European IPO highlights: After a blockbuster year, the IPO market in 2022 was stormy and bearish in contrast

Pool 52 Mixed NPL Santander Arrow Global 65

Question 26 (modified question) 25% of respondents believe that their group is concerned about European Commission’s recent State aid decisions

SUB delivered a strong performance in a challenging environment…

STRONG BACKLOG AND CONTRACT-LEVEL PERFORMANCE DEMONSTRATES THE STRENGTH OF OUR VALUE PROPOSITION AND CORE CAPABILITIES

Investments (excluding infrastructureand real estate)Page 2 of 2

The aforementioned sectors are reflected in the index of gross fixed capital formation (GFCF)

‘2 to 2.5M JPY in cash’ is the typical budget payment method. Monthly payment and interest rates are less concerning than the total purchase amount.

US consumer prices could increase by at least 1% and as much as 3.5%, with risk of additional second-round inflation impacts given consumers’ rising inflation expectations