Safeguard Policy Statement & Strategy 2020 Midterm Review

$bn 20.0 Diversified Product and Currency Mix Borrowings by Type: 2005 - YTD 2016 Ave. maturity in years 7 Global $/€ Benchmark Bonds 18.0 16.0 14.0 Public Bond Issues 5 12.0 Local Currency 4 10.0 3 8.0 6.0 4.0 2 L 2.0 0.0 Other private placements (institutional, Uridashi, retail- targeted) Structured private placements -Average maturity (based on first call date) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Jul-16 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Jul-16 No. of Currencies 7 13 13 7 7 9 9 8 10 11 11 14 No. of Transactions 64 51 94 113 44 92 68 77 58 50 56 44 Note: Excluding Euro-Commercial Paper issuances (ECPs). Year 2016 figures include trades up to 28 July 2016. 22

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