23
DAYS Abnormal Returns Abnormal Returns Abnormal Returns -30 0.43% -0.59% 1.07% -29 0.91% 0.00% -2.03% -28 0.57% 0.72% -2.08% -27 0.09% -0.99% -0.04% -26 0.77% -0.44% -1.18% -25 -0.85% 0.26% -2.01% -24 -0.34% 2.57% 0.43% -23 0.56% -0.53% -3.76% -22 0.62% -0.57% -1.82% -21 -1.42% 1.27% -1.39% -20 0.02% 0.70% 1.77% -19 0.37% -0.07% 0.25% -18 -0.19% -0.26% -1.17% -17 -0.24% 0.29% -0.88% -16 0.17% -0.53% -0.28% -15 -1.57% -3.27% -0.41% -14 -0.50% -1.71% -0.60% -13 0.30% -0.64% -0.10% -12 -0.79% -0.72% -1.21% -11 1.28% -0.24% -1.49% -10 -0.31% -1.76% 0.63% -9 -3.15% 0.55% -0.82% -8 1.13% 0.37% 0.94% -7 2.37% -0.39% 1.42% -6 1.87% -0.30% -0.98% -5 -0.06% 1.10% -0.64% -4 0.38% -0.20% -1.37% -3 -0.52% -0.66% 0.53% -2 2.03% -0.41% -0.10% -1 -0.42% -0.59% 0.42% 0 0.49% -0.97% 2.27% 1 1.99% -0.21% 1.95% 2 -2.46% 0.30% -1.96% 3 -0.51% 2.80% -2.45% 4 0.50% 0.17% 0.94% 5 -0.63% -0.43% 0.80% 6 0.54% 0.09% -0.71% 7 1.50% 0.34% 1.16% 8 0.43% -0.29% -0.36% 9 -2.65% -1.38% -1.39% 10 -1.12% -0.19% -0.25% 11 1.52% -0.23% -0.91% 12 -0.19% 0.04% -0.93% 13 0.48% -0.36% 0.74% 14 1.02% -1.86% -1.16% 15 1.28% 1.73% 0.36%

AAR and CAAR Calculation

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Page 1: AAR and CAAR Calculation

DAYS Abnormal Returns Abnormal Returns Abnormal Returns Abnormal Returns-30 0.43% -0.59% 1.07% 2.77%

-29 0.91% 0.00% -2.03% 0.75%

-28 0.57% 0.72% -2.08% 0.37%

-27 0.09% -0.99% -0.04% -3.90%

-26 0.77% -0.44% -1.18% 1.78%

-25 -0.85% 0.26% -2.01% 0.51%

-24 -0.34% 2.57% 0.43% 0.73%

-23 0.56% -0.53% -3.76% 4.28%

-22 0.62% -0.57% -1.82% 0.37%

-21 -1.42% 1.27% -1.39% -3.07%

-20 0.02% 0.70% 1.77% 0.39%

-19 0.37% -0.07% 0.25% 1.81%

-18 -0.19% -0.26% -1.17% -0.90%

-17 -0.24% 0.29% -0.88% -0.12%

-16 0.17% -0.53% -0.28% 3.23%

-15 -1.57% -3.27% -0.41% -2.62%

-14 -0.50% -1.71% -0.60% -1.41%

-13 0.30% -0.64% -0.10% 0.24%

-12 -0.79% -0.72% -1.21% 1.33%

-11 1.28% -0.24% -1.49% -0.61%

-10 -0.31% -1.76% 0.63% -1.02%

-9 -3.15% 0.55% -0.82% 2.11%

-8 1.13% 0.37% 0.94% -0.11%

-7 2.37% -0.39% 1.42% 2.82%

-6 1.87% -0.30% -0.98% -0.09%

-5 -0.06% 1.10% -0.64% 0.14%

-4 0.38% -0.20% -1.37% -1.33%

-3 -0.52% -0.66% 0.53% -2.02%

-2 2.03% -0.41% -0.10% 2.35%

-1 -0.42% -0.59% 0.42% 0.02%

0 0.49% -0.97% 2.27% 0.44%

1 1.99% -0.21% 1.95% 0.22%

2 -2.46% 0.30% -1.96% -1.86%

3 -0.51% 2.80% -2.45% 0.05%

4 0.50% 0.17% 0.94% 0.50%

5 -0.63% -0.43% 0.80% -0.28%

6 0.54% 0.09% -0.71% -0.83%

7 1.50% 0.34% 1.16% 0.04%

8 0.43% -0.29% -0.36% -0.64%

9 -2.65% -1.38% -1.39% 0.95%

10 -1.12% -0.19% -0.25% 0.88%

11 1.52% -0.23% -0.91% 0.45%

12 -0.19% 0.04% -0.93% 1.49%

13 0.48% -0.36% 0.74% 0.53%

14 1.02% -1.86% -1.16% 0.99%

15 1.28% 1.73% 0.36% 1.00%

Page 2: AAR and CAAR Calculation

Abnormal Returns-0.39%

1.10%

1.53%

0.28%

0.92%

-1.01%

-0.08%

-2.09%

-0.98%

0.17%

-0.81%

-2.96%

0.13%

3.79%

4.17%

1.41%

-3.22%

-2.06%

-0.50%

0.82%

3.98%

0.01%

-0.44%

-0.29%

-1.39%

-0.51%

-1.73%

-0.35%

0.80%

-1.12%

-0.80% 0.28%0.99%

1.27%

-1.51%

1.82%

0.66%

1.43%

-0.51%

0.04%

-0.03%

0.13%

-1.90%

-1.95%

-0.42%

1.07%

-1.54%

Page 3: AAR and CAAR Calculation

DAYS Abnormal Returns Abnormal Returns Abnormal Returns Abnormal Returns-30 1.76% 0.57% -1.03% 7.34%

