2Q 2020 Investor Presentation

$ Billions Refunding Needs Have Grown Steadily Over Time Next Four Years North America and EMEA Total Refunding Needs¹ as of: $3,400 $3,100 $2,800 $2,500 $2,200 $1,900 $1,600 $1,300 $1,000 $1,972 2012 2013 2014 CAGR = 7% $3,466 2015 2016 2017 2018 2019 2020 1. Amount reflects total maturities identified below. Source: Moody's Investors Service. U.S. and EMEA refunding needs reports January 2012 January 2020. Note: Data represents U.S., Canadian and European MIS rated non-financial corporate bonds & loans. Canada data not available before 2015. MOODY'S 2Q 2020 Investor Presentation - August 11, 2020 17

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