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Within the past 12 months, Citigroup Global Markets Inc.
or its affiliates has acted as manager or co-manager of a
public offering of securities of MDC Holdings Inc.
Citigroup Global Markets Inc. or its affiliates has received
compensation for investment banking services provided within
the past 12 months from MDC Holdings Inc.
Analysts' compensation is determined based upon activities and
services intended to benefit the investor clients of Citigroup
Global Markets Inc. and its affiliates ("the Firm"). Like all
Firm employees, analysts receive compensation that is impacted
by overall firm profitability, which includes revenues from,
among other business units, the Private Client Division,
Institutional Equities, and Investment Banking.
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| Smith Barney Equity Research Ratings
Distribution |
| Data current as of 30 June 2003 |
Outperform/Buy |
In-line/Hold |
Underperform/Sell |
| Smith Barney Global Equity Research Coverage (2321) |
32% |
43% |
25% |
| % of companies in each rating category that
are investment banking clients |
47% |
42% |
39% |
| Homebuilding -- North America (16) |
50% |
31% |
19% |
| % of companies in each rating category that
are investment banking clients |
88% |
60% |
33% |
As noted in the headings to our ratings-distribution
table, for purposes of NASD/NYSE disclosure rules Smith
Barney's Outperform rating most closely corresponds to a buy
recommendation; our In-line rating most closely corresponds to
a hold/neutral rating; and our Underperform rating most
closely corresponds to a sell rating. Because our ratings are
based on the relative attractiveness of a security within an
industry or analyst-coverage area, however, Outperform,
In-line, and Underperform cannot be directly equated to buy,
hold/neutral, and sell categories. Accordingly, your decision
to buy or sell a security should be based upon your personal
investment objectives and only after evaluating the stock's
expected relative performance and risk.
MDC Holdings Inc. is rated relative to a universe of
Homebuilding (North America) stocks that comprises the
following companies: Beazer Homes USA, Black & Decker
Corp., Centex Corp., Horton (D.R.) Inc., Hovnanian Enterprise
Inc., KB Home, Lennar Corp., Martin Marietta Materials Inc.,
Masco Corp., MDC Holdings Inc., Pulte Corp., Standard Pacific
Corp, Stanley Works, The Ryland Group, Inc., Toll Brothers
Inc. and Vulcan Materials Company.
In addition to Investment Banking compensation that is
disclosed in the Important Disclosures section of this
research report, the Firm and its affiliates, including
Citigroup Inc., provide a vast array of non-investment-banking
financial services, including among others corporate banking,
to a large number of corporations globally. The reader should
assume that the Firm or its affiliates receive compensation
for those non-investment-banking services from such
corporations.
For securities recommended in this report in which the Firm is
not a market maker, the Firm usually provides bids and offers
and may act as principal in connection with such transactions.
The Firm is a regular issuer of traded financial instruments
linked to securities that may have been recommended in this
report.
Securities recommended, offered, or sold by the Firm: (i) are
not insured by the Federal Deposit Insurance Corporation; (ii)
are not deposits or other obligations of any insured
depository institution (including Citibank); and (iii) are
subject to investment risks, including the possible loss of
the principal amount invested. Although information has been
obtained from and is based upon sources Smith Barney believes
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incomplete or condensed. All opinions and estimates constitute
the judgment of Smith Barney's Equity Research Department as
of the date of the report and are subject to change without
notice. This report is for informational purposes only and is
not intended as an offer or solicitation for the purchase or
sale of a security. Any decision to purchase securities
mentioned in this research must take into account existing
public information on such security or any registered
prospectus.
Investing in non-U.S. securities, including ADRs, may entail
certain risks. The securities of non-U.S. issuers may not be
registered with, nor be subject to the reporting requirements
of the U.S. Securities and Exchange Commission. There may be
limited information available on foreign securities. Foreign
companies are generally not subject to uniform audit and
reporting standards, practices and requirements comparable to
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less liquid and their prices more volatile than securities of
comparable U.S. companies. In addition, exchange rate
movements may have an adverse effect on the value of an
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this report from the Firm. Please ask your Financial
Consultant for additional details.
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