-29 1.31% -1.41% -4.45% 4.13%

-28 -0.15% 0.84% 2.99% 0.38%

-27 2.41% 0.39% -0.79% 3.48%

-26 3.72% -0.68% -3.08% -1.14%

-25 1.35% 4.31% -0.54% -3.62%

-24 1.55% 0.18% 1.84% -0.45%

-23 -1.01% -1.37% -0.97% 1.43%

-22 -6.30% 1.07% -1.77% -3.76%

-21 0.62% -1.42% -2.17% 3.97%

-20 4.97% -0.06% 1.28% 2.05%

-19 5.84% 0.16% -1.62% 1.47%

-18 3.72% 1.39% -0.69% -7.07%

-17 -1.05% 1.21% -1.83% -0.32%

-16 1.19% -2.30% 3.26% 1.27%

-15 -2.80% -0.77% 0.31% 0.07%

-14 -4.07% -1.19% -1.58% -1.44%

-13 0.24% -1.07% -2.59% 0.71%

-12 2.49% 0.13% -0.40% -2.34%

-11 -0.03% 1.13% -2.20% -0.24%

-10 5.14% -2.91% 2.07% 5.78%

-9 1.17% -0.99% 0.15% 3.70%

-8 5.70% 4.16% 1.26% 2.03%

-7 -1.27% -1.04% -3.06% 0.02%

-6 -1.39% 0.73% -2.66% 1.54%

-5 0.42% 1.24% 1.33% -1.97%

-4 -0.80% 0.27% -0.29% 4.62%

-3 4.09% -0.02% -1.89% -1.75%

-2 0.09% -0.66% 2.74% 0.10%

-1 -1.16% 2.34% 3.25% -3.75%

0 4.30% -2.55% -4.79% -0.29%

1 -0.94% -1.21% -5.20% 1.66%

2 2.39% -1.06% 0.16% -0.43%

3 -1.82% -0.17% 0.62% 0.68%

4 2.77% -1.70% -3.36% -0.68%

5 4.23% -2.32% -1.46% -2.64%

6 1.26% 2.24% 0.33% -1.63%

7 -3.57% -1.01% -1.34% 1.74%

8 4.49% 0.08% -1.61% 3.16%

9 0.11% 0.86% 3.04% -0.10%

10 0.03% 0.59% 2.33% -0.16%

11 0.79% -1.34% -1.12% 1.30%

12 5.01% -0.06% -2.85% 4.32%

13 -2.68% 1.93% 2.54% -1.38%

14 -2.72% 2.65% -0.29% -1.44%

15 1.77% 5.91% 1.93% 0.34%

Page 4: AAR and CAAR Calculation

Abnormal Returns3.50%

2.28%

-0.33%

-3.90%

-2.08%

0.46%

-0.70%

0.23%

2.45%

0.33%

-2.20%

-2.19%

-1.91%

3.00%

1.40%

-0.44%

0.27%

1.60%

0.58%

2.42%

-0.36%

-3.15%

-0.26%

4.13%

0.87%

-2.29%

0.95%

0.25%

1.46%

-1.81%

3.05% -0.06%0.23%

5.00%

-0.20%

-0.77%

-3.13%

0.33%

-0.23%

0.24%

-1.55%

0.70%

-0.75%

1.49%

0.39%

2.24%

0.32%

Page 5: AAR and CAAR Calculation

DAYS Abnormal Returns Abnormal Returns Abnormal Returns Abnormal Returns-30 1.19% -0.49% 9.97% -1.63%

-29 0.98% -1.14% 0.63% -1.60%

-28 -2.55% 2.94% 4.83% -2.16%

-27 -4.30% 11.74% -2.73% -3.64%

-26 -1.47% 0.97% 1.63% -3.89%

-25 0.19% -5.00% 2.19% -2.07%

-24 -1.33% 0.59% -4.10% 1.37%

-23 -1.40% -1.35% -4.37% -1.38%

-22 -2.44% -1.51% -0.65% 0.48%

-21 -0.98% -1.10% -3.85% -6.15%

-20 6.71% -2.08% 0.77% 1.28%

-19 1.90% 4.41% 1.90% -8.34%

-18 3.78% -0.86% 2.89% -2.49%

-17 0.11% -0.42% -1.92% -1.74%

-16 -0.84% -1.26% 1.17% -1.24%

-15 -1.30% 1.60% -0.51% 4.93%

-14 5.86% -0.90% -0.37% -0.79%

-13 -3.19% 2.70% -0.64% -4.54%

-12 -0.13% -0.64% -1.83% 1.77%

-11 -0.81% 1.03% -1.41% -3.15%

-10 2.44% -0.97% -4.82% -10.02%

-9 -1.27% -2.55% -3.12% -0.41%

-8 6.17% 0.41% -3.18% -0.39%

-7 0.69% -0.84% 3.89% 0.85%

-6 -1.80% -1.48% -2.34% -3.30%

-5 -2.84% -3.52% 2.35% -0.62%

-4 -1.30% -0.35% 0.85% 2.71%

-3 -1.54% -4.25% 3.01% 4.41%

-2 0.86% 0.02% 3.56% 1.20%

-1 -1.31% -1.19% 8.05% -1.58%

0 -5.05% 0.04% 0.76% -1.33%

1 4.22% -0.70% -0.43% 0.80%

2 -3.16% -1.10% -3.66% 1.02%

3 -0.34% 1.37% -4.14% 1.44%

4 -0.27% 0.79% 5.52% 4.61%

5 3.58% 2.28% 7.10% 0.96%

6 3.99% -0.85% -0.64% 1.49%

7 4.22% -3.33% -3.35% -1.81%

8 1.24% 2.91% -4.35% 3.74%

9 0.32% -0.37% -2.49% 2.32%

10 1.77% -2.35% -0.47% -1.41%

11 3.01% -1.48% -1.50% -2.03%

12 -1.14% -1.38% 0.31% -3.57%

13 2.54% -2.06% -6.44% 3.48%

14 1.31% -2.64% -1.97% -0.08%

15 1.60% 3.73% 0.24% -3.77%

Page 6: AAR and CAAR Calculation

-1.40%

Page 7: AAR and CAAR Calculation

DAYS Abnormal Returns Abnormal Returns Abnormal Returns Abnormal Returns-30 -1.67% 0.92% 0.14% -1.77%

