Arbitrage Pricing Theory for Strategic Portfolio Planning

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<p class=”headingfm1″ style=”line-height:200%”>Abstract</p>
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<p class=”textcentered” style=”text-align:justify;line-height:150%”><b>This paper is focused on studying the applicability of asset pricing models such as CAPM (Capital Asset Pricing Model) and APT (Arbitrage Pricing Theory) in the field of strategic portfolio planning. </b></p>
<p class=”textcentered” style=”text-align:justify;line-height:150%”><b>This paper has two parts. The first part if theoretical in nature. A study of various scenarios where both the above said models are applied is conducted. This helps us in better understanding the applicability and non-applicability of each of the models in various scenarios. The limitations of CAPM and APT models for asset pricing were also analysed. A very crucial part of APT model is the various macroeconomic factors that it takes into consideration. This study analysed those factors and their impact on asset pricing as well. </b></p>
<p class=”textcentered” style=”text-align:justify;line-height:150%”><b>The second section of the report has the practical part. Real life secondary stock data for random stocks from NYSE is analysed in order to infer valuable information regarding how CAPM and APT can be applied for strategic portfolio planning and in investment decision making process. The stocks that are selected for this purpose are random but active scripts in NYSE. They belong to different industries and hence the portfolio hence made is not skewed towards a single industry. This approach is particularly useful as industry specific stocks are sensitive to certain macroeconomic factors which might not be the case for other industries. Statistical analysis was done on data of four stocks. The method used for this analysis is time &ndash; series regression analysis. Beta estimation was carried out for CAPM. Other statistics like standard deviation etc. were also calculated which helped in comprehending the results even better. Then various portfolio scenarios and investment decisions were also discussed in this study. Various macroeconomic factors are also studied so as to ascertain the impact that they may have on the asset pricing. </b></p>
<p class=”textcentered” style=”text-align:justify;line-height:150%”><b>It was concluded that APT is an efficient method of determining asset pricing and expected stock returns and is quite versatile in the sense that it accommodates various macroeconomic factors that have an impact on the asset pricing. The limitation of this study is that the sample taken might not be enough to extrapolate and generalize the results and conclusions. Although all care has been taken to diversify and take stocks from different industries in order to come to a valid conclusion. But if we were to consider a larger sample of stocks and more number of macroeconomic factors, the results of the study could be more generalized and widely applicable. </b></p>
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<p class=”headingfm2″ style=”text-align:justify;line-height:150%”>Declaration of Originality</p>
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<p class=”headingfm2″ style=”text-align:justify;line-height:200%”>Copyright Statement</p>
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<p class=”headingfm2″ style=”text-align:justify;line-height:150%”>Table of Contents</p>
<p style=”text-align:justify”>Abstract&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;i</p>
<p style=”text-align:justify”>Declaration of Originality&hellip;&hellip;..&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.iii</p>
<p style=”text-align:justify”>Copyright Statement&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..&hellip;&hellip;&hellip;. ….iv</p>
<p style=”text-align:justify”>List of Tables…………………………………………………………………………………………… vii</p>
<p style=”text-align:justify”>List of Figures…………………………………………………………………………………………. viii</p>
<p style=”text-align:justify”>Abbreviations and Glossary………………………………………………………………………… x</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”><b>&nbsp;</b></p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”><b>Chapter 1: Introduction&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;1</b></p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Introduction&nbsp; &hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;…1</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>1.1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strategic portfolio planning&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.1</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APT and CAPM for Strategic portfolio Planning&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;…2</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>1.2.1 Portfolio Strategy determination&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;…2</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>1.2.2 Arbitrage Pricing Theory and its role in strategic portfolio planning&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;…3</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>1.2.3 Diversification of the portfolio&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..5</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>1.2.4 Diversification strategies&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..5</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>1.3 Research Problem and Objectives&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;…7</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>1.3.1 Research problem&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.7</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>1.3.2 Objectives of this study&hellip;&hellip;..&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..7</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>&nbsp;</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>&nbsp;</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”><b>Chapter 2: Literature Review&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.8</b></p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>2.1 Introduction&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;8</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>2.2 CAPM (Capital Asset Pricing Model)&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;…8</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>2.3 Arbitrage Pricing Theory (APT)&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;9</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>2.3.1 Theoretical Framework&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..10</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>2.3.2 Macroeconomic APT&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..10</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>2.3.3 Statistical testing of APT&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;12</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>&nbsp;</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”><b>Chapter 3: Methodology&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..15</b></p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>3.1 Importance of this paper&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.15</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>3.2 Methodology&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;…15</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>&nbsp;</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”><b>Chapter 4: CAPM and APT for Portfolio Planning&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.17</b></p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>4.1 Capital Asset Pricing Model&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..17</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>4.1.2 Assumptions of CAPM &hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..17</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>4.1.3 CAPM for Portfolio planning&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.18</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>4.1.4 Efficient Frontier &ndash; CAPM&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.20</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>4.1.5 Capital Market Line&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;21</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>4.1.6 Security Market Line&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..22</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>4.1.7 CAPM &ndash; Empirical Tests and Validity in today&rsquo;s world&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;24</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>4.2 Arbitrage Pricing Theory (APT)&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;25</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>4.2.1 Assumptions of APT&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;…25</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>4.2.2 Various methods of testing APT..&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;…25</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>4.2.3 Problem areas in measuring factor exposure of a portfolio..&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..29</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>4.2.4 APT for portfolio planning&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.30</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>4.2.5 Case of Assets A, B and C&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.31</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>4.3 Strategic Portfolio Planning &hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.33</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>4.3.1 Exxon Mobil&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;…33</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>4.3.2 Bank Of America &hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;…35</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>4.3.3 Coca Cola&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;38</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>4.3.4 General Motors&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;39</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>4.3.5 Portfolio of stocks&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;41</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>4.3.6 Portfolio of XOM and GM&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..42</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>4.3.7 Portfolio of BAC and KO&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;44</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>4.3.8 Portfolio for XOM and KO&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.45</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>4.3.9 Portfolio for BAC and GM&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.47</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>4.4 APT and Macroeconomic factors&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..48</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>4.4.1 Case Study of Portfolio A, B and C&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;50</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>4.5 CAPM and APT: Applicability&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.52</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>4.5.1 Various applications of APT.&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.52</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>4.5.2 Where we can&rsquo;t apply CAPM model&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.54</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>4.5.3 APT (Arbitrage in expectations)&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;55</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>4.5.4 Contradictions related to APT&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;55</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>&nbsp;</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>&nbsp;</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”><b>Chapter 5: Conclusions and Implications&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;57</b></p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>5.1 Summary and conclusions&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;…57</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>5.2 Implications of this study&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.58</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”>5.3 Future of this study&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;…58</p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”><b>&nbsp;</b></p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”><b>References&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;. .60</b></p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”><b>&nbsp;</b></p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”><b>Appendix 1. Marks allotted Table&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;65</b></p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”><b>&nbsp;</b></p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”><b>Appendix 2. Data for Portfolio Planning Calculations&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;. .66</b></p>
<p style=”text-align:justify;punctuation-wrap:hanging; text-autospace:ideograph-numeric ideograph-other”><b>&nbsp;</b></p>
<p style=”text-align:justify”>&nbsp;</p>
<p class=”headingfm2″ style=”text-align:justify”><br />
List of Tables</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Table 1. Exxon Mobil Rate of Return Calculations&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;34</p>
<p style=”text-align:justify;line-height:150%”>Table 2. Bank Of America Rate of Return Calculations&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.36</p>
<p style=”text-align:justify;line-height:150%”>Table 3. Coca Cola Rate of Return Calculations&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.38</p>
<p style=”text-align:justify;line-height:150%”>Table 4. General Motors Rate of Return Calculations&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.40</p>
<p style=”text-align:justify;line-height:150%”>Table 5. Beta calculations of a sample portfolio of 4 stocks&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;42</p>
<p style=”text-align:justify;line-height:150%”>Table 6. Calculations for portfolio of XOM and GM&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;…43</p>
<p style=”text-align:justify;line-height:150%”>Table 7. Calculations for portfolio of BAC and KO&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.44</p>
<p style=”text-align:justify;line-height:150%”>Table 8. Calculations for portfolio of XOM and KO&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;46</p>
<p style=”text-align:justify;line-height:150%”>Table 9. Calculations for portfolio of BAC and GM&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;47</p>
<p class=”headingfm2″ style=”text-align:justify;line-height:150%”><br />
List of Figures</p>
<p style=”text-align:justify;line-height:150%”>Figure 1. Efficient Frontier (CAPM)&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;…21</p>
<p style=”text-align:justify;line-height:150%”>Figure 2.&nbsp; The Capital Market Line&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..22</p>
<p style=”text-align:justify;line-height:150%”>Figure 3. The Security Market Line&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.23</p>
<p style=”text-align:justify;line-height:150%”>Figure. 4. Exxon Mobil Return Vs Stock Market Return&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;35</p>
<p style=”text-align:justify;line-height:150%”>Figure. 5. Bank of America Return Vs Stock Market Return&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;.37</p>
<p style=”text-align:justify;line-height:150%”>Figure. 6. Coca Cola Return Vs Stock Market Return&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;39</p>
<p style=”text-align:justify;line-height:150%”>Figure. 7. General Motor&rsquo;s Return Vs Stock Market Return&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..41</p>
<p style=”text-align:justify;line-height:150%”>Figure 8. Efficient Frontier of XOM and GM portfolio&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;..44</p>
<p style=”text-align:justify;line-height:150%”>Figure 9. Efficient Frontier of BAC and KO portfolio&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;45</p>
<p style=”text-align:justify;line-height:150%”>Figure 10. Efficient Frontier of XOM and KO portfolio&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;47</p>
<p style=”text-align:justify;line-height:150%”>Figure 11. Efficient Frontier of BAC and GM portfolio&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;&hellip;48</p>
<h2>&nbsp;</h2>
<h2>&nbsp;</h2>
<h2>&nbsp;</h2>
<h2>&nbsp;</h2>
<h2>&nbsp;</h2>
<h2>&nbsp;</h2>
<p class=”text” style=”line-height:150%”>&nbsp;</p>
<h2>Abbreviations and Glossary</h2>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p class=”headingfm2″ style=”text-align:justify;line-height:150%”>APT: Arbitrage Pricing Theory</p>
<p class=”headingfm2″ style=”text-align:justify;line-height:150%”>BAC: Bank of America</p>
<p align=”left” class=”headingfm2″ style=”text-align:left;line-height:150%”>CAPM: Capital Asset Pricing Model</p>
<p align=”left” class=”headingfm2″ style=”text-align:left;line-height:150%”>GM: General Motors</p>
<p align=”left” class=”headingfm2″ style=”text-align:left;line-height:150%”>KO: Coca Cola</p>
<p align=”left” class=”headingfm2″ style=”text-align:left;line-height:150%”>NYSE: New York Stock Exchange</p>
<p align=”left” class=”headingfm2″ style=”text-align:left;line-height:150%”>NASDAQ: National Association of Securities Dealers Automated Quotations</p>
<p align=”left” class=”headingfm2″ style=”text-align:left;line-height:150%”>XOM: Exxon Mobil</p>
<p>&nbsp;</p>
<h2>Chapter 1: Introduction</h2>
<p>&nbsp;</p>
<p style=”margin-left:.25in;text-align:justify; text-indent:-.25in;line-height:150%”>1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Introduction&nbsp; </b></p>
<p style=”text-align:justify;line-height:150%”>Arbitrage pricing theory has gained considerable amount of interest amongst academicians, mathematicians and investors alike. One can find many papers and case study of arbitrage pricing theory and its applicability in real life scenarios. This paper sets out to analyse and investigate the applicability of arbitrage pricing theory in the case of strategic portfolio planning.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;text-indent:-.5in; line-height:150%”><b>1.1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Strategic Portfolio Planning</b></p>
<p style=”text-align:justify;line-height:150%”>From the perspective of mutual fund managers and investors, it is crucial to identify and design a portfolio of assets which are high performing and have least amount of risk possible. The role of arbitrage pricing theory in determining such high return &ndash; low risk assets is quite considerable. According to this theory, there can be numerous factors (either be it social, political, economic, climatic etc.) which can have an effect on the day to day pricing of the assets. Precisely which factors have profound effect on a particular stock depends upon various features of that particular asset. If we consider the long term holding position of an asset, then the pricing of an asset can be identified to be dependent on a select few systematic factors only (Laopodis 2012). It then becomes easier to determine them and then use those factors to price an asset. This proves to be immensely helpful in designing a portfolio which has a balance of assets which are susceptible to a certain type of systematic risk. This way the investor can hedge himself for any unforeseen events that may have an impact on his investments. The unsystematic risk that comes with investing in a company usually cancels out with the diversification of the portfolio (Fabozzi, Neave and Zhou 2012). The aim here is to design a portfolio in such a manner that is having very low risk in the long run. In such a portfolio, the unsystematic risk is taken care of by diversification and the systematic risk is balanced out by selecting assets that have opposite tendencies to the major factors that the assets are sensitive to.</p>
<p style=”text-align:justify;line-height:150%”>Thus, the rate of return that the asset in question offers can be shown as below:-</p>
<p style=”text-align:justify;line-height:150%”>Actual rate of return on an asset = Expected return on the asset + sensitivity to change in a systematic factor x return on systematic factor (for factor 1 + 2+ &hellip;+n) + return on unsystematic factors</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>R = E + &beta;1f 1+ &beta;2f 2 + &hellip;+ &beta;nfn &nbsp;+ e</p>
<p style=”text-align:justify;line-height:150%”>Where R is Actual Return on asset</p>
<p style=”text-align:justify;line-height:150%”>E is Expected return on asset</p>
<p style=”text-align:justify;line-height:150%”>&beta; is Systematic factor sensitivity of asset</p>
<p style=”text-align:justify;line-height:150%”>f is Systematic factor return on asset</p>
<p style=”text-align:justify;line-height:150%”>e is Unsystematic factor return</p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”margin-left:.25in;text-align:justify; text-indent:-.25in;line-height:150%”><b>1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; APT and CAPM for Strategic portfolio Planning</b></p>
<p style=”text-align:justify;line-height:150%”>Every investor&rsquo;s dream portfolio contains a combination of stocks, bonds and / or assets like real estate etc. which yields high returns and has very low risk. The first step towards achieving this goal is to identify the amount of risk an investor is willing to take. It also determines the exposure which the portfolio has with respect to various systematic factors.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>1.2.1 Portfolio Strategy Determination</b></p>
<p style=”text-align:justify;line-height:150%”>Portfolio strategy making is the first step towards creating an effective portfolio of assets. The investor needs to determine the exposure and risk which he/she is willing take. In most of the cases such a choice is dependent upon multiple factors, such as the location of the beneficiary, company&rsquo;s economic profiling, the ultimate use of the return which is generated by the portfolio etc. (Francis and Kim 2013).</p>
<p style=”text-align:justify;line-height:150%”>Different parts of the world have different economic conditions prevailing there and have different pace of change of economic factors as well. There are countries like Pakistan where the economy is not stable and conditions change quite quickly in the wake of political tensions between India &ndash; Pakistan. On the other end of the spectrum, USA has quite a robust economy with not so erratic changes happening. A company located in either of the countries will be deciding and strategizing about their asset investment in accordance to the prevalent economic conditions only.&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>An ideal asset portfolio should also be responsive of the internal structure of the company (beneficiary) and its objectives. As an example, if a company is loosely structured and is in growth phase, then the investment made such be in assets which are easily liquefiable and should be used in case of an expansion happening. If a company is quite stable and is growing organically, then the company can look for avenues of investment which are high yielding and can afford to lock in the money in such investments (Jewczyn 2014).</p>
<p style=”text-align:justify;line-height:150%”>In addition to the company&rsquo;s goals, it is necessary to identify which factors have the most impact on the company&rsquo;s operations. Not all companies are equally affected by the macroeconomic changes around them. Some companies have travel intensive work, they will be worst hit if there will be an increase in oil prices. The companies that are into loans, banking etc. will be most affected by the change in interest rates. The investment portfolio should be such that it should try to mitigate the risk due to the macroeconomic factor which the company is most sensitive to. This gives clear direction for the investor as to which companies to focus on and how to diversify in order to mitigate the associated risk.</p>
<p style=”text-align:justify;line-height:150%”>Different needs are served by different strategies. As an example, if the majority stakeholder in the portfolio is an educational institute, they might not be very much interested in tax saving investment portfolio as that is not their top priority. On the other hand, for a multinational company, tax saving is a huge perk and they would definitely try to design an investment portfolio to serve this purpose (Kaplan 2011).</p>
<p style=”text-align:justify;line-height:150%”>Thus, the above stated things should be considered at the time of strategy making. The unsystematic risk which is fluctuating quite often can be addressed by making temporary changes in the portfolio. This should not have a bearing on the rate of return which was determined by strategic portfolio planning. Unsystematic risks should be eliminated by the way of diversification of the portfolio.</p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>1.2.2 Arbitrage Pricing Theory and its Role in Strategic Portfolio Planning</b></p>
<p style=”text-align:justify;line-height:150%”>As discussed in the previous section, a company&rsquo;s investment portfolio can be dependent on many factors. This brings us to the importance of Arbitrage Pricing theory for the development of the same. As Arbitrage Pricing theory takes into account various systematic risks, by using APT it is possible to identify and invest in desirable assets only (Bathe 2013).</p>
<p style=”text-align:justify;line-height:150%”>Systematic risk emanates from systematic factors which have an impact on the asset pricing. The systematic factors have a market wide effect and their impact can only be mitigated but not completely be done away with. The effective strategy to bring down the systematic risk is through diversification of the portfolio. There can be many factors behind this kind of risk. Changes in political conditions, macroeconomic conditions, occurrence of natural disasters, changes in foreign policy, taxation changes etc. can pose systematic risk to the investment portfolio (Perloff 2014).</p>
<p style=”text-align:justify;line-height:150%”>Out of all the risk factors, the economic factors are said to be the most important and most studied. The major types of macroeconomic systematic risks are as stated below:-</p>
<ul>
<li>Inflation Risk</li>
<li>Market Risk</li>
<li>Interest rate risk</li>
</ul>
<p style=”text-align:justify;line-height:150%”>Let us consider an example. Suppose a company A has a requirement that they need to invest 50% in equity of a company B. This can be due to various legal or otherwise reasons. This action causes the unsystematic risk to increase manifold as the company A is majorly invested in one stock. Another problematic thing about this action is that if the company B is susceptible to a particular macroeconomic risk factor (let us call it x), then the company A becomes susceptible to risk factor x as well. In certain cases, company A is already sensitive to risk factor x. In such situations, the total sensitivity of company A towards risk factor x becomes significant. Arbitrage pricing theory allows investors to choose the rest of the investment portfolio in such a manner that the balance of the assets are least sensitive to the factor x. This brings about a balance in the portfolio as a whole. This approach hedges the organization towards the uncertainties and creates an effective portfolio (Daniel and Titman 2012).</p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>1.2.3 Diversification of the portfolio</b></p>
<p style=”text-align:justify;line-height:150%”>Unsystematic or non-market risk associated with any portfolio is generally emanated by the way of diversification. Diversification entails investing in multiple assets and not heavily investing into single / single type of assets. With more diversification, the unsystematic risk gradually comes down. The reduction in unsystematic risk does not happen in proportion to the diversification. In an ideal portfolio, there is no unsystematic risk as diversification has taken care of it (Mikołajek-Gocejna 2014). Only systematic risk is what remains in such a well balanced portfolio of assets. But now the question remains how many assets (shares or otherwise) should be considered in a portfolio? There is no magic number with regards to the same. As every portfolio is different, factors such as the following have a huge impact on the number of shares included:-</p>
<ul>
<li>Exposure of the portfolio</li>
</ul>
<p style=”text-align:justify;line-height:150%”>The risk or the amount of exposure the investor / company is willing to take is a crucial measure of the number of items in a portfolio. Generally, the lesser risk a company is willing to take, the more diversified the portfolio is.</p>
<ul>
<li>Variance and covariance of assets</li>
</ul>
<p style=”text-align:justify;line-height:150%”>Modern portfolio theory suggests that variance of an asset and covariance between two assets of a portfolio has a crucial impact on the determination of the portfolio mix.</p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>1.2.4 Diversification strategies</b></p>
<p style=”text-align:justify;line-height:150%”>Diversification of asset portfolio is crucial in order to reduce the unsystematic risks associated to it to zero. There can be many approaches taken in order to achieve this goal. Selecting stocks at random can be one approach of diversification. Although the investor is able to achieve diversification by random selection of stocks but to make sure that the portfolio is truly diversified, the following approaches can be employed:-</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industry diversification: As certain industries are susceptible to certain types of risks and others are susceptible to different set of risks, it is a wise decision to select the stock s in a portfolio which is from various industries. Depending on a single industry for majority of stocks in a portfolio exposes the portfolio to risks which can otherwise be diversified. For example, airline industry is sensitive to fuel price changes. Hence, selecting many stocks from the airline industry makes the portfolio returns go haywire in an event of change in fuel prices.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industry group&rsquo;s diversification: Although industry diversification is a good idea but the investor also needs to keep in mind that there are many industries which are correlated to each other. Some industry&rsquo;s output could be a direct input to another industry. The best approach in this scenario is to either select stocks that are from different industry groups or select the ones which are negatively correlated to each other. This provides cancellation of risk factors to some extent and help in the process of diversification of the said portfolio.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset class diversification: Different asset classes have different properties. Including assets from each of them brings in the benefits of each of the asset classes. This helps in the diversification of the portfolio. Therefore, a well-diversified portfolio should include government issued bonds, stocks, corporate bonds, real estate etc. The risk and returns of these asset classes are not correlated and hence makes the portfolio less susceptible to sudden changes.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Economy diversification: Different countries in the world have their own set of economic dynamics. The economic conditions that are prevalent in a country have a huge impact on the asset returns. Also, monetary and fiscal policy such as regulatory issues and taxation has a bearing on the risk return equation of an asset. Thus, stocks which belong to the same country/ economy tend to behave in a similar manner. A well-diversified portfolio must include assets from various economies so the risk associated gets minimized.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geographical area diversification: In a well-diversified portfolio, stocks of the companies who have operations not restricted to just one country are preferred. The reason for that is a geographical area could be prone to natural disasters much more than another area. For example, New Zealand is much more prone to volcanic eruptions than India. Also, a company that operates in a single country faces risk of changes in government laws. If a company is operating internationally then it is not so much dependent on one country&rsquo;s laws.</p>
<p style=”margin-left:0in;text-align:justify;line-height: 150%”><b>&nbsp;</b></p>
<h2>1.3 Research problem and Objectives</h2>
<p style=”text-align:justify;line-height:150%”><b>1.3.1 Research Problem</b></p>
<p style=”margin-left:0in;text-align:justify; line-height:150%”>This section deals with identifying the research problem and studying the importance of the problem. Also, set objectives are framed in this chapter in order to facilitate detailed study of them.</p>
<p style=”margin-left:0in;text-align:justify; line-height:150%”>With the advent of globalization and liberalization, the finance industry is moving at an unbelievable pace. Events happening in one part of the world are now having a significant impact over the economy and the dynamics of the other part of the world. This has made the work of investors even more difficult than ever before.</p>
<p style=”margin-left:0in;text-align:justify; line-height:150%”>After investigation of currently available literature, it has been found that there are relatively lesser number of research papers available on APT as a tool for Strategic portfolio planning. In the context of rapidly moving world and interconnected risk factors, it has become imperative to find out the applicability and limitations of asset pricing theories such as CAPM and APT for the purpose of strategic portfolio planning.</p>
<p style=”margin-left:0in;text-align:justify; line-height:150%”>Following are the topics which this study seeks to address in detail:-</p>
<ol>
<li>Compare and contrast the effectiveness of APT and CAPM in the strategic portfolio planning process.</li>
</ol>
<p style=”text-align:justify;text-indent:-.25in; line-height:150%”>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Identify scenarios where APT is more appropriate method as compared to CAPM</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>1.3.1 Objectives of this study</b></p>
<p style=”text-align:justify;line-height:150%”>Following is a list of objectives of this study:-</p>
<p style=”text-align:justify;text-indent:-.25in; line-height:150%”>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Study CAPM and APT as tools of strategic portfolio planning</p>
<p style=”text-align:justify;text-indent:-.25in; line-height:150%”>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Identify a few stocks and do strategic portfolio planning using them</p>
<p style=”text-align:justify;text-indent:-.25in; line-height:150%”>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Study the impact of macroeconomic factors on the asset pricing</p>
<p style=”text-align:justify;text-indent:-.25in; line-height:150%”>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Identify scenarios where APT is appropriate to use and the scenarios where it is better to use other pricing models</p>
<p class=”text”>&nbsp;</p>
<p>&nbsp;</p>
<p style=”margin-bottom:10.0pt;line-height:115%;punctuation-wrap: hanging;text-autospace:ideograph-numeric ideograph-other”><b>&nbsp;</b></p>
<p>&nbsp;</p>
<h2>Chapter 2: Literature Review</h2>
<p style=”text-align:justify;line-height:150%”><b>2.1 Introduction</b></p>
<p style=”text-align:justify;line-height:150%”>Financial investment related decisions are made on the basis of two main parameters namely: risk and return. Returns are sought in exchange of the risk borne by an asset. Risk is the amount of variation that may exists in the expected returns which an asset is projected to fetch. There is a linear relationship between both these factors. The more risk an investor take, the better the chances of return are. The converse also applies. The risk can further be divided into systematic and unsystematic risk. Systematic risk culminates from economic factors such as inflation, production, interest rates etc. Unsystematic risk culminates from firm specific factors such as large amount of dependency on a specific factor. Unsystematic risk is diversifiable and can be reduced by diversification of portfolio. Thus, the modern portfolio theory assumes a well-diversified portfolio of assets and hence only systematic risk is associated with the portfolio. Two of the most popular asset portfolio theories are: Capital Asset Pricing model (CAPM) and Arbitrage Pricing Theory (APT).</p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>2.2 CAPM (Capital Asset Pricing Model)</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”>CAPM is said to be the extension of Harry Markowitz&rsquo;s work (Markowitz 1952). It was developed in 1964 by William Sharp. It is an equilibrium pricing model which is helpful in the measurement of systematic risk. The basic premise of this asset pricing model is that the pricing of the assets will reflect the risks which the assets face.</p>
<p style=”text-align:justify;line-height:150%”>In theory, a single risk CAPM model suggests that the asset returns are dependent upon market risks. Thus, the equation of the CAPM model shows that the return of an asset in dependent upon risk free rate of return and the risk premium associated with that asset. Risk premium is dependent on the beta of the security which shows its sensitivity towards market returns.</p>
<p style=”text-align:justify;line-height:150%”>The following equation depicts the single index version of CAPM model:-</p>
<p style=”text-align:justify;line-height:150%”>ERs = Rf + &beta;s (Rm &minus; Rf)</p>
<p style=”text-align:justify;line-height:150%”>Where,</p>
<p style=”text-align:justify;line-height:150%”>ERs = Expected return on the security</p>
<p style=”text-align:justify;line-height:150%”>&beta;s = Measure of systematic or un-diversifiable risk</p>
<p style=”text-align:justify;line-height:150%”>Rm = Expected market return</p>
<p style=”text-align:justify;line-height:150%”>Rf = Risk free rate of return</p>
<p style=”text-align:justify;line-height:150%”>The value of beta coefficient can be calculated as follows:-</p>
<p style=”text-align:justify;line-height:150%”><img alt=”” height=”2″ src=”/wp-content/uploads/2019/10/order-135166_1.png” width=”94″ />&beta;s&nbsp; = cov(Rs ) E( Rm)</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &sigma;2 Rm</p>
<p style=”text-align:justify;line-height:150%”>Where,</p>
<p style=”text-align:justify;line-height:150%”>&sigma;2 Rm = Variance of market&rsquo;s returns</p>
<p style=”text-align:justify;line-height:150%”>As good a model CAPM is for asset pricing, there are certain limitations associated with it. In many situations it is considered to be less than ideal model. Many people view this model&rsquo;s quantitative predictions to be imperfect. Thus, there was a need for an even better and realistic asset pricing model. Arbitrage pricing theory (APT) is considered to be an improvement upon CAPM model.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>2.3 Arbitrage Pricing Theory (APT)</b></p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>In the year 1976, Stephen A Ross proposed the Arbitrage Pricing Theory which is commonly known as APT (Ross 1976). It takes into account various systematic factors. The equation of APT depicts that the asset return is dependent upon risk free rate of return and risk premiums of various systematic factors which the portfolio / asset is sensitive to. The multi factor model of APT can be represented by the following equation:-</p>
<p style=”text-align:justify;line-height:150%”>Rs = &alpha;s + &beta;s1R1 + &beta;s2R2 + ………&beta;snRn + es</p>
<p style=”text-align:justify;line-height:150%”>Where,</p>
<p style=”text-align:justify;line-height:150%”>Rs = Expected return on the security</p>
<p style=”text-align:justify;line-height:150%”>&beta;s1 = Measure of systematic or un-diversifiable risk related to factor 1</p>
<p style=”text-align:justify;line-height:150%”>es = Random error term</p>
<p style=”text-align:justify;line-height:150%”>The random error term in the above equation is not related in two different assets.</p>
<p style=”text-align:justify;line-height:150%”>In the ideal world, the securities with similar risk profiles should have the same rate of return as well. But sometimes there is a mispricing that happens and creates risk free arbitrage opportunities for the investors. Due to the buying / selling activity related to this opportunity, the prices stabilizes and return back to what they were expected to be. This closes the window of arbitrage.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>2.3.1 Theoretical Framework</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”>In the year 1986, Chen, Roll and Ross conducted a detailed study on Arbitrage Pricing Theory and the various macroeconomic variables that are used in practice (Chen, Roll and Rose 1986). The study spanned across 1953 to 1984 and took into consideration the following macroeconomic factors: – inflation, risk premium, industrial production, term structure, oil prices, market return and consumption. They were able to demonstrate that the asset prices are sensitive to changes in economic conditions. They were more susceptible to unexpected news that might have an effect on the economic conditions of the country/ world.</p>
