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

2 Today’s Investment Challenges

Fee compression

Access to liquidity

Optimal trade execution

Operational inefficiency

New business models

Market uncertainty

Regulatory change

Emerging technologies

3 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- -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.

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 CHAKAR Head of State Street Global MarketsSM 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 ($289T)

4 Why Partner With Us Our Solutions

We provide access to innovative liquidity solutions, diverse financing options and asset intelligence that helps mitigate risk and maximize returns.

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

No. 1 with Real Money globally for FX

source: 2019 Euromoney FX survey

The channels, choices and products that make financing and cash management simpler and more efficient Financing Our Agency Lending program is one of the largest in the world with more than $4 trillion in lendable assets as of August 2019

Proprietary research and indicators that give our clients the edge in an Asset increasingly unpredictable world Intelligence No. 1 provider of flow research to real money investors for the 11th consecutive year

source: 2019 Euromoney FX survey

5 Why Partner with State Street

We Help Our Clients Maximize Returns Our 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 Reliability Our 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 Risk Our 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.

*source: State Street Investor Relations

6 Innovative Liquidity Solutions

Serving a diverse client base with Portfolio Solutions and a breadth of global liquidity Securities Execution Services requirements means providing Helping clients mitigate risks and successfully navigate change through portfolio restructuring, flexibility, working across multiple expert trade execution, credit intermediation and markets and jurisdictions, and access to broad sources of liquidity. offering local insights. Transition Management Planning, managing and executing a wide range of transition events, with more than 27 years of Our clients trust us to meet their liquidity needs experience in delivering value to clients. because of our consistently high credit ratings and our ability to meet them wherever they are: with Execution Solutions both principal and agency-based services, off ering Multi-asset agency execution services for comprehensive solutions and operational effi ciency institutional investors. A global footprint and through innovative technologies. expansive network, allowing clients to gain 24/6 access to markets and liquidity providers.

Outsourced Trading Our outsourced trading is essentially Using proprietary technology to help clients achieve better operational effi ciency through customized, providing what our Global Markets holistic multi-asset-class solutions. 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 BISEGNA Head of State Street Portfolio Solutions

7 Foreign Exchange Low touch: StreetFXSM Principal execution services, enabling clients to With our fl exible services, our clients can choose choose the time of execution and negotiate rates multiple ways to execute their FX transactions. on their FX transactions, with electronic trading Each one includes global account coverage, market off ered through a host of execution platforms. expertise, order handling and market-making in a broad range of currencies. We also off er fact- No touch: Indirect FX based, proprietary research to help our clients Automated principal FX execution for custody clients, maximize returns. with orders submitted through custody infrastructure and executed via documented pricing methodology. Euromoney FX Ranking 2019

No. 1 with Real Money globally Agency FX No. 2 for FX Swaps trading globally Outsourced, agency-based FX execution service, off ering expert market experience, access to deep No. 3 with Hedge Funds globally pools of liquidity and innovative technology. No. 6 Overall globally among all FX banks based on volume Currency Management eFX Agency-based currency overlay service, Direct FX trading accessible through our proprietary off ering share class hedging, portfolio hedging VectorFXSM platform, off ering execution via streaming and benchmark/ETF hedging. prices and a comprehensive suite of algorithms.

We serve some of the largest institutional investors High touch: Direct FX globally, with approximately $225 billion in assets Principal execution services, enabling clients under hedging over more than 3,800 accounts. to choose the time of execution and negotiate rates on their FX transactions, with electronic trading off ered through a host of execution platforms.

