The return, standard deviation, and pairwise correlation of nine different assets were generated using historical price data Mean Variance Optimization (MVO) using Excel's solver was performed by a senior analyst to calculate the asset class weights in the three Corner Portfolios (X,Y,Z) The current risk-free rate is 2.5% . Sharpe Ratio Asset Correlation Matrix Std Dev SPX RDMxUS REM GLD USREI SPX RDMxUS 7.19% 5.53% 8.58% 6.88% 4.84% 4.35% 4.84% 7.08% 9.42% 16.01% 15.16% 2070% 9.68% 4.53% 8.60% 3575% 18.43% 22.93% SPX1.0000 RDMxUS 0.8619 1.0000 0.34 REMI 0.72561 0.7841 1.0000 HY USGOV GoVxUS WTI HY? 0.6244 0.6446| 0.6232| 1.0000 USGOV0.3093-0.3919 -0.3014-0.1674 1.0000 GOVxUS 0.1087 -0.0782 0.1052 0.1651 0.5012 1.0000 0.28 0.08 0.30 WTI 0.2039 0.2332 0.3639 0.2783 -0.1580 0.1323 .0000 GLD? 0.0289| -0.0111| 0.20 I 21 0.1439| 0.2483| 0.4577| O.2166| 1.0000 USREIT USREIT 0.5700| 0.4969 | 0.4345| 0.5960| -0.0387 | 0.2404 | ?.0771| O. 1 332| 1.0000 Weights in Corner Portfolios Asset Description Portfolio X SPX|US Large Cap Equites Portfolio Y 55.37% 91 .08%) 32.66% 53.54% 118.06%) -88.78%) 2.67% 13.59% 9.29% Portfolio Y Portfolio Z 81 .75% -142.25% 49.91 % 73.60% 135.79% -131.10% -4.55% 20.85% 15.99% Portfolio Z RDMxUS Developed Market Large Cap Equities (excluding US Equities) RDMxUS 10.62% 5.55% 21-99% 90.1996| 22.24% 0.29% 2.18% REMI Emerging Market Equities HY US High Yield Corporate Bonds HY USGOV GoVxUS WTI USGOV|US Government Bonds GOVxUS Developed Market Governemtent Bonds (excluding US bonds) WTI Western Texas Intermediate Oil Futures GLD|Gold Futures USREIT US REIT ndex or US Real Estate USREIT Portfolio X 5.86% 3.73% Return Std Dev 8.81% 12.69%