International Market Valuations

Following up on John Morris’s question this morning, below are the relative valuations of the EAFE and EM indices compared to the U.S. As we mentioned, the valuations for both asset classes continue to fall. We obviously do not allocate solely based on valuation, but it is important to note to clients that it makes sense to remain invested in these areas.

EAFE vs. US

EM vs. US

Peter Malone, CFA

Research Analyst

Direct: 617.226.0030

Fax: 617.523.8118

Crestwood Advisors

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Suite 500

Boston, MA 02109

www.crestwoodadvisors.com