FUNDAMENTALS: EARNINGS

Listen to the original podcast for this slide at www.GordonTLong.com/LONGWave

The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

This chart is from the March 2012 Market Analytics & Technical Analysis ReportMarch 6th, 2012

Listen to the original podcast for this slide at www.GordonTLong.com/LONGWave

The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

This chart is from the March 2012 Market Analytics & Technical Analysis ReportMarch 6th, 2012

FUNDAMENTALS: EARNINGS

• Earnings Results & Outlooks• Cyclical Nature of Earnings• Price Earnings (PE)

What they are telling us.What we can expect

Listen to the original podcast for this slide at www.GordonTLong.com/LONGWave

The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

This chart is from the March 2012 Market Analytics & Technical Analysis ReportMarch 6th, 2012

FUNDAMENTALS: EARNINGS

Listen to the original podcast for this slide at www.GordonTLong.com/LONGWave

The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

This chart is from the March 2012 Market Analytics & Technical Analysis ReportMarch 6th, 2012

FUNDAMENTALS: EARNINGS

Listen to the original podcast for this slide at www.GordonTLong.com/LONGWave

The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

This chart is from the March 2012 Market Analytics & Technical Analysis ReportMarch 6th, 2012

FUNDAMENTALS: EARNINGS

Listen to the original podcast for this slide at www.GordonTLong.com/LONGWave

The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

This chart is from the March 2012 Market Analytics & Technical Analysis ReportMarch 6th, 2012

GOLDMAN : 03/03/12

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The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

This chart is from the March 2012 Market Analytics & Technical Analysis ReportMarch 6th, 2012

GLOBAL EARNINGS MOMENTUM

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The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

This chart is from the March 2012 Market Analytics & Technical Analysis ReportMarch 6th, 2012

EUROPEAN BANKS

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The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

This chart is from the March 2012 Market Analytics & Technical Analysis ReportMarch 6th, 2012

SALES GROWTH versus NET MARGIN GROWTH

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The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

This chart is from the March 2012 Market Analytics & Technical Analysis ReportMarch 6th, 2012

FUNDAMENTALS: EARNINGS vs NET PRICES PAID

Listen to the original podcast for this slide at www.GordonTLong.com/LONGWave

The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

This chart is from the March 2012 Market Analytics & Technical Analysis ReportMarch 6th, 2012

FUNDAMENTALS: EARNINGS

Listen to the original podcast for this slide at www.GordonTLong.com/LONGWave

The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

This chart is from the March 2012 Market Analytics & Technical Analysis ReportMarch 6th, 2012

FUNDAMENTALS: EARNINGS

Listen to the original podcast for this slide at www.GordonTLong.com/LONGWave

The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

This chart is from the March 2012 Market Analytics & Technical Analysis ReportMarch 6th, 2012

CAPE or PE10

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The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

This chart is from the March 2012 Market Analytics & Technical Analysis ReportMarch 6th, 2012

CAPE or PE10

Listen to the original podcast for this slide at www.GordonTLong.com/LONGWave

The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

This chart is from the March 2012 Market Analytics & Technical Analysis ReportMarch 6th, 2012

PE Compression

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The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

This chart is from the March 2012 Market Analytics & Technical Analysis ReportMarch 6th, 2012

PE Ratio – Equity versus Yield

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The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

This chart is from the March 2012 Market Analytics & Technical Analysis ReportMarch 6th, 2012

PE Ratio US Long Term Interest Rates

Listen to the original podcast for this slide at www.GordonTLong.com/LONGWave

The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

This chart is from the March 2012 Market Analytics & Technical Analysis ReportMarch 6th, 2012

RULE OF 20

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The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

This chart is from the March 2012 Market Analytics & Technical Analysis ReportMarch 6th, 2012

(08/13/10)

Listen to the original podcast for this slide at www.GordonTLong.com/LONGWave

The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

This chart is from the March 2012 Market Analytics & Technical Analysis ReportMarch 6th, 2012

FUNDAMENTALS: EARNINGS

Listen to the original podcast for this slide at www.GordonTLong.com/LONGWave

The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

This chart is from the March 2012 Market Analytics & Technical Analysis ReportMarch 6th, 2012

FUNDAMENTALS: EARNINGS

Listen to the original podcast for this slide at www.GordonTLong.com/LONGWave

The content of this slide should not be considered investment advice of any sort, nor should it be used to make investment decisions. Use of this slide is considered to be your explicit acceptance of the Disclosure Statement and the Terms of Use found on the last page of this document.

DISCLOSURE STATEMENT AND TERMS OF USE

THE CONTENT OF THIS SLIDE PRESENTATION AND ITS ACCOMPANYING RECORDED AUDIO DISCUSSION ARE INTENDED FOR EDUCATIONAL PURPOSES ONLY.

This slide presentation and its accompanying recorded audio discussion are not a solicitation to trade or invest, and any analysis is the opinion of the author and is not to be used or relied upon as investment advice. Trading and investing can involve substantial risk of loss. Past performance is no guarantee of future returns/results. Commentary is only the opinions of the authors and should not to be used for investment decisions. You must carefully examine the risks associated with investing of any sort and whether investment programs are suitable for you. You should never invest or consider investments without a complete set of disclosure documents, and should consider the risks prior to investing. This slide presentation and its accompanying recorded audio discussion are not in any way a substitution for disclosure. Suitability of investing decisions rests solely with the investor. Your acknowledgement of this Disclosure and Term of Use Statement is a condition of access to it. Furthermore, any investments you may make are your sole responsibility.

THERE IS RISK OF LOSS IN TRADING AND INVESTING OF ANY KIND. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

This chart is from the March 2012 Market Analytics & Technical Analysis ReportMarch 6th, 2012

FUNDAMENTALS: EARNINGS