StocksDate TCS Asian Paints Infosys ITC Tata SteelClariant Chemical Dewan Ho

8/1/2005 299.127 23.016 149.713 44.0847 316.9117 167.46 64.159/1/2005 315.629 23.971 158.484 52.2182 343.649 170.06 48.5

10/3/2005 298.361 22.985 162.144 45.8985 275.406 160.71 48.3211/1/2005 323.88 24.947 172.591 51.359 283.764 176.02 54.7912/1/2005 362.579 27.488 192.676 54.2611 308.3509 181.12 54.53

1/2/2006 355.67 29.179 185.183 59.1106 328.2314 190.09 62.232/1/2006 362.143 31.801 181.881 65.8502 349.7349 182.1 59.733/1/2006 407.858 30.684 191.683 74.5183 435.3428 178.87 56.984/3/2006 105.295 29.497 201.41 76.7139 1157.777 189.43 62.665/2/2006 94.906 27.091 218.057 31.5791 944.2841 172.12 80.946/1/2006 370.224 28.12 221.837 69.6497 433.0707 144.42 59.037/3/2006 398.659 28.984 238.563 65.9171 402.6414 138.47 51.518/1/2006 425.019 30.202 260.3 75.407 402.6819 164.63 56.419/1/2006 435.24 32.112 266.533 73.9106 434.6937 164.39 68.13

10/2/2006 462.941 31.763 304.9 74.8163 398.0161 166.44 62.9311/1/2006 510.509 33.867 317.152 72.8868 379.6773 171.19 69.1812/1/2006 520.388 34.98 326.187 69.3429 345.921 184.57 65.64

1/1/2007 544.193 37.802 326.988 68.7522 333.5059 181.01 69.272/1/2007 508.209 35.007 302.289 67.6103 317.4391 170.09 62.093/1/2007 525.435 36.22 293.719 59.5183 322.5513 176.18 53.444/2/2007 539.126 37.564 298.404 63.0229 394.1212 148.43 55.275/2/2007 514.576 39.428 279.874 64.4995 453.4381 165.62 59.386/1/2007 489.45 38.479 284.488 60.9162 428.5266 165.84 73.077/2/2007 492.41 42.076 291.382 70.1337 470.722 157.81 68.78/1/2007 450.123 44.919 273.567 70.0517 494.7409 161.75 59.699/3/2007 448.888 47.401 278.301 77.8443 610.0479 156.68 64.06

10/1/2007 443.31 48.635 274.883 73.3738 735.0112 147.55 98.8311/1/2007 428.49 47.496 239.776 77.2496 670.1764 152.07 131.2712/3/2007 450.975 52.057 263.679 85.9035 759.0302 179.53 189.04

1/1/2008 379.724 58.662 227.077 80.2026 599.3368 148.89 174.912/1/2008 372.43 52.483 228.549 83.1556 650.6204 146.45 165.293/3/2008 342.824 56.99 214.155 84.5911 563.3896 141.52 93.674/1/2008 394.806 60.562 262.035 90.1895 664.0093 136.95 103.115/1/2008 443.226 61.269 314.449 89.3077 732.5768 130.56 100.756/2/2008 373.699 59.517 274.804 77.024 591.3846 115.27 78.237/1/2008 362.575 62.933 251.559 80.1088 545.9623 136.95 99.688/1/2008 354.536 63.399 278.625 80.9236 500.6252 130.16 101.539/1/2008 287.037 61.562 223.537 80.6449 356.0298 114.15 75.89

10/1/2008 237.212 53.101 227.286 66.5358 174.848 98.49 59.7411/3/2008 248.255 49.544 204.275 74.448 126.1772 85.02 57.3612/1/2008 210.642 50.09 183.125 73.6332 181.0152 87.48 76.78

1/1/2009 228.031 43.973 214.349 77.2355 153.8462 85.02 55.952/2/2009 216.428 43.694 201.321 78.5006 144.0121 94.15 46.773/2/2009 239.209 43.694 217.565 79.2726 171.5977 111.59 48.364/1/2009 278.153 49.639 244.965 80.9236 198.7666 108.36 63.55/1/2009 311.799 59.953 262.513 78.7579 337.8616 145.91 97.07

6/1/2009 353.748 72.423 301.308 81.8028 325.6106 152.14 134.147/1/2009 477.287 87.486 349.428 110.761 399.9766 196.12 121.038/3/2009 482.791 86.665 361.03 102.649 367.0201 202.61 122.529/1/2009 563.794 86.807 390.505 103.583 440.7182 233.79 131.09

10/1/2009 575.957 106.291 382.15 113.25 407.9346 243.85 154.4311/2/2009 628.698 109.675 411.406 114.272 501.0088 262.03 180.9812/1/2009 683.265 116.64 449.445 111.472 534.3113 308.47 170.59

1/1/2010 714.75 119.182 431.379 111.183 492.2722 291.1 190.52/1/2010 696.911 117.808 448.97 103.227 496.7702 295.09 168.973/1/2010 714.155 132.707 451.386 116.917 546.7241 353.99 185.364/1/2010 700.204 135.307 472.471 118.161 535.2628 438.3 213.395/3/2010 679.758 135.783 469.768 125.873 433.1062 432.63 210.276/1/2010 695.942 162.563 493.274 140.115 420.0879 427.73 211.277/1/2010 780.057 183.859 492.814 141.629 472.1206 433.83 252.188/2/2010 783.726 195.11 479.639 149.679 459.5483 453.17 245.839/1/2010 861.008 188.086 539.137 163.578 573.0506 511.98 261.91

10/1/2010 977.998 196.114 532.263 157.065 518.1897 519.53 285.6211/1/2010 1001.356 193.279 546.467 157.707 514.1454 492.93 251.0312/1/2010 1084.787 210.047 616.634 160.23 598.1953 490.43 277.85

1/3/2011 1080.868 188.07 558.413 149.175 562.4125 471.81 236.782/1/2011 1034.958 175.169 536.813 155.046 533.8391 417.53 228.373/1/2011 1103.614 184.297 580.551 167.065 547.0708 449.99 244.964/1/2011 1086.601 202.451 520.54 176.468 542.0155 505.5 227.965/2/2011 1078.678 228.631 513.675 177.386 517.838 495.64 229.566/1/2011 1111.433 250.797 536.689 188.905 536.5206 522.94 203.077/1/2011 1069.931 246.773 511.878 193.932 505.9386 525.45 193.598/1/2011 983.358 259.057 432.041 186.16 420.3596 533.82 207.239/2/2011 976.112 248.628 467.097 184.298 372.6363 519.98 218.55

