Investment Style Guide

Investment Style Guide April 27, 2 Dr. Edward Yardeni 16-972-7683 eyardeni@ Joe Abbott 732-497-36 jabbott@ Please visit our sites at www. blog. thinking outside the box

Table Of Contents Table Of Contents Index Price Performance: 2 1 Index Price Performance: 217 2 Index Price Performance: 216 3 Index Price Performance: 2 4 S&P Growth/Value Relative Price Performance S&P Pure G/V Relative Price Performance 6 Growth/Value Relative Forward Revenues & Earnings 7 Market Cap: S&P Earnings & Valuation 8 Market Cap: S&P, 4, 6 9- Market Cap: Russell vs. 2 11 Growth vs. Value: Revenue Squiggles 12 Growth vs. Value: Earnings Squiggles 13 Growth vs. Value: Profit Margins 14 Growth vs. Value: Earnings Growth Growth vs. Value: S&P Valuation 16-17 Growth vs. Value: Market Cap Shares Growth vs. Value: Net Earnings Revisions 19 Growth vs. Value: Revenue Growth 2 Growth vs. Value: Net Earnings Revisions 21 Russell Valuation SmallCap, Growth, Value 22 April 27, 2 / Investment Style Guide www.

8 6 4 Figure 1. Index Price Performance: 2 LARGECAP & SMIDCAP PERFORMANCE: 2 (percent change ytd) S&P LargeCap (-.1) S&P 4 MidCap (-.4) S&P 6 SmallCap (2.1) Russell LargeCap (-.2) Russell 2 SmallCap (1.) Latest data thru: / 8 6 4 2 2-2 -2-4 -4-6 Jan Feb Mar Apr May Jun 2 Source: Frank Russell Company, Haver Analytics, and Standard & Poor s Corporation. -6 8 6 Figure 2. GROWTH & VALUE PERFORMANCE: 2 (percent change ytd) S&P LargeCap Growth (2.) S&P LargeCap Value (-2.9) S&P 4 MidCap Growth (.9) S&P 4 MidCap Value (-1.9) S&P 6 SmallCap Growth (3.) S&P 6 SmallCap Value (.7) 8 6 4 4 2 2-2 -2-4 -4-6 -6-8 Jan Feb Mar Apr May Jun 2 Source: Frank Russell Company, Haver Analytics, and Standard & Poor s Corporation. -8 Page 1 / April 27, 2 / Investment Style Guide www.

2 2 Figure 3. Index Price Performance: 217 LARGECAP & SMIDCAP PERFORMANCE: 217 (percent change ytd) S&P LargeCap (19.4) S&P 4 MidCap (14.) S&P 6 SmallCap (11.7) Russell LargeCap (19.3) Russell 2 SmallCap (13.1) Latest data thru: 12/29/17 2 2 - Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec 217 Source: Frank Russell Company, Haver Analytics, and Standard & Poor s Corporation. - 3 27 24 21 12 9 6 3-3 -6 Figure 4. GROWTH & VALUE PERFORMANCE: 217 (percent change ytd) S&P LargeCap Growth (2.4) S&P LargeCap Value (12.6) S&P 4 MidCap Growth (.4) S&P 4 MidCap Value (.2) S&P 6 SmallCap Growth (13.) S&P 6 SmallCap Value (9.8) Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec 217 Source: Frank Russell Company, Haver Analytics, and Standard & Poor s Corporation. 3 27 24 21 12 9 6 3-3 -6 Page 2 / April 27, 2 / Investment Style Guide www.

3 Figure. Index Price Performance: 216 LARGECAP & SMIDCAP PERFORMANCE: 216 (percent change ytd) 3 2 2 - -2 S&P LargeCap (9.) S&P 4 MidCap (.7) S&P 6 SmallCap (24.7) Russell LargeCap (9.7) Russell 2 SmallCap (19.) Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec 216 Source: Frank Russell Company, Haver Analytics, and Standard & Poor s Corporation. - -2 4 3 2 Figure 6. GROWTH & VALUE PERFORMANCE: 216 (percent change ytd) S&P LargeCap Growth (.1) S&P LargeCap Value (14.3) S&P 4 MidCap Growth (13.3) S&P 4 MidCap Value (24.) S&P 6 SmallCap Growth (2.7) S&P 6 SmallCap Value (29.1) 4 3 2 - - -2 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec 216 Source: Frank Russell Company, Haver Analytics, and Standard & Poor s Corporation. -2 Page 3 / April 27, 2 / Investment Style Guide www.

