Investor Presentaiton

2022 Issuance Factors GROWTH & INVESTMENT >> Global GDP growth and post- pandemic recovery » Ample dry powder at private equity firms supports M&A activity » Climate, infrastructure, technology and cyber investment 999 POLITICS & POLICY » Trade, climate, tax and regulatory policies >> Government investment (e.g., U.S. Infrastructure Bill and Next Generation EU package) » Geopolitical risks INFLATION & CENTRAL BANK ACTIONS >> Inflation expectations, supply chain and wage trends >> Normalization of monetary policy rates globally. >> Central bank balance sheets Moody's | Better decisions CREDIT MARKETS & RATES » Liquidity, sentiment and credit spreads » Credit performance and default rates >> Growth in private credit markets 4Q & FY 2021 Investor Presentation 17

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