The month of July marks the ninth year of expansion in the U.S. economy, which is the third longest period of growth since World War II.

With record employment gains, payroll growth and a "tortoise" growth scenario - slow but steady - the economy seems poised to continue on pace through the second half of 2017.

Previous periods of expansion have collapsed under the weight of bubbles - such as the housing bubble or the tech bubble - that do not appear to be factors today.

Important Disclosures

The information presented does not involve the rendering of personalized investment, financial, legal, or tax advice. This presentation is not an offer to buy or sell, or a solicitation of any offer to buy or sell any of the securities mentioned herein.

Certain statements contained herein may constitute projections, forecasts, and other forward-looking statements, which do not reflect actual results and are based primarily upon a hypothetical set of assumptions applied to certain historical financial information. Certain information has been provided by third-party sources, and although believed to be reliable, it has not been independently verified, and its accuracy or completeness cannot be guaranteed.

Any opinions, projections, forecasts, and forward-looking statements presented herein are valid as of the date of this document and are subject to change.

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City National Bank provides investment management services in conjunction with City National Rochdale, its wholly-owned subsidiary, a registered investment advisor. Herein are communications prepared by City National Rochdale that reflect City National Bank's investment products and services.

NON-DEPOSIT INVESTMENT PRODUCTS:

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