sasdate	Forecast for 6 Months Later	Forecast for 12 Months Later	Value of the index as of the forecast date provided by Livingston to participants	One Year Nominal expected capital gain	Three months nominal interest rate	Ex ante Equity Premium without dividends	Average dividend yield	One year Nominal expected equity return	Ex ante equity premium	One year expected real equity return
6/1/1952	200	194	198.4	-2.217741935	1.7	-3.917741935	0.040147791	1.707999762	0.007999762	2.078958956
12/1/1952	203	191	202.4	-5.632411067	2.09	-7.722411067		-1.843760794	-3.933760794	-0.848475304
6/1/1953	200	190	206.3	-7.901114881	2.11	-10.01111488		-4.203548055	-6.313548055	-2.572827382
12/1/1953	190	194	202	-3.96039604	1.6	-5.56039604		-0.104618056	-1.704618056	1.108553521
6/1/1954	242	243.3999939	241.2	0.912103606	0.64	0.272103606		4.963501688	4.323501688	5.050761723
12/1/1954	285.5	284	280	1.428571429	1.15	0.278571429		5.500704554	4.350704554	5.326032065
6/1/1955	321	320	319.2	0.250626566	1.41	-1.159373434		4.275467807	2.865467807	3.750073762
12/1/1955	315	307.5	320.5	-4.056162246	2.54	-6.596162246		-0.204229064	-2.744229064	-0.813454478
6/1/1956	390	392	397.7	-1.433241137	2.49	-3.923241137		2.523996535	0.033996535	1.914771122
12/1/1956	390	385	394.2	-2.33384069	3.21	-5.54384069		1.587239899	-1.622760101	0.482736925
6/1/1957	52	52	50.17	3.647598166	3.29	0.357598166		7.808820314	4.518820314	6.38384127
12/1/1957	41.25	43.5	42.39	2.618542109	3.04	-0.421457891		6.738449929	3.698449929	5.995262481
6/1/1958	47	48.75	46.57	4.681125188	0.83	3.851125188		8.883841163	8.053841163	8.478982863
12/1/1958	58	59.5	56.5	5.309734513	2.77	2.539734513		9.537687764	6.767687764	8.486758096
6/1/1959	65	64.69999695	62	4.354833787	3.21	1.144833787		8.544449884	5.334449884	7.656637131
12/1/1959	64	62	61	1.639344262	4.49	-2.850655738		5.719939451	1.229939451	4.524720328
6/1/1960	59	59	59	0	2.46	-2.46		4.014779138	1.554779138	3.380864716
12/1/1960	62	65	60	8.333333333	2.25	6.083333333		12.6826774	10.4326774	11.97568604
6/1/1961	74	74	70	5.714285714	2.33	3.384285714		9.958480803	7.628480803	8.782010214
12/1/1961	79	77.5	75	3.333333333	2.6	0.733333333		7.481938442	4.881938442	6.235832523
6/1/1962	60	62.5	63	-0.793650794	2.73	-3.523650794		3.189265018	0.459265018	1.953523573
12/1/1962	66.5	69.5	63	10.31746032	2.87	7.447460317		14.7464627	11.8764627	13.52004761
6/1/1963	77	77.5	74	4.72972973	2.99	1.73972973		8.93439707	5.94439707	7.710291608
12/1/1963	80	80	77	3.896103896	3.52	0.376103896		8.067303	4.547303	6.854616433
6/1/1964	88	89	86	3.488372093	3.48	0.008372093		7.643201666	4.163201666	6.15897161
12/1/1964	92	90	90	0	3.84	-3.84		4.014779138	0.174779138	2.632290658
6/1/1965	93	94	95	-1.052631579	3.8	-4.852631579		2.919886726	-0.880113274	1.821991026
12/1/1965	100	102	98	4.081632653	4.38	-0.298367347		8.260280327	3.880280327	6.358106414
6/1/1966	94	95	92	3.260869565	4.5	-1.239130435		7.406565414	2.906565414	5.184343192
12/1/1966	90	92	87	5.747126437	4.96	0.787126437		9.992640008	5.032640008	7.372552671
6/1/1967	105	107	100	7	3.54	3.46		11.29581368	7.755813677	8.520445074
12/1/1967	105	109.5	101	8.415841584	4.97	3.445841584		12.76849817	7.798498174	9.491902429
6/1/1968	110	110	107	2.803738318	5.52	-2.716261682		6.931081356	1.411081356	3.511565093
12/1/1968	118	120.5	115	4.782608696	5.96	-1.177391304		8.989399009	3.029399009	5.653353444
6/1/1969	113	117	NAN	#VALUE!	6.44	#VALUE!		#VALUE!	#VALUE!	#VALUE!
