06 0.15 - - - 9/05 0.06 0.79 7.8 BC

PDG Placer Dome Inc. (2a, 2b, 2c, 2e, 2f, 4a, 4b, 7) SP N US 18.00 16.85 23.67 - 12.10 0.6 7,355 US 0.38 0.22 0.29 76.6 467 - 9/05 0.05 7.28 7.0 BC

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 62

MINING - Precious MetalsPrecious Metals - Sector Weighting - Overweight BARRY COOPER, Toronto (416) 956-6787

MICHAEL VINT, Toronto (416) 595-7283TERRY TSUI, Toronto (416) 956-3287

12-18mo. Mkt. Rel.



Other Precious Metals

HL Hecla Mining Company (2g) SU N US 5.00 4.27 7.50 - 3.33 - 506 US 0.05 (0.01) 0.11 - - - 9/05 0.02 1.35 NM BC

PAAS Pan American Silver Corp. (1, 2g) SU O US 14.00 17.59 18.94 - 12.31 - 1,177 US 0.01 0.00 0.12 - - - 9/05 0.01 4.17 NM BC

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 63

INDUSTRIAL/CAPITAL GOODS - Aerospace/DefenseAerospace/Defense - Sector Weighting - Market Weight MYLES WALTON, Boston (617) 428-5967

EDWIN KELLER, Boston (617) 428-5961

12-18mo. Mkt. Rel.



Aerospace/Defense

CW Curtiss-Wright Corp SO N US 70.00 61.53 67.40 - 48.81 0.6 1,329 US 3.07 3.50 3.96 17.6 107 - 9/05 0.85 27.56 12.7 MW

DRS DRS Technologies Inc + SO N US 60.00 49.20 53.90 - 33.97 0.3 1,363 3 US 1.81 2.09 A 2.50 23.5 143 - 9/05 0.55 24.95 10.1 MW

EDO EDO Corporation SP N US 34.00 29.40 32.87 - 26.24 0.4 591 US 1.37 1.60 1.80 18.4 112 - 9/05 0.48 11.14 15.0 MW

GD General Dynamics Corporation + SO N US 130.00 118.60 120.77 - 96.25 1.4 23,815 US 5.97 7.15 7.86 16.6 101 - 9/05 1.78 37.73 18.6 MW

LLL L-3 Communications Holdings Inc SO N US 90.00 80.13 84.84 - 61.88 0.6 9,511 US 3.33 4.15 4.88 19.3 118 - 9/05 1.10 34.97 12.3 MW

LMT Lockheed Martin Corporation + SO N US 77.00 61.60 65.46 - 52.19 2.0 27,350 US 2.83 3.76 4.26 16.4 100 - 9/05 0.89 17.76 19.0 MW

NOC Northrop Grumman Corp. SP N US 61.00 53.67 58.18 - 49.54 1.8 19,273 US 3.06 3.91 4.25 13.7 84 - 9/05 0.94 46.95 6.8 MW

RTN Raytheon Company SP N US 44.00 37.28 41.89 - 34.84 2.2 16,858 US 1.55 2.00 2.50 18.6 114 - 9/05 0.49 23.30 6.9 MW

COL Rockwell Collins Inc SO N US 56.00 47.44 49.80 - 34.40 1.0 8,454 9 US 1.67 2.20 2.50 21.6 131 - 9/05 0.61 7.31 29.8 MW

BA The Boeing Company SP N US 72.00 66.55 68.38 - 48.10 1.5 54,990 US 2.24 2.83 3.10 23.5 143 - 9/05 0.96 13.89 17.3 MW

UTX United Technologies Corp SP N US 58.00 51.95 54.07 - 44.24 1.7 52,989 US 2.65 3.08 3.45 16.9 103 - 9/05 0.78 14.41 20.5 MW

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 64

INDUSTRIAL/CAPITAL GOODS - Industrial DiversifiedIndustrial Diversified - Sector Weighting - Market Weight ROBERT LAGAIPA, New York (212) 667-7062

12-18mo. Mkt. Rel.



