Analysis of New Dot-Com Bubble in U.S. Stock Market

ANALYSIS OF NEW DOT-COM BUBBLE IN U.S.

STOCK MARKET FOR PERIOD 1995 - 2012

By Renate Shafrila Dwima Pranandya ID No. 014200900131

A Thesis presented to the Faculty of Economics President University in partial fulfillment of the requirements for Bachelor Degree in Economics Major in Management

March 2013

THESIS ADVISER

RECOMMENDATION LETTER

This thesis entitled “Analysis of New Dot-com Bubble in U.S. Stock Market for Period 1995 – 2012” prepared and submitted by Renate Shafrila Dwima Pranandya in partial fulfillment of the requirements for the degree of Bachelor of Science in the Faculty of Economics has been reviewed and found to have satisfied the requirements for a thesis fit to be examined. I therefore recommend this thesis for Oral Defense.

Cikarang, Indonesia, March 20, 2013

Acknowledged by, Recommended by,

Irfan Habsjah, MBA, CMA Ir. Farida Komalasari, M.Si.

Head of Management Study Program Student Advisor

DECLARATION OF ORIGINALITY

I declare that this thesis, entitled “Analysis of New Dot-com Bubble in U.S. Stock Market for Period 1995 – 2012” is, to the best of my knowledge and belief, an original piece of work that has not been submitted, either in whole or in part, to another university to obtain a degree.

Cikarang, Indonesia, March 20, 2013

Renate Shafrila Dwima Pranandya

PANEL OF EXAMINERS APPROVAL SHEET

The Panel of Examiners declare that the thesis entitled “Analysis of New Dot-com Bubble in U.S. Stock Market for Period 1995 – 2012” that was submitted by Renate Shafrila Dwima Pranandya majoring in Management from the Faculty of Economics was assessed and approved to have passed the Oral Examinations on March 4, 2013.

Misbahul Munir, MBA, Ak, CPMA

Chair - Panel of Examiners

Drs. Bruno Rumyaru, MA

Examiner 1

Ir. Iman Heru Wijayanto, MBA

Examiner 2

iii

ABSTRACT

The development of technology nowadays has made people overvalue technology companies and it could create a new dot-com bubble. This thesis provides an analysis of new dot-com bubble in U.S. Stock market that focus in the technology industry, especially within internet sector. The analysis aims to clarify the speculations of a new-dot com bubble in U.S. stock market.

In this thesis, the researcher compared the criteria of first dot-com bubble with the current condition to indicate the possibility of new dot-com bubble. The researcher also compares the development in fundamentals based on today and previous bubble. Data analysis used to see the possibility of the new dot-com bubble is fundamental analysis. There are several kinds of ratios from fundamental analysis that applied to conclude on the current market situation as well as the trends in the internet sector compared to the general market. The ratio chosen in this thesis are Price Earnings ratio (P/E ratio), Price Earnings Growth ratio (PEG ratio), Free Cash Flow Yield, and Financial Leverage Ratio. S&P 500 index is chosen as a representative for U.S. Stock Market. Nasdaq Composite, Nasdaq Computer Index, Intr@ctive Week Internet Index and Nasdaq Internet Index are four indices representing the internet sector in the U.S.

The comparisons of ratio values between these four indices to the general market indicate high interest in internet sector. The result shows Internet sector are in mania phase at this time. Moreover, the result also show U.S. Stock Market is not in a new dot-com bubble and there are tendencies pointing towards for making of a bubble.

Keywords: Dot-com Bubble, Free Cash Flow Yield, Financial Leverage ratio, Fundamental Analysis, P/E ratio, PEG ratio, Technology

ACKNOWLEDGEMENT

Thanks to God Almighty for the completion of this bachelor’s thesis. Only due to His blessings and power that work within me I could finish my thesis. I deeply thank with the people behind my life for inspiring, guiding and accompanying me through thick and thin. It is a pleasant moment to express my heartfelt gratitude to all.

I would like to express my deepest gratitude to my adviser Mr. Iman Heru Wijayanto and Mrs. Farida Komalasari for their patience, invaluable advice and suggestions.

I am desirous to individually thank all of my friends but as the list might be long and for fear I might omit someone, I will merely and frankly say: Thank you to you all for your love, support, care and trust.

Finally, I would like to thank my wonderful father, mother and sister for their infinite support throughout everything.

March, 2013

Renate Shafrila Dwima Pranandya

TABLE OF CONTENTS

THESIS ADVISER RECOMMENDATION LETTER ...... i

DECLARATION OF ORIGINALITY ...... ii

PANEL OF EXAMINERS APPROVAL SHEET ...... iii

ABSTRACT ...... iv

ACKNOWLEDGEMENT ...... v

TABLE OF CONTENTS ...... vi

LIST OF TABLES ...... ix

LIST OF FIGURES ...... x

LIST OF ACRONYMS ...... xi

CHAPTER I - INTRODUCTION ...... 1 - 11

1.1. Background of the Study ...... 1 1.2. Problem Identification ...... 4 1.3. Statement of the Problem ...... 4 1.4. Research Objectives ...... 5 1.5. Significance of the Study ...... 5 1.6. Theoretical Framework ...... 5 1.7. Assumptions and Hypothesis...... 6 1.8. Scope and Limitation of the Study...... 6 1.9. Research Outline ...... 7 1.10. Definition of Terms ...... 8

CHAPTER II – LITERATURE REVIEW ...... 12 - 36

2.1. Market Efficiency ...... 12 2.2. Behavioral Finance ...... 14

2.2.1. Herd Behavior ...... 16 2.3. Initial Public Offering ...... 18 2.3.1. Motives for Going Public ...... 18 2.3.2. Private versus Publicly Held ...... 19 2.3.3. Timing ...... 20 2.3.4. Mispricing...... 21 2.3.5. Findings ...... 22 2.4. The Stock Market ...... 22 2.4.1. The Markets ...... 23 a. The Primary Market ...... 24 b. The Secondary Market ...... 24 2.5. The Information Technology Market ...... 25 2.6. Main Stages in a Bubble...... 26 2.6.1. Stealth Phase ...... 27 2.6.2. Awareness Phase ...... 27 2.6.3. Mania Phase ...... 28 2.6.4. Blow Off Phase ...... 28 2.7. Standard & Poor’s ...... 29 2.7.1. Standard & Poor’s 500 Index ...... 29 2.8. Nasdaq ...... 30 2.8.1. Nasdaq Composite Index...... 31 2.9. American Stock Exchange ...... 31 2.9.1. Nasdaq Computer...... 32 2.9.2. Inter@ctive Week Index ...... 33 2.9.3. Nasdaq Internet Index ...... 33 2.10. Criteria of Dot-com Bubble ...... 34

CHAPTER III - METHODOLOGY ...... 37 - 45

3.1. Research Method ...... 37 3.2. Research Instrument ...... 38 3.3. Sampling Designs ...... 38 3.4. Data Analysis ...... 39 3.4.1. Fundamental Analysis ...... 39 a. Earnings per Share ...... 40

vii b. Price Earnings Ratio...... 41 c. Price Earnings Growth Ratio ...... 42 d. Free Cash Flow Yield...... 43 e. Financial Leverage ...... 44

CHAPTER IV – ANALYSIS OF DATA AND INTERPRETATION OF RESULT...... 46 - 59

4.1. Fundamental Analysis ...... 46 4.1.1. Index Price Level ...... 47 4.1.2. Price versus Earnings ...... 47 4.1.3. Price Earnings Ratio...... 49 a. Price Earnings of All Indices ...... 50 b. S&P 500 versus Nasdaq Composite ...... 51 c. S&P 500 versus Nasdaq Computer Index ...... 52 d. S&P 500 versus AMEX ...... 53 e. S&P 500 versus QNET ...... 54 4.1.4. Price Earnings Growth ...... 55 4.1.5. Free Cash Flow Yield...... 57 4.1.6. Financial Leverage Ratio...... 58

CHAPTER V – CONCLUSION AND RECOMMENDATION ...... 60 - 62

5.1. Conclusion ...... 60 5.2. Recommendation ...... 62

LIST OF REFERENCES ...... 64

APPENDICES ...... 71

viii

LIST OF TABLES

Table 1 – Top 10 Largest Companies by Market Cap on S&P 500 ...... 30 Table 2 – Price Index Changes percentage (2009-2012) ...... 47 Table 3 – PEG ratio for all Indices in 2012 ...... 57 Table 4 - Average Financial Leverage year 2002-2012 ...... 59

LIST OF FIGURES

Figure 1 - The Peak of the Dot-com Bubble ...... 2 Figure 2 – Number of Website year 1990 - 2008 ...... 3 Figure 3 – Theoretical Framework ...... 5 Figure 4 – Main Stages in a Bubble ...... 26 Figure 5 – Nasdaq Composite Price Index (1995-2005) ...... 34 Figure 6 – Nasdaq Composite: Price Vs Earnings (1995-2015) ...... 35 Figure 7 – Difference in Price versus Earnings of Nasdaq Composite ...... 36 Figure 8 – Price Earnings of Nasdaq Composite (1995-2005) ...... 36 Figure 9 – Research Framework ...... 37 Figure 10 – Price Index from 1995-2011...... 46 Figure 11 – QNET Difference in Price versus Earnings ...... 47 Figure 12 – AMEX Difference in Price versus Earnings ...... 48 Figure 13 – Nasdaq Computer Difference in Price versus Earnings ...... 48 Figure 14 – Nasdaq Composite Difference in Price vs Earnings ...... 49 Figure 15 – Price Earnings of All indices ...... 50 Figure 16 – Price Earnings for S&P 500 versus Nasdaq Composite ...... 52 Figure 17 – Price Earnings for S&P 500 versus Nasdaq Computer ...... 53 Figure 18 - Price Earnings for S&P 500 versus AMEX ...... 54 Figure 19 - Price Earnings for S&P 500 versus QNET ...... 55 Figure 20 – PEG for all Indices ...... 56 Figure 21 - Free Cash Flow Yield for all Indices ...... 58 Figure 22 - Financial Leverage for all Indices ...... 59

LIST OF ACRONYMS

AMEX American Stock Exchange

CFO Chief Financial Officer

CSE Common Shareholders’ Equity

DJIA Dow Jones Industrial Average

EPS Earnings per Share

GDP Gross Domestic Product

GICS Global Industry Classification Standards

IPO Initial Public Offering

ICB Industry Classification Benchmark

IT Information Technology

M&A Mergers and Acquisitions

NASDAQ National Association of Securities Dealers Automated Quotation

NYSE New York Stock Exchange

OTC Over the Counter

P/E Price Earnings

PEG Price Earnings Growth

QNET Nasdaq Internet

S&P Standard and Poor’s

U.S. United States

VC Venture Capital

CHAPTER I

INTRODUCTION

1.1. Background of the Study

In the ‘90s, the first dot-com bubble (internet bubble) burst. It was a speculative bubble within the Internet related services, well known as the “dot-com”. It all started on the second half of the 1990s was raised a new kind of economy, where in stock market happened high grow rates under the influence of venture capital and the IPO-funded companies in the internet sector. High volume stock speculation was driven by the fact that this was a fresh industry with high potential, but then also one where companies were difficult to value. Investors were looking for ‘hot’ stocks triggered high demand for tech stocks in general, as well as causing the overvaluation of many companies in this field. Stocks price were going higher, higher and higher. At that time people did not follow Warren

Buffett. He noted in a letter that technology investors have overstayed the party.

He said many of investors had been hypnotized by the staggering ascent of tech stocks and ignored everything else. People was seen him as the old man and his value investment style seen as old style. They ignored the fundamental rules of investing in stock market, such as analyzing P/E ratios, studying market trends, and reviewing business plans. Alan Greenspan stated irrational exuberance as a warning that the market might be overvalued. At its peak, even companies which had never made any revenue were pushed onto the stock exchange and were

1 trading at extremely high values when one looked at the bottom lines of these companies—which were extremely negative in most cases. In March 2000, the technology stock index Nasdaq had reach its peak at over 5,000 points and become the climax of dot-com bubble. Many of internet companies packed up and leaving investors with significant losses.

Figure 1 - The Peak of the Dot-com Bubble

Source: Darren Jamieson, justsearchdigital.co.uk, 2007

The dot-com bubble was inflated by unfettered enthusiasm about the success of internet-based companies, as well as by eager speculation by venture capital firms, which saw a chance to generate profits based primarily on prospects and valuation rather than on true profitability. After the bubble burst almost 5000 of these dot- com companies either disappeared or were absorbed. Only the one which were truly profitable outside the financial markets survived such as Amazon, Yahoo, and Ebay (Colombo, bubblebubble.com).

In the past few decades, rapid technology innovations have greatly increased.

It makes fast enlargement in implementation of information technology into companies’ businesses. Companies have found out that technology can efficiently improve their business and increase functionality. One example is social networking. Social networking is providing great relationship and forming close bonds between millions of people all over the world. Social networking can help the companies to communicate directly with people. The growing numbers of social networking users make growing number of new social networking sites. As a result, internet achieved a strong network effects since the internet became enormously valuable to its users. The strong network effects from these internet companies, has directed to high company valuations.

Figure 2 – Number of Website year 1990 - 2008

Source: How we got from 1 to 162 million websites on the internet, Pingdom.com, 2008

The researcher inspired by the curiosity to study if the development of technology has made people to overvalue Internet specific companies. Moreover,

3 this thesis also tries to find out if these overvaluations could create a new dot-com bubble or may be the bubble is in the making in United States (U.S.) stock market.

Another bubble may be on the way if we are not careful.

1.2. Problem Identification

Social networks have the potential to make money and many success stories.

Though, it is still uncertain whether they can bring off similar result on the stock exchange. Some experts are warning that a new dot-com bubble maybe growing around the social networks lately. It could be same with the one that burst in 90s, although several elements that caused the first dot-com bubble burst have been corrected. With valuations of dot-com companies like Facebook and Groupon zooming ever higher, some question have been raised over; are these company truly worth and are we seeing the early stages of a new dot-com bubble (David

Zeiler, moneymorning.com, 2011).

The researcher decided to choose this problem as an object for investigation because the topic is highly relevant in today’s world and has recently a lot of attention in the media, as more and more dot-com companies are going public.

1.3. Statement of the Problem

Based on the background and problem identification above, the main topic of interest and problem statement is:

1. Are we in, or approaching a new dot-com bubble?

2. Can we find indicators from U.S. stock market that point towards a new

dot-com bubble?

1.4. Research Objectives

This thesis aims to identify the movements on U.S. stock market focus in the technology industry, and especially within internet related companies, in an attempt to clarify the speculations of a new dot-com bubble.

1.5. Significance of the Study

This section will provide brief description on the various significances of the thesis.

1. To student: The study will help students to have a wider understanding

about investment especially about dot-com bubble.

2. To future researcher: The thesis will benefit and help future researcher as

their reference or guide. The thesis can also open in development of this

thesis.

3. On behalf of investment side: The thesis will give simple understanding

about dot-com bubble.

1.6. Theoretical Framework

Figure 3 – Theoretical Framework

Behavioral Herd High New Finance Behavior Valuation Bubble

Source: Shiller, R.J. From Efficient Market Theory to Behavioral Finance, 2002

1.7. Assumptions and Hypothesis

There is no hypothesis to be tested for this thesis. Based on the main topic of interest, this thesis will compare the criteria of first dot-com bubble with the current condition and also the development in fundamentals based on today and the previous bubble. Several indices will be used as the representatives of technology market especially Internet indices and one indices will be used as the

U.S. stock market representative to indicate the interest of investor towards internet sector and to value internet sector towards general market. By comparing the internet indices and the general market on today and previous condition, this thesis aim to analyze any anomalies. Fundamental analysis used in this thesis will analyze the different fundamental values between the internet sectors to the general market. The result of comparison on dot-com bubble criteria will show whether there are conditions that indicating the same condition with previous bubble or the bubble is in the making. And then, the values of fundamental analysis will show interest of investors towards internet sectors.

1.8. Scope and Limitations of the Study

1. Scope: Dot-com bubble as the subject of the thesis is broad and in order to

be able to answer the problem statement the researcher has narrowed down

the scope of research. The thesis aims to grasp the most important factor

related to the problem statement, however due to the restriction with

regards to space and characters the researcher chosen to explicitly cover

the U.S. market.

2. Limitation: The thesis does not cover large uncertainty in U.S. and world

economy into consideration. It will focus primarily on technology industry

that related with internet sector and also extent to the historical data from

general market.

1.9. Research Outline

1. Chapter I : The first chapter provides the foundation of the thesis

such as the background, problem statement, research objective and the

significance of the study.

2. Chapter II : The second chapter will explain the theoretical

framework used to support the conclusion. It will also explain the indices

uses in this thesis and also the theoretical part of a bubble going into

different stages. This chapter also explains the criteria of first dot-com

bubble.

3. Chapter III : The third chapter will explain the method used in this

thesis which is the quantitative methodology since the secondary data used

are in the form of numbers. The fundamental analysis is used in this thesis

to analyze the indices performance in today’s situation and when the

previous bubble happened. This chapter will provide the explanations of

different fundamental values that will be used in the analysis of the

Internet related companies.

4. Chapter IV : This chapter will show the result of the data processed

in the form of chart and table. It will give the illustration of several

fundamental value comparisons between the technology markets with the

general market.

5. Chapter V : In the last chapter, the researcher will try to get the

conclusion of the thesis and give suggestion needed for investor and

further research.

1.10. Definition of Terms

1. Amortization/ Depreciation : The paying of debt in regular

installments over a period of time (Amortization, Investopedia.com).

2. Bubble : A situation in which prices for

securities, especially stocks, rise far above their actual value (Bubble,

thefreedictionary.com, 2012)

3. Capital Expenditure : Fund uses by company to acquire or

upgrade physical assets such buildings and properties (Capital

Expenditure, investopedia.com).

4. Change in Working Capital : The excess of current assets over

current liabilities is referred to as the company’s working capital. The

difference between the working capital for two given reporting periods

is called the change in working capital (Changes in Working Capital,

Morningstar.com, 2013)

5. Debt to equity ratio : A measure of a company’s financial

leverage (Debt Equity ratio, investorwords.com)

6. Dividend Payouts : The amount of cash that a company

gives to its shareholders in the form of dividends (Dividend Payouts,

investorwords.com)

7. Dot-com Bubble : A stock market driven by the rise of

internet industry. The bubble was caused by the growth of Internet

users and investors transferred in money to finance start-up internet

based companies without analyzed whether these companies can turn a

profit or not. When the many internet companies failed to give profit,

the bubble burst which triggered a mild economic recession (dotcom

bubble, businessdictionary.com).

8. Earnings per Share : The portion of a company's profit

allocated to each outstanding share of common stock (Earnings per

Share, investopedia.com).

9. Financial Leverage : The degree to which an investor or

business is utilizing borrowed money. Companies that are highly

leveraged may be at risk of bankruptcy if they are unable to make

payments on their debt; they may also be unable to find new lenders in

the future (Financial Leverage, investorwords.com)

10. Free Cash Flow : A measure of financial performance

calculated as operating cash flow minus capital expenditures. Free cash

flow (FCF) represents the cash that a company is able to generate

after laying out the money required to maintain or expand its asset base

(Free Cash Flow, investopedia.com)

11. Free Cash Flow Yield : An indicator of the return expected per

share. It equals free cash flow per share divided by the current market

price per share (or equivalently, the company's overall cash flow

divided by its market capitalization) (Free Cash Flow Yield,

investorwords.com).

12. Fundamental Analysis : A method used to determine the value

of a stock by analyzing the financial data that is 'fundamental' to the

company. That means that fundamental analysis takes into

consideration only those variables that are directly related to the

company itself, such as its earnings, its dividends, and its sales

(Fundamental Analysis, investorguide.com).

13. Gross Profit Margin : A measure of a company’s profitability

that is expressed as a percentage of gross profit. It is calculated by

dividing gross profit by revenue (Gross Profit Margin,

investorguide.com).

14. Initial Public Offering : The first sale of stock by a private company to

the public (Initial Public Offering, investopedia.com)

15. Intrinsic Value : The actual value of a security (Intrinsic

Value, investopedia.com).

16. Irrational Exuberance : Unsustainable investor enthusiasm that

drives asset prices up to levels that aren’t supported by fundamentals.

Phrase still popular today that was used to characterize market in

December 1996 and it was uttered by Alan Greenspan (Irrational

Exuberance, investorwords.com).

17. Market Value : The price as determined dynamically by

buyers and sellers in an open market (Market Value,

investorwords.com, 2013).

18. Net profit margin : A measure of company’s profitability

calculated by dividing net income by net sales (Net Profit Margin,

investorguide.com).

19. P/E ratio : A valuation ratio of a company's

current share price compared to its per-share earnings (Price Earnings

ratio, investopedia.com)

20. PEG ratio : A stock's P/E ratio divided by the

growth rate of its earnings for a specified time period. The

price/earnings to growth (PEG) ratio is used to determine a stock's

value while taking the company's earnings growth into account, and is

considered to provide a more complete picture than the P/E ratio. (PEG

ratio, investopedia.com)

21. Social Network : A website that allows you to connect

with friends and family, share photos, videos, music and other personal

information with either a select group of friends or a wider group of

people, depending on the settings your select (Social Networks,

affilorama.com).

22. Technology Bubble : A pronounced and unsustainable

market rise attributed to increased speculation in technology stocks

(Tech Bubble, investopedia.com).

23. Trailing Earnings : A company's earnings over a previous

period of time (Trailing Earnings, thefreedictionary.com)

24. U.S. Stock Market : The market in United States which

shares are issued and traded through exchanges or over-the counter

market.

25. Venture Capital : Money provided by investors to startup

firms and small business with perceived long-term growth potential

(Venture Capital, investopedia.com).

CHAPTER II

LITERATURE REVIEW

2.1. Market Efficiency

In 1970, Fama defined the market efficiency hypothesis (Fama, 1970). He explains “an efficient market” as a market where the price fully reflects all available information at all time. He proposed that all available information regarding the stock market was already implemented in the stock price, so there will be no advantage for investor in predicting the return on a stock price because all investors had access to the same information. This means that at any given time the prices reflect all available information in the market at that time for that specific stock. Over his empirical work, he divided the tests into three forms of accessible information which called as weak, semi-strong and strong form. The weak form symbolizes only historical prices. The testing of the semi-strong form examines if the prices adjust efficiently to other information that is clearly available to the public, for instance information regarding announcements of annual earnings, stock splits, etc. In several cases some investors have access to information that no one else has, or has access to this information before the public, this is studied in the strong form tests. Fama came to the conclusion that the efficient market model holds up well (Fama, 1970).

The efficient market hypothesis is also related with the random walk model, affirming that future prices are not to be predicted based on the prices from the

12 past (Burton, 2003). This is the result of the believe in stock prices to immediately reflect the flow of information, thus the stock prices of tomorrow reflects only the information of tomorrow and thereby are independent of the price changes today, making these changes unpredictable and random.

Generally, the stock market and individual stocks were believed to reflect information at the instant of the information to arise, combined into the process without delay. Based on this believe, it means that there is no use in technical analysis that tries to predict future prices based on the prices in the past, nor analysis of fundamentals based on the financial information, allowing the investors to select undervalued stocks.

Some of market efficiency critics are quarrelling that prices could not possibly be set by rational investors based on events in several periods in the recent history.

They think that hence the dot-com bubble where psychological considerations must have played a role. Markets can be efficient even if some of its participants are quite irrational, and even if stock prices experience greater volatility than what can be explained by fundamentals (Burton, 2003). One of the reasons for Burton

G. Malkiel is that they are strong believers of the market to reflect new information quickly and mostly accurately, not allowing investors to earn above- average risk adjusted returns. He believes that if the market has predictable outlines in for example predicted returns, the professional investors should be able to beat the market. Managers were not able to outperform indices, and thus the market, even though they had strong incentives to do so. It based on a number of studies of the mutual fund performance. This shows a convincing evidence of

13 market efficiency (Burton, 2003). Burton G. Malkiel (2003) concludes that sometimes investors can make mistakes and act less rational, thereby making the market less efficient in the article “The Efficient Market Hypothesis and its

Critics”.

2.2. Behavioral Finance

There are other views on the efficient market hypothesis. On the other side to the existing hypothesis there are also the alternative views that the stock market is partially predictable. This is the basis for the behavioral finance view. According to Shiller (Shiller, 2002), he indicated that the days of glory for the market efficiency hyphothesis was in the 1970s, and that the focus shifted in the 1990s where the field of behavioral finance did its entry. Behavioral finance view allows investors to earn excess risk adjusted rates of return. Moreover, fundamental valuations are useful for predictable patterns.

The behavioral finance view represents a different model from the efficient market hypothesis. Based on the idea that the investor not always behave rationally, but then again as human beings make mistakes in their decision making and thereby the market outcomes are not reflected from perfect investor rationality. The behavioral finance view is in some way successive to explain the bubbles that arise in the economy based on a psychology perspective. Barberis and Thaler (2002) discuss different aspects of what psychologists’ state that people base their belief on in practice. They found that people tend to have overconfidence in their judgments through both the confidence level and the poor elimination in probabilities. Based on Fishchhoff, Slovic and Linchtenstein (1997)

14 there are empirical evidence about events that investors are certain will happen is only happening in 80 percent of the cases and events they perceive is deemed to occur are occurring in 20 percent of the time. Investors’ beliefs are characterized by wishful thinking and optimism of their abilities and prospects (Weinstein &

Klein, 1996).

This leads us to the questions if the market follows a random walk or is mean reverting. The random walk hypothesis states that the market has no memory; that is why no past information can be used to predict future prices in the market. The probability is the same for an increase in the price as for a decrease. On the contrary, if the market is mean reverting some predictability is possible and the use of multiples may be valuable for predicting the market valuation. Due to

Poterba and Summers´ (1988) research paper on mean reversion in stock prices based on data from United States and 17 other countries, there is an element of predictability, especially in the small-caps, where there is positive correlation. In the long run markets tend to mean revert due to negative serial correlation. There is no agreement on how strong these findings are (Poterba & Summers, 1988).

Sometime investors will make mistakes because information is costly. There will be pricing irregularities in the market, thus there will be incentives for investors to try to predict price patterns and prices before the information is reflected in the market (Grossman & Stiglitz, 1980). Such irregularities will exist in periods characterized as bubbles providing the investor the ability to obtain extraordinary returns based on patterns or irrationalities in the valuation of individual shares.

2.2.1. Herd Behavior

There is another theory inside behavioral finance called as herd behavior. Herd behavior aims to explain why rational individuals can be irrational when behaving in groups. Herd behavior is said to be a result of information cascade (Shiller,

2005). Information cascade can be understood as even rational people can take part of herd-like manner when opinions of others are taken into account, even if these opinions are irrational. There is one example given by Shiller (2005). In the example there are two restaurants starting up at the same time, and the first customer is to choose between one of the restaurants based on his own impressions of just looking at the restaurants. Then after the first customer has chosen, the second customer can see which restaurant the first customer has chosen and this continues on with the other customers. Based on the choice of one person, the restaurant A enjoys success and a lot of customers, while restaurant B has a tough time getting customers. This example provides an idea of how powerful herd behavior can be, and the theory is highlighted as a good way of explaining the dot-com bubble (Shiller, 2005). Applying this example to the stock market, one type of stocks is chosen by investors, not based on other differences than the choice of others. This leads to an increase in the chosen stock´s value without any increase in fundamental value.

Individuals that have become convinced that the herd has more detailed and trustworthy information will be adaptable to ignore the information received as an individual, hence following the actions of the others (Sian Owen, 2002). This herd behavior could soon create informational cascade. It means that the individual signals will be overshadowed by the opinion of the herd. Further Sian investigated

16 the upwards information cascade hence illustrating that the upwards cascade ends when a shock to the system occurs, that allows the investor to realize that the investment will most likely not lead to returns. This can be caused due to change in investor’s interest or a realization of wrong investment. As a result the upward cascade turns, which leads to a downturn in prices. This downturn may result in a crash or a burst. On the notion that herd behavior explains the sudden increase/decrease in stock prices it becomes highly relevant to consider when looking at the potential threat of a new dot-com bubble.

Hwang and Salmon (2006) did a study on herding where they found a higher probability for herding to occur when the investors had homogeneous expectations of the market directions. They also found that herding not necessarily need to be a fast process; hence it could be long lasting and slow moving, explaining why some bubbles are slow moving. Welch (2000) examined herding and found that herding has stronger influence when the market have been bullish, hence indicating that aggregation of information is relatively poorer in up-markets hence allowing for higher incidence of crashes in up-markets than in down-markets.

To sum up, herding is a theory which explains that individuals are copying the actions of a peer group based on trends and actions of the herd. Following trends may not be optimal for an investor, moving the invested amount from one trend to another leading to increased transaction costs, as well as not being able to stick to one trend for a longer period of time. Herd mentality amongst investors can potentially lead to creation of bubbles, and is therefore important to consider when looking for a new bubble.

2.3. Initial Public Offering

Shares are listed on the stock exchange for the very first time through primary issues, taking a private company to the public through an initial public offering

(IPO). When going public, the company raises capital by selling of a set number of shares at a given price, whereas there may be several reasons for doing so. The

IPO is normally carried out by merchant banks on behalf of the issuer, the company, in a form of an offer for sale at an fixed price agreed between the issuer, the merchant bank, and the broker to the issue who advices to the market sentiment. The underwriter contract to buy any new shares not taken up by investors at the agreed price, this gives the issuing company the assurance of receiving the new funds regardless of what may happen to the stock market during the offer period (Rutterford, 1993).

2.3.1. Motives for Going Public

Morgan Stanley (Brau & Fawcett, 2006) did a survey with the goal to provide a clear picture of the core issues involved in an IPO process. In relation to the hypothesis that markets are efficient and that managers wish to maximize firm value, the main motive behind the public offering is to raise additional equity to fund investment opportunities in a way to minimize the average cost of capital. A second motive is to provide a current owner the chance to exit and to raise cash by selling of its shares. The public offering allows the insider to cash out since the company goes from being highly illiquid from being privately held to be more liquid in the public market. The founders of the respected company may now

18 realize their value in the corporation, measured by the market value of the stock held by the owners.

On the basis of these two reasons, Morgan Stanley came up with subsequently different motives for going public; to create public shares to use in future acquisitions, providing the company with the opportunity to enter the M&A market, whether to acquire or to become a target for acquisitions. Going public allows the company to establish a market price/value of the firm as well as broaden the base of ownership. It often allows one or more principals to diversify personal holdings and makes a shift in capital structure possible from expensive debt to private equity.

2.3.2. Private versus Publicly Held

There are several positive and negative effects for the company going from being privately held to be publicly traded. For an already well known company going public, the IPO can lead to large demands for the stock giving the stock price a boost and hence, being an early investor is desirable, leading to excessive returns.

The public awareness gained through media attention followed by the company being public, may attract desired people for the management positions leading to increased performance. It provides the opportunity to use option plans as incentives for the employees and management to take part in the profit from growth, attracting the most qualified employees to the company. The IPO may work as a funding source for future mergers and acquisitions whereas the company has the possibility to raise more capital by issuing additional stock. This liquidity in the company stocks enables it to rise the desired funding for the future

19 acquisitions easier than for a privately held company, whose shares are less traded, making this a competitive advantage for the publicly traded company.

Taking the company public may give a local corporation more exposure towards the national and even the international markets. This may make the company more noticeable providing it with increased credibility from their stakeholders.

There are also some reasons for why corporations’ prefers to stay privately held. In this way, the company´s founders and core owners keep the decision- making within the company and are able to protect their strategy through confidentiality. Staying privately held also limits the sharing of company´s profits, and it avoids the lengthy reporting that are time consuming, and hereby can keep their focus on the business and not on other liabilities (Draho, 2004).

2.3.3. Timing

Number of IPOs varies from year to year, coming in waves within different sectors. This is known as the “Hot issue markets” phenomenon where the issuers try to find the right time for going public, as where the price level of equities within the respected sector are growing together. This suggests that investment opportunities within a time period are better in certain industries compared to others (Ritter, 1984). Pagano, Panetta and Zingales (1998) do not completely agree on this view. They argue that in periods of increase in IPOs and an increase in investments is determined by the market as a whole, where shares, in general, are highly priced. Furthermore, they mention that the owners often choose to take companies public when high cash flows are possible, since high cash flows are correlated with high rates of stock market. Benninga et al. (2005) argue that

20 macroeconomic conditions will affect more sectors simultaneously, where the upturn will facilitate IPOs in large parts of the market. The owners will gain the highest profit by exit the market when it is booming.

According to Morgan Stanley´s survey (Brau & Fawcett, 2006) amongst CFOs´ on which factors they emphasize regarding the market timing of their (possible)

IPO, the response was that 66.5 percent answered that they were raising capital to finance continued growth, 82.9 percent answered that it was the overall stock market conditions. Especially VCs put great emphasize on stock market conditions to exploit high shareholder value when exiting. 70 percent also said that general industry conditions play a role as a factor for the market timing of their IPO.

2.3.4. Mispricing

According to findings done by Harris and Gurel (1986) and Shleifer (1986) when a stock is added to an index, in this case the S&P 500 index, the stock price jumps.

This increase is documented to be permanent and on average to be 3.5 percent, pointing towards mispricing; even though the fundamental value does not change, the price still jumps (Barberis & Thaler, 2002). Rutterford (1993) defines the intrinsic value of a share as the true worth of a share regardless of the market price, in her review of valuation techniques. In a theoretical perspective, the price should not be affected by the price dynamic in the market as a result from short term speculation. The mispricing occurs if the stock market is not efficient, leading to a possible difference in fundamental value and market price of great significance. This is exactly what happened in the dot-com bubble (Shiller, 2000).

2.3.5. Findings

Purnanandam and Swaminathan (2004) found that IPOs for both tech and non- tech companies done in 1980 to 1997 where on average overpriced in the offer.

The median IPO was overpriced with about 50 percent in this time perspective, compared to its industry peers. Abnormal returns on the first trading day exceeds the underpriced IPOs by five percent followed by a underperformance for the overpriced IPO starting in the second year, lasting up to year five.

Tim Loughran and Jay Ritter (2004) found that the increase in trading volume on the first day of the IPO doubled from 1980 to 1990 and doubled again from

1990 to 2000. The first day initial return on the IPOs increased from an average of

7 percent in 1980 to 15 percent in 1990-1998 followed by an enormous increase to an average of 65 percent in 1999-2000. After the burst of the bubble, it reverted to

12 percent on average for the years of 2001-2003. Tim Loughran and Jay Ritter

(2004) explains this extremely high trading volume in the bubble period based on the underpricing of the IPOs, as a result of the change in the objectiveness of the issuer, who has less focus on maximizing the IPO.

2.4. The Stock Market

The overall market consists of the stock market and the over the counter market.

The stock market refers to the financial market where company shares, derivatives and other securities are listed on the stock exchange and traded between investors and security issuers. Different sized participants, such as governments,

22 corporations, large hedge fund traders and banks, are involved in stock market activities.

The stock market may take form as virtual or physical arenas. This is either stock markets where trading is done electronically where traders are connected through a network of computers, or in open outcry where the traders enter verbal bids in physical locations like on a trading floor. The market acts as a marketplace and a clearing house for stock trading. A clearing house ensures the buyers and sellers that the counterpart will not default on the transaction. The stock exchanges collect and deliver securities traded, and guarantees for the payment

(World Stock Markets, mapsofworld.com, 2012).

2.4.1. The Markets

The stock market is divided into the primary and the secondary market. The primary market is used to raise money for business, hence the market for new issues where corporations, governments and companies collect funds through issuing securities giving the investors the opportunity to invest in these securities and contributing to economic growth. The secondary market is the market where the already existing securities are traded. This also represent the dealer market, or the auction market such as an over the counter market (OTC) (World Stock

Markets, mapsofworld.com, 2012).

23 a. The Primary Market

The investment banks play an important role as the underwriters in the primary market, as they set the initial share price range and supervise the sales process of the company getting listed. When a firm is going public its long-term financing, such as loans from financial institutions, are excluded from the primary market.

The equity is essentially private capital that is converted into public by converting the amount into securities to common shareholders, where three different methods are available. Rights issue is offered to existing shareholders or through holding stock brokers where the right may be exercised fully, partially or not at all. If the shareholder exercises their right, the company receives capital from the shareholder in exchange for stocks and in this way raises new equity in the market

(Lim, 2009). Preferential issue is a relatively faster way of raising equity by issuing shares for designated buyers, for example employees (Preferential Issue –

Financial Glossary, Reuters.com). Initial public offering (IPO) is done when the company (the issuer) is placing its common shares in the stock market for the first time.

b. The Secondary Market

After trading in the primary market the security will enter the secondary market where an investor can buy a security directly from another investor and not directly from the issuer (Primary & Secondary Market, Sharemarketbasics.com).

The secondary market are said to be a liquid market and plays an important role due to the efficient capital market. The secondary market is divided into the dealer

24 market for the OTC securities and the auction market referring to stock exchanges

(Primary Market, mapsofworld.com).

2.5. The Information Technology Market

Information Technology (IT) is any form of computer-based information system, including mainframe as well as microcomputer applications” (Orlikowski & Gash,

1992,p. 2). IT is a broad term used to explain the use of computers and other types of technology to transfer and share information over networks. A microcomputer application is software application that you have on your personal computer, which allows for transferring and sharing information.

IT evolution gives many advantages to small companies. It helps small companies to serve large market without having large staff. Many of computer- based tools have allowed for easier and more efficient ways to distribute information. Technology companies, on average, enjoy high growth rates due to expectations of a more rapid growth compared to an old-style company. Even so, some technology companies do not have profits for the first ten years, characterized by losses or small profits. Bartov et.al explains this valuation of negative book value for Internet firms to be indicating investments in research and development and other intangible assets, perhaps in relation to an IPO (Bartov,

Partha, & Seethamraju, 2002).

Technology companies tend to attract investors that are fascinated in profiting from increase in share price instead of dividends, as this sector is considered a

25 leading sector for growth-based investments. In order to grow the companies, they retain dividends and reinvest profits for further expansion.

A traditional company consists of mainly tangible assets such as machinery, buildings etc, and relatively little intangible assets. Technology companies are characterized by the majority are intangible assets; nonmonetary assets without a physical substance, such as brand, reputation, and value of intellectual property in trademarks, software, etc. Human capital is a very important asset for a company.

Intangible assets less the costs of development form a positive value under goodwill. Intangible assets and goodwill is some of the most complex assets to value, making valuations of companies in the sector difficult (Bartov, Partha, &

Seethamraju, 2002).

2.6. Main Stages in a Bubble

Figure 4 – Main Stages in a Bubble

Dr. Jean-Paul Rodrigue, Dept. of Economics & Geography, Hofstra University

Bubbles (financial manias) describe in several stages, an observation which backed up by 500 years of economic history. Each stage is clearly different, but there are always similarities. The four phases can be identified:

2.6.1. Stealth Phase

Stealth phase is categorized by professionals investing in an industry or market that others have not yet found. This phase is done quietly and carefully to prevent other professionals from taking the desired positions that likely to experience significant future valuations.

2.6.2. Awareness Phase

Awareness phase is when investors start to see the potential profit in the industry.

They start to bring additional money in and push prices higher. Some investors make profit by selling off accompanied by further sell-off phases in the bull market. Media starts to announce the positive reports about how this industry give benefits the economy by creating wealth. According to Davis (2006) media’s attention can drive trading activity to extremes by affecting the investors in extreme market movements. Moreover, Davis found that media contributed to worsen the market response to news and to enhance irrational market expectations.

2.6.3. Mania Phase

In Mania phase, everyone is noticing that prices are going up. The awareness phase increases the demand for stocks of companies in the segment as the result of the “investment opportunity of a lifetime”. Mania phase turns lead to overconfidence in the market which is based on stock prices driven by speculators focusing on the resale value rather than the intrinsic value. Many cash is circulating the market, creating higher expectations and pushing share values to excessive levels. Investors are staying in the market at this point see paper profit and interested to keep the asset inflation going as they are heavily invested in the market.

At some point the high level of fundamentals are justified by theories rationalizing the market behavior and fundamental values by stating that this time it is different and that a permanent high level is normal. This also attempts to justify the future expectations of price increases. At this point, the bubble is about to burst.

