DEBT CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS. REUTERS/ Kevin Lamarque

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1 DEBT CAPITAL MARKETS REVIEW MANAGING UNDERWRITERS REUTERS/ Kevin Lamarque Full Year 25

2 Full Year 25 Debt Capital Markets Managing Underwriters Debt Capital Markets Review Table of Contents Global Debt International Debt Asia Debt Global Deals Intelligence EMEA Deals Intelligence Asia Deals Intelligence 5 Global Debt, Equity & Equity Related (A) All International Bonds (J) Asian G3 Currency Bonds (ex-japan, ex-australia) (AR2) 5 Global Debt and Syndicated Loans (DL) All International Securitizations (Jc) All Asian Currencies (ex-japan, ex-australia) (AS) 5 Global Scorecard 2 All Bonds in Euros (N) Dim Sum Bonds (AS24a) 5 Leading Underwriters for Fourth Quarter 25 2 All Global Green Bonds (GR) All Asian Currencies (ex-japan, ex-australia, ex-china) (ASa) 5 Global Debt (B) 2 All International Green Bonds (JG) Australian Debt Global Investment Grade Corporate Debt (B7) 3 High Yield Australia Deals Intelligence 6 Global Debt and Syndicated Loans Islamic Finance (DL2) 3 Global High Yield Deals Intelligence 2 All Australian Debt (ex self-funded) (AJ3a) 6 Global Mortgage-Backed Securities (B) 3 Global High Yield Debt (B4) 2 Australian Dollar Non-Securitized Bonds (ex self-funded)(aj6) 6 Global Asset-Backed Securities (B) & (B3) 3 Banking Composite of Top Global Debt s Global Debt Rankings - Last Ten Years US Debt US Debt (F) 6 US High Yield Corporate Debt (F8) US Investment Grade Corporate Debt (F9) All Federal Credit Agency Debt (H) US Asset-Backed Securities (F4) US Mortgage-Backed Securities (F) US Securitizations ex.cmbs, Agency CMO, CDO & Self- Funded(F2a) Banking Composite of Top US Debt s 8 IFR Markets Supplement Global High Yield Debt - US Dollar Denominated (B5) 2 Global High Yield Debt - Non-US Dollar Denominated (B6) 2 Emerging Market Debt All International Emerging Market Bonds (L) 3 EMEA Emerging Market Bonds (L2) 3 Latin America Emerging Market Bonds (L3) 3 Asia-Pacific Emerging Market Bonds (L4) 3 Middle East Emerging Market Bonds (L5) 3 Emerging Market Debt - Latin America All Brazilian Debt (BR) 4 Brazilian Domestic Debt (BR2) Global Debt by Mexican Issuers (MX) 4 4 Global Debt in Mexican Pesos (MX2) 4 Domestic Mexican Debt (MX3) 4 All Australian International Bonds (AJ7) Japan Debt Japan Deals Intelligence All Bonds in Yen (AP5) Samurai Bonds (AP) Japanese Securitizations (AP2) Japanese Corporate Debt (AP3) Bonds Targeted in Japan (AP4) Criteria Summary Debt Capital Markets Criteria Summary Thomson Reuters Solutions for the Deal Making Community

