Latest         Forward PE         Average        Deviation       History

CAPE                                    CAPE          from avg.

   Mexico

USA

Japan  

Indonesia

India  

Australia

Canada  

China  

Germany  

Korea  

France  

Turkey

UK

Brazil

Italy

Spain

Russia

      24.9               17.9                   19.5                28%             2001

23.7               13.3                   18.7                27%             1973

21.6               13.6                   46.1               -53%             1975

19.8               13.9                   21.6                -8%              2001

18.0               14.3                   22.0               -18%             2001

17.8               13.6                   15.8                13%             1975

17.2               13.2                   19.2               -11%             1975

14.4               10.4                   17.3               -17%             2001

14.4               11.0                   18.8               -24%             1976

13.7                8.5                    16.4               -17%             2001

12.3               11.3                   19.7               -37%             1975

12.3               11.7                   15.1               -19%             2001

12.2               11.2                   13.7               -11%             1975

10.8               11.1                   15.1               -29%             2001

8.4                10.2                   21.8               -61%             1989

7.5                11.2                   17.8               -58%             1985

7.2                 5.3                    13.8               -48%             2001

Source:   Datastream and GSAM calculations

As of February 2013