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e: ECB, Bloomberg LP, Barclays, Deutsche Bank Wealth Management. 17 Switzerland Germany France Netherlands Slovakia Finland Austria Belgium Denmark Sweden Luxembourg Lithuania Ireland Italy Spain Slovenia Portugal Malta Latvia Cyprus Total EFTA01477396 Global Fixed Income Combing
Equities 32 1096 Currentl Dividend Yield 2.2% 3.5% 2.8% 4.2% 1.9% 2.7% 3.1% P/E (LTM)2 16.27 13.26 12.30 14.97 13.71 11.27 13.36 NTM P/E Forecast3 16.75 14.50 13.75 14.75 16.00 12.00 14.00 NTM EPS Forecast3 124 236 819 400 62 39 104 EUR vs. USD USD vs. JPY EUR vs CH
uity performance in Europe. As of May 2005, the MSCI Europe Index consisted of the following 16 developed market country indices: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. The MSCI
s Currentl 112 1.12 113.25 1.09 1.43 6.52 Currentl 39 1220 Currentl Dividend Yield 2.1% 4.0% 2.9% 4.1% 2.3% 3.0% 3.1% P/E (LTM)2 NTM P/E 17.38 13.20 12.32 15.38 14.42 12.63 18.86 13.75 13.25 14.50 15.00 EFTA01477983 13.00 17.00 Forecast3 16.75 NTM EPS Forecast3 123
uity performance in Europe. As of May 2005, the MSCI Europe Index consisted of the following 16 developed market country indices: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. The MSCI
s Currentl 112 1.12 113.25 1.09 1.43 6.52 Currentl 39 1220 Currentl Dividend Yield 2.1% 4.0% 2.9% 4.1% 2.3% 3.0% 3.1% P/E (LTM)2 NTM P/E 17.38 13.20 12.32 15.38 14.42 12.63 18.86 13.75 13.25 14.50 15.00 EFTA01478053 13.00 17.00 Forecast3 16.75 NTM EPS Forecast3 123
Entities connected to both Denmark and NTM P/E

Finland
LOCATION
Norway
LOCATION
Belgium
LOCATION
United States
LOCATION
Luxembourg
LOCATION
Julie K. Brown
PERSON
New Zealand
LOCATION
Bloomberg L.P.
ORGANIZATION
New York
LOCATION
Vienna
LOCATION
Baltimore
LOCATION
Moody's
ORGANIZATION
Deutsche Bank
ORGANIZATION
The Wall Street Journal
ORGANIZATION
Milan
LOCATION
Zurich
LOCATION
Madrid
LOCATION
Frankfurt
LOCATION
Geneva
LOCATIONthe Frank Russell Company
ORGANIZATION