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

8 GlobalLink Electronic Trading Platforms GlobalLink SynergySM Outsourced, private label service, off ering regional We off er unifi ed electronic trading across multiple banks an eFX trading capability, without costly open-source architecture platforms, backed by investment in infrastructure. proprietary research, helping our clients to make better-informed trade execution decisions. TradeNeXusSM Automated confi rmation matching and settlement FX Connect® platform, off ering straight through post-trade Multi-currency, multi-bank FX trading platform capability and operational risk mitigation. off ering real time FX execution, comprehensive trading capabilities and process effi ciencies, with BestXSM integration into confi rmation and transaction cost Transaction cost analysis (TCA) platform, analysis platforms. off ering pre- and post-trade TCA for FX and www.fxconnect.com fi xed income transactions. www.bestx.co.uk Currenex® Automated, multi-source FX liquidity and trade matching platform, off ering anonymous or bilaterally 2019 Awards: disclosed quotes, as well as digital and fi xed income trading platforms via private label agreements. FX Connect (P&L Readers’ Choice Awards) www.currenex.com Best Platform for Asset Managers 2019

Fund Connect® TradeNeXus (P&L Readers’ Choice Awards) Cash management portal providing access to Best Post-Trade Provider the money market products of multiple providers, with a full reporting suite and the ability to trade BestX (Risk Markets Technology Awards) FICC repo products. More than 400 funds worldwide Best Execution Product of the Year with access to over 25 leading fund providers. Currenex (Euromoney FX Survey) moved www.fundconnectportal.com from eighth to fourth position in market share

9 Diverse Financing Options

We offer the channels, choices Securities Finance and products that make financing Our securities fi nance program was launched in and cash management simpler 1974 and today has one of the largest trading teams in the industry. With global coverage across more and more efficient. Clients can than 30 markets and fi ve trading desks, we provide access our solutions individually access to fi nancing within a framework that can be tailored to each client’s requirements. or combine them to maximize opportunities for alpha generation Direct Access Lending Our new managed peer-to-peer program, whereby and to achieve effective funding of we leverage our existing infrastructure to allow the investment strategies. borrowing community to access supply side lenders without any incremental operational burden.

Agency Lending Funding and Collateral Solutions A customizable program based on more than 40 years of experience in maximizing Addressing our clients’ collateral requirements across return generation while minimizing risk. a wide spectrum of transactions, off ering sponsorship in the centrally cleared Fixed Income Clearing Enhanced Custody Corporation (FICC) Sponsored Member Repo program. An alternative to prime brokerage fi nancing, leveraging a client custody account and off ering FICC Sponsored Member Repo unique structural advantages, including an ability As the leader in gross cleared volume (as of July 31, to self-borrow. 2019) and the fi rst Sponsoring Member to support cash borrowers and non-US entities, we have sponsored Alternative Financing Solutions clients’ FICC repo activity for more than 14 years. The Our integrated fi nancing solution, leveraging the program allows clients to reduce risk and increase client’s lending and repo qualifi ed assets within operational effi ciency through central clearing, without a cost eff ective structure. the need to satisfy full membership obligations.

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

10 Asset Intelligence

Through our partnerships with Academic Thought Leadership leading academics, our suite of We partner with the world’s leading academic experts in the areas of investor behavior, asset unique, data-driven indicators and allocation and risk, ESG investing, , our own industry experts, we infl ation and economics, and performance measurement to provide diff erent perspectives and provide clients with an information novel approaches. edge to help them make informed Indicator Insights investment decisions. Our suite of daily fl ow and positioning indicators helps clients spot emerging investment trends in equity, fi xed income, and currency markets around Over the last two decades, State Street Associates the world. Our PriceStats infl ation indicators track have built a range of proprietary research tools and daily infl ation trends across millions of products indicators to help clients better understand issues and our MediaStats indicators use natural language and trends in an increasingly complex world. Our processing to capture media sentiment and intensity Macro Strategy team analyzes this vast information of coverage across more than 100,000 sources. set, puts insights in the context of market events, Finally, our turbulence indices and absorption ratio and formulates strategies. indicators help signal fragile markets and higher likelihood of drawdowns.