2.6.4. Blow Off Phase

The moment of a trigger arrives and everyone at the same time realizes that the situation has changed. Everyone tries to unload their assets make the supply for stocks higher than demand and push the prices down even further. Owing to the greater fool theory, the investors try to sell their assets to someone that still believes in increased prices, but this becomes more difficult as the demand is

28 dropping. Stop-loss mechanisms kick in and leveraged investors are obligated to sell affecting the drop in stock prices even further.

2.7. Standard & Poor’s

Standard and Poor’s is the world’s leading index provider and the foremost source of independent credit ratings (Standard & Poor’s, investopedia.com). For more than 150 years, S&P’s has been providing financial market intelligence to decision-makers. In 1996, McGraw-Hill acquired S&P and today S&P is a division in McGraw-Hill Company (The McGraw-Hill Companies – Corporate

History). Standard & Poor’s has 23 offices in 23 countries and known to investors worldwide for its wide variety of investable and benchmark indices. (Standard &

Poor’s, investopedia.com).

2.7.1. Standard & Poor’s 500 Index

S&P 500 index first published in 1957 and consider as one of the best benchmarks to judge the overall U.S. market performance (Standard & Poor’s 500,

Investorwods.com). S&P 500 targets to cover the 500 largest companies in leading industries of the U.S. Economy (S&P 500 – Fact Sheet, standardandpoors.com). This index provides a broad snapshot of the overall U.S. equity market wish approximately 75% coverage of U.S. equities. The companies included in S&P 500 index are selected based on their market size, liquidity, and sector. S&P 500 is a market value weighted index which means each stock’s weight is proportionate to its market value (Standard and Poor’s 500, investopedia.com). The table below is presented the currently ten largest companies.

Table 1 – Top 10 Largest Companies by Market Cap on S&P 500

Source: (Standard & Poor’s Indices, 2013)

2.8. Nasdaq

Nasdaq created in 1971 as the world’s first electronic stock market. The term of

“Nasdaq” used to be capitalized “NASDAQ” as the acronym for National

Association of Securities Dealers Automated Quotation. The acronym is no longer used and now Nasdaq is a proper noun. Nasdaq is a computerized system that eases trading and provides price quotations on more than 5,000 of the more actively traded over the counter stocks (nasdaq, investopedia.com).

Nasdaq began at the National Association of Securities Dealers (NASD).NASD intended to make easier way for investors to buy and sell stocks through computerized, transparent and fast system. Nasdaq stock market is owned by

Nasdaq OMX Group. Nowadays, Nasdaq OMX Group owns and operates 24 markets, 3 clearing houses, and 5 central securities depositories and it makes

Nasdaq OMX Group as the world’s largest exchange company. Nasdaq completed its separation from NASD and began to operate as a national securities exchange in 2006. In 2007, Nasdaq combined with Scandinavian exchange group OMX and

30 officially become The Nasdaq OMX Group. It further demonstrating its commitment to technology and innovation across global markets

(nasdaqomx.com).

Nasdaq has no physical trading floor since it uses a computer and telecommunication system for trading. With the purpose of creating a physical presence, Nasdaq Market Site is located in the middle of Time Square in New

York. Nasdaq Market Site has strict financial criteria for company to be listed on it. Thus there is an alternative for smaller capitalization companies; they can be listed on the Nasdaq SmallCap Market (Listing Requirements for US Stock

Exchanges, nasdaqlistings.org, 2009).

2.8.1. Nasdaq Composite Index

Nasdaq Composite index is measures all Nasdaq domestic and international stocks listed on Nasdaq Stock Market. (Nasdaq Composite Index, Bloomberg.com). nowadays, Nasdaq Composite Index includes over 3,000 securities, more than most other stock market indices. This index is calculated under a market capitalization weighted methodology index. There are several types of securities in the index, such as American depositary receipts, common stocks, real estate investment trusts, and tracking stocks (Nasdaq Composite Index, investopedia.com).

2.9. American Stock Exchange

In the U.S, American Stock Exchange (AMEX) is the third largest stock exchange by trading volume in the United States. American Stock Exchange is located in

New York City. AMEX handles about 10% of all securities traded in the U.S.

The listing rules in AMEX are a bit lighter than those in NYSE, thus AMEX has larger representation of stocks and bonds issued by smaller companies.

American Stock Exchange has been through several mergers and acquisitions.

American Stock Exchange merged with Nasdaq in 1998 and change the named into Nasdaq – Amex Market Group. After that, NYSE Euronext was purchased

American Stock Exchange in 2008 and rebranded as NYSE Amex Equities

(American Stock Exchange, investopedia.com).

2.9.1. Nasdaq Computer

Nasdaq Computer Index (IXK) first published in November 1993. This index measures the performance of Nasdaq-listed software and software companies that provide products and services (Nasdaq Computer Index Investment & Finance

Definition, yourdictionary.com). Nasdaq Computer Index includes securities of

Nasdaq-listed companies classified according to Industry Classification

Benchmark (ICB) as Technology excluding Telecommunication Equipment

(What is Nasdaq, nasdaqomx.com). ICB divides Technology industry into

Software and Computer Services and Technology Hardware and computer; subsequently are divided into seven different subsectors. Nasdaq Computer Index covers six of these subsectors excluding Telecommunications Equipment

(Standard & Poor’s – GICS, 2006).

2.9.2. Inter@ctive Week Internet Index

Inter@ctive Week Internet Index (IIX) was developed on August 15, 1995 with a base value of 66.66. Inter@ctive Week Internet Index is a modified market capitalization weighted index of companies involved in providing digital interactive services, developing and marketing digital interactive software, and manufacturing digital interactive hardware (Inter@ctive Week Internet Index,

Bloomberg.com).

Inter@ctive Week Internet Index was developed by American Stock Exchange and Ziff-Davis Publishing. Inter@ctive Week Internet Index component consists of 36 companies (See Appendix A for a detailed list). All companies are related with internet industry and represent a broad range for benchmarking the fluctuation in the internet industry too.

2.9.3. Nasdaq Internet Index

Nasdaq Internet index (QNET) launched on November 27, 2007. QNET is designed to track the performance of internet- related services companies, such as internet access providers, web hosting, search engines, website design, and internet retail commerce (Nasdaq-QNET, pwinsight.com). Nasdaq Senior Vice

President Steven Bloom said that Nasdaq Internet Index consist of many exciting internet companies traded in Nasdaq and other U.S. Exchanges (Nasdaq Launces the Nasdaq Internet Index, nasdaq.com). Nasdaq Internet Index is covered securities of companies that are the leader of internet technology. Most of them are companies who provide faster internet access, create more intuitive e- commerce experiences, and develop second generation Web (Components of the

Nasdaq Internet Index, trademike.net). Nasdaq Internet Index has 68 components

(See Appendix B for a detailed list, Yahoo). This index is relatively new compared to the Amex index, thus there is a limitation of the data for the index.

2.10. Criteria of Dot-com Bubble

Figure 5 – Nasdaq Composite Price Index (1995-2005)

Nasdaq Composite Price Index from 1995-2005 6000

5000

4000 3000

2000 Nasdaq Composite Price Index Price 1000 (CCMP)

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Date

Sources: Appendix M

The dot-com bubble was a historic bubble in the stock market which occurred in the years on 1995 to 2000. In order to compare the current market situation and find indicator of a new bubble, the criteria of first dot-com bubble will be the standard. The criteria of first dot-com bubble will be based on Shiller (2005) theory about Irrational Exuberance. He explained about high valuations in U.S. stock market and the criteria on the first dot-com bubble. As an indicator of the bubble, the Nasdaq composite index is often quoted. The Nasdaq composite index rose from 749.69 to 5,048.62, a 673.43% increase, from January 1995 to March

2000 and made the price index looks like a rocket. Extremely price increase around 600% or more in price is the first criteria of dot-com bubble. If the current

34 situation of internet indices can show close percentage or even more, it will be the indicator of a new dot-com bubble.

Figure 6 – Nasdaq Composite: Price Vs Earnings (1995-2015)

Nasdaq Composite: Price vs Earnings. Rebased to 100

800 600 400 200 0 -200

Rebased indexvalue Rebased -400

1999 2005 1995 1995 1996 1996 1997 1997 1998 1998 1999 2000 2000 2001 2001 2002 2002 2003 2003 2004 2004 2005 Date

Rebased Trailing 12Month EPS Rebased Index Price Level

Sources: Appendix M

The dramatic increase in price since 1995 was not matched in real earnings growth and became an anomaly since the growth of price usually followed by the growth of earnings. Looking at the figure above, no such spike in earnings growth occurs at that time. The chart below shows that Nasdaq composite had enormous difference between price and earnings that rose from 5.79 to 588.73, a 9979.48% increase, from January 1995 to February 2000. It becomes the second criteria of dot-com bubble if there are dramatic rising difference of price and earnings that can close to 9979.48 % or even more. If the difference on price and earnings on current situation close or more than the first dot-com bubble situation, it will be the indicator of a new dot-com bubble.

Figure 7 – Difference in Price versus Earnings of Nasdaq Composite

Difference in Price vs Earnings development

700 600 500 400 300 Difference 200 100

1995 1995 1996 1997 1997 1998 1999 1999 2000 2001 2001 2002 2003 2003 2004 2005 2005

Source: Appendix M

The chart below shows that Nasdaq Composite P/E ratio rose from 9.44 to 202, a

2139% increase, from January 1995 to October 2000. This was a very extremely changing in P/E ratio value. The 2139% increase in P/E ratio is the third criteria of dot-com bubble. If the current situation of internet indices can show close percentage or even more, it will be the indicator of a new dot-com bubble.

Figure 8 – Price Earnings of Nasdaq Composite (1995-2005)

Price Earnings Nasdaq Composite 1995-2005

250

200 150 100 P/E ratio Nasdaq

50 Composite Price Earnings Ratio Earnings Price

1995 2003 1995 1996 1997 1998 1998 1999 2000 2001 2001 2002 2004 2004 2005 Date

Source: Appendix M

CHAPTER III

METHODOLOGY

3.1. Research Method

A quantitative research approach has been adopted for this thesis. Quantitative research is used to analyze secondary data in this thesis with aims to draw conclusions about the stock market based on numerical data. Quantitative research is based exclusively on facts such as P/E ratios, GDP growth, and other data that are objectively measurable when recommending investment decisions (Farlex

Financial Dictionary). The data used in this thesis are secondary data of several indices structured in the form of numbers that gathered from Bloomberg.

The research framework would be described as a figure below;

Figure 9 – Research Framework

Define Problem

Gathering Data

Define Program for Analysis

Data Processing

Analysis Result

Source: Constructed by the researcher

3.2. Research Instrument

With the intention of getting a reliable secondary data, all of them were gathered from Bloomberg terminal. Bloomberg terminal is the most powerful and flexible software solution for financial professionals who need real-time data, news and analytics (Bloomberg terminal, Bloomberg.com). Bloomberg provides all data needed in this research such as the historical data of prices, P/E ratios, EPS, etc.

The program that will be used to calculate and analyze the secondary data is

Microsoft Excel 2010. Microsoft excel is used for exporting the data by using

Bloomberg Excel Add-in. Microsoft Excel is also used to create table and chart to reveal the data analysis result, for example to show the performance of technology industry especially internet sector against the general market. Charts and tables are used to provide a visual display of data gathered and help organize information.

They will disclose the patterns between indices and helps to compare and to see contrasts between entities.

3.3. Sampling Designs

There was no sampling data in this research because the data that will be analyzed was properly the exact amounts which are 216. Data were collected from

Bloomberg on a monthly basis with period from January 1995 to December 2012

(216 months) in order to capture the first dot-com bubble and the current market situation. However, it is not possible for Nasdaq Internet Index (QNET) because

Bloomberg only able to provide data from 2011. Thus, every chart related with

QNET index is charted from the first available data. S&P 500 is used as a representative of general market for seeing how the internet sector differs from the

38 overall stock market. Amex and QNET will be used as the representatives for internet industry. Nasdaq Computer index will be the representative for technology industry.

3.4. Data Analysis

The data analysis used to see the possibility of a new dot-com bubble is fundamental analysis. The fundamental analysis is applied to different ratios that have relevancy. Several kinds of ratios were computed to be able to choose a range that provides the most comprehensive information. The result will be used to conclude on the current market situation as well as the trends in the internet sector compared to the general market.

In U.S. market, there are two indices that generally considered as good benchmarks; the Dow Jones Industrial Average (DJIA) and Standard and Poor’s

500 Index (S&P 500). DJIA consists of 30 large companies; the average is price- weighted, representing their performance in the stock market. S&P 500 is a market capitalization weighted index of 500 largest companies listed in the U.S.

We choose S&P 500 as a benchmark for the overall representation of the U.S. stock market based on the difference method of weighting and the number of companies.

3.4.1. Fundamental analysis

Fundamental analysis is critical factor in stock analysis. The objective of fundamental analysis is getting an understanding of a company, the health of its

39 business and its future prospects (5 Important Elements in Fundamental Analysis, euroinvestor.com, 2012). Fundamental analysis attempts to discover stocks true value, intrinsic value, by examining related economic and financial factors.

The end goal of doing fundamental analysis is get a value for a comparison with the current price. It will make the analyst able to determine if the company is over/ under valued and to sell/buy stocks. The hope is to invest in stocks whose intrinsic value is greater than market value. Some of the valuation measures that fundamental uses and related with this thesis are explained below. Started with several ratios and chose the subsequent ratios due to relevance and limitations regarding data available and how the ratio fit the technology market. All ratios are computed automatically by Bloomberg, thus for detailed see appendix L.

a. Earnings per Share

Earnings per share (EPS) is the net income per share, this is what the company has available per share of the common stock. In order to see how much profit one share produces without the noise of market optimism/pessimism or consensus, the investor can use the ratio;

EPS =

This is a way to compare companies, but it is not reliable as a valuation method, though it is important in the company valuation process. The ratio is exposed to manipulation, leading the investor to confusion. It is important to take the amount invested to gain the earnings into account when evaluating the

40 company. It may be a major difference in how much equity that has been required to gain the income (Brealey, 2008).

b. Price-Earnings Ratio

EPS is a good way to compare earnings across companies. Unfortunately, EPS does not tell anything about how the market values the stock (Earnings per Share, investopedia.com). Price-earnings ratio is the value of the company´s current share price compared with the earnings per share (EPS). The price is the market value per share based on the markets` expected future earnings. EPS may be based on the past (trailing) earnings, the rolling EPS represented by the most recent EPS of the four quarters, or the forward estimated earnings. Usually the ratio is calculated based on the market price of the share divided by trailing earnings

(Penman, 2010).

P/E Ratio=

The ratio shows how much an investor is willing to pay per dollar in earnings; hence the ratio is reflecting anticipated future growth in earnings. For the ratio to be able to provide any useful information it needs a benchmark. This may be the

P/E ratio for the market as a whole, the previous company ratio or P/E ratio for other companies within the same industry.

It is important to note that the ratio is exposed to manipulation through investments that creates growth but this does not necessary create value. The earnings growth may be created by accounting. This exposes the investors to

41 paying too much for growth. For technology companies the P/E ratio tends to be higher relative to other industries because of the expected growth potential.

c. Price Earnings Growth Ratio

The price earnings growth ratio (PEG) is the price earnings ratio divided by the percentage growth rate, at most times the forecasted growth rate in earnings per share. The ratio gives an indication of the possible value of the stock, taking both the price earning and the growth into account. It is optimal for the investor to pay as little as possible for the future earnings growth, so a relative low PEG is preferable indicating that the stock is undervalued (Micron Technology Inc, nasdaq.com). A stock that is considered to have a fair value has a PEG ratio of 1.

There may be some pitfalls in using the ratio as it is based on estimated values, exposing it to great uncertainty. Companies taking great risks may trade at relative low PEGs compared to companies with comparable growth rates. It may also be misleading as companies investing in high quality projects and companies that reinvest are trading at a relatively high PEG rate (Penman, 2010).

42 d. Free Cash Flow Yield

Net income + Amortization/Depreciation - Change in Working Capital - Capital Expenditure = Free Cash Flow

Free cash flow is the cash flow generated from operations that results from investments subtracted the cash used to make the investments. The free cash flow enables the company to pursue opportunities to enhance shareholder value, hence it is important for paying dividend, reduce debt and to make acquisitions. The free cash flow may be a good indicator for company performance as it is not as easily manipulated as earnings through accounting methods. It is harder to fake cash flows, so the free cash flow may be a good indicator for a company´s cash generation, hence its profits.

A negative free cash flow may lead the investor to think that the company is worse off than it actually is. When investing in projects, this may lead to negative free cash flows in the short term, whilst in the long term perspective this may provide the company with great payoff. The cash flow yield provides information of how well a company generates cash flows from its current operations.

Free Cash Flow Yield =

This ratio is considered a relative better financial indicator than the P/E ratio for measuring the fundamentals in a company. Although this indicator should also be seen in relation to others to get a more complete picture of the fundamental performance for a company (Damodaran A. ,2002).

e. Financial Leverage

The financial leverage ratio is a balance sheet ratio providing the information of the relative size of net financial assets or obligations, and the long term wealth of the firm. The totals are compared to common shareholders’ equity (CSE), depending on if the company is holding net debt or net financial assets showing the relationship between net financial obligations and the shareholder equity.

The capitalization ratio shows the relationship between the net financial assets and the common shareholder equity.

The capitalization rate subtracted with financial leverage should always be equal to 1. Both ratios may be used to find the degree of how net operating assets are financed with common equity or net financial debt. The shareholders may be better off if the company has financial leverage. This is true if the company earns

44 more on its net operating assets than its obligations on borrowing costs. If this is the case, the financial leverage generates a higher return for the company’s shareholders, but if not, the financial leverage ends up hurting them instead. The company is in general characterized safer with a relative higher equity based financing, hence a low ratio (Penman, 2010).

CHAPTER IV

ANALYSIS OF DATA AND INTERPRETATION OF

RESULTS

4.1. Fundamental Analysis

4.1.1. Index Price Level

Figure 10 – Price Index from 1995-2011

Price Index from 1995-2012 Rebased to 100 350

300

250 Amex (IIX) 200 Nasdaq Computer (IXK) 150

100 Nasdaq Composite (CCMP)

Price Index rebased to100 rebased Index Price 50 QNET

1999 2003 2010 1995 1996 1997 1998 2000 2001 2002 2004 2005 2006 2007 2008 2009 2011 2012 Date

Source: Appendix N

From the chart above, there is no similar pattern that shows extreme price rising after the first dot-com bubble. The periods that show high and constant increase is between 2009 until 2012. The price index level between those periods also does not show price raising that reached around 600% like the first dot-com bubble, but

QNET has the biggest price rising percentage and also the closest with the first dot-com bubble criteria. It can be the indicator that another bubble maybe happens if the price keep rising and reach 600%.

Table 2 – Price Index Changes percentage (2009-2012)

% Changes in index Jan-09 Dec-12 Price Amex 139.49 327 234 % Nasdaq Composite 1632.21 3019.51 185 % Nasdaq Computer 714.27 1550.79 217 % QNET 50.87 240.63 473 %

Source: Appendix N

4.1.2. Price versus Earnings

Figure 11 – QNET Difference in Price versus Earnings

QNET Difference in Price vs Earnings 25

10 Difference

Source: Appendix O

The price versus earnings of QNET index chart does not show any anomaly like what happened in the first dot-com bubble when the difference between price and earnings reached around 9000%. The difference of QNET price versus earnings

47 rose from the smallest difference at 7.36 to the biggest difference at 23.08, a

313.29% increase. The highest percentage difference of price versus earnings of

QNET is very small compare with the dot-com bubble criteria.

Figure 12 – AMEX Difference in Price versus Earnings

AMEX Difference in Price vs Earnings

1000 800 600 400 Difference 200

1999 1996 1997 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2012 1995 Source: Appendix P

The chart above shows the condition of AMEX difference in price versus earnings when the bubble happened and the current situation. When the bubble happened, it shows very big difference between price growth and earnings. After the first dot- com bubble period, there is no difference between price and earnings that close or at higher level with the previous bubble.

Figure 13 – Nasdaq Computer Difference in Price versus Earnings

Nasdaq Computer Difference in Price vs Earnings 1200 1000 800 600 Difference 400 200

1997 2008 1995 1996 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2009 2010 2011 2012

Source: Appendix Q

From the chart above, it shows highest difference of Nasdaq Computer on 1120 points, or about 11,000% rising from the lowest difference when the dot-com bubble happened. And the next highest difference was happened on year 2012 at

574 points, or 5971.14% rising from the lowest difference. It means the difference rising percentage still far from the dot-com bubble criteria.

Figure 14 – Nasdaq Composite Difference in Price vs Earnings

Nasdaq Composite Difference in Price vs Earnings 700 600 500 400

300 Difference 200 100

1995 1998 2002 1996 1997 1999 2000 2001 2003 2004 2005 2006 2006 2007 2008 2009 2010 2011 2012 1995

Source: Appendix M

Nasdaq Composite reached the highest difference on year 2000 at 588.73 or about

9978.48% rising from the lowest difference. The next highest difference happened on 2007 at 278.17, a 4804.1% rising from the lowest difference. It does still far from the criteria of dot-com bubble.

4.1.3. Price Earnings Ratio (P/E Ratio)

Price Earnings Ratio (P/E Ratio) provides an indication of how much the investors are willing to pay for the shares based on the earnings in the company. P/E ratio

49 analysis can be used to compare the ratio of indices in order to see if there is any similar pattern to the previous dot-com bubble period that could indicate a new bubble.

a. Price Earnings of All Indices

The chart below is charted all indices together based on their P/E ratio. There is no pattern that shows an extremely rising percentage of P/E ratios except on the first dot-com bubble that could reach 2139%. It shows that the four indices have a higher level toward the S&P 500 index for most of the time. Amex and QNET are displayed higher P/E ratio compared to the other indices lately. Both of the indices hold some of the equal companies however they are weighted differently; they still may be the source for the relative higher P/E ratios. It means the investors have higher interest with this internet sector because they are willing to pay more.

Figure 15 – Price Earnings of All indices

Price Earnings all Indices 2000 - 2012 2100

1800

P/E ratio Nasdaq Composite 1500

P/E ratio S&P 500 1200

P/E ratio Nasdaq Computer 900 Index P/E ratio Amex

Price Earnings Ratio Earnings Price 600

300 P/E ratio QNET

2000 2001 2002 2003 2004 2005 2008 2009 2010 2011 2012 2007

Source: Appendix H

50 b. S&P 500 versus Nasdaq Composite

The chart below showed that the P/E ratios for S&P 500 and Nasdaq Composite are at approximately the same level until the roll-up to the dot-com bubble in mid-

1998 when the ratio for Nasdaq Composite has an incredible increase. Nasdaq

Composite has an uptrend, with some swing-lows. It looks like there is a clear head and shoulder pattern in the charting of the P/E ratio. The low of a P/E value at 93 marks the end of the left shoulder and the beginning of the head, proceeding to 202 and a price level of 3369. As a result of the burst of the bubble, the ratio decline from 202 towards zero due to negative earnings, to an all-time low value of 1320. The bottom embodies the beginning of the right shoulder, which has a

P/E ratio equal to 158 in March 2003. The shoulder ends in June 2003 at a P/E value of 47. After that period until today, P/E for Nasdaq Composite still is at a relative higher level than S&P500, but P/E ratio for both indices have been at a relatively more stable.

The higher level for Nasdaq Composite may be because of a higher price relative to earnings based on a higher expectation for future cash flows in the technology market compared to the overall market, or/and a relative lower earnings compared to the price.

Figure 16 – Price Earnings for S&P 500 versus Nasdaq Composite

S&P 500 versus Nasdaq Composite 250

200

150 P/E ratio Nasdaq Composite 100

P/E ratio S&P 500 Price Earnings Ratio Earnings Price 50

1999 2006 1995 1996 1997 1998 2000 2001 2002 2003 2004 2005 2007 2008 2009 2010 2011 2012 Period

Source: Appendix C

The chart above does not provide any indication of a similar pattern to the dot- com bubble looking at today’s situation; neither in the relationship between

Nasdaq Composite and S&P 500, nor in the level of the price earnings ratio.

Relating the price earnings ratio alone, does not indicate overvalued companies as in a bubble situation. The investors do not seem willing to overpay for the shares listed on Nasdaq Composite.

c. S&P 500 versus Nasdaq Computer Index

The S&P 500 index ratio is more stable compared to the more volatile Nasdaq

Computer index ratio. During the bubble the Nasdaq Computer P/E ratio reached an all-time high level of 144 in October before it fell down to zero when the bubble burst four months later. The P/E ratio increased again to a relative high level with a top of 121 then it decreased to levels between 44 and 20 between

2003 and the start of the financial crisis in 2008. After the financial crisis the two indices` P/E ratios follow each other more closely, although Nasdaq Computer is still at a relative higher level compared to S&P500.

Figure 17 – Price Earnings for S&P 500 versus Nasdaq Computer

S&P 500 versus Nasdaq Computer Index

160

140

120 100 80 P/E ratio S&P 500 60 P/E ratio Nasdaq 40

Price Earnings Ratio Earnings Price Computer Index 20

2006 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2007 2008 2009 2010 2011 2012 Period

Source: Appendix D

d. S&P 500 versus AMEX

Of all the indices, Amex Interactive Week index (IIX) captures the highest P/E ratio, at an all-time high level of 2581 between March and April 1999 (See

Appendix E). This extreme case is the result of high demand in a hot market for

Internet companies pushing the prices of company shares into artificially high price levels in combination with a lack of earnings.

For the sake of showing clear comparison between AMEX and S&P 500 price earnings ratio, the chart below is used the period after the burst, respectively 2002 to 2012. The chart shows a stable P/E ratio for S&P 500 just below 25. The ratio for Amex is much more volatile. For year 2012 S&P 500 P/E ratio has stabilized

53 between level 25 and 15. These levels do not indicate a hot market, particularly not when compared to the extreme ratio values seen in the previous bubble.

Figure 18 - Price Earnings for S&P 500 versus AMEX

S&P 500 versus AMEX

225 200

175 150 125

100 P/E ratio S&P 500 75 P/E ratio Amex Price Earnings Ratio Earnings Price 50 25

2008 2002 2003 2004 2005 2006 2007 2009 2010 2011 2012 Period

Source: Appendix F

e. S&P 500 versus QNET

The chart below displays that P/E ratio for QNET is sloped up in the beginning of

2011 whereas S&P 500 P/E ratio is nearly flat. The difference of P/E ratio between two indices showed larger expectations in the Internet related business.

The largest and most liquid Internet companies in U.S. are represented with the average P/E ratio of 51 compared to the benchmark ratio of 15.25 for the period. It means the investors are willing to pay more for these companies relative than companies in the overall market, at least in the short-term perspective. The question is if the companies are able to deliver in relation to the high ratios or, if not, this may indicate a bubble. However, it difficult to compare this with the first

54 dot-com bubble because of the short time period that available for the data.

Nonetheless, the particular technology index signifies an abnormal P/E compared to the other indices.

Figure 19 - Price Earnings for S&P 500 versus QNET

S&P 500 versus QNET

30 P/E ratio S&P 500 P/E ratio QNET 20

Value Earnings Price 10 0 2011 2011 2011 2011 2012 2012 2012 2012

Source: Appendix G

4.1.4. Price Earnings Growth

The Price Earnings Growth ratio (PEG ratio) provides with an idea if the P/E is supported by future prospects. According to theory about over and under valuations based on PEG values where;

1. PEG ratio = 1  A fair valuation where the stock price is fully

reflecting the future growth potential.

2. PEG ratio > 1 A possible over-valuation where the shares

represented in the index is priced higher than the expected growth in the

expected profits.

3. PEG ratio < 1  A possible under-valuation where the shares

represented in the index is priced too low in relation to the expected growth in

the expected profits.

Figure 20 – PEG for all Indices

PEG all Indices 2008 - 2012

4 Amex

3 Nasdaq Computer ratio PEG 2 Nasdaq Composite S&P500 1 QNET 0

Period

Source: Appendix I

In order to get the PEG, the P/E ratio was divided by Bloomberg’s estimated growth in the future earnings (See Appendix I). Nasdaq Computer index is an index with PEG ratio closest to 1 which represents a fair valuation based on this ratio. Amex ratio was high during the financial crisis pointing towards a higher investor’s willingness to pay for the shares represented in this index leading to this high over-valuation. QNET index which containing internet related companies has a higher PEG ratio compared with other indices. Based on these estimations, all five indices are not indicated to have been under-valued, but more to over-valued.

Table 3 – PEG ratio for all Indices in 2012

Date Amex Nasdaq Nasdaq S&P500 QNET Computer Composite

30-09-12 1.72 1.14 1.63 1.68 2.30

31-10-12 1.59 1.13 1.51 1.67 2.31 30-11-12 1.44 1.12 1.56 1.47 2.29

31-12-12 1.43 1.14 1.54 1.65 2.30

Source: Appendix I

4.1.5. Free Cash Flow Yield

A good indicator for intrinsic value is free cash flow yield that shows how much cash is generated after the investment is taken into account. When a bubble happen, the companies are normally valued high compared to their intrinsic value which is based on the companies’ actual cash flow. Based on the P/E ratio value, technology sector appears more profitable relative to other industry. By using free cash flow yield, it will show how well the companies in the related indices generate cash flows from their current operations compared to the benchmark market.

Figure 21 - Free Cash Flow Yield for all Indices

Free Cash Flow Yield all Indices 16

12 Amex 10 Nasdaq Computer 8 S&P 500 6 Nasdaq Composite 4 QNET Index 2 0 -22001 2004 2006 2009 2012 2014 -4

Source: Appendix J

The explanation for the free cash flow yield value is; the higher the free cash flow yield, the better. The high value of P/E ratios for the internet sector for most of the time denotes that the represented companies should generate more cash than companies represented in the S&P 500. The chart shows that S&P 500 free cash flow yield is higher than the rest indices after 2009. It means the expectations for the technology indices were not met, which may imply overconfidence in the market for technology.

4.1.6. Financial Leverage Ratio

This part is compared financial leverage in the technology indices to the benchmark which is S&P 500, reflecting how the assets are financed with respect to equity and debt. It may help to explain higher P/E ratio level in the technology industry compared to other markets and maybe can be one of the reasons for the technology sector to have higher price level. The comparison of all indices shows

58 that all technology indices have a relatively stable financial leverage ratio, although there are some differences on the level of the ratio.

Figure 22 - Financial Leverage for all Indices Financial Leverage all Indices 250

200

Amex 150 Nasdaq Computer 100 S&P 500 50 Nasdaq Composite

Financial Leverage Ratio Leverage Financial QNET 0 2002 2003 2005 2006 2008 2009 2011 2012 Period

Source: Appendix K

From the tables below, S&P 500 has a tremendously higher financial leverage ratio value compared with the technology indices.

Table 4 - Average Financial Leverage year 2002-2012

Index Average Financial Leverage

Amex 62

Nasdaq Computer 15

S&P 500 191

Nasdaq Composite 63

QNET 26

Source: Appendix K

CHAPTER V

CONCLUSION AND RECOMMENDATION

5.1. Conclusion

This thesis analyzed the making of a bubble in the U.S. stock market especially within internet sector. Based on the price levels of the indices representing the internet sector, they are priced higher by the market compared to the overall stock market. It is indicating a higher interest for internet stocks than the general market. According to the theory of herd behavior, this upward trend may cause increase in demand for internet stocks. Herding leads to absence of rational investor behavior, whereas the investors often forget fundamentals and buy stocks based on the constructed hype. This situation maybe could lead to a new dot-com bubble.

The price level index of internet indices in current situation does not meet the criteria of dot-com bubble. None of the indices increasing in price level that could reach 600% like the first dot-com bubble. The difference between price and earnings for all indices also not show any criteria of dot-com bubble. All price and earnings relatively follow each other. It means the indices current situation cannot fulfill the second criteria of dot-com bubble. The last criterion which is about high increase in P/E ratio level also cannot find in the P/E ratio level of all indices.

The P/E ratios for internet sector indices are higher compared with the P/E ratio for the overall market. It means internet sector get higher interest from the

60 investors. According to the theory, The PEG ratio is showing over-valuations in the indices, especially for Amex and QNET. QNET has the highest PEG ratio with the average value of 2.28, afterward followed by Amex, Nasdaq Composite,

S&P 500, and Nasdaq Computer. This leads to a reasonable assumption that companies in the internet sector are in general more overpriced than other companies within the sector of technology. Internet sector indices has lower financial leverage ratio compared to the general market. It is explain why Internet indices have higher P/E ratio.

The free cash flow yield indicates some overconfidence in the internet sector.

Though, after 2009 the general market free cash flow yield is higher compare to the internet sector, it means the expectations in this market where not met.

Based on the high level in fundamental, it seems many Internet companies make much hope for the investors at the stock exchange now. According to the theory of Dr. Rodrigue, the Internet related companies seem to meet the requirements for mania phase.

After comparing the findings of the current market with the previous dot-com bubble, the analysis gives no convincing evidence of a new bubble making in the stock market, based on the criteria of the first dot-com bubble by Shiller (2005).

However there are several points that could lead to a new dot-com bubble such as high increase in price of internet sector, higher P/E ratios of Internet related companies compare to general market, over valuations in PEG ratio of Internet

61 indices, and overconfidence in free cash flow yields of internet sector. In conclusion:

1. U.S. stock market is not in a new dot-com bubble because there are no

current conditions that fulfill the criteria of a dot-com bubble.

2. There are tendencies pointing towards for making of a bubble, such as

high rising in price level index of internet sector indices and some over-

valuations of internet sector based on ratio used.

5.2. Recommendation

With the intention of avoid another bubble, basic fundamentals cannot be ignored.

When the investor determining whether to invest in a company, there are several financial variables that must be examine such as profit margin, dividend payouts, and sales forecast.

A popularity of a company does not equal profit. For examples are Facebook and Twitter are social network companies that received lot of attention, but that does not meant they are worth investing in. It is healthier to analyze whether a company follows solid business fundamentals, than focusing on which companies have the most popularity. It is true that Internet stocks seems do well in short term, but does not mean it will work for long-term investment. For a long run, stocks need to have strong revenue source to perform well as investment.

For further research related with this topic, other element that probably able to affect the technology market may be interesting to analyze. Technology industry

62 is operating largely in global market, the making of bubble outside U.S. may be happen and will be crucial to examine. Further analysis on how these listings from other countries contribute to a new bubble may be interesting.

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APPENDICES

Appendix A – Inter@ctive Week Internet Index Components

Source: AMEX, 2013

Appendix B – NASDAQ Internet Index Components

QNET Component QNET Component

Symbol Name Symbol Name

AKAM Akamai Technologies, Inc. NTES NetEase, Inc.

AMZN Amazon.com Inc. NTRI Nutrisystem, Inc.

ANGI Angie's List, Inc. OPEN OpenTable, Inc.

AOL AOL Inc. OTEX OpenText Corporation

AWAY HomeAway, Inc. OWW Orbitz Worldwide, Inc.

BCOR Blucora, Inc. PCLN priceline.com Incorporated

BIDU Baidu, Inc. PETS PetMed Express, Inc.

CARB Carbonite, Inc. PRFT Perficient Inc.

CCOI Cogent Communications Group Inc. QIHU Qihoo 360 Technology Co. Ltd

CSOD Cornerstone OnDemand, Inc. QNST QuinStreet, Inc.

CTCT Constant Contact, Inc. RAX Rackspace Hosting, Inc.

DHX Dice Holdings, Inc. RNWK RealNetworks Inc.

DRIV Digital River Inc. SABA Saba Software, Inc.

EBAY eBay Inc. SCOR comScore, Inc.

EGOV NIC Inc. SFLY Shutterfly, Inc.

ELNK EarthLink Inc. SINA SINA Corporation

EQIX Equinix, Inc. SOHU Sohu.com Inc.

EXPE Expedia Inc. STMP Stamps.com Inc.

GOOG Google Inc. TRAK Dealertrack Technologies, Inc.

GRPN Groupon, Inc. TZOO Travelzoo Inc.

IACI IAC/InterActiveCorp UNTD United Online, Inc.

INAP Internap Network Services Corp. VCLK ValueClick, Inc.

JCOM j2 Global, Inc. VELT Velti Plc

KEYN Keynote Systems Inc. VNET 21Vianet Group, Inc.

KITD KIT digital, Inc. VOCS Vocus Inc.

LLNW Limelight Networks, Inc. VPRT Vistaprint N.V.

LOGM LogMeIn, Inc. VRSN VeriSign, Inc.

LPSN LivePerson Inc. WBMD WebMD Health Corp.

LQDT Liquidity Services, Inc. WIFI Boingo Wireless, Inc.

MELI Mercadolibre, Inc. WWWW Web.com Group, Inc.

MOVE Move, Inc. XOXO XO Group Inc.

MWW Monster Worldwide, Inc. YHOO Yahoo! Inc.

NFLX Netflix, Inc. YNDX Yandex N.V.

NILE Blue Nile Inc. Z Zillow, Inc.

