Exhibit 25 -Refer to Exhibit 25

Exhibit 25.9
Use the Information Below for the Following Problem(S)
Consider the following information for four portfolios, the market and the risk free rate (RFR) :
$$\begin{array} { l l l l } \text { Partidio } & \text { Return } & \text { Eet. } & \text { ED } \\\hline \text { A1 } & 0.15 & 1.25 & 0.182 \\\text { A2 } & 0.1 & 0.9 & 0.223 \\\text { A3 } & 0.12 & 1.1 & 0.138 \\\text { A4 } & 0.08 & 0.8 & 0.125 \\\text { Market } & 0.11 & 1 & 0.2 \\\text { RFR } & 0.03 & 0 & 0\end{array}$$
-Refer to Exhibit 25.9.Calculate the Jensen alpha Measure for each portfolio.

A) A1 = 0.014, A2 = -0.002, A3 = 0.002, A4 = -0.02
B) A1 = 0.002, A2 = -0.02, A3 = 0.002, A4 = -0.014
C) A1 = 0.02, A2 = -0.002, A3 = 0.002, A4 = -0.014
D) A1 = 0.02, A2 = -0.002, A3 = 0.02, A4 = -0.14
E) None of the above