#1MOODY'S Decode risk. Unlock opportunity. M I 3Q 2023 Investor Presentation November 16, 2023 Chartis RiskTech100 2024 #1#2Table of Contents 1. Moody's Overview 2. Financial Overview 3. Moody's Analytics (MA) 4. Moody's Investors Service (MIS) Capital Markets Overview Innovation 5. 6. 7. Appendix Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 2#3Our Company MA MCO MIS Moody's Analytics Financial intelligence and analytical tools supporting customers' growth, efficiency and risk management objectives Solutions address customers' diverse needs Extending brand into new markets and deepening customer relationships Moody's Corporation Global provider of integrated perspectives on risk, including credit rating opinions, analytical solutions and insights, that empower organizations to make better, faster decisions Revenue of $5.7 billion Adjusted Operating Income of $2.4 billion Adjusted Operating Margin¹ MA MIS 29.8% 52.9% Moody's Investors Service ΟΞ Delivering independent credit rating opinions and related information for over 100 years Proven ratings accuracy and deeply experienced analysts Expanded sales and marketing activities in Commercial group Note: Financial data for the trailing twelve months ended September 30, 2023. 1. Refer to the Appendix for reconciliations between all adjusted measures mentioned throughout this presentation and U.S. GAAP. Decode risk. Unlock opportunity. Moody's | 3Q 2023 Investor Presentation 3#41 Moody's Overview#5Helping Customers Accelerate Value Creation in an Era of Exponential Risk Research Data Ratings & Insights & Information Moody's Agency of Choice Premier fixed income research business Unparalleled database on companies & credit Decision Solutions Banking | Insurance | KYC SaaS businesses serving mission-critical Banking, Insurance and KYC workflows We help Banks, Insurers, Investors, Corporations and Governments What do we do? Issue, Originate, Select & Underwrite Identify, Measure, Monitor & Manage Risk Verify, Comply, Plan & Report Leveraging an unrivaled set of data, analytics & domain expertise across Credit How do we do this? Companies Properties Securities Note: KYC = Know Your Customer | SaaS = Software as a Service | ESG = Environmental, Social & Governance. Moody's | Decode risk. Unlock opportunity. People Economies Climate ESG 3Q 2023 Investor Presentation LO#6Providing Integrated Perspectives on Risk Selection of use cases addressable by Moody's solutions Transfer pricing ไป Weather and natural disaster analysis A Supply chain management and trade credit $40B + Current Addressable Market Helping customers make better decisions Fixed income investing Regulatory and accounting compliance TILD لس Curated Data Analytics & Insights Commercial lending B KYC and financial crime monitoring Curated Data Entities 470M+ public & private entities Economies 560M+ economic, financial and demographic time series Securities ~$73T rated debt Properties 20M+ commercial properties Physical Risk Insurance and actuarial analysis Asset and liability management Sustainable investing Commercial real estate analysis People 17M+ 3M+ risk profiles scores on global facilities Note: KYC = Know Your Customer. 1. Figures shown are as of September 30, 2023. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 6#72 Financial Overview#8Moody's Corporation Financial Profile 3Q 2023 TTM Revenue: $5.7 billion 48% Non-U.S. 52% U.S. 30% Transaction 70% Recurring DS 24% PPIF MA1 8% R&I MIS2 FIG 15% 9% SFG D&I 7% 13% CFG 23% Full Year 2023 Guidance³ Revenue Operating Expenses Operating Margin Adjusted Operating Margin Interest Expense, Net Effective Tax Rate 1. Percentages may not sum to 100% due to rounding. Increase in the high-single-digit percent range Increase in the mid-single-digit percent range Approximately 37% 44% - 45% $250 $260 million 16% - 18% Diluted EPS Adjusted Diluted EPS Operating Cash Flow Free Cash Flow Share Repurchases $8.60 - $9.10 $9.75 - $10.25 Approximately $2.1 billion Approximately $1.8 billion Approximately $500 million 2. Percentages may not sum to 100% due to rounding. Includes MIS Other, <1%; MIS Other consists of financial instruments pricing services in the Asia-Pacific region, ICRA non-ratings revenue, and revenue from professional services. 3. Guidance as of October 25, 2023. Refer to Table 11 - "2023 Outlook" in the press release titled "Moody's Corporation Reports Results for Third Quarter 2023" from October 25, 2023, for a complete list of guidance, reconciliations between adjusted measures and U.S. GAAP, as well as assumptions used by the Company with respect to its guidance. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 8#9Medium-Term Guidance with 2022 Base Year¹ MCO Revenue MA Revenue MIS Revenue MEDIUM-TERM 2, 3 -> At least 10% growth →> →> Low-to-mid-teens % growth Low-to-mid-single-digit % growth MCO Adjusted Operating Margin →> Low-50s % range alt MA Adjusted Operating Margin ← Mid-30s % range MIS Adjusted Operating Margin -> Low-60s % range MCO Adjusted Diluted EPS →> Low-double-digit % growth Note: Medium-term guidance refers to a time period within 5 years. Growth refers to average annualized growth over the time period. As of January 31, 2023. Refer to slide 80 in the Appendix for details and assumptions with respect to medium-term guidance. 1. 2. 3. Assumes no material change in effective tax rate, foreign exchange rates, leverage profile and/or capital allocation policy. Subject to available cash, market conditions, M&A opportunities and other ongoing capital allocation decisions. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 6#10Investment Criteria and Post-Acquisition Review Clear Industrial Logic Strategic fit, the most important factor, is the first screen » 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 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 | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 10#113 Moody's Analytics#12Integrated Perspectives on Risk Deliver Impressive Results Leveraging Unmatched Capabilities » Extensive, Uniquely Curated, Proprietary Data >> Rich Product Development Program » World-class Sales & Distribution Force » Track Record of Successful Acquisitions Deep Market Currents » Outpacing Competitors in $30B+ Current Addressable Market¹ » Increasing Demand to Understand Risk and Resiliency » Digitization and Transformation Trends Across Industries Delivering Results 10% 90%+ Retention Rate³ ARR² 33.6% Adjusted Operating Margin³ Meets Rule of 40 Based on 2023F Guidance4 63 Quarters of Consecutive Revenue Growth Integrated Perspectives on Risk: Combining data, analytics and software to decode risk and unlock opportunity for customers 1. Estimated Current Addressable Market (i.e., CAM) as of June 30, 2023. Based on revenue projections through 2026. Sources: Moody's estimates, publicly available investor presentations, company annual reports, and analyst transcripts. 2. ARR growth as of September 30, 2023. Refer to the Appendix for the definition of and further information on ARR. 3. For quarter ended September 30, 2023. 4. Rule of 40 metric calculated by adding Annualized Recurring Revenue Growth to Adjusted Operating Margin. Guidance as of October 25, 2023. Refer to Table 11 - "2023 Outlook" in the press release titled "Moody's Corporation Reports Results for Third Quarter 2023" from October 25, 2023, for a complete list of guidance, reconciliations between adjusted measures and U.S. GAAP, as well as assumptions used by the Company with respect to its guidance. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 12#13Strong Execution Enables Consistent Revenue Growth Exceptional value creation - revenue has more than tripled since inception $3,000 00 2022 Revenue: $2,769M - 2008 2022 CAGR: $2,500 $2,000 $1,500 $1,000 $500 +12% (-60% organic) CAGR 12% $0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 >>> >>> Created a chassis for MA integration and growth Invested to expand CRE capabilities 2007 » Moody's Analytics (MA) founded Established risk assessment » franchise with banks and insurance companies 2010-2016 >>> Continued to develop and enhance Moodys.com » Expanded economic data and modeling capabilities 2017-2020 » Acquired private entity data - largest database of private companies 2021+ » Acquired RMS, the world's leading provider of climate and natural disaster risk modeling » Combined private entity data with profiles on politically exposed persons to form top tier KYC solutions >>> >> Extended ALM franchise into pensions market >>> Divested MAKS to focus on data and analytics products Introduced new reporting structure (Decision Solutions, Research & Insights and Data & Information) to provide greater insight and transparency » Established reporting of certain financial Note: ALM = Asset Liability Management; KYC = Know Your Customer; MAKS = Moody's Analytics Knowledge Solutions. Moody's | Decode risk. Unlock opportunity. metrics for each of Banking, Insurance, and KYC within Decision Solutions 3Q 2023 Investor Presentation 13#14Diverse Customer Base Across Multiple Sectors1 70% of the Fortune 100² 15,200+ Customers 1. As of December 31, 2022. ☆ 52% of the Forbes 1,000³ 165+ Countries 2. Based on the top 100 of Fortune Magazine's rank of 500 of the largest United States corporations by total revenue, 2022. 3. Based on the top 1,000 of 'Forbes Global 2,000 List' of the world's biggest and most powerful companies, as measured by a composite ranking for sales, profits, assets, and market value, 2022. Moody's | Decode risk. Unlock opportunity. 4,400+ Corporates 0000 2,600+ Commercial Banks 2,300 + Professional Services 1,900+ Asset Managers 900+ Insurance Companies 8900+ Real Estate Entities 600+ Educational Institutions 200+ Securities Dealers and Investment Banks 900+ Government Entities 45500+ Others 3Q 2023 Investor Presentation 14#15Assembling and Integrating Capabilities Lending & Origination Underwriting ESG & Climate Assessment Portfolio Mgmt. Regulatory Compliance Investment Analysis KYC Data & Information MIS Ratings Private & Public Company Data Other Proprietary Data Moody's | Decode risk. Unlock opportunity. SaaS ΑΡΙ Decision Solutions MACHINE LEARNING CUSTOMER CENTRICITY Enabling customers to perform critical business activities with confidence Economic Forecasts & Models Research & Insights Models & Analytics Note: API = Application Programming Interface; SaaS = Software as a Service; KYC = Know Your Customer. Research 3Q 2023 Investor Presentation 15#16Data & Information $764m TTM Revenue 10% ARR1 Growth 7,700+ 2 Value proposition We provide data and solutions to be used across the enterprise for master data needs and to help customers make decisions across Origination & Underwriting, Portfolio Monitoring & Management, Risk & Capital Management, and Finance & Reporting activities. Sustainable competitive advantage Expertise Technology & Innovation » Extensive database on private and public entities, featuring beneficial ownership structures, detailed financial statements and a wide array of risk scores » Proprietary and historically indexed credit ratings and default data » Premium news and real-time analytics » Natural Language Processing (NLP) engine to standardize and enrich content with valuable metadata » Integrated data access, management and cloud delivery » APIs provide flexible and scalable integration into customer workflows and other Moody's solutions Customers² Integration >> Enables customers to utilize consistent information across their organization to drive efficiencies and expedite decision making » Integrated platform combines data, analytics and technology to enable decision workflows Key growth drivers Our verified, trusted and curated data is key in our new GenAl world. Customers across all segments need “golden source" reference data to use across many use cases, which allows us to land new customers and expand across use cases over time. Note: GenAI = Generative Artificial Intelligence. Financial data as of September 30, 2023. ARR growth as of September 30, 2023. Refer to the Appendix for the definition of and further information on ARR. Customers with multiple subsidiaries are aggregated. 