CRB Commodity Index

Date
Last Price Change Ri
12/31/2007
358.71
1/31/2008
369.46
0.030
2/29/2008
412.75
0.117
3/31/2008
386.89
-0.063
4/30/2008
409.27
0.058
5/30/2008
422.17
0.032
6/30/2008
462.74
0.096
7/31/2008
416.40
-0.100
8/29/2008
391.71
-0.059
9/30/2008
345.53
-0.118
10/31/2008
268.39
-0.223
11/28/2008
244.94
-0.087
12/31/2008
229.54
-0.063
Sum
Mean (Ri*,Rj*)
Variance
Standard Deviation
Covariance
Correlation

Date
12/31/2007
1/31/2008
2/29/2008
3/31/2008
4/30/2008
5/30/2008
6/30/2008
7/31/2008
8/29/2008
9/30/2008
10/31/2008
11/28/2008
12/31/2008

Nikkei 225
Last Price Change Rj
15307.78
13592.47
-0.112
13603.02
0.001
12525.54
-0.079
13849.99
0.106
14338.54
0.035
13481.38
-0.060
13376.81
-0.008
13072.87
-0.023
11259.86
-0.139
8576.98
-0.238
8512.27
-0.008
8859.56
0.041

-0.381
-0.032
0.009
0.095

Ri-Ri*
0.062
0.149
-0.031
0.090
0.063
0.128
-0.068
-0.028
-0.086
-0.192
-0.056
-0.031

-0.483
-0.040
0.008
0.088

Weight Calculation
CRB Commodity Index
Nikkei 225

Return
-0.032
-0.040

Risk Free Rate

Portfolio Return
Portfolio Variance
Portfolio Standard Deviation
Sharpe Ratio
Annual Return
CRB Commodity Index
Nikkei 225
Portfolio Return
MSCI World Index

%
-32.09
-38.95
-32.09
-40.37

Variance
0.009
0.008

SD
0.095
0.088

0.001
-0.032
0.009
0.095
-0.341

Given

Weights
1.000
0.000

Portfolio Return
-0.032

Rj-Rj*

(Ri-Ri*) x (Rj-Rj*)

-0.072
0.041
-0.039
0.146
0.076
-0.019
0.033
0.018
-0.098
-0.198
0.033
0.081

-0.004
0.006
0.001
0.013
0.005
-0.002
-0.002
0.000
0.008
0.038
-0.002
-0.003

MSCI World Index

Date
Last Price Change Ri
12/31/2007
1588.8
1/31/2008 1466.35 -0.077
2/29/2008 1455.56 -0.007
3/31/2008
1437.4 -0.012
4/30/2008 1508.99 0.050
5/30/2008 1525.73 0.011
6/30/2008 1402.13 -0.081
7/31/2008
1366.7 -0.025
8/29/2008 1344.86 -0.016
9/30/2008 1182.44 -0.121
10/31/2008
957.25 -0.190
11/28/2008
892.93 -0.067
12/31/2008
920.23 0.031

0.058
0.005

-0.506
-0.042

0.005
0.570

Portfolio Return
-0.032

Using Solver

Annual Returns 2008

0.00
-5.00
-10.00
-15.00
-20.00
-25.00
-30.00
-35.00
-40.00
-45.00

CRB Commodity
Index

Nikkei 225

Portfolio Return

MSCI World Index

MSCI World Index

CRB Commodity Index

Date
Last Price Change Ri
12/31/2008
229.54
1/30/2009
220.37
-0.040
2/27/2009
211.57
-0.040
3/31/2009
220.40
0.042
4/30/2009
222.39
0.009
5/29/2009
253.05
0.138
6/30/2009
249.96
-0.012
7/31/2009
257.45
0.030
8/31/2009
253.68
-0.015
9/30/2009
259.39
0.023
10/30/2009
270.38
0.042
11/30/2009
277.40
0.026
12/31/2009
283.38
0.022
Sum
Mean (Ri*,Rj*)
Variance
Standard Deviation
Covariance
Correlation

Date
12/31/2008
1/30/2009
2/27/2009
3/31/2009
4/30/2009
5/29/2009
6/30/2009
7/31/2009
8/31/2009
9/30/2009
10/30/2009
11/30/2009
12/31/2009

