916519-XLS-ENG SOLUC NEXTEL
(Local Currency in Millions) Equity Value (1) 963,882 13,173 2,356,959 943 10,152 24,167 59,983 7,833 21,196 Companies
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(Local Currency in Millions)
Equity Value (1) 963,882 13,173 2,356,959 943 10,152 24,167 59,983 7,833 21,196
Companies: America Movil Embratel Participacoes S.A. Empresa Nacional De Telecomunicaciones NII Holdings Oi SA Telecom Argentina Telefonica Brasil Telefonica Del Peru TIM Participacoes S.A.
Net Debt 363,978 2,238 385,754 3,774 28,921 (3,969) 975 2,213 1,632
Minority Enterprise Interest Value 8,990 1,336,850 4,842 20,252 0 2,742,713 0 4,716 0 39,073 200 20,398 0 60,957 0 10,045 0 22,828
Current D/V 27.23% 11.05% 14.06% 80.01% 74.02% -19.46% 1.60% 22.03% 7.15%
Historic D/V (2) 17.73% 25.18% 13.74% 41.68% 32.48% -13.91% 3.28% 26.57% 6.78%
S&P Equity Beta (3) 1.12 0.53 0.83 0.65 1.08 1.31 0.73 0.38 0.82
MSCI World Equity Beta (4) 1.01 0.63 0.80 0.77 1.14 1.17 1.58 0.35 0.81
MSCI Latin Equity Beta (5) 0.75 0.64 0.81 0.67 1.08 0.89 0.63 0.24 0.74
Local Equity Beta (6) 0.91 0.56 0.77 0.65 0.86 1.05 0.47 0.49 0.58
Debt Beta (7) 0.12 0.05 0.07 0.18 0.15 0.00 0.00 0.17 0.07
Source: All information except equity betas S&P CapitalIQ accessed 3/14/14. (1) Stock prices as of 4/1/13, except NII Holdings, which was 4/5/13. (2) Quarterly average over the past three years. (3) Source: Bloomberg accessed 3/14/14. Raw three year monthly betas. (4) Source: Bloomberg accessed 3/14/14. Raw three year monthly betas based on US dollar denominated returns. (5) Source: Bloomberg accessed 3/14/14. Raw three year monthly betas based on US dollar denominated returns. (6) Source: Bloomberg accessed 3/14/14. Raw three year monthly betas based on local currencies. (7) Case writer estimates
(Local Currency in Millions)
Companies: America Movil Embratel Participacoes S.A. Empresa Nacional De Telecomunicaciones NII Holdings Oi SA Telecom Argentina Telefonica Brasil Telefonica Del Peru TIM Participacoes S.A.
Revenue Growth 13.0% 45.0% 14.8% -11.7% 165.1% 18.3% 2.1% 5.3% 6.8%
Last 12 Months: EBIT EBITDA EBIAT Margin Margin Margin (1) 19.7% 33.0% 21.8% 11.5% 26.9% 5.9% 17.4% 38.4% 14.5% 0.9% 14.2% NM 18.6% 30.1% 12.3% 18.3% 26.3% 11.9% 20.2% 35.9% 12.8% 19.3% 34.7% 11.3% 13.8% 28.0% 9.5%
FCF Revenue Margin Growth (2) 10.6% 19.1% -11.0% 17.2% 3.0% 8.1% -6.7% 10.4% 2.4% 20.5% 8.5% 19.4% 19.2% 18.1% 12.8% 6.3% 2.3% 8.6%
5 Year Average: EBIT EBITDA EBIAT Margin Margin Margin (1) 12.0% 14.4% 10.3% 12.1% 13.1% 8.6% 21.6% 42.7% 18.2% 14.0% 24.2% 9.1% 22.2% 33.9% 15.9% 20.8% 30.5% 13.5% 21.4% 36.9% 15.0% 19.2% 39.7% 10.9% 8.6% 26.6% 5.2%
FCF Margin 11.1% 1.3% 5.6% 3.0% 16.0% 12.1% 16.9% 15.7% 4.2%
Average Median
28.7% 13.0%
(1) EBIAT = EBIT(1-t) using the effective tax rate. (3) 5 year revenue growth is on a compund annual basis. Source: Data from S&P CapitalIQ accessed on 2/27/13.
15.5% 18.3%
29.7% 30.1%
12.5% 12.1%
4.6% 3.0%
14.2% 17.2%
16.9% 19.2%
29.1% 30.5%
11.9% 10.9%
9.5% 11.1%
#REF!
Exchange Rate Exchange Rate USD Equity Value USD Net Debt Enterprise Value D/V
Local Equity Value Local Net Debt Local Enterprise Value D/V Local Risk-Free Rate US Risk-Free Rate US Cost of Capital
US EMRP
0.3333 3 1,000 500 1,500 33.3%
3,000 1,500 4,500 33.3% 4.00% 3.25% 8.25% 9.04% 5.04% 5.00% 5.76%
3 3 1.2425 0.8048 2.4145
Historical Consolidated Income Statements for NII Operating Results: Service Revenue Plus: Handset & Accessory Revenue Total Operating Revenue Less: Cost of Service (Excluding Depreciation & Amortization) Less: Cost of Handset Sales Gross Profit Less: Selling & Marketing (1) EBITDA Less: Depreciation & Amortization Operating Income Less: Interest Expense Plus: Interest Income Plus: Foreign Currency Gains Less: Other Expenses Earnings Before Taxes Less: Taxes Net Income
($000's) 2010 5,348,400 257,407 5,605,807 1,504,603 719,219 3,381,985 1,946,706 1,435,279 554,886 880,393 344,999 28,841 52,374 18,686 597,923 259,465 338,458
2011 6,403,519 331,427 6,734,946 1,789,402 855,929 4,089,615 2,504,976 1,584,639 653,087 931,552 322,111 34,224 (36,975) 37,305 569,385 344,189 225,196
2012 5,779,159 307,304 6,086,463 1,690,464 915,120 3,480,879 2,875,359 605,520 728,780 (123,260) 373,253 34,143 (53,415) 27,355 (543,140) 222,109 (765,249)
Historical Consolidated Balance Sheets for NII
($000's)
Assets: Cash & Cash Equivalents Plus: Short-Term Investments Plus: Net Accounts Receivable Plus: Handset Inventory Plus: Deferred Taxes Plus: Prepaid Expenses & Other Current Assets Total Current Assets
2010 2011 2012 1,767,501 2,322,919 1,383,491 537,539 343,422 204,834 788,000 858,471 705,737 227,191 277,291 349,704 186,988 203,012 175,753 393,658 331,407 515,513 3,900,877 4,336,522 3,335,032
Net Property, Plant & Equipment Plus: Net Intangible Assets Plus: Deferred Taxes Plus: Other Assets Total Assets
2,960,046 3,481,869 3,884,947 433,208 1,182,380 1,164,672 486,098 410,162 367,182 410,458 411,203 471,245 8,190,687 9,822,136 9,223,078
Liabilities & Owners' Equity: Accounts Payable Plus: Accrued & Other Expenses
300,030 377,679 485,542 827,253 1,008,932 1,015,788
Plus: Deferred Revenue Plus: Current Portion of Long-Term Debt Total Curent Liabilities
158,690 159,150 161,451 446,995 573,465 97,244 1,732,968 2,119,226 1,760,025
Long-Term Debt Plus: Deferred Revenue Plus: Deferred Tax Liabilities Plus: Other Long-Term Liabilities Total Liabilities
2,818,423 4,244,752 4,768,958 20,476 15,585 14,007 88,068 61,156 58,189 211,179 243,335 305,450 4,871,114 6,684,054 6,906,629
Total Stockholders' Equity
3,319,573 3,138,082 2,316,449
Total Liabilities & Stockholders' Equity
8,190,687 9,822,136 9,223,078
Source: Company annual 10-Ks.
Historical Pro Forma Consolidated Income Statements for NII Operating Results: Service Revenue Plus: Handset & Accessory Revenue Total Operating Revenue Less: Cost of Service (Excluding Depreciation & Amortization) Less: Cost of Handset Sales Gross Profit Less: Selling & Marketing (1) EBITDA Less: Depreciation & Amortization Operating Income Less: Interest Expense Plus: Interest Income Plus: Foreign Currency Gains Less: Other Expenses Earnings Before Taxes Less: Taxes Net Income
2010 5,066,404 227,387 5,293,791 1,404,555 656,409 3,232,827 1,813,607 1,419,220 502,203 917,017 335,918 28,334 52,412 18,686 643,159 269,869 373,290
($000's) 2011 6,081,577 299,240 6,380,817 1,681,692 784,072 3,915,053 2,360,303 1,554,750 588,164 966,586 311,735 34,096 (37,297) 37,750 613,900 351,204 262,696
2012 5,465,120 278,002 5,743,122 1,574,327 829,859 3,338,936 2,714,770 624,166 649,545 (25,379) 365,521 33,862 (53,957) 28,340 (439,335) 158,141 (597,476)
Source: NII Holdings 8-K filed 8/19/2013. (1) Includes doubtful accounts $73,497, $159,202, and $217,315 for the years 2010, 2011, and 2012 respectively. 2012 also includes a $329,767 impairment charge.
Historical Operating Results
($ 000's)
Operating Results (1): Service Revenue Plus: Handset Revenue Total Operating Revenue Less: Cost of Services (2) Less: Cost of Handset Sales Gross Profit Less: Selling & Marketing Expenses (3) Less: General & Administrative Expenses Segment EBITDA
2010 281,995 30,021 312,016 100,048 62,810 149,158 55,783 71,112 22,263
2011 321,942 32,187 354,129 107,710 71,857 174,562 63,575 75,672 35,315
2012 314,039 29,302 343,341 116,137 85,261 141,943 72,375 83,549 (13,981)
Estimated Depreciation (4) Total Assets Capital Expenditures
34,137 556,752 94,000
35,858 597,891 105,500
35,088 498,230 77,700
59,863
69,642
42,612
16.9% 10.8% 16.3% 64.5% -109.2% 47.8% 7.1% -3.8%
14.2% 7.2% 13.5% 66.5% -123.2% 49.3% 10.0% -0.2%
-2.5% -9.0% -3.0% 63.0% -191.0% 41.3% -4.1% -14.3%
Net Reinvestment in Long-Term Assets Margins: Service Revenue Growth Handset Revenue Growth Growth in Operating Revenue Gross Profit on Services Gross Profit on Handsets Total Gross Profit EBITDA Margin EBIT Margin
(1) (2) (3) (4) (5)
Source: Company 10-K's for the years 2010-2012. Excludes depreciation and amortization. For 2012, the figure includes $3.28 million of doubtful accounts. Casewriter estimate based on proportion of segment assets to total consolidated assets. Calculated as service revenue divided by estimated average subscribers.
NII Holdings & Nextel Peru Subscriber Information NII Holdings Subscriber Data: Total Handsets in Use Net Sbscriber Increase Estimated Average Subscribers Growth in Subscribers ARPU (1)
2010 9,027 1,685 8,816 21.0% 607
2011 10,712 650 10,491 19.0% 610
2012 11,362 629 11,121 6.0% 520
Nextel Peru Subscriber Data: Total Handsets in Use Net Sbscriber Increase Estimated Average Subscribers Growth in Subscribers ARPU (1)
1,128 286 985 34.0% 286
1,435 307 1,282 27.2% 251
1,660 225 1,548 15.7% 203
(1) Calculated as service revenue divided by estimated average subscribers. Source: Company 10-Ks
Market Returns Data Monthly Stock Market Returns:
Date: Peru 01/31/1998 -9.37% 02/28/1998 -2.39% 03/31/1998 7.57% 04/30/1998 10.77% 05/31/1998 -3.94% 06/30/1998 -9.56% 07/31/1998 4.45% 08/31/1998 -26.20% 09/30/1998 -1.47% 10/31/1998 -1.23% 11/30/1998 28.42% 12/31/1998 -15.54% 01/31/1999 -1.15% 02/28/1999 7.38% 03/31/1999 3.69% 04/30/1999 11.84% 05/31/1999 1.29% 06/30/1999 0.29% 07/31/1999 -1.25% 08/31/1999 0.24% 09/30/1999 12.16% 10/31/1999 -3.28% 11/30/1999 1.47% 12/31/1999 0.85% 01/31/2000 -0.71% 02/29/2000 -0.87% 03/31/2000 -7.95% 04/30/2000 -2.19% 05/31/2000 -10.14% 06/30/2000 1.72% 07/31/2000 -8.81% 08/31/2000 5.98% 09/30/2000 -5.66% 10/31/2000 -6.33% 11/30/2000 -5.52% 12/31/2000 0.73% 01/31/2001 5.98% 02/28/2001 0.82%
Chile -13.13% 5.70% 6.09% -4.92% -6.46% -8.61% 1.82% -22.03% 1.79% 4.88% 15.30% -10.26% -4.11% 5.10% 11.29% 8.05% -1.04% 0.99% -0.22% -1.96% -3.17% -4.00% 7.64% 8.36% 7.37% -1.42% -1.23% -5.68% -1.06% -4.31% -4.64% 1.56% -2.53% -3.14% 0.50% 1.34% 7.13% -5.90%
S&P 1.20% 7.20% 5.13% 1.13% -1.77% 4.10% -1.01% -14.31% 6.32% 8.01% 6.22% 5.97% 4.28% -3.19% 3.90% 3.76% -2.32% 5.44% -3.02% -0.50% -2.81% 6.42% 2.08% 6.26% -4.96% -1.75% 9.85% -3.16% -2.24% 2.62% -1.20% 6.37% -5.19% -0.42% -7.83% 0.57% 3.23% -9.11%
MSCI Global Index 2.77% 6.75% 4.21% 0.96% -1.27% 2.36% -0.18% -13.35% 1.75% 9.02% 5.93% 4.87% 2.18% -2.67% 4.15% 3.93% -3.67% 4.65% -0.31% -0.19% -0.98% 5.18% 2.80% 8.08% -5.74% 0.26% 6.90% -4.24% -2.54% 3.35% -2.83% 3.24% -5.33% -1.69% -6.08% 1.60% 1.93% -8.46%
Daily Yields: Peruvian 30-Yr Date: Rate 4/1/08 6.92% 4/2/08 6.84% 4/3/08 6.79% 4/4/08 6.85% 4/7/08 6.83% 4/8/08 6.95% 4/9/08 7.00% 4/10/08 7.00% 4/11/08 7.03% 4/14/08 7.03% 4/15/08 6.90% 4/16/08 6.88% 4/17/08 6.89% 4/18/08 6.90% 4/21/08 6.94% 4/22/08 7.00% 4/23/08 7.01% 4/24/08 6.91% 4/25/08 7.00% 4/28/08 7.00% 4/29/08 6.99% 4/30/08 7.00% 5/1/08 7.00% 5/2/08 7.03% 5/5/08 7.01% 5/6/08 6.99% 5/7/08 6.95% 5/8/08 6.88% 5/9/08 6.89% 5/12/08 6.88% 5/13/08 6.85% 5/14/08 6.93% 5/15/08 6.93% 5/16/08 6.93% 5/19/08 6.94% 5/20/08 6.93% 5/21/08 6.93% 5/22/08 6.94%
US 30-Yr Rate 4.40% 4.38% 4.40% 4.32% 4.36% 4.37% 4.31% 4.34% 4.30% 4.35% 4.42% 4.54% 4.54% 4.51% 4.48% 4.46% 4.49% 4.56% 4.61% 4.57% 4.55% 4.49% 4.49% 4.57% 4.58% 4.64% 4.61% 4.50% 4.53% 4.53% 4.62% 4.63% 4.56% 4.58% 4.56% 4.53% 4.55% 4.63%
03/31/2001 04/30/2001 05/31/2001 06/30/2001 07/31/2001 08/31/2001 09/30/2001 10/31/2001 11/30/2001 12/31/2001 01/31/2002 02/28/2002 03/31/2002 04/30/2002 05/31/2002 06/30/2002 07/31/2002 08/31/2002 09/30/2002 10/31/2002 11/30/2002 12/31/2002 01/31/2003 02/28/2003 03/31/2003 04/30/2003 05/31/2003 06/30/2003 07/31/2003 08/31/2003 09/30/2003 10/31/2003 11/30/2003 12/31/2003 01/31/2004 02/29/2004 03/31/2004 04/30/2004 05/31/2004 06/30/2004 07/31/2004 08/31/2004 09/30/2004 10/31/2004 11/30/2004 12/31/2004 01/31/2005 02/28/2005
