Investor Presentaiton

Default Rates Outlook and Tight Credit Spreads Create Supportive Issuance Environment Default Rates for Speculative-Grade Corporate Rated Issuance 1 -Global -U.S. -Europe U.S. HY Bond Spreads² 1000 U.S. HY Bond Spreads U.S. Spec Grade Default Rate (R.) 9% 8% 800 7% 6% 4.1% global 5% historic average¹ 600 4% 3% -2.6% ~2.4% 400 2% 2.1% 1% 0% 200 2010 2012 2014 2016 2018 2020 2022F 3Q19 1Q20 3Q20 1Q21 3Q21 » Trailing twelve months global speculative-grade default rate as of January 30, 2022 was 1.8% » Global speculative-grade default rate to initially decline before gradually rising to ~2.4% at the end of the year 1. 2. Moody's rated corporate global speculative grade default historical average of 4.1% from 1983 through December 31, 2021. 2022 forecast for trailing twelve months ended December 31, 2021 from Moody's Investors Service on February 10, 2022. Reported data as of December 31, 2021. Bond spreads as of the last day of each month. Source: St. Louis Fed Database. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 18

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