Contract notice: Financial market data for the calculation of

risk-free interest rates term structures, symmetric adjustment to equity risk and for other needs, divided into 2 lots.

In Table 4 we show the estimated prices of the illustrative mortality-linked security under different assumed

risk-free interest rates.

The important recommendations were that there is a need to expedite the issuance of a public debt law that will pave way for the issuances of government bonds and building yield curve to be used as a reference for nominal

risk-free interest rates, and that there should be an alternative for bank financing, and that the existence of long-term investment funds necessary for completing the infrastructure for the market.

The former would work to reduce long-term

risk-free interest rates and, if undertaken one country at a time, it would also induce a devaluation of the currency.

spread between the domestic and foreign

risk-free interest rates as they

Is flexible enough to calculate the effects of changes in volatility factors,

risk-free interest rates, dividends and estimates of expected early exercise over the option's term.

t] > 1, then increases to

risk-free interest rates imply increments of yield spreads.

0]--the ratio of callable long and non-callable duration-matched

risk-free interest rates.

Specifically, they are: low-grade municipal bonds as an asset class may (1) show evidence of possessing a higher proportion of calls and/or weaker call protection than high-grade municipal bonds; and (2) demonstrate a return generation process which would suggest that changes in

risk-free interest rates and/or the economy account for a significant amount of the relative return variation in the low-grade municipal market overall.

The measurement would not be adjusted after the date of grant for any fluctuations in the underlying stock price, dividend yield,

risk-free interest rates, or expected price volatility.

Assuming that

risk-free interest rates return to historical levels, operating earnings-based returns on average equity that fail to approximate 10% or higher, which compares to PartnerRe's 2006-2010 average of between 16%-17%;

The main advantages of the analysis are the possibility to determine the sensibility of the risky prices before variations of

risk-free interest rates in the Spanish market and the construction of a conditional volatility model that overcomes the linearity models of constant variance.