#1MOODY'S Better decisions 4Q and FY 2021 Investor Presentation February 28, 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 impact of COVID-19 on volatility in the U.S. and world financial markets, on general economic conditions and GDP in the U.S. and worldwide, and on 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 or other business combinations and the ability of Moody's to successfully integrate acquired businesses; currency and foreign exchange volatility; the level of future cash flows; the levels of capital investments; and a decline in the demand for credit risk management tools by financial institutions. Other factors, risks and uncertainties relating to our acquisition of RMS could cause our actual results to differ, perhaps materially, from those indicated by these forward-looking statements, including risks relating to the integration of RMS's operations, products and employees into Moody's and the possibility that anticipated synergies and other benefits of the acquisition will not be realized in the amounts anticipated or will not be realized within the expected timeframe; risks that the acquisition could have an adverse effect on the business of RMS or its prospects, including, without limitation, on relationships with vendors, suppliers or customers; claims made, from time to time, by vendors, suppliers or customers; changes in the U.S., Europe (primarily the U.K.), Japan, India or global marketplaces that have an adverse effect on the business of RMS. These factors, risks and uncertainties as well as other risks and uncertainties that could cause Moody's actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements are currently, or in the future could be, amplified by the COVID-19 outbreak, and are described in greater detail under "Risk Factors" in Part I, Item 1A of Moody's annual report on Form 10-K for the year ended December 31, 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 | Better decisions 4Q & FY 2021 Investor Presentation 2#3Table of Contents 1. Moody's Overview 2. Financial Overview 3. Capital Markets Overview 4. Moody's Investors Service (MIS) 5. Moody's Analytics (MA) 6. ESG Solutions 7. Appendix Moody's | Better decisions 4Q & FY 2021 Investor Presentation 3#41 Moody's Overview#5Company Overview MOODY'S INVESTORS SERVICE G= MOODY'S MOODY'S ANALYTICS Independent provider of credit rating opinions and related information for over 100 years Proven ratings accuracy and deeply experienced analysts Global integrated risk assessment firm providing credit rating opinions, analytical solutions and insights that empower organizations to make better, faster decisions Revenue of $6.2 billion Adjusted Operating Income of $3.1 billion Provider of financial intelligence and analytical tools supporting our customers' growth, efficiency and risk management objectives Expanded sales and MIS MA 61% 39% marketing activities in Commercial group MIS MA 80% 20% Adjusted Operating Margin¹ MIS MA 62.2% 26.0% Solutions address diverse needs and customers Extending brand into new markets and deepening customer relationships 1. Refer to the Appendix for reconciliations between all adjusted measures mentioned throughout this presentation and U.S. GAAP. Note: Financial data for the trailing twelve months ended December 31, 2021. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 5#6Moody's as an Integrated Risk Assessment Business Selection of Use Cases Addressable by Moody's Solutions Weather and natural disaster analysis Transfer pricing Supply chain management and trade credit Commercial lending $40B+ Current Addressable Market CURATED DATA1 • Entities 400+ million public & private entities 888 Helping customers make. BETTER DECISIONS 0311 Securities $73+ trillion rated debt Fixed income investing Regulatory and accounting compliance CURATED DATA + KYC and financial crime monitoring ANALYTICS & INSIGHTS Insurance and actuarial analysis Asset and liability management Sustainable investing Commercial real estate analysis 1. Figures shown are as of December 31, 2021. Moody's | Better decisions Economies 500+ million economic, financial and demographic time series Properties 20+ million commercial real estate properties People 14+ million politically exposed people risk profiles Physical risk 3+ million scores on global facilities 4Q & FY 2021 Investor Presentation 6#7Multi-Year Investment Approach MM Market Penetration and Customer Access Incremental sales staff, customer-oriented travel, marketing and other go-to- market initiatives $ KYC, CRE, Banking and ESG & Climate Continuation of strategic investment roadmaps across MIS and MA to meet increasing demand in high-growth markets ((8) Technology and Product Development New capabilities, including continued development of SaaS platform, improve operational efficiency, promote interoperability and facilitate execution of a robust product development pipeline Best-in-Class Talent Competitive compensation, as well as fostering a diverse and inclusive environment to recruit and retain top talent in a tight labor market 2021 ~$150 million organically invested in growth initiatives and enhanced capabilities in MIS and MA 2022: Incremental organic investment of ~$150 million to accelerate medium-term growth Moody's | Better decisions 4Q & FY 2021 Investor Presentation 7#82 Financial Overview#9Moody's Corporation Financial Profile Full Year 2021 Revenue: $6.2 billion ■Recurring ■Transaction ■U.S. ■Non-U.S. 45% 55% 45% 55% MIS Other¹ <1% PPIF 8% FIG 10% RD&A 28% MIS MA SFG 9% ERS 11% CFG 34% Revenue Operating Expenses Operating Margin >> Increase in the high-single digit % range >> Increase in the low-double digit % range Full Year 2022 Guidance as of February 10, 20222 Effective Tax Rate » 20.5% -22.5% » $11.50 $12.00 Diluted EPS >> 44% - 45% Adjusted Operating Margin³ >> 49% - 50% Adjusted Diluted EPS³ Share Repurchases » $12.40 $12.90 » At least $1.5 billion 1. MIS Other consists of non-ratings revenue from ICRA, KIS Pricing, KIS Research and revenue from ESG research, data and assessments. 2. 3. See 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 for Moody's complete full year 2022 guidance. Refer to the Appendix for reconciliations between all adjusted measures mentioned throughout this presentation and U.S. GAAP. 4. Full year 2022 share repurchase guidance is subject to available cash, market conditions, M&A opportunities and other ongoing capital allocation decisions. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 9#10Macro Assumptions Underpinning Our Outlook¹ 2022 GDP 3.5% 4.5% United States - 3.5% 4.5% Euro area - 4.0% -5.0% Global Global benchmark rates to increase from historic lows; U.S. high yield interest rate spreads to widen, moving slightly above the historical average of ~500 bps Inflation rates to remain above central bank targets in many countries Global high yield default rate to initially decline before gradually rising to approximately 2.4% by the end of 2022 川 1. See 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 for Moody's complete full year 2022 guidance. Sources: GDP, high yield spreads, inflation rates and default rate assumptions sourced from Moody's Investors Service as of February 10, 2022. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 10#11Financial Performance1 Revenue2 $ Billions ■MIS Revenue ■MA Revenue High-single- 2017-2021 CAGR 10% digit % growth $6.2 $5.4 $4.2 $4.4 $4.8 $2.4 $2.1 $1.4 $1.7 $2.0 $2.8 $2.7 $2.9 $3.3 $3.8 2017 2018 2019 2020 2021 2022F1 Operating Margin 4 ■Operating Margin ■Adj. Operating Margin³ 43.3% 47.6% 42.0% 47.6% 41.4% 47.4% 44.5% 49.7% 45.7% 49.9% 2017 2018 2019 2020 2021 2022F 44% - 45% 49% - 50% Adjusted Diluted EPS ³ $ Per Share $12.40 $12.90 2017-2021 CAGR 19% $12.29 $10.15 $8.29 $7.39 $6.07 Free Cash Flow 3 $ Millions 2017 2018 2019 2020 2021 2022F $664 2017° 5 2018 $2,043 $1,866 $1,606 $1,370 $2,300 - $2,500 1. See 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 for Moody's complete full year 2022 guidance. 2. Totals may not sum due to rounding. 3. Refer to the Appendix for reconciliations between all adjusted measures mentioned throughout this presentation and U.S. GAAP. 4. 2017 operating and adjusted operating margins have been restated to conform to the new presentation for pension expenses. 5. Includes approximately $700 million in net payments pursuant to a settlement charge. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 11 2019 2020 2021 2022F#12Medium-Term Growth Targets MCO Revenue MA Revenue MIS Revenue MEDIUM-TERM 1, 2, 3 At least 10% growth Low-to-mid-teens % growth Low-to-mid-single-digit % growth al MCO Adjusted Operating Margin > Low-50s % range ل MA Adjusted Operating Margin > Mid-30s % range لس MIS Adjusted Operating Margin > Low-60s % range MCO Adjusted EPS Low-double-digit % growth 1. 2. Refer to Slide 84 in the Appendix for details and assumptions with respect to medium-term guidance. 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 | Better decisions 4Q & FY 2021 Investor Presentation 12#13Prudent Approach to Capital Allocation Capital allocation goals Anchored around a BBB+ rating 999 Capital allocation levers INVESTING IN GROWTH OPPORTUNITIES G Reinvestment Acquisitions Ensure adequate financial flexibility Provide necessary capital to pursue growth opportunities Meet return thresholds and create long-term value for shareholders Lá Manage risk RETURN OF CAPITAL Dividends Share repurchases Moody's | Better decisions 4Q & FY 2021 Investor Presentation 13#14Investment Criteria and Post-Acquisition Review 14.40 14:50 31.012 7.00 209 6 20.556 448 0 Clear Industrial Logic Strategic fit, the most important factor, is the first screen Disciplined Financial Targets Long held, clear financial framework for external (and internal) investments Post-Acquisition Review Disciplined and rigorous monitoring post-close » 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 >> 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 » Clear accountability with regular reporting to senior management and Board >> Integrate within acquiring business unit while maintaining unique and / or entrepreneurial characteristics » Acquisition tracking for minimum of 3 years after close for substantive transactions Moody's | Better decisions 4Q & FY 2021 Investor Presentation 14#153 Capital Markets Overview#16$ Trillions 2021 Issuance Recap Historical MIS Rated Issuance¹ $6.0 $4.0 $2.0 9% $0.0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Total MIS Rated Issuance Prior 5-Yr. Avg. Issuance (2016-2020) >>> Issuance volumes remained significantly above the prior 5-year average >>> Sustained refinancing and M&A activity drove leveraged loan issuance >> Favorable market conditions and tight spreads led to record CLO activity FY 2021 Year-Over-Year Issuance 1 Growth Total MIS Rated Issuance 9% Structured Finance 123% Leveraged Loans 104% Financial Institutions 13% High Yield Bonds Public, Project and Infrastructure Finance Investment Grade (36%) 12% (20%) 1. Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle. Note: MIS rated issuance, excludes sovereign debt issuance. Issuance figures displayed in trillions, except for year-over-year growth calculations. