I have provided a snapshot of the financial markets as of December 31, 2008 and brief summary of the outlook for 2009.

2. Market Facts – As of December 31, 2008 Data Sources: Bloomberg, Yahoo! Finance, MSCI, Federal Reserve Bank of St. Louis

3. Data Source: Yahoo! Finance Cumulative Performance By Decade * *In order for the S&P 500 to return 5% in the current decade, it needs to increase approximately 71% in 2009. Performance from 1900-1940 DJIA data, thereafter S&P 500 data.

4. Composition of Household Assets Percentages in parentheses indicate 50-year averages Data as of 12/31/07 (25%) (15%) (11%) (6%) (13%) (6%) (13%) (11%) In 2008, the U.S. household balance sheet lost approximately $10 trillion. In the third quarter alone, it declined almost $3 trillion largely as a result of the drop in equity prices. Data Source: Ned Davis Research Group

6. No Strategy Succeeds All the Time

7. Data Source: Bloomberg High Yield Spreads (B Composite) Spreads soared as investors sought safety in Treasuries and demanded significantly higher returns to compensate for likely increases in default risk as the recession progresses.