12/1/1969	107	113	106	6.603773585	7.82	-1.216226415		10.88367965	3.063679647	6.877516319
6/1/1970	89	93	84	10.71428571	6.68	4.034285714		15.15921976	8.47921976	10.53235409
12/1/1970	98	102	91	12.08791209	4.87	7.217912088		16.5879942	11.7179942	12.14840177
6/1/1971	115.5	120	111.5	7.623318386	4.75	2.873318386		11.94415692	7.194156919	7.118865738
12/1/1971	110	115	102.3	12.41446725	4.01	8.404467253		16.92765983	12.91765983	13.33875282
6/1/1972	124.75	129.1999969	119.3	8.298404818	3.91	4.388404818		12.64634658	8.736346581	8.382468866
12/1/1972	134	135	127.7	5.716523101	5.07	0.646523101		9.960808016	4.890808016	5.853383055
6/1/1973	121	125	119	5.042016807	7.19	-2.147983193		9.259221783	2.069221783	4.439022854
12/1/1973	115	125	115	8.695652174	7.45	1.245652174		13.05954254	5.609542541	6.910201399
6/1/1974	110	118	101	16.83168317	7.9	8.931683168		21.52221721	13.62221721	13.25832832
12/1/1974	85	92	80	15	7.15	7.85		19.61699601	12.46699601	11.26190462
6/1/1975	110	118.5	102	16.17647059	5.34	10.83647059		20.84069929	15.50069929	14.28332224
12/1/1975	110	116	102	13.7254902	5.44	8.285490196		18.29131745	12.85131745	11.36543653
6/1/1976	122	125	115	8.695652174	5.41	3.285652174		13.05954254	7.649542541	6.341349913
12/1/1976	124	125.5	114	10.0877193	4.35	5.737719298		14.50749809	10.15749809	8.333233804
6/1/1977	117.6999969	120	110	9.090909091	5.02	4.070909091		13.47066815	8.45066815	6.427238306
12/1/1977	110	114	105	8.571428571	6.07	2.501428571		12.93033164	6.860331635	5.613258464
6/1/1978	113	115	109	5.504587156	6.73	-1.225412844		9.74036331	3.01036331	1.907465138
12/1/1978	105	110	104	5.769230769	9.08	-3.310769231		10.01563178	0.93563178	1.503934418
6/1/1979	104	110	100	10	9.06	0.94		14.41625705	5.356257051	4.250772418
12/1/1979	122	130	116	12.06896552	12.04	0.028965517		16.56828696	4.528286965	5.343797169
6/1/1980	125	136.5	127	7.480314961	7.07	0.410314961		11.79541222	4.725412223	0.43458748
12/1/1980	143.5	150	139	7.913669065	15.49	-7.576330935		12.24616454	-3.243835463	0.23356115
6/1/1981	157.5	164.5	149	10.40268456	14.73	-4.327315436		14.83510851	0.105108511	5.015018556
12/1/1981	130	138	120	15	10.85	4.15		19.61699601	8.766996008	11.00677807
6/1/1982	134	139	128	8.59375	12.47	-3.87625		12.95354922	0.48354922	6.375990303
12/1/1982	165	171	154	11.03896104	7.94	3.098961039		15.49693008	7.556930081	9.699582241
6/1/1983	193	201	183	9.836065574	8.79	1.046065574		14.24574102	5.45574102	8.661984675
12/1/1983	195	198	186	6.451612903	9	-2.548387097		10.72541005	1.72541005	4.578681696
6/1/1984	180	184	178	3.370786517	9.87	-6.499213483		7.520895288	-2.349104712	0.979444511
12/1/1984	189	190	183	3.825136612	8.06	-4.234863388		7.993486536	-0.066513464	2.807948953
6/1/1985	220	221	211	4.739336493	6.95	-2.210663507		8.944389523	1.994389523	3.789750348
12/1/1985	235	237	221	7.239819005	7.1	0.139819005		11.54526089	4.445260885	7.090575785
6/1/1986	275	275	264	4.166666667	6.21	-2.043333333		8.348728268	2.138728268	4.137231189
12/1/1986	271	280	265	5.660377358	5.53	0.130377358		9.902408145	4.372408145	5.651273501
6/1/1987	333	350	323.9	8.058042606	5.67	2.388042606		12.39633436	6.726334357	7.273444218
12/1/1987	262.5	262	274	-4.379562044	5.77	-10.14956204		-0.540612649	-6.310612649	-5.376986817
6/1/1988	290	282	293	-3.754266212	6.46	-10.21426621		0.109787429	-6.350212571	-5.184832553
12/1/1988	305	300	304	-1.315789474	8.07	-9.385789474		2.646163623	-5.423836377	-2.886282301
6/1/1989	366	375	365	2.739726027	8.15	-5.410273973		6.864499114	-1.285500886	1.259300089
12/1/1989	338	353.5	339	4.277286136	7.63	-3.352713864		8.463788865	0.833788865	3.766336635
6/1/1990	363	372	354	5.084745763	7.73	-2.645254237		9.303666212	1.573666212	4.454946275
										
						-0.693888317			7.730748615	
