2Q 2023 Investor Presentation

$Trillions $ Billions Following Outsized Issuance in 2020 and 2021, Refinancing Needs Remain Significant MIS-Rated Q2 Non-Financial Global Corporate Investment Grade (IG) Issuance MIS-Rated Q2 Non-Financial Global Corporate High Yield (HY) Issuance IG Bond Issuance $700 $600 $500 $400 -IG Bond Issuance Avg U.S. 10YR Treasury ----U.S. 10YR Treasury Avg HY Bond Issuance HY Bond Issuance Avg U.S. HY Spread -U.S. HY Spread Avg 6% $400 8% $300 $200 $100 $- …..l... 5% $350 7% 4% 3% $ Billions $300 6% $250 5% $200 4% $150 3% 2% $100 2% 1% $50 1% 2Q15 2Q16 2Q17 2Q18 2Q19 2Q20 2Q21 2Q22 2Q23 2Q15 2Q16 2Q17 2Q18 2Q19 2Q20 2Q21 2Q22 2Q23 ~$2.0 Four-Year U.S. and EMEA Non-Financial Corporate Refinancing Walls¹ Withdrawn Russian Debt Jan '12 Jan '13 Jan '14 Jan '15 Jan '16 Jan '17 Jan '18 Jan '19 Jan '20 Sep '20 2 Sep '21 Sep '22 1. Sources: Moody's Investors Service, Moody's Analytics and Dealogic. Amounts reflect total MIS-rated U.S. non-financial corporate bond and loan maturities, in addition to EMEA non-financial corporate and infrastructure bond and loan maturities as defined in Moody's Investors Service's refunding needs reports (2012-2022). Each bar represents four-year refunding needs. 2. In March 2022, Moody's withdrew the ratings of Russian companies, resulting in a reduction of the refinancing wall. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 15 <$0.2 -$4.0 ~$3.9

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