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Independent · Objective · Original
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Charts Of The Week

Updated Pictures of Current Interest
For the week of December 30, 2008

Long-Term Interest Rates - 1900 to 2007

 Banking Losses And Capital Raised - Summary
Worldwide Financial System Losses and Capital Raised
As of December 30, 2008
In Billions of Dollars
Total Q4 2008 Q3 2008 Q2 2008 Q1 2008 Prior
Losses Capital Losses Capital Losses Capital Losses Capital Losses Capital Losses Capital
Banks/Brokers 747.5 799.5 77.9 397.9 175.5 98.6 124.7 161.7 157.7 86.3 211.7 55.0
Insurance Cos 145.9 93.1 1.0 52.8 36.7 1.6 13.7 27.9 42.4 3.2 52.1 7.6
GSEs 114.5 36.4 0.0 13.8 38.3 0.0 29.0 7.1 24.6 0.0 22.6 15.5
Wordwide 1007.9 929.0 78.9 464.5 250.5 100.2 167.4 196.7 224.7 89.5 286.4 78.1
Source: Bloomberg

Worldwide Financial System

Losses And Capital Raised
500 500
464.5
450 Red = Losses 450
Blue = Capital Raised
400 400

350 350
Billions of Dollars

Billions of Dollars
300 286.4 300
250.5
250 218.6 224.7 250
196.7
200 167.4 200

150 150
100.2
78.1 89.5 78.9
100 63.5 100
59.6
50 9.6
50

0 0
Prior Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008

Bianco Research, L.L.C For the week of December 30, 2008 2

 Banking Losses And Capital Raised - Detail
Total Banking System Losses & Capital Raised Total Banking System Losses & Capital Raised
As of December 29, 2008 As of December 29, 2008
Billions of U.S. Dollars Billions of U.S. Dollars
Firm Loss Capital Raised Difference Firm Loss Capital Raised Difference
Wachovia 96.5 11.0 (85.50) Bear Stearns 3.2 0.0 (3.20)
Citigroup 67.2 113.8 46.60 Commerzbank 3.0 11.6 8.60
American International Group (AIG) 60.9 65.8 4.90 Genworth Financial 2.8 0.0 (2.80)
Freddie Mac 58.4 20.8 (37.60) Fifth Third Bankcorp 2.7 6.1 3.40
Fannie Mae 56.0 15.6 (40.40) Principal Financial Group 2.7 0.0 (2.70)
Merrill Lynch 55.9 29.9 (26.00) Royal Bank of Canada 2.7 0.0 (2.70)
UBS 48.6 34.7 (13.90) DZ Bank 2.6 0.0 (2.60)
Washington Mutual 45.6 12.1 (33.50) Landesbank Sachsen AG 2.5 0.0 (2.50)
HSBC 33.1 4.9 (28.20) Sovereign Bancorp 2.4 1.9 (0.50)
Bank of America 27.4 55.7 28.30 US Bancorp 2.2 6.6 4.40
National City 26.2 8.9 (17.30) CNA Financial Corp 2.2 1.3 (0.90)
Morgan Stanley 21.5 24.6 3.10 ABN Amro 2.2 0.0 (2.20)
JPMorgan Chase 20.5 44.7 24.20 Syncora Holdings LTD 2.0 0.3 (1.70)
Lehman Brothers 16.2 13.9 (2.30) Mitsubishi UFJ Financial 1.8 10.6 8.80
Credit Suisse 15.0 12.5 (2.50) AXA 1.8 2.1 0.30
Bayerische Landesbank 14.9 9.0 (5.90) Scottish RE Group LTD 1.7 0.1 (1.60)
Royal Bank of Scotland 14.7 47.3 32.60 Industrial and Commercial 1.7 0.0 (1.70)
Wells Fargo 14.6 41.8 27.20 Dexia SA 1.6 9.0 7.40
IKB Deutsche 14.5 11.9 (2.60) KeyCorp 1.6 4.2 2.60
Deutsche Bank 13.1 6.1 (7.00) Bank Hapoalim 1.6 2.3 0.70
Ambac Financial Group 10.6 1.4 (9.20) Marshall & Ilsley 1.5 1.7 0.20
ING Groep 10.5 18.4 7.90 Sumitomo Mutsui Financial 1.2 11.0 9.80
Credit Agricole 9.7 12.6 2.90 Other US Insurers 1.2 0.0 (1.20)
Fortis 9.2 22.6 13.40 Bank of Montreal 1.1 0.0 (1.10)
HBOS PLC 9.0 22.3 13.30 Caisse d'Epargne 1.1 0.0 (1.10)
European Banks Not listed 8.6 4.1 (4.50) Sumitomo Trust and Banking 1.0 2.0 1.00
Societe Generale 8.4 11.6 3.20 Gulf International 1.0 1.0 0.00
Hartford Financial 7.9 3.0 (4.90) PMI Group Inc. 1.0 1.0 0.00
Mizuho Financial Group 7.4 6.7 (0.70) Alliance & Leicester 1.0 0.0 (1.00)
Metlife Financial Group 7.2 2.3 (4.90) Bank of Nova Scotia 1.0 0.0 (1.00)
Goldman Sachs 7.1 20.5 13.40 Radian Group 0.9 0.2 (0.70)
Canadian Imperial (CIBC) 6.7 2.4 (4.30) Protective Life Corp 0.9 0.0 (0.90)
Barclays 6.3 25.7 19.40 Manulife Financial Corp 0.8 1.7 0.90
BNP Paribas 6.0 3.6 (2.40) Zurich Financial 0.8 0.0 (0.80)
Hypo Real Estate 5.6 0.0 (5.60) Sun Life Financial 0.7 0.9 0.20
Other Asian banks (excluding Mizuho, Nomura) 5.4 11.3 5.90 National Bank of Canada 0.7 0.8 0.10
KBC Groep 5.1 4.9 (0.20) Aioi Insurance 0.7 0.0 (0.70)
Dresdner Bank AG 5.1 0.0 (5.10) Old Mutual PLC 0.7 0.0 (0.70)
IndyMac 4.9 0.0 (4.90) MGIC Investment Corp 0.6 1.0 0.40
Natixis 4.8 8.1 3.30 Ace Ltd 0.6 0.0 (0.60)
LB Baden Wuerttemberg 4.6 0.0 (4.60) Prudential PLC 0.6 0.0 (0.60)
Allianz SE 4.5 2.0 (2.50) Other Canadian banks (excluding CIBC) 0.5 1.1 0.60
Swiss Re 4.5 0.0 (4.50) CNP Assurances 0.5 0.0 (0.50)
Unicredit 4.4 11.7 7.30 Conseco 0.5 0.0 (0.50)
Prudential Financial Inc. 4.4 3.0 (1.40) Tokio Marine Holdings 0.5 0.0 (0.50)
Allstate Corp 4.4 0.0 (4.40) Swiss Life Holdings 0.4 1.7 1.30
Nomura Holdings 4.3 5.9 1.60 Unum Group 0.4 0.0 (0.40)
MBIA Inc. 4.3 1.0 (3.30) Assured Guaranty 0.3 0.3 0.00
E*Trade Financial Corp. 4.1 2.2 (1.90) Reinsurance Group of America 0.3 0.3 0.00
HSH Nordbank 4.1 1.8 (2.30) Assurant Inc. 0.3 0.0 (0.30)
Aegon NV 3.8 1.1 (2.70) Munich Re 0.3 0.0 (0.30)
Bank of China 3.7 0.0 (3.70) Sompo Japan Insurance 0.3 0.0 (0.30)
Other US Frims 3.6 23.1 19.50 DBS Group Holdings Limited 0.2 3.8 3.60
Lincoln National Corp 3.6 0.0 (3.60) DBS Group 0.2 1.1 0.90
Lloyds TSB 3.5 12.9 9.40 Other European Insurers 0.2 0.0 (0.20)
XL Capital 3.5 2.6 (0.90) Nipponkoa Insurance Company 0.1 0.0 (0.10)
WestLB AG 3.4 7.1 3.70 America Express Co. 0.0 3.4 3.40
Rabobank 3.4 0.0 (3.40) Total 1,007.5 930.0 (77.50)

