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Janus Capital Group

c
2014
Q2A
Q3A
$0.19
$0.21
124.2%
21.1%

Earnings Growth

2014A
$0.81
31.6%

2015E
$0.97
19.3%

2016E
$1.12
15.8%

Q1A
$0.16
9.6%

Cash Earnings Per Share


Earnings Growth

$0.83
(1.7%)

$0.90
8.1%

$1.04
15.8%

$0.27
-3.7%

$0.29
47.5%

EBITDA Per Share


Earnings Growth

$1.02
(0.4%)

$1.17
14.5%

$1.32
12.7%

$0.39
8.9%

Diluted Earnings Per Share

2015E
Q2A
$0.23
19.7%

Q4A
$0.24
18.1%

Q1A
$0.23
38.8%

$0.31
3.2%

$0.36
6.6%

$0.38
41.6%

$0.37
27.5%

$0.41
70.6%

$0.41
8.4%

$0.46
14.6%

$0.45
14.9%

$0.44
5.4%

Operating Ratios
% Of Average AUM
Revenue Yield
Revenue Yield ex-Perf fees
Performance Fees
Shareowner Servicing fees

0.46%
0.48%
-0.03%
0.09%

0.47%
0.49%
-0.01%
0.09%

0.50%
0.49%
0.01%
0.09%

0.44%
0.48%
-0.05%
0.086%

0.44%
0.48%
-0.05%
0.086%

0.45%
0.48%
-0.05%
0.086%

0.48%
0.49%
-0.05%
0.086%

0.47%
0.48%
-0.05%
0.086%

0.48%
0.48%
-0.05%
0.086%

Compensation Expense
Total Comp including LTI
Non-Compensation Expense

33.9%
39.2%
28.3%

34.1%
41.2%
27.1%

34.0%
41.2%
27.7%

35.0%
40.2%
30.8%

33.7%
39.1%
30.4%

34.7%
39.6%
30.2%

32.3%
38.3%
30.1%

34.8%
42.5%
28.6%

33.5%
40.8%
29.0%

Marketing
Distribution
G&A

13.7%
2.7%
0.0%

12.9%
2.9%
0.0%

13.0%
2.7%
0.0%

2.2%
14.2%
11.5%

1.9%
14.1%
11.7%

1.7%
14.0%
11.9%

2.3%
12.8%
12.5%

2.2%
13.0%
10.6%

2.0%
12.8%
11.4%

Operating Margin

30.4%

29.6%

28.9%

29.1%

30.6%

30.2%

31.6%

28.9%

30.2%

Pre-tax Margin
Profit Margin

27.0%
15.8%

27.4%
16.9%

27.6%
17.3%

24.8%
13.2%

27.3%
15.2%

27.1%
16.7%

28.8%
17.7%

27.8%
16.4%

25.6%
15.9%

Total Effective Tax Rate

40.3%

36.6%

37.9%

44.6%

42.1%

37.5%

34.8%

39.1%

34.0%

Income Statement
Investment Management Fees
Performance Fees
Shareowner servicing fees and other
Operating Revenue

849.1
(48.0)
152.1
953.2

922.3
(25.7)
166.8
1,063.4

208.2
(15.9)
37.9
230.2

210.5
(17.3)
38.0
231.2

213.3
(14.0)
37.7
237.0

217.1
(0.8)
38.5
254.8

222.6
(2.3)
42.4
262.7

233.7
(4.4)
42.6
271.9

80.5
12.0

77.8
12.5

82.2
11.6

82.3
15.2

91.4
20.2

91.2
19.7

% Of Revenue

Employee compensation & benefits


Long term incentive compensation

322.8
51.3

362.4
75.7

969.3
20.0
169.8
1,159.1
394.1
83.7

ital Group

Janus Capital Group


2015E
### Q3
$0.25
20.0%

Q4
$0.26
5.6%

Q1
$0.26
13.4%

2016E
Q2
Q3
$0.27
$0.29
17.1%
15.7%

Q4
$0.30
16.6%

Cash Earnings Per Share


Earnings Growth

$0.39
27.3%

$0.40
10.7%

$0.42
13.0%

$0.43
15.8%

$0.45
14.6%

$0.46
15.0%

EBITDA Per Share


Earnings Growth

$0.47
14.6%

$0.48
3.8%

$0.48
7.4%

$0.50
13.5%

$0.54
14.2%

$0.55
14.9%

0.47%
0.49%
-0.02%
0.086%

0.47%
0.49%
-0.02%
0.086%

0.49%
0.49%
0.00%
0.086%

0.49%
0.49%
0.00%
0.086%

0.51%
0.49%
0.02%
0.086%

0.51%
0.49%
0.02%
0.086%

Compensation Expense
Total Comp including LTI
Non-Compensation Expense

34.0%
40.7%
29.6%

34.0%
40.9%
29.6%

34.0%
41.9%
29.9%

34.0%
41.7%
29.9%

34.0%
40.6%
29.8%

34.0%
40.8%
29.8%

Marketing
Distribution
G&A

1.8%
13.0%
11.5%

1.8%
13.0%
11.5%

1.8%
13.0%
12.0%

1.8%
13.0%
12.0%

1.8%
13.0%
12.0%

1.8%
13.0%
12.0%

Operating Margin

29.8%

29.5%

28.1%

28.4%

29.6%

29.5%

Pre-tax Margin
Profit Margin

28.3%
17.8%

28.1%
17.6%

26.8%
16.8%

27.0%
17.0%

28.3%
17.8%

28.2%
17.7%

Total Effective Tax Rate

37.2%

37.2%

37.2%

37.2%

37.2%

37.2%

Income Statement
Investment Management Fees
Performance Fees
Shareowner servicing fees and other
Operating Revenue

232.2
(9.5)
40.7
263.4

233.8
(9.5)
41.0
265.3

239.1
41.6
280.7

240.9
42.3
283.2

243.4
9.9
42.7
296.0

246.0
10.0
43.2
299.2

89.6
17.6

90.2
18.2

95.4
22.2

96.3
21.7

100.6
19.6

101.7
20.2

Diluted Earnings Per Share


Earnings Growth

Operating Ratios
% Of Average AUM
Revenue Yield
Revenue Yield ex-Perf fees
Performance Fees
Shareowner Servicing fees
% Of Revenue

Employee compensation & benefits


Long term incentive compensation

Janus Capital Group


c
2014
Q2A
Q3A
$0.19
$0.21
124.2%
21.1%

Earnings Growth

2014A
$0.81
31.6%

2015E
$0.97
19.3%

2016E
$1.12
15.8%

Q1A
$0.16
9.6%

Cash Earnings Per Share


Earnings Growth

$0.83
(1.7%)

$0.90
8.1%

$1.04
15.8%

$0.27
-3.7%

$0.29
47.5%

EBITDA Per Share


Earnings Growth

$1.02
(0.4%)

$1.17
14.5%

$1.32
12.7%

$0.39
8.9%

$0.41
70.6%

374.1

438.1

477.8

92.5

19.5
131.0
25.6
113.3
663.5
289.7

22.7
137.6
30.3
119.7
748.5
314.9

24.9
150.7
31.6
139.1
824.0
335.1

(33.1)
(1.9)
3.0
257.7
(102.3)
155.4
155.4
(5.1)
150.3

(24.2)
2.3
(1.3)
291.7
(107.0)
184.8
184.8
(5.0)
179.8

(19.4)
2.0
2.0
319.7
(118.9)
200.8
200.8
200.8

Diluted Earnings Per Share

Total compensation & benefits


Marketing and advertising
Distribution
Depreciation & amortization
G&A
Mutual fund investigation recoveries
Goodwill and intangible asset impairm
Total Operating Expense
Operating Profit
Interest expense
Investment gains (losses), net
Other income, net
Gain on early extinguishment of debt
Pre Tax Income
Income tax provision
Equity in earnings of unconsolidated af
Income (loss) from continuing operat
Loss from discontinued operations
Net income (loss)
Noncontrolling interest
Net Income to JCG
Dividend
Weighted average diluted shares
Source: Company data
Scale: $ in millions except per share data

2015E
Q2A
$0.23
19.7%

Q4A
$0.24
18.1%

Q1A
$0.23
38.8%

$0.31
3.2%

$0.36
6.6%

$0.38
41.6%

$0.37
27.5%

$0.41
8.4%

$0.46
14.6%

$0.45
14.9%

$0.44
5.4%

97.5

111.6

110.9

90.3

93.8

5.0
32.8
6.6
26.4
163.3
66.9

4.5
32.5
6.2
27.0
###
###
160.5
70.7

4.1
33.2
###
28.1
165.4
71.6

5.9
32.5
6.6
31.8
174.3
80.5

5.7
34.2
7.4
27.8
186.7
76.0

5.5
34.7
7.6
31.1
189.8
82.1

(9.4)
(1.1)
0.6
57.0
(25.9)
31.1

(7.6)
1.3
(1.1)
64.2
(23.6)
40.6
###
40.6
(1.1)
39.5

(7.2)
(3.0)
3.1
73.4
(26.6)
46.8
46.8
(1.6)
45.2

(7.3)
4.4
(0.1)
73.0
(26.8)
46.2

31.1
(0.6)
30.5

(8.9)
0.9
0.4
###
63.1
(26.2)
###
36.9
36.9
(1.8)
35.1

46.2
(3.2)
43.0

(7.2)
(3.1)
(2.2)
69.6
(24.7)
44.9
44.9
(1.8)
43.1

0.32

0.36

0.40

0.08

0.08

0.08

0.08

0.09

0.09

185.5

186.0

179.5

185.2

184.5

186.4

186.0

188.1

189.4

ital Group

Janus Capital Group


2015E
### Q3
$0.25
20.0%

Q4
$0.26
5.6%

Q1
$0.26
13.4%

2016E
Q2
Q3
$0.27
$0.29
17.1%
15.7%

Q4
$0.30
16.6%

Cash Earnings Per Share


Earnings Growth

$0.39
27.3%

$0.40
10.7%

$0.42
13.0%

$0.43
15.8%

$0.45
14.6%

$0.46
15.0%

EBITDA Per Share


Earnings Growth

$0.47
14.6%

$0.48
3.8%

$0.48
7.4%

$0.50
13.5%

$0.54
14.2%

$0.55
14.9%

107.2

108.4

117.6

118.0

120.2

121.9

Marketing and advertising


Distribution
Depreciation & amortization
G&A
Mutual fund investigation recoveries
Goodwill and intangible asset impairm
Total Operating Expense
Operating Profit

5.7
34.2
7.6
30.3
185.1
78.4

5.8
34.5
7.7
30.5
186.9
78.4

6.1
36.5
7.8
33.7
201.7
79.0

6.1
36.8
7.9
34.0
###
###
202.8
80.4

6.3
38.5
7.9
35.5
208.5
87.5

6.4
38.9
7.9
35.9
211.1
88.1

Interest expense
Investment gains (losses), net
Other income, net
Gain on early extinguishment of debt
Pre Tax Income
Income tax provision
Equity in earnings of unconsolidated af
Income (loss) from continuing operat
Loss from discontinued operations
Net income (loss)
Noncontrolling interest
Net Income to JCG

(4.8)
0.5
0.5
74.5
(27.7)
46.8
46.8

(4.8)
0.5
0.5
74.5
(27.7)
46.8
46.8

(4.8)
0.5
0.5
75.2
(28.0)
47.2
47.2

(4.8)
###
###
###
76.6
(28.5)
###
48.1
###
48.1

(4.8)
0.5
0.5
83.7
(31.1)
52.5
52.5

(4.8)
0.5
0.5
84.3
(31.4)
52.9
52.9

46.8

46.8

47.2

48.1

52.5

52.9

0.09

0.09

0.10

0.10

0.10

0.10

184.0

182.4

182.1

180.3

178.6

176.8

Diluted Earnings Per Share


Earnings Growth

Total compensation & benefits

Dividend
Weighted average diluted shares

Source: Company data


Scale: $ in millions except per share data

3Q14
Velocity was profitable before the acquisition but is not expected to be material from an accretion standpoint after earnout and premium paid etc
ETNs are underwritten at CSFB and other wire houses and distributed at velocity
SIMFUND data in October will likely show any new asset wins from the Uncontrained fund
PM salaries are standardized with a contribution pool payout based on contribution and CIO discretion
Dai Ichi General Account as contributed $2 BB per their stated agreement and their ownership structure
DIAM is a 50/50 distribution with Mizuho which has also distributed up to $2 BB
Perkins was profitable in 2007/2008 at $6-7 BB in AUM - the difference has been negative performance fees since
They repaid $60 MM of debt in the qtr
Had over $220 MM in FCF over the past 12 months and pay $60 MM in dividends and bot back $25 MM in stock in the qtr
First quarter since 44Q 2009 that at least 50% of complex wide funds are in the top 2 quartiles on a 1,3, 5 year basis
Part of the sales improvement came from the DIAM partnership in Japan
A year plus of transition on the Gross transfer
velocity will close in 4Q
Raised OPEX guidance by $10 MM into 2015 with LTI equity award increases

