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IbbotsonAssociates
IbbotsonAssociates Industry Premia Company List Report 2005 (Data through December 2004) The information presented in this publication has been obtained with the greatest of care from sources believed to be reliable, but is not guaranteed. Ibbotson Associates and providers of data to Ibbotson Associates make no warranties, express or implied, as to the results to be obtained by the subscriber or others from the use of the data provided hereunder, and there are no express or implied warranties of merchantability or fitness for a particular purpose or use. The accuracy and completeness of the data are not guaranteed, and Ibbotson Associates and its data providers shall have no liability for errors or omissions with respect to the data or its delivery regardless of the cause of such error or omission. In no event shall Ibbotson Associates or its data providers have any liability for any indirect, special, or consequential damages, including but not limited to lost profits. Data contained hereunder is proprietary to Ibbotson Associates and its data providers and is for customers’ internal use only; redistribution of the data is expressly forbidden. Copyright © 2005 Ibbotson Associates, Inc. All rights reserved. No part of this publication may be reproduced or used in any form or by any means—graphic, electronic, or mechanical, including photocopying, recording, taping, or information storage and retrieval systems—without written permission from the publisher. To obtain permission, please write to Ibbotson Associates, 225 N. Michigan Ave., Suite 700, Chicago, IL 60601. Specify the data or other information you wish to use, the manner in which it will be used, and attach a copy of any charts, tables, or figures derived from the information. There is a minimum $150 charge per request. There may be additional fees depending on usage. Copyright © 2005 Ibbotson Associates, Inc. http://www.ibbotson.com Introduction Thank you for your continued interest in Ibbotson Associates’ publications and data services. Ibbotson Associates has long been recognized in the valuation industry as a trusted source of cost of capital data and analysis. Our Stocks, Bonds, Bills, and Inflation® Valuation Edition Yearbook is one of the most frequently cited sources in valuation reports. Ibbotson has devoted substantial time to researching and developing data that enables valuation practitioners to construct more defendable and useful cost of capital estimates. Ibbotson Associates has researched and addressed the problems associated with trying to incorporate industry risk into a cost of equity estimate under the buildup model. Traditionally, appraisers have accounted for the risk of an industry in which a company participates by making a subjective adjustment to the cost of equity estimate. To remove the qualitative nature of this approach, Ibbotson has developed industry risk premia for use in the buildup model using a method that is more quantitative and objective. Ibbotson first made this data