Investor Presentaiton

$ Billions Refunding Walls Continue to Build Next four years U.S. and EMEA total refunding needs¹ as of: $4,500 $4,000 $3,500 $3,000 $2,500 $2,000 $1,972 CAGR = 8% $4,062 $3,729 $1,500 $1,000 Jan '12 Jan '13 Jan '14 Jan '15 Jan '15 Jan '16 Jan '17 Jan '18 Jan '19 Jan '20 Sep '20 Sep '21 Moody's | Better decisions 1. Amount reflects total MIS-rated U.S. non-financial corporate bond and loan maturities, in addition to EMEA non-financial corporate and infrastructure bond and loan maturities as defined in Moody's Investors Service's refunding needs reports (2012-2021). 4Q & FY 2021 Investor Presentation 19

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