FROM A NATION OF PRODUCERS TO A NATION OF GAMBLERS    
                           
U.S. EQUITY HOLDERS - NEW YORK STOCK EXCHANGE (2002 Factbook)          
                           
      % of Tot 1950 1970 1990 1995 1997 1999 2000 2002 % of Tot C.A.G. %
SECTOR     (1950)   (in US$ Billions)           (2002) ('50-'02)
Private Pension Funds   1% $1.1 $67.1 $561.9 $1,289.2 $1,765.4 $2,156.9 $2,195.1 $1,414.8 13% 15%
State & Local Gov Pension Funds 0% $0.0 $10.1 $293.0 $678.9 $1,295.2 $1,343.2 $1,335.1 $937.0 9% new
Life Insurance Cos   1% $2.1 $14.6 $97.9 $315.4 $582.2 $964.5 $940.8 $701.7 6% 12%
Other Insurance Cos   2% $2.6 $13.2 $79.9 $134.2 $176.9 $207.9 $194.3 $150.3 1% 8%
Mutual Funds   2% $2.9 $39.7 $233.2 $1,024.9 $2,049.4 $3,400.0 $3,226.9 $2,005.0 18% 13%
Closed End Funds   1% $1.6 $4.3 $16.2 $38.2 $54.2 $39.9 $35.3 $27.1 0% 6%
Bank Personal Trusts   0% $0.0 $87.9 $190.1 $224.9 $259.3 $338.3 $356.8 $227.2 2% new
Foreign Sector   2% $2.9 $27.2 $243.8 $527.6 $881.7 $1,537.8 $1,625.5 $1,192.9 11% 12%
Households & Non-profit Orgs 90% $128.7 $572.5 $1,795.4 $4,182.9 $5,737.6 $9,342.8 $7,408.0 $4,021.4 37% 7%
Other     1% $0.8 $4.8 $25.8 $79.5 $156.7 $249.9 $294.1 $282.7 3% 12%
                           
TOTAL EQUITIES     $142.7 $841.4 $3,537.2 $8,495.7 $12,958.6 $19,581.2 $17,611.9 $10,960.1 100% 9%
INSTITUTIONAL HOLDINGS   $10.3 $236.9 $1,472.2 $3,705.7 $6,182.6 $8,450.7 $8,284.3 $5,463.1 50% 13%
U.S. GDP       $294.0 $1,040.0 $5,803.0 $7,401.0 $8,318.0 $9,274.0 $9,825.0 $10,443.0 52% 7%
Institutions equity's share of U.S. GDP   4% 23% 25% 50% 74% 91% 84% 52%    
Households equity's share of U.S. GDP   44% 55% 31% 57% 69% 101% 75% 39%    
Total equity's share of U.S. GDP   49% 81% 61% 115% 156% 211% 179% 105%    
% of Equity Held by US Pensions   1% 9% 24% 23% 24% 18% 20% 21%    
% of Equity Held by Mutual Funds   2% 5% 7% 12% 16% 17% 18% 18%    
% of Equity Held by US Institutions   7% 28% 42% 44% 48% 43% 47% 50%    
% of Equity Held by Foreign Sector   2% 3% 7% 6% 7% 8% 9% 11%    
% of Equity Held by Households   90% 68% 51% 49% 44% 48% 42% 37%    
Holdings of Foreign Equity by US Residents $1.2 $6.6 $197.6 $197.6 $1,183.9 $2,026.6 $1,832.4 $1,214.7    
                           
  NOTE: C.A.G. = Compound Annual Growth                  
  Source: Annex Research (based on NYSE Fact Book 2002; GDP - US government statistics)