#1MOODY'S Better decisions 3Q 2021 Investor Presentation November 10, 2021#2Disclaimer Certain statements contained in this document are forward-looking statements and are based on future expectations, plans and prospects for Moody's business and operations that involve a number of risks and uncertainties. The forward-looking statements in this document are made as of the date hereof, and Moody's disclaims any duty to supplement, update or revise such statements on a going-forward basis, whether as a result of subsequent developments, changed expectations or otherwise. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, Moody's is identifying certain factors that could cause actual results to differ, perhaps materially, from those indicated by these forward-looking statements. Those factors, risks and uncertainties include, but are not limited to the impact of COVID-19 on volatility in the U.S. and world financial markets, on general economic conditions and GDP in the U.S. and worldwide, and on the Moody's own operations and personnel; future world-wide credit market disruptions or economic slowdowns, which could affect the volume of debt and other securities issued in domestic and/or global capital markets; other matters that could affect the volume of debt and other securities issued in domestic and/or global capital markets, including regulation, credit quality concerns, changes in interest rates, inflation and other volatility in the financial markets such as that due to Brexit and uncertainty as companies transition away from LIBOR; the level of merger and acquisition activity in the U.S. and abroad; the uncertain effectiveness and possible collateral consequences of U.S. and foreign government actions affecting credit markets, international trade and economic policy, including those related to tariffs, tax agreements and trade barriers; concerns in the marketplace affecting our credibility or otherwise affecting market perceptions of the integrity or utility of independent credit agency ratings; the introduction of competing products or technologies by other companies; pricing pressure from competitors and/or customers; the level of success of new product development and global expansion; the impact of regulation as an NRSRO, the potential for new U.S., state and local legislation and regulations; the potential for increased competition and regulation in the EU and other foreign jurisdictions; exposure to litigation related to our rating opinions, as well as any other litigation, government and regulatory proceedings, investigations and inquiries to which Moody's may be subject from time to time; provisions in U.S. legislation modifying the pleading standards and EU regulations modifying the liability standards, applicable to credit rating agencies in a manner adverse to credit rating agencies; provisions of EU regulations imposing additional procedural and substantive requirements on the pricing of services and the expansion of supervisory remit to include non-EU ratings used for regulatory purposes; the possible loss of key employees; failures or malfunctions of our operations and infrastructure; any vulnerabilities to cyber threats or other cybersecurity concerns; the outcome of any review by controlling tax authorities of Moody's global tax planning initiatives; exposure to potential criminal sanctions or civil remedies if Moody's fails to comply with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which Moody's operates, including data protection and privacy laws, sanctions laws, anti-corruption laws, and local laws prohibiting corrupt payments to government officials; the impact of mergers, acquisitions or other business combinations and the ability of Moody's to successfully integrate acquired businesses; currency and foreign exchange volatility; the level of future cash flows; the levels of capital investments; and a decline in the demand for credit risk management tools by financial institutions. Other factors, risks and uncertainties relating to our acquisition of RMS could cause our actual results to differ, perhaps materially, from those indicated by these forward-looking statements, including risks relating to the integration of RMS's operations, products and employees into Moody's and the possibility that anticipated synergies and other benefits of the acquisition will not be realized in the amounts anticipated or will not be realized within the expected timeframe; risks that the acquisition could have an adverse effect on the business of RMS or its prospects, including, without limitation, on relationships with vendors, suppliers or customers; claims made, from time to time, by vendors, suppliers or customers; changes in the U.S., Europe (primarily the U.K.), Japan, India or global marketplaces that have an adverse effect on the business of RMS; and other factors, risks and uncertainties relating to the transaction as set forth under the caption "Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 " in Moody's report on Form 8-K filed on August 6, 2021, which are incorporated by reference herein. These factors, risks and uncertainties as well as other risks and uncertainties that could cause Moody's actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements are currently, or in the future could be, amplified by the COVID-19 outbreak, and are described in greater detail under "Risk Factors" in Part I, Item 1A of Moody's annual report on Form 10-K for the year ended December 31, 2020, and in other filings made by Moody's from time to time with the SEC or in materials incorporated herein or therein. Stockholders and investors are cautioned that the occurrence of any of these factors, risks and uncertainties may cause Moody's actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements, which could have a material and adverse effect on Moody's business, results of operations and financial condition. New factors may emerge from time to time, and it is not possible for Moody's to predict new factors, nor can Moody's assess the potential effect of any new factors on it. Moody's | Better decisions 3Q 2021 Investor Presentation 2#3Table of Contents 1. Moody's Overview 2. Financial Overview 3. Capital Markets Overview 4. Moody's Investors Service (MIS) 5. Moody's Analytics (MA) 6. ESG Solutions 7. Appendix Moody's | Better decisions 3Q 2021 Investor Presentation 3#41 Moody's Overview#5Company Overview MOODY'S INVESTORS SERVICE MOODY'S MOODY'S ANALYTICS Independent provider of credit rating opinions and related information for over 100 years Proven ratings accuracy and deeply experienced analysts Global integrated risk assessment firm providing credit rating opinions, analytical solutions and insights that empower organizations to make better, faster decisions Revenue of $6.0 billion Adjusted Operating Income of $3.0 billion Provides financial intelligence and analytical tools supporting our customers' growth, efficiency and risk management objectives Solutions address diverse needs and customers Expanded sales and MIS MA 62% 38% marketing activities in Commercial group Note: Financial data for the trailing twelve months ended September 30, 2021. Moody's | Better decisions Adjusted Operating Margin MIS MA 61.5% 29.7% MIS MA 78% 22% Extending brand into new markets and deepening customer relationship 3Q 2021 Investor Presentation 5#6Moody's as an Integrated Risk Assessment Business Selection of Use Cases Addressable by Moody's Solutions Weather and natural disaster analysis Transfer pricing Fixed income investing Regulatory and accounting compliance CURATED DATA + ANALYTICS & INSIGHTS Insurance and actuarial analysis Supply chain management and trade credit Commercial lending $40B+ Current Addressable Market CURATED DATA1 Entities ~400 million public & private entities 888 Helping customers make BETTER DECISIONS Securities $70+ trillion rated debt KYC and financial crime monitoring Economies 500+ million economic, financial and demographic time series Properties 20+ million commercial real estate properties Asset and liability management Sustainable investing Commercial real estate analysis 1. Figures shown are as of September 30, 2021. Moody's | Better decisions ॥ People ~14 million politically exposed people risk profiles Physical risk 2.5+ million scores on global facilities 3Q 2021 Investor Presentation 6#7Key Strategic Investments To Drive Further Growth ESG AND CLIMATE Expand coverage, data collection and analytics; enhance distribution, improve integration and scale globally KYC AND COMPLIANCE Deepen curated data sets, nurture the development of new use cases and modernize data intake process CHINA AND LATIN AMERICA Build out local talent and enhance domain-specific expertise across multiple segments COMMERCIAL REAL ESTATE Develop new analytic tools to serve diverse CRE market, accelerate data aggregation and increase sales capacity (((p)) TECHNOLOGY Secure an agile technology platform, leveraging new capabilities to improve operational efficiency and promote interoperability PRODUCT DEVELOPMENT AND OTHER Robust product development pipeline - strong track record of launching new products and continued focus on integrated risk assessment capabilities Moody's | Better decisions 3Q 2021 Investor Presentation 7#82 Financial Overview#9Moody's Corporation Financial Profile 3Q 2021 TTM Revenue: $6.0 billion ■Recurring ■Transaction ■U.S. ■Non-U.S. 45% 55% 46% 54% MIS Other¹ 1% PPIF 9% FIG 10% RD&A 28% MIS MA SFG 8% ERS CFG 10% 34% 1. 2. 3. 4. Revenue Operating Expenses Operating Margin Adjusted Operating Margin³ Full Year 2021 Guidance as of October 28, 20212 >> Increase in the low-teens % range >> Increase of approximately 10% >> 46% -47% >> Approximately 51% Effective Tax Rate Diluted EPS Adjusted Diluted EPS³ Share Repurchases4 » 19.5% 20.5% » $11.65 $11.85 » $12.15 $12.35 » Approximately $750 million MIS Other consists of non-ratings revenue from ICRA, KIS Pricing, KIS Research and revenue from providing ESG research, data and assessments. During 2020, the company increased its stake in V.E from 69.2% to 99.8%. 