2Q 2020 Investor Presentation

Macro Assumptions Underpinning Our Outlook¹ Base Case Expect continuing economic recovery in 2H 2020 Developments since April 30th ACCELERATE 2020 GDP -6% United States -9% Euro Zone -5% Global Benchmark interest rates remain low; high-yield spreads peak above 650 bps rall 眉 Continued global fiscal support and monetary stimulus actions Surge of investment grade capital raising for liquidity purposes Rebound in high yield bond issuance amid tighter spreads Robust equity markets and sharp U.S. unemployment rate of ~10% by year-end High yield default rate rising to -9%2 1. All assumptions and guidance as of July 30, 2020. 2. By the end of 2020. decline in VIX index Signs of global economic recovery DECELERATE Х COVID-19 cases continued to increase at rapid pace in the U.S., with some states rolling back re-opening measures Sources: "June 2020 Default Report" and "Global Macro Outlook 2020-2021 (June 2020 Update)" from Moody's Investors Service. MOODY'S 2Q 2020 Investor Presentation - August 11, 2020 11

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