2015 FACT BOOK . 2015 FACT BOOK Produced by SIFMA Research Department Copyright © 2015 by the Securities Industry and Financial Markets Association 120 Broadway, FL 35 New York, NY 10271-0080 (212) 313-1200 research@sifma.org | www.sifma.org The report is subject to the Terms of Use applicable to SIFMA’s website, available at 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. .

. TABLE OF CONTENTS Highlights...................................................................................................................................................5 Capital Markets........................................................................................................................................7 Corporate Capital Raised in the U.S. and U.S. Initial Public Offerings.......................................................9 Corporate Capital Raised in the U.S. — Value...................................................................................................

10 Corporate Capital Raised in the U.S. — Number of Issues.............................................................................11 U.S. Private Placements — Value.............................................................................................................................12 U.S.

Private Placements — Number of Issues.................................................................................................... 13 U.S. Long-Term Municipal Bond Underwritings — Value...............................................................................

14 U.S. Long-Term Municipal Bond Underwritings — Number of Issues....................................................... 15 Net Issuance of Government and Corporate Securities in the U.S...........................................................

16 U.S. Equity and Debt Outstanding..........................................................................................................................17 U.S. Mergers and Acquisitions — Announced and Completed...................................................................

18 Global Mergers and Acquisitions — Announced and Completed.............................................................. 19 U.S. Corporate Underwritings — Value...............................................................................................................

20 U.S. Corporate Underwritings — Number of Issues.........................................................................................21 Securities Industry...............................................................................................................................23 Financial Data of FINRA-Reporting Broker-Dealers...................................................................................... 25 Securities Industry Employment...........................................................................................................................

26 FINRA-Reporting Firms and Registered Representatives............................................................................27 NYSE-Reporting Firms as a Share of Total FINRA-Reporting Firms....................................................... 28 NYSE-Reporting Firms Aggregated Financial Results.................................................................................. 29 NYSE-Reporting Firms Aggregated Total Capital and Equity Capital...................................................

30 NYSE-Reporting Firms Aggregated Total Revenue........................................................................................ 31 NYSE-Reporting Firms Aggregated Total Capital.......................................................................................... 32 U.S.

Investment Banking Fees — Value and Percentage of Total.............................................................. 33 Global Investment Banking Fees — Value and Percentage of Total........................................................ 34 Number and Assets of U.S.

Financial Firms...................................................................................................... 35 FINRA-Registered Broker-Dealers by State...................................................................................................... 36 FINRA-Registered Registered Representatives by State..............................................................................37 Registered Investment Advisors by State..........................................................................................................

38 Market Activity...................................................................................................................................... 39 U.S. Stock Market Capitalization............................................................................................................................

41 U.S. Exchange Listed Companies.......................................................................................................................... 42 Margin Credit at NYSE-Reporting Broker-Dealers and Annual Turnover Rate on NYSE.................

43 NYSE Trading Activity............................................................................................................................................... 44 NASDAQ Trading Activity........................................................................................................................................ 45 Average Daily Trading Volume and Dollar Volume Traded in the U.S.

Equity Markets.................... 46 Average Daily Trading Volume in the U.S. Bond Markets............................................................................

47 U.S. Stock Market Indices — Year-End Levels................................................................................................... 48 Contents i .

U.S. Stock Market Indices — Annual Percentage Change............................................................................ 49 Futures Contracts Traded on U.S. Exchanges..................................................................................................

50 Options Contracts Traded on U.S. Exchanges.................................................................................................. 51 Long-Term Municipal Issuance — Number of Issuers.....................................................................................52 Bank Qualified Municipal Bond Issuance...........................................................................................................

53 Municipal Average Daily Dollar Volume of Trades.......................................................................................... 54 Municipal Average Daily Number of Trades...................................................................................................... 55 U.S.

Mutual Fund Assets........................................................................................................................................... 56 U.S. Mutual Fund Net New Cash Flow..................................................................................................................57 Total Number of U.S.

Exchange Traded Funds................................................................................................ 58 Investor Participation........................................................................................................................ 59 U.S. U.S. U.S. U.S. U.S. U.S. U.S. Holdings of Equities — Households vs.

Institutions............................................................................... 61 Family Holdings of Stock and U.S. Household Equity Ownership...................................................

62 Household Liquid Financial Assets — Value............................................................................................. 63 Household Liquid Financial Assets — Share of Total............................................................................ 64 Holdings of Equities by Type of Holder — Value....................................................................................

65 Holdings of Equities by Type of Holder — Share of Total................................................................... 66 Net Acquisitions of Corporate Equities by Type of Holder — Value............................................... 67 Global Markets......................................................................................................................................

69 Global Investment Banking Revenues.................................................................................................................. 71 Global Financial Markets and Global Securities Markets..............................................................................72 Global Equity Market Capitalization......................................................................................................................73 Global Bond Market Outstanding..........................................................................................................................74 International Security Offerings by All Issuers — Value................................................................................75 International Security Offerings by All Issuers — Number of Issues....................................................... 76 International Security Offerings by U.S.

Issuers — Value..............................................................................77 International Security Offerings by U.S. Issuers — Number of Issues..................................................... 78 Foreign Gross Activity in U.S.

Securities............................................................................................................ 79 Foreign Net Purchases of U.S Securities............................................................................................................80 U.S. Gross Activity in Foreign Securities.............................................................................................................

81 U.S. Net Purchases of Foreign Securities........................................................................................................... 82 Foreign Holdings of U.S.

Securities...................................................................................................................... 83 Foreign Net Purchases of U.S. Securities and U.S.

Net Purchases of Foreign Securities....................... 84 U.S. Holdings of Foreign Securities......................................................................................................................

85 Major Global Stock Market Indices....................................................................................................................... 86 Foreign Exchange Rates........................................................................................................................................... 87 American Depository Receipts (ADRs)..............................................................................................................

88 Global Equity Markets Trading Volume ­ Value............................................................................................. 89 — Global Equity Markets Trading Volume — Share of Total.............................................................................90 Global Equity Markets Capitalization — Value.................................................................................................. 91 Global Equity Markets Capitalization — Share of Total................................................................................

92 Global Bond Market Outstanding......................................................................................................................... 93 Global Long-Term Bond Market Issuance.......................................................................................................... 94 ii SIFMA 2015 Factbook .

Foreign Gross Transactions in U.S. Equities by Country and Region...................................................... 95 Foreign Net Purchases of U.S. Equities by Country and Region..............................................................

96 U.S. Gross Transactions in Foreign Equities by Country and Region...................................................... 97 U.S.

Net Purchases of Foreign Equities by Country and Region.............................................................. 98 Global Derivatives Market........................................................................................................................................ 99 Savings & Investment........................................................................................................................

101 U.S. Federal Receipts, Outlays, Deficit and Debt...........................................................................................103 U.S. Economic Indicators........................................................................................................................................

104 U.S. Interest Rates and Bond Yields....................................................................................................................105 Household Saving Rates of Major Nations...................................................................................................... 106 U.S.

Individual Retirement Accounts..................................................................................................................107 U.S. 401(K) Plan Assets........................................................................................................................................... 108 U.S.

Retirement Assets............................................................................................................................................ 109 U.S. Private Pension Fund Assets..........................................................................................................................110 U.S.

Private Pension Fund Assets Investment Mix........................................................................................... 111 U.S. Defined Benefits Plan Assets Investment Mix.........................................................................................

112 U.S. Defined Contribution Plan Assets Investment Mix................................................................................ 113 U.S.

Individual Retirement Account (IRA) Assets...........................................................................................114 U.S. Income Sources for Those Aged 65 Or Older......................................................................................... 115 Contents iii .

. HIGHLIGHTS Chapter 1 - Capital Markets The securities industry raised $2.2 trillion of corporate capital for U.S. businesses in 2014 through debt and equity issuance in the United States, a 1.6 percent increase from the previous year. Of the $2.2 trillion raised, $2.1 trillion was public debt and equity underwriting. The balance was private placements, which fell to $136.6 billion, down 21.7 percent from 2013. “The securities industry raised $2.2 trillion of corporate capital for U.S.

businesses in 2014 through debt and equity issuance in the United States” Public equity issuance, including common and preferred shares, totaled $315.4 billion in 2014, an increase of 3.6 percent and the highest annual issuance on record. Initial public offering (IPO) volume, excluding closed-end funds, was $94.2 billion, up 60.0 percent from 2013, while closed-end fund IPOs fell by 61.0 percent to $6.5 billion. Follow-on, or secondary, issuance totaled $174.0 billion, down 11.8 “Initial public offering volume was $94.2 billion in 2014, the highest volume on record” percent from 2013.

Preferred shares issuance increased by 3.6 percent to $40.7 billion in 2014. Public issuance of corporate debt, asset-backed securities (ABS) and non-agency mortgage-backed securities (MBS) totaled $1.8 trillion in 2014, a 3.7 percent increase from 2013 and the highest level since 2007. The largest issuing segment was straight corporate debt, which rose 3.9 percent to $1.43 trillion in 2014. Convertible corporate debt increased by 3.0 percent to $37.5 billion.

Non-agency mortgage-backed securities issuance fell to $78.9 billion, down 26.6 percent from 2013, while asset-backed securities issuance volume rose 19.3 percent to $225.4 billion. U.S. long-term municipal bond underwriting totaled $337.5 billion in 2014, a 1.8 percent increase from $331.6 billion in 2013. Of the total, 54 percent was issued in the form of revenue bonds, 39 percent in general obligation bonds and the remainder in private placements. U.S.

merger and acquisition (M&A) announced deals totaled $1.5 trillion in 2014, a 29.3 percent increase from the $1.2 trillion in 2013, while the value of completed M&A deals rose by 15.4 percent to $1.2 trillion. Chapter 2 - Securities Industry National securities industry employment, as reported by the U.S. Department of Labor, reached 888,600 in December 2014, rising by 1.8 percent year-over-year, following a 1.7 percent increase in 2013. “National securities industry employment reached 888,600 in 2014” Pre-tax net income (profits) for all broker-dealers doing public business in the U.S. rose by 2.6 percent to $27.0 billion in 2014 from $26.3 billion in 2013.

Total revenues were $275.0 billion in 2014, up 4.0 percent compared to the previous year, while total expenses rose by 4.1 percent to $247.9 billion. Highlights 5 . Revenue from investment banking services – mergers & acquisitions, equity and debt capital markets, and loans – decreased for the first time in five years, down 1.6 percent, following an 18.7 percent rise in 2013. Chapter 3 - Market Activity U.S. stock markets had a strong year in 2014. The Dow Jones Industrial Average rose by 7.5 percent, its sixth consecutive yearly increase, ending at 17,823.07. The Standard & Poor’s 500 Index was up 11.4 percent to close 2014 at 2,058.90 and the NASDAQ Composite Index rose 13.4 percent to 4,736.05. “U.S.

stock markets had a strong year in 2014; S&P 500 Index was up 11.4 percent in 2014” NYSE average daily dollar volume increased to $40.5 billion in 2014 from $35.6 billion in 2013. NASDAQ average daily dollar volume was $70.6 billion in 2014, 25.1 percent higher than in 2013. U.S. bond market average daily trading volume fell by 10.6 percent to $723.5 billion in 2014.

The largest declines were in trading of federal agency securities and agency MBS, which fell by 18.9 percent and 20.2 percent, respectively, reflecting the ongoing mandates for Fannie Mae and Freddie Mac to reduce the size of their balance sheets. Treasury, municipal and non-agency MBS trading volumes fell by 7.3 percent, 11.8 percent and 9.6 percent, respectively, while ABS and corporate bond trading volumes rose by 14.3 percent and 10.0 percent, respectively. Chapter 4 - Investor Participation Federal Reserve Board data showed U.S households’ total liquid assets reached $33.4 trillion in 2014, 5.0 percent above $31.8 trillion in 2013. Of the 2014 total, 40.1 percent was in equities, 23.4 percent in stock and bond mutual funds, 6.7 percent in government and municipal bonds, 2.8 percent in corporate bonds, 3.4 percent in money market funds and the remaining 23.6 percent was in bank products. Chapter 5 - Global Markets U.S.

gross activity (purchases and sales) in foreign securities rose to a record high of $18.3 trillion in 2014, up 10.5 percent from 2013. Foreign gross activity in U.S. securities held steady at $55.5 trillion in 2014. Global long-term bond market issuance totaled $16.3 trillion in 2014, an 11.7 percent increase from $14.6 trillion in 2013.

Global bond markets outstanding value decreased slightly to $85.9 trillion from $88.6 trillion in 2013. Global equity market capitalization increased by 6.2 percent to end the year at $63.5 trillion. Chapter 6 - Savings & Investment The U.S. household savings rate continues to lag behind most majorly industrialized countries.

The Organization for Economic Co-operation and Development estimated that the U.S. household savings rate fell to 4.9 percent in 2014 from 7.2 percent in 2013. Total U.S. retirement assets grew 5.2 percent to just over $28 trillion in 2014, according to Federal Reserve Flow of Funds accounts.

Total pension assets rose 4.7 percent to $20.6 trillion and assets held in individual retirement accounts (IRAs) rose by 6.9 percent to $7.4 trillion. “Total U.S. retirement assets grew 5.2 percent to just over $28 trillion in 2014” 6 SIFMA 2015 Factbook . CAPITAL MARKETS . . Corporate Capital Raised in the U.S. Corporate Capital Raised In the U.S. 3.5 $ Trillions 3.0 2.5 2.0 1.5 1.0 0.5 0.0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Note: Includes corporate debt and equity, non-agency securitizations, and private placements issued by U.S. issuers Source: Thomson Reuters U.S. U.S. Initial Public Offerings Initial Public Offerings 100 94.2 $ Billions 90 80 70 60 60.3 58.9 53.0 48.0 50 43.1 38.6 36.3 40 45.4 25.7 30 42.7 23.4 16.2 20 7.7 10 0 40.4 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Note: Excludes closed-end fund IPOs Source: Thomson Reuters Capital Markets 9 .

