Going Up for the Rebound On Behalf of: ABC – Alabama Anirban Basu, Chief Economist, ABC April 30, 2013

First Pitch

Historic and Projected World Output Growth 2004 through 2014* *2013-2014 data are projections Source: International Monetary Fund

Estimated Growth in Output by Select Global Areas 2013 Projected Source: International Monetary Fund

Top 12 Stock Exchanges 2011 Growth Rank Exchange Index % Change 1 NYSE Group DJI A 5.5% 2 Nasdaq NASDAQ Composite -1.8% 3 London SE FTSE 100 -5.6% 12 Swiss Exchange Swiss Market -7.8% 9 TSX Group S&P TSX Composite -9.2% 8 Bolsa De Medrid IGBM -14.6% 6 Frankfurt SE DAX -14.7% 5 Euronext CAC 40 -17.0% 4 Tokyo SE Nikkei 225 -17.3% 11 Hong Kong Exchanges Hang Seng Index -20.0% 7 Shanghai SE Shanghai Composite -21.7% 10 Borsa Italiana FTSE MIB -25.2% Source: Yahoo! Finance

Top 12 Stock Exchanges 2012 Growth Rank Exchange Index % Change 6 Frankfurt SE DAX 29.1% 11 Hong Kong Exchanges Hang Seng Index 22.9% 4 Tokyo SE Nikkei 225 2 Nasdaq NASDAQ Composite 15.9% 5 Euronext CAC 40 15.2% 12 Swiss Exchange Swiss Market 14.9% 10 Borsa Italiana FTSE MIB 7.8% 1 NYSE Group DJI A 7.3% 3 London SE FTSE 100 5.8% 9 TSX Group S&P TSX Composite 4.0% 7 Shanghai SE Shanghai Composite 3.2% 8 Bolsa De Madrid IBEX 35 -4.7% Source: Yahoo! Finance

S&P Select Sector Performance 2012 Source: Dow Jones, Standard & Poor’s Source: Dow Jones; Standard & Poor’s

Fourth Quarter Earnings for Select Corporations Earnings per Share Symbol 4Q 2011 4Q 2012 Estimated 4Q 2012 Reported Surprise BTU $0.98 $0.25 $0.36 $0.11 XRX $0.33 $0.29 $0.30 $0.01 FCX $0.67 $0.70 $0.78 $0.08 GE $0.39 $0.43 $0.44 AMD $0.12 -$0.20 -$0.14 $0.06 MSFT $0.75 $0.76 MCD $1.33 $1.38 $0.05 MMM $1.35 $1.41 $0.00 YHOO $0.28 $0.32 $0.04 CMG $1.81 $1.96 $1.95 -$0.01 VFC $2.32 $3.03 $3.07 DOW $0.34 STI $0.61 $0.65 COH $1.18 $1.28 $1.23 -$0.05 DD $0.35 $0.07 VZ $0.52 $0.50 $0.45 TXN $0.02 UPS $1.32 -$0.06 UTX $1.47 $1.03 $1.04 COF $0.88 $1.58 -$0.17 HON $1.05 $1.09 $1.10 CAT $1.69 $1.46 -$0.23 Source: Dow Jones; Standard & Poor’s

Red Card/ Pink Slip

Recession Watch as of April 2013 Source: Moody’s Economy

Industrial Production January 2001 through March 2013 Source: Federal Reserve The industrial production index measures the real output of the manufacturing, mining, and electric and gas utilities industries.

Gross Domestic Product 1990Q1 through 2013Q1 Source: Bureau of Economic Analysis

Net Change in U.S. Jobs, BLS January 2002 through March 2013 Mar. 13: +88K Source: Bureau of Labor Statistics

National Nonfarm Employment by Industry Sector March 2013 v. March 2012 All told 1,910K Jobs gained Source: Bureau of Labor Statistics

National Construction Employment Monthly Net Change January 2002 through March 2013 Industry Sector Mar-13 Feb-13 Mar-12 1-net 12-net 12-% Construction 5802 5784 5640 18 162 2.9% Residential Building 578.1 575.8 573.2 2.3 4.9 0.9% Nonresidential Building 682.1 681.1 661.0 1.0 21.1 3.2% Heavy and Civil Engineering Construction 890.1 898.9 866.4 -8.8 23.7 2.7% Specialty Trade Contractors 3651.6 3628.3 3539.1 23.3 112.5 Source: Bureau of Labor Statistics

