Investor Presentaiton

Combining Fiscal and Monetary Stimulus Shows Concerted Government Support + According to Bank of America Investment Strategy, Japan has enacted $1.8tn in Fiscal Stimulus and $1.7tn in Monetary Stimulus in response to the pandemic, significantly greater than the U.S. response as a percentage of GDP Combined Fiscal and Monetary Response as % of GDP Italy Germany Japan UK Bulgaria Sweden Poland France Romania Denmark Spain USA 0% 20% Source: Bank of America Investment Strategy, "The Flow Show," 4/15/2021. 73.7% 69.8% 69.2% 57.7% 56.1% 54.1% 54.0% 53.2% 50.7% 48.9% 48.7% 48.5% 40% 60% 80% 8

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