3Q 2023 Investor Presentation

Default Rates Expected to Rise Amid High Interest Rates and Tight Lending Conditions¹ Default Rates for Global Speculative-Grade Corporate Rated Issuance Speculative-Grade Corporate Default Rates by Region2 Baseline - Optimistic 14% Moderately Pessimistic Severely Pessimistic 10% Global ⚫US Europe 12% 8% 10% 6% 8% 5.6% 6% 4.1% global historical average¹ 5.4% 4% 4.7% 4.5% 4% 2% 2% 0% 0% 2008 2011 2014 2017 2020 2023F Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 » Global speculative-grade default rate expected to reach 4.7% by year-end, slightly above long-term average but well below prior recessionary levels 1. Moody's rated corporate global speculative grade default historical average of 4.1% from 1983 through December 31, 2022. 2023 forecast ended December 31, 2023. Moody's Investors Service; Default Trends - Global: October 2023 Default Report, November 14, 2023. 2. Statistics are based on issuer-weighted data. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 41

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