The foregoing constitutes the general views of Fisher Investments and should not
be regarded as personalized investment advice or a reflection of the performance of Fisher Investments or its clients. Nothing herein is intended to be a recommendation or a forecast of market conditions. Rather it is intended to illustrate a point. Current and future markets may differ significantly from those illustrated here. Not all past forecasts were, nor future forecasts may be, as accurate as those predicted herein. Investing in the stock markets involves a risk of loss. Investing in foreign stock markets involves additional risks, such as the risk of currency fluctuations. Past performance is never a guarantee of future returns.