Exhibit 3: Growth in US Real GDP Across Post- Exhibit 4: Change in US Household Leverage WWII Expansions Following Recessions In this recovery, GDP has grown at half the average pace of ~— A large reduction in household debt served as a drag on the prior expansions. pace of this recovery. Cumulative Growth (%) Change in Debt-to-GDP (Percentage Points) 60 - oe = 021954 = = = — = 031980 10 = ——— - Previous Post-WWII Recoveries (Median) —— 021958 9 ———041982 —_ Current Recovery 0) gaia eat sy en a er ———01 1975, |= 02.2009 _- as 40 4 0 mae ae we rd 30 . ia Be - - r ° 20 + Pid -10 4 10 | a 45 4 — 18:3 q La 29 | 0 4 8 12 16 20 24 28 32 36 40 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 Quarters After Trough Quarters After Recession End Data as of 03 2016. Data through 03 2016. Source: Investment Strategy Group, Datastream, National Bureau of Economic Research. Source: Investment Strategy Group, National Bureau of Economic Research, Federal Reserve Economic Data. We believe that no one factor explains the view of slightly above-trend growth for 2017 with difference in opinion. Instead, we rely on a some upside potential from higher productivity comprehensive framework of investigation that and fiscal stimulus from a Trump administration. blends all of these elements, combining rigorous We then turn to our one- and five-year expected fundamental, quantitative and technical analysis, returns, which are driven by our view of a solid as well as the insights of an extensive network of economic foundation, a well-balanced economy external experts. At the same time, we continually — and a positive growth trajectory in the US. We endeavor to overcome the behavioral biases Nobel — conclude our introductory section with the risks Laureate Daniel Kahneman and his collaborator to our view, both upside and downside, including Amos Tverksy have shown to affect economic a low probability of recession in 2017, high policy decision-making and tolerance for risk. These key uncertainty under