Industrial Diversified

ATI Allegheny Technologies Inc. (2f) SO N US 34.00 30.57 31.38 - 14.22 0.8 3,066 US (0.23) 3.30 2.80 9.3 56 - 9/05 0.83 6.01 NM RL

DHR Danaher Corporation + SO N US 65.00 53.01 58.90 - 48.32 0.1 17,419 US 2.28 2.77 3.18 19.1 117 - 9/05 0.71 14.61 18.9 RL

ETN Eaton Corp. SP N US - 61.71 72.69 - 56.99 1.9 9,513 US 4.22 5.30 5.90 11.6 71 - 9/05 1.33 22.74 22.5 RL

ITW Illinois Tool Works Inc. SO N US 97.00 80.11 96.62 - 78.50 1.6 23,094 US 4.38 5.09 5.70 15.7 96 - 9/05 1.35 25.61 19.8 RL

PH Parker Hannifin Corporation SP N US - 63.53 78.42 - 56.32 1.4 7,652 6 US 2.14 E 4.55 A 5.05 14.0 85 - 9/05 1.27 27.73 18.1 RL

RAIL FreightCar America, Inc. (1, 2a, 2b, 2d, 7, C12) > SO O US 36.00 40.15 41.75 - 16.51 - 503 US - 3.45 4.00 11.6 71 - 9/05 1.00 4.67 NM RL

ROCK Gibraltar Industries Inc (1, 2f) SP O US - 22.57 26.91 - 18.10 0.9 670 US 1.72 1.63 1.90 13.8 84 - 9/05 0.42 16.09 12.1 RL

GTI GrafTech International (2a, 2d, 2f) > SP N US - 5.40 14.15 - 3.21 - 527 US 0.46 0.42 0.70 12.9 78 - 9/05 0.10 NM NM RL

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 65

INDUSTRIAL/CAPITAL GOODS - Industrial Multi-IndustryIndustrial Multi-Industry - Sector Weighting - Overweight ROBERT MCCARTHY, New York (212) 667-7698

CHRISTOPHER GLYNN, New York (212) 667-8159

12-18mo. Mkt. Rel.



Industrial Multi-Industry

CBE Cooper Industries Ltd. SP N US 75.00 68.24 72.65 - 57.98 2.2 6,510 US 3.58 4.03 4.45 16.9 103 - 9/05 1.03 25.02 15.6 RM

EMR Emerson + SO N US 80.00 70.20 70.88 - 60.69 2.4 29,323 9 US 2.98 3.55 4.00 19.8 120 - 9/05 1.02 17.52 NM RM

GE General Electric (4a, 4b) + SO N US 41.00 33.64 37.75 - 32.65 2.6 358,031 US 1.61 1.82 2.08 18.5 113 - 9/05 0.44 10.56 23.7 RM

HON Honeywell International Inc. SP N US 42.00 37.59 39.50 - 31.85 2.1 32,252 US 1.68 2.10 2.45 17.9 109 - 9/05 0.53 13.42 16.8 RM

HUBb Hubbell Inc. SO N US 54.00 45.11 54.20 - 42.56 2.8 2,792 US 2.53 2.70 3.20 16.7 102 - 9/05 0.79 15.12 15.6 RM

PNR Pentair Inc. + SO N US 48.00 36.35 46.47 - 33.50 1.3 3,744 US 1.35 2.00 2.40 18.2 111 - 9/05 0.46 14.66 13.6 RM

ROK Rockwell Automation Inc. SU N US 52.00 52.50 63.30 - 37.24 1.7 9,786 9 US 1.61 2.64 2.90 19.9 121 - 9/05 0.70 10.15 24.0 RM

ROP Roper Industries, Inc. SP N US 43.00 39.42 40.44 - 27.70 0.5 3,427 US 1.34 1.69 1.95 23.3 142 - 9/05 0.44 13.36 12.1 RM

TYC Tyco International Ltd. SP N US 31.00 28.16 36.58 - 26.97 1.4 60,516 9 US 1.65 1.86 2.05 15.1 92 - 9/05 0.46 15.74 NM RM

