3 A supply side equity risk premium estimate was first published in Ibbotson’s SBBI Valuation Edition Yearbook. 4 Return in excess of CAPM estimation. valuation data: • The data previously available in the Morningstar/Ibbotson SBBI Valuation Yearbook; and. • The data available in Risk Premium Report. Ibbotson® SBBI”‘ Valuation Yearbook. Morningstar. B FORTISBC from quarter to quarter. and by September of , decile. contained

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Ibbotson SBBI 2012 Valuation Yearbook – Stocks Bonds Bills and Inflation

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