from Dr. Laffer ee—“C:isSCSCsCiésC Dear Landon, Please see the attached paper from Dr. Laffer. Best, Nick Nicholas C. Drinkwater Chief of Staff Laffer Associates 103 Murphy Court Nashville, TN 37203 Fox Landon Thomas, Jr. Financial Reporter New York Times http://topics.nytimes.com/top/reference/timestopics

LAFFER ASSOCIATES Supply-Side Investment Research May 19, 2016 10-yr T-Note: 1.86% DJIA: 17,526.62 NASDAQ: 4,739.12 S&P 500: 2,047.63 S&P 500 Undervalued: 151.8% GA