3Q 2022 Investor Presentation

Illustrative Impact of Adding a Moody's Credit Rating Example: 5-year $500 million corporate bond Not Rated by Moody's $500,000,000 1.20% Bond Rated by Moody's $500,000,000 1.20% 500 6.20% 5-Yr US Treasury Bond Rate Option Adjusted Spread (bps)1 = $31,000,000 Interest Rate Annual Interest Payments Term 435 5.55% = $27,750,000 5 years 5 years = $155,000,000 Total Interest Expense over the Term = $138,750,000 Over $16 million in total interest expense vs. cost of rating Note: Illustrative spread differential based on an independent study performed by BDO in June 2022 on a snapshot of data from January 31, 2022, which shows that a five-year $500m bond with a Moody's credit rating (when rated at the same level as S&P and/or Fitch) has an -13% lower Option Adjusted Spread (OAS), which results in a savings of ~65 basis points per year. The study only applies to corporate bonds and not to sovereign/quasi-sovereign/municipal or structured finance bonds. Many factors go into the pricing of a bond. 1. OAS is the measurement of the credit spread of a fixed-income security rate and the risk-free rate of return (Treasury yields), adjusted for embedded options. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 27

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