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| [Presentation title] | [Client Name] | [Date] 1 Economic Indicators Last update 15.04.2013

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Page 1: Economic indicators   houston

| [Presentation title] | [Client Name] | [Date] 1

Economic Indicators

Last update 15.04.2013

Page 2: Economic indicators   houston

| Economic Indicators | 2

Economic Outlook Monthly Overview – April 2013

Europe:

• Consensus April GDP forecast for WE remained unchanged on 0,0% for 2013 and on 1,2% for

2014.

• While the EU industrial confidence deteriorated somewhat compared to the previous month, the

consumer confidence indicator remained stable in March.

• The IFO Business Climate index for Germany edged downwards in March. Companies

assessed their current business situation almost as positively as last month but were slightly

less optimistic about future business developments.

• Activity likely slit deeper into recession in early 2013. Unemployment rate hit 12% in both,

January and February and joblessness is expected to mount. GDP likely contacted again in Q1

which would represent a sixth straight quarter of decline.

US:

• Consensus April GDP forecast for the US improved from 1,8% to 2,1% for 2013. Forecast for

2014 decreased slightly from 2,8% to 2,7%

• The final Q4 2012 release showed a modest improvement in GDP of 0,4% q-o-q from the 0,1%

figure announced previously. Early indications for 2013 suggest that housing starts remain firm

after more than 4 years of deep retrenchment. This will hopefully help to support consumption.

Japan:

• The April GDP growth forecast for Japan improved from 1,2% to 1,3% for both, 2013 and 2014.

• On April 4, the central bank surprised many by declaring its intent to double the monetary base

over a two-year period via the aggressive purchase of long-term bonds. Hope is that price

increases will pick up and boost the struggling economy.

Page 3: Economic indicators   houston

3 | Economic Indicators |

Eurostat Data

Page 4: Economic indicators   houston

| Economic Indicators | 4

Economic Indicators – GDP EU 27

Source: Eurostat Mar 13

-5

-4

-3

-2

-1

0

1

2

3

4

06

Q1

'07

Q1

'08

Q1

'09

Q1

'10

Q1

'11

Q1

12

Q1

GDP for the EU 27 countries at constant prices quarter vs same quarter of last year

Page 5: Economic indicators   houston

| Economic Indicators | 5

Economic Indicators – GDP EU 27

Source: Eurostat Mar 13

-2,5

-2

-1,5

-1

-0,5

0

0,5

1

'06Q

1

'07Q

1

'08

Q1

'09

Q1

'10

Q1

'11

Q1

12

Q1

GDP for the EU 27 countries at constant prices quarter on quarter

Page 6: Economic indicators   houston

| Economic Indicators | 6

Economic Indicators –EU 27 Consumer Price Index

Source: Eurostat Mar 13

0

0,5

1

1,5

2

2,5

3

3,5

4

4,5

08

/1

09

/1

10

/1

11

/1

12

/1

13

/1

2 %

The harmonized index of consumer prices is the result of the collaboration

between Eurostat and National Statistical Institutes of the Member States.

Page 7: Economic indicators   houston

| Economic Indicators | 7

Economic Indicators – ECB interest rate

Source: ECB, FED Apr 13

Mar 13; 1,7

Apr.13; 0,75

Apr.13; 0,25

-0,5

0,0

0,5

1,0

1,5

2,0

2,5

3,0

3,5

4,0

4,5

Jan

08

Ju

ly 0

8

Jan

09

Ju

l.09

Jan

10

Ju

l.10

Jan

11

Ju

ly 1

1

Jan

12

Ju

l.12

Jan

13

Ju

l.13

ECB short-term rate

Eurozone inflation

FED rate

Page 8: Economic indicators   houston

| Economic Indicators | 8

Economic Indicators –EU 27 Unemployment Rate

Source: Eurostat Apr 13

10,9

6

7

8

9

10

11

12

Ja

n 0

8

Ja

n 0

9

Ja

n 1

0

Ja

n 1

1

Ja

n 1

2

Ja

n 1

3

Unemployment rate for EU 27 countries

Page 9: Economic indicators   houston

| Economic Indicators | 9

Economic Indicators – Industrial Confidence Ind EU

Source: Eurostat Apr 13

-40

-35

-30

-25

-20

-15

-10

-5

0

5

10Jan

06

Jan

07

Jan

08

Jan

09

Jan

10

Jan

11

Jan

12

Jan

13

Industrial confidence within EU 27 deteriorated slightly in March.

The Industrial Confidence Indicator is the arithmetic average of the answers to the

questions on production expectations, order books and stocks.

Page 10: Economic indicators   houston

| Economic Indicators | 10

Economic Indicators – Consumer Confidence Ind EU

Source: Eurostat Apr 13

Consumer Confidence within EU 27 remained stable in March.

-35

-30

-25

-20

-15

-10

-5

0

Jan

06

Jan

07

Jan

08

Jan

09

Jan

10

Jan

11

Jan

12

Jan

13

The Consumer Confidence Indicator is the arithmetic average of the answers to the questions

on the financial situation of households and general economic situation (past and future)

together with that on the advisability of making major purchases.

