Date:  Monday, December 29, 2025 I. 2025 Global Macroeconomic Recap The 2025 economic landscape was characterized by a gradual moderation in inflation and divergent growth paths across major economies. Growth Outlook:  Global real GDP growth is estimated at 3.0%  for 2025. Advanced economies faced a sharper slowdown, averaging 1.5%  growth. Inflationary Trends:  Global headline inflation is projected to have fallen to 4.2%  in 2025 from 5.7%  in 2024. II. Global Equity Indice

Structural Liquidity and Asset De-risking Date:  Monday, November 24, 2025 I. Global Liquidity and Interbank Funding Rates The current environment continues to reflect significant fragmentation in the cost of credit across key global jurisdictions, juxtaposed with forward expectations of monetary easing in the US. Benchmark Index Current Rate Date of Fix Jurisdiction Source Fed Funds Rate Effective 3.88% 24-Nov-25 United States [5] 1M Term SOFR 3.954% 24-Nov-25 United States