Quarterly U.S. Market Report Commentary featuring the Dow Jones U.S. Total Stock Market Indexes

Quarter 2, 2012

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SECTION 01

Broad U.S. Market

SECTION 02 SECTION 03

U.S. Sectors U.S. Size Segments (large-, mid-, small- and micro-caps)

SECTION 04

U.S. Style Segments (growth and value)

SECTION 05

Summary

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About the Indexes • The indexes referenced throughout this presentation are the Dow Jones U.S. Total Stock Market Indexes℠, which provide comprehensive coverage of the U.S. equity market. • The broad Dow Jones U.S. Total Stock Market Index℠ includes all U.S. equity securities with readily available prices. • Subindexes of the broad index cover various sectors, size segments and investment styles. • The industry indexes are created based on the proprietary sector classification system described at www.djindexes.com/sectorclassification. • Detailed information on the construction of the Dow Jones U.S. Total Stock Market Indexes is available at www.djindexes.com/totalstockmarket.

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Broad U.S. Market Dow Jones U.S. Total Stock Market Index

April 2, 2012

June 29, 2012

% Change

58.90

56.63

-3.10%

Quarterly High: 58.90 (April 2) Difference: 5.86 points

Quarterly Low: 53.04 (June 4)

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Q1 2012 was up 12.91%

Broad U.S. Market Dow Jones U.S. Total Stock Market Index Total Return Performance

Marks start of 2007-09 bear market

Cumulative

Q2 -3.10%

1-Year 3.97%

3-Year 59.91%

5-Year 2.96%

10-Year 81.13%

Annualized

3-Year

5-Year

10-Year

16.94%

0.58%

6.12%

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Broad U.S. Market Dow Jones U.S. Total Stock Market Index Q2 Total Return Performance 105

4/10 Spanish, Italian borrowing costs rise dramatically.

5/1 U.S. manufacturing, corporate profit reports up.

5/6 French, Greek voters vote for antiausterity candidates.

6/21 Moody’s downgrades 15 global banks.

100 5/23 HP announces 27,000 job cuts.

95 4/13 North Korea rocket test ends in failure.

5/18 Facebook launches IPO.

90

6/9 Spain accepts bailout funds.

6/17 Greece elects pro-austerity candidates.

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6/27 Supreme Court upholds Health Care plan.

SECTION 01

Broad U.S. Market

SECTION 02 SECTION 03

U.S. Sectors U.S. Size Segments (large-, mid-, small- and micro-caps)

SECTION 04

U.S. Style Segments (growth and value)

SECTION 05

Summary

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U.S. Sectors Q2 % Total Return Performance 15% 12.00%

10% 5%

Facebook IPO hurts sector.

5.51% 2.14% 0.48%

0% -2.50%

-5% -10%

-4.49% -7.87%

-7.64%

-4.43%

-6.93%

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U.S. Federal spectrum auction to allow for creation of massive new bandwidth.

Broad U.S. Market U.S. Sector Allocation vs. Global Sector Allocation – Q2 Dow Jones U.S. Total Stock Market Index

Dow Jones Global Total Stock Market Index

25%

20% 15%

10% 5%

0%

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U.S. Sectors Total Return Performance Summary Q2 2012

1-Year

3-Year

5-Year

10-Year

Basic Materials

7.64%

-16.08%

61.48%

4.19%

114.75%

Consumer Goods

-2.50%

6.45%

67.74%

31.03%

105.23%

Consumer Services

0.48%

12.65%

91.86%

23.70%

85.87%

Financials

-4.49%

0.94%

37.96%

42.70%

1.26%

Health Care

2.14%

9.95%

56.74%

25.46%

87.04%

Industrials

-4.43%

1.43%

71.47%

1.44%

92.41%

Oil & Gas

-6.93%

-9.10%

44.09%

4.39%

199.67%

Technology

-7.87%

10.32%

65.45%

25.73%

114.14%

Telecommunications

12.00%

12.04%

61.35%

-1.09%

96.34%

5.51%

13.29%

52.46%

14.70%

127.37%

Utilities All data are cumulative.

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U.S. Sectors Q2 Total Return Performance 115 Utilities benefit from low interest rates, natural gas prices.

110 105

100 95 90 85

Crude oil falls on lower demand; natural gas falls due to glut.

80

Financials

Technology

Oil & Gas

Basic Materials

Industrials

Consumer Goods

Health Care

Consumer Services

Telecommunications

Utilities

DJ U.S. Total Stock Market Index

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U.S. Sectors Q2 Total Return Performance 105

100

Chip sector woes and Facebook’s IPO problems weigh on performance.

