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2013 SunTrust 1st Quarter Investment ReviewInvestment Review ,III( SuNTRuST Village of North Palm Beach General Employees' Pension Plan First Quarter 2013 Blake Myton Vice President & Investment Advisor SunTrust Bank, Inc. Institutional Investment Solutions 407 - 237 -5816 blake.myton @suntrust.com Lisa Allen Trust Advisor SunTrust Bank, Inc. Employee Benefit Solutions 404 - 827 -6724 Lisa.allen @suntrust.com Table of Contents I. Market and Economic Update 11. Sun Trust Portfolio Composition and Performance 111. Fund Fact Sheets IV. Appendix SUNTRUST III( SuNTRuST 1. Market and Economic Update Performance Summary Through March 2013 inaex eerrormance (-/o) _P To .. 0.25 0.25 0.25 0.75 0.75 MSCI ACWI (net) 1.83 6.50 6.50 10.55 7.78 2.06 U.S. Fed Funds Rate MSCI World (net) 2.34 7.73 7.73 11.85 8.46 2.23 European Central Bank Rate MSCI EAFE LCL (net) 1.73 9.67 9.67 16.73 4.34 0.74 Bank of England Rate MSCI EAFE USD (net) 0.82 5.13 5.13 11.25 5.00 -0.89 Bank of Japan Rate MSCI Emerging Markets LCL (net) -0.88 -0.49 -0.49 5.16 4.56 2.71 USA LIBOR - 3 Month MSCI Emerging Markets USD (net) -1.72 -1.62 -1.62 1.96 3.27 1.09 TED Spread (bps) - 3 Month Dow Jones Industrial Average 3.86 11.93 11.93 13.37 13.32 6.50 2 Yr U.S. Treasury S &P 500 3.75 10.61 10.61 13.96 12.67 5.81 10 Yr U.S. Treasury Nasdaq 100 2.99 6.25 6.25 3.72 14.10 10.58 10 -2 yr slope Russell 1000 3.86 10.96 10.96 14.43 12.93 6.15 Barclays Municipal Bond Russell 1000 Growth 3.75 9.54 9.54 10.09 13.06 7.30 BofAML High Yield Master Russell 1000 Value 3.96 12.31 12.31 18.77 12.74 4.85 BofAML Corporate Master Russell MidCap 4.25 12.96 12.96 17.30 14.62 8.37 Russell Mid Cap Growth 3.99 11.51 11.51 12.76 14.23 7.98 Russell Mid Cap Value 4.48 14.21 14.21 21.49 14.96 8.53 Euro ($ / €) Russell 2000 4.62 12.39 12.39 16.30 13.45 8.24 Yen (V /$) Russell 2000 Growth 5.10 13.21 13.21 14.52 14.75 9.04 GBP ($ /£) Russell 2000 Value 4.16 11.63 11.63 18.09 12.12 7.29 FTSE NAREIT Equity Index 3.01 8.10 8.10 17.11 17.67 7.10 DJ -UBS Commodity Index 0.67 -1.13 -1.13 -3.03 1.42 -7.11 Light Crude Oil ($/barrel) Barclays Aggregate 0.08 -0.12 -0.12 3.77 5.52 5.47 Gold ($ /ort) Barclays Intermediate Govt & Credit 0.14 0.26 0.26 3.53 4.75 4.61 BofAML U.S. Treasury Master 0.11 -0.26 -0.26 3.23 5.42 4.49 BofAML U.S. Treasuries Inflation - Linked 0.19 -0.60 -0.60 5.88 8.84 5.96 CBOE VD( Barclays U.S. Treasury Bellwethers (2 Yr) 0.02 0.09 0.09 0.48 1.19 1.93 Barclays U.S. Treasury Bellwethers (10 0.42 -0.31 -0.31 6.20 9.16 6.12 Barclays Municipal Bond -0.43 0.29 0.29 5.25 6.23 6.10 HFRX Global Hedge Fund Index BoIAML U.S. Corporate Master 0.07 0.05 0.05 7.79 8.16 7.75 HFRX Equity Hedge Index BofAML High Yield Master 1.03 2.89 2.89 13.11 10.91 11.33 HFRI Fund of Funds Citigroup WGBI (USD) -0.31 -2.77 -2.77 -0.67 3.86 2.77 HFRX Macro Citigroup WGBI (USD) Hedged 0.73 0.85 0.85 4.76 4.36 4.32 HFRX Distressed Securities Index JP Morgan EMBI Global -0.75 -2.30 -2.30 10.44 10.55 9.81 HFRXAbsolute Return Index Month Value Core Growth Large Mid Small Data Source: FactSet YTD Value Core Growth 0.25 0.25 0.25 0.25 0.25 0.25 0.75 0.75 0.75 0.75 1.00 1.00 0.50 0.50 0.50 0.50 0.50 0.50 0.10 0.10 0.10 0.10 0.10 0.10 0.28 0.28 0.31 0.36 0.46 0.47 0.22 0.22 0.26 0.26 0.37 0.39 0.24 0.24 0.26 0.23 0.31 0.33 1.85 1.85 1.76 1.63 1.65 2.21 1.61 1.61 1.51 1.40 1.34 1.89 2.20 2.20 2.17 2.17 2.45 2.62 5.63 5.63 6.11 6.52 7.29 7.15 2.78 2.78 2.75 2.84 3.35 3.47 1.28 1.28 1.32 1.29 1.27 1.33 94.02 94.02 86.47 77.80 79.79 82.30 1.52 1.52 1.63 1.61 1.57 1.60 97.23 97.23 91.82 92.19 84.96 103.02 1595.70 1595.70 1675.80 1773.90 1604.20 1671.90 12.70 12.70 18.02 15.73 17.08 15.50 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 14.6 15.8 Month ■YTD 13.0 .4 Cons Disc Cons Energy Financials Health Care Industrials Info Tech Materials Telecom Utilities Staples SuNTRusT 1 Strategy Summary April 2013 Notes: Neutral = within 10% of Long -Term Target ; Over /Underweight = over 11 % deviation from Long -Term Target SUNT'RUST 2 We hold a neutral risk posture given the aging economic and market cycles as well as Portfolio Risk . ongoing political uncertainties. However, coordinated global central bank action, (Standard Deviation) improving emerging market economic growth and favorable equity market valuations relative to bonds are positives. Government Bonds Yields remain at unattractive levels. However, political uncertainty, risks to global (Treasury and MBS) growth, and our expectation that rates will remain in a range near historic lows support our current positioning. Corporate Bonds Credit remains attractive as we expect interest rates to remain low. In addition, (Invest. Grade and HY) positive fundamentals and low default rates justify allocations to investment -grade corporates and high yield bonds (including leveraged loans). Though underweight foreign bonds, we favor emerging market debt due to higher Foreign Bonds yields and the stronger fiscal condition of many of the developing nations relative to the developed world. Large Cap Economic growth in the US is expected to exceed most of the developed world. US Equity Moreover, US large caps possess positive attributes such as reasonable valuations, strong balance sheets and attractive dividend yields and diverse revenue streams. Mid and Small Cap Despite the maturity of the current bull market, we maintain a position in smaller cap US Equity equities based on earnings growth potential, reasonably attractive valuations and the potential for elevated corporate cash balances to support increased M &A activity. Developed International Tail risks in the euro zone have been somewhat reduced by the European Central Equity Bank's monetary tools and a commitment to keeping the euro together. More aggressive policy stimulus is also a potential positive for Japan. Emerging International Emerging economic growth appears to have bottomed and the previously feared hard Equity landing scenario in China appears less probable. There is also capacity for further monetary and fiscal stimulus actions to support growth. Non - Traditional We continue to believe diversifying strategies, including hedge funds, help to reduce Strategies risks and expand the opportunity set. However, market dynamics are more challenging for commodities until global growth prospects solidify. Notes: Neutral = within 10% of Long -Term Target ; Over /Underweight = over 11 % deviation from Long -Term Target SUNT'RUST 2 Investment Overview ■ US stocks tacked on another strong month and reached new highs — Domestic equity indices in March increased their lead over the major international indices for the year, although much of the difference has been due to a stronger dollar — The MSCI Emerging Markets Index remained the biggest laggard for the month and year — Most US fixed income segments posted modest gains for the second consecutive month, with municipal bonds as the notable exception; meanwhile, international bonds and long -dated US Treasuries struggled for the entire first quarter — A surge in energy prices tipped commodity returns into positive territory for March, but investment results remain negative year to date ■ Headlines were filled with political and government struggles both here and abroad — March began with much handwringing about the automatic US federal budget cuts known as the sequester. These cuts increasingly appear likely to remain in place for the rest of the fiscal year — By the middle of the month investor attention quickly shifted to a banking crisis in the small nation of Cyprus in the eastern Mediterranean Sea that once again shook confidence in the euro zone's ability to deal with crises ■ The economic data divergence between the US and Europe grew wider — While most US data continues slowly improving, many European figures have slumped — The US has seen more than 200,000 new jobs created for three out of the past four months and the unemployment rate ticked down to 7.7% in February, while the euro zone unemployment rate rose to 12.0% — US housing figures have also continued to improve, with existing home sales up in four of the past five months ,,/ SUNT'RUST 3 March 2013 Market Returns 4 ■ US stocks surged more than 3% during March and reached new highs. US equity indices increased their lead over the major developed international indices for 2013, although much of the difference has been due to a stronger US dollar. Meanwhile, the MSCI Emerging Markets Index remained the biggest laggard for the month and year. ■ Most fixed income segments were also able to post modest gains for the second consecutive month, with municipal bonds as the notable exception. For the third time in as many months, the yield on the benchmark 10 -year US Treasury spiked above 2 %, but could not hold its ground, ending the month at 1.84 %. ■ A surge in energy prices helped keep the DJ- UBS Commodity Index in positive territory for March despite poor returns for the industrial metals and agriculture segments. Still, the Index has declined year -to -date. SuNTRusT 1 Month YTD 12 Months Global Markets (in US $) MSCI AC World Equity Index (net) 1.8% 6.5% 10.6% Citi World BIG USD un- hedged -0.3% -2.0% 1.1 % US Equities Large -Cap US Stocks (S &P 500) 3.8% 10.6% 14.0% Small -Cap US Stocks (Russell 2000) 4.6% 12.4% 16.3% International Equities Developed Countries (MSCI EAFE) (net) 0.8% 5.1% 11.3% Emerging Markets (MSCI EM) (net) -1.7% -1.6% 2.0% US Fixed Income US Treasury Bonds (Benchmark 10 Yr.) 0.4% -0.3% 6.2% Barclays Aggregate Bond Index 0.1% -0.1% 3.8% BofAML High Yield Master 1.0% 2.9% 13.1% Barclays Municipal Bond Index -0.4% 0.3% 5.2% International Bonds Citi World BIG non -USD un- hedged -0.6% -3.4% -0.8% JPM Emerging Mkts Bond Index -0.8% -2.3% 10.4% Non - Traditional REITs (DJ US Select RESI Index) 2.7% 7.1% 13.0% Commodities (Dow Jones UBS) 0.7% -1.1% -3.0% 'All returns inUSdollars Data Source:Factset 