1-Assuming you can only invest in the S&P Composite Index or 3-month T-Bills (US Treasury Bills), create a decision rule for asset allocation based on the smoothed P/E ratio (i.e., invest 100% of your portfolio in the S&P Composite Index or 3-month T-Bills when the smoothed P/E ratio is above or below X). Calculate the return you would earn from such a strategy. How does this compare to the return on the S&P? Is this the correct benchmark (the S&P) for your strategy?

2- In recommending an asset allocation to the Board of UFs endowment, you will need a forecast of the expected (i.e., future) return for equities. Using the regression model you developed for the 10-year forward-looking S&P Composite Index returns and a current smoothed P/E ratio of 23 for August 2013, what is your forecast for the expected return?

S&P S&P S&P Real S&P Real S&P Real S&P Composite Composite Composite CPI Level Composite Composite Composite Index Price Dividends Earnings (Dec 31) Index Price Dividends Earnings (Dec 31) (Jan-Dec) (Jan-Dec) (Dec 31) (Jan-Dec) (Jan-Dec) Year 3-Mo. T- Bill Return (Annualize d) S&P Composite Annual Return (Nominal) Real S&P Real Composite Smoothed Annual P/Avg 10(E ) Real S&P 1-Year Forward- Looking Return Real S&P 5-Year Forward Looking Real S&P 10-Year Forward- Looking Return Year Return Return 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 8.90 8.83 10.58 12.65 13.40 17.53 24.86 21.71 15.98 8.30 7.09 10.54 9.26 13.76 17.59 11.31 12.50 12.30 0.53 0.55 0.60 0.69 0.77 0.85 0.97 0.98 0.82 0.50 0.44 0.45 0.47 0.72 0.80 0.51 0.62 0.98 0.93 1.25 1.24 1.11 1.38 1.61 0.97 0.61 0.41 0.44 0.49 0.76 1.02 1.13 0.64 0.90 16.90 17.30 17.30 17.90 17.70 17.30 17.10 17.20 16.10 14.60 13.10 13.20 13.40 13.80 14.00 14.40 14.00 14.00 120.91 117.19 140.41 162.26 173.82 232.65 333.79 289.80 227.89 130.53 124.26 183.33 158.66 228.94 288.48 180.33 205.00 201.72 6.62 6.87 7.24 8.42 9.61 10.73 12.18 13.14 12.13 8.24 7.20 7.25 7.35 11.11 12.00 7.87 9.56 13.01 12.34 16.03 16.09 14.73 18.53 21.49 13.83 9.59 7.19 7.65 8.40 12.64 16.73 18.02 10.50 14.76 5.17% 26.05% 25.24% 11.38% 36.57% 46.66% -8.77% -21.88% -42.93% -8.55% 54.87% -7.87% 53.67% 33.07% -31.15% 15.03% 3.36% 2.39% 25.68% 20.71% 12.31% 39.38% 48.09% -9.53% -16.83% -37.40% 1.52% 53.33% -9.50% 48.92% 30.86% -33.33% 18.04% 3.07% 25.68% 20.71% 12.31% 39.38% 48.09% -9.53% -16.83% -37.40% 1.52% 53.33% -9.50% 48.92% 30.86% -33.33% 18.04% 3.07% -9.75% 28.60% 20.41% 11.77% -0.56% -6.67% -6.02% -6.01% 5.60% 22.38% 12.51% 6.78% 9.59% -0.86% -9.54% -0.13% 0.13% 2.57% 9.93% 6.38% 8.64% 10.31% 2.47% 