Nicholas Colas (Chief Market Strategist): 212 448 6095 or ncolas@convergex.

com Christine Clark: 212 448 6085 or cclark@convergex.com Beth Reed: 212 448 6096 or breed@convergex.com

Stocks closed in positive territory Thursday after trading lower much of the day, as investors digested economic data and a large batch of earnings reports (S&P 500: +18 bps, Dow: +35 bps, Nasdaq: +9 bps). Jobless claims fell 23K last week to 452K versus estimates for 455K, while the prior week was once again upwardly revised to 475K from the initially reported 462K. After 2 months of contraction, the Philly Fed Survey indicated that Mid-Atlantic manufacturing conditions expanded slightly in October, as the index reached 1.0 from -0.7 last month. Also, the index of leading indicators rose 0.3% in September after increases of 0.1% and 0.2% in the previous 2 months. Friday is light in terms of economic news, but earnings from VZ, IR and SLB are expected before the open.

Morning Markets Briefing
Market Commentary: October 22nd, 2010 A snapshot of the markets through the lens of ConvergEx.

How to Get into a Private Club – Start Your Own
Summary: By dint of its preeminence in both benchmarking and passive investing, the S&P 500 is the most widely used index in global equity markets, and that makes it perhaps the most exclusive club in capitalism. For example, in the world of exchange traded funds the SPY is the largest ETF in terms of assets under management. Yet in recent years the ETF ecosystem has spawned some hybrids of this popular product with different methodologies for weighting stocks and sectors. In comparing the risk/reward profiles of such funds we found that these alterations can make for dramatically different performance. Equal weighting the 500 names, rather than market cap weighting, has yielded double the returns (8.6% YTD rather than 4.2%) so far in 2010. Alternatively, weighting the constituents by dividend yield got you more return and less volatility this year. We aren’t ready to dismiss market cap weighting altogether, but we think this is a neat case study into why portfolio structure is so important to investment outcomes. Same 500 names across six different funds, but very different outcomes.

News that Eliot Spitzer had been declined membership by New York’s Harvard Club drew a long laugh from many a well connected NYC mover and shaker this week. The club doesn’t comment on its admissions policies, of course, but there can be little doubt of the reasons. Still, in a city as large and wealthy as New York Mr. Spitzer can still try his luck with a range of other elite watering holes: the University Club, the Lotus Club, the Metropolitan Club, the Links Club and the New York Athletic Club all come to mind. The New York Yacht Club is probably a bit of a stretch, as is the Knickerbocker Club. And if his new TV spot at CNN has given him aspirations as a man of letters, the Century Association is worth a shot. And if all else fails, there is always the New York Health & Racquet Club, although their Fall Special (no initiation fee) expires on October 31st. The inner circles of Wall Street love to cluster together at such establishments, so it should be no surprise that that most widely invested stock index – the S&P 500 – is patterned very much after a private club itself. Consider the following requirements for inclusion:

Market Commentary – Pages 1-4, Equities/Conferences & Earnings – Page 5, Fixed Income – Page 6, Options – Page 7, Exchange-Traded Funds/Indexes – Page 8, Social Media & Internet Blogs Top Stories – Page 9
©2010 BNY ConvergEx Execution Solutions LLC. May not be redistributed without express permission. All rights reserved

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Membership is fixed at a certain number. Just like the most exclusive clubs in New York, or London or the Hamptons for that matter, someone pretty much has to die before the membership committee kicks into gear to find a replacement. New companies come into the S&P 500 most commonly when an existing member is purchased/merges/goes out of business. You have to be from here. The S&P 500 only includes U.S. companies, listed on domestic exchanges. You have to be well established and wealthy. No newcomers for the S&P 500 – IPOs must “season” for 6-12 months. And profitable companies only, please. You will be added if you “fit” with the rest of the club. The S&P committee tries to keep sector balance relatively stable as it adds new members.