Gross Update
Form 4 updates show Gross owned between 15 bps and 490 bps of 15 closed end funds at PIMCO or over 300 MM
This presumabley will be coming into Janus - Fees are charged?
Neil Woodford departure at IVZ saw 36% of retail AUM come out of that fund: TCW lost 55% of its AUM when Gundlach left (45% in the first month)
Carlyle owns part of TCW; Oaktree owns 20% of DoubleLine
PIMCO running outflow is 23% of beginning AUM could lose up to 40%
Gross' money was a "small" portion of the $360 MM inflow in October
When the firm seeds a fund if the firm owns less than 20% then the gains/losses go through the balance sheet - if more than 50% then the gains/losses come through the P/L t
PM investments are charged a management fee like any other client - this is different than the alternative space where fees are waived
4Q 2014
Velocity Shares cost $28 MM - they are going to book $1.2 MM in revenue in 1Q?
Cash generation of $200 MM was used for $99 MM debt maturities; $84 MM buyback (6.8 MM shares at $12.49); dividends of 58 MM
Fund performance, asset levels, and performance of the benchmark affect performance fees

me through the P/L thru investment income

Fund Performance Against Lipper Averages

1 Year
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15

JNS Firm Wide


3 Year
5 Year

0.47
0.60
0.48
0.41
0.66
0.57
0.46
0.48
0.46
0.52
0.67
0.62
0.57
0.63
0.58

0.29
0.20
0.23
0.26
0.27
0.31
0.45
0.41
0.46
0.64
0.63
0.71
0.82
0.69
0.75

0.72
0.81
0.70
0.67
0.55
0.46
0.48
0.47
0.53
0.36
0.36
0.50
0.53
0.55
0.55

1 Year

0.47
0.54
0.41
0.39
0.68
0.57
0.45
0.41
0.38
0.44
0.63
0.55
0.66
0.73
0.68

JNS Equity
3 Year
5 Year

0.31
0.21
0.16
0.18
0.20
0.24
0.37
0.32
0.39
0.59
0.57
0.66
0.81
0.68
0.71

0.69
0.79
0.65
0.61
0.48
0.38
0.40
0.39
0.54
0.32
0.29
0.45
0.48
0.50
0.50

JNS Fixed Income


1 Year

0.98
1.00
1.00
1.00
1.00
0.02
0.02
0.06

JNS Flows in $BB


$12.0
$10.0
$8.0
$6.0
$4.0
$2.0
$1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11

inst Lipper Averages


JNS Fixed Income
3 Year
5 Year

1.00
1.00
1.00
1.00
1.00
0.85
0.68
1.00

1.00
0.53
0.54
0.77
0.78
0.80
0.82
0.83

JNS Mathematical
1 Year
3 Year
5 Year

0.29
0.59
0.53
0.55
0.48
0.15
0.40
0.55

0.64
0.79
0.71
0.43
0.53
0.54
0.69
0.43

0.42
0.42
0.58
0.69
0.58
0.75
0.75
0.58

Firm Wide
4 and 5
Star

0.51
0.56
0.53
0.51
0.53
0.50
0.51
0.50

n $BB

10 4Q10 1Q11 2Q11

LTIP Vesting Schedule

Prior grants
2008 grant
2009 grant
Estimated 2010 grant
Additional Grants
Janus investment team 2008
INTECH 2008
INTECH 2009
Perkins 2009
Janus CEO 2010

Date of Grant

Amount
Remaining to
Vest

Various
February-08
February-09
February-10

3.6
17.1
44.4
66.5

9.2
8
4.5
4.9
10

Grants over..

2010

2011

2012

2013

2.9
3
4
4

3.3
5.7
11.1
16.625

5.7
11.1
16.625

5.7
11.1
16.625

11.1
16.625

4
10
10
4
.50% 2010, 25% 2011, 25% 2012

2.3
0.8
0.45
1.225
5
46.5
4
$ 11.63 $

2.3
0.8
0.45
1.225
2.5
40.7
5
8.14 $

2.3
0.8
0.45
1.225
2.5
40.7
6
6.78 $

2.3
0.8
0.45
1.225
32.5
7
4.64

2014

2015

2016

2017

2018

2019

0.8
0.45

0.8
0.45

0.8
0.45

0.8
0.45

0.8
0.45

0.8
0.45

1.25
8
0.16 $

1.25
9
0.14 $

1.25
10
0.13 $

1.25
11
0.11 $

1.25
12
0.10 $

1.25
13
0.10

JNS Earnings Snapshot


Janus Earnings Snapshot
in $ millions
Q3'10A

Q2'11A

Q3'11A

Q3'11E

Actuals
vs Estimates

Investment Management Fees


Performance Fees
Net Revenues ($MM)

202.3
5.1
243.8

226.0
(0.2)
264.0

202.2
(3.1)
236.9

208.4
(3.9)
239.9

-3.0%
-21.2%
-1.2%

Total compensation & benefits


Non-Compensation expense
Total Operating Expense

97.0
89.7
186.7

97.6
84.6
182.2

87.6
75.1
162.7

93.1
76.7
169.7

-5.9%
-2.0%
-4.1%

Interest Expense
Tax Provision
Net Income ($MM)

(15.9)
(7.2)
32.5

(13.1)
(22.3)
41.9

(13.0)
(11.9)
27.4

(13.1)
(21.6)
32.9

-0.9%
-44.9%
-16.7%

Earnings Per Share

$0.18

$0.23

$0.15

$0.18

-15.6%

Ending Assets under Management ($B)

160.8

169.8

141.0

144.8

-2.6%

Net Asset Flows ($B)

(2.9)

(3.1)

(2.4)

(4.4)

-45.4%

Compensation & benefits as a % of Revenues


Realization Rate % of Avg AUM
Operating Margin
Tax Rate

31.3%
0.535%
23.4%
17.27%

30.3%
0.526%
31.0%
32.23%

30.1%
0.512%
31.3%
19.01%

31.0%
0.520%
29.2%
37.25%

-3.0%
-1.4%
7.1%
-49.0%

Q3'11A
vs Q2'11 vs. Q3'10
-10.5%
1450.0%
-10.3%

0.0%
-160.8%
-2.8%

-10.2%
-11.2%
-10.7%

-9.7%
-16.3%
-12.9%

-0.8%
-46.6%
-34.6%

-18.2%
65.3%
-15.7%

-34.4%

-16.4%

-17.0%

-12.3%

-22.6%

-17.2%

JNS Balance Sheet Summary


Janus Capital Balance Sheet Summary
in $ Millions's
2006

2007

2008

2009

Cash & cash equivalents


Total Current Assets
Intangibles, net
Total Assets

507
1,011
1,290
3,538

481
954
1,310
3,564

283
584
1,321
3,337

325
631
1,285
2,530

Total Current Liabilities


Long-Term Debt
Total Liabilities

192
537
1,214

227
1,128
1,824

157
1,106
1,713

187
792
1,418

Shareholder Equity

2,306

1,724

1,608

1,001

1.5x

2.1x

2.1x

2.5x

18.9%
192.0%
5.8%
30.1

39.6%
352.3%
6.3%
647.0

40.8%
344.1%
8.5%
823.4

44.2%
874.2%
-1.3%
467.3

Assets/equity
Debt to total capital
Debt to run rate EBIDTA
Return on average common equity
Net debt

mmary
1Q'10

1Q'10
vs 2009

1Q'10
vs 2006

269
576
1,283
2,488

-17.2%
-8.7%
-0.2%
-1.7%

-47.0%
-43.1%
-0.6%
-29.7%

128
794
1,366

-31.6%
0.2%
-3.6%

-33.4%
47.8%
12.6%

1,034

3.3%

-55.2%

2.4x
43.4%
261.2%
3.0%
524.9

INTECH Performance

as of 3/10/2010
Strategy Name

Cal YTD

INTECH Large Cap Growth Portfolio


Net of Advisory Fees
Growth Index - Blended

4.00%
3.71%

INTECH Broad Large Cap Growth Portfolio


Net of Advisory Fees
Russell 1000 Growth Index

4.89%
4.65%

INTECH Enhanced Plus Portfolio


Net of Advisory Fees
S&P 500 Index

5.52%
5.39%

INTECH Broad Enhanced Plus Portfolio


Net of Advisory Fees
Russell 1000 Growth Index

5.96%
5.70%

INTECH Enhanced Index Portfolio


Net of Advisory Fees
S&P 500 Index

5.71%
5.39%

INTECH Large Cap Core Portfolio


Net of Advisory Fees
S&P 500 Index

5.29%
5.39%

INTECH Large Cap ValuePortfolio


Net of Advisory Fees
Value Index - Blended

7.62%
7.09%

INTECH Broad Large Cap Value Portfolio


Net of Advisory Fees
Value Index - Blended

6.93%
6.78%

INTECH Global Core Portfolio


Net of Advisory Fees
MSCI World Index Gross

3.05%
3.35%

INTECH International Equity Portfolio


Net of Advisory Fees
MSCI EAFE Index Gross

0.53%
0.94%

INTECH Boad Large Cap Core 130/30 Portfolio


Net of Advisory Fees
Russell 1000 Index

5.70%
5.70%

INTECH Market Neutral Portfolio


Net of Advisory Fees
3 Month Libor

-0.51%
0.07%

as of 3/10/2010
Qtr. Ending

Annualized Returns ( as of 3/10/2010)


5 yr.

10 yr.

Since
Strategy
Inception

1 yr.

3 yr.

4.00%
3.71%

39.96%
45.44%

-2.01%
-1.01%

1.84%
2.52%

1.67%
-2.97%

11.59%
7.84%

4.89%
4.65%

49.96%
49.75%

-3.95%
-0.78%

1.25%
3.42%

N/A
-4.21%

-0.99%
-3.13%

5.52%
5.39%

48.48%
49.77%

-4.25%
-4.17%

2.16%
1.92%

1.31%
-0.65%

9.67%
8.56%

5.96%
5.70%

3.49%
51.60%

-4.75%
-3.98%

1.78%
2.31%

N/A
-0.36%

3.59%
2.49%

5.71%
5.39%

49.37%
49.77%

-3.59%
-4.17%

2.36%
1.92%

0.39%
-0.65%

3.24%
2.27%

5.29%
5.39%

46.72%
49.77%

-4.88%
-4.17%

1.75%
1.92%

N/A
-0.65%

-3.34%
-1.53%

7.62%
7.09%

53.70%
54.68%

-6.94%
-7.41%

1.65%
1.16%

4.50%
1.54%

9.31%
7.68%

6.93%
6.78%

51.44%
53.56%

-6.53%
-7.33%

1.23%
1.05%

N/A
3.10%

3.92%
3.25%

3.05%
3.35%

43.79%
53.23%

-4.76%
-4.85%

4.04%
3.45%

N/A
0.45%

4.07%
3.09%

0.53%
0.94%

47.43%
55.20%

-6.04%
-6.55%

N/A
4.24%

N/A
1.68%

-1.09%
-2.94%

5.70%
5.70%

42.91%
51.60%

-8.54%
-3.98%

N/A
2.31%

N/A
-0.36%

-6.75%
-3.32%

-0.51%
0.07%

3.28%
0.41%

0.23%
2.45%

N/A
3.36%

N/A
3.10%

1.54%
2.74%

INTECH Performance

Annualized Returns (as of 9

Strategy Name

1 yr.

3 yr.

INTECH Large Cap Growth Portfolio


Net of Advisory Fees
S&P 500 Growth Index

1.91%
4.85%

3.15%
4.47%

INTECH Broad Large Cap Growth Portfolio


Net of Advisory Fees
Russell 1000 Growth Index

4.35%
3.78%

3.71%
4.69%

INTECH Enhanced Plus Portfolio


Net of Advisory Fees
S&P 500 Index

1.73%
1.15%

1.42%
1.23%

INTECH Broad Enhanced Plus Portfolio


Net of Advisory Fees
Russell 1000 Growth Index

1.82%
0.91%

1.68%
1.61%

INTECH Enhanced Index Portfolio


Net of Advisory Fees
S&P 500 Index

1.01%
1.15%

1.36%
1.23%

INTECH Large Cap Core Portfolio


Net of Advisory Fees
S&P 500 Index

1.09%
1.15%

1.00%
1.23%

INTECH Large Cap Value Portfolio


Net of Advisory Fees
S&P 500 Value Index

-0.91%
-2.66%

-1.63%
-2.19%

INTECH Broad Large Cap Value Portfolio


Net of Advisory Fees
Russell 1000 Value Index

-0.03%
-1.89%

-0.55%
-1.52%

INTECH Global Core Portfolio


Net of Advisory Fees
MSCI World Index

-2.59%
-3.83%

-0.02%
0.50%

INTECH International Equity Portfolio


Net of Advisory Fees
MSCI EAFE Index Gross

-8.75%
-8.94%

-0.96%
-0.66%

INTECH Boad Large Cap Core 130/30 Portfolio


Net of Advisory Fees
Russell 1000 Index

3.54%
3.78%

4.10%
4.69%

INTECH Market Neutral Portfolio


Net of Advisory Fees
3 Month Libor

1.19%
0.29%

-0.14%
0.59%

Annualized Returns (as of 9/10/2011)

5 yr.

Since
Strategy
Inception

10 yr.

0.26%
1.41%

4.72%
2.98%

10.82%
7.43%

0.10%
1.62%

3.70%
3.01%

-0.33%
-2.39%

-0.85%
-1.18%

4.30%
2.82%

9.09%
7.99%

-0.83%
-0.91%

4.32%
3.28%

3.25%
2.10%

-83.00%
-1.18%

3.48%
2.82%

2.86%
1.99%

-1.27%
-1.18%

4.57%
2.82%

2.89%
1.27%

-2.92%
-3.88%

3.92%
2.46%

8.36%
6.69%

-2.33%
-3.53%

N/A
N/A

2.89%
1.98%

-0.64%
-1.68%

N/A
N/A

2.88%
1.75%

N/A
N/A

N/A
N/A

-2.02%
-3.80%

0.71%
1.62%

N/A
N/A

1.11%
1.84%

N/A
N/A

N/A
N/A

1.75%
1.99%

Fund Name

Assets Under
Management
($B)

Janus Twenty
Janus Research
Janus Forty
Janus Balanced
Janus Enterprise
Janus Venture

$9.8
$3.3
$6.9
$5.9
$2.6
$1.1

Total AUM:

$29.6

$22.6
$165.5
13.7%

Overall
rating

Three Year
Rating

Five Year
Rating

Ten Year
Rating

Performance fees
Mutual Funds with Performance Fees
(AUM in millions, performance fees in $ in 000's)

