Business Valuation Assignment

Determine the cost of capital for Golden Enterprises using the Build-up Method as of May 29, 2015.Estimate the various adjustments the best you can from the available resources.

Prepare a 1-2 page deliverable that includes a table documenting the build-up method and a short explanation explaining your assumptions. Please use Word not Excel.

-Determine net cash flow using direct method

-Estimate a growth rate

-Capitalized cash flows

2011 Ibbotson Risk Premia Over Time Report Estimates for 1926-2010 The information presented in the 2011 Ibbotson Risk Premia Over Time Report has been obtained with the greatest of care from sources believed to be reliable, but is not guaranteed to be complete, accurate or timely. Morningstar and its affiliated companies expressly disclaim any liability, including incidental or consequential damages, arising from the use of this publication or any errors or omissions that may be contained in it. 2011 Morningstar. All rights reserved. No part of this publication may be reproduced or used in any other form or by any other meansgraphic, electronic, or mechanical, including photocopying, recording, taping, or information storage and retrieval systemswithout Morningstar's prior, written permission. To obtain permission, please call Product Sales or write to the address below. Your request should specify the data or other information you wish to use and the manner in which you wish to use it. In addition, you will need to include copies of any charts, tables, and/or figures that you have created based on that information. There is a $1500 processing fee per request. There may be additional fees depending on your proposed usage. Published by: Morningstar, Inc. 22 W. Washington Street Chicago, Illinois 60602 Main (312) 696-6000 Product Sales (888) 298-3647 Fax (312) 696-6010 global.morningstar.com/DataPublications Page Introduction 1 Wealth Indices of Investments in the U.S. Capital Markets (1925-2010) 2 Summary Statistics of Annual Returns (1926-2010) Basic series CRSP size deciles 3 Key Variables in Estimating the Cost of Capital (year-end 2010) Riskless rates, equity risk premia, size premia, size breakpoints 4 Long-Horizon Equity Risk Premia (all historical time periods) Percent per annum arithmetic mean risk premia 5 Intermediate-Horizon Equity Risk Premia (all historical time periods) Percent per annum arithmetic mean risk premia 11 Short-Horizon Equity Risk Premia (all historical time periods) Percent per annum arithmetic mean risk premia 17 Mid-Cap Size Premia (all historical time periods) Percent per annum risk premia 23 Low-Cap Size Premia (all historical time periods) Percent per annum risk premia 29 Micro-Cap Size Premia (all historical time periods) Percent per annum risk premia 35 Introduction The 2011 Ibbotson Risk Premia Over Time Report contains data that summarizes the results of the capital markets for 2010, and features variables used to estimate the cost of capital. In addition, Tables A-1 through A-6 allow you to customize your analysis by selecting a particular start and end date for equity and size premia over any historical time period (1926-2010). Mid-cap equity size premia: Returns in excess of those predicted by beta for the portfolio of stocks represented by the 3-5 deciles of the New York Stock Exchange, American Stock Exchange, and Nasdaq National Market; current capitalization at or below $6,794 million, but greater than $1,776 million. Low-cap equity size premia: Returns in excess of those predicted by beta for the portfolio of stocks represented by the 6-8 deciles of the New York Stock Exchange, American Stock Exchange, and Nasdaq National Market; current capitalization at or below $1,776 million, but greater than $478 million. Each table consists of six pages and cover: Long-horizon equity risk premia Intermediate-horizon equity risk premia Short-horizon equity risk premia Mid-cap size premia Low-cap size premia Micro-cap size premia Micro-cap equity size premia: Returns in excess of those predicted by beta for the portfolio of stocks represented by the 9-10 deciles of the New York Stock Exchange, American Stock Exchange, and Nasdaq National Market; current capitalization below $478 million. Reading the Tables The top row of each table indicates the starting year and the left column indicates the ending year. To find any statistic for a given time period, find the intersection of start and end dates. Please note that we have constrained the beta and size premia tables to contain data only for five-year periods or longer. Again, each table consists of six pages of data. For additional information regarding Morningstar's cost of capital related products, please visit our web site at: global.morningstar.com/DataPublications 1 Expected risk premia are based on the differences of historical annual arithmetic mean return over the period selected Description of Data Long-horizon equity risk premia: Large company stock total returns minus long-term government bond income returns.1 2 For U.S. Treasury bills, the income return and total return are the same. Intermediate-horizon equity risk premia: Large company stock total returns minus intermediateterm government bond income returns.1 Short-horizon equity risk premia: Large company stock total returns minus U.S. Treasury bill total returns.1, 2 Copyright 2011 Morningstar, Inc. All rights reserved. 1 Wealth Indices of Investments in the U.S. Capital Markets Year-end 1925 = $1.00 From 1925 to 2010 Copyright 2011 Morningstar, Inc. All rights reserved. 2 Summary Statistics of Annual Returns : Basic Series (in percent) 2011 Ibbotson SBBI Valuation Yearbook: Table 2-1, page 23 From 1926 to 2010 Geometric Mean Arithmetic Mean Standard Deviation 9.9 4.1 5.5 11.9 4.1 7.5 20.4 1.6 19.7 Ibbotson Small Company Stocks Total Returns 12.1 16.7 32.6 Mid-Cap Stocks2, 5 Total Return Income Capital Appreciation 11.0 3.9 6.9 13.9 3.9 9.7 24.9 1.7 24.2 Low-Cap Stocks3, 5 Total Return Income Capital Appreciation 11.5 3.6 7.7 15.4 3.6 11.6 29.3 2.0 28.6 Micro-Cap Stocks4, 5 Total Return Income Capital Appreciation 12.3 2.5 9.7 18.4 2.5 15.7 39.0 1.7 38.4 Long-Term Corporate Bonds Total Return 5.9 6.2 8.3 Long-Term Government Bonds Total Return Income Capital Appreciation 5.5 5.1 0.1 5.9 5.2 0.5 9.5 2.7 8.4 Intermediate-Term Government Bonds Total Return Income Capital Appreciation 5.4 4.6 0.6 5.5 4.7 0.7 5.7 2.9 4.5 Treasury Bills Total Return 3.6 3.7 3.1 Inflation 3.0 3.1 4.2 Series Large Company Stocks Total Return1 Income Capital Appreciation 1 2 Total return is equal to the sum of three component returns: income return, capital appreciation return, and reinvestment return. Mid-Cap stocks are represented here by CRSP NYSE/AMEX/NASDAQ deciles 3-5. 3 Low-Cap stocks are represented here by CRSP NYSE/AMEX/NASDAQ deciles 6-8. Micro-Cap stocks are represented here by CRSP NYSE/AMEX/NASDAQ deciles 9-10. 5 Calculated (or Derived) based on data from CRSP US Stock Database and CRSP US Indices Database 2011 Center for Research in Security Prices (CRSP), The University of Chicago Booth School of Business. Used with permission. 4 Copyright 2011 Morningstar, Inc All rights reserved. 3 Key Variables in Estimating the Cost of Capital 2011 Ibbotson SBBI Valuation Yearbook: Appendix C, Table C-1 As of December 31, 2010 Yields (Riskless Rates) Long-term (20-year) U.S. Treasury Coupon Bond Yield 1 4.1% Equity Risk Premium Long-horizon expected equity risk premium (historical): Large company stock total returns minus long-term government bond income returns 2 Long-horizon expected equity risk premium (supply side): historical equity risk premium minus price-to-earnings ratio calculated using three-year average earnings 3 6.7% 6.0% Size Premia (market capitalization in millions) 4 Decile Mid-Cap (3-5) Low-Cap (6-8) Micro-Cap (9-10) Breakdown of Deciles 1-10 1-Largest 2 3 4 5 6 7 8 9 10-Smallest 15,273.943 6,895.258 3,714.445 2,512.137 1,778.756 1,214.679 772.795 478.102 235.725 1.222 - - - - - - - - - 314,622.574 15,079.529 6,793.876 3,710.985 2,509.152 1,775.966 1,212.290 771.789 477.539 235.647 -0.38 0.81 1.01 1.20 1.81 1.82 1.88 2.65 2.94 6.36 143.887 179.554 143.887 1.222 85.706 1.222 - - - - - - 235.647 235.647 179.316 143.379 143.379 85.670 4.55 3.99 4.96 10.06 9.15 12.06 Breakdown of the 10th Decile 10a 10w 10x 10b 10y 10z 1 Size Premium (Return in Excess of CAPM) 1.20% 1.98 4.07 Smallest Company $1778.756 478.102 1.222 Largest Company $6793.876 1775.966 477.539 - - - Maturity is approximate. 