4Q and FY 2023 Investor Presentation

(years) Issuers are Navigating Rate Environment with Shorter-term Bonds Annual Average Issuance Maturity1 U.S. IG Bond 14.7 13.6 13.1 12.4 12.0 11.1 (years) U.S. HY Bond 8.6 8.4 8.3 8.3 7.8 6.5 2018 2019 2020 2021 2022 2023 2018 2019 2020 2021 2022 2023 1. Data represents tenors on MIS-rated debt in U.S.; proxy calculation uses weighted average years of tenor. Moody's | Decode risk. Unlock opportunity. 4Q and FY 2023 Investor Presentation 44

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