IbbotsonAssociates Industry Premia Company List Report 2005 (Data through June 2005) 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 Valuation 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. Ibbotson introduced the SBBI Valuation Update as a quarterly update service to the Valuation Yearbook in 2005 and provides the Industry Premia Company List Report for this publication as well. The Industry Premia Company List Report 2005 (Data through June 2005) is included as a supplement to Stocks, Bonds, Bills, and Inflation Valuation Update 2005 (Data through June 2005), 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 the industry risk premia table of Stocks, Bonds, Bills, and Inflation Valuation Update 2005 (Data through June 2005) 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 June 2005) SIC CODE 01 ALICO INC CHIQUITA BRANDS INTL 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 UNIMARK GROUP INC SIC CODE 017 ALICO INC CHIQUITA BRANDS INTL INC NORTHLAND CRANBERRIES -CL A SCHEID VINEYARDS INC -CL A TEJON RANCH CO UNIMARK GROUP INC SIC CODE 08 CKX LANDS INC GREIF INC -CL A MEADWESTVACO CORP POTLATCH CORP ST JOE CO SIC CODE 10 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 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 SIC CODE 12 AMERICAN ELECTRIC POWER ANADARKO PETROLEUM CORP ARCH COAL INC BEARD CO BLACK HILLS CORP CHEVRON CORP CONSOL ENERGY INC CONSOLIDATED ENERGY INC LEVEL 3 COMMUNICATIONS INC MASSEY ENERGY CO Copyright 2005 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 BLACK HILLS CORP CHEVRON CORP CONSOL ENERGY INC CONSOLIDATED ENERGY INC LEVEL 3 COMMUNICATIONS INC MASSEY ENERGY CO 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 CHEVRON CORP CONSOLIDATED ENERGY INC OAKRIDGE ENERGY INC PENN VIRGINIA RES PRTNR LP TECO ENERGY INC UNITED STATES STEEL CORP WALTER INDUSTRIES INC WESTMORELAND COAL CO SIC CODE 13 ABRAXAS PETROLEUM CORP/NV ADAMS RESOURCES & ENERGY INC ALLIS-CHALMERS 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 BAYOU CITY EXPLORATION INC BERRY PETROLEUM -CL A BJ SERVICES CO BLACK HILLS CORP BLUE DOLPHIN ENERGY CO BOOTS&COOTS/INTL WELL CONTRL BPK RESOURCES INC BRIGHAM EXPLORATION CO BURLINGTON RESOURCES INC CABOT OIL & GAS CORP CADENCE RESOURCES CORP CAL DIVE INTERNATIONAL INC CALLON PETROLEUM CO/DE CANARGO ENERGY CORP Page 1 CAPCO ENERGY INC CARRIZO OIL & GAS INC CHAPARRAL RESOURCES INC CHENIERE ENERGY INC CHESAPEAKE ENERGY CORP CHEVRON CORP CKX LANDS INC CLAYTON WILLIAMS ENERGY INC COMSTOCK RESOURCES INC CONOCOPHILLIPS CONSOL ENERGY INC CONTANGO OIL & GAS CO 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 EMPS 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 GREY WOLF INC GSV INC GULFPORT ENERGY CORP GULFWEST ENERGY INC HALLADOR PETROLEUM CO HALLIBURTON CO HALLWOOD GROUP INC 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 IbbotsonAssociates Industry Premium Company List Report 2005 (Data through June 2005) MARATHON OIL CORP MARKWEST ENERGY PARTNERS LP 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 OCEANEERING INTERNATIONAL OMNI ENERGY SERVICES CORP ONEOK INC PANHANDLE ROYALTY CO PARALLEL PETROLEUM CORP PARKER DRILLING CO 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 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 VERITAS DGC INC VINTAGE PETROLEUM INC Copyright 2005 W-H ENERGY SERVICES INC WESTERN GAS RESOURCES INC WILLIAMS COS INC XTO ENERGY INC 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 BAYOU CITY EXPLORATION INC BERRY PETROLEUM -CL A BLACK HILLS CORP BLUE DOLPHIN ENERGY CO BPK RESOURCES INC BRIGHAM EXPLORATION CO BURLINGTON RESOURCES INC CABOT OIL & GAS CORP CADENCE RESOURCES CORP CAL DIVE INTERNATIONAL INC CALLON PETROLEUM CO/DE CANARGO ENERGY CORP CAPCO ENERGY INC CARRIZO OIL & GAS INC CHAPARRAL RESOURCES INC CHENIERE ENERGY INC CHESAPEAKE ENERGY CORP CHEVRON CORP CKX LANDS INC CLAYTON WILLIAMS ENERGY INC COMSTOCK RESOURCES INC CONOCOPHILLIPS CONSOL ENERGY INC CONTANGO OIL & GAS CO 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 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 GEORESOURCES INC GMX RESOURCES