2 Expected risk premium for equities is based on the difference of historical arithmetic mean returns for 1926-2010. Large company stocks are represented by the S&P 500. A supply side equity risk premium estimate was first published in Ibbotson's 2004 SBBI Valuation Edition Yearbook. 4 Return in excess of CAPM estimation. Mid-Cap stocks are defined here as the aggregate of size-deciles 3-5 of the NYSE/AMEX/NASDAQ; Low-Cap stocks are defined here as the aggregate of size-deciles 6-8 of the NYSE/AMEX/NASDAQ; Micro-Cap stocks are defined here as the aggregate of size-deciles 9-10 of the NYSE/AMEX/NASDAQ. The betas used in CAPM estimation were estimated from CRSP NYSE/AMEX/NASDAQ decile portfolio monthly total returns in excess of the 30-day U.S. Treasury bill total return versus the S&P 500 total returns in excess of the 30-day U.S. Treasury bill, January 1926-December 2010. Calculated (or Derived) based on data from CRSP US Stock Database and CRSP US Indices Database 2011 Center for Research in Security Prices (CRSP), The University of Chicago Booth School of Business. Used with permission. 3 Copyright 2011 Morningstar, Inc. All rights reserved. 4 Long-Horizon Equity Risk Premia* (in percent) 2010 Ibbotson SBBI Valuation Yearbook: Appendix A, Table A-1 1926 1945 2010 1926 1970 from 1926 to 2010 2010 To the end of From\tthe beginning of 1926 1927 1928 1944 1945 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 7.9 21.0 34.1 27.5 37.2 40.4 17.6 20.9 14.3 -11.9 8.5 8.6 0.1 -20.1 -28.2 -0.7 -2.5 -11.6 -28.9 -37.4 -46.7 -2.3 -4.0 -11.7 -24.7 -28.9 -29.3 -11.9 4.3 3.8 -1.2 -9.6 -9.0 -2.6 19.5 50.9 3.3 2.8 -1.7 -8.7 -8.1 -3.1 11.5 23.1 -4.6 7.5 7.4 4.1 -1.1 0.7 6.5 19.8 30.4 20.1 44.9 9.6 9.8 7.1 3.0 5.1 10.6 22.1 30.6 23.8 38.0 31.1 5.7 5.5 2.6 -1.6 -0.3 3.7 12.1 16.9 8.4 12.8 -3.3 -37.7 7.4 7.4 5.0 1.4 2.9 6.8 14.5 18.8 12.4 16.7 7.3 -4.6 28.5 6.7 6.6 4.3 1.1 2.3 5.7 12.3 15.7 9.9 12.8 4.8 -4.0 12.8 -2.8 5.5 5.3 3.1 0.0 1.0 4.0 9.6 12.3 6.8 8.7 1.4 -6.0 4.6 -7.4 -12.0 4.3 4.0 1.9 -1.1 -0.2 2.4 7.3 9.4 4.2 5.5 -1.1 -7.5 0.0 -9.5 -12.8 -13.5 5.1 4.9 3.0 0.3 1.2 3.7 8.2 10.3 5.7 7.0 1.6 -3.3 3.6 -2.6 -2.6 2.2 17.9 6.1 6.0 4.2 1.8 2.8 5.2 9.5 11.5 7.5 8.9 4.4 0.5 6.9 2.6 3.9 9.3 20.7 23.5 6.7 6.6 5.0 2.8 3.8 6.1 10.1 11.9 8.4 9.7 5.8 2.6 8.4 5.0 6.6 11.3 19.5 20.4 17.3 8.1 8.1 6.6 4.6 5.7 7.9 11.8 13.6 10.5 11.9 8.6 6.1 11.6 9.2 11.2 15.8 23.2 24.9 25.7 7.2 7.2 5.7 3.8 4.7 6.8 10.4 12.0 9.0 10.1 6.9 4.5 9.2 6.8 8.2 11.5 16.5 16.2 13.8 7.0 7.0 5.6 3.8 4.7 6.6 9.9 11.4 8.6 9.6 6.6 4.4 8.6 6.4 7.6 10.4 14.4 13.7 11.2 6.9 6.8 5.5 3.8 4.6 6.4 9.5 10.9 8.2 9.1 6.4 4.3 8.1 6.1 7.1 9.5 12.8 11.9 9.6 7.3 7.2 6.0 4.4 5.2 6.9 9.9 11.2 8.7 9.6 7.1 5.3 8.8 7.0 8.0 10.3 13.2 12.6 10.7 8.2 8.2 7.0 5.5 6.4 8.1 11.0 12.2 10.0 10.9 8.6 7.0 10.4 8.9 10.0 12.2 15.0 14.7 13.4 8.7 8.7 7.6 6.2 7.0 8.7 11.5 12.7 10.6 11.5 9.4 8.0 11.2 9.9 11.0 13.0 15.7 15.5 14.5 8.9 9.0 8.0 6.6 7.4 9.0 11.7 12.9 10.9 11.7 9.8 8.5 11.5 10.3 11.3 13.3 15.7 15.5 14.6 8.5 8.5 7.5 6.2 7.0 8.5 11.0 12.1 10.1 10.9 9.0 7.7 10.6 9.4 10.2 12.0 14.1 13.7 12.8 9.9 10.0 9.1 7.9 8.7 10.2 12.7 13.8 12.0 12.9 11.2 10.1 12.9 11.9 12.9 14.7 16.8 16.7 16.1 10.5 10.6 9.8 8.7 9.4 10.9 13.4 14.4 12.8 13.6 12.1 11.1 13.8 12.9 13.9 15.6 17.7 17.7 17.2 10.3 10.4 9.6 8.5 9.2 10.7 13.0 14.0 12.4 13.2 11.7 10.7 13.2 12.4 13.3 14.9 16.7 16.7 16.1 9.5 9.6 8.8 7.7 8.4 9.7 11.9 12.9 11.3 12.0 10.5 9.5 11.9 11.0 11.7 13.1 14.8 14.6 14.0 10.5 10.5 9.8 8.8 9.5 10.8 13.0 13.9 12.4 13.1 11.8 10.9 13.2 12.4 13.2 14.6 16.3 16.2 15.7 10.4 10.5 9.7 8.7 9.4 10.7 12.8 13.7 12.3 12.9 11.6 10.8 13.0 12.2 13.0 14.3 15.8 15.7 15.2 10.0 10.0 9.3 8.4 9.0 10.2 12.2 13.1 11.7 12.3 11.0 10.2 12.2 11.5 12.2 13.4 14.8 14.6 14.1 10.4 10.4 9.7 8.8 9.4 10.7 12.6 13.4 12.1 12.7 11.5 10.7 12.7 12.0 12.7 13.8 15.2 15.1 14.6 9.7 9.8 9.1 8.2 8.8 9.9 11.8 12.5 11.2 11.8 10.6 9.8 11.7 11.0 11.6 12.6 13.9 13.7 13.2 10.0 10.0 9.4 8.5 9.1 10.2 12.0 12.7 11.5 12.0 10.9 10.1 11.9 11.3 11.9 12.9 14.1 13.9 13.5 10.0 10.1 9.4 8.6 9.2 10.3 12.0 12.7 11.5 12.0 10.9 10.2 12.0 11.3 11.9 12.9 14.0 13.9 13.4 10.0 10.0 9.4 8.6 9.1 10.2 11.9 12.6 11.4 11.9 10.8 10.1 11.8 11.2 11.7 12.7 13.8 13.6 13.2 9.4 9.4 8.8 8.0 8.5 9.5 11.1 11.8 10.6 11.1 10.0 9.3 10.9 10.3 10.8 11.7 12.7 12.4 12.0 9.6 9.7 9.1 8.3 8.8 9.8 11.4 12.0 10.9 11.3 10.3 9.6 11.2 10.6 11.1 11.9 12.9 12.7 12.3 9.5 9.6 9.0 8.2 8.7 9.7 11.2 11.8 10.7 11.2 10.2 9.5 11.0 10.4 10.9 11.7 12.6 12.4 12.0 9.0 9.0 8.4 7.6 8.1 9.1 10.5 11.1 10.0 10.4 9.4 8.8 10.2 9.6 10.0 10.8 11.7 11.4 11.0 8.7 8.7 8.2 7.4 7.9 8.8 10.2 10.8 9.7 10.1 9.1 8.4 9.8 9.2 9.6 10.4 11.2 10.9 10.5 34.1 12.0 9.2 7.7 9.4 12.8 14.1 14.3 12.3 16.0 17.2 16.0 13.7 15.6 15.1 13.9 14.4 12.9 13.3 13.2 13.0 11.7 12.1 11.8 10.7 10.2 1929 1930 1931 1932 1933 1934 1935 * S&P 500 total returns minus long-term government bond income returns. Copyright 2010 Morningstar, Inc All rights reserved. 5 1936 1937 1938 1939 1940 1941 1942 1943 Long-Horizon Equity Risk Premia* (in percent) 2010 Ibbotson SBBI Valuation Yearbook: Appendix A, Table A-1 1945 1926 2010 1926 1971 from 1926 to 2010 To the end of 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 2006 2007 2008 2009 2010 2010 From\tthe beginning of 1926 1927 1928 8.7 8.8 8.2 7.3 7.8 7.9 7.5 7.3 7.4 7.6 7.2 7.2 7.3 7.1 7.3 7.4 7.2 7.2 7.5 7.2 7.4 7.3 7.2 7.0 7.4 7.5 7.8 8.0 8.1 7.8 7.4 7.0 7.2 7.2 7.1 7.1 7.1 6.5 6.7 6.7 8.7 8.8 8.2 7.3 7.8 7.9 7.5 7.3 7.4 7.6 7.2 7.2 7.3 7.1 7.3 7.4 7.2 7.2 7.4 7.2 7.4 7.3 7.2 7.0 7.4 7.5 7.8 8.0 8.1 7.8 7.4 7.0 7.2 7.2 7.1 7.1 7.0 6.5 6.7 6.7 8.1 8.3 7.6 6.7 7.2 7.4 7.0 6.8 6.8 7.1 6.7 6.7 6.8 6.6 6.9 6.9 6.7 6.8 7.0 6.7 7.0 6.9 6.8 6.6 7.0 7.1 7.4 7.6 7.7 7.4 7.1 6.6 6.8 6.8 6.7 6.8 6.7 6.1 6.3 6.4 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 7.4 7.5 6.9 6.0 6.5 6.7 6.3 6.1 6.2 6.5 6.1 6.1 6.2 6.0 6.3 6.3 6.2 6.2 6.5 6.2 6.4 6.3 6.3 6.1 6.5 6.6 6.9 7.1 7.3 6.9 6.6 6.1 6.4 6.4 6.3 6.4 6.3 5.7 5.9 6.0 7.9 8.0 7.3 6.4 6.9 7.1 6.6 6.5 6.6 6.9 6.4 6.4 6.6 6.3 6.6 6.6 6.5 6.5 6.8 6.5 6.7 6.6 6.6 6.4 6.7 6.9 7.2 7.4 7.5 7.2 6.9 6.4 6.6 6.6 6.5 6.6 6.5 5.9 6.1 6.2 8.7 8.8 8.1 7.2 7.7 7.9 7.4 7.2 7.3 7.6 7.1 7.1 7.2 7.0 7.2 7.3 7.1 7.1 7.4 7.1 7.3 7.2 7.1 6.9 7.3 7.4 7.7 7.9 8.0 7.7 7.4 6.9 7.1 7.1 7.0 7.0 7.0 6.3 6.6 6.6 10.1 10.2 9.4 8.4 8.9 9.1 8.6 8.4 8.4 8.7 8.2 8.2 8.2 8.0 8.2 8.2 8.0 8.0 8.3 8.0 8.2 8.1 8.0 7.8 8.1 8.3 8.5 8.8 8.9 8.5 8.1 7.6 7.8 7.8 7.7 7.8 7.7 7.0 7.2 7.3 10.7 10.7 10.0 8.9 9.4 9.6 9.0 8.8 8.8 9.1 8.6 8.6 8.6 8.4 8.6 8.6 8.4 8.4 8.7 8.3 8.5 8.4 8.3 8.1 8.4 8.6 8.9 9.1 9.2 8.8 8.4 7.9 8.1 8.1 8.0 8.0 7.9 7.3 7.5 7.5 9.6 9.7 8.9 7.9 8.4 8.6 8.1 7.9 7.9 8.2 7.7 7.7 7.8 7.5 7.8 7.8 7.6 7.6 7.9 7.6 7.8 7.7 7.6 7.4 7.8 7.9 8.2 8.4 8.5 8.2 7.8 7.3 7.5 7.5 7.4 7.4 7.4 6.7 6.9 7.0 10.0 10.1 9.3 8.2 8.7 8.9 8.4 8.1 8.2 8.5 8.0 8.0 8.0 7.8 8.0 8.1 7.9 7.9 8.1 7.8 8.0 7.9 7.8 7.6 8.0 8.1 8.4 8.6 8.7 8.4 8.0 7.5 7.7 7.7 7.6 7.6 7.5 6.9 7.1 7.1 9.0 9.2 8.4 7.3 7.8 8.0 7.5 7.3 7.3 7.7 7.2 7.2 7.3 7.0 7.3 7.3 7.1 7.2 7.4 7.1 7.4 7.3 7.2 7.0 7.3 7.5 7.8 8.1 8.2 7.8 7.4 6.9 7.1 7.1 7.0 7.1 7.0 6.3 6.6 6.6 8.4 8.5 7.7 6.6 7.2 7.4 6.9 6.7 6.8 7.2 6.6 6.7 6.8 6.5 6.8 6.9 6.7 6.7 7.0 6.7 6.9 6.8 6.8 6.5 6.9 7.1 7.4 7.7 7.8 7.4 7.1 6.5 6.8 6.8 6.7 6.7 6.7 6.0 6.2 6.3 9.8 9.9 9.0 7.8 8.4 8.6 8.0 7.8 7.9 8.2 7.6 7.6 7.7 7.5 7.7 7.8 