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Why Des Moines?James ChungOctober 2018

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GDP growth (indexed to 2010)1.4Des Moines real GDP 36.6% since 20101.31.2Des Moines GDP growsfaster than averageCentral US comps1.11.00.9Source: Bureau of Economic Analysis,U.S. Department of Commerce/Reach Advisors analysisOthers 1% to nesKansas CityLittle RockMilwaukeeMinneapolisOmahaSt. LouisWichita

GDP per capita 80,000 75,910 75,000DSM productivityhigher overall andfaster-growingGDP per capita chained 2009 70,000 65,000 60,246 60,000 54,410 55,000 48,935 50,000 45,000 40,000Source: Bureau of Economic Analysis,U.S. Department of Commerce/Reach Advisors analysis 45,86220092010US20112012Des Moines20132014C2015AD20162017

Better off in DSMvs. Central US comp cities Averageannual HHIAveragehome valueAveragenet worth 11,000 52,000 80,000highermoreSource: StratoDem Analytics/Reach Advisors analysishigher

People want to stay in DSM unlike other placesI’d love to leave / leaving nowI'd absolutely stay where I am44%26%35%DesMoinesA29%29%BCSource: Reach Advisors survey of 5,000 adults in IA, KS, NE, and OK29%22%17%DesMoinesABC

"Very optimistic about future of city"41%38%35%26%People in DSM moreoptimistic about theircity’s future, comparedto other citiesDes eysurveyof 5,000of 5,000adultsadultsin IA,inKS,IA, KS,NE, NE,and andOK OKABC

Why Des Moines?

Difference #1Abundant labor market

Updated story of population growth:DSM still a winnerNet domestic migration(newcomers – departures)2010-2017Minneapolis: 432Milwaukee: -50,575Chicago: - 479,482Des Moines: 32,042Omaha: 2,869Kansas City: 16,802St. Louis: - 67,560Wichita: -18,452Des Moines rank:OKC: 71,409#37 of 381 MSAs#4 of 100 Central US compsNashville: 126,142Little Rock: 7,215Austin: 121,257Source: Reach Advisors analysis of US Census Bureau, Population Estimates 2014Source: U.S. Census Bureau American Community Survey/Reach Advisors analysis

Positive domestic migration has real dollar impactDes Moines 2015 to 2016Comp city 2015 to 2016Net gain:2,020 householdsNet loss:-778 householdsAdded aggregate AGI: 110,886,000Lost aggregate AGI:- 67,764,000Source: Internal Revenue Service/Reach Advisors analysis

US and Des Moineslabor force growing350162340160330158320156310154Not in every city300Source: U.S. Bureau of Labor Statistics2010201120122013City C20142015Des Moines20162017US2018152US labor force (MMs)Wichita/Des Moines labor force (000s)Open jobs hot economy164360

19,000 fewer adults compared to that city Population age 16 City CDes MoinesSource: U.S. Census Bureau American Community Survey/Reach Advisors analysis490,966471,026

but 17,000 person larger labor force in DSMPopulation age 16 in labor forceCity CDes MoinesSource: U.S. Census Bureau American Community Survey/Reach Advisors analysis325,019341,965

Easier for businesses to growImpact of deeplabor force?Easier to attract new businessesEasier for ventures to grow

Difference #2More college-educatedworkers

DSM: 26,000 more college-educated workersLabor force educational attainment113,183Age 20 to 64 in labor force90,410 91,61987,18458,513 60,93515,473Des MoinesComp city20,483Less than high schoolgraduateHigh school graduateSome college orassociate's degreeSource: U.S. Census Bureau American Community Survey/Reach Advisors analysisBachelor's degree orhigher

Each 1% increase in college educational attainment adds 1,349 to a city’s median household income

Each 1% increase in college educationalattainment boosts median wages for A better-educatedcity generatesstronger pay foreveryone College graduates by .4% Those with some college by 1.6% High school graduates by 1.6% High school dropouts by 1.9%

Difference #3Mid-career talent strength

Age 30 to 44 growthsince 2010Des Moines:Younger adultpopulation grew 4xfaster than USGrowth pop age 30 to 44 since 201013.3%3.0%USSource: U.S. Census Bureau American Community Survey/Reach Advisors analysisDes Moines