Bianco Research, L.L.C For the week of December 30, 2008 3

 The Credit Crisis: The Largest Outlay In American History
Measuring The Size Of The Bailouts
As of December 29, 2008
The Federal Reserve
Program (Description) Maximum Amount Current Amount The current bailout compares to all these “big budget events” combined (detailed in
Net Portfolio Commercial Paper Funding
(Purchases ST Debt directly from corporate issuers) $1,800.0 $325.8 the link above)!
Term Auction Facility (TAF)
(Banks get loans for as many as 28 days by posting collateral) $900.0 $421.0
Other Assets $601.9 $613.9 •Marshall Plan: Cost: $12.7 billion, Inflation Adjusted Cost: $115.3 billion
MMIFF
(Money Market Investor Funding Facility) $540.0 $0.0 •Louisiana Purchase: Cost: $15 million, Inflation Adjusted Cost: $217 billion
MBS/FHLB/Agency In Reverse Auctions $600.0 $0.0
Term Securities Lending Facility (TSLF) •Race to the Moon: Cost: $36.4 billion, Inflation Adjusted Cost: $237 billion
(Allows primary dealers to borrow Tsys by posting collateral)
Other Credit Extensions
$250.0 $190.2
•S&L Crisis: Cost: $153 billion, Inflation Adjusted Cost: $256 billion
(The AIG Loan) $122.8 $122.8 •Korean War: Cost: $54 billion, Inflation Adjusted Cost: $454 billion
Primary Credit Discount
(Original Fed lending program for commercial banks) $86.3 $86.3 •The New Deal: Cost: $32 billion (Est), Inflation Adjusted Cost: $500 billion (Est)
Asset-Backed Commercial Paper (ABCP) Liquidity
(Loans to banks to buy ABCP from mutual funds) $61.9 $61.9 •Gulf War II / War on Terror: Cost: $551b, Inflation Adjusted Cost: $597 billion
Primary Dealers and others
(A discount window for all primary dealers and securities firms) $45.7 $45.7
•Vietnam War: Cost: $111 billion, Inflation Adjusted Cost: $698 billion
Net Portfolio Maiden Lane (Bear Stearns Assets) $38.8 $26.9 •NASA (Cumulative): Cost: $416.7 billion, Inflation Adjusted Cost: $851.2 billion
Securities Lending Overnight
(one-day loans to banks on collateral) $10.3 $10.3
Secondary Credit $0.1 $0.1 Collectively, all the “big budget items” above totaled $3.92 trillion.
Federal Reserve Total $5,057.8 $1,904.9
The FDIC
FDIC liquidity guarantees Only one big budget item in American history comes close to matching the cost of
(Guarantees bank-to-bank loans) $1,400.0 $0.0
Loan Guarantee To Lending Arm of GE $139.0 $139.0 the credit crisis:
FDIC Total $1,539.0 $139.0
Treasury Department
TARP $700.0 $350.0 •World War II: Original Cost: $288 billion, Inflation Adjusted Cost: $3.6 trillion
Fannie Mae/ Freddie Mac (bailout) $350.0 $100.0
Stimulus Package (Spring 2008) $168.0 $168.0
Treasury Exchange Stabilization Fund Of course the difference between these items above and the credit crisis is those
(Buys and sells Foreign currencies to moderate their fluctuation) $50.0 $50.0
Tax Break For Banks $29.0 $29.0 events were expenses whereas the bailout for the credit crisis is considered to be a
Citibank Asset Backstop $306.0 $0.0
TALF $200.0 $8.0 loan. Presumably the government will get most of its money back when these loans
Treasury Total $1,803.0 $705.0 are paid back. Nevertheless, the initial outlays, all done in 2008, vastly exceed
FHA
Hope for Homeowners anything seen in American history.
(provides loan guarantees for struggling mortgage borrowers) $300.0 $300.0
Other
Auto Loans (via Dept. of Energy) $25.0 $0.0
Grand Total $8,699.8 $3,048.9
Sources : CNBC, Bloomberg, W SJ

