TPR – CDS 113bps, Base Case iCDS 81bps, Negative Case iCDS 94bps, 2027 4.125% Bond YTW of 2.357%, iYTW of 2.047%, Baa2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens, Low Refinancing Need

• Credit markets are accurately stating TPR’s credit risk with a YTW of 2.357% and a CDS of 113, relative to an Intrinsic YTW of 2.047% and an Intrinsic CDS of 81bps. Meanwhile, Moody’s is also accurately stating the firm’s fundamental credit risk, with its Baa2 credit rating only one notch lower than Valens’ IG4+ (Baa1) credit rating.