Disproportionateattraction ofcollege-educatedmid-career adultsCensusBureauSource: U.S. Source:Census U.S.BureauAmericanCommunity Survey/Reach Advisors analysisAmerican Community Survey/Reach Advisors analysisGrowth rate pop. age 30-44 with BA/BS since 201034% growth since 2010(age 30-44)33.9%14.5%USDes Moines

Difference #4Outsized communityinvestment

Civic investment

DSM downtowncivic development:5x more than somecomp cities

DSM downtownhotels in development:10x comp cities

DSM downtownresidential in development:5x comp cities

DSM downtowncommercial in development:5x comp cities

DSM mega-projects: 5x comp citiesPrincipal 400MMApple 1.4BBMicrosoft 3.5BBFacebook 3BB

Philanthropic investment

Community foundation assetsAssets (in millions of dollars)54533180Wichita CommunityFoundation149Cedar Rapids Community Grand Rapids CommunityFoundationFoundationDes Moines CommunityFoundationOmaha CommunityFoundation

Community foundation assetsAssets (in millions of dollars)1,00054533180Wichita CommunityFoundation149Cedar Rapids Community Grand Rapids CommunityFoundationFoundationDes Moines CommunityFoundationOmaha CommunityFoundation

Three challengesSignificant shifts enteringthe next decade

Challenge #1Young adult population growth slows

Growth in younger adult population starts to slow mid-decadeUS pop. growth age 30 to 447.0%6.0%Growth rate drops by half5.0%4.0%3.0%2.0%1.0%0.0%2010 to 20152015 to 2020Source: U.S. Census Bureau American Community Survey/Reach Advisors analysis2020 to 20252025 to 2030

Increasing battle with top marketsfor smaller pool of top mid-career talent

Challenge #2Des Moines is a high beta economy

Digging deeper by applyingfinancial portfolio-theory toolsAlphas and betas

High-beta economy (12.4% more cyclical)

Real GDP (2009 ) indexed to2001High beta strong recovery 1.81.71.6Des Moines outpacingmore than ever 1.51.4High-beta1.2rebound1.3Steeper decline1.11.0USDes MoinesSource: Bureau of Economic Analysis, U.S. Department of Commerce/Reach Advisorsanalysis

Real GDP (2009 ) indexed to2001High beta strong recovery but also steeper declines1.81.71.6Des Moines outpacingmore than ever 1.51.4High-beta1.2rebound1.3Steeper decline1.11.0USDes MoinesSource: Bureau of Economic Analysis, U.S. Department of Commerce/Reach AdvisorsanalysisWill regresstoward the mean

No alpha in the economy (0.0%)

Challenge #3Disruptive innovation or putting more alpha into the economy

Will Des Moines rely on what’s worked in the past or re-invent as the economy evolves?

In a city where 33% of the GDP driven byFinancial / Insurance / Real Estate (FIRE industries)

What happens when AI replaces

Accountants, actuaries, agents, claims adjusters,customer service representatives, examiners andinvestigators, financial managers, loss controlspecialists, marketing managers, salespeople,underwriters

The digital and algorithmic reality

Another industry example of digital transformation

Choosing your own future

James ChungReach AdvisorsStratoDem 942

What will Des Moines do to stay ahead of the curve?

Extra slides andalternate templateslides follow

2017 GDP indexed to 20011.81.7High beta comp city:Beta swings andincreasingly negativealpha choke a recoveryGDP indexed to 20011.61.51.41.31.21.11.00.92001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017US67Source: Bureau of Economic Analysis, U.S. Department ofCommerce/Reach Advisors analysisDes MoinesComp city

2017 GDP indexed to 20011.81.7Des Moines:Higher beta swingsdrive greater recoveryand continuing cyclesupGDP indexed to 20011.61.51.41.31.21.11.00.92001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017US68Source: Bureau of Economic Analysis, U.S. Department ofCommerce/Reach Advisors analysisDes MoinesComp city

Wichita/Des Moines labor force (000s)Open jobs hot economy360Des Moineslabor force growing350340330320Not in other cities310300Source: Bureau of Labor2010201120122013Comp city201420152016Des Moines20172018

164US and Des Moineslabor force growing350162340160330158320156310154Not in other cities300Source: Bureau of Labor2010201120122013Comp city201420152016Des Moines2017US2018152US labor force (MMs)Wichita/Des Moines labor force (000s)Open jobs hot economy360

Des Moines:Has more young collegeeducated adults vs. USDes Moines:Attracts more youngtalent vs. US1.4x 2.3xHigher indexgrowth rate

