1) SIFMA US Capital Markets Quarterly Data Deck 2Q’15 SIFMA Research, July 10, 2015 

2) US Capital Markets Issuance – 2Q’15 HIGHLIGHTS • • Municipal bond issuance totaled $113.0 billion in 2Q’15, up 5.3% from 1Q’15. Long-term Treasury bond issuance totaled $530.9 billion in 2Q’15, up 0.5% from 1Q’15. U.S. Capital Markets Issuance 2008 - 2015:Q2 8.0 $ Billions Municipal 7.0 Treasury 6.0 MortgageRelated 5.0 Corporate 4.0 • Mortgage-related securitizations totaled $441.2 trillion in 2Q’15, up 27.0% from 1Q’15. Corporate bond issuance totaled $442.6 billion in 2Q’15, up 1.7% from 1Q’15.  Agency 2.0 Asset Backed Equity 0.0 2014 2008 2009 2010 2011 2012 2013 Of total 2Q’15 corporate issuance, $91.7 billion was high yield and $350.9 billion was investment grade. • Federal agencies issuance totaled $89.0 billion in 2Q’15, down 34.9% from 1Q’15. • Asset-backed securitizations totaled $60.1 billion, down 2.7% from 1Q’15. • Equity issuance totaled $81.0 billion in 2Q’15, up 25.6% from 1Q’15.  3.0 1.0 • $ Billions Municipal Treasury Mortgage-Related Corporate Federal Agency Asset Backed Equity 2015:Q2 113.0 530.9 441.2 442.6 89.0 60.1 81.0 2015:Q1 107.2 528.0 347.5 435.0 136.7 61.8 64.5 2014 Q-o-Q % Change 5.3% 0.5% 27.0% 1.7% -34.9% -2.7% 25.6% 2015 Q2 2014:Q2 90.2 559.0 304.9 427.8 69.4 70.6 94.4 Y-o-Y % Change 25.2% -5.0% 44.7% 3.5% 28.1% -14.8% -14.2% Of total 2Q’15 equity issuance, $13.4 billion were true IPOs. Sources: Dealogic, Thomson Reuters, US Department of the Treasury, US Agencies, SIFMA 

3) US Capital Markets Issuance by Market Segments - 2Q’15 True IPOs by Industry 2015:Q2 $ Billions (% of total) Total - $13.4 billion: U.S. Corporate Bonds Issuance by Industry 2015:Q2 $ Billions (% of total) Total - $442.6 billion: Ene rgy an d P ower $3.2 (2 3.8 %) Financials $1 45.8 (32.9% ) High Te ch nology $2 .6 (19.4%) Ene rgy an d P ower $66 .8 (15.1%) Healthcare $ 2.3 (17.1%) High Te ch nology $4 3.2 (9.8%) Retail $1.5 ( 10.9%) Healthcare $ 36.6 (8.3%) Materials $1.4 ( 10.8%) Telecommunicati ons $32.5 (7 .4% ) Financials $0 .4 (3.0 %) Consumer Sta ples $27 .4 (6.2 %) Industr ials $1.0 (7.3%) Consumer Produ cts $0.6 (4.7%) Industr ials $27.2 (6 .1% ) Real Estate $ 0.4 (3.3%) Other, $6 3.0 (14.2%) Source: Thomson Reuters Municipal Bond Issuance by Use of Proceeds 2015:Q2 $ Billions (% of total) Source: Thomson weuters Total - $113 billion: Edu cation $38.0 (3 3.6 %) Gen eral Purp ose $28.1 (2 4.8 %) Utili ties $1 0.3 (9.1%) Healthcare $ 9.3 (8.2%) Transportation $ 8.8 (7.8%) Electric Po we r $6.3 (5 .6% ) Development $3 .9 (3.5 %) Housing $ 3.3 (2.9%) Pub lic Facilitie s $2.2 (1.9%) Environ me nta l Facilities $0.4 (0.4% ) Other, $2 .5 ( 2.2 %) Sources: Thomson weuters, SIFaA 

