1. Election Risk, Hanging Curve Balls, And Other Washington Stories September 10, 2008 Charles A. Gabriel, Jr. Managing Director charles.gabriel@capalphadc.com

2. www.capalphadc.com

3. Capital Alpha Partners LLC offers predictive insight for institutional investors, helping them to: Foresee trends and developments from Washington Gauge true levels of political or regulatory risk Understand timing and process Know when to immunize or hedge positions for unsettling outcomes Exploit gaps in market understanding We draw upon personal contacts, consulting relationships, and decades of experience to develop informed views of future policy directions and their practical, real-world consequences. We create value for our clients by putting information into context, knowledge into vision, and specifics into forecasts. We aim to tell investors where the news is going before the news arrives -- and often, after the onset of market reaction, when a resulting gap between perception and reality might close. We provide service to buy-side analysts, portfolio managers and strategists on several levels, ranging from access to written reports and comments to in-depth personal communications and Washington meetings. Our unique industry-level focus complements fundamental research. We currently offer core coverage in energy and environment, financial services, healthcare, pharma, taxation, manufacturing, budget/defense, and election-risk/overall strategy. (We provide additional topical coverage on an as-needed basis and can draw on a wide range of sources to meet client requirements.) We believe that finding the right answer starts with asking the right question. Asking the right question starts with intelligence. We help investors put Washington intelligence to work. "Superior Washington Intelligence For Investors"

6. 2000 2008 2004 2008?

7. Nationally: Clinton v. Obama Source: RealClearPolitics.com; Capital Alpha Partners, LLC

8. Winner Take All: Clinton 1603 vs. Obama 1242 Source: CNN; Capital Alpha Partners, LLC

9. McCain Leads By Three Source: RealClearPolitics.com; Capital Alpha Partners, LLC

10. Presidential Choice Indicator

11. Renewing America's Promise Source: 2008 Democratic National Convention

12. Country First Source: 2008 Republican National Convention and Reflections Photography

13. Blue Stocks, Red Stocks

14. Five Hanging Curve Balls Healthcare Reform Climate Change Financial Services Re-Regulation Tax Reform Peace Dividend

15. This report is for private circulation and distribution in its entirety and is based upon information believed to be reliable. However, we cannot guarantee accuracy and are neither responsible for errors of transmission of information, nor liable for damages resulting from reliance on this information. Opinions in this report constitute the personal judgment of the analysts and are subject to change without notice. The information in the report is not an offer to purchase or sell any security, nor do the analysts receive any compensation in exchange for any specific recommendation or view expressed in this report. Analysts may own securities of the issuers discussed herein.