CORPORATE CAPITAL RAISED IN THE U.S. Corporate Capital Raised in the U.S. — Value ($ Billions) ($ Billions) Underwritten 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 % Private % Total 1,187.1 1,558.2 1,486.5 1,878.7 2,185.2 2,602.5 2,944.4 2,714.9 1,308.0 1,434.7 1,520.3 1,414.5 1,922.8 2,014.4 2,088.1 71% 72% 81% 81% 82% 84% 87% 84% 89% 90% 90% 91% 93% 92% 94% 483.2 591.1 347.5 442.3 478.6 481.0 428.2 522.2 158.0 164.6 165.9 137.2 146.1 174.4 136.6 29% 28% 19% 19% 18% 16% 13% 16% 11% 10% 10% 9% 7% 8% 6% 1,670.2 2,149.3 1,834.0 2,321.0 2,663.8 3,083.5 3,372.6 3,237.1 1,466.0 1,599.3 1,686.2 1,551.8 2,068.9 2,188.7 2,224.7 Note: Includes corporate debt and equity, non-agency securitizations, and private placements by U.S. issuers Source: Thomson Reuters 1 10 SIFMA 2015 Factbook . CORPORATE CAPITAL RAISED IN THE U.S. Corporate Capital Raised in the U.S. — Number of Issues (Number of Issues) (Numberof Issues) Underwritten 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 % Private % Total 7,362 9,728 8,784 10,350 8,298 8,017 7,577 5,833 2,606 2,800 3,447 3,341 4,231 4,949 3,977 79% 80% 81% 79% 74% 73% 73% 69% 66% 73% 75% 77% 84% 87% 87% 1,938 2,483 2,068 2,681 2,908 2,952 2,823 2,615 1,313 1,010 1,171 1,008 828 737 580 21% 20% 19% 21% 26% 27% 27% 31% 34% 27% 25% 23% 16% 13% 13% 9,300 12,211 10,852 13,031 11,206 10,969 10,400 8,448 3,919 3,810 4,618 4,349 5,059 5,686 4,557 Note: Includes corporate debt and equity, non-agency securitizations, and private placements by U.S. issuers Source: Thomson Reuters Capital Markets 11 . U.S. Private Placements ­ Value U.S. PRIVATE PLACEMENTS - VALUE — ($ Billions) ($ Billions) Debt 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 % Equity % Total 302.1 463.1 273.7 431.6 461.9 462.5 411.2 488.9 110.5 156.5 138.6 111.7 132.8 128.9 129.5 63% 78% 79% 98% 97% 96% 96% 94% 70% 95% 84% 81% 91% 74% 95% 15.5 19.3 15.8 10.7 16.7 18.5 17.0 33.3 47.4 8.1 27.3 25.5 13.3 45.4 7.1 3% 3% 5% 2% 3% 4% 4% 6% 30% 5% 16% 19% 9% 26% 5% 483.2 591.1 347.5 442.3 478.6 481.0 428.2 522.2 158.0 164.6 165.9 137.2 146.1 174.4 136.6 Source: Thomson Reuters 12 SIFMA 2015 Factbook . U.S. Private Placements — Number of U.S. PRIVATE PLACEMENTS - NUMBER Issues (Number of Issues) (Numberof Issues) Debt 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 % Equity % Total 1,309 1,676 1,495 2,142 2,311 2,374 2,094 1,643 465 489 521 465 486 532 479 37% 58% 64% 80% 79% 80% 74% 63% 35% 48% 44% 46% 59% 72% 83% 629 807 573 539 597 578 729 972 848 521 650 543 342 203 101 18% 28% 24% 20% 21% 20% 26% 37% 65% 52% 56% 54% 41% 28% 17% 3,540 2,872 2,347 2,681 2,908 2,952 2,823 2,615 1,313 1,010 1,171 1,008 828 737 580 Source: Thomson Reuters Capital Markets 13 . 13.3 17.3 19.5 21.8 17.2 20.5 20.8 21.7 15.5 11.8 24.2 18.7 26.4 18.0 20.5 Competitive 115.0 165.9 209.9 216.4 210.5 241.8 246.6 272.6 260.7 240.2 259.3 161.6 207.8 170.4 161.8 Revenue Negotiated 128.3 183.2 229.4 238.2 227.7 262.3 267.4 294.3 276.2 252.0 283.5 180.3 234.2 188.5 182.3 Total Source: Thomson Reuters Note: Excludes securities with maturities under 13 months 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 ($ Billions) 34.6 45.7 51.9 53.7 51.1 55.4 48.5 51.0 37.8 46.1 49.0 40.9 47.7 51.3 51.4 31.0 55.6 73.1 86.6 77.6 88.5 65.9 79.0 72.3 108.7 97.9 64.1 87.6 73.3 81.3 General Obligation Competitive Negotiated U.S. LONG-TERM MUNICIPAL BOND UNDERWRITINGS - VALUE ($ Billions) U.S. Long-Term Municipal Bond Underwritings ­ Value — 65.6 101.3 125.0 140.3 128.7 143.9 114.4 130.1 110.3 154.8 146.9 104.9 135.3 124.6 132.7 Total 6.2 3.1 2.7 3.9 2.9 1.8 4.4 4.9 4.2 2.7 2.8 9.5 9.3 18.5 22.6 Private Placements 200.2 287.6 357.2 382.4 359.4 408.0 386.3 429.3 390.7 409.5 433.2 294.7 378.9 331.6 337.5 Total . 769 900 884 953 790 737 666 622 478 509 786 553 758 548 557 4,556 5,557 5,621 5,735 5,232 5,371 5,255 5,372 4,235 3,718 4,521 3,013 3551 3011 3530 Revenue Negotiated 5,325 6,457 6,505 6,688 6,022 6,108 5,921 5,994 4,713 4,227 5,307 3,566 4,309 3,559 4,087 Total Source: Thomson Reuters Note: Excludes securities with maturities under 13 months 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Competitive (Number of Issues) 3,262 3,805 3,860 4,096 3,401 3,385 3,182 3,027 2,882 3,138 3,469 2,946 3537 3274 3265 2,005 3,069 3,692 3,969 3,894 4,279 3,355 3,231 2,776 3,943 4,789 3,661 4724 3738 2819 General Obligation Competitive Negotiated 5,267 6,874 7,552 8,065 7,295 7,664 6,537 6,258 5,658 7,081 8,258 6,607 8,261 7,012 6,084 Total U.S. Long-Term Municipal Bond Underwritings ­ Number Of Issues U.S.LONG-TERM MUNICIPAL BOND UNDERWRITINGS - NUMBER OF ISSUES — (Number of Issues) 668 455 341 277 286 176 284 399 315 189 160 382 360 903 867 Private Placements 11,260 13,786 14,398 15,030 13,603 13,948 12,742 12,651 10,686 11,497 13,725 10,555 12,930 11,474 11,038 Total 6,898 8,352 8,799 9,290 8,456 8,976 8,123 7,961 6,884 7,371 8,127 7,141 8,809 7,653 7,332 Number of UNIQUE Issues by Issuer . 345.9 580.4 485.0 562.2 688.6 758.7 1,049.0 1,153.5 -225.9 -55.6 -239.5 105.9 223.6 387.6 479.6 5.6 100.9 64.4 158.5 109.4 -35.1 -299.6 -385.7 281.0 327.1 15.4 -285.7 -87.9 65.1 232.9 Source: Federal Reserve Flow of Funds Accounts, Table F.4 -294.9 -5.1 257.1 398.4 362.5 307.3 183.7 237.5 1,239.0 1,443.7 1,579.6 1,066.8 1,140.6 759.5 667.2 U.S. Government Securities * Includes non-agency ABS and MBS ** Includes both agency debentures and securitizations 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Corporate & Foreign Bonds* Corporate Equities (New Issues Less Retirements in $ Billions) 433.9 642.1 547.2 583.8 115.2 80.0 327.9 905.3 768.9 -59.9 -46.2 -20.8 -22.8 239.5 140.2 Agency & GSE Securities** Net Issuance of Government and Corporate Securities in the U.S. 23.6 122.7 159.4 137.6 203.7 198.1 170.0 235.5 92.4 155.3 99.7 -52.8 -4.9 -43.2 -18.8 Municipal Bonds 514.2 1,441.1 1,513.0 1,840.6 1,479.4 1,309.0 1,431.1 2,146.1 2,155.4 1,810.6 1,409.0 813.5 1,248.5 1,408.4 1,501.2 Total Net Issuance . 17,627.0 15,310.6 12,438.3 16,638.5 18,947.1 20,636.1 24,339.3 25,580.9 15,640.5 20,085.5 23,552.5 22,940.5 26,204.7 33,629.1 36,256.3 Equities 3,393.1 3,817.2 4,028.0 4,302.4 4,530.2 4,596.2 4,834.7 5,245.5 5,408.8 5,926.0 6,543.8 6,618.1 7,050.5 7,457.9 7,840.3 Corporate Securities 699.5 811.9 902.0 992.7 1,096.7 1,275.0 1,642.8 1,938.7 1,799.1 1,682.0 1,476.2 1,329.9 1,253.4 1,252.3 1,335.6 ABS 2,951.9 2,967.5 3,204.9 3,574.9 3,943.6 4,165.9 4,322.9 4,516.7 5,774.2 7,249.8 8,853.0 9,928.4 11,046.1 11,854.4 12,504.8 Treasuries* 1,853.7 2,157.4 2,377.7 2,626.2 2,700.6 2,616.0 2,634.0 2,906.2 3,210.6 2,727.5 2,538.8 2,326.9 2,095.8 2,056.9 2,160.8 Federal Agencies 4,119.3 4,711.0 5,286.3 5,708.0 6,289.1 7,206.4 8,376.0 9,372.6 9,457.6 9,341.6 9,221.4 9,043.8 8,814.9 8,720.1 8,729.2 MortgageRelated** 2,813.9 2,714.9 2,638.1 2,615.5 3,026.0 3,557.2 4,156.4 4,328.3 3,939.3 3,258.4 2,974.1 2,732.7 2,611.6 2,766.9 2,903.2 Money Markets Sources: U.S. Department of Treasury, Federal Reserve System, Federal Agencies, Thomson Reuters, Bloomberg, SIFMA * Interest bearing marketable public debt ** Includes GNMA, FNMA, and FHLMC mortgage-backed securities and CMOs and private-label MBS/CMOs 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 ($ Billions) U.S. Equity and Debt Outstanding 1,480.7 1,603.4 1,762.8 1,900.4 2,821.2 3,019.3 3,189.3 3,424.8 3,517.2 3,672.5 3,772.1 3,719.4 3,714.4 3,671.2 3,652.4 Municipal Bonds 34,939.2 34,093.9 32,638.1 38,358.5 43,354.4 47,072.1 53,495.3 57,313.7 48,747.3 53,943.3 58,932.0 58,639.7 62,791.5 71,408.8 75,382.5 Total . U.S. MERGERS AND ACQUISITIONS - ANNOUNCED AND COMPLETED U.S. Mergers and Acquisitions — Announced and Completed ($ Billions and Number Deals) ($ Billions and Number of of Deals) Announced Value ($ Bils) # of Deals 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1,345.3 804.7 481.5 602.2 866.4 1,181.7 1,492.2 1,452.3 915.0 809.3 837.7 1,026.7 943.5 1,185.4 1,532.5 Source: Dealogic 18 SIFMA 2015 Factbook 11,247 8,636 7,681 7,811 8,766 8,551 10,611 11,278 9,483 7,798 10,814 11,302 12,729 10,609 11,036 Completed Value ($ Bils) # of Deals 1,605.6 1,052.3 589.9 519.8 871.0 998.5 1,360.8 1,741.4 1,016.2 702.7 835.6 990.0 1,038.0 1,042.5 1,202.9 11,194 8,770 7,790 7,782 8,761 8,515 10,661 11,318 9,717 7,698 10,814 11,272 12,625 10,652 10,679 . GLOBAL MERGERS Acquisitions — Announced and Completed Global Mergers andAND ACQUISITIONS - ANNOUNCED AND COMPLETED ($ Billions and Number Deals) ($ Billions and Number of of Deals) Announced Value ($ Bils) # of Deals 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 3,320.6 1,743.7 1,318.5 1,456.6 2,065.8 2,952.1 3,915.6 4,609.3 3,173.3 2,298.7 2,722.9 2,766.0 2,656.3 2,840.2 3,600.4 31,375 27,315 25,604 23,458 26,723 31,960 37,573 43,462 42,312 37,523 42,206 45,316 43,723 38,108 41,110 Completed Value ($ Bils) # of Deals 3,822.7 2,170.9 1,439.1 1,385.0 1,973.8 2,591.3 3,592.9 4,742.2 3,567.7 2,370.4 2,489.8 2,907.0 2,555.1 2,729.9 2,952.4 31,200 27,456 25,702 23,326 26,365 31,590 37,520 43,253 43,079 37,051 41,827 45,289 43,670 38,150 39,328 Source: Dealogic Capital Markets 19 . 574.1 771.9 636.0 773.6 775.6 749.8 1,057.7 1,137.4 713.4 943.9 1,053.9 1,021.1 1,367.9 1,377.0 1,430.9 49.6 78.3 30.6 73.0 32.4 29.7 63.3 77.5 43.4 33.5 29.1 20.6 20.0 36.4 37.5 188.5 332.3 448.8 644.8 948.7 1,343.8 1,354.2 953.6 39.6 47.5 68.7 50.3 51.6 107.5 78.9 ABS Non-Agency MBS 190.2 205.4 215.6 231.2 222.7 289.1 268.2 289.0 268.6 151.8 106.6 124.1 201.1 188.9 225.4 Debt 1,002.3 1,388.0 1,331.1 1,722.6 1,979.4 2,412.3 2,743.5 2,457.4 1,065.1 1,176.7 1,258.3 1,216.0 1,640.6 1,709.8 1,772.7 Total Debt 17.1 42.3 38.2 35.9 35.7 31.2 41.7 67.5 77.3 6.8 22.4 12.9 36.0 31.7 40.7 Preferred Stock 167.6 127.9 117.2 120.2 170.1 159.0 159.2 190.0 165.6 251.2 239.6 185.7 246.1 272.9 274.7 184.8 170.2 155.4 156.2 205.8 190.1 200.9 257.5 242.9 258.0 262.0 198.6 282.2 304.6 315.4 Common Total Equity Stock Equity Sources: Bloomberg, Dealogic, Thomson Reuters 1,187.1 1,558.2 1,486.5 1,878.7 2,185.2 2,602.5 2,944.4 2,714.9 1,308.0 1,434.7 1,520.3 1,414.5 1,922.8 2,014.4 2,088.1 Total Underwriting Note: Corporate debt includes investment grade and high yield; common stock includes initial public offerings and follow-ons 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Corporate Convertible Debt Debt ($ Billions) U.S. Corporate Underwritings — Value 61.4 43.2 42.0 45.3 73.3 61.3 59.5 92.5 11.1 25.9 52.1 47.8 55.5 75.5 100.7 106.2 84.7 75.2 74.9 96.8 97.6 99.7 97.5 154.4 225.4 187.5 137.8 190.6 197.4 174.0 All IPOs Follow-Ons Common Stock 60.3 36.3 25.7 16.2 48.0 38.6 45.4 53.0 7.7 23.4 43.1 40.4 42.7 58.9 94.2 1.1 6.9 16.3 29.1 25.3 22.7 14.1 39.5 3.5 2.4 9.0 7.4 12.8 16.7 6.5 "True" IPOs Closed End IPOs All IPOs . 2,231 2,431 2,675 2,521 2,345 2,155 2,273 1,980 942 1,255 1,527 1,308 1,738 1,648 1,541 150 246 171 301 216 162 228 250 180 181 162 155 177 189 126 941 924 886 998 786 1,027 931 1,012 921 370 528 644 883 971 615 3,185 5,355 4,303 5,706 3,876 3,811 3,317 1,735 178 51 145 325 348 820 459 ABS Non-Agency MBS Debt 6,507 8,956 8,035 9,526 7,223 7,155 6,749 4,977 2,221 1,857 2,362 2,432 3,146 3,628 2,741 Total Debt 69 201 165 196 195 106 88 84 58 27 48 67 152 112 93 Preferred Stock 786 571 584 628 880 756 740 772 327 916 1,037 842 933 1,209 1,143 855 772 749 824 1,075 862 828 856 385 943 1,085 909 1,085 1,321 1,236 Common Total Equity Stock Equity 7,362 9,728 8,784 10,350 8,298 8,017 7,577 5,833 2,606 2,800 3,447 3,341 4,231 4,949 3,977 Total Underwriting Source: Thomson Reuters Note: Corporate debt includes investment grade and high yield; common stock includes initial public offerings and follow-ons 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Corporate Convertible Debt Debt (Number of Issues) U.S. Corporate Underwritings — Number of Issues 384 132 163 132 304 278 255 330 54 79 210 213 212 276 324 402 439 421 496 576 478 485 442 273 837 827 629 721 933 819 All IPOs Follow-Ons Common Stock 381 94 86 85 242 211 207 228 38 65 181 176 175 238 300 3 38 77 47 62 67 48 102 16 14 29 37 37 38 24 "True" IPOs Closed End IPOs All IPOs . . SECURITIES INDUSTRY . . FINANCIAL DATA FINRA-Reporting Broker-Dealers Financial Data ofOF FINRA-REPORTING FIRMS ($ Millions) ($ Millions) 2010 2011 2012 2013 2014 254,752 219,962.8 238,913.9 224,707.9 256,909.6 224,854.4 264,505.1 238,163.9 274,983.4 247,947.5 34,789.0 14,206.1 32,055.1 26,341.2 27,035.9 4,851,367.9 4,626,341.1 225,026.8 4,567,332.2 4,357,829.7 209,502.5 4,777,411.7 4,552,855.1 224,556.4 4,479,024.0 4,244,409.3 234,614.7 4,382,895.3 4,141,081.7 241,813.6 4,610 4,527 4,358 4,207 4,156 Total Revenues Total Expenses Pre-Tax Net Income Total Assets Total Liabilities Total Ownership Equity Number of Firms Note: All broker-dealers doing a public business in the U.S. Sources: SIFMA DataBank FINRA-Reporting Broker-Dealers Revenues and FINRA-ReportingBroker-Dealers Revenues and Expenses Expenses 500 $ Billions Total Revenues 450 Total Expenses 400 350 300 250 200 150 100 50 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: SIFMA DataBank Securities Industry 25 . 884.3 858.8 816.8 802.7 826.2 846.8 885.5 909.4 907.8 854.2 852.7 862.7 858.1 872.6 888.6 8.9% -2.9% -4.9% -1.7% 2.9% 2.5% 4.6% 2.7% -0.2% -5.9% -0.2% 1.2% -0.5% 1.7% 1.8% Annual Change (%) 216.7 184.1 181.7 179.3 187.6 196.3 204.9 213.0 203.0 184.5 189.3 191.3 187.4 187.6 189.1 # Jobs 5.3% -15.0% -1.3% -1.3% 4.6% 4.6% 4.4% 4.0% -4.7% -9.1% 2.6% 1.1% -2.0% 0.1% 0.8% Annual Change (%) New York State Sources: U.S. Department of Labor, Bureau of Labor Statistics Note: Data based on North American Industry Classification System (NAICS) code 523 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 # Jobs United States (In Thousands, as of Year End) (Thousands, as of Year End) Securities Industry Employment SECURITIES INDUSTRY EMPLOYMENT 24.5% 21.4% 22.2% 22.3% 22.7% 23.2% 23.1% 23.4% 22.4% 21.6% 22.2% 22.2% 21.8% 21.5% 21.3% NYS/US 200.3 167.4 165.6 163.6 169.2 176.0 184.3 191.3 182.1 164.6 169.2 170.9 167.2 166.9 168.6 # Jobs 5.1% -16.4% -1.1% -1.2% 3.4% 4.0% 4.7% 3.8% -4.8% -9.6% 2.8% 1.0% -2.2% -0.2% 1.0% Annual Change (%) New York City 92.4% 90.9% 91.1% 91.2% 90.2% 89.7% 89.9% 89.8% 89.7% 89.2% 89.4% 89.3% 89.2% 89.0% 89.2% NYC/NYS . FINRA-Reporting of Firms (Number of Firms) Number of FINRA-Reporting of Firms 5,600 5,579 5,499 5,392 5,400 5,272 5,200 5,191 5,111 5,029 5,005 5,000 4,895 4,800 4,720 4,578 4,600 4,456 4,400 4,289 4,146 4,200 4,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 4,068 2009 2010 2011 2012 2013 2014 Source: FINRA 633 631 630 630 636 637 2009 2010 2011 2012 2013 2014 FINRA-Registered Representatives (Number of Individuals) Number of FINRA-Registered Representatives 800 Thousands 750 700 672 674 662 654 659 656 658 673 665 650 600 550 500 450 400 2000 2001 2002 2003 2004 2005 2006 2007 2008 Source: FINRA Securities Industry 27 . NYSE-Reporting Firms as a Share of Total FINRA-Reporting Firms (Percent) (Percent) Net Revenue 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Assets Net Capital Equity # of Firms 70.2% 64.9% 63.0% 62.7% 61.2% 58.6% 59.9% 50.1% 38.3% 64.7% 60.2% 58.7% 60.4% 59.7% 57.5% 81.8% 83.1% 85.6% 84.2% 83.1% 83.6% 85.4% 85.8% 86.4% 84.3% 87.4% 87.2% 87.5% 89.0% 87.3% 70.0% 73.0% 72.3% 73.6% 70.2% 73.6% 73.2% 74.7% 74.1% 78.7% 78.4% 80.2% 82.5% 81.3% 80.2% 60.7% 65.8% 66.9% 68.0% 65.8% 67.9% 67.1% 64.9% 61.6% 71.7% 74.6% 73.9% 75.9% 75.3% 73.6% 3.7% 4.7% 4.5% 4.4% 4.4% 4.2% 4.0% 3.9% 3.9% 4.3% 4.4% 4.4% 4.4% 4.3% 4.4% Note: 2000 data based on all broker-dealers registered with the SEC, 2001 onwards data based on all broker-dealers registered with FINRA filing a FOCUS report Source: SIFMA DataBank 28 SIFMA 2015 Factbook . NYSE-Reporting Firms Aggregated Financial Results (NYSE Member Firms Doing a Public Business) Total Revenue ($ Millions) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 245,201 194,766 148,674 144,516 160,197 229,819 331,336 352,048 178,068 185,267 159,767 147,283 161,851 162,843 165,042 Pre-Tax Profits Pre-Tax Profit Margin ($ Millions) (Percent) 20,976 10,411 6,919 16,750 13,680 9,446 20,894 -11,302 -42,587 58,576 25,092 7,747 24,002 17,009 16,342 8.6% 5.3% 4.7% 11.6% 8.5% 4.1% 6.3% -3.2% -23.9% 31.6% 15.7% 5.3% 14.8% 10.4% 9.9% Pre-Tax ROE (Percent) 25.1% 12.0% 8.3% 18.6% 14.2% 9.4% 19.0% -10.4% -37.9% 40.3% 15.3% 5.0% 14.1% 9.6% 9.2% Source: SIFMA DataBank Securities Industry 29 . NYSE-Reporting Firms Aggregated Total Capital NYSE-Reporting Firms Aggregate Total Capital 300 $ Billions 281 250 250 245 2007 2008 257 268 280 283 288 2012 2013 2014 207 190 200 150 174 141 149 145 2001 2002 157 100 50 0 2000 2003 2004 2005 2006 2009 2010 2011 Source: SIFMA DataBank NYSE-Reporting Firms Aggregated Equity Capital NYSE-Reporting Firms Aggregate Equity Capital 180 $ Billions 170 164 177 178 2013 2014 155 160 145 140 120 100 110 84 87 83 90 96 109 2006 2007 101 112 80 60 40 20 0 2000 2001 2002 2003 2004 2005 2008 2009 2010 2011 2012 Source: SIFMA DataBank 30 SIFMA 2015 Factbook . NYSE-REPORTING FIRMS AGGREGATED TOTAL REVENUE (Percent) NYSE-Reporting Firms Aggregated Total Revenue (Percent) Top 10 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 50.8% 58.7% 59.6% 59.2% 62.7% 68.2% 72.5% 73.6% 65.0% 67.8% 62.6% 57.9% 60.2% 58.6% 57.5% Rest of NYSETop 11-25 Reporting Firms 26.3% 20.3% 20.3% 20.8% 18.8% 17.0% 14.3% 13.0% 17.9% 21.0% 21.9% 21.4% 23.1% 22.6% 24.5% 23.0% 20.9% 20.1% 20.0% 18.5% 14.8% 13.2% 13.4% 17.1% 11.2% 15.5% 20.7% 16.8% 18.8% 18.1% Total Revenue ($ Billions) 245.2 194.8 148.7 144.5 160.2 229.8 331.3 352.0 178.1 185.3 159.8 147.3 161.9 162.8 165.0 Note: NYSE member firms doing a public business in the U.S. Source: SIFMA DataBank Securities Industry 31 . NYSE-REPORTING FIRMS AGGREGATED TOTAL CAPITAL (Percent) NYSE-Reporting Firms Aggregated Total Capital (Percent) Top 10 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 53.8% 56.3% 59.6% 62.1% 63.9% 63.6% 66.1% 70.5% 70.3% 71.5% 71.4% 67.9% 68.3% 67.3% 66.8% Rest of NYSETop 11-25 Reporting Firms 23.1% 22.3% 22.4% 20.8% 20.0% 20.9% 20.5% 17.5% 20.4% 22.7% 20.8% 23.9% 23.1% 24.7% 25.8% 23.2% 21.4% 18.0% 17.2% 16.1% 15.5% 13.5% 12.0% 9.3% 5.8% 7.8% 8.1% 8.6% 8.0% 7.3% Note: NYSE member firms doing a public business in the U.S. Source: SIFMA DataBank 32 SIFMA 2015 Factbook Total Capital ($ Billions) 141.5 148.8 144.6 156.6 173.6 189.6 206.6 250.1 244.5 256.8 280.8 267.8 280.3 282.5 288.1 . 2.5 U.S. Investment Banking Fee Data U.S. Investment Banking Fees U.S. Investment Banking Fees 45 $ Billions Mergers & Acquisitions Syndicated Lending Debt Capital Markets Equity Capital Markets 40 35 30 25 20 15 10 5 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: Dealogic 2.6 U.S.

