Country Risk Premiums

To estimate the equity risk premium for a country, I start with a mature market premium and
Use the look up table in the next worksheet, to look up the statistics for an individual country
Step 1: Estimating mature market risk premium
To estimate the mature market risk premium, I compute the implied equity risk premium for
Link to site:
http://www.damodaran.com
Historical monthly ERP: http://www.stern.nyu.edu/~adamodar/pc/implprem/ERPbymonth.xls

Step 2: Estimate the default spread for the country in question. I offer two choices
Moody's ratings:
http://www.moodys.com
(You will have to register, but it is free. Look und
Ratings to spreads:
Based upon my estimates of typical spreads for each ratings class. I c
CDS spreads:
Bloomberg
If you cannot find a country on this list, it is because that country does not have a sovereign

Step 3: Convert the default spread into a country risk premium

With sovereign ratings default spreads, you have two choices:
Choice 1: Use the default spread as the measure of the additional country risk premium. To m
Choice 2: Scale the default spread up to reflect the higher risk of equity in the market, relativ
You can see the relative ratios for individual countries in the worksheet "Equity vs Govt Bond
With CDS spreads, I compute the base number in two steps
Substep 1: Since the base equity premium is computed for the US, and the US has a CDS spr
Any country that has a CDS spread lower than the US will have a negative country risk premi
Substep 2: I apply the scaling factor that you chose for the default spreads to this number to
prefer not to scale the default spread.
Step 4: Compute a total equity risk premium
Add the mature market premium from step 1 to the country risk premium from step 3 to get

Step 5: Compute regional averages and regional weighted averages

For the regional averages, I use a simple average of the total and country risk premiums by r
For the weighted averages, I use the World Bank GDP estimates from the most recent year.
If you are interested in a fuller explanation of these concepts, try these references:
My paper on equity risk premiums:
Campbell Harvey's country risk premium page:
Watch my lectures on country risk premiums:

http://papers.ssrn.com/sol3/papers.cfm

http://www.duke.edu/~charvey/Count
http://echo360.stern.nyu.edu:8080/es
http://echo360.stern.nyu.edu:8080/es

ature market premium and add an additional country risk premium, based upon the risk of the country
cs for an individual country or region.

d equity risk premium for the S&P 500. To see the latest estimate for this number, go to my website an

mplprem/ERPbymonth.xls

tion. I offer two choices, one based upon the local currency sovereign rating for the countr
ter, but it is free. Look under sovereign ratings)
s for each ratings class. I compute these by averaging CDS spreads and sovereign US$ bond spreads b

does not have a sovereign rating or a sovereign CDS spread. Try the PRS worksheet in this spreadshee

country risk premium. To make this choice, go into the ERP worksheet and set cell E5 to 1.00.
quity in the market, relative to the default spread. I used the ratio of the S&P Emerging Market Equity
heet "Equity vs Govt Bond" in this spreadsheet. Set cell E5 in the ERP worksheet to that number.

and the US has a CDS spread, I subtracted out the US CDS spread from the CDS for other markets.
egative country risk premium and end up with a total equity risk premium lower than the US.
spreads to this number to get a country risk premium. The default scaling is set at 1.34, but you can c

emium from step 3 to get a total equity risk premium.

averages
country risk premiums by region
http://www.data.worldbank.org/data-catalog/GDP-ranking-table
om the most recent year.

hese references:

rs.ssrn.com/sol3/papers.cfm?abstract_id=2581517

duke.edu/~charvey/Country_risk/couindex.htm
360.stern.nyu.edu:8080/ess/echo/presentation/d5b0232a-ef00-4ffd-b92e-0f95e1685373/media.m4v
360.stern.nyu.edu:8080/ess/echo/presentation/e41ef416-aba8-4dda-8d8b-0fe3b0e6283d/media.m4v

upon the risk of the country in question.

number, go to my website and you can download the excel spreadsheet containing the implied premiu

eign rating for the country from Moody's and the other is the CDS spread for the country (if

overeign US$ bond spreads by ratings class, at the start of every year.

worksheet in this spreadsheet for an alternate estimate.

set cell E5 to 1.00.

&P Emerging Market Equity Index std deviation to the BAML Emerging Public Bond index standard devi
ksheet to that number.

he CDS for other markets.

lower than the US.
is set at 1.34, but you can change it to 1, if you would

g/GDP-ranking-table

f95e1685373/media.m4v
0fe3b0e6283d/media.m4v

ontaining the implied premium

spread for the country (if one exists)

lic Bond index standard deviation

To look up the equity risk premium for a country, use this worksheet
Country

Brazil

If you cannot find a country on this li

or a sovereign CDS spread. Try the P

Moody's sovereign rating

S&P sovereign rating
CDS spread
Excess CDS spread (over US CDS)

Baa3
BB+
5.58%
5.19%

Country Default Spread (based on

Country Risk Premium (Rating)
Equity Risk Premium (Rating)

2.44%
3.40%
9.40%

Country Risk Premium (CDS)

Equity Risk Premium (CDS)

Local currency
Local currency

7.23%
13.23%

To look up the equity risk premium for a region, use this worksheet
Region

Western Europe

Country Risk Premium (simple ave

Total Equity Risk Premium (simple

1.93%

Country Risk Premium (GDP weigh

Total Equity Risk Premium (GDP w

1.20%

7.93%

7.20%

To construct your own regional ERP, use the data on GDP and ERP for countries in the Region

For countries not on the list above, try this frontier market list
Country
PRS Score
ERP based on PRS Score

Syria
35.75
25.00%

use this worksheet

you cannot find a country on this list, it is because that country does not have a sovereign rating

r a sovereign CDS spread. Try the PRS worksheet in this spreadsheet for an alternate estimate.

se this worksheet

for countries in the Regional Weighted Averages Worksheet

r market list

EstimatingCountry
Enter the current risk premium for a mature equity market
Do you want to adjust the country default spread for the additional volatility of the equity market to get to a country premium?
If yes, enter the multiplier to use on the default spread (See worksheet for volatility numbers for selected emerging markets)

Country
AbuDhabi
Albania
Andorra(Principalityof)
Angola
Argentina
Armenia
Aruba
Australia
Austria
Azerbaijan
Bahamas
Bahrain
Bangladesh
Barbados
Belarus
Belgium
Belize
Bermuda
Bolivia
BosniaandHerzegovina
Botswana
Brazil
Bulgaria

Africa
Middle East
Eastern Europe & Russia
Western Europe
Africa
Central and South America
Eastern Europe & Russia
Caribbean
Australia & New Zealand
Western Europe
Eastern Europe & Russia
Caribbean
Middle East
Asia
Caribbean
Eastern Europe & Russia
Western Europe
Central and South America
Caribbean
Central and South America
Eastern Europe & Russia
Africa
Central and South America
Eastern Europe & Russia

Moody'srating
Aa2
B1
Baa3
Ba2
Caa1
Ba3
Baa1
Aaa
Aaa
Baa3
Baa2
Baa3
Ba3
B3
Caa1
Aa3
Caa2
A1
Ba3
B3
A2
Baa3
Baa2

RatingbasedDefaultSpread
0.55%
4.99%
2.44%
3.33%
8.31%
3.99%
1.77%
0.00%
0.00%
2.44%
2.11%
2.44%
3.99%
7.21%
8.31%
0.67%
9.98%
0.78%
3.99%
7.21%
0.94%
2.44%
2.11%

BurkinaFaso
Cambodia
Cameroon
Canada
CaymanIslands
CapeVerde
Chile
China
Colombia
Congo(DemocraticRepublicof)
Congo(Republicof)
CookIslands
CostaRica
Cted'Ivoire
Croatia
Cuba
Curacao
Cyprus
CzechRepublic
Denmark
DominicanRepublic
Ecuador
Egypt
ElSalvador
Estonia
Ethiopia
Fiji
Finland
France

Africa
Asia
Africa
North America
Caribbean
Africa
Central and South America
Asia
Central and South America
Africa
Africa
Australia & New Zealand
Central and South America
Africa
Eastern Europe & Russia
Caribbean
Caribbean
Western Europe
Eastern Europe & Russia
Western Europe
Caribbean
Central and South America
Africa
Central and South America
Eastern Europe & Russia
Africa
Asia
Western Europe
Western Europe

B3
B2
B2
Aaa
Aa3
B2
Aa3
Aa3
Baa2
B3
Ba3
B1
Ba1
Ba3
Ba1
Caa2
A3
B1
A1
Aaa
B1
B3
B3
Ba3
A1
B1
B1
Aaa
Aa2

7.21%
6.10%
6.10%
0.00%
0.67%
6.10%
0.67%
0.67%
2.11%
7.21%
3.99%
4.99%
2.77%
3.99%
2.77%
9.98%
1.33%
4.99%
0.78%
0.00%
4.99%
7.21%
7.21%
3.99%
0.78%
4.99%
4.99%
0.00%
0.55%

Gabon
Georgia
Germany
Ghana
Greece
Guatemala
Guernsey(Statesof)
Honduras
HongKong
Hungary
Iceland
India
Indonesia
Ireland
IsleofMan
Israel
Italy
Jamaica
Japan
Jersey(Statesof)
Jordan
Kazakhstan
Kenya
Korea
Kuwait
Latvia
Lebanon
Liechtenstein
Lithuania

Africa
Eastern Europe & Russia
Western Europe
Africa
Western Europe
Central and South America
Western Europe
Central and South America
Asia
Eastern Europe & Russia
Western Europe
Asia
Asia
Western Europe
Western Europe
Middle East
Western Europe
Caribbean
Asia
Western Europe
Middle East
Eastern Europe & Russia
Africa
Asia
Middle East
Eastern Europe & Russia
Middle East
Western Europe
Eastern Europe & Russia

Ba3
Ba3
Aaa
B3
Caa3
Ba1
Aa1
B3
Aa1
Ba1
Baa2
Baa3
Baa3
Baa1
Aa1
A1
Baa2
Caa2
A1
Aa1
B1
Baa2
B1
Aa2
Aa2
A3
B2
Aaa
A3

3.99%
3.99%
0.00%
7.21%
11.08%
2.77%
0.44%
7.21%
0.44%
2.77%
2.11%
2.44%
2.44%
1.77%
0.44%
0.78%
2.11%
9.98%
0.78%
0.44%
4.99%
2.11%
4.99%
0.55%
0.55%
1.33%
6.10%
0.00%
1.33%

Luxembourg
Macao
Macedonia
Malaysia
Malta
Mauritius
Mexico
Moldova
Mongolia
Montenegro
Montserrat
Morocco
Mozambique
Namibia
Netherlands
NewZealand
Nicaragua
Nigeria
Norway
Oman
Pakistan
Panama
PapuaNewGuinea
Paraguay
Peru
Philippines
Poland
Portugal
Qatar

Western Europe
Asia
Eastern Europe & Russia
Asia
Western Europe
Asia
Central and South America
Eastern Europe & Russia
Asia
Eastern Europe & Russia
Caribbean
Africa
Africa
Africa
Western Europe
Australia & New Zealand
Central and South America
Africa
Western Europe
Middle East
Asia
Central and South America
Asia
Central and South America
Central and South America
Asia
Eastern Europe & Russia
Western Europe
Middle East

Aaa
Aa2
Ba3
A3
A3
Baa1
A3
B3
B2
Ba3
Baa3
Ba1
B2
Baa3
Aaa
Aaa
B2
Ba3
Aaa
A1
B3
Baa2
B1
Ba1
A3
Baa2
A2
Ba1
Aa2

0.00%
0.55%
3.99%
1.33%
1.33%
1.77%
1.33%
7.21%
6.10%
3.99%
2.44%
2.77%
6.10%
2.44%
0.00%
0.00%
6.10%
3.99%
0.00%
0.78%
7.21%
2.11%
4.99%
2.77%
1.33%
2.11%
0.94%
2.77%
0.55%

RasAlKhaimah(Emirateof)
Romania
Russia
Rwanda
SaudiArabia
Senegal
Serbia
Sharjah
Singapore
Slovakia
Slovenia
SouthAfrica
Spain
SriLanka
St.Maarten
St.Vincent&theGrenadines
Suriname
Sweden
Switzerland
Taiwan
Thailand
TrinidadandTobago
Tunisia
Turkey
TurksandCaicosIslands
Uganda
Ukraine
UnitedArabEmirates
UnitedKingdom

Middle East
Eastern Europe & Russia
Eastern Europe & Russia
Africa
Middle East
Africa
Eastern Europe & Russia
Middle East
Asia
Eastern Europe & Russia
Eastern Europe & Russia
Africa
Western Europe
Asia
Caribbean
Caribbean
Central and South America
Western Europe
Western Europe
Asia
Asia
Caribbean
Africa
Western Europe
Caribbean
Africa
Eastern Europe & Russia
Middle East
Western Europe

A2
Baa3
Ba1
B1
Aa3
B1
B1
A3
Aaa
A2
Baa3
Baa2
Baa2
B1
Baa1
B3
Ba3
Aaa
Aaa
Aa3
Baa1
Baa2
Ba3
Baa3
Baa1
B1
Caa3
Aa2
Aa1

0.94%
2.44%
2.77%
4.99%
0.67%
4.99%
4.99%
1.33%
0.00%
0.94%
2.44%
2.11%
2.11%
4.99%
1.77%
7.21%
3.99%
0.00%
0.00%
0.67%
1.77%
2.11%
3.99%
2.44%
1.77%
4.99%
11.08%
0.55%
0.44%

UnitedStatesofAmerica
Uruguay
Venezuela
Vietnam
Zambia

North America
Central and South America
Central and South America
Asia
Africa

Aaa
Baa2
Caa3
B1
B2

0.00%
2.11%
11.08%
4.99%
6.10%

ERP
12.71%
8.84%
14.20%
17.17%
12.71%
12.71%
17.17%
10.48%
17.17%
17.17%
17.17%
17.17%
14.20%
17.17%
12.71%
12.71%
17.17%
17.17%
20.90%

CRP

FrontierMarkets(nosovereignratings)
PRS Composite Risk Score

Algeria
Brunei
Gambia
Guinea
Guinea-Bissau
Guyana
Haiti
Iran
Iraq
Korea, D.P.R.
Liberia
Libya
Madagascar
Malawi
Mali
Myanmar
Niger
Sierra Leone
Somalia

63.0
72.8
62.0
53.8
62.3
63.5
57.0
67.8
56.0
56.0
50.5
52.8
61.3
57.0
62.5
63.3
51.0
56.5
42.5

6.71%
2.84%
8.20%
11.17%
6.71%
6.71%
11.17%
4.48%
11.17%
11.17%
11.17%
11.17%
8.20%
11.17%
6.71%
6.71%
11.17%
11.17%
14.90%

Sudan
Syria
Tanzania
Togo
Yemen, Republic
Zimbabwe

48.3
35.8
63.0
63.8
50.3
54.5

20.90%
25.00%
12.71%
12.71%
17.17%
17.17%

Rating
A1
A2
A3
Aa1
Aa2
Aa3
Aaa
B1
B2
B3
Ba1
Ba2
Ba3
Baa1
Baa2
Baa3
Ca
Caa1
Caa2
Caa3
NR

Default spread in basis points

78
94
133
44
55
67
0
499
610
721
277
333
399
177
211
244
1330
831
998
1108
NA

14.90%
19.00%
6.71%
6.71%
11.17%
11.17%

EstimatingCountryRiskPremiums
6.00%
Yes
1.39

Updated February 11, 2016

Updated February 11, 2016

TotalEquityRiskPremium CountryRiskPremium
SovereignCDS,netofUS
TotalEquityRiskPremiumCountryRiskPremium Has to be sorted in ascend
6.77%
0.77%
0.82%
7.14%
1.14%
Rating
12.95%
6.95%
NA
NA
NA
A1
9.40%
3.40%
NA
NA
NA
A2
10.64%
4.64%
NA
NA
NA
A3
17.58%
11.58%
NA
NA
NA
Aa1
11.56%
5.56%
NA
NA
NA
Aa2
8.47%
2.47%
NA
NA
NA
Aa3
6.00%
0.00%
0.34%
6.47%
0.47%
Aaa
6.00%
0.00%
0.12%
6.17%
0.17%
B1
9.40%
3.40%
NA
NA
NA
B2
8.94%
2.94%
NA
NA
NA
B3
9.40%
3.40%
3.52%
10.90%
4.90%
Ba1
11.56%
5.56%
NA
NA
NA
Ba2
16.05%
10.05%
NA
NA
NA
Ba3
17.58%
11.58%
NA
NA
NA
Baa1
6.93%
0.93%
0.32%
6.45%
0.45%
Baa2
19.91%
13.91%
NA
NA
NA
Baa3
7.09%
1.09%
NA
NA
NA
Ca
11.56%
5.56%
NA
NA
NA
Caa1
16.05%
10.05%
NA
NA
NA
Caa2
7.31%
1.31%
NA
NA
NA
Caa3
9.40%
3.40%
5.19%
13.23%
7.23%
NR
8.94%
2.94%
1.81%
8.52%
2.52%

16.05%
14.50%
14.50%
6.00%
6.93%
14.50%
6.93%
6.93%
8.94%
16.05%
11.56%
12.95%
9.86%
11.56%
9.86%
19.91%
7.85%
12.95%
7.09%
6.00%
12.95%
16.05%
16.05%
11.56%
7.09%
12.95%
12.95%
6.00%
6.77%

10.05%
8.50%
8.50%
0.00%
0.93%
8.50%
0.93%
0.93%
2.94%
10.05%
5.56%
6.95%
3.86%
5.56%
3.86%
13.91%
1.85%
6.95%
1.09%
0.00%
6.95%
10.05%
10.05%
5.56%
1.09%
6.95%
6.95%
0.00%
0.77%

NA
NA
NA
NA
NA
NA
1.27%
1.23%
2.63%
NA
NA
NA
4.44%
NA
3.00%
NA
NA
2.71%
0.54%
0.00%
NA
NA
4.88%
NA
0.46%
NA
NA
0.07%
0.21%

NA
NA
NA
NA
NA
NA
7.77%
7.71%
9.66%
NA
NA
NA
12.19%
NA
10.18%
NA
NA
9.78%
6.75%
6.00%
NA
NA
12.80%
NA
6.64%
NA
NA
6.10%
6.29%

NA
NA
NA
NA
NA
NA
1.77%
1.71%
3.66%
NA
NA
NA
6.19%
NA
4.18%
NA
NA
3.78%
0.75%
0.00%
NA
NA
6.80%
NA
0.64%
NA
NA
0.10%
0.29%

11.56%
11.56%
6.00%
16.05%
21.44%
9.86%
6.61%
16.05%
6.61%
9.86%
8.94%
9.40%
9.40%
8.47%
6.61%
7.09%
8.94%
19.91%
7.09%
6.61%
12.95%
8.94%
12.95%
6.77%
6.77%
7.85%
14.50%
6.00%
7.85%

5.56%
5.56%
0.00%
10.05%
15.44%
3.86%
0.61%
10.05%
0.61%
3.86%
2.94%
3.40%
3.40%
2.47%
0.61%
1.09%
2.94%
13.91%
1.09%
0.61%
6.95%
2.94%
6.95%
0.77%
0.77%
1.85%
8.50%
0.00%
1.85%

NA
NA
0.00%
NA
NA
NA
NA
NA
0.39%
1.76%
0.41%
1.72%
2.86%
0.41%
NA
0.87%
1.15%
NA
0.54%
NA
NA
2.91%
NA
0.40%
NA
0.90%
4.48%
NA
0.90%

NA
NA
6.00%
NA
NA
NA
NA
NA
6.54%
8.45%
6.57%
8.40%
9.98%
6.57%
NA
7.21%
7.60%
NA
6.75%
NA
NA
10.05%
NA
6.56%
NA
7.25%
12.24%
NA
7.25%

NA
NA
0.00%
NA
NA
NA
NA
NA
0.54%
2.45%
0.57%
2.40%
3.98%
0.57%
NA
1.21%
1.60%
NA
0.75%
NA
NA
4.05%
NA
0.56%
NA
1.25%
6.24%
NA
1.25%

6.00%
6.77%
11.56%
7.85%
7.85%
8.47%
7.85%
16.05%
14.50%
11.56%
9.40%
9.86%
14.50%
9.40%
6.00%
6.00%
14.50%
11.56%
6.00%
7.09%
16.05%
8.94%
12.95%
9.86%
7.85%
8.94%
7.31%
9.86%
6.77%

0.00%
0.77%
5.56%
1.85%
1.85%
2.47%
1.85%
10.05%
8.50%
5.56%
3.40%
3.86%
8.50%
3.40%
0.00%
0.00%
8.50%
5.56%
0.00%
1.09%
10.05%
2.94%
6.95%
3.86%
1.85%
2.94%
1.31%
3.86%
0.77%

NA
NA
NA
2.11%
NA
NA
1.91%
NA
NA
NA
NA
1.87%
NA
NA
0.00%
0.38%
NA
NA
0.00%
NA
5.53%
1.94%
NA
NA
2.06%
1.34%
0.83%
2.05%
0.93%

NA
NA
NA
8.94%
NA
NA
8.66%
NA
NA
NA
NA
8.61%
NA
NA
6.00%
6.53%
NA
NA
6.00%
NA
13.71%
8.70%
NA
NA
8.87%
7.87%
7.16%
8.86%
7.30%

NA
NA
NA
2.94%
NA
NA
2.66%
NA
NA
NA
NA
2.61%
NA
NA
0.00%
0.53%
NA
NA
0.00%
NA
7.71%
2.70%
NA
NA
2.87%
1.87%
1.16%
2.86%
1.30%

7.31%
9.40%
9.86%
12.95%
6.93%
12.95%
12.95%
7.85%
6.00%
7.31%
9.40%
8.94%
8.94%
12.95%
8.47%
16.05%
11.56%
6.00%
6.00%
6.93%
8.47%
8.94%
11.56%
9.40%
8.47%
12.95%
21.44%
6.77%
6.61%

1.31%
3.40%
3.86%
6.95%
0.93%
6.95%
6.95%
1.85%
0.00%
1.31%
3.40%
2.94%
2.94%
6.95%
2.47%
10.05%
5.56%
0.00%
0.00%
0.93%
2.47%
2.94%
5.56%
3.40%
2.47%
6.95%
15.44%
0.77%
0.61%

NA
1.35%
3.09%
NA
1.54%
NA
NA
NA
NA
0.55%
1.29%
3.49%
1.05%
NA
NA
NA
NA
0.00%
0.03%
NA
1.61%
NA
4.19%
2.90%
NA
NA
NA
NA
0.03%

NA
7.88%
10.31%
NA
8.15%
NA
NA
NA
NA
6.77%
7.80%
10.86%
7.46%
NA
NA
NA
NA
6.00%
6.04%
NA
8.24%
NA
11.84%
10.04%
NA
NA
NA
NA
6.04%

NA
1.88%
4.31%
NA
2.15%
NA
NA
NA
NA
0.77%
1.80%
4.86%
1.46%
NA
NA
NA
NA
0.00%
0.04%
NA
2.24%
NA
5.84%
4.04%
NA
NA
NA
NA
0.04%

6.00%
8.94%
21.44%
12.95%
14.50%

0.00%
2.94%
15.44%
6.95%
8.50%

0.00%
NA
NA
3.14%
NA

6.00%
NA
NA
10.38%
NA

0.00%
NA
NA
4.38%
NA

as to be sorted in ascending order

Default spread in basis points
78
94
133
44
55
67
0
499
610
721
277
333
399
177
211
244
1330
831
998
1108
NA

Volatility
BAML Emerging Mkt Publ
11.00%
S&P Emerging BMI (Equit
15.32%
Relative Volatility
1.39334

Index:
Source:

BAMLEMPBPUBSICRPIEY
BAMLEMPUPUBSLCRPIUSEY

Period
Interval

BAML Public Sector US Emerging Markets Corporate Plus Index Yield

FRED (Federal Reserve St. Louis Datasets)
https://research.stlouisfed.org/fred2/series/BAMLEMPBPUBSICRPIEY/downloaddata
Five years
Daily

