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QUARTERLY MARKET SUMMARY <br />For the Quarter Ended June 30, 2025 <br />Multi-Asset Class Management <br />INTERNATIONAL EQUITY <br />• Markets outside of the United States, as measured by the MSCI ACWI ex-U.S. <br />Index, outperformed their U.S. counterparts, returning 12.0% for the quarter. <br />• All 11 sectors posted positive returns for the quarter. The top performing sectors <br />were Information Technology (21.8%), Industrials (18.0%) and Communication <br />Services (15.0%). The worst performers for the quarter were Energy (2.5%), <br />Consumer Discretionary (2.6%), and Healthcare (3.5%). <br />• Developed ex-U.S. Markets, as represented by the MSCI EAFE Index, <br />underperformed emerging markets (EM), as represented by the MSCI Emerging <br />Market Index, returning 11.8% versus 12.0% for the quarter. Returns from all <br />international indices are in USD, which positively impacted performance due to <br />the weakening dollar. <br />• Of the five largest-weighted countries in the MSCI EAFE Index the MSCI <br />Germany Index (16.3%) outperformed while MSCI Japan (11.4%) performed in <br />line with EAFE. The MSCI France (9.3%), MSCI United Kingdom (8.7%), and MSCI <br />Switzerland (7.5%) indices all underperformed, though they still saw solid returns. <br />• Of the five largest-weighted countries in Emerging Markets, MSCI China (2.0%) <br />and MSCI India (9.2%) underperformed the MSCI Emerging Markets index, <br />while MSCI Taiwan (26.1%), MSCI Korea (32.7%), and MSCI Brazil (13.3%) all <br />outperformed. Taiwan and Korea were both boosted to their double digit returns <br />by the continued demand for semiconductors. <br />• Growth stocks outperformed value stocks for the quarter as represented by the <br />broad benchmarks. MSCI AC World ex-USA Growth returned 13.7%, while MSCI <br />AC World ex-USA Value returned 10.4%. Within EM, growth outperformed value <br />as well, returning 13.4% versus 8.5%. <br />• Small-caps, as represented by the MSCI ACWI ex-U.S. Small Cap Index, also saw <br />strong positive returns during the quarter, posting a return of 16.9%. <br />• Non-U.S. equity valuations rose over the second quarter but remain close to <br />their long-term averages. As of quarter-end, the MSCI EAFE’s Adjusted Positive <br />Forward P/E stood at 16.6 versus a 5-year average of 16.0. MSCI EM ended the <br />quarter with an Adjusted Positive Forward P/E ratio of 13.6, slightly above its <br />5-year average of 13.3. <br />Source: Bloomberg. <br />MSCI ACWI ex-U.S. Sectors <br />Periods Ended June 30, 2025 <br />Source: Bloomberg. <br />*P/E ratios are calculated based on one-year forward estimates and adjusted to include only posi- <br />tive earnings results for consistency. <br />P/E Ratios of MSCI Equity Indices* <br />Consumer <br />Disc. <br />Consumer <br />Staples Energy Financials Healthcare Industrials Info Tech Materials Real <br />Estate Telecom Utilities <br />QTD 2.64% 7.45% 2.48% 14.09% 3.45% 18.05% 21.80% 8.50% 13.55% 14.96% 13.68% <br />YTD 6.94% 14.46% 10.95% 25.77% 6.12% 24.37% 14.09% 15.58% 14.68% 28.23% 24.32% <br />1 Year 9.59% 10.84% 0.39% 36.08% -2.74% 25.61% 10.32% 4.67% 18.59% 35.73% 22.88% <br />-5% <br />0% <br />5% <br />10% <br />15% <br />20% <br />25% <br />30% <br />35% <br />40% <br />8 <br />13 <br />18 <br />23 <br />28 <br />Jul-20 Jul-21 Jul-22 Jul-23 Jul-24 <br />MSCI EAFE MSCI EAFE 5-Year Average <br />MSCI Emerging Markets MSCI Emerging Markets 5-Year Average <br />2.5 <br />Resolution No. 2025-133 Exhibit A Page 8 of 26