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<p class="ecxmsonormal" style="margin-top:0in;margin-right:0in;margin-bottom:
16.2pt;margin-left:0in;line-height:12.75pt"><span style="font-size:10.0pt;
font-family:NimbusRomNo9L-Regu;mso-bidi-font-family:Tahoma;color:#2A2A2A;
background:white">Hello,</span><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif";
color:#2A2A2A;background:white"><o:p></o:p></span></p>
<p class="ecxmsonormal" style="margin-top:0in;margin-right:0in;margin-bottom:
16.2pt;margin-left:0in;line-height:12.75pt"><span style="font-size:10.0pt;
font-family:NimbusRomNo9L-Regu;mso-bidi-font-family:Tahoma;color:#2A2A2A;
background:white">I am working as part of the Extreme Events Working Party with
the UK Institute of Actuaries. <span class="apple-converted-space"> </span>We
have looked at the QRMlib package and the fExtremes package for use in R to
calibrate the Generalised Pareto Distribution. <span class="apple-converted-space"> </span>Using the attached data we found
nearly identical results for calibrating the GPD using the maximum likelihood
estimate; but quite different results for the probability weighted moments
estimate.</span><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif";
color:#2A2A2A;background:white"><o:p></o:p></span></p>
<p class="ecxmsonormal" style="margin-top:0in;margin-right:0in;margin-bottom:
16.2pt;margin-left:0in;line-height:12.75pt"><span style="font-size:10.0pt;
font-family:NimbusRomNo9L-Regu;mso-bidi-font-family:Tahoma;color:#2A2A2A;
background:white">Could I ask if you are aware of this issue – or found
something similar? <span class="apple-converted-space"> </span>The code
used is below:</span><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif";
color:#2A2A2A;background:white"><o:p></o:p></span></p>
<p class="ecxmsonormal" style="margin-top:0in;margin-right:0in;margin-bottom:
16.2pt;margin-left:0in;line-height:12.75pt"><span class="ecxapple-style-span"><span style="font-size:10.0pt;font-family:NimbusRomNo9L-Regu;mso-bidi-font-family:
Tahoma;color:#2A2A2A;background:white">setwd("C:/EVT")</span></span><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif";color:#2A2A2A;
background:white"><o:p></o:p></span></p>
<p class="ecxmsonormal" style="margin-top:0in;margin-right:0in;margin-bottom:
16.2pt;margin-left:0in;line-height:12.75pt"><span class="ecxapple-style-span"><span style="font-size:10.0pt;font-family:NimbusRomNo9L-Regu;mso-bidi-font-family:
Tahoma;color:#2A2A2A;background:white">a<-read.csv("returns.csv",header=T)</span></span><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif";color:#2A2A2A;
background:white"><o:p></o:p></span></p>
<p class="ecxmsonormal" style="margin-top:0in;margin-right:0in;margin-bottom:
16.2pt;margin-left:0in;line-height:12.75pt"><span class="ecxapple-style-span"><span style="font-size:10.0pt;font-family:NimbusRomNo9L-Regu;mso-bidi-font-family:
Tahoma;color:#2A2A2A;background:white">attach(a)</span></span><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif";color:#2A2A2A;
background:white"><o:p></o:p></span></p>
<p class="ecxmsonormal" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:10.0pt;font-family:NimbusRomNo9L-Regu;mso-bidi-font-family:
Tahoma;color:#2A2A2A;background:white">library(QRMlib)</span><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif";color:#2A2A2A;
background:white"><o:p></o:p></span></p>
<p class="ecxmsonormal" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:10.0pt;font-family:NimbusRomNo9L-Regu;mso-bidi-font-family:
Tahoma;color:#2A2A2A;background:white">library(fExtremes)</span><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif";color:#2A2A2A;
background:white"><o:p></o:p></span></p>
<p class="ecxmsonormal" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:10.0pt;font-family:NimbusRomNo9L-Regu;mso-bidi-font-family:
Tahoma;color:#2A2A2A;background:white">k<-c(UK,AUD,BEL,CAN,DEN,FRA,GER,IRE,ITA,JAP,NET,SAF,SPA,SWE,SWZ,US)</span><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif";color:#2A2A2A;
background:white"><o:p></o:p></span></p>
<p class="ecxmsonormal" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:10.0pt;font-family:NimbusRomNo9L-Regu;mso-bidi-font-family:
Tahoma;color:#2A2A2A;background:white">Data<--GER</span><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif";color:#2A2A2A;
background:white"><o:p></o:p></span></p>
<p class="ecxmsonormal" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:10.0pt;font-family:NimbusRomNo9L-Regu;mso-bidi-font-family:
Tahoma;color:#2A2A2A;background:white">fGPD<-gpdFit(Data,0.1)</span><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif";color:#2A2A2A;
background:white"><o:p></o:p></span></p>
<p class="ecxmsonormal" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:10.0pt;font-family:NimbusRomNo9L-Regu;mso-bidi-font-family:
Tahoma;color:#2A2A2A;background:white">GPD<-fit.GPD(Data,0.1)</span><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif";color:#2A2A2A;
background:white"><o:p></o:p></span></p>