-29 0.86% -0.70% -1.57% 2.01%

-28 0.97% 3.06% 3.26% -1.45%

-27 0.30% 0.67% 1.94% -0.03%

-26 -3.57% -0.34% -0.52% 2.41%

-25 -0.80% 0.17% -1.52% -2.34%

-24 -1.24% 1.35% 0.57% -4.86%

-23 -0.75% 0.31% 0.90% 1.62%

-22 -2.22% -0.46% -1.58% 1.22%

-21 -2.42% -1.04% -0.81% 0.07%

-20 -1.80% -1.09% -0.94% -0.25%

-19 -0.44% 4.16% -1.09% -1.08%

-18 5.20% -1.32% 0.60% 1.88%

-17 5.52% -1.37% -2.21% 0.56%

-16 -0.68% -2.08% 3.68% -1.92%

-15 0.06% 1.78% 4.78% 1.36%

-14 -0.96% -1.64% -0.79% -1.06%

-13 2.98% 0.06% -0.94% 0.73%

-12 -2.09% -1.31% 0.75% 1.04%

-11 -1.72% 0.93% -2.75% 0.95%

-10 1.57% 0.29% 1.51% -1.63%

-9 2.64% 0.71% -0.98% -1.55%

-8 0.12% -0.76% -3.97% -1.29%

-7 1.17% -1.42% -3.07% 2.63%

-6 1.02% 0.70% -3.10% 1.17%

-5 2.94% 0.44% -1.33% -1.18%

-4 -0.46% 0.43% 2.56% -0.52%

-3 -2.37% 1.68% -0.84% -2.38%

-2 0.11% -1.53% -0.14% -0.26%

-1 -1.54% 3.38% 1.50% -4.50%

0 2.08% -0.49% -1.23% -1.31%

1 -0.18% 1.49% -0.16% -0.22%

2 -0.81% -2.50% -0.52% -2.18%

3 -0.99% -0.88% 1.23% 0.03%

4 0.29% -0.84% -1.71% -0.53%

5 -1.22% 3.71% 0.01% 0.46%

6 0.07% 0.84% 0.22% 0.89%

7 -0.53% 2.53% -1.61% -2.55%

8 -4.45% -0.34% -2.25% -3.35%

9 3.66% 0.57% 0.26% 3.44%

10 2.49% 0.01% 0.36% -0.25%

11 -1.28% 0.43% 1.03% 0.43%

12 -1.15% 0.26% -1.43% 6.54%

13 -4.65% -0.23% -0.66% 3.17%

14 -6.79% -1.30% 0.48% -4.11%

15 6.07% 0.82% 5.09% 1.58%

Page 8: AAR and CAAR Calculation

-0.24%

Page 9: AAR and CAAR Calculation

DAYS Abnormal Returns Abnormal Returns Abnormal Returns Abnormal Returns-30 0.36% -0.34% -0.30% 2.40%

-29 0.04% 0.42% 2.48% 4.28%

-28 0.27% 1.75% 12.31% 2.02%

-27 -0.87% -0.78% -3.31% -1.02%

-26 -0.90% -0.93% -1.09% 0.93%

-25 0.02% 0.52% 9.47% -0.10%

-24 -0.08% -0.83% -4.74% -1.90%

-23 0.08% 0.34% 0.30% 6.45%

-22 -2.01% 0.25% -2.68% -3.70%

-21 -0.35% -2.85% -2.40% -7.32%

-20 0.22% 1.29% -0.90% 1.34%

-19 1.71% -2.25% -5.85% -0.37%

-18 1.31% -0.40% 3.98% 3.61%

-17 -0.04% 2.06% -1.10% 1.94%

-16 -0.91% -1.23% 9.28% 7.02%

-15 -0.14% -0.52% -4.34% 0.32%

-14 -1.67% -1.16% 4.09% 0.36%

-13 0.75% -1.32% -0.47% -1.57%

-12 0.38% -3.25% -1.67% -4.28%

-11 -0.31% 2.42% -2.02% 1.21%

-10 -0.95% 1.29% -0.70% 1.21%

-9 0.46% -1.31% 2.03% -0.41%

-8 -1.90% -0.02% -2.57% -2.54%

-7 -2.33% -2.16% 3.09% 2.25%

-6 -0.08% 0.14% 10.62% -0.19%

-5 1.10% 0.95% 25.37% -2.49%

-4 -0.93% -0.12% -5.72% -2.29%

-3 1.35% -3.11% 4.80% 0.27%

-2 -2.25% -1.54% 3.91% 0.18%

-1 5.61% -0.39% -0.73% -1.65%

0 -0.74% 4.02% 1.71% -2.83%

1 2.70% -1.64% -0.49% -1.26%

2 -0.37% 1.15% 4.39% 7.16%

3 0.13% -0.56% 1.74% 3.87%

4 -1.95% 5.01% -4.69% -1.68%

5 -0.58% -2.41% -1.25% 2.09%

6 5.98% -0.63% 6.30% 1.32%

7 0.60% 0.32% -4.82% 8.03%

8 0.14% 0.33% -5.34% -5.90%

9 5.81% 0.15% 4.60% -3.31%

10 0.08% -0.54% -3.51% 2.61%

11 -1.78% -0.57% -1.37% 3.51%

12 1.08% 0.69% -5.70% -1.36%

13 -0.62% -0.65% -1.10% -0.57%

14 -0.59% -2.04% 3.98% 0.98%

15 -5.71% -0.25% -6.26% 0.24%

Page 10: AAR and CAAR Calculation

Abnormal Returns1.89%

4.08%

-2.80%

-1.16%

2.15%

-1.90%

-1.97%

-2.83%

2.47%

5.28%

2.06%

-2.81%

-2.15%

-1.01%

-1.08%

3.23%

-1.35%

-0.49%

-0.43%

0.18%

-0.49%

-0.03%

3.16%

1.62%

-0.89%

-1.61%

-1.47%

-3.14%

0.27%

1.83%

-0.46% 0.34%2.02%

-0.10%

0.61%

-3.63%

2.63%

5.90%

-1.57%

1.94%

0.15%

-0.74%

0.53%

-0.98%

1.59%

0.15%

0.34%

Page 11: AAR and CAAR Calculation

DAYS Abnormal Returns Abnormal Returns Abnormal Returns Abnormal Returns-30 -0.59% -1.40% -5.89% -1.63%

