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30 20 2021 2020 5G IOT internet of things 18 16 14 12 10 Equity Risk Premium Figure 1 18 S P 500 EARNINGS YIELD REAL BOND YIELD 16 10 year US Treasury Bond Yield Minus Average Expected CPI Inflation Rate For Next 10 Years Phili Fed Survey 14 S P 500 Expected Earnings To Price Ratio 12 10 Year TIPS Yield weekly 10 8 8 6 6 Jun 4 4 2 2 0 Q2 7 23 2 0 yardeni com 2 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 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 YIELD S P 500 EARNINGS MINUS REAL BOND YIELD 42 2016 Page 1 July 28 2021 S P 500 Equity Risk Premium Yardeni Research S P500 17 Inc 2021 www yardeni com 12 4 2009 75 1 39 2021 13 6 35 2020 S P500 22 2021 4 5 13 13 12 12 11 11 10 10 9 9 8 8 7 7 6 5 6 Q2 5 4 4 3 3 2 2 1 1 0 1 0 yardeni com 1 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 S P 500 forward expected earnings to price ratio minus 10 year Treasury bond yield minus average expected Median CPI inflation rate for next 10 years Phili Fed Survey Source Board of Governors of the Federal Reserve System US Treasury I B E S data by Refinitiv and Federal Reserve Bank of Philadelphia 7

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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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