Global Markets

Access Creates Value

2

Global investment challenges continue to grow in scale and complexity — from market uncertainty and fee compression to shifting regulations and emerging technology.

Fee compression

Regulatory change

Emerging technologies

Market uncertainty

Access to liquidity

Optimal trade execution

Operational inefficiency

New business models

3

Today’s Investment Challenges

Our clients are the architects and we are the engineers: they design what they want and we execute on it as an extension of their teams, bringing our practitioner experience, research, advanced technology and access to scale and liquidity.

NADINE CHAK ARHead of State Street Global MarketsSM

4

Our clients’ goals are at the center of everything we do.

We combine data, insights and scale to help our clients solve their most

pressing challenges. Our aim is to enhance and preserve the value of our clients’

portfolios to achieve better outcomes and gain insights. We back our multi-

asset-class trade execution with technology designed to help manage risk.

Our data-driven research provides a deeper understanding of how investor

behavior, media narratives, and real-time economics interact to drive markets.

With teams in 29 countries serving clients in more than 100 markets,

we provide a strong global network and local market expertise that

keeps our clients connected to market developments as they happen.

source: State Street and McKinsey Global Institute, Global Capital Markets, June 30, 2017* *Updated in March 2019 per bespoke McKinsey report. This represents State Street’s Q2 2017 AUC/A ($31T) as a proportion of total global financial assets ($289T)

Why Partner With Us

5

The channels, choices and products that make financing and cash management simpler and more efficient

Our Agency Lending program is one of the largest in the world with more than $4 trillion in lendable assets as of August 2019

Our Solutions

Liquidity

Financing

Asset Intelligence

Proprietary research and indicators that give our clients the edge in an increasingly unpredictable world

No. 1 provider of flow research to real money investors for the 11th consecutive year

source: 2019 Euromoney FX survey

Enhance and preserve portfolio values through innovative, easy-to-use trading platforms

No. 1 with Real Money globally for FX

source: 2019 Euromoney FX survey

We provide access to innovative liquidity solutions,

diverse financing options and asset intelligence that

helps mitigate risk and maximize returns.

6

We Help Our Clients Maximize ReturnsOur proprietary, award-winning flow indicators, macro strategy expertise, and quantitative investment analytics can help identify opportunities, mitigate risk and maximize alpha generation. While our financing and liquidity solutions can provide value beyond simple movement of money, our powerful full-service approach can help our clients maximize returns in smarter and simpler ways.

We Give Our Clients Greater ReliabilityOur consistently high credit rating*, balance sheet access and global presence, ensure a reliable way to access liquidity and financing when needed.

We combine long-established academic partnerships, proprietary data sets and more than a quarter century track record of delivering research and trading value for institutional clients. We bridge the worlds of financial theory and investment practice — delivering differentiating market insights.

Additionally, our electronic platforms deliver innovative and reliable means to help our clients achieve objectives across the entire investment cycle.

We Help Our Clients Minimize RiskOur turbulence and systemic risk indicators can help to more accurately predict market dynamics, so that investments stay on the right side of change.

Our clients can rely on our strong risk management and support framework to help ensure that legal, compliance and audit needs relating to the trade execution functions are met.

All of this is delivered through easy-to-use platforms and tools which allow for simpler and more effective risk oversight as well as operational efficiencies.

Why Partner with State Street

*source: State Street Investor Relations

Our outsourced trading is essentially providing what our Global Markets traders do day in and day out, with the speed and scale that small or medium-sized firms are unlikely to achieve by themselves.

TONY BISEGNAHead of State Street Portfolio Solutions

7

Innovative Liquidity Solutions

Serving a diverse client base with

a breadth of global liquidity

requirements means providing

flexibility, working across multiple

markets and jurisdictions, and

offering local insights.

Our clients trust us to meet their liquidity needs

because of our consistently high credit ratings and

our ability to meet them wherever they are: with

both principal and agency-based services, off ering

comprehensive solutions and operational effi ciency

through innovative technologies.

Portfolio Solutions and Securities Execution Services

Helping clients mitigate risks and successfully

navigate change through portfolio restructuring,

expert trade execution, credit intermediation and

access to broad sources of liquidity.

