nting quality adj. E PS at real CoE 5) Consider lontterm potential for value added growth opportunities 20001 Sion sin 7o•Tra "mumafat vises: 0% Berm& 2016E ecernrac waft per shwa PM 76 SensTnaymara of S&Pfareee e2015s.wdtonarnhd EPS •-d WO* Normal 2015E S&P 500 EPS $118 $120 91229 2125 $130 2136