-1.49% -5.90% 9.58% 2.70% -1.14% 0.23% -8.75% -6.46% 2.47% 0.77% 8.32% 0.88% 1.11% -3.19% -1.41% -8.52% 3.05% 2.21% -3.79% 7.20% 11.36% 1.38% 9.01% 2.56% 0.17% 13.45% 2.25% 0.91% 1.39% 2.52% 4.43% 6.48% 1.99% 13.20% 12.11% 0.66% 10.47% -6.86% 3.52% -1.40% -2.09% 0.89% 15.02% 8.13% 2.01% 2.59% 4.65% 5.03%
-3.10% 1.81% 6.35% -4.95% -3.96% 4.04% -14.11% -0.87% 9.27% 2.92% -4.66% 1.06% 3.42% -0.73% -2.94% -6.99% -3.86% -0.31% -10.31% 4.70% 4.35% 2.34% -3.30% -0.59% 2.40% 17.27% 2.84% 2.61% 4.47% 8.23% 9.61% 12.47% -2.01% 5.85% -1.77% 6.75% -5.48% -3.67% -4.43% 5.34% 3.38% 7.31% 6.65% 2.65% 6.10% 5.10% -5.30% 5.01%
-6.35% 7.78% 0.70% -2.44% -0.93% -6.34% -8.04% 1.96% 7.88% 0.91% -1.43% -1.95% 3.76% -6.10% -0.78% -7.13% -7.40% 0.70% -10.90% 8.86% 5.90% -5.88% -2.66% -1.52% 1.03% 8.28% 5.33% 1.28% 1.79% 1.96% -1.07% 5.56% 0.93% 5.18% 1.91% 1.44% -1.50% -1.56% 1.37% 1.95% -3.29% 0.38% 1.08% 1.50% 4.06% 3.37% -2.38% 2.12%
-6.59% 7.37% -1.30% -3.15% -1.34% -4.81% -8.82% 1.91% 5.90% 0.62% -3.04% -0.88% 4.40% -3.40% 0.17% -6.08% -8.44% 0.17% -11.01% 7.37% 5.38% -4.86% -3.05% -1.75% -0.33% 8.86% 5.69% 1.72% 2.02% 2.15% 0.60% 5.92% 1.51% 6.27% 1.60% 1.67% -0.66% -2.05% 0.91% 2.05% -3.26% 0.44% 1.89% 2.45% 5.25% 3.82% -2.25% 3.17%
5/23/08 5/26/08 5/27/08 5/28/08 5/29/08 5/30/08 6/2/08 6/3/08 6/4/08 6/5/08 6/6/08 6/9/08 6/10/08 6/11/08 6/12/08 6/13/08 6/16/08 6/17/08 6/18/08 6/19/08 6/20/08 6/23/08 6/24/08 6/25/08 6/26/08 6/27/08 6/30/08 7/1/08 7/2/08 7/3/08 7/4/08 7/7/08 7/8/08 7/9/08 7/10/08 7/11/08 7/14/08 7/15/08 7/16/08 7/17/08 7/18/08 7/21/08 7/22/08 7/23/08 7/24/08 7/25/08 7/28/08 7/29/08
6.93% 6.93% 6.96% 6.96% 6.96% 6.96% 6.98% 7.01% 6.97% 7.02% 7.03% 7.05% 7.12% 7.14% 7.06% 7.15% 7.19% 7.14% 7.14% 7.18% 7.16% 7.23% 7.22% 7.21% 7.23% 7.36% 7.36% 7.61% 7.70% 7.69% 7.70% 7.70% 7.85% 7.86% 7.94% 7.97% 7.88% 7.95% 7.98% 8.00% 7.96% 8.00% 7.96% 7.90% 7.92% 7.90% 7.90% 7.90%
4.57% 4.61% 4.65% 4.71% 4.76% 4.72% 4.68% 4.63% 4.71% 4.75% 4.65% 4.64% 4.70% 4.72% 4.77% 4.79% 4.77% 4.78% 4.72% 4.76% 4.71% 4.71% 4.65% 4.65% 4.62% 4.53% 4.53% 4.55% 4.51% 4.53% 4.52% 4.51% 4.46% 4.42% 4.42% 4.52% 4.47% 4.48% 4.59% 4.65% 4.66% 4.64% 4.67% 4.69% 4.60% 4.69% 4.63% 4.64%
03/31/2005 04/30/2005 05/31/2005 06/30/2005 07/31/2005 08/31/2005 09/30/2005 10/31/2005 11/30/2005 12/31/2005 01/31/2006 02/28/2006 03/31/2006 04/30/2006 05/31/2006 06/30/2006 07/31/2006 08/31/2006 09/30/2006 10/31/2006 11/30/2006 12/31/2006 01/31/2007 02/28/2007 03/31/2007 04/30/2007 05/31/2007 06/30/2007 07/31/2007 08/31/2007 09/30/2007 10/31/2007 11/30/2007 12/31/2007 01/31/2008 02/29/2008 03/31/2008 04/30/2008 05/31/2008 06/30/2008 07/31/2008 08/31/2008 09/30/2008 10/31/2008 11/30/2008 12/31/2008 01/31/2009 02/28/2009
2.00% -4.17% -1.53% 2.87% 4.28% 9.52% 9.95% -6.04% 5.67% -4.61% 17.31% 7.94% -2.63% 20.65% 0.96% 13.09% 10.03% 11.57% 3.78% 2.93% 7.37% 12.21% 5.82% 11.13% 13.24% 20.50% -2.64% 11.11% 4.70% -10.98% 4.69% -0.58% -15.86% -4.01% -14.35% 18.37% -2.14% 0.24% -1.72% -4.88% -15.52% -3.47% -15.35% -37.28% 4.97% -4.82% -2.03% -3.38%
0.59% -1.00% -0.82% 4.47% 7.67% 1.33% 5.77% -5.44% 1.48% -1.91% 0.94% 4.38% -0.13% 3.20% -4.29% -1.37% 0.04% 3.74% 4.82% 5.48% 5.66% 4.48% 2.55% -0.08% 3.56% 9.87% 0.44% 5.29% -0.71% -0.97% 1.41% 8.99% -7.84% -1.51% -1.39% 4.13% 5.79% -1.47% -2.07% -5.77% 1.86% -5.53% -12.62% -25.49% -0.59% 1.47% 11.36% 1.38%
-1.72% -1.89% 3.20% 0.17% 3.74% -0.92% 0.80% -1.56% 3.84% -0.01% 2.64% 0.24% 1.29% 1.21% -2.83% 0.16% 0.56% 2.42% 2.65% 3.25% 1.84% 1.38% 1.54% -1.93% 1.09% 4.40% 3.45% -1.66% -3.12% 1.51% 3.75% 1.74% -4.12% -0.61% -6.12% -3.14% -0.34% 4.86% 1.30% -8.28% -0.73% 1.50% -8.55% -16.70% -7.35% 1.20% -8.26% -10.36%
-1.94% -2.18% 1.78% 0.87% 3.49% 0.75% 2.60% -2.43% 3.33% 2.22% 4.47% -0.15% 2.20% 3.04% -3.42% -0.03% 0.62% 2.60% 1.19% 3.67% 2.45% 2.03% 1.18% -0.52% 1.83% 4.41% 2.80% -0.77% -2.21% -0.08% 4.76% 3.07% -6.70% -1.33% -5.02% -0.58% -0.96% 5.26% 1.52% -7.98% -2.75% -1.09% -11.89% -18.96% -6.47% 3.21% -9.23% -10.29%
7/30/08 7/31/08 8/1/08 8/4/08 8/5/08 8/6/08 8/7/08 8/8/08 8/11/08 8/12/08 8/13/08 8/14/08 8/15/08 8/18/08 8/19/08 8/20/08 8/21/08 8/22/08 8/25/08 8/26/08 8/27/08 8/28/08 8/29/08 9/1/08 9/2/08 9/3/08 9/4/08 9/5/08 9/8/08 9/9/08 9/10/08 9/11/08 9/12/08 9/15/08 9/16/08 9/17/08 9/18/08 9/19/08 9/22/08 9/23/08 9/24/08 9/25/08 9/26/08 9/29/08 9/30/08 10/1/08 10/2/08 10/3/08
7.94% 7.94% 7.96% 7.95% 7.94% 7.94% 7.94% 7.99% 7.95% 8.08% 8.13% 8.16% 8.17% 8.03% 8.02% 7.97% 8.01% 8.07% 8.09% 8.08% 8.05% 8.02% 8.03% 8.05% 8.04% 8.04% 8.09% 8.09% 8.08% 8.10% 8.11% 8.14% 8.11% 8.14% 8.24% 8.53% 8.51% 8.47% 8.51% 8.50% 8.50% 8.50% 8.53% 8.81% 8.68% 8.76% 8.88% 8.85%
4.64% 4.59% 4.57% 4.58% 4.63% 4.68% 4.56% 4.55% 4.61% 4.55% 4.57% 4.52% 4.47% 4.44% 4.47% 4.43% 4.46% 4.46% 4.40% 4.40% 4.38% 4.38% 4.43% 4.40% 4.36% 4.32% 4.27% 4.27% 4.26% 4.20% 4.23% 4.20% 4.32% 4.12% 4.08% 4.08% 4.14% 4.36% 4.41% 4.43% 4.40% 4.40% 4.36% 4.13% 4.31% 4.22% 4.16% 4.11%
03/31/2009 38.46% 04/30/2009 8.03% 05/31/2009 34.20% 06/30/2009 -2.48% 07/31/2009 7.90% 08/31/2009 -0.97% 09/30/2009 8.52% 10/31/2009 -6.15% 11/30/2009 -0.59% 12/31/2009 0.27% 01/31/2010 1.93% 02/28/2010 -3.03% 03/31/2010 8.05% 04/30/2010 4.71% 05/31/2010 -8.55% 06/30/2010 -3.47% 07/31/2010 2.08% 08/31/2010 6.15% 09/30/2010 17.91% 10/31/2010 7.58% 11/30/2010 8.50% 12/31/2010 12.08% 01/31/2011 -2.08% 02/28/2011 -0.19% 03/31/2011 -3.88% 04/30/2011 -10.57% 05/31/2011 8.05% 06/30/2011 -11.02% 07/31/2011 16.34% 08/31/2011 -5.76% 09/30/2011 -11.44% 10/31/2011 7.10% 11/30/2011 1.44% 12/31/2011 -2.20% 01/31/2012 12.71% 02/29/2012 3.56% 03/31/2012 3.89% 04/30/2012 -3.96% 05/31/2012 -7.41% 06/30/2012 -3.76% 07/31/2012 -2.74% 08/31/2012 3.35% 09/30/2012 6.71% 10/31/2012 -4.08% 11/30/2012 -3.58% 12/31/2012 2.92% 01/31/2013 3.91% 02/28/2013 -3.84%
2.24% 7.79% 19.15% 5.87% 2.13% -3.68% 6.11% 1.98% 4.81% 6.11% 2.36% 1.01% -0.82% 3.39% -1.64% 0.95% 12.81% 8.43% 9.46% 1.17% 0.64% 4.36% -6.25% -2.92% 2.43% 8.07% -0.32% -1.77% -4.51% -4.12% -18.67% 17.16% -7.91% -0.46% 7.37% 7.93% 1.27% -0.55% -10.94% 4.56% 0.62% -0.82% 3.06% 0.38% -2.77% 4.14% 6.88% -0.17%
8.76% 9.42% 5.46% 0.25% 7.45% 3.48% 3.65% -1.83% 6.03% 1.90% -3.58% 3.04% 6.10% 1.60% -8.01% -5.35% 7.05% -4.54% 9.04% 3.87% -0.01% 6.71% 2.33% 3.25% 0.06% 2.94% -1.13% -1.65% -1.98% -5.43% -7.02% 10.90% -0.27% 0.94% 4.52% 4.33% 3.29% -0.60% -5.98% 4.15% 1.44% 2.27% 2.51% -1.78% 0.52% 0.82% 5.22% 1.32%
8.16% 11.22% 9.06% -0.45% 8.47% 4.12% 0.08% -1.81% 8.15% 1.80% -7.68% 5.34% 6.15% 0.05% -13.04% 0.42% 8.11% -7.40% 13.26% 4.09% -2.16% 7.35% 2.26% 3.50% -0.99% 4.25% -2.07% -1.58% -1.81% -7.05% -8.64% 10.34% -2.44% -0.06% 5.02% 4.88% 1.29% -1.14% -8.63% 5.10% 1.29% 2.54% 2.75% -0.68% 1.28% 1.88% 5.09% 0.17%
10/6/08 10/7/08 10/8/08 10/9/08 10/10/08 10/13/08 10/14/08 10/15/08 10/16/08 10/17/08 10/20/08 10/21/08 10/22/08 10/23/08 10/24/08 10/27/08 10/28/08 10/29/08 10/30/08 10/31/08 11/3/08 11/4/08 11/5/08 11/6/08 11/7/08 11/10/08 11/11/08 11/12/08 11/13/08 11/14/08 11/17/08 11/18/08 11/19/08 11/20/08 11/21/08 11/24/08 11/25/08 11/26/08 11/27/08 11/28/08 12/1/08 12/2/08 12/3/08 12/4/08 12/5/08 12/8/08 12/9/08 12/10/08
8.97% 9.09% 9.09% 9.28% 9.59% 9.52% 9.50% 9.68% 9.89% 9.80% 9.83% 9.75% 9.81% 9.95% 10.20% 10.21% 10.27% 10.13% 10.00% 9.73% 9.45% 8.53% 8.69% 9.18% 8.53% 8.44% 8.61% 9.00% 9.08% 8.78% 8.91% 8.70% 8.69% 8.69% 8.69% 8.59% 8.49% 8.42% 8.39% 8.36% 8.25% 8.27% 7.98% 7.98% 7.96% 7.96% 7.93% 7.95%
3.99% 4.01% 4.09% 4.14% 4.15% 4.21% 4.27% 4.25% 4.25% 4.32% 4.26% 4.20% 4.07% 3.99% 4.11% 4.12% 4.19% 4.26% 4.30% 4.35% 4.33% 4.20% 4.13% 4.19% 4.25% 4.21% 4.19% 4.17% 4.34% 4.22% 4.20% 4.14% 3.96% 3.64% 3.70% 3.78% 3.63% 3.54% 3.50% 3.45% 3.22% 3.18% 3.17% 3.06% 3.11% 3.16% 3.06% 3.09%
03/31/2013
-3.65%
-2.04%
3.75%
2.34%
12/11/08 12/12/08 12/15/08 12/16/08 12/17/08 12/18/08 12/19/08 12/22/08 12/23/08 12/24/08 12/25/08 12/26/08 12/29/08 12/30/08 12/31/08 1/1/09 1/2/09 1/5/09 1/6/09 1/7/09 1/8/09 1/9/09 1/12/09 1/13/09 1/14/09 1/15/09 1/16/09 1/19/09 1/20/09 1/21/09 1/22/09 1/23/09 1/26/09 1/27/09 1/28/09 1/29/09 1/30/09 2/2/09 2/3/09 2/4/09 2/5/09 2/6/09 2/9/09 2/10/09 2/11/09 2/12/09 2/13/09 2/16/09
7.90% 7.88% 7.82% 7.82% 7.82% 7.79% 7.81% 7.78% 7.79% 7.71% 7.71% 7.71% 7.69% 7.63% 7.64% 7.64% 7.64% 7.67% 7.60% 7.54% 7.53% 7.54% 7.49% 7.56% 7.55% 7.63% 7.64% 7.64% 7.62% 7.65% 7.75% 7.71% 7.56% 7.55% 7.52% 7.55% 7.60% 7.64% 7.66% 7.77% 7.90% 7.74% 7.73% 7.78% 7.79% 7.79% 7.75% 7.73%
3.07% 3.07% 2.98% 2.86% 2.66% 2.53% 2.55% 2.60% 2.63% 2.63% 2.62% 2.61% 2.63% 2.58% 2.69% 2.76% 2.83% 3.00% 3.04% 3.05% 3.04% 3.04% 2.99% 3.00% 2.89% 2.86% 2.89% 2.93% 2.97% 3.15% 3.25% 3.32% 3.39% 3.26% 3.44% 3.57% 3.58% 3.47% 3.64% 3.65% 3.63% 3.70% 3.69% 3.54% 3.45% 3.47% 3.68% 3.58%
2/17/09 2/18/09 2/19/09 2/20/09 2/23/09 2/24/09 2/25/09 2/26/09 2/27/09 3/2/09 3/3/09 3/4/09 3/5/09 3/6/09 3/9/09 3/10/09 3/11/09 3/12/09 3/13/09 3/16/09 3/17/09 3/18/09 3/19/09 3/20/09 3/23/09 3/24/09 3/25/09 3/26/09 3/27/09 3/30/09 3/31/09 4/1/09 4/2/09 4/3/09 4/6/09 4/7/09 4/8/09 4/9/09 4/10/09 4/13/09 4/14/09 4/15/09 4/16/09 4/17/09 4/20/09 4/21/09 4/22/09 4/23/09
7.77% 7.78% 7.79% 7.82% 7.80% 7.87% 8.04% 7.88% 7.94% 8.00% 8.03% 7.94% 7.88% 7.79% 7.82% 7.81% 7.90% 7.92% 7.88% 7.88% 7.87% 7.81% 7.62% 7.61% 7.57% 7.49% 7.46% 7.29% 7.13% 7.26% 7.26% 7.22% 7.14% 7.07% 7.00% 6.98% 6.95% 6.95% 6.95% 6.45% 6.57% 6.57% 6.38% 6.35% 6.40% 6.30% 6.28% 6.28%
3.47% 3.54% 3.68% 3.56% 3.53% 3.49% 3.59% 3.66% 3.71% 3.64% 3.67% 3.69% 3.51% 3.50% 3.59% 3.70% 3.67% 3.63% 3.66% 3.76% 3.83% 3.57% 3.62% 3.65% 3.69% 3.60% 3.73% 3.66% 3.62% 3.60% 3.56% 3.51% 3.57% 3.70% 3.73% 3.72% 3.66% 3.76% 3.73% 3.69% 3.64% 3.66% 3.72% 3.79% 3.69% 3.74% 3.82% 3.80%
4/24/09 4/27/09 4/28/09 4/29/09 4/30/09 5/1/09 5/4/09 5/5/09 5/6/09 5/7/09 5/8/09 5/11/09 5/12/09 5/13/09 5/14/09 5/15/09 5/18/09 5/19/09 5/20/09 5/21/09 5/22/09 5/25/09 5/26/09 5/27/09 5/28/09 5/29/09 6/1/09 6/2/09 6/3/09 6/4/09 6/5/09 6/8/09 6/9/09 6/10/09 6/11/09 6/12/09 6/15/09 6/16/09 6/17/09 6/18/09 6/19/09 6/22/09 6/23/09 6/24/09 6/25/09 6/26/09 6/29/09 6/30/09
6.19% 6.17% 6.16% 6.12% 6.21% 6.21% 6.23% 6.27% 6.38% 6.39% 6.41% 6.44% 6.45% 6.55% 6.62% 6.57% 6.50% 6.46% 6.43% 6.42% 6.43% 6.44% 6.47% 6.45% 6.52% 6.59% 6.50% 6.57% 6.53% 6.51% 6.73% 6.58% 6.50% 6.59% 6.62% 6.65% 6.60% 6.58% 6.65% 6.61% 6.62% 6.63% 6.65% 6.63% 6.55% 6.62% 6.62% 6.59%
3.89% 3.84% 3.97% 4.01% 4.05% 4.09% 4.06% 4.06% 4.09% 4.25% 4.28% 4.18% 4.16% 4.09% 4.06% 4.09% 4.18% 4.21% 4.14% 4.30% 4.38% 4.42% 4.45% 4.59% 4.54% 4.34% 4.55% 4.50% 4.45% 4.58% 4.63% 4.65% 4.64% 4.76% 4.69% 4.65% 4.61% 4.48% 4.50% 4.63% 4.52% 4.45% 4.37% 4.44% 4.33% 4.30% 4.31% 4.32%
7/1/09 7/2/09 7/3/09 7/6/09 7/7/09 7/8/09 7/9/09 7/10/09 7/13/09 7/14/09 7/15/09 7/16/09 7/17/09 7/20/09 7/21/09 7/22/09 7/23/09 7/24/09 7/27/09 7/28/09 7/29/09 7/30/09 7/31/09 8/3/09 8/4/09 8/5/09 8/6/09 8/7/09 8/10/09 8/11/09 8/12/09 8/13/09 8/14/09 8/17/09 8/18/09 8/19/09 8/20/09 8/21/09 8/24/09 8/25/09 8/26/09 8/27/09 8/28/09 8/31/09 9/1/09 9/2/09 9/3/09 9/4/09
6.56% 6.57% 6.55% 6.57% 6.54% 6.50% 6.48% 6.50% 6.50% 6.52% 6.57% 6.57% 6.60% 6.66% 6.66% 6.67% 6.64% 6.61% 6.61% 6.61% 6.61% 6.55% 6.58% 6.54% 6.55% 6.56% 6.55% 6.51% 6.52% 6.55% 6.53% 6.50% 6.50% 6.50% 6.51% 6.52% 6.51% 6.45% 6.47% 6.47% 6.56% 6.44% 6.42% 6.42% 6.40% 6.33% 6.33% 6.28%
4.34% 4.32% 4.34% 4.35% 4.31% 4.17% 4.31% 4.20% 4.25% 4.38% 4.48% 4.45% 4.53% 4.47% 4.38% 4.45% 4.58% 4.55% 4.62% 4.56% 4.50% 4.44% 4.31% 4.42% 4.45% 4.57% 4.53% 4.61% 4.52% 4.44% 4.53% 4.44% 4.41% 4.33% 4.35% 4.28% 4.24% 4.36% 4.27% 4.22% 4.20% 4.23% 4.21% 4.18% 4.19% 4.09% 4.15% 4.27%
9/7/09 9/8/09 9/9/09 9/10/09 9/11/09 9/14/09 9/15/09 9/16/09 9/17/09 9/18/09 9/21/09 9/22/09 9/23/09 9/24/09 9/25/09 9/28/09 9/29/09 9/30/09 10/1/09 10/2/09 10/5/09 10/6/09 10/7/09 10/8/09 10/9/09 10/12/09 10/13/09 10/14/09 10/15/09 10/16/09 10/19/09 10/20/09 10/21/09 10/22/09 10/23/09 10/26/09 10/27/09 10/28/09 10/29/09 10/30/09 11/2/09 11/3/09 11/4/09 11/5/09 11/6/09 11/9/09 11/10/09 11/11/09
