Data Used: Value Line database, of 5891 firms

Date of Analysis: Data used is as of January 2012

Industry Name Number of Firms Beta r KP KP/(D+KP)

Advertising 31 2.02 14.09% 69.80%

Aerospace/Defense 64 1.1 8.49% 79.58%

Air Transport 36 1.21 9.21% 80.44%

Apparel 57 1.3 9.71% 84.47%

Auto Parts 51 1.7 12.13% 78.34%

Automotive 12 1.59 11.47% 42.63%

Bank 426 0.77 6.52% 39.05%

Bank (Midwest) 45 0.93 7.50% 62.69%

Beverage 34 0.88 7.20% 79.04%

Biotechnology 158 1.03 8.09% 88.12%

Building Materials 45 1.5 10.96% 51.46%

Cable TV 21 1.37 10.15% 59.50%

Chemical (Basic) 16 1.36 10.08% 78.53%

Chemical (Diversified) 31 1.51 11.02% 81.72%

Chemical (Specialty) 70 1.28 9.57% 82.54%

Coal 20 1.53 11.08% 77.58%

Computer Software 184 1.04 8.17% 93.03%

Computers/Peripherals 87 1.3 9.71% 90.72%

Diversified Co. 107 1.14 8.76% 49.45%

Drug 279 1.12 8.63% 86.61%

E-Commerce 57 1.03 8.08% 93.98%

Educational Services 34 0.83 6.91% 89.03%

Electric Util. (Central) 21 0.75 6.41% 53.72%

Electric Utility (East) 21 0.7 6.08% 60.18%

Electric Utility (West) 14 0.75 6.40% 54.19%

Electrical Equipment 68 1.33 9.89% 88.76%

Electronics 139 1.07 8.31% 81.75%

Engineering & Const 25 1.22 9.26% 89.29%

Entertainment 77 1.63 11.72% 70.93%

Entertainment Tech 40 1.23 9.32% 91.11%

Environmental 82 0.81 6.73% 69.59%

Financial Svcs. (Div.) 225 1.31 9.76% 28.45%

Food Processing 112 0.91 7.39% 77.20%

Foreign Electronics 9 1.09 8.47% 70.38%

Funeral Services 6 1.14 8.73% 63.86%

Furn/Home Furnishings 35 1.81 12.81% 80.39%

Healthcare Information 25 1.17 8.95% 94.03%

Heavy Truck & Equip 21 1.8 12.76% 69.61%

Homebuilding 23 1.45 10.62% 49.93%

Hotel/Gaming 51 1.74 12.37% 65.76%

Household Products 26 1.07 8.32% 84.04%

Human Resources 23 1.24 9.34% 90.65%

Industrial Services 137 0.93 7.51% 75.35%

Information Services 27 1.07 8.35% 76.80%

Insurance (Life) 30 1.58 11.43% 60.92%

Insurance (Prop/Cas.) 49 0.91 7.37% 80.90%

Internet 186 1.09 8.45% 97.37%

IT Services 60 1.06 8.25% 94.26%

Machinery 100 1.2 9.12% 83.95%

Maritime 52 1.4 10.30% 36.99%

Med Supp Invasive 83 0.85 6.99% 86.15%

Med Supp Non-Invasive 146 1.03 8.09% 88.48%

Medical Services 122 0.91 7.39% 66.91%

Metal Fabricating 24 1.59 11.48% 86.59%

Metals & Mining (Div.) 73 1.33 9.89% 87.64%

Natural Gas (Div.) 29 1.33 9.87% 72.96%

Natural Gas Utility 22 0.66 5.85% 59.74%

Newspaper 13 1.76 12.53% 68.33%

Office Equip/Supplies 24 1.38 10.18% 61.34%

Oil/Gas Distribution 13 0.96 7.68% 63.17%

Oilfield Svcs/Equip. 93 1.55 11.24% 81.36%

Packaging & Container 26 1.16 8.86% 65.87%

Paper/Forest Products 32 1.36 10.08% 62.55%

Petroleum (Integrated) 20 1.18 9.01% 83.90%

Petroleum (Producing) 176 1.34 9.97% 80.08%

Pharmacy Services 19 1.12 8.63% 83.00%

Pipeline MLPs 27 0.98 7.81% 70.94%

Power 93 1.35 10.03% 40.19%

Precious Metals 84 1.15 8.79% 92.43%

Precision Instrument 77 1.28 9.57% 86.25%

Property Management 31 1.13 8.72% 41.56%

Public/Private Equity 11 2.18 15.01% 62.55%

Publishing 24 1.25 9.40% 61.24%

R.E.I.T. 5 1.47 10.73% 74.23%

Railroad 12 1.44 10.56% 79.91%

Recreation 56 1.45 10.62% 67.25%

Reinsurance 13 0.93 7.47% 80.94%

Restaurant 63 1.27 9.52% 88.68%

Retail (Hardlines) 75 1.77 12.57% 80.43%

Retail (Softlines) 47 1.44 10.55% 94.68%

Retail Automotive 20 1.37 10.13% 72.41%

Retail Building Supply 8 1.04 8.18% 87.67%

Retail Store 37 1.29 9.64% 79.63%

Retail/Wholesale Food 30 0.75 6.39% 70.75%

Securities Brokerage 28 1.2 9.11% 18.85%

Semiconductor 141 1.5 10.94% 92.30%

Semiconductor Equip 12 1.79 12.70% 86.80%

Shoe 19 1.25 9.43% 97.87%

Steel 32 1.68 12.03% 68.31%

Telecom. Equipment 99 1.02 8.00% 88.52%

Telecom. Services 74 0.98 7.78% 74.58%

Telecom. Utility 25 0.88 7.16% 50.98%

Thrift 148 0.71 6.17% 77.32%

Tobacco 11 0.85 7.03% 84.24%

Toiletries/Cosmetics 15 1.3 9.73% 82.89%

Trucking 36 1.24 9.38% 78.27%

Utility (Foreign) 4 0.96 7.68% 39.21%

Water Utility 11 0.66 5.85% 55.12%

