SMBC Group's Financial and Credit Portfolio

(Ref.) Comparison of GDP & Output Gap GDP level*1 (2019=100) 110 105 100 95 95 90 90 *1 Output gap Bloomberg (%) Consensus 4 2 0 -2 -4 -6 Japan -8 U.S. -10 Euro -12 85 2019 2020 2021 2022 2023 T SMBC Estimates The output gap is estimated by using HP filter. Japan U.S. Euro -14 2019 2020 2021 2022 2023 2024 *1 Cabinet Office (CAO), Congressional Budget Office (CBO), Bloomberg, SMBC. Including SMBC Treasury Unit's own estimate as of November 1, 2023 Copyright © 2023 Sumitomo Mitsui Financial Group. All Rights Reserved. 30

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