3 Standard Deviation of returns: DEF Weighted State of the Probability of Squared Economic DEF Return | Difference* Economy Difference State Boom 0.15 Steady 0.65 Recession 0.20 * between DEF return and DEF expected return - for each economic state Variance: Std Dev: 4 Standard Deviation of returns: GHI Weighted State of the Probability of Economic Squared GHI Return Difference* Economy Difference State Boom 0.15 Steady 0.65 Recession 0.20 * between GHI return and GHI expected return - for each economic state Variance: Std Dev DEF 45% GHI 40% 3 Standard Deviation of returns: DEF Weighted State of the Probability of Squared Economic DEF Return | Difference* Economy Difference State Boom 0.15 Steady 0.65 Recession 0.20 * between DEF return and DEF expected return - for each economic state Variance: Std Dev: 4 Standard Deviation of returns: GHI Weighted State of the Probability of Economic Squared GHI Return Difference* Economy Difference State Boom 0.15 Steady 0.65 Recession 0.20 * between GHI return and GHI expected return - for each economic state Variance: Std Dev DEF 45% GHI 40%