available in the Stocks, Bonds, Bills, and Inflation Valuation Edition 2000 Yearbook for approximately 60 industries organized by two-digit standard industrial classification (SIC) code. In the 2001 Yearbook, Ibbotson Associates expanded its coverage to include data for over 300 industries at the two- and three-digit SIC code level. In the 2005 Yearbook, industry risk premia estimates at the four-digit SIC code level were added, for a total of nearly 500 industries. In the 2000, 2001, and 2002 Yearbooks, the Industry Premia Estimate tables display a risk premium and the number of companies included in that calculation. However, to better understand and apply the industry risk premia data, many clients requested that the specific companies associated with each industry be made available. Starting with the SBBI Valuation Edition 2003 Yearbook, Ibbotson expanded its resources to include the Industry Premia Company List Report. The Industry Premia Company List Report 2005 (Data through December 2004) is a supplement to Table 3-5 of the Stocks, Bonds, Bills, and Inflation Valuation Edition 2005 Yearbook. This report organizes industries by Standard Industrial Classification (SIC), and displays the names of all companies included in industries for which risk premia have been calculated. This report should only be viewed as an addition to Table 3-5 of the SBBI Valuation Edition 2005 Yearbook and is not related to other Ibbotson Associates publications. IMPORTANT: Ibbotson industry premia are formed using the full information approach. This approach seeks to include in the formation of an industry premium data from all companies participating in a given industry. While the full information approach is a complex cross-sectional regression, it is most important to note that company data is sales weighted so that its effect on the formation of an IRP estimate is only to the degree in which the firm participates in that industry. YOU WILL SEE COMPANIES INCLUDED IN EACH INDUSTRY THAT MAY SEEM OUT OF PLACE. DO NOT BE ALARMED. COMPANIES ARE ONLY IMPACTING THE INDUSTRY PREMIA BY THE AMOUNT OF SALES THEY HAVE TO THAT INDUSTRY. Companies that have very little sales in an industry will only have a small impact on the industry premium for that industry, but nevertheless, they should be included to get a complete picture of that industry’s risk. You will also notice that companies will participate in many different industries. Once again, this is due to their sales across different industries. Please see the SBBI Valuation Edition 2005 Yearbook for methodology on industry risk premia. Copyright © 2005 Ibbotson Associates, Inc. IbbotsonAssociates Industry Premium Company List Report 2005 (Data through December 2004) SIC CODE 01 ALICO INC DELTA & PINE LAND CO GRIFFIN LAND & NURSERIES INC HINES HORTICULTURE INC MARGO CARIBE INC NORTHLAND CRANBERRIES -CL A SCHEID VINEYARDS INC -CL A SEABOARD CORP TEJON RANCH CO SIC CODE 10 CADENCE RESOURCES CORP CANYON RESOURCES CORP CLEVELAND-CLIFFS INC COEUR D'ALENE MINES CORP FREEPRT MCMOR COP&GLD -CL B GOLDEN EAGLE INTL INC