Unemployment approaching Fed-set NAIRU Civilian unemployment rate, NAIRU=Non-Accelerating Inflation Rate of Unemployment

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1 Unemployment approaching Fed-set NAIRU Civilian unemployment rate, NAIRU=Non-Accelerating Inflation Rate of Unemployment Percent Sources: Bureau of Labor Statistics, IHS Global Insight.

Labor market gaining momentum Nonfarm employment, United States Difference from previous month, thousands Percent change, year ago 600 Absolute change (left) 400 200 0-200

2 Labor market gaining momentum Nonfarm employment, United States Difference from previous month, thousands Percent change, year ago 600 Absolute change (left) Percent change (right) Sources: Bureau of Labor Statistics, IHS Global Insight.

3 Manufacturing jobs starting to grow again, but slowly Manufacturing employment, United States Manufacturing employees, millions Percent Manufacturing employees (left) Manufacturing share of total nonfarm (right) Sources: Bureau of Labor Statistics, IHS Global Insight.

4 Unit labor costs rising as productivity growth slows United States Percent change, year ago Sources: Bureau of Labor Statistics, IHS Global Insight.

5 Productivity growth slows Output per hour among nonfarm businesses, United States Percent change, year ago Sources: Bureau of Labor Statistics, IHS Global Insight.

6 Weak U.S. jobs recovery compared with previous recoveries Change in total nonfarm employment from the start of recession Percent change, monthly Source: Bureau of Labor Statistics. Number of months since peak of recession

7 Youth labor force participation still at historic lows year olds Percent Sources: Bureau of Labor Statistics, IHS Global Insight.

8 Labor force participation rate lowest since 1979 United States Percent Source: Bureau of Labor Statistics.

9 Private employment grows but government employment stagnant U.S. employment Percent change, year ago 4 Private Government Source: Bureau of Labor Statistics, IHS Global Insight.

10 Purchasing managers index indicates continued growth U.S. ISM diffusion indices Index Manufacturing Non-manufacturing Sources: Institute for Supply Management, Moody s Analytics.

11 U.S. small business mood improves Small business optimism Index Index Sources: National Federation of Independent Business, IHS Global Insight.

12 U.S. small businesses find less difficulty in accessing credit Net percent 20 Firms reporting credit is harder to get Firms planning to add inventory Sources: National Federation of Independent Business, IHS Global Insight.

13 Domestic banks tighten standards, commercial and industrial Net percent of bank respondents, annual change in C&I Percent Large and medium-sized firms Small firms Sources: Federal Reserve, IHS Global Insight.

14 U.S. commercial and industrial lending Quarterly change, US$ billions Sources: FDIC, IHS Global Insight.

15 Consumer spending fluctuating around 4% growth Personal consumption expenditures Percent change, year ago Sources: Bureau of Economic Analysis, IHS Global Insight.

16 Declining gasoline prices and severe winter curtail retail sales Total retail sales, excluding motor vehicle and parts dealers Percent change, year ago Sources: Census Bureau, IHS Global Insight.

U.S. corporate profits US$ trillions 3.0 2.5 2.0 1.5 1.0 0.5 0.

17 U.S. corporate profits US$ trillions Source: BEA, Bloomberg. Note: U.S. corporate profits without IVA and CCA profits before tax, seasonally.

18 Headline CPI inflation a non-issue, for now Overall vs. core Consumer Price Index Percent change, year ago 6 Overall Less food and energy Source: FRED.

19 Oil prices plummet to recession lows West Texas intermediate crude US$ per barrel Source: Federal Reserve Bank of St. Louis.

20 Extraction of natural gas and crude oil from shale drives growth in production United States, annual Trillions of cubic feet Natural gas production (left axis) Trillions of barrels Oil production 17 (right axis) Source: Energy Information Administration.

21 Oil rig count falls but U.S. production increases Millions of barrels a day Rotary oil rig count (right axis) Oil field production (left axis) Count Sources: Thomson Datastream, Energy Information Administration.