Source: Yahoo Finance, 2013

Appendix C – S&P 500 versus Nasdaq Composite P/E ratios Data

SPX Index CCMP Index P/E ratio Trailing P/E ratio Index Price Trailing 12Month Index Price Date Date Nasdaq 12Month S&P 500 Level EPS Level Composite EPS 31-01-95 16.0464 470.42 29.32 31-01-95 9.4356 755.2 80.04 28-02-95 16.2207 487.39 30.05 28-02-95 9.9857 793.74 79.49 31-03-95 16.4739 500.71 30.39 31-03-95 9.9324 817.21 82.28 28-04-95 16.0016 514.71 32.17 28-04-95 9.9148 843.98 85.12 31-05-95 16.4486 533.4 32.43 31-05-95 9.9061 864.58 87.28 30-06-95 16.7694 544.75 32.48 30-06-95 12.6059 933.45 74.05 31-07-95 16.6057 562.06 33.85 31-07-95 12.8707 1001.21 77.79 31-08-95 16.1814 561.88 34.72 31-08-95 13.3964 1020.11 76.15 29-09-95 16.8461 584.41 34.69 29-09-95 13.7675 1043.54 75.8 31-10-95 16.1849 581.5 35.93 31-10-95 12.8951 1036.06 80.35 30-11-95 17.137 605.37 35.33 30-11-95 13.1489 1059.22 80.56 29-12-95 17.4079 615.93 35.38 29-12-95 14.0419 1052.14 74.93 31-01-96 18.2893 636.02 34.78 31-01-96 12.464 1059.79 85.03 29-02-96 18.5733 640.43 34.48 29-02-96 13.8447 1100.05 79.46 29-03-96 18.9364 645.5 34.09 29-03-96 14.2391 1101.38 77.35 30-04-96 19.1644 654.17 34.13 30-04-96 14.7337 1190.58 80.81 31-05-96 19.4839 669.12 34.34 31-05-96 15.4418 1243.44 80.52 28-06-96 19.304 670.63 34.74 28-06-96 14.8913 1185.02 79.58 31-07-96 18.3129 639.95 34.95 31-07-96 13.3847 1080.6 80.73 30-08-96 18.6166 651.99 35.02 30-08-96 14.101 1141.5 80.95 30-09-96 19.729 687.31 34.84 30-09-96 14.4521 1226.91 84.89 31-10-96 19.5866 705.27 36.01 31-10-96 14.0251 1221.51 87.09 29-11-96 21.0628 757.02 35.94 29-11-96 14.9294 1292.61 86.58 31-12-96 20.7716 740.74 35.66 31-12-96 19.0537 1291.03 67.76 31-01-97 20.5214 786.16 38.31 31-01-97 20.4326 1379.85 67.53 28-02-97 20.9529 790.82 37.74 28-02-97 18.9371 1309 69.12 31-03-97 19.8701 757.12 38.1 31-03-97 16.1095 1221.7 75.84 30-04-97 20.2264 801.34 39.62 30-04-97 16.6667 1260.76 75.65 30-05-97 21.4472 848.28 39.55 30-05-97 18.4869 1400.32 75.75 30-06-97 22.4407 885.14 39.44 30-06-97 17.3171 1442.07 83.27 31-07-97 23.9922 954.29 39.78 31-07-97 26.09 1593.81 61.09 29-08-97 22.7396 899.47 39.56 29-08-97 26.4905 1587.32 59.92 30-09-97 24.0044 947.28 39.46 30-09-97 27.5927 1685.69 61.09 31-10-97 22.8398 914.62 40.04 31-10-97 25.619 1593.61 62.2 28-11-97 24.1211 955.4 39.61 28-11-97 25.5557 1600.55 62.63 31-12-97 24.5345 970.43 39.55 31-12-97 18.6668 1570.35 84.13 30-01-98 25.0278 980.28 39.17 30-01-98 19.4563 1619.36 83.23 27-02-98 26.4941 1049.34 39.61 27-02-98 23.0307 1770.51 76.88 31-03-98 27.9768 1101.75 39.38 31-03-98 24.323 1835.68 75.47 30-04-98 26.694 1111.75 41.65 30-04-98 24.496 1868.41 76.27 29-05-98 26.1477 1090.82 41.72 29-05-98 26.0956 1778.87 68.17 30-06-98 25.8092 1133.84 43.93 30-06-98 29.214 1894.74 64.86 31-07-98 25.3387 1120.67 44.23 31-07-98 28.9353 1872.39 64.71 31-08-98 21.6202 957.28 44.28 31-08-98 22.9298 1499.25 65.38 30-09-98 22.9112 1017.01 44.39 30-09-98 30.7439 1693.84 55.1 30-10-98 24.936 1098.67 44.06 30-10-98 32.4641 1771.39 54.56 30-11-98 26.5289 1163.63 43.86 30-11-98 35.6056 1949.54 54.75 31-12-98 28.3802 1229.23 43.31 31-12-98 38.443 2192.69 57.04 29-01-99 29.4676 1279.64 43.43 29-01-99 51.0463 2505.89 49.09 26-02-99 28.4557 1238.33 43.52 26-02-99 47.4952 2288.03 48.17 31-03-99 28.7563 1286.37 44.73 31-03-99 55.575 2461.4 44.29 30-04-99 29.7582 1335.18 44.87 30-04-99 79.9898 2542.85 31.79 31-05-99 28.994 1301.84 44.9 31-05-99 82.1142 2470.52 30.09 30-06-99 29.872 1372.71 45.95 30-06-99 96.4646 2686.12 27.85 30-07-99 28.9133 1328.72 45.96 30-07-99 84.9298 2638.49 31.07 31-08-99 28.6333 1320.41 46.11 31-08-99 83.1297 2739.35 32.95 30-09-99 27.0375 1282.71 47.44 30-09-99 66.0886 2746.16 41.55 29-10-99 28.4935 1362.93 47.83 29-10-99 71.8924 2966.43 41.26 30-11-99 28.9044 1388.91 48.05 30-11-99 80.6392 3336.16 41.37 31-12-99 29.5059 1469.25 49.8 31-12-99 151.6534 4069.31 26.83 31-01-00 27.943 1394.46 49.9 31-01-00 154.5341 3940.35 25.5 29-02-00 27.3721 1366.42 49.92 29-02-00 176.8603 4696.69 26.56 31-03-00 29.1619 1498.58 51.39 31-03-00 175.3856 4572.83 26.07 28-04-00 28.4012 1452.43 51.14 28-04-00 130.4126 3860.66 29.6 31-05-00 27.5768 1420.6 51.51 31-05-00 93.867 3400.91 36.23 30-06-00 27.5579 1454.6 52.78 30-06-00 120.8776 3966.11 32.81 31-07-00 27.147 1430.83 52.71 31-07-00 141.2892 3766.99 26.66 31-08-00 28.4621 1517.68 53.32 31-08-00 159.2348 4206.35 26.42 29-09-00 27.0171 1436.51 53.17 29-09-00 141.4871 3672.82 25.96 31-10-00 26.1001 1429.4 54.77 31-10-00 202.006 3369.63 16.68 30-11-00 24.0343 1314.95 54.71 30-11-00 151.9558 2597.93 17.1

29-12-00 24.227 1320.28 54.5 29-12-00 155.8919 2470.52 15.85 31-01-01 24.9175 1366.01 54.82 31-01-01 155.8919 2772.73 -13.55 28-02-01 22.6676 1239.94 54.7 28-02-01 #N/A N/A 2151.83 -14.1 30-03-01 21.2491 1160.33 54.61 30-03-01 #N/A N/A 1840.26 -14.99 30-04-01 23.3436 1249.46 53.52 30-04-01 #N/A N/A 2116.24 -65.88 31-05-01 23.5545 1255.82 53.32 31-05-01 #N/A N/A 2110.49 -69.35 29-06-01 22.995 1224.42 53.25 29-06-01 #N/A N/A 2161.24 -70.72 31-07-01 23.8133 1211.23 50.86 31-07-01 #N/A N/A 2027.13 -102.27 31-08-01 22.3868 1133.58 50.64 31-08-01 #N/A N/A 1805.43 -104.13 28-09-01 20.5623 1040.94 50.62 28-09-01 #N/A N/A 1498.8 -105.23 31-10-01 22.2261 1059.78 47.68 31-10-01 #N/A N/A 1690.2 -133.09 30-11-01 24.0818 1139.45 47.32 30-11-01 #N/A N/A 1930.58 -133.65 31-12-01 26.0209 1148.08 44.12 31-12-01 #N/A N/A 1950.4 -145.64 31-01-02 25.7283 1130.2 43.93 31-01-02 #N/A N/A 1934.03 -4.32 28-02-02 25.2007 1106.73 43.92 28-02-02 #N/A N/A 1731.49 -7.5 29-03-02 26.1115 1147.39 43.94 29-03-02 #N/A N/A 1845.35 -4.36 30-04-02 24.9217 1076.92 43.21 30-04-02 #N/A N/A 1688.23 -12.81 31-05-02 24.5979 1067.14 43.38 31-05-02 #N/A N/A 1615.73 -11.14 28-06-02 22.8091 989.82 43.4 28-06-02 #N/A N/A 1463.21 -6.58 31-07-02 20.4462 911.62 44.59 31-07-02 #N/A N/A 1328.26 -23.71 30-08-02 20.4515 916.07 44.79 30-08-02 #N/A N/A 1314.85 -23.03 30-09-02 17.7183 815.28 46.01 30-09-02 #N/A N/A 1172.06 -12.78 31-10-02 19.1631 885.76 46.22 31-10-02 #N/A N/A 1329.75 -12.02 29-11-02 20.2245 936.31 46.3 29-11-02 #N/A N/A 1478.78 -11.57 31-12-02 18.4919 879.82 47.58 31-12-02 #N/A N/A 1335.51 -1.57 31-01-03 17.9403 855.7 47.7 31-01-03 #N/A N/A 1320.91 -0.85 28-02-03 17.6073 841.15 47.77 28-02-03 #N/A N/A 1337.52 -0.33 31-03-03 17.2554 848.18 49.15 31-03-03 158.6554 1341.17 8.45 30-04-03 18.5489 916.92 49.43 30-04-03 154.3296 1464.31 9.49 30-05-03 19.4784 963.59 49.47 30-05-03 157.3106 1595.91 10.14 30-06-03 19.4561 974.5 50.09 30-06-03 47.9501 1622.8 33.84 31-07-03 19.6833 990.31 50.31 31-07-03 57.4836 1735.02 30.18 29-08-03 20.0299 1008.01 50.33 29-08-03 59.2884 1810.45 30.54 30-09-03 19.1159 995.97 52.1 30-09-03 49.9973 1786.94 35.74 31-10-03 20.1082 1050.71 52.25 31-10-03 54.9201 1932.21 35.18 28-11-03 20.2198 1058.2 52.33 28-11-03 56.0872 1960.26 34.95 31-12-03 20.3173 1111.92 54.73 31-12-03 52.5844 2003.37 38.1 30-01-04 20.6612 1131.13 54.75 30-01-04 53.2108 2066.15 38.83 27-02-04 20.8032 1144.94 55.04 27-02-04 51.1608 2029.82 39.68 31-03-04 19.6245 1126.21 57.39 31-03-04 44.2055 1994.22 45.11 30-04-04 19.1063 1107.3 57.95 30-04-04 44.7358 1920.15 42.92 31-05-04 19.2697 1120.68 58.16 31-05-04 43.9484 1986.74 45.21 30-06-04 18.7308 1140.84 60.91 30-06-04 40.5025 2047.79 50.56 30-07-04 17.9969 1101.72 61.22 30-07-04 37.418 1887.36 50.44 31-08-04 17.9361 1104.24 61.57 31-08-04 35.5196 1838.1 51.75 30-09-04 17.6712 1114.58 63.07 30-09-04 32.1499 1896.84 59 29-10-04 17.7922 1130.2 63.52 29-10-04 33.2878 1974.99 59.33 30-11-04 18.3161 1173.82 64.09 30-11-04 34.5971 2096.81 60.61 31-12-04 18.4894 1211.92 65.55 31-12-04 35.9696 2175.44 60.48 31-01-05 17.9617 1181.27 65.77 31-01-05 34.4642 2062.41 59.84 28-02-05 18.2545 1203.6 65.93 28-02-05 34.5563 2051.72 59.37 31-03-05 17.5607 1180.59 67.23 31-03-05 31.6443 1999.23 63.18 29-04-05 17.1351 1156.85 67.51 29-04-05 30.2995 1921.65 63.42 31-05-05 17.6168 1191.5 67.63 31-05-05 35.0375 2068.22 59.03 30-06-05 17.2576 1191.33 69.03 30-06-05 32.3524 2056.96 63.58 29-07-05 17.8132 1234.18 69.28 29-07-05 33.4542 2184.83 65.31 31-08-05 17.4607 1220.33 69.89 31-08-05 33.6261 2152.09 64 30-09-05 17.2473 1228.81 71.25 30-09-05 39.7287 2151.69 54.16 31-10-05 16.7281 1207.01 72.15 31-10-05 38.4018 2120.3 55.21 30-11-05 17.2961 1249.48 72.24 30-11-05 40.6252 2232.82 54.96 30-12-05 17.2571 1248.29 72.33 30-12-05 41.2531 2205.32 53.46 31-01-06 17.2396 1280.08 74.25 31-01-06 38.3795 2305.82 60.08 28-02-06 17.1881 1280.66 74.51 28-02-06 37.8836 2281.39 60.22 31-03-06 16.8329 1294.83 76.92 31-03-06 37.3069 2339.79 62.72 28-04-06 17.0709 1310.61 76.77 28-04-06 37.3303 2322.57 62.22 31-05-06 16.4131 1270.09 77.38 31-05-06 34.9384 2178.88 62.36 30-06-06 15.9011 1270.2 79.88 30-06-06 32.5556 2172.09 66.72 31-07-06 15.9343 1276.66 80.12 31-07-06 31.964 2091.47 65.43 31-08-06 16.2603 1303.82 80.18 31-08-06 33.2288 2183.75 65.72 29-09-06 16.643 1335.85 80.27 29-09-06 34.5414 2258.43 65.38 31-10-06 16.3979 1377.94 84.03 31-10-06 28.5115 2366.71 83.01 30-11-06 16.6759 1400.63 83.99 30-11-06 29.2686 2431.77 83.08 29-12-06 16.8972 1418.3 83.94 29-12-06 29.1016 2415.29 83 31-01-07 16.8164 1438.24 85.53 31-01-07 38.373 2463.93 64.21 28-02-07 16.3809 1406.82 85.88 28-02-07 37.7001 2416.15 64.09 30-03-07 16.5983 1420.86 85.6 30-03-07 38.1163 2421.64 63.53 30-04-07 16.9417 1482.37 87.5 30-04-07 34.1936 2525.09 73.85 31-05-07 17.4867 1530.62 87.53 31-05-07 35.2768 2604.52 73.83 29-06-07 17.1713 1503.35 87.55 29-06-07 35.9475 2603.23 72.42

31-07-07 16.2078 1455.27 89.79 31-07-07 33.4469 2545.57 76.11 31-08-07 16.3959 1473.99 89.9 31-08-07 34.7577 2596.36 74.7 28-09-07 17.0689 1526.75 89.45 28-09-07 36.311 2701.5 74.4 31-10-07 17.3241 1549.38 89.44 31-10-07 35.5759 2859.12 80.37 30-11-07 16.6996 1481.14 88.69 30-11-07 33.1637 2660.96 80.24 31-12-07 17.3299 1468.36 84.73 31-12-07 32.3019 2652.28 82.11 31-01-08 16.2344 1378.55 84.92 31-01-08 28.8225 2389.86 82.92 29-02-08 15.7285 1330.63 84.6 29-02-08 27.7046 2271.48 81.99 31-03-08 16.3927 1322.7 80.69 31-03-08 26.7875 2279.1 85.08 30-04-08 17.1436 1385.59 80.82 30-04-08 28.1931 2412.8 85.58 30-05-08 17.3617 1400.38 80.66 30-05-08 29.4789 2522.66 85.58 30-06-08 16.9454 1280 75.54 30-06-08 25.8939 2292.98 88.55 31-07-08 16.948 1267.38 74.78 31-07-08 26.2081 2325.55 88.73 29-08-08 17.3025 1282.83 74.14 29-08-08 26.9813 2367.52 87.75 30-09-08 15.996 1166.36 72.92 30-09-08 23.4716 2091.88 89.12 31-10-08 13.4484 968.75 72.03 31-10-08 19.3889 1720.95 88.76 28-11-08 12.5577 896.24 71.37 28-11-08 17.294 1535.57 88.79 31-12-08 14.9113 903.25 60.57 31-12-08 21.3473 1577.03 73.88 30-01-09 12.2391 825.88 67.48 30-01-09 21.0202 1476.42 70.24 27-02-09 10.9365 735.09 67.21 27-02-09 19.5846 1377.84 70.35 31-03-09 13.0557 797.87 61.11 31-03-09 23.162 1528.59 66 30-04-09 14.3899 872.81 60.65 30-04-09 27.3726 1717.3 62.74 29-05-09 15.2266 919.14 60.36 29-05-09 27.8026 1774.33 63.82 30-06-09 16.3162 919.32 56.34 30-06-09 30.7664 1835.04 59.64 31-07-09 17.6107 987.48 56.07 31-07-09 34.7976 1978.5 56.86 31-08-09 19.1065 1020.62 53.42 31-08-09 35.8435 2009.06 56.05 30-09-09 20.8647 1057.08 50.66 30-09-09 37.9666 2122.42 55.9 30-10-09 20.5932 1036.19 50.32 30-10-09 37.0478 2045.11 55.2 30-11-09 21.7669 1095.63 50.33 30-11-09 42.8056 2144.6 50.1 31-12-09 17.9481 1115.1 62.13 31-12-09 33.0924 2269.15 68.57 29-01-10 17.1079 1073.87 62.77 29-01-10 29.4217 2147.35 72.99 26-02-10 17.578 1104.49 62.83 26-02-10 31.8914 2238.26 70.18 31-03-10 16.9946 1169.43 68.81 31-03-10 31.7837 2397.96 75.45 30-04-10 17.0991 1186.69 69.4 30-04-10 31.9419 2461.19 77.05 31-05-10 15.6336 1089.41 69.68 31-05-10 28.801 2257.04 78.37 30-06-10 13.7608 1030.71 74.9 30-06-10 22.943 2109.24 91.93 30-07-10 14.5687 1101.6 75.61 30-07-10 24.5771 2254.7 91.74 31-08-10 13.8132 1049.33 75.97 31-08-10 22.9918 2114.03 91.95 30-09-10 14.2804 1141.2 79.91 30-09-10 22.5718 2368.62 104.94 29-10-10 14.7628 1183.26 80.15 29-10-10 26.3739 2507.41 95.07 30-11-10 14.6619 1180.55 80.52 30-11-10 32.9016 2498.23 75.93 31-12-10 14.8596 1257.64 84.63 31-12-10 24.6339 2652.87 107.69 31-01-11 15.1171 1286.12 85.08 31-01-11 24.7255 2700.08 109.2 28-02-11 15.5662 1327.22 85.26 28-02-11 25.6888 2782.27 108.31 31-03-11 15.057 1325.83 88.05 31-03-11 23.358 2781.07 119.06 29-04-11 15.4508 1363.61 88.26 29-04-11 24.2739 2873.54 118.38 31-05-11 16.12 1359.81 84.36 31-05-11 24.3248 2835.3 116.56 30-06-11 15.35 1309.37 85.30 30-06-11 25.8459 2773.52 107.31 31-07-11 15.61 1346.73 86.27 31-07-11 25.8718 2756.38 106.54 31-08-11 13.79 1201.26 87.11 31-08-11 26.5677 2579.46 97.09 30-09-11 13.5 1187.88 87.99 30-09-11 32.6891 2415.4 73.89 31-10-11 13.88 1224.14 88.19 31-10-11 24.8074 2684.41 108.21 30-11-11 14.1 1244.66 88.27 30-11-11 26.7155 2620.34 98.08 31-12-11 14.3 1264.93 88.46 31-12-11 24.9201 2605.15 104.54 31-01-12 14.87 1317.39 88.59 31-01-12 24.3897 2813.84 115.37 29-02-12 15.37 1363.96 88.74 29-02-12 24.6788 2966.89 120.22 31-03-12 15.69 1390.46 88.62 31-03-12 25.4325 3091.57 121.56 30-04-12 15.7 1383.47 88.12 30-04-12 26.1994 3046.36 116.28 31-05-12 15.22 1339.98 88.04 31-05-12 25.4199 2827.34 111.23 30-06-12 15.05 1324.15 87.98 30-06-12 24.4791 2935.05 119.90 31-07-12 15.47 1362.69 88.09 31-07-12 24.5001 2939.52 119.98 31-08-12 15.96 1398.67 87.64 31-08-12 25.2987 3066.96 121.23 30-09-12 16.42 1432.11 87.22 30-09-12 26.4034 3116.23 118.02 31-10-12 16.35 1427.11 87.29 31-10-12 24.6950 2977.23 120.56 30-11-12 15.86 1390.71 87.69 30-11-12 25.5937 3010.24 117.62 31-12-12 16.18 1422.29 87.90 31-12-12 25.0457 3019.51 120.56 Source: Bloomberg, 2013

Appendix D –S&P 500 versus Nasdaq Computer P/E ratios Data

SPX Index Nasdaq Computer (IXK) P/E ratio Trailing Trailing P/E ratio Index Price Nasdaq Index Price Date 12Month Date 12Month S&P 500 Level Computer Level EPS EPS Index 31-01-95 16.0464 470.42 29.32 31-01-95 3.8877 232.56 59.82 28-02-95 16.2207 487.39 30.05 28-02-95 4.2669 251.82 59.02 31-03-95 16.4739 500.71 30.39 31-03-95 4.4220 267.27 60.44 28-04-95 16.0016 514.71 32.17 28-04-95 4.4734 289.18 64.64 31-05-95 16.4486 533.4 32.43 31-05-95 4.4814 300 66.94 30-06-95 16.7694 544.75 32.48 30-06-95 6.2490 336.17 53.80 31-07-95 16.6057 562.06 33.85 31-07-95 6.2896 359.95 57.23 31-08-95 16.1814 561.88 34.72 31-08-95 6.2965 360.88 57.31 29-09-95 16.8461 584.41 34.69 29-09-95 6.4613 368.73 57.07 31-10-95 16.1849 581.5 35.93 31-10-95 6.6932 390.14 58.29 30-11-95 17.1370 605.37 35.33 30-11-95 6.5357 382.69 58.55 29-12-95 17.4079 615.93 35.38 29-12-95 6.8679 366.13 53.31 31-01-96 18.2893 636.02 34.78 31-01-96 6.0603 365.88 60.37 29-02-96 18.5733 640.43 34.48 29-02-96 7.0613 390.17 55.25 29-03-96 18.9364 645.5 34.09 29-03-96 7.1129 379.92 53.41 30-04-96 19.1644 654.17 34.13 30-04-96 7.8430 431.17 54.98 31-05-96 19.4839 669.12 34.34 31-05-96 8.1767 452.23 55.31 28-06-96 19.3040 670.63 34.74 28-06-96 7.8415 431.21 54.99 31-07-96 18.3129 639.95 34.95 31-07-96 6.6967 396.12 59.15 30-08-96 18.6166 651.99 35.02 30-08-96 6.9816 413 59.16 30-09-96 19.7290 687.31 34.84 30-09-96 7.4472 467.85 62.82 31-10-96 19.5866 705.27 36.01 31-10-96 7.1971 475.9 66.12 29-11-96 21.0628 757.02 35.94 29-11-96 7.9054 524.12 66.30 31-12-96 20.7716 740.74 35.66 31-12-96 8.7948 518.79 58.99 31-01-97 20.5214 786.16 38.31 31-01-97 9.6916 582.87 60.14 28-02-97 20.9529 790.82 37.74 28-02-97 8.4732 522.57 61.67 31-03-97 19.8701 757.12 38.10 31-03-97 6.9161 487.68 70.51 30-04-97 20.2264 801.34 39.62 30-04-97 7.5924 539.85 71.10 30-05-97 21.4472 848.28 39.55 30-05-97 8.2063 594.75 72.47 30-06-97 22.4407 885.14 39.44 30-06-97 7.5033 593.5 79.10 31-07-97 23.9922 954.29 39.78 31-07-97 12.3528 697.44 56.46 29-08-97 22.7396 899.47 39.56 29-08-97 12.4057 687.55 55.42 30-09-97 24.0044 947.28 39.46 30-09-97 12.4777 702.93 56.33 31-10-97 22.8398 914.62 40.04 31-10-97 11.4638 652.94 56.96 28-11-97 24.1211 955.4 39.61 28-11-97 11.6256 664.95 57.20 31-12-97 24.5345 970.43 39.55 31-12-97 11.6982 618.66 52.88 30-01-98 25.0278 980.28 39.17 30-01-98 12.7023 675.69 53.19 27-02-98 26.4941 1049.34 39.61 27-02-98 16.1767 761.3 47.06 31-03-98 27.9768 1101.75 39.38 31-03-98 17.4099 772.99 44.40 30-04-98 26.6940 1111.75 41.65 30-04-98 17.6186 797.89 45.29 29-05-98 26.1477 1090.82 41.72 29-05-98 16.3317 742.88 45.49 30-06-98 25.8092 1133.84 43.93 30-06-98 18.8171 849.07 45.12 31-07-98 25.3387 1120.67 44.23 31-07-98 18.9700 858.55 45.26 31-08-98 21.6202 957.28 44.28 31-08-98 15.3457 713.8 46.51 30-09-98 22.9112 1017.01 44.39 30-09-98 19.9922 853.49 42.69 30-10-98 24.9360 1098.67 44.06 30-10-98 20.0593 857.76 42.76 30-11-98 26.5289 1163.63 43.86 30-11-98 22.6354 980.46 43.32 31-12-98 28.3802 1229.23 43.31 31-12-98 24.4394 1134.19 46.41 29-01-99 29.4676 1279.64 43.43 29-01-99 29.7835 1371.8 46.06 26-02-99 28.4557 1238.33 43.52 26-02-99 25.8883 1193.77 46.11 31-03-99 28.7563 1286.37 44.73 31-03-99 31.7711 1305.01 41.08 30-04-99 29.7582 1335.18 44.87 30-04-99 45.7680 1298.83 28.38 31-05-99 28.9940 1301.84 44.90 31-05-99 43.0869 1234.92 28.66 30-06-99 29.8720 1372.71 45.95 30-06-99 51.0505 1386.34 27.16 30-07-99 28.9133 1328.72 45.96 30-07-99 49.5405 1365.12 27.56 31-08-99 28.6333 1320.41 46.11 31-08-99 52.4951 1494.58 28.47 30-09-99 27.0375 1282.71 47.44 30-09-99 50.2816 1503.79 29.91 29-10-99 28.4935 1362.93 47.83 29-10-99 55.6985 1613.72 28.97 30-11-99 28.9044 1388.91 48.05 30-11-99 62.4504 1834.04 29.37 31-12-99 29.5059 1469.25 49.80 31-12-99 86.7329 2325.4 26.81

31-01-00 27.9430 1394.46 49.90 31-01-00 86.6348 2212.47 25.54 29-02-00 27.3721 1366.42 49.92 29-02-00 102.1835 2667.03 26.10 31-03-00 29.1619 1498.58 51.39 31-03-00 110.4643 2701.27 24.45 28-04-00 28.4012 1452.43 51.14 28-04-00 86.4716 2253.9 26.07 31-05-00 27.5768 1420.6 51.51 31-05-00 61.3352 1975.68 32.21 30-06-00 27.5579 1454.6 52.78 30-06-00 82.4696 2343.97 28.42 31-07-00 27.1470 1430.83 52.71 31-07-00 97.3695 2243.84 23.04 31-08-00 28.4621 1517.68 53.32 31-08-00 110.1208 2529.99 22.97 29-09-00 27.0171 1436.51 53.17 29-09-00 94.6748 2123.49 22.43 31-10-00 26.1001 1429.4 54.77 31-10-00 144.9112 1986.81 13.71 30-11-00 24.0343 1314.95 54.71 30-11-00 105.1236 1479.43 14.07 29-12-00 24.2270 1320.28 54.50 29-12-00 100.7901 1294.97 12.85 31-01-01 24.9175 1366.01 54.82 31-01-01 100.7901 1475.98 -1.49 28-02-01 22.6676 1239.94 54.70 28-02-01 #N/A N/A 1075.16 -1.74 30-03-01 21.2491 1160.33 54.61 30-03-01 #N/A N/A 888.01 -2.46 30-04-01 23.3436 1249.46 53.52 30-04-01 #N/A N/A 1061.15 -15.21 31-05-01 23.5545 1255.82 53.32 31-05-01 #N/A N/A 1036.9 -18.34 29-06-01 22.9950 1224.42 53.25 29-06-01 #N/A N/A 1084.36 -18.87 31-07-01 23.8133 1211.23 50.86 31-07-01 #N/A N/A 1008.74 -35.78 31-08-01 22.3868 1133.58 50.64 31-08-01 #N/A N/A 849.5 -36.68 28-09-01 20.5623 1040.94 50.62 28-09-01 #N/A N/A 675.39 -36.94 31-10-01 22.2261 1059.78 47.68 31-10-01 #N/A N/A 821.64 -53.67 30-11-01 24.0818 1139.45 47.32 30-11-01 #N/A N/A 977.73 -53.99 31-12-01 26.0209 1148.08 44.12 31-12-01 #N/A N/A 980.48 -59.30 31-01-02 25.7283 1130.2 43.93 31-01-02 122.8625 1004.31 8.17 28-02-02 25.2007 1106.73 43.92 28-02-02 98.9762 854.39 8.63 29-03-02 26.1115 1147.39 43.94 29-03-02 111.0753 906.45 8.16 30-04-02 24.9217 1076.92 43.21 30-04-02 85.8988 794.33 9.25 31-05-02 24.5979 1067.14 43.38 31-05-02 79.0584 757.16 9.58 28-06-02 22.8091 989.82 43.40 28-06-02 71.4372 681.94 9.55 31-07-02 20.4462 911.62 44.59 31-07-02 57.5208 621.1 10.80 30-08-02 20.4515 916.07 44.79 30-08-02 55.6424 613.54 11.03 30-09-02 17.7183 815.28 46.01 30-09-02 41.6438 519.32 12.47 31-10-02 19.1631 885.76 46.22 31-10-02 44.6539 622.07 13.93 29-11-02 20.2245 936.31 46.30 29-11-02 48.7871 723.13 14.82 31-12-02 18.4919 879.82 47.58 31-12-02 38.7612 622.6 16.06 31-01-03 17.9403 855.7 47.70 31-01-03 36.6406 609.76 16.64 28-02-03 17.6073 841.15 47.77 28-02-03 37.2647 626.65 16.82 31-03-03 17.2554 848.18 49.15 31-03-03 36.2120 615.55 17.00 30-04-03 18.5489 916.92 49.43 30-04-03 38.5244 676.33 17.56 30-05-03 19.4784 963.59 49.47 30-05-03 41.3994 732.56 17.69 30-06-03 19.4561 974.5 50.09 30-06-03 41.9088 745.99 17.80 31-07-03 19.6833 990.31 50.31 31-07-03 44.1082 800.54 18.15 29-08-03 20.0299 1008.01 50.33 29-08-03 45.9948 842.08 18.31 30-09-03 19.1159 995.97 52.10 30-09-03 42.2408 838.74 19.86 31-10-03 20.1082 1050.71 52.25 31-10-03 44.7170 904.69 20.23 28-11-03 20.2198 1058.2 52.33 28-11-03 44.5305 915.28 20.55 31-12-03 20.3173 1111.92 54.73 31-12-03 41.3326 934.9 22.62 30-01-04 20.6612 1131.13 54.75 30-01-04 41.7224 954.23 22.87 27-02-04 20.8032 1144.94 55.04 27-02-04 39.3437 911.98 23.18 31-03-04 19.6245 1126.21 57.39 31-03-04 34.6741 887.38 25.59 30-04-04 19.1063 1107.3 57.95 30-04-04 33.1582 848.87 25.60 31-05-04 19.2697 1120.68 58.16 31-05-04 34.3581 891.83 25.96 30-06-04 18.7308 1140.84 60.91 30-06-04 32.5110 929.32 28.58 30-07-04 17.9969 1101.72 61.22 30-07-04 29.6487 848.58 28.62 31-08-04 17.9361 1104.24 61.57 31-08-04 29.0506 797.7 27.46 30-09-04 17.6712 1114.58 63.07 30-09-04 28.2653 827.65 29.28 29-10-04 17.7922 1130.2 63.52 29-10-04 29.6383 878.53 29.64 30-11-04 18.3161 1173.82 64.09 30-11-04 30.0126 935.56 31.17 31-12-04 18.4894 1211.92 65.55 31-12-04 30.1760 965.29 31.99 31-01-05 17.9617 1181.27 65.77 31-01-05 28.7378 925.35 32.20 28-02-05 18.2545 1203.6 65.93 28-02-05 28.5897 926.39 32.40 31-03-05 17.5607 1180.59 67.23 31-03-05 27.3621 893.04 32.64 29-04-05 17.1351 1156.85 67.51 29-04-05 26.2235 863.74 32.94 31-05-05 17.6168 1191.5 67.63 31-05-05 28.5476 945.97 33.14 30-06-05 17.2576 1191.33 69.03 30-06-05 27.1825 922.99 33.96 29-07-05 17.8132 1234.18 69.28 29-07-05 27.9227 965.45 34.58 31-08-05 17.4607 1220.33 69.89 31-08-05 27.8770 960.49 34.45

30-09-05 17.2473 1228.81 71.25 30-09-05 27.2657 953.4 34.97 31-10-05 16.7281 1207.01 72.15 31-10-05 27.0556 950.87 35.15 30-11-05 17.2961 1249.48 72.24 30-11-05 28.8673 1008.87 34.95 30-12-05 17.2571 1248.29 72.33 30-12-05 28.7608 991.8 34.48 31-01-06 17.2396 1280.08 74.25 31-01-06 28.9491 1031.09 35.62 28-02-06 17.1881 1280.66 74.51 28-02-06 27.5946 991.2 35.92 31-03-06 16.8329 1294.83 76.92 31-03-06 24.9162 1003.8 40.29 28-04-06 17.0709 1310.61 76.77 28-04-06 24.8996 994.3 39.93 31-05-06 16.4131 1270.09 77.38 31-05-06 22.5328 908.69 40.33 30-06-06 15.9011 1270.2 79.88 30-06-06 22.6882 917.77 40.45 31-07-06 15.9343 1276.66 80.12 31-07-06 22.5801 891.62 39.49 31-08-06 16.2603 1303.82 80.18 31-08-06 23.9714 944.86 39.42 29-09-06 16.6430 1335.85 80.27 29-09-06 25.1701 990.49 39.35 31-10-06 16.3979 1377.94 84.03 31-10-06 25.9643 1040.17 40.06 30-11-06 16.6759 1400.63 83.99 30-11-06 26.8944 1079.81 40.15 29-12-06 16.8972 1418.3 83.94 29-12-06 26.1649 1052.81 40.24 31-01-07 16.8164 1438.24 85.53 31-01-07 30.0605 1074.3 35.74 28-02-07 16.3809 1406.82 85.88 28-02-07 28.8343 1040.33 36.08 30-03-07 16.5983 1420.86 85.60 30-03-07 29.3996 1046.44 35.59 30-04-07 16.9417 1482.37 87.50 30-04-07 29.0980 1098.12 37.74 31-05-07 17.4867 1530.62 87.53 31-05-07 29.9886 1140.25 38.02 29-06-07 17.1713 1503.35 87.55 29-06-07 30.5414 1152.54 37.74 31-07-07 16.2078 1455.27 89.79 31-07-07 28.7661 1140.9 39.66 31-08-07 16.3959 1473.99 89.90 31-08-07 29.0276 1161.63 40.02 28-09-07 17.0689 1526.75 89.45 28-09-07 30.2740 1213.95 40.10 31-10-07 17.3241 1549.38 89.44 31-10-07 31.5635 1352.77 42.86 30-11-07 16.6996 1481.14 88.69 30-11-07 28.7691 1250.44 43.46 31-12-07 17.3299 1468.36 84.73 31-12-07 27.7462 1282.91 46.24 31-01-08 16.2344 1378.55 84.92 31-01-08 23.3806 1085.51 46.43 29-02-08 15.7285 1330.63 84.60 29-02-08 21.3416 1001.07 46.91 31-03-08 16.3927 1322.7 80.69 31-03-08 21.5396 1024.38 47.56 30-04-08 17.1436 1385.59 80.82 30-04-08 23.5916 1115.67 47.29 30-05-08 17.3617 1400.38 80.66 30-05-08 24.7176 1175.91 47.57 30-06-08 16.9454 1280 75.54 30-06-08 21.1744 1074.42 50.74 31-07-08 16.9480 1267.38 74.78 31-07-08 20.6770 1043.17 50.45 29-08-08 17.3025 1282.83 74.14 29-08-08 21.2093 1070.2 50.46 30-09-08 15.9960 1166.36 72.92 30-09-08 17.1224 919.53 53.70 31-10-08 13.4484 968.75 72.03 31-10-08 14.4691 768.77 53.13 28-11-08 12.5577 896.24 71.37 28-11-08 12.6119 671.78 53.27 31-12-08 14.9113 903.25 60.57 31-12-08 14.1621 683.9 48.29 30-01-09 12.2391 825.88 67.48 30-01-09 14.9410 654.18 43.78 27-02-09 10.9365 735.09 67.21 27-02-09 14.5449 632.2 43.47 31-03-09 13.0557 797.87 61.11 31-03-09 17.6557 716.86 40.60 30-04-09 14.3899 872.81 60.65 30-04-09 20.6512 808.59 39.15 29-05-09 15.2266 919.14 60.36 29-05-09 20.5063 839.16 40.92 30-06-09 16.3162 919.32 56.34 30-06-09 22.5243 889.38 39.49 31-07-09 17.6107 987.48 56.07 31-07-09 25.5543 957.41 37.47 31-08-09 19.1065 1020.62 53.42 31-08-09 26.4724 988.01 37.32 30-09-09 20.8647 1057.08 50.66 30-09-09 28.0303 1039.21 37.07 30-10-09 20.5932 1036.19 50.32 30-10-09 27.5988 1037.39 37.59 30-11-09 21.7669 1095.63 50.33 30-11-09 29.1907 1087.7 37.26 31-12-09 17.9481 1115.1 62.13 31-12-09 27.9113 1168.26 41.86 29-01-10 17.1079 1073.87 62.77 29-01-10 22.4363 1068.54 47.63 26-02-10 17.5780 1104.49 62.83 26-02-10 23.2023 1118.77 48.22 31-03-10 16.9946 1169.43 68.81 31-03-10 22.0801 1197.83 54.25 30-04-10 17.0991 1186.69 69.40 30-04-10 22.1300 1236.53 55.88 31-05-10 15.6336 1089.41 69.68 31-05-10 20.1110 1140.39 56.70 30-06-10 13.7608 1030.71 74.90 30-06-10 16.8182 1063.76 63.25 30-07-10 14.5687 1101.6 75.61 30-07-10 17.7043 1141.97 64.50 31-08-10 13.8132 1049.33 75.97 31-08-10 16.4672 1061.01 64.43 30-09-10 14.2804 1141.2 79.91 30-09-10 17.2606 1202.38 69.66 29-10-10 14.7628 1183.26 80.15 29-10-10 18.3803 1300.36 70.75 30-11-10 14.6619 1180.55 80.52 30-11-10 17.9236 1286.83 71.80 31-12-10 14.8596 1257.64 84.63 31-12-10 18.1238 1372.06 75.71 31-01-11 15.1171 1286.12 85.08 31-01-11 22.2811 1412.48 63.39 28-02-11 15.5662 1327.22 85.26 28-02-11 22.5644 1446.98 64.13 31-03-11 15.0570 1325.83 88.05 31-03-11 17.5323 1427.98 81.45 29-04-11 15.4508 1363.61 88.26 29-04-11 17.8984 1468.81 82.06

31-05-11 16.1200 1359.81 84.36 31-05-11 17.4876 1432.57 81.92 30-06-11 15.3500 1309.37 85.30 30-06-11 18.2377 1395.01 76.49 31-07-11 15.6100 1346.73 86.27 31-07-11 17.5322 1427.97 81.45 31-08-11 13.7900 1201.26 87.11 31-08-11 17.9683 1337.07 74.41 30-09-11 13.5000 1187.88 87.99 30-09-11 18.2533 1284.13 70.35 31-10-11 13.8800 1224.14 88.19 31-10-11 17.5873 1439.93 81.87 30-11-11 14.1000 1244.66 88.27 30-11-11 18.2145 1390.47 76.34 31-12-11 14.3000 1264.93 88.46 31-12-11 18.1248 1378.72 76.07 31-01-12 14.8700 1317.39 88.59 31-01-12 17.9234 1499.15 83.64 29-02-12 15.3700 1363.96 88.74 29-02-12 19.1127 1621.81 84.86 31-03-12 15.6900 1390.46 88.62 31-03-12 19.1229 1703.68 89.09 30-04-12 15.7000 1383.47 88.12 30-04-12 19.0211 1654.72 86.99 31-05-12 15.2200 1339.98 88.04 31-05-12 18.8772 1530.59 81.08 30-06-12 15.0500 1324.15 87.98 30-06-12 18.8913 1580.13 83.64 31-07-12 15.4700 1362.69 88.09 31-07-12 18.9117 1593.6 84.27 31-08-12 15.9600 1398.67 87.64 31-08-12 19.1715 1671.05 87.16 30-09-12 16.4200 1432.11 87.22 30-09-12 19.1720 1675.51 87.39 31-10-12 16.3500 1427.11 87.29 31-10-12 18.7527 1560.26 83.20 30-11-12 15.8600 1390.71 87.69 30-11-12 18.5723 1558.87 83.94 31-12-12 16.1800 1422.29 87.90 31-12-12 18.4987 1550.79 83.83 Source: Bloomberg, 2013

Appendix E – AMEX Highest P/E ratios of all-time

Price Earnings all Indices 1995 - 2012 3000 2700 2581.7206 2400 P/E ratio Nasdaq

2100 Composite P/E ratio S&P 500 1800

1500 P/E ratio Nasdaq Computer 1200 Index P/E ratio Amex Price Earnings Ratio Earnings Price 900 600 P/E ratio QNET 300

1998 2010 1996 1997 1999 2000 2002 2003 2004 2005 2006 2007 2009 2011 2012 1995 Sources: Bloomberg, 2013

