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STANDARD & POOR'S INDEX SERVICES S&P 500 EARNINGS AND ESTIMATE REPORT Data as of the close of: S&P 500 close of: Dividend yield (last 12 months: Sep,'07) Dividend yield (indicated rate)
QUARTER END
10/10/2007 1562.47 1.73% 1.81%
CORE OPER AS REPORTED PRE-PEN INT CORE OPER EARNS EARNS EARNS EARNS EARNS PRICE PER SHR PER SHR PER SHR PER SHR PER SHR (ests are (ests are (ests are (ests are (ests are bottom up) top down) top down) top down) top down)
CORE OPER AS REPORTED PRE-PEN INT EARNS EARNS EARNS P/E P/E P/E (ests are (ests are (ests are bottom up) top down) top down)
CORE OPER EARNS EARNS P/E P/E (ests are (ests are top down) top down)
(1996-2000, & 2007 annual )
ESTIMATES 12/31/2008 09/30/2008 06/30/2008 03/31/2008 12/31/2007 09/30/2007 ACTUALS 06/30/2007 03/31/2007 12/31/2006 09/30/2006 06/30/2006 03/31/2006 12/31/2005 09/30/2005 06/30/2005 03/31/2005 12/31/2004 09/30/2004 06/30/2004 03/31/2004 12/31/2003 09/30/2003 06/30/2003 03/31/2003 12/31/2002 09/30/2002 06/30/2002 03/31/2002 12/31/2001 09/30/2001 06/30/2001 03/31/2001 12/31/2000 09/30/2000 06/30/2000
1526.75
28.11 26.58 26.19 24.69 24.23 22.86
21.80 23.00 23.50 23.30 21.00 21.70
1503.35 1420.86 1418.30 1335.85 1270.20 1294.83 1248.29 1228.81 1191.33 1180.59 1211.92 1114.58 1140.84 1126.21 1111.92 995.97 974.50 848.18 879.82 815.28 989.81 1147.39 1148.08 1040.94 1224.38 1160.33 1320.28 1436.51 1454.60
24.06 22.39 21.99 23.03 21.95 20.75 20.19 18.84 19.42 18.00 17.95 16.88 16.98 15.87 14.88 14.41 12.92 12.48 11.94 11.61 11.64 10.85 9.94 9.16 9.02 10.73 13.11 14.17 14.88
21.88 21.33 20.24 21.47 20.11 19.69 17.30 17.39 18.29 16.95 13.94 14.18 15.25 15.18 13.16 12.56 11.10 11.92 3.00 8.53 6.87 9.19 5.45 5.23 4.83 9.18 9.07 13.71 13.48
84.23
20.89 21.17 19.90 19.51 18.18 17.29 16.61 15.75 15.03 13.01 14.51 14.02 12.93 11.92 10.45 10.78 7.45 7.01 6.50 7.71 3.92 4.72 5.20 7.24 41.55
82.55
24.50 24.23 23.83 23.26 23.02 23.49
21.53 21.10 18.99 19.40 17.20 16.88 16.33 15.17 15.02 12.36 14.03 13.75 12.93 11.92 10.33 10.61 6.22 5.77 5.24 6.43 2.66 3.46 3.93 5.96 38.86 (annual)
14.80 15.37 15.95 16.30 16.70 17.11
17.06 17.21 17.46 17.78 18.19 18.35
16.42 15.90 16.17 15.55 15.55 16.35 16.33 16.56 16.49 16.91 17.91 17.25 18.36 19.39 20.33 19.25 19.91 17.79 19.11 18.52 23.80 29.44 29.55 24.77 26.03 21.94 23.52 25.30 26.17
17.70 17.09 17.40 17.00 17.05 17.82 17.85 18.46 18.80 19.57 20.70 19.29 20.32 21.66 22.81 25.82 28.21 27.97 31.89 27.14 37.02 46.45 46.50 36.77 33.28 25.54 26.41 26.75 28.02
18.55
18.93
17.41 16.96 17.35 18.55 18.40 19.00 19.72 20.25 21.42 20.46 21.37 22.83 24.13 24.53 27.30 26.72 30.68 32.43 43.32 53.26 54.49
17.51 17.42 18.03 19.13 19.03 19.38 20.23 20.86 21.97 21.00 21.68 23.02 24.28 25.49 29.59 30.47 37.18 40.56 55.65 69.65 71.75
31.78
33.97
16.31 16.56 16.69 22.39 16.81 17.00
03/31/2000 12/31/1999 09/30/1999 06/30/1999 03/31/1999 12/31/1998 09/30/1998 06/30/1998 03/31/1998 12/31/1997 09/30/1997 06/30/1997 03/31/1997 12/31/1996 09/30/1996 06/30/1996 03/31/1996 12/31/1995 09/30/1995 06/30/1995 03/31/1995 12/31/1994 09/30/1994 06/30/1994 03/31/1994 12/31/1993 09/30/1993 06/30/1993 03/31/1993 12/31/1992 09/30/1992 06/30/1992 03/31/1992 12/31/1991 09/30/1991 06/30/1991 03/31/1991 12/31/1990 09/30/1990 06/30/1990 03/31/1990 12/31/1989 09/30/1989 06/30/1989 03/31/1989 12/31/1988 09/30/1988 06/30/1988 03/31/1988
1498.58 1469.25 1282.71 1372.71 1286.37 1229.23 1017.01 1133.84 1101.75 970.43 947.28 885.14 757.12 740.74 687.33 670.63 645.50 615.93 584.41 544.75 500.71 459.27 462.71 444.27 445.77 466.45 458.93 450.53 451.67 435.71 417.80 408.14 403.69 417.09 387.86 371.16 375.22 330.22 306.05 358.02 339.94 353.40 349.15 317.98 294.87 277.72 271.91 273.50 258.89
13.97 13.77 12.97 13.21 11.73 11.47 10.45 11.43 10.92 11.29 11.03 11.13 10.56 11.01 9.92 10.31 9.39 9.78 9.78 9.50 8.64 8.80 8.03 7.75 7.17 7.16 6.92 6.57 6.25 5.61 5.12 5.21 4.93 4.63 5.11 4.79 4.77 5.01 5.97 6.06 5.61 5.84 5.54 6.53 6.41 6.37 6.22 6.05 5.48
13.74 12.77 11.93 12.51 10.96 8.56 8.99 9.87 10.29 8.94 9.87 10.44 10.47 9.86 9.78 10.13 8.96 7.13 8.69 9.26 8.88 8.35 7.94 7.38 6.93 5.08 5.81 4.89 6.11 3.60 4.73 5.40 5.36 2.55 3.74 4.54 5.14 4.40 5.33 6.07 5.54 4.80 4.85 6.48 6.74 5.62 6.38 6.22 5.53
40.05
39.91 (annual)
30.94
30.61 (annual)
35.36
35.31 (annual)
36.02
35.90 (annual)
27.79 28.43 25.98 29.29 28.54 27.77 23.07 25.38 24.83 22.05 21.66 20.77 18.11 18.23 17.44 17.08 16.79 16.34 15.92 15.58 15.07 14.47 15.37 15.32 16.02 17.34 18.10 19.13 20.35 20.88 21.01 20.53 20.74 21.61 19.71 18.07 17.20 14.58 13.03 15.53 14.45 14.53 14.05 12.46 11.77 11.51
Actual and preliminary earnings are bottom up. Estimates are bottom up and top down, as marked. The current reporting period is shown (xx%), indicating that xx% is based on actual earnings and 100-xx% are based on estimates. Estimated P/Es are based on the report date price; actual and preliminary P/Es are based on the quarter end price.
29.41 30.50 29.18 33.46 33.52 32.60 26.70 29.10 27.86 24.43 23.31 21.83 18.82 19.13 19.09 19.21 18.96 18.14 16.61 15.82 15.38 15.01 16.93 17.63 19.63 21.31 22.49 23.31 22.77 22.82 23.16 23.94 24.93 26.12 21.77 19.12 17.92 15.47 14.08 16.84 15.69 15.45 14.74 12.61 11.81 11.69
36.68
36.81
39.73
40.15
27.45
27.48
20.57
20.64
Core actuals are bottom up and preliminary. Core Pre-Pension Interest adjustment values, with the volatile pension interest adjustment costs removed, are bottom up and preliminary.
