Exhibit 1: US Initial Unemployment Claims as a H a If Fu | | Share of the Labor Force Claims as a share of the labor force are at record lows. Since the trough of the global financial crisis in Monthly Average (%) March 2009, US equities have returned nearly O7 300%, producing one of the longest bull markets 0s | in the post-WWII period and outperforming all | other major developed and emerging market 05 4 country equities. US equities have also exceeded | their pre-crisis peaks of October 2007 and March aa 2000 by 75% and 103%, respectively, on a total 03 return basis. This bull market has exceeded all | other bull markets but one in length and exceeded " | o all but three in magnitude. ou US economic growth has also exceeded that of | most other recoveries in length. This recovery is the U0 a 1975 1983 1991 1999 2007 ste fourth-longest recovery in the post-WWII period? . . Data through December 2016. and if, as we expect, the US economy avoids a Source: Investment Strategy Group, Datastream. recession in the first half of 2017, this recovery Sv will become the third-longest. While many critics correctly point out that it is the slowest recovery since WWII, it has actually created more economic _—_ Exhibit 2: Corporate Profits as a Share of US GDP growth than some of the stronger recoveries Profits have been higher than current levels only 17% of the that lasted for shorter periods. On a cumulative time since 1950. basis, this recovery ranks sixth out of the last 10 Seo GDP recoveries with respect to GDP growth. What this " Corporate Profits recovery has lacked in strength, it has partially Smee lionel made up for in length. ? - The slow but steady growth has also exceeded that of all other major developed economies, ii and US GDP per capita has increased more than oe in |e eee Wr ie eee 2 eee eee | ee the GDP per capita of any major developed or j | emerging market country. This recovery has created over 15 million | jobs. The unemployment rate decreased fr