10/3/2011 1052.907 256.783 542.557 198.4 433.0978 482.51 211.511/1/2011 1052.672 234.011 491.517 186.811 345.5453 446.3 171.6412/1/2011 1095.229 210.685 521.835 187.37 300.872 409.63 167.55

1/2/2012 1071.524 243.434 517.753 189.836 404.3921 447.93 217.022/1/2012 1156.26 257.677 543.669 193.28 423.903 456.92 232.143/1/2012 1105.968 263.484 540.435 211.198 423.1853 472.47 222.034/2/2012 1179.585 286.63 464.224 228.511 415.9192 465.49 203.245/1/2012 1178.402 326.839 475.884 213.479 362.0959 459.95 173.356/1/2012 1216.556 343.421 491.525 245.604 396.0494 475.42 153.497/2/2012 1187.279 321.673 436.235 244.893 382.5866 477.36 137.478/1/2012 1282.842 321.532 462.621 253.905 333.6151 471.84 158.279/3/2012 1237.161 347.506 496.569 258.411 370.0783 482.35 190.26

10/1/2012 1258.752 350.433 474.908 268.04 362.0472 505.08 181.4411/1/2012 1257.316 391.997 489.751 283.17 356.5085 479.93 191.7412/3/2012 1201.675 401.248 466 272.071 395.5564 492.87 173.26

1/1/2013 1289.101 407.458 560.625 291.851 373.7708 445.98 198.642/1/2013 1454.872 386.733 584.239 279.66 315.2451 423.14 160.233/1/2013 1511.216 445.125 580.693 293.558 288.7977 372.71 155.254/1/2013 1321.948 423.762 449.273 311.962 279.4742 375.28 167.325/1/2013 1437.082 440.223 508.019 327.294 269.3199 359.74 155.68

6/3/2013 1468.985 455.253 526.378 312.321 252.7038 302.89 1537/1/2013 1760.675 498.406 625.55 329.027 205.3709 403.85 126.218/1/2013 1971.8 413.326 654.241 297.251 260.8791 377.36 115.669/2/2013 1869.583 450.932 634.682 327.776 258.594 410.18 101.45

10/1/2013 2052.356 530.798 714.255 322.576 318.8628 476.18 148.9111/1/2013 1947.7 495.572 723.891 308.517 381.4167 478.58 165.812/2/2013 2110.661 482.141 752.181 309.914 403.8866 504.23 207.93

1/1/2014 2181.591 464.134 798.674 313.043 339 494.69 210.932/3/2014 2215.37 465.414 825.379 315.498 327.3366 494.61 222.323/3/2014 2076.554 539.162 708.407 339.764 375.1327 523.43 216.684/1/2014 2131.117 497.048 686.396 328.113 381.5119 573.58 224.25/1/2014 2084.536 499.459 670.655 329.076 452.3491 584.99 300.386/2/2014 2383.707 589.036 742.788 318.675 503.0968 725.96 359.267/1/2014 2540.574 623.396 768.364 349.066 537.6111 713.87 353.398/1/2014 2483.757 618.983 821.104 348.331 498.5095 788.51 355.099/1/2014 2694.728 625.972 855.089 362.939 445.953 800.19 332.49

10/1/2014 2573.139 653.266 953.535 348.233 476.02 856.01 367.0311/3/2014 2607.821 740.467 513.085 356.027 459.845 769.47 402.6312/1/2014 2524.199 748.024 928.553 361.468 388.0049 760.95 393.02

1/1/2015 2453.914 852.875 1008.27 361.321 379.3102 903.05 468.692/2/2015 2632.17 802.562 1066.58 385.978 340.6457 839.3 507.563/2/2015 2524.999 806.688 1044.27 319.459 307.7129 813.15 465.64/1/2015 2435.772 758.116 914.29 316.027 350.069 850.6 444.495/1/2015 2580.71 782.576 952.377 320.684 319.1277 806.9 439.716/1/2015 2588.076 785.261 963.976 325.537 320.2449 807.45 441.366/2/2015 2588.076 785.261 963.976 325.537 320.2449 807.45 441.36

Stocks ReturnsReliance IndustSuzlon HDFC TCS Asian Paints Infosys ITC

331.771 123.6 109.17365.967 132.4 96.66 5.37% 4.07% 5.69% 16.93%351.648 142.184 109.45 -5.63% -4.20% 2.28% -12.90%384.022 169.38 112.93 8.21% 8.19% 6.24% 11.24%410.125 177.934 121.49 11.29% 9.70% 11.01% 5.50%329.234 231.51 117.45 -1.92% 5.97% -3.97% 8.56%326.906 217.504 123.37 1.80% 8.60% -1.80% 10.80%366.797 259.182 131.32 11.89% -3.58% 5.25% 12.37%460.232 250.916 123.41 -135.42% -3.95% 4.95% 2.90%440.401 194.218 130.96 -10.39% -8.51% 7.94% -88.76%488.779 208.492 130.8 136.12% 3.73% 1.72% 79.10%

451.4 214.977 140.19 7.40% 3.03% 7.27% -5.51%515.296 239.398 152.25 6.40% 4.12% 8.72% 13.45%540.384 245.903 165.29 2.38% 6.13% 2.37% -2.00%565.403 260.525 184.57 6.17% -1.09% 13.45% 1.22%573.912 287.8 175.71 9.78% 6.41% 3.94% -2.61%585.764 259.491 177.46 1.92% 3.23% 2.81% -4.98%630.176 227.262 153.84 4.47% 7.76% 0.25% -0.86%623.742 206.313 156.99 -6.84% -7.68% -7.85% -1.67%631.951 199.331 168.5 3.33% 3.41% -2.88% -12.75%719.921 236.274 195.42 2.57% 3.64% 1.58% 5.72%811.119 255.711 195.28 -4.66% 4.84% -6.41% 2.32%784.255 297.131 204.44 -5.01% -2.44% 1.64% -5.72%873.239 252.906 199.23 0.60% 8.94% 2.39% 14.09%902.985 251.732 244.53 -8.98% 6.54% -6.31% -0.12%

1059.324 287.81 283.87 -0.27% 5.38% 1.72% 10.55%1284.379 392.643 292.55 -1.25% 2.57% -1.24% -5.91%1312.511 377.185 292.37 -3.40% -2.37% -13.66% 5.15%1331.649 385.103 263.94 5.11% 9.17% 9.50% 10.62%1150.637 305.974 246.71 -17.20% 11.95% -14.94% -6.87%1122.413 279.813 224.78 -1.94% -11.13% 0.65% 3.62%1038.894 262.206 263.92 -8.28% 8.24% -6.50% 1.71%