22 Value of the U.S. dollar Trade-weighted value of U.S. dollar against major currencies Index 1973 M3= Source: Thomson Datastream.

23 Vacancy rates still low for apartments in U.S. Vacancy rates (percent) Office buildings Retail shopping center Apartments Sources: Thompson Datastream, REIS.

24 Office construction increasing Construction completions Square feet 25,000 20,000 15,000 10,000 5,000 Retail shopping center Office building 0 Retail community shopping centers Source: REIS.

25 Auto sales are bright spot Light-vehicle sales, United States Millions, SAAR Sources: Bureau of Economic Analysis, IHS Global Insight.

26 Some strength in nondefense capital goods, but will it last? Value of U.S. manufacturing new orders (excluding aircraft) Percent change, year ago Source: Federal Reserve Bank of St. Louis.

27 Imports outpacing exports as dollar appreciates U.S. international goods and services trade Percent change year-over-year Exports Imports Sources: Bureau of Economic Analysis, IHS Global Insight.

28 Housing values appreciate at slower rate Median price of existing home sales, single family Percent change, year ago Sources: National Association of Realtors, IHS Global Insight.

29 U.S. home sales show modest gains Single-family home sales Percent change, year ago Existing homes New homes Sources: National Association of Realtors, IHS Global Insight.

30 Housing starts continue to disappoint United States Thousand of units 2,000 1,800 1,600 1,400 Single-family units 1,200 1, Multi-family units Source: Federal Reserve Bank of St. Louis.

31 Case-Shiller home price index stabilizes Seasonally adjusted Thousands, US$ Sources: Standard and Poor s, IHS Global Insight.

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

32 Foreclosures decline from peak in 2009 Number of new home foreclosures Thousands Sources: Federal Reserve Bank of New York, IHS Global Insight.

Total U.S. credit market debt US$ billions 70 60 50 40 30 20 Debt to GDP ratio (1950-1980): 1.

33 Total U.S. credit market debt US$ billions Debt to GDP ratio ( ): 1.5 Total credit market debt owed Debt to GDP ratio (2013): '45 '49 '53 '57 '61 '65 '69 '73 '77 '81 '85 '89 '93 '97 '01 '05 '09 '13 GDP Sources: Federal Reserve, Bureau of Economic Analysis.

34 U.S. households reduce financial obligations Debt service ratio as a percent of disposable income of disposable income Percent 8 7 Mortgage debt 6 5 Consumer debt Sources: Federal Reserve, IHS Global Insight.

35 Household debt falls Percent of disposable personal income Percent Sources: Federal Reserve, IHS Global Insight.

36 U.S. consumer outstanding credit Extended to household and personal expenditures, annual change Percent, annual change Sources: Federal Reserve, IHS Global Insight.

37 Composition of the U.S. household debt balance US$ trillions 14 Mortgage Auto loan HE revolving Credit card Student loan Other Source: IHS Global Insight.

38 Historical trend of U.S. household financial obligation ratio U.S. household financial obligation ratio Percent of disposable income Source: IHS Global Insight.

U.S. economy is still below its potential output trend Real GDP in chained 2009 U.S. dollars US$ trillions 17 16 15 14 Potential real

39 U.S. economy is still below its potential output trend Real GDP in chained 2009 U.S. dollars US$ trillions Potential real GDP Real GDP Source: Federal Reserve Bank of St. Louis.

40 Repeated QE has led to unprecedented amount of Fed assets Total assets of Federal Reserve banks US$ trillions 5 Mar. 2009: QE1 expanded Nov. 2010: QE2 announced Sep. 2011: Operation Twist Sep QE3 announced Dec Tapering begins 4 3 Nov. 2008: QE1 announced Source: Thompson Reuters Eikon.

41 U.S. 10-year Treasury yields have dropped Percent 3 1/1/ /20/15 0 1M 3M 6M 1Y 2Y 3Y 5Y 7Y 10Y 30Y -1 Source: Bloomberg.

