Kevin M. Wilson, PhD Chairman/CEO 1405 Medical Arts Building 324 W. Superior Street Duluth, MN Office: Toll Free: Fax: Bi-Monthly Market Review “Global Opportunities Knocking on Our Door” (Making Money in Global Markets) September 18 th, Ted A. Pavlovich, WMS President/Wealth Mgmt. Advisor 1

INTRODUCTION TED A. PAVLOVICH 2

GLOBAL EQUITY VALUATIONS AND RISKS KEVIN M. WILSON 3

4 High Valuations and Emotional Decisions Can Cause Losses

5 Avg. Is Terrible We All Like To Buy High and Sell Low

6 U.S. Valuations Are High And Prospects Are Low

7 Foreign Markets Look Cheap In Comparison

8 Rising Dollar Is Creating Headwinds For U.S. Stocks

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10 YTD International Performance

ASIAN OPPORTUNITIES TED A. PAVLOVICH 11

12 GDP Growth Does NOT Correlate With Market Returns

13 Still, The Rise Of Asian Consumers And Falling Currencies Will Drive Markets For Years

14 Japan Is Resurgent

15 Caveats With Respect To Investing Internationally

DEVELOPED MARKET OPPORTUNITIES KEVIN M. WILSON 16

17 European Markets and Profits Have Room To Grow

18 European Stocks Appear Cheap

19 Caveats For European Stocks

20 UK Looks Strong, But Scotland Vote Is Important Factor Also

LATIN AMERICA OPPORTUNITIES KEVIN M. WILSON 21

22 Latin America Emerging And Frontier Look Dynamic and Less Risky, Perhaps

23 Boom & Bust Cycle Still Present

24 Brazil Has Disappointed, But That May Be Changing

25 Mexico Is Booming And Its Trade Volumes Are Rising

26 Oil & Gas Are About To Take Off In Mexico

27 Mexican Stocks Outperforming

WHERE DOES THE US MARKET FIT IN? 28 TED A. PAVLOVICH

29 Buy-Backs Have Driven The U.S. Markets (But Not Much Longer?)

30 Mergers Also Providing Huge Push To Stocks (But Not Much Longer?)

31 Inflation Assets Are The Next Big Thing

32 Oil Shortages Are On The Way In

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Q & A 34 KEVIN M. WILSON TED A. PAVLOVICH

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