3 Global Debt Activity Down 3% l US Investment Grade Debt Breaks All-Time Record l High Yield Offerings Fall 22% l Tops Underwriting Rankings Global Deals Intelligence GLOBAL DEBT CAPITAL MARKETS ACTIVITY FALLS 3% - Overall global debt capital markets activity totaled US$5.3 trillion during full year 25, a 3% downtick compared to full year 24 and the slowest annual period for global debt capital markets activity since 2. Fourth quarter global debt activity decreased 3% compared to the third quarter of 25, marking the slowest three-month period for global debt offerings since the third quarter of 2 and the third consecutive quarterly percentage decline. US INVESTMENT GRADE CORPORATE DEBT BREAKS ALL-TIME ANNUAL RECORD - High Grade corporate debt offerings targeted to the US marketplace totaled US$.2 trillion during full year 25, an increase of 8% compared to a year ago and the strongest annual period for the asset class since records began in 98. Fourth quarter activity totaled $254. billion, a decline of 6% compared to the third quarter of this year. GLOBAL HIGH YIELD VOLUME DOWN 22% AS SECOND HALF ACTIVITY FALLS 58% - The volume of global high yield corporate debt reached US$347.2 billion during full year 25, a 22% decrease compared to full year 24 and the slowest annual period for global high yield issuance since 2. Fourth quarter 25 high yield issuance totaled US$48.8 billion, bringing overall second half volume to US$3. billion, a 58% decline compared to the first half of 25 and the slowest six month period for high yield offerings since the second half of 2. AVERAGE HEALTHCARE AND TECH OFFERINGS TOP $ BILLION Debt capital markets activity in the Technology sector totaled US$53. billion during full year 25, an increase of 42% compared to year-ago levels. Consumer Staples and Healthcare activity saw strong year-over-year growth, registering increases of 3% and 3%, respectively. Average deal size in the Healthcare sector led all industries this year, with the average deal totaling nearly US$.3 billion. Materials offerings registered the steepest declines so far this year, down nearly 4% compared to a year ago. EMERGING MARKETS CORPORATE DEBT DOWN 4% - Corporate debt from emerging markets issuers totaled US$92.6 billion during full year 25, a 4% decrease from a year ago. Nearly 56% of all emerging markets corporate debt during the year was raised by issuers in India, Mexico and Malaysia and Russia. Issuance from corporations in Brazil totaled US$.7 billion, a decline of 82% compared to a year ago. JP MORGAN TOPS GLOBAL DEBT LEAGUE TABLE - held the top spot for global debt underwriting during full year 25, with proceeds of US$395. billion and an increase of.4 market share points. moved to second place from fourth with a market share gain of.8 points, while maintained third place. OVERALL DEBT UNDERWRITING FEES DECLINE 7% - According to Thomson Reuters/Freeman Consulting, estimated fees from DCM activity totaled US$9.9 billion during full year 25, a decrease of 7% year-on-year. Fees from high grade debt totaled US$.4 billion (a 52% share), while fees from high yield debt totaled $4.3 billion. High yield fees decreased 24% compared to a year ago, while investment grade fees decreased 2%. Proceeds (US$t) Global High Yield Corporate Debt- Quarterly Proceeds ($bil) Global Debt Capital Markets by Asset Class $2.4 $2.22 $2. $.8 $.6 $.4 $.2 $. $.8 $.6 $.4 $.2 $. $8 $6 $4 $2 $ $8 $6 $4 $2 $ Global High Yield Debt ($bil) Number of Offerings Full Year 25 Debt Capital Markets Managing Underwriters DEBT CAPITAL MARKETS REVIEW Investment Grade Corporate MBS Federal Credit Agency Agency, Supranational, Sovereign ABS High Yield Corporate Emerging Market Corporate Global Debt, Equity & Equity-related (A) Global Debt and Syndicated Loans (DL) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 46, , , , , , , , , , , , , , , , , , , , , , , , Morgan Stanley , , , Deutsche Bank , , , Deutsche Bank , , , Wells Fargo & Co , , , Goldman Sachs & Co , , , HSBC Holdings PLC , , , HSBC Holdings PLC , , Morgan Stanley , , , Credit Suisse , , , Goldman Sachs & Co , , , Wells Fargo & Co 24, , , Credit Suisse 283, , , ,33, , ,554, , ,69, ,382 +4,52 38, ,352, ,534-2,86 36, % -.7% -5.3% 6.5% -2.3%.% -8.7% -2.9% -.7% -2.7% -3.9% -4.3%

4 Full Year 25 Debt Capital Markets Managing Underwriters Global Debt Global Scorecard Global Debt (B) Jan 25 - Dec 3 25 Jan 24 - Dec 3 24 Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Proceeds No. Proceeds No. % Change $USm Deals $USm Deals in Proceeds All US Debt (F) 395, , , US Long-term Debt (F2) 2,69, ,239 2,6,24. 4,54 +.4% , , , US Long-term Straight ex MBS, ABS & Munis (F3),977,35.6 2,97,97, ,24 +3.% , , , US Federal Credit Agency Debt (F7) 86,79.,86 43, % , , , US High Yield Corporate Debt (F8) 252, , % Deutsche Bank , , , US Investment Grade (F9),228, ,38,27.2,4 +8.% Morgan Stanley , , , Agency, Sovereign & Supranational Debt (F) 266, , % Goldman Sachs & Co , , US Mortgage-backed Securities (F) 369, , % HSBC Holdings PLC , , US Asset-backed Securities (F4) 263, , % Credit Suisse , US Taxable Municipal Debt (F5) 7, , % Wells Fargo & Co 93, , US Short-term Debt - including MBS, ABS (F6) 56,355.,464 49,236.5, % BNP Paribas SA 59, RBC Capital Markets 2 3 2, All Global Debt (B) Nomura 3 4 5, Global Long-term Debt (B2) 5,24, ,277 5,798,27.4 4, % UBS , Global Long-term Debt ex MBS, ABS & Munis (B3) 4,232,666.9,553 4,927,3.7 2,633-4.% Societe Generale , Global High Yield Corporate Debt (B4) 347, , % Credit Agricole CIB , Global Investment Grade Corporate Debt (B7) 2,64,376. 6,344 3,,35.2 7,96-2.3% Mizuho Financial Group , US Federal Credit Agency Debt (B8) 9,634.6,22 54, % TD Securities Inc , Global Agency, Sovereign & Supranational Debt (B9) 983,783. 2,357,28, ,97-9.2% UniCredit , Global Mortgage-backed Securities (B) 447, , % RBS 2 2 6, Global Asset-backed Securities (B) 344, , % % Natixis 2 2 5, Global Short-term Debt (B4) 3, ,4 369,8.6 2, % Mitsubishi UFJ Financial Group , Global Emerging Markets Corporate Debt (B5) 92,69.2,24 323,229.6, % Commerzbank AG , Scotiabank , Leading Underwriters for Fourth Quarter 25 Daiwa Securities Group Inc , Top Twenty Five Total 4,48, , Current Qtr 5,299, ,566-2,449 9, Market Share Mkt. Share Chg. Consecutive No. Manager (%) from Last Qtr (%) Quarters No. -3.4% -4.4% -6.9% Market Sector Stocks and Bonds Global Debt, Equity & Equity-related (A) Global Disclosed Fees (A2) U.S. Debt, Equity & Equity-related (E) U.S. Disclosed Fees (E2) Global Bonds Global Debt inc MBS, ABS & US Tax Munis (B) Global High Yield Corporate Debt (B4) Global Investment Grade (B7) Global ABS (B) US Bonds U.S. Debt inc MBS, ABS, & Tax Munis (F) U.S. LT Debt inc MBS,ABS &Tax Munis(F2) U.S. Investment Grade Corporate Debt (F9) U.S. High Yield Corporate Debt (F8) U.S. Federal Credit Agency (H) U.S. LT Federal Credit Agency Debt (H3) U.S. Mortgage-backed Securities (F) U.S. Asset-backed Securities (F4) Credit Suisse International Bonds All International Bonds (J) 9. All Bonds in Euro (N) BNP Paribas SA 8.2 All International Securitizations (Jc) 2.2 Asia-Pacific Bonds Asian G3 Currency Bonds ex JP & Aus (AR2) All Asian Currencies ex CDs (AS) Australia Bonds Australian Dollar Bonds (AJ3) Australian Domestic Securitization (AJ5) HSBC Holdings PLC Westpac Banking National Australia Bank % Global Debt Capital Markets % Change by Asset Class 5% 4% 3% 2% % % -% -2% -3% -4% -5% Investment Grade Corporate -2.3% Agency, Supranational, Sovereign -9.2% High Yield Corporate -2.8% -2.% -22.8% 2.9% -4.4% -3.8% ABS MBS Emerging Market Corporate 25 vs % Federal Credit Agency 2

