US manufacturing grew at the fastest pace in 2.5 years

1. November 2013 Monthly Market Summary BALLENTINE PARTNERS What Caught Our Eye Asset Class Performance Consumption and Investment as % of GDP Total Returns in USD - Periods greater than 1 year are annualized Source: World Bank Chinese consumption has grown at an astounding rate of 8.5% since 1995. However, because the Chinese economy has grown at 10% over that same time period, consumption as a % of GDP has actually fallen 10%, partly due to slower personal income growth. Chinese investment has been responsible for much of the recent GDP growth, fueled by the nation’s high savings rate and easy access to capital. In America, the economy is consumer based and there is a lack of investment as a proportion of GDP. Given current trends, It’s unclear which approach will be more effective over the long-term. *Through October Pending home sales fell 0.6% in Oct., but housing permits exceeded expectations The Dow and S&P500 finished at record highs, boosted by strong company earnings European Central Bank lowered benchmark interest rate to 0.25%, causing the US Dollar to appreciate US manufacturing grew at the fastest pace in 2.5 years The discussions and opinions in this market summary are for general information only, and are not intended to provide investment advice. While taken from sources deemed to be accurate, Ballentine Partners makes no representations about the accuracy of the information in the market summary or its appropriateness for any given situation. Past performance of the indices shown is not necessarily indicative of future results. BALLENTINE PARTNERS, LLC | Confidential