6.30% 6.28% 6.26% 6.26% 6.27% 6.23% 6.22% 6.23% 6.25% 6.24% 6.23% 6.24% 6.27% 6.26% 6.29% 6.30% 6.27% 6.27% 6.26% 6.26% 6.23% 6.21% 6.19% 6.19% 6.16% 6.17% 6.14% 6.12% 6.15% 6.12% 6.11% 6.11% 6.09% 6.09% 6.08% 6.08% 6.09% 6.10% 6.10% 6.10% 6.09% 6.10% 6.10% 6.10% 6.10% 6.09% 6.10% 6.14%
4.29% 4.31% 4.33% 4.19% 4.18% 4.22% 4.27% 4.26% 4.19% 4.24% 4.23% 4.20% 4.21% 4.17% 4.10% 4.04% 4.03% 4.03% 3.97% 4.01% 4.01% 4.07% 3.99% 4.09% 4.22% 4.19% 4.16% 4.28% 4.31% 4.24% 4.21% 4.16% 4.22% 4.24% 4.29% 4.37% 4.29% 4.25% 4.35% 4.23% 4.26% 4.34% 4.41% 4.41% 4.40% 4.40% 4.41% 4.41%
11/12/09 11/13/09 11/16/09 11/17/09 11/18/09 11/19/09 11/20/09 11/23/09 11/24/09 11/25/09 11/26/09 11/27/09 11/30/09 12/1/09 12/2/09 12/3/09 12/4/09 12/7/09 12/8/09 12/9/09 12/10/09 12/11/09 12/14/09 12/15/09 12/16/09 12/17/09 12/18/09 12/21/09 12/22/09 12/23/09 12/24/09 12/25/09 12/28/09 12/29/09 12/30/09 12/31/09 1/1/10 1/4/10 1/5/10 1/6/10 1/7/10 1/8/10 1/11/10 1/12/10 1/13/10 1/14/10 1/15/10 1/18/10
6.18% 6.19% 6.20% 6.19% 6.19% 6.16% 6.17% 6.12% 6.10% 6.10% 6.10% 6.09% 6.03% 6.03% 6.02% 6.00% 5.98% 5.97% 5.97% 5.95% 5.97% 5.98% 5.89% 5.97% 5.94% 5.96% 5.95% 5.94% 5.98% 5.97% 5.95% 5.95% 5.97% 5.95% 5.95% 5.95% 5.95% 5.98% 6.00% 5.98% 6.10% 6.04% 6.09% 6.11% 6.15% 6.14% 6.18% 6.21%
4.41% 4.36% 4.26% 4.26% 4.29% 4.29% 4.30% 4.29% 4.25% 4.23% 4.22% 4.21% 4.20% 4.26% 4.26% 4.33% 4.40% 4.40% 4.39% 4.41% 4.50% 4.49% 4.48% 4.52% 4.52% 4.42% 4.46% 4.56% 4.60% 4.61% 4.68% 4.69% 4.69% 4.64% 4.61% 4.63% 4.64% 4.65% 4.59% 4.70% 4.69% 4.70% 4.74% 4.62% 4.71% 4.63% 4.58% 4.59%
1/19/10 1/20/10 1/21/10 1/22/10 1/25/10 1/26/10 1/27/10 1/28/10 1/29/10 2/1/10 2/2/10 2/3/10 2/4/10 2/5/10 2/8/10 2/9/10 2/10/10 2/11/10 2/12/10 2/15/10 2/16/10 2/17/10 2/18/10 2/19/10 2/22/10 2/23/10 2/24/10 2/25/10 2/26/10 3/1/10 3/2/10 3/3/10 3/4/10 3/5/10 3/8/10 3/9/10 3/10/10 3/11/10 3/12/10 3/15/10 3/16/10 3/17/10 3/18/10 3/19/10 3/22/10 3/23/10 3/24/10 3/25/10
6.25% 6.25% 6.25% 6.29% 6.32% 6.35% 6.46% 6.47% 6.49% 6.58% 6.68% 6.75% 6.75% 6.74% 6.75% 6.73% 6.75% 6.73% 6.72% 6.75% 6.72% 6.72% 6.79% 6.74% 6.72% 6.75% 6.72% 6.73% 6.73% 6.69% 6.69% 6.71% 6.69% 6.70% 6.66% 6.64% 6.63% 6.63% 6.62% 6.64% 6.62% 6.56% 6.59% 6.59% 6.59% 6.59% 6.58% 6.58%
4.60% 4.54% 4.50% 4.50% 4.55% 4.56% 4.55% 4.57% 4.51% 4.56% 4.55% 4.62% 4.53% 4.51% 4.52% 4.58% 4.65% 4.69% 4.66% 4.65% 4.63% 4.70% 4.74% 4.71% 4.73% 4.63% 4.63% 4.58% 4.55% 4.56% 4.57% 4.58% 4.56% 4.64% 4.68% 4.68% 4.69% 4.66% 4.62% 4.63% 4.59% 4.56% 4.59% 4.58% 4.57% 4.60% 4.72% 4.77%
3/26/10 3/29/10 3/30/10 3/31/10 4/1/10 4/2/10 4/5/10 4/6/10 4/7/10 4/8/10 4/9/10 4/12/10 4/13/10 4/14/10 4/15/10 4/16/10 4/19/10 4/20/10 4/21/10 4/22/10 4/23/10 4/26/10 4/27/10 4/28/10 4/29/10 4/30/10 5/3/10 5/4/10 5/5/10 5/6/10 5/7/10 5/10/10 5/11/10 5/12/10 5/13/10 5/14/10 5/17/10 5/18/10 5/19/10 5/20/10 5/21/10 5/24/10 5/25/10 5/26/10 5/27/10 5/28/10 5/31/10 6/1/10
6.57% 6.55% 6.58% 6.57% 6.57% 6.57% 6.58% 6.58% 6.56% 6.56% 6.60% 6.55% 6.55% 6.53% 6.53% 6.46% 6.51% 6.50% 6.51% 6.47% 6.53% 6.50% 6.50% 6.50% 6.50% 6.52% 6.51% 6.53% 6.50% 6.52% 6.55% 6.56% 6.52% 6.52% 6.56% 6.56% 6.55% 6.54% 6.54% 6.57% 6.64% 6.62% 6.61% 6.57% 6.58% 6.58% 6.58% 6.59%
4.75% 4.76% 4.75% 4.72% 4.74% 4.81% 4.85% 4.84% 4.74% 4.75% 4.74% 4.70% 4.68% 4.72% 4.72% 4.67% 4.70% 4.67% 4.61% 4.65% 4.67% 4.67% 4.56% 4.63% 4.60% 4.53% 4.53% 4.43% 4.39% 4.19% 4.28% 4.41% 4.42% 4.47% 4.47% 4.32% 4.35% 4.26% 4.24% 4.13% 4.07% 4.12% 4.07% 4.11% 4.24% 4.22% 4.21% 4.19%
6/2/10 6/3/10 6/4/10 6/7/10 6/8/10 6/9/10 6/10/10 6/11/10 6/14/10 6/15/10 6/16/10 6/17/10 6/18/10 6/21/10 6/22/10 6/23/10 6/24/10 6/25/10 6/28/10 6/29/10 6/30/10 7/1/10 7/2/10 7/5/10 7/6/10 7/7/10 7/8/10 7/9/10 7/12/10 7/13/10 7/14/10 7/15/10 7/16/10 7/19/10 7/20/10 7/21/10 7/22/10 7/23/10 7/26/10 7/27/10 7/28/10 7/29/10 7/30/10 8/2/10 8/3/10 8/4/10 8/5/10 8/6/10
6.60% 6.60% 6.70% 6.60% 6.60% 6.73% 6.65% 6.73% 6.88% 6.76% 6.65% 6.65% 6.65% 6.65% 6.65% 6.80% 6.81% 6.68% 6.70% 6.70% 6.70% 6.71% 6.69% 6.70% 6.69% 6.69% 6.66% 6.62% 6.61% 6.59% 6.59% 6.58% 6.58% 6.56% 6.57% 6.54% 6.54% 6.44% 6.39% 6.40% 6.40% 6.40% 6.37% 6.36% 6.33% 6.26% 6.24% 6.32%
4.24% 4.29% 4.13% 4.11% 4.10% 4.12% 4.25% 4.15% 4.20% 4.23% 4.18% 4.13% 4.15% 4.17% 4.10% 4.05% 4.09% 4.07% 4.01% 3.94% 3.91% 3.88% 3.94% 3.92% 3.89% 3.96% 4.00% 4.04% 4.05% 4.10% 4.03% 3.97% 3.95% 3.99% 3.99% 3.89% 3.95% 4.01% 4.03% 4.08% 4.07% 4.08% 3.98% 4.06% 4.04% 4.07% 4.05% 4.00%
8/9/10 8/10/10 8/11/10 8/12/10 8/13/10 8/16/10 8/17/10 8/18/10 8/19/10 8/20/10 8/23/10 8/24/10 8/25/10 8/26/10 8/27/10 8/30/10 8/31/10 9/1/10 9/2/10 9/3/10 9/6/10 9/7/10 9/8/10 9/9/10 9/10/10 9/13/10 9/14/10 9/15/10 9/16/10 9/17/10 9/20/10 9/21/10 9/22/10 9/23/10 9/24/10 9/27/10 9/28/10 9/29/10 9/30/10 10/1/10 10/4/10 10/5/10 10/6/10 10/7/10 10/8/10 10/11/10 10/12/10 10/13/10
6.26% 6.25% 6.25% 6.25% 6.27% 6.27% 6.24% 6.21% 6.21% 6.22% 6.21% 6.23% 6.21% 6.22% 6.27% 6.27% 6.26% 6.24% 6.27% 6.28% 6.27% 6.28% 6.28% 6.26% 6.30% 6.31% 6.30% 6.30% 6.30% 6.28% 6.28% 6.28% 6.28% 6.28% 6.28% 6.31% 6.31% 6.29% 6.29% 6.27% 6.27% 6.30% 6.26% 6.27% 6.27% 6.20% 6.17% 6.16%
4.01% 4.00% 3.93% 3.94% 3.87% 3.72% 3.77% 3.73% 3.66% 3.67% 3.65% 3.57% 3.59% 3.53% 3.69% 3.60% 3.52% 3.65% 3.72% 3.79% 3.73% 3.67% 3.72% 3.84% 3.88% 3.83% 3.79% 3.87% 3.92% 3.90% 3.87% 3.79% 3.74% 3.73% 3.79% 3.70% 3.66% 3.69% 3.69% 3.71% 3.71% 3.74% 3.67% 3.72% 3.75% 3.78% 3.80% 3.84%
10/14/10 10/15/10 10/18/10 10/19/10 10/20/10 10/21/10 10/22/10 10/25/10 10/26/10 10/27/10 10/28/10 10/29/10 11/1/10 11/2/10 11/3/10 11/4/10 11/5/10 11/8/10 11/9/10 11/10/10 11/11/10 11/12/10 11/15/10 11/16/10 11/17/10 11/18/10 11/19/10 11/22/10 11/23/10 11/24/10 11/25/10 11/26/10 11/29/10 11/30/10 12/1/10 12/2/10 12/3/10 12/6/10 12/7/10 12/8/10 12/9/10 12/10/10 12/13/10 12/14/10 12/15/10 12/16/10 12/17/10 12/20/10
6.13% 6.17% 6.15% 6.19% 6.18% 6.22% 6.25% 6.24% 6.30% 6.35% 6.31% 6.28% 6.28% 6.25% 6.23% 6.25% 6.28% 6.35% 6.36% 6.39% 6.39% 6.49% 6.53% 6.57% 6.56% 6.56% 6.63% 6.55% 6.58% 6.60% 6.60% 6.62% 6.70% 6.74% 6.74% 6.76% 6.77% 6.75% 6.77% 6.77% 6.77% 6.79% 6.78% 6.76% 6.80% 6.83% 6.81% 6.77%
3.91% 3.98% 3.93% 3.90% 3.89% 3.95% 3.94% 3.91% 4.00% 4.06% 4.05% 3.99% 4.01% 3.93% 4.09% 4.04% 4.12% 4.12% 4.25% 4.25% 4.26% 4.26% 4.38% 4.26% 4.31% 4.29% 4.25% 4.20% 4.18% 4.29% 4.25% 4.21% 4.16% 4.12% 4.24% 4.27% 4.32% 4.25% 4.39% 4.45% 4.41% 4.43% 4.39% 4.54% 4.59% 4.57% 4.41% 4.44%
12/21/10 12/22/10 12/23/10 12/24/10 12/27/10 12/28/10 12/29/10 12/30/10 12/31/10 1/3/11 1/4/11 1/5/11 1/6/11 1/7/11 1/10/11 1/11/11 1/12/11 1/13/11 1/14/11 1/17/11 1/18/11 1/19/11 1/20/11 1/21/11 1/24/11 1/25/11 1/26/11 1/27/11 1/28/11 1/31/11 2/1/11 2/2/11 2/3/11 2/4/11 2/7/11 2/8/11 2/9/11 2/10/11 2/11/11 2/14/11 2/15/11 2/16/11 2/17/11 2/18/11 2/21/11 2/22/11 2/23/11 2/24/11
6.74% 6.70% 6.70% 6.70% 6.70% 6.68% 6.70% 6.69% 6.69% 6.68% 6.65% 6.67% 6.68% 6.66% 6.67% 6.68% 6.67% 6.64% 6.63% 6.63% 6.63% 6.64% 6.63% 6.65% 6.65% 6.65% 6.66% 6.65% 6.65% 6.66% 6.66% 6.66% 6.70% 6.76% 6.80% 6.80% 6.81% 6.80% 6.82% 6.82% 6.82% 6.89% 6.85% 6.84% 6.84% 6.86% 6.86% 6.93%
4.44% 4.45% 4.47% 4.45% 4.42% 4.53% 4.41% 4.43% 4.34% 4.39% 4.44% 4.55% 4.53% 4.48% 4.47% 4.49% 4.52% 4.50% 4.53% 4.55% 4.56% 4.53% 4.60% 4.57% 4.55% 4.48% 4.59% 4.57% 4.53% 4.58% 4.62% 4.64% 4.67% 4.73% 4.71% 4.76% 4.71% 4.75% 4.71% 4.67% 4.66% 4.67% 4.66% 4.70% 4.65% 4.60% 4.59% 4.54%
2/25/11 2/28/11 3/1/11 3/2/11 3/3/11 3/4/11 3/7/11 3/8/11 3/9/11 3/10/11 3/11/11 3/14/11 3/15/11 3/16/11 3/17/11 3/18/11 3/21/11 3/22/11 3/23/11 3/24/11 3/25/11 3/28/11 3/29/11 3/30/11 3/31/11 4/1/11 4/4/11 4/5/11 4/6/11 4/7/11 4/8/11 4/11/11 4/12/11 4/13/11 4/14/11 4/15/11 4/18/11 4/19/11 4/20/11 4/21/11 4/22/11 4/25/11 4/26/11 4/27/11 4/28/11 4/29/11 5/2/11 5/3/11
6.93% 6.91% 6.95% 6.95% 6.95% 6.95% 6.94% 6.92% 6.92% 6.93% 6.88% 6.85% 6.88% 6.96% 6.92% 6.92% 7.04% 7.03% 7.05% 7.08% 7.13% 7.13% 7.17% 7.28% 7.20% 7.16% 7.24% 7.24% 7.24% 7.15% 7.08% 7.08% 7.11% 7.22% 7.46% 7.55% 7.76% 7.76% 7.84% 7.84% 7.84% 7.85% 7.90% 8.00% 7.75% 7.70% 7.70% 7.65%
4.51% 4.49% 4.48% 4.54% 4.64% 4.60% 4.61% 4.66% 4.60% 4.53% 4.54% 4.52% 4.47% 4.38% 4.42% 4.43% 4.45% 4.44% 4.44% 4.48% 4.51% 4.51% 4.54% 4.52% 4.51% 4.48% 4.49% 4.51% 4.58% 4.63% 4.63% 4.64% 4.58% 4.55% 4.53% 4.47% 4.45% 4.43% 4.47% 4.47% 4.47% 4.46% 4.39% 4.45% 4.42% 4.40% 4.38% 4.36%
5/4/11 5/5/11 5/6/11 5/9/11 5/10/11 5/11/11 5/12/11 5/13/11 5/16/11 5/17/11 5/18/11 5/19/11 5/20/11 5/23/11 5/24/11 5/25/11 5/26/11 5/27/11 5/30/11 5/31/11 6/1/11 6/2/11 6/3/11 6/6/11 6/7/11 6/8/11 6/9/11 6/10/11 6/13/11 6/14/11 6/15/11 6/16/11 6/17/11 6/20/11 6/21/11 6/22/11 6/23/11 6/24/11 6/27/11 6/28/11 6/29/11 6/30/11 7/1/11 7/4/11 7/5/11 7/6/11 7/7/11 7/8/11
7.54% 7.47% 7.38% 7.37% 7.45% 7.53% 7.44% 7.32% 7.35% 7.36% 7.35% 7.37% 7.37% 7.36% 7.36% 7.38% 7.28% 7.24% 7.24% 7.34% 7.39% 7.24% 7.30% 7.62% 7.38% 7.27% 7.27% 7.20% 7.22% 7.25% 7.28% 7.30% 7.23% 7.26% 7.23% 7.22% 7.26% 7.24% 7.25% 7.26% 7.26% 7.26% 7.18% 7.17% 7.14% 7.09% 7.12% 7.12%
4.33% 4.26% 4.29% 4.30% 4.34% 4.31% 4.37% 4.32% 4.28% 4.23% 4.29% 4.30% 4.30% 4.27% 4.26% 4.28% 4.23% 4.24% 4.23% 4.22% 4.15% 4.25% 4.22% 4.25% 4.27% 4.20% 4.22% 4.18% 4.20% 4.30% 4.19% 4.16% 4.19% 4.19% 4.21% 4.22% 4.17% 4.17% 4.28% 4.33% 4.39% 4.38% 4.40% 4.40% 4.39% 4.35% 4.37% 4.27%
7/11/11 7/12/11 7/13/11 7/14/11 7/15/11 7/18/11 7/19/11 7/20/11 7/21/11 7/22/11 7/25/11 7/26/11 7/27/11 7/28/11 7/29/11 8/1/11 8/2/11 8/3/11 8/4/11 8/5/11 8/8/11 8/9/11 8/10/11 8/11/11 8/12/11 8/15/11 8/16/11 8/17/11 8/18/11 8/19/11 8/22/11 8/23/11 8/24/11 8/25/11 8/26/11 8/29/11 8/30/11 8/31/11 9/1/11 9/2/11 9/5/11 9/6/11 9/7/11 9/8/11 9/9/11 9/12/11 9/13/11 9/14/11
7.17% 7.15% 7.13% 7.15% 7.13% 7.11% 7.07% 7.00% 6.98% 6.94% 6.96% 6.92% 6.90% 6.90% 6.90% 6.78% 6.68% 6.68% 6.72% 6.84% 6.84% 6.91% 6.78% 6.71% 6.65% 6.58% 6.60% 6.58% 6.55% 6.46% 6.41% 6.36% 6.33% 6.35% 6.37% 6.37% 6.37% 6.30% 6.27% 6.24% 6.24% 6.11% 6.12% 6.12% 6.10% 6.15% 6.19% 6.21%
4.20% 4.19% 4.17% 4.25% 4.26% 4.29% 4.19% 4.25% 4.31% 4.26% 4.31% 4.28% 4.29% 4.26% 4.12% 4.07% 3.93% 3.89% 3.70% 3.82% 3.68% 3.56% 3.54% 3.82% 3.72% 3.75% 3.67% 3.57% 3.45% 3.39% 3.42% 3.47% 3.63% 3.60% 3.54% 3.63% 3.53% 3.60% 3.51% 3.32% 3.29% 3.26% 3.36% 3.32% 3.26% 3.24% 3.32% 3.32%
9/15/11 9/16/11 9/19/11 9/20/11 9/21/11 9/22/11 9/23/11 9/26/11 9/27/11 9/28/11 9/29/11 9/30/11 10/3/11 10/4/11 10/5/11 10/6/11 10/7/11 10/10/11 10/11/11 10/12/11 10/13/11 10/14/11 10/17/11 10/18/11 10/19/11 10/20/11 10/21/11 10/24/11 10/25/11 10/26/11 10/27/11 10/28/11 10/31/11 11/1/11 11/2/11 11/3/11 11/4/11 11/7/11 11/8/11 11/9/11 11/10/11 11/11/11 11/14/11 11/15/11 11/16/11 11/17/11 11/18/11 11/21/11
6.26% 6.30% 6.30% 6.52% 6.65% 6.99% 6.88% 6.75% 6.73% 6.78% 6.80% 6.83% 6.82% 6.82% 6.84% 6.74% 6.74% 6.74% 6.49% 6.39% 6.40% 6.38% 6.47% 6.50% 6.47% 6.48% 6.46% 6.44% 6.46% 6.46% 6.37% 6.36% 6.36% 6.36% 6.44% 6.47% 6.46% 6.48% 6.49% 6.50% 6.51% 6.51% 6.51% 6.38% 6.37% 6.38% 6.43% 6.47%
3.36% 3.34% 3.22% 3.20% 3.03% 2.78% 2.89% 2.99% 3.08% 3.10% 3.03% 2.90% 2.76% 2.77% 2.87% 2.96% 3.02% 3.07% 3.11% 3.19% 3.15% 3.22% 3.13% 3.17% 3.17% 3.19% 3.26% 3.27% 3.13% 3.22% 3.45% 3.36% 3.16% 2.99% 3.03% 3.10% 3.09% 3.05% 3.13% 3.03% 3.12% 3.11% 3.09% 3.10% 3.05% 2.98% 2.99% 2.96%
11/22/11 11/23/11 11/24/11 11/25/11 11/28/11 11/29/11 11/30/11 12/1/11 12/2/11 12/5/11 12/6/11 12/7/11 12/8/11 12/9/11 12/12/11 12/13/11 12/14/11 12/15/11 12/16/11 12/19/11 12/20/11 12/21/11 12/22/11 12/23/11 12/26/11 12/27/11 12/28/11 12/29/11 12/30/11 1/2/12 1/3/12 1/4/12 1/5/12 1/6/12 1/9/12 1/10/12 1/11/12 1/12/12 1/13/12 1/16/12 1/17/12 1/18/12 1/19/12 1/20/12 1/23/12 1/24/12 1/25/12 1/26/12
6.46% 6.51% 6.51% 6.51% 6.48% 6.48% 6.41% 6.41% 6.39% 6.42% 6.43% 6.41% 6.41% 6.42% 6.45% 6.47% 6.55% 6.54% 6.53% 6.52% 6.49% 6.53% 6.53% 6.53% 6.53% 6.54% 6.55% 6.57% 6.57% 6.57% 6.51% 6.54% 6.52% 6.52% 6.54% 6.53% 6.57% 6.59% 6.68% 6.68% 6.69% 6.68% 6.64% 6.64% 6.60% 6.61% 6.61% 6.57%