Appendix F –S&P 500 versus AMEX P/E ratios Data

SPX Index AMEX (IIX) Trailing Trailing P/E ratio Index Price P/E ratio Index Price Date 12Month Date 12Month S&P 500 Level Amex Level EPS EPS 31-01-02 25.7283 1130.2 43.93 31-01-02 #N/A N/A 137.62 -1.49 28-02-02 25.2007 1106.73 43.92 28-02-02 #N/A N/A 110.41 -1.49 29-03-02 26.1115 1147.39 43.94 29-03-02 210.6401 120.8 0.57 30-04-02 24.9217 1076.92 43.21 30-04-02 174.206 100.05 0.57 31-05-02 24.5979 1067.14 43.38 31-05-02 157.938 96.05 0.61 28-06-02 22.8091 989.82 43.4 28-06-02 190.7907 82.04 0.43 31-07-02 20.4462 911.62 44.59 31-07-02 49.9407 70.76 1.42 30-08-02 20.4515 916.07 44.79 30-08-02 51.0788 72.23 1.41 30-09-02 17.7183 815.28 46.01 30-09-02 30.5813 62.74 2.05 31-10-02 19.1631 885.76 46.22 31-10-02 37.5294 77.67 2.07 29-11-02 20.2245 936.31 46.3 29-11-02 46.0151 96.34 2.09 31-12-02 18.4919 879.82 47.58 31-12-02 33.0967 82.99 2.51 31-01-03 17.9403 855.7 47.7 31-01-03 32.4329 83.64 2.58 28-02-03 17.6073 841.15 47.77 28-02-03 32.4513 83.36 2.57 31-03-03 17.2554 848.18 49.15 31-03-03 27.5813 83.96 3.04 30-04-03 18.5489 916.92 49.43 30-04-03 28.9373 93.63 3.24 30-05-03 19.4784 963.59 49.47 30-05-03 33.4955 108.42 3.24 30-06-03 19.4561 974.5 50.09 30-06-03 46.3437 111.66 2.41 31-07-03 19.6833 990.31 50.31 31-07-03 46.8987 116.42 2.48 29-08-03 20.0299 1008.01 50.33 29-08-03 62.633 122.74 1.96 30-09-03 19.1159 995.97 52.1 30-09-03 64.3148 119.41 1.86 31-10-03 20.1082 1050.71 52.25 31-10-03 69.8652 131.16 1.88 28-11-03 20.2198 1058.2 52.33 28-11-03 71.4816 133.76 1.87 31-12-03 20.3173 1111.92 54.73 31-12-03 80.2119 143.67 1.79 30-01-04 20.6612 1131.13 54.75 30-01-04 84.4419 152.92 1.81 27-02-04 20.8032 1144.94 55.04 27-02-04 82.1834 151.03 1.84 31-03-04 19.6245 1126.21 57.39 31-03-04 75.1744 150.36 2 30-04-04 19.1063 1107.3 57.95 30-04-04 71.3105 144.11 2.02 31-05-04 19.2697 1120.68 58.16 31-05-04 76.6161 153.6 2 30-06-04 18.7308 1140.84 60.91 30-06-04 62.3712 162.53 2.61 30-07-04 17.9969 1101.72 61.22 30-07-04 55.2414 144.18 2.61 31-08-04 17.9361 1104.24 61.57 31-08-04 51.4699 139.05 2.7 30-09-04 17.6712 1114.58 63.07 30-09-04 25.953 146.4 5.64 29-10-04 17.7922 1130.2 63.52 29-10-04 27.6768 156.59 5.66 30-11-04 18.3161 1173.82 64.09 30-11-04 29.2771 168.76 5.76 31-12-04 18.4894 1211.92 65.55 31-12-04 30.6114 173.74 5.68 31-01-05 17.9617 1181.27 65.77 31-01-05 27.0321 154.8 5.73 28-02-05 18.2545 1203.6 65.93 28-02-05 25.6681 148.04 5.77 31-03-05 17.5607 1180.59 67.23 31-03-05 26.0102 147.08 5.65 29-04-05 17.1351 1156.85 67.51 29-04-05 25.0835 141.84 5.65 31-05-05 17.6168 1191.5 67.63 31-05-05 27.8986 160.28 5.75 30-06-05 17.2576 1191.33 69.03 30-06-05 25.1585 154.68 6.15 29-07-05 17.8132 1234.18 69.28 29-07-05 26.2889 163.25 6.21 31-08-05 17.4607 1220.33 69.89 31-08-05 24.6093 160.18 6.51 30-09-05 17.2473 1228.81 71.25 30-09-05 37.023 167.75 4.53 31-10-05 16.7281 1207.01 72.15 31-10-05 37.0676 167.73 4.52 30-11-05 17.2961 1249.48 72.24 30-11-05 38.7026 175.56 4.54 30-12-05 17.2571 1248.29 72.33 30-12-05 39.4453 175.97 4.46 31-01-06 17.2396 1280.08 74.25 31-01-06 36.7627 184.71 5.02 28-02-06 17.1881 1280.66 74.51 28-02-06 35.8386 179.99 5.02 31-03-06 16.8329 1294.83 76.92 31-03-06 23.9123 189.21 7.91 28-04-06 17.0709 1310.61 76.77 28-04-06 23.6443 187.09 7.91 31-05-06 16.4131 1270.09 77.38 31-05-06 21.8716 174.16 7.96 30-06-06 15.9011 1270.2 79.88 30-06-06 21.6078 174.91 8.09 31-07-06 15.9343 1276.66 80.12 31-07-06 19.684 159.79 8.12 31-08-06 16.2603 1303.82 80.18 31-08-06 21.4977 174.41 8.11 29-09-06 16.643 1335.85 80.27 29-09-06 18.51 181.7 9.82 31-10-06 16.3979 1377.94 84.03 31-10-06 18.9315 193.4 10.22 30-11-06 16.6759 1400.63 83.99 30-11-06 19.7946 202.2 10.21 29-12-06 16.8972 1418.3 83.94 29-12-06 18.2572 200.35 10.97 31-01-07 16.8164 1438.24 85.53 31-01-07 32.3887 204.55 6.32 28-02-07 16.3809 1406.82 85.88 28-02-07 32.2118 203.73 6.32 30-03-07 16.5983 1420.86 85.6 30-03-07 31.8948 202.77 6.36 30-04-07 16.9417 1482.37 87.5 30-04-07 31.3463 208.75 6.66 31-05-07 17.4867 1530.62 87.53 31-05-07 33.3455 222.64 6.68 29-06-07 17.1713 1503.35 87.55 29-06-07 32.8189 225.02 6.86

31-07-07 16.2078 1455.27 89.79 31-07-07 30.5271 218.33 7.15 31-08-07 16.3959 1473.99 89.9 31-08-07 31.021 224.66 7.24 28-09-07 17.0689 1526.75 89.45 28-09-07 31.2216 239.41 7.67 31-10-07 17.3241 1549.38 89.44 31-10-07 33.2421 256.8 7.73 30-11-07 16.6996 1481.14 88.69 30-11-07 30.5797 236.09 7.72 31-12-07 17.3299 1468.36 84.73 31-12-07 36.9956 229.85 6.21 31-01-08 16.2344 1378.55 84.92 31-01-08 32.8708 207.21 6.3 29-02-08 15.7285 1330.63 84.6 29-02-08 32.5144 202.43 6.23 31-03-08 16.3927 1322.7 80.69 31-03-08 34.1602 200.01 5.86 30-04-08 17.1436 1385.59 80.82 30-04-08 36.835 220.05 5.97 30-05-08 17.3617 1400.38 80.66 30-05-08 38.7568 231.56 5.97 30-06-08 16.9454 1280 75.54 30-06-08 34.5648 204.2 5.91 31-07-08 16.948 1267.38 74.78 31-07-08 34.3154 202.76 5.91 29-08-08 17.3025 1282.83 74.14 29-08-08 36.8249 205.16 5.57 30-09-08 15.996 1166.36 72.92 30-09-08 35.5712 172.86 4.86 31-10-08 13.4484 968.75 72.03 31-10-08 29.0483 140.18 4.83 28-11-08 12.5577 896.24 71.37 28-11-08 26.0918 125.95 4.83 31-12-08 14.9113 903.25 60.57 31-12-08 20.9547 133.77 6.38 30-01-09 12.2391 825.88 67.48 30-01-09 24.3149 133.75 5.5 27-02-09 10.9365 735.09 67.21 27-02-09 24.7655 132.46 5.35 31-03-09 13.0557 797.87 61.11 31-03-09 32.7532 149.29 4.56 30-04-09 14.3899 872.81 60.65 30-04-09 40.3339 176.79 4.38 29-05-09 15.2266 919.14 60.36 29-05-09 43.3873 187.01 4.31 30-06-09 16.3162 919.32 56.34 30-06-09 54.4399 186.75 3.43 31-07-09 17.6107 987.48 56.07 31-07-09 68.381 201.17 2.94 31-08-09 19.1065 1020.62 53.42 31-08-09 71.9737 202.68 2.82 30-09-09 20.8647 1057.08 50.66 30-09-09 55.0484 218.96 3.98 30-10-09 20.5932 1036.19 50.32 30-10-09 77.2263 212.34 2.75 30-11-09 21.7669 1095.63 50.33 30-11-09 89.3409 223.32 2.5 31-12-09 17.9481 1115.1 62.13 31-12-09 54.5752 233.86 4.29 29-01-10 17.1079 1073.87 62.77 29-01-10 38.2747 218.06 5.7 26-02-10 17.578 1104.49 62.83 26-02-10 40.1137 228.02 5.68 31-03-10 16.9946 1169.43 68.81 31-03-10 35.2114 248.18 7.05 30-04-10 17.0991 1186.69 69.4 30-04-10 35.3518 252.86 7.15 31-05-10 15.6336 1089.41 69.68 31-05-10 34.0552 237.23 6.97 30-06-10 13.7608 1030.71 74.9 30-06-10 28.7605 220.94 7.68 30-07-10 14.5687 1101.6 75.61 30-07-10 26.8085 243.54 9.08 31-08-10 13.8132 1049.33 75.97 31-08-10 26.9326 244.13 9.06 30-09-10 14.2804 1141.2 79.91 30-09-10 24.4686 277.9 11.36 29-10-10 14.7628 1183.26 80.15 29-10-10 26.6198 302.04 11.35 30-11-10 14.6619 1180.55 80.52 30-11-10 26.2943 301.64 11.47 31-12-10 14.8596 1257.64 84.63 31-12-10 25.7756 307.73 11.94 31-01-11 15.1171 1286.12 85.08 31-01-11 26.3285 311.52 11.83 28-02-11 15.5662 1327.22 85.26 28-02-11 26.8674 320.81 11.94 31-03-11 15.057 1325.83 88.05 31-03-11 26.9012 318.08 11.82 29-04-11 15.4508 1363.61 88.26 29-04-11 27.981 326.69 11.68 31-05-11 16.12 1359.81 84.36 31-05-11 27.6057 321.33 11.64 30-06-11 15.35 1309.37 85.30 30-06-11 26.9203 310.66 11.54 31-07-11 15.61 1346.73 86.27 31-07-11 26.8610 305.41 11.37 31-08-11 13.79 1201.26 87.11 31-08-11 25.3477 287.95 11.36 30-09-11 13.5 1187.88 87.99 30-09-11 24.7735 261.36 10.55 31-10-11 13.88 1224.14 88.19 31-10-11 26.0494 295.4 11.34 30-11-11 14.1 1244.66 88.27 30-11-11 24.1855 286.84 11.86 31-12-11 14.3 1264.93 88.46 31-12-11 24.2253 281.74 11.63 31-01-12 14.87 1317.39 88.59 31-01-12 25.6175 300.75 11.74 29-02-12 15.37 1363.96 88.74 29-02-12 25.8091 312.29 12.10 31-03-12 15.69 1390.46 88.62 31-03-12 26.5989 332.22 12.49 30-04-12 15.7 1383.47 88.12 30-04-12 25.2197 327.1 12.97 31-05-12 15.22 1339.98 88.04 31-05-12 22.9484 293.28 12.78 30-06-12 15.05 1324.15 87.98 30-06-12 25.8805 300.99 11.63 31-07-12 15.47 1362.69 88.09 31-07-12 26.7892 302.37 11.29 31-08-12 15.96 1398.67 87.64 31-08-12 27.3912 310.28 11.33 30-09-12 16.42 1432.11 87.22 30-09-12 28.7679 321.24 11.17 31-10-12 16.35 1427.11 87.29 31-10-12 29.0828 303.77 10.44 30-11-12 15.86 1390.71 87.69 30-11-12 26.0771 321.27 12.32 31-12-12 16.18 1422.29 87.90 31-12-12 26.0558 327 12.55 Sources: Bloomberg, 2013

Appendix G – S&P 500 versus QNET P/E ratios Data

SPX Index QNET Index Trailing Trailing P/E ratio Index Price P/E ratio Index Price Date 12Month Date 12Month S&P 500 Level QNET Level EPS EPS 31-01-08 16.2344 1378.55 84.92 31-01-08 #N/A N/A 132.44 29-02-08 15.7285 1330.63 84.60 29-02-08 #N/A N/A 128.34 31-03-08 16.3927 1322.7 80.69 31-03-08 #N/A N/A 127.91 30-04-08 17.1436 1385.59 80.82 30-04-08 #N/A N/A 142.68 30-05-08 17.3617 1400.38 80.66 30-05-08 #N/A N/A 148.32 30-06-08 16.9454 1280 75.54 30-06-08 #N/A N/A 129.14 31-07-08 16.9480 1267.38 74.78 31-07-08 #N/A N/A 125.97 29-08-08 17.3025 1282.83 74.14 29-08-08 #N/A N/A 124.95 30-09-08 15.9960 1166.36 72.92 30-09-08 #N/A N/A 109.29 31-10-08 13.4484 968.75 72.03 31-10-08 #N/A N/A 85.51 28-11-08 12.5577 896.24 71.37 28-11-08 #N/A N/A 73.93 31-12-08 14.9113 903.25 60.57 31-12-08 #N/A N/A 78.34 30-01-09 12.2391 825.88 67.48 30-01-09 #N/A N/A 76.58 27-02-09 10.9365 735.09 67.21 27-02-09 #N/A N/A 78.88 31-03-09 13.0557 797.87 61.11 31-03-09 #N/A N/A 86.22 30-04-09 14.3899 872.81 60.65 30-04-09 #N/A N/A 102.36 29-05-09 15.2266 919.14 60.36 29-05-09 #N/A N/A 108.37 30-06-09 16.3162 919.32 56.34 30-06-09 #N/A N/A 109.24 31-07-09 17.6107 987.48 56.07 31-07-09 #N/A N/A 119.52 31-08-09 19.1065 1020.62 53.42 31-08-09 #N/A N/A 120.4 30-09-09 20.8647 1057.08 50.66 30-09-09 #N/A N/A 134.99 30-10-09 20.5932 1036.19 50.32 30-10-09 #N/A N/A 132.42 30-11-09 21.7669 1095.63 50.33 30-11-09 #N/A N/A 143.13 31-12-09 17.9481 1115.1 62.13 31-12-09 #N/A N/A 148.43 29-01-10 17.1079 1073.87 62.77 29-01-10 #N/A N/A 137.41 26-02-10 17.5780 1104.49 62.83 26-02-10 #N/A N/A 145.06 31-03-10 16.9946 1169.43 68.81 31-03-10 #N/A N/A 158.8 30-04-10 17.0991 1186.69 69.40 30-04-10 #N/A N/A 161.13 31-05-10 15.6336 1089.41 69.68 31-05-10 #N/A N/A 154.26 30-06-10 13.7608 1030.71 74.90 30-06-10 #N/A N/A 144.61 30-07-10 14.5687 1101.6 75.61 30-07-10 #N/A N/A 154.91 31-08-10 13.8132 1049.33 75.97 31-08-10 #N/A N/A 159.59 30-09-10 14.2804 1141.2 79.91 30-09-10 #N/A N/A 185.91 29-10-10 14.7628 1183.26 80.15 29-10-10 #N/A N/A 199.3 30-11-10 14.6619 1180.55 80.52 30-11-10 #N/A N/A 199.44 31-12-10 14.8596 1257.64 84.63 31-12-10 #N/A N/A 199.36 31-01-11 15.1171 1286.12 85.08 31-01-11 42.5862 207.86 4.88 28-02-11 15.5662 1327.22 85.26 28-02-11 45.8898 212.53 4.63 31-03-11 15.0570 1325.83 88.05 31-03-11 51.3881 226.58 4.41 29-04-11 15.4508 1363.61 88.26 29-04-11 51.9261 239.37 4.61 31-05-11 16.1200 1359.81 84.36 31-05-11 51.8622 229.36 4.42 30-06-11 15.3500 1309.37 85.30 30-06-11 51.5534 224.85 4.36 31-07-11 15.6100 1346.73 86.27 31-07-11 51.6332 227.35 4.40 31-08-11 13.7900 1201.26 87.11 31-08-11 51.2357 213.37 4.16 30-09-11 13.5000 1187.88 87.99 30-09-11 51.4253 184.01 3.58 31-10-11 13.8800 1224.14 88.19 31-10-11 51.5276 208.2 4.04 30-11-11 14.1000 1244.66 88.27 30-11-11 51.5876 201.44 3.90 31-12-11 14.3000 1264.93 88.46 31-12-11 51.7733 200.4 3.87 31-01-12 14.8700 1317.39 88.59 31-01-12 51.9753 214.83 4.13 29-02-12 15.3700 1363.96 88.74 29-02-12 51.8589 227.92 4.40 31-03-12 15.6900 1390.46 88.62 31-03-12 53.1739 241.21 4.54 30-04-12 15.7000 1383.47 88.12 30-04-12 52.9967 238.68 4.50 31-05-12 15.2200 1339.98 88.04 31-05-12 52.5844 219.16 4.17 30-06-12 15.0500 1324.15 87.98 30-06-12 51.6769 225.81 4.37 31-07-12 15.4700 1362.69 88.09 31-07-12 52.8489 224.7 4.25 31-08-12 15.9600 1398.67 87.64 31-08-12 52.2677 231.62 4.43 30-09-12 16.4200 1432.11 87.22 30-09-12 52.4622 243.16 4.63 31-10-12 16.3500 1427.11 87.29 31-10-12 52.7346 230.37 4.37 30-11-12 15.8600 1390.71 87.69 30-11-12 52.7963 233.21 4.42 31-12-12 16.1800 1422.29 87.90 31-12-12 53.1784 240.63 4.52

Sources: Bloomberg, 2013

Appendix H – P/E ratios Data for all indices

CCMP Index SPX Index Nasdaq Computer (IXK) AMEX (IIX) QNET Index Date P/E ratio Nasdaq P/E ratio S&P P/E ratio Nasdaq P/E ratio P/E ratio QNET Composite 500 Computer Amex 31-01-95 9.4356 16.0464 3.8877 #N/A N/A 28-02-95 9.9857 16.2207 4.2669 #N/A N/A 31-03-95 9.9324 16.4739 4.4220 #N/A N/A 28-04-95 9.9148 16.0016 4.4734 #N/A N/A 31-05-95 9.9061 16.4486 4.4814 #N/A N/A 30-06-95 12.6059 16.7694 6.2490 #N/A N/A 31-07-95 12.8707 16.6057 6.2896 #N/A N/A 31-08-95 13.3964 16.1814 6.2965 #N/A N/A 29-09-95 13.7675 16.8461 6.4613 #N/A N/A 31-10-95 12.8951 16.1849 6.6932 10.9410 30-11-95 13.1489 17.1370 6.5357 12.0256 29-12-95 14.0419 17.4079 6.8679 16.7430 31-01-96 12.4640 18.2893 6.0603 14.6128 29-02-96 13.8447 18.5733 7.0613 18.5871 29-03-96 14.2391 18.9364 7.1129 17.4459 30-04-96 14.7337 19.1644 7.8430 18.9023 31-05-96 15.4418 19.4839 8.1767 20.1084 28-06-96 14.8913 19.3040 7.8415 18.9858 31-07-96 13.3847 18.3129 6.6967 16.3375 30-08-96 14.1010 18.6166 6.9816 17.0972 30-09-96 14.4521 19.7290 7.4472 18.7187 31-10-96 14.0251 19.5866 7.1971 16.8920 29-11-96 14.9294 21.0628 7.9054 18.5360 31-12-96 19.0537 20.7716 8.7948 18.0379 31-01-97 20.4326 20.5214 9.6916 17.8788 28-02-97 18.9371 20.9529 8.4732 14.6873 31-03-97 16.1095 19.8701 6.9161 12.6182 30-04-97 16.6667 20.2264 7.5924 12.1813 30-05-97 18.4869 21.4472 8.2063 15.2555 30-06-97 17.3171 22.4407 7.5033 13.6800 31-07-97 26.0900 23.9922 12.3528 15.8944 29-08-97 26.4905 22.7396 12.4057 15.4242 30-09-97 27.5927 24.0044 12.4777 15.7690 31-10-97 25.6190 22.8398 11.4638 13.5208 28-11-97 25.5557 24.1211 11.6256 13.2550 31-12-97 18.6668 24.5345 11.6982 19.6846 30-01-98 19.4563 25.0278 12.7023 24.4507 27-02-98 23.0307 26.4941 16.1767 30.6726 31-03-98 24.3230 27.9768 17.4099 30.0012 30-04-98 24.4960 26.6940 17.6186 28.7368 29-05-98 26.0956 26.1477 16.3317 28.0046 30-06-98 29.2140 25.8092 18.8171 64.2832 31-07-98 28.9353 25.3387 18.9700 68.8085 31-08-98 22.9298 21.6202 15.3457 52.9166 30-09-98 30.7439 22.9112 19.9922 112.7217 30-10-98 32.4641 24.9360 20.0593 120.1066 30-11-98 35.6056 26.5289 22.6354 167.0171 31-12-98 38.4430 28.3802 24.4394 173.1847 29-01-99 51.0463 29.4676 29.7835 177.7350 26-02-99 47.4952 28.4557 25.8883 162.7170 31-03-99 55.5750 28.7563 31.7711 234.1722 30-04-99 79.9898 29.7582 45.7680 2581.7206 31-05-99 82.1142 28.9940 43.0869 255.5828 30-06-99 96.4646 29.8720 51.0505 180.4153 30-07-99 84.9298 28.9133 49.5405 160.5596 31-08-99 83.1297 28.6333 52.4951 115.4578 30-09-99 66.0886 27.0375 50.2816 110.7763 29-10-99 71.8924 28.4935 55.6985 149.5174 30-11-99 80.6392 28.9044 62.4504 181.0556 31-12-99 151.6534 29.5059 86.7329 574.2601 31-01-00 154.5341 27.9430 86.6348 499.3686 29-02-00 176.8603 27.3721 102.1835 537.1805 31-03-00 175.3856 29.1619 110.4643 1971.8882 28-04-00 130.4126 28.4012 86.4716 881.9621 31-05-00 93.8670 27.5768 61.3352 589.6134 30-06-00 120.8776 27.5579 82.4696 797.4047 31-07-00 141.2892 27.1470 97.3695 #N/A N/A 31-08-00 159.2348 28.4621 110.1208 #N/A N/A 29-09-00 141.4871 27.0171 94.6748 #N/A N/A 31-10-00 202.0060 26.1001 144.9112 #N/A N/A 30-11-00 151.9558 24.0343 105.1236 #N/A N/A 29-12-00 155.8919 24.2270 100.7901 #N/A N/A

31-01-01 155.8919 24.9175 100.7901 #N/A N/A 28-02-01 #N/A N/A 22.6676 #N/A N/A #N/A N/A 30-03-01 #N/A N/A 21.2491 #N/A N/A #N/A N/A 30-04-01 #N/A N/A 23.3436 #N/A N/A #N/A N/A 31-05-01 #N/A N/A 23.5545 #N/A N/A #N/A N/A 29-06-01 #N/A N/A 22.9950 #N/A N/A #N/A N/A 31-07-01 #N/A N/A 23.8133 #N/A N/A #N/A N/A 31-08-01 #N/A N/A 22.3868 #N/A N/A #N/A N/A 28-09-01 #N/A N/A 20.5623 #N/A N/A #N/A N/A 31-10-01 #N/A N/A 22.2261 #N/A N/A #N/A N/A 30-11-01 #N/A N/A 24.0818 #N/A N/A #N/A N/A 31-12-01 #N/A N/A 26.0209 #N/A N/A #N/A N/A 31-01-02 #N/A N/A 25.7283 122.8625 #N/A N/A 28-02-02 #N/A N/A 25.2007 98.9762 #N/A N/A 29-03-02 #N/A N/A 26.1115 111.0753 210.6401 30-04-02 #N/A N/A 24.9217 85.8988 174.2060 31-05-02 #N/A N/A 24.5979 79.0584 157.9380 28-06-02 #N/A N/A 22.8091 71.4372 190.7907 31-07-02 #N/A N/A 20.4462 57.5208 49.9407 30-08-02 #N/A N/A 20.4515 55.6424 51.0788 30-09-02 #N/A N/A 17.7183 41.6438 30.5813 31-10-02 #N/A N/A 19.1631 44.6539 37.5294 29-11-02 #N/A N/A 20.2245 48.7871 46.0151 31-12-02 #N/A N/A 18.4919 38.7612 33.0967 31-01-03 #N/A N/A 17.9403 36.6406 32.4329 28-02-03 #N/A N/A 17.6073 37.2647 32.4513 31-03-03 158.6554 17.2554 36.2120 27.5813 30-04-03 154.3296 18.5489 38.5244 28.9373 30-05-03 157.3106 19.4784 41.3994 33.4955 30-06-03 47.9501 19.4561 41.9088 46.3437 31-07-03 57.4836 19.6833 44.1082 46.8987 29-08-03 59.2884 20.0299 45.9948 62.6330 30-09-03 49.9973 19.1159 42.2408 64.3148 31-10-03 54.9201 20.1082 44.7170 69.8652 28-11-03 56.0872 20.2198 44.5305 71.4816 31-12-03 52.5844 20.3173 41.3326 80.2119 30-01-04 53.2108 20.6612 41.7224 84.4419 27-02-04 51.1608 20.8032 39.3437 82.1834 31-03-04 44.2055 19.6245 34.6741 75.1744 30-04-04 44.7358 19.1063 33.1582 71.3105 31-05-04 43.9484 19.2697 34.3581 76.6161 30-06-04 40.5025 18.7308 32.5110 62.3712 30-07-04 37.4180 17.9969 29.6487 55.2414 31-08-04 35.5196 17.9361 29.0506 51.4699 30-09-04 32.1499 17.6712 28.2653 25.9530 29-10-04 33.2878 17.7922 29.6383 27.6768 30-11-04 34.5971 18.3161 30.0126 29.2771 31-12-04 35.9696 18.4894 30.1760 30.6114 31-01-05 34.4642 17.9617 28.7378 27.0321 28-02-05 34.5563 18.2545 28.5897 25.6681 31-03-05 31.6443 17.5607 27.3621 26.0102 29-04-05 30.2995 17.1351 26.2235 25.0835 31-05-05 35.0375 17.6168 28.5476 27.8986 30-06-05 32.3524 17.2576 27.1825 25.1585 29-07-05 33.4542 17.8132 27.9227 26.2889 31-08-05 33.6261 17.4607 27.8770 24.6093 30-09-05 39.7287 17.2473 27.2657 37.0230 31-10-05 38.4018 16.7281 27.0556 37.0676 30-11-05 40.6252 17.2961 28.8673 38.7026 30-12-05 41.2531 17.2571 28.7608 39.4453 31-01-06 38.3795 17.2396 28.9491 36.7627 28-02-06 37.8836 17.1881 27.5946 35.8386 31-03-06 37.3069 16.8329 24.9162 23.9123 28-04-06 37.3303 17.0709 24.8996 23.6443 31-05-06 34.9384 16.4131 22.5328 21.8716 30-06-06 32.5556 15.9011 22.6882 21.6078 31-07-06 31.9640 15.9343 22.5801 19.6840 31-08-06 33.2288 16.2603 23.9714 21.4977 29-09-06 34.5414 16.6430 25.1701 18.5100 31-10-06 28.5115 16.3979 25.9643 18.9315 30-11-06 29.2686 16.6759 26.8944 19.7946 29-12-06 29.1016 16.8972 26.1649 18.2572 31-01-07 38.3730 16.8164 30.0605 32.3887 28-02-07 37.7001 16.3809 28.8343 32.2118 30-03-07 38.1163 16.5983 29.3996 31.8948 30-04-07 34.1936 16.9417 29.0980 31.3463 31-05-07 35.2768 17.4867 29.9886 33.3455 29-06-07 35.9475 17.1713 30.5414 32.8189 31-07-07 33.4469 16.2078 28.7661 30.5271

31-08-07 34.7577 16.3959 29.0276 31.0210 28-09-07 36.3110 17.0689 30.2740 31.2216 31-10-07 35.5759 17.3241 31.5635 33.2421 30-11-07 33.1637 16.6996 28.7691 30.5797 #N/A N/A 31-12-07 32.3019 17.3299 27.7462 36.9956 #N/A N/A 31-01-08 28.8225 16.2344 23.3806 32.8708 #N/A N/A 29-02-08 27.7046 15.7285 21.3416 32.5144 #N/A N/A 31-03-08 26.7875 16.3927 21.5396 34.1602 #N/A N/A 30-04-08 28.1931 17.1436 23.5916 36.8350 #N/A N/A 30-05-08 29.4789 17.3617 24.7176 38.7568 #N/A N/A 30-06-08 25.8939 16.9454 21.1744 34.5648 #N/A N/A 31-07-08 26.2081 16.9480 20.6770 34.3154 #N/A N/A 29-08-08 26.9813 17.3025 21.2093 36.8249 #N/A N/A 30-09-08 23.4716 15.9960 17.1224 35.5712 #N/A N/A 31-10-08 19.3889 13.4484 14.4691 29.0483 #N/A N/A 28-11-08 17.2940 12.5577 12.6119 26.0918 #N/A N/A 31-12-08 21.3473 14.9113 14.1621 20.9547 #N/A N/A 30-01-09 21.0202 12.2391 14.9410 24.3149 #N/A N/A 27-02-09 19.5846 10.9365 14.5449 24.7655 #N/A N/A 31-03-09 23.1620 13.0557 17.6557 32.7532 #N/A N/A 30-04-09 27.3726 14.3899 20.6512 40.3339 #N/A N/A 29-05-09 27.8026 15.2266 20.5063 43.3873 #N/A N/A 30-06-09 30.7664 16.3162 22.5243 54.4399 #N/A N/A 31-07-09 34.7976 17.6107 25.5543 68.3810 #N/A N/A 31-08-09 35.8435 19.1065 26.4724 71.9737 #N/A N/A 30-09-09 37.9666 20.8647 28.0303 55.0484 #N/A N/A 30-10-09 37.0478 20.5932 27.5988 77.2263 #N/A N/A 30-11-09 42.8056 21.7669 29.1907 89.3409 #N/A N/A 31-12-09 33.0924 17.9481 27.9113 54.5752 #N/A N/A 29-01-10 29.4217 17.1079 22.4363 38.2747 #N/A N/A 26-02-10 31.8914 17.5780 23.2023 40.1137 #N/A N/A 31-03-10 31.7837 16.9946 22.0801 35.2114 #N/A N/A 30-04-10 31.9419 17.0991 22.1300 35.3518 #N/A N/A 31-05-10 28.8010 15.6336 20.1110 34.0552 #N/A N/A 30-06-10 22.9430 13.7608 16.8182 28.7605 #N/A N/A 30-07-10 24.5771 14.5687 17.7043 26.8085 #N/A N/A 31-08-10 22.9918 13.8132 16.4672 26.9326 #N/A N/A 30-09-10 22.5718 14.2804 17.2606 24.4686 #N/A N/A 29-10-10 26.3739 14.7628 18.3803 26.6198 #N/A N/A 30-11-10 32.9016 14.6619 17.9236 26.2943 #N/A N/A 31-12-10 24.6339 14.8596 18.1238 25.7756 #N/A N/A 31-01-11 24.7255 15.1171 22.2811 26.3285 42.5862 28-02-11 25.6888 15.5662 22.5644 26.8674 45.8898 31-03-11 23.3580 15.0570 17.5323 26.9012 51.3881 29-04-11 24.2739 15.4508 17.8984 27.9810 51.9261 31-05-11 24.3248 16.1200 17.4876 27.6057 51.8622 30-06-11 25.8459 15.3500 18.2377 26.9203 51.5534 31-07-11 25.8718 15.6100 17.5322 26.8610 51.6332 31-08-11 26.5677 13.7900 17.9683 25.3477 51.2357 30-09-11 32.6891 13.5000 18.2533 24.7735 51.4253 31-10-11 24.8074 13.8800 17.5873 26.0494 51.5276 30-11-11 26.7155 14.1000 18.2145 24.1855 51.5876 31-12-11 24.9201 14.3000 18.1248 24.2253 51.7733 31-01-12 24.3897 14.8700 17.9234 25.6175 51.9753 29-02-12 24.6788 15.3700 19.1127 25.8091 51.8589 31-03-12 25.4325 15.6900 19.1229 26.5989 53.1739 30-04-12 26.1994 15.7000 19.0211 25.2197 52.9967 31-05-12 25.4199 15.2200 18.8772 22.9484 52.5844 30-06-12 24.4791 15.0500 18.8913 25.8805 51.6769 31-07-12 24.5001 15.4700 18.9117 26.7892 52.8489 31-08-12 25.2987 15.9600 19.1715 27.3912 52.2677 30-09-12 26.4034 16.4200 19.1720 28.7679 52.4622 31-10-12 24.6950 16.3500 18.7527 29.0828 52.7346 30-11-12 25.5937 15.8600 18.5723 26.0771 52.7963 31-12-12 25.0457 16.1800 18.4987 26.0558 53.1784 Sources: Bloomberg, 2013

Appendix I – PEG ratios Data

IXK IIX Index Amex Nasdaq Computer Index Estimated Estimated P/E PEG P/E PEG Date Long Date Long ratio ratio ratio ratio Term EPS Term EPS 31-01-08 32.8708 31-01-08

29-02-08 20.12 32.5144 1.616023857 29-02-08

31-03-08 20.77 34.1602 1.644689456 31-03-08

30-04-08 21.11 36.835 1.744907627 30-04-08

30-05-08 20.4 38.7568 1.899843137 30-05-08

30-06-08 19.96 34.5648 1.731703407 30-06-08

31-07-08 20.17 34.3154 1.701308875 31-07-08

29-08-08 19.88 36.8249 1.852359155 29-08-08

30-09-08 19.9 35.5712 1.787497487 30-09-08

31-10-08 18.17 29.0483 1.598695652 31-10-08

28-11-08 17.08 26.0918 1.527622951 28-11-08

31-12-08 17.05 20.9547 1.229014663 31-12-08

30-01-09 16.64 24.3149 1.461231971 30-01-09

27-02-09 16.42 24.7655 1.508252132 27-02-09

31-03-09 16.36 32.7532 2.00202934 31-03-09

30-04-09 15.93 40.3339 2.531946014 30-04-09

29-05-09 15.89 43.3873 2.730478288 29-05-09

30-06-09 15.14 54.4399 3.595766182 30-06-09

31-07-09 15.17 68.381 4.507646671 31-07-09 14.69 25.5543 1.739571137

31-08-09 14.86 71.9737 4.843452221 31-08-09 15.63 26.4724 1.693691619

30-09-09 14.77 55.0484 3.7270413 30-09-09 15.54 28.0303 1.803751609

30-10-09 14.61 77.2263 5.285852156 30-10-09 15.42 27.5988 1.789805447

30-11-09 15.35 89.3409 5.820254072 30-11-09 15.7 29.1907 1.859280255

31-12-09 15.38 54.5752 3.548452536 31-12-09 15.55 27.9113 1.794938907

29-01-10 15.42 38.2747 2.482146563 29-01-10 15.27 22.4363 1.469305828

26-02-10 15.21 40.1137 2.637324129 26-02-10 15.44 23.2023 1.502739637

31-03-10 15.18 35.2114 2.319591568 31-03-10 15.67 22.0801 1.409068283

30-04-10 15.62 35.3518 2.263239437 30-04-10 15.31 22.13 1.445460483

31-05-10 15.08 34.0552 2.258302387 31-05-10 15.7 20.111 1.280955414

30-06-10 16.81 28.7605 1.710916121 30-06-10 15.76 16.8182 1.06714467

30-07-10 18.98 26.8085 1.412460485 30-07-10 15.9 17.7043 1.113477987

31-08-10 18.37 26.9326 1.466118672 31-08-10 15.78 16.4672 1.043548796

30-09-10 17.98 24.4686 1.360878754 30-09-10 16.2 17.2606 1.065469136

29-10-10 17.56 26.6198 1.515933941 29-10-10 16.08 18.3803 1.143053483

30-11-10 18.14 26.2943 1.449520397 30-11-10 16.48 17.9236 1.087597087

31-12-10 18.34 25.7756 1.405430752 31-12-10 16.34 18.1238 1.109167687

31-01-11 16.48 26.3285 1.597603155 31-01-11 15.83 22.2811 1.407523689

28-02-11 17.87 26.8674 1.503491886 28-02-11 16.15 22.5644 1.397176471

31-03-11 18.11 26.9012 1.485433462 31-03-11 16.46 17.5323 1.065145808

29-04-11 18.17 27.981 1.539955971 29-04-11 16.34 17.8984 1.095373317

31-05-11 18.65 27.6056701 1.480196788 31-05-11 16.33 17.4876 1.070887936

30-06-11 17.52 26.9202773 1.536545508 30-06-11 16.27 18.2377 1.120940381

31-07-11 17.44 26.86103782 1.540197123 31-07-11 16.44 17.5322 1.066435523

31-08-11 18.27 25.34771127 1.387395253 31-08-11 16.45 17.9683 1.092297872

30-09-11 17.87 24.77345972 1.386315597 30-09-11 16.35 18.2533 1.113006098

31-10-11 16.37 26.04938272 1.591287887 31-10-11 16.47 17.5873 1.067838494 30-11-11 17.86 24.18549747 1.354171191 30-11-11 16.41 18.2145 1.109963437 31-12-11 17.72 24.22527945 1.367115093 31-12-11 16.31 18.1248 1.11126916 31-01-12 18.11 25.61754685 1.414552559 31-01-12 16.4 17.9234 1.092890244 29-02-12 18.26 25.80909091 1.413422284 29-02-12 16.67 19.1127 1.146532693 31-03-12 18.55 26.5988791 1.433901838 31-03-12 16.45 19.1229 1.162486322

30-04-12 16.38 25.21973786 1.539666536 30-04-12 16.78 19.0211 1.133557807

31-05-12 17.56 22.94835681 1.306854032 31-05-12 16.76 18.8772 1.126324582

30-06-12 18.33 25.88048151 1.411919341 30-06-12 16.81 18.8913 1.123813206

31-07-12 16.78 26.7892 1.596495828 31-07-12 16.86 18.9117 1.121690391

31-08-12 18.34 27.39116203 1.493520285 31-08-12 16.89 19.1715 1.135079929

30-09-12 16.75 28.76792598 1.717488118 30-09-12 16.85 19.172 1.137804154

31-10-12 18.29 29.08282675 1.590094409 31-10-12 16.57 18.7527 1.131726011

30-11-12 18.17 26.07711039 1.435173934 30-11-12 16.55 18.5723 1.122193353

31-12-12 18.23 26.05577689 1.429280137 31-12-12 16.29 18.4987 1.135586249

CCMP SPX Nasdaq Composite S&P500 Index Index Estimated Estimated P/E PEG P/E PEG Date Long Date Long ratio ratio ratio ratio Term EPS Term EPS 31-01-08 31-01-08 11.5 16.2344 1.411686957