5 Full Year 25 Debt Capital Markets Managing Underwriters Global Debt Global Investment Grade Corporate Debt (B7) Imputed Fees: Global Investment Grade Corporate Debt Full Year Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 28, , , Morgan Stanley , Goldman Sachs & Co , Deutsche Bank , , HSBC Holdings PLC , Wells Fargo & Co 9 2 9, BNP Paribas SA 9 86, ,393, , ,64, ,344 -,562, % -9.8% -.7% -8.% -3.4% -8.6% Fees (US$bil) $4 $2 $ $8 $6 $4 $2 $ 7,97 6,345 6,94 6,382 6,49 6,336 5,4 6,254 5,87 4, Global Investment Grade Fees (US$b) Number of Offerings 9, 8, 7, 6, 5, 4, 3, 2,, Number of Offerings Global Debt and Syndicated Loans Islamic Finance (DL2) Global Mortgage-Backed Securities (B) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) CIMB Group Sdn Bhd 5, HSBC Holdings PLC 2 2 3, Malayan Banking Bhd 3 3 3, RHB 4 7 2, Standard Chartered PLC 5 4 2, Dubai Islamic Bank PJSC 6 3 2, MashreqBank PSC 7, AMMB Holdings Bhd 8 5, National Bank of Abu Dhabi 9 9, , , , Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Credit Suisse 2 54, , , Wells Fargo & Co , Morgan Stanley , , , Goldman Sachs & Co , Deutsche Bank , Mischler Financial Group Inc 6, , , , % -7.6% 6.% 28.6% -2.6% 55.3% 2.9% -4.9% 6.2% -4.7% 4.8%.8% Global Asset-Backed Securities (B) Global Asset-Backed Securities ex-cdos (B3) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 39, , , , , , Credit Suisse , Credit Suisse 4 5 8, , , Wells Fargo & Co 6 8 8, RBC Capital Markets 6 7 6, RBC Capital Markets 7 9 7, Deutsche Bank 7 6 2, Deutsche Bank 8 5 7, Mizuho Financial Group 8, Morgan Stanley 9 7 7, Wells Fargo & Co 9 9, Mizuho Financial Group 2 2, HSBC Holdings PLC 6 7, , , , , , , * tie -2.% -5.7% -4.9% -9.5% -26.8% -2.% -5.3% -2.4% -9.8% -9.3% -2.8% 9.8% 3

6 Full Year 25 Debt Capital Markets Managing Underwriters Banking Composite: Global Debt Issue Type Composition for the Top Global Debt s 25 % 5.% 4.7% 4.4% 4.% 4.% 6.3% 6.8%.5% 9.3% 2.3% 9% 8% 52.3% 7% 49.9% 56.% 56.5% 6% 59.7% 6.3% 59.6% 6.3% 5.6% 69.4% % Total Proceeds 5% 8.9% 4% 3.% 2.2% 3% 2% 3.2% 2.%.6% 6.2%.9% 3.%.% 3.2% 3.7% 2.3%.3% 6.5% 2.5% 4.8% 6.2%.%.5% 2.6% 5.3% 28.9% 8.6%.%.% 9.4% 6.4% 4.3% % 3.6% 2.9% 4.5% 2.7% 2.4% 5.2% 9.5%.2%.3%.% % 4.8% 4.9% 5.8% Bank of America Merrill Lynch 4.3% 3.4% 2.7% 2.3% 2.% 6.8% 6.5% Deutsche Bank Morgan Stanley Goldman Sachs & Co HSBC Holdings PLC Credit Suisse Wells Fargo & Co ABS Agency, Supranational, Sovereign Emerging Market Corporate Federal Credit Agency High Yield Corporate Investment Grade Corporate MBS 4

