Exhibit 22: ISG Prospective Total Returns Expected returns over the next one and five years are below historical realized averages. % 8 @ 2017 Prospective Return , ™5-Year Prospective Annualized Return 7 6 5 5 5 5 5 4 4 4 . j , 4 4 3 4 me: 4 - s 3 33 , ; 9 Z 2 2 sasadlnbe i 0 ° 10-Year Muni1-10 USCash 5-Year EM Local Hedge S&P 500 Euro USCorporate UK Equity Muni High EAFE Japan EM Equity Taxable Treasury Treasury Debt Funds Stoxx 50 — High Yield Yield Equity Equity (US$) Moderate Portfolio Data as of December 31, 2016. Note: For informational purposes only. There can be no assurance the forecasts will be achieved. Source: Investment Strategy Group. See endnote 53 for list of indices used. increasingly concerned about the structural fault Our 2017 expected returns, shown in Exhibit lines of emerging market countries. These fault 22, are the lowest returns we have published since lines were discussed in detail in our December the global financial crisis. Not a single broad asset 2013 Insight, Emerging Markets: As the class is expected to have double-digit returns. Cash Tide Goes Out. has an expected return of 1%. Expected returns We continue to recommend a zero allocation for intermediate investment grade fixed income to emerging market debt (dollar-denominated securities range between 0% and 1% depending and local currency debt) and a 2% allocation on maturities, an expectation driven by our view of to emerging market equities in a moderate-risk rising rates as the Federal Reserve hikes the federal diversified portfolio. We highlight emerging market funds rate two or three times in 2017. US equities, assets because, yet again, our base case returns, which are the most expensive of global equities, especially for emerging market equities, appear have an expected return of about 3%, and we compelling, but we are not recommending a expect slightly higher returns in other developed tactical allocation to this asset class. As we discuss market equities. Hedge funds, an as