HECLA MINING CO LAYNE CHRISTENSEN CO MK RESOURCES CO NEWMONT MINING CORP PHELPS DODGE CORP SOUTHERN PERU COPPER STILLWATER MINING CO TRI VALLEY CORP WITS BASIN PRECIOUS MINERALS SIC CODE 102 FREEPRT MCMOR COP&GLD -CL B MK RESOURCES CO NEWMONT MINING CORP PHELPS DODGE CORP SOUTHERN PERU COPPER SIC CODE 104 CANYON RESOURCES CORP COEUR D'ALENE MINES CORP GOLDEN EAGLE INTL INC HECLA MINING CO MK RESOURCES CO NEWMONT MINING CORP TRI VALLEY CORP WITS BASIN PRECIOUS MINERALS SIC CODE 12 AMERICAN ELECTRIC POWER ANADARKO PETROLEUM CORP ARCH COAL INC BEARD CO BLACK HILLS CORP CHEVRONTEXACO CORP CONSOL ENERGY INC LEVEL 3 COMMUN INC MASSEY ENERGY CO MAVERICK MINERALS CORP NACCO INDUSTRIES -CL A OAKRIDGE ENERGY INC PEABODY ENERGY CORP PENN VIRGINIA RES PRTNR LP TECO ENERGY INC UNITED STATES STEEL CORP WALTER INDUSTRIES INC WESTMORELAND COAL CO SIC CODE 122 AMERICAN ELECTRIC POWER ANADARKO PETROLEUM CORP ARCH COAL INC BEARD CO Copyright 2005 BLACK HILLS CORP CHEVRONTEXACO CORP CONSOL ENERGY INC LEVEL 3 COMMUN INC MASSEY ENERGY CO MAVERICK MINERALS CORP NACCO INDUSTRIES -CL A OAKRIDGE ENERGY INC PEABODY ENERGY CORP PENN VIRGINIA RES PRTNR LP TECO ENERGY INC UNITED STATES STEEL CORP WALTER INDUSTRIES INC WESTMORELAND COAL CO SIC CODE 1220 AMERICAN ELECTRIC POWER ARCH COAL INC CHEVRONTEXACO CORP OAKRIDGE ENERGY INC PENN VIRGINIA RES PRTNR LP TECO ENERGY INC UNITED STATES STEEL CORP WALTER INDUSTRIES INC WESTMORELAND COAL CO SIC CODE 1222 ANADARKO PETROLEUM CORP BEARD CO CONSOL ENERGY INC MASSEY ENERGY CO MAVERICK MINERALS CORP SIC CODE 13 ABRAXAS PETROLEUM CORP/NV ADAMS RESOURCES & ENERGY INC ALTEX INDUSTRIES INC AMERADA HESS CORP AMERICAN R E PTRS -LP ANADARKO PETROLEUM CORP APACHE CORP ARENA RESOURCES INC ASPEN EXPLORATION CORP ATP OIL & GAS CORP ATWOOD OCEANICS BARNWELL INDUSTRIES BASIC EARTH SCIENCE SYS INC BERRY PETROLEUM -CL A BJ SERVICES CO BLACK HILLS CORP BLUE DOLPHIN ENERGY BLUE RIDGE ENERGY INC BOOTS&COOTS/INTL WELL CONTRL BPK RESOURCES INC BRIGHAM EXPLORATION CO BURLINGTON RESOURCES INC CABOT OIL & GAS CORP CAL DIVE INTERNATIONAL INC CALCASIEU REAL ESTATE&OIL CO CALLON PETROLEUM CO/DE CANARGO ENERGY CORP CAPCO ENERGY INC CARRIZO OIL & GAS INC CHAPARRAL RESOURCES INC CHENIERE ENERGY INC CHESAPEAKE ENERGY CORP CHEVRONTEXACO CORP CLAYTON WILLIAMS ENERGY INC COMSTOCK RESOURCES INC CONOCOPHILLIPS Page 1 CONSOL ENERGY INC CONSOLIDATED MED MGMT INC CONTANGO OIL & GAS CO INC CREDO PETROLEUM CORP CUBIC ENERGY INC DALECO RESOURCES CORP DAWSON GEOPHYSICAL CO DELTA PETROLEUM CORP DENBURY RESOURCES INC DEVON ENERGY CORP DIAMOND OFFSHRE DRILLING INC DOMINION RESOURCES INC DOUBLE EAGLE PETROLEUM CO DTE ENERGY CO DUKE ENERGY CORP DYNEGY INC EDGE PETROLEUM CORP EL PASO CORP EMTEC INC ENCORE ACQUISITION CO ENDEVCO INC ENERGEN CORP ENERGY PARTNERS LTD ENERGY TRANSFER PARTNERS -LP ENSCO INTERNATIONAL INC ENTERPRISE PRODS PRTNER -LP EOG RESOURCES INC EQUITABLE RESOURCES INC EXPLORATION CO EXXON MOBIL CORP FIELDPOINT PETROLEUM CORP FOREST OIL CORP FX ENERGY INC GASCO ENERGY INC GEOKINETICS INC GEORESOURCES INC GLOBAL INDUSTRIES LTD GMX RESOURCES INC GOODRICH PETROLEUM