4) US Capital Markets Trading Volume - 2Q’15 HIGHLIGHTS • • Municipal bond average daily trading volume totaled $10.9 billion in 2Q’15, up 17.6% from 1Q’15. Treasury average daily trading volume totaled $477.6 billion in 2Q’15, down 10.2% from 1Q’15. US Capital Markets Average Daily Trading Volume 2008 - 2015:Q2 1,400.0 $ Billions Municipal 1,200.0 Treasury 1,000.0 MortgageRelated 800.0 Corporate 600.0 • • Mortgage-related average daily trading volume totaled $194.7 billion in 2Q’15, down 12.4% from 1Q’15. Corporate bond average daily trading volume totaled $21.4 billion in 2Q’15, down 10.3% from 1Q’15.  Of total 2Q’15 corporate average daily trading volume, high yield averaged $7.3 billion and investment grade $14.1 billion. • Federal agencies average daily trading volume totaled $4.6 billion in 2Q’15, down 8.5% from 1Q’15. • Asset-backed average daily trading volume totaled $1.7 billion, up 6.1% from 1Q’15. • Agency 400.0 Asset Backed 200.0 Equity 0.0 2014 2008 2009 $ Billions Municipal Treasury Mortgage-Related Corporate Federal Agency Asset-Backed Equity 2010 2011 2015:Q2 10.9 477.6 194.7 21.4 4.6 1.7 181.5 2012 2013 2015:Q1 9.2 531.8 222.4 23.9 5.1 1.6 195.3 2014 Q-o-Q % Change 17.6% -10.2% -12.4% -10.3% -8.5% 6.1% -7.0% 2015 Q2 2014:Q2 10.4 492.0 178.6 20.2 4.9 1.4 170.4 Y-o-Y % Change 4.3% -2.9% 9.0% 5.9% -4.6% 22.6% 6.5% Equity average daily trading volume totaled $181.5 billion in 2Q’15, down 7.0% from 1Q’15. Sources: BATS, FINRA Trace, MSRB EMMA, NASDAQ, NYSE, Federal Reserve Bank of NY 

5) US Capital Markets Outstanding - 1Q’15* HIGHLIGHTS • • • • • Municipal bonds outstanding totaled $3.7 trillion at end1Q’15, up 1.1% from end-4Q’14. Treasuries outstanding totaled $12.6 trillion outstanding at end- 1Q’15, up 1.0% from end-4Q’14. Mortgage-related securitizations outstanding totaled $8.7 trillion at end-1Q’15, down 0.5% from end-4Q’14. Corporate bonds outstanding totaled $8.0 trillion at end1Q’15, up 1.5% from end-4Q’14. U.S. Capital Markets Outstanding 2008 - 2015:Q1 40.0 $ Billions Municipal 35.0 30.0 Treasury 25.0 MortgageRelated 20.0 Corporate 15.0 Agency 10.0 5.0 Asset Backed 0.0 2014 2008 2009 2010 2011 2012 2013 Federal agency issuance outstanding totaled $2.0 trillion at end-1Q’15, down 2.6% from end-4Q’14. • Asset-backed securitizations outstanding totaled $1.4 trillion at end-1Q’15, up 1.9% from end-4Q’14. • Equity market capitalization totaled $28.1 trillion at end1Q’15, up 0.8% from end-4Q’14. • 2015:Q1 3,694.0 12,630.2 8,688.9 7,965.1 1,975.6 1,361.3 2014:Q4 3,652.4 12,504.8 8,729.4 7,846.2 2,028.7 1,336.5 Q-o-Q % Change 1.1% 1.0% -0.5% 1.5% -2.6% 1.9% 2015 Q1 2014:Q1 3,660.8 12,120.5 8,717.9 7,570.2 1,946.9 1,265.9 Y-o-Y % Change 0.9% 4.2% -0.3% 5.2% 1.5% 7.5% Money markets outstanding totaled $2.9 trillion at end1Q’15, down 0.8% from end-4Q’14. • $ Billions Municipal Treasury Mortgage-Related Corporate Federal Agency Asset-Backed 2014 Repo markets outstanding totaled $4.2 trillion at end-1Q’15, down 3.5% from end-4Q’14. * Outstanding data lags by a quarter. Sources: Bloomberg, Federal Reserve, US Department of the Treasury, US Federal Agencies 

6) Terms of Use The report is subject to the Terms of US applicable to SIFMA's website, available here: http://www.sifma.org/legal/ SIFMA is the voice of the U.S. securities industry, representing the broker-dealers, banks and asset managers whose 889,000 employees provide access to the capital markets, raising over $2.4 trillion for businesses and municipalities in the U.S., serving clients with over $16 trillion in assets and managing more than $62 trillion in assets for individual and institutional clients including mutual funds and retirement plans. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org. To view more statistics and reports from SIFMA Research, visit http://www.sifma.org/research.