Revenue and Issuance Analysis

Debt Refinancing and M&A are Most Frequently Stated Uses of Proceeds Uses of Funds from USD High Yield Bonds and Bank Loans¹ ■Debt Refinancing M&A Capital Spending Shareholder Payments % of Mentions 12% 9% 4% 18% 17% 18% 11% 22% 20% 16% 13% 17% 14% 9% 8% 22% 17% 5% 5% 6% 7% 8% 8% 6% 7% 8% 19% 25% 39% 37% 31% 30% 31% 41% 48% 41% 54% 63% 53% 52% 62% 83% 78% 71% 74% 71% 71% 66% 65% 64% 63% 54% I 1999 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 YTD 3Q 2019 MOODY'S 1. 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. An issue can have multiple purposes and, as a result, percentages do not sum to 100%. Source: Moody's Analytics. November 4, 2019 25

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