Wireless Networking 57 1.27 9.54% 78.70%

Total Market 5891 1.15 8.81% 68.19%

Last Updated in January 2012

By Aswath Damodaran

r D t r D (1-t) D/(D+KP) r

5.87% 10.73% 5.24% 30.20% 11.42%

3.37% 20.72% 2.67% 20.42% 7.30%

3.37% 20.54% 2.68% 19.56% 7.93%

4.37% 16.08% 3.67% 15.53% 8.77%

4.37% 18.99% 3.54% 21.66% 10.27%

3.87% 24.07% 2.94% 57.37% 6.57%

3.37% 15.97% 2.83% 60.95% 4.27%

3.37% 17.77% 2.77% 37.31% 5.74%

3.87% 19.14% 3.13% 20.96% 6.35%

5.87% 2.49% 5.72% 11.88% 7.81%

3.87% 11.17% 3.44% 48.54% 7.31%

3.37% 27.35% 2.45% 40.50% 7.03%

2.87% 20.90% 2.27% 21.47% 8.41%

3.37% 21.73% 2.64% 18.28% 9.48%

3.87% 17.58% 3.19% 17.46% 8.46%

3.37% 12.75% 2.94% 22.42% 9.26%

4.37% 12.27% 3.83% 6.97% 7.87%

4.87% 11.77% 4.30% 9.28% 9.21%

3.87% 15.55% 3.27% 50.55% 5.98%

5.87% 5.36% 5.56% 13.39% 8.22%

4.37% 12.33% 3.83% 6.02% 7.83%

3.87% 25.17% 2.90% 10.97% 6.47%

2.37% 31.82% 1.62% 46.28% 4.19%

2.37% 33.14% 1.58% 39.82% 4.29%

2.37% 31.30% 1.63% 45.81% 4.21%

3.87% 17.02% 3.21% 11.24% 9.14%

4.37% 10.36% 3.92% 18.25% 7.51%

3.87% 26.26% 2.85% 10.71% 8.57%

5.87% 15.38% 4.97% 29.07% 9.76%

3.87% 11.59% 3.42% 8.89% 8.79%

4.87% 11.71% 4.30% 30.41% 5.99%

4.37% 19.18% 3.53% 71.55% 5.30%

3.37% 20.00% 2.70% 22.80% 6.32%

2.87% 35.12% 1.86% 29.62% 6.51%

2.87% 30.84% 1.98% 36.14% 6.29%

4.37% 20.43% 3.48% 19.61% 10.98%

3.87% 22.19% 3.01% 5.97% 8.60%

3.87% 20.62% 3.07% 30.39% 9.82%

3.87% 5.12% 3.67% 50.07% 7.14%

3.87% 14.53% 3.31% 34.24% 9.26%

3.37% 25.12% 2.52% 15.96% 7.40%

3.87% 25.35% 2.89% 9.35% 8.73%

3.87% 19.03% 3.13% 24.65% 6.43%

2.87% 18.93% 2.33% 23.20% 6.95%

3.37% 28.04% 2.43% 39.08% 7.91%

2.87% 19.36% 2.31% 19.10% 6.40%

5.87% 6.87% 5.47% 2.63% 8.37%

3.87% 19.15% 3.13% 5.74% 7.96%

3.37% 22.15% 2.62% 16.05% 8.07%

3.87% 5.55% 3.66% 63.01% 6.11%

3.87% 11.86% 3.41% 13.85% 6.50%

4.37% 12.73% 3.81% 11.52% 7.60%

3.87% 19.93% 3.10% 33.09% 5.97%

3.87% 26.55% 2.84% 13.41% 10.32%

5.87% 11.04% 5.22% 12.36% 9.31%

2.87% 21.98% 2.24% 27.04% 7.81%

2.37% 30.16% 1.66% 40.26% 4.16%

4.87% 25.13% 3.65% 31.67% 9.72%

3.37% 21.05% 2.66% 38.66% 7.27%

3.37% 13.70% 2.91% 36.83% 5.92%

3.37% 17.39% 2.78% 18.64% 9.66%

2.87% 24.23% 2.17% 34.13% 6.58%

4.87% 10.61% 4.35% 37.45% 7.94%

2.87% 27.41% 2.08% 16.10% 7.89%

4.37% 11.14% 3.88% 19.92% 8.76%

3.37% 24.67% 2.54% 17.00% 7.60%

2.87% 6.37% 2.69% 29.06% 6.32%

4.87% 8.66% 4.45% 59.81% 6.69%

4.87% 7.51% 4.50% 7.57% 8.47%

3.87% 13.94% 3.33% 13.75% 8.71%

4.37% 18.59% 3.56% 58.44% 5.70%

3.87% 3.79% 3.72% 37.45% 10.78%

3.37% 18.55% 2.74% 38.76% 6.82%

2.87% 1.04% 2.84% 25.77% 8.70%

2.87% 23.74% 2.19% 20.09% 8.88%

3.87% 17.37% 3.20% 32.75% 8.19%

2.87% 7.22% 2.66% 19.06% 6.55%

3.87% 21.57% 3.04% 11.32% 8.79%

4.87% 23.04% 3.75% 19.57% 10.84%

3.37% 24.64% 2.54% 5.32% 10.13%

3.37% 34.43% 2.21% 27.59% 7.95%

2.87% 31.39% 1.97% 12.33% 7.41%

3.87% 25.02% 2.90% 20.37% 8.27%

2.87% 31.21% 1.97% 29.25% 5.10%

2.87% 26.22% 2.12% 81.15% 3.43%

3.87% 11.01% 3.44% 7.70% 10.36%

3.87% 15.17% 3.28% 13.20% 11.46%

3.37% 24.31% 2.55% 2.13% 9.28%

3.37% 21.03% 2.66% 31.69% 9.06%

4.37% 13.16% 3.79% 11.48% 7.52%

3.87% 14.22% 3.32% 25.42% 6.65%

3.37% 29.42% 2.38% 49.02% 4.82%

3.37% 12.43% 2.95% 22.68% 5.44%

2.87% 31.03% 1.98% 15.76% 6.23%

3.37% 20.30% 2.69% 17.11% 8.53%

3.37% 25.48% 2.51% 21.73% 7.89%

2.87% 26.07% 2.12% 60.79% 4.30%

2.37% 35.22% 1.54% 44.88% 3.91%

3.87% 12.12% 3.40% 21.30% 8.23%

3.87% 15.48% 3.27% 31.81% 7.05%

Annual Returns on Stock, T.Bonds and T.Bills: 1928 - Current

The raw data for treasury bond and bill returns is obtained from the Federal Reserve database in St. Louis (FRED). The treasury bill rate is a 3-month rate and the treasury bond is the constant maturity 10-year bond, but the treasury bond return includes coupon and price appreciation. It will not match the treasury bond rate each period. For more details, download the excel spreadsheet that contains the same data.

