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Investor Presentaiton

Inflation is Moderating from Peak Levels On a trailing three-month average basis, Core PCE inflation is run-rating at approximately 2% and Core CPI inflation is run-rating at approximately 3%, down from 4% to 5% inflation seen earlier in the year Core PCE & Core CPI Inflation, Annualized Trailing 3M Average: 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Core PCE - Annualized Trailing 3M Average Source: Bureau of Labor Statistics (CPI) and Bureau of Economic Analysis (PCE) Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Core CPI - Annualized Trailing 3M Average Jul-23 Aug-23 Sep-23 2.2% 3.1% 4

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