Fall Regulatory Summit

Internal Use Only

Consumer Sentiment (source: University of Michigan, Survey Research Center)

100 105 110 115 120

50 55 60 65 70 75 80 85 90 95

Jul-99

Jul-02

Jul-05

Jul-08

Jul-11

Jul-14

Jul-17

Jul-20

Jul-23

Oct-98

Oct-01

Oct-04

Oct-07

Oct-10

Oct-13

Oct-16

Oct-19

Oct-22

Jan-98

Apr-00

Jan-01

Apr-03

Jan-04

Apr-06

Jan-07

Apr-09

Jan-10

Apr-12

Jan-13

Apr-15

Jan-16

Apr-18

Jan-19

Apr-21

Jan-22

FALL REGULATORY SUMMIT Denver, CO – September 25, 2023

Internal Use Only Retail Sales (source: U.S. Bureau of the Census, annual rate of growth)

10% 15% 20% 25% 30% 35% 40% 45% 50% 55%

RS Total RS ex-auto RS ex auto & gas

0% 5%

-20% -15% -10% -5%

FALL REGULATORY SUMMIT Denver, CO – September 25, 2023