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 16#172022 Issuance Factors GROWTH & INVESTMENT >> Global GDP growth and post- pandemic recovery » Ample dry powder at private equity firms supports M&A activity » Climate, infrastructure, technology and cyber investment 999 POLITICS & POLICY » Trade, climate, tax and regulatory policies >> Government investment (e.g., U.S. Infrastructure Bill and Next Generation EU package) » Geopolitical risks INFLATION & CENTRAL BANK ACTIONS >> Inflation expectations, supply chain and wage trends >> Normalization of monetary policy rates globally. >> Central bank balance sheets Moody's | Better decisions CREDIT MARKETS & RATES » Liquidity, sentiment and credit spreads » Credit performance and default rates >> Growth in private credit markets 4Q & FY 2021 Investor Presentation 17#18Default Rates Outlook and Tight Credit Spreads Create Supportive Issuance Environment Default Rates for Speculative-Grade Corporate Rated Issuance 1 -Global -U.S. -Europe U.S. HY Bond Spreads² 1000 U.S. HY Bond Spreads U.S. Spec Grade Default Rate (R.) 9% 8% 800 7% 6% 4.1% global 5% historic average¹ 600 4% 3% -2.6% ~2.4% 400 2% 2.1% 1% 0% 200 2010 2012 2014 2016 2018 2020 2022F 3Q19 1Q20 3Q20 1Q21 3Q21 » Trailing twelve months global speculative-grade default rate as of January 30, 2022 was 1.8% » Global speculative-grade default rate to initially decline before gradually rising to ~2.4% at the end of the year 1. 2. Moody's rated corporate global speculative grade default historical average of 4.1% from 1983 through December 31, 2021. 2022 forecast for trailing twelve months ended December 31, 2021 from Moody's Investors Service on February 10, 2022. Reported data as of December 31, 2021. Bond spreads as of the last day of each month. Source: St. Louis Fed Database. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 18#19$ Billions Refunding Walls Continue to Build Next four years U.S. and EMEA total refunding needs¹ as of: $4,500 $4,000 $3,500 $3,000 $2,500 $2,000 $1,972 CAGR = 8% $4,062 $3,729 $1,500 $1,000 Jan '12 Jan '13 Jan '14 Jan '15 Jan '15 Jan '16 Jan '17 Jan '18 Jan '19 Jan '20 Sep '20 Sep '21 Moody's | Better decisions 1. Amount reflects total MIS-rated U.S. non-financial corporate bond and loan maturities, in addition to EMEA non-financial corporate and infrastructure bond and loan maturities as defined in Moody's Investors Service's refunding needs reports (2012-2021). 4Q & FY 2021 Investor Presentation 19#20Refunding Needs¹ Support MIS Long-term Fundamentals Debt Maturities: U.S. Non-Financial Corporate Bonds and Loans ($B)² $249 198 2022 $719 $524 308 $387 266 129 151 22 25 57 62 Speculative Grade Bank Loans ■Speculative Grade Bonds ■Investment Grade Bonds 26 260 201 196 2023 2024 2025 Debt Maturities: EMEA Non-Financial Corporate Bonds and Loans ($B) ³ $505 421 2022 14 50 34 53 >>> U.S. four-year refinancing needs grew ~9%, driven by a ~19% and -7% increase in leveraged loans and investment grade bonds, respectively $591 $539 $549 125 61 >> 115 EMEA four-year refinancing 56 51 101 ■Speculative Grade Bank Loans ■Speculative Grade Bonds ■Investment Grade needs grew ~9%, driven by a 422 383 365 ~2% and -11% increase in leveraged loans and investment grade debt, respectively 2023 2024 2025 1. 2. Non-financial corporates. MIS-rated U.S. non-financial corporate bond and loan maturities as defined in Moody's Investors Service's refunding needs reports (2021). 3. EMEA non-financial corporate and infrastructure bond and loan maturities as defined in Moody's Investors Service's refunding needs reports (2021). Moody's | Better decisions 4Q & FY 2021 Investor Presentation 20#21Interest Coverage Debt Leverage and Interest Coverage in North America and Europe Credit Metrics: North American Speculative Grade Companies¹ EBITDA / Interest Expense Interest Coverage Debt/ EBITDA 8.0x 6.0x 4.6x 4.6x 4.6x 4.5x 4.3x 4.5x 4.6x 4.9x 5.1x 5.1x 5.3x 5.5x 5.3x 5.6x 5.8x 4.0x 2.9x 2.6x 2.4x 2.7x 2.9x 3.0x 3.0x 3.0x 3.0x 2.9x 3.0x 3.0x 2.8x 2.6x 2.6x 2.0x 0.0x 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Credit Metrics: European Speculative Grade Companies¹ Moody's | Better decisions Debt/ EBITDA EBITDA / Interest Expense 8.0x 5.6x 6.0x 5.3x 6.0x 5.0x 4.6x 4.8x 4.5x 4.6x 4.8x 4.7x 4.6x 4.6x 4.1x 4.1x 4.2x 4.0x 3.4x 3.2x 2.9x 2.9x 3.0x 3.0x 3.0x 3.1x 3.4x 3.7x 3.4x 3.3x 2.9x 2.6x 2.7x 2.0x 0.0x T 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1. Data as of December 31, 2021. Source: Moody's Investors Service. Note: Credit metrics are medians and historical figures may change due to timing differences in issuer reporting deadlines. 4Q & FY 2021 Investor Presentation 21#22Leveraged Finance Issuance Driven by Refinancing and M&A Activity Uses of Funds from USD High Yield Bonds and Bank Loans 1,2 5% 5% 6% 3% 5% 8% 8% 14% 20% 19% 26% 26% 25% 36% 83% 75% 75% 66% 69% 69% 56% FY 2015 FY 2016 FY 2017 ■Debt Refinancing FY 2018 ■ M&A FY 2019 3 ■ Other FY 2020 FY 2021 Percent of mentions for each respective period in bond issue or bank loan program tranche documents. Excludes issues of less than $25 million and general corporate purposes. Historical data has been restated to reflect updated methodology. An issue can have multiple purposes and, as a result, percentages do not sum to 100%. Source: Dealogic. 1. 2. Reported data as of December 31, 2021. 3. Other includes Shareholder Payments, Working Capital and Capital Spending. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 22#23€ Billions Disintermediation of Credit is an Ongoing Trend in the Global Capital Markets European Non-Financial Corporate Bonds vs. Bank Loans Outstanding U.S. Non-Financial Corporate Bonds vs. Bank Loans Outstanding Bonds €8,000 €7,000 €6,000 €5,000 €4,000 €3,000 €2,000 €1,000 €0 Nov-07 Nov-09 Nov-11 Nov-13 Moody's | Better decisions Loans Nov-15 Nov-17 Nov-19 Nov-21 28% 72% $ Billions $10,000 $11,000 Bonds Loans $9,000 $8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 Dec-07 Dec-09 Dec-11 Dec-13 Dec-15 Dec-17 Dec-19 Dec-21 Sources: ECB, Federal Reserve, BarCap Indices. Europe bank loan data includes Eurozone and UK bank loans. Europe bond data includes euro and sterling denominated bonds. European data is through November 30, 2021 and U.S. data is through December 31, 2021. 4Q & FY 2021 Investor Presentation 23 53% 47%#24Debt Capital Market Penetration Continues Size of bubble reflects 2021 GDP Emerging Other Asia7 M.E. & Africa5 ASEAN1 Developed Asia³ Developed North America6 India CEE/CIS² Latin America4 China Western Europe 0% 20% 40% 60% 80% 100% 120% 2021 Private Sector Capital Market Debt Securities (International & Domestic) Outstanding / GDP (%) >>> Debt capital markets continue to grow 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 support the ongoing development of bond markets in emerging economies Source: International Monetary Fund World Economic Outlook as of October 2021, Bank for International Settlements as of December 2021, Securities and Exchange Board of India, Moody's Investors Service. Note: Includes non-financial corporates and financial institutions, excludes general government. Size of bubble reflects 2021 GDP in each region (U.S. dollars, current prices). Regional definitions: 1. ASEAN = Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam. 2. CEE/CIS = Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Georgia, Hungary, Kazakhstan, Kosovo, Kyrgyz Republic, Moldova, Montenegro, North Macedonia, Poland, Romania, Russia, Serbia, Tajikistan, Turkey, Turkmenistan, Ukraine, Uzbekistan. 3. Developed Asia = Australia, Hong Kong, Japan, Macao, New Zealand, South Korea, Taiwan. 4. Latin America = Mexico, all Caribbean countries and South America. 5. M.E. & Africa = All African countries, Bahrain, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, United Arab Emirates, Yemen. 6. North America = Canada, United States. 7. Other Asia = Afghanistan, Bangladesh, Bhutan, Mongolia, Nepal, Pakistan, Sri Lanka, as well as all Oceania countries except for Australia and New Zealand. 8. Western Europe = All European countries except for those in CEE/CIS. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 24#25Growth in Private Credit Leads to Mounting Risks U.S. private credit market now rivals that of the institutional loan market >> Private credit totals ~$1 trillion and is estimated to grow to $1.5 trillion over the next 3 - 5 years 1 Non-traditional lenders taking market share from banks >> Banks' share in corporate lending has decreased since 2008 as: >> Regulation increased and >> The number and scale of private-sponsored enterprises has risen $ Billions Bank Loans to SMBs 2 Continue to Grow, but Banks' Share of the Market Declines¹ Domestic Commercial & Industrial Loans <$1 Million Share of Total Domestic Commercial & Industrial Loans $400 35% $350 30% $300 25% $250 20% $200 15% $150 10% » Credit risk heightened by reduced transparency, rising leverage and lender concentrations $100 5% $50 » Systemic risk created from disintermediation away from regulated financial institutions $0 ¬0% 2010 2013 2016 2019 Credit and systemic concerns rising 1. Moody's Investors Service; Financial Stability - U.S.: As private credit continues to grow, risks are getting swept into grey zone, October 25, 2021. 2. SMBs: Small and mid-size businesses. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 25#264 Moody's Investors Service#27Moody's Investors Service Financial Profile Full Year 2021 Revenue: $3.8 billion U.S. ■Non-U.S. Recurring Transaction 39% 69% 61% 31% Corporate Finance 55% 1. MIS Other consists of non-ratings revenue from ICRA, KIS Pricing, KIS Research and revenue from ESG research, data and assessments. Moody's | Better decisions >> 23% recurring revenue >> 32% recurring revenue MIS Other1 1% Public, Project, & Infrastructure Finance 14% Structured Finance 14% Financial Institutions 16% >> 47% recurring revenue >> 35% recurring revenue 4Q & FY 2021 Investor Presentation 27#28MIS 2022 Guidance: Issuance Outlook to Remain Constructive FY 2022 Issuance Guidance 1,2 Total Issuance Decrease in the low-single-digit % range $3.8B MIS Revenue MIS Adjusted Operating Margin Low-single-digit % increase 62.2% Approximately 62% Investment Grade -15% High Yield Bonds Leveraged Loans (~15%) (-10%) Financial Institutions Approximately flat Public, Project and Infrastructure Finance ~5% Structured Finance (~5%) 2021 2022F 2021 2022F Key drivers of MIS FY 2022 outlook¹ » Challenging 2021 total issuance comparative » Investment grade issuance to rebound after sharp >>> contraction Funding conditions for high yield bonds and leveraged loans remain supportive >>> Low-single-digit revenue growth despite anticipated decline in rated issuance >>> Ongoing issuance tailwinds offset by potential headwinds from high liquidity levels, interest rate and inflation uncertainties, as well as curtailing of government stimulus programs >>> Projecting 900 to 1,000 first time mandates M&A pace to continue as issuers seek to improve market positions >>> Adjusted operating margin to remain stable as continued expense discipline allows for organic investment 1. See 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 for Moody's complete full year 2022 guidance. 