DATE

PIAA
RETURN
Jan-09
2.83
Feb-09
2.99
-0.84
Mar-09
4.5
0.51
Apr-09
3.94
-1.56
May-09
3.74
-1.2
Jun-09
3.32
-1.42
Jul-09
3.51
-0.81
Aug-09
3.14
-1.37
Sep-09
2.87
-1.27
Oct-09
2.68
-1.19
Nov-09
2.49
-1.19
Dec-09
2.61
-0.88
Jan-10
2.5
-1.11
Feb-10
2.83
-0.67
Mar-10
2.94
-0.89
Apr-10
2.88
-1.06
May-10
2.35
-1.53
Jun-10
2.75
-0.6
Jul-10
2.77
-0.98
Aug-10
2.1
-1.67
Sep-10
2.21
-0.89
Oct-10
2.32
-0.89
Nov-10
2.27
-1.05
Dec-10
2.26
-1.01
Jan-11
2.45
-0.81
Feb-11
2.43
-1.02
Mar-11
2.61
-0.82
Apr-11
2.47
-1.14
May-11
2.51
-0.96
Jun-11
2.87
-0.64
Jul-11
2.68
-1.19
Aug-11
2.49
-1.19
Sep-11
2.61
-0.88
Oct-11
2.5
-1.11
Nov-11
2
-1.5
Dec-11
1.97
-1.03
Jan-12
1.93
-1.04
Feb-12
2.04
-0.89
Mar-12
2.87
-0.17
Apr-12
2.29
-1.58
May-12
2.25
-1.04
Jun-12
2.2
-1.05
Jul-12
2.21
-0.99
Aug-12
2.62
-0.59
Sep-12
2.43
-1.19

Rs-Rsbar
0.171489
1.521489
-0.54851
-0.18851
-0.40851
0.201489
-0.35851
-0.25851
-0.17851
-0.17851
0.131489
-0.09851
0.341489
0.121489
-0.04851
-0.51851
0.411489
0.031489
-0.65851
0.121489
0.121489
-0.03851
0.001489
0.201489
-0.00851
0.191489
-0.12851
0.051489
0.371489
-0.17851
-0.17851
0.131489
-0.09851
-0.48851
-0.01851
-0.02851
0.121489
0.841489
-0.56851
-0.02851
-0.03851
0.021489
0.421489
-0.17851

(Rs-Rsbar)2
0.0294086
2.3149299
0.3008639
0.0355363
0.1668809
0.040598
0.1285299
0.0668278
0.031866
0.031866
0.0172895
0.0097043
0.116615
0.0147597
0.0023533
0.2688533
0.1693235
0.0009916
0.4336363
0.0147597
0.0147597
0.0014831
2.218E-06
0.040598
7.243E-05
0.0366682
0.016515
0.0026512
0.1380043
0.031866
0.031866
0.0172895
0.0097043
0.2386426
0.0003426
0.0008129
0.0147597
0.7081043
0.3232043
0.0008129
0.0014831
0.0004618
0.1776533
0.031866

Index
5,877.42
6,227.46
7,360.22
7,702.10
7,774.39
7,662.18
8,220.93
9,210.19
9,841.05
9,659.18
9,706.21
9,886.92
10,114.19
10,157.79
10,678.43
10,928.12
9,826.42
10,221.91
11,019.02
10,313.05
10,513.31
11,098.40
11,734.76
12,522.46
12,859.36
11,789.22
12,309.54
12,557.54
12,623.15
12,996.03
12,690.37
11,570.58
12,261.97
12,368.88
12,032.83
11,847.66
12,374.89
13,377.88
14,261.76
14,490.38
14,286.62
14,301.41
15,077.00
15,891.58
15,944.82

Rm
0.059557
0.181898
0.04645
0.009386
-0.01443
0.072923
0.120334
0.068496
-0.01848
0.004869
0.018618
0.022987
0.004311
0.051255
0.023383
-0.10081
0.040248
0.077981
-0.06407
0.019418
0.055652
0.057338
0.067125
0.026904
-0.08322
0.044135
0.020147
0.005225
0.029539
-0.02352
-0.08824
0.059754
0.008719
-0.02717
-0.01539
0.044501
0.08105
0.06607
0.01603
-0.01406
0.001035
0.054232
0.054028
0.00335

Rm-Rmbar
0.0385808
0.1609216
0.0254737
-0.01159
-0.035409
0.0519471
0.0993583
0.0475199
-0.039457
-0.016107
-0.002358
0.0020109
-0.016665
0.0302793
0.0024067
-0.121789
0.0192716
0.0570045
-0.085044
-0.001558
0.0346763
0.036362
0.0461494
0.0059277
-0.104195
0.0231592
-0.000829
-0.015751
0.0085634
-0.044495
-0.109215
0.0387781
-0.012257
-0.048145
-0.036365
0.0235248
0.0600744
0.0450943
-0.004946
-0.035038
-0.019941
0.0332557
0.033052
-0.017626

Oct-12
Nov-12
Dec-12

2.6
2.64
2.29

-0.83 0.181489
-0.96 0.051489
-1.35 -0.33851
-1.01149

0.0329384
0.0026512
0.1145895
0.1316042

16,410.11 0.029181 0.0082053

17,073.86 0.040448 0.0194716
14,490.38 -0.15131 -0.172288
0.020976

COV(Rs,RM)=(Rs-Rsbar)(Rm-Rmbar)/n

0.011229261

=squareroot(Rs-Rsbar)2/n

0.052915864

m2= (Rm-Rmbar)^2/47

0.003171398

=COV(Rs-Rm)/m2

3.540791725

Ke=Rf+(Rf-Rm)

0.039248181

Rf
(Rf-Rm)
(Rf-Rm)

0.025
0.004024
0.014248

(Rm-Rmbar)2 (Rs-Rsbar)(Rm-Rmbar)
0.001488475
0.025895763
0.00064891
0.000134334
0.001253817
0.002698503
0.009872077
0.002258139
0.001556834
0.000259437
5.56022E-06
4.0439E-06
0.000277729
0.000916833
5.79202E-06
0.014832635
0.000371396
0.003249518
0.007232533
2.42697E-06
0.001202447
0.001322195
0.002129764
3.51373E-05
0.010856546
0.000536351
6.87265E-07
0.000248102
7.33316E-05
0.001979848
0.011927991
0.001503745
0.000150238
0.002317939
0.001322393
0.000553415
0.003608937
0.002033493
2.44601E-05
0.001227643
0.000397634
0.001105943
0.001092435
0.000310668

0.006616189
0.244840511
-0.0139726
0.002184883
0.014465066
0.010466792
-0.035621017
-0.012284395
0.007043448
0.002875279
-0.000310054
-0.0001981
-0.005690994
0.003678607
-0.000116749
0.06314905
0.00793007
0.001795037
0.056002577
-0.000189265
0.004212804
-0.001400324
6.87331E-05
0.001194362
0.000886764
0.004434749
0.000106537
-0.000811021
0.003181208
0.007942917
0.0194961
0.005098914
0.001207461
0.023519336
0.000673134
-0.000670707
0.007298404
0.037946348
0.002811689
0.000998948
0.000767931
0.000714644
0.013931066
0.003146391

6.73265E-05
0.000379145
0.029683153
0.149055724

0.00148917
0.001002582
0.058321319
0.550233796