3Q 2020 Investor Presentation

Macro Assumptions Underpinning Our Outlook Macro assumptions underpinning our guidance¹ 2020 GDP -6% United States -9% Euro area -5% Global Benchmark interest rates remain low; U.S. high-yield spreads of ~500 bps rall U.S. unemployment rate of ~8% by year-end High yield default rate rising to ~8%2 1. Sources: "September 2020 Default Report" and "Global Macro Outlook 2020-2021 (August 2020 Update)" from Moody's Investors Service. Assumptions underpinning guidance that was issued on October 29, 2020. 2. Global high yield default rate by the end of 2020. MOODY'S 3Q 2020 Investor Presentation - November 11, 2020 11

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