3Q 2020 Investor Presentation

Refunding Needs¹ Support MIS Long-term Fundamentals Debt Maturities: North America Moody's-Rated Corporate Bonds and Loans² $624 311 ■Speculative Grade Bank Loans ■Speculative Grade Bonds $532 $387 205 $252 23 86 71 105 127 38 230 191 222 186 2021 2022 2023 2024 Debt Maturities: EMEA Moody's-Rated Corporate Bonds and Loans³ ■Investment Grade >>> Approximately $1.8 trillion of non-financial corporate debt maturing in North America through 2024, up ~8%4 >>> North America speculative grade bank loans refinancing needs up $180 billion, or ~40%4 $554 $521 $495 $442 84 79 62 53 74 34 119 77 ■Speculative Grade Bank Loans ■Speculative Grade Bonds ■Investment Grade >>> 346 363 363 358 2021 2022 2023 2024 1. 2. 3. 4. Non-financial corporates. Source: Moody's Investors Service, October 2020. Data represents U.S. & Canadian MIS rated corporate bonds & loans. Source: Moody's Investors Service, October 2020. Data represents EMEA Investment-Grade & EMEA Speculative-Grade. Comparison to previously provided refinancing needs data for the upcoming four years from 1Q 2020 Investor Presentation. Prior data: Moody's Investors Service. U.S. & Canadian MIS rated corporate bonds & loans for North America as of January 2020 & EMEA as of July 2019. MOODY'S Four-year debt maturities for EMEA non-financial corporates exceed $2 trillion, up ~$200 billion, or 11%4 3Q 2020 Investor Presentation - November 11, 2020 21

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