Safeguard Policy Statement & Strategy 2020 Midterm Review

$ bn 6.0 Dynamic Participation in Private Placements Private Placements: 2005 - YTD 2016 84 issues 5.0 102 issues 72 issues 60 issues 4.0 52 issues 3.0 43 issues 35 issues 59 issues 2.0 1.0 II 30 issues 29 issues 24 issues 36 issues 0.0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 IILL 2015 YTD 2016 Responds to investor needs: ■ Quick execution time ■ Flexible issue size ■ Broad maturity range ■ Varied currency and interest rate structure Note: Includes structured notes, institutional and retail-targeted transactions. Year 2016 figures include trades up to 28 July 2016. 30 30

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