29-02-08 29-02-08 11.62 15.7285 1.353571429

31-03-08 31-03-08 11.51 16.3927 1.424213727

30-04-08 30-04-08 11.5 17.1436 1.490747826

30-05-08 30-05-08 11.66 17.3617 1.488996569

30-06-08 30-06-08 12.22 16.9454 1.386693944

31-07-08 31-07-08 11.82 16.948 1.433840948

29-08-08 29-08-08 11.83 17.3025 1.462595097

30-09-08 30-09-08 11.37 15.996 1.406860158

31-10-08 31-10-08 10.77 13.4484 1.248690808

28-11-08 28-11-08 10.4 12.5577 1.207471154

31-12-08 31-12-08 10.08 14.9113 1.479295635

30-01-09 30-01-09 10.04 12.2391 1.219033865

27-02-09 16.79 19.5846 1.166444312 27-02-09 9.87 10.9365 1.108054711

31-03-09 16.25 23.162 1.425353846 31-03-09 9.83 13.0557 1.328148525

30-04-09 15.98 27.3726 1.712928661 30-04-09 9.67 14.3899 1.488097208

29-05-09 16.28 27.8026 1.707776413 29-05-09 9.35 15.2266 1.628513369

30-06-09 16.01 30.7664 1.921698938 30-06-09 9.5 16.3162 1.717494737

31-07-09 15.12 34.7976 2.301428571 31-07-09 9.2 17.6107 1.914206522

31-08-09 15.02 35.8435 2.38638482 31-08-09 9.35 19.1065 2.043475936

30-09-09 15.02 37.9666 2.527736352 30-09-09 9.36 20.8647 2.229134615

30-10-09 14.94 37.0478 2.479772423 30-10-09 9.87 20.5932 2.086443769

30-11-09 15.41 42.8056 2.777780662 30-11-09 9.82 21.7669 2.216588595

31-12-09 15.25 33.0924 2.169993443 31-12-09 9.85 17.9481 1.822142132

29-01-10 15.19 29.4217 1.936912442 29-01-10 9.87 17.1079 1.733323202

26-02-10 15.24 31.8914 2.092611549 26-02-10 9.84 17.578 1.786382114

31-03-10 15.34 31.7837 2.071949153 31-03-10 9.75 16.9946 1.743035897

30-04-10 15.52 31.9419 2.058112113 30-04-10 10.79 17.0991 1.584717331

31-05-10 16.01 28.801 1.798938164 31-05-10 11.1 15.6336 1.408432432

30-06-10 16 22.943 1.4339375 30-06-10 11.13 13.7608 1.236370171

30-07-10 16.22 24.5771 1.515234279 30-07-10 11.12 14.5687 1.310134892

31-08-10 16.13 22.9918 1.425406076 31-08-10 11.19 13.8132 1.234423592

30-09-10 16.15 22.5718 1.397634675 30-09-10 11.41 14.2804 1.251568799

29-10-10 16.14 26.3739 1.634070632 29-10-10 11.29 14.7628 1.307599646

30-11-10 16.71 32.9016 1.968976661 30-11-10 11.46 14.6619 1.279397906

31-12-10 16.92 24.6339 1.455904255 31-12-10 11.63 14.8596 1.277695615

31-01-11 16.45 24.7255 1.503069909 31-01-11 11.26 15.1171 1.342548845

28-02-11 16.41 25.6888 1.56543571 28-02-11 10.79 15.5662 1.442650602

31-03-11 16.66 23.358 1.402040816 31-03-11 10.64 15.057 1.415131579

29-04-11 16.86 24.2739 1.439733096 29-04-11 10.72 15.4508 1.44130597

31-05-11 16.73 24.32481126 1.453963614 31-05-11 10.7 16.12 1.506542056

30-06-11 16.77 25.84586711 1.541196608 30-06-11 10.8 15.35 1.421296296

31-07-11 16.41 25.87178524 1.576586548 31-07-11 10.79 15.61 1.446709917

31-08-11 15.11 26.56772067 1.758287271 31-08-11 11.13 13.79 1.238993711

30-09-11 15.34 32.68913249 2.130973435 30-09-11 11.15 13.5 1.210762332

31-10-11 16.72 24.80741151 1.483696861 31-10-11 11.13 13.88 1.247079964

30-11-11 16.67 26.71552537 1.602611 30-11-11 11.41 14.1 1.235758107

31-12-11 16.71 24.92012627 1.491330118 31-12-11 11.52 14.3 1.241319444

31-01-12 16.87 24.3897027 1.445744084 31-01-12 11.32 14.87 1.31360424

29-02-12 16.66 24.6788388 1.481322857 29-02-12 10.82 15.37 1.42051756

31-03-12 16.47 25.43246134 1.544168873 31-03-12 10.76 15.69 1.458178439

30-04-12 16.53 26.19943751 1.584962946 30-04-12 10.67 15.7 1.471415183

31-05-12 16.12 25.41993436 1.576919005 31-05-12 10.72 15.22 1.419776119

30-06-12 16.34 24.47914929 1.498111952 30-06-12 10.65 15.05 1.41314554

31-07-12 16.39 24.50008335 1.494818996 31-07-12 10.61 15.47 1.458058435

31-08-12 16.28 25.29868844 1.553973492 31-08-12 10.55 15.96 1.512796209

30-09-12 16.21 26.4033586 1.628831499 30-09-12 9.76 16.42 1.682377049

31-10-12 16.4 24.69500664 1.505793088 31-10-12 9.79 16.35 1.670071502

30-11-12 16.39 25.5936898 1.561543002 30-11-12 10.79 15.86 1.469879518

31-12-12 16.31 25.04570338 1.535604131 31-12-12 9.81 16.18 1.649337411

QNET QNET Index Estimated P/E PEG Date Long ratio ratio Term EPS 31-01-08 29-02-08 31-03-08 30-04-08 30-05-08 30-06-08 31-07-08 29-08-08 30-09-08 31-10-08 28-11-08 31-12-08 30-01-09 27-02-09 31-03-09 30-04-09 29-05-09 30-06-09 31-07-09 31-08-09 30-09-09 30-10-09 30-11-09 31-12-09 29-01-10 26-02-10 31-03-10 30-04-10 31-05-10 30-06-10 30-07-10 31-08-10 30-09-10

29-10-10 30-11-10 31-12-10 31-01-11 18.86 42.5862 2.258016967 28-02-11 21.79 45.8898 2.106002754 31-03-11 23.01 51.3881 2.23329422 29-04-11 22.96 51.9261 2.261589721 31-05-11 22.4 51.7622 2.3108125 30-06-11 22.31 51.5534 2.310775437 31-07-11 22.42 51.6332 2.302997324 31-08-11 20.56 47.2357 2.297456226 30-09-11 18.12 40.1253 2.21442053 31-10-11 18.97 43.2276 2.278734844 30-11-11 18.77 41.1176 2.190602025 31-12-11 18.21 40.7733 2.239060956 31-01-12 20.57 47.3753 2.303125912 29-02-12 22.45 51.8589 2.309973274 31-03-12 23.01 53.1739 2.310903955 30-04-12 22.98 52.9967 2.306209748 31-05-12 20.83 48.5844 2.332424388 30-06-12 22.39 51.6769 2.308034837 31-07-12 22.37 51.5489 2.304376397 31-08-12 22.31 51.8677 2.32486329 30-09-12 23.22 53.4622 2.302420327 31-10-12 22.43 51.7346 2.306491306 30-11-12 22.89 52.3263 2.285989515 31-12-12 22.99 52.9784 2.304410613 Source: Bloomberg, 2013

Appendix J – Free Cash Flow Yield Data

Free Cash Flow Yield

Date IIX Index IXK Index SPX Index CCMP Index QNET Nasdaq Nasdaq Amex Computer S&P 500 Composite QNET Index 30-01-02 -2.44 1.58 2.93 0.34 28-02-02 -3.05 1.73 3.03 0.28 29-03-02 -0.5 1.7 2.95 0.33 30-04-02 0.48 2.12 3.89 0.63 31-05-02 0.54 2.18 4.22 0.74 28-06-02 0.24 2.44 4.71 1.03 31-07-02 2.37 3.12 5.54 1.67 30-08-02 2.42 3.21 5.34 1.75 30-09-02 3.12 4.51 6.37 2.33 31-10-02 2.47 3.74 5.82 2.02 29-11-02 2.03 3.28 5.69 1.86 31-12-02 4.94 3.99 5.22 2.93 31-01-03 4.78 4.11 5.34 2.95 28-02-03 4.81 4.04 5.15 2.94 31-03-03 5.72 4.25 5.45 3.11 30-04-03 5.27 4.14 5.07 3 30-05-03 4.56 3.88 4.75 2.79 30-06-03 4.54 3.91 4.79 2.78 31-07-03 4.34 3.67 4.69 2.54 29-08-03 3.89 3.5 4.66 2.46 30-09-03 5.78 3.38 4.69 3.01 31-10-03 5.21 3.14 4.46 2.75 28-11-03 5.1 3.07 4.38 2.72 31-12-03 2.88 3.28 5.36 3.13 30-01-04 2.72 3.22 5.31 3.1 27-02-04 2.69 3.38 5.22 3.15 31-03-04 3.21 3.65 4.92 3.32 30-04-04 3.4 3.81 5.01 3.36 31-05-04 3.24 3.73 5.06 3.29 30-06-04 3.98 3.82 5.08 3.45 30-07-04 4.49 4.16 5.41 3.72 31-08-04 4.67 4.49 5.3 3.86 30-09-04 3.39 4.33 5.06 3.64 29-10-04 3.19 4.16 5.04 3.52 30-11-04 3.04 4.1 4.75 3.35 31-12-04 4.76 4 4.57 2.45 31-01-05 5.4 4.28 4.66 2.58 28-02-05 5.68 4.3 4.66 2.59 31-03-05 5.24 4.5 4.89 2.73 29-04-05 5.44 4.72 5.14 2.87 31-05-05 4.83 4.32 4.96 2.59 30-06-05 4.78 4.54 4.85 2.49 29-07-05 4.62 4.27 4.48 2.37 31-08-05 5.2 4.26 4.53 2.34 30-09-05 4.31 4.42 6.02 2.4 31-10-05 4.32 4.5 6.14 2.51 30-11-05 4.16 4.19 5.85 2.58 30-12-05 4.2 4.22 5.76 2.6 31-01-06 4.01 3.97 4.12 3.2 28-02-06 4.13 4.14 3.9 3.24 31-03-06 3.66 4.07 4.07 3.2 28-04-06 3.7 3.91 4 3.16 31-05-06 4.05 4.33 3.81 3.39 30-06-06 3.96 4.22 3.47 3.27 31-07-06 4.33 4.26 3.49 3.1 31-08-06 3.97 4.02 3.35 2.98 29-09-06 4.16 3.85 3.37 2.87 31-10-06 4.37 3.65 2.67 2.7 30-11-06 4.18 3.5 2.41 2.59 29-12-06 4.36 3.57 2.41 2.58 31-01-07 4.37 3.65 2.68 2.37 28-02-07 4.39 3.83 2.63 2.4 30-03-07 4.59 3.77 2.42 2.4 30-04-07 4.45 3.92 1.63 2.57 31-05-07 4.19 3.73 1.9 2.48 29-06-07 3.93 3.7 1.88 2.48 31-07-07 4.01 3.92 2.33 2.77 31-08-07 3.92 4 2.3 2.69 28-09-07 3.78 3.84 2.05 2.56 31-10-07 3.65 3.76 1.11 2.58 30-11-07 3.96 4.11 1.25 2.76

31-12-07 5.39 4.33 2.3 3.12 31-01-08 6.03 5.1 2.48 3.45 29-02-08 6.11 5.6 2.77 3.63 31-03-08 6.49 5.74 3.79 3.83 30-04-08 6.11 5.25 3.69 3.68 30-05-08 5.81 5.03 4 3.54 30-06-08 7.34 5.54 5.04 4.21 31-07-08 7.43 5.68 4.31 4.16 29-08-08 7.46 5.61 4.32 4.07 30-09-08 9.85 6.66 7.28 4.2 31-10-08 12.07 7.68 8.91 5.04 28-11-08 13.43 8.82 9.86 5.66 31-12-08 11.17 8.37 10.15 6.29 30-01-09 11.22 8.51 10.19 6.65 27-02-09 11.22 8.76 11.48 7.15 31-03-09 11.45 7.31 11.49 6.34 30-04-09 9.58 6.38 10.41 5.57 29-05-09 9.01 6.21 10.13 5.31 30-06-09 12.3 6.14 9.36 5.57 31-07-09 11.84 5.73 8.8 5.42 31-08-09 11.71 5.62 8.81 5.4 30-09-09 9.1 5.64 7.83 5.72 30-10-09 11.1 5.82 8.08 6.03 30-11-09 10.99 5.53 7.72 -0.44 31-12-09 7.94 5.53 8.4 5.94 29-01-10 8.72 6.23 8.8 6.33 26-02-10 8.38 6.02 8.61 6.17 31-03-10 7.36 6.01 8.87 5.79 30-04-10 7.21 5.89 8.66 5.66 31-05-10 7.86 6.42 9.46 6.19 30-06-10 7.01 7.25 10.88 6.66 30-07-10 6.58 6.84 10.21 6.27 31-08-10 6.54 7.21 10.69 6.64 30-09-10 6.22 6.79 8.72 5.84 29-10-10 5.74 6.31 8.42 5.3 30-11-10 5.73 6.41 8.45 5.28 31-12-10 5.6 6.27 7.86 5.46 31-01-11 5.54 6.08 7.66 5.47 0.63 28-02-11 5.46 6.04 7.47 5.35 0.76 31-03-11 6.05 6.52 6.83 5.53 2.07 30-04-11 5.77 6.42 6.67 5.76 1.2 31-05-11 5.75 6.29 6.88 5.37 1.15 30-06-11 5.58 6.46 6.57 5.53 1.4 31-07-11 5.67 6.38 6.49 5.45 1.23 31-08-11 5.91 6.43 6.52 5.41 1.38 30-09-11 6.02 6.41 6.55 5.1 1.23 31-10-11 5.87 6.33 6.8 5.27 1.45 30-11-11 6.17 6.29 7 5.22 1.46 31-12-11 6.03 6.41 7.13 5.31 1.42 31-01-12 5.98 6.41 7.22 5.17 1.44 29-02-12 6.35 6.76 7.21 5.11 1.57 31-03-12 6.25 6.39 6.67 5.23 1.74 30-04-12 6.22 6.25 6.54 5.46 1.32 31-05-12 6.25 6.45 6.7 5.5 1.56 30-06-12 6.13 6.64 6.65 5.45 1.7 31-07-12 6.11 6.43 6.86 5.39 1.63 31-08-12 6.22 6.42 6.93 5.37 1.65 30-09-12 6.25 6.27 7.11 5.47 1.75 31-10-12 6.2 6.43 7.13 5.65 1.73 30-11-12 6.19 6.45 6.87 5.41 1.72 31-12-12 6.17 6.46 6.67 5.63 1.74 Source: Bloomberg, 2013

Appendix K – Financial Leverage ratio Data

IXK Nasdaq SPX CCMP Nasdaq QNET IIX Index Amex S&P 500 QNET Index Computer Index Index Composite Index Total Total Total Total Total Date Financial Date Financial Date Financial Date Financial Date Financial

Leverage Leverage Leverage Leverage Leverage 29-03- 29-03- 30-06- 29-03- 29-03- 2002 33.68 2002 10.29 1998 203.86 2002 70.16 2002

28-06-02 41.6 28-06-02 10.02 30-09-98 202.4 28-06-02 63.97 28-06-02

30-09-02 47.48 30-09-02 10.07 31-12-98 201.5 30-09-02 65.83 30-09-02

31-12-02 72.65 31-12-02 8.86 31-03-99 208.44 31-12-02 67.62 31-12-02

31-03-03 82.43 31-03-03 8.79 30-06-99 206.97 31-03-03 67.56 31-03-03

30-06-03 52.36 30-06-03 8.81 30-09-99 208.73 30-06-03 69.2 30-06-03

30-09-03 70.18 30-09-03 8.36 31-12-99 208.89 30-09-03 69.7 30-09-03

31-12-03 64.07 31-12-03 7.97 31-03-00 204.5 31-12-03 67.72 31-12-03

31-03-04 62.23 31-03-04 7.51 30-06-00 202.99 31-03-04 66.14 31-03-04

30-06-04 62.55 30-06-04 7.5 29-09-00 201.19 30-06-04 67.36 30-06-04

30-09-04 60.48 30-09-04 8.76 29-12-00 197.38 30-09-04 66.24 30-09-04

31-12-04 56.59 31-12-04 9.96 30-03-01 187.41 31-12-04 60.48 31-12-04

31-03-05 48.68 31-03-05 12.43 29-06-01 188.3 31-03-05 64.06 31-03-05

30-06-05 47.62 30-06-05 11.41 28-09-01 195.53 30-06-05 62.89 30-06-05

30-09-05 49.13 30-09-05 9.5 31-12-01 201.49 30-09-05 62.3 30-09-05

30-12-05 51.76 30-12-05 10.06 29-03-02 201.53 30-12-05 61.79 30-12-05

31-03-06 49.85 31-03-06 12.12 28-06-02 215.88 31-03-06 62.36 31-03-06

30-06-06 54.89 30-06-06 12.71 30-09-02 217.69 30-06-06 63.46 30-06-06

29-09-06 52.17 29-09-06 13.09 31-12-02 233.26 29-09-06 63.98 29-09-06

29-12-06 59.3 29-12-06 13 31-03-03 232.49 29-12-06 65.64 29-12-06

30-03-07 54.08 30-03-07 12.36 30-06-03 231.29 30-03-07 65.09 30-03-07

29-06-07 55.5 29-06-07 13.89 30-09-03 230.78 29-06-07 66.16 29-06-07

28-09-07 70.83 28-09-07 15.54 31-12-03 226.19 28-09-07 67.37 28-09-07

31-12-07 71.45 31-12-07 15.59 31-03-04 225.27 31-12-07 68.82 31-12-07

31-03-08 53.18 31-03-08 15.57 30-06-04 223.14 31-03-08 69.46 31-03-08

30-06-08 59.2 30-06-08 19.51 30-09-04 221.12 30-06-08 72.2 30-06-08

30-09-08 60.54 30-09-08 20.61 31-12-04 216.71 30-09-08 72.64 30-09-08

31-12-08 71.76 31-12-08 18.54 31-03-05 220.66 31-12-08 73.78 31-12-08

31-03-09 75.01 31-03-09 17.35 30-06-05 218.1 31-03-09 68.75 31-03-09

30-06-09 86.45 30-06-09 17.28 30-09-05 216.92 30-06-09 63.08 30-06-09

30-09-09 67.23 30-09-09 18.39 30-12-05 223.65 30-09-09 60.23 30-09-09

31-12-09 67.83 31-12-09 18.17 31-03-06 214.9 31-12-09 58.77 31-12-09

31-03-10 71.17 31-03-10 17.97 30-06-06 215.33 31-03-10 60.48 31-03-10

30-06-10 66.56 30-06-10 17.14 29-09-06 214.84 30-06-10 54.26 30-06-10

30-09-10 51.28 30-09-10 20.85 29-12-06 216.74 30-09-10 54.99 30-09-10

31-12-10 52.8 31-12-10 20.55 30-03-07 221.24 31-12-10 54.18 31-12-10

31-03-11 68.03 31-03-11 19.55 29-06-07 228.43 31-03-11 53.57 31-03-11 26.01

30-06-11 65.22 30-06-11 19.76 28-09-07 236.7 30-06-11 54.33 30-06-11 26.33

30-09-11 70.56 30-09-11 19.99 31-12-07 234.39 30-09-11 54.15 30-09-11 26.12

31-12-11 67.99 31-12-11 20.12 31-03-08 236.45 31-12-11 54.36 31-12-11 26.56

31-03-12 70.12 31-03-12 20.33 30-06-08 227.11 31-03-12 55.23 31-03-12 25.99

30-06-12 69.45 30-06-12 20.19 30-09-08 189.52 30-06-12 54.97 30-06-12 26.36

30-09-12 71.1 30-09-12 19.87 31-12-08 186.48 30-09-12 55.12 30-09-12 26.76

31-12-12 70.45 31-12-12 19.23 31-03-09 175.28 31-12-12 55.45 31-12-12 26.88 Source: Bloomberg, 2013

Appendix L - How Bloomberg calculates the ratios

1. Price-Earnings Bloomberg computes the price earnings ratio based on the current price divided by the trailing weighted earnings per share.

2. Price Earnings Growth The PEG is estimated based on P/E from Bloomberg as well as the estimated long term growth rate for earnings per share (EPS) for each of the indices. The estimated index long term growth rate of earnings per share is a weighted average of underlying members' estimated long term growth. Long term growth forecasts generally represent an expected annual increase in operating earnings over the company's next full business cycle. In general, these forecasts refer to a period of between three to five years. Calculated by summing all members multiplied by percent weight in the index, adjusted for equity coverage.

3. Free Cash Flow Yield Bloomberg computes the Free Cash Flow Yield as an average for all members of the index.

4. Debt to Equity ratio Bloomberg calculate the debt to equity ratio for the indices as total debt to total equity. These are based on the sum of short term and long term borrowings divided by total shareholder´s equity (Bloomberg).

Source: Bloomberg,2013

Appendix M – Nasdaq Composite Data (1995-2012)

Rebased Rebased Trailing Nasdaq Composite Index Price Difference 12Month EPS Level

Trailing Index Price Date P/E ratio 1.249375 0.132415 12Month EPS Level

31-01-95 80.04 755.2 9.4356 100 100 0 28-02-95 79.49 793.74 9.9857 99.3128 105.1033 5.7904 31-03-95 82.28 817.21 9.9324 102.7986 108.2111 5.4125 28-04-95 85.12 843.98 9.9148 106.3468 111.7558 5.4090 31-05-95 87.28 864.58 9.9061 109.0455 114.4836 5.4381 30-06-95 74.05 933.45 12.6059 92.5162 123.6030 31.0868 31-07-95 77.79 1001.21 12.8707 97.1889 132.5755 35.3866 31-08-95 76.15 1020.11 13.3964 95.1399 135.0781 39.9382 29-09-95 75.8 1043.54 13.7675 94.7026 138.1806 43.4780 31-10-95 80.35 1036.06 12.8951 100.3873 137.1901 36.8028 30-11-95 80.56 1059.22 13.1489 100.6497 140.2569 39.6072 29-12-95 74.93 1052.14 14.0419 93.6157 139.3194 45.7037 31-01-96 85.03 1059.79 12.464 106.2344 140.3324 34.0980 29-02-96 79.46 1100.05 13.8447 99.2754 145.6634 46.3880 29-03-96 77.35 1101.38 14.2391 96.6392 145.8395 49.2003 30-04-96 80.81 1190.58 14.7337 100.9620 157.6510 56.6889 31-05-96 80.52 1243.44 15.4418 100.5997 164.6504 64.0507 28-06-96 79.58 1185.02 14.8913 99.4253 156.9147 57.4894 31-07-96 80.73 1080.6 13.3847 100.8621 143.0879 42.2259 30-08-96 80.95 1141.5 14.101 101.1369 151.1520 50.0151 30-09-96 84.89 1226.91 14.4521 106.0595 162.4616 56.4021 31-10-96 87.09 1221.51 14.0251 108.8081 161.7466 52.9385 29-11-96 86.58 1292.61 14.9294 108.1709 171.1613 62.9904 31-12-96 67.76 1291.03 19.0537 84.6577 170.9521 86.2944 31-01-97 67.53 1379.85 20.4326 84.3703 182.7132 98.3429 28-02-97 69.12 1309 18.9371 86.3568 173.3316 86.9747 31-03-97 75.84 1221.7 16.1095 94.7526 161.7717 67.0191 30-04-97 75.65 1260.76 16.6667 94.5152 166.9439 72.4286 30-05-97 75.75 1400.32 18.4869 94.6402 185.4237 90.7835 30-06-97 83.27 1442.07 17.3171 104.0355 190.9521 86.9166 31-07-97 61.09 1593.81 26.09 76.3243 211.0448 134.7204 29-08-97 59.92 1587.32 26.4905 74.8626 210.1854 135.3228 30-09-97 61.09 1685.69 27.5927 76.3243 223.2111 146.8867 31-10-97 62.2 1593.61 25.619 77.7111 211.0183 133.3071 28-11-97 62.63 1600.55 25.5557 78.2484 211.9372 133.6889 31-12-97 84.13 1570.35 18.6668 105.1099 207.9383 102.8283 30-01-98 83.23 1619.36 19.4563 103.9855 214.4280 110.4425 27-02-98 76.88 1770.51 23.0307 96.0520 234.4425 138.3906 31-03-98 75.47 1835.68 24.323 94.2904 243.0720 148.7817 30-04-98 76.27 1868.41 24.496 95.2899 247.4060 152.1161 29-05-98 68.17 1778.87 26.0956 85.1699 235.5495 150.3796 30-06-98 64.86 1894.74 29.214 81.0345 250.8925 169.8580 31-07-98 64.71 1872.39 28.9353 80.8471 247.9330 167.0859 31-08-98 65.38 1499.25 22.9298 81.6842 198.5236 116.8394 30-09-98 55.1 1693.84 30.7439 68.8406 224.2903 155.4497 30-10-98 54.56 1771.39 32.4641 68.1659 234.5591 166.3931 30-11-98 54.75 1949.54 35.6056 68.4033 258.1488 189.7455 31-12-98 57.04 2192.69 38.443 71.2644 290.3456 219.0812 29-01-99 49.09 2505.89 51.0463 61.3318 331.8181 270.4862 26-02-99 48.17 2288.03 47.4952 60.1824 302.9701 242.7877 31-03-99 44.29 2461.4 55.575 55.3348 325.9269 270.5921 30-04-99 31.79 2542.85 79.9898 39.7176 336.7121 296.9945

31-05-99 30.09 2470.52 82.1142 37.5937 327.1345 289.5408 30-06-99 27.85 2686.12 96.4646 34.7951 355.6833 320.8882 30-07-99 31.07 2638.49 84.9298 38.8181 349.3763 310.5582 31-08-99 32.95 2739.35 83.1297 41.1669 362.7317 321.5648 30-09-99 41.55 2746.16 66.0886 51.9115 363.6335 311.7219 29-10-99 41.26 2966.43 71.8924 51.5492 392.8006 341.2514 30-11-99 41.37 3336.16 80.6392 51.6867 441.7585 390.0718 31-12-99 26.83 4069.31 151.6534 33.5207 538.8387 505.3180 31-01-00 25.5 3940.35 154.5341 31.8591 521.7624 489.9034 29-02-00 26.56 4696.69 176.8603 33.1834 621.9134 588.7300 31-03-00 26.07 4572.83 175.3856 32.5712 605.5124 572.9412 28-04-00 29.6 3860.66 130.4126 36.9815 511.2103 474.2288 31-05-00 36.23 3400.91 93.867 45.2649 450.3324 405.0675 30-06-00 32.81 3966.11 120.8776 40.9920 525.1735 484.1815 31-07-00 26.66 3766.99 141.2892 33.3083 498.8069 465.4986 31-08-00 26.42 4206.35 159.2348 33.0085 556.9849 523.9764 29-09-00 25.96 3672.82 141.4871 32.4338 486.3374 453.9036 31-10-00 16.68 3369.63 202.006 20.8396 446.1904 425.3508 30-11-00 17.1 2597.93 151.9558 21.3643 344.0056 322.6412 29-12-00 15.85 2470.52 155.8919 19.8026 327.1345 307.3319 31-01-01 -13.55 2772.73 155.8919 -16.9290 367.1517 384.0808 28-02-01 -14.1 2151.83 #N/A N/A -17.6162 284.9351 302.5513 30-03-01 -14.99 1840.26 #N/A N/A -18.7281 243.6785 262.4066 30-04-01 -65.88 2116.24 #N/A N/A -82.3088 280.2225 362.5313 31-05-01 -69.35 2110.49 #N/A N/A -86.6442 279.4611 366.1052 29-06-01 -70.72 2161.24 #N/A N/A -88.3558 286.1811 374.5370 31-07-01 -102.27 2027.13 #N/A N/A -127.7736 268.4229 396.1965 31-08-01 -104.13 1805.43 #N/A N/A -130.0975 239.0665 369.1639 28-09-01 -105.23 1498.8 #N/A N/A -131.4718 198.4640 329.9357 31-10-01 -133.09 1690.2 #N/A N/A -166.2794 223.8083 390.0876 30-11-01 -133.65 1930.58 #N/A N/A -166.9790 255.6382 422.6173 31-12-01 -145.64 1950.4 #N/A N/A -181.9590 258.2627 440.2217 31-01-02 -4.32 1934.03 #N/A N/A -5.3973 256.0951 261.4924 28-02-02 -7.5 1731.49 #N/A N/A -9.3703 229.2757 238.6460 29-03-02 -4.36 1845.35 #N/A N/A -5.4473 244.3525 249.7998 30-04-02 -12.81 1688.23 #N/A N/A -16.0045 223.5474 239.5519 31-05-02 -11.14 1615.73 #N/A N/A -13.9180 213.9473 227.8653 28-06-02 -6.58 1463.21 #N/A N/A -8.2209 193.7513 201.9722 31-07-02 -23.71 1328.26 #N/A N/A -29.6227 175.8819 205.5046 30-08-02 -23.03 1314.85 #N/A N/A -28.7731 174.1062 202.8793 30-09-02 -12.78 1172.06 #N/A N/A -15.9670 155.1986 171.1656 31-10-02 -12.02 1329.75 #N/A N/A -15.0175 176.0792 191.0967 29-11-02 -11.57 1478.78 #N/A N/A -14.4553 195.8130 210.2683 31-12-02 -1.57 1335.51 #N/A N/A -1.9615 176.8419 178.8034 31-01-03 -0.85 1320.91 #N/A N/A -1.0620 174.9086 175.9706 28-02-03 -0.33 1337.52 #N/A N/A -0.4123 177.1081 177.5203 31-03-03 8.45 1341.17 158.6554 10.5572 177.5914 167.0341 30-04-03 9.49 1464.31 154.3296 11.8566 193.8970 182.0404 30-05-03 10.14 1595.91 157.3106 12.6687 211.3228 198.6542 30-06-03 33.84 1622.8 47.9501 42.2789 214.8835 172.6046 31-07-03 30.18 1735.02 57.4836 37.7061 229.7431 192.0370 29-08-03 30.54 1810.45 59.2884 38.1559 239.7312 201.5753 30-09-03 35.74 1786.94 49.9973 44.6527 236.6181 191.9654 31-10-03 35.18 1932.21 54.9201 43.9530 255.8541 211.9011 28-11-03 34.95 1960.26 56.0872 43.6657 259.5683 215.9027 31-12-03 38.1 2003.37 52.5844 47.6012 265.2767 217.6755 30-01-04 38.83 2066.15 53.2108 48.5132 273.5898 225.0765 27-02-04 39.68 2029.82 51.1608 49.5752 268.7791 219.2039 31-03-04 45.11 1994.22 44.2055 56.3593 264.0651 207.7058

30-04-04 42.92 1920.15 44.7358 53.6232 254.2572 200.6340 31-05-04 45.21 1986.74 43.9484 56.4843 263.0747 206.5904 30-06-04 50.56 2047.79 40.5025 63.1684 271.1586 207.9902 30-07-04 50.44 1887.36 37.418 63.0185 249.9153 186.8968 31-08-04 51.75 1838.1 35.5196 64.6552 243.3925 178.7373 30-09-04 59 1896.84 32.1499 73.7131 251.1706 177.4574 29-10-04 59.33 1974.99 33.2878 74.1254 261.5188 187.3934 30-11-04 60.61 2096.81 34.5971 75.7246 277.6496 201.9250 31-12-04 60.48 2175.44 35.9696 75.5622 288.0614 212.4992 31-01-05 59.84 2062.41 34.4642 74.7626 273.0945 198.3319 28-02-05 59.37 2051.72 34.5563 74.1754 271.6790 197.5036 31-03-05 63.18 1999.23 31.6443 78.9355 264.7285 185.7930 29-04-05 63.42 1921.65 30.2995 79.2354 254.4558 175.2204 31-05-05 59.03 2068.22 35.0375 73.7506 273.8639 200.1133 30-06-05 63.58 2056.96 32.3524 79.4353 272.3729 192.9376 29-07-05 65.31 2184.83 33.4542 81.5967 289.3048 207.7081 31-08-05 64 2152.09 33.6261 79.9600 284.9695 205.0095 30-09-05 54.16 2151.69 39.7287 67.6662 284.9166 217.2504 31-10-05 55.21 2120.3 38.4018 68.9780 280.7601 211.7821 30-11-05 54.96 2232.82 40.6252 68.6657 295.6594 226.9938 30-12-05 53.46 2205.32 41.2531 66.7916 292.0180 225.2264 31-01-06 60.08 2305.82 38.3795 75.0625 305.3257 230.2633 28-02-06 60.22 2281.39 37.8836 75.2374 302.0908 226.8535 31-03-06 62.72 2339.79 37.3069 78.3608 309.8239 231.4631 28-04-06 62.22 2322.57 37.3303 77.7361 307.5437 229.8076 31-05-06 62.36 2178.88 34.9384 77.9110 288.5169 210.6059 30-06-06 66.72 2172.09 32.5556 83.3583 287.6178 204.2595 31-07-06 65.43 2091.47 31.964 81.7466 276.9425 195.1959 31-08-06 65.72 2183.75 33.2288 82.1089 289.1618 207.0529 29-09-06 65.38 2258.43 34.5414 81.6842 299.0506 217.3664 31-10-06 83.01 2366.71 28.5115 103.7106 313.3885 209.6779 30-11-06 83.08 2431.77 29.2686 103.7981 322.0034 218.2053 29-12-06 83 2415.29 29.1016 103.6982 319.8212 216.1231 31-01-07 64.21 2463.93 38.373 80.2224 326.2619 246.0395 28-02-07 64.09 2416.15 37.7001 80.0725 319.9351 239.8627 30-03-07 63.53 2421.64 38.1163 79.3728 320.6621 241.2893 30-04-07 73.85 2525.09 34.1936 92.2664 334.3604 242.0941 31-05-07 73.83 2604.52 35.2768 92.2414 344.8782 252.6368 29-06-07 72.42 2603.23 35.9475 90.4798 344.7074 254.2276 31-07-07 76.11 2545.57 33.4469 95.0900 337.0723 241.9823 31-08-07 74.7 2596.36 34.7577 93.3283 343.7977 250.4693 28-09-07 74.4 2701.5 36.311 92.9535 357.7198 264.7663 31-10-07 80.37 2859.12 35.5759 100.4123 378.5911 278.1788 30-11-07 80.24 2660.96 33.1637 100.2499 352.3517 252.1018 31-12-07 82.11 2652.28 32.3019 102.5862 351.2023 248.6161 31-01-08 82.92 2389.86 28.8225 103.5982 316.4539 212.8557 29-02-08 81.99 2271.48 27.7046 102.4363 300.7786 198.3423 31-03-08 85.08 2279.1 26.7875 106.2969 301.7876 195.4908 30-04-08 85.58 2412.8 28.1931 106.9215 319.4915 212.5700 30-05-08 85.58 2522.66 29.4789 106.9215 334.0387 227.1171 30-06-08 88.55 2292.98 25.8939 110.6322 303.6255 192.9933 31-07-08 88.73 2325.55 26.2081 110.8571 307.9383 197.0812 29-08-08 87.75 2367.52 26.9813 109.6327 313.4958 203.8631 30-09-08 89.12 2091.88 23.4716 111.3443 276.9968 165.6525 31-10-08 88.76 1720.95 19.3889 110.8946 227.8800 116.9855 28-11-08 88.79 1535.57 17.294 110.9320 203.3329 92.4009 31-12-08 73.88 1577.03 21.3473 92.3038 208.8228 116.5190 30-01-09 70.24 1476.42 21.0202 87.7561 195.5005 107.7444 27-02-09 70.35 1377.84 19.5846 87.8936 182.4470 94.5535 31-03-09 66 1528.59 23.162 82.4588 202.4086 119.9499 30-04-09 62.74 1717.3 27.3726 78.3858 227.3967 149.0109 29-05-09 63.82 1774.33 27.8026 79.7351 234.9484 155.2132 30-06-09 59.64 1835.04 30.7664 74.5127 242.9873 168.4745 31-07-09 56.86 1978.5 34.7976 71.0395 261.9836 190.9441 31-08-09 56.05 2009.06 35.8435 70.0275 266.0302 196.0027

30-09-09 55.9 2122.42 37.9666 69.8401 281.0408 211.2007 30-10-09 55.2 2045.11 37.0478 68.9655 270.8038 201.8382 30-11-09 50.1 2144.6 42.8056 62.5937 283.9778 221.3841 31-12-09 68.57 2269.15 33.0924 85.6697 300.4701 214.8004 29-01-10 72.99 2147.35 29.4217 91.1919 284.3419 193.1500 26-02-10 70.18 2238.26 31.8914 87.6812 296.3798 208.6986 31-03-10 75.45 2397.96 31.7837 94.2654 317.5265 223.2611 30-04-10 77.05 2461.19 31.9419 96.2644 325.8991 229.6347 31-05-10 78.37 2257.04 28.801 97.9135 298.8665 200.9530 30-06-10 91.93 2109.24 22.943 114.8551 279.2956 164.4405 30-07-10 91.74 2254.7 24.5771 114.6177 298.5567 183.9390 31-08-10 91.95 2114.03 22.9918 114.8801 279.9298 165.0498 30-09-10 104.94 2368.62 22.5718 131.1094 313.6414 182.5320 29-10-10 95.07 2507.41 26.3739 118.7781 332.0193 213.2412 30-11-10 75.93 2498.23 32.9016 94.8651 330.8038 235.9387 31-12-10 107.69 2652.87 24.6339 134.5452 351.2805 216.7352 31-01-11 109.2 2700.08 24.7255 136.4318 357.5318 221.1000 28-02-11 108.31 2782.27 25.6888 135.3198 368.4150 233.0951 31-03-11 119.06 2781.07 23.358 148.7506 368.2561 219.5055 29-04-11 118.38 2873.54 24.2739 147.9010 380.5005 232.5995 31-05-11 81.91918845 1432.57 24.32481126 102.3478 189.6941 87.3463 30-06-11 76.49045658 1395.01 25.84586711 95.5653 184.7206 89.1553 31-07-11 81.44842062 1427.97 25.87178524 101.7596 189.0850 87.3254 31-08-11 74.41271573 1337.07 26.56772067 92.9694 177.0485 84.0791 30-09-11 70.35056675 1284.13 32.68913249 87.8943 170.0384 82.1441 31-10-11 81.87328356 1439.93 24.80741151 102.2905 190.6687 88.3782 30-11-11 76.33863131 1390.47 26.71552537 95.3756 184.1194 88.7438 31-12-11 76.06814972 1378.72 24.92012627 95.0377 182.5636 87.5259 31-01-12 83.64205452 1499.15 24.3897027 104.5003 198.5103 94.0100 29-02-12 84.85509635 1621.81 24.6788388 106.0159 214.7524 108.7365 31-03-12 89.09108974 1703.68 25.43246134 111.3082 225.5932 114.2850 30-04-12 86.99391728 1654.72 26.19943751 108.6881 219.1102 110.4221 31-05-12 81.08141038 1530.59 25.41993436 101.3011 202.6735 101.3724 30-06-12 83.64326436 1580.13 24.47914929 104.5018 209.2333 104.7315 31-07-12 84.26529609 1593.6 24.50008335 105.2790 211.0169 105.7380 31-08-12 87.1632371 1671.05 25.29868844 108.8996 221.2725 112.3729 30-09-12 87.39359483 1675.51 26.4033586 109.1874 221.8631 112.6757 31-10-12 83.2018856 1560.26 24.69500664 103.9504 206.6022 102.6518 30-11-12 83.93521535 1558.87 25.5936898 104.8666 206.4182 101.5516 31-12-12 83.83237741 1550.79 25.04570338 104.7381 205.3483 100.6101