CORP GREAT PLAINS ENERGY INC GREENBRIAR CORP GREY WOLF INC GSV INC GULFPORT ENERGY CORP GULFWEST ENERGY INC HALLADOR PETE CO HALLIBURTON CO HARKEN ENERGY CORP HARVEST NATURAL RESOURCES HELMERICH & PAYNE HOLLY CORP HOUSTON EXPLORATION CO INFINITY INC ISRAMCO INC KCS ENERGY INC KERR-MCGEE CORP KESTREL ENERGY INC KEYSPAN CORP LAYNE CHRISTENSEN CO LOEWS CORP MAGELLAN PETROLEUM CORP MAGNUM HUNTER RESOURCES INC MARATHON OIL CORP MARKWEST HYDROCARBON INC MCMORAN EXPLORATION CO MDU RESOURCES GROUP INC MERIDIAN RESOURCE CORP MEXCO ENERGY CORP MISSION RESOURCES CORP MURPHY OIL CORP IbbotsonAssociates Industry Premium Company List Report 2005 (Data through December 2004) NATIONAL ENERGY GROUP NATIONAL FUEL GAS CO NESS ENERGY INTL INC NEWFIELD EXPLORATION CO NOBLE ENERGY INC NORTHERN BORDER PARTNRS -LP OAKRIDGE ENERGY INC OCCIDENTAL PETROLEUM CORP OCEANEERING INTERNATIONAL OMNI ENERGY SERVICES CORP ONEOK INC PANHANDLE ROYALTY CO PARALLEL PETROLEUM CORP PARKER DRILLING CO PATINA OIL & GAS CORP PATTERSON-UTI ENERGY INC PENN VIRGINIA CORP PEOPLES ENERGY CORP PETROHAWK ENERGY CORP PETROL INDUSTRIES INC PETROLEUM DEVELOPMENT CORP PETROMINERALS CORP PETROQUEST ENERGY INC PIONEER DRILLING CO PIONEER NATURAL RESOURCES CO POGO PRODUCING CO PRIDE INTERNATIONAL INC PRIMEENERGY CORP PROGRESS ENERGY INC PYR ENERGY CORP PYRAMID OIL CO QUEST RESOURCE CORP QUICKSILVER RESOURCES INC RANGE RESOURCES CORP REMINGTON OIL&GAS CP -CL B RENTECH INC RESERVE PETROLEUM CO RESOURCE AMERICA INC ROWAN COS INC ROYALE ENERGY INC RPC INC SEITEL INC SONORAN ENERGY INC SOUTHWESTERN ENERGY CO SPINNAKER EXPLORATION CO ST MARY LAND & EXPLOR CO STANDARD ENERGY CORP STONE ENERGY CORP STRATFORD AMERICAN CORP SUPERIOR ENERGY SERVICES INC SWIFT ENERGY CO TENGASCO INC TETON PETROLEUM CO TETRA TECHNOLOGIES INC/DE TEXAS VANGUARD OIL CO TEXEN OIL & GAS INC TGC INDUSTRIES INC TIDELANDS OIL & GAS CORP TIPPERARY CORP TORCH OFFSHORE INC TOREADOR RESOURCES CORP TRANS ENERGY INC TRI VALLEY CORP UNIT CORP UNITED HERITAGE CORP UNOCAL CORP VAALCO ENERGY INC VARCO INTERNATIONAL INC VERITAS DGC INC VINTAGE PETROLEUM INC W-H ENERGY SERVICES INC WESTERN GAS RESOURCES INC WILLIAMS COS INC WILSHIRE ENTERPRISES INC XTO ENERGY INC Copyright 2005 SIC CODE 131 ABRAXAS PETROLEUM CORP/NV ADAMS RESOURCES & ENERGY INC ALTEX INDUSTRIES INC AMERADA HESS CORP ANADARKO PETROLEUM CORP APACHE CORP ARENA RESOURCES INC ASPEN EXPLORATION CORP ATP OIL & GAS CORP BARNWELL INDUSTRIES BASIC EARTH SCIENCE SYS INC BERRY PETROLEUM -CL A BLACK HILLS CORP BLUE DOLPHIN ENERGY BLUE RIDGE ENERGY INC BPK RESOURCES INC BRIGHAM EXPLORATION CO BURLINGTON RESOURCES INC CABOT OIL & GAS CORP CAL DIVE INTERNATIONAL INC CALCASIEU REAL ESTATE&OIL CO CALLON PETROLEUM CO/DE CANARGO ENERGY CORP CAPCO ENERGY INC CARRIZO OIL & GAS INC CHAPARRAL RESOURCES INC CHENIERE ENERGY INC CHESAPEAKE ENERGY CORP CHEVRONTEXACO CORP CLAYTON WILLIAMS ENERGY INC COMSTOCK RESOURCES INC CONOCOPHILLIPS CONSOL ENERGY INC CONSOLIDATED MED MGMT INC CONTANGO OIL & GAS CO INC CREDO PETROLEUM CORP CUBIC ENERGY INC DALECO RESOURCES CORP DELTA PETROLEUM CORP DENBURY RESOURCES