-29 -3.45% -0.25% 3.29% -0.62%

-28 -0.22% 3.15% 3.55% -1.63%

-27 -0.17% 4.12% -0.36% -3.88%

-26 6.37% -0.33% -3.28% 2.19%

-25 1.22% -1.07% -1.67% 1.93%

-24 1.97% 0.40% 3.13% 3.69%

-23 2.11% -0.34% 0.02% -1.21%

-22 -0.45% 1.67% -4.26% 1.76%

-21 -0.50% 3.65% 4.42% -1.14%

-20 1.99% 0.79% 6.46% -3.27%

-19 -3.35% 3.36% -2.80% 0.09%

-18 3.38% 3.02% 5.04% -4.32%

-17 -0.47% -0.44% 1.54% 1.52%

-16 -0.19% -0.08% 0.11% 5.13%

-15 -0.30% 0.84% 1.47% -3.38%

-14 0.39% 0.42% -2.17% 0.02%

-13 0.68% 1.37% 0.43% -1.32%

-12 1.33% 0.97% 1.39% -2.85%

-11 -1.56% -0.50% -0.79% 4.08%

-10 0.20% 1.13% -1.10% -2.81%

-9 -0.31% -0.33% 0.30% 11.79%

-8 -0.10% 0.77% -4.32% 0.98%

-7 0.06% 0.40% 1.31% -2.82%

-6 0.43% 0.06% 2.28% 0.91%

-5 -1.17% -0.22% 0.34% -2.78%

-4 1.41% 1.21% 6.28% -2.97%

-3 -1.50% -0.81% 2.01% 0.57%

-2 -2.12% -0.42% -1.32% -0.57%

-1 -0.59% -0.31% -0.58% -0.49%

0 1.65% -0.91% -3.98% 4.12%

1 1.29% -0.66% 5.23% 1.36%

2 -0.28% -1.29% 5.83% 1.72%

3 0.73% 0.07% -2.00% 3.25%

4 -0.18% -0.66% 1.77% 6.30%

5 0.70% 0.63% -3.14% 0.37%

6 2.53% 3.55% -1.01% -1.33%

7 1.53% -3.08% 3.01% 0.50%

8 -9.34% -5.66% -1.69% -1.28%

9 2.10% 0.85% -0.38% 8.88%

10 1.71% 0.06% 0.65% -0.91%

11 1.03% -0.66% -3.90% 2.65%

12 4.13% 0.79% -0.69% 1.23%

13 0.46% 0.30% -0.21% -0.21%

14 -0.02% -0.25% 1.89% -3.18%

15 -3.07% -1.09% -2.98% 0.77%

Page 12: AAR and CAAR Calculation

Abnormal Returns3.42%

1.50%

2.19%

1.50%

-1.08%

2.32%

0.66%

-0.94%

-0.16%

3.28%

6.19%

0.75%

-0.79%

1.01%

0.79%

-1.07%

-1.90%

2.02%

8.05%

0.97%

-3.44%

-0.69%

1.63%

-0.26%

0.94%

5.72%

-1.82%

-1.13%

0.43%

-0.63%

-1.37% -0.10%1.01%

0.37%

2.07%

0.16%

1.32%

0.22%

-0.44%

2.20%

4.10%

-2.14%

1.45%

2.35%

2.98%

4.45%

0.39%

Page 13: AAR and CAAR Calculation

DAYS Abnormal Returns Abnormal Returns Abnormal Returns Abnormal Returns-30 0.55% 6.82% 2.01% 2.85%

