3Q 2022 Investor Presentation

Refunding Needs¹ Support MIS Long-term Fundamentals Debt Maturities: U.S. Non-Financial Corporate Bonds and Loans ($B)² $255 187 86 39 28 32 $666 $610 291 $412 246 ■Speculative Grade Bank Loans 160 ■Speculative Grade Bonds 113 140 39 ■Investment Grade 214 251 234 2023 2024 2025 2026 Debt Maturities: EMEA Non-Financial Corporate Bonds and Loans ($B) 3 $618 $545 $499 136 98 $430 82 99 41 76 46 31 ■Speculative Grade Bank Loans Speculative Grade Bonds ■Investment Grade 358 371 371 383 2023 Non-financial corporates. 2024 2025 2026 » Refinancing needs remain approximately flat compared to September 2021, totaling ~$4T over the next four years >>> U.S. refunding needs remain slightly weighted towards leveraged finance issuers >> EMEA refunding needs continue to be driven by investment grade issuers 1. 2. 3. MIS-rated U.S. non-financial corporate bond and loan maturities as defined in Moody's Investors Service's refunding needs reports (2022). EMEA non-financial corporate and infrastructure bond and loan maturities as defined in Moody's Investors Service's refunding needs reports (2022). EMEA data is shown in USD, which appreciated against the EUR and GBP (the main reporting currencies) in the latest period under review. At constant 2021 exchange rates, Moody's estimates that reported EMEA debt in 2022 would be -10% higher in USD amounts. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 17

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