Adobe Systems

Date NASDAQ Returns Act Blizzard Inc

Inc
Alexion Pharma Inc

31-Mar-06 -0.0165 -0.0207 -0.0005 -0.0242

30-Jun-06 0.0196 0.0059 -0.0078 0.0439
30-Sep-06 -0.0028 0.0670 0.0106 0.0643
31-Dec-06 0.0460 0.0356 0.0040 0.0061
30-Mar-07 -0.0194 -0.2047 -0.0086 -0.2860
29-Jun-07 0.0061 -0.0144 -0.0379 0.0412
28-Sep-07 0.0031 0.1453 0.0838 0.3687
31-Dec-07 0.0502 0.3189 -0.0215 0.1412
31-Mar-08 -0.0020 -0.0839 -0.1828 -0.2353
30-Jun-08 0.0208 0.2212 0.1014 0.2010
30-Sep-08 -0.1011 -0.0990 0.0020 0.0808
31-Dec-08 -0.1607 -0.5799 -0.6173 -0.0824
31-Mar-09 0.0216 0.1912 0.0047 0.0398
30-Jun-09 0.1021 0.1885 0.2799 0.0877
30-Sep-09 0.0286 -0.0192 0.1549 0.0801
31-Dec-09 0.0561 -0.1090 0.1072 0.0918
31-Mar-10 0.0512 0.0937 -0.0391 0.1077
30-Jun-10 0.0740 -0.1386 -0.2914 -0.0603
30-Sep-10 -0.0631 0.0310 -0.0107 0.2289
31-Dec-10 0.1226 0.1395 0.1630 0.2244
31-Mar-11 0.0464 -0.1108 0.0745 0.2030
30-Jun-11 -0.0051 0.0627 -0.0529 -0.0479
30-Sep-11 -0.0202 0.0187 -0.2633 0.3090
30-Dec-11 -0.0465 0.0347 0.1567 0.1099
30-Mar-12 -0.0076 0.0539 0.1936 0.2614
29-Jun-12 0.0492 -0.0669 -0.0582 0.0671
28-Sep-12 0.0353 -0.0615 0.0020 0.1416
31-Dec-12 0.0097 -0.0598 0.1499 -0.1992
28-Mar-13 -0.0063 0.3162 0.1440 -0.0172
28-Jun-13 0.0288 -0.0215 0.0459 0.0011
30-Sep-13 -0.0245 0.1568 0.1311 0.2306
31-Dec-13 0.0459 0.0667 0.1422 0.1345
31-Mar-14 0.0294 0.1467 0.0934 0.1353
30-Jun-14 -0.0275 0.0871 0.0959 0.0267
30-Sep-14 0.0297 -0.0701 -0.0448 0.0594
31-Dec-14 -0.0081 -0.0313 0.0495 0.1096
31-Mar-15 -0.0237 0.1306 0.0169 -0.0655
30-Jun-15 -0.0244 0.0633 0.0913 0.0422
30-Sep-15 -0.0250 0.2437 0.0148 -0.1449
31-Dec-15 -0.0221 0.2257 0.1333 0.1986
31-Mar-16 -0.0154 -0.1267 -0.0015 -0.3149
30-Jun-16 0.0651 0.1579 0.0210 -0.1759
30-Sep-16 -0.0238 0.1114 0.1250 0.0483
 30-Dec-16 0.0217 -0.2044 -0.0529 -0.0016
31-Mar-17 0.0109 0.3287 0.2343 -0.0091
30-Jun-17 0.0197 0.1438 0.0833 0.0035
29-Sep-17 -0.0248 0.1138 0.0533 0.1424
29-Dec-17 -0.0016 -0.0186 0.1610 -0.1596
29-Mar-18 0.0048 0.0684 0.2095 -0.0704
Adobe Systems
NASDAQ Returns Act Blizzard Inc
Inc
Alexion Pharma Inc

Average 0.0067 0.0393 0.0335 0.0436

Variance 0.00215577032 0.0244973460059 0.0211023044 0.0212959871334
SD 0.04643027372 0.1565162803223 0.1452663224 0.1459314466914

Correlation Matrix
NASDAQ Returns Act Blizzard Inc
NASDAQ Returns
Act Blizzard Inc 0.336700933617
Adobe Systems Inc 0.368720825218 0.633888445640235
Alexion Pharma Inc 0.11451664154 0.299917361392688
Align Technology Inc 0.00601713193 0.170528034220521
Alphabet Inc 0.276090702244 0.511224408764616
Amazon.com 0.209172904704 0.472691211870772
American Airlines G Inc -0.12146921429 -0.063237504553728
Amgen Inc -0.19592660366 0.127823914571587
Analog Devices Inc 0.37177502485 0.305938401738898
Apple Inc 0.368800400536 0.33562836213464

