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DATA 2009 - 2013 INCO ITMG PTBA

RERATA Ri (RI) 0.006 0.021 0.010

EXPECTED RETURN (CAP 0.926 1.016 0.784

BETA () 0.738 0.810 0.62

RERATA R! (RM) 0.022 0.022 0.022

RERATA R" (R#) 0.06 0.06 0.06TOTA$ 0.33 1.23 0.97

%ARIANCE 0.011 0.010 0.007

&TANDAR DE%IA&I (') 0.104 0.100 0.08

CO%ARIANCE 0.003 0.003 0.002

OE#I&IEN ORE$A&I 0.443 0.0 0.48

DATA 2009

RERATA Ri (RI) 0.041 0.1068 0.0823

EXPECTED RETURN 0.392 0.691 0.1241

BETA () 0.8193 1.008 0.1886RERATA R! (RM) 0.0662 0.0662 0.0662

RERATA R" (R#) 0.0700 0.0700 0.0700

TOTA$ 0.4960 1.170 0.903

%ARIANCE 0.0040 0.0041 0.0017

&TANDAR DE%IA&I (') 0.063 0.0644 0.0411

CO%ARIANCE 0.0046 0.009 0.0011

OE#I&IEN ORE$A&I 0.963 1.2202 0.3434

DATA 2010

RERATA Ri (RI) 0.0263 0.042 0.0181

EXPECTED RETURN 0.374 0.2489 0.2312

BETA () 1.0924 0.7609 0.7067

RERATA R! (RM) 0.0327 0.0327 0.0327

RERATA R" (R#) 0.060 0.060 0.060

TOTA$ 0.319 0.428 0.2171

%ARIANCE 0.0016 0.0014 0.0006

&TANDAR DE%IA&I (') 0.0403 0.0377 0.0238

CO%ARIANCE 0.0031 0.0021 0.0020

OE#I&IEN ORE$A&I 1.4382 1.0694 1.731

DATA 2011

RERATA Ri (RI) -0.030 -0.0212 -0.014

EXPECTED RETURN -0.004 -0.0047 -0.0068

BETA () 0.21 0.2608 0.3783

RERATA R! (RM) 0.0040 0.0040 0.0040

RERATA R" (R#) 0.068 0.068 0.068

TOTA$ -0.3660 -0.242 -0.1848

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%ARIANCE 0.0006 0.000 0.0010

&TANDAR DE%IA&I (') 0.024 0.0220 0.0308

CO%ARIANCE 0.0011 0.0012 0.0017

OE#I&IEN ORE$A&I 0.662 0.792 0.8224

DATA 2012

RERATA Ri (RI) -0.0211 0.0073 -0.0074EXPECTED RETURN 0.1066 0.0819 0.0702

BETA () 1.2738 0.9788 0.838

RERATA R! (RM) 0.0118 0.0118 0.0118

RERATA R" (R#) 0.077 0.077 0.077

TOTA$ -0.230 0.0882 -0.0891

%ARIANCE 0.0019 0.0007 0.0014

&TANDAR DE%IA&I (') 0.0430 0.0271 0.0373

CO%ARIANCE 0.0017 0.0013 0.0011

OE#I&IEN ORE$A&I 1.091 1.3373 0.8308

DATA 2013

RERATA Ri (RI) 0.0134 -0.0249 -0.0209

EXPECTED RETURN -0.0299 0.0003 -0.0389

BETA () 0.443 -0.0063 0.7083

RERATA R! (RM) 0.0008 0.0008 0.0008

RERATA R" (R#) 0.0648 0.0648 0.0648

TOTA$ 0.1604 -0.298 -0.211

%ARIANCE 0.0018 0.0009 0.0010

&TANDAR DE%IA&I (') 0.0418 0.0294 0.0324

CO%ARIANCE 0.0012 0.0000 0.0016OE#I&IEN ORE$A&I 0.6180 -0.0102 1.0389

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DATA 2009 - 2013 BETA ACTUAL RETURN EXPECTED RETURN (CAPM)

