# of Equities in Industry

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1 # of Equities in Industry Name ERLANGER SECTOR _ INDUSTRY WEEKLY OVERVIEW As Of 03/11/2010 Sectors - Industries Sorted By Power ing Within Sector Weekly 3/11/10 3/4/10 2/25/10 2/18/10 2/11/10 2/4/10 1/28/10 1/21/10 1/14/10 1/7/10 12/31/09 12/24/09 12/17/09 12/10/09 12/3/09 11/25/09 Consumer Durables/Apparel Leisure Products Home Furnishings Textiles (3) Apparel Accessories Footwear Housewares/Specialties Consumer Electronics Homebuilding Photographic Products (100) Household Appliances (103) Retailing Homefurnishing Retail Apparel Retail Catalog Retail Department Stores (1) General Merchandise (11) Internet Retail Specialty Stores Computer & Electronics Retail Distributors (31) Home Improvement Retail Automotive Retail (3) Technology: Semiconductors Semiconductors (23) Semiconductor Equipment Transportation Marine Services Air Freight & Logistics Trucking Airlines Marine Airport Services Railroads Consumer Services Education Services (6) Hotels & Cruise Lines Phil Erlanger Research Co., Inc. Page 1

2 # of Equities in Industry Name ERLANGER SECTOR _ INDUSTRY WEEKLY OVERVIEW As Of 03/11/2010 Sectors - Industries Sorted By Power ing Within Sector Weekly 3/11/10 3/4/10 2/25/10 2/18/10 2/11/10 2/4/10 1/28/10 1/21/10 1/14/10 1/7/10 12/31/09 12/24/09 12/17/09 12/10/09 12/3/09 11/25/09 56 Restaurants Leisure Facilities (5) Specialized Consumer Serv Casinos & Gaming Diversified Financials Asset Mmt/Custody Banks Specialized Finance (9) Consumer Finance Multi-Sector Holdings (89) Investment Banking/Brokerage Diversified Capital Markets Other Diversified Financial Services Real Estate Industrial REITs Retail REITs Residential REITs Specialized REITs Diversified REITs Office REITs Real Estate Services (28) Mortgage REITs Real Estate Mgt (14) Real Estate Dev (1) Real Estate Operating Companies (49) Media Movies & Entertainment (5) Cable & Satellite Broadcasting Publishing (36) Advertising Automobiles & Components (5) Motorcycle Mfg Auto Parts & Equipment (27) Automobile Mfg (6) Tires & Rubber (3) Insurance (3) Life & Health Insurance Phil Erlanger Research Co., Inc. Page 2

3 # of Equities in Industry Name ERLANGER SECTOR _ INDUSTRY WEEKLY OVERVIEW As Of 03/11/2010 Sectors - Industries Sorted By Power ing Within Sector Weekly 3/11/10 3/4/10 2/25/10 2/18/10 2/11/10 2/4/10 1/28/10 1/21/10 1/14/10 1/7/10 12/31/09 12/24/09 12/17/09 12/10/09 12/3/09 11/25/09 10 Insurance Brokers (10) Property & Casualty Insurance (27) Multi-line Insurance Reinsurance (18) Technology: Software/Serv Application Software Internet Software/Serv IT Consulting (23) Systems Software (9) Home Entertainment Software Data Processing Services Technology: Computers/Equip (7) Computer Hardware Communications Equipment (15) Electronic Mfg Services (17) Office Electronics Computer Peripherals Electronic Components Technology Distributors Electronic Equipment Mfg (23) Banks Regional Banks Thrifts/Mortgage Diversified Banks Capital Goods Construction/Farm Machinery Trading Cos & Distributors (3) Aerospace & Defense Industrial Conglomerates Industrial Machinery (5) Electrical Components/Equip Building Products Construction & Engineering Heavy Electrical Equipment (3) Pharmaceuticals Pharmaceuticals Life Sciences Tools/Serv (10) Phil Erlanger Research Co., Inc. Page 3

4 # of Equities in Industry Name ERLANGER SECTOR _ INDUSTRY WEEKLY OVERVIEW As Of 03/11/2010 Sectors - Industries Sorted By Power ing Within Sector Weekly 3/11/10 3/4/10 2/25/10 2/18/10 2/11/10 2/4/10 1/28/10 1/21/10 1/14/10 1/7/10 12/31/09 12/24/09 12/17/09 12/10/09 12/3/09 11/25/ Biotechnology Health Care Equip & Serv (10) Health Care Facilities (15) Managed Health Care (21) Health Care Supplies (6) Health Care Equipment (31) Health Care Services Health Care Technology (40) Health Care Distributors (19) Commercial Services Human Resource & Employment Services Commercial Printing (23) Office Serv & Supplies (19) Security & Alarm Services Environmental Services (25) Diversified Support Services Research & Consulting Services (3) Energy Oil & Gas Refining/Mkting Coal & Consumable Fuels (15) Oil & Gas Equip & Serv (13) Oil & Gas Explor/Prod Oil & Gas Storage/Trans (2) Integrated Oil & Gas Oil & Gas Drilling (1) Materials (3) Forest Products (13) Diversified Metals/Mining Specialty Chemicals (28) Diversified Chemicals (26) Steel Paper Products Paper Packaging (28) Commodity Chemicals (33) Fertilizers & Agri Chemicals (42) Metal/Glass Containers Industrial Gases Phil Erlanger Research Co., Inc. Page 4