DATE

VALUE
2010-12-31

5.17 Average =

4.68 In spread %

2011-01-03

5.14 Std Dev =

0.51459472 In spread %

2011-01-04

5.12 CV =

2011-01-05

5.13

2011-01-06

5.08

2011-01-07

5.06

2011-01-10

5.08

2011-01-11

5.09

2011-01-12

5.06

2011-01-13

5.03

2011-01-14

5.05

2011-01-17

5.05

2011-01-18

5.04

2011-01-19

5.03

2011-01-20

5.07

2011-01-21

5.06

2011-01-24

5.06

2011-01-25

5.05

2011-01-26

5.06

2011-01-27

5.04

2011-01-28

5.05

2011-01-31

5.14

2011-02-01

5.15

2011-02-02

5.15

2011-02-03

5.16

11.00%

! Std Dev/ Average

2011-02-04

5.20

2011-02-07

5.18

2011-02-08

5.22

2011-02-09

5.19

2011-02-10

5.23

2011-02-11

5.22

2011-02-14

5.22

2011-02-15

5.22

2011-02-16

5.22

2011-02-17

5.19

2011-02-18

5.20

2011-02-21

5.19

2011-02-22

5.16

2011-02-23

5.21

2011-02-24

5.19

2011-02-25

5.18

2011-02-28

5.27

2011-03-01

5.24

2011-03-02

5.27

2011-03-03

5.29

2011-03-04

5.21

2011-03-07

5.21

2011-03-08

5.21

2011-03-09

5.17

2011-03-10

5.15

2011-03-11

5.16

2011-03-14

5.15

2011-03-15

5.18

2011-03-16

5.14

2011-03-17

5.15

2011-03-18

5.16

2011-03-21

5.15

2011-03-22

5.14

2011-03-23

5.13

2011-03-24

5.13

2011-03-25

5.13

2011-03-28

5.12

2011-03-29

5.13

2011-03-30

5.11

2011-03-31

5.19

2011-04-01

5.18

2011-04-04

5.15

2011-04-05

5.15

2011-04-06

5.16

2011-04-07

5.13

2011-04-08

5.13

2011-04-11

5.13

2011-04-12

5.12

2011-04-13

5.10

2011-04-14

5.12

2011-04-15

5.09

2011-04-18

5.08

2011-04-19

5.08

2011-04-20

5.09

2011-04-21

5.08

2011-04-25

5.07

2011-04-26

5.03

2011-04-27

5.04

2011-04-28

5.03

2011-04-29

5.00

2011-04-30

5.04

2011-05-02

5.02

2011-05-03

5.01

2011-05-04

5.00

2011-05-05

4.98

2011-05-06

4.97

2011-05-09

4.95

2011-05-10

4.97

2011-05-11

4.93

2011-05-12

4.95

2011-05-13

4.93

2011-05-16

4.91

2011-05-17

4.89

2011-05-18

4.89

2011-05-19

4.87

2011-05-20

4.86

2011-05-23

4.86

2011-05-24

4.88

2011-05-25

4.87

2011-05-26

4.86

2011-05-27

4.88

2011-05-30

4.88

2011-05-31

4.93

2011-06-01

4.89

2011-06-02

4.91

2011-06-03

4.90

2011-06-06

4.90

2011-06-07

4.89

2011-06-08

4.87

2011-06-09

4.90

2011-06-10

4.89

2011-06-13

4.89

2011-06-14

4.92

2011-06-15

4.89

2011-06-16

4.90

2011-06-17

4.93

2011-06-20

4.93

2011-06-21

4.91

2011-06-22

4.93

2011-06-23

4.93

2011-06-24

4.93

2011-06-27

4.96

2011-06-28

4.99

2011-06-29

4.97

2011-06-30

4.98

2011-07-01

4.98

2011-07-04

4.97

2011-07-05

4.94

2011-07-06

4.94

2011-07-07

4.94

2011-07-08

4.90

2011-07-11

4.88

2011-07-12

4.90

2011-07-13

4.88

2011-07-14

4.90

2011-07-15

4.88

2011-07-18

4.88

2011-07-19

4.88

2011-07-20

4.89

2011-07-21

4.90

2011-07-22

4.86

2011-07-25

4.86

2011-07-26

4.84

2011-07-27

4.83

2011-07-28

4.78

2011-07-29

4.70

2011-07-31

4.75

2011-08-01

4.70

2011-08-02

4.64

2011-08-03

4.64

2011-08-04

4.64

2011-08-05

4.74

2011-08-08

4.85

2011-08-09

4.89

2011-08-10

4.85

2011-08-11

5.01

2011-08-12

4.95

2011-08-15

4.93

2011-08-16

4.87

2011-08-17

4.83

2011-08-18

4.84

2011-08-19

4.83

2011-08-22

4.84

2011-08-23

4.90

2011-08-24

4.96

2011-08-25

4.98

2011-08-26

4.99

2011-08-29

5.02

2011-08-30

4.98

2011-08-31

4.94

2011-09-01

4.90

2011-09-02

4.89

2011-09-05

4.89

2011-09-06

4.93

2011-09-07

4.91

2011-09-08

4.88

2011-09-09

4.87

2011-09-12

4.93

2011-09-13

4.96

2011-09-14

5.00

2011-09-15

5.05

2011-09-16

5.04

2011-09-19

5.06

2011-09-20

5.08

2011-09-21

5.13

2011-09-22

5.33

2011-09-23

5.50

2011-09-26

5.64

2011-09-27

5.73

2011-09-28

5.72

2011-09-29

5.70

2011-09-30

5.77

2011-10-03

5.80

2011-10-04

5.98

2011-10-05

6.01

2011-10-06

5.94

2011-10-07

5.89

2011-10-10

5.87

2011-10-11

5.77

2011-10-12

5.67

2011-10-13

5.59

2011-10-14

5.52

2011-10-17

5.44

2011-10-18

5.42

2011-10-19

5.39

2011-10-20

5.41

2011-10-21

5.40

2011-10-24

5.38

2011-10-25

5.30

2011-10-26

5.29

2011-10-27

5.18

2011-10-28

5.14

2011-10-31

5.17

2011-11-01

5.22

2011-11-02

5.22

2011-11-03

5.18

2011-11-04

5.14

2011-11-07

5.14

2011-11-08

5.12

2011-11-09

5.12

2011-11-10

5.17

2011-11-11

5.17

2011-11-14

5.18

2011-11-15

5.20

2011-11-16

5.22

2011-11-17

5.23

2011-11-18

5.26

2011-11-21

5.30

2011-11-22

5.33

2011-11-23

5.37

2011-11-24

5.37

2011-11-25

5.45

2011-11-28

5.42

2011-11-29

5.46

2011-11-30

5.49

2011-12-01

5.48

2011-12-02

5.44

2011-12-05

5.42

2011-12-06

5.44

2011-12-07

5.40

2011-12-08

5.40

2011-12-09

5.44

2011-12-12

5.45

2011-12-13

5.46

2011-12-14

5.46

2011-12-15

5.47

2011-12-16

5.45

2011-12-19

5.47

2011-12-20

5.48

2011-12-21

5.48

2011-12-22

5.46

2011-12-23

5.48

2011-12-27

5.48

2011-12-28

5.45

2011-12-29

5.43

2011-12-30

5.41

2011-12-31

5.45

2012-01-03

5.42

2012-01-04

5.42

2012-01-05

5.42

2012-01-06

5.42

2012-01-09

5.42

2012-01-10

5.43

2012-01-11

5.43

2012-01-12

5.42

2012-01-13

5.41

2012-01-16

5.40

2012-01-17

5.40

2012-01-18

5.40

2012-01-19

5.37

2012-01-20

5.35

2012-01-23

5.32

2012-01-24

5.30

2012-01-25

5.24

2012-01-26

5.15

2012-01-27

5.13

2012-01-30

5.12

2012-01-31

5.13

2012-02-01

5.10

2012-02-02

5.09

2012-02-03

5.10

2012-02-06

5.06

2012-02-07

5.09

2012-02-08

5.08

2012-02-09

5.07

2012-02-10

5.04

2012-02-13

5.03

2012-02-14

5.00

2012-02-15

4.99

2012-02-16

5.02

2012-02-17

5.00

2012-02-20

5.00

2012-02-21

4.99

2012-02-22

4.91

2012-02-23

4.88

2012-02-24

4.87

2012-02-27

4.84

2012-02-28

4.79

2012-02-29

4.78

2012-03-01

4.77

2012-03-02

4.71

2012-03-05

4.71

2012-03-06

4.74

2012-03-07

4.73

2012-03-08

4.71

2012-03-09

4.69

2012-03-12

4.68

2012-03-13

4.66

2012-03-14

4.69

2012-03-15

4.70

2012-03-16

4.69

2012-03-19

4.70

2012-03-20

4.71

2012-03-21

4.70

2012-03-22

4.72

2012-03-23

4.72

2012-03-26

4.70

2012-03-27

4.69

2012-03-28

4.69

2012-03-29

4.68

2012-03-30

4.70

2012-03-31

4.75

2012-04-02

4.75

2012-04-03

4.78

2012-04-04

4.77

2012-04-05

4.78

2012-04-09

4.77

2012-04-10

4.78

2012-04-11

4.79

2012-04-12

4.77

2012-04-13

4.74

2012-04-16

4.73

2012-04-17

4.71

2012-04-18

4.70

2012-04-19

4.68

2012-04-20

4.66

2012-04-23

4.66

2012-04-24

4.66

2012-04-25

4.63

2012-04-26

4.62

2012-04-27

4.59

2012-04-30

4.62

2012-05-01

4.60

2012-05-02

4.57

2012-05-03

4.53

2012-05-04

4.54

2012-05-07

4.54

2012-05-08

4.55

2012-05-09

4.59

2012-05-10

4.58

2012-05-11

4.59

2012-05-14

4.67

2012-05-15

4.71

2012-05-16

4.77

2012-05-17

4.79

2012-05-18

4.84

2012-05-21

4.83

2012-05-22

4.79

2012-05-23

4.84

2012-05-24

4.85

2012-05-25

4.85

2012-05-28

4.85

2012-05-29

4.83

2012-05-30

4.85

2012-05-31

4.91

2012-06-01

4.94

2012-06-04

4.97

2012-06-05

4.93

2012-06-06

4.88

2012-06-07

4.81

2012-06-08

4.81

2012-06-11

4.78

2012-06-12

4.81

2012-06-13

4.77

2012-06-14

4.77

2012-06-15

4.72

2012-06-18

4.71

2012-06-19

4.69

2012-06-20

4.69

2012-06-21

4.71

2012-06-22

4.73

2012-06-25

4.72

2012-06-26

4.72

2012-06-27

4.70

2012-06-28

4.70

2012-06-29

4.66

2012-06-30

4.67

2012-07-02

4.63

2012-07-03

4.60

2012-07-04

4.59

2012-07-05

4.57

2012-07-06

4.55

2012-07-09

4.54

2012-07-10

4.52

2012-07-11

4.50

2012-07-12

4.47

2012-07-13

4.43

2012-07-16

4.39

2012-07-17

4.36

2012-07-18

4.35

2012-07-19

4.34

2012-07-20

4.32

2012-07-23

4.37

2012-07-24

4.38

2012-07-25

4.38

2012-07-26

4.35

2012-07-27

4.34

2012-07-30

4.29

2012-07-31

4.28

2012-08-01

4.28

2012-08-02

4.26

2012-08-03

4.24

2012-08-06

4.19

2012-08-07

4.18

2012-08-08

4.19

2012-08-09

4.20

2012-08-10

4.20

2012-08-13

4.20

2012-08-14

4.22

2012-08-15

4.25

2012-08-16

4.26

2012-08-17

4.25

2012-08-20

4.25

2012-08-21

4.22

2012-08-22

4.18

2012-08-23

4.14

2012-08-24

4.14

2012-08-27

4.13

2012-08-28

4.11

2012-08-29

4.12

2012-08-30

4.12

2012-08-31

4.11

2012-09-03

4.11

2012-09-04

4.10

2012-09-05

4.09

2012-09-06

4.08

2012-09-07

4.04

2012-09-10

4.02

2012-09-11

4.00

2012-09-12

3.99

2012-09-13

3.99

2012-09-14

3.98

2012-09-17

3.97

2012-09-18

3.98

2012-09-19

3.97

2012-09-20

3.99

2012-09-21

3.98

2012-09-24

3.98

2012-09-25

3.98

2012-09-26

4.00

2012-09-27

3.97

2012-09-28

3.93

2012-09-30

3.95

2012-10-01

3.93

2012-10-02

3.92

2012-10-03

3.90

2012-10-04

3.90

2012-10-05

3.90

2012-10-08

3.89

2012-10-09

3.91

2012-10-10

3.89

2012-10-11

3.86

2012-10-12

3.83

2012-10-15

3.80

2012-10-16

3.78

2012-10-17

3.78

2012-10-18

3.77

2012-10-19

3.75

2012-10-22

3.76

2012-10-23

3.78

2012-10-24

3.79

2012-10-25

3.80

2012-10-26

3.79

2012-10-29

3.79

2012-10-31

3.84

2012-11-01

3.85

2012-11-02

3.84

2012-11-05

3.82

2012-11-06

3.82

2012-11-07

3.78

2012-11-08

3.79

2012-11-09

3.82

2012-11-12

3.81

2012-11-13

3.84

2012-11-14

3.85

2012-11-15

3.87

2012-11-16

3.88

2012-11-19

3.87

2012-11-20

3.87

2012-11-21

3.87

2012-11-22

3.87

2012-11-23

3.87

2012-11-26

3.85

2012-11-27

3.81

2012-11-28

3.79

2012-11-29

3.76

2012-11-30

3.77

2012-12-03

3.75

2012-12-04

3.74

2012-12-05

3.74

2012-12-06

3.72

2012-12-07

3.74

2012-12-10

3.72

2012-12-11

3.71

2012-12-12

3.72

2012-12-13

3.72

2012-12-14

3.71

2012-12-17

3.73

2012-12-18

3.74

2012-12-19

3.71

2012-12-20

3.70

2012-12-21

3.69

2012-12-24

3.69

2012-12-26

3.69

2012-12-27

3.68

2012-12-28

3.67

2012-12-31

3.66

2013-01-02

3.64

2013-01-03

3.61

2013-01-04

3.60

2013-01-07

3.60

2013-01-08

3.60

2013-01-09

3.60

2013-01-10

3.60

2013-01-11

3.61

2013-01-14

3.61

2013-01-15

3.60

2013-01-16

3.60

2013-01-17

3.61

2013-01-18

3.61

2013-01-21

3.60

2013-01-22

3.60

2013-01-23

3.59

2013-01-24

3.59

2013-01-25

3.61

2013-01-28

3.63

2013-01-29

3.65

2013-01-30

3.69

2013-01-31

3.80

2013-02-01

3.81

2013-02-04

3.83

2013-02-05

3.85

2013-02-06

3.83

2013-02-07

3.83

2013-02-08

3.81

2013-02-11

3.80

2013-02-12

3.81

2013-02-13

3.83

2013-02-14

3.80

2013-02-15

3.80

2013-02-18

3.79

2013-02-19

3.79

2013-02-20

3.78

2013-02-21

3.80

2013-02-22

3.79

2013-02-25

3.76

2013-02-26

3.76

2013-02-27

3.76

2013-02-28

3.77

2013-03-01

3.75

2013-03-04

3.75

2013-03-05

3.73

2013-03-06

3.76

2013-03-07

3.78

2013-03-08

3.79

2013-03-11

3.79

2013-03-12

3.77

2013-03-13

3.77

2013-03-14

3.78

2013-03-15

3.78

2013-03-18

3.79

2013-03-19

3.79

2013-03-20

3.80

2013-03-21

3.80

2013-03-22

3.80

2013-03-25

3.78

2013-03-26

3.78

2013-03-27

3.80

2013-03-28

3.81

2013-03-31

3.83

2013-04-01

3.83

2013-04-02

3.82

2013-04-03

3.81

2013-04-04

3.76

2013-04-05

3.72

2013-04-08

3.69

2013-04-09

3.67

2013-04-10

3.69

2013-04-11

3.68

2013-04-12

3.67

2013-04-15

3.68

2013-04-16

3.71

2013-04-17

3.73

2013-04-18

3.72

2013-04-19

3.71

2013-04-22

3.70

2013-04-23

3.68

2013-04-24

3.67

2013-04-25

3.68

2013-04-26

3.67

2013-04-29

3.64

2013-04-30

3.64

2013-05-01

3.62

2013-05-02

3.59

2013-05-03

3.61

2013-05-06

3.61

2013-05-07

3.60

2013-05-08

3.60

2013-05-09

3.59

2013-05-10

3.63

2013-05-13

3.66

2013-05-14

3.66

2013-05-15

3.67

2013-05-16

3.64

2013-05-17

3.67

2013-05-20

3.68

2013-05-21

3.69

2013-05-22

3.71

2013-05-23

3.75

2013-05-24

3.77

2013-05-27

3.77

2013-05-28

3.83

2013-05-29

3.93

2013-05-30

3.94

2013-05-31

4.06

2013-06-03

4.11

2013-06-04

4.12

2013-06-05

4.18

2013-06-06

4.24

2013-06-07

4.26

2013-06-10

4.32

2013-06-11

4.45

2013-06-12

4.44

2013-06-13

4.39

2013-06-14

4.29

2013-06-17

4.31

2013-06-18

4.35

2013-06-19

4.41

2013-06-20

4.73

2013-06-21

4.81

2013-06-24

5.04

2013-06-25

4.98

2013-06-26

4.92

2013-06-27

4.80

2013-06-28

4.77

2013-06-30

4.80

2013-07-01

4.78

2013-07-02

4.73

2013-07-03

4.78

2013-07-04

4.77

2013-07-05

4.86

2013-07-08

4.87

2013-07-09

4.84

2013-07-10

4.85

2013-07-11

4.78

2013-07-12

4.76

2013-07-15

4.71

2013-07-16

4.65

2013-07-17

4.60

2013-07-18

4.53

2013-07-19

4.50

2013-07-22

4.46

2013-07-23

4.46

2013-07-24

4.51

2013-07-25

4.54

2013-07-26

4.53

2013-07-29

4.54

2013-07-30

4.55

2013-07-31

4.64

2013-08-01

4.67

2013-08-02

4.64

2013-08-05

4.63

2013-08-06

4.63

2013-08-07

4.63

2013-08-08

4.61

2013-08-09

4.60

2013-08-12

4.60

2013-08-13

4.63

2013-08-14

4.64

2013-08-15

4.69

2013-08-16

4.71

2013-08-19

4.79

2013-08-20

4.82

2013-08-21

4.87

2013-08-22

4.92

2013-08-23

4.88

2013-08-26

4.87

2013-08-27

4.86

2013-08-28

4.90

2013-08-29

4.91

2013-09-02

4.96

2013-09-03

5.00

2013-09-04

5.04

2013-09-05

5.09

2013-09-06

5.05

2013-09-09

5.00

2013-09-10

5.01

2013-09-11

4.97

2013-09-12

4.93

2013-09-13

4.92

2013-09-16

4.84

2013-09-17

4.83

2013-09-18

4.75

2013-09-19

4.63

2013-09-20

4.63

2013-09-23

4.63

2013-09-24

4.65

2013-09-25

4.65

2013-09-26

4.68

2013-09-27

4.68

2013-09-30

4.74

2013-10-01

4.75

2013-10-02

4.75

2013-10-03

4.74

2013-10-04

4.74

2013-10-07

4.73

2013-10-08

4.73

2013-10-09

4.73

2013-10-10

4.71

2013-10-11

4.68

2013-10-14

4.68

2013-10-15

4.67

2013-10-16

4.63

2013-10-17

4.56

2013-10-18

4.50

2013-10-21

4.50

2013-10-22

4.46

2013-10-23

4.43

2013-10-24

4.45

2013-10-25

4.44

2013-10-28

4.44

2013-10-29

4.45

2013-10-30

4.44

2013-10-31

4.41

2013-11-01

4.45

2013-11-04

4.46

2013-11-05

4.52

2013-11-06

4.52

2013-11-07

4.53

2013-11-08

4.59

2013-11-11

4.59

2013-11-12

4.69

2013-11-13

4.68

2013-11-14

4.64

2013-11-15

4.61

2013-11-18

4.56

2013-11-19

4.57

2013-11-20

4.58

2013-11-21

4.60

2013-11-22

4.58

2013-11-25

4.56

2013-11-26

4.55

2013-11-27

4.56

2013-11-28

4.56

2013-11-29

4.57

2013-11-30

4.59

2013-12-02

4.62

2013-12-03

4.63

2013-12-04

4.66

2013-12-05

4.67

2013-12-06

4.67

2013-12-09

4.65

2013-12-10

4.60

2013-12-11

4.61

2013-12-12

4.63

2013-12-13

4.61

2013-12-16

4.59

2013-12-17

4.59

2013-12-18

4.58

2013-12-19

4.59

2013-12-20

4.59

2013-12-23

4.58

2013-12-24

4.60

2013-12-26

4.60

2013-12-27

4.61

2013-12-30

4.59

2013-12-31

4.61

2014-01-02

4.61

2014-01-03

4.62

2014-01-06

4.60

2014-01-07

4.58

2014-01-08

4.60

2014-01-09

4.60

2014-01-10

4.57

2014-01-13

4.54

2014-01-14

4.54

2014-01-15

4.53

2014-01-16

4.52

2014-01-17

4.51

2014-01-20

4.50

2014-01-21

4.51

2014-01-22

4.53

2014-01-23

4.53

2014-01-24

4.58

2014-01-27

4.61

2014-01-28

4.59

2014-01-29

4.60

2014-01-30

4.63

2014-01-31

4.70

2014-02-03

4.69

2014-02-04

4.68

2014-02-05

4.67

2014-02-06

4.65

2014-02-07

4.63

2014-02-10

4.61

2014-02-11

4.61

2014-02-12

4.61

2014-02-13

4.61

2014-02-14

4.60

2014-02-17

4.59

2014-02-18

4.56

2014-02-19

4.58

2014-02-20

4.59

2014-02-21

4.56

2014-02-24

4.52

2014-02-25

4.49

2014-02-26

4.49

2014-02-27

4.46

2014-02-28

4.46

2014-03-03

4.57

2014-03-04

4.55

2014-03-05

4.55

2014-03-06

4.56

2014-03-07

4.59

2014-03-10

4.64

2014-03-11

4.63

2014-03-12

4.67

2014-03-13

4.67

2014-03-14

4.71

2014-03-17

4.71

2014-03-18

4.66

2014-03-19

4.66

2014-03-20

4.69

2014-03-21

4.69

2014-03-24

4.67

2014-03-25

4.65

2014-03-26

4.58

2014-03-27

4.51

2014-03-28

4.51

2014-03-31

4.61

2014-04-01

4.57

2014-04-02

4.59

2014-04-03

4.59

2014-04-04

4.55

2014-04-07

4.54

2014-04-08

4.51

2014-04-09

4.50

2014-04-10

4.46

2014-04-11

4.47

2014-04-14

4.51

2014-04-15

4.54

2014-04-16

4.55

2014-04-17

4.55

2014-04-21

4.54

2014-04-22

4.54

2014-04-23

4.54

2014-04-24

4.55

2014-04-25

4.61

2014-04-28

4.62

2014-04-29

4.60

2014-04-30

4.58

2014-05-01

4.54

2014-05-02

4.53

2014-05-05

4.54

2014-05-06

4.52

2014-05-07

4.46

2014-05-08

4.40

2014-05-09

4.40

2014-05-12

4.40

2014-05-13

4.36

2014-05-14

4.33

2014-05-15

4.31

2014-05-16

4.31

2014-05-19

4.30

2014-05-20

4.27

2014-05-21

4.26

2014-05-22

4.26

2014-05-23

4.23

2014-05-26

4.22

2014-05-27

4.20

2014-05-28

4.14

2014-05-29

4.10

2014-05-30

4.10

2014-05-31

4.16

2014-06-02

4.18

2014-06-03

4.21

2014-06-04

4.22

2014-06-05

4.20

2014-06-06

4.13

2014-06-09

4.10

2014-06-10

4.12

2014-06-11

4.15

2014-06-12

4.14

2014-06-13

4.15

2014-06-16

4.19

2014-06-17

4.21

2014-06-18

4.19

2014-06-19

4.15

2014-06-20

4.14

2014-06-23

4.14

2014-06-24

4.10

2014-06-25

4.09

2014-06-26

4.08

2014-06-27

4.09

2014-06-30

4.12

2014-07-01

4.14

2014-07-02

4.16

2014-07-03

4.16

2014-07-04

4.16

2014-07-07

4.15

2014-07-08

4.11

2014-07-09

4.09

2014-07-10

4.10

2014-07-11

4.09

2014-07-14

4.10

2014-07-15

4.10

2014-07-16

4.12

2014-07-17

4.16

2014-07-18

4.18

2014-07-21

4.21

2014-07-22

4.20

2014-07-23

4.16

2014-07-24

4.17

2014-07-25

4.21

2014-07-28

4.26

2014-07-29

4.28

2014-07-30

4.31

2014-07-31

4.35

2014-08-01

4.37

2014-08-04

4.38

2014-08-05

4.41

2014-08-06

4.45

2014-08-07

4.44

2014-08-08

4.46

2014-08-11

4.42

2014-08-12

4.40

2014-08-13

4.35

2014-08-14

4.31

2014-08-15

4.28

2014-08-18

4.26

2014-08-19

4.25

2014-08-20

4.27

2014-08-21

4.26

2014-08-22

4.27

2014-08-25

4.27

2014-08-26

4.24

2014-08-27

4.21

2014-08-28

4.25

2014-08-29

4.28

2014-08-31

4.28

2014-09-01

4.29

2014-09-02

4.36

2014-09-03

4.32

2014-09-04

4.32

2014-09-05

4.32

2014-09-08

4.36

2014-09-09

4.38

2014-09-10

4.42

2014-09-11

4.41

2014-09-12

4.45

2014-09-15

4.47

2014-09-16

4.48

2014-09-17

4.50

2014-09-18

4.52

2014-09-19

4.49

2014-09-22

4.47

2014-09-23

4.45

2014-09-24

4.44

2014-09-25

4.44

2014-09-26

4.47

2014-09-29

4.53

2014-09-30

4.53

2014-10-01

4.51

2014-10-02

4.52

2014-10-03

4.53

2014-10-06

4.51

2014-10-07

4.47

2014-10-08

4.46

2014-10-09

4.45

2014-10-10

4.47

2014-10-13

4.47

2014-10-14

4.45

2014-10-15

4.48

2014-10-16

4.51

2014-10-17

4.47

2014-10-20

4.46

2014-10-21

4.46

2014-10-22

4.45

2014-10-23

4.48

2014-10-24

4.48

2014-10-27

4.46

2014-10-28

4.43

2014-10-29

4.43

2014-10-30

4.40

2014-10-31

4.42

2014-11-03

4.40

2014-11-04

4.46

2014-11-05

4.47

2014-11-06

4.50

2014-11-07

4.51

2014-11-10

4.52

2014-11-11

4.52

2014-11-12

4.53

2014-11-13

4.55

2014-11-14

4.60

2014-11-17

4.66

2014-11-18

4.65

2014-11-19

4.65

2014-11-20

4.63

2014-11-21

4.59

2014-11-24

4.57

2014-11-25

4.56

2014-11-26

4.56

2014-11-27

4.56

2014-11-28

4.57

2014-11-30

4.62

2014-12-01

4.72

2014-12-02

4.78

2014-12-03

4.83

2014-12-04

4.84

2014-12-05

4.91

2014-12-08

4.99

2014-12-09

5.09

2014-12-10

5.15

2014-12-11

5.22

2014-12-12

5.33

2014-12-15

5.56

2014-12-16

5.78

2014-12-17

5.67

2014-12-18

5.48

2014-12-19

5.40

2014-12-22

5.32

2014-12-23

5.35

2014-12-24

5.35

2014-12-26

5.36

2014-12-29

5.36

2014-12-30

5.37

2014-12-31

5.38

2015-01-02

5.38

2015-01-05

5.46

2015-01-06

5.57

2015-01-07

5.53

2015-01-08

5.45

2015-01-09

5.45

2015-01-12

5.46

2015-01-13

5.46

2015-01-14

5.43

2015-01-15

5.36

2015-01-19

5.38

2015-01-20

5.38

2015-01-21

5.39

2015-01-22

5.38

2015-01-23

5.27

2015-01-26

5.28

2015-01-27

5.32

2015-01-28

5.28

2015-01-29

5.33

2015-01-30

5.38

2015-01-31

5.38

2015-02-02

5.37

2015-02-03

5.35

2015-02-04

5.32

2015-02-05

5.28

2015-02-06

5.29

2015-02-09

5.29

2015-02-10

5.34

2015-02-11

5.35

2015-02-12

5.28

2015-02-13

5.21

2015-02-16

5.20

2015-02-17

5.21

2015-02-18

5.14

2015-02-19

5.19

2015-02-20

5.21

2015-02-23

5.22

2015-02-24

5.16

2015-02-25

5.17

2015-02-26

5.16

2015-02-27

5.14

2015-02-28

5.15

2015-03-02

5.16

2015-03-03

5.13

2015-03-04

5.14

2015-03-05

5.11

2015-03-06

5.13

2015-03-09

5.18

2015-03-10

5.22

2015-03-11

5.22

2015-03-12

5.19

2015-03-13

5.25

2015-03-16

5.31

2015-03-17

5.34

2015-03-18

5.29

2015-03-19

5.25

2015-03-20

5.16

2015-03-23

5.11

2015-03-24

5.05

2015-03-25

5.03

2015-03-26

5.07

2015-03-27

5.05

2015-03-30

5.05

2015-03-31

4.97

2015-04-01

4.90

2015-04-02

4.85

2015-04-06

4.83

2015-04-07

4.78

2015-04-08

4.73

2015-04-09

4.69

2015-04-10

4.68

2015-04-13

4.65

2015-04-14

4.63

2015-04-15

4.61

2015-04-16

4.59

2015-04-17

4.61

2015-04-20

4.65

2015-04-21

4.66

2015-04-22

4.65

2015-04-23

4.59

2015-04-24

4.55

2015-04-27

4.53

2015-04-28

4.57

2015-04-29

4.58

2015-04-30

4.61

2015-05-01

4.64

2015-05-04

4.64

2015-05-05

4.66

2015-05-06

4.65

2015-05-07

4.68

2015-05-08

4.64

2015-05-11

4.65

2015-05-12

4.68

2015-05-13

4.63

2015-05-14

4.60

2015-05-15

4.56

2015-05-18

4.54

2015-05-19

4.57

2015-05-20

4.58

2015-05-21

4.55

2015-05-22

4.55

2015-05-26

4.54

2015-05-27

4.61

2015-05-28

4.62

2015-05-29

4.62

2015-05-31

4.65

2015-06-01

4.74

2015-06-02

4.77

2015-06-03

4.73

2015-06-04

4.76

2015-06-05

4.82

2015-06-08

4.85

2015-06-09

4.86

2015-06-10

4.90

2015-06-11

4.88

2015-06-12

4.87

2015-06-15

4.87

2015-06-16

4.90

2015-06-17

4.88

2015-06-18

4.86

2015-06-19

4.83

2015-06-22

4.83

2015-06-23

4.83

2015-06-24

4.81

2015-06-25

4.82

2015-06-26

4.86

2015-06-29

4.88

2015-06-30

4.89

2015-07-01

4.89

2015-07-02

4.87

2015-07-03

4.87

2015-07-06

4.84

2015-07-07

4.87

2015-07-08

4.88

2015-07-09

4.91

2015-07-10

4.92

2015-07-13

4.92

2015-07-14

4.91

2015-07-15

4.89

2015-07-16

4.87

2015-07-17

4.86

2015-07-20

4.87

2015-07-21

4.87

2015-07-22

4.87

2015-07-23

4.88

2015-07-24

4.92

2015-07-27

4.96

2015-07-28

4.97

2015-07-29

4.95

2015-07-30

4.93

2015-07-31

4.88

2015-08-03

4.88

2015-08-04

4.90

2015-08-05

4.93

2015-08-06

4.98

2015-08-07

4.98

2015-08-10

5.00

2015-08-11

4.97

2015-08-12

4.97

2015-08-13

5.00

2015-08-14

5.01

2015-08-17

5.00

2015-08-18

5.03

2015-08-19

5.05

2015-08-20

5.10

2015-08-21

5.13

2015-08-24

5.25

2015-08-25

5.26

2015-08-26

5.29

2015-08-27

5.20

2015-08-28

5.17

2015-08-31

5.20

2015-09-01

5.21

2015-09-02

5.24

2015-09-03

5.22

2015-09-04

5.20

2015-09-07

5.20

2015-09-08

5.24

2015-09-09

5.23

2015-09-10

5.26

2015-09-11

5.28

2015-09-14

5.30

2015-09-15

5.31

2015-09-16

5.31

2015-09-17

5.29

2015-09-18

5.23

2015-09-21

5.28

2015-09-22

5.37

2015-09-23

5.40

2015-09-24

5.50

2015-09-25

5.51

2015-09-28

5.57

2015-09-29

5.63

2015-09-30

5.58

2015-10-01

5.51

2015-10-02

5.48

2015-10-05

5.39

2015-10-06

5.32

2015-10-07

5.28

2015-10-08

5.30

2015-10-09

5.25

2015-10-12

5.24

2015-10-13

5.23

2015-10-14

5.23

2015-10-15

5.20

2015-10-16

5.15

2015-10-19

5.15

2015-10-20

5.16

2015-10-21

5.20

2015-10-22

5.17

2015-10-23

5.14

2015-10-26

5.10

2015-10-27

5.10

2015-10-28

5.13

2015-10-29

5.15

2015-10-30

5.14

2015-10-31

5.15

2015-11-02

5.12

2015-11-03

5.08

2015-11-04

5.05

2015-11-05

5.08

2015-11-06

5.12

2015-11-09

5.18

2015-11-10

5.19

2015-11-11

5.19

2015-11-12

5.21

2015-11-13

5.24

2015-11-16

5.22

2015-11-17

5.19

2015-11-18

5.17

2015-11-19

5.11

2015-11-20

5.07

2015-11-23

5.08

2015-11-24

5.09

2015-11-25

5.12

2015-11-26

5.12

2015-11-27

5.12

2015-11-30

5.09

2015-12-01

5.11

2015-12-02

5.11

2015-12-03

5.16

2015-12-04

5.20

2015-12-07

5.21

2015-12-08

5.26

2015-12-09

5.25

2015-12-10

5.30

2015-12-11

5.37

2015-12-14

5.45

2015-12-15

5.43

2015-12-16

5.47

2015-12-17

5.43

2015-12-18

5.45

2015-12-21

5.48

2015-12-22

5.47

2015-12-23

5.48

2015-12-24

5.48

2015-12-28

5.48

2015-12-29

5.47

2015-12-30

5.48
5.50

Index:
Source:
ownloaddata
Period
Interval

S&P Emerging BMI Index

S&P
http://us.spindices.com/indices/equity/sp-emerging-bmi-us-dollar
Five years
Daily