Investment Banking Fee Data U.S. Investment Banking Fees (Percent) Investment Banking Fee Data U.S. 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: Dealogic Securities Industry 33 . 2.7 U.S. Investment Banking Fee Data Global Investment Banking Fees Global Investment Banking Fee Data 100 $ Billions 90 Mergers & Acquisitions 80 Debt Capital Markets Syndicated Lending Equity Capital Markets 70 60 50 40 30 20 10 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: Dealogic Global Investment Banking Fees (Percent) Investment Banking Fee Data Global 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: Dealogic 34 SIFMA 2015 Factbook . 2.9 Number of U.S. Financial Firms Number of U.S. Financial Firms Number of U.S. Financial Firms Commercial Banks Savings Banks Federal Credit Unions State Credit Unions Life Insurance Companies Broker-Dealers 30,000 25,000 20,000 15,000 10,000 5,000 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: FDIC, CUNA, ACLI, FINRA, SIFMA 2.10 Assets of U.S.

Financial Firms Assets of U.S. Financial Firms Assets of U.S. Financial Firms 30 $ Trillions 25 20 15 10 5 0 2002 2003 2004 2005 Commercial Banks State Credit Unions 2006 2007 2008 2009 2010 Savings Banks Life Insurance Companies 2011 2012 2013 2014 Federal Credit Unions Broker-Dealers Source: FDIC, CUNA, ACLI, FINRA, SIFMA Securities Industry 35 .

1 AK CA 477 OR 23 NV 13 WA 48 HI- 7 32 AZ ID 3 21 UT MT 3 NM 2 CO 87 WY 1 PR-12 OK 15 238 TX 29 KS NE 18 SD 2 ND 8 LA 19 AR 11 MO 65 VI-1 25 IA MN 64 MS 2 IL 246 41 WI AL 23 TN- 43 30 IN MI 48 KY 12 NC 73 VA 58 FL 202 15 SC WV 2 RI- 13 MA- 150 DE- 4 DC- 28 MD- 52 NJ- 158 TOTAL- 4,068 CT- 154 ME 16 Note: Based on main office location Source: FINRA GA 80 OH 81 PA 114 NY 1,148 NH - 12 VT- 5 FINRA-Registered Broker-Dealers By State . 557 AK CA 61,919 OR 5,560 NV 2,623 WA 9,874 5,681 UT HI- 1,618 AZ 13,386 ID 1,681 CO 14,988 WY 568 NM 1,577 MT 971 PR- 463 TX 38,787 OK 3,663 5,220 KS NE 4,957 SD 1,182 ND 1,026 VI- 12 MS 1,783 IL 29,033 9,756 WI LA 4,780 AR 2,640 MO 12,156 5,654 IA MN 13,831 AL 4,647 TN- 8,005 KY 5,604 8,610 IN MI 13,347 NC 16,221 VA 10,831 RI- 2,372 CT- 11,357 MA 18,482 TOTAL- 636,707 DE- 1,682 DC- 2,040 MD- 9,837 NJ- 24,018 *Based on main office location. As of December 31, 2014. Totals differ from FINRA-reported totals due to data source. Source: Meridian-IQ FL 36,939 SC 4,067 WV 1,248 GA 13,566 OH 19,519 PA 24,711 NY 95,934 NH - 3,270 ME 1,363 VT- 840 FINRA-Registered Representatives By State . 21 AK CA 4,655 OR 345 NV 144 WA 625 HI- 63 AZ 435 ID 83 222 UT MT 45 NM 71 CO 789 WY 41 PR- 26 OK 150 1,767 TX 251 KS NE 108 SD 37 ND 25 MN 450 LA 149 AR 87 MO 356 VI- 7 127 IA MS 64 IL 1,213 405 WI KY 144 AL 136 TN- 341 339 IN MI 564 GA 648 FL 1,264 NC 534 VA 632 SC 197 WV 23 MA 1,329 RI- 91 CT- 867 ME 83 DE- 75 DC- 90 MD- 554 TOTAL- 32,076 NJ- 855 *Based on main office location. Includes both SEC- and stateregistered investment advisors as of December 31, 2014. Source: Meridian-IQ OH 791 PA 1,023 NY 3,402 NH - 193 VT- 68 Registered Investment Advisors By State . MARKET ACTIVITY . . U.S. Stock Market Capitalization ($ Billions) NYSE 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 NASDAQ TOTAL 12,372.3 11,713.7 9,603.3 12,157.9 13,562.3 14,909.9 16,934.3 17,506.8 10,177.8 12,885.5 14,505.6 13,176.5 15,002.2 18,989.4 20,207.5 3,597.1 2,899.9 1,997.6 2,988.3 3,742.7 3,846.7 4,130.0 4,066.0 2,538.0 4,018.0 4,460.8 4,317.4 4,937.7 6,722.2 7,675.4 15,969.4 14,613.6 11,600.9 15,146.2 17,305.0 18,756.6 21,064.3 21,572.7 12,715.8 16,903.5 18,966.4 17,493.9 19,939.9 25,711.6 27,882.9 Sources: NYSE, NASDAQ Market Activity 41 . U.S. Exchange Listed Companies (Number of Companies) NYSE 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Sources: NYSE, NASDAQ 42 SIFMA 2015 Factbook NASDAQ Total 2,862 2,798 2,783 2,591 2,642 2,707 2,764 2,805 3,507 4,014 2,447 2,471 2,507 2,567 2,640 4,734 4,109 3,663 3,333 3,271 3,208 3,247 3,158 2,954 2,852 2,784 2,828 2,735 2,804 3,007 7,596 6,907 6,446 5,924 5,913 5,915 6,011 5,963 6,461 6,866 5,231 5,299 5,242 5,371 5,647 . 3.1 Margin Credit at NYSE-Reporting Broker-Dealers Margin Credit at NYSE-Reporting Broker-Dealers Margin Credit at NYSE-Reporting Broker-Dealers 500 $ Billions 445 450 456 400 350 300 277 275 250 200 330 323 204 199 150 150 267 2010 2011 231 222 187 173 134 100 50 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2012 2013 2014 Source: Federal Reserve Bulletin, NYSE Annual Turnover Rate on NYSE Annual Turnover Rate on NYSE 140 120 113 105 100 138 Percent 88 94 99 118 129 123 105 98 86 80 67 58 60 57 2013 2014 40 20 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Source: NYSE Market Activity 43 . NYSE Trading Activity Annual Share Annual Value of Volume Shares Traded (Millions) ($ Millions) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 262,478 307,509 363,136 352,398 367,098 403,764 458,495 531,947 660,168 549,644 444,524 383,856 286,526 260,656 261,880 Source: NYSE 44 SIFMA 2015 Factbook 11,060,046 10,489,323 10,311,156 9,692,316 11,618,151 14,125,292 17,140,500 21,866,800 20,855,441 11,767,400 11,968,700 11,682,700 8,764,300 8,976,200 10,199,100 Average Daily Volume (Millions) # of Trading Days 1,041.6 1,240.0 1,441.0 1,398.4 1,456.7 1,602.2 1,826.7 2,110.9 2,609.4 2,181.1 1,764.0 1,551.6 1,146.1 1,034.3 1,039.2 252 248 252 252 252 252 251 252 253 252 252 252 250 252 252 . NASDAQ Trading Activity Annual Share Annual Value of Volume Shares Traded (Millions) ($ Millions) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 442,753 471,217 441,706 424,745 453,930 448,175 502,486 537,263 571,613 560,637 552,293 505,575 435,569 444,121 490,669 20,395,335 10,934,572 7,254,595 7,057,440 8,727,498 9,965,442 11,675,879 15,115,541 15,104,864 10,458,851 12,750,993 13,804,011 13,317,898 14,223,524 17,800,290 Average Daily Volume (Millions) # of Trading Days 1,757.0 1,900.1 1,752.8 1,685.5 1,801.3 1,778.5 2,001.9 2,132.0 2,259.3 2,224.8 2,191.6 2,041.8 1,740.9 1,762.4 1,947.1 252 248 252 252 252 252 251 252 253 252 252 252 250 252 252 Source: NASDAQ Market Activity 45 . Average Daily Trading Volume in the U.S. Equity Markets (On NYSE, NASDAQ) Average Daily Trading Volume In the U.S. Equity Markets 6 Billions of Shares 5.33 4.86 5 4.46 4.30 4.01 3.87 4 3.21 3 3.26 3.15 2001 2002 2003 3.32 3.46 3.11 3.02 2012 2013 2.85 3.23 2 1 0 2000 2004 2005 2006 2007 2008 2009 2010 2011 2014 Source: NYSE, NASDAQ Average Daily Dollar Volume Traded in the U.S. Equity Markets (On NYSE, NASDAQ) Average Daily Dollar Volume Traded in the U.S.

Equity Markets 180 $ Billions 164 169 160 140 129 124 114 120 100 90 105 2012 2013 84 72 80 100 105 101 126 119 69 2002 2003 60 40 20 0 2000 2001 2004 2005 2006 2007 2008 2009 2010 2011 2014 Note: Includes NYSE, NASDAQ, AMEX Source: NYSE, NASDAQ 46 SIFMA 2015 Factbook . 8.8 8.8 10.7 12.6 14.8 16.9 22.5 25.1 19.4 12.5 13.3 11.3 11.3 11.2 9.9 Municipal 69.5 112.0 154.5 206.0 207.4 251.8 254.6 320.1 344.9 299.9 320.6 243.3 280.4 222.8 177.9 Agency MBS 4.4 4.5 4.1 3.7 Non-Agency MBS 1.5 1.5 1.3 1.5 17.8 18.0 17.3 16.6 16.9 16.4 14.3 19.9 20.5 20.6 22.6 24.7 26.7 ABS Corporate Debt 72.8 90.2 81.8 81.7 78.8 78.8 74.4 83.0 104.5 77.7 11.2 9.6 9.7 6.5 5.3 Federal Agency Securities Annual daily average figures are sourced from daily reporting volumes and not from MSRB's Yearbook Trading volumes are from U.S. primary dealer trading volumes Full year 2011 and year to date 2011 average figures are only sourced from FINRA daily volumes. Annual figures are sourced from daily volumes Non-Agency MBS trading figures include CMBS; daily figures include 144A trades but do not include certain subcategories in which there are <5 trades per day. New issue transactions are sometimes included ABS figures do not include CMBS, but do include CDO and Other trading volumes; daily figures include 144A trades but do not include certain subcategories in which there are <5 trades. New issue transactions are sometimes included Figures include public and 144A trades 206.5 297.9 366.4 433.5 499.0 554.5 524.7 570.2 553.1 407.9 528.2 567.8 518.9 545.4 505.4 Treasury Source: Federal Reserve Bank of New York, Municipal Securities Rulemaking Board, FINRA TRACE Corporate ABS Non-Agency MBS Notes: Municipal Treasury Agency MBS 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 ($ Billions) Average Daily Trading Volume in the U.S. Bond Markets 357.6 508.9 631.2 751.8 817.3 918.6 893.1 1,014.9 1,036.2 817.8 893.7 858.5 849.0 816.0 730.3 Total .

