EFTA Document EFTA01459746

8 February 2016 US Equity Insights I Figure 19: NB and ROE of S&P 500 Banks and Financials ao 16 20 • 16 06 00 ; ; ; Ft000an Pad Brim NM -Pt c. Froarais (re) ROE d Balks 0/e) ROE d Arista ohs, Soder MSS Ceases. Waded Ben Figure 20: Implied real CoE (ROE PS) of S&P 500 Banks and Financials 15% Invited real CoE (ROE PB) Avg 1995-2005: Banks: 7.2% financials: 6.3% §§kigiiIiii/h1/111 ;;;; Recession Thinks (GCS III) -Finenc01. (GIES 6 San IBES. Comotetst Devegelw an We