• • •

There are other criteria, but you get the (slightly tongue-in-cheek) idea. The companies of the S&P 500 are carefully chosen to represent the domestic stock market with high quality, well known companies. It should be no surprise, therefore, that something like $3.5 trillion of capital is benchmarked to the index, and almost $1 trillion is indexed directly to it. The most popular exchange traded fund in the U.S., the SPY with over $80 billion in assets under management, shows just how deeply entrenched the S&P 500 index has become in the fabric of modern finance. But just as the Atlantic Golf Club in Bridgehampton was started by those who could not easily gain entry to Maidstone/Shinnecock/National, there are variations of the S&P 500 index available to ETF investors that take the 500 names of the index and use weighting paradigms that vary from the S&P’s own market cap hierarchy. Here are some of the “new” clubs/ETFs on the scene: • Rydex S&P Equal Weight (symbol RSP). The same 500 names as the S&P large cap index, but evenly weighted across the universe. The established index, of course, weights names according to market capitalization. The largest names represent can represent 2-3% of the index, where in the even weight approach everything is 0.2% (1/500). WisdomTree LargeCap Dividend (symbol DLN). While not strictly tied to the S&P 500, the names in this ETF are a very close proxy for the dividend paying names of that index. Any S&P 500 focused investor would recognize the top 10 holdings – AT&T, Exxon Mobil, Chevron, Verizon, Johnson & Johnson, Proctor & Gamble, Pfizer, Merck, and GE – and they comprise +25% of the fund. RevenueShares Large Cap ETF (symbol RWL). Same 500 names as the SPY, but weighted by the size of the company’s sales. Wal-Mart (4.4% weight) and Exxon Mobil (2.8% weight) have the greatest influence here. WisdomTree Earnings 500 (symbol EPS). Here, weightings are based on the magnitude of bottom line earnings dollars. Many of the same names appear at the top of list here as the revenue-based ETF (no surprise, really) with Wal-Mart and Exxon Mobil at the top here as well. ALPS Equal Sector Weight ETF (symbol EQL). This ETF takes the nine sector ETFs that in aggregate make up the S&P 500 and equal weights them. Where the technology and financial services sector are each more than 15% of the S&P 500, using this approach they only have an 11.6% weighting. Other sectors with smaller weightings – Materials, for example - also have the 11.6% weighting despite their smaller position size in the traditionally constructed index.

2

Nicholas Colas (Chief Market Strategist): 212 448 6095 or ncolas@convergex.com Christine Clark: 212 448 6085 or cclark@convergex.com Beth Reed: 212 448 6096 or breed@convergex.com

The accompanying table summarizes some basic information about these ETFs, but I think it is even more interesting to track just how well these differing approaches have done through 2010. We’ve got that information detailed in the other attachments after this note, but here is a brief summary:
• Since all these funds invest in the same underlying equities, it should be no surprise that the correlation of daily returns is generally very high – over 95% - for the year to date. The one exception is the equal-weight sector fund, most likely due to its much higher representation of the volatile Materials sector, as noted above. The dispersion of returns for the five ETFs listed above and the “regular way” S&P 500 fund SPY is fairly wide. The SPY is up 4.2% since the beginning of the year; the RSP (equal weight) is up over twice as much at 8.6%. The other funds are clustered at 4.4% to 5.5%, but every single “alternative” approach has bested the original index thus far in 2010. Performance is not the only relevant factor, of course. Risk, which we measure as the standard deviation of daily returns, also plays a role in investment decision-making. In the attached chart you can see that the different alternative ETFs offer either lower risk for the same return as the SPY (EPS weighting) or

higher returns for the same risk as the index (Revenue weighting).
• That outlier performance of the equal-weighted RSP is the result of incremental risk-taking - but not very much, really. For less than 20% more risk you have been able to essentially double your returns so far into the year. While we don’t show it here, pull up a chart of RSP versus SPY and you will see that for 2010 the RSP spent less time down on the year and, as noted, has done much better than its market-cap weighted competition. The final chart shows that small and mid cap names have far outstripped the large cap S&P 500 in 2010. No surprise, therefore, that equal weighting makes such a difference versus the marketcap approach.

I am not ready to say that we should ditch market cap weighting altogether, but the data here is certainly a case study in how to consider portfolio composition. The same stocks, assembled in different ways, yield very different outcomes.

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Nicholas Colas (Chief Market Strategist): 212 448 6095 or ncolas@convergex.com Christine Clark: 212 448 6085 or cclark@convergex.com Beth Reed: 212 448 6096 or breed@convergex.com

Overview

Symbol
SPY RWL EPS DLN RSP EQL

Name
SPDR S&P 500 RevenueShares Large Cap WisdomTree Earnings 500 WisdomTree LargeCap Dividend Rydex S&P Equal Weight ALPS Equal Sector Weight ETF

Description
S&P 500 LargeCap Revenue Weight LargeCap Earnings Weight LargeCap Dividend S&P 500 Equal Weight Equal SPDR Sector Weight