STOCK MARKET INDICES U.S. Stock Market Indices (At Year-End) (At Year-End) Dow Jones Industrial Average 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 10,786.85 10,021.50 8,341.63 10,453.92 10,783.01 10,717.50 12,463.15 13,264.82 8,776.39 10,428.05 11,577.51 12,217.56 13,104.14 16,576.66 17,823.07 S&P 500 1,320.28 1,148.08 879.82 1,111.92 1,211.92 1,248.29 1,418.30 1,468.36 903.25 1,115.10 1,257.64 1,257.60 1,426.19 1,848.36 2,058.90 Source: Dow Jones & Company, NYSE, NASDAQ 48 SIFMA 2015 Factbook NASDAQ Composite 2,470.52 1,950.40 1,335.51 2,003.37 2,175.44 2,205.32 2,415.29 2,652.28 1,577.03 2,269.15 2,652.87 2,605.15 3,019.51 4,176.59 4,736.05 . U.S. Stock Market Indices (Percentage Change From Previous Year) Dow Jones Industrial Average 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 S&P 500 NASDAQ Composite -6.2% -7.1% -16.8% 25.3% 3.1% -0.6% 16.3% 6.4% -33.8% 18.8% 11.0% 5.5% 7.3% 26.5% 7.5% -10.1% -13.0% -23.4% 26.4% 9.0% 3.0% 13.6% 3.5% -38.5% 23.5% 12.8% 0.0% 13.4% 29.6% 11.4% -39.3% -21.1% -31.5% 50.0% 8.6% 1.4% 9.5% 9.8% -40.5% 43.9% 16.9% -1.8% 15.9% 38.3% 13.4% Source: Dow Jones & Company, NYSE, NASDAQ Market Activity 49 . 248.7 342.2 418.8 509.6 704.2 870.5 1,034.6 1,333.1 1,213.1 854.6 1,123.0 1,277.6 1,008.3 1,205.6 1,401.9 73.2 72.3 79.2 87.9 101.8 116.4 157.5 193.3 215.4 196.6 239.5 265.9 280.7 264.6 273.9 73.1 72.5 92.1 91.9 109.5 140.5 190.9 240.9 285.9 313.1 350.6 374.1 452.0 627.4 553.8 Energy Products Source: Futures Industry Association 19.4 21.7 23.5 33.6 51.1 84.8 114.0 143.0 155.8 156.3 229.1 231.6 210.7 216.9 186.0 Foreign Currency * Single stock futures began trading on November 8, 2002 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Ag. Interest Rates Commodities (Millions) Futures Contracts Traded On U.S. Exchanges 62.8 107.2 221.5 296.7 330.0 406.8 500.4 659.3 904.9 744.7 740.6 813.9 650.8 652.2 672.1 Equity Indexes 0.3 2.5 2.2 5.5 7.8 7.9 3.7 2.7 4.8 3.6 6.4 9.5 10.9 Individual Equities* 10.2 9.6 12.4 16.9 21.3 23.4 34.3 44.1 56.2 48.8 63.8 76.3 63.7 68.6 60.2 2.8 2.9 2.9 3.2 3.3 4.0 3.3 3.8 4.6 6.4 10.4 12.6 16.2 17.2 14.7 Precious Non-Precious Metals Metals 1.3 0.7 0.7 0.6 0.8 1.0 1.1 19.2 13.0 4.8 3.1 1.0 0.9 0.9 1.1 Other 491.5 629.2 851.3 1,043.0 1,324.0 1,652.9 2,043.9 2,644.6 2,852.5 2,328.1 2,764.8 3,056.5 2,689.8 3,062.9 3,174.7 Total . Options Contracts Traded On U.S. Exchanges (Number of Contracts, Millions) Individual Equities 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Equity Indexes Foreign Currency Interest Rates Futures Total 665.3 701.1 679.4 789.2 1,032.4 1,292.2 1,717.7 2,379.1 3,284.8 3,367.0 3,610.4 4,224.6 3,681.8 3,725.9 3,845.1 53.3 79.6 100.6 118.3 149.3 211.8 310.0 267.9 292.2 244.1 287.8 337.5 321.8 385.2 420.1 0.5 0.6 0.4 0.3 0.2 0.2 0.1 2.8 5.6 1.6 0.8 0.6 0.3 0.2 0.2 0.0 0.0 0.0 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 103.1 168.2 213.1 221.7 289.2 368.0 501.5 583.6 518.9 374.5 457.3 499.6 463.9 587.2 696.5 822.2 949.4 993.6 1,129.5 1,471.2 1,872.2 2,529.4 3,233.5 4,101.5 3,987.1 4,356.4 5,062.3 4,467.7 4,698.5 4,961.8 Note: 0.0 = Less than 50,000 Sources: Options Clearing Corporation, Futures Industry Association Market Activity 51 . Long-Term Municipal Issuance — Number of Issuers LONG-TERM MUNICIPAL ISSUANCE - NUMBER OF ISSUERS Total Issues 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Unique Issuers Unique Issuer as % of Total Issues 11,260 13,786 14,398 15,030 13,603 13,948 12,742 12,651 10,686 11,497 13,725 10,555 12,930 11,474 11,039 6,898 8,352 8,799 9,290 8,456 8,976 8,123 7,961 6,884 7,371 8,127 7,141 8,809 7,653 7,332 61.3% 60.6% 61.1% 61.8% 62.2% 64.4% 63.7% 62.9% 64.4% 64.1% 59.2% 67.7% 68.1% 66.7% 66.4% Source: Thomson Reuters Return to the Table of Contents 52 SIFMA 2015 Factbook . Bank Qualified Municipal Bond Issuance # Deals 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Issuance ($ Millions) Average Deal Size ($ Millions) 4,427 5,202 4,962 4,807 4,975 5,013 4,706 4,469 4,169 5,993 6,713 5,157 6,341 5,242 4,930 13,422 16,599 15,921 15,638 16,492 18,403 17,317 16,233 15,268 33,050 36,827 18,837 25,094 20,242 20,001 3.0 3.2 3.2 3.3 3.3 3.7 3.7 3.6 3.7 5.5 5.5 3.7 4.0 3.9 4.1 Note: Tax-exempt short-term and long-term municipal bonds under the Tax Reform Act of 1986 (265b) Source: Thomson Reuters Market Activity 53 . Municipal Average Daily Dollar Volume of Trades (Average Daily Par Amount, $ Millions) Retail 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 758.3 880.5 967.8 1,209.1 1,107.2 1,101.3 1,084.6 1,028.5 1,119.6 928.4 Institutional 3.7% 3.6% 3.6% 5.5% 7.4% 7.4% 8.3% 8.0% 9.0% 8.4% 19,612.7 23,347.0 25,560.6 20,587.0 13,937.9 13,778.8 11,953.7 11,771.8 11,260.6 10,081.7 Note: Institutional trades defined as trade sizes greater than $100,000 Source: Municipal Securities Rulemaking Board 54 SIFMA 2015 Factbook Total 96.3% 96.4% 96.4% 94.5% 92.6% 92.6% 91.7% 92.0% 91.0% 91.6% 20,371.0 24,227.5 26,528.3 21,796.1 15,045.1 14,880.1 13,038.3 12,800.3 12,380.2 11,010.1 . Municipal Average Daily Number of Trades (Average daily number of trades) Retail 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 21,344 23,597 25,417 32,854 33,304 33,941 34,030 31,148 35,008 28,763 Institutional 71.5% 69.9% 69.8% 75.7% 81.0% 81.5% 82.5% 80.8% 83.0% 81.3% 8,510 10,140 11,020 10,533 7,805 7,716 7,226 7,396 7,180 6,598 Total 28.5% 30.1% 30.2% 24.3% 19.0% 18.5% 17.5% 19.2% 17.0% 18.7% 29,854 33,737 36,437 43,387 41,109 41,657 41,256 38,544 42,188 35,361 Note: Institutional trades defined as trade sizes greater than $100,000 Source: Municipal Securities Rulemaking Board Market Activity 55 . MUTUAL FUND ASSETS U.S. Mutual Fund Assets ($ Billions) ($ Billions) Equity 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Hybrid Bond Money Market 3,938.8 3,396.3 2,645.8 3,654.8 4,344.1 4,886.8 5,833.3 6,416.8 3,640.0 4,872.7 5,596.2 5,215.3 5,934.3 7,765.3 8,314.4 363.8 362.2 335.0 449.2 548.4 609.8 720.7 807.7 553.9 697.6 807.8 842.8 991.0 1,234.8 1,351.8 816.8 931.1 1,137.6 1,258.4 1,301.3 1,367.7 1,505.5 1,691.3 1,577.5 2,226.8 2,624.0 2,877.9 3,426.4 2,801.5 3,460.9 1,845.3 2,285.3 2,265.1 2,040.0 1,901.3 2,026.8 2,338.5 3,085.8 3,832.2 3,315.9 2,803.9 2,691.4 2,693.5 2,718.3 2,725.3 Source: Investment Company Institute 56 SIFMA 2015 Factbook Total 6,964.6 6,974.9 6,383.5 7,402.4 8,095.1 8,891.1 10,397.9 12,001.5 9,603.7 11,113.0 11,831.9 11,627.4 13,045.2 14,520.0 15,852.4 . MUTUAL FUND NET NEW CASH FLOW U.S. Mutual Fund Net New Cash Flow ($ Billions) ($ Billions) Equity 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Bond Hybrid Money Market Total 314.5 32.9 -29.6 144.2 172.0 124.0 1,648.5 74.2 -229.1 -1.8 -23.4 -128.3 -153.1 159.8 25.6 -50.0 87.7 141.7 33.2 -10.6 31.3 60.2 108.5 29.1 379.6 235.6 125.1 303.6 -81.0 43.9 -35.6 8.6 8.4 38.5 48.4 36.8 18.4 41.4 -25.0 11.6 29.3 29.4 45.9 73.4 27.0 159.4 375.3 -46.9 -263.4 -156.7 62.1 245.2 654.5 637.2 -539.1 -524.7 -124.0 -0.3 15.1 7.4 388.2 504.5 73.6 -47.6 53.1 254.2 1,972.3 878.5 412.1 -149.8 -283.1 -97.8 196.0 167.3 103.9 Note: New sales (excluding reinvested dividends) minus redemptions, combined with net exchanges Source: Investment Company Institute Market Activity 57 . 3.5 Total Number of ETFS Total Number of U.S. Exchange Traded Funds Total Number of ETFs 2,000 1940 Act ETFs 1,800 Non-1940 Act ETFs 1,600 1,400 1,200 1,000 800 600 400 200 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: Investment Company Institute 58 SIFMA 2015 Factbook . INVESTOR PARTICIPATION . . U.S. Holdings of Equities ($ Billions, Market Value) Households Value 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 8,097.1 6,788.3 5,123.7 6,714.0 7,406.7 8,026.1 10,126.6 9,912.4 5,760.7 7,255.8 8,665.2 8,455.3 9,592.6 12,406.8 13,365.2 Institutions Value % 46.1 43.4 41.2 40.4 39.1 38.9 41.6 38.7 36.8 36.1 36.8 36.9 36.6 36.9 36.7 9,477.8 8,840.3 7,314.6 9,924.5 11,533.4 12,610.0 14,212.7 15,668.5 9,879.7 12,829.8 14,887.3 14,484.2 16,610.9 21,214.6 23,091.6 % Total Value 53.9 56.6 58.8 59.6 60.9 61.1 58.4 61.3 63.2 63.9 63.2 63.1 63.4 63.1 63.3 17,575.0 15,628.6 12,438.3 16,638.5 18,940.1 20,636.1 24,339.3 25,580.9 15,640.5 20,085.5 23,552.5 22,939.4 26,203.5 33,621.4 36,456.8 Note: Household sector includes nonprofit organizations Source: Federal Reserve Flow of Funds Accounts, L.213 Investor Participation 61 . U.S. Family HOLDINGS Stock U.S. FAMILY Holdings of OF STOCK (Percent) (Percent) 1998 2004 2007 2010 2013 48.9 52.3 50.3 53.2 49.9 48.8 31.8 42.3 35.7 35.5 29.0 36.0 54.0 Families have stock holdings direct or indirect Median value among families (thousands of dollars) Stock holdings as a share of groups financial assets 2001 56.0 51.4 54.0 47.0 51.7 Source: Federal Reserve, 2013 Survey of Consumer Finances U.S. Household Equity Ownership U.S.

Household Equity Ownership 250 237 $ Billions 220 200 170 170 174 154 150 128 128 149 131 113 110 100 140 103 85 50 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Note: Market value Source: Federal Reserve Flow of Funds 62 SIFMA 2015 Factbook . 8,097 6,788 5,124 6,714 7,407 8,026 10,127 9,912 5,761 7,256 8,665 8,455 9,593 12,407 13,365 3,072 3,355 3,658 4,016 4,483 4,965 5,484 5,974 6,235 6,326 6,451 6,822 7,194 7,400 7,872 2,585 2,499 2,122 2,791 3,287 3,521 4,074 4,590 3,259 4,100 4,636 4,658 5,703 7,142 7,804 1,166 819 511 794 916 1,013 938 1,076 1,240 1,210 1,457 1,013 1,101 1,066 707 Mutual U.S. Treasury, Fund Agency, and Shares GSE Securities 532 588 671 687 1,523 1,601 1,636 1,674 1,721 1,828 1,871 1,806 1,662 1,618 1,540 Municipal Bonds 937 1,101 1,068 954 898 943 1,106 1,346 1,580 1,313 1,129 1,116 1,110 1,136 1,120 Money Market Funds 565 648 859 723 622 599 564 924 1,263 1,549 1,361 1,353 1,245 1,014 949 Corporate Bonds 16,954 15,798 14,014 16,678 19,137 20,668 23,929 25,496 21,059 23,581 25,571 25,224 27,609 31,783 33,358 Liquid Financial Assets Source: Federal Reserve Flow of Funds, L.101 Note: Households and nonprofit organizations. Liquid financial assets exclude such illiquid assets as pension fund reserves, equity in non-corporate business, etc. 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Equities Bank Deposits & CDs ($ Billions, Market Value) U.S. Household Liquid Financial Assets — Value .

47.8% 43.0% 36.6% 40.3% 38.7% 38.8% 42.3% 38.9% 27.4% 30.8% 33.9% 33.5% 34.7% 39.0% 40.1% Equities 18.1% 21.2% 26.1% 24.1% 23.4% 24.0% 22.9% 23.4% 29.6% 26.8% 25.2% 27.0% 26.1% 23.3% 23.6% Bank Deposits & CDs 15.2% 15.8% 15.1% 16.7% 17.2% 17.0% 17.0% 18.0% 15.5% 17.4% 18.1% 18.5% 20.7% 22.5% 23.4% 6.9% 5.2% 3.6% 4.8% 4.8% 4.9% 3.9% 4.2% 5.9% 5.1% 5.7% 4.0% 4.0% 3.4% 2.1% Mutual U.S. Treasury, Fund Agency, and Shares GSE Securities 3.1% 3.7% 4.8% 4.1% 8.0% 7.7% 6.8% 6.6% 8.2% 7.8% 7.3% 7.2% 6.0% 5.1% 4.6% Municipal Bonds 5.5% 7.0% 7.6% 5.7% 4.7% 4.6% 4.6% 5.3% 7.5% 5.6% 4.4% 4.4% 4.0% 3.6% 3.4% Money Market Funds 3.3% 4.1% 6.1% 4.3% 3.3% 2.9% 2.4% 3.6% 6.0% 6.6% 5.3% 5.4% 4.5% 3.2% 2.8% Corporate Bonds 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% Liquid Financial Assets Source: Federal Reserve Flow of Funds, L.101 Note: Households and nonprofit organizations. Liquid financial assets exclude such illiquid assets as pension fund reserves, equity in non-corporate business, etc. 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 (Percent) U.S. Household Liquid Financial Assets — Share of Total .

8,026.1 12,610.0 4,175.7 2,118.4 1,758.2 2,359.1 1,161.8 285.8 198.1 158.3 110.9 104.9 116.0 62.9 0.0 0.0 Households* Institutions Mutual Funds Foreign State & Local Gov't Retirement Funds Private Pension Funds Life Insurance Companies Exchange-Traded Funds Property Casualty Companies Broker/Dealers Federal Gov't Retirement Funds Closed-End Funds State & Local Governments U. S. Chartered Depository Institutions Federal government Other Source: Federal Reserve Flow of Funds, L.213 * Households include non-profit organizations 20,636.1 2005 Total U.S. Holdings (Market Value, $ Billions) 10,126.6 14,212.7 4,989.6 2,560.2 1,961.3 2,057.3 1,364.8 402.0 221.0 186.4 135.6 121.7 133.1 79.8 0.0 0.0 24,339.3 2006 U.S.

HOLDINGS OF EQUITIES BY TYPE OF HOLDER (Market Value, $ Billions) 9,912.4 15,668.5 5,476.9 2,956.2 2,094.2 2,125.3 1,464.6 573.7 231.3 224.8 145.7 145.2 141.9 88.8 0.0 0.0 25,580.9 2007 U.S. Holdings of Equities by Type of Holder — Value 5,760.7 9,879.7 3,014.1 1,925.2 1,372.1 1,323.8 1,001.7 474.0 190.1 109.2 83.7 72.3 91.1 33.8 188.7 0.0 15,640.5 2008 7,255.8 12,829.8 4,136.2 2,658.4 1,751.3 1,568.3 1,208.5 670.0 215.6 124.2 116.8 87.4 112.0 63.6 67.4 50.2 20,085.5 2009 8,665.2 14,887.3 4,762.7 3,216.0 1,930.1 1,849.1 1,402.6 854.1 214.8 117.2 140.9 96.7 126.8 73.6 49.9 52.8 23,552.5 2010 8,455.3 14,484.2 4,427.2 3,397.2 1,850.6 1,751.1 1,390.2 863.8 220.8 103.2 134.4 95.9 124.6 67.4 57.8 0.0 22,939.4 2011 9,592.6 16,610.9 5,109.4 3,953.0 2,058.9 1,973.6 1,545.1 1,093.3 252.2 126.7 148.1 100.6 138.8 71.3 39.9 0.0 26,203.5 2012 12,406.8 21,214.6 6,851.8 5,159.8 2,469.0 2,407.9 1,794.4 1,427.3 310.1 172.4 206.2 114.2 165.2 101.3 35.1 0.0 33,621.4 2013 13,365.2 23,091.6 7,370.1 5,881.3 2,500.4 2,587.0 1,891.2 1,675.0 328.1 187.8 235.2 119.4 174.4 108.4 33.4 0.0 36,456.8 2014 . 38.9% 61.1% 20.2% 10.3% 8.5% 11.4% 5.6% 1.4% 1.0% 0.8% 0.5% 0.5% 0.6% 0.3% 0.0% 0.0% Households* Institutions Mutual Funds Foreign State & Local Gov't Retirement Funds Private Pension Funds Life Insurance Companies Exchange-Traded Funds Property Casualty Companies Broker/Dealers Federal Gov't Retirement Funds Closed-End Funds State & Local Governments U. S. Chartered Depository Institutions Federal government Other Source: Federal Reserve Flow of Funds, L.213 * Households include non-profit organizations 100% 2005 Total U.S. Holdings (Percent) 41.6% 58.4% 20.5% 10.5% 8.1% 8.5% 5.6% 1.7% 0.9% 0.8% 0.6% 0.5% 0.5% 0.3% 0.0% 0.0% 100% 2006 38.7% 61.3% 21.4% 11.6% 8.2% 8.3% 5.7% 2.2% 0.9% 0.9% 0.6% 0.6% 0.6% 0.3% 0.0% 0.0% 100% 2007 36.8% 63.2% 19.3% 12.3% 8.8% 8.5% 6.4% 3.0% 1.2% 0.7% 0.5% 0.5% 0.6% 0.2% 1.2% 0.0% 100% 2008 U.S.

