1.

The performance of the HANGSENG gets stable after the month of JUNE, 2000 (the HKSE was demutualised on JUNE 2000 and price is 16155.78). The index is quite volatile in pre - demutualisation phase (i.e. before JUNE, 2000) and price is 15095.53. 2. The performance of the ASX gets stable after the month of OCTOBER, 1998(the BSE was demutualised on OCTOBER, 1998 and price is 2647.30). The index is quite volatile in pre-demutualisation phase (i.e. before OCTOBER, 1998) and price is 2762.10. 3. The performance of the DAX gets stable after the month of FEBRUARY, 2001(the BSE was demutualised on FEBRUARY, 2001 and price is 6208.24). The index is quite volatile in pre-demutualisation phase (i.e. before FEBRUARY, 2001) and price is 5188.17. 4. The performance of the DJIA gets stable after the month of MARCH, 2006(the BSE was demutualised on MARCH, 2006 and price is 11109.32). The index is quite volatile in pre-demutualisation phase (i.e. before MARCH, 2006) and price is 11679.07. 5. The performance of the FTSE gets stable after the month of JUNE, 2000(the BSE was demutualised on JUNE, 2000 and price is 6312.7). The index is quite volatile in pre-demutualisation phase (i.e. before JUNE, 2000) and price is 6222.5. 6. The performance of the CAC gets stable after the month of SEPTEMBER, 2000(the BSE was demutualised on SEPTEMBER 2000 and price is 6266.63). The index is quite volatile in pre-demutualisation phase (i.e. before SEPTEMBER, 2000) and price is 5180.45. 7. The performance of the NASDAQ gets stable after the month of APRIL, 2000(the BSE was demutualised on APRIL, 2000 and price is 3773.18). The index is quite volatile in pre-demutualisation phase (i.e. before APRIL, 2000) and price is 3282.3 8. The performance of the TSX gets stable after the month of JULY, 2000 (the BSE was demutualised on JULY, 2000 and price is 10406.75). The index is quite volatile in pre-demutualisation phase (i.e. before JULY, 2000) and price is 9128.87.

9. The performance of the NIKKEI gets stable after the month of JUNE, 2000(the BSE was demutualised on JUNE, 2000 and price is 1744.526). The index is quite volatile in pre-demutualisation phase (i.e. before JUNE, 2000) and price is 13785.69. 10. The performance of the SENSEX gets stable after the month of MAY, 2005(the BSE was demutualised on 19 MAY, 2005 and price is 6694.6). The index is quite volatile in pre-demutualisation phase (i.e. before MAY, 2005) and price is 6138.536. 11. For CAC, there is no correlation between pre demutualization period and post demutualization period 12. For DAX, there is no correlation between pre demutualization period and post demutualization period 13. For HANGSENG there is correlation between pre demutualization period and post demutualization period 14. For ASX, there is correlation between pre demutualization period and post demutualization period 15. For SENSEX, there is correlation between pre demutualization period and post demutualization period 16. FOR NIKKEI, there is correlation between pre demutualization period and post demutualization period 17. FOR NASDAQ, there is no correlation between pre demutualization period and post demutualization period 18. For DJIA, there is no correlation between pre demutualization period and post demutualization period 19. For TSX, there is no correlation between pre demutualization period and post demutualization period 20. For FTSE, there is no correlation between pre demutualization period and post demutualization period.