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Revenue and Issuance Analysis

$ Billions Refunding Needs Have Grown Strongly Over Time Next Four Years U.S. and EMEA Total Refunding Needs¹ as of: $3,100 $2,800 $2,500 $2,200 $1,900 $1,972 $1,600 $1,300 $1,000 CAGR = 6% 2012 2013 2014 2015 2016 2017 2018 2019 1. Amount reflects total maturities identified below. - Source: Moody's Investors Service. U.S. and EMEA refunding needs reports January 2012 January 2019. Note: Data represents U.S. and European MIS rated corporate bonds & loans. MOODY'S $2,948 November 4, 2019 24

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