A. What percentage of Walmart's Total Return Risk is non-systematic, firm-specific risk for the most recent 36 month regression you performed in estimating Beta? (round to the nearest tenth of a percent. State this in the following form: 23.02% would be written as 23.02 below)

B. The estimated Walmart Beta for the most recent 36 months would be computed as: (round to the nearest .01)

Dividend 0.53 0.53 0.53 0.52 0.52 0.52 0.52 Month Count 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Date Close Sep-2019 118.68 Aug-2019 114.26 Jul-2019 110.38 Jun-2019 110.49 May-2019 101.44 Apr-2019 102.84 Mar-2019 97.53 Feb-2019 98.99 Jan-2019 95.83 Dec-2018 93.15 Nov-2018 97.65 Oct-2018 100.28 Sep-2018 93.91 Aug-2018 95.86 Jul-2018 89.23 Jun-2018 85.65 May-2018 82.54 Apr-2018 88.46 Mar-2018 88.97 Feb-2018 90.01 Jan-2018 106.60 Dec-2017 98.75 Nov-2017 97.23 Oct-2017 87.31 Sep-2017 78.14 Aug-2017 78.07 Jul-2017 79.99 Jun-2017 75.68 May-2017 78.60 Apr-2017 75.18 Mar-2017 72.08 Feb-2017 70.93 Jan-2017 66.74 Dec-2016 69.12 Nov-2016 70.43 Oct-2016 70.02 Sep-2016 72.12 Aug-2016 71.44 Jul-2016 72.97 Jun-2016 73.02 Monthly Return- WMT 0.0387 0.0400 (0.0010) 0.0892 (0.0085) 0.0544 (0.0094) 0.0330 0.0288 (0.0408) (0.0262) 0.0678 (0.0203) 0.0801 0.0418 0.0377 (0.0610) (0.0057) (0.0058) (0.1556) 0.0795 0.0209 0.1136 0.1174 0.0009 (0.0176) 0.0570 (0.0372) 0.0523 0.0430 0.0234 0.0628 (0.0344) (0.0115) 0.0059 (0.0291) 0.0095 (0.0141) (0.0007) 0.0316 Monthly MRP 0.0155 (0.0197) 0.0112 0.0670 (0.0680) 0.0370 0.0156 0.0273 0.0763 (0.0943) 0.0151 (0.0721) 0.0017 0.0278 0.0336 0.0024 0.0191 0.0003 (0.0294) (0.0415) 0.0539 0.0322 0.0016 0.0200 0.0172 (0.0016) 0.0171 0.0027 0.0093 0.0069 (0.0027) 0.0349 0.0156 0.0158 0.0321 (0.0212) (0.0029) (0.0028) 0.0341 (0.0008) Monthly Return- SP500 0.0172 (0.0181) 0.0131 0.0689 (0.0658) 0.0393 0.0179 0.0297 0.0787 (0.0918) 0.0179 (0.0694) 0.0043 0.0303 0.0360 0.0048 0.0216 0.0027 (0.0269) (0.0389) 0.0562 0.0343 0.0037 0.0222 0.0193 0.0005 0.0193 0.0048 0.0116 0.0091 (0.0004) 0.0372 0.0179 0.0182 0.0342 (0.0194) (0.0012) (0.0012) 0.0356 0.0009 Monthly Return-Rf 20yr 0.00164 0.00159 0.00197 0.00197 0.00219 0.00230 0.00233 0.00239 0.00241 0.00248 0.00273 0.00273 0.00257 0.00248 0.00245 0.00248 0.00254 0.00247 0.00248 0.00252 0.00228 0.00217 0.00217 0.00221 0.00211 0.00213 0.00221 0.00212 0.00225 0.00223 0.00236 0.00230 0.00229 0.00237 0.00212 0.00181 0.00168 0.00158 0.00152 0.00168 0.51 0.51 0.51 0.51 0.5 0.5 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 May-2016 