#1MOODY'S Decode risk. Unlock opportunity. 4Q & FY 2022 Investor Presentation February 23, 2023#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. Such statements involve estimates, projections, goals, forecasts, assumptions and uncertainties that could cause actual results or outcomes to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements. Stockholders and investors are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements and other information in this document are made as of the date hereof, and Moody's undertakes no obligation (nor does it intend) to publicly supplement, update or revise such statements on a going-forward basis, whether as a result of subsequent developments, changed expectations or otherwise, except as required by applicable law or regulation. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, Moody's is identifying certain factors that could cause actual results to differ, perhaps materially, from those indicated by these forward-looking statements. Those factors, risks and uncertainties include, but are not limited to: the impact of general economic conditions, including inflation and related monetary policy actions by governments in response to inflation, on worldwide credit markets and economic activity and its effect on the volume of debt and other securities issued in domestic and/or global capital markets; the global impacts of each of the conflict in Ukraine and COVID-19 on volatility in world financial markets, on general economic conditions and GDP in the U.S. and worldwide, on global relations and on the Company's own operations and personnel; other matters that could affect the volume of debt and other securities issued in domestic and/or global capital markets, including regulation, credit quality concerns, changes in interest rates, inflation and other volatility in the financial markets, as well as the number of issuances of securities without ratings or securities which are rated or evaluated by non-traditional parties; the level of merger and acquisition activity in the U.S. and abroad; the uncertain effectiveness and possible collateral consequences of U.S. and foreign government actions affecting credit markets, international trade and economic policy, including those related to tariffs, tax agreements and trade barriers; the impact of MIS's withdrawal of its credit ratings on Russian entities and of Moody's no longer conducting commercial operations in Russia; 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; uncertainty regarding the future relationship between the U.S. and China; the possible loss of key employees and the impact of the global labor environment; failures or malfunctions of our operations and infrastructure; any vulnerabilities to cyber threats or other cybersecurity concerns; the timing and effectiveness of our restructuring programs, such as the 2022 - 2023 Geolocation Restructuring Program; currency and foreign exchange volatility; the outcome of any review by controlling tax authorities of Moody's global tax planning initiatives; exposure to potential criminal sanctions or civil remedies if Moody's fails to comply with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which Moody's operates, including data protection and privacy laws, sanctions laws, anti-corruption laws, and local laws prohibiting corrupt payments to government officials; the impact of mergers, acquisitions, such as our acquisition of RMS, or other business combinations and the ability of Moody's to successfully integrate acquired businesses; the level of future cash flows; the levels of capital investments; and a decline in the demand for credit risk management tools by financial institutions. These factors, risks and uncertainties as well as other risks and uncertainties that could cause Moody's actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements are described in greater detail under "Risk Factors" in Part I, Item 1A of Moody's annual report on Form 10-K for the year ended December 31, 2022, and in other filings made by the Company from time to time with the SEC or in materials incorporated herein or therein. Stockholders and investors are cautioned that the occurrence of any of these factors, risks and uncertainties may cause the Company's actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements, which could have a material and adverse effect on the Company's business, results of operations and financial condition. New factors may emerge from time to time, and it is not possible for the Company to predict new factors, nor can the Company assess the potential effect of any new factors on it. Forward-looking and other statements in this document may also address our corporate responsibility progress, plans, and goals (including