-29 -2.10% -5.01% 3.20% -3.05%

-28 1.10% 2.87% 2.95% 1.50%

-27 -0.03% -3.27% -0.52% -8.42%

-26 -1.72% 1.70% 4.28% -1.63%

-25 0.55% -0.57% -0.14% -0.90%

-24 -0.98% -1.72% 6.50% -0.26%

-23 -0.08% -0.37% -4.25% -0.05%

-22 -0.38% -0.82% -0.82% -1.41%

-21 -1.16% -6.17% -3.18% 0.80%

-20 3.50% 1.69% 4.74% 3.68%

-19 0.85% -0.62% 0.97% 1.17%

-18 5.13% -2.79% 2.77% -0.51%

-17 -0.78% 2.82% 2.17% -1.45%

-16 -2.11% -0.06% 2.96% 0.71%

-15 0.15% 0.61% -0.79% 0.62%

-14 1.24% -3.62% -1.22% 0.64%

-13 -1.08% 2.94% 0.14% 3.86%

-12 -1.06% -0.01% -0.86% -2.84%

-11 -2.18% 0.82% 0.35% 1.36%

-10 -3.16% 0.29% -2.65% -1.59%

-9 1.92% 1.40% -5.50% 3.20%

-8 0.84% 0.51% 2.68% -0.16%

-7 -1.83% 8.76% 0.01% 1.16%

-6 -2.56% -3.83% 1.54% -2.80%

-5 -1.60% -0.95% 2.12% 1.22%

-4 -0.91% -4.45% -0.31% -0.69%

-3 1.26% 2.08% -0.50% 0.98%

-2 -0.35% 0.51% 0.90% 0.06%

-1 1.40% -2.17% 2.60% -2.13%

0 -2.26% 1.43% 0.79% 0.74%

1 3.41% -2.30% 1.65% 0.21%

2 0.08% -0.17% -3.09% -0.26%

3 -2.96% 1.88% -0.65% 1.05%

4 0.29% 1.02% 1.54% -1.40%

5 -0.82% 1.58% 1.90% 0.45%

6 0.11% -1.10% -0.72% 1.30%

7 -0.84% -1.27% -1.93% -0.32%

8 -0.48% -3.50% 1.68% -0.56%

9 2.19% -1.18% 2.14% -0.98%

10 -0.65% -0.07% -1.31% 0.65%

11 -2.39% -1.44% 1.01% 0.57%

12 -3.06% 1.42% 1.85% 4.02%

13 -0.77% -0.96% -3.36% 1.23%

14 -1.78% 0.15% 0.96% -1.18%

15 1.91% 1.93% -1.99% -2.50%

Page 14: AAR and CAAR Calculation

0.18%

Page 15: AAR and CAAR Calculation

DAYS Abnormal Returns Abnormal Returns Abnormal Returns Abnormal Returns

-30 -3.20% 0.34% -1.49% 3.97%

-29 -3.52% -2.01% -2.33% -1.13%

-28 -3.00% 3.04% -3.56% -1.34%

-27 -1.12% 2.56% -0.10% -1.37%

-26 -0.22% 0.69% 0.12% -5.25%

-25 0.45% -2.85% 0.19% -2.17%

-24 -0.29% 0.79% -6.14% 0.28%

-23 -0.45% -0.20% -0.01% 2.62%

-22 1.33% 0.11% 0.05% 3.03%

-21 0.66% -1.68% -3.49% -2.42%

-20 -16.77% -5.87% 0.38% -0.94%

-19 -3.35% 1.79% -0.15% 2.39%

-18 0.24% 0.81% -2.44% 4.71%

-17 -0.36% 1.01% 0.19% 1.44%

-16 4.12% 1.11% 0.77% -4.27%

-15 -3.04% 0.59% -2.17% 3.77%

-14 1.70% -0.74% 0.63% -2.59%

-13 -2.77% -0.39% -1.63% 0.33%

-12 -4.77% -0.59% -0.86% 1.99%

-11 2.48% 0.11% 0.29% -0.65%

-10 -3.03% 0.56% -1.06% 1.83%

-9 0.77% 1.67% 8.17% -0.14%

-8 6.96% 0.00% -1.31% -1.65%

-7 1.09% -1.28% 1.39% -3.01%

-6 12.74% 2.12% 2.97% -1.92%

-5 1.50% -0.69% -2.87% -3.11%

-4 0.14% -1.60% -2.06% 2.30%

-3 -2.83% 2.13% -1.34% 0.77%

-2 2.14% -1.01% -1.67% 0.32%

-1 -1.21% 0.20% 2.02% 0.25%

0 -1.81% 0.46% 0.19% -1.75%

1 0.95% 0.37% -0.74% -1.18%

2 -1.56% -2.15% -4.64% -1.01%

3 -7.32% -2.43% -2.77% -2.27%

4 2.09% -2.53% -0.84% -1.81%

5 -0.40% 1.65% -3.17% -6.18%

6 -0.03% -1.25% -1.79% -1.02%

7 0.66% -0.89% -0.78% -2.51%

8 0.14% 3.15% -2.45% 1.46%

9 -4.54% 2.14% 1.47% 0.12%

10 -1.87% 2.76% -2.30% 2.97%

11 -1.03% 0.44% 1.72% 1.04%

12 2.24% -1.02% 2.86% 0.77%

13 4.25% 0.62% -0.73% -0.56%

14 0.34% -2.53% 0.15% -1.17%

15 -1.74% -2.74% -3.76% -1.61%

Page 16: AAR and CAAR Calculation

Abnormal Returns

-2.79%

2.85%

0.71%

-1.85%

-2.36%

-3.56%

0.12%

1.49%

3.45%

4.46%

1.02%

2.90%

-0.75%

0.24%

-5.89%

0.82%

4.85%

-2.82%

0.79%

-3.83%

3.67%

-1.27%

5.31%

-4.32%

1.70%

-3.65%

2.92%

1.31%

-3.49%

0.03%

-0.71% -0.73%-0.26%

2.99%

2.15%

-1.47%

-0.43%

-1.37%

-1.80%

0.05%

-0.88%

-1.43%

3.32%

0.60%

-4.05%

2.18%

-2.88%

Page 17: AAR and CAAR Calculation

DAYS EVENT 1 EVENT 2 EVENT 3 EVENT 4 EVENT 5 EVENT 6 EVENT 7 EVENT 8

-30 0.43% -0.59% 1.07% 2.77% -0.39% 1.76% 0.57% -1.03%

-29 0.91% 0.00% -2.03% 0.75% 1.10% 1.31% -1.41% -4.45%

-28 0.57% 0.72% -2.08% 0.37% 1.53% -0.15% 0.84% 2.99%

-27 0.09% -0.99% -0.04% -3.90% 0.28% 2.41% 0.39% -0.79%

-26 0.77% -0.44% -1.18% 1.78% 0.92% 3.72% -0.68% -3.08%

-25 -0.85% 0.26% -2.01% 0.51% -1.01% 1.35% 4.31% -0.54%

-24 -0.34% 2.57% 0.43% 0.73% -0.08% 1.55% 0.18% 1.84%

-23 0.56% -0.53% -3.76% 4.28% -2.09% -1.01% -1.37% -0.97%

-22 0.62% -0.57% -1.82% 0.37% -0.98% -6.30% 1.07% -1.77%

-21 -1.42% 1.27% -1.39% -3.07% 0.17% 0.62% -1.42% -2.17%

-20 0.02% 0.70% 1.77% 0.39% -0.81% 4.97% -0.06% 1.28%

-19 0.37% -0.07% 0.25% 1.81% -2.96% 5.84% 0.16% -1.62%

-18 -0.19% -0.26% -1.17% -0.90% 0.13% 3.72% 1.39% -0.69%

-17 -0.24% 0.29% -0.88% -0.12% 3.79% -1.05% 1.21% -1.83%

-16 0.17% -0.53% -0.28% 3.23% 4.17% 1.19% -2.30% 3.26%

-15 -1.57% -3.27% -0.41% -2.62% 1.41% -2.80% -0.77% 0.31%

-14 -0.50% -1.71% -0.60% -1.41% -3.22% -4.07% -1.19% -1.58%

-13 0.30% -0.64% -0.10% 0.24% -2.06% 0.24% -1.07% -2.59%

-12 -0.79% -0.72% -1.21% 1.33% -0.50% 2.49% 0.13% -0.40%

-11 1.28% -0.24% -1.49% -0.61% 0.82% -0.03% 1.13% -2.20%

-10 -0.31% -1.76% 0.63% -1.02% 3.98% 5.14% -2.91% 2.07%

-9 -3.15% 0.55% -0.82% 2.11% 0.01% 1.17% -0.99% 0.15%