GWW W.W. Grainger, Inc. SP N US 68.00 62.00 67.25 - 51.65 1.5 5,648 US 3.13 3.50 3.95 17.7 108 - 9/05 0.90 23.03 14.0 RM

XRM Xerium Technologies (2a, 2b, 2d, 7) SP N US - 11.47 12.70 - 11.25 7.5 502 US (0.45) 1.18 1.28 9.7 59 - 9/05 0.20 2.77 40.0 RM

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 66

INDUSTRIAL PRODUCTS - AutomotiveAutomotive - Sector Weighting - Market Weight JOHN NOVAK, Toronto (416) 594-7285

MICHAEL WILLEMSE, Toronto (416) 956-3008

12-18mo. Mkt. Rel.



AutoParts

MGA Magna International Inc. (2a, 2e, 2g, 7, 12) SO N US 90.00 73.80 82.94 - 60.00 2.1 8,052 US 7.23 7.02 8.20 10.5 64 - 9/05 1.32 58.12 11.8 JN

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 67

INDUSTRIAL PRODUCTS - SteelSteel - Sector Weighting - Market Weight JOHN NOVAK, Toronto (416) 594-7285

MICHAEL WILLEMSE, Toronto (416) 956-3008

12-18mo. Mkt. Rel.



Steel Producers

AGA Algoma Steel Inc. SU T C 19.00 22.80 40.18 - 18.21 - 776 C 8.83 5.01 0.90 4.6 - - 9/05 0.65 26.87 21.0 JN

DFS Dofasco Inc. (2f, 7, 9) SO T C 50.00 44.80 48.74 - 31.25 2.7 2,930 C 4.77 3.38 3.00 13.3 - - 9/05 0.29 29.34 11.6 JN

GNA Gerdau Ameristeel Corp. (2a, 2b, 2c, 2d, 2e, 2f) SP N US 5.80 5.12 7.39 - 4.13 1.5 1,557 US 1.45 0.94 0.80 5.4 33 - 9/05 0.22 4.72 18.6 JN

IPS IPSCO Inc. (2f) SU N US 53.00 66.02 70.00 - 23.86 0.7 3,261 US 7.28 10.61 6.24 6.2 38 - 9/05 2.46 31.47 32.0 JN

NUE Nucor Corporation (2a, 2d, 2f, 2g, 4a, 4b) SU N US 56.00 58.32 65.53 - 37.52 1.0 9,215 US 7.03 7.47 5.19 7.8 48 - 9/05 1.62 24.34 30.4 JN

OS Oregon Steel Mills Inc (2a, 2b, 2d) SP N US 23.50 27.85 29.93 - 13.00 - 997 US 5.11 2.94 2.80 9.5 58 - 9/05 0.64 13.86 20.7 JN

X United States Steel Corporation (2f) SU N US 42.00 42.35 63.90 - 32.12 0.9 4,836 US 8.23 6.55 4.17 6.5 39 - 9/05 0.40 38.82 18.0 JN

Steel Service Centre

JOR Earle M. Jorgensen Company (2a, 2b, 2d) SO N US 12.00 9.96 11.00 - 6.52 - 471 3 US - 1.62 A 1.32 6.1 37 - 9/05 0.31 NM NM JN

HSG Harris Steel Group Inc. (2a, 2c) SP T C 25.00 24.00 26.75 - 11.50 1.5 548 C 2.32 2.38 2.25 10.1 - - 9/05 0.67 11.09 21.0 MW

RS Reliance Steel and Aluminum (2f) SP N US 52.00 50.59 51.48 - 33.08 0.8 1,659 US 5.19 5.32 4.38 9.5 58 - 9/05 1.28 29.09 18.8 JN

RUS Russel Metals Inc. (2f) SO T C 20.00 18.36 18.84 - 11.61 5.5 794 C 3.87 1.88 1.96 9.8 - - 9/05 0.40 9.79 17.5 JN