Ticker

EOP AUM
3/31/2010

Contraian Funds
Janus Contrarian Fund

JSVAX

$4,469

Worldwide Funds
Janus Worldwide Fund
Janus Aspen Fund

JANWX
JAGRX

$2,505
$807

Research Fund
Janus Research Fund

JNRCX

$3,237

Global Research Fund


Janus Global Research Fund

JANGX

$235

Global Real Estate


Janus Global Real Estate Fund

JNGSX

$25

International Equity Fund


Janus International Equity Fund

JNISX

$220

International Forty Fund


Janus International Forty Fund

JNIFX

$11

JIRMX

$307
$9

Perkins Mid Cap Value Funds


Perkins Mid Cap Value Fund
Janus Aspen Perkins Mid Cap Value Portfolio

JNMCX
JAMVX

$12,394
$118

Perkins Small Cap Value Funds


Perkins Small Cap Value Fund

JNPSX

$2,425

Perkins Large Cap Value Funds


Perkins Large Cap Value Fund

JNPLX

$74

INTECH Risk Managed Funds


INTECH Risk Managed Core Funds
Janus Aspen INTECH Risk Managed Core Portfolio

Total

$26,835

Performance
Hurdle vs.
Benchmark

Base
Fee

Performance
Fee

S&P 500 Index

0.64%

15bps

7.0%

-251.3

MSCI World Index


MSCI World Index

0.60%
0.60%

15bps
15bps

6.0%
6.0%

-195.9
-41.9

Russell 1000 Growth Index

0.64%

15bps

5.0%

381.3

MSCI World Growth Index

0.64%

15bps

6.0%

78

FTSE EPRA/NAREIT Developed Index

0.75%

15bps

4.0%

3.1

MSCI EAFE Index

0.68%

15bps

7.0%

38.4

MSCI All Country World ex-U.S. Index

0.73%

15bps

6.0%

0.2

S&P 500 Index


S&P 500 Index

0.50%
0.50%

15bps
15bps

4.0%
4.0%

-91.1
-5.9

Russell Midcap Value Index


Russell Midcap Value Index

0.64%
0.64%

15bps
15bps

4.0%
4.0%

2745.9
30.4

Russell Midcap Value Index

0.72%

15bps

5.5%

463.1

Russell Midcap Value Index

0.64%

15bps

3.5%

4.8

Benchmark

1Q 2010 P&L Impact


of Performance Fees

$3,159.10

$28.60
$15.03
$4.84
$20.71
$1.50
$0.19
$1.50
$0.08
$1.54
$0.04
$79.32
$0.76
$17.46
$0.47

JNS Model Highlights

2008

Investment Management Fees


Performance Fees
Net Revenues

878.5
16.5
1,090.1

826.7
27.6
1,037.9

684.0
28.9
848.7

834.6
32.6
1,015.7

Compensation and benefits


Total operating expenses

421.6
739.9

361.4
704.8

357.6
1,883.8

397.6
734.1

in $ millions

Earnings Per Share

2009

SIG Estimates
2010

2007

$0.60

$0.85

($4.87)

$0.88

Ending Assets under Management ($000's)

206,700

123,500

159,700

169,500

Asset Flows ($000's)

15,000

(5,600)

(5,350)

Compensation & benefits as a % of Revenues


Realization Rate % of Avg AUM
Operating Margin

38.7%
0.478%
32.1%

34.8%
0.517%
32.1%

42.1%
0.503%
-79.8%

(11,000)
39.1%
0.527%
27.7%

SIG Estimates
2011

2010
vs 2009

2011
vs 2010

844.3
(11.7)
981.9

22.0%
12.8%
19.7%

1.2%
-135.9%
-3.3%

357.9
670.1

11.2%
-61.0%

-10.0%
-8.7%

-118.0%

-11.4%

148,200

6.1%

-12.6%

(12,200)

105.6%

10.9%

-7.1%
4.6%
-134.7%

-6.9%
-0.5%
14.5%

$0.78

36.4%
0.524%
31.8%

Debt to EBITDA

JNS
BLK
BEN (pro forma)
IVZ
Legg Mason
EV
CLMS
WDR

EBITDA LTD
304
793
3,094
3,191
2,151
900
696
746
553
1,165
357.86
544

2.6x
1.0x
0.4x
1.1x
2.1x
1.5x

1.5x

Price
Janus
Perkins
INTECH Risk
Janus
Research
MIdCap
Managed
Janus Fund Twenty
Core
Value
Janus Forty S&P 500
JIRMX
JANDX
JNTFX
JNRCX
JNMCX
JARTX
SPX
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1216.960
1216.100
1213.610
1213.880
1200.730
1191.570
1190.690
1201.570
1199.850
1191.330
1194.440
1204.990
1194.940
1197.870
1211.860
1219.440
1222.210
1223.290
1226.500
1227.920
1221.130
1229.350
1235.200
1227.040
1233.675
1229.030
1231.160
1236.790
1243.720
1234.180
1235.350
1244.120
1245.040
1235.860
1226.420
1223.130
1231.380
1229.130
1237.810
1230.390
1233.870
1219.340
1220.240
1219.020
1219.710
1221.730
1217.570
1209.590
1212.395
1205.100

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Err:512
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Err:512
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Err:512
Err:512
Err:512

1212.280
1208.410
1220.330
1221.590
1218.020
1233.390
1236.360
1231.670
1241.480
1240.560
1231.200
1227.160
1227.730
1237.910
1231.020
1221.340
1210.200
1214.620
1215.290
1215.630
1215.660
1216.890
1227.680
1228.810
1226.700
1214.470
1196.390
1191.490
1195.900
1187.330
1184.870
1177.680
1176.840
1186.570
1190.100
1178.140
1195.760
1177.800
1179.590
1199.380
1196.540
1191.380
1178.900
1198.410
1207.010
1202.760
1214.760
1219.940
1220.140
1222.810
1218.590
1220.650
1230.960
1234.715
1233.760
1229.010
1231.210
1242.800

11/18/05
11/21/05
11/22/05
11/23/05
11/25/05
11/28/05
11/29/05
11/30/05
12/01/05
12/02/05
12/05/05
12/06/05
12/07/05
12/08/05
12/09/05
12/12/05
12/13/05
12/14/05
12/15/05
12/16/05
12/19/05
12/20/05
12/21/05
12/22/05
12/23/05
12/27/05
12/28/05
12/29/05
12/30/05
1/03/06
1/04/06
1/05/06
1/06/06
1/09/06
1/10/06
1/11/06
1/12/06
1/13/06
1/17/06
1/18/06
1/19/06
1/20/06
1/23/06
1/24/06
1/25/06
1/26/06
1/27/06
1/30/06
1/31/06
2/01/06
2/02/06
2/03/06
2/06/06
2/07/06
2/08/06
2/09/06
2/10/06
2/13/06

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
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Err:512
Err:512
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Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
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Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
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Err:512
Err:512
Err:512
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Err:512
Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512

1248.270
1254.850
1261.230
1265.610
1268.250
1257.460
1257.480
1249.480
1264.670
1265.080
1262.090
1263.700
1257.365
1255.840
1259.370
1260.430
1267.425
1272.740
1270.940
1267.320
1259.920
1259.620
1262.790
1268.120
1268.660
1256.540
1258.170
1254.420
1248.290
1268.800
1273.460
1273.480
1285.450
1290.150
1289.690
1294.180
1286.060
1287.610
1282.930
1277.930
1285.040
1261.490
1263.820
1266.860
1264.680
1273.830
1283.720
1285.195
1280.085
1282.460
1270.840
1264.030
1265.020
1254.780
1265.650
1263.780
1266.990
1262.860

2/14/06
2/15/06
2/16/06
2/17/06
2/21/06
2/22/06
2/23/06
2/24/06
2/27/06
2/28/06
3/01/06
3/02/06
3/03/06
3/06/06
3/07/06
3/08/06
3/09/06
3/10/06
3/13/06
3/14/06
3/15/06
3/16/06
3/17/06
3/20/06
3/21/06
3/22/06
3/23/06
3/24/06
3/27/06
3/28/06
3/29/06
3/30/06
3/31/06
4/03/06
4/04/06
4/05/06
4/06/06
4/07/06
4/10/06
4/11/06
4/12/06
4/13/06
4/17/06
4/18/06
4/19/06
4/20/06
4/21/06
4/24/06
4/25/06
4/26/06
4/27/06
4/28/06
5/01/06
5/02/06
5/03/06
5/04/06
5/05/06
5/08/06

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
Err:512
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Err:512
Err:512
Err:512
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Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
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Err:512
Err:512
Err:512

Err:512
Err:512
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Err:512
Err:512
Err:512
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Err:512
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Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
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Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
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Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512

1275.530
1280.000
1289.380
1287.240
1283.030
1292.670
1287.790
1289.430
1294.120
1280.660
1291.240
1289.140
1287.230
1278.260
1275.880
1278.470
1272.230
1281.580
1284.130
1297.480
1303.020
1305.330
1307.250
1305.080
1297.230
1305.040
1301.670
1302.950
1301.610
1293.230
1302.890
1300.250
1294.830
1297.810
1305.930
1311.560
1309.040
1295.500
1296.600
1286.570
1288.120
1289.120
1285.330
1307.650
1309.930
1311.460
1311.280
1308.110
1301.740
1305.410
1309.720
1310.610
1305.190
1313.210
1307.850
1312.250
1325.760
1324.660

5/09/06
5/10/06
5/11/06
5/12/06
5/15/06
5/16/06
5/17/06
5/18/06
5/19/06
5/22/06
5/23/06
5/24/06
5/25/06
5/26/06
5/30/06
5/31/06
6/01/06
6/02/06
6/05/06
6/06/06
6/07/06
6/08/06
6/09/06
6/12/06
6/13/06
6/14/06
6/15/06
6/16/06
6/19/06
6/20/06
6/21/06
6/22/06
6/23/06
6/26/06
6/27/06
6/28/06
6/29/06
6/30/06
7/03/06
7/05/06
7/06/06
7/07/06
7/10/06
7/11/06
7/12/06
7/13/06
7/14/06
7/17/06
7/18/06
7/19/06
7/20/06
7/21/06
7/24/06
7/25/06
7/26/06
7/27/06
7/28/06
7/31/06

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512

Err:512
Err:512
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Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512

1325.140
1322.850
1305.920
1291.240
1294.504
1292.080
1270.320
1261.810
1267.030
1262.070
1256.580
1258.570
1272.880
1280.160
1259.840
1270.090
1285.710
1288.220
1265.290
1263.850
1256.150
1257.930
1252.300
1236.400
1223.690
1230.040
1256.160
1251.540
1240.140
1240.120
1252.200
1245.600
1244.500
1250.560
1239.200
1246.000
1272.870
1270.200
1280.190
1270.910
1274.080
1265.480
1267.340
1272.520
1258.600
1242.290
1236.200
1234.490
1236.860
1259.810
1249.130
1240.290
1260.910
1268.880
1268.400
1263.200
1278.550
1276.660

8/01/06
8/02/06
8/03/06
8/04/06
8/07/06
8/08/06
8/09/06
8/10/06
8/11/06
8/14/06
8/15/06
8/16/06
8/17/06
8/18/06
8/21/06
8/22/06
8/23/06
8/24/06
8/25/06
8/28/06
8/29/06
8/30/06
8/31/06
9/01/06
9/05/06
9/06/06
9/07/06
9/08/06
9/11/06
9/12/06
9/13/06
9/14/06
9/15/06
9/18/06
9/19/06
9/20/06
9/21/06
9/22/06
9/25/06
9/26/06
9/27/06
9/28/06
9/29/06
10/02/06
10/03/06
10/04/06
10/05/06
10/06/06
10/09/06
10/10/06
10/11/06
10/12/06
10/13/06
10/16/06
10/17/06
10/18/06
10/19/06
10/20/06

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
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Err:512
Err:512
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Err:512
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Err:512
Err:512
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Err:512
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Err:512
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Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512

1270.920
1278.550
1280.270
1279.360
1275.770
1271.480
1265.950
1271.810
1266.740
1268.210
1285.580
1295.430
1297.480
1302.300
1297.520
1298.820
1292.990
1296.060
1295.090
1301.780
1304.280
1304.270
1303.820
1311.010
1313.250
1300.260
1294.020
1298.920
1299.540
1313.110
1318.070
1316.280
1319.870
1321.180
1318.310
1325.180
1318.030
1314.780
1326.370
1336.340
1336.590
1339.150
1335.850
1331.320
1334.110
1350.220
1353.220
1349.580
1350.660
1353.420
1349.950
1362.830
1365.620
1369.050
1364.050
1365.960
1366.960
1368.600

10/23/06
10/24/06
10/25/06
10/26/06
10/27/06
10/30/06
10/31/06
11/01/06
11/02/06
11/03/06
11/06/06
11/07/06
11/08/06
11/09/06
11/10/06
11/13/06
11/14/06
11/15/06
11/16/06
11/17/06
11/20/06
11/21/06
11/22/06
11/24/06
11/27/06
11/28/06
11/29/06
11/30/06
12/01/06
12/04/06
12/05/06
12/06/06
12/07/06
12/08/06
12/11/06
12/12/06
12/13/06
12/14/06
12/15/06
12/18/06
12/19/06
12/20/06
12/21/06
12/22/06
12/26/06
12/27/06
12/28/06
12/29/06
1/03/07
1/04/07
1/05/07
1/08/07
1/09/07
1/10/07
1/11/07
1/12/07
1/16/07
1/17/07

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
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Err:512
Err:512
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Err:512
Err:512
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Err:512
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Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
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Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
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Err:512
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Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
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Err:512
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Err:512
Err:512
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Err:512
Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
Err:512
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Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512

1377.020
1377.380
1382.220
1389.080
1377.340
1377.930
1377.940
1367.810
1367.340
1364.300
1379.780
1382.840
1385.720
1378.330
1380.900
1384.420
1393.220
1396.570
1399.760
1401.200
1400.500
1402.810
1406.090
1400.950
1381.900
1386.720
1399.480
1400.630
1396.710
1409.120
1414.760
1412.900
1407.290
1409.840
1413.040
1411.560
1413.210
1425.490
1427.090
1422.480
1425.550
1423.530
1418.300
1410.760
1416.900
1426.840
1424.730
1418.300
1416.600
1418.340
1409.710
1412.840
1412.110
1414.850
1423.820
1430.730
1431.900
1430.620

1/18/07
1/19/07
1/22/07
1/23/07
1/24/07
1/25/07
1/26/07
1/29/07
1/30/07
1/31/07
2/01/07
2/02/07
2/05/07
2/06/07
2/07/07
2/08/07
2/09/07
2/12/07
2/13/07
2/14/07
2/15/07
2/16/07
2/20/07
2/21/07
2/22/07
2/23/07
2/26/07
2/27/07
2/28/07
3/01/07
3/02/07
3/05/07
3/06/07
3/07/07
3/08/07
3/09/07
3/12/07
3/13/07
3/14/07
3/15/07
3/16/07
3/19/07
3/20/07
3/21/07
3/22/07
3/23/07
3/26/07
3/27/07
3/28/07
3/29/07
3/30/07
4/02/07
4/03/07
4/04/07
4/05/07
4/09/07
4/10/07
4/11/07

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
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Err:512
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Err:512
Err:512
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Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512
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Err:512
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Err:512
Err:512

Err:512
Err:512
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Err:512
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Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512

