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Investment Management – First Quarter 2011

Equity markets entered the first quarter on a very strong note, reaching levels on the S&P 500 not seen since June 2008. Following a 7% advance through mid-February, the confluence of macro events in the second half of the quarter caused the index to correct by 6.4%, dipping into negative territory for the year.

*Not FDIC Insured *No Bank Guarantee *Not a Bank Deposit
*Not Insured by Any Government Agency *May Lose Value

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A Sandy Spring Bank Company

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