Source: Bloomberg, 2013

Appendix N – Index Price Level All Indices

Nasdaq Nasdaq AMEX S&P 500 QNET Rebased to 100 Computer Composite Index Index Index Index Index Nasdaq S&P Nasdaq Date Price Price Price Price AMEX QNET Price Level Computer 500 Composite Level Level Level Level 0.424 0.080 0.068 0.038 0.625 06-01-95 46.22 233.11 460.68 749.69 19.577 18.642 31.103 28.174 13-01-95 47.48 240.36 465.97 762.16 20.111 19.222 31.460 28.642 20-01-95 46.97 239.86 464.78 762.05 19.895 19.182 31.380 28.638 27-01-95 46.1 235.57 470.39 758.91 19.526 18.839 31.759 28.520 03-02-95 47.3 240.24 478.65 772.03 20.035 19.212 32.316 29.013 10-02-95 49.58 250.78 481.46 790.43 21.000 20.055 32.506 29.705 17-02-95 48.47 248.59 481.97 786.96 20.530 19.880 32.540 29.574 24-02-95 47.95 248.96 488.26 791.08 20.310 19.910 32.965 29.729 03-03-95 49.62 257.07 485.42 798.79 21.017 20.558 32.773 30.019 10-03-95 50.31 262.29 489.57 802.22 21.310 20.976 33.054 30.148 17-03-95 50.06 263.47 495.52 808.33 21.204 21.070 33.455 30.377 24-03-95 52.93 272.44 500.97 818.67 22.419 21.788 33.823 30.766 31-03-95 52.58 267.27 500.71 817.21 22.271 21.374 33.806 30.711 07-04-95 51.63 262.26 506.42 814.69 21.869 20.973 34.191 30.616 14-04-95 53.99 275.94 509.23 832.64 22.868 22.067 34.381 31.291 21-04-95 52.75 272.48 508.49 823.44 22.343 21.791 34.331 30.945 28-04-95 54.7 289.18 514.71 843.98 23.169 23.126 34.751 31.717 05-05-95 54.55 290.9 520.12 843.54 23.106 23.264 35.116 31.701 12-05-95 56.72 297.69 525.55 858.94 24.025 23.807 35.483 32.279 19-05-95 56.33 303.64 519.19 864.32 23.860 24.283 35.053 32.482 26-05-95 56.22 308.78 523.65 871.87 23.813 24.694 35.355 32.765 02-06-95 55.61 304.97 532.51 872.97 23.555 24.389 35.953 32.807 09-06-95 56.82 311.31 527.94 884.38 24.067 24.896 35.644 33.235 16-06-95 58.66 320.88 539.83 908.64 24.846 25.661 36.447 34.147 23-06-95 61.73 342.94 549.71 938.95 26.147 27.426 37.114 35.286 30-06-95 60.67 336.17 544.75 933.45 25.698 26.884 36.779 35.079 07-07-95 64.24 355.15 556.37 969.75 27.210 28.402 37.564 36.444 14-07-95 67.27 375.44 559.89 999.33 28.493 30.025 37.801 37.555 21-07-95 63.04 343.78 553.62 961.77 26.702 27.493 37.378 36.144 28-07-95 66.11 365.03 562.93 1005.28 28.002 29.192 38.007 37.779 04-08-95 63.7 352.67 558.94 991.11 26.981 28.204 37.737 37.246 11-08-95 65.01 361.96 555.11 1004.11 27.536 28.947 37.479 37.735 18-08-95 71.23 376.35 559.21 1031.28 30.171 30.097 37.755 38.756 25-08-95 69.4 365.21 560.1 1019.98 29.396 29.207 37.815 38.331 01-09-95 68.13 358.14 563.84 1019.47 28.858 28.641 38.068 38.312 08-09-95 71.65 383.51 572.68 1060.03 30.349 30.670 38.665 39.836 15-09-95 70.44 370.06 583.35 1051.1 29.836 29.594 39.385 39.501 22-09-95 72.13 373.68 581.73 1053.39 30.552 29.884 39.276 39.587 29-09-95 71.48 368.73 584.41 1043.54 30.277 29.488 39.457 39.217 06-10-95 67.65 354.65 582.49 1012.03 28.654 28.362 39.327 38.033 13-10-95 69.44 357.54 584.5 1018.37 29.413 28.593 39.463 38.271 20-10-95 72.69 378.35 587.46 1039.53 30.789 30.257 39.663 39.066 27-10-95 74.46 382.71 579.7 1025.55 31.539 30.606 39.139 38.541 03-11-95 82.01 403.92 590.57 1065.66 34.737 32.302 39.873 40.048 10-11-95 85.1 401.04 592.72 1063.87 36.046 32.072 40.018 39.981 17-11-95 81.78 380.77 600.07 1045.03 34.639 30.451 40.514 39.273 24-11-95 78.6 370.4 599.97 1030.17 33.292 29.622 40.507 38.714 01-12-95 81.99 379.52 606.98 1055.3 34.728 30.351 40.981 39.659 08-12-95 80.76 387.54 617.48 1062.41 34.207 30.992 41.690 39.926 15-12-95 75.05 363.04 616.34 1030.47 31.789 29.033 41.613 38.725 22-12-95 78.66 371.5 611.96 1046.89 33.318 29.710 41.317 39.343 29-12-95 77.73 366.13 615.93 1052.14 32.924 29.280 41.585 39.540 05-01-96 72.97 352.86 616.71 1033.47 30.908 28.219 41.638 38.838 12-01-96 70.3 344.29 601.81 1008.23 29.777 27.534 40.632 37.890 19-01-96 73.13 349.36 611.83 1018.45 30.975 27.939 41.308 38.274 26-01-96 75.03 359.26 621.62 1040.96 31.780 28.731 41.969 39.120 02-02-96 77.69 371.23 635.85 1072.15 32.907 29.688 42.930 40.292 09-02-96 81.36 385.81 656.37 1094.59 34.461 30.854 44.315 41.135 16-02-96 78.66 381.08 647.98 1090.71 33.318 30.476 43.749 40.989 23-02-96 82.78 402.71 659.08 1117.79 35.063 32.205 44.498 42.007

01-03-96 74.84 375.49 644.37 1086.06 31.700 30.029 43.505 40.815 08-03-96 71.54 363.21 633.5 1063.73 30.302 29.047 42.771 39.975 15-03-96 75.62 387.04 641.43 1099.59 32.030 30.952 43.307 41.323 22-03-96 73.87 381.18 650.62 1102.23 31.289 30.484 43.927 41.422 29-03-96 73.53 379.92 645.5 1101.38 31.145 30.383 43.581 41.390 05-04-96 74.49 387.32 655.86 1118.21 31.552 30.975 44.281 42.023 12-04-96 73.09 380.39 636.71 1100.94 30.959 30.420 42.988 41.374 19-04-96 76.83 403.76 645.07 1138.7 32.543 32.289 43.552 42.793 26-04-96 84.13 430.6 653.46 1186.89 35.635 34.436 44.119 44.604 03-05-96 84.51 427.99 641.63 1184.6 35.796 34.227 43.320 44.518 10-05-96 87.71 437.35 652.09 1202.76 37.151 34.976 44.026 45.200 17-05-96 91.7 453.65 668.91 1241.88 38.841 36.279 45.162 46.670 24-05-96 91.04 451.96 678.51 1247.81 38.562 36.144 45.810 46.893 31-05-96 89.09 452.23 669.12 1243.44 37.736 36.166 45.176 46.729 07-06-96 88.03 449.46 673.31 1229.77 37.287 35.944 45.459 46.215 14-06-96 84.66 437.99 665.85 1213.19 35.859 35.027 44.955 45.592 21-06-96 83.38 427.01 666.84 1175.34 35.317 34.149 45.022 44.170 28-06-96 84.11 431.21 670.63 1185.02 35.626 34.485 45.278 44.534 05-07-96 81.86 418.15 657.44 1158.35 34.673 33.440 44.387 43.531 12-07-96 77.46 396.07 646.19 1103.49 32.810 31.674 43.628 41.470 19-07-96 73.37 398.12 638.73 1097.68 31.077 31.838 43.124 41.251 26-07-96 71.42 395.97 635.9 1079.43 30.251 31.666 42.933 40.565 02-08-96 75.68 418.1 662.49 1124.92 32.056 33.436 44.728 42.275 09-08-96 76.78 427.18 662.1 1137.27 32.521 34.162 44.702 42.739 16-08-96 73.99 417.55 665.21 1133.65 31.340 33.392 44.912 42.603 23-08-96 76.44 419.24 667.03 1143.06 32.377 33.527 45.035 42.957 30-08-96 74.04 413 651.99 1141.5 31.361 33.028 44.019 42.898 06-09-96 73.91 414.52 655.68 1139.39 31.306 33.150 44.269 42.819 13-09-96 79.85 444.69 680.54 1188.67 33.822 35.563 45.947 44.671 20-09-96 84.27 470.89 687.02 1219.69 35.694 37.658 46.385 45.836 27-09-96 86.25 472.51 686.19 1230.05 36.533 37.787 46.329 46.226 04-10-96 87.69 483.93 701.46 1247.56 37.143 38.701 47.359 46.884 11-10-96 86.07 488.61 700.66 1248.27 36.456 39.075 47.305 46.911 18-10-96 82.69 486.57 710.82 1242.48 35.025 38.912 47.991 46.693 25-10-96 78.97 471.82 700.92 1222.6 33.449 37.732 47.323 45.946 01-11-96 80.28 475.52 703.77 1221.78 34.004 38.028 47.515 45.915 08-11-96 85.84 502.76 730.82 1257.51 36.359 40.207 49.342 47.258 15-11-96 86.08 501.83 737.62 1261.8 36.461 40.132 49.801 47.419 22-11-96 86.76 513.05 748.73 1274.36 36.749 41.030 50.551 47.891 29-11-96 88.5 524.12 757.02 1292.61 37.486 41.915 51.111 48.577 06-12-96 87.56 520.28 739.6 1287.68 37.088 41.608 49.935 48.392 13-12-96 85.35 525.22 728.64 1284.91 36.151 42.003 49.195 48.287 20-12-96 85.13 527.49 748.87 1288.56 36.058 42.184 50.560 48.425 27-12-96 83.65 527.04 756.79 1291.38 35.431 42.148 51.095 48.531 03-01-97 83.23 535.19 748.03 1310.68 35.254 42.800 50.504 49.256 10-01-97 85.8 545 759.5 1332.02 36.342 43.585 51.278 50.058 17-01-97 89.16 553.78 776.17 1349.04 37.765 44.287 52.404 50.697 24-01-97 86.59 566.18 770.52 1363.83 36.677 45.278 52.022 51.253 31-01-97 86.62 582.87 786.16 1379.85 36.689 46.613 53.078 51.855 07-02-97 80.54 564.97 789.56 1357.71 34.114 45.182 53.308 51.023 14-02-97 79.44 558.76 808.48 1367.19 33.648 44.685 54.585 51.380 21-02-97 74.4 535.35 801.77 1334.32 31.513 42.813 54.132 50.144 28-02-97 71.42 522.57 790.82 1309 30.251 41.791 53.393 49.193 07-03-97 69.5 516.38 804.97 1311.8 29.438 41.296 54.348 49.298 14-03-97 68.79 511.32 793.17 1292.97 29.137 40.891 53.551 48.590 21-03-97 67 489.33 784.1 1254.07 28.379 39.133 52.939 47.128 28-03-97 68.68 499.84 773.88 1249.51 29.091 39.973 52.249 46.957 04-04-97 68.69 504.96 757.9 1236.73 29.095 40.383 51.170 46.477 11-04-97 66.1 483.42 737.65 1206.9 27.998 38.660 49.803 45.356 18-04-97 63.02 499.88 766.34 1222.57 26.693 39.976 51.740 45.945 25-04-97 60.23 505.33 765.37 1209.29 25.511 40.412 51.674 45.446 02-05-97 71.12 561.95 812.97 1305.33 30.124 44.940 54.888 49.055 09-05-97 75.29 572.58 824.78 1335.05 31.890 45.790 55.685 50.172 16-05-97 75.1 567.83 829.75 1340.73 31.810 45.410 56.021 50.385 23-05-97 81.17 598.4 847.03 1389.72 34.381 47.855 57.188 52.226 30-05-97 82.34 594.75 848.28 1400.32 34.877 47.563 57.272 52.625 06-06-97 78.73 587.85 858.01 1404.84 33.347 47.011 57.929 52.794 13-06-97 80.27 594.18 893.27 1423.03 34.000 47.518 60.310 53.478

100

20-06-97 82.68 603.52 898.7 1447.1 35.021 48.265 60.676 54.383 27-06-97 79.21 593.97 887.3 1438.15 33.551 47.501 59.907 54.046 04-07-97 84.66 608.56 916.92 1467.61 35.859 48.668 61.906 55.153 11-07-97 88.87 636.2 916.68 1502.62 37.642 50.878 61.890 56.469 18-07-97 90.57 679.02 915.3 1547.99 38.362 54.302 61.797 58.174 25-07-97 93.48 686.06 938.79 1569.58 39.595 54.865 63.383 58.985 01-08-97 94.22 699.26 947.14 1594.33 39.909 55.921 63.947 59.916 08-08-97 94.26 708.49 933.54 1598.52 39.925 56.659 63.028 60.073 15-08-97 90.5 682.28 900.81 1562.03 38.333 54.563 60.819 58.702 22-08-97 93.42 707.51 923.54 1598.69 39.570 56.581 62.353 60.079 29-08-97 91.42 687.55 899.47 1587.32 38.723 54.985 60.728 59.652 05-09-97 96.76 710.29 929.05 1635.77 40.984 56.803 62.725 61.473 12-09-97 94.57 706.3 923.91 1649.33 40.057 56.484 62.378 61.983 19-09-97 96.47 711.88 950.51 1680.36 40.862 56.930 64.174 63.149 26-09-97 96.25 709.59 945.22 1682.24 40.768 56.747 63.817 63.219 03-10-97 98.61 715.07 965.03 1715.87 41.768 57.185 65.155 64.483 10-10-97 100.62 725.61 966.98 1739.03 42.619 58.028 65.286 65.353 17-10-97 95.05 683.65 944.16 1666.85 40.260 54.673 63.745 62.641 24-10-97 93.29 676.91 941.64 1650.92 39.515 54.134 63.575 62.042 31-10-97 89.89 652.94 914.62 1593.61 38.074 52.217 61.751 59.889 07-11-97 89.42 655.21 927.51 1602.4 37.875 52.398 62.621 60.219 14-11-97 85.69 652.63 928.35 1583.51 36.295 52.192 62.678 59.509 21-11-97 88.65 671.99 963.09 1620.75 37.549 53.740 65.024 60.908 28-11-97 88.12 664.95 955.4 1600.55 37.325 53.177 64.504 60.149 05-12-97 91.69 675.41 983.79 1633.9 38.837 54.014 66.421 61.403 12-12-97 81.65 611.96 953.39 1536.58 34.584 48.940 64.369 57.745 19-12-97 83.45 600.61 946.78 1524.74 35.347 48.032 63.922 57.300 26-12-97 82.88 591.97 936.46 1511.38 35.105 47.341 63.226 56.798 02-01-98 89.25 629.97 975.04 1581.53 37.803 50.380 65.830 59.435 09-01-98 82.63 598.72 927.69 1503.22 34.999 47.881 62.634 56.492 16-01-98 88.47 633.29 961.51 1562.88 37.473 50.645 64.917 58.734 23-01-98 88.35 642.35 957.59 1575.93 37.422 51.370 64.652 59.224 30-01-98 91.92 675.69 980.28 1619.36 38.934 54.036 66.184 60.856 06-02-98 95.33 718.93 1012.46 1694.35 40.379 57.494 68.357 63.674 13-02-98 97.52 719.33 1020.09 1710.42 41.306 57.526 68.872 64.278 20-02-98 97.99 734.35 1034.21 1728.13 41.505 58.727 69.825 64.944 27-02-98 101.42 761.3 1049.34 1770.51 42.958 60.883 70.847 66.537 06-03-98 98.93 736.39 1055.69 1753.49 41.904 58.890 71.276 65.897 13-03-98 99.86 739 1068.61 1771.66 42.297 59.099 72.148 66.580 20-03-98 98.19 731.97 1099.16 1789.16 41.590 58.537 74.210 67.237 27-03-98 103.89 766.91 1095.44 1823.62 44.004 61.331 73.959 68.532 03-04-98 105.74 783.22 1122.7 1855.4 44.788 62.636 75.800 69.727 10-04-98 103.06 759.72 1110.67 1820.24 43.653 60.756 74.988 68.405 17-04-98 106.48 786.96 1122.72 1866.6 45.101 62.935 75.801 70.148 24-04-98 106.39 799.42 1107.9 1868.96 45.063 63.931 74.800 70.236 01-05-98 109.34 799.72 1121 1873.44 46.313 63.955 75.685 70.405 08-05-98 111.76 799.03 1108.14 1864.37 47.338 63.900 74.817 70.064 15-05-98 111.03 793.91 1108.73 1846.77 47.029 63.490 74.857 69.402 22-05-98 108.76 760.17 1110.47 1805 46.067 60.792 74.974 67.833 29-05-98 105.82 742.88 1090.82 1778.87 44.822 59.409 73.647 66.851 05-06-98 108.49 751.88 1113.86 1782.92 45.953 60.129 75.203 67.003 12-06-98 109.32 742.32 1098.84 1745.05 46.304 59.365 74.189 65.580 19-06-98 115.42 775.25 1100.65 1781.29 48.888 61.998 74.311 66.942 26-06-98 125.21 835.22 1133.2 1869.53 53.035 66.794 76.509 70.258 03-07-98 130.08 840.2 1146.42 1894 55.098 67.192 77.401 71.177 10-07-98 130.21 880.16 1164.33 1943.04 55.153 70.388 78.610 73.020 17-07-98 138.15 920.89 1186.75 2008.76 58.516 73.645 80.124 75.490 24-07-98 133.47 878.58 1140.8 1930.99 56.534 70.262 77.022 72.567 31-07-98 127.73 858.55 1120.67 1872.39 54.102 68.660 75.663 70.365 07-08-98 128.91 854.6 1089.45 1846.77 54.602 68.344 73.555 69.402 14-08-98 126.59 839.78 1062.75 1790.19 53.619 67.159 71.752 67.276 21-08-98 131.22 865.36 1081.18 1797.61 55.580 69.204 72.996 67.555 28-08-98 116.71 795.26 1027.14 1639.68 49.435 63.598 69.348 61.620 04-09-98 108.69 756.24 973.89 1566.52 46.038 60.478 65.753 58.870 11-09-98 116.39 811.83 1009.06 1641.64 49.299 64.924 68.127 61.694 18-09-98 118.02 816.43 1020.09 1663.77 49.989 65.291 68.872 62.525 25-09-98 130.43 877.59 1044.75 1743.59 55.246 70.182 70.537 65.525 02-10-98 115.04 798.78 1002.6 1614.98 48.727 63.880 67.691 60.692

101

09-10-98 103.03 736.72 984.39 1492.49 43.640 58.917 66.462 56.088 16-10-98 115.29 791.52 1056.42 1620.95 48.833 63.299 71.325 60.916 23-10-98 123.44 818.93 1070.67 1693.86 52.285 65.491 72.287 63.656 30-10-98 133.21 857.76 1098.67 1771.39 56.423 68.597 74.177 66.570 06-11-98 143.11 901.25 1141.01 1856.56 60.617 72.075 77.036 69.770 13-11-98 142.08 908.01 1125.72 1847.99 60.180 72.615 76.004 69.448 20-11-98 161.54 965.74 1163.55 1928.21 68.423 77.232 78.558 72.463 27-11-98 178.57 1026.05 1192.29 2016.44 75.636 82.055 80.498 75.779 04-12-98 168.74 1023.71 1176.74 2003.16 71.473 81.868 79.448 75.280 11-12-98 177.29 1055.7 1166.46 2029.31 75.094 84.426 78.754 76.262 18-12-98 190.51 1093.4 1188.03 2086.14 80.694 87.441 80.211 78.398 25-12-98 209.73 1143.32 1226.27 2163.03 88.835 91.433 82.792 81.288 01-01-99 213.71 1134.19 1229.23 2192.69 90.521 90.703 82.992 82.402 08-01-99 240.04 1243.54 1275.09 2344.41 101.673 99.448 86.088 88.104 15-01-99 238.31 1248.27 1243.26 2348.2 100.940 99.826 83.939 88.246 22-01-99 234.04 1246.78 1225.19 2338.88 99.132 99.707 82.719 87.896 29-01-99 265.09 1371.8 1279.64 2505.89 112.283 109.705 86.396 94.172 05-02-99 242.43 1272.4 1239.4 2373.62 102.685 101.756 83.679 89.202 12-02-99 232.65 1236 1230.13 2321.89 98.543 98.845 83.053 87.258 19-02-99 229.32 1189.72 1239.19 2283.6 97.132 95.144 83.665 85.819 26-02-99 243.48 1193.77 1238.33 2288.03 103.130 95.468 83.607 85.985 05-03-99 251.02 1212.59 1275.47 2337.11 106.324 96.973 86.114 87.830 12-03-99 264.34 1228.81 1294.59 2381.53 111.966 98.270 87.405 89.499 19-03-99 282.4 1256.17 1299.29 2421.27 119.615 100.458 87.722 90.992 26-03-99 289.51 1269.05 1282.8 2419.17 122.627 101.488 86.609 90.913 02-04-99 310.97 1328.8 1293.72 2493.37 131.717 106.267 87.346 93.702 09-04-99 347.75 1379.78 1348.35 2593.05 147.296 110.344 91.035 97.448 16-04-99 318.58 1271 1319 2484.04 134.940 101.644 89.053 93.351 23-04-99 342.99 1334.92 1356.85 2590.69 145.279 106.756 91.608 97.359 30-04-99 332.19 1298.83 1335.18 2542.85 140.705 103.870 90.145 95.561 07-05-99 309.26 1253.8 1345 2503.62 130.992 100.269 90.808 94.087 14-05-99 319.56 1261.24 1337.8 2527.86 135.355 100.864 90.322 94.998 21-05-99 312.98 1257.23 1330.29 2520.14 132.568 100.543 89.815 94.708 28-05-99 297.57 1234.92 1301.84 2470.52 126.041 98.759 87.894 92.843 04-06-99 289.98 1229.17 1327.75 2478.34 122.826 98.299 89.644 93.137 11-06-99 278.96 1213.38 1293.64 2447.88 118.158 97.036 87.341 91.992 18-06-99 296.9 1295.7 1342.84 2563.44 125.757 103.620 90.663 96.335 25-06-99 289.62 1300.68 1315.31 2552.65 122.674 104.018 88.804 95.930 02-07-99 321.57 1427.61 1391.22 2741.02 136.207 114.169 93.929 103.009 09-07-99 327.96 1459.39 1403.28 2793.07 138.913 116.710 94.743 104.965 16-07-99 321.09 1498.2 1418.78 2864.48 136.003 119.814 95.790 107.648 23-07-99 295.06 1387.47 1356.94 2692.4 124.978 110.959 91.615 101.182 30-07-99 278.33 1365.12 1328.72 2638.49 117.891 109.171 89.709 99.156 06-08-99 261.66 1339.57 1300.29 2547.97 110.831 107.128 87.790 95.754 13-08-99 275.34 1400.71 1327.68 2637.81 116.625 112.017 89.639 99.130 20-08-99 286.95 1410.95 1336.61 2648.33 121.543 112.836 90.242 99.525 27-08-99 300.79 1501.37 1348.27 2758.9 127.405 120.067 91.029 103.681 03-09-99 305.47 1569.59 1357.24 2843.11 129.387 125.523 91.635 106.845 10-09-99 313.02 1596.77 1351.66 2887.06 132.585 127.697 91.258 108.497 17-09-99 308.18 1594.61 1335.42 2869.62 130.535 127.524 90.162 107.842 24-09-99 314.26 1506.63 1277.36 2740.41 133.110 120.488 86.242 102.986 01-10-99 322.68 1502.44 1282.81 2736.85 136.677 120.153 86.610 102.852 08-10-99 354.64 1569.14 1336.02 2886.57 150.214 125.487 90.202 108.479 15-10-99 324.15 1486.54 1247.41 2731.83 137.299 118.881 84.220 102.663 22-10-99 334.97 1533.24 1301.65 2816.52 141.882 122.616 87.882 105.846 29-10-99 356.14 1613.72 1362.93 2966.43 150.849 129.052 92.019 111.480 05-11-99 382.45 1681.26 1370.23 3102.29 161.993 134.453 92.512 116.585 12-11-99 414.19 1739.93 1396.06 3221.15 175.437 139.145 94.256 121.052 19-11-99 444.97 1835 1422 3369.25 188.475 146.748 96.007 126.618 26-11-99 473.5 1894.26 1416.62 3447.81 200.559 151.487 95.644 129.570 03-12-99 474.11 1968.29 1433.3 3520.63 200.817 157.408 96.770 132.307 10-12-99 532.75 2040.53 1417.04 3620.23 225.655 163.185 95.672 136.050 17-12-99 531.64 2168.87 1421.05 3753.06 225.185 173.449 95.943 141.042 24-12-99 553.13 2287.4 1458.34 3969.44 234.288 182.928 98.461 149.173 31-12-99 573.37 2325.4 1469.25 4069.31 242.861 185.967 99.197 152.926 07-01-00 549.73 2204.38 1441.47 3882.62 232.848 176.288 97.322 145.910 14-01-00 555.27 2324.55 1465.15 4064.27 235.194 185.899 98.920 152.737 21-01-00 587.23 2384.74 1441.36 4235.4 248.731 190.712 97.314 159.168

102

28-01-00 520.99 2184.9 1360.16 3887.07 220.674 174.730 91.832 146.078 04-02-00 575.85 2416.78 1424.37 4244.14 243.911 193.274 96.167 159.497 11-02-00 595.6 2515.3 1387.12 4395.45 252.277 201.153 93.652 165.183 18-02-00 587.22 2509.5 1346.09 4411.74 248.727 200.689 90.882 165.795 25-02-00 618.57 2624.14 1333.36 4590.5 262.006 209.857 90.023 172.513 03-03-00 658.96 2795.29 1409.17 4914.79 279.114 223.545 95.141 184.700 10-03-00 674.77 2912.88 1395.07 5048.62 285.810 232.948 94.189 189.729 17-03-00 645.93 2804.47 1464.47 4798.13 273.595 224.279 98.875 180.316 24-03-00 680.97 2964.66 1527.46 4963.03 288.437 237.089 103.127 186.513 31-03-00 621.48 2701.27 1498.58 4572.83 263.239 216.026 101.177 171.849 07-04-00 605.71 2609.66 1516.35 4446.45 256.559 208.699 102.377 167.099 14-04-00 435.52 1932.05 1356.56 3321.29 184.472 154.510 91.589 124.815 21-04-00 486.6 2141.48 1434.54 3643.88 206.108 171.258 96.854 136.939 28-04-00 512.27 2253.9 1452.43 3860.66 216.981 180.249 98.062 145.085 05-05-00 501.89 2222.09 1432.63 3816.82 212.584 177.705 96.725 143.438 12-05-00 458.87 2044.25 1420.96 3529.06 194.362 163.482 95.937 132.624 19-05-00 433.53 1959.26 1406.95 3390.4 183.629 156.686 94.991 127.413 26-05-00 398.21 1869.62 1378.02 3205.11 168.669 149.517 93.038 120.449 02-06-00 490.27 2219.31 1477.26 3813.38 207.662 177.482 99.738 143.308 09-06-00 495.61 2254.13 1456.95 3874.84 209.924 180.267 98.367 145.618 16-06-00 481.5 2264.61 1464.46 3860.56 203.948 181.105 98.874 145.081 23-06-00 476.19 2265.36 1441.48 3845.34 201.699 181.165 97.322 144.510 30-06-00 495.32 2343.97 1454.6 3966.11 209.801 187.452 98.208 149.048 07-07-00 496.24 2356.54 1478.9 4023.2 210.191 188.457 99.849 151.194 14-07-00 542.95 2496.06 1509.98 4246.18 229.976 199.615 101.947 159.573 21-07-00 531.22 2406.59 1480.19 4094.45 225.007 192.459 99.936 153.871 28-07-00 472.23 2170.18 1419.89 3663 200.021 173.553 95.865 137.657 04-08-00 497.17 2243.93 1462.93 3787.36 210.585 179.451 98.771 142.331 11-08-00 490.79 2259.02 1471.84 3789.47 207.883 180.658 99.372 142.410 18-08-00 515.92 2348.08 1491.72 3930.34 218.527 187.780 100.714 147.704 25-08-00 544.86 2420.51 1506.45 4042.68 230.785 193.573 101.709 151.926 01-09-00 559.73 2538.43 1520.77 4234.33 237.083 203.003 102.676 159.128 08-09-00 526.52 2370.47 1494.5 3978.41 223.017 189.571 100.902 149.510 15-09-00 518.7 2264.66 1465.81 3835.23 219.704 181.109 98.965 144.130 22-09-00 526.53 2248.81 1448.72 3803.76 223.021 179.841 97.811 142.947 29-09-00 502.55 2123.49 1436.51 3672.82 212.864 169.819 96.987 138.026 06-10-00 467.54 1934.46 1408.99 3361.01 198.035 154.702 95.129 126.308 13-10-00 452.38 1938.68 1374.17 3316.77 191.613 155.040 92.778 124.646 20-10-00 464.33 2079.62 1396.93 3483.14 196.675 166.311 94.315 130.898 27-10-00 426.22 1943.69 1379.58 3278.36 180.533 155.440 93.143 123.202 03-11-00 462.81 2051.68 1426.69 3451.58 196.031 164.077 96.324 129.712 10-11-00 391.19 1751.64 1365.98 3028.99 165.695 140.082 92.225 113.831 17-11-00 385.22 1771.47 1367.72 3027.19 163.167 141.668 92.342 113.763 24-11-00 353.32 1689.65 1341.77 2904.38 149.655 135.124 90.590 109.148 01-12-00 323.07 1490.24 1315.23 2645.29 136.842 119.177 88.798 99.411 08-12-00 373.46 1644.67 1369.89 2917.43 158.185 131.527 92.489 109.638 15-12-00 333.91 1468.89 1312.15 2653.27 141.433 117.470 88.591 99.711 22-12-00 292.92 1369.07 1305.97 2517.02 124.071 109.487 88.173 94.591 29-12-00 279.6 1294.97 1320.28 2470.52 118.429 103.561 89.139 92.843 05-01-01 264.73 1276.19 1298.35 2407.65 112.131 102.059 87.659 90.481 12-01-01 299.91 1404.92 1318.32 2626.5 127.032 112.354 89.007 98.705 19-01-01 320.1 1511.15 1342.55 2770.38 135.584 120.849 90.643 104.112 26-01-01 320.13 1505.03 1354.95 2781.3 135.597 120.360 91.480 104.522 02-02-01 289.72 1411.53 1349.47 2660.5 122.716 112.883 91.110 99.983 09-02-01 259.28 1263.16 1314.76 2470.97 109.823 101.017 88.767 92.860 16-02-01 255.71 1247.66 1301.53 2425.38 108.310 99.778 87.874 91.147 23-02-01 229.98 1150.62 1245.86 2262.51 97.412 92.017 84.115 85.026 02-03-01 206.94 1036.61 1234.18 2117.63 87.653 82.900 83.326 79.581 09-03-01 195.15 994.24 1233.42 2052.78 82.659 79.511 83.275 77.144 16-03-01 179.65 930.8 1150.53 1890.91 76.094 74.438 77.679 71.061 23-03-01 183.66 971.83 1139.83 1928.68 77.792 77.719 76.956 72.481 30-03-01 167.47 888.01 1160.33 1840.26 70.935 71.016 78.340 69.158 06-04-01 148.44 834.24 1128.43 1720.36 62.874 66.716 76.187 64.652 13-04-01 181.97 982.99 1183.5 1961.43 77.077 78.612 79.905 73.711 20-04-01 207.53 1118.92 1242.98 2163.41 87.903 89.482 83.920 81.302 27-04-01 192.74 1040.07 1253.05 2075.68 81.638 83.176 84.600 78.005 04-05-01 213.4 1117.48 1266.61 2191.53 90.389 89.367 85.516 82.359 11-05-01 199.12 1054.79 1245.67 2107.43 84.341 84.354 84.102 79.198

103

18-05-01 211.57 1090.08 1291.96 2198.88 89.614 87.176 87.227 82.635 25-05-01 217.46 1132.42 1277.89 2251.03 92.109 90.562 86.277 84.595 01-06-01 197.81 1058.06 1260.67 2149.44 83.786 84.615 85.115 80.777 08-06-01 196.84 1109.95 1264.96 2215.1 83.375 88.765 85.404 83.244 15-06-01 174.19 992.45 1214.36 2028.43 73.781 79.368 81.988 76.229 22-06-01 175.52 1004.91 1225.35 2034.84 74.345 80.365 82.730 76.470 29-06-01 188.95 1084.36 1224.42 2161.24 80.033 86.718 82.667 81.220 06-07-01 171.23 990.17 1190.59 2004.16 72.527 79.186 80.383 75.317 13-07-01 178.31 1056.94 1215.68 2084.79 75.526 84.525 82.077 78.347 20-07-01 166.13 1007.77 1210.85 2029.37 70.367 80.593 81.751 76.265 27-07-01 168.97 1009.65 1205.82 2029.07 71.570 80.744 81.412 76.253 03-08-01 172.5 1039 1214.35 2066.33 73.065 83.091 81.988 77.654 10-08-01 158.07 969.72 1190.16 1956.47 66.953 77.550 80.354 73.525 17-08-01 144.21 901.6 1161.97 1867.01 61.083 72.103 78.451 70.163 24-08-01 148.72 926.79 1184.93 1916.8 62.993 74.117 80.001 72.034 31-08-01 133.65 849.5 1133.58 1805.43 56.610 67.936 76.534 67.849 07-09-01 118.99 788.72 1085.78 1687.7 50.400 63.075 73.307 63.424 14-09-01 122.33 802.24 1092.54 1695.38 51.815 64.157 73.763 63.713 21-09-01 101.58 653.13 965.8 1423.19 43.026 52.232 65.207 53.484 28-09-01 102.32 675.39 1040.94 1498.8 43.339 54.012 70.280 56.326 05-10-01 112.79 771.34 1071.38 1605.3 47.774 61.685 72.335 60.328 12-10-01 126.78 825.6 1091.65 1703.4 53.700 66.025 73.703 64.014 19-10-01 120.59 816.33 1073.48 1671.31 51.078 65.283 72.477 62.809 26-10-01 131 866.58 1104.61 1768.96 55.487 69.302 74.578 66.478 02-11-01 122.83 862.7 1087.2 1745.73 52.027 68.992 73.403 65.605 09-11-01 139.02 928.21 1120.31 1828.48 58.884 74.231 75.638 68.715 16-11-01 148.91 963.89 1138.65 1898.58 63.073 77.084 76.877 71.349 23-11-01 147.49 956.43 1150.34 1903.2 62.472 76.487 77.666 71.523 30-11-01 147.46 977.73 1139.45 1930.58 62.459 78.191 76.931 72.552 07-12-01 152.21 1031.2 1158.31 2021.26 64.471 82.467 78.204 75.960 14-12-01 145.6 1000.44 1123.09 1953.17 61.671 80.007 75.826 73.401 21-12-01 143.89 988.33 1144.89 1945.83 60.947 79.039 77.298 73.125 28-12-01 148.91 1002.01 1161.02 1987.26 63.073 80.133 78.387 74.682 04-01-02 158.11 1068.22 1172.51 2059.38 66.970 85.428 79.163 77.392 11-01-02 153.71 1053.56 1145.6 2022.46 65.107 84.255 77.346 76.005 18-01-02 143.48 1003.73 1127.58 1930.34 60.773 80.270 76.129 72.543 25-01-02 143.03 999.56 1133.28 1937.7 60.583 79.937 76.514 72.820 01-02-02 134.66 986.4 1122.2 1911.24 57.038 78.884 75.766 71.825 08-02-02 124.7 929.49 1096.22 1818.88 52.819 74.333 74.012 68.354 15-02-02 119.18 915.27 1104.18 1805.2 50.481 73.196 74.549 67.840 22-02-02 110.39 855.69 1089.84 1724.54 46.758 68.431 73.581 64.809 01-03-02 117.71 902.38 1131.78 1802.74 49.858 72.165 76.413 67.748 08-03-02 133.78 974.92 1164.31 1929.67 56.665 77.966 78.609 72.518 15-03-02 126.35 920.54 1166.16 1868.3 53.518 73.617 78.734 70.212 22-03-02 123.83 907.36 1148.7 1851.39 52.450 72.563 77.555 69.576 29-03-02 120.8 906.45 1147.39 1845.35 51.167 72.490 77.467 69.349 05-04-02 112.28 855.58 1122.73 1770.03 47.558 68.422 75.802 66.518 12-04-02 108.17 834.41 1111.01 1756.19 45.817 66.729 75.010 65.998 19-04-02 111.3 858.64 1125.17 1796.83 47.143 68.667 75.966 67.526 26-04-02 98.62 776.57 1076.32 1663.89 41.772 62.104 72.668 62.530 03-05-02 91.53 735.21 1073.43 1613.03 38.769 58.796 72.473 60.618 10-05-02 92.08 743.93 1054.99 1600.85 39.002 59.493 71.228 60.161 17-05-02 105.04 837.97 1106.59 1741.39 44.492 67.014 74.712 65.442 24-05-02 99.09 786.68 1083.82 1661.49 41.971 62.912 73.175 62.439 31-05-02 96.05 757.16 1067.14 1615.73 40.684 60.551 72.049 60.720 07-06-02 92.32 721.64 1027.53 1535.48 39.104 57.711 69.374 57.704 14-06-02 87.35 711.12 1007.27 1504.74 36.999 56.870 68.006 56.549 21-06-02 82.82 662.26 989.14 1440.96 35.080 52.962 66.782 54.152 28-06-02 82.04 681.94 989.82 1463.21 34.749 54.536 66.828 54.988 05-07-02 80.84 688.86 989.03 1448.36 34.241 55.089 66.775 54.430 12-07-02 77.94 653.78 921.39 1373.5 33.013 52.284 62.208 51.617 19-07-02 74.46 634.44 847.76 1319.15 31.539 50.737 57.237 49.574 26-07-02 67.55 588.19 852.84 1262.12 28.612 47.039 57.580 47.431 02-08-02 65.46 572.78 864.24 1247.92 27.727 45.806 58.350 46.897 09-08-02 68.46 608.52 908.64 1306.12 28.997 48.664 61.347 49.085 16-08-02 74.17 642.73 928.77 1361.01 31.416 51.400 62.706 51.147 23-08-02 76.9 656.29 940.86 1380.62 32.572 52.485 63.523 51.884 30-08-02 72.23 613.54 916.07 1314.85 30.594 49.066 61.849 49.413

104

06-09-02 72.01 597.01 893.92 1295.3 30.501 47.744 60.354 48.678 13-09-02 72.85 597.27 889.81 1291.4 30.857 47.765 60.076 48.531 20-09-02 68.14 559.48 845.39 1221.09 28.862 44.743 57.077 45.889 27-09-02 65.39 540.24 827.37 1199.16 27.697 43.204 55.860 45.065 04-10-02 60.62 508.43 800.58 1139.9 25.677 40.660 54.052 42.838 11-10-02 66.7 559.72 835.32 1210.47 28.252 44.762 56.397 45.490 18-10-02 71.96 591.87 884.39 1287.86 30.480 47.333 59.710 48.398 25-10-02 77.54 619.42 897.65 1331.13 32.843 49.536 60.605 50.024 01-11-02 80.72 635.82 900.96 1360.7 34.190 50.848 60.829 51.136 08-11-02 81.34 648.05 894.74 1359.28 34.453 51.826 60.409 51.082 15-11-02 87.6 680.75 909.83 1411.14 37.104 54.441 61.428 53.031 22-11-02 94.75 714.46 930.55 1468.74 40.133 57.137 62.827 55.196 29-11-02 96.34 723.13 936.31 1478.78 40.806 57.830 63.215 55.573 06-12-02 88.99 678.87 912.23 1422.44 37.693 54.290 61.590 53.456 13-12-02 84.99 641.92 889.48 1362.42 35.999 51.336 60.054 51.200 20-12-02 85.83 640.44 895.75 1363.05 36.355 51.217 60.477 51.224 27-12-02 83.42 634.64 875.4 1348.31 35.334 50.753 59.103 50.670 03-01-03 87.53 654.14 908.59 1387.08 37.075 52.313 61.344 52.127 10-01-03 95.25 693.5 927.57 1447.72 40.345 55.460 62.625 54.406 17-01-03 90.31 639.48 901.78 1376.19 38.252 51.140 60.884 51.718 24-01-03 87.93 626.74 861.4 1342.14 37.244 50.122 58.158 50.438 31-01-03 83.64 609.76 855.7 1320.91 35.427 48.764 57.773 49.640 07-02-03 80.33 590.74 829.69 1282.47 34.025 47.243 56.017 48.196 14-02-03 81.4 616.94 834.89 1310.17 34.478 49.338 56.368 49.237 21-02-03 84.26 640.79 848.17 1349.02 35.690 51.245 57.265 50.697 28-02-03 83.36 626.65 841.15 1337.52 35.309 50.114 56.791 50.265 07-03-03 82.46 606.73 828.89 1305.29 34.927 48.521 55.963 49.053 14-03-03 85.03 631.93 833.27 1340.33 36.016 50.537 56.259 50.370 21-03-03 90.32 667.73 895.79 1421.84 38.257 53.400 60.480 53.433 28-03-03 86.88 631.05 863.5 1369.6 36.800 50.466 58.300 51.470 04-04-03 85.96 640.48 878.85 1383.51 36.410 51.220 59.336 51.993 11-04-03 85.56 625.35 868.3 1358.85 36.240 50.010 58.624 51.066 18-04-03 89.27 666.19 893.58 1425.5 37.812 53.276 60.331 53.571 25-04-03 90.91 663.75 898.81 1434.54 38.507 53.081 60.684 53.911 02-05-03 97.73 697.72 930.08 1502.88 41.395 55.798 62.795 56.479 09-05-03 97.9 713.51 933.41 1520.15 41.467 57.061 63.020 57.128 16-05-03 104.22 718.53 944.3 1538.53 44.144 57.462 63.755 57.819 23-05-03 102.53 692.6 933.22 1510.09 43.428 55.389 63.007 56.750 30-05-03 108.42 732.56 963.59 1595.91 45.923 58.584 65.057 59.975 06-06-03 111.22 746.04 987.76 1627.42 47.109 59.662 66.689 61.159 13-06-03 110.66 747.84 988.61 1626.49 46.872 59.806 66.747 61.124 20-06-03 113.61 764.9 995.69 1644.72 48.121 61.170 67.225 61.809 27-06-03 111.56 748.85 976.22 1625.26 47.253 59.887 65.910 61.078 04-07-03 115.68 769.82 985.7 1663.46 48.998 61.564 66.550 62.514 11-07-03 118.91 806.9 998.14 1733.93 50.366 64.529 67.390 65.162 18-07-03 113.7 793.78 993.32 1708.5 48.160 63.480 67.065 64.206 25-07-03 116.74 802.61 998.68 1730.7 49.447 64.186 67.426 65.040 01-08-03 114.66 794.26 980.15 1715.62 48.566 63.518 66.175 64.474 08-08-03 108.11 754.15 977.59 1644.03 45.792 60.311 66.003 61.783 15-08-03 111.75 780 990.67 1702.01 47.334 62.378 66.886 63.962 22-08-03 119.03 819.74 993.06 1765.32 50.417 65.556 67.047 66.341 29-08-03 122.74 842.08 1008.01 1810.45 51.989 67.343 68.056 68.037 05-09-03 125.3 878.45 1021.39 1858.24 53.073 70.251 68.960 69.833 12-09-03 124.2 873.12 1018.63 1855.03 52.607 69.825 68.773 69.713 19-09-03 128.24 901.89 1036.3 1905.7 54.318 72.126 69.966 71.617 26-09-03 120.68 845.99 996.85 1792.07 51.116 67.655 67.303 67.347 03-10-03 126.48 889.65 1029.85 1880.57 53.573 71.147 69.531 70.673 10-10-03 131.25 904.08 1038.06 1915.31 55.593 72.301 70.085 71.978 17-10-03 128.75 910.56 1039.32 1912.36 54.534 72.819 70.170 71.867 24-10-03 125.7 876.7 1028.91 1865.59 53.242 70.111 69.467 70.110 31-10-03 131.16 904.69 1050.71 1932.21 55.555 72.350 70.939 72.613 07-11-03 134.28 927.75 1053.21 1970.74 56.877 74.194 71.108 74.061 14-11-03 131.08 906.7 1050.35 1930.26 55.521 72.510 70.915 72.540 21-11-03 127.31 886.57 1035.28 1893.88 53.924 70.901 69.898 71.173 28-11-03 133.76 915.28 1058.2 1960.26 56.656 73.197 71.445 73.667 05-12-03 133.29 908.3 1061.5 1937.82 56.457 72.638 71.668 72.824 12-12-03 135.62 910.73 1074.14 1949 57.444 72.833 72.521 73.244 19-12-03 138.03 911.56 1088.67 1951.02 58.465 72.899 73.502 73.320