INC DEVON ENERGY CORP DOMINION RESOURCES INC DOUBLE EAGLE PETROLEUM CO DTE ENERGY CO DUKE ENERGY CORP EDGE PETROLEUM CORP EL PASO CORP EMTEC INC ENCORE ACQUISITION CO ENDEVCO INC ENERGEN CORP ENERGY PARTNERS LTD ENERGY TRANSFER PARTNERS -LP EOG RESOURCES INC EQUITABLE RESOURCES INC EXPLORATION CO EXXON MOBIL CORP FIELDPOINT PETROLEUM CORP FOREST OIL CORP FX ENERGY INC GASCO ENERGY INC GEORESOURCES INC GMX RESOURCES INC GOODRICH PETROLEUM CORP GREAT PLAINS ENERGY INC GSV INC GULFPORT ENERGY CORP GULFWEST ENERGY INC HALLADOR PETE CO HARKEN ENERGY CORP HARVEST NATURAL RESOURCES HOLLY CORP HOUSTON EXPLORATION CO INFINITY INC ISRAMCO INC Page 2 KCS ENERGY INC KERR-MCGEE CORP KESTREL ENERGY INC KEYSPAN CORP MAGELLAN PETROLEUM CORP MAGNUM HUNTER RESOURCES INC MARATHON OIL CORP MARKWEST HYDROCARBON INC MCMORAN EXPLORATION CO MDU RESOURCES GROUP INC MERIDIAN RESOURCE CORP MEXCO ENERGY CORP MISSION RESOURCES CORP MURPHY OIL CORP NATIONAL ENERGY GROUP NATIONAL FUEL GAS CO NESS ENERGY INTL INC NEWFIELD EXPLORATION CO NOBLE ENERGY INC NORTHERN BORDER PARTNRS -LP OAKRIDGE ENERGY INC OCCIDENTAL PETROLEUM CORP ONEOK INC PANHANDLE ROYALTY CO PARALLEL PETROLEUM CORP PATINA OIL & GAS CORP PATTERSON-UTI ENERGY INC PENN VIRGINIA CORP PEOPLES ENERGY CORP PETROHAWK ENERGY CORP PETROL INDUSTRIES INC PETROLEUM DEVELOPMENT CORP PETROMINERALS CORP PETROQUEST ENERGY INC PIONEER NATURAL RESOURCES CO POGO PRODUCING CO PRIMEENERGY CORP PYR ENERGY CORP PYRAMID OIL CO QUEST RESOURCE CORP QUICKSILVER RESOURCES INC RANGE RESOURCES CORP REMINGTON OIL&GAS CP -CL B RESERVE PETROLEUM CO RESOURCE AMERICA INC ROYALE ENERGY INC SONORAN ENERGY INC SOUTHWESTERN ENERGY CO SPINNAKER EXPLORATION CO ST MARY LAND & EXPLOR CO STANDARD ENERGY CORP STONE ENERGY CORP STRATFORD AMERICAN CORP SWIFT ENERGY CO TENGASCO INC TETON PETROLEUM CO TEXAS VANGUARD OIL CO TEXEN OIL & GAS INC TIDELANDS OIL & GAS CORP TIPPERARY CORP TOREADOR RESOURCES CORP TRANS ENERGY INC TRI VALLEY CORP UNIT CORP UNITED HERITAGE CORP UNOCAL CORP VAALCO ENERGY INC VINTAGE PETROLEUM INC WESTERN GAS RESOURCES INC WILLIAMS COS INC WILSHIRE ENTERPRISES INC XTO ENERGY INC SIC CODE 132 DYNEGY INC ENTERPRISE PRODS PRTNER -LP IbbotsonAssociates Industry Premium Company List Report 2005 (Data through December 2004) ONEOK INC PROGRESS ENERGY INC WESTERN GAS RESOURCES INC SIC CODE 138 AMERICAN R E PTRS -LP ATWOOD OCEANICS BJ SERVICES CO BOOTS&COOTS/INTL WELL CONTRL CAL DIVE INTERNATIONAL INC DAWSON GEOPHYSICAL CO DIAMOND OFFSHRE DRILLING INC ENSCO INTERNATIONAL INC FX ENERGY INC GEOKINETICS INC GEORESOURCES INC GLOBAL INDUSTRIES LTD GREENBRIAR CORP GREY WOLF INC HALLIBURTON CO HELMERICH & PAYNE INFINITY INC LAYNE CHRISTENSEN CO LOEWS CORP MAGNUM HUNTER RESOURCES INC OCEANEERING INTERNATIONAL OMNI ENERGY SERVICES CORP PARKER DRILLING CO PATTERSON-UTI ENERGY INC PETROLEUM DEVELOPMENT CORP PIONEER DRILLING CO PRIDE INTERNATIONAL INC RENTECH INC RESOURCE AMERICA INC ROWAN COS INC ROYALE ENERGY INC RPC INC SEITEL INC STANDARD ENERGY CORP SUPERIOR ENERGY SERVICES INC TETRA TECHNOLOGIES INC/DE TGC INDUSTRIES INC TORCH OFFSHORE INC TRI