2Q 2023 Investor Presentation

Debt Capital Market Penetration 2022 Private Sector Capital Market Debt Securities (International & Domestic) Outstanding / GDP (%) Size of bubble reflects 2022 GDP Other Emerging Asia7 CEE/CIS² ASEAN1 0% India M.E. & Africa5 Latin America4 20% Developed Developed Asia³ North America6 China Western Europe8 40% 60% 80% 100% 120% » Debt capital markets have historically grown faster than GDP >> China is the second largest bond market and its size relative to GDP is approaching that of Developed Asia >> Low interest rates and investor appetite have historically supported the development of bond markets in emerging economies; but the current higher inflation levels and tighter monetary policy will put further growth to a test Sources: International Monetary Fund World Economic Outlook as of April 2023, Bank for International Settlements as of September 2022, Securities and Exchange Board of India, Moody's Investors Service. Note: Includes non-financial corporates and financial institutions, excludes general government. Size of bubble reflects 2022 GDP in each region (U.S. dollars, current prices). Regional definitions: 1. ASEAN = Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam. 2. CEE/CIS = Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Georgia, Hungary, Kazakhstan, Kosovo, Kyrgyz Republic, Moldova, Montenegro, North Macedonia, Poland, Romania, Russia, Serbia, Tajikistan, Turkey, Turkmenistan, Ukraine, Uzbekistan. 3. Developed Asia = Australia, Hong Kong, Japan, Macau, New Zealand, South Korea, Taiwan. 4. Latin America = Mexico, all Caribbean countries and South America. 5. M.E. & Africa = All African countries, Bahrain, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, United Arab Emirates, Yemen. 6. North America = Canada, United States. 7. Other Asia = Afghanistan, Bangladesh, Bhutan, Mongolia, Nepal, Pakistan, Sri Lanka, as well as all Oceania countries except for Australia and New Zealand. 8. Western Europe = All European countries except for those in CEE/CIS. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 19

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