3Q 2021 trailing twelve months revenue includes five quarters of results for V.E and Four Twenty Seven due to the close of a financial reporting lag pursuant to the integration of these businesses. The incremental revenue resulting from the closing of this reporting lag was not material to Moody's financial results. See press release titled "Moody's Corporation Reports Results for Third Quarter 2021" from October 28, 2021 for Moody's complete full year 2021 guidance. These metrics are adjusted measures. See Appendix for reconciliations from adjusted financial measures to U.S. GAAP. Full year 2021 share repurchase guidance is subject to available cash, market conditions, M&A opportunities and other ongoing capital allocation decisions. Moody's | Better decisions 3Q 2021 Investor Presentation 9#10Macro Assumptions Underpinning Our Outlook¹ 2021 GDP 5.5% 6.5% United States - 4.5% -5.5% Euro area 5.5% 6.5% Global - U.S. unemployment rate to remain below 5% Benchmark rates to increase gradually from historic lows; U.S. high yield spreads to slightly widen but remain below the historical average of ~500 bps Global high yield default rate to fall below 2% by the end of 2021 嗰 1. See press release titled "Moody's Corporation Reports Results for Third Quarter 2021" from October 28, 2021 for Moody's complete full year 2021 guidance. Sources: High yield spreads, default rate and unemployment assumptions sourced from Moody's Investors Service "September 2021 Default Report" published October 11, 2021; GDP assumption as of October 28, 2021 from Moody's Investors Service and consensus estimates. Moody's | Better decisions 3Q 2021 Investor Presentation 10#1118.1% 45.9% Financial Performance1 Revenue² $ Billions ■MIS Revenue ■MA Revenue Low-teens % 2016-2020 CAGR 10% growth $5.4 $4.8 $4.4 $4.2 $3.6 $2.1 $2.0 $1.4 $1.7 $1.2 $2.4 $2.8 $2.7 $2.9 $3.3 43.3% 47.6% 42.0% 47.6% Adjusted Diluted EPS3 $ Per Share $10.15 $8.29 $7.39 $6.07 $4.94 2016 2017 2018 2019 2020 2021F1 2016 2017 2018 2019 2020 2021F1 Operating Margin4 ■Operating Margin ■Adj. Operating Margin³ Free Cash Flow³ $ Millions $2,200 - $2,300 41.4% 47.4% 44.5% 49.7% 46% -47% ~51% 2016 2017 2018 2019 2020 2021F1 1. See press release titled "Moody's Corporation Reports Results for Third Quarter 2021" from October 28, 2021 for Moody's complete full year 2021 guidance. 2. Totals may not sum due to rounding. 3. These figures are adjusted measures. See appendix for reconciliations from adjusted financial measures to U.S. GAAP. 4. 2016-2017 operating and adjusted operating margins have been restated to conform to the new presentation for pension expenses. 5. Includes approximately $700 million in net payments pursuant to a settlement charge. Moody's | Better decisions 2016-2020 CAGR 20% $2,043 $1,606 $1,370 $1,144 $664 5 2016 2017 2018 2019 2020 2021F1 3Q 2021 Investor Presentation 11 $12.15 $12.35 -#12Long-Term Growth Opportunities Three levers to achieve EPS growth REVENUE Issuance Volume & Mix Coverage High-Single-Digit % Growth Range¹ Moody's Analytics Pricing Initiatives ADJ. OPERATING MARGIN High-40s % Range¹ Cost Discipline Process Re-Engineering + Technology Enablement Investing for future growth + Medium-term MA Adj. Op. margin target of mid-30's %1 CAPITAL ALLOCATION Reinvestment EPS Acquisitions Dividend Growth & Share Count Reduction² Dividends Low-Teens % Growth Range 1,2 Assumes no material change in effective tax rate, foreign exchange rates, leverage profile and/or capital allocation policy. Subject to market conditions and other ongoing capital allocation decisions. 1. 2. Note: Long-term growth opportunities presented on this slide are on average over time. Moody's | Better decisions Share Repurchases 3Q 2021 Investor Presentation 12#13Prudent Approach to Capital Allocation Capital allocation goals Anchored around a BBB+ rating Lá 999 Capital allocation levers INVESTING IN GROWTH OPPORTUNITIES G Reinvestment C Acquisitions Ensure adequate financial flexibility 999 Provide necessary capital to pursue growth opportunities Meet return thresholds and create long-term value for shareholders Manage risk RETURN OF CAPITAL Dividends Share repurchases Moody's | Better decisions 3Q 2021 Investor Presentation 13#14Investment Criteria and Post-Acquisition Review 14,40 11.25 24.00 31.012 45 20.556 448 0 Clear Industrial Logic Strategic fit, the most important factor, is the first screen La » Complementary ratings, content, data, analytics, risk management, etc., in existing and/or high growth markets >> Financial services and adjacent client base that can leverage Moody's brand, distribution, core credit expertise and analytic capabilities >> Preference for recurring or "repeat" revenue and low capital intensity Disciplined Financial Targets Long held, clear financial framework for external (and internal) investments » IRR at above Moody's cost of capital >> >10% annual cash return yield within 3-5 years » Cash payback within 7-9 years >> Adjusted EPS accretive by year 2 >> Transactions evaluated on an unlevered basis Post-Acquisition Review Disciplined and rigorous monitoring post-close » Clear accountability with regular reporting to senior management and Board >> Integrate within acquiring business unit while maintaining unique and / or entrepreneurial characteristics » Acquisition tracking for minimum of 3 years after close for substantive transactions Moody's | Better decisions 3Q 2021 Investor Presentation 14#15Key Takeaways Growth Company Operational Excellence Disciplined Capital Allocation >> Long-term financial expectations remain robust >> Balanced revenue model maximizes growth potential while ensuring resilience >> Strong free cash flow generation >> Strategic initiatives generate cost efficiencies, enabling reinvestment and margin improvement >> Continued MA margin expansion >> Strategic investments create sustainable value >> Emphasis on returning excess capital to stockholders through dividends and share repurchases >> Strong track record of investment success >> Efficient balance sheet management Moody's | Better decisions 3Q 2021 Investor Presentation 15#163 Capital Markets Overview#17$ Billions Heightened Issuance Activity Continued in 3Q 2021 Historical MIS Rated Issuance¹1 – Third Quarters - 1,500 -$1,050 1,000 500 3Q 2021 Year-Over-Year Issuance1 Growth 11%. Total MIS Rated Issuance 11% Structured Finance 104% Leveraged Loans 96% 25% Financial Institutions Public, Project and -17% Infrastructure Finance High Yield Bonds -18% Investment Grade -28% 3Q11 3Q12 3Q13 3Q14 3Q15 3Q16 3Q17 3Q18 3Q19 3Q20 3Q21 Total MIS Rated Issuance -Prior 10-Yr. Avg. 3Q Issuance (2011-2020) » Overall issuance volumes remained above the prior 10-year average; while investment grade issuance declined in 3Q 2021, activity was still 5% above the historical average² » Ongoing momentum in leveraged loans and structured finance issuance 1. Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle. MIS-rated investment grade prior 10-year 3Q quarterly average. 2. Note: MIS rated issuance, excludes sovereign debt issuance. Issuance figures displayed in billions, except for year-over-year growth calculations. Moody's | Better decisions 3Q 2021 Investor Presentation 17#18Improving Default Outlook and Tight Spreads Create Supportive Issuance Environment Default Rates for Speculative-Grade Corporate Rated Issuance¹ U.S. HY Bond Spreads²,3 1000 -U.S. HY Bond Spreads (L) 16% Global U.S. -Europe 14% 800 12% 10% 600 8% 4.1% global historic average¹ 6% 400 4% 1.7% 1.6% 2% 1.5% 0% 200 2009 2011 2013 2015 2017 2019 2021F 3Q19 1Q20 3Q20 » Trailing twelve month global speculative-grade default rate fell to 2.6% at the end of September 2021 1Q21 3Q21 » Global trailing twelve month speculative-grade default rate will fall to 1.7% by the end of December 2021 1. Moody's rated corporate global speculative grade default historical average of 4.1% from 1983 through September 30, 2021. 2021 forecast for trailing twelve months ended December 31, 2021 from Moody's Investors Service "September 2021 Default Report" published October 11, 2021. 2. Reported data as of September 30, 2021. 3. Bond spreads as of the last day of each month. Source: St. Louis Fed Database. Moody's | Better decisions 3Q 2021 Investor Presentation 18#19Refunding Walls Continue to Build Next four years U.S. and EMEA total refunding needs¹ as of: $4,500 $4,000 $3,500 CAGR = ~8% $4,062 $3,729 $3,000 $2,500 $1,972 $2,000 $1,500 $1,000 Jan '12 Jan '13 Jan '14 Jan '15 Jan '16 Jan '17 Jan '18 Jan '19 Jan '20 Sep '20 Sep '21 1. Amount reflects total MIS-rated U.S. non-financial corporate bond and loan maturities and EMEA non-financial corporate and infrastructure bond and loan maturities as defined in Moody's Investors Service's refunding needs reports (2012-2021). Moody's | Better decisions 3Q 2021 Investor Presentation 19#20Refunding Needs¹ Support MIS Long-term Fundamentals Debt Maturities: U.S. Non-Financial Corporate Bonds and Loans ($B)² $249 198 2022 $719 $524 308 $387 266 129 151 22 25 57 62 ■Speculative Grade Bank Loans ■Speculative Grade Bonds ■Investment Grade Bonds 26 260 201 196 2023 2024 2025 Debt Maturities: EMEA Non-Financial Corporate Bonds and Loans ($B)³ >>> U.S. four-year refinancing needs grew ~9%, driven by a ~19% and -7% increase in leveraged loans and investment grade bonds, respectively $591 $539 $549 $505 125 50 61 » 50 115 EMEA four-year refinancing 34 56 51 101 ■Speculative Grade Bank Loans ■Speculative Grade Bonds Investment Grade needs grew ~9%, driven by a 421 422 383 365 ~2% and -11% increase in leveraged loans and investment grade debt, respectively 2022 2023 2024 2025 1. 2. 3. Non-financial corporates. MIS-rated U.S. non-financial corporate bond and loan maturities as defined in Moody's Investors Service's refunding needs reports (2021). EMEA non-financial corporate and infrastructure bond and loan maturities as defined in Moody's Investors Service's refunding needs reports (2021). Moody's | Better decisions 3Q 2021 Investor Presentation 20 20#21Debt Leverage and Interest Coverage in North America and Europe Credit Metrics: North American Speculative Grade Companies¹ EBITDA / Interest Expense Interest Coverage Debt/ EBITDA 8.0x 6.0x 4.6x 4.6x 4.6x 4.5x 4.3x 4.5x 4.6x 4.9x 5.1x 5.1x 5.3x 5.5x 5.3x 5.6x 5.8x 4.0x 2.9x 2.6x 2.4x 2.7x 2.9x 3.0x 3.0x 3.0x 3.0x 2.9x 3.0x 3.0x 2.8x 2.6x 2.6x 2.0x 0.0x 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Credit Metrics: European Speculative Grade Companies¹ EBITDA / Interest Expense Interest Coverage Moody's | Better decisions Debt/EBITDA 8.0x 5.6x 5.9x 5.3x 6.0x 5.0x 4.6x 4.8x 4.1x 4.2x 4.2x 4.5x 4.6x 4.8x 4.6x 4.6x 4.6x 4.0x 3.5x 3.7x 3.4x 3.3x 3.2x 2.9x 2.9x 3.0x 3.0x 3.0x 3.2x 3.3x 3.0x 2.6x 2.7x 2.0x 0.0x T 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1. Data as of October 28, 2021. Source: Moody's Investors Service. Note: Credit metrics are medians and historical figures may change due to timing differences in issuer reporting deadlines. 3Q 2021 Investor Presentation 21#22Leveraged Finance Issuance Driven by Refinancing and M&A Activity Uses of Funds from USD High Yield Bonds and Bank Loans 1,2 5% 5% 6% 20% 19% 26% 3% 2% 7% 6% 14% 14% 28% 29% 83% 83% 75% 75% 69% 65% 65% FY 2017 FY 2018 FY 2019 ■Debt Refinancing FY 2020 ■ M&A 1Q21 3 Other 2Q21 3Q21 1. Percent of mentions for each respective period in bond issue or bank loan program tranche documents. Excludes issues of less than $25 million and general corporate purposes. Historical data has been restated to reflect updated methodology. Source: Dealogic. 2. Reported data as of September 30, 2021. 3. Other includes Shareholder Payments, Working Capital and Capital Spending. Moody's | Better decisions 3Q 2021 Investor Presentation 22#23€ Billions Disintermediation of Credit is an Ongoing Trend in the Global Capital Markets European Non-Financial Corporate Bonds vs. Bank Loans Outstanding U.S. Non-Financial Corporate Bonds vs. Bank Loans Outstanding Bonds €8,000 €7,000 €6,000 €5,000 €4,000 €3,000 €2,000 €1,000 €0 Aug-07 Aug-09 Aug-11 Aug-13 Moody's | Better decisions Loans Aug-15 Aug-17 Aug-19 Aug-21 28% 72% $ Billions Bonds $11,000 Loans $10,000 $9.000 $8,000 $7,000 $6,000 47% $5,000 $4,000 $3,000 $2.000 $1,000 $0 Sep-07 Sep-09 Sep-11 Sep-13 Sep-15 Sep-17 53% Sep-19 Sep-21 3Q 2021 Investor Presentation 23 223 Sources: ECB, Federal Reserve, BarCap Indices. Europe bank loan data includes Eurozone and UK bank loans. Europe bond data includes euro and sterling denominated bonds. European data is through August 2021 and U.S. data is through September 2021.