7.6 7.6 7.9 7.5 7.8 7.6 7.6 7.3 7.7 7.9 8.2 8.4 8.5 8.2 7.8 7.2 7.5 7.4 7.3 7.4 7.3 6.6 6.8 6.9 9.2 9.3 8.4 7.3 7.9 8.1 7.5 7.3 7.3 7.7 7.1 7.2 7.3 7.0 7.3 7.3 7.1 7.1 7.5 7.1 7.4 7.2 7.2 6.9 7.4 7.5 7.8 8.1 8.2 7.8 7.4 6.9 7.1 7.1 7.0 7.1 7.0 6.3 6.5 6.6 9.6 9.7 8.8 7.6 8.2 8.4 7.8 7.5 7.6 8.0 7.4 7.4 7.5 7.2 7.5 7.6 7.3 7.3 7.7 7.3 7.6 7.4 7.4 7.1 7.5 7.7 8.0 8.3 8.4 8.0 7.6 7.0 7.3 7.3 7.2 7.2 7.1 6.4 6.7 6.7 10.3 10.4 9.4 8.1 8.7 8.9 8.3 8.1 8.1 8.5 7.9 7.9 8.0 7.7 7.9 8.0 7.8 7.8 8.1 7.7 8.0 7.8 7.7 7.5 7.9 8.0 8.4 8.6 8.7 8.3 7.9 7.3 7.6 7.6 7.5 7.5 7.4 6.7 6.9 7.0 11.1 11.1 10.1 8.8 9.4 9.6 8.9 8.6 8.7 9.0 8.4 8.4 8.5 8.2 8.4 8.5 8.2 8.2 8.5 8.1 8.4 8.2 8.1 7.9 8.3 8.4 8.8 9.0 9.1 8.7 8.3 7.7 7.9 7.9 7.8 7.8 7.7 7.0 7.2 7.3 10.8 10.9 9.9 8.5 9.1 9.3 8.7 8.4 8.4 8.8 8.1 8.1 8.2 7.9 8.2 8.2 8.0 8.0 8.3 7.9 8.2 8.0 7.9 7.7 8.1 8.3 8.6 8.9 9.0 8.5 8.1 7.5 7.8 7.7 7.6 7.7 7.6 6.8 7.1 7.1 10.4 10.5 9.4 8.0 8.7 8.9 8.2 8.0 8.0 8.4 7.7 7.8 7.9 7.5 7.8 7.9 7.7 7.7 8.0 7.6 7.9 7.7 7.6 7.4 7.8 8.0 8.3 8.6 8.7 8.3 7.8 7.2 7.5 7.5 7.4 7.4 7.3 6.6 6.8 6.9 10.1 10.2 9.2 7.7 8.4 8.7 8.0 7.7 7.7 8.2 7.5 7.5 7.6 7.3 7.6 7.7 7.4 7.4 7.8 7.4 7.7 7.5 7.4 7.2 7.6 7.8 8.2 8.4 8.6 8.1 7.7 7.1 7.4 7.3 7.2 7.3 7.2 6.4 6.7 6.7 * S&P 500 total returns minus long-term government bond income returns. Copyright 2010 Morningstar, Inc All rights reserved. 6 Long-Horizon Equity Risk Premia* (in percent) 2010 Ibbotson SBBI Valuation Yearbook: Appendix A, Table A-1 1946 1926 1965 2010 1926 1946 1990 from 1926 to 2010 To the end of 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 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 From\tthe beginning of 1946 1947 1948 2010 1964 1965 -10.1 -3.3 3.6 -1.1 3.3 3.1 3.3 7.7 9.8 16.5 8.5 13.2 16.4 23.1 29.6 10.7 14.9 17.7 22.6 25.6 21.6 11.4 15.0 17.3 20.9 22.3 18.7 15.7 9.5 12.3 13.8 15.9 15.8 11.2 5.9 -3.8 14.0 17.0 18.9 21.6 22.6 20.8 20.6 23.0 49.8 15.5 18.3 20.2 22.6 23.6 22.4 22.6 24.9 39.3 28.8 14.4 16.9 18.3 20.2 20.8 19.3 18.8 19.6 27.4 16.2 3.6 12.0 14.0 15.1 16.4 16.4 14.5 13.3 12.8 17.0 6.1 -5.3 -14.2 14.2 16.2 17.3 18.8 19.0 17.7 17.1 17.4 21.6 14.6 9.8 12.9 40.1 13.7 15.6 16.6 17.8 17.9 16.6 16.0 16.0 19.3 13.2 9.3 11.3 24.0 7.9 12.6 14.2 15.0 16.0 15.9 14.6 13.8 13.6 16.0 10.4 6.7 7.5 14.7 2.1 -3.8 13.2 14.8 15.6 16.5 16.5 15.3 14.7 14.6 16.9 12.2 9.4 10.6 16.8 9.1 9.6 23.1 11.7 13.1 13.7 14.4 14.3 13.0 12.2 11.9 13.6 9.1 6.3 6.7 10.9 3.6 2.2 5.2 -12.7 12.1 13.4 14.0 14.7 14.6 13.5 12.8 12.5 14.1 10.2 7.9 8.5 12.2 6.7 6.4 9.7 3.1 18.9 12.1 13.3 13.9 14.6 14.5 13.4 12.7 12.5 14.0 10.4 8.4 9.0 12.3 7.6 7.6 10.4 6.2 15.6 12.3 11.9 13.1 13.6 14.2 14.1 13.0 12.4 12.2 13.5 10.2 8.3 8.9 11.8 7.7 7.7 10.0 6.7 13.2 10.3 10.7 11.7 12.1 12.6 12.4 11.3 10.6 10.3 11.3 8.1 6.3 6.5 8.8 4.9 4.5 5.9 2.4 6.2 2.0 11.1 12.1 12.5 13.0 12.8 11.8 11.2 10.9 11.9 9.0 7.4 7.7 9.9 6.5 6.4 7.8 5.3 8.9 6.4 10.8 11.8 12.2 12.6 12.4 11.4 10.8 10.5 11.5 8.8 7.2 7.5 9.5 6.4 6.3 7.5 5.3 8.3 6.2 9.8 10.6 10.9 11.3 11.1 10.1 9.4 9.1 9.9 7.2 5.7 5.8 7.5 4.5 4.2 5.1 2.8 5.1 2.8 9.3 10.1 10.3 10.7 10.4 9.4 8.8 8.4 9.1 6.6 5.1 5.2 6.7 3.9 3.6 4.3 2.2 4.1 1.9 9.2 10.0 10.2 10.6 10.3 9.4 8.7 8.4 9.1 6.7 5.3 5.4 6.8 4.2 3.9 4.6 2.8 4.5 2.7 9.4 10.1 10.4 10.7 10.4 9.5 9.0 8.6 9.3 7.0 5.7 5.9 7.2 4.9 4.6 5.3 3.7 5.4 3.9 8.3 8.9 9.1 9.4 9.1 8.2 7.6 7.2 7.8 5.5 4.2 4.3 5.4 3.1 2.8 3.3 1.6 3.0 1.4 6.8 7.4 7.6 7.7 7.4 6.5 5.8 5.3 5.8 3.6 2.2 2.2 3.1 0.8 0.4 0.6 -1.1 -0.1 -1.8 7.6 8.2 8.3 8.5 8.2 7.4 6.8 6.4 6.8 4.8 3.6 3.6 4.6 2.5 2.2 2.6 1.1 2.2 0.8 7.8 8.4 8.6 8.8 8.5 7.7 7.1 6.8 7.2 5.3 4.2 4.2 5.2 3.2 3.0 3.4 2.1 3.1 1.9 7.1 7.7 7.8 8.0 7.7 6.9 6.3 5.9 6.3 4.5 3.3 3.3 4.2 2.3 2.0 2.4 1.1 2.0 0.8 6.9 7.4 7.5 7.7 7.4 6.6 6.0 5.7 6.0 4.2 3.1 3.1 4.0 2.1 1.8 2.2 0.9 1.8 0.6 7.0 7.5 7.6 7.8 7.5 6.7 6.2 5.8 6.2 4.4 3.4 3.4 4.2 2.5 2.2 2.6 1.4 2.2 1.2 7.4 7.9 8.1 8.2 7.9 7.2 6.7 6.4 6.8 5.1 4.2 4.2 5.0 3.4 3.2 3.5 2.5 3.4 2.5 6.7 7.2 7.3 7.5 7.2 6.5 6.0 5.6 6.0 4.3 3.4 3.4 4.1 2.6 2.3 2.6 1.6 2.3 1.4 6.8 7.3 7.4 7.5 7.2 6.5 6.0 5.7 6.0 4.5 3.6 3.6 4.3 2.8 2.6 2.8 1.9 2.6 1.8 6.9 7.4 7.5 7.6 7.4 6.7 6.2 5.9 6.2 4.7 3.9 3.9 4.6 3.2 3.0 3.3 2.4 3.1 2.3 6.6 7.0 7.1 7.3 7.0 6.3 5.9 5.6 5.9 4.4 3.5 3.5 4.2 2.8 2.6 2.9 2.0 2.7 1.9 7.0 7.4 7.5 7.6 7.4 6.7 6.3 6.0 6.3 4.9 4.1 4.1 4.8 3.5 3.3 3.6 2.8 3.5 2.8 7.0 7.5 7.5 7.7 7.4 6.8 6.4 6.1 6.4 5.1 4.3 4.3 5.0 3.7 3.5 3.8 3.1 3.7 3.1 6.8 7.2 7.3 7.4 7.2 6.6 6.1 5.9 6.1 4.8 4.1 4.1 4.7 3.5 3.3 3.6 2.8 3.5 2.8 6.8 7.2 7.3 7.4 7.2 6.6 6.2 5.9 6.2 4.9 4.2 4.2 4.8 3.6 3.5 3.7 3.0 3.6 3.0 7.2 7.6 7.7 7.8 7.6 7.0 6.6 6.4 6.7 5.4 4.7 4.8 5.4 4.2 4.1 4.4 3.7 4.3 3.8 6.8 7.1 7.2 7.3 7.1 6.5 6.2 5.9 6.2 5.0 4.3 4.3 4.9 3.8 3.6 3.9 3.2 3.8 3.2 1949 1950 1951 1952 1953 1954 1955 1956 1957 8.3 -3.1 4.4 4.7 0.8 0.2 1.3 2.8 0.1 -3.3 -0.3 1.1 -0.1 -0.2 0.5 1.8 0.8 1.2 1.7 1.4 2.3 2.6 2.4 2.6 3.4 2.9 *Standard and Poor's 500 index total returns minus long-term government bond income returns. Copyright 2010 Morningstar, Inc All rights reserved. 7 1958 1959 1960 1961 1962 1963 Long-Horizon Equity Risk Premia* (in percent) 2010 Ibbotson SBBI Valuation Yearbook: Appendix A, Table A-1 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 From\tthe beginning of 1946 1947 1948 7.1 7.0 6.9 6.6 7.1 7.3 7.7 7.9 8.1 7.7 7.2 6.6 6.9 6.9 6.8 6.8 6.7 6.0 6.2 6.3 2010 1991 2010 from 1926 to 2010 To the end of 1965 1946 1926 1926 7.5 7.3 7.2 7.0 7.4 7.6 8.0 8.3 8.4 8.0 7.5 6.9 7.2 7.2 7.0 7.1 7.0 6.2 6.5 6.6 7.6 7.4 7.3 7.0 7.5 7.7 8.1 8.4 8.5 8.1 7.6 6.9 7.3 7.2 7.1 7.2 7.1 6.3 6.5 6.6 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 7.7 7.5 7.4 7.1 7.6 7.8 8.2 8.5 8.6 8.2 7.7 7.0 7.3 7.3 7.2 7.2 7.1 6.3 6.6 6.7 7.5 7.3 7.2 6.9 7.4 7.6 8.0 8.3 8.5 8.0 7.5 6.8 7.2 7.1 7.0 7.1 7.0 6.2 6.4 6.5 6.9 6.8 6.7 6.4 6.9 7.1 7.6 7.9 8.0 7.6 7.1 6.4 6.7 6.7 6.6 6.7 6.6 5.7 6.0 6.1 6.6 6.4 6.3 6.1 6.6 6.8 7.3 7.6 7.8 7.3 6.8 6.1 6.4 6.4 6.3 6.4 6.3 5.5 5.8 5.9 6.3 6.2 6.1 5.8 6.4 6.6 7.1 7.4 7.6 7.1 6.6 5.9 6.3 6.3 6.1 6.2 6.1 5.3 5.6 5.7 6.6 6.4 6.3 6.1 6.6 6.9 7.3 7.7 7.8 7.3 6.8 6.1 6.5 6.5 6.3 6.4 6.3 5.4 5.8 5.9 5.4 5.3 5.2 5.0 5.6 5.8 6.3 6.7 6.9 6.4 5.9 5.2 5.6 5.6 5.5 5.6 5.5 4.6 5.0 5.1 4.8 4.7 4.6 4.4 5.0 5.3 5.8 6.2 6.4 5.9 5.4 4.7 5.1 5.1 5.0 5.1 5.0 4.2 4.5 4.6 4.8 4.7 4.6 4.4 5.0 5.3 5.8 6.2 6.5 6.0 5.4 4.7 5.1 5.1 5.0 5.2 5.1 4.2 4.5 4.7 5.4 5.2 5.2 4.9 5.5 5.8 6.3 6.7 7.0 6.4 5.9 5.1 5.6 5.6 5.4 5.6 5.5 4.5 4.9 5.0 4.3 4.2 4.2 3.9 4.6 4.9 5.5 5.9 6.1 5.6 5.1 4.3 4.8 4.8 4.7 4.8 4.8 3.8 4.2 4.3 4.2 4.1 4.1 3.8 4.5 4.8 5.4 5.9 6.1 5.6 5.0 4.3 4.7 4.7 4.6 4.8 4.7 3.7 4.1 4.3 4.5 4.3 4.3 4.0 4.7 5.1 5.7 6.1 6.4 5.8 5.2 4.5 4.9 4.9 4.8 5.0 4.9 3.9 4.3 4.4 3.8 3.7 3.7 3.4 4.2 4.6 5.2 5.7 5.9 5.4 4.8 4.0 4.5 4.5 4.4 4.6 4.5 3.5 3.9 4.0 4.4 4.3 4.2 3.9 4.7 5.1 5.7 6.2 6.4 5.8 5.2 4.4 4.9 4.9 4.8 5.0 4.9 3.9 4.3 4.4 3.9 3.8 3.7 3.5 4.3 4.7 5.3 5.8 6.1 5.5 4.9 4.1 4.5 4.6 4.5 4.6 4.5 3.5 3.9 4.1 3.6 3.5 3.4 3.2 4.0 4.4 5.1 5.6 5.9 5.3 4.7 3.8 4.3 4.4 4.3 4.4 4.4 3.3 3.8 3.9 *Standard and Poor's 500 index total returns minus long-term government bond income returns. Copyright 2010 Morningstar, Inc All rights reserved. 