Investor Presentaiton

$ Billions Refunding Needs Continue to Build Next four years North America and EMEA total refunding needs 1 as of: $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,972 CAGR ~8% 10% $3,806 $3,466 $1,000 Jan '12 Jan '13 Jan '14 Jan '15 Jan '16 Jan '17 Jan '18 Jan '19 Jan '20 Sep '20 1. Amount reflects total maturities as defined in Moody's Investors Service's U.S., Canada and EMEA refunding needs reports January 2012 - October 2020. Note: Data represents U.S., Canadian and European MIS rated non-financial corporate bonds & loans. Canadian data not available before 2015. Moody's | Better decisions 2Q 2021 Investor Presentation 20

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