2. MIS rated issuance, excludes sovereign debt issuance. Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 28#29The Benefits of a Moody's Rating Investors seek Moody's opinions and particularly value the knowledge of its analysts and the depth of Moody's research Access to capital » Moody's opinions on credit are used by institutional investors throughout the world, making an issuer's debt potentially more attractive to a wide range of buyers » A Moody's rating may facilitate access to both domestic and international debt capital € Transparency, credit comparison and market stability >> Signals a willingness by issuers to be transparent and provides market participants with an independent assessment against which to compare creditworthiness » Moody's ratings and research reports may help to maintain investor confidence, especially during periods of market stress Responsive to investor demand » Moody's extensive investor outreach is one reason why Moody's is most frequently identified as the agency used most (when multiple agencies are used) ورکسا Planning and budgeting » May help issuers when formulating internal capital plans and funding strategies Analytical capabilities » Among ratings advisors, Moody's enjoys a strong position and is well- recognized for the depth and breadth of its excellence 2 1. 2019 Moody's Perception Study (Investors) conducted anonymously by Morpace / Stakeholder Advisory Services. 2. 2019 Moody's Global Intermediaries Perception Study conducted by Morpace / Stakeholder Advisory Services. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 29#30Illustrative Impact of Adding a Moody's Credit Rating Example: 10 year $500 million U.S. corporate bond Not Rated by Moody's Rated by Moody's = = $12,500,000 $500,000,000 x 2.5% Bond Interest rate Annual interest payments $500,000,000 x 2.1% = $10,500,000 = x 10 years $125,000,000 Lifetime interest expense Tenor x 10 years = = $105,000,000 ~$20 million in total interest expense VS. lifetime cost of a credit rating Note: Illustrative spread differential based on an empirical study undertaken in March 2021 on a snapshot of data from July 2020, which shows that having a Moody's credit rating (when rated at the same level as another credit rating agency) typically saves approximately 40 basis points per year. Many factors go into the pricing of a bond. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 30#31MOODY'S INVESTORS SERVICE FACTS & FIGURES Full Year 2021 35,000+ $73+ trillion Total rated debt AMERICAS EMEA ASIA PACIFIC TOTAL RATED DEBT 1 Rated Organizations and Structured Deals $39+ trillion $20+ trillion $10+ trillion 5,300+ Non-Financial Corporates 15,500+ U.S. Public Finance Issuers 3,500+ RATED ORGANIZATIONS AND STRUCTURED DEALS Financial Institutions 28,000+ 4,900+ 2,200+ PUBLICATIONS D 22,300+ 14,400+ 4,500+ 2000 9,000+ Structured Finance Deals 445 о Sub-Sovereigns* 1,000+ Infrastructure & Project Finance Issuers 145 Sovereigns* 49 Supranational Institutions* Moody's | Better decisions 47,000+ Publications globally 21,700+ Issuer Research 2,800+ Sector Research 22,700+ Other Reports 190 Rating Methodologies 愆 1.500+ Analysts 40+ Countries/Regions EVENTS 700+ Global events 59,000+ 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 21, 2022. Research and Events data covers the period January 1, 2021 to December 31, 2021. Publications breakdown includes "Global" which accounts for an additional 5,000+ publications. All numbers are rounded other than those marked *. 1. Regional breakdown excludes supranational debt and are rounded therefore will not foot to the $73 trillion total. 4Q & FY 2021 Investor Presentation 31#32Number of rating actions Managing Ratings1 in Turbulent Times Non-Financial Corporates: COVID-19 Dashboard (Q4 2021) Recovery in credit quality still intact; rating actions reveal a thoughtful and measured approach to credit Upgrades surpass downgrades in late 2020; speculative-grade default rate declined; some risks to the recovery on the horizon Upgrades - Downgrades --Represent default rate - Building heights represent the global speculative grade default rate on a trailing 12-month basis Certain sectors and lower rating categories remain more pressured 350 300 250 200 3.6 150 100 50 0000000 6.8 SECTOR % NEGATIVE OUTLOOK/REVIEW-DN Transportation: Consumer 33 7% Hotel, Gaming & Leisure 30 Aerospace & Defense 6% Global All Sectors 30 10 13 15 Investment Grade All ●Speculative Grade 5% Regional - All Sectors vum 11 12 17 19 4% 3% 1.7 2% T T T T MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR APR MAY T JUN JUL AUG SEP OCT NOV DEC 2020 2021 COVID-19 downgrades pick up as the virus spreads around the world. 1. Non-Financial Corporates as of 4Q 2021. Moody's | Better decisions Trailing 12-month speculative-grade default rate; forecast uses Credit Transition Model North America Latin America APAC EMEA Represents the percentage of issuers within each sector with a negative outlook or under review for downgrade at 9 January 2022. Sectors shown are at least 10 points above the global average Most downgrades since outbreak have involved speculative-grade issuers Nearly 3,800 rated corporates 1% globally 185 Investment Grade 0 131 Baa 48 1 5 A Aaa Aa 1,173 Speculative Grade 730 B 224 Ва 213 Caa 6 Ca Calculated based on each issuer family since 1 March 2020; some issuer families have been downgraved more than one time over that horizon. Some issuers have changed legal entities or otherwise do not align perfectly with entities present at 1 March 2020. A significant number of new issuers were also added 4Q & FY 2021 Investor Presentation 32#33How We Participate in Global Domestic Markets Nigeria Turkey Others South Africa MIS Emerging Markets Revenue¹ MOODY'S LOCAL Peru Argentina Mexico Brazil MERIS Egypt Middle East Rating & Investors Service ICR Chile ICR AN AFFILIATE OF MOODY'S INVESTORS SERVICE Chile MARC Malaysia Midroog Israel A SUBSIDIARY OF MOODY'S $700 million Size of domestic CRA markets MIS affiliate (majority) MIS affiliate (minority) Moody's Local (current) National Scale Ratings Not under consideration / OR long-term plans under development China 中诚信国际 CCXI India ICRA A MOODY'S INVESTORS SERVICE COMPANY $140M CAGR 9% $346M South Korea Korea Investors Service AN AFFILIATE OF MOODY'S INVESTORS SERVICE 2011 Emerging Asia ■Latin America 1. Includes revenue from cross border issuance. Refer to slide 24 titled "Debt Capital Market Penetration Continues" for the regional definition. Emerging Asia includes China and India. Note: Size of pie represents the estimated total CRA revenue from domestic markets ($700 million) as of September 30, 2021. Note: 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 | Better decisions 2021 ■Middle East ■CEE/CIS ■ Africa 4Q & FY 2021 Investor Presentation 33#34Moody's in Greater China 2nd Largest Onshore Bond Market at $20 Trillion Total debt securities outstanding 2012- 2Q 20211 5% ■ 2012 ■ 2021 $ Trillions $50 $40 $30 $20 20% 0% 3% 2% $10 $0 U.S. China Japan UK France $ Millions Revenue and Attributable Income from China² ■MIS Cross Border Revenue Total MA Revenue Attributable Income from CCXI $160 $14 MIS Cross Border and Total MA Attributable Income from CCXI Domestic and Cross Border³ » Moody's participates directly in the cross-border China issuance market through MIS and in the domestic market through a 30% interest in CCXI >> Long-term growth prospects enabled by participation in the ongoing development of China's domestic credit markets Cross Border Market Rated Issuance Volume ~$170B 41% 59% Domestic Market Rated Issuance Volume -$1.3T4 » Continuing to foster constructive relationships and partnerships with issuers, regulators and other market participants ■Rest of Market ■Moody's Share Rest of Market ■CCXI 's Share 36% 64% 1. 2. Percentage growth numbers are rounded compound annual growth calculations. Source: Bank for International Settlements' latest data available as of 2Q 2021. Greater China: Mainland, Hong Kong and Macau. Revenue and attributable income data for full year 2021. Source for Cross Border Market Issuance: Dealogic, excludes Structured Finance, Sovereign/Sub-Sovereign entities, policy banks & Special Purpose Vehicles (SPVs). 3. 4. Source for Domestic Market Issuance: WIND, excludes Structured Finance, Government debt, Private Placement Notes (PPN) and Negotiable Certificates of Deposit (NCDs). USD 1 = RMB 6.45 average exchange rate in 2021 is used for conversion. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 34#355 Moody's Analytics#36Moody's Analytics Financial Profile Full Year 2021 Revenue: $2.4 billion U.S. Non-U.S. ■Recurring Transaction 55% 45% Moody's | Better decisions 7% 93% Research, Data and Analytics 73% >>95% recurring revenue >>95% retention rate Enterprise Risk Solutions 27% >> 88% recurring revenue >> 93% retention rate¹ 4Q & FY 2021 Investor Presentation 36#37MA 2022 Guidance: Revenue Growth and Reinvestment to Drive Future Expansion $2.4B 2021 MA Revenue MA Adjusted Operating Margin High-teens % increase Approximately 29% 26.0% Key drivers of MA FY 2022 outlook1 2022F 2021 2022F » Retention rates in the mid-90s percent range, in-line with 2021 performance » Recent acquisitions and the impact of foreign exchange contribute ~9% to revenue growth; dilute margins by 150 to 200 bps » Continued strength in KYC and compliance solutions, as well as insurance and asset management products 1. See press release titled "Moody's Corporation Reports Results for Fourth Quarter and Full Year 2021; Sets Full Year 2022 and Medium-Term Outlooks" from February 10, 2022 for Moody's complete full year 2022 guidance. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 37#38$ Millions Moody's Analytics: Consistent Execution Drives Long-Term Growth Revenue has more than tripled since inception $2,000 .00 $1,500 $1,000 CAGR 12% Moody's Analytics 2021 Revenue: $2,406M 2008- -2021 CAGR: +12% (~62% organic) $500 $0 T 2008 2009 2010 2011 2007 2012 2010-2016 2013 2014 2015 2016 2017 2018 2019 2020 2021 2017-2021 O » Continued to develop and enhance Moodys.com » Investments to further Commercial Real Estate capabilities » Moody's Analytics founded » Established risk assessment franchise with banks and insurance companies » Expanded economic data and modeling capabilities » ERS - software and analytics created a chassis for MA integration and growth 1. Asset and liability management. 