42 Industrial production has recovered Industrial production Index Index, 2007= Sources: Federal Reserve Bank, IHS Global Insight.

43 High-yield corporate spreads near lows Corporate bond spreads over U.S. Treasuries Basis points BBB rated A rated Source: Bloomberg.

44 Long-term joblessness still a challenge Percent unemployed for 27 weeks or more Percent Sources: Bureau of Labor Statistics, Moody s Analytics.

45 Unemployment gap by education Jobless rates for adults 25 and older Percent High school diploma Less than a high school diploma 8 Some college or 6 associate s degree 4 Bachelor s degree 2 and higher Sources: Bureau of Labor Statistics, Moody s Analytics.

Lower R&D expenditures inhibit U.S. competitiveness Selected countries, most recent year R&D expenditures as percent of GDP 5 4 3 2 1 0 Israel S.

46 Lower R&D expenditures inhibit U.S. competitiveness Selected countries, most recent year R&D expenditures as percent of GDP Israel S. Korea Japan Finland Germany United States* France China (People's Republic) United Kingdom *Note: U.S. R&D expenditures are from 2012 Sources: Organisation for Economic Co-operation and Development, The World Bank.

47 Durable goods lift U.S. manufacturing Industrial production and capacity utilization, seasonally adjusted Index, 2007= Durable goods Manufacturing Nondurable goods Source: Federal Reserve.

48 U.S. manufacturing output above pre-recession peak Production in manufacturing since 2007 Index, 12/2007= United States United Kingdom Japan Source: Federal Reserve of St. Louis.

49 Cumulative Snowfall Index Population under 6 of snow Index (peak 2013/2014 = 100) / Average / October November December January February March Source: National Climatic Data Center.

50 March high for those unable to work due to weather Difference from historical average Workers, thousands Source: Bloomberg.

51 Fed Funds futures don t see rate hike until December Implied probability of target rate greater than 0.25, by 2015 meeting date Percent chance % % 31% % 8% June July September October December Sources: Bloomberg, Milken Institute. As of 4/24/2015.

52 Disclaimer 2015 MasterCard International Incorporated. All rights reserved. MasterCard SpendingPulse and MasterCard Sector Insights reports and content, including estimated forecasts of spending trends, (i) do not in any way contain, reflect or relate to actual MasterCard operational or financial performance, or specific payment-card-issuer data; and (ii) are solely for informational purposes and shall not be relied upon by any person for the purpose of investment or other financial decisions.

US Gasoline Prices $3.50 0% $3.00-5% $2.50 $2.00 $1.50 $1.00 $0.

53 US Gasoline Prices $3.50 0% $3.00-5% $2.50 $2.00 $1.50 $1.00 $ % -15% -20% -25% -30% -35% $ % US Average Regular Gasoline Price/Gal Y/Y Change in Gasoline Average Price/Gal Gasoline prices are now down 33.5% year over year, granting the consumer additional spending power Source: SpendingPulse

54 US Y/Y Total Retail Sales Growth (ex. Auto) 5% 5% 4% 4% 3% 3% 2% 2% 1% 1% 0% Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 US Y/Y Total Retail Sales Growth x-auto Total Retail sales grew by 1.2% year-over-year in March. Excluding gasoline, retail sales grew by 4.8% showing the gasoline savings are now being spent by the consumer Source: SpendingPulse

55 US Y/Y Total Retail Sales Growth (ex. Auto+ex.Gas) 7% 6% 5% 4% 3% 2% 1% 0% US Y/Y Total Retail Sales Growth x-auto x-gas Total Retail xgas sales grew by 4.8% year-over-year in March. Including gasoline, retail sales grew by 1.2% Source: SpendingPulse

56 US Y/Y Total Retail Sales Growth 7% 6% 5% 4% 3% 2% 1% 0% US Y/Y Total Retail Sales Growth x-auto US Y/Y Total Retail Sales Growth x-auto + x-gas Total Retail sales grew by 1.2% year-over-year in March. Excluding gasoline, retail sales grew by 4.8% Source: SpendingPulse