2.91% 2.82% 2.87% 2.92% 2.93% 2.96% 3.06% 3.12% 3.03% 3.02% 3.09% 3.04% 3.00% 3.10% 3.06% 2.98% 2.91% 2.92% 2.86% 2.79% 2.93% 3.00% 2.99% 3.05% 3.05% 3.04% 2.91% 2.90% 2.89% 2.94% 2.98% 3.03% 3.06% 3.02% 3.02% 3.04% 2.96% 2.97% 2.91% 2.90% 2.89% 2.96% 3.05% 3.10% 3.15% 3.15% 3.13% 3.10%
1/27/12 1/30/12 1/31/12 2/1/12 2/2/12 2/3/12 2/6/12 2/7/12 2/8/12 2/9/12 2/10/12 2/13/12 2/14/12 2/15/12 2/16/12 2/17/12 2/20/12 2/21/12 2/22/12 2/23/12 2/24/12 2/27/12 2/28/12 2/29/12 3/1/12 3/2/12 3/5/12 3/6/12 3/7/12 3/8/12 3/9/12 3/12/12 3/13/12 3/14/12 3/15/12 3/16/12 3/19/12 3/20/12 3/21/12 3/22/12 3/23/12 3/26/12 3/27/12 3/28/12 3/29/12 3/30/12 4/2/12 4/3/12
6.53% 6.57% 6.59% 6.50% 6.47% 6.47% 6.48% 6.50% 6.44% 6.44% 6.40% 6.39% 6.44% 6.44% 6.40% 6.40% 6.40% 6.30% 6.30% 6.31% 6.29% 6.30% 6.32% 6.27% 6.28% 6.29% 6.28% 6.29% 6.34% 6.28% 6.30% 6.31% 6.29% 6.34% 6.40% 6.34% 6.32% 6.37% 6.35% 6.36% 6.40% 6.41% 6.34% 6.35% 6.35% 6.33% 6.35% 6.34%
3.07% 2.99% 2.94% 3.01% 3.01% 3.13% 3.08% 3.14% 3.14% 3.20% 3.11% 3.14% 3.06% 3.09% 3.14% 3.16% 3.18% 3.20% 3.15% 3.13% 3.10% 3.04% 3.07% 3.08% 3.15% 3.11% 3.13% 3.08% 3.12% 3.18% 3.19% 3.17% 3.26% 3.43% 3.41% 3.41% 3.48% 3.46% 3.38% 3.37% 3.31% 3.33% 3.29% 3.31% 3.27% 3.35% 3.35% 3.41%
4/4/12 4/5/12 4/6/12 4/9/12 4/10/12 4/11/12 4/12/12 4/13/12 4/16/12 4/17/12 4/18/12 4/19/12 4/20/12 4/23/12 4/24/12 4/25/12 4/26/12 4/27/12 4/30/12 5/1/12 5/2/12 5/3/12 5/4/12 5/7/12 5/8/12 5/9/12 5/10/12 5/11/12 5/14/12 5/15/12 5/16/12 5/17/12 5/18/12 5/21/12 5/22/12 5/23/12 5/24/12 5/25/12 5/28/12 5/29/12 5/30/12 5/31/12 6/1/12 6/4/12 6/5/12 6/6/12 6/7/12 6/8/12
6.31% 6.31% 6.31% 6.30% 6.29% 6.25% 6.25% 6.20% 6.16% 6.16% 6.16% 6.15% 6.15% 6.13% 6.10% 6.09% 6.07% 6.07% 6.07% 6.07% 6.07% 5.78% 5.82% 5.82% 5.80% 6.01% 5.99% 6.00% 6.05% 6.05% 6.05% 6.09% 6.12% 6.12% 6.18% 6.33% 6.29% 6.30% 6.30% 6.11% 6.19% 6.13% 6.17% 6.17% 6.13% 6.06% 6.05% 6.04%
3.37% 3.32% 3.21% 3.18% 3.13% 3.18% 3.22% 3.14% 3.12% 3.15% 3.13% 3.12% 3.12% 3.08% 3.12% 3.15% 3.13% 3.12% 3.12% 3.16% 3.11% 3.12% 3.07% 3.07% 3.03% 3.03% 3.07% 3.02% 2.95% 2.91% 2.90% 2.80% 2.80% 2.80% 2.88% 2.81% 2.86% 2.85% 2.85% 2.85% 2.72% 2.67% 2.53% 2.56% 2.63% 2.73% 2.75% 2.77%
6/11/12 6/12/12 6/13/12 6/14/12 6/15/12 6/18/12 6/19/12 6/20/12 6/21/12 6/22/12 6/25/12 6/26/12 6/27/12 6/28/12 6/29/12 7/2/12 7/3/12 7/4/12 7/5/12 7/6/12 7/9/12 7/10/12 7/11/12 7/12/12 7/13/12 7/16/12 7/17/12 7/18/12 7/19/12 7/20/12 7/23/12 7/24/12 7/25/12 7/26/12 7/27/12 7/30/12 7/31/12 8/1/12 8/2/12 8/3/12 8/6/12 8/7/12 8/8/12 8/9/12 8/10/12 8/13/12 8/14/12 8/15/12
6.09% 6.07% 6.08% 6.07% 6.01% 6.03% 5.98% 5.94% 5.89% 5.80% 5.76% 5.74% 5.67% 5.71% 5.71% 5.71% 5.62% 5.62% 5.49% 5.50% 5.52% 5.42% 5.33% 5.24% 5.19% 5.19% 5.25% 5.30% 5.30% 5.31% 5.36% 5.49% 5.48% 5.46% 5.46% 5.50% 5.41% 5.32% 5.29% 5.32% 5.29% 5.30% 5.28% 5.37% 5.35% 5.38% 5.42% 5.50%
2.71% 2.77% 2.70% 2.73% 2.70% 2.67% 2.73% 2.72% 2.68% 2.75% 2.69% 2.71% 2.70% 2.67% 2.76% 2.69% 2.74% 2.73% 2.72% 2.66% 2.62% 2.60% 2.60% 2.57% 2.58% 2.56% 2.59% 2.59% 2.61% 2.55% 2.52% 2.47% 2.46% 2.49% 2.63% 2.58% 2.56% 2.60% 2.55% 2.65% 2.65% 2.72% 2.75% 2.78% 2.74% 2.74% 2.82% 2.90%
8/16/12 8/17/12 8/20/12 8/21/12 8/22/12 8/23/12 8/24/12 8/27/12 8/28/12 8/29/12 8/30/12 8/31/12 9/3/12 9/4/12 9/5/12 9/6/12 9/7/12 9/10/12 9/11/12 9/12/12 9/13/12 9/14/12 9/17/12 9/18/12 9/19/12 9/20/12 9/21/12 9/24/12 9/25/12 9/26/12 9/27/12 9/28/12 10/1/12 10/2/12 10/3/12 10/4/12 10/5/12 10/8/12 10/9/12 10/10/12 10/11/12 10/12/12 10/15/12 10/16/12 10/17/12 10/18/12 10/19/12 10/22/12
5.45% 5.50% 5.59% 5.54% 5.50% 5.42% 5.40% 5.40% 5.38% 5.39% 5.39% 5.39% 5.39% 5.37% 5.39% 5.45% 5.39% 5.39% 5.39% 5.40% 5.36% 5.48% 5.48% 5.48% 5.48% 5.36% 5.39% 5.38% 5.50% 5.47% 5.40% 5.40% 5.40% 5.40% 5.41% 5.39% 5.42% 5.42% 5.43% 5.43% 5.46% 5.44% 5.44% 5.37% 5.36% 5.31% 5.29% 5.29%
2.96% 2.93% 2.93% 2.90% 2.82% 2.79% 2.79% 2.76% 2.75% 2.77% 2.75% 2.68% 2.69% 2.69% 2.70% 2.80% 2.81% 2.83% 2.84% 2.92% 2.95% 3.09% 3.03% 3.00% 2.97% 2.96% 2.95% 2.91% 2.86% 2.79% 2.83% 2.82% 2.81% 2.81% 2.82% 2.89% 2.96% 2.95% 2.93% 2.89% 2.86% 2.83% 2.85% 2.91% 2.98% 3.02% 2.94% 2.95%
10/23/12 10/24/12 10/25/12 10/26/12 10/29/12 10/30/12 10/31/12 11/1/12 11/2/12 11/5/12 11/6/12 11/7/12 11/8/12 11/9/12 11/12/12 11/13/12 11/14/12 11/15/12 11/16/12 11/19/12 11/20/12 11/21/12 11/22/12 11/23/12 11/26/12 11/27/12 11/28/12 11/29/12 11/30/12 12/3/12 12/4/12 12/5/12 12/6/12 12/7/12 12/10/12 12/11/12 12/12/12 12/13/12 12/14/12 12/17/12 12/18/12 12/19/12 12/20/12 12/21/12 12/24/12 12/25/12 12/26/12 12/27/12
5.28% 5.25% 5.28% 5.32% 5.32% 5.32% 5.31% 5.31% 5.31% 5.32% 5.31% 5.29% 5.31% 5.31% 5.31% 5.32% 5.29% 5.21% 5.18% 5.20% 5.20% 5.24% 5.24% 5.23% 5.20% 5.19% 5.18% 5.16% 5.06% 5.05% 5.00% 4.97% 4.92% 4.98% 5.04% 4.98% 4.98% 4.98% 5.01% 4.98% 5.00% 5.00% 5.02% 4.99% 4.99% 4.99% 4.98% 4.97%
2.91% 2.93% 2.98% 2.92% 2.87% 2.86% 2.85% 2.89% 2.91% 2.88% 2.92% 2.83% 2.77% 2.75% 2.74% 2.72% 2.73% 2.72% 2.73% 2.76% 2.82% 2.83% 2.83% 2.83% 2.80% 2.79% 2.79% 2.79% 2.81% 2.80% 2.78% 2.78% 2.76% 2.81% 2.80% 2.83% 2.90% 2.90% 2.87% 2.94% 3.00% 2.99% 2.98% 2.93% 2.94% 2.94% 2.94% 2.89%
12/28/12 12/31/12 1/1/13 1/2/13 1/3/13 1/4/13 1/7/13 1/8/13 1/9/13 1/10/13 1/11/13 1/14/13 1/15/13 1/16/13 1/17/13 1/18/13 1/21/13 1/22/13 1/23/13 1/24/13 1/25/13 1/28/13 1/29/13 1/30/13 1/31/13 2/1/13 2/4/13 2/5/13 2/6/13 2/7/13 2/8/13 2/11/13 2/12/13 2/13/13 2/14/13 2/15/13 2/18/13 2/19/13 2/20/13 2/21/13 2/22/13 2/25/13 2/26/13 2/27/13 2/28/13 3/1/13 3/4/13 3/5/13
4.95% 4.95% 4.95% 4.95% 4.92% 4.96% 4.99% 5.03% 4.96% 4.87% 4.79% 4.73% 4.78% 4.77% 4.79% 4.78% 4.78% 4.79% 4.83% 4.82% 4.94% 5.00% 5.04% 5.02% 4.90% 4.86% 4.87% 4.91% 4.93% 4.92% 4.90% 4.90% 4.88% 4.93% 4.90% 4.88% 4.88% 4.88% 4.88% 4.92% 4.92% 4.97% 5.06% 5.00% 4.99% 4.99% 5.00% 5.01%
2.88% 2.95% 3.00% 3.04% 3.12% 3.10% 3.10% 3.06% 3.06% 3.08% 3.05% 3.05% 3.02% 3.01% 3.06% 3.03% 3.03% 3.02% 3.02% 3.04% 3.14% 3.15% 3.18% 3.19% 3.17% 3.21% 3.17% 3.21% 3.18% 3.17% 3.17% 3.16% 3.19% 3.23% 3.17% 3.18% 3.20% 3.21% 3.20% 3.17% 3.15% 3.08% 3.08% 3.11% 3.10% 3.06% 3.08% 3.10%
3/6/13 3/7/13 3/8/13 3/11/13 3/12/13 3/13/13 3/14/13 3/15/13 3/18/13 3/19/13 3/20/13 3/21/13 3/22/13 3/25/13 3/26/13 3/27/13 3/28/13 3/29/13 4/1/13
5.03% 5.04% 5.10% 5.16% 5.10% 5.10% 5.08% 5.02% 5.03% 5.05% 5.07% 5.07% 5.07% 5.06% 5.06% 5.06% 5.06% 5.06% 5.05%
3.15% 3.20% 3.25% 3.26% 3.22% 3.22% 3.25% 3.22% 3.18% 3.13% 3.19% 3.15% 3.13% 3.14% 3.13% 3.09% 3.10% 3.09% 3.08%
US Dollar Denominated & Peruvian Sol Required Rates of Return
Risk-Free Rate (1) Asset Beta Market Risk Premium Required Rate of Return Peruvian 30-Year T-Bond (2) Implied Local Required Rate of Return
Global Cost of Capital 3.08% 0.81 5.00% 7.13% 5.05% 9.17%
(1) Board of Governers of the Federal Reserve System http://www.federalreserve.gov/releases/H15/data.htm. (2) Global Financial Database accessed 6/14/14.
https://www.federalreserve.gov/datadownload/Choose.aspx?rel=H15
Integrated Markets Example
Date: 01/31/1998 02/28/1998 03/31/1998 04/30/1998 05/31/1998 06/30/1998 07/31/1998 08/31/1998 09/30/1998 10/31/1998 11/30/1998 12/31/1998 01/31/1999 02/28/1999 03/31/1999 04/30/1999 05/31/1999 06/30/1999 07/31/1999 08/31/1999 09/30/1999 10/31/1999 11/30/1999 12/31/1999 01/31/2000 02/29/2000 03/31/2000 04/30/2000 05/31/2000 06/30/2000 07/31/2000 08/31/2000 09/30/2000 10/31/2000 11/30/2000 12/31/2000 01/31/2001 02/28/2001
Monthly Stock Market Returns: Peru Chile S&P -9.37% -13.13% 1.20% -2.39% 5.70% 7.20% 7.57% 6.09% 5.13% 10.77% -4.92% 1.13% -3.94% -6.46% -1.77% -9.56% -8.61% 4.10% 4.45% 1.82% -1.01% -26.20% -22.03% -14.31% -1.47% 1.79% 6.32% -1.23% 4.88% 8.01% 28.42% 15.30% 6.22% -15.54% -10.26% 5.97% -1.15% -4.11% 4.28% 7.38% 5.10% -3.19% 3.69% 11.29% 3.90% 11.84% 8.05% 3.76% 1.29% -1.04% -2.32% 0.29% 0.99% 5.44% -1.25% -0.22% -3.02% 0.24% -1.96% -0.50% 12.16% -3.17% -2.81% -3.28% -4.00% 6.42% 1.47% 7.64% 2.08% 0.85% 8.36% 6.26% -0.71% 7.37% -4.96% -0.87% -1.42% -1.75% -7.95% -1.23% 9.85% -2.19% -5.68% -3.16% -10.14% -1.06% -2.24% 1.72% -4.31% 2.62% -8.81% -4.64% -1.20% 5.98% 1.56% 6.37% -5.66% -2.53% -5.19% -6.33% -3.14% -0.42% -5.52% 0.50% -7.83% 0.73% 1.34% 0.57% 5.98% 7.13% 3.23% 0.82% -5.90% -9.11%
MSCI Global Index 2.77% 6.75% 4.21% 0.96% -1.27% 2.36% -0.18% -13.35% 1.75% 9.02% 5.93% 4.87% 2.18% -2.67% 4.15% 3.93% -3.67% 4.65% -0.31% -0.19% -0.98% 5.18% 2.80% 8.08% -5.74% 0.26% 6.90% -4.24% -2.54% 3.35% -2.83% 3.24% -5.33% -1.69% -6.08% 1.60% 1.93% -8.46%
Global Investor Required Return on US Market: US Monthly Standard Deviation 4.66% US Annualized Standard Deviation 16.13%
Peruvian Market Beta Relative to World: Peruvian Monthly Standard Deviation Peruvian Annualized Standard Deviation
9.00% 31.18%
MSCI World Monthly Standard Deviation MSCI World Annualized Standard Deviation
4.95% 17.15%
MSCI World Monthly Standard Deviation MSCI World Annualized Standard Deviation
4.95% 17.15%
Correlation US & MSCI
95.39%
Correlation Peru & MSCI
49.53%
Assumed Market Risk Premium
5.00%
Assumed Market Risk Premium
5.00%
US Beta
0.897
Peruvian Market Beta
0.900
US Dollar Denominated Risk-Free Rate
3.08%
US Dollar Denominated Risk-Free Rate
3.08%
Required Return on US
7.56%
Required Return for Peru
7.58%
Source: Peruvian and Chilean returns, Global Financial Database accessed on 6/14/14. S&P 500 data, CRSP database, accessed on 6/14/14. MSCI Global Index, Bloomberg accessed on 7/20/15.
03/31/2001 04/30/2001 05/31/2001 06/30/2001 07/31/2001 08/31/2001 09/30/2001 10/31/2001 11/30/2001 12/31/2001 01/31/2002 02/28/2002 03/31/2002 04/30/2002 05/31/2002 06/30/2002 07/31/2002 08/31/2002 09/30/2002 10/31/2002 11/30/2002 12/31/2002 01/31/2003 02/28/2003 03/31/2003 04/30/2003 05/31/2003 06/30/2003 07/31/2003 08/31/2003 09/30/2003 10/31/2003 11/30/2003 12/31/2003 01/31/2004 02/29/2004 03/31/2004 04/30/2004 05/31/2004 06/30/2004 07/31/2004 08/31/2004 09/30/2004 10/31/2004 11/30/2004 12/31/2004 01/31/2005 02/28/2005
-1.49% -5.90% 9.58% 2.70% -1.14% 0.23% -8.75% -6.46% 2.47% 0.77% 8.32% 0.88% 1.11% -3.19% -1.41% -8.52% 3.05% 2.21% -3.79% 7.20% 11.36% 1.38% 9.01% 2.56% 0.17% 13.45% 2.25% 0.91% 1.39% 2.52% 4.43% 6.48% 1.99% 13.20% 12.11% 0.66% 10.47% -6.86% 3.52% -1.40% -2.09% 0.89% 15.02% 8.13% 2.01% 2.59% 4.65% 5.03%
-3.10% 1.81% 6.35% -4.95% -3.96% 4.04% -14.11% -0.87% 9.27% 2.92% -4.66% 1.06% 3.42% -0.73% -2.94% -6.99% -3.86% -0.31% -10.31% 4.70% 4.35% 2.34% -3.30% -0.59% 2.40% 17.27% 2.84% 2.61% 4.47% 8.23% 9.61% 12.47% -2.01% 5.85% -1.77% 6.75% -5.48% -3.67% -4.43% 5.34% 3.38% 7.31% 6.65% 2.65% 6.10% 5.10% -5.30% 5.01%
-6.35% 7.78% 0.70% -2.44% -0.93% -6.34% -8.04% 1.96% 7.88% 0.91% -1.43% -1.95% 3.76% -6.10% -0.78% -7.13% -7.40% 0.70% -10.90% 8.86% 5.90% -5.88% -2.66% -1.52% 1.03% 8.28% 5.33% 1.28% 1.79% 1.96% -1.07% 5.56% 0.93% 5.18% 1.91% 1.44% -1.50% -1.56% 1.37% 1.95% -3.29% 0.38% 1.08% 1.50% 4.06% 3.37% -2.38% 2.12%
-6.59% 7.37% -1.30% -3.15% -1.34% -4.81% -8.82% 1.91% 5.90% 0.62% -3.04% -0.88% 4.40% -3.40% 0.17% -6.08% -8.44% 0.17% -11.01% 7.37% 5.38% -4.86% -3.05% -1.75% -0.33% 8.86% 5.69% 1.72% 2.02% 2.15% 0.60% 5.92% 1.51% 6.27% 1.60% 1.67% -0.66% -2.05% 0.91% 2.05% -3.26% 0.44% 1.89% 2.45% 5.25% 3.82% -2.25% 3.17%
03/31/2005 04/30/2005 05/31/2005 06/30/2005 07/31/2005 08/31/2005 09/30/2005 10/31/2005 11/30/2005 12/31/2005 01/31/2006 02/28/2006 03/31/2006 04/30/2006 05/31/2006 06/30/2006 07/31/2006 08/31/2006 09/30/2006 10/31/2006 11/30/2006 12/31/2006 01/31/2007 02/28/2007 03/31/2007 04/30/2007 05/31/2007 06/30/2007 07/31/2007 08/31/2007 09/30/2007 10/31/2007 11/30/2007 12/31/2007 01/31/2008 02/29/2008 03/31/2008 04/30/2008 05/31/2008 06/30/2008 07/31/2008 08/31/2008 09/30/2008 10/31/2008 11/30/2008 12/31/2008 01/31/2009 02/28/2009