Fact-Based Research Market Strategy Our industry reach enables us to derive actionable, data- Our team tracks market and geopolitical events driven insights into the broad trends in investor behavior as they occur, interprets trends and puts the data that impact global fi nancial markets. Moreover, we in context to help formulate new perspectives and develop indicators from digital media and online retailers derive actionable trading ideas across a range of through our exclusive partnerships with big data start- investment activities and asset classes. up companies. Our online research portal, IR3, allows clients to download signals, view interactive charts and Advisory Services visualization tools, and read publications and trade ideas Custom analysis and solutions to key challenges, from our macro strategists. including peer benchmarking analytics, asset and manager allocation analysis, currency hedging, downside protection, rebalancing, and more.

11 Disclaimers and Important Risk Information

State Street Global Markets® is the business name and a registered connection with any use of this document and/or the information trademark of State Street Corporation®, and is used for its financial herein. markets business and that of its affiliates. State Street Global Markets may from time to time, as principal This communication is not intended for retail clients, nor for or agent, for its own account or for those of its clients, have distribution to, and may not be relied upon by, any person or entity in positions in and/or actively trade in financial instruments or other any jurisdiction or country where such distribution or use would be products identical to or economically related to those discussed contrary to applicable law or regulation. This communication or any in this communication. State Street Global Markets may have a portion hereof may not be reprinted, sold or redistributed without commercial relationship with issuers of financial instruments or the prior written consent of State Street Global Markets. Products other products discussed in this communication. and services outlined herein are only offered to professional clients or eligible counterparties, through State Street Bank and Trust This document may contain statements deemed to be forward- Company or its branch offices or the legal entities listed below or an looking statements. These statements are based on assumptions, affiliate or subsidiary thereof. 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Please note that which may include counterparty, collateral, loss of investment, certain foreign exchange business, including spot and certain tax, legal, and accounting risks. Derivatives generally involve forward transactions, are not regulated. leverage and are therefore more volatile than their underlying cash investments. Where applicable, returns may increase or decrease This document is a communication intended for general marketing as a result of currency fluctuations. Clients should be aware that purposes, and the information contained herein has not been products and services outlined herein may put their capital at risk. prepared in accordance with legal requirements designed to Past performance is no guarantee of future results. promote the independence of investment research. It is for clients to determine whether they are permitted to receive research of any Products and services may not be available in all jurisdictions. nature. 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13 Indonesia (Foreign Exchange and State Street Associates): This Trust and Banking Co., Ltd. acts as liaison to assist communication communication is made available in Indonesia by State Street Bank between the Japanese customers and affiliates overseas providing and Trust Company and its affiliates. Neither this communication Currenex and/or FX Connect products and services. Currenex and/ nor any copy hereof may be distributed in Indonesia or to any or FX Connect products and services are offered and provided by Indonesian citizens wherever they are domiciled or to Indonesian State Street Global Link Asia Pacific Ltd. to customers in Japan residents except in compliance with applicable Indonesian capital and State Street Trust and Banking Co., Ltd. is not the contracting market laws and regulations. This communication is not an party to the Currenex and/or FX Connect products and services. offer of securities in Indonesia. Any securities referred to in this This document was created to introduce Currenex and/or FX communication have not been registered with the Capital Market Connect and is not intended to constitute solicitation of any financial and Financial Institutions Supervisory Agency (BAPEPAM-LK) products or services whatsoever. pursuant to relevant capital market laws and regulations, and may not be offered or sold within the territory of the Republic of Latin America (Foreign Exchange and State Street Associates): Indonesia or to Indonesian citizens through a public offering or in The products and services outlined in this document are generally circumstances which constitute an offer within the meaning of the offered in Latin America by State Street Bank and Trust Company. Indonesian capital market law and regulations. Malaysia (Foreign Exchange and State Street Associates): This Indonesia (Securities Finance): State Street is not licensed within communication is made available in Malaysia by State Street or carrying on business within Indonesia. The activities described Bank and Trust Company, which is authorized and regulated by herein are conducted from off-shore. the Federal Reserve Board. State Street Bank and Trust Company is not licensed within or doing business within Malaysia and the Israel (Foreign Exchange and State Street Associates): This activities that are being discussed are carried out off-shore. The communication is made available in Israel by State Street Bank and written materials do not constitute, and should not be construed Trust Company, which is not licensed under Israel’s Regulation of as constituting: 1) an offer or invitation to subscribe for or purchase Investment Advice, Investment Marketing and Portfolio Management securities or futures in Malaysia or the making available of Law, 1995. This communication may only be distributed to or used securities or futures for purchase or subscription in Malaysia; 2) by investors in Israel which are “eligible clients” as listed in the First the provision of investment advice concerning securities or futures; Schedule to Israel’s Regulation of Investment Advice, Investment or 3) an undertaking by State Street Bank and Trust Company to Marketing and Portfolio Management Law 1995. manage the portfolio of securities or futures contracts on behalf of other persons. Japan (Foreign Exchange and State Street Associates): This communication is made available in Japan by State Street Bank and Malaysia (Securities Finance): State Street has an unregulated Trust Company, Branch, which is regulated by the Financial entity in Malaysia. The activities described herein are conducted Services Agency of Japan and is licensed under Article 47 of the from off-shore and are in relation to offshore, non-Malaysian Banking Act. securities or futures.

