1) NO GREXIT IMMINENT FLASH REPORT July 13, 2015 KEY TAKEAWAYS • It appears there will not be a Greek exit from the Eurozone anytime soon, as Eurozone leaders reached a deal to give further bailout aid to the embattled country (up to €86 billion), provided Greece's government passes additional austerity measures. Additionally, the Eurozone will consider steps to make the country's mountain of debt more manageable, such as extending the time to repay rescue loans (though debt relief appears off the table). This deal should help Greece, which is experiencing depression-like conditions, avoid outright financial collapse. • Even as the crisis has been temporarily averted, challenges linger. The Greek Parliament faces a tough sell at home, as it must pass punishing austerity measures that voters overwhelmingly rejected in a referendum just a week ago. These include an increase in the sales tax and pension system reforms. Only then will the European Central Bank step in with additional funding to allow the country's banks, closed for the past two weeks, to gradually reopen. • If the agreement is implemented, investors should be able to put this mess behind them and refocus on the ongoing recovery in the Eurozone. We believe, broadly speaking, European companies should continue to show fundamental improvements while benefitting from aggressive central bank easing, low interest rates, and competitive advantages derived from a devalued currency. And despite the increased volatility that arose from this chapter of Greece's debt saga, European stock indices are near the same price level that they were a month ago. EUROZONE STOCK PRICES (as of 07/13/15) 3,800 Negotiations fail for Greece bailout extension 3,700 3,600 Greeks vote "No" in referendum 3,500 3,400 3,300 Invest well. Manage well. Live well.™ 12505 Park Potomac Avenue Suite 400 Potomac, MD 20854 301.770.6300 Greece defaults on IMF loan Euro Stoxx 50 Index (EUR) 3,200 3,100 Sources: Bloomberg, Morningstar CONVERGENTWEALTH.COM Eurozone deal reached for further bailout 

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