Figure 7. Index Price Performance: 2 LARGECAP & SMIDCAP PERFORMANCE: 2 (percent change ytd) - - S&P LargeCap (-.7) S&P 4 MidCap (-3.7) S&P 6 SmallCap (-3.4) Russell LargeCap (-1.1) Russell 2 SmallCap (-.7) - - - Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec 2 Source: Frank Russell Company, Haver Analytics, and Standard & Poor s Corporation. - Figure 8. GROWTH & VALUE PERFORMANCE: 2 (percent change ytd) - - S&P LargeCap Growth (3.8) S&P LargeCap Value (-.6) S&P 4 MidCap Growth (.8) S&P 4 MidCap Value (-8.4) S&P 6 SmallCap Growth (1.) S&P 6 SmallCap Value (-8.1) - - - Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec 2 Source: Frank Russell Company, Haver Analytics, and Standard & Poor s Corporation. - Page 4 / April 27, 2 / Investment Style Guide www.

.7.6 S&P Growth/Value Relative Price Performance Figure 9. RELATIVE PRICE INDEX: S&P GROWTH & VALUE (relative to S&P ) Rising line indicates that the index is outperforming the S&P.7.6.6 Growth relative to S&P Value relative to S&P.6.....4.4.4.4.3 199 1996 1997 1998 1999 2 21 22 23 24 2 26 27 28 29 2 211 212 213 214 2 216 217 2 219 22 Source: Standard & Poor s and Haver Analytics..3 1.9 1.8 1.7 Figure. RELATIVE PRICE INDEX: S&P GROWTH & VALUE (Growth price index relative to Value price index) Rising line indicates that Growth is outperforming Value 1.9 1.8 1.7 1.6 1.6 1. 1.4 1. 1.4 1.3 1.3 1.2 1.2 1.1 1.1 1. 1..9.8 199 1996 1997 1998 1999 2 21 22 23 24 2 26 27 28 29 2 211 212 213 214 2 216 217 2 219 Source: Standard & Poor s Corporation and Haver Analytics..9.8 Page / April 27, 2 / Investment Style Guide www.

4. 4. 3. 3. Figure 11. S&P Pure G/V Relative Price Performance RELATIVE PRICE INDEX: S&P PURE GROWTH & PURE VALUE (relative to S&P ) Rising line indicates that the index is outperforming the S&P Pure Growth relative to S&P Pure Value relative to S&P 4. 4. 3. 3. 2. 2. 2. 2. 1. 1. 1. 1.. 199 1996 1997 1998 1999 2 21 22 23 24 2 26 27 28 29 2 211 212 213 214 2 216 217 2 219 Source: Standard & Poor s Corporation and Haver Analytics.. 3. 3.2 3. Figure 12. RELATIVE PRICE INDEX: S&P PURE GROWTH & PURE VALUE (Pure Growth price index relative to Pure Value price index) Rising line indicates that Pure Growth is outperforming Pure Value 3. 3.2 3. 2.7 2.7 2. 2. 2.2 2.2 2. 2. 1.7 1. 1.7 1. 1.2 1.2 1..7 199 1996 1997 1998 1999 2 21 22 23 24 2 26 27 28 29 2 211 212 213 214 2 216 217 2 219 Source: Standard & Poor s Corporation and Haver Analytics. 1..7 Page 6 / April 27, 2 / Investment Style Guide www.

Growth/Value Relative Forward Revenues & Earnings Figure 13..8.8 RELATIVE FORWARD REVENUES: S&P GROWTH & VALUE INDEX.7.7 Rising line indicates that Growth is outperforming Value.7.7.6.6.6.6.....4.4.4.4.3 24 2 26 27 28 29 2 211 212 213 214 2 216 217 2 219.3 1.2 Figure 14. RELATIVE FORWARD EARNINGS: S&P GROWTH & VALUE INDEX 1.2 1.1 Rising line indicates that Growth is outperforming Value 1.1 1. 1..9.9.8.8.7.7.6 199 1996 1997 1998 1999 2 21 22 23 24 2 26 27 28 29 2 211 212 213 214 2 216 217 2 219.6 Page 7 / April 27, 2 / Investment Style Guide www.

