VRS 80 Years Celebration & Overview

Trust Universe Comparison Services RS Virginia Retirement System 18 Annualized Rate of Return (%) 20 More Return, Less Risk 14 229 29 00 18 16 12 10 8 10 J Risk vs Total Return 5 Years Ending March 31, 2022 VRS Total Fund Total Fund Benchmark NCREIF Property Index Less Return, Less Risk Median Risk More Return, More Risk S&P 500 Stock Index Median Return Less Return, More Risk ■MSCI EAFE (Net) 2 Bloomberg Bond Index 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 Risk (Historical Standard Deviation of Return) 14 15 16 17 18 19 20 21 22 23 Source: Staff Analysis of Wilshire Trust Universe Comparison Service® (TUCS®)

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