57 US Y/Y Small Business Sales Growth 10% 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% US Y/Y Small Business Total Retail Sales Growth x-auto xauto - xgas Small Business Retail xgas sales grew by 7.5% year-over-year in March. Including gasoline, retail sales grew by 6.5% Source: SpendingPulse

58 Regional US Y/Y YTD Total Retail Sales Growth (ex. Auto) Great Plains North Central Northeast Pacific Region Northeast Mid-Atlantic Yr/Yr Sales Growth -3.7% -1.3% March 2015 Share of Total Sales 13.0% 12.6% Mid-Atlantic Southeast The Southeast continues to be a leading sales region, while the Northeast continues to lag. Southeast North Central South Central 6.4% -2.3% 3.3% 18.7% 14.8% 12.9% Mountain South Central Great Plains 6.9% 5.7% Mountain Pacific 4.1% 0.0% 7.2% 14.9% -10% -5% 0% +5% +10% Source: SpendingPulse

59 US Sector Performance Sectors Year-over-Year March 2015 Leading Hardware +8.3% Grocery +8.0% Restaurant +7.4% Lagging Hardware, Grocery, and Restaurant were the leading sectors for the month of March 2015, with luxury continuing to underperform Department Stores +1.0% Luxury excl. Jewelry (3.0%) Automotive (3.9%) Source: SpendingPulse

60 US Automotive Repairs and Tires Y/Y Sales Growth 6% 4% 2% 0% -2% -4% -6% -8% Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 6 months of negative Auto repairs and tires shows the increasing new auto purchases Source: SpendingPulse

US Auto Sales 16 14 12 10 8 6 4 2 0 US Auto Sales Annualized SA The number of cars

61 US Auto Sales US Auto Sales Annualized SA The number of cars sold increased over 40% from early Source:Various publicly available sources

62 U.S. Housing Turnover 25% 20% 15% 10% 5% 0% -5% -10% Housing Turnover Y/Y Growth The recent improvement in housing statistics is a positive for future spend on home related sectors. Source: Various publicly available sources

63 US Hardware Y/Y Sales Growth 16% 14% 12% 10% 8% 6% 4% 2% 0% -2% -4% Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Hardware sales grew by 8.3% year-over-year in March Source: SpendingPulse

64 US Appliance Y/Y Sales Growth 4% 2% 0% -2% -4% -6% -8% -10% -12% -14% Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Appliance sales have been volatile and largely declining year over year. Source: SpendingPulse

US Furniture and Furnishings Y/Y Sales Growth 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Furniture Y/Y Sales

65 US Furniture and Furnishings Y/Y Sales Growth 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Furniture Y/Y Sales Growth Furnishings Y/Y Sales Growth Furniture & Furnishings combined sales grew by 8.4% year-over-year in March, showing that consumers are making more larger ticket purchases Source: SpendingPulse

66 US Consumer Airlines Y/Y Sales Growth 6% 5% 4% 3% 2% 1% 0% -1% -2% -3% -4% -5% Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar % Airlines Y/Y Sales Growth Airlines Y/Y Price Index Growth The consumer continues to travel demonstrating experiential spending Source: SpendingPulse

67 US Consumer Lodging Y/Y Sales Growth 12% 10% 8% 6% 4% 2% 0% Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Lodging Y/Y Sales Growth Lodging Y/Y Price Index Growth The strength in lodging outpaces airlines sales, reflecting both driving and flying vacations by the consumer Source: SpendingPulse

68 US Restaurant Y/Y Sales Growth 8% 7% 6% 5% 4% 3% 2% 1% 0% Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Restaurant Y/Y Sales Growth The strength in restaurant sales continues to improve each month, reflecting the traveling consumer and the experiential spender Source: SpendingPulse

69 US Grocery Y/Y Sales Growth 10% 8% 6% 4% 2% 0% -2% Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Grocery Store Y/Y Sales Growth Grocery sales grew by 8.0% year-over-year in March Source: SpendingPulse