2 47 4 42 4 37 3 32 3 27 2 22 2 17 12 7 Figure. Market Cap: S&P Earnings & Valuation S&P FORWARD EARNINGS PER SHARE (weekly, Jan 1999=) Forward Earnings* S&P LargeCap (316.3) S&P 4 MidCap (4.) S&P 6 SmallCap (43.) 1999 21 23 2 27 29 211 213 2 217 219 2 47 4 42 4 37 3 32 3 27 2 22 2 17 12 7 * 2-week forward consensus expected operating earnings per share. Time-weighted average of the current year s and next year s consensus forecast. 28 26 Figure 16. P/E RATIOS FOR S&P INDEXES* (weekly) S&P LargeCap (16.4) 28 26 24 S&P 4 MidCap (16.4) S&P 6 SmallCap (17.6) 24 22 22 2 2 16 4/2 16 14 14 12 12 8 1999 21 23 2 27 29 211 213 2 217 219 8 * Price divided by 2-week forward consensus expected operating earnings per share. Page 8 / April 27, 2 / Investment Style Guide www.

Market Cap: S&P, 4, 6 3 28 2 Figure 17. S&P INDEXES (weekly) S&P LargeCap (2669.9) S&P 4 MidCap (92.2) S&P 6 SmallCap (96.2) 3 28 2 22 22 19 19 16 16 13 13 7 7 4 4 1999 21 23 2 27 29 211 213 2 217 219 Source: Standard & Poor s Corporation and Haver Analytics. 7 Figure. S&P INDEXES (weekly, yearly percent change) S&P LargeCap (12.) S&P 4 MidCap (9.2) S&P 6 SmallCap (12.3) 7 2 2-2 -2-2 26 27 28 29 2 211 212 213 214 2 216 217 2 219 Source: Standard & Poor s Corporation and Haver Analytics. - Page 9 / April 27, 2 / Investment Style Guide www.

8 6 4 2-2 -4-6 4 3 2 - -2-3 -4 8 6 4 2-2 -4-6 6 4 3 2 - -2-3 -4 - Figure 17. S&P LARGECAP vs. S&P 4 MIDCAP (weekly, yearly percent change) 1996 1997 1998 1999 2 21 22 23 24 2 26 27 28 29 2 211 212 213 214 2 216 217 2 219 S&P vs. S&P 4 SPREAD (yearly percent change, basis points) S&P LargeCap (12.) S&P 4 MidCap (9.2) 1996 1997 1998 1999 2 21 22 23 24 2 26 27 28 29 2 211 212 213 214 2 216 217 2 219 S&P LARGECAP vs. S&P 6 SMALLCAP (yearly percent change) S&P Outperforms 4 S&P Underperforms 4 1996 1997 1998 1999 2 21 22 23 24 2 26 27 28 29 2 211 212 213 214 2 216 217 2 219 S&P vs. S&P 6 SPREAD (yearly percent change, basis points) Market Cap: S&P, 4, 6 S&P Outperforms 6 S&P Underperforms 6 S&P LargeCap (12.) S&P 6 SmallCap (12.3) 1996 1997 1998 1999 2 21 22 23 24 2 26 27 28 29 2 211 212 213 214 2 216 217 2 219 8 6 4 2-2 -4-6 4 3 2 - -2-3 -4 8 6 4 2-2 -4-6 6 4 3 2 - -2-3 -4 - Source: Standard & Poor s Corporation and Haver Analytics. Page / April 27, 2 / Investment Style Guide www.