Price
117.41 21.98 41.33 43.79 43.35 32.99

Shares YTD Performance* Outstanding (mm)
4.24% 5.48% 4.35% 5.33% 8.59% 4.73% 707.7 7.9 1.6 10.9 48.6 1.5

AUM ($mm)
82,029.9 173.3 65.7 472.7 2,117.2 46.5

* eror ance fom 14/0 t ough 1 211 P f m r / 1 hr 0/ /0

Correlation Grid

SPY SPY RWL EPS DLN RSP EQL
0.99 0.95 0.98 0.99 0.90

RWL
0.99 0.95 0.97 0.98 0.91

EPS
0.95 0.95 0.95 0.95 0.92

DLN
0.98 0.97 0.95 0.97 0.90

RSP
0.99 0.98 0.95 0.97 0.91

EQL
0.90 0.91 0.92 0.90 0.91 -

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Nicholas Colas (Chief Market Strategist): 212 448 6095 or ncolas@convergex.com Christine Clark: 212 448 6085 or cclark@convergex.com Beth Reed: 212 448 6096 or breed@convergex.com

U.S. EQUITIES In a day heavy with earnings news, CAT handily beat expectations and raised its full-year outlook, though shares of the company were down 1.2%. NFLX jumped 12.8% after posting a surge in earnings, as it added more than 1 million net new subscribers for a 4th consecutive quarter. Airline LUV (+3.5%) swung a 3rd quarter profit as demand returned, compared with a loss in the year-ago quarter, but JBLU (-4.8%) struggled despite reporting record 3rd quarter profits and revenues. UAL (+0.6%) also topped estimates and projected that Q4 capacity would rise 3-4%. T fell 0.9% even as its quarterly net income matched analysts’ estimates, while MCD (+1.3%), EBAY (+6.0%), NOK (+4.2%), TRV (+0.6%) and XRX (+1.1%) advanced on strong earnings reports.
Important Earnings Today (with Estimates) From… SLB: $0.70 AAI: $0.16 TROW: $0.60 DOV: $0.90 VZ: $0.54 HON: $0.63 Source: Bloomberg IR: $0.79 KEY: $0.03 NST: $0.94 PAG: $0.33

S&P Futures
One Day (High –1186.25; Low – 1167.25):

Important Conferences/Corporate Meetings Today:
BioCentury’s NewsMakers in the Biotech Industry Conference – New York, NY

Prior Day SPX (High – 1189.43; Low – 1171.17; Close – 1180.26):

Three Day (High – 1186.25; Low – 1155.50):

Source: Thomson ONE
5

Nicholas Colas (Chief Market Strategist): 212 448 6095 or ncolas@convergex.com Christine Clark: 212 448 6085 or cclark@convergex.com Beth Reed: 212 448 6096 or breed@convergex.com

FIXED INCOME Treasuries tumbled Thursday, sending benchmark 10-year yields up 7 bps to 2.55%, as investors continued to speculate whether the central bank will begin a second round of quantitative easing to stimulate the economy. For the first time in 4 days, the yield on the long bond advanced, rising 7 bps to 3.96%. After the Fed implied in Wednesday’s Beige Book that the economy showed “modest” signs of growth, St. Louis Fed President James Bullard suggested the central bank buy $100 billion in long-term Treasuries next month and determine later if more purchases are necessary.

Source: Bloomberg

Source: Bloomberg

Today’s Important Economic Indicators/Events (with Consensus): None

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Nicholas Colas (Chief Market Strategist): 212 448 6095 or ncolas@convergex.com Christine Clark: 212 448 6085 or cclark@convergex.com Beth Reed: 212 448 6096 or breed@convergex.com

