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1) 3rd Quarter 2015 Economic Dashboard EXECUTIVE SUMMARY • The most recent report on Q2 GDP indicated that the economy expanded at a healthy 3.9% annualized rate during the quarter. Growth was supported by stronger consumer and government spending, business investment, and inventory accumulation. Q1 GDP was also revised up from 0.2% to 0.6%. • Recent inflation data has been muted, as commodity prices remain depressed. Headline CPI increased a mere 0.2% in August on a year-overyear basis. Core CPI, which excludes food and energy, increased at a rate of 1.8%, in line with the month prior. • Long-term interest rates remained volatile during the third quarter, as investors digested news out of China and speculated about the timing of rate hikes. The 10-year Treasury yield ended September at 2.06%, down fractionally for the quarter. • The September jobs report was undeniably disappointing as payrolls rose by only 142,000, and gains for July and August were revised downward. On a brighter note, the unemployment rate held steady at 5.1% – its lowest point in over seven years. • The U.S. economy is slowing, but still appears to be expanding at a moderate pace. However, recent data out of China has prompted a softening of expectations for global growth, as the structural tailwind that was provided by the rapid growth pace of many emerging market countries has faded. Gross Domestic Product Prior Reading Real GDP QoQ - Q2 (III Est.) 0.6% Personal Consumption QoQ - Q2 (II Est.) 1.8% Employment Market Unemployment Rate - September 5.1% Nonfarm Payrolls (Change) - September 136K Initial Jobless Claims 4-Week Avg September Continuing Jobless Claims 4-Week Avg September 271.8K 2252.3K Inflation CPI YoY - August 0.2% Core CPI YoY - August 1.8% Core PCE YoY - August 1.2% Consumer Indicators Retail Sales YoY - August 2.6% Consumer Credit YoY - July 6.9% Personal Income YoY - August 4.3% Personal Savings YoY - August 4.7% Consumer Confidence - September 101.3 Business & Production Indicators ISM Manufacturing Index - September 51.1 ISM Services Index - August 60.3 Industrial Production YoY- August 1.3% Small Business Optimism - August 95.4 Housing Market Existing Home Sales - August Housing Starts - August S&P Case-Shiller Price Index YoY- July 5.58MM 1161K 4.9% Leading Indicators JIM BAIRD CPA, CFP®, CIMA® Partner, Chief Investment Officer ECRI Weekly Leading Index - September 130.9 Conference Board Leading Economic Index - August 123.6 Change                        Most Recent 3.9% 3.6% 5.1% 142K 270.8K 2235.3K 0.2% 1.8% 1.3% 2.2% 6.8% 4.2% 4.6% 103.0 50.2 59.0 0.9% 95.9 5.31MM 1126K 5.0% 131.1 123.7

2) 2 OVERVIEW Keeping a continuous pulse on the growth rate of an economy has never been an easy task. In the U.S., the Bureau of Economic Analysis only releases quarterly estimates for gross domestic product (GDP) growth, the predominant measure of economic growth. However, initial estimates are subject to further revisions for several years as more complete source data becomes available. Moreover, the National Bureau of Economic Research (NBER), a nonprofit organization that monitors economic conditions broadly and serves as the official arbiter of the U.S. business cycle (calling the start of both recessions and expansions), typically cannot declare a turning point in the economy for several quarters, or sometimes over a year, after the fact. At times, their official recession call has come after the recession has ended and the economy is growing again. Gaining a real-time picture of the current economic landscape is – at best – a challenging task. Since GDP is a lagging gauge on the health of the economy, strategists and economists tend to gravitate to more timely measures of the economic environment, not only here in the U.S., but globally as well. Other data and statistics, particularly those which will impact the underlying measurement of GDP, are often used to evaluate both current and potential future economic conditions. One example is the Markit Purchasing Managers’ Index (PMI), which collects survey data from purchasing managers across the manufacturing sector. Although its contribution to GDP has declined over the last few decades, its cyclicality makes manufacturing sector a key leading indicator of economic growth. A PMI reading of 50 or higher typically indicates an expanding manufacturing sector, while a reading lower than 50 is viewed as contractionary. Historically, when the manufacturing sector exhibits a sustained trend of expansionary or contractionary