Year Stocks T.Bills T.Bonds

1928 43.81% 3.08% 0.84%

1929 -8.30% 3.16% 4.20%

1930 -25.12% 4.55% 4.54%

1931 -43.84% 2.31% -2.56%

1932 -8.64% 1.07% 8.79%

1933 49.98% 0.96% 1.86%

1934 -1.19% 0.32% 7.96%

1935 46.74% 0.18% 4.47%

1936 31.94% 0.17% 5.02%

1937 -35.34% 0.30% 1.38%

1938 29.28% 0.08% 4.21%

1939 -1.10% 0.04% 4.41%

1940 -10.67% 0.03% 5.40%

1941 -12.77% 0.08% -2.02%

1942 19.17% 0.34% 2.29%

1943 25.06% 0.38% 2.49%

1944 19.03% 0.38% 2.58%

1945 35.82% 0.38% 3.80%

1946 -8.43% 0.38% 3.13%

1947 5.20% 0.57% 0.92%

1948 5.70% 1.02% 1.95%

1949 18.30% 1.10% 4.66%

1950 30.81% 1.17% 0.43%

1951 23.68% 1.48% -0.30%

1952 18.15% 1.67% 2.27%

1953 -1.21% 1.89% 4.14%

1954 52.56% 0.96% 3.29%

1955 32.60% 1.66% -1.34%

1956 7.44% 2.56% -2.26%

1957 -10.46% 3.23% 6.80%

1958 43.72% 1.78% -2.10%

1959 12.06% 3.26% -2.65%

1960 0.34% 3.05% 11.64%

1961 26.64% 2.27% 2.06%

1962 -8.81% 2.78% 5.69%

1963 22.61% 3.11% 1.68%

1964 16.42% 3.51% 3.73%

1965 12.40% 3.90% 0.72%

1966 -9.97% 4.84% 2.91%

1967 23.80% 4.33% -1.58%

Annual Returns on Investments in

1968 10.81% 5.26% 3.27%

1969 -8.24% 6.56% -5.01%

1970 3.56% 6.69% 16.75%

1971 14.22% 4.54% 9.79%

1972 18.76% 3.95% 2.82%

1973 -14.31% 6.73% 3.66%

1974 -25.90% 7.78% 1.99%

1975 37.00% 5.99% 3.61%

1976 23.83% 4.97% 15.98%

1977 -6.98% 5.13% 1.29%

1978 6.51% 6.93% -0.78%

1979 18.52% 9.94% 0.67%

1980 31.74% 11.22% -2.99%

1981 -4.70% 14.30% 8.20%

1982 20.42% 11.01% 32.81%

1983 22.34% 8.45% 3.20%

1984 6.15% 9.61% 13.73%

1985 31.24% 7.49% 25.71%

1986 18.49% 6.04% 24.28%

1987 5.81% 5.72% -4.96%

1988 16.54% 6.45% 8.22%

1989 31.48% 8.11% 17.69%

1990 -3.06% 7.55% 6.24%

1991 30.23% 5.61% 15.00%

1992 7.49% 3.41% 9.36%

1993 9.97% 2.98% 14.21%

1994 1.33% 3.99% -8.04%

1995 37.20% 5.52% 23.48%

1996 23.82% 5.02% 1.43%

1997 31.86% 5.05% 9.94%

1998 28.34% 4.73% 14.92%

1999 20.89% 4.51% -8.25%

2000 -9.03% 5.76% 16.66%

2001 -11.85% 3.67% 5.57%

2002 -21.97% 1.66% 15.12%

2003 28.36% 1.03% 0.38%

2004 10.74% 1.23% 4.49%

2005 4.83% 3.01% 2.87%

2006 15.61% 4.68% 1.96%

2007 5.48% 4.64% 10.21%

2008 -36.55% 1.59% 20.10%

2009 25.94% 0.14% -11.12%

2010 14.82% 0.13% 8.46%

2011 2.07% 0.03% 16.04%

Arithmetic Average

Stocks -

T.Bills

Stocks -

T.Bonds

1928-2011 11.20% 3.66% 5.41% 7.55% 5.79%

Risk Premium

1962-2011 10.60% 5.22% 7.24% 5.38% 3.36%

2002-2011 4.93% 1.81% 6.85% 3.12% -1.92%

Geometric Average

Stocks -

T.Bills

Stocks -

T.Bonds

1928-2011 9.23% 3.61% 5.14% 5.62% 4.10%

1962-2011 9.20% 5.19% 6.85% 4.02% 2.35%

2002-2011 2.88% 1.80% 6.49% 1.08% -3.61%

[1]

Aswath Damodaran:

ST: Short term (Treasury bill)

LT: Long term (Treasury bond)

[2]

Aswath Damodaran:

The risk premium will be computed from this year to the current year.

Last updated: January 5, 2012

By Aswath Damodaran

Risk Premium

Annual Returns on Stock, T.Bonds and T.Bills: 1928 - Current

The raw data for treasury bond and bill returns is obtained from the Federal Reserve database in St. Louis (FRED). The treasury bill rate is a 3-month rate and the treasury bond is the constant maturity 10-year bond, but the treasury bond return includes coupon and price appreciation. It will not match the treasury bond rate each period. For more details, download the excel spreadsheet that contains the same data.

The raw data for treasury bond and bill returns is obtained from the Federal Reserve database in St. Louis (FRED). The treasury bill rate is a 3-month rate and the treasury bond is the constant maturity 10-year bond, but the treasury bond return includes coupon and price appreciation. It will not match the treasury bond rate each period. For more details, download the excel spreadsheet that contains the same data.

The raw data for treasury bond and bill returns is obtained from the Federal Reserve database in St. Louis (FRED). The treasury bill rate is a 3-month rate and the treasury bond is the constant maturity 10-year bond, but the treasury bond return includes coupon and price appreciation. It will not match the treasury bond rate each period. For more details, download the excel spreadsheet that contains the same data.

The raw data for treasury bond and bill returns is obtained from the Federal Reserve database in St. Louis (FRED). The treasury bill rate is a 3-month rate and the treasury bond is the constant maturity 10-year bond, but the treasury bond return includes coupon and price appreciation. It will not match the treasury bond rate each period. For more details, download the excel spreadsheet that contains the same data.

The raw data for treasury bond and bill returns is obtained from the Federal Reserve database in St. Louis (FRED). The treasury bill rate is a 3-month rate and the treasury bond is the constant maturity 10-year bond, but the treasury bond return includes coupon and price appreciation. It will not match the treasury bond rate each period. For more details, download the excel spreadsheet that contains the same data.

