Dow Jones Industrial Average

MARCH 31, 2015

With a choppier than average quarter, the Dow Jones Industrial Average closes out the period off 46.95 points or -0.26%.

CONTRIBUTOR Jamie Farmer Managing Director Index Investment Strategy jamie.farmer@

Dow Jones Industrial Average

Q1 2015 Report Card

At A Glance

At Quarter End - The Dow Jones Industrial Average ended Q1 2015 at 17,776.12 ? down 46.95 points or -0.26% from the close of 2014. In comparison, the DJIA's average Q1 return over the prior 30 years is 3.18%.

Leader & Laggard ? Boeing Co. (BA) contributed the most to the Average's advance; American Express (AXP) was the leading detractor.

Industry Performance - Consumer Services was the best performing industry, Financials the worst.

Component Changes ? Apple Inc. (AAPL) replaced AT&T Inc. (T) as of the opening on Thursday, March 19, 2015.

Choppy ? Q1 recorded 20 daily moves of greater than 1% (up or down). Best Day:

o In Points & Percent ? up 323.35 points or 1.84% on January 8th as the fall in crude oil stabilized and central bankers affirmed a cautious stance regarding rate increases.

Worst Day: o In Points ? down 332.79 points (or -1.85%) on March 10th as concerns about a strong US dollar, tighter banking rules and uncertainty in Europe weighed on equity prices. o In Percent ? 1.86% (or -331.34 points) on January 5th as traders returned to the first full week after the holidays only to see crude oil fall below $50/barrel.

INDEX INVESTMENT STRATEGY

Source: S&P Dow Jones Indices. Past performance is not an indication of future results.

Dow Jones Industrial Average ? Q1 2015 Report Card

Performance Statistics

Long Term Performance:

Q1

1 Year

-0.26%

8.01%

3 Year 34.54%

5 Year 63.74%

7 Year 44.96%

10 Year 69.24%

March 31, 2015

Historical Annual Performance:

2014

2013

2012

7.52%

26.50%

7.26%

2011 5.53%

2010 11.02%

2009 18.82%

2008 -33.84%

2007 6.43%

2006 16.29%

2005 -0.61%

Recent Quarter by Quarter Performance:

Source: S&P Dow Jones Indices. Past performance is not an indication of future results.

History Since Inception:

Source: S&P Dow Jones Indices. Past performance is not an indication of future results. 2

Dow Jones Industrial Average ? Q1 2015 Report Card

March 31, 2015

New Closing Highs

o The DJIA logged 4 new closing highs in Q1 2015, the last of which came on March 2nd as the Average gained 155+ points to settle at 18,288.63.

Source: S&P Dow Jones Indices. Past performance is not an indication of future results.

Performance vs. Moving Averages

o The DJIA ended March below the 50 day moving average and above the 200 day average. o The DJIA spent the entirety of Q1 above the 200 moving average, but languished below the 50 day average

for most of January and about 1/3 of the trading days in March.

Source: S&P Dow Jones Indices. Past performance is not an indication of future results. 3

Dow Jones Industrial Average ? Q1 2015 Report Card

Quarterly & Annual Returns since 1985

2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 Average

Q1 -0.26% -0.72% 11.25% 8.14% 6.41% 4.11% -13.30% -7.55% -0.87% 3.66% -2.59% -0.92% -4.19% 3.82% -8.42% -5.00% 6.59% 11.27% 2.10% 9.19% 8.43% -3.15% 4.06% 2.10% 10.64% -1.67% 5.77% 2.54% 21.56% 17.58% 4.56% 3.18%

Q2 -

2.24% 2.27% -2.51% 0.77% -9.97% 11.01% -7.44% 8.53% 0.37% -2.18% 0.75% 12.43% -11.16% 6.31% -4.34% 12.11% 1.73% 16.55% 1.21% 9.58% -0.30% 2.36% 2.57% -0.24% 6.41% 6.38% 7.73% 4.94% 4.08% 5.42% 2.92%

Q3 -

1.29% 1.48% 4.32% -12.09% 10.37% 14.98% -4.40% 3.63% 4.74% 2.86% -3.40% 3.22% -17.87% -15.76% 1.94% -5.78% -12.39% 3.55% 4.02% 5.11% 6.02% 1.11% -1.41% 3.78% -14.86% 10.36% -1.34% 7.35% -6.61% -0.51% -0.21%

Q4 -

4.58% 9.56% -2.48% 11.95% 7.32% 7.37% -19.12% -4.54% 6.71% 1.41% 6.97% 12.71% 9.87% 13.27% 1.28% 11.22% 17.07% -0.47% 9.62% 6.85% -0.23% 5.60% 0.90% 5.04% 7.39% 2.24% 2.63% -25.32% 7.26% 16.41% 4.44%

Annual -0.26% 7.52% 26.50% 7.26% 5.53% 11.02% 18.82% -33.84% 6.43% 16.29% -0.61% 3.15% 25.32% -16.76% -7.10% -6.18% 25.22% 16.10% 22.64% 26.01% 33.45% 2.14% 13.72% 4.17% 20.32% -4.34% 26.96% 11.85% 2.26% 22.58% 27.66% 10.47%

Source: S&P Dow Jones Indices. Past performance is not an indication of future results.

March 31, 2015

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Dow Jones Industrial Average ? Q1 2015 Report Card

March 31, 2015

Daily Moves of 1% or Greater

o The first quarter of 2015 witnessed a greater than average number of daily returns equal to or greater than 1%: with 20 such moves during the period, 2015 has experienced the most such swings since the Financial Crisis of 2009 when 42 similar moves were recorded.

2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 Average

Q1 20 11 4 5 11 14 42 29 4 4 5 15 29 21 24 28 24 16 19 15 5 7 8 6 17 15 14 24 17 14 11 15

Q2 4 10 17 12 28 30 18 9 11 13 9 19 29 21 32 22 16 17 7 4 10 3 9 17 13 12 20 18 17 6 15

Q3 4 4 6 34 18 17 37 24 7 3 10 13 42 28 14 18 30 18 12 3 4 3 10 10 26 10 15 19 15 3 15

Q4 17 6 11 32 9 19 50 19 2 6 11 10 36 24 27 19 23 26 9 5 10 1 6 12 19 10 11 42 10 11 16

Annual 20 36 24 39 89 69 108 134 56 24 27 45 71 128 97 101 83 85 80 43 17 31 15 31 56 73 46 70 96 56 31 62

Source: S&P Dow Jones Indices. Past performance is not an indication of future results.

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