1426.370
1430.500
1422.950
1427.990
1440.130
1423.900
1422.180
1420.620
1428.820
1438.240
1445.940
1448.390
1446.990
1448.000
1450.020
1448.310
1438.060
1433.370
1444.260
1455.300
1456.810
1455.540
1459.680
1457.630
1456.380
1451.190
1449.370
1399.040
1406.820
1403.170
1387.170
1374.122
1395.410
1391.970
1401.890
1402.850
1406.600
1377.950
1387.170
1392.280
1386.950
1402.060
1410.940
1435.040
1434.540
1436.110
1437.500
1428.610
1417.230
1422.530
1420.860
1424.550
1437.770
1439.370
1443.760
1444.610
1448.390
1438.870

4/12/07
4/13/07
4/16/07
4/17/07
4/18/07
4/19/07
4/20/07
4/23/07
4/24/07
4/25/07
4/26/07
4/27/07
4/30/07
5/01/07
5/02/07
5/03/07
5/04/07
5/07/07
5/08/07
5/09/07
5/10/07
5/11/07
5/14/07
5/15/07
5/16/07
5/17/07
5/18/07
5/21/07
5/22/07
5/23/07
5/24/07
5/25/07
5/29/07
5/30/07
5/31/07
6/01/07
6/04/07
6/05/07
6/06/07
6/07/07
6/08/07
6/11/07
6/12/07
6/13/07
6/14/07
6/15/07
6/18/07
6/19/07
6/20/07
6/21/07
6/22/07
6/25/07
6/26/07
6/27/07
6/28/07
6/29/07
7/02/07
7/03/07

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512

1447.800
1452.850
1468.470
1471.480
1472.500
1470.730
1484.350
1480.930
1480.410
1495.420
1494.250
1494.070
1482.370
1486.300
1495.920
1502.390
1505.620
1509.480
1507.720
1512.580
1491.470
1505.850
1503.150
1501.190
1514.140
1512.750
1522.750
1525.100
1524.120
1522.280
1507.510
1515.730
1518.110
1530.230
1530.620
1536.340
1539.180
1530.950
1517.380
1490.720
1507.670
1509.120
1493.000
1515.670
1522.970
1532.910
1531.050
1533.700
1512.840
1522.190
1502.560
1497.740
1492.890
1506.340
1505.710
1503.350
1519.430
1524.870

7/05/07
7/06/07
7/09/07
7/10/07
7/11/07
7/12/07
7/13/07
7/16/07
7/17/07
7/18/07
7/19/07
7/20/07
7/23/07
7/24/07
7/25/07
7/26/07
7/27/07
7/30/07
7/31/07
8/01/07
8/02/07
8/03/07
8/06/07
8/07/07
8/08/07
8/09/07
8/10/07
8/13/07
8/14/07
8/15/07
8/16/07
8/17/07
8/20/07
8/21/07
8/22/07
8/23/07
8/24/07
8/27/07
8/28/07
8/29/07
8/30/07
8/31/07
9/04/07
9/05/07
9/06/07
9/07/07
9/10/07
9/11/07
9/12/07
9/13/07
9/14/07
9/17/07
9/18/07
9/19/07
9/20/07
9/21/07
9/24/07
9/25/07

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
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Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
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Err:512
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Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512

1525.400
1530.440
1531.850
1510.120
1518.760
1547.700
1552.500
1549.520
1549.370
1546.170
1553.080
1534.100
1541.570
1511.040
1518.090
1482.660
1458.950
1473.910
1455.270
1465.810
1472.200
1433.060
1467.670
1476.710
1497.490
1453.090
1453.640
1452.920
1426.540
1406.700
1411.270
1445.940
1445.550
1447.120
1464.070
1462.500
1479.370
1466.790
1432.360
1463.760
1457.640
1473.990
1489.420
1472.290
1478.550
1453.550
1451.700
1471.490
1471.560
1483.950
1484.250
1476.650
1519.780
1529.030
1518.750
1525.750
1517.730
1517.210

9/26/07
9/27/07
9/28/07
10/01/07
10/02/07
10/03/07
10/04/07
10/05/07
10/08/07
10/09/07
10/10/07
10/11/07
10/12/07
10/15/07
10/16/07
10/17/07
10/18/07
10/19/07
10/22/07
10/23/07
10/24/07
10/25/07
10/26/07
10/29/07
10/30/07
10/31/07
11/01/07
11/02/07
11/05/07
11/06/07
11/07/07
11/08/07
11/09/07
11/12/07
11/13/07
11/14/07
11/15/07
11/16/07
11/19/07
11/20/07
11/21/07
11/23/07
11/26/07
11/27/07
11/28/07
11/29/07
11/30/07
12/03/07
12/04/07
12/05/07
12/06/07
12/07/07
12/10/07
12/11/07
12/12/07
12/13/07
12/14/07
12/17/07

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
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Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
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Err:512
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Err:512
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Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
Err:512
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Err:512
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Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512

1525.420
1531.380
1526.750
1547.040
1546.630
1539.590
1542.840
1557.590
1552.580
1565.150
1562.470
1554.410
1561.800
1548.710
1538.530
1541.240
1540.080
1500.630
1506.330
1519.590
1515.880
1514.400
1535.280
1540.980
1531.020
1549.380
1508.440
1509.650
1502.170
1520.270
1475.620
1474.770
1453.700
1439.180
1481.050
1470.580
1451.150
1458.740
1433.270
1439.700
1416.770
1440.700
1407.220
1428.230
1469.020
1469.720
1481.140
1472.420
1462.790
1485.010
1507.340
1504.660
1515.960
1477.650
1486.590
1488.410
1467.950
1445.900

12/18/07
12/19/07
12/20/07
12/21/07
12/24/07
12/26/07
12/27/07
12/28/07
12/31/07
1/02/08
1/03/08
1/04/08
1/07/08
1/08/08
1/09/08
1/10/08
1/11/08
1/14/08
1/15/08
1/16/08
1/17/08
1/18/08
1/22/08
1/23/08
1/24/08
1/25/08
1/28/08
1/29/08
1/30/08
1/31/08
2/01/08
2/04/08
2/05/08
2/06/08
2/07/08
2/08/08
2/11/08
2/12/08
2/13/08
2/14/08
2/15/08
2/19/08
2/20/08
2/21/08
2/22/08
2/25/08
2/26/08
2/27/08
2/28/08
2/29/08
3/03/08
3/04/08
3/05/08
3/06/08
3/07/08
3/10/08
3/11/08
3/12/08

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512

1454.980
1453.000
1460.120
1484.460
1496.450
1497.660
1476.370
1478.490
1468.360
1447.160
1447.160
1411.630
1416.180
1390.190
1409.130
1420.330
1401.020
1416.250
1380.950
1373.200
1333.250
1325.190
1310.500
1338.600
1352.070
1330.610
1353.970
1362.300
1355.810
1378.550
1395.420
1380.820
1336.640
1326.450
1336.910
1331.290
1339.130
1348.860
1367.210
1348.860
1349.990
1348.780
1360.030
1342.530
1353.110
1371.800
1381.290
1380.020
1367.680
1330.630
1331.340
1326.750
1333.700
1304.340
1293.370
1273.370
1320.650
1308.770

3/13/08
3/14/08
3/17/08
3/18/08
3/19/08
3/20/08
3/24/08
3/25/08
3/26/08
3/27/08
3/28/08
3/31/08
4/01/08
4/02/08
4/03/08
4/04/08
4/07/08
4/08/08
4/09/08
4/10/08
4/11/08
4/14/08
4/15/08
4/16/08
4/17/08
4/18/08
4/21/08
4/22/08
4/23/08
4/24/08
4/25/08
4/28/08
4/29/08
4/30/08
5/01/08
5/02/08
5/05/08
5/06/08
5/07/08
5/08/08
5/09/08
5/12/08
5/13/08
5/14/08
5/15/08
5/16/08
5/19/08
5/20/08
5/21/08
5/22/08
5/23/08
5/27/08
5/28/08
5/29/08
5/30/08
6/02/08
6/03/08
6/04/08

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
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Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
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Err:512

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
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Err:512
Err:512
Err:512

1315.480
1288.140
1276.600
1330.740
1298.420
1329.510
1349.880
1352.990
1341.130
1325.760
1315.220
1322.700
1370.180
1367.530
1369.310
1370.400
1372.540
1365.540
1354.490
1360.550
1332.830
1328.320
1334.430
1364.710
1365.560
1390.330
1388.170
1375.940
1379.930
1388.820
1397.840
1396.370
1390.940
1385.590
1409.340
1413.900
1407.490
1418.260
1392.570
1397.680
1388.280
1403.580
1403.040
1408.660
1423.570
1425.350
1426.630
1413.400
1390.710
1394.350
1375.930
1385.350
1390.840
1398.260
1400.380
1385.670
1377.650
1377.200

6/05/08
6/06/08
6/09/08
6/10/08
6/11/08
6/12/08
6/13/08
6/16/08
6/17/08
6/18/08
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6/26/08
6/27/08
6/30/08
7/01/08
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7/03/08
7/07/08
7/08/08
7/09/08
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7/14/08
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7/21/08
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7/29/08
7/30/08
7/31/08
8/01/08
8/04/08
8/05/08
8/06/08
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8/08/08
8/11/08
8/12/08
8/13/08
8/14/08
8/15/08
8/18/08
8/19/08
8/20/08
8/21/08
8/22/08
8/25/08
8/26/08

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
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Err:512
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Err:512
Err:512
Err:512
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Err:512
Err:512
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Err:512
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Err:512
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Err:512
Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
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Err:512
Err:512
Err:512

1404.050
1360.680
1361.760
1358.440
1335.490
1339.870
1360.030
1360.140
1350.930
1337.810
1342.830
1317.930
1318.000
1314.290
1321.970
1283.150
1278.380
1280.000
1284.910
1261.520
1262.900
1252.310
1273.700
1244.690
1253.390
1239.490
1228.300
1214.910
1245.360
1260.320
1260.680
1260.000
1277.000
1282.190
1252.540
1257.760
1234.370
1263.200
1284.260
1267.380
1260.310
1249.010
1284.880
1289.190
1266.070
1296.320
1305.320
1289.590
1285.830
1292.930
1298.200
1278.600
1266.690
1274.540
1277.720
1292.200
1266.840
1271.510

8/27/08
8/28/08
8/29/08
9/02/08
9/03/08
9/04/08
9/05/08
9/08/08
9/09/08
9/10/08
9/11/08
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9/18/08
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9/22/08
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9/25/08
9/26/08
9/29/08
9/30/08
10/01/08
10/02/08
10/03/08
10/06/08
10/07/08
10/08/08
10/09/08
10/10/08
10/13/08
10/14/08
10/15/08
10/16/08
10/17/08
10/20/08
10/21/08
10/22/08
10/23/08
10/24/08
10/27/08
10/28/08
10/29/08
10/30/08
10/31/08
11/03/08
11/04/08
11/05/08
11/06/08
11/07/08
11/10/08
11/11/08
11/12/08
11/13/08
11/14/08
11/17/08

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
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Err:512
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Err:512
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Err:512
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Err:512
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Err:512
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Err:512
Err:512
Err:512
Err:512

1281.660
1300.680
1282.830
1277.580
1274.980
1236.830
1242.310
1267.790
1224.510
1232.040
1249.050
1251.700
1192.700
1213.590
1156.390
1206.510
1255.080
1207.090
1188.220
1185.870
1209.180
1213.010
1106.390
1166.362
1161.060
1114.280
1099.230
1056.890
996.230
984.940
909.920
899.220
1003.350
998.010
907.840
946.430
940.550
985.400
955.050
896.780
908.110
876.770
848.920
940.510
930.090
954.090
968.750
966.300
1005.750
952.770
904.880
930.990
919.210
898.950
852.300
911.290
873.290
850.750

11/18/08
11/19/08
11/20/08
11/21/08
11/24/08
11/25/08
11/26/08
11/28/08
12/01/08
12/02/08
12/03/08
12/04/08
12/05/08
12/08/08
12/09/08
12/10/08
12/11/08
12/12/08
12/15/08
12/16/08
12/17/08
12/18/08
12/19/08
12/22/08
12/23/08
12/24/08
12/26/08
12/29/08
12/30/08
12/31/08
1/02/09
1/05/09
1/06/09
1/07/09
1/08/09
1/09/09
1/12/09
1/13/09
1/14/09
1/15/09
1/16/09
1/20/09
1/21/09
1/22/09
1/23/09
1/26/09
1/27/09
1/28/09
1/29/09
1/30/09
2/02/09
2/03/09
2/04/09
2/05/09
2/06/09
2/09/09
2/10/09
2/11/09

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
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Err:512
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Err:512
Err:512
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Err:512
Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
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Err:512
Err:512
Err:512

859.120
806.580
752.440
800.030
851.810
857.390
887.680
896.240
816.210
848.810
870.740
845.220
876.070
909.700
888.670
899.240
873.590
879.730
868.570
913.180
904.420
885.280
887.880
871.630
863.160
868.150
872.800
869.420
890.640
903.250
931.800
927.450
934.700
906.650
909.730
890.350
870.260
871.790
842.620
843.740
850.120
805.220
840.240
827.500
831.950
836.570
845.710
874.090
845.140
825.880
825.440
838.510
832.230
845.850
868.600
869.890
827.160
833.740

2/12/09
2/13/09
2/17/09
2/18/09
2/19/09
2/20/09
2/23/09
2/24/09
2/25/09
2/26/09
2/27/09
3/02/09
3/03/09
3/04/09
3/05/09
3/06/09
3/09/09
3/10/09
3/11/09
3/12/09
3/13/09
3/16/09
3/17/09
3/18/09
3/19/09
3/20/09
3/23/09
3/24/09
3/25/09
3/26/09
3/27/09
3/30/09
3/31/09
4/01/09
4/02/09
4/03/09
4/06/09
4/07/09
4/08/09
4/09/09
4/13/09
4/14/09
4/15/09
4/16/09
4/17/09
4/20/09
4/21/09
4/22/09
4/23/09
4/24/09
4/27/09
4/28/09
4/29/09
4/30/09
5/01/09
5/04/09
5/05/09
5/06/09

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512
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Err:512
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Err:512
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Err:512
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Err:512

