Fall Regulatory Summit

Internal Use Only Federal Funds Rate 9 Up, 3 Down, back to ZLB – Now back up.

25%

20%

15%

10%

5%

0%

Jul-84

Jul-93

Jul-02

Jul-11

Jul-20

Jan-80

Jan-89

Jan-98

Jan-07

Jan-16

Oct-86

Oct-95

Oct-04

Oct-13

Oct-22

Apr-82

Apr-91

Apr-00

Apr-09

Apr-18

FALL REGULATORY SUMMIT Denver, CO – September 25, 2023

Internal Use Only Market’s Expectation for FFR (Source: CME Group)

80%

375-400 400-425 425-450 450-475 475-500 500-525 525-550 550-575 575-600

70%

60%

50%

40%

30%

20%

10%

0%

5/1/2024

11/1/2023

1/31/2024

3/20/2024

6/19/2024

7/31/2024

12/13/2023

FALL REGULATORY SUMMIT Denver, CO – September 25, 2023