sustainability and environmental matters), and the inclusion of such statements is not an indication that these contents are necessarily material to investors or required to be disclosed in the Company's filings with the Securities and Exchange Commission. In addition, historical, current, and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 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 & Climate Solutions 7. Appendix MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 3#41 Moody's Overview#5Company Overview MOODY'S ΟΞ MOODY'S INVESTORS SERVICE MOODY'S ANALYTICS Independent provider of credit rating opinions and related information for over 100 years Proven ratings accuracy and deeply experienced analysts Expanded sales and marketing activities in Commercial group Global integrated risk assessment firm providing credit rating opinions, analytical solutions and insights that empower organizations to make better, faster decisions Revenue of $5.5 billion MIS MA 49% 51% Adjusted Operating Income of $2.3 billion MIS MA 64% 36% Adjusted Operating Margin¹ Provider of financial intelligence and analytical tools supporting customers' growth, efficiency and risk management objectives Solutions address customers' diverse needs Extending brand into new markets and deepening customer relationships MIS MA 51.8% 30.2% Note: Financial data for year ended December 31, 2022. 1. Refer to the Appendix for reconciliations between all adjusted measures mentioned throughout this presentation and U.S. GAAP. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 5#6Moody's as an Integrated Risk Assessment Business Selection of Use Cases Addressable by Moody's Solutions Weather and natural disaster analysis Transfer pricing Fixed income investing CURATED DATA Supply chain management and trade credit Commercial lending Regulatory and accounting لس + 'S KYC and financial crime monitoring compliance ANALYTICS & INSIGHTS Insurance and Asset and liability management actuarial analysis Sustainable investing Commercial real estate analysis Note: KYC Know Your Customer. 1. Figures shown are as of December 31, 2022. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. $40B+ Current Addressable Market CURATED DATA1 Entities 450+ million public & private entities ୦୦୪ Helping customers make BETTER DECISIONS Securities ~$73 trillion rated debt ਕੀ॥ Economies 556+ million economic, financial and demographic time series Properties 20+ million commercial properties People 17+ million risk profiles Physical risk 3+ million scores on global facilities 4Q and FY 2022 Investor Presentation 6#7Company X 123 Boulevard, 00000 Refer (Recommendation)1 RiskScores 6 U.S. Wildfire 5 U.S. Earthquake 2 U.S. Wildfire Urban Conflagration A RMS RMS RMS 2 The Power of Integrated Risk Assessment: Bringing capabilities together as customers navigate increasingly complex risks Commercial Real Estate >> Could rents or values change? >>> Do buildings need remediation? What other buildings are affected? Issuer / Company: Insurance » How much exposure do I have due to the wildfire earthquake damage? » What business interruption claim might I face? » Should I underwrite further insurance? Investors » What would be the impact on the credit profile? (Business interruption) What is the physical risk to the rest of the company's real estate footprint? Mortgage Lender » Can my customer afford to make the necessary repairs? Does Company X have sufficient insurance? » Is my loan against this property in danger of default? Customers » Will revenues be affected by supply chain disruption? » Do they need to implement rationing? What are the regulatory implications? Suppliers » What might happen to Company X's demand for my products? » What happened to the raw materials I delivered yesterday? » Can I sell my materials to alternative producers? 1. Referral Rules in SitelQTM enable users to define custom thresholds for single location risk reports. They can be adjusted to accept, refer or decline recommendations. 4Q and FY 2022 Investor Presentation MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 7#8Full Year 2022 Operating and Strategic Highlights Realizing the potential of our global integrated risk assessment opportunity Customer First >> Top overall ranking in Chartis Risk Tech100Ⓡ; rated #1 in 15 separate award categories >> Awarded Best Credit Rating Agency by Institutional Investor for 11th consecutive year » Enhanced digital experience for CreditView Invest with Intent >> Expanded emerging market footprint with investments in Africa and Latin America >> Pre-scored 300M+ companies with ESG Score Predictor » Newly-developed organic products1 drove significant MA sales growth in 2022 Collaborate, Modernize & Innovate >> Integrated acquired