Country Default Spreads and Risk Premiums

Last updated: January 2012

This table summarizes the latest bond ratings and appropriate default spreads for different countries. While you can use these numbers as rough estimates of country risk premiums, you may want to modify the premia to reflect the additonal risk of equity markets. To estimate the long term country risk premium, I start with the country rating (from Moody's: www.moodys.com) and estimate the default spread for that rating (based upon traded country bonds) over a default free government bond rate. This becomes a measure of the added country risk premium for that country. I add this default spread to the historical risk premium for a mature equity market (estimated from US historical data) to estimate the total risk premium. In the short term especially, the equity country risk premium is likely to be greater than the country's default spread. You can estimate an adjusted country risk premium by multiplying the default spread by the relative equity market volatility for that market (Std dev in country equity market

Country Region  Local Currency Rating

Albania Eastern Europe & Russia B1

Angola Africa Ba3

Argentina Central and South America B3

Armenia Eastern Europe & Russia Ba2

Australia Australia & New Zealand Aaa

Austria [1] Western Europe Aaa

Azerbaijan Eastern Europe & Russia Ba1

Bahamas Caribbean A3

Bahrain Middle East Baa1

Bangladesh Asia Ba3

Barbados Caribbean Baa3

Belarus Eastern Europe & Russia B3

Belgium [1] Western Europe Aa3

Belize Central and South America B3

Bermuda Caribbean Aa2

Bolivia Central and South America B1

Bosnia and Herzegovina Eastern Europe & Russia B2

Botswana Africa A2

Brazil Central and South America Baa2

Bulgaria Eastern Europe & Russia Baa2

Cambodia Asia B2

Canada North America Aaa

Cayman Islands Caribbean Aa3

Chile Central and South America Aa3

China Asia Aa3

Colombia Central and South America Baa3

Costa Rica Central and South America Baa3

Croatia Eastern Europe & Russia Baa3

Cuba Caribbean Caa1

Cyprus [1] Western Europe Baa3

Czech Republic Eastern Europe & Russia A1

Denmark Western Europe Aaa

Dominican Republic Caribbean B1

Ecuador Central and South America Caa2

Egypt Africa B2

El Salvador Central and South America Ba2

Estonia Eastern Europe & Russia A1

Fiji Islands Asia B1

Finland [1] Western Europe Aaa

France [1] Western Europe Aaa

Georgia Eastern Europe & Russia Ba3

Germany [1] Western Europe Aaa

Greece [1] Western Europe Caa1

Guatemala Central and South America Ba1

Honduras Central and South America B2

Hong Kong Asia Aa1

Hungary Eastern Europe & Russia Ba1

Iceland Western Europe Baa3

India Asia Baa3

Indonesia Asia Ba1

Ireland [1] Western Europe Ba1

Isle of Man Financial Center Aaa

Israel Middle East A1

Italy [1] Western Europe A2

Jamaica Caribbean B3

Japan Asia Aa3

Jordan Middle East Ba2

Kazakhstan Eastern Europe & Russia Baa2

Korea Asia A1

Kuwait Middle East Aa2

Latvia Eastern Europe & Russia Baa3

Lebanon Middle East B1

Lithuania Eastern Europe & Russia Baa1

Luxembourg [1] Financial Center Aaa

Macao Asia Aa3

Malaysia Asia A3

Malta [1] Western Europe A2

Mauritius Africa Baa2

Mexico Central and South America Baa1

Moldova Eastern Europe & Russia B3

Mongolia Asia B1

Montenegro Eastern Europe & Russia Ba3

Morocco Africa Ba1

Namibia Africa Baa3

Netherlands [1] Western Europe Aaa

New Zealand Australia & New Zealand Aaa

Nicaragua Central and South America B3

Norway Western Europe Aaa

Oman Middle East A1

Pakistan Asia B3

Panama Central and South America Baa3

Papua New Guinea Asia B1

Paraguay Central and South America B1

Peru Central and South America Baa3

Philippines Asia Ba2

Poland Eastern Europe & Russia A2

Portugal [1] Western Europe Ba2

Qatar Middle East Aa2

Romania Eastern Europe & Russia Baa3

Russia Eastern Europe & Russia Baa1

Saudi Arabia Middle East Aa3

Senegal Middle East B1

Singapore Asia Aaa

Slovakia Eastern Europe & Russia A1

Slovenia [1] Eastern Europe & Russia A1

South Africa Africa A3

Spain [1] Western Europe A1

Sri Lanka Asia B1

St. Vincent & the Grenadines Caribbean B1

Suriname Caribbean Ba3

Sweden Western Europe Aaa

Switzerland Western Europe Aaa

Taiwan Asia Aa3

Thailand Asia Baa1

Trinidad and Tobago Caribbean Baa1

Tunisia Africa Baa3

Turkey Asia Ba2

Ukraine Eastern Europe & Russia B2

United Arab Emirates Middle East Aa2

United Kingdom Western Europe Aaa

United States of America North America Aaa

Uruguay Central and South America Ba1

Venezuela Central and South America B1

Vietnam Asia B1

Last updated: January 2012

Aswath Damodaran

Country Default Spreads and Risk Premiums

This table summarizes the latest bond ratings and appropriate default spreads for different countries. While you can use these numbers as rough estimates of country risk premiums, you may want to modify the premia to reflect the additonal risk of equity markets. To estimate the long term country risk premium, I start with the country rating (from Moody's: www.moodys.com) and estimate the default spread for that rating (based upon traded country bonds) over a default free government bond rate. This becomes a measure of the added country risk premium for that country. I add this default spread to the historical risk premium for a mature equity market (estimated from US historical data) to estimate the total risk premium. In the short term especially, the equity country risk premium is likely to be greater than the country's default spread. You can estimate an adjusted country risk premium by multiplying the default spread by the relative equity market volatility for that market (Std dev in country equity market

