PRICE DATA FOR 6 STOCKS AND THE S&P500 Date 4/Jan/10 1/Feb/10 1/Mar/10 1/Apr/10 3/May/10 1/Jun/10 1/Jul/10 2/Aug/10 1/Sep/10 1/Oct/10 1/Nov/10 1/Dec/10 3/Jan/11 1/Feb/11 1/Mar/11 1/Apr/11 2/May/11 1/Jun/11 1/Jul/11 1/Aug/11 1/Sep/11 3/Oct/11 1/Nov/11 1/Dec/11 3/Jan/12 1/Feb/12 1/Mar/12 2/Apr/12 1/May/12 1/Jun/12 2/Jul/12 1/Aug/12 4/Sep/12 1/Oct/12 1/Nov/12 3/Dec/12 2/Jan/13 Hewlett- Packard HPQ 44.77 48.30 50.63 49.50 43.83 41.29 43.93 36.69 40.22 40.20 40.09 40.33 43.77 41.79 39.32 38.75 35.88 35.05 33.87 25.07 21.74 25.76 27.06 25.05 27.21 24.61 23.29 24.20 22.16 19.77 17.93 16.59 16.90 13.72 12.87 14.25 15.14 Pfizer PFE 16.54 15.70 15.34 14.96 13.77 12.89 13.56 14.54 15.70 15.92 15.05 16.17 16.83 17.96 18.95 19.57 20.21 19.41 18.14 18.08 16.85 18.35 19.32 20.83 20.60 20.55 22.02 22.27 21.48 22.59 23.61 23.65 24.63 24.65 25.02 25.08 25.96 El Paso Pipelines EPB 20.68 22.23 23.95 23.53 24.02 24.96 27.77 27.61 28.28 30.09 29.57 29.86 31.40 34.09 32.76 33.91 31.47 31.81 32.64 34.13 32.90 31.36 30.83 32.58 33.52 34.99 33.29 32.81 31.78 32.74 34.30 35.61 36.62 35.71 37.33 36.97 37.88 Teva TEVA 53.48 56.77 59.67 55.56 52.03 49.34 46.36 48.22 50.25 49.42 47.85 49.85 52.26 48.11 48.18 43.91 49.11 46.52 45.00 40.12 36.11 39.63 38.63 39.36 44.02 43.97 44.21 44.91 38.70 38.95 40.38 39.33 41.15 40.16 40.35 37.34 38.04 Kellogg K 49.46 47.74 48.92 50.30 49.26 46.38 46.15 46.18 46.95 46.72 46.14 47.87 47.14 50.58 50.98 54.08 54.21 52.62 53.06 52.08 51.00 51.97 47.55 48.92 47.90 51.05 52.30 49.32 47.98 48.52 46.92 50.25 51.25 51.91 55.46 55.85 56.64 Ford F 10.64 11.52 12.34 12.78 11.51 9.90 12.54 11.08 12.02 13.87 15.65 16.48 15.66 14.77 14.64 15.19 14.65 13.54 11.99 10.92 9.49 11.47 10.41 10.56 12.24 12.20 12.30 11.16 10.45 9.49 9.15 9.29 9.81 11.16 11.45 12.95 13.57 S&P500 AGSPC 1073.87 1104.49 1169.43 1186.69 1089.41 1030.71 1101.60 1049.33 1141.20 1183.26 1180.55 1257.64 1286.12 1327.22 1325.83 1363.61 1345.20 1320.64 1292.28 1218.89 1131.42 1253.30 1246.96 1257.60 1312.41 1365.68 1408.47 1397.91 1310.33 1362.16 1379.32 1406.58 1440.67 1412.16 1416.18 1426.19 1466.47 Monthly returns PRICE DATA FOR 6 STOCKS AND THE S&P500 Hewlett- El Paso Packard Pfizer Pipelines Teva Kellogg Ford HPQ PFE TEVA K F S&P500 AG SPC Mean Variance Sigma Beta