1202.75 285.632 241.31 14.12% 6.08% 20.18% 6.41%1118.144 275.784 175.29 11.57% 1.16% 18.23% -0.98%

970.011 214.759 188.95 -17.06% -2.90% -13.48% -14.80%1031.015 222.8 224.15 -3.02% 5.58% -8.84% 3.93%

989.709 218 217.15 -2.24% 0.74% 10.22% 1.01%905.794 152.25 178.62 -21.12% -2.94% -22.03% -0.34%635.653 44.45 160.58 -19.07% -14.78% 1.66% -19.23%528.547 41.65 174.4 4.55% -6.93% -10.67% 11.24%573.974 62.3 161.46 -16.43% 1.10% -10.93% -1.10%619.261 47.3 155.7 7.93% -13.02% 15.74% 4.78%584.661 40.55 171.44 -5.22% -0.64% -6.27% 1.62%708.811 42.4 193.51 10.01% 0.00% 7.76% 0.98%842.974 63.65 253.63 15.08% 12.76% 11.86% 2.06%

1051.505 97.65 271.76 11.42% 18.88% 6.92% -2.71%

944.864 103.7 271.22 12.62% 18.90% 13.78% 3.79%919.252 99.75 266.34 29.95% 18.90% 14.82% 30.31%930.754 93.75 299.65 1.15% -0.94% 3.27% -7.61%1024.03 91.65 294.21 15.51% 0.16% 7.85% 0.91%908.244 66.9 317.57 2.13% 20.25% -2.16% 8.92%997.325 78.45 308.73 8.76% 3.13% 7.38% 0.90%

1030.647 90.35 321.73 8.32% 6.16% 8.84% -2.48%1023.625 77.25 308.66 4.51% 2.16% -4.10% -0.26%

922.808 71.8 350.07 -2.53% -1.16% 4.00% -7.42%1012.643 71.9 362.19 2.44% 11.91% 0.54% 12.45%

974.324 68.95 341.91 -1.97% 1.94% 4.57% 1.06%992.362 56.3 358.89 -2.96% 0.35% -0.57% 6.32%

1034.359 57.9 397.77 2.35% 18.00% 4.88% 10.72%958.242 56.5 399.15 11.41% 12.31% -0.09% 1.07%872.398 46.3 465.56 0.47% 5.94% -2.71% 5.53%936.983 52.3 426.39 9.40% -3.67% 11.69% 8.88%

1040.433 55.45 427.42 12.74% 4.18% -1.28% -4.06%935.417 47.6 438.82 2.36% -1.46% 2.63% 0.41%

1004.795 54.65 382.89 8.00% 8.32% 12.08% 1.59%872.493 49.35 383.81 -0.36% -11.05% -9.92% -7.15%915.154 46.65 438.72 -4.34% -7.11% -3.95% 3.86%995.684 44.65 429.31 6.42% 5.08% 7.83% 7.47%933.661 53.15 448.77 -1.55% 9.39% -10.91% 5.48%911.076 53.9 487.22 -0.73% 12.16% -1.33% 0.52%860.012 47.95 471.43 2.99% 9.25% 4.38% 6.29%792.484 52.4 460 -3.81% -1.62% -4.73% 2.63%751.469 37 452.88 -8.44% 4.86% -16.96% -4.09%773.723 36.55 474.52 -0.74% -4.11% 7.80% -1.01%839.959 38.6 428.52 7.57% 3.23% 14.98% 7.37%744.913 23.2 413.37 -0.02% -9.29% -9.88% -6.02%663.267 18 476.56 3.96% -10.50% 5.99% 0.30%782.099 28 500.77 -2.19% 14.45% -0.79% 1.31%785.592 26.6 503.43 7.61% 5.69% 4.88% 1.80%718.447 25.3 525.37 -4.45% 2.23% -0.60% 8.87%713.183 22.8 490.21 6.44% 8.42% -15.20% 7.88%683.602 18.05 550.06 -0.10% 13.13% 2.48% -6.80%714.847 18.55 573.68 3.19% 4.95% 3.23% 14.02%720.418 18.45 581.1 -2.44% -6.54% -11.93% -0.29%742.507 14.95 614.09 7.74% -0.04% 5.87% 3.61%

811.1 17.76 619.02 -3.63% 7.77% 7.08% 1.76%780.388 15.7 687.1 1.73% 0.84% -4.46% 3.66%768.956 19.55 662.36 -0.11% 11.21% 3.08% 5.49%813.376 18.55 627.66 -4.53% 2.33% -4.97% -4.00%859.008 24.5 610.38 7.02% 1.54% 18.49% 7.02%788.477 16.05 610.38 12.10% -5.22% 4.13% -4.27%748.804 13.65 665.97 3.80% 14.06% -0.61% 4.85%763.627 14.57 683.73 -13.38% -4.92% -25.66% 6.08%789.852 11.75 658.93 8.35% 3.81% 12.29% 4.80%

845.004 9.11 600.13 2.20% 3.36% 3.55% -4.68%854.261 6.96 584.62 18.11% 9.06% 17.26% 5.21%836.432 5.94 583.69 11.32% -18.72% 4.48% -10.16%805.624 6.49 670.05 -5.32% 8.71% -3.04% 9.78%896.041 9.7 650.86 9.33% 16.31% 11.81% -1.60%835.795 9.87 655.34 -5.23% -6.87% 1.34% -4.46%876.939 10.32 618.58 8.04% -2.75% 3.83% 0.45%814.195 10.75 659.03 3.31% -3.81% 6.00% 1.00%783.632 10.07 736.98 1.54% 0.28% 3.29% 0.78%911.763 11.1 709.91 -6.47% 14.71% -15.28% 7.41%

916.71 13.1 780.24 2.59% -8.13% -3.16% -3.49%1052.473 21.96 815.42 -2.21% 0.48% -2.32% 0.29%1003.739 28.35 827.78 13.41% 16.50% 10.22% -3.21%