Adj. Default Spread Country Risk Premium

400 6.00%

325 4.88%

600 9.00%

275 4.13%

0 0.00%

0 0.00%

240 3.60%

115 1.73%

150 2.25%

325 4.88%

200 3.00%

600 9.00%

70 1.05%

600 9.00%

50 0.75%

400 6.00%

500 7.50%

100 1.50%

175 2.63%

175 2.63%

500 7.50%

0 0.00%

70 1.05%

70 1.05%

70 1.05%

200 3.00%

200 3.00%

200 3.00%

700 10.50%

200 3.00%

85 1.28%

0 0.00%

400 6.00%

850 12.75%

500 7.50%

275 4.13%

85 1.28%

400 6.00%

0 0.00%

0 0.00%

325 4.88%

0 0.00%

700 10.50%

240 3.60%

500 7.50%

25 0.38%

240 3.60%

200 3.00%

200 3.00%

240 3.60%

240 3.60%

0 0.00%

85 1.28%

100 1.50%

600 9.00%

70 1.05%

275 4.13%

175 2.63%

85 1.28%

50 0.75%

200 3.00%

400 6.00%

150 2.25%

0 0.00%

70 1.05%

115 1.73%

100 1.50%

175 2.63%

150 2.25%

600 9.00%

400 6.00%

325 4.88%

240 3.60%

200 3.00%

0 0.00%

0 0.00%

600 9.00%

0 0.00%

85 1.28%

600 9.00%

200 3.00%

400 6.00%

400 6.00%

200 3.00%

275 4.13%

100 1.50%

275 4.13%

50 0.75%

200 3.00%

150 2.25%

70 1.05%

400 6.00%

0 0.00%

85 1.28%

85 1.28%

115 1.73%

85 1.28%

400 6.00%

400 6.00%

325 4.88%

0 0.00%

0 0.00%

70 1.05%

150 2.25%

150 2.25%

200 3.00%

275 4.13%

500 7.50%

50 0.75%

0 0.00%

0 0.00%

240 3.60%

400 6.00%

400 6.00%

This table summarizes the latest bond ratings and appropriate default spreads for different countries. While you can use these numbers as rough estimates of country risk premiums, you may want to modify the premia to reflect the additonal risk of equity markets. To estimate the long term country risk premium, I start with the country rating (from Moody's: www.moodys.com) and estimate the default spread for that rating (based upon traded country bonds) over a default free government bond rate. This becomes a measure of the added country risk premium for that country. I add this default spread to the historical risk premium for a mature equity market (estimated from US historical data) to estimate the total risk premium. In the short term especially, the equity country risk premium is likely to be greater than the country's default spread. You can estimate an adjusted country risk premium by multiplying the default spread by the relative equity market volatility for that market (Std dev in country equity market

This table summarizes the latest bond ratings and appropriate default spreads for different countries. While you can use these numbers as rough estimates of country risk premiums, you may want to modify the premia to reflect the additonal risk of equity markets. To estimate the long term country risk premium, I start with the country rating (from Moody's: www.moodys.com) and estimate the default spread for that rating (based upon traded country bonds) over a default free government bond rate. This becomes a measure of the added country risk premium for that country. I add this default spread to the historical risk premium for a mature equity market (estimated from US historical data) to estimate the total risk premium. In the short term especially, the equity country risk premium is likely to be greater than the country's default spread. You can estimate an adjusted country risk premium by multiplying the default spread by the relative equity market volatility for that market (Std dev in country equity market

This table summarizes the latest bond ratings and appropriate default spreads for different countries. While you can use these numbers as rough estimates of country risk premiums, you may want to modify the premia to reflect the additonal risk of equity markets. To estimate the long term country risk premium, I start with the country rating (from Moody's: www.moodys.com) and estimate the default spread for that rating (based upon traded country bonds) over a default free government bond rate. This becomes a measure of the added country risk premium for that country. I add this default spread to the historical risk premium for a mature equity market (estimated from US historical data) to estimate the total risk premium. In the short term especially, the equity country risk premium is likely to be greater than the country's default spread. You can estimate an adjusted country risk premium by multiplying the default spread by the relative equity market volatility for that market (Std dev in country equity market

This table summarizes the latest bond ratings and appropriate default spreads for different countries. While you can use these numbers as rough estimates of country risk premiums, you may want to modify the premia to reflect the additonal risk of equity markets. To estimate the long term country risk premium, I start with the country rating (from Moody's: www.moodys.com) and estimate the default spread for that rating (based upon traded country bonds) over a default free government bond rate. This becomes a measure of the added country risk premium for that country. I add this default spread to the historical risk premium for a mature equity market (estimated from US historical data) to estimate the total risk premium. In the short term especially, the equity country risk premium is likely to be greater than the country's default spread. You can estimate an adjusted country risk premium by multiplying the default spread by the relative equity market volatility for that market (Std dev in country equity market

This table summarizes the latest bond ratings and appropriate default spreads for different countries. While you can use these numbers as rough estimates of country risk premiums, you may want to modify the premia to reflect the additonal risk of equity markets. To estimate the long term country risk premium, I start with the country rating (from Moody's: www.moodys.com) and estimate the default spread for that rating (based upon traded country bonds) over a default free government bond rate. This becomes a measure of the added country risk premium for that country. I add this default spread to the historical risk premium for a mature equity market (estimated from US historical data) to estimate the total risk premium. In the short term especially, the equity country risk premium is likely to be greater than the country's default spread. You can estimate an adjusted country risk premium by multiplying the default spread by the relative equity market volatility for that market (Std dev in country equity market

This table summarizes the latest bond ratings and appropriate default spreads for different countries. While you can use these numbers as rough estimates of country risk premiums, you may want to modify the premia to reflect the additonal risk of equity markets. To estimate the long term country risk premium, I start with the country rating (from Moody's: www.moodys.com) and estimate the default spread for that rating (based upon traded country bonds) over a default free government bond rate. This becomes a measure of the added country risk premium for that country. I add this default spread to the historical risk premium for a mature equity market (estimated from US historical data) to estimate the total risk premium. In the short term especially, the equity country risk premium is likely to be greater than the country's default spread. You can estimate an adjusted country risk premium by multiplying the default spread by the relative equity market volatility for that market (Std dev in country equity market

This table summarizes the latest bond ratings and appropriate default spreads for different countries. While you can use these numbers as rough estimates of country risk premiums, you may want to modify the premia to reflect the additonal risk of equity markets. To estimate the long term country risk premium, I start with the country rating (from Moody's: www.moodys.com) and estimate the default spread for that rating (based upon traded country bonds) over a default free government bond rate. This becomes a measure of the added country risk premium for that country. I add this default spread to the historical risk premium for a mature equity market (estimated from US historical data) to estimate the total risk premium. In the short term especially, the equity country risk premium is likely to be greater than the country's default spread. You can estimate an adjusted country risk premium by multiplying the default spread by the relative equity market volatility for that market (Std dev in country equity market