STTX Steel Technologies, Inc. (1, 2f) SU O US 24.00 26.00 33.56 - 16.49 1.2 335 9 US 3.06 2.74 2.46 9.5 58 - 9/05 0.09 19.64 14.8 JN

TONS Novamerican Steel Inc. (1, 2a, 2b, 2d, 2f) SP O US 36.00 34.70 90.27 - 20.75 - 352 11 US 7.35 3.09 3.69 11.2 68 - 8/05 0.41 24.47 12.2 JN

WOR Worthington Industries (2f) SP N US 20.00 20.83 22.73 - 15.11 3.4 1,835 5 US 1.37 2.14 A 1.47 9.7 59 - 11/05 0.49 9.03 23.0 JN

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 68

PAPER & FOREST PRODUCTS - Paper & Forest ProductsPaper & Forest Products - Sector Weighting - Underweight DON ROBERTS, Ottawa (613) 564-0827

HERVE CARREAU, Montreal (514) 847-6420JONATHAN LETHBRIDGE, Montreal (514) 847-6423

12-18mo. Mkt. Rel.



Canada

A Abitibi-Consolidated Inc. (2f, 2g, 6a) R T C -- 4.88 8.38 - 4.76 2.0 1,821 C (0.39) -- -- -- - - 9/05 -- 6.00 -- DR/HC

CFP Canfor Corporation (2g) SP T C 16.00 13.85 18.50 - 12.50 - 1,686 C 2.88 1.11 0.87 12.5 - - 9/05 0.12 139.79 9.6 DR/HC

DTC Domtar Inc. (2g, 7) SO T C 11.00 7.54 16.02 - 7.49 2.4 1,469 C (0.14) 0.01 0.73 - - - 9/05 (0.03) 8.89 3.0 DR/HC

NBD Norbord Inc (2a, 2c, 2e, 2g) SU T C 11.00 9.91 11.32 - 8.08 4.2 1,459 US 2.14 1.40 0.82 - - - 9/05 0.27 3.17 50.0 DR/HC

NS NorskeCanada Limited (2a, 2e, 2g) SP T C 3.00 2.80 4.26 - 2.60 - 510 C (0.35) (0.23) 0.04 - - - 9/05 (0.02) 4.86 2.0 DR/HC

TBC Tembec Inc. (2g) SU T C 3.00 2.50 8.70 - 2.13 - 182 9 C (1.98) (2.27) (0.39) - - - 9/05 (0.43) 11.97 NM DR/HC

U.S.

BOW Bowater Inc. (9) SO N US 40.00 27.63 44.43 - 27.28 2.6 1,586 US (1.27) (0.23) 2.20 - - - 9/05 (0.06) 25.07 NM DR/HC

GP Georgia-Pacific Corp. SO N US 39.00 33.42 38.45 - 30.69 2.1 8,632 US 2.92 2.71 3.02 12.3 75 - 9/05 0.66 24.32 12.1 DR/HC

IP International Paper Co. SP N US 36.00 30.12 42.59 - 29.76 3.2 14,635 US 1.43 1.06 1.97 28.4 173 - 9/05 0.20 16.66 7.0 DR/HC

LPX Louisiana-Pacific Corp. SP N US 30.00 27.38 28.73 - 22.06 1.9 3,025 US 4.33 2.61 1.22 10.5 64 - 9/05 0.44 16.91 17.4 DR/HC

WY Weyerhaeuser Co. (2a, 2e, 2g) SU N US 67.00 67.68 71.85 - 59.59 3.0 16,561 US 5.00 3.94 4.23 17.2 105 - 9/05 0.85 40.25 11.0 DR/HC

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5







Page 69

INCOME TRUSTS - Income TrustsIncome Trusts - Sector Weighting - Market Weight ALICE DUNNING, Toronto (416) 594-7232

VIVIAN LO, Toronto (416) 956-3643PETRO PANARITES, Toronto (416) 594-8249MARY MCKEE, Toronto (416) 594-8251PAUL HOLDEN, Toronto (416) 594-8417

12-18mo. Mkt. Rel.



