3Q 2020 Investor Presentation

$ Billions Refunding Needs Continue to Build Next Four Years North America and EMEA Total Refunding Needs¹ as of: $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,972 CAGR = ~8% 10% $3,806 $3,466 $1,000 Jan '12 Jan '13 Jan '14 Jan '15 Jan '16 Jan '17 Jan '18 Jan '19 Jan '20 Sep '20 1. Amount reflects total maturities as defined in Moody's Investors Service's U.S., Canada and EMEA refunding needs reports January 2012 - October 2020. Note: Data represents U.S., Canadian and European MIS rated non-financial corporate bonds & loans. Canadian data not available before 2015. MOODY'S 3Q 2020 Investor Presentation - November 11, 2020 20 20

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