VALLEY CORP UNIT CORP VARCO INTERNATIONAL INC VERITAS DGC INC W-H ENERGY SERVICES INC SIC CODE 1381 ATWOOD OCEANICS DIAMOND OFFSHRE DRILLING INC ENSCO INTERNATIONAL INC FX ENERGY INC GEORESOURCES INC GREY WOLF INC HELMERICH & PAYNE LAYNE CHRISTENSEN CO LOEWS CORP OMNI ENERGY SERVICES CORP PARKER DRILLING CO PATTERSON-UTI ENERGY INC PETROLEUM DEVELOPMENT CORP PIONEER DRILLING CO PRIDE INTERNATIONAL INC RESOURCE AMERICA INC ROWAN COS INC ROYALE ENERGY INC TRI VALLEY CORP UNIT CORP SIC CODE 1382 DAWSON GEOPHYSICAL CO GEOKINETICS INC HALLIBURTON CO OMNI ENERGY SERVICES CORP Copyright 2005 PATTERSON-UTI ENERGY INC SEITEL INC STANDARD ENERGY CORP TGC INDUSTRIES INC VERITAS DGC INC SIC CODE 1389 AMERICAN R E PTRS -LP BJ SERVICES CO BOOTS&COOTS/INTL WELL CONTRL CAL DIVE INTERNATIONAL INC GLOBAL INDUSTRIES LTD GREENBRIAR CORP HALLIBURTON CO INFINITY INC MAGNUM HUNTER RESOURCES INC OCEANEERING INTERNATIONAL OMNI ENERGY SERVICES CORP RENTECH INC RESOURCE AMERICA INC RPC INC SUPERIOR ENERGY SERVICES INC TETRA TECHNOLOGIES INC/DE TORCH OFFSHORE INC VARCO INTERNATIONAL INC W-H ENERGY SERVICES INC SIC CODE 14 ALICO INC ALLEGHANY CORP AMCOL INTERNATIONAL CORP AMERALIA INC CARBO CERAMICS INC CROWN ENERGY CORP FLORIDA ROCK INDS GENERAL DYNAMICS CORP GEORESOURCES INC MARTIN MARIETTA MATERIALS MDU RESOURCES GROUP INC OGLEBAY NORTON CO ROCK OF AGES CORP -CL A VULCAN MATERIALS CO SIC CODE 15 ABRAMS INDUSTRIES INC ACMAT CORP -CL A AMREP CORP ARLINGTON HOSPITALITY INC AVATAR HOLDINGS INC BAKER (MICHAEL) CORP BEAZER HOMES USA INC BRESLER & REINER INC CALIFORNIA COASTAL CMNTYS CALTON INC CENTEX CORP D R HORTON INC DISNEY (WALT) CO DOMINION HOMES INC DOVER INVESTMENT CP -CL A GLOBAL DIVERSIFIED INDS INC GOLDFIELD CORP HOVNANIAN ENTRPRS INC -CL A KB HOME LENNAR CORP M/I HOMES INC MDC HOLDINGS INC MERITAGE HOMES CORP NVR INC ORLEANS HOMEBUILDERS INC PERINI CORP PULTE HOMES INC RYLAND GROUP INC SHOLODGE INC STANDARD PACIFIC CP TECHNICAL OLYMPIC USA INC TOLL BROTHERS INC Page 3 U S HOME SYSTEMS INC WALTER INDUSTRIES INC WEYERHAEUSER CO WHITEMARK HOMES INC WILLIAM LYON HOMES SIC CODE 152 ARLINGTON HOSPITALITY INC BRESLER & REINER INC SHOLODGE INC TECHNICAL OLYMPIC USA INC U S HOME SYSTEMS INC WEYERHAEUSER CO WHITEMARK HOMES INC SIC CODE 1521 BRESLER & REINER INC TECHNICAL OLYMPIC USA INC U S HOME SYSTEMS INC WEYERHAEUSER CO WHITEMARK HOMES INC SIC CODE 153 AMREP CORP AVATAR HOLDINGS INC BEAZER HOMES USA INC CALIFORNIA COASTAL CMNTYS CALTON INC CENTEX CORP D R HORTON INC DOMINION HOMES INC DOVER INVESTMENT CP -CL A GLOBAL DIVERSIFIED INDS INC GOLDFIELD CORP HOVNANIAN ENTRPRS INC -CL A KB HOME LENNAR CORP M/I HOMES INC MDC HOLDINGS INC MERITAGE HOMES CORP NVR INC ORLEANS HOMEBUILDERS INC PULTE HOMES INC RYLAND GROUP INC STANDARD PACIFIC CP TOLL BROTHERS INC WALTER INDUSTRIES INC WILLIAM LYON HOMES SIC CODE 154 ABRAMS INDUSTRIES INC ACMAT CORP -CL A BAKER (MICHAEL) CORP CENTEX CORP DISNEY (WALT) CO PERINI CORP SIC CODE 16 ASHLAND INC DEVCON INTERNATIONAL CORP DISTRIBUTED ENERGY SYS CORP DYCOM INDUSTRIES INC EAGLE BROADBAND INC EL PASO CORP FLUOR CORP GOLDFIELD CORP GRANITE