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Weekly Pick - Fundamentals

To: metastock-list@xxxxxxxxxxxxx
Subject: Weekly Pick - Fundamentals
From: Tom <tom2@xxxxxxxxxxx>
Date: Sun, 8 Feb 1998 04:51:40 -0800 (PST)
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            <INPUT name=ticker type=hidden value=SMOD> 
            <INPUT name=session type=hidden> <B>Select report for SMOD:</B> 
            <P><SELECT name=type>
                    <OPTION selected value=100>The Whole Enchilada
                    <OPTION value=20>Zacks Company Report
                    <OPTION value=30>Analyst's Recommendations
                    <OPTION value=1>Annual Cash Flow Statement
                    <OPTION value=2>Quarterly Risk Rating/Bankruptcy Report
                    <OPTION value=3>Annual Risk Rating/Bankruptcy Report
                    <OPTION value=4>Annual Return on Equity
                    <OPTION value=5>Quarterly Return on Equity
                    <OPTION value=6>Annual Ratios &amp; Turnover Rates
                    <OPTION value=7>Quarterly Ratios &amp; Turnover Rates
                    <OPTION value=8>Annual Balance Sheet
                    <OPTION value=9>Quarterly Balance Sheet
                    <OPTION value=10>Annual Income Statement
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<CENTER><FONT color=#004981>
<H2><I>The Whole Enchilada </I></H2></FONT></CENTER>
<META content="SMART MODULAR" name=company>
<META content=SMOD name=ticker>
<META content=" 01/31/98" name=date>
<P>
<TABLE width=100%>
    <TBODY>
    <TR>
        <TD><IMG height=2 src="http://aw.ultra.zacks.com/images/line2.gif"; 
            width=60> <BR><FONT size=+2>Zacks<BR>Investment<BR>Research, 
            Inc.</FONT> <BR><FONT size=+1>-Company Reports-</FONT> <BR><IMG 
            height=2 src="http://aw.ultra.zacks.com/images/line2.gif"; width=60> 
</TD>
        <TD vAlign=center><FONT size=+2>SMART MODULAR </FONT></TD></TR></TBODY></TABLE>
<TABLE width=100%>
    <TBODY>
    <TR>
        <TD><B>Ticker <BR>Exchange <BR>Industry <BR>Type <BR></B></TD>
        <TD></TD>
        <TD><B>SMOD <BR>NSDQ <BR>COMP-STORAGE DV <BR>Mid <BR></B></TD>
        <TD><B>Shares/ Outstanding <BR><BR><BR>Institutions <BR>Insiders 
            </B></TD>
        <TD><B>41.0 MM <BR><BR><BR>41.10% <BR>41.36% </B></TD></TR>
    <TR>
        <TD></TD>
    <TR>
        <TD></TD>
    <TR>
        <TD colSpan=8>
            <P>SMART MODULAR TECHNOLOGIES designs, manufactures and markets 
            memory modules and PC card products primarily to leading OEMs in the 
            computer, networking and telecommunications industries. 
    </P></TD></TR></TBODY></TABLE><PRE>&nbsp;</PRE>
<TABLE bgColor=#ffffcc border=0 cellPadding=0 cellSpacing=0 width=100%>
    <TBODY>
    <TR bgColor=#cccc99>
        <TH align=left>Rec Price</TH>
        <TH>P/E</TH>
        <TH>Mkt Cap</TH>
        <TH>Div Rate</TH>
        <TH>Yield</TH>
        <TH>Sales (12Mo)</TH>
        <TH>Sls Gr</TH>
        <TH>EPS Gr</TH>
        <TH>Div Gr</TH>
        <TH align=right>Zacks Rank</TH></TR>
    <TR>
        <TD align=left>$28.66&nbsp;</TD>
        <TD align=middle>27.7&nbsp;</TD>
        <TD align=middle>$1174 MM&nbsp;</TD>
        <TD align=middle>$0.00&nbsp;</TD>
        <TD align=middle>0.0%&nbsp;</TD>
        <TD align=middle>$695 MM&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>&nbsp;</TD>
        <TD align=right>Buy&nbsp;</TD></TR></TBODY></TABLE><PRE>&nbsp;</PRE>
<CENTER></CENTER><FONT color=#003300 size=+1><B><I>Price/Volume 
Data</I></B></FONT> <BR><IMG height=2 
src="http://aw.ultra.zacks.com/images/line2.gif"; width=100%> 
<P>
<CENTER>
<TABLE bgColor=#ffffcc border=0 cellPadding=0 cellSpacing=0 width=100%>
    <TBODY>
    <TR align=right>
        <TH align=left>52 Week High</TH>
        <TD bgColor=#cccc99>$44.06&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>52 Week Low</TH>
        <TD bgColor=#cccc99>$11.63&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>Price Change-Year To Date</TH>
        <TD bgColor=#cccc99>25%&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>Year To Date(Relative To S &amp; P 500)</TH>
        <TD bgColor=#cccc99>23%&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>Average Daily Volume</TH>
        <TD bgColor=#cccc99>662 000s&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>Beta</TH>
        <TD bgColor=#cccc99>&nbsp;</TD></TR></TBODY></TABLE></CENTER><PRE>   </PRE><FONT color=#003300 size=+1><B><I>Wall Street 
Recommendations</I></B> </FONT><BR><IMG height=2 
src="http://aw.ultra.zacks.com/images/line2.gif"; width=100%> 
<P>
<CENTER>
<TABLE bgColor=#ffffcc border=0 cellPadding=0 cellSpacing=0 width=100%>
    <TBODY>
    <TR align=right bgColor=#cccc99>
        <TH align=left>&nbsp;</TH>
        <TH>Natl Retail Broker</TH>
        <TH>Inst Broker</TH>
        <TH>Reg Broker</TH>
        <TH>Total</TH>
        <TH>Z Indicator</TH></TR>
    <TR align=right>
        <TH align=left>Strong Buy</TH>
        <TD>0&nbsp;</TD>
        <TD>1&nbsp;</TD>
        <TD>0&nbsp;</TD>
        <TD>1&nbsp;</TD>
        <TD>0&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>&nbsp;</TH>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>Strong Buy Changes:</TH>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left><FONT size=-1><I>increase, 1 week</I></FONT></TH>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>&nbsp;</TH>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>Moderate Buy</TH>
        <TD>1&nbsp;</TD>
        <TD>2&nbsp;</TD>
        <TD>0&nbsp;</TD>
        <TD>3&nbsp;</TD>
        <TD>1&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>&nbsp;</TH>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>Mod Buy Changes:</TH>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left><FONT size=-1><I>increase, 1 week</I></FONT></TH>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left><FONT size=-1><I>decrease, 1 week</I></FONT></TH>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>&nbsp;</TH>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>Hold</TH>
        <TD>0&nbsp;</TD>
        <TD>0&nbsp;</TD>
        <TD>0&nbsp;</TD>
        <TD>0&nbsp;</TD>
        <TD>0&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>&nbsp;</TH>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>Hold Changes:</TH>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left><FONT size=-1><I>increase, 1 week</I></FONT></TH>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left><FONT size=-1><I>decrease, 1 week</I></FONT></TH>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>&nbsp;</TH>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>Moderate Sell</TH>
        <TD>0&nbsp;</TD>
        <TD>0&nbsp;</TD>
        <TD>0&nbsp;</TD>
        <TD>0&nbsp;</TD>
        <TD>0&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>&nbsp;</TH>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>Mod Sell Changes:</TH>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left><FONT size=-1><I>increase, 1 week</I></FONT></TH>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left><FONT size=-1><I>decrease, 1 week</I></FONT></TH>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>&nbsp;</TH>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>Strong Sell</TH>
        <TD>0&nbsp;</TD>
        <TD>0&nbsp;</TD>
        <TD>0&nbsp;</TD>
        <TD>0&nbsp;</TD>
        <TD>0&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>&nbsp;</TH>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>Strong Sell Changes:</TH>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left><FONT size=-1><I>decrease, 1 week</I></FONT></TH>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD></TR></TBODY></TABLE></CENTER><PRE></PRE>
<CENTER>
<ADDRESS>Estimates and actuals are both eps before extras and other 
non-recurring items </ADDRESS>
<P>
<P><B>DISTRIBUTION OF EPS ESTIMATES</B> <BR>HISTOGRAM AS OF 1/31/98 <PRE>                       SMART MODULAR  
         FY1 - 9810                    FY2 - 9910
           4 ESTS.                       3 ESTS.

                                                            
                                                            
                                                            
                                                            
                                                            
                                                            
                                                            
    O                                                       
    O O O                         O O           O           
   !-----!-----!-----!-----!     !-----!-----!-----!-----!
  1.38  1.43  1.48  1.53  1.58  1.60  1.70  1.80  1.90  2.00
 &quot;X&quot; = EPS ESTIMATE ($)        &quot;O&quot; = THREE MOST RECENT ESTS.

