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Global Equity Market Returns

as of 12/31/17

MSCI Indexes

MSCI EAFE Index 4.23 4Q 2017
5.51
MSCI World Index 25.03
4.23 22.40
MSCI World Index ex. U.S. 5.73
MSCI All Country World 7.44 24.21
Index ex U.S. 27.19
MSCI Emerging Markets 2.78 37.28
Index 8.49 27.70
MSCI Germany 7.62
23.99
MSCI Japan

MSCI China

QTD YTD

Source: Morningstar Direct, 12/31/2017. The MSCI All Country World Index (ACWI
measure the equity market performance of dev eloped and emerging markets. T
that is designed to measure equity market performance of frontier markets. The M
emerging markets. The MSCI EAFE Index (Europe, Australasia, Far East) is designed
U.S. and Canada. The MSCI World Index ex U.S. is a free float-adjusted market c
performance of dev eloped markets and excludes the U.S. The MSCI World Index
markets. Each index is unmanaged, includes the reinvestment of dividends and
illustrativ e purposes only and does not predict or depict the performance of any