2. >>> Private entity data - largest database of private companies, provided thousands of customers >> Extended ALM¹ franchise into pensions market Includes Professional Services line of business ("LOB"). Subsequent to the divestiture of MAKS in 2019, revenue from the Moody's Analytics Learning Services LOB, is now reported as part of the RD&A LOB. Note: Individual line of business revenues may not add up to total Moody's Analytics revenue due to rounding. Moody's | Better decisions » Divested MAKS to focus on data and analytics products » Combined private entity data with profiles on politically exposed individuals to form top tier KYC solutions » Acquired RMS, the world's leading provider of climate and natural disaster risk modeling Enterprise Risk Solutions 2021 Revenue: $661M 2008 2021 CAGR: - +14% (~57% organic) Research, Data & Analytics2 2021 Revenue: $1,745M 2008- -2021 CAGR: +12% (~64% organic) Solutions ("MALS") unit which, previous to 2020, was reported in the Professional 4Q & FY 2021 Investor Presentation 38#39MA Recurring Revenue Above 90% MA Recurring and Transaction Revenue Recurring Revenue CAGR = -15% 84% 85% 91% 93% MA Organic Recurring Revenue¹ in High-Growth Markets FY 2021 Recuring Revenue Growth 35% 30% KYC and Compliance 25% 20% Insurance and Asset Management² Credit Research and Data Feeds 15% Data Solutions 10% 5% FY 2018 FY 2019 FY 2020 ■Recurring Transaction FY 2021 Recurring % 0% 0% 10% 20% 30% 40% 50% Percentage of Total MA Recurring Revenue Refer to the Appendix of the presentation titled "Fourth Quarter and Full Year 2021 Earnings Call" from February 10, 2022 for a definition of organic and organic recurring revenue, as well as the reconciliation between all organic measures mentioned throughout this presentation and U.S. GAAP. 1. 2. Insurance and Asset Management excludes RMS. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 39#40High Retention Provides Solid Base for Growth Moody's Analytics 2021 renewable sales and growth1 8% 8% 95% Retained Base + growth Upgrades & Price + growth New Sales2 RD&A 95% RD&A 8% ERS 93% ERS 6% RD&A 8% ERS 8% 1. 2. Constant currency. Excludes Regulatory DataCorp, Acquire Media, ZM Financial Systems, Catylist, Cortera, RMS, RealXData, PassFort. Upgrades reflect amendments to existing customer contracts. New Sales reflect new contracts with new and existing customers. Note: May not foot due to rounding. Moody's | Better decisions = 110% Business Base 4Q & FY 2021 Investor Presentation 40#41Curated Data Combined with Analytics are the Foundation of our Integrated Risk Assessment Strategy Proprietary data assets allow companies to inform and perform many critical business activities with trust and confidence Moody's | Better decisions Curated Data News Climate CRE Financials Private Firm Transparency Efficiency Convenience Domain Expertise Best in Class Analytics Portfolio Monitoring Economic Modeling Catastrophe Modeling Risk Scores Credit Industry Insights Benchmarks MA's approach to deepening available data sets and ability to combine with research, analytic tools and software is driving a more integrated understanding of risks and opportunities Better Decisions Analytics Insights 4Q & FY 2021 Investor Presentation 41#42CREDIT RESEARCH & DATA FEEDS Diverse Product and Customer Base Enables Growth Across Sectors BANKING SOLUTIONS INSURANCE SOLUTIONS PREDICTIVE ANALYTICS KYC & COMPLIANCE SOLUTIONS CRE SOLUTIONS Customers 1 1,800+ Asset Managers 2,300+ Commercial Banks Moody's CreditView CreditLens orbis 77 grid ESG SOLUTIONS 3,600+ Corporations 200+ Securities Dealers and Investment Banks AXIS Economic Data & Forecasts 1. As of December 31, 2021, includes RMS. Note: Trees are in size order but not to scale and therefore don't provide a proportional comparison of the product lines' current or anticipated size. Moody's | Better decisions 900+ Insurance Companies 5,300+ Governments & Other Entities 800+ Real Estate Entities 4Q & FY 2021 Investor Presentation 42#43Moody's Software Serves as a Chassis for Integrated Risk Assessment Lending use case highlights synergies across segments ERS solutions Deal Initiation Accounting Impairments: CECL, IFRS-9, IFRS-17 Credit decisioning & lending Credit origination, spreading and scoring, pricing Digitizing data Portfolio Monitoring Integrating risk management Onboarding Supports better lending decisions RD&A data & insights Research Opinions and insights that explain ratings, methodologies and markets Economics Scenarios, forecasts and indicators to support analytics Balance sheet management Portfolio management, asset liability management (ALM), stress testing, planning RegTech Regulatory reporting CreditLens Underwriting Credit Decision / Pricing Digitizes data, integrates analytics and provides SaaS workflow software to help loan officers make better decisions, faster Curated Information Company information, analytic models, economic and ESG scenarios to integrate best practices in risk management Data Public and private company information, MIS ratings Commercial Real Estate Workflow solutions, portfolio performance and climate impact Moody's | Better decisions 4Q & FY 2021 Investor Presentation 43#44Best-in-Class KYC and Compliance Solutions Driving MA Growth Al1 reduces false positives and increases automation RD&A ORBIS Entity and Ownership Linkage Data TTTTT ΑΙ GRID Risk Profiles YYY Analyze corporate structure Identify all directors and owners Monitor politically exposed people and sanctions Al Artificial Intelligence. 1. 2. NLP 3. Natural Language Processing. ML Machine Learning. Moody's | Better decisions Better KYC decisions Early warning - NLP2 and other ML3 techniques to monitor news and adverse media to generate alerts + The world's preeminent database on companies and corporate hierarchies + Combined with a comprehensive database on adverse media, politically exposed people and sanctions + With applied proprietary analytical tools = Moody's best-in-class KYC and Compliance customer solution set 4Q & FY 2021 Investor Presentation 44#45RD&A Enables Better Decisions through Data and Insights RD&A Our business solutions Research Opinions and insights that explain ratings, methodologies and markets Data Public and private company information¹ MIS Ratings Economics Scenarios, forecasts and indicators to support analytics Commercial Real Estate Our customers Banks A Insurers =& Customers Workflow solutions, portfolio performance and climate impact Public Sector & Other 0000 1. Public and private company information relates to KYC and compliance solutions. Moody's | Better decisions Corporates Asset Managers 4Q & FY 2021 Investor Presentation 45#46RD&A Growth Driven by Stronger Retention Subscription Sales Growth1 (constant currency) Full Year 2021 Full Year 2018 Full Year 2019 Full Year 2020 1. 95% 8% 8% 111% Retained Base Upgrades and Price New Sales Business Base Expansion of ratings coverage 94% 8% 9% 110% Production of insightful credit analysis Retained Base Upgrades and Price New Sales Business Base New customers in geographies with developing debt capital markets 96% 9% 5% 111% Retained Base Upgrades and Price New Sales Business Base 96% Retained Base Moody's | Better decisions 9% Upgrades and Price 5% New Sales 110% Business Base Expansion of data sets and delivery options Strong customer retention The sales growth attributions presented on this slide are related to RD&A subscription sales on a constant currency basis. Pre-2020 data excludes BvD. Upgrades reflect amendments to existing customer contracts. New Sales reflect new contracts with new and existing customers. 4Q & FY 2021 Investor Presentation 46 RD&A#47ERS Empowers Customers' Success With Analytics Technology with a purpose - enabling better, faster decisions Our business solutions Accounting Impairments, IFRS-17 Balance sheet management Portfolio, valuation and ALM1 Our customers III Insurers ERS + X Credit decisioning & RegTech2 lending Credit modeling, scoring and spreading 1. Asset and liability management. 2. Regulation technology. Moody's | Better decisions Banks Regulatory reporting Public Sector & Other 0000 Customers ||||||||| Corporates Asset Managers 4Q & FY 2021 Investor Presentation 47#48ERS: ~90% Recurring Revenue in FY 2021; High-Teens Recurring CAGR $700 ERS Revenue: Recurring 1 vs. Non-recurring. Recurring Revenue = CAGR 17% 88% $ Millions $600 $500 $400 $300 $200 $100 61% >> ERS recurring revenue has grown by more than $350M since 2015 » Emphasis on subscription products supports scalability, drives operating leverage and margin >>> Ease of use and lower cost of ownership shifting customer demand to SaaS-based solutions » Next-gen products enhance customer » experience, improve adoption rates and shorten sales cycles FY 2021³ revenue: - $0 T T T 2015 2016 2017 2018 2019 2020 2021³ - Non-recurring (L) Recurring (L) -% Recurring Recurring +30% Non-recurring (-33%) 1. Recurring revenue includes maintenance and subscription. Compound Annual Growth Rate, 2015 - 2021. 2. 3. As of December 31, 2021. Includes RMS revenue since September 15, 2021. All other periods prior to September 15, 2021 exclude RMS revenue. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 48 ERS#49ERS Large Growth Opportunity in Insurance Data and Analytics Markets Insurance Data and Analytics Markets are Large and Growing Rapidly... Risk Analytics CAT Risk Models and Data MCO + RMS1 ~$5B ~13% CAGR in Risk Management2,3 Core Systems ...While Pressures to Transform are Accelerating » Insurers are increasingly incorporating ESG, Climate and other risk factors into loss models >> Increased awareness of uninsured risks following COVID-19 pandemic (supply chain, resiliency, etc.); $350B of uninsured losses in the last five years³ Growing gap between retail insurance customer expectations and digital transformation required by insurers to deliver positive user experience Moody's total pro-form a CAM 1: $40B + » Increasing need to insure against losses related to weather events accelerated by climate change 1. Includes prior current addressable market (CAM) of -$35B+ as of February 12, 2021, and incremental -$5B CAM as of August 5, 2021 with the combination of MCO and RMS. Source: RMS, McKinsey and Moody's. 2. CAGR 2020-2026F. Risk Management is the largest sub-segment in insurance data and analytics. 3. Source: RMS as of August 5, 2021. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 49#50RMS: Mission Critical Role in Global Insurance Markets Transition customers + S to SaaS Cross-sell existing + ✩ offerings New and integrated solutions Integration >> Cross-trained sales forces to offer breadth of combined product suite » Progressing on customer SaaS conversion >> Corporate integration proceeding as scheduled YYY Cross-sell & Collaboration » Deepening relationships with P&C customers by providing Moody's holistic suite of products and solutions, including ESG >> Joint customer calls with both insurance and bank customers validate demand for integrated risk assessment offerings Up to $150M in incremental RMS- related revenue by 20251 Product Development Exploration » Embedding climate-related financial loss estimates across multiple use cases » Initiated proof of concepts for CRE and CMBS markets » Combining Moody's data assets with RMS risk analytics to capture high- growth addressable markets 1. Forecast as of August 5, 2021. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 50 ERS#51Expanding Moody's Climate Solutions RMS data can be leveraged for a wide range of Moody's applications Floods Winter storms ㅁㅁ Heat stress Extensive coverage Expanded and improved coverage of climate-related hazards and natural disasters Hurricanes & typhoons RMS & MOODY'S Stronger analytics Consolidated data Combined data will feed into Moody's climate-adjusted credit risk models and banking / CRE software platforms Strengthens Moody's physical climate risk analytics and accelerates RMS's penetration into adjacent markets Sea level rise Water stress RMS + MOODY'S » Short-, medium- and long-term risk Moody's | Better decisions Wildfires A Windstorms >> Forward-looking climate data >> Global coverage Earthquakes Hail & tornadoes 4Q & FY 2021 Investor Presentation 51 ERS#526 ESG Solutions#53ESG Market Overview Market Trends » Moody's forecasts global issuance of green, social and sustainability bonds - collectively referred to as sustainable bonds - to exceed $1.3 trillion in 20221 >> ESG is now a clear attribute that allows an entity to distinguish itself from competitors and they risk losing business or damaging their reputation if they don't have an ESG offering, strategy or position >> Stakeholder pressure and market momentum - >> Boards & senior leaders across all customer segments (Corporates, Asset Managers, Banks, Insurance, etc.) need to be able to articulate and quantify their ESG strategy to a range of stakeholder groups (e.g., customers, investors, governments) >> Global initiatives (e.g., Net-Zero) are being led by the largest organizations in an attempt to shape policies and outcomes; the largest organizations can't afford to be on the sidelines Sustainable bonds set to reach record volumes 1 Annual Issuance ($ billions) $1,400 $1,200 $1,000 $800 ~61% CAGR $600 $400 $200 $0 2019 2020 ■Green Bonds 2021 ■Social Bonds ■Sustainability-linked Bonds 2022E ■Sustainability Bonds Percentage of assets invested sustainably³ 2020 2025 50% 40% Climate data and analytics markets continue to grow² Annual Spending ($ millions) $3,000 $2,500 -23% CAGR $2,000 $1,500 ~$1.2B $1.4B $1,000 $500 60 ~$2.3B $2.7B $0 2021E 2025E 30% >> Regulation and Disclosure Obligations - the pace of regulatory updates has not slowed down as governments around the world are following the example of the EU and global task 20% 10% 1. Source: Moody's Investors Service "Sector in-depth: Sustainable Finance - Global - Sustainable bonds to hit record $1.35 trillion in 2022", January 31, 2022. 2. Source: Name withheld; excludes consulting services and the insurance segment except for investment portfolios and disclosures. 0% سيال Global EMEA APAC 3. Source: "Global Sustainable Investing Survey" report published by BlackRock, July-September 2020. Moody's | Better decisions Americas 53 4Q & FY 2021 Investor Presentation#54Moody's is Uniquely Positioned to Develop Critical ESG Market Solutions » Climate Solutions >> ESG Measures us >> Index Solutions MESG >> SME Solutions >> Sustainable Finance MA » Catastrophe Models » Lending Solutions and Tools » Risk Analytics & Reporting >> Real Estate Solutions » Credit Ratings & Research >> ESG Credit Impact Scores >> ESG Classification MIS » Heat Maps Moody's | Better decisions Asset Managers ESG Domain ០០០០ Banks & Insurers Integrated Risk Assessment Risk Quantification Credit Impact ESG Solutions Companies & Organizations Governments & Academia Professional Services 4Q & FY 2021 Investor Presentation 54#55MIS: Four Components to MIS Integration of ESG New ESG scores will assist in transparently and systematically demonstrating the impact of ESG on credit ratings ESG Solutions Credit Ratings & Research How is ESG integrated into credit ratings? >>> ESG factors taken into consideration for all credit ratings >>> >>> Greater transparency in press releases, as well as credit opinions Credit Impact Score (CIS) is an output of the rating process that indicates the extent, if any, to which ESG factors impact the rating of an issuer or transaction ESG Credit Scores How is a specific issuer exposed to ESG risks / benefits? » Issuer Profile Scores (IPS) are issuer-specific scores that assess an entity's exposure to the categories of risks in the ESG classification from a credit perspective >>> IPS, where available, are inputs into credit ratings ESG Classification What is ESG? Our classification reports describe how we define and categorize E, S and G considerations that are material to credit quality » New environmental classification sharpens focus on physical climate risks Heat Maps Is ESG material to credit quality? » Heat maps provide relative ranking of various sectors along the E and S classification of risks Moody's | Better decisions 4Q & FY 2021 Investor Presentation 55#56ESG Solutions Risk Quantification: ESG and Climate Integrated into Multiple Offerings Moody's CreditView The view that counts ESG & Physical Climate Risk Scores » » ESG Company and Sector Reports » MIS Sector Heatmaps & classifications » MIS Entity CTA, IPS, CIS scores 1 ☑: Moody's DataHub All of Moody's data on a centralized platform ESG, climate risk and controversy data CreditEdge™ Moody's Analytics CreditEdge » Climate-adjusted expected default frequencies (EDFs) ESG Score Predictor, part of SME Solutions >>> Derived from Moody's proprietary ESG scoring methodology for large-cap corporates Moody's Analytics Climate Risk Scenarios >>> >>> >>> >>> 140+ million predictive company ESG scores Moody's Orbis, Procurement, Credit Catalyst platforms and API Consistent with NGFS2 Phase II guidance MOODY'S ANALYTICS CRE Moody's Analytics | CRE Solutions Physical climate risk scores integrated in CRE analytics platform >>> >>> Four alternative pathways forecasting physical & transition risks Scores for CRE properties, submarkets, markets and regions within the U.S. >>> Available for 70+ countries in Data Buffet and Scenario Studio CRE properties and geographies are assigned category scores for the six climate hazards that drive business risk: floods, heat stress, hurricanes & typhoons, sea level rise, water stress and wildfire risk 1. Carbon Transition Assessment, Issuer Profile Scores and Credit Impact Scores 2. The Networking for Greening the Financial System. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 56#57ESG Solutions Moody's ESG Solutions Group A leader in ESG: providing a range of risk management, equity and credit market solutions » Brings together over 30 years of ESG expertise to meet rapidly evolving needs >> Delivers data, analytics and insight to further enhance best-in-class risk assessment capabilities from MIS and MA G = Moody's | Better decisions Climate Solutions ESG Measures SME Solutions MESG Index Solutions Sustainable Finance Integration into Risk Management Serving risk management, equity and credit markets Serving capital markets 4Q & FY 2021 Investor Presentation 57#58ESG Solution Suite ESG Measures >>> Data, Scores & Benchmarks Assessments & Research Index Solutions » 100+ Indices (Equity & Fixed Income) ESG Solutions >>> >>> Controversy Monitoring & Alerts » 13 Partnerships - >>> Positive Negative Screening >>> Benchmarking Data >>> Regulatory Datasets » ETFs, Listed & OTC Derivates, Certificates & Structured Products MA Data Hub API / Web- >>> Portfolio Review Services Climate Solutions >>> Physical & Transition Risk Data & Scores >>> Climate-on-Demand >>> Economic Scenarios >>> Default Climate-Adjusted Probability of Climate Pathway Scenarios >>> Expected Loss and Financial Impacts SME Solutions >>> ESG Score Predictor >>> ESG Assessments >>> Portfolio Review >>> Sustainable Finance » » » » SPO1 Green, Social and - Sustainable Bonds SPO1 Sustainability-Linked Loans / Bonds Sustainability Ratings CBI1 Verification Company Benchmarks Controversy Monitoring Moody's | Better decisions 1. SPO: Second Party Opinion; CBI: Climate Bonds Initiative. WWW -15 5 Client Platforms XLS Moodys.com Excel-Add In 4Q & FY 2021 Investor Presentation 58#59ESG Solutions Moody's ESG Snapshot¹ D 000 35+ Years of dedicated ESG experience Pioneering ESG analysis since 19832 ~3,315 MIS research reports Related to ESG considerations 100% Systematic integration of ESG considerations into credit ratings ESG discussion is now required in all rating committees 5,000+ ESG assessments Covering 273 unique ESG data points 140 Million+ SME ESG Scores 600+ industries in 180+ countries 10,000+ Controversy monitoring & alerts 10,000+ Regulatory Data Solutions EU Taxonomy and SFDR4 450+ Global sustainable bonds and loans Green, social, sustainability bonds and sustainability-linked loans and bonds יווו ☆ 53% 16% Green Bonds Sustainability Bonds 58% Corporates 20% Banks & Insurance 5% Local Authorities 1 SPOS² Product type 17% 14% SPOS² Sector³ 5% 5% Social bonds Sustainability- Linked Bonds/ Loans Public Entities Sovereign 5% Public Utilities 2% Other 1. 2. Data as of December 31, 2021. Conducted by Moody's. SPOs: Second Party Opinions. 3. Source: Moody's ESG Solutions. 4. SFDR: Sustainable Finance Disclosure Regulation. Moody's | Better decisions 10 Million + Physical Climate Risk Scores 200+ Catastrophe models in nearly 100 countries 48 Regulatory consultations On ESG matters -470 ESG events and speaking engagements Related to ESG considerations, over 5,000 attendees 18 Awards in the ESG & Climate space - Including 'Best ESG Data Provider' at Waters Rankings 2021 Forefront of Innovation in SPOS²: - 1st Sustainability Linked Convertible Bond 1st Sustainability Linked Airline Loan 1st Sustainability Linked Sukuk 1st Sustainability Linked Bond in the U.S. 1st Gender Focused Social Bond in Columbia 1st Social Bonds in Brazil - 1st Sovereign SDG Bond - 1st Airline Sustainability Linked Bond - 1st Green Sukuk in N. Africa / Middle East - 1st Green Bond for the European Commission 4Q & FY 2021 Investor Presentation 59#607 Appendix#61$ Millions $ Millions Corporate Finance: Revenue and Issuance¹ Revenue 2: Mix by Quarter 3 ■ Other ■Investment Grade ■Speculative Grade ■Bank Loans Issuance: Mix by Quarter ■Global Non-Financial Investment-Grade Bonds Global Non-Financial Speculative-Grade Bonds ■U.S. Speculative-Grade Bank Loans ■Non-U.S. Speculative-Grade Bank Loans $700 $600 $500 $1,200 $43 $1,000 $180 $18 $44 $76 $99 $157 $400 $89 $73 $800 $55 $164 $78 $145 $223 $124 $28 $68 $300 $75 $101 $141 $82 $124 $600 $119 $82 $50 $88 $193 $17 $48 $291 $64 $132 $233 $75 $77 $200 $144 $141 $134 $102 $105 $98 $400 $108 $161 $149 $27 $114 $209 $731 $111 $80 $60 $134 $135 $132 $103 $100 $200 $433 $378 $410 $139 $145 $139 $146 $152 $150 $167 $156 $158 $305 $240 $226 $263 $233 $0 T $0 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 Revenue 2: Mix by Year Other 3 ■Investment Grade ■Speculative Grade Bank Loans $2,000 $1,800 $1,600 $1,400 Issuance 4: Mix by Year ■Non-U.S. Speculative-Grade Bank Loans ■Global Non-Financial Speculative-Grade Bonds ■U.S. Speculative-Grade Bank Loans Global Non-Financial Investment-Grade Bonds $606 $287 $3,000 $118 $352 $2,500 $247 $229 $365 $144 $313 $411 $1,200 $1,000 $349 $379 $242 $204 $254 $258 $254 $175 $636 $800 $183 $439 $219 $181 $600 $301 $271 $379 $ Billions $204 $120 $676 $2,000 $638 $425 $590 $425 $354 $414 $601 $1,500 $426 $472 $679 $405 $329 $311 $304 $230 $305 $262 $1,000 $1,768 $400 $200 $420 $421 $425 $488 $554 $547 $582 $631 $0 $500 $0 $1,043 $1,120 $1,192 $1,271 $1,074 $1,249 $1,211 2014 2015 2016 2017 2018 2019 2020 2021 2014 2015 2016 2017 2018 2019 2020 2021 Moody's | Better decisions 1. Total estimated market issuance unless otherwise noted. 