Holdings of Equities by Type of Holder — Share of Total 36.1% 63.9% 20.6% 13.2% 8.7% 7.8% 6.0% 3.3% 1.1% 0.6% 0.6% 0.4% 0.6% 0.3% 0.3% 0.2% 100% 2009 36.8% 63.2% 20.2% 13.7% 8.2% 7.9% 6.0% 3.6% 0.9% 0.5% 0.6% 0.4% 0.5% 0.3% 0.2% 0.2% 100% 2010 36.9% 63.1% 19.3% 14.8% 8.1% 7.6% 6.1% 3.8% 1.0% 0.4% 0.6% 0.4% 0.5% 0.3% 0.3% 0.0% 100% 2011 36.6% 63.4% 19.5% 15.1% 7.9% 7.5% 5.9% 4.2% 1.0% 0.5% 0.6% 0.4% 0.5% 0.3% 0.2% 0.0% 100% 2012 36.9% 63.1% 20.4% 15.3% 7.3% 7.2% 5.3% 4.2% 0.9% 0.5% 0.6% 0.3% 0.5% 0.3% 0.1% 0.0% 100% 2013 36.7% 63.3% 20.2% 16.1% 6.9% 7.1% 5.2% 4.6% 0.9% 0.5% 0.6% 0.3% 0.5% 0.3% 0.1% 0.0% 100% 2014 . -412.5 345.0 129.6 83.6 54.9 -49.0 65.9 50.0 -6.3 20.1 6.7 18.3 4.4 -0.9 0.0 0.0 -35.1 2005 Source: Federal Reserve Flow of Funds Accounts, F.213 * Households include non-profit organizations Households* Institutions Mutual Funds Foreign State & Local Governments Private Pension Funds Life Insurance Companies Exchange-Traded Funds Property-Casualty Insurance Companies Broker/Dealers Federal Gov't Retirement Funds Closed-End Funds State & Local Gov't Retirement Funds U. S. Chartered Depository Institutions Federal government Other Total Net Issuance ($ Billions) -608.5 285.6 131.3 118.7 4.4 -95.5 71.4 68.3 -1.9 -0.2 5.9 2.4 4.7 -0.4 0.0 0.0 -299.6 2006 -1,065.4 644.7 91.3 243.9 72.0 -3.3 84.1 137.3 2.0 25.4 1.9 18.8 5.1 1.4 0.0 0.0 -385.7 2007 -321.2 580.1 -38.1 130.0 112.5 -64.9 81.8 154.2 35.4 -28.5 -8.4 -21.3 -7.8 0.9 256.3 0.0 281.0 2008 U.S. NET ACQUISITIONS OF CORPORATE EQUITIES BY TYPE OF HOLDER ($ Billions) -19.2 256.5 86.5 192.7 1.4 -91.2 33.4 70.5 -2.8 -4.6 8.8 -3.4 -2.1 6.3 0.6 50.2 327.1 2009 -221.2 87.4 44.3 127.8 -78.6 22.7 45.6 88.3 -20.9 -18.5 5.4 -4.7 0.3 -1.8 24.1 2.6 15.4 2010 U.S.

Net Acquisitions of Corporate Equities By Type of Holder — Value -307.7 -156.9 4.9 44.0 -53.5 -60.2 37.7 71.6 2.9 -5.0 -4.2 -1.2 -3.5 1.0 40.3 -52.8 -285.7 2011 -240.1 99.9 -38.1 126.8 -46.0 -18.5 15.3 132.9 4.6 9.7 -4.1 -8.5 2.0 -10.5 -13.2 0.0 -87.9 2012 -56.9 130.3 162.5 -78.2 -159.2 4.2 13.4 166.8 3.5 18.6 9.1 -16.1 1.3 0.8 -4.8 0.0 65.1 2013 -47.2 280.1 74.8 121.7 -133.0 -6.8 32.7 188.2 -2.6 8.7 4.2 -6.8 0.1 0.6 -1.6 0.0 232.9 2014 . . GLOBAL MARKETS . . GLOBAL INVESTMENT BANKING REVENUES 64,471.9 Total 0 10 20 30 40 50 60 70 80 90 100 2005 64.5 $ Billions 2006 79.5 2007 89.8 2008 59.7 2009 58.7 2006 2010 68.2 79,547.5 33,048.2 6,905.5 18,219.1 4,439.2 4,616.5 4,875.5 2,598.2 585.4 4,260.0 Global Investment Banking Revenues Global Investment Banking Revenues Source: Dealogic 26,954.7 5,887.7 16,141.2 3,227.1 2,654.9 3,692.5 2,232.5 635.4 3,045.9 2005 US UK EU (ex UK) Japan BRICs (Brazil, Russia, India, China) Canada & Australia Asia Pacific (ex Japan, China, Australia, India) Latin America (ex Brazil) Other ($ Millions) Global Investment Banking Revenues ($ Millions) 2011 69.7 89,805.2 36,287.9 7,316.3 20,480.1 2,670.5 7,266.2 6,115.4 3,333.4 946.8 5,388.6 2007 2012 68.9 59,686.3 22,847.7 5,305.4 13,503.8 2,639.0 4,345.2 4,655.6 2,099.9 468.7 3,821.0 2008 2014 81.6 68,232.0 28,245.6 4,052.3 11,009.5 3,970.5 8,388.2 5,733.8 3,355.2 650.2 2,827.0 2010 Source: Dealogic 2013 77.2 58,672.8 20,265.9 5,093.9 12,444.7 4,410.0 5,089.2 5,161.0 2,426.9 543.6 3,237.7 2009 69,737.4 30,834.3 3,628.0 11,900.0 2,915.3 6,907.6 6,507.4 3,475.6 881.0 2,688.2 2011 68,910.9 32,287.8 3,514.2 9,955.9 3,044.6 6,318.1 6,322.1 3,475.8 916.5 3,076.0 2012 77,248.8 38,310.0 4,065.1 11,961.7 3,620.0 6,042.9 5,897.2 2,940.1 1,205.7 3,206.1 2013 81,555.0 37,712.0 4,851.0 14,798.0 3,059.0 7,539.0 6,329.0 2,845.0 1,047.0 3,375.0 2014 . 0 20 40 60 80 100 120 140 160 180 200 2005 106.8 $ Trillions 2006 123.2 2007 148.9 Global Securities Markets Global Securities Markets 2008 143.5 60.5 167.3 Commerical Bank Assets* Financial Markets Total** * The Banker Top 1,000 Banks ** Excludes insurance 43.2 53.7 9.8 106.8 2005 Equity Markets Capitalization Debt Securities Outstanding Derivatives (Market Value) Securities Markets Total ($ Trillions) Global Financial Markets 2009 149.1 74.2 197.4 53.3 60.1 9.8 123.2 2006 2010 158.9 90.3 239.2 64.5 68.6 15.8 148.9 2007 2011 160.2 92.3 235.8 34.9 73.4 35.3 143.5 2008 2012 166.8 96.4 245.5 47.4 80.2 21.5 149.1 2009 2013 167.2 101.6 260.5 54.2 83.5 21.3 158.9 2010 107.2 267.4 46.5 86.4 27.3 160.2 2011 112.4 279.2 53.2 88.7 25.0 166.8 2012 113.1 280.3 59.8 88.6 18.8 167.2 2013 N/A N/A 63.5 81.5 20.9 166.0 2014 . Global Equity Market Capitalization Global Equity Market Capitalization 1995 1995 $17.8 Trillion $17.8 Trillion UK 8% Emerging Markets 11% Japan 21% US 38% Source: Standard and Poor's Global Stock Market Factbook, World Federation of Exchanges, European Central Bank Other Developed Markets 22% 5.4 Global Equity Market Capitalization Global Equity Market Capitalization 2014 $63.5 Trillion UK 5% Emerging Markets 23% US 42% Japan 7% Other Developed Markets 23% Source: Standard and Poor's Global Stock Market Factbook, World Federation of Exchanges, European Central Bank Global Markets 73 . 5.5 Global Bond Market Outstanding Global Bond Market Outstanding 1995 Global Bond Market Outstanding $20.0 Trillion 1995 $20.0 Trillion UK 8% Emerging Markets 1% Japan 0% Other Developed Markets 11% US 80% Source: Bank of International Settlement (BIS) Global Bond Market Outstanding 2014 Global Bond Market Outstanding $85.9 Trillion 2014 $85.9 Trillion UK 10% Emerging Markets 3% Japan 17% Other Developed Markets 13% US 57% Source: Bank of International Settlement (BIS) 74 SIFMA 2015 Factbook . International Security Offerings By All Issuers — Value (Market Value, $ Billions) Straight Convertible Debt Debt 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 842.8 1,001.0 1,021.3 1,607.8 1,994.5 2,314.8 3,306.2 3,282.3 3,013.0 3,411.6 2,613.1 2,550.4 2,970.4 2,875.4 3,246.6 41.5 60.2 36.2 69.7 50.9 28.1 47.2 90.0 53.8 55.5 51.8 36.3 43.4 54.9 57.1 Total Debt 884.4 1,061.2 1,057.4 1,677.5 2,045.4 2,342.9 3,353.4 3,372.3 3,066.7 3,467.1 2,665.0 2,586.7 3,013.8 2,930.2 3,303.7 Common Stock Preferred Stock Total Equity 170.1 76.9 49.9 55.6 146.2 113.5 208.0 387.7 272.1 395.9 366.6 235.7 239.3 307.6 352.9 14.1 13.1 4.6 13.4 4.6 4.8 13.3 21.7 10.9 14.2 6.9 16.2 15.8 8.7 15.9 184.2 90.0 54.5 69.0 150.8 118.3 221.4 409.4 283.0 410.1 373.5 251.9 255.1 316.3 368.8 Total 1,068.5 1,151.2 1,111.9 1,746.5 2,196.1 2,461.2 3,574.8 3,781.7 3,349.7 3,877.2 3,038.5 2,838.6 3,268.9 3,246.5 3,672.4 Note: Securities issued by an entity outside of its domestic market Source: Thomson Reuters Global Markets 75 . International Security Offerings by All Issuers — Number of Issues (Number of Issues) Straight Convertible Debt Debt 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 3,560 3,736 3,838 4,713 5,390 6,177 7,610 7,307 4,633 4,623 5,525 5,506 6,106 5,923 6,519 110 137 121 220 282 177 241 316 130 199 439 429 267 307 245 Total Debt Common Stock Preferred Stock Total Equity Total 3,670 3,873 3,959 4,933 5,672 6,354 7,851 7,623 4,763 4,822 5,964 5,935 6,373 6,230 6,764 1,146 609 423 392 610 483 904 1,784 855 1,512 1,821 1,440 1,591 1,897 2,037 35 28 14 18 15 14 35 48 56 91 66 80 118 104 100 1,181 637 437 410 625 497 939 1,832 911 1,603 1,887 1,520 1,709 2,001 2,137 4,851 4,510 4,396 5,343 6,297 6,851 8,790 9,455 5,674 6,425 7,851 7,455 8,082 8,231 8,901 Note: Securities issued by an entity outside of its domestic market Source: Thomson Reuters 76 SIFMA 2015 Factbook . International Security Offerings By U.S. Issuers — Value ($ Billions) Straight Convertible Debt Debt 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 128.7 95.6 115.1 153.6 198.2 194.5 360.4 363.7 236.8 255.5 329.1 271.6 432.2 460.6 593.6 3.0 2.0 0.3 0.0 0.0 0.0 0.1 1.2 0.0 0.2 0.0 0.9 4.0 4.8 3.9 Total Debt Common Stock Preferred Stock Total Equity Total 131.8 97.6 115.4 153.6 198.2 194.5 360.6 364.9 236.8 255.7 329.1 272.5 436.3 465.4 597.4 18.7 8.5 1.3 0.0 0.0 1.1 5.9 4.7 20.0 1.6 1.9 0.9 2.2 3.9 1.2 1.4 1.5 0.0 0.0 0.0 0.0 4.6 2.4 2.3 1.1 0.0 6.8 1.8 1.7 0.1 20.1 10.0 1.3 0.0 0.0 1.1 10.6 7.1 22.3 2.7 1.9 7.7 4.0 5.6 1.3 151.8 107.7 116.7 153.6 198.2 195.5 371.1 371.9 259.1 258.5 331.1 280.2 440.3 471.0 598.7 Note: Securities issued by a U.S. entity outside of the U.S. market Source: Thomson Reuters Global Markets 77 .

International Security Offerings by U.S. Issuers — Number of Issues (Number of Issues) Straight Convertible Debt Debt 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 491 365 363 432 535 527 867 807 525 444 781 670 885 914 1,076 5 4 1 1 6 9 7 5 7 39 80 68 49 Total Debt Common Stock Peferred Stock Total Equity Total 496 369 364 432 535 528 873 816 532 449 788 709 965 982 1,125 327 172 76 29 9 22 22 38 13 33 40 30 28 34 25 4 1 3 2 1 10 7 7 9 4 19 33 42 24 331 173 76 32 11 23 32 45 20 42 44 49 61 76 49 827 542 440 464 546 551 905 861 552 491 832 758 1,026 1,058 1,174 Note: Securities issued by a U.S. entity outside of the U.S. market Source: Thomson Reuters 78 SIFMA 2015 Factbook .

FOREIGN GROSS ACTIVITY IN U.S. SECURITIES Foreign Gross Activity in U.S. Securities ($ Billions) ($ Billions) Stocks 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Corporate Bonds Treasuries Agencies Total 7,035.5 5,986.3 6,369.3 6,197.5 8,083.3 8,859.4 13,586.7 21,083.1 24,031.1 13,155.2 13,384.7 15,415.5 14,708.4 15,437.3 17,892.5 774.8 1,260.1 1,459.2 1,702.9 2,021.5 2,152.4 2,846.1 3,433.3 2,841.1 2,419.6 1,955.6 2,037.4 1,764.3 1,859.6 2,143.2 7,795.1 10,516.9 14,409.0 16,354.4 17,578.9 20,013.0 21,720.3 30,057.1 28,943.5 22,648.0 31,676.1 35,507.2 29,173.5 35,479.4 33,328.9 1,305.0 2,239.3 3,260.8 3,748.7 2,187.5 2,025.2 2,857.9 3,881.9 5,219.2 2,097.8 2,109.3 2,184.2 2,906.5 2,684.1 2,155.1 16,910.4 20,002.6 25,498.3 28,003.4 29,871.2 33,050.0 41,011.0 58,455.4 61,034.9 40,320.6 49,125.8 55,144.3 48,552.6 55,460.4 55,519.7 Note: Gross = purchases plus sales; Net = purchases minus sales Source: U.S. Department of the Treasury Global Markets 79 .

FOREIGN NET PURCHASES IN U.S. SECURITIES Foreign Net Purchases of U.S. Securities ($ Billions) ($ Billions) Stocks 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Corporate Bonds Treasuries Agencies 174.9 116.4 50.2 37.9 25.8 79.1 150.4 195.5 44.8 152.7 109.7 25.1 108.8 (43.2) (11.7) 184.1 221.9 182.3 268.9 300.8 391.7 510.8 393.4 93.9 (40.8) (13.2) (45.2) (24.1) 10.3 25.8 (54.0) 18.5 119.9 273.9 356.8 350.8 195.5 198.0 314.9 538.4 703.7 432.6 416.4 40.9 158.9 152.8 165.1 195.1 165.2 232.5 226.8 286.5 219.0 (38.7) (11.5) 108.0 80.9 133.0 71.5 73.4 Note: Gross = purchases plus sales; Net = purchases minus sales Source: U.S. Department of the Treasury 80 SIFMA 2015 Factbook Total 457.8 521.9 547.6 745.9 915.8 1,048.5 1,143.2 1,005.8 414.9 638.9 908.3 493.4 634.1 79.4 246.5 .

U.S. Gross Activity in Foreign Securities U.S. GROSS ($ Billions) ACTIVITY IN FOREIGN SECURITIES ($ Billions) Stocks 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Bonds Total 3,617.5 2,845.4 2,537.1 2,747.3 3,514.6 4,495.3 7,378.8 10,526.8 10,866.3 6,398.4 7,407.9 8,008.7 6,911.3 7,852.3 8,890.4 1,921.9 2,287.9 2,716.0 3,097.1 2,934.7 3,020.4 3,903.9 6,080.6 4,489.3 4,031.4 7,354.9 7,114.3 7,880.8 8,682.8 9,377.7 5,539.4 5,133.3 5,253.1 5,844.4 6,449.3 7,515.7 11,282.7 16,607.4 15,355.6 10,429.7 14,762.9 15,122.9 14,792.1 16,535.2 18,268.2 Note: Gross = purchases plus sales; Net = purchases minus sales Source: U.S. Department of the Treasury Global Markets 81 .

