2Q 2020 Investor Presentation

Capital Allocation Strategy Prudent approach in uncertain times Capital allocation goals Capital allocation levers INVESTING IN GROWTH OPPORTUNITIES C Reinvestment Acquisitions 999 Anchored around a BBB+ rating خيرة Ensure adequate financial flexibility 999 Provide necessary capital to pursue growth opportunities Meet return thresholds and create long-term value for shareholders MOODY'S Lá RETURN OF CAPITAL Dividends 0000 Share repurchase Considerations around share repurchase program COVID-19 uncertainty Manage risk Economic indicators Market volatility Free cash flow 2Q 2020 Investor Presentation - August 11, 2020 13

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