95

90

85 Dow Jones U.S. Total Stock Market Index

Technology

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U.S. Sectors Q2 Total Return Performance 105 100

JP Morgan announced massive trading losses. Originally estimated at $2 billion in May, it rises to $9 billion by end of June, offsetting gains by Bank of America and others.

95 90 85 Dow Jones U.S. Total Stock Market Index

Financials

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U.S. Sectors Q2 Total Return Performance 105

“Big box” retailers such as Wal-Mart, Home Depot and Costco improve on lower fuel costs and rise in consumer spending. Disney rose on the strength of the movie “The Avengers,” theme parks and TV business.

100

95

90

85 Dow Jones U.S. Total Stock Market Index

Consumer Services

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U.S. Sectors Q2 Total Return Performance 105 100

Sector impacted by both positives (lower fuel costs help delivery companies such as UPS) and negatives (defense cuts hurt contractors such as Boeing and United Technology).

95 90 85 Dow Jones U.S. Total Stock Market Index

Industrials

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U.S. Sectors Q2 Total Return Performance 105 100

Lower demand for crude oil, gasoline in Europe, China as well as the U.S. hurt this group. Gas prices fell going into all-important summer driving season. Natural gas glut drives prices to historic lows.

95

90 85 Dow Jones U.S. Total Stock Market Index

Oil & Gas

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U.S. Sectors Q2 Total Return Performance 105

Supreme Court upholding Obama’s Health Care plan is good news for hospital and Medicare/Medicaid provider stocks. It is not-so-good news for health insurers. Pharmaceutical stocks were mixed on the lead-up and aftermath of the ruling.

100 95 90 85 Dow Jones U.S. Total Stock Market Index

Health Care

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U.S. Sectors Q2 Total Return Performance 105

100

Prices for copper, steel and other materials fell throughout the quarter on falling demand in China and Europe. But food makers like Monsanto and fertilizer manufacturers like Mosaic are benefitting from agricultural investment worldwide.

95 90 85 Dow Jones U.S. Total Stock Market Index

Basic Materials

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U.S. Sectors Q2 Total Return Performance 105

Kraft Foods, Hershey and Starbucks benefited from increasing prices without negatively impacting sales. Others, such as Coca Cola, were able to achieve cost savings internally. However, sales volumes were down for many topname manufacturers.

100 95 90 85 Dow Jones U.S. Total Stock Market Index

Consumer Goods

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U.S. Sectors Q2 Total Return Performance

115

Sales of millions of new iPhones and other wireless technology created massive new revenue streams for AT&T, Sprint and Verizon. The prepaid market and the need to store enormous amounts of data led to strong earnings.

110 105 100 95 90 Dow Jones U.S. Total Stock Market Index

Telecommunications

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U.S. Sectors Q2 Total Return Performance 110

Amid still-uncertain economic conditions, investors gravitated to a sector whose bills are least likely to be ignored: utilities. A merger-and-acquisition spree in the industry is consolidating services and creating cost-saving synergies.

105 100 95 90

85 Dow Jones U.S. Total Stock Market Index

Utilities

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U.S. Sectors Q2 Leading Companies Within Top 3 Industries

Penny stock sold its payphone operations. Total Return Q2 ’12 Change %

Float Market Cap (USD)

Industry

Company

Telecommunications (12.00%)

FairPoint Communications Inc.

63.56%

134,484,386

Shenandoah Telecommunications Co.

22.06%

323,659,641

Verizon Communications Inc.

16.24%

125,620,400,659

tw telecom inc. Cl A

15.79%

3,892,737,906

Sprint Nextel Corp.

14.39%

9,752,930,147

Sempra Energy

14.88%

15,374,229,781

Artesian Resources

14.64%

167,679,824

Delta Natural Gas Co. Inc.

14.37%

146,105,958

Progress Energy Inc.

13.29%

17,604,598,770

NextEra Energy Inc.

12.66%

28,965,732,993

Arena Pharmaceuticals Inc.

225.08%

1,951,097,764

Accelr8 Technology Corp.

164.71%

29,044,756

Repros Therapeutics Inc.

114.66%

134,213,559

Osiris Therapeutics Inc.

114.26%

203,678,250

IsoRay Inc.

106.12%

29,275,324

Utilities (5.51%)

Health Care (2.14%)

Anti-obesity drug Belvic approved by FDA.

Opening liquid natural gas export facility.

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U.S. Sectors Q2 Lagging Companies Within Bottom 3 Industries

Massive losses lead to company being delisted from NYSE. Total Return Q1 ‘12 Change %

Float Market Cap (USD)

Industry

Company

Oil & Gas (-6.93%)

Tri Valley Corp.

-85.21

1,691,251

Geokinetics Inc.

