Four month average FT Non-Financials PERPrivate Company Price Index (PCPI) PERPrivate Equity Price Index (PEPI) PER

Q32002

Q32003

Q32004

Q32005

Q32006

Q32007

Q32008

24

19

14

9

4

16.1

19.9

17.6 16.9

15.9

12.513.2

14.012.8

13.4 14.0

16.315.3

13.1

13.2 13.4

15.0 15.1

11.5

11.2

11.0

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•

•

t =X1 X 2

sX 1 X 2

sX 1 X 2

=s12

n1+s22

n2

D.F .=s12 /n1 + s2

2 /n2( )2

s12 /n1( )

2/ n1 1( ) + s2

2 /n2( )2/ n2 1( )