CONSTRUCTION INC HALLIBURTON CO HORIZON OFFSHORE INC INSITUFORM TECNOL INC -CL A JACOBS ENGINEERING GROUP INC LACLEDE GROUP INC LAYNE CHRISTENSEN CO MASTEC INC MDU RESOURCES GROUP INC MEADOW VALLEY CORP IbbotsonAssociates Industry Premium Company List Report 2005 (Data through December 2004) PERINI CORP SBA COMMUNICATIONS CORP SEMCO ENERGY INC SOUTHWEST GAS CORP STERLING CONSTRUCTION CO INC SIC CODE 162 ASHLAND INC DEVCON INTERNATIONAL CORP DISTRIBUTED ENERGY SYS CORP DYCOM INDUSTRIES INC EAGLE BROADBAND INC EL PASO CORP FLUOR CORP GOLDFIELD CORP HALLIBURTON CO HORIZON OFFSHORE INC INSITUFORM TECNOL INC -CL A JACOBS ENGINEERING GROUP INC LACLEDE GROUP INC LAYNE CHRISTENSEN CO MASTEC INC MDU RESOURCES GROUP INC MEADOW VALLEY CORP SBA COMMUNICATIONS CORP SEMCO ENERGY INC SOUTHWEST GAS CORP SIC CODE 1623 DYCOM INDUSTRIES INC EAGLE BROADBAND INC EL PASO CORP GOLDFIELD CORP HORIZON OFFSHORE INC INSITUFORM TECNOL INC -CL A LACLEDE GROUP INC MASTEC INC SBA COMMUNICATIONS CORP SEMCO ENERGY INC SOUTHWEST GAS CORP SIC CODE 1629 DEVCON INTERNATIONAL CORP DISTRIBUTED ENERGY SYS CORP FLUOR CORP HALLIBURTON CO JACOBS ENGINEERING GROUP INC LAYNE CHRISTENSEN CO MDU RESOURCES GROUP INC SIC CODE 17 ABM INDUSTRIES INC BARNWELL INDUSTRIES BUILDING MATERIALS HLDG CP CHEMED CORP COMFORT SYSTEMS USA INC DUALSTAR TECHNOLOGIES CORP EFUNDS CORP ELINEAR INC EMCOR GROUP INC ENTRX CORP GRIFFON CORP HARSCO CORP INEI CORP INTEGRATED ELECTRICAL SVCS MATRIX SERVICE CO MORO CORP NOBLE INTERNATIONAL LTD OTTER TAIL CORP PECO II INC PENNICHUCK CORP QUANTA SERVICES INC RGC RESOURCES INC SEARS ROEBUCK & CO SERVICEMASTER CO STRATEX NETWORKS INC Copyright 2005 UIL HOLDINGS CORP WILLIAMS INDUSTRIES INC WPCS INTERNATIONAL INC XANSER CORP ZENEX INTERNATIONAL INC SIC CODE 171 ABM INDUSTRIES INC CHEMED CORP COMFORT SYSTEMS USA INC DUALSTAR TECHNOLOGIES CORP MORO CORP PENNICHUCK CORP RGC RESOURCES INC SERVICEMASTER CO SIC CODE 173 ABM INDUSTRIES INC ELINEAR INC EMCOR GROUP INC INTEGRATED ELECTRICAL SVCS OTTER TAIL CORP QUANTA SERVICES INC UIL HOLDINGS CORP WPCS INTERNATIONAL INC SIC CODE 179 EFUNDS CORP ENTRX CORP INEI CORP MATRIX SERVICE CO NOBLE INTERNATIONAL LTD PECO II INC STRATEX NETWORKS INC WILLIAMS INDUSTRIES INC XANSER CORP SIC CODE 1799 ENTRX CORP INEI CORP NOBLE INTERNATIONAL LTD PECO II INC XANSER CORP SIC CODE 20 ABBOTT LABORATORIES ALEXANDER & BALDWIN INC ALTRIA GROUP INC AMCON DISTRIBUTING CO AMER ITALIAN PASTA CO -CL A ANHEUSER-BUSCH COS INC ARCHER-DANIELS-MIDLAND CO ARMANINO FOODS DIST INC AVANI INTL GROUP INC BOB EVANS FARMS BOSTON BEER INC -CL A BRAVO FOODS INTL CORP BRIDGFORD FOODS CORP BRISTOL MYERS SQUIBB BROWN-FORMAN -CL B CAGLE'S INC -CL A CAMPBELL SOUP CO CHALONE WINE GROUP LTD CHAMPIONLYTE HOLDINGS INC COCA-COLA BTLNG CONS COCA-COLA CO COCA-COLA ENTERPRISES COLGATE-PALMOLIVE CO CONAGRA FOODS INC CONSTELLATION BRANDS -CL A COORS (ADOLPH) -CL B CORN PRODUCTS INTL INC CREATIVE BAKERIES INC CUISINE SOLUTIONS INC DARLING INTL INC DEAN FOODS CO Page 4 DEL MONTE FOODS CO DREYER'S GRAND ICE CRM HLDGS ELDORADO ARTESIAN SPRNGS INC EMPS CORP FARMER BROS CO FLOWERS