Monthly Price/Fair Value by Region 12/31/2019 U.S. Greater Europe Greater Asia P/FV +25.0% A percentage of 0.0 connotes fairly valued 6.7 2.6 0.0 -3.2 -25.0 Date 52-Week High 7.1 12/27/2019 52-Week Low -7.0 All-Time High* All-Time Low* Date 52-Week High 3.7 12/27/2019 01/11/2019 52-Week Low -11.4 16.6 01/16/2004 All-Time High* -36.5 11/21/2008 All-Time Low* Date 52-Week High -1.2 04/19/2019 08/30/2019 52-Week Low -19.9 08/30/2019 34.2 07/01/2005 All-Time High* 106.7 05/05/2006 -35.2 10/10/2008 All-Time Low* -40.8 10/24/2008 *All-time highs and lows since June 2002 to present. 6.2 14.6 6.0 -7.9 -0.5 0.8 -2.6 -0.7 9.4 12.9 Averages Value Blend Growth 8.7 22.1 4.4 -9.1 1.7 15.1 2.2 -9.3 -3.4 4.8 -2.6 -10.8 6.1 18.2 Averages Value Blend Growth Moat Valuation Large -3.0 -11.5 -9.7 0.2 5.4 -1.6 Mid 8.4 Large 13.6 Mid 10.8 Style Valuation Small Style Valuation 0.4 -12.5 -5.1 2.5 -5.2 -14.2 -9.9 -6.7 -10.8 -10.8 -1.9 3.7 Averages Value Blend Growth Moat Valuation Uncertainty Rating Low Medium Moat Valuation Uncertainty Rating High Very High Economic Moat None 2019 P/FV (%) *All-time highs and lows since June 2002 to present. Style Valuation 2018 Greater Asia 12/31/2019 P/FV (%) *All-time highs and lows since June 2002 to present. None 2017 Greater Europe 12/31/2019 P/FV (%) Economic Moat 2016 Large U.S. 12/31/2019 2015 Mid 2014 Small 2013 2012 Small 2011 Uncertainty Rating Low Medium High Very High 8.4 -5.1 -5.6 -8.6 7.1 6.0 4.0 -13.8 Narrow 12.4 2.4 6.3 -2.1 Narrow 11.5 6.4 0.0 -11.7 Wide 12.2 6.9 8.6 76.5 Wide 19.5 21.4 2.0 - Economic Moat Low Medium High Very High None -0.8 -1.3 -6.0 -17.6 Narrow -0.3 5.5 1.1 -9.1 Wide 19.2 21.4 3.9 - morningstar.com/lp/magazine 75http://www.morningstar.com/lp/magazine