994.892 21.85 837.26 6.37% 5.67% 3.39% 9.11%987.231 21.5 866.14 -2.26% -0.71% 6.64% -0.21%934.839 12.95 905.05 8.15% 1.12% 4.06% 4.11%989.059 13.45 950.01 -4.62% 4.27% 10.90% -4.14%980.212 14.07 944.5 1.34% 12.53% -61.97% 2.21%880.916 14.7 1069.31 -3.26% 1.02% 59.32% 1.52%904.739 16.21 1046.14 -2.82% 13.12% 8.24% -0.04%845.725 27.85 1015.07 7.01% -6.08% 5.62% 6.60%816.514 27.4 981.42 -4.16% 0.51% -2.11% -18.92%852.446 23.9 1042.71 -3.60% -6.21% -13.29% -1.08%

877 25.2 1059.19 5.78% 3.18% 4.08% 1.46%902.25 23.85 1064.35 0.29% 0.34% 1.21% 1.50%902.25 23.85 1064.35 0.00% 0.00% 0.00% 0.00%

Average Return 1.81% 2.97% 1.56% 1.68%Standard Dev 19.35% 7.64% 11.63% 13.01%Variance 3.75% 0.58% 1.35% 1.69%

Returns Demeaned ReturnsTata SteelClariant Chemical Dewan HoReliance IndustSuzlon HDFC Asian Paints

8.10% 1.54% -27.97% 9.81% 6.88% -12.17% 3.56%-22.14% -5.65% -0.37% -3.99% 7.13% 12.43% -7.44%

2.99% 9.10% 12.57% 8.81% 17.50% 3.13% 6.39%8.31% 2.86% -0.48% 6.58% 4.93% 7.31% 9.47%6.25% 4.83% 13.21% -21.97% 26.32% -3.38% -3.74%6.35% -4.29% -4.10% -0.71% -6.24% 4.92% -0.01%

21.90% -1.79% -4.71% 11.51% 17.53% 6.24% 10.07%97.81% 5.74% 9.50% 22.69% -3.24% -6.21% -137.23%

-20.38% -9.58% 25.60% -4.40% -25.61% 5.94% -12.20%-77.95% -17.55% -31.57% 10.42% 7.09% -0.12% 134.31%

-7.29% -4.21% -13.63% -7.96% 3.06% 6.93% 5.59%0.01% 17.30% 9.09% 13.24% 10.76% 8.25% 4.59%7.65% -0.15% 18.88% 4.75% 2.68% 8.22% 0.56%

-8.81% 1.24% -7.94% 4.53% 5.78% 11.03% 4.36%-4.72% 2.81% 9.47% 1.49% 9.96% -4.92% 7.97%-9.31% 7.53% -5.25% 2.04% -10.35% 0.99% 0.10%-3.65% -1.95% 5.38% 7.31% -13.26% -14.28% 2.66%-4.94% -6.22% -10.94% -1.03% -9.67% 2.03% -8.65%1.60% 3.52% -15.00% 1.31% -3.44% 7.08% 1.52%

20.04% -17.14% 3.37% 13.03% 17.00% 14.82% 0.76%14.02% 10.96% 7.17% 11.93% 7.91% -0.07% -6.47%-5.65% 0.13% 20.75% -3.37% 15.01% 4.58% -6.82%9.39% -4.96% -6.17% 10.75% -16.12% -2.58% -1.21%4.98% 2.47% -14.06% 3.35% -0.47% 20.49% -10.79%

20.95% -3.18% 7.07% 15.97% 13.39% 14.92% -2.09%18.63% -6.00% 43.36% 19.26% 31.06% 3.01% -3.06%-9.23% 3.02% 28.39% 2.17% -4.02% -0.06% -5.21%12.45% 16.60% 36.47% 1.45% 2.08% -10.23% 3.30%

-23.62% -18.71% -7.77% -14.61% -23.00% -6.75% -19.01%8.21% -1.65% -5.66% -2.48% -8.94% -9.31% -3.75%

-14.40% -3.42% -56.79% -7.73% -6.50% 16.05% -10.10%16.43% -3.28% 9.60% 14.65% 8.56% -8.96% 12.30%

9.83% -4.78% -2.32% -7.29% -3.51% -31.96% 9.76%-21.41% -12.46% -25.30% -14.21% -25.01% 7.50% -18.88%

-7.99% 17.23% 24.23% 6.10% 3.68% 17.08% -4.84%-8.67% -5.09% 1.84% -4.09% -2.18% -3.17% -4.06%

-34.08% -13.13% -29.11% -8.86% -35.90% -19.53% -22.93%-71.11% -14.76% -23.93% -35.42% -123.12% -10.65% -20.88%-32.62% -14.71% -4.07% -18.45% -6.51% 8.26% 2.74%36.09% 2.85% 29.16% 8.25% 40.27% -7.71% -18.24%

-16.26% -2.85% -31.65% 7.59% -27.55% -3.63% 6.12%-6.61% 10.20% -17.92% -5.75% -15.40% 9.63% -7.04%17.53% 16.99% 3.34% 19.26% 4.46% 12.11% 8.19%14.70% -2.94% 27.24% 17.33% 40.63% 27.05% 13.27%53.05% 29.75% 42.44% 22.10% 42.80% 6.90% 9.61%

-3.69% 4.18% 32.35% -10.69% 6.01% -0.20% 10.81%20.57% 25.39% -10.28% -2.75% -3.88% -1.82% 28.14%-8.60% 3.26% 1.22% 1.24% -6.20% 11.78% -0.67%18.30% 14.31% 6.76% 9.55% -2.27% -1.83% 13.70%-7.73% 4.21% 16.39% -12.00% -31.48% 7.64% 0.32%20.55% 7.19% 15.86% 9.36% 15.93% -2.82% 6.95%

6.44% 16.32% -5.91% 3.29% 14.12% 4.12% 6.51%-8.19% -5.80% 11.04% -0.68% -15.66% -4.15% 2.69%0.91% 1.36% -11.99% -10.37% -7.32% 12.59% -4.34%9.58% 18.20% 9.26% 9.29% 0.14% 3.40% 0.63%

-2.12% 21.36% 14.08% -3.86% -4.19% -5.76% -3.79%-21.18% -1.30% -1.47% 1.83% -20.27% 4.85% -4.78%

-3.05% -1.14% 0.47% 4.14% 2.80% 10.29% 0.54%11.68% 1.42% 17.70% -7.64% -2.45% 0.35% 9.60%-2.70% 4.36% -2.55% -9.39% -19.91% 15.39% -1.34%22.07% 12.20% 6.34% 7.14% 12.19% -8.79% 7.59%

