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4th Quarter 2013 Market Commentary

U.S. and overseas equity markets generally posted gains during the fourth quarter as the Federal Reserve announced a reduction in its
asset purchase program. Investors appeared to interpret the move as a sign the U.S. economy was strengthening.

For the quarter, the S&P 500 Index and the Russell 2000 Index of smaller companies advanced 10% and 9%, respectively. Industrials and
information technology were among the top performing sectors, while utilities and telecommunications services lagged. Across market
capitalizations, small- and mid-cap issues underperformed large-cap companies. No investment style emerged as a favorite as growth
fared best among large-caps, but trailed among small- and mid-caps.

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