Investor Presentaiton

Debt Capital Market Penetration Continues Size of bubble reflects 2020 GDP Emerging Other Asia 0% M.E. & Africa ASEAN India CEE/CIS 20% Latin America 40% Developed Developed Asia Western Europe North America China 60% 80% 100% 120% >>> » » 2020 Private Sector Capital Market Debt Securities (International & Domestic) Outstanding / GDP (%) Debt capital markets continue to grow faster than GDP, and accelerated in 2020 with high levels of issuance China is the second largest bond market and its size relative to GDP is approaching that of Developed Asia Low interest rates and investor appetite support the ongoing development of bond markets in emerging economies Source: International Monetary Fund World Economic Outlook as of April 2021, Bank for International Settlements as of March 2021, Securities and Exchange Board of India, Moody's Investors Service. Note: Includes non-financial corporates and financial institutions, excludes general government. Size of bubble reflects 2020 GDP in each region (U.S. dollars, current prices). Regional definitions: ASEAN = Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam. CEE/CIS = Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Georgia, Hungary, Kazakhstan, Kosovo, Kyrgyz Republic, Moldova, Montenegro, North Macedonia, Poland, Romania, Russia, Serbia, Tajikistan, Turkey, Turkmenistan, Ukraine, Uzbekistan. Developed Asia = Australia, Hong Kong, Japan, Macao, New Zealand, South Korea, Taiwan. Latin America = Mexico and all Caribbean countries and South America. M.E. & Africa = All African countries, Bahrain, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, United Arab Emirates, Yemen. North America = Canada, United States. Other Asia = Afghanistan, Bangladesh, Bhutan, Mongolia, Nepal, Pakistan, Sri Lanka as well as all Oceania countries except for Australia and New Zealand. Western Europe = All European countries except for those in CEE/CIS. Moody's | Better decisions 2Q 2021 Investor Presentation 25

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