-10.06% 1.46% 8.67% 10.47% 5.85% 0.24% 10.93%-0.78% -5.26% -12.91% -10.64% -15.26% 2.63% 0.55%15.14% -0.51% 10.15% 7.15% 13.81% -13.63% 6.19%-6.17% -3.87% -15.99% -14.12% -10.20% 0.24% -2.18%-5.21% -12.22% -3.62% 4.77% -5.63% 13.37% -6.15%2.45% 7.49% 7.01% 8.43% -4.38% -2.17% 4.61%

-0.93% 11.63% -7.19% -6.43% 17.43% 4.43% -3.37%-4.56% -1.97% 0.70% -2.45% 1.40% 8.22% -2.55%3.54% 5.36% -12.26% -5.77% -11.70% -3.29% 1.18%

-5.87% 0.48% -4.78% -8.18% 8.87% -2.45% -5.62%-18.53% 1.58% 6.81% -5.31% -34.80% -1.56% -10.25%-12.05% -2.63% 5.32% 2.92% -1.22% 4.67% -2.55%15.04% -7.48% -3.28% 8.21% 5.46% -10.20% 5.76%

-22.58% -7.80% -20.88% -12.01% -50.91% -3.60% -1.84%-13.84% -8.57% -2.41% -11.61% -25.38% 14.23% 2.15%29.57% 8.94% 25.87% 16.48% 44.18% 4.96% -4.00%

4.71% 1.99% 6.74% 0.45% -5.13% 0.53% 5.80%-0.17% 3.35% -4.45% -8.93% -5.01% 4.27% -6.26%-1.73% -1.49% -8.84% -0.74% -10.40% -6.93% 4.63%

-13.86% -1.20% -15.91% -4.24% -23.36% 11.52% -1.91%8.96% 3.31% -12.17% 4.47% 2.73% 4.20% 1.37%

-3.46% 0.41% -11.02% 0.78% -0.54% 1.29% -4.25%-13.70% -1.16% 14.09% 3.02% -21.04% 5.52% 5.93%10.37% 2.20% 18.41% 8.84% 17.22% 0.80% -5.44%-2.19% 4.60% -4.75% -3.86% -12.33% 10.43% -0.08%-1.54% -5.11% 5.52% -1.48% 21.93% -3.67% -1.93%10.39% 2.66% -10.13% 5.62% -5.25% -5.38% -6.34%-5.67% -10.00% 13.67% 5.46% 27.82% -2.79% 5.21%

-17.03% -5.26% -21.49% -8.57% -42.30% 0.00% 10.28%-8.76% -12.69% -3.16% -5.16% -16.20% 8.72% 1.99%-3.28% 0.69% 7.49% 1.96% 6.52% 2.63% -15.19%-3.70% -4.23% -7.21% 3.38% -21.51% -3.69% 6.54%

-6.37% -17.20% -1.74% 6.75% -25.45% -9.35% 0.38%-20.74% 28.77% -19.25% 1.09% -26.92% -2.62% 16.30%23.92% -6.78% -8.73% -2.11% -15.85% -0.16% 9.51%-0.88% 8.34% -13.11% -3.75% 8.86% 13.80% -7.14%20.95% 14.92% 38.38% 10.64% 40.19% -2.91% 7.51%17.91% 0.50% 10.74% -6.96% 1.74% 0.69% -7.05%

5.72% 5.22% 22.64% 4.81% 4.46% -5.77% 6.22%-17.51% -1.91% 1.43% -7.42% 4.08% 6.33% 1.49%

-3.50% -0.02% 5.26% -3.83% -6.53% 11.18% -0.28%13.63% 5.66% -2.57% 15.14% 9.74% -3.74% -8.28%

1.69% 9.15% 3.41% 0.54% 16.57% 9.45% 0.78%17.03% 1.97% 29.25% 13.81% 51.66% 4.41% -4.02%10.63% 21.59% 17.90% -4.74% 25.54% 1.50% 11.60%

6.64% -1.68% -1.65% -0.89% -26.04% 1.14% 4.56%-7.55% 9.94% 0.48% -0.77% -1.61% 3.39% -4.08%

-11.14% 1.47% -6.58% -5.45% -50.70% 4.39% 6.34%6.52% 6.74% 9.88% 5.64% 3.79% 4.85% -6.43%

-3.46% -10.66% 9.26% -0.90% 4.51% -0.58% -0.47%-16.99% -1.11% -2.42% -10.68% 4.38% 12.41% -5.07%

-2.27% 17.12% 17.61% 2.67% 9.78% -2.19% -4.64%-10.75% -7.32% 7.97% -6.75% 54.12% -3.01% 5.20%-10.17% -3.17% -8.63% -3.52% -1.63% -3.37% -5.97%12.90% 4.50% -4.64% 4.31% -13.67% 6.06% -5.41%-9.25% -5.27% -1.08% 2.84% 5.30% 1.57% 3.97%0.35% 0.07% 0.37% 2.84% -5.51% 0.49% -1.53%0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -1.81%

0.01% 1.32% 1.62% 0.84% -1.38% 1.91%19.25% 9.41% 16.18% 9.35% 22.19% 8.39%

3.70% 0.89% 2.62% 0.87% 4.92% 0.70%

Demeaned ReturnsInfosys ITC Tata SteelClariant CDewan Housing Reliance ISuzlon HDFC L&T

1.10% 4.13% 15.25% 8.09% 0.22% -29.59% 8.97% 8.26% -14.08%-7.17% 0.72% -14.58% -22.15% -6.98% -1.99% -4.83% 8.51% 10.51%5.22% 4.68% 9.56% 2.98% 7.78% 10.95% 7.97% 18.88% 1.22%6.73% 9.44% 3.82% 8.30% 1.53% -2.10% 5.74% 6.31% 5.39%3.00% -5.53% 6.88% 6.24% 3.51% 11.59% -22.81% 27.70% -5.30%5.64% -3.36% 9.12% 6.34% -5.62% -5.72% -1.55% -4.86% 3.00%

-6.54% 3.68% 10.69% 21.89% -3.11% -6.33% 10.67% 18.91% 4.33%-6.91% 3.39% 1.22% 97.80% 4.41% 7.88% 21.85% -1.86% -8.13%

-11.47% 6.38% -90.44% -20.39% -10.90% 23.98% -5.25% -24.23% 4.02%0.76% 0.15% 77.42% -77.96% -18.87% -33.19% 9.58% 8.47% -2.04%0.06% 5.70% -7.19% -7.29% -5.53% -15.25% -8.80% 4.45% 5.02%1.15% 7.16% 11.77% 0.00% 15.98% 7.47% 12.40% 12.14% 6.34%3.17% 0.80% -3.68% 7.64% -1.47% 17.26% 3.91% 4.06% 6.30%

