Date	BasePeriod	Forecast6Month	Forecast12Month	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
DEC90	319.34	320.4	333	4.277572493	6.74	-2.46	0.040147791	8.464086719	1.72	4.044611064
JUN91	382.8	395.5	410	7.10553814	5.57	1.54		11.40558894	5.84	6.967719118
DEC91	378.52	390	405	6.995667336	4.07	2.93		11.29130707	7.22	7.32478596
JUN92	416.74	420	431.5	3.541776647	3.7	-0.158223353		7.698750295	3.998750295	3.61272879
DEC92	427.59	450	456	6.644215253	3.2	3.444215253		10.92574496	7.725744958	7.258608146
JUN93	452.41	461	475	4.993258328	3	1.993258328		9.208505759	6.208505759	5.31961687
DEC93	462.09	479	485.5	5.066112662	3.19	1.876112662		9.284285034	6.094285034	5.921210223
JUN94	457.06	466	469	2.612348488	4.16	-1.547651512		6.732007648	2.572007648	2.932821759
DEC94	461.47	460	470	1.848440852	5.34	-3.491559148		5.937430807	0.597430807	1.924052881
JUN95	528.19	536.34	550	4.129195933	5.69	-1.560804067		8.309753168	2.619753168	4.425618869
DEC95	593.96	624.2	630	6.06774867	5.39	0.67774867		10.32613452	4.936134515	7.007982271
JUN96	665.42	674.17	690	3.693907607	4.99	-1.296092393		7.856988977	2.866988977	4.530053596
DEC96	735.88	745.13	750	1.918791107	5.17	-3.251208893		6.01060547	0.84060547	2.599360997
JUN97	833.27	842.52	850	2.007752589	4.99	-2.982247411		6.103138559	1.113138559	2.763563028
DEC97	946.2	990	1000	5.685901501	5.16	0.525901501		9.928957026	4.768957026	7.051481778
JUN98	1109.52	1100	1076.83	-2.946319129	4.99	-7.936319129		0.950171803	-4.039828197	-1.849828197
DEC98	1098.67	1162.5	1180	7.402586764	4.33	3.072586764		11.71456341	7.384563411	9.153587801
JUN99	1301.84	1322.5	1343.15	3.173201008	4.53	-1.356798992		7.315377158	2.785377158	4.427290515
DEC99	1229.23	1450	1500	22.02761078	4.97	17.05761078		26.92674984	21.95674984	24.19191036
JUN00	1452.43	1480	1531.13	5.418505539	5.66	-0.241494461		9.650825707	3.990825707	6.730264959
DEC00	1429.4	1470	1490	4.239541066	6.19	-1.950458934		8.424528414	2.234528414	5.550965196
JUN01	1249.46	1315	1395	11.64823204	3.86	7.788232036		16.13066196	12.27066196	13.27594178
DEC01	1059.78	1245	1260	18.89260035	2.01	16.88260035		23.66587567	21.65587567	21.21792969
JUN02	1076.92	1140	1200	11.4288898	1.74	9.688889797		15.90251362	14.16251362	13.3441154
DEC02	885.76	1001.25	1076.1	21.4888909	1.44	20.0488909		26.36640154	24.92640154	23.91190623
JUN03	916.92	1002	1083.05	18.1182655	1.11	17.0082655		22.86045298	21.75045298	20.82019183
DEC03	1050.71	1142.5	1195	13.7326189	0.94	12.7926189		18.29873235	17.35873235	15.92035397
										
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