What is the levered beta (range) for the Refining and Marketing division using a target D/E ratio? Corporate tax rate to be considered as 2006 tax rate (Exhibit 1) for Midland Energy Resources up to 2 decimal places XX.XX%

Operating Results
Operating Results:			2004	2005	2006
Operating Revenues		2,01,425	2,49,246	2,48,518
Plus: Other Income			1,239	2,817	3,524
Total Revenue & Other Income	2,02,664	2,52,062	2,52,042
Less: Crude Oil & Product Purchases	94,672	1,25,949	1,24,131
Less: Production & Manufacturing	15,793	18,237	20,079
Less: Selling, General & Administrative	9,417	9,793	9,706
Less: Depreciation & Depletion	6,642	6,972	7,763
Less: Exploration Expense		747	656	803
Less: Sales Based Taxes		18,539	20,905	20,659
Less: Other Taxes & Duties		27,849	28,257	26,658
Operating Income			29,005	41,294	42,243
Less: Interest Expense		10,568	8,028	11,081
Less: Other Non-Operating Expenses	528	543	715
Income Before Taxes		17,910	32,723	30,447
Less: Taxes			7,414	12,830	11,747
Net Income			10,496	19,893	18,701

Select one:

a. 1.50-1.60

b. 0.92-1.20

c. 0.80-0.89

d. None of the options are correct

e. 0.50-0.70