Transition Management

Planning, managing and executing a wide range

of transition events, with more than 27 years of

experience in delivering value to clients.

Execution Solutions

Multi-asset agency execution services for

institutional investors. A global footprint and

expansive network, allowing clients to gain 24/6

access to markets and liquidity providers.

Outsourced Trading

Using proprietary technology to help clients achieve

better operational effi ciency through customized,

holistic multi-asset-class solutions.

8

Foreign Exchange

With our fl exible services, our clients can choose

multiple ways to execute their FX transactions.

Each one includes global account coverage, market

expertise, order handling and market-making in

a broad range of currencies. We also off er fact-

based, proprietary research to help our clients

maximize returns.

Euromoney FX Ranking 2019

No. 1 with Real Money globally

No. 2 for FX Swaps trading globally

No. 3 with Hedge Funds globally

No. 6 Overall globally among all

FX banks based on volume

eFX

Direct FX trading accessible through our proprietary

VectorFXSM platform, off ering execution via streaming

prices and a comprehensive suite of algorithms.

High touch: Direct FX

Principal execution services, enabling clients

to choose the time of execution and negotiate rates

on their FX transactions, with electronic trading

off ered through a host of execution platforms.

Low touch: StreetFXSM

Principal execution services, enabling clients to

choose the time of execution and negotiate rates

on their FX transactions, with electronic trading

off ered through a host of execution platforms.

No touch: Indirect FX

Automated principal FX execution for custody clients,

with orders submitted through custody infrastructure

and executed via documented pricing methodology.

Agency FX

Outsourced, agency-based FX execution service,

off ering expert market experience, access to deep

pools of liquidity and innovative technology.

Currency Management

Agency-based currency overlay service,

off ering share class hedging, portfolio hedging

and benchmark/ETF hedging.

We serve some of the largest institutional investors

globally, with approximately $225 billion in assets

under hedging over more than 3,800 accounts.

source: Euromoney, Foreign Exchange Survey, June 11, 2019source: State Street Global Markets, Currency Management, June 30, 2019

9

GlobalLink Electronic Trading Platforms

We off er unifi ed electronic trading across multiple

open-source architecture platforms, backed by

proprietary research, helping our clients to make

better-informed trade execution decisions.

FX Connect®

Multi-currency, multi-bank FX trading platform

off ering real time FX execution, comprehensive

trading capabilities and process effi ciencies, with

integration into confi rmation and transaction cost

analysis platforms.

www.fxconnect.com

Currenex®

Automated, multi-source FX liquidity and trade

matching platform, off ering anonymous or bilaterally

disclosed quotes, as well as digital and fi xed income

trading platforms via private label agreements.

www.currenex.com

Fund Connect®

Cash management portal providing access to

the money market products of multiple providers,

with a full reporting suite and the ability to trade

FICC repo products. More than 400 funds worldwide

with access to over 25 leading fund providers.

www.fundconnectportal.com

GlobalLink SynergySM

Outsourced, private label service, off ering regional

banks an eFX trading capability, without costly

investment in infrastructure.

TradeNeXusSM

Automated confi rmation matching and settlement

platform, off ering straight through post-trade

capability and operational risk mitigation.

BestXSM

Transaction cost analysis (TCA) platform,

off ering pre- and post-trade TCA for FX and

fi xed income transactions.

www.bestx.co.uk

2019 Awards:

FX Connect (P&L Readers’ Choice Awards)

Best Platform for Asset Managers 2019

TradeNeXus (P&L Readers’ Choice Awards)

Best Post-Trade Provider

BestX (Risk Markets Technology Awards)

Best Execution Product of the Year

Currenex (Euromoney FX Survey) moved

from eighth to fourth position in market share

10

Diverse Financing Options

We offer the channels, choices

and products that make financing

and cash management simpler

and more efficient. Clients can

access our solutions individually

or combine them to maximize

opportunities for alpha generation

and to achieve effective funding of

investment strategies.

Funding and Collateral Solutions

Addressing our clients’ collateral requirements across

a wide spectrum of transactions, off ering sponsorship

in the centrally cleared Fixed Income Clearing

Corporation (FICC) Sponsored Member Repo program.