0.17% 1.49% 2.32% 5.22% 6.00% 3.40% 6.02% 5.00% -0.74% 2.77% 1.69% 3.20% 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 0.28% 0.17% 0.17% 0.28% 0.07% 0.05% 12.84 11.54 17.14 22.17 13.79 15.29 16.00 - 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 10.55 8.93 10.09 11.85 13.49 18.02 15.21 14.83 15.36 16.88 21.21 24.19 26.18 25.46 35.60 4.15 45.43 41.12 55.62 58.03 59.72 69.07 0.67 0.71 0.59 0.61 0.64 0.66 0.71 0.84 0.93 1.14 1.47 1.41 1.41 1.45 1.54 1.64 1.74 1.79 1.75 1.83 1.95 2.02 1.05 1.16 1.03 0.94 0.93 06 1.06 1.61 2.29 232 2.84 2.44 2.40 251 2.77 3.62 3.41 3.37 2.89 3.39 3.27 3.19 14.10 15.50 16.90 17.40 17.80 18.20 21.50 23.40 24.10 23.60 25.00 26.50 26.70 26.90 26.70 26.80 27.60 28.40 28.90 29.40 29.80 30.00 171.79 132.28 137.08 156.37 174.01 227.33 162.43 145.51 146.33 14.22 194.79 209.59 225.13 217.31 306.13 378.24 377.93 332.44 41.88 453.19 460.13 28.62 10.26 9.89 7.54 7.57 7.76 7.83 7.13 7.75 8.33 10.43 12.70 11.49 11.40 11.64 12.46 13.21 13.61 13.61 13.08 13.4 14.13 14.54 17.10 17.18 13.99 12.40 12.00 12.11 11.32 15.80 21.82 22.57 26.08 21.14 20.64 21.42 23.82 31.01 28.37 27.24 22.96 26.47 25.19 24.41 0.04% 0.13% 0.34% 0.38% 0.38% 0.38% 0.38% 0.60% 1.05% 1.12% 120% 1.52% 1.72% 1.89% 0.94% 1.73% 2.63% 3.23% 1.77% 3.39% 2.889 2.35% -8.78% -8.63% 19.60% 23.49% 19.24% 38.47% -11.65% 3.02% 9.84% 17.32% 34.36% 20.70% 14.06% 2.79% 45.88% 28.62% 6.84% -3.5% 39.52% 7.62% 6.27% 19.04% 9.75% -17.24% 9.33% 19.59% 16.25% 35.15% -25.41% -5.64% 6.29% 19.35% 26.35% 13.49% 12.86% 1.70% 46.61% 27.87% 3.52% -8.44% 36.86% 5.60% 4.65% 18.05% 14.40 10.79 10.53 11.42 12.28 15.4 11.22 10.44 10.67 11.06 12.46 12.68 13.30 12.36 16.56 19.23 17.53 14.29 18.10 18.48 18.47 21.29 -17.24% 9.33% 19.59% 16.25% 35.15% -25.41% -3.64% 6.29% 19.35% 26.35% 13.49% 12.86% 1.70% 46.61% 27.87% 3.52% -8.44% 36.86% 3.60% 4.65% 18.05% 4.189 11.19% 8.91% 3.75% 3.28% 3.83% 2.44% 11.41% 15.47% 14.46% 1926% 19.55% 17.37% 12.56% 19.45% 11.86% 7.47% 10.33% 1133% 8.24% 10.02% 10.97% 5.17% 6.73% 10.15% 10.50% 8.73% 11.28% 10.66% 14.35% 14.01% 16.93% 15.50% 13.33% 13.79% 11.95% 13.71% 10.94% 9.21% 7.72% 9.95% 7.12% 4.95% 4.60 3.86% 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 491.38 568.06 633.76 673.79 589.36 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 6.06 76.45 86.12 93.32 84.45 95.04 102.04 0.31 3.49 103.30 118.42 96.11 72.56 6.86 103.81 025 99.71 110.87 132.97 117.28 14.27 166.39 2.13 228 2.50 2.72 2.87 292 3.07 3.16 3.14 3.07 3.15 3.38 3.60 3.68 4.05 4.67 5.07 5.65 6.16 6.63 6.87 7.09 3.67 4.02 4.55 3.19 5.55 5.33 3.76 5.78 5.13 5.70 6.42 8.16 