5 # of Equities in Industry Name ERLANGER SECTOR _ INDUSTRY WEEKLY OVERVIEW As Of 03/11/2010 Sectors - Industries Sorted By Power ing Within Sector Weekly 3/11/10 3/4/10 2/25/10 2/18/10 2/11/10 2/4/10 1/28/10 1/21/10 1/14/10 1/7/10 12/31/09 12/24/09 12/17/09 12/10/09 12/3/09 11/25/09 5 Aluminum Construction Materials Gold (11) Precious Metals & Minerals (1) Household & Personal Products (1) Personal Products Household Products (59) Telecommunication Serv Alternative Carriers (21) Wireless Telecom Serv Integrated Telecom Serv (1) Food Beverage & Tobacco Soft Drinks (56) Packaged Foods & Meats (8) Distillers & Vintners Tobacco (55) Agricultural Products (5) Brewers (1) Food & Staples Retailing (5) Food Distributors (38) Hypermarkets/Super Centers Food Retail (66) Drug Retail Utilities Water Utilities (19) Gas Utilities (42) Multi-Utilities (12) Electric Utilities (5) Independent Power Phil Erlanger Research Co., Inc. Page 5

6 PER Sector Sector 1wk 1mos Sector Avg Tech 1wk 1mos Sector Avg SECTOR - Data Erlanger Date of Report: 03/11/2010 Sector 1mos Avg 3mos Sector Squeeze Potential Sector Type 1 Pct Sector Long Squeeze Potential Sector Type 4 Pct Sector Avg Option Sector Avg Option (1wk ) Consumer Durables/Apparel % 21.0% 12.6% 1.4% 49.9 (4.9) (13.7) Retailing (0.8) % 26.3% 16.0% 5.8% 47.0 (2.6) (11.4) Technology: Semiconductors 3 0 (2) (1.6) % 17.6% 16.2% 6.3% Transportation % 19.0% 19.0% 8.0% 46.6 (4.7) (19.1) Consumer Services % 18.7% 10.3% 4.5% 48.3 (0.1) (6.7) Diversified Financials % 24.7% 12.0% 6.7% 46.2 (4.9) (20.0) Real Estate (0.5) % 12.4% 12.4% 4.5% 52.0 (7.3) (13.7) Media (0.1) % 14.7% 21.1% 6.4% 53.4 (0.8) (9.6) Automobiles & Components 9 (5) (1.0) (0.1) % 15.0% 15.0% 5.0% 53.0 (10.1) (17.9) Insurance 10 (3) (0.5) % 14.4% 14.4% 6.1% 47.2 (3.4) (12.1) Technology: Software/Serv 11 0 (4) (0.4) % 16.1% 10.0% 6.7% (7.1) Technology: Computers/Equip 12 (7) (9) (0.5) (0.3) % 17.0% 12.1% 5.7% (5.5) Banks 13 2 (5) (1.3) % 14.4% 13.5% 7.7% 51.2 (0.9) (12.6) Capital Goods % 21.3% 11.9% 5.2% 56.3 (0.8) (10.9) Pharmaceuticals 15 6 (5) % 16.1% 11.4% 5.5% (0.3) Health Care Equip & Serv 16 (10) (10) (2.6) (1.0) % 14.9% 10.5% 4.3% (10.0) Commercial Services 17 0 (3) (1.4) % 17.8% 10.1% 6.2% (3.4) Energy 18 2 (5) % 12.6% 16.9% 9.3% 52.8 (4.1) (17.3) Materials 19 (3) (1.5) % 10.6% 13.7% 7.9% 56.5 (5.4) (14.7) Household & Personal Products 20 (1) (11) (3.2) (8.0) (1.2) 17.1% 12.2% 12.2% 7.3% 52.9 (12.9) (3.5) Telecommunication Serv 21 2 (2) (0.6) % 5.6% 17.8% 13.3% 58.5 (3.3) (11.8) Food Beverage & Tobacco 22 0 (7) (2.6) (5.3) % 9.7% 16.8% 10.6% 61.3 (2.3) (8.4) Food & Staples Retailing 23 (5) (11) (9.4) (9.1) % 3.0% 12.1% 9.1% (2.4) Utilities 24 0 (2) (3.8) (2.3) % 5.7% 16.3% 14.6% 60.5 (3.0) (11.9) Sector Avg Option (1mos ) 2010 Phil Erlanger Research Co., Inc. Page 1