FICC Sponsored Member Repo

As the leader in gross cleared volume (as of July 31,

2019) and the fi rst Sponsoring Member to support cash

borrowers and non-US entities, we have sponsored

clients’ FICC repo activity for more than 14 years. The

program allows clients to reduce risk and increase

operational effi ciency through central clearing, without

the need to satisfy full membership obligations.

Securities Finance

Our securities fi nance program was launched in

1974 and today has one of the largest trading teams

in the industry. With global coverage across more

than 30 markets and fi ve trading desks, we provide

access to fi nancing within a framework that can be

tailored to each client’s requirements.

Direct Access Lending

Our new managed peer-to-peer program, whereby

we leverage our existing infrastructure to allow the

borrowing community to access supply side lenders

without any incremental operational burden.

Agency Lending

A customizable securities lending program based

on more than 40 years of experience in maximizing

return generation while minimizing risk.

Enhanced Custody

An alternative to prime brokerage fi nancing,

leveraging a client custody account and off ering

unique structural advantages, including an ability

to self-borrow.

Alternative Financing Solutions

Our integrated fi nancing solution, leveraging the

client’s lending and repo qualifi ed assets within

a cost eff ective structure.

source: State Street Global MarketsTM, Securities Finance, August 31, 2019

11

Asset Intelligence

Through our partnerships with

leading academics, our suite of

unique, data-driven indicators and

our own industry experts, we

provide clients with an information

edge to help them make informed

investment decisions.

Over the last two decades, State Street Associates

have built a range of proprietary research tools and

indicators to help clients better understand issues

and trends in an increasingly complex world. Our

Macro Strategy team analyzes this vast information

set, puts insights in the context of market events,

and formulates strategies.

Fact-Based Research

Our industry reach enables us to derive actionable, data-

driven insights into the broad trends in investor behavior

that impact global fi nancial markets. Moreover, we

develop indicators from digital media and online retailers

through our exclusive partnerships with big data start-

up companies. Our online research portal, IR3, allows

clients to download signals, view interactive charts and

visualization tools, and read publications and trade ideas

from our macro strategists.

Academic Thought Leadership

We partner with the world’s leading academic

experts in the areas of investor behavior, asset

allocation and risk, ESG investing, private equity,

infl ation and economics, and performance

measurement to provide diff erent perspectives and

novel approaches.

Indicator Insights

Our suite of daily fl ow and positioning indicators

helps clients spot emerging investment trends in

equity, fi xed income, and currency markets around

the world. Our PriceStats infl ation indicators track

daily infl ation trends across millions of products

and our MediaStats indicators use natural language

processing to capture media sentiment and intensity

of coverage across more than 100,000 sources.

Finally, our turbulence indices and absorption ratio

indicators help signal fragile markets and higher

likelihood of drawdowns.

Market Strategy

Our team tracks market and geopolitical events

as they occur, interprets trends and puts the data

in context to help formulate new perspectives and

derive actionable trading ideas across a range of

investment activities and asset classes.

Advisory Services

Custom analysis and solutions to key challenges,

including peer benchmarking analytics, asset and

manager allocation analysis, currency hedging,

downside protection, rebalancing, and more.

Disclaimers and Important Risk Information

State Street Global Markets® is the business name and a registered trademark of State Street Corporation®, and is used for its financial markets business and that of its affiliates.

This communication is not intended for retail clients, nor for distribution to, and may not be relied upon by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to applicable law or regulation. This communication or any portion hereof may not be reprinted, sold or redistributed without the prior written consent of State Street Global Markets. Products and services outlined herein are only offered to professional clients or eligible counterparties, through State Street Bank and Trust Company or its branch offices or the legal entities listed below or an affiliate or subsidiary thereof. State Street Global Markets may not be licensed to carry on regulated activities in certain jurisdictions, and if not licensed, does not hold itself out as being able to carry on such regulated activities.

State Street Bank and Trust Company is authorized and regulated by the Federal Reserve Board, registered with the Commodity Futures Trading Commission (CFTC) as a Swap Dealer, and is a member of the National Futures Association. Please note that certain foreign exchange business, including spot and certain forward transactions, are not regulated.

