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3 VITAL: Conversations about diversification. 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Emerging Markets Equity 18.63% Small Cap Growth 43.30% REIT Index 32.00% Large Cap Growth 5.67% Small Cap Value 31.74% Emerging Markets Equity 37.75% International Fixed Income 3.49% Large Cap Growth 36.39% Large Cap Growth 38.49% REIT Index 45.91% Large Cap Value -7.54% Emerging Market Debt 18.54% Small Cap Value 34.52% Large Cap Value 13.45% REIT Index 4.48% High Yield Bond 17.49% Large Cap Growth 30.21% Core Fixed Income 0.01% Large Cap Core 31.43% Small Cap Growth 34.63% Small Cap Value 28.27% High Yield Bond -11.21% Small Cap Value 18.05% Large Cap Growth 33.48% Large Cap Core 13.24% International Fixed Income 1.55% Large Cap Value 17.34% International Equity 25.62% Large Cap Growth -1.51% Small Cap Growth 28.48% Large Cap Core 20.96% Large Cap Growth 27.60% Core Fixed Income -13.01% International Equity 17.90% Large Cap Core 33.11% Large Cap Growth 13.05% Emerging Market Debt 1.23% Large Cap Core 12.05% Small Cap Growth 22.17% High Yield Bond -2.27% Large Cap Value 26.54% Emerging Markets Equity 18.31% Large Cap Core 26.45% International Fixed Income -13.10% Large Cap Value 17.51% Large Cap Value 32.53% International Fixed Income 9.77% Large Cap Core 0.92% Emerging Markets Equity 11.60% Large Cap Core 21.69% REIT Index -4.22% REIT Index 23.10% 60/40 Diversified Portfolio 14.72% Large Cap Value 25.16% International Equity -14.01% REIT Index 17.12% International Equity 23.29% 60/40 Diversified Portfolio 7.55% Core Fixed Income 0.55% Small Cap Growth 11.32% 60/40 Diversified Portfolio 15.68% 60/40 Diversified Portfolio -4.60% Small Cap Value 22.39% International Equity 7.82% 60/40 Diversified Portfolio 12.01% Small Cap Value -14.48% Large Cap Core 16.42% 60/40 Diversified Portfolio 16.52% Core Fixed Income 5.97% 60/40 Diversified Portfolio -0.24% Emerging Market Debt 10.19% Large Cap Value 13.66% Emerging Market Debt -4.61% International Equity 22.01% Core Fixed Income 7.51% International Equity 11.26% 60/40 Diversi- fied Portfolio -15.86% High Yield Bond 15.55% High Yield Bond 7.41% Small Cap Growth 5.60% International Equity -0.39% 60/40 Diversified Portfolio 8.77% Emerging Market Debt 9.32% Large Cap Core -4.78% 60/40 Diversified Portfolio 20.97% High Yield Bond 6.07% High Yield Bond 5.35% Emerging Market Debt -16.45% Large Cap Growth 15.26% International Fixed Income 1.42% Emerging Market Debt 5.53% Small Cap Growth -1.38% Large Cap Growth 7.08% Small Cap Value 7.84% Large Cap Value -8.27% Emerging Markets Equity 18.42% Emerging Market Debt 5.88% Small Cap Growth 2.83% Large Cap Core -19.13% Small Cap Growth 14.59% REIT Index 1.22% Small Cap Value 4.22% Large Cap Value -3.83% REIT Index 6.68% High Yield Bond 7.48% Small Cap Growth -9.31% Emerging Market Debt 14.42% International Fixed Income 4.67% Emerging Markets Debt -1.51% Emerging Markets Equity -19.74% 60/40 Diversified Portfolio 13.41% Core Fixed Income -2.02% High Yield Bond 2.51% High Yield Bond -4.61% International Fixed Income 5.13% REIT Index 3.76% Small Cap Value -12.86% High Yield Bond 14.41% Small Cap Value 4.63% Core Fixed Income -1.54% REIT Index -25.35% International Fixed Income 5.51% Emerging Markets Equity -2.27% Emerging Markets Equity -1.82% Small Cap Value -7.47% Core Fixed Income 2.65% Core Fixed Income 3.54% International Equity -13.79% Core Fixed Income 8.72% Large Cap Value 2.80% International Fixed Income -2.35% Small Cap Growth -26.35% Core Fixed Income 4.21% Emerging Market Debt -6.58% International Equity - 4.48% Emerging Markets Equity -14.6% International Equity 1.51% International Fixed Income 2.06% Emerging Markets Equity -14.58% International Fixed Income 8.02% REIT Index -11.20% Emerging Markets Equity -2.54% Large Cap Growth -29.14% ■ Large Cap Core = Russell ® 1000 Index ■ International Equity = MSCI EAFE Index (Gross) ■ Emerging Markets Equity = MSCI Emerging Markets Index (Gross) ■ Core Fixed Income = Bloomberg Barclays U.S. Aggregate Bond Index ■ REIT Index = Dow Jones U.S. Select REIT Index ■ High Yield Bond = ICE BofA U.S. High Yield Constrained Index ■ Emerging Market Debt = J.P. Morgan EMBI Global Index ■ Large Cap Growth = Russell ® 1000 Growth Index ■ Large Cap Value = Russell ® 1000 Value Index ■ Small Cap Value = Russell ® 2000 Value Index ■ Small Cap Growth = Russell ® 2000 Growth Index ■ International Fixed Income = Citigroup Bond WGBI Non-U.S. Hedged Index ■ 60/40 Diversified Portfolio = Annual returns for the 60/40 diversified portfolio are based on 24% Bloomberg Barclays U.S. Aggregate Bond Index, 19% Russell 1000 Growth Index, 18% Russell 1000 Value Index, 12% MSCI EAFE Index, 6% MSCI Emerging Markets Index (Gross), 6% Citigroup WGBI, Non-U.S. Hedged, 4% ICE BofA U.S. High Yield Constrained Index, 4% J.P. Morgan GBI Emerging Markets Global Diversified Index, 3% Russell 2000 Growth Index, 2% Russell 2000 Value, and 2% Dow Jones U.S. Select REIT Index Source: lbbotson Associates. This material has been obtained from sources generally considered reliable. No guarantee can be made as to its accuracy. Not intended to represent the performance of any particular investment. Indices are unmanaged and one cannot invest directly in an index. Asset class performance varies and leadership rotates often Annual returns for key indices (2012–2022) ranked in order of performance (best to worst) Worst Best

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