STANDARD & POOR'S INDEX SERVICES S&P 500 DIVISORS AND AGGREGATES
QUARTER END
09/30/2007 06/30/2007 03/31/2007 12/31/2006 09/30/2006 06/30/2006 03/31/2006 12/31/2005 09/30/2005 06/30/2005 03/31/2005 12/31/2004 09/30/2004 06/30/2004 03/31/2004 12/31/2003 09/30/2003 06/30/2003 03/31/2003 12/31/2002 09/30/2002 06/30/2002 03/31/2002 12/31/2001 09/30/2001 06/30/2001 03/31/2001 12/31/2000 09/30/2000 06/30/2000 03/31/2000 12/31/1999 09/30/1999 06/30/1999 03/31/1999 12/31/1998 09/30/1998 06/30/1998 03/31/1998 12/31/1997 09/30/1997 06/30/1997 03/31/1997 12/31/1996 09/30/1996 06/30/1996 03/31/1996 12/31/1995 09/30/1995 06/30/1995 03/31/1995 12/31/1994 09/30/1994 06/30/1994 03/31/1994 12/31/1993 09/30/1993 06/30/1993 03/31/1993 12/31/1992 09/30/1992 06/30/1992
CORE OPER AS REPORTED PRE-PEN INT EARNS EARNS EARNS PER SHR PER SHR PER SHR
24.06 22.39 21.99 23.03 21.95 20.75 20.19 18.84 19.42 18.00 17.95 16.88 16.98 15.87 14.88 14.41 12.92 12.48 11.94 11.61 11.64 10.85 9.94 9.16 9.02 10.73 13.11 14.17 14.88 13.97 13.77 12.97 13.21 11.73 11.47 10.45 11.43 10.92 11.29 11.03 11.13 10.56 11.01 9.92 10.31 9.39 9.78 9.78 9.50 8.64 8.80 8.03 7.75 7.17 7.16 6.92 6.57 6.25 5.61 5.12 5.21
21.88 21.33 20.24 21.47 20.11 19.69 17.30 17.39 18.29 16.85 13.94 14.18 15.25 15.18 13.16 12.56 11.10 11.92 3.00 8.53 6.87 9.19 5.45 5.23 4.83 9.18 9.07 13.71 13.48 13.74 12.77 11.93 12.51 10.96 8.56 8.99 9.87 10.29 8.94 9.87 10.44 10.47 9.86 9.78 10.13 8.96 7.13 8.69 9.26 8.88 8.35 7.94 7.38 6.93 5.08 5.81 4.89 6.11 3.60 4.73 5.40
CORE CORE OPER AS REPORTED PRE-PEN INT CORE MARKET EARNS EARNS EARNS EARNS EARNS VALUE PER SHR $ BIL $ BIL $ BIL $ BIL $ BIL (1996-2000 annual) (1996-2000 annual)
20.89 21.17 19.90 19.51 18.39 17.29 16.61 15.85 15.03 13.01 14.51 14.02 12.93 11.35 10.45 10.78 7.45 7.01 6.50 7.71 3.92 4.72 5.20 7.24 41.55
21.53 21.10 18.99 19.40 17.41 16.88 16.33 15.53 15.02 12.36 14.03 13.75 12.93 11.35 10.33 10.61 6.22 5.77 5.24 6.43 2.66 3.46 3.93 5.96 38.86
40.05
39.91
30.94
30.61
35.36
35.31
36.02
35.90
213.65 200.23 197.35 207.22 198.67 186.85 182.03 169.92 177.52 164.97 167.20 157.47 158.12 147.42 137.65 133.22 119.34 115.16 110.03 107.07 106.90 99.31 90.59 83.04 81.24 96.03 116.32 124.28 127.71 118.26 115.42 106.71 108.08 95.87 92.77 83.49 90.28 85.50 87.89 85.39 85.41 80.85 83.62 75.13 77.85 70.53 72.85 72.12 69.73 63.34 64.12 58.34 55.89 51.11 50.74 48.52 45.82 43.42 38.82 35.33 35.78
194.29 190.75 181.65 193.19 182.02 177.30 155.98 156.84 167.19 154.43 129.85 132.28 142.01 141.01 121.74 116.12 102.53 109.99 27.64 78.66 63.09 84.11 49.67 47.41 43.50 82.16 80.48 120.24 115.69 116.32 107.04 98.16 102.36 89.57 69.24 71.82 77.96 80.57 69.60 76.41 80.11 80.16 74.88 74.07 76.49 67.30 53.11 64.08 67.97 65.10 60.84 57.69 53.22 49.40 36.00 40.73 34.11 42.45 24.91 32.64 37.08
187.48 190.49 180.12 175.68 165.80 155.94 151.83 145.26 140.00 121.37 135.12 130.23 119.61 104.93 96.52 99.47 68.65 64.65 59.69 70.61 35.69 42.76 46.79 64.82 368.65
193.23 189.86 171.88 174.69 156.97 152.24 149.27 142.33 139.91 115.31 130.65 127.72 119.61 104.93 95.41 97.91 57.32 53.21 48.12 58.89 24.21 31.34 35.35 53.36 344.83
335.70
334.56
250.26
247.61
275.25
274.88
273.56
272.62
13,469.72 13,349.73 12,706.32 12,728.86 12,019.85 11,496.84 11,659.69 11,254.54 11,082.59 10,890.01 10,819.81 11,288.60 10,397.80 10,623.42 10,461.32 10,285.83 9,207.69 9,001.01 7,826.70 8,107.41 7,518.37 9,090.53 10,501.89 10,463.39 9,436.72 11,027.29 10,384.68 11,714.55 12,598.77 12,484.41 12,686.17 12,314.99 10,553.80 11,231.51 10,513.09 9,942.37 8,125.14 8,955.64 8,626.38 7,554.68 7,333.41 6,792.18 5,796.35 5,625.76 5,205.23 5,063.74 4,848.49 4,588.30 4,309.29 3,998.61 3,670.96 3,346.16 3,361.91 3,204.02 3,177.44 3,305.51 3,217.59 3,142.24 3,137.86 3,014.67 2,883.02 2,802.73
PRICE
1526.75 1503.35 1420.86 1418.30 1335.85 1270.20 1294.83 1248.29 1228.81 1191.33 1180.59 1211.92 1114.58 1140.84 1126.21 1111.92 995.97 974.50 848.18 879.82 815.28 989.81 1147.39 1148.08 1040.94 1224.38 1160.33 1320.28 1436.51 1454.60 1498.58 1469.25 1282.71 1372.71 1286.37 1229.23 1017.01 1133.84 1101.75 970.43 947.28 885.14 757.12 740.74 687.33 670.63 645.50 615.93 584.41 544.75 500.71 459.27 462.71 444.27 445.77 466.45 458.93 450.53 451.67 435.71 417.80 408.14
DIVISOR
8822.50 8879.99 8942.67 8974.73 8997.93 9051.20 9004.80 9015.96 9018.96 (full fload adjusted) 9141.05 9164.75 (half fload adjusted) 9314.65 9328.90 9311.93 9288.96 9250.51 9244.95 9236.54 9227.64 9214.85 9221.83 9184.12 9152.85 9113.82 9065.58 9006.43 8949.76 8872.78 8770.40 8582.71 8465.46 8381.82 8227.74 8182.00 8172.68 8088.29 7989.24 7898.50 7829.71 7784.88 7741.54 7673.57 7655.79 7594.79 7573.12 7550.72 7511.21 7449.38 7373.75 7340.26 7331.51 7285.82 7265.69 7211.87 7127.98 7086.53 7011.06 6974.55 6947.24 6918.99 6900.48 6867.07
03/31/1992 12/31/1991 09/30/1991 06/30/1991 03/31/1991 12/31/1990 09/30/1990 06/30/1990 03/31/1990 12/31/1989 09/30/1989 06/30/1989 03/31/1989 12/31/1988 09/30/1988 06/30/1988 03/31/1988
4.93 4.63 5.11 4.79 4.77 5.01 5.97 6.06 5.61 5.84 5.54 6.53 6.41 6.37 6.22 6.05 5.48
5.36 2.55 3.74 4.54 5.14 4.40 5.33 6.07 5.54 4.80 4.85 6.48 6.74 5.62 6.38 6.22 5.53
33.69 31.35 34.35 32.02 31.80 33.30 39.72 40.34 37.42 39.12 37.03 43.90 43.15 43.50 43.11 42.09 38.24
36.63 17.26 25.14 30.35 34.27 29.25 35.46 40.40 36.95 32.15 32.42 43.57 45.37 38.38 44.22 43.27 38.59
2,758.80 2,823.82 2,607.62 2,481.25 2,501.47 2,194.98 2,036.18 2,382.99 2,267.36 2,367.01 2,333.83 2,137.92 1,985.03 1,896.71 1,884.58 1,902.67 1,806.38
403.69 417.09 387.86 371.16 375.22 330.22 306.05 358.02 339.94 353.40 349.15 317.98 294.87 277.72 271.91 273.50 258.89
