Data Dashboard SCA N T R IGGE R LAU NCH DATA Download MorningstarAR from the App Store or Google Play, and navigate to "Morningstar Magazine." Morningstar Global Valuation Lens Markets regained ground in the second quarter, and the U.S. and China were overvalued by Morningstar's measure. Greater Europe -2.0% < -5.0% Greater Asia -0.7% -4.9 to -0.1% U.S. 9.3% 0.0% > 5.0% 0.1 to 4.9% Fairly Valued Undervalued Overvalued Price/Fair Value by Country 06/30/2020 Finland 1.9% Norway -11.1% Canada -10.7% U.K. -6.4% France 7.4% United States 9.3% Sweden -1.5% China 8.4% Poland -19.6% Italy -7.5% Pakistan -16.6% Japan -5.3% South Korea -10.8% Mexico -14.7% Hong Kong -15.2% India 2.9% Colombia -21.9% Brazil -6.5% New Zealand 13.3% South Africa -7.8% Australia 9.7% Chile -19.4% Argentina -6.4% Under- and Overvalued Countries 06/30/2020 Undervalued Overvalued P/FV Switzerland Finland India Netherlands France China Denmark United States Australia New Zealand Thailand Colombia Bulgaria Austria Poland Chile Greece Jordan Pakistan Singapore Egypt Hong Kong Israel Russia Côte d'Ivoire Iran Vietnam Nigeria Spain Philippines United Arab Emirates Bangladesh Norway South Korea Canada Jamaica Nepal South Africa Italy Qatar Indonesia Kenya Brazil United Kingdom Argentina Germany Saudi Arabia Japan Belgium Malaysia Sweden +25.0% A percentage of 0.0 connotes fairly valued 0.0 -25.0 Country fair-value ratios are derived from P/FV ratios on underlying stocks in those nations, generated primarily from estimates by Morningstar analysts, or, when an analyst estimate isn't available, a fair value generated using Morningstar's quantitative equity ratings. The data is then adjusted to account for market capitalization. Some countries are omitted due to outliers in the data: less than a $10,000 three-month median-dollar-trading volume or fewer than 20 total stocks that clear the screens. Stocks that trade for 50 cents or less a share are also removed. Uncertainty attempts to measure the confidence Morningstar analysts have in a company's ability to generate future cash flows. 74 Morningstar Q3 2020