7 PER Sector Daily Advance (%ofsector) Daily Decline (%ofsector) Issues above 50dma (%) (1w) % (1m) % SECTOR - Data Breadth Date of Report: 03/11/2010 (1w) % Issues above 200dma (%) (1mos) % Issues 1 Mos Highs (%) (1w) % (1mos) % Issues 1 Mos Lows (%) (1w) % Insurance 67% 30% 81% 5% 51% 80% 4% 20% 41% 3% 34% 1% (2%) (2%) Real Estate 54% 45% 76% 18% 55% 69% 3% 7% 32% 8% 28% 0% (1%) (12%) Retailing 57% 40% 76% 6% 35% 65% 1% 8% 28% (11%) 18% 1% 1% (3%) Consumer Durables/Apparel 45% 51% 73% 5% 33% 63% 3% 9% 20% (3%) 8% 1% 0% (1%) Technology: Semiconductors 37% 56% 69% 14% 34% 66% 4% 14% 17% (1%) 5% 1% (1%) (2%) Diversified Financials 65% 29% 68% 9% 40% 62% 7% 19% 32% (2%) 24% 1% 0% (4%) Transportation 56% 41% 68% 5% 37% 66% 4% 17% 30% 8% 19% 2% 0% 1% Consumer Services 58% 33% 64% 6% 22% 58% 4% 10% 28% 8% 16% 2% (2%) (4%) Banks 58% 33% 63% 5% 21% 51% 3% 16% 28% 9% 20% 2% (1%) (3%) Food & Staples Retailing 50% 44% 62% (3%) 29% 62% (3%) 11% 8% (16%) (5%) 0% 0% 0% Capital Goods 53% 42% 61% 9% 37% 57% 4% 12% 26% 2% 22% 1% 0% (1%) Food Beverage & Tobacco 56% 40% 60% 11% 25% 63% 4% 4% 21% (4%) 10% 2% 0% 0% Utilities 63% 33% 58% 13% 47% 64% 4% 15% 21% 4% 19% 1% (1%) (2%) Media 57% 38% 58% 6% 32% 49% 3% 11% 24% 1% 21% 1% (2%) (5%) Technology: Computers/Equip 51% 45% 54% 8% 20% 48% 4% 8% 21% 5% 13% 2% 0% (3%) Automobiles & Components 60% 36% 53% 6% 25% 52% 3% 8% 10% (17%) 7% 0% (3%) (2%) Telecommunication Serv 60% 35% 52% 20% 33% 46% 4% 9% 27% 15% 24% 2% 1% (1%) Energy 51% 44% 52% 8% 26% 55% 5% 9% 20% 9% 18% 1% 0% (1%) Technology: Software/Serv 49% 45% 51% 10% 27% 47% 4% 8% 21% (1%) 16% 1% 0% (3%) Materials 56% 41% 50% 8% 32% 46% 1% 11% 18% (3%) 15% 1% 1% (2%) Commercial Services 57% 36% 49% 7% 25% 45% 4% 9% 20% 2% 17% 1% (3%) (3%) Health Care Equip & Serv 55% 37% 49% 3% 18% 50% 0% 4% 19% 4% 13% 3% 2% (1%) Pharmaceuticals 58% 35% 43% 10% 19% 34% 4% 8% 20% 10% 17% 1% (1%) (2%) Household & Personal Products 50% 43% 42% (1%) 13% 46% 1% 3% 14% (2%) 4% 2% (2%) (2%) (1mos) % 2010 Phil Erlanger Research Co., Inc. Page 1

8 PER PER Sector Delta Pct Avg INDUSTRY GROUP - Data Erlanger Date of Report: 03/11/2010 1wk Delta Pct Daily 1mos Avg Tech 1wk 1mos Avg Leisure Products Consumer Durables/Apparel (1.3) % 40.9% Home Furnishings Consumer Durables/Apparel % 20.0% Homefurnishing Retail Retailing (1.8) (0.4) % 14.3% Motorcycle Mfg Automobiles & Components (0.5) % 50.0% Apparel Retail Retailing % 39.5% Industrial REITs Real Estate % 37.5% Catalog Retail Retailing (0.6) (16.0) (4.6) % 33.3% Textiles Consumer Durables/Apparel (3) (5) (1.7) (12.0) % 20.0% Human Resource & Employment Services Commercial Services (3.2) % 36.8% Apparel Accessories Consumer Durables/Apparel (0.3) (1.0) % 30.8% Avg 1mos 3mos Squeeze Potential Footwear Consumer Durables/Apparel (2.6) (1.0) % 7.1% Department Stores Retailing (1) (3.3) (6.1) (23.0) 22.2% 22.2% Marine Services Transportation (1.5) % 33.3% General Merchandise Retailing (0.2) 14 (11) (12.5) % 12.5% Forest Products Materials (13) (10.0) (3.3) % 25.0% Retail REITs Real Estate % 12.0% Construction/Farm Machinery Capital Goods % 29.7% Air Freight & Logistics Transportation (0.5) % 23.1% Life & Health Insurance Insurance % 20.0% Education Services Consumer Services (6) (1.7) (5.4) (1.3) % 37.5% Asset Mmt/Custody Banks Diversified Financials % 36.7% Internet Retail Retailing % 31.3% Housewares/Specialties Consumer Durables/Apparel % 0.0% Specialized Finance Diversified Financials (9) (1) (4.2) (0.8) % 30.4% Hotels & Cruise Lines Consumer Services % 25.0% Movies & Entertainment Media (0.4) 26 (5) (2.2) % 29.2% Oil & Gas Refining/Mkting Energy % 23.8% Trading Cos & Distributors Capital Goods (3) % 31.0% Residential REITs Real Estate % 12.5% Computer Hardware Technology: Computers/Equip (21) (0.7) % 14.3% Trucking Transportation % 16.0% Specialized REITs Real Estate % 29.0% Commercial Printing Commercial Services (23) (8.6) (2.4) (2.5) % 23.1% Restaurants Consumer Services (14) (3.5) % 16.7% Communications Equipment Technology: Computers/Equip (15) (1.4) (1.4) % 21.0% Diversified REITs Real Estate % 13.3% 2010 Phil Erlanger Research Co., Inc. Page 1 Type 1 %

