2Q 2020 Investor Presentation

% of Mentions Liquidity and Refinancing Prominent Drivers of Issuance in 1H 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 5% 9% 8% 8% 8% 15% 16% 13% 15% 13% 17% I 5% 5% 5% 7% 6% 28% 39% 35% 54% 41% 49% 71% 68% 64% 62% 54% 2015 Source: Moody's Analytics. MOODY'S 2016 2017 2018 2019 72% 1H20 1. 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%. 2Q 2020 Investor Presentation - August 11, 2020 18

View entire presentation