This document is a communication intended for general marketing purposes, and the information contained herein has not been prepared in accordance with legal requirements designed to promote the independence of investment research. It is for clients to determine whether they are permitted to receive research of any nature. It is not intended to suggest or recommend any transaction, investment, or investment strategy, does not constitute investment research, nor does it purport to be comprehensive or intended to replace the exercise of an investor’s own careful independent review and judgment regarding any investment decision.

This communication and the information herein does not constitute investment, legal, or tax advice and is not a solicitation to buy or sell securities or any financial instrument nor is it intended to constitute a binding contractual arrangement or commitment by State Street of any kind. The information provided does not take into account any particular investment objectives, strategies, investment horizon or tax status.

The views expressed herein are the views of State Street Global Markets as of the date specified and are subject to change, without notice, based on market and other conditions. The information provided herein has been obtained from sources believed to be reliable at the time of publication, nonetheless, we make no representations or assurances that the information is complete or accurate, and you should not place any reliance on said information. State Street Global Markets hereby disclaims any warranty and all liability, whether arising in contract, tort or otherwise, for any losses, liabilities, damages, expenses or costs, either direct, indirect, consequential, special, or punitive, arising from or in

connection with any use of this document and/or the information herein.

State Street Global Markets may from time to time, as principal or agent, for its own account or for those of its clients, have positions in and/or actively trade in financial instruments or other products identical to or economically related to those discussed in this communication. State Street Global Markets may have a commercial relationship with issuers of financial instruments or other products discussed in this communication.

This document may contain statements deemed to be forward-looking statements. These statements are based on assumptions, analyses and expectations of State Street Global Markets in light of its experience and perception of historical trends, current conditions, expected future developments and other factors it believes appropriate under the circumstances. All information is subject to change without notice. Clients should be aware of the risks of trading foreign exchange, equities, fixed income or derivative instruments or in investments in non-liquid or emerging markets, or in participating in securities lending or repurchase transactions, which may include counterparty, collateral, loss of investment, tax, legal, and accounting risks. Derivatives generally involve leverage and are therefore more volatile than their underlying cash investments. Where applicable, returns may increase or decrease as a result of currency fluctuations. Clients should be aware that products and services outlined herein may put their capital at risk. Past performance is no guarantee of future results.

Products and services may not be available in all jurisdictions. Please contact your State Street representative for further information.

Country and Region Specific Disclosures

Asia Pacific (GlobalLink): Currenex® is offered to institutional investors or their equivalent in Asia Pacific by State Street GlobalLink Asia Pacific Ltd. Currenex may not be available in all jurisdictions. Details about the regulation of a particular offering entity are available upon request. As used herein, “Currenex” means Currenex, Inc., State Street GlobalLink Asia Pacific Ltd., or State Street Global Markets International Limited. Currenex is a registered trademark exclusively owned by State Street in the United States and in other countries.

Australia: This communication is made available in Australia by State Street Bank and Trust Company ABN 70 062 819 630, AFSL 239679 and is intended only for wholesale clients, as defined in the Corporations Act 2001.

State Street Global Markets, LLC, has an exemption from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Cth) in respect of the financial services it provides to wholesale clients in Australia. State Street Global Markets, LLC, is regulated by the Securities and Exchange

12

13

Commission of the United States under US laws and regulations, which differ from those in Australia. Please read our Privacy Statement which provides important information about how we manage personal information, at www.statestreet.com.au.

Brazil (Foreign Exchange and State Street Associates): The products in this marketing material have not been and will not be registered with the Comissão de Valores Mobiliários - the Brazilian Securities and Exchange Commission (“CVM”), and any offer of such products is not directed to the general public within the Federative Republic of Brazil (“Brazil”). The information contained in this marketing material is not provided for the purpose of soliciting investments from investors residing in Brazil and no information in this marketing material should be construed as a public offering or unauthorized distribution of the products within Brazil, pursuant to applicable Brazilian law and regulations.

British Virgin Islands (Securities Finance): The products and services described herein are offered from off-shore by State Street Bank and Trust Company, authorized and regulated by the Federal Reserve Board.

