Industry Name	Number of firms	Average Unlevered Beta	Average Levered Beta	Average correlation with the market	Total Unlevered Beta	Total Levered Beta
Advertising	52	1.01	1.21	21.00%	4.80	5.76
Aerospace/Defense	79	0.87	0.95	31.79%	2.73	2.97
Air Transport	23	0.76	1.19	29.16%	2.60	4.07
Apparel	35	0.79	0.94	26.60%	2.99	3.52
Auto & Truck	33	1.31	1.46	18.49%	7.07	7.88
Auto Parts	35	1.13	1.34	28.18%	4.00	4.75
Bank (Money Center)	15	0.44	0.76	43.40%	1.02	1.75
Banks (Regional)	568	0.37	0.40	24.85%	1.51	1.60
Beverage (Alcoholic)	14	0.63	0.81	16.23%	3.87	5.01
Beverage (Soft)	27	0.58	0.64	11.80%	4.88	5.44
Broadcasting	24	0.32	0.47	14.44%	2.18	3.26
Brokerage & Investment Banking	32	0.68	1.17	46.66%	1.46	2.51
Building Materials	41	0.96	1.11	39.00%	2.46	2.85
Business & Consumer Services	155	0.81	0.89	24.92%	3.23	3.56
Cable TV	9	0.36	0.74	21.90%	1.66	3.38
Chemical (Basic)	29	0.64	1.01	26.99%	2.36	3.75
Chemical (Diversified)	4	0.41	0.85	36.40%	1.12	2.34
Chemical (Specialty)	59	0.82	0.97	31.73%	2.60	3.06
Coal & Related Energy	16	1.18	1.07	26.79%	4.41	4.00
Computer Services	64	0.96	1.09	25.57%	3.76	4.25
Computers/Peripherals	36	1.32	1.35	32.96%	4.02	4.10
Construction Supplies	40	1.05	1.15	37.10%	2.82	3.10
Diversified	20	0.84	0.88	23.88%	3.53	3.69
Drugs (Biotechnology)	496	1.08	1.14	20.68%	5.22	5.49
Drugs (Pharmaceutical)	228	0.92	0.98	17.10%	5.35	5.75
Education	32	0.72	0.78	24.48%	2.94	3.19
Electrical Equipment	112	1.19	1.25	24.70%	4.82	5.07
Electronics (Consumer & Office)	8	0.93	0.87	19.00%	4.88	4.56
Electronics (General)	114	0.94	0.97	29.97%	3.13	3.24
Engineering/Construction	48	1.14	1.21	40.25%	2.83	3.01
Entertainment	92	0.76	0.83	20.13%	3.79	4.10
Environmental & Waste Services	53	0.82	0.95	17.55%	4.70	5.39
Farming/Agriculture	35	0.85	1.13	23.75%	3.56	4.75
Financial Svcs. (Non-bank & Insurance)	176	0.33	0.97	27.86%	1.18	3.48
Food Processing	78	0.47	0.61	12.50%	3.76	4.86
Food Wholesalers	13	0.65	0.87	22.09%	2.93	3.92
Furn/Home Furnishings	27	0.65	0.82	23.83%	2.74	3.45
Green & Renewable Energy	15	0.47	0.86	18.07%	2.61	4.74
Healthcare Products	204	0.86	0.91	21.22%	4.04	4.28
Healthcare Support Services	104	0.74	0.87	17.27%	4.31	5.05
Heathcare Information and Technology	115	1.02	1.11	24.73%	4.11	4.48
Homebuilding	30	0.85	0.91	27.97%	3.05	3.26
Hospitals/Healthcare Facilities	31	0.56	0.80	19.70%	2.87	4.06
Hotel/Gaming	63	0.88	1.08	30.17%	2.90	3.58
Household Products	110	0.74	0.82	14.40%	5.15	5.66
Information Services	15	0.76	0.92	26.22%	2.88	3.51