1. 2. Moody's | Decode Risk. Unlock Opportunity. 3Q 2023 Investor Presentation 16#17Research & Insights $859m TTM Revenue 18% 2 Value proposition We provide solutions that offer customers a consistent, holistic view of risk to make decisions across Origination & Underwriting, Portfolio Monitoring & Management, Risk & Capital Management, and Finance & Reporting activities. Sustainable competitive advantage Expertise » Extensive, proprietary and historically indexed ratings data, research and analytics that are essential insights to help the market evaluate credit risk ARR1 Growth Technology & Innovation 2,900+ Customers² Integration » Economic data, research, scenarios and models » GenAl enabled research tool transforms how customers ingest our content and perform analyses » Al powered credit risk models built on decades of data and validated over multiple credit cycles » APIs provide flexible and scalable integration with customer workflows and other Moody's solutions, extending across customer value chains >> Our solution seamlessly combines data, research and analytics on credit, securities, economics, defaults & recoveries, ESG and more, delivering multiple views of risk to enable decisions Key growth drivers Customers need to understand a large range of interconnected and emerging risks. With our GenAl enabled Research Assistant, we are transforming how we deliver insights. Further content integrations will enable up-sell and cross-sell opportunities. Note: Financial data as of September 30, 2023. ARR growth as of September 30, 2023. Refer to the Appendix for the definition of and further information on ARR. Customers with multiple subsidiaries are aggregated. 1. 2. Moody's | Decode Risk. Unlock Opportunity. 3Q 2023 Investor Presentation 17#18Decision Solutions: Banking $516m TTM Revenue 2 Value proposition We provide powerful, scalable tools to help enable banks to make decisions about Lending, Risk & Capital Management, and Finance & Reporting activities. Sustainable competitive advantage 10% ARR1 Growth Expertise » Award-winning Cashflow analytics & Risk Rating models » Proprietary data on loans, borrowers, defaults and collateral performance Technology & » Stable, scalable, and secure technology platform that grows with client needs Innovation » Machine learning & Al enabled tools for data extraction, normalization and validation to accelerate asset valuation » Exploring the use of GenAl to further streamline creation of credit memos 2,900+ Integration » Solutions bring together Moody's data on companies, properties, climate and economic scenarios Customers² Note: Financial data as of September 30, 2023. » Empowers customers with consistent information across their organization to help drive efficiencies and expedite decision making Key growth drivers Supporting banks in their digitization journey by combining software with data and analytics increases stickiness of Moody's solutions. Opportunities to cross-sell and up-sell as we develop solutions for new work flows, add new asset classes and expand geographic reach. ARR growth as of September 30, 2023. Refer to the Appendix for the definition of and further information on ARR. Customers with multiple subsidiaries are aggregated. 1. 2. Moody's | Decode Risk. Unlock Opportunity. 3Q 2023 Investor Presentation 18#19Decision Solutions: Insurance $538m TTM Revenue ② Value proposition We provide powerful, scalable tools to help enable insurers, reinsurers and brokers to make decisions with Underwriting, Risk & Capital Management, and Finance & Reporting activities. ✪ Sustainable competitive advantage » Award-winning actuarial and catastrophe risk models Expertise » Proprietary data on loss costs, exposures, geocoding and more 18% ARR1 Growth Technology & Innovation » Scalable, modular and unified SaaS platform » Al enabled computing power for complex actuarial and financial analyses » Machine learning & Al enabled tools for event response, loss estimation, global flood hazard maps and satellite imagery for damage detection >> Exploring the use of GenAl for report creation, workflow automation and risk selection -800 Integration » Workflow solutions that combine data and models on entities, properties, climate, ESG and more Customers² >> Enables customers to utilize consistent information across their organization to drive efficiencies and expedite decision making Note: Financial data as of September 30, 2023. Key growth drivers Our comprehensive solutions support the digital transformation underway in the insurance industry, evolving regulatory oversight, and expanding non-financial risks. Our integrated platform enables effective cross-selling of models, data and applications. We're able to quickly address new use cases and incorporate new risk data and analytics as needed. ARR growth as of September 30, 2023. Refer to the Appendix for the definition of and further information on ARR. Customers with multiple subsidiaries are aggregated. 1. 2. Moody's | Decode Risk. Unlock Opportunity. 3Q 2023 Investor Presentation 19#20Decision Solutions: KYC $297m TTM Revenue 2 Value proposition We provide workflow solutions to banks, insurers, corporates, and governments, enabling them to onboard and monitor their customers and suppliers, as well as perform third-party risk management. Sustainable competitive advantage Expertise » Proprietary data on private and public entities and beneficial ownership structures >> Insights and information on individuals including sanctions, PEPs, adverse media and financial crime 18% ARR1 Growth Technology & Innovation » SaaS platform built on a modern scalable cloud agnostic architecture; no-code solution ensures rapid customer configuration » Al powered screening and monitoring solution uses 15+ years of model training for instant, precise results. Reduces up to 80% of false positives for customers >> API enabled services embed directly into customer workflows 2,100+ Customers² Integration » Our deeply integrated solution combines workflow capabilities, data, analytics and Al to significantly reduce the cost of compliance and enable 95% of customer onboarding to be automated Key growth drivers Digitization, increasing third-party risk regulations, supplier risk, and new entrants to the payment space are driving the need for KYC/KYS risk management solutions. Our solutions are easily embedded into customer workflows, facilitating growth opportunities with new and existing customers. Note: Financial data as of September 30, 2023. ARR growth as of September 30, 2023. Refer to the Appendix for the definition of and further information on ARR. Customers with multiple subsidiaries are aggregated. 1. 2. Moody's | Decode Risk. Unlock Opportunity. 3Q 2023 Investor Presentation 20 20#21Recurring Revenue Growth Drives Margin Expansion Adjusted Operating Margin¹ Recurring % TTM Recurring and Transaction Revenue Recurring Transaction -15% Recurring Revenue CAGR 94% 94% (93% 89% 84% 82% 3Q18 3Q19 3Q20 3Q21 3Q22 3Q23 26.4% 2018 +~410bps 30.0% to 31.0% 2023F 1. Guidance as of October 25, 2023. Refer to Table 11 - "2023 Outlook" in the press release titled "Moody's Corporation Reports Results For Third Quarter 2023" from October 25, 2023, for a complete list of guidance, reconciliations between adjusted measures and U.S. GAAP and assumptions used by the Company with respect to its guidance. Refer to the Appendix for reconciliations between all adjusted measures mentioned throughout this presentation and U.S. GAAP. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 21 21#22Building on a Foundation of Strong Customer Retention First Half 2023 Full Year 2022 Full Year 2021 Full Year 2020 93% 6% 7% 106% Retained Base Upgrades and Price New Sales Business Base 94% 8% 9% 111% Retained Base1 Upgrades and Price New Sales Business Base 95% 7% 9% 111% Retained Base Upgrades and Price New Sales Business Base 93% Retained Base 7% Upgrades and Price 10% New Sales 110% Business Base Note: The sales growth attributions presented on this slide are on a constant currency basis. Upgrades reflect amendments to existing customer contracts. New Sales reflect new contracts with new and existing customers. 1. Retention rates exclude data related to acquisitions of RMS (prior to October 2022), kompany (prior to January 2023), ZM Financial (prior to April 2023) and RealXData (prior to June 2023). Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 22 22#23MA Outlook: Delivering Double-Digit Growth; Capitalizing on Innovation Opportunities ARR1 Adjusted Operating Margin¹ Increase by approximately 10% 30.2% 30% -31% $2.8B Revenue¹ Increase in the low-double-digit percent range 10% growth 2022 2023F 2022 2023F 2022 2023F >> MA's products and solutions are deeply embedded in our customers' workflows; attractive retention rates and double-digit ARR² growth » Continued investments in sales and product development, including in GenAI, to support future growth Guidance as of October 25, 2023. Refer to Table 11 - "2023 Outlook" in the press release titled "Moody's Corporation Reports Results for Third Quarter 2023" from October 25, 2023, for a complete list of guidance, as well as assumptions used by the Company with respect to its guidance. 1. 2. ARR growth as of September 30, 2023. Refer to the Appendix for the definition of and further information on ARR. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 23 23#24Accelerating Revenue Growth Medium-Term Revenue Target Drivers New Product Development 89 Increased Distribution Capacity Strong Customer Retention Rates Within 5 years¹ Low-to-mid-teens % Total Revenue CAGR ☑ Note: SaaS Software as a Service. As of January 31, 2023. Refer to slide 80 in the Appendix for details and assumptions with respect to medium-term guidance. 1. Moody's | Decode risk. Unlock opportunity. B Cross-selling, Upgrades & Pricing Continued SaaS Transition 3Q 2023 Investor Presentation 24 24#25Banking Customer Spotlight: Workflow Solutions that Combine Data, Analytics, and Software USE CASES Lending >> Customer Verification (KYC/KYS) » Customer Acquisition » Customer Onboarding » Credit Decisions » Loan Monitoring Risk & Capital Management >> Credit >> Liquidity >> Capital » Asset-Liability » Risk Appetite Finance & Planning » Asset Liability / Balance Sheet Management Case Study: A North American Bank BROADEN Workflow Solution Software Workflow Solution Models Workflow DEEPEN Solution Data $0.5m Software Models Data » Stress Testing >> Loss Allowances » Regulatory Capital » Budgeting & Planning Models 5x Initial ARR¹ 35% Research & Insights 65% Decision Solutions 2019 Relationship 2020-2021 CECL 2022 Lending 2022 Relationship % of Relationship as of 1Q23 Stress Testing as of 1Q23 Note: CECL = Current Expected Credit Losses. 