S&P
Emerging
BMI (US
Dollar) Gross
Effective dat Total Return Return

414.51

Daily Std
Deviation =

1/3/2011

418.41

Annualized
Std
Deviation=

1/4/2011

418.35

1/5/2011

416.83

1/6/2011

414.51

1/7/2011

410.94

1/10/2011

407.14

1/11/2011

409.74

1/12/2011

416.95

1/13/2011

416.71

1/14/2011

414.85

1/17/2011

413.12

1/18/2011

414.82

1/19/2011

414.68

1/20/2011

408.61

1/21/2011

407.41

1/24/2011

406.86

1/25/2011

406.25

1/26/2011

407.91

1/27/2011

407.41

1/28/2011

401.11

1/31/2011

399.92

2/1/2011

404.23

2/2/2011

406.08

2/3/2011

405.1

12/31/2010

0.94%
-0.01%
-0.36%
-0.56%
-0.86%
-0.92%
0.64%
1.76%
-0.06%
-0.45%
-0.42%
0.41%
-0.03%
-1.46%
-0.29%
-0.13%
-0.15%
0.41%
-0.12%
-1.55%
-0.30%
1.08%
0.46%
-0.24%

0.95%
15.32%

2/4/2011

403.88

2/7/2011

402.86

2/8/2011

402.67

2/9/2011

397.18

2/10/2011

391.02

2/11/2011

392.82

2/14/2011

396.83

2/15/2011

396.23

2/16/2011

398.7

2/17/2011

400.14

2/18/2011

402.6

2/21/2011

402.44

2/22/2011

395.87

2/23/2011

393.14

2/24/2011

390.18

2/25/2011

394.44

2/28/2011

398.3

3/1/2011

400.15

3/2/2011

400.54

3/3/2011

404.72

3/4/2011

407.43

3/7/2011

405.67

3/8/2011

406.72

3/9/2011

407

3/10/2011

400.66

3/11/2011

398.67

3/14/2011

400.85

3/15/2011

392.69

3/16/2011

393.2

3/17/2011

391.34

3/18/2011

393.34

3/21/2011

397.46

3/22/2011

401.09

3/23/2011

402.96

3/24/2011

406.46

3/25/2011

409.05

3/28/2011

406.91

3/29/2011

408.04

3/30/2011

413.54

3/31/2011

417.29

-0.30%
-0.25%
-0.05%
-1.36%
-1.55%
0.46%
1.02%
-0.15%
0.62%
0.36%
0.61%
-0.04%
-1.63%
-0.69%
-0.75%
1.09%
0.98%
0.46%
0.10%
1.04%
0.67%
-0.43%
0.26%
0.07%
-1.56%
-0.50%
0.55%
-2.04%
0.13%
-0.47%
0.51%
1.05%
0.91%
0.47%
0.87%
0.64%
-0.52%
0.28%
1.35%
0.91%

4/1/2011

422.37

4/4/2011

425.8

4/5/2011

426.35

4/6/2011

429.98

4/7/2011

430.33

4/8/2011

431.59

4/11/2011

429.56

4/12/2011

422.16

4/13/2011

423.97

4/14/2011

422.58

4/15/2011

422.72

4/18/2011

415.42

4/19/2011

417.74

4/20/2011

426.48

4/21/2011

429.9

4/22/2011

430.14

4/25/2011

429.13

4/26/2011

429.53

4/27/2011

428.74

4/28/2011

427.63

4/29/2011

429.48

5/2/2011

428.95

5/3/2011

421.59

5/4/2011

417.43

5/5/2011

414.04

5/6/2011

416.25

5/9/2011

415.95

5/10/2011

417.95

5/11/2011

416.22

5/12/2011

411.52

5/13/2011

410.55

5/16/2011

407.75

5/17/2011

406.39

5/18/2011

408.95

5/19/2011

409.42

5/20/2011

408.35

5/23/2011

399.95

5/24/2011

403.62

5/25/2011

402.21

5/26/2011

405.75

1.22%
0.81%
0.13%
0.85%
0.08%
0.29%
-0.47%
-1.72%
0.43%
-0.33%
0.03%
-1.73%
0.56%
2.09%
0.80%
0.06%
-0.23%
0.09%
-0.18%
-0.26%
0.43%
-0.12%
-1.72%
-0.99%
-0.81%
0.53%
-0.07%
0.48%
-0.41%
-1.13%
-0.24%
-0.68%
-0.33%
0.63%
0.11%
-0.26%
-2.06%
0.92%
-0.35%
0.88%

5/27/2011

410.85

5/30/2011

411.32

5/31/2011

418.07

6/1/2011

417.52

6/2/2011

416.18

6/3/2011

414.93

6/6/2011

412.2

6/7/2011

414.33

6/8/2011

411.61

6/9/2011

410.97

6/10/2011

406.26

6/13/2011

404.24

6/14/2011

407.33

6/15/2011

404.22

6/16/2011

397.58

6/17/2011

397.1

6/20/2011

394.53

6/21/2011

399.07

6/22/2011

399.61

6/23/2011

395.91

6/24/2011

398.78

6/27/2011

398.76

6/28/2011

402.57

6/29/2011

406.11

6/30/2011

411.06

7/1/2011

414.62

7/4/2011

418.82

7/5/2011

417.38

7/6/2011

415.29

7/7/2011

418.08

7/8/2011

416.18

7/11/2011

408.54

7/12/2011

402.05

7/13/2011

407.79

7/14/2011

406.81

7/15/2011

406.88

7/18/2011

402.9

7/19/2011

405.7

7/20/2011

407.91

7/21/2011

410.67

1.26%
0.11%
1.64%
-0.13%
-0.32%
-0.30%
-0.66%
0.52%
-0.66%
-0.16%
-1.15%
-0.50%
0.76%
-0.76%
-1.64%
-0.12%
-0.65%
1.15%
0.14%
-0.93%
0.72%
-0.01%
0.96%
0.88%
1.22%
0.87%
1.01%
-0.34%
-0.50%
0.67%
-0.45%
-1.84%
-1.59%
1.43%
-0.24%
0.02%
-0.98%
0.69%
0.54%
0.68%

7/22/2011

413.99

7/25/2011

413.02

7/26/2011

415.82

7/27/2011

412.92

7/28/2011

412.17

7/29/2011

409.89

8/1/2011

412.21

8/2/2011

405.45

8/3/2011

398.31

8/4/2011

387.46

8/5/2011

376.5

8/8/2011

357.85

8/9/2011

352.38

8/10/2011

357.06

8/11/2011

360.69

8/12/2011

361.89

8/15/2011

371.22

8/16/2011

369.75

8/17/2011

371.86

8/18/2011

361.25

8/19/2011

355.05

8/22/2011

354.21

8/23/2011

359.98

8/24/2011

357.82

8/25/2011

355.29

8/26/2011

355.47

8/29/2011

365.03

8/30/2011

368.48

8/31/2011

374.86

9/1/2011

376.31

9/2/2011

370.76

9/5/2011

361.32

9/6/2011

361.07

9/7/2011

367.35

9/8/2011

368.8

9/9/2011

361.68

9/12/2011

352.98

9/13/2011

350.57

9/14/2011

349.02

9/15/2011

353.12

0.81%
-0.23%
0.68%
-0.70%
-0.18%
-0.55%
0.57%
-1.64%
-1.76%
-2.72%
-2.83%
-4.95%
-1.53%
1.33%
1.02%
0.33%
2.58%
-0.40%
0.57%
-2.85%
-1.72%
-0.24%
1.63%
-0.60%
-0.71%
0.05%
2.69%
0.95%
1.73%
0.39%
-1.47%
-2.55%
-0.07%
1.74%
0.39%
-1.93%
-2.41%
-0.68%
-0.44%
1.17%

9/16/2011

356.32

9/19/2011

346.87

9/20/2011

347.13

9/21/2011

342.23

9/22/2011

320.65

9/23/2011

315.29

9/26/2011

312.09

9/27/2011

325.49

9/28/2011

324.33

9/29/2011

323.96

9/30/2011

318.73

10/3/2011

307.41

10/4/2011

301.76

10/5/2011

304.82

10/6/2011

314.33

10/7/2011

319.95

10/10/2011

325.53

10/11/2011

329.36

10/12/2011

334.87

10/13/2011

337.13

10/14/2011

339.18

10/17/2011

339.92

10/18/2011

334.33

10/19/2011

336.36

10/20/2011

328.35

10/21/2011

332.18

10/24/2011

341.54

10/25/2011

343.49

10/26/2011

345.8

10/27/2011

357.74

10/28/2011

363.51

10/31/2011

358.27

11/1/2011

347.7

11/2/2011

351.83

11/3/2011

352.02

11/4/2011

355.39

11/7/2011

356.17

11/8/2011

357.27

11/9/2011

352.07

11/10/2011

345.47

0.91%
-2.65%
0.07%
-1.41%
-6.31%
-1.67%
-1.01%
4.29%
-0.36%
-0.11%
-1.61%
-3.55%
-1.84%
1.01%
3.12%
1.79%
1.74%
1.18%
1.67%
0.67%
0.61%
0.22%
-1.64%
0.61%
-2.38%
1.17%
2.82%
0.57%
0.67%
3.45%
1.61%
-1.44%
-2.95%
1.19%
0.05%
0.96%
0.22%
0.31%
-1.46%
-1.87%

11/11/2011

350.28

11/14/2011

351.11

11/15/2011

348.66

11/16/2011

346.35

11/17/2011

342.48

11/18/2011

336.9

11/21/2011

327.28

11/22/2011

326.77

11/23/2011

318.62

11/24/2011

319.63

11/25/2011

316.22

11/28/2011

324.38

11/29/2011

325.49

11/30/2011

333.11

12/1/2011

342.26

12/2/2011

343.5

12/5/2011

345.2

12/6/2011

340.66

12/7/2011

342.08

12/8/2011

337.79

12/9/2011

334.7

12/12/2011

329.97

12/13/2011

328.01

12/14/2011

323.27

12/15/2011

321.76

12/16/2011

323.74

12/19/2011

319.63

12/20/2011

323.62

12/21/2011

327.32

12/22/2011

329.09

12/23/2011

331.66

12/26/2011

332.1

12/27/2011

331.35

12/28/2011

327.37

12/29/2011

327.67

12/30/2011

328.71

1/2/2012

328.69

1/3/2012

336.25

1/4/2012

335.77

1/5/2012

334.34

1.39%
0.24%
-0.70%
-0.66%
-1.12%
-1.63%
-2.86%
-0.16%
-2.49%
0.32%
-1.07%
2.58%
0.34%
2.34%
2.75%
0.36%
0.49%
-1.32%
0.42%
-1.25%
-0.91%
-1.41%
-0.59%
-1.45%
-0.47%
0.62%
-1.27%
1.25%
1.14%
0.54%
0.78%
0.13%
-0.23%
-1.20%
0.09%
0.32%
-0.01%
2.30%
-0.14%
-0.43%

1/6/2012

333.27

1/9/2012

335.14

1/10/2012

341.84

1/11/2012

342.3

1/12/2012

343.81

1/13/2012

342.7

1/16/2012

343.24

1/17/2012

349.99

1/18/2012

353.15

1/19/2012

356.27

1/20/2012

356.46

1/23/2012

358.38

1/24/2012

357.58

1/25/2012

358.19

1/26/2012

364.06

1/27/2012

365.02

1/30/2012

362.14

1/31/2012

366.95

2/1/2012

371.62

2/2/2012

376.43

2/3/2012

379.21

2/6/2012

378.8

2/7/2012

378.77

2/8/2012

383.24

2/9/2012

383.72

2/10/2012

377.61

2/13/2012

381.62

2/14/2012

379.28

2/15/2012

383.22

2/16/2012

380.97

2/17/2012

384.76

2/20/2012

386.66

2/21/2012

385.57

2/22/2012

385.74

2/23/2012

384.78

2/24/2012

387.36

2/27/2012

383.91

2/28/2012

388.23

2/29/2012

391.44

3/1/2012

390.65

-0.32%
0.56%
2.00%
0.13%
0.44%
-0.32%
0.16%
1.97%
0.90%
0.88%
0.05%
0.54%
-0.22%
0.17%
1.64%
0.26%
-0.79%
1.33%
1.27%
1.29%
0.74%
-0.11%
-0.01%
1.18%
0.13%
-1.59%
1.06%
-0.61%
1.04%
-0.59%
0.99%
0.49%
-0.28%
0.04%
-0.25%
0.67%
-0.89%
1.13%
0.83%
-0.20%

3/2/2012

391.94

3/5/2012

386.76

3/6/2012

377.4

3/7/2012

376.95

3/8/2012

382.23

3/9/2012

384.67

3/12/2012

381.56

3/13/2012

387.1

3/14/2012

386.61

3/15/2012

386.2

3/16/2012

385.72

3/19/2012

384.24

3/20/2012

380.16

3/21/2012

380.16

3/22/2012

377.11

3/23/2012

377.99

3/26/2012

379.71

3/27/2012

382.63

3/28/2012

378.36

3/29/2012

374

3/30/2012

377.68

4/2/2012

379.27

4/3/2012

380.8

4/4/2012

374.89

4/5/2012

374.42

4/6/2012

374.53

4/9/2012

371.51

4/10/2012

367.75

4/11/2012

367.9

4/12/2012

372.07

4/13/2012

371.96

4/16/2012

370.01

4/17/2012

370.52

4/18/2012

371.02

4/19/2012

371.06

4/20/2012

371.37

4/23/2012

365.78

4/24/2012

367.2

4/25/2012

367.67

4/26/2012

368.69

0.33%
-1.32%
-2.42%
-0.12%
1.40%
0.64%
-0.81%
1.45%
-0.13%
-0.11%
-0.12%
-0.38%
-1.06%
0.00%
-0.80%
0.23%
0.46%
0.77%
-1.12%
-1.15%
0.98%
0.42%
0.40%
-1.55%
-0.13%
0.03%
-0.81%
-1.01%
0.04%
1.13%
-0.03%
-0.52%
0.14%
0.13%
0.01%
0.08%
-1.51%
0.39%
0.13%
0.28%

4/27/2012

369.75

4/30/2012

371.9

5/1/2012

371.77

5/2/2012

373.19

5/3/2012

371.23

5/4/2012

367.3

5/7/2012

364.38

5/8/2012

360.3

5/9/2012

354.87

5/10/2012

356.18

5/11/2012

353.24

5/14/2012

345.79

5/15/2012

344.28

5/16/2012

337.94

5/17/2012

336.18

5/18/2012

332.42

5/21/2012

334.62

5/22/2012

336.09

5/23/2012

328

5/24/2012

330.19

5/25/2012

330.26

5/28/2012

333.33

5/29/2012

337.32

5/30/2012

331.66

5/31/2012

331.46

6/1/2012

326.18

6/4/2012

323.1

6/5/2012

324.54

6/6/2012

331.69

6/7/2012

334.05

6/8/2012

331.46

6/11/2012

333.85

6/12/2012

333.59

6/13/2012

335.99

6/14/2012

333.61

6/15/2012

338.74

6/18/2012

340.94

6/19/2012

344.9

6/20/2012

346.23

6/21/2012

340.65

0.29%
0.58%
-0.03%
0.38%
-0.53%
-1.06%
-0.79%
-1.12%
-1.51%
0.37%
-0.83%
-2.11%
-0.44%
-1.84%
-0.52%
-1.12%
0.66%
0.44%
-2.41%
0.67%
0.02%
0.93%
1.20%
-1.68%
-0.06%
-1.59%
-0.94%
0.45%
2.20%
0.71%
-0.78%
0.72%
-0.08%
0.72%
-0.71%
1.54%
0.65%
1.16%
0.39%
-1.61%

6/22/2012

336.48

6/25/2012

332.18

6/26/2012

333.24

6/27/2012

335.75

6/28/2012

332.96

6/29/2012

344

7/2/2012

346.13

7/3/2012

351.61

7/4/2012

351.59

7/5/2012

351.25

7/6/2012

348.12

7/9/2012

345.05

7/10/2012

344.71

7/11/2012

344.09

7/12/2012

338.74

7/13/2012

342.48

7/16/2012

342.31

7/17/2012

344.38

7/18/2012

344.3

7/19/2012

347.41

7/20/2012

345.72

7/23/2012

336.94

7/24/2012

335.73

7/25/2012

335.1

7/26/2012

339.08

7/27/2012

347.09

7/30/2012

348.98

7/31/2012

348.73

8/1/2012

349.63

8/2/2012

346.66

8/3/2012

350.92

8/6/2012

355.34

8/7/2012

355.74

8/8/2012

356.29

8/9/2012

358.56

8/10/2012

358.65

8/13/2012

356.79

8/14/2012

357.67

8/15/2012

356.5

8/16/2012

357.83

-1.22%
-1.28%
0.32%
0.75%
-0.83%
3.32%
0.62%
1.58%
-0.01%
-0.10%
-0.89%
-0.88%
-0.10%
-0.18%
-1.55%
1.10%
-0.05%
0.60%
-0.02%
0.90%
-0.49%
-2.54%
-0.36%
-0.19%
1.19%
2.36%
0.54%
-0.07%
0.26%
-0.85%
1.23%
1.26%
0.11%
0.15%
0.64%
0.03%
-0.52%
0.25%
-0.33%
0.37%

8/17/2012

356.77

8/20/2012

356.22

8/21/2012

358.54

8/22/2012

356.93

8/23/2012

358.06

8/24/2012

355.75

8/27/2012

354.49

8/28/2012

352.95

8/29/2012

350.53

8/30/2012

347.89

8/31/2012

349.22

9/3/2012

351.37

9/4/2012

349.73

9/5/2012

347.98

9/6/2012

352.3

9/7/2012

357.76

9/10/2012

358.56

9/11/2012

359.9

9/12/2012

361.01

9/13/2012

362.68

9/14/2012

373.39

9/17/2012

373.04

9/18/2012

370.89

9/19/2012

371.94

9/20/2012

368.44

9/21/2012

371.4

9/24/2012

370.46

9/25/2012

369.87

9/26/2012

365.5

9/27/2012

368.33

9/28/2012

369.73

10/1/2012

370.83

10/2/2012

371.43

10/3/2012

370.1

10/4/2012

371.59

10/5/2012

372.99

10/8/2012

368.93

10/9/2012

368.04

10/10/2012

367.45

10/11/2012

369.62

-0.30%
-0.15%
0.65%
-0.45%
0.32%
-0.65%
-0.35%
-0.43%
-0.69%
-0.75%
0.38%
0.62%
-0.47%
-0.50%
1.24%
1.55%
0.22%
0.37%
0.31%
0.46%
2.95%
-0.09%
-0.58%
0.28%
-0.94%
0.80%
-0.25%
-0.16%
-1.18%
0.77%
0.38%
0.30%
0.16%
-0.36%
0.40%
0.38%
-1.09%
-0.24%
-0.16%
0.59%

10/12/2012

370

10/15/2012

369.77

10/16/2012

372.3

10/17/2012

375.13

10/18/2012

375.78

10/19/2012

373.25

10/22/2012

374.01

10/23/2012

370.28

10/24/2012

370.25

10/25/2012

370.86

10/26/2012

367.89

10/29/2012

367.04

10/30/2012

367.9

10/31/2012

368.33

11/1/2012

370.98

11/2/2012

372.04

11/5/2012

370.88

11/6/2012

372.63

11/7/2012

372.37

11/8/2012

368.5

11/9/2012

367.21

11/12/2012

366.74

11/13/2012

363.94

11/14/2012

362.7

11/15/2012

361.16

11/16/2012

359.68

11/19/2012

362.35

11/20/2012

362.16

11/21/2012

362.59

11/22/2012

364.12

11/23/2012

367.76

11/26/2012

367.93

11/27/2012

367.73

11/28/2012

366.16

11/29/2012

370.42

11/30/2012

372.07

12/3/2012

372.41

12/4/2012

372.25

12/5/2012

375.48

12/6/2012

377.23

0.10%
-0.06%
0.68%
0.76%
0.17%
-0.67%
0.20%
-1.00%
-0.01%
0.16%
-0.80%
-0.23%
0.23%
0.12%
0.72%
0.29%
-0.31%
0.47%
-0.07%
-1.04%
-0.35%
-0.13%
-0.76%
-0.34%
-0.42%
-0.41%
0.74%
-0.05%
0.12%
0.42%
1.00%
0.05%
-0.05%
-0.43%
1.16%
0.45%
0.09%
-0.04%
0.87%
0.47%

12/7/2012

377.82

12/10/2012

379.56

12/11/2012

381.23

12/12/2012

383.81

12/13/2012

383.31

12/14/2012

384.06

12/17/2012

383.39

12/18/2012

385.78

12/19/2012

388.76

12/20/2012

388.47

12/21/2012

385.28

12/24/2012

385.49

12/25/2012

386.23

12/26/2012

387.37

12/27/2012

388.31

12/28/2012

390.47

12/31/2012

390.56

1/1/2013

390.84

1/2/2013

398.31

1/3/2013

400.88

1/4/2013

399.73

1/7/2013

399.59

1/8/2013

397.66

1/9/2013

399.52

1/10/2013

400.63

1/11/2013

399.2

1/14/2013

402.35

1/15/2013

400.41

1/16/2013

399.56

1/17/2013

400.24

1/18/2013

403.2

1/21/2013

402.87

1/22/2013

402.79

1/23/2013

402.53

1/24/2013

401.53

1/25/2013

401.18

1/28/2013

399.8

1/29/2013

401.64

1/30/2013

401.15

1/31/2013

401.7

0.16%
0.46%
0.44%
0.68%
-0.13%
0.20%
-0.17%
0.62%
0.77%
-0.07%
-0.82%
0.05%
0.19%
0.30%
0.24%
0.56%
0.02%
0.07%
1.91%
0.65%
-0.29%
-0.04%
-0.48%
0.47%
0.28%
-0.36%
0.79%
-0.48%
-0.21%
0.17%
0.74%
-0.08%
-0.02%
-0.06%
-0.25%
-0.09%
-0.34%
0.46%
-0.12%
0.14%

2/1/2013

404.08

2/4/2013

403.3

2/5/2013

401.68

2/6/2013

400.64

2/7/2013

399

2/8/2013

399.05

2/11/2013

398.17

2/12/2013

398.11

2/13/2013

399.27

2/14/2013

399.42

2/15/2013

399.4

2/18/2013

398.9

2/19/2013

398.53

2/20/2013

398.58

2/21/2013

392.78

2/22/2013

392.96

2/25/2013

393.82

2/26/2013

389.39

2/27/2013

390.98

2/28/2013

393.38

3/1/2013

392.95

3/4/2013

389.13

3/5/2013

392.6

3/6/2013

396.39

3/7/2013

396.75

3/8/2013

400.19

3/11/2013

399.74

3/12/2013

397.54

3/13/2013

393.77

3/14/2013

394.05

3/15/2013

392.44

3/18/2013

388.11

3/19/2013

385.52

3/20/2013

387.07

3/21/2013

385.89

3/22/2013

383.56

3/25/2013

384.93

3/26/2013

386.86

3/27/2013

388.39

3/28/2013

388.78

0.59%
-0.19%
-0.40%
-0.26%
-0.41%
0.01%
-0.22%
-0.02%
0.29%
0.04%
-0.01%
-0.13%
-0.09%
0.01%
-1.46%
0.05%
0.22%
-1.12%
0.41%
0.61%
-0.11%
-0.97%
0.89%
0.97%
0.09%
0.87%
-0.11%
-0.55%
-0.95%
0.07%
-0.41%
-1.10%
-0.67%
0.40%
-0.30%
-0.60%
0.36%
0.50%
0.40%
0.10%

