TIM SENTIMENT INDEX

TIM Sentiment Index (TSI): Market sentiment among institutional brokers worldwide continued to fall
this week. The TSI Worldwide Index five day trailing average was in bearish territory at 47.58 on
September 24, 2009, down 5.14 points from the week before. Over 50 is bullish; 50 is neutral; under
50 is bearish. By region, UK sentiment fell a steep 9.07 points, to an even more bearish 41.61, while
North American sentiment was off 1.74 points, to a slightly bullish 51.05. Among the 10 sectors we
group trade ideas, seven were in bearish territory, three in bullish.
Long / Short Idea Trend: Total new long ideas (as a percentage of all new ideas sent this past week
to investment managers in real time through the Trade Idea Monitor) dropped 6.31 points to a
somewhat bullish 62.05%. September to date, the percentage of long ideas is 66.28%; year to date, it
is 60.15%. Idea volume was down 11.8% week over week.