9 PER PER Sector Delta Pct Avg INDUSTRY GROUP - Data Erlanger Date of Report: 03/11/2010 1wk Delta Pct Daily 1mos Avg Tech 1wk 1mos Avg Aerospace & Defense Capital Goods % 30.6% Cable & Satellite Media % 31.3% Insurance Brokers Insurance (0.1) 39 (10) (22) (4.0) (1.6) % 20.0% Semiconductors Technology: Semiconductors (0.3) 40 (23) (21) (5.5) (0.7) % 17.7% Avg 1mos 3mos Squeeze Potential Diversified Metals/Mining Materials % 9.1% Coal & Consumable Fuels Energy (0.3) 42 (15) (5.3) 26.3% 15.8% Airlines Transportation (0.1) (28) (0.9) (6.0) 36.4% 22.7% Broadcasting Media % 7.7% Office REITs Real Estate % 5.3% Specialty Chemicals Materials (28) (4.9) (0.7) % 21.1% Specialty Stores Retailing (4.4) % 20.0% Health Care Facilities Health Care Equip & Serv (15) % 20.0% Diversified Chemicals Materials (26) (25) (2.8) (0.7) % 15.4% Consumer Electronics Consumer Durables/Apparel (1.2) (10) (3.7) (4.3) (1.4) 20.0% 10.0% Oil & Gas Equip & Serv Energy (0.2) 51 (13) (2) % 23.3% Application Software Technology: Software/Serv (1.8) % 16.3% Auto Parts & Equipment Automobiles & Components (27) (2.5) (1.6) (0.8) % 13.3% Computer & Electronics Retail Retailing (4.0) (6.6) 25.0% 12.5% Steel Materials (0.5) % 15.6% Alternative Carriers Telecommunication Serv (21) (24) (2.0) (0.2) (4.5) % 20.0% Managed Health Care Health Care Equip & Serv (21) (29) (2.2) (0.1) (1.8) % 11.1% Leisure Facilities Consumer Services (0.6) 58 (5) (40) (1.1) (6.7) % 22.2% Specialized Consumer Serv Consumer Services (4) % 16.7% Regional Banks Banks (18) (2.4) % 15.7% Consumer Finance Diversified Financials (0.7) (0.2) % 13.6% Health Care Supplies Health Care Equip & Serv (6) (2.8) % 12.5% Internet Software/Serv Technology: Software/Serv (0.4) 63 5 (18) (0.3) % 18.2% Property & Casualty Insurance Insurance (0.3) 64 (27) (25) (3.8) % 16.2% IT Consulting Technology: Software/Serv (23) (13) (0.1) % 14.6% Paper Products Materials (3.4) % 12.5% Office Serv & Supplies Commercial Services (19) (1.8) (0.8) % 17.6% Homebuilding Consumer Durables/Apparel (0.5) (62) (10.6) % 15.8% Industrial Conglomerates Capital Goods % 31.3% Pharmaceuticals Pharmaceuticals (2.6) % 14.8% Semiconductor Equipment Technology: Semiconductors (38) (0.8) % 17.4% Health Care Equipment Health Care Equip & Serv (31) (46) (3.8) (4.7) % 19.6% 2010 Phil Erlanger Research Co., Inc. Page 2 Type 1 %

