Safeguard Policy Statement & Strategy 2020 Midterm Review

Funding Availability at all times Borrowing Program: 2005 - 2016 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Amount 20 4 5 9 9 10 15 14 13 12 14 19 (actual, $ billion) (indicative) Benchmark issuance Public bond issues Structured private placements and other reverse inquiries Retail targeted transactions Local currency bond issuance ECP Program¹ Ensure availability of funds at all times to meet operational needs 1/ECP dealers include Banc of America Securities Limited, Barclays, Citibank, Goldman Sachs, ING Bank N.V., and UBS. 20 20

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