<HR>
           1/98 QTR:    SMART MODULAR      4/98 QTR:
       EXP.REPT:  2/20/98              EXP.REPT:  5/22/98
                                                            
                                                            
                                                            
                                  O                         
    OO                            O                         
    OX                            X                         
   !-----!-----!-----!-----!     !-----!-----!-----!-----!
  0.33  0.38  0.43  0.48  0.53  0.34  0.39  0.44  0.49  0.54

     MEAN     0.34 ( 4)             MEAN     0.34 ( 3)
  MOST ACC    0.33 ( 3)          MOST ACC    0.34 ( 2)
------------------------------------------------------------

 
                                 </PRE></CENTER><PRE></PRE><FONT color=#003300 size=+1><B><I>Current EPS Estimates</I></B> 
</FONT><BR><IMG height=2 src="http://aw.ultra.zacks.com/images/line2.gif"; 
width=100%> 
<P>
<CENTER>
<TABLE bgColor=#ffffcc border=0 cellPadding=0 cellSpacing=0 width=100%>
    <TBODY>
    <TR bgColor=#cccc99>
        <TH>Period</TH>
        <TH>Ending</TH>
        <TH>Mean Est.<BR>($/SH)</TH>
        <TH>High Est.<BR>($/SH)</TH>
        <TH>Low Est.<BR>($/SH)</TH>
        <TH>Number Ests.</TH>
        <TH>Mean Change, Last Month ($)</TH></TR>
    <TR align=right>
        <TH align=left>Year Ending&nbsp;</TH>
        <TD>10/99&nbsp;</TD>
        <TD>1.70&nbsp;</TD>
        <TD>1.85&nbsp;</TD>
        <TD>1.60&nbsp;</TD>
        <TD>3&nbsp;</TD>
        <TD>0.00&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>Year Ending&nbsp;</TH>
        <TD>10/98&nbsp;</TD>
        <TD>1.39&nbsp;</TD>
        <TD>1.42&nbsp;</TD>
        <TD>1.38&nbsp;</TD>
        <TD>4&nbsp;</TD>
        <TD>0.00&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>VS Actual&nbsp;</TH>
        <TD>10/97&nbsp;</TD>
        <TD>1.03&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>Quarter End&nbsp;</TH>
        <TD>01/98&nbsp;</TD>
        <TD>0.34&nbsp;</TD>
        <TD>0.34&nbsp;</TD>
        <TD>0.33&nbsp;</TD>
        <TD>4&nbsp;</TD>
        <TD>0.00&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>VS Actual&nbsp;</TH>
        <TD>01/97&nbsp;</TD>
        <TD>0.20&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>Quarter End&nbsp;</TH>
        <TD>04/98&nbsp;</TD>
        <TD>0.34&nbsp;</TD>
        <TD>0.34&nbsp;</TD>
        <TD>0.34&nbsp;</TD>
        <TD>3&nbsp;</TD>
        <TD>0.00&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>VS Actual&nbsp;</TH>
        <TD>04/97&nbsp;</TD>
        <TD>0.22&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>Next 5 Year Growth (%)&nbsp;</TH>
        <TD>&nbsp;</TD>
        <TD>28.17&nbsp;</TD>
        <TD>30.00&nbsp;</TD>
        <TD>26.50&nbsp;</TD>
        <TD>3&nbsp;</TD>
        <TD>0.00&nbsp;</TD></TR></TBODY></TABLE><PRE></PRE></CENTER><FONT color=#003300 size=+1><B><I>Surprise 
History</I></B></FONT> <BR><IMG height=2 
src="http://aw.ultra.zacks.com/images/line2.gif"; width=100%> 
<P>
<CENTER>
<TABLE bgColor=#ffffcc border=0 cellPadding=0 cellSpacing=0 width=100%>
    <TBODY>
    <TR align=right bgColor=#cccc99>
        <TH align=left>Quarter End&nbsp;</TH>
        <TH>% Surprise</TH>
        <TH>Actual</TH>
        <TH>Estimate</TH>
        <TH>Std Dev</TH>
        <TH># Analysts</TH></TR>
    <TR align=right>
        <TH align=left>01/98</TH>
        <TD>N/A&nbsp;</TD>
        <TD>N/A&nbsp;</TD>
        <TD>0.34&nbsp;</TD>
        <TD>0.01&nbsp;</TD>
        <TD>4&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>10/97</TH>
        <TD>8.33&nbsp;</TD>
        <TD>0.32&nbsp;</TD>
        <TD>0.30&nbsp;</TD>
        <TD>0.01&nbsp;</TD>
        <TD>4&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>07/97</TH>
        <TD>26.67&nbsp;</TD>
        <TD>0.28&nbsp;</TD>
        <TD>0.23&nbsp;</TD>
        <TD>0.01&nbsp;</TD>
        <TD>2&nbsp;</TD></TR></TBODY></TABLE></CENTER><PRE></PRE><FONT color=#003300 size=+1><B><I>Financial History</I></B></FONT> 
<BR><IMG height=2 src="http://aw.ultra.zacks.com/images/line2.gif"; width=100%> 
<P>
<CENTER>
<TABLE bgColor=#ffffcc border=0 cellPadding=0 cellSpacing=0 width=100%>
    <TBODY>
    <TR bgColor=#cccc99>
        <TH align=left>Year End</TH>
        <TH>Sales</TH>
        <TH>Net Income</TH>
        <TH>EPS ex NRI</TH>
        <TH>EPS Reported</TH>
        <TH>Dividends</TH>
        <TH>High</TH>
        <TH>Low</TH></TR>
    <TR align=rigth>
        <TH align=left>1997</TH>
        <TD align=middle>217&nbsp;</TD>
        <TD align=middle>14&nbsp;</TD>
        <TD align=middle>1.03&nbsp;</TD>
        <TD align=middle>1.03&nbsp;</TD>
        <TD align=middle>N/A&nbsp;</TD>
        <TD align=middle>42&nbsp;</TD>
        <TD align=middle>12&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>1996</TH>
        <TD align=middle>401&nbsp;</TD>
        <TD align=middle>25&nbsp;</TD>
        <TD align=middle>0.60&nbsp;</TD>
        <TD align=middle>0.60&nbsp;</TD>
        <TD align=middle>N/A&nbsp;</TD>
        <TD align=middle>13&nbsp;</TD>
        <TD align=middle>6&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>1995</TH>
        <TD align=middle>274&nbsp;</TD>
        <TD align=middle>12&nbsp;</TD>
        <TD align=middle>0.36&nbsp;</TD>
        <TD align=middle>0.36&nbsp;</TD>
        <TD align=middle>N/A&nbsp;</TD>
        <TD align=middle>5&nbsp;</TD>
        <TD align=middle>5&nbsp;</TD></TR></TBODY></TABLE></CENTER><PRE></PRE><FONT color=#003300 size=+1><B><I>EPS History</I></B></FONT> <BR><IMG 
height=2 src="http://aw.ultra.zacks.com/images/line2.gif"; width=100%> 
<P>
<CENTER>
<TABLE bgColor=#ffffcc border=0 cellPadding=0 cellSpacing=0 width=100%>
    <TBODY>
    <TR bgColor=#cccc99>
        <TH>Fiscal Year</TH>
        <TH>1st Q</TH>
        <TH>2nd Q</TH>
        <TH>3rd Q</TH>
        <TH>4th Q</TH>
        <TH>Year</TH></TR>
    <TR align=right>
        <TD align=middle>1999&nbsp;</TD>
        <TD align=middle>0.38E&nbsp;</TD>
        <TD align=middle>0.39E&nbsp;</TD>
        <TD align=middle>0.41E&nbsp;</TD>
        <TD align=middle>0.43E&nbsp;</TD>
        <TD align=middle>1.70E&nbsp;</TD></TR>
    <TR align=right>
        <TD align=middle>1998&nbsp;</TD>
        <TD align=middle>0.34E&nbsp;</TD>
        <TD align=middle>0.34E&nbsp;</TD>
        <TD align=middle>0.35E&nbsp;</TD>
        <TD align=middle>0.37E&nbsp;</TD>
        <TD align=middle>1.39E&nbsp;</TD></TR>
    <TR align=right>
        <TD align=middle>1997&nbsp;</TD>
        <TD align=middle>0.20&nbsp;</TD>
        <TD align=middle>0.22&nbsp;</TD>
        <TD align=middle>0.28&nbsp;</TD>
        <TD align=middle>0.32&nbsp;</TD>
        <TD align=middle>1.03&nbsp;</TD></TR></TBODY></TABLE></CENTER><PRE></PRE>
<CENTER></CENTER><PRE> </PRE><FONT color=#003300 size=+1><B><I>Company vs Industry</I></B></FONT> 
<BR><IMG height=2 src="http://aw.ultra.zacks.com/blkdot.gif"; width=100%> 
<P>
<TABLE bgColor=#ffffcc border=0 cellPadding=0 cellSpacing=0 width=100%>
    <TBODY>
    <TR bgColor=#cccc99>
        <TH>&nbsp;</TH>
        <TH align=middle colSpan=5>--- EPS Growth Rates ---&nbsp;</TH></TR>
    <TR align=right>
        <TH align=left>&nbsp;</TH>
        <TD><B>Last 5 Yrs Actual (%)&nbsp;</B></TD>
        <TD><B>97/96 (%)&nbsp;</B></TD>
        <TD><B>98/97 (%)&nbsp;</B></TD>
        <TD><B>Nxt 5 Yrs (%)&nbsp;</B></TD>
        <TD><B>P/E on 97 EPS&nbsp;</B></TD>
    <TR align=right>
        <TH align=left>Company&nbsp;</TH>
        <TD>N/A&nbsp;</TD>
        <TD>34.8&nbsp;</TD>
        <TD>21.9&nbsp;</TD>
        <TD>28.2&nbsp;</TD>
        <TD>20.5&nbsp;</TD>
    <TR align=right>
        <TH align=left>Ind: (COMP-STORAGE D)&nbsp;</TH>
        <TD>30.1&nbsp;</TD>
        <TD>24.0&nbsp;</TD>
        <TD>25.8&nbsp;</TD>
        <TD>25.4&nbsp;</TD>
        <TD>39.1&nbsp;</TD>
    <TR align=right>
        <TH align=left>(Ind Group #302)&nbsp;</TH>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
    <TR align=right>
        <TH align=left>S&amp;P 500&nbsp;</TH>
        <TD>12.6&nbsp;</TD>
        <TD>12.4&nbsp;</TD>
        <TD>6.6&nbsp;</TD>
        <TD>7.1&nbsp;</TD>
        <TD>21.6&nbsp;</TD>
    <TR align=right>
        <TH align=left>Comp VS Ind&nbsp;</TH>
        <TD>N/A&nbsp;</TD>
        <TD>10.8&nbsp;</TD>
        <TD>-3.9&nbsp;</TD>
        <TD>2.8&nbsp;</TD>
        <TD>-18.5&nbsp;</TD>
    <TR align=right>
        <TH align=left>Comp VS S&amp;P&nbsp;</TH>
        <TD>N/A&nbsp;</TD>
        <TD>22.4&nbsp;</TD>
        <TD>15.2&nbsp;</TD>
        <TD>21.1&nbsp;</TD>
        <TD>-1.1&nbsp;</TD></TR></TBODY></TABLE><PRE> </PRE><! ---- Part2 ---- ><FONT color=#003300 size=+1><B><I>Company 
Ratios: Current vs History</I></B></FONT> <BR><IMG height=2 
src="http://aw.ultra.zacks.com/images/line2.gif"; width=100%> 
<P>
<CENTER>
<TABLE bgColor=#ffffcc border=0 cellPadding=0 cellSpacing=0 width=100%>
    <TBODY>
    <TR bgColor=#cccc99>
        <TH>&nbsp;</TH>
        <TH>Current&nbsp;</TH>
        <TH>5-Year <BR>Avg&nbsp;</TH>
        <TH></TH>
    <TR align=right>
        <TH align=left>P/E (12 Mo)&nbsp;</TH>
        <TD align=middle>27.7&nbsp;</TD>
        <TD align=middle>&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>Rel P/E&nbsp;</TH>
        <TD align=middle>124%&nbsp;</TD>
        <TD align=middle>&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>Net Margin&nbsp;</TH>
        <TD align=middle>7%&nbsp;</TD>
        <TD align=middle>&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>ROE&nbsp;</TH>
        <TD align=middle>42.0%&nbsp;</TD>
        <TD align=middle>&nbsp;</TD></TR>
    <TR align=right>
        <TH align=left>LT Debt/Cap&nbsp;</TH>
        <TD align=middle>0%&nbsp;</TD>
        <TD align=middle>&nbsp;</TD></TR></TBODY></TABLE></CENTER><PRE>&nbsp;</PRE><FONT color=#003300 size=+1><B><I>Company vs Industry 
Ratios</I></B></FONT> <BR><IMG height=2 
src="http://aw.ultra.zacks.com/images/line2.gif"; width=100%> 
<P>
<CENTER>
<TABLE bgColor=#ffffcc border=0 cellPadding=0 cellSpacing=0 width=100%>
    <TBODY>
    <TR bgColor=#cccc99>
        <TH>&nbsp;</TH>
        <TH align=right>SMART MODULAR&nbsp;&nbsp;</TH>
        <TH align=right>INDUSTRY AVG&nbsp;</TH>
        <TH align=right>S&amp;P 500&nbsp;</TH></TR>
    <TR align=right>
        <TH align=left>Pr Chg YTD&nbsp;</TH>
        <TD>25%&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>1%&nbsp;</TD>
    <TR align=right>
        <TH align=left>P/E&nbsp; (12Mo)&nbsp;</TH>
        <TD>27.7&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>22.3&nbsp;</TD>
    <TR align=right>
        <TH align=left>Price/Book&nbsp;</TH>
        <TD>5.1&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>5.6&nbsp;</TD>
    <TR align=right>
        <TH align=left>Price/Sales&nbsp;</TH>
        <TD>1.7&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
    <TR align=right>
        <TH align=left>Price/CF&nbsp;</TH>
        <TD>44.2&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
    <TR align=right>
        <TH align=left>Impl Ret/&nbsp; P/E&nbsp;</TH>
        <TD>1.02&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD>
    <TR align=right>
        <TH align=left>Div Yield&nbsp;</TH>
        <TD>0.0%&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>1.6%&nbsp;</TD>
    <TR align=right>
        <TH align=left>Net Margin&nbsp;</TH>
        <TD>6.5%&nbsp;</TD>
        <TD>4.3%&nbsp;</TD>
        <TD>&nbsp;</TD>
    <TR align=right>
        <TH align=left>ROE&nbsp;</TH>
        <TD>42%&nbsp;</TD>
        <TD>13%&nbsp;</TD>
        <TD>23%&nbsp;</TD>
    <TR align=right>
        <TH align=left>Debt/Cap&nbsp;</TH>
        <TD>0%&nbsp;</TD>
        <TD>&nbsp;</TD>
        <TD>&nbsp;</TD></TR></TBODY></TABLE></CENTER>* Ranked 7/31 in COMP-STORAGE DV. 
COMP-STORAGE DV Ranked 126/211.
<HR>
 <B><I><FONT color=#000000>Zacks Company Report was last updated 
02/02/98.</FONT></I></B> 
<P><HTML><BODY bgcolor = #ffffff><FONT size=+1>
<CENTER><B>SMART MODULAR</B><BR><B>Annual Statement of Cash Flow </B><BR><B>(in 
Millions, except EPS data) </B><BR></CENTER></SIZE><BR>
<CENTER>Fiscal Year End for SMART MODULAR(SMOD ) falls in the month of 
October.</CENTER><BR>
<TABLE width=100% celspacing = 0 celpadding = 0>
    <TBODY>
    <TR>
        <TD noWrap><FONT color=#0000bb></FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/97</FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/96</FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/95</FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/94</FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/93</FONT></TD></TR>
    <TR>
        <TD></TD>
        <TH colSpan=5>
            <HR noShade>
            </TH></TR>
    <TR>
        <TD><I><U>Sources of Funds</U></I></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Net Income (Loss)</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>25.13</TD>
        <TD align=right>12.57</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Depreciation &amp; Depletion</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>2.18</TD>
        <TD align=right>0.87</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Net Change Assets/Liabilities</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right><FONT color=#ff0000>(2.59)</FONT></TD>
        <TD align=right><FONT color=#ff0000>(4.16)</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Net Cash from Discontinued 
            Operations</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Other Adjustments from 
            Operations</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>2.31</TD>
        <TD align=right>1.68</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>NET CASH Operational 
            Activities</B></FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right><B>27.03</B></TD>
        <TD align=right><B>10.95</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Increase/Decease in PP&amp;E</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right><FONT color=#ff0000>(7.65)</FONT></TD>
        <TD align=right><FONT color=#ff0000>(2.19)</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Acquisition/Disposition of 
            Subsidaries</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Increase/Decrease 
Investsments</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right><FONT color=#ff0000>(8.49)</FONT></TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Other Adjustments &amp; Investments 
            (net)</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>NET CASH Investment 
            Activities</B></FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right><B><FONT color=#ff0000>(16.15)</FONT></B></TD>
        <TD align=right><B><FONT color=#ff0000>(2.19)</FONT></B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD><I><U>Uses of Funds</U></I></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Equity Issue (Purchase)</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>33.91</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Debt (Repay) Issue</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Increase (Decrease) 
Borrowings</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right><FONT color=#ff0000>(5.03)</FONT></TD>
        <TD align=right><FONT color=#ff0000>(0.77)</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Dividend Payments &amp; Other 
            Distributions</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Other Adjustments &amp; Financial 
            Activities (net)</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right><FONT color=#ff0000>(0.26)</FONT></TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>NET CASH Financial 
            Activities</B></FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right><B>28.63</B></TD>
        <TD align=right><B><FONT color=#ff0000>(0.77)</FONT></B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Exchange Rates Effect</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>NET CHANGE in Cash &amp; 
            Equivalents</B></FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right><B>39.51</B></TD>
        <TD align=right><B>7.99</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD><I><U>Cash and Equivalents</U></I></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Beginning Balance</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>13.06</TD>
        <TD align=right>5.07</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>End Balance</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>52.57</TD>
        <TD align=right>13.06</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>Primary EPS</B></FONT></TD>
        <TD align=right><B>1.08</B></TD>
        <TD align=right><B>0.71</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR></TBODY></TABLE><BR><BR>
<CENTER><I><FONT color=#0000bb size=-1>Last updated Jan 13, 1998. 
</FONT></I></CENTER>
<CENTER><I><FONT color=#0000bb size=-1>&copy; Zacks Investment Research, Inc. 
1998 </FONT></I></CENTER>
<HR>