Apr-2016 Mar-2016 Feb-2016 Jan-2016 Dec-2015 Nov-2015 Oct-2015 Sep-2015 Aug-2015 Jul-2015 Jun-2015 May-2015 Apr-2015 Mar-2015 Feb-2015 Jan-2015 Dec-2014 Nov-2014 Oct-2014 Sep-2014 Aug-2014 Jul-2014 Jun-2014 May-2014 Apr-2014 Mar-2014 Feb-2014 Jan-2014 Dec-2013 Nov-2013 Oct-2013 Sep-2013 Aug-2013 Jul-2013 Jun-2013 May-2013 Apr-2013 Mar-2013 Feb-2013 Jan-2013 Dec-2012 Nov-2012 70.78 66.87 68.49 66.34 66.36 61.30 58.84 57.24 64.84 64.73 71.98 70.93 74.27 78.05 82.25 83.93 84.98 85.88 87.54 76.27 76.47 75.50 73.58 75.07 76.77 79.71 76.43 74.70 74.68 78.69 81.01 76.75 73.96 72.98 77.94 74.49 74.84 77.72 74.83 70.78 69.95 68.23 72.02 0.5 0.0659 (0.0237) 0.5 0.0399 (0.0003) 0.0825 0.49 0.0501 0.0280 (0.1172) 0.0017 0.49 (0.0939) 0.0148 (0.0450) 0.49 (0.0422) (0.0511) 0.49 (0.0142) (0.0124) (0.0105) 0.48 (0.0135) 0.1478 (0.0026) 0.0128 0.48 0.0326 (0.0198) (0.0221) 0.48 (0.0309) 0.0429 0.48 0.0296 0.0003 (0.0510) 0.47 (0.0228) 0.0555 0.0377 0.0134 0.47 (0.0576) 0.0463 (0.0047) 0.47 (0.0310) 0.0386 0.47 0.0639 0.0119 0.0252 0.398 (0.0471) (0.0400) 0.0135 0.0009 0.0641 (0.0060) (0.0528) (0.0197) (0.0017) 0.0809 (0.0286) (0.0647) 0.0174 (0.0234) 0.0082 0.0066 (0.0194) 0.0529 (0.0329) (0.0063) 0.0222 0.0209 (0.0180) 0.0352 (0.0176) 0.0164 0.0184 0.0035 0.0041 0.0403 (0.0385) 0.0205 0.0251 0.0418 0.0268 (0.0342) 0.0467 (0.0176) 0.0185 0.0160 0.0337 0.0087 0.0482 0.0050 0.0009 0.0153 0.0027 0.0660 (0.0041) (0.0507) (0.0175) 0.0005 0.0830 (0.0264) (0.0626) 0.0197 (0.0210) 0.0105 0.0085 (0.0174) 0.0549 (0.0310) (0.0042) 0.0245 0.0232 (0.0155) 0.0377 (0.0151) 0.0191 0.0210 0.0062 0.0069 0.0431 (0.0356) 0.0236 0.0280 0.0446 0.0297 (0.0313) 0.0495 (0.0150) 0.0208 0.0181 0.0360 0.0111 0.0504 0.0071 0.0028 0.00185 0.00184 0.00190 0.00183 0.00208 0.00218 0.00224 0.00208 0.00218 0.00213 0.00231 0.00238 0.00224 0.00194 0.00201 0.00195 0.00183 0.00213 0.00230 0.00231 0.00251 0.00245 0.00256 0.00263 0.00260 0.00273 0.00279 0.00282 0.00293 0.00303 0.00292 0.00282 0.00294 0.00291 0.00276 0.00256 0.00228 0.00213 0.00232 0.00232 0.00223 0.00206 0.00199 83 84 85 86 87 88 89 90 91 92 93 94 95 Nov-2012 Oct-2012 Sep-2012 Aug-2012 Jul-2012 Jun-2012 May-2012 Apr-2012 Mar-2012 Feb-2012 Jan-2012 Dec-2011 Nov-2011 Oct-2011 72.02 75.02 73.80 72.60 74.43 69.72 65.82 58.91 61.20 59.08 61.36 59.76 58.90 56.72 (0.0400) 0.0165 0.0165 0.398 (0.0192) 0.0676 0.0593 0.398 0.1241 (0.0374) 0.398 0.0426 (0.0372) 0.0268 0.365 0.0208 0.0384 0.0009 (0.0219) 0.0222 0.0178 0.0107 0.0376 (0.0648) (0.0098) 0.0289 0.0383 0.0413 0.0063 (0.0023) 