Opportunities on the Horizon: Investing Through a Slowing Economy

| WEALTH OUTLOOK 2023 | MID-YEAR EDITION | 73 INDEXDEFINITIONS: Ball Metaverse Index is a selection of companies in categories defined by the Metaverse Market Map. Bloomberg Electric Vehicles Index aims to represent the performance of a set of companies that are expected to derive significant revenues from electric vehicles, energy storage technologies, lithium, cobalt and copper mining, and hydrogen fuel cells. Bloomberg Global Aggregate Bond Index is a flagship measure of global investment grade debt from twenty- four local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers. Bloomberg JPMorgan Asia Currency Index or ADXY is a US dollar tradable index of emerging Asian currencies. It creates a benchmark for monitoring Asia’s currency markets on an aggregate basis. Bloomberg US Aggregate Index is a broad-based flagship benchmark that measures the investment grade, US dollar denominated, fixed-rate taxable bond market. Bloomberg US Corporate Bond Index measures the investment grade, fixed-rate, taxable corporate bond market. It includes US dollar denominated securities publicly issued by US and non-US industrial, utility and financial issuers. Bloomberg US Treasury Index measures US dollar- denominated, fixed-rate, nominal debt issued by the US Treasury. Bloomberg-JP Morgan Asia currency index is a spot index of the most actively traded currency pairs in Asia’s emerging markets valued against the US dollar. Consumer Price Index or CPI is a widely-used economic indicator that tracks the average price of a basket of goods or services used by the typical consumer, including housing, transportation, clothing and food. It’s published regularly by various government statistical agencies and used to gauge inflation or deflation. CRB Commodity Spot Index is an unweighted geometric mean of the individual commodity price relative to the base period prices. The computation procedure involves obtaining for each commodity, the ratio of its price in any given period to its price in the base period and taking the 22nd root of the product of these ratios. This product is then multiplied by 100 to obtain the index number for each period. The calculation is made by means of logarithms. Euro Stoxx 50 Index is derived from the Euro Stoxx Index and represents the performance of the 50 largest companies among the 20 supersectors in terms of free- float market capitalization in the Eurozone. The index captures about 60% of the free-float market cap of the Euro Stoxx total market Index. FTSE 100 Index or The Financial Times Stock Exchange 100 Index is a share index of the top 100 companies listed on the London Stock Exchange with the highest market capitalization. FTSE All-World Index is a stock market index representing global equity performance that covers over 3,100 companies in 47 countries starting in 1986. FTSE NAREITMortgage REITS Index is a freefloat adjusted, market capitalization-weighted index of US Mortgage REITs. Mortgage REITs include all tax-qualified REITs with more than 50 percent of total assets invested in mortgage loans or mortgage-backed securities secured by interests in real property. HFRI ED Distressed/Restructuring Index tracks distressed/restructuring strategies which employ an investment process focused on corporate fixed income instruments, primarily on corporate credit instruments of companies trading at significant discounts to their value at issuance or obliged (par value) at maturity as a result of either formal bankruptcy proceeding or financial market perception of near-term proceedings. Managers are typically actively involved with the management of these companies, frequently involved on creditors’ committees in negotiating the exchange of securities for alternative obligations, either swaps of debt, equity or hybrid securities. Managers employ fundamental credit processes focused on valuation and asset coverage of securities of distressed firms; in most cases portfolio exposures are concentrated in instruments which are publicly traded, in some cases actively and in others under reduced liquidity but in general for which a reasonable public market exists. In contrast to Special Situations, Distressed Strategies employ primarily debt (greater than 60%) but also may maintain related equity exposure. Indxx Artificial Intelligence & Big Data Index tracks the performance of companies that are positioned to benefit from the development and use of AI in their products and services, as well as companies that produce hardware used in AI applied for the analysis of big data. The index includes companies such as AI developers, AI-as-a- service, AI hardware and quantum computing. Indxx Global Cloud Computing Index tracks the performance of companies that are in the Cloud Computing Industry. The Cloud Computing Industry is involved in the delivery of computing services, servers, storage, databases, networking, software, analytics and more over the Internet which is referred to as ‘The Cloud’. Indxx Global Fintech Thematic Index tracks the performance of companies listed in developed markets that are offering technology-driven financial services which are disrupting existing business models in the financial services and banking sectors. MSCI AC Asia ex-Japan Index captures large and mid- cap representation across 2 of 3 Developed Markets (DM) countries* (excluding Japan) and 9 Emerging Markets (EM) countries* in Asia. With 1,187 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. MSCI ACWorld Automobiles Index is composed of large- and mid-cap automobile stocks across emerging and developed countries. MSCI ACWI World ex-USA Index covers large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 27 Emerging