#24Debt Capital Market Penetration Continues Size of bubble reflects 2020 GDP Emerging Other Asia7 0% M.E. & Africa5 India CEE/CIS2 20% ASEAN1 Latin America4 40% Developed Developed Asia³ Western Europe North America6 China 60% 80% 100% 120% 2020 Private Sector Capital Market Debt Securities (International & Domestic) Outstanding / GDP (%) Debt capital markets continue to grow faster than GDP, and accelerated in 2020 with high levels of issuance » China is the second largest bond market and its size relative to GDP is approaching that of Developed Asia >>> Low interest rates and investor appetite support the ongoing development of bond markets in emerging economies Source: International Monetary Fund World Economic Outlook as of April 2021, Bank for International Settlements as of March 2021, Securities and Exchange Board of India, Moody's Investors Service. Note: Includes non-financial corporates and financial institutions, excludes general government. Size of bubble reflects 2020 GDP in each region (U.S. dollars, current prices). Regional definitions: 1. ASEAN = Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam. 2. CEE/CIS = Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Georgia, Hungary, Kazakhstan, Kosovo, Kyrgyz Republic, Moldova, Montenegro, North Macedonia, Poland, Romania, Russia, Serbia, Tajikistan, Turkey, Turkmenistan, Ukraine, Uzbekistan. 3. Developed Asia = Australia, Hong Kong, Japan, Macao, New Zealand, South Korea, Taiwan. 4. Latin America = Mexico and all Caribbean countries and South America. 5. M.E. & Africa = All African countries, Bahrain, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, United Arab Emirates, Yemen. 6. North America = Canada, United States. 7. Other Asia = Afghanistan, Bangladesh, Bhutan, Mongolia, Nepal, Pakistan, Sri Lanka as well as all Oceania countries except for Australia and New Zealand. 8. Western Europe = All European countries except for those in CEE/CIS. Moody's | Better decisions 3Q 2021 Investor Presentation 24#254 Moody's Investors Service#26Moody's Investors Service Financial Profile 3Q 2021 TTM Revenue: $3.7 billion U.S. ■Non-U.S. Recurring Transaction 39% 68% Corporate Finance 55% 61% 32% >> 24% recurring revenue >> 32% recurring revenue MIS Other¹ 1% Public, Project, & Infrastructure Finance 14% Structured Finance 14% Financial Institutions 16% >> 47% recurring revenue 1. >> 40% recurring revenue MIS Other consists of non-ratings revenue from ICRA, KIS Pricing, KIS Research and revenue from providing ESG research, data and assessments. During 2020, the company increased its stake in V.E from 69.2% to 99.8%. 3Q 2021 trailing twelve months revenue includes five quarters of results for V.E and Four Twenty Seven due to the close of a financial reporting lag pursuant to the integration of these businesses. The incremental revenue resulting from the closing of this reporting lag was not material to Moody's financial results. Moody's | Better decisions 3Q 2021 Investor Presentation 26#27MIS 2021 Guidance: Improvement in Issuance Outlook Driven by Leveraged Loans and Structured Finance MIS Revenue¹ MIS Adjusted Operating Margin¹ Low-teens % increase $3.3B 2020 2021F 59.7% Approximately 62% 2020 2021F Key drivers of MIS FY 2021 outlook¹ Total Issuance²: Increase in the high-single-digit percent range - IG: (~35%) - FIG: -10% HYB: ~20% PPIF: (-20%) LL: ~100% - SFG: ~100% - Projecting 1,050 to 1,150 first time mandates Increased adjusted operating margin guidance driven by top- line growth and supported by ongoing operating efficiency initiatives 1. See press release titled "Moody's Corporation Reports Results for Third Quarter 2021" from October 28, 2021 for Moody's complete full year 2021 guidance. 2. MIS rated issuance, excludes sovereign debt issuance. Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle. Note: IG = Investment Grade. HYB = High Yield Bonds. LL = Leveraged Loans. Moody's | Better decisions 3Q 2021 Investor Presentation 27#28The Benefits of a Moody's Rating Investors seek Moody's opinions and particularly value the knowledge of its analysts and the depth of Moody's research Access to capital » Moody's opinions on credit are used by institutional investors throughout the world, making an issuer's debt potentially more attractive to a wide range of buyers » A Moody's rating may facilitate access to both domestic and international debt capital Transparency, credit comparison and market stability >> Signals a willingness by issuers to be transparent and provides market participants with an independent assessment against which to compare creditworthiness » Moody's ratings and research reports may help to maintain investor confidence, especially during periods of market stress Responsive to investor demand » Moody's extensive investor outreach is one reason why Moody's is most frequently identified as the agency used most (when multiple agencies are used) ور کسا Planning and budgeting » May help issuers when formulating internal capital plans and funding strategies Analytical capabilities » Among ratings advisors, Moody's enjoys a strong position and is well- recognized for the depth and breadth of its excellence² 1. 2019 Moody's Perception Study (Investors) conducted anonymously by Morpace / Stakeholder Advisory Services. 2. 2019 Moody's Global Intermediaries Perception Study conducted by Morpace / Stakeholder Advisory Services. Moody's | Better decisions 3Q 2021 Investor Presentation 28#29Illustrative Impact of Adding a Moody's Credit Rating Example: 10 year $500 million U.S. corporate bond Not Rated by Moody's Rated by Moody's $500,000,000 x 2.5% Bond Interest rate $500,000,000 x 2.1% = $12,500,000 Annual interest payments = $10,500,000 x 10 years = $125,000,000 Tenor Lifetime interest expense x 10 years = $105,000,000 ~$20 million in total interest expense VS. lifetime cost of a credit rating Note: Illustrative spread differential based on an empirical study undertaken in March 2021 on a snapshot of data from July 2020, which shows that having a Moody's credit rating (when rated at the same level as another credit rating agency) typically saves approximately 40 basis points per year. Many factors go into the pricing of a bond. Moody's | Better decisions 3Q 2021 Investor Presentation 29 29#30MIS Facts and Figures: Full Year 2020 35,000+ Rated Organizations and Structured Deals 5,000+ Non-Financial Corporates 3,600+ Financial Institutions 16,000+ Public Finance Issuers 9,100+ Structured Finance Deals 1,000+ Infrastructure & Project Finance Issuers 145 Sovereigns* 459 Sub-Sovereigns* 47 Moody's | Better decisions AMERICAS www TOTAL RATED DEBT $37.8+ trillion $70+ trillion Total rated debt EMEA $19.8+ trillion RATED ORGANIZATIONS AND STRUCTURED DEALS ASIA PACIFIC $11.7+ trillion 2,200+ 會 28,500+ 4,700+ PUBLICATIONS 22,900+ 15,200+ 5,200+ 47,000+ Publications 23,000+ Issuer Research 3,600+ Sector Research 21,000+ Other Reports 202 Rating Methodologies Supranational Institutions* Source: Moody's Investors Service. Total rated outstanding debt as at January 10, 2021 and includes supranational rated debt ($1.8tn+). Publications breakdown includes "Global" which accounts for an additional 4,000+ publications. All numbers are rounded other than those marked *. PEOPLE 1,000+ Analysts 40+ Countries/Regions EVENTS 750+ Global events 152,000+ Global participants AWARDS & RECOGNITION Award-winning expertise in credit ratings, research and risk analysis. For more information, visit awards.moodys.io 30 3Q 2021 Investor Presentation 30#31Number of rating actions Managing Ratings¹ in Turbulent Times Non-Financial Corporates: COVID-19 Dashboard (Q3 2021) Recovery in credit quality underway; corporate rating actions reveal a thoughtful and measured approach to credit Upgrades surpass downgrades in late 2020; speculative-grade default rate falling significantly → Upgrades 350 Downgrades --Represent default rate Building heights represent the global speculative grade default rate on a trailing 12-month basis 300 250 200 3.6 150 100 50 | 2020 6.8 3.3 7% 6% Certain sectors remain more pressured than others لمصر SECTOR Transportation: Consumer Hotel, Gaming & Leisure Aerospace & Defense Global - All Sectors Regional - All Sectors % NEGATIVE OUTLOOK/REVIEW-DN 43 15 26 38 mmmm 1217 18 21 North America Latin America APAC EMEA Represents the percentage of issuers within each sector with a negative outlook or under review for downgrade at 30 September 2021. Sectors shown are at least 10 points above the global average. 5% Most downgrades since outbreak have involved 4% speculative-grade issuers 1,107 Speculative Grade ° 688 B Approximately 3,700 176 3% rated corporates globally Investment Grade 209 Ba 204 Caal 124 46 Baa 1.7 2% 1 5 A Aaa Aa 1% Ca Calculated based on each issuer family since 1 March 2020; some issuer families have been downgraded more than one time over that horizon. Some issuers have changed legal entities or otherwise do not align perfectly with entities present at 1 March 2020. A significant number of new issuers were also added. Timely analytical response to COVID-19 MAR 16 Sector exposure to 07 Covid-19 identified Covid hits mostly MAY smaller, highly 2020 2020 MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN T NOV leveraged companies 2020 T I T FEB MAR APR MAY JUN JUL AUG SEP DEC FORECAST 2021 COVID-19 downgrades pick up as the virus spreads around the world 1. Non-Financial Corporates as of 3Q 2021. Moody's | Better decisions Trailing 12-month speculative-grade default rate; forecast uses Credit Transition Model 24 Resurgent infections test resilience 26 Covid-19 impact MAY 2021 is shifting to emerging markets 17 Measured approach 07 MAR described 2020 OCT 2020 Focus shifts from liquidity to earnings growth and MAR debt capacity 2021 31 1 year on, recovery underway 3Q 2021 Investor Presentation 31#32How We Participate in Global Domestic Markets MOODY'S LOCAL Peru Argentina Nigeria Turkey Others South Africa Mexico Brazil MERIS Egypt Middle East Rating & Investors Service ICR Chile ICR M AN AFFILIATE OF MOODY'S INVESTORS SERVICE Chile MARC Malaysia Midroog Israel A SUBSIDIARY OF MOODY'S $700 million Size of domestic CRA markets India ICRA A MOODY'S INVESTORS SERVICE COMPANY Korea Investors Service South Korea AN AFFILIATE OF MOODY'S INVESTORS SERVICE MIS Emerging Markets Revenue¹ MIS affiliate (majority) MIS affiliate (minority) Moody's Local (current) National Scale Ratings Not under consideration / OR long-term plans under development China 中诚信国际 CCXI 1. Includes revenue from cross border issuance. Note: Size of pie represents the estimated total CRA revenue from domestic markets ($700 million) as of September 30, 2021. Moody's | Better decisions $128M CAGR 12% $411M 2010 2020 ■Emerging Asia ■Latin America ■Middle East ■CEE/CIS ■ Africa 3Q 2021 Investor Presentation 32#33Moody's in Greater China 2nd Largest Onshore Bond Market at $17 Trillion Total debt securities outstanding 2012-20201 5% 50 ■2012 ■2020 Revenue and Attributable Income from China² ■MIS Cross Border Revenue Total MA Revenue Attributable Income from CCXI $169 $ Trillions 40 30 920 10 322, 20% 0% 2% 2% U.S. China Japan UK France $ Millions $19 MIS Cross Border and Total MA Attributable Income from CCXI Estimated China Ratings Market Size: Domestic and Cross Border³ » Moody's participates directly in the cross-border China issuance market through MIS and in the domestic market through a 30% interest in CCXI » Long-term growth prospects enabled by participation in the ongoing development of China's domestic credit markets Cross Border Market ~$280M³ 42% 58% Domestic Market ~$310M 40% 60% » Continuing to foster constructive relationships and partnerships with issuers, regulators and other market participants ■Rest of Market ■Moody's Share Rest of Market ■CCXI 's Share 1. 