3/29/2013

389.36

4/1/2013

388.45

4/2/2013

388.12

4/3/2013

386.26

4/4/2013

384.1

4/5/2013

381.96

4/8/2013

382.05

4/9/2013

385.44

4/10/2013

388.66

4/11/2013

389.84

4/12/2013

387.21

4/15/2013

380.36

4/16/2013

382.34

4/17/2013

379.84

4/18/2013

379.74

4/19/2013

384.68

4/22/2013

384.73

4/23/2013

384.54

4/24/2013

387.16

4/25/2013

390.55

4/26/2013

388.81

4/29/2013

391.02

4/30/2013

394.82

5/1/2013

394.23

5/2/2013

394.49

5/3/2013

396.06

5/6/2013

397.77

5/7/2013

400.83

5/8/2013

404.09

5/9/2013

403.68

5/10/2013

401.61

5/13/2013

398.32

5/14/2013

399.17

5/15/2013

399.75

5/16/2013

399.55

5/17/2013

399.53

5/20/2013

400.67

5/21/2013

400.45

5/22/2013

400.32

5/23/2013

392.71

0.15%
-0.23%
-0.08%
-0.48%
-0.56%
-0.56%
0.02%
0.89%
0.84%
0.30%
-0.67%
-1.77%
0.52%
-0.65%
-0.03%
1.30%
0.01%
-0.05%
0.68%
0.88%
-0.45%
0.57%
0.97%
-0.15%
0.07%
0.40%
0.43%
0.77%
0.81%
-0.10%
-0.51%
-0.82%
0.21%
0.15%
-0.05%
-0.01%
0.29%
-0.05%
-0.03%
-1.90%

5/24/2013

393.01

5/27/2013

393.5

5/28/2013

394.84

5/29/2013

390.43

5/30/2013

388.19

5/31/2013

385.4

6/3/2013

381.17

6/4/2013

383.39

6/5/2013

378.8

6/6/2013

376.12

6/7/2013

376.27

6/10/2013

373.34

6/11/2013

365.87

6/12/2013

366.31

6/13/2013

362.98

6/14/2013

366.48

6/17/2013

368.43

6/18/2013

366.57

6/19/2013

364.34

6/20/2013

349.83

6/21/2013

347.32

6/24/2013

340.58

6/25/2013

342.1

6/26/2013

348.74

6/27/2013

354.03

6/28/2013

360.94

7/1/2013

361.86

7/2/2013

358.04

7/3/2013

351.13

7/4/2013

354.53

7/5/2013

353.28

7/8/2013

349.64

7/9/2013

351.4

7/10/2013

352.24

7/11/2013

361.02

7/12/2013

362.55

7/15/2013

365.73

7/16/2013

366.62

7/17/2013

368.7

7/18/2013

369.1

0.08%
0.12%
0.34%
-1.12%
-0.57%
-0.72%
-1.10%
0.58%
-1.20%
-0.71%
0.04%
-0.78%
-2.00%
0.12%
-0.91%
0.96%
0.53%
-0.50%
-0.61%
-3.98%
-0.72%
-1.94%
0.45%
1.94%
1.52%
1.95%
0.25%
-1.06%
-1.93%
0.97%
-0.35%
-1.03%
0.50%
0.24%
2.49%
0.42%
0.88%
0.24%
0.57%
0.11%

7/19/2013

366.39

7/22/2013

367.81

7/23/2013

373.02

7/24/2013

371.67

7/25/2013

370.53

7/26/2013

369.85

7/29/2013

366.77

7/30/2013

366.11

7/31/2013

363.95

8/1/2013

367.02

8/2/2013

367.49

8/5/2013

367.8

8/6/2013

364.1

8/7/2013

361.96

8/8/2013

365.36

8/9/2013

367.49

8/12/2013

370.03

8/13/2013

372.4

8/14/2013

372.91

8/15/2013

369.61

8/16/2013

368.52

8/19/2013

363.05

8/20/2013

358.55

8/21/2013

355.65

8/22/2013

355.51

8/23/2013

358.95

8/26/2013

358.17

8/27/2013

350.31

8/28/2013

347.8

8/29/2013

351.45

8/30/2013

354.17

9/2/2013

357.74

9/3/2013

355.84

9/4/2013

357.46

9/5/2013

361.47

9/6/2013

364.64

9/9/2013

371.01

9/10/2013

377.47

9/11/2013

377.97

9/12/2013

377.53

-0.73%
0.39%
1.42%
-0.36%
-0.31%
-0.18%
-0.83%
-0.18%
-0.59%
0.84%
0.13%
0.08%
-1.01%
-0.59%
0.94%
0.58%
0.69%
0.64%
0.14%
-0.88%
-0.29%
-1.48%
-1.24%
-0.81%
-0.04%
0.97%
-0.22%
-2.19%
-0.72%
1.05%
0.77%
1.01%
-0.53%
0.46%
1.12%
0.88%
1.75%
1.74%
0.13%
-0.12%

9/13/2013

376.44

9/16/2013

381.77

9/17/2013

382.42

9/18/2013

382.26

9/19/2013

391.66

9/20/2013

387.6

9/23/2013

387.83

9/24/2013

385.76

9/25/2013

385.51

9/26/2013

383.61

9/27/2013

382.14

9/30/2013

377.97

10/1/2013

381.64

10/2/2013

382.38

10/3/2013

385.44

10/4/2013

386.78

10/7/2013

385.53

10/8/2013

386.42

10/9/2013

385.14

10/10/2013

389.06

10/11/2013

392.01

10/14/2013

391.68

10/15/2013

393.37

10/16/2013

394.24

10/17/2013

395.42

10/18/2013

398.93

10/21/2013

399.08

10/22/2013

399.85

10/23/2013

395.76

10/24/2013

395.08

10/25/2013

393.94

10/28/2013

395.45

10/29/2013

396.46

10/30/2013

398.48

10/31/2013

396.16

11/1/2013

393.13

11/4/2013

393.38

11/5/2013

389.4

11/6/2013

388.93

11/7/2013

386.41

-0.29%
1.42%
0.17%
-0.04%
2.46%
-1.04%
0.06%
-0.53%
-0.06%
-0.49%
-0.38%
-1.09%
0.97%
0.19%
0.80%
0.35%
-0.32%
0.23%
-0.33%
1.02%
0.76%
-0.08%
0.43%
0.22%
0.30%
0.89%
0.04%
0.19%
-1.02%
-0.17%
-0.29%
0.38%
0.26%
0.51%
-0.58%
-0.76%
0.06%
-1.01%
-0.12%
-0.65%

11/8/2013

381.35

11/11/2013

380.71

11/12/2013

379.07

11/13/2013

376.16

11/14/2013

381.08

11/15/2013

384.96

11/18/2013

392.26

11/19/2013

391.08

11/20/2013

389.7

11/21/2013

384.5

11/22/2013

386.07

11/25/2013

386.3

11/26/2013

384.01

11/27/2013

385.46

11/28/2013

386.26

11/29/2013

388.9

12/2/2013

387.57

12/3/2013

384.18

12/4/2013

382.32

12/5/2013

383.54

12/6/2013

385.22

12/9/2013

388.29

12/10/2013

388.53

12/11/2013

384.47

12/12/2013

380.21

12/13/2013

380.32

12/16/2013

380.09

12/17/2013

379.88

12/18/2013

380.96

12/19/2013

380.27

12/20/2013

379.35

12/23/2013

380.96

12/24/2013

382.17

12/25/2013

381.96

12/26/2013

381.38

12/27/2013

383

12/30/2013

384.93

12/31/2013

385.62

1/1/2014

385.64

1/2/2014

382.15

-1.31%
-0.17%
-0.43%
-0.77%
1.31%
1.02%
1.90%
-0.30%
-0.35%
-1.33%
0.41%
0.06%
-0.59%
0.38%
0.21%
0.68%
-0.34%
-0.87%
-0.48%
0.32%
0.44%
0.80%
0.06%
-1.04%
-1.11%
0.03%
-0.06%
-0.06%
0.28%
-0.18%
-0.24%
0.42%
0.32%
-0.05%
-0.15%
0.42%
0.50%
0.18%
0.01%
-0.90%

1/3/2014

378.92

1/6/2014

376.38

1/7/2014

376.33

1/8/2014

377

1/9/2014

372.95

1/10/2014

376.04

1/13/2014

378.19

1/14/2014

377.61

1/15/2014

378.8

1/16/2014

377.51

1/17/2014

376.63

1/20/2014

376.03

1/21/2014

375.88

1/22/2014

378.03

1/23/2014

373.54

1/24/2014

367.56

1/27/2014

360.8

1/28/2014

361.97

1/29/2014

361.25

1/30/2014

361.1

1/31/2014

361.08

2/3/2014

358.1

2/4/2014

355.97

2/5/2014

354.85

2/6/2014

360.03

2/7/2014

362.81

2/10/2014

362.32

2/11/2014

365.85

2/12/2014

368.86

2/13/2014

366.57

2/14/2014

370.54

2/17/2014

373.15

2/18/2014

371.69

2/19/2014

372

2/20/2014

369.49

2/21/2014

371.81

2/24/2014

372.03

2/25/2014

369.92

2/26/2014

369.61

2/27/2014

372.54

-0.85%
-0.67%
-0.01%
0.18%
-1.07%
0.83%
0.57%
-0.15%
0.32%
-0.34%
-0.23%
-0.16%
-0.04%
0.57%
-1.19%
-1.60%
-1.84%
0.32%
-0.20%
-0.04%
-0.01%
-0.83%
-0.59%
-0.31%
1.46%
0.77%
-0.14%
0.97%
0.82%
-0.62%
1.08%
0.70%
-0.39%
0.08%
-0.67%
0.63%
0.06%
-0.57%
-0.08%
0.79%

2/28/2014

373.61

3/3/2014

367.65

3/4/2014

371.33

3/5/2014

372.22

3/6/2014

376.93

3/7/2014

374.94

3/10/2014

371.19

3/11/2014

371.04

3/12/2014

367.84

3/13/2014

366.79

3/14/2014

364.85

3/17/2014

366.77

3/18/2014

370.62

3/19/2014

370.01

3/20/2014

366.66

3/21/2014

368.02

3/24/2014

370.92

3/25/2014

372.93

3/26/2014

375.56

3/27/2014

377.1

3/28/2014

380.97

3/31/2014

384.94

4/1/2014

387.64

4/2/2014

389.32

4/3/2014

387.42

4/4/2014

387.7

4/7/2014

387.86

4/8/2014

390.99

4/9/2014

392.17

4/10/2014

394.35

4/11/2014

391.47

4/14/2014

390.14

4/15/2014

385.77

4/16/2014

386.84

4/17/2014

389.99

4/18/2014

390.51

4/21/2014

390.65

4/22/2014

389.83

4/23/2014

387.94

4/24/2014

388.09

0.29%
-1.60%
1.00%
0.24%
1.27%
-0.53%
-1.00%
-0.04%
-0.86%
-0.29%
-0.53%
0.53%
1.05%
-0.16%
-0.91%
0.37%
0.79%
0.54%
0.71%
0.41%
1.03%
1.04%
0.70%
0.43%
-0.49%
0.07%
0.04%
0.81%
0.30%
0.56%
-0.73%
-0.34%
-1.12%
0.28%
0.81%
0.13%
0.04%
-0.21%
-0.48%
0.04%

4/25/2014

384.19

4/28/2014

383.23

4/29/2014

386.35

4/30/2014

384.77

5/1/2014

385.33

5/2/2014

388.59

5/5/2014

387.92

5/6/2014

388.97

5/7/2014

388.97

5/8/2014

390.09

5/9/2014

389.64

5/12/2014

393.4

5/13/2014

395.28

5/14/2014

398.6

5/15/2014

397.28

5/16/2014

398.4

5/19/2014

400.28

5/20/2014

398.41

5/21/2014

399.62

5/22/2014

403.52

5/23/2014

404.87

5/26/2014

404.64

5/27/2014

401.54

5/28/2014

403.02

5/29/2014

403.27

5/30/2014

399.92

6/2/2014

400.92

6/3/2014

403.12

6/4/2014

401.47

6/5/2014

403.74

6/6/2014

408.39

6/9/2014

410.67

6/10/2014

413.23

6/11/2014

412.75

6/12/2014

412.96

6/13/2014

411.31

6/16/2014

410.58

6/17/2014

409.54

6/18/2014

410.13

6/19/2014

412.36

-1.00%
-0.25%
0.81%
-0.41%
0.15%
0.85%
-0.17%
0.27%
0.00%
0.29%
-0.12%
0.96%
0.48%
0.84%
-0.33%
0.28%
0.47%
-0.47%
0.30%
0.98%
0.33%
-0.06%
-0.77%
0.37%
0.06%
-0.83%
0.25%
0.55%
-0.41%
0.57%
1.15%
0.56%
0.62%
-0.12%
0.05%
-0.40%
-0.18%
-0.25%
0.14%
0.54%

6/20/2014

410.76

6/23/2014

409.85

6/24/2014

412.22

6/25/2014

410.48

6/26/2014

411.97

6/27/2014

412.21

6/30/2014

414.27

7/1/2014

414.84

7/2/2014

417.92

7/3/2014

419.24

7/4/2014

420.07

7/7/2014

420.7

7/8/2014

420.3

7/9/2014

419.22

7/10/2014

419.82

7/11/2014

418.86

7/14/2014

421.3

7/15/2014

422.42

7/16/2014

423.45

7/17/2014

421.2

7/18/2014

421.71

7/21/2014

422.13

7/22/2014

426.47

7/23/2014

428.03

7/24/2014

429.83

7/25/2014

428.98

7/28/2014

428.64

7/29/2014

427.79

7/30/2014

426.44

7/31/2014

421.76

8/1/2014

419.96

8/4/2014

423.62

8/5/2014

421.29

8/6/2014

419.01

8/7/2014

417.06

8/8/2014

415.7

8/11/2014

421.95

8/12/2014

422.98

8/13/2014

425.27

8/14/2014

425.7

-0.39%
-0.22%
0.58%
-0.42%
0.36%
0.06%
0.50%
0.14%
0.74%
0.32%
0.20%
0.15%
-0.10%
-0.26%
0.14%
-0.23%
0.58%
0.27%
0.24%
-0.53%
0.12%
0.10%
1.03%
0.37%
0.42%
-0.20%
-0.08%
-0.20%
-0.32%
-1.10%
-0.43%
0.87%
-0.55%
-0.54%
-0.47%
-0.33%
1.50%
0.24%
0.54%
0.10%

8/15/2014

426.49

8/18/2014

428.09

8/19/2014

430.91

8/20/2014

431.26

8/21/2014

431.03

8/22/2014

430.79

8/25/2014

432.2

8/26/2014

432.74

8/27/2014

435.02

8/28/2014

432.22

8/29/2014

432.83

9/1/2014

434.12

9/2/2014

434.24

9/3/2014

440.41

9/4/2014

439.88

9/5/2014

439.58

9/8/2014

439.08

9/9/2014

435.54

9/10/2014

430.48

9/11/2014

429.29

9/12/2014

425.72

9/15/2014

423.39

9/16/2014

422.15

9/17/2014

424.96

9/18/2014

424.08

9/19/2014

423.22

9/22/2014

417.52

9/23/2014

414.75

9/24/2014

415.85

9/25/2014

411.44

9/26/2014

411.04

9/29/2014

405.39

9/30/2014

404.07

10/1/2014

401.7

10/2/2014

400.7

10/3/2014

402.56

10/6/2014

408.41

10/7/2014

408.05

10/8/2014

404.34

10/9/2014

408.02

0.19%
0.38%
0.66%
0.08%
-0.05%
-0.06%
0.33%
0.12%
0.53%
-0.64%
0.14%
0.30%
0.03%
1.42%
-0.12%
-0.07%
-0.11%
-0.81%
-1.16%
-0.28%
-0.83%
-0.55%
-0.29%
0.67%
-0.21%
-0.20%
-1.35%
-0.66%
0.27%
-1.06%
-0.10%
-1.37%
-0.33%
-0.59%
-0.25%
0.46%
1.45%
-0.09%
-0.91%
0.91%

10/10/2014

400.48

10/13/2014

400.32

10/14/2014

400.01

10/15/2014

396.23

10/16/2014

391.25

10/17/2014

394.94

10/20/2014

396.01

10/21/2014

397.06

10/22/2014

398.5

10/23/2014

396.95

10/24/2014

398.11

10/27/2014

394.14

10/28/2014

400.88

10/29/2014

404.53

10/30/2014

406.35

10/31/2014

410.41

11/3/2014

408.98

11/4/2014

408.78

11/5/2014

405.61

11/6/2014

402.19

11/7/2014

401.38

11/10/2014

404.65

11/11/2014

403.59

11/12/2014

404.67

11/13/2014

403.4

11/14/2014

403.62

11/17/2014

400.91

11/18/2014

401.66

11/19/2014

402.32

11/20/2014

403.14

11/21/2014

408.99

11/24/2014

411.07

11/25/2014

410.12

11/26/2014

411.08

11/27/2014

410.39

11/28/2014

407.54

12/1/2014

399.63

12/2/2014

399.24

12/3/2014

400.43

12/4/2014

400.46

-1.85%
-0.04%
-0.08%
-0.94%
-1.26%
0.94%
0.27%
0.27%
0.36%
-0.39%
0.29%
-1.00%
1.71%
0.91%
0.45%
1.00%
-0.35%
-0.05%
-0.78%
-0.84%
-0.20%
0.81%
-0.26%
0.27%
-0.31%
0.05%
-0.67%
0.19%
0.16%
0.20%
1.45%
0.51%
-0.23%
0.23%
-0.17%
-0.69%
-1.94%
-0.10%
0.30%
0.01%

12/5/2014

399.86

12/8/2014

395.74

12/9/2014

390.36

12/10/2014

388.21

12/11/2014

383.87

12/12/2014

380.76

12/15/2014

373.95

12/16/2014

367.07

12/17/2014

370.99

12/18/2014

379

12/19/2014

382.09

12/22/2014

386.61

12/23/2014

384.53

12/24/2014

384.29

12/25/2014

384.12

12/26/2014

384.92

12/29/2014

387.72

12/30/2014

386.92

12/31/2014

387.99

1/1/2015

388.07

1/2/2015

387.24

1/5/2015

382.53

1/6/2015

380.03

1/7/2015

382.75

1/8/2015

389.39

1/9/2015

389.68

1/12/2015

386.98

1/13/2015

388.57

1/14/2015

386.93

1/15/2015

388.56

1/16/2015

387.95

1/19/2015

385.49

1/20/2015

387.85

1/21/2015

394.94

1/22/2015

398.58

1/23/2015

401.08

1/26/2015

400.07

1/27/2015

400.42

1/28/2015

398.36

1/29/2015

394.05

-0.15%
-1.03%
-1.36%
-0.55%
-1.12%
-0.81%
-1.79%
-1.84%
1.07%
2.16%
0.82%
1.18%
-0.54%
-0.06%
-0.04%
0.21%
0.73%
-0.21%
0.28%
0.02%
-0.21%
-1.22%
-0.65%
0.72%
1.73%
0.07%
-0.69%
0.41%
-0.42%
0.42%
-0.16%
-0.63%
0.61%
1.83%
0.92%
0.63%
-0.25%
0.09%
-0.51%
-1.08%

1/30/2015

389.47

2/2/2015

390.69

2/3/2015

395.59

2/4/2015

396.13

2/5/2015

397.23

2/6/2015

395.1

2/9/2015

392.87

2/10/2015

390.99

2/11/2015

388.97

2/12/2015

393.78

2/13/2015

399.35

2/16/2015

398.47

2/17/2015

397.85

2/18/2015

398.79

2/19/2015

398.91

2/20/2015

398.62

2/23/2015

398.08

2/24/2015

399.85

2/25/2015

400.7

2/26/2015

401.29

2/27/2015

400.41

3/2/2015

399.8

3/3/2015

398.41

3/4/2015

394.58

3/5/2015

394.68

3/6/2015

392.41

3/9/2015

388.47

3/10/2015

382.75

3/11/2015

382.13

3/12/2015

385.1

3/13/2015

380.85

3/16/2015

381.28

3/17/2015

383.34

3/18/2015

386.66

3/19/2015

389.36

3/20/2015

391.8

3/23/2015

394.14

3/24/2015

394.8

3/25/2015

393.52

3/26/2015

388.97

-1.16%
0.31%
1.25%
0.14%
0.28%
-0.54%
-0.56%
-0.48%
-0.52%
1.24%
1.41%
-0.22%
-0.16%
0.24%
0.03%
-0.07%
-0.14%
0.44%
0.21%
0.15%
-0.22%
-0.15%
-0.35%
-0.96%
0.03%
-0.58%
-1.00%
-1.47%
-0.16%
0.78%
-1.10%
0.11%
0.54%
0.87%
0.70%
0.63%
0.60%
0.17%
-0.32%
-1.16%

3/27/2015

387.36

3/30/2015

392.1

3/31/2015

394.25

4/1/2015

398.35

4/2/2015

402.42

4/3/2015

402.58

4/6/2015

406.98

4/7/2015

407.56

4/8/2015

414.65

4/9/2015

418.29

4/10/2015

419.72

4/13/2015

423.15

4/14/2015

420.64

4/15/2015

420.42

4/16/2015

425.66

4/17/2015

421.23

4/20/2015

416.63

4/21/2015

420.39

4/22/2015

422.8

4/23/2015

424.81

4/24/2015

427.66

4/27/2015

430.12

4/28/2015

431.21

4/29/2015

428.38

4/30/2015

424.11

5/1/2015

423.42

5/4/2015

424.9

5/5/2015

424.24

5/6/2015

421.22

5/7/2015

415.13

5/8/2015

420.51

5/11/2015

421.05

5/12/2015

418.09

5/13/2015

420.66

5/14/2015

421.58

5/15/2015

425.23

5/18/2015

424.54

5/19/2015

424.83

5/20/2015

422.84

5/21/2015

422.37

-0.41%
1.22%
0.55%
1.04%
1.02%
0.04%
1.09%
0.14%
1.74%
0.88%
0.34%
0.82%
-0.59%
-0.05%
1.25%
-1.04%
-1.09%
0.90%
0.57%
0.48%
0.67%
0.58%
0.25%
-0.66%
-1.00%
-0.16%
0.35%
-0.16%
-0.71%
-1.45%
1.30%
0.13%
-0.70%
0.61%
0.22%
0.87%
-0.16%
0.07%
-0.47%
-0.11%

5/22/2015

423.79

5/25/2015

422.85

5/26/2015

420.07

5/27/2015

418.85

5/28/2015

414.41

5/29/2015

412.83

6/1/2015

413.71

6/2/2015

413.05

6/3/2015

411.25

6/4/2015

408.14

6/5/2015

405.76

6/8/2015

403.69

6/9/2015

400.43

6/10/2015

404.01

6/11/2015

403.39

6/12/2015

405.27

6/15/2015

401.71

6/16/2015

399.99

6/17/2015

401.76

6/18/2015

405.2

6/19/2015

403.65

6/22/2015

408.31

6/23/2015

409.63

6/24/2015

410.52

6/25/2015

409.04

6/26/2015

405.56

6/29/2015

397.32

6/30/2015

402.73

7/1/2015

402.3

7/2/2015

402.15

7/3/2015

399.02

7/6/2015

390.65

7/7/2015

384.54

7/8/2015

373.61

7/9/2015

381.2

7/10/2015

387.03

7/13/2015

391.58

7/14/2015

391.86

7/15/2015

390.1

7/16/2015

392.19

0.34%
-0.22%
-0.66%
-0.29%
-1.06%
-0.38%
0.21%
-0.16%
-0.44%
-0.76%
-0.58%
-0.51%
-0.81%
0.89%
-0.15%
0.47%
-0.88%
-0.43%
0.44%
0.86%
-0.38%
1.15%
0.32%
0.22%
-0.36%
-0.85%
-2.03%
1.36%
-0.11%
-0.04%
-0.78%
-2.10%
-1.56%
-2.84%
2.03%
1.53%
1.18%
0.07%
-0.45%
0.54%

7/17/2015

392.76

7/20/2015

390.64

7/21/2015

391.94

7/22/2015

387.84

7/23/2015

385.45

7/24/2015

380.06

7/27/2015

370.72

7/28/2015

369.56

7/29/2015

373.24

7/30/2015

371.72

7/31/2015

374.56

8/3/2015

370.27

8/4/2015

371.03

8/5/2015

371.61

8/6/2015

369.22

8/7/2015

369.6

8/10/2015

371.29

8/11/2015

367.05

8/12/2015

359.6

8/13/2015

360.46

8/14/2015

360.7

8/17/2015

357.59

8/18/2015

354.12

8/19/2015

350.64

8/20/2015

345.92

8/21/2015

338.5

8/24/2015

319.74

8/25/2015

326.59

8/26/2015

325.26

8/27/2015

337.22

8/28/2015

339.09

8/31/2015

338.46

9/1/2015

330.98

9/2/2015

329.44

9/3/2015

332.38

9/4/2015

326.85

9/7/2015

323.28

9/8/2015

328.75

9/9/2015

335.55

9/10/2015

333.12

0.15%
-0.54%
0.33%
-1.05%
-0.62%
-1.40%
-2.46%
-0.31%
1.00%
-0.41%
0.76%
-1.15%
0.21%
0.16%
-0.64%
0.10%
0.46%
-1.14%
-2.03%
0.24%
0.07%
-0.86%
-0.97%
-0.98%
-1.35%
-2.15%
-5.54%
2.14%
-0.41%
3.68%
0.55%
-0.19%
-2.21%
-0.47%
0.89%
-1.66%
-1.09%
1.69%
2.07%
-0.72%

9/11/2015

332.93

9/14/2015

334.93

9/15/2015

334.69

9/16/2015

340.67

9/17/2015

341.91

9/18/2015

342.12

9/21/2015

337.75

9/22/2015

333.75

9/23/2015

327.95

9/24/2015

325.44

9/25/2015

327.27

9/28/2015

323.63

9/29/2015

321.64

9/30/2015

327.47

10/1/2015

328.96

10/2/2015

333.53

10/5/2015

340.88

10/6/2015

343.01

10/7/2015

351.32

10/8/2015

349.68

10/9/2015

354.64

10/12/2015

356.9

10/13/2015

352.47

10/14/2015

350.4

10/15/2015

356.35

10/16/2015

357.16

10/19/2015

357.6

10/20/2015

356.89

10/21/2015

353.96

10/22/2015

354.67

10/23/2015

358.62

10/26/2015

359.02

10/27/2015

357.42

10/28/2015

356.72

10/29/2015

351.27

10/30/2015

352.32

11/2/2015

353.05

11/3/2015

356.85

11/4/2015

360.19

11/5/2015

358.82

-0.06%
0.60%
-0.07%
1.79%
0.36%
0.06%
-1.28%
-1.18%
-1.74%
-0.77%
0.56%
-1.11%
-0.61%
1.81%
0.46%
1.39%
2.20%
0.62%
2.42%
-0.47%
1.42%
0.64%
-1.24%
-0.59%
1.70%
0.23%
0.12%
-0.20%
-0.82%
0.20%
1.11%
0.11%
-0.45%
-0.20%
-1.53%
0.30%
0.21%
1.08%
0.94%
-0.38%

11/6/2015

354.71

11/9/2015

351.12

11/10/2015

347.55

11/11/2015

347.45

11/12/2015

347.81

11/13/2015

342.58

11/16/2015

341.22

11/17/2015

344.94

11/18/2015

344.38

11/19/2015

349.89

11/20/2015

352.75

11/23/2015

351.79

11/24/2015

350.21

11/25/2015

348.69

11/26/2015

348.98

11/27/2015

344.51

11/30/2015

341.82

12/1/2015

345.57

12/2/2015

345.03

12/3/2015

344.21

12/4/2015

341.65

12/7/2015

340.73

12/8/2015

335.73

12/9/2015

335.03

12/10/2015

332.34

12/11/2015

324.67

12/14/2015

324.34

12/15/2015

328.28

12/16/2015

331.94

12/17/2015

335.98

12/18/2015

332.66

12/21/2015

333.29

12/22/2015

334.1

12/23/2015

337.77

12/24/2015

338.15

12/25/2015

338.36

12/28/2015

337.09

12/29/2015

337.4

12/30/2015

334.32

12/31/2015

335.55

-1.15%
-1.01%
-1.02%
-0.03%
0.10%
-1.50%
-0.40%
1.09%
-0.16%
1.60%
0.82%
-0.27%
-0.45%
-0.43%
0.08%
-1.28%
-0.78%
1.10%
-0.16%
-0.24%
-0.74%
-0.27%
-1.47%
-0.21%
-0.80%
-2.31%
-0.10%
1.21%
1.11%
1.22%
-0.99%
0.19%
0.24%
1.10%
0.11%
0.06%
-0.38%
0.09%
-0.91%
0.37%

