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Country Expected Returns Standard Correlations Australla Austria Belglum Canada Devation Australla 7.00% 15.00% Australla 1.00 0.39 0.09 0.00 Austria 10.00% 21.14% Austria 0.39 1.00

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Country Expected Returns Standard Correlations Australla Austria Belglum Canada Devation Australla 7.00% 15.00% Australla 1.00 0.39 0.09 0.00 Austria 10.00% 21.14% Austria 0.39 1.00 0.17 0.37 Belglum 11.00% 22.96% Belgium 0.09 0.17 1.00 0.21 Canada 14.00% 38.15% Canada 0.00 0.37 0.21 1.00 The risk-free rate is currently 6%.

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