2.00% -4.17% -1.53% 2.87% 4.28% 9.52% 9.95% -6.04% 5.67% -4.61% 17.31% 7.94% -2.63% 20.65% 0.96% 13.09% 10.03% 11.57% 3.78% 2.93% 7.37% 12.21% 5.82% 11.13% 13.24% 20.50% -2.64% 11.11% 4.70% -10.98% 4.69% -0.58% -15.86% -4.01% -14.35% 18.37% -2.14% 0.24% -1.72% -4.88% -15.52% -3.47% -15.35% -37.28% 4.97% -4.82% -2.03% -3.38%
0.59% -1.00% -0.82% 4.47% 7.67% 1.33% 5.77% -5.44% 1.48% -1.91% 0.94% 4.38% -0.13% 3.20% -4.29% -1.37% 0.04% 3.74% 4.82% 5.48% 5.66% 4.48% 2.55% -0.08% 3.56% 9.87% 0.44% 5.29% -0.71% -0.97% 1.41% 8.99% -7.84% -1.51% -1.39% 4.13% 5.79% -1.47% -2.07% -5.77% 1.86% -5.53% -12.62% -25.49% -0.59% 1.47% 11.36% 1.38%
-1.72% -1.89% 3.20% 0.17% 3.74% -0.92% 0.80% -1.56% 3.84% -0.01% 2.64% 0.24% 1.29% 1.21% -2.83% 0.16% 0.56% 2.42% 2.65% 3.25% 1.84% 1.38% 1.54% -1.93% 1.09% 4.40% 3.45% -1.66% -3.12% 1.51% 3.75% 1.74% -4.12% -0.61% -6.12% -3.14% -0.34% 4.86% 1.30% -8.28% -0.73% 1.50% -8.55% -16.70% -7.35% 1.20% -8.26% -10.36%
-1.94% -2.18% 1.78% 0.87% 3.49% 0.75% 2.60% -2.43% 3.33% 2.22% 4.47% -0.15% 2.20% 3.04% -3.42% -0.03% 0.62% 2.60% 1.19% 3.67% 2.45% 2.03% 1.18% -0.52% 1.83% 4.41% 2.80% -0.77% -2.21% -0.08% 4.76% 3.07% -6.70% -1.33% -5.02% -0.58% -0.96% 5.26% 1.52% -7.98% -2.75% -1.09% -11.89% -18.96% -6.47% 3.21% -9.23% -10.29%
03/31/2009 38.46% 04/30/2009 8.03% 05/31/2009 34.20% 06/30/2009 -2.48% 07/31/2009 7.90% 08/31/2009 -0.97% 09/30/2009 8.52% 10/31/2009 -6.15% 11/30/2009 -0.59% 12/31/2009 0.27% 01/31/2010 1.93% 02/28/2010 -3.03% 03/31/2010 8.05% 04/30/2010 4.71% 05/31/2010 -8.55% 06/30/2010 -3.47% 07/31/2010 2.08% 08/31/2010 6.15% 09/30/2010 17.91% 10/31/2010 7.58% 11/30/2010 8.50% 12/31/2010 12.08% 01/31/2011 -2.08% 02/28/2011 -0.19% 03/31/2011 -3.88% 04/30/2011 -10.57% 05/31/2011 8.05% 06/30/2011 -11.02% 07/31/2011 16.34% 08/31/2011 -5.76% 09/30/2011 -11.44% 10/31/2011 7.10% 11/30/2011 1.44% 12/31/2011 -2.20% 01/31/2012 12.71% 02/29/2012 3.56% 03/31/2012 3.89% 04/30/2012 -3.96% 05/31/2012 -7.41% 06/30/2012 -3.76% 07/31/2012 -2.74% 08/31/2012 3.35% 09/30/2012 6.71% 10/31/2012 -4.08% 11/30/2012 -3.58% 12/31/2012 2.92% 01/31/2013 3.91% 02/28/2013 -3.84%
2.24% 7.79% 19.15% 5.87% 2.13% -3.68% 6.11% 1.98% 4.81% 6.11% 2.36% 1.01% -0.82% 3.39% -1.64% 0.95% 12.81% 8.43% 9.46% 1.17% 0.64% 4.36% -6.25% -2.92% 2.43% 8.07% -0.32% -1.77% -4.51% -4.12% -18.67% 17.16% -7.91% -0.46% 7.37% 7.93% 1.27% -0.55% -10.94% 4.56% 0.62% -0.82% 3.06% 0.38% -2.77% 4.14% 6.88% -0.17%
8.76% 9.42% 5.46% 0.25% 7.45% 3.48% 3.65% -1.83% 6.03% 1.90% -3.58% 3.04% 6.10% 1.60% -8.01% -5.35% 7.05% -4.54% 9.04% 3.87% -0.01% 6.71% 2.33% 3.25% 0.06% 2.94% -1.13% -1.65% -1.98% -5.43% -7.02% 10.90% -0.27% 0.94% 4.52% 4.33% 3.29% -0.60% -5.98% 4.15% 1.44% 2.27% 2.51% -1.78% 0.52% 0.82% 5.22% 1.32%
8.16% 11.22% 9.06% -0.45% 8.47% 4.12% 0.08% -1.81% 8.15% 1.80% -7.68% 5.34% 6.15% 0.05% -13.04% 0.42% 8.11% -7.40% 13.26% 4.09% -2.16% 7.35% 2.26% 3.50% -0.99% 4.25% -2.07% -1.58% -1.81% -7.05% -8.64% 10.34% -2.44% -0.06% 5.02% 4.88% 1.29% -1.14% -8.63% 5.10% 1.29% 2.54% 2.75% -0.68% 1.28% 1.88% 5.09% 0.17%
03/31/2013
-3.65%
-2.04%
3.75%
2.34%
Market Returns Data Daily Yields: Peruvian 30-Yr Date: Rate 4/1/08 6.92% 4/2/08 6.84% 4/3/08 6.79% 4/4/08 6.85% 4/7/08 6.83% 4/8/08 6.95% 4/9/08 7.00% 4/10/08 7.00% 4/11/08 7.03% 4/14/08 7.03% 4/15/08 6.90% 4/16/08 6.88% 4/17/08 6.89% 4/18/08 6.90% 4/21/08 6.94% 4/22/08 7.00% 4/23/08 7.01% 4/24/08 6.91% 4/25/08 7.00% 4/28/08 7.00% 4/29/08 6.99% 4/30/08 7.00% 5/1/08 7.00% 5/2/08 7.03% 5/5/08 7.01% 5/6/08 6.99% 5/7/08 6.95% 5/8/08 6.88% 5/9/08 6.89% 5/12/08 6.88% 5/13/08 6.85% 5/14/08 6.93% 5/15/08 6.93% 5/16/08 6.93% 5/19/08 6.94% 5/20/08 6.93% 5/21/08 6.93% 5/22/08 6.94%
US 30-Yr Rate 4.40% 4.38% 4.40% 4.32% 4.36% 4.37% 4.31% 4.34% 4.30% 4.35% 4.42% 4.54% 4.54% 4.51% 4.48% 4.46% 4.49% 4.56% 4.61% 4.57% 4.55% 4.49% 4.49% 4.57% 4.58% 4.64% 4.61% 4.50% 4.53% 4.53% 4.62% 4.63% 4.56% 4.58% 4.56% 4.53% 4.55% 4.63%
Default Spread 2.52% 2.46% 2.39% 2.53% 2.47% 2.58% 2.69% 2.66% 2.73% 2.68% 2.48% 2.34% 2.35% 2.39% 2.46% 2.54% 2.52% 2.35% 2.39% 2.43% 2.44% 2.51% 2.51% 2.46% 2.43% 2.35% 2.34% 2.38% 2.36% 2.35% 2.23% 2.30% 2.37% 2.35% 2.38% 2.40% 2.38% 2.31%
Trading Days Per Year 5-Year Average Default Spread Peruvian Debt Daily Standard Deviation Annualizied Standard Deviation
261 2.7789% 0.92% 14.81%
5/23/08 5/26/08 5/27/08 5/28/08 5/29/08 5/30/08 6/2/08 6/3/08 6/4/08 6/5/08 6/6/08 6/9/08 6/10/08 6/11/08 6/12/08 6/13/08 6/16/08 6/17/08 6/18/08 6/19/08 6/20/08 6/23/08 6/24/08 6/25/08 6/26/08 6/27/08 6/30/08 7/1/08 7/2/08 7/3/08 7/4/08 7/7/08 7/8/08 7/9/08 7/10/08 7/11/08 7/14/08 7/15/08 7/16/08 7/17/08 7/18/08 7/21/08 7/22/08 7/23/08 7/24/08 7/25/08 7/28/08 7/29/08
6.93% 6.93% 6.96% 6.96% 6.96% 6.96% 6.98% 7.01% 6.97% 7.02% 7.03% 7.05% 7.12% 7.14% 7.06% 7.15% 7.19% 7.14% 7.14% 7.18% 7.16% 7.23% 7.22% 7.21% 7.23% 7.36% 7.36% 7.61% 7.70% 7.69% 7.70% 7.70% 7.85% 7.86% 7.94% 7.97% 7.88% 7.95% 7.98% 8.00% 7.96% 8.00% 7.96% 7.90% 7.92% 7.90% 7.90% 7.90%
4.57% 4.61% 4.65% 4.71% 4.76% 4.72% 4.68% 4.63% 4.71% 4.75% 4.65% 4.64% 4.70% 4.72% 4.77% 4.79% 4.77% 4.78% 4.72% 4.76% 4.71% 4.71% 4.65% 4.65% 4.62% 4.53% 4.53% 4.55% 4.51% 4.53% 4.52% 4.51% 4.46% 4.42% 4.42% 4.52% 4.47% 4.48% 4.59% 4.65% 4.66% 4.64% 4.67% 4.69% 4.60% 4.69% 4.63% 4.64%
2.36% 2.32% 2.31% 2.25% 2.20% 2.24% 2.30% 2.38% 2.26% 2.27% 2.38% 2.41% 2.42% 2.42% 2.29% 2.36% 2.42% 2.36% 2.42% 2.42% 2.45% 2.52% 2.57% 2.56% 2.61% 2.83% 2.83% 3.06% 3.19% 3.16% 3.18% 3.19% 3.39% 3.44% 3.52% 3.45% 3.41% 3.47% 3.39% 3.35% 3.30% 3.36% 3.29% 3.21% 3.32% 3.21% 3.27% 3.26%
7/30/08 7/31/08 8/1/08 8/4/08 8/5/08 8/6/08 8/7/08 8/8/08 8/11/08 8/12/08 8/13/08 8/14/08 8/15/08 8/18/08 8/19/08 8/20/08 8/21/08 8/22/08 8/25/08 8/26/08 8/27/08 8/28/08 8/29/08 9/1/08 9/2/08 9/3/08 9/4/08 9/5/08 9/8/08 9/9/08 9/10/08 9/11/08 9/12/08 9/15/08 9/16/08 9/17/08 9/18/08 9/19/08 9/22/08 9/23/08 9/24/08 9/25/08 9/26/08 9/29/08 9/30/08 10/1/08 10/2/08 10/3/08
7.94% 7.94% 7.96% 7.95% 7.94% 7.94% 7.94% 7.99% 7.95% 8.08% 8.13% 8.16% 8.17% 8.03% 8.02% 7.97% 8.01% 8.07% 8.09% 8.08% 8.05% 8.02% 8.03% 8.05% 8.04% 8.04% 8.09% 8.09% 8.08% 8.10% 8.11% 8.14% 8.11% 8.14% 8.24% 8.53% 8.51% 8.47% 8.51% 8.50% 8.50% 8.50% 8.53% 8.81% 8.68% 8.76% 8.88% 8.85%
4.64% 4.59% 4.57% 4.58% 4.63% 4.68% 4.56% 4.55% 4.61% 4.55% 4.57% 4.52% 4.47% 4.44% 4.47% 4.43% 4.46% 4.46% 4.40% 4.40% 4.38% 4.38% 4.43% 4.40% 4.36% 4.32% 4.27% 4.27% 4.26% 4.20% 4.23% 4.20% 4.32% 4.12% 4.08% 4.08% 4.14% 4.36% 4.41% 4.43% 4.40% 4.40% 4.36% 4.13% 4.31% 4.22% 4.16% 4.11%
3.30% 3.35% 3.39% 3.37% 3.31% 3.26% 3.38% 3.44% 3.34% 3.53% 3.56% 3.64% 3.70% 3.59% 3.55% 3.54% 3.55% 3.61% 3.69% 3.68% 3.67% 3.64% 3.60% 3.66% 3.68% 3.72% 3.82% 3.82% 3.82% 3.90% 3.88% 3.94% 3.79% 4.02% 4.16% 4.45% 4.37% 4.11% 4.10% 4.07% 4.10% 4.10% 4.17% 4.68% 4.37% 4.54% 4.72% 4.74%
10/6/08 10/7/08 10/8/08 10/9/08 10/10/08 10/13/08 10/14/08 10/15/08 10/16/08 10/17/08 10/20/08 10/21/08 10/22/08 10/23/08 10/24/08 10/27/08 10/28/08 10/29/08 10/30/08 10/31/08 11/3/08 11/4/08 11/5/08 11/6/08 11/7/08 11/10/08 11/11/08 11/12/08 11/13/08 11/14/08 11/17/08 11/18/08 11/19/08 11/20/08 11/21/08 11/24/08 11/25/08 11/26/08 11/27/08 11/28/08 12/1/08 12/2/08 12/3/08 12/4/08 12/5/08 12/8/08 12/9/08 12/10/08
8.97% 9.09% 9.09% 9.28% 9.59% 9.52% 9.50% 9.68% 9.89% 9.80% 9.83% 9.75% 9.81% 9.95% 10.20% 10.21% 10.27% 10.13% 10.00% 9.73% 9.45% 8.53% 8.69% 9.18% 8.53% 8.44% 8.61% 9.00% 9.08% 8.78% 8.91% 8.70% 8.69% 8.69% 8.69% 8.59% 8.49% 8.42% 8.39% 8.36% 8.25% 8.27% 7.98% 7.98% 7.96% 7.96% 7.93% 7.95%
3.99% 4.01% 4.09% 4.14% 4.15% 4.21% 4.27% 4.25% 4.25% 4.32% 4.26% 4.20% 4.07% 3.99% 4.11% 4.12% 4.19% 4.26% 4.30% 4.35% 4.33% 4.20% 4.13% 4.19% 4.25% 4.21% 4.19% 4.17% 4.34% 4.22% 4.20% 4.14% 3.96% 3.64% 3.70% 3.78% 3.63% 3.54% 3.50% 3.45% 3.22% 3.18% 3.17% 3.06% 3.11% 3.16% 3.06% 3.09%
4.98% 5.08% 5.00% 5.14% 5.44% 5.31% 5.23% 5.43% 5.64% 5.48% 5.57% 5.55% 5.74% 5.96% 6.09% 6.09% 6.08% 5.87% 5.70% 5.38% 5.12% 4.33% 4.56% 4.99% 4.28% 4.23% 4.42% 4.83% 4.74% 4.56% 4.71% 4.56% 4.73% 5.05% 4.99% 4.81% 4.86% 4.88% 4.90% 4.91% 5.03% 5.09% 4.81% 4.92% 4.85% 4.80% 4.87% 4.86%
12/11/08 12/12/08 12/15/08 12/16/08 12/17/08 12/18/08 12/19/08 12/22/08 12/23/08 12/24/08 12/25/08 12/26/08 12/29/08 12/30/08 12/31/08 1/1/09 1/2/09 1/5/09 1/6/09 1/7/09 1/8/09 1/9/09 1/12/09 1/13/09 1/14/09 1/15/09 1/16/09 1/19/09 1/20/09 1/21/09 1/22/09 1/23/09 1/26/09 1/27/09 1/28/09 1/29/09 1/30/09 2/2/09 2/3/09 2/4/09 2/5/09 2/6/09 2/9/09 2/10/09 2/11/09 2/12/09 2/13/09 2/16/09
7.90% 7.88% 7.82% 7.82% 7.82% 7.79% 7.81% 7.78% 7.79% 7.71% 7.71% 7.71% 7.69% 7.63% 7.64% 7.64% 7.64% 7.67% 7.60% 7.54% 7.53% 7.54% 7.49% 7.56% 7.55% 7.63% 7.64% 7.64% 7.62% 7.65% 7.75% 7.71% 7.56% 7.55% 7.52% 7.55% 7.60% 7.64% 7.66% 7.77% 7.90% 7.74% 7.73% 7.78% 7.79% 7.79% 7.75% 7.73%
3.07% 3.07% 2.98% 2.86% 2.66% 2.53% 2.55% 2.60% 2.63% 2.63% 2.62% 2.61% 2.63% 2.58% 2.69% 2.76% 2.83% 3.00% 3.04% 3.05% 3.04% 3.04% 2.99% 3.00% 2.89% 2.86% 2.89% 2.93% 2.97% 3.15% 3.25% 3.32% 3.39% 3.26% 3.44% 3.57% 3.58% 3.47% 3.64% 3.65% 3.63% 3.70% 3.69% 3.54% 3.45% 3.47% 3.68% 3.58%
4.83% 4.81% 4.84% 4.96% 5.16% 5.26% 5.26% 5.18% 5.16% 5.08% 5.09% 5.10% 5.06% 5.05% 4.95% 4.88% 4.81% 4.67% 4.56% 4.49% 4.49% 4.50% 4.50% 4.56% 4.66% 4.77% 4.75% 4.71% 4.65% 4.50% 4.50% 4.39% 4.17% 4.29% 4.08% 3.98% 4.02% 4.17% 4.02% 4.12% 4.27% 4.04% 4.04% 4.24% 4.34% 4.32% 4.07% 4.16%
2/17/09 2/18/09 2/19/09 2/20/09 2/23/09 2/24/09 2/25/09 2/26/09 2/27/09 3/2/09 3/3/09 3/4/09 3/5/09 3/6/09 3/9/09 3/10/09 3/11/09 3/12/09 3/13/09 3/16/09 3/17/09 3/18/09 3/19/09 3/20/09 3/23/09 3/24/09 3/25/09 3/26/09 3/27/09 3/30/09 3/31/09 4/1/09 4/2/09 4/3/09 4/6/09 4/7/09 4/8/09 4/9/09 4/10/09 4/13/09 4/14/09 4/15/09 4/16/09 4/17/09 4/20/09 4/21/09 4/22/09 4/23/09
7.77% 7.78% 7.79% 7.82% 7.80% 7.87% 8.04% 7.88% 7.94% 8.00% 8.03% 7.94% 7.88% 7.79% 7.82% 7.81% 7.90% 7.92% 7.88% 7.88% 7.87% 7.81% 7.62% 7.61% 7.57% 7.49% 7.46% 7.29% 7.13% 7.26% 7.26% 7.22% 7.14% 7.07% 7.00% 6.98% 6.95% 6.95% 6.95% 6.45% 6.57% 6.57% 6.38% 6.35% 6.40% 6.30% 6.28% 6.28%
3.47% 3.54% 3.68% 3.56% 3.53% 3.49% 3.59% 3.66% 3.71% 3.64% 3.67% 3.69% 3.51% 3.50% 3.59% 3.70% 3.67% 3.63% 3.66% 3.76% 3.83% 3.57% 3.62% 3.65% 3.69% 3.60% 3.73% 3.66% 3.62% 3.60% 3.56% 3.51% 3.57% 3.70% 3.73% 3.72% 3.66% 3.76% 3.73% 3.69% 3.64% 3.66% 3.72% 3.79% 3.69% 3.74% 3.82% 3.80%
4.30% 4.24% 4.11% 4.26% 4.27% 4.38% 4.45% 4.22% 4.23% 4.36% 4.36% 4.25% 4.37% 4.29% 4.23% 4.11% 4.23% 4.29% 4.22% 4.12% 4.04% 4.24% 4.00% 3.96% 3.88% 3.89% 3.73% 3.63% 3.51% 3.66% 3.70% 3.71% 3.57% 3.37% 3.27% 3.26% 3.29% 3.19% 3.22% 2.76% 2.93% 2.91% 2.66% 2.56% 2.71% 2.56% 2.46% 2.48%
4/24/09 4/27/09 4/28/09 4/29/09 4/30/09 5/1/09 5/4/09 5/5/09 5/6/09 5/7/09 5/8/09 5/11/09 5/12/09 5/13/09 5/14/09 5/15/09 5/18/09 5/19/09 5/20/09 5/21/09 5/22/09 5/25/09 5/26/09 5/27/09 5/28/09 5/29/09 6/1/09 6/2/09 6/3/09 6/4/09 6/5/09 6/8/09 6/9/09 6/10/09 6/11/09 6/12/09 6/15/09 6/16/09 6/17/09 6/18/09 6/19/09 6/22/09 6/23/09 6/24/09 6/25/09 6/26/09 6/29/09 6/30/09
6.19% 6.17% 6.16% 6.12% 6.21% 6.21% 6.23% 6.27% 6.38% 6.39% 6.41% 6.44% 6.45% 6.55% 6.62% 6.57% 6.50% 6.46% 6.43% 6.42% 6.43% 6.44% 6.47% 6.45% 6.52% 6.59% 6.50% 6.57% 6.53% 6.51% 6.73% 6.58% 6.50% 6.59% 6.62% 6.65% 6.60% 6.58% 6.65% 6.61% 6.62% 6.63% 6.65% 6.63% 6.55% 6.62% 6.62% 6.59%
3.89% 3.84% 3.97% 4.01% 4.05% 4.09% 4.06% 4.06% 4.09% 4.25% 4.28% 4.18% 4.16% 4.09% 4.06% 4.09% 4.18% 4.21% 4.14% 4.30% 4.38% 4.42% 4.45% 4.59% 4.54% 4.34% 4.55% 4.50% 4.45% 4.58% 4.63% 4.65% 4.64% 4.76% 4.69% 4.65% 4.61% 4.48% 4.50% 4.63% 4.52% 4.45% 4.37% 4.44% 4.33% 4.30% 4.31% 4.32%
2.30% 2.33% 2.19% 2.11% 2.16% 2.12% 2.17% 2.21% 2.29% 2.14% 2.13% 2.26% 2.29% 2.46% 2.56% 2.48% 2.32% 2.25% 2.29% 2.12% 2.05% 2.03% 2.02% 1.86% 1.98% 2.25% 1.95% 2.07% 2.08% 1.93% 2.10% 1.93% 1.86% 1.83% 1.93% 2.00% 1.99% 2.10% 2.15% 1.98% 2.10% 2.18% 2.28% 2.19% 2.22% 2.32% 2.31% 2.27%
