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THE STATE OF SOUTH CAROLINA

Harvard Business School Case 9-201-061Case Software 2-201-715 (2nd Edition)Copyright © 2000 by the President and Fellows of Harvard CollegeThis case was prepared as the basis for class discussion rather than toillustrate either effective or ineffective handling of an administrative situation.

Year Inflation Treasury Bills Treasury Bonds Corporate Bonds Common Stocks

1926 -1.49 3.27 7.77 7.37 11.621927 -2.08 3.12 8.93 7.44 37.491928 -0.97 3.56 0.1 2.84 43.611929 0.2 4.75 3.42 3.27 -8.421930 -6.03 2.41 4.66 7.98 -24.91931 -9.52 1.07 -5.31 -18.5 -43.341932 -10.3 0.96 16.84 10.82 -8.191933 0.51 0.3 -0.07 10.38 53.991934 2.03 16 10.03 13.84 -1.441935 2.99 0.17 4.98 9.16 47.671936 1.21 0.18 7.52 6.74 33.921937 3.1 0.31 0.23 2.75 -35.031938 -2.78 -0.02 5.53 6.13 31.121939 -0.48 0.02 4.52 3.97 -0.411940 0.96 0 2.96 3.39 -9.781941 9.72 0.06 0.93 2.73 -11.591942 9.29 0.27 3.22 2.6 20.341943 3.16 0.35 2.08 2.83 25.91944 2.11 0.33 2.81 4.73 19.751945 2.25 0.33 10.73 4.08 36.441946 18.16 0.35 -0.1 1.72 -8.071947 9.01 0.5 -2.62 -2.34 5.711948 2.71 0.81 3.4 4.14 5.51949 -1.8 1.1 6.45 3.31 18.791950 5.79 1.2 0.06 2.12 31.711951 5.87 1.49 -3.93 -2.69 24.021952 0.88 1.66 1.16 3.52 18.371953 0.62 1.82 3.64 3.41 -0.991954 -0.5 0.86 7.19 5.39 52.621955 0.37 1.57 -1.29 0.48 31.561956 2.86 2.46 -5.59 -6.81 6.561957 3.02 3.14 7.46 8.71 -10.781958 1.76 1.54 -6.09 -2.22 43.361959 1.5 2.95 -0.39 -0.97 11.961960 1.48 2.66 13.78 9.07 0.471961 0.67 2.13 0.97 4.82 26.891962 1.22 2.73 6.89 7.95 -8.731963 1.65 3.12 1.21 2.19 22.81964 1.19 3.54 3.51 4.77 16.481965 1.92 3.93 0.71 -0.46 12.451966 3.35 4.76 4.69 0.2 -10.061967 3.04 4.21 -9.18 -4.95 23.981968 4.72 5.21 -0.26 2.57 11.061969 6.11 6.58 -5.07 -8.09 -8.51970 5.49 6.52 12.11 18.37 4.011971 3.36 4.39 13.23 11.01 14.311972 3.41 3.84 5.69 7.26 18.981973 8.8 6.93 -1.11 1.14 -14.661974 12.2 8 4.35 -3.06 -26.47

Exhibit 1

Annual Total Returns 1926-1997 (in percent)

1975 7.01 5.8 9.2 14.64 37.21976 4.81 5.08 16.75 18.65 23.841977 6.77 5.12 -0.69 1.71 -7.181978 9.03 7.18 -1.18 -0.07 6.561979 13.31 10.38 -1.23 -4.18 18.441980 12.4 11.24 -3.95 -2.76 32.421981 8.94 14.71 1.86 -1.24 -4.911982 3.87 10.54 40.36 42.56 21.411983 3.8 8.8 0.65 6.26 22.511984 3.95 9.85 15.48 16.86 6.271985 3.77 7.72 30.97 30.09 32.161986 1.13 6.16 24.53 19.85 18.471987 4.41 5.47 -2.71 -0.27 5.231988 4.42 6.35 9.67 10.7 16.811989 4.65 8.37 18.11 16.23 31.491990 6.11 7.81 6.18 6.78 -3.171991 3.06 5.6 19.3 19.89 30.551992 2.9 3.51 8.05 9.39 7.671993 2.75 2.9 18.24 13.19 9.991994 2.67 3.9 -7.77 -5.76 1.311995 2.74 5.6 31.67 27.2 37.431996 3.32 5.21 -0.93 1.4 23.071997 1.7 5.26 15.88 12.95 33.36