2. Percentage growth numbers are rounded compound annual growth calculations. Source: Bank for International Settlements' latest data available as of 4Q 2020. Greater China: Mainland, Hong Kong and Macau. Revenue and attributable income data for full year 2020. Moody's | Better decisions 3. Revenue as of 4Q 2020; USD 1 = RMB 6.53 RMB exchange rate as of December 31, 2020 is used for conversion for domestic CRAS' estimated revenue. Note: These are high level estimates based on MIS & CCXI 4Q 2020 revenue / market coverage in domestic market; in cross border, market share is coverage/sum of coverage for three major CRAS. 3Q 2021 Investor Presentation 33#345 Moody's Analytics#35Moody's Analytics Financial Profile U.S. Non-U.S. 57% 43% 1. Trailing twelve months as of September 30, 2021. Moody's | Better decisions 3Q 2021 TTM Revenue: $2.3 billion >>95% recurring revenue >>95% retention rate¹ ■Recurring Transaction 7% 93% Research, Data and Analytics 74% Enterprise Risk Solutions 26% >> 86% recurring revenue >> 93% retention rate¹ 3Q 2021 Investor Presentation 35#36MA 2021 Guidance: Revenue Growth and Reinvestment to Drive Future Expansion MA Revenue¹ Mid-teens-digit % increase MA Adjusted Operating Margin¹ 29.4% Approximately 29% $2.1B 2020 2021F 2020 2021F Key drivers of MA FY 2021 outlook¹ » Overall mid-90's percent retention rate » Strategic shift to subscription-based products accelerates recurring revenue growth » Expense discipline funds organic strategic investments M&A improves revenue growth by ~6%; lowers margin by -300 bps 1. See press release titled "Moody's Corporation Reports Results for Third Quarter 2021" from October 28, 2021 for Moody's complete full year 2021 guidance. Moody's | Better decisions 3Q 2021 Investor Presentation 36#37$ Millions Moody's Analytics: Consistent Execution Drives Long-Term Growth Revenue has more than tripled since inception $2,000 $1,500 $1,000 CAGR 12% .00 Moody's Analytics 2020 Revenue: $2,079m -2020 CAGR: 2008 - +12% (~63% organic) $500 $0 T T 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2007 2010 - 2016 2018 2017 - 2020 2019 2020 Enterprise Risk Solutions 2020 Revenue: $565M 2008 2020 CAGR: +14% (~68% organic) » Moody's Analytics » founded Continued to develop and enhance Moodys.com >>> Investments to further Commercial Real Estate capabilities Established risk » assessment franchise Expanded economic data and modeling capabilities Private entity data - largest with banks and » - insurance companies ERS software and analytics created a chassis for MA integration and growth database of private companies, provided thousands of customers >>> Combined private entity Extended ALM¹ franchise into pensions market Divested MAKS to focus on data and analytics products Research, Data & Analytics² 2020 Revenue: $1,514M 2008 2020 CAGR: +11% (~61% organic) 1. Asset and liability management. data with profiles on politically exposed individuals to form top tier KYC solutions 2. Includes Professional Services line of business ("LOB"). Subsequent to the divestiture of MAKS in 2019, revenue from the Moody's Analytics Learning Solutions ("MALS") unit, which previous to 2020 was reported in the Professional Services LOB, is now reported as part of the RD&A LOB. Note: Individual line of business revenues may not add up to total Moody's Analytics revenue due to rounding. Moody's | Better decisions 3Q 2021 Investor Presentation 37#38MA Recurring Revenue Above 90% TTM MA Recurring and Transaction Revenue¹ Recurring Revenue CAGR = ~15% 82% 84% 89% T 3Q18 3Q19 Recurring 93% T 3Q20 3Q21 Recurring % ■Transaction 1. Trailing twelve months as of September 30, 2021. Insurance and Asset Management excludes RMS. 2. Moody's | Better decisions Key Contributors to TTM MA Organic Recurring Revenue¹ TTM Recuring Revenue YoY Growth 35% 30% KYC and Compliance 25% Insurance and Asset 20% Management2 15% Banking 10% 5% 0% 0% 10% 20% Credit Research and Data Feeds 30% 40% 50% Percentage of Total MA's Recurring Revenue 3Q 2021 Investor Presentation 38#39High Retention Provides Solid Base for Growth Moody's Analytics 3Q 2021 TTM renewable sales and growth1 7% growth 8% growth Upgrades² & Price 94% Retained Base + + RD&A 95% ERS 93% New Sales² RD&A 7% ERS 7% RD&A 8% ERS 8% 1. Constant currency. Excludes RDC, Acquire Media, ZM Financial, Catylist, Cortera and RMS. = 110% Business Base 2. Upgrades reflect amendments to existing customer contracts. New Sales reflect new contracts with new and existing customers. Moody's | Better decisions 3Q 2021 Investor Presentation 39#40Curated Data Combined with Analytics are the Foundation of our Integrated Risk Assessment Strategy Curated Data Domain Expertise Best in Class Analytics Climate Proprietary data assets allow companies to inform and perform many critical business activities with trust and confidence Private Firm Moody's | Better decisions News CRE Financials Transparency Efficiency Convenience Economic Portfolio Monitoring Modeling Risk Scores Ratings Industry Insights Benchmarks MA's approach to deepening available data sets and ability to combine with research, analytic tools and software is driving a more integrated understanding of risks and opportunities Better Decisions Analytics Insights 40 3Q 2021 Investor Presentation 40#41CREDIT RESEARCH & DATA FEEDS Diverse Product and Customer Base Enables Growth Across Sectors BANKING SOLUTIONS INSURANCE SOLUTIONS PREDICTIVE ANALYTICS KYC & COMPLIANCE SOLUTIONS CRE SOLUTIONS Customers¹ 1,500+ Asset Managers 2,900+ Commercial Banks Moody's CreditView CreditLens orbis 77 grid ESG SOLUTIONS 3,100+ Corporations 225+ Securities Dealers and Investment Banks AXIS Economic Data & Forecasts 675+ Insurance Companies 4,000+ Governments & Other Entities 300+ Real Estate Entities 1. As of full year 2020, excludes RMS. Note: Trees are in size order but not to scale and therefore don't provide a proportional comparison of the product lines' current or anticipated size. Moody's | Better decisions 3Q 2021 Investor Presentation 41#42Moody's Software Serves as a Chassis for Integrated Risk Assessment Lending use case highlights synergies across segments ERS solutions Deal Initiation Accounting Impairments: CECL, IFRS-9, IFRS-17 Credit decisioning & lending Credit origination, spreading and scoring, pricing Digitizing data Portfolio Monitoring Integrating risk management Onboarding Supports better lending decisions RD&A data & insights Research Opinions and insights that explain ratings, methodologies and markets Economics Scenarios, forecasts and indicators to support analytics Balance sheet management Portfolio management, ALM, stress testing, planning RegTech Regulatory reporting CreditLens Underwriting Credit Decision / Pricing Digitizes data, integrates analytics, and provides SaaS workflow software to help loan officers make better decisions, faster Curated Information Company information, analytic models, economic and ESG scenarios to integrate best practices in risk management Data Public and private company information, MIS ratings Commercial Real Estate Workflow solutions, portfolio performance and climate impact Moody's | Better decisions 3Q 2021 Investor Presentation 42#43Best-in-Class KYC and Compliance Solutions Driving MA Growth Al¹ reduces false positives and increases automation RD&A 1. Al = Artificial Intelligence. 2. NLP = Natural Language Processing. 3. ML = Machine Learning. Moody's | Better decisions ORBIS Entity and Ownership Linkage Data ΑΙ GRID Risk Profiles L YYY Analyze corporate structure Identify all directors and owners Monitor politically exposed people and sanctions Better KYC decisions Early warning - NLP2 and other ML3 techniques to monitor news and adverse media to generate alerts + The world's preeminent database on companies and corporate hierarchies + Combined with a comprehensive database on adverse media, politically exposed people and sanctions + With applied proprietary analytical tools = Moody's best-in-class KYC and Compliance customer solution set 3Q 2021 Investor Presentation 43#44RD&A Enables Better Decisions through Data and Insights RD&A Our business solutions Research Opinions and insights that explain ratings, methodologies and markets ||| ' Data Public and private company information1 MIS Ratings Economics Scenarios, forecasts and indicators to support analytics 3 Commercial Real Estate Workflow solutions, portfolio performance and climate impact 1. Public and private company information relates to KYC and compliance solutions. Moody's | Better decisions Our customers Banks A Insurers Corporates Customers Public Sector & Other 0000 Asset Managers 3Q 2021 Investor Presentation 44#45RD&A Growth Driven by Stronger Retention Subscription Sales Growth¹ (constant currency) First Half 2021 Full Year 2018 Full Year 2019 Full Year 2020 1. 94% 8% 7% 109% Retained Base Upgrades and Price New Sales Business Base Expansion of ratings coverage 94% 8% 9% 110% Retained Base Upgrades and Price New Sales Business Base 96% 9% 5% 111% Retained Base Upgrades and Price New Sales Business Base 96% Retained Base 9% Upgrades and Price 5% New Sales 110% Business Base هههههه Production of insightful credit analysis New customers in geographies with developing debt capital markets Expansion of data sets and delivery options Strong customer retention The sales growth attributions presented on this slide are related to RD&A subscription sales on a constant currency basis. Pre-2020 data excludes BvD. Upgrades reflect amendments to existing customer contracts. New Sales reflect new contracts with new and existing customers. Moody's | Better decisions 3Q 2021 Investor Presentation 45 RD&A#46ERS Empowers Customers' Success With Analytics Technology with a purpose - enabling better, faster decisions ERS Our business solutions Accounting Balance sheet management Impairments, IFRS-17 + X Portfolio, valuation and ALM1 Credit decisioning & RegTech² lending Credit modeling, scoring and spreading Regulatory reporting 1. Asset and liability management. 2. Regulation technology. Moody's | Better decisions |||| Our customers Banks $ Public Sector & Other 0000 段 Customers Insurers Corporates Asset Managers 3Q 2021 Investor Presentation 46#47ERS ERS: 90% Recurring Revenue in 3Q 2021; Mid-Teens Recurring CAGR $600 ERS Revenue: Recurring¹ vs. Non-recurring Recurring Revenue CAGR² = 14% 86% $ Millions $500 $400 61% $300 $200 $100 >>> ERS recurring revenue has grown by more than $270 million since 2015 » Emphasis on subscription products supports scalability, drives operating leverage and margin >>> Ease of use and lower cost of ownership shifting customer demand to SaaS-based solutions » Next-gen products enhance customer experience, improve adoption rates and shorten sales cycles » TTM³ revenue as of 3Q 2021: - Recurring +17% $0 T T 2015 2016 2017 2018 2019 2020 TTM 3Q21³ Non-recurring (L) Recurring (L) -% Recurring 1. 