2Q 2023 Investor Presentation

Illustrative Impact of Adding a Moody's Credit Rating NOT RATED BY MOODY'S $500,000,000 1.20% 500 6.20% = $31,000,000 5 years = $155,000,000 Example: 5-year $500 million corporate bond Bond 5-Yr US Treasury Bond Rate Option Adjusted Spread (bps) 1 Interest Rate Annual Interest Payments Term Total Interest Expense over the Term RATED BY MOODY'S $500,000,000 1.20% 435 5.55% = $27,750,000 = 5 years = $138,750,000 Over $16 million in total interest expense vs. cost of rating Note: Illustrative spread differential based on an independent study performed by BDO in June 2022 on a snapshot of data from January 31, 2022, which shows that a five-year $500M bond with a Moody's credit rating (when rated at the same level as S&P and/or Fitch) has an -13% lower Option Adjusted Spread (OAS), which results in a savings of ~65 basis points per year. The study only applies to corporate bonds and not to sovereign/quasi-sovereign/municipal or structured finance bonds. Many factors go into the pricing of a bond. 1. OAS is the measurement of the credit spread of a fixed-income security rate and the risk-free rate of return (Treasury yields), adjusted for embedded options. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 27

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