10 PER PER Sector Delta Pct Avg INDUSTRY GROUP - Data Erlanger Date of Report: 03/11/2010 1wk Delta Pct Daily 1mos Avg Tech 1wk 1mos Avg Life Sciences Tools/Serv Pharmaceuticals (10) (30) % 16.7% Avg 1mos 3mos Squeeze Potential Paper Packaging Materials (0.8) 74 (28) (1.0) (5.6) % 0.0% Electronic Mfg Services Technology: Computers/Equip (0.1) 75 (17) (59) (2.4) (8.2) % 21.2% Thrifts/Mortgage Banks (8) (1.7) (0.9) % 14.8% Marine Transportation (0.6) (0.1) % 17.4% Airport Services Transportation (1.0) (73) (12.0) (5.8) (11.5) (15.0) 0.0% 0.0% Biotechnology Pharmaceuticals (16) % 16.7% Systems Software Technology: Software/Serv (9) (5) (0.6) % 15.4% Office Electronics Technology: Computers/Equip (79) (2.5) (17.0) (40.3) (42.0) 0.0% 0.0% Food Distributors Food & Staples Retailing (0.4) 82 (38) (60) (6.6) (12.3) % 0.0% Commodity Chemicals Materials (0.3) 83 (33) (3.3) (5.6) (2.3) % 6.3% Computer Peripherals Technology: Computers/Equip (36) (1.2) % 15.0% Hypermarkets/Super Centers Food & Staples Retailing (75) (20.0) % 20.0% Distributors Retailing (31) % 25.0% Multi-line Insurance Insurance (1) (1.0) 4.6 (0.5) 0.0% 0.0% Oil & Gas Explor/Prod Energy (42) (2.3) % 10.7% Real Estate Services Real Estate (0.7) 89 (28) (76) (6.1) (8.2) % 11.1% Security & Alarm Services Commercial Services % 0.0% Electronic Components Technology: Computers/Equip (0.3) 91 6 (53) (3.6) % 18.2% Industrial Machinery Capital Goods (0.5) 92 (5) (1.8) % 18.8% Publishing Media (36) (49) (6.0) (2.0) % 8.0% Personal Products Household & Personal Products (0.3) (41) (3.2) (2.4) 13.3% 13.3% Wireless Telecom Serv Telecommunication Serv (44) (1.3) (0.3) % 3.2% Fertilizers & Agri Chemicals Materials (0.8) 96 (42) (9) (9.2) (6.5) % 0.0% Electrical Components/Equip Capital Goods (8) % 13.5% Environmental Services Commercial Services (0.5) 98 (25) (5) (3.5) (0.1) % 10.3% Home Entertainment Software Technology: Software/Serv (62) (3.4) (2.6) (0.2) % 23.5% Building Products Capital Goods (12) % 10.0% Photographic Products Consumer Durables/Apparel (0.2) 101 (100) (100) (30.0) (40.0) (12.0) 4.0 (24.0) 0.0% 0.0% Diversified Support Services Commercial Services (33) % 15.8% Technology Distributors Technology: Computers/Equip (0.6) (2.9) % 21.1% Health Care Services Health Care Equip & Serv (24) (0.5) % 9.1% Data Processing Services Technology: Software/Serv (33) % 10.3% Railroads Transportation (76) (4.3) (12.0) % 20.0% Water Utilities Utilities (19) (5) (2.9) (2.0) % 17.6% Soft Drinks Food Beverage & Tobacco (56) (14) (8.9) (2.4) (4.1) (9.9) 6.7% 6.7% 2010 Phil Erlanger Research Co., Inc. Page 3 Type 1 %

11 PER PER Sector Delta Pct Avg INDUSTRY GROUP - Data Erlanger Date of Report: 03/11/2010 1wk Delta Pct Daily 1mos Avg Tech 1wk 1mos Avg Avg 1mos 3mos Squeeze Potential Mortgage REITs Real Estate (0.3) (1.8) % 3.1% Real Estate Mgt Real Estate (0.3) 110 (14) (9) (2.0) (1.2) (3.9) % 0.0% Packaged Foods & Meats Food Beverage & Tobacco (8) (70) (4.0) (10.9) % 12.3% Electronic Equipment Mfg Technology: Computers/Equip (0.4) 112 (23) (55) (4.7) (5.7) % 7.8% Multi-Sector Holdings Diversified Financials (89) (17.5) % 25.0% Distillers & Vintners Food Beverage & Tobacco (29) (0.3) % 0.0% Home Improvement Retail Retailing (42) (2.5) (7.5) % 0.0% Oil & Gas Storage/Trans Energy (2) (16) (0.3) (3.9) (5.3) 10.8% 7.7% Automobile Mfg Automobiles & Components (6) (5.0) (3.3) % 16.7% Investment Banking/Brokerage Diversified Financials % 12.5% Health Care Technology Health Care Equip & Serv (0.1) 119 (40) (42) (6.5) (1.5) % 15.0% Metal/Glass Containers Materials % 9.1% Health Care Distributors Health Care Equip & Serv (19) (86) (4.7) (10.0) % 0.0% Construction & Engineering Capital Goods % 9.4% Automotive Retail Retailing (0.3) 123 (3) (6) (2.9) (1.1) 23.5% 23.5% Gas Utilities Utilities (0.4) 124 (42) (12) (11.5) (0.8) % 0.0% Multi-Utilities Utilities (12) (33) (5.8) (1.5) % 11.5% Advertising Media (12) (1.2) (1.7) % 0.0% Diversified Capital Markets Diversified Financials % 0.0% Heavy Electrical Equipment Capital Goods (3) (2.5) (3.6) 42.9% 28.6% Real Estate Dev Real Estate (0.4) 129 (1) (2.8) % 0.0% Tobacco Food Beverage & Tobacco (0.2) 130 (55) (109) (8.8) (16.3) (9.5) (6.4) (2.8) 37.5% 12.5% Diversified Banks Banks % 2.6% Industrial Gases Materials (0.5) (2.5) % 0.0% Casinos & Gaming Consumer Services (0.6) % 0.0% Household Appliances Consumer Durables/Apparel (103) (53) (28.8) (21.3) % 0.0% Food Retail Food & Staples Retailing (0.1) 135 (66) (22) (16.5) (0.6) % 0.0% Integrated Telecom Serv Telecommunication Serv (1) (6) (1.4) % 4.1% Household Products Household & Personal Products (59) (53) (13.3) (20.9) (2.5) % 9.1% Integrated Oil & Gas Energy (9) (1.6) % 3.8% Agricultural Products Food Beverage & Tobacco (1.0) 139 (5) % 9.1% Reinsurance Insurance (18) (62) (10.0) (13.6) % 6.3% Oil & Gas Drilling Energy (0.6) 141 (1) (15) (4.7) % 5.3% Real Estate Operating Companies Real Estate (0.4) 142 (49) (36) (15.2) (10.3) (4.6) % 0.0% Electric Utilities Utilities (5) (36) (0.2) (6.8) % 2.4% Research & Consulting Services Commercial Services (0.1) 144 (3) (35) (0.1) (6.6) (1.9) % 15.4% 2010 Phil Erlanger Research Co., Inc. Page 4 Type 1 %