19 16 13 7 Figure. RUSSELL vs. RUSSELL 2 (weekly, ratio scale) Market Cap: Russell vs. 2 4/2 19 16 13 7 4 4 Russell LargeCap (1481.2) Russell 2 SmallCap (64.1) 9 91 92 93 94 9 96 97 98 99 1 2 3 4 6 7 8 9 11 12 13 14 16 17 19 8 6 4 2-2 -4-6 RUSSELL vs. RUSSELL 2 (yearly percent change) Russell LargeCap (13.7) Russell 2 SmallCap (13.4) 9 91 92 93 94 9 96 97 98 99 1 2 3 4 6 7 8 9 11 12 13 14 16 17 19 4/2 8 6 4 2-2 -4-6 4 3 2 RUSSELL vs. RUSSELL 2 SPREAD (yearly percent change, basis points) Russell Outperforms 2 4 3 2 - -2-3 -4-9 91 92 93 94 9 96 97 98 99 1 2 3 4 6 7 8 9 11 12 13 14 16 17 19 Source: Frank Russell Company and Haver Analytics. Russell Underperforms 2 4/2 - -2-3 -4 - Page 11 / April 27, 2 / Investment Style Guide www.

Growth vs. Value: Revenue Squiggles 6 Figure 19. S&P CITIGROUP GROWTH REVENUES PER SHARE (analysts average forecasts, ratio scale) 6 Consensus Forecasts Annual estimates 19 Forward revenues* 17 4 4 4 4 3 3 3 24 2 26 27 28 29 2 211 212 213 214 2 216 217 2 219 3 * Time-weighted average of consensus estimates for current year and next year. Monthly through December 2, then weekly. 8 Figure 2. S&P CITIGROUP VALUE REVENUES PER SHARE (analysts average forecasts, ratio scale) 19 8 7 7 Consensus Forecasts Annual estimates Forward revenues* 17 7 7 6 6 6 6 24 2 26 27 28 29 2 211 212 213 214 2 216 217 2 219 * Time-weighted average of consensus estimates for current year and next year. Monthly through December 2, then weekly. Page 12 / April 27, 2 / Investment Style Guide www.

Growth vs. Value: Earnings Squiggles 9 8 7 6 Figure 21. S&P CITIGROUP GROWTH INDEX OPERATING EPS (analysts average forecasts, ratio scale) Consensus Forecasts Annual estimates 17 19 9 8 7 6 Forward earnings* 4 4 3 3 2 2 199 1996 1997 1998 1999 2 21 22 23 24 2 26 27 28 29 2 211 212 213 214 2 216 217 2 219 * Time-weighted average of consensus estimates for current year and next year. Monthly through December 2, then weekly. 82 72 62 Figure 22. S&P CITIGROUP VALUE INDEX OPERATING EPS (analysts average forecasts, ratio scale) Consensus Forecasts Annual estimates 17 19 82 72 62 Forward earnings* 2 2 42 42 32 32 22 199 1996 1997 1998 1999 2 21 22 23 24 2 26 27 28 29 2 211 212 213 214 2 216 217 2 219 22 * Time-weighted average of consensus estimates for current year and next year. Monthly through December 2, then weekly. Page 13 / April 27, 2 / Investment Style Guide www.

17 16 Growth vs. Value: Profit Margins Figure 23. S&P CITIGROUP GROWTH PROJECTED PROFIT MARGIN (using analysts average earnings and revenues forecasts) Consensus Forecasts Annual estimates Forward profit margin* (16.3) 17 19 17 16 14 14 13 13 12 12 11 11 9 9 8 24 2 26 27 28 29 2 211 212 213 214 2 216 217 2 219 8 * Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2, weekly thereafter. 11 Figure 24. S&P CITIGROUP VALUE PROJECTED PROFIT MARGIN (using analysts average earnings and revenues forecasts) 11 Consensus Forecasts Annual estimates Forward profit margin* (9.9) 17 19 9 9 8 8 7 7 6 6 24 2 26 27 28 29 2 211 212 213 214 2 216 217 2 219 * Time-weighted average of the consensus estimates for current year and next year. Monthly through December 2, weekly thereafter. Page 14 / April 27, 2 / Investment Style Guide www.