7 Full Year 25 Debt Capital Markets Managing Underwriters Global Debt Rankings* - Last Ten Years Deutsche Bank Rank 6 Morgan Stanley 7 Goldman Sachs & Co 8 HSBC Holdings PLC 9 Credit Suisse Wells Fargo & Co *Global Debt League Table (B) positions reflect consolidation within the banking sector. Rankings shown are as of the current quarter end in each calendar year. 5

8 Highest Volume on Record for US Investment Grade l Underwriting Fees up 4% Full Year 25 Debt Capital Markets Managing Underwriters US Debt US Deals Intelligence US Investment Grade Corporate Debt (F9) Annual volume for U.S. Investment Grade corporate debt in 25 reached US$.2 trillion, an all-time high. The number of deals decreased 6% to 932 issues. Despite the decline, average deal size increased from US$ billion to US$.3 billion. US Investment Grade volume was bolstered by several jumbo transactions, as 3 deals with a principal amount over US$ billion raised a total of US$8.5 billion in 25. In comparison, just eight offerings greater than US$ billion came to market between 25 and 24. The largest transaction of 25 was March's Actavis Funding issue, which ranked as the second largest bond issue on record. The Financials, Energy and Power, Healthcare and Technology sectors accounted for 74.2% of U.S. Investment Grade corporate volume, in aggregate with US$92.3 billion in proceeds. Technology sector volume was the highest on record, with US$4.3 billion, up 66% from a year ago. The US$4.6 billion Hewlett-Packard issue in September was the second largest Technology sector financing on record. According to data from Thomson Reuters/Freeman Consulting, 25 fees totaling US$6 billion were the highest on record and were up 3.8% from fees paid in 24. was the top fee earner with US$749.4 million. Wells Fargo saw the largest increase in fee share, up.2 percentage points. US Debt (F) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 296, , , , , , , Wells Fargo & Co 5 9 8, Goldman Sachs & Co 6 6 8, Morgan Stanley , Deutsche Bank , Credit Suisse , HSBC Holdings PLC 88, ,969, , ,69, , , Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 6, , , Goldman Sachs & Co , Morgan Stanley , Wells Fargo & Co , , Deutsche Bank , HSBC Holdings PLC 9 9 5, Credit Suisse 45, UBS 5 3, Mitsubishi UFJ Financial Group Mizuho Financial Group RBC Capital Markets , , , BNP Paribas SA US Bancorp Credit Agricole CIB , , , Societe Generale 8 24, RBS 9 8, Scotiabank 2 9 8, Bank of New York Mellon Corp 2 3 6, SunTrust Banks , TD Securities Inc , Sumitomo Mitsui Finl Grp Inc , Standard Chartered PLC , Santander , BBVA , Lloyds Bank , ANZ Banking Group , PNC Financial Services Group , Top Thirty Total,86, , ,228, , % 5.6% 5.7% 5.4% 3.8% 2.6%.4% 8.9% 6.% 6.4% 5.2% 4.% US High Yield Corporate Debt (F8) All Federal Credit Agency Debt (H) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 27, , Goldman Sachs & Co 3 6 2, , Deutsche Bank 5 3 2, , Morgan Stanley 7 4 6, Credit Suisse 8 7 4, Wells Fargo & Co 9 9 3, RBC Capital Markets 2, , , , , Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 72, Wells Fargo & Co , Deutsche Bank 3 2 4, Nomura 4 5 3, TD Securities Inc , , Morgan Stanley , First Horizon National Corp 8 2 2, HSBC Holdings PLC 9 6 2, , , , ,2 +2, % 3.9% 3.% 6.% 22.% 26.7% 3.8% 5.% 5.4% 4.2% 48.2% 39.7% 6

9 Full Year 25 Debt Capital Markets Managing Underwriters US Securitizations US ABS Collateral Volume Breakout (US$b) US Asset-Backed Securities (F4) $27. % $3.3 5% $ % $ % $55.6 2% Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 36, , Credit Suisse , , , Wells Fargo & Co 6 7 8, RBC Capital Markets 7 9 6, Deutsche Bank 8 5 5, Morgan Stanley 9 8 5, Goldman Sachs & Co 9, , , , , CDO Credit Card Student Loan Auto Other 8.6% 3.9% 6.4% 9.9% 9.5% 2.% US Asset-Backed Securities excluding Self-Funded (F4a) US Mortgage-Backed Securities (F) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 32, , Credit Suisse 3 2 2, , Wells Fargo & Co 5 6 8, , Deutsche Bank 7 5 5, Morgan Stanley 8 8 5, RBC Capital Markets 9 9 3, Goldman Sachs & Co 9, , , , ,33.. Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Credit Suisse 53, , Wells Fargo & Co , , Morgan Stanley , , , Goldman Sachs & Co , Deutsche Bank 9 5 2, Mischler Financial Group Inc 6, , , % 6.4% 9.% 3.8% 9.9%.5% 2.9%.2% 8.4%.7% 6.5% 3.7% Quarterly Residential ABS, MBS & CDO Volume $6 $5 Proceeds (US$b) # of Issues $4 Proceeds (US$b) $3 $2 $ $ # of Issues US Securitizations ex CMBS, Agency CMO, CDO & Self Funded (F2a) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Credit Suisse 28, , , , , Wells Fargo & Co 6 6 6, RBC Capital Markets 7 8 2, Deutsche Bank 8 7, Guggenheim Securities LLC 9 6 6, Goldman Sachs & Co 6, , , % 3.7% 3.% 2.%.%.6% Rankings reflect new securitizations criteria implemented September 24 (See back page) 7

