bruary 2016 US Equity Insights I Figure 19: NB and ROE of S&P 500 Banks and Financials ao 16 20 • 16 06 00 ; ; ; Ft000an Pad Brim NM —Pt c. Froarais (re) ROE d Balks 0/e) ROE d Arista ohs, Soder MSS Ceases. Waded Ben Figure 20: Implied real CoE (ROE PS) of S&P 500 Banks and Financials 15%