<p class="ecxmsonormal" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:10.0pt;font-family:NimbusRomNo9L-Regu;mso-bidi-font-family:
Tahoma;color:#2A2A2A;background:white">fGPDpwm<-gpdFit(Data,0.05,type =
"pwm")</span><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif";
color:#2A2A2A;background:white"><o:p></o:p></span></p>
<p class="ecxmsonormal" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:10.0pt;font-family:NimbusRomNo9L-Regu;mso-bidi-font-family:
Tahoma;color:#2A2A2A;background:white">GPDpwm<-fit.GPD(Data,0.05,method="pwm")</span><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif";color:#2A2A2A;
background:white"><o:p></o:p></span></p>
<p class="ecxmsonormal" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:10.0pt;font-family:NimbusRomNo9L-Regu;mso-bidi-font-family:
Tahoma;color:#2A2A2A;background:white">GPD$par.ests</span><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif";color:#2A2A2A;
background:white"><o:p></o:p></span></p>
<p class="ecxmsonormal" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:10.0pt;font-family:NimbusRomNo9L-Regu;mso-bidi-font-family:
Tahoma;color:#2A2A2A;background:white">GPDpwm$par.ests</span><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif";color:#2A2A2A;
background:white"><o:p></o:p></span></p>
<p class="ecxmsonormal" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:10.0pt;font-family:NimbusRomNo9L-Regu;mso-bidi-font-family:
Tahoma;color:#2A2A2A;background:white">fGPD</span><span style="font-size:10.0pt;
font-family:"Tahoma","sans-serif";color:#2A2A2A;background:white"><o:p></o:p></span></p>
<p class="ecxmsonormal" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:10.0pt;font-family:NimbusRomNo9L-Regu;mso-bidi-font-family:
Tahoma;color:#2A2A2A;background:white">fGPDpwm</span><span style="font-size:
10.0pt;font-family:"Tahoma","sans-serif";color:#2A2A2A;background:white"><o:p></o:p></span></p>
<p class="ecxmsonormal" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:10.0pt;font-family:NimbusRomNo9L-Regu;mso-bidi-font-family:
Tahoma;color:#2A2A2A;background:white"> </span><span style="font-size:
10.0pt;font-family:"Tahoma","sans-serif";color:#2A2A2A;background:white"><o:p></o:p></span></p>
<p class="ecxmsonormal" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:10.0pt;font-family:NimbusRomNo9L-Regu;mso-bidi-font-family:
Tahoma;color:#2A2A2A;background:white">I tried with various data strings and
thresholds in the table below highlighting the difference in the PWM
calibration method:<o:p></o:p></span></p>
<table class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="388" style="width:291.3pt;margin-left:4.65pt;border-collapse:collapse;mso-yfti-tbllook:
1184;mso-padding-alt:0in 5.4pt 0in 5.4pt">
<tbody><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes;height:12.75pt">
<td width="196" nowrap="" colspan="2" valign="bottom" style="width:147.3pt;border:
solid windowtext 1.0pt;mso-border-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt;
height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US">Threshold
-1% <o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border:solid windowtext 1.0pt;
border-left:none;mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:
solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;padding:
0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US">99.5th<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border:solid windowtext 1.0pt;
border-left:none;mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:
solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;padding:
0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US">Xi<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border:solid windowtext 1.0pt;
border-left:none;mso-border-top-alt:solid windowtext .5pt;mso-border-bottom-alt:
solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;padding:
0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US">B<o:p></o:p></span></p>
</td>
</tr>
<tr style="mso-yfti-irow:1;height:12.75pt">
<td width="74" nowrap="" valign="bottom" style="width:55.3pt;border:solid windowtext 1.0pt;
border-top:none;mso-border-left-alt:solid windowtext .5pt;mso-border-bottom-alt:
solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;padding:
0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US">UK<o:p></o:p></span></p>
</td>
<td width="123" nowrap="" valign="bottom" style="width:92.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US">MLE
QRMlib<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">42.2%<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">0.0338<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">0.0979<o:p></o:p></span></p>
</td>
</tr>
<tr style="mso-yfti-irow:2;height:12.75pt">
<td width="74" nowrap="" valign="bottom" style="width:55.3pt;border:solid windowtext 1.0pt;
border-top:none;mso-border-left-alt:solid windowtext .5pt;mso-border-bottom-alt:
solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;padding:
0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US"> <o:p></o:p></span></p>
</td>