U.S. Net PURCHASES Foreign Securities U.S. NETPurchases ofOF FOREIGN SECURITIES ($ Billions) ($ Billions) Stocks 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Bonds Total 13.1 50.1 1.5 82.4 91.7 121.6 106.5 95.3 (20.2) 59.4 60.6 71.7 41.1 174.2 106.8 4.1 (30.4) (28.5) (20.1) 2.3 16.2 144.5 133.9 (53.9) 127.5 54.6 52.6 (19.9) 46.8 (135.3) 17.1 19.7 (27.0) 62.3 94.0 137.8 250.9 229.2 (74.2) 186.8 115.3 124.3 21.2 221.0 (28.5) Note: Gross = purchases plus sales; Net = purchases minus sales Source: U.S. Department of the Treasury 82 SIFMA 2015 Factbook .

Foreign Holdings of U.S. Securities ($ Billions) Stocks 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Corporate Bonds Treasury Agency Debentures and MBS 1,483.0 1,441.0 1,229.1 1,697.6 1,952.7 2,118.4 2,560.2 2,956.2 1,925.2 2,658.4 3,216.0 3,397.2 3,953.0 5,159.8 5,881.3 842.6 1,019.2 1,134.8 1,345.2 1,610.6 1,803.8 2,353.3 2,775.0 2,383.9 2,483.5 2,523.1 2,491.0 2,617.6 2,734.0 2,839.4 843.6 877.0 1,016.6 1,222.6 1,489.9 1,719.7 1,872.8 2,073.7 2,495.0 2,920.2 3,748.5 4,356.7 4,909.8 5,108.9 5,497.6 348.2 504.1 637.5 661.1 861.7 1,006.1 1,258.2 1,576.8 1,402.2 1,150.0 1,095.8 1,078.2 1,001.2 885.3 905.1 Total 3,517.4 3,841.2 4,017.9 4,926.5 5,914.9 6,648.0 8,044.6 9,381.7 8,206.2 9,212.1 10,583.4 11,323.1 12,481.6 13,887.9 15,123.4 Source: Federal Reserve Flow of Funds Accounts, L.132 Global Markets 83 . 5.7 Foreign Net Purchases in U.S. Securities Foreign Net Purchases of U.S. Securities Foreign Net Purchases In U.S. Securities 1,200 1,143.2 $ Billions 1,048.5 1,100 1,000 1,005.8 915.8 908.3 900 800 745.9 700 638.9 600 500 521.9 634.1 547.6 493.4 457.8 414.9 400 246.5 300 200 79.4 100 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: SIFMA Foreign Activity Report 5.8 U.S.

Net Purchases in Foreign Securities U.S. Net Purchases of of Foreign Securities U.S. Net Purchases Foreign Securities 300 $ Billions 250.9 250 229.2 221.0 186.8 200 137.8 150 115.3 94.0 100 50 124.3 62.3 17.1 21.2 19.7 0 -27.0 -50 -100 2000 2001 2002 -28.5 2003 2004 2005 2006 2007 -74.2 2008 2009 2010 2011 2012 2013 2014 Source: SIFMA Foreign Activity Report 84 SIFMA 2015 Factbook .

U.S. Holdings of Foreign Securities ($ Billions) Stocks 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Bonds Total 1,852.8 1,612.7 1,374.0 2,079.4 2,560.4 3,317.7 4,329.0 5,248.0 2,748.4 3,995.3 4,900.2 4,501.4 5,311.5 6,444.2 6,612.1 582.4 505.5 562.1 746.5 808.6 824.8 1,024.3 1,425.7 1,091.2 1,447.8 1,677.6 1,913.6 2,186.5 2,250.4 2,412.5 2,435.2 2,118.2 1,936.1 2,825.9 3,369.0 4,142.5 5,353.2 6,673.7 3,839.6 5,443.0 6,577.9 6,415.0 7,498.0 8,694.6 9,024.6 Source: Federal Reserve Flow of Funds Accounts, L.212 and L.213 Global Markets 85 . Major Global Stock Market Indices (Local Currency, End of Year) Canada S&P/TSX Comp.* 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 8,933.68 7,688.41 6,614.54 8,220.89 9,246.65 11,272.26 12,908.39 13,833.06 8,987.70 11,746.11 13,443.22 11,955.09 12,433.53 13,621.55 14,632.44 France Germany Hong Kong Japan U.K. CAC 40 DAX Hang Seng Nikkei 225 FTSE 100 15,095.53 11,397.21 9,321.29 12,575.94 14,230.14 14,876.43 19,964.72 27,812.65 14,387.48 21,872.50 23,035.45 18,434.39 22,656.92 23,306.39 23,605.04 13,785.69 10,542.60 8,578.95 10,676.64 11,488.76 16,111.43 17,225.83 15,307.78 8,859.56 10,546.44 10,228.92 8,455.35 10,395.10 16,291.31 17,450.77 6,222.50 5,217.40 3,940.40 4,476.90 4,814.30 5,618.80 6,220.81 6,476.91 4,434.20 5,412.88 5,899.90 5,572.30 5,897.80 6,749.10 6,566.10 5,926.42 4,624.58 3,063.91 3,557.90 3,821.16 4,715.23 5,541.76 5,614.08 3,217.97 3,936.33 3,804.78 3,159.81 3,641.07 4,295.95 4,272.72 6,433.61 5,160.10 2,892.63 3,965.16 4,256.08 5,408.26 6,596.92 8,067.32 4,810.20 5,957.43 6,914.19 5,898.35 7,612.39 9,552.16 9,805.55 * TSE 300 in 2000; S&P/TSX Composite thereafter Source: Global Stock Market Indices 86 SIFMA 2015 Factbook . Foreign Exchange Rates (Foreign Currency Units Per U.S. Dollar) Canadian Dollar 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Euro Yen Pound Major Currencies Index* 1.486 1.549 1.570 1.401 1.302 1.212 1.134 1.073 1.066 1.141 1.030 0.989 1.000 1.030 1.404 1.083 1.117 1.058 0.883 0.804 0.803 0.796 0.729 0.679 0.718 0.754 0.718 0.778 0.753 0.752 107.800 121.570 125.220 115.940 108.150 110.110 116.310 117.760 103.390 93.680 87.780 79.700 79.820 97.600 105.740 0.660 0.695 0.666 0.612 0.546 0.549 0.542 0.500 0.539 0.639 0.647 0.623 0.631 0.639 0.607 101.570 107.660 105.990 93.000 85.370 83.780 82.460 77.940 74.400 77.650 75.340 70.830 73.540 75.930 78.400 * Trade-weighted value of the dollar Source: Federal Reserve Board, Statistical Release G.5A, Economic Report of the President Global Markets 87 . American Depositary Receipts (ADRs) z 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Total Sponsored ADR Programs of which: U.S. listed N/A N/A N/A N/A N/A 1,912 1,984 2,084 2,157 2,110 2,217 2,289 2,287 2,240 2,142 Source: Bank of New York 88 SIFMA 2015 Factbook 608 623 553 509 510 485 478 407 391 376 397 403 396 392 385 Total Unsponsored ADR N/A N/A N/A N/A N/A N/A N/A N/A N/A 1,060 1,116 1,229 1,391 1,532 1,600 Global Traded Share Volume (Billions) 28.7 31.1 32.1 33.1 37.4 39.2 52.6 76.0 118.0 135.0 147.0 175.0 157.0 143.2 159.0 Global Dollar Volume ($ Billions) 1,185.0 752.0 550.0 630.0 852.0 1,000.0 1,500.0 3,000.0 3,700.0 2,700.0 3,500.0 3,800.0 2,790.0 2,569.1 3,300.0 . 226 241 295 370 514 616 826 1,323 1,018 762 1,222 1,246 1,052 788 703 635 462 406 468 654 845 1,290 1,645 1,771 1,240 1,366 1,520 1,208 1,324 1,344 Canada 1,083 1,077 935 1,104 1,416 1,526 2,505 3,419 3,265 1,366 1,467 1,474 1,127 1,103 1,319 France 1,069 1,420 1,233 1,147 1,406 1,763 2,487 3,363 3,105 1,289 1,405 1,758 1,226 1,313 1,269 Germany 378 196 211 244 282 294 404 917 1,626 1,490 1,598 1,552 1,229 1,267 1,451 Hong Kong* 778 552 540 663 804 1,115 1,366 2,313 669 460 539 887 760 810 1,059 Italy 2,694 1,826 1,573 2,273 3,430 4,997 6,252 6,497 5,879 4,193 4,280 4,161 3,605 6,083 4,845 Japan 677 1,033 462 530 747 836 1,096 1,803 1,143 604 592 554 441 486 549 91 63 56 88 81 120 184 384 271 252 282 254 156 279 201 609 301 657 576 727 883 1,287 1,778 1,505 796 869 928 641 700 734 Neth. Singapore* Switzerland 1,835 1,861 1,910 2,212 3,707 4,167 4,242 10,324 6,487 3,402 3,007 2,972 2,489 2,850 3,176 U.K. U.S. 31,862 29,041 25,371 15,547 19,355 21,510 33,268 42,613 36,467 46,736 30,455 30,751 21,375 21,531 25,814 Source: Standard and Poor's Global Stock Markets Factbook (prior to 2013), World Federation of Exchanges and European Central Bank (2013 on) * Data for Hong Kong and Singapore has been revised. Sources changed in 2013 due to discontinuation of S&P's Global Stock Market Factbook 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Australia (Average Daily, $ Billions) Global Equity Markets Trading Volume — Value 43,909 39,665 35,288 26,896 35,440 41,693 59,258 82,455 95,343 65,354 51,376 52,899 38,938 36,008 45,558 Developed Markets 3,953 2,409 2,487 2,950 4,020 5,693 8,227 16,361 12,723 15,975 13,656 13,510 10,770 14,754 16,584 Emerging Markets 47,866 42,074 37,775 29,846 39,460 47,386 67,485 98,816 108,066 81,330 65,032 66,409 49,708 50,762 62,142 World . 0.5% 0.6% 0.8% 1.2% 1.3% 1.3% 1.2% 1.3% 0.9% 0.9% 1.9% 1.9% 2.1% 1.6% 1.1% 1.3% 1.1% 1.1% 1.6% 1.7% 1.8% 1.9% 1.7% 1.6% 1.5% 2.1% 2.3% 2.4% 2.6% 2.2% Canada 2.3% 2.6% 2.5% 3.7% 3.6% 3.2% 3.7% 3.5% 3.0% 1.7% 2.3% 2.2% 2.3% 2.2% 2.1% 2.2% 3.4% 3.3% 3.8% 3.6% 3.7% 3.7% 3.4% 2.9% 1.6% 2.2% 2.6% 2.5% 2.6% 2.0% France Germany 0.8% 0.5% 0.6% 0.8% 0.7% 0.6% 0.6% 0.9% 1.5% 1.8% 2.5% 2.3% 2.5% 2.5% 2.3% Hong Kong* 1.6% 1.3% 1.4% 2.2% 2.0% 2.4% 2.0% 2.3% 0.6% 0.6% 0.8% 1.3% 1.5% 1.6% 1.7% Italy 5.6% 4.3% 4.2% 7.6% 8.7% 10.5% 9.3% 6.6% 5.4% 5.2% 6.6% 6.3% 7.3% 12.0% 7.8% Japan 1.4% 2.5% 1.2% 1.8% 1.9% 1.8% 1.6% 1.8% 1.1% 0.7% 0.9% 0.8% 0.9% 1.0% 0.9% 0.2% 0.2% 0.1% 0.3% 0.2% 0.3% 0.3% 0.4% 0.3% 0.3% 0.4% 0.4% 0.3% 0.5% 0.3% 1.3% 0.7% 1.7% 1.9% 1.8% 1.9% 1.9% 1.8% 1.4% 1.0% 1.3% 1.4% 1.3% 1.4% 1.2% Neth. Singapore Switzerland 3.8% 4.4% 5.1% 7.4% 9.4% 8.8% 6.3% 10.4% 6.0% 4.2% 4.6% 4.5% 5.0% 5.8% 5.1% U.K. 66.6% 69.0% 67.2% 52.1% 49.0% 45.4% 49.3% 43.1% 33.7% 57.5% 46.8% 46.3% 43.0% 42.4% 41.5% U.S. Source: Standard and Poor's Global Stock Markets Factbook (prior to 2013), World Federation of Exchanges and European Central Bank (2013 on) 91.7% 94.3% 93.4% 90.1% 89.8% 88.0% 87.8% 83.4% 88.2% 80.4% 79.0% 79.7% 78.3% 70.9% 73.3% 8.3% 5.7% 6.6% 9.9% 10.2% 12.0% 12.2% 16.6% 11.8% 19.6% 21.0% 20.3% 21.7% 29.1% 26.7% Developed Emerging Markets Markets * Data for Hong Kong and Singapore has been revised. Sources changed in 2013 due to discontinuation of S&P's Global Stock Market Factbook 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Australia (Percent) Global Equity Markets Trading Volume — Share of Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% World . 373 375 379 585 776 804 1,096 1,298 676 1,258 1,455 1,198 1,286 1,366 1,289 841 701 575 894 1,178 1,481 1,701 2,187 1,002 1,681 2,160 1,907 2,016 2,114 2,094 Canada 1,447 1,174 967 1,356 1,559 1,759 2,429 2,771 1,492 1,972 1,926 1,569 1,823 2,301 2,086 France 1,270 1,072 691 1,079 1,195 1,221 1,638 2,106 1,108 1,298 1,430 1,184 1,486 1,936 1,739 Germany 623 506 463 715 861 1,055 1,715 2,654 1,329 2,305 2,711 890 1,108 3,101 3,233 Hong Kong 768 527 481 615 790 798 1,027 1,073 521 317 318 431 482 615 566 Italy 3,157 2,252 2,126 3,041 3,678 4,737 4,726 4,453 3,220 3,378 4,100 3,541 3,681 4,543 4,378 Japan 640 458 401 489 539 593 780 956 388 543 661 595 651 818 787 153 116 100 149 217 257 384 539 265 481 647 308 414 744 753 792 626 553 727 826 939 1,213 1,275 863 1,071 1,229 932 1,079 1,541 1,495 Neth. Singapore Switzerland 2,577 2,165 1,864 2,460 2,816 3,058 3,794 3,859 1,852 2,796 3,107 2,903 3,019 3,743 3,330 U.K. U.S. 15,969 14,614 11,601 15,146 17,305 18,757 21,064 21,573 12,716 16,903 18,966 17,494 19,940 25,712 27,883 Source: Standard and Poor's Global Stock Markets Factbook (prior to 2013), World Federation of Exchanges and European Central Bank (2013 on) Note: Sources changed in 2013 due to discontinuation of S&P's Global Stock Market Factbook 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Australia (Market Value in $ Billions) Global Equity Markets Capitalization 29,575 25,334 21,019 28,262 33,203 36,183 42,917 46,301 26,534 33,563 39,372 34,943 40,016 47,103 48,690 Developed Markets 2,612 2,573 2,491 3,774 4,909 7,026 10,400 18,171 8,338 13,818 14,793 11,556 13,147 12,743 14,840 Emerging Markets 32,188 27,907 23,510 32,036 38,113 43,209 53,316 64,471 34,872 47,381 54,165 46,499 53,164 59,846 63,530 World . 1.2% 1.3% 1.6% 1.8% 2.0% 1.9% 2.1% 2.0% 1.9% 2.7% 2.7% 2.6% 2.4% 2.3% 2.0% 2.6% 2.5% 2.4% 2.8% 3.1% 3.4% 3.2% 3.4% 2.9% 3.5% 4.0% 4.1% 3.8% 3.5% 3.3% Canada 4.5% 4.2% 4.1% 4.2% 4.1% 4.1% 4.6% 4.3% 4.3% 4.2% 3.6% 3.4% 3.4% 3.8% 3.3% France 3.9% 3.8% 2.9% 3.4% 3.1% 2.8% 3.1% 3.3% 3.2% 2.7% 2.6% 2.5% 2.8% 3.2% 2.7% Germany 1.9% 1.8% 2.0% 1.7% 1.7% 1.6% 1.7% 1.8% 3.8% 1.9% 2.0% 1.9% 2.1% 5.2% 5.1% Hong Kong* 2.4% 1.9% 2.0% 1.9% 2.1% 1.8% 1.9% 1.7% 1.5% 0.7% 0.6% 0.9% 0.9% 1.0% 0.9% Italy 9.8% 8.1% 9.0% 9.5% 9.7% 11.0% 8.9% 6.9% 9.2% 7.1% 7.6% 7.6% 6.9% 7.6% 6.9% Japan 2.0% 1.6% 1.7% 1.5% 1.4% 1.4% 1.5% 1.5% 1.1% 1.1% 1.2% 1.3% 1.2% 1.4% 1.2% 0.5% 0.4% 0.4% 0.7% 0.7% 0.7% 0.5% 0.5% 0.5% 0.7% 0.7% 0.7% 0.8% 1.2% 1.2% Neth. Singapore* 2.5% 2.2% 2.4% 2.3% 2.2% 2.2% 2.3% 2.0% 2.5% 2.3% 2.3% 2.0% 2.0% 2.6% 2.4% Switzerland 8.0% 7.8% 7.9% 7.7% 7.4% 7.1% 7.1% 6.0% 5.3% 5.9% 5.7% 6.2% 5.7% 6.2% 5.2% U.K. 49.6% 52.4% 49.3% 47.3% 45.4% 43.4% 39.5% 33.5% 36.5% 35.7% 35.0% 37.6% 37.5% 43.0% 43.9% U.S. Source: Standard and Poor's Global Stock Markets Factbook (prior to 2013), World Federation of Exchanges and European Central Bank (2013 on) Note: Sources changed in 2013 due to discontinuation of S&P's Global Stock Market Factbook 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Australia (Percent) Global Equity Markets Capitalization — Share of Total 91.9% 90.8% 89.4% 88.2% 87.1% 83.7% 80.5% 71.8% 76.1% 70.8% 72.7% 75.1% 75.3% 78.7% 76.6% Developed Markets 8.1% 9.2% 10.6% 11.8% 12.9% 16.3% 19.5% 28.2% 23.9% 29.2% 27.3% 24.9% 24.7% 21.3% 23.4% Emerging Markets 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% World . 362.8 359.4 429.9 607.3 727.1 765.6 951.8 1,250.3 1,148.9 1,514.3 1,737.0 1,864.2 2,036.7 1,849.0 1,898.1 893.1 888.6 900.3 1,073.7 1,171.0 1,239.2 1,300.0 1,496.6 1,327.2 1,639.5 1,822.5 1,923.8 2,126.4 2,178.3 2,137.3 Canada 214.6 251.0 353.1 459.6 637.1 912.3 1,197.8 1,704.4 2,224.2 2,577.5 3,055.8 3,398.2 3,785.6 4,093.9 4,375.5 China Source: Bank of International Settlements (BIS) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Australia ($ Billions) ($ Billions) 1,314.6 1,368.1 1,713.3 2,222.1 2,576.5 2,382.4 2,837.6 3,514.7 3,730.2 4,162.0 4,139.4 4,365.8 4,516.2 4,745.1 4,309.6 France 2,120.1 2,087.2 2,622.3 3,330.5 3,808.8 3,457.2 4,021.3 4,657.4 4,574.8 4,810.0 4,490.9 4,383.1 4,355.2 4,356.9 3,779.7 67.1 66.7 72.0 74.8 81.7 87.4 90.8 95.1 92.6 141.6 177.4 216.0 260.0 317.1 354.3 Hong Germany Kong SAR GLOBAL Bond Market Outstanding GlobalBOND MARKET OUTSTANDING 1,365.7 1,390.1 1,724.9 2,163.8 2,477.6 2,278.9 2,692.0 3,178.4 3,367.3 3,809.6 3,593.1 3,686.6 3,893.6 4,074.1 3,468.8 Italy 6,677.1 6,256.2 7,358.5 8,715.5 9,744.6 9,133.8 9,073.6 9,641.6 12,248.8 12,234.9 14,495.6 15,674.1 14,552.6 12,260.7 11,071.9 635.0 701.9 892.6 1,230.0 1,390.9 1,329.2 1,611.0 2,034.9 2,170.2 2,367.3 2,310.8 2,262.7 2,316.0 2,372.4 2,246.1 51.9 68.0 77.0 87.2 106.3 114.4 140.3 165.9 167.7 184.8 218.1 240.7 294.2 330.7 349.7 Japan Netherlands Singapore 1,669.7 1,704.1 2,057.5 2,487.6 3,025.8 3,157.4 3,992.4 4,699.6 4,092.5 5,282.7 5,255.0 5,555.4 5,769.8 5,750.6 6,122.2 U.K. 15,740.3 17,060.0 18,333.6 19,780.9 22,183.3 23,836.8 25,841.0 28,374.4 30,031.7 30,818.4 31,465.9 32,109.9 33,285.9 34,494.3 35,780.6 1,642.5 1,671.6 2,154.8 3,185.1 3,880.4 3,864.5 4,858.8 6,066.3 6,504.7 8,714.0 8,531.8 8,548.2 8,936.8 9,104.2 8,024.8 Other Developed U.S. Markets 366.8 344.5 440.2 791.7 953.4 1,184.0 1,448.5 1,740.8 1,687.0 1,927.2 2,177.1 2,188.2 2,523.2 2,628.7 2,002.8 Emerging Markets 33,121.3 34,217.5 39,129.9 46,209.7 52,764.4 53,743.0 60,056.8 68,620.3 73,367.7 80,183.8 83,470.4 86,417.1 88,652.4 88,555.9 85,921.3 Total . 33.4 42.4 50.7 70.3 115.8 110.7 172.6 153.4 161.2 258.7 253.5 278.2 280.4 256.3 247.1 105.3 136.7 104.6 146.2 150.0 130.8 199.0 236.2 275.6 278.1 408.9 449.5 457.8 538.0 568.2 Canada 90.8 173.1 126.7 241.8 296.4 407.8 395.8 441.5 450.7 534.2 543.5 560.6 584.4 544.0 711.1 France 359.8 397.0 403.8 513.9 543.9 669.3 648.8 602.0 513.9 581.5 578.4 702.6 762.4 749.0 806.2 Germany 89.5 89.9 124.7 187.4 246.2 245.4 298.3 268.8 352.6 393.5 373.5 304.2 376.3 532.5 639.3 Italy 218.0 225.5 257.9 314.8 386.5 848.8 937.9 855.1 813.4 1,105.2 1,501.4 1,482.6 1,715.3 1,883.8 2,246.5 82.4 93.2 69.3 122.6 104.2 165.8 222.6 189.0 199.9 221.7 238.4 203.4 244.2 200.0 236.0 Japan Netherlands 9.2 17.2 3.1 9.2 10.2 13.5 8.7 17.4 14.8 19.0 32.8 28.2 39.9 33.6 66.6 Singapore Sources: Thomson Reuters for private sector corporate and municipal issuance; Bloomberg for government issuance 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Australia ($ ($Billions) Billions) GLOBAL Long-Term Bond Issuance GlobalLONG-TERM BOND MARKET ISSUANCE 211.6 208.2 181.7 375.8 406.8 533.2 829.8 890.1 852.5 779.7 467.2 543.7 548.4 447.6 487.2 2,186.9 3,289.5 3,649.6 4,426.8 4,272.3 4,321.8 4,609.2 4,530.0 3,545.7 4,920.3 5,367.7 4,477.1 4,959.5 4,561.5 4,672.0 United Kingdom United States 530.5 705.9 833.9 1,101.5 1,295.8 1,671.8 2,042.8 2,031.1 1,630.4 2,085.6 1,865.1 1,573.0 1,831.0 1,734.0 1,996.3 Other Developed Markets 243.2 338.1 347.1 371.2 342.4 650.7 709.8 1,126.7 868.3 1,430.4 2,114.8 2,241.1 2,889.9 3,156.7 3,666.9 Emerging Markets 4,160.6 5,716.6 6,153.1 7,881.4 8,170.5 9,769.6 11,075.2 11,341.2 9,678.9 12,607.9 13,745.1 12,844.3 14,689.5 14,637.1 16,343.3 Total . 305.2 37.3 87.1 262.2 26.7 99.6 9,381.5 Asia Hong Kong Japan All Countries Source: U.S. Department of the Treasury 13,586.7 78.3 9.2 30.9 Latin America & Caribbean Argentina Mexico 53.9 7.1 18.6 4,586.8 1,827.1 1,214.5 195.9 3.2 108.0 2,416.3 154.5 3,613.3 1,166.2 635.0 175.7 2.3 74.2 2,175.8 133.6 243.0 2006 2005 223.8 Canada Europe Euro Area France Germany Greece Netherlands U.K. Switzerland ($ Billions) ($ Billions) 21,083.1 451.6 118.4 103.5 116.2 10.2 36.2 411.1 7,754.2 3,673.2 2,569.5 519.9 3.8 226.3 3,640.4 202.6 2007 24,031.1 572.2 128.7 104.4 186.9 12.0 63.4 765.4 9,588.0 5,313.4 4,401.8 327.9 4.9 244.3 3,689.5 225.8 2008 13,155.2 451.2 63.9 127.5 169.3 14.5 46.8 619.1 4,755.5 2,656.3 2,181.0 104.0 4.0 89.5 1,749.6 176.2 2009 13,384.7 472.8 73.8 132.7 193.6 15.1 55.8 731.5 4,621.6 2,342.5 1,723.3 149.4 4.1 90.7 1,843.2 206.0 2010 Foreign Gross Transactions in U.S. Equities By Country and Region FOREIGN GROSS TRANSACTIONS IN U.S. EQUITIES BY COUNTRY AND REGION 15,415.5 553.1 89.5 166.1 228.3 16.2 72.1 974.4 5,596.1 2,469.9 1,571.2 188.4 3.5 96.4 2,593.0 208.5 2011 14,708.4 572.2 88.0 154.7 198.9 12.3 56.5 1,176.5 5,183.1 2,370.2 1,412.4 205.8 2.7 96.2 2,388.4 194.0 2012 15,437.3 726.7 160.1 179.9 237.1 12.9 74.2 793.6 5,534.4 1,911.4 1,192.1 225.9 2.5 101.2 3,101.2 256.4 2013 17,892.5 739.6 206.9 159.2 231.2 11.1 72.5 863.7 5,908.3 1,779.5 1,009.4 204.5 2.9 93.9 3,590.3 247.8 2014 .