Date 1/Feb/10 1/Mar/10 1/Apr/10 3/May/10 1/Jun/10 1/Jul/10 2/Aug/10 1/Sep/10 1/Oct/10 1/Nov/10 1/Dec/10 3/Jan/11 1/Feb/11 1/Mar/11 1/Apr/11 2/May/11 1/Jun/11 1/Jul/11 1/Aug/11 1/Sep/11 3/Oct/11 1/Nov/11 1/Dec/11 3/Jan/12 1/Feb/12 1/Mar/12 2/Apr/12 1/May/12 1/Jun/12 2/Jul/12 1/Aug/12 4/Sep/12 1/Oct/12 1/Nov/12 3/Dec/12 2/Jan/13 Hewlett- Packard HPQ 7.59% 4.71% -2.26% -12.17% -5.97% 6.20% -18.01% 9.19% -0.05% -0.27% 0.60% 8.19% -4.63% -6.09% -1.46% -7.70% -2.34% -3.42% -30.09% - 14.25% 16.97% 4.92% -7.72% 8.27% -10.04% -5.51% 3.83% -8.81% -11.41% -9.77% -7.77% 1.85% -20.85% -6.40% 10.19% 6.06% Pfizer PFE -5.21% -2.32% -2.51% -8.29% -6.60% 5.07% 6.98% 7.68% 1.39% -5.62% 7.18% 4.00% 6.50% 5.37% 3.22% 3.22% -4.04% -6.77% -0.33% -7.05% 8.53% 5.15% 7.53% -1.11% -0.24% 6.91% 1.13% -3.61% 5.04% 4.42% 0.17% 4.06% 0.08% 1.49% 0.24% 3.45% El Paso Pipelines Teva EPB TEVA 7.23% 5.97% 7.45% 4.98% -1.77% -7.14% 2.06% -6.56% 3.84% -5.31% 10.67% -6.23% -0.58% 3.93% 2.40% 4.12% 6.20% -1.67% -1.74% -3.23% 0.98% 4.09% 5.03% 4.72% 8.22% -8.27% -3.98% 0.15% 3.45% -9.28% -7.47% 11.19% 1.07% -5.42% 2.58% -3.32% 4.46% -11.48% -3.67% -10.53% -4.79% 9.30% -1.70% -2.56% 5.52% 1.87% 2.84% 11.19% 4.29% -0.11% -4.98% 0.54% -1.45% 1.57% -3.19% -14.88% 2.98% 0.64% 4.65% 3.61% 3.75% -2.63% 2.80% 4.52% -2.52% -2.44% 4.44% 0.47% -0.97% -7.75% 2.43% 1.86% Kellogg Ford K F -3.54% 7.95% 2.44% 6.88% 2.78% 3.50% -2.09% -10.47% -6.02% -15.07% -0.50% 23.64% 0.06% -12.38% 1.65% 8.14% -0.49% 14.32% -1.25% 12.07% 3.68% 5.17% -1.54% -5.10% 7.04% -5.85% 0.79% -0.88% 5.90% 3.69% 0.24% -3.62% -2.98% -7.88% 0.83% -12.16% -1.86% -9.35% -2.10% -14.04% 1.88% 18.95% -8.89% -9.70% 2.84% 1.43% -2.11% 14.76% 6.37% -0.33% 2.42% 0.82% -5.87% -9.73% -2.75% -6.57% 1.12% -9.64% -3.35% -3.65% 6.86% 1.52% 1.97% 5.45% 1.28% 12.89% 6.62% 2.57% 0.70% 12.31% 1.40% 4.68% S&P500 AGSPC 2.81% 5.71% 1.47% -8.55% -5.54% 6.65% -4.86% 8.39% 3.62% -0.23% 6.33% 2.24% 3.15% -0.10% 2.81% -1.36% -1.84% -2.17% -5.85% -7.45% 10.23% -0.51% 0.85% 4.27% 3.98% 3.09% -0.75% -6.47% 3.88% 1.25% 1.96% 2.39% -2.00% 0.28% 0.70% 2.79% Excess Return Matrix Hewlett- Packard HPQ El Paso Pfizer Pipelines PFE EPB Teva Kellogg K Ford F S&P500 AGSPC TEVA Date 1 2 3 4 5 OWN 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 