3Q 2021 Investor Presentation

Refunding Needs¹ Support MIS Long-term Fundamentals Debt Maturities: U.S. Non-Financial Corporate Bonds and Loans ($B)² $249 198 2022 $719 $524 308 $387 266 129 151 22 25 57 62 ■Speculative Grade Bank Loans ■Speculative Grade Bonds ■Investment Grade Bonds 26 260 201 196 2023 2024 2025 Debt Maturities: EMEA Non-Financial Corporate Bonds and Loans ($B)³ >>> U.S. four-year refinancing needs grew ~9%, driven by a ~19% and -7% increase in leveraged loans and investment grade bonds, respectively $591 $539 $549 $505 125 50 61 » 50 115 EMEA four-year refinancing 34 56 51 101 ■Speculative Grade Bank Loans ■Speculative Grade Bonds Investment Grade needs grew ~9%, driven by a 421 422 383 365 ~2% and -11% increase in leveraged loans and investment grade debt, respectively 2022 2023 2024 2025 1. 2. 3. Non-financial corporates. MIS-rated U.S. non-financial corporate bond and loan maturities as defined in Moody's Investors Service's refunding needs reports (2021). EMEA non-financial corporate and infrastructure bond and loan maturities as defined in Moody's Investors Service's refunding needs reports (2021). Moody's | Better decisions 3Q 2021 Investor Presentation 20 20

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