Opportunities on the Horizon: Investing Through a Slowing Economy

| WEALTH OUTLOOK 2023 | MID-YEAR EDITION | 74 Markets (EM) countries. With 2,352 constituents, the index covers approximately 85% of the global equity opportunity set outside the US. MSCI ACWorld Index is designed to represent performance of the full opportunity set of large- and mid-cap stocks across 23 developed and 24 emerging markets. As of May 2022, it covers more than 2,933 constituents across 11 sectors and approximately 85% of the free float-adjusted market capitalization in each market. MSCI ACWorld ex-USA Index captures large- and mid- cap companies across 22 of 23 development markets, excluding the US. With 881 constituents, the index covers about 85% of the free float-adjusted market capitalization in each country. MSCI ASEAN Index captures large and mid cap representation across 4 Emerging Markets countries, 1 Developed Market country and 1 Frontier Market country. With 156 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. MSCI Australia Index is designed to measure the performance of the large and mid cap segments of the Australia market. With 59 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in Australia. MSCI Brazil Index measures the performance of large and midcap segments of the Brazilian market. With 48 constituents, the index covers about 85% of the Brazilian equity universe. MSCI China Index captures large and mid-cap representation across China A shares, H shares, B shares, Red chips, P chips and foreign listings (e.g. ADRs). With 704 constituents, the index covers about 85% of this China equity universe. MSCI EmergingMarkets Index captures large and midcap representation across twenty-four Emerging Markets (EM) countries. With 837 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. MSCI EmergingMarkets Currency Index measures the total return of 25 emerging market currencies relative to the US dollar. The weight of each currency is equal to its country weight in the MSCI Emerging Markets Index. MSCI EmergingMarkets (EM) Latin America Index captures large and mid-cap representation across five Emerging Markets (EM) countries in Latin America. With 113 constituents, the index covers approximately 85% of the free float adjusted market capitalization in each country. MSCI Germany Index is designed to measure the performance of the large and mid cap segments of the German market. With 59 constituents, the index covers about 85% of the equity universe in Germany. MSCI Global Alternative Energy Index includes developed and emerging market large-, mid- and small- cap companies that derive 50% or more of their revenues from products and services in Alternative energy. MSCI Japan Index is designed to measure the performance of the large and mid cap segments of the Japanese market. With 237 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in Japan. MSCI United Kingdom Index is designed to measure the performance of the large and mid cap segments of the UKmarket. With 79 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in the UK. MSCI USA Index is designed to measure the performance of the large and mid cap segments of the US market. With 626 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in the US. MSCI World Information Technology Index tracks the large- and mid-cap IT segments across 23 developed markets countries. MSCI World Index covers large- and mid-cap equities across 23 Developed Markets countries. With 1,603 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. MSCI WorldMomentum Index is designed to reflect the performance of an equity momentum strategy by emphasizing stocks with high price momentum, while maintaining reasonably high trading liquidity, investment capacity and moderate index turnover. Nasdaq 100 is a large-cap growth index consisting of 100 of the largest US and international nonfinancial companies listed on the Nasdaq Stock Market based on market capitalization. Nasdaq CTA Cybersecurity Index tracks the performance of companies engaged in the Cybersecurity segment of the technology and industrial sectors. The Index includes companies primarily involved in the building, implementation and management of security protocols applied to private and public networks, computers and mobile devices in order to provide protection of the integrity of data and network operations. Nasdaq OMX Clean Edge Smart Grid Infrastructure Index includes companies that are primarily engaged and involved in electric grid; electric meters, devices, and networks; energy storage and management; and enabling software used by the smart grid and electric infrastructure sector. Manufacturing PurchasingManagers’ Index or PMI is a survey-based economic indicator that measures the activity level of purchasing managers in the manufacturing sector. PMI is expressed as a number from 0 to 100, a figure above 50 indicates expansion. Prime Mobile Payments Index provides a reference measure for the global payments industry by focusing on companies facilitating the mass migration from physical cash registers to a mobile point of sale. Potential beneficiaries of this growing trend include software providers, payment processors, gateways, and credit card networks. Those companies collectively represent mobile payments industry.