10 Full Year 25 Debt Capital Markets Managing Underwriters Banking Composite: US DCM DCM Industry Composition (F) DCM Industry Composition (Ex Financials) (F) % %.% % of Industry Proceeds.8%.8%.7%.6% 3.% 2.5% 2.2%.8%.6% 9% 8% 7% 6% 5% 4% 3% 2% % % 33.% 33.3% 3.7% 33.2% 38.% 4.% 39.7% 43.% 42.4% 44.%.5%.8%.7%.6% 4.3% 5.3% 3.4% 5.3%.3% 4.4% 2.7% 3.9% 3.% 4.6% 5.8% 4.8% 2.4% 4.4%.%.9% 3.8% 3.7% 2.8% 5.7% 5.% 5.5% 43% 4.3% 4.% 6% 6.% 24% 2.4% 69% 6.9% 3.% 3%.3%.5%.7% 5.9% 2.2%.4% 2.% 7.% 2.7% 5.9% 2.5% 3.9% 2.%.2% 2.6%.3%.7%.8%.4%.8% 5.8% 5.%.7% 2.4% 7.5% 7.4% 5.8%.5% 3.8%.2% 7.2%.6% 2.4% 2.6% 5.2%.6% 5.7% 3.9% 6.7% 3.8% 9.4% 7.% 3.2%.7%.5% 3.2%.4%.6% 7.% 9.9% 9.4% 2.% 2.4% 9.%.2% 8.2%.3% 9.% 6.7% 8.6% 9.3% 6.7%.7% 3.6% 9.6%.2% 2.5% 9.%.% 8.2% 8.6%.% JPM BoA GS WF Barc DB MS HSBC CS 3.%.8%.% 2.5%.8% 7.% 6.4% 8.% 8.% 7.7% 9.8% 8.8% 8.8% 5.% 8.6% 2.7% 2.4% 9% 7.% 2.2% 4.% 7.2% 5.8% 6.2% 4.3% 3.% 3.9% 5.2% 4.6%.% 2.7% 3.6% 4.4% 3.7% 2.5%.3% 6.4% 2.4% 5.7% 2.9% 9.7% 8.5% 8% 2.6% 6.%.4% 2.6% 4.4% 9.% 4.5% 4.4% 3.9% 3.% 3.% 2.% 7% 2.8% 6.7%.5% 3.% 3.2% 3.9% 8.8% 2.5%.3% 2.2% 9.4% 8.6% 8.3% 4.5%.2% 6% 8.6% 6.6% 5.9% 5.9% 5.2%.%.9% 5.5% 5.% 7.4% 5% 7.8% 2.3% 2.2% 4% 5.7% 2.% 9.2% 2.5% 5.2% 4.8% 3.% 5.% 3% 6.3% 2.6% 5.3% 7.4%.8% 4.2%.6% 4.% 2% 9.3% 2.8% 8.% 5.5% 5.3% 5.5% 8.7% % 2.4% 3.% 2.2% 4.% 7.5% 3.5% 3.2% 3.7% 5.% 3.8% % JPM BoA GS WF Barc DB MS HSBC CS Proceeds % of Industry.4%.8%.7%.5% 2.% 3.%.% 2.%.4%.8%.4%.% Consumer Products and Services Energy and Power Government and Agencies Healthcare High Technology Industrials Materials Media and Entertainment Real Estate Retail Consumer Staples Telecommunications Consumer Products and Services Energy and Power Government and Agencies Healthcare High Technology Industrials Materials Media and Entertainment Real Estate Retail Consumer Staples Telecommunications Financials 8