Some growth due toretention andattraction of collegegrads Source: Wall Street Journal and EMSI

Venture capital investment: Past two yearsCity CCity DDSM5 tracked deals15 tracked deals23 tracked deals 5.4MM 20.8MM 130MMSource: National Venture Capital Association

Younger adult population growth likely to slowAnnual growth slows to .7% nationally, to 1.3% in Des Moines

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Content 01Lorem ipsum dolor sit amet,consectetuer adipiscing elit. Maecenasporttitor congue massa. Fusce posuere,magna sed pulvinar ultricies, puruslectus malesuada libero, sit ametcommodo magna eros quis urna.Nunc viverra imperdiet enim. Fusce est.Vivamus a tellus.Pellentesque habitant morbi tristiquesenectus et netus et malesuada famesac turpis egestas. Proin pharetranonummy pede. Mauris et orci.7

Content 02Lorem ipsum dolor sit amet, consectetueradipiscing elit. Maecenas porttitor conguemassa. Fusce posuere, magna sedpulvinar ultricies, purus lectus malesuadalibero, sit amet commodo magna eros quisurna.Nunc viverra imperdiet enim. Fusce est.Vivamus a tellus.Pellentesque habitant morbi tristiquesenectus et netus et malesuada fames acturpis egestas. Proin pharetra nonummypede. Mauris et orci.7

Comparison 01TOPIC 01TOPIC 02Lorem ipsum dolor sit amet, consectetueradipiscing elit. Maecenas porttitor conguemassa. Fusce posuere, magna sed pulvinarultricies, purus lectus malesuada libero, sitamet commodo magna eros quis urna.Lorem ipsum dolor sit amet, consectetueradipiscing elit. Maecenas porttitor conguemassa. Fusce posuere, magna sed pulvinarultricies, purus lectus malesuada libero, sitamet commodo magna eros quis urna.Lorem ipsum dolor sit amet, consectetueradipiscing elit. Maecenas porttitor conguemassa. Fusce posuere, magna sed pulvinarultricies, purus lectus malesuada libero, sitamet commodo magna eros quis urna.Lorem ipsum dolor sit amet, consectetueradipiscing elit. Maecenas porttitor conguemassa. Fusce posuere, magna sed pulvinarultricies, purus lectus malesuada libero, sitamet commodo magna eros quis urna.7

Comparison 02TOPIC 01 COMES HERETOPIC 02 COMES HERELorem ipsum dolor sit amet, consectetueradipiscing elit. Maecenas porttitor conguemassa. Fusce posuere, magna sed pulvinarultricies, purus lectus malesuada libero, sitamet commodo magna eros quis urna.Lorem ipsum dolor sit amet, consectetueradipiscing elit. Maecenas porttitor conguemassa. Fusce posuere, magna sed pulvinarultricies, purus lectus malesuada libero, sitamet commodo magna eros quis urna.Nunc viverra imperdiet enim. Fusce est.Vivamus a tellus.Nunc viverra imperdiet enim. Fusce est.Vivamus a tellus.Pellentesque habitant morbi tristiquesenectus et netus et malesPellentesque habitant morbi tristique senectuset netus et malesPellentesque habitant morbi tristiquesenectus et netus et malesuada fames acPellentesque habitant morbi tristique senectuset netus et malesuada fames ac8

ChartSalesStatistics here6543210Category 1Category 2Series 1Category 3Series 2Series 3Category 41st Qtr2nd Qtr3rd Qtr4th Qtr8

TableTOPIC 01TOPIC 02TOPIC 03TOPIC 04TOPIC 05Item 01TextTextTextTextItem 02TextTextTextTextItem 03TextTextTextTextItem 04TextTextTextTextItem 05TextTextTextTextItem 06TextTextTextTextItem 07TextTextTextTextItem 08TextTextTextTextTOTALTextTextTextText9

Venture investment

Funding rounds and dollars: Past two yearsCity ACity BCity CDSM30 trackeddeals117 trackeddeals205 trackeddeals141 trackeddeals 53.0MM 600.5MM 681.0MM 1,119.4MMSource: Crunchbase Data

massa. Fusce posuere, magna sed pulvinar ultricies, purus lectus malesuada libero, sit amet commodo magna eros quis urna. 7 9 Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Maecenas porttitor congue massa. Fusce posuere, magna sed pulvinar ultricies, purus lectus malesuada libero, sit amet commodo magna eros quis urna.

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