Fall Regulatory Summit

Internal Use Only Industrial Production: From Peak By Component (source: Federal Reserve)

-30% -25% -20% -15% -10% -5% 0% 5% 10%

MFG

Mining

Util

Feb-20

Feb-21

Feb-22

Feb-23

Aug-20

Aug-21

Aug-22

Nov-20

Nov-21

Nov-22

May-20

May-21

May-22

May-23

FALL REGULATORY SUMMIT Denver, CO – September 25, 2023

Internal Use Only Industrial Production: From Peak (source: Federal Reserve)

5%

0%

-5%

-10%

Man

Durab

-15%

Non-Durab

-20%

-25%

-30%

Feb-20

Feb-21

Feb-22

Feb-23

Aug-20

Aug-21

Aug-22

Nov-20

Nov-21

Nov-22

May-20

May-21

May-22

May-23

FALL REGULATORY SUMMIT Denver, CO – September 25, 2023