What is the unlevered beta (Industry beta range) for Exploration and Production using all the comparable companies and calculating a weighted average of unlevered beta; weights being the proportion of their market values? Corporate tax rate to be considered as 2006 tax rate (Exhibit 1) for Midland Energy Resources up to 2 decimal places XX.XX%

Select one:

a. 0.90-0.91

b. 0.92-1.00

c. None of the options are correct

d. 0.50-0.70

e. 0.80-0.89