<P><HTML><BODY bgcolor = #ffffff><FONT size=+1>
<CENTER><B>SMART MODULAR</B><BR><B>Quarterly Risk Rating/Bankruptcy 
</B><BR></CENTER></SIZE><BR>
<CENTER>Fiscal Year End for SMART MODULAR(SMOD ) falls in the month of 
October.</CENTER><BR>
<TABLE width=100% celspacing = 0 celpadding = 0>
    <TBODY>
    <TR>
        <TD noWrap><FONT color=#0000bb></FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/97</FONT></TD>
        <TD align=right><FONT color=#0000bb>7/31/97</FONT></TD>
        <TD align=right><FONT color=#0000bb>4/30/97</FONT></TD>
        <TD align=right><FONT color=#0000bb>1/31/97</FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/96</FONT></TD>
        <TD align=right><FONT color=#0000bb>7/31/96</FONT></TD>
        <TD align=right><FONT color=#0000bb>4/30/96</FONT></TD>
        <TD align=right><FONT color=#0000bb>1/31/96</FONT></TD></TR>
    <TR>
        <TD></TD>
        <TH colSpan=8>
            <HR noShade>
            </TH></TR>
    <TR>
        <TD><I><U>Growth Rates</U></I></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Net ROA %</FONT></TD>
        <TD align=right>4.52</TD>
        <TD align=right>5.88</TD>
        <TD align=right>4.75</TD>
        <TD align=right>4.82</TD>
        <TD align=right>4.13</TD>
        <TD align=right>4.73</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Long Term Debt Growth (YTY %)</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right><FONT color=#ff0000>(100.00)</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Asset Growth (YTY %)</FONT></TD>
        <TD align=right>54.91</TD>
        <TD align=right>6.13</TD>
        <TD align=right>10.46</TD>
        <TD align=right>4.89</TD>
        <TD align=right>22.94</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD><I><U>Components of Net Liquidated Value</U></I></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Cash @ 100%</FONT></TD>
        <TD align=right>150.00</TD>
        <TD align=right>33.58</TD>
        <TD align=right>40.21</TD>
        <TD align=right>54.37</TD>
        <TD align=right>52.57</TD>
        <TD align=right>45.25</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Marketable Securities @ 98%</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>9.39</TD>
        <TD align=right>11.08</TD>
        <TD align=right>9.17</TD>
        <TD align=right>7.32</TD>
        <TD align=right>9.39</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Reseivables @ 90%</FONT></TD>
        <TD align=right>85.83</TD>
        <TD align=right>84.89</TD>
        <TD align=right>63.52</TD>
        <TD align=right>50.94</TD>
        <TD align=right>47.56</TD>
        <TD align=right>35.30</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Other Current Assets @ 80%</FONT></TD>
        <TD align=right>14.65</TD>
        <TD align=right>0.00</TD>
        <TD align=right>3.91</TD>
        <TD align=right>4.56</TD>
        <TD align=right>3.93</TD>
        <TD align=right>2.83</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Inventory @ 50%</FONT></TD>
        <TD align=right>19.67</TD>
        <TD align=right>25.24</TD>
        <TD align=right>26.10</TD>
        <TD align=right>18.34</TD>
        <TD align=right>19.50</TD>
        <TD align=right>15.98</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Net Plant @ 25%</FONT></TD>
        <TD align=right>6.15</TD>
        <TD align=right>5.72</TD>
        <TD align=right>5.00</TD>
        <TD align=right>4.29</TD>
        <TD align=right>3.36</TD>
        <TD align=right>2.25</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>Subtotal</B></FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right><B>158.82</B></TD>
        <TD align=right><B>149.83</B></TD>
        <TD align=right><B>141.66</B></TD>
        <TD align=right><B>134.24</B></TD>
        <TD align=right><B>110.99</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>- Current Liabilities (100%)</FONT></TD>
        <TD align=right>96.91</TD>
        <TD align=right>88.30</TD>
        <TD align=right>91.79</TD>
        <TD align=right>82.49</TD>
        <TD align=right>83.49</TD>
        <TD align=right>60.11</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb><B></B></FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right><B>70.51</B></TD>
        <TD align=right><B>58.03</B></TD>
        <TD align=right><B>59.17</B></TD>
        <TD align=right><B>50.74</B></TD>
        <TD align=right><B>50.88</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>- Long Term Debt (100%)</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.06</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb><B></B></FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right><B>70.51</B></TD>
        <TD align=right><B>58.03</B></TD>
        <TD align=right><B>59.17</B></TD>
        <TD align=right><B>50.74</B></TD>
        <TD align=right><B>50.81</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>- Other Liabilities (100%)</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>1.34</TD>
        <TD align=right>1.52</TD>
        <TD align=right>1.78</TD>
        <TD align=right>2.07</TD>
        <TD align=right>1.96</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb><B></B></FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right><B>69.17</B></TD>
        <TD align=right><B>56.51</B></TD>
        <TD align=right><B>57.39</B></TD>
        <TD align=right><B>48.67</B></TD>
        <TD align=right><B>48.85</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>Net of Liabilities</B></FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right><B>69.17</B></TD>
        <TD align=right><B>56.51</B></TD>
        <TD align=right><B>57.39</B></TD>
        <TD align=right><B>48.67</B></TD>
        <TD align=right><B>48.85</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>- Preferred Stock</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>= Net Liquid Value</B></FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right><B>69.17</B></TD>
        <TD align=right><B>56.51</B></TD>
        <TD align=right><B>57.39</B></TD>
        <TD align=right><B>48.67</B></TD>
        <TD align=right><B>48.85</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Primary Shares</FONT></TD>
        <TD align=right>45.75</TD>
        <TD align=right>43.62</TD>
        <TD align=right>43.28</TD>
        <TD align=right>42.92</TD>
        <TD align=right>42.29</TD>
        <TD align=right>42.12</TD>
        <TD align=right>N/A</TD>
        <TD align=right>40.63</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>NET Liquid Value per 
            Share</B></FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right><B>1.59</B></TD>
        <TD align=right><B>1.31</B></TD>
        <TD align=right><B>1.34</B></TD>
        <TD align=right><B>1.15</B></TD>
        <TD align=right><B>1.16</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR></TBODY></TABLE><BR><BR>
<CENTER><I><FONT color=#0000bb size=-1>Last updated Jan 13, 1998. 
</FONT></I></CENTER>
<CENTER><I><FONT color=#0000bb size=-1>&copy; Zacks Investment Research, Inc. 
1998 </FONT></I></CENTER>
<HR>