0.0028 0.00199 (0.0198) 0.00209 0.0242 0.00208 0.0198 0.00200 0.0126 0.00185 0.0396 0.00193 (0.0627) 0.00211 (0.0075) 0.00235 0.0313 0.00245 0.0406 0.00229 0.0436 0.00225 0.0085 0.00223 0.00227 Dividend 0.53 0.53 0.53 0.52 0.52 0.52 0.52 Month Count 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Date Close Sep-2019 118.68 Aug-2019 114.26 Jul-2019 110.38 Jun-2019 110.49 May-2019 101.44 Apr-2019 102.84 Mar-2019 97.53 Feb-2019 98.99 Jan-2019 95.83 Dec-2018 93.15 Nov-2018 97.65 Oct-2018 100.28 Sep-2018 93.91 Aug-2018 95.86 Jul-2018 89.23 Jun-2018 85.65 May-2018 82.54 Apr-2018 88.46 Mar-2018 88.97 Feb-2018 90.01 Jan-2018 106.60 Dec-2017 98.75 Nov-2017 97.23 Oct-2017 87.31 Sep-2017 78.14 Aug-2017 78.07 Jul-2017 79.99 Jun-2017 75.68 May-2017 78.60 Apr-2017 75.18 Mar-2017 72.08 Feb-2017 70.93 Jan-2017 66.74 Dec-2016 69.12 Nov-2016 70.43 Oct-2016 70.02 Sep-2016 72.12 Aug-2016 71.44 Jul-2016 72.97 Jun-2016 73.02 Monthly Return- WMT 0.0387 0.0400 (0.0010) 0.0892 (0.0085) 0.0544 (0.0094) 0.0330 0.0288 (0.0408) (0.0262) 0.0678 (0.0203) 0.0801 0.0418 0.0377 (0.0610) (0.0057) (0.0058) (0.1556) 0.0795 0.0209 0.1136 0.1174 0.0009 (0.0176) 0.0570 (0.0372) 0.0523 0.0430 0.0234 0.0628 (0.0344) (0.0115) 0.0059 (0.0291) 0.0095 (0.0141) (0.0007) 0.0316 Monthly MRP 0.0155 (0.0197) 0.0112 0.0670 (0.0680) 0.0370 0.0156 0.0273 0.0763 (0.0943) 0.0151 (0.0721) 0.0017 0.0278 0.0336 0.0024 0.0191 0.0003 (0.0294) (0.0415) 0.0539 0.0322 0.0016 0.0200 0.0172 (0.0016) 0.0171 0.0027 0.0093 0.0069 (0.0027) 0.0349 0.0156 0.0158 0.0321 (0.0212) (0.0029) (0.0028) 0.0341 (0.0008) Monthly Return- SP500 0.0172 (0.0181) 0.0131 0.0689 (0.0658) 0.0393 0.0179 0.0297 0.0787 (0.0918) 0.0179 (0.0694) 0.0043 0.0303 0.0360 0.0048 0.0216 0.0027 (0.0269) (0.0389) 0.0562 0.0343 0.0037 0.0222 0.0193 0.0005 0.0193 0.0048 0.0116 0.0091 (0.0004) 0.0372 0.0179 0.0182 0.0342 (0.0194) (0.0012) (0.0012) 0.0356 0.0009 Monthly Return-Rf 20yr 0.00164 0.00159 0.00197 0.00197 0.00219 0.00230 0.00233 0.00239 0.00241 0.00248 0.00273 0.00273 0.00257 0.00248 0.00245 0.00248 0.00254 0.00247 0.00248 0.00252 0.00228 0.00217 0.00217 0.00221 0.00211 0.00213 0.00221 0.00212 0.00225 0.00223 0.00236 0.00230 0.00229 0.00237 0.00212 0.00181 0.00168 0.00158 0.00152 0.00168 0.51 0.51 0.51 0.51 0.5 0.5 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 May-2016 Apr-2016 Mar-2016 Feb-2016 Jan-2016 Dec-2015 Nov-2015 Oct-2015 Sep-2015 Aug-2015 Jul-2015 Jun-2015 May-2015 Apr-2015 Mar-2015 Feb-2015 Jan-2015 Dec-2014 Nov-2014 Oct-2014 Sep-2014 Aug-2014 Jul-2014 