Business Trusts

FDG.UN Fording Inc. SP T C 40.00 50.50 53.66 - 22.76 5.9 6,297 cd C 1.47 4.97 5.44 10.2 - - 9/05 1.80 NM NM PP

SP50 S&P 500 US 1,216 1,246 - 1,090 1.7 10,964,026 US 67.10 74.06 79.20 16.4 100 - 03/05 17.06 367.17 16.5






Page 70

Master Footnote Disclosure Table

1) CIBC World Markets Corp. makes a market in the securities of this company. 2a) This company is a client for which a CIBC World Markets company has performed investment banking services in the past 12 months. 2b) CIBC World Markets Corp. has managed or co-managed a public offering of securities for this company in the past 12 months. 2c) CIBC World Markets Inc. has managed or co-managed a public offering of securities for this company in the past 12 months. 2d) CIBC World Markets Corp. has received compensation for investment banking services from this company in the past 12 months. 2e) CIBC World Markets Inc. has received compensation for investment banking services from this company in the past 12 months. 2f) CIBC World Markets Corp. expects to receive or intends to seek compensation for investment banking services from this company in the next 3 months. 2g) CIBC World Markets Inc. expects to receive or intends to seek compensation for investment banking services from this company in the next 3 months. 3a) This company is a client for which a CIBC World Markets company has performed non-investment banking, securities-related services in the past 12 months. 3b) CIBC World Markets Corp. has received compensation for non-investment banking, securities-related services from this company in the past 12 months. 3c) CIBC World Markets Inc. has received compensation for non-investment banking, securities-related services from this company in the past 12 months. 4a) This company is a client for which a CIBC World Markets company has performed non-investment banking, non-securities-related services in the past 12 months. 4b) CIBC World Markets Corp. has received compensation for non-investment banking, non-securities-related services from this company in the past 12 months. 4c) CIBC World Markets Inc. has received compensation for non-investment banking, non-securities-related services from this company in the past 12 months. 5a) The CIBC World Markets Corp. analyst(s) who covers this company also has a long position in its common equity securities. 5b) A member of the household of a CIBC World Markets Corp. research analyst who covers this company has a long position in the common equity securities of this company. 6a) The CIBC World Markets Inc. analyst(s) who covers this company also has a long position in its common equity securities. 6b) A member of the household of a CIBC World Markets Inc. research analyst who covers this company has a long position in the common equity securities of this company. 7) CIBC World Markets Corp., CIBC World Markets Inc., and their affiliates, in the aggregate, beneficially own 1% or more of a class of equity securities issued by this company. 8) A partner, director or officer of CIBC World Markets Inc. or any analyst involved in the preparation of this research report has provided services to this company for remuneration in the past 12 months.9) A senior executive member or director of Canadian Imperial Bank of Commerce (“CIBC”), the parent company to CIBC World Markets Inc. and CIBC World Markets Corp., or a member of his/her

household is an officer, director or advisory board member of this company or one of its subsidiaries. 10) Canadian Imperial Bank of Commerce ("CIBC"), the parent company to CIBC World Markets Inc. and CIBC World Markets Corp., has a significant credit relationship with this company.11) The equity securities of this company are restricted voting shares.12) The equity securities of this company are subordinate voting shares.13) The equity securities of this company are non-voting shares.14) The equity securities of this company are limited voting shares.

CIBCWM Stock Rating System

AbbreviationRatings Rating Description

SO Sector Outperformer Stock is expected to outperform the sector during the next 12-18 months.

SP Sector Performer Stock is expected to perform in line with the sector during the next 12-18 months.

SU Sector Underperformer Stock is expected to underperform the sector during the next 12-18 months.

S Suspended Stock coverage is temporarily halted.

DR Dropped Stock coverage is discontinued.

NR Not Rated Stock is not covered by CIBCWM.

Wghtgs**O Overweight Sector is expected to outperform the broader market averages.

M Market Weight Sector is expected to equal the performance of the broader market averages.

U Underweight Sector is expected to underperform the broader market averages.

NA None Sector rating is not applicable.