<td width="123" nowrap="" valign="bottom" style="width:92.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US">PWM
QRMlib<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">47.9%<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">0.1643<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">0.0847<o:p></o:p></span></p>
</td>
</tr>
<tr style="mso-yfti-irow:3;height:12.75pt">
<td width="74" nowrap="" valign="bottom" style="width:55.3pt;border:solid windowtext 1.0pt;
border-top:none;mso-border-left-alt:solid windowtext .5pt;mso-border-bottom-alt:
solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;padding:
0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US"> <o:p></o:p></span></p>
</td>
<td width="123" nowrap="" valign="bottom" style="width:92.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US">MLE
fExtreme<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">42.3%<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">0.0339<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">0.0979<o:p></o:p></span></p>
</td>
</tr>
<tr style="mso-yfti-irow:4;height:12.75pt">
<td width="74" nowrap="" valign="bottom" style="width:55.3pt;border:solid windowtext 1.0pt;
border-top:none;mso-border-left-alt:solid windowtext .5pt;mso-border-bottom-alt:
solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;padding:
0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US"> <o:p></o:p></span></p>
</td>
<td width="123" nowrap="" valign="bottom" style="width:92.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US">PWM
fExtreme<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">44.0%<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">0.0760<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">0.0936<o:p></o:p></span></p>
</td>
</tr>
<tr style="mso-yfti-irow:5;height:12.75pt">
<td width="74" nowrap="" valign="bottom" style="width:55.3pt;border:solid windowtext 1.0pt;
border-top:none;mso-border-left-alt:solid windowtext .5pt;mso-border-bottom-alt:
solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;padding:
0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US">France<o:p></o:p></span></p>
</td>
<td width="123" nowrap="" valign="bottom" style="width:92.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US">MLE
QRMlib<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">37.2%<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">-0.2432<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">0.1401<o:p></o:p></span></p>
</td>
</tr>
<tr style="mso-yfti-irow:6;height:12.75pt">
<td width="74" nowrap="" valign="bottom" style="width:55.3pt;border:solid windowtext 1.0pt;
border-top:none;mso-border-left-alt:solid windowtext .5pt;mso-border-bottom-alt:
solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;padding:
0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US"> <o:p></o:p></span></p>
</td>
<td width="123" nowrap="" valign="bottom" style="width:92.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US">PWM
QRMlib<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">43.1%<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">-0.0809<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">0.1213<o:p></o:p></span></p>
</td>
</tr>
<tr style="mso-yfti-irow:7;height:12.75pt">
<td width="74" nowrap="" valign="bottom" style="width:55.3pt;border:solid windowtext 1.0pt;
border-top:none;mso-border-left-alt:solid windowtext .5pt;mso-border-bottom-alt:
solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;padding:
0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US"> <o:p></o:p></span></p>
</td>
<td width="123" nowrap="" valign="bottom" style="width:92.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US">MLE
fExtreme<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">37.2%<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">-0.2430<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">0.1401<o:p></o:p></span></p>
</td>
</tr>
<tr style="mso-yfti-irow:8;height:12.75pt">
<td width="74" nowrap="" valign="bottom" style="width:55.3pt;border:solid windowtext 1.0pt;
border-top:none;mso-border-left-alt:solid windowtext .5pt;mso-border-bottom-alt:
solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;padding:
0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US"> <o:p></o:p></span></p>
</td>
<td width="123" nowrap="" valign="bottom" style="width:92.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US">PWM
fExtreme<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">39.2%<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">-0.1801<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">0.1325<o:p></o:p></span></p>
</td>
</tr>
<tr style="mso-yfti-irow:9;height:12.75pt">
<td width="74" nowrap="" valign="bottom" style="width:55.3pt;border:solid windowtext 1.0pt;
border-top:none;mso-border-left-alt:solid windowtext .5pt;mso-border-bottom-alt:
solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;padding:
0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US">Germany<o:p></o:p></span></p>
</td>