6833.95 6770.28 6723.09 6685.13 6666.67 6647.01 6653.10 6656.02 6669.89 6697.81 6684.33 6723.45 6731.88 6829.56 6930.89 6956.73 6977.40
STANDARD & POOR'S INDEX SERVICES S&P 500 CASH DIVIDENDS
QUARTER END 09/30/2007 06/30/2007 03/31/2007 12/31/2006 09/30/2006 06/30/2006 03/31/2006 12/31/2005 09/30/2005 06/30/2005 03/31/2005 12/31/2004 09/30/2004 06/30/2004 03/31/2004 12/31/2003 09/30/2003 06/30/2003 03/31/2003 12/31/2002 09/30/2002 06/30/2002 03/31/2002 12/31/2001 09/30/2001 06/30/2001 03/31/2001 12/31/2000 09/30/2000 06/30/2000 03/31/2000 12/31/1999 09/30/1999 06/30/1999 03/31/1999 12/31/1998 09/30/1998 06/30/1998 03/31/1998
CASH DIVIDENDS INDEX PER SHR 1526.75 1503.35 1420.86 1418.30 1335.85 1270.20 1294.83 1248.29 1228.81 1191.33 1180.59 1211.92 1114.56 1140.84 1126.21 1111.92 995.97 974.50 848.18 879.82 815.28 989.81 1147.39 1148.08 1040.94 1224.38 1160.33 1320.28 1436.51 1454.60 1498.58 1469.25 1282.71 1372.71 1286.37 1229.23 1017.01 1133.84 1101.75
6.90 6.69 6.52 6.86 6.09 6.02 5.91 6.08 5.43 5.36 5.35 5.33 4.88 4.66 4.56 5.06 4.32 4.09 3.92 4.26 3.90 4.15 3.77 3.98 4.14 3.84 3.78 3.98 4.09 4.12 4.08 4.05 4.45 4.18 4.01 4.00 4.26 4.18 3.76
MARKET VALUE DIVIDENDS YIELD $ BIL $ BIL 1.77% 1.74% 1.79% 1.75% 1.80% 1.85% 1.76% 1.78% 1.75% 1.76% 1.71% 1.60% 1.72% 1.63% 1.60% 1.56% 1.67% 1.66% 1.91% 1.83% 1.94% 1.62% 1.37% 1.37% 1.51% 1.28% 1.38% 1.23% 1.14% 1.15% 1.12% 1.14% 1.30% 1.20% 1.28% 1.32% 1.59% 1.41% 1.42%
13,469.72 13,349.73 12,706.32 12,728.86 12,019.85 11,496.84 11,659.69 11,254.54 11,082.59 10,890.01 10,819.81 11,288.60 10,397.80 10,623.42 10,461.32 10,285.83 9,207.69 9,001.01 7,826.70 8,107.41 7,518.37 9,090.53 10,501.89 10,463.39 9,436.72 11,027.29 10,384.68 11,714.55 12,598.77 12,484.41 12,686.17 12,314.99 10,553.80 11,231.51 10,513.09 9,942.37 8,125.14 8,955.64 8,626.38
60.84 59.44 58.32 61.76 54.78 54.46 53.25 54.83 48.99 49.03 48.99 49.68 45.54 43.43 42.36 46.76 39.96 37.74 36.19 39.22 35.97 38.11 34.51 36.27 37.53 34.58 33.83 35.31 35.87 35.36 34.54 33.95 36.61 34.20 32.77 32.35 34.03 33.02 29.44
DIVIDENDS $ BIL 12 MONTHS 240.36 234.30 229.33 224.25 217.31 211.52 206.10 201.84 196.69 193.25 187.64 181.02 178.09 172.51 166.82 160.65 153.11 149.12 149.50 147.81 144.87 146.42 142.90 142.22 141.26 139.60 140.38 141.08 139.72 140.46 139.30 137.53 135.94 133.36 132.18 128.84 127.24 124.64 121.32
12/31/1997 09/30/1997 06/30/1997 03/31/1997 12/31/1996 09/30/1996 06/30/1996 03/31/1996 12/31/1995 09/30/1995 06/30/1995 03/31/1995 12/31/1994 09/30/1994 06/30/1994 03/31/1994 12/31/1993 09/30/1993 06/30/1993 03/31/1993 12/31/1992 09/30/1992 06/30/1992 03/31/1992 12/31/1991 09/30/1991 06/30/1991 03/31/1991 12/31/1990 09/30/1990 06/30/1990 03/31/1990 12/31/1989 09/30/1989 06/30/1989 03/31/1989 12/31/1988 09/30/1988 06/30/1988 03/31/1988
970.43 947.28 885.14 757.12 740.74 687.33 670.63 645.50 615.93 584.41 544.75 500.71 459.27 462.71 444.27 445.77 466.45 458.93 450.53 451.67 435.71 417.80 408.14 403.69 417.09 387.86 371.16 375.22 330.22 306.05 358.02 339.94 353.40 349.15 317.98 294.87 277.72 271.91 273.50 258.89
3.95 4.06 3.87 3.61 3.79 3.89 3.77 3.45 3.55 3.50 3.60 3.14 3.34 3.29 3.41 3.14 3.09 3.20 3.28 3.01 3.03 3.20 3.24 2.91 3.04 3.13 3.24 2.79 3.12 3.00 3.20 2.77 2.86 2.83 2.86 2.50 2.48 2.46 2.54 2.25
1.60% 1.62% 1.71% 1.99% 2.01% 2.13% 2.13% 2.18% 2.24% 2.32% 2.45% 2.63% 2.87% 2.79% 2.89% 2.85% 2.70% 2.73% 2.78% 2.76% 2.84% 2.97% 3.02% 3.05% 2.93% 3.17% 3.27% 3.23% 3.66% 3.87% 3.26% 3.33% 3.13% 3.06% 3.24% 3.38% 3.50% 3.48% 3.37% 3.46%
7,554.68 7,333.41 6,792.18 5,796.35 5,625.76 5,205.23 5,063.74 4,848.49 4,588.30 4,309.29 3,998.61 3,670.96 3,346.16 3,361.91 3,204.02 3,177.44 3,305.51 3,217.59 3,142.24 3,137.86 3,014.67 2,883.02 2,802.73 2,758.80 2,823.82 2,607.62 2,481.25 2,501.47 2,194.98 2,036.18 2,382.99 2,267.36 2,367.01 2,333.83 2,137.92 1,985.03 1,896.71 1,884.58 1,902.67 1,806.38
30.75 31.43 29.70 27.64 28.78 29.46 28.47 25.91 26.45 25.81 26.42 23.02 24.33 23.90 24.59 22.38 21.90 22.44 22.88 20.91 20.96 22.08 22.25 19.89 20.58 21.04 21.66 18.60 20.74 19.96 21.30 18.48 19.16 18.92 19.23 16.83 16.94 17.05 17.67 15.70
119.52 117.55 115.58 114.35 112.62 110.28 106.63 104.59 101.70 99.59 97.68 95.85 95.21 92.78 91.31 89.59 88.12 87.19 86.83 86.21 85.18 84.80 83.76 83.17 81.88 82.04 80.96 80.60 80.47 78.89 77.85 75.78 74.13 71.91 70.05 68.49 67.36
STANDARD & POOR'S INDEX SERVICES S&P 500 CORE EARNINGS BREAKDOWN
PERIOD
CORE OPERATING AS REPORTED PRE-PEN INT EARNS EARNS EARNS PER SHR PER SHR PER SHR
CORE EARNS PER SHR
PENSION OTHER NET OPTION INTEREST PENSION GOODWILL GAINS & SETTLEMENTS EXP ADJ ADJ IMPAIRMENT LOSSES OPEB & LITIGATION REVERSALS PER SHR PER SHR PER SHR PER SHR PER SHR PER SHR PER SHR PER SHR
CORE EARNS PER SHR
FORMULA (rounded)
ANNUAL EPS FY 2007 Estimate FY 2006 Core prelim FY 2005 FY 2004 FY 2003 FY 2002 FY 2001 FY 2000 FY 1999 FY 1998 FY 1997 FY 1996
93.54 87.72 76.45 67.68 54.69 46.04 38.85 56.13 51.68 44.27 44.01 40.63
85.93 81.51 69.93 58.55 48.74 27.59 24.69 50.00 48.17 37.71 39.72 38.73
84.23 81.47 67.83 56.57 45.44 28.67 21.07 41.55 40.05 30.94 35.36 36.02
82.55 81.02 65.58 55.16 44.04 23.66 16.00 38.86 39.91 30.61 35.31 35.90
0.00 0.00 -3.36 -3.30 -3.51 -5.31 -5.31 -3.82 -2.50 -1.56 -1.12 -0.49
-1.68 -0.45 -2.25 -1.41 -1.40 -5.01 -5.07 -2.68 -0.14 -0.33 -0.05 -0.12
-0.65 -0.58 -0.70 -0.46 -0.91 -1.99 -2.26 -2.69 -2.28 -1.42 -1.11 -0.90
-0.32 -1.51 -3.02 -2.32 -1.13 -6.91 -2.47 -0.83 -0.16 -0.24 -0.18 -0.03
1.30 1.10 1.56 1.20 0.79 -1.19 -1.58 3.28 4.24 4.45 2.50 1.36
-0.64 -0.81 -0.75 -0.68 -0.62 -0.35 -0.39 -0.34 0.13 0.07 0.05 0.03
-0.60 -1.12 -1.40 -1.37 -1.47 -0.83 -0.40 -0.90 -0.76 -0.47 -0.16 0.01
0.03 0.18 0.14 0.04 0.05 0.19 0.10 0.06 0.14 0.11 0.03 0.01