<p style=”text-align:justify;line-height:150%”>As Chen, Roll and Ross were the first ones to provide a framework in the direction of APT validation, there were many subsequent works that took different time frames and different geographic locales to study APT. The two major methods which the various researchers employed were to test for macroeconomic factor sets for APT and statistical APT. The following section discusses some of the noteworthy research that was conducted by employing these two approaches.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>2.3.2 Macroeconomic APT</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”>In 1986, Burmeister and Wall also were able to depict the sensitivity of stock prices to changes in macroeconomic factors such term structure, inflation, risk premium and asset return (Burmeister and Wall 1986).</p>
<p style=”text-align:justify;line-height:150%”>In 1991, Poon and Taylor did APT study on UK stock market. Interestingly enough, they were not able to replicate Chen and Ross&rsquo;s results in the UK market. The conclusion that was drawn from this study was that either the method used by Chen was not replicable and needs more enhancement or the set of macroeconomic variables that have an impact on US market are different to those that have an impact on UK stock markets (Poon and Taylor 1991).</p>
<p style=”text-align:justify;line-height:150%”>In 1993, Abdullah and Hayworth were able to demonstrate the relationship of US stock prices to a set of macroeconomic variables. They showed that inflation and increase in money supply have positive impact on asset prices whilst factors such as trade deficits and budget have a negative bearing on the asset returns (Abdullah and Hayworth 1993).</p>
<p style=”text-align:justify;line-height:150%”>Another study was conducted on UK stock markets by Clare and Thomas in the year 1994. They took a set of 18 macroeconomic variables to test for price sensitivity. The set of factors that have a huge impact on UK asset prices were identified to be the following: – retail price index, oil prices, corporate default risk and corporate lending. (Clare and Thomas 1994)</p>
<p style=”text-align:justify;line-height:150%”>Many studies were conducted for APT in Asian markets well. In the year 2002, Wongbangpo and Sharma studied the stocks markets of five countries namely: Thailand, Malaysia, Singapore, Indonesia and Philippines. They were able to successfully demonstrate that in Philippines and Indonesia, high inflation rates have a negative effect on asset returns. In Singapore, Malaysia and Thailand, increase in money growth was related to increase in asset returns. In Thailand and Singapore, exchange rates have negative impact on returns but in the countries Malaysia, Philippines and Indonesia, exchange rates were demonstrated to have a positive impact on the asset returns. (Wongbangpo and Sharma 2002)</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>In 1997, Garvett and Priestly conducted a study on APT. It used the stocks from London Stock Exchange (LSE). It was found that six factors have a profound effect on the stocks selected. It was also demonstrated that not even one of those factors were significant when we take into account an exact factor structure (Garvett and Priestly 1997).</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>In the year 1999, Nyugen studied APT in the Thailand stock market. The various factors considered by this study were exchange rate changes, inflation changes, current account balance changes, market index and the interest rates difference between domestic and international rates. It was shown that the most influential factors for Thailand stock market are industrial growth and exchange rates. (Nyugen 1999)</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>In 2009, Mohammad, Hussain and Ali studied APT in Pakistan. They used macroeconomic factors such as interest rate, money supply, gross fixed capital formation, foreign exchange rate, forex reserve, wholesale price index and industrial production and demonstrated their impact on stocks in Karachi Stock exchange. The factors that had the highest impact were forex reserve and foreign exchange rates. (Mohammad, Hussain and Ali 2009)</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>2.3.3 Statistical testing of APT</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”>In this approach of testing of APT, statistical techniques such as factor analysis and principal component analysis is being employed in order to identify the risk factors that have an effect on asset returns. APT is tested by studying the covariance of asset returns and is not dependent upon tying it up with an external data.</p>
<p style=”text-align:justify;line-height:150%”>In 1980, Roll and Ross used statistical techniques to estimate factor loadings and then estimated the risk premiums of those factors. They employed factor analysis which studied the covariance of asset returns of the portfolio and by doing so were able to determine the factor sensitivity or factor betas. (Roll and Ross 1980) In the year 1983, Chen also employed similar methods and identified that the factors he took into consideration are every changing.</p>
<p style=”text-align:justify;line-height:150%”>Many researchers believed that factor analysis technique for statistical testing of APT was flawed and that they need a better technique to validate their results. In the year 1983, Chamberlin and Rothschild introduced an alternative to factor analysis which is asymptotic principal component analysis. (Chamberlin and Rothschild 1983)</p>
<p style=”text-align:justify;line-height:150%”>In 1984, Dorothy did a study of CAPM and APT models of asset pricing. They were able to show that APT provides a better estimation of asset pricing as compared to CAPM model. (Dorothy et.al. 1984)</p>
<p style=”text-align:justify;line-height:150%”>In 1985, Grinblatt tested and compared exact factor structure approach to approximate factor structure approach. They demonstrated that almost identical results were obtained by employing the above said two methods. Hence, they found the approximate factor structure to be in accordance to various APT assumptions. They showed that in order for this to be true the portfolio should be large and well diversified. They also showed that principal component analysis to be a superior method when it comes to statistical APT testing. (Grinblatt et.al. 1985)</p>
<p style=”text-align:justify;line-height:150%”>In order to attach significance and meaning to the results drawn by statistical APT analysis, it is important to be very detailed when it comes to factors selection, determination of number of factors and risk premium calculations.</p>
<p style=”text-align:justify;line-height:150%”>From the above literature review, it is quite evident that APT has come a long way in gaining traction and acceptance of researchers along with CAPM as an effective way of asset pricing. It is an important tool in the hands of investors. With the clear relationship between macroeconomic variables and the asset returns, every country&rsquo;s government should take into consideration the factors that have the most prominent impact in their own economy and should make policy decisions keeping in mind the impact that those will have on asset returns.</p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<h2>&nbsp;</h2>
<p class=”text”>&nbsp;</p>
<p class=”text”>&nbsp;</p>
<p class=”text”>&nbsp;</p>
<p style=”margin-left:0in;text-align:justify; line-height:150%”><b>&nbsp;</b></p>
<p style=”margin-left:0in;line-height:150%”><b>&nbsp;</b></p>
<p align=”center” style=”margin-left:0in; text-align:center;line-height:150%”><b>Chapter 3: Methodology</b></p>
<p style=”text-align:justify;line-height:150%”><b>3.1 Importance of this paper</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”>This paper aims to serve as a help for anyone who is making an investment decision. In the wake of interconnected economies and dynamic financial world, it is crucial to identify the right investment options and devise strategic portfolio in accordance to that. An important aspect of this paper is to study the effect of macroeconomic factors on asset pricing. This study hence enables the governments across the world to make policy strategies as per the needs of the economy. Ensuring healthy asset returns should be one of the by-products of such monetary and fiscal policies. The study should also be useful for companies internally. When the management takes care of effect of macroeconomic variables on the stock prices of the company, they should be able to adjust their internal structure and dependencies in such a manner that the macroeconomic scenarios play out in a positive manner for their company. This in turn will enhance the stock value for all the stakeholders (which is again a prime concern for every company). Therefore, this study finds its application in many areas and at many levels of implementation.</p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>3.2 Methodology</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”>This paper draws on the conceptual framework obtained from the review of the literature available to us. For more details, refer to chapter number 2 which is the literature review.</p>
<p style=”text-align:justify;line-height:150%”>The data used to make calculations and draw results is the historical secondary data available to us. The stock prices of the scripts which were selected is time series secondary share market prices. Four scripts are selected from NASDAQ. They are selected at random so that the effect can be studied in an unbiased manner. Due care has been taken in selection of stocks from different industries so that some amount of generalization can be lend to the conclusions hence drawn. Macroeconomic variables which were selected for calculations are based on theoretical works.</p>
<p style=”text-align:justify;line-height:150%”>Data is collected from various websites and official publications. Stock prices are collected from NYSE database.</p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<h2>Chapter 4: CAPM and APT for Portfolio Planning</h2>
<p style=”text-align:justify;line-height:150%”><b>4.1 Capital Asset Pricing Model</b></p>
<p style=”text-align:justify;line-height:150%”>The basis of a good portfolio of assets is to have assets which lower beta co-efficient (that is systematic risk) associated with them. The assets which have high rate of return but with high systematic risk can also be picked up by investors depending upon their exposure levels and appetite for risk. CAPM theory is a good way to identify the risk and return associated with an asset and how they should be priced as well. Through this model, Markowitz, Jan Mossin, William Sharpe and John Lintner demonstrated that there exists a linear relationship between the required rate of return and the beta coefficient of the asset. To put it simply, the more systematic risk associated with a stock, the more rate of return it may yield.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>4.1.2 Assumptions of CAPM </b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”>CAPM model assumes a lot of things in order to provide a simplified view at things. Following are the major assumptions which are made while assessing an asset via CAPM:-</p>
<p style=”margin-left:1.0in;text-align:justify; text-indent:-.25in;line-height:150%”>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero transaction cost: It is assumed that neither the buyer nor the seller incurs any cost in doing the transaction of buying or selling the stock.</p>
<p style=”margin-left:1.0in;text-align:justify; text-indent:-.25in;line-height:150%”>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zero Income Tax: It is assumed that there is no income tax levied on the profits generated by the asset transaction. It is further assumed that it does not make any difference to the investor if he is receiving the profits as dividends or as capital gains.</p>
<p style=”margin-left:1.0in;text-align:justify; text-indent:-.25in;line-height:150%”>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No limit on short selling: It is assumed that there is no limit on the number of short sales which an individual can undertake.</p>
<p style=”margin-left:1.0in;text-align:justify; text-indent:-.25in;line-height:150%”>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Divisible assets: It is assumed that assets are divisible in the sense that the investor can even buy part quantity or fraction of a share as well.</p>
<p style=”margin-left:1.0in;text-align:justify; text-indent:-.25in;line-height:150%”>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Perfectly competitive market: It is assumed that it is a perfectly competitive market and therefore an individual&rsquo;s buying or selling activity has no effect on the asset pricing.</p>
<p style=”margin-left:1.0in;text-align:justify; text-indent:-.25in;line-height:150%”>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decision factors: It is assumed that investment decisions are made by considering the following factors: standard deviations, expected returns and covariance (paired).</p>
<p style=”margin-left:1.0in;text-align:justify; text-indent:-.25in;line-height:150%”>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No limit on investment in risk free bills: It is assumed that there are no restrictions on the borrowing or lending of any number of/ any amount of risk-free treasury bills/ government securities.</p>
<p style=”margin-left:1.0in;text-align:justify; text-indent:-.25in;line-height:150%”>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heterogeneous expectations: It is assumed that the investor makes investment decisions with heterogeneous expectations of returns in mind.</p>
<p style=”margin-left:1.0in;text-align:justify; line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>4.1.3 CAPM for Portfolio planning</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”>This section of the report deals with delving into finding out CAPM&rsquo;s applicability for strategic portfolio planning. CAPM&rsquo;s validity for asset pricing is widely studied for and is used in many real life situations. This section discusses CAPM&rsquo;s ability and limitations when it comes to portfolio planning. This knowledge would give us a better understanding of applicability and limitations of Arbitrage pricing theory for the purpose of strategic portfolio planning.</p>
<p style=”text-align:justify;line-height:150%”>The following equation shows the portfolios expected rate of return when it comprises of a mix of risky investments and risk free investments:-</p>
<p style=”text-align:justify;line-height:150%”><b>R (p) = R (f) X (f) + R (m) (1- X (f))</b></p>
<p style=”text-align:justify;line-height:150%”>Where</p>
<p style=”text-align:justify;line-height:150%”>R (p) = Portfolio&rsquo;s expected rate of return</p>
<p style=”text-align:justify;line-height:150%”>R (f) = Risk free rate of return</p>
<p style=”text-align:justify;line-height:150%”>X (f) = Proportion of investment in Risk free assets</p>
<p style=”text-align:justify;line-height:150%”>R (m) = Market rate of return</p>
<p style=”text-align:justify;line-height:150%”>Now this formula can be used to calculate various scenarios and mixes of investment.</p>
<p style=”text-align:justify;line-height:150%”>The following equation represents the portfolio Variance:-</p>
<p style=”text-align:justify;line-height:150%”><b>&sigma;2(p) = &sigma;2(f) X2 (f) + &sigma; 2(m) (1 &ndash; X(f) )2 + 2CovfmX(f) (1 &ndash; X(f) )</b></p>
<p style=”text-align:justify;line-height:150%”>Where</p>
<p style=”text-align:justify;line-height:150%”>&sigma;2(p) = Portfolio Variance</p>
<p style=”text-align:justify;line-height:150%”>&sigma;2(f) = Variance of Risk free assets in the portfolio</p>
<p style=”text-align:justify;line-height:150%”>&sigma; 2(m) = Variance of Risky assets in the portfolio</p>
<p style=”text-align:justify;line-height:150%”>Basic assumptions in this case (for the purpose of calculations) are as follows:-</p>
<ul>
<li>Risk free rate of return = 12.5%</li>
<li>Market rate of return = 20%</li>
<li>Variance of Risky assets in the portfolio = 15</li>
<li>Variance of Risk free assets in the portfolio = 0</li>
</ul>
<p style=”text-align:justify;line-height:150%”><b>Scenario 1:</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”>Portfolio with 50% in risky and 50% in risk free assets</p>
<p style=”text-align:justify;line-height:150%”>Portfolio return can be calculated using the above mentioned equation.</p>
<p style=”text-align:justify;line-height:150%”>Portfolio returns = 12.5 x 0.5 + 20 x 0.5 = 16.25 %</p>
<p style=”text-align:justify;line-height:150%”>Risk Premium = Portfolio return &ndash; Risk free return = 16.25 &ndash; 12.5 = 3.75%</p>
<p style=”text-align:justify;line-height:150%”>Portfolio Risk &sigma; = 7.5%</p>
<p style=”text-align:justify;line-height:150%”>Return &ndash; Risk proportionality = (R (p) – R (f)) / &sigma; = 0.5</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>Scenario 2: </b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”>Portfolio with 100% in risky and 0% in risk free assets</p>
<p style=”text-align:justify;line-height:150%”>Portfolio returns = 20 %</p>
<p style=”text-align:justify;line-height:150%”>Risk Premium = Portfolio return &ndash; Risk free return = 20 &ndash; 12.5 = 7.5%</p>
<p style=”text-align:justify;line-height:150%”>Portfolio Risk &sigma; = 15%</p>
<p style=”text-align:justify;line-height:150%”>Return &ndash; Risk proportionality = (R (p) – R (f)) / &sigma; = 0.5</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>Scenario 3: </b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”>Portfolio with 150% in risky and -50% in risk free assets</p>
<p style=”text-align:justify;line-height:150%”>Portfolio returns = 12.5 x -.5 + 20 x 1.5 = 23.75 %</p>
<p style=”text-align:justify;line-height:150%”>Risk Premium = Portfolio return &ndash; Risk free return = 23.75 &ndash; 12.5 = 11.25%</p>
<p style=”text-align:justify;line-height:150%”>Portfolio Risk &sigma; = 22.5%</p>
<p style=”text-align:justify;line-height:150%”>Return &ndash; Risk proportionality = (R (p) – R (f)) / &sigma; = 0.5</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>Interpretation of the Scenarios</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”>In all three scenarios, it was observed that the rate of return of the portfolio increases with the increase in risk taken. Also, the proportion of return to risk remains the same in all three scenarios. This further shows that risk and return are proportional to each other.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>4.1.4 Efficient Frontier &ndash; CAPM</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”>Efficient frontier provides us with portfolios which are efficient and optimum. They yield highest possible rate of return by taking lowest possible amount of risk. It is a very important tool of Modern Portfolio theory.</p>
<p style=”text-align:justify;line-height:150%”>In the below mentioned figure, portfolios ranging from the point B to the point C are optimal and comprises the efficient frontier. Comparing the risk associated with portfolios from B to A and from B to C, the risk remains constant but B to C provides considerably higher returns for the amount of risk taken.</p>
<p style=”text-align:justify;line-height:150%”><img alt=”” height=”329″ id=”Picture 3″ src=”/wp-content/uploads/2019/10/order-135166_1.jpg” width=”381″ /></p>
<p style=”text-align:justify;line-height:150%”>Figure 1. Efficient Frontier (CAPM)</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>This tool helps in investment decisions based on the investors risk profile. For those investors who prefer low risk investments, they can go for investments that are lying towards the left hand side of the graph shown above. Conversely, for investors with high risk appetite can invest in securities that are lying on the right hand side of the graph shown above.</p>
<p style=”text-align:justify;line-height:150%”>In reality, efficient frontier may not be generally applicable as the asset returns does not always follow normal distribution.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>4.1.5 Capital Market Line</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”>The CML (Capital Market Line) provides us with the ideal investment opportunities (a mix of risky and risk free assets). The portfolios along the line joining point &lsquo;R&rsquo; and &lsquo;S&rsquo; are lending portfolio as it contains a portion of risk free investment in the portfolio. Portfolios extending after point &lsquo;S&rsquo; are called borrowing portfolios as borrowed money is invested in assets that do have systematic risks involved. If a portfolio lies on the CML the portfolio return premium is directly proportional to market portfolio&rsquo;s standard deviation (Aharoni, Grundy and Zeng 2013).</p>
<p style=”text-align:justify;line-height:150%”>The expected rate of return then equals to the sum of price of time and price of risk with the amount of risk. The price of risk can be calculated by the slope of the CML.</p>
<p style=”text-align:justify;line-height:150%”><img alt=”” height=”333″ id=”Picture 4″ src=”/wp-content/uploads/2019/10/order-135166_2.jpg” width=”441″ /></p>
<p style=”text-align:justify;line-height:150%”>Figure 2. &nbsp;The Capital Market Line</p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”>One of the biggest limitations of the Capital Market Line is that it only demonstrates the efficient portfolios which have zero amount of diversifiable risk. The inefficient portfolios which have diversifiable risk involved in them are not specified in this. Individual securities are also not represented on this line.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>4.1.6 Security Market Line</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”>With the Capital Market Line (CML), the portfolios have both systematic and unsystematic risk attached to them. As diversification can take care of the unsystematic risk, investors are mainly focused on systematic risks associated with individual stocks. This individual systematic risk is represented by the term beta. Thus, beta plays a crucial role in the determination of the efficiency of a particular stock.</p>
<p style=”text-align:justify;line-height:150%”>In the case of a portfolio of more than one stock, all the stocks&rsquo; systematic risks add up to make portfolio&rsquo;s systematic risk. Weighted sum of individual stock co-variances were calculated in order to find out variance for the entire portfolio in question.</p>
<p style=”text-align:justify;line-height:150%”>The following equation lets us calculate the expected returns for individual stocks:-</p>
<p style=”text-align:justify;line-height:150%”><b>R i = R f + &szlig; i [R m &ndash; R f]</b></p>
<p style=”text-align:justify;line-height:150%”>Where</p>
<p style=”text-align:justify;line-height:150%”>R i = Expected return on stock i</p>
<p style=”text-align:justify;line-height:150%”>&szlig; i = Beta of stock i</p>
<p style=”text-align:justify;line-height:150%”><img alt=”” height=”379″ id=”Picture 5″ src=”/wp-content/uploads/2019/10/order-135166_3.jpg” width=”456″ /></p>
<p style=”text-align:justify;line-height:150%”>Figure 3. The Security Market Line</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>This chart is very important in the determination of efficiency of stocks. If there are two stocks that have the same beta value (that is they have lie on the same vertical line on the chart) then the stock lying higher than the SML line is considered to be under priced and have better rate of returns for the same amount of risk.</p>
<p style=”text-align:justify;line-height:150%”>One of the major limitations of this representation is that in the real life scenario, it is highly likely that the securities or portfolios will not lie on this line. The reason for that is in reality market conditions are not that efficient as is assumed in drawing a security market line.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>4.1.7 CAPM &ndash; Empirical Tests and Validity in Today&rsquo;s World</b></p>
<p style=”text-align:justify;line-height:150%”>Every method or theory has its applicability and limitations. CAPM is used to show future sensitivity of a stock to systematic factors. This is determined by doing regression analysis on the stock&rsquo;s historical data which is already available to the investor. All these calculations are based on the assumption that data has a tendency to repeat itself if the said data is stable. Hence, it is of utmost importance to check if the data is stable for a given timeframe and then apply regression analysis to it (Barberis et.al. 2015).</p>
<p style=”text-align:justify;line-height:150%”>Many studies have been conducted to validate the beta sensitivity stability. In a study done by Marshall Blume (Blume 1971) it was found that in most cases past stock betas are not stable in nature. This renders them no useful in making future predictions. As opposed to individual stock betas, portfolio betas were found to be much more stable in nature. The estimation errors of an individual stock get cancelled out by that of another stock. Thus, portfolio betas are quite stable and can be used for making predictions of future volatility. (Hong and Sraer 2016)</p>
<p style=”text-align:justify;line-height:150%”>In a study done by Richard Roll, market portfolio&rsquo;s behaviour depends upon the behaviour of various indices. A stock&rsquo;s beta can differ in value in various indices. This makes it risky to use CAPM method. (Roll and Ross 1980)</p>
<p style=”text-align:justify;line-height:150%”>Another issue that most researchers see is that CAPM is not testable when it comes to government issued bonds. If this model is valid then it should be applicable and testable on all the assets but this is not the case when it comes to bonds.</p>
<p style=”text-align:justify;line-height:150%”>Another issue with CAPM is that the method of calculation can have a significant impact on the beta values of a stock. The historical data of a stock vary when different time frames are chosen for analysis. This poses a risk for the output to vary significantly. Due to these variations, the expected rate of return estimated via CAPM is not reliable.</p>
<p style=”text-align:justify;line-height:150%”>Many scholars believe that as the output of the CAPM is for future so the inputs should not be based on past data. The inputs for CAPM should also be based on expectations of future stock behaviour only (Da, Guo and Jagannathan 2012).</p>
<p style=”text-align:justify;line-height:150%”>CAPM&rsquo;s key focus is on market risk. It does not take into account other risks which can have an impact on an asset. Arbitrage Pricing theory on the other hand, lets an investor to consider other risks as well as the market risk. This makes CAPM limited in its estimation and use.</p>
<p style=”text-align:justify;line-height:150%”>Even with a lot of debate going around the various assumptions of the CAPM model, analysts around the world are using it for many different real life applications. It has been constantly used by investors to make buy-sell decisions for their stocks and portfolios alike.</p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>4.2 Arbitrage Pricing Theory (APT)</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”>Arbitrage Pricing Theory for asset pricing uses way less assumptions than CAPM for asset pricing.&nbsp; It is a simplified way of demonstrating the nature of equilibrium of the stock in question. As the name suggests, APT focuses on the concept of arbitrage.</p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>4.2.1 Assumptions of APT</b></p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>APT has very few assumptions as compared to CAPM asset pricing model. APT (just like CAPM) assumes that the market is perfect and perfect competition exists in it. Also, it assumes that there is no transaction cost involved in the buying and selling of the asset. It also assumes a few things about the investors. The investors are assumed to have homogenous expectations and would like to take minimum amount of risk possible. It is also assumed that investors would like to make the most of the arbitrage opportunities presented to them and hence maximize their returns.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>4.2.2. Various Methods of Testing APT</b></p>
<p style=”text-align:justify;line-height:150%”>APT as an asset pricing tool can be made as complex and as simple as desired. By considering only the major factors that which have huge amount of impact on the pricing, the said process can be simplified. Inclusion of many factors (having variable amounts of impact on pricing) makes the calculations for APT testing more complex. Following is a discussion of the various approaches one can take to test APT:-</p>
<p style=”text-align:justify;line-height:150%”>&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Factor analysis</p>
<p style=”text-align:justify;line-height:150%”>&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taking Macroeconomic factors as influencing factors</p>
<p style=”text-align:justify;line-height:150%”>&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taking various asset characteristics as influencing factors</p>
<p style=”text-align:justify;line-height:150%”>&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taking various portfolio factors as influencing factors</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Factor Analysis</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>The main idea behind this type of APT testing method is that the factor loading is dependent upon the asset which is being tested but the factor itself is a common thing across all the assets. This method seeks to estimate both of them simultaneously.</p>
<p style=”text-align:justify;line-height:150%”>The key advantage of this method is that the data itself gives us the information of how many factors which needs to be used in the analysis. This helps in not assuming these things prior to the start of the calculation.</p>
<p style=”text-align:justify;line-height:150%”>As with any method, this method of testing APT also has its shortcomings. The scale of the factor and the factor loadings associated with them are quite arbitrary in nature. Sampling also plays an important role in this method. The order of factors keeps on changing with the change in the sample selected. This sometimes poses major limitation to the accuracy of this testing method.</p>
<p style=”text-align:justify;line-height:150%”>Many researchers have adopted this method of APT testing in conducting their researches. A study of those gives us invaluable insights into the working of this method of APT testing. Roll and Ross used this method in the year 1980 (Roll and Ross 1980). They used a sample of 30 stocks and conducted factor analysis by considering 42 groups out of those selected stocks. Initially, they considered 5 factors for the analyses but found that 3 factors were crucial for determination of asset pricing. The problem with this approach was that it was not certain that whether the zero beta CAPM model of asset pricing could be rejected in comparison to the APT method.</p>
<p style=”text-align:justify;line-height:150%”>In the year 1984, Cho, Elton and Gruber also used this factor method for testing APT. (Cho, Elton and Gruber 1984). They basically used this method on a data taken from a later time. They were able to demonstrate that zero beta CAPM model for asset pricing is sometimes not sufficient. They were able to show that there are factors which needs to be included in the calculations (over and above the zero beta CAPM) in order to arrive at solid conclusions. They were able to do so by simulating a set of data for both zero- beta CAPM model. Thus, APT was demonstrated to be much more efficient as a pricing model than CAPM.</p>
<p style=”text-align:justify;line-height:150%”>The downside of this type of generalization is that sometimes it is very difficult to ascertain whether APT is testable with respect to CAPM.</p>
<p style=”text-align:justify;line-height:150%”>Thus, it can be safely said that factor analysis and the results generated by this method are not conclusive in demonstrating the effectiveness of APT pricing model.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taking Macroeconomic factors as influencing factors</p>
<p style=”text-align:justify;line-height:150%”>One of the most popular approach for testing APT is the use of macroeconomic and market variable for APT testing. These factors are considered as factors in the APT equation. Depending upon the nature of the stock, the various factors which play a role in price determination are carefully chosen.</p>
<p style=”text-align:justify;line-height:150%”>In 1986, Chen, Roll and Ross considered macroeconomic factors such as inflation, risk premium, industrial production and term structure of interest rates as he key factors for testing APT equation. (Chen, Roll and Rose 1986) Risk premium was considered to be the difference in return of assets which belong to classes AAA and BAA of assets. The term structure of interest rate considered the long term and short term maturity bonds and the difference in the interest rates that they yield to heir investors. In their research paper, they were able to demonstrate that these factors had a correlation to the factors which were considered for testing in the factor analysis method. They showed that APT is not really a reliable means of asset pricing. This was concluded based on the findings that inclusion and exclusion of beta (while market pricing) does not show a significant effect on the market prices. The problem in this research could be the selection of wrong macroeconomic and market variables.</p>
<p style=”text-align:justify;line-height:150%”>In 1988, Burmeister and McElroy used this approach for APT testing. The factors that they choose for their study were: deflation, time premium, default risk and the change that happens in expected sales over a period of time. The time premium was calculated as the difference of rate of returns from the long term and short term bonds issued by government.&nbsp; The default risk is the risk which the investor undertakes when he/ she buys a corporate bonds. Government bonds are considered to be safe investments as nobody expects government to default towards its investors. Hence the default risk is the difference between the rate of returns of the corporate and government bonds (McElroy and Burmeister 1985). They also introduced another factor based on the four factors which are mentioned above. This new factor is called the error term. By using these five factors as the basis of their calculations, they were able to reject CAPM as an effective means of determining asset pricing. Accordingly to them, this can be said with 1% significance level. However, in their research they were not able to reject Apt as an effective asset pricing model.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taking various asset characteristics as influencing factors</p>
<p style=”text-align:justify;line-height:150%”>In this approach of APT testing, additional variables are considered for calculations and not just the beta is considered. In the year 1982, Sharpe added bond alpha, size etc. and tried to validate this method. He was able to demonstrate that the factors mentioned above were significant and have an impact on the calculations. (Sharpe 1982)</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taking various portfolio factors as influencing factors</p>
<p style=”text-align:justify;line-height:150%”>This approach of considering portfolio factors in APT calculations was first adopted by Fama and French in the year 1993 (Fama and French 1993). They used portfolio characteristics like size and book-to-market as factors for the testing of APT as an asset pricing model.</p>
<p style=”text-align:justify;line-height:150%”>Size as a factor determines the firms which are bigger or smaller than the median size of the sample stocks which are considered for doing the calculations. Book to market value of any stock is determined by ranking and sorting them. This is calculated by book value of the stock divided by the market value of the stock. If the book-to-market value of a stock is in the first 30 percentile, then it is considered to be a &ldquo;low Book-to-market firm&rdquo;. If the value is placed between 30 to 70 percentiles of the whole lot, then the stock is called a medium book to market value firm. If the value is greater than 70 percentile of the whole lot, then the stock is called a &ldquo;high book to market value firm&rdquo;. In the research conducted by Fama and French, they considered portfolios using 2 groups of size factor and 3 groups of book to market factor. They were able to demonstrate that the 5 portfolio factors when considered for APT calculations are able to explain variations in asset returns. This was shown by showing that the intercepts of the time series of excess returns was found to be zero.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>4.2.3 Problem Areas in Measuring Factor Exposure of a Portfolio</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”>APT is dependent upon the careful estimation of the various factors and their betas. However, this process is not an easy one and a single mistake in doing so can prove to make the whole process a waste. Following is a discussion of various problem areas which needs to be addressed during the process of factor and beta estimation:-</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less focus on t-statistics: One of the prime problems that is envisioned in the measurement of factors is that there is a lot of focus on the beta values or the sensitivity of the asset towards that factor. But not much attention is being paid to the t-statistics of the data in question. T-statistics is an important statistical term which tells us if the data is significant or not. A data&rsquo;s statistical significance defines its reliability to be used for beta estimation purposes. High beta values does signify huge dependency of the asset on that particular factor but there is a high degree of uncertainty involved if the t-statistic is not taken into account.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less focus on R2 value: As a rule of thumb, a higher R2 value signifies that the statistical model is dependable in explaining the returns generated by the portfolio. It indicates that there is less amount of variability in the returns of the portfolio. Thus, higher value of r square means better explanation provided by the regression.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Misleading beta comparisons: With too much focus on the betas, investors often forget to take into consideration the volatility of the portfolios. Different portfolios have different levels of volatility. Thus, instead of measuring exposure in absolute terms, one must take into account exposure per unit of risk that is borne.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real world factors vs academic factors: Most of the times, researchers tend to consider the academic factors such as factors used by Fama and French. The problem with these factors is that they are far away from reality and do not have various taxes, fees and transaction costs which are usually involved in the real life situations. A regression based on such theoretically good factors can throw the calculations off and make the results not very much applicable in real life investment decision making.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long or Short portfolios: While doing factor analysis, it is important to understand the differences between long and long / short portfolio factors. Long / short portfolios are unconstrained but the long portfolios are constrained in nature.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Determining a measure for value: Often determining which factor is the best representation for value of the firm is the most difficult task. Theoretically, one may consider that book to market value is a great representation of stock value but in practice there could be better means of measuring stock value.</p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>4.2.4 APT for portfolio planning</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”>One of the key considerations of using APT for portfolio planning is that the portfolio should be such in design that it have minimum amount of risk involved with maximum returns. The shift and changes in the portfolio should be making in such a manner that the financial commitment from the side of the investor remains the same and should not increase in the quest to increase the returns. The proportion of one stock should be changed in such a manner that other stocks are changed by the same proportion as well. This balances the net change for the whole portfolio to be zero and makes sure that the financial commitment from the investor does not change (Bodie, Kane and Marcus 2011).</p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>4.2.5 Case of Assets A, B and C</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”>In order to demonstrate the applicability of APT for efficient portfolio planning, let us consider the stocks A, B and C.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Assumptions:</p>
<p style=”text-align:justify;line-height:150%”>YA = Proportion of asset A in the portfolio</p>
<p style=”text-align:justify;line-height:150%”>YB = Proportion of asset B in the portfolio</p>
<p style=”text-align:justify;line-height:150%”>YC = Proportion of asset C in the portfolio</p>
<p style=”text-align:justify;line-height:150%”>&Delta;YA = Change in the proportion of asset A in the portfolio</p>
<p style=”text-align:justify;line-height:150%”>&Delta;YB = Change in the proportion of asset B in the portfolio</p>
<p style=”text-align:justify;line-height:150%”>&Delta;YC = Change in the proportion of asset C in the portfolio</p>
<p style=”text-align:justify;line-height:150%”>&beta; A = Sensitivity of asset A to the factor industrial production</p>
<p style=”text-align:justify;line-height:150%”>&beta; B = Sensitivity of asset B to the factor industrial production</p>
<p style=”text-align:justify;line-height:150%”>&beta; C = Sensitivity of asset C to the factor industrial production</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>As per the requirement to keep the financial commitment unchanged, the change proportions should add up to be zero. The below mentioned equation demonstrates the same:-</p>
