Benjamin Reitzes Quotations

We still expect significant Mac growth long-term with 29 per cent unit growth forecast for fiscal year 2007.

We remain confident in Apple's potential for new products.

In the past, we believe Apple's shares have presented buying opportunities when its sales are constrained, with pent-up demand for new products,

Xerox had ample opportunity in its release to comment on third-quarter results, but obviously opted not to do so. At present, we believe cost cutting is likely ahead of schedule and our estimate for third quarter 2003 remains a loss of 11 cents per share on a 15 percent revenue decline.

We believe second-quarter 2006 earnings per share over 40 cents could be considered a positive given the recent plunge in shares.

We believe that Sun clearly should be more profitable than it is. However, the mix shift to lower-end products and the continued pace of heavy investments may continue to pressure operating profits.

This plan to consolidate manufacturing, cut operating expenditures, and freeze pensions seems like a bold step, in-line with our optimistic views for possible savings.

While we do not like to 'react' to information, given where Xerox has opened - we just do not believe there is much upside, ... ...We are also particularly concerned about an 'unexpected' receivables problem in Mexico that should hit EPS this quarter by up to 6 cents per share. This development calls into question management's systems and controls.