This table summarizes the latest bond ratings and appropriate default spreads for different countries. While you can use these numbers as rough estimates of country risk premiums, you may want to modify the premia to reflect the additonal risk of equity markets. To estimate the long term country risk premium, I start with the country rating (from Moody's: www.moodys.com) and estimate the default spread for that rating (based upon traded country bonds) over a default free government bond rate. This becomes a measure of the added country risk premium for that country. I add this default spread to the historical risk premium for a mature equity market (estimated from US historical data) to estimate the total risk premium. In the short term especially, the equity country risk premium is likely to be greater than the country's default spread. You can estimate an adjusted country risk premium by multiplying the default spread by the relative equity market volatility for that market (Std dev in country equity market

This table summarizes the latest bond ratings and appropriate default spreads for different countries. While you can use these numbers as rough estimates of country risk premiums, you may want to modify the premia to reflect the additonal risk of equity markets. To estimate the long term country risk premium, I start with the country rating (from Moody's: www.moodys.com) and estimate the default spread for that rating (based upon traded country bonds) over a default free government bond rate. This becomes a measure of the added country risk premium for that country. I add this default spread to the historical risk premium for a mature equity market (estimated from US historical data) to estimate the total risk premium. In the short term especially, the equity country risk premium is likely to be greater than the country's default spread. You can estimate an adjusted country risk premium by multiplying the default spread by the relative equity market volatility for that market (Std dev in country equity market

This table summarizes the latest bond ratings and appropriate default spreads for different countries. While you can use these numbers as rough estimates of country risk premiums, you may want to modify the premia to reflect the additonal risk of equity markets. To estimate the long term country risk premium, I start with the country rating (from Moody's: www.moodys.com) and estimate the default spread for that rating (based upon traded country bonds) over a default free government bond rate. This becomes a measure of the added country risk premium for that country. I add this default spread to the historical risk premium for a mature equity market (estimated from US historical data) to estimate the total risk premium. In the short term especially, the equity country risk premium is likely to be greater than the country's default spread. You can estimate an adjusted country risk premium by multiplying the default spread by the relative equity market volatility for that market (Std dev in country equity market

This table summarizes the latest bond ratings and appropriate default spreads for different countries. While you can use these numbers as rough estimates of country risk premiums, you may want to modify the premia to reflect the additonal risk of equity markets. To estimate the long term country risk premium, I start with the country rating (from Moody's: www.moodys.com) and estimate the default spread for that rating (based upon traded country bonds) over a default free government bond rate. This becomes a measure of the added country risk premium for that country. I add this default spread to the historical risk premium for a mature equity market (estimated from US historical data) to estimate the total risk premium. In the short term especially, the equity country risk premium is likely to be greater than the country's default spread. You can estimate an adjusted country risk premium by multiplying the default spread by the relative equity market volatility for that market (Std dev in country equity market

