2Q 2023 Investor Presentation

Leveraged Finance Activity Driven by Refinancing and M&A Uses of Funds from USD High Yield Bonds and Bank Loans Issuance 1,2 5% 5% 6% 20% 19% 26% 3% 5% 3% 8% I 14% 26% 29% I 42% 83% 75% 75% 69% 69% 68% 50% FY 2017 FY 2018 FY 2019 FY 2020 ■Debt Refinancing FY 2021 ■M&A Other³ FY 2022 1H 2023 1. 2. 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. Historical data was restated on November 10, 2021, to reflect updated methodology. Percentages may not sum to 100% due to rounding. Source: Dealogic. Reported data as of June 30, 2023. 3. Other includes Shareholder Payments, Working Capital and Capital Spending. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 18

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