Nikkei 225
Last Price Change Rj
8859.56
7994.05
-0.098
7568.42
-0.053
8109.53
0.071
8828.26
0.089
9522.50
0.079
9958.44
0.046
10356.83
0.040
10492.53
0.013
10133.23
-0.034
10034.74
-0.010
9345.55
-0.069
10546.44
0.128

0.224
0.019
0.002
0.045

Ri-Ri*
-0.059
-0.059
0.023
-0.010
0.119
-0.031
0.011
-0.033
0.004
0.024
0.007
0.003

0.203
0.017
0.005
0.067

Weight Calculation
CRB Commodity Index
Nikkei 225

Return
0.019
0.017

Risk Free Rate

Portfolio Return
Portfolio Variance
Portfolio Standard Deviation
Sharpe Ratio
Annual Return
CRB Commodity Index
Nikkei 225
Portfolio Return
MSCI World Index

%
24.88
22.25
24.58
30.13

Variance
0.002
0.005

SD
0.045
0.067

0.001
0.018
0.002
0.044
0.402

Given

Weights
0.888
0.112

Portfolio Return
0.018

Rj-Rj*

(Ri-Ri*) x (Rj-Rj*)

-0.115
-0.070
0.055
0.072
0.062
0.029
0.023
-0.004
-0.051
-0.027
-0.086
0.112

0.007
0.004
0.001
-0.001
0.007
-0.001
0.000
0.000
0.000
-0.001
-0.001
0.000

MSCI World Index

Date
Last Price Change Ri
12/31/2008
920.23
1/30/2009
838.83
-0.088
2/27/2009
750.86
-0.105
3/31/2009
805.22
0.072
4/30/2009
893.02
0.109
5/29/2009
970.00
0.086
6/30/2009
964.05
-0.006
7/31/2009
1044.75
0.084
8/31/2009
1085.60
0.039
9/30/2009
1126.98
0.038
10/30/2009 1106.17
-0.018
11/30/2009 1149.01
0.039
12/31/2009 1168.47
0.017

0.017
0.001

0.266
0.022

0.001
0.468

Portfolio Return
0.018

Using Solver

Annual Return 2009

35.00
30.00
25.00
20.00
15.00
10.00
5.00
0.00
CRB Commodity
Index

Nikkei 225

Portfolio Return

MSCI World Index

MSCI World Index

CRB Commodity Index

Date
Last Price Change Ri
12/31/2009
283.38
1/29/2010
265.58
-0.063
2/26/2010
274.78
0.035
3/31/2010
273.34
-0.005
4/30/2010
277.71
0.016
5/31/2010
254.80
-0.082
6/30/2010
258.52
0.015
7/30/2010
274.35
0.061
8/31/2010
264.19
-0.037
9/30/2010
286.86
0.086
10/29/2010
300.67
0.048
11/30/2010
301.41
0.002
12/31/2010
332.80
0.104
Sum
Mean (Ri*,Rj*)
Variance
Standard Deviation
Covariance
Correlation

Date
12/31/2009
1/29/2010
2/26/2010
3/31/2010
4/30/2010
5/31/2010
6/30/2010
7/30/2010
8/31/2010
9/30/2010
10/29/2010
11/30/2010
12/31/2010

Nikkei 225
Last Price Change Rj
10546.44
10198.04
-0.033
10126.03
-0.007
11089.94
0.095
11057.40
-0.003
9768.70
-0.117
9382.64
-0.040
9537.30
0.016
8824.06
-0.075
9369.35
0.062
9202.45
-0.018
9937.04
0.080
10228.92
0.029

0.179
0.015
0.003
0.054

Ri-Ri*
-0.078
0.020
-0.020
0.001
-0.097
0.000
0.046
-0.052
0.071
0.033
-0.012
0.089

-0.009
-0.001
0.004
0.060

Weight Calculation
CRB Commodity Index
Nikkei 225

Return
0.015
-0.001

Risk Free Rate

Portfolio Return
Portfolio Variance
Portfolio Standard Deviation
Sharpe Ratio
Annual Return
CRB Commodity Index
Nikkei 225
Portfolio Return
MSCI World Index

%
19.50
-0.90
19.50
11.68

Variance
0.003
0.004

SD
0.054
0.060

0.001
0.015
0.003
0.054
0.262

Given

Weights
1.000
0.000

Portfolio Return
0.015

Rj-Rj*

(Ri-Ri*) x (Rj-Rj*)