Brunei (Securities Finance): State Street has a restricted bank license in Brunei and the activities described herein are conducted from off-shore and are in relation to offshore, non-Brunei securities or futures.

Canada (Portfolio Solutions, Broker Dealer, and/or Transition Management): This communication, when made available in certain provinces and territories of Canada, is made available by State Street Global Markets Canada, Inc. a member of the Investment Industry Regulatory Organization of Canada.

Canada (Securities Finance): The products and services outlined herein are offered by either State Street Bank and Trust Company, which is regulated by the Federal Reserve Board, from offshore, or State Street Bank and Trust Company, Canada Branch, a foreign bank branch of State Street Bank and Trust Company that is regulated by the Office of the Superintendent of Financial Institutions.

Canada (GlobalLink): Fund Connect-related products and services are offered in Canada by State Street Global Markets Canada, Inc.

Canada (Foreign Exchange and State Street Associates): The products and services outlined in this document are generally offered in Canada by State Street Bank and Trust Company.

Cayman Islands (Securities Finance): The products and services described herein are offered from off-shore by either State Street Bank and Trust Company, authorized and regulated by the Federal Reserve Board, or State Street Bank International GmbH, London Branch, authorised by Deutsche Bundesbank and the German Federal Financial Supervisory Authority and subject to limited regulation by the FCA and PRA.

Peoples Republic of China (“PRC”): This communication is being distributed by State Street Bank and Trust Company. State Street Bank and Trust Company is not licensed or carrying on business in the PRC in respect of any activities described herein and any such activities it does carry out are conducted outside of the PRC. These written materials do not constitute, and should not be construed as constituting: 1) an offer or invitation to subscribe for or purchase securities or futures in PRC or the making available of securities or futures for purchase or subscription in PRC; 2) the provision of investment advice concerning securities or futures; or 3) an undertaking by State Street Bank and Trust Company to manage the portfolio of securities or futures contracts on behalf of other persons.

Europe, Middle East, and Africa (EMEA): The products and services outlined herein are offered only to Professional Clients or Eligible Counterparties through; State Street Global Markets International Limited, authorised and regulated by the Financial Conduct Authority, State Street Bank International GmbH, London Branch, authorised by Deutsche Bundesbank and the German Federal Financial Supervisory Authority and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority, State Street Bank International GmbH, authorised by Deutsche Bundesbank and the German Federal Financial Supervisory Authority, State Street Bank and Trust Company, London Branch, authorised and regulated by Federal Reserve Board and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority and BestX Ltd., a private limited company registered in England and Wales with registered number 09969413.Details about the extent of regulation of these entities are available from us on request and can also be found at https://www.statestreet.com/utility/legal-disclosure.html.

State Street GlobalLink® and Fund Connect® are registered trademarks of State Street Corporation or its affiliates.

Hong Kong (Foreign Exchange, FaCT, and State Street Associates): This communication/material is made available in Hong Kong by State Street Bank and Trust Company which accepts responsibility for its contents, and is intended for distribution to professional investors only (as defined in the Securities and Futures Ordinance).

Hong Kong (Portfolio Solutions, Broker Dealer, and/or Transition Management): This communication is issued by State Street Bank and Trust Company, Hong Kong Branch. This document is not directed at retail clients and distributed only to professional investors (as defined under the Securities and Futures Ordinance). It has not been reviewed by the Securities and Futures Commission or any other regulatory authority in Hong Kong.

Hong Kong (Securities Finance): The activities described herein are undertaken by State Street Bank and Trust Company / State Street Securities Hong Kong Limited.

14

Indonesia (Foreign Exchange and State Street Associates): This communication is made available in Indonesia by State Street Bank and Trust Company and its affiliates. Neither this communication nor any copy hereof may be distributed in Indonesia or to any Indonesian citizens wherever they are domiciled or to Indonesian residents except in compliance with applicable Indonesian capital market laws and regulations. This communication is not an offer of securities in Indonesia. Any securities referred to in this communication have not been registered with the Capital Market and Financial Institutions Supervisory Agency (BAPEPAM-LK) pursuant to relevant capital market laws and regulations, and may not be offered or sold within the territory of the Republic of Indonesia or to Indonesian citizens through a public offering or in circumstances which constitute an offer within the meaning of the Indonesian capital market law and regulations.

