1. Economic and Market Update July 2009 Senior Vice President & Investment Officer Associated Wealth Management Sara J. Walker, CFA

2. 2 BY MID-2000s SECURITIZATION HAD MAJOR ROLE IN KEY SEGMENTS Credit Markets

3. Unemployment Woes Source: Moody's Economy.com

4. Far-Reaching Implications Source: BusinessWeek

5. Frugality is the New Focus Source: Moody's Economy.com

6. You Must Want a New Car

7. So Much Slack Source: Moody's Economy.com

8. Moderate Glimmers of Hope Source: Moody's Economy.com

9. More Moderate Glimmers Source: Moody's Economy.com

10. Beacon of Hope Source: Moody's Economy.com

11. 11 Questions? Sara J. Walker, CFA Senior Vice President & Investment Officer Associated Wealth Management Fiduciary, administrative, and planning services are provided by Associated Trust Company, N.A. (“ATC”). Investment management services are provided to ATC by Associated Investment Management LLC (“AIM”). ATC and AIM are both affiliates of Associated Banc-Corp. Associated Wealth Management is a marketing name Associated Banc-Corp uses for products and services offered by ATC. This material is for information solely and should not be construed as tax, legal or accounting advice. AB-C and its affiliates do not provide tax, legal or accounting advice. Please consult with your tax, legal or accounting advisors regarding your individual situation.