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QUARTERLY MARKET SUMMARY For the Quarter Ended March 31, 2025 Multi-Asset Class Management INTERNATIONAL EQUITY ►Markets outside of the United States, as measured by the MSCI ACWI ex- U.S. Index, outperformed their U.S. counterparts, returning 5.2% for the quarter. ►Ten of the 11 sectors posted positive returns for the quarter. The top performing sectors were Communication Services (11.5%) and Financials (10.2%) and Utilities (9.4%). The worst performers for the quarter were Healthcare (2.6%), Real Estate (1.0%), and IT (-6.3%), the only sector that saw negative returns. ►Developed ex-U.S. Markets, as represented by the MSCI EAFE Index, outperformed emerging markets (EM), represented by the MSCI Emerging Market Index, returning 6.9% versus 2.9% for the quarter. ►Of the five largest-weighted countries in the MSCI EAFE index MSCI France (10.3%), MSCI Germany (15.6%), MSCI Switzerland (11.4%), all saw double digit returns. The MSCI United Kingdom (9.7%) also outperformed the MSCI EAFE index while MSCI Japan (0.3%) was the only notable underperformer. ►Of the five largest-weighted countries in emerging markets, MSCI Taiwan (-12.6%) and MSCI India (-3.0%) dragged on performance, underperforming the MSCI Emerging Markets Index, while MSCI China (15.0%), MSCI Korea (4.9%), and MSCI Brazil (14.1%) all outperformed. ►Growth stocks underperformed value stocks for the quarter as represented by the broad benchmark. MSCI AC World ex-USA Growth returned 2.0% while MSCI AC World ex-USA Value returned 8.6%. Within EM, growth underperformed value as well, returning 1.7% versus 4.4%. ►Small-caps, as represented by MSCI ACWI ex-U.S. Small Cap Index, also saw positive returns during the quarter, posting a return of 0.6%. ►Non-U.S. equities valuations fell slightly but remain close to their long-term average across international equity markets. As of March 31, 2025, MSCI EAFE’s forward P/E stood at 15.1 versus a 5-year average of 16.1. MSCI EM ended the quarter with a forward P/E ratio of 12.4, which is slightly below its 5-year average of 13.3. For Institutional Investor or Investment Professional Use Only - This material is not for inspection by, distribution to, or quotation to the general public. Source: Bloomberg. MSCI ACWI ex-U.S. Sectors Periods Ended March 31, 2025 Source: Bloomberg. *P/E ratios are calculated based on one-year forward estimates and adjusted to include only positive earnings results for consistency. P/E Ratios of MSCI Equity Indices* Consumer Disc. Consumer Staples Energy Financials Healthcare Industrials Info Tech Materials Real Estate Telecom Utilities QTD 4.19% 6.53% 8.27%10.23%2.58% 5.36%-6.33%6.53% 1.00%11.54%9.36% YTD 4.19% 6.53% 8.27%10.23%2.58% 5.36%-6.33%6.53% 1.00%11.54%9.36% 1 Year 1.69% 1.39%-0.76% 22.32% -2.43%5.90%-4.70% -5.33% -0.44% 22.77% 10.48% -10% -5% 0% 5% 10% 15% 20% 25% 8 10 12 14 16 18 20 22 24 26 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 MSCI EAFE MSCI EAFE 5-Year Average MSCI Emerging Markets MSCI Emerging Markets 5-Year Average 2.5