Safeguard Policy Statement & Strategy 2020 Midterm Review

Investors Demand for USD Global Bonds BY GEOGRAPHY BY INVESTOR TYPE 100% 100% 5% 5% 16% 5% 7% 14% 90% 19% 21% 18% 11% 19% 14% 16% 18% 16% 15% 5% 80% 80% 15% 6% 10% 9% 70% 15% 26% 70% 34% 12% 25% 26% 10% 60% 32% 60% 30% 50% 50% 25% 23% 28% ALDS 37% 29% 40% 30% 57% 52% 58% 52% 52% 46% 20% 30% 10% 20% 40% 41% 40% 35% 27% 29% 00 10% 2011 2012 2013 2014 2015 2016 Others 0% 2011 Asia 2012 Europe 2013 2014 2015 2016 Middle East & Africa Americas ex-US US Note: Distribution based on demand. Fund Managers/Insurance/Pension Banks Central Banks/Official Institutions Note: Distribution based on demand. Note: Includes fixed, floating rate note (FRN) and reopenings on Global format. Percentages may not total 100% because of rounding. 24

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