Bianco Research, L.L.C For the week of December 30, 2008 4

 Significant Moves Before Labor Day 2008
August 2007
*Cut the discount rate premium to the funds rate
* Allow the effective rate to diverge from the funds rate
* Remove the stigma of borrowing from the window
* Extend the term to 30 days
September 2007
*Fed cuts 50 basis points
* FHA Secure to help homeowners
October 2007
*Treasury proposes bailing out SIVs
* Fed cuts the funds rate 25 bps
November 2007
“Teaser Freezer” Plan
December 2007
*Fed cuts 25 basis points
* Fed Announces the TAF auction
January 2008
*Fed cuts 75 bps before open
* Fed cuts 50 bps 8 days later
* NY State insurance commissioner orchestrates “monoline talks”
February 2008
*Fed increases the size of the TAF auctions
* Treasury arranges a 30-day freeze on foreclosures
* Conforming loan limits increased
March 2008
*Fed changes the discount window rules, allows the dealers access and increases the term to 90 days for the banks
* Fed increases the size of the TAF auctions
* Fed orchestrates a bailout of Bear Stearns
July 2008
* Treasury given a “Bazooka” to backstop Fannie/Freddie
Bianco Research, L.L.C For the week of December 30, 2008 5
 Significant Moves After Labor Day 2008
Major Financial/Economic Events Since Labor Day Major Financial/Economic Events Since Labor Day - cont.
7-Sep *Fannie Mae, Freddie Mac put into conservatorship *The DJIA falls 7.87% for its 11th worst day ever (and worst since October 1987)
*Bank of America buys Merrill 15-Oct *ECB expands collateral framework , accepts lower-rated credit instruments and also
14-Sep
*Lehman files for bankruptcy instruments denominated in $, £ and yen .
*AIG Bailout *Swiss government injects $5 billion in UBS and could own 9% It will also acquire $60 billion
17-Sep
*Lloyds buys HBOS in UK government-engineered deal
of illiquid assets
*FSA announces short selling restrictions
18-Sep 16-Oct *Credit Suisse raises SF 10bn
*Liquidity added through record system repos of $110 billion
*Treasury guarantees money market assets *French President Sarkozy calls for a "revamp of capitalism"
*SEC announces new short selling rules *Bank of England eases rules for borrowing at the discount window
19-Sep *The Netherlands Government injects $13.4 billion into ING Groep NV
*TARP plan unveiled
*FTSE has biggest one-day gain ever 20-Oct *EU loosens mark-to-market rules on European Banks
*Goldman Sachs and Morgan Stanley convert to banks *South Korean Government Guarantees Up To $100 Billion in Bank Loans
22-Sep *Fed loosened rules that limited buyout firms and private investors to take big stakes in *France Injects $14 billion into top 6 banks
21-Oct
banks from 25% to 33% *Pakistan discusses with IMF a $10bn-$15bn support package to stabilise its economy
23-Sep *Berkshire Hathaway invests in Goldman Sachs 23-Oct * Fed Announces $540 billion facility to but CP from Money Market Funds
25-Sep *Washington Mutual (WaMu) taken over by JP Morgan * Australian Banks Freeze Redemptions
*Bradford & Bingley nationalised 24-Oct
27-Sep * Stock Futures Limit Down Before NYSE Open
*Fortis bailed out by Dutch, Belgian, Luxemburg governments * IMF Money To Ukraine
*Hypo Real Estate bailed out by German government-sponsored lenders 27-Oct
28-Sep * IMF Money To Hungary
*Glitnir bailed out by Icelandic government 28-Oct * DJIA Up 890 Points
*Citigroup takes over banking business of Wachovia with FDIC guarantees * Volkswagen Short squeeze - Stock up 500%
*Ireland guarantees all deposits
29-Sep * Bank of China Cuts Rates
*House rejects TARP plan
* Norway Cuts Rates 50 Basis Points
*DJIA falls a record 777 points 29-Oct
*Belgian government bails out Dexia * Fed Cuts the funds rate 50 basis points to 1.00%
*South Korea, Taiwan, Indonesia Ban Short sales on all stocks temporarily * Fed Announces $120 billion swap lines with Brazil, South Korea, Singapore and Mexico
30-Sep 30-Oct * Fed Increases AIG Loan $21 Billion
*Fed pumps a record $630B of liquidity into swap lines with foreign central banks
*Senate passes revised TARP plan *Japan cuts Interest Rates to .03 % cut in 7yrs
*Berkshire Hathaway invests in GE 3-Nov *Auto Sales dropped 30 % in October, Worst Since 1945
*UK lifts depositor guarantee to £50,000 from £35,000, 4-Nov * Obama is elected President
1-Oct
*Well Fargo takes over Wachovia despite Citigroup deal 4 days earlier 5-Nov * Fed Raises rates it pays on reserves (equal To target rate)
*Fortis bailout amended, Dutch government buys Dutch businesses 10-Nov * AIG deal renegotiated, Gets $40 billion of TARP Money
3-Oct *TED spread hits record of 340 bps, House passes revised TARP plan * China announces $586 Billion stimulus package
11-Nov
*BNP buys rest of Fortis * Fannie Mae announces $29 Billion loss
*Germany guarantees all individual savers 12-Nov * Fed changes role of Tarp to Capital Injection Fund
5-Oct *Hypo Real Estate bailout re-negotiated 13-Nov * CIT converts to commercial bank
*Denmark and Sweden guarantee deposits * Bloomberg Sues The Fed For Disclosure on Collateralized Loans
*Unicredit bailed out in Italy 14-Nov
* Deadline for publicly held banks to apply for TARP money
*FTSE has worst day in over 20yrs, Dow trades down over 800pts at one stage, 15-Nov * G-20 Meeting
*Federal Reserve boosts TAF auctions to $900bn (last Dec started with $50bn as a
17-Nov * Goldman Senior Executives Will Not Take A Bonus For 2008
"temporary measure")
6-Oct 18-Nov * UBS Senior Executives Will Not Take A Bonus For 2008
*Iceland takes control of banking system,
*UK government meet with bank CEOs to discuss capital injection 20-Nov * S&P 500 slumps 52% from all-time high, worst bear market in 60 years
*RBA cuts rates by 100bps 21-Nov * Fannie/Freddie suspend foreclosures through January 9
*RBS trades down 40% on talk of UK government injection into banks 24-Nov * Citi gets $20 billion from TARP, $306 billion in assets backstopped
7-Oct * $800 billion TALF is announced
*Federal Reserve to buy commercial paper direct from companies 25-Nov
*UK bank bailout plan * First "FDIC Bonds" (TLGP) Are Issued
*Coordinated rate cuts with Fed, ECB, BoE, BoC, Riksbank, SNB and PBOC 1-Dec * Stocks lose 8.93%, 6th worst day ever for the S&P 500
8-Oct * SEC lifts restrictions of short selling 2-Dec * NBER Officially Declares The Recession Started in December 2007
*Dow completes worst 6 days in history 3-Dec * Fed Extends PDCF, TSLF and ABCP Liquidity Until April 30
*European stocks endured worst 3 days since 1987 8-Dec * John Mack, CEO of Morgan Stanley Will Take No Bonus For 2008
*The DJIA falls 7.33% for its 13th worst day ever * $1 billion lending facility for Credit Unions
9-Oct
*UK announces plan to recapitalize banking system 9-Dec * John Thain, CEO of Merrill Will Take No Bonus for 2008 (He Wanted One)
*Stock markets complete their worst week since 1933 * S&P Downgrades Russia
10-Oct *The G-7 holds emergency meeting in Washington 11-Dec * Madoff $50 Billion Ponzi Scheme Exposed
*Corporate spreads reach widest levels since the Great Depression 14-Dec * Citadel Halts Redemptions
*EU countries agree to capital injections into banks * Fed cuts the target funds rate to 0% to 0.25%
16-Dec
*Guarantee deposits and inter-bank loans
12-Oct 17-Dec * Financial System Losses Top $1 Trillion
19-Dec * TARP Funds ($17.3 Billion) For GM and Chrysler
*UK offers details on capital injection plan takes major stakes in HBOS, Lloyds and RBS
21-Dec * Ireland Rescues Three Banks In EU 5.5 Billion Bailout
*MUFG agrees to $9 billion capital injection into Morgan Stanley
*S&P 500 up 11.08%, its best day since 1933 22-Dec * Average Gasoline Prices Down To $1.66, A 5-Year Low
13-Oct * CIT Group Gets $2.33 Billion of TARP Funds
*TED spread hit record wide of 436 basis points 23-Dec
*World central banks offer "unlimited" liquidity to banking system * American Express Gets $3.39 Billion of TARP Funds
*U.S. Treasury agrees to inject $125 billion of capital into nine banks * GMAC to Get $6 Billion of TARP Funds
14-Oct *Increases guarantee on bank deposits and bank debt 30-Dec * All-Time Low In Consumer Confidence
*Iceland stock market re-opens and falls 76%

