Presentation of Charter Trust's investment outlook for 2011.

1. Charter Trust Company 2011 Economic Outlook: A Global Symphony

2. The Economyis preparing to take off

3. We’re out of the battle.

4. And moving into the … ?

5. Positives:

6. Positives: Profits

7. Positives: Profits Productivity

8. Positives: Profits Productivity Policy

9. The result has been a record level of corporate cash

10. Downers

11. Downers Debt

12. Downers Debt Deflation

13. Downers Debt Deflation Depression

14. With the D’s and the P’s at odds:

15. With the D’s and the P’s at odds: Volatility S&P 500 Index 2000-2010

16. With the D’s and the P’s at odds: Volatility Crises S&P 500 Index 2000-2010

17. With the D’s and the P’s at odds: Volatility Crisis Danger Opportunity

18. Equities – Volatility

19. Equities – Volatility MSCI Index 1985 - 2010

20. Emerging Market Growth

21. Emerging Market Growth China: Three Gorges Dam Brazil: Bovespa Index

22. US Market:

23. US Market: Growth US Gross Domestic Product

24. European Market:

25. European Market: Volatility

26. European Market: Volatility Germany: Strong Netherlands: Strong France: Moderate Italy: Moderate Finland: Moderate Spain: Weak Portugal: Weak Ireland: Weak Greece: Crisis

27. Bonds:

28. Bonds: Danger

29. Short rates are stuck.

30. Long rates are too low.

31. Rates will rise, we just don’t know when.

32. Decoupling is over

33. The World Economy Is One

34. “We must hang together, or we will hang separately.”

35. BRIC Growth

36. Triad Stability US Eurozone Japan Together: 60% of World Economy

37. Global progress