1. ARR reflects 2022 values, including price increases from 2019-2022. Refer to the Appendix for the definition of and further information on ARR. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 25#26Insurance Customer Spotlight: Integrating Data, Analytics and Software to Deliver Workflow Solutions Case study: Leading Global Insurer USE CASES Underwriting » Risk Selection >> Risk Pricing » Portfolio Risk Exposure Management Risk & Capital Management » Balance Sheet Forecasting » Market, Credit, Liquidity Risk » Investment & Reinsurance Strategy Finance & Reporting » Actuarial Valuation & Reserving » Analytics for Financial Statements » Sustainability Analytics for Financial Reporting 1. Refers to trailing twelve months recurring sales growth as of December 31, 2018. 2. Refers to trailing twelve months recurring sales growth as of June 30, 2023. Moody's | Decode risk. Unlock opportunity. $15M1 $30M² 82% 2018 Underwriting Finance & Reporting Risk & Capital Management Relationship as of 2Q 2023 Decision Solutions 10% Research & Insights 8% Data & Information % of Relationship as of 2Q 2023 3Q 2023 Investor Presentation 26#27Delivering Award-Winning Solutions for Insurance Customers with Significant Expansion Opportunity from Cross-Selling (*) Average number of MA product families¹ used by 900+2 Insurance customers Insurance Analytics 252023 Overall Winner Bottom 800+ Customers InsuranceERM Americas Awards 2023 Winner Catastrophe risk modelling solution of the year INSURANCE ASSET RISK AMERICAS AWARDS 2022- Winner Climate risk initiative of the year 1. Refers to the average number of related products. As of June 30, 2023. 2. As of December 31, 2022. Moody's | Decode risk. Unlock opportunity. Following 90 Customers 1-2 Product Families 4-5 Product Families Top 10 Customers 6-7 Product Families 3Q 2023 Investor Presentation 27 27#28KYC: Land & Expand Strategy in Action Unparalleled Value Proposition Moody's SaaS Platform Workflow Capabilities Enabled by Software & APIs +-+ ARR¹ Mix by Customer Segment² Chartis RiskTech QuadrantⓇ Category Leader KYC Solutions, 2023 ~44% Financial ~13% Gov't & Education ~43% Corporate Analytics Enabled by Al ✓ -1 AI BREAKTHROUGH AWARD 2023 BEST AI-BASED SOLUTION -FRAUD PREVENTION- Chartis RiskTech QuadrantⓇ Category Leader Land: Driving New Business New customer ARR1 attributable to KYC Companies Corporate Hierarchies Data Foundational Asset PEPS Beneficial Owners KYC Data Solutions, 2023 1. 2. ARR growth as of September 30, 2023. Refer to the Appendix for the definition of and further information on ARR. Corporate customer segment includes Professional Services. Moody's | Decode risk. Unlock opportunity. ~25% Expand: Strong Cross-Selling Opportunities MA customers that purchase a KYC solution ~20% 3Q 2023 Investor Presentation 28#29RMS: Driving Strong Results Through Innovation and Integration Nov D Continued Focus on P&C Insurance Market » » >> Announced Open Modeling Engine and an exclusive partnership with Nasdaq to integrate 3rd party models in the IRP Converted over 100 customers to SaaS- based Intelligent Risk Platform (IRP) Launched European windstorm - first major catastrophe model in high- definition format; North Atlantic hurricane model update in 3Q Expanding via Cross-sell to Existing Customers » Doubled the rate of cross- sales compared to 1Q221, increasing share of wallet with RMS customers with range of Moody's suite of solutions for key use cases (e.g., KYC and master data management) Expanding Climate Capabilities to New Markets » Deployed Climate on Demand on RMS' IRP targeting banks, asset » owners/managers and CRE customers Launched quantification of financial loss from Physical Climate Risk in Climate on Demand Pro » Expanding coverage of Climate Risk to banks and other sectors via Advisory projects Targets Delivering New Synergistic Solutions » Launched ESG underwriting solution, integrating company data with ESG indicators and scores to help P&C insurers enhance risk assessment in underwriting workflows » Integrating ESG analytics into the ExposureIQ app (on the IRP) » Integrating CRE data into RMS' property database to enhance commercial property underwriting capabilities ४ Achieved Strong customer retention, 93% in 2022 6% sales growth in 2022² Accretive to FY 2022 adjusted diluted EPS (two years ahead of target) On Track High-single-digit sales growth target for 2023² Incremental $150M revenue by 20253 1. 2. 3. As of 1Q 2023. Includes synergies. Guidance as of April 25, 2023. Run rate revenue. Guidance as of August 5, 2021. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 29 29#305 Moody's Investors Service#31Moody's Investors Service Financial Profile 3Q 2023 TTM Revenue: $2.8 billion U.S. Non-U.S. 39% recurring revenue MIS Other¹ 1% 37% recurring revenue Recurring Transaction 40% 56% Corporate Finance 48% 60% 44% Note: Percentages may not sum to 100% due to rounding. 1. Consists of financial instruments pricing services in the Asia-Pacific region, ICRA non-ratings revenue, and revenue from professional services. Moody's | Decode risk. Unlock opportunity. Public, Project, & Infrastructure Finance 17% Structured Finance 14% Financial Institutions 19% 54% recurring revenue 53% recurring revenue 3Q 2023 Investor Presentation 31#32MIS: Macroeconomic Assumptions Underpinning our Full Year 2023 Outlook Macroeconomic Assumptions¹ Real GDP2 U.S.: 1.5% -2.5%; Euro area: 0.0% 1.0%; Global: Slow to about 2.5% by year-end Global benchmark rates to remain elevated, with U.S. Fed funds rate above 5%, followed by the potential for rate reductions in 2Q 2024; U.S. high yield spreads to fluctuate around 400-450 bps, with periodic volatility Global high yield default rate to rise to 4.5% - 5.0% by year-end FX rates of $1.22 and $1.06 for GBP/USD and EUR/USD, respectively, for the remainder of the year Global inflation levels to continue to decline (U.S.: below 3% by year-end; large Euro area economies: 3% - 4% by year-end; U.S. unemployment rate to rise toward 3.8% by year-end) Tailwinds Rates nearing their peaks for most major central banks as inflation eases ~$4.4T of refinancing needs between 2024 and 2027 Dry powder at private equity firms Headwinds ✗ Rising funding costs create refinancing risks for vulnerable issuers ✗ Recessionary concerns ✗ Geopolitical uncertainty, including the prolonged Russia-Ukraine military conflict, and more recently the military conflict in Israel and the surrounding areas Sources: Default rate and unemployment assumptions sourced from Moody's Investors Service "August 2023 Default Report", published September 15, 2023. High yield spreads, GDP and inflation assumptions as of October 25, 2023, from Moody's Investors Service. Guidance as of October 25, 2023. Refer to Table 11 - "2023 Outlook" in the press release titled "Moody's Corporation Reports Results for Third Quarter 2023" from October 25, 2023, for a complete list of guidance, as well as assumptions used by the Company with respect to its guidance. GDP represents rate of change in real GDP. 1. 2. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 32 32#33Updated Full Year 2023 Issuance Guidance FY2023 Issuance Guidance 1,2 As of October 25, 2023 As of July 25, 2023 Total Issuance Low to Mid-Single-Digit % 2023 Issuance Factors Macroeconomics & Policy >> Global GDP: recession or recovery » Geopolitical risks Energy, trade, climate, and regulatory policies Investment Grade High Yield Bonds Leveraged Loans Financial Institutions Public, Project and Infrastructure Finance Structured Finance -25% ~40% ~Low-Single-Digit % Approximately flat ~Mid-Single-Digit % ~(25%) U Inflation Rates & Central Bank Actions » Inflation expectations, supply chain, and job and wage trends » Global monetary policy tightening cycle Credit Markets » Liquidity, sentiment, and credit spreads » Credit performance and default rates 1. 2. Guidance as of October 25, 2023. Refer to Table 11 - "2023 Outlook" in the press release titled "Moody's Corporation Reports Results for Third Quarter 2023" from October 25, 2023, for a complete list of guidance, as well as assumptions used by the Company with respect to its guidance. Total issuance includes CFG, SFG, FIG and PPIF. MIS-rated issuance excludes sovereign debt issuance. Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle. Moody's | Decode risk. Unlock opportunity. 33 3Q 2023 Investor Presentation 33#34Updated Full Year 2023 Forecast Total MIS-rated Issuance 1,2 Revenue1 Increase in the low to mid-single-digit 3 $4.2T percentage range Increase in the mid to high-single-digit percentage range $2.7B 2022 2023F 2022 2023F Adjusted Operating Margin 1 51.8% ~ 55.0% 2022 2023F » FY 2023 guidance updated to reflect market uncertainty » Now projecting approximately 500 first-time mandates for the year >> Disciplined expense management: balancing operational efficiency with adequacy of resources to deliver quality mandates and ratings Guidance as of October 25, 2023. Refer to Table 11 - "2023 Outlook" in the press release titled "Moody's Corporation Reports Results for Third Quarter 2023" from October 25, 2023, for a complete list of guidance, as well as assumptions used by the Company with respect to its guidance. Total issuance includes CFG, SFG, FIG and PPIF. MIS-rated issuance excludes sovereign debt issuance. Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle. 1. 2. 3. A previously posted version incorrectly showed billion instead of trillion. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 34#35MIS Long-term Revenue Growth Drivers Intact Long-term Growth Building Blocks Economic Expansion1 >> GDP growth drives demand for debt capital to fund business investments » Refinancing needs support future supply 2% -3% + 000 Value Proposition » Proven rating accuracy and deeply experienced analysts » Mix of issuers and opportunistic issuance + 3% -4% Cyclical Headwinds & Tailwinds Inflation Developing Capital Markets » Bank system capacity remains constrained » Deepening participation in developing markets » Meeting customers' evolving risk assessment demands, including ESG & Climate and Cyber 1% - 2% GDP Geopolitical Environment Interest rates Contraction Expansion Adverse Cooperative High <+> Within Central Volatile Stabilized Note: Long-term growth building blocks presented on this slide are on average, over time. 1. Economic expansion represents rate of change in global real GDP. Moody's | Decode risk. Unlock opportunity. Bank range Default rate Expected <+> Currently low to rise 3Q 2023 Investor Presentation 55 35#36The 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 S € 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 19 Responsive to investor demand » Moody's is identified as the agency that best meets future needs for more than half its users globally1 1. 2021 Moody's Investor Perception Study. 2. Based on an independent study performed by BDO in June 2022 on a snapshot of data from January 31, 2022, which shows that a five-year $500M bond with a Moody's credit rating (when rated at the same level as S&P and/or Fitch) has an -13% lower Option Adjusted Spread (OAS), which results in a savings of ~65 basis points per year. The study only applied to corporate bonds and not to sovereign/quasi-sovereign/municipal or structured finance bonds. Many factors go into the pricing of a bond. OAS is the measurement of the credit spread of a fixed- income security rate and the risk-free rate of return (Treasury yields), adjusted for embedded options. 