-4.06% 11.88% -0.46% -8.82% -0.08% -9.56% 3.69% 7.16% 9.12%3.45% 2.37% -4.29% -4.73% 1.49% 7.85% 0.65% 11.34% -6.83%0.27% 1.24% -6.66% -9.32% 6.20% -6.87% 1.20% -8.97% -0.92%4.79% -1.32% -2.54% -3.66% -3.27% 3.76% 6.47% -11.88% -16.20%

-10.65% -9.42% -3.35% -4.95% -7.54% -12.56% -1.87% -8.29% 0.11%0.44% -4.44% -14.43% 1.59% 2.20% -16.62% 0.47% -2.06% 5.16%0.68% 0.02% 4.04% 20.03% -18.46% 1.75% 12.19% 18.39% 12.91%1.88% -7.98% 0.64% 14.01% 9.64% 5.55% 11.09% 9.29% -1.99%

-5.40% 0.07% -7.40% -5.66% -1.19% 19.13% -4.21% 16.40% 2.67%5.97% 0.83% 12.41% 9.38% -6.29% -7.79% 9.91% -14.73% -4.50%3.57% -7.87% -1.80% 4.97% 1.14% -15.68% 2.51% 0.92% 18.57%2.41% 0.15% 8.87% 20.94% -4.51% 5.44% 15.13% 14.78% 13.00%

-0.40% -2.80% -7.59% 18.63% -7.33% 41.74% 18.42% 32.44% 1.10%-5.34% -15.23% 3.47% -9.24% 1.70% 26.76% 1.33% -2.63% -1.98%6.20% 7.94% 8.94% 12.44% 15.28% 34.85% 0.61% 3.46% -12.14%8.98% -16.51% -8.55% -23.63% -20.04% -9.39% -15.45% -21.62% -8.66%

-14.10% -0.92% 1.94% 8.20% -2.97% -7.28% -3.32% -7.56% -11.22%5.27% -8.07% 0.03% -14.40% -4.75% -58.41% -8.57% -5.12% 14.14%3.11% 18.61% 4.73% 16.42% -4.60% 7.98% 13.80% 9.94% -10.87%

-1.81% 16.67% -2.66% 9.82% -6.10% -3.94% -8.13% -2.13% -33.88%-5.87% -15.04% -16.48% -21.42% -13.78% -26.92% -15.05% -23.63% 5.59%2.61% -10.40% 2.25% -8.00% 15.91% 22.61% 5.26% 5.06% 15.17%

-2.23% 8.65% -0.67% -8.68% -6.41% 0.22% -4.93% -0.80% -5.09%-5.91% -23.59% -2.03% -34.09% -14.45% -30.73% -9.70% -34.51% -21.45%

-17.75% 0.10% -20.91% -71.12% -16.08% -25.55% -36.26% -121.73% -12.56%-9.90% -12.24% 9.56% -32.63% -16.03% -5.69% -19.29% -5.12% 6.34%-1.87% -12.49% -2.78% 36.08% 1.53% 27.54% 7.40% 41.65% -9.62%

-15.99% 14.18% 3.10% -16.27% -4.17% -33.27% 6.75% -26.16% -5.55%-3.60% -7.84% -0.06% -6.61% 8.88% -19.54% -6.59% -14.01% 7.72%-2.97% 6.19% -0.70% 17.52% 15.67% 1.72% 18.41% 5.84% 10.20%9.79% 10.30% 0.38% 14.69% -4.26% 25.62% 16.49% 42.01% 25.14%

15.91% 5.35% -4.39% 53.04% 28.43% 40.82% 21.26% 44.18% 4.99%

15.93% 12.22% 2.11% -3.70% 2.86% 30.72% -11.53% 7.39% -2.11%15.93% 13.25% 28.63% 20.56% 24.07% -11.91% -3.59% -2.50% -3.73%-3.91% 1.70% -9.29% -8.61% 1.93% -0.40% 0.40% -4.82% 9.87%-2.80% 6.28% -0.77% 18.29% 12.99% 5.14% 8.71% -0.88% -3.75%17.28% -3.73% 7.24% -7.74% 2.89% 14.76% -12.84% -30.10% 5.73%

0.17% 5.81% -0.78% 20.54% 5.87% 14.24% 8.52% 17.31% -4.74%3.19% 7.28% -4.16% 6.43% 14.99% -7.53% 2.45% 15.51% 2.21%

-0.81% -5.67% -1.94% -8.20% -7.12% 9.42% -1.52% -14.28% -6.06%-4.13% 2.43% -9.10% 0.90% 0.04% -13.61% -11.21% -5.93% 10.68%8.94% -1.03% 10.77% 9.57% 16.88% 7.64% 8.45% 1.52% 1.49%

-1.03% 3.00% -0.62% -2.13% 20.04% 12.46% -4.70% -2.81% -7.68%-2.62% -2.14% 4.64% -21.19% -2.62% -3.09% 0.99% -18.89% 2.93%15.03% 3.32% 9.04% -3.06% -2.46% -1.15% 3.30% 4.18% 8.37%

9.34% -1.66% -0.61% 11.67% 0.09% 16.08% -8.48% -1.07% -1.57%2.97% -4.27% 3.85% -2.71% 3.04% -4.17% -10.23% -18.53% 13.48%

-6.63% 10.13% 7.20% 22.06% 10.88% 4.72% 6.30% 13.57% -10.70%1.21% -2.85% -5.74% -10.07% 0.14% 7.05% 9.63% 7.23% -1.67%

-4.42% 1.07% -1.27% -0.79% -6.58% -14.53% -11.48% -13.88% 0.72%5.35% 10.52% -0.09% 15.13% -1.83% 8.53% 6.31% 15.19% -15.55%

-14.02% -11.48% -8.83% -6.18% -5.19% -17.62% -14.96% -8.82% -1.67%-10.07% -5.51% 2.18% -5.22% -13.54% -5.24% 3.93% -4.24% 11.46%

2.11% 6.27% 5.79% 2.44% 6.16% 5.39% 7.59% -3.00% -4.08%6.43% -12.48% 3.80% -0.94% 10.31% -8.81% -7.27% 18.81% 2.52%9.19% -2.89% -1.16% -4.57% -3.29% -0.92% -3.29% 2.78% 6.31%6.29% 2.82% 4.61% 3.54% 4.04% -13.88% -6.61% -10.31% -5.21%