2. 3. 4. Historical data has been adjusted to conform with current information and excludes intercompany revenue. The revenue reclassification of REITs to Corporate Finance from Structured Finance is reflected starting from 1Q 2018. Other includes: monitoring, commercial paper, medium term notes, and ICRA. Sources: Moody's Analytics, Dealogic. U.S. and Non-U.S. Speculative-Grade Bank Loans represent only Moody's rated speculative-grade bank loans. Non-U.S. Speculative-Grade Bank Loan Origination data available starting 2016. Note: Debt issuance categories do not directly correspond to Moody's revenue categorization. 4Q & FY 2021 Investor Presentation 61#62Corporate Finance: Revenue Diversification Revenue: Distribution by Geography Non U.S. ■U.S. Revenue¹: Distribution by Recurring vs. Transaction ■Transaction ■Recurring 100% 100% 31% 29% 25% 20% 25% 25% 20% 22% 25% 30% 28% 23% 80% 80% 62% 65% 69% 72% 67% 68% 70% 68% 63% 68% 66% 66% 60% 60% 40% 40% 80% 80% 69% 71% 75% 75% 75% 78% 75% 70% 72% 77% 20% 38% 35% 37% 20% 31% 28% 33% 32% 30% 32% 32% 34% 34% 0% 0% T T 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 Revenue¹: Distribution by Product ■Other 2 Investment Grade ■Speculative Grade ■Bank Loans 100% 8% 19% 21% 20% 16% 15% 22% 17% 30% 29% 30% 28% 29% 80% 21% 17% 17% 22% 19% 21% 14% 60% 23% 23% 17% 20% 22% 25% 51% 32% 16% 31% 34% 22% 22% 40% 19% 21% 22% 20% 38% 41% 37% 32% 32% 31% 30% 32% 36% 30% 24% 25% 0% 4Q19 FY19 1Q20 2Q20 3Q20 1. Historical data has been adjusted to conform with current information and excludes intercompany revenue. 2. Other includes: monitoring, commercial paper, medium term notes, and ICRA. Note: Percentages have been rounded and may not total to 100%. Moody's | Better decisions 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 4Q & FY 2021 Investor Presentation 62#63$ Millions Financial Institutions: Revenue and Issuance1 Revenue²: Mix by Quarter ■Banking ■Insurance ■Managed Investments ■ Other Issuance³: Mix by Quarter ■Global Speculative Grade Financial Corporate Bonds ■Global Investment Grade Financial Corporate Bonds $180 $2 $500 $160 $3 $2 $2 $8 $2 $8 $3 $140 $3 $8 $3 $13 $400 $36 $120 $3 $6 $43 $7 $6 $8 $38 $33 $5 $44 $31 $31 $100 $30 $32 $31 $80 $ Billions $18 $300 $32 $30 $35 $21 $29 $23 $39 $200 $396 $395 $385 $60 $109 $333 $40 $76 $86 $88 $95 $101 $105 $316 $86 $96 $292 $100 $215 $235 $213 $20 $0 $0 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 Revenue²: Mix by Year ■Banking ■Insurance ■Managed Investments ■ Other Issuance 3: Mix by Year ■Global Speculative Grade Financial Corporate Bonds ■Global Investment Grade Financial Corporate Bonds $700 $10 $600 $10 $36 $1,600 $ Millions $500 $12 $28 $118 $13 $13 $145 $25 $400 $2 $9 $10 $22 $25 $137 $119 $19 $16 $17 $102 $114 $300 $92 $96 $102 $ Billions $197 $183 $136 $74 $1,200 $112 $98 $121 $800 $1,388 $200 $411 $1,247 $1,194 $1,187 $1,232 $1,248 $1,207 $1,177 $355 $300 $290 $320 $400 $100 $242 $244 $240 $0 $0 2014 2015 2016 2017 2018 2019 2020 2021 2014 2015 2016 2017 2018 2019 2020 2021 1. Total estimated market issuance unless otherwise noted. 2. Historical data has been adjusted to conform with current information and excludes intercompany revenue. 3. Sources: Moody's Analytics, Dealogic. Note: Debt issuance categories do not directly correspond to Moody's revenue categorization. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 63#64Financial Institutions: Revenue Diversification Revenue¹: Distribution by Geography ■Non-U.S. ■U.S. Revenue¹: Distribution by Recurring vs. Transaction Transaction ■Recurring 100% 100% 80% 42% 42% 48% 49% 44% 80% 47% 47% 46% 46% 46% 48% 53% 55% 58% 52% 46% 44% 50% 52% 50% 47% 46% 50% 47% 60% 60% 40% 40% 58% 58% 52% 56% 51% 53% 53% 54% 54% 54% 52% 54% 56% 47% 20% 20% - 42% 45% 48% 50% 48% 50% 53% 54% 50% 53% 0% T 0% T 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 Revenue: Distribution by Product ■Banking ■Insurance ■Managed Investments Other 3% 3% 2% 1% 1% 2% 2% 1% 2% 1% 2% 2% 100% 4% 5% 5% 6% 4% 6% 5% 5% 5% 9% 5% 6% 80% 27% 25% 24% 23% 31% 25% 26% 27% 25% 23% 24% 22% 60% 40% 66% 67% 69% 71% 67% 67% 67% 67% 69% 70% 68% 62% 20% 0% 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 1. Historical data has been adjusted to conform with current information and excludes intercompany revenue. Note: Percentages have been rounded and may not total to 100%. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 64#65$ Millions Revenue²: Mix by Quarter ■Public Finance and Sovereign ■Project and Infrastructure Finance ■ Other Public, Project and Infrastructure: Revenue and Issuance1 Issuance³: Mix by Quarter ■Long-Term Rated U.S. Muni Bonds Rated Global Project and Infrastructure Finance Bonds $200 $250 $150 $ Millions $100 $60 $69 $62 $76 $67 $52 $63 $69 $65 $ Billions $200 $84 $150 $114 $59 $84 $60 $69 $52 $61 $100 $64 $50 $132 $65 $57 $64 $71 $58 $67 $63 $61 $50 $53 $95 $110 $76 $95 $96 $103 $103 $96 $0 $0 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 Revenue²: Mix by Year ■Public Finance and Sovereign ■Project and Infrastructure Finance ■Other Issuance³: Mix by Year ■Long-Term Rated U.S. Muni Bonds Rated Global Project and Infrastructure Finance Bonds $600 $800 $500 $700 $400 $246 $277 $188 $213 $224 $300 $174 $206 $181 $ Billions $600 $500 $400 $321 $274 $207 $266 $243 $220 $200 $300 $200 $100 $202 $225 $250 $218 $222 $244 $364 $408 $384 $413 $398 $307 $339 $292 $177 $185 $100 $0 $0 2014 2015 2016 2014 2015 2016 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 1. Total estimated market issuance unless otherwise noted. 2. Historical data has been adjusted to conform with current information and excludes intercompany revenue. 3. Global Rated Project & Infrastructure Finance available starting in 2016 and represents Moody's rated issuance. Sources: Thomson SDC, Moody's Corporation. Note: Debt issuance categories do not directly correspond to Moody's revenue categorization. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 65#66Public, Project and Infrastructure: Revenue Diversification Revenue: Distribution by Geography ■Non-U.S. ■U.S. Revenue¹: Distribution by Recurring vs. Transaction ■Transaction ■Recurring 100% 100% 80% 80% 33% 35% 28% 37% 31% 34% 32% 30% 32% 32% 34% 32% 55% 64% 62% 63% 65% 62% 61% 63% 61% 58% 60% 58% 60% 60% 40% T 40% 72% 67% 65% 63% 69% 66% 68% 70% 68% 68% 66% 68% 45% 20% 36% 38% 37% 35% 38% 39% 37% 39% 42% 40% 42% 20% 0% 0% 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 Revenue¹: Distribution by Product ■Public Finance and Sovereign ■Project and Infrastructure Finance ■ Other 100% 80% 48% 50% 48% 47% 52% 52% 50% 53% 52% 53% 55% 53% 60% 40% 52% 50% 52% 53% 48% 48% 50% 47% 48% 47% 20% 45% 47% 0% 4Q19 FY19 1Q20 2Q20 3Q20 1. Historical data has been adjusted to conform with current information and excludes intercompany revenue. Note: Percentages have been rounded and may not total to 100%. Moody's | Better decisions 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 4Q & FY 2021 Investor Presentation 66#67$ Millions $ Millions Structured Finance: Revenue and Issuance1 Revenue²: Mix by Quarter ABS ■RMBS ■CMBS ■Structured Credit ■ Other ■ ABS ■RMBS ■ CMBS ■Structured Credit $200 $180 $160 $500 $1 $400 $97 $140 $0 $0 $120 $67 $1 $300 $53 $57 $70 $1 $44 $59 $100 $60 $32 $0 $38 $31 $0 $80 $29 $31 $24 $23 $29 $200 $57 $43 $44 $41 $122 $21 $26 $22 $60 $25 $24 $25 $33 $22 $28 $17 $13 $15 $16 $85 $31 $22 $70 $92 $31 $13 $68 $40 $31 $34 $66 $26 $27 $23 $24 $22 $27 $100 $41 $65 $40 $139 $20 $25 $22 $23 $25 $28 $26 $33 $103 $29 $30 $66 $74 $89 $92 $102 $116 $107 $0 $0 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 Issuance³: Mix by Quarter ABS Revenue2: Mix by Year ■RMBS CMBS ■Structured Credit Other Issuance³: Mix by Year $600 ■ ABS ■RMBS ■CMBS ■Structured Credit $2 $1,400 $2 $2 $1,200 $2 $0 $2 $215 $258 $400 $165 $4 $135 $122 $196 $137 $148 $2 $105 $102 $122 $140 $133 $143 $78 $81 $61 $ Billions $1,000 $200 $153 $189 $800 $159 $136 $132 $115 $600 $114 $116 $145 $120 $106 $352 $117 $94 $88 $200 $270 $123 $98 $76 $81 $85 $90 $95 $96 $400 $238 $254 $283 $200 $204 $213 $200 $92 $91 $94 $97 $107 $99 $98 $118 $319 $292 $298 $337 $384 $464 $348 $321 $0 T $0 T 2014 2015 2016 2017 2018 2019 2020 2021 2014 2015 2016 2017 2018 2019 2020 2021 1. Total estimated market issuance unless otherwise noted. 2. 3. Historical data has been adjusted to conform with current information and excludes intercompany revenue. The revenue reclassification of REITS to Corporate Finance from Structured Finance is reflected starting from 1Q 2018. Sources: AB Alert, CM Alert, Moody's Corporation. Debt issuance categories do not directly correspond to Moody's revenue categorization. Notes: ABS (Asset Backed Securitization) includes asset-backed commercial paper and long-term asset-backed securities. RMBS (Residential Mortgage Backed Securitization) includes covered bonds. CMBS includes commercial mortgage-backed securities and commercial real estate CDOS. Structured Credit includes CLOS and CDOS. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 67#68Structured Finance: Revenue Diversification Revenue: Distribution by Geography Non U.S. ■U.S. Revenue¹: Distribution by Recurring vs. Transaction ■Transaction ■Recurring 1. 100% 100% 34% 35% 31% 35% 80% 80% 43% 42% 43% 48% 56% 56% 53% 57% 49% 52% 62% 63% 64% 61% 59% 59% 63% 69% 68% 65% 60% 60% 40% 40% 66% 65% 69% 65% 57% 58% 52% 57% 20%- 44% 44% 38% 37% 36% 39% 41% 41% 20% 43% 47% 51% 48% 37% 31% 32% 35% 0% 0% 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 Revenue1: Distribution by Product ABS ■RMBS ■CMBS Structured Credit Other 100% 1% 1% 1% 1% 0% 0% 1% 1% 0% 0% 1% 0% 29% 30% 26% 27% 32% 29% 80% 35% 33% 38% 40% 42% 38% 16% 17% 17% 60% 23% 18% 16% 19% 21% 16% 18% 18% 18% 28% 40% 27% 23% 27% 28% 24% 22% 23% 22% 22% 22% 21% 20% 28% 28% 29% 27% 23% 23% 23% 22% 24% 20% 19% 21% 0% 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 Historical data has been adjusted to conform with current information and excludes intercompany revenue. Notes: ABS (Asset Backed Securitization) includes asset-backed commercial paper and long-term asset-backed securities. RMBS (Residential Mortgage Backed Securitization) includes covered bonds. CMBS includes commercial mortgage-backed securities and commercial real estate CDOs. Structured Credit includes CLOS and CDOS. Percentages have been rounded and may not total to 100%. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 68#69$ Millions 1. Moody's Analytics: Financial Overview 100% ■ Professional Services Revenue¹: Mix by Quarter ■Enterprise Risk Solutions Revenue¹: Distribution by Line of Business ■Research, Data and Analytics Revenue¹: Mix by Year $800 $2,800 6% 8% $700 $600 $2,400 80% 29% 27% 28% 26% 27% 27% 27% 26% 24% 27% 32% 27% $2,000 $661 $214 $159 $500 $31 $400 $149 $138 $131 $145 $151 $145 $138 $164 $565 60% $300 $200 40% $333 $358 $366 $386 $404 $419 $435 $437 $454 65% 65% 72% 74% 73% 73% 73% 74% 76% 73% 68% 73% $ Millions $1,600 $159 $522 $149 $451 $1,200 $147 $150 $168 $449 $800 $329 $374 $419 $1,745 $1,514 20% $1,273 $100 $400 $1,121 $833 $572 $626 $668 $0 0% $0 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 Revenue¹: Distribution by Geography Non-U.S. ■U.S. 2014 2015 2016 2017 2018 2019 2020 2021 Revenue: Distribution by Recurring vs. Transaction ■Transaction ■Recurring 100% 100% 80% T 42% 42% 43% 44% 42% 42% 43% 42% 43% 44% 49% 45% 80% 60% 60% 86% 85% 90% 92% 90% 91% 91% 92% 93% 94% 93% 93% 40% 40% 58% 58% 57% 56% 58% 58% 57% 58% 57% 56% 51% 55% 20% 20% 0% 0% 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 14% 15% 4Q19 FY19 10% 8% 10% 9% 9% 8% 7% 6% 7% 7% 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 Moody's | Better decisions Historical data has been adjusted to conform with current information and excludes intercompany revenue. Subsequent to the divestiture of MAKS in 2019, revenue from the Moody's Analytics Learning Solutions ("MALS") unit, which previous to 2020 was reported in the Professional Services line of business ("LOB"), is now being reported as part of the RD&A LOB. Note: Percentages have been rounded and may not total to 100%. 4Q & FY 2021 Investor Presentation 69#701. 2. $ Millions Historically, Moody's Revenue and Interest Rates Have Not Been Strongly Correlated MCO revenue and interest rates $8,000 MIS Revenue (L) MIS Revenue Guidance IMA Revenue (L) IMA Revenue Guidance IMCO Revenue (L) 10-yr U.S. Treasury Yield (R)1 7.8% $7,000 $6,000 $5,000 5.8% $4,000 +200bps 4.7% $3,000 $2,000 $1,000 $0 Source: www.treasury.gov. Moody's | Better decisions 1996 +180bps 6.5% 2004 +100bps +120bps 3.3% 3.0% 2.3% 1.8% 0.9% 10-year U.S. Treasury Yields are represented by the rate at the end-of-period. See 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 for Moody's complete full year 2022 guidance. Note: Gray bars reflect periods of significant increases in the 10-year U.S. Treasury Yield. 9% 8% 7% 6% 5% 4% 3% 1.5% 2% 1% 2022F 0% 4Q & FY 2021 Investor Presentation 70#71Drivers of Sustainable Corporate Value Sustainability disclosures in our public filings Better Business Climate » » >>> Committed to net-zero by 2040 Full greenhouse gas inventory, interim science-based targets and progress in 2020 TCFD1 report Moody's Decarbonization Plan was put up for a stockholder vote in 2021, first S&P 500 company to join 'Say on Climate' campaign Procuring 100% renewable electricity since 2020 Internal carbon price on business travel and shadow carbon price on select new office space leases Offsetting the remainder of emissions from our operations, employee commuting and business travel since 2000 Committed to align relevant products and services to net-zero through Net-Zero Financial Services Provider Alliance, a new GFANZ² alliance launched in September 2021 Moody's engages with a multitude of Sustainability parties that develop standards or frameworks and / or evaluate performance CDP Climate - Awarded 'A' score in 2020 and 2021 CDP Supplier Engagement Rating - Awarded A in 2020 UNGC3 LEAD recognition Moody's | Better decisions Responsible Sourcing Better Business (288) Better Lives Better Solutions » Our corporate values are reflected in our supply chain Climate: 60% of our suppliers by spend covering purchased goods and services and capital goods to have science-based targets by 2025 Diversity: Pledged 5% of our 2021 addressable spend toward integrating more women-owned businesses into our supply chain Due diligence: started to monitor sustainability risks in our key suppliers with Orbis, a Moody's Analytics database. We used Orbis to monitor sustainability risks in 100% of our key suppliers by the end of 2021 1. TCFD; Task Force on Climate-Related Financial Disclosures 2. GFANZ; Glasgow Financial Alliance for Net Zero 3. UNGC; United Nations Global Compact 4Q & FY 2021 Investor Presentation 71#72Drivers of Sustainable Corporate Value Sustainability disclosures in our public filings Better Business Data Privacy and Cybersecurity » Meeting our data governance obligations through: Robust data security and privacy practices A dedicated and specialized Privacy team, internal data privacy policies and procedures, and a dedicated data subject rights process Enterprise-wide data privacy training for all employees at onboarding and periodically thereafter, as well as awareness and additional role-based training and guidance for teams handling personal data Information Risk & Security teams, policies and procedures, including cybersecurity, incident management response and vendor cybersecurity A well-established Incident Response Management Plan Reporting Better Business (998) Better Lives Better Solutions Announced the new Sustainability Framework and launched the Stakeholder Sustainability website, along with the following 2020 reports: Stakeholder Sustainability Report Task Force on Climate-related Financial Disclosures (TCFD) Sustainability Accounting Standards Board (SASB) Global Reporting Initiative (GRI) World Economic Forum (WEF) Submitted PRI¹ and UNGC COP1 reports Executive compensation tied to ESG >> Promotion of Moody's strategic pillars and sustainability focus areas is a factor considered with respect to the annual cash incentives for our Senior executives (as noted in the 2021 Proxy Statement) 1. PRI; Principle for Responsible Investment. UNGC COP; United Nations Global Compact Communication on Progress. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 72#73Drivers of Sustainable Corporate Value Sustainability disclosures in our public filings 888 Better Lives Diversity, Equity and Inclusion We support a diverse, equitable and inclusive (DE&I) workplace » Launched DE&I portal and 2020 DE&I Report Announced DE&I goals that focus on gender globally and ethnicity and race within the U.S. Published 2020 consolidated U.S. EEO-1 employment data Ranked #35 on Diversity Inc.'s Top 50 Companies Recognized on Seramount (formerly Working Mother Media) 100 Best Companies in the U.S. / India, and Top 10 Companies for Dads (U.S.) Fair compensation practices and benefits packages Employee training and upskilling » Top talent acceleration programs, focused on diverse employees Training relevant functions on ESG Average 21 hours of training per Moody's employee Health and wellbeing Better Business (989) Better Lives Better Solutions >>> 76%¹ of employees agreed Moody's took a genuine interest in their well-being in 2021 >>> >>> The "Workplace of the Future" is enhancing our technology and IT infrastructure and implementing an enhanced flexible work model that will allow increased part- and full-time remote work Launched a virtual well-being and development series, Moody's Moments that Matter, providing employees and managers with education in an increasingly virtual world through articles, videos and weekly webinars Communities » >$22M² worth of pro bono products and services to » support policymakers, governments, small businesses and others, as part of Moody's COVID-19 response Active global community and philanthropic involvement 1. The favorability score is the percentage of employees that selected a 4 (agree) or 5 (strongly agree). 2. Value of complimentary content, trials of MA products, new and pro bono products and services made available to the public. Cumulative number includes calendar years 2020 and 2021. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 73#74Drivers of Sustainable Corporate Value Sustainability disclosures in our public filings Better Solutions >> Through our integrated data and analytics capabilities, coupled with deep domain expertise, we provide our customers with the tools and insights to mitigate risks and to capitalize on the opportunities presented by the transition to an inclusive, green and sustainable global economy >> Through key services and solutions, we are advancing global standards and helping our customers achieve the objectives of the sustainable development agenda Moody's ESG Solutions: Better Business (288) Better Lives Better Solutions » We created Moody's ESG Solutions to serve the growing global demand for ESG insights and to deliver a comprehensive, integrated suite of ESG customer products and solutions ESG Integration: >> We help our customers solve the most complex problems of our time by adapting our offerings to integrate ESG considerations, from MIS's inclusion of ESG factors in credit analysis to our comprehensive range of data-driven and forward-looking ESG-adjusted insights, macroeconomic forecasts and credit risk tools Moody's | Better decisions 4Q & FY 2021 Investor Presentation 74#75Corporate Governance Adopted the principles set forth as a framework for the governance of the Company » Professional integrity » Systematic risk management » Diverse Board membership and skill sets » Separate CEO and Chairman positions » Implementation of Lead Independent Director within the Board » Active stockholder engagement » Completed a materiality assessment to identify the most salient sustainability issues Executive compensation metrics include a mix of the following, as disclosed in the 2021 Proxy Statement1: » Members of the executive leadership team are evaluated on demonstrated commitment to diversity, equity and inclusion plans and other sustainability initiatives » » » Moody's Corporation EPS and operating income MIS operating income and ratings performance MA operating income and sales » Strategic and operational² 1. 2. While the Company reports its financial results in accordance with U.S. GAAP, financial performance targets and results under the Company's incentive plans are based on adjusted financial measures. These metrics and the related performance targets are relevant only to Moody's executive compensation program and should not be used or applied in other contexts. This measure is a qualitative assessment of strategic and operational metrics tied to key non-financial business objectives, such as sustainability goals, that contribute to the Company's business success and are certified by the Compensation & Human Resources Committee at the beginning of the performance period. The Committee assessed the achievement of the metric by evaluating performance against the following objectives: (i) business focus and innovation and growth; (ii) people and culture; (iii) operating effectiveness and efficiency; and (iv) quality and risk management. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 75#76Proactive Capital and Liquidity Management Bond portfolio WAC1 Balanced maturity schedule 5 $ in millions 4.3% 4.3% 3.9% 3.5% 3.3% 3.9% 4.0% 3.3% 3.1% 3.4% 3.4% 2.4% 2.1% 2015 2016 2017 2018 2019 2020 2021 WAC With Hedges WAC Excluding Hedges 300 300 853 250 568 600 600 500 500 300 500 500 2.4% 400 400 300 300 250 100 Н # # 2023 2024 2025 2027 2028 2029 2030 2031 2041 2044 2048 2050 2060 2061 ■ USD Fixed USD Floating EUR Fixed EUR Floating Annualized Dividend Per Share » Strong liquidity with $1.9B in cash and short-term investments, and a $1.25B revolving credit facility² >> 1.8x net debt to adjusted operating income³ $2.80 $2.48 $2.24 $2.00 $1.76 $1.48 $1.52 $1.36 » Leverage well below maximum 4.0x total debt / EBITDA covenant4 2015 2016 2017 2018 2019 2020 2021 2022F2 1. WAC = Weighted Average Coupon. 