Jun-2014 May-2014 Apr-2014 Mar-2014 Feb-2014 Jan-2014 Dec-2013 Nov-2013 Oct-2013 Sep-2013 Aug-2013 Jul-2013 Jun-2013 May-2013 Apr-2013 Mar-2013 Feb-2013 Jan-2013 Dec-2012 Nov-2012 70.78 66.87 68.49 66.34 66.36 61.30 58.84 57.24 64.84 64.73 71.98 70.93 74.27 78.05 82.25 83.93 84.98 85.88 87.54 76.27 76.47 75.50 73.58 75.07 76.77 79.71 76.43 74.70 74.68 78.69 81.01 76.75 73.96 72.98 77.94 74.49 74.84 77.72 74.83 70.78 69.95 68.23 72.02 0.5 0.0659 (0.0237) 0.5 0.0399 (0.0003) 0.0825 0.49 0.0501 0.0280 (0.1172) 0.0017 0.49 (0.0939) 0.0148 (0.0450) 0.49 (0.0422) (0.0511) 0.49 (0.0142) (0.0124) (0.0105) 0.48 (0.0135) 0.1478 (0.0026) 0.0128 0.48 0.0326 (0.0198) (0.0221) 0.48 (0.0309) 0.0429 0.48 0.0296 0.0003 (0.0510) 0.47 (0.0228) 0.0555 0.0377 0.0134 0.47 (0.0576) 0.0463 (0.0047) 0.47 (0.0310) 0.0386 0.47 0.0639 0.0119 0.0252 0.398 (0.0471) (0.0400) 0.0135 0.0009 0.0641 (0.0060) (0.0528) (0.0197) (0.0017) 0.0809 (0.0286) (0.0647) 0.0174 (0.0234) 0.0082 0.0066 (0.0194) 0.0529 (0.0329) (0.0063) 0.0222 0.0209 (0.0180) 0.0352 (0.0176) 0.0164 0.0184 0.0035 0.0041 0.0403 (0.0385) 0.0205 0.0251 0.0418 0.0268 (0.0342) 0.0467 (0.0176) 0.0185 0.0160 0.0337 0.0087 0.0482 0.0050 0.0009 0.0153 0.0027 0.0660 (0.0041) (0.0507) (0.0175) 0.0005 0.0830 (0.0264) (0.0626) 0.0197 (0.0210) 0.0105 0.0085 (0.0174) 0.0549 (0.0310) (0.0042) 0.0245 0.0232 (0.0155) 0.0377 (0.0151) 0.0191 0.0210 0.0062 0.0069 0.0431 (0.0356) 0.0236 0.0280 0.0446 0.0297 (0.0313) 0.0495 (0.0150) 0.0208 0.0181 0.0360 0.0111 0.0504 0.0071 0.0028 0.00185 0.00184 0.00190 0.00183 0.00208 0.00218 0.00224 0.00208 0.00218 0.00213 0.00231 0.00238 0.00224 0.00194 0.00201 0.00195 0.00183 0.00213 0.00230 0.00231 0.00251 0.00245 0.00256 0.00263 0.00260 0.00273 0.00279 0.00282 0.00293 0.00303 0.00292 0.00282 0.00294 0.00291 0.00276 0.00256 0.00228 0.00213 0.00232 0.00232 0.00223 0.00206 0.00199 83 84 85 86 87 88 89 90 91 92 93 94 95 Nov-2012 Oct-2012 Sep-2012 Aug-2012 Jul-2012 Jun-2012 May-2012 Apr-2012 Mar-2012 Feb-2012 Jan-2012 Dec-2011 Nov-2011 Oct-2011 72.02 75.02 73.80 72.60 74.43 69.72 65.82 58.91 61.20 59.08 61.36 59.76 58.90 56.72 (0.0400) 0.0165 0.0165 0.398 (0.0192) 0.0676 0.0593 0.398 0.1241 (0.0374) 0.398 0.0426 (0.0372) 0.0268 0.365 0.0208 0.0384 0.0009 (0.0219) 0.0222 0.0178 0.0107 0.0376 (0.0648) (0.0098) 0.0289 0.0383 0.0413 0.0063 (0.0023) 0.0028 0.00199 (0.0198) 0.00209 0.0242 0.00208 0.0198 0.00200 0.0126 0.00185 0.0396 0.00193 (0.0627) 0.00211 (0.0075) 0.00235 0.0313 0.00245 0.0406 0.00229 0.0436 0.00225 0.0085 0.00223 0.00227