#17 MOODY'S INVESTOR DAY 2022 Decode Risk. Unlock Opportunity. Strategic Overview March 10, 2022#2Disclaimer Certain statements contained in this document are forward-looking statements and are based on future expectations, plans and prospects for Moody's business and operations that involve a number of risks and uncertainties. The forward-looking statements in this document are made as of the date hereof, and Moody's disclaims any duty to supplement, update or revise such statements on a going-forward basis, whether as a result of subsequent developments, changed expectations or otherwise. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, Moody's is identifying certain factors that could cause actual results to differ, perhaps materially, from those indicated by these forward-looking statements. Those factors, risks and uncertainties include, but are not limited to the global impact of the crisis in Ukraine on volatility in the U.S. and world financial markets, on general economic conditions and GDP in the U.S. and worldwide, and its potential for further worldwide credit market disruptions and economic slowdowns; the impact of COVID-19 on world financial markets, on general economic conditions and on Moody's own operations and personnel; future worldwide credit market disruptions or economic slowdowns, which could affect the volume of debt and other securities issued in domestic and/or global capital markets; other matters that could affect the volume of debt and other securities issued in domestic and/or global capital markets, including regulation, credit quality concerns, changes in interest rates, inflation and other volatility in the financial markets such as that due to Brexit and uncertainty as companies transition away from LIBOR; the level of merger and acquisition activity in the U.S. and abroad; the uncertain effectiveness and possible collateral consequences of U.S. and foreign government actions affecting credit markets, international trade and economic policy, including those related to tariffs, tax agreements and trade barriers; concerns in the marketplace affecting our credibility or otherwise affecting market perceptions of the integrity or utility of independent credit agency ratings; the introduction of competing products or technologies by other companies; pricing pressure from competitors and/or customers; the level of success of new product development and global expansion; the impact of regulation as an NRSRO, the potential for new U.S., state and local legislation and regulations; the potential for increased competition and regulation in the EU and other foreign jurisdictions; exposure to litigation related to our rating opinions, as well as any other litigation, government and regulatory proceedings, investigations and inquiries to which Moody's may be subject from time to time; provisions in U.S. legislation modifying the pleading standards and EU regulations modifying the liability standards, applicable to credit rating agencies in a manner adverse to credit rating agencies; provisions of EU regulations imposing additional procedural and substantive requirements on the pricing of services and the expansion of supervisory remit to include non-EU ratings used for regulatory purposes; the possible loss of key employees; failures or malfunctions of our operations and infrastructure; any vulnerabilities to cyber threats or other cybersecurity concerns; the outcome of any review by controlling tax authorities of Moody's global tax planning initiatives; exposure to potential criminal sanctions or civil remedies if Moody's fails to comply with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which Moody's operates, including data protection and privacy laws, sanctions laws, anti-corruption laws, and local laws prohibiting corrupt payments to government officials; the impact of mergers, acquisitions, such as our acquisition of RMS, or other business combinations and the ability of Moody's to successfully integrate acquired businesses; currency and foreign exchange volatility; the level of future cash flows; the levels of capital investments; and a decline in the demand for credit risk management tools by financial institutions. 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, 2021, and in other filings made by Moody's from time to time with the SEC or in materials incorporated herein or therein. Stockholders and investors are cautioned that the occurrence of any of these factors, risks and uncertainties may cause Moody's actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements, which could have a material and adverse effect on Moody's business, results of operations and financial condition. New factors may emerge from time to time, and it is not possible for Moody's to predict new factors, nor can Moody's assess the potential effect of any new factors on it. 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. Investor Day 2022 2#3MOODY'S INVESTOR DAY 2022 Decode Risk. Unlock Opportunity. 2. Rob Fauber President & Chief Executive Officer MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. Investor Day 2022 3#4Delivering Consistent Value for Our Stakeholders MOODY'S INVESTOR DAY 2022 Stockholders1 >> MCO revenue of over $6B in 2021, representing -40% growth - MIS and MA revenue CAGR of 12% each >> CAM² increased from $27B to $40B+ >> Returned more than $4B in share repurchases and dividends. to our stockholders Employees & Communities » Supporting a diverse, equitable and inclusive workforce » Recognized by the Human Rights Campaign, Newsweek and DiversityInc. for our commitment to our employees and communities » Published our inaugural Sustainability Report >> Awarded 'A' score from CDP Customers >> #2 Overall Ranking in Chartis Risk Tech 100Ⓡ 2022 >> No.1 Rating Agency for the 25th year in a row by Smith's Municipal All Star Program³ >> Ranked best 'ESG Data Provider' by Waters Rankings4 1. Unless otherwise stated, figures and growth percentages represent FY 2018 through FY 2021. CAM: Current Addressable Market. Sources: Moody's estimates, company annual reports, IDC, Gartner, Pitchbook, Opimas, ESG - Global Sustainable Investment Alliance and industry experts. CAM figures are for YE 2018 and YE 2021 respectively. Smith's Research & Gradings recognizes achievements of municipal credit analysis professionals. 