Bianco Research, L.L.C For the week of December 30, 2008 6

 Known TARP Money Awarded - 1
Known TARP Money Awarded And The Treasury's Return On Investment (Using FASB 157, Level 3 Rules) -1
From A Recent Commentary Initial Value of
as of December 29, 2008
Current Value of Change In Initial Value of Current Value of Change In Government
Date Preferred Stock Preferred Stock Preferred Warrants Warrants Warrant Net Position
(in Millions)1 (in Millions)2 3
(in Millions)4
How We Applied Mark-To-Market Bank Name
American International Group
Announced
11/12/2008 $40,000 $38,698
Stock Value (in Millions)
($1,302) $147 $147
Value
$0
Dollars
($1,156)
%
-2.89%
Citigroup 10/12/2008 $25,000 $17,443 ($7,557) $393 $393 $0 ($7,164) -28.66%
Wells Fargo 10/12/2008 $25,000 $26,328 $1,328 $1,132 $835 ($297) $2,163 8.65%
JPMorgan Chase 10/12/2008 $25,000 $26,328 $1,328 $1,132 $680 ($453) $2,008 8.03%
We will use the Wachovia Hybrid and Preferred Securities Citigroup
Bank of America
11/21/2008
10/12/2008
$20,000
$15,000
$26,053
$15,797
$6,053
$797
$226
$679
$111
$187
($114)
($492)
$6,165
$984
30.82%
6.56%
index as a proxy for changes in the preferred shares. The Morgan Stanley
Merrill Lynch
10/12/2008
10/12/2008
$10,000
$10,000
$10,531
$10,531
$531
$531
$453
$453
$234
$152
($218)
($301)
$766
$683
7.66%
6.83%
components of this index are similar to the Treasury’s Goldman Sachs Group
PNC Financial Services Group
10/12/2008
10/12/2008
$10,000
$7,700
$10,531
$8,109
$531
$409
$453
$349
$231
$171
($222)
($178)
$762
$580
7.62%
7.53%
US Bancorp 11/12/2008 $6,600 $6,385 ($215) $298 $213 ($85) ($2) -0.03%
preferred stock holdings and offer the best transparent Capital One Financial 10/12/2008 $3,550 $3,739 $189 $161 $82 ($78) $271 7.64%
SunTrust Banks 10/12/2008 $3,500 $3,686 $186 $159 $72 ($86) $258 7.38%
measure of the Treasury’s opaque portfolio. Since we are Regions Financial 10/12/2008 $3,500 $3,686 $186 $159 $84 ($75) $270 7.71%
Fifth Third Bancorp 10/12/2008 $3,400 $3,581 $181 $154 $65 ($89) $246 7.22%
following FAS 157 methodology, this is similar to the current BB&T
Bank of New York Mellon
10/12/2008
10/12/2008
$3,100
$3,000
$3,265
$3,159
$165
$159
$140
$136
$84
$104
($56)
($32)
$249
$264
8.04%
8.79%
practice of using the ABX and CMBX indices to value KeyCorp
Comerica
10/12/2008
10/12/2008
$2,500
$2,250
$2,633
$2,370
$133
$120
$113
$102
$60
$45
($53)
($57)
$193
$165
7.71%
7.32%
$91 $50
securities collateralized by subprime and commercial real State Street
Marshall & Ilsley
10/12/2008
10/12/2008
$2,000
$1,700
$2,106
$1,790
$106
$90 $77 $38
($40)
($38)
$157
$129
7.83%
7.58%
Northern Trust 10/12/2008 $1,500 $1,580 $80 $68 $40 ($27) $120 8.01%
estate respectively. Zions Bancorp 10/12/2008 $1,400 $1,474 $74 $63 $27 ($36) $102 7.26%
Huntington Bancshares 10/12/2008 $1,400 $1,474 $74 $63 $42 ($22) $116 8.28%
Freddie Mac 9/12/2008 $1,000 $781 ($219) $24 $24 $0 ($196) -19.55%
Fannie Mae 9/12/2008 $1,000 $781 ($219) $57 $57 $0 ($162) -16.23%
Surprisingly enough, the majority of the preferred shares have Synovus
Popular, Inc
11/14/2008
11/18/2008
$973
$950
$929
$954
($44)
$4
$44
$43
$35
$26
($9)
($17)
($9)
$30
-0.94%
3.11%

increased in value since the Treasury received them. Note First Horizon National
E-Trade
10/12/2008
11/8/2008
$866
$800
$912
$728
$46
($72)
$39
$36
$33
$15
($6)
($21)
$79
($57)
9.13%
-7.10%
M&T bank Corporation 11/20/2008 $600 $752 $152 $27 $17 ($10) $169 28.23%
that, in the case of any bailouts that occurred over a weekend, Colonial BancGroup 12/2/2008 $550 $588 $38 $25 $16 ($8) $55 9.97%
Associated Banc-Corp. 11/8/2008 $530 $483 ($47) $24 $22 ($2) ($26) -4.84%
we calculated the returns as if the Treasury bought the Webster Financial
City National
11/12/2008
10/12/2008
$400
$395
$387
$416
($13)
$21
$18
$18
$11
$4
($7)
($14)
($2)
$25
-0.58%
6.27%
securities on the close the following Monday. Beginning the Fulton Financial
Fulton Financial Corp
11/8/2008
12/10/2008
$375
$375
$341
$390
($34)
$15
$17
$17
$13
$13
($3)
($3)
($20)
$28
-5.35%
7.49%

Treasury’s holding period on the close the Friday before the TCF Financial
South Financial Group
11/12/2008
11/14/2008
$361
$347
$349
$331
($12)
($16)
$16
$16
$11
$12
($6)
($3)
($1)
($3)
-0.32%
-0.95%
Valley National Bancorp 10/12/2008 $330 $348 $18 $15 $13 ($2) $31 9.27%
announcement would have built in an unfair profit margin in Wilmington Trust 11/14/2008 $330 $315 ($15) $15 $11 ($4) ($4) -1.19%
Whitney Holding 11/26/2008 $301 $319 $18 $14 $11 ($3) $29 9.53%
most cases. We were more concerned with the preferred Citizens Republic Bancorp
Susquehanna Bancshares
11/14/2008
11/19/2008
$300
$300
$286
$333
($14)
$33
$14
$14
$13
$13
($1)
($0)
($1)
$47
-0.33%
15.59%
shares’ performance after the bailout. Sterling Financial Corp
Tennessee Commerce Bancorp
11/24/2008
11/25/2008
$300
$300
$346
$329
$46
$29
$14
$14
$15
$7
$1
($6)
$61
$36
20.42%
12.09%
UCBH Holdings 10/12/2008 $298 $314 $16 $13 $13 ($1) $29 9.64%
Whitney Holding 10/12/2008 $282 $297 $15 $13 $6 ($6) $21 7.57%
Cathay General Bancorp 11/18/2008 $258 $259 $1 $12 $12 $0 $13 5.08%
The warrants’ values, calculated via the Black-Scholes model Wintrust Financial Corp 11/26/2008 $250 $265 $15 $11 $9 ($3) $24 9.46%
First Merit 11/13/2008 $248 $239 ($9) $11 $10 ($1) $1 0.37%
at 60% volatility. SVB Financial Group
Trustmark
12/3/2008
11/8/2008
$235
$215
$250
$196
$15
($19)
$11
$10
$5
$9
($6)
($1)
$20
($10)
8.71%
-4.70%
Umpqua Holdings 10/12/2008 $214 $225 $11 $10 $8 ($2) $19 8.83%
International Bancshares 10/8/2008 $200 $227 $27 $9 $6 ($3) $33 16.60%

The Treasury paid for the preferred securities in the form of a Washington Federal
United Bankshares
10/12/2008
12/3/2008
$200
$197
$211
$210
$11
$13
$9
$9
$5
$9
($4)
$0
$16
$22
8.00%
11.10%
First Midwest Bancorp 11/12/2008 $193 $187 ($6) $9 $7 ($2) $1 0.39%
capital infusion, but the warrants essentially were obtained for Pacific Capital Bancorp 11/12/2008 $188 $182 ($6) $8 $7 ($1) $1 0.47%
First Niagara Financial 10/12/2008 $186 $196 $10 $8 $8 ($0) $18 9.81%
free. The change in net worth of the preferred shares must be United Community Banks
Old National Bancorp
11/18/2008
10/12/2008
$180
$162
$181
$170
$1
$9
$8
$7
$8
$6
$0
($2)
$9
$14
4.99%
8.83%
added to the current value of the warrants to approximate the Provident Bankshares
Boston Private Financial Holdings
10/12/2008
11/19/2008
$157
$150
$166
$167
$8
$17
$7
$7
$6
$5
($1)
($2)
$14
$22
9.05%
14.42%