11 IFR Markets US Debt Issuance Surges l New Record for High-Grade Debt IFR Markets Intelligence Top Deals US Investment Grade Debt Transactions US HIGH-GRADE: US investment-grade bond issuance set a new record for a fifth straight year in 25, with US$.3 trillion of supply across 839 deals, handily exceeding the prior year's US$. trillion. M&A financings and shareholderfriendly activities were again the key drivers of issuance, and 5 deals were sized US$ billion or more. But the stresses building in anticipation of a first Fed rates hike since 26 led to some price sensitivity in the second half of the year, with lower average books to cover and borrowers having to pay more in new issue concessions. US HIGH-YIELD: This was clearly a year of two halves. During the first half of 25 high-yield issuance saw an increase of 4.6%, boosted by jumbo trades including the largest high-yield offering ever (Valeant s US$8.5 billion 3- tranche deal in March) as well as the fourth-largest ever (a US$6.6 billion 3-tranche trade from Frontier Communications). But as the overhang from an expected rates increase turned the screws in the later part of 25, volume fell off significantly in the fourth quarter, with just US$35.3 billion sold. It was the lowest quarter of issuance in the asset class since 28 and for the year, 25 was down 7% on the previous year. Issue Date 3/3/25 4/23/25 5/5/25 2/9/25 7/9/25 7/3/25 9/3/25 Issuer Actavis Funding AT&T Abbvie Visa Charter Communications CVS Health Corp Hewlett Packard 7,5 6,7 6, 5,5 5, 4,6 Total Book Size (US$m) Deal Size (US$m) Book to Cover Ratio 2, 9,3 4.3x , 6, 46,5 48,5 4, 3, 3.9x 3.6x 2.9x 3.x 2.7x 2.x Weighted Average New Issue Concession (bps) US ABS: Issuance of US consumer asset-backed securities fell to US$7.8 billion in 25 from US$97 billion last year, despite returns in the sector having outperforming both US corporate and government bonds. Autos accounted for roughly half of that volume, followed by credit cards an student loan bonds. Fears about liquidity, emissions scandals and major downgrades expected for government-backed student loans have all converged to pressure spreads to multi-year wides. US Monthly Investment Grade Debt vs Fund Flows /29/25 2/9/25 7/2/25 Microsoft Corp Microsoft Corp United Health Group 3,,75 32,3 33,,5 4,4 Weekly US Investment Grade Debt vs New Issue Concession Level 2.5x 3.x x.7 Lipper Flow Change (US$b) J F M A M J J A S O N D J F M A M J J A S O N D Lipper Fund Flow Change (US$b) Proceeds Issued (US$b) Monthly IG Proceeds (US$b) Proceeds (US$m) /3/4 /3/4 Proceeds (US$m) /28/4 2/26/4 /23/5 2/2/5 Average New Issue Concession 3/2/5 4/7/5 5/5/5 6/2/5 7//5 8/7/5 9/4/5 /2/5 /3/5 /24/5 2/25/ Average New Issue Concession Level US Monthly High Yield Debt vs Fund Flows US Auto ABS Collateral Type (US$m) Lipper Flow Change (US$b) Lipper Fund Flow Change (US$b) Proceeds Issued (US$b) J F M A M J J A S O N D J F M A M J J A S O N D Monthly HY Proceeds (US$b) $8.7 2% $4.3 5% $7.8 9% $2.2 23% $ % Prime Auto Sub-Prime Auto Auto Leases Near-Prime Auto Floorplan 9

12 International Bond Volumes Down % l M&A Finance Key Market Driver l SSA Sector In Decline Full Year 25 Debt Capital Markets Managing Underwriters International Debt EMEA Deals Intelligence International bond volumes were down % from the previous year s total. had the biggest increase in yearon-year market share in 25 (up.8 points), anchored primarily by investment grade corporate and SSA underwriting activity. Credit Suisse recorded the largest decrease (down.5 points), having worked on 6 fewer transactions than the previous year. Only BAML from the top ten banks worked on more deals in 25 than the previous year. M&A financing was a major catalyst for the bond markets in 25. This included Actavis Funding s raising of US$2.9 billion towards its acquisition of Allergan, AT&T S US$7.5 billion deal for its purchase of DirecTV and Merck s US$7.9 billion six tranche offering towards its purchase of Cubist. The Actavis and AT&T deals were the second and third largest corporate bond deals of all time. US Dollar denominated corporate issuance remained robust throughout 25 on the back of strong investor appetite, with volumes up.6%. Euro Corporate issuance was less active by comparison, with a.% rise on 24 volumes. International SSA issuance was notably down year on year, by 9.%, with particular weakness in the Sovereign and Supranational sectors, which fell by 27.7% and 24.2%, respectively. All International Bonds (J) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 3, , , , , , , Deutsche Bank , , HSBC Holdings PLC , Goldman Sachs & Co , Morgan Stanley 8 8 9, BNP Paribas SA , Credit Suisse 37, ,274, , ,75, ,395 -,65 5,74.9..% -7.8% -.6% 9.7% -2.7% -2.2% All International Bonds by Issue Type All International Securitizations (Jc) Proceeds ( b) Investment Grade Corporate Agency, Supranational, Sovereign High Yield Corporate Federal Credit Agency Emerging Market Corporate ABS & MBS,2, Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 3 24, Credit Suisse , , , Deutsche Bank 5 2 2, Wells Fargo & Co 6 7 9, , Morgan Stanley 8 9 3, Goldman Sachs & Co 9 8, RBC Capital Markets 5 8, , , %.% -2.% -2.2% -.8% 4.2% European Financial and Corporate Inv Grade By Domicile Nation Full Year All Bonds in Euros (N) Proceeds ( b) Proceeds per ( m) # of Deals per Imputed Fees ( m) BNP Paribas SA 76, HSBC Holdings PLC , , Deutsche Bank , Societe Generale , Credit Agricole CIB , UniCredit , , Goldman Sachs & Co 9 43, , , , ,73,648.2., , % -.% -5.5% -8.2% -4.3%.2%

