2% 64.4% IBES 13.6% 47.1% 66.5% JPM 11.8% 41.7% 65.4% Consensus Bear -6.4% 16.6% 21.8% Source: Equity Derivatives Strategy, Bloomberg, Dotostreom I've added what out financials (banks and insurance) would be and there's still upside to 2013 dividends. Bottom-Up Estimates 2012 2013 2014 B