EFTA Document EFTA01459075

20 November 2015 US Equity Insights What's normal S&P EPS growth? It depends on EPS retention. [Figure 44: S&P nominal and real trailing 4-qtr EPS growth (yiy chg) 60% 50% 40% 30% 1960-2013 Nomnal CAG 6 P, 20% \ A 10% 0% .10% -20% 1960- a 3 Real CAGR 2 6% -30% -40% EEEE555EEEEEEEN§§ Series2 ----- Nommal lyr EPSgrovah Sal • Sill• 0•141Ch• an IFigure 45: Rolling 3yr and 10yr Real EPS growth 30% 20% 10% 0% -10% -20% Median Roing Real EPS Growth: 1960-19433: 3yr CAG