3. 2022 Moody's Global Intermediary Study conducted by Naxion. Planning and budgeting » May help issuers when formulating internal capital plans and funding strategies » An independent study has shown that adding a Moody's credit rating may lead to a reduction in borrowing costs² Analytical capabilities » Among global ratings advisors, Moody's continues to be held in high regard. Responsiveness, analysts' seniority/expertise, willingness to have a dialogue around a credit and increased process transparency are viewed positively³ Moody's | Decode Risk. Unlock Opportunity. 3Q 2023 Investor Presentation 36 36#37Illustrative Impact of Adding a Moody's Credit Rating NOT RATED BY MOODY'S $500,000,000 1.20% 500 6.20% = $31,000,000 5 years = $155,000,000 Example: 5-year $500 million corporate bond Bond 5-Yr US Treasury Bond Rate Option Adjusted Spread (bps) 1 Interest Rate Annual Interest Payments Term Total Interest Expense over the Term RATED BY MOODY'S $500,000,000 1.20% 435 5.55% = = $27,750,000 5 years = $138,750,000 Over $16 million in total interest expense vs. cost of rating Note: Illustrative spread differential based on an independent study performed by BDO in June 2022 on a snapshot of data from January 31, 2022, which shows that a five-year $500M bond with a Moody's credit rating (when rated at the same level as S&P and/or Fitch) has an -13% lower Option Adjusted Spread (OAS), which results in a savings of ~65 basis points per year. The study only applies to corporate bonds and not to sovereign/quasi-sovereign/municipal or structured finance bonds. Many factors go into the pricing of a bond. 1. Option Adjusted Spread is the measurement of the credit spread of a fixed-income security rate and the risk-free rate of return (Treasury yields), adjusted for embedded options. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 37#38MOODY'S INVESTORS SERVICE - T Facts & Figures Full Year 2022 33,900+ Rated Organizations and Structured Deals -$73 trillion Total rated debt Americas EMEA Asia Pacific Total Rated Debt $41+ trillion $19+ trillion $10+ trillion 5,100+ 3,400+ Rated Organizations and Structured Deals 27,200+ 4,400+ 2,200+ Non-Financial Corporates Financial Institutions Publications 12,300+ 4,900+ 2,800+ 15,100+ 8,600+ US Public Finance Issuers Structured Finance Deals 23,600+ 16,100+ 2,300+ 5,000+ 190+ Publications globally Issuer Research Sector Research Other Reports Rating Methodologies 1,000+ Infrastructure & Project Finance Issuers 144 Sovereigns* 340+ Sub-Sovereigns People Events 46 Supranational Institutions* 1,700+ Analysts 40+ Countries/Regions 610+ Global events 51,000+ Global participants Awards & Recognition Award-winning expertise in credit ratings, research and risk analysis. For more information, visit awards.moodys.io Source: Moody's Investors Service as of January 1, 2023. Note: Research and Events data covers the period January 1, 2022, to December 31, 2022. Publications breakdown includes "Global" which accounts for an additional 3,600+ publications. All numbers are rounded other than those marked *. Regional breakdown excludes supranational debt and is rounded, therefore will not foot to the -$73 trillion. 1. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 38#39How we Participate in Global Domestic Markets GCR South Africa Nigeria Others RATINGS ICR Chile ICR Chile AN AFFILIATE OF MOODY'S INVESTORS SERVICE Malaysia MARC MIS Emerging Markets Revenue¹ $343M Mexico MOODY'S Argentina LOCAL Brazil Peru MERIS Middle East Rating & Investors Service Egypt Midroog Israel. A SUBSIDIARY OF MOODY'S ICRA A MOODY'S INVESTORS India SERVICE COMPANY Korea Investors Service South Korea AN AFFILIATE OF MOODY'S INVESTORS SERVICE $750 million China Size of domestic CRA markets 中诚信国际 CCXI MIS affiliate (majority) MIS affiliate (minority) Moody's Local Other Emerging Markets CAGR 7% $179 M 2012 2022 ■Emerging Asia Latin America ■Middle East ■CEE/CIS Africa Note: Size of pie represents the estimated total CRA revenue from domestic markets ($750 million) as of December 31, 2022. In Q2 2023, Moody's acquired SCRiesgo, a leading group of local credit rating agencies serving domestic financial markets in Central America and the Dominican Republic. In Q3 2023, Moody's launched Vietnam Investors Service And Credit Rating Agency Joint Stock Company (VIS Rating), a partnership between Moody's and leading Vietnamese financial institutions that was initiated by the Vietnam Bond Market Association (VBMA). VIS Ratings will provide independent, credit rating services to domestic corporate issuers in Vietnam. 1. Includes revenue from cross border issuance. Refer to slide 48 titled "Debt Capital Market Penetration Continues" for regional definitions. Emerging Asia includes China and India. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 39#404 Capital Markets Overview#41Default Rates Expected to Rise Amid High Interest Rates and Tight Lending Conditions¹ Default Rates for Global Speculative-Grade Corporate Rated Issuance Speculative-Grade Corporate Default Rates by Region2 Baseline - Optimistic 14% Moderately Pessimistic Severely Pessimistic 10% Global ⚫US Europe 12% 8% 10% 6% 8% 5.6% 6% 4.1% global historical average¹ 5.4% 4% 4.7% 4.5% 4% 2% 2% 0% 0% 2008 2011 2014 2017 2020 2023F Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 » Global speculative-grade default rate expected to reach 4.7% by year-end, slightly above long-term average but well below prior recessionary levels 1. Moody's rated corporate global speculative grade default historical average of 4.1% from 1983 through December 31, 2022. 2023 forecast ended December 31, 2023. Moody's Investors Service; Default Trends - Global: October 2023 Default Report, November 14, 2023. 2. Statistics are based on issuer-weighted data. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 41#42$ Billions $Trillions Sustained Refinancing Demand Post Outsized 2020/2021 Issuance Surge Four-Year U.S. and EMEA Non-Financial Corporate Refinancing Walls¹ Withdrawn Russian Debt² 2 ~$2.0 Jan '13 Jan '14 Jan '15 Jan '16 Jan '17 MIS-Rated Q3 Non-Financial Global Corporate Investment Grade (IG) Issuance IG Bond Issuance $500 $400 $300 $200 $100 3Q15 -IG Bond Issuance Avg U.S. 10YR Treasury 3Q16 3Q17 3Q18 ~$4.0 -10% .... ~$4.4 Jan '18 Jan '19 Jan '20 Sep '20 Sep '23 Sep '212 Sep '22 MIS-Rated Q3 Non-Financial Global Corporate High Yield (HY) Issuance U.S. 10YR Treasury Avg HY Bond Issuance HY Bond Issuance Avg U.S. HY Spread 5% $300 $250 4% $200 3% $150 2% $100 1% $50 3Q19 3Q20 3Q21 3Q22 3Q23 U.S. HY Spread Avg 6% 5% 4% 3% 2% 1% 3Q15 3Q16 3Q17 3Q18 3Q19 3Q20 3Q21 3Q22 3Q23 Sources: Moody's Investors Service, Moody's Analytics and Dealogic. Amounts reflect total MIS-rated U.S. non-financial corporate bond and loan (for speculative grade) maturities, in addition to EMEA non-financial corporate and infrastructure bond and loan (for speculative grade) maturities as defined in Moody's Investors Service's refunding needs reports (2013-2023). Each bar represents four-year refunding needs. 1. 2. Reflects $0.2tn reduction in the refinancing wall starting 2021 due to Moody's withdrawal of ratings for Russian companies. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 42#431 Refunding Needs ¹ Support MIS Long-term Fundamentals Debt Maturities: U.S. Non-Financial Corporate Bonds and Loans ($B)² $688 $690 $534 276 299 168 $293 134 86 142 ■Speculative Grade Bank Loans ■Speculative Grade Bonds 58 22 Investment Grade 280 277 249 214 2024 2025 2026 2027 Debt Maturities: EMEA Non-Financial Corporate Bonds and Loans ($B) 3 $489 402 2024 66 49 39 43 $620 $533 $528 131 74 95 64 107 82 394 382 352 ■Speculative Grade Bank Loans ■Speculative Grade Bonds ■Investment Grade 2025 2026 2027 » Refinancing needs up from ~$4T to ~$4.4T over the next four years » U.S. refunding needs remain slightly weighted towards leveraged finance issuers » Leveraged finance refunding needs driving growth in EMEA 1. 2. 123 Non-financial corporates. Total may not sum due to rounding. MIS-rated U.S. non-financial corporate bond and loan maturities as defined in Moody's Investors Service's refunding needs reports (2023). 3. EMEA non-financial corporate and infrastructure bond and loan maturities as defined in Moody's Investors Service's refunding needs reports (2023). EMEA data is shown in USD, which appreciated against the EUR and GBP (the main reporting currencies) in the latest period under review. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 43#44$ billions Spotlight on 5-Year U.S. Refunding Wall ~27% Growth in U.S. Speculative Grade Refinancing Needs 1,2 ■Investment Grade Speculative Grade $2,476 $2,537 $2,585 $2,241 $2,019 $2,099 ~21% $3,123 $1,867 ~27% $1,412 $1,448 $1,466 $987 $1,044 $1,185 $1,032 $1,054 $1,055 $1,064 $1,088 $1,118 -12% $1,256 Jan '18 Jan '19 Jan '20 Sep '20 Sep '21 Sep '22 >> Five-year U.S. refunding wall increases by more than 20% since last study, driven by speculative grade, which grew ~27% » U.S. refunding needs continue to be more weighted towards speculative grade issuers Sep '23 1. 2. Amounts reflect total MIS-rated U.S. non-financial corporate bond and loan (for speculative grade) maturities as defined in Moody's Investors Service's refunding needs reports (2018-2023). Numbers may not sum to total due to rounding. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 44#45Debt Leverage and Interest Coverage in North America and Europe¹ Credit Metrics: North American Speculative Grade Companies Interest Coverage Debt/EBITDA EBITDA / Interest Expense 6.0x 4.6x 4.5x 4.2x 4.3x 5.8x 5.3x 5.3x 5.4x 5.3x 5.3x 4.8x 5.0x 5.1x 5.1x 4.6x 4.0x 3.3x 3.0x 3.1x 3.0x 3.0x 3.0x 2.9x 3.0x 3.0x 3.1x 2.8x 2.7x 2.6x 2.7x 2.4x 2.0x 0.0x 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Credit Metrics: EMEA Speculative Grade Companies Interest Coverage Debt/ EBITDA EBITDA / Interest Expense 5.8x 5.5x 5.6x 5.2x 5.2x 6.0x 4.8x 4.6x 4.8x 4.5x 4.6x 4.6x 4.6x 4.6x 4.2x 4.2x 4.0x 3.7x 3.6x 3.7x 3.5x 3.5x 3.4x 3.3x 3.2x 3.0x 3.0x 3.1x 3.2x 2.9x 2.6x 2.7x 2.0x 0.0x 2008 Source: Moody's Investors Service. Moody's | 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Note: Credit metrics are medians and historical figures may change due to timing differences in issuer reporting. Debt figures refer to gross debt. Data as of August 16, 2023. 1. Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 45#46Leveraged Finance Activity Driven by Refinancing and M&A Uses of Funds from USD High Yield Bonds and Bank Loans Issuance 1,2 5% 20% 5% 26% 6% 19% 3% 14% 5% 2% 8% I I 24% 26% I I I 42% | T I I I I I I 73% 83% 75% 75% 69% 69% 50% I I FY 2017 FY 2018 3 FY 2021 FY 2019 FY 2020 Debt Refinancing M&A ■Other ³ FY 2022 I I YTD 2023 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 was restated on November 10, 2021, to reflect updated methodology. Percentages may not sum to 100% due to rounding. Source: Dealogic. Reported data as of September 30, 2023. 2. 3. Other includes Shareholder Payments, Working Capital and Capital Spending. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 46#47Debt Capital Market Penetration 2022 Private Sector Capital Market Debt Securities (International & Domestic) Outstanding / GDP (%) Size of bubble reflects 2022 GDP Other Emerging Asia7 CEE/CIS² ASEAN1 0% India M.E. & Africa5 Latin America4 20% Developed Developed Asia³ North America6 China Western Europe8 40% 60% 80% 100% 120% » Debt capital markets have historically grown faster than GDP >> 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 have historically supported the development of bond markets in emerging economies; but the current higher inflation levels and tighter monetary policy will put further growth to a test Sources: International Monetary Fund World Economic Outlook as of April 2023, Bank for International Settlements as of September 2022, 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 2022 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, Macau, New Zealand, South Korea, Taiwan. 4. Latin America = Mexico, 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 | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 47#48Private Credit Markets 2023 Issuance Factors Overview >>> Risk and sustainability Where Moody's can add value Constitutes loans, bonds, and other credit instruments issued by private companies or in private offerings >> Market has grown significantly since the 2007 - 2008 Global Financial Crisis >>> » Most direct loans are small and unrated Market has grown rapidly; remains opaque, lacking oversight and untested in current market cycle » Credit risk heightened by reduced transparency and rising leverage; industry concentrations key » Investors typically pay higher borrowing costs for execution and certainty in volatile markets » Delivering MIS insightful thought leadership through research and active market engagement » Providing MIS private ratings and independent credit assessments on loans and/or portfolios, in addition to ratings for private credit vehicles, such as Middle Market CLOS, BDCs, feeder funds and private credit funds, in anticipation of issuers coming to the public markets in the future » Enhancing MA products to provide transparency in a significant portion of the private credit markets (e.g. ~12k unrated companies added to CreditView) » Expanding MA sales pipeline for portfolio and credit analysis products (e.g., Risk Calc™M and EDF) Note: Private Debt FOF = Private Debt Fund of Funds; CLOS = Collateralized Loan Obligations; BDCs = Business Development Companies. Source: Preqin, 4Q 2022 and market feedback. ~$1.4 Trillion 1 Large Direct Loans Small Direct Loans Distressed Debt Special Situations Mezzanine Venture and Private Debt FOF 1. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 48 48#49SEE Innovation 9#50Harnessing the Power of Innovation at Moody's Moody's | Decode risk. Unlock opportunity. Integrating Data & Analytics Platforming SaaS Migration Increased Interoperability Leveraging Gen Al New Product Development Research Assistant Digital Finance Sanctions 360 Established Third-Party Partnership Program 3Q 2023 Investor Presentation 50 50#51Modernizing our Internal Data & Technology Infrastructure to Further Enhance Business Capabilities DevOps » Continuing our DevOps journey within MIS and MA to promote high quality, secure solutions with optimal speed to market >> MIS quadrupled its releases by significantly reducing release times, greatly increasing productivity 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 >> Enterprise Performance Management (EPM) system will deliver a modern integrated financial modeling system to drive operational transformation Data Management >> Increasing data interoperability across products and solutions to assist customers' evolving needs >>Creating new data service platforms, such as Moody's Data Hub, to promote data accessibility and availability Talent Agility >> Continue to promote a diverse and inclusive culture to enable talent agility that pivots to address changing priorities » Moody's Data Science Development Program created to further our capabilities in emerging technology ...... Note: API = Application Programming Interface; ERP = Enterprise Resource Planning. 1. Measured as a percentage of annual sales for the year 2022. Moody's | Decode risk. Unlock opportunity. Cloud and Platform >> Progressing on our cloud infrastructure journey to allow "always on"; ~85% of MA solutions are in the cloud1 >> Built state of the art interoperable cloud platform with data factory and API framework to support integration of all current and future product offerings 3Q 2023 Investor Presentation 51#52TR Moody's is Positioned to Win in a GenAl World لس Moody's Data Estate ARESED Decades of Extensive, Proprietary and Historically Indexed Data, Analytics and Research Content BRE + Moody's CoPilot Moody's GenAl Engine to Leverage Large Language Models Moody's | Decode risk. Unlock opportunity. Exceptional Insights On Demand Accelerates Value in Era of Exponential Risk 3Q 2023 Investor Presentation 52 525#53Moody's Platform Architecture x + CB & User experience = CICD APIs Develop יון 5 Front Door Applications Workflows Test Data X Single Sign-On Deploy Entitlements Quota Platform Elements Logging Metering Shared Components Operate Note: CICD = Continuous Integration and Continuous Delivery - a software development practice whereby incremental code changes are made frequently, tested and deployed quickly; API = Application Programming Interface. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 53 33#54Extensive Suite of Al Products and Capabilities QUIQ spread » Employs Al and Machine Learning for digitizing financial data from public and private companies in a user-friendly interface that allows an analyst to review and approve the machine output; analyst corrections are fed back into the Al model Al Review Utilizes Al and Machine Learning on our proprietary datasets to significantly accelerate and improve the quality of KYC decisions, reducing false positives by >80% and onboarding times for most new customers from hours to seconds NewsEdge >>> >>> Generates real-time signal and sentiment outputs on nearly 1 million news stories a day, expediting risk evaluation and decision-making Categorizes, indexes and databases - leveraging proprietary Machine Learning and Natural Language Processing Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 54 54#557 Appendix#56$ Billions Corporate Finance: Issuance¹ and Revenue $400 Global Issuance 2: Mix by Quarter ■Global Non-Financial Speculative-Grade Bonds ■Global Non-Financial Investment-Grade Bonds MIS Revenue³: Mix by Year ■Other Investment Grade ■Speculative Grade Bank Loans $2,500 $2,000 $300 $133 $200 $96 $214 $100 $173 $66 $52 $69 $ Millions $606 $287 $1,500 $352 $313 $411 $349 $379 $275 $1,000 $204 $258 $254 $254 $175 $636 $108 $183 $439 $181 $301 $271 $379 $294 $500 $305 $262 $421 $425 $488 $554 $547 $582 $631 $592 $0 2015 2016 2017 2018 2019 2020 2021 2022 $54 $37 $25 $275 $19 $262 $241 MIS Revenue³: Mix by Quarter $165 $137 $143 $120 ■Other 4 ■Investment Grade Speculative Grade ■Bank Loans $600 $0 T T T T 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 $450 $ Millions $145 $124 $113 $59 $68 $300 $82 $82 $64 $39 $72 $32 $46 $47 $31 $38 $43 1. Note: Debt issuance categories do not directly correspond to Moody's revenue categorization. Total estimated market issuance, unless otherwise noted. $21 $105 $98 $114 $17 $115 $94 $63 $68 $67 $45 2. Historical issuance data has been adjusted as of November 16, 2023, to conform with current information using a single-third party source (Dealogic). Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle. $150 $156 $158 $151 $151 $142 $148 $150 $157 $163 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 2018. $0 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4. Other includes monitoring, commercial paper, medium term notes and ICRA. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 56#57Corporate Finance: Revenue MIS Revenue1: Distribution by Geography ■Non-U.S. ■U.S. 68% 66% 66% 66% 65% 63% 68% 66% 69% 65% 70% 32% 34% 34% 34% 35% 37% 32% 34% 31% 35% 30% MIS Revenue¹: Distribution by Recurring vs. Transaction ■Transaction ■Recurring 25% 23% 28% 30% 38% 45% 39% 35% 35% 38% 50% 75% 72% 77% 70% 62% 61% 65% 65% 62% 55% 50% 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 1Q23 2Q23 3Q23 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 1Q23 2Q23 3Q23 ■ Other² MIS Revenue¹: Distribution by Product ■Investment Grade ■Speculative Grade ■Bank Loans 22% 17% 17% 22% 17% 19% 24% 30% 28% 29% 27% 8% 7% 9% 10% 9% 13% 11% 9% 18% 14% 17% 20% 24% 21% 23% 32% 26% 18% 27% 22% 22% 21% 58% 47% 51% 47% 42% 43% 47% 32% 36% 36% 30% 2Q22 3Q22 4Q22 FY22 1Q23 2Q23 3Q23 3Q21 4Q21 FY21 1Q22 Note: Percentages have been rounded and may not total to 100%. 1. 2. Historical data has been adjusted to conform with current information and excludes intercompany revenue. Other includes monitoring, commercial paper, medium term notes and ICRA. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 57#58$ Billions Financial Institutions: Issuance¹ and Revenue $600 Global Issuance 2: Mix by Quarter ■Global Speculative Grade Financial Corporate Bonds ■Global Investment Grade Financial Corporate Bonds $400 $43 $22 $515 $18 $9 $11 $27 $18 $19 $ Millions MIS Revenue³: Mix by Year ■Banking ■Insurance ■Managed Investments Other $10 $600 $36 $10 $13 $13 $12 $28 $145 $13 $25 $28 $400 $22 $25 $137 $9 $10 $119 $113 $16 $17 $102 $114 $96 $102 $200 $411 $355 $300 $290 $320 $337 $244 $240 $0 2015 2016 2017 2018 2019 2020 2021 2022 $12 $200 $333 $321 $291 $264 $218 $421 $356 $309 ■Banking MIS Revenue³: Mix by Quarter ■Insurance ■Managed Investments Other $200 $160 $2 $3 $3 $8 $3 $3 $3 $6 $10 $0 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 $ Millions $7 $4 $120 $38 $5 $8 $3 $31 $9 $33 $35 $34 $24 $6 $31 $24 $80 $105 $96 $100 $40 $89 $93 $97 $76 $79 1. Total estimated market issuance, unless otherwise noted. 2. Historical issuance data has been adjusted as of November 16, 2023, to conform with current information using a single-third party source (Dealogic). Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle. Debt issuance categories do not directly correspond to Moody's revenue categorization. $0 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3. Historical data has been adjusted to conform with current information and excludes intercompany revenue. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 58#59Financial Institutions: Revenue MIS Revenue: Distribution by Geography ■Non-U.S. ■U.S. MIS Revenue¹: Distribution by Recurring vs. Transaction ■Transaction ■Recurring 41% 46% 46% 43% 48% 50% 47% 45% 44% 41% 46% 50% 50% 47% 53% 55% 51% 50% 58% 57% 59% 62% 54% 54% 59% 52% 57% 50% 53% 55% 56% 59% 50% 54% 50% 53% 47% 49% 50% 45% 38% 42% 43% 41% 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 1Q23 2Q23 3Q23 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 1Q23 2Q23 3Q23 ■Banking MIS Revenue¹: Distribution by Product ■Insurance ■Managed Investments Other 1% 2% 2% 2% 2% 3% 3% 3% 2% 2% 2% 5% 5% 6% 4% 6% 6% 7% 6% 4% 7% 6% 25% 23% 24% 26% 19% 22% 23% 23% 19% 24% 25% 69% 70% 68% 68% 73% 70% 64% 69% 70% 73% 67% 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 1Q23 2Q23 3Q23 Note: Percentages have been rounded and may not total to 100%. 1. Historical data has been adjusted to conform with current information and excludes intercompany revenue. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 59 59#60$ Billions Infrastructure Issuance¹; Public, Project & Infrastructure Revenue MIS Revenue³: Mix by Year $100 Global Issuance2: Mix by Quarter ■Global Infrastructure Finance Speculative-Grade Bonds ■Global Infrastructure Finance Investment-Grade Bonds $80 $60 $7 $40 $4 $5 $1 $2 ■Public Finance and Sovereign $600 ■Project & Infrastructure Finance $ Millions $400 $246 $277 $188 $213 $224 $234 $174 $206 $200 $3 $250 $202 $225 $218 $222 $244 $185 $197 $0 $3 2015 2016 2017 2018 2019 2020 2021 2022 $88 $1 $60 $56 $49 $43 $20 $40 $36 $61 ■■Public Finance and Sovereign 4 MIS Revenue³: Mix by Quarter ■ Project & Infrastructure Finance $45 $140 $120 $0 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 $ Millions $100 $69 $65 $65 $67 $77 $73 $80 $66 $48 $54 $60 $40 $61 $53 $58 $55 $52 $54 1. Note: Debt issuance categories do not directly correspond to Moody's revenue categorization. Total estimated market issuance, unless otherwise noted. $20 $44 $49 $40 2. Historical issuance data has been adjusted as of November 16, 2023, to conform with current information using a single-third party source (Dealogic). Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle. $0 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 3. Historical data has been adjusted to conform with current information and excludes intercompany revenue. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 60#61Public, Project and Infrastructure: Revenue MIS Revenue¹: Distribution by Geography ■Non-U.S. ■U.S. MIS Revenue¹: Distribution by Recurring vs. Transaction Transaction ■Recurring 32% 34% 32% 36% 33% 33% 46% 45% 39% 35% 38% 58% 60% 58% 61% 64% 62% 60% 62% 59% 60% 65% 68% 66% 68% 64% 67% 67% 61% 65% 62% 54% 55% 42% 40% 42% 39% 36% 38% 40% 38% 41% 40% 35% 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 1Q23 2Q23 3Q23 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 1Q23 2Q23 3Q23 MIS Revenue¹: Distribution by Product ■Public Finance and Sovereign ■ Project & Infrastructure Finance 53% 55% 53% 53% 55% 52% 57% 54% 60% 57% 57% 47% 45% 47% 47% 45% 48% 43% 46% 40% 43% 43% 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 1Q23 2Q23 3Q23 Note: Percentages have been rounded and may not total to 100%. 1. Historical data has been adjusted to conform with current information and excludes intercompany revenue. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 61#62$ Millions Structured Finance: Revenue ■ ABS ■RMBS $200 MIS Revenue¹: Mix by Quarter ■CMBS MIS Revenue¹: Mix by Year Structured Credit Other ■ ABS ■RMBS ■CMBS Structured Credit Other $600 $2 $1 $150 $2 $2 $ Millions $67 $1 $39 $57 $1 $36 $1 $100 $300 $1 $2 $450 $2 $2 $215 $4 $165 $140 $135 $196 $122 $2 $148 $105 $102 $98 $38 $31 $34 $32 $32 $29 $31 $143 $140 $133 $78 $81 181 $61 $26 $27 $14 $19 $14 $17 $123 $106 $14 $50 $35 $150 $98 $34 $31 $28 $25 $81 $85 $90 $95 $96 $22 $21 $25 $22 $29 $30 $32 $31 $32 $26 $27 $27 $30 $91 $94 $97 $107 $118 $116 $99 $98 $0 $0 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 2015 2016 2017 2018 2019 2020 2021 2022 1. 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 (commercial mortgage-backed securities) includes commercial real estate CDOS. Structured Credit includes CLOS and CDOS. 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 2018. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 62#63Structured Finance: Revenue MIS Revenue: Distribution by Geography ■Non-U.S. ■U.S. MIS Revenue¹: Distribution by Recurring vs. Transaction ■Transaction ■Recurring 35% 31% 35% 35% 41% 43% 50% 52% 55% 52% 53% 69% 68% 65% 63% 62% 59% 67% 67% 68% 67% 64% 65% 69% 65% 65% 59% 50% 57% 48% 45% 48% 47% 31% 32% 35% 33% 33% 32% 37% 33% 38% 41% 36% 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 1Q23 2Q23 3Q23 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 1Q23 2Q23 3Q23 MIS Revenue¹: Distribution by Product 1% 10 ■ ABS ■RMBS CMBS 1% Structured Credit Other 1% 1% 1% 27% 29% 34% 33% 30% 32% 30% 31% 40% 42% 38% 14% 26% 22% 19% 15% 21% 14% 17% 18% 18% 18% 25% 22% 25% 22% 22% 21% 22% 24% 23% 22% 23% 20% 19% 21% 22% 25% 26% 29% 25% 27% 31% 29% 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 1Q23 2Q23 3Q23 1. 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 (commercial mortgage-backed securities) includes commercial real estate CDOs. Structured Credit includes CLOS and CDOS. Percentages have been rounded and may not total to 100%. Historical data has been adjusted to conform with current information and excludes intercompany revenue. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 63#64$ Millions Moody's Analytics: Financial Overview Decision Solutions Research & Insights Data & Information Moody's Analytics Revenue: Mix by Quarter Revenue: Distribution by Line of Business Revenue: Mix by Year $3,000 $800 $700 $200 $188 $196 $180 29% 27% 26% 26% 26% 25% 26% 26% 26% $2,500 $600 $178 $180 $178 $176 $500 $174 $222 $400 $203 $205 $215 $217 29% 29% 30% 29% 29% 29% 29% 29% 32% $196 $203 $201 $195 $ Millions $300 $200 $314 $292 $308 $294 $334 $334 $329 $354 44% 45% 44% 45% 46% 45% 45% 46% 39% $100 T $232 $- 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 ך $712 $2,000 $698 $594 $812 $1,500 $772 $717 $1,000 $1,954 $1,731 $1,431 $1,234 $500 $1,150 $1,245 $768 $936 $- 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 2015 2016 2017 2018 2019 2020 2021 2022 Revenue: Distribution by Geography ■Non-U.S. ■U.S. Revenue: Distribution by Recurring vs. Transaction ■Transaction ■Recurring 43% 44% 43% 45% 44% 45% 46% 45% 44% 44% 44% 94% 92% 93% 94% 94% 94% 94% 94% 94% 94% 94% 57% 56% 57% 55% 56% 55% 54% 55% 56% 56% 56% 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 Note: Percentages have been rounded and may not total to 100%. Moody's | Decode risk. Unlock opportunity. 6% 8% 7% 4Q22 FY22 1Q23 2Q23 3Q23 3Q21 4Q21 FY21 6% 1Q22 6% 6% 6% 6% 6% 6% 2Q22 3Q22 4Q22 FY22 1Q23 2Q23 6% 3Q23 3Q 2023 Investor Presentation 64#65Moody's in Greater China 2nd Largest Onshore Bond Market at ~$22 Trillion Total debt securities outstanding 4Q 2012 - 4Q 20221 ■4Q 2012 ■4Q 2022 $ Trillions 5% $60 $40 $20 18% (2%) (2%) 1% $- U.S. China Japan Domestic and Cross Border³ UK France Revenue and Attributable Income from China² MIS Cross Border Revenue ■Total MA Revenue ■Attributable Income from CCXI $ Millions » 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 » Continuing to foster constructive relationships and partnerships with issuers, regulators, and other market participants $125 $16 MIS Cross Border and Total MA Attributable Income from CCXI 38% FY 2022 Cross Border Market Rated Issuance Volume $66B4 62% 46% FY 2022 Domestic Market Rated Issuance Volume ~$1.0T5 54% ■Rest of Market Moody's Coverage ■Rest of Market 1. Percentage growth numbers are rounded compound annual growth calculations from December 31, 2012, to December 31, 2022. Source: Bank for International Settlements' latest data available as of June 30, 2023. 2. Greater China: Mainland, Hong Kong and Macau. Revenue and attributable income data for full year 2022. 3. Source for Cross Border Market Issuance: Dealogic, excludes Structured Finance, Sovereign/Sub-Sovereign entities, policy banks and Special Purpose Vehicles (SPVs). ■CCXI's Coverage 4. The percentages displayed in the pie chart represent the coverage of the total ratings opportunity (as debt issuances can bear two or more ratings). In 2021, Moody's rated approximately 67% of the cross-border debt issued by Chinese entities. 5. Source for Domestic Market Issuance: WIND, excludes Structured Finance, Government debt, Private Placement Notes (PPN) and Negotiable Certificates of Deposit (NCDs). USD 1 = RMB 6.72 average exchange rate in 2022 is used for conversion. Percentages based on issuance volume; percentages were based on deal count in prior presentations. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 65#66MOODY'S ANALYTICS FOCUS ECONOMICS ANALYST FORECAST AWARDS 2023 GLOBAL WINNER THE DIGITAL DANKER BankTech DANKED GLOBAL THETAL BankTech WINNER AWARDS 2023 AWARDS2023 BEST ALM'LIQUIDITY RISK SOLUTION BY A VENDOR MOODY'S MOODY'S ANALYTICS BEST THIRD-PARTY SOLUTION BY A VENDOR ANALYTICS Awards & Accolades Recognition for our industry-leading solutions: data, research, analytics and software Chartis RiskTech QuadrantⓇ Category Leader CLM Solutions for Wealth Management, 2023 Chartis RiskTech Quadrant® Category Leader Credit Risk Reporting Solutions, 2023 ☆ Data Management Insight Awarck USA 23 Winner Moodys Analytics Best Data Analytics Provider ATRU GROUP Risk Technology Awards 2023 Winner Anti-fraud product of the year Moody's Analytics Moody's | Decode Risk. Unlock Opportunity. ☆ Chartis RiskTech Quadrant Category Leader ALM Solutions, 2023 Chartis RiskTech Quadrant Category Leader Capital and Balance Sheet Optimization Solutions, 2023 Chartis RiskTech QuadrantⓇ Category Leader KYC Data Solutions, 2023 Chartis RiskTech QuadrantⓇ Category Leader KYC Solutions, 2023 Insurance ERM Climate Risk & Sustainability Awards 2023 Winner Climate risk modelling solution of the year wwwww ☆ Risk Wholesale credit Technology modelling software Awards 2023 of the year Winner Moody's Analytics 2023 WINNER tsia STAR Awards waters Rankings Winner 2023 Best credit risk solution provider Moody's Analytics 3Q 2023 Investor Presentation 99 66#67MOODY'S INVESTORS SERVICE Awards & Accolades Select recognition for our expertise in credit ratings, research and risk analysis GlobalCapital Multi-award winner: 2015- 2022 including Best Rating Agency for Corporate Bonds, Financial Institution Bonds, Emerging Markets Bonds, US and European Securitization ASSET WARDS Multi-award winner: 2015- 2022 Green Rating Agency of the Year: 2017-2021 Project Finance Rating Agency of the Year: 2016-2017, 2020-2022 Institutional Investor Best Credit Rating Agency: 2019-2022 #1 US Credit Rating Agency: 2012-2018 ☆ MENAIR AWARDS 2023 Recognized as leading Rating Agency across Middle Eastern & North African Markets >Creditflux CLO Census 2022 Best Rating Agency for US CLO Investors: 2021-2022 ☆ 2021 cfi.co BEST RISK ANALYSIS WINNER LATAM Best Credit Risk Analysis LATAM 2023 Creditflux CLO Census 2021 Best Rating Agency for EURO CLO Investors: 2021 SMITH'S 2020 Municipal All-Star Awarde #1 US Rating Agency: 1999- 2021 The Top Team and No.1 Rating Agency: 2021 JEN SERVICE PROVIDERS 2022 Best Rating Agency in Islamic Finance: 2015, 2017, 2021-2022 ☆ KANG NEWS S 2022 Australian Structured Finance Rating Agency of the Year: 2022 Australian Rating Agency of the Year: 2014- 2020 Australian Credit Sector Rating Agency of the Year: 2019-2020 Moody's | ☆ GIFA Market Leadership Award, Islamic Finance Intelligence & Ratings: 2016-2022 Best Islamic Finance Rating Agency: 2015 Deal Catalyst U.S. CLO AWARDS CLO Rating Agency if the Year highs connected! CLO Rating Agency of the Year: Highly commended IJInvestor Awards 2020 Best Rating Agency: 2020 ACHIEVEMENT AWARDS FinanceAsia 2021 Credit Rating Agency of the Year: 2021 Best Ratings Agency: 2018 Corporate Treasurer AWARDS 2022 Best Credit Ratings Agency - House Award Service Provider APAC: 2021-2022 Decode Risk. Unlock Opportunity. 3Q 2023 Investor Presentation 67#68$1,000 60 $0 $ Millions Moody's Revenue and Interest Rates¹ Over Time MIS Revenue (L) MIS Revenue Guidance MA Revenue (L) MA Revenue Guidance MCO Revenue (L) 10-yr U.S. Treasury Yield (R) 1 $7,000 $6,000 $5,000 $4,000 5.8% $3,000 $2,000 7.8% 6.5% +100bps +120bps Whatt +200bps 4.7% +180bps 3.3% 3.0% 1992 1993 1994 1995 1996 Moody's | Decode risk. Unlock opportunity. 1997 1998 1999 2.3% 1.8% Source: www.treasury.gov. Note: Gray bars reflect periods of significant increases in the 10-year U.S. Treasury Yield. 1. 2. 10-year U.S. Treasury Yields are represented by end-of-period rates. Guidance as of October 25, 2023. Refer to Table 11 - "2023 Outlook" in the press release titled "Moody's Corporation Reports Results for Third Quarter 2023" from October 25, 2023, for a complete list of guidance, as well as assumptions used by the Company with respect to its guidance. 