835.190
826.840
789.170
788.420
778.940
770.050
743.330
773.140
764.900
752.830
735.090
700.820
696.330
712.870
682.550
683.380
676.530
719.600
721.360
750.740
756.550
753.890
778.120
794.350
784.040
768.540
822.920
806.120
813.880
832.860
815.940
787.530
797.870
811.080
834.380
842.500
835.480
815.550
825.160
856.560
858.730
841.500
852.060
865.300
869.600
832.390
850.080
843.550
851.920
866.230
857.510
855.160
873.640
872.810
877.520
907.240
903.800
919.530

5/07/09
5/08/09
5/11/09
5/12/09
5/13/09
5/14/09
5/15/09
5/18/09
5/19/09
5/20/09
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6/01/09
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6/05/09
6/08/09
6/09/09
6/10/09
6/11/09
6/12/09
6/15/09
6/16/09
6/17/09
6/18/09
6/19/09
6/22/09
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6/24/09
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6/29/09
6/30/09
7/01/09
7/02/09
7/06/09
7/07/09
7/08/09
7/09/09
7/10/09
7/13/09
7/14/09
7/15/09
7/16/09
7/17/09
7/20/09
7/21/09
7/22/09
7/23/09
7/24/09
7/27/09
7/28/09
7/29/09

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
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Err:512
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Err:512
Err:512
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Err:512
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Err:512
Err:512
Err:512
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Err:512
Err:512
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Err:512
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Err:512
Err:512
Err:512

907.390
929.230
909.240
908.350
883.920
893.070
882.880
909.710
908.130
903.470
888.330
887.000
910.330
893.060
906.830
919.140
942.870
944.740
931.760
942.460
940.090
939.140
942.430
939.150
944.890
946.210
923.720
911.970
910.710
918.370
921.230
893.040
895.100
900.940
920.260
918.900
927.230
919.320
923.330
896.430
898.720
881.030
879.560
882.680
879.130
901.050
905.840
932.680
940.740
940.380
951.130
954.580
954.070
976.290
979.260
982.180
979.620
975.150

7/30/09
7/31/09
8/03/09
8/04/09
8/05/09
8/06/09
8/07/09
8/10/09
8/11/09
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8/31/09
9/01/09
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9/11/09
9/14/09
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9/18/09
9/21/09
9/22/09
9/23/09
9/24/09
9/25/09
9/28/09
9/29/09
9/30/09
10/01/09
10/02/09
10/05/09
10/06/09
10/07/09
10/08/09
10/09/09
10/12/09
10/13/09
10/14/09
10/15/09
10/16/09
10/19/09
10/20/09

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
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Err:512
Err:512
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Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512
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Err:512
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Err:512
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Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
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Err:512
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986.750
987.480
1002.630
1005.650
1002.720
997.080
1010.480
1007.100
994.350
1005.810
1012.730
1004.090
979.730
989.670
996.460
1007.370
1026.130
1025.570
1028.000
1028.120
1030.980
1028.930
1020.620
998.040
994.750
1003.240
1016.400
1025.390
1033.370
1044.140
1042.730
1049.340
1052.630
1068.760
1065.490
1068.300
1064.660
1071.660
1060.870
1050.780
1044.380
1062.980
1060.610
1057.080
1029.850
1025.210
1040.460
1054.720
1057.580
1065.480
1071.490
1076.190
1073.190
1092.020
1096.560
1087.680
1097.910
1091.060

10/21/09
10/22/09
10/23/09
10/26/09
10/27/09
10/28/09
10/29/09
10/30/09
11/02/09
11/03/09
11/04/09
11/05/09
11/06/09
11/09/09
11/10/09
11/11/09
11/12/09
11/13/09
11/16/09
11/17/09
11/18/09
11/19/09
11/20/09
11/23/09
11/24/09
11/25/09
11/27/09
11/30/09
12/01/09
12/02/09
12/03/09
12/04/09
12/07/09
12/08/09
12/09/09
12/10/09
12/11/09
12/14/09
12/15/09
12/16/09
12/17/09
12/18/09
12/21/09
12/22/09
12/23/09
12/24/09
12/28/09
12/29/09
12/30/09
12/31/09
1/04/10
1/05/10
1/06/10
1/07/10
1/08/10
1/11/10
1/12/10
1/13/10

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
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Err:512
Err:512
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Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512

Err:512
Err:512
Err:512
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Err:512
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Err:512
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Err:512
Err:512
Err:512
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Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
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Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512

1081.400
1092.910
1079.600
1066.950
1063.410
1042.630
1066.110
1036.190
1042.880
1045.410
1046.500
1066.630
1069.300
1093.080
1093.010
1098.510
1087.240
1093.480
1109.300
1110.317
1109.800
1094.900
1091.380
1106.240
1105.650
1110.630
1091.490
1095.630
1108.860
1109.240
1099.920
1105.980
1103.250
1091.940
1095.950
1102.350
1106.410
1114.110
1107.930
1109.180
1096.080
1102.470
1114.050
1118.020
1120.590
1126.480
1127.780
1126.200
1126.420
1115.100
1132.990
1136.520
1137.140
1141.690
1144.980
1146.980
1136.220
1145.680

1/14/10
1/15/10
1/19/10
1/20/10
1/21/10
1/22/10
1/25/10
1/26/10
1/27/10
1/28/10
1/29/10
2/01/10
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2/03/10
2/04/10
2/05/10
2/08/10
2/09/10
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3/03/10
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3/05/10
3/08/10
3/09/10
3/10/10
3/11/10
3/12/10
3/15/10
3/16/10
3/17/10
3/18/10
3/19/10
3/22/10
3/23/10
3/24/10
3/25/10
3/26/10
3/29/10
3/30/10
3/31/10
4/01/10
4/05/10
4/06/10
4/07/10
4/08/10

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
11.150
11.190
11.260
11.280
11.260
11.130
11.240
11.250
11.270
11.410
11.430
11.430
11.470
11.640
11.640
11.660
11.720
11.770
11.770
11.770
11.870
11.930
11.930
11.870
11.950
12.030
11.960
11.950
11.960
12.030
12.040
12.000
12.090
12.200
12.210
12.140
12.180

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
25.620
25.800
25.970
25.980
25.870
25.560
25.790
25.710
25.760
26.110
26.220
26.260
26.280
26.620
26.600
26.730
26.830
26.860
26.830
26.780
27.000
27.080
27.080
26.940
27.060
27.240
27.040
26.920
26.930
27.130
27.220
27.110
27.240
27.480
27.490
27.450
27.500

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
59.950
60.410
60.900
60.870
60.630
59.790
60.530
60.360
60.680
61.210
61.390
61.560
61.610
62.570
62.760
62.990
63.390
63.540
63.440
63.310
63.800
64.080
64.010
63.590
63.860
64.260
63.970
63.730
63.850
64.210
64.200
63.970
63.940
64.240
64.570
64.390
64.540

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
18.850
18.970
19.090
19.120
19.070
18.820
19.000
18.970
19.070
19.230
19.300
19.320
19.360
19.610
19.630
19.670
19.760
19.830
19.780
19.710
19.820
19.930
19.930
19.850
19.920
20.040
19.920
19.870
19.900
20.030
20.060
20.000
20.200
20.390
20.370
20.310
20.330

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
19.810
19.900
20.000
20.050
20.020
19.820
19.960
19.980
20.000
20.230
20.310
20.320
20.330
20.590
20.610
20.600
20.680
20.770
20.770
20.750
20.900
21.040
20.970
20.800
20.910
21.000
20.870
20.790
20.790
20.930
20.960
20.910
21.100
21.300
21.310
21.200
21.230

1148.460
1136.030
1150.230
1138.040
1116.480
1091.760
1096.780
1092.170
1097.500
1084.530
1073.870
1089.190
1103.320
1097.280
1063.110
1066.190
1056.740
1070.520
1068.130
1078.470
1075.510
1094.870
1099.510
1106.750
1109.170
1108.010
1094.600
1105.240
1102.940
1104.490
1115.710
1118.310
1118.790
1122.970
1138.700
1138.500
1140.450
1145.610
1150.240
1149.990
1150.510
1159.460
1166.210
1165.830
1159.900
1165.810
1174.170
1167.720
1165.730
1166.590
1173.220
1173.270
1169.430
1178.100
1187.439
1189.440
1182.450
1186.440

4/09/10
4/12/10
4/13/10
4/14/10
4/15/10
4/16/10
4/19/10
4/20/10
4/21/10
4/22/10
4/23/10
4/26/10
4/27/10
4/28/10
4/29/10
4/30/10
5/03/10
5/04/10
5/05/10
5/06/10
5/07/10
5/10/10
5/11/10
5/12/10
5/13/10
5/14/10
5/17/10
5/18/10
5/19/10
5/20/10
5/21/10
5/24/10
5/25/10
5/26/10
5/27/10
5/28/10
6/01/10
6/02/10
6/03/10
6/04/10
6/07/10
6/08/10
6/09/10
6/10/10
6/11/10
6/14/10
6/15/10
6/16/10
17-Jun-2010
18-Jun-2010
21-Jun-2010
22-Jun-2010
23-Jun-2010
24-Jun-2010
25-Jun-2010
28-Jun-2010
29-Jun-2010
30-Jun-2010

12.270
12.290
12.300
12.450
12.470
12.280
12.310
12.420
12.430
12.480
12.570
12.530
12.240
12.310
12.470
12.220
12.390
12.090
12.010
11.630
11.420
11.940
11.900
12.100
11.960
11.720
11.740
11.570
11.500
11.060
11.230
11.110
11.100
11.070
11.450
11.320
11.130
11.420
11.490
11.080
10.930
11.030
10.980
11.300
11.360
11.360
11.610
11.630
11.660
11.670
11.610
11.430
11.390
11.210
11.230
11.230
10.860
10.750

27.640
27.650
27.690
27.970
28.060
27.620
27.680
27.890
27.820
27.820
27.960
27.820
27.200
27.330
27.740
27.380
27.660
26.900
26.700
25.960
25.540
26.670
26.560
27.010
26.660
26.220
26.230
25.920
25.720
24.790
25.160
24.940
24.930
24.770
25.600
25.320
24.970
25.550
25.680
24.870
24.590
24.700
24.570
25.230
25.450
25.390
25.930
25.960
25.990
26.020
25.910
25.570
25.550
25.130
25.240
25.170
24.380
24.100

64.850
64.820
65.140
65.750
65.930
64.690
64.760
65.070
64.750
65.020
65.380
65.110
63.500
63.750
64.730
63.720
64.410
62.360
62.060
59.890
58.700
61.820
61.550
62.310
61.350
60.220
60.360
59.330
59.070
56.600
57.520
57.160
56.800
56.290
58.500
57.800
57.270
58.660
58.860
56.960
56.040
56.230
55.720
57.310
57.720
57.600
59.200
59.290
59.400
59.460
59.100
58.460
58.450
57.430
57.470
57.420
55.190
54.390

20.440
20.500
20.490
20.750
20.810
20.440
20.480
20.670
20.620
20.550
20.690
20.570
20.060
20.180
20.520
20.220
20.470
19.930
19.730
19.060
18.730
19.580
19.470
19.780
19.500
19.090
19.070
18.790
18.700
17.980
18.270
18.070
18.120
18.050
18.700
18.480
18.090
18.550
18.680
18.050
17.780
17.940
17.840
18.380
18.480
18.450
18.930
18.920
18.940
18.990
18.950
18.630
18.600
18.280
18.410
18.350
17.750
17.630

21.430
21.430
21.480
21.720
21.690
21.420
21.440
21.680
21.690
21.840
22.010
21.890
21.430
21.550
21.800
21.460
21.730
21.260
21.090
20.520
20.150
20.920
20.880
21.190
20.990
20.630
20.690
20.470
20.360
19.670
19.930
19.670
19.700
19.660
20.220
20.000
19.580
20.050
20.160
19.520
19.310
19.480
19.420
19.980
20.100
20.100
20.510
20.460
20.460
20.460
20.330
19.980
19.960
19.670
19.830
19.780
19.200
19.060

30.390
30.440
30.280
29.950
29.920
29.420
29.440
29.410
28.340
27.950

1194.370
1196.480
1197.300
1210.650
1211.670
1192.130
1197.520
1207.170
1205.940
1208.670
1217.280
1212.050
1183.710
1191.360
1206.780
1186.690
1202.260
1173.600
1165.900
1128.150
1110.880
1159.730
1155.790
1171.670
1157.440
1135.680
1136.940
1120.800
1115.050
1071.590
1087.690
1073.650
1074.030
1067.950
1103.060
1089.410
1070.710
1098.380
1102.830
1064.880
1050.470
1062.000
1055.690
1086.840
1091.600
1089.630
1115.230
1114.610
1116.040
1117.510
1113.200
1095.310
1092.040
1073.690
1076.760
1074.570
1041.240
1030.710

01-Jul-2010
02-Jul-2010
05-Jul-2010
06-Jul-2010
07-Jul-2010
08-Jul-2010
09-Jul-2010
12-Jul-2010
13-Jul-2010
14-Jul-2010
15-Jul-2010
16-Jul-2010
19-Jul-2010
20-Jul-2010
21-Jul-2010
22-Jul-2010
23-Jul-2010
26-Jul-2010
27-Jul-2010
28-Jul-2010
29-Jul-2010
30-Jul-2010
02-Aug-2010
03-Aug-2010
04-Aug-2010
05-Aug-2010
06-Aug-2010
09-Aug-2010
10-Aug-2010
11-Aug-2010
12-Aug-2010
13-Aug-2010
16-Aug-2010
17-Aug-2010
18-Aug-2010
19-Aug-2010
20-Aug-2010
23-Aug-2010
24-Aug-2010
25-Aug-2010
26-Aug-2010
27-Aug-2010
30-Aug-2010
31-Aug-2010
01-Sep-2010
02-Sep-2010
03-Sep-2010
06-Sep-2010
07-Sep-2010
08-Sep-2010
09-Sep-2010
10-Sep-2010
13-Sep-2010
14-Sep-2010
15-Sep-2010
16-Sep-2010
17-Sep-2010
20-Sep-2010

10.710
10.650
10.650
10.720
11.060
11.160
11.230
11.230
11.410
11.420
11.430
11.100
11.170
11.270
11.110
11.330
11.440
11.580
11.560
11.450
11.400
11.380
11.620
11.590
11.700
11.690
11.650
11.710
11.650
11.330
11.280
11.230
11.240
11.410
11.430
11.240
11.210
11.150
10.970
11.030
10.940
11.110
10.950
10.950
11.260
11.380
11.530
11.530
11.410
11.500
11.540
11.600
11.730
11.740
11.800
11.810
11.820
12.020