BI Rate 0.00 0.0646

IHS 1.00 0.0224

INC! 0."4 0.0060 0.92#6

ITM 0.$1 0.0212 1.0163

PTBA 0.62 0.0101 0."$3$

DATA 2009 BETA ACTUAL RETURN EXPECTED RETURN (CAPM)

BI Rate 0.00 0.0"00

IHS 1.00 0.0662

INC! 0.$2 0.04#1 0.#392

ITM 1.0# 0.106$ 0.691#

PTBA 0.19 0.0$23 0.1241

DATA 2010 BETA ACTUAL RETURN EXPECTED RETURN (CAPM)

BI Rate 0.00 0.06#0

IHS 1.00 0.032"

INC! 1.09 0.0263 0.3#"4

ITM 0."6 0.04#2 0.24$9

PTBA 0."1 0.01$1 0.2312

DATA 2011 BETA ACTUAL RETURN EXPECTED RETURN (CAPM)

BI Rate 0.00 0.06#$

IHS 1.00 0.0040

INC! 0.2# -0.030# -0.004#

ITM 0.26 -0.0212 -0.004"

PTBA 0.3$ -0.01#4 -0.006$

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DATA 2012 BETA ACTUAL RETURN EXPECTED RETURN (CAPM)

BI Rate 0.00 0.0#""IHS 1.00 0.011$

INC! 1.2" -0.0211 0.1066

ITM 0.9$ 0.00"3 0.0$19

PTBA 0.$4 -0.00"4 0.0"02

DATA 2013 BETA ACTUAL RETURN EXPECTED RETURN (CAPM)

BI Rate 0.00 0.064$

IHS 1.00 0.000$

INC! 0.#4 0.0134 -0.0299

ITM -0.01 -0.0249 0.0003

PTBA 0."1 -0.0209 -0.03$9

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DATA 2009 - 2013 ALPHA %ETERANAN

INC! -0.920 !&ER&ALUE

ITM -0.99# !&ER&ALUE

PTBA -0.""4 !&ER&ALUE

DATA 2009 ALPHA %ETERANAN

INC! -0.494 !&ER&ALUE

ITM -0.#$# !&ER&ALUE

PTBA -0.042 !&ER&ALUE

DATA 2010 ALPHA %ETERANAN

INC! -0.331 !&ER&ALUE

ITM -0.204 !&ER&ALUE

PTBA -0.213 !&ER&ALUE

DATA 2011 ALPHA %ETERANAN

INC! -0.026 !&ER&ALUE

ITM -0.016 !&ER&ALUE

PTBA -0.009 !&ER&ALUE

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DATA 2012 ALPHA %ETERANAN

INC! -0.12$ !&ER&ALUE

ITM -0.0"# !&ER&ALUE

PTBA -0.0"$ !&ER&ALUE

DATA 2013 ALPHA %ETERANAN

INC! 0.043 UNDER&ALUE

ITM -0.02# !&ER&ALUE

PTBA 0.01$ UNDER&ALUE

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T*+, D/ / P+!*/ Ei+/ #5/i+5

NO BETA RERATA RETURN XPECTED RETUR

INCO 0.44312261 0.013362666 -0.019884138

ITMG -0.0062999832 -0.024871731 0.0603488

PTBA 0.708331441 -0.020921146 -0.038889212

R"

0.077083333

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a'a *+ E,,e/t /te

R

-0.2 0 0.2

-0.06

-0.04

-0.02

0

0.02

0.04

0.06

0.08

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0.4 0.6 0.8 1 1.2

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RERATA Ri (RI) 0.013363 -0.024872 -0.02092

EXPECTED RETURN -0.029884 0.000346 -0.038889

BETA () 0.44312 -0.0063 0.708331

RERATA R! (RM) 0.000824 0.000824 0.000824

RERATA R" (R#) 0.064792 0.064792 0.064792

TOTA$ 0.16031 -0.298461 -0.21101

%ARIANCE 0.00171 0.000862 0.001049&TANDAR DE%IA&I (') 0.041849 0.0293 0.032394

CO%ARIANCE 0.001229 -1.4E-00 0.00199

OE#I&IEN ORE$A&I 0.617973 -0.010197 1.038893