12 PER PER Sector Delta Pct Avg INDUSTRY GROUP - Data Erlanger Date of Report: 03/11/2010 1wk Delta Pct Daily 1mos Avg Tech 1wk 1mos Avg Avg 1mos 3mos Squeeze Potential Other Diversified Financial Services Diversified Financials (8.0) (9.8) (10.3) (3.8) 0.0% 0.0% Aluminum Materials (0.8) (15) (2.0) (3.2) 40.0% 0.0% Construction Materials Materials (1.4) (0.7) (0.2) % 9.1% Gold Materials (11) (1) (10.5) (3.0) (2.2) 5.3% 5.3% Brewers Food Beverage & Tobacco (1) (1.7) % 0.0% Drug Retail Food & Staples Retailing (10) (2.5) (26.0) % 0.0% Precious Metals & Minerals Materials (1) (23) (0.8) (16.7) (13.4) 0.0% 0.0% Tires & Rubber Automobiles & Components (3) (1.5) % 0.0% Independent Power Utilities (3) (1.9) 0.2 (8.3) 0.0% 0.0% Type 1 % 2010 Phil Erlanger Research Co., Inc. Page 5

13 PER PER Sector Delta Pct Avg INDUSTRY GROUP - Data Erlanger Date of Report: 03/11/2010 1wk Delta Pct Daily 1mos Avg Tech 1wk 1mos Avg Motorcycle Mfg Automobiles & Components (0.5) % 50.0% Avg 1mos 3mos Squeeze Potential Office REITs Real Estate % 5.3% Internet Retail Retailing % 31.3% Specialized REITs Real Estate % 29.0% Homebuilding Consumer Durables/Apparel (0.5) (62) (10.6) % 15.8% Residential REITs Real Estate % 12.5% Security & Alarm Services Commercial Services % 0.0% Life & Health Insurance Insurance % 20.0% Trucking Transportation % 16.0% Airlines Transportation (0.1) (28) (0.9) (6.0) 36.4% 22.7% Computer & Electronics Retail Retailing (4.0) (6.6) 25.0% 12.5% Diversified REITs Real Estate % 13.3% Biotechnology Pharmaceuticals (16) % 16.7% Hypermarkets/Super Centers Food & Staples Retailing (75) (20.0) % 20.0% Footwear Consumer Durables/Apparel (2.6) (1.0) % 7.1% Distillers & Vintners Food Beverage & Tobacco (29) (0.3) % 0.0% Diversified Metals/Mining Materials % 9.1% Building Products Capital Goods (12) % 10.0% Cable & Satellite Media % 31.3% Semiconductor Equipment Technology: Semiconductors (38) (0.8) % 17.4% Human Resource & Employment Services Commercial Services (3.2) % 36.8% Oil & Gas Refining/Mkting Energy % 23.8% Consumer Finance Diversified Financials (0.7) (0.2) % 13.6% Wireless Telecom Serv Telecommunication Serv (44) (1.3) (0.3) % 3.2% Multi-line Insurance Insurance (1) (1.0) 4.6 (0.5) 0.0% 0.0% Data Processing Services Technology: Software/Serv (33) % 10.3% Airport Services Transportation (1.0) (73) (12.0) (5.8) (11.5) (15.0) 0.0% 0.0% Industrial Conglomerates Capital Goods % 31.3% Pharmaceuticals Pharmaceuticals (2.6) % 14.8% Computer Peripherals Technology: Computers/Equip (36) (1.2) % 15.0% Marine Transportation (0.6) (0.1) % 17.4% Home Entertainment Software Technology: Software/Serv (62) (3.4) (2.6) (0.2) % 23.5% Diversified Capital Markets Diversified Financials % 0.0% Housewares/Specialties Consumer Durables/Apparel % 0.0% Technology Distributors Technology: Computers/Equip (0.6) (2.9) % 21.1% Specialty Stores Retailing (4.4) % 20.0% 2010 Phil Erlanger Research Co., Inc. Page 1 Type 1 %