<td width="123" nowrap="" valign="bottom" style="width:92.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US">MLE
QRMlib<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">69.5%<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">-0.0134<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">0.1729<o:p></o:p></span></p>
</td>
</tr>
<tr style="mso-yfti-irow:10;height:12.75pt">
<td width="74" nowrap="" valign="bottom" style="width:55.3pt;border:solid windowtext 1.0pt;
border-top:none;mso-border-left-alt:solid windowtext .5pt;mso-border-bottom-alt:
solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;padding:
0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US"> <o:p></o:p></span></p>
</td>
<td width="123" nowrap="" valign="bottom" style="width:92.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US">PWM
QRMlib<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">72.3%<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">0.0248<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">0.1664<o:p></o:p></span></p>
</td>
</tr>
<tr style="mso-yfti-irow:11;height:12.75pt">
<td width="74" nowrap="" valign="bottom" style="width:55.3pt;border:solid windowtext 1.0pt;
border-top:none;mso-border-left-alt:solid windowtext .5pt;mso-border-bottom-alt:
solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;padding:
0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US"> <o:p></o:p></span></p>
</td>
<td width="123" nowrap="" valign="bottom" style="width:92.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US">MLE
fExtreme<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">69.5%<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">-0.0134<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">0.1729<o:p></o:p></span></p>
</td>
</tr>
<tr style="mso-yfti-irow:12;height:12.75pt">
<td width="74" nowrap="" valign="bottom" style="width:55.3pt;border:solid windowtext 1.0pt;
border-top:none;mso-border-left-alt:solid windowtext .5pt;mso-border-bottom-alt:
solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;padding:
0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US"> <o:p></o:p></span></p>
</td>
<td width="123" nowrap="" valign="bottom" style="width:92.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US">PWM
fExtreme<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">66.0%<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">-0.0644<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">0.1816<o:p></o:p></span></p>
</td>
</tr>
<tr style="mso-yfti-irow:13;height:12.75pt">
<td width="74" nowrap="" valign="bottom" style="width:55.3pt;border:solid windowtext 1.0pt;
border-top:none;mso-border-left-alt:solid windowtext .5pt;mso-border-bottom-alt:
solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;padding:
0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US">Italy<o:p></o:p></span></p>
</td>
<td width="123" nowrap="" valign="bottom" style="width:92.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US">MLE
QRMlib<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">45.9%<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">-0.3418<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">0.2030<o:p></o:p></span></p>
</td>
</tr>
<tr style="mso-yfti-irow:14;height:12.75pt">
<td width="74" nowrap="" valign="bottom" style="width:55.3pt;border:solid windowtext 1.0pt;
border-top:none;mso-border-left-alt:solid windowtext .5pt;mso-border-bottom-alt:
solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;padding:
0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US"> <o:p></o:p></span></p>
</td>
<td width="123" nowrap="" valign="bottom" style="width:92.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US">PWM
QRMlib<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">48.2%<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">-0.2821<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">0.1934<o:p></o:p></span></p>
</td>
</tr>
<tr style="mso-yfti-irow:15;height:12.75pt">
<td width="74" nowrap="" valign="bottom" style="width:55.3pt;border:solid windowtext 1.0pt;
border-top:none;mso-border-left-alt:solid windowtext .5pt;mso-border-bottom-alt:
solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;padding:
0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US"> <o:p></o:p></span></p>
</td>
<td width="123" nowrap="" valign="bottom" style="width:92.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US">MLE
fExtreme<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">45.9%<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">-0.3418<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">0.2030<o:p></o:p></span></p>
</td>
</tr>
<tr style="mso-yfti-irow:16;height:12.75pt">
<td width="74" nowrap="" valign="bottom" style="width:55.3pt;border:solid windowtext 1.0pt;
border-top:none;mso-border-left-alt:solid windowtext .5pt;mso-border-bottom-alt:
solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;padding:
0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US"> <o:p></o:p></span></p>
</td>