FOODS INC FORTUNE BRANDS INC FRIENDLY ICE CREAM CORP GALAXY NUTRITIONAL FOODS INC GARDENBURGER INC GARUDA CAPITAL CORP GENERAL MILLS INC GOLDEN ENTERPRISES GREEN MTN COFFEE ROASTERS HAIN CELESTIAL GROUP INC HANOVER FOODS CORP/PA HANSEN NATURAL CORP HEINZ (H J) CO HERSHEY FOODS CORP HORMEL FOODS CORP HOST AMERICA CORP HOUSE OF BRUSSELS CHOCOLATES ICY SPLASH FOOD & BEVERAGE IMPERIAL SUGAR CO INGLES MARKETS INC -CL A IONICS INC J & J SNACK FOODS CORP KELLOGG CO KRAFT FOODS INC KRISPY KREME DOUGHNUTS INC LANCASTER COLONY CORP LANCE INC LEUCADIA NATIONAL CORP LIFEWAY FOODS INC LION-GRI INTERNATIONAL INC LUCILLE FARMS INC M & F WORLDWIDE CORP MAUI LAND & PINEAPPLE CO MCCORMICK & CO MEDIFAST INC MGP INGREDIENTS INC MONTEREY GOURMET FOODS INC NATIONAL BEVERAGE CORP NEW DRAGON ASIA CORP OMEGA PROTEIN CORP PANERA BREAD CO PAPA JOHNS INTERNATIONAL INC PARADISE INC PEETS COFFEE & TEA INC PENFORD CORP PEPSI BOTTLING GROUP INC PEPSIAMERICAS INC PEPSICO INC PILGRIMS PRIDE CORP POORE BROTHERS INC PROCTER & GAMBLE CO PROVENA FOODS INC PURE WORLD INC PYRAMID BREWERIES INC RALCORP HOLDINGS INC REDHOOK ALE BREWERY INC ROCKY MOUNTAIN CHOC FACT INC SANDERSON FARMS INC SANFILIPPO JOHN B&SON SARA LEE CORP SEABOARD CORP SENECA FOODS CORP -CL B SHERWOOD BRANDS INC SMITHFIELD FOODS INC SMUCKER (JM) CO SPECTRUM ORGANIC PRODUCTS STERLING SUGARS INC TASTY BAKING CO TECH FLAVORS & FRAGRNCES INC TODHUNTER INTL INC/DE TOFUTTI BRANDS INC IbbotsonAssociates Industry Premium Company List Report 2005 (Data through December 2004) TOOTSIE ROLL INDUSTRIES INC TOPPS CO INC TYSON FOODS INC -CL A ULTIMATE FRANCHISE SYSTEMS UST INC VERMONT PURE HOLDINGS LTD VITA FOOD PRODUCTS INC WILLAMETTE VALLEY VINEYARDS WRIGLEY (WM) JR CO YOCREAM INTERNATIONAL INC ZAPATA CORP SIC CODE 201 BOB EVANS FARMS BRIDGFORD FOODS CORP CAGLE'S INC -CL A HORMEL FOODS CORP PILGRIMS PRIDE CORP PROVENA FOODS INC SANDERSON FARMS INC SARA LEE CORP SEABOARD CORP SMITHFIELD FOODS INC TYSON FOODS INC -CL A SIC CODE 2015 CAGLE'S INC -CL A HORMEL FOODS CORP PILGRIMS PRIDE CORP SANDERSON FARMS INC TYSON FOODS INC -CL A SIC CODE 2024 DREYER'S GRAND ICE CRM HLDGS FRIENDLY ICE CREAM CORP J & J SNACK FOODS CORP TOFUTTI BRANDS INC YOCREAM INTERNATIONAL INC SIC CODE 203 ARMANINO FOODS DIST INC CAMPBELL SOUP CO CONAGRA FOODS INC CUISINE SOLUTIONS INC GARDENBURGER INC HANOVER FOODS CORP/PA HEINZ (H J) CO LANCASTER COLONY CORP MAUI LAND & PINEAPPLE CO RALCORP HOLDINGS INC SENECA FOODS CORP -CL B SMUCKER (JM) CO SIC CODE 2033 CAMPBELL SOUP CO HANOVER FOODS CORP/PA MAUI LAND & PINEAPPLE CO SENECA FOODS CORP -CL B SMUCKER (JM) CO SIC CODE 204 ARCHER-DANIELS-MIDLAND CO COLGATE-PALMOLIVE CO CONAGRA FOODS INC CORN PRODUCTS INTL INC DEL MONTE FOODS CO GENERAL MILLS INC KELLOGG CO KRISPY KREME DOUGHNUTS INC MGP INGREDIENTS INC NEW DRAGON ASIA CORP PANERA BREAD CO PAPA JOHNS INTERNATIONAL INC PENFORD CORP PEPSICO INC Copyright 2005 SIC CODE 205 CAMPBELL SOUP CO CREATIVE BAKERIES INC FLOWERS FOODS INC J & J SNACK FOODS CORP KRAFT FOODS INC LANCE INC RALCORP HOLDINGS INC SARA LEE CORP 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