Industry Name	Number of firms	Average Unlevered Beta	Average Levered Beta	Average correlation with the market	Total Unlevered Beta	Total Levered Beta
Advertising	54	1.20	1.34	22.01%	5.43	6.08
Aerospace/Defense	67	0.80	0.90	28.80%	2.78	3.13
Air Transport	24	0.76	1.24	24.79%	3.08	4.99
Apparel	37	0.83	0.99	23.56%	3.51	4.20
Auto & Truck	34	1.43	1.62	25.35%	5.65	6.37
Auto Parts	33	0.99	1.23	34.85%	2.83	3.52
Bank (Money Center)	15	0.53	0.88	37.82%	1.39	2.31
Banks (Regional)	591	0.48	0.52	24.44%	1.94	2.12
Beverage (Alcoholic)	18	0.51	0.61	14.93%	3.39	4.09
Beverage (Soft)	29	0.51	0.57	14.45%	3.55	3.93
Broadcasting	22	0.48	0.92	21.38%	2.23	4.29
Brokerage & Investment Banking	30	0.47	0.95	39.50%	1.19	2.41
Building Materials	39	1.23	1.36	44.70%	2.76	3.04
Business & Consumer Services	152	0.92	1.00	28.23%	3.26	3.56
Cable TV	9	0.50	0.96	28.00%	1.80	3.43
Chemical (Basic)	31	0.86	1.15	27.78%	3.10	4.13
Chemical (Diversified)	4	0.58	0.99	30.98%	1.87	3.21
Chemical (Specialty)	60	0.79	0.92	32.23%	2.46	2.86
Coal & Related Energy	16	1.27	1.18	23.66%	5.35	5.00
Computer Services	63	1.09	1.23	26.84%	4.07	4.60
Computers/Peripherals	35	1.12	1.14	28.06%	3.98	4.07
Construction Supplies	46	1.15	1.29	37.82%	3.05	3.42
Diversified	21	1.01	1.09	27.14%	3.74	4.02
Drugs (Biotechnology)	535	1.17	1.25	21.83%	5.35	5.73
Drugs (Pharmaceutical)	231	0.98	1.07	17.54%	5.60	6.12
Education	29	0.92	0.98	26.82%	3.44	3.67
Electrical Equipment	101	1.20	1.27	25.29%	4.75	5.02
Electronics (Consumer & Office)	11	0.95	0.92	22.92%	4.16	4.01
Electronics (General)	122	1.01	1.06	28.07%	3.60	3.77
Engineering/Construction	42	0.92	0.99	32.72%	2.80	3.02
Entertainment	96	0.94	1.04	18.71%	5.01	5.56
Environmental & Waste Services	50	0.82	0.92	20.40%	4.00	4.51
Farming/Agriculture	35	0.73	0.98	20.94%	3.49	4.69
Financial Svcs. (Non-bank & Insurance)	166	0.35	1.07	31.83%	1.10	3.37
Food Processing	77	0.38	0.47	13.34%	2.87	3.56
Food Wholesalers	14	0.55	0.72	27.95%	1.98	2.59
Furn/Home Furnishings	28	0.69	0.87	23.51%	2.94	3.69
Green & Renewable Energy	18	0.50	1.13	18.24%	2.74	6.20
Healthcare Products	218	0.96	1.01	22.58%	4.24	4.49
Healthcare Support Services	113	0.82	0.94	17.81%	4.58	5.28
Heathcare Information and Technology	116	1.12	1.22	27.33%	4.11	4.47
Homebuilding	30	1.38	1.43	42.13%	3.27	3.39
Hospitals/Healthcare Facilities	33	0.57	0.86	22.65%	2.50	3.78
Hotel/Gaming	65	0.95	1.19	33.34%	2.85	3.58
Household Products	101	0.83	0.90	15.56%	5.33	5.75
Information Services	16	0.80	0.98	33.32%	2.41	2.95
