Exhibit 21: Historical Total Returns vs. ISG’s 2013 Outlook 5-Year Prospective Total Returns Our 5-year return forecasts have so far been relatively accurate for the bulk of assets in our diversified model portfolio, but we have not been right across the board. % Annualized 20 mw 5-Year Annualized Projected Return—As of December 31, 2012 19 Actual Annualized Returns—Since December 31, 2012 18 15 5 ts 14 u i 10 10 > ; 8 5 ; 6 6 5 4 3 0 + 7 EE 2 5 5 -10 10-Year Muni 1-10 US High Yield Hedge Funds S&P 500 Japanese EmergingMarket EAFE Equity EMEquity(US$) Euro Stoxx 50 US Banks Treasuries Equity Local Debt Data through December 31, 2016. Note: Rounded to the nearest whole integer. Source: Investment Strategy Group, Datastream. have also been relatively accurate for the bulk we recommended clients reduce their strategic of assets in our diversified model portfolio. In allocation to emerging market assets. Even though Exhibit 21, we compare the five-year annualized we had forecast expected returns that were expected total returns published in our 2013 nearly double those of US equities, we became Outlook to what transpired over the last four years. Our forecasts for 1) fixed income returns including both investment grade and high yield, 2) hedge fund returns, and 3) EAFE equity returns ; i were close to the mark. Directionally, we were Insight also right about US equity returns but off in terms of magnitude. We were also struck by how close Investment Management Division our US bank sector return forecasts were to the realized returns—approximately a quarter of which were realized after the November election. This Emerging Markets: observation has reinforced our belief in one of the * ; As the Tide Goes Out pillars of our investment philosophy: having the appropriate horizon for various strategies is critical — gee to long-term success. - an - a Not surprisingly, we have not been right “ az across the board. We underestimated Japanese A ee —— equity returns by 11.4 perce