BAS September 2022 Presentations

Internal Use Only

Management was Reaching for Yield since Risk- Free Rates were Extremely Low

6.0%

5.0%

4.0%

3.0%

4/30/2021

Yield

1.65%

2.0%

4/30/2020

0.64%

1.0%

1m 2m 3m 6m 1y

2y

3y

5y

7y

10y

20y

30y

Maturity

23

Internal Use Only

The Federal Reserve Influences Interest Rates to Keep the Economy Healthy

Federal Reserve dual mandate

Promote maximum employment

Promote price stability

24