Performance Clocks The length of each line is proportional to COUNTRY INDEX SPOTLIGHT the monthly total return of each index in U.S. dollars. The clocks track the trailing 12 months. Monthly Return (%): 0% 26% ■ Positive ■ Negative 2020 2019 Denmark The Morningstar Denmark Index trounced all other country indexes over the past 12 months. Denmark has managed the coronavirus crisis well, and thriving healthcare companies have a big weight in the index. Morningstar US Market TR USD 09/30/2020 11 12 1/2020 10/2019 2 3 9 8 4 7 6 01/2020 0.03 04/2020 13.21 07/2020 5.76 10/2019 2.13 02/2020 8.19 05/2020 5.37 08/2020 7.23 11/2019 3.79 03/2020 13.51 06/2020 2.26 09/2020 3.67 12/2019 2.82 5 12 2 10/2019 01/2020 3.72 3 9 8 4 7 6 07/2020 2.06 10/2019 3.38 02/2020 11.77 05/2020 1.21 08/2020 4.31 11/2019 2.01 03/2020 17.39 06/2020 1.24 09/2020 5.08 12/2019 5.62 12 2 3 9 8 4 6 GNI per capita (2019) Trailing 1-Year Return 41.85% 1-Yr Sharpe Ratio 0.8% Life Expectancy (2018) 78.15% 1-Yr Standard Deviation $63,240 Inflation (2019) Assets in Top 10 1-Yr Max. Drawdown 90 01/2020 2.96 04/2020 6.64 07/2020 4.10 10/2019 3.81 02/2020 8.68 05/2020 6.77 08/2020 4.80 11/2019 1.65 12 03/2020 17.44 06/2020 5.80 09/2020 3.53 12/2019 3.02 12.30 12 1/2020 Morningstar Denmark 2 3 9 8 4 6 01/2020 4.52 04/2020 9.58 07/2020 8.27 10/2019 4.60 02/2020 3.09 05/2020 0.21 08/2020 3.76 11/2019 0.24 03/2020 13.01 06/2020 8.32 09/2020 1.97 12/2019 6.29 12 Novo Nordisk B NOVO B 2 3 9 8 4 7 6 11 8 4 7 6 5 30.32 37.24 10/2019 4.93 DSV Panalpina DSV 8.79 72.15 02/2020 9.69 05/2020 6.25 08/2020 7.85 11/2019 0.58 Vestas Wind Systems VWS 8.48 110.57 03/2020 6.98 06/2020 0.29 09/2020 1.49 12/2019 1.94 Orsted ORSTED 6.51 50.14 Genmab GMAB 6.18 78.46 Coloplast B COLO B 4.93 33.46 Carlsberg B CARL B 3.61 -6.55 10/2019 1.59 Novozymes B NZYM B 3.48 51.78 01/2020 0.05 3 9 Trailing 1-Year Return (%) 07/2020 1.92 1/2020 2 Weight (%) 04/2020 5.44 5 10/2019 10/2019 01/2020 1.74 Morningstar Australia Index GR USD 09/30/2020 12 10/2018 Company 1/2020 10/2019 10/2017 10 8 Top 10 Index Constituents 09/30/2020 5 Morningstar Japan Index NR USD 09/30/2020 11 -27.58% 13.73 14 Morningstar Global Markets 5 10/2019 7 2.12 $16K Morningstar Asia ex-Japan GR USD 09/30/2020 11 16.95 Growth of $10K 09/30/2020 1/2020 10/2019 7 2.4% 39 5 Morningstar Eurozone Index GR USD 09/30/2020 11 $328.1 B GDP Annual Growth (2019) 04/2020 6.22 Morningstar Denmark Index Number of Constituents 5.82 M GDP (2019) 1/2020 Portfolio Statistics 09/30/2020 Denmark Population (2019) Morningstar UK Index GR USD 09/30/2020 11 Country Statistics 09/30/2020 04/2020 16.68 07/2020 4.73 02/2020 11.08 05/2020 5.96 08/2020 6.51 11/2019 0.91 Chr. Hansen Holding CHR 3.00 32.29 03/2020 25.11 06/2020 6.53 09/2020 6.51 12/2019 1.81 GN Store Nord GN 2.83 87.09 Source: Morningstar, World Bank. 89