!"# $ % !
'&## ## #% &"#(
)#!
!!#*
& '
*#
!"#)
##* % & /
!
+ )$, )
)
#.
&#
!! "!
&
!#
+ % (
*#" # ##
#* !
) ##( & !#
- $
#$ *#" #%
*#
% # *
+ & "#" )$++& $! *# !# # &#& **
#" #* *#
% )
#"$ )$#* #*
& #$ !#* && & !# * )! %(
0#)# '! *#" #' %) #) &
"## # ) !
# ) #* & &#$ !# ! ) !
#! )$++& *# (
1 )#!
0 0)2 !!#*1 )$, *#
#3#4 #$ 5
67
5
6
!" $ %&&
$ %&&
!"#
-
( ( ##
# $
% &' ()*"% % $(% + , , , !% - . ' / $0% " + "% " + "% . + 1 "% + 1 "
! " 2% %
-
" , ! ! , ! " 2
% % , ! ! , ! "
3 - # % % ' % " +
¾ ¾
½
" % 0 2 - % 4
' 5 4 % 8
$ 3 - % 6 7 % % 8 9 '
4
:
!;<<" = ' / % 2 !;>?" '
@ !;A!" ( B !;C!" D :
!;<<" % 3 ? :
# 3 $ !;C>"% * ( !;;E" 4 1 . !;A"% @ !;A?"% 3 2
!;CA"%
F !;;" =G "
:
!;<<" 3 2
!;C>" 4
!" (
8 9 ?" 4 :
!;<!" 7
( ( ##
D % B ( !;C "
( B !;C!" !;;>" *
( !;;E"
$ % D H 3 % % % 4
% % % !;;;""
(
# % % % %
2 ? I % % 2 '
. 5+ 6J K 5+ 6J K &' 5+ , !%
! " , ! " !
(
2 " / $0% " % % .
" % 2
% ' " "% 89 89 / % ' " + " + " + " + 5
Æ 5+
, !" + , " " , ! " " "
, !" + " " , ! " " "
, !" + , ! " " " , " "
, !" + ! " " " , " "
!"
"
?"
E"
'
" " " " " " " " " " " " " " " " " " 0% ' D
" 5+ " "
" 5+ " "
" 5+ " "
" 5+ " "
5
( ( ##
4 % " % " " " " " / % '
L " + " " " "
" " , " "
$ % $0%
" "
L !" <"
2 !" !" + L " + % <" + ! + % !"E"%
, !" , !" + , !" , !"
+ , L"
>"
$ " "% " " % L" + .% " "% " " L" + $
% <" + , ! % % " "
" "
L" + " " A"
C"
% A" L" $ %
, !" , !" $ % C" %
L" " " + , L !" ;"
2 !% ;" >" , !" , !" " " ,! 2 " = . !"% % " "% !" " , !" 2%
% " " = . % % . !"% " " 0 , !" "% , !" + " , ! " "
" , ! " "
, !" ! " " " , % % % % % $ % B% % - $
% $ % !" ?" , !" + , " , ! " "
, !" + , ! " " , "
! "
!!"
9
( ( ##
B%
, !" + " , " 2 " + % " +
! ! "
2 " + " " ! " " +
! " !"
$0
% %
! " " ! "
" + Æ ,
! "
! " " ! "
" + Æ ! "
$0
!"
$0
!?"
. " % " . % " + " + % " 2 Æ % !"
$ " % + 4% , !" + ! " " , "
% ?"%
2
, !" + " , , ! "
" + " " + "
%
·
" + " , 5+
! , !E"
:
B% % '
·
" , 2
$ % % ' ' % " % !" * " !?" !E"
' % " 0% % % % B /% ' % " % !?" * " !" " + " , 5+
! , ' % " /
% * $$ "
% 2 ' &'
! " 5+ ! 5 ! !<"
! " ' .
! , !
" 5+ ! !"Æ , Æ" ! ! , ! ! , !
'
5+ ! 5 " !>"
$ Æ
' Æ 2
% ' Æ ! "
-
( ( ##
"
! " 1 " " " " . !% " "% '" " 2 " + " + % " $ + 5
$ %
! "
" "
$ % !" + !" $ " " % % " "%
, !" + " , ! " " , , !" " , ! " " !A"
+
!C"
, !" , !" , ! " = !A"% B " ! "
0% !A" %
, !" + , ! " " , " + , "
B%
" +
! !
! ! + 5
!
!;"
"
!"
