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closing price Date EMAAR MALLS ARMX 1-Jan-17 2.64 4.04 8-Jan-17 2.65 4.11 15-Jan-17 2.58 4.05 22-Jan-17 2.58 4.09 29-Jan-17 2.53 4.27 5-Feb-17 2.6 4.19 12-Feb-17

closing price

Date EMAAR MALLS ARMX 1-Jan-17 2.64 4.04 8-Jan-17 2.65 4.11 15-Jan-17 2.58 4.05 22-Jan-17 2.58 4.09 29-Jan-17 2.53 4.27 5-Feb-17 2.6 4.19 12-Feb-17 2.57 4.36 19-Feb-17 2.59 4.65 26-Feb-17 2.68 4.8 5-Mar-17 2.65 5.5 12-Mar-17 2.64 5.14 19-Mar-17 2.56 5 26-Mar-17 2.64 4.95 2-Apr-17 2.65 5.2 9-Apr-17 2.62 5.25 16-Apr-17 2.68 5.3 23-Apr-17 2.57 5.28 30-Apr-17 2.51 5.33 use the excel to calculate the average return for Emar and Aramex

the standard deviation for Emar and Aramex

THE CORRELATION AND COVARIANCE

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