0 30.0 35.0 Japan Europe ex UK MSCI AC World Grey bar is high and low P/E (LTM) Blue line is 10 year average Red diamond is current P/E (LTM) U.S. Profit Recession Ending -5% 0% 5% 10% 15% 15% S&P 500 Earnings Growth (YoY) 10% 9% 6% 6% 5% 4% 1% 0% 0% -4% 2% 9% 7% 9% S&P 500 UK — Most developed equi