3Q 2020 Investor Presentation

Debt Leverage and Interest Coverage in North America and Europe Credit Metrics: North American Speculative Grade Companies Interest Coverage Debt/ EBITDA EBITDA / Interest Expense 8.0x 6.2x 6.0x 4.9x 5.1x 5.2x 5.3x 5.5x 5.4x 5.5x 4.6x 4.6x 4.7x 4.5x 4.3x 4.4x 4.6x 4.0x 2.9x 2.6x 2.7x 2.9x 3.0x 3.0x 3.0x 3.0x 2.9x 2.9x 2.9x 2.7x 2.6x 2.5x 2.4x 2.0x T 0.0x 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 20201 Credit Metrics: European Speculative Grade Companies Debt/ EBITDA EBITDA / Interest Expense 5.5x 5.3x 5.3x 6.0x 4.8x Interest Coverage 5.0x 4.6x 4.8x 4.5x 4.6x 4.6x 4.6x 4.6x 5.0x 4.2x 4.3x 4.1x 4.0x 3.7x 3.5x 3.4x 3.5x 3.5x 3.3x 3.1x 3.0x 3.0x 3.0x 3.1x 3.0x 2.9x 2.9x 2.8x 2.6x 2.0x 1.0x 0.0x 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 20201 1. Trailing twelve months ended September 30, 2020. Source: Moody's Investors Service. Note: Historical figures may change due to timing differences in issuer reporting deadlines. 3Q 2020 Investor Presentation - November 11, 2020 MOODY'S 23

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