current “mark-to-market” cost of the TARP to the U.S. National Penn Bancshares
Western Alliance Bancorp
11/26/2008
11/13/2008
$150
$140
$159
$135
$9
($5)
$7
$6
$6
$4
($1)
($3)
$15
($1)
10.07%
-0.87%
Central Pacific Financial Corp 12/9/2008 $135 $140 $5 $6 $4 ($2) $10 7.09%
taxpayer. This means the government started with a $7.76 CVB Financial 11/19/2008 $130 $144 $14 $6 $5 ($1) $20 15.19%
Sterling Bancshares 12/2/2008 $125 $134 $9 $6 $4 ($2) $13 10.27%
billion profit in the form of the free warrants. For them to move Banner Corp
Signature
11/12/2008
10/8/2008
$124
$120
$120
$136
($4)
$16
$6
$5
$4
$4
($2)
($2)
($0)
$20
-0.25%
16.65%
to an outright loss, the preferred shares first must decline by Iberiabank Corp
S&T Bancorp
11/18/2008
12/23/2008
$115
$109
$115
$110
$0
$1
$5
$5
$4
$5
($1)
($0)
$5
$6
4.29%
5.62%
more than this amount. Taylor Capital
Park National Corp
11/8/2008
12/2/2008
$105
$100
$96
$107
($9)
$7
$5
$5
$2
$4
($3)
($0)
($8)
$11
-7.15%
11.29%
Plains Capital Corp 12/23/2008 $88 $89 $1 N/A N/A N/A N/A N/A
Midwest Banc Holdings 11/12/2008 $86 $83 ($3) $4 $1 ($2) ($1) -1.59%

Bianco Research, L.L.C For the week of December 30, 2008 7

 Known TARP Money Awarded - 2
Known TARP Money Awarded And The Treasury's Return On Investment (Using FASB 157, Level 3 Rules) - 2
as of December 29, 2008
Sandy Spring Bancorp 11/20/2008 $83 $104 $21 $4 $4 $1 $25 30.51%
Heartland Financial USA 12/10/2008 $82 $85 $3 $4 $3 ($0) $6 7.92%
First Financial 10/8/2008 $80 $91 $11 $4 $3 ($1) $14 17.36%
Dime Community Bankshares 12/5/2008 $77 $83 $6 $3 $3 ($1) $9 11.03%
Columbia Banking System 11/12/2008 $77 $74 ($3) $3 $2 ($1) ($0) -0.46%
TowneBank 11/26/2008 $77 $81 $5 $3 $4 $0 $8 10.72%
Independent Bank Corp 11/24/2008 $72 $83 $11 $3 $2 ($2) $13 17.80%
Virginia Commerce Bancorp 11/26/2008 $71 $75 $4 $3 $4 $1 $8 11.26%
Southwest Bancorp 11/20/2008 $70 $88 $18 $3 $2 ($1) $20 28.57%
Flushing Financial Corp 12/3/2008 $70 $75 $5 $3 $2 ($1) $7 9.73%
Superior Bancorp 11/18/2008 $69 $69 $0 $3 $1 ($2) $2 2.44%
Community Trust Bancorp 12/15/2008 $68 $73 $5 $3 $3 $0 $8 12.07%
Nara Bancorp 11/14/2008 $67 $64 ($3) $3 $3 ($0) ($0) -0.43%
First Financial Holdings 12/1/2008 $65 $70 $5 $3 $3 ($0) $7 11.53%
First Bankcorp 12/15/2008 $65 $70 $5 $3 $3 $0 $8 11.72%
SCBT Financial Corp 12/19/2008 $65 $65 $0 $3 $3 ($0) $3 4.83%
CoBiz Financial 11/8/2008 $64 $59 ($6) $3 $2 ($1) ($4) -6.10%
CoBiz Financial 12/15/2008 $64 $69 $4 $3 $2 ($1) $7 10.38%
Wilshire Bancorp 11/20/2008 $62 $78 $16 $3 $2 ($1) $18 29.02%
Great Southern Bancorp 11/17/2008 $60 $59 ($1) $3 $3 $0 $2 2.54%
Union Bankshares 12/15/2008 $59 $63 $4 $3 $3 $0 $7 12.08%
Lakeland Bancorp 12/16/2008 $59 $61 $2 $3 $3 $0 $5 9.20%
Gateway Financial Holdings 12/5/2008 $58 $62 $4 $3 $3 ($0) $7 11.84%
American West Bank 11/8/2008 $57 $52 ($5) N/A N/A N/A N/A N/A
MainSource Financial Group 12/17/2008 $57 $58 $1 $3 $2 ($0) $3 5.96%
Center Financial Corp 11/24/2008 $55 $64 $9 $2 $1 ($1) $10 17.62%
NewBridge 11/8/2008 $52 $47 ($5) $2 $1 ($1) ($4) -6.74%
Ameris Bancorp 11/21/2008 $52 $68 $16 $2 $2 $0 $18 34.83%
Home Bancshares, Inc 11/21/2008 $50 $65 $15 $2 $2 ($0) $17 34.73%
Seacoast Banking Corp 12/10/2008 $50 $52 $2 $2 $2 ($0) $4 7.89%
BankTrust Financial Group 12/15/2008 $50 $53 $3 $2 $3 $1 $6 12.52%
Fidelity Southern Corp 11/24/2008 $48 $56 $7 $2 $2 $0 $10 20.01%