4 ■ US stocks surged more than 3% during March and reached new highs. US equity indices increased their lead over the major developed international indices for 2013, although much of the difference has been due to a stronger US dollar. Meanwhile, the MSCI Emerging Markets Index remained the biggest laggard for the month and year. ■ Most fixed income segments were also able to post modest gains for the second consecutive month, with municipal bonds as the notable exception. For the third time in as many months, the yield on the benchmark 10 -year US Treasury spiked above 2 %, but could not hold its ground, ending the month at 1.84 %. ■ A surge in energy prices helped keep the DJ- UBS Commodity Index in positive territory for March despite poor returns for the industrial metals and agriculture segments. Still, the Index has declined year -to -date. SuNTRusT Equity Market Overview Developed markets outpaced emerging markets for March Most major US equity indices increased their lead over the major international indices for the year, although much of the difference has been currency related. However, the MSCI Emerging Markets Index remained the biggest laggard for the month and year, regardless of currency. Domestically, three traditionally defensive sectors — health care, utilities, and consumer staples — were the leading sectors for month and the quarter, an unusual backdrop for a quarter that saw a gain of more than 10% US & International Equity Market Returns Through March 2013 US (S &P 500) - 3.8% Emrg Int'I Local (MSCI EM) -0.5% -0.9% Dev Int'I Local (EAFE) Dev Int'I USD (EAFE) 5.1 % 0.8% Emrg Int'I USD (MSCI EM) -1.7% YTD ■ Month 10.6% 9.7% Returns are represented by the following indices: S &P 500 Stock Index, MSCI Emerging Market Index in US dollars and local currencies, MSCI EAFE developed country index in US dollars and local currencies. Data source: Morningstar 5 SUNT'RUST Commodity Market Overview A surge in energy prices tips commodities into positive territory for March A surge in energy prices, along with a modest gain from precious metals, helped keep the DJ -UBS Commodity Index in positive territory for March despite poor returns for the industrial metals and agriculture segments. Still, the Index is down 1.1% year- to-date thanks to negative returns for three of the four segments. Copper futures declined 7% for 2013, while corn futures dropped more than 20% since August 2012 as larger - than- expected stockpiles and an increase in planted acreage caused investors to anticipate burgeoning supply in the US. Commodity Index and Sector Returns Through March 2013 ■ Month YTD 8% 7.1% 6.3% 6% 4% 0 0 0.6% 0.7% 0% . ............. .v -2% -1.1 -4% -2.4% o -3.2% o -4.5% -6 /o -5.5% -8% -7.8% -10% Ind. Metals Energy Prec. Metals DJ -UBS Agriculture Commodity Index Returns are represented by the follow indices: DJ -UBS Commodity Index and the following Sector Sub - Indexes of the DJ UBS Commodity Index: Industrial Metals, Precious Metals, Energy and Agriculture. Data source: Morningstar. 11 SUNT'RUST Taxable Bond Market Overview Most fixed income segments posted modest gains for the second consecutive month Most fixed income segments posted modest gains for the second consecutive month, with municipal bonds as the notable exception. Further, most are in positive territory for the year or close to it. Meanwhile, international bonds continued to struggle, as have long -dated US Treasuries, which are the worst performers for 2013. For the third time in as many months, the yield on the benchmark 10 -year US Treasury spiked above 2 %, but could not hold its ground, ending the month at 1.84 %. The Cypriot banking crisis in the middle of the month was the impetus for a rush to safety. Returns are represented by the follow indices: Barclays Municipal Bond Index, Citi World BIG Index, Barclays Aggregate Bond Index, Barclays US Corporate High Yield Index, Barclays Bellwether 10 and 30 year US Treasury Index, Barclays Financial Institutions Bond Index, Barclays MBS Fixed Rate Bond Index and Barclays US Investment Grade Corporate Index. Data source: Morningstar and Barclays Live SuNTRUST Fixed Income Market Sector Returns Through March 2013 ■ Month YTD 4% 3% 2.9% 2% 0 1 /0 1.0°/ 0.9% 0.1% 0.00/0 0.3% 0.1% 0.1% 0.4% 0% _1% - 0 o -0.4% -0.1% -0.30/ -0.1 % -0.3% -0.2% -2% -2.0% -3% -3.1% -4% } U O U O m m O O M c a m m 2 ii p C) O Q U) U) o cn cn g � � Returns are represented by the follow indices: Barclays Municipal Bond Index, Citi World BIG Index, Barclays Aggregate Bond Index, Barclays US Corporate High Yield Index, Barclays Bellwether 10 and 30 year US Treasury Index, Barclays Financial Institutions Bond Index, Barclays MBS Fixed Rate Bond Index and Barclays US Investment Grade Corporate Index. Data source: Morningstar and Barclays Live SuNTRUST Municipal Bond Market Overview Municipal bonds stumble after two solid months, despite attractive after -tax yields After two solid months bolstered by various tax increases, investor demand for municipal bonds dissipated in March. Investors pulled out a total of $513 million from municipal bond mutual funds for the four weeks ending March 27, according to Lipper US Fund Flow data. Consequently, the Barclays Municipal Bond Index fell 0.4% in March. However, it remained in positive territory for the year, up 0.3 %. AA General Obligation Municipal Bonds Comparative Yields as of March 28, 2013 6% Tax Exempt Yield 5.28% 5% ■ Taxable Equivalent Yield @ 43.4% Tax Rate 4% 3.80% 3% 2.99% 2% 1.78% 2.15% 0 1.01% ° 0.69% 0.39% 0% = 2 Years 5 Years 10 Years 20 Years Maturity Data source: Bond buyer and STI calculations. Taxable equivalent yield based on the maximum federal income tax rate of 39.6% plus the 3.8% high- earner investment income tax. 1.3 SUNT'RUST III( SuNTRuST 1. Sun Trust Portfolio Composition and Performance Policy Benchmark* Total Equity 75% S&P 500125% MSCI EAFEIndex Fixed Income Barclays Aggregate Bond Short Term 91 Day Treasury Bill r� •• Market Value 3 Months 1 Year to -Date 3 Years 5 Years 5.50 9.48 .1 $ 5,813,331 9.37 12.+6+6 7.52 9.24 13.29 $ 3,+678,553 0.27 4.3+6 -0.12 3.77 $ 207,187 0.00 0.01 7.23 0.02 0.09 9.08 9.48 8.65 8.67 4.67 Quarter 1 Year 3 Years 5 Years ■ North Palm Beach Policy Benchmark * Policy Benchmark - 45% S &P 500115% MSCI EAFE/ 40% Barclays Aggregate ** Net of Fee Approximation based on an annual Investment Advisory Fee of 0.29% Please refer to appendix for full disclosure. 8.02 7.52 7.30 10 Years Inception to Date (212 Months) Period ending March 31, 2013. Returns for time periods 12 months and greater are annualized Source: First Rate investment performance system SuN TRUST Inception to -Date 3 Years 5 Years 10 Years (215 Months) 6.09 7.52 8.02 8.67 4.67 730 7.03 • 7.23 7.73 10.23 4.98 8.18 8.64 10.77 4.14 8 83 7.49 +6.21 5.77 5.11 +6.11 5.52 5.47 5.02 6.34 0.04 0.56 2.19 ;sir: 0.94 0.09 0.28 1.62 2.85 8.02 7.52 7.30 10 Years Inception to Date (212 Months) Period ending March 31, 2013. Returns for time periods 12 months and greater are annualized Source: First Rate investment performance system SuN TRUST uarter Year -to -Date Portfolio Additions /Withdrawals Portfolio Additions /Withdrawals Additions $ 238,889.53 Additions $ 799,700.77 Withdrawals $ (40,555.71) Withdrawals $ (156,055.66) Total Additions /Withdrawals $ 198,333.82 Total Additions /Withdrawals $ 643,645.11 Portfolio Earnings Portfolio Earnings Net Accrued Income $ 15,498.47 Net Accrued Income $ 18,515.39 I nterest a nd Dividends $ 20,852.36 I nterest a nd Dividends $ 234,637.32 Gains /Losses $ 479,384.39 Gains /Losses $ 543,147.33 Total Portfolio Earnings $ 515,735.22 Total Portfolio Earnings $ 796,300.04 Please refer to appendix for full disclosure. Source: First Rate investment performance system 10 Period ending March 31, 2013 Data includes accrued income SUNTRuST Inception Market to -Date Value 3 Months 1 Year 3 Years 5 Years 10 Years (215 Months) Total •. 8.02 0• 7.52 Policy Benchmark* 5.50 9.48 8.67 4.67 7.30 703 Total Equity $ 5,813,331 9.37 12.66 10.23 4.98 8.18 8.64 75 %S &P 500/25% MSCI SAFE Index 9.24 13.29 10.77 4.14 8.83 7.49 Large Cap Growth Funds $ 1,558,078 9.31 9.78 11.48 6.79 8.21 Russell 1000 Growth Index 9.54 10.09 13.06 7.30 8.62 7.52 Large Cap Value Funds $ 1,550,499 12.04 19.99 13.05 7.61 Russell 1000 Value Index 12.31 18.77 12.74 4.85 9.18 9.25 Mid Cap Growth Funds $ 480,766 9.27 11.57 Russell Midcap Growth Index 11.51 1276 14.23 7.98 11.53 -- Mid Cap Value Funds $ 784,548 12.57 13.44 Russell Midcap Value Index 14.21 21.49 14.95 8.53 12.57 -- Small Cap Growth Funds $ 290,683 13.13 16.59 15.78 9.16 Russe112000 Growth 13.21 14.52 14.75 9.04 11.61 -- Small Cap Value Funds $ 192,921 10.89 10.14 -- Russell 2000 Val Indx 11.63 18.09 12.12 7.29 11.29 10.47 Intl Equity- Developed $ 574,467 4.51 8.75 3.04 -3.04 MSCI EA FE Index (Net) 5.13 11.26 5.05 -0.86 9.71 4.68 Intl Equity- Emerging $ 381,369 0.17 5.72 MSCI EM (Net) -1.62 1.96 3.27 1.09 17.05 -- Fixed Income $ 3,678,553 0.27 4.36 6.21 5.77 5.11 6.11 Barclays Aggregate Bond -0.12 3.77 5.52 5.47 5.02 6.34 Bond Funds $ 3,340,316 0.07 3.89 6.05 5.67 5.07 Barclays Aggregate Bond -0.12 3.77 5.52 5.47 5.02 6.34 High Yield Bond Funds $ 338,237 2.29 Barclays High Yield Bond 2.89 13.13 11.24 11.65 10.71 7.99 Short Term $ 207,187 0.00 0.01 0.04 0.56 2.19 0.94 91 Day Treasury Bill 0.02 0.09 0.09 0.28 1.62 2.85 * Policy Benchmark - 45% S &P 500115% MSCI EAFE/ 40% Barclays Aggregate Period ending March 31, 2013. ** Net of Fee Approximation based on an annual Investment Advisory Fee of 0.29% Returns for time periods 12 months and greater are annualized Source: First Rate investment performance system Please refer to appendix for full disclosure. SUNTRj TST 11 International Equity- Emerging Oppenheimer Developing Markets Y ODVYX Emerging Mkts t t t t t 0.17 (40) 5.73 (31) 7.29 (9) 6.05 (4) 21.33 (1) 4.65 0.93 26.64 1.03 MSCI EM NR USD -1.62 1.96 3.27 1.09 1705 0.00 1.00 28.19 