82.55 81.02 65.58 55.16 44.04 23.66 16.00 38.86 39.91 30.61 35.31 35.90
82.55 81.02 65.58 55.16 44.04 23.66 16.00 38.86 39.91 30.61 35.31 35.90
QUARTERLY EPS 06/30/2007 Core prelim 03/31/2007 Core prelim 12/31/2006 Core prelim 09/30/2006 06/30/2006 03/31/2006 12/31/2005 09/30/2005 06/30/2005 03/31/2005 12/31/2004
24.06 22.39 21.99 23.03 21.95 20.75 20.19 18.84 19.42 18.00 17.95
21.88 21.33 20.24 21.47 20.11 19.69 17.30 17.39 18.29 16.95 13.94
20.89 21.17 19.90 19.51 18.18 17.29 16.61 15.75 15.03
21.53 21.10 18.99 19.40 17.20 16.88 16.33 15.17 15.02
0.00 0.00 0.00 0.00 -1.06 -0.84 -0.74 -0.72 -0.78
0.64 -0.07 -0.91 -0.11 -0.98 -0.41 -0.28 -0.58 -0.01
-0.35 -0.01 -0.12 -0.10 -0.45 -0.23 -0.02 0.00 -0.01
-1.30 -0.18 -0.01 -0.02 -2.02 -0.86 -0.08 -0.06 -2.12
0.54 0.25 0.15 0.16 -0.14 -0.06 1.08 0.68 0.29
-0.49 -0.12 -0.10 -0.10 -0.37 -0.21 -0.09 -0.08 -0.16
-0.73 -0.04 -0.17 -0.18 -0.67 -0.31 -0.18 -0.24 -0.23
0.00 0.14 0.02 0.02 0.07 0.05 0.01 0.01 0.01
21.53 21.10 18.99 19.40 17.20 16.88 16.33 15.17 15.02
21.53 21.10 18.99 19.40 17.20 16.88 16.33 15.17 15.02
09/30/2004 06/30/2004 03/31/2004 12/31/2003 9/30/2003 06/30/2003 03/31/2003 12/31/2002 09/30/2002 06/30/2002 03/31/2002 12/31/2001 09/30/2001 06/30/2001 03/31/2001
16.88 16.98 15.87 14.88 14.41 12.92 12.48 11.94 11.61 11.64 10.85 9.94 9.16 9.02 10.73
14.18 15.25 15.18 13.16 12.56 11.10 11.92 3.00 8.53 6.87 9.19 5.45 5.23 4.83 9.18
13.01 14.51 14.02 12.93 11.92 10.45 10.78 7.45 7.01 6.50 7.71 3.92 4.72 5.20 7.24
12.36 14.03 13.75 12.93 11.92 10.33 10.61 6.22 5.77 5.24 6.43 2.66 3.46 3.93 5.96
-0.88 -0.88 -0.76 -0.99 -0.98 -0.93 -1.02 -1.30 -1.30 -1.34 -1.37 -1.36 -1.33 -1.31 -1.31
-0.65 -0.48 -0.27 0.00 0.00 -0.12 -0.17 -1.23 -1.24 -1.26 -1.28 -1.26 -1.26 -1.27 -1.28
-0.21 -0.21 -0.03 -0.46 -0.42 -0.41 -0.42 -0.47 -0.57 -0.47 -0.48 -0.60 -0.48 -0.59 -0.59
-0.12 -0.02 -0.07 -0.92 -0.43 -0.29 -0.13 -5.76 -0.37 -0.47 -0.31 -0.18 -0.50 -1.52 -0.27
0.22 0.34 0.34 -0.11 -0.16 -0.29 -0.13 -0.06 0.04 -1.00 -0.17 -0.24 -0.74 -0.86 0.27
-0.19 -0.16 -0.16 -0.11 -0.07 -0.07 -0.07 -0.08 -0.10 -0.08 -0.09 -0.10 -0.09 -0.10 -0.10
-0.22 -0.84 -0.09 -0.32 -0.26 -0.20 -0.13 -0.57 -0.17 -0.07 -0.01 -0.17 -0.17 0.01 -0.06
0.01 0.01 0.01 0.02 0.02 0.02 0.02 0.09 0.05 0.02 0.03 0.07 0.02 0.01 0.01
12.36 14.03 13.75 12.93 11.92 10.33 10.61 6.22 5.85 5.40 6.62 2.92 3.55 4.15 6.15
12.36 14.03 13.75 12.93 11.92 10.33 10.61 6.22 5.77 5.24 6.43 2.66 3.46 3.93 5.96
Mandatory option expensing to starts for fiscal Q1 2006. Option expense was phased in from 1996. 1996-2000 calculations based on fiscal reporting.
STANDARD & POOR'S INDEX SERVICES S&P 500 12 MONTH VALUES
DATE (type of estimate)
12 MONTH 12 MONTH 12 MONTH AS CORE 12 MONTH 12 MONTH OPER REPORTED PRE-PEN INT CORE CASH EARNS EARNS EARNS EARNS DIVIDENDS INDEX PER SHR PER SHR PER SHR PER SHR PER SHR (S&P IPC) (bot up) (top down) (top down) ( top down) (top down)
2008 estimate 2007 estimate
1560.00
105.57 93.54
91.60 85.93
09/30/2007 06/30/2007 03/31/2007 12/31/2006 09/30/2006 06/30/2006 03/31/2006 12/31/2005 09/30/2005 06/30/2005 03/31/2005 12/31/2004 09/30/2004 06/30/2004 03/31/2004 12/31/2003 09/30/2003 06/30/2003 03/31/2003 12/31/2002 09/30/2002 06/30/2002 03/31/2002 12/31/2001 09/30/2001 06/30/2001 03/31/2001 12/31/2000 09/30/2000 06/30/2000 03/31/2000 12/31/1999 09/30/1999
1526.75 1503.35 1420.86 1418.30 1335.85 1270.20 1294.83 1248.29 1228.81 1199.95 1180.59 1211.92 1114.56 1140.84 1126.21 1111.92 995.97 974.50 848.18 879.82 815.28 989.81 1147.39 1148.08 1040.94 1224.38 1160.33 1320.28 1436.51 1454.60 1498.58 1469.25 1282.71
91.53 89.36 87.72 85.92 81.73 79.20 76.45 74.21 72.25 69.81 67.68 64.61 62.14 58.08 54.69 51.75 48.95 47.67 46.04 44.04 41.59 38.97 38.85 42.02 47.03 52.89 56.13 56.79 55.59 53.92 51.68 49.38
84.95 83.15 81.51 78.57 74.49 72.67 69.93 66.57 63.36 60.32 58.55 57.77 56.15 52.00 48.74 38.58 34.55 30.32 27.59 30.04 26.74 24.70 24.69 28.31 36.79 45.44 50.00 53.70 51.92 50.95 48.17 43.96
84.23
82.55
81.47 78.76 74.99 71.59 67.83 64.68 60.40 58.30 56.57 54.47 53.38 49.35 46.08 40.03 35.69 31.74 28.67 25.14 22.85 21.55 21.07
81.02 76.69 72.58 69.81 65.58 63.41 58.88 56.59 55.16 53.07 52.63 48.96 45.79 38.51 32.93 27.84 23.66 20.10 17.79 16.48 16.00
41.55
38.86
40.05
39.91
27.85 26.97 26.17 25.49 24.88 24.10 23.44 22.79 22.22 21.48 20.93 20.23 19.44 19.16 18.60 18.02 17.39 16.59 16.17 16.23 16.08 15.80 16.04 15.73 15.74 15.74 15.69 15.97 16.27 16.34 16.70 16.76 16.69 16.64
06/30/1999 03/31/1999 12/31/1998 09/30/1998 06/30/1998 03/31/1998 12/31/1997 09/30/1997 06/30/1997 03/31/1997 12/31/1996 09/30/1996 06/30/1996 03/31/1996 12/31/1995 09/30/1995 06/30/1995 03/31/1995 12/31/1994 09/30/1994 06/30/1994 03/31/1994 12/31/1993 09/30/1993 06/30/1993 03/31/1993 12/31/1992 09/30/1992 06/30/1992 03/31/1992 12/31/1991 09/30/1991 06/30/1991 03/31/1991 12/31/1990 09/30/1990 06/30/1990 03/31/1990 12/31/1989 09/30/1989 06/30/1989 03/31/1989 12/31/1988 09/30/1988 06/30/1988 03/31/1988
1372.71 1286.37 1229.23 1017.01 1133.84 1101.75 970.43 947.28 885.14 757.12 740.74 687.33 670.63 645.50 615.93 584.41 544.75 500.71 459.27 462.71 444.27 445.77 466.45 458.93 450.53 451.67 435.71 417.80 408.14 403.69 417.09 387.86 371.16 375.22 330.22 306.05 358.02 339.94 353.40 349.15 317.98 294.87 277.72 271.91 273.50 258.89
46.86 45.08 44.27 44.09 44.67 44.37 44.01 43.73 42.62 41.80 40.63 39.40 39.26 38.45 37.70 36.72 34.97 33.22 31.75 30.11 29.00 27.82 26.90 25.35 23.55 22.19 20.87 19.89 19.88 19.46 19.30 19.68 20.54 21.81 22.65 23.48 23.05 23.52 24.32 24.85 25.53 25.05 24.12
41.02 38.38 37.71 38.09 38.97 39.54 39.72 40.64 40.55 40.24 38.73 36.00 34.91 34.04 33.96 35.18 34.43 32.55 30.60 27.33 25.20 22.71 21.89 20.41 19.33 19.84 19.09 18.04 17.05 16.19 15.97 17.82 19.41 20.94 21.34 21.74 21.26 21.67 22.87 23.69 25.22 24.96 23.75 22.73 21.67 18.59