Values
Row Labels
Average of Adj. Default Sprea Average of Country Risk Premi
Africa
4.24%
6.35%
Asia
2.43%
3.65%
Australia & New Zealand
1.50%
2.25%
Caribbean
3.49%
5.23%
Central and South Americ
3.66%
5.50%
Eastern Europe & Russia
2.93%
4.39%
Middle East
1.61%
2.42%
North America
0.00%
0.00%
Western Europe
1.29%
1.93%
Grand Total
2.74%
4.12%

Average of Total Risk Premiu Average of Corporate Tax Rate

12.35%
28.18%
9.65%
22.74%
8.25%
28.33%
11.23%
20.56%
11.50%
27.04%
10.39%
16.35%
8.42%
10.77%
6.00%
26.50%
7.93%
20.34%
10.12%
21.55%

Country
GDP (in billions)
Angola
138.4
Botswana
15.8
Burkina Faso
12.5
Cameroon
32.1
Cape Verde
1.9
Congo (Democratic Repu
33.1
Congo (Republic of)
14.2
Cte d'Ivoire
34.2
Egypt
286.5
Ethiopia
55.6
Gabon
18.2
Ghana
38.6
Kenya
60.9
Morocco
110
Mozambique
15.9
Namibia
13
Nigeria
568.5
Rwanda
7.9
Senegal
15.7
South Africa
350.6
Tunisia
48.6
Uganda
27
Zambia
27.1
Africa
1926.3
Bangladesh
172.9
Cambodia
16.8
China
10354.8
Fiji
4.5
Hong Kong
290.1
India
2048.5
Indonesia
888.5
Japan
4601.5
Korea
1410.4
Macao
55.5
Malaysia
338.1
Mauritius
12.6
Mongolia
12
Pakistan
243.6
Papua New Guinea
16.9

Moody's rating
Ba2
A2
B3
B2
B2
B3
Ba3
Ba3
B3
B1
Ba3
B3
B1
Ba1
B2
Baa3
Ba3
B1
B1
Baa2
Ba3
B1
B2
Ba3
B2
Aa3
B1
Aa1
Baa3
Baa3
A1
Aa2
Aa2
A3
Baa1
B2
B3
B1

Adj. Default Spread

3.33%
0.94%
7.21%
6.10%
6.10%
7.21%
3.99%
3.99%
7.21%
4.99%
3.99%
7.21%
4.99%
2.77%
6.10%
2.44%
3.99%
4.99%
4.99%
2.11%
3.99%
4.99%
6.10%
4.29%
3.99%
6.10%
0.67%
4.99%
0.44%
2.44%
2.44%
0.78%
0.55%
0.55%
1.33%
1.77%
6.10%
7.21%
4.99%

Philippines
Singapore
Sri Lanka
Taiwan
Thailand
Vietnam
Asia
Australia
Cook Islands
New Zealand
Australia & New Zea
Aruba
Bahamas
Barbados
Bermuda
Cayman Islands
Cuba
Curacao
Dominican Republic
Jamaica
Montserrat
St. Maarten
St. Vincent & the Gren
Trinidad and Tobago
Caribbean
Argentina
Belize
Bolivia
Brazil
Chile
Colombia
Costa Rica
Ecuador
El Salvador
Guatemala
Honduras
Mexico
Nicaragua
Panama
Paraguay

284.8
307.9
78.8
970.9
404.8
186.2
22700.1
1454.7
1.2
166.1
1622
2.6
8.5
4.4
5.557
3.2
77.2
1
64.1
13.9
1.5
1.5
0.713
28.9
213.07
537.8
1.7
33
2346.1
258.1
377.7
49.6
100.9
25.2
58.8
19.4
1294.7
11.8
46.2
30.9

Baa2
Aaa
B1
Aa3
Baa1
B1
Aaa
B1
Aaa
Baa1
Baa2
B3
A1
Aa3
Caa2
A3
B1
Caa2
Baa3
Baa1
B3
Baa2
Caa1
Caa2
Ba3
Baa3
Aa3
Baa2
Ba1
B3
Ba3
Ba1
B3
A3
B2
Baa2
Ba1

2.11%
0.00%
4.99%
0.67%
1.77%
4.99%
1.11%
0.00%
4.99%
0.00%
0.00%
1.77%
2.11%
7.21%
0.78%
0.67%
9.98%
1.33%
4.99%
9.98%
2.44%
1.77%
7.21%
2.11%
6.40%
8.31%
9.98%
3.99%
2.44%
0.67%
2.11%
2.77%
7.21%
3.99%
2.77%
7.21%
1.33%
6.10%
2.11%
2.77%

Peru
Suriname
Uruguay
Venezuela
Central and South A
Albania
Armenia
Azerbaijan
Belarus
Bosnia and Herzegovin
Bulgaria
Croatia
Czech Republic
Estonia
Georgia
Hungary
Kazakhstan
Latvia
Lithuania
Macedonia
Moldova
Montenegro
Poland
Romania
Russia
Serbia
Slovakia
Slovenia
Ukraine
Eastern Europe & Ru
Abu Dhabi
Bahrain
Israel
Jordan
Kuwait
Lebanon
Oman
Qatar
Ras Al Khaimah (Emirat
Saudi Arabia

202.6
5.2
57.5
381.3
5838.5
13.2
11.6
75.2
76.1
18.3
56.7
57.1
205.3
26.5
16.5
138.4
217.9
31.3
48.4
11.3
8
4.6
545
199
1860.6
43.9
100.3
49.5
131.8
3946.5
390
33.9
305.7
35.8
163.6
45.7
81.8
210.1
5.2
746.3

A3
Ba3
Baa2
Caa3
B1
Ba3
Baa3
Caa1
B3
Baa2
Ba1
A1
A1
Ba3
Ba1
Baa2
A3
A3
Ba3
B3
Ba3
A2
Baa3
Ba1
B1
A2
Baa3
Caa3
Aa2
Baa3
A1
B1
Aa2
B2
A1
Aa2
A2
Aa3

1.33%
3.99%
2.11%
11.08%
3.29%
4.99%
3.99%
2.44%
8.31%
7.21%
2.11%
2.77%
0.78%
0.78%
3.99%
2.77%
2.11%
1.33%
1.33%
3.99%
7.21%
3.99%
0.94%
2.44%
2.77%
4.99%
0.94%
2.44%
11.08%
2.71%
0.55%
2.44%
0.78%
4.99%
0.55%
6.10%
0.78%
0.55%
0.94%
0.67%

Sharjah
United Arab Emirates
Middle East
Canada
United States of Ameri
North America
Andorra (Principality of)
Austria
Belgium
Cyprus
Denmark
Finland
France
Germany
Greece
Guernsey (States of)
Iceland
Ireland
Isle of Man
Italy
Jersey (States of)
Liechtenstein
Luxembourg
Malta
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
Turkey
United Kingdom
Western Europe
Region
Africa
Asia
Australia & New Zealand
Caribbean
Central and South America
Eastern Europe & Russia
Middle East

1
399.5
2418.6
1785.4
17419
19204.4
3.25
436.9
531.2
23.2
342.4
272.2
2829.2
3868.3
235.6
0.5
17
250.8
1.4
2141.2
1
10.5
64.9
9.6
879.3
499.8
230.1
1381.3
571.1
701
798.4
2988.9
19089.05
Weighted Average: TRP
11.97%
7.54%
6.01%
14.92%
10.58%
9.78%
7.15%

A3
Aa2
Aaa
Aaa
Baa3
Aaa
Aa3
B1
Aaa
Aaa
Aa2
Aaa
Caa3
Aa1
Baa2
Baa1
Aa1
Baa2
Aa1
Aaa
Aaa
A3
Aaa
Aaa
Ba1
Baa2
Aaa
Aaa
Baa3
Aa1

1.33%
0.55%
0.82%
0.00%
0.00%
0.00%
2.44%
0.00%
0.67%
4.99%
0.00%
0.00%
0.55%
0.00%
11.08%
0.44%
2.11%
1.77%
0.44%
2.11%
0.44%
0.00%
0.00%
1.33%
0.00%
0.00%
2.77%
2.11%
0.00%
0.00%
2.44%
0.44%
0.86%

Weighted Average: CRP

Weighted Average: Default Spreads
5.97%
4.29%
1.54%
1.11%
0.01%
0.00%
8.92%
6.40%
4.58%
3.29%
3.78%
2.71%
1.15%
0.82%

North America
Western Europe
Global

6.00%
7.20%
7.50%

0.00%
1.20%
1.50%

For updating industry average spreadsheets

ERP
Default Spread
Africa & Mid East
9.29%
2.36%
Australia, NZ & Canada
5.81%
0.00%
Latin America & Caribbean
10.73%
3.32%
Japan
7.09%
0.78%
US
6.00%
0.00%
Europe
7.20%
0.86%
Emerging Markets
8.71%
1.97%
Small Asia (No India, China & J
8.35%
1.73%
India
9.05%
2.20%
China
6.93%
0.60%
Global
7.50%
1.08%

0.00%
0.86%
1.08%

Tax rate
27.85%
30%
27.15%
35.64%
40%
30%
25%
20%
34%
25%
30%

Total Risk PremiumCountry Risk Premium Corporate Tax Rate

10.64%
4.64%
30.00%
7.31%
1.31%
22.00%
16.05%
10.05%
27.92%
14.50%
8.50%
33.00%
14.50%
8.50%
27.92%
16.05%
10.05%
27.92%
11.56%
5.56%
27.92%
11.56%
5.56%
27.92%
16.05%
10.05%
22.50%
12.95%
6.95%
27.92%
11.56%
5.56%
27.92%
16.05%
10.05%
25.00%
12.95%
6.95%
30.00%
9.86%
3.86%
30.00%
14.50%
8.50%
32.00%
9.40%
3.40%
33.00%
11.56%
5.56%
30.00%
12.95%
6.95%
27.92%
12.95%
6.95%
27.92%
8.94%
2.94%
28.00%
11.56%
5.56%
25.00%
12.95%
6.95%
30.00%
14.50%
8.50%
35.00%
11.97%
5.97%
28.18%
11.56%
5.56%
27.50%
14.50%
8.50%
0.00%
6.93%
0.93%
25.00%
12.95%
6.95%
20.00%
6.61%
0.61%
16.50%
9.40%
3.40%
34.61%
9.40%
3.40%
25.00%
7.09%
1.09%
33.06%
6.77%
0.77%
24.20%
6.77%
0.77%
12.00%
7.85%
1.85%
25.00%
8.47%
2.47%
15.00%
14.50%
8.50%
21.96%
16.05%
10.05%
33.00%
12.95%
6.95%
30.00%

8.94%
6.00%
12.95%
6.93%
8.47%
12.95%
7.54%
6.00%
12.95%
6.00%
6.01%
8.47%
8.94%
16.05%
7.09%
6.93%
19.91%
7.85%
12.95%
19.91%
9.40%
8.47%
16.05%
8.94%
14.92%
17.58%
19.91%
11.56%
9.40%
6.93%
8.94%
9.86%
16.05%
11.56%
9.86%
16.05%
7.85%
14.50%
8.94%
9.86%

2.94%
0.00%
6.95%
0.93%
2.47%
6.95%
1.54%
0.00%
6.95%
0.00%
0.01%
2.47%
2.94%
10.05%
1.09%
0.93%
13.91%
1.85%
6.95%
13.91%
3.40%
2.47%
10.05%
2.94%
8.92%
11.58%
13.91%
5.56%
3.40%
0.93%
2.94%
3.86%
10.05%
5.56%
3.86%
10.05%
1.85%
8.50%
2.94%
3.86%

30.00%
17.00%
28.00%
17.00%
20.00%
22.00%
26.90%
30.00%
27.00%
28.00%
29.79%
28.00%
0.00%
25.00%
0.00%
27.92%
27.35%
25.00%
27.00%
25.00%
27.35%
24.50%
26.85%
25.00%
24.90%
35.00%
26.85%
25.00%
34.00%
22.50%
25.00%
30.00%
22.00%
30.00%
25.00%
30.00%
30.00%
26.85%
25.00%
10.00%

7.85%
11.56%
8.94%
21.44%
10.58%
12.95%
11.56%
9.40%
17.58%
16.05%
8.94%
9.86%
7.09%
7.09%
11.56%
9.86%
8.94%
7.85%
7.85%
11.56%
16.05%
11.56%
7.31%
9.40%
9.86%
12.95%
7.31%
9.40%
21.44%
9.78%
6.77%
9.40%
7.09%
12.95%
6.77%
14.50%
7.09%
6.77%
7.31%
6.93%

1.85%
5.56%
2.94%
15.44%
4.58%
6.95%
5.56%
3.40%
11.58%
10.05%
2.94%
3.86%
1.09%
1.09%
5.56%
3.86%
2.94%
1.85%
1.85%
5.56%
10.05%
5.56%
1.31%
3.40%
3.86%
6.95%
1.31%
3.40%
15.44%
3.78%
0.77%
3.40%
1.09%
6.95%
0.77%
8.50%
1.09%
0.77%
1.31%
0.93%

28.00%
34.50%
25.00%
34.00%
31.19%
15.00%
20.00%
20.12%
18.00%
10.00%
10.00%
20.00%
19.00%
20.00%
15.00%
19.00%
20.00%
15.00%
15.00%
10.00%
12.00%
9.00%
19.00%
16.00%
20.00%
15.00%
22.00%
17.00%
18.00%
19.04%
55.00%
0.00%
26.50%
20.00%
15.00%
15.00%
12.00%
10.00%
0.00%
20.00%

7.85%
6.77%
7.15%
6.00%
6.00%
6.00%
9.40%
6.00%
6.93%
12.95%
6.00%
6.00%
6.77%
6.00%
21.44%
6.61%
8.94%
8.47%
6.61%
8.94%
6.61%
6.00%
6.00%
7.85%
6.00%
6.00%
9.86%
8.94%
6.00%
6.00%
9.40%
6.61%
7.20%

1.85%
0.77%
1.15%
0.00%
0.00%
0.00%
3.40%
0.00%
0.93%
6.95%
0.00%
0.00%
0.77%
0.00%
15.44%
0.61%
2.94%
2.47%
0.61%
2.94%
0.61%
0.00%
0.00%
1.85%
0.00%
0.00%
3.86%
2.94%
0.00%
0.00%
3.40%
0.61%
1.20%

0.00%
55.00%
30.34%
26.50%
40.00%
38.74%
0.00%
25.00%
33.99%
12.50%
23.50%
20.00%
33.33%
29.65%
29.00%
0.00%
20.00%
12.50%
0.00%
31.40%
0.00%
12.50%
29.22%
35.00%
25.00%
27.00%
21.00%
28.00%
22.00%
17.92%
20.00%
20.00%
26.80%

Tax Rate
28.18%
26.90%
29.79%
24.90%
31.19%
19.04%
30.34%

Total GDP
1926.3
22700.1
1622
213.07
5838.5
3946.5
2418.6

Weight
2.50%
29.50%
2.11%
0.28%
7.59%
5.13%
3.14%

38.74%
26.80%
29.95%

19204.4
19089.05
76958.52

24.95%
24.80%

Region
Africa
Africa
Africa
Africa
Africa
Africa
Africa
Africa
Africa
Africa
Africa
Africa
Africa
Africa
Africa
Africa
Africa
Africa
Africa
Africa
Africa
Africa
Africa
Asia
Asia
Asia
Asia
Asia
Asia
Asia
Asia
Asia
Asia
Asia
Asia
Asia
Asia
Asia

GDP Weight
7.18%
0.82%
0.65%
1.67%
0.10%
1.72%
0.74%
1.78%
14.87%
2.89%
0.94%
2.00%
3.16%
5.71%
0.83%
0.67%
29.51%
0.41%
0.82%
18.20%
2.52%
1.40%
1.41%
100.00%
0.76%
0.07%
45.62%
0.02%
1.28%
9.02%
3.91%
20.27%
6.21%
0.24%
1.49%
0.06%
0.05%
1.07%
0.07%

Weigth*Default Spread
0.24%
0.01%
0.05%
0.10%
0.01%
0.12%
0.03%
0.07%
1.07%
0.14%
0.04%
0.14%
0.16%
0.16%
0.05%
0.02%
1.18%
0.02%
0.04%
0.38%
0.10%
0.07%
0.09%
0.03%
0.00%
0.31%
0.00%
0.01%
0.22%
0.10%
0.16%
0.03%
0.00%
0.02%
0.00%
0.00%
0.08%
0.00%

Asia
Asia
Asia
Asia
Asia
Asia
Australia & New Zea
Australia & New Zea
Australia & New Zea
Caribbean
Caribbean
Caribbean
Caribbean
Caribbean
Caribbean
Caribbean
Caribbean
Caribbean
Caribbean
Caribbean
Caribbean
Caribbean
Central
Central
Central
Central
Central
Central
Central
Central
Central
Central
Central
Central
Central
Central
Central

and
and
and
and
and
and
and
and
and
and
and
and
and
and
and

South
South
South
South
South
South
South
South
South
South
South
South
South
South
South

A
A
A
A
A
A
A
A
A
A
A
A
A
A
A

1.25%
1.36%
0.35%
4.28%
1.78%
0.82%
100.00%
89.69%
0.07%
10.24%

0.03%
0.00%
0.02%
0.03%
0.03%
0.04%

1.22%
3.99%
2.07%
2.61%
1.50%
36.23%
0.47%
30.08%
6.52%
0.70%
0.70%
0.33%
13.56%

0.02%
0.08%
0.15%
0.02%
0.01%
3.62%
0.01%
1.50%
0.65%
0.02%
0.01%
0.02%
0.29%

9.21%
0.03%
0.57%
40.18%
4.42%
6.47%
0.85%
1.73%
0.43%
1.01%
0.33%
22.18%
0.20%
0.79%
0.53%

0.77%
0.00%
0.02%
0.98%
0.03%
0.14%
0.02%
0.12%
0.02%
0.03%
0.02%
0.29%
0.01%
0.02%
0.01%

0.00%
0.00%
0.00%

Central
Central
Central
Central

and
and
and
and

Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern
Eastern

Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe

Middle
Middle
Middle
Middle
Middle
Middle
Middle
Middle
Middle
Middle

East
East
East
East
East
East
East
East
East
East

South
South
South
South
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&

A
A
A
A

Ru
Ru
Ru
Ru
Ru
Ru
Ru
Ru
Ru
Ru
Ru
Ru
Ru
Ru
Ru
Ru
Ru
Ru
Ru
Ru
Ru
Ru
Ru
Ru

3.47%
0.09%
0.98%
6.53%
100.00%
0.33%
0.29%
1.91%
1.93%
0.46%
1.44%
1.45%
5.20%
0.67%
0.42%
3.51%
5.52%
0.79%
1.23%
0.29%
0.20%
0.12%
13.81%
5.04%
47.15%
1.11%
2.54%
1.25%
3.34%
100.00%
16.13%
1.40%
12.64%
1.48%
6.76%
1.89%
3.38%
8.69%
0.22%
30.86%

0.05%
0.00%
0.02%
0.72%
0.02%
0.01%
0.05%
0.16%
0.03%
0.03%
0.04%
0.04%
0.01%
0.02%
0.10%
0.12%
0.01%
0.02%
0.01%
0.01%
0.00%
0.13%
0.12%
1.31%
0.06%
0.02%
0.03%
0.37%
0.09%
0.03%
0.10%
0.07%
0.04%
0.12%
0.03%
0.05%
0.00%
0.21%

Middle East
Middle East
North America
North America
Western
Western
Western
Western
Western
Western
Western
Western
Western
Western
Western
Western
Western
Western
Western
Western
Western
Western
Western
Western
Western
Western
Western
Western
Western
Western

Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe
Europe

Weight *ERP

0.04%
16.52%
100.00%
9.30%
90.70%

0.00%
0.09%

0.02%
2.29%
2.78%
0.12%
1.79%
1.43%
14.82%
20.26%
1.23%
0.00%
0.09%
1.31%
0.01%
11.22%
0.01%
0.06%
0.34%
0.05%
4.61%
2.62%
1.21%
7.24%
2.99%
3.67%
4.18%
15.66%
100.00%

0.00%
0.00%
0.02%
0.01%
0.00%
0.00%
0.08%
0.00%
0.14%
0.00%
0.00%
0.02%
0.00%
0.24%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.03%
0.15%
0.00%
0.00%
0.10%
0.07%

Weight*CRP
0.30%
2.22%
0.13%
0.04%
0.80%
0.50%
0.22%

0.15%
0.45%
0.00%
0.02%
0.35%
0.19%
0.04%

0.00%
0.00%

Weight*Default Spread
0.11%
0.33%
0.00%
0.02%
0.25%
0.14%
0.03%

1.50%
1.79%

0.00%
0.30%

0.00%
0.21%

Weight*ERP

Weight*CRP
0.76%
0.06%
0.10%
0.24%
0.01%
0.28%
0.09%
0.21%
2.39%
0.37%
0.11%
0.32%
0.41%
0.56%
0.12%
0.06%
3.41%
0.05%
0.11%
1.63%
0.29%
0.18%
0.20%

0.33%
0.01%
0.07%
0.14%
0.01%
0.17%
0.04%
0.10%
1.49%
0.20%
0.05%
0.20%
0.22%
0.22%
0.07%
0.02%
1.64%
0.03%
0.06%
0.54%
0.14%
0.10%
0.12%

Weight * Tax Rate

2.16%
0.18%
0.18%
0.55%
0.03%
0.48%
0.21%
0.50%
3.35%
0.81%
0.26%
0.50%
0.95%
1.71%
0.26%
0.22%
8.85%
0.11%
0.23%
5.10%
0.63%
0.42%
0.49%

0.09%
0.01%
3.16%
0.00%
0.08%
0.85%
0.37%
1.44%
0.42%
0.02%
0.12%
0.00%
0.01%
0.17%
0.01%

0.04%
0.01%
0.43%
0.00%
0.01%
0.31%
0.13%
0.22%
0.05%
0.00%
0.03%
0.00%
0.00%
0.11%
0.01%

0.21%
0.00%
11.40%
0.00%
0.21%
3.12%
0.98%
6.70%
1.50%
0.03%
0.37%
0.01%
0.01%
0.35%
0.02%

0.11%
0.08%
0.04%
0.30%
0.15%
0.11%

0.04%
0.00%
0.02%
0.04%
0.04%
0.06%

0.38%
0.23%
0.10%
0.73%
0.36%
0.18%

5.38%
0.01%
0.61%

0.00%
0.01%
0.00%

26.91%
0.02%
2.87%

0.10%
0.36%
0.33%
0.18%
0.10%
7.21%
0.04%
3.90%
1.30%
0.07%
0.06%
0.05%
1.21%

0.03%
0.12%
0.21%
0.03%
0.01%
5.04%
0.01%
2.09%
0.91%
0.02%
0.02%
0.03%
0.40%
8.92%
1.07%
0.00%
0.03%
1.37%
0.04%
0.19%
0.03%
0.17%
0.02%
0.04%
0.03%
0.41%
0.02%
0.02%
0.02%

0.34%
0.00%
0.52%
0.00%
0.42%
9.91%
0.12%
8.12%
1.63%
0.19%
0.17%
0.09%
3.39%

1.62%
0.01%
0.07%
3.78%
0.31%
0.58%
0.08%
0.28%
0.05%
0.10%
0.05%
1.74%
0.03%
0.07%
0.05%

3.22%
0.01%
0.14%
13.66%
0.99%
1.62%
0.25%
0.38%
0.13%
0.25%
0.10%
6.65%
0.05%
0.20%
0.05%

0.27%
0.01%
0.09%
1.40%

0.06%
0.00%
0.03%
1.01%

0.97%
0.03%
0.25%
2.22%

0.04%
0.03%
0.18%
0.34%
0.07%
0.13%
0.14%
0.37%
0.05%
0.05%
0.35%
0.49%
0.06%
0.10%
0.03%
0.03%
0.01%
1.01%
0.47%
4.65%
0.14%
0.19%
0.12%
0.72%

0.02%
0.02%
0.06%
0.22%
0.05%
0.04%
0.06%
0.06%
0.01%
0.02%
0.14%
0.16%
0.01%
0.02%
0.02%
0.02%
0.01%
0.18%
0.17%
1.82%
0.08%
0.03%
0.04%
0.52%

0.05%
0.06%
0.38%
0.35%
0.05%
0.14%
0.29%
0.99%
0.13%
0.06%
0.67%
1.10%
0.12%
0.18%
0.03%
0.02%
0.01%
2.62%
0.81%
9.43%
0.17%
0.56%
0.21%
0.60%

1.09%
0.13%
0.90%
0.19%
0.46%
0.27%
0.24%
0.59%
0.02%
2.14%

0.12%
0.05%
0.14%
0.10%
0.05%
0.16%
0.04%
0.07%
0.00%
0.29%

8.87%
0.00%
3.35%
0.30%
1.01%
0.28%
0.41%
0.87%
0.00%
6.17%

0.00%
1.12%

0.00%
0.13%

0.00%
9.08%

0.56%
5.44%

0.00%
0.00%

2.46%
36.28%

0.00%
0.14%
0.19%
0.02%
0.11%
0.09%
1.00%
1.22%
0.26%
0.00%
0.01%
0.11%
0.00%
1.00%
0.00%
0.00%
0.02%
0.00%
0.28%
0.16%
0.12%
0.65%
0.18%
0.22%
0.39%
1.04%

0.00%
0.00%
0.03%
0.01%
0.00%
0.00%
0.11%
0.00%
0.19%
0.00%
0.00%
0.03%
0.00%
0.33%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.05%
0.21%
0.00%
0.00%
0.14%
0.10%

0.00%
0.57%
0.95%
0.02%
0.42%
0.29%
4.94%
6.01%
0.36%
0.00%
0.02%
0.16%
0.00%
3.52%
0.00%
0.01%
0.10%
0.02%
1.15%
0.71%
0.25%
2.03%
0.66%
0.66%
0.84%
3.13%

Weight* Tax Rate

0.71%
7.94%
0.63%
0.07%
2.37%
0.98%
0.95%

9.67%
6.65%

Country
AbuDhabi
Albania
Andorra(Principalityof)
Angola
Argentina
Armenia
Aruba
Australia
Austria
Azerbaijan
Bahamas
Bahrain
Bangladesh
Barbados
Belarus
Belgium
Belize
Bermuda
Bolivia
BosniaandHerzegovina
Botswana
Brazil
Bulgaria
BurkinaFaso
Cambodia
Cameroon
Canada
CaymanIslands
CapeVerde
Chile
China
Colombia
Congo(DemocraticRepubli
Congo(Republicof)
CookIslands
CostaRica
Cted'Ivoire
Croatia
Cuba

GDP(inbillions)
390
13.2
3.25
138.4
537.8
11.6
2.6
1454.7
436.9
75.2
8.5
33.9
172.9
4.4
76.1
531.2
1.7
5.557
33
18.3
15.8
2346.1
56.7
12.5
16.8
32.1
1785.4
3.2
1.9
258.1
10354.8
377.7
33.1
14.2
1.2
49.6
34.2
57.1
77.2

Moody'srating
Aa2
B1
Baa3
Ba2
Caa1
Ba3
Baa1
Aaa
Aaa
Baa3
Baa2
Baa3
Ba3
B3
Caa1
Aa3
Caa2
A1
Ba3
B3
A2
Baa3
Baa2
B3
B2
B2
Aaa
Aa3
B2
Aa3
Aa3
Baa2
B3
Ba3
B1
Ba1
Ba3
Ba1
Caa2