U.S. EQUITY OPTIONS
SPX – The underlying index moved both up and down somewhat (+1.0% to -0.6%), but ended little changed on the day (+0.2%). The implied volatility in SPX options tracked the moves in the underlying index, first dropping as the index rallied to a low of -4%, then rising as the underlying sold off to a high of +4%; finally ending the day -2 %, again, in line with small, positive conclusion in the underlying. In SPX options, a very large calendar put spread was sold on a ratio that essentially created a delta neutral trade. The March 950 put was sold 49,500 times @ $14.00 to Buy 33,000 June 950 put @ $28.25. In other notable trades, the November 1200 calls were bought in early trading 5,000 times outright @ $ 13.80 with the futures around 1180. A December 925/1025/1125 put butterfly was bought 2,500 times @ $8.90 with the futures at about the same 1180 level. Also, there were 10,000 December 800 puts (32% out-of-the money) bought outright @ $0.45. ETF – The Market closed slightly higher after a day of oscillating movements. Options volume was light although we highlight a large print in EEM (Emerging Markets) as a volatility seller emerged through selling 41,000 Nov 44 puts delta neutral. Similarly, in XRT (Retail) one investor got short gamma through selling 20,000 mar 44 calls delta neutral. We also noted downside buyers in VXX (VIX Short Term Futures) as an investor bought 9,500 Dec 10 puts. US Dollar Bullish Fund, UUP, continued to see activity with investors positioning for upside; one trade had paper buying 14,500 Dec 23 calls. Lastly, we note a buyer of a put stupid in XLB (Materials) through the Dec 32 / 31 puts 10,000 times and a likely hedge in SPYs as paper bought the Dec 114 Puts 45,000 times.
Rank
1 2 3 4 5 6 7 8 9 1 0 1 1 1 2 1 3 1 4 1 5 1 6 1 7 1 8 1 9 20 21 22 23 24 25

10/15/2010
PTV MFE DTV RSH BMC HSP MJN CLX CHRW KMB M FSLR FIS AMGN MYL SJM MDP HRS ABT VAR VRSN CA ORLY PPL PNW K MDP PCS APOL PBI

CURRENT IMPLIED VOLATILITY / CURRENT HISTORICAL VOLATILITY 10/18/2010 10/19/2010 10/20/2010 10/21/2010 30-Day Implied Vol
PNW MFE RSH DTV PTV HSP MJN BMC M IBM AAPL MDP CA CHRW SJM STJ TJX MYL CEPH VRSN TSS FRX CLX IFF VAR PPL ORLY ABT HRS AMGN FSLR KMB MFE DTV RSH PNW PTV BMC MYL VRSN HSP SYMC CHRW EBAY MJN SJM GENZ TSS MDP CA XEL ORLY HD CEPH FIS K STJ VAR IFF CLX TJX AAPL IBM M FRX PTV MFE MKC DTV EFX RSH BMC MYL MJN EBAY TSS HSP K CHRW SYMC CA MDP VAR SJM VRSN NI AN GENZ PPL HRS FIS CEPH HD ORLY XEL PNW MDP MFE DTV RSH MYL MJN EFX SYMC PTV CHRW BMC VAR CA CEPH MDP K GENZ Q SJM VRSN AN ORLY CNP TJX NI HRS PPL TSS EBAY MKC HSP

4.89 20.16 41.68 37.53 34.90 34.16 40.11 4.70 25.59 51.83 27.03 31.80 32.27 39.41 19.32 14.15 31.18 23.06 30.08 34.56 29.32 26.27 25.21 21.41 33.72

BIGGEST MOVERS
Top 10 CCE PCG NSM Q WPI D CNP MU DUK LSI 551.39% 146.03% 34.44% 20.87% 20.59% 20.57% 19.32% 18.06% 14.43% 13.98% 30-Day Implied Vol 22.80 20.58 27.48 31.18 28.88 18.24 26.27 53.22 13.81 40.45 Bottom PTV MKC EBAY TSS HSY FLIR DHR BAX ETFC NTRS 10 -80.75% -51.94% -43.54% -31.82% -31.19% -29.34% -27.79% -27.17% -25.67% -24.38% 30-Day Implied Vol 4.70 17.10 27.70 24.37 19.83 30.41 20.53 21.09 31.66 24.55

We ranked the S&P 500 companies from the highest to lowest 30 day implied to historical volatility ratio. Above we identify the 10 most positive and negative movers. The table to the left represents the 25 highest 30 day implied to historical volatility ratios within the S&P 500 companies. The green represents names new to the list while the red represents names that have fallen out.

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Nicholas Colas (Chief Market Strategist): 212 448 6095 or ncolas@convergex.com Christine Clark: 212 448 6085 or cclark@convergex.com Beth Reed: 212 448 6096 or breed@convergex.com

Exchange-Traded Funds/Indexes
Prior Day Peformance of Largest ETFs by Assets
Name (Net Assets*) Ticker Category Daily Return Sector Ticker 1-Day Perf

S&P 500 Sector ETFs
YTD Perf Sector Ticker 1-Day Perf YTD Perf

SPDRs SPDR Gold Shares iShares MSCI Emerging Markets Index iShares MSCI EAFE Index iShares S&P 500 Index
Name