14 PER PER Sector Delta Pct Avg INDUSTRY GROUP - Data Erlanger Date of Report: 03/11/2010 1wk Delta Pct Daily 1mos Avg Tech 1wk 1mos Avg Paper Products Materials (3.4) % 12.5% Consumer Electronics Consumer Durables/Apparel (1.2) (10) (3.7) (4.3) (1.4) 20.0% 10.0% Personal Products Household & Personal Products (0.3) (41) (3.2) (2.4) 13.3% 13.3% Restaurants Consumer Services (14) (3.5) % 16.7% Asset Mmt/Custody Banks Diversified Financials % 36.7% Avg 1mos 3mos Squeeze Potential Casinos & Gaming Consumer Services (0.6) % 0.0% Specialized Consumer Serv Consumer Services (4) % 16.7% Oil & Gas Explor/Prod Energy (42) (2.3) % 10.7% Metal/Glass Containers Materials % 9.1% Air Freight & Logistics Transportation (0.5) % 23.1% Computer Hardware Technology: Computers/Equip (21) (0.7) % 14.3% Construction & Engineering Capital Goods % 9.4% Marine Services Transportation (1.5) % 33.3% Diversified Banks Banks % 2.6% Electrical Components/Equip Capital Goods (8) % 13.5% Investment Banking/Brokerage Diversified Financials % 12.5% Application Software Technology: Software/Serv (1.8) % 16.3% Leisure Products Consumer Durables/Apparel (1.3) % 40.9% Regional Banks Banks (18) (2.4) % 15.7% Industrial REITs Real Estate % 37.5% Aerospace & Defense Capital Goods % 30.6% Advertising Media (12) (1.2) (1.7) % 0.0% Electronic Components Technology: Computers/Equip (0.3) 91 6 (53) (3.6) % 18.2% Aluminum Materials (0.8) (15) (2.0) (3.2) 40.0% 0.0% Broadcasting Media % 7.7% Hotels & Cruise Lines Consumer Services % 25.0% Internet Software/Serv Technology: Software/Serv (0.4) 63 5 (18) (0.3) % 18.2% Steel Materials (0.5) % 15.6% Integrated Oil & Gas Energy (9) (1.6) % 3.8% Office Electronics Technology: Computers/Equip (79) (2.5) (17.0) (40.3) (42.0) 0.0% 0.0% Health Care Services Health Care Equip & Serv (24) (0.5) % 9.1% Homefurnishing Retail Retailing (1.8) (0.4) % 14.3% Diversified Support Services Commercial Services (33) % 15.8% Apparel Retail Retailing % 39.5% Drug Retail Food & Staples Retailing (10) (2.5) (26.0) % 0.0% Construction/Farm Machinery Capital Goods % 29.7% 2010 Phil Erlanger Research Co., Inc. Page 2 Type 1 %

15 PER PER Sector Delta Pct Avg INDUSTRY GROUP - Data Erlanger Date of Report: 03/11/2010 1wk Delta Pct Daily 1mos Avg Tech 1wk 1mos Avg Home Furnishings Consumer Durables/Apparel % 20.0% Apparel Accessories Consumer Durables/Apparel (0.3) (1.0) % 30.8% Railroads Transportation (76) (4.3) (12.0) % 20.0% Catalog Retail Retailing (0.6) (16.0) (4.6) % 33.3% Avg 1mos 3mos Squeeze Potential Mortgage REITs Real Estate (0.3) (1.8) % 3.1% Industrial Gases Materials (0.5) (2.5) % 0.0% Construction Materials Materials (1.4) (0.7) (0.2) % 9.1% Other Diversified Financial Services Diversified Financials (8.0) (9.8) (10.3) (3.8) 0.0% 0.0% Home Improvement Retail Retailing (42) (2.5) (7.5) % 0.0% Independent Power Utilities (3) (1.9) 0.2 (8.3) 0.0% 0.0% Thrifts/Mortgage Banks (8) (1.7) (0.9) % 14.8% Retail REITs Real Estate % 12.0% Precious Metals & Minerals Materials (1) (23) (0.8) (16.7) (13.4) 0.0% 0.0% Brewers Food Beverage & Tobacco (1) (1.7) % 0.0% Department Stores Retailing (1) (3.3) (6.1) (23.0) 22.2% 22.2% Oil & Gas Drilling Energy (0.6) 141 (1) (15) (4.7) % 5.3% Integrated Telecom Serv Telecommunication Serv (1) (6) (1.4) % 4.1% Real Estate Dev Real Estate (0.4) 129 (1) (2.8) % 0.0% Oil & Gas Storage/Trans Energy (2) (16) (0.3) (3.9) (5.3) 10.8% 7.7% Automotive Retail Retailing (0.3) 123 (3) (6) (2.9) (1.1) 23.5% 23.5% Heavy Electrical Equipment Capital Goods (3) (2.5) (3.6) 42.9% 28.6% Textiles Consumer Durables/Apparel (3) (5) (1.7) (12.0) % 20.0% Research & Consulting Services Commercial Services (0.1) 144 (3) (35) (0.1) (6.6) (1.9) % 15.4% Trading Cos & Distributors Capital Goods (3) % 31.0% Tires & Rubber Automobiles & Components (3) (1.5) % 0.0% Leisure Facilities Consumer Services (0.6) 58 (5) (40) (1.1) (6.7) % 22.2% Agricultural Products Food Beverage & Tobacco (1.0) 139 (5) % 9.1% Movies & Entertainment Media (0.4) 26 (5) (2.2) % 29.2% Industrial Machinery Capital Goods (0.5) 92 (5) (1.8) % 18.8% Electric Utilities Utilities (5) (36) (0.2) (6.8) % 2.4% Education Services Consumer Services (6) (1.7) (5.4) (1.3) % 37.5% Automobile Mfg Automobiles & Components (6) (5.0) (3.3) % 16.7% Health Care Supplies Health Care Equip & Serv (6) (2.8) % 12.5% Packaged Foods & Meats Food Beverage & Tobacco (8) (70) (4.0) (10.9) % 12.3% Specialized Finance Diversified Financials (9) (1) (4.2) (0.8) % 30.4% Systems Software Technology: Software/Serv (9) (5) (0.6) % 15.4% 2010 Phil Erlanger Research Co., Inc. Page 3 Type 1 %

