3Q 2020 Investor Presentation

% of Mentions Liquidity and Refinancing Prominent Drivers of Issuance YTD 2020, While M&A Declined Uses of Funds from USD High Yield Bonds and Bank Loans¹ ■Debt Refinancing M&A Capital Spending Shareholder Payments Liquidity / Working Capital YTD 2020² Issuance Drivers: 9% 8% 8% 8% 17% 13% 15% 13% Opportunistic refinancing driven by lower effective yields 17% 5% 5% 7% 6% 9% 4% 39% 35% 25% 41% 49% Liquidity and working capital Lower M&A related issuance 72% 71% 68% 64% 62% 2016 2017 2018 2019 YTD 3Q20 Percent of mentions for each respective period in bond issue or bank loan program tranche documents. Excludes issues of less than $25 million and general corporate purposes. An issue can have multiple purposes and, as a result, percentages do not sum to 100%. 1. 2. YTD through September 30, 2020. Source: Moody's Analytics. MOODY'S 3Q 2020 Investor Presentation - November 11, 2020 25

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