7/1/09 7/2/09 7/3/09 7/6/09 7/7/09 7/8/09 7/9/09 7/10/09 7/13/09 7/14/09 7/15/09 7/16/09 7/17/09 7/20/09 7/21/09 7/22/09 7/23/09 7/24/09 7/27/09 7/28/09 7/29/09 7/30/09 7/31/09 8/3/09 8/4/09 8/5/09 8/6/09 8/7/09 8/10/09 8/11/09 8/12/09 8/13/09 8/14/09 8/17/09 8/18/09 8/19/09 8/20/09 8/21/09 8/24/09 8/25/09 8/26/09 8/27/09 8/28/09 8/31/09 9/1/09 9/2/09 9/3/09 9/4/09
6.56% 6.57% 6.55% 6.57% 6.54% 6.50% 6.48% 6.50% 6.50% 6.52% 6.57% 6.57% 6.60% 6.66% 6.66% 6.67% 6.64% 6.61% 6.61% 6.61% 6.61% 6.55% 6.58% 6.54% 6.55% 6.56% 6.55% 6.51% 6.52% 6.55% 6.53% 6.50% 6.50% 6.50% 6.51% 6.52% 6.51% 6.45% 6.47% 6.47% 6.56% 6.44% 6.42% 6.42% 6.40% 6.33% 6.33% 6.28%
4.34% 4.32% 4.34% 4.35% 4.31% 4.17% 4.31% 4.20% 4.25% 4.38% 4.48% 4.45% 4.53% 4.47% 4.38% 4.45% 4.58% 4.55% 4.62% 4.56% 4.50% 4.44% 4.31% 4.42% 4.45% 4.57% 4.53% 4.61% 4.52% 4.44% 4.53% 4.44% 4.41% 4.33% 4.35% 4.28% 4.24% 4.36% 4.27% 4.22% 4.20% 4.23% 4.21% 4.18% 4.19% 4.09% 4.15% 4.27%
2.22% 2.25% 2.22% 2.22% 2.23% 2.33% 2.17% 2.30% 2.25% 2.14% 2.09% 2.12% 2.07% 2.19% 2.28% 2.22% 2.06% 2.06% 1.99% 2.05% 2.11% 2.11% 2.27% 2.12% 2.10% 1.99% 2.02% 1.90% 2.00% 2.11% 2.00% 2.06% 2.09% 2.17% 2.16% 2.24% 2.27% 2.09% 2.20% 2.25% 2.36% 2.21% 2.21% 2.24% 2.21% 2.24% 2.18% 2.01%
9/7/09 9/8/09 9/9/09 9/10/09 9/11/09 9/14/09 9/15/09 9/16/09 9/17/09 9/18/09 9/21/09 9/22/09 9/23/09 9/24/09 9/25/09 9/28/09 9/29/09 9/30/09 10/1/09 10/2/09 10/5/09 10/6/09 10/7/09 10/8/09 10/9/09 10/12/09 10/13/09 10/14/09 10/15/09 10/16/09 10/19/09 10/20/09 10/21/09 10/22/09 10/23/09 10/26/09 10/27/09 10/28/09 10/29/09 10/30/09 11/2/09 11/3/09 11/4/09 11/5/09 11/6/09 11/9/09 11/10/09 11/11/09
6.30% 6.28% 6.26% 6.26% 6.27% 6.23% 6.22% 6.23% 6.25% 6.24% 6.23% 6.24% 6.27% 6.26% 6.29% 6.30% 6.27% 6.27% 6.26% 6.26% 6.23% 6.21% 6.19% 6.19% 6.16% 6.17% 6.14% 6.12% 6.15% 6.12% 6.11% 6.11% 6.09% 6.09% 6.08% 6.08% 6.09% 6.10% 6.10% 6.10% 6.09% 6.10% 6.10% 6.10% 6.10% 6.09% 6.10% 6.14%
4.29% 4.31% 4.33% 4.19% 4.18% 4.22% 4.27% 4.26% 4.19% 4.24% 4.23% 4.20% 4.21% 4.17% 4.10% 4.04% 4.03% 4.03% 3.97% 4.01% 4.01% 4.07% 3.99% 4.09% 4.22% 4.19% 4.16% 4.28% 4.31% 4.24% 4.21% 4.16% 4.22% 4.24% 4.29% 4.37% 4.29% 4.25% 4.35% 4.23% 4.26% 4.34% 4.41% 4.41% 4.40% 4.40% 4.41% 4.41%
2.01% 1.97% 1.93% 2.07% 2.09% 2.01% 1.95% 1.97% 2.06% 2.00% 2.00% 2.04% 2.06% 2.09% 2.19% 2.26% 2.24% 2.24% 2.29% 2.25% 2.22% 2.14% 2.20% 2.10% 1.94% 1.98% 1.98% 1.84% 1.84% 1.88% 1.90% 1.95% 1.87% 1.85% 1.79% 1.71% 1.80% 1.85% 1.75% 1.87% 1.83% 1.76% 1.69% 1.69% 1.70% 1.69% 1.69% 1.73%
11/12/09 11/13/09 11/16/09 11/17/09 11/18/09 11/19/09 11/20/09 11/23/09 11/24/09 11/25/09 11/26/09 11/27/09 11/30/09 12/1/09 12/2/09 12/3/09 12/4/09 12/7/09 12/8/09 12/9/09 12/10/09 12/11/09 12/14/09 12/15/09 12/16/09 12/17/09 12/18/09 12/21/09 12/22/09 12/23/09 12/24/09 12/25/09 12/28/09 12/29/09 12/30/09 12/31/09 1/1/10 1/4/10 1/5/10 1/6/10 1/7/10 1/8/10 1/11/10 1/12/10 1/13/10 1/14/10 1/15/10 1/18/10
6.18% 6.19% 6.20% 6.19% 6.19% 6.16% 6.17% 6.12% 6.10% 6.10% 6.10% 6.09% 6.03% 6.03% 6.02% 6.00% 5.98% 5.97% 5.97% 5.95% 5.97% 5.98% 5.89% 5.97% 5.94% 5.96% 5.95% 5.94% 5.98% 5.97% 5.95% 5.95% 5.97% 5.95% 5.95% 5.95% 5.95% 5.98% 6.00% 5.98% 6.10% 6.04% 6.09% 6.11% 6.15% 6.14% 6.18% 6.21%
4.41% 4.36% 4.26% 4.26% 4.29% 4.29% 4.30% 4.29% 4.25% 4.23% 4.22% 4.21% 4.20% 4.26% 4.26% 4.33% 4.40% 4.40% 4.39% 4.41% 4.50% 4.49% 4.48% 4.52% 4.52% 4.42% 4.46% 4.56% 4.60% 4.61% 4.68% 4.69% 4.69% 4.64% 4.61% 4.63% 4.64% 4.65% 4.59% 4.70% 4.69% 4.70% 4.74% 4.62% 4.71% 4.63% 4.58% 4.59%
1.77% 1.83% 1.94% 1.93% 1.90% 1.87% 1.87% 1.83% 1.85% 1.87% 1.88% 1.88% 1.83% 1.77% 1.76% 1.67% 1.58% 1.57% 1.58% 1.54% 1.47% 1.49% 1.41% 1.45% 1.42% 1.54% 1.49% 1.38% 1.38% 1.36% 1.27% 1.26% 1.28% 1.31% 1.34% 1.32% 1.31% 1.33% 1.41% 1.28% 1.41% 1.34% 1.35% 1.49% 1.44% 1.51% 1.60% 1.62%
1/19/10 1/20/10 1/21/10 1/22/10 1/25/10 1/26/10 1/27/10 1/28/10 1/29/10 2/1/10 2/2/10 2/3/10 2/4/10 2/5/10 2/8/10 2/9/10 2/10/10 2/11/10 2/12/10 2/15/10 2/16/10 2/17/10 2/18/10 2/19/10 2/22/10 2/23/10 2/24/10 2/25/10 2/26/10 3/1/10 3/2/10 3/3/10 3/4/10 3/5/10 3/8/10 3/9/10 3/10/10 3/11/10 3/12/10 3/15/10 3/16/10 3/17/10 3/18/10 3/19/10 3/22/10 3/23/10 3/24/10 3/25/10
6.25% 6.25% 6.25% 6.29% 6.32% 6.35% 6.46% 6.47% 6.49% 6.58% 6.68% 6.75% 6.75% 6.74% 6.75% 6.73% 6.75% 6.73% 6.72% 6.75% 6.72% 6.72% 6.79% 6.74% 6.72% 6.75% 6.72% 6.73% 6.73% 6.69% 6.69% 6.71% 6.69% 6.70% 6.66% 6.64% 6.63% 6.63% 6.62% 6.64% 6.62% 6.56% 6.59% 6.59% 6.59% 6.59% 6.58% 6.58%
4.60% 4.54% 4.50% 4.50% 4.55% 4.56% 4.55% 4.57% 4.51% 4.56% 4.55% 4.62% 4.53% 4.51% 4.52% 4.58% 4.65% 4.69% 4.66% 4.65% 4.63% 4.70% 4.74% 4.71% 4.73% 4.63% 4.63% 4.58% 4.55% 4.56% 4.57% 4.58% 4.56% 4.64% 4.68% 4.68% 4.69% 4.66% 4.62% 4.63% 4.59% 4.56% 4.59% 4.58% 4.57% 4.60% 4.72% 4.77%
1.65% 1.71% 1.75% 1.79% 1.77% 1.79% 1.91% 1.90% 1.98% 2.02% 2.13% 2.13% 2.22% 2.23% 2.23% 2.15% 2.10% 2.04% 2.06% 2.11% 2.09% 2.02% 2.05% 2.03% 1.99% 2.12% 2.09% 2.15% 2.18% 2.13% 2.12% 2.13% 2.13% 2.06% 1.98% 1.96% 1.94% 1.97% 2.00% 2.01% 2.03% 2.00% 2.00% 2.01% 2.02% 1.99% 1.86% 1.81%
3/26/10 3/29/10 3/30/10 3/31/10 4/1/10 4/2/10 4/5/10 4/6/10 4/7/10 4/8/10 4/9/10 4/12/10 4/13/10 4/14/10 4/15/10 4/16/10 4/19/10 4/20/10 4/21/10 4/22/10 4/23/10 4/26/10 4/27/10 4/28/10 4/29/10 4/30/10 5/3/10 5/4/10 5/5/10 5/6/10 5/7/10 5/10/10 5/11/10 5/12/10 5/13/10 5/14/10 5/17/10 5/18/10 5/19/10 5/20/10 5/21/10 5/24/10 5/25/10 5/26/10 5/27/10 5/28/10 5/31/10 6/1/10
6.57% 6.55% 6.58% 6.57% 6.57% 6.57% 6.58% 6.58% 6.56% 6.56% 6.60% 6.55% 6.55% 6.53% 6.53% 6.46% 6.51% 6.50% 6.51% 6.47% 6.53% 6.50% 6.50% 6.50% 6.50% 6.52% 6.51% 6.53% 6.50% 6.52% 6.55% 6.56% 6.52% 6.52% 6.56% 6.56% 6.55% 6.54% 6.54% 6.57% 6.64% 6.62% 6.61% 6.57% 6.58% 6.58% 6.58% 6.59%
4.75% 4.76% 4.75% 4.72% 4.74% 4.81% 4.85% 4.84% 4.74% 4.75% 4.74% 4.70% 4.68% 4.72% 4.72% 4.67% 4.70% 4.67% 4.61% 4.65% 4.67% 4.67% 4.56% 4.63% 4.60% 4.53% 4.53% 4.43% 4.39% 4.19% 4.28% 4.41% 4.42% 4.47% 4.47% 4.32% 4.35% 4.26% 4.24% 4.13% 4.07% 4.12% 4.07% 4.11% 4.24% 4.22% 4.21% 4.19%
1.82% 1.79% 1.83% 1.85% 1.83% 1.76% 1.73% 1.74% 1.82% 1.81% 1.86% 1.85% 1.87% 1.81% 1.81% 1.79% 1.81% 1.83% 1.90% 1.82% 1.86% 1.83% 1.94% 1.87% 1.90% 1.99% 1.98% 2.10% 2.11% 2.33% 2.27% 2.15% 2.10% 2.05% 2.09% 2.24% 2.20% 2.28% 2.30% 2.44% 2.57% 2.50% 2.54% 2.46% 2.34% 2.36% 2.38% 2.40%
6/2/10 6/3/10 6/4/10 6/7/10 6/8/10 6/9/10 6/10/10 6/11/10 6/14/10 6/15/10 6/16/10 6/17/10 6/18/10 6/21/10 6/22/10 6/23/10 6/24/10 6/25/10 6/28/10 6/29/10 6/30/10 7/1/10 7/2/10 7/5/10 7/6/10 7/7/10 7/8/10 7/9/10 7/12/10 7/13/10 7/14/10 7/15/10 7/16/10 7/19/10 7/20/10 7/21/10 7/22/10 7/23/10 7/26/10 7/27/10 7/28/10 7/29/10 7/30/10 8/2/10 8/3/10 8/4/10 8/5/10 8/6/10
6.60% 6.60% 6.70% 6.60% 6.60% 6.73% 6.65% 6.73% 6.88% 6.76% 6.65% 6.65% 6.65% 6.65% 6.65% 6.80% 6.81% 6.68% 6.70% 6.70% 6.70% 6.71% 6.69% 6.70% 6.69% 6.69% 6.66% 6.62% 6.61% 6.59% 6.59% 6.58% 6.58% 6.56% 6.57% 6.54% 6.54% 6.44% 6.39% 6.40% 6.40% 6.40% 6.37% 6.36% 6.33% 6.26% 6.24% 6.32%
4.24% 4.29% 4.13% 4.11% 4.10% 4.12% 4.25% 4.15% 4.20% 4.23% 4.18% 4.13% 4.15% 4.17% 4.10% 4.05% 4.09% 4.07% 4.01% 3.94% 3.91% 3.88% 3.94% 3.92% 3.89% 3.96% 4.00% 4.04% 4.05% 4.10% 4.03% 3.97% 3.95% 3.99% 3.99% 3.89% 3.95% 4.01% 4.03% 4.08% 4.07% 4.08% 3.98% 4.06% 4.04% 4.07% 4.05% 4.00%
2.36% 2.31% 2.57% 2.49% 2.50% 2.61% 2.40% 2.58% 2.68% 2.53% 2.47% 2.52% 2.50% 2.48% 2.55% 2.75% 2.72% 2.61% 2.69% 2.76% 2.79% 2.83% 2.75% 2.79% 2.80% 2.73% 2.66% 2.58% 2.56% 2.49% 2.56% 2.61% 2.63% 2.57% 2.58% 2.65% 2.59% 2.43% 2.36% 2.32% 2.33% 2.32% 2.39% 2.30% 2.29% 2.19% 2.19% 2.32%
8/9/10 8/10/10 8/11/10 8/12/10 8/13/10 8/16/10 8/17/10 8/18/10 8/19/10 8/20/10 8/23/10 8/24/10 8/25/10 8/26/10 8/27/10 8/30/10 8/31/10 9/1/10 9/2/10 9/3/10 9/6/10 9/7/10 9/8/10 9/9/10 9/10/10 9/13/10 9/14/10 9/15/10 9/16/10 9/17/10 9/20/10 9/21/10 9/22/10 9/23/10 9/24/10 9/27/10 9/28/10 9/29/10 9/30/10 10/1/10 10/4/10 10/5/10 10/6/10 10/7/10 10/8/10 10/11/10 10/12/10 10/13/10
6.26% 6.25% 6.25% 6.25% 6.27% 6.27% 6.24% 6.21% 6.21% 6.22% 6.21% 6.23% 6.21% 6.22% 6.27% 6.27% 6.26% 6.24% 6.27% 6.28% 6.27% 6.28% 6.28% 6.26% 6.30% 6.31% 6.30% 6.30% 6.30% 6.28% 6.28% 6.28% 6.28% 6.28% 6.28% 6.31% 6.31% 6.29% 6.29% 6.27% 6.27% 6.30% 6.26% 6.27% 6.27% 6.20% 6.17% 6.16%
4.01% 4.00% 3.93% 3.94% 3.87% 3.72% 3.77% 3.73% 3.66% 3.67% 3.65% 3.57% 3.59% 3.53% 3.69% 3.60% 3.52% 3.65% 3.72% 3.79% 3.73% 3.67% 3.72% 3.84% 3.88% 3.83% 3.79% 3.87% 3.92% 3.90% 3.87% 3.79% 3.74% 3.73% 3.79% 3.70% 3.66% 3.69% 3.69% 3.71% 3.71% 3.74% 3.67% 3.72% 3.75% 3.78% 3.80% 3.84%
2.25% 2.25% 2.32% 2.31% 2.40% 2.55% 2.47% 2.48% 2.55% 2.55% 2.56% 2.66% 2.62% 2.69% 2.58% 2.67% 2.74% 2.59% 2.55% 2.49% 2.54% 2.61% 2.56% 2.42% 2.42% 2.48% 2.51% 2.43% 2.38% 2.38% 2.41% 2.49% 2.54% 2.55% 2.49% 2.61% 2.65% 2.60% 2.60% 2.56% 2.56% 2.56% 2.59% 2.55% 2.52% 2.43% 2.37% 2.32%
10/14/10 10/15/10 10/18/10 10/19/10 10/20/10 10/21/10 10/22/10 10/25/10 10/26/10 10/27/10 10/28/10 10/29/10 11/1/10 11/2/10 11/3/10 11/4/10 11/5/10 11/8/10 11/9/10 11/10/10 11/11/10 11/12/10 11/15/10 11/16/10 11/17/10 11/18/10 11/19/10 11/22/10 11/23/10 11/24/10 11/25/10 11/26/10 11/29/10 11/30/10 12/1/10 12/2/10 12/3/10 12/6/10 12/7/10 12/8/10 12/9/10 12/10/10 12/13/10 12/14/10 12/15/10 12/16/10 12/17/10 12/20/10
6.13% 6.17% 6.15% 6.19% 6.18% 6.22% 6.25% 6.24% 6.30% 6.35% 6.31% 6.28% 6.28% 6.25% 6.23% 6.25% 6.28% 6.35% 6.36% 6.39% 6.39% 6.49% 6.53% 6.57% 6.56% 6.56% 6.63% 6.55% 6.58% 6.60% 6.60% 6.62% 6.70% 6.74% 6.74% 6.76% 6.77% 6.75% 6.77% 6.77% 6.77% 6.79% 6.78% 6.76% 6.80% 6.83% 6.81% 6.77%
3.91% 3.98% 3.93% 3.90% 3.89% 3.95% 3.94% 3.91% 4.00% 4.06% 4.05% 3.99% 4.01% 3.93% 4.09% 4.04% 4.12% 4.12% 4.25% 4.25% 4.26% 4.26% 4.38% 4.26% 4.31% 4.29% 4.25% 4.20% 4.18% 4.29% 4.25% 4.21% 4.16% 4.12% 4.24% 4.27% 4.32% 4.25% 4.39% 4.45% 4.41% 4.43% 4.39% 4.54% 4.59% 4.57% 4.41% 4.44%
2.22% 2.19% 2.22% 2.29% 2.29% 2.27% 2.31% 2.33% 2.30% 2.29% 2.26% 2.29% 2.27% 2.32% 2.14% 2.21% 2.16% 2.23% 2.11% 2.14% 2.13% 2.23% 2.15% 2.31% 2.25% 2.27% 2.38% 2.35% 2.40% 2.31% 2.35% 2.41% 2.54% 2.62% 2.50% 2.49% 2.45% 2.50% 2.38% 2.32% 2.36% 2.36% 2.39% 2.22% 2.21% 2.26% 2.40% 2.33%
12/21/10 12/22/10 12/23/10 12/24/10 12/27/10 12/28/10 12/29/10 12/30/10 12/31/10 1/3/11 1/4/11 1/5/11 1/6/11 1/7/11 1/10/11 1/11/11 1/12/11 1/13/11 1/14/11 1/17/11 1/18/11 1/19/11 1/20/11 1/21/11 1/24/11 1/25/11 1/26/11 1/27/11 1/28/11 1/31/11 2/1/11 2/2/11 2/3/11 2/4/11 2/7/11 2/8/11 2/9/11 2/10/11 2/11/11 2/14/11 2/15/11 2/16/11 2/17/11 2/18/11 2/21/11 2/22/11 2/23/11 2/24/11
6.74% 6.70% 6.70% 6.70% 6.70% 6.68% 6.70% 6.69% 6.69% 6.68% 6.65% 6.67% 6.68% 6.66% 6.67% 6.68% 6.67% 6.64% 6.63% 6.63% 6.63% 6.64% 6.63% 6.65% 6.65% 6.65% 6.66% 6.65% 6.65% 6.66% 6.66% 6.66% 6.70% 6.76% 6.80% 6.80% 6.81% 6.80% 6.82% 6.82% 6.82% 6.89% 6.85% 6.84% 6.84% 6.86% 6.86% 6.93%
4.44% 4.45% 4.47% 4.45% 4.42% 4.53% 4.41% 4.43% 4.34% 4.39% 4.44% 4.55% 4.53% 4.48% 4.47% 4.49% 4.52% 4.50% 4.53% 4.55% 4.56% 4.53% 4.60% 4.57% 4.55% 4.48% 4.59% 4.57% 4.53% 4.58% 4.62% 4.64% 4.67% 4.73% 4.71% 4.76% 4.71% 4.75% 4.71% 4.67% 4.66% 4.67% 4.66% 4.70% 4.65% 4.60% 4.59% 4.54%
2.30% 2.25% 2.23% 2.25% 2.28% 2.15% 2.29% 2.26% 2.35% 2.29% 2.21% 2.12% 2.15% 2.18% 2.20% 2.19% 2.15% 2.14% 2.10% 2.08% 2.07% 2.11% 2.03% 2.08% 2.10% 2.17% 2.07% 2.08% 2.12% 2.08% 2.04% 2.02% 2.03% 2.03% 2.09% 2.04% 2.10% 2.05% 2.11% 2.15% 2.16% 2.22% 2.19% 2.14% 2.19% 2.26% 2.27% 2.39%
2/25/11 2/28/11 3/1/11 3/2/11 3/3/11 3/4/11 3/7/11 3/8/11 3/9/11 3/10/11 3/11/11 3/14/11 3/15/11 3/16/11 3/17/11 3/18/11 3/21/11 3/22/11 3/23/11 3/24/11 3/25/11 3/28/11 3/29/11 3/30/11 3/31/11 4/1/11 4/4/11 4/5/11 4/6/11 4/7/11 4/8/11 4/11/11 4/12/11 4/13/11 4/14/11 4/15/11 4/18/11 4/19/11 4/20/11 4/21/11 4/22/11 4/25/11 4/26/11 4/27/11 4/28/11 4/29/11 5/2/11 5/3/11
