Investor Presentaiton

Leveraged Finance Issuance Driven by Refinancing and M&A Activity Uses of Funds from USD High Yield Bonds and Bank Loans 1,2 5% 5% 6% 3% 5% 8% 8% 14% 20% 19% 26% 26% 25% 36% 83% 75% 75% 66% 69% 69% 56% FY 2015 FY 2016 FY 2017 ■Debt Refinancing FY 2018 ■ M&A FY 2019 3 ■ Other FY 2020 FY 2021 Percent of mentions for each respective period in bond issue or bank loan program tranche documents. Excludes issues of less than $25 million and general corporate purposes. Historical data has been restated to reflect updated methodology. An issue can have multiple purposes and, as a result, percentages do not sum to 100%. Source: Dealogic. 1. 2. Reported data as of December 31, 2021. 3. Other includes Shareholder Payments, Working Capital and Capital Spending. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 22

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