Indonesia (Securities Finance): State Street is not licensed within or carrying on business within Indonesia. The activities described herein are conducted from off-shore.

Israel (Foreign Exchange and State Street Associates): This communication is made available in Israel by State Street Bank and Trust Company, which is not licensed under Israel’s Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 1995. This communication may only be distributed to or used by investors in Israel which are “eligible clients” as listed in the First Schedule to Israel’s Regulation of Investment Advice, Investment Marketing and Portfolio Management Law 1995.

Japan (Foreign Exchange and State Street Associates): This communication is made available in Japan by State Street Bank and Trust Company, Tokyo Branch, which is regulated by the Financial Services Agency of Japan and is licensed under Article 47 of the Banking Act.

Japan (Portfolio Solutions, Broker Dealer, and/or Transition Management, and Securities Finance): This communication is being distributed in Japan by State Street Trust and Banking Co., Ltd. (“SSTB”). SSTB is regulated by the Financial Services Agency of Japan (“FSA”). SSTB is licensed under Article 4 of Banking Act and is registered as a Registered Financial Institution with the FSA as Kanto Zaimu-kyokucho (Tokin) No. 648 under Article 33-2 of Financial Instruments and Exchange Act, and also is a member firm of Japan Securities Dealers Association and Japan Investment Advisers Association.

Japan (FaCT): This communication is meant to serve as a general introduction of the repurchase/ reverse repurchase product of State Street Bank and Trust Company. It is not intended to suggest or recommend any investment or investment strategy, does not constitute investment research, nor does it purport to be comprehensive or intended to replace the exercise of an investor’s own careful independent review and judgment regarding any investment decision.

Japan (GlobalLink): This communication is provided by State Street Trust and Banking Co., Ltd. to customers in Japan. State Street

Trust and Banking Co., Ltd. acts as liaison to assist communication between the Japanese customers and affiliates overseas providing Currenex and/or FX Connect products and services. Currenex and/or FX Connect products and services are offered and provided by State Street Global Link Asia Pacific Ltd. to customers in Japan and State Street Trust and Banking Co., Ltd. is not the contracting party to the Currenex and/or FX Connect products and services. This document was created to introduce Currenex and/or FX Connect and is not intended to constitute solicitation of any financial products or services whatsoever.

Latin America (Foreign Exchange and State Street Associates): The products and services outlined in this document are generally offered in Latin America by State Street Bank and Trust Company.

Malaysia (Foreign Exchange and State Street Associates): This communication is made available in Malaysia by State Street Bank and Trust Company, which is authorized and regulated by the Federal Reserve Board. State Street Bank and Trust Company is not licensed within or doing business within Malaysia and the activities that are being discussed are carried out off-shore. The written materials do not constitute, and should not be construed as constituting: 1) an offer or invitation to subscribe for or purchase securities or futures in Malaysia or the making available of securities or futures for purchase or subscription in Malaysia; 2) the provision of investment advice concerning securities or futures; or 3) an undertaking by State Street Bank and Trust Company to manage the portfolio of securities or futures contracts on behalf of other persons.

Malaysia (Securities Finance): State Street has an unregulated entity in Malaysia. The activities described herein are conducted from off-shore and are in relation to offshore, non-Malaysian securities or futures.

Oman (Foreign Exchange and State Street Associates):This communication is made available in Oman by State Street Bank and Trust Company and its affiliates. The information contained in this communication is for information purposes and does not constitute an offer for the sale of foreign securities in Oman or an invitation to an offer for the sale of foreign securities. State Street Bank and Trust Company is neither a bank nor financial services provider registered to undertake business in Oman and is neither regulated by the Central Bank of Oman nor the Capital Market Authority. Nothing contained in this communication report is intended to constitute Omani investment, legal, tax, accounting, investment or other professional advice.

Qatar (Foreign Exchange and State Street Associates): This communication is made available in Qatar by State Street Bank and Trust Company and its affiliates. The information in this communication has not been reviewed or approved by the Qatar Central Bank, the Qatar Financial Markets Authority or the Qatar Financial Centre Regulatory Authority, or any other relevant Qatari regulatory body.