-8 1.13% 0.37% 0.94% -0.11% -0.44% 5.70% 4.16% 1.26%

-7 2.37% -0.39% 1.42% 2.82% -0.29% -1.27% -1.04% -3.06%

-6 1.87% -0.30% -0.98% -0.09% -1.39% -1.39% 0.73% -2.66%

-5 -0.06% 1.10% -0.64% 0.14% -0.51% 0.42% 1.24% 1.33%

-4 0.38% -0.20% -1.37% -1.33% -1.73% -0.80% 0.27% -0.29%

-3 -0.52% -0.66% 0.53% -2.02% -0.35% 4.09% -0.02% -1.89%

-2 2.03% -0.41% -0.10% 2.35% 0.80% 0.09% -0.66% 2.74%

-1 -0.42% -0.59% 0.42% 0.02% -1.12% -1.16% 2.34% 3.25%

0 0.49% -0.97% 2.27% 0.44% -0.80% 4.30% -2.55% -4.79%

1 1.99% -0.21% 1.95% 0.22% 0.99% -0.94% -1.21% -5.20%

2 -2.46% 0.30% -1.96% -1.86% 1.27% 2.39% -1.06% 0.16%

3 -0.51% 2.80% -2.45% 0.05% -1.51% -1.82% -0.17% 0.62%

4 0.50% 0.17% 0.94% 0.50% 1.82% 2.77% -1.70% -3.36%

5 -0.63% -0.43% 0.80% -0.28% 0.66% 4.23% -2.32% -1.46%

6 0.54% 0.09% -0.71% -0.83% 1.43% 1.26% 2.24% 0.33%

7 1.50% 0.34% 1.16% 0.04% -0.51% -3.57% -1.01% -1.34%

8 0.43% -0.29% -0.36% -0.64% 0.04% 4.49% 0.08% -1.61%

9 -2.65% -1.38% -1.39% 0.95% -0.03% 0.11% 0.86% 3.04%

10 -1.12% -0.19% -0.25% 0.88% 0.13% 0.03% 0.59% 2.33%

11 1.52% -0.23% -0.91% 0.45% -1.90% 0.79% -1.34% -1.12%

12 -0.19% 0.04% -0.93% 1.49% -1.95% 5.01% -0.06% -2.85%

13 0.48% -0.36% 0.74% 0.53% -0.42% -2.68% 1.93% 2.54%

14 1.02% -1.86% -1.16% 0.99% 1.07% -2.72% 2.65% -0.29%

15 1.28% 1.73% 0.36% 1.00% -1.54% 1.77% 5.91% 1.93%

Page 18: AAR and CAAR Calculation

EVENT 9 EVENT 10 EVENT 11 EVENT 12 EVENT 13 EVENT 14 EVENT 15 EVENT 16

7.34% 3.50% 1.19% -0.49% 9.97% -1.63% -1.67% 0.92%

4.13% 2.28% 0.98% -1.14% 0.63% -1.60% 0.86% -0.70%

0.38% -0.33% -2.55% 2.94% 4.83% -2.16% 0.97% 3.06%

3.48% -3.90% -4.30% 11.74% -2.73% -3.64% 0.30% 0.67%

-1.14% -2.08% -1.47% 0.97% 1.63% -3.89% -3.57% -0.34%

-3.62% 0.46% 0.19% -5.00% 2.19% -2.07% -0.80% 0.17%

-0.45% -0.70% -1.33% 0.59% -4.10% 1.37% -1.24% 1.35%

1.43% 0.23% -1.40% -1.35% -4.37% -1.38% -0.75% 0.31%

-3.76% 2.45% -2.44% -1.51% -0.65% 0.48% -2.22% -0.46%

3.97% 0.33% -0.98% -1.10% -3.85% -6.15% -2.42% -1.04%

2.05% -2.20% 6.71% -2.08% 0.77% 1.28% -1.80% -1.09%

1.47% -2.19% 1.90% 4.41% 1.90% -8.34% -0.44% 4.16%

-7.07% -1.91% 3.78% -0.86% 2.89% -2.49% 5.20% -1.32%

-0.32% 3.00% 0.11% -0.42% -1.92% -1.74% 5.52% -1.37%

1.27% 1.40% -0.84% -1.26% 1.17% -1.24% -0.68% -2.08%

0.07% -0.44% -1.30% 1.60% -0.51% 4.93% 0.06% 1.78%

-1.44% 0.27% 5.86% -0.90% -0.37% -0.79% -0.96% -1.64%

0.71% 1.60% -3.19% 2.70% -0.64% -4.54% 2.98% 0.06%

-2.34% 0.58% -0.13% -0.64% -1.83% 1.77% -2.09% -1.31%

-0.24% 2.42% -0.81% 1.03% -1.41% -3.15% -1.72% 0.93%

5.78% -0.36% 2.44% -0.97% -4.82% -10.02% 1.57% 0.29%

3.70% -3.15% -1.27% -2.55% -3.12% -0.41% 2.64% 0.71%

2.03% -0.26% 6.17% 0.41% -3.18% -0.39% 0.12% -0.76%

0.02% 4.13% 0.69% -0.84% 3.89% 0.85% 1.17% -1.42%

1.54% 0.87% -1.80% -1.48% -2.34% -3.30% 1.02% 0.70%

-1.97% -2.29% -2.84% -3.52% 2.35% -0.62% 2.94% 0.44%

4.62% 0.95% -1.30% -0.35% 0.85% 2.71% -0.46% 0.43%

-1.75% 0.25% -1.54% -4.25% 3.01% 4.41% -2.37% 1.68%

0.10% 1.46% 0.86% 0.02% 3.56% 1.20% 0.11% -1.53%

-3.75% -1.81% -1.31% -1.19% 8.05% -1.58% -1.54% 3.38%

-0.29% 3.05% -5.05% 0.04% 0.76% -1.33% 2.08% -0.49%

1.66% 0.23% 4.22% -0.70% -0.43% 0.80% -0.18% 1.49%

-0.43% 5.00% -3.16% -1.10% -3.66% 1.02% -0.81% -2.50%

0.68% -0.20% -0.34% 1.37% -4.14% 1.44% -0.99% -0.88%

-0.68% -0.77% -0.27% 0.79% 5.52% 4.61% 0.29% -0.84%

-2.64% -3.13% 3.58% 2.28% 7.10% 0.96% -1.22% 3.71%

-1.63% 0.33% 3.99% -0.85% -0.64% 1.49% 0.07% 0.84%

1.74% -0.23% 4.22% -3.33% -3.35% -1.81% -0.53% 2.53%

3.16% 0.24% 1.24% 2.91% -4.35% 3.74% -4.45% -0.34%

-0.10% -1.55% 0.32% -0.37% -2.49% 2.32% 3.66% 0.57%

-0.16% 0.70% 1.77% -2.35% -0.47% -1.41% 2.49% 0.01%

1.30% -0.75% 3.01% -1.48% -1.50% -2.03% -1.28% 0.43%

4.32% 1.49% -1.14% -1.38% 0.31% -3.57% -1.15% 0.26%

-1.38% 0.39% 2.54% -2.06% -6.44% 3.48% -4.65% -0.23%

-1.44% 2.24% 1.31% -2.64% -1.97% -0.08% -6.79% -1.30%

0.34% 0.32% 1.60% 3.73% 0.24% -3.77% 6.07% 0.82%

Page 19: AAR and CAAR Calculation

EVENT 17 EVENT 18 EVENT 19 EVENT 20 EVENT 21 EVENT 22 EVENT 23 EVENT 24

0.14% -1.77% 0.36% -0.34% -0.30% 2.40% 1.89% -0.59%

-1.57% 2.01% 0.04% 0.42% 2.48% 4.28% 4.08% -3.45%

3.26% -1.45% 0.27% 1.75% 12.31% 2.02% -2.80% -0.22%

1.94% -0.03% -0.87% -0.78% -3.31% -1.02% -1.16% -0.17%

-0.52% 2.41% -0.90% -0.93% -1.09% 0.93% 2.15% 6.37%

-1.52% -2.34% 0.02% 0.52% 9.47% -0.10% -1.90% 1.22%

0.57% -4.86% -0.08% -0.83% -4.74% -1.90% -1.97% 1.97%

0.90% 1.62% 0.08% 0.34% 0.30% 6.45% -2.83% 2.11%

-1.58% 1.22% -2.01% 0.25% -2.68% -3.70% 2.47% -0.45%

-0.81% 0.07% -0.35% -2.85% -2.40% -7.32% 5.28% -0.50%

-0.94% -0.25% 0.22% 1.29% -0.90% 1.34% 2.06% 1.99%

-1.09% -1.08% 1.71% -2.25% -5.85% -0.37% -2.81% -3.35%

0.60% 1.88% 1.31% -0.40% 3.98% 3.61% -2.15% 3.38%

