Wealth Outlook 2024 - Slow then grow

28 FIGURE 2 (DETAIL) Geopolitical events have rarely altered the course of the global economy (% since event date) S&P 500 Nikkei MSCI World ex USA DXY Dollar Index Event DATE INITIAL 30 DAYS 90 DAYS REACTION INITIAL REACTION 30 DAYS 90 DAYS INITIAL 30 DAYS 90 DAYS REACTION INITIAL 30 DAYS 90 DAYS REACTION 12/7 Pearl Harbor 1941 -6.87 -2.90 -12.02 Cuban Missile 10/19 Crisis 1962 -3.78 7.61 17.16 11/21 JFK Assasination 1963 -2.81 3.06 8.28 US Bombs 4/29 Cambodia 1970 -15.30 -6.43 -4.94 -15.93 -12.49 -7.64 -10.45 -17.01 -16.07 -0.20 -0.23 -0.51 10/18 Arab Oil Embargo 1973 -16.23 -8.45 -13.04 -1.81 -1.44 -4.47 -14.68 1.96 -18.53 7.48 5.28 14.04 USSR Invades 12/24 Afghanistan 1979 -2.27 5.37 -7.78 0.57 2.63 0.68 3.94 3.94 11.85 -1.06 -0.71 5.91 4/15 US Bombs Libya 1986 2.95 -1.39 0.16 3.09 3.73 16.08 0.00 6.19 8.16 -4.15 -4.80 -5.30 US Invades 12/15 Panama 1989 -2.06 -3.73 -3.43 0.63 -3.71 -14.63 0.00 3.67 -7.04 0.31 -1.69 -0.44 12/24 Gulf War 1990 -4.16 0.09 12.10 -6.95 -4.43 10.47 1.75 1.75 15.97 -0.21 -3.61 4.90 World Trade Center 2/26 Bombing 1993 -0.31 1.67 2.04 -0.44 12.36 23.00 0.00 8.52 18.62 0.18 -1.15 -4.79 9/11 911 2001 -11.60 0.45 4.34 -6.28 1.48 3.68 -8.48 3.24 5.48 -1.08 0.29 1.85 US Invasion 3/20 of Iraq 2003 2.49 2.06 15.57 4.77 -1.02 12.94 1.53 4.58 22.05 0.84 -1.85 -7.89 North Korea Related 6/23 Korean War 1950 -12.80 -8.67 1.20 Operation 8/18 Paul Bunyan 1976 -3.15 1.64 -4.32 -0.75 -0.21 -4.52 0.00 -0.26 -7.60 0.07 -0.57 -0.12 2009 4/25 Nuclear test 2009 -1.28 5.09 13.05 -2.46 6.92 14.20 -2.32 12.28 21.21 0.52 -5.54 -7.04 2016 9/9 Nuclear test 2016 -2.55 -0.81 2.97 -2.03 0.39 10.65 -2.06 -0.81 -0.72 -0.01 1.36 6.05 8/7 2017 Escalation 2017 -0.24 -0.64 4.44 -0.30 -3.89 12.43 -0.26 -0.49 3.60 0.23 -1.22 1.62 Political events 3/15 Nixon/Watergate 1974 -1.72 -7.28 -8.04 -1.80 1.05 4.42 0.00 -2.57 -6.12 -1.04 -1.57 -2.12 Clinton 8/20 intern scandal 1998 -12.30 -6.20 5.59 -8.34 -11.66 -6.74 -12.75 -12.75 -6.37 -1.76 -5.18 -6.58 6/23 Brexit 2016 -2.30 4.30 3.72 -6.93 3.50 4.62 -5.31 -0.37 1.70 1.85 4.00 2.46 Source: Haver Analytics, Bloomberg as of November 15, 2023. Indices are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only and do not represent the performance of any specific investment. Index returns do not include any expenses, fees or sales charges, whichwould lower performance. Past performance isnoguaranteeof future results. Real resultsmay vary. Geopolitics and elections: assessing risk in 2024