<P><HTML><BODY bgcolor = #ffffff><FONT size=+1>
<CENTER><B>SMART MODULAR</B><BR><B>Annual Risk Rating/Bankruptcy 
</B><BR></CENTER></SIZE><BR>
<CENTER>Fiscal Year End for SMART MODULAR(SMOD ) falls in the month of 
October.</CENTER><BR>
<TABLE width=100% celspacing = 0 celpadding = 0>
    <TBODY>
    <TR>
        <TD noWrap><FONT color=#0000bb></FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/97</FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/96</FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/95</FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/94</FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/93</FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/92</FONT></TD></TR>
    <TR>
        <TD></TD>
        <TH colSpan=6>
            <HR noShade>
            </TH></TR>
    <TR>
        <TD><I><U>Growth Rates</U></I></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Net ROA %</FONT></TD>
        <TD align=right>13.86</TD>
        <TD align=right>14.60</TD>
        <TD align=right>13.70</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Long Term Debt Growth (YTY %)</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Asset Growth (YTY %)</FONT></TD>
        <TD align=right>90.48</TD>
        <TD align=right>87.21</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD><I><U>Components of Net Liquidated Value</U></I></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Cash @ 100%</FONT></TD>
        <TD align=right>150.00</TD>
        <TD align=right>52.57</TD>
        <TD align=right>13.06</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Marketable Securities @ 98%</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>7.32</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Reseivables @ 90%</FONT></TD>
        <TD align=right>85.83</TD>
        <TD align=right>47.56</TD>
        <TD align=right>24.76</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Other Current Assets @ 80%</FONT></TD>
        <TD align=right>14.65</TD>
        <TD align=right>3.93</TD>
        <TD align=right>3.01</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Inventory @ 50%</FONT></TD>
        <TD align=right>19.67</TD>
        <TD align=right>19.50</TD>
        <TD align=right>20.44</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Net Plant @ 25%</FONT></TD>
        <TD align=right>6.15</TD>
        <TD align=right>3.36</TD>
        <TD align=right>1.65</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>Subtotal</B></FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right><B>134.24</B></TD>
        <TD align=right><B>62.92</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>- Current Liabilities (100%)</FONT></TD>
        <TD align=right>96.91</TD>
        <TD align=right>83.49</TD>
        <TD align=right>63.75</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb><B></B></FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right><B>50.74</B></TD>
        <TD align=right><B><FONT color=#ff0000>(0.84)</FONT></B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>- Long Term Debt (100%)</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb><B></B></FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right><B>50.74</B></TD>
        <TD align=right><B><FONT color=#ff0000>(0.84)</FONT></B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>- Other Liabilities (100%)</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>2.07</TD>
        <TD align=right>1.99</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb><B></B></FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right><B>48.67</B></TD>
        <TD align=right><B><FONT color=#ff0000>(2.82)</FONT></B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>Net of Liabilities</B></FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right><B>48.67</B></TD>
        <TD align=right><B><FONT color=#ff0000>(2.82)</FONT></B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>- Preferred Stock</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>= Net Liquid Value</B></FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right><B>48.67</B></TD>
        <TD align=right><B><FONT color=#ff0000>(2.82)</FONT></B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Primary Shares</FONT></TD>
        <TD align=right>43.89</TD>
        <TD align=right>41.75</TD>
        <TD align=right>35.13</TD>
        <TD align=right>33.07</TD>
        <TD align=right>28.68</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>NET Liquid Value per 
            Share</B></FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right><B>1.17</B></TD>
        <TD align=right><B><FONT color=#ff0000>(0.08)</FONT></B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR></TBODY></TABLE><BR><BR>
<CENTER><I><FONT color=#0000bb size=-1>Last updated Jan 13, 1998. 
</FONT></I></CENTER>
<CENTER><I><FONT color=#0000bb size=-1>&copy; Zacks Investment Research, Inc. 
1998 </FONT></I></CENTER>
<HR>

<P><HTML><BODY bgcolor = #ffffff><FONT size=+1>
<CENTER><B>SMART MODULAR</B><BR><B>Annual ROE Decomposition 
</B><BR></CENTER></SIZE><BR>
<CENTER>Fiscal Year End for SMART MODULAR(SMOD ) falls in the month of 
October.</CENTER><BR>
<TABLE width=100% celspacing = 0 celpadding = 0>
    <TBODY>
    <TR>
        <TD noWrap><FONT color=#0000bb></FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/97</FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/96</FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/95</FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/94</FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/93</FONT></TD></TR>
    <TR>
        <TD></TD>
        <TH colSpan=5>
            <HR noShade>
            </TH></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>(1) Net Sales</FONT></TD>
        <TD align=right>694.67</TD>
        <TD align=right>401.77</TD>
        <TD align=right>274.59</TD>
        <TD align=right>163.85</TD>
        <TD align=right>80.81</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>(2) Pretax Income</FONT></TD>
        <TD align=right>22.45</TD>
        <TD align=right>39.89</TD>
        <TD align=right>19.91</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>(3) Net Income</FONT></TD>
        <TD align=right>45.45</TD>
        <TD align=right>25.13</TD>
        <TD align=right>12.60</TD>
        <TD align=right>6.16</TD>
        <TD align=right>3.29</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>(3) Total Assets</FONT></TD>
        <TD align=right>327.98</TD>
        <TD align=right>172.18</TD>
        <TD align=right>91.98</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>(4) Shareholders Equity</FONT></TD>
        <TD align=right>230.32</TD>
        <TD align=right>86.62</TD>
        <TD align=right>26.23</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>Pretax Margin % (2/1)</B></FONT></TD>
        <TD align=right><B>3.23</B></TD>
        <TD align=right><B>9.93</B></TD>
        <TD align=right><B>7.25</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>x Tax Retent % (3/2)</B></FONT></TD>
        <TD align=right><B>202.45</B></TD>
        <TD align=right><B>63.00</B></TD>
        <TD align=right><B>63.27</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>= Profit Margin % 
(3/1)</B></FONT></TD>
        <TD align=right><B>6.54</B></TD>
        <TD align=right><B>6.26</B></TD>
        <TD align=right><B>4.59</B></TD>
        <TD align=right><B>3.76</B></TD>
        <TD align=right><B>4.07</B></TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>x Assets Utilization 
            (1/4)</B></FONT></TD>
        <TD align=right><B>2.12</B></TD>
        <TD align=right><B>2.33</B></TD>
        <TD align=right><B>2.99</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>= ROA % (3/4)</B></FONT></TD>
        <TD align=right><B>13.86</B></TD>
        <TD align=right><B>14.60</B></TD>
        <TD align=right><B>13.70</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>x Leverage (4/5)</B></FONT></TD>
        <TD align=right><B>1.42</B></TD>
        <TD align=right><B>1.99</B></TD>
        <TD align=right><B>3.51</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>= ROE % (3/5)</B></FONT></TD>
        <TD align=right><B>19.73</B></TD>
        <TD align=right><B>29.01</B></TD>
        <TD align=right><B>48.02</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR></TBODY></TABLE><BR><BR>
<CENTER><I><FONT color=#0000bb size=-1>Last updated Jan 13, 1998. 
</FONT></I></CENTER>
<CENTER><I><FONT color=#0000bb size=-1>&copy; Zacks Investment Research, Inc. 
1998 </FONT></I></CENTER>
<HR>