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15 Bank of the United Arab Emirates, the Emirates Securities and United States (GlobalLink): Fund Connect-related products and Commodities Authority or the United Arab Emirates Ministry of services are offered in the United States by State Street Global Economy. Any public offer of securities in the United Arab Emirates, Markets, LLC, a Broker Dealer registered with the U.S. Securities if made, will be made pursuant to one or more separate documents and Exchange Commission and a member of FINRA and SIPC. and only in accordance with the applicable laws and regulations. FX Connect® and TradeNeXus (formerly known as “FX Connect Nothing contained in this communication is intended to endorse or Trade Services”) may be offered to institutional investors in recommend a particular course of action or to constitute investment, certain other jurisdictions, including the United States of America legal, tax, accounting or other professional advice. Prospective by FX Connect LLC, State Street GlobalLink Asia Pacific Ltd. and investors should consult with an appropriate professional for State Street Bank and Trust Company. Details about the extent of specific advice rendered on the basis of their situation. Further, the our regulation including by the Financial Conduct Authority and information contained within this communication is not intended to Prudential Regulation Authority are available from us on request. lead to the conclusion of any contract of whatsoever nature within SwapEx products and services outlined herein are only offered the territory of the United Arab Emirates. This communication to Eligible Contract Participants in the United States or their has been forwarded to you solely for your information, and may equivalent in other jurisdictions and may not be available in all not be reproduced or passed on, directly or indirectly, to any other jurisdictions. Currenex is offered to institutional investors or their person or published, in whole or in part, for any purpose. This equivalent in certain other jurisdictions, including the United States communication is addressed only to persons who are professional, of America, by Currenex, Inc. Currenex may not be available in all institutional or otherwise sophisticated investors. jurisdictions. Details about the regulation of a particular offering entity are available upon request. As used herein, “Currenex” United States (Portfolio Solutions, Broker Dealer, and/or Transition means Currenex, Inc., State Street GlobalLink Asia Pacific Ltd., Management): This communication is being distributed in the or State Street Global Markets International Limited. Currenex is United States by State Street Bank and Trust Company, authorized a registered trademark exclusively owned by State Street in the and regulated by the Federal Reserve Board and a member of the United States and in other countries. Derivatives execution products FDIC, and/or State Street Global Markets, LLC, which is regulated and services outlined in this document are offered in approved by the SEC and a member of FINRA, the NYSE, NFA, MSRB and locations through SwapEx, registered as a “swap execution facility” SIPC. Transition Management Services are offered through State with the Commodity Futures Trading Commission and subject to Street Bank and Trust Company; securities products and services CFTC regulation. are offered through SSGM, LLC. United States (Foreign Exchange and State Street Associates): The United States (Securities Finance): The products and services products and services outlined in this document are generally described herein are offered by State Street Bank and Trust offered in the United States by State Street Bank and Trust Company. Company, authorized and regulated by the Federal Reserve Board. To learn how State Street looks after your personal data, visit http://www. statestreet.com/utility/data-processing-and-privacy-notice.html

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