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Standard Deviation of Log Market Capitalization (x $1,000,000,000)

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Amendment 3

Amendment 4

Amendment 5 Amendment 6

Amendment 7

Amendment 8 Amendment 9

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7/8 7/10 7/12 7/14 7/16 7/18 7/20 7/22 7/24 7/26 7/28 7/30 8/1 8/3 8/5 8/7 8/9 8/11 8/13 8/15 8/17

Filing Dates

Std.Dev.(WTA)

Figure 4: Estimated (log) Google market capitalization forecast volatility from the IEM Google Winner-

Takes-All market.

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