16 PER PER Sector Delta Pct Avg INDUSTRY GROUP - Data Erlanger Date of Report: 03/11/2010 1wk Delta Pct Daily 1mos Avg Tech 1wk 1mos Avg Life Sciences Tools/Serv Pharmaceuticals (10) (30) % 16.7% Insurance Brokers Insurance (0.1) 39 (10) (22) (4.0) (1.6) % 20.0% Avg 1mos 3mos Squeeze Potential Gold Materials (11) (1) (10.5) (3.0) (2.2) 5.3% 5.3% General Merchandise Retailing (0.2) 14 (11) (12.5) % 12.5% Multi-Utilities Utilities (12) (33) (5.8) (1.5) % 11.5% Forest Products Materials (13) (10.0) (3.3) % 25.0% Oil & Gas Equip & Serv Energy (0.2) 51 (13) (2) % 23.3% Real Estate Mgt Real Estate (0.3) 110 (14) (9) (2.0) (1.2) (3.9) % 0.0% Coal & Consumable Fuels Energy (0.3) 42 (15) (5.3) 26.3% 15.8% Health Care Facilities Health Care Equip & Serv (15) % 20.0% Communications Equipment Technology: Computers/Equip (15) (1.4) (1.4) % 21.0% Electronic Mfg Services Technology: Computers/Equip (0.1) 75 (17) (59) (2.4) (8.2) % 21.2% Reinsurance Insurance (18) (62) (10.0) (13.6) % 6.3% Health Care Distributors Health Care Equip & Serv (19) (86) (4.7) (10.0) % 0.0% Office Serv & Supplies Commercial Services (19) (1.8) (0.8) % 17.6% Water Utilities Utilities (19) (5) (2.9) (2.0) % 17.6% Alternative Carriers Telecommunication Serv (21) (24) (2.0) (0.2) (4.5) % 20.0% Managed Health Care Health Care Equip & Serv (21) (29) (2.2) (0.1) (1.8) % 11.1% IT Consulting Technology: Software/Serv (23) (13) (0.1) % 14.6% Semiconductors Technology: Semiconductors (0.3) 40 (23) (21) (5.5) (0.7) % 17.7% Electronic Equipment Mfg Technology: Computers/Equip (0.4) 112 (23) (55) (4.7) (5.7) % 7.8% Commercial Printing Commercial Services (23) (8.6) (2.4) (2.5) % 23.1% Environmental Services Commercial Services (0.5) 98 (25) (5) (3.5) (0.1) % 10.3% Diversified Chemicals Materials (26) (25) (2.8) (0.7) % 15.4% Property & Casualty Insurance Insurance (0.3) 64 (27) (25) (3.8) % 16.2% Auto Parts & Equipment Automobiles & Components (27) (2.5) (1.6) (0.8) % 13.3% Specialty Chemicals Materials (28) (4.9) (0.7) % 21.1% Paper Packaging Materials (0.8) 74 (28) (1.0) (5.6) % 0.0% Real Estate Services Real Estate (0.7) 89 (28) (76) (6.1) (8.2) % 11.1% Distributors Retailing (31) % 25.0% Health Care Equipment Health Care Equip & Serv (31) (46) (3.8) (4.7) % 19.6% Commodity Chemicals Materials (0.3) 83 (33) (3.3) (5.6) (2.3) % 6.3% Publishing Media (36) (49) (6.0) (2.0) % 8.0% Food Distributors Food & Staples Retailing (0.4) 82 (38) (60) (6.6) (12.3) % 0.0% Health Care Technology Health Care Equip & Serv (0.1) 119 (40) (42) (6.5) (1.5) % 15.0% Fertilizers & Agri Chemicals Materials (0.8) 96 (42) (9) (9.2) (6.5) % 0.0% 2010 Phil Erlanger Research Co., Inc. Page 4 Type 1 %