For every rational function of degree more than one, there
exists a transcendental meromorphic solution of the Schröder
equation. By Yanagihara and Eremenko-Sodin, it is known that
the Valiron, Nevanlinna and Picard exceptional sets of this
solution are all same.
¶ As an analogue of this result,
we show that all the Valiron, Nevanlinna and Picard exceptional
sets of iterations of a rational function of degree more than
one are also same. As a corollary, the equidistribution theorem
in complex dynamics follows.