8.89 7.96 991 10.89 12.33 14.86 14.82 1536 12.64 14.03 30.40 30.90 31.20 31.80 32.90 33.90 35.50 37.70 39.80 41.10 42.50 46.20 51.90 55.50 58.20 62.10 67.70 76.70 86.30 94.00 97.60 101.30 643.70 659.96 550.01 539.33 577.08 639.75 477.64 321.00 400.71 409.53 333.68 338.16 331.89 353.77 286.46 339.39 377.13 15.13 15.93 17.30 18.47 18.84 18.60 18.68 18.10 17.04 16.13 16.01 15.80 14.98 14.32 15.03 16.24 16.17 15.91 15.41 15.23 15.20 15.11 27.72 29.87 33.48 37.47 38.73 36.10 37.25 35.20 29.59 31.84 34.68 40.55 39.33 3293 39.10 40.26 41.82 44.48 39.43 37.52 29.74 31.80 2.77% 3.16% 3.55% 3.95% 4.86% 4.31% 5.34% 6.67% 6.39% 4.33% 4.07% 7.03% 7.83% 5.78% 4.97% 5.27% 7.19% 10.07% 11.43% 14.03% 10.61% 8.61% 2.72% 21.01% 15.92% 11.52% -6.43% 16.00% 10.60% -8.40% 7.00% 13.78% 17.69% -15.99% -20.76% 38.56% 11.36% -8.56% 16.10% 16.86% 25.49% -6.81% 28.87% 20.25% 4.18% 18.85% 14.61% 9.23% 9.73% 12.38% 5.43% -13.92% 1.16% 9.99% 13.63% -22.87% -29.66% 29.29% 5.95% -14.56% 6.19% 2.85% 11.24% -14.72% 23.78% 15.57% 19.53 21.96 23.73 24.35 20.81 21.93 21.82 17.37 16.57 17.50 18.97 13.88 9.04 11.11 11.50 936 9.37 9.09 944 7.45 8.70 9.79 18.85% 14.61% 9.23% -9.73% 12.38% 5.43% -13.92% 1.16% 9.99% 13.63% -22.87% -29.66% 29.29% 5.95% -14.56% 6.19% 2.85% 11.24% -14.72% 23.78% 15.57% 3.31% 88.58% 6.01% 0.11% -1.41% 2.56% 2.79% -3.44% -7.26% -2.60% -3.32% -8.68% -2.65% 5.03% 1.92% -2.41% 5.10% 6.90% 6.99% 8.82% 18.28% 11.86% 11.29% 5.64% 1.17% -3.65% -2.01% -0.42% -3.12% -3.05% -1.31% -0.36% -2.87% -2.03% 2.01% 6.01% 5.31% 7.44% 8.43% 9.07% 10.51% 8.60% 13.05% 11.14% 10.43% 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 171.61 208.19 264.51 250.48 285.41 339.97 325.50 416.08 435.23 472.99 465.25 614.42 766.22 963.36 1248.77 142559 1330.93 1140 21 895.84 1080.64 1199.21 1262.07 7.53 70 88.28 8.81 9.73 11.05 12.10 12.20 12.38 12.58 13.18 13.79 14.90 15.50 16.20 16.69 16.27 15.74 16.07 17.39 19.44 22.22 16.4 14.61 14.48 17.50 23.76 22.87 21.34 15.91 19.09 21.88 30.60 33.96 38.73 39.72 37.70 48.17 50.00 24.9 27.59 48.74 58.55 69.93 105.30 109.30 110.50 115.40 120.50 126.10 133.80 137.90 141.90 145.80 149.70 153.50 158.60 161.30 163.90 168.30 174.00 176.70 180.90 184.30 190.30 196.80 374.19 437.33 549.61 498.36 543.82 619.01 558.56 692.77 704.22 744.85 713.57 919.03 1109.24 1371.29 1749.35 1944.84 1756.22 1481.57 1137.01 1346 26 1446.87 1472.42 15.44 15.61 16.18 16.49 17.44 18.92 19.53 19.11 18.84 18.63 19.01 19.40 20.29 20.75 21.34 21.42 20.19 19.24 19.18 20.38 22.06 24.38 36.28 30.69 30.09 34.82 45.27 41.64 36.62 26.49 30.89 34.46 46.93 50.80 36.07 6.54 52.81 