b'2017-2018 YEAR BOOKIllustration of $100 Million InvestmentCarnegie Returns vs. Carnegie Average of all Educational Institutions (2003 - 2018)$450.0$400.0 $388.7 65Carnegie $356.6$350.0 Average of all Educational Institutions $324.3$313.6$302.2$300.0S N O I L L I M N I $ $252.9$250.0 $221.9 $270.0$210.5 $249.6$200.0 $187.5 $197.6 $171.6 $221.4 $226.7 $222.4$157.6 $154.6 $191.7$150.0 $116.0 $135.6 $163.7 $172.1 $171.6$139.6 $158.7 $144.4$100.0 $115.3 $126.0 $129.1$100.0$50.0$0.02003200420052006200720082009201020112012201320142015201620172018Average returns for education institutions are taken from the NACUBO endowment study.Endowment Spending Rate as a Percent of Endowment Value6.0%5.3% 5.3% 5.1% 5.3%5.0% 4.8% 4.9% 4.7% 4.8%4.9% 4.3% 4.9% 4.8%4.6% 4.5% 4.6% 4.7%4.0% 4.3% 4.1% 4.3%T N E C R E P 4.0% 3.8%3.0%2.0%1.0%0.0% FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18% of Total'