Monthly Price/Fair Value by Region 09/30/2019 U.S. Greater Europe Greater Asia P/FV +25.0% A percentage of 0.0 connotes fairly valued 0.4 -1.0 0.0 -7.6 -25.0 U.S. 09/30/2019 2015 2017 Greater Europe 09/30/2019 P/FV (%) Date 52-Week High 3.5 07/26/2019 52-Week Low -14.0 All-Time High* All-Time Low* Date 52-Week High 0.9 04/19/2019 12/21/2018 52-Week Low -12.1 16.6 01/16/2004 All-Time High* -36.5 11/21/2008 All-Time Low* Date 52-Week High -1.2 04/19/2018 12/28/2018 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. 0.5 9.1 1.1 -13.5 -5.9 -3.2 -7.6 -6.0 2.1 6.9 Averages Value Blend Growth 4.4 14.5 0.5 -9.7 -0.8 11.4 0.0 -11.9 -6.5 0.7 -5.8 -14.8 2.4 12.6 Averages Value Blend Growth Moat Valuation Large -6.4 -16.6 -14.9 -4.9 2.9 -6.4 Mid 2.0 Large 7.2 Mid 3.1 Style Valuation Small Style Valuation -5.2 -14.7 -8.8 -2.8 -8.9 -16.2 -13.3 -12.0 -14.1 -15.0 -6.6 0.3 Averages Value Blend Growth Moat Valuation Uncertainty Rating Moat Valuation Uncertainty Rating Low Medium High Very High None 13.1 6.4 -3.4 -18.6 Narrow 12.4 0.8 -5.4 Wide 11.5 9.3 -6.7 Economic Moat 2019 P/FV (%) *All-time highs and lows since June 2002 to present. Style Valuation 2018 Greater Asia 09/30/2019 P/FV (%) *All-time highs and lows since June 2002 to present. Economic Moat 2016 Large 2014 Mid 2013 Small 2012 Small 2011 Uncertainty Rating Low Medium High Very High Economic Moat Low Medium High Very High None 6.8 -7.0 -4.9 -19.2 None 8.4 -7.1 -10.1 -19.6 -8.8 Narrow 8.2 -4.0 -2.1 -18.6 Narrow 7.3 -1.3 -3.7 -15.6 -8.6 Wide 22.9 22.2 -2.2 - Wide 0.0 20.0 1.3 - global.morningstar.com/Morningstarmagazine 75http://global.morningstar.com/Morningstarmagazine