<p style=”text-align:justify;line-height:150%”>&Delta;YA + &Delta;YB + &Delta;YC = 0</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>The sensitivity of the portfolio towards a certain factor (in this case let&rsquo;s assume Industrial production) should also remain the same even after the change in the portfolio. The following equation shows the weighted average of sensitivity and change proportions of the assets in the portfolio:-</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&beta; A &Delta;YA + &beta; B &Delta;YB + &beta; C &Delta;YC = 0</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Original Portfolio details:-</p>
<ul>
<li>Total amount invested = $ 15000</li>
<li>Proportions of A, B and C are 0.33, 0.33 and 0.34 respectively</li>
<li>Rate of return for asset A, B and C are 21 %, 16% and 11 % respectively</li>
<li>&beta; A = 0.45, &beta; B = 1.35 and &beta; C = 0.55</li>
</ul>
<p style=”text-align:justify;line-height:150%”>New Portfolio details:-</p>
<ul>
<li>Total amount invested, proportions, rate of return and beta sensitivity for asset A, B and C remains unchanged</li>
<li>The changes in proportion are:-</li>
</ul>
<p style=”margin-left:1.0in;text-align:justify; text-indent:-.25in;line-height:150%”>o&nbsp;&nbsp; &Delta;YA, &Delta;YB and &Delta;YC are 0.02, 0.025 and -0.225 respectively</p>
<p style=”text-align:justify;line-height:150%”>From the above mentioned equations, it is known that the sum of proportion changes should be zero:-</p>
<p style=”text-align:justify;line-height:150%”>0.2 + 0.025 – 0.225 = 0</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>And weighted sensitivity should also be zero:-</p>
<p style=”text-align:justify;line-height:150%”>0.2 x 0.45 + 0.025 x 1.35 -0.225 x 0.55 = 0</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Expected return of the old portfolio = Weighted average of returns of individual assets</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; = 21x 0.33+ 16x 0.33+ 11x 0.34</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;= 6.93 + 5.28 + 3.74</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; = 15.95%</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Expected return of the new portfolio = 21x 0.53+ 16x 0.355+ 11x 0.115</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;= 11.13 + 5.68 + 1.265</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; = 18.075%</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Increase in portfolio returns = 18.075 &ndash; 15.95 = 2.125%</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Arbitrage changes in this case:-</p>
<p style=”text-align:justify;line-height:150%”>To achieve a higher rate of return, the investor is buying more of stocks A and B and is selling stock C from the portfolio. Due to more buying and increase in the demand of stocks A and B, their prices would increase eventually. Increased price of stocks A and B will in turn reduce the rate of return for them. On the other hand, due to the selling activity of stock C, its price would come down and therefore the rate of return for stock C goes up. These changes will make the arbitrage opportunity go away and place things in equilibrium. (Baker, Bradley and Wurgler 2011)</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>4.3 Strategic Portfolio Planning </b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”>This section of the report deals with the practical aspects of strategic portfolio planning. The data used for making the calculations is the secondary data of stock prices available from the shares trading at NYSE/ NASDAQ.</p>
<p style=”text-align:justify;line-height:150%”>Four stocks from completely different sectors were identified. The sectors and the stocks used for the calculations are as follows:-</p>
<ul>
<li>Exxon Mobil (Oil and Gas)</li>
<li>Bank Of America (Financial Services)</li>
<li>Coca Cola (FMCG)</li>
<li>General Motors (Automotive)</li>
</ul>
<p style=”text-align:justify;line-height:150%”>The time frame selected for the data is 1 Jan 2011 to 31 Dec 2015. The reason for selection of these five years period is that the US was in recession till almost the end of 2009. Stock data from the start of a new decade gives us a more stable view of the economy. Five years data is sufficient to draw correlations. This data is also a clear depiction of the latest and the current performance of the stocks which are chosen for this study (Babalos, Caporale, and Spagnolo 2016).</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>4.3.1 Exxon Mobil</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”>The following table shows the key points in the calculation of beta sensitivity of Exxon Mobil with respect to market.</p>
<table border=”0″ cellpadding=”0″ cellspacing=”0″ style=”width:441.8pt;margin-left:2.2pt;border-collapse:collapse” width=”589″>
<tbody>
<tr style=”height:34.35pt”>
<td colspan=”4″ nowrap=”nowrap” rowspan=”2″ style=”width:208.5pt; padding:0in 5.4pt 0in 5.4pt;height:34.35pt” valign=”bottom” width=”278″>&nbsp;</td>
<td colspan=”5″ style=”border:none;padding:0in 0in 0in 0in” width=”311″>
<p class=”MsoNormal”>&nbsp;</p>
</td>
<td height=”46″ style=”height:34.35pt;border:none” width=”0″>&nbsp;</td>
</tr>
<tr style=”height:34.35pt”>
<td colspan=”5″ style=”border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in” width=”311″>
<p class=”MsoNormal”>&nbsp;</p>
</td>
<td height=”46″ style=”height:34.35pt;border:none” width=”0″>&nbsp;</td>
</tr>
<tr style=”height:17.0pt”>
<td nowrap=”nowrap” style=”width:34.5pt;border:solid windowtext 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:17.0pt” valign=”bottom” width=”46″>
<p style=”text-align:justify;line-height:150%”>Date</p>
</td>
<td nowrap=”nowrap” style=”width:68.35pt;border:solid windowtext 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:17.0pt” valign=”bottom” width=”91″>
<p style=”text-align:justify;line-height:150%”>Adjusted Close (Y)</p>
</td>
<td nowrap=”nowrap” style=”width:62.85pt;border:solid windowtext 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:17.0pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>Adjusted close Index (X)</p>
</td>
<td colspan=”2″ nowrap=”nowrap” style=”width:57.4pt;border-top: solid windowtext 1.0pt;border-left:none;border-bottom:solid windowtext 1.0pt; border-right:none;padding:0in 5.4pt 0in 5.4pt;height:17.0pt” valign=”bottom” width=”77″>
<p style=”text-align:justify;line-height:150%”>R(x)</p>
</td>
<td nowrap=”nowrap” style=”width:51.95pt;border:solid windowtext 1.0pt; border-top:none;padding:0in 5.4pt 0in 5.4pt;height:17.0pt” valign=”bottom” width=”69″>
<p style=”text-align:justify;line-height:150%”>R(y)</p>
</td>
<td nowrap=”nowrap” style=”width:51.95pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:17.0pt” valign=”bottom” width=”69″>
<p style=”text-align:justify;line-height:150%”>(X)(Y)</p>
</td>
<td nowrap=”nowrap” style=”width:57.4pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:17.0pt” valign=”bottom” width=”77″>
<p style=”text-align:justify;line-height:150%”>(X)&sup2;</p>
</td>
<td nowrap=”nowrap” style=”width:57.4pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:17.0pt” valign=”bottom” width=”77″>
<p style=”text-align:justify;line-height:150%”>(Ry-R)2</p>
</td>
<td height=”23″ style=”height:17.0pt;border:none” width=”0″>&nbsp;</td>
</tr>
<tr style=”height:35.7pt”>
<td nowrap=”nowrap” style=”width:34.5pt;border:solid windowtext 1.0pt; border-top:none;padding:0in 5.4pt 0in 5.4pt;height:35.7pt” valign=”bottom” width=”46″>
<p style=”text-align:justify;line-height:150%”>Total</p>
</td>
<td nowrap=”nowrap” style=”width:68.35pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:35.7pt” valign=”bottom” width=”91″>
<p style=”text-align:justify;line-height:150%”>4628.039544</p>
</td>
<td nowrap=”nowrap” style=”width:62.85pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:35.7pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>2,23,326.51</p>
</td>
<td colspan=”2″ nowrap=”nowrap” style=”width:57.4pt;border:none; border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:35.7pt” valign=”bottom” width=”77″>
<p style=”text-align:justify;line-height:150%”>0.6642098</p>
</td>
<td nowrap=”nowrap” style=”width:51.95pt;border:solid windowtext 1.0pt; border-top:none;padding:0in 5.4pt 0in 5.4pt;height:35.7pt” valign=”bottom” width=”69″>
<p style=”text-align:justify;line-height:150%”>0.159502</p>
</td>
<td nowrap=”nowrap” style=”width:51.95pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:35.7pt” valign=”bottom” width=”69″>
<p style=”text-align:justify;line-height:150%”>0.057384</p>
</td>
<td nowrap=”nowrap” style=”width:57.4pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:35.7pt” valign=”bottom” width=”77″>
<p style=”text-align:justify;line-height:150%”>0.0951215</p>
</td>
<td nowrap=”nowrap” style=”width:57.4pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:35.7pt” valign=”bottom” width=”77″>
<p style=”text-align:justify;line-height:150%”>0.1139425</p>
</td>
<td height=”48″ style=”height:35.7pt;border:none” width=”0″>&nbsp;</td>
</tr>
<tr height=”0″>
<td style=”border:none” width=”46″>&nbsp;</td>
<td style=”border:none” width=”91″>&nbsp;</td>
<td style=”border:none” width=”84″>&nbsp;</td>
<td style=”border:none” width=”57″>&nbsp;</td>
<td style=”border:none” width=”19″>&nbsp;</td>
<td style=”border:none” width=”69″>&nbsp;</td>
<td style=”border:none” width=”69″>&nbsp;</td>
<td style=”border:none” width=”77″>&nbsp;</td>
<td style=”border:none” width=”77″>&nbsp;</td>
<td style=”border:none” width=”0″>
<p class=”MsoNormal”>&nbsp;</p>
</td>
</tr>
</tbody>
</table>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Table 1. Exxon Mobil Rate of Return Calculations</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>R(x) and R (y) represents return of index and Exxon Mobil respectively. By using the above table, rate of return for Exxon Mobil was calculated by using average of R(y) values.</p>
<p style=”text-align:justify;line-height:150%”>Rate of Return = 0.002703419</p>
<p style=”text-align:justify;line-height:150%”>Standard Deviation =&nbsp; 0.044322965</p>
<p style=”text-align:justify;line-height:150%”>Coefficient of variations =16.39515118</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>(&sum;X)&sup2; =&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44117461</p>
<p style=”text-align:justify;line-height:150%”>Y =&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a + &beta;x</p>
<p style=”text-align:justify;line-height:150%”><img alt=”” height=”1″ src=”/wp-content/uploads/2019/10/order-135166_2.png” width=”118″ />&beta;=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; n&sum;XY – (&sum;X)(&sum;Y)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; n&sum;X&sup2; – (&sum;X)&sup2;&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><img alt=”” height=”2″ src=”/wp-content/uploads/2019/10/order-135166_3.png” width=”87″ />&beta;=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.279693216&nbsp;&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.170996147&nbsp;&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&beta;=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.634247855&nbsp;&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Here the &beta; of Exxon Mobil is less than 1 which shows that the stock is defensive in nature and it is less sensitive to the changes in the market stock hence it has lesser amount of systematic risk.</p>
<p style=”text-align:justify;line-height:150%”><img alt=”” height=”288″ id=”Chart 6″ src=”/wp-content/uploads/2019/10/order-135166_4.png” width=”546″ /></p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Figure. 4. Exxon Mobil Return Vs Stock Market Return</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Figure 4 shows Exxon Mobil&rsquo;s return in comparison to the stock market return. The line plotted through the data points show the correlation of both the variables with respect to each other. It can be seen that there is not a strong correlation between the two of them.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>The following calculation shows the required rate of return for Exxon Mobil:-</p>
<p style=”text-align:justify;line-height:150%”>Risk free rate of return RF= 2.20 (Investing 2017)</p>
<p style=”text-align:justify;line-height:150%”>Market Premium =5.4 (Investopedia 2017)</p>
<p style=”text-align:justify;line-height:150%”>Beta = 0.634247855&nbsp;&nbsp;&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Required Rate of Return for Exxon Mobil= 2.20 + 5.4 x 0.634247855 = 5.624938419</p>
<p style=”text-align:justify;line-height:150%”>Thus, the investor would need at least 5.62 % returns from the stock in order to justify the risk taken by him/ her.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>4.3.2 Bank Of America </b></p>
<p style=”text-align:justify;line-height:150%”>The following table shows the key points in the calculation of beta sensitivity of Bank Of America with respect to the market.</p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<table align=”left” border=”0″ cellpadding=”0″ cellspacing=”0″ style=”width:452.7pt;border-collapse:collapse;margin-left:6.75pt; margin-right:6.75pt” width=”604″>
<tbody>
<tr style=”height:19.2pt”>
<td nowrap=”nowrap” style=”width:32.65pt;border:solid windowtext 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:19.2pt” valign=”bottom” width=”44″>
<p style=”text-align:justify;line-height:150%”>Date</p>
</td>
<td nowrap=”nowrap” style=”width:60.0pt;border:solid windowtext 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:19.2pt” valign=”bottom” width=”80″>
<p style=”text-align:justify;line-height:150%”>Adjusted Close (Y)</p>
</td>
<td nowrap=”nowrap” style=”width:60.0pt;border:solid windowtext 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:19.2pt” valign=”bottom” width=”80″>
<p style=”text-align:justify;line-height:150%”>Adjusted close Index (X)</p>
</td>
<td nowrap=”nowrap” style=”width:65.2pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0in 5.4pt 0in 5.4pt;height:19.2pt” valign=”bottom” width=”87″>
<p style=”text-align:justify;line-height:150%”>R(x)</p>
</td>
<td nowrap=”nowrap” style=”width:49.65pt;border:solid windowtext 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:19.2pt” valign=”bottom” width=”66″>
<p style=”text-align:justify;line-height:150%”>R(y)</p>
</td>
<td nowrap=”nowrap” style=”width:65.2pt;border:solid windowtext 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:19.2pt” valign=”bottom” width=”87″>
<p style=”text-align:justify;line-height:150%”>(X)(Y)</p>
</td>
<td nowrap=”nowrap” style=”width:54.8pt;border:solid windowtext 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:19.2pt” valign=”bottom” width=”73″>
<p style=”text-align:justify;line-height:150%”>(X)&sup2;</p>
</td>
<td nowrap=”nowrap” style=”width:65.2pt;border:solid windowtext 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:19.2pt” valign=”bottom” width=”87″>
<p style=”text-align:justify;line-height:150%”>(Ry-R)2</p>
</td>
</tr>
<tr style=”height:19.1pt”>
<td nowrap=”nowrap” style=”width:32.65pt;border:solid windowtext 1.0pt; border-top:none;padding:0in 5.4pt 0in 5.4pt;height:19.1pt” valign=”bottom” width=”44″>
<p style=”text-align:justify;line-height:150%”>Total</p>
</td>
<td nowrap=”nowrap” style=”width:60.0pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:19.1pt” valign=”bottom” width=”80″>
<p style=”text-align:justify;line-height:150%”>745.346024</p>
</td>
<td nowrap=”nowrap” style=”width:60.0pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:19.1pt” valign=”bottom” width=”80″>
<p style=”text-align:justify;line-height:150%”>2,23,326.51</p>
</td>
<td nowrap=”nowrap” style=”width:65.2pt;border:none;border-bottom: solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:19.1pt” valign=”bottom” width=”87″>
<p style=”text-align:justify;line-height:150%”>0.664209763</p>
</td>
<td nowrap=”nowrap” style=”width:49.65pt;border:solid windowtext 1.0pt; border-top:none;padding:0in 5.4pt 0in 5.4pt;height:19.1pt” valign=”bottom” width=”66″>
<p style=”text-align:justify;line-height:150%”>0.516686</p>
</td>
<td nowrap=”nowrap” style=”width:65.2pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:19.1pt” valign=”bottom” width=”87″>
<p style=”text-align:justify;line-height:150%”>0.145704083</p>
</td>
<td nowrap=”nowrap” style=”width:54.8pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:19.1pt” valign=”bottom” width=”73″>
<p style=”text-align:justify;line-height:150%”>0.0951215</p>
</td>
<td nowrap=”nowrap” style=”width:65.2pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:19.1pt” valign=”bottom” width=”87″>
<p style=”text-align:justify;line-height:150%”>0.560593752</p>
</td>
</tr>
</tbody>
</table>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Table 2. Bank Of America Rate of Return Calculations</p>
<p style=”text-align:justify;line-height:150%”>R(x) and R (y) represents return of index and Bank Of America respectively. By using the above table, rate of return for Bank Of America was calculated by using average of R(y) values.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Return of Return = 0.00875739</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Standard Deviation = 0.098312815</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Coefficient of variations = 11.22626905</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>(&sum;X)&sup2;= 0.44117461</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Y =&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a + &beta;x</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&beta;=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; n&sum;XY – (&sum;X)(&sum;Y)</p>
<p style=”text-align:justify;line-height:150%”><img alt=”” height=”3″ src=”/wp-content/uploads/2019/10/order-135166_5.png” width=”119″ />&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; n&sum;X&sup2; – (&sum;X)&sup2;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><img alt=”” height=”1″ src=”/wp-content/uploads/2019/10/order-135166_6.png” width=”84″ />&beta;=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.253353014</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.170996147</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&beta;=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.596085702</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>The &beta; is greater than 1 therefore it shows that the stock is aggressive in nature and that it is more sensitive to the changes in the market stock and hence high systematic risk is involved.</p>
<p style=”text-align:justify;line-height:150%”><img alt=”” height=”280″ id=”Chart 7″ src=”/wp-content/uploads/2019/10/order-135166_7.png” width=”602″ /></p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Figure. 5. Bank of America Return Vs Stock Market Return</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Figure 5 shows Bank of America&rsquo;s return in comparison to the stock market return. The line plotted through the data points show the correlation of both the variables with respect to each other. It can be seen that there is a strong correlation between the two of them.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>The following calculation shows the required rate of return for Bank of America:-</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Risk free rate of return RF= 2.20 (Investing 2017)&nbsp;&nbsp;&nbsp;&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Market Premium =5.4 (Investopedia 2017)</p>
<p style=”text-align:justify;line-height:150%”>Beta = 1.596085702&nbsp;&nbsp;&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Required Rate of Return for Bank of America= 2.20 + 5.4 x 1.596085702= 10.81886279</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Thus, the investor would need at least 10.81 % return from the stock in order to justify the risk taken by him/ her.</p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>4.3.3 Coca Cola</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”>The following table shows the key points in the calculation of beta sensitivity of Coca Cola with respect to the market.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<table border=”0″ cellpadding=”0″ cellspacing=”0″ style=”width:444.35pt;margin-left:1.5pt;border-collapse:collapse” width=”592″>
<tbody>
<tr style=”height:8.3pt”>
<td nowrap=”nowrap” style=”width:33.45pt;border:solid windowtext 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:8.3pt” valign=”bottom” width=”45″>
<p style=”text-align:justify;line-height:150%”>Date</p>
</td>
<td nowrap=”nowrap” style=”width:63.45pt;border:solid windowtext 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:8.3pt” valign=”bottom” width=”85″>
<p style=”text-align:justify;line-height:150%”>Adjusted Close (Y)</p>
</td>
<td nowrap=”nowrap” style=”width:58.4pt;border:solid windowtext 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:8.3pt” valign=”bottom” width=”78″>
<p style=”text-align:justify;line-height:150%”>Adjusted close Index (X)</p>
</td>
<td nowrap=”nowrap” style=”width:63.45pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0in 5.4pt 0in 5.4pt;height:8.3pt” valign=”bottom” width=”85″>
<p style=”text-align:justify;line-height:150%”>R(x)</p>
</td>
<td nowrap=”nowrap” style=”width:45.25pt;border:solid windowtext 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:8.3pt” valign=”bottom” width=”60″>
<p style=”text-align:justify;line-height:150%”>R(y)</p>
</td>
<td nowrap=”nowrap” style=”width:63.45pt;border:solid windowtext 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:8.3pt” valign=”bottom” width=”85″>
<p style=”text-align:justify;line-height:150%”>(X)(Y)</p>
</td>
<td nowrap=”nowrap” style=”width:53.45pt;border:solid windowtext 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:8.3pt” valign=”bottom” width=”71″>
<p style=”text-align:justify;line-height:150%”>(X)&sup2;</p>
</td>
<td nowrap=”nowrap” style=”width:63.45pt;border:solid windowtext 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:8.3pt” valign=”bottom” width=”85″>
<p style=”text-align:justify;line-height:150%”>(Ry-R)2</p>
</td>
</tr>
<tr style=”height:35.4pt”>
<td nowrap=”nowrap” style=”width:33.45pt;border:solid windowtext 1.0pt; border-top:none;padding:0in 5.4pt 0in 5.4pt;height:35.4pt” valign=”bottom” width=”45″>
<p style=”text-align:justify;line-height:150%”>Total</p>
</td>
<td nowrap=”nowrap” style=”width:63.45pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:35.4pt” valign=”bottom” width=”85″>
<p style=”text-align:justify;line-height:150%”>2060.334185</p>
</td>
<td nowrap=”nowrap” style=”width:58.4pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:35.4pt” valign=”bottom” width=”78″>
<p style=”text-align:justify;line-height:150%”>2,23,326.51</p>
</td>
<td nowrap=”nowrap” style=”width:63.45pt;border:none; border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:35.4pt” valign=”bottom” width=”85″>
<p style=”text-align:justify;line-height:150%”>0.664209763</p>
</td>
<td nowrap=”nowrap” style=”width:45.25pt;border:solid windowtext 1.0pt; border-top:none;padding:0in 5.4pt 0in 5.4pt;height:35.4pt” valign=”bottom” width=”60″>
<p style=”text-align:justify;line-height:150%”>0.505915</p>
</td>
<td nowrap=”nowrap” style=”width:63.45pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:35.4pt” valign=”bottom” width=”85″>
<p style=”text-align:justify;line-height:150%”>0.034389437</p>
</td>
<td nowrap=”nowrap” style=”width:53.45pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:35.4pt” valign=”bottom” width=”71″>
<p style=”text-align:justify;line-height:150%”>0.0951215</p>
</td>
<td nowrap=”nowrap” style=”width:63.45pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:35.4pt” valign=”bottom” width=”85″>
<p style=”text-align:justify;line-height:150%”>0.088711298</p>
</td>
</tr>
</tbody>
</table>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Table 3. Coca Cola Rate of Return Calculations</p>
<p style=”text-align:justify;line-height:150%”>R(x) and R (y) represents return of index and Coca Cola respectively. By using the above table, rate of return for Coca Cola was calculated by using average of R(y) values.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Return of Return = 0.008574832&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Standard Deviation =&nbsp; 0.039108888</p>
<p style=”text-align:justify;line-height:150%”>Coefficient of variations = 4.560892452</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>(&sum;X)&sup2;= 0.44117461&nbsp;&nbsp;&nbsp;&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Y =&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a + &beta;x&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><img alt=”” height=”1″ src=”/wp-content/uploads/2019/10/order-135166_8.png” width=”123″ />&beta;=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; n&sum;XY – (&sum;X)(&sum;Y)</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; n&sum;X&sup2; – (&sum;X)&sup2;</p>
<p style=”text-align:justify;line-height:150%”><img alt=”” height=”1″ src=”/wp-content/uploads/2019/10/order-135166_9.png” width=”81″ />&beta;=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.692943047</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.170996147</p>
<p style=”text-align:justify;line-height:150%”>&beta;=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.327392053</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>The &beta; is less than 1 and hence it shows that the stock is defensive in nature that is less sensitive to the changes in the market stock. Thus there is lesser systematic risk associated to the stock.</p>
<p style=”text-align:justify;line-height:150%”><img alt=”” height=”280″ id=”Chart 9″ src=”/wp-content/uploads/2019/10/order-135166_10.png” width=”602″ /></p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Figure. 6. Coca Cola Return Vs Stock Market Return</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Figure 6 shows Coca Cola&rsquo;s return in comparison to the stock market return. The line plotted through the data points show the correlation of both the variables with respect to each other. It can be seen that there is not a strong correlation between the two of them.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>The following calculation shows the required rate of return for Coca Cola:-</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Risk free rate of return RF= 2.20 (Investing 2017)&nbsp;&nbsp;&nbsp;&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Market Premium =5.4 (Investopedia 2017)</p>
<p style=”text-align:justify;line-height:150%”>Beta = 0.327392053&nbsp;&nbsp;&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Required Rate of Return for Bank of America= 2.20 + 5.4 x 0.327392053= 3.967917089</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Thus, the investor would need at least 3.96 % return from the stock in order to justify the risk taken by him/ her.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>4.3.4 General Motors</b></p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>The following table shows the key points in the calculation of beta sensitivity of Coca Cola with respect to the market.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<table border=”0″ cellpadding=”0″ cellspacing=”0″ style=”width:446.9pt;margin-left:1.5pt;border-collapse:collapse” width=”596″>
<tbody>
<tr style=”height:9.25pt”>
<td nowrap=”nowrap” style=”width:31.5pt;border:solid windowtext 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:9.25pt” valign=”bottom” width=”42″>
<p style=”text-align:justify;line-height:150%”>Date</p>
</td>
<td nowrap=”nowrap” style=”width:64.15pt;border:solid windowtext 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:9.25pt” valign=”bottom” width=”86″>
<p style=”text-align:justify;line-height:150%”>Adjusted Close (Y)</p>
</td>
<td nowrap=”nowrap” style=”width:59.05pt;border:solid windowtext 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:9.25pt” valign=”bottom” width=”79″>
<p style=”text-align:justify;line-height:150%”>Adjusted close Index (X)</p>
</td>
<td nowrap=”nowrap” style=”width:64.15pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; padding:0in 5.4pt 0in 5.4pt;height:9.25pt” valign=”bottom” width=”86″>
<p style=”text-align:justify;line-height:150%”>R(x)</p>
</td>
<td nowrap=”nowrap” style=”width:45.7pt;border:solid windowtext 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:9.25pt” valign=”bottom” width=”61″>
<p style=”text-align:justify;line-height:150%”>R(y)</p>
</td>
<td nowrap=”nowrap” style=”width:64.15pt;border:solid windowtext 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:9.25pt” valign=”bottom” width=”86″>
<p style=”text-align:justify;line-height:150%”>(X)(Y)</p>
</td>
<td nowrap=”nowrap” style=”width:54.05pt;border:solid windowtext 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:9.25pt” valign=”bottom” width=”72″>
<p style=”text-align:justify;line-height:150%”>(X)&sup2;</p>
</td>
<td nowrap=”nowrap” style=”width:64.15pt;border:solid windowtext 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt;height:9.25pt” valign=”bottom” width=”86″>
<p style=”text-align:justify;line-height:150%”>(Ry-R)2</p>
</td>
</tr>
<tr style=”height:34.45pt”>
<td nowrap=”nowrap” style=”width:31.5pt;border:solid windowtext 1.0pt; border-top:none;padding:0in 5.4pt 0in 5.4pt;height:34.45pt” valign=”bottom” width=”42″>
<p style=”text-align:justify;line-height:150%”>Total</p>
</td>
<td nowrap=”nowrap” style=”width:64.15pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:34.45pt” valign=”bottom” width=”86″>
<p style=”text-align:justify;line-height:150%”>1616.536969</p>
</td>
<td nowrap=”nowrap” style=”width:59.05pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:34.45pt” valign=”bottom” width=”79″>
<p style=”text-align:justify;line-height:150%”>2,23,326.51</p>
</td>
<td nowrap=”nowrap” style=”width:64.15pt;border:none; border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:34.45pt” valign=”bottom” width=”86″>
<p style=”text-align:justify;line-height:150%”>0.664209763</p>
</td>
<td nowrap=”nowrap” style=”width:45.7pt;border:solid windowtext 1.0pt; border-top:none;padding:0in 5.4pt 0in 5.4pt;height:34.45pt” valign=”bottom” width=”61″>
<p style=”text-align:justify;line-height:150%”>0.208442</p>
</td>
<td nowrap=”nowrap” style=”width:64.15pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:34.45pt” valign=”bottom” width=”86″>
<p style=”text-align:justify;line-height:150%”>0.134670448</p>
</td>
<td nowrap=”nowrap” style=”width:54.05pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:34.45pt” valign=”bottom” width=”72″>
<p style=”text-align:justify;line-height:150%”>0.0951215</p>
</td>
<td nowrap=”nowrap” style=”width:64.15pt;border-top:none; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:34.45pt” valign=”bottom” width=”86″>
<p style=”text-align:justify;line-height:150%”>0.437236937</p>
</td>
</tr>
</tbody>
</table>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Table 4. General Motors Rate of Return Calculations</p>
<p style=”text-align:justify;line-height:150%”>R(x) and R (y) represents return of index and General Motors respectively. By using the above table, rate of return for General Motors was calculated by using average of R(y) values.</p>
<p style=”text-align:justify;line-height:150%”>Rate of Return = 0.003532922&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Standard Deviation =&nbsp; 0.086824927</p>
<p style=”text-align:justify;line-height:150%”>Coefficient of variations = 24.57595229</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>(&sum;X)&sup2;= 0.44117461</p>
<p style=”text-align:justify;line-height:150%”>Y =&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a + &beta;x</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><img alt=”” height=”1″ src=”/wp-content/uploads/2019/10/order-135166_11.png” width=”121″ />&beta;=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; n&sum;XY – (&sum;X)(&sum;Y)</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; n&sum;X&sup2; – (&sum;X)&sup2;</p>
<p style=”text-align:justify;line-height:150%”><img alt=”” height=”1″ src=”/wp-content/uploads/2019/10/order-135166_12.png” width=”84″ />&beta;=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.807106947</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.170996147</p>
<p style=”text-align:justify;line-height:150%”>&beta;=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50978781</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>General Motor&rsquo;s &beta; is greater than 1 and it shows that the stock is aggressive in nature and is more sensitive to the changes in the market stock. It has high systematic risk involved in it.</p>
<p style=”text-align:justify;line-height:150%”><img alt=”” height=”280″ id=”Chart 12″ src=”/wp-content/uploads/2019/10/order-135166_13.png” width=”602″ /></p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Figure. 7. General Motor&rsquo;s Return Vs Stock Market Return</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Figure 7 shows General Motor&rsquo;s return in comparison to the stock market return. The line plotted through the data points show the correlation of both the variables with respect to each other. It can be seen that there is a strong correlation between the two of them.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>The following calculation shows the required rate of return for General Motor:-</p>
<p style=”text-align:justify;line-height:150%”>Risk free rate of return RF= 2.20 (Investing 2017)&nbsp;&nbsp;&nbsp;&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Market Premium =5.4 (Investopedia 2017)</p>
<p style=”text-align:justify;line-height:150%”>Beta = 1.50978781&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Required Rate of Return for General Motor = 2.20 + 5.4 x 1.50978781= 10.35285417</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Thus, the investor would need at least 10.35 % return from the stock in order to justify the risk taken by him/ her.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>4.3.5 Portfolio of stocks</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”>Let us consider a few portfolio scenarios and how they fair when it comes to making an investment decision. The following portfolio (as shown in table 5) has a beta sensitivity of approximately 1. This means that this portfolio has the same amount of risk as the stock market itself. It also means that this portfolio will earn market returns only and no more.&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<table border=”0″ cellpadding=”0″ cellspacing=”0″ style=”width:442.15pt;border-collapse:collapse” width=”590″>
<tbody>
<tr style=”height:12.75pt”>
<td nowrap=”nowrap” style=”width:55.8pt;border:solid #95B3D7 1.0pt; border-right:none;background:#4F81BD;padding:0in 5.4pt 0in 5.4pt;height:12.75pt” valign=”bottom” width=”74″>
<p style=”text-align:justify;line-height:150%”><b>Company</b></p>
</td>
<td nowrap=”nowrap” style=”width:96.3pt;border-top:solid #95B3D7 1.0pt; border-left:none;border-bottom:solid #95B3D7 1.0pt;border-right:none; background:#4F81BD;padding:0in 5.4pt 0in 5.4pt;height:12.75pt” valign=”bottom” width=”128″>
<p style=”text-align:justify;line-height:150%”><b>Returns Notation</b></p>
</td>
<td nowrap=”nowrap” style=”width:47.95pt;border-top:solid #95B3D7 1.0pt; border-left:none;border-bottom:solid #95B3D7 1.0pt;border-right:none; background:#4F81BD;padding:0in 5.4pt 0in 5.4pt;height:12.75pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”><b>Returns</b></p>
</td>
<td nowrap=”nowrap” style=”width:45.45pt;border-top:solid #95B3D7 1.0pt; border-left:none;border-bottom:solid #95B3D7 1.0pt;border-right:none; background:#4F81BD;padding:0in 5.4pt 0in 5.4pt;height:12.75pt” valign=”bottom” width=”61″>
<p style=”text-align:justify;line-height:150%”><b>weight</b></p>
</td>
<td nowrap=”nowrap” style=”width:61.65pt;border-top:solid #95B3D7 1.0pt; border-left:none;border-bottom:solid #95B3D7 1.0pt;border-right:none; background:#4F81BD;padding:0in 5.4pt 0in 5.4pt;height:12.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”><b>Return*w</b></p>
</td>
<td nowrap=”nowrap” style=”width:67.5pt;border-top:solid #95B3D7 1.0pt; border-left:none;border-bottom:solid #95B3D7 1.0pt;border-right:none; background:#4F81BD;padding:0in 5.4pt 0in 5.4pt;height:12.75pt” valign=”bottom” width=”90″>
<p style=”text-align:justify;line-height:150%”><b>Beta</b></p>
</td>
<td nowrap=”nowrap” style=”width:67.5pt;border:solid #95B3D7 1.0pt; border-left:none;background:#4F81BD;padding:0in 5.4pt 0in 5.4pt;height:12.75pt” valign=”bottom” width=”90″>
<p style=”text-align:justify;line-height:150%”><b>Beta*w</b></p>
</td>
</tr>
<tr style=”height:12.75pt”>
<td nowrap=”nowrap” style=”width:55.8pt;border-top:none; border-left:solid #95B3D7 1.0pt;border-bottom:solid #95B3D7 1.0pt;border-right: none;background:#DCE6F1;padding:0in 5.4pt 0in 5.4pt;height:12.75pt” valign=”bottom” width=”74″>
<p style=”text-align:justify;line-height:150%”>XOM</p>
</td>
<td nowrap=”nowrap” style=”width:96.3pt;border:none; border-bottom:solid #95B3D7 1.0pt;background:#DCE6F1;padding:0in 5.4pt 0in 5.4pt; height:12.75pt” valign=”bottom” width=”128″>
<p style=”text-align:justify;line-height:150%”>RX</p>
</td>
<td nowrap=”nowrap” style=”width:47.95pt;border:none; border-bottom:solid #95B3D7 1.0pt;background:#DCE6F1;padding:0in 5.4pt 0in 5.4pt; height:12.75pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.27%</p>
</td>
<td nowrap=”nowrap” style=”width:45.45pt;border:none; border-bottom:solid #95B3D7 1.0pt;background:#DCE6F1;padding:0in 5.4pt 0in 5.4pt; height:12.75pt” valign=”bottom” width=”61″>
<p style=”text-align:justify;line-height:150%”>0.3</p>
</td>
<td nowrap=”nowrap” style=”width:61.65pt;border:none; border-bottom:solid #95B3D7 1.0pt;background:#DCE6F1;padding:0in 5.4pt 0in 5.4pt; height:12.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>0.00081</p>
</td>
<td nowrap=”nowrap” style=”width:67.5pt;border:none;border-bottom: solid #95B3D7 1.0pt;background:#DCE6F1;padding:0in 5.4pt 0in 5.4pt; height:12.75pt” valign=”bottom” width=”90″>
<p style=”text-align:justify;line-height:150%”>0.634247855</p>
</td>
<td nowrap=”nowrap” style=”width:67.5pt;border-top:none; border-left:none;border-bottom:solid #95B3D7 1.0pt;border-right:solid #95B3D7 1.0pt; background:#DCE6F1;padding:0in 5.4pt 0in 5.4pt;height:12.75pt” valign=”bottom” width=”90″>
<p style=”text-align:justify;line-height:150%”>0.190274357</p>
</td>
</tr>
<tr style=”height:12.75pt”>
<td nowrap=”nowrap” style=”width:55.8pt;border-top:none; border-left:solid #95B3D7 1.0pt;border-bottom:solid #95B3D7 1.0pt;border-right: none;padding:0in 5.4pt 0in 5.4pt;height:12.75pt” valign=”bottom” width=”74″>
<p style=”text-align:justify;line-height:150%”>BAC</p>
</td>
<td nowrap=”nowrap” style=”width:96.3pt;border:none; border-bottom:solid #95B3D7 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt” valign=”bottom” width=”128″>
<p style=”text-align:justify;line-height:150%”>RB</p>
</td>
<td nowrap=”nowrap” style=”width:47.95pt;border:none; border-bottom:solid #95B3D7 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.87%</p>
</td>
<td nowrap=”nowrap” style=”width:45.45pt;border:none; border-bottom:solid #95B3D7 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt” valign=”bottom” width=”61″>
<p style=”text-align:justify;line-height:150%”>0.15</p>
</td>
<td nowrap=”nowrap” style=”width:61.65pt;border:none; border-bottom:solid #95B3D7 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>0.0013005</p>
</td>
<td nowrap=”nowrap” style=”width:67.5pt;border:none;border-bottom: solid #95B3D7 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt” valign=”bottom” width=”90″>
<p style=”text-align:justify;line-height:150%”>1.596085702</p>
</td>
<td nowrap=”nowrap” style=”width:67.5pt;border-top:none; border-left:none;border-bottom:solid #95B3D7 1.0pt;border-right:solid #95B3D7 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:12.75pt” valign=”bottom” width=”90″>
<p style=”text-align:justify;line-height:150%”>0.239412855</p>
</td>
</tr>
<tr style=”height:12.75pt”>
<td nowrap=”nowrap” style=”width:55.8pt;border-top:none; border-left:solid #95B3D7 1.0pt;border-bottom:solid #95B3D7 1.0pt;border-right: none;background:#DCE6F1;padding:0in 5.4pt 0in 5.4pt;height:12.75pt” valign=”bottom” width=”74″>
<p style=”text-align:justify;line-height:150%”>KO</p>
</td>
<td nowrap=”nowrap” style=”width:96.3pt;border:none; border-bottom:solid #95B3D7 1.0pt;background:#DCE6F1;padding:0in 5.4pt 0in 5.4pt; height:12.75pt” valign=”bottom” width=”128″>
<p style=”text-align:justify;line-height:150%”>RK</p>
</td>
<td nowrap=”nowrap” style=”width:47.95pt;border:none; border-bottom:solid #95B3D7 1.0pt;background:#DCE6F1;padding:0in 5.4pt 0in 5.4pt; height:12.75pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.86%</p>
</td>
<td nowrap=”nowrap” style=”width:45.45pt;border:none; border-bottom:solid #95B3D7 1.0pt;background:#DCE6F1;padding:0in 5.4pt 0in 5.4pt; height:12.75pt” valign=”bottom” width=”61″>
<p style=”text-align:justify;line-height:150%”>0.2</p>
</td>
<td nowrap=”nowrap” style=”width:61.65pt;border:none; border-bottom:solid #95B3D7 1.0pt;background:#DCE6F1;padding:0in 5.4pt 0in 5.4pt; height:12.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>0.001714</p>
</td>
<td nowrap=”nowrap” style=”width:67.5pt;border:none;border-bottom: solid #95B3D7 1.0pt;background:#DCE6F1;padding:0in 5.4pt 0in 5.4pt; height:12.75pt” valign=”bottom” width=”90″>
<p style=”text-align:justify;line-height:150%”>0.327392053</p>
</td>
<td nowrap=”nowrap” style=”width:67.5pt;border-top:none; border-left:none;border-bottom:solid #95B3D7 1.0pt;border-right:solid #95B3D7 1.0pt; background:#DCE6F1;padding:0in 5.4pt 0in 5.4pt;height:12.75pt” valign=”bottom” width=”90″>
<p style=”text-align:justify;line-height:150%”>0.065478411</p>
</td>
</tr>
<tr style=”height:12.75pt”>
<td nowrap=”nowrap” style=”width:55.8pt;border-top:none; border-left:solid #95B3D7 1.0pt;border-bottom:solid #95B3D7 1.0pt;border-right: none;padding:0in 5.4pt 0in 5.4pt;height:12.75pt” valign=”bottom” width=”74″>
<p style=”text-align:justify;line-height:150%”>GM</p>
</td>
<td nowrap=”nowrap” style=”width:96.3pt;border:none; border-bottom:solid #95B3D7 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt” valign=”bottom” width=”128″>
<p style=”text-align:justify;line-height:150%”>RG</p>
</td>
<td nowrap=”nowrap” style=”width:47.95pt;border:none; border-bottom:solid #95B3D7 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.35%</p>
</td>
<td nowrap=”nowrap” style=”width:45.45pt;border:none; border-bottom:solid #95B3D7 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt” valign=”bottom” width=”61″>