8 Long-Horizon Equity Risk Premia* (in percent) 2010 Ibbotson SBBI Valuation Yearbook: Appendix A, Table A-1 1966 1926 1985 2010 1926 1966 from 1926 to 2010 To the end of 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 2006 2007 2008 2009 2010 From\tthe beginning of 1966 1967 1968 2010 1984 1985 -14.6 2.4 19.4 3.5 12.5 5.6 -1.0 3.5 -4.4 -14.5 -1.4 1.9 -3.9 -8.7 -2.9 0.2 3.1 -0.9 -3.1 2.5 8.0 2.0 4.8 1.9 0.9 6.1 10.6 13.1 -0.9 1.1 -2.0 -3.5 -0.7 0.0 -4.0 -21.2 -4.5 -3.3 -6.5 -8.5 -7.3 -8.5 -13.9 -27.5 -33.7 -1.2 0.3 -2.0 -3.1 -1.2 -0.9 -3.1 -8.6 -2.2 29.2 0.4 1.9 0.0 -0.7 1.2 1.9 0.7 -2.4 3.8 22.6 16.0 -0.8 0.4 -1.5 -2.2 -0.7 -0.4 -1.8 -4.8 -0.7 10.3 0.9 -14.3 -0.9 0.3 -1.4 -2.2 -0.8 -0.5 -1.7 -4.2 -0.8 7.4 0.1 -7.8 -1.3 -0.1 1.0 -0.5 -1.1 0.3 0.6 -0.3 -2.2 0.9 7.9 2.5 -2.0 4.2 9.8 1.4 2.6 1.3 0.9 2.3 2.8 2.2 0.9 4.0 10.3 6.5 4.2 10.3 16.1 22.5 0.3 1.3 0.0 -0.4 0.7 1.1 0.4 -1.1 1.5 6.5 2.7 0.0 3.6 5.3 3.0 -16.5 0.7 1.7 0.5 0.2 1.3 1.6 1.1 -0.1 2.2 6.7 3.5 1.4 4.5 6.0 4.7 -4.2 8.1 1.4 2.3 1.3 1.0 2.1 2.5 2.0 1.0 3.2 7.3 4.6 2.9 5.8 7.2 6.6 1.3 10.1 12.2 1.0 1.9 0.9 0.6 1.6 1.9 1.4 0.4 2.4 6.0 3.4 1.9 4.2 5.1 4.2 -0.4 4.9 3.4 -5.5 2.0 2.9 2.0 1.7 2.7 3.1 2.8 2.0 3.9 7.3 5.1 3.9 6.2 7.3 6.9 3.8 8.8 9.1 7.5 2.4 3.2 2.4 2.2 3.2 3.5 3.2 2.5 4.4 7.5 5.6 4.5 6.6 7.6 7.3 4.7 9.0 9.2 8.2 2.1 2.9 2.1 1.9 2.8 3.2 2.9 2.2 3.9 6.7 4.9 3.9 5.7 6.5 6.0 3.7 7.0 6.8 5.5 2.4 3.1 2.4 2.2 3.1 3.4 3.1 2.5 4.1 6.8 5.1 4.2 5.9 6.6 6.2 4.2 7.1 7.0 5.9 3.2 4.0 3.3 3.2 4.1 4.4 4.2 3.7 5.3 7.9 6.4 5.6 7.3 8.1 7.9 6.3 9.1 9.2 8.8 2.6 3.4 2.7 2.5 3.3 3.7 3.4 2.9 4.3 6.7 5.2 4.4 5.8 6.4 6.1 4.5 6.8 6.7 5.9 3.4 4.1 3.5 3.4 4.2 4.5 4.4 3.9 5.3 7.6 6.2 5.6 7.0 7.7 7.5 6.1 8.4 8.4 7.9 3.3 4.0 3.4 3.3 4.0 4.4 4.2 3.7 5.0 7.2 5.9 5.3 6.6 7.1 6.9 5.6 7.6 7.6 7.1 3.3 3.9 3.3 3.3 4.0 4.3 4.1 3.7 4.9 7.0 5.7 5.1 6.3 6.9 6.6 5.4 7.2 7.2 6.7 3.0 3.6 3.0 2.9 3.6 3.9 3.7 3.3 4.4 6.4 5.2 4.6 5.7 6.1 5.9 4.7 6.3 6.1 5.6 3.9 4.5 4.0 3.9 4.6 4.9 4.8 4.4 5.6 7.5 6.4 5.9 7.0 7.5 7.4 6.3 8.0 8.0 7.6 4.3 4.9 4.4 4.4 5.1 5.4 5.3 5.0 6.1 7.9 6.9 6.4 7.5 8.0 7.9 7.0 8.6 8.6 8.3 5.0 5.6 5.2 5.2 5.9 6.2 6.1 5.8 7.0 8.7 7.8 7.4 8.5 9.0 9.0 8.2 9.7 9.8 9.6 5.5 6.2 5.7 5.7 6.4 6.8 6.7 6.5 7.6 9.3 8.4 8.1 9.2 9.7 9.7 9.0 10.5 10.6 10.5 5.8 6.4 6.0 6.1 6.7 7.1 7.0 6.8 7.9 9.6 8.7 8.4 9.5 10.0 10.0 9.3 10.7 10.9 10.8 5.2 5.8 5.4 5.4 6.0 6.3 6.3 6.0 7.0 8.6 7.8 7.4 8.4 8.8 8.8 8.1 9.4 9.4 9.3 4.6 5.1 4.7 4.7 5.3 5.5 5.5 5.2 6.1 7.6 6.8 6.4 7.3 7.7 7.6 6.9 8.0 8.0 7.8 3.7 4.2 3.8 3.7 4.3 4.5 4.4 4.1 5.0 6.4 5.5 5.1 5.9 6.2 6.0 5.3 6.3 6.2 5.9 4.2 4.8 4.3 4.3 4.9 5.1 5.0 4.7 5.6 7.0 6.2 5.8 6.6 6.9 6.8 6.1 7.1 7.1 6.8 4.3 4.8 4.4 4.4 4.9 5.1 5.0 4.8 5.6 6.9 6.2 5.8 6.6 6.9 6.7 6.1 7.1 7.0 6.8 4.2 4.7 4.3 4.2 4.8 5.0 4.9 4.6 5.4 6.7 6.0 5.6 6.3 6.6 6.5 5.8 6.8 6.7 6.5 4.4 4.8 4.5 4.4 4.9 5.2 5.1 4.8 5.6 6.9 6.1 5.8 6.5 6.8 6.7 6.1 7.0 6.9 6.7 4.3 4.7 4.4 4.3 4.8 5.0 4.9 4.7 5.5 6.7 6.0 5.6 6.3 6.6 6.4 5.9 6.7 6.7 6.4 3.2 3.6 3.2 3.2 3.6 3.8 3.7 3.4 4.1 5.2 4.5 4.2 4.8 5.0 4.8 4.2 4.9 4.8 4.5 3.7 4.1 3.7 3.7 4.1 4.3 4.2 4.0 4.7 5.8 5.1 4.7 5.3 5.5 5.4 4.8 5.6 5.5 5.2 3.8 4.2 3.9 3.8 4.3 4.5 4.4 4.1 4.8 5.9 5.2 4.9 5.5 5.7 5.6 5.0 5.8 5.7 5.4 1969 1970 1971 1972 1973 1974 1975 1976 1977 20.5 15.1 9.2 8.8 11.6 7.8 9.9 8.7 8.0 6.7 8.8 9.5 10.8 11.7 11.9 10.2 8.6 6.6 7.5 7.4 7.0 7.2 6.9 4.9 5.6 5.8 *Standard and Poor's 500 index total returns minus long-term government bond income returns. Copyright 2010 Morningstar, Inc All rights reserved. 9 1978 1979 1980 1981 1982 1983 Long-Horizon Equity Risk Premia* (in percent) 2010 Ibbotson SBBI Valuation Yearbook: Appendix A, Table A-1 1926 1986-2001 1926 1986 from 1926 to 2010 2010 To the end of From\tthe beginning of 1986 1987 1988 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 9.7 3.5 -2.7 4.9 2.5 7.6 9.4 9.3 15.3 22.9 5.2 4.1 6.4 5.8 -11.3 8.1 7.8 10.4 11.3 5.5 22.2 7.0 6.5 8.4 8.5 3.8 11.3 0.4 6.5 6.0 7.5 7.4 3.6 8.5 1.6 2.9 5.2 4.6 5.6 5.3 1.8 5.1 -0.7 -1.2 -5.3 7.6 7.4 8.7 8.8 6.5 10.0 7.0 9.2 12.4 30.0 8.5 8.4 9.6 9.8 8.0 11.2 9.0 11.1 13.8 23.4 16.8 10.0 10.0 11.3 11.7 10.3 13.4 11.9 14.2 17.1 24.5 21.8 26.7 11.0 11.1 12.3 12.8 11.7 14.6 13.5 15.6 18.2 24.1 22.1 24.7 22.7 11.3 11.4 12.6 13.0 12.1 14.7 13.7 15.6 17.7 22.3 20.4 21.6 19.1 15.5 9.5 9.5 10.4 10.7 9.5 11.6 10.5 11.7 13.0 16.0 13.2 12.3 7.5 -0.1 -15.6 7.8 7.7 8.4 8.5 7.3 9.0 7.7 8.5 9.2 11.2 8.1 6.4 1.3 -5.8 -16.5 -17.4 5.7 5.5 6.0 5.9 4.6 5.9 4.5 4.9 5.1 6.4 3.0 0.7 -4.5 -11.3 -20.2 -22.6 6.7 6.6 7.1 7.1 6.0 7.3 6.1 6.6 7.0 8.3 5.6 4.0 0.2 -4.3 -9.2 -7.1 6.7 6.5 7.1 7.0 6.0 7.2 6.1 6.5 6.9 8.1 5.6 4.2 1.0 -2.6 -6.2 -3.8 6.4 6.2 6.7 6.6 5.6 6.7 5.6 6.0 6.3 7.4 5.1 3.8 0.9 -2.2 -5.1 -3.0 6.6 6.4 6.9 6.9 5.9 7.0 6.0 6.4 6.7 7.7 5.6 4.5 2.1 -0.5 -2.8 -0.7 6.3 6.2 6.6 6.6 5.6 6.6 5.7 6.0 6.2 7.1 5.2 4.2 1.9 -0.4 -2.4 -0.5 4.2 4.0 4.3 4.2 3.2 4.0 2.9 3.1 3.1 3.7 1.6 0.4 -2.0 -4.5 -6.7 -5.6 5.0 4.8 5.2 5.1 4.2 5.0 4.0 4.2 4.3 5.0 3.2 2.1 0.1 -2.0 -3.7 -2.4 5.3 5.1 5.4 5.3 4.5 5.3 4.4 4.6 4.7 5.3 3.7 2.7 0.9 -0.9 -2.4 -1.1 1989 1990 1991 1992 1993 1994 1995 1996 1997 Table A-1 (page 6 of 6)-b Long-Horizon Equity Risk Premia* Percent per annum arithmetic mean risk premia for all historical time periods. 2002 2003 2004 2005 2006 2007 2008 2009 2010 From\tthe beginning of 2002 2003 2004 1999 2000 2001 1926 1926 from 1926 to 2010 To the end of 1998 2002-2010 2005 2006 2007 2008 2009 2010 -27.7 -1.9 23.9 0.7 14.9 5.9 0.6 10.0 3.0 0.2 2.7 10.3 5.7 5.7 11.1 2.3 8.3 4.5 4.0 5.9 0.6 -3.9 0.0 -4.7 -7.4 -9.9 -20.4 -41.4 -0.6 3.3 -0.1 -1.3 -1.7 -5.9 -9.2 23.0 0.7 4.3 1.5 0.7 0.8 -1.8 -2.5 16.9 10.8 *Standard and Poor's 500 index total returns minus long-term government bond income returns. Copyright 2010 Morningstar, Inc All rights reserved. 10 2002-2010 Intermediate-Horizon Equity Risk Premia* (in percent) 2010 Ibbotson SBBI Valuation Yearbook: Appendix A, Table A-2 1926 1945 2010 1926 1970 from 1926 to 2010 2010 To the end of From\tthe beginning of 1926 1927 1928 1944 1945 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 7.8 20.9 34.0 27.3 37.0 40.0 17.3 20.5 13.7 -12.5 8.2 8.3 -0.2 -20.3 -28.2 -0.9 -2.6 -11.8 -29.1 -37.3 -46.5 -2.5 -4.2 -11.8 -24.7 -28.8 -29.2 -11.8 4.2 3.7 -1.3 -9.6 -8.8 -2.4 19.7 51.2 3.3 2.7 -1.7 -8.7 -7.9 -2.9 11.7 23.4 -4.4 7.5 7.5 4.2 -0.9 1.0 6.8 20.2 30.8 20.6 45.6 9.8 10.0 7.3 3.2 5.5 11.1 22.6 31.2 24.6 39.1 32.5 5.9 5.8 2.9 -1.2 0.2 4.3 12.8 17.7 9.3 13.9 -2.0 -36.5 7.7 7.7 5.3 1.9 3.5 7.4 15.1 19.6 13.3 17.7 8.4 -3.6 29.3 7.1 7.0 4.7 1.5 2.9 6.4 13.0 16.6 10.8 13.8 5.9 -3.0 13.8 -1.7 5.9 5.7 3.6 0.5 1.7 4.7 10.4 13.2 7.7 9.8 2.6 -4.9 5.6 -6.2 -10.7 4.7 4.5 2.4 -0.5 0.5 3.2 8.1 10.3 5.2 6.6 0.1 -6.4 1.2 -8.2 -11.5 -12.3 5.6 5.5 3.6 1.0 2.0 4.5 9.2 11.3 6.8 8.2 2.9 -2.0 4.8 -1.3 -1.1 3.7 19.6 6.7 6.6 4.9 2.5 3.6 6.0 10.4 12.5 8.6 10.0 5.6 1.7 8.1 3.8 5.2 10.6 22.0 24.3 7.3 7.2 5.7 3.5 4.6 6.9 11.0 12.9 9.5 10.8 7.0 3.8 9.6 6.3 7.9 12.5 20.7 21.3 18.3 8.7 8.7 7.3 5.4 6.5 8.8 12.8 14.7 11.6 13.1 9.8 7.3 12.8 10.4 12.4 17.0 24.4 26.0 26.8 7.8 7.8 6.4 4.6 5.6 7.7 11.3 13.0 10.0 11.2 8.1 5.6 10.3 8.0 9.3 12.7 17.7 17.2 14.8 7.7 7.7 6.3 4.6 5.5 7.5 10.9 12.4 9.6 10.7 7.8 5.5 9.7 7.6 8.7 11.5 15.5 14.6 12.2 7.5 7.5 6.2 4.5 5.4 7.3 10.5 11.9 9.2 10.2 7.5 5.4 9.2 7.2 8.2 10.6 13.8 12.9 10.6 7.9 7.9 6.7 5.2 6.0 7.8 10.9 12.2 9.8 10.7 8.2 6.3 9.9 8.1 9.1 11.3 14.3 13.5 11.7 8.8 8.9 7.8 6.3 7.2 9.0 11.9 13.2 11.0 11.9 9.7 8.0 11.5 10.0 11.1 13.2 16.1 15.6 14.4 9.3 9.4 8.4 7.0 7.9 9.6 12.4 13.7 11.6 12.5 10.4 9.0 12.2 10.9 12.0 14.0 16.7 16.3 15.3 9.6 9.6 8.7 7.4 8.2 9.9 12.6 13.8 11.8 12.7 10.8 9.4 12.5 11.3 12.3 14.2 16.6 16.3 15.4 9.1 9.2 8.2 6.9 7.7 9.3 11.8 13.0 11.1 11.9 10.0 8.7 11.5 10.3 11.2 12.8 14.9 14.5 13.5 10.6 10.7 9.8 8.6 9.5 11.0 13.5 14.7 13.0 13.8 12.1 11.0 13.8 12.8 13.8 15.6 17.7 17.6 16.9 11.2 11.3 10.5 9.4 10.2 11.8 14.2 15.3 13.7 14.6 13.0 12.0 14.7 13.8 14.8 16.5 18.5 18.4 18.0 10.9 11.0 10.2 9.2 10.0 11.4 13.8 14.8 13.2 14.0 12.5 11.5 14.1 13.2 14.1 15.7 17.5 17.4 16.8 10.1 10.2 9.4 8.4 9.1 10.5 12.7 13.7 12.1 12.8 11.3 10.3 12.7 11.8 12.5 13.9 15.5 15.3 14.6 11.1 11.2 10.4 9.4 10.2 11.6 13.7 14.7 13.2 14.0 12.6 11.7 14.0 13.2 14.0 15.4 17.0 16.8 16.3 11.0 11.1 10.3 9.4 10.1 11.4 13.5 14.4 13.0 13.7 12.4 11.5 13.7 13.0 13.7 15.0 16.5 16.3 15.8 10.5 10.6 9.9 9.0 9.7 10.9 12.9 13.8 12.4 13.0 11.7 10.9 12.9 12.2 12.9 14.0 15.4 15.2 14.7 10.9 11.0 10.3 9.4 10.1 11.3 13.3 14.1 12.8 13.4 12.2 11.4 13.4 12.7 13.3 14.5 15.8 15.6 15.1 10.3 10.3 9.7 8.8 9.4 10.6 12.4 13.2 11.9 12.5 11.3 10.5 12.3 11.6 12.2 13.3 14.5 14.2 13.7 10.5 10.6 9.9 9.1 9.7 10.8 12.6 13.4 12.2 12.7 11.6 10.8 12.6 11.9 12.5 13.5 14.7 14.4 14.0 10.5 10.6 10.0 9.2 9.8 10.9 12.6 13.4 12.2 12.7 11.6 10.8 12.6 12.0 12.5 13.5 14.6 14.4 13.9 10.5 10.6 9.9 9.1 9.7 10.8 12.5 13.2 12.1 12.6 11.5 10.8 12.4 11.8 12.3 13.3 14.3 14.1 13.6 9.9 9.9 9.3 8.5 9.1 10.1 11.7 12.4 11.2 11.7 10.6 9.9 11.5 10.9 11.3 12.2 13.1 12.9 12.4 10.1 10.1 9.5 8.8 9.3 10.3 11.9 12.6 11.5 11.9 10.9 10.2 11.7 11.1 11.6 12.4 13.4 13.1 12.7 10.0 10.0 9.4 8.7 9.2 10.2 11.7 12.4 11.3 11.8 10.7 10.0 11.6 11.0 11.4 12.2 13.1 12.8 12.4 9.4 9.4 8.9 8.1 8.6 9.6 11.0 11.7 10.6 11.0 10.0 9.3 10.7 10.1 10.5 11.2 12.1 11.8 11.3 9.1 9.2 8.6 7.8 8.3 9.2 10.7 11.3 10.2 10.6 9.6 8.9 10.3 9.7 10.1 10.7 11.5 11.3 10.8 35.2 13.0 10.2 8.6 10.4 13.7 14.9 15.1 13.0 16.8 17.9 16.7 14.3 16.2 15.6 14.4 14.9 13.4 13.7 13.7 13.4 12.1 12.4 12.1 11.0 10.5 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 *Standard and Poor's 500 index total returns minus intermediate-term government bond income returns. Copyright 2010 Morningstar, Inc All rights reserved. 