<P><HTML><BODY bgcolor = #ffffff><FONT size=+1>
<CENTER><B>SMART MODULAR</B><BR><B>Quarterly ROE Decomposition 
</B><BR></CENTER></SIZE><BR>
<CENTER>Fiscal Year End for SMART MODULAR(SMOD ) falls in the month of 
October.</CENTER><BR>
<TABLE width=100% celspacing = 0 celpadding = 0>
    <TBODY>
    <TR>
        <TD noWrap><FONT color=#0000bb></FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/97</FONT></TD>
        <TD align=right><FONT color=#0000bb>7/31/97</FONT></TD>
        <TD align=right><FONT color=#0000bb>4/30/97</FONT></TD>
        <TD align=right><FONT color=#0000bb>1/31/97</FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/96</FONT></TD>
        <TD align=right><FONT color=#0000bb>7/31/96</FONT></TD>
        <TD align=right><FONT color=#0000bb>4/30/96</FONT></TD>
        <TD align=right><FONT color=#0000bb>1/31/96</FONT></TD></TR>
    <TR>
        <TD></TD>
        <TH colSpan=8>
            <HR noShade>
            </TH></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>(1) Net Sales</FONT></TD>
        <TD align=right>217.49</TD>
        <TD align=right>201.92</TD>
        <TD align=right>143.65</TD>
        <TD align=right>131.61</TD>
        <TD align=right>106.29</TD>
        <TD align=right>101.05</TD>
        <TD align=right>103.76</TD>
        <TD align=right>90.32</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>(2) Pretax Income</FONT></TD>
        <TD align=right><FONT color=#ff0000>(23.97)</FONT></TD>
        <TD align=right>18.87</TD>
        <TD align=right>14.35</TD>
        <TD align=right>13.20</TD>
        <TD align=right>N/A</TD>
        <TD align=right>10.45</TD>
        <TD align=right>9.39</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>(3) Net Income</FONT></TD>
        <TD align=right>14.82</TD>
        <TD align=right>12.45</TD>
        <TD align=right>9.47</TD>
        <TD align=right>8.71</TD>
        <TD align=right>7.11</TD>
        <TD align=right>6.62</TD>
        <TD align=right>5.92</TD>
        <TD align=right>5.45</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>(3) Total Assets</FONT></TD>
        <TD align=right>327.98</TD>
        <TD align=right>211.73</TD>
        <TD align=right>199.49</TD>
        <TD align=right>180.60</TD>
        <TD align=right>172.18</TD>
        <TD align=right>140.06</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>(4) Shareholders Equity</FONT></TD>
        <TD align=right>230.32</TD>
        <TD align=right>122.08</TD>
        <TD align=right>106.18</TD>
        <TD align=right>96.32</TD>
        <TD align=right>86.62</TD>
        <TD align=right>77.92</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>Pretax Margin % (2/1)</B></FONT></TD>
        <TD align=right><B><FONT color=#ff0000>(11.02)</FONT></B></TD>
        <TD align=right><B>9.34</B></TD>
        <TD align=right><B>9.99</B></TD>
        <TD align=right><B>10.03</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right><B>10.34</B></TD>
        <TD align=right><B>9.05</B></TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>x Tax Retent % (3/2)</B></FONT></TD>
        <TD align=right><B><FONT color=#ff0000>(61.82)</FONT></B></TD>
        <TD align=right><B>66.00</B></TD>
        <TD align=right><B>66.00</B></TD>
        <TD align=right><B>65.96</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right><B>63.35</B></TD>
        <TD align=right><B>63.00</B></TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>= Profit Margin % 
(3/1)</B></FONT></TD>
        <TD align=right><B>6.81</B></TD>
        <TD align=right><B>6.17</B></TD>
        <TD align=right><B>6.59</B></TD>
        <TD align=right><B>6.62</B></TD>
        <TD align=right><B>6.69</B></TD>
        <TD align=right><B>6.55</B></TD>
        <TD align=right><B>5.70</B></TD>
        <TD align=right><B>6.03</B></TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>x Assets Utilization 
            (1/4)</B></FONT></TD>
        <TD align=right><B>0.66</B></TD>
        <TD align=right><B>0.95</B></TD>
        <TD align=right><B>0.72</B></TD>
        <TD align=right><B>0.73</B></TD>
        <TD align=right><B>0.62</B></TD>
        <TD align=right><B>0.72</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>= ROA % (3/4)</B></FONT></TD>
        <TD align=right><B>4.52</B></TD>
        <TD align=right><B>5.88</B></TD>
        <TD align=right><B>4.75</B></TD>
        <TD align=right><B>4.82</B></TD>
        <TD align=right><B>4.13</B></TD>
        <TD align=right><B>4.73</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>x Leverage (4/5)</B></FONT></TD>
        <TD align=right><B>1.42</B></TD>
        <TD align=right><B>1.73</B></TD>
        <TD align=right><B>1.88</B></TD>
        <TD align=right><B>1.87</B></TD>
        <TD align=right><B>1.99</B></TD>
        <TD align=right><B>1.80</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>= ROE % (3/5)</B></FONT></TD>
        <TD align=right><B>6.43</B></TD>
        <TD align=right><B>10.20</B></TD>
        <TD align=right><B>8.92</B></TD>
        <TD align=right><B>9.04</B></TD>
        <TD align=right><B>8.20</B></TD>
        <TD align=right><B>8.50</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR></TBODY></TABLE><BR><BR>
<CENTER><I><FONT color=#0000bb size=-1>Last updated Jan 13, 1998. 
</FONT></I></CENTER>
<CENTER><I><FONT color=#0000bb size=-1>&copy; Zacks Investment Research, Inc. 
1998 </FONT></I></CENTER>
<HR>

<P><HTML><BODY bgcolor = #ffffff><FONT size=+1>
<CENTER><B>SMART MODULAR</B><BR><B>Annual Ratios and Turnover Rates 
</B><BR></CENTER></SIZE><BR>
<CENTER>Fiscal Year End for SMART MODULAR(SMOD ) falls in the month of 
October.</CENTER><BR>
<TABLE width=100% celspacing = 0 celpadding = 0>
    <TBODY>
    <TR>
        <TD noWrap><FONT color=#0000bb></FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/97</FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/96</FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/95</FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/94</FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/93</FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/92</FONT></TD></TR>
    <TR>
        <TD></TD>
        <TH colSpan=6>
            <HR noShade>
            </TH></TR>
    <TR>
        <TD><I><U>Current Assets / Current Liablities</U></I></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Current Assets / Current Liabilities 
            %</FONT></TD>
        <TD align=right>312.69</TD>
        <TD align=right>187.79</TD>
        <TD align=right>133.67</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Cash / Current Liabilities %</FONT></TD>
        <TD align=right>154.79</TD>
        <TD align=right>62.96</TD>
        <TD align=right>20.48</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Receivables / Current Liabilities 
            %</FONT></TD>
        <TD align=right>98.41</TD>
        <TD align=right>63.25</TD>
        <TD align=right>42.91</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Inventory / Current Liabilities 
            %</FONT></TD>
        <TD align=right>40.59</TD>
        <TD align=right>46.71</TD>
        <TD align=right>64.13</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD><I><U>Turnover Rates and % of Sales</U></I></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Inventory Turnover</FONT></TD>
        <TD align=right>4.67</TD>
        <TD align=right>8.25</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Receivables Turnover</FONT></TD>
        <TD align=right>9.38</TD>
        <TD align=right>10.02</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Account Payables Turnover</FONT></TD>
        <TD align=right>9.92</TD>
        <TD align=right>6.88</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Account Receivables / Sales %</FONT></TD>
        <TD align=right>13.73</TD>
        <TD align=right>13.14</TD>
        <TD align=right>9.96</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Inventory / Sales %</FONT></TD>
        <TD align=right>5.66</TD>
        <TD align=right>9.71</TD>
        <TD align=right>14.89</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Total Assets / Sales %</FONT></TD>
        <TD align=right>47.21</TD>
        <TD align=right>42.86</TD>
        <TD align=right>33.50</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Account Payables / Sales %</FONT></TD>
        <TD align=right>10.63</TD>
        <TD align=right>16.48</TD>
        <TD align=right>18.44</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR></TBODY></TABLE><BR><BR>
<CENTER><I><FONT color=#0000bb size=-1>Last updated Jan 13, 1998. 
</FONT></I></CENTER>
<CENTER><I><FONT color=#0000bb size=-1>&copy; Zacks Investment Research, Inc. 
1998 </FONT></I></CENTER>
<HR>