<p style=”text-align:justify;line-height:150%”>0.35</p>
</td>
<td nowrap=”nowrap” style=”width:61.65pt;border:none; border-bottom:solid #95B3D7 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>0.0012362</p>
</td>
<td nowrap=”nowrap” style=”width:67.5pt;border:none;border-bottom: solid #95B3D7 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt” valign=”bottom” width=”90″>
<p style=”text-align:justify;line-height:150%”>1.50978781</p>
</td>
<td nowrap=”nowrap” style=”width:67.5pt;border-top:none; border-left:none;border-bottom:solid #95B3D7 1.0pt;border-right:solid #95B3D7 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:12.75pt” valign=”bottom” width=”90″>
<p style=”text-align:justify;line-height:150%”>0.528425733</p>
</td>
</tr>
<tr style=”height:12.75pt”>
<td nowrap=”nowrap” style=”width:55.8pt;border-top:none; border-left:solid #95B3D7 1.0pt;border-bottom:solid #95B3D7 1.0pt;border-right: none;background:#DCE6F1;padding:0in 5.4pt 0in 5.4pt;height:12.75pt” valign=”bottom” width=”74″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:96.3pt;border:none; border-bottom:solid #95B3D7 1.0pt;background:#DCE6F1;padding:0in 5.4pt 0in 5.4pt; height:12.75pt” valign=”bottom” width=”128″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:47.95pt;border:none; border-bottom:solid #95B3D7 1.0pt;background:#DCE6F1;padding:0in 5.4pt 0in 5.4pt; height:12.75pt” valign=”bottom” width=”64″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:45.45pt;border:none; border-bottom:solid #95B3D7 1.0pt;background:#DCE6F1;padding:0in 5.4pt 0in 5.4pt; height:12.75pt” valign=”bottom” width=”61″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:61.65pt;border:none; border-bottom:solid #95B3D7 1.0pt;background:#DCE6F1;padding:0in 5.4pt 0in 5.4pt; height:12.75pt” valign=”bottom” width=”82″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:67.5pt;border:none;border-bottom: solid #95B3D7 1.0pt;background:#DCE6F1;padding:0in 5.4pt 0in 5.4pt; height:12.75pt” valign=”bottom” width=”90″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:67.5pt;border-top:none; border-left:none;border-bottom:solid #95B3D7 1.0pt;border-right:solid #95B3D7 1.0pt; background:#DCE6F1;padding:0in 5.4pt 0in 5.4pt;height:12.75pt” valign=”bottom” width=”90″>&nbsp;</td>
</tr>
<tr style=”height:13.35pt”>
<td nowrap=”nowrap” style=”width:55.8pt;border-top:none; border-left:solid #95B3D7 1.0pt;border-bottom:solid #95B3D7 1.0pt;border-right: none;padding:0in 5.4pt 0in 5.4pt;height:13.35pt” valign=”bottom” width=”74″>
<p style=”text-align:justify;line-height:150%”><b>Total</b></p>
</td>
<td nowrap=”nowrap” style=”width:96.3pt;border:none; border-bottom:solid #95B3D7 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.35pt” valign=”bottom” width=”128″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:47.95pt;border:none; border-bottom:solid #95B3D7 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.35pt” valign=”bottom” width=”64″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:45.45pt;border:none; border-bottom:solid #95B3D7 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.35pt” valign=”bottom” width=”61″>
<p style=”text-align:justify;line-height:150%”><b>P return</b></p>
</td>
<td nowrap=”nowrap” style=”width:61.65pt;border:none; border-bottom:solid #95B3D7 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.35pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”><b>0.0050607</b></p>
</td>
<td nowrap=”nowrap” style=”width:67.5pt;border:none;border-bottom: solid #95B3D7 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.35pt” valign=”bottom” width=”90″>
<p style=”text-align:justify;line-height:150%”><b>P Beta</b></p>
</td>
<td nowrap=”nowrap” style=”width:67.5pt;border-top:none; border-left:none;border-bottom:solid #95B3D7 1.0pt;border-right:solid #95B3D7 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:13.35pt” valign=”bottom” width=”90″>
<p style=”text-align:justify;line-height:150%”><b>1.023591356</b></p>
</td>
</tr>
</tbody>
</table>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Table 5. Beta calculations of a sample portfolio of 4 stocks</p>
<p style=”text-align:justify;line-height:150%”>In the above mentioned table, weights of 0.3, 0.15, 0.2 and 0.35 are assigned to Exxon Mobil, Bank of America, Coca Cola and General Motors respectively. The portfolio beta is then calculated as the weighted average of all the stocks individual betas.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Portfolio&rsquo;s Rate of Return&nbsp;&nbsp;&nbsp;&nbsp; =Sum of weighted returns of individual stocks in the portfolio = 0.0050607</p>
<p style=”text-align:justify;line-height:150%”>Portfolio beta&nbsp; = Sum of weighted betas of individual stocks in the portfolio =1.023591356</p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>4.3.6 Portfolio of XOM and GM</b></p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Following is a presentation of various scenarios of portfolio for the mix of two stocks namely XOM and GM.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<table border=”0″ cellpadding=”0″ cellspacing=”0″ style=”width:446.6pt;border-collapse:collapse” width=”595″>
<tbody>
<tr style=”height:35.3pt”>
<td nowrap=”nowrap” style=”width:.55in;padding:0in 5.4pt 0in 5.4pt; height:35.3pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>Weight XOM</p>
</td>
<td nowrap=”nowrap” style=”width:37.8pt;padding:0in 5.4pt 0in 5.4pt; height:35.3pt” valign=”bottom” width=”50″>
<p style=”text-align:justify;line-height:150%”>Return XOM</p>
</td>
<td nowrap=”nowrap” style=”width:49.6pt;padding:0in 5.4pt 0in 5.4pt; height:35.3pt” valign=”bottom” width=”66″>
<p style=”text-align:justify;line-height:150%”>W.Return XOM</p>
</td>
<td nowrap=”nowrap” style=”width:58.8pt;padding:0in 5.4pt 0in 5.4pt; height:35.3pt” valign=”bottom” width=”78″>
<p style=”text-align:justify;line-height:150%”>&delta;XOM</p>
</td>
<td nowrap=”nowrap” style=”width:.55in;padding:0in 5.4pt 0in 5.4pt; height:35.3pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>Weight GM</p>
</td>
<td nowrap=”nowrap” style=”width:37.8pt;padding:0in 5.4pt 0in 5.4pt; height:35.3pt” valign=”bottom” width=”50″>
<p style=”text-align:justify;line-height:150%”>Return GM</p>
</td>
<td nowrap=”nowrap” style=”width:49.6pt;padding:0in 5.4pt 0in 5.4pt; height:35.3pt” valign=”bottom” width=”66″>
<p style=”text-align:justify;line-height:150%”>W.Return GM</p>
</td>
<td nowrap=”nowrap” style=”width:64.0pt;padding:0in 5.4pt 0in 5.4pt; height:35.3pt” valign=”bottom” width=”85″>
<p style=”text-align:justify;line-height:150%”>&delta; GM</p>
</td>
<td nowrap=”nowrap” style=”width:34.9pt;padding:0in 5.4pt 0in 5.4pt; height:35.3pt” valign=”bottom” width=”47″>
<p style=”text-align:justify;line-height:150%”><b>&delta;p</b></p>
</td>
<td nowrap=”nowrap” style=”width:34.9pt;padding:0in 5.4pt 0in 5.4pt; height:35.3pt” valign=”bottom” width=”47″>
<p style=”text-align:justify;line-height:150%”><b>Kᵨ</b></p>
</td>
</tr>
<tr style=”height:16.05pt”>
<td nowrap=”nowrap” style=”width:.55in;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>100%</p>
</td>
<td nowrap=”nowrap” style=”width:37.8pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”50″>
<p style=”text-align:justify;line-height:150%”>0.27%</p>
</td>
<td nowrap=”nowrap” style=”width:49.6pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”66″>
<p style=”text-align:justify;line-height:150%”>0.0027</p>
</td>
<td nowrap=”nowrap” style=”width:58.8pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”78″>
<p style=”text-align:justify;line-height:150%”>0.04432296</p>
</td>
<td nowrap=”nowrap” style=”width:.55in;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>0%</p>
</td>
<td nowrap=”nowrap” style=”width:37.8pt;border-top:solid #95B3D7 1.0pt; border-left:none;border-bottom:solid #95B3D7 1.0pt;border-right:none; padding:0in 5.4pt 0in 5.4pt;height:16.05pt” valign=”bottom” width=”50″>
<p style=”text-align:justify;line-height:150%”>0.35%</p>
</td>
<td nowrap=”nowrap” style=”width:49.6pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”66″>
<p style=”text-align:justify;line-height:150%”>0</p>
</td>
<td nowrap=”nowrap” style=”width:64.0pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”85″>
<p style=”text-align:justify;line-height:150%”>0.086824927</p>
</td>
<td nowrap=”nowrap” style=”width:34.9pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”47″>
<p style=”text-align:justify;line-height:150%”>4.43%</p>
</td>
<td nowrap=”nowrap” style=”width:34.9pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”47″>
<p style=”text-align:justify;line-height:150%”>0.27%</p>
</td>
</tr>
<tr style=”height:16.05pt”>
<td nowrap=”nowrap” style=”width:.55in;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>75%</p>
</td>
<td nowrap=”nowrap” style=”width:37.8pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”50″>
<p style=”text-align:justify;line-height:150%”>0.27%</p>
</td>
<td nowrap=”nowrap” style=”width:49.6pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”66″>
<p style=”text-align:justify;line-height:150%”>0.002025</p>
</td>
<td nowrap=”nowrap” style=”width:58.8pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”78″>
<p style=”text-align:justify;line-height:150%”>0.04432296</p>
</td>
<td nowrap=”nowrap” style=”width:.55in;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>25%</p>
</td>
<td nowrap=”nowrap” style=”width:37.8pt;border:none;border-bottom: solid #95B3D7 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:16.05pt” valign=”bottom” width=”50″>
<p style=”text-align:justify;line-height:150%”>0.35%</p>
</td>
<td nowrap=”nowrap” style=”width:49.6pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”66″>
<p style=”text-align:justify;line-height:150%”>0.000883</p>
</td>
<td nowrap=”nowrap” style=”width:64.0pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”85″>
<p style=”text-align:justify;line-height:150%”>0.086824927</p>
</td>
<td nowrap=”nowrap” style=”width:34.9pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”47″>
<p style=”text-align:justify;line-height:150%”>4.55%</p>
</td>
<td nowrap=”nowrap” style=”width:34.9pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”47″>
<p style=”text-align:justify;line-height:150%”>0.29%</p>
</td>
</tr>
<tr style=”height:16.05pt”>
<td nowrap=”nowrap” style=”width:.55in;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>50%</p>
</td>
<td nowrap=”nowrap” style=”width:37.8pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”50″>
<p style=”text-align:justify;line-height:150%”>0.27%</p>
</td>
<td nowrap=”nowrap” style=”width:49.6pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”66″>
<p style=”text-align:justify;line-height:150%”>0.00135</p>
</td>
<td nowrap=”nowrap” style=”width:58.8pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”78″>
<p style=”text-align:justify;line-height:150%”>0.04432296</p>
</td>
<td nowrap=”nowrap” style=”width:.55in;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>50%</p>
</td>
<td nowrap=”nowrap” style=”width:37.8pt;border:none;border-bottom: solid #95B3D7 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:16.05pt” valign=”bottom” width=”50″>
<p style=”text-align:justify;line-height:150%”>0.35%</p>
</td>
<td nowrap=”nowrap” style=”width:49.6pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”66″>
<p style=”text-align:justify;line-height:150%”>0.001766</p>
</td>
<td nowrap=”nowrap” style=”width:64.0pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”85″>
<p style=”text-align:justify;line-height:150%”>0.086824927</p>
</td>
<td nowrap=”nowrap” style=”width:34.9pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”47″>
<p style=”text-align:justify;line-height:150%”>5.51%</p>
</td>
<td nowrap=”nowrap” style=”width:34.9pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”47″>
<p style=”text-align:justify;line-height:150%”>0.31%</p>
</td>
</tr>
<tr style=”height:16.05pt”>
<td nowrap=”nowrap” style=”width:.55in;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>25%</p>
</td>
<td nowrap=”nowrap” style=”width:37.8pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”50″>
<p style=”text-align:justify;line-height:150%”>0.27%</p>
</td>
<td nowrap=”nowrap” style=”width:49.6pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”66″>
<p style=”text-align:justify;line-height:150%”>0.000675</p>
</td>
<td nowrap=”nowrap” style=”width:58.8pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”78″>
<p style=”text-align:justify;line-height:150%”>0.04432296</p>
</td>
<td nowrap=”nowrap” style=”width:.55in;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>75%</p>
</td>
<td nowrap=”nowrap” style=”width:37.8pt;border:none;border-bottom: solid #95B3D7 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:16.05pt” valign=”bottom” width=”50″>
<p style=”text-align:justify;line-height:150%”>0.35%</p>
</td>
<td nowrap=”nowrap” style=”width:49.6pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”66″>
<p style=”text-align:justify;line-height:150%”>0.002649</p>
</td>
<td nowrap=”nowrap” style=”width:64.0pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”85″>
<p style=”text-align:justify;line-height:150%”>0.086824927</p>
</td>
<td nowrap=”nowrap” style=”width:34.9pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”47″>
<p style=”text-align:justify;line-height:150%”>6.97%</p>
</td>
<td nowrap=”nowrap” style=”width:34.9pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”47″>
<p style=”text-align:justify;line-height:150%”>0.33%</p>
</td>
</tr>
<tr style=”height:16.05pt”>
<td nowrap=”nowrap” style=”width:.55in;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>0%</p>
</td>
<td nowrap=”nowrap” style=”width:37.8pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”50″>
<p style=”text-align:justify;line-height:150%”>0.27%</p>
</td>
<td nowrap=”nowrap” style=”width:49.6pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”66″>
<p style=”text-align:justify;line-height:150%”>0</p>
</td>
<td nowrap=”nowrap” style=”width:58.8pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”78″>
<p style=”text-align:justify;line-height:150%”>0.04432296</p>
</td>
<td nowrap=”nowrap” style=”width:.55in;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>100%</p>
</td>
<td nowrap=”nowrap” style=”width:37.8pt;border:none;border-bottom: solid #95B3D7 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:16.05pt” valign=”bottom” width=”50″>
<p style=”text-align:justify;line-height:150%”>0.35%</p>
</td>
<td nowrap=”nowrap” style=”width:49.6pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”66″>
<p style=”text-align:justify;line-height:150%”>0.003532</p>
</td>
<td nowrap=”nowrap” style=”width:64.0pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”85″>
<p style=”text-align:justify;line-height:150%”>0.086824927</p>
</td>
<td nowrap=”nowrap” style=”width:34.9pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”47″>
<p style=”text-align:justify;line-height:150%”>8.68%</p>
</td>
<td nowrap=”nowrap” style=”width:34.9pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”47″>
<p style=”text-align:justify;line-height:150%”>0.35%</p>
</td>
</tr>
<tr style=”height:16.05pt”>
<td nowrap=”nowrap” style=”width:.55in;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
</td>
<td nowrap=”nowrap” style=”width:37.8pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”50″>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
</td>
<td nowrap=”nowrap” style=”width:49.6pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”66″>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
</td>
<td nowrap=”nowrap” style=”width:58.8pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”78″>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
</td>
<td nowrap=”nowrap” style=”width:.55in;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
</td>
<td nowrap=”nowrap” style=”width:37.8pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”50″>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
</td>
<td nowrap=”nowrap” style=”width:49.6pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”66″>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
</td>
<td nowrap=”nowrap” style=”width:64.0pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”85″>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
</td>
<td nowrap=”nowrap” style=”width:34.9pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”47″>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
</td>
<td nowrap=”nowrap” style=”width:34.9pt;padding:0in 5.4pt 0in 5.4pt; height:16.05pt” valign=”bottom” width=”47″>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
</td>
</tr>
</tbody>
</table>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Table 6. Calculations for portfolio of XOM and GM</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>As shown in the table 6, 5 scenarios are considered. Each scenario has a different composition of XOM and GM stocks in it. As the amount of GM stocks in the portfolio goes up, the rate of return of the whole portfolio goes up. But as the standard deviation also goes up, the systematic risk associated with the portfolio is also higher if the GM stocks are more in quantity.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>The correlation XOM and GM=&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.3435344</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Figure 8 shows the efficient frontier of the portfolio of XOM and GM stocks. For a higher risk appetite, we can achieve up to 0.35% rate of return on the portfolio mix. For almost the same amount of standard deviation (risk) i.e. 4.43% and 4.55% , we can have different rates of returns of 0.27% and 0.29%. Thus, an investor can choose the portfolio which gives more return by keeping the risk the same.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><img alt=”” height=”288″ id=”Chart 13″ src=”/wp-content/uploads/2019/10/order-135166_14.png” width=”480″ /></p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Figure 8. Efficient Frontier of XOM and GM portfolio</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>4.3.7 Portfolio of BAC and KO</b></p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Following is a presentation of various scenarios of portfolio for the mix of two stocks namely BAC and KO.</p>
<table align=”left” border=”0″ cellpadding=”0″ cellspacing=”0″ style=”width:480.3pt;border-collapse:collapse;margin-left:6.75pt; margin-right:6.75pt” width=”640″>
<tbody>
<tr style=”height:4.6pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>Weight BAC</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>Return BAC</p>
</td>
<td nowrap=”nowrap” style=”width:53.3pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”71″>
<p style=”text-align:justify;line-height:150%”>W.return BAC</p>
</td>
<td nowrap=”nowrap” style=”width:58.3pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”78″>
<p style=”text-align:justify;line-height:150%”>&delta;BAC</p>
</td>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>Weight KO</p>
</td>
<td style=”width:11.1pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”top” width=”15″>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>Return KO</p>
</td>
<td nowrap=”nowrap” style=”width:53.3pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”71″>
<p style=”text-align:justify;line-height:150%”>W.return KO</p>
</td>
<td nowrap=”nowrap” style=”width:63.3pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>&delta;KO</p>
</td>
<td style=”width:11.1pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”top” width=”15″>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
</td>
<td nowrap=”nowrap” style=”width:36.65pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”><b>&delta;p</b></p>
</td>
<td nowrap=”nowrap” style=”width:36.65pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”><b>Kᵨ</b></p>
</td>
</tr>
<tr style=”height:4.6pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>100%</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;border-top:solid #95B3D7 1.0pt; border-left:none;border-bottom:solid #95B3D7 1.0pt;border-right:none; padding:0in 5.4pt 0in 5.4pt;height:4.6pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.87%</p>
</td>
<td nowrap=”nowrap” style=”width:53.3pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”71″>
<p style=”text-align:justify;line-height:150%”>0.00867</p>
</td>
<td nowrap=”nowrap” style=”width:58.3pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”78″>
<p style=”text-align:justify;line-height:150%”>0.09831281</p>
</td>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0%</p>
</td>
<td style=”width:11.1pt;border-top:solid #95B3D7 1.0pt; border-left:none;border-bottom:solid #95B3D7 1.0pt;border-right:none; padding:0in 5.4pt 0in 5.4pt;height:4.6pt” valign=”top” width=”15″>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;border-top:solid #95B3D7 1.0pt; border-left:none;border-bottom:solid #95B3D7 1.0pt;border-right:none; background:#DCE6F1;padding:0in 5.4pt 0in 5.4pt;height:4.6pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.86%</p>
</td>
<td nowrap=”nowrap” style=”width:53.3pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”71″>
<p style=”text-align:justify;line-height:150%”>0</p>
</td>
<td nowrap=”nowrap” style=”width:63.3pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>0.039108888</p>
</td>
<td style=”width:11.1pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”top” width=”15″>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
</td>
<td nowrap=”nowrap” style=”width:36.65pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>9.83%</p>
</td>
<td nowrap=”nowrap” style=”width:36.65pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.87%</p>
</td>
</tr>
<tr style=”height:4.6pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>75%</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;border:none; border-bottom:solid #95B3D7 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:4.6pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.87%</p>
</td>
<td nowrap=”nowrap” style=”width:53.3pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”71″>
<p style=”text-align:justify;line-height:150%”>0.0065025</p>
</td>
<td nowrap=”nowrap” style=”width:58.3pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”78″>
<p style=”text-align:justify;line-height:150%”>0.09831281</p>
</td>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>25%</p>
</td>
<td style=”width:11.1pt;border:none;border-bottom:solid #95B3D7 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:4.6pt” valign=”top” width=”15″>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;border:none; border-bottom:solid #95B3D7 1.0pt;background:#DCE6F1;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.86%</p>
</td>
<td nowrap=”nowrap” style=”width:53.3pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”71″>
<p style=”text-align:justify;line-height:150%”>0.0021425</p>
</td>
<td nowrap=”nowrap” style=”width:63.3pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>0.039108888</p>
</td>
<td style=”width:11.1pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”top” width=”15″>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
</td>
<td nowrap=”nowrap” style=”width:36.65pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>7.44%</p>
</td>
<td nowrap=”nowrap” style=”width:36.65pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.86%</p>
</td>
</tr>
<tr style=”height:4.6pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>50%</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;border:none; border-bottom:solid #95B3D7 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:4.6pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.87%</p>
</td>
<td nowrap=”nowrap” style=”width:53.3pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”71″>
<p style=”text-align:justify;line-height:150%”>0.004335</p>
</td>
<td nowrap=”nowrap” style=”width:58.3pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”78″>
<p style=”text-align:justify;line-height:150%”>0.09831281</p>
</td>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>50%</p>
</td>
<td style=”width:11.1pt;border:none;border-bottom:solid #95B3D7 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:4.6pt” valign=”top” width=”15″>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;border:none; border-bottom:solid #95B3D7 1.0pt;background:#DCE6F1;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.86%</p>
</td>
<td nowrap=”nowrap” style=”width:53.3pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”71″>
<p style=”text-align:justify;line-height:150%”>0.004285</p>
</td>
<td nowrap=”nowrap” style=”width:63.3pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>0.039108888</p>
</td>
<td style=”width:11.1pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”top” width=”15″>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
</td>
<td nowrap=”nowrap” style=”width:36.65pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>5.29%</p>
</td>
<td nowrap=”nowrap” style=”width:36.65pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.86%</p>
</td>
</tr>
<tr style=”height:4.6pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>25%</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;border:none; border-bottom:solid #95B3D7 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:4.6pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.87%</p>
</td>
<td nowrap=”nowrap” style=”width:53.3pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”71″>
<p style=”text-align:justify;line-height:150%”>0.0021675</p>
</td>
<td nowrap=”nowrap” style=”width:58.3pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”78″>
<p style=”text-align:justify;line-height:150%”>0.09831281</p>
</td>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>75%</p>
</td>
<td style=”width:11.1pt;border:none;border-bottom:solid #95B3D7 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:4.6pt” valign=”top” width=”15″>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;border:none; border-bottom:solid #95B3D7 1.0pt;background:#DCE6F1;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.86%</p>
</td>
<td nowrap=”nowrap” style=”width:53.3pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”71″>
<p style=”text-align:justify;line-height:150%”>0.0064275</p>
</td>
<td nowrap=”nowrap” style=”width:63.3pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>0.039108888</p>
</td>
<td style=”width:11.1pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”top” width=”15″>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
</td>
<td nowrap=”nowrap” style=”width:36.65pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>3.83%</p>
</td>
<td nowrap=”nowrap” style=”width:36.65pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.86%</p>
</td>
</tr>
<tr style=”height:4.6pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0%</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;border:none; border-bottom:solid #95B3D7 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:4.6pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.87%</p>
</td>
<td nowrap=”nowrap” style=”width:53.3pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”71″>
<p style=”text-align:justify;line-height:150%”>0</p>
</td>
<td nowrap=”nowrap” style=”width:58.3pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”78″>
<p style=”text-align:justify;line-height:150%”>0.09831281</p>
</td>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>100%</p>
</td>
<td style=”width:11.1pt;border:none;border-bottom:solid #95B3D7 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:4.6pt” valign=”top” width=”15″>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;border:none; border-bottom:solid #95B3D7 1.0pt;background:#DCE6F1;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.86%</p>
</td>
<td nowrap=”nowrap” style=”width:53.3pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”71″>
<p style=”text-align:justify;line-height:150%”>0.00857</p>
</td>
<td nowrap=”nowrap” style=”width:63.3pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>0.039108888</p>
</td>
<td style=”width:11.1pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”top” width=”15″>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
</td>
<td nowrap=”nowrap” style=”width:36.65pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>3.91%</p>
</td>
<td nowrap=”nowrap” style=”width:36.65pt;padding:0in 5.4pt 0in 5.4pt; height:4.6pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.86%</p>
</td>
</tr>
</tbody>
</table>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Table 7. Calculations for portfolio of BAC and KO</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>As shown in the table 7, 5 scenarios are considered. Each scenario has a different composition of BAC and KO stocks in it. As the amount of KO stocks in the portfolio goes up, the risk profile of the whole portfolio goes down considerably. But the return associated with the portfolio remains practically unchanged.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<table border=”0″ cellpadding=”0″ cellspacing=”0″ style=”width:220.8pt;border-collapse:collapse” width=”294″>
<tbody>
<tr style=”height:13.9pt”>
<td nowrap=”nowrap” style=”width:142.15pt;padding:0in 5.4pt 0in 5.4pt; height:13.9pt” valign=”bottom” width=”190″>
<p style=”text-align:justify;line-height:150%”>Correlation BAC and KO=</p>
</td>
<td nowrap=”nowrap” style=”width:78.65pt;padding:0in 5.4pt 0in 5.4pt; height:13.9pt” valign=”bottom” width=”105″>
<p style=”text-align:justify;line-height:150%”>0.00482259</p>
</td>
</tr>
</tbody>
</table>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><img alt=”” height=”288″ id=”Chart 14″ src=”/wp-content/uploads/2019/10/order-135166_15.png” width=”480″ /></p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Figure 9. Efficient Frontier of BAC and KO portfolio</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Figure 9 shows the efficient frontier of the portfolio of BAC and KO stocks. An investor can choose the portfolio which gives more return by keeping the risk the same. Here, the return almost remains constant but by choosing a portfolio with the greater amount of KO stocks in it, the risk is considerably reduced.&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>4.3.8 Portfolio for XOM and KO</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”>Following is a presentation of various scenarios of portfolio for the mix of two stocks namely XOM and KO.</p>
<table align=”left” border=”0″ cellpadding=”0″ cellspacing=”0″ style=”width:455.05pt;border-collapse:collapse;margin-left:6.75pt; margin-right:6.75pt” width=”607″>
<tbody>
<tr style=”height:11.65pt”>
<td nowrap=”nowrap” style=”width:37.7pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”50″>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Weight XOM</p>
</td>
<td nowrap=”nowrap” style=”width:.5in;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”48″>
<p style=”text-align:justify;line-height:150%”>Return XOM</p>
</td>
<td nowrap=”nowrap” style=”width:65.15pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”87″>
<p style=”text-align:justify;line-height:150%”>W.return&nbsp; XOM</p>
</td>
<td nowrap=”nowrap” style=”width:56.05pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”75″>
<p style=”text-align:justify;line-height:150%”>&delta; XOM</p>
</td>
<td nowrap=”nowrap” style=”width:37.7pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”50″>
<p style=”text-align:justify;line-height:150%”>Weight KO</p>
</td>
<td nowrap=”nowrap” style=”width:41.5pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>Return&nbsp; KO</p>
</td>
<td nowrap=”nowrap” style=”width:51.05pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”68″>
<p style=”text-align:justify;line-height:150%”>W.return&nbsp; KO</p>
</td>
<td nowrap=”nowrap” style=”width:60.95pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”81″>
<p style=”text-align:justify;line-height:150%”>&delta; KO</p>
</td>
<td nowrap=”nowrap” style=”width:33.25pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”44″>
<p style=”text-align:justify;line-height:150%”><b>&delta;p</b></p>
</td>
<td nowrap=”nowrap” style=”width:35.7pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”48″>
<p style=”text-align:justify;line-height:150%”><b>Kᵨ</b></p>
</td>
</tr>
<tr style=”height:11.65pt”>
<td nowrap=”nowrap” style=”width:37.7pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”50″>
<p style=”text-align:justify;line-height:150%”>100%</p>
</td>
<td nowrap=”nowrap” style=”width:.5in;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”48″>
<p style=”text-align:justify;line-height:150%”>0.27%</p>
</td>
<td nowrap=”nowrap” style=”width:65.15pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”87″>
<p style=”text-align:justify;line-height:150%”>0.0027</p>
</td>
<td nowrap=”nowrap” style=”width:56.05pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”75″>
<p style=”text-align:justify;line-height:150%”>0.04432296</p>
</td>
<td nowrap=”nowrap” style=”width:37.7pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”50″>
<p style=”text-align:justify;line-height:150%”>0%</p>
</td>
<td nowrap=”nowrap” style=”width:41.5pt;border-top:solid #95B3D7 1.0pt; border-left:none;border-bottom:solid #95B3D7 1.0pt;border-right:none; background:#DCE6F1;padding:0in 5.4pt 0in 5.4pt;height:11.65pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.86%</p>
</td>
<td nowrap=”nowrap” style=”width:51.05pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”68″>
<p style=”text-align:justify;line-height:150%”>0</p>
</td>
<td nowrap=”nowrap” style=”width:60.95pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”81″>
<p style=”text-align:justify;line-height:150%”>0.039108888</p>
</td>
<td nowrap=”nowrap” style=”width:33.25pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”44″>
<p style=”text-align:justify;line-height:150%”>4.43%</p>
</td>
<td nowrap=”nowrap” style=”width:35.7pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”48″>
<p style=”text-align:justify;line-height:150%”>0.27%</p>
</td>
</tr>
<tr style=”height:11.65pt”>
<td nowrap=”nowrap” style=”width:37.7pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”50″>
<p style=”text-align:justify;line-height:150%”>75%</p>
</td>
<td nowrap=”nowrap” style=”width:.5in;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”48″>
<p style=”text-align:justify;line-height:150%”>0.27%</p>
</td>
<td nowrap=”nowrap” style=”width:65.15pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”87″>
<p style=”text-align:justify;line-height:150%”>0.002025</p>
</td>
<td nowrap=”nowrap” style=”width:56.05pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”75″>
<p style=”text-align:justify;line-height:150%”>0.04432296</p>
</td>
<td nowrap=”nowrap” style=”width:37.7pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”50″>
<p style=”text-align:justify;line-height:150%”>25%</p>
</td>
<td nowrap=”nowrap” style=”width:41.5pt;border:none;border-bottom: solid #95B3D7 1.0pt;background:#DCE6F1;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.86%</p>
</td>
<td nowrap=”nowrap” style=”width:51.05pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”68″>
<p style=”text-align:justify;line-height:150%”>0.0021425</p>
</td>
<td nowrap=”nowrap” style=”width:60.95pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”81″>
<p style=”text-align:justify;line-height:150%”>0.039108888</p>
</td>
<td nowrap=”nowrap” style=”width:33.25pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”44″>
<p style=”text-align:justify;line-height:150%”>3.47%</p>
</td>
<td nowrap=”nowrap” style=”width:35.7pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”48″>
<p style=”text-align:justify;line-height:150%”>0.42%</p>
</td>
</tr>
<tr style=”height:11.65pt”>
<td nowrap=”nowrap” style=”width:37.7pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”50″>
<p style=”text-align:justify;line-height:150%”>50%</p>
</td>
<td nowrap=”nowrap” style=”width:.5in;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”48″>
<p style=”text-align:justify;line-height:150%”>0.27%</p>
</td>
<td nowrap=”nowrap” style=”width:65.15pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”87″>
<p style=”text-align:justify;line-height:150%”>0.00135</p>
</td>
<td nowrap=”nowrap” style=”width:56.05pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”75″>
<p style=”text-align:justify;line-height:150%”>0.04432296</p>
</td>
<td nowrap=”nowrap” style=”width:37.7pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”50″>
<p style=”text-align:justify;line-height:150%”>50%</p>
</td>
<td nowrap=”nowrap” style=”width:41.5pt;border:none;border-bottom: solid #95B3D7 1.0pt;background:#DCE6F1;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.86%</p>
</td>
<td nowrap=”nowrap” style=”width:51.05pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”68″>
<p style=”text-align:justify;line-height:150%”>0.004285</p>
</td>
<td nowrap=”nowrap” style=”width:60.95pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”81″>
<p style=”text-align:justify;line-height:150%”>0.039108888</p>
</td>
<td nowrap=”nowrap” style=”width:33.25pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”44″>
<p style=”text-align:justify;line-height:150%”>2.96%</p>
</td>
<td nowrap=”nowrap” style=”width:35.7pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”48″>
<p style=”text-align:justify;line-height:150%”>0.56%</p>
</td>
</tr>
<tr style=”height:11.65pt”>
<td nowrap=”nowrap” style=”width:37.7pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”50″>
<p style=”text-align:justify;line-height:150%”>25%</p>
</td>
<td nowrap=”nowrap” style=”width:.5in;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”48″>
<p style=”text-align:justify;line-height:150%”>0.27%</p>
</td>
<td nowrap=”nowrap” style=”width:65.15pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”87″>
<p style=”text-align:justify;line-height:150%”>0.000675</p>
</td>
<td nowrap=”nowrap” style=”width:56.05pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”75″>
<p style=”text-align:justify;line-height:150%”>0.04432296</p>
</td>
<td nowrap=”nowrap” style=”width:37.7pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”50″>
<p style=”text-align:justify;line-height:150%”>75%</p>
</td>
<td nowrap=”nowrap” style=”width:41.5pt;border:none;border-bottom: solid #95B3D7 1.0pt;background:#DCE6F1;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.86%</p>
</td>
<td nowrap=”nowrap” style=”width:51.05pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”68″>
<p style=”text-align:justify;line-height:150%”>0.0064275</p>
</td>
<td nowrap=”nowrap” style=”width:60.95pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”81″>
<p style=”text-align:justify;line-height:150%”>0.039108888</p>
</td>
<td nowrap=”nowrap” style=”width:33.25pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”44″>
<p style=”text-align:justify;line-height:150%”>3.14%</p>
</td>
<td nowrap=”nowrap” style=”width:35.7pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”48″>
<p style=”text-align:justify;line-height:150%”>0.71%</p>
</td>
</tr>
<tr style=”height:11.65pt”>
<td nowrap=”nowrap” style=”width:37.7pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”50″>
<p style=”text-align:justify;line-height:150%”>0%</p>
</td>
<td nowrap=”nowrap” style=”width:.5in;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”48″>
<p style=”text-align:justify;line-height:150%”>0.27%</p>
</td>
<td nowrap=”nowrap” style=”width:65.15pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”87″>
<p style=”text-align:justify;line-height:150%”>0</p>
</td>
<td nowrap=”nowrap” style=”width:56.05pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”75″>
<p style=”text-align:justify;line-height:150%”>0.04432296</p>
</td>
<td nowrap=”nowrap” style=”width:37.7pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”50″>
<p style=”text-align:justify;line-height:150%”>100%</p>
</td>
<td nowrap=”nowrap” style=”width:41.5pt;border:none;border-bottom: solid #95B3D7 1.0pt;background:#DCE6F1;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.86%</p>
</td>
<td nowrap=”nowrap” style=”width:51.05pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”68″>
<p style=”text-align:justify;line-height:150%”>0.00857</p>
</td>
<td nowrap=”nowrap” style=”width:60.95pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”81″>
<p style=”text-align:justify;line-height:150%”>0.039108888</p>
</td>
<td nowrap=”nowrap” style=”width:33.25pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”44″>
<p style=”text-align:justify;line-height:150%”>3.91%</p>
</td>
<td nowrap=”nowrap” style=”width:35.7pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”48″>
<p style=”text-align:justify;line-height:150%”>0.86%</p>
</td>
</tr>
<tr style=”height:11.65pt”>
<td nowrap=”nowrap” style=”width:37.7pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”50″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:.5in;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”48″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:65.15pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”87″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:56.05pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”75″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:37.7pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”50″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:41.5pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”55″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:51.05pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”68″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:60.95pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”81″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:33.25pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”44″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:35.7pt;padding:0in 5.4pt 0in 5.4pt; height:11.65pt” valign=”bottom” width=”48″>&nbsp;</td>
</tr>
</tbody>
</table>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Table 8. Calculations for portfolio of XOM and KO</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>As shown in the table 8, 5 scenarios are considered. Each scenario has a different composition of XOM and KO stocks in it. As the amount of KO stocks in the portfolio goes up, the risk profile of the whole portfolio goes up considerably. But the return associated with the portfolio does not get affected much.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Correlation XOM and KO=&nbsp;&nbsp;&nbsp; 0.36772202</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>By looking at the efficient frontier illustration, an investor can choose to have more returns on his portfolio by keeping the risk the same. For almost 3% risk, the investor can choose a portfolio of higher rate of return which is almost 0.7%by keeping 25% of XOM and 75 % of KO in the portfolio.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><img alt=”” height=”288″ id=”Chart 15″ src=”/wp-content/uploads/2019/10/order-135166_16.png” width=”480″ /></p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Figure 10. Efficient Frontier of XOM and KO portfolio</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>4.3.9 Portfolio for BAC and GM</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”>Following is a presentation of various scenarios of portfolio for the mix of two stocks namely BAC and GM.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<table align=”left” border=”0″ cellpadding=”0″ cellspacing=”0″ style=”width:472.35pt;border-collapse:collapse;margin-left:6.75pt; margin-right:6.75pt” width=”630″>