11 1939 1940 1941 1942 1943 Intermediate-Horizon Equity Risk Premia* (in percent) 2010 Ibbotson SBBI Valuation Yearbook: Appendix A, Table A-2 1945 1926 2010 1926 1971 from 1926 to 2010 To the end of 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 2006 2007 2008 2009 2010 2010 From\tthe beginning of 1926 1927 1928 9.1 9.2 8.6 7.7 8.1 8.3 7.9 7.7 7.8 8.0 7.5 7.6 7.6 7.4 7.7 7.7 7.6 7.6 7.8 7.5 7.8 7.7 7.6 7.4 7.8 7.9 8.2 8.4 8.5 8.2 7.8 7.4 7.6 7.6 7.6 7.6 7.5 6.9 7.2 7.2 9.1 9.2 8.6 7.7 8.1 8.3 7.9 7.7 7.8 8.0 7.5 7.6 7.6 7.4 7.7 7.7 7.6 7.6 7.8 7.5 7.8 7.7 7.6 7.4 7.8 7.9 8.2 8.4 8.5 8.2 7.8 7.4 7.6 7.6 7.5 7.6 7.5 6.9 7.1 7.2 8.6 8.7 8.0 7.1 7.6 7.8 7.4 7.2 7.2 7.5 7.1 7.1 7.2 7.0 7.2 7.3 7.1 7.1 7.4 7.1 7.3 7.3 7.2 7.0 7.4 7.5 7.8 8.0 8.1 7.8 7.5 7.0 7.3 7.3 7.2 7.3 7.2 6.6 6.8 6.9 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 7.8 8.0 7.3 6.4 6.9 7.1 6.7 6.5 6.6 6.9 6.4 6.5 6.6 6.4 6.6 6.7 6.6 6.6 6.9 6.6 6.8 6.7 6.7 6.5 6.9 7.0 7.3 7.6 7.7 7.4 7.0 6.6 6.8 6.9 6.8 6.8 6.8 6.2 6.4 6.5 8.3 8.4 7.8 6.8 7.3 7.5 7.1 6.9 7.0 7.3 6.8 6.8 6.9 6.7 7.0 7.0 6.9 6.9 7.2 6.9 7.1 7.0 7.0 6.8 7.2 7.3 7.6 7.9 8.0 7.6 7.3 6.9 7.1 7.1 7.0 7.1 7.0 6.4 6.6 6.7 9.2 9.3 8.6 7.6 8.1 8.3 7.9 7.7 7.7 8.0 7.5 7.5 7.6 7.4 7.6 7.7 7.5 7.5 7.8 7.5 7.7 7.6 7.6 7.4 7.7 7.9 8.2 8.4 8.5 8.2 7.8 7.3 7.6 7.6 7.5 7.6 7.5 6.9 7.1 7.2 10.6 10.7 9.9 8.9 9.4 9.5 9.0 8.8 8.8 9.1 8.6 8.6 8.6 8.4 8.6 8.7 8.5 8.5 8.7 8.4 8.6 8.5 8.4 8.2 8.6 8.7 9.0 9.2 9.3 8.9 8.6 8.1 8.3 8.3 8.2 8.3 8.2 7.6 7.8 7.8 11.2 11.2 10.4 9.4 9.9 10.0 9.5 9.3 9.3 9.5 9.0 9.0 9.0 8.8 9.0 9.0 8.8 8.8 9.1 8.7 9.0 8.8 8.8 8.6 8.9 9.0 9.3 9.5 9.6 9.3 8.9 8.4 8.6 8.6 8.5 8.5 8.4 7.8 8.0 8.1 10.1 10.2 9.4 8.4 8.9 9.1 8.6 8.3 8.4 8.7 8.1 8.1 8.2 7.9 8.2 8.2 8.0 8.1 8.3 8.0 8.2 8.1 8.1 7.9 8.2 8.4 8.7 8.9 9.0 8.6 8.3 7.8 8.0 8.0 7.9 8.0 7.9 7.2 7.5 7.5 10.5 10.6 9.8 8.7 9.2 9.4 8.9 8.6 8.6 8.9 8.4 8.4 8.5 8.2 8.4 8.5 8.3 8.3 8.6 8.2 8.5 8.3 8.3 8.1 8.4 8.6 8.9 9.1 9.2 8.8 8.5 7.9 8.2 8.2 8.1 8.1 8.0 7.4 7.6 7.7 9.5 9.6 8.8 7.7 8.3 8.5 8.0 7.8 7.8 8.1 7.6 7.6 7.7 7.4 7.7 7.8 7.6 7.6 7.9 7.5 7.8 7.7 7.6 7.4 7.8 8.0 8.3 8.5 8.6 8.3 7.9 7.4 7.7 7.7 7.6 7.6 7.5 6.9 7.1 7.2 8.9 9.0 8.2 7.1 7.7 7.9 7.4 7.2 7.2 7.6 7.0 7.0 7.1 6.9 7.2 7.3 7.1 7.1 7.4 7.1 7.3 7.2 7.2 7.0 7.4 7.6 7.9 8.1 8.2 7.9 7.5 7.0 7.3 7.3 7.2 7.3 7.2 6.5 6.8 6.8 10.2 10.3 9.4 8.3 8.8 9.0 8.5 8.2 8.3 8.6 8.0 8.0 8.1 7.8 8.1 8.2 7.9 8.0 8.2 7.9 8.2 8.0 8.0 7.7 8.1 8.3 8.6 8.9 9.0 8.6 8.2 7.7 7.9 7.9 7.8 7.9 7.8 7.1 7.4 7.4 9.7 9.8 8.9 7.7 8.3 8.5 7.9 7.7 7.8 8.1 7.5 7.5 7.6 7.3 7.6 7.7 7.5 7.5 7.8 7.5 7.8 7.6 7.6 7.4 7.8 7.9 8.3 8.5 8.6 8.2 7.9 7.3 7.6 7.6 7.5 7.6 7.5 6.8 7.0 7.1 10.0 10.1 9.2 8.0 8.6 8.8 8.2 8.0 8.0 8.3 7.7 7.7 7.8 7.5 7.8 7.9 7.7 7.7 8.0 7.6 7.9 7.8 7.8 7.5 7.9 8.1 8.4 8.7 8.8 8.4 8.0 7.5 7.8 7.8 7.7 7.7 7.6 6.9 7.2 7.3 10.7 10.8 9.8 8.5 9.1 9.3 8.7 8.4 8.5 8.8 8.2 8.2 8.3 8.0 8.3 8.3 8.1 8.1 8.4 8.0 8.3 8.2 8.1 7.9 8.3 8.4 8.8 9.0 9.1 8.7 8.3 7.8 8.1 8.0 7.9 8.0 7.9 7.2 7.4 7.5 11.4 11.5 10.5 9.1 9.7 9.9 9.3 9.0 9.0 9.4 8.7 8.7 8.8 8.4 8.7 8.8 8.5 8.5 8.8 8.4 8.7 8.6 8.5 8.2 8.7 8.8 9.1 9.4 9.5 9.1 8.7 8.1 8.4 8.4 8.3 8.3 8.2 7.5 7.7 7.8 11.2 11.2 10.2 8.8 9.4 9.7 9.0 8.7 8.7 9.1 8.4 8.4 8.5 8.2 8.5 8.5 8.3 8.3 8.6 8.2 8.5 8.4 8.3 8.0 8.5 8.6 9.0 9.2 9.3 8.9 8.5 7.9 8.2 8.2 8.1 8.1 8.0 7.3 7.5 7.6 10.7 10.8 9.7 8.3 9.0 9.2 8.5 8.3 8.3 8.7 8.0 8.0 8.1 7.8 8.1 8.2 7.9 7.9 8.3 7.9 8.2 8.0 8.0 7.7 8.2 8.3 8.7 8.9 9.1 8.6 8.2 7.6 7.9 7.9 7.8 7.9 7.8 7.0 7.3 7.4 10.4 10.5 9.4 8.0 8.7 8.9 8.3 8.0 8.0 8.4 7.7 7.7 7.8 7.5 7.8 7.9 7.7 7.7 8.0 7.6 8.0 7.8 7.7 7.5 8.0 8.1 8.5 8.8 8.9 8.5 8.0 7.4 7.8 7.8 7.6 7.7 7.6 6.8 7.1 7.2 *Standard and Poor's 500 index total returns minus intermediate-term government bond income returns. Copyright 2010 Morningstar, Inc All rights reserved. 12 Intermediate-Horizon Equity Risk Premia* (in percent) 2010 Ibbotson SBBI Valuation Yearbook: Appendix A, Table A-2 1946 1926 1965 2010 1926 1946 1990 from 1926 to 2010 2010 To the end of From\tthe beginning of 1946 1947 1948 1964 1965 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 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 -9.2 -2.3 4.5 -0.2 4.2 3.9 4.2 8.6 10.7 17.4 9.4 14.0 17.2 23.9 30.3 11.5 15.6 18.4 23.3 26.2 22.0 12.2 15.7 18.0 21.5 22.8 19.1 16.2 10.2 13.0 14.4 16.5 16.2 11.6 6.3 -3.5 14.7 17.7 19.6 22.2 23.2 21.4 21.2 23.7 51.0 16.2 19.0 20.8 23.2 24.2 23.0 23.2 25.5 40.1 29.1 15.0 17.4 18.9 20.8 21.2 19.7 19.3 20.0 27.9 16.3 3.5 12.6 14.6 15.6 16.9 16.8 14.8 13.7 13.1 17.3 6.1 -5.4 -14.4 14.7 16.7 17.8 19.2 19.4 18.0 17.5 17.7 21.9 14.7 9.9 13.0 40.4 14.2 16.0 17.0 18.2 18.2 16.9 16.3 16.3 19.6 13.3 9.3 11.3 24.1 7.8 13.0 14.6 15.4 16.4 16.3 14.8 14.0 13.8 16.3 10.5 6.7 7.5 14.8 2.1 -3.7 13.7 15.2 16.0 16.9 16.8 15.6 15.0 14.8 17.1 12.3 9.5 10.7 17.0 9.2 9.8 23.3 12.1 13.5 14.1 14.8 14.6 13.3 12.5 12.1 13.9 9.2 6.4 6.8 11.1 3.7 2.4 5.4 -12.5 12.5 13.8 14.4 15.1 14.9 13.7 13.0 12.7 14.4 10.3 8.0 8.6 12.4 6.8 6.6 10.0 3.3 19.1 12.5 13.7 14.3 14.9 14.7 13.6 13.0 12.7 14.2 10.5 8.5 9.1 12.4 7.8 7.8 10.6 6.4 15.8 12.5 12.3 13.4 13.9 14.5 14.3 13.3 12.7 12.4 13.7 10.3 8.4 9.0 11.9 7.8 7.8 10.2 6.9 13.3 10.4 11.0 12.0 12.4 12.9 12.6 11.5 10.8 10.4 11.5 8.2 6.3 6.6 8.9 5.0 4.6 6.0 2.5 6.2 1.9 11.4 12.4 12.8 13.2 13.0 12.0 11.3 11.0 12.0 9.0 7.4 7.7 9.9 6.6 6.4 7.8 5.3 8.8 6.2 11.1 12.0 12.4 12.8 12.6 11.6 11.0 10.7 11.6 8.8 7.2 7.5 9.5 6.5 6.3 7.6 5.3 8.3 6.1 10.0 10.9 11.2 11.5 11.2 10.2 9.5 9.1 9.9 7.2 5.6 5.8 7.5 4.5 4.2 5.0 2.7 4.9 2.6 9.5 10.3 10.5 10.8 10.5 9.5 8.8 8.4 9.1 6.5 5.0 5.1 6.6 3.8 3.5 4.2 2.0 3.8 1.7 9.5 10.2 10.4 10.7 10.4 9.5 8.8 8.4 9.1 6.6 5.2 5.4 6.8 4.2 3.9 4.6 2.7 4.4 2.5 9.6 10.3 10.5 10.8 10.5 9.6 9.0 8.7 9.3 7.0 5.7 5.9 7.2 4.8 4.6 5.3 3.6 5.3 3.7 8.5 9.1 9.3 9.5 9.2 8.3 7.7 7.3 7.8 5.5 4.2 4.3 5.4 3.1 2.8 3.2 1.6 2.8 1.2 7.0 7.6 7.7 7.9 7.5 6.5 5.9 5.4 5.8 3.6 2.2 2.1 3.1 0.8 0.3 0.6 -1.1 -0.2 -2.0 7.8 8.4 8.5 8.7 8.4 7.5 6.9 6.5 6.9 4.8 3.6 3.6 4.6 2.5 2.2 2.6 1.1 2.1 0.7 8.1 8.7 8.8 9.0 8.7 7.8 7.3 6.9 7.3 5.4 4.2 4.3 5.2 3.3 3.0 3.4 2.1 3.2 1.9 7.4 7.9 8.1 8.2 7.9 7.0 6.5 6.1 6.5 4.5 3.4 3.4 4.3 2.4 2.1 2.4 1.1 2.0 0.8 7.1 7.7 7.8 7.9 7.6 6.7 6.2 5.8 6.2 4.3 3.2 3.2 4.0 2.2 1.9 2.2 1.0 1.8 0.7 7.2 7.7 7.8 7.9 7.6 6.8 6.3 5.9 6.3 4.5 3.5 3.5 4.3 2.6 2.3 2.6 1.5 2.3 1.2 7.6 8.1 8.2 8.4 8.1 7.3 6.8 6.5 6.9 5.2 4.2 4.2 5.1 3.4 3.2 3.6 2.5 3.4 2.5 6.9 7.4 7.5 7.6 7.3 6.5 6.0 5.7 6.0 4.3 3.4 3.4 4.1 2.5 2.3 2.6 1.5 2.3 1.3 7.0 7.4 7.5 7.6 7.3 6.6 6.1 5.8 6.1 4.5 3.6 3.6 4.3 2.8 2.6 2.8 1.9 2.6 1.7 7.1 7.6 7.6 7.7 7.5 6.8 6.3 6.0 6.3 4.7 3.9 3.9 4.6 3.2 3.0 3.3 2.3 3.0 2.2 6.8 7.2 7.3 7.4 7.1 6.4 5.9 5.6 5.9 4.4 3.6 3.6 4.2 2.8 2.6 2.9 2.0 2.7 1.9 7.2 7.6 7.7 7.8 7.5 6.8 6.4 6.1 6.4 5.0 4.2 4.2 4.8 3.5 3.4 3.6 2.8 3.5 2.8 7.3 7.7 7.7 7.8 7.6 7.0 6.5 6.2 6.5 5.1 4.4 4.4 5.0 3.8 3.6 3.9 3.1 3.8 3.1 7.0 7.4 7.5 7.6 7.3 6.7 6.3 6.0 6.3 4.9 4.2 4.2 4.8 3.6 3.4 3.7 2.9 3.5 2.9 7.1 7.4 7.5 7.6 7.4 6.7 6.3 6.1 6.3 5.0 4.3 4.3 4.9 3.7 3.6 3.9 3.1 3.7 3.1 7.4 7.8 7.9 8.0 7.7 7.2 6.8 6.5 6.8 5.5 4.8 4.9 5.5 4.4 4.3 4.5 3.9 4.5 3.9 7.0 7.4 7.4 7.5 7.3 6.7 6.3 6.1 6.3 5.1 4.4 4.4 5.0 3.9 3.7 4.0 3.3 3.9 3.3 8.3 -3.3 4.1 4.5 0.6 -0.1 1.1 2.6 0.0 -3.4 -0.4 1.1 -0.1 -0.2 0.5 1.8 0.7 1.1 1.7 1.3 2.3 2.7 2.5 2.7 3.5 3.0 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 *Standard and Poor's 500 index total returns minus intermediate-term government bond income returns. Copyright 2010 Morningstar, Inc All rights reserved. 