15

Singapore (Foreign Exchange, Portfolio Solutions, Broker Dealer, and/or Transition Management, and State Street Associates): This communication is made available in Singapore by State Street Bank and Trust Company, Singapore Branch (“SSBTS”), which holds a wholesale bank license by the Monetary Authority of Singapore. In Singapore, this communication is only distributed to accredited, institutional investors as defined in the Singapore Financial Advisers Act (“FAA”). Note that SSBTS is exempt from Sections 27 and 36 of the FAA. When this communication is distributed to overseas investors as defined in the FAA, note that SSBTS is exempt from Sections 26, 27, 29 and 36 of the FAA.

Singapore (FaCT): This communication is meant to serve as a general introduction of the repurchase/ reverse repurchase product of State Street Bank and Trust Company for educational purposes only. State Street Bank and Trust Company, Singapore Branch (“SSBTS”) holds a wholesale bank license issued by the Monetary Authority of Singapore. However, SSBTS is not licensed to carry on this business onshore within Singapore. The activities described herein are undertaken by State Street Bank and Trust Company in an offshore capacity and not provided within Singapore. In Singapore, this communication is only distributed to accredited or institutional investors as defined in the Singapore Financial Advisers Act.Singapore (Securities Finance): State Street Bank and Trust Company, Singapore Branch (“SSBTS”), holds a wholesale bank license by the Monetary Authority of Singapore. However, SSBTS is not licensed to carry on this business onshore within Singapore. The activities described herein are undertaken by State Street Bank and Trust Company/State Street Securities Hong Kong Limited in an offshore capacity and not provided within Singapore.

South Africa (Foreign Exchange and State Street Associates): The products and services outlined in this document are made available in South Africa through State Street Bank and Trust Company, which is authorized in South Africa under the Financial Advisory and Intermediary Services Act, 2002 as a Category I Financial Services Provider; FSP No. 42671.

South Korea (Foreign Exchange and State Street Associates): This communication is made available in South Korea by State Street Bank and Trust Company and its affiliates, which accept responsibility for its contents, and is intended for distribution to professional investors only. State Street Bank and Trust Company is not licensed to undertake securities business within South Korea, and any activities related to the content hereof will be carried out off-shore and only in relation to off-shore non-South Korea securities.

South Korea (Portfolio Solutions, Broker Dealer, and/or Transition Management): The activities that are being discussed are carried out from off-shore; State Street is not licensed to carry on this business within South Korea. Any of the services discussed in these materials are undertaken by State Street Bank and Trust Company / State Street Securities Hong Kong Limited in an offshore capacity and are not provided within South Korea.

South Korea (Securities Finance): State Street is not licensed to carry on this business within South Korea. The activities described herein are undertaken by State Street Bank and Trust Company / State Street Securities Hong Kong Limited in an offshore capacity and are not provided within South Korea.

Taiwan (Foreign Exchange and State Street Associates): This communication is made available in Taiwan by State Street Bank and Trust Company and its affiliates, which accept responsibility for its contents, and is intended for distribution to professional investors only. State Street Bank and Trust Company is not licensed to undertake securities business within Taiwan, and any activities related to the content hereof will be carried out off-shore and only in relation to off-shore non-Taiwan securities.

Taiwan (Portfolio Solutions, Broker Dealer, and/or Transition Management): The activities that are being discussed are carried out from off-shore; State Street is not licensed to carry on this business within Taiwan. Any of the services discussed in these materials are undertaken by State Street Bank and Trust Company / State Street Securities Hong Kong Limited in an offshore capacity and are not provided within Taiwan.

Taiwan (Securities Finance): State Street is not licensed to carry on this business within Taiwan. The activities described herein are undertaken by State Street Bank and Trust Company / State Street Securities Hong Kong Limited in an offshore capacity and are not provided within Taiwan.

Thailand (Securities Finance): State Street has a foreign bank representative office in Thailand. The activities described herein are conducted from off-shore and are in relation to offshore, non-Thai securities or futures.