<tbody>
<tr style=”height:12.15pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>Weight BAC</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>Return BAC</p>
</td>
<td nowrap=”nowrap” style=”width:60.8pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”81″>
<p style=”text-align:justify;line-height:150%”>W.return</p>
<p style=”text-align:justify;line-height:150%”>BAC</p>
</td>
<td nowrap=”nowrap” style=”width:58.3pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”78″>
<p style=”text-align:justify;line-height:150%”>&delta; BAC</p>
</td>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>Weight GM</p>
</td>
<td style=”width:11.1pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”top” width=”15″>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
</td>
<td nowrap=”nowrap” style=”width:38.7pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”52″>
<p style=”text-align:justify;line-height:150%”>Return GM</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>W.return GM</p>
</td>
<td nowrap=”nowrap” style=”width:63.3pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>&delta; GM</p>
</td>
<td nowrap=”nowrap” style=”width:36.65pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”><b>&delta;p</b></p>
</td>
<td nowrap=”nowrap” style=”width:36.65pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”><b>Kᵨ</b></p>
</td>
</tr>
<tr style=”height:12.15pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>100%</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;border-top:solid #95B3D7 1.0pt; border-left:none;border-bottom:solid #95B3D7 1.0pt;border-right:none; padding:0in 5.4pt 0in 5.4pt;height:12.15pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.87%</p>
</td>
<td nowrap=”nowrap” style=”width:60.8pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”81″>
<p style=”text-align:justify;line-height:150%”>0.00867</p>
</td>
<td nowrap=”nowrap” style=”width:58.3pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”78″>
<p style=”text-align:justify;line-height:150%”>0.09831281</p>
</td>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0%</p>
</td>
<td style=”width:11.1pt;border-top:solid #95B3D7 1.0pt; border-left:none;border-bottom:solid #95B3D7 1.0pt;border-right:none; padding:0in 5.4pt 0in 5.4pt;height:12.15pt” valign=”top” width=”15″>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
</td>
<td nowrap=”nowrap” style=”width:38.7pt;border-top:solid #95B3D7 1.0pt; border-left:none;border-bottom:solid #95B3D7 1.0pt;border-right:none; padding:0in 5.4pt 0in 5.4pt;height:12.15pt” valign=”bottom” width=”52″>
<p style=”text-align:justify;line-height:150%”>0.35%</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0</p>
</td>
<td nowrap=”nowrap” style=”width:63.3pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>0.086824927</p>
</td>
<td nowrap=”nowrap” style=”width:36.65pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>9.83%</p>
</td>
<td nowrap=”nowrap” style=”width:36.65pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.87%</p>
</td>
</tr>
<tr style=”height:12.15pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>75%</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;border:none; border-bottom:solid #95B3D7 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.15pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.87%</p>
</td>
<td nowrap=”nowrap” style=”width:60.8pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”81″>
<p style=”text-align:justify;line-height:150%”>0.0065025</p>
</td>
<td nowrap=”nowrap” style=”width:58.3pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”78″>
<p style=”text-align:justify;line-height:150%”>0.09831281</p>
</td>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>25%</p>
</td>
<td style=”width:11.1pt;border:none;border-bottom:solid #95B3D7 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:12.15pt” valign=”top” width=”15″>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
</td>
<td nowrap=”nowrap” style=”width:38.7pt;border:none;border-bottom: solid #95B3D7 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.15pt” valign=”bottom” width=”52″>
<p style=”text-align:justify;line-height:150%”>0.35%</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.000883</p>
</td>
<td nowrap=”nowrap” style=”width:63.3pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>0.086824927</p>
</td>
<td nowrap=”nowrap” style=”width:36.65pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>8.42%</p>
</td>
<td nowrap=”nowrap” style=”width:36.65pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.74%</p>
</td>
</tr>
<tr style=”height:12.15pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>50%</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;border:none; border-bottom:solid #95B3D7 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.15pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.87%</p>
</td>
<td nowrap=”nowrap” style=”width:60.8pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”81″>
<p style=”text-align:justify;line-height:150%”>0.004335</p>
</td>
<td nowrap=”nowrap” style=”width:58.3pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”78″>
<p style=”text-align:justify;line-height:150%”>0.09831281</p>
</td>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>50%</p>
</td>
<td style=”width:11.1pt;border:none;border-bottom:solid #95B3D7 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:12.15pt” valign=”top” width=”15″>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
</td>
<td nowrap=”nowrap” style=”width:38.7pt;border:none;border-bottom: solid #95B3D7 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.15pt” valign=”bottom” width=”52″>
<p style=”text-align:justify;line-height:150%”>0.35%</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.001766</p>
</td>
<td nowrap=”nowrap” style=”width:63.3pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>0.086824927</p>
</td>
<td nowrap=”nowrap” style=”width:36.65pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>7.66%</p>
</td>
<td nowrap=”nowrap” style=”width:36.65pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.61%</p>
</td>
</tr>
<tr style=”height:12.15pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>25%</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;border:none; border-bottom:solid #95B3D7 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.15pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.87%</p>
</td>
<td nowrap=”nowrap” style=”width:60.8pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”81″>
<p style=”text-align:justify;line-height:150%”>0.0021675</p>
</td>
<td nowrap=”nowrap” style=”width:58.3pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”78″>
<p style=”text-align:justify;line-height:150%”>0.09831281</p>
</td>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>75%</p>
</td>
<td style=”width:11.1pt;border:none;border-bottom:solid #95B3D7 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:12.15pt” valign=”top” width=”15″>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
</td>
<td nowrap=”nowrap” style=”width:38.7pt;border:none;border-bottom: solid #95B3D7 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.15pt” valign=”bottom” width=”52″>
<p style=”text-align:justify;line-height:150%”>0.35%</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.002649</p>
</td>
<td nowrap=”nowrap” style=”width:63.3pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>0.086824927</p>
</td>
<td nowrap=”nowrap” style=”width:36.65pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>7.76%</p>
</td>
<td nowrap=”nowrap” style=”width:36.65pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.48%</p>
</td>
</tr>
<tr style=”height:12.15pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0%</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;border:none; border-bottom:solid #95B3D7 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.15pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.87%</p>
</td>
<td nowrap=”nowrap” style=”width:60.8pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”81″>
<p style=”text-align:justify;line-height:150%”>0</p>
</td>
<td nowrap=”nowrap” style=”width:58.3pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”78″>
<p style=”text-align:justify;line-height:150%”>0.09831281</p>
</td>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>100%</p>
</td>
<td style=”width:11.1pt;border:none;border-bottom:solid #95B3D7 1.0pt; padding:0in 5.4pt 0in 5.4pt;height:12.15pt” valign=”top” width=”15″>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
</td>
<td nowrap=”nowrap” style=”width:38.7pt;border:none;border-bottom: solid #95B3D7 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.15pt” valign=”bottom” width=”52″>
<p style=”text-align:justify;line-height:150%”>0.35%</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.003532</p>
</td>
<td nowrap=”nowrap” style=”width:63.3pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>0.086824927</p>
</td>
<td nowrap=”nowrap” style=”width:36.65pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>8.68%</p>
</td>
<td nowrap=”nowrap” style=”width:36.65pt;padding:0in 5.4pt 0in 5.4pt; height:12.15pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.35%</p>
</td>
</tr>
</tbody>
</table>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Table 9. Calculations for portfolio of BAC and GM</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>As shown in the table 9, 5 scenarios are considered. Each scenario has a different composition of BAC and GM stocks in it. As the amount of GM stocks in the portfolio goes up, the risk profile of the whole portfolio goes up considerably. But the return associated with the portfolio does not increase that much.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Correlation BAC and GM=&nbsp;&nbsp;&nbsp; 0.60080596</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>By looking at the figure 11, an investor can design the portfolio to fetch as high as 0.75% returns by keeping the risk to around 8% only. The ideal scenario here is to have a mix of 75% BAC stocks and 25% GM stocks in the portfolio.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><img alt=”” height=”288″ id=”Chart 16″ src=”/wp-content/uploads/2019/10/order-135166_17.png” width=”480″ /></p>
<p style=”text-align:justify;line-height:150%”>Figure 11. Efficient Frontier of BAC and GM portfolio</p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>4.4 APT and Macroeconomic Factors</b></p>
<p style=”text-align:justify;line-height:150%”>Arbitrage Pricing Theory states that the rate of returns on assets is sensitive to changes in many macroeconomic factors. (Chen, Roll, and Ross 1986) Some of the major factors are as discussed below:-</p>
<ul>
<li>Inflation rate</li>
</ul>
<p style=”text-align:justify;line-height:150%”>Inflation has a very important role in discounting future cash flows to a present value. A change in inflation rates can potentially render an investment useless. Monthly % changes in the CPI (Consumer Price Index) are a good measure of short term inflation rates.</p>
<ul>
<li>Industrial production growth rate</li>
</ul>
<p style=”text-align:justify;line-height:150%”>It is representative of business processes and business cycle as a whole. Any changes in this factor have far reaching effects on the real value of cash flow. It also have an impact on investor&rsquo;s expectations from an investment and the opportunities of investment that are available at any given point of time</p>
<ul>
<li>Long term and short term interest rates</li>
</ul>
<p style=”text-align:justify;line-height:150%”>Interest rates affect an asset pricing in a huge way. They both have inverse proportionality to each other. This relationship exists due to the fact that when the interest rates increases the risk free rate becomes much more lucrative. This makes the asset prices to go down. Increase in interest rates also has a bearing on the cost of capital which in turn negatively impacts the earnings.</p>
<ul>
<li>Pricing difference between low grade and high grade government issued bonds</li>
</ul>
<p style=”text-align:justify;line-height:150%”>The difference in short term and long term bonds have a profound effect on the future value of payments in comparison of payments that are currently made. It is a manifestation of markets sentiment and reaction towards the risk.</p>
<p style=”text-align:justify;line-height:150%”>In a study conducted on this topic, it was shown that (McElroy and Burmeister 1985) asset pricing depends upon the factors such as time premium, default risk, deflation, market returns and changes in expected amount of sales.</p>
<ul>
<li>Deflation</li>
</ul>
<p style=”text-align:justify;line-height:150%”>It is a measure of the difference between actual inflation and expected inflation at the start of every month.</p>
<ul>
<li>Default risk</li>
</ul>
<p style=”text-align:justify;line-height:150%”>The calculation of risk is done by figuring out the difference between return on long term government bonds and the rate of return on long term corporate bonds + 1.5%.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>As per the discussion above, there are many similarities in the factors identified. Most of the macroeconomic factors have an indirect influence on each other. Inflation, industrial production and interest rates emerged out to be the crucial ones in the determination of asset pricing.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>The following equation demonstrates the APT model for asset pricing:-</p>
<p style=”text-align:justify;line-height:150%”>E(R) = &micro;0 + &micro;1 &beta;1 + &micro;2 &beta;2 + &hellip;..+ &micro;n &beta;n + e</p>
<p style=”text-align:justify;line-height:150%”>Where</p>
<p style=”text-align:justify;line-height:150%”>E(R) = Expected rate of return of the asset</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;&micro;0 = Risk free rate of return</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;&micro;1 = Risk premium for Macroeconomic factor 1</p>
<p style=”text-align:justify;line-height:150%”>&beta;1 = Sensitivity of asset towards Macroeconomic factor 1</p>
<p style=”text-align:justify;line-height:150%”>e = Unsystematic risk which is zero in case of a well-diversified portfolio</p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>4.4.1 Case Study of Portfolio A, B and C</b></p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>For this case, let us consider three portfolios A, B and C. Let us assume that they are quite well diversified and therefore the unsystematic risk associated with them is zero.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Portfolio A:</p>
<p style=”text-align:justify;line-height:150%”>Expected Rate of Return = 12%</p>
<p style=”text-align:justify;line-height:150%”>Sensitivity towards Macro Factor 1 = 1</p>
<p style=”text-align:justify;line-height:150%”>Sensitivity towards Macro Factor 2 = 0.5</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Portfolio B:</p>
<p style=”text-align:justify;line-height:150%”>Expected Rate of Return = 13.4%</p>
<p style=”text-align:justify;line-height:150%”>Sensitivity towards Macro Factor 1 = 3</p>
<p style=”text-align:justify;line-height:150%”>Sensitivity towards Macro Factor 2 = 0.2</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Portfolio C:</p>
<p style=”text-align:justify;line-height:150%”>Expected Rate of Return = 12%</p>
<p style=”text-align:justify;line-height:150%”>Sensitivity towards Macro Factor 1 = 3</p>
<p style=”text-align:justify;line-height:150%”>Sensitivity towards Macro Factor 2 = -0.5</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>By putting the given values in the above mentioned equation for rate of return, the value of &micro;0 = Risk free rate of return = 10%</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Beta or the sensitivity of the whole portfolio can be denoted by the following equation:-</p>
<p style=”text-align:justify;line-height:150%”>&beta;p = &sum; N i=1 Yi &beta;i</p>
<p style=”text-align:justify;line-height:150%”>Where</p>
<p style=”text-align:justify;line-height:150%”>Yi = Proportion of an asset in the portfolio</p>
<p style=”text-align:justify;line-height:150%”>&beta;i = Beta of the asset in the portfolio</p>
<p style=”text-align:justify;line-height:150%”>Now let us assume two more portfolios namely D and E.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Portfolio D:</p>
<p style=”text-align:justify;line-height:150%”>Expected Rate of Return = 14%</p>
<p style=”text-align:justify;line-height:150%”>Sensitivity towards Macro Factor 1 = 2.3</p>
<p style=”text-align:justify;line-height:150%”>Sensitivity towards Macro Factor 2 = 0.066</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Portfolio E:</p>
<p style=”text-align:justify;line-height:150%”>It has 33.33% of portfolio A, B and C each.</p>
<p style=”text-align:justify;line-height:150%”>Expected Rate of Return =</p>
<p style=”margin-left:1.0in;text-align:justify;text-indent: .5in;line-height:150%”>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weighted average of rate of returns for individual portfolios A, B and C</p>
<p style=”margin-left:1.0in;text-align:justify;text-indent: .5in;line-height:150%”>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; = 0.33 x 12 + 0.33 x 13.4 + 0.33 x 12</p>
<p style=”margin-left:1.0in;text-align:justify;text-indent: .5in;line-height:150%”>&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;=12.46</p>
<p style=”text-align:justify;line-height:150%”>Sensitivity towards Macro Factor 1 = =0.33 x 1+ 0.33 x 3 + 0.33 x 3 = 2.33</p>
<p style=”text-align:justify;line-height:150%”>Sensitivity towards Macro Factor 2 = =0.5 x 0.33 + 0.2 x 0.33 + (-0.5 x 0.33) = 0.066</p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”>Arbitrage on Portfolio D and E:-</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Upon comparing the financials of portfolios D and E, it was found that the systematic risk that both the portfolios have due to the macroeconomic factors 1 and 2 are exactly the same. But the returns offered by both the portfolio are different. The difference in the return of these portfolios = 0.14 &ndash; 0.1246 = 0.0154 = 1.54%. This is a wonderful arbitrage opportunity for the investor. The investor will now buy the portfolio D and would sell portfolio E. He will continue to do so till the price adjust to equilibrium and the arbitrage opportunity is gone.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>4.5 CAPM and APT: Applicability</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”>After all the above discussion, it can be safely said that the simple form of Arbitrage pricing theory is quite similar and consistent with CAPM in its simple state. CAPM has much more assumptions and hence is complicated and restrictive in comparison to APT. APT is a model that considers multiple dimensions and not just uni-dimensional like CAPM model. APT considers a lot more variables and factors that can potentially affect an asset&rsquo;s pricing. CAPM on the hand, does not consider many of these factors and is therefore sometimes not suitable in certain circumstances. But due to this reason, there are differences in the results produced by the APT. It sometimes lack consistency in results. As APT considers a number of factors that can impact the asset pricing, it does not specify those factors very well. CAPM on the other hand uses few factors and specifies them in a well-defined manner. The factors which APT considers in addition to what CAPM does, have interdependencies and hence it becomes difficult to quantify each ones effect individually. Most of them have cause and effect relations and this makes the calculations a bit tricky.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>4.5.1 Various Applications of APT</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”>As APT is gaining popularity as a preferred model for asset pricing, it is also being used for many different applications. Some of the major ones are as discussed below:-</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sensitivity Analysis: APT can be used to study in detail the effect of a given economic condition on the rate of return and behaviour of a portfolio. Multiple hypothetical economic scenarios can also be devised and they can help in the study of portfolio behaviour and judge its sensitivity towards various factors. The effect of a recession or a great boom in economic on the portfolio can also be found by using this method. This provides valuable decision tool at the hands of an investor.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio planning: One of the most common uses of APT is to design a portfolio which gives maximum returns with the least possible amount of risk involved in it. Different investors have different risk profiles and different needs. APT helps in designing a portfolio that suits the needs of the investor. APT allows investors to consider as many factors as they may like and build a portfolio around the amount of risk dependency the investor is comfortable with.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Factor finding: Determining the number of factors and the dependency of a portfolio on those factors is always a challenge. It is usually said that around four or five factors usually cover most of the effect. Based on previous researches, one know that in most of the cases, factors such as inflationary changes, GNP changes, corporate bond premium, interest rate changes etc. account for the bulk of the effect.&nbsp; The other factors can be very well estimated by the use of APT.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Allocation: APT provides a relationship between mean variance efficiency and factor structure. With the help of APT, the investor is able to design an efficient portfolio with a given number of assets. One can limit the number of factors and can considerably improve the reliability of the estimation provided by APT. One should make adjustments in the factors in order to make the portfolio mean- variance efficient. Depending on the investor profile and willingness, this model can be efficiently adjusted.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of Capital calculations: There has been many researches which are conducted in the area of cost of capital calculations. (Elton, Gruber and Mei 1994) In the year 1994, Elton, Gruber and Mei calculated cost of capital for New York State Utility Commission. They calculated cost of capital for various electric utilities. They used interest rate changes, inflation, GDP, Foreign exchange rates etc. as factors for carrying out their calculations.</p>
<p style=”text-align:justify;line-height:150%”>The main issue that occurs with doing such calculations is that different results are obtained when a different set of factors is used and slightly different methods of calculations re employed. Due to the lack of prescription of which factors to be used by APT, it is always a risk.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performance evaluation of funds: In the year 1967, Jensen used APT to determine the fund performance levels. (Jensen 1967) The procedure to do such calculations is to apply regression on the returns provided by the funds with comparison to the various factors under consideration. The intercepts hence obtained by doing the regression analysis are then compared to the returns which are yielded by Treasury bills.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>4.5.2 Where we can&rsquo;t Apply CAPM Model</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”>Even though many people support CAPM model over any other asset pricing theory but in some cases CAPM is just not fit to be used.</p>
<ul>
<li>Global wealth portfolio information is needed in order to run the CAPM model. Due to the fact that all are different investment portfolios, CAPM model is not enough.</li>
<li>CAPM basically assumes that all the investors have identical behaviour which is certainly not true.</li>
<li>CAPM claims that the only risky asset which is held is the capital weighted market portfolio in the entire investment.&nbsp;</li>
</ul>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>4.5.3 APT (Arbitrage in Expectations)</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”>Arbitrage is when an investor makes risk free profit by the way of simultaneous buying and selling at two different places where there is a temporary difference in pricing. The key point to be noted is that the profit is risk free. When Arbitrage Pricing theory is applied, the profit which the investor makes by taking advantage of price difference is not risk free. One can only &ldquo;expect&rdquo; it to be risk free. When there is a difference in the actual price and the price predicted by the Arbitrage pricing model, then the investors bring the price back to the price expected by the model. Sell the asset which is mispriced (expensive as compared to the model) and buy it cheap. This is how money is made in arbitrage.&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>4.5.4 Contradictions Related to APT</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”>Although APT is considered to be a good model for asset pricing theory, there are many problems and contradictions which are related to it. APT does not identify the number of factors or which factors to be included in the calculations. This is an area which causes a lot of confusion as inclusion of less or more number of factors often changes the results. Some scholars believe that APT is a very general asset pricing model as there are no set restrictions on the number of factors that needs to be included.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>When the factor analysis method of testing APT is used, if more number of securities are included for factor analysis, then the factors associated with the factor analysis testing also increases. This is another drawback of using APT as an asset pricing model.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>As the APT model does not prescribe any set number of factors, the increases in the number of factors cannot be accounted by the associated risk factors.</p>
<p style=”text-align:justify;line-height:150%”>The test methods which are usually used in order to validate APT are also considered flawed by some scholars. In the year 1996, Cheng pointed out that the method of APT testing as used by Chen (Chen et. al. 1986) in his research is very much dependent upon the number of variables involved in the calculations. With the change in numbers, the behaviour of the method and its accuracy was also getting affected. (Cheng 1996) Another flaw as pointed out by Cheng is that the statistical significance of a factor in the APT model is dependent upon which kind of analysis is taking place. If a factor is found to be significant in a univariate model analysis, there is no guarantee that this factor will be found significant in multivariate analysis as well. Thus, there is a high level of multi collinearity amongst various economic factors.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<h2>&nbsp;</h2>
<p>&nbsp;</p>
<p style=”margin-bottom:10.0pt;line-height:115%;punctuation-wrap: hanging;text-autospace:ideograph-numeric ideograph-other”><b>&nbsp;</b></p>
<p>&nbsp;</p>
<h2>Chapter 5: Conclusions and Implications</h2>
<p class=”text”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>5.1 Summary and Conclusions</b></p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>The main aim of this research report was to understand in detail the working of CAPM and APT and their use as tools for strategic portfolio planning. Both the said approaches have their shortcomings and merits. Depending upon the situation, either of the model can be applied for making investment decisions and planning and designing part of the portfolio. It is now understood that the various steps which are included in the process of identification of an arbitrage opportunity if and when it presents itself. It is now also known that the working of buy – sell activity and the disappearance of the arbitrage window of opportunity.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Four stocks which are very active on NASDAQ were selected from different industries. They were selected keeping in mind the theoretical constructs of portfolio diversification and mitigation of unsystematic risk as much as possible. Statistical analysis of the stock price movements with respect to the index movements gives us the stock beta or in other works stock sensitivity. The risk or standard deviation of those stocks was also determined. After calculating the risk and rate of returns of these stocks, various portfolio mixes of the given four stocks was also devised. This helped us in better understanding of portfolio planning process.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>In this report, various hypothetical scenarios were also studied and where neither CAPM nor APT can be applied. This knowledge is very important for investors and arbitrators in order to make investment decisions.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>Various macroeconomic variables and their implications on the asset pricing was also studied. However, it was also found that there is no predictability of the behaviour of asset pricing with respect to a certain macroeconomic factor. This was also substantiated by the literature review which was done on this subject. Every geographical region has its own set of macroeconomic variables on which the asset pricing largely depends upon. The state of economy also plays a crucial role in ascertaining stock&rsquo;s behaviour towards macroeconomic forces. If the economy is in the state of depression, then there is a tendency for macroeconomic forces to have profound impact on the asset pricing. Various studies done during different time frames (pre-crisis, post-crisis, during crisis) have substantiated this finding.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>5.2 Implications of Study</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”>As CAPM and APT are considered two very important approaches in today&#39;s modern portfolio planning, any knowledge in the direction of their better usage and application offers us a huge help in strategic portfolio planning. The knowledge of where to apply which model is crucial in order to derive meaningful results from the calculations. If wrong approach is taken in the wrong circumstances, then the whole predictive model of asset pricing can go wrong and the wrong investment decision could be made.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>The effect of macroeconomic factors on asset pricing is another area which benefits from this study. Better understanding of the dynamics of these factors and their dependability on each other gives us the tools to do asset pricing in a more effective manner. This in turn enables better investment decisions and portfolio design. Various countries can formulate their policy decisions by keeping in mind the effect of their policy decisions on the economy and the asset pricing alike.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>5.3 Future of Study</b></p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>As discussed in the previous chapters, like any other study, this study also has its limitations. Due to the limited number of stocks that were being analysed in this report, the results are not enough for a complete generalization. Hence, this study can act as a foundation for even more rigorous studies in the future. The geographical area was limited to US stock markets. This can be expanded to include various other geographical areas as well. This study can be treated as a start point for other such researches.</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p class=”text” style=”text-indent:0in;line-height:150%”>&nbsp;</p>
<p>&nbsp;</p>
<p style=”margin-bottom:10.0pt;line-height:115%;punctuation-wrap: hanging;text-autospace:ideograph-numeric ideograph-other”>&nbsp;</p>
<p>&nbsp;</p>
<p align=”center” class=”text” style=”text-align:center;text-indent:0in;line-height: 150%”><b>References</b></p>
<p class=”text” style=”line-height:150%”>&nbsp;</p>
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<p class=”text” style=”margin-left:.5in;text-indent:-.5in;line-height:150%”>Wongbangpo, P and Sharma, S C (2002)<i> </i>&ldquo;Stock market and macroeconomic fundamental dynamic interactions: ASEAN-5 countries&rdquo;, <i>Journal of Asian Economics,</i> Vol. 13, pp 27 – 51</p>
<p class=”text” style=”line-height:150%”>&nbsp;</p>
<p class=”text” style=”line-height:150%”>&nbsp;</p>
<p class=”text” style=”line-height:150%”>&nbsp;</p>
<p class=”text” style=”line-height:150%”>&nbsp;</p>
<p class=”text” style=”line-height:150%”>&nbsp;</p>
<p class=”text” style=”line-height:150%”>&nbsp;</p>
<p class=”text” style=”line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>Appendix 1. Marks allotted Table</b></p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<table border=”1″ cellpadding=”0″ cellspacing=”0″ style=”border-collapse:collapse;border:none”>
<tbody>
<tr>
<td style=”width:19.6pt;border:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt” valign=”top” width=”26″>
<p class=”text” style=”text-indent:0in;line-height:200%”>&nbsp;</p>
</td>
<td colspan=”3″ style=”width:274.35pt;border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt” valign=”top” width=”366″>
<p class=”text” style=”text-indent:0in;line-height:200%”>Name of Examiner</p>
</td>
<td rowspan=”2″ style=”width:81.25pt;border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt” valign=”top” width=”108″>
<p class=”text” style=”text-indent:0in;line-height:200%”>Total Marks Allocated</p>
</td>
<td rowspan=”2″ style=”width:67.6pt;border:solid black 1.0pt; border-left:none;padding:0in 5.4pt 0in 5.4pt” valign=”top” width=”90″>
<p class=”text” style=”text-indent:0in;line-height:200%”>Signature</p>
</td>
</tr>
<tr>
<td style=”width:19.6pt;border:solid black 1.0pt; border-top:none;padding:0in 5.4pt 0in 5.4pt” valign=”top” width=”26″>
<p class=”text” style=”text-indent:0in;line-height:200%”>&nbsp;</p>
</td>
<td style=”width:100.95pt;border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt” valign=”top” width=”135″>
<p class=”text” style=”text-indent:0in;line-height:200%”>Surname</p>
</td>
<td style=”width:91.8pt;border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt” valign=”top” width=”122″>
<p class=”text” style=”text-indent:0in;line-height:200%”>First Name</p>
</td>
<td style=”width:81.6pt;border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt” valign=”top” width=”109″>
<p class=”text” style=”text-indent:0in;line-height:200%”>Middle Name</p>
</td>
</tr>
<tr>
<td style=”width:19.6pt;border:solid black 1.0pt; border-top:none;padding:0in 5.4pt 0in 5.4pt” valign=”top” width=”26″>
<p class=”text” style=”text-indent:0in;line-height:200%”>1</p>
</td>
<td style=”width:100.95pt;border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt” valign=”top” width=”135″>
<p class=”text” style=”text-indent:0in;line-height:200%”>&nbsp;</p>
</td>
<td style=”width:91.8pt;border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt” valign=”top” width=”122″>
<p class=”text” style=”text-indent:0in;line-height:200%”>&nbsp;</p>
</td>
<td style=”width:81.6pt;border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt” valign=”top” width=”109″>
<p class=”text” style=”text-indent:0in;line-height:200%”>&nbsp;</p>
</td>
<td style=”width:81.25pt;border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt” valign=”top” width=”108″>
<p class=”text” style=”text-indent:0in;line-height:200%”>&nbsp;</p>
</td>
<td style=”width:67.6pt;border-top:none;border-left:none; border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt” valign=”top” width=”90″>
<p class=”text” style=”text-indent:0in;line-height:200%”>&nbsp;</p>
</td>
</tr>
<tr>
<td style=”width:19.6pt;border:solid black 1.0pt; border-top:none;padding:0in 5.4pt 0in 5.4pt” valign=”top” width=”26″>
<p class=”text” style=”text-indent:0in;line-height:200%”>2</p>
</td>
<td style=”width:100.95pt;border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt” valign=”top” width=”135″>
<p class=”text” style=”text-indent:0in;line-height:200%”>&nbsp;</p>
</td>
<td style=”width:91.8pt;border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt” valign=”top” width=”122″>
<p class=”text” style=”text-indent:0in;line-height:200%”>&nbsp;</p>
</td>
<td style=”width:81.6pt;border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt” valign=”top” width=”109″>
<p class=”text” style=”text-indent:0in;line-height:200%”>&nbsp;</p>
</td>
<td style=”width:81.25pt;border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt” valign=”top” width=”108″>
<p class=”text” style=”text-indent:0in;line-height:200%”>&nbsp;</p>
</td>
<td style=”width:67.6pt;border-top:none;border-left:none; border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt” valign=”top” width=”90″>
<p class=”text” style=”text-indent:0in;line-height:200%”>&nbsp;</p>
</td>
</tr>
<tr>
<td style=”width:19.6pt;border:solid black 1.0pt; border-top:none;padding:0in 5.4pt 0in 5.4pt” valign=”top” width=”26″>
<p class=”text” style=”text-indent:0in;line-height:200%”>3</p>
</td>
<td style=”width:100.95pt;border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt” valign=”top” width=”135″>
<p class=”text” style=”text-indent:0in;line-height:200%”>&nbsp;</p>
</td>
<td style=”width:91.8pt;border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt” valign=”top” width=”122″>
<p class=”text” style=”text-indent:0in;line-height:200%”>&nbsp;</p>
</td>
<td style=”width:81.6pt;border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt” valign=”top” width=”109″>
<p class=”text” style=”text-indent:0in;line-height:200%”>&nbsp;</p>
</td>
<td style=”width:81.25pt;border-top:none;border-left: none;border-bottom:solid black 1.0pt;border-right:solid black 1.0pt; padding:0in 5.4pt 0in 5.4pt” valign=”top” width=”108″>
<p class=”text” style=”text-indent:0in;line-height:200%”>&nbsp;</p>
</td>
<td style=”width:67.6pt;border-top:none;border-left:none; border-bottom:solid black 1.0pt;border-right:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt” valign=”top” width=”90″>
<p class=”text” style=”text-indent:0in;line-height:200%”>&nbsp;</p>
</td>
</tr>
</tbody>
</table>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<table border=”0″ cellpadding=”0″ cellspacing=”0″ style=”width:100.0%;border-collapse:collapse” width=”100%”>
<tbody>
<tr style=”height:14.15pt”>
<td colspan=”3″ nowrap=”nowrap” rowspan=”2″ style=”width:43.24%; padding:0in 5.4pt 0in 5.4pt;height:14.15pt” valign=”bottom” width=”43%”>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>&nbsp;</b></p>
<p style=”text-align:justify;line-height:150%”><b>Appendix 2. Data for Portfolio Planning Calculations</b></p>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<p style=”text-align:justify;line-height:150%”><b>Exxon Mobil</b></p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>&nbsp;</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>&nbsp;</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>&nbsp;</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>&nbsp;</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>&nbsp;</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>&nbsp;</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>&nbsp;</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>&nbsp;</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>&nbsp;</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>&nbsp;</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>&nbsp;</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>&nbsp;</td>
</tr>
<tr style=”height:14.9pt”>