Growth vs. Value: Earnings Growth 4 3 2 Figure 2. S&P CITIGROUP GROWTH vs. VALUE STEG* Growth (16.3) Value (.1) 4 3 2 - - -2 199 1996 1997 1998 1999 2 21 22 23 24 2 26 27 28 29 2 211 212 213 214 2 216 217 2 219-2 2 2 LTEG* 2 Growth (16.2) Value (14.7) 2 3 199 1996 1997 1998 1999 2 21 22 23 24 2 26 27 28 29 2 211 212 213 214 2 216 217 2 219 3 2 2 - -2 4 3 2 Growth STEG* (16.3) LTEG* (16.2) 199 1996 1997 1998 1999 2 21 22 23 24 2 26 27 28 29 2 211 212 213 214 2 216 217 2 219 Value STEG* (.1) LTEG* (14.7) - -2 4 3 2-199 1996 1997 1998 1999 2 21 22 23 24 2 26 27 28 29 2 211 212 213 214 2 216 217 2 219 * STEG: 12-month forward consensus expected earnings growth. LTEG: -year forward consensus expected earnings growth. - Page / April 27, 2 / Investment Style Guide www.

4 4 Figure 26. Growth vs. Value: S&P Valuation FORWARD P/E RATIOS FOR S&P CITIGROUP GROWTH vs. VALUE* (daily) 4 4 3 3 Growth (19.2) Value (14.3) 3 3 2 2 2 2 199 1996 1997 1998 1999 2 21 22 23 24 2 26 27 28 29 2 211 212 213 214 2 216 217 2 219 * Price divided by 12-month (2-week) forward consensus expected operating earnings per share. Monthly data through December 2, daily thereafter. 3. 2.7 Figure 27. RELATIVE P/E: S&P GROWTH & VALUE* (Growth P/E relative to Value P/E) 3. 2.7 2. 2. 2.2 2.2 2. 2. 1.7 1.7 1. 1.2 1. 1.2 1..7 199 1996 1997 1998 1999 2 21 22 23 24 2 26 27 28 29 2 211 212 213 214 2 216 217 2 219 1..7 * Price divided by 12-month (2-week) forward consensus expected operating earnings per share. Monthly data through December 2, weekly thereafter. Page 16 / April 27, 2 / Investment Style Guide www.

2.8 2.6 2.4 2.2 Figure 28. Growth vs. Value: S&P Valuation PEG RATIOS FOR S&P CITIGROUP GROWTH vs. VALUE* Growth (1.22) Value (.98) 2.8 2.6 2.4 2.2 2. 2. 1.8 1.8 1.6 1.6 1.4 1.4 1.2 1.2 1. 1..8.6 199 1996 1997 1998 1999 2 21 22 23 24 2 26 27 28 29 2 211 212 213 214 2 216 217 2 219.8.6 * Using -year forward consensus expected earnings growth and price divided by 12-month (2-week) forward consensus expected operating earnings per share. Monthly data through December 2, weekly thereafter. 2. 1.7 Figure 29. RELATIVE PEG: S&P GROWTH & VALUE* (Growth PEG relative to Value PEG) 2. 1.7 1. 1. 1.2 1.2 1. 1..7.7...2 199 1996 1997 1998 1999 2 21 22 23 24 2 26 27 28 29 2 211 212 213 214 2 216 217 2 219.2 * Price divided by 12-month (2-week) forward consensus expected operating earnings per share. Monthly data through December 2, weekly thereafter. Page 17 / April 27, 2 / Investment Style Guide www.

6 Figure 3. Growth vs. Value: Market Cap Shares S&P CITIGROUP GROWTH INDEX (percent) 6 4 4 4 4 3 3 Capitalization Share (3.1) Earnings Share* (4.3) 199 1996 1997 1998 1999 2 21 22 23 24 2 26 27 28 29 2 211 212 213 214 2 216 217 2 219 3 3 * Using consensus 12-month forward earnings forecasts. 8 Figure 31. S&P CITIGROUP VALUE INDEX (percent) 8 7 7 6 6 4 3 Capitalization Share (46.9) Earnings Share* (4.7) 199 1996 1997 1998 1999 2 21 22 23 24 2 26 27 28 29 2 211 212 213 214 2 216 217 2 219 4 3 * Using consensus 12-month forward earnings forecasts. Page / April 27, 2 / Investment Style Guide www.