U.S. Year-over-year Percent Change: 1.4% Employment Growth, U.S. States (SA) March 2013 v. March 2012 Percent Change Rank State % 1 North Dakota 4.4 18 Maryland 1.5 33 Kentucky 0.7 2 Utah 4.2 19 New Jersey 1.4 36 Illinois 0.6 3 Texas 3.1 Oregon 37 Nebraska 0.5 4 Colorado 2.6 21 Louisiana 1.3 Wisconsin 5 Idaho 2.4 Mississippi 39 Arkansas 0.4 6 California 2.0 23 Delaware 1.2 40 Alabama 0.3 7 Florida 1.9 Massachusetts Alaska Georgia Oklahoma Missouri North Carolina South Carolina New Mexico Washington 27 New Hampshire 1.1 44 District of Columbia 0.2 11 Arizona 1.8 28 Indiana 1.0 Rhode Island Montana New York 46 Connecticut 0.1 13 Minnesota 1.7 30 Michigan 0.8 Maine Nevada Vermont Ohio Tennessee Virginia West Virginia 16 Hawaii 1.6 Iowa Wyoming South Dakota Kansas 51 Pennsylvania -0.1 Source: Bureau of Labor Statistics U.S. Year-over-year Percent Change: 1.4%

State-by-state Growth in Construction Jobs March 2013 v. March 2012 Year-over-year Ch. (‘000) California 41.0 South Carolina 1.8 Vermont -0.5 Texas 39.8 Connecticut 1.7 Kentucky -0.6 New York 13.2 Massachusetts 1.6 Iowa -0.8 Louisiana 10.7 Wyoming Missouri Florida 8.5 Nevada 1.5 West Virginia -0.9 Arizona 8.3 Maine 1.0 Rhode Island -1.6 Maryland* 7.7 Wisconsin South Dakota* -1.7 Utah 6.0 New Jersey 0.7 Kansas -1.8 Colorado 5.5 New Mexico Montana -1.9 Oklahoma 3.6 Tennessee* Pennsylvania -2.4 Georgia 3.5 Virginia Arkansas -2.7 Washington 3.3 Idaho 0.6 Alabama -3.0 Hawaii* 3.1 District of Columbia* 0.5 Indiana -3.1 Alaska 1.9 New Hampshire Michigan -4.0 North Dakota Delaware* 0.3 North Carolina -5.3 Minnesota Nebraska* -0.1 Illinois -8.5 Oregon Mississippi -0.4 Ohio -9.5 Source: Bureau of Labor Statistics *Construction, Mining, and Logging are included in one industry.

Alabama Nonfarm Employment by Industry Sector Groups (SA) March 2013 v Alabama Nonfarm Employment by Industry Sector Groups (SA) March 2013 v. March 2012 Absolute Change AL Total: +4.9K; +0.3% US Total (SA): +1,910K; +1.4% Source: Bureau of Labor Statistics

Birmingham-Hoover MSA Nonfarm Employment by Industry Sector Groups (NSA) March 2013 v. March 2012 Absolute Change Birmingham Total: +0.7K; +0.1% AL Total (SA): +4.9K; +0.3% US Total (SA): +1,910K; +1.4% Source: Bureau of Labor Statistics

Huntsville MSA Nonfarm Employment by Industry Sector Groups (NSA) March 2013 v. March 2012 Absolute Change Huntsville Total: -0.6K; -0.3% CO Total (SA): +4.9K; +0.3% US Total (SA): +1,910K; +1.4% Source: Bureau of Labor Statistics

Alabama Construction Employment Breakdown January 2007 through March 2013 Source: BLS Percentages in parentheses reflect the share of total industry employment.

Unemployment Rates, U.S. States (SA) March 2013 Rank State Rate 1 North Dakota 3.3 18 Massachusetts 6.4 33 Tennessee 7.9 2 Nebraska 3.8 Texas 36 Connecticut 8.0 3 Vermont 4.1 20 Maryland 6.6 Kentucky 4 South Dakota 4.3 21 Missouri 6.7 38 New York 8.2 5 Iowa 4.9 22 New Mexico 6.9 Oregon Utah 23 West Virginia 7.0 40 Georgia 8.4 Wyoming 24 Colorado 7.1 South Carolina 8 Oklahoma 5.0 Maine 42 District of Columbia 8.5 9 Hawaii 5.1 Ohio Michigan 10 Virginia 5.3 Wisconsin 44 Indiana 8.7 11 Minnesota 5.4 28 Alabama 7.2 45 New Jersey 9.0 12 Kansas 5.6 Arkansas 46 Rhode Island 9.1 Montana 30 Delaware 7.3 47 North Carolina 9.2 14 New Hampshire 5.7 Washington 48 California 9.4 15 Alaska 6.2 32 Florida 7.5 Mississippi Idaho Arizona 50 Illinois 9.5 Louisiana Pennsylvania 51 Nevada 9.7 U.S. Unemployment Rate: 7.6 percent Source: Bureau of Labor Statistics