-84.19

3,784,378

Hoku Corp.

-74.58

2,865,820

Houston American Energy Corp.

-78.54

19,815,197

APCO Oil & Gas International Inc.

-73.52

164,951,047

Patriot Coal Corp.

-80.45

111,368,314

Cereplast Inc.

-53.23

3,747,087

James River Coal Co.

-47.07

96,263,086

Golden Minerals Co.

-46.50

144,845,557

U.S. Silica Holdings Inc.

-46.23

137,107,058

Mitek Systems Inc.

-66.47

87,472,437

DynaVox Inc.

-63.64

11,545,559

Wave Systems Corp.

-62.90

57,168,535

Mindspeed Technologies Inc.

-61.38

85,190,720

Broadvision Inc.

-59.21

33,061,961

Micro-cap hurt by slowdown in North America operations

Basic Materials (-7.64%)

Technology (-7.87%)

Short-selling on concerns about restructuring.

Falls on earnings report miss.

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SECTION 01

Broad U.S. Market

SECTION 02 SECTION 03

U.S. Sectors U.S. Size Segments (large-, mid-, small- and micro-caps)

SECTION 04

U.S. Style Segments (growth and value)

SECTION 05

Summary

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U.S. Size Segments Q2 % Total Return Performance 0%

-2.15% -3.03% -3.79%

-5% -5.33%

-10% U.S. Mid-Cap

U.S. Small-Cap

U.S. Large-Cap

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U.S. Micro-Cap

U.S. Size Segments Large-Cap was 1-year leader last quarter too

Total Return Performance Summary

Q2 2012

1-Year

3-Year

5-Year

10-Year

U.S Large-Cap

-3.03

4.77

58.20

2.36

75.24

U.S. Mid-Cap

-5.33

-2.63

75.41

11.60

130.65

U.S. Small-Cap

-3.79

-1.89

74.27

11.49

139.55

U.S. Micro-Cap

-2.15

-0.99

58.47

-6.18

120.55

All data are cumulative.

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U.S. Size Segments Q2 Total Return Performance But they improved as economic data showed hints of improvement.

105 100 95 90

Micro-caps underperformed at beginning of quarter due to weak U.S. economic performance.

85

U.S. Large-Cap

U.S. Mid-Cap

U.S. Small-Cap

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U.S. Micro-Cap

SECTION 01

Broad U.S. Market

SECTION 02 SECTION 03

U.S. Sectors U.S. Size Segments (large-, mid-, small- and micro-caps)

SECTION 04

U.S. Style Segments (growth and value)

SECTION 05

Summary

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U.S. Style Segments Q2 % Total Return Performance 0%

-1.68%

-3.37%

-5%

-3.54% -4.03%

-4.44%

-6.92%

-10% U.S. Large-Cap U.S. Large-Cap Growth Value

U.S. Mid-Cap Value

U.S. Mid-Cap Growth

U.S. Small-Cap U.S. Small-Cap Growth Value

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U.S. Style Segments Total Return Performance Summary Q2 2012

1-Year

3-Year

5-Year

10-Year

U.S. Large-Cap Growth

-4.44

3.64

60.51

13.66

84.44

U.S. Large-Cap Value

-1.68

5.83

56.06

-8.21

65.11

U.S. Mid-Cap Growth

-6.92

-4.73

79.10

20.83

172.57

U.S. Mid-Cap Value

-3.37

0.05

70.27

1.28

91.95

U.S. Small-Cap Growth

-4.03

-3.43

76.33

17.13

156.50

U.S. Small-Cap Value

-3.54

-0.29

71.45

5.63

121.44

All data are cumulative.

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U.S. Style Segments Q2 Total Return Performance Investors seek stability in midst of Eurozone crisis, helping push up largecap value stocks.

105 100 95 90 85

U.S. Large-Cap Growth

U.S. Large-Cap Value

U.S. Mid-Cap Growth

U.S. Mid-Cap Value

U.S. Small-Cap Growth

U.S. Small-Cap Value

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SECTION 01

Broad U.S. Market

SECTION 02 SECTION 03

U.S. Sectors U.S. Size Segments (large-, mid-, small- and micro-caps)

SECTION 04

U.S. Style Segments (growth and value)

SECTION 05

Summary

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Summary: Q2 2012 performance results Dow Jones U.S. Total Stock Market index fell 3.10% in the 2 nd quarter of 2012.

Winners • Sector: Telecommunications, Utilities, Health Care • Size Segment: U.S. Micro-Cap • Style Segment: U.S. Large-Cap Value

Losers • Sector: Oil & Gas, Basic Materials, Technology • Size Segment: U.S. Mid-Cap • Style Segment: U.S. Mid-Cap Growth

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