2. Recurring revenue includes maintenance and subscription. Compound Annual Growth Rate, 2015 - 2020. - Non-recurring -36% » 3Q 2021 recurring revenue comprises 90% of total 3. Trailing twelve months as of September 30, 2021. Includes RMS revenue since September 15, 2021. All other periods prior to September 15, 2021 exclude RMS revenue. Moody's | Better decisions 3Q 2021 Investor Presentation 47#48ERS Large Growth Opportunity in Insurance Data and Analytics Markets Insurance Data and Analytics Markets are Large and Growing Rapidly... Risk Analytics CAT Risk Models and Data MCO + RMS1 ~$5B ~13% ...While Pressures to Transform are Accelerating ل » Insurers are increasingly incorporating ESG, Climate and other risk factors into loss models CAGR in Risk Management2,3 >>> Core Systems Moody's total pro forma CAM1: $40B+ >>> Increased awareness of uninsured risks following COVID-19 pandemic (supply chain, resiliency, etc.); $350B of uninsured losses in the last five years³ Growing gap between retail insurance customer expectations and digital transformation required by insurers to deliver positive user experience Increasing need to insure against losses related to weather events accelerated by climate change 1. Includes prior current addressable market (CAM) of -$35B+ as of February 12, 2021, and incremental -$5B CAM as of August 5, 2021 with the combination of MCO and RMS. Source: RMS, McKinsey and Moody's. 2. CAGR 2020-2026F. Risk Management is the largest sub-segment in insurance data and analytics. 3. Source: RMS. Moody's | Better decisions 3Q 2021 Investor Presentation 48#49RMS: Mission Critical Role in Global Insurance Markets Climate capabilities further accelerate our integrated risk assessment strategy Areas of Focus for Integration Life and P&C Insurance Business al Path to Achieving Targets IS Cross-selling Opportunities >> Leveraging MA's global salesforce Financial Targets Combined revenues from 28 RMS and Insurance and Asset Management to be -$500M in 20211 ♡ = Product Technology Architecture New Integrated Risk Assessment Solutions Transition Customers to SaaS » Benefitting from MA's experience and acumen Product Development and Integration >> Prioritizing use cases related to climate risks Up to $150M in incremental RMS-related run-rate revenue by 20252 Medium-term MA adjusted operating margin target of mid-30's percent range² RMS revenue for fiscal year ending September 30, 2021. Forecast as of October 28, 2021 for MA Insurance and Asset Management. Forecast as of August 5, 2021. 1. 2. Moody's | Better decisions 3Q 2021 Investor Presentation 49#50Expanding Moody's Climate Solutions RMS data can be leveraged for a wide range of Moody's applications Floods Winter storms ☐ ☐ Extensive coverage Expanded and improved coverage of climate-related hazards and natural disasters Heat stress Hurricanes & typhoons RMS & MOODY'S Consolidated data Combined data will feed into Moody's climate-adjusted credit risk models and banking / CRE software platforms Stronger analytics Strengthens Moody's physical climate risk analytics and accelerates RMS's penetration into adjacent markets Sea level rise Water stress RMS + MOODY'S » Short, medium, and long-term risk Moody's | Better decisions Wildfires >> Forward-looking climate data >> Global coverage A Windstorms ERS Earthquakes Hail & tornadoes 3Q 2021 Investor Presentation 50#5100 6 ESG Solutions#52ESG Market Overview Market Trends » Multiple drivers and stakeholders supporting the growth of ESG, with increasing relevance to corporates, banks, insurers, investors, governments and consumers » Moody's forecasts global issuance of green, social and sustainability bonds - collectively referred to as sustainable bonds - will hit a record $1 trillion in 20211 » Sustainability linked financing emerging as a key alternative to "use of proceeds" green issuance, expanding the potential issuer base >> Increasing governmental focus on climate and sustainable debt market growth and development Central banks focused on managing climate change-related systemic risks Sustainable bonds set to reach record volumes1 Annual Issuance ($ billions) $900 $800 $700 ~75% CAGR $600 $500 $400 $300 $200 $100 $0 ■Green Bonds 2019 2020 ■Social Bonds 2021E ■Sustainability-linked Bonds ■Sustainability Bonds Annual Spending ($ millions) Percentage of assets invested sustainably³ Rapidly growing spend on ESG data & metrics² 1,000 800 -23% CAGR 600 400 200 0 2019 2020E 2021E ■ESG content ■ESG indices ■2020 2025 50% EMEA - EU driving towards standardization of ESG taxonomy, disclosures and reporting standards 40% U.S. - The Biden administration is taking a whole-of-government approach to tackle climate change, including focusing on disclosures and Climate as a source of systemic risk 30% 20% سيال 10% 1. Source: Moody's Investors Service "Sector in-depth: Sustainable Finance - Global - Sustainable bonds on course to top $1 trillion annual issuance in 2021", October 27, 2021. 0% 2. Sources: McKinsey and Opimas, March 2020. Global EMEA 3. Source: Global Client Sustainability Survey, July - September 2020. BlackRock. Moody's | Better decisions APAC Americas 52 3Q 2021 Investor Presentation#53Priorities for Strategic Growth: ESG Integrated Across All Platforms, Driving Growth and Enhanced Relevance ESG Solutions MIS Integration ㅁㅁ MOODY'S MA Integration Moody's ESG Solutions us ויןוי Real Estate Moody's CreditView ESG Measures Climate Solutions Credit Ratings & Research Solutions ESG Credit Scores Ө 000 Risk Analytics & regulatory reporting Index Solutions ESG Classification Heat Maps Lending solutions and tools APIs and SME Solutions Data Feeds Sustainable Finance Moody's | Better decisions 3Q 2021 Investor Presentation 53#54MIS: Four Components to MIS Integration of ESG New ESG scores will assist in transparently and systematically demonstrating the impact of ESG on credit ratings ESG Solutions Credit Ratings & Research How is ESG integrated into credit ratings? >>> ESG factors taken into consideration for all credit ratings >>> Greater transparency in press releases, as well as credit opinions Credit Impact Score (CIS) is an output of the rating process that indicates the extent, if any, to which ESG factors impact the rating of an issuer or transaction ESG Credit Scores How is a specific issuer exposed to ESG risks / benefits? Issuer Profile Scores (IPS) are issuer-specific scores that assess an entity's exposure to the categories of risks in the ESG classification from a credit perspective IPS, where available, are inputs into credit ratings ESG Classification What is ESG? >>> Our classification reports describe how we define and categorize E, S and G considerations that are material to credit quality » New environmental classification sharpens focus on physical climate risks Heat Maps Is ESG material to credit quality? » Heat maps provide relative ranking of various sectors along the E and S classification of risks Moody's | Better decisions 3Q 2021 Investor Presentation 54#55MA: ESG Integrated into Multiple Offerings Moody's CreditView The view that counts >>> ESG & Physical Climate Risk Scores ESG Company and Sector Reports MIS Sector Heatmaps & classifications MIS Entity CTA, IPS, CIS scores¹ ☑: Moody's DataHub >>> CreditEdge™ All of Moody's data on a centralized platform ESG, climate risk and controversy data Moody's Analytics CreditEdge >> Climate-adjusted expected default frequencies (EDFs) ESG Score Predictor, part of SME Solutions >>> Derived from Moody's proprietary ESG scoring methodology for large-cap corporates » » 140 million predictive company ESG scores » Moody's Orbis, Procurement, Credit Catalyst platforms and API >> ESG Solutions Moody's Analytics Climate Risk Scenarios Consistent with NGFS Phase II guidance Four alternative pathways forecasting physical & transition risks Moody's Analytics | CRE Solutions » Physical climate risk scores integrated in CRE analytics platform >>> Scores for CRE properties, submarkets, markets and regions within the U.S. >>> >>> Available for 70+ countries in Data Buffet and Scenario Studio CRE properties and geographies are assigned category scores for the six climate hazards that drive business risk: floods, heat stress, hurricanes & typhoons, sea level rise, water stress, and wildfire risk 1. Carbon Transition Assessment, Issuer Profile Scores and Credit Impact Scores. Moody's | Better decisions 3Q 2021 Investor Presentation 55#56ESG Solutions Moody's ESG Solutions Group A leader in ESG: providing a range of risk management, equity and credit market solutions » Brings together over 30 years of ESG expertise to meet rapidly evolving needs >> Delivers data, analytics and insight to further enhance best-in-class risk assessment capabilities from MIS and MA Climate Solutions ESG Measures SME Solutions MESG Index Solutions Sustainable Finance Moody's | Better decisions Integration into Risk Management Serving risk management, equity and credit markets Serving capital markets 3Q 2021 Investor Presentation 56#57MESG Current Solution Suite ช ESG Measures >>> Data, Scores & Benchmarks Assessments & Research Index Solutions » 100 Indices (Equity & Fixed Income) ESG Solutions >>> Controversy Monitoring & Alerts >>> 10+ Partnerships » Positive Negative Screening » Benchmarking Data » Regulatory Datasets » ETFs, Listed & OTC Derivates, Certificates & Structured Products MA Data Hub >>> Portfolio Review API / Web- Services Climate Solutions Sustainable Finance >>> Physical Risk Data & Scores » - SPO1 Green, Social and >>> Transition Risk Data & Scores Sustainable Bonds » Climate Governance » - SPO1 Sustainability-Linked >>> On-Demand Scoring » Portfolio Review >>> Regulatory Reporting Tools. » » CBI1 Verification Loans/Bonds Sustainability Ratings Company Benchmarks SME Solutions >>> ESG Score Predictor >>> ESG Assessments » Portfolio Review Controversy Monitoring Moody's | Better decisions WWW Client Platforms XLS Moodys.com Excel-Add In 1. SPO: Second Party Opinion; CBI: Climate Bonds Initiative. 3Q 2021 Investor Presentation 57#58Moody's ESG Snapshot¹ C = 35+ Years of dedicated ESG experience Pioneering ESG analysis since 19832 ~3,100 MIS research reports Related to ESG considerations ESG Solutions 5,000+ ESG assessments Covering 273 unique ESG data points 140 Million+ SME ESG Scores 600+ industries in 180+ countries 10 Million+ Climate Risk Scores Spanning countries, counties, cities, companies & real estate assets globally 48 Regulatory consultations On ESG matters 100% Systematic integration of ESG considerations into credit ratings ESG discussion is now required in all rating committees 10,000+ Controversy monitoring & alerts ~400 Global sustainable bonds and loans Green, social, sustainability bonds and sustainability-linked loans and bonds ☆ =1 -380 ESG events and speaking engagements Related to ESG considerations, over 5,000 attendees 16 Awards in the ESG & Climate space Including 'Best ESG Data Provider' at Waters Rankings 2021 - - - Forefront of Innovation in SPOS³: 1st Sustainability Linked Convertible Bond 1st Sustainability Linked Airline Loan 1st Sustainability Linked Sukuk 1st Sustainability Linked Bond in the U.S. 1st Gender Focused Social Bond in Columbia 1st Social Bonds in Brazil 1st Sovereign SDG Bond 55% 21% Green Bonds Sustainability Bonds 57% Corporates 22% Banks & Insurance 5% Local Authorities 1 - SPOS² Product type 11% 13% SPOS³ Sector4 Social bonds Sustainability- Linked Loans 5% Public Entities 5% Sovereign 6% Public Utilities 1% Other 1. 