3Q 2021 Investor Presentation

Refunding Walls Continue to Build Next four years U.S. and EMEA total refunding needs¹ as of: $4,500 $4,000 $3,500 CAGR = ~8% $4,062 $3,729 $3,000 $2,500 $1,972 $2,000 $1,500 $1,000 Jan '12 Jan '13 Jan '14 Jan '15 Jan '16 Jan '17 Jan '18 Jan '19 Jan '20 Sep '20 Sep '21 1. Amount reflects total MIS-rated U.S. non-financial corporate bond and loan maturities and EMEA non-financial corporate and infrastructure bond and loan maturities as defined in Moody's Investors Service's refunding needs reports (2012-2021). Moody's | Better decisions 3Q 2021 Investor Presentation 19

View entire presentation