International Core Equity - Developed MFS Research International MRSIX Foreign Large Blend t t t t 4.00 (42) 9.53 (45) 6.35 (18) -0.04 (31) 10.25 (26) 0.94 1.00 23.58 0.97 Manning& Napier World Opportunities EXWAX Foreign Large Blend ,t,t,t,t 5.03 (16) 7.87 (73) 3.71 (76) 0.48 (23) 11.36 (11) 1.58 1.01 24.08 1.10 MSCI EAFE NR USD -0.12 5.13 5.52 11.25 5.02 5.00 1.00 -0.89 9.69 0.00 1.00 23.21 Small Cap Growth Vanguard Short-Term Bond ETF BSV ETF Short-Term Bond ,t,t,t 0.27 1.85 2.72 3.23 0.90 0.84 1.93 0.11 Invesco Small Cap Growth RS GTSVX Small Growth t t,t,t 13.13 (32) 16.62 (30) 16.62 (16) 10.01 (24) 11.86 (30) 1.56 0.90 22.42 0.83 Russell 2000 Growth TR USD 13.21 14.52 14.75 9.04 11.61 0.00 1.00 24.56 Small Cap Value CambiarSmalI Cap Instl CAMZX Small Blend ,t,t,t 10.89 (85) 10.14 (91) 15.21 (17) 11.61 (5) 4.61 0.94 24.83 1.07 Russell 2000 Value TR USD 11.63 18.09 12.12 729 11.29 0.00 1.00 24.79 Mid Cap Growth Goldman Sachs Growth Opportunities Instl GGOIX Mid -Cap Growth ,t,t,t,t 9.27 (81) 11.60 (37) 12.64 (49) 9.27 (16) 11.86 (29) 1.38 0.97 22.57 0.95 Russell Mid Cap Growth TR USD 11.51 12.76 14.23 7.98 11.53 0.00 1.00 22.91 Mid Cap Value iShares Russell Midcap Value Index IWS ETF Mid -Cap Value ,t,t t t 14.15 21.24 14.73 8.39 12.40 -0.11 1.00 23.19 0.28 iShares Dow Jones Select Dividend Index DVY ETF Mid -Cap Value ,t,t t t 11.79 17.67 15.46 5.97 1.82 0.85 18.99 0.40 Russell Mid Cap Value TR USD 14.21 21.49 14.96 8.53 12.57 0.00 1.00 23.26 Large Cap Growth iShares Russell 1000 Growth Index IWF ETF Large Growth t t t t 9.49 9.89 12.85 7.12 8.43 -0.16 1.00 18.99 0.20 Russell 1000 Growth TR USD 9.54 10.09 13.06 730 8.62 0.00 1.00 19.03 Large Cap Value iShares Russell 1000Value Index IWD ETF Large Value ,t,t,t 12.22 18.52 12.53 4.72 9.02 -0.12 1.00 20.18 0.20 Russell 1000 Value TR USD 12.31 18.77 12.74 4.85 9.18 0.00 1.00 20.23 High Yield Bonds iShares iBoxx $ High Yield Corporate Ed HYG ETF High Yield Bond t t 2.22 11.35 10.33 8.77 -2.37 0.98 14.04 0.50 Barclays US Corporate High Yield TR USD 2.89 13.13 11.24 11.65 10.12 0.00 1.00 13.98 Bank Loans Eaton Vance Floating Rate I EIBLX Bank Loan t t,t 2.02 (63) 6.94 (66) 5.83 (66) 6.19 (34) 4.59 (56) 1.76 0.85 10.85 0.77 Morningstar Bank Loan AW 2.26 7.99 6.62 4.92 4.44 0.00 1.00 12.59 1.04 Domestic Intermediate Bond Vanguard Total Bond Market ETF END ETF Interm -Term Bond *,t,t -0.03 3.79 5.47 5.42 -0.08 1.01 3.57 0.10 PIMCO Investment Grade Corp Ed Instl PIGIX Interm -Term Bond *,t,t,t,t 1.19 (7) 12.39 (2) 10.23 (1) 10.70 (1) 8.14 (1) 2.98 1.40 6.81 0.50 iShares iBoxx $ Invest Grade Corp Bond LQD ETF Long -Term Bond ,t t -0.56 7.83 9.05 8.07 5.94 -2.53 2.04 8.84 0.15 Barclays US Agg Bond TR USD -0.12 3.77 5.52 5.47 5.02 0.00 1.00 3.53 Domestic Short Term Bonds Vanguard Short-Term Bond ETF BSV ETF Short-Term Bond ,t,t,t 0.27 1.85 2.72 3.23 0.90 0.84 1.93 0.11 Barclays Government 1-5 Yr TR USD 0.16 1.24 2.31 2.71 3.32 0.00 1.00 1.86 Period Ending March 31, 2013. Please refer to appendix for full disclosure., 12 SUN TRUST RUST Cash Equivalents 2.1% Fixed I ncome 38.0% Please refer to appendix for full disclosure. Large Cap 32.0% International 9.9% Period ending March 31, 2013. 13 SLN TRUST Total Equity $ 5,796,066 59.9% $ 5,394,337 Large Cates iShares Russell 1000 Growth Index ETF $ 1,553,083 16.0% $ 1,881,593 iShares Russell 1000 Value Index ETF $ 1,543,123 15.9% $ 1,164,610 Mid Caps Goldman Sachs Growth Opportunities 1 $ 480,166 5.0% $ 362,999 Mid Cap iShares TR Russell Midcap Value Index Fund $ 386,574 4.0% $ 270,341 11.8 °f iShares Dow Jones Select Dividend ETF $ 393,080 4.1% $ 354,888 Small Caps Small Cap 1 nvesco Sma I I Ca p Growth 1 $ 290,683 3.0% $ 275,030 5.0% Cambiar Small Cap Value 1 $ 192,921 2.0% $ 183,385 International MFS Research International 1 $ 286,732 3.0% $ 271,253 Manning & Napier World Opportuinities $ 287,735 3.0% $ 267,210 Oppenheimer Developing Markets Y $ 381,369 3.9% $ 363,027 Total Fixed Income $ 3,677,304 38.0% $ 3,456,952 Vanguard Total Bond Market ETF $ 2,566,326 26.5% $ 2,437,794 Eaton Vance Floating Rate Bond $ 169,051 1.7% $ - ishares iboxx $High Yield Bond ETF $ 168,887 1.7% $ 312,629 iShares IBOXX Invt Grade Corp Bd ETF $ 290,758 3.0% $ 267,267 PIMCO Inv Grade Corp Bond 1 $ 289,688 3.0% $ 266,105 Vanguard Short Term Bond ETF $ 192,594 2.0% $ 173,157 Total Cash Equivalents $ 207,185 2.1% $ 130,694 Federated Trsy Obligation Money Market 1 $ 207,185 2.1°% $ 130,694 Period ending March 31, 2013. 13 SLN TRUST III( SuNTRuST 1. Fund Fact Sheets I I 49 C ®°o c o p CO ®� m 9 iii N N — — — — - — M M M N o Q LP M N \ \ O d — C N -6 n M m CD -co �- y m � ° w E C H x O o o d _ Om O I o= ~ CA F d r to O U m J ® O x y a ® o c m -o O o O ®o c l O � r O c, VJ v] ® °o oc m ® °o ®°o c o p CO ®� m 9 iii N N — — — — - — M M M N o Q LP M N \ \ O d — C N -6 n M m m > -co �- E `-' � ° w E C H W Z O- d o - L - U m U ii m CA F o U S� — SOME a� x O CO O h X O c, — H — Eu - � o d w� OC > d Z Q m m 4E N OM d ai ai m o m O_ c? p L C C E a o m c� o o o o 2 -- s �n Q- Col �E U- a > O a O- S Cn 2 Q C- M o CA N ® N N o o:M o o a L7 E N M n W 07 Q O n O M N W M ® CE co co o o O r o ® N o 0 0 . M M M M M o M go N W W O ��"' W d cd o. o oc00000 o°'O o_¢' m N c co /� ® _ °J °' -° �ommo�n o c 0 0 w N O- O M M w D7 0 0 O m � U °J � n M m m > -co �- c l E m CD H W L J� O U m U ii m CA F o U S� y "b®0©13 SOME t MOM ii tOCE O h X O c, Wm y - � o ® N U ° m - o a ® N co o 0 co c Y Eige Mitl Smell O High Metl Low m ® N U m Ni Ni o o- - o o Y C5 O m lluui o- o IIII� m� o O ° w °i QQ mm mm c»zmcD G QQQ.m mm mZ m m d \ n M m gco n -co �- z � C C E m CD H W O O J� O d Lq M CL N o ��� G G U O m O w ii tOCE O h X O c, Wm y O d w� OC > d Z Q m m 4E N OM d :ii CA N o a m co co co o o o N co N o . �� M M M /V/ O W d N /� •V M U y m m d 14 w ' t � ' t \ N n m o 0 � m y o_ O o m x v w Q ocE Q co co H m C z � C C E m w C d y c W O O J� ¢ I = ° �➢ G G CL N o ��� G G U c � ii tOCE O h X O c, Wm y O d w� OC 14 w ' t � ' t \ N n m o 0 � m y o_ O o m x v w Q ocE Q co co W H O h m E m H o � N N N tl J J J (Z C E U � OJ Q -O W m � Y C O m O M p N o ° m O m U N m . m L5 U m C:l U m o Q O U m O Q N W o Z � m o °J � L -u,u,z N ` M cP p O O O M W lIJ 64 N O AR m c5 m a Q C N r C c L Q C� z z CC G � E E E 8 5 EE�y _ � E .=t- Vi S°Eo� - aE _- - E Oo E Er_ o�E C � m L- - aa�EQ H m C z � C C w C W O O M LCJ LfJ N N O W H O h m E m H o � N N N tl J J J (Z C E U � OJ Q -O W m � Y C O m O M p N o ° m O m U N m . m L5 U m C:l U m o Q O U m O Q N W o Z � m o °J � L -u,u,z N ` M cP p O O O M W lIJ 64 N O AR m c5 m a Q C N r C c L Q C� z z CC G � E E E 8 5 EE�y _ � E .=t- Vi S°Eo� - aE _- - E Oo E Er_ o�E C � m L- - aa�EQ H m C z � C C w C m CO - -O } W U z � O O O99 OJ OJ (9 V] V] V] > d Z Q m m 4E N OM d W H O h m E m H o � N N N tl J J J (Z C E U � OJ Q -O W m � Y C O m O M p N o ° m O m U N m . m L5 U m C:l U m o Q O U m O Q N W o Z � m o °J � L -u,u,z N ` M cP p O O O M W lIJ 64 N O AR m c5 m a Q C N r C c L Q C� z z CC G � E E E 8 5 EE�y _ � E .=t- Vi S°Eo� - aE _- - E Oo E Er_ o�E C � m L- - aa�EQ U > O ° N N N d N N N N c m l N IY= mUmVJ� C O O - w vJ C7 O =c:l -°o O) N V mW {C 7 m U m H ® O dx ® o ' c m z � m o O c d y r h X Wm y m OJ OJ n7 V] V] V] �c 4E N OM d o � _ m m ® °o y ®� - 07 M CO CO M C ® o L" p +c5 - - - p p 4S p ^C v c5 t w `J H C a-3E 'x 2 z ++ o z a o o m- o o ® cE� N o m N c o 0 0 ® N N m o O O O: O L2 �2 c o 0 0 o ® N m can m o -OJ o ai ai co o _ _ _ o co co 0 0 o o Q LP M N - N - N_ N N N N N - - - _ - O m U � O_ 74S] U C U to L o w c U :075 m LL c o_ a j c m e cn N w C7 U Q d d m U m CJ C7 m 0 - o y [n E 07 N LfJ : LP W O- CO CO N O O Q N N W c m O n U F Ln 7o 00000:000(B 0:00000 m O w M O O O Jom�oo. 00 a'�o. c �co��oo 0 N O CO w O. O m O m n m m m � ° N N N d N N N N c m l Y n m m w C :°- H O 'y C E m h O y O L OJ c - -°o L) mm U ii m en U W F- o U S y 2® all 13 > ®0 0 0 1® 0 z � h X Wm y O OJ OJ n7 V] V] V] > d Z Q m m 4E N OM d O � _ LfJ N - LfJ N - 07 M CO CO M CA d O N } - N N- 0 0 CO N CA O d M O N LCJ LfJ LP LP LP N M M ��//�� M M M /CA W O d pJ m X X /� •V Q - ° y o Q LP M N - N - N_ N N N N N - - - _ - O m U � O_ 74S] U C U to L o w c U :075 m LL c o_ a j c m e cn N w C7 U Q d d m U m CJ C7 m 0 - o y [n E 07 N LfJ : LP W O- CO CO N O O Q N N W c m O n U F Ln 7o 00000:000(B 0:00000 m O w M O O O Jom�oo. 00 a'�o. c �co��oo 0 N O CO w O. O m O m n m m m � °J � cG➢ � G G � j O d m - E c m l Y n m m w C d y G U - V O n7 W -~ 'y C E m h O y O L OJ c 3 -°o L) mm U ii m en U W F- o U S y 2® all 13 > ®0 0 0 1® 0 z � h X Wm y O O O99 o U d p R 0 0 0 O a a co � o 0 0 y N d Y .r, o E ge Mitl Smell High Metl Low -O d o 0 o Y n +C5 m o y a "��zmo W 1 .25 J aaa mmm mz W N O \ W O m � OJ y o_ o x w a ocE Q co co > > n 0 0 LNfJ d o CO OO OO Z O O - G G O O 15 w M N + H cG➢ � G G � j O d m N N E z � C C Y n m m w C d y G O LCJ (p LfJ � W N N - a �➢ � G G o � O N o ��� G G U z � h X Wm y O O O99 OJ OJ n7 V] V] V] 15 w M N + O � W O ~ O C. m n7 E m H o � N N N d > > >.� J J J d c E U U OJ Q c -O -O W OJ a Y w° m m 0 o m o o co O m U N U m o Q U o Q N W p N V] N �o Zco 0 o °J r E OJ O_ N � O r c � M O O lIJ 64 � Q> a h o AR > Q O Q C N r C c L m c5 Q cis r •� Z Z CC G � o � E EE�y E .=t- - S°Eo� - aE _ - Oo E r EL_ oiE � m L- - aa�EQ H N N m C z � C C w C W O O LCJ (p LfJ � W N N M LCJ LfJ N N O p p O � W O ~ O C. m n7 E m H o � N N N d > > >.� J J J d c E U U OJ Q c -O -O W OJ a Y w° m m 0 o m o o co O m U N U m o Q U o Q N W p N V] N �o Zco 0 o °J r E OJ O_ N � O r c � M O O lIJ 64 � Q> a h o AR > Q O Q C N r C c L m c5 Q cis r •� Z Z CC G � o � E EE�y E .=t- - S°Eo� - aE _ - Oo E r EL_ oiE � m L- - aa�EQ H m C z � C C w C m U m m N N p p z � O O O99 OJ OJ n7 V] V] V] > d Z Q m m 4E N OM d O � W O ~ O C. m n7 E m H o � N N N d > > >.� J J J d c E U U OJ Q c -O -O W OJ a Y w° m m 0 o m o o co O m U N U m o Q U o Q N W p N V] N �o Zco 0 o °J r E OJ O_ N � O r c � M O O lIJ 64 � Q> a h o AR > Q O Q C N r C c L m c5 Q cis r •� Z Z CC G � o � E EE�y E .