24.020
23.940
23.940
24.070
24.730
24.960
25.100
25.070
25.440
25.450
25.510
24.800
24.890
25.190
24.920
25.420
25.620
25.810
25.680
25.500
25.400
25.430
25.970
25.850
26.100
26.040
25.870
26.040
25.930
25.240
25.150
25.050
25.110
25.400
25.470
25.150
25.140
25.050
24.660
24.720
24.500
24.880
24.570
24.570
25.220
25.410
25.730
25.730
25.580
25.810
25.820
25.960
26.200
26.210
26.300
26.260
26.340
26.660

54.250
54.120
54.120
54.390
55.950
56.290
57.010
57.060
58.040
58.120
58.310
56.360
56.580
57.370
56.540
57.770
58.360
58.850
58.860
58.370
58.250
58.330
59.630
59.470
59.810
59.640
59.450
59.840
59.440
57.580
57.260
56.970
56.960
57.550
57.650
56.760
56.430
56.060
54.990
55.130
54.620
55.310
54.590
54.590
56.220
56.740
57.630
57.630
57.100
57.740
57.840
58.120
58.860
58.930
59.290
59.280
59.470
60.460

17.550
17.500
17.500
17.600
18.140
18.300
18.440
18.430
18.740
18.710
18.710
18.130
18.190
18.450
18.260
18.660
18.800
18.980
18.920
18.750
18.660
18.680
19.100
19.030
19.190
19.170
19.080
19.170
19.080
18.520
18.400
18.340
18.370
18.560
18.600
18.330
18.270
18.210
17.930
17.980
17.820
18.080
17.840
17.840
18.380
18.590
18.840
18.840
18.660
18.790
18.860
18.940
19.190
19.190
19.280
19.230
19.220
19.530

18.980
18.880
18.880
18.910
19.430
19.540
19.670
19.610
19.940
19.890
19.900
19.350
19.450
19.710
19.450
19.860
20.010
20.250
20.100
19.910
19.870
19.910
20.270
20.140
20.300
20.250
20.190
20.320
20.150
19.600
19.520
19.430
19.440
19.700
19.770
19.520
19.460
19.370
19.110
19.220
19.100
19.400
19.160
19.160
19.620
19.820
20.040
20.040
19.780
19.880
19.930
19.990
20.200
20.250
20.310
20.270
20.280
20.540

27.870
27.800
27.800
27.950
28.710
28.870
29.200
29.220
29.700
29.760
29.830
28.890
28.980
29.370
28.960
29.540
29.850
30.080
30.080
29.850
29.780
29.810
30.420
30.340
30.510
30.440
30.340
30.520
30.320
29.440
29.270
29.130
29.120
29.410
29.450
29.020
28.850
28.650
28.120
28.200
27.950
28.280
27.930
27.930
28.690
28.940
29.370
29.370
29.110
29.400
29.450
29.570
29.930
29.970
30.150
30.140
30.240
30.720

1027.370
1022.580
1022.580
1028.060
1060.270
1070.250
1077.960
1078.750
1095.340
1095.170
1096.480
1064.880
1071.250
1083.480
1069.590
1093.670
1102.660
1115.010
1113.840
1106.130
1101.530
1101.600
1125.860
1120.460
1127.240
1125.810
1121.640
1127.790
1121.060
1089.470
1083.610
1079.250
1079.380
1092.540
1094.160
1075.630
1071.690
1067.360
1051.870
1055.330
1047.220
1064.590
1048.920
1049.330
1080.290
1090.100
1104.510
1104.510
1091.840
1098.870
1104.180
1109.550
1121.900
1121.100
1125.070
1124.660
1125.590
1142.710

21-Sep-2010
22-Sep-2010
23-Sep-2010
24-Sep-2010
27-Sep-2010
28-Sep-2010
29-Sep-2010
30-Sep-2010
01-Oct-2010
04-Oct-2010
05-Oct-2010
06-Oct-2010
07-Oct-2010
08-Oct-2010
11-Oct-2010
12-Oct-2010
13-Oct-2010
14-Oct-2010
15-Oct-2010
18-Oct-2010
19-Oct-2010
20-Oct-2010
21-Oct-2010
22-Oct-2010
25-Oct-2010
26-Oct-2010
27-Oct-2010
28-Oct-2010
29-Oct-2010
01-Nov-2010
02-Nov-2010
03-Nov-2010
04-Nov-2010
05-Nov-2010
08-Nov-2010
09-Nov-2010
10-Nov-2010
11-Nov-2010
12-Nov-2010
15-Nov-2010
16-Nov-2010
17-Nov-2010
18-Nov-2010
19-Nov-2010
22-Nov-2010
23-Nov-2010
24-Nov-2010
25-Nov-2010
26-Nov-2010
29-Nov-2010
30-Nov-2010
01-Dec-2010
02-Dec-2010
03-Dec-2010
06-Dec-2010
07-Dec-2010
08-Dec-2010
09-Dec-2010

11.980
11.940
11.860
12.120
12.050
12.130
12.120
12.070
12.090
12.000
12.260
12.170
12.160
12.250
12.240
12.310
12.380
12.350
12.440
12.500
12.310
12.400
12.430
12.500
12.540
12.510
12.490
12.500
12.550
12.550
12.660
12.700
12.880
12.920
12.880
12.790
12.840
12.820
12.660
12.650
12.430
12.460
12.660
12.680
12.740
12.570
12.780
12.780
12.720
12.670
12.600
12.850
13.010
13.040
13.030
13.020
13.050
13.090

26.650
26.560
26.390
26.930
26.780
26.940
26.960
26.840
27.030
26.810
27.300
27.320
27.270
27.440
27.450
27.520
27.810
27.810
27.980
28.080
27.600
27.820
27.960
28.080
28.180
28.130
28.000
28.120
28.190
28.220
28.460
28.420
28.870
28.880
28.820
28.680
28.840
28.650
28.270
28.260
27.790
27.830
28.350
28.400
28.390
27.920
28.340
28.340
28.110
27.950
27.700
28.290
28.670
28.750
28.690
28.770
28.780
28.820

60.380
60.190
60.000
61.290
60.830
61.010
60.780
60.370
60.710
60.240
61.620
61.500
61.380
61.780
61.800
62.170
62.790
62.820
63.490
64.040
62.990
63.480
63.780
63.950
64.000
64.000
63.890
64.400
64.430
64.440
65.030
65.340
66.420
66.320
66.300
65.690
66.080
65.270
64.260
64.340
63.090
63.260
64.370
64.200
64.130
62.820
63.880
63.880
63.470
63.050
62.150
63.560
64.430
64.560
64.180
64.480
64.870
65.110

19.490
19.390
19.250
19.610
19.500
19.620
19.570
19.520
19.630
19.460
19.820
19.820
19.790
19.880
19.880
19.950
20.110
20.040
20.070
20.170
19.830
19.980
20.010
20.010
20.040
20.040
20.000
20.020
20.030
20.040
20.160
20.240
20.630
20.670
20.670
20.510
20.650
20.540
20.260
20.270
19.930
19.980
20.280
20.330
20.260
19.930
20.250
20.250
20.060
20.020
19.870
20.270
20.560
20.640
20.600
20.600
20.670
20.760

20.450
20.350
20.230
20.630
20.520
20.670
20.670
20.680
20.740
20.580
20.930
20.920
20.890
21.020
21.030
21.050
21.240
21.160
21.170
21.250
20.950
21.140
21.130
21.190
21.230
21.220
21.170
21.180
21.230
21.280
21.440
21.500
21.910
22.020
22.010
21.870
22.020
21.970
21.690
21.670
21.320
21.380
21.620
21.670
21.660
21.430
21.730
21.730
21.590
21.560
21.460
21.850
22.100
22.170
22.140
22.150
22.150
22.210

30.670
30.570
30.460
31.090
30.840
30.920
30.810
30.600
30.770
30.540
31.230
31.170
31.110
31.300
31.310
31.480
31.750
31.770
32.110
32.380
31.860
32.070
32.200
32.310
32.330
32.330
32.280
32.520
32.530
32.530
32.820
33.000
33.550
33.520
33.520
33.220
33.410
32.970
32.450
32.490
31.860
31.940
32.480
32.360
32.340
31.680
32.230
32.230
32.030
31.820
31.380
32.110
32.550
32.610
32.450
32.580
32.770
32.900

1139.780
1134.280
1124.830
1148.670
1142.160
1147.700
1144.730
1141.200
1146.240
1137.030
1160.750
1159.970
1158.060
1165.150
1165.320
1169.770
1178.100
1173.810
1176.190
1184.710
1165.900
1178.170
1180.260
1183.080
1185.620
1185.640
1182.450
1183.780
1183.260
1184.380
1193.570
1197.960
1221.060
1225.850
1223.250
1213.400
1218.710
1213.540
1199.210
1197.750
1178.340
1178.590
1196.690
1199.730
1197.840
1180.730
1198.350
1198.350
1189.400
1187.760
1180.550
1206.070
1221.530
1224.710
1223.120
1223.750
1228.280
1233.000

10-Dec-2010
13-Dec-2010
14-Dec-2010
15-Dec-2010
16-Dec-2010
17-Dec-2010
20-Dec-2010
21-Dec-2010
22-Dec-2010
23-Dec-2010
24-Dec-2010
27-Dec-2010
28-Dec-2010
29-Dec-2010
30-Dec-2010
31-Dec-2010
03-Jan-2011
04-Jan-2011
05-Jan-2011
06-Jan-2011
07-Jan-2011
10-Jan-2011
11-Jan-2011
12-Jan-2011

2006
2007
2008
2009
2010
2011

1Q08
2Q08
3Q08
4Q08
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11

Jan-10
Feb-10

13.150
13.120
13.140
13.060
13.160
13.190
13.120
13.180
13.220
13.170
13.170
13.170
13.160
13.190
13.170
13.140
13.300
13.240
13.300
13.270
13.260
13.280
13.320
13.320

28.960
28.960
29.080
28.930
29.080
29.050
29.100
29.210
29.180
29.120
29.120
29.120
29.120
29.190
29.150
29.120
29.380
29.260
29.320
29.290
29.230
29.230
29.380
29.380

65.380
65.240
65.390
64.960
65.380
65.390
65.480
65.870
65.840
65.680
65.680
65.840
65.800
65.970
65.810
65.720
66.590
66.550
66.890
66.870
66.650
66.570
66.810
66.810

20.900
20.910
20.950
20.840
20.940
20.940
20.850
20.980
21.070
21.030
21.030
21.040
21.050
21.090
21.070
21.080
21.310
21.240
21.290
21.270
21.200
21.190
21.290
21.290

22.360
22.370
22.390
22.280
22.400
22.420
22.270
22.410
22.510
22.480
22.480
22.530
22.540
22.590
22.600
22.570
22.760
22.600
22.690
22.620
22.600
22.610
22.750
22.750

1.4%

0.9%

1.7%

1.0%

0.8%

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
-10.4%
12.3%
8.9%
1.4%

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
-11.1%
11.4%
8.5%
0.9%

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
-15.0%
11.0%
8.9%
1.7%

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
-11.9%
10.7%
8.0%
1.0%

Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
Err:512
-8.8%
8.5%
9.1%
0.8%

33.030
32.950
33.020
32.800
33.030
33.030
33.090
33.280
33.370
33.280
33.280
33.360
33.340
33.420
33.340
33.290
33.760
33.740
33.930
33.910
33.790
33.780
33.910
33.910

1240.400
1240.460
1241.590
1235.230
1242.870
1243.910
1247.080
1254.600
1258.840
1256.770
1256.770
1257.540
1258.510
1259.780
1257.880
1257.640
1271.890
1270.200
1276.560
1273.850
1271.500
1269.750
1274.480
1280.990

1.9%

13.6%
3.5%
-38.5%
23.5%
12.8%
1.9%

#DIV/0!
9.5%
8.8%
1.9%

-9.9%
-3.2%
-8.9%
-22.6%
-11.7%
15.2%
15.0%
5.5%
4.9%
-11.9%
10.7%
10.2%
1.9%

-3.7%
2.9%

Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11

6.5%
1.8%
-7.4%
-5.0%
5.9%
-3.8%
10.2%
4.0%
0.4%
4.3%
1.4%

5.2%
1.0%
-7.5%
-4.8%
5.5%
-3.4%
9.2%
5.0%
-1.7%
5.1%
0.9%

5.4%
-0.4%
-9.3%
-5.9%
7.2%
-6.4%
10.6%
6.7%
-3.5%
5.7%
1.7%

4.9%
1.1%
-8.6%
-4.6%
6.0%
-4.5%
9.4%
2.6%
-0.8%
6.1%
1.0%

4.6%
2.6%
-6.8%
-4.7%
4.5%
-3.8%
7.9%
2.7%
1.1%
5.2%
0.8%

6.7%
-6.3%
9.6%
6.3%
-3.5%
6.1%
1.9%

5.9%
1.5%
-8.2%
-5.4%
6.9%
-4.7%
8.8%
3.7%
-0.2%
6.5%
1.9%

MSCI World
Index
Citi Big Bond
892400
SBBIG
320.667
320.274
320.170
320.748
319.209
317.144
315.931
318.496
318.872
317.780
319.158
320.997
320.305
319.182
322.388
324.478
324.613
325.449
326.411
326.407
325.454
327.248
328.347
327.290
328.229
327.903
328.140
329.687
331.173
330.004
330.505
332.731
332.939
330.992
328.778
328.837
330.837
331.913
333.238
331.979
332.331
330.040
329.671
328.796
329.841
331.025
329.810
328.362
327.926
326.391

1002.681
1002.243
1004.486
1008.723
1007.902
1009.568
1010.495
1008.313
1007.437
1009.302
1005.969
1003.233
1004.656
1006.086
1003.826
1004.511
1003.066
1002.458
1002.284
1002.655
1001.069
1002.317
1003.495
999.193
1001.455
1000.778
1001.080
1000.623
1003.509
1000.429
998.879
998.239
999.923
999.155
995.925
994.961
996.262
996.584
999.137
1002.596
1001.478
1003.501
1001.477
1004.143
1004.276
1004.544
1005.674
1005.938
1007.039
1005.710

