| 2003 BUYBACKS AS % OF CAPITAL | Stock | SPX | Differenc | % Shrs Outstanding | |||
| Ticker | Company | Announcement Date | performance | performance | |||
| ANDW | ANDREW CORP | 8/4/03 | 0.3% | 0.9% | -0.6% | 15% | |
| WAT | WATERS CORP | 5/7/03 | 23.7% | 5.9% | 17.9% | 13% | |
| CC | CIRCUIT CITY | 1/7/03 | 18.9% | 7.1% | 11.9% | 13% | |
| AN | AUTONATION INC | 5/14/03 | 25.4% | 2.9% | 22.5% | 12% | |
| BF/B | BROWN-FORMAN -B | 2/3/03 | 11.7% | 14.8% | -3.2% | 12% | |
| BUD | ANHEUSER BUSCH | 3/26/03 | 9.9% | 12.2% | -2.2% | 12% | |
| BSC | BEAR STEARNS COS | 1/8/03 | 5.7% | 5.0% | 0.6% | 11% | |
| NSM | NATL SEMICONDUCT | 7/30/03 | 2.6% | -1.6% | 4.3% | 11% | |
| WM | WASH MUTUAL INC | 7/15/03 | -6.4% | -2.0% | -4.4% | 11% | |
| LEH | LEHMAN BROS HLDG | 1/22/02 | -0.5% | -13.7% | 13.2% | 10% | |
| UNH | UNITEDHEALTH GRP | 7/30/03 | -4.1% | -1.6% | -2.4% | 10% | |
| CLX | CLOROX CO | 7/16/03 | -2.9% | -0.8% | -2.1% | 10% | |
| HCA | HCA INC | 4/29/03 | 11.7% | 6.2% | 5.4% | 9% | |
| PBG | PEPSI BOTTLING | 5/28/03 | 9.6% | 2.6% | 7.1% | 9% | |
| BAC | BANK OF AMERICA | 1/22/03 | 12.5% | 9.8% | 2.7% | 9% | |
| MAR | MARRIOTT INTL-A | 2/6/03 | 40.2% | 17.4% | 22.8% | 9% | |
| FD | FEDERATED DEPT | 4/16/03 | 35.6% | 9.0% | 26.6% | 8% | |
| MON | MONSANTO CO | 7/31/03 | -5.1% | -0.6% | -4.5% | 8% | |
| S | SEARS ROEBUCK | 7/17/03 | 5.4% | -1.9% | 7.4% | 8% | |
| AZO | AUTOZONE INC | 1/29/03 | 25.3% | 15.3% | 9.9% | 8% | |
| BNI | BURLINGTON/SANTA FE | 1/16/03 | 2.4% | 8.0% | -5.6% | 8% | |
| MHP | MCGRAW-HILL COS | 1/29/03 | 2.8% | 15.3% | -12.5% | 8% | |
| KRI | KNIGHT-RIDDER | 1/28/03 | -2.2% | 12.7% | -14.9% | 7% | |
| ASO | AMSOUTH BANCORP | 4/17/03 | 3.9% | 9.2% | -5.3% | 7% | |
| PGR | PROGRESSIVE CORP | 4/18/03 | -1.4% | 9.2% | -10.6% | 7% | |
| CPWR | COMPUWARE CORP | 5/7/03 | 1.2% | 5.9% | -4.6% | 7% | |
| ONE | BANK ONE CORP | 7/16/03 | -1.1% | -0.8% | -0.3% | 7% | |
| CVG | CONVERGYS CORP | 2/25/03 | 41.5% | 17.7% | 23.8% | 6% | |
| CVG | CONVERGYS CORP | 4/22/03 | 5.2% | 6.0% | -0.7% | 6% | |
| SFA | SCIENTIFIC ATLAN | 2/12/03 | 125.1% | 19.2% | 105.9% | 6% | |
| SLE | SARA LEE CORP | 2/3/03 | -8.0% | 14.8% | -22.8% | 6% | |
| AZO | AUTOZONE INC | 6/11/03 | -1.3% | -2.4% | 1.1% | 6% | |
| INTU | INTUIT INC | 3/24/03 | 10.0% | 11.4% | -1.4% | 6% | |
| CTXS | CITRIX SYSTEMS | 5/15/03 | -15.4% | 3.2% | -18.6% | 6% | |
| RF | REGIONS FINL | 7/17/03 | -1.6% | -1.9% | 0.4% | 6% | |
| STJ | ST JUDE MEDICAL | 7/23/03 | 3.6% | -0.8% | 4.3% | 6% | |
| COL | ROCKWELL COLLINS | 2/14/03 | 22.6% | 14.4% | 8.1% | 5% | |
| NTRS | NORTHERN TRUST | 4/16/03 | 26.6% | 9.0% | 17.6% | 5% | |
| MEDI | MEDIMMUNE INC | 7/9/03 | -6.2% | -1.5% | -4.7% | 5% | |
| DGX | QUEST DIAGNOSTIC | 5/13/03 | -5.5% | 3.7% | -9.2% | 5% | |
| MTG | MGIC INVT CORP | 5/8/03 | 14.3% | 4.4% | 9.9% | 5% | |
| ROK | ROCKWELL AUTOMAT | 4/25/03 | 13.7% | 6.5% | 7.2% | 5% | |
| CSCO | CISCO SYSTEMS | 3/19/03 | 24.9% | 11.2% | 13.6% | 5% | |
| FII | FEDERATED INV-B | 4/23/03 | 2.9% | 6.9% | -4.0% | 4% | |
| MAT | MATTEL INC | 7/21/03 | -4.6% | -1.4% | -3.2% | 4% | |
| KBH | KB HOME | 7/10/03 | -9.5% | -2.4% | -7.1% | 4% | |