13 1959 1960 1961 1962 1963 Intermediate-Horizon Equity Risk Premia* (in percent) 2010 Ibbotson SBBI Valuation Yearbook: Appendix A, Table A-2 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 From\tthe beginning of 1946 1947 1948 7.4 7.2 7.2 6.9 7.4 7.6 8.0 8.3 8.4 8.0 7.5 7.0 7.3 7.3 7.2 7.2 7.1 6.4 6.7 6.8 2010 1991 2010 from 1926 to 2010 To the end of 1965 1946 1926 1926 7.7 7.6 7.5 7.3 7.7 7.9 8.3 8.6 8.7 8.3 7.8 7.2 7.6 7.6 7.5 7.5 7.4 6.6 6.9 7.0 7.8 7.7 7.6 7.3 7.8 8.0 8.4 8.7 8.8 8.4 7.9 7.3 7.6 7.6 7.5 7.6 7.5 6.7 7.0 7.1 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 7.9 7.7 7.7 7.4 7.9 8.1 8.5 8.8 8.9 8.4 8.0 7.4 7.7 7.7 7.6 7.6 7.5 6.7 7.0 7.1 7.7 7.5 7.4 7.2 7.7 7.9 8.3 8.6 8.7 8.3 7.8 7.2 7.5 7.5 7.4 7.5 7.4 6.5 6.8 7.0 7.1 7.0 6.9 6.6 7.2 7.4 7.8 8.1 8.3 7.8 7.4 6.7 7.1 7.1 7.0 7.1 6.9 6.1 6.5 6.6 6.7 6.6 6.6 6.3 6.9 7.1 7.5 7.9 8.0 7.5 7.1 6.4 6.8 6.8 6.7 6.8 6.7 5.9 6.2 6.3 6.5 6.4 6.3 6.1 6.6 6.9 7.3 7.7 7.8 7.4 6.9 6.2 6.6 6.6 6.5 6.6 6.5 5.7 6.0 6.1 6.8 6.6 6.6 6.3 6.9 7.1 7.6 7.9 8.1 7.6 7.1 6.4 6.8 6.8 6.7 6.8 6.7 5.8 6.2 6.3 5.6 5.4 5.4 5.2 5.8 6.1 6.6 6.9 7.1 6.6 6.2 5.5 5.9 5.9 5.8 5.9 5.9 5.0 5.4 5.5 4.9 4.8 4.8 4.6 5.2 5.5 6.0 6.4 6.6 6.2 5.7 5.0 5.4 5.5 5.4 5.5 5.4 4.6 4.9 5.1 4.9 4.8 4.8 4.6 5.3 5.6 6.1 6.5 6.7 6.2 5.7 5.0 5.5 5.5 5.4 5.5 5.4 4.6 4.9 5.1 5.5 5.4 5.4 5.1 5.8 6.1 6.6 7.0 7.2 6.7 6.2 5.5 5.9 5.9 5.8 5.9 5.8 4.9 5.3 5.5 4.5 4.4 4.4 4.1 4.8 5.2 5.7 6.2 6.4 5.9 5.4 4.7 5.1 5.2 5.1 5.2 5.1 4.2 4.6 4.8 4.4 4.3 4.3 4.0 4.8 5.1 5.7 6.1 6.4 5.8 5.3 4.6 5.1 5.1 5.0 5.2 5.1 4.2 4.6 4.7 4.6 4.5 4.5 4.2 5.0 5.3 5.9 6.4 6.6 6.1 5.5 4.8 5.3 5.3 5.2 5.4 5.3 4.3 4.7 4.9 4.0 3.9 3.9 3.7 4.5 4.8 5.4 5.9 6.2 5.6 5.1 4.3 4.8 4.9 4.8 5.0 4.9 3.9 4.3 4.5 4.6 4.4 4.5 4.2 5.0 5.3 6.0 6.4 6.7 6.1 5.5 4.7 5.3 5.3 5.2 5.4 5.3 4.3 4.7 4.9 4.0 3.9 4.0 3.7 4.5 4.9 5.6 6.1 6.3 5.8 5.2 4.4 4.9 5.0 4.9 5.0 4.9 3.9 4.4 4.6 3.7 3.6 3.7 3.4 4.3 4.7 5.4 5.9 6.2 5.6 5.0 4.2 4.7 4.8 4.7 4.9 4.8 3.8 4.2 4.4 *Standard and Poor's 500 index total returns minus intermediate-term government bond income returns. Copyright 2010 Morningstar, Inc All rights reserved. 14 Intermediate-Horizon Equity Risk Premia* (in percent) 2010 Ibbotson SBBI Valuation Yearbook: Appendix A, Table A-2 1966 1926 1985 2010 1926 1966 from 1926 to 2010 To the end of 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 2006 2007 2008 2009 2010 From\tthe beginning of 1966 1967 1968 2010 1984 1985 -15.0 2.1 19.1 3.2 12.3 5.6 -1.4 3.2 -4.8 -15.2 -1.8 1.5 -4.4 -9.4 -3.6 -0.1 2.9 -1.2 -3.4 2.5 8.6 1.8 4.6 1.7 0.8 6.1 10.9 13.2 -1.1 0.9 -2.1 -3.6 -0.8 0.2 -4.0 -21.3 -4.7 -3.4 -6.6 -8.7 -7.4 -8.3 -13.9 -27.5 -33.7 -1.2 0.3 -2.1 -3.2 -1.2 -0.7 -3.0 -8.4 -1.9 29.9 0.4 1.9 0.0 -0.7 1.4 2.3 1.0 -2.1 4.3 23.3 16.8 -0.8 0.5 -1.3 -2.1 -0.5 0.0 -1.4 -4.4 -0.2 11.0 1.6 -13.7 -0.8 0.4 -1.3 -2.0 -0.6 -0.2 -1.4 -3.9 -0.4 7.9 0.6 -7.5 -1.3 -0.1 1.1 -0.4 -1.0 0.5 0.9 0.0 -1.9 1.3 8.3 2.9 -1.8 4.2 9.6 1.4 2.6 1.3 0.9 2.4 3.0 2.4 1.0 4.2 10.6 6.7 4.2 10.1 15.8 22.0 0.2 1.2 -0.1 -0.5 0.7 1.1 0.4 -1.1 1.5 6.5 2.6 -0.3 3.1 4.5 2.0 -17.9 0.7 1.7 0.5 0.2 1.3 1.7 1.1 -0.1 2.3 6.8 3.5 1.2 4.2 5.6 4.3 -4.6 8.7 1.3 2.3 1.2 1.0 2.1 2.6 2.1 1.0 3.3 7.4 4.6 2.8 5.6 6.9 6.2 1.0 10.5 12.2 1.0 1.9 0.9 0.6 1.6 2.0 1.5 0.5 2.5 6.1 3.5 1.8 4.0 4.9 3.9 -0.6 5.2 3.4 -5.4 2.0 2.9 2.0 1.8 2.8 3.3 2.9 2.1 4.1 7.5 5.3 4.0 6.2 7.2 6.8 3.8 9.2 9.4 8.0 2.4 3.3 2.5 2.3 3.3 3.8 3.4 2.7 4.6 7.8 5.8 4.7 6.7 7.7 7.4 5.0 9.6 9.8 9.0 2.2 3.0 2.2 2.1 3.0 3.4 3.1 2.4 4.1 7.0 5.1 4.0 5.8 6.6 6.2 4.0 7.6 7.4 6.2 2.5 3.3 2.5 2.4 3.3 3.7 3.4 2.8 4.4 7.1 5.4 4.4 6.0 6.8 6.5 4.5 7.7 7.6 6.6 3.4 4.1 3.5 3.4 4.3 4.7 4.5 4.0 5.6 8.2 6.6 5.8 7.5 8.3 8.1 6.6 9.7 9.8 9.4 2.8 3.5 2.8 2.7 3.6 3.9 3.7 3.1 4.6 7.0 5.4 4.6 6.0 6.6 6.4 4.8 7.3 7.2 6.4 3.5 4.3 3.7 3.6 4.4 4.8 4.6 4.2 5.6 7.9 6.5 5.9 7.2 7.9 7.8 6.5 8.9 8.9 8.5 3.5 4.2 3.6 3.5 4.3 4.7 4.5 4.0 5.4 7.5 6.2 5.6 6.9 7.4 7.3 6.0 8.2 8.2 7.7 3.5 4.2 3.6 3.5 4.3 4.7 4.5 4.1 5.3 7.4 6.1 5.5 6.7 7.2 7.1 5.9 7.9 7.8 7.4 3.2 3.9 3.3 3.2 4.0 4.3 4.1 3.7 4.9 6.8 5.6 4.9 6.0 6.5 6.3 5.2 6.9 6.8 6.3 4.1 4.8 4.3 4.2 5.0 5.3 5.2 4.8 6.0 7.9 6.8 6.3 7.4 7.9 7.8 6.9 8.7 8.6 8.3 4.6 5.2 4.7 4.7 5.4 5.8 5.7 5.4 6.5 8.3 7.3 6.8 7.9 8.4 8.4 7.5 9.2 9.3 9.0 5.3 5.9 5.5 5.5 6.2 6.6 6.5 6.2 7.4 9.2 8.2 7.8 8.9 9.4 9.4 8.7 10.3 10.4 10.3 5.8 6.5 6.1 6.1 6.8 7.2 7.1 6.9 8.0 9.8 8.9 8.5 9.6 10.1 10.1 9.5 11.1 11.3 11.2 6.1 6.7 6.4 6.4 7.1 7.5 7.4 7.2 8.3 10.0 9.2 8.8 9.9 10.4 10.4 9.8 11.4 11.5 11.5 5.5 6.1 5.7 5.7 6.4 6.7 6.7 6.4 7.4 9.0 8.2 7.8 8.8 9.2 9.2 8.6 10.0 10.0 9.9 4.9 5.5 5.1 5.0 5.7 6.0 5.9 5.6 6.6 8.1 7.3 6.9 7.7 8.1 8.1 7.4 8.7 8.6 8.5 4.1 4.6 4.2 4.1 4.7 5.0 4.9 4.6 5.5 6.9 6.0 5.6 6.4 6.7 6.6 5.9 7.0 6.9 6.6 4.6 5.2 4.8 4.8 5.3 5.6 5.5 5.3 6.2 7.5 6.7 6.4 7.1 7.5 7.4 6.7 7.9 7.8 7.6 4.7 5.2 4.8 4.8 5.4 5.7 5.6 5.3 6.2 7.5 6.8 6.4 7.1 7.5 7.4 6.8 7.8 7.8 7.6 4.6 5.1 4.7 4.7 5.3 5.5 5.4 5.2 6.0 7.3 6.6 6.2 6.9 7.2 7.1 6.5 7.6 7.5 7.3 4.8 5.3 4.9 4.9 5.4 5.7 5.6 5.4 6.2 7.4 6.7 6.4 7.1 7.4 7.3 6.7 7.7 7.7 7.5 4.7 5.2 4.8 4.8 5.3 5.6 5.5 5.3 6.0 7.2 6.5 6.2 6.9 7.1 7.1 6.5 7.5 7.4 7.2 3.6 4.1 3.7 3.7 4.2 4.4 4.3 4.0 4.7 5.9 5.1 4.8 5.4 5.6 5.4 4.9 5.7 5.6 5.3 4.1 4.6 4.2 4.2 4.7 4.9 4.8 4.6 5.3 6.4 5.7 5.4 6.0 6.2 6.1 5.5 6.4 6.3 6.0 4.3 4.8 4.4 4.4 4.9 5.1 5.0 4.8 5.5 6.6 5.9 5.6 6.2 6.4 6.3 5.8 6.6 6.5 6.3 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 21.4 16.2 10.1 9.6 12.4 8.4 10.5 9.4 8.8 7.5 9.6 10.2 11.5 12.4 12.6 10.9 9.3 7.3 8.3 8.2 7.9 8.1 7.7 5.8 6.5 6.8 *Standard and Poor's 500 index total returns minus intermediate-term government bond income returns. Copyright 2010 Morningstar, Inc All rights reserved. 15 1979 1980 1981 1982 1983 Intermediate-Horizon Equity Risk Premia* (in percent) 2010 Ibbotson SBBI Valuation Yearbook: Appendix A, Table A-2 1926 1986-2001 1926 1986 from 1926 to 2010 2010 To the end of From\tthe beginning of 1986 1987 1988 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 10.9 4.4 -2.2 5.7 3.1 8.4 10.1 9.8 15.8 23.2 5.8 4.5 6.8 6.0 -11.3 8.7 8.2 10.8 11.7 5.9 23.0 7.6 7.1 8.9 9.1 4.4 12.2 1.3 7.2 6.7 8.2 8.2 4.4 9.6 3.0 4.6 5.9 5.3 6.4 6.0 2.6 6.0 0.4 -0.1 -4.8 8.4 8.1 9.4 9.6 7.3 11.0 8.0 10.2 13.1 30.9 9.2 9.0 10.3 10.5 8.7 12.0 9.8 12.0 14.4 24.0 17.1 10.7 10.7 12.0 12.4 11.0 14.2 12.7 15.0 17.6 25.1 22.2 27.2 11.7 11.7 13.0 13.5 12.4 15.3 14.2 16.4 18.8 24.6 22.6 25.3 23.3 12.0 12.0 13.2 13.7 12.7 15.4 14.4 16.3 18.3 22.9 20.8 22.1 19.5 15.7 10.1 10.1 11.0 11.3 10.2 12.3 11.1 12.3 13.5 16.5 13.6 12.7 7.9 0.2 -15.3 8.5 8.3 9.1 9.2 8.0 9.7 8.4 9.2 9.8 11.8 8.7 7.0 1.9 -5.2 -15.7 -16.2 6.5 6.2 6.8 6.6 5.4 6.7 5.3 5.7 5.8 7.1 3.7 1.5 -3.7 -10.4 -19.2 -21.1 7.5 7.3 7.9 7.9 6.8 8.2 7.0 7.5 7.8 9.2 6.5 4.9 1.2 -3.2 -7.9 -5.5 7.5 7.4 7.9 7.9 6.9 8.2 7.0 7.5 7.8 9.0 6.6 5.3 2.1 -1.4 -4.8 -2.2 7.2 7.0 7.5 7.5 6.5 7.7 6.6 7.0 7.2 8.3 6.0 4.8 2.0 -1.1 -3.9 -1.6 7.4 7.2 7.7 7.7 6.8 7.9 6.9 7.3 7.5 8.5 6.5 5.4 3.0 0.5 -1.7 0.6 7.1 6.9 7.4 7.3 6.5 7.5 6.5 6.9 7.1 8.0 6.0 5.0 2.8 0.5 -1.3 0.6 5.1 4.8 5.1 5.0 4.0 4.9 3.8 4.0 3.9 4.5 2.5 1.3 -1.1 -3.5 -5.6 -4.4 5.9 5.7 6.0 5.9 5.0 5.9 5.0 5.2 5.2 5.9 4.1 3.1 1.1 -1.0 -2.6 -1.2 6.2 6.0 6.3 6.2 5.4 6.3 5.4 5.6 5.7 6.3 4.7 3.8 2.0 0.2 -1.2 0.2 1989 1990 1991 1992 1993 1994 1995 Intermediate-Horizon Equity Risk Premia* (in percent) 2010 Ibbotson SBBI Valuation Yearbook: Appendix A, Table A-2 2002 2003 2004 2005 2006 2007 2008 2009 2010 2002 1997 1998 1926 1999 2000 2001 2002-2010 1926 from 1926 to 2010 1996 2002-2010 2003 2004 2005 2006 2007 2008 2009 2010 -26.1 -0.1 25.8 2.5 16.7 7.6 2.1 11.5 4.3 1.0 3.9 11.4 6.6 6.1 11.3 3.4 9.3 5.2 4.4 6.2 1.1 -2.8 1.1 -3.8 -6.7 -9.2 -19.5 -40.0 0.6 4.5 0.9 -0.4 -0.8 -4.8 -7.8 24.5 2.0 5.5 2.6 1.8 2.0 -0.3 -0.8 18.8 13.1 *Standard and Poor's 500 index total returns minus intermediate-term government bond income returns. Copyright 2010 Morningstar, Inc All rights reserved. 