3Q 2020 Investor Presentation

3Q 2020 Credit Market Update Buoyant credit markets despite ongoing real economy disruption from COVID-19 ONC FER Real Economy COVID-19 Pandemic >> New cases of COVID-19 increased in the U.S. and Europe >> Policy responses: some U.S. states and European countries rolled back re-opening measures » Vaccine / treatment timing unclear; optimism for 1H 2021 Geopolitical Impact >> U.S. China frictions remained elevated >> U.S. election season in heightened focus >> Continued international travel restrictions >> Oil prices recovered from lows but subdued Macroeconomic Response >> U.S. Fed and other central bank actions are accommodative >> Fiscal stimulus measures in the E.U. >> Additional fiscal stimulus in the U.S. delayed >> Many businesses have fully utilized PPP funding >> Some industries resuming furloughs (travel, entertainment, etc.) 1. MIS rated issuance. MOODY'S INI NN O N☐ 骨 Credit Markets Investment Grade Bonds >> Record issuance volumes¹ » Liquidity-driven capital raising >> Opportunistic refinancing driven by effective yields lower than pre-pandemic for many issuers >> M&A pipeline limited, though indications of improvement High Yield Bonds » Continued strength >> Significant spread tightening from March, with spreads now approximately in line with historical averages (U.S. HY ~500 bps) » Appetite for risk assets evidenced by continued equity market strength Leveraged Loans » Improving, but relatively weak >> Demand for floating rate debt limited >> Modest M&A pipeline 3Q 2020 Investor Presentation - November 11, 2020 18

View entire presentation