1. W ASHINGTON C ROSSING A DVISORS Market and Economy Outlook

2. W ASHINGTON C ROSSING A DVISORS 2013 Outlook Executive Summary Improving Fundamentals + Reasonable Valuations = Bullish Economy Grows 2% in 2013, Unemployment Moves Toward 7%, Profits Grow 6-7%, S&P 500 Fair Value = 1,537, Interest Rates Remain Historically Low Record-low Interest Rates and Large Deficits Remain – Government Debt Grows and Inflation Remains Positive Emerging Markets Offer Attractive Combination of Growth and Value Alternative Investments Provide Diversification Benefit Challenges Impose Significant Costs, Resources Are Also Significant

3. Recent Fundamental Trends

4. U.S. Stock Market Valuation

5. Domestic Economy 2013 Forecast

6. What is Driving the Economy?

7. Key Trend #1: Employment

8. Key Trend #2: Real Estate

9. Key Trend #3: Manufacturing

10. Key Trend #4: Income Growth

11. Monetary Policy

12. How Monetary Policy and the Credit Cycle Effect the Economy

13. More Credit Produces Inflation – Some Empirical Evidence

14. Government Fiscal Policy, Deficits and Debt

15. Interest Rate Outlook

16. Benefit of a Global View

17. The Role of “Alternative” Assets In Portfolios

18. US Wealth Perspective