16 Short-Horizon Equity Risk Premia* (in percent) 2010 Ibbotson SBBI Valuation Yearbook: Appendix A, Table A-3. 1926 1945 2010 1926 1970 from 1926 to 2010 2010 To the end of From\tthe beginning of 1926 1927 1928 1944 1945 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 8.4 21.4 34.4 27.6 37.2 40.1 17.4 20.4 13.4 -13.2 8.5 8.5 -0.1 -20.2 -27.3 -0.4 -2.1 -11.2 -28.3 -35.9 -44.4 -1.6 -3.3 -10.8 -23.5 -27.0 -26.8 -9.2 5.3 4.9 0.0 -8.1 -6.8 0.0 22.3 53.7 4.5 4.1 -0.3 -7.0 -5.8 -0.4 14.3 26.0 -1.6 8.8 8.9 5.7 0.8 3.1 9.2 22.6 33.2 22.9 47.5 11.1 11.4 8.8 4.9 7.5 13.3 24.8 33.3 26.5 40.6 33.7 7.2 7.1 4.4 0.4 2.1 6.3 14.8 19.6 11.1 15.3 -0.8 -35.3 9.1 9.1 6.8 3.5 5.4 9.4 17.1 21.5 15.1 19.3 9.8 -2.1 31.1 8.4 8.4 6.2 3.2 4.8 8.3 14.9 18.4 12.5 15.3 7.3 -1.5 15.4 -0.4 7.2 7.1 5.0 2.1 3.5 6.5 12.2 14.9 9.3 11.1 3.9 -3.6 7.0 -5.1 -9.8 6.0 5.8 3.8 1.0 2.2 4.9 9.8 11.9 6.7 7.9 1.3 -5.2 2.3 -7.3 -10.7 -11.7 6.8 6.7 4.9 2.4 3.6 6.1 10.7 12.7 8.2 9.4 4.0 -1.0 5.9 -0.4 -0.5 4.2 20.1 7.9 7.8 6.2 3.9 5.1 7.6 12.0 13.9 9.9 11.2 6.7 2.8 9.1 4.8 6.0 11.3 22.8 25.6 8.5 8.5 7.0 4.9 6.1 8.5 12.6 14.4 10.8 12.0 8.1 4.9 10.6 7.2 8.7 13.3 21.7 22.5 19.4 9.9 9.9 8.6 6.7 8.0 10.3 14.2 16.0 12.9 14.2 10.9 8.3 13.8 11.3 13.3 17.9 25.3 27.0 27.8 9.0 9.0 7.7 5.9 7.0 9.2 12.7 14.3 11.3 12.3 9.1 6.7 11.3 8.9 10.2 13.5 18.5 18.2 15.7 8.8 8.8 7.6 5.9 6.9 8.9 12.3 13.7 10.8 11.8 8.8 6.5 10.7 8.5 9.6 12.3 16.3 15.6 13.1 8.6 8.6 7.4 5.8 6.8 8.7 11.8 13.1 10.4 11.3 8.5 6.4 10.2 8.1 9.0 11.4 14.7 13.8 11.4 9.0 9.0 7.9 6.4 7.3 9.2 12.1 13.4 10.9 11.7 9.1 7.2 10.8 8.9 9.9 12.1 15.0 14.3 12.4 9.9 9.9 8.9 7.5 8.4 10.2 13.1 14.3 12.0 12.9 10.6 8.9 12.3 10.7 11.8 13.9 16.8 16.3 15.0 10.4 10.4 9.4 8.1 9.1 10.8 13.6 14.8 12.6 13.4 11.3 9.8 13.0 11.7 12.7 14.7 17.3 17.0 16.0 10.6 10.7 9.7 8.5 9.4 11.1 13.7 14.9 12.8 13.6 11.6 10.2 13.3 12.0 13.0 14.9 17.3 17.0 16.0 10.1 10.2 9.3 8.0 8.9 10.5 13.0 14.0 12.0 12.8 10.8 9.5 12.3 11.0 11.8 13.5 15.6 15.2 14.2 11.6 11.7 10.8 9.7 10.6 12.2 14.7 15.7 13.9 14.7 13.0 11.8 14.6 13.6 14.5 16.2 18.4 18.2 17.6 12.2 12.3 11.5 10.5 11.4 12.9 15.3 16.4 14.7 15.4 13.8 12.8 15.5 14.5 15.5 17.2 19.2 19.1 18.6 11.9 12.0 11.3 10.2 11.1 12.6 14.8 15.8 14.2 14.9 13.4 12.4 14.9 14.0 14.8 16.3 18.2 18.1 17.5 11.1 11.2 10.4 9.4 10.2 11.6 13.7 14.7 13.0 13.7 12.1 11.1 13.4 12.5 13.2 14.6 16.2 15.9 15.3 12.0 12.1 11.4 10.5 11.3 12.7 14.8 15.7 14.2 14.8 13.4 12.5 14.8 14.0 14.7 16.1 17.7 17.6 17.0 11.9 12.0 11.4 10.4 11.2 12.5 14.6 15.5 14.0 14.6 13.2 12.3 14.5 13.7 14.4 15.7 17.2 17.1 16.5 11.5 11.6 10.9 10.0 10.8 12.1 14.0 14.8 13.4 14.0 12.6 11.7 13.8 13.0 13.6 14.8 16.2 16.0 15.4 11.9 12.0 11.3 10.5 11.2 12.5 14.4 15.2 13.8 14.4 13.1 12.3 14.2 13.5 14.1 15.3 16.6 16.4 15.9 11.3 11.4 10.7 9.8 10.5 11.7 13.5 14.3 12.9 13.4 12.2 11.3 13.2 12.5 13.0 14.1 15.3 15.1 14.5 11.5 11.6 10.9 10.1 10.8 12.0 13.7 14.5 13.1 13.7 12.4 11.7 13.5 12.8 13.3 14.3 15.5 15.3 14.8 11.5 11.6 11.0 10.2 10.9 12.0 13.7 14.4 13.1 13.6 12.5 11.7 13.4 12.8 13.3 14.3 15.4 15.2 14.7 11.5 11.5 10.9 10.1 10.8 11.9 13.5 14.2 13.0 13.5 12.3 11.6 13.3 12.6 13.1 14.0 15.1 14.9 14.4 10.8 10.9 10.3 9.5 10.1 11.1 12.7 13.4 12.2 12.6 11.5 10.7 12.3 11.6 12.1 12.9 13.9 13.6 13.1 11.0 11.1 10.5 9.8 10.4 11.4 12.9 13.6 12.4 12.8 11.7 11.0 12.5 11.9 12.3 13.2 14.1 13.9 13.4 10.9 11.0 10.4 9.7 10.2 11.2 12.7 13.3 12.2 12.6 11.5 10.8 12.3 11.7 12.1 12.9 13.8 13.6 13.1 10.3 10.4 9.8 9.1 9.6 10.6 12.0 12.6 11.4 11.8 10.8 10.1 11.5 10.8 11.2 11.9 12.8 12.5 12.0 10.0 10.1 9.5 8.8 9.3 10.2 11.6 12.2 11.1 11.4 10.4 9.7 11.0 10.4 10.8 11.5 12.3 12.0 11.5 36.1 13.8 11.0 9.4 11.1 14.3 15.5 15.6 13.6 17.4 18.5 17.3 14.9 16.9 16.3 15.2 15.7 14.2 14.5 14.4 14.2 12.8 13.1 12.8 11.7 11.2 1929 1930 1931 1932 1933 1934 1935 1936 *Standard and Poor's 500 index total returns minus 30-day Treasury bill total returns. Copyright 2010 Morningstar, Inc All rights reserved. 17 1937 1938 1939 1940 1941 1942 1943 Short-Horizon Equity Risk Premia* (in percent) 2010 Ibbotson SBBI Valuation Yearbook: Appendix A, Table A-3. 1926 1945 2010 1926 1971 from 1926 to 2010 2010 To the end of From\tthe beginning of 1926 1927 1928 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 2006 2007 2008 2009 2010 10.0 10.1 9.5 8.6 9.0 9.2 8.8 8.6 8.6 8.9 8.3 8.4 8.5 8.3 8.5 8.6 8.5 8.5 8.7 8.4 8.7 8.6 8.6 8.4 8.8 8.9 9.2 9.4 9.4 9.1 8.8 8.4 8.6 8.6 8.5 8.6 8.5 7.9 8.1 8.2 10.1 10.2 9.5 8.6 9.0 9.2 8.8 8.6 8.6 8.9 8.3 8.4 8.5 8.3 8.5 8.6 8.5 8.5 8.7 8.4 8.7 8.6 8.6 8.4 8.8 8.9 9.2 9.4 9.5 9.1 8.8 8.4 8.6 8.6 8.6 8.6 8.5 7.9 8.1 8.2 9.5 9.6 9.0 8.0 8.5 8.7 8.3 8.1 8.1 8.4 7.9 7.9 8.0 7.8 8.1 8.2 8.0 8.1 8.3 8.0 8.3 8.2 8.2 8.0 8.4 8.5 8.8 9.0 9.1 8.8 8.5 8.0 8.3 8.3 8.2 8.3 8.2 7.6 7.8 7.9 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 8.8 8.9 8.3 7.3 7.8 8.1 7.7 7.5 7.5 7.8 7.3 7.3 7.4 7.2 7.5 7.6 7.5 7.5 7.8 7.5 7.8 7.7 7.7 7.6 7.9 8.1 8.4 8.6 8.7 8.4 8.0 7.6 7.9 7.9 7.8 7.8 7.8 7.2 7.4 7.5 9.3 9.5 8.8 7.8 8.3 8.5 8.1 7.9 7.9 8.2 7.7 7.7 7.8 7.6 7.9 8.0 7.9 7.9 8.1 7.8 8.1 8.0 8.0 7.9 8.2 8.4 8.7 8.9 9.0 8.7 8.3 7.9 8.1 8.2 8.1 8.1 8.0 7.4 7.7 7.8 10.2 10.3 9.6 8.6 9.1 9.3 8.9 8.7 8.6 8.9 8.3 8.4 8.5 8.3 8.6 8.6 8.5 8.5 8.8 8.4 8.7 8.6 8.6 8.4 8.8 8.9 9.2 9.4 9.5 9.2 8.8 8.4 8.6 8.6 8.6 8.6 8.5 7.9 8.1 8.2 11.6 11.7 10.9 9.8 10.3 10.5 10.0 9.8 9.8 10.0 9.4 9.4 9.5 9.3 9.5 9.6 9.4 9.4 9.7 9.3 9.6 9.5 9.5 9.3 9.6 9.7 10.0 10.2 10.3 9.9 9.6 9.1 9.4 9.4 9.3 9.3 9.2 8.6 8.8 8.9 12.1 12.2 11.4 10.3 10.8 11.0 10.4 10.2 10.2 10.4 9.8 9.8 9.9 9.6 9.9 9.9 9.8 9.8 10.0 9.6 9.9 9.8 9.8 9.6 9.9 10.0 10.3 10.5 10.6 10.2 9.9 9.4 9.6 9.6 9.5 9.5 9.4 8.8 9.0 9.1 11.0 11.1 10.3 9.2 9.7 10.0 9.5 9.2 9.2 9.5 8.9 8.9 9.0 8.8 9.0 9.1 8.9 9.0 9.2 8.9 9.1 9.1 9.0 8.8 9.2 9.3 9.6 9.9 10.0 9.6 9.2 8.7 9.0 9.0 8.9 8.9 8.8 8.2 8.4 8.5 11.4 11.5 10.6 9.5 10.0 10.2 9.7 9.5 9.4 9.7 9.1 9.1 9.2 9.0 9.3 9.3 9.1 9.2 9.4 9.1 9.3 9.2 9.2 9.0 9.4 9.5 9.8 10.0 10.1 9.7 9.4 8.9 9.2 9.2 9.1 9.1 9.0 8.3 8.6 8.7 10.4 10.5 9.6 8.5 9.1 9.3 8.8 8.6 8.6 8.9 8.2 8.3 8.4 8.2 8.5 8.6 8.4 8.4 8.7 8.4 8.6 8.6 8.5 8.4 8.7 8.9 9.2 9.4 9.5 9.2 8.8 8.3 8.6 8.6 8.5 8.5 8.4 7.8 8.0 8.1 9.7 9.8 9.0 7.8 8.5 8.7 8.2 8.0 8.0 8.3 7.7 7.7 7.9 7.6 8.0 8.1 7.9 7.9 8.2 7.9 8.2 8.1 8.1 7.9 8.3 8.5 8.8 9.0 9.2 8.8 8.4 7.9 8.2 8.2 8.1 8.2 8.1 7.4 7.7 7.8 11.0 11.1 10.2 9.0 9.6 9.8 9.3 9.0 9.0 9.3 8.7 8.7 8.8 8.6 8.9 8.9 8.8 8.8 9.1 8.7 9.0 8.9 8.9 8.7 9.1 9.2 9.5 9.8 9.9 9.5 9.1 8.6 8.9 8.9 8.8 8.8 8.7 8.0 8.3 8.4 10.4 10.5 9.6 8.4 9.0 9.3 8.7 8.5 8.5 8.8 8.1 8.2 8.3 8.1 8.4 8.5 8.3 8.3 8.6 8.3 8.6 8.5 8.5 8.3 8.7 8.8 9.2 9.4 9.5 9.1 8.7 8.2 8.5 8.5 8.4 8.5 8.4 7.7 8.0 8.1 10.7 10.9 9.9 8.7 9.3 9.5 9.0 8.7 8.7 9.0 8.3 8.4 8.5 8.3 8.6 8.7 8.5 8.5 8.8 8.4 8.8 8.7 8.6 8.4 8.9 9.0 9.3 9.6 9.7 9.3 8.9 8.4 8.7 8.7 8.6 8.6 8.5 7.8 8.1 8.2 11.4 11.5 10.5 9.2 9.8 10.1 9.5 9.2 9.2 9.5 8.8 8.8 8.9 8.7 9.0 9.1 8.9 8.9 9.2 8.8 9.1 9.0 9.0 8.8 9.2 9.3 9.7 9.9 10.0 9.6 9.2 8.7 9.0 9.0 8.9 8.9 8.8 8.1 8.3 8.4 12.2 12.3 11.2 9.8 10.5 10.7 10.1 9.8 9.7 10.0 9.3 9.3 9.4 9.1 9.5 9.5 9.3 9.3 9.6 9.2 9.5 9.4 9.4 9.2 9.6 9.7 10.1 10.3 10.4 10.0 9.5 9.0 9.3 9.3 9.2 9.2 9.1 8.4 8.6 8.7 11.9 12.0 10.9 9.5 10.2 10.4 9.8 9.5 9.5 9.8 9.0 9.1 9.2 8.9 9.2 9.3 9.1 9.1 9.4 9.0 9.3 9.2 9.2 8.9 9.4 9.5 9.9 10.1 10.2 9.8 9.4 8.8 9.1 9.1 9.0 9.0 8.9 8.2 8.5 8.6 11.4 11.5 10.4 9.0 9.7 10.0 9.3 9.0 9.0 9.3 8.6 8.6 8.8 8.5 8.8 8.9 8.7 8.7 9.1 8.6 9.0 8.9 8.8 8.6 9.1 9.2 9.6 9.8 10.0 9.5 9.1 8.5 8.8 8.9 8.7 8.8 8.7 7.9 8.2 8.3 11.1 11.3 10.1 8.6 9.4 9.7 9.0 8.7 8.7 9.1 8.3 8.4 8.5 8.2 8.6 8.7 8.5 8.5 8.8 8.4 8.8 8.7 8.6 8.4 8.9 9.0 9.4 9.7 9.8 9.3 8.9 8.3 8.7 8.7 8.6 8.6 8.5 7.8 8.0 8.1 *Standard and Poor's 500 index total returns minus 30-day Treasury bill total returns. Copyright 2010 Morningstar, Inc All rights reserved. 18 Short-Horizon Equity Risk Premia* (in percent) 2010 Ibbotson SBBI Valuation Yearbook: Appendix A, Table A-3. 