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High-Grade Debt Issuance

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Bulls Remain In Charge

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FED

Q: Relationship w new administration? Working with Yellen?

- A: Am sure we'll have a good working relationship w Yellen, and between Fed and Treasury. Haven't spoken to Yellen since I congratulated her, expect will happen soon. Have not met Pres Biden.

Q: Expectation of other 13-3 emergency programs that expire March 31 will be left to expire or extended?

- A: If emergency conditions arise, our emergency lending tools will remain available. But as of now, there haven't been any discussions at all.