FOREIGN STOCK MARKETS

Stock index trends in native currencies and in dollars adjusted for currency fluctuations. The dollar-adjusted returns are what U.S. investors would realize.

Last week Year to date Market Native In dollars Native In dollars Australia +1.7% +2.3% +21.8% +22.8% Austria -1.0 -2.7 +17.4 +0.6 Belgium -0.5 -1.9 +17.9 +1.4 Britain -2.2 -4.9 +16.2 +1.8 Canada +0.3 +0.6 +6.3 +7.1 France -0.9 -2.4 +16.3 +0.4 Germany +1.3 -0.1 +14.2 -2.2 Hong Kong -0.8 -0.8 +21.4 +21.5 Italy -3.7 -5.0 +12.6 -1.6 Japan -1.6 -1.9 +11.4 +9.6 Netherlands -0.2 -1.6 +19.2 +2.2 Singapore/Malaysia +0.0 +0.2 +22.5 +20.1 Spain -1.9 -3.2 +24.8 +10.6 Sweden -1.4 -2.5 +24.1 +12.1 Switzerland -1.1 -2.2 +22.5 +5.9 United States -1.8% +14.7%

Source: Morgan Stanley Capital International