Research Quarterly - Fall 2005

71

IMPORTANT DISCLOSURES:

Analyst Certification: Each CIBC World Markets research analyst named on the front page of this research report, or at the beginning of any subsection hereof, hereby certifies that (i) the recommendations and opinions expressed herein accurately reflect such research analyst's personal views about the company and securities that are the subject of this report and all other companies and securities mentioned in this report that are covered by such research analyst and (ii) no part of the research analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed by such research analyst in this report.

Potential Conflicts of Interest: Equity research analysts employed by CIBC World Markets are compensated from revenues generated by various CIBC World Markets businesses, including the CIBC World Markets Investment Banking Department within the Corporate and Leveraged Finance Division. Research analysts do not receive compensation based upon revenues from specific investment banking transactions. CIBC World Markets generally prohibits any research analyst and any member of his or her household from executing trades in the securities of a company that such research analyst covers. Additionally, CIBC World Markets generally prohibits any research analyst from serving as an officer, director or advisory board member of a company that such analyst covers.

In addition to 1% ownership positions in covered companies that are required to be specifically disclosed in this report, CIBC World Markets may have a long position of less than 1% or a short position or deal as principal in the securities discussed herein, related securities or in options, futures or other derivative instruments based thereon.

Recipients of this report are advised that any or all of the foregoing arrangements, as well as more specific disclosures set forth below, may at times give rise to potential conflicts of interest.


72

Key to Important Disclosure Footnotes: 1 CIBC World Markets Corp. makes a market in the securities of this company. 2a This company is a client for which a CIBC World Markets company has performed investment banking services

in the past 12 months. 2b CIBC World Markets Corp. has managed or co-managed a public offering of securities for this company in the

past 12 months. 2c CIBC World Markets Inc. has managed or co-managed a public offering of securities for this company in the

past 12 months. 2d CIBC World Markets Corp. has received compensation for investment banking services from this company in

the past 12 months. 2e CIBC World Markets Inc. has received compensation for investment banking services from this company in the

past 12 months. 2f CIBC World Markets Corp. expects to receive or intends to seek compensation for investment banking services

from this company in the next 3 months. 2g CIBC World Markets Inc. expects to receive or intends to seek compensation for investment banking services

from this company in the next 3 months. 3a This company is a client for which a CIBC World Markets company has performed non-investment banking,

securities-related services in the past 12 months. 3b CIBC World Markets Corp. has received compensation for non-investment banking, securities-related services

from this company in the past 12 months. 3c CIBC World Markets Inc. has received compensation for non-investment banking, securities-related services

from this company in the past 12 months. 4a This company is a client for which a CIBC World Markets company has performed non-investment banking,

non-securities-related services in the past 12 months. 4b CIBC World Markets Corp. has received compensation for non-investment banking, non-securities-related

services from this company in the past 12 months. 4c CIBC World Markets Inc. has received compensation for non-investment banking, non-securities-related

services from this company in the past 12 months. 5a The CIBC World Markets Corp. analyst(s) who covers this company also has a long position in its common

equity securities. 5b A member of the household of a CIBC World Markets Corp. research analyst who covers this company has a

long position in the common equity securities of this company. 6a The CIBC World Markets Inc. fundamental analyst(s) who covers this company also has a long position in its

common equity securities. 6b A member of the household of a CIBC World Markets Inc. fundamental research analyst who covers this

company has a long position in the common equity securities of this company. 7 CIBC World Markets Corp., CIBC World Markets Inc., and their affiliates, in the aggregate, beneficially own 1%

or more of a class of equity securities issued by this company. 8 A partner, director or officer of CIBC World Markets Inc. or any analyst involved in the preparation of this

research report has provided services to this company for remuneration in the past 12 months. 9 A senior executive member or director of Canadian Imperial Bank of Commerce ("CIBC"), the parent company

to CIBC World Markets Inc. and CIBC World Markets Corp., or a member of his/her household is an officer, director or advisory board member of this company or one of its subsidiaries.

10 Canadian Imperial Bank of Commerce ("CIBC"), the parent company to CIBC World Markets Inc. and CIBC World Markets Corp., has a significant credit relationship with this company.