6.93% 6.91% 6.95% 6.95% 6.95% 6.95% 6.94% 6.92% 6.92% 6.93% 6.88% 6.85% 6.88% 6.96% 6.92% 6.92% 7.04% 7.03% 7.05% 7.08% 7.13% 7.13% 7.17% 7.28% 7.20% 7.16% 7.24% 7.24% 7.24% 7.15% 7.08% 7.08% 7.11% 7.22% 7.46% 7.55% 7.76% 7.76% 7.84% 7.84% 7.84% 7.85% 7.90% 8.00% 7.75% 7.70% 7.70% 7.65%
4.51% 4.49% 4.48% 4.54% 4.64% 4.60% 4.61% 4.66% 4.60% 4.53% 4.54% 4.52% 4.47% 4.38% 4.42% 4.43% 4.45% 4.44% 4.44% 4.48% 4.51% 4.51% 4.54% 4.52% 4.51% 4.48% 4.49% 4.51% 4.58% 4.63% 4.63% 4.64% 4.58% 4.55% 4.53% 4.47% 4.45% 4.43% 4.47% 4.47% 4.47% 4.46% 4.39% 4.45% 4.42% 4.40% 4.38% 4.36%
2.42% 2.42% 2.47% 2.41% 2.31% 2.35% 2.33% 2.26% 2.32% 2.40% 2.34% 2.33% 2.41% 2.58% 2.50% 2.49% 2.59% 2.59% 2.61% 2.60% 2.62% 2.62% 2.63% 2.76% 2.69% 2.68% 2.75% 2.73% 2.66% 2.52% 2.45% 2.44% 2.53% 2.67% 2.93% 3.08% 3.31% 3.33% 3.37% 3.37% 3.38% 3.39% 3.51% 3.55% 3.33% 3.30% 3.32% 3.29%
5/4/11 5/5/11 5/6/11 5/9/11 5/10/11 5/11/11 5/12/11 5/13/11 5/16/11 5/17/11 5/18/11 5/19/11 5/20/11 5/23/11 5/24/11 5/25/11 5/26/11 5/27/11 5/30/11 5/31/11 6/1/11 6/2/11 6/3/11 6/6/11 6/7/11 6/8/11 6/9/11 6/10/11 6/13/11 6/14/11 6/15/11 6/16/11 6/17/11 6/20/11 6/21/11 6/22/11 6/23/11 6/24/11 6/27/11 6/28/11 6/29/11 6/30/11 7/1/11 7/4/11 7/5/11 7/6/11 7/7/11 7/8/11
7.54% 7.47% 7.38% 7.37% 7.45% 7.53% 7.44% 7.32% 7.35% 7.36% 7.35% 7.37% 7.37% 7.36% 7.36% 7.38% 7.28% 7.24% 7.24% 7.34% 7.39% 7.24% 7.30% 7.62% 7.38% 7.27% 7.27% 7.20% 7.22% 7.25% 7.28% 7.30% 7.23% 7.26% 7.23% 7.22% 7.26% 7.24% 7.25% 7.26% 7.26% 7.26% 7.18% 7.17% 7.14% 7.09% 7.12% 7.12%
4.33% 4.26% 4.29% 4.30% 4.34% 4.31% 4.37% 4.32% 4.28% 4.23% 4.29% 4.30% 4.30% 4.27% 4.26% 4.28% 4.23% 4.24% 4.23% 4.22% 4.15% 4.25% 4.22% 4.25% 4.27% 4.20% 4.22% 4.18% 4.20% 4.30% 4.19% 4.16% 4.19% 4.19% 4.21% 4.22% 4.17% 4.17% 4.28% 4.33% 4.39% 4.38% 4.40% 4.40% 4.39% 4.35% 4.37% 4.27%
3.21% 3.21% 3.09% 3.07% 3.11% 3.22% 3.07% 3.00% 3.07% 3.13% 3.06% 3.07% 3.07% 3.09% 3.10% 3.10% 3.05% 3.00% 3.01% 3.12% 3.24% 2.99% 3.08% 3.37% 3.11% 3.07% 3.05% 3.02% 3.02% 2.95% 3.09% 3.14% 3.04% 3.07% 3.02% 3.00% 3.09% 3.07% 2.97% 2.93% 2.87% 2.88% 2.78% 2.78% 2.75% 2.74% 2.75% 2.85%
7/11/11 7/12/11 7/13/11 7/14/11 7/15/11 7/18/11 7/19/11 7/20/11 7/21/11 7/22/11 7/25/11 7/26/11 7/27/11 7/28/11 7/29/11 8/1/11 8/2/11 8/3/11 8/4/11 8/5/11 8/8/11 8/9/11 8/10/11 8/11/11 8/12/11 8/15/11 8/16/11 8/17/11 8/18/11 8/19/11 8/22/11 8/23/11 8/24/11 8/25/11 8/26/11 8/29/11 8/30/11 8/31/11 9/1/11 9/2/11 9/5/11 9/6/11 9/7/11 9/8/11 9/9/11 9/12/11 9/13/11 9/14/11
7.17% 7.15% 7.13% 7.15% 7.13% 7.11% 7.07% 7.00% 6.98% 6.94% 6.96% 6.92% 6.90% 6.90% 6.90% 6.78% 6.68% 6.68% 6.72% 6.84% 6.84% 6.91% 6.78% 6.71% 6.65% 6.58% 6.60% 6.58% 6.55% 6.46% 6.41% 6.36% 6.33% 6.35% 6.37% 6.37% 6.37% 6.30% 6.27% 6.24% 6.24% 6.11% 6.12% 6.12% 6.10% 6.15% 6.19% 6.21%
4.20% 4.19% 4.17% 4.25% 4.26% 4.29% 4.19% 4.25% 4.31% 4.26% 4.31% 4.28% 4.29% 4.26% 4.12% 4.07% 3.93% 3.89% 3.70% 3.82% 3.68% 3.56% 3.54% 3.82% 3.72% 3.75% 3.67% 3.57% 3.45% 3.39% 3.42% 3.47% 3.63% 3.60% 3.54% 3.63% 3.53% 3.60% 3.51% 3.32% 3.29% 3.26% 3.36% 3.32% 3.26% 3.24% 3.32% 3.32%
2.97% 2.96% 2.96% 2.90% 2.87% 2.82% 2.88% 2.75% 2.67% 2.68% 2.65% 2.64% 2.61% 2.64% 2.78% 2.71% 2.75% 2.79% 3.02% 3.02% 3.16% 3.35% 3.24% 2.89% 2.93% 2.83% 2.93% 3.01% 3.10% 3.07% 2.99% 2.89% 2.70% 2.75% 2.83% 2.74% 2.84% 2.70% 2.76% 2.92% 2.95% 2.85% 2.76% 2.80% 2.84% 2.91% 2.87% 2.89%
9/15/11 9/16/11 9/19/11 9/20/11 9/21/11 9/22/11 9/23/11 9/26/11 9/27/11 9/28/11 9/29/11 9/30/11 10/3/11 10/4/11 10/5/11 10/6/11 10/7/11 10/10/11 10/11/11 10/12/11 10/13/11 10/14/11 10/17/11 10/18/11 10/19/11 10/20/11 10/21/11 10/24/11 10/25/11 10/26/11 10/27/11 10/28/11 10/31/11 11/1/11 11/2/11 11/3/11 11/4/11 11/7/11 11/8/11 11/9/11 11/10/11 11/11/11 11/14/11 11/15/11 11/16/11 11/17/11 11/18/11 11/21/11
6.26% 6.30% 6.30% 6.52% 6.65% 6.99% 6.88% 6.75% 6.73% 6.78% 6.80% 6.83% 6.82% 6.82% 6.84% 6.74% 6.74% 6.74% 6.49% 6.39% 6.40% 6.38% 6.47% 6.50% 6.47% 6.48% 6.46% 6.44% 6.46% 6.46% 6.37% 6.36% 6.36% 6.36% 6.44% 6.47% 6.46% 6.48% 6.49% 6.50% 6.51% 6.51% 6.51% 6.38% 6.37% 6.38% 6.43% 6.47%
3.36% 3.34% 3.22% 3.20% 3.03% 2.78% 2.89% 2.99% 3.08% 3.10% 3.03% 2.90% 2.76% 2.77% 2.87% 2.96% 3.02% 3.07% 3.11% 3.19% 3.15% 3.22% 3.13% 3.17% 3.17% 3.19% 3.26% 3.27% 3.13% 3.22% 3.45% 3.36% 3.16% 2.99% 3.03% 3.10% 3.09% 3.05% 3.13% 3.03% 3.12% 3.11% 3.09% 3.10% 3.05% 2.98% 2.99% 2.96%
2.90% 2.96% 3.08% 3.32% 3.62% 4.21% 3.99% 3.76% 3.65% 3.68% 3.77% 3.93% 4.06% 4.05% 3.97% 3.78% 3.72% 3.67% 3.38% 3.20% 3.25% 3.16% 3.34% 3.33% 3.30% 3.29% 3.20% 3.17% 3.33% 3.24% 2.92% 3.00% 3.20% 3.37% 3.41% 3.37% 3.37% 3.43% 3.36% 3.47% 3.39% 3.40% 3.42% 3.28% 3.32% 3.40% 3.44% 3.51%
11/22/11 11/23/11 11/24/11 11/25/11 11/28/11 11/29/11 11/30/11 12/1/11 12/2/11 12/5/11 12/6/11 12/7/11 12/8/11 12/9/11 12/12/11 12/13/11 12/14/11 12/15/11 12/16/11 12/19/11 12/20/11 12/21/11 12/22/11 12/23/11 12/26/11 12/27/11 12/28/11 12/29/11 12/30/11 1/2/12 1/3/12 1/4/12 1/5/12 1/6/12 1/9/12 1/10/12 1/11/12 1/12/12 1/13/12 1/16/12 1/17/12 1/18/12 1/19/12 1/20/12 1/23/12 1/24/12 1/25/12 1/26/12
6.46% 6.51% 6.51% 6.51% 6.48% 6.48% 6.41% 6.41% 6.39% 6.42% 6.43% 6.41% 6.41% 6.42% 6.45% 6.47% 6.55% 6.54% 6.53% 6.52% 6.49% 6.53% 6.53% 6.53% 6.53% 6.54% 6.55% 6.57% 6.57% 6.57% 6.51% 6.54% 6.52% 6.52% 6.54% 6.53% 6.57% 6.59% 6.68% 6.68% 6.69% 6.68% 6.64% 6.64% 6.60% 6.61% 6.61% 6.57%
2.91% 2.82% 2.87% 2.92% 2.93% 2.96% 3.06% 3.12% 3.03% 3.02% 3.09% 3.04% 3.00% 3.10% 3.06% 2.98% 2.91% 2.92% 2.86% 2.79% 2.93% 3.00% 2.99% 3.05% 3.05% 3.04% 2.91% 2.90% 2.89% 2.94% 2.98% 3.03% 3.06% 3.02% 3.02% 3.04% 2.96% 2.97% 2.91% 2.90% 2.89% 2.96% 3.05% 3.10% 3.15% 3.15% 3.13% 3.10%
3.55% 3.69% 3.64% 3.59% 3.55% 3.52% 3.35% 3.29% 3.36% 3.40% 3.34% 3.37% 3.41% 3.32% 3.39% 3.49% 3.64% 3.62% 3.67% 3.73% 3.56% 3.53% 3.54% 3.48% 3.49% 3.50% 3.64% 3.67% 3.68% 3.64% 3.53% 3.51% 3.46% 3.50% 3.52% 3.49% 3.61% 3.62% 3.77% 3.78% 3.80% 3.72% 3.59% 3.54% 3.45% 3.46% 3.48% 3.47%
1/27/12 1/30/12 1/31/12 2/1/12 2/2/12 2/3/12 2/6/12 2/7/12 2/8/12 2/9/12 2/10/12 2/13/12 2/14/12 2/15/12 2/16/12 2/17/12 2/20/12 2/21/12 2/22/12 2/23/12 2/24/12 2/27/12 2/28/12 2/29/12 3/1/12 3/2/12 3/5/12 3/6/12 3/7/12 3/8/12 3/9/12 3/12/12 3/13/12 3/14/12 3/15/12 3/16/12 3/19/12 3/20/12 3/21/12 3/22/12 3/23/12 3/26/12 3/27/12 3/28/12 3/29/12 3/30/12 4/2/12 4/3/12
6.53% 6.57% 6.59% 6.50% 6.47% 6.47% 6.48% 6.50% 6.44% 6.44% 6.40% 6.39% 6.44% 6.44% 6.40% 6.40% 6.40% 6.30% 6.30% 6.31% 6.29% 6.30% 6.32% 6.27% 6.28% 6.29% 6.28% 6.29% 6.34% 6.28% 6.30% 6.31% 6.29% 6.34% 6.40% 6.34% 6.32% 6.37% 6.35% 6.36% 6.40% 6.41% 6.34% 6.35% 6.35% 6.33% 6.35% 6.34%
3.07% 2.99% 2.94% 3.01% 3.01% 3.13% 3.08% 3.14% 3.14% 3.20% 3.11% 3.14% 3.06% 3.09% 3.14% 3.16% 3.18% 3.20% 3.15% 3.13% 3.10% 3.04% 3.07% 3.08% 3.15% 3.11% 3.13% 3.08% 3.12% 3.18% 3.19% 3.17% 3.26% 3.43% 3.41% 3.41% 3.48% 3.46% 3.38% 3.37% 3.31% 3.33% 3.29% 3.31% 3.27% 3.35% 3.35% 3.41%
3.46% 3.58% 3.65% 3.49% 3.46% 3.34% 3.40% 3.36% 3.30% 3.24% 3.29% 3.25% 3.38% 3.35% 3.26% 3.24% 3.22% 3.10% 3.15% 3.18% 3.19% 3.26% 3.25% 3.19% 3.13% 3.18% 3.15% 3.21% 3.22% 3.10% 3.11% 3.14% 3.03% 2.91% 2.99% 2.93% 2.84% 2.91% 2.97% 2.99% 3.09% 3.08% 3.05% 3.04% 3.08% 2.98% 3.00% 2.93%
4/4/12 4/5/12 4/6/12 4/9/12 4/10/12 4/11/12 4/12/12 4/13/12 4/16/12 4/17/12 4/18/12 4/19/12 4/20/12 4/23/12 4/24/12 4/25/12 4/26/12 4/27/12 4/30/12 5/1/12 5/2/12 5/3/12 5/4/12 5/7/12 5/8/12 5/9/12 5/10/12 5/11/12 5/14/12 5/15/12 5/16/12 5/17/12 5/18/12 5/21/12 5/22/12 5/23/12 5/24/12 5/25/12 5/28/12 5/29/12 5/30/12 5/31/12 6/1/12 6/4/12 6/5/12 6/6/12 6/7/12 6/8/12
6.31% 6.31% 6.31% 6.30% 6.29% 6.25% 6.25% 6.20% 6.16% 6.16% 6.16% 6.15% 6.15% 6.13% 6.10% 6.09% 6.07% 6.07% 6.07% 6.07% 6.07% 5.78% 5.82% 5.82% 5.80% 6.01% 5.99% 6.00% 6.05% 6.05% 6.05% 6.09% 6.12% 6.12% 6.18% 6.33% 6.29% 6.30% 6.30% 6.11% 6.19% 6.13% 6.17% 6.17% 6.13% 6.06% 6.05% 6.04%
3.37% 3.32% 3.21% 3.18% 3.13% 3.18% 3.22% 3.14% 3.12% 3.15% 3.13% 3.12% 3.12% 3.08% 3.12% 3.15% 3.13% 3.12% 3.12% 3.16% 3.11% 3.12% 3.07% 3.07% 3.03% 3.03% 3.07% 3.02% 2.95% 2.91% 2.90% 2.80% 2.80% 2.80% 2.88% 2.81% 2.86% 2.85% 2.85% 2.85% 2.72% 2.67% 2.53% 2.56% 2.63% 2.73% 2.75% 2.77%
2.94% 2.99% 3.10% 3.12% 3.16% 3.07% 3.03% 3.06% 3.04% 3.01% 3.03% 3.03% 3.03% 3.05% 2.98% 2.94% 2.94% 2.95% 2.95% 2.91% 2.96% 2.66% 2.75% 2.75% 2.77% 2.98% 2.92% 2.98% 3.10% 3.14% 3.15% 3.29% 3.32% 3.32% 3.30% 3.52% 3.43% 3.45% 3.45% 3.26% 3.47% 3.46% 3.64% 3.61% 3.50% 3.33% 3.30% 3.27%
6/11/12 6/12/12 6/13/12 6/14/12 6/15/12 6/18/12 6/19/12 6/20/12 6/21/12 6/22/12 6/25/12 6/26/12 6/27/12 6/28/12 6/29/12 7/2/12 7/3/12 7/4/12 7/5/12 7/6/12 7/9/12 7/10/12 7/11/12 7/12/12 7/13/12 7/16/12 7/17/12 7/18/12 7/19/12 7/20/12 7/23/12 7/24/12 7/25/12 7/26/12 7/27/12 7/30/12 7/31/12 8/1/12 8/2/12 8/3/12 8/6/12 8/7/12 8/8/12 8/9/12 8/10/12 8/13/12 8/14/12 8/15/12
6.09% 6.07% 6.08% 6.07% 6.01% 6.03% 5.98% 5.94% 5.89% 5.80% 5.76% 5.74% 5.67% 5.71% 5.71% 5.71% 5.62% 5.62% 5.49% 5.50% 5.52% 5.42% 5.33% 5.24% 5.19% 5.19% 5.25% 5.30% 5.30% 5.31% 5.36% 5.49% 5.48% 5.46% 5.46% 5.50% 5.41% 5.32% 5.29% 5.32% 5.29% 5.30% 5.28% 5.37% 5.35% 5.38% 5.42% 5.50%
2.71% 2.77% 2.70% 2.73% 2.70% 2.67% 2.73% 2.72% 2.68% 2.75% 2.69% 2.71% 2.70% 2.67% 2.76% 2.69% 2.74% 2.73% 2.72% 2.66% 2.62% 2.60% 2.60% 2.57% 2.58% 2.56% 2.59% 2.59% 2.61% 2.55% 2.52% 2.47% 2.46% 2.49% 2.63% 2.58% 2.56% 2.60% 2.55% 2.65% 2.65% 2.72% 2.75% 2.78% 2.74% 2.74% 2.82% 2.90%
3.38% 3.30% 3.38% 3.34% 3.31% 3.36% 3.25% 3.22% 3.21% 3.05% 3.07% 3.03% 2.97% 3.04% 2.95% 3.02% 2.88% 2.89% 2.77% 2.84% 2.90% 2.82% 2.73% 2.67% 2.61% 2.63% 2.66% 2.71% 2.69% 2.76% 2.84% 3.02% 3.02% 2.97% 2.83% 2.92% 2.85% 2.72% 2.74% 2.67% 2.64% 2.58% 2.53% 2.59% 2.61% 2.64% 2.60% 2.60%
8/16/12 8/17/12 8/20/12 8/21/12 8/22/12 8/23/12 8/24/12 8/27/12 8/28/12 8/29/12 8/30/12 8/31/12 9/3/12 9/4/12 9/5/12 9/6/12 9/7/12 9/10/12 9/11/12 9/12/12 9/13/12 9/14/12 9/17/12 9/18/12 9/19/12 9/20/12 9/21/12 9/24/12 9/25/12 9/26/12 9/27/12 9/28/12 10/1/12 10/2/12 10/3/12 10/4/12 10/5/12 10/8/12 10/9/12 10/10/12 10/11/12 10/12/12 10/15/12 10/16/12 10/17/12 10/18/12 10/19/12 10/22/12
5.45% 5.50% 5.59% 5.54% 5.50% 5.42% 5.40% 5.40% 5.38% 5.39% 5.39% 5.39% 5.39% 5.37% 5.39% 5.45% 5.39% 5.39% 5.39% 5.40% 5.36% 5.48% 5.48% 5.48% 5.48% 5.36% 5.39% 5.38% 5.50% 5.47% 5.40% 5.40% 5.40% 5.40% 5.41% 5.39% 5.42% 5.42% 5.43% 5.43% 5.46% 5.44% 5.44% 5.37% 5.36% 5.31% 5.29% 5.29%
2.96% 2.93% 2.93% 2.90% 2.82% 2.79% 2.79% 2.76% 2.75% 2.77% 2.75% 2.68% 2.69% 2.69% 2.70% 2.80% 2.81% 2.83% 2.84% 2.92% 2.95% 3.09% 3.03% 3.00% 2.97% 2.96% 2.95% 2.91% 2.86% 2.79% 2.83% 2.82% 2.81% 2.81% 2.82% 2.89% 2.96% 2.95% 2.93% 2.89% 2.86% 2.83% 2.85% 2.91% 2.98% 3.02% 2.94% 2.95%
2.49% 2.57% 2.66% 2.64% 2.68% 2.63% 2.61% 2.64% 2.63% 2.62% 2.64% 2.71% 2.71% 2.68% 2.69% 2.65% 2.58% 2.56% 2.55% 2.48% 2.41% 2.39% 2.45% 2.48% 2.51% 2.40% 2.44% 2.47% 2.64% 2.68% 2.57% 2.58% 2.59% 2.59% 2.59% 2.50% 2.46% 2.48% 2.50% 2.54% 2.60% 2.61% 2.59% 2.46% 2.38% 2.29% 2.35% 2.34%
10/23/12 10/24/12 10/25/12 10/26/12 10/29/12 10/30/12 10/31/12 11/1/12 11/2/12 11/5/12 11/6/12 11/7/12 11/8/12 11/9/12 11/12/12 11/13/12 11/14/12 11/15/12 11/16/12 11/19/12 11/20/12 11/21/12 11/22/12 11/23/12 11/26/12 11/27/12 11/28/12 11/29/12 11/30/12 12/3/12 12/4/12 12/5/12 12/6/12 12/7/12 12/10/12 12/11/12 12/12/12 12/13/12 12/14/12 12/17/12 12/18/12 12/19/12 12/20/12 12/21/12 12/24/12 12/25/12 12/26/12 12/27/12
5.28% 5.25% 5.28% 5.32% 5.32% 5.32% 5.31% 5.31% 5.31% 5.32% 5.31% 5.29% 5.31% 5.31% 5.31% 5.32% 5.29% 5.21% 5.18% 5.20% 5.20% 5.24% 5.24% 5.23% 5.20% 5.19% 5.18% 5.16% 5.06% 5.05% 5.00% 4.97% 4.92% 4.98% 5.04% 4.98% 4.98% 4.98% 5.01% 4.98% 5.00% 5.00% 5.02% 4.99% 4.99% 4.99% 4.98% 4.97%
2.91% 2.93% 2.98% 2.92% 2.87% 2.86% 2.85% 2.89% 2.91% 2.88% 2.92% 2.83% 2.77% 2.75% 2.74% 2.72% 2.73% 2.72% 2.73% 2.76% 2.82% 2.83% 2.83% 2.83% 2.80% 2.79% 2.79% 2.79% 2.81% 2.80% 2.78% 2.78% 2.76% 2.81% 2.80% 2.83% 2.90% 2.90% 2.87% 2.94% 3.00% 2.99% 2.98% 2.93% 2.94% 2.94% 2.94% 2.89%