30.94
30.61
35.36
35.31
36.02
35.90
16.45 16.45 16.20 16.15 15.95 15.64 15.49 15.33 15.16 15.06 14.90 14.66 14.27 14.10 13.79 13.58 13.37 13.18 13.18 12.93 12.84 12.71 12.58 12.52 12.52 12.48 12.38 12.39 12.32 12.32 12.20 12.28 12.15 12.11 12.09 11.83 11.66 11.32 11.05 10.67 10.30 9.98 9.73 9.46 9.23 8.95
12/31/1987
247.08
QUARTER END
10/10/2007 1562.47 1.73% 1.81%
CORE OPER AS REPORTED PRE-PEN INT CORE OPER EARNS EARNS EARNS EARNS EARNS PRICE PER SHR PER SHR PER SHR PER SHR PER SHR (ests are (ests are (ests are (ests are (ests are bottom up) top down) top down) top down) top down)
CORE OPER AS REPORTED PRE-PEN INT EARNS EARNS EARNS P/E P/E P/E (ests are (ests are (ests are bottom up) top down) top down)
CORE OPER EARNS EARNS P/E P/E (ests are (ests are top down) top down)
(1996-2000, & 2007 annual )
ESTIMATES 12/31/2008 09/30/2008 06/30/2008 03/31/2008 12/31/2007 09/30/2007 ACTUALS 06/30/2007 03/31/2007 12/31/2006 09/30/2006 06/30/2006 03/31/2006 12/31/2005 09/30/2005 06/30/2005 03/31/2005 12/31/2004 09/30/2004 06/30/2004 03/31/2004 12/31/2003 09/30/2003 06/30/2003 03/31/2003 12/31/2002 09/30/2002 06/30/2002 03/31/2002 12/31/2001 09/30/2001 06/30/2001 03/31/2001 12/31/2000 09/30/2000 06/30/2000
1526.75
28.11 26.58 26.19 24.69 24.23 22.86
21.80 23.00 23.50 23.30 21.00 21.70
1503.35 1420.86 1418.30 1335.85 1270.20 1294.83 1248.29 1228.81 1191.33 1180.59 1211.92 1114.58 1140.84 1126.21 1111.92 995.97 974.50 848.18 879.82 815.28 989.81 1147.39 1148.08 1040.94 1224.38 1160.33 1320.28 1436.51 1454.60
24.06 22.39 21.99 23.03 21.95 20.75 20.19 18.84 19.42 18.00 17.95 16.88 16.98 15.87 14.88 14.41 12.92 12.48 11.94 11.61 11.64 10.85 9.94 9.16 9.02 10.73 13.11 14.17 14.88
21.88 21.33 20.24 21.47 20.11 19.69 17.30 17.39 18.29 16.95 13.94 14.18 15.25 15.18 13.16 12.56 11.10 11.92 3.00 8.53 6.87 9.19 5.45 5.23 4.83 9.18 9.07 13.71 13.48
84.23
20.89 21.17 19.90 19.51 18.18 17.29 16.61 15.75 15.03 13.01 14.51 14.02 12.93 11.92 10.45 10.78 7.45 7.01 6.50 7.71 3.92 4.72 5.20 7.24 41.55
82.55
24.50 24.23 23.83 23.26 23.02 23.49
21.53 21.10 18.99 19.40 17.20 16.88 16.33 15.17 15.02 12.36 14.03 13.75 12.93 11.92 10.33 10.61 6.22 5.77 5.24 6.43 2.66 3.46 3.93 5.96 38.86 (annual)
14.80 15.37 15.95 16.30 16.70 17.11
17.06 17.21 17.46 17.78 18.19 18.35
16.42 15.90 16.17 15.55 15.55 16.35 16.33 16.56 16.49 16.91 17.91 17.25 18.36 19.39 20.33 19.25 19.91 17.79 19.11 18.52 23.80 29.44 29.55 24.77 26.03 21.94 23.52 25.30 26.17
17.70 17.09 17.40 17.00 17.05 17.82 17.85 18.46 18.80 19.57 20.70 19.29 20.32 21.66 22.81 25.82 28.21 27.97 31.89 27.14 37.02 46.45 46.50 36.77 33.28 25.54 26.41 26.75 28.02
18.55
18.93
17.41 16.96 17.35 18.55 18.40 19.00 19.72 20.25 21.42 20.46 21.37 22.83 24.13 24.53 27.30 26.72 30.68 32.43 43.32 53.26 54.49
17.51 17.42 18.03 19.13 19.03 19.38 20.23 20.86 21.97 21.00 21.68 23.02 24.28 25.49 29.59 30.47 37.18 40.56 55.65 69.65 71.75
31.78
33.97
16.31 16.56 16.69 22.39 16.81 17.00
03/31/2000 12/31/1999 09/30/1999 06/30/1999 03/31/1999 12/31/1998 09/30/1998 06/30/1998 03/31/1998 12/31/1997 09/30/1997 06/30/1997 03/31/1997 12/31/1996 09/30/1996 06/30/1996 03/31/1996 12/31/1995 09/30/1995 06/30/1995 03/31/1995 12/31/1994 09/30/1994 06/30/1994 03/31/1994 12/31/1993 09/30/1993 06/30/1993 03/31/1993 12/31/1992 09/30/1992 06/30/1992 03/31/1992 12/31/1991 09/30/1991 06/30/1991 03/31/1991 12/31/1990 09/30/1990 06/30/1990 03/31/1990 12/31/1989 09/30/1989 06/30/1989 03/31/1989 12/31/1988 09/30/1988 06/30/1988 03/31/1988
1498.58 1469.25 1282.71 1372.71 1286.37 1229.23 1017.01 1133.84 1101.75 970.43 947.28 885.14 757.12 740.74 687.33 670.63 645.50 615.93 584.41 544.75 500.71 459.27 462.71 444.27 445.77 466.45 458.93 450.53 451.67 435.71 417.80 408.14 403.69 417.09 387.86 371.16 375.22 330.22 306.05 358.02 339.94 353.40 349.15 317.98 294.87 277.72 271.91 273.50 258.89
13.97 13.77 12.97 13.21 11.73 11.47 10.45 11.43 10.92 11.29 11.03 11.13 10.56 11.01 9.92 10.31 9.39 9.78 9.78 9.50 8.64 8.80 8.03 7.75 7.17 7.16 6.92 6.57 6.25 5.61 5.12 5.21 4.93 4.63 5.11 4.79 4.77 5.01 5.97 6.06 5.61 5.84 5.54 6.53 6.41 6.37 6.22 6.05 5.48
13.74 12.77 11.93 12.51 10.96 8.56 8.99 9.87 10.29 8.94 9.87 10.44 10.47 9.86 9.78 10.13 8.96 7.13 8.69 9.26 8.88 8.35 7.94 7.38 6.93 5.08 5.81 4.89 6.11 3.60 4.73 5.40 5.36 2.55 3.74 4.54 5.14 4.40 5.33 6.07 5.54 4.80 4.85 6.48 6.74 5.62 6.38 6.22 5.53
40.05
39.91 (annual)
30.94
30.61 (annual)
35.36
35.31 (annual)
36.02
35.90 (annual)
27.79 28.43 25.98 29.29 28.54 27.77 23.07 25.38 24.83 22.05 21.66 20.77 18.11 18.23 17.44 17.08 16.79 16.34 15.92 15.58 15.07 14.47 15.37 15.32 16.02 17.34 18.10 19.13 20.35 20.88 21.01 20.53 20.74 21.61 19.71 18.07 17.20 14.58 13.03 15.53 14.45 14.53 14.05 12.46 11.77 11.51
Actual and preliminary earnings are bottom up. Estimates are bottom up and top down, as marked. The current reporting period is shown (xx%), indicating that xx% is based on actual earnings and 100-xx% are based on estimates. Estimated P/Es are based on the report date price; actual and preliminary P/Es are based on the quarter end price.
29.41 30.50 29.18 33.46 33.52 32.60 26.70 29.10 27.86 24.43 23.31 21.83 18.82 19.13 19.09 19.21 18.96 18.14 16.61 15.82 15.38 15.01 16.93 17.63 19.63 21.31 22.49 23.31 22.77 22.82 23.16 23.94 24.93 26.12 21.77 19.12 17.92 15.47 14.08 16.84 15.69 15.45 14.74 12.61 11.81 11.69
36.68
36.81
39.73
40.15
27.45
27.48
20.57
20.64
Core actuals are bottom up and preliminary. Core Pre-Pension Interest adjustment values, with the volatile pension interest adjustment costs removed, are bottom up and preliminary.