-4.58% -6.30% 0.95% -5.88% -0.84% -6.40% -9.02% 10.26% -4.37%1.89% -18.52% -5.77% -18.54% 0.26% 5.19% -6.15% -33.42% -3.47%

-7.08% 6.24% -2.69% -12.06% -3.95% 3.70% 2.08% 0.16% 2.75%0.26% 13.41% 5.69% 15.03% -8.80% -4.90% 7.37% 6.84% -12.11%

-12.25% -11.44% -7.70% -22.59% -9.12% -22.50% -12.85% -49.53% -5.51%-13.47% 4.42% -1.38% -13.85% -9.90% -4.03% -12.45% -24.00% 12.31%11.48% -2.35% -0.37% 29.56% 7.62% 24.25% 15.64% 45.57% 3.04%

2.72% 3.32% 0.12% 4.70% 0.67% 5.11% -0.40% -3.75% -1.38%-0.74% -2.16% 7.19% -0.18% 2.02% -6.07% -9.78% -3.63% 2.35%5.45% -16.77% 6.20% -1.74% -2.81% -10.46% -1.58% -9.02% -8.84%

10.16% 0.92% -8.48% -13.87% -2.52% -17.53% -5.08% -21.98% 9.61%1.98% 1.67% 12.34% 8.95% 1.99% -13.79% 3.63% 4.11% 2.29%

-9.51% -13.50% -1.97% -3.47% -0.91% -12.64% -0.06% 0.84% -0.63%-3.01% 4.31% 1.93% -13.71% -2.49% 12.47% 2.18% -19.65% 3.61%4.80% 5.52% 0.08% 10.36% 0.88% 16.79% 8.00% 18.61% -1.11%

-2.13% -6.03% 1.98% -2.20% 3.28% -6.37% -4.70% -10.95% 8.52%8.24% 1.51% 3.81% -1.55% -6.43% 3.90% -2.32% 23.31% -5.58%

-0.63% -6.54% -5.68% 10.38% 1.34% -11.76% 4.78% -3.87% -7.29%-1.43% 16.92% 5.34% -5.67% -11.32% 12.05% 4.62% 29.20% -4.71%-8.19% 2.56% -5.95% -17.04% -6.58% -23.11% -9.41% -40.91% -1.91%11.10% -2.17% 3.17% -8.77% -14.01% -4.78% -6.00% -14.81% 6.80%-7.88% -27.22% 4.40% -3.29% -0.63% 5.87% 1.12% 7.91% 0.72%0.84% 10.72% 3.12% -3.71% -5.55% -8.83% 2.54% -20.13% -5.61%

0.39% 1.98% -6.36% -6.38% -18.52% -3.36% 5.91% -24.07% -11.26%6.09% 15.70% 3.53% -20.75% 27.45% -20.87% 0.25% -25.54% -4.53%

-21.68% 2.92% -11.84% 23.92% -8.11% -10.35% -2.95% -14.46% -2.07%5.74% -4.60% 8.09% -0.89% 7.02% -14.73% -4.59% 10.24% 11.88%

13.34% 10.25% -3.28% 20.94% 13.60% 36.76% 9.80% 41.57% -4.82%-9.83% -0.22% -6.14% 17.90% -0.82% 9.12% -7.80% 3.12% -1.23%-5.71% 2.27% -1.23% 5.72% 3.90% 21.02% 3.96% 5.84% -7.69%-6.77% 4.43% -0.68% -17.52% -3.23% -0.19% -8.26% 5.46% 4.42%-2.69% 1.72% -0.90% -3.51% -1.34% 3.64% -4.67% -5.15% 9.27%11.74% -16.85% 5.73% 13.62% 4.34% -4.19% 14.30% 11.12% -5.66%

-11.10% -4.72% -5.17% 1.68% 7.83% 1.79% -0.30% 17.95% 7.53%-2.48% -3.89% -1.39% 17.02% 0.65% 27.63% 12.97% 53.04% 2.50%13.53% 8.65% -4.89% 10.62% 20.27% 16.28% -5.58% 26.92% -0.41%

2.70% 1.82% 7.43% 6.63% -3.00% -3.27% -1.73% -24.66% -0.77%-3.68% 5.07% -1.89% -7.56% 8.62% -1.14% -1.61% -0.23% 1.48%-1.84% 2.49% 2.43% -11.15% 0.15% -8.20% -6.29% -49.31% 2.48%1.30% 9.33% -5.82% 6.52% 5.42% 8.26% 4.80% 5.17% 2.93%9.56% -63.54% 0.53% -3.47% -11.98% 7.64% -1.74% 5.89% -2.50%

-1.95% 57.75% -0.16% -17.00% -2.44% -4.04% -11.52% 5.76% 10.50%10.15% 6.67% -1.72% -2.28% 15.80% 15.99% 1.83% 11.16% -4.10%-9.05% 4.06% 4.92% -10.76% -8.64% 6.35% -7.59% 55.50% -4.93%-2.45% -3.68% -20.60% -10.18% -4.49% -10.25% -4.36% -0.25% -5.28%-9.18% -14.86% -2.76% 12.89% 3.18% -6.26% 3.47% -12.28% 4.14%0.21% 2.52% -0.22% -9.26% -6.60% -2.70% 2.00% 6.68% -0.35%

-2.62% -0.35% -0.18% 0.34% -1.25% -1.25% 2.00% -4.12% -1.43%-2.97% -1.56% -1.68% -0.01% -1.32% -1.62% -0.84% 1.38% -1.91%

TCS Asian Paints Infosys ITC Tata SteelTCS 3.715% 0.299% 0.415% 1.175% -1.546%Asian Paints 0.299% 0.661% 0.088% 0.324% 0.326%Infosys 0.415% 0.088% 1.354% 0.079% 0.257%ITC 1.175% 0.324% 0.079% 1.693% -0.026%Tata Steel -1.546% 0.326% 0.257% -0.026% 3.642%Clariant Chemicals 0.011% 0.300% 0.243% 0.143% 0.760%Dewan Housing -0.224% 0.404% 0.227% -0.294% 1.384%Reliance Industrie 0.093% 0.193% 0.164% 0.281% 1.048%Suzlon 0.471% 0.496% 0.289% 0.556% 2.195%HDFC 0.066% 0.098% 0.017% -0.014% -0.070%

