<<CSFB_EnergyTech_nov2601.pdf>> 

Summary:

*	A quick look at the correlation between the performance of the
Energy Technology stocks and the price changes in both natural gas and oil.
*	Our conclusion is that there is no meaningful statistical
correlation over time.  Commodity price shocks may however exert short term
influences on the shares but should not be used as a predictor.


Regards,

Marko Pencak
Director
Energy Technology Research
CREDIT | FIRST
SUISSE | BOSTON
Voice:	416 352 4580
Fax:	416 352 4598
Email:	marko.pencak@csfb.com

Cameron Jeffreys, CFA
Associate Analyst
Energy Technology Research
CREDIT | FIRST
SUISSE | BOSTON
Voice:	416 352 4581
Fax:	416 352 4598
Email:	cameron.jeffreys@csfb.com


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