--
2 ! "% !" !<" B% !>" ' "% + " ! "
! "
$ % -
!C"% , !" , !" , ! " "
% % 0% '% " + ! , !" + , ! " "
2 % !;" + ! B% " "% -
5
, !" " ! "
?"
$ % ?" " % " B%
! + + 5
!
$ % " ! , ! B% ?" , ! %
" D , ! $ % %
" " D - ! " !!"% D
2'
%
! ""
, !" +
!
, !" + , " , ! " "
+ , ! " !! -
( ( ##
" " + % " &'
" 5+ , , !"
+ ! " + !" , " + ! !% %
! + ! !
" + " , "
E"
!
" + , !" , !"
+ , ! " !! ! ! + , ! 0 " + " , !" !!" <"
, !" + " , ! " !" , + , ! !
$ % + , %
" + , !" ,
, ! " !"
>"
E"% <" ' Æ%
>" ! , ! " + !"Æ , Æ"
!
!
% % " + "% + % " 1 " " -
?" " % * $$$% * $$$% '
! " 5+ ! 5 ! ! " !
" 5+ !
-8
.
!"Æ , Æ "
'
! !
! , !
, ! , !
5+ ! 5 " ! " "
! " 2 - 2
!% I2 2 ! $ 20M/M" (% ()* 2
Æ
% ()* 20M/M @ !% E ?!% < / !" %
: !;<A"" # / < % -" ?CA '% -7
( ( ##
36.00
SNXFX Daily Closing Price
35.00
34.00
33.00
32.00
31.00
30.00
5
/05
/05
/05
/05
/05
/04
/04 6/0
/04
/04
/04
/04
/04
/04
/24
/27
/31
/03
/03
/09 01/0
/23
/15
/29 7/27
/20
/11
05
04
03
03
02
12
08
10
0
06
09
11
/01
06
Date
-4
;#$ #* !# % 0& -
' %) % <) - 7 &)*& $ 8-
(
3 4 % ()* / ? # % ' '
-
3 " ' ?< $
% N N ! 2% % ()* !A "% + E>;%
E< ? "% + E + ><%
' 0O26 @ !% < ?!%
< / E ! ' % / % %
-
30
25
Frequency
20
15
10
5
Mean = -0.0171
Std. Dev. = 0.22036
N = 146
0
-0.40
-0.20
0.00
0.20
0.40
Price Change
4 # * % !# &*
*#" !# )! !"#)
$ % 0& -
' %) <) - 7 + $ 8- (
25
Frequency
20
15
10
5
Mean = 0.0455
Std. Dev. = 0.2297
N = 106
0
-0.60
-0.40
-0.20
0.00
0.20
0.40
0.60
Price Change
84
# * % !# &* *#" !# !"#) $ % 0& -
' %) <) - +7 + $ 8- (
% ? / ?% + + ! 2
! %
*
" -5
( ( ##
? / + % C<E
!>?E !?C !!C> % % ><P )
'
%
/ + ! % ! ? !!A>7 + % ! ! !!>A7 % + ? % CE< !!<E % % % N < D <> + ? / <" $ % $
20M/M / + % !<! C> N /
+ ! % !? "% 2
% + + ? % !!? ;E % - 5
) Q
B " D Q
) " -
Q
$ Q
) Q
.2
.15
.1
.05
0
-8000
74
-4000
0
4000
8000
;# #)# % ) % & )$++& *$ % = = 5 -
!# ( ) 97 #& "## % -587(
-9
( ( ##
.2
.15
.1
.05
0
-6000 -4000 -2000
4
0
2000
4000
6000
;# #)# % & #> # ) % %#* !#
*$ %#* )$++& *$ % = 8
= 5 -
!# ( #
# 5 # (
"
'( ) & * +, + &
- .
'( ) & * / *
- 0
'.0( " * 1& ,2 -.
3 '( +, + 1& 1 &
.
'..( ) +,
-. --
4 '.00( 5 +, . 0
'.0( 6& 1/ && 2 ) 7&
. 0
-:
'.-( " & & &/ * /
-.
.0
'.-( 8& 11 * +,
! '.( " & +, ! '. &1 * 2 * 1* 1 +,
-.
, 9 '...(
.0
:
"
# $ %& '..( / *
+,
. 0
5 '.00( )1 & 1 + - .
"&' # '.-( 5 & * / )2 &
& * +,
"&' # '.-( & 11/ * +, & 1
0 "
# (
# '.( # +, 1 + '.-( +,
'.( & +,
.
)* ; < '..( " 1 +, + 2& /
* 1 .