105

26-12-03 141.66 920.79 1095.89 1973.14 60.003 73.637 73.990 74.151 02-01-04 144.16 937.49 1108.48 2006.68 61.061 74.973 74.840 75.412 09-01-04 151.66 985.32 1121.86 2086.92 64.238 78.798 75.743 78.427 16-01-04 160.81 1011.19 1139.83 2140.46 68.114 80.867 76.956 80.439 23-01-04 157.82 992.35 1141.55 2123.87 66.847 79.360 77.072 79.816 30-01-04 152.92 954.23 1131.13 2066.15 64.772 76.312 76.369 77.647 06-02-04 152.74 944.35 1142.76 2064.01 64.696 75.521 77.154 77.566 13-02-04 152.19 936.02 1145.81 2053.56 64.463 74.855 77.360 77.174 20-02-04 151.01 924.58 1144.11 2037.93 63.963 73.940 77.245 76.586 27-02-04 151.03 911.98 1144.94 2029.82 63.971 72.933 77.301 76.281 05-03-04 151.34 909.96 1156.86 2047.63 64.103 72.771 78.106 76.951 12-03-04 146.95 883.3 1120.57 1984.73 62.243 70.639 75.656 74.587 19-03-04 144.84 857.56 1109.78 1940.47 61.349 68.581 74.927 72.924 26-03-04 146.55 880.16 1108.06 1960.02 62.074 70.388 74.811 73.658 02-04-04 157.71 920.56 1141.81 2057.17 66.801 73.619 77.090 77.309 09-04-04 158.74 917.44 1139.32 2052.88 67.237 73.369 76.922 77.148 16-04-04 150.42 883.96 1134.61 1995.74 63.713 70.692 76.604 75.001 23-04-04 156.48 924.34 1140.6 2049.77 66.280 73.921 77.008 77.031 30-04-04 144.11 848.87 1107.3 1920.15 61.040 67.886 74.760 72.160 07-05-04 145.54 862.29 1098.7 1917.96 61.646 68.959 74.179 72.078 14-05-04 144.06 858.29 1095.7 1904.25 61.019 68.639 73.977 71.563 21-05-04 146.12 863.57 1093.56 1912.09 61.892 69.061 73.832 71.857 28-05-04 153.6 891.83 1120.68 1986.74 65.060 71.321 75.663 74.663 04-06-04 154.56 887.15 1122.5 1978.62 65.467 70.947 75.786 74.357 11-06-04 156.08 907.54 1136.47 1999.87 66.110 72.578 76.729 75.156 18-06-04 152.89 902.96 1135.02 1986.73 64.759 72.211 76.632 74.662 25-06-04 158.7 918.45 1134.43 2025.47 67.220 73.450 76.592 76.118 02-07-04 158.05 902.57 1125.38 2006.66 66.945 72.180 75.981 75.411 09-07-04 150.08 872.66 1112.81 1946.33 63.569 69.788 75.132 73.144 16-07-04 144.24 830.57 1101.39 1883.15 61.095 66.422 74.361 70.770 23-07-04 141.23 822.98 1086.2 1849.09 59.820 65.815 73.335 69.490 30-07-04 144.18 848.58 1101.72 1887.36 61.070 67.863 74.383 70.928 06-08-04 132.11 795.84 1063.97 1776.89 55.957 63.645 71.835 66.776 13-08-04 130.08 776.02 1064.8 1757.22 55.098 62.060 71.891 66.037 20-08-04 138.86 800.83 1098.35 1838.02 58.817 64.044 74.156 69.074 27-08-04 141.91 812.62 1107.77 1862.09 60.108 64.987 74.792 69.978 03-09-04 140.32 788.67 1113.63 1844.48 59.435 63.071 75.187 69.316 10-09-04 146.53 820.14 1123.92 1894.31 62.065 65.588 75.882 71.189 17-09-04 149 830.82 1128.55 1910.09 63.112 66.442 76.195 71.782 24-09-04 144.97 816.86 1110.11 1879.48 61.405 65.326 74.950 70.632 01-10-04 150.76 854.83 1131.5 1942.2 63.857 68.362 76.394 72.989 08-10-04 149.51 845.35 1122.14 1919.97 63.328 67.604 75.762 72.153 15-10-04 149.73 842.42 1108.2 1911.5 63.421 67.370 74.821 71.835 22-10-04 151.33 855 1095.74 1915.14 64.098 68.376 73.980 71.972 29-10-04 156.59 878.53 1130.2 1974.99 66.326 70.258 76.306 74.221 05-11-04 159.13 910.7 1166.17 2038.94 67.402 72.830 78.735 76.624 12-11-04 164.6 934.15 1184.17 2085.34 69.719 74.706 79.950 78.368 19-11-04 164.11 934.09 1170.34 2070.63 69.512 74.701 79.016 77.815 26-11-04 168.18 938.4 1182.65 2101.97 71.236 75.046 79.847 78.993 03-12-04 173.9 968.13 1191.17 2147.96 73.658 77.423 80.423 80.721 10-12-04 172.84 950.94 1188 2128.07 73.209 76.048 80.208 79.974 17-12-04 170.63 951.16 1194.22 2135.2 72.273 76.066 80.628 80.242 24-12-04 171.97 960.17 1210.13 2160.62 72.841 76.787 81.703 81.197 31-12-04 173.74 965.29 1211.92 2175.44 73.591 77.196 81.823 81.754 07-01-05 164.06 924.84 1186.19 2088.61 69.490 73.961 80.086 78.491 14-01-05 163.49 923.86 1184.52 2087.91 69.249 73.883 79.974 78.465 21-01-05 155.1 902.74 1167.87 2034.27 65.695 72.194 78.849 76.449 28-01-05 152.58 913.97 1171.36 2035.83 64.628 73.092 79.085 76.507 04-02-05 153.14 939.43 1203.03 2086.66 64.865 75.128 81.223 78.418 11-02-05 151.98 936.45 1205.3 2076.66 64.374 74.890 81.377 78.042 18-02-05 149.44 930.04 1201.59 2058.62 63.298 74.377 81.126 77.364 25-02-05 147.88 929.92 1211.37 2065.4 62.637 74.367 81.786 77.619 04-03-05 148.98 931.91 1222.12 2070.61 63.103 74.527 82.512 77.814 11-03-05 148.22 917.95 1200.08 2041.6 62.781 73.410 81.024 76.724 18-03-05 147.37 894.95 1189.65 2007.79 62.421 71.571 80.320 75.454 25-03-05 144.45 890.03 1171.42 1991.06 61.184 71.177 79.089 74.825 01-04-05 146.07 888.56 1172.92 1984.81 61.870 71.060 79.190 74.590 08-04-05 147.08 898.17 1181.2 1999.35 62.298 71.828 79.749 75.136

106

15-04-05 138.35 845.22 1142.62 1908.15 58.601 67.594 77.145 71.709 22-04-05 142.64 867.72 1152.12 1932.19 60.418 69.393 77.786 72.613 29-04-05 141.84 863.74 1156.85 1921.65 60.079 69.075 78.105 72.216 06-05-05 147.68 882.62 1171.35 1967.35 62.552 70.585 79.084 73.934 13-05-05 149.56 895.8 1154.05 1976.78 63.349 71.639 77.916 74.288 20-05-05 156.86 929.08 1189.28 2046.42 66.441 74.300 80.295 76.905 27-05-05 159.95 950.07 1198.78 2075.73 67.750 75.979 80.936 78.007 03-06-05 160.14 944.32 1196.02 2071.43 67.830 75.519 80.750 77.845 10-06-05 157.19 937.92 1198.11 2063 66.581 75.007 80.891 77.528 17-06-05 158.45 941.72 1216.96 2090.11 67.114 75.311 82.164 78.547 24-06-05 156.74 927.12 1191.57 2053.27 66.390 74.144 80.450 77.163 01-07-05 154.03 920.97 1194.44 2057.37 65.242 73.652 80.643 77.317 08-07-05 157.34 945.53 1211.86 2112.88 66.644 75.616 81.819 79.403 15-07-05 161.71 975.14 1227.92 2156.78 68.495 77.984 82.904 81.053 22-07-05 162.92 971.88 1233.68 2179.74 69.008 77.723 83.293 81.916 29-07-05 163.25 965.45 1234.18 2184.83 69.147 77.209 83.326 82.107 05-08-05 163.49 974.94 1226.42 2177.91 69.249 77.968 82.802 81.847 12-08-05 161.47 958.86 1230.39 2156.9 68.393 76.682 83.070 81.057 19-08-05 160.04 949.59 1219.71 2135.56 67.788 75.940 82.349 80.255 26-08-05 157.66 946.44 1205.1 2120.77 66.780 75.689 81.363 79.699 02-09-05 160.15 952.6 1218.02 2141.07 67.834 76.181 82.235 80.462 09-09-05 166.41 964.04 1241.48 2175.51 70.486 77.096 83.819 81.757 16-09-05 165.99 957.73 1237.91 2160.35 70.308 76.591 83.578 81.187 23-09-05 164.39 934.66 1215.29 2116.84 69.630 74.746 82.051 79.552 30-09-05 167.75 953.4 1228.81 2151.69 71.053 76.245 82.964 80.861 07-10-05 164.71 921.76 1195.9 2090.35 69.766 73.715 80.742 78.556 14-10-05 161.52 917.44 1186.57 2064.83 68.415 73.369 80.112 77.597 21-10-05 165.61 929.24 1179.59 2082.21 70.147 74.313 79.641 78.250 28-10-05 164.76 935.66 1198.41 2089.88 69.787 74.826 80.911 78.539 04-11-05 170.99 967.34 1220.14 2169.43 72.426 77.360 82.378 81.528 11-11-05 173.41 984.37 1234.72 2202.47 73.451 78.722 83.363 82.770 18-11-05 176.38 1001.59 1248.27 2227.07 74.709 80.099 84.278 83.694 25-11-05 179.77 1019.94 1268.25 2263.01 76.145 81.566 85.627 85.045 02-12-05 179.03 1034.43 1265.08 2273.37 75.831 82.725 85.413 85.434 09-12-05 177.54 1024.62 1259.37 2256.73 75.200 81.941 85.027 84.809 16-12-05 180.14 1023.64 1267.32 2252.48 76.301 81.862 85.564 84.649 23-12-05 179.92 1016.34 1268.66 2249.42 76.208 81.279 85.654 84.534 30-12-05 175.97 991.8 1248.29 2205.32 74.535 79.316 84.279 82.877 06-01-06 188.81 1052.34 1285.45 2305.62 79.974 84.158 86.788 86.646 13-01-06 188.01 1057.24 1287.61 2317.04 79.635 84.549 86.934 87.075 20-01-06 179.64 998.72 1261.49 2247.7 76.090 79.869 85.170 84.470 27-01-06 184.53 1030.27 1283.72 2304.23 78.161 82.393 86.671 86.594 03-02-06 178.88 1003.12 1264.03 2262.58 75.768 80.221 85.342 85.029 10-02-06 180.08 1001.79 1266.99 2261.88 76.276 80.115 85.542 85.002 17-02-06 181.03 998.12 1287.24 2282.36 76.678 79.822 86.909 85.772 24-02-06 181.44 994.46 1289.43 2287.04 76.852 79.529 87.057 85.948 03-03-06 184.51 1002.24 1287.23 2302.6 78.152 80.151 86.908 86.533 10-03-06 180.07 974.81 1281.58 2262.04 76.272 77.957 86.527 85.008 17-03-06 184.86 983.32 1307.25 2306.48 78.301 78.638 88.260 86.678 24-03-06 185.32 991.86 1302.95 2312.82 78.495 79.321 87.969 86.917 31-03-06 189.21 1003.8 1294.83 2339.79 80.143 80.276 87.421 87.930 07-04-06 189.16 1017.92 1295.5 2339.02 80.122 81.405 87.466 87.901 14-04-06 188.42 1009.39 1289.12 2326.11 79.809 80.723 87.036 87.416 21-04-06 188.86 1016.51 1311.28 2342.86 79.995 81.292 88.532 88.046 28-04-06 187.09 994.3 1310.61 2322.57 79.245 79.516 88.487 87.283 05-05-06 187.72 992.65 1325.76 2342.57 79.512 79.384 89.509 88.035 12-05-06 179.23 942.74 1291.24 2243.78 75.916 75.393 87.179 84.322 19-05-06 175.49 919.4 1267.03 2193.88 74.332 73.526 85.544 82.447 26-05-06 177.11 926.65 1280.16 2210.37 75.018 74.106 86.431 83.067 02-06-06 177.59 919.86 1288.22 2219.41 75.221 73.563 86.975 83.406 09-06-06 171.18 883.12 1252.3 2135.06 72.506 70.625 84.550 80.236 16-06-06 171.44 892.26 1251.54 2129.95 72.616 71.356 84.498 80.044 23-06-06 171.66 899.5 1244.5 2121.47 72.710 71.935 84.023 79.726 30-06-06 174.91 917.77 1270.2 2172.09 74.086 73.396 85.758 81.628 07-07-06 169.56 899.2 1265.48 2130.06 71.820 71.911 85.440 80.049 14-07-06 161.73 856.59 1236.2 2037.35 68.504 68.503 83.463 76.564 21-07-06 156.81 852.57 1240.29 2020.39 66.420 68.182 83.739 75.927 28-07-06 160.55 892.47 1278.55 2094.14 68.004 71.372 86.322 78.699

107

04-08-06 158.94 888.27 1279.36 2085.05 67.322 71.037 86.377 78.357 11-08-06 160.29 878.4 1266.74 2057.71 67.894 70.247 85.525 77.330 18-08-06 172.09 936.04 1302.3 2163.95 72.892 74.857 87.926 81.322 25-08-06 170.26 927.94 1295.09 2140.29 72.117 74.209 87.439 80.433 01-09-06 175.15 946.95 1311.01 2193.16 74.188 75.729 88.514 82.420 08-09-06 172.03 938.52 1298.92 2165.79 72.866 75.055 87.697 81.391 15-09-06 180.48 978.57 1319.87 2235.59 76.445 78.258 89.112 84.014 22-09-06 179.14 968.59 1314.78 2218.93 75.878 77.460 88.768 83.388 29-09-06 181.7 990.49 1335.85 2258.43 76.962 79.211 90.191 84.873 06-10-06 186.56 1004.24 1349.58 2299.99 79.021 80.311 91.118 86.435 13-10-06 189 1033.75 1365.62 2357.29 80.054 82.671 92.201 88.588 20-10-06 188.35 1025 1368.6 2342.3 79.779 81.971 92.402 88.025 27-10-06 191.93 1024.83 1377.34 2350.62 81.295 81.958 92.992 88.337 03-11-06 191.04 1023.74 1364.3 2330.79 80.918 81.870 92.111 87.592 10-11-06 197.12 1049.86 1380.9 2389.72 83.494 83.959 93.232 89.807 17-11-06 202.58 1081.51 1401.2 2445.86 85.806 86.490 94.603 91.916 24-11-06 205.35 1098.69 1400.95 2460.26 86.980 87.864 94.586 92.458 01-12-06 199.07 1068.4 1396.71 2413.21 84.320 85.442 94.300 90.689 08-12-06 201.13 1067.4 1409.84 2437.36 85.192 85.362 95.186 91.597 15-12-06 204.99 1078.02 1427.09 2457.2 86.827 86.211 96.351 92.343 22-12-06 199.92 1044.06 1410.76 2401.18 84.680 83.495 95.248 90.237 29-12-06 200.35 1052.81 1418.3 2415.29 84.862 84.195 95.757 90.768 05-01-07 205.4 1066.62 1409.71 2434.25 87.001 85.300 95.177 91.480 12-01-07 208.89 1107.51 1430.73 2502.82 88.479 88.570 96.597 94.057 19-01-07 201.99 1068.86 1430.5 2451.31 85.556 85.479 96.581 92.121 26-01-07 202.27 1065.48 1422.18 2435.49 85.675 85.208 96.019 91.527 02-02-07 206.37 1073.57 1448.39 2475.88 87.412 85.855 97.789 93.045 09-02-07 207.66 1055.71 1438.06 2459.82 87.958 84.427 97.091 92.441 16-02-07 211.9 1071.19 1455.54 2496.31 89.754 85.665 98.272 93.812 23-02-07 212.75 1081.29 1451.19 2515.1 90.114 86.473 97.978 94.519 02-03-07 198.44 1023.46 1387.17 2368 84.053 81.848 93.656 88.990 09-03-07 199.64 1027.23 1402.85 2387.55 84.561 82.149 94.714 89.725 16-03-07 199.98 1025.38 1386.95 2372.66 84.705 82.002 93.641 89.166 23-03-07 204.93 1059.2 1436.11 2448.93 86.802 84.706 96.960 92.032 30-03-07 202.77 1046.44 1420.86 2421.64 85.887 83.686 95.930 91.006 06-04-07 206.39 1069.6 1443.76 2471.34 87.420 85.538 97.476 92.874 13-04-07 207.49 1075.14 1452.85 2491.94 87.886 85.981 98.090 93.648 20-04-07 207.65 1092.5 1484.35 2526.39 87.954 87.369 100.217 94.943 27-04-07 211.77 1110.97 1494.07 2557.21 89.699 88.846 100.873 96.101 04-05-07 214.46 1118.52 1505.62 2572.15 90.838 89.450 101.653 96.662 11-05-07 214.87 1124.83 1505.85 2562.22 91.012 89.955 101.668 96.289 18-05-07 217.46 1124.55 1522.75 2558.45 92.109 89.932 102.809 96.148 25-05-07 217.68 1118.47 1515.73 2557.19 92.202 89.446 102.335 96.100 01-06-07 223.02 1143.21 1536.34 2613.92 94.464 91.425 103.727 98.232 08-06-07 221.01 1134.53 1507.67 2573.54 93.613 90.730 101.791 96.715 15-06-07 222.48 1159.04 1532.91 2626.71 94.235 92.691 103.495 98.713 22-06-07 222.48 1150.08 1502.56 2588.96 94.235 91.974 101.446 97.294 29-06-07 225.02 1152.54 1503.35 2603.23 95.311 92.171 101.500 97.830 06-07-07 229.82 1184.21 1530.44 2666.51 97.344 94.703 103.329 100.209 13-07-07 234.69 1204.24 1552.5 2707 99.407 96.305 104.818 101.730 20-07-07 231.17 1209.31 1534.1 2687.6 97.916 96.711 103.576 101.001 27-07-07 221 1155.3 1458.95 2562.24 93.608 92.391 98.502 96.290 03-08-07 215.92 1127.4 1433.06 2511.25 91.457 90.160 96.754 94.374 10-08-07 218.62 1131.77 1453.64 2544.89 92.600 90.510 98.143 95.638 17-08-07 214.95 1109.15 1445.94 2505.03 91.046 88.701 97.623 94.140 24-08-07 222.23 1148.28 1479.37 2576.69 94.129 91.830 99.880 96.833 31-08-07 224.66 1161.63 1473.99 2596.36 95.159 92.898 99.517 97.572 07-09-07 224.01 1148.14 1453.55 2565.7 94.883 91.819 98.137 96.420 14-09-07 229.67 1159.61 1484.25 2602.18 97.281 92.736 100.210 97.791 21-09-07 236.03 1196.55 1525.75 2671.22 99.975 95.690 103.012 100.386 28-09-07 239.41 1213.95 1526.75 2701.5 101.406 97.082 103.079 101.524 05-10-07 250.75 1245.45 1557.59 2780.32 106.209 99.601 105.162 104.486 12-10-07 257.4 1267.29 1561.8 2805.68 109.026 101.348 105.446 105.439 19-10-07 248.16 1253.69 1500.63 2725.16 105.112 100.260 101.316 102.413 26-10-07 251.9 1310.49 1535.28 2804.19 106.697 104.802 103.655 105.383 02-11-07 253.28 1344.93 1509.65 2810.38 107.281 107.557 101.925 105.615 09-11-07 233.75 1234.48 1453.7 2627.94 99.009 98.724 98.147 98.759 16-11-07 231.49 1235.87 1458.74 2637.24 98.052 98.835 98.488 99.109

108

23-11-07 228.21 1229.95 1440.7 2596.6 96.662 98.361 97.270 97.581 30-11-07 236.09 1250.44 1481.14 2660.96 160.06 100.000 100.000 100.000 100.000 100.000 07-12-07 236.17 1290.44 1504.66 2706.16 161.07 100.034 103.199 101.588 101.699 100.631 14-12-07 229.96 1265.08 1467.95 2635.74 154.08 97.404 101.171 99.109 99.052 96.264 21-12-07 234.42 1294.22 1484.46 2691.99 157.26 99.293 103.501 100.224 101.166 98.251 28-12-07 232.93 1296.43 1478.49 2674.46 156.91 98.662 103.678 99.821 100.507 98.032 04-01-08 216.73 1196.8 1411.63 2504.65 145.96 91.800 95.710 95.307 94.126 91.191 11-01-08 206.86 1150.94 1401.02 2439.94 138.28 87.619 92.043 94.591 91.694 86.393 18-01-08 200.18 1103.41 1325.19 2340.02 129.78 84.790 88.242 89.471 87.939 81.082 25-01-08 202.23 1074.64 1330.61 2326.2 131.68 85.658 85.941 89.837 87.420 82.269 01-02-08 212.04 1084.92 1395.42 2413.36 138.58 89.813 86.763 94.213 90.695 86.580 08-02-08 204.2 1030.02 1331.29 2304.85 132.64 86.492 82.373 89.883 86.617 82.869 15-02-08 208.93 1036.01 1349.99 2321.8 136.71 88.496 82.852 91.145 87.254 85.412 22-02-08 207.96 1016.11 1353.11 2303.35 132.98 88.085 81.260 91.356 86.561 83.081 29-02-08 202.43 1001.07 1330.63 2271.48 128.34 85.743 80.057 89.838 85.363 80.182 07-03-08 196.51 988.35 1293.37 2212.49 123.84 83.235 79.040 87.323 83.146 77.371 14-03-08 195.94 993.32 1288.14 2212.49 123.82 82.994 79.438 86.969 83.146 77.358 21-03-08 198.47 1019.11 1329.51 2258.11 124.86 84.065 81.500 89.763 84.861 78.008 28-03-08 200.48 1016.15 1315.22 2261.18 127.82 84.917 81.263 88.798 84.976 79.858 04-04-08 210.65 1068.63 1370.4 2370.98 135.95 89.224 85.460 92.523 89.102 84.937 11-04-08 203.29 1033.26 1332.83 2290.24 130.62 86.107 82.632 89.987 86.068 81.607 18-04-08 215.87 1108.57 1390.33 2402.97 139.19 91.435 88.654 93.869 90.305 86.961 25-04-08 219.84 1122.62 1397.84 2422.93 141.37 93.117 89.778 94.376 91.055 88.323 02-05-08 224.92 1148.73 1413.9 2476.99 144.23 95.269 91.866 95.460 93.086 90.110 09-05-08 222.17 1141.2 1388.28 2445.52 141.46 94.104 91.264 93.731 91.904 88.379 16-05-08 232.77 1187.51 1425.35 2528.85 148.96 98.594 94.967 96.233 95.035 93.065 23-05-08 223.24 1136.48 1375.93 2444.67 142.69 94.557 90.886 92.897 91.872 89.148 30-05-08 231.56 1175.91 1400.38 2522.66 148.32 98.081 94.040 94.547 94.803 92.665 06-06-08 225.32 1150.52 1360.68 2474.56 144.92 95.438 92.009 91.867 92.995 90.541 13-06-08 221.29 1145.31 1360.03 2454.5 140.36 93.731 91.593 91.823 92.241 87.692 20-06-08 216.79 1119.88 1317.93 2406.09 138.18 91.825 89.559 88.981 90.422 86.330 27-06-08 207.05 1083.88 1278.38 2315.63 131.31 87.700 86.680 86.311 87.022 82.038 04-07-08 201.83 1051.95 1262.9 2245.38 126.29 85.489 84.126 85.265 84.382 78.902 11-07-08 199.57 1043.63 1239.49 2239.08 126.13 84.531 83.461 83.685 84.146 78.802 18-07-08 198.84 1054.95 1260.68 2282.78 124.38 84.222 84.366 85.116 85.788 77.708 25-07-08 203.05 1046.13 1257.76 2310.53 128.09 86.005 83.661 84.918 86.831 80.026 01-08-08 201.42 1036.74 1260.31 2310.96 125.52 85.315 82.910 85.091 86.847 78.421 08-08-08 210.18 1107.64 1296.32 2414.1 126.65 89.025 88.580 87.522 90.723 79.127 15-08-08 215 1120.8 1298.2 2452.52 130.31 91.067 89.632 87.649 92.167 81.413 22-08-08 211.39 1105.92 1292.2 2414.71 127.78 89.538 88.442 87.244 90.746 79.833 29-08-08 205.16 1070.2 1282.83 2367.52 124.95 86.899 85.586 86.611 88.972 78.064 05-09-08 193.56 1002.04 1242.31 2255.88 118.58 81.986 80.135 83.875 84.777 74.085 12-09-08 192.69 992.8 1251.7 2261.27 116.63 81.617 79.396 84.509 84.979 72.866 19-09-08 194.84 972.67 1255.08 2273.9 122.03 82.528 77.786 84.737 85.454 76.240 26-09-08 180.73 960.79 1213.01 2183.34 113.16 76.551 76.836 81.897 82.051 70.698 03-10-08 158.63 856.12 1099.23 1947.39 98.27 67.190 68.466 74.215 73.184 61.396 10-10-08 137.08 735.51 899.22 1649.51 86.31 58.063 58.820 60.711 61.989 53.924 17-10-08 142.16 771.69 940.55 1711.29 87.4 60.214 61.713 63.502 64.311 54.605 24-10-08 127.72 709.4 876.77 1552.03 77.97 54.098 56.732 59.196 58.326 48.713 31-10-08 140.18 768.77 968.75 1720.95 85.51 59.376 61.480 65.406 64.674 53.424 07-11-08 134.51 728.79 930.99 1647.4 81.63 56.974 58.283 62.856 61.910 51.000 14-11-08 123.46 671.31 873.29 1516.85 72.82 52.294 53.686 58.961 57.004 45.495 21-11-08 112.07 621.84 800.03 1384.35 62.94 47.469 49.730 54.014 52.024 39.323 28-11-08 125.95 671.78 896.24 1535.57 73.93 53.348 53.723 60.510 57.707 46.189 05-12-08 124.45 658.72 876.07 1509.31 73.3 52.713 52.679 59.148 56.721 45.795 12-12-08 130.57 689.95 879.73 1540.72 76.92 55.305 55.177 59.395 57.901 48.057 19-12-08 133.86 686.16 887.88 1564.32 78.92 56.699 54.873 59.946 58.788 49.307 26-12-08 130.11 668.15 872.8 1530.24 76.01 55.110 53.433 58.928 57.507 47.488 02-01-09 139.49 714.27 931.8 1632.21 81.43 59.083 57.121 62.911 61.339 50.875 09-01-09 138.05 691.62 890.35 1571.59 78.8 58.473 55.310 60.112 59.061 49.232 16-01-09 132.85 670.8 850.12 1529.33 74.53 56.271 53.645 57.396 57.473 46.564 23-01-09 132.38 650.41 831.95 1477.29 72.78 56.072 52.014 56.170 55.517 45.470 30-01-09 133.75 654.18 825.88 1476.42 76.58 56.652 52.316 55.760 55.484 47.845 06-02-09 145.81 723.09 868.6 1591.71 83.8 61.760 57.827 58.644 59.817 52.355 13-02-09 140.33 701.46 826.84 1534.36 81.11 59.439 56.097 55.825 57.662 50.675 20-02-09 133.44 654.52 770.05 1441.23 78.04 56.521 52.343 51.990 54.162 48.757 27-02-09 132.46 632.2 735.09 1377.84 78.88 56.106 50.558 49.630 51.780 49.282 06-03-09 127.24 601.29 683.38 1293.85 75.06 53.895 48.086 46.139 48.623 46.895

109

13-03-09 138.01 665.26 756.55 1431.5 81.19 58.457 53.202 51.079 53.796 50.725 20-03-09 142.66 684.21 768.54 1457.27 81.79 60.426 54.718 51.888 54.765 51.100 27-03-09 151.12 722.51 815.94 1545.2 86.79 64.009 57.780 55.089 58.069 54.223 03-04-09 163.1 763.48 842.5 1621.87 92.43 69.084 61.057 56.882 60.951 57.747 10-04-09 166.92 778.84 856.56 1652.54 95.23 70.702 62.285 57.831 62.103 59.496 17-04-09 170.97 786.46 869.6 1673.07 98.5 72.417 62.895 58.712 62.875 61.539 24-04-09 174.89 804.95 866.23 1694.29 100.24 74.078 64.373 58.484 63.672 62.627 01-05-09 179.52 811.34 877.52 1719.2 102.93 76.039 64.884 59.246 64.608 64.307 08-05-09 180.9 795.95 929.23 1739 104.97 76.623 63.654 62.737 65.352 65.582 15-05-09 174.47 785.8 882.88 1680.14 100.03 73.900 62.842 59.608 63.140 62.495 22-05-09 177.07 790.3 887 1692.01 102.17 75.001 63.202 59.886 63.586 63.832 29-05-09 187.01 839.16 919.14 1774.33 108.37 79.211 67.109 62.056 66.680 67.706 05-06-09 193.96 877.93 940.09 1849.42 113.99 82.155 70.210 63.471 69.502 71.217 12-06-09 194.06 887.08 946.21 1858.8 111.74 82.197 70.941 63.884 69.854 69.811 19-06-09 187.24 882.81 921.23 1827.47 109.77 79.309 70.600 62.197 68.677 68.581 26-06-09 188.21 886.48 918.9 1838.22 111.05 79.720 70.893 62.040 69.081 69.380 03-07-09 183.15 876.1 896.42 1796.52 106.05 77.576 70.063 60.522 67.514 66.256 10-07-09 179.27 857.91 879.13 1756.03 103.91 75.933 68.609 59.355 65.992 64.919 17-07-09 194.17 933.97 940.38 1886.61 114.24 82.244 74.691 63.490 70.900 71.373 24-07-09 203.82 959.84 979.26 1965.96 121.78 86.331 76.760 66.115 73.882 76.084 31-07-09 201.17 957.41 987.48 1978.5 119.52 85.209 76.566 66.670 74.353 74.672 07-08-09 203.55 959.94 1010.48 2000.25 121.95 86.217 76.768 68.223 75.170 76.190 14-08-09 202.38 966.85 1004.09 1985.52 121.19 85.722 77.321 67.792 74.617 75.715 21-08-09 205.61 982.41 1026.13 2020.9 123.5 87.090 78.565 69.280 75.946 77.159 28-08-09 205.18 996.55 1028.93 2028.77 122.23 86.908 79.696 69.469 76.242 76.365 04-09-09 203.52 990.95 1016.4 2018.78 120.18 86.204 79.248 68.623 75.867 75.084 11-09-09 212.2 1017.11 1042.73 2080.9 126.42 89.881 81.340 70.401 78.201 78.983 18-09-09 217.93 1035.61 1068.3 2132.86 134.8 92.308 82.820 72.127 80.154 84.218 25-09-09 214.71 1024.64 1044.38 2090.92 132.82 90.944 81.942 70.512 78.578 82.981 02-10-09 211.21 1007.06 1025.21 2048.11 130.05 89.462 80.536 69.218 76.969 81.251 09-10-09 220.87 1053.31 1071.49 2139.28 137.28 93.553 84.235 72.342 80.395 85.768 16-10-09 221.37 1068.34 1087.68 2156.8 137.06 93.765 85.437 73.435 81.053 85.630 23-10-09 223.69 1087.61 1079.6 2154.47 141.7 94.748 86.978 72.890 80.966 88.529 30-10-09 212.34 1037.39 1036.19 2045.11 132.42 89.940 82.962 69.959 76.856 82.731 06-11-09 219.54 1064.92 1069.3 2112.44 139.06 92.990 85.164 72.194 79.386 86.880 13-11-09 226.35 1105.78 1093.48 2167.88 142.39 95.874 88.431 73.827 81.470 88.960 20-11-09 223.52 1089.32 1091.38 2146.04 140.73 94.676 87.115 73.685 80.649 87.923 27-11-09 222.69 1085.58 1091.49 2138.44 141.4 94.324 86.816 73.693 80.363 88.342 04-12-09 227.99 1113.53 1105.98 2194.35 145.03 96.569 89.051 74.671 82.465 90.610 11-12-09 227.4 1109.58 1106.41 2190.31 144.04 96.319 88.735 74.700 82.313 89.991 18-12-09 228.84 1131.75 1102.47 2211.69 145.15 96.929 90.508 74.434 83.116 90.685 25-12-09 235.98 1176.07 1126.48 2285.69 150.48 99.953 94.052 76.055 85.897 94.015 01-01-10 233.86 1168.26 1115.1 2269.15 148.43 99.055 93.428 75.287 85.276 92.734 08-01-10 235.92 1178.51 1144.98 2317.17 148.76 99.928 94.248 77.304 87.080 92.940 15-01-10 233.53 1162.05 1136.03 2287.99 146.54 98.916 92.931 76.700 85.984 91.553 22-01-10 224.09 1108.05 1091.76 2205.29 140.36 94.917 88.613 73.711 82.876 87.692 29-01-10 218.06 1068.54 1073.87 2147.35 137.41 92.363 85.453 72.503 80.698 85.849 05-02-10 219.36 1076.69 1066.19 2141.12 137.53 92.914 86.105 71.984 80.464 85.924 12-02-10 223.2 1096.73 1075.51 2183.53 140.96 94.540 87.708 72.614 82.058 88.067 19-02-10 230.8 1123.91 1109.17 2243.87 145.34 97.759 89.881 74.886 84.326 90.803 26-02-10 228.02 1118.77 1104.49 2238.26 145.06 96.582 89.470 74.570 84.115 90.629 05-03-10 238.98 1158.83 1138.7 2326.35 152.91 101.224 92.674 76.880 87.425 95.533 12-03-10 245.65 1183.23 1149.99 2367.66 157.72 104.049 94.625 77.642 88.978 98.538 19-03-10 245.75 1182.26 1159.9 2374.41 157.9 104.092 94.548 78.311 89.231 98.651 26-03-10 247.71 1195.93 1166.59 2395.13 158.2 104.922 95.641 78.763 90.010 98.838 02-04-10 247.35 1198.55 1178.1 2402.58 158.42 104.769 95.850 79.540 90.290 98.975 09-04-10 254.09 1228.55 1194.37 2454.05 163.44 107.624 98.249 80.639 92.224 102.112 16-04-10 255.91 1248.5 1192.13 2481.26 163.94 108.395 99.845 80.487 93.247 102.424 23-04-10 258.03 1281.81 1217.28 2530.15 165.42 109.293 102.509 82.185 95.084 103.349 30-04-10 252.86 1236.53 1186.69 2461.19 161.13 107.103 98.888 80.120 92.493 100.668 07-05-10 233.06 1137.91 1110.88 2265.64 148.47 98.717 91.001 75.002 85.144 92.759 14-05-10 243.55 1183.68 1135.68 2346.85 158.06 103.160 94.661 76.676 88.196 98.750 21-05-10 233.3 1122.47 1087.69 2229.04 150.7 98.818 89.766 73.436 83.768 94.152 28-05-10 237.23 1140.39 1089.41 2257.04 154.26 100.483 91.199 73.552 84.821 96.376 04-06-10 234.19 1130.71 1064.88 2219.17 152.89 99.195 90.425 71.896 83.397 95.520 11-06-10 238.29 1129.94 1091.6 2243.6 155.9 100.932 90.363 73.700 84.315 97.401 18-06-10 244.09 1179.01 1117.51 2309.8 159.21 103.389 94.288 75.449 86.803 99.469 25-06-10 233.72 1124.26 1076.76 2223.48 154.47 98.996 89.909 72.698 83.559 96.508