INC GOODRICH PETROLEUM CORP GSV INC GULFPORT ENERGY CORP GULFWEST ENERGY INC HALLADOR PETROLEUM CO HARKEN ENERGY CORP Page 2 HARVEST NATURAL RESOURCES HOLLY CORP HOUSTON EXPLORATION CO INFINITY INC ISRAMCO INC KCS ENERGY INC KERR-MCGEE CORP KESTREL ENERGY INC KEYSPAN CORP MAGELLAN PETROLEUM CORP MARATHON OIL CORP MARKWEST ENERGY PARTNERS LP 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 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 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 XTO ENERGY INC IbbotsonAssociates Industry Premium Company List Report 2005 (Data through June 2005) SIC CODE 132 DYNEGY INC ENTERPRISE PRODS PRTNER -LP ONEOK INC PROGRESS ENERGY INC UNIT CORP WESTERN GAS RESOURCES INC SIC CODE 138 ALLIS-CHALMERS ENERGY INC 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 EMPS CORP ENSCO INTERNATIONAL INC FX ENERGY INC GEOKINETICS INC GEORESOURCES INC GLOBAL INDUSTRIES LTD GREY WOLF INC HALLIBURTON CO HALLWOOD GROUP INC HELMERICH & PAYNE INFINITY INC LAYNE CHRISTENSEN CO LOEWS CORP 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 VERITAS DGC INC W-H ENERGY SERVICES INC SIC CODE 1381 ALLIS-CHALMERS ENERGY INC ATWOOD OCEANICS DIAMOND OFFSHRE DRILLING INC ENSCO INTERNATIONAL INC FX ENERGY INC GEORESOURCES INC GREY WOLF INC HALLWOOD GROUP 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 Copyright 2005 SIC CODE 1382 DAWSON GEOPHYSICAL CO EMPS CORP GEOKINETICS INC HALLIBURTON CO 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 HALLIBURTON CO INFINITY 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 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 ROCK OF AGES CORP -CL A U S LIME & MINERALS 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 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 Page 3 TOLL BROTHERS INC U S HOME SYSTEMS INC WALTER INDUSTRIES INC WCI COMMUNITIES 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 WALTER INDUSTRIES INC WCI COMMUNITIES INC WEYERHAEUSER CO WHITEMARK HOMES INC SIC CODE 1521 BRESLER & REINER INC TECHNICAL OLYMPIC USA INC U S HOME SYSTEMS INC WALTER INDUSTRIES 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 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 WCI COMMUNITIES 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 IbbotsonAssociates Industry Premium Company List Report 2005 (Data through June 2005) LAYNE CHRISTENSEN CO MASTEC INC MDU RESOURCES GROUP INC MEADOW VALLEY CORP PERINI CORP SBA COMMUNICATIONS CORP 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 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 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 MEADOW VALLEY CORP SIC CODE 17 ABM INDUSTRIES INC ARGAN INC BARNWELL INDUSTRIES BUILDING MATERIALS 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LTD PECO II INC STRATEX NETWORKS INC WILLIAMS INDUSTRIES INC XANSER CORP SIC CODE 1799 ENTRX CORP FIRSTENERGY 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 DISTINCTION AVANI INTL GROUP INC BOB EVANS FARMS BOSTON BEER INC -CL A BRAVO FOODS INTL CORP BRIDGFORD FOODS CORP BRISTOL-MYERS SQUIBB CO BROOKLYN CHEESECAKE & DESSRT BROWN-FORMAN -CL B CAGLE'S INC -CL A CAMPBELL SOUP CO CARGO CONNECTION LOGISTICS CHEESECAKE FACTORY INC CHIQUITA BRANDS INTL INC CIRCLE GROUP HOLDINGS INC Page 4 COCA-COLA BTLNG CONS COCA-COLA CO COCA-COLA ENTERPRISES INC COLGATE-PALMOLIVE CO CONAGRA FOODS INC CONSTELLATION BRANDS -CL A CORN PRODUCTS INTL INC CRUZAN INTERNATIONAL INC CUISINE SOLUTIONS INC DARLING INTL INC DEAN FOODS CO 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 CO HORMEL FOODS CORP HOST AMERICA CORP HOUSE OF BRUSSELS CHOCOLATES ICY SPLASH FOOD & BEVERAGE IMPERIAL SUGAR CO INGLES MARKETS INC -CL A 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 & COMPANY INC MEDIFAST INC MGP INGREDIENTS INC MOLSON COORS BREWING CO MONTEREY GOURMET FOODS INC NATIONAL BEVERAGE CORP NEW DRAGON ASIA CORP OMEGA PROTEIN CORP PANERA BREAD CO PAPA JOHNS INTERNATIONAL INC PARADISE INC PEET'S COFFEE & TEA INC PENFORD CORP PEPSI BOTTLING GROUP INC PEPSIAMERICAS INC PEPSICO INC 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