5.72 66.98 32.08 35.02 0.72 70.64 81.59 9.32% 7.48% 5.98% 5.78% 6.67% 8.11% 7.49% 538% 3.43% 3.00% 425% 3.49% 5.01% 5.06% 4.78% 4.64% 5.82% 3.39% 1.60% 1.01% 1.37% 3.15% 7.66% 25.92% 31.03% -1.97% 17.83% 22 999% -0.70% 31.58% 7.58% 11.57% 1.15% 35.03% 27.13% 27.75% 31.31% 15.50 -3.50% -13.15% -20.02% 22.57% 12.77% 7.09% 3.31% 21.05% 29.37% -6.33% 12.62% 17.31% -6.61% 27.45% 4.37% 8.41% -1.65% 31.51% 22.90% 25.50% 29.13% 12.40% -8.66% -14.54% -21.96% 20.20% 9.11% 3.45% 9.94 11.71 14.81 13.76 15.25 17.19 15.63 19.54 20.51 21.62 20.55 25.68 29.34 33.94 41.09 4.89 38.40 30.44 23.10 27.12 27.68 26.95 21.05% 29.37% -6.33% 12.62% 17.31% -6.61% 27.45% 4.37% 8.41% -1.65% 31.31% 22.90% 25.50% 29.13% 12.40% -8.66% -14.54% -21.96% 20.20% 9.11% 3.45% 11.26% 14.15% 8.38% 8.05% 10.42% 9.58% 5.78% 13.28% 12.46% 16.68% 20.83% 24.10% 15.38% 7.29% -2.43% 3.82% -4.39% -1.98% 3.33% 9.04% 4.77% -2.07% -0.47% 9.89% 10.80% 10.23% 13.51% 15.07% 14.58% 14.32% 9.85% 6.70% 7.80% 8.93% 635% 3.29% 3.14% -4.30% -3.24% -1.23% 0.27% 4.23% 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 24.88 92.74 2006 -2.70% -0.37% 27.73 72.34 2007 28.39 2006 2007 2008 2009 2010 2011 2012 1416.42 1479.22 877.56 1110.38 12413 1243.32 1422.29 81.51 66.18 26.16 50.97 77.35 86.95 86.51 22.41 201.80 210.04 210.23 215.95 219.18 225.67 229.60 1611.55 1617.01 958.43 1180.57 13006 1264.97 1422.29 26.62 28.51 29.16 22.41 23.81 26.89 31.25 4.73% 4.35% 1.37% 0.15% 0.14% 0.05% 0.09% 28.57 4.19 81.03 8.46 6.51 14.20% 6.39% -38.75% 29.08% 13.86% 2.27% 16.91% 11.26% 2.11% -38.92% 25.52% 12.18% -0.67% 14.91% 27.92 26.34 15.22 19.50 21.90 20.77 21.38 2.11% -38.92% 25.52% 12.18% -0.67% 14.91% 22.73 26.43 31.25 2008 2009 2010 2011 2012 S&P S&P S&P Real S&P Real S&P Real S&P Composite Composite Composite CPI Level Composite Composite Composite Index Price Dividends Earnings (Dec 31) Index Price Dividends Earnings (Dec 31) (Jan-Dec) (Jan-Dec) (Dec 31) (Jan-Dec) (Jan-Dec) Year 3-Mo. T- Bill Return (Annualize d) S&P Composite Annual Return (Nominal) Real S&P Real Composite Smoothed Annual P/Avg 10(E ) Real S&P 1-Year Forward- Looking Return Real S&P 5-Year Forward Looking Real S&P 10-Year Forward- Looking Return Year Return Return 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 8.90 8.83 10.58 12.65 13.40 17.53 24.86 21.71 15.98 8.30 7.09 10.54 9.26 13.76 17.59 11.31 12.50 12.30 0.53 0.55 0.60 0.69 0.77 0.85 0.97 0.98 0.82 0.50 0.44 0.45 0.47 0.72 0.80 0.51 0.62 0.98 0.93 1.25 1.24 1.11 1.38 1.61 0.97 0.61 0.41 0.44 0.49 0.76 1.02 1.13 0.64 0.90 16.90 17.30 17.30 17.90 17.70 17.30 17.10 17.20 