We should note that our conviction in US preeminence and US economic growth in 2017 is greater than our conviction in the direction of the equity markets. Just as we were appropriately humble about how much further equity markets could fall when we published our 2009 Outlook, we are equally humble today about our financial market outlook given the significant uncertainties ahead. Here, we are reminded of Voltaire’s famous words: “Doubt is not an agreeable condition, but certainty is an absurd one.” A client with a well-diversified portfolio that is fully invested at its US equity allocation is generally well positioned for these uncertain and probably volatile times. We hope our 2017 Outlook is helpful as you evaluate your portfolio allocations. We also wish you a healthy, happy and productive 2017. The Investment Strategy Group | :- ~~ —- ae =| = —— — 3 = r - Aaa, Outlook | Investment Strategy Group 3 HOUSE_OVERSIGHT_014536