2.37% 2.32% 2.30% 2.40% 2.45% 2.46% 2.46% 2.42% 2.40% 2.44% 2.39% 2.46% 2.54% 2.56% 2.58% 2.60% 2.56% 2.49% 2.45% 2.44% 2.38% 2.41% 2.41% 2.40% 2.40% 2.40% 2.39% 2.37% 2.25% 2.25% 2.22% 2.19% 2.16% 2.17% 2.24% 2.15% 2.08% 2.08% 2.14% 2.04% 2.00% 2.01% 2.04% 2.06% 2.05% 2.05% 2.04% 2.08%
12/28/12 12/31/12 1/1/13 1/2/13 1/3/13 1/4/13 1/7/13 1/8/13 1/9/13 1/10/13 1/11/13 1/14/13 1/15/13 1/16/13 1/17/13 1/18/13 1/21/13 1/22/13 1/23/13 1/24/13 1/25/13 1/28/13 1/29/13 1/30/13 1/31/13 2/1/13 2/4/13 2/5/13 2/6/13 2/7/13 2/8/13 2/11/13 2/12/13 2/13/13 2/14/13 2/15/13 2/18/13 2/19/13 2/20/13 2/21/13 2/22/13 2/25/13 2/26/13 2/27/13 2/28/13 3/1/13 3/4/13 3/5/13
4.95% 4.95% 4.95% 4.95% 4.92% 4.96% 4.99% 5.03% 4.96% 4.87% 4.79% 4.73% 4.78% 4.77% 4.79% 4.78% 4.78% 4.79% 4.83% 4.82% 4.94% 5.00% 5.04% 5.02% 4.90% 4.86% 4.87% 4.91% 4.93% 4.92% 4.90% 4.90% 4.88% 4.93% 4.90% 4.88% 4.88% 4.88% 4.88% 4.92% 4.92% 4.97% 5.06% 5.00% 4.99% 4.99% 5.00% 5.01%
2.88% 2.95% 3.00% 3.04% 3.12% 3.10% 3.10% 3.06% 3.06% 3.08% 3.05% 3.05% 3.02% 3.01% 3.06% 3.03% 3.03% 3.02% 3.02% 3.04% 3.14% 3.15% 3.18% 3.19% 3.17% 3.21% 3.17% 3.21% 3.18% 3.17% 3.17% 3.16% 3.19% 3.23% 3.17% 3.18% 3.20% 3.21% 3.20% 3.17% 3.15% 3.08% 3.08% 3.11% 3.10% 3.06% 3.08% 3.10%
2.07% 2.00% 1.96% 1.91% 1.80% 1.86% 1.89% 1.97% 1.90% 1.79% 1.74% 1.68% 1.76% 1.76% 1.73% 1.75% 1.76% 1.77% 1.81% 1.78% 1.80% 1.85% 1.86% 1.83% 1.73% 1.65% 1.70% 1.70% 1.75% 1.75% 1.73% 1.74% 1.69% 1.70% 1.73% 1.70% 1.68% 1.67% 1.68% 1.75% 1.77% 1.89% 1.98% 1.89% 1.89% 1.93% 1.92% 1.91%
3/6/13 3/7/13 3/8/13 3/11/13 3/12/13 3/13/13 3/14/13 3/15/13 3/18/13 3/19/13 3/20/13 3/21/13 3/22/13 3/25/13 3/26/13 3/27/13 3/28/13 3/29/13 4/1/13
5.03% 5.04% 5.10% 5.16% 5.10% 5.10% 5.08% 5.02% 5.03% 5.05% 5.07% 5.07% 5.07% 5.06% 5.06% 5.06% 5.06% 5.06% 5.05%
3.15% 3.20% 3.25% 3.26% 3.22% 3.22% 3.25% 3.22% 3.18% 3.13% 3.19% 3.15% 3.13% 3.14% 3.13% 3.09% 3.10% 3.09% 3.08%
1.88% 1.84% 1.85% 1.90% 1.88% 1.88% 1.83% 1.80% 1.85% 1.92% 1.88% 1.92% 1.94% 1.92% 1.93% 1.97% 1.96% 1.97% 1.97%
Country Risk Premiums
Date: 01/31/1998 02/28/1998 03/31/1998 04/30/1998 05/31/1998 06/30/1998 07/31/1998 08/31/1998 09/30/1998 10/31/1998 11/30/1998 12/31/1998 01/31/1999 02/28/1999 03/31/1999 04/30/1999 05/31/1999 06/30/1999 07/31/1999 08/31/1999 09/30/1999 10/31/1999 11/30/1999 12/31/1999 01/31/2000 02/29/2000 03/31/2000 04/30/2000 05/31/2000 06/30/2000 07/31/2000 08/31/2000 09/30/2000 10/31/2000 11/30/2000 12/31/2000
Monthly Stock Market Returns: Peru Chile S&P -9.37% -13.13% 1.20% -2.39% 5.70% 7.20% 7.57% 6.09% 5.13% 10.77% -4.92% 1.13% -3.94% -6.46% -1.77% -9.56% -8.61% 4.10% 4.45% 1.82% -1.01% -26.20% -22.03% -14.31% -1.47% 1.79% 6.32% -1.23% 4.88% 8.01% 28.42% 15.30% 6.22% -15.54% -10.26% 5.97% -1.15% -4.11% 4.28% 7.38% 5.10% -3.19% 3.69% 11.29% 3.90% 11.84% 8.05% 3.76% 1.29% -1.04% -2.32% 0.29% 0.99% 5.44% -1.25% -0.22% -3.02% 0.24% -1.96% -0.50% 12.16% -3.17% -2.81% -3.28% -4.00% 6.42% 1.47% 7.64% 2.08% 0.85% 8.36% 6.26% -0.71% 7.37% -4.96% -0.87% -1.42% -1.75% -7.95% -1.23% 9.85% -2.19% -5.68% -3.16% -10.14% -1.06% -2.24% 1.72% -4.31% 2.62% -8.81% -4.64% -1.20% 5.98% 1.56% 6.37% -5.66% -2.53% -5.19% -6.33% -3.14% -0.42% -5.52% 0.50% -7.83% 0.73% 1.34% 0.57%
MSCI Global Index 2.77% 6.75% 4.21% 0.96% -1.27% 2.36% -0.18% -13.35% 1.75% 9.02% 5.93% 4.87% 2.18% -2.67% 4.15% 3.93% -3.67% 4.65% -0.31% -0.19% -0.98% 5.18% 2.80% 8.08% -5.74% 0.26% 6.90% -4.24% -2.54% 3.35% -2.83% 3.24% -5.33% -1.69% -6.08% 1.60%
Based on US Data: Relative Equity Country Risk Premium Approach: Peruvian Monthly Standard Deviation 9.00% Peruvian Annualized Standard Deviation 31.18%
Based on Global MSCI Data: Relative Equity Country Risk Premium Approach: Peruvian Monthly Standard Deviation 9.00% Peruvian Annualized Standard Deviation 31.18%
US Monthly Standard Deviation US Annualized Standard Deviation
Global Monthly Standard Deviation Global Annualized Standard Deviation
4.66% 16.13%
4.95% 17.15%
Assumed US EMRP
5.00%
Assumed Global EMRP
5.00%
Peruvian Equity Market Risk Premium
9.67%
Peruvian Equity Market Risk Premium
9.09%
Country Risk Premium
4.67%
Country Risk Premium
4.09%
Relative Equity to Debt Approach: 5-Year Average Default Spread
2.78%
Relative Equity to Debt Approach: 5-Year Average Default Spread
2.78%
5-Year Peruvian Equity Volatility 5-Year Peruvian Debt Volatility
37.10% 14.81%
5-Year Peruvian Equity Volatility 5-Year Peruvian Debt Volatility
37.10% 14.81%
Country Risk Premium Peruvian Equity Market Risk Premium
6.96% 11.96%
Country Risk Premium Peruvian Equity Market Risk Premium
6.96% 11.96%
01/31/2001 02/28/2001 03/31/2001 04/30/2001 05/31/2001
5.98% 0.82% -1.49% -5.90% 9.58%
7.13% -5.90% -3.10% 1.81% 6.35%
3.23% -9.11% -6.35% 7.78% 0.70%
1.93% -8.46% -6.59% 7.37% -1.30%
06/30/2001 07/31/2001 08/31/2001 09/30/2001 10/31/2001 11/30/2001 12/31/2001 01/31/2002 02/28/2002 03/31/2002 04/30/2002 05/31/2002 06/30/2002 07/31/2002 08/31/2002 09/30/2002 10/31/2002 11/30/2002 12/31/2002 01/31/2003 02/28/2003 03/31/2003 04/30/2003 05/31/2003 06/30/2003 07/31/2003 08/31/2003 09/30/2003 10/31/2003 11/30/2003 12/31/2003 01/31/2004 02/29/2004 03/31/2004 04/30/2004 05/31/2004 06/30/2004 07/31/2004 08/31/2004 09/30/2004 10/31/2004 11/30/2004
2.70% -1.14% 0.23% -8.75% -6.46% 2.47% 0.77% 8.32% 0.88% 1.11% -3.19% -1.41% -8.52% 3.05% 2.21% -3.79% 7.20% 11.36% 1.38% 9.01% 2.56% 0.17% 13.45% 2.25% 0.91% 1.39% 2.52% 4.43% 6.48% 1.99% 13.20% 12.11% 0.66% 10.47% -6.86% 3.52% -1.40% -2.09% 0.89% 15.02% 8.13% 2.01%
-4.95% -3.96% 4.04% -14.11% -0.87% 9.27% 2.92% -4.66% 1.06% 3.42% -0.73% -2.94% -6.99% -3.86% -0.31% -10.31% 4.70% 4.35% 2.34% -3.30% -0.59% 2.40% 17.27% 2.84% 2.61% 4.47% 8.23% 9.61% 12.47% -2.01% 5.85% -1.77% 6.75% -5.48% -3.67% -4.43% 5.34% 3.38% 7.31% 6.65% 2.65% 6.10%
-2.44% -0.93% -6.34% -8.04% 1.96% 7.88% 0.91% -1.43% -1.95% 3.76% -6.10% -0.78% -7.13% -7.40% 0.70% -10.90% 8.86% 5.90% -5.88% -2.66% -1.52% 1.03% 8.28% 5.33% 1.28% 1.79% 1.96% -1.07% 5.56% 0.93% 5.18% 1.91% 1.44% -1.50% -1.56% 1.37% 1.95% -3.29% 0.38% 1.08% 1.50% 4.06%
-3.15% -1.34% -4.81% -8.82% 1.91% 5.90% 0.62% -3.04% -0.88% 4.40% -3.40% 0.17% -6.08% -8.44% 0.17% -11.01% 7.37% 5.38% -4.86% -3.05% -1.75% -0.33% 8.86% 5.69% 1.72% 2.02% 2.15% 0.60% 5.92% 1.51% 6.27% 1.60% 1.67% -0.66% -2.05% 0.91% 2.05% -3.26% 0.44% 1.89% 2.45% 5.25%
12/31/2004 01/31/2005 02/28/2005 03/31/2005 04/30/2005 05/31/2005 06/30/2005 07/31/2005 08/31/2005 09/30/2005 10/31/2005 11/30/2005 12/31/2005 01/31/2006 02/28/2006 03/31/2006 04/30/2006 05/31/2006 06/30/2006 07/31/2006 08/31/2006 09/30/2006 10/31/2006 11/30/2006 12/31/2006 01/31/2007 02/28/2007 03/31/2007 04/30/2007 05/31/2007 06/30/2007 07/31/2007 08/31/2007 09/30/2007 10/31/2007 11/30/2007 12/31/2007 01/31/2008 02/29/2008 03/31/2008 04/30/2008 05/31/2008 06/30/2008 07/31/2008 08/31/2008 09/30/2008 10/31/2008 11/30/2008
2.59% 4.65% 5.03% 2.00% -4.17% -1.53% 2.87% 4.28% 9.52% 9.95% -6.04% 5.67% -4.61% 17.31% 7.94% -2.63% 20.65% 0.96% 13.09% 10.03% 11.57% 3.78% 2.93% 7.37% 12.21% 5.82% 11.13% 13.24% 20.50% -2.64% 11.11% 4.70% -10.98% 4.69% -0.58% -15.86% -4.01% -14.35% 18.37% -2.14% 0.24% -1.72% -4.88% -15.52% -3.47% -15.35% -37.28% 4.97%
5.10% -5.30% 5.01% 0.59% -1.00% -0.82% 4.47% 7.67% 1.33% 5.77% -5.44% 1.48% -1.91% 0.94% 4.38% -0.13% 3.20% -4.29% -1.37% 0.04% 3.74% 4.82% 5.48% 5.66% 4.48% 2.55% -0.08% 3.56% 9.87% 0.44% 5.29% -0.71% -0.97% 1.41% 8.99% -7.84% -1.51% -1.39% 4.13% 5.79% -1.47% -2.07% -5.77% 1.86% -5.53% -12.62% -25.49% -0.59%
3.37% -2.38% 2.12% -1.72% -1.89% 3.20% 0.17% 3.74% -0.92% 0.80% -1.56% 3.84% -0.01% 2.64% 0.24% 1.29% 1.21% -2.83% 0.16% 0.56% 2.42% 2.65% 3.25% 1.84% 1.38% 1.54% -1.93% 1.09% 4.40% 3.45% -1.66% -3.12% 1.51% 3.75% 1.74% -4.12% -0.61% -6.12% -3.14% -0.34% 4.86% 1.30% -8.28% -0.73% 1.50% -8.55% -16.70% -7.35%
3.82% -2.25% 3.17% -1.94% -2.18% 1.78% 0.87% 3.49% 0.75% 2.60% -2.43% 3.33% 2.22% 4.47% -0.15% 2.20% 3.04% -3.42% -0.03% 0.62% 2.60% 1.19% 3.67% 2.45% 2.03% 1.18% -0.52% 1.83% 4.41% 2.80% -0.77% -2.21% -0.08% 4.76% 3.07% -6.70% -1.33% -5.02% -0.58% -0.96% 5.26% 1.52% -7.98% -2.75% -1.09% -11.89% -18.96% -6.47%
12/31/2008 -4.82% 01/31/2009 -2.03% 02/28/2009 -3.38% 03/31/2009 38.46% 04/30/2009 8.03% 05/31/2009 34.20% 06/30/2009 -2.48% 07/31/2009 7.90% 08/31/2009 -0.97% 09/30/2009 8.52% 10/31/2009 -6.15% 11/30/2009 -0.59% 12/31/2009 0.27% 01/31/2010 1.93% 02/28/2010 -3.03% 03/31/2010 8.05% 04/30/2010 4.71% 05/31/2010 -8.55% 06/30/2010 -3.47% 07/31/2010 2.08% 08/31/2010 6.15% 09/30/2010 17.91% 10/31/2010 7.58% 11/30/2010 8.50% 12/31/2010 12.08% 01/31/2011 -2.08% 02/28/2011 -0.19% 03/31/2011 -3.88% 04/30/2011 -10.57% 05/31/2011 8.05% 06/30/2011 -11.02% 07/31/2011 16.34% 08/31/2011 -5.76% 09/30/2011 -11.44% 10/31/2011 7.10% 11/30/2011 1.44% 12/31/2011 -2.20% 01/31/2012 12.71% 02/29/2012 3.56% 03/31/2012 3.89% 04/30/2012 -3.96% 05/31/2012 -7.41% 06/30/2012 -3.76% 07/31/2012 -2.74% 08/31/2012 3.35% 09/30/2012 6.71% 10/31/2012 -4.08% 11/30/2012 -3.58%
1.47% 11.36% 1.38% 2.24% 7.79% 19.15% 5.87% 2.13% -3.68% 6.11% 1.98% 4.81% 6.11% 2.36% 1.01% -0.82% 3.39% -1.64% 0.95% 12.81% 8.43% 9.46% 1.17% 0.64% 4.36% -6.25% -2.92% 2.43% 8.07% -0.32% -1.77% -4.51% -4.12% -18.67% 17.16% -7.91% -0.46% 7.37% 7.93% 1.27% -0.55% -10.94% 4.56% 0.62% -0.82% 3.06% 0.38% -2.77%
1.20% -8.26% -10.36% 8.76% 9.42% 5.46% 0.25% 7.45% 3.48% 3.65% -1.83% 6.03% 1.90% -3.58% 3.04% 6.10% 1.60% -8.01% -5.35% 7.05% -4.54% 9.04% 3.87% -0.01% 6.71% 2.33% 3.25% 0.06% 2.94% -1.13% -1.65% -1.98% -5.43% -7.02% 10.90% -0.27% 0.94% 4.52% 4.33% 3.29% -0.60% -5.98% 4.15% 1.44% 2.27% 2.51% -1.78% 0.52%
3.21% -9.23% -10.29% 8.16% 11.22% 9.06% -0.45% 8.47% 4.12% 0.08% -1.81% 8.15% 1.80% -7.68% 5.34% 6.15% 0.05% -13.04% 0.42% 8.11% -7.40% 13.26% 4.09% -2.16% 7.35% 2.26% 3.50% -0.99% 4.25% -2.07% -1.58% -1.81% -7.05% -8.64% 10.34% -2.44% -0.06% 5.02% 4.88% 1.29% -1.14% -8.63% 5.10% 1.29% 2.54% 2.75% -0.68% 1.28%
12/31/2012 01/31/2013 02/28/2013 03/31/2013
2.92% 3.91% -3.84% -3.65%
4.14% 6.88% -0.17% -2.04%
0.82% 5.22% 1.32% 3.75%
1.88% 5.09% 0.17% 2.34%
Practitioner Required Return on Assets Long-Term Risk-Free Rate US Market Risk Premium Estimated Asset Beta
3.08% 5.00% 0.81
Nextel Peru Domestic Revenue Ratio Average Domestic Revenue Ratio for Peru Estimated Lambda Country Risk Premium: Relative Equity Relative Equity to Debt
Cost of Capital Matrix:
Domestic Equity to Mature Equity Domestic Equity to Domestic Debt
Unscaled 11.80% 14.09%
Scaled By Scaled By Beta Lambda 10.91% 13.35% 12.76% 16.41%
100.0% 75.0% 1.33
4.67% 6.96%
Estimation of Systematic Risk
Companies: America Movil Embratel Participacoes S.A. Empresa Nacional De Telecomunicaciones NII Holdings Oi SA Telecom Argentina Telefonica Brasil Telefonica Del Peru TIM Participacoes S.A. Average
Current D/V 27.2% 11.0% 14.1% 80.0% 74.0% -19.5% 1.6% 22.0% 7.1%
MSCI World Historic Equity D/V Beta (1) 17.7% 1.01 25.2% 0.63 13.7% 0.80 41.7% 0.77 32.5% 1.14 -13.9% 1.17 3.3% 1.58 26.6% 0.35 6.8% 0.81
Debt Beta (2) 0.12 0.05 0.07 0.18 0.15 0.00 0.00 0.17 0.07
Asset Beta 0.85 0.48 0.70 0.52 0.82 1.33 1.52 0.30 0.76 0.81
Source: All information except equity betas S&P CapitalIQ accessed 3/14/14. (1) Source: Bloomberg accessed 3/14/14. Raw three year monthly betas based on US dollar denominated returns. (2) Case writer estimates
Zone of Possible Agreement ($ 000's)
2012 Total Operating Revenue (1) US Long-Term Growth Rate Est. 2013 Total Operating Revenue FCF Margin (2) Estimated 2013 FCF Implied Growth Rate Implied FCF Based on USD Growth Rate
Entel Margin 343,341 3.0% 353,641 5.6% 19,954 2.14% 16,507
(1) Source: Company 10-K (2) Source: Data from S&P CapitalIQ accessed on 2/27/13. (3) Source: FactSet accessed 6/19/14.
Per Capita GDP 1994 (3) Per Capita GDP 2012 (3) Estimated Long-Term Growth Rat Assumed Purchase Price Required Return on Assets
2,000 6,400 6.3% 400,000 7.13%