<td nowrap=”nowrap” style=”width:10.64%;border:solid windowtext 1.0pt; background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:14.9pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>Date</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;border:solid windowtext 1.0pt; border-left:none;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:14.9pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>Adjusted Close (Y)</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;border:solid windowtext 1.0pt; border-left:none;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:14.9pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>Adjusted close Index (X)</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:14.9pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>R(x)</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;border:solid windowtext 1.0pt; background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:14.9pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>R(y)</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;border:solid windowtext 1.0pt; border-left:none;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:14.9pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>(X)(Y)</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;border:solid windowtext 1.0pt; border-left:none;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:14.9pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>(X)&sup2;</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;border:solid windowtext 1.0pt; border-left:none;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:14.9pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>Ry-R</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;border:solid windowtext 1.0pt; border-left:none;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:14.9pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>(Ry-R)2</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>&nbsp;</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>&nbsp;</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>&nbsp;</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>&nbsp;</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>&nbsp;</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>&nbsp;</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>&nbsp;</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>&nbsp;</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>&nbsp;</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-01-2011</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>66.698326</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>2700.080078</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>&nbsp;</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>&nbsp;</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>&nbsp;</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>&nbsp;</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>&nbsp;</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>&nbsp;</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-02-2011</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>70.70784</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>2782.27002</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0304398</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.060114</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.00183</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0009266</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.057411</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.003296</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-03-2011</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>69.916985</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>2781.070068</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.000431</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.01118</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>4.82E-06</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>1.86E-07</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.01389</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0001929</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-04-2011</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>73.11657</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>2873.540039</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0332498</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.045763</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.001522</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0011055</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.043059</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0018541</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-05-2011</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>69.368477</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>2835.300049</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.013308</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.05126</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.000682</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0001771</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.05397</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0029123</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-06-2011</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>68.015137</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>2773.52002</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.02179</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.01951</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.000425</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0004748</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.02221</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0004934</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-07-2011</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>66.686272</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>2756.379883</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.00618</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.01954</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.000121</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>3.819E-05</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.02224</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0004947</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-08-2011</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>61.863857</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>2579.459961</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.064186</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.07231</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.004642</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0041198</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.07502</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0056278</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-09-2011</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>61.103008</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>2415.399902</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.063602</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.0123</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.000782</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0040453</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.015</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0002251</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-10-2011</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>65.696472</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>2684.409912</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.1113729</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.075176</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.008373</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0124039</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.072472</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0052522</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-11-2011</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>67.673515</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>2620.340088</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.023867</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.030094</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.00072</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0005697</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.02739</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0007502</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-12-2011</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>71.732765</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>2605.149902</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.005797</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.059983</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.00035</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>3.361E-05</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.057279</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0032809</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-01-2012</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>70.869537</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>2813.840088</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0801068</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.01203</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.00096</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0064171</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.01474</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0002172</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-02-2012</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>73.205338</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>2966.889893</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0543918</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.032959</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.001793</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0029585</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.030256</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0009154</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-03-2012</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>73.801727</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>3091.570068</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0420239</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.008147</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.000342</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.001766</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.005443</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>2.963E-05</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-04-2012</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>73.469864</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>3046.360107</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.014624</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.0045</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>6.58E-05</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0002139</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.0072</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>5.184E-05</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-05-2012</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>66.909157</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>2827.340088</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.071896</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.0893</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.00642</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.005169</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.092</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0084642</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-06-2012</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>73.316261</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>2935.050049</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0380959</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.095758</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.003648</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0014513</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.093055</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0086592</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-07-2012</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>74.412949</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>2939.52002</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.001523</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.014958</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>2.28E-05</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>2.319E-06</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.012255</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0001502</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-08-2012</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>74.798538</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>3066.959961</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.043354</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.005182</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.000225</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0018796</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.002478</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>6.142E-06</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-09-2012</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>78.863441</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>3116.22998</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0160648</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.054345</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.000873</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0002581</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.051641</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0026668</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-10-2012</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>78.621979</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>2977.22998</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.044605</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.00306</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.000137</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0019896</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.00577</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>3.324E-05</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-11-2012</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>76.009003</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>3010.23999</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0110875</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.03323</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.00037</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0001229</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.03594</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0012915</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-12-2012</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>75.105133</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>3019.51001</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0030795</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.01189</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-3.7E-05</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>9.483E-06</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.0146</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.000213</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-01-2013</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>78.072899</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>3142.129883</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0406092</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.039515</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.001605</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0016491</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.036811</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0013551</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-02-2013</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>77.708458</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>3160.189941</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0057477</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.00467</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-2.7E-05</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>3.304E-05</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.00737</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>5.434E-05</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-03-2013</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>78.693962</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>3267.52002</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0339632</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.012682</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.000431</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0011535</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.009979</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>9.957E-05</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-04-2013</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>77.715836</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>3328.790039</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0187512</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.01243</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.00023</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0003516</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.01513</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.000229</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-05-2013</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>79.008347</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>3455.909912</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.038188</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.016631</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.000635</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0014583</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.013928</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.000194</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-06-2013</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>79.449387</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>3403.25</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.015238</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.005582</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-8.5E-05</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0002322</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.002879</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>8.287E-06</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-07-2013</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>82.439171</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>3626.370117</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0655609</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.037631</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.002467</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0042982</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.034928</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.00122</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-08-2013</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>76.644249</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>3589.870117</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.010065</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.07029</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.000708</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0001013</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.073</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0053285</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-09-2013</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>76.182312</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>3771.47998</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0505895</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.00603</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.0003</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0025593</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.00873</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>7.622E-05</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-10-2013</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>79.352142</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>3919.709961</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0393029</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.041608</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.001635</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0015447</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.038905</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0015136</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-11-2013</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>82.769897</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>4059.889893</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0357628</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.043071</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.00154</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.001279</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.040367</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0016295</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-12-2013</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>90.215118</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>4176.589844</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0287446</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.089951</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.002586</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0008263</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.087247</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0076121</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-01-2014</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>82.156364</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>4103.879883</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.017409</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.08933</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.001555</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0003031</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.09203</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0084698</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-02-2014</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>85.820244</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>4308.120117</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0497676</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.044596</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.002219</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0024768</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.041893</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.001755</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-03-2014</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>87.693924</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>4198.990234</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.025331</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.021833</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.00055</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0006417</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.019129</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0003659</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-04-2014</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>91.940376</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>4114.560059</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.020107</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.048424</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.00097</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0004043</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.04572</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0020903</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-05-2014</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>90.252571</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>4242.620117</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0311236</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.01836</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.00057</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0009687</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.02106</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0004436</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-06-2014</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>91.0009</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>4408.180176</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0390231</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.008291</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.000324</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0015228</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.005588</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>3.123E-05</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-07-2014</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>89.428185</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>4369.77002</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.008713</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.01728</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.000151</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>7.592E-05</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.01999</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0003994</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-08-2014</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>89.898186</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>4580.27002</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0481719</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.005256</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.000253</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0023205</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.002552</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>6.514E-06</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-09-2014</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>85.600479</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>4493.390137</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.018968</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.04781</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.000907</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0003598</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.05051</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0025512</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-10-2014</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>88.0215</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>4630.740234</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0305671</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.028283</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.000865</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0009344</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.025579</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0006543</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-11-2014</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>82.405823</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>4791.629883</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0347438</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.0638</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.00222</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0012071</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.0665</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0044226</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-12-2014</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>84.751732</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>4736.049805</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.011599</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.028468</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.00033</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0001345</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.025764</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0006638</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-01-2015</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>80.140572</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>4635.240234</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.021286</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.05441</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.001158</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0004531</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.05711</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0032617</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-02-2015</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>81.167328</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>4963.529785</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0708247</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.012812</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.000907</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0050161</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.010109</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0001022</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-03-2015</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>78.508621</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>4900.879883</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.012622</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.03276</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.000413</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0001593</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.03546</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0012574</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-04-2015</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>80.697617</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>4941.419922</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.008272</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.027882</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.000231</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>6.843E-05</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.025179</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.000634</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-05-2015</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>78.693336</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>5070.029785</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0260269</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.02484</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.00065</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0006774</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.02754</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0007585</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-06-2015</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>77.481659</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>4986.870117</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.016402</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.0154</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.000253</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.000269</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.0181</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0003276</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-07-2015</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>73.765907</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>5128.279785</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0283564</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.04796</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.00136</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0008041</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.05066</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0025664</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-08-2015</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>70.068756</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>4812.709961</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.061535</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.05012</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.003084</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0037866</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.05282</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0027903</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-09-2015</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>69.887779</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>4620.160156</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.040009</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.00258</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.000103</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0016007</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.00529</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>2.794E-05</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-10-2015</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>77.774231</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>5053.75</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0938474</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.112845</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.01059</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0088073</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.110141</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0121311</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-11-2015</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>76.759064</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>5108.669922</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0108672</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.01305</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.00014</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0001181</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.01576</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0002483</p>
</td>
</tr>
<tr style=”height:14.15pt”>
<td nowrap=”nowrap” style=”width:10.64%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”10%”>
<p style=”text-align:justify;line-height:150%”>01-12-2015</p>
</td>
<td nowrap=”nowrap” style=”width:14.34%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”14%”>
<p style=”text-align:justify;line-height:150%”>73.910461</p>
</td>
<td nowrap=”nowrap” style=”width:18.24%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”18%”>
<p style=”text-align:justify;line-height:150%”>5007.410156</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.019821</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.03711</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.000736</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0003929</p>
</td>
<td nowrap=”nowrap” style=”width:9.02%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>-0.03981</p>
</td>
<td nowrap=”nowrap” style=”width:9.9%;padding:0in 5.4pt 0in 5.4pt; height:14.15pt” valign=”bottom” width=”9%”>
<p style=”text-align:justify;line-height:150%”>0.0015852</p>
</td>
</tr>
</tbody>
</table>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<table border=”0″ cellpadding=”0″ cellspacing=”0″ style=”width:397.0pt;border-collapse:collapse” width=”529″>
<tbody>
<tr style=”height:14.75pt”>
<td colspan=”3″ nowrap=”nowrap” rowspan=”2″ style=”width:137.3pt; padding:0in 5.4pt 0in 5.4pt;height:14.75pt” valign=”bottom” width=”183″>
<p style=”text-align:justify;line-height:150%”><b>Bank Of America</b></p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>&nbsp;</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>&nbsp;</td>
</tr>
<tr style=”height:15.45pt”>
<td nowrap=”nowrap” style=”width:29.75pt;border:solid windowtext 1.0pt; background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:15.45pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>Date</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;border:solid windowtext 1.0pt; border-left:none;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:15.45pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>Adjusted Close (Y)</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;border:solid windowtext 1.0pt; border-left:none;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:15.45pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>Adjusted close Index (X)</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:15.45pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>R(x)</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;border:solid windowtext 1.0pt; background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:15.45pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>R(y)</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;border:solid windowtext 1.0pt; border-left:none;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:15.45pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>(X)(Y)</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;border:solid windowtext 1.0pt; border-left:none;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:15.45pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>(X)&sup2;</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;border:solid windowtext 1.0pt; border-left:none;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:15.45pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>Ry-R</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;border:solid windowtext 