V-SHAPED RECOVERY UNLIKELY S&P 500 IT MEDIA TELECOM SVCS Y / Y Current S&P 500 Consensus Actual and Expected Operating Earnings Growth (Weighted-Avg. % / Y/Y) CY00 CY01 CY02 CY03 CY04 CY05 CY06 CY07 CY08E CY09E Financials 5% -10% 18% 25% 11% 5% 23% -37% -46% 109% Consumer Discretionary 0% -24% 33% 11% 28% 2% 9% -10% -16% 41% Media -1% -6% 34% 12% 33% 28% 27% 15% 11% 11% Information Technology 28% -63% 0% 46% 43% 20% 12% 21% 10% 17% Telecom Services 6% -24% -8% 0% -8% 14% 17% 5% -1% 10% S&P 500 17% -17% 5% 18% 20% 15% 16% -4% 1% 23%