2. 3. 4. Waters Technology is a provider of technology and data-related information. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. Investor Day 2022 4#5Commitment to our Strategic Priorities Drives Growth CUSTOMER FOCUS INVEST WITH INTENT World-class customer experience Deepen and extend our presence in risk assessment markets 888 MOODY'S INVESTOR DAY 2022 COLLABORATE, MODERNIZE AND INNOVATE Technology interoperability and data access DIVERSE AND INCLUSIVE CULTURE AND AGILE WORKFORCE Decode Risk. Unlock Opportunity. MOODY'S DECODE RISK. UNLOCK OPPORTUNITY. Investor Day 2022 5#6MIS is Positioned for Success .00 MOODY'S INVESTOR DAY 2022 EXPANDING GLOBAL GDP Moderated pace from 2021 high CONDUCIVE CREDIT ENVIRONMENT All-in financing costs remain attractive; potential for higher benchmark rates and wider credit spreads eel ONGOING INCREASE IN REFUNDING WALLS $4T+ of refinancing needs¹ between 2022 - 2025 AGENCY OF CHOICE Trusted brand recognized for in-depth insights and research ? GEOGRAPHIC EXPANSION Serving domestic markets via Moody's Local and GCR2 ENHANCING CAPABILITIES Meeting customers' evolving risk assessment demands, including ESG & Climate and Cyber 1. 2. Amount reflects total MIS-rated U.S. non-financial corporate bond and loan maturities, in addition to EMEA non-financial corporate and infrastructure bond and loan maturities as defined in Moody's Investors Service's refunding needs reports (2020-2021). On February 2, 2022 Moody's announced that it has agreed to acquire a majority (51%) stake in Global Credit Rating Company Limited (GCR); a leading credit rating agency in Africa. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. Investor Day 2022 6#7Integrated Risk Assessment Strategy Fuels MA Growth MOODY'S INVESTOR DAY 2022 Data & Information Vast data sets on economies, companies, commercial properties, financial securities and more Data Feeds Data Applications Research & Insights Provides models, scores, expert insights and commentary Credit Research Credit Models & Analytics | Economics Data & Models Decision Solutions Combines components from Data & Information and Research & Insights; integrating capabilities through software and workflow tools for specific use cases 0000 Banking Insurance m Know-Your-Customer / KYS1 ② CRE, Structured Finance, etc. Curated Data + Expertise 1. KYS: Know-Your-Supplier MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. Better Decisions Investor Day 2022 7#8MA Operates in Highly Attractive Markets Data & Information Research & Insights Decision Solutions Total MA 2021 REVENUE $698M $697M $1,011 M $2,406M 2020 2021 GROWTH 17% 7% 21% 16% % RECURRING 99% 99% 84% 93% RETENTION RATES -95% -96% ~93% ~95% 2021 MA CAM1 2022 2026 MA CAM¹ GROWTH RATE $30B+ Low-double-digit percent MOODY'S INVESTOR DAY 2022 MA revenue is projected to grow in the low-to-mid teens²; >20% faster than the market, through 2026 1. CAM: Current Addressable Market. Sources: Moody's estimates, company annual reports, IDC, Gartner, Pitchbook, Opimas, ESG - Global Sustainable Investment Alliance and industry experts. Refer to Slide 14 in the Appendix for details and assumptions with respect to medium-term guidance. 2. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. Investor Day 2022 8#92. MOODY'S INVESTOR DAY 2022 Decode Risk. Unlock Opportunity. Mark Kaye Chief Financial Officer MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. Investor Day 2022 9#10First Quarter Update1 MOODY'S INVESTOR DAY 2022 » Year-to-date issuance² significantly behind assumptions underlying our full-year outlook as of February 10, 2022 - - Limited opportunistic issuance given market volatility Investment grade issuance averaged -$2.5B per day, down from ~$4.5B in 2021 Over 15 days of no high yield issuance³ >> First time mandates strong and consistent with prior year >> Projecting first quarter rated issuance 2.4 and MIS revenue to contract by up to 40% and up to 30%, respectively, versus 1Q 2021 >> 1Q 2022 adjusted diluted EPS4,5 in the range of $2.50 to $3.00 Geopolitical Tensions » Increased disruption from Ukraine conflict » Evolving global sanctions >> Russian oil and gas export bans; higher energy prices Macroeconomic Conditions » Heightened financial market volatility and wider spreads Persistent inflation Global central bank rate increases 1. As compared to guidance provided in the press release titled "Moody's Corporation Reports Results for Fourth Quarter and Full Year 2021; Sets Full Year 2022 and Medium-Term Outlooks" from February 10, 2022. 2. MIS rated issuance through March 8, 2022, includes CFG, SFG, FIG and PPIF, and excludes sovereign debt issuance. 3. As of March 8, 2022. 4. Moody's outlook for first quarter 2022 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, which are subject to increased uncertainty as a result of the crisis in Ukraine, 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, the scale and duration of the crisis in Ukraine including the imposition of economic sanctions, as well as the impact of COVID-19, including the responses to the pandemic by governments, regulators, businesses and individuals. This outlook also reflects assumptions about general economic conditions and GDP growth in the U.S. and Euro area, as well as the Company's own operations and personnel. 