<P><HTML><BODY bgcolor = #ffffff><FONT size=+1>
<CENTER><B>SMART MODULAR</B><BR><B>Quarterly Ratios and Turnover Rates 
</B><BR></CENTER></SIZE><BR>
<CENTER>Fiscal Year End for SMART MODULAR(SMOD ) falls in the month of 
October.</CENTER><BR>
<TABLE width=100% celspacing = 0 celpadding = 0>
    <TBODY>
    <TR>
        <TD noWrap><FONT color=#0000bb></FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/97</FONT></TD>
        <TD align=right><FONT color=#0000bb>7/31/97</FONT></TD>
        <TD align=right><FONT color=#0000bb>4/30/97</FONT></TD>
        <TD align=right><FONT color=#0000bb>1/31/97</FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/96</FONT></TD>
        <TD align=right><FONT color=#0000bb>7/31/96</FONT></TD>
        <TD align=right><FONT color=#0000bb>4/30/96</FONT></TD>
        <TD align=right><FONT color=#0000bb>1/31/96</FONT></TD></TR>
    <TR>
        <TD></TD>
        <TH colSpan=8>
            <HR noShade>
            </TH></TR>
    <TR>
        <TD><I><U>Current Assets / Current Liablities</U></I></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Current Assets / Current Liabilities 
            %</FONT></TD>
        <TD align=right>312.69</TD>
        <TD align=right>212.86</TD>
        <TD align=right>195.20</TD>
        <TD align=right>197.23</TD>
        <TD align=right>187.79</TD>
        <TD align=right>215.49</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Cash / Current Liabilities %</FONT></TD>
        <TD align=right>154.79</TD>
        <TD align=right>38.02</TD>
        <TD align=right>43.81</TD>
        <TD align=right>65.90</TD>
        <TD align=right>62.96</TD>
        <TD align=right>75.27</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Receivables / Current Liabilities 
            %</FONT></TD>
        <TD align=right>98.41</TD>
        <TD align=right>97.56</TD>
        <TD align=right>76.89</TD>
        <TD align=right>68.62</TD>
        <TD align=right>63.25</TD>
        <TD align=right>65.18</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Inventory / Current Liabilities 
            %</FONT></TD>
        <TD align=right>40.59</TD>
        <TD align=right>57.17</TD>
        <TD align=right>56.86</TD>
        <TD align=right>44.46</TD>
        <TD align=right>46.71</TD>
        <TD align=right>53.16</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD><I><U>Turnover Rates and % of Sales</U></I></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Inventory Turnover</FONT></TD>
        <TD align=right><FONT color=#ff0000>(4.82)</FONT></TD>
        <TD align=right>3.33</TD>
        <TD align=right>2.69</TD>
        <TD align=right>2.88</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Receivables Turnover</FONT></TD>
        <TD align=right>2.40</TD>
        <TD align=right>2.58</TD>
        <TD align=right>2.26</TD>
        <TD align=right>2.41</TD>
        <TD align=right>2.31</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Account Payables Turnover</FONT></TD>
        <TD align=right>3.07</TD>
        <TD align=right>2.87</TD>
        <TD align=right>2.12</TD>
        <TD align=right>2.05</TD>
        <TD align=right>1.89</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Account Receivables / Sales %</FONT></TD>
        <TD align=right>43.85</TD>
        <TD align=right>42.66</TD>
        <TD align=right>49.13</TD>
        <TD align=right>43.01</TD>
        <TD align=right>49.68</TD>
        <TD align=right>38.78</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Inventory / Sales %</FONT></TD>
        <TD align=right>18.09</TD>
        <TD align=right>25.00</TD>
        <TD align=right>36.33</TD>
        <TD align=right>27.87</TD>
        <TD align=right>36.69</TD>
        <TD align=right>31.62</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Total Assets / Sales %</FONT></TD>
        <TD align=right>150.81</TD>
        <TD align=right>104.85</TD>
        <TD align=right>138.87</TD>
        <TD align=right>137.22</TD>
        <TD align=right>161.99</TD>
        <TD align=right>138.61</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Account Payables / Sales %</FONT></TD>
        <TD align=right>33.95</TD>
        <TD align=right>33.64</TD>
        <TD align=right>50.78</TD>
        <TD align=right>47.34</TD>
        <TD align=right>62.29</TD>
        <TD align=right>45.96</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR></TBODY></TABLE><BR><BR>
<CENTER><I><FONT color=#0000bb size=-1>Last updated Jan 13, 1998. 
</FONT></I></CENTER>
<CENTER><I><FONT color=#0000bb size=-1>&copy; Zacks Investment Research, Inc. 
1998 </FONT></I></CENTER>
<HR>

<P><HTML><BODY bgcolor = #ffffff><FONT size=+1>
<CENTER><B>SMART MODULAR</B><BR><B>Annual Balance Sheet </B><BR><B>(in Millions, 
except Book Value per Share) </B><BR></CENTER></SIZE><BR>
<CENTER>Fiscal Year End for SMART MODULAR(SMOD ) falls in the month of 
October.</CENTER><BR>
<TABLE width=100% celspacing = 0 celpadding = 0>
    <TBODY>
    <TR>
        <TD noWrap><FONT color=#0000bb></FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/97</FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/96</FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/95</FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/94</FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/93</FONT></TD></TR>
    <TR>
        <TD></TD>
        <TH colSpan=5>
            <HR noShade>
            </TH></TR>
    <TR>
        <TD><I><U>Assets</U></I></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Cash &amp; Marketable 
            Securities</FONT></TD>
        <TD align=right>150.00</TD>
        <TD align=right>60.04</TD>
        <TD align=right>13.06</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Receivables</FONT></TD>
        <TD align=right>95.37</TD>
        <TD align=right>52.81</TD>
        <TD align=right>27.35</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Notes Receivable</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.04</TD>
        <TD align=right>0.15</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Inventory</FONT></TD>
        <TD align=right>39.34</TD>
        <TD align=right>39.00</TD>
        <TD align=right>40.88</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>Total Current Assets</B></FONT></TD>
        <TD align=right><B>303.02</B></TD>
        <TD align=right><B>156.79</B></TD>
        <TD align=right><B>85.22</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Net Property Plant &amp; 
            Equipment</FONT></TD>
        <TD align=right>24.60</TD>
        <TD align=right>13.43</TD>
        <TD align=right>6.58</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Investment &amp; Advances</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>1.02</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Other Non-Current Assets</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.18</TD>
        <TD align=right>0.15</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Deferred Charges</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Intangibles</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Deposits &amp; Other Assets</FONT></TD>
        <TD align=right>0.36</TD>
        <TD align=right>0.76</TD>
        <TD align=right>0.03</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>Total Assets</B></FONT></TD>
        <TD align=right><B>327.98</B></TD>
        <TD align=right><B>172.18</B></TD>
        <TD align=right><B>91.98</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD><I><U>Liabilities</U></I></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Notes Payable</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>3.60</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Accounts Payable</FONT></TD>
        <TD align=right>73.83</TD>
        <TD align=right>66.21</TD>
        <TD align=right>50.63</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Current Portion Lont Term 
Debt</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Curr Portion of Capital 
Leases</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Accrued Expenses</FONT></TD>
        <TD align=right>15.76</TD>
        <TD align=right>11.10</TD>
        <TD align=right>7.75</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Income Taxes Payable</FONT></TD>
        <TD align=right>7.31</TD>
        <TD align=right>6.19</TD>
        <TD align=right>1.78</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Other Current Liabilities</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>Total Current 
            Liabilities</B></FONT></TD>
        <TD align=right><B>96.91</B></TD>
        <TD align=right><B>83.49</B></TD>
        <TD align=right><B>63.75</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Mortgages</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Deferred Taxes/Income</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.83</TD>
        <TD align=right>0.39</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Convertible Debt</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Long Term Debt</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Non-Current Capital Leases</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>1.24</TD>
        <TD align=right>1.60</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Other Long Term Liabilities</FONT></TD>
        <TD align=right>0.76</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Minority 
Interest(Liabilities)</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>Total Liabilities</B></FONT></TD>
        <TD align=right><B>97.67</B></TD>
        <TD align=right><B>85.57</B></TD>
        <TD align=right><B>65.74</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD><I><U>Shareholders' Equity</U></I></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Preferred Stock</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Common Stock (Net)</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>37.32</TD>
        <TD align=right>2.22</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Capital Surplus</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Retain Earnings</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>49.75</TD>
        <TD align=right>24.51</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Other Equity Adjustments</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right><FONT color=#ff0000>(0.45)</FONT></TD>
        <TD align=right><FONT color=#ff0000>(0.50)</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Treasury Stock (-)</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Shareholders Equity</FONT></TD>
        <TD align=right>230.32</TD>
        <TD align=right>86.62</TD>
        <TD align=right>26.23</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>Tot Liab. &amp; Sharehold's 
            Equity</B></FONT></TD>
        <TD align=right><B>327.98</B></TD>
        <TD align=right><B>172.18</B></TD>
        <TD align=right><B>91.98</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Common Equity</FONT></TD>
        <TD align=right>230.32</TD>
        <TD align=right>86.62</TD>
        <TD align=right>26.23</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Shares Outstanding</FONT></TD>
        <TD align=right>40.96</TD>
        <TD align=right>42.12</TD>
        <TD align=right>35.13</TD>
        <TD align=right>33.07</TD>
        <TD align=right>28.68</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Book Value Per Share</FONT></TD>
        <TD align=right>5.62</TD>
        <TD align=right>2.06</TD>
        <TD align=right>0.75</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR></TBODY></TABLE><BR><BR>
<CENTER><I><FONT color=#0000bb size=-1>Last updated Jan 13, 1998. 
</FONT></I></CENTER>
<CENTER><I><FONT color=#0000bb size=-1>&copy; Zacks Investment Research, Inc. 
1998 </FONT></I></CENTER>
<HR>