-0.032
-0.006
0.096
-0.002
-0.116
-0.039
0.017
-0.074
0.063
-0.017
0.081
0.030

0.003
0.000
-0.002
0.000
0.011
0.000
0.001
0.004
0.004
-0.001
-0.001
0.003

MSCI World Index

Date
Last Price Change Ri
12/31/2009 1168.47
1/29/2010
1119.54
-0.042
2/26/2010
1133.35
0.012
3/31/2010
1200.53
0.059
4/30/2010
1198.56
-0.002
5/31/2010
1079.80
-0.099
6/30/2010
1041.32
-0.036
7/30/2010
1124.83
0.080
8/31/2010
1080.70
-0.039
9/30/2010
1179.19
0.091
10/29/2010 1222.23
0.036
11/30/2010 1193.56
-0.023
12/31/2010 1280.07
0.072

0.022
0.002

0.111
0.009

0.002
0.565

Portfolio Return
0.015

Using Solver

Annual Return 2010

25.00
20.00
15.00
10.00
5.00
0.00
-5.00

CRB Commodity
Index

Nikkei 225

Portfolio Return

MSCI World Index

MSCI World Index

CRB Commodity Index

Date
Last Price Change Ri
12/31/2010
332.80
1/31/2011
341.42
0.026
2/28/2011
352.58
0.033
3/31/2011
359.43
0.019
4/29/2011
370.56
0.031
5/31/2011
350.06
-0.055
6/30/2011
338.05
-0.034
7/29/2011
342.08
0.012
8/31/2011
342.57
0.001
9/30/2011
298.15
-0.130
10/31/2011
319.84
0.073
11/30/2011
313.82
-0.019
12/30/2011
305.30
-0.027
Sum
Mean (Ri*,Rj*)
Variance
Standard Deviation
Covariance
Correlation

Date
12/31/2010
1/31/2011
2/28/2011
3/31/2011
4/29/2011
5/31/2011
6/30/2011
7/29/2011
8/31/2011
9/30/2011
10/31/2011
11/30/2011
12/30/2011

Nikkei 225
Last Price Change Rj
10228.92
10237.92
0.001
10624.09
0.038
9755.10
-0.082
9849.74
0.010
9693.73
-0.016
9816.09
0.013
9833.03
0.002
8955.20
-0.089
8700.29
-0.028
8988.39
0.033
8434.61
-0.062
8455.35
0.002

-0.070
-0.006
0.003
0.050

Ri-Ri*
0.032
0.039
0.025
0.037
-0.049
-0.028
0.018
0.007
-0.124
0.079
-0.013
-0.021

-0.179
-0.015
0.002
0.040

Weight Calculation
CRB Commodity Index
Nikkei 225

Return
-0.006
-0.015

Risk Free Rate

Portfolio Return
Portfolio Variance
Portfolio Standard Deviation
Sharpe Ratio
Annual Return
CRB Commodity Index
Nikkei 225
Portfolio Return
MSCI World Index

%
-6.80
-16.48
-6.80
-6.28

Variance
0.003
0.002

SD
0.050
0.040

0.001
-0.006
0.003
0.050
-0.131

Given

Weights
1.000
0.000

Portfolio Return
-0.006

Rj-Rj*

(Ri-Ri*) x (Rj-Rj*)

0.016
0.053
-0.067
0.025
-0.001
0.028
0.017
-0.074
-0.014
0.048
-0.047
0.017

0.001
0.002
-0.002
0.001
0.000
-0.001
0.000
-0.001
0.002
0.004
0.001
0.000

MSCI World Index

Date
Last Price Change Ri
12/31/2010 1280.07
1/31/2011
1308.08
0.022
2/28/2011
1351.65
0.033
3/31/2011
1334.93
-0.012
4/29/2011
1388.62
0.040
5/31/2011
1354.61
-0.024
6/30/2011
1331.18
-0.017
7/29/2011
1306.05
-0.019
8/31/2011
1211.22
-0.073
9/30/2011
1104.06
-0.088
10/31/2011 1217.30
0.103
11/30/2011 1184.60
-0.027
12/30/2011 1182.59
-0.002