2016 0.9% 3Q 2023 Investor Presentation 9% +240bps 8% 5% 3.9% 4% 1.5% 1% 2022 2023F 68 0% 2% 3% 6% 7%#69Maintaining Financial Flexibility through Proactive Management Bond portfolio WAC1 WAC With Hedges WAC Excluding Hedges 4.7% 4.3% 4.3% 3.9% 3.5% 3.5% 4.2% 3.3% 3.3% 3.3% 3.9% 4.0% 3.1% 3.4% 3.4% 3.2% 3.0% 2.1% 2.4% 2.4% » Well-laddered maturities; attractive long-end rates provide opportunity to optimize WAC and WAM » Strong liquidity with $2.1B in cash and short- term investments, and an undrawn $1.25B revolving credit facility² » Leverage below maximum 4.0x total debt / EBITDA covenant³ 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Balanced maturity schedule 4 $ in millions 300 USD Fixed ■USD Floating EUR Fixed ■ EUR Floating 800 250 500 600 300 546 500 400 400 300 500 500 300 300 300 250 100 100 # # Н 2041 2044 2048 2050 2052 2060 2061 2025 2027 2028 2029 2030 2031 2032 Note: WAC = Weighted Average Coupon. WAM = Weighted Average Maturity. 1. 2014-2023, as of end of Q3 2023. 2. As of September 30, 2023. See press release titled "Moody's Corporation Reports Results for Third Quarter 2023" from October 25, 2023, for Moody's sources of capital and cash flow generation. 3. 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. 4. Certain USD denominated debt has been synthetically converted to EUR via cross-currency swaps. EUR bonds converted to USD as of September 30, 2023. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 69#70Disciplined Approach to Capital Management Capital Allocation Priorities Increasing Dividends Through Market Cycles $3.50 COVID-19 Recession INVESTING FOR GROWTH $3.00 $2.50 CAGR 1 Reinvestment $2.00 2001 Great Recession 17% Accelerating organic growth $1.50 Recession $1.00 2 Acquisitions $0.50 Advance global integrated $0.00 risk assessment strategy 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023F¹ RETURNING CAPITAL Leverage Anchored to BBB+ Rating Gross Leverage² 3 Dividends Net Leverage³ BBB+ threshold 2.96x Positioning as a "growth" stock 2.26x 2.50x 2.40x 4 Share Repurchases 2.30x 2.34x Mechanism to return excess cash to stockholders 1.80x 1.82x 1.50x 2019 2020 2021 2022 2023F 1. Quarterly dividend of $0.77. 2. 3. Gross leverage represents outstanding debt on the balance sheet divided by adjusted TTM EBITDA and is intended to approximate leverage as calculated by Fitch. Net leverage represents outstanding debt (net of cash) on the balance sheet divided by adjusted TTM EBITDA and is intended to approximate leverage as calculated by S&P. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 70 10#71Moody's Market-leading ESG & Climate Capabilities High-single-digit to 2011 Low-double-digit *()))))))) percent revenue growth in 20231 ~$190 million 2022 ESG & Climate Revenue² ESG & CLIMATE AT MOODY'S 1. 2. Guidance as of November 16, 2023. Approximate ESG & Climate revenue from Moody's Investors Service and Moody's Analytics as of December 31, 2022. Moody's | Decode risk. Unlock opportunity. » Our deep ESG & Climate domain expertise and trusted insights are integrated across our business and capabilities >> We enable customers to obtain a holistic view of their ESG & Climate risk that considers both financial and stakeholder impact » Moody's addresses market participants' evolving use cases across key workflows and is committed to expanding and enhancing its adaptable ESG & Climate solutions by leveraging innovative technologies and user-friendly delivery platforms » Moody's helps organizations identify, measure and manage ESG & Climate risks, including those within company supply chains and as part of regulatory reporting requirements 3Q 2023 Investor Presentation 71#72Workflow-Driven ESG & Climate Solutions Moody's adaptable solutions help customers address evolving business needs FOUNDATIONAL ANALYSIS Conduct foundational, company & sector-level ESG risk analysis & benchmarking across all workflows ())))) egė Lending Underwriting mai Investing Disclosure & Regulation * Supply Chain Credit & Sustainable Finance Incorporate ESG data, scores and screening into credit origination and assessment, loan portfolio management and monitoring, and reporting Integrate ESG data and analytics into P&C underwriting to inform decision-making and more effectively measure insurance-associated emissions to address the PCAF accounting and reporting standard and the NZIA target setting protocol Identify, measure, and manage ESG risks as part of portfolio management to inform investment decisions Enhance disclosure and compliance with ESG regulatory reporting requirements set forth by TCFD, ISSB, EU Taxonomy, SFDR Pillar 3, and others Embed ESG capabilities within supply chain due diligence to support supplier third-party onboarding and monitoring Advance corporate sustainability objectives and compliance with regulatory reporting requirements Systematically and transparently integrate ESG factors into credit analysis and assign independent opinions on entities' sustainable financing plans Note: P&C = Property and Casualty; PCAF = Partnership for Carbon Accounting Financials; NZIA = Net-Zero Insurance Alliance, TCFD = Task Force on Climate-Related Financial Disclosures; ISSB = International Sustainability Standards Board; SFDR = Sustainable Finance Disclosure Regulation. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 72#73ESG & Climate at Moody's Snapshot¹ 35+ Years of ESG experience Pioneers of ESG analysis for over three decades, providing many ESG regulatory consultations 50+ Awards In the ESG and Climate space 10,000+ ESG Credit Impact Scores (CIS) and Issuer Profile Scores (IPS) by MIS 100% Systematic integration Of material ESG factors into MIS Credit Ratings ~300M Companies scored Via a combination of analyst- verified and modeled Moody's ESG scores ~5,000 ESG Assessments → 10,000+ Climate physical risk scores Spanning countries, sub sovereigns, companies and real assets² globally 7,500+ Companies covered For Temperature Alignment Data 600+ Second party opinions Green, Social and Sustainability Bonds and Sustainability-linked loans and bonds 3,000+ ESG-related research reports Published since 2020 99 600+ ESG and Climate-related events and speaking engagements 200+ Natural catastrophe models In 100 countries 1. Data as of December 31, 2022. 2. Real assets are physical assets that have an intrinsic worth due to their substance and properties. Real assets include precious metals, commodities, real estate, land, equipment and natural resources. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 73#74Drivers of Sustainable Corporate Value Placing sustainability at the core of the business >>> 同向 Better Business Committed to net-zero by 2040: Moody's is one of the first companies to set to have its near and long-term science-based targets validated by the SBTI >>> Ranked #1 on Forbes' Net Zero Leaders list » » » Selected as a member of the 2022 Dow Jones Sustainability (DJSI) World Index for the first time and DJSI North America Index for the third consecutive year Published the 2022 Stakeholder Sustainability_report (aligned with the GRI, SASB, WEF frameworks) and the 2022 TCFD Report Published an inaugural Global Tax Policy and a Political Engagement and Public Policy Statement Issued a Company's Taskforce on Nature-related Financial Disclosures (TNFD) Statement for the first time » » 888 >>> >>> Better Lives Progressed on our customer-focused diversity, equity and inclusion (DE&I) program, CORE, by becoming a founding member of the U.S. Economic Opportunity Coalition Published our consolidated U.S. EEO-1 employment data for the second consecutive year in 2022 Launched "PurposeFirst", an initiative designed to enhance employee flexibility and create opportunities for collaboration while continuing to meet our business objectives Named Best Place to Work for Disability Inclusion by the Disability Equality Index 2022 Named to Bloomberg Gender-Equality Index for Fourth Consecutive Year » » Better Solutions Expanded our Issuer Profile Scores (IPS) and Credit Impact Scores (CIS) to cover 10,000+ governments, financial institutions and corporations across sectors globally Continued to work on the integration of RMS, a leading global provider of climate and natural disaster risk modeling and analytics Collaborated with peers in the Climate Data Steering Committee to publish recommendations on the design of a new open-data utility that would make climate transition- related data openly available in a single place for the first time Published Net Zero Assessment framework. Continued rollout of Second Party Opinions, which provide an independent view on the alignment of labeled sustainable bonds and loans with international standards >>> MOST JUST COMPANIES CNBC 2023 www. VISIT OUR SUSTAINABILITY SITE TO LEARN MORE AMERICA'S >>> CDP SUPPLIER ENGAGEMENT LEADER 2022 Environmental Finance COMPANY Awards 2022 Winner Sustainability reporting of the year-Americas CDP DISCLOSURE INSIGHT ACTION A LIST 2022 CLIMATE seramount INCLUSION INDEX COMPANY 2022 Insurance RM Americas Awards 2022 Winner Data solution of the year Environmental Finance Sustainable Investment Awards 2022 Winner ESG data provider -Europe of the year-1 Note: SBTI = Science Based Targets Initiative; GRI = Global Reporting Initiative; SASB = Sustainability Accounting Standards Board; WEF = World Economic Forum; CORE: Creating Opportunities for Racial Equity program. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 74 14#75Reconciliation of Adjusted Financial Measures to U.S. GAAP Moody's Corporation Adjusted Operating Income and Adjusted Operating Margin Reconciliation. (in $ millions) Operating Income Operating Margin Add Adjustment: Depreciation & Amortization Acquisition-Related Expenses Restructuring Captive insurance company settlement Loss pursuant to the divestiture of MAKS Moody's Corporation Net Debt Reconciliation 2018 2019 2020 2021 2022 TTM 3Q 2023 (in $ millions) 2018 2019 2020 $1,868 $1,998 $2,388 $2,844 $1,883 42.0% 41.4% 44.5% 45.7% 34.4% $1,945 Gross debt 2021 $5,676 $5,581 $6,422 $7,413 $7,389 2022 3Q 2023 $6,851 34.0% Less: Cash, cash equivalents and short- term investments 1,818 1,930 2,696 1,902 1,859 2,079 192 200 220 257 331 365 Net debt $3,858 $3,651 $3,726 $5,511 $5,530 $4,772 8 3 49 60 50 114 133 16 14 9 Adjusted Operating Income $2,117 $2,291 $2,667 $3,101 $2,328 $2,443 Adjusted Operating Margin 47.6% 49.7% 49.9% 42.6% 42.7% 47.4% Note: Some numbers may not foot due to rounding. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 75#76Reconciliation of Adjusted Financial Measures to U.S. GAAP (cont.) Moody's Corporation Diluted EPS Reconciliation 1. 2018 2019 2020 2021 2022 2023F1 Diluted EPS - U.S. GAAP $6.74 $7.42 $9.39 $11.78 $7.44 $8.60 to $9.10 Acquisition-Related Intangible Amortization Expenses $0.40 $0.42 $0.51 $0.65 $0.83 ~$0.82 Acquisition-Related Expenses $0.03 $0.02 Restructuring $0.19 $0.23 $0.20 $0.48 ~$0.33 Impact of U.S. tax reform ($0.30) Increase to non-U.S. UTPS Captive insurance company settlement Tax charge pursuant to the divestiture of MAKS Loss pursuant to the divestiture of MAKS $0.33 $0.06 $0.07 $0.07 $0.05 Non-cash gain relating to minority investment in BitSight FX losses resulting from the Company no longer conducting commercial operations in Russia Gain on extinguishment of debt Adjusted Diluted EPS ($0.14) $0.11 ($0.29) $7.39 $8.29 $10.15 $12.29 $8.57 $9.75 to $10.25 Guidance as of October 25, 2023. Refer to Table 11 - "2023 Outlook" in the press release titled "Moody's Corporation Reports Results for Third Quarter 2023" from October 25, 2023, for a complete list of guidance, reconciliations between adjusted measures and U.S. GAAP, as well as assumptions used by the Company with respect to its guidance. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 76#77Reconciliation of Adjusted Financial Measures to U.S. GAAP (cont.) Moody's Corporation Operating Margin Guidance Reconciliation Free Cash Flow Reconciliation 2023F1 (in $ millions) 2018 2019 2020 2021 2022 2023F1 Projected Operating Margin - U.S. GAAP Approximately 37% Net cash flows from operating activities $1,461 $1,675 $2,146 $2,005 $1,474 Approximately $2.1 billion Depreciation & Amortization Approximately 6.2% Less: Capital expenditures 91 69 103 139 283 Approximately $0.3 billion Restructuring Expense Approximately 1.3% Free Cash Flow $1,370 $1,606 $2,043 $1,866 $1,191 Projected Adjusted Operating Margin 44% to 45% Approximately $1.8 billion 1. Guidance as of October 25, 2023. Refer to Table 11 - "2023 Outlook" in the press release titled "Moody's Corporation Reports Results for Third Quarter 2023" from October 25, 2023, for a complete list of guidance, reconciliations between adjusted measures and U.S. GAAP, as well as assumptions used by the Company with respect to its guidance. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 77#78Annualized Recurring Revenue (ARR) The Company presents Annualized Recurring Revenue ("ARR") on a constant currency organic basis for its MA business as a supplemental performance metric to provide additional insight on the estimated value of MA's recurring revenue contracts at a given point in time. The Company uses ARR to manage and monitor performance of its MA operating segment and believes that this metric is a key indicator of the trajectory of MA's recurring revenue base. The Company calculates ARR by taking the total recurring contract value for each active renewable contract as of the reporting date, divided by the number of days in the contract and multiplied by 365 days to create an annualized value. The Company defines renewable contracts as subscriptions, term licenses, maintenance and renewable services. ARR excludes transaction sales including training, one-time services and perpetual licenses. In order to compare period-over-period ARR excluding the effects of foreign currency translation, the Company bases the calculation on currency rates utilized in its current year operating budget and holds these FX rates constant for the duration of all current and prior periods being reported. Additionally, ARR excludes contracts related to acquisitions to provide additional perspective in assessing growth excluding the impacts from certain acquisition activity. The Company's definition of ARR may differ from definitions utilized by other companies reporting similarly named measures, and this metric should be viewed in addition to, and not as a substitute for, financial measures presented in accordance with U.S. GAAP. Amounts in millions MA ARR Decision Solutions September 30, 2023 September 30, 2022 Change Growth Banking $397 $362 $35 10% Insurance 511 475 36 8% KYC 308 260 48 18% Total Decision Solutions $1,216 $1,097 $119 11% Research and Insights 853 787 66 8% Data and Information 782 711 71 10% Total MA ARR $2,851 $2,595 $256 10% Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 78#79Key Assumptions Underlying our Medium-Term Targets Moody's medium-term guidance refers to a time period within 5 years and reflects assumptions about numerous factors that could affect its business and is based on currently available information reviewed by management through and as of today's date. These assumptions include, but are not limited to, the effects of interest rates, inflation, foreign currency exchange rates, capital markets' liquidity and activity in different sectors of the debt markets. This outlook also reflects assumptions about general economic conditions, including inflation and related monetary policy actions by governments in response to inflation, global GDP, and the impacts resulting from changes in international conditions, including as a result of the military conflict in Ukraine, as well as assumptions related to the Company's own operations and personnel. These assumptions are subject to increased uncertainty due to the current inflationary environment and the military conflict in Ukraine. Actual results could differ materially from Moody's outlook. The guidance also incorporates various assumptions as of January 31, 2023, including: (a) U.S. and Euro area GDP to stagnate in the near-term, followed by economic recovery; (b) the U.S. 10-Year Treasury yield to stabilize, fluctuating modestly around current levels; (c) issuers continue to refinance maturing debt; (d) MA customer retention rates remain in-line with historical levels; and (e) pricing initiatives align with prior practices and enhancements to customer value. Moody's Corporation Medium-Term Guidance (as of January 31, 2023) Moody's Corporation Revenue Adjusted Operating Margin (1) Adjusted Diluted EPS (1) Moody's Analytics (MA) MA global revenue MA Adjusted Operating Margin Moody's Investors Service (MIS) MIS global revenue MIS Adjusted Operating Margin 1. At least 10% growth Low-50s percent range Low-double-digit percent growth Low-to-mid-teens percent growth Mid-30s percent range Low-to-mid-single-digit percent growth Low-60s percent range Note: Growth refers to average annualized growth over the time period. Assumes full year 2022 as the base year. Moody's does not provide medium-term operating margin and diluted EPS guidance on a U.S. GAAP basis because the items that the Company excludes to derive Adjusted Operating Margin and Adjusted Diluted EPS cannot be reasonably predicted or assumed, for example the amount of amortization associated with acquired intangible assets from future M&A activity. Accordingly, the Company does not forecast these items over the medium-term. The occurrence, timing and amount of any of the items excluded from operating income to derive Adjusted Operating Income, Adjusted Operating Margin and Adjusted Diluted EPS could significantly impact the Company's medium-term U.S. GAAP results. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 12 79#80© 2023 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 credit 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, Inc. 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 — Charter Documents - 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 JPY100,000 to approximately JPY550,000,000. MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 80 60#81Disclaimer 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. Such statements involve estimates, projections, goals, forecasts, assumptions and uncertainties that could cause actual results or outcomes to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements. Stockholders and investors are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements and other information in this document are made as of the date hereof, and Moody's undertakes no obligation (nor does it intend) to publicly supplement, update or revise such statements on a going-forward basis, whether as a result of subsequent developments, changed expectations or otherwise, except as required by applicable law or regulation. 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. These factors, risks and uncertainties include, but are not limited to: the impact of current economic conditions, including capital market disruptions, inflation and related monetary policy actions by governments in response to inflation, on worldwide credit markets and on economic activity, including on the volume of mergers and acquisitions, and their effects on the volume of debt and other securities issued in domestic and/or global capital markets; the uncertain effectiveness and possible collateral consequences of U.S. and foreign government initiatives and monetary policy to respond to the current economic climate, including instability of financial institutions, credit quality concerns, and other potential impacts of volatility in financial and credit markets; the global impacts of the Russia - Ukraine military conflict and more recently the military conflict in Israel and surrounding areas, on volatility in world financial markets, on general economic conditions and GDP in the U.S. and worldwide, on global relations and on the Company's own operations and personnel; other matters that could affect the volume of debt and other securities issued in domestic and/or global capital markets, including regulation, increased utilization of technologies that have the potential to intensify competition and accelerate disruption and disintermediation in the financial services industry, as well as the number of issuances of securities without ratings or securities which are rated or evaluated by non-traditional parties; 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; the impact of MIS's withdrawal of its credit ratings on countries or entities within countries and of Moody's no longer conducting commercial operations in countries where political instability warrants such actions; concerns in the marketplace affecting our credibility or otherwise affecting market perceptions of the integrity or utility of independent credit agency ratings; the introduction or development of competing and/or emerging technologies and products; 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; uncertainty regarding the future relationship between the U.S. and China; the possible loss of key employees and the impact of the global labor environment; failures or malfunctions of our operations and infrastructure; any vulnerabilities to cyber threats or other cybersecurity concerns; the timing and effectiveness of our restructuring programs, such as the 2022 2023 Geolocation Restructuring Program; currency and foreign exchange volatility; 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, such as our acquisition of RMS, or other business combinations and the ability of Moody's to successfully integrate acquired businesses; the level of future cash flows; the levels of capital investments; and a decline in the demand for risk management tools by financial institutions. 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 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, 2022, and in other filings made by the Company 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 the Company'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 the Company's business, results of operations and financial condition. New factors may emerge from time to time, and it is not possible for the Company to predict new factors, nor can the Company assess the potential effect of any new factors on it. Forward-looking and other statements in this document may also address our corporate responsibility progress, plans, and goals (including sustainability and environmental matters), and the inclusion of such statements is not an indication that these contents are necessarily material to investors or required to be disclosed in the Company's filings with the Securities and Exchange Commission. In addition, historical, current, and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 81