Ending price

144.8
132.6
130.4
132.2
127.9
140.2
142.7
161.9
157.1
161.5
168.1
141.9
144
233.6
217.4
214.2
219.9
236
232.7
200.4
195.1
171.99
174.4
201.6

beginning price

2008 jan

2009 jan

207.3
216.8
225.4
213.8
243.5
195.9
229.4
272.1
277.7
309.5
345.8
354.4

212.2
220.4
213.2
250
195.5
223.4
266.8
276.3
290.6
328
348.7
409.4

2010 jan

432.1
487.6
52.6
488.3
462.9
522.6
527.7
656.5
684.3
707.7
746.3
756.1

486.4
521.4
487.7
467.4
515.7
526
667.4
679.1
697.4
751.5
753.2
716.5

2011jan

706.1
692.1
591.1
658.5
595
628.3
627.3
602.2
589.1
616.7
590.9
608.3

699.3
549.9
667.7
589.7
628
630.9
603.8
590
614.7
578
604.9
626.3

2012 jan

626.8
541.7
621.9
581.1
593.7
598.5
593.1
637.6
681.8
752.7
795.3
883.3

560.5
636.9
584.7
592.3
605.2
600.4
636.5
681.8
747.8
799.3
892.6
839.5

Expected return of BAT B

Standard deviation of BAT B

2008 jan

beginning price
ending
3008.01
2890.25
2915.72
3025.57
3101.94
3207.89

price
2907.17
2931.38
3016.49
3072.85
3167.99
3000.5

2009 jan

2010 jan

2011 jan

2012

3029.24
2689.94
2820.79
3001.37
2684.69
2517.05
2807.61
2661.69
2626.27
2443.25
2539.17
2597
3069.71
2941.02
2950.12
3123.24
3392.02
4424.02
4568.4
5451.15
5567.4
5594.33
5631.3
6152.39
6217.08
6436.77
6774.87
7223.49
7947.8
8723.18
8304.59
7280.98
5601.6
6447.01
5990.38
5668.68
6157.52
6367.6
6193.08
5901.74
5205.17
5236.76
5401.03
3887.18
4553.77

2761.05
2791.21
2966.82
2748.6
2468.92
2795.34
2649.49
2570.96
2446.92
2554.36
2572.18
3010.26
2914.53
2941.28
3083.89
3364.26
4380.95
4535.53
5367.11
5560.56
5582.33
5654.88
6107.81
6153.68
6342.76
6657.97
7097.38
7957.12
8602.44
8390.41
7484.23
5203.08
6352.1
6050.85
5758.26
6117.23
6459.62
6212
5901.74
5036.5
5268.55
5257.61
4153.96
4695.41
4990.32

5122.23
5198.73
4855.36
4383.75
4118.42
4452.89
4589.34
4484.99
4157.5
avarage monthly market returm
standard deviation of market

5098.9
4734.33
4572.88
4159.17
4446.87
4544.41
4493.92
4210.58
4219.31

2008

dividend
0.7
0.7
0.7
0.7
0.7
0.7
0.7
0.7
0.7
0.7
0.7
0.7

January
February
March
April
May
June
July
August
September
October
November
December

2009
2.4
2.4
2.4
2.4
2.4
2.4
2.4
2.4
2.4
2.4
2.4
2.4

January
February
March
April
May
June
July
August
September
October
November
December

2010
3
3
3
3
3
3
3
3
3
3
3
3

January
February
March
April
May
June
July
August
September
October
November
December

2011
4.3
4.3
4.3
4.3
4.3
4.3
4.3
4.3
4.3
4.3
4.3
4.3

January
February
March
April
May
June
July
August
September
October
November
December

2012
3.7
3.7
3.7
3.7
3.7
3.7
3.7
3.7
3.7
3.7
3.7
3.7

monthly return
-3.3523824721
1.4230602889
3.4560931777
1.5626807511
2.1293126237
-6.4649972412

January
February
March
April
May
June
July
August
September
October
November
December

-8.8533757642
3.7647679874
5.1769185228
-8.4218207019
-8.0370545575
11.0561967382
-5.6318363305
-3.4087365546
-6.8290769799
4.5476312289
1.3000311125
15.9129765114
-5.0552006541
0.0088404703
4.5343918213
7.7169862066
29.1546040412
2.5205582253
17.4833639786
2.0070994194
0.2681682653
1.0823458752
8.4618116598
0.0209674614
2.0215277912
3.436506198
4.7603865462
10.1561710475
8.2367447596
-3.8147785555
-9.8783925516
-28.538740664
13.3979577264
-6.1448640533
-3.87487939
7.9127768722
4.906196001
-2.4436208305
-4.7042828447
-14.6607610637
1.2176355431
0.3981469458
-23.0894847835
20.7921938269
9.5865623428

-0.4554656858
-8.9329509322
-5.8179002175
-5.1230111206
7.9751458083
2.0552944268
-2.0791660675
-6.1184082908
1.4867107637
0.6699595777
9.3367421127

Monthly returm of BAT B Monthly market return

-7.9419889503
1.9171779141
10.164190774
13.9453398739
3.2463399109
-15.1695419393
62.7083333333
-1.1499540018
7.6398362892
-13.579716373
-11.4864172219
15.997706422

-3.3523824721
1.4230602889
3.4560931777
1.5626807511
2.1293126237
-6.4649972412
-8.8533757642
3.7647679874
5.1769185228
-8.4218207019
-8.0370545575
11.0561967382

Monthly returm of BAT B Monthly market return

3.5214664737
2.7675276753
-4.347826087
18.0542563143
-18.726899384
15.2628892292
17.3496076722
2.4255788313
5.5095426719
6.7528271405
1.5326778485
16.1963882619

-5.6318363305
-3.4087365546
-6.8290769799
4.5476312289
1.3000311125
15.9129765114
-5.0552006541
0.0088404703
4.5343918213
7.7169862066
29.1546040412
2.5205582253

Monthly returm of BAT B Monthly market return

13.2608192548
7.5471698113
832.8897338403
-3.6657792341
12.0544394038
1.2246460008
27.041879856
3.8994668698
2.3527692533
6.6129715981
1.3265442851
-4.8406295464

17.4833639786
2.0070994194
0.2681682653
1.0823458752
8.4618116598
0.0209674614
2.0215277912
3.436506198
4.7603865462
10.1561710475
8.2367447596
-3.8147785555

Monthly returm of BAT B Monthly market return

-0.3540574989
-19.9248663488
13.6863474877
-9.7949886105
6.268907563
1.0982014961
-3.0607364897
-1.3118565261
5.0755389577
-5.5780768607
3.0969707226
3.6659542989

-9.8783925516
-28.538740664
13.3979577264
-6.1448640533
-3.87487939
7.9127768722
4.906196001
-2.4436208305
-4.7042828447
-14.6607610637
1.2176355431
0.3981469458

Monthly returm of BAT B Monthly market return

-9.9872367581
18.25733801
-5.3867181219
2.5641025641
2.5602155971
0.9356725146
7.9413252403
7.5125470514
10.2229392784
6.6826092733
12.69961021
-4.5397939545
17.9103887195

107.6857078347

-23.0894847835
20.7921938269
9.5865623428
-0.4554656858
-8.9329509322
-5.8179002175
-5.1230111206
7.9751458083
2.0552944268
-2.0791660675
-6.1184082908
1.4867107637