CF Yield Chgs. I Implied YE14 PT 7% 6% _ 5% +100bps of Yields = 569 581 599 $ Change to YE14 PT S9 S22 540 Source: J.P. Morgan estmatae. etcenterg. J.P.Morgan Valuation remains compelling, in ow view, as CAR is presently trading at 18.1x, 14.0x and 11.6x our 2014, 2015 and 2016 EPS estimates,