Exhibit 1 - Monthly Values for the Market Index and the Three Traded Shares.

Determine the standard deviation of a three asset portfolio comprised of all three shares (Gem, Silver & Gold); and the standard deviation of 2-asset portfolios consisting of both Gem and Silver; Gem and Gold; and Silver and Gold. Assume equal weightings (50%) of each share within the portfolio. Interpret your results and comment and illustrate the impact on risk when combining shares into a portfolio. Use the correlation of variation to determine which portfolio is the most efficient when it comes to risk and return? What has caused this risk reduction in the portfolio and what specific risk has been eliminated in each case?

Month	Market Index	Gem Ltd	Silver Ltd	Gold Ltd
1	4788	4.47	5.91	7.89
2	4833	4.72	6.26	8.31
3	4867	5.08	6.59	8.52
4	4926	5.38	6.68	8.66
5	4967	5.54	6.79	8.79
6	5027	5.83	7.31	9.28
7	5063	6.22	7.62	9.49
8	5102	6.46	7.88	9.83
9	5055	6.73	8.31	9.38
10	5109	7.11	8.54	9.56
11	5249	7.51	8.75	9.72
12	5132	7.33	8.39	9.33
13	5201	7.54	8.71	9.66
14	5309	7.86	9.04	9.22
15	5364	7.52	9.27	9.35
16	5393	7.78	9.51	9.54
17	5442	7.01	9.29	9.27
18	5475	7.76	10.09	9.02
19	5499	7.93	10.78	9.31
20	5545	8.21	10.47	9.55
21	5500	8.13	11.01	9.96
22	5435	8.48	10.63	10.45
23	5509	8.75	11.11	10.79
24	5578	8.33	11.64	10.90
25	5539	8.17	11.37	11.45
26	5599	8.34	12.01	11.71
27	5666	8.49	12.29	11.97
28	5733	8.66	12.71	11.73
29	5672	9.07	13.06	11.99
30	5601	9.76	13.25	12.39
31	5627	9.23	13.39	12.56
32	5699	9.56	13.56	12.83
33	5757	9.89	14.02	12.97
34	5819	10.28	14.39	13.49
35	5763	10.61	14.58	13.27
36	5845	10.29	14.34	13.49
37	5879	10.76	14.61	13.66
38	5897	11.07	14.42	13.34
39	5857	10.85	14.23	13.00
40	5870	10.99	14.56	13.38
41	5785	11.20	14.77	13.56
42	5744	11.01	14.86	13.83
43	5803	11.36	15.09	13.67
44	5758	11.28	15.44	13.99
45	5825	11.65	15.78	13.72
46	5804	11.51	15.45	13.89
47	5855	11.78	15.93	14.05
48	5915	11.95	15.69	14.19
49	6007	11.55	15.43	14.02
50	6095	11.28	15.85	14.33
51	6177	11.50	15.99	14.47
52	6099	11.27	15.59	14.62
53	6164	11.49	15.32	14.78
54	6299	11.63	15.48	15.09
55	6256	11.41	15.65	14.77
56	6177	11.62	15.54	15.13
57	6112	11.79	16.03	15.59
58	6193	12.09	16.39	15.74
59	6288	12.27	16.28	15.51
60	6354	12.48	15.64	15.36
61	6403	12.66	15.98	15.66