STANDARD & POOR'S INDEX SERVICES S&P 500 DIVISORS AND AGGREGATES
QUARTER END
09/30/2007 06/30/2007 03/31/2007 12/31/2006 09/30/2006 06/30/2006 03/31/2006 12/31/2005 09/30/2005 06/30/2005 03/31/2005 12/31/2004 09/30/2004 06/30/2004 03/31/2004 12/31/2003 09/30/2003 06/30/2003 03/31/2003 12/31/2002 09/30/2002 06/30/2002 03/31/2002 12/31/2001 09/30/2001 06/30/2001 03/31/2001 12/31/2000 09/30/2000 06/30/2000 03/31/2000 12/31/1999 09/30/1999 06/30/1999 03/31/1999 12/31/1998 09/30/1998 06/30/1998 03/31/1998 12/31/1997 09/30/1997 06/30/1997 03/31/1997 12/31/1996 09/30/1996 06/30/1996 03/31/1996 12/31/1995 09/30/1995 06/30/1995 03/31/1995 12/31/1994 09/30/1994 06/30/1994 03/31/1994 12/31/1993 09/30/1993 06/30/1993 03/31/1993 12/31/1992 09/30/1992 06/30/1992
CORE OPER AS REPORTED PRE-PEN INT EARNS EARNS EARNS PER SHR PER SHR PER SHR
24.06 22.39 21.99 23.03 21.95 20.75 20.19 18.84 19.42 18.00 17.95 16.88 16.98 15.87 14.88 14.41 12.92 12.48 11.94 11.61 11.64 10.85 9.94 9.16 9.02 10.73 13.11 14.17 14.88 13.97 13.77 12.97 13.21 11.73 11.47 10.45 11.43 10.92 11.29 11.03 11.13 10.56 11.01 9.92 10.31 9.39 9.78 9.78 9.50 8.64 8.80 8.03 7.75 7.17 7.16 6.92 6.57 6.25 5.61 5.12 5.21
21.88 21.33 20.24 21.47 20.11 19.69 17.30 17.39 18.29 16.85 13.94 14.18 15.25 15.18 13.16 12.56 11.10 11.92 3.00 8.53 6.87 9.19 5.45 5.23 4.83 9.18 9.07 13.71 13.48 13.74 12.77 11.93 12.51 10.96 8.56 8.99 9.87 10.29 8.94 9.87 10.44 10.47 9.86 9.78 10.13 8.96 7.13 8.69 9.26 8.88 8.35 7.94 7.38 6.93 5.08 5.81 4.89 6.11 3.60 4.73 5.40
CORE CORE OPER AS REPORTED PRE-PEN INT CORE MARKET EARNS EARNS EARNS EARNS EARNS VALUE PER SHR $ BIL $ BIL $ BIL $ BIL $ BIL (1996-2000 annual) (1996-2000 annual)
20.89 21.17 19.90 19.51 18.39 17.29 16.61 15.85 15.03 13.01 14.51 14.02 12.93 11.35 10.45 10.78 7.45 7.01 6.50 7.71 3.92 4.72 5.20 7.24 41.55
21.53 21.10 18.99 19.40 17.41 16.88 16.33 15.53 15.02 12.36 14.03 13.75 12.93 11.35 10.33 10.61 6.22 5.77 5.24 6.43 2.66 3.46 3.93 5.96 38.86
40.05
39.91
30.94
30.61
35.36
35.31
36.02
35.90
213.65 200.23 197.35 207.22 198.67 186.85 182.03 169.92 177.52 164.97 167.20 157.47 158.12 147.42 137.65 133.22 119.34 115.16 110.03 107.07 106.90 99.31 90.59 83.04 81.24 96.03 116.32 124.28 127.71 118.26 115.42 106.71 108.08 95.87 92.77 83.49 90.28 85.50 87.89 85.39 85.41 80.85 83.62 75.13 77.85 70.53 72.85 72.12 69.73 63.34 64.12 58.34 55.89 51.11 50.74 48.52 45.82 43.42 38.82 35.33 35.78
194.29 190.75 181.65 193.19 182.02 177.30 155.98 156.84 167.19 154.43 129.85 132.28 142.01 141.01 121.74 116.12 102.53 109.99 27.64 78.66 63.09 84.11 49.67 47.41 43.50 82.16 80.48 120.24 115.69 116.32 107.04 98.16 102.36 89.57 69.24 71.82 77.96 80.57 69.60 76.41 80.11 80.16 74.88 74.07 76.49 67.30 53.11 64.08 67.97 65.10 60.84 57.69 53.22 49.40 36.00 40.73 34.11 42.45 24.91 32.64 37.08
187.48 190.49 180.12 175.68 165.80 155.94 151.83 145.26 140.00 121.37 135.12 130.23 119.61 104.93 96.52 99.47 68.65 64.65 59.69 70.61 35.69 42.76 46.79 64.82 368.65
193.23 189.86 171.88 174.69 156.97 152.24 149.27 142.33 139.91 115.31 130.65 127.72 119.61 104.93 95.41 97.91 57.32 53.21 48.12 58.89 24.21 31.34 35.35 53.36 344.83
335.70
334.56
250.26
247.61
275.25
274.88
273.56
272.62
13,469.72 13,349.73 12,706.32 12,728.86 12,019.85 11,496.84 11,659.69 11,254.54 11,082.59 10,890.01 10,819.81 11,288.60 10,397.80 10,623.42 10,461.32 10,285.83 9,207.69 9,001.01 7,826.70 8,107.41 7,518.37 9,090.53 10,501.89 10,463.39 9,436.72 11,027.29 10,384.68 11,714.55 12,598.77 12,484.41 12,686.17 12,314.99 10,553.80 11,231.51 10,513.09 9,942.37 8,125.14 8,955.64 8,626.38 7,554.68 7,333.41 6,792.18 5,796.35 5,625.76 5,205.23 5,063.74 4,848.49 4,588.30 4,309.29 3,998.61 3,670.96 3,346.16 3,361.91 3,204.02 3,177.44 3,305.51 3,217.59 3,142.24 3,137.86 3,014.67 2,883.02 2,802.73
PRICE
1526.75 1503.35 1420.86 1418.30 1335.85 1270.20 1294.83 1248.29 1228.81 1191.33 1180.59 1211.92 1114.58 1140.84 1126.21 1111.92 995.97 974.50 848.18 879.82 815.28 989.81 1147.39 1148.08 1040.94 1224.38 1160.33 1320.28 1436.51 1454.60 1498.58 1469.25 1282.71 1372.71 1286.37 1229.23 1017.01 1133.84 1101.75 970.43 947.28 885.14 757.12 740.74 687.33 670.63 645.50 615.93 584.41 544.75 500.71 459.27 462.71 444.27 445.77 466.45 458.93 450.53 451.67 435.71 417.80 408.14
DIVISOR
8822.50 8879.99 8942.67 8974.73 8997.93 9051.20 9004.80 9015.96 9018.96 (full fload adjusted) 9141.05 9164.75 (half fload adjusted) 9314.65 9328.90 9311.93 9288.96 9250.51 9244.95 9236.54 9227.64 9214.85 9221.83 9184.12 9152.85 9113.82 9065.58 9006.43 8949.76 8872.78 8770.40 8582.71 8465.46 8381.82 8227.74 8182.00 8172.68 8088.29 7989.24 7898.50 7829.71 7784.88 7741.54 7673.57 7655.79 7594.79 7573.12 7550.72 7511.21 7449.38 7373.75 7340.26 7331.51 7285.82 7265.69 7211.87 7127.98 7086.53 7011.06 6974.55 6947.24 6918.99 6900.48 6867.07
03/31/1992 12/31/1991 09/30/1991 06/30/1991 03/31/1991 12/31/1990 09/30/1990 06/30/1990 03/31/1990 12/31/1989 09/30/1989 06/30/1989 03/31/1989 12/31/1988 09/30/1988 06/30/1988 03/31/1988
4.93 4.63 5.11 4.79 4.77 5.01 5.97 6.06 5.61 5.84 5.54 6.53 6.41 6.37 6.22 6.05 5.48
5.36 2.55 3.74 4.54 5.14 4.40 5.33 6.07 5.54 4.80 4.85 6.48 6.74 5.62 6.38 6.22 5.53
33.69 31.35 34.35 32.02 31.80 33.30 39.72 40.34 37.42 39.12 37.03 43.90 43.15 43.50 43.11 42.09 38.24
36.63 17.26 25.14 30.35 34.27 29.25 35.46 40.40 36.95 32.15 32.42 43.57 45.37 38.38 44.22 43.27 38.59
2,758.80 2,823.82 2,607.62 2,481.25 2,501.47 2,194.98 2,036.18 2,382.99 2,267.36 2,367.01 2,333.83 2,137.92 1,985.03 1,896.71 1,884.58 1,902.67 1,806.38
403.69 417.09 387.86 371.16 375.22 330.22 306.05 358.02 339.94 353.40 349.15 317.98 294.87 277.72 271.91 273.50 258.89
6833.95 6770.28 6723.09 6685.13 6666.67 6647.01 6653.10 6656.02 6669.89 6697.81 6684.33 6723.45 6731.88 6829.56 6930.89 6956.73 6977.40
STANDARD & POOR'S INDEX SERVICES S&P 500 CASH DIVIDENDS
