Investor Presentaiton

Favorable Issuance Mix Drove Revenue Growth Larger number of infrequent high yield bond and leveraged loan issuers accessed the market in 2Q 2021 Investment grade High-yield bonds Leveraged loans Structured finance. -65% transaction 250% 200% 150% 100% 50% ISSUANCE (% CHANGE YOY) HYB 2020 164% transaction revenue growth 203% issuance growth SF LL IG 2020 revenue growth -50% 0% HYB 50% 100% 150% 200% 250% -68% LL 2020 issuance growth -50% 25% transaction SF 2020 IG revenue growth -100% 6% issuance growth Note: IG = Investment Grade. | HYB = High Yield Bonds. | SF = Structured Finance. | LL = Leveraged Loans. Moody's | Better decisions 272% transaction revenue growth 208% issuance growth 300% 2Q20 2Q21 350% TRANSACTION REVENUE (% CHANGE YOY) 2Q 2021 Investor Presentation 17

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