1.Notice that there are negative weights in the optimized weights in Exhibit 10, which means that TAM has to take short positions to optimize the portfolio. What if the college endowment would not accept short position? An extra table (Appendix Table 1b) with Non-negative optimized security weights is available

Appendix Table 1b: Contrained Optimized Security Weights for Desired Expected Return with All Non-negative Security Weights Desired Portfolio Expected Return Portfolio Expected Return 2.00% 5.00% 8.00% 11.00% 14.00% 17.00% 20.00% 23.00% 26.00% 29.00% 32.00% 35.00% 38.00% 41.00% 44.00% 47.00% Non-negative Optimized Security Weights for Desired Expected Return ROC N/A N/A N/A 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% N/A N/A N/A N/A PII N/A N/A N/A 0.00% 0.00% 0.00% 0.00% 5.41% 24.03% 50.00% 75.00% 100.00% N/A N/A N/A N/A MRC N/A N/A N/A 0.00% 0.00% 0.00% 0.00% 0.20% 0.00% 0.00% 0.00% 0.00% N/A N/A N/A N/A ETFC N/A N/A N/A 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% N/A N/A N/A N/A EGN N/A N/A N/A 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% N/A N/A N/A N/A USM N/A N/A N/A 0.00% 1.94% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% N/A N/A N/A N/A BAH N/A N/A N/A 0.00% 10.69% 12.90% 15.09% 13.74% 2.61% 0.00% 0.00% 0.00% N/A N/A N/A N/A FNF N/A N/A N/A 0.00% 0.57% 18.58% 35.12% 49.81% 59.11% 50.00% 25.00% 0.00% N/A N/A N/A N/A LPLA N/A N/A N/A 0.00% 12.30% 18.08% 24.04% 24.58% 14.25% 0.00% 0.00% 0.00% N/A N/A N/A N/A ATO N/A N/A N/A 100.00% 74.49% 50.43% 25.75% 6.26% 0.00% 0.00% 0.00% 0.00% N/A N/A N/A N/A CNO N/A N/A N/A 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% N/A N/A N/A N/A Optimized Portfolio Risk Variance N/A N/A N/A 2.15% 1.71% 1.77% 2.21% 3.01% 4.22% 6.57% 10.65% 16.59% N/A N/A N/A N/A Std. Dev. N/A N/A N/A 14.65% 13.08% 13.30% 14.88% 17.36% 20.55% 25.62% 32.64% 40.74% N/A N/A N/A N/AExhibit 10: ProValue Portfolio Model Expected Returns and Optimal Portfolio Weights FNF Stock ROC PII MRC ETFC EGN USM BAH LPLA ATO CNO Model Annual Expected Returns 33.00% 35.00% 20.00% 30.00% 22.00% 19.00% 22.00% 23.00% 24.00% 11.00% 33.00% Historical Annualized Std. Dev. 52.58% 40.74% 30.26% 49.54% 29.89% 25.45% 45.82% 19.92% 30.25% 14.56% 63.66% Desired Annual Portfolio Return 15.00% 17.00% 19.00% 21.00% 23.00% 25.00% 27.00% 29.00% 31.00% 33.00% 35.00% Stock Optimized Security Weights ROC 6.2% 5.4% 4.5% 3.7% 2.9% 2.1% 1.3% 0.4% -0.4% .1.2% -2.0% PII -25.6% -22.2% -18.8% -15.4% -12.0% -8.6% -5.2% -1.9% 1.5% 4.9% 8.3% MRC -35.3% -36.1% -37.0% -37.9% -38.7% -39.6% -40.4% -41.3% -42.2% -43.0% -43.9% ETFC -22.5% 22.3% -22.1% -21.9% -21.6% -21.4% -21.2% -21.0% -20.8% -20.6% -20.3% 9.7% 11.5% 13.3% 15.1% 16.9% 18.7% 20.5% 22.3% 24.1% 25.9% 27.7% EGN USM -78.0% -85.2% -92.5% -99.7% -106.9% -114.1% -121.3% -128.5% -135.7% -143.0% -150.2% BAH 49.8% 49.2% 48.5% 47.9% 47.3% 46.7% 46.0% 45.4% 44.8% 44.2% 43.5% FNF 93.4% 108.9% 124.5% 140.0% 155.6% 171.1% 186.7% 202.2% 217.8% 233.3% 248.9% 49.7% 50.3% 50.9% 51.5% 52.0% 52.6% 53.2% 53.8% 54.3% 54.9% 55.5% LPLA ATO 60.5% 48.9% 37.3% 25.7% 14.1% 2.5% -9.1% -20.7% -32.3% -43.9% -55.5% CNO -7.9% -8.3% -8.7% -9.1% -9.6% -10.0% -10.4% -10.8% -11.2% -11.6% -12.0% Calculated Portfolio Standard Deivation using Optimized Weights 6.84% 7.52% 8.70% 10.22% 11.94% 13.79% 15.72% 17.71% 19.74% 21.79% 23.87%