<P><HTML><BODY bgcolor = #ffffff><FONT size=+1>
<CENTER><B>SMART MODULAR</B><BR><B>Quarterly Balance Sheet </B><BR><B>(in 
Millions, except Book Value per Share) </B><BR></CENTER></SIZE><BR>
<CENTER>Fiscal Year End for SMART MODULAR(SMOD ) falls in the month of 
October.</CENTER><BR>
<TABLE width=100% celspacing = 0 celpadding = 0>
    <TBODY>
    <TR>
        <TD noWrap><FONT color=#0000bb></FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/97</FONT></TD>
        <TD align=right><FONT color=#0000bb>7/31/97</FONT></TD>
        <TD align=right><FONT color=#0000bb>4/30/97</FONT></TD>
        <TD align=right><FONT color=#0000bb>1/31/97</FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/96</FONT></TD>
        <TD align=right><FONT color=#0000bb>7/31/96</FONT></TD>
        <TD align=right><FONT color=#0000bb>4/30/96</FONT></TD>
        <TD align=right><FONT color=#0000bb>1/31/96</FONT></TD></TR>
    <TR>
        <TD></TD>
        <TH colSpan=8>
            <HR noShade>
            </TH></TR>
    <TR>
        <TD><I><U>Assets</U></I></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Cash &amp; Marketable 
            Securities</FONT></TD>
        <TD align=right>150.00</TD>
        <TD align=right>43.16</TD>
        <TD align=right>51.52</TD>
        <TD align=right>63.72</TD>
        <TD align=right>60.04</TD>
        <TD align=right>54.83</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Receivables</FONT></TD>
        <TD align=right>95.37</TD>
        <TD align=right>86.15</TD>
        <TD align=right>70.58</TD>
        <TD align=right>56.60</TD>
        <TD align=right>52.81</TD>
        <TD align=right>39.18</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Notes Receivable</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>8.18</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.04</TD>
        <TD align=right>0.04</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Inventory</FONT></TD>
        <TD align=right>39.34</TD>
        <TD align=right>50.48</TD>
        <TD align=right>52.19</TD>
        <TD align=right>36.68</TD>
        <TD align=right>39.00</TD>
        <TD align=right>31.96</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>Total Current Assets</B></FONT></TD>
        <TD align=right><B>303.02</B></TD>
        <TD align=right><B>187.97</B></TD>
        <TD align=right><B>179.18</B></TD>
        <TD align=right><B>162.70</B></TD>
        <TD align=right><B>156.79</B></TD>
        <TD align=right><B>129.54</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Net Property Plant &amp; 
            Equipment</FONT></TD>
        <TD align=right>24.60</TD>
        <TD align=right>22.86</TD>
        <TD align=right>20.00</TD>
        <TD align=right>17.17</TD>
        <TD align=right>13.43</TD>
        <TD align=right>8.99</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Investment &amp; Advances</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>1.02</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Other Non-Current Assets</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.18</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Deferred Charges</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Intangibles</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Deposits &amp; Other Assets</FONT></TD>
        <TD align=right>0.36</TD>
        <TD align=right>0.89</TD>
        <TD align=right>0.30</TD>
        <TD align=right>0.73</TD>
        <TD align=right>0.76</TD>
        <TD align=right>1.53</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>Total Assets</B></FONT></TD>
        <TD align=right><B>327.98</B></TD>
        <TD align=right><B>211.73</B></TD>
        <TD align=right><B>199.49</B></TD>
        <TD align=right><B>180.60</B></TD>
        <TD align=right><B>172.18</B></TD>
        <TD align=right><B>140.06</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD><I><U>Liabilities</U></I></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Notes Payable</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.19</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Accounts Payable</FONT></TD>
        <TD align=right>73.83</TD>
        <TD align=right>67.93</TD>
        <TD align=right>72.94</TD>
        <TD align=right>62.31</TD>
        <TD align=right>66.21</TD>
        <TD align=right>46.44</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Current Portion Lont Term 
Debt</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.03</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Curr Portion of Capital 
Leases</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>1.47</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Accrued Expenses</FONT></TD>
        <TD align=right>15.76</TD>
        <TD align=right>14.63</TD>
        <TD align=right>13.11</TD>
        <TD align=right>11.66</TD>
        <TD align=right>11.10</TD>
        <TD align=right>8.49</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Income Taxes Payable</FONT></TD>
        <TD align=right>7.31</TD>
        <TD align=right>5.74</TD>
        <TD align=right>5.74</TD>
        <TD align=right>8.53</TD>
        <TD align=right>6.19</TD>
        <TD align=right>3.49</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Other Current Liabilities</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>Total Current 
            Liabilities</B></FONT></TD>
        <TD align=right><B>96.91</B></TD>
        <TD align=right><B>88.30</B></TD>
        <TD align=right><B>91.79</B></TD>
        <TD align=right><B>82.49</B></TD>
        <TD align=right><B>83.49</B></TD>
        <TD align=right><B>60.11</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Mortgages</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Deferred Taxes/Income</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.91</TD>
        <TD align=right>0.88</TD>
        <TD align=right>0.87</TD>
        <TD align=right>0.83</TD>
        <TD align=right>0.39</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Convertible Debt</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Long Term Debt</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.06</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Non-Current Capital Leases</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.43</TD>
        <TD align=right>0.64</TD>
        <TD align=right>0.92</TD>
        <TD align=right>1.24</TD>
        <TD align=right>1.57</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Other Long Term Liabilities</FONT></TD>
        <TD align=right>0.76</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Minority 
Interest(Liabilities)</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>Total Liabilities</B></FONT></TD>
        <TD align=right><B>97.67</B></TD>
        <TD align=right><B>89.65</B></TD>
        <TD align=right><B>93.31</B></TD>
        <TD align=right><B>84.28</B></TD>
        <TD align=right><B>85.57</B></TD>
        <TD align=right><B>62.14</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD><I><U>Shareholders' Equity</U></I></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Preferred Stock</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Common Stock (Net)</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>41.70</TD>
        <TD align=right>38.25</TD>
        <TD align=right>37.86</TD>
        <TD align=right>37.32</TD>
        <TD align=right>35.79</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Capital Surplus</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Retain Earnings</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>80.38</TD>
        <TD align=right>67.93</TD>
        <TD align=right>58.46</TD>
        <TD align=right>49.75</TD>
        <TD align=right>42.64</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Other Equity Adjustments</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right><FONT color=#ff0000>(0.45)</FONT></TD>
        <TD align=right><FONT color=#ff0000>(0.51)</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Treasury Stock (-)</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Shareholders Equity</FONT></TD>
        <TD align=right>230.32</TD>
        <TD align=right>122.08</TD>
        <TD align=right>106.18</TD>
        <TD align=right>96.32</TD>
        <TD align=right>86.62</TD>
        <TD align=right>77.92</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>Tot Liab. &amp; Sharehold's 
            Equity</B></FONT></TD>
        <TD align=right><B>327.98</B></TD>
        <TD align=right><B>211.73</B></TD>
        <TD align=right><B>199.49</B></TD>
        <TD align=right><B>180.60</B></TD>
        <TD align=right><B>172.18</B></TD>
        <TD align=right><B>140.06</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Common Equity</FONT></TD>
        <TD align=right>230.32</TD>
        <TD align=right>122.08</TD>
        <TD align=right>106.18</TD>
        <TD align=right>96.32</TD>
        <TD align=right>86.62</TD>
        <TD align=right>77.92</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Shares Outstanding</FONT></TD>
        <TD align=right>40.96</TD>
        <TD align=right>42.29</TD>
        <TD align=right>42.29</TD>
        <TD align=right>42.29</TD>
        <TD align=right>42.12</TD>
        <TD align=right>35.59</TD>
        <TD align=right>35.59</TD>
        <TD align=right>35.31</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Book Value Per Share</FONT></TD>
        <TD align=right>5.62</TD>
        <TD align=right>2.89</TD>
        <TD align=right>2.51</TD>
        <TD align=right>2.28</TD>
        <TD align=right>2.06</TD>
        <TD align=right>2.19</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR></TBODY></TABLE><BR><BR>
<CENTER><I><FONT color=#0000bb size=-1>Last updated Jan 13, 1998. 
</FONT></I></CENTER>
<CENTER><I><FONT color=#0000bb size=-1>&copy; Zacks Investment Research, Inc. 
1998 </FONT></I></CENTER>
<HR>

<P><HTML><BODY bgcolor = #ffffff><FONT size=+1>
<CENTER><B>SMART MODULAR</B><BR><B>Annual Income Statement </B><BR><B>(in 
millions except EPS data) </B><BR></CENTER></SIZE><BR>
<CENTER>Fiscal Year End for SMART MODULAR(SMOD ) falls in the month of 
October.</CENTER><BR>
<TABLE width=100% celspacing = 0 celpadding = 0>
    <TBODY>
    <TR>
        <TD noWrap><FONT color=#0000bb></FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/97</FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/96</FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/95</FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/94</FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/93</FONT></TD></TR>
    <TR>
        <TD></TD>
        <TH colSpan=5>
            <HR noShade>
            </TH></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Net Sales</FONT></TD>
        <TD align=right>694.67</TD>
        <TD align=right>401.77</TD>
        <TD align=right>274.59</TD>
        <TD align=right>163.85</TD>
        <TD align=right>80.81</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>COGS &amp; related Depr. &amp; 
            Amort.(-)</FONT></TD>
        <TD align=right>182.98</TD>
        <TD align=right>329.64</TD>
        <TD align=right>224.93</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>Gross Profit</B></FONT></TD>
        <TD align=right><B>511.70</B></TD>
        <TD align=right><B>72.13</B></TD>
        <TD align=right><B>49.66</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>S&amp;G&amp;A &amp; R&amp;D &amp; 
            related Depr. &amp; Amort.(-)</FONT></TD>
        <TD align=right>13.01</TD>
        <TD align=right>34.48</TD>
        <TD align=right>29.24</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>Income after Depreciation &amp; 
            Amortization</B></FONT></TD>
        <TD align=right><B>498.69</B></TD>
        <TD align=right><B>37.65</B></TD>
        <TD align=right><B>20.43</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Non-Operating Income (Expense) 
            (+)</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>2.55</TD>
        <TD align=right>0.19</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Interest Expense (-)</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.31</TD>
        <TD align=right>0.70</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>Pretax Income</B></FONT></TD>
        <TD align=right><B>22.45</B></TD>
        <TD align=right><B>39.89</B></TD>
        <TD align=right><B>19.91</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Provision for Income Taxes 
(-)</FONT></TD>
        <TD align=right>7.63</TD>
        <TD align=right>14.76</TD>
        <TD align=right>7.34</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Minority Interest (-)</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Investment Gains/Losses (+)</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Other Income</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>Income from Continuing 
            Operations</B></FONT></TD>
        <TD align=right><B>45.45</B></TD>
        <TD align=right><B>25.13</B></TD>
        <TD align=right><B>12.60</B></TD>
        <TD align=right><B>6.16</B></TD>
        <TD align=right><B>3.29</B></TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Extras &amp; Discontinued 
            Operations(+)</FONT></TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>Net Income</B></FONT></TD>
        <TD align=right><B>45.45</B></TD>
        <TD align=right><B>25.13</B></TD>
        <TD align=right><B>12.60</B></TD>
        <TD align=right><B>6.16</B></TD>
        <TD align=right><B>3.29</B></TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD><I><U>Depreciation Footnote</U></I></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Income before 
            Depreciation&amp;Amortization</FONT></TD>
        <TD align=right>498.69</TD>
        <TD align=right>39.83</TD>
        <TD align=right>21.29</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Depreciation &amp; Amortization-(Cash 
            Flow)</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>2.18</TD>
        <TD align=right>0.87</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>Income after Depreciation &amp; 
            Amortization</B></FONT></TD>
        <TD align=right><B>498.69</B></TD>
        <TD align=right><B>37.65</B></TD>
        <TD align=right><B>20.43</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD><I><U>Earnings Per Share Data</U></I></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>Primary Shares</B></FONT></TD>
        <TD align=right><B>43.89</B></TD>
        <TD align=right><B>41.75</B></TD>
        <TD align=right><B>35.13</B></TD>
        <TD align=right><B>33.07</B></TD>
        <TD align=right><B>28.68</B></TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Primary EPS BNRI</FONT></TD>
        <TD align=right>1.08</TD>
        <TD align=right>0.71</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>Primary Net EPS</B></FONT></TD>
        <TD align=right><B>1.08</B></TD>
        <TD align=right><B>0.71</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR></TBODY></TABLE><BR><BR>
<CENTER><I><FONT color=#0000bb size=-1>Last updated Jan 13, 1998. 
</FONT></I></CENTER>
<CENTER><I><FONT color=#0000bb size=-1>&copy; Zacks Investment Research, Inc. 
1998 </FONT></I></CENTER>
<HR>