1.0pt; border-left:none;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:15.45pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>(Ry-R)2</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>&nbsp;</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-01-2011</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>13.010345</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>2700.080078</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>&nbsp;</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-02-2011</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>13.540994</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>2782.27002</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.030439816</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.040787</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.00124154</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0009266</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.032029</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.001025877</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-03-2011</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>12.631314</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>2781.070068</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.000431285</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.06718</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>2.89736E-05</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>1.86E-07</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.07594</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.005766443</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-04-2011</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>11.644708</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>2873.540039</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.033249781</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.07811</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.002597072</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0011055</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.08687</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.007545587</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-05-2011</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>11.142127</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>2835.300049</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.013307624</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.04316</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.000574352</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0001771</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.05192</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.002695374</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-06-2011</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>10.392998</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>2773.52002</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.021789591</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.06723</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.001465</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0004748</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.07599</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.005774681</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-07-2011</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>9.215508</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>2756.379883</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.006179922</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.1133</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.000700163</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>3.819E-05</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.12205</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.014897145</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-08-2011</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>7.753933</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>2579.459961</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.064185609</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.1586</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.010179806</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0041198</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.16736</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.02800833</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-09-2011</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>5.815494</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>2415.399902</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.063602483</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.24999</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.015900258</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0040453</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.25875</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.066952433</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-10-2011</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>6.490167</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>2684.409912</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.111372866</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.116013</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.012920702</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0124039</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.107256</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.011503769</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-11-2011</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>5.169328</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>2620.340088</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.023867377</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.20351</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.004857342</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0005697</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.21227</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.045059088</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-12-2011</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>5.293779</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>2605.149902</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.005797028</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.024075</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.000139563</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>3.361E-05</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.015317</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.000234626</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-01-2012</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>6.788604</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>2813.840088</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.080106786</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.282374</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.022620065</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0064171</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.273617</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.074865992</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-02-2012</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>7.588383</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>2966.889893</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.054391792</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.117812</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.006408006</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0029585</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.109055</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.011892908</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-03-2012</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>9.123007</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>3091.570068</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.042023863</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.202233</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.008498626</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.001766</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.193476</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.037432941</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-04-2012</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>7.731201</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>3046.360107</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.014623625</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.15256</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.00223098</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0002139</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.16132</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.026023302</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-05-2012</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>7.006699</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>2827.340088</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.071895643</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.09371</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.006737444</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.005169</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.10247</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.010499862</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-06-2012</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>7.808426</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>2935.050049</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.038095863</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.114423</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.00435904</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0014513</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.105666</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.011165205</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-07-2012</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>7.006584</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>2939.52002</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.001522962</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.10269</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.000156392</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>2.319E-06</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.11145</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.01242037</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-08-2012</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>7.627057</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>3066.959961</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.043353997</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.088556</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.003839244</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0018796</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.079798</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.006367771</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-09-2012</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>8.4289</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>3116.22998</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.016064774</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.105131</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.001688912</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0002581</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.096374</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.009287945</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-10-2012</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>8.907775</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>2977.22998</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.04460518</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.056813</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.002534175</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0019896</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.048056</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.002309386</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-11-2012</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>9.423894</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>3010.23999</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.011087491</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.05794</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.000642412</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0001229</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.049183</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.002418957</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-12-2012</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>11.09649</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>3019.51001</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.003079495</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.177485</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.000546563</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>9.483E-06</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.168727</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.028468869</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-01-2013</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>10.830248</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>3142.129883</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.040609196</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.02399</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.000974351</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0016491</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.03275</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.001072611</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-02-2013</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>10.74414</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>3160.189941</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.005747712</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.00795</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-4.56983E-05</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>3.304E-05</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.01671</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.00027916</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-03-2013</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>11.663517</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>3267.52002</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.033963173</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.08557</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.002906232</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0011535</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.076813</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.005900191</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-04-2013</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>11.788008</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>3328.790039</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.01875123</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.010674</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.000200142</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0003516</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.001916</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>3.67163E-06</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-05-2013</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>13.080761</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>3455.909912</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.038188012</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.109667</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.004187957</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0014583</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.100909</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.010182707</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-06-2013</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>12.314685</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>3403.25</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.01523764</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.05857</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.000892394</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0002322</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.06732</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.004532317</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-07-2013</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>13.991375</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>3626.370117</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.065560895</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.136154</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.008926359</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0042982</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.127396</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.016229821</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-08-2013</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>13.531383</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>3589.870117</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.010065161</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.03288</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.000330911</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0001013</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.04163</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.001733408</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-09-2013</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>13.224725</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>3771.47998</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.050589536</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.02266</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.001146497</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0025593</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.03142</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.000987224</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-10-2013</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>13.397039</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>3919.709961</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.039302868</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.01303</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.000512104</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0015447</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.004272</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>1.82525E-05</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-11-2013</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>15.171161</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>4059.889893</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.035762833</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.132426</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.004735944</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.001279</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.123669</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.015294031</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-12-2013</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>14.931416</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>4176.589844</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.02874461</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.0158</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.000454242</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0008263</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.02456</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.000603197</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-01-2014</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>16.073362</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>4103.879883</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.01740893</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.076479</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.001331425</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0003031</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.067722</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.004586273</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-02-2014</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>15.862249</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>4308.120117</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.049767596</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.01313</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.000653665</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0024768</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.02189</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.000479248</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-03-2014</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>16.505184</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>4198.990234</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.025331207</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.040532</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.001026735</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0006417</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.031775</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.001009651</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-04-2014</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>14.537091</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>4114.560059</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.020107257</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.11924</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.002397607</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0004043</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.128</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.016383562</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-05-2014</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>14.537091</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>4242.620117</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.031123633</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0009687</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.00876</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>7.66919E-05</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-06-2014</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>14.757932</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>4408.180176</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.039023069</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.015192</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.000592821</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0015228</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.006434</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>4.13985E-05</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-07-2014</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>14.652134</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>4369.77002</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.008713382</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.00717</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>6.24653E-05</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>7.592E-05</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.01593</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.000253646</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-08-2014</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>15.459199</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>4580.27002</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.048171872</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.055082</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.00265339</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0023205</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.046324</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.002145945</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-09-2014</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>16.381565</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>4493.390137</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.018968288</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.059665</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.001131734</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0003598</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.050907</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.002591538</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-10-2014</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>16.538076</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>4630.740234</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.030567143</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.009554</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.000292041</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0009344</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.000797</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>6.34736E-07</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-11-2014</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>16.422426</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>4791.629883</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.034743829</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.00699</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.000242962</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0012071</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.01575</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.000248073</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-12-2014</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>17.241619</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>4736.049805</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.01159941</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.049883</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.000578608</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0001345</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.041125</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.001691281</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-01-2015</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>14.643613</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>4635.240234</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.021285581</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.15068</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.003207359</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0004531</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.15944</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.025421</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-02-2015</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>15.281556</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>4963.529785</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.070824711</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.043565</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.00308545</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0050161</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.034807</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.001211541</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-03-2015</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>14.875594</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>4900.879883</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.012622046</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.02657</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.000335311</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0001593</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.03532</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.001247706</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-04-2015</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>15.445691</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>4941.419922</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.008271992</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.038324</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.000317018</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>6.843E-05</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.029567</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.000874203</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-05-2015</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>15.998363</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>5070.029785</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.026026904</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.035782</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.000931285</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0006774</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.027024</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.00073031</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-06-2015</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>16.502552</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>4986.870117</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.016402205</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.031515</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.000516916</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.000269</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.022758</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.00051791</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-07-2015</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>17.388405</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>5128.279785</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.028356397</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.05368</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.001522165</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0008041</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.044922</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.002018019</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-08-2015</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>15.988001</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>4812.709961</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.06153522</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.08054</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.004955841</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0037866</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.08929</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.007973427</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-09-2015</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>15.151641</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>4620.160156</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.040008604</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.05231</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.002092919</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0016007</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.06107</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.003729437</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-10-2015</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>16.371185</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>5053.75</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.093847362</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.080489</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.007553702</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0088073</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.071732</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.005145458</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-11-2015</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>17.005352</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>5108.669922</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.010867162</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.038737</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.000420959</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0001181</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>0.029979</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.000898764</p>
</td>
</tr>
<tr style=”height:14.75pt”>
<td nowrap=”nowrap” style=”width:29.75pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”40″>
<p style=”text-align:justify;line-height:150%”>01-12-2015</p>
</td>
<td nowrap=”nowrap” style=”width:46.35pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”62″>
<p style=”text-align:justify;line-height:150%”>16.41997</p>
</td>
<td nowrap=”nowrap” style=”width:.85in;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”82″>
<p style=”text-align:justify;line-height:150%”>5007.410156</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>-0.01982116</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.03442</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.000682312</p>
</td>
<td nowrap=”nowrap” style=”width:40.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>0.0003929</p>
</td>
<td nowrap=”nowrap” style=”width:36.7pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”49″>
<p style=”text-align:justify;line-height:150%”>-0.04318</p>
</td>
<td nowrap=”nowrap” style=”width:48.55pt;padding:0in 5.4pt 0in 5.4pt; height:14.75pt” valign=”bottom” width=”65″>
<p style=”text-align:justify;line-height:150%”>0.00186458</p>
</td>
</tr>
</tbody>
</table>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<table border=”0″ cellpadding=”0″ cellspacing=”0″ style=”width:402.8pt;border-collapse:collapse” width=”537″>
<tbody>
<tr style=”height:14.8pt”>
<td colspan=”3″ nowrap=”nowrap” rowspan=”2″ style=”width:185.55pt; padding:0in 5.4pt 0in 5.4pt;height:14.8pt” valign=”bottom” width=”247″>
<p style=”text-align:justify;line-height:150%”><b>Coca Cola</b></p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>&nbsp;</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>&nbsp;</td>
</tr>
<tr style=”height:15.55pt”>
<td nowrap=”nowrap” style=”width:40.25pt;border:solid windowtext 1.0pt; background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:15.55pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>Date</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;border:solid windowtext 1.0pt; border-left:none;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:15.55pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>Adjusted Close (Y)</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;border:solid windowtext 1.0pt; border-left:none;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:15.55pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>Adjusted close Index (X)</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:15.55pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>R(x)</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;border:solid windowtext 1.0pt; background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:15.55pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>R(y)</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;border:solid windowtext 1.0pt; border-left:none;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:15.55pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>(X)(Y)</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;border:solid windowtext 1.0pt; border-left:none;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:15.55pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>(X)&sup2;</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;border:solid windowtext 1.0pt; border-left:none;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:15.55pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>Ry-R</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;border:solid windowtext 1.0pt; border-left:none;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:15.55pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>(Ry-R)2</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>&nbsp;</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-01-2011</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>26.051096</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>2700.080078</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>&nbsp;</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-02-2011</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>26.494606</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>2782.27002</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.030439816</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.017025</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.000518226</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0009266</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.00845</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>7.13989E-05</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-03-2011</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>27.497686</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>2781.070068</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>-0.000431285</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.03786</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>-1.63284E-05</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>1.86E-07</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.029285</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.000857608</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-04-2011</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>28.16468</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>2873.540039</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.033249781</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.024256</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.000806519</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0011055</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.015682</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.000245911</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-05-2011</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>27.89329</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>2835.300049</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>-0.013307624</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.00964</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.00012823</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0001771</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.01821</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.000331628</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-06-2011</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>28.093697</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>2773.52002</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>-0.021789591</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.007185</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>-0.000156553</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0004748</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.00139</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>1.93226E-06</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-07-2011</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>28.599863</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>2756.379883</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>-0.006179922</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.018017</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>-0.000111344</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>3.819E-05</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.009442</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>8.91558E-05</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-08-2011</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>29.625938</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>2579.459961</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>-0.064185609</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.035877</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>-0.002302782</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0041198</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.027302</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.000745404</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-09-2011</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>28.410624</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>2415.399902</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>-0.063602483</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.04102</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.002609098</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0040453</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.0496</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.002459842</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-10-2011</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>28.926184</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>2684.409912</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.111372866</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.018147</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.002021054</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0124039</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.009572</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>9.16213E-05</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-11-2011</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>28.464684</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>2620.340088</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>-0.023867377</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.01595</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.00038079</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0005697</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.02453</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.000601683</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-12-2011</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>29.839981</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>2605.149902</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>-0.005797028</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.048316</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>-0.000280089</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>3.361E-05</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.039741</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.001579353</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-01-2012</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>28.7994</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>2813.840088</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.080106786</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.03487</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>-0.002793487</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0064171</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.04345</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.001887631</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-02-2012</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>29.793072</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>2966.889893</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.054391792</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.034503</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.001876692</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0029585</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.025928</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.000672281</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-03-2012</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>31.562922</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>3091.570068</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.042023863</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.059405</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.002496417</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.001766</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.05083</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.002583681</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-04-2012</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>32.786427</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>3046.360107</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>-0.014623625</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.038764</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>-0.00056687</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0002139</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.030189</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.000911386</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-05-2012</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>32.103374</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>2827.340088</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>-0.071895643</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.02083</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.001497831</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.005169</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.02941</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.000864845</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-06-2012</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>33.589756</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>2935.050049</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.038095863</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.0463</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.001763833</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0014513</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.037725</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.001423178</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-07-2012</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>34.948002</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>2939.52002</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.001522962</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.040436</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>6.1583E-05</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>2.319E-06</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.031861</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.001015154</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-08-2012</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>32.352859</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>3066.959961</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.043353997</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.07426</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>-0.003219349</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0018796</