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2021 2020 Covid19 1930 2021 2021 4 4 2020 5 2 2021 10 15 6 600 000 2020 4 5 5 1 4 5 2021 Chart 1 Global GDP Growth Percent Year Year 14 10 6 2 2 World 2020 Q3 2 0 6 Advanced Economies ex U S 2020 Q3 4 8 10 Emerging Economies 2020 Q3 0 0 U S 2020 Q3 2 91 2019 2017 2015 2013 2011 2009 2007 2005 14 NOTE The advanced economies ex U S aggregate includes the Euro Area Japan the U K Canada Australia South Korea Switzerland and Sweden The emerging economies aggregate includes China Brazil Russia India Mexico Indonesia Turkey Argentina South Africa and Colombia The world aggregate includes these countries which make up approximately 80 percent of world GDP computed using purchasing power parity PPP adjusted GDP weights Globalization Institute Federal Reserve Bank of Dallas SOURCES National Statistical Offices International Monetary Fund Haver Analytics

2020 5G IOT internet of things S P500 14 2020 S P500 22 2021 4 5 22 2022 13 6 2020 Equity Risk Premium Chart 20 General Government Gross Debt Percent of GDP 250 Percent of GDP 120 100 200 80 150 60 100 40 U S 2019 106 2 50 Euro Area 2019 83 9 U K 2019 85 6 Japan 2019 237 7 0 2019 Globalization Institute Federal Reserve Bank of Dallas 2017 20 Canada 2019 87 5 2015 2013 2011 2009 2007 2005 0 NOTES Data for 2020 are estimates data for Japan 2019 are estimates SOURCES International Monetary Fund Haver Analytics 2020 Figure 1 18 S P 500 EARNINGS YIELD REAL BOND YIELD 16 18 16 10 year US Treasury Bond Yield Minus Average Expected CPI Inflation Rate For Next 10 Years Phili Fed Survey 14 12 S P 500 Expected Earnings To Price Ratio 12 10 10 Year TIPS Yield weekly 10 14 8 8 6 4 6 Nov 4 2 2 0 2 0 12 18 Q3 yardeni com 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 2 Data from 1979 to 1991 quarterly monthly thereafter Earnings price ratio is based on the Thomson Reuters I B E S consensus estimates of earnings over the coming 12 months Yields on Treasury inflation protected securities TIPS adjused to constant maturities Source Board of Governors of the Federal Reserve System US Treasury I B E S data by Refinitiv and Federal Reserve Bank of Philadelphia Figure 2 13 S P 500 EARNINGS YIELD MINUS REAL BOND YIELD 12 11 10 9 8 7 6 5 4 3 35 2020 stoxx600 Q3 7 13 12 11 10 9 8 7 6 5 4 3 2 2 1 1 0 0

2021 Major Regions Figure 1 Forward P E 30 2016 2020 12 23 MSCI China Figure 2 FORWARD P E WORLD MSCI 3 2019 Forward P E 125 5 2020 Page 3 December 18 2020 MSCI Forward P Es Research Inc Yardeni www yardeni com Barclay Bloomberg corporate bond 9 2020 1 8 1 60 2020 0 5 0 46 1 34 HIGH YIELD 25 MSCI FORWARD P E 25 weekly 12 10 Emerging Markets 14 9 EMU 17 5 Japan 17 8 UK 14 5 US 22 9 20 Capped at 20 20 15 15 10 10 5 yardeni com 2022 2021 2020 2018 2019 2017 2016 2014 2015 2012 2013 2011 2009 2010 2008 2007 2006 5 Price divided by 12 month forward consensus expected operating earnings per share Source I B E S data by Refinitiv 30 30 25 25 All Country World 19 7 EAFE 17 4 Emerging Markets 14 9 US 22 9 20 20 12 10 15 15 10 10 5 yardeni com 22 21 20 19 18 17 16 15 14 13 12 11 10 09 08 07 06 05 04 03 02 01 00 99 98 97 96 95 5 Price divided by 12 month forward consensus expected operating earnings per share Monthly through December 2005 weekly thereafter Source I B E S data by Refinitiv 8

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OUR PERSONAL FINANCIAL ADVICE BEGINS WITH ONE QUESTION WHAT MATTERS TO YOU juliusbaer com J ulius Baer Financial Services Israel Ltd 46 Rothschild Blvd Tel Aviv T 972 0 3603 9111 The Tel Aviv Representative Office of Bank Julius Baer Co Ltd is supervised by the Swiss regulator and is not subject to the supervision of the Supervisor of Banks at the Bank of Israel Julius Baer Financial Services Israel Ltd is licensed by the Israel Securities Authority and provides its clients with investment marketing and portfolio management services in Israel and overseas Aspirations_EN BigDonorsIsraelMuseum 210x280 16082018 indd 1 16 08 18 15 59

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