13 BAML Lead Global Green Bonds Underwriting l Green Bonds Market Diversifying l Increasing Green EM Activity Full Year 25 Debt Capital Markets Managing Underwriters Green Bonds Green Bonds Deals Intelligence All Global Green Bonds (GR) According to figures compiled by Thomson Reuters and The Climate Bonds Initiative, led the 25 Global Green Bonds rankings, with a market share of 3.6% from 8 transactions. The Green Bonds market continued to expand throughout the year by geography, issuer type (corporate and bank issuers), and project/asset category (low carbon transport and water) bolstered by increasing credit enhancements by development banks and strong political commitment in local markets worldwide. For example, China and India both developed Green Bond regulation and considered policy support initiatives in 25, each with Green Bond totals exceeding US$ billion during the year. Investor demand for Green Bonds continued to grow in 25, particularly by institutional investors and corporate treasuries. The year also saw increased disclosure of green project selection, proceeds management and environmental impact. Notably, the U.S. market has been slow to adopt the independent review model already prevalent in other markets. However, 25 saw an incremental shift toward a European-style review model, with Morgan Stanley providing a review for its own inaugural green bond (US$5 million), followed by Renovate America (US$2.5 million). Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 2 3, Credit Agricole CIB 2 3 2, HSBC Holdings PLC 3 4 2, Morgan Stanley 4 7 2, SEB 5, , BNP Paribas SA 7, , Deutsche Bank 9 5, , , , % 43.% 67.8% 2.9% 36.4% 3.2% Top Green Bond Issuance by Nation Full Year All International Green Bonds (JG) US$m $ $, $2, $3, $4, $5, $6, United States of America Netherlands Germany Luxembourg France India China Sweden Finland Japan 5,84 4,624 4,274 2,49,9,42,393, Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 3 3, HSBC Holdings PLC 2 4 2, Credit Agricole CIB 3 2 2, Morgan Stanley 4 7, SEB 5, BNP Paribas SA 6, , Deutsche Bank 8 5, , , , % 37.2% 6.6% 95.9% 33.3% 9.5% Global Green Bond Industry Composition Full Year Global Green Bonds Volume $4.7 7% $7.5 28% $. $.9 4% 4% US$bln $2.2 45% Government and Agencies Financials Energy and Power Industrials Real Estate Consumer Staples US$m $6, $5, $4, $3, $2, $, $ Visit further detail

14 Global High Yield Volumes Down 22% l Key Deals M&A Driven l Leads Global Fee Pool Full Year 25 Debt Capital Markets Managing Underwriters High Yield Debt Global High Yield Deals Intelligence Global High Yield Debt (B4) Global High Yield issuance cooled in 25 and was the lowest yearly volume recorded since 2, down by 2.8% from 24 figures. The final quarter was the lowest quarterly total since the fourth quarter of 2. None of the top ten banks priced more deals in 25 than in 24. Some of the key 25 deals were driven by M&A market activity. United States pharmaceutical company Valeant s US$. billion equivalent four-tranche deal for its acquisition of Salix was the second largest High Yield deal on record. Altice priced a US$5.3 billion equivalent transaction for its planned purchase of Portugal Telecom. Italian commercial lottery operator and gaming company GTECH priced a five tranche US$4.9 billion transaction backing its acquisition of US gaming firm IGT. According to data from Thomson Reuters and Freeman Consulting, led global fee market share, with US$46.5 million accrued from 227 deals. was also the top US dollar fee earner with US$379.7 million from 77 deals. In the non dollar space, Deutsche Bank led the fee pool, with 97 million from 6 transactions. Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 34, Deutsche Bank , Goldman Sachs & Co , , , , Morgan Stanley 7 7 2, Credit Suisse 8 5 2, Wells Fargo & Co 9 9 3, RBC Capital Markets 2, , , , , % -26.9% -24.3% -.2% -2.4% -25.4% Average Quarterly Spread to Benchmark* Basis Points Spread to Benchmark 2-Quarter Moving Average (Spread to Benchmark) Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q *Spreads based on fixed rate issues where spread information is available Global High Yield Debt - US Dollar Denominated (B5) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 28, , Goldman Sachs & Co , Deutsche Bank 4 3 2, , , Morgan Stanley 7 5 7, Credit Suisse 8 7 5, Wells Fargo & Co 9 9 3, RBC Capital Markets 2, , , , , % -29.6% -22.5% -9.2% 3.6% -29.5% Monthly High Yield Volume $7 Proceeds (US$b) Proceeds (US$) $6 # of Issues $5 $4 $3 $2 $ $ JFMAMJ JASONDJFMAMJ JASONDJFMAMJ JASONDJFMAMJ JASONDJFMAMJ JASONDJFMAMJ JASONDJFMAMJ JASOND # of Issues Global High Yield Debt - Non-US Dollar Denominated (B6) Proceeds per ( m) # of Deals per Imputed Fees ( m) Deutsche Bank 6, , Goldman Sachs & Co 3 2 5, HSBC Holdings PLC 4 7 4, , Credit Suisse 6 6 3, BNP Paribas SA 7 4 3, Morgan Stanley 8 2 3, , , , , % -7.9% -3.9% -2.5% -3.3% -.2% 2

