Safeguard Policy Statement & Strategy 2020 Midterm Review

Investor Demand for Kangaroo Offerings BY GEOGRAPHY BY INVESTOR TYPE 100% 2% 100% 7% 90% 80% 28% 9008 12% 18% 13% 32% 10% 80% 43% 39% 47% 70% 70% 57% 60% 40% 45% 45% 60% 53% 50% 40% 68% 30% 5005 58% 25% 31% 40% 24% 30%- 25% 56% 31% 43% 20% 39% 41% 20% 38% 38% 31% 32% 29% 27% 10% 10% 18% 13% 0% 1906 2011 2012 2013 2014 2015 2016 2011 2012 2013 2014 2015 2016 Australia Europe Asia Americas Central Banks/Cofficial institutions Ranks Middle East and Africa Note: Distribution based on demand. Fund Managers/Insurance/Pension Others Note: Distribution basic demand 26

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