Adj.DefaultSpread
0.55%
4.99%
2.44%
3.33%
8.31%
3.99%
1.77%
0.00%
0.00%
2.44%
2.11%
2.44%
3.99%
7.21%
8.31%
0.67%
9.98%
0.78%
3.99%
7.21%
0.94%
2.44%
2.11%
7.21%
6.10%
6.10%
0.00%
0.67%
6.10%
0.67%
0.67%
2.11%
7.21%
3.99%
4.99%
2.77%
3.99%
2.77%
9.98%

Curacao
Cyprus
CzechRepublic
Denmark
DominicanRepublic
Ecuador
Egypt
ElSalvador
Estonia
Ethiopia
Fiji
Finland
France
Gabon
Georgia
Germany
Ghana
Greece
Guatemala
Guernsey(Statesof)
Honduras
HongKong
Hungary
Iceland
India
Indonesia
Ireland
IsleofMan
Israel
Italy
Jamaica
Japan
Jersey(Statesof)
Jordan
Kazakhstan
Kenya
Korea
Kuwait
Latvia
Lebanon

1
23.2
205.3
342.4
64.1
100.9
286.5
25.2
26.5
55.6
4.5
272.2
2829.2
18.2
16.5
3868.3
38.6
235.6
58.8
0.5
19.4
290.1
138.4
17
2048.5
888.5
250.8
1.4
305.7
2141.2
13.9
4601.5
1
35.8
217.9
60.9
1410.4
163.6
31.3
45.7

A3
B1
A1
Aaa
B1
B3
B3
Ba3
A1
B1
B1
Aaa
Aa2
Ba3
Ba3
Aaa
B3
Caa3
Ba1
Aa1
B3
Aa1
Ba1
Baa2
Baa3
Baa3
Baa1
Aa1
A1
Baa2
Caa2
A1
Aa1
B1
Baa2
B1
Aa2
Aa2
A3
B2

1.33%
4.99%
0.78%
0.00%
4.99%
7.21%
7.21%
3.99%
0.78%
4.99%
4.99%
0.00%
0.55%
3.99%
3.99%
0.00%
7.21%
11.08%
2.77%
0.44%
7.21%
0.44%
2.77%
2.11%
2.44%
2.44%
1.77%
0.44%
0.78%
2.11%
9.98%
0.78%
0.44%
4.99%
2.11%
4.99%
0.55%
0.55%
1.33%
6.10%

Liechtenstein
Lithuania
Luxembourg
Macao
Macedonia
Malaysia
Malta
Mauritius
Mexico
Moldova
Mongolia
Montenegro
Montserrat
Morocco
Mozambique
Namibia
Netherlands
NewZealand
Nicaragua
Nigeria
Norway
Oman
Pakistan
Panama
PapuaNewGuinea
Paraguay
Peru
Philippines
Poland
Portugal
Qatar
RasAlKhaimah(Emirateo
Romania
Russia
Rwanda
SaudiArabia
Senegal
Serbia
Sharjah
Singapore

10.5
48.4
64.9
55.5
11.3
338.1
9.6
12.6
1294.7
8
12
4.6
1.5
110
15.9
13
879.3
166.1
11.8
568.5
499.8
81.8
243.6
46.2
16.9
30.9
202.6
284.8
545
230.1
210.1
5.2
199
1860.6
7.9
746.3
15.7
43.9
1
307.9

Aaa
A3
Aaa
Aa2
Ba3
A3
A3
Baa1
A3
B3
B2
Ba3
Baa3
Ba1
B2
Baa3
Aaa
Aaa
B2
Ba3
Aaa
A1
B3
Baa2
B1
Ba1
A3
Baa2
A2
Ba1
Aa2
A2
Baa3
Ba1
B1
Aa3
B1
B1
A3
Aaa

0.00%
1.33%
0.00%
0.55%
3.99%
1.33%
1.33%
1.77%
1.33%
7.21%
6.10%
3.99%
2.44%
2.77%
6.10%
2.44%
0.00%
0.00%
6.10%
3.99%
0.00%
0.78%
7.21%
2.11%
4.99%
2.77%
1.33%
2.11%
0.94%
2.77%
0.55%
0.94%
2.44%
2.77%
4.99%
0.67%
4.99%
4.99%
1.33%
0.00%

Slovakia
Slovenia
SouthAfrica
Spain
SriLanka
St.Maarten
St.Vincent&theGrenadin
Suriname
Sweden
Switzerland
Taiwan
Thailand
TrinidadandTobago
Tunisia
Turkey
TurksandCaicosIslands
Uganda
Ukraine
UnitedArabEmirates
UnitedKingdom
UnitedStatesofAmerica
Uruguay
Venezuela
Vietnam
Zambia

100.3
49.5
350.6
1381.3
78.8
1.5
0.713
5.2
571.1
701
970.9
404.8
28.9
48.6
798.4
1.5
27
131.8
399.5
2988.9
17419
57.5
381.3
186.2
27.1

A2
Baa3
Baa2
Baa2
B1
Baa1
B3
Ba3
Aaa
Aaa
Aa3
Baa1
Baa2
Ba3
Baa3
Baa1
B1
Caa3
Aa2
Aa1
Aaa
Baa2
Caa3
B1
B2

0.94%
2.44%
2.11%
2.11%
4.99%
1.77%
7.21%
3.99%
0.00%
0.00%
0.67%
1.77%
2.11%
3.99%
2.44%
1.77%
4.99%
11.08%
0.55%
0.44%
0.00%
2.11%
11.08%
4.99%
6.10%

TotalRiskPremium CountryRiskPremium
6.77%
0.77%
12.95%
6.95%
9.40%
3.40%
10.64%
4.64%
17.58%
11.58%
11.56%
5.56%
8.47%
2.47%
6.00%
0.00%
6.00%
0.00%
9.40%
3.40%
8.94%
2.94%
9.40%
3.40%
11.56%
5.56%
16.05%
10.05%
17.58%
11.58%
6.93%
0.93%
19.91%
13.91%
7.09%
1.09%
11.56%
5.56%
16.05%
10.05%
7.31%
1.31%
9.40%
3.40%
8.94%
2.94%
16.05%
10.05%
14.50%
8.50%
14.50%
8.50%
6.00%
0.00%
6.93%
0.93%
14.50%
8.50%
6.93%
0.93%
6.93%
0.93%
8.94%
2.94%
16.05%
10.05%
11.56%
5.56%
12.95%
6.95%
9.86%
3.86%
11.56%
5.56%
9.86%
3.86%
19.91%
13.91%

CorporateTaxRate Region
55.00%
Middle East
15.00%
Eastern Europe & Russia
0.00%
Western Europe
30.00%
Africa
35.00%
Central and South America
20.00%
Eastern Europe & Russia
28.00%
Caribbean
30.00%
Australia & New Zealand
25.00%
Western Europe
20.12%
Eastern Europe & Russia
0.00%
Caribbean
0.00%
Middle East
27.50%
Asia
25.00%
Caribbean
18.00%
Eastern Europe & Russia
33.99%
Western Europe
26.85%
Central and South America
0.00%
Caribbean
25.00%
Central and South America
10.00%
Eastern Europe & Russia
22.00%
Africa
34.00%
Central and South America
10.00%
Eastern Europe & Russia
27.92%
Africa
0.00%
Asia
33.00%
Africa
26.50%
North America
0.00%
Caribbean
27.92%
Africa
22.50%
Central and South America
25.00%
Asia
25.00%
Central and South America
27.92%
Africa
27.92%
Africa
27.00%
Australia & New Zealand
30.00%
Central and South America
27.92%
Africa
20.00%
Eastern Europe & Russia
27.35%
Caribbean

7.85%
12.95%
7.09%
6.00%
12.95%
16.05%
16.05%
11.56%
7.09%
12.95%
12.95%
6.00%
6.77%
11.56%
11.56%
6.00%
16.05%
21.44%
9.86%
6.61%
16.05%
6.61%
9.86%
8.94%
9.40%
9.40%
8.47%
6.61%
7.09%
8.94%
19.91%
7.09%
6.61%
12.95%
8.94%
12.95%
6.77%
6.77%
7.85%
14.50%

1.85%
6.95%
1.09%
0.00%
6.95%
10.05%
10.05%
5.56%
1.09%
6.95%
6.95%
0.00%
0.77%
5.56%
5.56%
0.00%
10.05%
15.44%
3.86%
0.61%
10.05%
0.61%
3.86%
2.94%
3.40%
3.40%
2.47%
0.61%
1.09%
2.94%
13.91%
1.09%
0.61%
6.95%
2.94%
6.95%
0.77%
0.77%
1.85%
8.50%

25.00%
12.50%
19.00%
23.50%
27.00%
22.00%
22.50%
30.00%
20.00%
27.92%
20.00%
20.00%
33.33%
27.92%
15.00%
29.65%
25.00%
29.00%
25.00%
0.00%
30.00%
16.50%
19.00%
20.00%
34.61%
25.00%
12.50%
0.00%
26.50%
31.40%
25.00%
33.06%
0.00%
20.00%
20.00%
30.00%
24.20%
15.00%
15.00%
15.00%

Caribbean
Western Europe
Eastern Europe & Russia
Western Europe
Caribbean
Central and South America
Africa
Central and South America
Eastern Europe & Russia
Africa
Asia
Western Europe
Western Europe
Africa
Eastern Europe & Russia
Western Europe
Africa
Western Europe
Central and South America
Western Europe
Central and South America
Asia
Eastern Europe & Russia
Western Europe
Asia
Asia
Western Europe
Western Europe
Middle East
Western Europe
Caribbean
Asia
Western Europe
Middle East
Eastern Europe & Russia
Africa
Asia
Middle East
Eastern Europe & Russia
Middle East

6.00%
7.85%
6.00%
6.77%
11.56%
7.85%
7.85%
8.47%
7.85%
16.05%
14.50%
11.56%
9.40%
9.86%
14.50%
9.40%
6.00%
6.00%
14.50%
11.56%
6.00%
7.09%
16.05%
8.94%
12.95%
9.86%
7.85%
8.94%
7.31%
9.86%
6.77%
7.31%
9.40%
9.86%
12.95%
6.93%
12.95%
12.95%
7.85%
6.00%

0.00%
1.85%
0.00%
0.77%
5.56%
1.85%
1.85%
2.47%
1.85%
10.05%
8.50%
5.56%
3.40%
3.86%
8.50%
3.40%
0.00%
0.00%
8.50%
5.56%
0.00%
1.09%
10.05%
2.94%
6.95%
3.86%
1.85%
2.94%
1.31%
3.86%
0.77%
1.31%
3.40%
3.86%
6.95%
0.93%
6.95%
6.95%
1.85%
0.00%

12.50%
15.00%
29.22%
12.00%
10.00%
25.00%
35.00%
15.00%
30.00%
12.00%
21.96%
9.00%
27.35%
30.00%
32.00%
33.00%
25.00%
28.00%
26.85%
30.00%
27.00%
12.00%
33.00%
25.00%
30.00%
10.00%
28.00%
30.00%
19.00%
21.00%
10.00%
0.00%
16.00%
20.00%
27.92%
20.00%
27.92%
15.00%
0.00%
17.00%

Western Europe
Eastern Europe & Russia
Western Europe
Asia
Eastern Europe & Russia
Asia
Western Europe
Asia
Central and South America
Eastern Europe & Russia
Asia
Eastern Europe & Russia
Caribbean
Africa
Africa
Africa
Western Europe
Australia & New Zealand
Central and South America
Africa
Western Europe
Middle East
Asia
Central and South America
Asia
Central and South America
Central and South America
Asia
Eastern Europe & Russia
Western Europe
Middle East
Middle East
Eastern Europe & Russia
Eastern Europe & Russia
Africa
Middle East
Africa
Eastern Europe & Russia
Middle East
Asia

7.31%
9.40%
8.94%
8.94%
12.95%
8.47%
16.05%
11.56%
6.00%
6.00%
6.93%
8.47%
8.94%
11.56%
9.40%
8.47%
12.95%
21.44%
6.77%
6.61%
6.00%
8.94%
21.44%
12.95%
14.50%

1.31%
3.40%
2.94%
2.94%
6.95%
2.47%
10.05%
5.56%
0.00%
0.00%
0.93%
2.47%
2.94%
5.56%
3.40%
2.47%
6.95%
15.44%
0.77%
0.61%
0.00%
2.94%
15.44%
6.95%
8.50%

22.00%
17.00%
28.00%
28.00%
28.00%
24.50%
26.85%
34.50%
22.00%
17.92%
17.00%
20.00%
25.00%
25.00%
20.00%
26.85%
30.00%
18.00%
55.00%
20.00%
40.00%
25.00%
34.00%
22.00%
35.00%

Eastern Europe & Russia

Eastern Europe & Russia
Africa
Western Europe
Asia
Caribbean
Caribbean
Central and South America
Western Europe
Western Europe
Asia
Asia
Caribbean
Africa
Western Europe
Caribbean
Africa
Eastern Europe & Russia
Middle East
Western Europe
North America
Central and South America
Central and South America
Asia
Africa

outh America

outh America

outh America

outh America

outh America

outh America

outh America

outh America

outh America

outh America

outh America

outh America

outh America

outh America

outh America

outh America

outh America

outh America

outh America

Country
S&P Rating
Abu Dhabi
AA
Albania
B
Andorra (Principality of)
BBBAngola
B+
Argentina
NA
Armenia
NA
Aruba
BBB+
Australia
AAA
Austria
AA+
Azerbaijan
BBBBahamas
BBBBahrain
BBBBangladesh
BBBarbados
B
Belarus
BBelgium
AA
Belize
BBermuda
A+
Bolivia
BB
Bosnia and Herzegovin
B
Botswana
ABrazil
BB+
Bulgaria
BB+
Burkina Faso
BCambodia
NA
Cameroon
B
Canada
AAA
Cayman Islands
NA
Cape Verde
B
Chile
AAChina
AAColombia
BBB
Congo (Democratic Repu
BCongo (Republic of)
B
Cook Islands
B+
Costa Rica
BB
Cte d'Ivoire
NA
Croatia
BB
Cuba
NA

Moody's rating
Aa2
B1
Baa3
Ba2
Caa1
Ba3
Baa1
Aaa
Aaa
Baa3
Baa2
Baa3
Ba3
B3
Caa1
Aa3
Caa2
A1
Ba3
B3
A2
Baa3
Baa2
B3
B2
B2
Aaa
Aa3
B2
Aa3
Aa3
Baa2
B3
Ba3
B1
Ba1
Ba3
Ba1
Caa2

Curacao
Cyprus
Czech Republic
Denmark
Dominican Republic
Ecuador
Egypt
El Salvador
Estonia
Ethiopia
Fiji
Finland
France
Gabon
Georgia
Germany
Ghana
Greece
Guatemala
Guernsey (States of)
Honduras
Hong Kong
Hungary
Iceland
India
Indonesia
Ireland
Isle of Man
Israel
Italy
Jamaica
Japan
Jersey (States of)
Jordan
Kazakhstan
Kenya
Korea
Kuwait
Latvia
Lebanon

ABBAAAAA
BBB
BB+
AAB
B+
AA+
AA
BBBBAAA
BCCC+
BB
AA+
B+
AAA
BB+
BBB
BBBBB+
A+
NA
A+
BBBB
A+
AA+
BBBBB
B+
AAAA
AB-

A3
B1
A1
Aaa
B1
B3
B3
Ba3
A1
B1
B1
Aaa
Aa2
Ba3
Ba3
Aaa
B3
Caa3
Ba1
Aa1
B3
Aa1
Ba1
Baa2
Baa3
Baa3
Baa1
Aa1
A1
Baa2
Caa2
A1
Aa1
B1
Baa2
B1
Aa2
Aa2
A3
B2

Liechtenstein
Lithuania
Luxembourg
Macao
Macedonia
Malaysia
Malta
Mauritius
Mexico
Moldova
Mongolia
Montenegro
Montserrat
Morocco
Mozambique
Namibia
Netherlands
New Zealand
Nicaragua
Nigeria
Norway
Oman
Pakistan
Panama
Papua New Guinea
Paraguay
Peru
Philippines
Poland
Portugal
Qatar
Ras Al Khaimah (Emirat
Romania
Russia
Rwanda
Saudi Arabia
Senegal
Serbia
Sharjah
Singapore

AAA
AAAA
NA
BBABBB+
NA
BBB+
NA
B
B+
BBBBBBBNA
AAA
AA
NA
B+
AAA
BBB+
BBBB
B+
BB
BBB+
BBB
ABB+
AA
A
BBBBB+
B+
A+
B+
BBA
AAA

Aaa
A3
Aaa
Aa2
Ba3
A3
A3
Baa1
A3
B3
B2
Ba3
Baa3
Ba1
B2
Baa3
Aaa
Aaa
B2
Ba3
Aaa
A1
B3
Baa2
B1
Ba1
A3
Baa2
A2
Ba1
Aa2
A2
Baa3
Ba1
B1
Aa3
B1
B1
A3
Aaa

Slovakia
Slovenia
South Africa
Spain
Sri Lanka
St. Maarten
St. Vincent & the Grena
Suriname
Sweden
Switzerland
Taiwan
Thailand
Trinidad and Tobago
Tunisia
Turkey
Turks and Caicos Island
Uganda
Ukraine
United Arab Emirates
United Kingdom
United States of Americ
Uruguay
Venezuela
Vietnam
Zambia

A+
ABBBBBB+
B+
NA
NA
BBAAA
AAA
AABBB+
A
NA
BB+
BBB+
B
BNA
AAA
AA+
BBB
CCC
BBB

A2
Baa3
Baa2
Baa2
B1
Baa1
B3
Ba3
Aaa
Aaa
Aa3
Baa1
Baa2
Ba3
Baa3
Baa1
B1
Caa3
Aa2
Aa1
Aaa
Baa2
Caa3
B1
B2

GOVERNMENT BOND RATINGS

In local currency
S&P: These are the S&P sovereign local currency ratings
Moody's: These are the Moody's local currency rating

In red: These are countries where S&P has a rating and Moody's does not. The following lookup table is used to estimate the
Moody's equivalent rating for these countries.

S&P
A
AA+
AA
AAAA+
AAA
B
BB+
BB
BBBB+
BBB
BBBBBB+
C
CC+
CC
CCCC+
CCC
CCCCCC+

Moody's
A2
A3
A1
Aa2
Aa3
Aa1
Aaa
B2
B3
B1
Ba2
Ba3
Ba1
Baa2
Baa3
Baa1
C2
C3
C1
Ca2
Ca3
Ca1
Caa2
Caa3
Caa1

ng lookup table is used to estimate the

Country
Region
MiddleEast
Abu Dhabi
Albania
Eastern Europe & Russia
Andorra
Western Europe
Angola
Africa
Argentina
Central and South America
Armenia
Eastern Europe & Russia
Caribbean
Aruba
Australia
Australia & New Zealand
Austria
WesternEurope
Azerbaijan
EasternEurope&Russia
Bahamas
Caribbean
Bahrain
MiddleEast
Bangladesh
Asia
Barbados
Caribbean
Belarus
EasternEurope&Russia
Belgium
WesternEurope
Belize
CentralandSouthAmerica
Benin
Africa
Bermuda
Caribbean
Bolivia
CentralandSouthAmerica
BosniaandHerzegovina
EasternEurope&Russia
Botswana
Africa
Brazil
CentralandSouthAmerica
Bulgaria
EasternEurope&Russia
Africa
Burkina Faso
Cambodia
Asia
Africa
Cameroon
Canada
NorthAmerica
CapeVerde
Africa
CaymanIslands
Caribbean
Chile
CentralandSouthAmerica
China
Asia
Colombia
CentralandSouthAmerica
Africa
Congo (Democratic Repu
Africa
Congo (Republic of)
Australia&NewZealand
Cook Islands
CostaRica
CentralandSouthAmerica
Africa
Cte d'Ivoire
Croatia
EasternEurope&Russia

Cuba
Caribbean
Caribbean
Curacao
Cyprus
WesternEurope
CzechRepublic
EasternEurope&Russia
Democratic Republic of Africa
Denmark
WesternEurope
DominicanRepublic
Caribbean
Ecuador
CentralandSouthAmerica
Egypt
Africa
ElSalvador
CentralandSouthAmerica
Estonia
EasternEurope&Russia
Africa
Ethiopia
Fiji
Asia
Finland
WesternEurope
France
WesternEurope
Africa
Gabon
Georgia
EasternEurope&Russia
Germany
WesternEurope
Ghana
Africa
Greece
WesternEurope
Guatemala
CentralandSouthAmerica
Guernsey (States of) WesternEurope
Honduras
CentralandSouthAmerica
HongKong
Asia
Hungary
EasternEurope&Russia
Iceland
WesternEurope
India
Asia
Indonesia
Asia
Ireland
WesternEurope
IsleofMan
WesternEurope
Israel
MiddleEast
Italy
WesternEurope
Jamaica
Caribbean
Japan
Asia
WesternEurope
Jersey (States of)
Jordan
MiddleEast
Kazakhstan
EasternEurope&Russia
Kenya
Africa
Korea
Asia
Kuwait
MiddleEast

Latvia
Lebanon
Liechtenstein
Lithuania
Luxembourg
Macao
Macedonia
Malaysia
Malta
Mauritius
Mexico
Moldova
Mongolia
Montenegro
Montserrat
Morocco
Mozambique
Namibia
Netherlands
NewZealand
Nicaragua
Nigeria
Norway
Oman
Pakistan
Panama
PapuaNewGuinea
Paraguay
Peru
Philippines
Poland
Portugal
Qatar
Ras Al Kaminah
Republic of the Congo
Romania
Russia
Rwanda
SaudiArabia
Senegal

EasternEurope&Russia
MiddleEast
WesternEurope
EasternEurope&Russia
WesternEurope
Asia
EasternEurope&Russia
Asia
WesternEurope
Asia
CentralandSouthAmerica
EasternEurope&Russia
Asia
EasternEurope&Russia
Caribbean
Africa
Africa
Africa
WesternEurope
Australia&NewZealand
CentralandSouthAmerica
Africa
WesternEurope
MiddleEast
Asia
CentralandSouthAmerica
Asia
CentralandSouthAmerica
CentralandSouthAmerica
Asia
EasternEurope&Russia
WesternEurope
MiddleEast
MiddleEast
Africa
EasternEurope&Russia
EasternEurope&Russia
Africa
MiddleEast
Africa

EasternEurope&Russia
Serbia
MiddleEast
Sharjah
Singapore
Asia
Slovakia
EasternEurope&Russia
Slovenia
EasternEurope&Russia
SouthAfrica
Africa
Spain
WesternEurope
SriLanka
Asia
Caribbean
St. Maarten
St.Vincent&theGrenadinesCaribbean
Suriname
CentralandSouthAmerica
Sweden
WesternEurope
Switzerland
WesternEurope
Taiwan
Asia
Thailand
Asia
TrinidadandTobago
Caribbean
Tunisia
Africa
Turkey
WesternEurope
Turkmenistan
EasternEurope&Russia
TurksandCaicos
Caribbean
Uganda
Africa
Ukraine
EasternEurope&Russia
UnitedArabEmirates
MiddleEast
UnitedKingdom
WesternEurope
UnitedStatesofAmerica
NorthAmerica
Uruguay
CentralandSouthAmerica
Venezuela
CentralandSouthAmerica
Vietnam
Asia
Zambia
Africa

Row Labels
A
AA+
AA
AAAA+
Aaa
B
BB+
BB
BBBB+
BBB
BBBBBB+
C1
Caa1
CCC
CCC+
Grand Total

Rating
A1
A2
A3
Aa1
Aa2
Aa3
Aaa
B1
B2
B3
Ba1
Ba2

Count of CDS Sprea Average of CDS Spread Average (1/1/ % Change

3
#DIV/0!
0.93%
7
1.60%
1.15%
6
1.17%
1.75%
6
0.92%
0.62%
6
1.17%
0.99%
5
0.45%
1.04%
15
0.46%
0.46%
12
#DIV/0!
2.90%
10
5.35%
4.03%
12
#DIV/0!
4.60%
5
4.11%
2.96%
10
3.32%
#DIV/0!
7
3.20%
3.33%
6
2.24%
1.39%
10
2.57%
2.31%
8
2.05%
2.42%
2
#DIV/0!
#DIV/0!
12
4.58%
#DIV/0!
1
#DIV/0!
#DIV/0!
1
#DIV/0!
#DIV/0!
144
1.98%
1.78%
10.85%

Default Spread (1/1/5)Default Spread (1/1/16) Rounded

78
70
94
85
133
120
44
40
55
50
67
60
0
0
499
450
610
550
721
650
277
250
333
300

Value
78
94
133
44
55
67
0
499
610
721
277
333

Ba3
Baa1
Baa2
Baa3
Ca
Caa1
Caa2
Caa3
NR

360
160
190
220
1200
750
900
1000
NA

399
177
211
244
1330
831
998
1108
NA

399
177
211
244
1330
831
998
1108
NA

Country
Moody's rating
Abu Dhabi
AA
Albania
B
Andorra (Principality of)
BBBAngola
B+
Argentina
Aaa
Armenia
Aaa
Aruba
BBB+
Australia
AAA
Austria
AA+
Azerbaijan
BBBBahamas
BBBBahrain
BBBBangladesh
BBBarbados
B
Belarus
BBelgium
AA
Belize
BBermuda
A+
Bolivia
BB
Bosnia and Herzegovin
B
Botswana
ABrazil
BB+
Bulgaria
BB+
Burkina Faso
BCambodia
C1
Cameroon
B
Canada
AAA
Cayman Islands
C1
Cape Verde
B
Chile
AAChina
AAColombia
BBB
Congo (Democratic Repu
BCongo (Republic of)
B
Cook Islands
B+
Costa Rica
BB
Cte d'Ivoire
Caa1
Croatia
BB
Cuba
Caa1

CDS Spread
1.21%
NA
NA
NA
NA
NA
NA
0.73%
0.51%
NA
NA
3.91%
NA
NA
NA
0.71%
NA
NA
NA
NA
NA
5.58%
2.20%
NA
NA
NA
NA
NA
NA
1.66%
1.62%
3.02%
NA
NA
NA
4.83%
NA
3.39%
NA

Curacao
Cyprus
Czech Republic
Denmark
Dominican Republic
Ecuador
Egypt
El Salvador
Estonia
Ethiopia
Fiji
Finland
France
Gabon
Georgia
Germany
Ghana
Greece
Guatemala
Guernsey (States of)
Honduras
Hong Kong
Hungary
Iceland
India
Indonesia
Ireland
Isle of Man
Israel
Italy
Jamaica
Japan
Jersey (States of)
Jordan
Kazakhstan
Kenya
Korea
Kuwait
Latvia
Lebanon

ABBAAAAA
BBB
BB+
AAB
B+
AA+
AA
BBBBAAA
BCCC+
BB
AA+
B+
AAA
BB+
BBB
BBBBB+
A+
Caa1
A+
BBBB
A+
AA+
BBBBB
B+
AAAA
AB-

NA
3.10%
0.93%
0.39%
NA
NA
5.27%
NA
0.85%
NA
NA
0.46%
0.60%
NA
NA
0.34%
NA
NA
NA
NA
NA
0.78%
2.15%
0.80%
2.11%
3.25%
0.80%
NA
1.26%
1.54%
NA
0.93%
NA
NA
3.30%
NA
0.79%
NA
1.29%
4.87%

Liechtenstein
Lithuania
Luxembourg
Macao
Macedonia
Malaysia
Malta
Mauritius
Mexico
Moldova
Mongolia
Montenegro
Montserrat
Morocco
Mozambique
Namibia
Netherlands
New Zealand
Nicaragua
Nigeria
Norway
Oman
Pakistan
Panama
Papua New Guinea
Paraguay
Peru
Philippines
Poland
Portugal
Qatar
Ras Al Khaimah (Emirat
Romania
Russia
Rwanda
Saudi Arabia
Senegal
Serbia
Sharjah
Singapore