Portfolio 1 Risk-Averse Portfolio 2

Proportion of Proportion of
NASDAQ 76.4371% Adobe Systerms
returns Inc

Proportion of 23.5629% Proportion of

Amgen Inc Analog Devices Inc
 Var p 0.001445 Var p
Return p 0.010695 Return p
Align Technology Alphabet American Amgen Analog
Amazon.com Apple Inc
Inc Inc Airlines G Inc Inc Devices Inc
0.0443 0.0124 0.0562 -0.0002 0.0091 -0.0105 -0.1365
-0.0246 0.0432 0.0448 -0.0004 -0.0194 -0.0173 -0.0909
-0.0640 -0.0292 -0.0040 -0.0002 -0.0299 -0.0069 0.2958
-0.0634 -0.0025 0.0005 0.0001 -0.0110 -0.0267 0.0972
-0.0853 -0.1540 -0.6083 0.0003 0.1008 0.0589 0.0909
0.4209 0.1318 0.5419 0.0005 -0.0106 0.0874 0.2727
0.0473 0.0818 0.3087 0.0006 0.0229 -0.0401 0.2292
-0.4178 0.1980 -0.0055 0.0008 -0.1973 -0.1316 0.2552
-0.4064 -0.4510 -0.2618 0.0007 -0.1057 -0.0712 -0.3223
-0.0574 0.1783 0.0281 -0.0019 0.1211 0.0735 0.1543
0.0319 -0.2733 -0.0078 -0.0021 0.2286 -0.1871 -0.3874
-0.2133 -0.2638 -0.3499 -0.0011 -0.0260 -0.3260 -0.2865
-0.0984 0.1234 0.3592 -0.0016 -0.1537 0.0131 0.2083
0.2902 0.1917 0.1303 0.0012 0.0668 0.2515 0.3037
0.2938 0.1622 0.1097 0.0034 0.1290 0.1071 0.2634
0.2257 0.2234 0.3652 0.0029 -0.0627 0.1354 0.1283
0.0819 -0.0891 0.0092 0.0023 0.0562 -0.0915 0.1090
-0.2628 -0.2426 -0.2172 0.0025 -0.1289 -0.0339 0.0680
0.2752 0.1669 0.3629 0.0023 0.0466 0.1190 0.1205
-0.0020 0.1219 0.1363 -0.0001 -0.0038 0.1827 0.1282
0.0470 -0.0122 0.0007 -0.0309 -0.0268 0.0444 0.0774
0.1073 -0.1473 0.1268 -0.0043 0.0877 -0.0061 -0.0375
-0.4074 0.0170 0.0558 0.0098 -0.0599 -0.2251 0.1275
0.4472 0.2264 -0.2225 -0.0071 0.1556 0.1354 0.0602
0.1495 -0.0072 0.1569 0.0322 0.0569 0.1214 0.3923
0.1943 -0.1003 0.1201 0.0269 0.0702 -0.0700 -0.0263
0.0998 0.2629 0.1077 -0.0019 0.1450 0.0392 0.1370
-0.2869 -0.0645 -0.0137 -0.0040 0.0224 0.0711 -0.2210
0.1886 0.1158 0.0604 0.0036 0.1733 0.1001 -0.1782
0.1002 0.1030 0.0412 0.0005 -0.0383 -0.0312 -0.1024
0.2613 -0.0051 0.1185 -0.0258 0.1261 0.0706 0.1906
0.1722 0.2465 0.2434 -0.4535 0.0191 0.0792 0.1682
-0.0983 -0.0055 -0.1702 0.3712 0.0780 0.0425 -0.0386
0.0789 0.0471 -0.0350 0.1602 -0.0411 0.0173 0.1973
-0.0810 0.0064 -0.0072 -0.1885 0.1711 -0.0885 0.0855
0.0787 -0.1033 -0.0382 0.4151 0.1258 0.1216 0.0955
-0.0387 0.0443 0.1815 -0.0141 0.0035 0.1327 0.1236
0.1535 -0.0268 0.1541 -0.2763 -0.0404 0.0248 0.0121
-0.0997 0.1673 0.1649 -0.0255 -0.1043 -0.1220 -0.1238
0.1485 0.1978 0.2779 0.0894 0.1601 -0.0120 -0.0418
0.0988 -0.0196 -0.1298 -0.0297 -0.0795 0.0747 0.0396
0.1027 -0.0810 0.1869 -0.3670 0.0147 -0.0366 -0.1251
0.1518 0.1336 0.1570 0.2599 0.0920 0.1354 0.1727
 0.0251 -0.0145 -0.1103 0.2454 -0.1318 0.1251 0.0292
0.1767 0.0675 0.1674 -0.0964 0.1152 0.1263 0.2194
0.2690 0.0922 0.0879 0.1756 0.0485 -0.0462 0.0069
0.2158 0.0463 -0.0069 -0.0558 0.0793 0.1063 0.0719
0.1763 0.0787 0.1960 0.0932 -0.0697 0.0380 0.0973
0.1224 -0.0156 0.2132 0.0006 -0.0199 0.0286 -0.0048
Align Technology Alphabet American Amgen Analog
Amazon.com Apple Inc
Inc Inc Airlines G Inc Inc Devices Inc
0.0524 0.0281 0.0629 0.0064 0.0238 0.0221 0.0593
0.03747503846 0.021208 0.037758196 0.01998131 0.00892 0.011415 0.027286
0.19358470616 0.145629 0.194314682 0.14135527 0.09445 0.1068409 0.165185