=t- - S°Eo� - aE _ - Oo E r EL_ oiE � m L- - aa�EQ O O U � r U 2— U' V C E L E2 pp U VJ O Q O 'L w co c d O Z- OC 7< Q O d C O� -wV C7 L O = O U O U m co II���� FM d 'O c m m H c d O oZ m o_ H m y y c -o ® m � o m O * m oc ° N H d .... N C 40 .` o N � Z o Q M N N N N N N C -c3 C -6 O_ !s c w o O U O U m O m 00 N O d O O O O U o_ o= o °J c m l m p� _ E C7 O O J< d N C_ U_ m U U - Y x c c _ c N m u� C- °- m o m E w� d m o OJ oc -LL] .E E E E E E E E E E E M E E E N LP Q7 — — N N — — N -- N Q N ® N M O OJ ® N co � M m`n � v� �0 00000.00000.00000 - ° 00000 -o oo a N c M - - o � °o _ - - \ OJ m m O 411 O 4P O m °J � � c - m l .- U m U ii N U w F O U S ti c"®0 00 3 RODE t ®0® m� — O mm.2a_ mm�� ® N N ff L � , N CO O y large M,d Smell d High Wd L— d ® N o o co co -m m_ c �i m ° � o' c o c o O - m mo W J aaammmmz Q\ o co n g In In In y/w C= I _ d Lq } W W W M M N n V/ d M } N N N N O CO y= M m L6 m m m M vL � y/�) a ' o° c. W N M N N O COD = -� �1 p d c] O N CO CO CO M M cc LP I� O N E O > M 0 C^ £ � m O M OJ C_ U U OJ 0 illf O c m C7 O 4L m o 0 as �a mm Z Z O z C Q Q j �➢ O � � i � } a � jJ m i O } O R In � O d d � E °o � N O E = R O N o •— O E ni c W J G +. m C S3 N 1cx�' � m LL d N �' W c m m m NM c C C Z� �➢ .G c➢� O d ?4 O y (9 L N O O O 4` O_ y U Q E N LL C 1 2 C7 0 W CO N 0 o co 0 W � O LP N LP N MC O O n O � o m -o m � L M M m � M N _ � h m o_ \ q m co n o x m 0 o E �c � co 64 d 5 ux o O n W O � O m r L +c5 V] I I ° N C h C-6 M L] O_ X h CO a m L U � > c N O m0 O li H o Q r •� Z Z CC G E?� � � E E E 8 5 EE�y o =E� - aE o E o E Er of m — aa�EQ \ OJ m m O 411 O 4P O m °J � � c - m l .- U m U ii N U w F O U S ti c"®0 00 3 RODE t ®0® m� — O mm.2a_ mm�� ® N N ff L � , N CO O y large M,d Smell d High Wd L— d ® N o o co co -m m_ c �i m ° � o' c o c o O - m mo W J aaammmmz Q\ o co n g In In In y/w C= I _ d Lq } W W W M M N n V/ d M } N N N N O CO y= M m L6 m m m M vL � y/�) a ' o° c. W N M N N O COD = -� �1 p d c] O N CO CO CO M M cc LP I� O N E O > M 0 C^ £ � m O M OJ C_ U U OJ 0 illf O c m C7 O 4L m o 0 as �a mm Z Z O z C Q Q j �➢ O � � i � } a � jJ m i O } O R In � O d d � E °o � N O E = R O N o •— O E ni c W J G +. m C S3 N 1cx�' � m LL d N �' W c m m m NM c C C Z� �➢ .G c➢� O d ?4 O y (9 L N O O O 4` O_ y U Q E N LL C 1 2 C7 0 W CO N 0 o co 0 W � O LP N LP N MC O O n O � o m -o m � L M M m � M N _ � h m o_ \ q m co n o x m 0 o E �c � co 64 d 5 ux o O n W O � O m r L +c5 V] I I ° N C h C-6 M L] O_ X h CO a m L U � > c N O m0 O li H o Q r •� Z Z CC G E?� � � E E E 8 5 EE�y o =E� - aE o E o E Er of m — aa�EQ mm.2a_ mm�� ® N N ff L � , N CO O y large M,d Smell d High Wd L— d ® N o o co co -m m_ c �i m ° � o' c o c o O - m mo W J aaammmmz Q\ o co n g In In In y/w C= I _ d Lq } W W W M M N n V/ d M } N N N N O CO y= M m L6 m m m M vL � y/�) a ' o° c. W N M N N O COD = -� �1 p d c] O N CO CO CO M M cc LP I� O N E O > M 0 C^ £ � m O M OJ C_ U U OJ 0 illf O c m C7 O 4L m o 0 as �a mm Z Z O z C Q Q j �➢ O � � i � } a � jJ m i O } O R In � O d d � E °o � N O E = R O N o •— O E ni c W J G +. m C S3 N 1cx�' � m LL d N �' W c m m m NM c C C Z� �➢ .G c➢� O d ?4 O y (9 L N O O O 4` O_ y U Q E N LL C 1 2 C7 0 W CO N 0 o co 0 W � O LP N LP N MC O O n O � o m -o m � L M M m � M N _ � h m o_ \ q m co n o x m 0 o E �c � co 64 d 5 ux o O n W O � O m r L +c5 V] I I ° N C h C-6 M L] O_ X h CO a m L U � > c N O m0 O li H o Q r •� Z Z CC G E?� � � E E E 8 5 EE�y o =E� - aE o E o E Er of m — aa�EQ as �a mm Z Z O z C Q Q j �➢ O � � i � } a � jJ m i O } O R In � O d d � E °o � N O E = R O N o •— O E ni c W J G +. m C S3 N 1cx�' � m LL d N �' W c m m m NM c C C Z� �➢ .G c➢� O d ?4 O y (9 L N O O O 4` O_ y U Q E N LL C 1 2 C7 0 W CO N 0 o co 0 W � O LP N LP N MC O O n O � o m -o m � L M M m � M N _ � h m o_ \ q m co n o x m 0 o E �c � co 64 d 5 ux o O n W O � O m r L +c5 V] I I ° N C h C-6 M L] O_ X h CO a m L U � > c N O m0 O li H o Q r •� Z Z CC G E?� � � E E E 8 5 EE�y o =E� - aE o E o E Er of m — aa�EQ 0 W CO N 0 o co 0 W � O LP N LP N MC O O n O � o m -o m � L M M m � M N _ � h m o_ \ q m co n o x m 0 o E �c � co 64 d 5 ux o O n W O � O m r L +c5 V] I I ° N C h C-6 M L] O_ X h CO a m L U � > c N O m0 O li H o Q r •� Z Z CC G E?� � � E E E 8 5 EE�y o =E� - aE o E o E Er of m — aa�EQ o O n W O � O m r L +c5 V] I I ° N C h C-6 M L] O_ X h CO a m L U � > c N O m0 O li H o Q r •� Z Z CC G E?� � � E E E 8 5 EE�y o =E� - aE o E o E Er of m — aa�EQ Q r •� Z Z CC G E?� � � E E E 8 5 EE�y o =E� - aE o E o E Er of m — aa�EQ D U N v M m N > ®°o o O ch :..:...:... c m l cc d y G c L V r (9 U m U ii M I Y t0 QJ W O N U d O ♦ ®0 ® c:l ' G c S x m — O =� d O U m > ® O x d ® o a c m ° m � ® o o W W- d N O {i VJ V] ® oo }1 m M c m �c > ®°o r O ch :..:...:... c m l cc d y G c L V N U m U ii M CAR 0 1 N o d o ♦ ®0 ® X- O L" O — — +c� - p p Z. 4S p °.v. 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O� M CO I O �� 17 M w t m i m � m m m m O O O N N n co n co m z � O O O � � L W O W O � � r L � D- Q D O M Z Q m m O_ w O a m CO L U � W U � � m O > N O O M d O U � H c. m > m E m H o � J J J d C E U � OJ Q c � OJ a Y W° m O O m U � O V i i m c:l U m m m a � m m Q U O m o Q I� W LP M } �o Zin m 0 o °J r in o M M lIJ 64 W Q> a h� � O C N Q r •� Z Z CC G o E?� � m� E 8 1 EE�y C E o = E m S°Eo� - aE E E o E Er_ o�E aa�EQ �4 m� cG➢ � G G � j O d y n Qi i o m d y G �➢ G G 0 1 N o ��� G G U c m X- O x m Wm v°Ji 17 M w t m i m � m m m m O O O N N n co n co m z � O O O � � L W O W O � � r L � D- Q D O M Z Q m m O_ w O a m CO L U � W U � � m O > N O O M d O U � H c. m > m E m H o � J J J d C E U � OJ Q c � OJ a Y W° m O O m U � O V i i m c:l U m m m a � m m Q U O m o Q I� W LP M } �o Zin m 0 o °J r in o M M lIJ 64 W Q> a h� � O C N Q r •� Z Z CC G o E?� � m� E 8 1 EE�y C E o = E m S°Eo� - aE E E o E Er_ o�E aa�EQ �4 m� � U O cn m 0 0 O V M m N � m m ® N m o O CO) 0 O d LP N 0 O_ O 13 Ca� ' G -w cn C7 ti ® all o ®oo❑t 0 0 0 O =� 01 N N d � v d o N m c c� m Um� m m d - � o c m 'O O m O O Q'w o) \ c LL r p� ... M M m N c4, M M a) ° - —, . V C ® °o , �n M M : N: X X cc £ W o O O //�� VI v M U O 4S o ^C v +O `J w li 'x 2 c- ® N m N m m c� c m m o 0 0 l o - o� m o QJ M O N m m o co co o - o 0 0 0 0 N c o 0 c o N cn m 0 0 ai ai m o 0 m m ® N m m o- o ai - o CO) 0 M d LP N 0 W o O � : O O W c m C� c:l O _ E O M N N M N M N N M M N LP N C Q O n U H 0 0 0 0 0 O - � CD ID o M - x m o � coo m o S o 0 0 0 om000.00 < ���coom o CO W CO O- GO CO M N O, M M 0 0 0 0 0 0 0 � 41Y 07 cp 07 O i.0 cp LP O � O O M N � 07 07 O - 41J N LP M r N N 411 M � 07 LP I� d M M M M c CO) O M d LP N W 13 o O � : O O W c m C� c:l O _ E O M N N M N M N N M M N LP N C Q O n U H 0 0 0 0 0 O - � CD ID o M - x m o � coo m o S o 0 0 0 om000.00 < ���coom o CO W CO O- GO CO M N O, M M 0 0 0 0 0 0 0 � 41Y 07 cp 07 O i.0 cp LP O � O O M N � 07 07 O - 41J N LP M r N N 411 M � U m � c O M N 13 U m U ii m N W U O U S E ti ® all o ®oo❑t ®o® d M o s - � o Q'w o) \ ° M M CA � c4, M M a) ° - —, . V C , �n M M : N: X X cc £ Q: O O //�� VI M U O o O � : O O W c m C� c:l O _ E O M N N M N M N N M M N LP N C Q O n U H 0 0 0 0 0 O - � CD ID o M - x m o � coo m o S o 0 0 0 om000.00 < ���coom o CO W CO O- GO CO M N O, M M 0 0 0 0 0 0 0 � 41Y 07 cp 07 O i.0 cp LP O � O O M N � 07 07 O - 41J N LP M r N N 411 M � U m � c m' U m U ii m N W U O U S E ti ® all o ®oo❑t ®o® o s - � o U d ° o N N d Y .r, o Eige Mitl Smell High Metl Low -p d o °o Y cn o W m o a "��zmo W J aaa mmm mz 0 0 0 \ m o m � OJ y o_ 0 o m x1 w Q E o TCO O CO U � d y c➢ � O - j m H � � O� �➢ k .G � E � U d � LL m .O� G �➢ d O d o C N c �C O �c� m m m x " •- � a1 wm v°Ji x m m m nn G .n O i d C d 9 C OJ W N C C C 18 W W LP LP O M O N W. N � M LP LP z � O O O c:l c:l m m L 4P O N - W m r L+ D- o m n Z Q m m O_ w D a m U' L U � W U C M � O N O O M LL O O W v� m E m H o � m m m LL J J J LL c E U � OJ Q c � � LL m a Y c O m O O m U � ip U m M Q U O m o Q } M W 4fJ m o °J r =4L4Lz h M N O } N O W M M � n 4P 64 � hD � O C N Q r •� Z Z CC G � E EE�y c�E .=t- - S°Eo� - aE � o E o E Et mE C � m m - aa�EQ � O U co O N F- � M C ` W O O d c:l M C O � ` O � d m � U O U m C7 d c m T ~ 0 o c d fq v] E O_ N c 2 E O M O m O � N � o N � C i Lt i O L_ C^^ C cc V \V E col O Ay, W col 50 U' O U - Q E Q �- y o C - W vJ C7 ENE O -- — — d � \ O d O O U.� cG➢ � G G � j O> - O O 2 42 C o R > ? 3 > G o E O U O } Cn Cn Cn Q a a U Q c O c c c L O y W m cs C7 M N O N N N D Cn LfJ d O� N } Cn Cn C O O O D U M O CO . o N O U L -m Q O C7 O C E c p d � N CD Cn OJ CE� EP N N n O M 3: O o d O x N U U Q v] m Q Q a F- Q UF- v] Ni o N o co m co N � m' m M m m O o O LIJ O E M O Q O W 07 I� LP M M W M W 07 N� LCJ O LfJ LfJ N W M O � 07 M W ® CE O W N W O CO N N W M M N M N LCJ N co co c o� o 00000.00000. 00000 1 ° c5 \ O - n a o c� -� _ � �o o � cd c. �l�000.o ooNNCO� CI O Cn LfJ M- M LfJ (n M -� N M N � O � O \ N O O W OJ M LfJ M N O W m °J m � c - m l - p L F C L d O OJ L) mm U w m en U = F o U S y ®000 ®000 1 ®0® \ O M - � O ac cN oN O + + �= y large M,d Smell O High Wd Ln ® c_ y- c m o? CO Q o U - o S - O Q U S Z m CD w \ d cG➢ � G G � j O> - O O n L o C o R > ? 3 > G O M M } Cn Cn Cn M LfJ LfJ (n c O c c c L O y W M N O N N N W Cn LfJ d O� N } Cn Cn M O� W � p d � N Cn Cn Cn Cn N LfJ M � Cn Cn Cn N N n O M d O — L O X X O O 1 ° c5 \ O z z m a M z z o Z o a w a a � � t w � t o d cG➢ � G G � j O> - O O n L o C o R > ? 3 > G O m E a a m m m O W WX O1 W y c O c c c L O y W d a w a a � � t w � t o d O - o O C OJ c 0x. m E a a m m m O W WX O1 W y c O c c c L O y 3 � m v Q m o m v QQ Q.mm mmZ co - O c �lq cP } N M N O O N M Cn O� M W Cn O O �> o :l Z7 m � L M � M N O W - � n m m �n co m m M m N •- r O H d O M Q m m \ m o 0 m � OJ y o_ o x w a CP E OC Q C7 C7 M M M W Z a m CO } U � L W U C M � O N N O O M d N E O inn O h U OJ m Q m o_ H � C7 64 64 c c m c E E U U O O df9 U OJ — c o C � O Q r •� Z Z CC G _ � E E?� � E T. E .