TCS Asian Paints Infosys ITC Tata SteelTCS 1 0.428409654838 0.418678974 0.265873865 0.4828340844Asian Paints 0.4284096548 1 0.2912221626 0.2354344546 0.3503874185Infosys 0.418678974 0.291222162564 1 0.2660011239 0.39588406ITC 0.265873865 0.23543445464 0.2660011239 1 0.6639450777Tata Steel 0.4828340844 0.350387418478 0.39588406 0.6639450777 1Clariant Chemicals0.3739682131 0.257490960862 0.3955185636 0.4027768951 0.4636359157Dewan Housing 0.370513425 0.510485379067 0.3431505369 0.189143486 0.3584789768Reliance Industrie 0.3981581536 0.198521170267 0.3353832934 0.4714444986 0.4711261564Suzlon 0.3600547832 0.312440138863 0.3071816155 0.5002743536 0.5815187079HDFC 0.3623089525 0.331609248897 0.2532990648 0.6972639457 0.6913758256

Clariant ChemicDewan Housin Reliance IndustSuzlon HDFC0.011% -0.224% 0.093% 0.471% 0.066%0.300% 0.404% 0.193% 0.496% 0.098%0.243% 0.227% 0.164% 0.289% 0.017%0.143% -0.294% 0.281% 0.556% -0.014%0.760% 1.384% 1.048% 2.195% -0.070%0.888% 0.506% 0.267% 0.600% 0.072%0.506% 2.601% 0.586% 1.853% 0.026%0.267% 0.586% 0.867% 1.104% 0.050%0.600% 1.853% 1.104% 4.861% 0.217%0.072% 0.026% 0.050% 0.217% 0.729%

Clariant ChemicDewan Housin Reliance IndustSuzlon HDFC Standard Deviation Variance0.3739682131 0.370513425 0.3981581536 0.3600547832 0.3623089525 19.35% 0.54%0.2574909609 0.5104853791 0.1985211703 0.3124401389 0.3316092489 7.64% 0.72%0.3955185636 0.3431505369 0.3353832934 0.3071816155 0.2532990648 11.63% 0.49%0.4027768951 0.189143486 0.4714444986 0.5002743536 0.6972639457 13.01% 1.33%0.4636359157 0.3584789768 0.4711261564 0.5815187079 0.6913758256 19.25% 0.75%

1 0.2918261477 0.287145845 0.3699187938 0.4131708406 9.41% 0.64%0.2918261477 1 0.2697888071 0.2583660545 0.2404430947 16.18% 0.71%

0.287145845 0.2697888071 1 0.4255565884 0.510604137 9.35% 0.84%0.3699187938 0.2583660545 0.4255565884 1 0.6744132677 22.19% 1.04%0.4131708406 0.2404430947 0.510604137 0.6744132677 1 8.39% 1.50%

Expected Return Standard Deviation VarianceTCS 1.81% 19.35% 3.75%Asian Paints 2.97% 7.64% 0.58%Infosys 1.56% 11.63% 1.35%ITC 1.68% 13.01% 1.69%Tata Steel 0.01% 19.25% 3.70%Clariant Chemicals 1.32% 9.41% 0.89%Dewan Housing 1.62% 16.18% 2.62%Reliance Industrie 0.84% 9.35% 0.87%Suzlon -1.38% 22.19% 4.92%HDFC 1.91% 8.39% 0.70%

13.64%Covariance 0.08% Sum

Portfolio ReturnPortfolio Std. Dev

Portfolio A Portfolio B Weight of Portfolio A Weight of Portfolio B Standard Deviation10.00% -8.08% 100.00% 0.00% 1.23%10.00% 71.91% 90.00% 10.00% 1.16%10.00% 11.21% 80.00% 20.00% 1.21%10.00% 13.27% 70.00% 30.00% 1.35%10.00% -2.84% 60.00% 40.00% 1.58%10.00% -8.52% 50.00% 50.00% 1.85%10.00% 18.74% 40.00% 60.00% 2.14%10.00% 1.27% 30.00% 70.00% 2.46%10.00% -25.28% 20.00% 80.00% 2.79%10.00% 28.31% 10.00% 90.00% 3.13%

0.00% 100.00% 3.48%

100.00% 100.00%1.23% 3.48%7.21% 7.64%

1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00%0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

Expected Return

Std. Deviation

Retu

rn

Expected Return1.23%1.46%1.68%1.91%2.13%2.36%2.58%2.81%3.03%3.25%3.48%

1.00% 1.50% 2.00% 2.50% 3.00% 3.50% 4.00%0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

4.00%

Expected Return

Std. Deviation

Retu

rn

Expected Return Standard Deviation VarianceTCS 1.81% 19.35% 3.75%Asian Paints 2.97% 7.64% 0.58%Infosys 1.56% 11.63% 1.35%ITC 1.68% 13.01% 1.69%Tata Steel 0.01% 19.25% 3.70%Clariant Chemicals 1.32% 9.41% 0.89%Dewan Housing 1.62% 16.18% 2.62%Reliance Industrie 0.84% 9.35% 0.87%Suzlon -1.38% 22.19% 4.92%HDFC 1.91% 8.39% 0.70%

Covariance 0.30%SumPortfolio ReturnPortfolio Std. Dev

Portfolio A Portfolio B Weight of Portfolio A Weight of Portfolio B Standard Deviation10.00% 0.00% 100.00% 0.00% 1.23%10.00% 92.53% 90.00% 10.00% 1.15%10.00% 0.00% 80.00% 20.00% 1.14%10.00% 0.00% 70.00% 30.00% 1.22%10.00% 0.00% 60.00% 40.00% 1.37%10.00% 0.00% 50.00% 50.00% 1.57%10.00% 0.00% 40.00% 60.00% 1.80%10.00% 0.00% 30.00% 70.00% 2.05%10.00% 0.00% 20.00% 80.00% 2.32%10.00% 7.47% 10.00% 90.00% 2.60%

0.00% 100.00% 2.89%

100.00% 100.00%1.23% 2.89%7.21% 7.64%

1.91%8.39%0.70%

1.00% 1.20% 1.40% 1.60% 1.80% 2.00% 2.20% 2.40% 2.60% 2.80% 3.00%0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

Expected Return

Standard Deviation

Expe

cted

Por

tfolio

Ret

urn

Expected Return1.23%1.40%1.57%1.73%1.90%2.06%2.23%2.39%2.56%2.72%2.89%

1.00% 1.20% 1.40% 1.60% 1.80% 2.00% 2.20% 2.40% 2.60% 2.80% 3.00%0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

3.00%

3.50%

Expected Return

Standard Deviation

Expe

cted

Por

tfolio

Ret

urn