327.039
327.257
329.886
331.217
330.854
334.161
335.018
333.967
336.222
336.883
335.051
334.875
335.751
337.830
337.131
336.798
334.541
334.670
335.180
337.542
337.241
339.018
341.064
341.382
341.919
340.617
336.141
332.486
332.972
332.236
332.982
330.731
328.993
330.153
330.804
328.579
328.379
326.091
326.327
330.076
329.817
330.004
327.105
329.512
333.838
334.623
337.180
339.514
339.957
340.777
340.151
340.133
341.330
343.348
343.108
341.982
342.520
345.473

1006.517
1009.956
1013.211
1014.151
1013.991
1011.651
1009.268
1009.226
1009.879
1008.619
1010.085
1008.954
1007.261
1005.060
1006.210
1006.003
1008.056
1008.607
1005.781
1004.331
1003.862
1005.416
1004.295
1002.455
1000.220
1000.690
1001.550
1001.576
1002.006
1002.383
1001.374
998.673
997.517
996.672
996.999
997.672
998.475
998.522
1001.552
999.565
996.874
993.083
994.346
994.038
994.701
993.715
992.150
990.021
989.365
990.527
994.023
990.953
994.362
994.490
992.392
994.428
997.487
999.178

347.668
348.920
349.800
351.129
351.822
350.037
350.003
347.975
352.233
353.814
353.374
354.057
353.401
352.419
353.319
354.319
355.684
355.665
354.676
354.861
354.307
355.039
357.039
357.871
358.211
356.863
357.524
357.807
355.957
360.420
363.001
363.033
365.451
366.390
365.045
366.942
366.234
365.744
363.530
360.139
363.416
359.504
358.771
359.860
360.884
363.853
368.034
368.638
368.346
369.193
366.754
365.443
366.471
364.346
363.949
365.478
364.701
363.242

997.477
999.756
1001.868
999.857
1002.003
1003.313
1000.005
999.051
997.672
998.046
996.547
1000.118
999.122
1002.068
998.827
998.720
999.858
1003.817
1003.396
1004.607
1005.018
1004.132
1003.295
1005.822
1008.329
1010.689
1009.276
1009.500
1008.936
1010.444
1011.897
1012.186
1011.540
1012.077
1009.850
1008.636
1011.213
1014.613
1015.354
1014.970
1013.561
1014.647
1015.290
1014.070
1010.239
1008.356
1009.317
1008.686
1008.884
1007.116
1007.515
1008.841
1009.013
1008.420
1007.225
1008.219
1006.778
1007.202

365.596
365.622
368.297
368.036
368.549
370.280
370.185
371.025
372.559
368.940
370.817
370.182
369.309
368.863
366.886
365.814
366.579
368.970
371.318
372.977
374.486
374.663
375.625
376.260
375.080
376.152
375.632
376.834
375.923
374.153
376.616
377.961
376.814
379.267
379.648
381.260
382.019
379.815
380.100
377.127
376.044
376.646
375.975
379.982
382.048
382.771
383.848
381.601
380.732
382.146
381.832
380.767
380.237
382.918
381.226
382.315
385.515
386.344

1005.957
1006.658
1007.410
1010.785
1009.858
1011.608
1010.382
1010.895
1010.481
1012.509
1010.522
1008.192
1006.263
1003.979
1004.032
1004.104
1004.866
1003.924
1003.297
1007.488
1006.232
1010.321
1009.208
1010.372
1007.390
1008.048
1006.708
1009.850
1009.075
1005.504
1004.006
1001.717
1002.213
1001.567
1002.135
1003.941
1001.841
998.601
998.876
1000.501
998.703
996.249
998.267
1000.645
998.840
998.429
999.864
1001.549
997.999
996.467
998.377
1000.153
997.104
997.868
996.464
996.379
998.553
998.406

386.655
385.186
381.731
376.166
373.552
372.250
366.239
362.978
363.817
358.505
359.688
358.898
361.639
366.335
360.735
361.944
364.823
366.624
362.363
358.707
356.447
351.273
352.896
349.383
342.614
344.076
351.282
352.133
350.657
350.245
352.527
353.665
353.765
354.659
352.621
353.061
360.033
363.095
365.573
362.774
363.877
362.510
363.698
363.183
361.170
356.034
352.569
351.279
350.078
355.857
356.189
353.303
358.274
360.694
360.786
362.032
365.242
364.909

998.356
998.353
997.199
994.996
996.684
999.308
996.720
1000.509
1000.926
1001.748
1000.762
1001.720
1000.380
1001.981
1000.402
998.929
999.669
1005.903
1004.631
1005.343
1004.200
1005.692
1006.418
1006.423
1007.489
1003.060
1000.894
999.657
999.254
998.601
998.476
996.458
994.907
994.479
996.288
994.745
997.509
1001.091
1001.002
997.479
999.545
1002.368
1002.892
1004.328
1004.530
1005.785
1006.474
1006.502
1003.629
1007.741
1009.831
1009.228
1009.619
1008.741
1010.742
1010.929
1014.139
1015.148

363.021
365.350
364.611
365.604
362.999
363.385
363.919
363.697
362.845
364.526
368.115
371.032
371.932
372.582
371.216
372.342
370.582
370.554
370.541
371.391
372.475
373.220
373.531
375.308
376.832
373.309
370.311
371.477
369.528
372.308
373.806
373.725
374.381
375.263
373.920
375.085
374.711
372.291
373.396
376.058
378.686
379.952
379.692
379.421
378.712
381.353
384.057
383.474
383.949
385.462
384.751
387.348
388.951
390.437
387.907
389.309
389.454
390.131

1015.526
1016.788
1016.906
1019.950
1019.113
1019.779
1019.537
1019.341
1017.600
1016.252
1020.173
1023.489
1023.511
1025.163
1026.113
1026.450
1026.319
1026.693
1027.425
1027.451
1027.973
1029.142
1030.882
1032.002
1030.005
1029.396
1029.971
1031.194
1030.206
1031.651
1032.097
1030.883
1030.426
1030.162
1033.841
1034.280
1038.344
1040.646
1042.990
1041.714
1041.087
1039.938
1039.600
1040.820
1041.243
1043.912
1041.911
1037.708
1038.154
1035.516
1033.865
1034.520
1033.617
1035.212
1036.104
1036.942
1036.052
1036.331

392.085
392.443
393.607
395.019
392.526
391.099
391.285
390.555
390.088
390.347
394.119
395.281
395.179
394.179
394.037
394.401
396.368
397.837
398.065
396.990
396.090
397.123
398.258
396.297
392.212
391.810
396.357
396.617
395.178
397.815
399.551
399.936
400.052
400.034
401.371
401.316
402.334
405.606
406.594
406.294
404.787
405.844
405.127
403.753
404.591
407.974
408.010
407.207
408.833
408.384
405.192
405.172
405.380
403.789
406.974
409.603
410.765
410.357

1034.788
1034.915
1037.600
1040.511
1042.822
1043.447
1046.808
1049.126
1047.776
1042.304
1043.237
1045.822
1047.479
1047.868
1049.747
1049.180
1051.089
1049.011
1047.432
1050.451
1051.379
1052.105
1052.758
1053.654
1054.628
1056.141
1055.659
1058.890
1061.094
1061.537
1061.574
1059.811
1059.389
1056.167
1058.020
1059.856
1056.043
1055.187
1055.179
1055.714
1055.490
1055.821
1058.221
1054.981
1056.447
1054.189
1052.640
1054.048
1055.763
1058.323
1057.241
1057.037
1057.129
1056.001
1053.508
1052.749
1053.711
1052.148

410.000
411.418
410.785
411.737
415.398
412.392
411.033
411.261
413.042
413.538
416.652
417.987
417.399
418.573
419.369
418.235
418.041
416.134
418.569
421.702
422.738
422.413
423.291
422.284
423.169
422.994
423.429
411.682
408.298
405.620
402.630
396.497
402.303
402.727
407.117
407.952
408.784
402.877
398.612
402.872
401.680
406.510
408.800
412.958
415.833
417.013
416.273
414.513
411.637
414.216
414.077
414.098
418.319
420.025
420.670
421.513
422.931
421.599

1053.905
1053.034
1054.141
1052.240
1052.288
1049.514
1049.007
1048.726
1049.537
1052.423
1052.159
1053.235
1054.963
1057.015
1058.317
1058.716
1056.198
1055.586
1055.274
1059.645
1061.004
1061.994
1062.629
1062.463
1060.860
1063.160
1065.593
1070.236
1068.664
1068.677
1070.217
1070.313
1070.242
1071.502
1071.467
1067.807
1069.875
1072.692
1071.233
1070.843
1070.475
1069.856
1071.094
1073.067
1070.079
1069.062
1070.501
1069.674
1069.336
1068.809
1068.338
1068.981
1068.389
1069.031
1064.509
1065.280
1066.526
1066.286

422.169
423.392
427.894
427.724
427.548
425.460
429.549
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427.699
430.026
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427.762
430.791
432.411
434.360
435.859
434.094
435.514
431.707
433.869
433.833
433.253
435.060
435.380
437.673
438.543
438.843
439.519
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436.274
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440.921
443.770
444.168
442.519
437.954
432.733
433.741
435.564
432.304
435.569
440.045
443.983
444.316
443.886
441.605
441.794
438.360
436.760
434.848
434.931
436.784
438.180
440.418
443.097

1066.405
1065.442
1067.166
1069.776
1071.712
1071.383
1071.295
1072.769
1074.149
1073.142
1071.182
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1048.703
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1056.526
1054.690
1056.325
1059.741
1058.693
1059.792
1057.860
1062.004
1063.931
1061.968

443.687
445.426
446.996
442.491
442.284
448.216
450.630
449.958
449.189
446.383
449.452
446.137
447.527
441.159
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430.311
424.224
426.678
427.582
423.870
426.081
419.519
421.547
424.744
431.598
423.416
416.757
419.856
414.620
409.033
402.219
406.977
410.829
412.105
417.454
419.570
422.119
421.596
414.451
418.393
419.892
426.140
429.409
424.164
425.801
419.373
416.496
421.855
422.279
425.401
425.300
422.202
429.006
436.693
434.763
436.120
435.830
434.894

1057.218
1054.964
1057.106
1062.618
1060.570
1058.864
1059.563
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1060.955
1064.071
1063.143
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1071.585
1072.208
1073.003
1076.220
1074.914
1074.962
1070.508
1072.993
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1073.180
1075.158
1075.025
1080.176
1078.517
1080.943
1083.594
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1087.559
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1085.824
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1100.268
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1094.747
1091.562
1092.962
1093.198
1095.393
1095.139
1087.778
1089.755
1090.168
1091.674

437.353
441.157
440.540
444.521
446.822
446.155
445.873
449.742
448.825
451.868
452.220
453.513
453.658
451.115
447.385
448.201
447.674
440.038
437.219
441.612
440.046
441.722
447.375
451.304
448.681
452.712
445.578
442.936
439.026
442.618
435.646
432.570
427.170
422.614
428.371
430.828
426.106
424.321
417.372
419.985
411.773
417.414
414.391
416.158
424.729
427.837
431.711
429.934
427.056
433.616
437.720
438.774
440.452
435.818
436.461
431.117
427.935
419.846

1091.774
1094.948
1094.139
1095.139
1096.711
1096.805
1097.933
1092.191
1092.661
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1093.324
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1102.116
1106.949
1107.361
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1110.827
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1108.255
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1111.311
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1120.893
1122.063
1130.796
1125.545
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1127.020
1126.334
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1130.709
1129.043
1124.196
1117.620
1116.418
1124.834
1121.903
1118.062
1114.559
1116.777

420.869
420.409
422.046
428.312
431.283
432.622
430.184
429.741
428.540
424.519
423.708
415.183
413.679
411.703
413.334
412.659
408.455
410.893
401.072
394.968
389.655
387.695
373.073
375.097
384.964
385.733
385.145
389.273
386.699
390.266
396.361
396.440
386.030
382.415
381.270
380.812
380.141
385.634
388.383
388.646
386.695
390.626
388.892
388.864
388.508
394.283
397.534
398.366
394.434
386.276
382.175
379.340
382.448
377.807
372.552
366.791
375.384
376.654

1121.445
1124.596
1126.814
1119.973
1117.790
1114.759
1118.846
1124.943
1128.580
1135.861
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1139.100
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1147.127
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1157.305
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1148.378
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1136.589
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1147.320
1155.125
1153.904
1148.936
1141.575
1140.778
1145.506
1149.542
1143.502
1152.086

373.683
368.570
359.173
370.218
366.455
368.481
372.901
379.654
378.096
377.172
376.289
376.099
385.999
389.650
390.162
390.912
393.486
390.969
387.957
388.080
384.071
380.696
383.049
390.209
390.380
395.903
396.738
394.028
395.453
395.847
399.104
400.226
398.243
398.657
401.183
405.710
405.215
406.260
404.416
404.709
400.994
403.665
404.601
406.552
410.114
411.894
413.761
408.847
404.152
404.430
399.478
398.668
399.877
401.883
403.551
401.181
399.485
398.076

1149.357
1155.348
1164.376
1158.242
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1164.450
1155.464
1156.869
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1154.889
1149.103
1153.701
1148.498
1143.705
1140.574
1143.117
1147.205
1150.767
1147.348

402.038
394.975
393.057
389.488
384.908
384.870
388.174
389.417
389.731
386.545
384.219
378.031
377.582
375.444
377.999
370.216
367.911
369.020
366.392
361.132
360.756
359.785
359.277
358.131
357.303
353.100
352.209
345.570
349.831
355.275
356.333
358.599
360.471
364.001
359.057
357.647
353.773
356.314
362.475
360.473
356.776
352.961
358.948
362.356
358.769
362.505
365.364
362.917
359.644
361.145
361.360
358.776
353.127
355.702
354.797
358.424
355.374
355.498

1143.040
1146.913
1142.150
1134.231
1137.204
1129.698
1127.111
1127.553
1130.714
1136.317
1133.688
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1142.570
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1148.459
1150.242
1149.265
1154.313
1150.827
1149.012
1153.438
1154.296