Insurance (General)	22	0.69	0.76	21.44%	3.22	3.55
Insurance (Life)	19	0.62	0.73	30.92%	2.01	2.37
Insurance (Prop/Cas.)	53	0.57	0.61	23.27%	2.45	2.60
Investments & Asset Management	231	0.50	0.57	21.64%	2.31	2.62
Machinery	109	0.98	1.07	35.74%	2.75	2.99
Metals & Mining	64	0.96	1.02	16.96%	5.67	6.03
Office Equipment & Services	14	0.96	1.20	30.32%	3.18	3.96
Oil/Gas (Integrated)	4	0.46	0.48	20.55%	2.22	2.35
Oil/Gas (Production and Exploration)	147	0.75	0.88	17.28%	4.37	5.07
Oil/Gas Distribution	24	0.55	0.75	25.98%	2.12	2.90
Oilfield Svcs/Equip.	97	0.78	0.94	21.54%	3.61	4.35
Packaging & Container	22	0.74	0.98	34.80%	2.12	2.81
Paper/Forest Products	6	0.96	1.07	27.93%	3.43	3.84
Power	48	0.34	0.54	23.64%	1.45	2.29
Precious Metals	60	1.15	1.23	16.56%	6.92	7.42
Publishing & Newspapers	19	0.56	0.64	24.88%	2.24	2.56
R.E.I.T.	192	0.59	0.95	41.71%	1.43	2.27
Real Estate (Development)	15	0.62	1.03	24.48%	2.51	4.19
Real Estate (General/Diversified)	11	0.74	0.86	23.58%	3.12	3.66
Real Estate (Operations & Services)	60	0.95	1.08	22.07%	4.31	4.87
Recreation	50	0.93	1.33	27.94%	3.34	4.75
Reinsurance	1	0.58	0.54	26.46%	2.18	2.03
Restaurant/Dining	62	0.87	1.01	27.00%	3.24	3.74
Retail (Automotive)	29	0.99	1.35	33.60%	2.95	4.03
Retail (Building Supply)	13	1.57	1.79	46.88%	3.36	3.82
Retail (Distributors)	66	0.93	1.12	34.75%	2.66	3.21
Retail (General)	24	1.03	1.06	31.87%	3.22	3.33
Retail (Grocery and Food)	17	0.47	0.58	19.18%	2.43	3.02
Retail (REITs)	28	0.69	0.95	43.32%	1.58	2.19
Retail (Special Lines)	98	1.06	1.22	24.31%	4.36	5.04
Rubber& Tires	3	0.18	0.65	19.40%	0.92	3.33
Semiconductor	63	1.46	1.49	39.61%	3.69	3.75
Semiconductor Equip	30	1.47	1.48	43.35%	3.40	3.43
Shipbuilding & Marine	8	0.52	0.58	24.79%	2.12	2.33
Shoe	12	1.41	1.42	31.39%	4.49	4.54
Software (Entertainment)	81	1.18	1.18	23.31%	5.08	5.08
Software (Internet)	29	1.60	1.69	31.71%	5.04	5.32
Software (System & Application)	333	1.22	1.24	27.03%	4.51	4.59
Steel	27	0.96	1.06	32.12%	3.00	3.30
Telecom (Wireless)	11	0.59	0.77	17.67%	3.31	4.37
Telecom. Equipment	61	0.95	1.00	23.67%	4.01	4.22
Telecom. Services	32	0.52	0.89	15.61%	3.30	5.68
Tobacco	12	0.83	0.98	15.31%	5.39	6.40
Transportation	21	0.83	1.03	31.90%	2.61	3.22
Transportation (Railroads)	4	0.83	0.99	47.57%	1.74	2.08
Trucking	24	0.96	1.10	38.14%	2.53	2.90
Utility (General)	14	0.25	0.39	24.09%	1.04	1.63
Utility (Water)	15	0.47	0.68	29.91%	1.58	2.27
Total Market	6062	0.82	1.00	25.85%	3.16	3.88
Total Market (without financials)	4935	0.98	1.09	25.93%	3.77	4.19