name Account number Statement date Billing period June 11 - July 10, 2004 Page 5 Nextel News continued... and easy, plus you cam 1,000 bonus Diridend ?Age: for every tidal you book there. US Alnvays serves hundreds of destinations in tho U.S., Canada, Europe, the Caribbean and Latin America. Tor

gure 18: Current valuation of S&P 500 banks and their fair value under our assumed 7% real CoE IPS WM EPS Groat% PE loot Valm Per Share Pa BM Diridend FaUr Value ma Moaned 7% Real Cot Seta ROE Bawd PE on on Ow 3016E 2016 20160 20160 00y00% EPS 2016E EPS EPS ROE ROE EPS 12016E

gure 18: Current valuation of S&P 500 banks and their fair value under our assumed 7% real CoE IPS WM EPS Groat% PE loot Valm Per Share Pa ea Diridend FaUr Value ma Moaned 7% Real Cot Seta ROE Bawd PE on on Ow 3016E 2016 20160 20160 00y00% EPS 2016E EPS EPS ROE ROE EPS 12016E

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