US Fine Dining Restaurants Sales 12% 10% 8% 6% 4% 2% 0% -2% -4% -6% Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Overall Restaurants Fine

70 US Fine Dining Restaurants Sales 12% 10% 8% 6% 4% 2% 0% -2% -4% -6% Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Overall Restaurants Fine Dining Restaurant segment year-over-year growth rates in March: Overall: +7.4% Fine Dining: +3.7% Fine Dining continues to lag in growth versus other categories Source: SpendingPulse

US Fast Casual, Casual Dining and Quick Service Restaurants Sales 18%

Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Casual Dining Y/Y

Growth Restaurant segment year-over-year growth rates in March:

71 US Fast Casual, Casual Dining and Quick Service Restaurants Sales 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Casual Dining Y/Y Sales Growth Fast Casual Y/Y Sales Growth Quick Service Y/Y Sales Growth Restaurant segment year-over-year growth rates in March: Casual Dining: +6.0% Fast Casual: +14.1% Quick Service: +7.9% Source: SpendingPulse

72 US Total Apparel Y/Y Sales Growth 72 8% 6% 4% 2% 0% -2% -4% Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apparel Y/Y Sales Growth Apparel Y/Y Price Index Growth Specialty Apparel sales grew by 6.1% year-over-year in March, demonstrating sustained growth over a number of months Source: SpendingPulse

73 US Footwear Y/Y Sales Growth 8% 6% 4% 2% 0% -2% -4% Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Footwear Y/Y Sales Growth Apparel Y/Y Sales Growth Footwear sales grew by 4.9% year-over-year in March, demonstrating the unique nature of accessories Source: SpendingPulse

74 US Jewelry Y/Y Sales Growth 6% 5% 4% 3% 2% 1% 0% Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Jewelry Y/Y Sales Growth Jewelry sales grew by 1.0% year-over-year in March, making it the 25th consecutive month of year over year growth Source: SpendingPulse

75 US Independent Jeweler Y/Y Sales Growth 6% 5% 4% 3% 2% 1% 0% Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Overall Jewelry Independent Jewelers Jewelry segment year-over-year growth rates in March: Overall: +1.0%Independent: +0.1% Source: SpendingPulse

76 US High-Tier Jewelry Y/Y Sales Growth 14% 12% 10% 8% 6% 4% 2% 0% -2% -4% Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Overall Jewelry High-Tier Jewelry Jewelry segment year-over-year growth rates in March: Overall: +1.0% High-Tier: +0.5% - This is one of the few months that high-tier jewelry has lagged in its growth rate Source: SpendingPulse

77 US Luxury excl. Jewelry Y/Y Sales Growth 10% 8% 6% 4% 2% 0% -2% -4% Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Luxury excl. Jewelry Y/Y Sales Growth Luxury sales declined by 3.0% year-over-year in March, again showing that the affluent consumer is not traditionally spending Source: SpendingPulse

78 US Luxury Goods & Accessories Total Sales 12% 10% 8% 6% 4% 2% 0% -2% -4% Monthly Sales Index Year-over-Year Change Sales Index 3 Month Moving Average (Sales Index) The recent recovery in luxury spending had been focused on only a few select brands Source: SpendingPulse

79 US Luxury Retail ecommerce 30% Monthly Sales Index Year-over-Year Change 20% 10% 0% -10% -20% Sales Index 3 Month Moving Average (Sales Index) Using a more concentrated view we see, the concentration of the consumer on fewer brands Source: SpendingPulse

80 US Department Store Y/Y Sales Growth 4% 3% 2% 1% 0% -1% -2% -3% -4% -5% -6% Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Department Store Y/Y Sales Growth Department Store sales finally reversed their negative trend benefiting from the early Easter, however they are not the preferred channel for purchases Source: SpendingPulse

US ecommerce Y/Y Sales Growth 18% 16% 14% 12% 10%

81 US ecommerce Y/Y Sales Growth 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% US ecommerce Share of Total Retail Sales US ecommerce YY Growth 2015 YTD ecommerce sales share of total retail sales is 6.7% YTD in retail 2015, with the growth rates again in single digits Source: SpendingPulse

82 US ecommerce Y/Y Sales Growth 16% 14% 12% 10% 8% 6% 4% 2% 0% Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 ecommerce Y/Y Sales Growth ecommerce sales grew by 8.9% year-over-year in March, the fifth month of single digit growth Source: SpendingPulse

0% Lagging Jewelry +1.5% Footwear Apparel +1.