11 The equity securities of this company are restricted voting shares. 12 The equity securities of this company are subordinate voting shares. 13 The equity securities of this company are non-voting shares. 14 The equity securities of this company are limited voting shares.


73

CIBC World Markets Price Chart

For price and performance information charts required under NYSE and NASD rules, please visit CIBC on the web at http://www.cibcwm.com/research/sec2711 or write to CIBC World Markets Corp., 300 Madison Avenue, 7th Floor, New York, NY 10017-6204, Attn: Research Disclosure Chart Request.

CIBC World Markets' Stock Rating System

Abbreviation Rating Description

Stock Ratings

SO Sector Outperformer Stock is expected to outperform the sector during the next 12-18 months.

SP Sector Performer Stock is expected to perform in line with the sector during the next 12-18 months.

SU Sector Underperformer Stock is expected to underperform the sector during the next 12-18 months.

NR Not Rated CIBC does not maintain an investment recommendation on the stock.

R Restricted CIBC World Markets is restricted*** from rating the stock.

Sector Weightings**

O Overweight Sector is expected to outperform the broader market averages.

M Market Weight Sector is expected to equal the performance of the broader market averages.

U Underweight Sector is expected to underperform the broader market averages.

NA None Sector rating is not applicable.

**Broader market averages refer to the S&P 500 in the U.S. and the S&P/TSX Composite in Canada. "Speculative" indicates that an investment in this security involves a high amount of risk due to volatility and/or liquidity issues. ***Restricted due to a potential conflict of interest. "CC" indicates Commencement of Coverage. The analyst named started covering the security on the date specified.

Ratings Distribution*: CIBC World Markets' Coverage Universe

(as of 20 Sep 2005) Count Percent Inv. Banking Relationships Count Percent

Sector Outperformer (Buy) 279 32.8% Sector Outperformer (Buy) 153 54.8%

Sector Performer (Hold/Neutral) 425 50.0% Sector Performer (Hold/Neutral) 239 56.2%

Sector Underperformer (Sell) 128 15.1% Sector Underperformer (Sell) 68 53.1%

Restricted 9 1.1% Restricted 9 100.0%

*Although the investment recommendations within the three-tiered, relative stock rating system utilized by CIBC World Markets do not correlate to buy, hold and sell recommendations, for the purposes of complying with NYSE and NASD rules, CIBC World Markets has assigned buy ratings to securities rated Sector Outperformer, hold ratings to securities rated Sector Performer, and sell ratings to securities rated Sector Underperformer without taking into consideration the analyst's sector weighting.

Important disclosures required by IDA Policy 11, including potential conflicts of interest information, our system for rating investment opportunities and our dissemination policy can be obtained by visiting CIBC on the web at http://research.cibcwm.com/res/Policies/Policies.html or by writing to CIBC World Markets Inc., BCE Place, 161 Bay Street, 4th Floor, Toronto, Ontario M5J 2S8, Attention: Research Disclosures Request.


