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

Economic Indicators

Last update 13.6.2014

| Economic Indicators | 2

Economic Outlook Monthly Overview – June 2014

Europe:

• Consensus June GDP forecast for WE remained stable on 1,5% for 2014 and on 1,8% for 2015.

• The EU industrial confidence remained stable while the consumer confidence indicator

continued its positive development from the last months in May.

• The IFO Business Climate index for Germany slightly fell in May. A lull was seen in the German

economy in May.

• ECB cut its benchmark rate from 0,25% to 0,15% and its deposit rate from 0% to -0,1% on

June 5 in order to encourage banks to lend to businesses. ECB president Mario Draghi indicated

that the bank would do more if necessary in order to contribute to a return of inflation rates to

levels closer to 2%.

US:

• Consensus June GDP forecast for the US decreased again from 2,5% to 2,2% for 2014.

Forecast for 2015 remained on 3,1%.

• GDP prospects have dimmed this month after Q1 growth was downgraded to -1,0% q-o-q from

+0,1%. The poor outturn was largely due to frigid weather. Many economists do not appear overly

concerned about the Q1 impact. The hope is that the next three quarters can make up somewhat

for this year’s poor start.

Japan:

• The June GDP growth forecast for Japan improved from 1,3% to 1,5% for 2014 and from 1,2%

to 1,3% for 2015.

• Japanese GDP beat expectations as consumers ramped up spending ahead of the April 1 sales

tax hike. Still, expectations are for a substantial slowdown in private consumption over the

coming months.

3 | Economic Indicators |

Eurostat Data

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Economic Indicators – GDP EU 28

Source: Eurostat June 14

-5

-4

-3

-2

-1

0

1

2

3

4

08

Q1

09

Q1

10

Q1

11

Q1

12

Q1

13

Q1

14

Q1

%

GDP for the EU 28 countries at constant prices quarter vs. same quarter of last year

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Economic Indicators – GDP EU 28

Source: Eurostat June

14

-2,5

-2

-1,5

-1

-0,5

0

0,5

1

08

Q1

09

Q1

10

Q1

11

Q1

12

Q1

13

Q1

14

Q1

%

GDP for the EU 28 countries at constant prices quarter on quarter

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Economic Indicators –EU 28 Consumer Price Index

Source: Eurostat May 14

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

14

/1

15

/1

14.Apr; 0,8

%

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

between Eurostat and National Statistical Institutes of the Member States.

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Economic Indicators – ECB interest rate

Source: ECB, FED, Eurostat Jun 14

May 14; 0,5

Jun.14; 0,15

Jun.14; 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

Jan

14

Ju

l.14

Jan

15

%

ECB short-term rate

Eurozone inflation

FED rate

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Economic Indicators –EU 28 Unemployment Rate

Source: Eurostat Jun 14

10,4

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

Ja

n 1

4

Ja

n 1

5

%

Unemployment rate for EU 28 countries

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Economic Indicators – Industrial Confidence Ind EU

Source: Eurostat Jun 14

-40

-35

-30

-25

-20

-15

-10

-5

0

5

10Jan

08

Jan

09

Jan

10

Jan

11

Jan

12

Jan

13

Jan

14

Jan

15

Industrial confidence within EU 28 remained stable in May, the industry remains in a

fairly positive mood.

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

questions on production expectations, order books and stocks.

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Economic Indicators – Consumer Confidence Ind EU

Source: Eurostat Jun 14

Consumer Confidence within EU 28 continued its positive path in May and reached

its highest level since October 2007.

-35

-30

-25

-20

-15

-10

-5

0

Jan

08

Jan

09

Jan

10

Jan

11

Jan

12

Jan

13

Jan

14

Jan

15

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.

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Economic Indicators – Capacity Utilization

in Manufacturing Industry in % - EU 27

Source: Eurostat May 14

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

14

Q1

79,5

%

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

in percent, as assessed by managers in manufacturing industry.

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Ifo Data

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Economic Indicators – IFO World Economic Climate

Source: IFO May 14

The Ifo World Economic climate clouded slightly regarding expectations in Q2 2014

but remains friendly overall.

This indicator is being updated on a quarterly basis.

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Economic Indicators – IFO European Economic Climate

Source: IFO May 14

The economic climate in Europe continued its positive path in Q2 2014.

This indicator is being updated on a quarterly basis.

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Economic Indicators – IFO NA Economic Climate

Source: IFO May 14

This indicator is being updated on a quarterly basis.

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Economic Indicators – IFO Asia Economic Climate

Source: IFO May 14

This indicator is being updated on a quarterly basis.

The economic climate in Asia slowed down quite significantly in Q2 2014.

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Economic Indicators – GDP Forecast Euro Area

Source: IFO May 14

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Economic Indicators – GDP Forecast Germany

Source: IFO May 14

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Economic Indicators – Exchange rate $ vs €

Source: IFO May 14

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Economic Indicators –

Ifo business situation and 6 month expectations

Source: IFO Jun 14

75

80

85

90

95

100

105

110

115

Jan

08

Jan

09

Jan

10

Jan

11

Jan

12

Jan

13

Jan

14

Jan

15

80

85

90

95

100

105

110

115

120

125

Jan

08

Jan

09

Jan

10

Jan

11

Jan

12

Jan

13

Jan

14

Jan

15

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.

The Ifo Business Climate Index for Germany slightly fell in May. Assessments of the current

business situation were no longer as favorable as in April and companies were also less

optimistic about future business developments. A lull was seen in the German economy in

May.

| Economic Indicators | 21

Economic Indicators – IFO Assessment of Current

Business Situation

Source: IFO Jun 14

The Ifo Business Climate Index for Germany slightly fell in May. Assessments of the current

business situation were no longer as favorable as in April and companies were also less

optimistic about future business developments. A lull was seen in the German economy in

May.

| Economic Indicators | 22

Economic Indicators – IFO business climate index

printing industry

Source: IFO Jun 14, bundesverband druck und medien

-60

-50

-40

-30

-20

-10

0

10

20

Jan

08

Jan

09

Ja

n 1

0

Jan

11

Jan

12

Jan

13

Jan

14

Jan

15

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 came down from +10 to -3 in May.

| Economic Indicators | 23

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 – May 2014:

The assessment of the current business situation in the printing

industry deteriorated in May but still reached a better level than in May

of the previous year.

The business climate – an indicator for the development in

the next quarter – cooled down from a positive 10% to -3% in May.

The business expectations for the coming 6 months also deteriorated.

They fell to the level of the beginning of the year, only 10% of the printers

expect an improvement of the business activity during the coming 6

months.

Source: IFO Jun 14, bundesverband druck und medien

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Zenith Data

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Global Advertising Growth – Zenith 4/14 Press Release

Source: ZenithOptimedia 4/14

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Regional Advertising Development –

Zenith 4/14 Press Release

Source: ZenithOptimedia 4/14

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Global Advertising Market – Zenith 4/14 Press Release

Source: ZenithOptimedia 4/14

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Advertising by medium – Zenith 4/14 Press Release

Source: ZenithOptimedia 4/14