GRS 2023 Capital Market Assumption Set

Investment Return Assumption Range of Expectations from Experts Similar information as the previous slide, shown graphically and includes longer term expectations Median Expectation 8.5% 8.0% 7.5% 7.0% 6.5% 6.0% 5.5% 5.0% 4.5% GRS T 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 Investment Consultant 7-10 Years 20-30 Years 7-10 Year Median (6.28%) 20-30 Year Median (7.11%) Current Assumption (7.25%) 11 14

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