Data Used: Value Line database, of 5891 firms

Date of Analysis: Data used is as of January 2012

Industry Name Number of Firms Average Beta Market D/KP Ratio t Unlevered Beta

Advertising 31 2.02 43.26% 10.73% 1.46

Aerospace/Defense 64 1.1 25.66% 20.72% 0.91

Air Transport 36 1.21 24.32% 20.54% 1.02

Apparel 57 1.3 18.38% 16.08% 1.13

Auto Parts 51 1.7 27.65% 18.99% 1.39

Automotive 12 1.59 134.57% 24.07% 0.79

Bank 426 0.77 156.11% 15.97% 0.33

Bank (Midwest) 45 0.93 59.52% 17.77% 0.63

Beverage 34 0.88 26.52% 19.14% 0.73

Biotechnology 158 1.03 13.48% 2.49% 0.91

Building Materials 45 1.5 94.33% 11.17% 0.82

Cable TV 21 1.37 68.06% 27.35% 0.92

Chemical (Basic) 16 1.36 27.35% 20.90% 1.12

Chemical (Diversified) 31 1.51 22.37% 21.73% 1.29

Chemical (Specialty) 70 1.28 21.15% 17.58% 1.09

Coal 20 1.53 28.90% 12.75% 1.22

Computer Software 184 1.04 7.49% 12.27% 0.98

Computers/Peripherals 87 1.3 10.23% 11.77% 1.19

Diversified Co. 107 1.14 102.24% 15.55% 0.61

Drug 279 1.12 15.46% 5.36% 0.98

E-Commerce 57 1.03 6.40% 12.33% 0.97

Educational Services 34 0.83 12.33% 25.17% 0.76

Electric Util. (Central) 21 0.75 86.16% 31.82% 0.47

Electric Utility (East) 21 0.7 66.16% 33.14% 0.48

Electric Utility (West) 14 0.75 84.54% 31.30% 0.47

Electrical Equipment 68 1.33 12.66% 17.02% 1.2

Electronics 139 1.07 22.33% 10.36% 0.89

Engineering & Const 25 1.22 11.99% 26.26% 1.12

Entertainment 77 1.63 40.99% 15.38% 1.21

Entertainment Tech 40 1.23 9.76% 11.59% 1.14

Environmental 82 0.81 43.70% 11.71% 0.58

Financial Svcs. (Div.) 225 1.31 251.49% 19.18% 0.43

Food Processing 112 0.91 29.53% 20.00% 0.74

Foreign Electronics 9 1.09 42.09% 35.12% 0.86

Funeral Services 6 1.14 56.60% 30.84% 0.82

Furn/Home Furnishings 35 1.81 24.39% 20.43% 1.52

Healthcare Information 25 1.17 6.35% 22.19% 1.12

Heavy Truck & Equip 21 1.8 43.66% 20.62% 1.34

Homebuilding 23 1.45 100.28% 5.12% 0.74

Hotel/Gaming 51 1.74 52.07% 14.53% 1.2

Household Products 26 1.07 18.99% 25.12% 0.94

Human Resources 23 1.24 10.31% 25.35% 1.15

Industrial Services 137 0.93 32.71% 19.03% 0.74

Information Services 27 1.07 30.21% 18.93% 0.86

Insurance (Life) 30 1.58 64.14% 28.04% 1.08

Insurance (Prop/Cas.) 49 0.91 23.60% 19.36% 0.76

Internet 186 1.09 2.71% 6.87% 1.06

IT Services 60 1.06 6.09% 19.15% 1.01

Machinery 100 1.2 19.12% 22.15% 1.04

Maritime 52 1.4 170.38% 5.55% 0.53

Med Supp Invasive 83 0.85 16.08% 11.86% 0.74

Med Supp Non-Invasive 146 1.03 13.02% 12.73% 0.92

Medical Services 122 0.91 49.45% 19.93% 0.65

Metal Fabricating 24 1.59 15.49% 26.55% 1.43

Metals & Mining (Div.) 73 1.33 14.10% 11.04% 1.18

Natural Gas (Div.) 29 1.33 37.07% 21.98% 1.03

Natural Gas Utility 22 0.66 67.38% 30.16% 0.45

Newspaper 13 1.76 46.35% 25.13% 1.31

Office Equip/Supplies 24 1.38 63.03% 21.05% 0.92

Oil/Gas Distribution 13 0.96 58.30% 13.70% 0.64

Oilfield Svcs/Equip. 93 1.55 22.92% 17.39% 1.3

Packaging & Container 26 1.16 51.82% 24.23% 0.83

Paper/Forest Products 32 1.36 59.86% 10.61% 0.89

Petroleum (Integrated) 20 1.18 19.19% 27.41% 1.04

Petroleum (Producing) 176 1.34 24.88% 11.14% 1.1

Pharmacy Services 19 1.12 20.48% 24.67% 0.97

Pipeline MLPs 27 0.98 40.97% 6.37% 0.71

Power 93 1.35 148.82% 8.66% 0.57

Precious Metals 84 1.15 8.20% 7.51% 1.07

Precision Instrument 77 1.28 15.94% 13.94% 1.12

Property Management 31 1.13 140.63% 18.59% 0.53

Public/Private Equity 11 2.18 59.87% 3.79% 1.38

Publishing 24 1.25 63.28% 18.55% 0.82

R.E.I.T. 5 1.47 34.71% 1.04% 1.09

Railroad 12 1.44 25.15% 23.74% 1.21

Recreation 56 1.45 48.69% 17.37% 1.03

Reinsurance 13 0.93 23.54% 7.22% 0.76

Restaurant 63 1.27 12.77% 21.57% 1.15

Retail (Hardlines) 75 1.77 24.33% 23.04% 1.49

Retail (Softlines) 47 1.44 5.61% 24.64% 1.38

Retail Automotive 20 1.37 38.11% 34.43% 1.09

Retail Building Supply 8 1.04 14.06% 31.39% 0.95

Retail Store 37 1.29 25.58% 25.02% 1.08

Retail/Wholesale Food 30 0.75 41.34% 31.21% 0.58

Securities Brokerage 28 1.2 430.56% 26.22% 0.29

Semiconductor 141 1.5 8.35% 11.01% 1.4

Semiconductor Equip 12 1.79 15.20% 15.17% 1.59

Shoe 19 1.25 2.18% 24.31% 1.23

Steel 32 1.68 46.40% 21.03% 1.23

Telecom. Equipment 99 1.02 12.96% 13.16% 0.91

Telecom. Services 74 0.98 34.09% 14.22% 0.76

Telecom. Utility 25 0.88 96.15% 29.42% 0.52

Thrift 148 0.71 29.33% 12.43% 0.57

Tobacco 11 0.85 18.71% 31.03% 0.76

Toiletries/Cosmetics 15 1.3 20.64% 20.30% 1.12

Trucking 36 1.24 27.77% 25.48% 1.03

Utility (Foreign) 4 0.96 155.03% 26.07% 0.45

Water Utility 11 0.66 81.42% 35.22% 0.43

Wireless Networking 57 1.27 27.06% 12.12% 1.03

Total Market 5891 1.15 46.64% 15.48% 0.82

Last Updated in January 2012

By Aswath Damodaran

Tasas impositivas marginales - por país

Source: KPMG

Date of Analysis: January 2011

Tax Rate- 1/1/05 Tax Rate - 1/1/06 Tax rate; 1/1/07

Afghanistan 20.00%

Albania 23.00% 20.00% 20.00%

Angola 35.00%

Argentina 35.00% 35.00% 36.00%

Armenia 20.00% 20.00% 20.00%

Aruba 35.00% 35.00% 28.00%

Australia 30.00% 30.00% 30.00%

Austria 25.00% 25.00% 26.00%

Bahamas 0.00% 0.00% 0.00%

Bahrain NA NA 0.00%

Bangladesh 30.00% 30.00% 30.00%

Barbados 30.00% 25.00% 25.00%

Belarus 24.00%

Belgium 33.99% 33.99% 33.99%

Bermuda

Bolivia 25.00% 25.00% 26.00%

Bosnia & Herzogovina 30.00%

Botswana 25.00% 25.00% 25.00%

Brazil 34.00% 34.00% 34.00%