=t- L_ - a E E o E m E - aa�EQ Z7 U m m c co m - co N o 0 � co ® is m y r O o U U - CCO c G m m v c O O O N x mY a QJ QJ QJ 3 .O C O ` o N O = N U w r � O U M U m � ® m t ®0® o m � c ® t m N y c d Q Q Q m m m O oZ� Q co co } E cc � m °J y m ® m 2 E O M ® m f1 'L O cmP Va M M m N Lf� cn m 1� M � V N O LIJ LIJ N C C c3 ccs ,Cr o m m o c m m o 0 0 0 ® m c co m - co N o 0 � co ® m o N o o? I o cn cn o co m m o c O QJ c9 i O c G m m v c O O O N 'n "p IIII � j N N o c m l i O /A V/ G M O c O O O IIII o Q N N N N N N - N - N - N - N - N N N N OJ 0 � C U Q i t9 Z7 O A c U r c D m o75 N O QN LP (p N O M W N N LP LP CO � LP M � CO LP LP 0 0 0 N LP M O O. O O 0 0 0 m N 4P M O O. O 41Y LP I� M O- i.0 O I� N O N O C=l OJ � N N O N O -- O W N O N N N M O O � � j - o c m l i O /A V/ G M O c O O O G a QJ QJ QJ j E m m E E m R �➢ ry O d d �. E CO � N U w O U S OJ ti c"®0 00 -°moo 3 RODE -0 t ®0® o m LU J p R N C W d d O d L d L OC N y LL N LL D Q Q Q m m m Q co co } °og cc m CO m- m 5 cmP Va M M m N Lf� cn m cc M � V N O LIJ LIJ N C O cn p d n W m N W } M I� W 07 M /� • Q ^V C > M O � C m E//� c/ £= `� 7 ch m - - Y U /� w m (9 • V N M 5 M U m (9 O V o o Q N N N N N N - N - N - N - N - N N N N OJ 0 � C U Q i t9 Z7 O A c U r c D m o75 N O QN LP (p N O M W N N LP LP CO � LP M � CO LP LP 0 0 0 N LP M O O. O O 0 0 0 m N 4P M O O. O 41Y LP I� M O- i.0 O I� N O N O C=l OJ � N N O N O -- O W N O N N N M O O � � j - o c m l i O ` G m � m O G a QJ QJ QJ j E m m E E m R �➢ ry O d d �. E CO U m U ii N U w O U S OJ ti c"®0 00 -°moo 3 RODE -0 t ®0® o m U d p C 0 0 0 0 > W c�l y .may„ a large M,d Smell d High Wd L- Q - O c U o _ Y� O m y M 0 0 O W 4L Z Z O z; } a I 1 I G j O L G O - r c2'5 a N M ? a * Q> Q> w t t o d O - o O � i i O ` G m � m O G a QJ QJ QJ j E m m E E m R �➢ ry O d d �. E CO y y� -G �. G j -G c➢ O CO d C- O LU J p R N C W d d O d L d L OC N y LL N LL D a N M ? a * Q> Q> w t t o d O - o O � i ` +• N C m � m y N C 0x. m E a a QJ QJ QJ OJ X W Wm W y C O c c c y L O Y c c c y m 3 Y m d - W V m Z G Q Q Q m m m Q co co } °og m CO } m m 5 o O� f M f M O� 4P O N O � O OJ Z7 m � L M � M m •- r � O O O_ V] Q m m LL Z co a m L U � W U C M � O N O O M d N L1� M M O � � m o x o E N — U E m m O Z1 - Z1 E � o � C O i O Q r •� CC G � o � E E E 41E -115 1 y � � E .=t- - E o � - a E � - E oE� m E L- - aa�EQ m Q> O U ® M1 co m y O O 0 C U r M M � m N � ` pp C m J N C m Z- c .- E ° O r: O W COO - - c:l C W w vJ C7 I U m o a z ® m r U c M - � W z O U � w W +J Q W Q O d m C W ® M1 o - 0 C U r M M i� ` E EE Q m J N C m N N c .- E ° O r: O N N N COO - - O - E M O ® m O N - � W z O N CO O � M C ° W +J Q W Q O m W O a O O) C .0 tf y CD O O c9 ® .- o o a a E o S m m Z m Z m 0 cn cn Q= Z - O M N- - O O O n CO CO CO CO o Q N N N N N N N N - C c3 � 01 � LCJ M CO O Q7 � n M r O LCJ (O � N O M C - N > i l • c U m U ii N U w F O U S ti -®000 3 ®000 t ®0® U d n > W c�l (O O O O y \ .may„ a large M,d Smell O High Wd L- - C a M Q O U- o o c a � r [n? a L- � �• d y M O W Q U w Z m 0� IL flmo I I as ^ate '°i`a > O CO c I� n n j_ p -O G Z Z Z C) w cc d o - O O U 6 O E ` d N 3 Y- EE Q fn N N O d Q7 N N N COO - - O - (O O W d m Q m V] J U U - � W z O W +J Q W Q O m W O a O d O W L d L OC tf y CD O O c9 ® .- o o a a E o S m m Z m Z m m m o m cn cn Q= M O M 2 15 ® N M Q N N N M LCJ N N N N Oj N O ® N m Cn cn M o o � O I� ® N M M M o o o o OO OO OO OO OO OO OO OO OO ED Oi Oi Oi Oi Oi o m m ® N ormo'r�'i -OJ 0 �00000_o ��oo g���oo m o o in in in O ® C /� N O m �:co �COm�oo -o CDCD � 01 � LCJ M CO O Q7 � n M r O LCJ (O � N O M C - N > i l • c U m U ii N U w F O U S ti -®000 3 ®000 t ®0® U d n > W c�l (O O O O y \ .may„ a large M,d Smell O High Wd L- - C a M Q O U- o o c a � r [n? a L- � �• d y M O W Q U w Z m 0� IL flmo I I as ^ate '°i`a > O CO c I� n n j_ p -O G Z Z Z C) w cc d o - d G � O E ` N } fn N N O d Q7 N N N COO y y� -G �. G j -O c➢ O CO N W J p d O W L d L OC C d - N y d LMfJ } O O O O M M m d CO O } M M M M Q7 O I� CO CO CO c o a m o o in in in n�� C /� CDCD O > M Q y O O L O O � X X y r U- CO) m O m M (9 c C C (9 H O a w � + o d o - d G � O E ` i O m 0= m c O a c N C m m m i0 c c c m E m m E E m y y� -G �. G j -O c➢ O CO N W J p d O W L d L OC C d - N y LL a w � + o d o - o � O E ` +• N C m 0= m m E a a WN X W m W y C m m m i0 c c c � O y 3 O m 9 Q m O m m v QQ Q.mm mZ � L, - M N o O O O N clJ N CO � M O CO O O � O -o m (9 N � L �9 N M � M LCJ O CO � N y d O O (9 W W Q E OC Q co co - � N m m - -O N = •- r � O O d V] Q m m w Z CO a m � } d } U � r W U C M � O N O O M d � E m N O O _ � h Q i< C M m W � EaA O N C U E m U E L 0 N i M m O � � n C O i O Q r •� Z Z CC G E?� m E E 41E -115 E E 1 y � � E .=t- mm - aa�EQ OJ Q1 m J U c m �CD O C _ U w m z m > � c � z o o� cn d y d d U y y m m ai o c c o O N U VJ QJ x c:l O CD U m o Q Z7 d M M co LCJ r U Q CO M CO � O M M N M n cn F F of s o Q m S m [n w U m m c W i i i •CLa d CO M m C U r M M M W i� O -o MM� N E o m ,m. J L y C o ® m .r.. CO C O M o N n m co n O Z /�\ N � m O m O� = co n iri o o = c O d W M W CO O oc ° N M LCJ I� N n ? N m No ® m LCJ LfJ I� n n M O a� ® m O ® m •� O M E 4S - a i Q o o m c m m c9 c9 � N m ® co N c m co - m Q W m o O M o m c 0 ® N m m m m co � c9 o� c ®m m o co 0 III "' Z- N� n O LM M M M M N Z, M M N O d LIJ � O M M co LIJ M M N o Q M M N N N N N N N N N N N N E � � M co o a n n n m co co co _ m °Q m y c p d y d d U y cn d a p p' O c OJ C U CODN d M M co LCJ } CO CO CO o M M M CO M CO � O M M N M n cn F F of s o Q m S m [n w U - v c °> Q cn Z cn Z •CLa d CO M } M W N M O -o MM� N �000 o cc L y d n co N } n n M M o N n m co n O Z /�\ N � m M M� O� = co n iri o o = c O d W M W CO O W W W M LCJ I� y LCJ LfJ I� n n M O _ - - •� O M m O L O x x 0 C inf £ //c�� \V m M (9 C w m -O O d a 0 0 0 1- J V] H++ Z "' Z- N� n O LM M M M M N Z, M M N O d LIJ � O M M co LIJ M M N o Q M M N N N N N N N N N N N N E A _ m °Q m y c p d y d d U y cn d a p p' O c OJ C U S a O M a Q O o E p p� W J v� U `O n cn F F of s o Q m S m [n w U - v c °> Q cn Z cn Z E W M C Q M CO LfJ N O W W N M W O 0 LP LCJ LfJ O O - LfJ C m m m m co = co n iri o o o o m �o�n inoo -o _ - - U d � N � M O - tV � � � Oi - O•i O M O U_ � � c - m L N U m U ii m rn U w C U S y IMUM3 3 ®000 t ®0® o y O N O Y .r• o Eige Mitl Smell High Metl lnw 1. m Y n 0 o Y cn o- W m .o a o � z �• - � � m m L[n -o L- �• m v v Q m om O - mz as OQo mm G z z O Z > a> 22 t � t t ? a * L Q> w S o m O •- o O m d O o y « c9 N m m a0 X %� O O x c m m m w m w m y Y c c c L O y c W M W � O � O O N M n I� N N M O O > O :l -o m m m � L M � M M M co \ M M CO m OJ y o_ O o m ux+ w Q O m M O N - O M m r L O o m Cl? Q D] m O _ � O h U OJ m Q u X O Q 0 2 0 � W 6N4 6N4 d � c � o U c Q � Y IIM N OJ .Q m U O C p� O N O O W D a m U' L U � W U C M (9 N c O Q r •� Z Z C E?� m � E E t 5 _ � E .=t- mm - aa�EQ A n L _ � O y c p d y d d U y cn d a p p' O O o E p p� W J CC`p W C d �➢ p. G O C Q.G O a J O O C p p m O C� W d 22 t � t t ? a * L Q> w S o m O •- o O m d O o y « c9 N m m a0 X %� O O x c m m m w m w m y Y c c c L O y c W M W � O � O O N M n I� N N M O O > O :l -o m m m � L M � M M M co \ M M CO m OJ y o_ O o m ux+ w Q O m M O N - O M m r L O o m Cl? Q D] m O _ � O h U OJ m Q u X O Q 0 2 0 � W 6N4 6N4 d � c � o U c Q � Y IIM N OJ .Q m U O C p� O N O O W D a m U' L U � W U C M (9 N c O Q r •� Z Z C E?� m � E E t 5 _ � E .=t- mm - aa�EQ Z7 C.7 N O O N c9 i9 - W M m 0 M m N > m Tm a O W Q O O N U `m 'L w w w in LYO om o ° ` M 2 c3 x y S 0 0 o a m z - w CD I O W y U r M U c 07 W L w 0 M CO M M I� W m U r M M ® m E .0 > ® ;: 'L * p m N O n f y N Ty O O * M W ® m O m m m OC ° N N n � Q N C .0 C c!3 r Q o O o c o m N M m m O CO OJ c9 QJ OJ ® N o M o c c ® N O O N c9 i9 - W M W N d O CO � N M W M IlmLL] N n O = N O �Q v m M N � N m •" CO LfJ N W M 07 cp LfJ N N O W M N Z d LCJ M M N O N N N — — — — — O O - - — o Q M M _ OJ Z1 m O_ OJ m o E O _ U Q U m m a o cn a c ao Q m E co V] O c Q O Q OJ O N+ >> S N O O ° °c c m Q O m O O +• — 0 m O O m m Q- Q S U Q Z S F- v] :E � M m E E E E E E E E E E E E E E E E M CO M W LCJ 07 LfJ O I� M O Q M M o N H O M O O y E o U d p 0 0 0 0 0 . . co l . Q. N co q l . l� o � N m — m > ° l L V m W- r m O N N jC! U .y i C C .- U m U ii M N U W F O U S ti c"®000 3 ®000 t ®0® N N ge d Y .r, e lar Mitl Smell High Metl lnw � a 0 o Y cn o m •o a o � z �. - � o' m O ay��zm °o W 2 - 1 1 G aaa mmm mz M N � � OJ y o_ o x w a E • y G a s m a Mo i -"] { O, 'C >- N M O o N co Z Z Z = cn Q= c2 N O o G O � � O i O c d y d d U N m E m m E E m e cu E i -G �. G j -O c➢ O N_ N W L y d a 2 L OC y d O LL O` N I� a` ti Q � U Q E N W D 23 N N m cn Q .m w S cn Q .m M o d O - o O R d 0 � C i y d WO X c m m m m W N O c c c L O H CO O M CO CO O N M m m cn O .m_ � o m O Z7 m m m m L o m CO - -O N •- r Q m m W a m j � m L W U C M � O N O O M d LCJ O IM O � 6M4 o c5 U 1.OJ m Q m o X O � o S O 604 6�4 d � E � Y OJ m E } N 0 O N C OJ O i O r •� Z Z C o E c m E EE�y c � E o = E m - aE E E o E boE m — aa�EQ Y E a _ W W N d d M M M S . .�. n n O = = N N N 07 W L LCJ LfJ LfJ M M CO M M I� M Cy M d C CO W } } N N N N O n n O A\ � � O m m m i m E a W i m m E �O M OJ C a s U U OJ cc 0 m m Y Y > d � o Q M M _ OJ Z1 m O_ OJ m o E O _ U Q U m m a o cn a c ao Q m E co V] O c Q O Q OJ O N+ >> S N O O ° °c c m Q O m O O +• — 0 m O O m m Q- Q S U Q Z S F- v] :E � M m E E E E E E E E E E E E E E E E M CO M W LCJ 07 LfJ O I� M O Q M M o N H O M O O y E o U d p 0 0 0 0 0 . . co l . Q. N co q l . l� o � N m — m > ° l L V m W- r m O N N jC! U .y i C C .