11.8 2.2 0.2 1.8 3.5 0.0 -0.7 16.5 -0.1 0.0 -0.3 10.2 0.0 0.1 82.0 Canada Latin America & Caribbean Argentina Mexico Asia Hong Kong Japan All Countries Source: U.S. Department of the Treasury 97.1 17.7 21.7 -8.0 -0.2 -5.4 75.8 1.2 39.6 15.2 7.7 -3.3 0.1 -2.3 19.8 1.3 Europe Euro Area France Germany Greece Netherlands U.K. Switzerland 150.4 2006 2005 ($ Billions) 195.5 44.0 0.0 -5.0 0.8 0.6 0.1 8.1 89.3 15.2 19.5 0.6 0.1 6.9 69.5 -3.0 2007 44.8 69.3 0.0 23.0 4.0 0.4 0.5 7.2 11.6 -38.4 -7.2 -19.6 -0.5 -1.7 30.9 5.5 2008 152.7 42.8 0.0 13.8 5.5 0.6 2.1 -1.6 68.4 11.5 0.2 0.8 0.1 3.3 33.7 8.7 2009 FOREIGN NET PURCHASES OF U.S. EQUITIES BY COUNTRY AND REGION ($ Billions) Foreign Net Purchases of U.S. Equities By Country and Region 109.7 18.1 0.0 4.6 5.2 0.3 2.6 6.5 54.1 12.8 19.6 -0.4 0.0 -5.7 27.8 7.6 2010 25.1 8.5 0.0 3.4 1.5 -0.1 1.6 14.1 -32.4 -31.5 -26.6 2.1 -0.1 -2.2 3.0 -4.3 2011 108.8 -2.3 0.0 -8.1 7.2 0.1 3.2 14.7 72.6 19.0 15.7 3.3 0.1 -3.7 34.2 11.6 2012 -43.2 -29.6 0.1 -26.4 4.8 0.0 0.7 -3.2 3.4 8.1 0.1 1.0 -0.1 0.6 -0.3 -0.4 2013 -11.7 -27.7 6.6 -9.0 3.4 -0.3 1.7 12.1 7.3 22.7 16.6 -2.0 0.0 3.7 -19.1 -6.1 2014 .

1,489.3 423.4 784.0 957.7 205.0 549.9 4,607.5 Asia Hong Kong Japan All Countries Source: U.S. Department of the Treasury 133.9 8.7 48.3 76.2 6.1 26.5 Latin America & Caribbean Argentina Mexico 7,378.8 318.3 238.6 3,256.0 531.1 167.2 77.8 4.7 87.5 2,416.0 79.5 2,294.1 367.2 122.7 51.6 3.6 46.4 1,706.2 62.9 Canada Europe Euro Area France Germany Greece Netherlands U.K. Switzerland 2006 2005 10,526.8 1,940.6 655.1 910.4 210.1 11.6 66.1 447.1 4,614.9 774.1 236.2 94.2 5.4 155.8 3,453.1 116.1 2007 10,866.3 1,854.4 648.9 784.7 213.9 12.2 65.8 613.3 4,820.4 876.9 270.0 108.7 4.5 184.3 3,520.8 127.4 2008 6,398.4 1,160.6 508.5 366.5 157.4 5.6 41.6 425.9 2,769.2 572.4 215.3 67.2 2.6 101.8 1,992.1 97.7 2009 7,407.9 1,333.3 612.4 374.2 224.6 7.5 59.4 490.8 3,162.9 622.6 213.1 75.4 2.6 94.0 2,289.6 130.7 2010 U.S. GROSS TRANSACTIONS IN FOREIGN STOCKS BY COUNTRY AND REGION ($ Billions) ($ Billions) U.S. Gross Transactions in Foreign Equities By Country and Region 8,008.7 1,419.3 638.2 390.7 230.2 9.0 67.0 581.3 3,454.3 663.1 191.8 78.8 1.2 72.8 2,552.0 103.1 2011 6,911.3 1,199.8 545.3 304.7 243.4 6.3 76.2 487.1 3,073.7 615.8 154.5 57.5 0.6 62.4 2,274.4 72.8 2012 7,852.3 1,616.0 719.3 504.9 254.2 7.6 91.9 526.4 3,249.4 589.0 125.8 66.2 1.5 65.3 2,456.2 79.0 2013 8,890.4 1,504.9 707.2 361.4 224.9 9.3 75.1 750.5 3,699.4 708.3 132.2 82.0 3.2 74.0 2,758.7 95.9 2014 .

42.8 21.2 2.1 67.7 7.9 40.0 127.3 Asia Hong Kong Japan All Countries Source: U.S. Department of the Treasury 6.9 0.2 0.2 6.5 0.0 1.8 Latin America & Caribbean Argentina Mexico 106.5 7.6 67.3 5.5 5.1 3.8 0.1 -3.2 59.7 0.1 46.8 9.5 4.2 2.0 0.0 1.8 27.3 2.4 3.2 2006 2005 Canada Europe Euro Area France Germany Greece Netherlands U.K. Switzerland ($ Billions) 95.3 2.8 -6.7 1.7 11.3 0.2 -1.4 5.6 70.0 3.7 6.2 8.8 0.7 -6.3 66.8 1.3 2007 -20.2 -52.9 -12.1 -21.7 5.0 0.2 -4.9 2.2 -17.5 -3.1 -0.4 -3.9 -0.2 0.5 1.7 -0.5 2008 59.4 16.4 9.5 2.5 17.3 -0.2 1.3 7.2 8.0 -10.0 -7.0 -1.9 0.2 -1.1 24.0 -0.8 2009 U.S. NET PURCHASES OF FOREIGN STOCKS BY COUNTRY AND REGION ($ Billions) U.S. Net Purchases of Foreign Equities by Country and Region 60.6 57.5 26.0 13.0 17.3 0.6 -0.7 2.8 -17.8 -6.8 -3.8 -3.3 0.2 1.0 -3.8 -6.2 2010 71.7 15.6 0.2 -4.1 6.0 2.1 -3.3 1.4 10.5 12.0 4.3 -0.4 0.0 2.7 3.0 -3.6 2011 41.1 31.6 15.6 9.2 1.5 -0.9 0.6 0.8 11.4 1.4 0.0 -1.7 -0.1 2.4 13.1 -1.3 2012 174.2 44.4 6.7 32.9 4.5 -1.0 0.3 6.4 126.5 27.5 15.7 -0.5 0.7 -3.5 96.8 1.5 2013 106.8 39.7 15.4 1.2 -1.2 -0.9 -1.2 9.9 53.4 4.9 6.3 0.9 1.3 -0.2 46.9 0.3 2014 .