<td width="123" nowrap="" valign="bottom" style="width:92.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US">PWM
fExtreme<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">43.9%<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">-0.3946<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">0.2104<o:p></o:p></span></p>
</td>
</tr>
<tr style="mso-yfti-irow:17;height:12.75pt">
<td width="74" nowrap="" valign="bottom" style="width:55.3pt;border:solid windowtext 1.0pt;
border-top:none;mso-border-left-alt:solid windowtext .5pt;mso-border-bottom-alt:
solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;padding:
0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US">Spain<o:p></o:p></span></p>
</td>
<td width="123" nowrap="" valign="bottom" style="width:92.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US">MLE
QRMlib<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">35.4%<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">-0.2968<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">0.1463<o:p></o:p></span></p>
</td>
</tr>
<tr style="mso-yfti-irow:18;height:12.75pt">
<td width="74" nowrap="" valign="bottom" style="width:55.3pt;border:solid windowtext 1.0pt;
border-top:none;mso-border-left-alt:solid windowtext .5pt;mso-border-bottom-alt:
solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;padding:
0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US"> <o:p></o:p></span></p>
</td>
<td width="123" nowrap="" valign="bottom" style="width:92.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US">PWM
QRMlib<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">41.5%<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">-0.1071<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">0.1236<o:p></o:p></span></p>
</td>
</tr>
<tr style="mso-yfti-irow:19;height:12.75pt">
<td width="74" nowrap="" valign="bottom" style="width:55.3pt;border:solid windowtext 1.0pt;
border-top:none;mso-border-left-alt:solid windowtext .5pt;mso-border-bottom-alt:
solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;padding:
0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US"> <o:p></o:p></span></p>
</td>
<td width="123" nowrap="" valign="bottom" style="width:92.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US">MLE
fExtreme<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">35.4%<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">-0.2963<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">0.1462<o:p></o:p></span></p>
</td>
</tr>
<tr style="mso-yfti-irow:20;mso-yfti-lastrow:yes;height:12.75pt">
<td width="74" nowrap="" valign="bottom" style="width:55.3pt;border:solid windowtext 1.0pt;
border-top:none;mso-border-left-alt:solid windowtext .5pt;mso-border-bottom-alt:
solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;padding:
0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US"> <o:p></o:p></span></p>
</td>
<td width="123" nowrap="" valign="bottom" style="width:92.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height:
normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif";
mso-fareast-font-family:"Times New Roman";color:black;mso-ansi-language:EN-US">PWM
fExtreme<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">37.7%<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">-0.2124<o:p></o:p></span></p>
</td>
<td width="64" nowrap="" valign="bottom" style="width:48.0pt;border-top:none;
border-left:none;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;
mso-border-bottom-alt:solid windowtext .5pt;mso-border-right-alt:solid windowtext .5pt;
padding:0in 5.4pt 0in 5.4pt;height:12.75pt">
<p class="MsoNormal" align="right" style="margin-bottom:0in;margin-bottom:.0001pt;
text-align:right;line-height:normal"><span style="font-size:10.0pt;
font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman";
color:black;mso-ansi-language:EN-US">0.1353<o:p></o:p></span></p>
</td>
</tr>
</tbody></table>
<p class="ecxmsonormal" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif";color:#2A2A2A;
background:white"><o:p> </o:p></span></p>
<p class="ecxmsonormal" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:10.0pt;font-family:NimbusRomNo9L-Regu;mso-bidi-font-family:
Tahoma;color:#2A2A2A;background:white"> </span><span style="font-size:
10.0pt;font-family:"Tahoma","sans-serif";color:#2A2A2A;background:white"><o:p></o:p></span></p>
<p class="ecxmsonormal" style="margin:0in;margin-bottom:.0001pt"><span style="font-size:10.0pt;font-family:NimbusRomNo9L-Regu;mso-bidi-font-family:
Tahoma;color:#2A2A2A">I would be interested to know if you have any ideas where
the approach may differ eg different sub algorithms used, different calculation
order etc... Any pointers would be very much appreciated.<span style="background:white"><o:p></o:p></span></span></p>
<p class="MsoNormal"><br></p><p class="MsoNormal">Many thanks</p>
<p class="MsoNormal"><span lang="EN-GB">Best regards</span></p>
<p class="MsoNormal"><span lang="EN-GB">James Sharpe</span></p> </div></body>
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