Country Indices P/E 1-Year Forward from 2002 to 2008
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The countries included represent the twenty largest countries in terms of market capitalization as of 12/31/2008. Developed and emerging
market countries are included. The United States is represented by the S&P 500 Index. The S&P 500 Index is an unmanaged broad measure of
the U.S. stock market. Not indicative of any particular investment. Investors cannot invest directly in an index.
Source: FactSet and I/B/E/S. P/E using FY1 Est (weighted harmonic average). Country indices are MSCI free float-adjusted market
capitalization indices that are designed to measure equity market performance in that specific country.
The P/E ratio (price-to-earnings ratio) of a stock (also called its “earnings multiple”, or simply “multiple”, “P/E”, or “PE”) is a measure of the
price paid for a share relative to the income or profit earned by the firm per share. A higher P/E ratio means that investors are paying more for
each unit of income. The ‘forward P/E’ is current price compared to estimated earnings going forward twelve months.