4Q and FY 2023 Investor Presentation

Expecting Improved Issuance Growth in 20241 ~Mid-to-high-single-digits% Macro Assumptions Informing Guidance iola Macroeconomics & Policy » Global growth prospects » Geopolitical risks >> Energy, trade, climate, and regulatory policies FY2024 Issuance Guidance Total Issuance 1. Investment Grade ~Mid-single-digits% Inflation Rates & Central Bank Actions >> Inflation expectations, supply chain, and job. and wage trends » Timing of central bank rate actions and adjustment of other policies Credit Markets » Liquidity, sentiment, and credit spreads » Credit performance and default rates High Yield Bonds Leveraged Loans Financial Institutions Public, Project and Infrastructure Finance Structured Finance Approximately flat -35% -20% ~Mid-single-digits% ~Mid-single-digits% As of February 13, 2024 Moody's | Decode risk. Unlock opportunity. 4Q and FY 2023 Investor Presentation 33 33

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