capabilities to develop best- in-class KYC solution >> Partnered with global banks to launch a new electronic trading platform for loans and CLOS >> Combined RMS and Moody's CRE datasets to expand and enrich product solutions People, Culture & Sustainability » DiversityInc's Top-50 Company for the 3rd year running » Named one of America's Most JUST Companies for fair wages, customer privacy and reduction of carbon emissions >> Employee engagement continued to increase and remains above global benchmarks 1. Refers to organically-developed products launched in the preceding four years (2019 – 2022). MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 8#92 Financial Overview#10Moody's Corporation Financial Profile Full Year 2022 Revenue: $5.5 billion Recurring ■Transaction 31% 69% ■U.S. ■Non-U.S. 47% 53% DS PPIF 24% 8% MIS1 FIG R&I 9% 13% MA² SFG 8% D&I 13% CFG 23% Revenue Operating Expenses Operating Margin Adjusted Operating Margin Interest Expense, Net Effective Tax Rate Full Year 2023 Guidance as of January 31, 20233 Increase in the mid-to-high-single-digit percent range Increase in the low-single-digit percent range Approximately 37% Diluted EPS Adjusted Diluted EPS Operating Cash Flow Free Cash Flow Share Repurchases $8.05 - $8.55 $9.00 - $9.50 $1.7 $1.9 billion $1.4 $1.6 billion Approximately $250 million 44% - 45% $290 $310 million 20% to 22% 1. Percentages may not sum to 100% due to rounding. Includes MIS Other, <1%; MIS Other consists of financial instruments pricing services in the Asia-Pacific region, ICRA non-ratings revenue and revenue from providing ESG research, data and assessments. Percentages may not sum to 100% due to rounding. 2. 3. Guidance as of January 31, 2023. Refer to Table 11 - "2023 Outlook" in the press release titled "Moody's Corporation Reports Results For Fourth Quarter And Full Year 2022; Sets Outlook For 2023" from January 31, 2023, for a complete list of guidance, reconciliations between adjusted measures and U.S. GAAP and assumptions used by the Company with respect to its guidance. Refer to the Appendix for reconciliations between all adjusted measures mentioned throughout this presentation and U.S. GAAP. Full year 2023 share repurchase guidance is subject to available cash, market conditions, M&A opportunities and other ongoing capital allocation decisions. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 10#11Macro Assumptions Underpinning our FY 2023 Outlook 9 GDP2 0% - 1% United States (1%) -0% Euro area 1% - 2% Global Benchmark Rates Macroeconomic Assumptions1 & Credit Spreads Global benchmark rates to remain elevated, with U.S. Fed funds rate peaking above 5%, followed by rate cuts toward year-end; U.S. high yield spreads to widen toward 600 bps in 1Q23, then moderate toward 500 bps by year-end, with periodic volatility ② Inflation & Unemployment Global inflation levels to decline, but remain above central bank targets (U.S.: ~5% average; large Euro area economies: 5% - 9% average, with considerable variation among countries); U.S. unemployment rate to rise toward 5% by year-end TAILWINDS Monetary policy tightening cycle expected to end by mid-year as inflation eases in most countries HEADWINDS Default Rates Global high yield default rate to rise to ~5% by year-end € FX Rates $1.20 and $1.07 for the full year for GBP/USD and EUR/USD FX rates, respectively ✗ Recessionary concerns ~$4T of refinancing needs between 2023 and 2026 ✗ Ongoing geopolitical uncertainty, including resolution of the Russia- Ukraine conflict Dry powder at private equity firms ✗ Default rates expected to rise modestly above the ~4% historical average ✗ High cash levels on corporate balance sheets Sources: Default rate and unemployment assumptions sourced from Moody's Investors Service "December 2022 Default Report", published January 17, 2023. High yield spreads, GDP and inflation assumptions as of January 31, 2023, from Moody's Investors Service. 1. 2. Guidance as of January 31, 2023. Refer to Table 11 - "2023 Outlook" in the press release titled "Moody's Corporation Reports Results for Fourth Quarter and Full Year 2022; Sets Outlook for 2023" from January 31, 2023, for a complete list of guidance, reconciliations between adjusted and organic measures and U.S. GAAP, as well as assumptions used by the Company with respect to its guidance. GDP represents rate of change in real GDP. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 11#12Medium-Term Guidance with 2022 Base Year1 MCO Revenue MA Revenue MEDIUM-TERM 2, 3 At least 10% growth Low-to-mid-teens % growth MIS Revenue > Low-to-mid-single-digit % growth MCO Adjusted Operating Margin > Low-50s % range علي MA Adjusted Operating Margin Mid-30s % range Cl MIS Adjusted Operating Margin MCO Adjusted Diluted EPS > Low-60s % range Low-double-digit % growth 1. Note: Medium-term guidance refers to a time period within 5 years. Growth refers to average annualized growth over the time period. As of January 31, 2023. Refer to slide 74 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. 