Bulgaria 15.00% 15.00% 10.00%

Canada 36.10% 36.10% 36.10%

Cayman Islands 0.00% 0.00% 0.00%

Chile 17.00% 17.00% 17.00%

China 33.00% 33.00% 33.00%

Colombia 35.00% 35.00% 34.00%

Costa Rica 30.00% 30.00% 30.00%

Croatia 20.32% 20.32% 20.00%

Cyprus 10.00% 10.00% 10.00%

Czech Republic 26.00% 24.00% 24.00%

Denmark 28.00% 28.00% 28.00%

Dominican Republic 25.00% 30.00% 29.00%

Ecuador 25.00% 25.00% 25.00%

Egypt NA 20.00% 20.00%

Estonia 24.00% 23.00% 22.00%

Fiji 31.00% 31.00% 31.00%

Finland 26.00% 26.00% 26.00%

France 33.83% 33.33% 33.33%

Germany 38.31% 38.34% 38.36%

Gibraltar 35.00%

Greece 32.00% 29.00% 25.00%

Guatamela 31.00%

Guernsey

Honduras 30.00% 30.00% 30.00%

Hong Kong 17.50% 17.50% 17.50%

Hungary 16.00% 16.00% 16.00%

Iceland 18.00% 18.00% 18.00%

India 36.59% 33.66% 33.99%

Indonesia 30.00% 30.00% 30.00%

Iran 25.00%

Ireland 12.50% 12.50% 12.50%

Isle of Man

Israel 34.00% 31.00% 29.00%

Italy 37.25% 37.25% 37.25%

Jamaica 33.33% 33.33% 33.33%

Japan 40.69% 40.69% 40.69%

Jersey

Jordan 35.00%

Kazakhstan 30.00% 30.00% 30.00%

Korea, 27.50% 27.50% 27.40%

Kuwait NA NA 55.00%

Latvia 15.00% 15.00% 15.00%

Libya 40.00%

Lithuania 15.00% 15.00% 15.00%

Luxembourg 30.38% 29.63% 29.63%

Macau 12.00% 12.00% 12.00%

Macedonia 15.00% 15.00% 12.00%

Malaysia 28.00% 28.00% 27.00%

Malta 35.00% 35.00% 35.00%

Mauritius 25.00% 25.00% 22.50%

Mexico 30.00% 29.00% 28.00%

Montenegro 9.00% 9.00% 9.00%

Mozambique 32.00% 32.00% 32.00%

Netherlands 31.50% 29.60% 25.50%

Netherlands Antilles 34.50% 34.50% 34.50%

New Zealand 33.00% 33.00% 33.00%

Nigeria 30.00% 30.00% 30.00%

Norway 28.00% 28.00% 28.00%

Oman 12.00% 12.00% 12.00%

Pakistan 35.00% 35.00% 35.00%

Palestine 16.00%

Panama 30.00% 30.00% 30.00%

Papua New Guinea 30.00% 30.00% 30.00%

Paraguay 20.00% 10.00% 10.00%

Peru 30.00% 30.00% 30.00%

Philippines 32.00% 35.00% 35.00%

Poland 19.00% 19.00% 19.00%

Portugal 27.50% 27.50% 25.00%

Quatar

Romania 16.00% 16.00% 16.00%

Russia 24.00% 24.00% 24.00%

Saudi Arabia NA 20.00% 20.00%

Singapore 20.00% 20.00% 20.00%

Slovak Republic 19.00% 19.00% 19.00%

Slovenia 25.00% 25.00% 23.00%

South Africa 37.80% 36.90% 36.90%

Spain 35.00% 35.00% 32.50%

Sri Lanka 32.50% 32.50% 35.00%

Sudan 35.00%

Sweden 28.00% 28.00% 28.00%

Switzerland 21.30% 21.30% 21.30%

Syria 28.00%

Taiwan 25.00% 25.00% 25.00%

Thailand 30.00% 30.00% 30.00%

Tunisia 35.00% 35.00% 30.00%

Turkey 30.00% 30.00% 20.00%

Ukraine 25.00% 25.00% 25.00%

United Arab Emirates 55.00% 55.00% 55.00%

UK 30.00% 30.00% 30.00%

USA 40.00% 40.00% 40.00%

Uruguay 30.00% 30.00% 30.00%

Venezuela 34.00% 34.00% 34.00%

Vietnam 28.00% 28.00% 28.00%

Yemen 35.00%

Zambia 35.00% 35.00% 35.00%

Zimbabwe 30.90% 30.90% 30.90%

Updated in January 2011 

By Aswath Damodaran

Tax rate: April 2008 Tax rate: Jan 2009 Tax rate: 2010

20.00% 20.00% 20.00%

10.00% 10.00% 10.00%

35.00% 35.00% 35.00%

35.00% 35.00% 35.00%

20.00% 20.00% 20.00%

28.00% 28.00% 28.00%

30.00% 30.00% 30.00%

25.00% 25.00% 25.00%

0.00% 0.00% 0.00%

0.00% 0.00% 0.00%

30.00% 27.50% 27.50%

25.00% 25.00% 25.00%

24.00% 24.00% 24.00%

33.99% 33.99% 33.99%

0.00% 0.00%

25.00% 25.00% 25.00%

10.00% 10.00% 10.00%

25.00% 25.00% 25.00%

34.00% 34.00% 34.00%

10.00% 10.00% 10.00%

33.50% 33.00% 33.00%

0.00% 0.00% 0.00%

17.00% 17.00% 17.00%

25.00% 25.00% 25.00%

33.00% 33.00% 33.00%

30.00% 30.00% 30.00%

20.00% 20.00% 20.00%

10.00% 10.00% 10.00%

21.00% 20.00% 19.00%

25.00% 25.00% 25.00%

25.00% 25.00% 25.00%

25.00% 25.00% 25.00%

20.00% 20.00% 20.00%

21.00% 21.00% 21.00%

31.00% 29.00% 28.00%

26.00% 26.00% 26.00%

33.33% 33.33% 33.33%

29.51% 29.44% 29.41%

33.00% 27.00% 22.00%

25.00% 25.00% 24.00%

31.00% 31.00% 31.00%

0.00% 0.00%

30.00% 30.00% 25.00%

16.50% 16.50% 16.50%

16.00% 16.00% 16.00%

15.00% 15.00% 18.00%

33.99% 33.99% 33.99%

30.00% 28.00% 28.00%

25.00% 25.00% 25.00%

12.50% 12.50% 12.50%

0.00% 0.00%

27.00% 26.00% 26.00%

31.40% 31.40% 31.40%

33.33% 33.33% 33.33%

40.69% 40.69% 40.69%

0.00% 0.00%

35.00% 25.00% 25.00%

30.00% 20.00% 20.00%

27.50% 24.20% 24.20%

15.00% 15.00% 15.00%

15.00% 15.00% 15.00%

40.00% 40.00% 40.00%

15.00% 20.00% 20.00%

29.63% 28.59% 28.59%

12.00% 12.00% 12.00%

10.00% 10.00% 10.00%

26.00% 25.00% 25.00%

35.00% 35.00% 35.00%

15.00% 15.00% 15.00%

28.00% 28.00% 28.00%

9.00% 9.00% 9.00%

32.00% 32.00% 32.00%

25.50% 25.50% 25.50%

34.50% 34.50% 34.50%

30.00% 30.00% 30.00%

30.00% 30.00% 30.00%

28.00% 28.00% 28.00%

12.00% 12.00% 12.00%

35.00% 35.00% 35.00%

16.00% 16.00% 16.00%

30.00% 30.00% 27.50%

30.00% 30.00% 30.00%

10.00% 10.00% 10.00%

30.00% 30.00% 30.00%

35.00% 30.00% 30.00%

19.00% 19.00% 19.00%

25.00% 25.00% 25.00%

35.00% 10.00%

16.00% 16.00% 16.00%

24.00% 20.00% 20.00%

20.00% 20.00% 20.00%

18.00% 18.00% 17.00%

18.00% 19.00% 19.00%

22.00% 21.00% 20.00%

34.55% 34.55% 34.55%

30.00% 30.00% 30.00%

35.00% 35.00% 35.00%

35.00% 35.00% 35.00%

28.00% 26.30% 26.30%

21.17% 21.17% 21.17%

28.00% 29.00% 29.00%

25.00% 25.00% 17.00%

30.00% 30.00% 30.00%

30.00% 30.00% 30.00%

20.00% 20.00% 20.00%

25.00% 25.00% 25.00%

55.00% 55.00% 55.00%

28.00% 28.00% 28.00%

40.00% 40.00% 40.00%

25.00% 25.00% 25.00%

34.00% 34.00% 34.00%

28.00% 25.00% 25.00%

35.00% 35.00% 35.00%

35.00% 35.00% 35.00%

30.90% 30.90% 25.75%