16.10 14.60 13.10 13.20 13.40 13.80 14.00 14.40 14.00 14.00 120.91 117.19 140.41 162.26 173.82 232.65 333.79 289.80 227.89 130.53 124.26 183.33 158.66 228.94 288.48 180.33 205.00 201.72 6.62 6.87 7.24 8.42 9.61 10.73 12.18 13.14 12.13 8.24 7.20 7.25 7.35 11.11 12.00 7.87 9.56 13.01 12.34 16.03 16.09 14.73 18.53 21.49 13.83 9.59 7.19 7.65 8.40 12.64 16.73 18.02 10.50 14.76 5.17% 26.05% 25.24% 11.38% 36.57% 46.66% -8.77% -21.88% -42.93% -8.55% 54.87% -7.87% 53.67% 33.07% -31.15% 15.03% 3.36% 2.39% 25.68% 20.71% 12.31% 39.38% 48.09% -9.53% -16.83% -37.40% 1.52% 53.33% -9.50% 48.92% 30.86% -33.33% 18.04% 3.07% 25.68% 20.71% 12.31% 39.38% 48.09% -9.53% -16.83% -37.40% 1.52% 53.33% -9.50% 48.92% 30.86% -33.33% 18.04% 3.07% -9.75% 28.60% 20.41% 11.77% -0.56% -6.67% -6.02% -6.01% 5.60% 22.38% 12.51% 6.78% 9.59% -0.86% -9.54% -0.13% 0.13% 2.57% 9.93% 6.38% 8.64% 10.31% 2.47% 0.17% 1.49% 2.32% 5.22% 6.00% 3.40% 6.02% 5.00% -0.74% 2.77% 1.69% 3.20% 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 0.28% 0.17% 0.17% 0.28% 0.07% 0.05% 12.84 11.54 17.14 22.17 13.79 15.29 16.00 - 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 10.55 8.93 10.09 11.85 13.49 18.02 15.21 14.83 15.36 16.88 21.21 24.19 26.18 25.46 35.60 4.15 45.43 41.12 55.62 58.03 59.72 69.07 0.67 0.71 0.59 0.61 0.64 0.66 0.71 0.84 0.93 1.14 1.47 1.41 1.41 1.45 1.54 1.64 1.74 1.79 1.75 1.83 1.95 2.02 1.05 1.16 1.03 0.94 0.93 06 1.06 1.61 2.29 232 2.84 2.44 2.40 251 2.77 3.62 3.41 3.37 2.89 3.39 3.27 3.19 14.10 15.50 16.90 17.40 17.80 18.20 21.50 23.40 24.10 23.60 25.00 26.50 26.70 26.90 26.70 26.80 27.60 28.40 28.90 29.40 29.80 30.00 171.79 132.28 137.08 156.37 174.01 227.33 162.43 145.51 146.33 14.22 194.79 209.59 225.13 217.31 306.13 378.24 377.93 332.44 41.88 453.19 460.13 28.62 10.26 9.89 7.54 7.57 7.76 7.83 7.13 7.75 8.33 10.43 12.70 11.49 11.40 11.64 12.46 13.21 13.61 13.61 13.08 13.4 14.13 14.54 17.10 17.18 13.99 12.40 12.00 12.11 11.32 15.80 21.82 22.57 26.08 21.14 20.64 21.42 23.82 31.01 28.37 27.24 22.96 26.47 25.19 24.41 0.04% 0.13% 0.34% 0.38% 0.38% 0.38% 0.38% 0.60% 1.05% 1.12% 120% 1.52% 1.72% 1.89% 0.94% 1.73% 2.63% 3.23% 1.77% 3.39% 2.889 2.35% -8.78% -8.63% 19.60% 23.49% 19.24% 38.47% -11.65% 3.02% 9.84% 17.32% 34.36% 20.70% 14.06% 2.79% 45.88% 28.62% 6.84% -3.5% 39.52% 7.62% 6.27% 19.04% 9.75% -17.24% 9.33% 19.59% 16.25% 35.15% -25.41% -5.64% 6.29% 19.35% 26.35% 13.49% 12.86% 1.70% 46.61% 27.87% 3.52% -8.44% 36.86% 5.60% 4.65% 18.05% 14.40 10.79 10.53 11.42 12.28 15.4 11.22 10.44 10.67 11.06 12.46 12.68 13.30 12.36 16.56 19.23 17.53 14.29 18.10 18.48 18.47 21.29 -17.24% 9.33% 19.59% 16.25% 35.15% -25.41% -3.64% 6.29% 19.35% 26.35% 13.49% 12.86% 1.70% 46.61% 27.87% 3.52% -8.44% 36.86% 3.60% 4.65% 18.05% 4.189 11.19% 8.91% 3.75% 3.28% 3.83% 2.44% 11.41% 15.47% 14.46% 1926% 19.55% 17.37% 12.56% 19.45% 11.86% 7.47% 10.33% 1133% 8.24% 10.02% 10.97% 5.17% 6.73% 10.15% 10.50% 8.73% 11.28% 10.66% 14.35% 14.01% 16.93% 15.50% 13.33% 13.79% 11.95% 13.71% 10.94% 9.21% 7.72% 9.95% 7.12% 4.95% 4.60 3.86% 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 491.38 568.06 633.76 673.79 589.36 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 6.06 76.45 86.12 93.32 84.45 95.04 102.04 0.31 3.49 103.30 118.42 96.11 72.56 6.86 103.81 025 99.71 110.87 132.97 117.28 14.27 166.39 2.13 228 2.50 2.72 2.87 292 3.07 3.16 3.14 3.07 3.15 3.38 3.60 3.68 4.05 4.67 5.07 5.65 6.16 6.63 6.87 7.09 3.67 4.02 4.55 3.19 5.55 5.33 3.76 5.78 5.13 5.70 6.42 8.16 8.89 7.96 991 10.89 12.33 14.86 14.82 1536 12.64 14.03 30.40 30.90 31.20 31.80 32.90 33.90 35.50 37.70 39.80 41.10 42.50 46.20 51.90 55.50 58.20 62.10 67.70 76.70 86.30 94.00 97.60 101.30 643.70 659.96 550.01 539.33 577.08 639.75 477.64 321.00 400.71 409.53 333.68 338.16 331.89 353.77 286.46 339.39 377.13 15.13 15.93 17.30 18.47 18.84 18.60 18.68 18.10 17.04 16.13 16.01 15.80 14.98 14.32 15.03 16.24 16.17 15.91 15.41 15.23 15.20 15.11 27.72 29.87 33.48 37.47 38.73 36.10 37.25 35.20 29.59 31.84 34.68 40.55 39.33 3293 39.10 40.26 41.82 44.48 39.43 37.52 29.74 31.80 2.77% 3.16% 3.55% 3.95% 4.86% 4.31% 5.34% 6.67% 6.39% 4.33% 4.07% 7.03% 7.83% 5.78% 4.97% 5.27% 7.19% 10.07% 11.43% 14.03% 10.61% 8.61% 2.72% 21.01% 15.92% 11.52% -6.43% 16.00% 10.60% -8.40% 7.00% 13.78% 17.69% -15.99% -20.76% 38.56% 11.36% -8.56% 16.10% 16.86% 25.49% -6.81% 28.87% 20.25% 4.18% 18.85% 14.61% 9.23% 9.73% 12.38% 5.43% -13.92% 1.16% 9.99% 13.63% -22.87% -29.66% 29.29% 5.95% -14.56% 6.19% 2.85% 11.24% -14.72% 23.78% 15.57% 19.53 21.96 23.73 24.35 20.81 21.93 21.82 17.37 16.57 17.50 18.97 13.88 9.04 11.11 11.50 936 9.37 9.09 944 7.45 8.70 9.79 18.85% 14.61% 9.23% -9.73% 12.38% 5.43% -13.92% 1.16% 9.99% 13.63% -22.87% -29.66% 29.29% 5.95% -14.56% 6.19% 2.85% 11.24% -14.72% 23.78% 15.57% 3.31% 88.58% 6.01% 0.11% -1.41% 2.56% 2.79% -3.44% -7.26% -2.60% -3.32% -8.68% -2.65% 5.03% 1.92% -2.41% 5.10% 6.90% 6.99% 8.82% 18.28% 11.86% 11.29% 5.64% 1.17% -3.65% -2.01% -0.42% -3.12% -3.05% -1.31% -0.36% -2.87% -2.03% 2.01% 6.01% 5.31% 7.44% 8.43% 9.07% 10.51% 8.60% 13.05% 11.14% 10.43% 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 171.61 208.19 264.51 250.48 285.41 339.97 325.50 416.08 435.23 472.99 465.25 