Q3 2005 Global Technology Data Book

Key Additions and Revisions in the Q3 2005 Global Technology Data Book
We are introducing our analysts’ 2006 forecasts, and we have now added MP3 player data, interactive entertainment data, and more granular set-top box data to the Global Technology Data Book. For 2005, we highlight the upward revisions to PC, handset and carrier capex estimates.

Looking out to a strong 2H05:
Our analysts have increased 2H05 estimates following stronger than expected 2Q05 results. Although global GDP forecasts have been recently reduced, our analysts still expect strong seasonal growth in 2H05 and continued growth in 2006.

Premium and Slower Growth Markets
New areas of strength in 2005 we are highlighting include Taiwan PC units, total notebook units, global handset units, and global wireless carrier capex. Per our last edition, our analysts still expect strength in VOIP hardware, LCD TVs, broadband subscribers, and software revenue in India. Some of the weakest areas remain Unix servers, digital still camera revenue, and global consulting billing rates.

We are highlighting new stock ideas:
Analog Devices, Arrow, Applied Materials, Hynix Semiconductor, Motorola, Sanmina, and Tata Consultancy. We remain Overweight AMD, Anteon, Apple, Business Objects, CACI International, Cisco, eBay, Google, KLA Tencor, Oracle, Samsung Electronics, UMC, and Yahoo; Underweights include Electronic Data Systems and Computer Sciences Corp.

Global Industry Views
Please see page 37 of this report for a complete list of our global industry views related to technology.

The Global Technology Data Book Page 1 of 1 (45 pages)