2. Data as of September 30, 2021. Conducted by Moody's affiliate V.E. 3. SPOs: Second Party Opinions. 4. Source: V.E., part of Moody's ESG Solutions. Moody's | Better decisions - 1st Airline Sustainability Linked Bond - 1st Green Sukuk in N. Africa/Middle East 1st Green Bond for the European Commission 3Q 2021 Investor Presentation 58#597 Appendix#60$ Millions $43 $99 Corporate Finance: Revenue and Issuance¹ $700 $600 $500 Revenue²: Mix by Quarter 3 ■ Other ■Investment Grade ■Speculative Grade ■Bank Loans Issuance4: Mix by Quarter ■Global Non-Financial Investment-Grade Bonds ■U.S. Speculative-Grade Bank Loans Global Non-Financial Speculative-Grade Bonds ■Non-U.S. Speculative-Grade Bank Loans $1,200 $18 $1,000 $76 $180 $44 $157 $ Millions $800 $73 $55 $164 $78 $400 $89 $145 $223 $43 $28 $83 $90 $68 $75 $101 $82 $141 $124 $600 $25 $119 $193 $50 $88 $300 $82 $17 $48 $69 $56 $291 $111 $233 $75 $105 $132 $77 $200 $144 $141 $134 $102 $105 $400 $105 $108 $161 $149 $114 $209 $120 $731 $96 $106 $80 $60 $135 $134 $132 $100 $200 $140 $140 $139 $145 $139 $146 $152 $150 $167 $156 $313 $370 $433 $378 $410 $305 $240 $226 $263 $0 $0 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 Revenue²: Mix by Year Issuance4: Mix by Year Other 3 ■Investment Grade ■Speculative Grade ■Bank Loans $1,800 $287 ■Non-U.S. Speculative-Grade Bank Loans ■Global Non-Financial Speculative-Grade Bonds ■U.S. Speculative-Grade Bank Loans Global Non-Financial Investment-Grade Bonds $1,600 $3,000 $118 $1,400 $352 $313 $1,200 $1,000 $349 $379 $2,500 $247 $364 $144 $204 $242 $204 $258 $120 $254 $2,000 $638 $590 $212 $254 $175 $425 $636 $800 $155 $183 $219 $181 $229 $600 $194 $301 $271 $379 $1,500 $353 $329 $504 $411 $425 $414 $354 $601 $426 $471 $230 $305 $405 $329 $311 $304 $262 $400 $193 $1,000 $197 $1,768 $200 $312 $363 $420 $421 $425 $488 $554 $547 $582 $0 $500 $0 $1,125 $1,073 $1,043 $1,120 $1,192 $1,271 $1,074 $1,249 2012 2013 2014 2015 2016 2017 2018 2019 2020 2012 2013 2014 2015 2016 2017 2018 2019 2020 Moody's | Better decisions 1. Total estimated market issuance unless otherwise noted. 2. 3. 4. Historical data has been adjusted to conform with current information and excludes intercompany revenue. The revenue reclassification of REITs to Corporate Finance from Structured Finance is reflected starting from 1Q 2018. Other includes: monitoring, commercial paper, medium term notes, and ICRA. Sources: Moody's Analytics, Dealogic. U.S. and Non-U.S. Speculative-Grade Bank Loans represent only Moody's rated speculative-grade bank loans. Non-U.S. Speculative-Grade Bank Loan Origination data available starting 2016. Note: Debt issuance categories do not directly correspond to Moody's revenue categorization. 3Q 2021 Investor Presentation 60#61Corporate Finance: Revenue Diversification Revenue¹: Distribution by Geography Non-U.S. ■U.S. Revenue¹: Distribution by Recurring vs. Transaction ■Transaction ■Recurring 100% 100% 29% 28% 80% 29% 31% 25% 20% 25% 25% 20% 22% 25% 30% 80% 62% 62% 66% 65% 69% 63% 67% 68% 72% 70% 68% 68% 60% 60% 40% 40% 71% 72% 71% 69% 75% 80% 80% 75% 75% 78% 75% 70% 20% 38% 34% 38% 35% 31% 33% 32% 28% 30% 32% 37% 20% 32% 0% 0% 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 Revenue¹: Distribution by Product Other 2 Investment Grade ■Speculative Grade ■Bank Loans 100% 8% 22% 23% 19% 21% 20% 16% 15% 22% 30% 29% 30% 17% 80% 18% 15% 21% 17% 17% 22% 19% 21% 60% 23% 23% 17% 25% 27% 22% 25% 32% 51% 31% 16% 34% 22% 40% 19% 22% 20% 36% 36% 38% 37% 41% 32% 32% 31% 30% 32% 24% 25% 0% T 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 1. Historical data has been adjusted to conform with current information and excludes intercompany revenue. 2. Other includes: monitoring, commercial paper, medium term notes, and ICRA. Note: Percentages have been rounded and may not total to 100%. Moody's | Better decisions 3Q 2021 Investor Presentation 61#62$ Millions $600 $ Millions Structured Finance: Revenue and Issuance1 Revenue²: Mix by Quarter ABS ■RMBS ■CMBS ■Structured Credit Other ■ ABS ■RMBS ■ CMBS ■Structured Credit $160 $140 $350 $0 $0 $300 $120 $44 $59 $1 $1 $53 $57 $250 $60 $1 $49 $100 $31 $41 $32 $1 $0 $57 $43 $44 $38 $0 $200 $39 $41 $38 $80 $40 $33 $29 $1 $31 $24 $23 $34 $25 $22 $21 $26 $22 $28 $150 $60 $20 $25 $24 $85 $31 $22 $70 $92 $87 $68 $18 $17 $15 $16 $63 $13 $66 $13 $31 $41 $40 $31 $100 $65 $40 $24 $21 $26 $27 $23 $24 $22 $27 $20 $50 $90 $91 $103 $89 $26 $25 $25 $22 $23 $25 $28 $26 $33 $29 $66 $74 $92 $102 $116 $107 $0 $0 + 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 Revenue²: Mix by Year ABS ■RMBS ■CMBS ■Structured Credit Other $2 $2 $2 $0 $2 $400 $165 $4 $0 $0 $135 $91 $137 $122 $196 $96 $148 $2 $105 $95 $116 $122 $140 $133 $143 $78 $81 $200 $61 $85 $73 $76 $81 $85 $90 $98 $95 $96 $110 $98 $92 $91 $94 $97 $107 $99 $98 $0 2012 2013 2014 2015 2016 2017 2018 2019 2020 $ Billions Issuance³: Mix by Quarter Issuance³: Mix by Year ■ ABS ■RMBS ■CMBS ■Structured Credit $1,400 $1,200 $1,000 $200 $153 $800 $65 $159 $136 $94 $132 $115 $600 $73 $116 $114 $120 $145 $106 $120 $117 $94 $88 $270 $400 $231 $189 $238 $254 $283 $200 $204 $213 $200 $335 $317 $319 $292 $298 $337 $384 $348 $321 $0 2012 2013 2014 2015 2016 2017 2018 2019 2020 1. Total estimated market issuance unless otherwise noted. 2. 3. Historical data has been adjusted to conform with current information and excludes intercompany revenue. The revenue reclassification of REITs to Corporate Finance from Structured Finance is reflected starting from 1Q 2018. Sources: AB Alert, CM Alert, Moody's Corporation. Debt issuance categories do not directly correspond to Moody's revenue categorization. Notes: ABS (Asset Backed Securitization) includes asset-backed commercial paper and long-term asset-backed securities. RMBS (Residential Mortgage Backed Securitization) includes covered bonds. CMBS includes commercial mortgage-backed securities and commercial real estate CDOS. Structured Credit includes CLOS and CDOS. Moody's | Better decisions 3Q 2021 Investor Presentation 62#63Structured Finance: Revenue Diversification Revenue¹: Distribution by Geography Non U.S. ■U.S. Revenue¹: Distribution by Recurring vs. Transaction ■Transaction Recurring 1. 100% 100% 34% 80% 80% 39% 35% 45% 43% 42% 43% 48% 56% 56% 64% 64% 62% 63% 64% 61% 59% 59% 57% 53% 49% 52% 63% 69% 60% 60% 40% 40% 61% 66% 65% 55% 57% 58% 57% 52% 44% 20% 36% 36% 38% 37% 36% 39% 44% 41% 41% 37% 31% 20% 43% 47% 51% 48% 90 0% 0% 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 2Q19 3Q19 4Q10 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 ABS Revenue¹: Distribution by Product RMBS CMBS Structured Credit Other 100% 1% 1% 1% 1% 1% 1% 0% 0% 1% 1% 0% 0% 29% 30% 26% 27% 32% 29% 80% 37% 38% 35% 33% 38% 40% 16% 17% 17% 60% 23% 18% 16% 18% 17% 19% 21% 16% 18% 28% 40% 27% 23% 27% 28% 21% 21% 24% 22% 23% 22% 22% 20% 23% 24% 23% 23% 23% 28% 28% 29% 27% 22% 24% 20% 0% 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 Historical data has been adjusted to conform with current information and excludes intercompany revenue. Notes: ABS (Asset Backed Securitization) includes asset-backed commercial paper and long-term asset-backed securities. RMBS (Residential Mortgage Backed Securitization) includes covered bonds. CMBS includes commercial mortgage-backed securities and commercial real estate CDOs. Structured Credit includes CLOS and CDOs. Percentages have been rounded and may not total to 100%. Moody's | Better decisions 3Q 2021 Investor Presentation 63#64$ Millions Financial Institutions: Revenue and Issuance¹ Revenue²: Mix by Quarter ■Banking ■Insurance ■Managed Investments ■ Other Issuance³: Mix by Quarter ■Global Speculative Grade Financial Corporate Bonds ■Global Investment Grade Financial Corporate Bonds $180 $2 $500 $160 $3 $2 $2 $8 $2 $8 $140 $3 $3 $8 $3 $13 $400 $36 $3 $120 $3 $6 $43 $10 $6 $6 $8 $38 $18 $33 $18 $32 $30 $35 $5 $44 $31 $100 $28 $30 $32 $300 $27 $31 $31 $29 $80 $23 $39 $200 $396 $395 $385 $60 $109 $40 $84 $80 $86 $88 $95 $101 $105 $315 $333 $316 $279 $86 $76 $100 $215 $235 $213 $20 $0 $0 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 Revenue²: Mix by Year ■Banking Insurance ■Managed Investments Other Issuance³: Mix by Year ■Global Speculative Grade Financial Corporate Bonds ■Global Investment Grade Financial Corporate Bonds $600 $500 $12 $10 $28 $2,000 $13 $13 $25 $1,600 $ Millions $400 $0 $2 $9 $10 $22 $25 $137 $0 $119 $19 $16 $17 $102 $114 $16 $300 $19 $79 $89 $92 $96 $102 $ Billions $137 $197 $74 $183 $1,200 $136 $112 $98 $121 $161 $800 $200 $355 $1,312 $1,247 $300 $320 $1,194 $1,187 $1,232 $1,248 $1,207 $290 $1,072 $1,177 $100 $228 $234 $242 $244 $240 $400 $0 $0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2012 2013 2014 2015 2016 2017 2018 2019 2020 1. Total estimated market issuance unless otherwise noted. 2. Historical data has been adjusted to conform with current information and excludes intercompany revenue. 3. Sources: Moody's Analytics, Dealogic. Note: Debt issuance categories do not directly correspond to Moody's revenue categorization. Moody's | Better decisions 3Q 2021 Investor Presentation 64#65Financial Institutions: Revenue Diversification Revenue¹: Distribution by Geography ■Non-U.S. ■U.S. Revenue¹: Distribution by Recurring vs. Transaction ■Transaction ■Recurring 100% 100% 80% 42% 45% 42% 42% 80% 48% 49% 44% 47% 47% 46% 46% 46% 53% 51% 54% 55% 58% 52% 50% 50% 52% 44% 47% 46% 60% 60% 40% T 40% 58% 55% 58% 58% 52% 56% 51% 53% 53% 54% 54% 54% 56% 47% 49% 46% 20% 20% 45% 42% 48% 50% 50% 48% 53% 54% 0% T 0% 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 Revenue¹: Distribution by Product ■Banking Insurance ■Managed Investments Other 2% 3% 3% 3% 2% 1% 1% 2% 2% 1% 2% 1% 100% 8% 5% 4% 5% 5% 6% 4% 6% 5% 5% 5% 9% 80% 22% 26% 27% 25% 24% 23% 31% 25% 26% 27% 22% 25% 60% 40% 68% 67% 66% 67% 69% 71% 67% 62% 67% 67% 67% 69% 20% 0% 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 1. Historical data has been adjusted to conform with current information and excludes intercompany revenue. Note: Percentages have been rounded and may not total to 100%. Moody's | Better decisions 3Q 2021 Investor Presentation 95 65#66$ Millions Revenue²: Mix by Quarter ■Public Finance and Sovereign ■Project and Infrastructure Finance ■ Other Public, Project and Infrastructure: Revenue and Issuance1 Issuance³: Mix by Quarter ■Long-Term Rated U.S. Muni Bonds Rated Global Project and Infrastructure Finance Bonds $200 $250 $150 $ Millions $100 $60 $69 $62 $76 $67 $62 $63 $69 $55 $52 $ Billions $200 $84 $150 $52 $114 $59 $75 $84 $60 $69 $100 $64 $64 $50 $53 $58 $65 $57 $64 $71 $58 $67 $63 $61 $50 $0 550 $129 $132 $95 $95 $110 $96 $103 $103 $79 $76 $0 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 Revenue²: Mix by Year ■Public Finance and Sovereign ■Project and Infrastructure Finance ■Other Issuance³: Mix by Year ■Long-Term Rated U.S. Muni Bonds Rated Global Project and Infrastructure Finance Bonds $600 $800 $500 $700 $600 $400 $246 $500 $188 $213 $224 $300 $174 $206 $400 $321 $207 $266 $243 $220 $142 $167 $181 $200 $300 $200 $100 $181 $174 $202 $225 $218 $222 $250 $364 $408 $384 $413 $374 $313 $302 $307 $292 $177 $185 $100 $0 $0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2012 2013 2014 2015 2016 2017 2018 2019 2020 1. Total estimated market issuance unless otherwise noted. 