Adobe Systems Inc

Alexion Pharma
Align
Inc Technology IncAlphabet Inc Amazon.com
American Airlines GAmgen
Inc Inc

0.18982777856969
0.55061049245305 0.1928112
0.55598015106834 0.4255434 0.45566380529
0.40706827564432 0.3915459 0.44739253634 0.5552149657
0.00228689325998 0.0903446 -0.0438024918 -0.0643219362 -0.194763
0.33226291595268 0.2618325 0.47073473266 0.0872473743 -0.021277 0.04351683
0.72289969425015 0.0884017 0.56138201403 0.4542353689 0.251912 0.11865618 0.20729659
0.37661765430151 0.4696637 0.28898014244 0.5334377464 0.348048 0.02695858 -0.0569228

n
E ( R p )    xi E ( Ri ) 
RiskTaking

i 1
1.9379%
where xi  proportion of portfol
invested in security i
98.0621% n

100%
x
i 1
i 1
 invested in security i
n

x
i 1
i 1

0.011411  2p  x A2 A2  xB2 B2  2 x A xB  AB A B

0.022315
 Analog Devices IncApple Inc

0.48171823

p )    xi E ( Ri ) 
i 1

xi  proportion of portfolio
invested in security i and

xi  1
 invested in security i and

xi  1
 Single Index Model

Al Tawfeek Alexandria Glaxo Smith

EGX30 Al Baraka Bank Leasing Company Flour Mills Kline
6/20/2012 3091.83 30.2 2.95 13 15.9
6/21/2012 3083.83 27.45 2.84 12.95 15.95
6/22/2012 3035.12 27.45 2.77 12.95 16.05
6/23/2012 3026.74 27.45 2.95 12.95 16.1
6/24/2012 3024.83 27.45 2.87 13 15.95
6/25/2012 3004.03 27.45 2.9 13 16

Returns

Al Tawfeek Alexandria Glaxo Smith

EGX30 Al Baraka Bank Leasing Company Flour Mills Kline
6/21/2012
6/22/2012
6/23/2012
6/24/2012
6/25/2012

Correlation
Matrix
Returns

6/21/2012
6/22/2012
6/23/2012
6/24/2012
6/25/2012

Correlation Matrix Risk Averse

A B
Returns
6/21/2012
6/22/2012
6/23/2012
6/24/2012
6/25/2012
Avg Return

Proportion of ??
Proportion of ??
 Var B
Var A
SD B
SD A
Correl

Var p  2p  x A2
Return p
 Golden Golden
Coast Pyramids Rowad National Oriental
Company Plaza Misr Hotels Tourism Drilling Weavers Prime Holding
25 2.03 8.49 9 4.4 1.37 2.71
24.15 1.99 8.11 9.03 4.5 1.4 2.49
24.15 2.01 7.91 9.03 4.5 1.45 2.25
25.15 2.05 8.49 9 4.5 1.52 2.03
24.95 2 8.49 9.05 4.5 1.54 1.83
25 2.05 8.08 9.06 4.5 1.49 1.84

Golden Golden
Coast Pyramids Rowad National Oriental
Company Plaza Misr Hotels Tourism Drilling Weavers Prime Holding
  B2   A B  AB
xA  2 2
 A   B  2 A B  AB
  B2   A B  AB
xA  2 2
 A   B  2 A B  AB

xB  1  x A

 2p  x A2 A2  xB2 B2  2 x A xB  AB A B

n
E ( R p )    xi E ( Ri ) 
i 1

where xi  proportion of portfolio

invested in security i and
n

 x 1
i 1
i
 United
Naeem Samad Arab
Holding Misr Shipping Palm Hills AMOC Egyptian Resorts
Qalaa Holdings
Raya
2.53 4.25 4.2 1.33 1.6 1.13 7.33 2.73
2.51 4.29 4.41 1.37 1.55 1.14 7.31 2.67
2.6 4.34 4.7 1.42 1.57 1.16 7.27 2.58
2.51 4.33 4.79 1.54 1.6 1.17 7.35 2.55
2.6 4.17 4.93 1.63 1.6 1.15 7.25 2.56
2.63 4.2 4.88 1.56 1.58 1.15 7.25 2.47

United
Naeem Samad Arab
Holding Misr Shipping Palm Hills AMOC Egyptian Resorts
Qalaa Holdings
Raya