readings, the overall economy would be expected to follow suit. As the chart below illustrates, the recent trends in global manufacturing data across most developed countries remain constructive, as the major regional indices are all above the threshold level of 50. Meanwhile, China’s PMI has delivered contractionary readings in recent months, prompting concerns of a hard landing for the Chinese Expansionary 60 54 52 50 Contractionary Index Level 56 48 46 44 42 40 China USA Japan Eurozone UK Source: PMFA, Federal Reserve, Markit Although the strength of recent PMI readings within the U.S. have softened, the manufacturing sector in the U.S. is still expanding modestly. Other economic indicators also support expectations for positive, albeit moderating, economic growth in the coming quarters. Labor market conditions remain generally favorable, as jobless claims remain quite low and nonfarm payrolls continue to expand. Consumer sentiment has dipped in recent months but remains broadly positive, supporting continued growth in consumer spending. Core inflation remains low but should edge higher as energy prices stabilize. While concerns over slower global growth has risen in recent months and does create some risk, the full impact of that slowdown on the U.S. and other developed countries remains to be seen. To this point, a broad range of data suggests that the U.S. economy has decelerated after a strong second quarter but remains on a moderate growth path. INSIGHTS DEVELOPED ECONOMIES REMAIN IN EXPANSIONARY TERRITORY 58 economy. Weaker growth in China, falling commodity prices, and a stronger U.S. dollar have contributed to a selloff in emerging-market equities and have been key drivers of heightened risk aversion globally. Manufacturing conditions have been solid in the U.S. and other developed regions for most of the past three years since crossing into expansionary territory in the Eurozone, U.K., and Japan in 2013. The outright contraction in Chinese manufacturing in recent months has weighed on global growth estimates and stoked concerns about the ripple effect of the broader slowdown of emerging market economies in the U.S. and other developed economies – particularly those more reliant upon Chinese imports. Thus far, recent PMI data suggests that the manufacturing sector in developed countries has continued to expand, although the pace of growth has slowed.

3) 3 GROSS DOMESTIC PRODUCT Q4 Final Q1 Final Q2 II Est. Real GDP QoQ 2.1% 0.6% 3.9% Personal Consumption QoQ 4.3% 1.8% 3.6% GLOBAL GROWTH CONTINUES TO GROW MODESTLY DESPITE THE SLOWDOWN IN CHINA 20 • The U.S. economy expanded at a 3.9% annualized rate during the second quarter, as the most recent estimates suggested that Q1 and Q2 GDP growth was stronger than initially thought. • Consumer spending, which remains the largest driver of the U.S. economy, expanded at a 3.6% rate during Q2. A strengthening labor market, cheaper gasoline, and rising home prices likely contributed to rising optimism and an increased willingness to spend. Percent (YoY%) 15 10 5 0 -5 -10 • Slowing growth in China and other emerging economies has driven a moderation in global growth expectations. Emerging markets are still projected to grow more rapidly than developed economies, although that gap has narrowed. Growth rates for the Euro area and U.K. are projected to converge with the U.S. over the next five years. China United States Japan Euro Area United Kingdom Emerging Markets International Monetary Fund (IMF) Projections past 2014 Source: PMFA, International Monetary Fund INFLATION June July August Consumer Price Index YoY 0.1% 0.2% 0.2% Producer Price Index YoY -0.7% -0.8% -0.8% A LARGE GAP BETWEEN SERVICE AND GOODS INFLATION 4.0 • The Consumer Price Index decreased by 0.1% in • Weakness in energy prices continue to have a disinflationary effect on headline inflation. Over the trailing 12 months, all major energy components have declined. While the electricity index has fallen just 0.6%, the index for gasoline is down more than 23%. • Core PCE – the Fed’s preferred measure of inflation – has remained below the central bank’s goal of 2% since April 2012. As the chart illustrates, the price level for core services has been increasing at a steady rate for the last several years, suggesting that weakness in core PCE has instead been driven by the deflationary trend in core goods. The price of goods, particularly durable goods, has been impacted by a strengthening U.S. dollar and, more recently, falling oil prices. 3.0 2.0 Percent (YoY%) August but rose by a mere 0.2% on a year-over-year basis. Core inflation edged higher by a modest 0.1% during the month. 1.0 0.0 -1.0 -2.0 Core PCE Goods Core PCE Services Core PCE Source: PMFA, Bureau of Economic Analysis