Insurance (General)	21	0.58	0.67	18.50%	3.12	3.63
Insurance (Life)	20	0.53	0.64	33.07%	1.61	1.95
Insurance (Prop/Cas.)	57	0.46	0.48	21.73%	2.10	2.23
Investments & Asset Management	283	0.59	0.66	26.14%	2.25	2.52
Machinery	105	0.89	0.96	36.31%	2.46	2.65
Metals & Mining	73	1.01	1.04	15.65%	6.46	6.66
Office Equipment & Services	14	1.04	1.33	31.74%	3.27	4.20
Oil/Gas (Integrated)	4	0.28	0.30	20.84%	1.33	1.44
Oil/Gas (Production and Exploration)	142	0.58	0.72	18.81%	3.08	3.84
Oil/Gas Distribution	23	0.47	0.67	26.65%	1.76	2.51
Oilfield Svcs/Equip.	97	0.79	0.95	27.26%	2.89	3.49
Packaging & Container	19	0.75	1.02	34.63%	2.16	2.95
Paper/Forest Products	6	0.77	0.96	29.14%	2.64	3.29
Power	46	0.31	0.48	17.79%	1.77	2.71
Precious Metals	56	0.83	0.84	14.03%	5.92	5.96
Publishing & Newspapers	19	0.51	0.56	25.20%	2.03	2.23
R.E.I.T.	190	0.40	0.64	28.88%	1.39	2.22
Real Estate (Development)	14	0.56	0.84	17.74%	3.18	4.76
Real Estate (General/Diversified)	12	0.63	0.81	17.16%	3.65	4.72
Real Estate (Operations & Services)	54	0.86	0.97	22.78%	3.76	4.24
Recreation	49	0.74	1.02	27.89%	2.64	3.67
Reinsurance	1	0.58	0.58	43.47%	1.33	1.34
Restaurant/Dining	64	0.78	0.92	24.03%	3.26	3.84
Retail (Automotive)	34	0.71	0.94	27.78%	2.57	3.37
Retail (Building Supply)	14	1.32	1.54	43.66%	3.02	3.52
Retail (Distributors)	62	0.80	0.95	32.33%	2.48	2.93
Retail (General)	23	0.78	0.81	28.27%	2.76	2.85
Retail (Grocery and Food)	15	0.85	1.12	17.43%	4.87	6.42
Retail (REITs)	26	0.44	0.62	30.70%	1.44	2.02
Retail (Special Lines)	94	1.00	1.09	24.88%	4.03	4.38
Rubber& Tires	3	0.15	0.53	20.11%	0.77	2.63
Semiconductor	66	1.50	1.52	42.31%	3.56	3.59
Semiconductor Equip	31	1.39	1.40	45.06%	3.09	3.10
Shipbuilding & Marine	8	0.66	0.75	39.59%	1.67	1.90
Shoe	11	1.00	1.02	27.98%	3.57	3.64
Software (Entertainment)	77	1.02	1.03	23.47%	4.35	4.38
Software (Internet)	29	1.59	1.69	30.40%	5.23	5.56
Software (System & Application)	309	1.25	1.28	26.89%	4.64	4.75
Steel	19	0.94	1.06	40.88%	2.31	2.60
Telecom (Wireless)	12	0.39	0.54	16.81%	2.33	3.20
Telecom. Equipment	57	0.89	0.92	26.65%	3.33	3.46
Telecom. Services	39	0.38	0.63	11.98%	3.18	5.25
Tobacco	10	0.69	0.79	13.15%	5.25	6.04
Transportation	19	0.71	0.86	32.27%	2.20	2.66
Transportation (Railroads)	4	0.81	0.98	50.27%	1.62	1.94
Trucking	26	0.87	1.01	36.24%	2.40	2.79
Utility (General)	14	0.15	0.24	15.31%	0.97	1.56
Utility (Water)	14	0.28	0.41	14.88%	1.90	2.77
Total Market	5994	0.76	0.91	24.91%	3.03	3.66
Total Market (without financials)	4822	0.90	0.99	24.56%	3.67	4.04