S&P 500 Operating Earnings by Economic Sector: Bottom-Up Estimates as of 02/09/2010

2007A % Chg 07 P/E 2008A

S&P 500 82.54 -5.9% 17.79 49.51
S&P 500 Consumer Discretionary (Sector) 13.31 -15.7% 19.51 5.27
S&P 500 Consumer Staples (Sector) 15.62 10.1% 19.18 17.18
S&P 500 Energy (Sector) 46.30 6.1% 13.03 50.92
S&P 500 Financials (Sector) 22.79 -39.4% 17.20 (21.24)
S&P 500 Health Care (Sector) 23.31 15.9% 17.58 24.48
S&P 500 Industrials (Sector) 21.28 11.8% 16.65 21.18
S&P 500 Information Technology (Sector) 17.35 14.7% 23.72 16.13
S&P 500 Materials (Sector) 15.97 4.7% 16.27 8.10
S&P 500 Telecommunication Services (Sector) 8.27 3.8% 20.35 8.22
S&P 500 Utilities (Sector) 11.67 1.5% 18.53 12.25

Quarterly Breakdown 2007 2007 2007 2007 2008 2008

Q1A Q2A Q3A Q4A Q1A Q2A
S&P 500 22.39 24.06 20.87 15.22 16.62 17.02
S&P 500 Consumer Discretionary (Se 3.27 3.87 2.64 3.52 2.61 1.68
S&P 500 Consumer Staples (Sector) 3.43 3.93 4.14 4.13 4.04 4.27
S&P 500 Energy (Sector) 9.87 12.85 10.96 12.62 12.22 13.54
S&P 500 Financials (Sector) 10.33 10.63 5.89 (4.05) (0.80) (1.05)
S&P 500 Health Care (Sector) 6.04 5.76 6.02 5.48 6.19 6.34
S&P 500 Industrials (Sector) 4.78 5.30 5.41 5.80 5.12 5.97
S&P 500 Information Technology (Sec 3.97 3.74 4.34 5.31 4.44 4.56
S&P 500 Materials (Sector) 4.22 4.55 3.90 3.30 4.49 4.73
S&P 500 Telecommunication Services 1.80 2.06 2.20 2.21 2.11 2.25
S&P 500 Utilities (Sector) 2.78 2.32 4.21 2.35 3.20 2.67

Sources: Standard & Poor's

KEY
A - Actual
E - Estimate
NA - Not Available
NM - Not Meaningful
P/E - Actual Price/Actual Earnings
P*/E - Current Price/Estimated Earnings
2009 P/E is using December 31, 2009 Index Levels
% Chg 08 P/E 2009E % Chg 09 P*/E 2010E % Chg 10 P*/E
-40.0% 18.24 56.94 15.0% 19.58 78.06 37.1% 13.71
-60.4% 32.12 10.54 100.0% 22.29 14.93 41.6% 15.33
10.0% 14.36 18.22 6.1% 15.05 19.40 6.5% 13.99
10.0% 7.59 17.63 -65.4% 24.39 33.63 90.7% 12.27
NM NM 4.51 NM 42.94 13.40 197.0% 13.85
5.0% 12.64 26.52 8.3% 13.66 30.67 15.7% 11.69
-0.5% 9.78 14.07 -33.6% 17.28 15.47 10.0% 15.50
-7.1% 14.37 17.60 9.1% 21.07 23.37 32.8% 14.70
-49.3% 17.00 6.95 -14.2% 28.76 11.57 66.6% 16.05
-0.6% 13.59 7.39 -10.1% 15.51 7.62 3.2% 13.57
5.0% 12.08 11.69 -4.5% 13.51 12.91 10.4% 11.35

2008 2008 2009 2009 2009 2009 2010 2010 2010 2010
Q3A Q4A Q1A Q2A Q3A Q4E Q1E Q2E Q3E Q4E
15.96 (0.09) 10.11 13.81 15.78 17.23 17.20 19.04 20.49 21.33
1.36 (0.37) 0.38 2.77 3.49 3.90 3.11 3.84 3.80 4.18
4.66 4.20 3.90 4.62 4.88 4.82 4.25 4.81 5.12 5.23
20.73 4.44 0.44 4.57 5.93 6.69 7.58 8.37 8.92 8.76
(5.46) (13.93) 0.50 1.01 1.35 1.66 2.71 3.11 3.53 4.05
6.28 5.66 6.61 6.60 6.92 6.38 7.23 7.63 7.86 7.95
5.46 4.63 3.08 3.75 3.24 3.99 3.28 3.80 4.10 4.29
4.39 2.73 2.90 3.62 4.52 6.55 5.13 5.45 5.94 6.85
3.43 (4.56) 1.04 1.67 2.27 1.97 2.54 3.25 2.97 2.82
1.98 1.87 1.95 1.88 1.77 1.78 1.83 1.92 1.92 1.95
4.01 2.37 2.89 2.52 3.81 2.47 3.19 2.85 4.22 2.65