Stock Market Update

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S&P500 $1,458.74 on 11/16/07

10 yr treasury 4.17%

Dividend yield (last 12 months: July '07) 1.85%

Dividend yield (indicated rate) 1.93%

Kirk's calculations from the data as of 11/17/07:

2007 Operating EPS (bottom up) = $90.15
YoY Growth $ $2.43
YoY Growth % 2.8%
PE Ratio = 16.2
Earnings Yield 6.2%

2008 Operating EPS (bottom up) = $104.99
YoY Growth $ $14.84
YoY Growth % 16.5%
PE Ratio = 13.9
Earnings Yield 7.2%

2007 As reported EPS (Top Down) = $78.70
YoY Growth $ -$2.81
YoY Growth % -3.4%
PE Ratio = 18.5
Earnings Yield = 5.4%

2008 As reported EPS (Top Down) = $91.31
YoY Growth $ $9.80
YoY Growth % 28.4%
PE Ratio = 16.0
Earnings Yield 6.3%

S&P Notes:

• The GM charge reduced the As Reported and Core EPS by $4.37
• With the exception of GM, to date, the vast majority of charges have been included in both Operating and As Reported earnings.
• Goodwill impairment charges have been excluded from Core earnings.