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Current Year's Returns Based on Prior Years Performance
ADJUSTED FOR SURVIVOR BIAS
At each year-end, S&P 500 stocks were sorted into 5 quintiles based on prior
12 months performance.
Group	Previous Year		Week 1	Week 2	3 Mos	6 Mos	12 Mos
Quntile 1: "Losers"	-34.17%		4.12%	-0.33%	-3.32%	2.13%	4.33%
Quintle 2	-8.52%		1.68%	-0.88%	0.37%	4.28%	6.95%
Quintle 3	7.51%		0.47%	-0.68%	0.38%	3.59%	4.02%
Quintle 4	25.89%		0.31%	-0.63%	2.07%	3.61%	3.88%
Quntile 5: "Winners"	80.54%		-0.95%	-0.18%	4.66%	4.98%	7.55%
Returns Grouped by Year :
			1998 Performance
Group	1997 Return		Week 1	Week 2	3 Mos	6 Mos	12 Mos
Quntile 1: "Losers"	-16.83%		0.21%	-3.44%	17.58%	7.27%	-1.36%
Quintle 2	10.59%		-0.96%	-1.37%	12.91%	6.93%	5.73%
Quintle 3	26.74%		-2.10%	-0.72%	14.02%	11.92%	2.60%
Quintle 4	42.80%		-0.51%	-0.60%	13.22%	12.37%	10.88%
Quntile 5: "Winners"	79.61%		-1.14%	-0.54%	16.99%	22.02%	39.70%
			1999 Performance
Group	1998 Return		Week 1	Week 2	3 Mos	6 Mos	12 Mos
Quntile 1: "Losers"	-32.02%		5.74%	-4.72%	-0.29%	19.59%	5.07%
Quintle 2	-8.45%		3.78%	-4.21%	-0.36%	11.24%	2.22%
Quintle 3	6.86%		1.90%	-3.77%	-1.31%	11.60%	8.80%
Quintle 4	27.29%		2.84%	-3.99%	2.46%	8.03%	5.69%
Quntile 5: "Winners"	85.62%		1.61%	-3.50%	6.27%	8.89%	22.72%
			2000 Performance
Group	1999 Return		Week 1	Week 2	3 Mos	6 Mos	12 Mos
Quntile 1: "Losers"	-38.82%		0.65%	0.25%	-8.52%	-5.58%	13.37%
Quintle 2	-17.90%		-0.22%	-1.47%	-4.53%	-2.98%	15.67%
Quintle 3	-0.43%		-0.42%	0.41%	-4.08%	-5.29%	4.33%
Quintle 4	22.92%		-0.69%	1.59%	0.50%	-2.83%	2.41%
Quntile 5: "Winners"	142.40%		-3.85%	3.40%	10.94%	1.09%	-15.39%
			2001 Performance
Group	2000 Return		Week 1	Week 2	3 Mos	6 Mos	12 Mos
Quntile 1: "Losers"	-47.60%		6.22%	6.57%	-11.83%	1.21%	-2.27%
Quintle 2	-16.06%		1.14%	0.88%	-2.54%	4.55%	4.48%
Quintle 3	8.55%		-1.23%	0.26%	-6.33%	-0.26%	-1.80%
Quintle 4	33.13%		-5.59%	-0.86%	-0.54%	3.71%	-3.65%
Quntile 5: "Winners"	84.18%		-9.44%	1.13%	-6.01%	-4.31%	-12.04%
			2002 Performance
Group	2001 Return		Week 1	Week 2	3 Mos	6 Mos	12 Mos
Quntile 1: "Losers"	-45.12%		5.01%	-4.45%	-1.81%	-26.41%	-36.00%
Quintle 2	-15.66%		1.43%	-1.96%	8.31%	-1.01%	-15.12%
Quintle 3	-3.04%		0.94%	-2.37%	5.15%	-2.26%	-16.73%
Quintle 4	9.96%		1.37%	-1.98%	4.84%	-4.10%	-16.73%
Quntile 5: "Winners"	51.87%		0.77%	-3.02%	9.56%	2.13%	-9.81%
			2003 Performance
Group	2002 Return		Week 1	Week 2	3 Mos	6 Mos	12 Mos
Quntile 1: "Losers"	-58.32%		10.22%	3.40%	-19.02%	15.76%	46.64%
Quintle 2	-29.25%		6.21%	1.16%	-12.32%	7.24%	30.53%
Quintle 3	-15.67%		3.80%	0.36%	-7.87%	6.29%	23.77%
Quintle 4	-1.89%		3.05%	-0.26%	-6.80%	4.71%	22.92%
Quntile 5: "Winners"	16.04%		2.50%	-0.28%	-5.04%	5.98%	25.16%
			2004 Performance*
Group	2003 Return		Week 1	Week 2	3 Mos	6 Mos	11 Mos
Quntile 1: "Losers"	-0.46%		0.76%	0.06%	0.61%	3.04%	4.86%
Quintle 2	17.11%		0.37%	0.78%	1.10%	3.98%	5.18%
Quintle 3	29.54%		0.40%	1.11%	3.08%	3.09%	7.17%
Quintle 4	47.01%		1.70%	1.71%	0.84%	3.36%	5.65%
Quntile 5: "Winners"	104.06%		2.89%	1.51%	-0.07%	-0.95%	2.50%