-2.21% 0.56% -0.04% 2.06% -1.10% 1.94% -1.01% -0.47%

3.68% -1.92% -0.91% -1.23% 9.28% 7.02% -1.08% -0.19%

4.78% 1.36% -0.14% -0.52% -4.34% 0.32% 3.23% -0.30%

-0.79% -1.06% -1.67% -1.16% 4.09% 0.36% -1.35% 0.39%

-0.94% 0.73% 0.75% -1.32% -0.47% -1.57% -0.49% 0.68%

0.75% 1.04% 0.38% -3.25% -1.67% -4.28% -0.43% 1.33%

-2.75% 0.95% -0.31% 2.42% -2.02% 1.21% 0.18% -1.56%

1.51% -1.63% -0.95% 1.29% -0.70% 1.21% -0.49% 0.20%

-0.98% -1.55% 0.46% -1.31% 2.03% -0.41% -0.03% -0.31%

-3.97% -1.29% -1.90% -0.02% -2.57% -2.54% 3.16% -0.10%

-3.07% 2.63% -2.33% -2.16% 3.09% 2.25% 1.62% 0.06%

-3.10% 1.17% -0.08% 0.14% 10.62% -0.19% -0.89% 0.43%

-1.33% -1.18% 1.10% 0.95% 25.37% -2.49% -1.61% -1.17%

2.56% -0.52% -0.93% -0.12% -5.72% -2.29% -1.47% 1.41%

-0.84% -2.38% 1.35% -3.11% 4.80% 0.27% -3.14% -1.50%

-0.14% -0.26% -2.25% -1.54% 3.91% 0.18% 0.27% -2.12%

1.50% -4.50% 5.61% -0.39% -0.73% -1.65% 1.83% -0.59%

-1.23% -1.31% -0.74% 4.02% 1.71% -2.83% -0.46% 1.65%

-0.16% -0.22% 2.70% -1.64% -0.49% -1.26% 2.02% 1.29%

-0.52% -2.18% -0.37% 1.15% 4.39% 7.16% -0.10% -0.28%

1.23% 0.03% 0.13% -0.56% 1.74% 3.87% 0.61% 0.73%

-1.71% -0.53% -1.95% 5.01% -4.69% -1.68% -3.63% -0.18%

0.01% 0.46% -0.58% -2.41% -1.25% 2.09% 2.63% 0.70%

0.22% 0.89% 5.98% -0.63% 6.30% 1.32% 5.90% 2.53%

-1.61% -2.55% 0.60% 0.32% -4.82% 8.03% -1.57% 1.53%

-2.25% -3.35% 0.14% 0.33% -5.34% -5.90% 1.94% -9.34%

0.26% 3.44% 5.81% 0.15% 4.60% -3.31% 0.15% 2.10%

0.36% -0.25% 0.08% -0.54% -3.51% 2.61% -0.74% 1.71%

1.03% 0.43% -1.78% -0.57% -1.37% 3.51% 0.53% 1.03%

-1.43% 6.54% 1.08% 0.69% -5.70% -1.36% -0.98% 4.13%

-0.66% 3.17% -0.62% -0.65% -1.10% -0.57% 1.59% 0.46%

0.48% -4.11% -0.59% -2.04% 3.98% 0.98% 0.15% -0.02%

5.09% 1.58% -5.71% -0.25% -6.26% 0.24% 0.34% -3.07%

Page 20: AAR and CAAR Calculation

EVENT 25 EVENT 26 EVENT 27 EVENT 28 EVENT 29 EVENT 30 EVENT 31 EVENT 32

-1.40% -5.89% -1.63% 3.42% 0.55% 6.82% 2.01% 2.85%

-0.25% 3.29% -0.62% 1.50% -2.10% -5.01% 3.20% -3.05%

3.15% 3.55% -1.63% 2.19% 1.10% 2.87% 2.95% 1.50%

4.12% -0.36% -3.88% 1.50% -0.03% -3.27% -0.52% -8.42%

-0.33% -3.28% 2.19% -1.08% -1.72% 1.70% 4.28% -1.63%

-1.07% -1.67% 1.93% 2.32% 0.55% -0.57% -0.14% -0.90%

0.40% 3.13% 3.69% 0.66% -0.98% -1.72% 6.50% -0.26%

-0.34% 0.02% -1.21% -0.94% -0.08% -0.37% -4.25% -0.05%

1.67% -4.26% 1.76% -0.16% -0.38% -0.82% -0.82% -1.41%

3.65% 4.42% -1.14% 3.28% -1.16% -6.17% -3.18% 0.80%

0.79% 6.46% -3.27% 6.19% 3.50% 1.69% 4.74% 3.68%

3.36% -2.80% 0.09% 0.75% 0.85% -0.62% 0.97% 1.17%

3.02% 5.04% -4.32% -0.79% 5.13% -2.79% 2.77% -0.51%

-0.44% 1.54% 1.52% 1.01% -0.78% 2.82% 2.17% -1.45%

-0.08% 0.11% 5.13% 0.79% -2.11% -0.06% 2.96% 0.71%

0.84% 1.47% -3.38% -1.07% 0.15% 0.61% -0.79% 0.62%

0.42% -2.17% 0.02% -1.90% 1.24% -3.62% -1.22% 0.64%

1.37% 0.43% -1.32% 2.02% -1.08% 2.94% 0.14% 3.86%

0.97% 1.39% -2.85% 8.05% -1.06% -0.01% -0.86% -2.84%

-0.50% -0.79% 4.08% 0.97% -2.18% 0.82% 0.35% 1.36%

1.13% -1.10% -2.81% -3.44% -3.16% 0.29% -2.65% -1.59%

-0.33% 0.30% 11.79% -0.69% 1.92% 1.40% -5.50% 3.20%

0.77% -4.32% 0.98% 1.63% 0.84% 0.51% 2.68% -0.16%

0.40% 1.31% -2.82% -0.26% -1.83% 8.76% 0.01% 1.16%

0.06% 2.28% 0.91% 0.94% -2.56% -3.83% 1.54% -2.80%

-0.22% 0.34% -2.78% 5.72% -1.60% -0.95% 2.12% 1.22%

1.21% 6.28% -2.97% -1.82% -0.91% -4.45% -0.31% -0.69%

-0.81% 2.01% 0.57% -1.13% 1.26% 2.08% -0.50% 0.98%

-0.42% -1.32% -0.57% 0.43% -0.35% 0.51% 0.90% 0.06%

-0.31% -0.58% -0.49% -0.63% 1.40% -2.17% 2.60% -2.13%

-0.91% -3.98% 4.12% -1.37% -2.26% 1.43% 0.79% 0.74%

-0.66% 5.23% 1.36% 1.01% 3.41% -2.30% 1.65% 0.21%

-1.29% 5.83% 1.72% 0.37% 0.08% -0.17% -3.09% -0.26%

0.07% -2.00% 3.25% 2.07% -2.96% 1.88% -0.65% 1.05%

-0.66% 1.77% 6.30% 0.16% 0.29% 1.02% 1.54% -1.40%

0.63% -3.14% 0.37% 1.32% -0.82% 1.58% 1.90% 0.45%

3.55% -1.01% -1.33% 0.22% 0.11% -1.10% -0.72% 1.30%

-3.08% 3.01% 0.50% -0.44% -0.84% -1.27% -1.93% -0.32%

-5.66% -1.69% -1.28% 2.20% -0.48% -3.50% 1.68% -0.56%

0.85% -0.38% 8.88% 4.10% 2.19% -1.18% 2.14% -0.98%

0.06% 0.65% -0.91% -2.14% -0.65% -0.07% -1.31% 0.65%

-0.66% -3.90% 2.65% 1.45% -2.39% -1.44% 1.01% 0.57%

0.79% -0.69% 1.23% 2.35% -3.06% 1.42% 1.85% 4.02%

0.30% -0.21% -0.21% 2.98% -0.77% -0.96% -3.36% 1.23%

-0.25% 1.89% -3.18% 4.45% -1.78% 0.15% 0.96% -1.18%

-1.09% -2.98% 0.77% 0.39% 1.91% 1.93% -1.99% -2.50%

Page 21: AAR and CAAR Calculation

EVENT 33 EVENT 34 EVENT 35 EVENT 36 EVENT 37 AVERAGE ABNORMAL RETURN

-3.20% 0.34% -1.49% 3.97% -2.79% 0.79%

-3.52% -2.01% -2.33% -1.13% 2.85% 0.02%

-3.00% 3.04% -3.56% -1.34% 0.71% 1.04%

-1.12% 2.56% -0.10% -1.37% -1.85% -0.52%

-0.22% 0.69% 0.12% -5.25% -2.36% -0.18%

0.45% -2.85% 0.19% -2.17% -3.56% -0.23%