<P><HTML><BODY bgcolor = #ffffff><FONT size=+1>
<CENTER><B>SMART MODULAR</B><BR><B>Quarterly Income Statement </B><BR><B>(in 
Millions, except EPS values) </B><BR></CENTER></SIZE><BR>
<CENTER>Fiscal Year End for SMART MODULAR(SMOD ) falls in the month of 
October.</CENTER><BR>
<TABLE width=100% celspacing = 0 celpadding = 0>
    <TBODY>
    <TR>
        <TD noWrap><FONT color=#0000bb></FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/97</FONT></TD>
        <TD align=right><FONT color=#0000bb>7/31/97</FONT></TD>
        <TD align=right><FONT color=#0000bb>4/30/97</FONT></TD>
        <TD align=right><FONT color=#0000bb>1/31/97</FONT></TD>
        <TD align=right><FONT color=#0000bb>10/31/96</FONT></TD>
        <TD align=right><FONT color=#0000bb>7/31/96</FONT></TD>
        <TD align=right><FONT color=#0000bb>4/30/96</FONT></TD>
        <TD align=right><FONT color=#0000bb>1/31/96</FONT></TD></TR>
    <TR>
        <TD></TD>
        <TH colSpan=8>
            <HR noShade>
            </TH></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Net Sales</FONT></TD>
        <TD align=right>217.49</TD>
        <TD align=right>201.92</TD>
        <TD align=right>143.65</TD>
        <TD align=right>131.61</TD>
        <TD align=right>106.29</TD>
        <TD align=right>101.05</TD>
        <TD align=right>103.76</TD>
        <TD align=right>90.32</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Cost of Goods Sold (-)</FONT></TD>
        <TD align=right><FONT color=#ff0000>(216.56)</FONT></TD>
        <TD align=right>171.05</TD>
        <TD align=right>119.51</TD>
        <TD align=right>108.98</TD>
        <TD align=right>N/A</TD>
        <TD align=right>82.73</TD>
        <TD align=right>86.17</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>Gross Profit</B></FONT></TD>
        <TD align=right><B>434.05</B></TD>
        <TD align=right><B>30.88</B></TD>
        <TD align=right><B>24.14</B></TD>
        <TD align=right><B>22.63</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right><B>18.32</B></TD>
        <TD align=right><B>17.60</B></TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Sell. Gen. &amp; Admin. exp. (incl. 
            Res. &amp; Dev.)(-)</FONT></TD>
        <TD align=right><FONT color=#ff0000>(19.65)</FONT></TD>
        <TD align=right>12.42</TD>
        <TD align=right>10.27</TD>
        <TD align=right>9.96</TD>
        <TD align=right>N/A</TD>
        <TD align=right>8.44</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>Income before Depreciation &amp; 
            Amortization</B></FONT></TD>
        <TD align=right><B>453.70</B></TD>
        <TD align=right><B>18.45</B></TD>
        <TD align=right><B>13.87</B></TD>
        <TD align=right><B>12.68</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right><B>9.88</B></TD>
        <TD align=right><B>17.60</B></TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Depreciation &amp; Amortization 
            (-)</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>2.18</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>Income after Depreciation &amp; 
            Amortization</B></FONT></TD>
        <TD align=right><B>453.70</B></TD>
        <TD align=right><B>18.45</B></TD>
        <TD align=right><B>13.87</B></TD>
        <TD align=right><B>12.68</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right><B>9.88</B></TD>
        <TD align=right><B>17.60</B></TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Non-Operating Income (Expense) 
            (+)</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.41</TD>
        <TD align=right>0.48</TD>
        <TD align=right>0.53</TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.57</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Interest Expense (-)</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.08</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>Pretax Income</B></FONT></TD>
        <TD align=right><B><FONT color=#ff0000>(23.97)</FONT></B></TD>
        <TD align=right><B>18.87</B></TD>
        <TD align=right><B>14.35</B></TD>
        <TD align=right><B>13.20</B></TD>
        <TD align=right>N/A</TD>
        <TD align=right><B>10.45</B></TD>
        <TD align=right><B>9.39</B></TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Provision for Income Taxes 
(-)</FONT></TD>
        <TD align=right><FONT color=#ff0000>(8.16)</FONT></TD>
        <TD align=right>6.41</TD>
        <TD align=right>4.88</TD>
        <TD align=right>4.49</TD>
        <TD align=right>N/A</TD>
        <TD align=right>3.83</TD>
        <TD align=right>3.48</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Minority Interest (-)</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Investment Gains/Losses (+)</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD noWrap><FONT color=#0000bb>Other Income</FONT></TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>N/A</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>Income from Continuing 
            Operations</B></FONT></TD>
        <TD align=right><B>14.82</B></TD>
        <TD align=right><B>12.45</B></TD>
        <TD align=right><B>9.47</B></TD>
        <TD align=right><B>8.71</B></TD>
        <TD align=right><B>7.11</B></TD>
        <TD align=right><B>6.62</B></TD>
        <TD align=right><B>5.92</B></TD>
        <TD align=right><B>5.45</B></TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Extras &amp; Discontinued Operations 
            (+)</FONT></TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>0.00</TD>
        <TD align=right>N/A</TD>
        <TD align=right>0.00</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>Net Income</B></FONT></TD>
        <TD align=right><B>14.82</B></TD>
        <TD align=right><B>12.45</B></TD>
        <TD align=right><B>9.47</B></TD>
        <TD align=right><B>8.71</B></TD>
        <TD align=right><B>7.11</B></TD>
        <TD align=right><B>6.62</B></TD>
        <TD align=right><B>5.92</B></TD>
        <TD align=right><B>5.45</B></TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD><I><U>Earnings Per Share Data</U></I></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Primary Shares</FONT></TD>
        <TD align=right>45.75</TD>
        <TD align=right>43.62</TD>
        <TD align=right>43.28</TD>
        <TD align=right>42.92</TD>
        <TD align=right>42.29</TD>
        <TD align=right>42.12</TD>
        <TD align=right>N/A</TD>
        <TD align=right>40.63</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb>Primary EPS BNRI</FONT></TD>
        <TD align=right>0.32</TD>
        <TD align=right>0.28</TD>
        <TD align=right>0.22</TD>
        <TD align=right>0.20</TD>
        <TD align=right>0.17</TD>
        <TD align=right>0.16</TD>
        <TD align=right>0.14</TD>
        <TD align=right>0.14</TD></TR>
    <TR>
        <TD></TD></TD>
    <TR>
        <TD noWrap><FONT color=#0000bb><B>Primary Net EPS</B></FONT></TD>
        <TD align=right><B>0.32</B></TD>
        <TD align=right><B>0.28</B></TD>
        <TD align=right><B>0.22</B></TD>
        <TD align=right><B>0.20</B></TD>
        <TD align=right><B>0.17</B></TD>
        <TD align=right><B>0.16</B></TD>
        <TD align=right><B>0.14</B></TD>
        <TD align=right><B>0.14</B></TD></TR></TBODY></TABLE><BR><BR>
<CENTER><I><FONT color=#0000bb size=-1>Last updated Jan 13, 1998. 
</FONT></I></CENTER>
<CENTER><I><FONT color=#0000bb size=-1>&copy; Zacks Investment Research, Inc. 
1998 </FONT></I></CENTER>
<HR>

<P>
<TABLE>
    <TBODY>
    <TR>
        <TD vAlign=top>
            <FORM action=http://aw.ultra.zacks.com/cgi-bin/NDB/DoInquiryNDB 
            method=post>
            <INPUT name=ticker type=hidden value=SMOD> 
            <INPUT name=session type=hidden> <B>Select report for SMOD:</B> 
            <P><SELECT name=type>
                    <OPTION selected value=100>The Whole Enchilada
                    <OPTION value=20>Zacks Company Report
                    <OPTION value=30>Analyst's Recommendations
                    <OPTION value=1>Annual Cash Flow Statement
                    <OPTION value=2>Quarterly Risk Rating/Bankruptcy Report
                    <OPTION value=3>Annual Risk Rating/Bankruptcy Report
                    <OPTION value=4>Annual Return on Equity
                    <OPTION value=5>Quarterly Return on Equity
                    <OPTION value=6>Annual Ratios &amp; Turnover Rates
                    <OPTION value=7>Quarterly Ratios &amp; Turnover Rates
                    <OPTION value=8>Annual Balance Sheet
                    <OPTION value=9>Quarterly Balance Sheet
                    <OPTION value=10>Annual Income Statement
                    <OPTION value=11>Quarterly Income Statement</SELECT>
             <INPUT type=submit value=Submit> 
            <P></FORM></P></TD>
        <TD align=middle width=50%><B>Enter a new ticker symbol:</B> 
            <FORM action=http://aw.ultra.zacks.com/cgi-bin/NDB/DoInquiryNDB 
            method=post>
            <INPUT name=session type=hidden> 
            <INPUT name=ticker> 
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