Capital Markets Spring 2020

I

Innovation Triumphs Over Economic Volatility Navigating Through a Crisis

I • Innovation flourishes even when the economy languishes ‒ Through the 1918-1919 “Spanish Flu” pandemic/recession, automobiles grew at a double-digit rate, TV ownership increased strongly in the 1950s “Asian Flu” pandemic/recession, and more recently PCs and smartphones grew through recessions

II

Personal Computer Penetration Grew Through Early ‘90s Recession

Global Smartphone Subscribers Grew Through Global Financial Crisis

III

Global Real GDP Index Global Smartphone Subscriber Index Recession

U.S. Real GDP Index U.S. PC Index Recession

500

160

IV

+335%

400

+43%

140

300

120

200

V

+4%

+9%

100

100

80

0

VI

1988

1989

1990

1991

1992

2006

2007

2008

2009

2010

Source: Diego Comin and Bart Hobijn “Historical Cross County Technology Adoption Dataset”; GSM Association; FactSet.

3

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