2. 3. Historical data has been adjusted to conform with current information and excludes intercompany revenue. Global Rated Project & Infrastructure Finance available starting in 2016 and represents Moody's rated issuance. Sources: Thomson SDC, Moody's Corporation. Note: Debt issuance categories do not directly correspond to Moody's revenue categorization. Moody's | Better decisions 3Q 2021 Investor Presentation 66#67Public, Project and Infrastructure: Revenue Diversification Revenue¹: Distribution by Geography Non U.S. ■U.S. Revenue¹: Distribution by Recurring vs. Transaction ■Transaction ■Recurring 100% 100% 34% 31% 28% 80% 80% 33% 35% 37% 31% 34% 32% 30% 32% 32% 55% 64% 61% 64% 63% 62% 65% 62% 61% 63% 61% 58% 60% 60% 40% T 40% 66% 69% 67% 65% 72% 63% 69% 66% 68% 70% 68% 68% 45% 20% 36% 39% 36% 38% 37% 35% 38% 39% 37% 39% 42% 20% 0% 0% 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 Revenue¹: Distribution by Product ■Public Finance and Sovereign ■Project and Infrastructure Finance ■ Other 100% 80% 51% 52% 48% 50% 48% 47% 52% 52% 50% 53% 52% 53% 60% 40% 49% 52% 48% 50% 52% 48% 53% 48% 50% 47% 48% 47% 20% 0% 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 1. Historical data has been adjusted to conform with current information and excludes intercompany revenue. Note: Percentages have been rounded and may not total to 100%. Moody's | Better decisions 3Q 2021 Investor Presentation 67#68$ Millions 1. Moody's Analytics: Financial Overview ■ Professional Services Revenue¹: Mix by Quarter ■Enterprise Risk Solutions Revenue¹: Distribution by Line of Business ■Research, Data and Analytics Revenue¹: Mix by Year $700 $2,400 100% $600 $500 $400 $43 $43 $117 $134 $31 $149 $138 $131 $145 $151 $145 $138 $156 9% 9% 6% 8% 80% 25% 27% 29% 27% $2,000 28% 26% 27% 27% 27% 26% 24% 26% $159 $565 $1,600 $159 $522 60% $300 $200 T 40% - $315 $317 $333 $358 $366 $386 $404 $419 $435 $445 66% 64% 65% 65% 72% 74% 73% 73% 73% 74% 76% 74% $ Millions $149 $451 $1,200 $147 $150 $168 $449 $800 $119 $419 $374 $329 $1,514 $263 $1,273 20% $100 $1,121 $400 $833 $520 $572 $626 $668 $0 0% $0 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 Revenue¹: Distribution by Geography Non-U.S. ■U.S. 2013 2014 2015 2016 2017 2018 2019 2020 Revenue¹: Distribution by Recurring vs. Transaction ■Transaction ■Recurring 100% 100% 80% 42% 42% 42% 42% 43% 44% 42% 42% 43% 42% 43% 44% 80% 60% 60% 85% 84% 86% 85% 90% 92% 90% 91% 91% 92% 93% 94% 40% 58% 58% 58% 58% 57% 56% 58% 58% 57% 58% 57% 56% 20% 40% 20% 0% 0% 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 15% 16% 14% 15% 10% 2Q19 3Q19 4Q19 FY19 1Q20 8% 10% 9% 9% 8% 7% 6% 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 Moody's | Better decisions Historical data has been adjusted to conform with current information and excludes intercompany revenue. Subsequent to the divestiture of MAKS in 2019, revenue from the Moody's Analytics Learning Solutions ("MALS") unit, which previous to 2020 was reported in the Professional Services line of business ("LOB"), is now being reported as part of the RD&A LOB. Note: Percentages have been rounded and may not total to 100%. 3Q 2021 Investor Presentation 68#69$ Millions $2,000 $1,000 $0 $7,000 7.8% $6,000 Historically, Moody's Revenue and Interest Rates Have Not Been Strongly Correlated MCO revenue and interest rates $5,000 5.8% $4,000 +200bps 4.7% $3,000 1994 1995 1996 6.5% MIS Revenue (L) MIS Revenue Guidance MA Revenue (L) MA Revenue Guidance MCO Revenue (L) 10-yr U.S. Treasury Yield (R)1 1999 +180bps 1. 10-yr U.S. Treasury Yields are represented by the rate at the end-of-period. 2. See press release titled "Moody's Corporation Reports Results for Third Quarter 2021" from October 28, 2021 for Moody's complete full year 2021 guidance. Note: Gray bars reflect periods of significant increases in the 10-year Treasury Yield. Source: www.treasury.gov. Moody's | Better decisions +100bps 3.3% 3.0% 2.3% 1.8% 2011 2012 2013 2014 +120bps 2018 2019 2020 9% 8% 7% 6% 5% 4% 3% 2% 1% 0.9% 0% 2021F 3Q 2021 Investor Presentation 69 69#70Proactive Capital and Liquidity Management Bond portfolio WAC¹ Balanced maturity schedule5 $ in millions 4.7% 4.3% 4.3% 3.9% 3.5% 3.3% 4.2% 3.9% 4.0% 3.3% 3.2% 300 869 300 3.4% 3.4% 250 2.4% 330 579 600 600 2.1% 500 500 300 500 2.3% 400 400 300 300 250 170 100 H T # 2014 2015 2016 2017 2018 2019 2020 2021 WAC With Hedges WAC Excluding Hedges 2022 2023 2024 2025 2027 2028 2029 2030 2031 2041 2044 2048 2050 2060 ■USD Fixed ■USD Floating EUR Fixed ■EUR Floating » Strong liquidity with $2.3B in cash and short-term investments, and a $1.0B revolving credit facility² 1.7x net debt to adjusted operating income³ » Leverage well below maximum 4.0x total debt / EBITDA covenant4 Annualized Dividend Per Share $2.48 $2.24 $2.00 $1.76 $1.48 $1.52 $1.36 2019 2020 2021F2 3Q 2021 Investor Presentation 2015 2016 2017 2018 2. 1. WAC = Weighted Average Coupon. 2014-2020 data as of year-end. 2021 data as of September 30, 2021. As of September 30, 2021. 4. 3. Trailing twelve months adjusted operating income. Amounts are adjusted measures, see Appendix for reconciliations from adjusted financial measures to U.S. GAAP and gross debt to net debt. Total debt (gross debt less $100M of cash and equivalents) to EBITDA ratio threshold is normally 4.0x but elevated to 4.5x for three quarters after an acquisition of >$500 million. 5. Certain USD denominated debt has been synthetically converted to EUR via cross-currency swaps. EUR bonds converted to USD as of September 30, 2021. Moody's | Better decisions 70 70#71Drivers of Sustainable Corporate Value Sustainability disclosures in our public filings Better Business Climate >>> >>> >>> Committed to net-zero by 2040 - Full greenhouse gas inventory, interim science-based targets and progress in 2020 TCFD report Moody's Decarbonization Plan up for shareholder vote, first S&P 500 company to join 'Say on Climate' campaign Procuring 100% renewable electricity since 2020 Internal carbon price on business travel and shadow carbon price on select new office space leases Offsetting the remainder of emissions from our operations, employee commuting and business travel since 2000 Moody's engages with a multitude of Sustainability parties that develop standards or frameworks and / or evaluate performance CDP - Awarded 'A' score in 2020 for Climate and Supplier Engagement Rating Committed to align relevant products and services to net- zero through Net-Zero Financial Services Provider Alliance, a new GFANZ alliance launched with 17 peer companies UNGC LEAD recognition Moody's | Better decisions Responsible Sourcing Better Business (989) Better Lives Better Solutions Our corporate values reflected in our supply chain Climate: 60% of our suppliers by spend covering purchased goods and services and capital goods to have science-based targets by 2025 Diversity: Pledged 5% of our 2021 addressable spend toward integrating more women-owned businesses into our supply chain Due diligence: started to monitor sustainability risks in our key suppliers with Orbis, a Moody's Analytics database. We expect to use Orbis to monitor sustainability risks in 100% of our key suppliers by the end of 2021 3Q 2021 Investor Presentation 71#72Drivers of Sustainable Corporate Value Sustainability disclosures in our public filings Better Business Data Privacy and Cybersecurity » Meeting our data governance obligations through Robust data security and privacy practices - A dedicated and specialized Privacy team, internal data privacy policies and procedures and a dedicated data subject rights process Enterprise-wide data privacy training for all employees at onboarding and periodically thereafter, as well as awareness and additional role-based training and guidance for teams handling personal data Information Risk & Security teams, policies and procedures, including cybersecurity, incident management response and vendor cybersecurity A well-established Incident Response Management Plan Reporting Better Business (989) Better Lives Better Solutions Announced the new Sustainability Framework and launched the Stakeholder Sustainability website, along with the following 2020 reports: Stakeholder Sustainability Report Task Force on Climate-related Financial Disclosures (TCFD) Sustainability Accounting Standards Board (SASB) Global Reporting Initiative (GRI) World Economic Forum (WEF) Submitted PRI and UNGC COP reports Executive compensation tied to ESG » Promotion of Moody's strategic pillars and sustainability focus areas is a factor considered with respect to the annual cash incentives for our top executives (as noted in the 2021 Proxy Statement) Moody's | Better decisions 3Q 2021 Investor Presentation 72#73Drivers of Sustainable Corporate Value Sustainability disclosures in our public filings. 888 Better Lives Diversity, Equity and Inclusion We support a diverse, equitable and inclusive workplace Launched DE&I portal and 2020 DE&I Report » » » Announced DE&I goals that focus on gender globally and ethnicity and race within the U.S. Made public its 2020 consolidated U.S. EEO-1 employment data Ranked #35 on Diversity Inc's Top 50 Companies Recognized on Seramount (formerly Working Mother Media) 100 Best Companies in the U.S. / India, and Top 10 Companies for Dads (U.S.) » Fair compensation practices and benefits packages Employee training and upskilling >>> Top talent acceleration programs, focused on diverse employees » Training relevant functions on ESG Average 21 hours of training per Moody's employees Health and wellbeing Better Business (989) Better Lives Better Solutions >>> 80% of employees agreed Moody's took a genuine interest in their well-being in 2020 >>> >>> The "Workplace of the Future" is enhancing our technology and IT infrastructure and implementing an enhanced flexible work model that will allow increased part- and full-time remote work Launched a virtual well-being and development series, Moody's Moments that Matter, providing employees and managers with education in an increasingly virtual world through articles, videos and weekly webinars Communities >>> » $21M worth of pro bono products and services to support policymakers, governments, small businesses and others in 2020, as part of Moody's Covid response Active global community and philanthropic involvement 1. Unweighted average of favorability scores from April, May and September surveys. The favorability score is the percentage of employees that selected a 4 (agree) or 5 (strongly agree). Moody's | Better decisions 3Q 2021 Investor Presentation 73#74Drivers of Sustainable Corporate Value Sustainability disclosures in our public filings Better Solutions » Through our integrated