4) 4 INTEREST RATES Treasury Yields as of 9/30/14 3/31/15 9/30/15 3-month 0.02% 0.03% 0.00% 2-year 0.58% 0.56% 0.64% 10-year 2.52% 1.94% 2.06% FED FUNDS RATE REMAINS ON HOLD 4.25 • Long-term interest rates trended downward during • At the September FOMC meeting, the Fed once again left short-term interest rates unchanged, citing recent global economic and financial developments as potential headwinds to U.S. growth and inflation. 3.75 3.25 Percent (%) the quarter as continued equity market volatility drove a flight to quality. After testing the 2.0% level in August and September, the 10-year Treasury yield ended the quarter at 2.06%. 2.75 2.25 1.75 1.25 0.75 0.25 • The FOMC statement and updated “dot plot” (see -0.25 chart on right) once again carried a more dovish tone than many expected, but left the door open for a rate hike later this year. In fact, the majority of FOMC members still expect the first rate hike since 2006 to occur by year end, with all but one anticipating the federal funds rate above 0.75% by the end of 2016. 2015 2016 2017 2018 Longer Run Target federal funds rate at year-end Note: Each diamond indicates the value (rounded to the nearest 1/8 percentage point) of an individual participant’s judgment regarding the appropriate level of the federal funds rate at the end of the specified calendar year or over the longer run. Source: PMFA, Federal Reserve EMPLOYMENT July August September Unemployment Rate 5.3% 5.1% 5.1% Nonfarm Payrolls (Change) 223K 136K 142K • The labor market has been a bright spot in the U.S. JOB OPENINGS SURGE TO RECORD HIGH IN JULY economy but has lost some luster on the back of the disappointing September jobs reports. Nonfarm payrolls increased by 142,000 in September, but the accompanying revisions to prior months limited the net increase for the month to a mere 83,000. September – the lowest reading in over seven years. While labor force participation has been declining, the number of unemployed persons has fallen by 1.3 million over the last year. • Other gauges of labor market health also tell a positive story. Since 2009, the hiring rate has trended upward and currently sits above 3.5%, near its cyclical peak. The job openings rate surged to a record high in July, eclipsing the rate of hiring, even as the quit rate edges higher, as more workers have gained confidence to seek out a better job. Wage growth remains limited, but an increasingly competitive environment for employers should support stronger wage growth as labor conditions continue to tighten. 4.0 3.5 Percent (%) • The unemployment rate was unchanged at 5.1% in 4.5 3.0 2.5 2.0 1.5 1.0 Hire Rate Openings Rate Quit Rate Source: PMFA, Bureau of Labor Statistics

5) 5 Past performance does not guarantee future results. All investments include risk and have the potential for loss as well as gain. Data sources for peer group comparisons, returns, and standard statistical data are provided by the sources referenced and are based on data obtained from recognized statistical services or other sources believed to be reliable. However, some or all information has not been verified prior to the analysis, and we do not make any representations as to its accuracy or completeness. Any analysis nonfactual in nature constitutes only current opinions, which are subject to change. Benchmarks or indices are included for information purposes only to reflect the current market environment; no index is a directly tradable investment. There may be instances when consultant opinions regarding any fundamental or quantitative analysis may not agree. Sources for the Economic Dashboard include PMFA, Bureau of Economic Analysis (BEA), Bureau of Labor Statistics (BLS), U.S. Department of Labor, U.S. Census Bureau, Federal Reserve, The Conference Board, Institute for Supply Management (ISM), National Federation of Independent Business (NFIB), U.S. Department of Housing and Urban Development, National Association of Realtors, Standard & Poor’s (S&P), and the Economic Cycle Research Institute (ECRI). Plante Moran Financial Advisors (PMFA) publishes this update to convey general information about market conditions and not for the purpose of providing investment advice. Investment in any of the companies or sectors mentioned herein may not be appropriate for you. You should consult a representative from PMFA for investment advice regarding your own situation.