QUARTER END 09/30/2007 06/30/2007 03/31/2007 12/31/2006 09/30/2006 06/30/2006 03/31/2006 12/31/2005 09/30/2005 06/30/2005 03/31/2005 12/31/2004 09/30/2004 06/30/2004 03/31/2004 12/31/2003 09/30/2003 06/30/2003 03/31/2003 12/31/2002 09/30/2002 06/30/2002 03/31/2002 12/31/2001 09/30/2001 06/30/2001 03/31/2001 12/31/2000 09/30/2000 06/30/2000 03/31/2000 12/31/1999 09/30/1999 06/30/1999 03/31/1999 12/31/1998 09/30/1998 06/30/1998 03/31/1998
CASH DIVIDENDS INDEX PER SHR 1526.75 1503.35 1420.86 1418.30 1335.85 1270.20 1294.83 1248.29 1228.81 1191.33 1180.59 1211.92 1114.56 1140.84 1126.21 1111.92 995.97 974.50 848.18 879.82 815.28 989.81 1147.39 1148.08 1040.94 1224.38 1160.33 1320.28 1436.51 1454.60 1498.58 1469.25 1282.71 1372.71 1286.37 1229.23 1017.01 1133.84 1101.75
6.90 6.69 6.52 6.86 6.09 6.02 5.91 6.08 5.43 5.36 5.35 5.33 4.88 4.66 4.56 5.06 4.32 4.09 3.92 4.26 3.90 4.15 3.77 3.98 4.14 3.84 3.78 3.98 4.09 4.12 4.08 4.05 4.45 4.18 4.01 4.00 4.26 4.18 3.76
MARKET VALUE DIVIDENDS YIELD $ BIL $ BIL 1.77% 1.74% 1.79% 1.75% 1.80% 1.85% 1.76% 1.78% 1.75% 1.76% 1.71% 1.60% 1.72% 1.63% 1.60% 1.56% 1.67% 1.66% 1.91% 1.83% 1.94% 1.62% 1.37% 1.37% 1.51% 1.28% 1.38% 1.23% 1.14% 1.15% 1.12% 1.14% 1.30% 1.20% 1.28% 1.32% 1.59% 1.41% 1.42%
13,469.72 13,349.73 12,706.32 12,728.86 12,019.85 11,496.84 11,659.69 11,254.54 11,082.59 10,890.01 10,819.81 11,288.60 10,397.80 10,623.42 10,461.32 10,285.83 9,207.69 9,001.01 7,826.70 8,107.41 7,518.37 9,090.53 10,501.89 10,463.39 9,436.72 11,027.29 10,384.68 11,714.55 12,598.77 12,484.41 12,686.17 12,314.99 10,553.80 11,231.51 10,513.09 9,942.37 8,125.14 8,955.64 8,626.38
60.84 59.44 58.32 61.76 54.78 54.46 53.25 54.83 48.99 49.03 48.99 49.68 45.54 43.43 42.36 46.76 39.96 37.74 36.19 39.22 35.97 38.11 34.51 36.27 37.53 34.58 33.83 35.31 35.87 35.36 34.54 33.95 36.61 34.20 32.77 32.35 34.03 33.02 29.44
DIVIDENDS $ BIL 12 MONTHS 240.36 234.30 229.33 224.25 217.31 211.52 206.10 201.84 196.69 193.25 187.64 181.02 178.09 172.51 166.82 160.65 153.11 149.12 149.50 147.81 144.87 146.42 142.90 142.22 141.26 139.60 140.38 141.08 139.72 140.46 139.30 137.53 135.94 133.36 132.18 128.84 127.24 124.64 121.32
12/31/1997 09/30/1997 06/30/1997 03/31/1997 12/31/1996 09/30/1996 06/30/1996 03/31/1996 12/31/1995 09/30/1995 06/30/1995 03/31/1995 12/31/1994 09/30/1994 06/30/1994 03/31/1994 12/31/1993 09/30/1993 06/30/1993 03/31/1993 12/31/1992 09/30/1992 06/30/1992 03/31/1992 12/31/1991 09/30/1991 06/30/1991 03/31/1991 12/31/1990 09/30/1990 06/30/1990 03/31/1990 12/31/1989 09/30/1989 06/30/1989 03/31/1989 12/31/1988 09/30/1988 06/30/1988 03/31/1988
970.43 947.28 885.14 757.12 740.74 687.33 670.63 645.50 615.93 584.41 544.75 500.71 459.27 462.71 444.27 445.77 466.45 458.93 450.53 451.67 435.71 417.80 408.14 403.69 417.09 387.86 371.16 375.22 330.22 306.05 358.02 339.94 353.40 349.15 317.98 294.87 277.72 271.91 273.50 258.89
3.95 4.06 3.87 3.61 3.79 3.89 3.77 3.45 3.55 3.50 3.60 3.14 3.34 3.29 3.41 3.14 3.09 3.20 3.28 3.01 3.03 3.20 3.24 2.91 3.04 3.13 3.24 2.79 3.12 3.00 3.20 2.77 2.86 2.83 2.86 2.50 2.48 2.46 2.54 2.25
1.60% 1.62% 1.71% 1.99% 2.01% 2.13% 2.13% 2.18% 2.24% 2.32% 2.45% 2.63% 2.87% 2.79% 2.89% 2.85% 2.70% 2.73% 2.78% 2.76% 2.84% 2.97% 3.02% 3.05% 2.93% 3.17% 3.27% 3.23% 3.66% 3.87% 3.26% 3.33% 3.13% 3.06% 3.24% 3.38% 3.50% 3.48% 3.37% 3.46%
7,554.68 7,333.41 6,792.18 5,796.35 5,625.76 5,205.23 5,063.74 4,848.49 4,588.30 4,309.29 3,998.61 3,670.96 3,346.16 3,361.91 3,204.02 3,177.44 3,305.51 3,217.59 3,142.24 3,137.86 3,014.67 2,883.02 2,802.73 2,758.80 2,823.82 2,607.62 2,481.25 2,501.47 2,194.98 2,036.18 2,382.99 2,267.36 2,367.01 2,333.83 2,137.92 1,985.03 1,896.71 1,884.58 1,902.67 1,806.38
30.75 31.43 29.70 27.64 28.78 29.46 28.47 25.91 26.45 25.81 26.42 23.02 24.33 23.90 24.59 22.38 21.90 22.44 22.88 20.91 20.96 22.08 22.25 19.89 20.58 21.04 21.66 18.60 20.74 19.96 21.30 18.48 19.16 18.92 19.23 16.83 16.94 17.05 17.67 15.70
119.52 117.55 115.58 114.35 112.62 110.28 106.63 104.59 101.70 99.59 97.68 95.85 95.21 92.78 91.31 89.59 88.12 87.19 86.83 86.21 85.18 84.80 83.76 83.17 81.88 82.04 80.96 80.60 80.47 78.89 77.85 75.78 74.13 71.91 70.05 68.49 67.36
STANDARD & POOR'S INDEX SERVICES S&P 500 CORE EARNINGS BREAKDOWN
PERIOD
CORE OPERATING AS REPORTED PRE-PEN INT EARNS EARNS EARNS PER SHR PER SHR PER SHR
CORE EARNS PER SHR
PENSION OTHER NET OPTION INTEREST PENSION GOODWILL GAINS & SETTLEMENTS EXP ADJ ADJ IMPAIRMENT LOSSES OPEB & LITIGATION REVERSALS PER SHR PER SHR PER SHR PER SHR PER SHR PER SHR PER SHR PER SHR
CORE EARNS PER SHR
FORMULA (rounded)
ANNUAL EPS FY 2007 Estimate FY 2006 Core prelim FY 2005 FY 2004 FY 2003 FY 2002 FY 2001 FY 2000 FY 1999 FY 1998 FY 1997 FY 1996
93.54 87.72 76.45 67.68 54.69 46.04 38.85 56.13 51.68 44.27 44.01 40.63
85.93 81.51 69.93 58.55 48.74 27.59 24.69 50.00 48.17 37.71 39.72 38.73
84.23 81.47 67.83 56.57 45.44 28.67 21.07 41.55 40.05 30.94 35.36 36.02
82.55 81.02 65.58 55.16 44.04 23.66 16.00 38.86 39.91 30.61 35.31 35.90
0.00 0.00 -3.36 -3.30 -3.51 -5.31 -5.31 -3.82 -2.50 -1.56 -1.12 -0.49
-1.68 -0.45 -2.25 -1.41 -1.40 -5.01 -5.07 -2.68 -0.14 -0.33 -0.05 -0.12
-0.65 -0.58 -0.70 -0.46 -0.91 -1.99 -2.26 -2.69 -2.28 -1.42 -1.11 -0.90
-0.32 -1.51 -3.02 -2.32 -1.13 -6.91 -2.47 -0.83 -0.16 -0.24 -0.18 -0.03
1.30 1.10 1.56 1.20 0.79 -1.19 -1.58 3.28 4.24 4.45 2.50 1.36
-0.64 -0.81 -0.75 -0.68 -0.62 -0.35 -0.39 -0.34 0.13 0.07 0.05 0.03
-0.60 -1.12 -1.40 -1.37 -1.47 -0.83 -0.40 -0.90 -0.76 -0.47 -0.16 0.01
0.03 0.18 0.14 0.04 0.05 0.19 0.10 0.06 0.14 0.11 0.03 0.01
82.55 81.02 65.58 55.16 44.04 23.66 16.00 38.86 39.91 30.61 35.31 35.90
82.55 81.02 65.58 55.16 44.04 23.66 16.00 38.86 39.91 30.61 35.31 35.90
QUARTERLY EPS 06/30/2007 Core prelim 03/31/2007 Core prelim 12/31/2006 Core prelim 09/30/2006 06/30/2006 03/31/2006 12/31/2005 09/30/2005 06/30/2005 03/31/2005 12/31/2004
24.06 22.39 21.99 23.03 21.95 20.75 20.19 18.84 19.42 18.00 17.95