PRICE DATA FOR 6 STOCKS AND THE S&P500 Date 4/Jan/10 1/Feb/10 1/Mar/10 1/Apr/10 3/May/10 1/Jun/10 1/Jul/10 2/Aug/10 1/Sep/10 1/Oct/10 1/Nov/10 1/Dec/10 3/Jan/11 1/Feb/11 1/Mar/11 1/Apr/11 2/May/11 1/Jun/11 1/Jul/11 1/Aug/11 1/Sep/11 3/Oct/11 1/Nov/11 1/Dec/11 3/Jan/12 1/Feb/12 1/Mar/12 2/Apr/12 1/May/12 1/Jun/12 2/Jul/12 1/Aug/12 4/Sep/12 1/Oct/12 1/Nov/12 3/Dec/12 2/Jan/13 Hewlett- Packard HPQ 44.77 48.30 50.63 49.50 43.83 41.29 43.93 36.69 40.22 40.20 40.09 40.33 43.77 41.79 39.32 38.75 35.88 35.05 33.87 25.07 21.74 25.76 27.06 25.05 27.21 24.61 23.29 24.20 22.16 19.77 17.93 16.59 16.90 13.72 12.87 14.25 15.14 Pfizer PFE 16.54 15.70 15.34 14.96 13.77 12.89 13.56 14.54 15.70 15.92 15.05 16.17 16.83 17.96 18.95 19.57 20.21 19.41 18.14 18.08 16.85 18.35 19.32 20.83 20.60 20.55 22.02 22.27 21.48 22.59 23.61 23.65 24.63 24.65 25.02 25.08 25.96 El Paso Pipelines EPB 20.68 22.23 23.95 23.53 24.02 24.96 27.77 27.61 28.28 30.09 29.57 29.86 31.40 34.09 32.76 33.91 31.47 31.81 32.64 34.13 32.90 31.36 30.83 32.58 33.52 34.99 33.29 32.81 31.78 32.74 34.30 35.61 36.62 35.71 37.33 36.97 37.88 Teva TEVA 53.48 56.77 59.67 55.56 52.03 49.34 46.36 48.22 50.25 49.42 47.85 49.85 52.26 48.11 48.18 43.91 49.11 46.52 45.00 40.12 36.11 39.63 38.63 39.36 44.02 43.97 44.21 44.91 38.70 38.95 40.38 39.33 41.15 40.16 40.35 37.34 38.04 Kellogg K 49.46 47.74 48.92 50.30 49.26 46.38 46.15 46.18 46.95 46.72 46.14 47.87 47.14 50.58 50.98 54.08 54.21 52.62 53.06 52.08 51.00 51.97 47.55 48.92 47.90 51.05 52.30 49.32 47.98 48.52 46.92 50.25 51.25 51.91 55.46 55.85 56.64 Ford F 10.64 11.52 12.34 12.78 11.51 9.90 12.54 11.08 12.02 13.87 15.65 16.48 15.66 14.77 14.64 15.19 14.65 13.54 11.99 10.92 9.49 11.47 10.41 10.56 12.24 12.20 12.30 11.16 10.45 9.49 9.15 9.29 9.81 11.16 11.45 12.95 13.57 S&P500 AGSPC 1073.87 1104.49 1169.43 1186.69 1089.41 1030.71 1101.60 1049.33 1141.20 1183.26 1180.55 1257.64 1286.12 1327.22 1325.83 1363.61 1345.20 1320.64 1292.28 1218.89 1131.42 1253.30 1246.96 1257.60 1312.41 1365.68 1408.47 1397.91 1310.33 1362.16 1379.32 1406.58 1440.67 1412.16 1416.18 1426.19 1466.47 Monthly returns PRICE DATA FOR 6 STOCKS AND THE S&P500 Hewlett- El Paso Packard Pfizer Pipelines Teva Kellogg Ford HPQ PFE TEVA K F S&P500 AG SPC Mean Variance Sigma Beta