| NCC | NATL CITY CORP | 2/24/03 | 17.4% | 16.2% | 1.2% | 4% | |
| JNY | JONES APPAREL | 7/29/03 | 1.2% | -1.4% | 2.6% | 4% | |
| CAH | CARDINAL HEALTH | 8/1/03 | 0.7% | -0.9% | 1.6% | 4% | |
| KMB | KIMBERLY-CLARK | 2/18/03 | 6.0% | 15.3% | -9.3% | 4% | |
| BDX | BECTON DICKINSON | 1/28/03 | 12.2% | 12.7% | -0.5% | 4% | |
| FDC | FIRST DATA CORP | 5/21/03 | -5.9% | 4.5% | -10.4% | 4% | |
| MO | ALTRIA GROUP INC | 2/26/03 | 3.3% | 16.3% | -13.1% | 4% | |
| DG | DOLLAR GENERAL | 3/14/03 | 46.2% | 12.9% | 33.3% | 4% | |
| RX | IMS HEALTH INC | 4/15/03 | 29.8% | 10.7% | 19.1% | 4% | |
| JP | JEFFERSON-PILOT | 5/5/03 | 4.4% | 4.3% | 0.1% | 4% | |
| TMO | THERMO ELECTRON | 2/28/03 | 22.5% | 16.7% | 5.9% | 3% | |
| FITB | FIFTH THIRD BANCORP | 3/27/03 | 4.7% | 12.8% | -8.1% | 3% | |
| QCOM | QUALCOMM INC | 2/11/03 | -0.4% | 19.0% | -19.4% | 3% | |
| WLP | WELLPOINT HEALTH | 3/18/03 | 10.8% | 11.5% | -0.7% | 3% | |
| NFB | NORTH FORK BANCORP | 1/28/03 | 3.8% | 12.7% | -8.9% | 3% | |
| GD | GENERAL DYNAMICS | 2/5/03 | 20.1% | 16.2% | 3.9% | 3% | |
| PFG | PRINCIPAL FINL | 5/19/03 | 5.5% | 5.9% | -0.5% | 3% | |
| CE | CONCORD EFS | 7/29/03 | -1.2% | -1.4% | 0.1% | 3% | |
| LTD | LIMITED BRANDS | 2/3/03 | 31.1% | 14.8% | 16.2% | 3% | |
| NTAP | NETWORK APPLIANC | 5/13/03 | -3.9% | 3.7% | -7.6% | 3% | |
| VRTS | VERITAS SOFTWARE | 7/23/03 | -3.0% | -0.8% | -2.2% | 3% | |
| SBUX | STARBUCKS CORP | 3/31/03 | 3.1% | 13.5% | -10.4% | 3% | |
| NFB | NORTH FORK BANCP | 6/24/03 | -0.8% | -0.1% | -0.7% | 3% | |
| FTN | FIRST TENN NATL | 4/15/03 | 0.4% | 10.7% | -10.3% | 2% | |
| BEN | FRANKLIN RES INC | 8/5/03 | 1.2% | 0.7% | 0.5% | 2% | |
| IGT | INTL GAME TECH | 3/3/03 | 27.1% | 18.5% | 8.6% | 2% | |
| ALL | ALLSTATE CORP | 2/4/03 | 6.9% | 15.5% | -8.6% | 2% | |
| CAH | CARDINAL HEALTH | 1/28/03 | -0.3% | 12.7% | -13.0% | 2% | |
| MOLX | MOLEX INC | 7/28/03 | -6.2% | -1.5% | -4.6% | 2% | |
| FDX | FEDEX CORP | 7/14/03 | 0.1% | -2.6% | 2.7% | 2% | |
| ZION | ZIONS BANCORP | 4/25/03 | 15.9% | 6.5% | 9.4% | 1% | |
| TXN | TEXAS INSTRUMENT | 2/20/03 | 14.6% | 14.8% | -0.2% | 1% | |
| BMET | BIOMET INC | 7/2/03 | 0.6% | -1.2% | 1.7% | 1% | |
| HD | HOME DEPOT INC | 5/30/03 | -2.1% | 0.7% | -2.8% | 1% | |
| SCH | SCHWAB (CHARLES) | 3/17/03 | 32.7% | 12.4% | 20.3% | 0% | |
| PGR | PROGRESSIVE CORP | 1/7/03 | 26.7% | 7.1% | 19.7% | 0% | |
| APC | ANADARKO | 1/10/03 | -9.0% | 5.2% | -14.2% | ||
| SWY | SAFEWAY INC | 1/23/03 | -11.1% | 13.1% | -24.2% | ||
| ZMH | ZIMMER HLDGS | 2/4/03 | 21.6% | 15.5% | 6.2% | ||
| WOR | WORTHINGTON INDS | 3/24/03 | 16.1% | 11.4% | 4.7% | ||
| EOP | EQUITY OFFICE PROPERTIES | 3/31/03 | 5.8% | 13.5% | -7.6% | ||
| AV | AVAYA INC | 6/9/03 | 28.9% | -1.1% | 30.0% | ||
| HNZ | HJ HEINZ CO | 6/10/03 | -3.5% | -2.3% | -1.1% | ||
| ALL | |||||||
| #OB | 89 | 89 | 89 | ||||
| Average | 9.4% | 7.1% | 2.3% | ||||
| Stdev | 18.1% | 7.1% | 15.9% | ||||
| %up | 69% | 73% | 48% | ||||
| TOP 10% of outstanding shares | |||||||
| #OB | 10 | 10 | 10 | ||||
| Average | 9.1% | 3.1% | 6.0% | ||||
| Stdev | 11% | 8% | 10% | ||||
| %up | 0.8 | 0.7 | 0.6 | ||||