The investment opportunities for the scrips of Britannia and Nestle are given below:

Return (%) Economic condition Probability of occurrence Britannia Nestle High Growth 0.1 32 30 Normal Growth 0.2 20 17 Slow Growth 0.4 14 6 Stagnation 0.2 -5 -12 Decline 0.1 -10 -16

Determine the expected co-variance of returns and also determine the correlation of returns between the companies. What is the minimum risk portfolio of Britannia and Nestle