4Q and FY 2023 Investor Presentation

1 Refunding Needs ¹ Support MIS Long-term Fundamentals Debt Maturities: U.S. Non-Financial Corporate Bonds and Loans ($B) 2 $688 $690 $534 276 299 168 $293 134 86 142 ■Speculative Grade Bank Loans ■Speculative Grade Bonds 58 22 Investment Grade 280 277 249 214 2024 2025 2026 2027 Debt Maturities: EMEA Non-Financial Corporate Bonds and Loans ($B) 3 $489 402 2024 66 49 39 43 $620 $533 $528 131 74 95 107 64 82 394 382 352 ■Speculative Grade Bank Loans ■Speculative Grade Bonds ■Investment Grade 2025 2026 2027 » Refinancing needs up from ~$4T to ~$4.4T over the next four years » U.S. refunding needs remain slightly weighted towards leveraged finance issuers » Leveraged finance refunding needs driving growth in EMEA 1. 2. 123 Non-financial corporates. Total may not sum due to rounding. MIS-rated U.S. non-financial corporate bond and loan maturities as defined in Moody's Investors Service's refunding needs reports (2023). 3. EMEA non-financial corporate and infrastructure bond and loan maturities as defined in Moody's Investors Service's refunding needs reports (2023). EMEA data is shown in USD, which appreciated against the EUR and GBP (the main reporting currencies) in the latest period under review. Moody's | Decode risk. Unlock opportunity. 4Q and FY 2023 Investor Presentation 42

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