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
JUN04	1107.3	1200	1250	12.88720311	0.96	11.92720311	0.040147791	17.41937499	16.45937499	14.97256648
DEC04	1130.2	1221.48	1263.81	11.82180145	1.87	9.951801451		16.31119981	14.44119981	14.07442663
JUN05	1156.85	1250	1294.94	11.93672473	2.84	9.096724727		16.430737	13.590737	13.90756501
DEC05	1207.01	1300	1343.42	11.30148052	3.89	7.411480518		15.76998914	11.87998914	13.61815404
JUN06	1310.61	1330	1363	3.997375268	4.65	-0.652624732		8.172640194	3.522640194	5.40647104
DEC06	1377.94	1433.56	1475	7.043848063	4.95	2.093848063		11.34142214	6.391422143	8.178308608
JUN07	1482.37	1557.4	1600	7.935265824	4.79	3.145265824		12.26862836	7.478628359	9.477366223
DEC07	1549.38	1550	1619.1	4.499864462	3.84	0.659864462		8.695303219	4.855303219	5.464092113
JUN08	1385.59	1447	1496.48	8.003088937	1.41	6.593088937		12.33917442	10.92917442	9.063554391
DEC08	968.75	950	1052.5	8.64516129	0.44	8.20516129		13.00702456	12.56702456	11.90873199
JUN09	872.81	1000	1049.45	20.2380816	0.14	20.0980816		25.06537501	24.92537501	23.04374831
DEC09	1036.19	1155.17	1197	15.51935456	0.05	15.46935456		20.15720151	20.10720151	18.03150834
JUN10	1186.69	1187.63	1243.46	4.783894699	0.16	4.623894699		8.990736643	8.830736643	7.152501349
DEC10	1183.26	1250	1298.46	9.735814614	0.12	9.615814614		14.14146521	14.02146521	12.33241998
JUN11	1363.61	1380	1413.54	3.661604124	0.04	3.621604124		7.82338858	7.78338858	5.595224588
DEC11	1253.3	1322.5	1395	11.30615176	0.01	11.29615176		15.77484792	15.76484792	13.46403472
JUN12	1397.91	1393	1449.15	3.665472026	0.1	3.565472026		7.82741177	7.72741177	5.527909196
DEC12	1412.16	1437.45	1460	3.387718106	0.11	3.277718106		7.538506643	7.428506643	5.329229405
JUN13	1597.57	1667.8	1713.11	7.232233955	0.05	7.182233955		11.53737131	11.48737131	8.954106377
DEC13	1756.54	1841.09	1875	6.743939791	0.04	6.703939791		11.02947322	10.98947322	8.788337251
JUN14	1883.95	1950	1999.82	6.150375541	0.03	6.120375541		10.41207867	10.38207867	8.071337932
DEC14	2018.05	2125	2160.55	7.06127202	0.01	7.05127202		11.35954563	11.34954563	9.331267566
JUN15	2085.51	2158	2218	6.352882508	0.01	6.342882508		10.62271585	10.61271585	8.17759338
DEC15	2079.36	2120	2184.86	5.073676516	0.08	4.993676516		9.29215256	9.21215256	6.981616515
JUN16	2065.3	2140	2167.75	4.960538421	0.22	4.740538421		9.17447222	8.95447222	6.784250779
DEC16	2126.15	2254.77	2314.5	8.858735273	0.34	8.518735273		13.22917307	12.88917307	10.56647564
JUN17	2384.2	2470	2550	6.954114588	0.79	6.164114588		11.24808607	10.45808607	8.606375713
DEC17	2575.26	2739.83	2805	8.921040982	1.13	7.791040982		13.29398021	12.16398021	10.69868419
JUN18	2648.05	2824	2850	7.626366572	1.84	5.786366572		11.94732748	10.10732748	9.367430679
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