data and analytics capabilities, coupled with deep domain expertise, we provide our customers with the tools and insights to mitigate risks and to capitalize on the opportunities presented by the transition to an inclusive, green and sustainable global economy >> Through key services and solutions, we are advancing global standards and helping our customers achieve the objectives of the sustainable development agenda Moody's ESG Solutions: Better Business (280) Better Lives Better Solutions » We created Moody's ESG Solutions to serve the growing global demand for ESG insights and to deliver a comprehensive, integrated suite of ESG customer products and solutions ESG Integration: >> We help our customers solve the most complex problems of our time by adapting our offerings to integrate ESG considerations, from Moody's Investors Service's inclusion of ESG factors in its credit analysis to our comprehensive range of data- driven and forward-looking ESG-adjusted insights, macroeconomic forecasts and credit risk tools Moody's | Better decisions 3Q 2021 Investor Presentation 74#75Corporate Governance Adopted the principles set forth as a framework for the governance of the Company >>> Professional integrity » Systematic risk management » Diverse Board membership and skill sets » Separate CEO and Chairman positions » Implementation of Lead Independent Director within the Board » Active stockholder engagement Executive compensation metrics include a mix of the following, as disclosed in the 2021 Proxy Statement1: » Members of the executive leadership team are evaluated on demonstrated commitment to diversity, equity and inclusion plans and other sustainability initiatives » Completed a materiality assessment to identify the most salient sustainability issues » » » Moody's Corporation EPS and operating income MIS operating income and ratings performance MA operating income and sales » Strategic and operational² 1. 2. While the Company reports its financial results in accordance with U.S. GAAP, financial performance targets and results under the Company's incentive plans are based on adjusted financial measures. These metrics and the related performance targets are relevant only to Moody's executive compensation program and should not be used or applied in other contexts. This measure is a qualitative assessment of strategic and operational metrics tied to key non-financial business objectives, such as sustainability goals, that contribute to the Company's business success and are certified by the Compensation & Human Resources Committee at the beginning of the performance period. The Committee assessed the achievement of the metric by evaluating performance against the following objectives: (i) business focus and innovation and growth; (ii) people and culture; (iii) operating effectiveness and efficiency; and (iv) quality and risk management. Moody's | Better decisions 3Q 2021 Investor Presentation 75#76Modernizing Our Internal Data & Technology Infrastructure to Further Enhance Business Capabilities Cloud and Platform >>> » Progressing on our cloud infrastructure journey to allow "always on"; majority of MA workloads are in the cloud Built state of the art interoperable cloud platform, with data factory and API framework, to support integration of all current and future product offerings Talent Agility » Continue to promote a diverse and inclusive culture to enable talent agility that pivots on priority Moody's Data Science Development Program created to further our capabilities in emerging technology Data Management Increasing data interoperability across products and solutions to assist customers' evolving needs Creating new data service platforms, such as Moody's DataHub, to promote data accessibility and availability Moody's | Better decisions 目 $ DevOps » » Continuing our DevOps journey within MIS and MA to promote high quality, secure solutions with optimal speed to market Most recently, MIS significantly reduced release times greatly increasing productivity, and quadrupled release features Integration Management Office >>> >>> Establishing and enforcing consistent and repeatable integration processes and procedures for recent and new acquisitions Accelerating integration of people, commercial assets and operations to maximize value delivery Finance Transformation >>> Implementing a modern cloud-based ERP solution to further streamline processes >>> Enhancing capabilities across data science, analytics, and automation through a wide array of technology 3Q 2021 Investor Presentation 176 76#77Innovation Enabled by Artificial Intelligence (AI) Utilizing natural language processing (NLP) and machine learning (ML) across Moody's external products and solutions ✓ mlfabric ™ » » Extensible modular machine learning framework to accelerate & scale ML across the organization mlfabric™ enables cloud-based deployment leveraging reusable machine learning components and libraries developed by Moody's Accelerator >>> » MA Products QUIQspread: product capable of automating digitization and spreading of multilingual financial statements Award-winning Coronavirus, Compliance, KYC and Credit Adverse Media products use NLP to understand risks and gain insights from unstructured sources Ratings Research Using ML models to augment the capabilities of our analysts by: Predicting when issuers are likely to issue to improve outreach Regional and company peer analysis to compare debt issuance Anticipating future rating actions Al and NLP used to generate credit reports on ~6,000 municipal issuers Moody's | Better decisions >>> ESG Leveraging in house NLP models to improve and enhance coverage » ESG score predictors using innovative algorithms employed to enhance quantitative and qualitative metrics 3Q 2021 Investor Presentation 77#782021 Moody's Global Presence 4,724 U.S. employees + 8,299 non-U.S. employees 13,023 total employees¹ 1. As of September 30, 2021. Reflects acquisition of Acquire Media, ZM Financial Systems, Catylist, Cortera and RMS. As of September 30, 2020. Reflects acquisition of RDC. 2. Moody's | Better decisions 2020 4,087 U.S. employees Americas Argentina Brazil Bermuda Canada Chile Costa Rica Mexico Panama Peru United States Europe, Middle East & Africa Austria Belgium Cyprus Poland Portugal Russia Czech Republic Saudi Arabia Denmark Slovak Republic France South Africa Germany Spain Israel Sweden Italy Switzerland Lithuania United Arab Emirates Morocco United Kingdom Netherlands Asia-Pacific Australia Nepal China Hong Kong India Japan Singapore South Korea Thailand Sri Lanka + 7,310 11,397 non-U.S. employees total employees² 3Q 2021 Investor Presentation 78#79Reconciliation of Adjusted Financial Measures to U.S. GAAP Moody's Corporation Adjusted Operating Income and Adjusted Operating Margin Reconciliation¹ Moody's Corporation Net Debt Reconciliation (in $ millions) Operating Income 2015 2016 2017 2018 2019 2020 $1,491 Operating Margin $651 $1,821 $1,868 $1,998 $2,388 42.8% 18.1% 43.3% 42.0% 41.4% 44.5% TTM 3Q 2021 $2,774 46.5% (in $ millions) 2015 2016 2017 2018 2019 2020 1Q 2Q 3Q 2021 2021 2021 Add Adjustment: Depreciation & Amortization Acquisition-Related Expenses 114 127 158 192 200 220 237 Gross debt Less: Cash, cash equivalents and short-term investments $3,381 $3,363 $5,540 $5,676 $5,581 $6,422 $6,340 $6,355 $7,476 2,232 2,225 1,183 1,818 1,930 2,696 2,865 2,897 2,343 Net debt $1,148 $1,138 $4,357 $3,858 $3,651 $3,726 $3,475 $3,458 $5,133 23 3 Restructuring Captive insurance company settlement Settlement Charge Loss pursuant to the divestiture of MAKS 12 49 60 16 660 50 50 32 32 864 14 9 Adjusted Operating Income $1,605 $1,654 $2,002 $2,117 $2,291 $2,667 $3,043 Adjusted Operating Margin 46.0% 45.9% 47.6% 47.6% 47.4% 49.7% 51.0% 1. 2015-2017 operating and adjusted operating income have been restated to conform to the new presentation of pension accounting. Note: Some numbers may not foot due to rounding. Moody's | Better decisions 3Q 2021 Investor Presentation 79 19#80Reconciliation of Adjusted Financial Measures to U.S. GAAP (cont.) Moody's Corporation Operating Margin Guidance Reconciliation Projected Operating Margin - U.S. GAAP Depreciation & Amortization Restructuring Projected Adjusted Operating Margin Free Cash Flow Reconciliation 2021F1 46% to 47% Approximately 4.5% Negligible Approximately 51% (in $ millions) 2016 2017 2018 2019 2020 2021F1 Net cash flows from operating activities $1,259 $755 $1,461 Less: Capital expenditures 115 91 91 $1,675 69 Free Cash Flow $1,144 $664 $1,370 $1,606 $2,146 103 $2,043 $2.3 to $2.4 ~100 $2,200 - $2,300 1. See press release titled "Moody's Corporation Reports Results for Third Quarter 2021" from October 28, 2021 for Moody's complete full year 2021 guidance. Moody's | Better decisions 3Q 2021 Investor Presentation 80 80#81Reconciliation of Adjusted Financial Measures to U.S. GAAP (cont.) Moody's Corporation Diluted EPS Reconciliation Diluted EPS - U.S. GAAP Legacy Tax Impact of Litigation Settlement Captive insurance company settlement FX gain on liquidation of a subsidiary Restructuring CCXI Gain Acquisition-Related Expenses 2015 2016 2017 2018 2019 2020 2021F1 $4.63 $1.36 $5.15 $6.74 $7.42 $9.39 $11.65 to $11.85 (0.03) $3.59 $0.06 ($0.18) $0.04 $0.19 $0.23 $0.20 Negligible ($0.31) $0.10 $0.03 $0.02 Purchase Price Hedge Gain ($0.37) Acquisition-Related Intangible Amortization Expenses $0.11 $0.13 $0.23 $0.40 $0.42 $0.51 ~$0.65 Loss pursuant to the divestiture of MAKS $0.07 $0.05 Impact of U.S. tax reform $1.28 ($0.30) Net Impact of U.S./European tax change on deferred taxes ($0.01) Increase to non-U.S. UTPS $0.33 Non-cash gain relating to minority investment in BitSight² Tax charge pursuant to the divestiture of MAKS Adjusted Diluted EPS $4.71 $4.94 $6.07 $7.39 $0.07 $8.29 $10.15 ~($0.15) $12.15 to $12.35 1. 2. See press release titled "Moody's Corporation Reports Results for Third Quarter 2021" from October 28, 2021 for Moody's complete full year 2021 guidance. Represents a non-cash gain expected to be recognized in the fourth quarter of 2021 pursuant to the Company's minority investment in BitSight, which was completed in October 2021. Under the terms of the transaction, Moody's contributed $250 million in cash and its minority investment in Visible Risk in exchange for a minority investment in BitSight. Note: Table may not sum to total due to rounding. Moody's | Better decisions 3Q 2021 Investor Presentation 81#82MOODY'S Better decisions Investor Relations ir.moodys.com [email protected] moodys.com#83© 2021 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved. CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH CURRENT OPINIONS. MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications. To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S. To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER. Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody's Investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations - Corporate Governance - Director and Shareholder Affiliation Policy." Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively. MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000. MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. 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