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Investor Presentaiton

BPS The speed of the market's recovery assumes little to no risk of future stress 1,300 1,100 Credit Spreads Yield Spreads Over Respective Benchmark 900 700 500 300 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Global High-Yield Bond Spread Global Leveraged Loan Discount Margin 1. As at August 31, 2021. 2. Source: ICE BofA, Credit Suisse. 124

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