2015-2021 data as of year-end. 2. See 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 for Moody's complete full year 2022 guidance. 3. Trailing twelve months adjusted operating income. Refer to the Appendix for reconciliations between all adjusted measures mentioned throughout this presentation and U.S. GAAP. 4. Total debt (gross debt less $100M of cash and equivalents) to EBITDA ratio threshold is normally 4.0x but elevated to 4.5x for three quarters after an acquisition of >$500 million. 5. Certain USD denominated debt has been synthetically converted to EUR via cross-currency swaps. EUR bonds converted to USD as of December 31, 2021. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 76#77Modernizing Our Internal Data & Technology Infrastructure to Further Enhance Business Capabilities Cloud and Platform » >>> Progressing on our cloud infrastructure journey to allow "always on"; majority of MA workloads are in the cloud Built state of the art interoperable cloud platform, with data factory and API framework, to support integration of all current and future product offerings Talent Agility Continue to promote a diverse and inclusive culture to enable talent agility that pivots on priority Moody's Data Science Development Program created to further our capabilities in emerging technology Data Management » Increasing data interoperability across products and solutions to assist customers' evolving needs Creating new data service platforms, such as Moody's DataHub, to promote data accessibility and availability $ DevOps >>> >>> Continuing our DevOps journey within MIS and MA to promote high quality, secure solutions with optimal speed to market Most recently, MIS significantly reduced release times greatly increasing productivity and quadrupled release features Integration Management Office >>> >>> Establishing and enforcing consistent and repeatable integration processes and procedures for recent and new acquisitions Accelerating integration of people, commercial assets and operations to maximize value delivery Finance Transformation » Implementing a modern cloud-based ERP » solution to further streamline processes Enhancing capabilities across data science, analytics and automation through a wide array of technology Moody's | Better decisions 4Q & FY 2021 Investor Presentation 77#78Innovation Enabled by Artificial Intelligence (AI) Utilizing natural language processing (NLP) and machine learning (ML) across Moody's external products and solutions » mlfabric™M Extensible modular machine learning framework to accelerate & scale ML across the organization mlfabric TM enables cloud-based deployment leveraging reusable ML components and libraries developed by Moody's Accelerator >> » MA Products QUIQ spread: product capable of automating digitization and spreading of multilingual financial statements Award-winning Coronavirus, Compliance, KYC and Credit Adverse Media products use NLP to understand risks and gain insights from unstructured sources Ratings Research Using ML models to augment the capabilities of our analysts by: Predicting when issuers are likely to issue to improve outreach Regional and company peer analysis to compare debt issuance Anticipating future rating actions Al and NLP used to generate credit reports on ~6,000 municipal issuers Moody's | Better decisions » ESG Leveraging in-house NLP models to improve and enhance coverage ESG score predictors using innovative algorithms employed to enhance quantitative and qualitative metrics 4Q & FY 2021 Investor Presentation 78#79Addressing the Needs of the Greater China Market¹ » » International Investors 1. MIS's credit ratings help dimension risk associated with Chinese companies issuing debt in the cross- border market International investors looking to invest in local currency bonds issued in the domestic market can leverage CreditView China - Coverage of ~1,000 companies Integrates ORBIS company hierarchy data and a Financial Statement Information Quotient >>> >>> Domestic Investors CCXI provides market-leading rating coverage of local currency bonds serving the domestic market - several thousand ratings assigned in 2021 across both fundamental and structured finance >>> Domestic investors looking to invest in offshore bonds through China BondConnect - Southbound² and Qualified Domestic Institutional Investor (QDII) channels can leverage Moody's global content and analytical tools tailored to the market Serving the needs around ESG and green finance by working through local partners, including the integration of ESG data into MIS's China ESG related research and conferences 25+ years Covering and serving Chinese markets 5 Cities Local presence in Beijing, Hong Kong SAR, Shanghai, Shenzhen and Taipei $857B Outstanding rated debt³ 220+ rated non-financial corporates 190+ rated financial institutions 25+ rated structure finance deals 30+ rated infrastructure and projects finance issuers 8,000+ Research reports Related to Asia Pacific, attracting 800,000+ unique views globally 130+ events Conferences, briefings, roundtables and sponsored events 550+ YYY employees Subject-matter experts in their respective fields Source: Moody's, all data for Greater China as of December 31, 2021 unless otherwise specified. Outstanding rated debt refers to cross-border outstanding debt by Greater China issuers/deals and rated by Moody's Investors Service, as of January 1, 2022. It is calculated based on face amounts at the time of issuance. Research data is for period January 1, 2021 to December 31, 2021. Event data for the period January 1, 2021 to December 31, 2021, which includes events organized by Moody's and third-party events in which Moody's participated. All numbers are rounded. 2. BondConnect - China Southbound provides a mechanism for onshore Chinese institutional investors to invest in offshore bonds traded in Hong Kong through designated trading systems and financial platforms. 3. Outstanding debt across cross-border markets rated by MIS. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 79#802021 Moody's Global Presence Brazil Bermuda Canada 4,834 U.S. employees + 8,626 non-U.S. employees 13,460 total employees¹ 1. As of December 31, 2021. Reflects acquisition of Bogard, Cortera, PassFort, RealXData and RMS. 2. As of December 31, 2020. Moody's | Better decisions 2020 4,234 U.S. employees Americas Argentina Costa Rica Mexico Panama Peru Chile United States Europe, Middle East & Africa Austria Belgium Poland Portugal Cyprus Russia Czech Republic Saudi Arabia Denmark Slovak Republic France South Africa Germany Spain Israel Italy Sweden Switzerland Lithuania United Arab Emirates Morocco United Kingdom Netherlands Ireland Asia-Pacific Australia China Hong Kong India Japan Taiwan Nepal Singapore South Korea Thailand Sri Lanka + 7,253 11,487 non-U.S. employees total employees² 4Q & FY 2021 Investor Presentation 80#81Reconciliation of Adjusted Financial Measures to U.S. GAAP Moody's Corporation Adjusted Operating Income and Adjusted Operating Margin Reconciliation1 Moody's Corporation Net Debt Reconciliation (in $ millions) 2017 2018 2019 2020 2021 (in $ millions) 2017 2018 2019 2020 2021 Operating Income Operating Margin $1,821 $1,868 $1,998 43.3% 42.0% 41.4% $2,388 44.5% $2,844 Gross debt $5,540 $5,676 $5,581 $6,422 $7,413 45.7% Less: Cash, cash equivalents 1,183 1,818 1,930 2,696 1,902 Add Adjustment: and short-term investments Depreciation & Amortization 158 192 200 220 257 Net debt $4,357 $3,858 $3,651 $3,726 $5,511 Acquisition-Related Expenses 23 8 3 Restructuring 49 60 50 Captive insurance company 16 settlement Settlement Charge Loss pursuant to the divestiture 14 9 of MAKS Adjusted Operating Income $2,002 Adjusted Operating Margin 47.6% $2,117 $2,291 $2,667 $3,101 47.6% 47.4% 49.7% 49.9% 1. 2017 operating and adjusted operating income have been restated to conform to the new presentation of pension accounting. Note: Some numbers may not foot due to rounding. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 81#82Reconciliation of Adjusted Financial Measures to U.S. GAAP (cont.) Moody's Corporation Operating Margin Guidance Reconciliation Projected Operating Margin – U.S. GAAP Depreciation & Amortization Projected Adjusted Operating Margin Free Cash Flow Reconciliation 2022F1 44% to 45% Approximately 5% 49% to 50% (in $ millions) 2017 2018 2019 2020 2021 2022F1 Net cash flows from operating activities Less: Capital expenditures $755 $1,461 91 91 $1,675 69 $2,146 103 $2,005 139 $2,450 to $2,650 ~150 Free Cash Flow $664 $1,370 $1,606 $2,043 $1,866 $2,300 $2,500 1. See 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 for Moody's complete full year 2022 guidance. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 82#83Reconciliation of Adjusted Financial Measures to U.S. GAAP (cont.) Moody's Corporation Diluted EPS Reconciliation 2017 2018 2019 2020 2021 2022F1 Diluted EPS - U.S. GAAP $5.15 $6.74 $7.42 $9.39 $11.78 $11.50 $12.00 Acquisition-Related Intangible Amortization Expenses $0.23 $0.40 $0.42 $0.51 $0.65 -$0.90 Acquisition-Related Expenses $0.10 $0.03 $0.02 Restructuring $0.19 $0.23 $0.20 Impact of U.S. tax reform $1.28 ($0.30) Net Impact of U.S./European tax change on deferred taxes ($0.01) CCXI Gain Purchase Price Hedge Gain ($0.31) ($0.37) Increase to non-U.S. UTPS $0.33 Captive insurance company settlement $0.06 Tax charge pursuant to the divestiture of MAKS $0.07 Loss pursuant to the divestiture of MAKS $0.07 $0.05 Non-cash gain relating to minority investment in BitSight² ($0.14) Adjusted Diluted EPS $6.07 $7.39 $8.29 $10.15 $12.29 $12.40 $12.90 1. 2. See 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 for Moody's complete full year 2022 guidance. Represents a non-cash gain recognized in the fourth quarter of 2021 pursuant to the Company's minority investment in BitSight, which was completed in October 2021. Under the terms of the transaction, Moody's contributed $250 million in cash and its minority investment in Visible Risk in exchange for a minority investment in BitSight. Note: Table may not sum to total due to rounding. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 83#84Key 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, 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, 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 February 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. Low-50s percent range Low-double-digit percent growth MOODY'S CORPORATION Revenue Moody's Corporation Medium-Term Guidance as of February 10, 2022 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 At least 10% growth MA Adjusted Operating Margin Low-to-mid-single-digit 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 | Better decisions 4Q & FY 2021 Investor Presentation 84#85MOODY'S Better decisions Investor Relations ir.moodys.com [email protected] moodys.com#862022 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. 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Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively. MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000. MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 86