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SUMMARY OUTPUT Regression Statistics Multiple R 0.643688576 R Square 0.414334983 Adjusted R Square 0.397109541 Standard Error 0.033861968 Observations 36 ANOVA df F 24.05366376 1 Regression

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SUMMARY OUTPUT Regression Statistics Multiple R 0.643688576 R Square 0.414334983 Adjusted R Square 0.397109541 Standard Error 0.033861968 Observations 36 ANOVA df F 24.05366376 1 Regression Residual Total SS 0.027580721 0.038985517 0.066566238 MS 0.027580721 0.001146633 34 35 Intercept S&P 500 Coefficients -0.001845394 1.047341957 Standard Error 0.006202683 0.213549168 t Stat -0.29751551 4.904453462 P-value 0.767883299 2.28384E-05 Rups = Intercept + Bi (Rs&P 500) + Ei Based on the table above, if RPS&P 500 for December is estimated to be 1.75%, then estimated Rups based on the above regression would be: O RUPS = 0.7679 +0.414 * (1.75%) O RUPS = -0.001845 + 1.047 * (1.75%) ORUPS = 0.414 * (1.75%) ORUPS = 1.047 * (1.75%) + 0.000022838

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