SPY GLD EEM EFA IVV

Large Blend N/A Diversified Emerging Mkts Foreign Large Blend Large Blend

0.22% -1.41% 0.00% -0.54% 0.25%
Shares Traded

Energy Health Industrials Utilities Consumer Staples
Currency

XLE XLV XLI XLU XLP

-0.05% 0.26% 0.81% -0.43% 0.35%

3.33% 0.48% 16.91% 3.42% 8.46%
YTD Perf

Telecomm Technology Consumer Discretionary Financials Materials
Currency

IYZ XLK XLY XLF XLB

-0.30% 0.08% 0.58% -0.03% -0.03%

9.22% 4.84% 16.80% 1.43% 4.70%

Prior Day Top Volume ETFs
Ticker Category Ticker 1-Day Perf

Currency ETFs
Ticker 1-Day Perf YTD Perf

SPDRs iShares MSCI Emerging Markets Index PowerShares QQQ Financial Select SPDR iShares Russell 2000 Index
Name

SPY EEM QQQQ XLF IWM

Large Blend Diversified Emerging Mkts Large Growth Specialty - Financial Small Blend

187,912,742 86,746,336 75,067,544 72,225,712 61,394,223
Daily Return

Australian Dollar British Pound Sterling Canadian Dollar Euro Japanese Yen
Name

FXA FXB FXC FXE FXY

-0.79% -0.88% -0.44% -0.17% -0.24%

8.85% -3.06% 2.14% -2.92% 14.05%
YTD Perf

Mexican Peso Swedish Krona Swiss Franc USD Index Bearish USD Index Bullish
Bonds

FXM FXS FXF UDN UUP

0.14% -0.43% -0.58% -0.29% 0.36%

5.27% 6.95% 6.67% -0.40% -2.64%

Prior Day Top Performers
Ticker Category

VIX ETNs
Ticker 1-Day Perf

Fixed Income ETFs
Ticker 1-Day Perf YTD Perf

ProShares UltraShort Silver ProShares UltraShort MSCI Brazil PowerShares DB Crude Oil Dble Short ETN KETnotes First Trust Enh 130/30 LgCp ETN Direxion Daily Latin America Bear 3X Shares

ZSL BZQ DTO JFT LHB

Bear Market Bear Market Bear Market Large Blend Bear Market

5.85% 4.62% 4.30% 3.96% 3.80%

iPath S&P 500 VIX VXX Short-Term Futures ETN iPath S&P 500 VIX VXZ Mid-Term Futures ETN

-2.33%

-60.58%

-1.75%

0.56%

Aggregate Investment Grade High Yield 1-3 Year Treasuries 7-10 Year Treasuries 20+ Year Treasuries
ETF

AGG LQD HYG SHY IEF TLT

-0.16% -0.27% -0.16% 0.01% -0.55% -1.19%

5.10% 7.58% 2.29% 1.83% 11.73% 12.03%

Others
ETF Ticker 1-Day Perf YTD Perf Ticker 1-Day Perf YTD Perf

Gold Silver Natural Gas

GLD SLV UNG

-1.41% -3.17% -3.39%

20.65% 36.59% -46.23%

Crude Oil EAFE Index Emerging Markets SPDRs

USO EFA EEM SPY

-2.08% -0.54% 0.00% 0.22%

-11.28% 3.36% 10.80% 6.00%

Major Index Changes:
SENEA will replace ATAC in the S&P SmallCap 600 after the close. Genco Holdings is acquiring ATAC.

ETFs in the Headlines and Blogs:
Ten Commandments of ETF Investing - http://etfdb.com/2010/ten-commandments-of-etf-investing/ Five ETFs That Are Beating the Market - http://seekingalpha.com/article/231294-five-etfs-that-are-beating-the-market

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Nicholas Colas (Chief Market Strategist): 212 448 6095 or ncolas@convergex.com Christine Clark: 212 448 6085 or cclark@convergex.com Beth Reed: 212 448 6096 or breed@convergex.com

