2Q 2020 Investor Presentation

2Q 2020 Credit Market Update COVID-19 disrupts real economy, credit markets buoyed by stimulus - NO ON NC Real Economy COVID-19 Pandemic >> New cases of COVID-19 increased in the U.S., while declining in Europe and parts of Asia » Optimism around vaccine success due to positive early data » Policy responses: some U.S. states rolled back re-opening measures Geopolitical Impact >> U.S. - China frictions escalated >> U.S. election season in focus >> New international travel restrictions » Oil price recovery Macroeconomic Response >> IMF: Worldwide 2020 GDP revised lower by 190 bps to -4.9% in June >> U.S. Fed committed to purchasing up to $750 billion of corporate debt >> Ongoing dovish monetary policy by U.S. Fed and other central banks >> Fiscal stimulus in the E.U. ONI ☐ N 骨 Credit Markets Investment Grade Bonds >> Record 2Q 2020 issuance volumes1 >> Continued liquidity-driven capital raising >> Limited M&A pipeline High Yield Bonds » Strength throughout 2Q 2020 >> Significant spread tightening >> Increased appetites for risk assets evidenced by strong equity market performance Leveraged Loans >> Market re-opened but remained weak » Leveraged M&A limited » Continued fund outflows » Less demand for floating rate 1. MIS rated issuance. MOODY'S 2Q 2020 Investor Presentation - August 11, 2020 15

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