5. Adjusted diluted EPS is a non-GAAP measure. Refer to Slide 15 in the Appendix for a reconciliation of adjusted diluted EPS to U.S. GAAP. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. Investor Day 2022 10#11Reaffirming Medium-Term Growth Targets على على MEDIUM-TERM 2.3 MCO Revenue At least 10% growth MA Revenue > Low-to-mid-teens % growth MIS Revenue Low-to-mid-single-digit % growth MCO Adjusted Operating Margin > Low-50s % range MA Adjusted Operating Margin Mid-30s % range MIS Adjusted Operating Margin > Low-60s % range MCO Adjusted EPS Low-double-digit % growth 1. Refer to Slide 14 in the Appendix for details and assumptions with respect to medium-term guidance. 2. Assumes no material change in effective tax rate, foreign exchange rates, leverage profile and/or capital allocation policy. 3. Subject to available cash, market conditions, M&A opportunities and other ongoing capital allocation decisions. Note: Medium-term guidance refers to a time period within 5 years. Growth refers to average annualized growth over the time period. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. MOODY'S INVESTOR DAY 2022 Investor Day 2022 11#12Key Takeaways 0112 Targeting investments that enhance relevance 000 Well-positioned to execute on our strategy Strong stewards of your capital MOODY'S INVESTOR DAY 2022 Confidence in our medium-term¹ targets Prioritizing high-growth markets Attracting and retaining best-in-class talent Helping customers decode risk and unlock opportunity 1. Refer to Slide 14 in the Appendix for details and assumptions with respect to medium-term guidance. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. Investor Day 2022 12#137 MOODY'S INVESTOR DAY 2022 Decode Risk. Unlock Opportunity. Investor Relations ir.moodys.com [email protected]#14Key Assumptions Underlying our Medium-Term Targets MOODY'S INVESTOR DAY 2022 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, as well as the impact of COVID-19, including the responses to the pandemic by governments, regulators, businesses and individuals. This outlook also reflects assumptions about geopolitics, general economic conditions and GDP growth in the U.S. and Euro area, as well as the Company's own operations, personnel and opportunistic M&A activity. While the duration and severity of the COVID-19 pandemic are unknown, Moody's outlook assumes that the Company continues to not experience any material negative impact on its ability to conduct its operations as a result of COVID-19. The implications of COVID-19, or other situations or developments, could affect these and many other factors that also could cause actual results to differ materially from Moody's outlook. The guidance also incorporates various assumptions as of March 10, 2022, including: (a) the deceleration of U.S. and Euro area GDP growth rates; (b) an increase in the U.S. 10-Year Treasury yield; (c) issuers refinance a majority of maturing debt; (d) MA customer retention rates remain in-line with historic levels; and (e) pricing initiatives align with prior practices and enhancements to customer value. Moody's Corporation Medium-Term Guidance (as of March 10, 2022) MOODY'S CORPORATION Revenue Adjusted Operating Margin (1) Adjusted Diluted EPS(1) MOODY'S INVESTORS SERVICE (MIS) MIS global revenue MIS Adjusted Operating Margin MOODY'S ANALYTICS (MA) MA global revenue MA Adjusted Operating Margin At least 10% growth Low-50s percent range Low-double-digit percent growth Low-to-mid-single-digital percent growth Low-60s percent range Low-to-mid-teens percent growth Mid-30s percent range 1. 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. Note: Growth refers to average annualized growth over the time period. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. Investor Day 2022 14#15Reconciliation Table: 1Q 2022 Adjusted Diluted Earnings per Share1 MOODY'S INVESTOR DAY 2022 Below is a reconciliation of Moody's first quarter 2022 adjusted diluted earnings per share measure to its comparable U.S. GAAP measure: Diluted Earnings per Share Acquisition-Related Intangible Amortization Adjusted Diluted Earnings per Share Projected for the Three Months Ended March 31, 2022 $2.28 - $2.78 Approximately $0.22 $2.50 - $3.00 1. Moody's outlook for first quarter 2022 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, which are subject to increased uncertainty as a result of the crisis in Ukraine, 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, the scale and duration of the crisis in Ukraine including the imposition of economic sanctions, as well as the impact of COVID-19, including the responses to the pandemic by governments, regulators, businesses and individuals. This outlook also reflects assumptions about general economic conditions and GDP growth in the U.S. and Euro area, as well as the Company's own operations and personnel. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. Investor Day 2022 15#16© 2022 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved. 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To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S. To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER. Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody's Investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations - Corporate Governance - Director and Shareholder Affiliation Policy." Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively. MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from 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. Investor Day 2022 16