2. Spring Update of December 2013 Forecast for 2014 Manufacturing and Non-Manufacturing Sectors Compare 2014 Forecasts with 2013 Reported Results Broad Sector Overviews with Industry-Specific Insights Revenue, CapEx, Commodity Prices, Employment Special Question Related to Harsh Weather Impact ISM Semiannual Economic Forecast, Spring 2014

3. 2014 Initial Forecast December 2014 2014 Updated Forecast April 2014 2013 Reported Results December 2013

4. 2014 Initial Forecast December 2014 2014 Updated Forecast April 2014 Revenue +3.4% CapEx +12.3% Prices +0.9% Employment +1.7%* * Reported for May–Dec 2013

5. † Predicted Jan–Dec 2014 2013 Reported Results December 2013 2014 Initial Forecast December 2014 2014 Updated Forecast April 2014 Revenue +3.4% CapEx +12.3% Prices +0.9% Employment +1.7%* * Reported for May–Dec 2013 Revenue +4.4% CapEx +8.0% Prices +1.6% Employment +2.4% †

6. 2013 Reported Results December 2013 April–December 2014 APRIL–DECEMBER 2013 † Predicted Jan–Dec 2014 Revenue +5.3% CapEx +10.3% Prices +1.5% Employment +1.5% ‡ ‡ Predicted May–Dec 2014 2013 Reported Results December 2013 2014 Initial Forecast December 2014 2014 Updated Forecast April 2014 Revenue +4.4% CapEx +8.0% Prices +1.6% Employment +2.4% † Revenue +3.4% CapEx +12.3% Prices +0.9% Employment +1.7%* * Reported for May–Dec 2013

7. 2013 Reported Results December 2013 April–December 2014 APRIL–DECEMBER 2013 ‡ diffusion index for April 2014 Reported for 2014: Revenue +5.3% Prices +1.3% Employment 54.7% ‡ The 3 Special Questions Related to Harsh Weather: April 2014 Semiannual Special Questions Not ImpactedShort-TermLong-TermUnsure New Orders 51.3%34.2%6%8.5% Production 52.8%34.2%7.5%5.5% Employment 78.5%12.5%3%6%

8. APRIL–DECEMBER 2013 ‡ diffusion index for April 2014 Reported for 2014: Revenue +5.3% Prices +1.3% Employment 54.7% ‡ Present Here’s where we are now 2014 Industries Reporting Revenue Growth  Textile Mills  Printing & Related Support Activities  Furniture & Related Products  Food, Beverage & Tobacco Products  Fabricated Metal Products  Transportation Equipment  Plastics & Rubber Products  Paper Products  Miscellaneous Manufacturing  Nonmetallic Mineral Products  Chemical Products  Computer & Electronic Products  Primary Metals  Petroleum & Coal Products  Electrical Equipment, Appliances & Components  Wood Products  Machinery  Apparel, Leather & Allied Products

9. 2014 Initial Forecast December 2014 2014 Updated Forecast April 2014 2013 Reported Results December 2013

10. 2014 Initial Forecast December 2014 2014 Updated Forecast April 2014 Revenue +4.0% CapEx +4.2% Prices +1.3% Employment +0.4%* * Reported for May–Dec 2013

11. † Predicted Jan–Dec 2014 2013 Reported Results December 2013 2014 Initial Forecast December 2014 2014 Updated Forecast April 2014 Revenue +4.0% CapEx +4.2% Prices +1.3% Employment +0.4%* * Reported for May–Dec 2013 Revenue +3.6% CapEx +4.6% Prices +1.9% Employment +2.1% †

12. 2013 Reported Results December 2013 April–December 2014 APRIL–DECEMBER 2013 † Predicted Jan–Dec 2014 Revenue +2.7% CapEx +10.8% Prices +2.2% Employment +1.4% ‡ ‡ Predicted May–Dec 2014 2013 Reported Results December 2013 2014 Initial Forecast December 2014 2014 Updated Forecast April 2014 Revenue +3.6% CapEx +4.6% Prices +1.9% Employment +2.1% † Revenue +4.0% CapEx +4.2% Prices +1.3% Employment +0.4%* * Reported for May–Dec 2013

13. 2013 Reported Results December 2013 April–December 2014 APRIL–DECEMBER 2013 ‡ diffusion index for April 2014 Reported for 2014: Revenue +5.3% Prices +1.3% Employment 54.7% ‡ The 3 Special Questions Related to Harsh Weather: April 2014 Semiannual Special Questions Not ImpactedShort-TermLong-TermUnsure New Orders 58%26.4%6.3%9.2% Business Activity 57.1%32.6%5.7%4.6% Employment 81.7%9.7%2.3%6.3%

14. APRIL–DECEMBER 2013 ‡ diffusion index for April 2014 Reported for 2014: Revenue +5.3% Prices +1.3% Employment 54.7% ‡ Present Here’s where we are now 2014 Industries Reporting Revenue Growth  Agriculture, Forestry, Fishing & Hunting  Transportation & Warehousing  Construction  Mining  Wholesale Trade  Retail Trade  Arts, Entertainment & Recreation  Utilities  Public Administration  Finance & Insurance  Accommodation & Food Services  Professional, Scientific & Technical Services  Management of Companies & Support Services  Information  Real Estate, Rental & Leasing  Educational Services  Other Services

15. See Report for Additional Forecast Details… Operating Rates as Percent of Normal Capacity Expected Production Capacity Increases Industries Listed in Order of Growth, Increases, etc.

16. Thanks! The Focus is YOU! 16