Revenue and Issuance Analysis

Global Regulatory and Accounting Drivers for the ERS Business EMEA Revised Concentration & Large Exposures CVA review Updated Leverage Ration Revised SA operational risk Revised minimum capital requirements for MR BOE/ PRA ST BOE/ PRA ST Restrictions use internal models for CR RWA Revised G-SIB assessment and HLA requirement Revised SA approach CR Output floor 2022 Restrictions internal models for CR RWA ASIA PACIFIC 2022 2021 Restrictions use O internal models for CR RWA Output floor Revised Concentration Large Exposures Revised G-SIB assessment and Revised SA HLA requirement approach CR Revised SA operational risk Revised minimum capital requirements for MR CVA review 2022 and beyond 2021 BOE/ PRA ST 2021 Revised G-SIB assessment and HLA requirement Revised minimum capital requirements for MR Revised SA approach CR Vickers reform 2020 2020 CCAR/ DFAST BOE/ PRA ST New securitization framework CCAR/ DFAST FRTB FRTB SCCL for large banks 2019 IFRS 9 Leverage Ratio NSFR PSD II IRRBB review Leverage Ratio TLAC² CCAR/ DFAST AMERICAS 2019 Output floor CECL TLAC² NSFR IRRBB review ECB Anacredit BOE/ PRA ST EU-wide ST TLAC2 NSFR IFRS 9 LCR1 Leverage Ratio Supplementary leverage ratio ECCAR /DFAST SEC Liquidity rules (ETF, mutual funds) FRTB New securitization framework IRRBB review IFRS 9 2020 2019 2018 SCCL large 2019 BHCS & FBO Supervisory rating system for LFIs FBO ST NCUA RBC rule for large credit unions 2020 CVA review CCAR/ DFAST Revised Concentration Large Exposures Revised SA operational risk 2022 and beyond 2021 Source: Moody's Analytics market research as of January 2019. Note: MiFID II, MiFIR and GDPR regulations are relevant to the banking sector but do not impact on Moody's Analytics products and so have not been included on the radar. 1. The implementation of the LCR in the EU was: 60% in 2015, 70% in 2016, 80% in 2017 and 100% in 2018. In the US, advanced-approach banks had to meet 80% of the LCR by January 1, 2015 and 100% of the ratio by January 1, 2017. 2. The G-SIB surcharge will expand the conservation buffer, subject to a 3 year phase in period. G-SIBS will be required to hold a minimum Total Loss-Absorbing Capacity" (TLAC) of at least 16% from 2019 and 18% by 2022. MOODY'S November 4, 2019 41

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