0.006
0.001

-0.065
-0.005

0.001
0.265

Portfolio Return
-0.006

Using Solver

Annual Return 2011

0.00
-2.00
-4.00
-6.00
-8.00
-10.00
-12.00
-14.00
-16.00
-18.00

CRB Commodity
Index

Nikkei 225

Portfolio Return

MSCI World Index

MSCI World Index

CRB Commodity Index

Date
Last Price Change Ri
12/30/2011
305.30
1/31/2012
312.31
0.023
2/29/2012
322.43
0.032
3/30/2012
308.46
-0.043
4/30/2012
305.95
-0.008
5/31/2012
272.97
-0.108
6/29/2012
284.19
0.041
7/31/2012
299.51
0.054
8/31/2012
309.59
0.034
9/28/2012
309.30
-0.001
10/31/2012
295.84
-0.044
11/30/2012
298.98
0.011
12/31/2012
295.01
-0.013
Sum
Mean (Ri*,Rj*)
Variance
Standard Deviation
Covariance
Correlation

Nikkei 225
Date
Last Price Change Rj
12/30/2011 8455.35
1/31/2012 8802.51
0.041
2/29/2012 9723.24
0.105
3/30/2012 10083.56
0.037
4/30/2012 9520.89
-0.056
5/31/2012 8542.73
-0.103
6/29/2012 9006.78
0.054
7/31/2012 8695.06
-0.035
8/31/2012 8839.91
0.017
9/28/2012 8870.16
0.003
10/31/2012 8928.29
0.007
11/30/2012 9446.01
0.058
12/28/2012 10395.18
0.100

-0.022
-0.002
0.002
0.044

Ri-Ri*
0.025
0.034
-0.041
-0.006
-0.106
0.043
0.056
0.036
0.001
-0.042
0.012
-0.011

0.229
0.019
0.003
0.059

Weight Calculation
CRB Commodity Index
Nikkei 225

Return
-0.002
0.019

Risk Free Rate

Portfolio Return
Portfolio Variance
Portfolio Standard Deviation
Sharpe Ratio
Annual Return
CRB Commodity Index
Nikkei 225
Portfolio Return
MSCI World Index

%
-2.21
25.46
25.46
14.09

Variance
0.002
0.003

SD
0.044
0.059

0.001
0.019
0.003
0.059
0.313

Given

Weights
0.000
1.000

Portfolio Return
0.019

Rj-Rj*

(Ri-Ri*) x (Rj-Rj*)

0.022
0.086
0.018
-0.075
-0.122
0.035
-0.054
-0.002
-0.016
-0.013
0.039
0.081

0.001
0.003
-0.001
0.000
0.013
0.002
-0.003
0.000
0.000
0.001
0.000
-0.001

MSCI World Index

Date
Last Price Change Ri
12/30/2011 1182.59
1/31/2012 1240.89
0.049
2/29/2012 1298.72
0.047
3/30/2012 1312.01
0.010
4/30/2012 1293.99
-0.014
5/31/2012 1177.64
-0.090
6/29/2012 1235.72
0.049
7/31/2012 1250.57
0.012
8/31/2012 1279.21
0.023
9/28/2012 1311.50
0.025
10/31/2012 1301.52
-0.008
11/30/2012 1315.49
0.011
12/31/2012 1338.50
0.017

0.015
0.001

0.133
0.011

0.001
0.474

Portfolio Return
0.019

Using Solver

Annual return 2012

30.00
25.00
20.00
15.00
10.00
5.00
0.00
-5.00

CRB Commodity
Index

Nikkei 225

Portfolio Return

MSCI World Index

MSCI World Index

Particulars

2008

2009

2010

2011

2012

40.00

CRB Commodity Index

Nikkei 225
Portfolio Return
MSCI World Index

-32.09
-38.95
-32.09
-40.37

24.88
22.25
24.58
30.13

19.50
-0.90
19.50
11.68

-6.80
-16.48
-6.80
-6.28

-2.21
25.46
25.46
14.09

30.00
20.00

Return

10.00
0.00
-10.00
-20.00
-30.00
-40.00
-50.00

Return Comparison 2008-2012

CRB Commodity Index

2008

2009

2010

2011

2012

Nikkei 225
Portfolio Return
MSCI World Index

CRB Commodity Index

Portfolio Return

MSCI World Index