-0.29% 0.79% -6.14% 0.28% 0.12% -0.09%

-0.45% -0.20% -0.01% 2.62% 1.49% -0.19%

1.33% 0.11% 0.05% 3.03% 3.45% -0.55%

0.66% -1.68% -3.49% -2.42% 4.46% -0.80%

-16.77% -5.87% 0.38% -0.94% 1.02% 0.49%

-3.35% 1.79% -0.15% 2.39% 2.90% -0.03%

0.24% 0.81% -2.44% 4.71% -0.75% 0.61%

-0.36% 1.01% 0.19% 1.44% 0.24% 0.34%

4.12% 1.11% 0.77% -4.27% -5.89% 0.66%

-3.04% 0.59% -2.17% 3.77% 0.82% -0.02%

1.70% -0.74% 0.63% -2.59% 4.85% -0.49%

-2.77% -0.39% -1.63% 0.33% -2.82% -0.20%

-4.77% -0.59% -0.86% 1.99% 0.79% -0.34%

2.48% 0.11% 0.29% -0.65% -3.83% -0.10%

-3.03% 0.56% -1.06% 1.83% 3.67% -0.30%

0.77% 1.67% 8.17% -0.14% -1.27% 0.40%

6.96% 0.00% -1.31% -1.65% 5.31% 0.55%

1.09% -1.28% 1.39% -3.01% -4.32% 0.32%

12.74% 2.12% 2.97% -1.92% 1.70% 0.36%

1.50% -0.69% -2.87% -3.11% -3.65% 0.33%

0.14% -1.60% -2.06% 2.30% 2.92% -0.18%

-2.83% 2.13% -1.34% 0.77% 1.31% -0.04%

2.14% -1.01% -1.67% 0.32% -3.49% 0.17%

-1.21% 0.20% 2.02% 0.25% 0.03% 0.08%

-1.81% 0.46% 0.19% -1.75% -0.71% -0.19%

0.95% 0.37% -0.74% -1.18% -0.26% 0.43%

-1.56% -2.15% -4.64% -1.01% 2.99% -0.08%

-7.32% -2.43% -2.77% -2.27% 2.15% -0.22%

2.09% -2.53% -0.84% -1.81% -1.47% 0.14%

-0.40% 1.65% -3.17% -6.18% -0.43% 0.18%

-0.03% -1.25% -1.79% -1.02% -1.37% 0.70%

0.66% -0.89% -0.78% -2.51% -1.80% -0.38%

0.14% 3.15% -2.45% 1.46% 0.05% -0.71%

-4.54% 2.14% 1.47% 0.12% -0.88% 0.78%

-1.87% 2.76% -2.30% 2.97% -1.43% -0.02%

-1.03% 0.44% 1.72% 1.04% 3.32% 0.02%

2.24% -1.02% 2.86% 0.77% 0.60% 0.43%

4.25% 0.62% -0.73% -0.56% -4.05% -0.15%

0.34% -2.53% 0.15% -1.17% 2.18% -0.33%

-1.74% -2.74% -3.76% -1.61% -2.88% -0.07%

Page 22: AAR and CAAR Calculation

CUMULATIVE AVERAGE ABNORMAL RETURN STANDARD DEVIATION SQUARE ROOT OF 37

0.62% 0.0299886129767662 6.08276253029822

0.81% 0.0242823000493711 6.08276253029822

1.85% 0.0285562527376653 6.08276253029822

1.33% 0.03187144456652 6.08276253029822

1.16% 0.0236026727741602 6.08276253029822

0.93% 0.0244910821586818 6.08276253029822

0.84% 0.0238592274633348 6.08276253029822

0.65% 0.0207615033958347 6.08276253029822

0.10% 0.0209224839987674 6.08276253029822

-0.70% 0.0292915088868407 6.08276253029822

-0.21% 0.0394525881735101 6.08276253029822

-0.24% 0.0281437099074439 6.08276253029822

0.38% 0.0285116943817711 6.08276253029822

0.72% 0.0171143812960664 6.08276253029822

1.38% 0.0294036491164509 6.08276253029822

1.36% 0.0212931038381694 6.08276253029822

0.87% 0.0206039959655342 6.08276253029822

0.67% 0.0182474278179137 6.08276253029822

0.33% 0.0220538568083481 6.08276253029822

0.23% 0.0169671298256222 6.08276253029822

-0.07% 0.0289593150419636 6.08276253029822

0.33% 0.0301970982785506 6.08276253029822

0.87% 0.0264740254024394 6.08276253029822

1.19% 0.0252299806044972 6.08276253029822

1.55% 0.0326154167863013 6.08276253029822

1.88% 0.0468123984396834 6.08276253029822

1.70% 0.022584746075555 6.08276253029822

1.66% 0.021669591155646 6.08276253029822

1.83% 0.0156623152270113 6.08276253029822

1.91% 0.0239464275653205 6.08276253029822

1.72% 0.022369350561036 6.08276253029822

2.15% 0.0187411360469511 6.08276253029822

2.07% 0.025998443732934 6.08276253029822

1.85% 0.0218677216053756 6.08276253029822

2.00% 0.0244901169883303 6.08276253029822

2.18% 0.0245769438956362 6.08276253029822

2.88% 0.0211327236717558 6.08276253029822

2.50% 0.0239245910154229 6.08276253029822

1.79% 0.0299712631953597 6.08276253029822

2.57% 0.0261100790946778 6.08276253029822

2.55% 0.0152957629539145 6.08276253029822

2.56% 0.0168971800003422 6.08276253029822

3.00% 0.0249729728753152 6.08276253029822

2.85% 0.0223948994597836 6.08276253029822

2.52% 0.0221101105723722 6.08276253029822

2.46% 0.0284742970433708 6.08276253029822

T Actual 2.086 (@95% Confidence level)T Actual 1.684(@90% Confidence level)

Page 23: AAR and CAAR Calculation

T-Calculated

1.59536340432691

0.0498701909633402

2.22279211424206

-0.98337293973109

-0.454825162165749

-0.576559162479726

-0.22390957543301

-0.552993078514744

-1.60384702384273

-1.65684203005605

0.762498737973022

-0.0644249261008484

1.3029647365365

1.21562629017006

1.37474730559932

-0.0547865272618287

-1.45231900265375

-0.680500530434102

-0.926638142822772

-0.35370655457114

-0.636743237379684

0.803726976413801

1.25247143354848

0.76508467430233

0.667396417337693

0.428946641845825

-0.485770439133268

-0.107965211320241

0.652187529696416

0.20992660471424

-0.524063626915929

1.40182431313211

-0.176530817603894

-0.616436389961009

0.359850143537099

0.442273550723514

2.02122457787013

-0.956107257128093

-1.44880032035861

1.82550953662787

-0.0911216144349391

0.0553017630057043

1.05902607666474

-0.399888843017766

-0.901200850766864

-0.146903287081195