Page 11: Economic indicators   houston

| Economic Indicators | 11

Economic Indicators – Capacity Utilization

in Manufacturing Industry in % - EU 27

Source: Eurostat Feb 13

60

65

70

75

80

85

04

Q1

05

Q1

06

Q1

07

Q1

08

Q1

09

Q1

10

Q1

11

Q1

12

Q1

13

Q1

%

The capacity utilization in manufacturing industry gives the level of capacity utilization

in percent, as assessed by managers in manufacturing industry.

Page 12: Economic indicators   houston

| Economic Indicators | 12

Ifo Data

Page 13: Economic indicators   houston

| Economic Indicators | 13

Economic Indicators – IFO World Economic Climate

Source: IFO Feb 13

The Ifo World Economic climate improved considerably in Q1 2013

This indicator is being updated on a quarterly basis.

Page 14: Economic indicators   houston

| Economic Indicators | 14

Economic Indicators – IFO WE Economic Climate

Source: IFO Feb 13

The economic climate for Western Europe improved in the 1st quarter 2013.

This indicator is being updated on a quarterly basis.

Page 15: Economic indicators   houston

| Economic Indicators | 15

Economic Indicators – IFO NA Economic Climate

Source: IFO Feb 13 This indicator is being updated on a quarterly basis.

Page 16: Economic indicators   houston

| Economic Indicators | 16

Economic Indicators – GDP Forecast Euro Area

Source: IFO Jan 13

Page 17: Economic indicators   houston

| Economic Indicators | 17

Economic Indicators – GDP Forecast Germany

Source: IFO Jan 13

Page 18: Economic indicators   houston

| Economic Indicators | 18

Economic Indicators – Exchange rate $ vs €

Source: IFO Mar 13

Page 19: Economic indicators   houston

| Economic Indicators | 19

Economic Indicators –

Ifo business situation and 6 month expectations

Source: IFO Apr 13

75

80

85

90

95

100

105

110

115

Jan

08

Jan

09

Jan

10

Jan

11

Jan

12

Jan

13

80

85

90

95

100

105

110

115

120

125

Jan

08

Jan

09

Jan

10

Jan

11

Jan

12

Jan

13

Business situation 6 months expectations

The IFO-Institut für Wirtschaftsforschung business situation index shows the current evaluation of the

economic situation, while the 6 month expectations index shows the expectations of the companies for the next

6 months. Over 7000 companies are being interviewed.

After rising sharply last month, the Ifo Business Climate index for Germany edged downwards

in March. Companies were slightly less positive about their future business outlook than in

February, but assessed their current business situation almost as positive as last month. The

German economy remains on track in a challenging environment thanks to strong domestic

demand.

Page 20: Economic indicators   houston

| Economic Indicators | 20

Economic Indicators – IFO Assessment of Current

Business Situation

Source: IFO Apr 13

After rising sharply last month, the Ifo Business Climate index for Germany edged downwards

in March. Companies were slightly less positive about their future business outlook than in

February, but assessed their current business situation almost as positive as last month. The

German economy remains on track in a challenging environment thanks to strong domestic

demand.

Page 21: Economic indicators   houston

| Economic Indicators | 21

Economic Indicators – IFO business climate index

printing industry

Source: IFO Apr 13, bundesverband druck und medien

-60

-50

-40

-30

-20

-10

0

10

20

Jan

08

Jan

09

Jan

10

Jan

11

Jan

12

Jan

13

Jan

14

The IFO-Institut für Wirtschaftsforschung business climate index for the printing industry is

based on a monthly representative questionnaire to 300 German printers.

The business climate within the printing industry declined slightly from -2 to -5.

Page 22: Economic indicators   houston

| Economic Indicators | 22

Economic Indicators – IFO business climate index

printing industry

The IFO-Institut für Wirtschaftsforschung business climate index for the printing industry is

based on a monthly representative questionnaire to 300 German printers.

Business Development at German Printers – March 2013:

The assessment of the current business situation in the printing

industry improved slightly from last month (+5%) and is positive now for

the 7th month in a row.

The business climate – an indicator for the development in

the next quarter – declined slightly from -2% to -5%.

The business expectations for the coming 6 months remained

negative for the 7th month in succession, and declined from -6%

to now -15%. In the same month of last year expectations were

considerably better than today (+5%).

Source: IFO Apr 13, bundesverband druck und medien

Page 23: Economic indicators   houston

| Economic Indicators | 23

Zenith Data

Page 24: Economic indicators   houston

| Economic Indicators | 24

Advertising Growth – Zenith 12/12 Press release

Source: Zenith 12/12

Global ad expenditure forecast to strengthen over the next three years,

rising from 3,3 % in 2012 to 4,1% in 2013 and 5,6% in 2015

Peripheral Eurozone to shrink 4,0% in 2013, stabilize in 2014 and grow

2% in 2015

Developing markets to contribute 61% of adspend growth between

2012 and 2015 and increase their share of global adspend from 34% to

37%

Online video and social media to help drive 20% annual growth in

internet display over the next three years

Internet advertising to exceed combined newspaper and magazine total

in 2015

Page 25: Economic indicators   houston

| Economic Indicators | 25

Advertising Growth – Zenith 12/12 Press release

Source: Zenith 12/12

At current prices

Page 26: Economic indicators   houston

| Economic Indicators | 26

Advertising Growth – Zenith 12/12 Press release

Source: Zenith 12/12