Date 1/Feb/10 1/Mar/10 1/Apr/10 3/May/10 1/Jun/10 1/Jul/10 2/Aug/10 1/Sep/10 1/Oct/10 1/Nov/10 1/Dec/10 3/Jan/11 1/Feb/11 1/Mar/11 1/Apr/11 2/May/11 1/Jun/11 1/Jul/11 1/Aug/11 1/Sep/11 3/Oct/11 1/Nov/11 1/Dec/11 3/Jan/12 1/Feb/12 1/Mar/12 2/Apr/12 1/May/12 1/Jun/12 2/Jul/12 1/Aug/12 4/Sep/12 1/Oct/12 1/Nov/12 3/Dec/12 2/Jan/13 Hewlett- Packard HPQ 7.59% 4.71% -2.26% -12.17% -5.97% 6.20% -18.01% 9.19% -0.05% -0.27% 0.60% 8.19% -4.63% -6.09% -1.46% -7.70% -2.34% -3.42% -30.09% - 14.25% 16.97% 4.92% -7.72% 8.27% -10.04% -5.51% 3.83% -8.81% -11.41% -9.77% -7.77% 1.85% -20.85% -6.40% 10.19% 6.06% Pfizer PFE -5.21% -2.32% -2.51% -8.29% -6.60% 5.07% 6.98% 7.68% 1.39% -5.62% 7.18% 4.00% 6.50% 5.37% 3.22% 3.22% -4.04% -6.77% -0.33% -7.05% 8.53% 5.15% 7.53% -1.11% -0.24% 6.91% 1.13% -3.61% 5.04% 4.42% 0.17% 4.06% 0.08% 1.49% 0.24% 3.45% El Paso Pipelines Teva EPB TEVA 7.23% 5.97% 7.45% 4.98% -1.77% -7.14% 2.06% -6.56% 3.84% -5.31% 10.67% -6.23% -0.58% 3.93% 2.40% 4.12% 6.20% -1.67% -1.74% -3.23% 0.98% 4.09% 5.03% 4.72% 8.22% -8.27% -3.98% 0.15% 3.45% -9.28% -7.47% 11.19% 1.07% -5.42% 2.58% -3.32% 4.46% -11.48% -3.67% -10.53% -4.79% 9.30% -1.70% -2.56% 5.52% 1.87% 2.84% 11.19% 4.29% -0.11% -4.98% 0.54% -1.45% 1.57% -3.19% -14.88% 2.98% 0.64% 4.65% 3.61% 3.75% -2.63% 2.80% 4.52% -2.52% -2.44% 4.44% 0.47% -0.97% -7.75% 2.43% 1.86% Kellogg Ford K F -3.54% 7.95% 2.44% 6.88% 2.78% 3.50% -2.09% -10.47% -6.02% -15.07% -0.50% 23.64% 0.06% -12.38% 1.65% 8.14% -0.49% 14.32% -1.25% 12.07% 3.68% 5.17% -1.54% -5.10% 7.04% -5.85% 0.79% -0.88% 5.90% 3.69% 0.24% -3.62% -2.98% -7.88% 0.83% -12.16% -1.86% -9.35% -2.10% -14.04% 1.88% 18.95% -8.89% -9.70% 2.84% 1.43% -2.11% 14.76% 6.37% -0.33% 2.42% 0.82% -5.87% -9.73% -2.75% -6.57% 1.12% -9.64% -3.35% -3.65% 6.86% 1.52% 1.97% 5.45% 1.28% 12.89% 6.62% 2.57% 0.70% 12.31% 1.40% 4.68% S&P500 AGSPC 2.81% 5.71% 1.47% -8.55% -5.54% 6.65% -4.86% 8.39% 3.62% -0.23% 6.33% 2.24% 3.15% -0.10% 2.81% -1.36% -1.84% -2.17% -5.85% -7.45% 10.23% -0.51% 0.85% 4.27% 3.98% 3.09% -0.75% -6.47% 3.88% 1.25% 1.96% 2.39% -2.00% 0.28% 0.70% 2.79% Excess Return Matrix Hewlett- Packard HPQ El Paso Pfizer Pipelines PFE EPB Teva Kellogg K Ford F S&P500 AGSPC TEVA Date 1 2 3 4 5 OWN 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