MetroCorp Bancshares 12/15/2008 $45 $48 $3 $2 $1 ($1) $5 10.21%
Cadence Financial Corp 12/11/2008 $44 $46 $2 $2 $1 ($1) $3 7.76%
Captital Bank 11/17/2008 $43 $42 ($1) $2 $1 ($1) $0 0.58%
Exchange Bank 12/23/2008 $43 $44 $1 $2 $1 ($1) $2 4.61%
Southern Community Group 11/18/2008 $43 $43 $0 $2 $1 ($1) $2 3.58%
First Community Bancshares 10/30/2008 $43 $40 ($3) $2 $2 ($0) ($1) -3.00%
Sterling Bancorp 12/9/2008 $42 $44 $2 $2 $2 $0 $4 8.84%
Bank of Florida 10/12/2008 $41 $43 $2 $2 $1 ($1) $3 7.26%
Simmons First National 10/8/2008 $40 $45 $5 $2 $1 ($0) $7 17.27%
Heritage Commerce 11/8/2008 $40 $36 ($4) $2 $1 ($1) ($2) -5.87%
First M&F Corp 12/16/2008 $40 $42 $2 $2 $1 ($0) $3 7.93%
Berkshire Hills Bancorp 12/23/2008 $40 $41 $1 $2 $2 ($0) $2 5.75%
Cascade Financial 11/12/2008 $39 $38 ($1) $2 $1 ($1) ($0) -0.37%
Porter Bancorp 11/13/2008 $39 $38 ($1) $2 $1 ($0) $0 0.08%
Peoples Bancorp 11/13/2008 $39 $38 ($1) $2 $2 ($0) $0 0.34%
Eagle Bancorp 11/21/2008 $38 $50 $12 $2 $1 ($1) $13 33.22%
Bridgeview Bancorp 12/23/2008 $38 $38 $0 N/A N/A N/A N/A N/A
Smithtown Bankcorp 12/23/2008 $38 $38 $0 $2 $1 ($0) $2 5.04%
Financial Institutions 12/5/2008 $38 $40 $3 $2 $1 ($0) $4 11.31%
First Defiance Financial Corp 11/24/2008 $37 $43 $6 $2 $1 ($1) $7 18.43%
TIB Financial Corp 12/1/2008 $37 $40 $3 $2 $1 ($0) $4 10.62%
Fidelity Financial Corp 12/23/2008 $36 $37 $0 N/A N/A N/A N/A N/A
West Bancorporation 12/8/2008 $36 $38 $2 $2 $2 $0 $3 9.28%
Marquette National Corp 12/23/2008 $36 $36 $0 N/A N/A N/A N/A N/A
HF Financial Corp 11/14/2008 $35 $33 ($2) $2 $1 ($0) ($0) -0.36%
MidWestOne Financial Group 12/15/2008 $35 $37 $2 $2 $1 ($0) $4 10.85%
Centrue Financial 12/16/2008 $33 $34 $1 $1 $1 ($0) $2 7.36%
MutualFirst Financial 12/5/2008 $32 $34 $2 $1 $1 ($0) $3 10.90%
BNC Bancorp 12/8/2008 $31 $33 $1 $1 $1 ($0) $3 8.07%
Bank of North Carolina 12/9/2008 $31 $33 $1 $1 $1 ($0) $2 7.57%
Hawthorne Bancshares 12/19/2008 $30 $30 $0 $1 $1 ($0) $1 4.94%
StellarOne Corp 12/3/2008 $30 $32 $2 $1 $1 $0 $3 11.54%
Farmers Capital Bank Corp 12/15/2008 $30 $32 $2 $1 $1 $0 $3 11.65%
Century Bancorp 12/18/2008 $30 $30 $0 $1 $1 ($0) $1 4.44%
Bancorp Rhode Island 12/19/2008 $30 $30 $0 $1 $1 ($0) $1 4.84%
Royal Bancshares Of Pennsylvania 12/23/2008 $30 $30 $0 $1 $1 ($0) $1 4.62%
Peapack-Glsdstone Financial 11/20/2008 $29 $36 $7 $1 $1 ($0) $8 29.41%
Bank of Marin Bancorp 12/2/2008 $28 $30 $2 $1 $1 ($0) $3 10.91%
Colony Bankcorp 12/19/2008 $28 $28 $0 $1 $1 $0 $2 5.52%
CenterState Banks of Florida 11/24/2008 $28 $32 $4 $1 $1 ($0) $5 19.70%
Intermountain Community Bancorp 11/7/2008 $27 $25 ($2) $1 $1 ($1) ($2) -6.27%
Washington Banking Company 12/1/2008 $26 $28 $2 $1 $1 ($0) $3 11.33%
Patriot Bancshares 12/23/2008 $26 $26 $0 N/A N/A N/A N/A N/A
LNB Bancorp 11/20/2008 $25 $32 $6 $1 $1 ($0) $7 28.21%
Peoples Bancorp of North Carolina 12/9/2008 $25 $26 $1 $1 $1 ($0) $2 7.68%
Home Federal Financial 10/12/2008 $25 $26 $1 $1 $1 ($0) $2 8.75%
VIST Financial Corp 11/24/2008 $25 $29 $4 $1 $1 ($0) $5 18.46%
Horizon Bancorp 11/26/2008 $25 $26 $1 $1 $1 ($0) $2 8.77%
First California Financial Group 12/2/2008 $25 $27 $2 $1 $1 ($0) $3 10.80%
The First Bancorp 12/4/2008 $25 $27 $2 $1 $1 $0 $3 12.54%
Intervest Bancorp 12/12/2008 $25 $27 $2 $1 $1 ($0) $2 9.57%
Shore Bancshares 12/18/2008 $25 $25 $0 $1 $1 ($0) $1 4.83%
Crescent Financial Corp 12/8/2008 $25 $26 $1 $1 $1 ($0) $2 8.03%

