1. MPSIF Market Update - 3/10/03 Agenda  U.S. Economic News  International News  Geopolitical Influence  Market Reaction  Where to invest?

2. MPSIF Market Update - 3/10/03 U.S. Economic News  Dollar hit a four-year low of $1.10 against the euro  Revised 4 th Quarter Numbers Positive GDP - 1.4%(from 0.7%) Productivity = 0.8% (from 0.02)  Real consumer spending fell by 0.3% in January  ISM (50.5) & Negative Beige Book Report  Negative Employment Report – Rate cut more likely

3. MPSIF Market Update - 3/10/03 International Economic News  Euro Area  Unemployment rose to 8.6% in January  Retail sales fell by an unexpectedly large 1.9% in the year to December.  Continued Problems in Germany  ECB Cuts rate by ¼ % versus ½ % expectation  Japan  Japan's jobless rate rose to 5.5% in January  Core inflation rate drops for 40 th consecutive month

4. MPSIF Market Update - 3/10/03 Geopolitical Influence  Another Deadline for Saddam (March 17 th )  Terrorism  Oil Prices

5. MPSIF Market Update - 3/10/03 Market Reaction DJIA Nasqaq S&P 500IndexCloseChangeDJIA7740-1.9% Nasdaq1305-2.4% S&P828-1.43%

6. MPSIF Market Update - 3/10/03 Where to Invest  Sectors prone for a rebound  Manufacturing?  Basic Materials?  Technology?  Sectors on Decline  Housing Sector?  Retail?

7. MPSIF Market Update - 3/10/03 It could be you one day