1. Economic Update NOVEMBER 17th, 2009

2. Unemployment surpasses 10% Tax credit for 1st time homebuyers Reuter’s/ University of Michigan Consumer Sentiment Index US$ Index Trade Deficit Key Points

3. October unemployment 10.2% Builders and factory workers lead claims Creation of jobs Unemployment

4. Changes to Homebuyers Tax Credit Changes: expand income limits homes up to $800,000 existing homeowners for primary residence Problems: End of tax credit: prices will reset Variable rate mortgages

5. Other Indicators Consumer Sentiment – 70.6% in October to 66.0% in November 73.5% in September Dollar Index – 75.229 to 74.738 Trade Deficit – Widened to $36.5 billion in September from a revised $30.7 billion in August

6. Consumer Sentiment

8. Dollar Index (DXY)

9. Dollar vs. Gold

10. TED Spread

11. LIBOR-OIS Spread

12. VIX - 7.23% Implied