Bianco Research, L.L.C For the week of December 30, 2008 8

 Known TARP Money Awarded - 3
Known TARP Money Awarded And The Treasury's Return On Investment (Using FASB 157, Level 3 Rules) - 3
as of December 29, 2008
Heritage Financial 11/8/2008 $24 $22 ($2) $1 $1 ($0) ($1) -5.18%
Eastern Virginia Bankshares 12/8/2008 $24 $25 $1 $1 $1 $0 $2 9.20%
Severn Bancorp 11/18/2008 $24 $24 $0 $1 $1 ($0) $1 3.22%
First Citizens Banc Corp 12/19/2008 $23 $23 $0 $1 $1 ($0) $1 4.62%
Hampton Roads Bankshares 12/5/2008 $22 $24 $2 $1 $1 ($0) $2 10.77%
Wainwright Bank & Trust 11/20/2008 $22 $28 $6 $1 $1 ($0) $6 28.41%
Blue Valley Bancorp 12/9/2008 $22 $23 $1 $1 $0 ($1) $1 5.95%
Indiana Community Bancorp 11/20/2008 $22 $27 $5 $1 $1 ($0) $6 27.84%
AmeriServ Financial 12/22/2008 $21 $21 $0 $1 $1 ($0) $1 5.06%
Unity Bancorp 11/24/2008 $21 $24 $3 $1 $1 ($0) $4 19.19%
Citizens South Banking Corp 12/1/2008 $21 $22 $2 $1 $1 ($0) $2 10.71%
C&F Financial Corp 12/12/2008 $20 $21 $1 $1 $1 ($0) $2 9.61%
MidSouth Bancorp 12/15/2008 $20 $21 $1 $1 $1 ($0) $2 10.58%
First Financial Service Corp 12/19/2008 $20 $20 $0 $1 $1 ($0) $1 5.05%
First PacTrust Bank 11/13/2008 $19 $19 ($1) $1 $1 ($0) ($0) -0.51%
Bar Harbor Bankshares
HopFed Bancorp
12/17/2008
11/20/2008
$19
$18
$19
$23
$0
$5
$1
$1
$1
$1
($0)
($0)
$1
$5
6.11%
29.51%
The tables on these pages include only banks and not recently
Community Bankers Trust Corp
Bank of Commerce
12/19/2008
10/12/2008
$18
$17
$18
$18
$0
$1
$1
$1
$1
$0
($0)
($0)
$1
$1
4.67%
7.55% converted banks or non-banks that have received money in the last few
Redding Bank 10/27/2008 $17 $17 ($0) N/A N/A N/A N/A N/A
Timberland Bancorp
Pacific City Financial Corp
12/17/2008
12/23/2008
$17
$16
$17
$16
$0
$0
$1
$1
$1
$0
$0
($1)
$1
$0
6.62%
1.29%
weeks.
First Financial Services 11/14/2008 $16 $15 ($1) $1 $0 ($0) ($0) -1.57%
Valley National Corp 11/26/2008 $16 $17 $1 $1 $1 $0 $2 10.81%
Carolina Bank Holdings
Tri-County Financial Corp
12/19/2008
12/23/2008
$16
$16
$16
$16
$0
$0
$1
$1
$1
$1
($0)
($0)
$1
$1
4.32%
5.12% Firms not included:
The Bank Holdings 11/8/2008 $15 $14 ($1) $1 $0 ($1) ($1) -7.88%
LSB Corp 12/8/2008 $15 $16 $1 $1 $0 ($0) $1 7.60%
Monarch Financial Holdings 12/4/2008 $15 $16 $1 $1 $1 ($0) $2 11.50%
Tidelands Bancshares
Bridge Bancorp
12/19/2008
11/8/2008
$14
$14
$14
$13
$0
($1)
$1
$1
$1
$1
($0)
($0)
$1
($1)
4.29%
-4.71% SVB Financial (Specialty Lender) $235 million on December 12
Oak Valley Bancorp 12/3/2008 $14 $14 $1 $1 $1 $0 $2 11.11%
Community Financial Corp
OneUnited Bank
12/19/2008
12/23/2008
$13
$12
$13
$12
$0
$0 N/A
$1
N/A
$0
N/A
($0)
N/A
$0
N/A
3.71% GM (Automaker) $13.4 billion on December 19
Wilbur Corp
Pamrapo
12/9/2008
11/8/2008
$12
$11
$12
$10
$0
($1)
$1
$1
$1
$0
$0
($0)
$1
($1)
8.70%
-5.43%
Chrysler (Automaker) $4.00 billion on December 19
Mackinac Financial 10/8/2008 $11 $13 $2 $1 $0 ($0) $2 16.66%
BCSB Bancorp 12/15/2008 $11 $12 $1 $0 $0 ($0) $1 11.28% CIT Group (Specialty Lender) $2.33 billion on December 23
First Community Bank Corp Of America 12/29/2008 $11 $11 $0 $0 $0 ($0) $0 2.88%
North Central Bancshares
Mid Penn Bancorp
12/19/2008
11/26/2008
$10
$10
$10
$11
$0
$1
$0
$0
$0
$0
($0)
($0)
$0
$1
3.32%
9.92%
American Express (Consumer Finance) $3.39 billion on December 23
Center Bancorp
Coastal Banking Company
12/5/2008
12/5/2008
$10
$10
$11
$11
$1
$1
$0
$0
$0
$0
($0)
($0)
$1
$1
11.43%
10.57% GMAC (Auto Finance) $6.00 billion on December 29
Center Bancorp 12/9/2008 $10 $10 $0 $0 $0 ($0) $1 8.11%
NCAL Bankcorp
First Litchfield Financial Corp
12/11/2008
12/12/2008
$10
$10
$10
$11
$0
$1
$0
$0
$0
$0
($0)
($0)
$1
$1
8.47%
9.30%
Total $29.36 billion
Southern Missouri Bancorp 12/9/2008 $10 $10 $0 $0 $0 ($0) $1 8.01%
FCB Bancorp 12/23/2008 $9 $9 $0 $0 $0 ($0) $0 4.61%
Elmira Savings Bank 12/9/2008 $9 $9 $0 $0 $1 $0 $1 10.12%
Broadway Financial Corp 11/14/2008 $9 $9 ($0) $0 $0 ($0) ($0) -2.00% Since these awards are only days old, the current value is equal to
Citizens First Corp 12/10/2008 $9 $9 $0 $0 $0 ($0) $1 6.88%
Summit State Bank
Annapolis Bancorp
12/19/2008
12/19/2008
$9
$8
$9
$8
$0
$0
$0
$0
$0
$0
($0)
($0)
$0
$0
4.66%
4.13%
initial value. In future update we will include these awards.
Commonwealth Business Bank 12/11/2008 $8 $8 $0 $0 $0 ($0) $1 8.91%
Central Federal Corp. 11/24/2008 $7 $8 $1 $0 $0 ($0) $1 19.41%
Fidelity Bancorp 12/4/2008 $7 $8 $1 $0 $0 ($0) $1 10.67%
Old Line Bancshares 12/5/2008 $7 $8 $1 $0 $0 ($0) $1 10.72%
CNB Financial Corp 12/12/2008 $7 $7 $0 $0 $0 ($0) $1 9.62%
American River Bancorp 11/24/2008 $6 $7 $1 $0 $0 ($0) $1 19.75%
Papapsco Bankcorp 12/11/2008 $6 $6 $0 $0 $0 ($0) $0 7.61%
Beach Business Bank 12/29/2008 $6 $6 $0 $0 $0 ($0) $0 2.99%
The Connecticut Bank and Trust 12/3/2008 $5 $6 $0 $0 $0 ($0) $1 10.41%
Commerce National Bank 12/3/2008 $5 $5 $0 $0 $0 ($0) $0 9.29%
Northeast Bancorp 12/12/2008 $4 $4 $0 $0 $0 ($0) $0 9.35%
Pacific Commerce Bank 12/10/2008 $4 $4 $0 $0 $0 ($0) $0 6.87%
Pacific Coast National Bancorp 12/16/2008 $4 $4 $0 $0 $0 ($0) $0 6.50%
Capital Pacific Bancorp 11/8/2008 $4 $4 ($0) $0 $0 ($0) ($0) -5.81%
Santa Lucia Bancorp 12/19/2008 $4 $4 $0 $0 $0 ($0) $0 4.54%
First Bankshares 12/12/2008 $4 $4 $0 $0 $0 ($0) $0 10.26%
California Oaks State Bank 12/19/2008 $3 $3 $0 $0 $0 ($0) $0 4.20%
Seacoast Commerce Bank 12/1/2008 $2 $2 $0 $0 $0 ($0) $0 10.48%
Monadnock Bancorp 12/23/2008 $2 $2 $0 $0 $0 ($0) $0 3.78%
Manhattan Bancorp 12/9/2008 $2 $2 $0 $0 $0 ($0) $0 7.74%
Saigon National Bank 10/12/2008 $1 $1 $0 $0 $0 ($0) $0 8.52%
Total $248,857 $253,202 $4,345 $8,158 $4,894 ($3,264) $9,239 3.71%
1 Initial Value of Preferred Stock = Total Bailout Amount
2 Using the Wachovia Hybrid & Preferred Securities Financial Index as a proxy
3 Initial Value of Warrants = 15% of Total Bailout Amount, With The Exception of AIG and Citi
4 Using Black Scholes Model to Value Warrants