- U m U ii M N U W F O U S ti c"®000 3 ®000 t ®0® N N ge d Y .r, e lar Mitl Smell High Metl lnw � a 0 o Y cn o m •o a o � z �. - � o' m O ay��zm °o W 2 - 1 1 G aaa mmm mz M N � � OJ y o_ o x w a E • y G a s m a Mo i -"] { O, 'C >- N M O o N co Z Z Z = cn Q= c2 N O o G O � � O i O c d y d d U N m E m m E E m e cu E i -G �. G j -O c➢ O N_ N W L y d a 2 L OC y d O LL O` N I� a` ti Q � U Q E N W D 23 N N m cn Q .m w S cn Q .m M o d O - o O R d 0 � C i y d WO X c m m m m W N O c c c L O H CO O M CO CO O N M m m cn O .m_ � o m O Z7 m m m m L o m CO - -O N •- r Q m m W a m j � m L W U C M � O N O O M d LCJ O IM O � 6M4 o c5 U 1.OJ m Q m o X O � o S O 604 6�4 d � E � Y OJ m E } N 0 O N C OJ O i O r •� Z Z C o E c m E EE�y c � E o = E m - aE E E o E boE m — aa�EQ Y E a 23 N N m cn Q .m w S cn Q .m M o d O - o O R d 0 � C i y d WO X c m m m m W N O c c c L O H CO O M CO CO O N M m m cn O .m_ � o m O Z7 m m m m L o m CO - -O N •- r Q m m W a m j � m L W U C M � O N O O M d LCJ O IM O � 6M4 o c5 U 1.OJ m Q m o X O � o S O 604 6�4 d � E � Y OJ m E } N 0 O N C OJ O i O r •� Z Z C o E c m E EE�y c � E o = E m - aE E E o E boE m — aa�EQ Y E a M `m N °J U F-7 i0 N N (9 � O U m O) O C OJ — m U N � pp O I� O c o - LfJ LfJ } E = \ LLm or�'i�m L W VJ L > U c [n +- �W� O >�j 1 1 O c:l r i I W {C I- = (9 L) M CD F- ♦ 1 ®0® x m d m o ® m c cn cn JF O C, D n c C i :... :... :.... fq mm E � ® m c � o oc m ® m ..... NN � C (9 QJ O � c 7 * — i cn W � ®m m m_ L" m m 4S p °.v. E ^C v +O — `J H C O -d a 3 'x 2 z ++ o z a 0 0 o N 0 0 0 0 ® N m c o� o 0 c o M o ® o m o - O O �n o m -o�- O O O N O ® N o R o ri co 0 0 0 CO (D O O O 4d 4 � n O� M- O W- M N- N L, W- M 0 0 0 0 O O F- ~ ~ o 0 Eo N M M M m E m m c - o c m E LP I� n- n LP m n- E N E n LP �E F- LL C p O O: O O O O O: C O C O O CO L7 E CO I� O LP : LP O LP O - W O LCJ W LCJ Q I� O W W M W N LCJ O LP O 0++220++22 CO I� n- n n O O O. O O LP LCJ LfJ 0 0 - 0 0 °o °o °o °o °ojOO v ommm W O O CO CO O --o m 0 0 0 O J�oomo.. oo tea' 0 0 o m co o N °J O � c - N H I� O c lfi lfi - LfJ LfJ - 4d 4 � n O� M- O W- M N- N L, W- M 0 0 0 0 O O F- ~ ~ o 0 Eo N M M M m E m m c - o c m E LP I� n- n LP m n- E N E n LP �E F- LL C p O O: O O O O O: C O C O O CO L7 E CO I� O LP : LP O LP O - W O LCJ W LCJ Q I� O W W M W N LCJ O LP O 0++220++22 CO I� n- n n O O O. O O LP LCJ LfJ 0 0 - 0 0 °o °o °o °o °ojOO v ommm W O O CO CO O --o m 0 0 0 O J�oomo.. oo tea' 0 0 o m co o N °J m � � c - H I� O c lfi lfi - LfJ LfJ - L ao o m 1 1 1 1 1 1 = dOOIII ♦ 1 ®0® m m m x � ao oA o> JF O C, D n G 9 N m m_ O N p d N N O CO I� O n O O O N M //�� \V O M M C M m O N o m C £ � /_ V • 4d 4 � n O� M- O W- M N- N L, W- M 0 0 0 0 O O F- ~ ~ o 0 Eo N M M M m E m m c - o c m E LP I� n- n LP m n- E N E n LP �E F- LL C p O O: O O O O O: C O C O O CO L7 E CO I� O LP : LP O LP O - W O LCJ W LCJ Q I� O W W M W N LCJ O LP O 0++220++22 CO I� n- n n O O O. O O LP LCJ LfJ 0 0 - 0 0 °o °o °o °o °ojOO v ommm W O O CO CO O --o m 0 0 0 O J�oomo.. oo tea' 0 0 o m co o U d p 0 0 0 0 N V d Y .r, e Eige Mitl Smell High Metl Low -O d Y� s VIII° a o� �z L� _ a 9 Q m om ° - a "��zmo W J aaa mmm mz I I I � OJ y a o� x wQ ocE Q cD cD N °J m � � c - m l } L ao o m L) mm U ii m en U W O U S y x®0© 13 SOME ♦ 1 ®0® m m m x � ao oA o> JF O C, D n G 9 N U d p 0 0 0 0 N V d Y .r, e Eige Mitl Smell High Metl Low -O d Y� s VIII° a o� �z L� _ a 9 Q m om ° - a "��zmo W J aaa mmm mz I I I � OJ y a o� x wQ ocE Q cD cD 24 � M � LfJ LfJ LfJ LfJ � � O N N LCJ LfJ N z � O O > > O � � L — CO CO O � N O m N r L � D- � Z Q m m O_ w O a m CO L U � W U C M � O > ' N O O M d W � Ua m E m F o N N N d J J J d c E O OJ C =O c7 m -o -o w � co coo m m o o > U N p '- O U O Q p O V] it m o Z co 0 o� . m �L Ym Q CZ . . 2! m � O c9 O O — � Q> OJ Q C N r C c L Q U r •� Z CC G � o � E E l � � E o =Em aE _- - o E r Er_ o�E m — aa�EQ E�7 t5 o } H�� O� �➢ k .G � E� d � 1 m �� .O� G �➢ G A O d Q U C N C C O " •- m m m x � ao oA o> m m m m h X O C, D m W N G 9 N 24 � M � LfJ LfJ LfJ LfJ � � O N N LCJ LfJ N z � O O > > O � � L — CO CO O � N O m N r L � D- � Z Q m m O_ w O a m CO L U � W U C M � O > ' N O O M d W � Ua m E m F o N N N d J J J d c E O OJ C =O c7 m -o -o w � co coo m m o o > U N p '- O U O Q p O V] it m o Z co 0 o� . m �L Ym Q CZ . . 2! m � O c9 O O — � Q> OJ Q C N r C c L Q U r •� Z CC G � o � E E l � � E o =Em aE _- - o E r Er_ o�E m — aa�EQ E�7 t5 m M m U O m - U O) m m CCEO o O Q C y E H O } y o L LN c9 U c9 �1;5 W OJ mm � M Q Q Q U r U c2 m m (9 m m co CJ m °J o c cn �y i C r m O cn m U m c U m U ii m w U w � m m N O ® m c c E 9 m Bloc: CC C U LfJ M OC O N o m No C a� a C O ® n C M M N O O O O N r Q O O � u] ®N o 0 0 ® N OJ L[] O CE o� ai m o� co 0 ® N c N m o O O ® N OJ CO 1O O o m o ® N m a `n QJ CO N ® N N OM OJ c9 ® N m m c - ai m o OJ O OJ QJ CO ® N co m co N co c cc C% � N O — mm � M Q Q c m in l� m CJ C1_ U O W �y i C r m O N N C U L U m U ii m w U w C U S ti ®DDD3 ®00❑t Bloc: +5 N OM LfJ M o cc a } O C M M N O O O O N W W M 07 (p M W N O O W W O N m CL o OJ ` .— O cc W E O Ll OJ �' N M N � CO CO CO M� C N cCC O m W O y (9 N O O O 4 A -a Q y U Q E m N C7 M — _ 74S] QO //c W H o ° -- N W- O O N m W n n n n n co co co co co o Q o 0 0 0 0 o 0 0 0 0 o 0 0 0 0 CO O O O C J E O CO m U O U ° O U m U m Li S — C7 O O m C w U = -O o� C7 m � C c Q vJ w o_ � Z t9 E m ? m o m C7 m s m S U Q Q m Li CD C°7 CD CD U m E E E E E E E E E E E E E E E E 07 M I� n n LP O O O M M W LCJ m m in co co co co n n � n n co co co v� w o 0 0 0 0 0 0 0 0 0 r00000 -o oco — m m 0 0 0 0 0 tea' � C% � as Z Z — mm � M Q Q c m in l� m CJ C1_ U O W �y i C r m O N N C U L U m U ii m w U w C U S ti ®DDD3 ®00❑t Bloc: +5 N OM LfJ M U d AR > W M t .2 .2 .2a_ w N V O Y .r, o large Mitl Smell High Metl lnw C O Y M O N •o a o � z �. - � o' m y r V] -O O Q U z m o w LL J V Q Q Q m m 0] m Z 25 } m Lq m C O �n m co W LCJ o co 0 M W M M CO W LCJ M LfJ O � O :l �L M � M O O O \ O O O � O OJ y O_ O O (9 x W Q ocE Q Co Co as Z Z cP z mm � M Q Q in l� m CJ -G _O W a m co E" j �➢ EO O � + +5 N OM d o } O O� i �➢ G O U Q O m CL o OJ ` .— O W E O Ll OJ �' c QJ QJ QJ C cCC Z d� �➢ d d .G c➢� O m W O y (9 N O O O 4 A -a Q y U Q E N LL D N C7 25 } m Lq m C O �n m co W LCJ o co 0 M W M M CO W LCJ M LfJ O � O :l �L M � M O O O \ O O O � O OJ y O_ O O (9 x W Q ocE Q Co Co E O W 0 0 M _ O h U m m Q m o_ a = F H J O O C, O O d � � C E o � Y U � N � C d } N O C OJ o OC U� r •� Z CC G � o � E EE � � E - aE _- - 0 oE� Et mE � m m - aa�EQ — O Oc.� Cl? W W in l� m W O m W a m co L U � O � + +5 N OM d E O W 0 0 M _ O h U m m Q m o_ a = F H J O O C, O O d � � C E o � Y U � N � C d } N O C OJ o OC U� r •� Z CC G � o � E EE � � E - aE _- - 0 oE� Et mE � m m - aa�EQ U o y M m = U ` L C O m Q O X } v] a ° C m - LL m C7 �a U M2 ® m � m m c V] V] N c C i �n E ® m m N � U c m OJ O - L ® m } L) mm U ii m LP W O M d LCJ O W cc - O M O O W M- - O p p C LL I� M -.,Z 0 0 •- m m .C- .- > O m 0 n n G .Q d O i d i w N C OJ W Y M W O d N O] N i. O +c� - - - p p Z'. + p °.v. E ^C v co � Li `J c o N N A 9 co - o ® N o m n M ai o CO O - 0 o M cn c ® N m o � QJ N E ° W W N a°i CO W CO W N N �n w C N � U M N _ L N c U E ° W W N a°i CO W CO W N n co �n w C 2 m � U M N _ L N c U E OJ °J � N n co �n w C 2 m � U M N _ L N c U } L) mm U ii m LP W O M d LCJ O ®o® - O M O O W M- - O p p C LL I� M -.,Z 0 0 •- m m .C- .- > > m m 0 n n G .Q d O i d i w N C OJ W Y M W O d N O] N } W LCJ W LCJ W O LCJ O] n 0 �� M M M r 000000 /V/ d W O � � O O O W O O J m o < �mooNCO o OJ /� •V w M E OJ °J � N n co �n w C 2 m � U •y C _ L N c U L) mm U ii m LP W C U S N I9 J (9 O ®o® p p p C LL I� M -.,Z 0 0 •- m m .C- .- > > m m 0 n n G .Q d O i d i w N C OJ W Y N [n E M - W - - C Q I� O O O O - W m LCJ LfJ m O LP � LP LP LCJ LfJ � a O 2 n 0 r 000000 � � O O O W O O J m o < �mooNCO o m OJ °J � - > i m c N l w C 2 m � U •y C _ L N c U L) mm U ii m en U W C U S ti ® all o3®oo❑t 0 1 N o ®o® cO M � - U d c p 0 0 0 0 ° o N N d Y .r• X Eige Mitl Smell High Metl Low O C - O U I - O p Y M O w m o a W J aaa mmm mz I I I OJ y O_ x W Q ocE Q co co E� ooz Igo �_ 0 - W m m o am NO W N O O M + H m z � C C w C 2 m d G R - a �➢ G G 0 1 N o ��� G G U cO C m m n n G .Q d O i d i w N C OJ W Y a ti a a C w� OC 0 - W m m o am NO W N O O M + D-� O X } m E m H o � J J J LL c E U U m a C -O � LL OJ � Y C O m M p C Y o m o m U N � LL j m m Y U o Q � W N = o X m OJ o °J r N ` � } LP Ll n W (p Q> a h� � O C N r C c L Cl� r •� Z Z CC G o E m � E EE�y C � E .=t- - S°Eo� - aE _ - Er_ 24 C � m m - aa�EQ =ova H m C z � C C w C m m> C -y O O 099 OJ OJ (9 cn cn cn > d Z Q m m 4E N °M LL° D-� O X } m E m H o � J J J LL c E U U m a C -O � LL OJ � Y C O m M p C Y o m o m U N � LL j m m Y U o Q � W N = o X m OJ o °J r N ` � } LP Ll n W (p Q> a h� � O C N r C c L Cl� r •� Z Z CC G o E m � E EE�y C � E .=t- - S°Eo� - aE _ - Er_ 24 C � m m - aa�EQ =ova i• O +c� — — - m m 4s p O U H C o LC] 0 0 0 ® N m m o 0 0 cn c m c o � o m m o ®T T O ® N cn o m o c c o c - - cn o ® o M O (%J N O O ® N M M U U O i0 m � > mll H E C O � X � mll m 'L —�,•' U O — C O N u] m1 -c O 6 \ L O O (TJ � m0 m •o O c [n +- � w a m >� _mom c� O c:l {C O U m9 m U m m ® m ai C CA F- d a o -o mb n 3 0000. 1 Bloc: n •O mn c U� i C ;....... : fq mm ® m m a 4E N OM I O) O c m ® P (JJ C F= p C � o mn d M ® °o O co CL V a xN L? Lq N 0 ' M M cc i• O +c� — — - m m 4s p O U H C o LC] 0 0 0 ® N m m o 0 0 cn c m c o � o m m o ®T T O ® N cn o m o c c o c - - cn o ® o M O (%J N O O ® N M M m o o 0 ® N cn -m O N O ® N �- O m � ® N cn - M 0 N u] M N 0 V m CA O O mm m- m c -- m -� � c-m c-m c-m LP o n \ LP W LCJ n o LP \ W W m LP o N N c m cs c m m - - - mv m- ° C W z\ (9 W W N Y CO d_c.� z L L N (9 O N d O U (9 O m OJ (/] U H a� W Li J C +. -O m s o _ _ N [n E m CO n - CO - CO - CD M m - C W I� n - n LP (O LfJ LfJ LfJ O n U F Ln 7 N O O W O O - m o 0 o m o 0 0 o x o 0 N O O W O O °J d m = � c 9 > co my l mll CJr CA m➢ ¢ U y C F -O L c 74S] ai C CA F- d O mll o U S� y cl, ®o ©13 3 0000. 1 Bloc: a Lqo N o LP LCJ LfJ LfJ O N N (9 C,] C,] 22 (/] > d � Z Q m m 4E N OM I _ _ M V a xN L? Lq N - W m- M M C13 O d �� C // M M M W O d C Q � M M M : OJ O mll /� m — •V t cn +c5 -- c COP) w N M m Z -_ M c m Q ° O O mm m- m c -- m -� � c-m c-m c-m LP o n \ LP W LCJ n o LP \ W W m LP o N N c m cs c m m - - - mv m- ° C W z\ (9 W W N Y CO d_c.� z L L N (9 O N d O U (9 O m OJ (/] U H a� W Li J C +. -O m s o _ _ N [n E m CO n - CO - CO - CD M m - C W I� n - n LP (O LfJ LfJ LfJ O n U F Ln 7 N O O W O O - m o 0 o m o 0 0 o x o 0 N O O W O O U [1 m my e N N d .r• o L, ,p M tl Smell High Metl Low � c AR °o - �• o °o Y Cn o W m .o a o � z �• - � � m �• v v Q m o m o a "��zmo W J aaa mmm mz I I I N y o_ � o m x w Q E oc Q cD cD y G Z = N 0 > O m CSC O - O M W W O mS mll S J o °J d m = � c 9 > co my l mll CJr m m m➢ ¢ U y C F -O L c 74S] U m U ii m C CA F- d O mll o U S� y cl, ®o ©13 3 0000. 