Take Your rump-erature

Survey Results C

Q1: How would you grade President Trumps performance thus far when it comes to his
effect on the general investment climate for U.S. equities (pick one)?

Very positive 37.64%

Somewhat positive 36.24%

Neutral 13.48%

Somewhat negative 5.62%

Very negative 7.02%

0% 20% 40% 60% 80% 100%

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Q2: Do you approve / disapprove of the job President Trump is doing thus far (pick
one)?

Strongly approve 16.85%

Approve 23.6%

Neutral 17.7%

Disapprove 13.48%

Strongly disapprove 28.37%

0% 20% 40% 60% 80% 100%

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Q3: Where do you expect the Dow Jones Industrial Average to close the year?

DJIA Avg. response: 20,740

24,001 and above

23,501 - 24,000
23,001 - 23,500
22,501 - 23,000
22,001 - 22,500
21,501 - 22,000
21,001 - 21,500
20,501 - 21,000 DJIA
20,001 - 20,500
19,501 - 20,000
19,000 - 19,5000
18,000 - 18,999
17,000 - 17,999
below 16,000

0% 20% 40% 60% 80% 100%

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Q4: Where do you see long term (10 year) U.S. Treasury interest rates closing out
the year (currently at approximately 2.5%)?

10-year Treasury Rates Avg. response: 2.85%

4.51 and above

4.01 - 4.5

3.51 - 4.0

3.0 1 - 3.5 10-year Treasury

Rates
2.51 - 3.0

2.0 - 2.5

less than 2%

0% 20% 40% 60% 80% 100%

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Q5: Do you think a Trump or Clinton administration would have been better for
U.S. equity returns over the course of their respective Presidencies (pick one)?

Better under Trump 57.06%

Better under Clinton 21.47%

No difference 21.47%

0% 20% 40% 60% 80% 100%

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Q6: What is your greatest capital market-related concern as it relates to a Trump

Presidency (pick one)?

Trade/Currency 31.82%

Military conflicts 16.19%

Immigration policy 5.4%

Company-specific tweets 3.69%

Congress unable to pass key

legislation 30.97%

Other 11.93%

0% 20% 40% 60% 80% 100%

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Q7: How much do you think U.S. equity market volatility (as measured by the CBOE VIX
Index) will increase during the Trump Presidency versus the last few years (pick one)?

More than 50% 4.57%

25% - 50% 16%

10% - 25% 44%

0% - 10% 29.14%

0% or lower than the last 4 years 6.29%

0% 20% 40% 60% 80% 100%

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Q8: Which of President Trump's proposed policies will be most beneficial to U.S.
equity markets (pick one)?

Other 2.55%

Border Taxes 1.13%

Repealing/Repairing/Replacing
Obamacare .57%

Deregulation 25.5%

Individual / Corporate Tax Cuts 54.39%

Infrastructure Spending 15.86%

0% 20% 40% 60% 80% 100%

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Q9: Thinking about potential changes in the U.S. tax code, which policy initiative
do you think is most important to U.S. equity markets (pick one)?

Reduction in individual / personal tax

18.80%
rates

Reduction in corporate tax rates

generally 46.15%

Reduction of corporate tax rates to

encourage repatriation of offshore 29.06%
earnings / cash balances

The adoption of a "border

3.7%
adjustment" tax to encourage exports

Other 2.28%

0% 20% 40% 60% 80% 100%

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Q10: When do you expect changes to the U.S. tax code to pass Congress and be
signed by President Trump?

Q2 2017 7.63%

Q3 2017 23.16%

Q4 2017 27.68%

Q1 2018 20.91%

Later than Q1 2018 20.62%

0% 20% 40% 60% 80% 100%

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Q11: Which of the below sectors will benefit the most/be challenged during
President Trump's time in office (check all that apply)?

Real Estate

Materials

Financials

Consumer Discretionary Benefit

Technology
the most
Be most
Telecommunications
challenged
Consumer Staples

Utilities

Industrials

Healthcare

Energy

0% 20% 40% 60% 80% 100%

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Q12: Do you think U.S. capital markets price action during a Trump administration
will be better for active or passive management (pick one)?

Active 62.75%

Passive 15.76%

No real difference 21.49%

0% 20% 40% 60% 80% 100%

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Q13: On the whole, do you think press coverage of the President and his
administration has been fair thus far (pick one)?

Yes, it has been fair 43.22%

No, it has not been fair 47.46%

No opinion 9.32%

0% 20% 40% 60% 80% 100%

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Q14: What types of news organizations do you think provide the fairest and most
accurate coverage of the Trump administration (pick one)?

General interest newspapers and cable TV

(i.e. The New York Times, CNN, Fox News, 20.17%
MSNBC, Talk Radio)

Newspapers and cable TV dedicated to

financial news (i.e. CNBC, The Wall Street 26.70%
Journal, Financial Times, Bloomberg)

Website-only news reports (i.e. Huffington

Post, Drudge Report) 4.26%

I don't think any news organization

consistently delivers accurate and unbiased 48.86%
coverage

0% 20% 40% 60% 80% 100%

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