Futures Cash Ratio of   Futures Cash Ratio of     Market Market Futures/Cash i Market Market Futures/Cash Country Index Volume Volume Volume Bond Volumeb Volume0 Volume Australia SPI 200 559 1,168 48% 10-year government bond 1,089     Canada S&P/TSE 60 132 4,538 3 10-year government bond 456     Europe DJ Euro STOXX 50 6,907             France CAC40 3,405 3,260 104 10-year euro notional bond 8,515     Germany DAX 7,127 2,930 243 Euro-Bund 75,841     Hong Kong Hang Seng 1,233 878 140         Italy MIB30 2,538 1,621 157         Japan Nikkei 225/TOPIX 5,195 5,623 92 10-year government bond 31,441     Korea KOSPI 200 5,294 3,050 174         Netherlands AEX 1,169 2,272 51         Spain IBEX 35 1,071 1,467 73 10-year government bond 129     Sweden OMX 318 1,556 20         Switzerland SMI 802 1,478 54 10-year government bond 97     Taiwan MS CI Taiwan 492 3,811 13         United Kingdom FTSE 100 3,751 5,313 71 10-year government bond 5,323     United States S&P 500 39,408 67,567 72 10-year government bond 33,345 31,141 107%   Russell 2000/Nasdaq 100 8,992     30-year government bond 23,432 7,246 323 Totals 3,393 106,532 83% 179,667 148% aGoldman Sachs & Co., Index and Derivatives Perspective, April 2002. Data represent daily averages for Ql 2002. bCarr Futures. Data represent daily averages for Ql and Q2 2002. CU.S. Federal Reserve Board. Data represent daily averages for U.S. government coupon bonds for Q2 2002.