Graham Taylor Vice President – Senior Credit Officer Moody's Investors Service

Graham Taylor is a Vice President – Senior Credit Officer in Moody’s EMEA Infrastructure Finance team, based in London. He is responsible for a portfolio of regulated and unregulated utilities in the United Kingdom. As a senior member of the analytical team, Graham has contributed to and/or coordinated a number of publications, in particular on energy market issues, and is a frequent speaker at investor events. Prior to joining Moody’s in 2015, Graham was City Advisor to Ofwat, the English and Welsh water regulator, through the 2014 Price Review. He was previously an equity portfolio manager at Legal & General, where he managed long-only and long/short funds and was responsible for coverage of UK utilities, transport and leisure, and health care. Graham started his career in the investment banking division of Credit Suisse in New York. He is a graduate of Queen’s University, Canada, and is a CFA charter holder. Moody’s has a leading global Infrastructure Finance franchise, rating some US$2trillion of corporate and project finance securities, representing more than 90% of all public bonds issued globally in the sector. 140 analytical sector staff cover more than 1,000 infrastructure issuers globally. Moody’s EMEA team of 50 specialists is responsible for rating around 416 issuers. The rating agency covers more than11,000 corporate issuers and 135 sovereign nations.

Benjamin Leyre Vice President – Senior Credit Officer Moody's Investors Service

Benjamin Leyre is a senior analyst in the EMEA Infrastructure Finance Group, based in Paris. He has responsibility for a portfolio of Southern European utilities, including unregulated electric and gas utilities, and regulated electric and gas networks. Benjamin has a wide range of utility experience acquired through a number of roles which he uses to comment on sector credit themes. Moody’s has a leading global Infrastructure Finance franchise, rating some US$2trillion of corporate and project finance securities, representing more than 90% of all public bonds globally in the sector. 140 analytical staff cover more than 1,000infrastructure issuers globally. Moody’s EMEA team of 50 specialists is responsible for rating 416 issuers. The rating agency covers more than 11,000 corporate issuers and 135 sovereign nations. Before joining Moody’s, Benjamin worked for Norway’s sovereign wealth fund, where he was heading the global energy team, and managing the fund’s European utilities equity portfolio. Prior to this, he worked as an equity analyst for ExaneBNP Paribas, as the head of its European utilities team, with direct coverage of large European corporates. Benjamin also worked as a senior consultant with IHS CERA, where he provided strategic advice to utilities, banks and governmental institutions in the US and in Europe, and where he kick-started the consultancy European environmental practice. Benjamin holds an M.Sc in Technology and Policy from M.I.T. and a M.Eng in mechanical Engineering and Energy Economics from Ecole des Mines de Paris. He is fluent in English and French.

Celine Chérubin Vice President – Senior Credit Officer, Project Infrastructure Finance Group Moody's Investors Service

Céline Chérubin is a senior credit officer in the EMEA Infrastructure Finance Group, based in Paris. She has responsibility for a portfolio of unregulated utilities in France, Belgium, Italy and the Czech Republic as well as water and waste management companies in France.

Céline has considerable experience of assessing utilities and infrastructure in Europe, with an in-depth knowledge of business models, strategies and stakeholders. She has a particular focus on the French market but also benefits from experience of a broad range of other jurisdictions.

Moody’s has a leading global Infrastructure Finance franchise, rating some US$2.8trillion of corporate and project finance securities. Our team of 148 analytical staff covers more than 2,700 public and private sector infrastructure issuers globally. Moody’s EMEA team of 48 infrastructure specialists is responsible for rating around 330 issuers with approximately US$756 billion in debt outstanding. Moody’s Investors Service covers a total of more than 35,000 issuers and structured finance transactions worldwide, representing more than US$73 trillion in rated debt.

Before joining Moody’s in April 2019, Céline worked for Infravia, a French infrastructure investment company, where she was responsible for investor relations and the fundraising of the fourth infrastructure fund. Prior to this, she had an extended career as a sell side equity analyst covering European utilities for more than 12 years. She has also taught classes in accounting, P&L diagnostics and cashflow analysis for the Société Française des Analystes Financiers.

Céline holds a degree in business administration (DESCAFF) from the Bordeaux Business School. She is fluent in English and French.

Jeffrey Cassella Vice President - Senior Credit Officer Moody's Investors Service

Jeffrey Cassella is a Vice President - Senior Credit Officer in Moody’s Global Infrastructure Finance Group, joining the Utilities team at the beginning of 2013. He Is responsible for a portfolio consisting of electric and gas utilities. Prior to joining the Utilities Group, Jeff worked in the Corporate Finance Group’s Credit Policy department as well as the Technology, Media and Telecommunications team covering transaction processors and other IT services companies. Prior to joining Moody’s in 2006, Jeff was a manager in PriceWaterhouseCooperstrans action services group. In that capacity he managed multidisciplinary teams that conducted financial due diligence on mergers & acquisitions and financial statement analysis for clients across a number of different industry sectors. Jeff holds a B.S. in Accounting from The College of New Jersey and an M.B.A. in Finance from New York University’s Stern School of Business. Jeff is a Certified Public Accountant.

Adrian Garza Vice President-Senior Analyst Moody's Investors Service

Adrian is presently a Vice President - Senior Analyst in the Global Project and infrastructure Finance Team. Adrian holds lead analytical responsibility for a portfolio of infrastructure companies and projects in Latin America and the Caribbean. The portfolio covers toll-roads, energy utilities, natural gas pipelines, airports, PPPs, and other infrastructure assets.In his role, Adrian develops and conducts research on sector trends and industry-related topics. He is a regular participant at high-profile market briefings, external conferences and media engagements. Adrian is also a spokesperson for Moody’s in Latin America for environmental, social and governance (ESG) topics. Adrian’s experience in financial analysis spans for 15 years. Before joining Moody’s in2010, he gained experience in investment banking where he executed transactions in the housing and publishing industries. Prior to that, he worked at a credit rating agency in the structured finance, project finance and sub-sovereign teams.Adrian holds a MSc in Economics and Philosophy from London School of Economicsand Political Science (LSE), and a BA in Economics from Instituto Tecnológico y deEstudios Superiores de Monterrey (ITESM). Adrian is also a CFA charter holder.