urrent 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 20016E wah EP

urrent 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 20016E wah EP