614.42 766.22 963.36 1248.77 142559 1330.93 1140 21 895.84 1080.64 1199.21 1262.07 7.53 70 88.28 8.81 9.73 11.05 12.10 12.20 12.38 12.58 13.18 13.79 14.90 15.50 16.20 16.69 16.27 15.74 16.07 17.39 19.44 22.22 16.4 14.61 14.48 17.50 23.76 22.87 21.34 15.91 19.09 21.88 30.60 33.96 38.73 39.72 37.70 48.17 50.00 24.9 27.59 48.74 58.55 69.93 105.30 109.30 110.50 115.40 120.50 126.10 133.80 137.90 141.90 145.80 149.70 153.50 158.60 161.30 163.90 168.30 174.00 176.70 180.90 184.30 190.30 196.80 374.19 437.33 549.61 498.36 543.82 619.01 558.56 692.77 704.22 744.85 713.57 919.03 1109.24 1371.29 1749.35 1944.84 1756.22 1481.57 1137.01 1346 26 1446.87 1472.42 15.44 15.61 16.18 16.49 17.44 18.92 19.53 19.11 18.84 18.63 19.01 19.40 20.29 20.75 21.34 21.42 20.19 19.24 19.18 20.38 22.06 24.38 36.28 30.69 30.09 34.82 45.27 41.64 36.62 26.49 30.89 34.46 46.93 50.80 36.07 6.54 52.81 5.72 66.98 32.08 35.02 0.72 70.64 81.59 9.32% 7.48% 5.98% 5.78% 6.67% 8.11% 7.49% 538% 3.43% 3.00% 425% 3.49% 5.01% 5.06% 4.78% 4.64% 5.82% 3.39% 1.60% 1.01% 1.37% 3.15% 7.66% 25.92% 31.03% -1.97% 17.83% 22 999% -0.70% 31.58% 7.58% 11.57% 1.15% 35.03% 27.13% 27.75% 31.31% 15.50 -3.50% -13.15% -20.02% 22.57% 12.77% 7.09% 3.31% 21.05% 29.37% -6.33% 12.62% 17.31% -6.61% 27.45% 4.37% 8.41% -1.65% 31.51% 22.90% 25.50% 29.13% 12.40% -8.66% -14.54% -21.96% 20.20% 9.11% 3.45% 9.94 11.71 14.81 13.76 15.25 17.19 15.63 19.54 20.51 21.62 20.55 25.68 29.34 33.94 41.09 4.89 38.40 30.44 23.10 27.12 27.68 26.95 21.05% 29.37% -6.33% 12.62% 17.31% -6.61% 27.45% 4.37% 8.41% -1.65% 31.31% 22.90% 25.50% 29.13% 12.40% -8.66% -14.54% -21.96% 20.20% 9.11% 3.45% 11.26% 14.15% 8.38% 8.05% 10.42% 9.58% 5.78% 13.28% 12.46% 16.68% 20.83% 24.10% 15.38% 7.29% -2.43% 3.82% -4.39% -1.98% 3.33% 9.04% 4.77% -2.07% -0.47% 9.89% 10.80% 10.23% 13.51% 15.07% 14.58% 14.32% 9.85% 6.70% 7.80% 8.93% 635% 3.29% 3.14% -4.30% -3.24% -1.23% 0.27% 4.23% 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 24.88 92.74 2006 -2.70% -0.37% 27.73 72.34 2007 28.39 2006 2007 2008 2009 2010 2011 2012 1416.42 1479.22 877.56 1110.38 12413 1243.32 1422.29 81.51 66.18 26.16 50.97 77.35 86.95 86.51 22.41 201.80 210.04 210.23 215.95 219.18 225.67 229.60 1611.55 1617.01 958.43 1180.57 13006 1264.97 1422.29 26.62 28.51 29.16 22.41 23.81 26.89 31.25 4.73% 4.35% 1.37% 0.15% 0.14% 0.05% 0.09% 28.57 4.19 81.03 8.46 6.51 14.20% 6.39% -38.75% 29.08% 13.86% 2.27% 16.91% 11.26% 2.11% -38.92% 25.52% 12.18% -0.67% 14.91% 27.92 26.34 15.22 19.50 21.90 20.77 21.38 2.11% -38.92% 25.52% 12.18% -0.67% 14.91% 22.73 26.43 31.25 2008 2009 2010 2011 2012