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For Financial Professionals. Not for Public Distribution. PROPRIETARY. Permission to reprint or distribute any content from this presentation requires the written approval of S&P Dow Jones Indices. Dispersion—S&P 500 ( ) Source: S&P Dow Jones Indices. Data from Jan through Feb Charts are provided for illustrative purposes. Past performance is no guarantee of future results.

For Financial Professionals. Not for Public Distribution. PROPRIETARY. Permission to reprint or distribute any content from this presentation requires the written approval of S&P Dow Jones Indices. S&P 500 Dispersion and SPIVA Source: S&P Dow Jones Indices. Data from 2003 through Charts are provided for illustrative purposes. Past performance is no guarantee of future results.

For Financial Professionals. Not for Public Distribution. PROPRIETARY. Permission to reprint or distribute any content from this presentation requires the written approval of S&P Dow Jones Indices. Global Dispersions Source: S&P Dow Jones Indices. Data from Jan through Feb Charts are provided for illustrative purposes. Past performance is no guarantee of future results.

For Financial Professionals. Not for Public Distribution. PROPRIETARY. Permission to reprint or distribute any content from this presentation requires the written approval of S&P Dow Jones Indices. Country and Sector Level Dispersion Source: S&P Dow Jones Indices. Data from Jan through Feb Charts are provided for illustrative purposes. Past performance is no guarantee of future results.