PEG Cost SavingsNon-interest Expense: Actual (a) vs. Inflationary Growth (b)

CPI Base

CPI +3.4%

CPI +2.8%

CPI +2.0%

$80 Savings

$180 Savings

$240 Savings

( in millions)

(a) Total noninterest expense less significant nonrecurring items, adjusted for divested operations

(b) Bureau of Labor Statistics- CPI Jan. 2000 - Nov. 2001; estimate of 2% for 2002

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