74

Legal Disclaimer

This report is issued and approved for distribution by (i) in the United States, CIBC World Markets Corp., a member of the New York Stock Exchange ("NYSE"), NASD and SIPC, (ii) in Canada, CIBC World Markets Inc., a member of the Investment Dealers Association ("IDA"), the Toronto Stock Exchange, the TSX Venture Exchange and CIPF, (iii) in the United Kingdom, CIBC World Markets plc, which is regulated by the Financial Services Authority ("FSA"), and (iv) in Australia, CIBC World Markets Australia Limited, a member of the Australian Stock Exchange and regulated by the ASIC (collectively, "CIBC World Markets"). This report is provided, for informational purposes only, to institutional investor clients of CIBC World Markets in the United States and Canada and retail clients of CIBC World Markets in Canada, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such offer or solicitation would be prohibited. This document and any of the products and information contained herein are not intended for the use of private investors in the United Kingdom. Such investors will not be able to enter into agreements or purchase products mentioned herein from CIBC World Markets plc. The comments and views expressed in this document are meant for the general interests of clients of CIBC World Markets Australia Limited. The securities mentioned in this report may not be suitable for all types of investors. This report does not take into account the investment objectives, financial situation or specific needs of any particular client of CIBC World Markets. Recipients should consider this report as only a single factor in making an investment decision and should not rely solely on investment recommendations contained herein, if any, as a substitution for the exercise of independent judgment of the merits and risks of investments. Before making an investment decision with respect to any security recommended in this report, the recipient should consider whether such recommendation is appropriate given the recipient's particular investment needs, objectives and financial circumstances. CIBC World Markets suggests that, prior to acting on any of the recommendations herein, Canadian retail clients of CIBC World Markets contact one of our client advisers in your jurisdiction to discuss your particular circumstances. Non-client recipients of this report who are not institutional investor clients of CIBC World Markets should consult with an independent financial advisor prior to making any investment decision based on this report or for any necessary explanation of its contents. CIBC World Markets will not treat non-client recipients as its clients solely by virtue of their receiving this report. Past performance is not a guarantee of future results, and no representation or warranty, express or implied, is made regarding future performance of any security mentioned in this report. The price of the securities mentioned in this report and the income they produce may fluctuate and/or be adversely affected by exchange rates, and investors may realize losses on investments in such securities, including the loss of investment principal. CIBC World Markets accepts no liability for any loss arising from the use of information contained in this report, except to the extent that liability may arise under specific statutes or regulations applicable to CIBC World Markets. Information, opinions and statistical data contained in this report were obtained or derived from sources believed to be reliable, but CIBC World Markets does not represent that any such information, opinion or statistical data is accurate or complete (with the exception of information contained in the Important Disclosures section of this report provided by CIBC World Markets or individual research analysts), and they should not be relied upon as such. All estimates, opinions and recommendations expressed herein constitute judgments as of the date of this report and are subject to change without notice. Nothing in this report constitutes legal, accounting or tax advice. Since the levels and bases of taxation can change, any reference in this report to the impact of taxation should not be construed as offering tax advice on the tax consequences of investments. As with any investment having potential tax implications, clients should consult with their own independent tax adviser. This report may provide addresses of, or contain hyperlinks to, Internet web sites. CIBC World Markets has not reviewed the linked Internet web site of any third party and takes no responsibility for the contents thereof. Each such address or hyperlink is provided solely for the recipient's convenience and information, and the content of linked third-party web sites is not in any way incorporated into this document. Recipients who choose to access such third-party web sites or follow such hyperlinks do so at their own risk. Although each company issuing this report is a wholly owned subsidiary of Canadian Imperial Bank of Commerce ("CIBC"), each is solely responsible for its contractual obligations and commitments, and any securities products offered or recommended to or purchased or sold in any client accounts (i) will not be insured by the Federal Deposit Insurance Corporation ("FDIC"), the Canada Deposit Insurance Corporation or other similar deposit insurance, (ii) will not be deposits or other obligations of CIBC, (iii) will not be endorsed or guaranteed by CIBC, and (iv) will be subject to investment risks, including possible loss of the principal invested. The CIBC trademark is used under license. © 2005 CIBC World Markets Corp. and CIBC World Markets Inc. All rights reserved. Unauthorized use, distribution, duplication or disclosure without the prior written permission of CIBC World Markets is prohibited by law and may result in prosecution.

Equity Research

Director of Research John Parks 212-667-7367 [email protected]

Director of Research Michael Towey 212-667-6609 [email protected]

Director of Research (Canada) Ronald Schwarz 416-956-6341 [email protected]

United StatesCIBC World Markets Corp.

300 Madison Avenue

New York, NY 10017-6204

(212) 667-7000

(800) 999-6726

CanadaCIBC World Markets Inc.

BCE Place,

P.O. Box 500

161 Bay Street

Toronto, ON

M5J 2S8

(416) 594-7000

United KingdomCIBC World Markets plc

Cottons Centre,

Cottons Lane

London, England

SE1 2QL

(44) 207-234-6000

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