83 US ecommerce Sector Performance Sectors Year-over-Year March 2015 Total ecommerce +8.9% Leading Women's Apparel +23.1% Children's Apparel +21.0% Electronics +12.0% Lagging Jewelry +1.5% Footwear Apparel +1.2% More generic sectors, such as electronics and children s apparel are the clear leaders in ecommerce growth Source: SpendingPulse Family Apparel +0.5%

US ecommerce Y/Y Sales Growth 84 Channel Share by Sector for Mar. 2015 In Store Total U.S. Retail Sales x Auto 6.5% 93.5% Apparel 25.6% 74.

84 US ecommerce Y/Y Sales Growth 84 Channel Share by Sector for Mar In Store Total U.S. Retail Sales x Auto 6.5% 93.5% Apparel 25.6% 74.4% In Store Children's Apparel Family Apparel Women's Apparel Footwear All Other ecommerce Department Store Electronics & Appliances Jewelry 16.8% 48.3% 17.5% 83.2% 51.7% 82.5% ecommerce Shares are growing but at a slower pace Source: SpendingPulse

85 US Dept. Stores ecommerce vs Bricks & Mortar 85 25% 20% 15% 10% 5% 0% -5% -10% Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 US Dept Store ecommerce YY Sales Growth US Dept Store Brick & Mortar Y/Y Sales Growth Department Store sales finally reversed their negative trend benefiting from the early Easter, however they are not the preferred channel for purchases Source: SpendingPulse

86 UK Y/Y Total Retail Sales Growth (ex. Auto) 86 7% 6% 5% 4% 3% 2% 1% 0% UK Y/Y Total Retail Sales Growth - Nominal, Not Adjusted The UK Consumer continued to reflect the rebound in the economy taking advantage of both an early Easter and Mothers Day Source: SpendingPulse

87 Canada Y/Y Total Retail Sales Growth (ex. Auto) 87 6% 5% 4% 3% 2% 1.6% 1% 0% -1% Canada Y/Y Total Retail Sales Growth x-auto Total Retail sales grew by 1.6% year-over-year in March, but was positive mostly due to the early Easter shift Source: SpendingPulse

88 Brazil Y/Y Total Retail Sales Growth 10% 8% 6% 4% 2% 0% -2% -4% -6% Brazil Y/Y Total Retail Sales Growth (Volume of Sales) Brazilian total retail sales rose 4.1% in March 2015, reflecting 2 additional sales days in March due to an earlier Carnival Source: SpendingPulse

Hong Kong Y/Y Total Retail Sales Growth 89 5.

89 Hong Kong Y/Y Total Retail Sales Growth % Hong Kong Y/Y Total Retail Sales Growth (Nominal Not Adjusted) Total Retail sales grew by 5.8% year-over-year in February, reflecting the shift in the Lunar New Year to February from January Source: SpendingPulse

90 Hong Kong Jewelry Y/Y Sales Growth -9.4% Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Hong Kong Jewellery Y/Y Sales Growth (Not Adjusted) Jewellery sales declined by 9.4% year-over-year in February, showing renewed concern by the tourist consumer Source: SpendingPulse

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Single-family home sales and construction are not expected to regain 2005 peaks

Single-family home sales and construction are not expected to regain 25 peaks Millions of units 8. 7. 6. 5. Housing starts (right axis) 4. Home sales (left axis) 3. 2. 1. 198 1985 199 1995 2 25 21 215