Bianco Research, L.L.C For the week of December 30, 2008 9

 Madoff Losses Update

Known Exposure To The Madoff Scam Known Exposure To The Madoff Scam
As of December 29, 2008 As of December 29, 2008
Client Total ($MM) Source Location Client Total ($MM) Source Location
Access International Advisors $ 1,400.0 Company statement London Leonard Litwin Unknown Spokesman USA
Alicia Koplowitz, One of Spain’s richest women $ 14.0 Bloomberg News Spain Madoff Family Foundation $ 19.0 Washington Post USA
Aozora Bank Ltd. $ 137.0 Company Statement Japan Maimonides School $ 5.0 Bloomberg News USA
Banco Santander SA (Optima) $ 3,100.0 Company Statement, NYT Spain/Geneva Man Group Plc $ 360.0 Company Statement UK/Suisse
Bank Medici AG $ 2,100.0 Bloomberg News Austria Maxam Capital Management LLC $ 280.0 Wall Street Journal USA
Banque Benedict Hentsch & Cie. SA $ 48.0 Company Statement Geneva Massachusetts State Pension Fund $ 12.0 Boston Herald USA
BBVA $ 404.0 Company Statement Spain M&B Capital Partners $ 187.9 El Mundo, NYT Spain
Benbassat & Cie. $ 935.0 Reuters, citing Le Temps Geneva Mediobanca $ 0.7 Company Statement Italy
BNP Paribas SA $ 478.0 Company Statement, NYT France Mirabaud & Cie. Unknown Reuters, citing Le Temps Geneva
Philanthropist Carl Shapiro’s charitable foundation $ 145.0 Boston Globe USA/Boston Mitsubishi UFJ Financial Group Inc. $ 11.0 Company Spokesman Japan
Bramdean Alternatives Ltd. 9.5% assets Company Statement UK Mort Zuckerman’s Charitable Trust $ 30.0 CNBC Interview USA
Groupe Caisse d'Epargne $ 11.2 Company Statement France Natixis $ 614.0 Company Statement France
Caisse des Depots et Consignations $ 1.4 Bloomberg News France Neue Privat Bank $ 5.0 Company Statement Switzerland
Chais Family Foundation Unknown New York Times Israel New York Law School $ 3.0 New York Times USA
Clal Insurance $ 0.8 Company Statement Israel NY Mets owner Fred Wilpon’s Sterling Equities Inc. Unknown Company Statement USA
CNP Assurances $ 1.4 Company Statement France Nomura Holdings Inc. $ 302.0 Company Statement Japan
Congregation Kehilath Jeshurun $ 3.5 Bloomberg News USA Nordea Bank AB $ 65.6 Company Statement Sweden
Credit Mutuel $ 124.0 Bloomberg News France Norman Braman, Former owner: Philadelphia Eagles Unknown Wall Street Journal USA
Credit Suisse $ 895.0 Sonntag Switzerland North Shore-Long Island Jewish Health System $ 5.7 Company Statement, NYT USA
Dexia SA $ 106.9 Bloomberg News Benelux Notz, Stucki & Cie $ 696.0 Reuters, citing Le Temps Geneva
Edward Blumenfeld, real-estate developer Unknown Bloomberg News USA Phoenix Holdings $ 12.4 Company Statement Israel
EFG International $ 130.0 Company statement Switzerland Philoctetes Center Unknown Web site USA
EIM Group $ 230.0 Bloomberg News Geneva Picower Foundation $ 958.0 New York Times USA
Elie Wiesel Foundation For Humanity $ 15.2 WSJ, NYT USA Pioneer Alternative Investments $ 280.0 Company Statement Ireland
Fairfield Greenwich Group $ 7,500.0 Company statement USA Ramaz School $ 6.0 Bloomberg News USA
Fairfield Conn. Pension fund $ 42.0 New York Times USA Reichmuth & Co.’s Reichmuth Matterhorn fund $ 330.0 Letter to Clients Switzerland
Fix Asset Management $ 400.0 Company Statement Geneva Robert I. Lappin Charitable Foundation $ 8.0 Washington Post USA
Fortis Bank Netherlands $ 1,400.0 Company Statement Benelux Royal Bank of Canada $ 40.0 Globe and Mail Canada
Gift of Life Bone Marrow Foundation $ 1.8 New York Times USA Royal Bank of Scotland Group Plc $ 609.0 Company Statement, NYT UK
GMAC Chairman Jacob Ezra Merkin’s Ascot Partners $ 1,800.0 Wall Street Journal USA SAR Academy $ 1.2 New York Times USA
Great Eastern Holdings Ltd. $ 44.0 Company Statement Singapore Several Brokers at Newmark Knight Frank Unknown New York Times USA
Groupama $ 13.6 Company Statement France SNS Reaal Groep NV Unknown Bloomberg News Benelux
Hadassah, Women's Zionist Organization of America $ 90.0 Bloomberg News USA Societe Generale SA $ 13.8 Company Statement France
Harel Insurance Investments & Financial Services Ltd. $ 14.2 Company Statement Israel Sumitomo Life Insurance Co. $ 22.0 Company Spokesman Japan
Horowitz Association $ 800.0 Haaretz newspaper USA Technion-Israel Institute of Technology $ 6.5 Company Statement Israel
HSBC Holdings Plc $ 1,000.0 Company Statement UK/Geneva Telefonica SA's Pension Fund $ 10.6 ABC Newspaper Spain
Ira Rennert, CEO, Renco Metals Unknown Variety USA Tremont Group Holdings Inc. $ 3,300.0 Bloomberg News, NYT USA
J.P. Jeanneret Unknown Syracuse Post-Standard USA Tufts University $ 20.0 New York Times USA
Jeffrey Katzenberg, DreamWorks Animation Unknown Wall Street Journal USA UniCredit SpA $ 102.5 Company Statement Italy
JEHT Foundation Unknown Washington Post USA Union Bancaire Privee $ 1,260.0 Company Statement Geneva
Julian J. Levitt Foundation $ 6.0 Company Statement USA Unione di Banche Italiane SCPA $ 85.0 Company Statement Geneva
Kas Bank NV $ 9.0 Company Statement Benelux Senator Frank Lautenberg’s Charitable Foundation Unknown Bergen Record USA
Kingate Management Ltd. FIM Advisors LLP $ 3,500.0 Bloomberg News UK/Geneva Steven Spielberg’s Wunderkinder Foundation Unknown WSJ, Bloomberg USA
Korea Life Insurance Co. $ 50.0 Yonhap News Korea Yeshiva University $ 110.0 University Newspaper USA
Korea Teachers Pension $ 9.1 Company Statement Korea Total $ 26,960.1
Source: Bloomberg N ews Compilation, The New York Times

Bianco Research, L.L.C For the week of December 30, 2008 10

 Federal Funds Futures: Good Resistance At 100
From Our Latest Weekly Federal Funds Futures
Commitment Of Traders Update 100.0
99.5 "Backward Adjusted" Continuous Futures
100.0
99.5
99.0 99.0
98.5 98.5

Weekly Range

Weekly Range
98.0 98.0
Friday's Commitments of Traders data for Federal Funds 97.5
97.0
97.5
97.0
96.5 96.5
futures showed Hedgers were net short 185,857 contracts 96.0 96.0
95.5 95.5
on December 23. At the same time, Friday's report showed 95.0
94.5
95.0
94.5
94.0 94.0
the Large Speculators were net long 188,826 contracts on 93.5 93.5
93.0 93.0
December 23.

Net Hedgers/Commercials
Now that the FOMC has ruined Fed-watching as a spectator 160 160
sport, the question remains as to why this contract should 120 120

Net Positions (in 000's)

Net Positions (in 000's)

80 80
remain active. The answer, of course, is the pricing and 40 40
0 0
-40 -40
hedging of overnight index swaps. Any speculator tempted -80 -80
-120 -120
to treat this as a limited-risk free-shot to the downside is -160 -160
-200 -200
advised to study the long-term history of the Euroyen -240 -240
-280 Hedgers are those that do deal in the cash market and have -280
contract after 1995. -320 more than 300 contracts
-320
-360 -360

Net Large Speculators

320 320
280 Speculators are those that do not deal in the cash market 280

Net Positions (in 000's)

240 and have more than 300 contracts 240
200 200

Net Positions
160 160
120 120
80 80
40 40
0 0
-40 -40
-80 -80
-120 -120
-160 -160

Net Small Traders

60 60
50 50
Net Positions (in 000's)

Net Positions (in 000's)

40 40
30 30
20 20
10 10
0 0
-10 -10
-20 -20
-30 -30
-40 -40
-50 Small Traders have less than 300 contracts -50
-60 -60
2/23/1993
8/24/1993
2/22/1994
8/23/1994
2/21/1995
8/22/1995
2/20/1996
8/20/1996
2/18/1997
8/19/1997
2/17/1998
8/18/1998
2/16/1999
8/17/1999
2/15/2000
8/15/2000
2/13/2001
8/14/2001
2/12/2002
8/13/2002
2/11/2003
8/12/2003
2/10/2004
8/10/2004
2/8/2005
8/9/2005
2/7/2006
8/8/2006
2/6/2007
8/7/2007
2/5/2008
8/5/2008
Bianco Research, L.L.C For the week of December 30, 2008 11
 The Reuters/Jefferies CRB Index Back to 1749
From Our Collection of Long-Term Charts

The Reuters/Jefferies CRB Index Back to 1749

500 500
Last (November 2008) = 242.20

450 450

400 400

2006
354.20
350 1980
350
330.03

300 300

250 250

200 200
1999
1781 1951
1864 187.16
136.30 134.86
150 131.42 150
1815 1920
103.84 112.03

100 100
1968
97.70
50 50
1792 1843 1897 1933
30.26 32.32 26.71 29.30
0 0
1769

1809

1819

1849

1859

1949

1979

1989

1999
1749

1759

1779

1789

1799

1829

1839

1869

1879

1889

1899
1909

1919

1929

1939

1959

1969

2009
Bianco Research, L.L.C For the week of December 30, 2008 12
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