b'Annual Investment Returns for 1-, 3-, 5- and 10-year Periods 2020 (Annual Returns %)10.08.0 7.57.0 7.26.05.2 5.14.7 4.74.34.0 3.72.0 1.9 1.81.00 1 Year 3 Year 5 Year 10 YearQ All Endowments Q $51M-$100M Endowments Q HeidelbergHeidelbergs investment returns after 1-year, 3-year, and 5-year periods as compared to all endowments are less than the benchmark. While 1-year returns are important, many endowment managers use 10-year average annual returns as a target for long-range planning purposes. In 2020, Heidelbergs 10-year average annual return is consistent with the average for all endowments.% Change in Market Value FY2019 to FY202030.025.020.015.010.0Investment Objective 5.0 2.7 2.20.9!e objective of the investment 0.0program is to maximize total-5.0 -1.1 -3.4 -3.4 -3.1return on investment within theCapital Heidelberg Muskingum John Carroll Wi!enberg HiramDeance Mount Union Marie!a Ohio NorthernBaldwin Wallacerisk parameters specied in the Investment Guidelines. Preservation of capital, aversion to unnecessaryrisk and achievement of returnsBoth Baldwin Wallace University and Deance College recognized a that exceed established benchmarkshighest percentage change in their market value from scal year 2019 to are the fundamental objectives ofscal year 2020 within our peer group. Heidelbergs percentage change this program. Both investmentin the market value growth was a negative 1.1%. Both Mount Union andincome and capital appreciation Mariettas market value growth was a negative 3.4%.are components of expected total return on investment. 5'