Common use of Excess Return Clause in Contracts

Excess Return. Excess Return is the arithmetic difference between the annualized performance of a Holding during the applicable Calculation Period, calculated geometrically, and the annualized performance of the MSCI All Country World Index (net) during the same Calculation Period, calculated geometrically.

Excess Return. Excess Return is the arithmetic difference between the annualized performance of a Holding the Sub-Account II Managed Assets during the applicable Calculation Periodperiod, calculated geometrically, and the annualized performance of the MSCI ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Capital International All Country World Index (net) during the same Calculation Periodperiod, calculated geometrically.