1 Bloc: ��mCO� °o OOH wm m°'n O O 099 N N (9 C,] C,] 22 (/] > d � Z Q m m 4E N OM I U [1 m my e N N d .r• o L, ,p M tl Smell High Metl Low � c AR °o - �• o °o Y Cn o W m .o a o � z �• - � � m �• v v Q m o m o a "��zmo W J aaa mmm mz I I I N y o_ � o m x w Q E oc Q cD cD y G Z = N 0 > O m CSC O - O M W W O mS mll S J o H d m C z � C C °- E L g m w C c mll CJr m m m➢ ¢ - y m➢ G G ° 1 N o ��� G G U �� .mT G m➢ d� O Q c (ll _ c QJ QJ QJ O 'O x m wm m°'n O O 099 N N (9 C,] C,] 22 (/] 27 m N w M Q Q - m W O mXJ I� O m o m � N c E m F o my my my m m m i J J J (Z C E U U m Q c -O -O W N a Y O O C m m Y N m c, d (9 o w O m U � U V i i m N Q U o Q N W � D (V } m d o Z m o °J ._ mT r M = u u z mll � p E (9 M CJ N 64 m m a h� O - C N r •� Z CC G E?� � m� N�� m EE�y � � E .=t- L- — aa�EQ =ova H m C z � C C w C .� m � mll CJr m m p p QJ QJ QJ -OO -OO C O O 099 N N (9 C,] C,] 22 (/] > d � Z Q m m 4E N OM I o m � N c E m F o my my my m m m i J J J (Z C E U U m Q c -O -O W N a Y O O C m m Y N m c, d (9 o w O m U � U V i i m N Q U o Q N W � D (V } m d o Z m o °J ._ mT r M = u u z mll � p E (9 M CJ N 64 m m a h� O - C N r •� Z CC G E?� � m� N�� m EE�y � � E .=t- L- — aa�EQ =ova cJ � LO U � C OJ U m � 0 0 Q r o U Y a N O Ci c D] d � C:� U CO = O7 O7 O7 L U � W U C M (9 N c N O m0 O Li H O � a m U Qc2 m r i > W m m 9 m U m co O m -O a o c cn cn m � c F 0 m °J d N ¢ �➢ m O a°'i � E m �+ o - m O� p� c➢ p O V p_ c O OJ ` .0 O Ci O C m pU � 2 �O N O d n L� M } M M M CO CO N LP — N M I � N N N W LCJ N m n n G .Q d O i d i C y C LL O � m d M (9 L O` N O O O s _� oN cc C c3 G U O U. (/J U m: O r Q o O o m m o m co c o ® N u o m O CO O M ® N m m O � c9 O 0 0� ® N m m co o m 0 ® N o m co O O 0 O � ® N o co 0 0 O N O O O ® N o co o co ® N m N N CO c � ® N M cn o c a m O - cn co co 0 0 o m m co co cn cn � o Q M CO O n n n CO CO LP M M M M � O o � � \ N - � LfJ LfJ cp LfJ O L�foJ '� O O CO \ p p m =o O J O m LP I� > CMO O \�j W m H W Li pjc W m pj o m 0 0 0 0 m n m o Q W� CO N N N N LfJ � LfJ � cp 07 W O 07 LfJ N N N N W N N N � N N O O m- L^fJ U CO Lf] CO r O � - m CO O O N n- LP JNOO W�O� �Q N M U d p 0 0 0 0 0 U_ m °J � � c .� co j l U m U ii M N U w F O U S y ®000 ®000 1 ®0® � waa N N ge d Y .r, e lar Mitl Smell High Metl lnw d O Y , O o Y cn o- W m •o a o � z �. - � o' m O m- 2 J � aaa mmm z a � C OJ z 0 0 Q r o U Y a /R d � C:� U CO = O7 O7 O7 L U � W U C M (9 N c N O m0 O Li H O i O 0 a) CO) d ¢ �➢ m O a°'i � E m �+ o - m O� p� c➢ p O V p_ c O OJ ` .0 O Ci O C m pU � 2 W O d n L� M } M M M CO CO N LP — N M I � N N N W LCJ LLI m n n G .Q d O i d i N y C w W C N Om Z d� �➢ d d .G c➢� p O d M (9 L O` N O O O LE C _� oN cc m m -oo -oo m -o N /� L) � CL N a d 0 0 0 � m o o - cn co co 0 0 o m m co co cn cn � o Q M CO O n n n CO CO LP M M M M � O o � � \ N - � LfJ LfJ cp LfJ O L�foJ '� O O CO \ p p m =o O J O m LP I� > CMO O \�j W m H W Li pjc W m pj o m 0 0 0 0 m n m o Q W� CO N N N N LfJ � LfJ � cp 07 W O 07 LfJ N N N N W N N N � N N O O m- L^fJ U CO Lf] CO r O � - m CO O O N n- LP JNOO W�O� �Q N M U d p 0 0 0 0 0 U_ m °J � � c .� co j l U m U ii M N U w F O U S y ®000 ®000 1 ®0® � waa N N ge d Y .r, e lar Mitl Smell High Metl lnw d O Y , O o Y cn o- W m •o a o � z �. - � o' m O m- 2 J � aaa mmm z a � C OJ z 0 0 Q r o U Y a W d � C:� U Z a m CD L U � W U C M (9 N c N O m0 O Li H O i O 0 ¢ �➢ m O a°'i � E m �+ o - m O� p� c➢ p O V p_ c O OJ ` .0 O Ci O C m pU � 2 W O R W N C r CC`p m LLI m n n G .Q d O i d i N y C w W C N Y C C C Z d� �➢ d d .G c➢� p O d = O y (9 L O` N O O O LE C C7 cc 28 o CO W N O W W C0 O M N M � N N � O N O � O :l -O m � L M � M O � o m � m 0 h C:, X� M _ d OJ � I9 x d c x � o o _oco O co � o co — � C CO N N co m n � o iri N m r L O O O Cl? Q D] m LfJ N � M W C OJ C7 Z1 0 � h m O m } O U Y a W d � C:� U Z a m CD L U � W U C M (9 N c N O m0 O Li H O r •� Z Z CC G � o � E E: E m � � E o = E m - aE o E o E m E aa�EQ L� O m L) O E m m N F i � C F- m pp L `V VIII CO.0000 o � U d m N N d d L,,p M,d Smell d High Wd Low 0 U C w ti Y M 0 - d � N � yL� � -or. � �• a a Q m om 0 cL a "��zmo W J aaa mmm mlz - - - •- I� O O O Z d ao 'O > x o c - _Lim f7 i .m .m mom UmC7F- ®m d Q m YY r m N N N m mF- ® m c C i r m O w U L5 E +4S p O U m � `m ♦ ®0 ® c O •- m (D O o O 4 Q y i U Q E n m �c o - H A cnm W - - - ® m M N CO o n- N I� W W C"i W N N N N N N N N N N N N N N OJ C 0 O O O O O: `V VIII CO.0000 o � U d m N N d d L,,p M,d Smell d High Wd Low 0 U C w ti Y M 0 - d � N � yL� � -or. � �• a a Q m om 0 cL a "��zmo W J aaa mmm mlz - - - •- I� O O O Z d - O LP M I� � - M LP � O W c - - - - - m .m .m d G N � � m m r m N N N • c L) mm U ii m w U L5 C +4S p O U m � ®0 0 0.1 ♦ ®0 ® h X co o O 4 Q y i U Q E n d - H A m W - - - LP (p CO o n- M N CO o n- N I� W W C"i N N N N N N N N N N N N N N OJ O O O O O: O O O O O: O O O O O o ami ami ami ami := H H H H H m ami ami ami ami H H H H H m ami ami ami ami H H H H H // V I �� M m e o: o a N co co co co L7 E N N N LP LP 07 (p M O LP (p LP 0 0 0 Q 07 07 O LP LP LP LP N N N O 07 W W ® N QJ m o o M c c o co c � o 0 0 0 0 00 0 0 M M cc d OJ O O O C `n M M: M pJ N: m X X O m _o o c00000 0 �oomo. oo �a C FU •V m `V VIII CO.0000 o � U d m N N d d L,,p M,d Smell d High Wd Low 0 U C w ti Y M 0 - d � N � yL� � -or. � �• a a Q m om 0 cL a "��zmo W J aaa mmm mlz °J j m � c - C m .m .m d G N � � m m r m N N N • c L) mm U ii m w U L5 O U S y ® all 13 ®0 0 0.1 ♦ ®0 ® h X Q Wm {0 O 4 Q y i U Q E n d - `V VIII CO.0000 o � U d m N N d d L,,p M,d Smell d High Wd Low 0 U C w ti Y M 0 - d � N � yL� � -or. � �• a a Q m om 0 cL a "��zmo W J aaa mmm mlz o to i d O G O O z � H N M M m C C C o C i O .m .m d G N � � m m N N N ¢ �➢ G G H o 1 N o ��� G G U L o 0 h X Q Wm {0 O 4 Q y i U Q E d C m N LL IL LL CC d 4E H A W M N O // V I �� M o a N co co co co m m 0 0 0 0 M /� •V O M M cc d C `n M M: M pJ N: m X X O m m C •V w M U m Q O o o to i d O G O O z � a NM ? a * Q1 Q1 M Q Q � OJ y o_ � o m ux+ w Q E oc Q co co H N M M m C C C o C i O .m .m d G N � � m m N N N ¢ �➢ G G H o 1 N o ��� G G U z � h X Q Wm {0 O 4 Q y i U Q E d C m N LL IL LL CC a NM ? a * Q1 Q1 M Q Q � OJ y o_ � o m ux+ w Q E oc Q co co m m m j m cD m E m H o � N N OJ d m m m m J J J d C E O m j O_ C =O C7 -0JO -o c o °w o U N U m � a m m Y U O Q m o Z co OJ o °J R S-. � Y � a -LL Lz Q> a h CD D C N m C c L m c5 V] Q r •� Z Z CC G � o E EE�y � � E o =E- S°Eo� - aE o E .- EL_ oiE C � m m - aa�EQ H N M M m C C C C .� m � .m .m N � � m m N N N c:l c:l m m m j m cD m E m H o � N N OJ d m m m m J J J d C E O m j O_ C =O C7 -0JO -o c o °w o U N U m � a m m Y U O Q m o Z co OJ o °J R S-. � Y � a -LL Lz Q> a h CD D C N m C c L m c5 V] Q r •� Z Z CC G � o E EE�y � � E o =E- S°Eo� - aE o E .- EL_ oiE C � m m - aa�EQ H m C C C C .� m � .m .m m °J CO m m c:l c:l z � O O O99 OJ OJ m> d 4E m m m j m cD m E m H o � N N OJ d m m m m J J J d C E O m j O_ C =O C7 -0JO -o c o °w o U N U m � a m m Y U O Q m o Z co OJ o °J R S-. � Y � a -LL Lz Q> a h CD D C N m C c L m c5 V] Q r •� Z Z CC G � o E EE�y � � E o =E- S°Eo� - aE o E .- EL_ oiE C � m m - aa�EQ III( SuNTRuST IV. Appendix Important Disclosures SunTrust Private Wealth Management is a marketing name used by SunTrust Banks, Inc. and the following affiliates: Banking and trust products and services are provided by SunTrust Bank. Securities, insurance (including annuities and certain life insurance products) and other investment products and services are offered by SunTrust Investment Services, Inc., a SEC registered broker /dealer and a member of the FINRA and SIPC. Other insurance products and services are offered by SunTrust Insurance Services, Inc., a licensed insurance agency. Investment advisory products and services are offered by SunTrust Investment Services, Inc. and GenSpring Family Offices, LLC (f /k /a Asset Management Advisors, L.L.C.), investment advisers registered with the SEC. SunTrust Investment Services, Inc., SunTrust Bank, their affiliates, and the directors, officers, employees and agents of SunTrust Investment Services, Inc., SunTrust Bank and their affiliates (collectively, "SunTrust ") are not permitted to give legal or tax advice. While SunTrust can assist clients in the areas of estate and financial planning, only an attorney can draft legal documents and provide legal services and advice. Clients of SunTrust Investment Services, Inc., SunTrust Bank and their affiliates should consult with their legal and tax advisors prior to entering into any financial transaction or estate plan. If included as a part of the presentation, any Baseline Financial Services, Inc. (Baseline), or Crandall, Pierce & Company (Crandall Pierce), or First Rate (First Rate) statistical data is provided as a service of SunTrust Banks, Inc. and its affiliates (including SunTrust Investment Services, Inc.) by Baseline, Crandall Pierce or First Rate, all of which are unaffiliated third party vendors. While this information is believed to be accurate, SunTrust Banks, Inc., including its affiliates, does not guarantee the accuracy, completeness or timeliness of, or otherwise endorse these analyses or market data. Securities and Insurance Products and Services: • Are not FDIC or any other Government Agency Insured • Are not Bank Guaranteed • May Lose Value SuNTRuST Important Disclosures Asset Allocation does not assure a profit or protect against loss in declining financial markets. Emerging Markets: Investing in the securities of such companies and countries involves certain considerations not usually associated with investing in developed countries, including unstable political and economic conditions, adverse geopolitical developments, price volatility, lack of liquidity, and fluctuations in currency exchange rates. Fixed Income Securities are subject to interest rate risk, credit risk, prepayment