SLIDE 8 Local knowledge. Global power. 8
Global financial turmoil affected the economy
GDP growth expectations for 20091 (EUR million)
1.0% Jun 08 Jul 08 Aug 08 Sep 08 Oct 08 Nov 08 Dec 08 Jan 09 Feb 09 US Euro zone UK
100 150 200 250 300 350 1925 1930 1935 1940 1945 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2009
Total US credit market debt/GDP3 (%)
- 1. Source: Consensus Economics Inc. 2008
- 2. Bloomberg
- 3. Total US credit market debt measured by the US Federal Reserve includes debt owed by domestic financial services firms, mortgages, corporate debt, federal
government debt, small business debt, consumer debt, state and local government debt, and foreign debt
Credit spread gapping2
Average corporate bond yields (%)
2.0 4.0 6.0 8.0 Dec/02 Dec/03 Dec/04 Dec/05 Dec/06 Dec/07 Dec/08
10 Y Treasury AAA AA BBB
Equity markets2
40 60 80 100 120 140 160 180 2003 2004 2005 2006 2007 2008 2009 AEX (Amsterdam) S&P 500 FTSE 100
Indexed level (December 31, 2002=100)