Unemployment Rates, Selected Large Metros (NSA) February 2013 Rank MSA UR   1 Washington-Arlington-Alexandria, DC-VA-MD-WV 5.5 11 Miami-Fort Lauderdale-Pompano Beach, FL 7.9 Minneapolis-St. Paul-Bloomington, MN-WI 12 St. Louis, MO-IL 8.0 3 Boston-Cambridge-Quincy, MA-NH 6.0 San Diego-Carlsbad-San Marcos, CA 4 Dallas-Fort Worth-Arlington, TX 6.3 14 Atlanta-Sandy Springs-Marietta, GA 8.3 Houston-Sugar Land-Baytown, TX 15 Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 8.7 6 Seattle-Tacoma-Bellevue, WA 6.6 16 New York-Northern New Jersey-Long Island, NY-NJ-PA 8.8 7 Phoenix-Mesa-Glendale, AZ 6.7 17 Los Angeles-Long Beach-Santa Ana, CA 9.4 8 Baltimore-Towson, MD 7.1 18 Detroit-Warren-Livonia, MI 10.2 San Francisco-Oakland-Fremont, CA 19 Chicago-Joliet-Naperville, IL-IN-WI 10.4 10 Tampa-St. Petersburg-Clearwater, FL 7.4 20 Riverside-San Bernardino-Ontario, CA 10.8 Source: Bureau of Labor Statistics

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15-Year & 30-Year Fixed Mortgage Rates January 1995 through March 2013 Source: Freddie Mac

U.S. New Home Sales January 1999 through March 2013 Source: Economy.com, Census Bureau

U.S. Housing Starts January 1999 through March 2013 Source: Census Bureau

ABC’s National Construction Backlog Indicator (CBI) Average 2009Q1 through 2012Q4 2011Q4– 2012Q4: 2.4% Source: ABC

Architecture Billings Index December 2007 through March 2013 Source: The American Institute of Architects

Nonresidential Construction Put-in-Place July 2006 through February 2013 Oct. 08: $719.0 billion Feb. 12: $575.6 billion -19.9% Source: U.S. Census Bureau

National Nonresidential Construction Spending by Subsector February 2013 v. February 2012 Source: U.S. Census Bureau

Large Construction Project Underway California High Speed Rail: $68 billion, to be completed in 2028: 1 O’Hare Airport Modernization (Chicago, IL): $8.8billion, to be completed in 2016; 2 Dulles Transit Extension: $6.2 billion, started in 2008 and to be competed in 2016;3 New York’s Water Tunnel, No. 3: $5.5 billion–$6.0 billion, began in 1970 and expected to complete in 2020;4 Alaskan Way Viaduct (Seattle, WA): $3.1 billion, to be opened in 2015;5 Ohio River Bridge (Indiana & Kentucky): $2.6 billion;6 Boston Convention Ctr. Expansion: $2.0 billion, hotels will open in 2015; 7 Shepherd’s Flat Wind Farm (OR): $2 billion;8 Goethals bridge replacement (NY&NJ): $1.5 billion, to be completed by 2018;9 Port of Long Beach Middle Harbor Project (CA): $1.2 billion, 10 years to complete.10 Source: Smartplanet.com; 2.Governing.com; 3. Id; 4.NYC.gov; 5.Governing.com; 6. Bizjournals.com ; 7. Boston.com; 8. Sustainablebusinessoregon.com; 9. Cicnysb.firstdaystory.com; 10. Bridgemi.com

Inputs to Construction PPI January 2001 - March 2013 Source: Bureau of Labor Statistics

Key Commodity Prices January 2001 - March 2013 Source: BLS: EIA

Conference Board Leading Economic Indicators Index August 2007 through March 2013 March 2013 = 94.7 where 2004=100 Source: Conference Board

Fourth Quarter Economy slowed markedly during last year’s fourth quarter; First half of 2013 also shaping up to be quite soft, though first three months were better than expected – sequestration will grind into the economy and into the data during the summer; Black swan threats: (1) Iran (2) Israel/Iran (3) Europe; Many headwinds remain and the nascent recovery could easily falter; Colorado’s economy has improved and the long-term outlook remains very promising; and Construction now participating in recovery, particularly west of the Mississippi.