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Investor Presentaiton

Real Rates are At Clearly Restrictive Levels Across the yield curve, real interest rates are ~2.5%, a level that has rarely been sustained for any significant period of time since the 1990s Real interest rates (nominal interest rates less inflation compensation): 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% (1.0%) 93 (2.0%) (3.0%) (4.0%) (5.0%) (6.0%) Oct-95 Oct-97 Oct-99 Oct-01 Oct-03 FFR Less Trailing 6M Avg. Core PCE Inflation Source: Bloomberg, as of October 19, 2023 (at approximately 9AM) Oct-05 Oct-07 Oct-09 Oct- Oct-15 Oct-19 Oct-21 Oct-23 5YR TIPS-Implied Real Yields 10YR TIPS-Implied Real Yields 3 2.6% 2.5% 2.4%

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