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August Valance Report

United States

This week’s economic data showed an economy muddling through at a rate of growth below potential, but unlikely to be negative. At times, the mediocre data has garnered a positive response after the string of negative news last week lowered market expectations and left many people expecting a “double dip”. The ADP report showed private payrolls contracted 10k in August and suggests Friday’s important payroll data could be a bit softer than expected (consensus is 41k of private payroll gains).

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USA PATRIOT Act

Customer Identification Program

In accordance with Section 326 of the USA PATRIOT Act signed October 26, 2001, AVM, L.P. ("AVM") is required to obtain a copy of the documents used in identifying our new account customers and in identifying signatory individuals added to existing or new accounts. In some cases, identification will be requested for those individuals conducting business with AVM prior to the effective date of the customer identification requirements because original documentation was not obtained with the opening of the account, or AVM is unable to form a reasonable belief that it knows the true identity of the existing customer. In all cases protection of our customer's identity and confidentiality is our pledge to you.