Turkey (Foreign Exchange and State Street Associates): This communication is made available in Turkey by State Street Bank and Trust Company and its affiliates. The information included herein is not investment advice. Investment advisory services are provided by portfolio management companies, brokers and banks without deposit collection licenses within the scope of the investment advisory agreements to be executed with clients. Any opinions and statements included herein are based on the personal opinions of the commentators and authors. These opinions may not be suitable to your financial status and your risk and return preferences. Therefore, an investment decision based solely on the information herein may not be appropriate to your expectations.

United Arab Emirates (Foreign Exchange and State Street Associates): This communication is made available in United Arab Emirates by State Street Bank and Trust Company and its affiliates. This communication does not, and is not intended to, constitute an offer of securities anywhere in the United Arab Emirates and accordingly should not be construed as such. Nor does the addressing of this communication to you constitute, or is intended to constitute, the carrying on or engagement in banking, financial and/or investment consultation business in the United Arab Emirates under the rules and regulations made by the Central

16

Bank of the United Arab Emirates, the Emirates Securities and Commodities Authority or the United Arab Emirates Ministry of Economy. Any public offer of securities in the United Arab Emirates, if made, will be made pursuant to one or more separate documents and only in accordance with the applicable laws and regulations. Nothing contained in this communication is intended to endorse or recommend a particular course of action or to constitute investment, legal, tax, accounting or other professional advice. Prospective investors should consult with an appropriate professional for specific advice rendered on the basis of their situation. Further, the information contained within this communication is not intended to lead to the conclusion of any contract of whatsoever nature within the territory of the United Arab Emirates. This communication has been forwarded to you solely for your information, and may not be reproduced or passed on, directly or indirectly, to any other person or published, in whole or in part, for any purpose. This communication is addressed only to persons who are professional, institutional or otherwise sophisticated investors.

United States (Portfolio Solutions, Broker Dealer, and/or Transition Management): This communication is being distributed in the United States by State Street Bank and Trust Company, authorized and regulated by the Federal Reserve Board and a member of the FDIC, and/or State Street Global Markets, LLC, which is regulated by the SEC and a member of FINRA, the NYSE, NFA, MSRB and SIPC. Transition Management Services are offered through State Street Bank and Trust Company; securities products and services are offered through SSGM, LLC.

United States (Securities Finance): The products and services described herein are offered by State Street Bank and Trust Company, authorized and regulated by the Federal Reserve Board.

United States (GlobalLink): Fund Connect-related products and services are offered in the United States by State Street Global Markets, LLC, a Broker Dealer registered with the U.S. Securities and Exchange Commission and a member of FINRA and SIPC. FX Connect® and TradeNeXus (formerly known as “FX Connect Trade Services”) may be offered to institutional investors in certain other jurisdictions, including the United States of America by FX Connect LLC, State Street GlobalLink Asia Pacific Ltd. and State Street Bank and Trust Company. Details about the extent of our regulation including by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request. SwapEx products and services outlined herein are only offered to Eligible Contract Participants in the United States or their equivalent in other jurisdictions and may not be available in all jurisdictions. Currenex is offered to institutional investors or their equivalent in certain other jurisdictions, including the United States of America, by Currenex, Inc. Currenex may not be available in all jurisdictions. Details about the regulation of a particular offering entity are available upon request. As used herein, “Currenex” means Currenex, Inc., State Street GlobalLink Asia Pacific Ltd., or State Street Global Markets International Limited. Currenex is a registered trademark exclusively owned by State Street in the United States and in other countries. Derivatives execution products and services outlined in this document are offered in approved locations through SwapEx, registered as a “swap execution facility” with the Commodity Futures Trading Commission and subject to CFTC regulation.

United States (Foreign Exchange and State Street Associates): The products and services outlined in this document are generally offered in the United States by State Street Bank and Trust Company.

To learn how State Street looks after your personal data, visit http://www.statestreet.com/utility/data-processing-and-privacy-notice.html

statestreet.com/globalmarkets

©2020 State Street Corporation All Rights Reserved

19-33700-0420 3026978.1.1.GBL.Expiration date: 04/30/2021

State Street CorporationOne Lincoln Street, Boston, MA 02111