357.812
361.930
361.445
358.994
356.291
347.099
343.804
352.305
343.573
343.781
343.675
346.998
334.209
331.244
320.995
325.962
345.284
338.474
333.175
332.460
337.055
334.233
312.853
321.132
321.634
311.783
310.218
293.485
284.359
274.267
263.269
251.616
273.649
281.032
261.937
258.289
260.769
272.153
268.453
253.080
252.513
241.266
232.433
248.677
254.664
263.553
266.421
268.031
278.845
271.991
257.447
261.643
262.762
254.658
245.087
251.325
247.365
241.881

1155.623
1155.745
1155.197
1158.820
1161.570
1165.055
1163.519
1172.689
1174.822
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1172.347
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1145.747
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1155.688
1151.171
1139.586
1129.177
1121.847
1122.310
1119.186
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1125.425
1134.263
1135.899
1137.092
1127.656
1122.318
1117.739
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1123.082
1135.697
1141.238
1140.653
1138.436
1141.202
1141.341
1145.602
1140.941
1142.836
1143.281

241.904
231.254
218.645
224.893
237.609
240.561
244.607
250.139
234.469
237.648
241.375
237.416
238.973
250.604
249.050
252.443
249.098
246.368
246.287
252.666
252.398
249.923
249.595
246.119
244.581
244.112
245.271
246.455
250.956
253.113
259.867
261.768
264.160
258.966
257.523
253.870
249.382
247.428
240.379
238.329
240.764
231.600
235.333
233.217
232.542
235.221
237.943
244.302
239.607
235.900
233.408
236.336
237.780
239.298
244.691
245.182
237.853
238.379

1147.366
1149.482
1154.201
1153.625
1149.875
1163.060
1165.406
1167.315
1175.847
1175.814
1175.706
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1195.512
1203.394
1208.961
1208.870
1207.165
1206.239
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1207.474
1209.660
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1213.689
1217.254
1216.732
1218.759
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1215.793
1214.086
1206.536
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1207.618
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1197.499
1197.121
1202.253
1197.943
1195.739
1196.967
1195.292
1196.295
1203.754
1206.709

236.839
236.539
227.009
226.120
225.335
220.592
216.107
219.207
218.836
218.628
215.597
206.049
204.106
209.196
203.088
201.783
200.318
209.524
211.158
215.237
217.856
219.842
223.667
225.881
225.434
223.273
234.552
232.950
234.599
238.382
234.961
226.450
229.582
233.296
241.796
242.467
241.334
237.585
238.335
245.570
246.468
245.172
245.917
249.041
251.038
243.600
245.035
245.038
246.755
250.298
248.628
246.086
250.718
253.053
254.131
261.179
261.220
264.744

1208.247
1202.694
1208.399
1204.878
1200.215
1201.189
1200.962
1199.576
1195.298
1194.776
1193.963
1196.820
1194.990
1191.927
1197.360
1196.843
1194.485
1192.151
1194.516
1196.094
1197.050
1194.949
1193.826
1208.481
1208.458
1207.537
1207.268
1207.378
1204.063
1206.555
1206.606
1208.661
1210.542
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1209.991
1204.998
1204.819
1207.306
1210.926
1209.575
1213.892
1217.278
1218.686
1217.033
1213.488
1216.710
1214.203
1212.313
1214.713
1213.565
1216.235
1213.281
1210.857
1211.111
1211.362
1212.964
1214.949
1216.685

263.913
268.746
265.091
264.008
258.524
258.588
258.386
263.435
265.925
266.308
261.763
261.406
265.392
264.404
265.929
268.164
274.744
274.882
271.223
272.452
273.294
272.209
272.299
274.126
275.730
275.740
269.732
266.588
264.589
265.252
267.152
260.863
259.753
262.893
266.171
266.598
268.536
267.114
269.106
263.455
261.668
258.655
256.636
257.262
255.961
259.005
261.799
268.322
270.331
271.457
274.748
276.547
276.582
281.696
282.744
284.144
283.202
282.380

1213.690
1214.290
1218.849
1220.121
1222.116
1222.112
1221.272
1219.038
1219.147
1222.845
1218.108
1215.821
1214.104
1206.782
1206.685
1216.986
1210.376
1214.532
1218.324
1212.552
1204.214
1201.205
1204.348
1200.890
1205.128
1209.907
1213.610
1215.863
1218.085
1209.086
1212.125
1216.721
1218.240
1217.081
1223.050
1225.061
1225.233
1224.943
1226.477
1228.966
1229.498
1231.983
1238.468
1234.406
1239.208
1237.656
1234.143
1228.760
1231.743
1229.670
1233.799
1239.585
1236.540
1230.283
1232.573
1230.986
1232.497
1233.096

286.350
287.362
291.177
291.559
290.080
290.094
292.419
292.196
289.373
290.958
293.615
292.064
285.110
287.369
287.854
291.299
295.276
297.626
298.201
298.161
297.593
298.561
296.163
292.163
290.227
291.540
294.521
298.765
300.177
302.592
302.971
302.779
304.017
308.170
308.885
308.964
307.660
309.425
307.970
305.019
303.183
306.181
306.511
305.887
300.128
296.757
299.120
303.725
304.736
307.424
308.623
310.226
309.148
313.870
314.492
312.271
315.438
314.372

1234.863
1242.111
1238.071
1236.878
1233.948
1235.644
1231.328
1235.892
1238.827
1237.894
1243.293
1245.200
1243.548
1245.585
1247.853
1249.711
1245.290
1248.292
1250.601
1251.067
1250.898
1252.113
1255.214
1256.571
1260.503
1259.350
1255.394
1255.502
1255.879
1262.360
1262.625
1261.071
1260.046
1259.884
1263.669
1260.471
1259.880
1261.699
1263.634
1265.205
1267.225
1268.811
1269.177
1268.544
1273.532
1272.280
1272.959
1272.444
1276.000
1273.132
1267.728
1268.008
1272.529
1268.719
1266.489
1268.180
1269.417
1272.361

313.116
313.179
311.461
308.757
306.828
300.699
304.603
299.503
300.008
299.021
301.402
304.235
305.146
310.729
310.814
312.459
310.493
311.436
315.293
314.877
314.563
310.785
309.529
313.491
312.219
313.868
307.071
308.267
313.520
314.320
314.174
315.286
314.901
311.775
310.877
312.232
313.703
315.594
314.642
316.141
312.751
312.765
315.223
317.398
318.569
320.231
320.926
321.204
320.372
319.514
323.915
325.118
325.915
325.983
327.181
327.692
325.496
325.868

1269.322
1269.545
1267.602
1264.860
1269.099
1271.823
1268.127
1273.840
1272.686
1270.567
1268.467
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1273.488
1274.412
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1276.648
1278.611
1283.079
1283.121
1281.616
1282.501
1282.348
1283.196
1286.021
1287.291
1290.056
1290.941
1288.450
1286.530
1284.481
1280.415
1283.319
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1285.381
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1281.630
1281.512
1278.669
1279.811
1285.509
1282.806
1277.054
1273.959
1273.667
1270.321
1268.256
1269.890
1271.545
1268.880
1271.256
1277.127
1275.550
1275.154
1276.021
1276.512
1281.089
1278.042

327.277
324.806
327.081
323.466
319.149
314.115
313.604
312.007
310.996
309.048
307.449
310.192
313.461
312.903
305.135
301.886
300.813
303.352
303.765
305.861
305.528
309.349
312.195
313.544
313.459
314.225
311.429
312.109
310.267
312.080
315.464
317.268
318.304
318.292
322.537
323.749
323.889
325.315
325.712
326.091
325.184
327.398
329.714
329.057
328.295
328.496
330.322
329.615
330.124
330.656
332.014
332.311
331.545
334.664
336.464
337.210
336.274
335.376

1280.860
1283.910
1282.641
1284.632
1286.982
1286.778
1285.335
1285.635
1284.936
1284.737
1287.438
1285.515
1287.430
1284.469
1289.237
1292.197
1288.748
1286.749
1283.633
1282.915
1285.505
1286.846
1283.071
1280.587
1281.075
1281.847
1286.867
1286.218
1288.758
1291.872
1291.802
1292.736
1293.055
1293.923
1290.429
1292.008
1293.398
1292.764
1292.376
1291.811
1292.257
1295.135
1295.733
1294.102
1293.324
1295.319
1295.363
1287.561
1285.024
1287.493
1287.453
1286.744
1288.515
1282.335
1279.243
1281.962
1288.446
1286.752

337.913
338.332
337.637
340.507
341.174
336.388
335.101
337.849
337.504
336.213
338.141
339.012
332.411
331.016
334.089
331.693
333.172
326.263
323.184
315.337
308.857
321.982
320.125
323.820
323.183
316.597
315.032
313.785
309.800
301.321
302.783
301.372
297.335
298.954
307.021
305.943
302.876
306.336
309.391
302.415
297.836
298.710
298.841
304.806
306.908
308.328
312.583
313.284
313.552
313.913
315.717
311.987
309.897
305.714
304.854
304.925
296.464
294.672

1287.703
1291.607
1293.258
1291.032
1292.357
1296.612
1293.919
1294.326
1297.718
1295.084
1292.918
1293.669
1299.767
1295.197
1297.850
1301.171
1298.892
1304.042
1306.138
1313.082
1307.419
1304.187
1305.482
1304.926
1306.690
1313.193
1311.058
1315.579
1315.094
1318.843
1320.158
1317.901
1319.365
1316.661
1310.997
1314.972
1314.960
1313.288
1312.537
1322.556
1321.528
1321.902
1321.263
1314.106
1321.224
1318.581
1317.421
1319.601
1319.601
1323.455
1323.800
1327.532
1329.936
1328.354
1329.674
1333.465
1335.531
1335.778

291.806
291.481
291.213
295.064
299.990
303.428
305.486
305.899
309.520
310.357
309.206
303.147
303.425
304.926
304.093
308.940
311.224
313.536
313.893
313.323
312.446
311.400
317.257
316.981
317.538
317.496
316.290
318.302
316.141
308.568
307.255
307.167
307.127
310.294
310.474
307.271
305.350
305.041
300.984
299.904
299.760
303.247
301.867
301.133
308.361
310.293
313.181
314.383
311.990
312.483
314.371
315.508
318.872
318.799
319.715
318.943
319.150
322.779

1336.727
1335.745
1335.745
1337.989
1335.869
1335.215
1334.283
1335.600
1333.241
1337.432
1341.404
1342.989
1341.475
1343.348
1346.261
1344.948
1342.698
1343.359
1341.797
1343.695
1344.650
1349.345
1346.882
1351.056
1348.629
1350.465
1353.981
1353.284
1354.444
1357.849
1354.347
1357.656
1363.116
1359.699
1359.781
1363.457
1360.667
1361.483
1366.578
1364.565
1366.502
1358.795
1364.125
1367.411
1361.863
1360.826
1359.161
1359.161
1364.440
1360.571
1354.679
1354.079
1358.424
1361.930
1358.564
1357.080
1357.600
1359.519

322.089
320.589
319.131
322.949
322.587
323.046
322.923
321.758
322.624
320.970
325.695
327.050
326.596
327.314
327.831
327.293
330.365
330.519
330.253
331.349
328.528
330.006
331.031
331.357
332.329
331.779
330.031
330.565
330.429
331.191
333.004
333.415
338.858
340.343
340.421
339.417
339.387
338.293
335.117
335.636
330.735
330.844
335.770
336.039
335.223
330.341
333.409
334.086
331.935
330.492
328.434
334.524
339.059
339.539
339.608
340.428
340.724
341.818

1365.176
1366.033
1364.940
1362.279
1367.165
1369.105
1366.902
1367.211
1367.135
1369.746
1370.709
1375.297
1375.895
1377.076
1377.358
1375.613
1375.832
1371.924
1367.824
1373.112
1374.579
1375.280
1373.006
1372.547
1373.326
1368.966
1366.232
1368.529
1371.741
1372.147
1375.542
1373.989
1380.613
1375.695
1374.803
1368.448
1370.192
1370.285
1364.503
1358.062
1360.648
1361.276
1360.209
1361.002
1364.861
1367.190
1360.141
1360.141
1362.035
1364.281
1364.709
1356.760
1354.784
1355.645
1361.130
1349.705
1345.157
1345.938

342.653
343.822
344.515
343.051
343.771
343.783
344.030
346.909
347.619
347.455
347.188
346.770
346.786
347.837
346.706
346.126
349.121
350.106
350.668
350.586
349.493
348.081
350.217
350.217

1343.161
1346.006
1337.496
1333.442
1334.538
1344.054
1343.400
1345.448
1344.707
1342.276
1342.276
1343.768
1336.652
1345.978
1344.285
1348.841
1348.635
1348.473
1340.365
1343.436
1348.393
1350.034
1350.034
1350.034

14.4%
5.2%
-40.9%
26.2%
8.3%
1.2%

4.5%
7.1%
7.0%
5.1%
6.3%
0.1%

-12.2%
-1.9%
-13.0%
-21.2%
-9.3%
16.3%
14.5%
4.5%
3.8%
-11.1%
9.2%
7.6%
1.2%

2.6%
-1.2%
-0.1%
5.6%
0.2%
1.2%
3.6%
0.0%
1.5%
3.7%
2.4%
-1.3%
0.1%

-3.8%
1.5%

1.5%
0.3%

6.2%
0.0%
-7.8%
-3.7%
5.7%
-3.3%
6.8%
2.7%
-0.6%
5.4%
1.2%

-0.3%
1.0%
1.1%
1.6%
1.0%
1.3%
0.0%
0.3%
-0.5%
-1.2%
0.1%

Janus Capital (JNS)


Action:
Fair Value:
Basis:

Market Cap:
Div Yield:

$11 per share


15x our 2014 EPS of $0.70

Rewards:
1.) The 20 & 40 funds burn off tough performance in 4Q
2.) Performance fees are almost as bad as they can get
3.) Dai Ichi could buy the company

Risks:
1.) Performance is still very challenged
2.) New PMs of 20 & 40 will need time to improve
3.) Quant performance has ticked down again

Upside to Fair Value:

17%

EPS Delta:

Max
Min
Avg
Current

$1.7 BB
3.0%

Hedgeye Earnings Estimates


2013
2014
$
0.62 $
0.70
Consensus Earnings Estimates
2013
2014
$
0.57 $
0.68
9%

3%

Historical Forward P/E Multiples


30.1x
8.3x
17.5x
13.8x

arnings Estimates
2015
$
0.80
Earnings Estimates
2015
$
0.77
4%

P/E Multiples

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