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2011 2022 4 23 14 12 33 19 22

077 77 83000 www bankautpratit co il trusts

2022 21 2022 4 16 19 24 MSW 14 23 Even Better 10 12 6 26 28 30 33 SO ART 34 39 www bankautpratit co il 3

2008 2021 2022 4

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20 S P500 5 8 9 17 5 17 2022 Major Regions 15 8 2022 125 Figure 1 30 30 FORWARD P E RATIOS SELECTED MSCI weekly Forward P E 25 Capped at 25 25 EMU 11 4 Emerging Markets 11 1 US 18 1 Japan 12 8 UK 9 7 20 20 8 25 15 15 10 10 8 25 yardeni com 2024 2023 5 2022 2020 2021 2018 2019 2017 2015 2016 2014 2013 2011 2012 2010 2009 2008 Research Inc Yardeni Figure 2 12 16 6 FTSE100 1 5 3 25 Inc Yardeni Research www yardeni com 25 All Country World 15 1 EAFE 12 3 Emerging Markets 11 1 US 18 1 20 20 8 25 5 10 yardeni com 24 23 22 21 20 19 10 1 37 4 5 Page 3 August 31 2022 MSCI Forward P Es 15 10 18 30 FORWARD P E WORLD MSCI Forward P E 25 15 2007 2006 Price divided by 12 month forward consensus expected operating earnings per share Source I B E S data by Refinitiv 30 14 7 5 factset 5 17 16 14 15 13 12 11 10 09 08 07 06 05 04 03 02 01 00 99 98 97 96 95 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 7

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2017 145 14 10 5 MEGA TREND P2P 61 2021 2020 2021 2015 2021 2022 437 80 20 441 30 PWC 40

50 80 5 O lord What a morning 25 61 30 3 25 100 7 30 9 22 052 9660282 03 9660177 139 80 110 15 20 3 110 052 9660282 03 9660177 15

steenslag Wikipedia 2005 25 20 1923 1910 The Northern Echo 29 16 1879 190 5 120 180 9

1910 1903 1988 Trebitsch Lincoln 1899 20 The Secret Lives of 17

1920 4 1922 1931 18 1940 60 20 13 1943

4 1971 1973 19

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5 120 32 2004 danielecolombo Shutterstock

CATEGORICALLY JEWISH DISTINCTLY POLISH Rzeczpospolita Polsko Litewska 1795 1569 agency herstory facilitators 33

SO ART MoMA 1949 1927 www so art co il 1911 17 18 19 19 20 Henri Matisse The Red Studio 19 34 Rembrandt Harmensz Van Rijn The Artist In His Studio 1628

1628 1870 Edouard Manet Monet Painting In His Studio Boat 1874 Adriaen Van Ostade Selfportrait 1663 en plein air 1874 Claude Monet The Studio Boat 1874 Frederic Bazille Atelier Bazille 1870 Rodolfo Amoedo The Artist s Studio In Paris 1883 35

1951 1955 John Singer Sargent An Artist In His Studio 1904 1928 1955 1955 Pablo Picasso L Atelier 1955 1956 Pablo Picasso The Studio 1928 36 1951 Louvre Ego 1956

2004 1979 2017 2002 2008 37

2011 2012 2008 2016 38

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2011 2011 2011 2011 2011 2011 2011 20222011 2017 2017 2017 20172017 2017 2019 2021 4 2022 6 4 10 Closed End Funds 12 CoCo CoCo CoCo CoCo 12 12 12 12 38 16 4 4 16 4 4 44 34 34 16 1616 16 19 22 24 24 24 24 14 4 22 16 34 28 32 32 34 34 34 34 2011 40 2011 2022 2017 4 34 16 4 2022 6 32 10 190 14 22 19 22 2011 2020 2011 2019 2011 2020 4 Private Market 10 12 18 32 BULLET 4 24 14 34 22 14 4 22 16 32 www bbbankautpratit www bankautpratit co il www ankautpratit cccooo i il ill www ankautpratit