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.08283</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.006861156</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-09-2012</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>32.811333</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>3116.22998</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.016064774</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.014171</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.000227655</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0002581</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.005596</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>3.13177E-05</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-10-2012</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>32.381165</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>2977.22998</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>-0.04460518</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.01311</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.000584789</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0019896</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.02169</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.000470247</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-11-2012</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>33.025646</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>3010.23999</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.011087491</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.019903</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.000220674</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0001229</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.011328</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.000128326</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-12-2012</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>31.787811</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>3019.51001</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.003079495</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.03748</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>-0.000115423</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>9.483E-06</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.04606</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.002121142</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-01-2013</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>32.655952</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>3142.129883</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.040609196</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.02731</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.001109057</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0016491</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.018736</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.000351025</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-02-2013</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>33.953766</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>3160.189941</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.005747712</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.039742</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.000228426</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>3.304E-05</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.031167</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.000971395</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-03-2013</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>35.462055</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>3267.52002</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.033963173</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.044422</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.001508707</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0011535</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.035847</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.001285008</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-04-2013</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>37.388111</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>3328.790039</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.01875123</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.054313</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.001018438</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0003516</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.045738</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.002091994</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-05-2013</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>35.321289</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>3455.909912</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.038188012</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.05528</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>-0.002111041</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0014583</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.06386</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.004077464</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-06-2013</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>35.427288</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>3403.25</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>-0.01523764</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.003001</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>-4.57281E-05</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0002322</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.00557</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>3.10677E-05</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-07-2013</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>35.645473</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>3626.370117</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.065560895</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.006159</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.000403768</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0042982</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.00242</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>5.83784E-06</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-08-2013</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>33.955685</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>3589.870117</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>-0.010065161</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.04741</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.000477143</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0001013</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.05598</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.003133787</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-09-2013</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>33.688885</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>3771.47998</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.050589536</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.00786</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>-0.000397497</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0025593</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.01643</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.000270015</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-10-2013</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>35.447838</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>3919.709961</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.039302868</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.052212</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.002052068</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0015447</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.043637</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.001904174</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-11-2013</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>36.003258</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>4059.889893</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.035762833</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.015669</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.000560356</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.001279</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.007094</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>5.03223E-05</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-12-2013</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>37.26582</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>4176.589844</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.02874461</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.035068</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.001008016</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0008263</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.026493</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.000701888</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-01-2014</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>34.117481</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>4103.879883</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>-0.01740893</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.08448</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.001470764</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0003031</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.09306</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.008659814</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-02-2014</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>34.460281</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>4308.120117</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.049767596</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.010048</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.000500047</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0024768</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.001473</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>2.16915E-06</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-03-2014</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>34.875252</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>4198.990234</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>-0.025331207</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.012042</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>-0.000305039</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0006417</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.003467</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>1.20213E-05</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-04-2014</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>37.088272</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>4114.560059</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>-0.020107257</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.063455</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>-0.001275912</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0004043</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.05488</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.003011867</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-05-2014</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>37.19738</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>4242.620117</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.031123633</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.002942</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>9.15609E-05</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0009687</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.00563</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>3.17305E-05</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-06-2014</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>38.515785</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>4408.180176</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.039023069</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.035443</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.001383114</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0015228</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.026869</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.000721925</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-07-2014</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>35.993065</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>4369.77002</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>-0.008713382</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.0655</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.000570712</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>7.592E-05</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.07407</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.005486835</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-08-2014</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>38.219162</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>4580.27002</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.048171872</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.061848</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.002979331</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0023205</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.053273</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.002838024</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-09-2014</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>39.080276</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>4493.390137</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>-0.018968288</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.022531</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>-0.000427374</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0003598</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.013956</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.000194773</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-10-2014</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>38.645241</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>4630.740234</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.030567143</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.01113</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>-0.000340268</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0009344</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.01971</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.000388353</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-11-2014</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>41.367382</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>4791.629883</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.034743829</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.070439</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.002447329</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0012071</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.061864</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.003827204</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-12-2014</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>39.228268</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>4736.049805</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>-0.01159941</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.05171</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.000599807</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0001345</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.06028</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.00363428</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-01-2015</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>38.25267</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>4635.240234</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>-0.021285581</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.02487</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.000529367</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0004531</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.03344</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.001118541</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-02-2015</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>40.231735</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>4963.529785</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.070824711</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.051737</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.003664233</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0050161</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.043162</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.001862943</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-03-2015</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>37.676613</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>4900.879883</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>-0.012622046</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.06351</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.000801628</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0001593</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.07208</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.005196239</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-04-2015</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>37.998604</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>4941.419922</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.008271992</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.008546</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>7.06939E-05</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>6.843E-05</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-2.9E-05</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>8.21134E-10</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-05-2015</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>38.373344</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>5070.029785</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.026026904</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.009862</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.000256676</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0006774</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.001287</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>1.65665E-06</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-06-2015</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>36.752594</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>4986.870117</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>-0.016402205</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.04224</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.000692769</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.000269</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.05081</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.002581776</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-07-2015</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>38.803276</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>5128.279785</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.028356397</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.055797</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.0015822</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0008041</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.047222</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.002229927</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-08-2015</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>37.140812</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>4812.709961</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>-0.06153522</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.04284</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.002636378</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0037866</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.05142</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.002643834</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-09-2015</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>37.896473</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>4620.160156</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>-0.040008604</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.020346</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>-0.000814009</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0016007</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.011771</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.000138557</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-10-2015</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>40.349461</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>5053.75</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.093847362</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.064729</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>0.006074614</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0088073</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.056154</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>0.003153253</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-11-2015</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>40.606701</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>5108.669922</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>0.010867162</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.006375</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>6.92814E-05</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0001181</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>-0.0022</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>4.83793E-06</p>
</td>
</tr>
<tr style=”height:14.8pt”>
<td nowrap=”nowrap” style=”width:40.25pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”54″>
<p style=”text-align:justify;line-height:150%”>01-12-2015</p>
</td>
<td nowrap=”nowrap” style=”width:62.65pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”84″>
<p style=”text-align:justify;line-height:150%”>41.244541</p>
</td>
<td nowrap=”nowrap” style=”width:82.6pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”110″>
<p style=”text-align:justify;line-height:150%”>5007.410156</p>
</td>
<td nowrap=”nowrap” style=”width:38.05pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”51″>
<p style=”text-align:justify;line-height:150%”>-0.01982116</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.015708</p>
</td>
<td nowrap=”nowrap” style=”width:41.15pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”55″>
<p style=”text-align:justify;line-height:150%”>-0.000311346</p>
</td>
<td nowrap=”nowrap” style=”width:31.95pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>0.0003929</p>
</td>
<td nowrap=”nowrap” style=”width:28.9pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”39″>
<p style=”text-align:justify;line-height:150%”>0.007133</p>
</td>
<td nowrap=”nowrap” style=”width:48.3pt;padding:0in 5.4pt 0in 5.4pt; height:14.8pt” valign=”bottom” width=”64″>
<p style=”text-align:justify;line-height:150%”>5.08785E-05</p>
</td>
</tr>
</tbody>
</table>
<p style=”text-align:justify;line-height:150%”>&nbsp;</p>
<table border=”0″ cellpadding=”0″ cellspacing=”0″ style=”width:427.4pt;border-collapse:collapse” width=”570″>
<tbody>
<tr style=”height:15.2pt”>
<td colspan=”3″ nowrap=”nowrap” rowspan=”2″ style=”width:148.1pt; padding:0in 5.4pt 0in 5.4pt;height:15.2pt” valign=”bottom” width=”197″>
<p style=”text-align:justify;line-height:150%”><b>General Motors</b></p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:39.5pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”53″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:43.7pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”58″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:39.5pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”53″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>&nbsp;</td>
</tr>
<tr style=”height:15.2pt”>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:39.5pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”53″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:43.7pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”58″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:39.5pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”53″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>&nbsp;</td>
</tr>
<tr style=”height:15.95pt”>
<td nowrap=”nowrap” style=”width:32.1pt;border:solid windowtext 1.0pt; background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:15.95pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>Date</p>
</td>
<td nowrap=”nowrap” style=”width:50.0pt;border:solid windowtext 1.0pt; border-left:none;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:15.95pt” valign=”bottom” width=”67″>
<p style=”text-align:justify;line-height:150%”>Adjusted Close (Y)</p>
</td>
<td nowrap=”nowrap” style=”width:65.95pt;border:solid windowtext 1.0pt; border-left:none;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:15.95pt” valign=”bottom” width=”88″>
<p style=”text-align:justify;line-height:150%”>Adjusted close Index (X)</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;border-top:solid windowtext 1.0pt; border-left:none;border-bottom:solid windowtext 1.0pt;border-right:none; background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:15.95pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>R(x)</p>
</td>
<td nowrap=”nowrap” style=”width:39.5pt;border:solid windowtext 1.0pt; background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:15.95pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>R(y)</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;border:solid windowtext 1.0pt; border-left:none;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:15.95pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>(X)(Y)</p>
</td>
<td nowrap=”nowrap” style=”width:43.7pt;border:solid windowtext 1.0pt; border-left:none;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:15.95pt” valign=”bottom” width=”58″>
<p style=”text-align:justify;line-height:150%”>(X)&sup2;</p>
</td>
<td nowrap=”nowrap” style=”width:39.5pt;border:solid windowtext 1.0pt; border-left:none;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:15.95pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>Ry-R</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;border:solid windowtext 1.0pt; border-left:none;background:#CCFFCC;padding:0in 5.4pt 0in 5.4pt;height:15.95pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>(Ry-R)2</p>
</td>
</tr>
<tr style=”height:15.2pt”>
<td nowrap=”nowrap” style=”width:32.1pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”43″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:50.0pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”67″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:65.95pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”88″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:39.5pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”53″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:43.7pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”58″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:39.5pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”53″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>&nbsp;</td>
</tr>
<tr style=”height:15.2pt”>
<td nowrap=”nowrap” style=”width:32.1pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>01-01-2011</p>
</td>
<td nowrap=”nowrap” style=”width:50.0pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”67″>
<p style=”text-align:justify;line-height:150%”>31.564449</p>
</td>
<td nowrap=”nowrap” style=”width:65.95pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”88″>
<p style=”text-align:justify;line-height:150%”>2700.080078</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:39.5pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”53″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:43.7pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”58″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:39.5pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”53″>&nbsp;</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>&nbsp;</td>
</tr>
<tr style=”height:15.2pt”>
<td nowrap=”nowrap” style=”width:32.1pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>01-02-2011</p>
</td>
<td nowrap=”nowrap” style=”width:50.0pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”67″>
<p style=”text-align:justify;line-height:150%”>29.004</p>
</td>
<td nowrap=”nowrap” style=”width:65.95pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”88″>
<p style=”text-align:justify;line-height:150%”>2782.27002</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>0.030439816</p>
</td>
<td nowrap=”nowrap” style=”width:39.5pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>-0.08112</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>-0.002469221</p>
</td>
<td nowrap=”nowrap” style=”width:43.7pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”58″>
<p style=”text-align:justify;line-height:150%”>0.0009266</p>
</td>
<td nowrap=”nowrap” style=”width:39.5pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>-0.08465</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>0.0071658</p>
</td>
</tr>
<tr style=”height:15.2pt”>
<td nowrap=”nowrap” style=”width:32.1pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>01-03-2011</p>
</td>
<td nowrap=”nowrap” style=”width:50.0pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”67″>
<p style=”text-align:justify;line-height:150%”>26.841461</p>
</td>
<td nowrap=”nowrap” style=”width:65.95pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”88″>
<p style=”text-align:justify;line-height:150%”>2781.070068</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>-0.000431285</p>
</td>
<td nowrap=”nowrap” style=”width:39.5pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>-0.07456</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>3.21566E-05</p>
</td>
<td nowrap=”nowrap” style=”width:43.7pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”58″>
<p style=”text-align:justify;line-height:150%”>1.86E-07</p>
</td>
<td nowrap=”nowrap” style=”width:39.5pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>-0.07809</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>0.006098509</p>
</td>
</tr>
<tr style=”height:15.2pt”>
<td nowrap=”nowrap” style=”width:32.1pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>01-04-2011</p>
</td>
<td nowrap=”nowrap” style=”width:50.0pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”67″>
<p style=”text-align:justify;line-height:150%”>27.758379</p>
</td>
<td nowrap=”nowrap” style=”width:65.95pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”88″>
<p style=”text-align:justify;line-height:150%”>2873.540039</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>0.033249781</p>
</td>
<td nowrap=”nowrap” style=”width:39.5pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>0.034161</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>0.001135829</p>
</td>
<td nowrap=”nowrap” style=”width:43.7pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”58″>
<p style=”text-align:justify;line-height:150%”>0.0011055</p>
</td>
<td nowrap=”nowrap” style=”width:39.5pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>0.030628</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>0.000938049</p>
</td>
</tr>
<tr style=”height:15.2pt”>
<td nowrap=”nowrap” style=”width:32.1pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>01-05-2011</p>
</td>
<td nowrap=”nowrap” style=”width:50.0pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”67″>
<p style=”text-align:justify;line-height:150%”>27.516174</p>
</td>
<td nowrap=”nowrap” style=”width:65.95pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”88″>
<p style=”text-align:justify;line-height:150%”>2835.300049</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>-0.013307624</p>
</td>
<td nowrap=”nowrap” style=”width:39.5pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>-0.00873</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>0.000116115</p>
</td>
<td nowrap=”nowrap” style=”width:43.7pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”58″>
<p style=”text-align:justify;line-height:150%”>0.0001771</p>
</td>
<td nowrap=”nowrap” style=”width:39.5pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>-0.01226</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>0.000150268</p>
</td>
</tr>
<tr style=”height:15.2pt”>
<td nowrap=”nowrap” style=”width:32.1pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>01-06-2011</p>
</td>
<td nowrap=”nowrap” style=”width:50.0pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”67″>
<p style=”text-align:justify;line-height:150%”>26.261902</p>
</td>
<td nowrap=”nowrap” style=”width:65.95pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”88″>
<p style=”text-align:justify;line-height:150%”>2773.52002</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>-0.021789591</p>
</td>
<td nowrap=”nowrap” style=”width:39.5pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>-0.04558</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>0.000993237</p>
</td>
<td nowrap=”nowrap” style=”width:43.7pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”58″>
<p style=”text-align:justify;line-height:150%”>0.0004748</p>
</td>
<td nowrap=”nowrap” style=”width:39.5pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>-0.04912</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>0.002412382</p>
</td>
</tr>
<tr style=”height:15.2pt”>
<td nowrap=”nowrap” style=”width:32.1pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>01-07-2011</p>
</td>
<td nowrap=”nowrap” style=”width:50.0pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”67″>
<p style=”text-align:justify;line-height:150%”>23.943653</p>
</td>
<td nowrap=”nowrap” style=”width:65.95pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”88″>
<p style=”text-align:justify;line-height:150%”>2756.379883</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>-0.006179922</p>
</td>
<td nowrap=”nowrap” style=”width:39.5pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>-0.08827</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>0.000545528</p>
</td>
<td nowrap=”nowrap” style=”width:43.7pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”58″>
<p style=”text-align:justify;line-height:150%”>3.819E-05</p>
</td>
<td nowrap=”nowrap” style=”width:39.5pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>-0.09181</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>0.008428552</p>
</td>
</tr>
<tr style=”height:15.2pt”>
<td nowrap=”nowrap” style=”width:32.1pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>01-08-2011</p>
</td>
<td nowrap=”nowrap” style=”width:50.0pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”67″>
<p style=”text-align:justify;line-height:150%”>20.786343</p>
</td>
<td nowrap=”nowrap” style=”width:65.95pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”88″>
<p style=”text-align:justify;line-height:150%”>2579.459961</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>-0.064185609</p>
</td>
<td nowrap=”nowrap” style=”width:39.5pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>-0.13186</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>0.008463782</p>
</td>
<td nowrap=”nowrap” style=”width:43.7pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”58″>
<p style=”text-align:justify;line-height:150%”>0.0041198</p>
</td>
<td nowrap=”nowrap” style=”width:39.5pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>-0.1354</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>0.018332373</p>
</td>
</tr>
<tr style=”height:15.2pt”>
<td nowrap=”nowrap” style=”width:32.1pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>01-09-2011</p>
</td>
<td nowrap=”nowrap” style=”width:50.0pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”67″>
<p style=”text-align:justify;line-height:150%”>17.456028</p>
</td>
<td nowrap=”nowrap” style=”width:65.95pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”88″>
<p style=”text-align:justify;line-height:150%”>2415.399902</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>-0.063602483</p>
</td>
<td nowrap=”nowrap” style=”width:39.5pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>-0.16022</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>0.010190167</p>
</td>
<td nowrap=”nowrap” style=”width:43.7pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”58″>
<p style=”text-align:justify;line-height:150%”>0.0040453</p>
</td>
<td nowrap=”nowrap” style=”width:39.5pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>-0.16375</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>0.026813871</p>
</td>
</tr>
<tr style=”height:15.2pt”>
<td nowrap=”nowrap” style=”width:32.1pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>01-10-2011</p>
</td>
<td nowrap=”nowrap” style=”width:50.0pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”67″>
<p style=”text-align:justify;line-height:150%”>22.360676</p>
</td>
<td nowrap=”nowrap” style=”width:65.95pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”88″>
<p style=”text-align:justify;line-height:150%”>2684.409912</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>0.111372866</p>
</td>
<td nowrap=”nowrap” style=”width:39.5pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>0.280972</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>0.031292612</p>
</td>
<td nowrap=”nowrap” style=”width:43.7pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”58″>
<p style=”text-align:justify;line-height:150%”>0.0124039</p>
</td>
<td nowrap=”nowrap” style=”width:39.5pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>0.277439</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>0.076972216</p>
</td>
</tr>
<tr style=”height:15.2pt”>
<td nowrap=”nowrap” style=”width:32.1pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>01-11-2011</p>
</td>
<td nowrap=”nowrap” style=”width:50.0pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”67″>
<p style=”text-align:justify;line-height:150%”>18.416199</p>
</td>
<td nowrap=”nowrap” style=”width:65.95pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”88″>
<p style=”text-align:justify;line-height:150%”>2620.340088</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>-0.023867377</p>
</td>
<td nowrap=”nowrap” style=”width:39.5pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>-0.1764</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>0.004210263</p>
</td>
<td nowrap=”nowrap” style=”width:43.7pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”58″>
<p style=”text-align:justify;line-height:150%”>0.0005697</p>
</td>
<td nowrap=”nowrap” style=”width:39.5pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>-0.17994</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>0.032376722</p>
</td>
</tr>
<tr style=”height:15.2pt”>
<td nowrap=”nowrap” style=”width:32.1pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>01-12-2011</p>
</td>
<td nowrap=”nowrap” style=”width:50.0pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”67″>
<p style=”text-align:justify;line-height:150%”>17.533882</p>
</td>
<td nowrap=”nowrap” style=”width:65.95pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”88″>
<p style=”text-align:justify;line-height:150%”>2605.149902</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>-0.005797028</p>
</td>
<td nowrap=”nowrap” style=”width:39.5pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>-0.04791</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>0.000277735</p>
</td>
<td nowrap=”nowrap” style=”width:43.7pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”58″>
<p style=”text-align:justify;line-height:150%”>3.361E-05</p>
</td>
<td nowrap=”nowrap” style=”width:39.5pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>-0.05144</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>0.002646357</p>
</td>
</tr>
<tr style=”height:15.2pt”>
<td nowrap=”nowrap” style=”width:32.1pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>01-01-2012</p>
</td>
<td nowrap=”nowrap” style=”width:50.0pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”67″>
<p style=”text-align:justify;line-height:150%”>20.777695</p>
</td>
<td nowrap=”nowrap” style=”width:65.95pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”88″>
<p style=”text-align:justify;line-height:150%”>2813.840088</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>0.080106786</p>
</td>
<td nowrap=”nowrap” style=”width:39.5pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>0.185003</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>0.01481996</p>
</td>
<td nowrap=”nowrap” style=”width:43.7pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”58″>
<p style=”text-align:justify;line-height:150%”>0.0064171</p>
</td>
<td nowrap=”nowrap” style=”width:39.5pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>0.18147</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>0.032931228</p>
</td>
</tr>
<tr style=”height:15.2pt”>
<td nowrap=”nowrap” style=”width:32.1pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”43″>
<p style=”text-align:justify;line-height:150%”>01-02-2012</p>
</td>
<td nowrap=”nowrap” style=”width:50.0pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”67″>
<p style=”text-align:justify;line-height:150%”>22.507729</p>
</td>
<td nowrap=”nowrap” style=”width:65.95pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”88″>
<p style=”text-align:justify;line-height:150%”>2966.889893</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-align:justify;line-height:150%”>0.054391792</p>
</td>
<td nowrap=”nowrap” style=”width:39.5pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”53″>
<p style=”text-align:justify;line-height:150%”>0.083264</p>
</td>
<td nowrap=”nowrap” style=”width:52.2pt;padding:0in 5.4pt 0in 5.4pt; height:15.2pt” valign=”bottom” width=”70″>
<p style=”text-a