risk, market risk, and reinvestment risk. Fixed Income Securities, if held to maturity, may provide a fixed rate of return and a fixed principal value. Fixed Income Securities prices fluctuate and when redeemed, may be worth more or less than their original cost. Hedge funds may involve a high degree of risk, often engage in leveraging and other speculative investment practices that may increase the risk of investment loss, can be highly illiquid, are not required to provide periodic pricing or valuation information to investors, may involve complex tax structures and delays in distributing important tax information, are not subject to the same regulatory requirements as mutual funds often charge high fees which may offset any trading profits, and in many cases the underlying investments are not transparent and are known only to the investment manager. High Yield Fixed Income Investments, also known as junk bonds, are considered speculative, involve greater risk of default and tend to be more volatile than investment grade fixed income securities. International investing entails greater risk, as well as greater potential rewards compared to U.S. investing. These risks include potential economic uncertainties of foreign countries as well as the risk of currency fluctuations. These risks are magnified in emerging market countries, since these countries may have relatively unstable governments and less established markets and economies. Investing in smaller companies involves greater risks not associated with investing in more established companies, such as business risk, significant stock price fluctuations, and illiquidity. Managed Futures and commodity investing involve a high degree of risk and are not suitable for all investors. Investors could lose a substantial amount of money in a very short period of time. The amount you may lose is potentially unlimited and can exceed the amount you originally deposit with your broker. This is because trading security futures is highly leveraged, with a relatively small amount of money controlling assets having a much greater value. Investors who are uncomfortable with this level of risk should not trade managed futures or commodities. Real Estate Investments are subject to special risks, including interest rate and property value fluctuations, as well as risks related to general economic conditions. Because of their narrow focus, sector investments tend to be more volatile than investments that diversify across many sectors and companies. SuNTRuST Important Disclosures The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but SunTrust Investment Services, Inc. (STIS) makes no representation or guarantee as to their timeliness, accuracy or completeness or for their fitness for any particular purpose. The information contained herein does not purport to be a complete analysis of any security, company, or industry involved. This material is not to be construed as an offer to sell or a solicitation of an offer to buy any security. Opinions and information expressed herein are subject to change without notice. STIS and /or its affiliates may have issued materials that are inconsistent with or may reach different conclusions than those represented in this commentary, and all opinions and information are believed to be reflective of judgments and opinions as of the date that material was originally published. STIS is under no obligation to ensure that other materials are brought to the attention of any recipient of this commentary. The information and material presented in this commentary are for general information only and do not specifically address individual investment objectives, financial situations or the particular needs of any specific person who may receive this commentary. Investing in any security or investment strategies discussed herein may not be suitable for you, and you may want to consult a financial advisor. Nothing in this material constitutes individual investment, legal or tax advice. Investments involve risk and an investor may incur either profits or losses. Past performance should not be taken as an indication or guarantee of future performance. STIS shall accept no liability for any loss arising from the use of this material, nor shall STIS treat any recipient of this material as a customer or client simply by virtue of the receipt of this material. The information herein is for persons residing in the United States of America only and is not intended for any person in any other jurisdiction. Investors may be prohibited in certain states from purchasing some over - the - counter securities mentioned herein. The information contained in this material is produced and copyrighted by SunTrust Banks, Inc. and any unauthorized use, duplication, redistribution or disclosure is prohibited by law. STIS's officers, employees, agents and /or affiliates may have positions in securities, options, rights, or warrants mentioned or discussed in this material. SuNTRuST Important Disclosures BarCap Aggregate Bond Index: The broadest measure of the taxable U.S. bond market, including most Treasury, agency, corporate, mortgage- backed, asset - backed, and international dollar- denominated issues, all with investment -grade ratings (rated Baa3 or above by Moody's) and maturities of one year or more. BarCap US Corporate High Yield: The U.S. Corporate High -Yield Index the covers the USD- denominated, non - investment grade, fixed - rate, taxable corporate bond market. Securities are classified as high -yield if the middle rating of Moody's, Fitch, and S &P is Bat /BB + /BB+ or below. The index excludes Emerging Markets debt. BarCap US Treasury Long Index: includes public obligations of the US Treasury with maturities of 10 years or more. CBOE VIX: The CBOE Volatility Index® is a key measure of market expectations of near -term volatility conveyed by S &P 500 stock index option prices. Since its introduction in 1993, VIX has been considered by many to be the world's premier barometer of investor sentiment and market volatility. VIX is often referred to as the "investor fear gauge ". Dow Jones Wilshire RESI Index: designed to provide measures of real estate securities that serve as proxies for direct real estate investing, in part by excluding securities whose value is not always closely tied to the value of the underlying real estate. To be included, a company must be both an equity owner and operator of commercial and /or residential real estate. A company must have a minimum total market capitalization of at least $200 million at the time of its inclusion, and at least 75% of the company's total revenue must be derived from the ownership and operation of real estate assets. MSCI All- Country World ex -US Index: is a free float- adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, ex -US equities. MSCI All Country World Index: is a free float- adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. MSCI EAFE Index: The MSCI EAFE Index° comprises 21 MSCI country indices, representing the developed markets outside of North America: Europe, Australasia and the Far East. MSCI Emerging Markets Index: is a free float- adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of May 27, 2010 the index consisted of the following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand, and Turkey. Note: Indexes are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only and do not represent the performance of any specific investment. SuNTRuST Important Disclosures The MSCI Europe Index is a free float- adjusted market capitalization weighted index that is designed to measure the equity market performance of the developed markets in Europe. As of June 2007, the Index consisted of the following 16 developed market country indices: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom. Russell 2000 Index: is comprised of 2000 smaller company stocks and is generally used as a measure of small -cap stock performance. S &P 500 Index: The S &P 500 Index is comprised of 500widely -held securities considered to be representative of the stock market in general. S &P Equal Weight Index (S &P EWI). The index is the equal- weight version of the widely regarded S &P 500. The index has the same constituents as the capitalization weighted S &P 500, but each company in the index is allocated a fixed weight of 0.20% at each quarterly rebalancing. Barclays U.S. Municipal Index: covers the USD- denominated long -term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and pre- refunded bonds. DJ -UBS Commodity Index is composed of futures contracts on physical commodities. It currently includes 19 commodity futures in seven sectors. The weightings of the commodities are calculated in accordance with rules that ensure that the relative proportion of each of the underlying individual commodities reflects its global economic significance and market liquidity. MSCI BRIC Index is a free float- adjusted market capitalization weighted index that is designed to measure the equity market performance of the following four emerging market country indices: Brazil, Russia, India and China. The MSCI AC (All Country) Asia ex Japan Index is a free float- adjusted market capitalization weighted index that is designed to measure the equity market performance of Asia, excluding Japan. As of March2009 the Index consisted of the following 10 developed and emerging market country indices: China, Hong Kong, India, Indonesia, Korea, Malaysia, Philippines, Singapore, Taiwan, and Thailand MSCI Germany: every listed security in the market is identified. Securities are free float adjusted, classified in accordance with the Global Industry Classification Standard (GICSO), and screened by size, liquidity and minimum free float. Note: Indexes are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only and do not represent the performance of any specific investment. SuNTRuST