AAA
AAAA
Caa1
BBABBB+
Caa1
BBB+
Caa1
B
B+
BBBBBBBCaa1
AAA
AA
Caa1
B+
AAA
BBB+
BBBB
B+
BB
BBB+
BBB
ABB+
AA
A
BBBBB+
B+
A+
B+
BBA
AAA

NA
1.29%
NA
NA
NA
2.50%
NA
NA
2.30%
NA
NA
NA
NA
2.26%
NA
NA
0.37%
0.77%
NA
NA
0.35%
NA
5.92%
2.33%
NA
NA
2.45%
1.73%
1.22%
2.44%
1.32%
NA
1.74%
3.48%
NA
1.93%
NA
NA
NA
NA

Slovakia
Slovenia
South Africa
Spain
Sri Lanka
St. Maarten
St. Vincent & the Grena
Suriname
Sweden
Switzerland
Taiwan
Thailand
Trinidad and Tobago
Tunisia
Turkey
Turks and Caicos Island
Uganda
Ukraine
United Arab Emirates
United Kingdom
United States of Americ
Uruguay
Venezuela
Vietnam
Zambia

A+
ABBBBBB+
B+
Caa1
Caa1
BBAAA
AAA
AABBB+
A
Caa1
BB+
BBB+
B
BCaa1
AAA
AA+
BBB
CCC
BBB

0.94%
1.68%
3.88%
1.44%
NA
NA
NA
NA
0.35%
0.42%
NA
2.00%
NA
4.58%
3.29%
NA
NA
NA
NA
0.42%
0.39%
NA
NA
3.53%
NA

CDS Spread adj for US Updated: January 1, 2016

0.82%
NA
NA
NA
NA
NA
NA
0.34%
0.12%
NA
NA
3.52%
NA
NA
NA
0.32%
NA
NA
NA
NA
NA
5.19%
1.81%
NA
NA
NA
NA
NA
NA
1.27%
1.23%
2.63%
NA
NA
NA
4.44%
NA
3.00%
NA

NA
2.71%
0.54%
0.00%
NA
NA
4.88%
NA
0.46%
NA
NA
0.07%
0.21%
NA
NA
0.00%
NA
NA
NA
NA
NA
0.39%
1.76%
0.41%
1.72%
2.86%
0.41%
NA
0.87%
1.15%
NA
0.54%
NA
NA
2.91%
NA
0.40%
NA
0.90%
4.48%

NA
0.90%
NA
NA
NA
2.11%
NA
NA
1.91%
NA
NA
NA
NA
1.87%
NA
NA
0.00%
0.38%
NA
NA
0.00%
NA
5.53%
1.94%
NA
NA
2.06%
1.34%
0.83%
2.05%
0.93%
NA
1.35%
3.09%
NA
1.54%
NA
NA
NA
NA

0.55%
1.29%
3.49%
1.05%
NA
NA
NA
NA
0.00%
0.03%
NA
1.61%
NA
4.19%
2.90%
NA
NA
NA
NA
0.03%
0.00%
NA
NA
3.14%
NA

Country
Argentina
Bahrain
Bangladesh
Bosnia
Botswana
Brazil
Bulgaria
Chile
China
Colombia
Costa Rica
Croatia
Cyprus
Czech Republic
Egypt
Estonia
Ghana
Greece
Hungary
Iceland
India
Indonesia
Ireland
Israel
Italy
Jamaica
Jordan
Kazakhastan
Kenya
Korea
Kuwait
Laos
Latvia
Lebanon
Lithuania
Macedonia
Malaysia
Malta
Mauritius

Standard deviation in Equities

Standard deviation in Bond Price
35.50%
7.59%
16.24%
8.99%
4.19%
22.25%
11.97%
15.33%
17.49%
13.91%
6.66%
17.82%
16.00%
6.67%
8.78%
7.42%
36.97%
15.39%
7.26%
25.47%
10.26%
9.09%
40.49%
56.23%
17.21%
10.89%
4.04%
14.09%
3.49%
16.49%
9.45%
16.07%
5.00%
8.33%
5.90%
20.74%
7.40%
10.04%
9.88%
28.17%
10.09%
11.20%
6.59%
10.47%
14.18%
12.11%
5.89%
4.44%
8.54%
13.64%
8.61%
6.91%
5.42%

Mexico
Mongolia
Montenegro
Morocco
Namibia
Nigeria
Oman
Pakistan
Palestine
Panama
Peru
Philippines
Poland
Portugal
Qatar
Romania
Russia
Saudi Arabia
Serbia
Singapore
Slovakia
Slovenia
South Africa
Spain
Sri Lanka
Taiwan
Tanzania
Thailand
Tunisia
Turkey
UAE
Ukraine
US
Venezuela
Vietnam
Average
Median
High
Low

14.81%
20.05%
13.26%
8.26%
15.33%
24.07%
17.68%
15.07%
14.08%
6.18%
16.15%
14.69%
15.08%
21.66%
20.25%
12.29%
21.02%
19.02%
8.58%
9.68%
17.07%
15.26%
13.79%
19.38%
12.40%
10.97%
18.22%
16.87%
8.23%
25.06%
32.50%
27.07%
10.87%
40.04%
16.75%

9.51%

8.51%
30.36%
11.71%
10.18%

40.10%

7.91%
13.06%
7.30%

6.49%
13.17%

36.25%

Relative std deviation

Standard
(stock/bond)
deviationCDS
Coefficient
of CDS
level
Relative
of Variation
std deviation
in CDS (Equity/CDS)
NA

186

6296.3

2.95%

12.05

NA

43.9

299.6

14.65%

0.66

NA

NA

NA

NA

NA

NA

NA

NA

NA

1.86

43

336.5

12.78%

1.87

0.88

42.3

226.3

18.69%

1.01

2.09

42.2

130

32.46%

0.75

NA

40.2

143

28.11%

0.92

2.40

52.8

221.9

23.79%

0.91

NA

32.5

272.9

11.91%

0.86

NA

33.1

3149

1.05%

7.07

NA

86

513.7

16.74%

2.38

2.12

45

867

5.19%

3.02

NA

38.5

3549

1.08%

23.49

NA

43.1

78.4

54.97%

0.74

NA

NA

NA
0.72

165.2

1357.6

12.17%

3.45

NA

42.2

174.9

24.13%

0.95

2.70

34.2

211.9

16.14%

0.84

4.04

23.3

205.2

11.35%

1.35

1.74

43.7

231.6

18.87%

1.06

3.21

65.4

910

7.19%

2.31

1.41

242

109.8

220.40%

2.24

2.80

47.3

149

31.74%

0.97

NA

NA

NA

NA

NA

NA

16.96%

1.83

NA

NA

49.83%

0.72

NA

NA

NA

NA

NA

NA

NA

57.4

338.4

NA
1.70

42.9

86.1

NA

27.3

130.8

20.87%

0.79

1.33

47.8

404.5

11.82%

0.62

NA

28.2

132.1

21.35%

0.61

NA

NA

30.24%

0.59

NA

NA

NA
NA
NA
NA

56.4

186.5

1.56

21.85%

0.90

NA

NA

NA

NA

NA

NA

17.27%

0.65

NA

NA

NA

NA

NA

NA

NA

NA

NA

15.93%

1.11

NA

NA

NA

NA

39.3

36.6

71.4

179.9

211.9

448.2

NA
NA

35.6

186.1

19.13%

0.51

1.90

38.1

190.1

20.04%

1.01

0.48

48.8

146.6

33.29%

0.77

1.29

31.5

101.8

30.94%

0.80

2.13

65.6

180.1

36.42%

0.96

NA

31.9

118.8

26.85%

1.02

NA

32.7

151.3

21.61%

0.78

0.52

90.5

395.7

22.87%

1.15

NA

40.9

112.2

36.45%

0.89

NA

NA

NA

NA

NA

NA

2.16

20.1

86.7

23.18%

0.97

1.17

13.4

163.9

8.18%

1.95

NA

39.9

269.9

14.78%

1.08

2.65

64.9

130

49.92%

0.89

NA

NA

NA

NA

NA

NA

NA

NA

NA

2.60

42.6

159

26.79%

0.90

NA

42.8

319.2

13.41%

0.75

1.90

39.1

263.7

14.83%

1.84

NA

NA

NA
NA

186.7

2803

6.66%

4.13

NA

92.1

32.5

283.38%

2.87

1.10

401.5

3781

10.62%

3.88

NA
1.86
1.88
4.04
0.48

30.6

259

11.81%

1.54
2.11
0.97
23.49
0.51

GDP (in billions)

Country
Abu Dhabi
390
Albania
13.2 SourceWorld Bank
Andorra (Principality of)
2015
3.25 Year
Angola
138.4
Argentina
537.8
Armenia
11.6
Aruba
2.6
Australia
1455
Austria
436.9
Azerbaijan
75.2
Bahamas
8.5
Bahrain
33.9
Bangladesh
172.9
Barbados
4.4
Belarus
76.1
Belgium
531.2
Belize
1.7
Bermuda
5.6
Bolivia
33
Bosnia and Herzegovina
18.3
Botswana
15.8
Brazil
2346
Bulgaria
56.7
Burkina Faso
12.5
Cambodia
16.8
Cameroon
32.1
Canada
1785
Cayman Islands
3.2
Cape Verde
1.9
Chile
258.1
China
10355
Colombia
377.7
Congo (Democratic Republ 33.1
Congo (Republic of)
14.2
Cook Islands
1.2
Costa Rica
49.6
Cte d'Ivoire
34.2
Croatia
57.1
Cuba
77.2

Curacao
Cyprus
Czech Republic
Denmark
Dominican Republic
Ecuador
Egypt
El Salvador
Estonia
Ethiopia
Fiji
Finland
France
Gabon
Georgia
Germany
Ghana
Greece
Guatemala
Guernsey (States of)
Honduras
Hong Kong
Hungary
Iceland
India
Indonesia
Ireland
Isle of Man
Israel
Italy
Jamaica
Japan
Jersey (States of)
Jordan
Kazakhstan
Kenya
Korea
Kuwait
Latvia
Lebanon

1.0
23.2
205.3
342.4
64.1
100.9
286.5
25.2
26.5
55.6
4.5
272.2
2829
18.2
16.5
3868
38.6
235.6
58.8
0.5
19.4
290.1
138.4
17
2049
888.5
250.8
1.4
305.7
2141
13.9
4602
1
35.8
217.9
60.9
1410
163.6
31.3
45.7

Liechtenstein
Lithuania
Luxembourg
Macao
Macedonia
Malaysia
Malta
Mauritius
Mexico
Moldova
Mongolia
Montenegro
Montserrat
Morocco
Mozambique
Namibia
Netherlands
New Zealand
Nicaragua
Nigeria
Norway
Oman
Pakistan
Panama
Papua New Guinea
Paraguay
Peru
Philippines
Poland
Portugal
Qatar
Ras Al Khaimah (Emirate
Romania
Russia
Rwanda
Saudi Arabia
Senegal
Serbia
Sharjah
Singapore

10.5
48.4
64.9
55.5
11.3
338.1
9.6
12.6
1295
8
12
4.6
1.5
110
15.9
13
879.3
166.1
11.8
568.5
499.8
81.8
243.6
46.2
16.9
30.9
202.6
284.8
545
230.1
210.1
5.2
199
1861
7.9
746.3
15.7
43.9
1
307.9

Slovakia
Slovenia
South Africa
Spain
Sri Lanka
St. Maarten
St. Vincent & the Grenad
Suriname
Sweden
Switzerland
Taiwan
Thailand
Trinidad and Tobago
Tunisia
Turkey
Turks and Caicos Islands
Uganda
Ukraine
United Arab Emirates
United Kingdom
United States of America
Uruguay
Venezuela
Vietnam
Zambia

100.3
49.5
350.6
1381
78.8
1.5
0.7
5.2
571.1
701
970.9
404.8
28.9
48.6
798.4
1.5
27
131.8
399.5
2989
17419
57.5
381.3
186.2
27.1

S&P
Rating Moody's Rating
Abu Dhabi
AA
Aa2
Albania
B
B1
Andorra (Principality of)
BBBNA
Angola
B+
Ba2
Argentina
NA
Caa1
Armenia
NA
Ba3
Aruba
BBB+
NA
Australia
AAA
Aaa
Austria
AA+
Aaa
Azerbaijan
BBBBaa3
Bahamas
BBBBaa2
Bahrain
BBBBaa3
Bangladesh
BBBa3
Barbados
B
B3
Belarus
BCaa1
Belgium
AA
Aa3
Belize
BCaa2
Bermuda
A+
A1
Bolivia
BB
Ba3
Bosnia and Herzegovina
B
B3
Botswana
AA2
Brazil
BB+
Baa3
Bulgaria
BB+
Baa2
Burkina Faso
BNA
Cambodia
NA
B2
Cameroon
B
NA
Canada
AAA
Aaa
Cayman Islands
NA
Aa3
Cape Verde
B
NA
Chile
AAAa3
China
AAAa3
Colombia
BBB
Baa2
Congo (Democratic Republ BB3
Congo (Republic of)
B
Ba3
Cook Islands
B+
NA
Costa Rica
BB
Ba1
Country

Cte d'Ivoire
Croatia
Cuba
Curacao
Cyprus
Czech Republic
Denmark
Dominican Republic
Ecuador
Egypt
El Salvador
Estonia
Ethiopia
Fiji
Finland
France
Gabon
Georgia
Germany
Ghana
Greece
Guatemala
Guernsey (States of)
Honduras
Hong Kong
Hungary
Iceland
India
Indonesia
Ireland
Isle of Man
Israel
Italy
Jamaica
Japan
Jersey (States of)
Jordan
Kazakhstan

NA
BB
NA
ABBAAAAA
BBB
BB+
AAB
B+
AA+
AA
BBBBAAA
BCCC+
BB
AA+
B+
AAA
BB+
BBB
BBBBB+
A+
NA
A+
BBBB
A+
AA+
BBBBB

Ba3
Ba1
Caa2
NA
B1
A1
Aaa
B1
B3
B3
Ba3
A1
B1
B1
Aaa
Aa2
Ba3
Ba3
Aaa
B3
Caa3
Ba1
NA
B3
Aa1
Ba1
Baa2
Baa3
Baa3
Baa1
Aa1
A1
Baa2
Caa2
A1
NA
B1
Baa2

Kenya
Korea
Kuwait
Latvia
Lebanon
Liechtenstein
Lithuania
Luxembourg
Macao
Macedonia
Malaysia
Malta
Mauritius
Mexico
Moldova
Mongolia
Montenegro
Montserrat
Morocco
Mozambique
Namibia
Netherlands
New Zealand
Nicaragua
Nigeria
Norway
Oman
Pakistan
Panama
Papua New Guinea
Paraguay
Peru
Philippines
Poland
Portugal
Qatar
Ras Al Khaimah (Emirate
Romania

B+
AAAA
ABAAA
AAAA
NA
BBABBB+
NA
BBB+
NA
B
B+
BBBBBBBNA
AAA
AA
NA
B+
AAA
BBB+
BBBB
B+
BB
BBB+
BBB
ABB+
AA
A
BBB-

B1
Aa2
Aa2
A3
B2
NA
A3
Aaa
Aa2
NA
A3
A3
Baa1
A3
B3
B2
Ba3
NA
Ba1
B2
Baa3
Aaa
Aaa
B2
Ba3
Aaa
A1
B3
Baa2
B1
Ba1
A3
Baa2
A2
Ba1
Aa2
NA
Baa3

Russia
Rwanda
Saudi Arabia
Senegal
Serbia
Sharjah
Singapore
Slovakia
Slovenia
South Africa
Spain
Sri Lanka

BB+
B+
A+
B+
BBA
AAA
A+
ABBBBBB+
B+

Ba1
NA
Aa3
B1
B1
A3
Aaa
A2
Baa3
Baa2
Baa2
B1

St. Maarten
NA
St. Vincent & the Grenadi
NA
Suriname
BBSweden
AAA
Switzerland
AAA
Taiwan
AAThailand
BBB+
Trinidad and Tobago
A
Tunisia
NA
Turkey
BB+
Turks and Caicos Islands
BBB+
Uganda
B
Ukraine
BUnited Arab Emirates
NA
United Kingdom
AAA
United States of America
AA+
Uruguay
BBB
Venezuela
CCC
Vietnam
BBZambia
B

Baa1
B3
Ba3
Aaa
Aaa
Aa3
Baa1
Baa2
Ba3
Baa3
NA
B1
Caa3
Aa2
Aa1
Aaa
Baa2
Caa3
B1
B2

Foreign
Currency

Moody's Local
Currency Rating

Abu Dhabi

Aa2

Aa2

Albania

B1

B1

Andorra

Angola

Ba2

Ba2

Argentina

Caa1

Caa1

Armenia

Ba3

Ba3

Australia

Aaa

Aaa

Austria

Aaa

Aaa

Azerbaijan

Baa3

Baa3

Bahamas

Baa2

Baa2

Bahrain

Baa3

Baa3

Bangladesh

Ba3

Ba3

Barbados

B3

B3

Belarus

Caa1

Caa1

Belgium

Aa3

Aa3

Caa2

Caa2

Bermuda

A1

A1

Bolivia

Ba3

Ba3

Bosnia and Herzegovina

B3

B3

Botswana

A2

A2

Brazil

Baa3

Baa3

Bulgaria

Baa2

Baa2

Cambodia

B2

B2

Canada

Aaa

Aaa

Cayman Islands

Aa3

Chile

Aa3

Aa3

China

Aa3

Aa3

Colombia

Baa2

Baa2

Costa Rica

Ba1

Ba1

Cte d'Ivoire

Ba3

Ba3

Croatia

Ba1

Ba1

Caa2

Cyprus

B1

B1

Czech Republic

A1

A1

Democratic Republic of the Congo

B3

B3

Denmark

Aaa

Aaa

Belize

Cuba

Dominican Republic

B1

B1

Ecuador

B3

Egypt

B3

B3

El Salvador

Ba3

Estonia

A1

A1

Ethiopia

B1

B1

Fiji

B1

B1

Finland

Aaa

Aaa

France

Aa2

Aa2

Gabon

Ba3

Ba3

Georgia

Ba3

Ba3

Germany

Aaa

Aaa

Ghana

B3

B3

Greece

Caa3

Caa3

Ba1

Ba1

Honduras

B3

B3

Hong Kong

Aa1

Aa1

Hungary

Ba1

Ba1

Iceland

Baa2

Baa2

India

Baa3

Baa3

Indonesia

Baa3

Baa3

Ireland

Baa1

Baa1

Isle of Man

Aa1

Aa1

Israel

A1

A1

Italy

Baa2

Baa2

Jamaica

Caa2

Caa2

A1

A1

B1

B1

Baa2

Baa2

Kenya

B1

B1

Korea

Aa2

Aa2

Kuwait

Aa2

Aa2

Kyrgyz Republic

B2

B2

Latvia

A3

A3

Lebanon

B2

B2

Guatemala
Guernsey (Channel Islands)

Japan
Jersey (Channel Islands)
Jordan
Kazakhstan

Liechtenstein

Lithuania

A3

A3

Luxembourg

Aaa

Aaa

Macao

Aa2

Aa2

Malaysia

A3

A3

Malta

A3

A3

Baa1

Baa1

Mexico

A3

A3

Moldova

B3

B3

Monaco

Mongolia

B2

B2

Montenegro

Ba3

Morocco

Ba1

Ba1

Mozambique

B2

B2

Namibia

Baa3

Baa3

Netherlands

Aaa

Aaa

New Zealand

Aaa

Aaa

Nicaragua

B2

B2

Nigeria

Ba3

Ba3

Norway

Aaa

Aaa

Oman

A1

A1

Pakistan

B3

B3

Panama

Baa2

Papua New Guinea

B1

B1

Paraguay

Ba1

Ba1

Peru

A3

A3

Baa2

Baa2

Poland

A2

A2

Portugal

Ba1

Ba1

Qatar

Aa2

Aa2

Republic of the Congo

Ba3

Ba3

Baa3

Baa3

Ba1

Ba1

San Marino

Sark (Channel Islands)

Saudi Arabia

Aa3

Aa3

Senegal

B1

B1

Serbia

B1

B1

Mauritius

Panama-Offshore Banks

Philippines

Romania
Russia

Sharjah

A3

A3

Singapore

Aaa

Aaa

Slovakia

A2

A2

Slovenia

Baa3

Baa3

B3

B3

South Africa

Baa2

Baa2

Spain

Baa2

Baa2

B1

Baa1

Baa1

St. Vincent & the Grenadines

B3

B3

Suriname

Ba3

Ba3

Sweden

Aaa

Aaa

Switzerland

Aaa

Aaa

Taiwan

Aa3

Aa3

Thailand

Baa1

Baa1

Trinidad and Tobago

Baa2

Baa2

Tunisia

Ba3

Ba3

Turkey

Baa3

Baa3

Uganda

B1

B1

Ukraine

Caa3

Caa3

United Arab Emirates

Aa2

Aa2

United Kingdom

Aa1

Aa1

United States of America

Aaa

Aaa

Uruguay

Baa2

Baa2

Venezuela

Caa3

Caa3

Vietnam

B1

B1

Zambia

B2

B2

Solomon Islands

Sri Lanka
St. Maarten

Country

S&P Local
Currency
Rating

Albania
B
Andorra
BBBAngola
B+
Argentina
SD
Armenia
Aruba
BBB+
Australia
AAA
Austria
AA+
Azerbaijan
BBBBahamas
BBBBahrain
BBBBangladesh
BBBarbados
B
Belarus
BBelgium
AA
Belize
BBermuda
A+
Bolivia
BB
Bosnia and Herzegovina
B
Botswana
ABrazil
BB+
Bulgaria
BB+
BBurkina Faso
Cambodia
Cameroon
B
Canada
AAA
Cape Verde
B
Cayman Islands
Chile
AAChina
AAColombia
BBB
Congo
BBB
Costa Rica
Croatia
BB
Cuba
Cyprus
BB-

Czech Republic
Denmark
Dominican Republic
Ecuador
Egypt
El Salvador
Estonia
Ethiopia
European Union
Fiji
Finland
France
Gabon
Georgia
Germany
Ghana
Greece
Guatemala
Honduras
Hong Kong
Hungary
Iceland
India
Indonesia
Iraq
Ireland
Isle of Man
Israel
Italy
Ivory Coast
Jamaica
Japan
Jordan
Kazakhstan
Kenya
Kuwait
Kyrgyzstan
Latvia

AAAAA
BBB
BB+
AAB
AA+
B+
AA+
AA
B+
BBAAA
BCCC+
BB
B+
AAA
BB+
BBB
BBBBB+
BA+
A+
BBBB
A+
BBBBB
B+
AA
B
A-

Lebanon
BLesotho
Liechtenstein
AAA
Lithuania
AAAA
Luxembourg
Macau
Macedonia
BBMalaysia
AMalta
BBB+
Mauritius
Mexico
BBB+
Moldova
Mongolia
B
Montenegro
B+
BBBMorocco
Mozambique
BNamibia
Netherlands
AAA
New Zealand
AA
Nicaragua
Nigeria
B+
Norway
AAA
Oman
BBB+
Pakistan
BPanama
BBB
Papua New Guinea B+
Paraguay
BB
BBB+
Peru
Philippines
BBB
Poland
APortugal
BB+
Puerto Rico
CCCAA
Qatar
Republic of the CongoB
Romania
BBBRussia
BB+
Rwanda
B+
San Marino

Saudi Arabia
Senegal
Serbia
Seychelles
Singapore
Slovakia
Slovenia
Solomon Islands
South Africa
South Korea
Spain
Sri Lanka

A+
B+
BBAAA
A+
ABBBAABBB+
B+

St Vincent and the Grenadines

Suriname
BBSweden
AAA
Switzerland
AAA
Taiwan
AAThailand
BBB+
Trinidad and Tobago A
Tunisia
Turkey
BB+
Uganda
B
Ukraine
BUnited Arab EmiratesAA
United Kingdom
AAA
United States
AA+
Uruguay
BBB
Venezuela
CCC
BBVietnam
Zambia
B
United Arab Emirates (Emir A
United Kingdom
United States
Uruguay
Venezuela
Vietnam

AAA
AA+
BBBB+
BB-

Country Tax Rate

Abu Dhabi
55.00%
Albania
15.00%
Andorra (Pr
0.00%
Angola
30.00%
Argentina
35.00%
Armenia
20.00%
Aruba
28.00%
Australia
30.00%
Austria
25.00%
Azerbaijan 20.12%
Bahamas
0.00%
Bahrain
0.00%
Banglades
27.50%
Barbados
25.00%
Belarus
18.00%
Belgium
33.99%
Belize
26.85%
Bermuda
0.00%
Bolivia
25.00%
Bosnia and
10.00%
Botswana
22.00%
Brazil
34.00%
Bulgaria
10.00%
Burkina Fa 27.92%
Cambodia
0.00%
Cameroon
33.00%
Canada
26.50%
Cayman Is
0.00%
Cape Verd 27.92%
Chile
22.50%
China
25.00%
Colombia
25.00%
Congo (Dem 27.92%
Congo (Rep 27.92%
Cook Islan 27.00%
Costa Rica
30.00%
Cte d'Ivoi
27.92%
Croatia
20.00%
Cuba
27.35%

Curacao
25.00%
Cyprus
12.50%
Czech Repu
19.00%
Denmark
23.50%
Dominican
27.00%
Ecuador
22.00%
Egypt
22.50%
El Salvado
30.00%
Estonia
20.00%
Ethiopia
27.92%
Fiji
20.00%
Finland
20.00%
France
33.33%
Gabon
27.92%
Georgia
15.00%
Germany
29.65%
Ghana
25.00%
Greece
29.00%
Guatemala
25.00%
Guernsey (
0.00%
Honduras
30.00%
Hong Kong
16.50%
Hungary
19.00%
Iceland
20.00%
India
34.61%
Indonesia
25.00%
Ireland
12.50%
Isle of Man
0.00%
Israel
26.50%
Italy
31.40%
Jamaica
25.00%
Japan
33.06%
Jersey (Sta
0.00%
Jordan
20.00%
Kazakhsta
20.00%
Kenya
30.00%
Korea
24.20%
Kuwait
15.00%
Latvia
15.00%
Lebanon
15.00%

Liechtenst
Lithuania
Luxembour
Macao
Macedonia
Malaysia
Malta
Mauritius
Mexico
Moldova
Mongolia
Montenegr
Montserrat
Morocco
Mozambiq
Namibia
Netherlan
New Zeala
Nicaragua
Nigeria
Norway
Oman
Pakistan
Panama
Papua New
Paraguay
Peru
Philippines
Poland
Portugal
Qatar
Ras Al Kha
Romania
Russia
Rwanda
Saudi Arab
Senegal
Serbia
Sharjah
Singapore

12.50%
15.00%
29.22%
12.00%
10.00%
25.00%
35.00%
15.00%
30.00%
12.00%

21.96%
9.00%

27.35%
30.00%
32.00%
33.00%
25.00%
28.00%

26.85%
30.00%
27.00%
12.00%
33.00%
25.00%
30.00%
10.00%
28.00%
30.00%
19.00%
21.00%
10.00%
0.00%
16.00%
20.00%

27.92%
20.00%

27.92%
15.00%
0.00%
17.00%

Slovakia
Slovenia
South Afri
Spain
Sri Lanka
St. Maarte
St. Vincen
Suriname
Sweden
Switzerlan
Taiwan
Thailand
Trinidad a
Tunisia
Turkey
Turks and
Uganda
Ukraine
United Ara
United Ki
United Sta
Uruguay
Venezuela
Vietnam
Zambia