21.88 21.33 20.24 21.47 20.11 19.69 17.30 17.39 18.29 16.95 13.94
20.89 21.17 19.90 19.51 18.18 17.29 16.61 15.75 15.03
21.53 21.10 18.99 19.40 17.20 16.88 16.33 15.17 15.02
0.00 0.00 0.00 0.00 -1.06 -0.84 -0.74 -0.72 -0.78
0.64 -0.07 -0.91 -0.11 -0.98 -0.41 -0.28 -0.58 -0.01
-0.35 -0.01 -0.12 -0.10 -0.45 -0.23 -0.02 0.00 -0.01
-1.30 -0.18 -0.01 -0.02 -2.02 -0.86 -0.08 -0.06 -2.12
0.54 0.25 0.15 0.16 -0.14 -0.06 1.08 0.68 0.29
-0.49 -0.12 -0.10 -0.10 -0.37 -0.21 -0.09 -0.08 -0.16
-0.73 -0.04 -0.17 -0.18 -0.67 -0.31 -0.18 -0.24 -0.23
0.00 0.14 0.02 0.02 0.07 0.05 0.01 0.01 0.01
21.53 21.10 18.99 19.40 17.20 16.88 16.33 15.17 15.02
21.53 21.10 18.99 19.40 17.20 16.88 16.33 15.17 15.02
09/30/2004 06/30/2004 03/31/2004 12/31/2003 9/30/2003 06/30/2003 03/31/2003 12/31/2002 09/30/2002 06/30/2002 03/31/2002 12/31/2001 09/30/2001 06/30/2001 03/31/2001
16.88 16.98 15.87 14.88 14.41 12.92 12.48 11.94 11.61 11.64 10.85 9.94 9.16 9.02 10.73
14.18 15.25 15.18 13.16 12.56 11.10 11.92 3.00 8.53 6.87 9.19 5.45 5.23 4.83 9.18
13.01 14.51 14.02 12.93 11.92 10.45 10.78 7.45 7.01 6.50 7.71 3.92 4.72 5.20 7.24
12.36 14.03 13.75 12.93 11.92 10.33 10.61 6.22 5.77 5.24 6.43 2.66 3.46 3.93 5.96
-0.88 -0.88 -0.76 -0.99 -0.98 -0.93 -1.02 -1.30 -1.30 -1.34 -1.37 -1.36 -1.33 -1.31 -1.31
-0.65 -0.48 -0.27 0.00 0.00 -0.12 -0.17 -1.23 -1.24 -1.26 -1.28 -1.26 -1.26 -1.27 -1.28
-0.21 -0.21 -0.03 -0.46 -0.42 -0.41 -0.42 -0.47 -0.57 -0.47 -0.48 -0.60 -0.48 -0.59 -0.59
-0.12 -0.02 -0.07 -0.92 -0.43 -0.29 -0.13 -5.76 -0.37 -0.47 -0.31 -0.18 -0.50 -1.52 -0.27
0.22 0.34 0.34 -0.11 -0.16 -0.29 -0.13 -0.06 0.04 -1.00 -0.17 -0.24 -0.74 -0.86 0.27
-0.19 -0.16 -0.16 -0.11 -0.07 -0.07 -0.07 -0.08 -0.10 -0.08 -0.09 -0.10 -0.09 -0.10 -0.10
-0.22 -0.84 -0.09 -0.32 -0.26 -0.20 -0.13 -0.57 -0.17 -0.07 -0.01 -0.17 -0.17 0.01 -0.06
0.01 0.01 0.01 0.02 0.02 0.02 0.02 0.09 0.05 0.02 0.03 0.07 0.02 0.01 0.01
12.36 14.03 13.75 12.93 11.92 10.33 10.61 6.22 5.85 5.40 6.62 2.92 3.55 4.15 6.15
12.36 14.03 13.75 12.93 11.92 10.33 10.61 6.22 5.77 5.24 6.43 2.66 3.46 3.93 5.96
Mandatory option expensing to starts for fiscal Q1 2006. Option expense was phased in from 1996. 1996-2000 calculations based on fiscal reporting.
STANDARD & POOR'S INDEX SERVICES S&P 500 12 MONTH VALUES
DATE (type of estimate)
12 MONTH 12 MONTH 12 MONTH AS CORE 12 MONTH 12 MONTH OPER REPORTED PRE-PEN INT CORE CASH EARNS EARNS EARNS EARNS DIVIDENDS INDEX PER SHR PER SHR PER SHR PER SHR PER SHR (S&P IPC) (bot up) (top down) (top down) ( top down) (top down)
2008 estimate 2007 estimate
1560.00
105.57 93.54
91.60 85.93
09/30/2007 06/30/2007 03/31/2007 12/31/2006 09/30/2006 06/30/2006 03/31/2006 12/31/2005 09/30/2005 06/30/2005 03/31/2005 12/31/2004 09/30/2004 06/30/2004 03/31/2004 12/31/2003 09/30/2003 06/30/2003 03/31/2003 12/31/2002 09/30/2002 06/30/2002 03/31/2002 12/31/2001 09/30/2001 06/30/2001 03/31/2001 12/31/2000 09/30/2000 06/30/2000 03/31/2000 12/31/1999 09/30/1999
1526.75 1503.35 1420.86 1418.30 1335.85 1270.20 1294.83 1248.29 1228.81 1199.95 1180.59 1211.92 1114.56 1140.84 1126.21 1111.92 995.97 974.50 848.18 879.82 815.28 989.81 1147.39 1148.08 1040.94 1224.38 1160.33 1320.28 1436.51 1454.60 1498.58 1469.25 1282.71
91.53 89.36 87.72 85.92 81.73 79.20 76.45 74.21 72.25 69.81 67.68 64.61 62.14 58.08 54.69 51.75 48.95 47.67 46.04 44.04 41.59 38.97 38.85 42.02 47.03 52.89 56.13 56.79 55.59 53.92 51.68 49.38
84.95 83.15 81.51 78.57 74.49 72.67 69.93 66.57 63.36 60.32 58.55 57.77 56.15 52.00 48.74 38.58 34.55 30.32 27.59 30.04 26.74 24.70 24.69 28.31 36.79 45.44 50.00 53.70 51.92 50.95 48.17 43.96
84.23
82.55
81.47 78.76 74.99 71.59 67.83 64.68 60.40 58.30 56.57 54.47 53.38 49.35 46.08 40.03 35.69 31.74 28.67 25.14 22.85 21.55 21.07
81.02 76.69 72.58 69.81 65.58 63.41 58.88 56.59 55.16 53.07 52.63 48.96 45.79 38.51 32.93 27.84 23.66 20.10 17.79 16.48 16.00
41.55
38.86
40.05
39.91
27.85 26.97 26.17 25.49 24.88 24.10 23.44 22.79 22.22 21.48 20.93 20.23 19.44 19.16 18.60 18.02 17.39 16.59 16.17 16.23 16.08 15.80 16.04 15.73 15.74 15.74 15.69 15.97 16.27 16.34 16.70 16.76 16.69 16.64
06/30/1999 03/31/1999 12/31/1998 09/30/1998 06/30/1998 03/31/1998 12/31/1997 09/30/1997 06/30/1997 03/31/1997 12/31/1996 09/30/1996 06/30/1996 03/31/1996 12/31/1995 09/30/1995 06/30/1995 03/31/1995 12/31/1994 09/30/1994 06/30/1994 03/31/1994 12/31/1993 09/30/1993 06/30/1993 03/31/1993 12/31/1992 09/30/1992 06/30/1992 03/31/1992 12/31/1991 09/30/1991 06/30/1991 03/31/1991 12/31/1990 09/30/1990 06/30/1990 03/31/1990 12/31/1989 09/30/1989 06/30/1989 03/31/1989 12/31/1988 09/30/1988 06/30/1988 03/31/1988
1372.71 1286.37 1229.23 1017.01 1133.84 1101.75 970.43 947.28 885.14 757.12 740.74 687.33 670.63 645.50 615.93 584.41 544.75 500.71 459.27 462.71 444.27 445.77 466.45 458.93 450.53 451.67 435.71 417.80 408.14 403.69 417.09 387.86 371.16 375.22 330.22 306.05 358.02 339.94 353.40 349.15 317.98 294.87 277.72 271.91 273.50 258.89
46.86 45.08 44.27 44.09 44.67 44.37 44.01 43.73 42.62 41.80 40.63 39.40 39.26 38.45 37.70 36.72 34.97 33.22 31.75 30.11 29.00 27.82 26.90 25.35 23.55 22.19 20.87 19.89 19.88 19.46 19.30 19.68 20.54 21.81 22.65 23.48 23.05 23.52 24.32 24.85 25.53 25.05 24.12
41.02 38.38 37.71 38.09 38.97 39.54 39.72 40.64 40.55 40.24 38.73 36.00 34.91 34.04 33.96 35.18 34.43 32.55 30.60 27.33 25.20 22.71 21.89 20.41 19.33 19.84 19.09 18.04 17.05 16.19 15.97 17.82 19.41 20.94 21.34 21.74 21.26 21.67 22.87 23.69 25.22 24.96 23.75 22.73 21.67 18.59
30.94
30.61
35.36
35.31
36.02
35.90
16.45 16.45 16.20 16.15 15.95 15.64 15.49 15.33 15.16 15.06 14.90 14.66 14.27 14.10 13.79 13.58 13.37 13.18 13.18 12.93 12.84 12.71 12.58 12.52 12.52 12.48 12.38 12.39 12.32 12.32 12.20 12.28 12.15 12.11 12.09 11.83 11.66 11.32 11.05 10.67 10.30 9.98 9.73 9.46 9.23 8.95
12/31/1987
247.08
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