1946 1926 1965 2010 1926 1946 1990 from 1926 to 2010 2010 To the end of From\tthe beginning of 1946 1947 1948 1964 1965 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 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 -8.4 -1.6 5.2 0.5 4.9 4.7 4.8 9.2 11.2 17.7 9.9 14.5 17.6 24.1 30.5 12.0 16.1 18.9 23.6 26.5 22.5 12.7 16.2 18.4 21.9 23.3 19.6 16.7 10.8 13.5 14.9 16.9 16.7 12.1 6.9 -2.8 15.3 18.3 20.2 22.7 23.7 22.0 21.9 24.5 51.8 16.8 19.6 21.4 23.8 24.8 23.6 23.9 26.3 40.9 30.0 15.6 18.0 19.5 21.3 21.8 20.4 19.9 20.8 28.6 17.0 4.1 13.2 15.1 16.1 17.4 17.4 15.5 14.3 13.8 18.0 6.7 -4.9 -13.9 15.4 17.4 18.5 19.8 20.1 18.8 18.2 18.5 22.7 15.5 10.7 14.0 41.8 14.9 16.7 17.7 18.9 19.0 17.7 17.1 17.1 20.5 14.2 10.3 12.3 25.4 9.0 13.8 15.4 16.1 17.1 17.0 15.7 14.9 14.7 17.2 11.5 7.8 8.7 16.2 3.4 -2.2 14.5 16.0 16.8 17.7 17.7 16.5 15.9 15.8 18.2 13.4 10.6 11.9 18.3 10.5 11.3 24.8 12.9 14.3 14.9 15.6 15.4 14.2 13.4 13.1 14.9 10.3 7.4 8.0 12.4 5.0 3.7 6.6 -11.5 13.3 14.6 15.2 15.9 15.7 14.6 14.0 13.7 15.4 11.3 9.0 9.7 13.6 8.0 7.7 11.0 4.1 19.7 13.3 14.5 15.0 15.7 15.6 14.5 13.9 13.6 15.1 11.5 9.4 10.1 13.5 8.8 8.7 11.5 7.1 16.3 12.9 13.1 14.2 14.7 15.3 15.1 14.1 13.5 13.2 14.6 11.2 9.3 9.9 12.9 8.8 8.7 10.9 7.4 13.7 10.7 11.7 12.7 13.1 13.6 13.4 12.3 11.6 11.2 12.3 9.0 7.1 7.4 9.8 5.8 5.3 6.6 3.0 6.6 2.2 12.1 13.1 13.5 13.9 13.7 12.7 12.1 11.8 12.9 9.9 8.2 8.6 10.8 7.4 7.2 8.5 5.8 9.2 6.6 11.8 12.7 13.1 13.5 13.3 12.3 11.7 11.4 12.4 9.6 8.0 8.3 10.4 7.2 7.0 8.2 5.8 8.7 6.5 10.7 11.5 11.8 12.2 11.9 10.9 10.3 9.9 10.7 7.9 6.4 6.5 8.2 5.2 4.8 5.6 3.2 5.3 2.9 10.2 10.9 11.2 11.5 11.2 10.2 9.6 9.2 9.9 7.3 5.8 5.9 7.4 4.5 4.1 4.7 2.5 4.3 2.1 10.2 10.9 11.1 11.4 11.1 10.2 9.6 9.2 9.9 7.4 6.0 6.1 7.6 4.9 4.6 5.2 3.3 4.9 3.1 10.3 11.1 11.3 11.6 11.3 10.4 9.9 9.5 10.2 7.9 6.6 6.7 8.1 5.7 5.4 6.0 4.3 5.9 4.4 9.2 9.9 10.0 10.2 9.9 9.0 8.4 8.0 8.6 6.3 5.0 5.0 6.2 3.9 3.5 3.9 2.2 3.4 1.8 7.7 8.3 8.4 8.5 8.2 7.2 6.6 6.1 6.5 4.3 2.9 2.8 3.8 1.5 1.0 1.2 -0.6 0.3 -1.5 8.5 9.1 9.2 9.4 9.1 8.2 7.6 7.2 7.7 5.6 4.3 4.3 5.4 3.2 2.9 3.2 1.7 2.7 1.2 8.8 9.4 9.5 9.7 9.4 8.6 8.0 7.7 8.1 6.2 5.0 5.1 6.1 4.1 3.8 4.2 2.8 3.8 2.6 8.2 8.7 8.8 9.0 8.6 7.8 7.3 6.9 7.3 5.4 4.2 4.2 5.2 3.2 2.9 3.2 1.9 2.7 1.5 7.9 8.4 8.5 8.6 8.3 7.5 7.0 6.6 7.0 5.1 4.0 4.0 4.9 3.0 2.7 3.0 1.7 2.5 1.4 7.9 8.4 8.5 8.6 8.3 7.6 7.0 6.7 7.0 5.2 4.2 4.2 5.0 3.3 3.0 3.3 2.1 2.9 1.8 8.3 8.8 8.9 9.0 8.7 8.0 7.5 7.2 7.6 5.9 4.9 4.9 5.7 4.1 3.9 4.2 3.1 3.9 3.0 7.5 8.0 8.0 8.1 7.9 7.1 6.6 6.3 6.6 4.9 3.9 3.9 4.7 3.1 2.8 3.0 1.9 2.7 1.7 7.6 8.1 8.1 8.2 7.9 7.2 6.7 6.4 6.7 5.1 4.2 4.2 4.9 3.4 3.2 3.4 2.4 3.1 2.2 7.8 8.2 8.3 8.4 8.1 7.4 7.0 6.7 7.0 5.4 4.5 4.6 5.3 3.8 3.6 3.8 2.9 3.6 2.8 7.5 7.9 8.0 8.1 7.8 7.1 6.6 6.3 6.6 5.1 4.3 4.3 4.9 3.5 3.3 3.5 2.6 3.3 2.5 7.9 8.3 8.4 8.5 8.2 7.6 7.2 6.9 7.2 5.7 4.9 5.0 5.6 4.3 4.1 4.4 3.5 4.2 3.5 8.0 8.4 8.5 8.6 8.3 7.7 7.3 7.0 7.3 5.9 5.2 5.2 5.9 4.6 4.4 4.7 3.9 4.5 3.8 7.8 8.2 8.3 8.4 8.1 7.5 7.1 6.8 7.1 5.8 5.0 5.0 5.7 4.4 4.3 4.5 3.7 4.3 3.7 7.9 8.3 8.3 8.4 8.2 7.6 7.2 6.9 7.2 5.9 5.2 5.2 5.8 4.6 4.5 4.7 4.0 4.5 3.9 8.2 8.6 8.7 8.8 8.6 8.0 7.6 7.4 7.6 6.4 5.7 5.7 6.4 5.2 5.1 5.3 4.6 5.2 4.7 7.8 8.2 8.2 8.3 8.1 7.5 7.1 6.9 7.1 5.9 5.2 5.3 5.8 4.7 4.6 4.8 4.1 4.7 4.1 8.5 -3.1 4.5 4.8 0.8 0.3 1.6 3.3 0.6 -2.9 0.2 1.7 0.7 0.6 1.1 2.3 1.0 1.6 2.2 1.9 3.0 3.4 3.3 3.6 4.4 3.8 1949 1950 1951 1952 1953 1954 1955 1956 *Standard and Poor's 500 index total returns minus 30-day Treasury bill total returns. Copyright 2010 Morningstar, Inc All rights reserved. 19 1957 1958 1959 1960 1961 1962 1963 Short-Horizon Equity Risk Premia* (in percent) 2010 Ibbotson SBBI Valuation Yearbook: Appendix A, Table A-3. 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 From\tthe beginning of 1946 1947 1948 8.2 8.1 8.1 7.8 8.3 8.5 8.9 9.2 9.3 8.9 8.4 7.9 8.2 8.2 8.1 8.2 8.0 7.3 7.6 7.7 2010 1991 2010 from 1926 to 2010 To the end of 1965 1946 1926 1926 8.5 8.4 8.4 8.2 8.7 8.8 9.2 9.5 9.6 9.2 8.7 8.1 8.5 8.5 8.4 8.4 8.3 7.6 7.9 8.0 8.6 8.5 8.5 8.2 8.7 8.9 9.3 9.6 9.7 9.2 8.8 8.2 8.5 8.6 8.4 8.5 8.4 7.6 7.9 8.0 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 8.7 8.6 8.6 8.3 8.8 9.0 9.4 9.7 9.8 9.3 8.9 8.3 8.6 8.6 8.5 8.6 8.4 7.6 8.0 8.1 8.5 8.4 8.4 8.1 8.6 8.8 9.2 9.5 9.7 9.2 8.7 8.1 8.4 8.5 8.4 8.4 8.3 7.5 7.8 7.9 7.9 7.9 7.8 7.6 8.1 8.4 8.8 9.1 9.2 8.7 8.3 7.7 8.0 8.1 7.9 8.0 7.9 7.1 7.4 7.5 7.6 7.5 7.5 7.3 7.8 8.0 8.5 8.8 9.0 8.5 8.0 7.4 7.8 7.8 7.7 7.7 7.6 6.8 7.1 7.3 7.3 7.3 7.3 7.0 7.6 7.8 8.3 8.6 8.8 8.3 7.8 7.2 7.6 7.6 7.5 7.6 7.5 6.6 7.0 7.1 7.6 7.5 7.5 7.3 7.9 8.1 8.5 8.9 9.0 8.5 8.0 7.4 7.8 7.8 7.7 7.8 7.6 6.8 7.1 7.3 6.4 6.4 6.4 6.2 6.8 7.0 7.5 7.9 8.1 7.6 7.1 6.5 6.9 6.9 6.8 6.9 6.8 6.0 6.3 6.5 5.8 5.7 5.8 5.5 6.2 6.5 7.0 7.4 7.6 7.1 6.6 6.0 6.4 6.5 6.4 6.5 6.4 5.5 5.9 6.1 5.8 5.8 5.8 5.6 6.3 6.5 7.1 7.5 7.7 7.2 6.7 6.0 6.5 6.5 6.4 6.5 6.4 5.5 5.9 6.1 6.4 6.3 6.4 6.1 6.8 7.1 7.6 8.0 8.2 7.7 7.1 6.4 6.9 7.0 6.9 6.9 6.8 5.9 6.3 6.5 5.3 5.3 5.3 5.1 5.8 6.2 6.7 7.1 7.4 6.8 6.3 5.6 6.1 6.2 6.1 6.2 6.1 5.2 5.6 5.8 5.2 5.2 5.2 5.0 5.8 6.1 6.7 7.1 7.3 6.8 6.2 5.6 6.1 6.1 6.0 6.1 6.0 5.1 5.6 5.7 5.4 5.4 5.5 5.2 6.0 6.3 6.9 7.3 7.6 7.0 6.5 5.7 6.2 6.3 6.2 6.3 6.2 5.3 5.7 5.9 4.8 4.8 4.9 4.6 5.4 5.8 6.4 6.9 7.1 6.6 6.0 5.3 5.8 5.9 5.8 5.9 5.8 4.9 5.3 5.5 5.4 5.3 5.4 5.1 5.9 6.3 6.9 7.4 7.6 7.0 6.4 5.7 6.2 6.3 6.2 6.3 6.2 5.2 5.7 5.9 4.8 4.8 4.9 4.7 5.5 5.9 6.5 7.0 7.3 6.7 6.1 5.3 5.9 6.0 5.9 6.0 5.9 4.9 5.4 5.6 4.5 4.5 4.6 4.4 5.3 5.7 6.3 6.9 7.1 6.5 5.9 5.1 5.7 5.8 5.7 5.8 5.7 4.7 5.2 5.4 *Standard and Poor's 500 index total returns minus 30-day Treasury bill total returns. Copyright 2010 Morningstar, Inc All rights reserved. 20 Short-Horizon Equity Risk Premia* (in percent) 2010 Ibbotson SBBI Valuation Yearbook: Appendix A, Table A-3. 1966 1926 1985 2010 1926 1966 from 1926 to 2010 To the end of 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 2006 2007 2008 2009 2010 From\tthe beginning of 1966 1967 1968 2010 1984 1985 -14.8 2.5 19.8 3.6 12.8 5.9 -1.1 3.5 -4.6 -15.1 -1.4 2.0 -4.0 -8.9 -2.7 0.5 3.6 -0.5 -2.6 3.6 9.9 2.6 5.5 2.6 1.8 7.5 12.5 15.2 -0.4 1.6 -1.4 -2.9 0.2 1.2 -3.2 -21.6 -4.2 -2.9 -6.1 -8.1 -6.7 -7.8 -13.6 -28.0 -34.5 -0.7 0.9 -1.4 -2.5 -0.4 0.1 -2.4 -8.2 -1.5 31.4 1.1 2.7 0.8 0.2 2.4 3.2 1.9 -1.5 5.3 25.1 18.8 0.0 1.3 -0.5 -1.2 0.5 1.0 -0.5 -3.6 0.9 12.7 3.3 -12.3 0.0 1.2 -0.5 -1.1 0.4 0.8 -0.5 -3.1 0.6 9.3 2.0 -6.4 -0.6 0.5 1.7 0.2 -0.3 1.2 1.6 0.6 -1.5 1.9 9.1 3.5 -1.6 3.8 8.2 1.9 3.1 1.8 1.5 3.0 3.6 2.9 1.3 4.6 11.1 7.1 4.2 9.6 14.8 21.3 0.6 1.6 0.3 -0.1 1.1 1.5 0.6 -1.0 1.6 6.8 2.6 -0.6 2.3 3.3 0.8 -19.6 1.2 2.2 1.0 0.7 1.9 2.3 1.6 0.2 2.6 7.3 3.8 1.3 4.1 5.2 4.2 -4.3 11.0 1.9 2.9 1.8 1.5 2.7 3.2 2.6 1.4 3.8 8.0 5.1 3.1 5.7 6.9 6.6 1.7 12.4 13.8 1.6 2.5 1.5 1.2 2.3 2.7 2.1 1.0 3.1 6.8 4.1 2.3 4.3 5.2 4.6 0.4 7.1 5.1 -3.6 2.7 3.6 2.8 2.6 3.7 4.1 3.7 2.8 4.8 8.4 6.1 4.7 6.8 7.9 7.8 5.1 11.3 11.4 10.2 3.2 4.1 3.3 3.1 4.2 4.6 4.3 3.5 5.4 8.7 6.7 5.5 7.4 8.4 8.5 6.3 11.5 11.7 11.0 3.0 3.9 3.1 2.9 3.9 4.3 4.0 3.2 5.0 8.1 6.1 5.0 6.7 7.5 7.4 5.4 9.6 9.3 8.2 3.3 4.2 3.4 3.3 4.3 4.7 4.4 3.7 5.4 8.2 6.4 5.4 7.0 7.8 7.7 6.0 9.7 9.5 8.6 4.2 5.0 4.3 4.3 5.2 5.6 5.4 4.8 6.5 9.2 7.6 6.8 8.4 9.2 9.3 7.9 11.4 11.4 11.0 3.6 4.3 3.7 3.6 4.5 4.8 4.6 4.0 5.5 8.0 6.4 5.5 6.9 7.5 7.4 6.1 8.9 8.6 7.9 4.4 5.2 4.6 4.5 5.4 5.8 5.6 5.1 6.5 9.0 7.6 6.8 8.2 8.8 8.9 7.8 10.5 10.4 10.0 4.4 5.1 4.5 4.5 5.3 5.7 5.5 5.0 6.4 8.7 7.3 6.6 7.9 8.5 8.5 7.5 9.9 9.8 9.4 4.5 5.2 4.6 4.6 5.4 5.8 5.6 5.1 6.5 8.6 7.3 6.7 7.8 8.4 8.4 7.4 9.7 9.6 9.2 4.2 4.9 4.4 4.3 5.1 5.4 5.2 4.8 6.0 8.0 6.8 6.1 7.2 7.7 7.7 6.7 8.7 8.6 8.1 5.2 5.9 5.4 5.3 6.1 6.5 6.3 6.0 7.2 9.2 8.1 7.5 8.6 9.2 9.2 8.4 10.4 10.4 10.1 5.6 6.3 5.8 5.8 6.6 6.9 6.8 6.4 7.7 9.6 8.5 8.0 9.1 9.6 9.7 9.0 10.9 10.9 10.7 6.3 7.0 6.5 6.6 7.3 7.7 7.6 7.3 8.5 10.4 9.4 9.0 10.0 10.6 10.7 10.1 12.0 12.0 11.9 6.8 7.5 7.1 7.1 7.9 8.3 8.2 7.9 9.1 10.9 10.0 9.6 10.7 11.3 11.4 10.9 12.7 12.8 12.7 7.1 7.7 7.4 7.4 8.2 8.5 8.5 8.3 9.4 11.2 10.3 9.9 11.0 11.5 11.7 11.2 12.9 13.0 1