22.00%
17.00%
28.00%
28.00%
28.00%
24.50%

26.85%
34.50%
22.00%
17.92%
17.00%
20.00%
25.00%
25.00%
20.00%

26.85%
30.00%
18.00%
55.00%
20.00%
40.00%
25.00%
34.00%
22.00%
35.00%

Country
PRS SCORE TotalEquityRiskPremium
6.74%
Abu Dhabi
NA
12.71%
Albania
68.75
9.28%
Andorra (Principality of)
NA
10.48%
Angola
59
17.17%
Argentina
65.25
11.37%
Armenia
62.5
8.38%
Aruba
NA
6.00%
Australia
77.75
6.00%
Austria
78.75
9.28%
Azerbaijan
68.5
8.84%
Bahamas
76.25
9.28%
Bahrain
68.75
11.37%
Bangladesh
66
15.70%
Barbados
NA
17.17%
Belarus
59.5
6.90%
Belgium
76.25
19.42%
Belize
NA
7.05%
Bermuda
NA
11.37%
Bolivia
68.75
15.70%
Bosnia and Herzegovina
NA
7.26%
Botswana
77.5
9.28%
Brazil
62.75
8.84%
Bulgaria
71.75
15.70%
Burkina Faso
63.5
14.20%
Cambodia
NA
14.20%
Cameroon
63.75
6.00%
Canada
81.25
14.20%
Cape Verde
NA
6.90%
Cayman Islands
NA
6.90%
Chile
74.75
6.90%
China
NA
8.84%
Colombia
65.25
15.70%
Congo (Democratic Republ
NA
11.37%
Congo (Republic of)
NA
12.71%
Cook Islands
NA
9.72%
Costa Rica
73.5
11.37%
Cte d'Ivoire
NA
9.72%
Croatia
71.5
19.42%
Cuba
70

DefaultSpread
0.53%
4.82%
2.35%
3.21%
8.02%
3.85%
1.71%
0.00%
0.00%
2.35%
2.04%
2.35%
3.85%
6.96%
8.02%
0.65%
9.63%
0.75%
3.85%
6.96%
0.91%
2.35%
2.04%
6.96%
5.89%
5.89%
0.00%
5.89%
0.65%
0.65%
0.65%
2.04%
6.96%
3.85%
4.82%
2.67%
3.85%
2.67%
9.63%

Curacao
Cyprus
Czech Republic
Denmark
Dominican Republic
Ecuador
Egypt
El Salvador
Estonia
Ethiopia
Fiji
Finland
France
Gabon
Georgia
Germany
Ghana
Greece
Guatemala
Guernsey (States of)
Honduras
Hong Kong
Hungary
Iceland
India
Indonesia
Ireland
Isle of Man
Israel
Italy
Jamaica
Japan
Jersey (States of)
Jordan
Kazakhstan
Kenya
Korea
Kuwait
Latvia
Lebanon

NA
73.25
77.75
82.25
73
63
60.5
68.25
74.75
61
NA
81.75
73.75
69.5
NA
84.5
64.25
68.5
70
NA
66.75
81
75.25
83.5
69.25
63.75
82.5
NA
77
75.5
71
82.25
NA
68.75
63.75
62
NA
73.75
74.25
60.75

7.79%
12.71%
7.05%
6.00%
12.71%
15.70%
15.70%
11.37%
7.05%
12.71%
12.71%
6.00%
6.74%
11.37%
11.37%
6.00%
15.70%
20.90%
9.72%
6.59%
15.70%
6.59%
9.72%
8.84%
9.28%
9.28%
8.38%
6.59%
7.05%
8.84%
19.42%
7.05%
6.59%
12.71%
8.84%
12.71%
6.74%
6.74%
7.79%
14.20%

1.28%
4.82%
0.75%
0.00%
4.82%
6.96%
6.96%
3.85%
0.75%
4.82%
4.82%
0.00%
0.53%
3.85%
3.85%
0.00%
6.96%
10.69%
2.67%
0.42%
6.96%
0.42%
2.67%
2.04%
2.35%
2.35%
1.71%
0.42%
0.75%
2.04%
9.63%
0.75%
0.42%
4.82%
2.04%
4.82%
0.53%
0.53%
1.28%
5.89%

Liechtenstein
Lithuania
Luxembourg
Macao
Macedonia
Malaysia
Malta
Mauritius
Mexico
Moldova
Mongolia
Montenegro
Montserrat
Morocco
Mozambique
Namibia
Netherlands
New Zealand
Nicaragua
Nigeria
Norway
Oman
Pakistan
Panama
Papua New Guinea
Paraguay
Peru
Philippines
Poland
Portugal
Qatar
Ras Al Khaimah (Emirate
Romania
Russia
Rwanda
Saudi Arabia
Senegal
Serbia
Sharjah
Singapore

NA
76.25
87
NA
NA
74.25
77.5
NA
68.25
62.25
62.5
NA
NA
69.5
52.25
71.25
82.75
82.25
64.25
62
87.5
74.5
61.25
73.5
64
67.25
68.25
73
79.25
76.25
78.25
NA
71.75
64.25
NA
72.5
63.25
NA
NA
87.25

6.00%
7.79%
6.00%
6.74%
11.37%
7.79%
7.79%
8.38%
7.79%
15.70%
14.20%
11.37%
9.28%
9.72%
14.20%
9.28%
6.00%
6.00%
14.20%
11.37%
6.00%
7.05%
15.70%
8.84%
12.71%
9.72%
7.79%
8.84%
7.26%
9.72%
6.74%
7.26%
9.28%
9.72%
12.71%
6.90%
12.71%
12.71%
7.79%
6.00%

0.00%
1.28%
0.00%
0.53%
3.85%
1.28%
1.28%
1.71%
1.28%
6.96%
5.89%
3.85%
2.35%
2.67%
5.89%
2.35%
0.00%
0.00%
5.89%
3.85%
0.00%
0.75%
6.96%
2.04%
4.82%
2.67%
1.28%
2.04%
0.91%
2.67%
0.53%
0.91%
2.35%
2.67%
4.82%
0.65%
4.82%
4.82%
1.28%
0.00%

Slovakia
Slovenia
South Africa
Spain
Sri Lanka
St. Maarten
St. Vincent & the Grenad
Suriname
Sweden
Switzerland
Taiwan
Thailand
Trinidad and Tobago
Tunisia
Turkey
Turks and Caicos Islands
Uganda
Ukraine
United Arab Emirates
United Kingdom
United States of America
Uruguay
Venezuela
Vietnam
Zambia
Algeria
Brunei
Gambia
Guinea
Guinea-Bissau
Guyana
Haiti
Iran
Iraq
Korea, D.P.R.
Liberia
Libya
Madagascar
Malawi
Mali

74
72.25
66.25
74
67.5
NA
NA
68.25
85.75
87.5
83.25
68
NA
65.75
61.5
NA
60.25
52
77.75
80.25
NA
70.5
49.25
71.5
65
63.0
72.8
62.0
53.8
62.3
63.5
57.0
67.8
56.0
56.0
50.5
52.8
61.3
57.0
62.5

7.26%
9.28%
8.84%
8.84%
12.71%
8.38%
15.70%
11.37%
6.00%
6.00%
6.90%
8.38%
8.84%
11.37%
9.28%
8.38%
12.71%
20.90%
6.74%
6.59%
6.00%
8.84%
20.90%
12.71%
14.20%

0.91%
2.35%
2.04%
2.04%
4.82%
1.71%
6.96%
3.85%
0.00%
0.00%
0.65%
1.71%
2.04%
3.85%
2.35%
1.71%
4.82%
10.69%
0.53%
0.42%
0.00%
2.04%
10.69%
4.82%
5.89%
4.82%
2.04%
5.89%
8.02%
4.82%
4.82%
8.02%
3.22%
8.02%
8.02%
8.02%
8.02%
5.89%
8.02%
4.82%

Myanmar
Niger
Sierra Leone
Somalia
Sudan
Syria
Tanzania
Togo
Yemen, Republic
Zimbabwe

63.3
51.0
56.5
42.5
48.3
35.8
63.0
63.8
50.3
54.5

4.82%
8.02%
8.02%
10.69%
10.69%
13.64%
4.82%
4.82%
8.02%
8.02%

FinalERP
6.74%
12.71%
9.28%
10.48%
17.17%
11.37%
8.38%
6.00%
6.00%
9.28%
8.84%
9.28%
11.37%
15.70%
17.17%
6.90%
19.42%
7.05%
11.37%
15.70%
7.26%
9.28%
8.84%
15.70%
14.20%
14.20%
6.00%
14.20%
6.90%
6.90%
6.90%
8.84%
15.70%
11.37%
12.71%
9.72%
11.37%
9.72%
19.42%

TaxRate
55.00%
15.00%
0.00%
30.00%
35.00%
20.00%
28.00%
30.00%
25.00%

20.12%
0.00%
0.00%
27.50%
25.00%
18.00%
33.99%

26.85%
0.00%
25.00%
10.00%
22.00%
34.00%
10.00%

27.92%
0.00%
33.00%
26.50%

27.92%
0.00%
22.50%
25.00%
25.00%

27.92%
27.92%
27.00%
30.00%
27.92%
20.00%

27.35%

CRP
0.74%
6.71%
3.28%
4.48%
11.17%
5.37%
2.38%
0.00%
0.00%
3.28%
2.84%
3.28%
5.37%
9.70%
11.17%
0.90%
13.42%
1.05%
5.37%
9.70%
1.26%
3.28%
2.84%
9.70%
8.20%
8.20%
0.00%
8.20%
0.90%
0.90%
0.90%
2.84%
9.70%
5.37%
6.71%
3.72%
5.37%
3.72%
13.42%

TaxRate

PRS Score
More than
0
40.001
50.001
57.001
60.001
62.001
64.001
66.001
68.001
69.001
72.001
74.001
76.001
80.001
81.001
83.001
85.001

7.79%
12.71%
7.05%
6.00%
12.71%
15.70%
15.70%
11.37%
7.05%
12.71%
12.71%
6.00%
6.74%
11.37%
11.37%
6.00%
15.70%
20.90%
9.72%
6.59%
15.70%
6.59%
9.72%
8.84%
9.28%
9.28%
8.38%
6.59%
7.05%
8.84%
19.42%
7.05%
6.59%
12.71%
8.84%
12.71%
6.74%
6.74%
7.79%
14.20%

25.00%
12.50%
19.00%
23.50%
27.00%
22.00%
22.50%
30.00%
20.00%

27.92%
20.00%
20.00%
33.33%

27.92%
15.00%
29.65%
25.00%
29.00%
25.00%
0.00%
30.00%
16.50%
19.00%
20.00%
34.61%
25.00%
12.50%
0.00%
26.50%
31.40%
25.00%
33.06%
0.00%
20.00%
20.00%
30.00%
24.20%
15.00%
15.00%
15.00%

1.79%
6.71%
1.05%
0.00%
6.71%
9.70%
9.70%
5.37%
1.05%
6.71%
6.71%
0.00%
0.74%
5.37%
5.37%
0.00%
9.70%
14.90%
3.72%
0.59%
9.70%
0.59%
3.72%
2.84%
3.28%
3.28%
2.38%
0.59%
1.05%
2.84%
13.42%
1.05%
0.59%
6.71%
2.84%
6.71%
0.74%
0.74%
1.79%
8.20%

6.00%
7.79%
6.00%
6.74%
11.37%
7.79%
7.79%
8.38%
7.79%
15.70%
14.20%
11.37%
9.28%
9.72%
14.20%
9.28%
6.00%
6.00%
14.20%
11.37%
6.00%
7.05%
15.70%
8.84%
12.71%
9.72%
7.79%
8.84%
7.26%
9.72%
6.74%
7.26%
9.28%
9.72%
12.71%
6.90%
12.71%
12.71%
7.79%
6.00%

12.50%
15.00%
29.22%
12.00%
10.00%
25.00%
35.00%
15.00%
30.00%
12.00%

21.96%
9.00%

27.35%
30.00%
32.00%
33.00%
25.00%
28.00%

26.85%
30.00%
27.00%
12.00%
33.00%
25.00%
30.00%
10.00%
28.00%
30.00%
19.00%
21.00%
10.00%
0.00%
16.00%
20.00%

27.92%
20.00%

27.92%
15.00%
0.00%
17.00%

0.00%
1.79%
0.00%
0.74%
5.37%
1.79%
1.79%
2.38%
1.79%
9.70%
8.20%
5.37%
3.28%
3.72%
8.20%
3.28%
0.00%
0.00%
8.20%
5.37%
0.00%
1.05%
9.70%
2.84%
6.71%
3.72%
1.79%
2.84%
1.26%
3.72%
0.74%
1.26%
3.28%
3.72%
6.71%
0.90%
6.71%
6.71%
1.79%
0.00%

7.26%
9.28%
8.84%
8.84%
12.71%
8.38%
15.70%
11.37%
6.00%
6.00%
6.90%
8.38%
8.84%
11.37%
9.28%
8.38%
12.71%
20.90%
6.74%
6.59%
6.00%
8.84%
20.90%
12.71%
14.20%
12.71%
8.84%
14.20%
17.17%
12.71%
12.71%
17.17%
10.48%
17.17%
17.17%
17.17%
17.17%
14.20%
17.17%
12.71%

22.00%
17.00%
28.00%
28.00%
28.00%
24.50%

26.85%
34.50%
22.00%
17.92%
17.00%
20.00%
25.00%
25.00%
20.00%

26.85%
30.00%
18.00%
55.00%
20.00%
40.00%
25.00%
34.00%
22.00%
35.00%

23.00%
28.18%
28.18%
26.90%
28.18%
24.90%
24.90%
30.34%
15.00%
26.90%
28.18%
20.00%
28.18%
30.00%
28.18%

1.26%
3.28%
2.84%
2.84%
6.71%
2.38%
9.70%
5.37%
0.00%
0.00%
0.90%
2.38%
2.84%
5.37%
3.28%
2.38%
6.71%
14.90%
0.74%
0.59%
0.00%
2.84%
14.90%
6.71%
8.20%
6.71%
2.84%
8.20%
11.17%
6.71%
6.71%
11.17%
4.48%
11.17%
11.17%
11.17%
11.17%
8.20%
11.17%
6.71%

12.71%
17.17%
17.17%
20.90%
20.90%
25.00%
12.71%
12.71%
17.17%
17.17%

26.90%
28.18%
30.00%
28.18%
35.00%
22.00%
30.00%
28.18%
20.00%
25.75%

6.71%
11.17%
11.17%
14.90%
14.90%
19.00%
6.71%
6.71%
11.17%
11.17%

PRS Score
Less than

ERP

40.001

25.00%

50.001

20.90%

57.001

17.17%

60.001

15.70%

62.001

Country

Country
AbuDhabi
Albania
Andorra(Prin

Albania

68.8

14.20%

Algeria

63.0

Algeria

64.001

12.71%

Angola

59.0

66.001

11.37%

Argentina

65.3

68.001

10.48%

Armenia

62.5

69.001

9.72%

72.001

9.28%

Australia

77.8

74.001

8.84%

Austria

78.8

76.001

8.38%

Azerbaijan

68.5

80.001

7.79%

Bahamas

76.3

81.001

7.26%

Bahrain

68.8

83.001

6.90%

Bangladesh

66.0

85.001

6.59%

90.000

6.00%

Belarus

59.5

Belgium

76.3

Bolivia

68.8

Botswana

77.5

Brazil

62.8

Angola
Argentina
Armenia
Aruba
Australia
Austria
Azerbaijan
Bahamas
Bahrain
Bangladesh
Barbados
Belarus
Belgium
Belize
Bermuda
Bolivia
BosniaandH
Botswana
Brazil

Brunei

72.8

Brunei

Bulgaria

71.8

Burkina Faso

63.5

Cameroon

63.8

Canada

81.3

Chile

74.8

China, Peoples'

72.5

Colombia

65.3

Congo, Dem. R

57.3

Congo, Republi

64.8

Bulgaria
BurkinaFaso
Cambodia
Cameroon
Canada
CaymanIsla
CapeVerde
Chile
China
Colombia
Congo(Democ
Congo(Repub
CookIslands

CostaRica
Cted'Ivoire
Croatia
Cuba
Curacao
Cyprus
CzechRepub
Denmark
DominicanR
Ecuador
Egypt
ElSalvador
Estonia
Ethiopia
Fiji
Finland
France
Gabon
Georgia

Costa Rica

73.5

Cote d'Ivoire

64.0

Croatia

71.5

Cuba

70.0

Cyprus

73.3

Czech Republic

77.8

Denmark

82.3

Dominican Rep

73.0

Ecuador

63.0

Egypt

60.5

El Salvador

68.3

Estonia

74.8

Ethiopia

61.0

Finland

81.8

France

73.8

Gabon

69.5

Gambia

62.0

Gambia

Germany

84.5

Ghana

64.3

Greece

68.5

Guatemala

70.0

Germany
Ghana
Greece
Guatemala

Guinea

53.8

Guinea

Guinea-Bissau

62.3

Guinea-Bissau

Guyana

63.5

Guyana

Guernsey(Sta
Haiti

57.0

Haiti

Honduras

66.8

Hong Kong

81.0

Hungary

75.3

Iceland

83.5

India

69.3

Indonesia

63.8

Honduras
HongKong
Hungary
Iceland
India
Indonesia

Iran

67.8

Iran

Iraq

56.0

Iraq

Ireland

82.5

Israel

77.0

Ireland
IsleofMan
Israel

Italy

75.5

Jamaica

71.0

Japan

82.3

Jordan

68.8

Kazakhstan

63.8

Kenya

62.0

Italy
Jamaica
Japan
Jersey(State
Jordan
Kazakhstan
Kenya

Korea, D.P.R.

56.0

Korea, D.P.R.

Korea, Republi

81.0

Kuwait

73.8

Latvia

74.3

Lebanon

60.8

Korea
Kuwait
Latvia
Lebanon

Liberia

50.5

Liberia

Libya

52.8

Libya

Lithuania

76.3

Luxembourg

87.0

Madagascar

61.3

Liechtenstein
Lithuania
Luxembourg
Macao
Madagascar

Macedonia
Malawi

57.0

Malawi

Malaysia

74.3

Malaysia

Mali

62.5

Mali

Malta

77.5

Mexico

68.3

Moldova

62.3

Mongolia

62.5

Morocco

69.5

Mozambique

52.3

Malta
Mauritius
Mexico
Moldova
Mongolia
Montenegro
Montserrat
Morocco
Mozambique

Myanmar

63.3

Myanmar

Namibia

71.3

Netherlands

82.8

New Zealand

82.3

Nicaragua

64.3

Namibia
Netherlands
NewZealand
Nicaragua

Niger

51.0

Niger

Nigeria

62.0

Norway

87.5

Nigeria
Norway

Oman
Pakistan
Panama
PapuaNewG
Paraguay
Peru
Philippines
Poland
Portugal
Qatar
RasAlKhaim
Romania
Russia
Rwanda
SaudiArabia
Senegal
Serbia
Sharjah

Oman

74.5

Pakistan

61.3

Panama

73.5

Papua New Gui

64.0

Paraguay

67.3

Peru

68.3

Philippines

73.0

Poland

79.3

Portugal

76.3

Qatar

78.3

Romania

71.8

Russia

64.3

Saudi Arabia

72.5

Senegal

63.3

Serbia

63.8

Sierra Leone

56.5

Sierra Leone

Singapore

87.3

Slovakia

74.0

Slovenia

72.3

Singapore
Slovakia
Slovenia

Somalia

42.5

Somalia

South Africa

66.3

Spain

74.0

Sri Lanka

67.5

SouthAfrica
Spain
SriLanka

Sudan

48.3

Sudan

Suriname

68.3

Sweden

85.8

Switzerland

87.5

St.Maarten
St.Vincent
Suriname
Sweden
Switzerland

Syria

35.8

Syria

Taiwan

83.3

Taiwan

Tanzania

63.0

Tanzania

Thailand

68.0

Thailand

Togo

63.8

Togo

Trinidad & Tob

75.5

Tunisia

65.8

Turkey

61.5

Trinidadand
Tunisia
Turkey

Uganda

60.3

Ukraine

52.0

United Arab Em

77.8

United Kingdo

80.3

United States

78.3

Uruguay

70.5

Venezuela

49.3

Vietnam

71.5

TurksandCa
Uganda
Ukraine
UnitedArab
UnitedKing
UnitedState
Uruguay
Venezuela
Vietnam

Yemen, Republ

50.3

Yemen, Republ

Zambia

65.0

Zambia

Zimbabwe

54.5

Zimbabwe

Moody'sratingRatingbasedTotalEquityRiskPremium
Aa2
0.55%
6.74%
0
B1
4.99%
12.71%
68.75
1
Baa3
2.44%
9.28%
0

PRS SCORE
NA
NA

63.0

1
59

65.25
62.5
NA
77.75
78.75
68.5
76.25
68.75
66
NA
59.5
76.25
NA
NA
68.75
NA
77.5
62.75

Ba2
Caa1
Ba3
Baa1
Aaa
Aaa
Baa3
Baa2
Baa3
Ba3
B3
Caa1
Aa3
Caa2
A1
Ba3
B3
A2
Baa3

3.33%
8.31%
3.99%
1.77%
0.00%
0.00%
2.44%
2.11%
2.44%
3.99%
7.21%
8.31%
0.67%
9.98%
0.78%
3.99%
7.21%
0.94%
2.44%

10.48%
17.17%
11.37%
8.38%
6.00%
6.00%
9.28%
8.84%
9.28%
11.37%
15.70%
17.17%
6.90%
19.42%
7.05%
11.37%
15.70%
7.26%
9.28%

72.8
63.5
NA
63.75
81.25
NA
NA
74.75
NA
65.25
NA
NA

1
1
0
1
1
1
1
1
1
0
1
1
0
0
1
0
1
1
1

71.75

NA

Baa2
B3
B2
B2
Aaa
Aa3
B2
Aa3
Aa3
Baa2
B3
Ba3
B1

2.11%
7.21%
6.10%
6.10%
0.00%
0.67%
6.10%
0.67%
0.67%
2.11%
7.21%
3.99%
4.99%

8.84%
15.70%
14.20%
14.20%
6.00%
6.90%
14.20%
6.90%
6.90%
8.84%
15.70%
11.37%
12.71%

1
1
0
1
1
0
0
1
0
1
0
0
0

73.5
NA
71.5
70
NA
73.25
77.75
82.25
73
63
60.5
68.25
74.75
61
NA
81.75
73.75
69.5
NA

Ba1
Ba3
Ba1
Caa2
A3
B1
A1
Aaa
B1
B3
B3
Ba3
A1
B1
B1
Aaa
Aa2
Ba3
Ba3

2.77%
3.99%
2.77%
9.98%
1.33%
4.99%
0.78%
0.00%
4.99%
7.21%
7.21%
3.99%
0.78%
4.99%
4.99%
0.00%
0.55%
3.99%
3.99%

9.72%
11.37%
9.72%
19.42%
7.79%
12.71%
7.05%
6.00%
12.71%
15.70%
15.70%
11.37%
7.05%
12.71%
12.71%
6.00%
6.74%
11.37%
11.37%

62.0

1
0
1
1
0
1
1
1
1
1
1
1
1
1
0
1
1
1
0
1

84.5
64.25
68.5
70

Aaa
B3
Caa3
Ba1

0.00%
7.21%
11.08%
2.77%

6.00%
15.70%
20.90%
9.72%

1
1
1
1

53.8

62.3

63.5

Aa1

NA

0.44%

6.59%

57.0

0
1

66.75
81
75.25
83.5
69.25
63.75

B3
Aa1
Ba1
Baa2
Baa3
Baa3

7.21%
0.44%
2.77%
2.11%
2.44%
2.44%

15.70%
6.59%
9.72%
8.84%
9.28%
9.28%

1
1
1
1
1
1

67.8

56.0

1
82.5

NA
77

Baa1
Aa1
A1

1.77%
0.44%
0.78%

8.38%
6.59%
7.05%

1
0
1

75.5
71
82.25
NA
68.75
63.75
62

Baa2
Caa2
A1
Aa1
B1
Baa2
B1

2.11%
9.98%
0.78%
0.44%
4.99%
2.11%
4.99%

8.84%
19.42%
7.05%
6.59%
12.71%
8.84%
12.71%

56.0

1
1
1
0
1
1
1
1

NA
73.75
74.25
60.75

Aa2
Aa2
A3
B2

0.55%
0.55%
1.33%
6.10%

6.74%
6.74%
7.79%
14.20%

0
1
1
1

50.5

52.8

NA
76.25
87
NA

Aaa
A3
Aaa
Aa2

0.00%
1.33%
0.00%
0.55%

6.00%
7.79%
6.00%
6.74%

61.3

0
1
1
0
1

Ba3

NA

3.99%

11.37%

57.0

0
1

74.25

A3

1.33%

7.79%

62.5

1
1

77.5
NA
68.25
62.25
62.5
NA
NA
69.5
52.25

A3
Baa1
A3
B3
B2
Ba3
Baa3
Ba1
B2

1.33%
1.77%
1.33%
7.21%
6.10%
3.99%
2.44%
2.77%
6.10%

7.79%
8.38%
7.79%
15.70%
14.20%
11.37%
9.28%
9.72%
14.20%

63.3

1
0
1
1
1
0
0
1
1
1

71.25
82.75
82.25
64.25

Baa3
Aaa
Aaa
B2

2.44%
0.00%
0.00%
6.10%

9.28%
6.00%
6.00%
14.20%

51.0

1
1
1
1
1

62
87.5

Ba3
Aaa

3.99%
0.00%

11.37%
6.00%

1
1

74.5
61.25
73.5
64
67.25
68.25
73
79.25
76.25
78.25
NA
71.75
64.25
NA
72.5
63.25
NA
NA

A1
B3
Baa2
B1
Ba1
A3
Baa2
A2
Ba1
Aa2
A2
Baa3
Ba1
B1
Aa3
B1
B1
A3

0.78%
7.21%
2.11%
4.99%
2.77%
1.33%
2.11%
0.94%
2.77%
0.55%
0.94%
2.44%
2.77%
4.99%
0.67%
4.99%
4.99%
1.33%

7.05%
15.70%
8.84%
12.71%
9.72%
7.79%
8.84%
7.26%
9.72%
6.74%
7.26%
9.28%
9.72%
12.71%
6.90%
12.71%
12.71%
7.79%

56.5

1
1
1
1
1
1
1
1
1
1
0
1
1
0
1
1
0
0
1

87.25
74
72.25

Aaa
A2
Baa3

0.00%
0.94%
2.44%

6.00%
7.26%
9.28%

42.5

1
1
1
1

66.25
74
67.5

Baa2
Baa2
B1

2.11%
2.11%
4.99%

8.84%
8.84%
12.71%

48.3

1
1
1
1

NA
NA
68.25
85.75
87.5

Baa1
B3
Ba3
Aaa
Aaa

1.77%
7.21%
3.99%
0.00%
0.00%

8.38%
15.70%
11.37%
6.00%
6.00%

35.8

0
0
1
1
1
1

83.25

Aa3

0.67%

6.90%

63.0

1
1

68

Baa1

1.77%

8.38%

63.8

1
1

NA
65.75
61.5

Baa2
Ba3
Baa3

2.11%
3.99%
2.44%

8.84%
11.37%
9.28%

0
1
1

NA
60.25
52
77.75
80.25
NA
70.5
49.25
71.5

Baa1
B1
Caa3
Aa2
Aa1
Aaa
Baa2
Caa3
B1

1.77%
4.99%
11.08%
0.55%
0.44%
0.00%
2.11%
11.08%
4.99%

8.38%
12.71%
20.90%
6.74%
6.59%
6.00%
8.84%
20.90%
12.71%

50.3

1
1
1
1
0
1
1
1
1

65

54.5

B2

6.10%

14.20%

1
1