3 Figure 32. Growth vs. Value: Net Earnings Revisions S&P CITIGROUP GROWTH INDEX NET EARNINGS REVISIONS* 3 2 Apr 2 - - -2-2 -3-3 -4 - NERI Feb 21.21 Mar 22.31 Apr.86 199 1996 1997 1998 1999 2 21 22 23 24 2 26 27 28 29 2 211 212 213 214 2 216 217 2 219-4 - * Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentage of the total number of forward earnings estimates. 3 Figure 33. S&P CITIGROUP VALUE INDEX NET EARNINGS REVISIONS* 3 2 2 Apr - - -2-2 -3-3 -4 - NERI Feb 2.36 Mar 21.21 Apr 11.33 199 1996 1997 1998 1999 2 21 22 23 24 2 26 27 28 29 2 211 212 213 214 2 216 217 2 219-4 - * Three-month moving average of the number of forward earnings estimates up less number of estimates down, expressed as a percentage of the total number of forward earnings estimates. Page 19 / April 27, 2 / Investment Style Guide www.

3 2 Figure 34. Growth vs. Value: Revenue Growth S&P CITIGROUP GROWTH REVENUE GROWTH (analysts average forecasts, ratio scale) 3 2 2 11 Consensus Forecasts Annual estimates Forward revenues* 2 8 12 13 14 16 17 19 - - - -2 9 28 29 2 211 212 213 214 2 216 217 2 219 28 (9.6) 29 (-8.7) 2 (11.4) 211 (14.2) 212 (6.6) 213 (4.2) 214 (8.) 2 (.1) 216 (4.9) 217 (9.1) 2 (.8) 219 (7.) Fwrd (9.2) - - - -2 Figure 3. S&P CITIGROUP VALUE REVENUE GROWTH (analysts average forecasts, ratio scale) 11 Consensus Forecasts Annual estimates Forward revenues* 17 8 19 13 14 16 - - 9 12 28 29 2 211 212 213 214 2 216 217 2 219 28 (2.6) 29 (-.9) 2 (7.7) 211 (7.4) 212 (-2.2) 213 (.4) 214 (.6) 2 (-7.9) 216 (.2) 217 (.2) 2 (.3) 219 (3.1) Fwrd (4.4) - - Page 2 / April 27, 2 / Investment Style Guide www.

3 3 2 2 - - - -2-2 -3 Figure 36. Growth vs. Value: Net Earnings Revisions S&P CITIGROUP GROWTH EARNINGS GROWTH (percent) Consensus Forecasts 8 9 11 12 28 29 2 211 212 213 214 2 216 217 2 219 28 (7.9) 29 (-12.6) 2 (29.1) 211 (2.) 212 (11.8) 213 (9.1) 13 Annual estimates Forward revenues* 14 214 (14.) 2 (9.8) 216 (7.1) 217 (14.6) 2 (2.7) 219 (12.2) Fwrd (16.3) 16 17 19 3 3 2 2 - - - -2-2 -3 7 6 4 3 2 - -2-3 -4 Figure 37. S&P CITIGROUP VALUE EARNINGS GROWTH (percent) 8 9 11 12 28 29 2 211 212 213 214 2 216 217 2 219 28 (-3.) 29 (23.) 2 (6.3) 211 (.) 212 (1.) 213 (3.7) 13 214 (1.) 2 (-.6) 216 (-3.3) 217 (8.6) 2 (19.1) 219 (8.8) Fwrd (.1) Consensus Forecasts Annual estimates Forward revenues* 14 16 1719 7 6 4 3 2 - -2-3 -4 Page 21 / April 27, 2 / Investment Style Guide www.

4 3 Figure 38. Russell Valuation SmallCap, Growth, Value FORWARD P/E RATIOS FOR RUSSELL 2* (weekly) Russell 2 (24.4) Russell 2 Growth (31.6) Russell 2 Value (19.3) 4 3 3 3 2 2 2 2 23 24 2 26 27 28 29 2 211 212 213 214 2 216 217 2 219 22 * Price divided by 12-month (2-week) forward consensus expected operating earnings per share. Monthly data through December 2, weekly thereafter. 3 3 Figure 39. FORWARD P/E RATIOS FOR US SMALLCAP * P/E capped at 3 due to extreme values. Russell 2 (24.4) S&P 6 SmallCap (17.6) 3 3 2 2 2 2 1999 2 21 22 23 24 2 26 27 28 29 2 211 212 213 214 2 216 217 2 219 * Price divided by 12-month (2-week) forward consensus expected operating earnings per share. Monthly data through December 2, weekly thereafter. Page 22 / April 27, 2 / Investment Style Guide www.

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