Top Online Social Networking Stories
Latest Popular Digg.com Business News The Seven Best Cities for Renters - http://www.divinecaroline.com/22296/84860-seven-cities-renters Eat the Free Steak, But Say “No” to This Investment Pitch - http://www.mint.com/blog/investing/equity-indexed-annuities-10192010/ Calculated Risk Weekly Initial Unemployment Claims: Moving Sideways - http://www.calculatedriskblog.com/2010/10/weekly-initial-unemployment-claims_21.html Comerica and Wells Fargo: Some color on C&I borrowing - http://www.calculatedriskblog.com/2010/10/comerica-and-wells-fargo-some-color-on.html The New York Times: Economix Answers to Your Questions on the Foreclosure Crisis - http://economix.blogs.nytimes.com/2010/10/20/answers-to-your-questions-on-the-foreclosurecrisis/#more-85869 The Big Picture Homebuyer Tax Credits - http://www.ritholtz.com/blog/2010/10/homebuyer-tax-credits/ The Output Gap and Unemployment - http://www.ritholtz.com/blog/2010/10/the-output-gap-and-unemployment/ The Baseline Scenario An Early Stress Test for the Financial Stability Oversight Council - http://baselinescenario.com/2010/10/21/an-early-stress-test-for-the-financial-stabilityoversight-council/ Bespoke Investment Group Major Group Relative Strength - http://www.bespokeinvest.com/thinkbig/2010/10/20/major-group-relative-strength.html Q3 Earnings Season Stats - http://www.bespokeinvest.com/thinkbig/2010/10/20/q3-earnings-season-stats.html Winners and Losers - http://www.bespokeinvest.com/thinkbig/2010/10/20/winners-and-losers.html Bearish Sentiment Sinks to a Five Month Low - http://www.bespokeinvest.com/thinkbig/2010/10/20/bearish-sentiment-sinks-to-a-five-month-low.html Zero Hedge 24th Consecutive Outflow from Domestic Stock Mutual Funds Is in the Books - http://www.zerohedge.com/article/24th-consecutive-outflow-domestic-stockmutual-funds-books How Google’s Refusal to Pay US Taxes Means US Taxpayers Fund Its Innovation, Resulting in a Benefit of $100/Share http://www.zerohedge.com/article/how-googles-refusal-pay-us-taxes-means-us-taxpayers-fund-its-innovation-resulting-benefit-10 Jobless Claims Fall from Another Upwardly Revised Number - http://www.zerohedge.com/article/how-googles-refusal-pay-us-taxes-means-us-taxpayersfund-its-innovation-resulting-benefit-10 WSJ Regulator for Fannie Set to Get Litigious - http://online.wsj.com/article/SB10001424052702304011604575564631414300418.html
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Nicholas Colas (Chief Market Strategist): 212 448 6095 or ncolas@convergex.com Christine Clark: 212 448 6085 or cclark@convergex.com Beth Reed: 212 448 6096 or breed@convergex.com

GENERAL DISCLOSURES
This presentation discusses general market activity, industry or sector trends, or other broad-based economic, market or political conditions. It is provided for general informational purposes only and should not be relied on for any other purpose. It is not, and is not intended to be, research, a recommendation or investment advice, as it does not constitute substantive research or analysis, nor an offer to sell or the solicitation of offers to buy any BNY ConvergEx Execution Solutions LLC (“ConvergEx”) product or service in any jurisdiction. It does not take into account the particular investment objectives, restrictions, tax and financial situations or other needs of any specific client or potential client. In addition, the information is not intended to provide sufficient basis on which to make an investment decision. Please consult with your financial and other advisors before buying or selling any securities or other assets. This presentation is for qualified investors and NOT for retail investors. Please be advised that options carry a high level of risk and are not suitable for all investors. To receive a copy of the Options Disclosure Document please contact the ConvergEx Compliance Department at (800) 367-8998. The opinions and information herein are current only as of the date appearing on the cover. ConvergEx has no obligation to provide any updates or changes to such opinions or information. The economic and market assumptions and forecasts are subject to high levels of uncertainty that may affect actual performance. Such assumptions and forecasts may prove untrue or inaccurate and should be viewed as merely representative of a broad range of possibilities. They are subject to significant revision and may change materially as market, economic, political and other conditions change. Past performance is not indicative of future results, which may vary significantly. The value of investments and the income derived from investments can go down as well as up. Future returns are not guaranteed, and a loss of principal may occur. The information and statements provided herein do not provide any assurance or guarantee as to returns that may be realized from investments in any securities or other assets. This material does not purport to contain all of the information that an interested party may desire and, in fact, provides only a limited view of a particular market. The opinions expressed in this presentation are those of various authors, and do not necessarily represent the opinions of ConvergEx or its affiliates. This material has been prepared by ConvergEx and is not a product, nor does it express the views, of other departments or divisions of BNY ConvergEx Group, LLC and its affiliates.

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