15 Full Year 25 Debt Capital Markets Managing Underwriters Emerging Markets All International Emerging Market Debt Down 36% l EMEA Emerging Market Debt Down 4% l Latin America Emerging Market Debt Down 5% All International Emerging Market Bonds (L) EMEA Emerging Market Bonds (L2) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) HSBC Holdings PLC 2 36, , , , , , Deutsche Bank , Deutsche Bank 4 4 5, , HSBC Holdings PLC 5 5 3, Morgan Stanley 6 6, UniCredit 6 8 3, Standard Chartered PLC 7 8 5, BNP Paribas SA 7 6 3, BNP Paribas SA 8 9 4, Societe Generale 8 7 3, , Goldman Sachs & Co 9 9 2, Goldman Sachs & Co 6, Morgan Stanley, , , , , , % Change from Same Period Last Year -36.3% % Change from Last Quarter.9% -4.% -7.6% -4.% 34.% % Change from Same Period Last Year % Change from Last Quarter -39.9% 33.4% -53.% -34.4% 53.3% 7.2% Latin America Emerging Market Bonds (L3) Asia-Pacific Emerging Market Bonds (L4) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 4, HSBC Holdings PLC 22, HSBC Holdings PLC 2 3 7, , , Standard Chartered PLC 3 4 2, , , Morgan Stanley 5 6, Deutsche Bank 5 3, Deutsche Bank 6 5 5, , Credit Suisse 7 6 4, Bank of China Ltd 7 7, Santander 8 9 3, Morgan Stanley 8 9 7, BBVA 9 4 3, BNP Paribas SA 9 7, BNP Paribas SA 2, Goldman Sachs & Co 8 6, , , , , % Change from Same Period Last Year -5.5% -6.2% -63.% % Change from Same Period Last Year -24.3% -3.3% -26.9% % Change from Last Quarter -23.6% -8.2% -47.8% % Change from Last Quarter -.7% -2.3% 34.8% Middle East Emerging Market Bonds (L5) All International Emerging Market Bond Volume by Industry (US$b) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) HSBC Holdings PLC 2, , Standard Chartered PLC 3 6, National Bank of Abu Dhabi 4 9, , BNP Paribas SA 6, Morgan Stanley 7 5, Emirates NBD PJSC Societe Generale , , % Change from Same Period Last Year -52.6% % Change from Last Quarter 8.7% *tie -2.7% -63.4% 25.% 556.3% $ % $99.8 3% $9.2 3% $.2 3% $4.8 4% $3.5 9% Financials $2.5 Government and Agencies Energy and Power $.6 $2.2% $4.7 Industrials $5.8 % Real Estate Materials % % High Technology 2% $.8 Telecommunications Consumer Staples Healthcare % Consumer Products and Services Retail 3

16 Full Year 25 Debt Capital Markets Managing Underwriters Emerging Markets - Latin America Global Brazilian Debt Volume Down 84% l Fees for Global Brazilian Debt Down 85% Domestic Brazilian Issuance Down 43% All Global Debt by Brazilian Issuers (BR) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Banco Bradesco SA 2, Itau Unibanco 2 4, Santander 3 3, Deutsche Bank 4 2, , Morgan Stanley Banco do Brasil SA Credit Suisse , , % Change from Same Period Last Year -83.7% -74.2% -85.% % Change from Last Quarter -3.3%.%.% Domestic Brazilian Debt in Reals (BR2) Global Brazilian Debt Volume by Sector Full Year Proceeds (US$b) $6 Securitized Debt Junk Rated Debt Investment Grade Corporate $5 Agency, Supranational, Sovereign # of Issues $4 4 8 $ $2 6 $ $ Global Debt by Mexican Issuers (MX) # of Issues Proceeds per (R$m) # of Deals per Imputed Fees (US$m) Banco Bradesco SA 3 5, Itau Unibanco 2 4 2, Santander 3 2 4, Banco do Brasil SA 4 2, HSBC Holdings PLC 5 8, Credit Suisse Banco BTG Pactual SA Banco BBM Investimentos SA , , Proceeds per (US$m) # of Deals per Imputed Fees (US$m) 6 3, BBVA 2 2 3, Morgan Stanley 3 9 3, HSBC Holdings PLC 4 2, Santander 5 2, , Casas de Bolsa Bital, S.A. 7 7, , Credit Suisse 9 5, Deutsche Bank 7, , , % Change from Same Period Last Year -43.4% -5.% -58.3% % Change from Last Quarter 2.% -33.3% 5.4% % Change from Same Period Last Year % Change from Last Quarter -32.8% 72.5% -2.% 4.3% -49.2% 78.4% Global Debt in Mexican Pesos (MX2) Domestic Mexican Debt (MX3) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) Proceeds per (US$m) # of Deals per Imputed Fees (US$m) BBVA 2, BBVA 2, Casas de Bolsa Bital, S.A. 2 7, Casas de Bolsa Bital, S.A. 2 4, , , Santander 4, Santander 4 8, Grupo Financiero Banorte-Ixe Grupo Financiero Banorte-Ixe Inversora Bursatil SA de CV Inversora Bursatil SA de CV Casa de Bolsa Inverlat Casa de Bolsa Inverlat Corporacion Actinver Sab de CV Corporacion Actinver Sab de CV SD Indeval SA de CV SD Indeval SA de CV , , , , % Change from Same Period Last Year -28.6% % Change from Last Quarter -6.6% -6.% -26.% % Change from Same Period Last Year 4.5% 7.5% 38.7% -9.5% -2.7% % Change from Last Quarter -4.9% -5.% -2.7% 4