aS pa AR -60 - 1982 1987 1992 1997 2002 2007 2012 Data through December 31, 2016. Source: Investment Strategy Group, MSCI, Datastream. Exhibit 62: MSCI EMU Trailing 12-Month Earnings per Share Profits have been range-bound for almost four years. railing 12-Month EPS (€) 20 4 84 6 4 Sideways Since 2012

luations (P/Book) in the US and the UK high relative to their historical averages. The Russell 2000 index is down by around 4% this month whilst the MSCI EMU small caps were flat. Credit EFTA_R1_00465452 EFTA01978405 • Credit spreads came in a bit this week, but remain wider on the month. Some repor