3Q 2023 Investor Presentation

$ Billions $Trillions Sustained Refinancing Demand Post Outsized 2020/2021 Issuance Surge Four-Year U.S. and EMEA Non-Financial Corporate Refinancing Walls¹ Withdrawn Russian Debt² 2 ~$2.0 Jan '13 Jan '14 Jan '15 Jan '16 Jan '17 MIS-Rated Q3 Non-Financial Global Corporate Investment Grade (IG) Issuance IG Bond Issuance $500 $400 $300 $200 $100 3Q15 -IG Bond Issuance Avg U.S. 10YR Treasury 3Q16 3Q17 3Q18 ~$4.0 -10% .... ~$4.4 Jan '18 Jan '19 Jan '20 Sep '20 Sep '23 Sep '212 Sep '22 MIS-Rated Q3 Non-Financial Global Corporate High Yield (HY) Issuance U.S. 10YR Treasury Avg HY Bond Issuance HY Bond Issuance Avg U.S. HY Spread 5% $300 $250 4% $200 3% $150 2% $100 1% $50 3Q19 3Q20 3Q21 3Q22 3Q23 U.S. HY Spread Avg 6% 5% 4% 3% 2% 1% 3Q15 3Q16 3Q17 3Q18 3Q19 3Q20 3Q21 3Q22 3Q23 Sources: Moody's Investors Service, Moody's Analytics and Dealogic. Amounts reflect total MIS-rated U.S. non-financial corporate bond and loan (for speculative grade) maturities, in addition to EMEA non-financial corporate and infrastructure bond and loan (for speculative grade) maturities as defined in Moody's Investors Service's refunding needs reports (2013-2023). Each bar represents four-year refunding needs. 1. 2. Reflects $0.2tn reduction in the refinancing wall starting 2021 due to Moody's withdrawal of ratings for Russian companies. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 42

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