GLOBAL DERIVATIVES MARKET Global Derivatives Market in U.S. $ Billions) (Notional Principal Value Outstanding (Notional Principal Value Outstanding in $ Billions) Exchange Over-theTraded Counter (OTC) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 14,191 23,670 23,769 36,553 46,304 57,029 69,151 78,864 57,761 73,152 67,972 58,320 54,109 64,098 64,858 95,199 111,178 141,665 197,167 258,628 299,261 418,131 585,932 598,147 603,900 601,046 647,811 635,685 710,633 630,150 Total 109,390 134,848 165,434 233,720 304,932 356,290 487,283 664,796 655,908 677,052 669,019 706,131 689,794 774,731 695,008 Source: Bank for International Settlements Global Markets 99 . . SAVINGS & INVESTMENT . . U.S. FEDERAL RECEIPTS, OUTLAYS, DEFICIT, AND DEBT (est.) (est.) (est.) (est.) (est.) (est.) (est.) 2,025.2 1,991.1 1,853.1 1,782.3 1,880.1 2,153.6 2,406.9 2,568.0 2,524.0 2,105.0 2,162.7 2,303.5 2,450.0 2,775.1 3,021.5 3,176.1 3,525.2 3,755.0 3,944.4 4,135.0 4,332.2 1,789.0 1,862.8 2,010.9 2,159.9 2,292.8 2,472.0 2,655.1 2,728.7 2,982.5 3,517.7 3,457.1 3,603.1 3,537.0 3,454.6 3,506.1 3,758.6 3,999.5 4,217.8 4,423.3 4,652.6 4,886.4 Outlays 236.2 128.2 -157.8 -377.6 -412.7 -318.3 -248.2 -160.7 -458.6 -1,412.7 -1,294.4 -1,299.6 -1,087.0 -679.5 -484.6 -582.5 -474.3 -462.8 -478.9 -517.7 -554.1 5,628.7 5,769.9 6,198.4 6,760.0 7,354.7 7,905.3 8,451.4 8,950.7 9,986.1 11,875.9 13,528.8 14,764.2 16,050.9 16,719.4 17,794.5 18,627.6 19,333.8 20,095.1 20,870.4 21,640.3 22,413.1 Gross Federal Debt Sources: Economic Report of the President; Office of Management and Budget 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Receipts Surplus or Deficit 3,409.8 3,319.6 3,540.4 3,913.4 4,295.5 4,592.2 4,829.0 5,035.1 5,803.1 7,544.7 9,018.9 10,128.2 11,281.1 11,982.7 12,779.9 13,506.3 14,108.5 14,704.9 15,315.0 15,959.2 16,634.7 Federal Debt Held by the Public GDP 10,148.2 10,564.6 10,876.9 11,332.4 12,088.6 12,888.9 13,684.7 14,322.9 14,752.4 14,414.6 14,798.5 15,379.2 16,026.4 16,581.6 17,244.0 17,985.0 18,818.6 19,708.6 20,616.8 21,539.9 22,476.4 ($ Billions, Fiscal Year) U.S. Federal Year) ($ Billions, Fiscal Receipts, Outlays, Deficit and Debt 2.3% 1.2% -1.5% -3.3% -3.4% -2.5% -1.8% -1.1% -3.1% -9.8% -8.7% -8.5% -6.8% -4.1% -2.8% -3.2% -2.5% -2.3% -2.3% -2.4% -2.5% Surplus or Deficit As % of GDP 55.5% 54.6% 57.0% 59.7% 60.8% 61.3% 61.8% 62.5% 67.7% 82.4% 91.4% 96.0% 100.2% 100.8% 103.2% 103.6% 102.7% 102.0% 101.2% 100.5% 99.7% Gross Federal Debt As % of GDP . U.S. Economic Indicators Personal CPI Civilian Savings Rate (% of disposable Nominal GDP (% Change, Unemployment income) ($ Billions) y-o-y) Rate (%) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 3.4% 1.6% 2.4% 1.9% 3.3% 3.4% 3.2% 2.8% 3.8% -0.4% 1.6% 3.2% 2.1% 1.5% 1.6% 4.0% 4.7% 5.8% 6.0% 5.5% 5.1% 4.6% 4.6% 5.8% 9.3% 9.6% 8.9% 8.1% 7.4% 6.2% 4.2% 4.3% 5.0% 4.8% 4.6% 2.5% 3.3% 3.0% 4.9% 6.1% 5.6% 6.0% 7.2% 4.9% 4.9% 10,284.8 10,621.8 10,977.5 11,510.7 12,274.9 13,093.7 13,855.9 14,477.6 14,718.6 14,418.7 14,964.4 15,517.9 16,163.2 16,768.1 17,418.3 Note: CPI and Unemployment Rate are not seasonally adjusted Sources: U.S. Bureau of Economic Analysis; U.S. Department of Labor 104 SIFMA 2015 Factbook Real GDP (2009 $ Billions) Real GDP (% Change) 12,559.7 12,682.2 12,908.8 13,271.1 13,773.5 14,234.2 14,613.8 14,873.7 14,830.4 14,418.7 14,783.8 15,020.6 15,369.2 15,710.3 16,085.3 4.1% 1.0% 1.8% 2.8% 3.8% 3.3% 2.7% 1.8% -0.3% -2.8% 2.5% 1.6% 2.3% 2.2% 2.4% .

5.82% 3.40% 1.61% 1.01% 1.37% 3.15% 4.73% 4.36% 1.37% 0.15% 0.14% 0.05% 0.09% 0.06% 0.03% 6.26% 3.07% 1.61% 1.84% 3.08% 4.41% 4.82% 3.05% 0.76% 1.14% 0.61% 0.45% 0.28% 0.31% 0.46% 2-Year Treasury Bonds 6.03% 5.02% 4.61% 4.01% 4.27% 4.29% 4.80% 4.63% 3.66% 3.26% 3.22% 2.78% 1.80% 2.35% 2.54% 10-Year Treasury Bonds 5.94% 5.49% 5.43% N/A N/A N/A 4.91% 4.84% 4.28% 4.08% 4.25% 3.91% 2.92% 3.45% 3.34% 30-Year Treasury Bonds 7.62% 7.08% 6.49% 5.67% 5.63% 5.24% 5.59% 5.56% 5.63% 5.31% 4.94% 4.64% 3.67% 4.24% 4.16% Aaa Corporates (Moody's) 8.36% 7.95% 7.80% 6.77% 6.39% 6.06% 6.48% 6.48% 7.45% 7.30% 6.04% 5.66% 4.94% 5.10% 4.85% Baa Corporates (Moody's) 5.77% 5.19% 5.05% 4.73% 4.63% 4.29% 4.42% 4.42% 4.80% 4.64% 4.16% 4.29% 3.14% 3.96% 3.78% Hi-Grade Municipal Bonds (S&P) Source: Federal Reserve Board, U.S. Government Publishing Office, St. Louis Federal Reserve Bank, S&P, NBER 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 3-Month T-Bills (Annual, Percent) U.S. Interest Rates and Bond Yields 9.23% 6.91% 4.67% 4.12% 4.34% 6.19% 7.96% 8.05% 5.09% 3.25% 3.25% 3.25% 3.25% 3.25% 3.25% Bank Prime Rate 6.24% 3.88% 1.67% 1.13% 1.35% 3.22% 4.97% 5.02% 1.92% 0.16% 0.18% 0.10% 0.14% 0.11% 0.09% Federal Funds Rate .

Household Saving Rates of Major Nations (Percentage of Disposable Household Income) U.S. 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 (proj.) 2015 (proj.) 2016 (proj.) Canada France Germany Italy Japan U.K. 4.2% 4.3% 5.0% 4.8% 4.6% 2.5% 3.3% 3.0% 4.9% 6.1% 5.6% 6.0% 7.2% 4.9% 4.9% 5.1% 4.5% 3.4% 3.5% 2.4% 1.8% 2.3% 1.6% 3.5% 3.0% 4.0% 5.3% 4.3% 4.4% 5.2% 5.2% 4.7% 4.9% 5.4% 14.2% 15.0% 16.0% 15.3% 15.5% 14.2% 14.3% 14.8% 14.7% 15.9% 15.5% 15.3% 14.9% 14.7% 14.9% 15.2% 14.9% 9.4% 9.5% 9.6% 10.3% 10.0% 10.0% 10.0% 10.2% 10.5% 10.0% 9.9% 9.6% 9.4% 9.1% 9.2% 9.1% 8.8% 7.9% 9.9% 9.7% 9.2% 9.6% 9.1% 8.5% 8.0% 7.7% 7.0% 4.1% 3.7% 3.1% 3.9% 4.6% 5.4% 4.8% 6.8% 3.7% 3.1% 2.5% 2.1% 1.4% 1.2% 0.9% 0.4% 2.4% 2.0% 2.7% 1.3% 0.4% 1.8% 1.9% 1.8% 4.6% 5.9% 4.7% 4.3% 3.8% 2.9% 3.4% 2.1% 2.2% 7.0% 7.3% 6.7% 7.3% 5.2% 5.8% 5.7% 5.8% Note: Net savings rate for all countries except France and U.K. (gross) Source: OECD Economic Outlook No. 95 Table 23 106 SIFMA 2015 Factbook . U.S. Individual Retirement Accounts (IRA Deductions Claimed) Number of Tax Returns 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012* 2013* IRA Amount ($ Billions) 3,505,032 3,448,457 3,277,671 3,418,494 3,330,763 3,256,066 3,286,760 3,370,132 2,783,721 2,637,211 2,112,543 2,562,814 2,614,633 2,765,771 7.5 7.4 9.5 10.0 10.0 12.0 12.8 13.2 11.9 11.5 9.7 11.0 12.0 13.3 * preliminary Source: IRS, Statistics of Income Bulletin Savings & Investment 107 . U.S. 401(K) PLAN ASSETS ($ Billions) U.S. 401(K) Plan Assets ($ Billions) 401(K) Plan Assets 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 1,739 1,682 1,569 1,922 2,189 2,399 2,768 2,983 2,208 2,746 3,148 3,141 3,526 4,190 4,565 Source: Investment Company Institute Total 401(K) Plan Assets Total 401(K) Plan Assets 5,000 $ Billions 4,565 4,500 4,190 4,000 3,510 3,500 3,000 2,768 2,500 2,000 2,189 1,739 1,682 3,148 3,141 2,983 2,399 2,746 2,208 1,922 1,569 1,500 1,000 500 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: Investment Company Institute 108 SIFMA 2015 Factbook . U.S. Retirement Assets ($ Billions) Private Pension Funds Life Insurance Companies* State & Local Government Federal Government Total Pension Assets IRA Assets Total Retirement Assets 4,274 4,161 4,016 4,549 4,958 5,360 5,767 6,101 5,260 5,941 6,614 6,717 7,242 8,112 8,542 1,526 1,559 1,605 1,803 2,028 2,197 2,392 2,531 2,219 2,350 2,341 2,383 2,575 2,831 2,953 1,959 2,145 2,325 2,506 2,895 3,087 3,320 3,477 3,705 3,854 4,779 4,935 5,097 5,230 5,456 2,003 2,079 2,163 2,283 2,389 2,494 2,609 2,714 2,758 2,922 3,159 3,266 3,385 3,543 3,683 9,762 9,944 10,108 11,140 12,269 13,139 14,089 14,823 13,943 15,067 16,893 17,301 18,299 19,716 20,635 2,629 2,619 2,532 2,993 3,299 3,425 4,207 4,748 3,681 4,488 5,029 5,241 5,907 6,966 7,443 12,391 12,563 12,640 14,133 15,568 16,564 18,296 19,571 17,624 19,555 21,922 22,542 24,206 26,682 28,078 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 * Annuity reserves held by life insurance companies Note: Private Pension Funds include deffered benefit and deffered contribution plans; Includes claims of pension funds on sponsor (i.e., unfunded defined benefit pension entitlements) Source: Federal Reserve Flow of Funds Accounts, L.115 - L.119 U.S. Retirement Assets U.S. Retirement Assets 30 $ Trillions 28 Private Pension Funds 26 Life Insurance Companies 24 22 State & Local Government 20 Federal Government 18 IRA Assets 16 14 12 10 8 6 4 2 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: Federal Reserve Flow of Funds Savings & Investment 109 .

U.S. Private Pension Fund Assets Financial Assets ($ Billions) % of Total Financial Assets Defined Benefit 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Defined Contribution Total Defined Benefit Defined Contribution 1,785 1,922 1,979 2,023 2,166 2,251 2,364 2,495 2,573 2,626 2,836 2,947 3,018 3,069 3,099 2,489 2,239 2,037 2,526 2,791 3,109 3,403 3,606 2,688 3,314 3,778 3,770 4,224 5,043 5,443 4,274 4,161 4,016 4,549 4,958 5,360 5,767 6,101 5,260 5,941 6,614 6,717 7,242 8,112 8,542 41.8 46.2 49.3 44.5 43.7 42.0 41.0 40.9 48.9 44.2 42.9 43.9 41.7 37.8 36.3 58.2 53.8 50.7 55.5 56.3 58.0 59.0 59.1 51.1 55.8 57.1 56.1 58.3 62.2 63.7 Note: Includes claims of pension funds on sponsor (i.e., unfunded defined benefit pension entitlements) Source: Federal Reserve Flow of Funds Accounts, L.118 110 SIFMA 2015 Factbook . U.S. Private Pension Fund Assets Investment Mix ($Billions) Equity 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Bonds* Mutual Funds 1,971 1,909 1,589 2,097 2,338 2,442 2,151 2,223 1,380 1,647 1,849 1,751 1,974 2,408 2,587 610 577 571 643 645 690 724 753 757 772 829 905 1,055 1,113 1,144 Claims on Cash Pension Fund Items** Sponsor 1,132 963 932 1,127 1,278 1,585 1,845 1,995 1,362 1,828 2,149 2,121 2,386 2,975 3,232 251 191 201 203 201 213 243 258 247 239 223 249 221 220 223 -193 112 340 28 34 -30 -29 -21 677 498 447 517 390 131 19 Other Assets Total Assets 310 521 723 479 496 430 804 871 1,514 1,455 1,563 1,691 1,606 1,397 1,356 4,274 4,161 4,016 4,549 4,958 5,360 5,767 6,101 5,260 5,941 6,614 6,717 7,242 8,112 8,542 * Includes Treasuries, agency & gse-backed securities, and corporate & foreign bonds ** Includes checkable deposits and currency, time and savings deposits, money market mutual fund shares, repo and revese repo agreements, and commercial paper Source: Federal Reserve Flow of Funds Accounts, L.118 Savings & Investment 111 . U.S. Defined Benefits Plan Assets Investment Mix ($ Billions) Equity 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Bonds* Mutual Funds 1,076 1,061 918 1,171 1,294 1,393 1,151 1,209 726 864 1,011 930 1,048 1,247 1,326 417 397 362 436 426 459 512 530 492 495 567 646 734 775 795 236 181 189 197 234 253 314 332 257 323 350 357 359 428 449 Cash Items** Claims on Pension Fund Sponsor Other Assets Total Assets 96 60 52 55 50 57 127 136 102 107 103 107 94 89 91 -193 112 340 28 34 -30 -29 -21 677 498 447 517 390 131 19 153 112 119 136 128 118 289 309 317 340 359 391 393 399 419 1,785 1,922 1,979 2,023 2,166 2,251 2,364 2,495 2,573 2,626 2,836 2,947 3,018 3,069 3,099 * Includes Treasuries, agency & gse-backed securities, and corporate & foreign bonds ** Includes checkable deposits and currency, time and savings deposits, money market mutual fund shares, repo and revese repo agreements, and commercial paper Source: Federal Reserve Flow of Funds, L.118.b Investment Mix of U.S. Defined Benefit Plan Assets, 2014 Investment Mix of U.S. Defined Benefit Plan Assets, 2014 Total = $3,100 Billion Other Assets 14.2% Cash Items 2.9% Equity 42.8% Mutual Funds 14.5% Bonds 25.6% Source: Federal Reserve Flow of Funds 112 SIFMA 2015 Factbook .

U.S. Defined Contribution Plan Assets Investment Mix ($ Billions) Equity 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Bonds* Mutual Funds 895 848 671 926 1,044 1,049 1,000 1,014 654 783 838 822 926 1,161 1,261 158 153 179 180 190 199 164 174 220 231 263 259 322 338 350 895 782 743 929 1,045 1,332 1,531 1,664 1,105 1,505 1,799 1,764 2,026 2,547 2,783 Cash Items** Other Assets Total Assets 155 131 149 148 150 156 116 122 145 132 120 143 127 131 133 386 325 295 343 362 373 591 633 564 663 757 783 823 866 917 2,489 2,239 2,037 2,526 2,791 3,109 3,403 3,606 2,688 3,314 3,778 3,770 4,224 5,043 5,443 * Includes Treasuries, agency & gse-backed securities, and corporate & foreign bonds ** Includes checkable deposits and currency, time and savings deposits, money market mutual fund shares, repo and revese repo agreements, and commercial paper Source: Federal Reserve Flow of Funds, L.118.b U.S. Defined Contribution Plan Assets Investment Mix, 2014 Investment Mix of U.S. Defined Contribution Plan Assets, 2014 Other Assets 16.85% Total = $5,443 Billion Equity 23.16% Cash Items 2.43% Mutual Funds 51.13% Bonds 6.42% Source: Federal Flow of Funds Savings & Investment 113 .

Source: Investment Company Institute *Estimated **Bank and thrift deposits include Keogh deposits Bank and Thrift Deposits** Life Insurance Companies Mutual Funds Securities Held in Brokerage Accounts 8.1 9.1 50.0 32.7 2005 278 311 1,714 1,121 Bank and Thrift Deposits** Life Insurance Companies Mutual Funds Securities Held in Brokerage Accounts (As Percent of Total IRA Assets) 3,425 2005 Total IRA Assets ($ Billions) 7.4 7.6 48.4 36.6 2006 313 318 2,036 1,541 4,207 2006 7.2 7.1 48.8 37.0 2007 340 335 2,315 1,758 4,748 2007 U.S. Individual Retirement Account (IRA) Assets 10.6 8.5 43.7 37.2 2008 391 312 1,608 1,370 3,681 2008 9.6 7.1 44.0 39.3 2009 431 317 1,976 1,765 4,488 2009 9.2 6.9 44.3 39.7 2010 461 345 2,229 1,995 5,029 2010 9.2 5.8 46.4 38.6 2011* 482 304 2,432 2,024 5,241 2011* 8.6 5.4 47.0 39.0 2012* 508 319 2,776 2,303 5,907 2012* 7.3 4.9 48.0 39.8 2013* 507 342 3,344 2,772 6,966 2013* 6.8 4.9 47.6 40.7 2014* 505 362 3,546 3,030 7,443 2014* . U.S. Income Sources For Those Aged 65 Or Older Dollar Share of Percentage Receiving Income Received Income from Specified Source Social Security Earnings Asset Income Private Pensions Government employee pensions Other 36.0% 32.0% 11.0% 9.0% 9.0% 3.0% 86% 28% 51% 27% 14% -- Note: 2012 data Source: Social Security Administration, Fast Facts & Figures About Social Security, 2014 U.S. Income Sources For Those Aged 65 Or Older, 2012 (Percent Share of Those Aged 65 or Older Income Sources for Aggregate Income) (Percent Share of Aggregate Income) Government employee pensions 9% Private Pensions 9% Social Security 36% Asset Income 11% Earnings 32% Source: Social Security Administration, Fast Facts & Figures about Social Security, 2014 Savings & Investment 115 . 120 Broadway, 35th Floor New York, NY 10271-0080 TEL 212.313.1200 FAX 212.313.1301 www.sifma.org .