110

02-07-10 219.31 1058.46 1022.58 2091.79 143.06 92.893 84.647 69.040 78.610 89.379 09-07-10 232.97 1116.93 1077.96 2196.45 151.39 98.678 89.323 72.779 82.544 94.583 16-07-10 234.91 1114.14 1064.88 2179.05 151.52 99.500 89.100 71.896 81.890 94.665 23-07-10 246.95 1162.8 1102.66 2269.47 157.32 104.600 92.991 74.447 85.288 98.288 30-07-10 243.54 1141.97 1101.6 2254.7 154.91 103.156 91.325 74.375 84.733 96.782 06-08-10 252.15 1156.05 1121.64 2288.47 162.87 106.802 92.451 75.728 86.002 101.756 13-08-10 242.4 1093.01 1079.25 2173.48 159.49 102.673 87.410 72.866 81.680 99.644 20-08-10 250.85 1098.32 1071.69 2179.76 162.31 106.252 87.835 72.356 81.916 101.406 27-08-10 248.78 1081.94 1064.59 2153.63 162.18 105.375 86.525 71.876 80.934 101.325 03-09-10 258.82 1118.49 1104.51 2233.75 169.79 109.628 89.448 74.572 83.945 106.079 10-09-10 259.84 1123.59 1109.55 2242.48 171 110.060 89.856 74.912 84.273 106.835 17-09-10 268.07 1178.57 1125.59 2315.61 175.66 113.546 94.252 75.995 87.022 109.746 24-09-10 278.47 1210.43 1148.67 2381.22 186.3 117.951 96.800 77.553 89.487 116.394 01-10-10 276.64 1202.92 1146.24 2370.75 184.04 117.176 96.200 77.389 89.094 114.982 08-10-10 277.44 1219.12 1165.15 2401.91 181.64 117.515 97.495 78.666 90.265 113.482 15-10-10 287.26 1275.37 1176.19 2468.77 188.32 121.674 101.994 79.411 92.777 117.656 22-10-10 292.68 1279.73 1183.08 2479.39 193.16 123.970 102.342 79.876 93.177 120.680 29-10-10 302.04 1300.36 1183.26 2507.41 199.3 127.934 103.992 79.888 94.230 124.516 05-11-10 309.34 1337.12 1225.85 2578.98 201.48 131.026 106.932 82.764 96.919 125.878 12-11-10 302.88 1307.38 1199.21 2518.21 200.47 128.290 104.554 80.965 94.635 125.247 19-11-10 301.28 1300.55 1199.73 2518.12 199.09 127.612 104.007 81.000 94.632 124.385 26-11-10 306.41 1310.45 1189.4 2534.56 203.23 129.785 104.799 80.303 95.250 126.971 03-12-10 308.97 1346.68 1224.71 2591.46 204.32 130.870 107.696 82.687 97.388 127.652 10-12-10 314.75 1369.91 1240.4 2637.54 208.08 133.318 109.554 83.746 99.120 130.001 17-12-10 310.39 1370.49 1243.91 2642.97 202.54 131.471 109.601 83.983 99.324 126.540 24-12-10 311.03 1380.77 1256.77 2665.6 202.85 131.742 110.423 84.852 100.174 126.734 31-12-10 307.73 1372.06 1257.64 2652.87 199.36 130.344 109.726 84.910 99.696 124.553 07-01-11 317.41 1406.9 1271.5 2703.17 206.18 134.444 112.512 85.846 101.586 128.814 14-01-11 322.66 1442 1293.24 2755.3 212.65 136.668 115.319 87.314 103.545 132.856 21-01-11 310.33 1400.47 1283.35 2689.54 204.16 131.446 111.998 86.646 101.074 127.552 28-01-11 310.52 1405.21 1276.34 2686.89 206.32 131.526 112.377 86.173 100.974 128.902 04-02-11 324.81 1449.91 1310.87 2769.3 216.59 137.579 115.952 88.504 104.071 135.318 11-02-11 329.4 1470.18 1329.15 2809.44 222.87 139.523 117.573 89.738 105.580 139.242 18-02-11 331.87 1475.68 1343.01 2833.95 222.01 140.569 118.013 90.674 106.501 138.704 25-02-11 322.09 1446.34 1319.88 2781.05 214.14 136.427 115.666 89.112 104.513 133.787 04-03-11 319.57 1447.84 1321.15 2784.67 213.38 135.359 115.786 89.198 104.649 133.313 11-03-11 311.65 1403.98 1304.28 2715.61 212.56 132.005 112.279 88.059 102.054 132.800 18-03-11 302.13 1353.46 1279.2 2643.67 206.44 127.972 108.239 86.366 99.350 128.977 25-03-11 313.5 1420.46 1313.8 2743.06 219.74 132.788 113.597 88.702 103.085 137.286 01-04-11 318.11 1428.05 1332.41 2789.6 228.63 134.741 114.204 89.958 104.834 142.840 08-04-11 318.25 1417.53 1328.17 2780.42 230.5 134.800 113.362 89.672 104.489 144.008 15-04-11 317 1397.41 1319.68 2764.65 230.06 134.271 111.753 89.099 103.897 143.734 22-04-11 324.91 1439.4 1337.38 2820.16 235.51 137.621 115.111 90.294 105.983 147.139 29-04-11 326.69 1468.81 1363.61 2873.54 239.37 138.375 117.463 92.065 107.989 149.550 06-05-11 321.16 1448.17 1340.2 2827.56 231.61 136.033 115.813 90.484 106.261 144.702 31-05-11 321.33 1432.57 1359.81 2835.3 229.36 136.105 114.565 91.808 106.552 143.296 30-06-11 310.66 1395.01 1309.37 2773.52 224.85 131.585 111.562 88.403 104.230 140.479 31-07-11 305.41 1427.97 1346.73 2756.38 227.35 129.362 114.197 90.925 103.586 142.040 31-08-11 287.95 1337.07 1201.26 2579.46 213.37 121.966 106.928 81.104 96.937 133.306 30-09-11 261.36 1284.13 1187.88 2415.4 184.01 110.704 102.694 80.200 90.772 114.963 31-10-11 295.4 1439.93 1224.14 2684.41 208.2 125.122 115.154 82.649 100.881 130.076 30-11-11 286.84 1390.47 1244.66 2620.34 201.44 121.496 111.198 84.034 98.473 125.853 31-12-11 281.74 1378.72 1264.93 2605.15 200.4 119.336 110.259 85.402 97.903 125.203 31-01-12 300.75 1499.15 1317.39 2813.84 214.83 127.388 119.890 88.944 105.745 134.218 29-02-12 312.29 1621.81 1363.96 2966.89 227.92 132.276 129.699 92.089 111.497 142.397 31-03-12 332.22 1703.68 1390.46 3091.57 241.21 140.718 136.246 93.878 116.183 150.700 30-04-12 327.1 1654.72 1383.47 3046.36 238.68 138.549 132.331 93.406 114.483 149.119 31-05-12 293.28 1530.59 1339.98 2827.34 219.16 124.224 122.404 90.470 106.253 136.924 30-06-12 300.99 1580.13 1324.15 2935.05 225.81 127.490 126.366 89.401 110.300 141.078 31-07-12 302.37 1593.6 1362.69 2939.52 224.7 128.074 127.443 92.003 110.468 140.385 31-08-12 310.28 1671.05 1398.67 3066.96 231.62 131.424 133.637 94.432 115.258 144.708 30-09-12 321.24 1675.51 1432.11 3116.23 243.16 136.067 133.994 96.690 117.109 151.918 31-10-12 303.77 1560.26 1427.11 2977.23 230.37 128.667 124.777 96.352 111.886 143.927 30-11-12 321.27 1558.87 1390.71 3010.24 233.21 136.079 124.666 93.895 113.126 145.702 31-12-12 327 1550.79 1422.29 3019.51 240.63 138.507 124.020 96.027 113.474 150.337 Source: Bloomberg, 2013

111

Appendix O – QNET Data (1995-2012)

Rebased 12 Rebased Months Index Price QNET Index Trailing EPS Level Difference Trailing 12Month Index Price Date EPS Level P/E ratio 20.492 0.481 31-01-11 4.880 207.86 42.586 100.000 100.000 0.000 28-02-11 4.630 212.53 45.890 94.877 102.247 7.370 31-03-11 4.410 226.58 51.388 90.369 109.006 18.637 29-04-11 4.610 239.37 51.926 94.467 115.159 20.692 31-05-11 4.422 229.36 51.862 90.625 110.344 19.719 30-06-11 4.361 224.85 51.553 89.375 108.174 18.799 31-07-11 4.403 227.35 51.633 90.229 109.377 19.148 31-08-11 4.164 213.37 51.236 85.338 102.651 17.313 30-09-11 3.578 184.01 51.425 73.324 88.526 15.202 31-10-11 4.041 208.2 51.528 82.798 100.164 17.365 30-11-11 3.905 201.44 51.588 80.017 96.911 16.895 31-12-11 3.871 200.4 51.773 79.318 96.411 17.093 31-01-12 4.133 214.83 51.975 84.699 103.353 18.654 29-02-12 4.395 227.92 51.859 90.062 109.651 19.589 31-03-12 4.536 241.21 53.174 92.956 116.044 23.089 30-04-12 4.504 238.68 52.997 92.288 114.827 22.539 31-05-12 4.168 219.16 52.584 85.405 105.436 20.031 30-06-12 4.370 225.81 51.677 89.542 108.636 19.094 31-07-12 4.252 224.7 52.849 87.126 108.102 20.976 31-08-12 4.431 231.62 52.268 90.808 111.431 20.623 30-09-12 4.635 243.16 52.462 94.979 116.983 22.004 31-10-12 4.368 230.37 52.735 89.518 110.829 21.311 30-11-12 4.417 233.21 52.796 90.516 112.196 21.680 31-12-12 4.525 240.63 53.178 92.725 115.765 23.041

Source: Bloomberg, 2013

112

Appendix P – AMEX Data (1995-2012)

Rebased 12 Rebased AMEX (IIX) Index Months Index Difference Trailing EPS Price Trailing 12Month Index Price Date EPS Level P/E ratio 14.306 1.309 31-10-95 6.99 76.42 10.941 100.000 100.000 0.000 30-11-95 6.97 83.81 12.0256 99.714 109.670 9.956 29-12-95 4.64 77.73 16.743 66.381 101.714 35.334 31-01-96 5.25 76.74 14.6128 75.107 100.419 25.311 29-02-96 4.21 78.34 18.5871 60.229 102.512 42.284 29-03-96 4.21 73.53 17.4459 60.229 96.218 35.989 30-04-96 4.48 84.72 18.9023 64.092 110.861 46.769 31-05-96 4.43 89.09 20.1084 63.376 116.579 53.203 28-06-96 4.43 84.11 18.9858 63.376 110.063 46.687 31-07-96 4.33 70.75 16.3375 61.946 92.580 30.635 30-08-96 4.33 74.04 17.0972 61.946 96.886 34.940 30-09-96 4.53 84.76 18.7187 64.807 110.913 46.107 31-10-96 4.78 80.69 16.892 68.383 105.588 37.204 29-11-96 4.77 88.5 18.536 68.240 115.807 47.567 31-12-96 4.51 81.36 18.0379 64.521 106.464 41.944 31-01-97 4.84 86.62 17.8788 69.242 113.347 44.106 28-02-97 4.86 71.42 14.6873 69.528 93.457 23.929 31-03-97 5.18 65.39 12.6182 74.106 85.567 11.461 30-04-97 5.4 65.75 12.1813 77.253 86.038 8.784 30-05-97 5.4 82.34 15.2555 77.253 107.747 30.493 30-06-97 5.81 79.46 13.68 83.119 103.978 20.859 31-07-97 5.93 94.21 15.8944 84.835 123.279 38.444 29-08-97 5.93 91.42 15.4242 84.835 119.628 34.793 30-09-97 6.11 96.27 15.769 87.411 125.975 38.564 31-10-97 6.65 89.89 13.5208 95.136 117.626 22.490 28-11-97 6.65 88.12 13.255 95.136 115.310 20.174 31-12-97 4.41 86.75 19.6846 63.090 113.517 50.427 30-01-98 3.76 91.92 24.4507 53.791 120.283 66.492 27-02-98 3.31 101.42 30.6726 47.353 132.714 85.361 31-03-98 3.46 103.72 30.0012 49.499 135.724 86.224 30-04-98 3.78 108.59 28.7368 54.077 142.096 88.019 29-05-98 3.78 105.82 28.0046 54.077 138.472 84.394 30-06-98 1.99 127.73 64.2832 28.469 167.142 138.673 31-07-98 1.86 127.73 68.8085 26.609 167.142 140.533 31-08-98 1.91 101.32 52.9166 27.325 132.583 105.258 30-09-98 1.11 124.65 112.7217 15.880 163.112 147.232 30-10-98 1.11 133.21 120.1066 15.880 174.313 158.433 30-11-98 0.99 166.03 167.0171 14.163 217.260 203.097 31-12-98 1.23 213.71 173.1847 17.597 279.652 262.055 29-01-99 1.49 265.09 177.735 21.316 346.886 325.569 26-02-99 1.5 243.48 162.717 21.459 318.608 297.148 31-03-99 1.3 305.59 234.1722 18.598 399.882 381.284 30-04-99 0.13 332.19 2581.7206 1.860 434.690 432.830 31-05-99 1.16 297.57 255.5828 16.595 389.388 372.792 30-06-99 1.73 312.75 180.4153 24.750 409.252 384.502 30-07-99 1.73 278.33 160.5596 24.750 364.211 339.461 31-08-99 2.57 296.73 115.4578 36.767 388.288 351.522 30-09-99 2.92 323.15 110.7763 41.774 422.861 381.087 29-10-99 2.38 356.14 149.5174 34.049 466.030 431.981 30-11-99 2.42 437.7 181.0556 34.621 572.756 538.135 31-12-99 1 573.37 574.2601 14.306 750.288 735.982 31-01-00 1.07 533.81 499.3686 15.308 698.521 683.214

113

29-02-00 1.17 628.34 537.1805 16.738 822.219 805.481 31-03-00 0.32 621.48 1971.8882 4.578 813.243 808.665 28-04-00 0.58 512.27 881.9621 8.298 670.335 662.037 31-05-00 0.71 421.32 589.6134 10.157 551.322 541.164 30-06-00 -1.7 495.32 797.4047 -24.320 648.155 672.475 31-07-00 -1.95 486.19 #N/A N/A -27.897 636.208 664.105 31-08-00 -1.94 560.18 #N/A N/A -27.754 733.028 760.782 29-09-00 -2.12 502.55 #N/A N/A -30.329 657.616 687.945 31-10-00 -5.48 438.94 #N/A N/A -78.398 574.378 652.776 30-11-00 -5.49 315.41 #N/A N/A -78.541 412.732 491.273 29-12-00 -5.73 279.6 #N/A N/A -81.974 365.873 447.847 31-01-01 -10.06 310.93 #N/A N/A -143.920 406.870 550.790 28-02-01 -10.11 215.15 #N/A N/A -144.635 281.536 426.171 30-03-01 -10.66 167.47 #N/A N/A -152.504 219.144 371.648 30-04-01 -17.63 199.63 #N/A N/A -252.217 261.227 513.445 31-05-01 -17.64 195.46 #N/A N/A -252.361 255.771 508.131 29-06-01 -18.13 188.95 #N/A N/A -259.371 247.252 506.623 31-07-01 -28.84 168.3 #N/A N/A -412.589 220.230 632.820 31-08-01 -28.98 133.65 #N/A N/A -414.592 174.889 589.481 28-09-01 -28.98 102.32 #N/A N/A -414.592 133.892 548.484 31-10-01 -37.1 119.92 #N/A N/A -530.758 156.922 687.680 30-11-01 -37.07 147.46 #N/A N/A -530.329 192.960 723.289 31-12-01 -38.17 145.93 #N/A N/A -546.066 190.958 737.024 31-01-02 -1.49 137.62 #N/A N/A -21.316 180.084 201.400 28-02-02 -1.49 110.41 #N/A N/A -21.316 144.478 165.794 29-03-02 0.57 120.8 210.6401 8.155 158.074 149.919 30-04-02 0.57 100.05 174.206 8.155 130.921 122.767 31-05-02 0.61 96.05 157.938 8.727 125.687 116.960 28-06-02 0.43 82.04 190.7907 6.152 107.354 101.202 31-07-02 1.42 70.76 49.9407 20.315 92.594 72.279 30-08-02 1.41 72.23 51.0788 20.172 94.517 74.345 30-09-02 2.05 62.74 30.5813 29.328 82.099 52.771 31-10-02 2.07 77.67 37.5294 29.614 101.636 72.022 29-11-02 2.09 96.34 46.0151 29.900 126.066 96.167 31-12-02 2.51 82.99 33.0967 35.908 108.597 72.689 31-01-03 2.58 83.64 32.4329 36.910 109.448 72.538 28-02-03 2.57 83.36 32.4513 36.767 109.081 72.315 31-03-03 3.04 83.96 27.5813 43.491 109.867 66.376 30-04-03 3.24 93.63 28.9373 46.352 122.520 76.168 30-05-03 3.24 108.42 33.4955 46.352 141.874 95.522 30-06-03 2.41 111.66 46.3437 34.478 146.114 111.636 31-07-03 2.48 116.42 46.8987 35.479 152.342 116.863 29-08-03 1.96 122.74 62.633 28.040 160.612 132.572 30-09-03 1.86 119.41 64.3148 26.609 156.255 129.645 31-10-03 1.88 131.16 69.8652 26.896 171.630 144.735 28-11-03 1.87 133.76 71.4816 26.753 175.033 148.280 31-12-03 1.79 143.67 80.2119 25.608 188.001 162.393 30-01-04 1.81 152.92 84.4419 25.894 200.105 174.211 27-02-04 1.84 151.03 82.1834 26.323 197.632 171.308 31-03-04 2 150.36 75.1744 28.612 196.755 168.142 30-04-04 2.02 144.11 71.3105 28.898 188.576 159.678 31-05-04 2 153.6 76.6161 28.612 200.995 172.382 30-06-04 2.61 162.53 62.3712 37.339 212.680 175.341 30-07-04 2.61 144.18 55.2414 37.339 188.668 151.329 31-08-04 2.7 139.05 51.4699 38.627 181.955 143.328 30-09-04 5.64 146.4 25.953 80.687 191.573 110.886 29-10-04 5.66 156.59 27.6768 80.973 204.907 123.934 30-11-04 5.76 168.76 29.2771 82.403 220.832 138.429 31-12-04 5.68 173.74 30.6114 81.259 227.349 146.090

114

31-01-05 5.73 154.8 27.0321 81.974 202.565 120.591 28-02-05 5.77 148.04 25.6681 82.546 193.719 111.172 31-03-05 5.65 147.08 26.0102 80.830 192.463 111.633 29-04-05 5.65 141.84 25.0835 80.830 185.606 104.776 31-05-05 5.75 160.28 27.8986 82.260 209.736 127.475 30-06-05 6.15 154.68 25.1585 87.983 202.408 114.425 29-07-05 6.21 163.25 26.2889 88.841 213.622 124.781 31-08-05 6.51 160.18 24.6093 93.133 209.605 116.472 30-09-05 4.53 167.75 37.023 64.807 219.511 154.704 31-10-05 4.52 167.73 37.0676 64.664 219.484 154.821 30-11-05 4.54 175.56 38.7026 64.950 229.730 164.781 30-12-05 4.46 175.97 39.4453 63.805 230.267 166.462 31-01-06 5.02 184.71 36.7627 71.817 241.704 169.887 28-02-06 5.02 179.99 35.8386 71.817 235.527 163.710 31-03-06 7.91 189.21 23.9123 113.162 247.592 134.431 28-04-06 7.91 187.09 23.6443 113.162 244.818 131.656 31-05-06 7.96 174.16 21.8716 113.877 227.898 114.021 30-06-06 8.09 174.91 21.6078 115.737 228.880 113.143 31-07-06 8.12 159.79 19.684 116.166 209.094 92.929 31-08-06 8.11 174.41 21.4977 116.023 228.226 112.203 29-09-06 9.82 181.7 18.51 140.486 237.765 97.279 31-10-06 10.22 193.4 18.9315 146.209 253.075 106.866 30-11-06 10.21 202.2 19.7946 146.066 264.590 118.525 29-12-06 10.97 200.35 18.2572 156.938 262.170 105.231 31-01-07 6.32 204.55 32.3887 90.415 267.666 177.251 28-02-07 6.32 203.73 32.2118 90.415 266.593 176.178 30-03-07 6.36 202.77 31.8948 90.987 265.336 174.349 30-04-07 6.66 208.75 31.3463 95.279 273.161 177.883 31-05-07 6.68 222.64 33.3455 95.565 291.337 195.772 29-06-07 6.86 225.02 32.8189 98.140 294.452 196.312 31-07-07 7.15 218.33 30.5271 102.289 285.697 183.408 31-08-07 7.24 224.66 31.021 103.577 293.981 190.404 28-09-07 7.67 239.41 31.2216 109.728 313.282 203.554 31-10-07 7.73 256.8 33.2421 110.587 336.038 225.451 30-11-07 7.72 236.09 30.5797 110.443 308.937 198.494 31-12-07 6.21 229.85 36.9956 88.841 300.772 211.931 31-01-08 6.3 207.21 32.8708 90.129 271.146 181.018 29-02-08 6.23 202.43 32.5144 89.127 264.891 175.764 31-03-08 5.86 200.01 34.1602 83.834 261.725 177.891 30-04-08 5.97 220.05 36.835 85.408 287.948 202.540 30-05-08 5.97 231.56 38.7568 85.408 303.010 217.602 30-06-08 5.91 204.2 34.5648 84.549 267.208 182.658 31-07-08 5.91 202.76 34.3154 84.549 265.323 180.774 29-08-08 5.57 205.16 36.8249 79.685 268.464 188.778 30-09-08 4.86 172.86 35.5712 69.528 226.197 156.669 31-10-08 4.83 140.18 29.0483 69.099 183.434 114.335 28-11-08 4.83 125.95 26.0918 69.099 164.813 95.714 31-12-08 6.38 133.77 20.9547 91.273 175.046 83.773 30-01-09 5.5 133.75 24.3149 78.684 175.020 96.336 27-02-09 5.35 132.46 24.7655 76.538 173.332 96.794 31-03-09 4.56 149.29 32.7532 65.236 195.355 130.119 30-04-09 4.38 176.79 40.3339 62.661 231.340 168.679 29-05-09 4.31 187.01 43.3873 61.660 244.713 183.054 30-06-09 3.43 186.75 54.4399 49.070 244.373 195.303 31-07-09 2.94 201.17 68.381 42.060 263.243 221.183 31-08-09 2.82 202.68 71.9737 40.343 265.219 224.875 30-09-09 3.98 218.96 55.0484 56.938 286.522 229.583 30-10-09 2.75 212.34 77.2263 39.342 277.859 238.517 30-11-09 2.5 223.32 89.3409 35.765 292.227 256.462

115

31-12-09 4.29 233.86 54.5752 61.373 306.019 244.646 29-01-10 5.7 218.06 38.2747 81.545 285.344 203.799 26-02-10 5.68 228.02 40.1137 81.259 298.377 217.118 31-03-10 7.05 248.18 35.2114 100.858 324.758 223.900 30-04-10 7.15 252.86 35.3518 102.289 330.882 228.593 31-05-10 6.97 237.23 34.0552 99.714 310.429 210.715 30-06-10 7.68 220.94 28.7605 109.871 289.113 179.242 30-07-10 9.08 243.54 26.8085 129.900 318.686 188.786 31-08-10 9.06 244.13 26.9326 129.614 319.458 189.845 30-09-10 11.36 277.9 24.4686 162.518 363.648 201.130 29-10-10 11.35 302.04 26.6198 162.375 395.237 232.862 30-11-10 11.47 301.64 26.2943 164.092 394.713 230.622 31-12-10 11.94 307.73 25.7756 170.815 402.683 231.867 31-01-11 11.83 311.52 26.3285 169.242 407.642 238.400 28-02-11 11.94 320.81 26.8674 170.815 419.798 248.983 31-03-11 11.82 318.08 26.9012 169.099 416.226 247.127 29-04-11 11.68 326.69 27.981 167.096 427.493 260.397 31-05-11 11.64 321.33 27.6057 166.524 420.479 253.955 30-06-11 11.54 310.66 26.9203 165.093 406.517 241.424 31-07-11 11.37 305.41 26.8610 162.661 399.647 236.986 31-08-11 11.36 287.95 25.3477 162.518 376.799 214.281 30-09-11 10.55 261.36 24.7735 150.930 342.005 191.075 31-10-11 11.34 295.4 26.0494 162.232 386.548 224.316 30-11-11 11.86 286.84 24.1855 169.671 375.347 205.676 31-12-11 11.63 281.74 24.2253 166.381 368.673 202.293 31-01-12 11.74 300.75 25.6175 167.954 393.549 225.595 29-02-12 12.1 312.29 25.8091 173.104 408.650 235.545 31-03-12 12.49 332.22 26.5989 178.684 434.729 256.045 30-04-12 12.97 327.1 25.2197 185.551 428.029 242.479 31-05-12 12.78 293.28 22.9484 182.833 383.774 200.941 30-06-12 11.63 300.99 25.8805 166.381 393.863 227.482 31-07-12 11.28701118 302.37 26.7892 161.474 395.669 234.195 31-08-12 11.3277414 310.28 27.3912 162.056 406.019 243.963 30-09-12 11.1666027 321.24 28.7679 159.751 420.361 260.610 31-10-12 10.44499569 303.77 29.0828 149.428 397.501 248.073 30-11-12 12.32 321.27 26.0771 176.252 420.400 244.149 31-12-12 12.55 327 26.0558 179.542 427.898 248.356 Source: Bloomberg, 2013

116

Appendix Q – Nasdaq Computer Data (1995-2012)

Rebased Rebased Nasdaq Computer (IXK) Index Trailing Index Price Difference 12Month EPS Level Trailing Index Date 12Month Price P/E ratio 1.67 0.43 EPS Level 31-01-95 59.82 232.56 3.89 100.00 100.00 0.00 28-02-95 59.02 251.82 4.27 98.66 108.28 9.62 31-03-95 60.44 267.27 4.42 101.04 114.93 13.89 28-04-95 64.64 289.18 4.47 108.06 124.35 16.29 31-05-95 66.94 300.00 4.48 111.90 129.00 17.10 30-06-95 53.80 336.17 6.25 89.94 144.55 54.62 31-07-95 57.23 359.95 6.29 95.67 154.78 59.11 31-08-95 57.31 360.88 6.30 95.80 155.18 59.37 29-09-95 57.07 368.73 6.46 95.40 158.55 63.15 31-10-95 58.29 390.14 6.69 97.44 167.76 70.32 30-11-95 58.55 382.69 6.54 97.88 164.56 66.68 29-12-95 53.31 366.13 6.87 89.12 157.43 68.32 31-01-96 60.37 365.88 6.06 100.92 157.33 56.41 29-02-96 55.25 390.17 7.06 92.36 167.77 75.41 29-03-96 53.41 379.92 7.11 89.28 163.36 74.08 30-04-96 54.98 431.17 7.84 91.91 185.40 93.49 31-05-96 55.31 452.23 8.18 92.46 194.46 102.00 28-06-96 54.99 431.21 7.84 91.93 185.42 93.49 31-07-96 59.15 396.12 6.70 98.88 170.33 71.45 30-08-96 59.16 413.00 6.98 98.90 177.59 78.69 30-09-96 62.82 467.85 7.45 105.02 201.17 96.16 31-10-96 66.12 475.90 7.20 110.53 204.64 94.10 29-11-96 66.30 524.12 7.91 110.83 225.37 114.54 31-12-96 58.99 518.79 8.79 98.61 223.08 124.47 31-01-97 60.14 582.87 9.69 100.53 250.63 150.10 28-02-97 61.67 522.57 8.47 103.09 224.70 121.61 31-03-97 70.51 487.68 6.92 117.87 209.70 91.83 30-04-97 71.10 539.85 7.59 118.86 232.13 113.28 30-05-97 72.47 594.75 8.21 121.15 255.74 134.59 30-06-97 79.10 593.50 7.50 132.23 255.20 122.97 31-07-97 56.46 697.44 12.35 94.38 299.90 205.51 29-08-97 55.42 687.55 12.41 92.64 295.64 203.00 30-09-97 56.33 702.93 12.48 94.17 302.26 208.09 31-10-97 56.96 652.94 11.46 95.22 280.76 185.54 28-11-97 57.20 664.95 11.63 95.62 285.93 190.31 31-12-97 52.88 618.66 11.70 88.40 266.02 177.62 30-01-98 53.19 675.69 12.70 88.92 290.54 201.63 27-02-98 47.06 761.30 16.18 78.67 327.36 248.69 31-03-98 44.40 772.99 17.41 74.22 332.38 258.16 30-04-98 45.29 797.89 17.62 75.71 343.09 267.38 29-05-98 45.49 742.88 16.33 76.04 319.44 243.39 30-06-98 45.12 849.07 18.82 75.43 365.10 289.67 31-07-98 45.26 858.55 18.97 75.66 369.17 293.51 31-08-98 46.51 713.80 15.35 77.75 306.93 229.18 30-09-98 42.69 853.49 19.99 71.36 367.00 295.63 30-10-98 42.76 857.76 20.06 71.48 368.83 297.35 30-11-98 43.32 980.46 22.64 72.42 421.59 349.18 31-12-98 46.41 1134.19 24.44 77.58 487.70 410.12 29-01-99 46.06 1371.80 29.78 77.00 589.87 512.87 26-02-99 46.11 1193.77 25.89 77.08 513.32 436.24 31-03-99 41.08 1305.01 31.77 68.67 561.15 492.48 30-04-99 28.38 1298.83 45.77 47.44 558.49 511.05 31-05-99 28.66 1234.92 43.09 47.91 531.01 483.10 30-06-99 27.16 1386.34 51.05 45.40 596.12 550.72 30-07-99 27.56 1365.12 49.54 46.07 587.00 540.93 31-08-99 28.47 1494.58 52.50 47.59 642.66 595.07 30-09-99 29.91 1503.79 50.28 50.00 646.62 596.62 29-10-99 28.97 1613.72 55.70 48.43 693.89 645.47 30-11-99 29.37 1834.04 62.45 49.10 788.63 739.53 31-12-99 26.81 2325.40 86.73 44.82 999.91 955.10 31-01-00 25.54 2212.47 86.63 42.69 951.35 908.66 29-02-00 26.10 2667.03 102.18 43.63 1146.81 1103.18 31-03-00 24.45 2701.27 110.46 40.87 1161.54 1120.66 28-04-00 26.07 2253.90 86.47 43.58 969.17 925.59 31-05-00 32.21 1975.68 61.34 53.84 849.54 795.69

117

30-06-00 28.42 2343.97 82.47 47.51 1007.90 960.39 31-07-00 23.04 2243.84 97.37 38.52 964.84 926.33 31-08-00 22.97 2529.99 110.12 38.40 1087.89 1049.49 29-09-00 22.43 2123.49 94.67 37.50 913.09 875.60 31-10-00 13.71 1986.81 144.91 22.92 854.32 831.40 30-11-00 14.07 1479.43 105.12 23.52 636.15 612.63 29-12-00 12.85 1294.97 100.79 21.48 556.83 535.35 31-01-01 -1.49 1475.98 100.79 -2.49 634.67 637.16 28-02-01 -1.74 1075.16 #N/A N/A -2.91 462.32 465.22 30-03-01 -2.46 888.01 #N/A N/A -4.11 381.84 385.95 30-04-01 -15.21 1061.15 #N/A N/A -25.43 456.29 481.72 31-05-01 -18.34 1036.90 #N/A N/A -30.66 445.86 476.52 29-06-01 -18.87 1084.36 #N/A N/A -31.54 466.27 497.82 31-07-01 -35.78 1008.74 #N/A N/A -59.81 433.75 493.57 31-08-01 -36.68 849.50 #N/A N/A -61.32 365.28 426.60 28-09-01 -36.94 675.39 #N/A N/A -61.75 290.42 352.17 31-10-01 -53.67 821.64 #N/A N/A -89.72 353.30 443.02 30-11-01 -53.99 977.73 #N/A N/A -90.25 420.42 510.67 31-12-01 -59.30 980.48 #N/A N/A -99.13 421.60 520.73 31-01-02 8.17 1004.31 122.86 13.66 431.85 418.19 28-02-02 8.63 854.39 98.98 14.43 367.38 352.96 29-03-02 8.16 906.45 111.08 13.64 389.77 376.13 30-04-02 9.25 794.33 85.90 15.46 341.56 326.10 31-05-02 9.58 757.16 79.06 16.01 325.58 309.56 28-06-02 9.55 681.94 71.44 15.96 293.23 277.27 31-07-02 10.80 621.10 57.52 18.05 267.07 249.02 30-08-02 11.03 613.54 55.64 18.44 263.82 245.38 30-09-02 12.47 519.32 41.64 20.85 223.31 202.46 31-10-02 13.93 622.07 44.65 23.29 267.49 244.20 29-11-02 14.82 723.13 48.79 24.77 310.94 286.17 31-12-02 16.06 622.60 38.76 26.85 267.72 240.87 31-01-03 16.64 609.76 36.64 27.82 262.19 234.38 28-02-03 16.82 626.65 37.26 28.12 269.46 241.34 31-03-03 17.00 615.55 36.21 28.42 264.68 236.27 30-04-03 17.56 676.33 38.52 29.35 290.82 261.46 30-05-03 17.69 732.56 41.40 29.57 315.00 285.43 30-06-03 17.80 745.99 41.91 29.76 320.77 291.02 31-07-03 18.15 800.54 44.11 30.34 344.23 313.89 29-08-03 18.31 842.08 45.99 30.61 362.09 331.48 30-09-03 19.86 838.74 42.24 33.20 360.66 327.46 31-10-03 20.23 904.69 44.72 33.82 389.01 355.20 28-11-03 20.55 915.28 44.53 34.35 393.57 359.21 31-12-03 22.62 934.90 41.33 37.81 402.00 364.19 30-01-04 22.87 954.23 41.72 38.23 410.32 372.08 27-02-04 23.18 911.98 39.34 38.75 392.15 353.40 31-03-04 25.59 887.38 34.67 42.78 381.57 338.79 30-04-04 25.60 848.87 33.16 42.80 365.01 322.22 31-05-04 25.96 891.83 34.36 43.40 383.48 340.09 30-06-04 28.58 929.32 32.51 47.78 399.60 351.83 30-07-04 28.62 848.58 29.65 47.84 364.89 317.04 31-08-04 27.46 797.70 29.05 45.90 343.01 297.10 30-09-04 29.28 827.65 28.27 48.95 355.89 306.94 29-10-04 29.64 878.53 29.64 49.55 377.76 328.22 30-11-04 31.17 935.56 30.01 52.11 402.29 350.18 31-12-04 31.99 965.29 30.18 53.48 415.07 361.59 31-01-05 32.20 925.35 28.74 53.83 397.90 344.07 28-02-05 32.40 926.39 28.59 54.16 398.34 344.18 31-03-05 32.64 893.04 27.36 54.56 384.00 329.44 29-04-05 32.94 863.74 26.22 55.07 371.41 316.34 31-05-05 33.14 945.97 28.55 55.40 406.76 351.36 30-06-05 33.96 922.99 27.18 56.77 396.88 340.11 29-07-05 34.58 965.45 27.92 57.81 415.14 357.33 31-08-05 34.45 960.49 27.88 57.59 413.01 355.42 30-09-05 34.97 953.40 27.27 58.46 409.96 351.50 31-10-05 35.15 950.87 27.06 58.76 408.87 350.11 30-11-05 34.95 1008.87 28.87 58.43 433.81 375.39 30-12-05 34.48 991.80 28.76 57.64 426.47 368.83 31-01-06 35.62 1031.09 28.95 59.55 443.37 383.82 28-02-06 35.92 991.20 27.59 60.05 426.21 366.17 31-03-06 40.29 1003.80 24.92 67.35 431.63 364.28 28-04-06 39.93 994.30 24.90 66.75 427.55 360.80 31-05-06 40.33 908.69 22.53 67.42 390.73 323.31 30-06-06 40.45 917.77 22.69 67.62 394.64 327.02

118

31-07-06 39.49 891.62 22.58 66.01 383.39 317.38 31-08-06 39.42 944.86 23.97 65.90 406.29 340.39 29-09-06 39.35 990.49 25.17 65.78 425.91 360.13 31-10-06 40.06 1040.17 25.96 66.97 447.27 380.30 30-11-06 40.15 1079.81 26.89 67.12 464.31 397.20 29-12-06 40.24 1052.81 26.16 67.27 452.70 385.44 31-01-07 35.74 1074.30 30.06 59.75 461.95 402.20 28-02-07 36.08 1040.33 28.83 60.31 447.34 387.02 30-03-07 35.59 1046.44 29.40 59.50 449.97 390.47 30-04-07 37.74 1098.12 29.10 63.09 472.19 409.10 31-05-07 38.02 1140.25 29.99 63.56 490.30 426.75 29-06-07 37.74 1152.54 30.54 63.09 495.59 432.50 31-07-07 39.66 1140.90 28.77 66.30 490.58 424.28 31-08-07 40.02 1161.63 29.03 66.90 499.50 432.60 28-09-07 40.10 1213.95 30.27 67.03 521.99 454.96 31-10-07 42.86 1352.77 31.56 71.65 581.69 510.04 30-11-07 43.46 1250.44 28.77 72.65 537.68 465.03 31-12-07 46.24 1282.91 27.75 77.30 551.65 474.35 31-01-08 46.43 1085.51 23.38 77.62 466.77 389.15 29-02-08 46.91 1001.07 21.34 78.42 430.46 352.04 31-03-08 47.56 1024.38 21.54 79.51 440.48 360.97 30-04-08 47.29 1115.67 23.59 79.05 479.73 400.68 30-05-08 47.57 1175.91 24.72 79.52 505.64 426.12 30-06-08 50.74 1074.42 21.17 84.82 462.00 377.18 31-07-08 50.45 1043.17 20.68 84.34 448.56 364.22 29-08-08 50.46 1070.20 21.21 84.35 460.18 375.83 30-09-08 53.70 919.53 17.12 89.77 395.39 305.63 31-10-08 53.13 768.77 14.47 88.82 330.57 241.75 28-11-08 53.27 671.78 12.61 89.05 288.86 199.81 31-12-08 48.29 683.90 14.16 80.73 294.07 213.35 30-01-09 43.78 654.18 14.94 73.19 281.30 208.11 27-02-09 43.47 632.20 14.54 72.67 271.84 199.18 31-03-09 40.60 716.86 17.66 67.87 308.25 240.38 30-04-09 39.15 808.59 20.65 65.45 347.69 282.24 29-05-09 40.92 839.16 20.51 68.41 360.84 292.43 30-06-09 39.49 889.38 22.52 66.01 382.43 316.42 31-07-09 37.47 957.41 25.55 62.64 411.68 349.05 31-08-09 37.32 988.01 26.47 62.39 424.84 362.45 30-09-09 37.07 1039.21 28.03 61.97 446.86 384.89 30-10-09 37.59 1037.39 27.60 62.84 446.07 383.24 30-11-09 37.26 1087.70 29.19 62.29 467.71 405.42 31-12-09 41.86 1168.26 27.91 69.98 502.35 432.37 29-01-10 47.63 1068.54 22.44 79.62 459.47 379.85 26-02-10 48.22 1118.77 23.20 80.61 481.07 400.46 31-03-10 54.25 1197.83 22.08 90.69 515.06 424.37 30-04-10 55.88 1236.53 22.13 93.41 531.70 438.29 31-05-10 56.70 1140.39 20.11 94.78 490.36 395.58 30-06-10 63.25 1063.76 16.82 105.73 457.41 351.68 30-07-10 64.50 1141.97 17.70 107.82 491.04 383.22 31-08-10 64.43 1061.01 16.47 107.71 456.23 348.52 30-09-10 69.66 1202.38 17.26 116.45 517.02 400.57 29-10-10 70.75 1300.36 18.38 118.27 559.15 440.88 30-11-10 71.80 1286.83 17.92 120.03 553.33 433.31 31-12-10 75.71 1372.06 18.12 126.56 589.98 463.42 31-01-11 63.39 1412.48 22.28 105.97 607.36 501.39 28-02-11 64.13 1446.98 22.56 107.20 622.20 514.99 31-03-11 81.45 1427.98 17.53 136.16 614.03 477.87 29-04-11 82.06 1468.81 17.90 137.18 631.58 494.41 31-05-11 81.92 1432.57 17.49 136.94 616.00 479.06 30-06-11 76.49 1395.01 18.24 127.87 599.85 471.98 31-07-11 81.45 1427.97 17.53 136.16 614.02 477.87 31-08-11 74.41 1337.07 17.97 124.39 574.94 450.54 30-09-11 70.35 1284.13 18.25 117.60 552.17 434.57 31-10-11 81.87 1439.93 17.59 136.87 619.16 482.30 30-11-11 76.34 1390.47 18.21 127.61 597.90 470.28 31-12-11 76.07 1378.72 18.12 127.16 592.84 465.68 31-01-12 83.64 1499.15 17.92 139.82 644.63 504.81 29-02-12 84.86 1621.81 19.11 141.85 697.37 555.52 31-03-12 89.09 1703.68 0.20 148.93 732.58 583.64 30-04-12 86.99 1654.72 0.20 145.43 711.52 566.10 31-05-12 81.08 1530.59 0.21 135.54 658.15 522.61 30-06-12 83.64 1580.13 0.21 139.82 679.45 539.63 31-07-12 84.27 1593.60 0.21 140.86 685.24 544.38

119

31-08-12 87.16 1671.05 0.20 145.71 718.55 572.84 30-09-12 87.39 1675.51 0.20 146.09 720.46 574.37 31-10-12 83.20 1560.26 0.21 139.09 670.91 531.82 30-11-12 83.94 1558.87 0.21 140.31 670.31 530.00 31-12-12 83.83 1550.79 0.21 140.14 666.83 526.69 Source: Bloomberg, 2013

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