2. 3. Subject to available cash, market conditions, M&A opportunities and other ongoing capital allocation decisions. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 12#13Investment Criteria and Post-Acquisition Review 14.40 31.012 7637 15 20.556 448 0 Clear Industrial Logic Strategic fit, the most important factor, is the first screen Lá » Complementary ratings, content, data, analytics, risk management, etc., in existing and/or high growth markets >> Financial services and adjacent client base that can leverage Moody's brand, distribution, core credit expertise and analytic capabilities >> Preference for recurring revenue and low capital intensity Disciplined Financial Targets Long held, clear financial framework for external (and internal) investments » IRR at above Moody's cost of capital >> >10% annual cash return yield within 3-5 years » Cash payback within 7-9 years >> Adjusted EPS accretive by year 2 >> Transactions evaluated on an unlevered basis Post-Acquisition Review Disciplined and rigorous monitoring post-close » Clear accountability with regular reporting to senior management and Board >> Integrate within acquiring business unit while maintaining unique and / or entrepreneurial characteristics » Acquisition tracking for minimum of 3 years after close for substantive transactions MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 13#14Successful Delivery of M&A Capabilities Acquired Ann't Date Pre- Post- Acquisition Acquisition Growth1 Growth² Target Climate & Natural Disaster Risk Incremental $150M revenue by 2025 Modelling Aug 2021 LSD% HSD - LDD% (RMS) Screening Capabilities (RDC, GRID) Performance ON TRACK Achieved 6% sales growth in 20224 Accretive to adjusted diluted EPS in 2024 EXCEEDED Accretive to FY 2022 adjusted diluted EPS Jan 2020 Mid-teens% Mid-thirties% Double sales to $300M by 20233 1 YEAR AHEAD OF PLAN Achieved $300M target in 2022 Private Company Data (BvD, ORBIS) May 2017 -10% Mid-teens% ~$80 million in synergies by 2021 EXCEEDED Over $85M in synergies achieved by 2021 Approximate three-year Revenue CAGR preceding the acquisition. RMS: 2018-2020; RDC: 2017-2019; BvD: 2014-2016. Note: LSD = low-single-digit; HSD = high-single-digit; LDD = low-double-digit. 1. 2. 3. 4. Includes synergies. RMS forecasted to generate $150M in additional revenue, implying HSD - LDD growth, on average, through 2025; RDC and BVD revenue as of year end December 31, 2022. Target includes BvD's compliance products. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 14#153 Capital Markets Overview#16Default Rates Expected to Rise; High Yield Spreads Fluctuate Around Historical Average Default Rates for Global Speculative-Grade Corporate Rated Issuance1 U.S. HY Bond Spreads² Moderately Pessimistic Severely Pessimistic -U.S. HY Bond Spreads - • Avg U.S. HY Bond Spread 1,000 •14.9% Baseline -Optimistic 16% 14% 12% 10% 8% 4.1% global historical average1 6% 4% 2% 0% 2008 2011 2014 2017 2020 800 9.9% 600 ~550 bps historical average² 4.4% 3.9% 400 2023F 200 4Q19 2Q20 4Q20 2Q21 4Q21 2Q22 4Q22 >>> Global speculative-grade default rate expected to rise to 4.4% by year-end, slightly above long-term average but well below prior recessionary levels 1. 2. Moody's rated corporate global speculative grade default historical average of 4.1% from 1983 through December 31, 2022. 2023 forecast ended December 31, 2023. Moody's Investors Service; Default Trends - Global: January 2023 Default Report, February 14, 2023 Reported data as of December 31, 2022. Bond spreads as of the last day of each month. Historical average is the daily bond spread average between December 31, 1996 - December 31, 2022. Source: St. Louis Fed Database. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 16#17$ Billions U.S. 10YR Treasury ---U.S. 10YR Treasury Avg MIS: Following Outsized Issuance in 2020 and 2021, Refinancing Needs Remain Significant MIS-Rated Non-Financial Global Corporate Investment Grade (IG) Issuance $1,600 $1,400 IG Bond Issuance ---IG Bond Issuance Avg MIS-Rated Non-Financial Global Corporate High Yield (HY) Issuance HY Bond Issuance HY Bond Issuance Avg U.S. HY Spread U.S. HY Spread Avg 6% $1,600 6% 5% $1,400 5% $1,200 $1,200 4% $1,000 $800 $600 3% $ Billions 4% $1,000 $800 3% 2% $600 2% $400 $200 $- 2015 2016 $400 1% 1% $200 2017 2018 2019 2020 2021 2022 2015 2016 2017 2018 2019 2020 2021 2022 Four-Year U.S. and EMEA Non-Financial Corporate Refinancing Walls¹ Withdrawn Russian Debt² 2 $Trillions ~$2.0 Jan '12 Jan '13 Jan '14 Jan '15 Jan '16 Jan '17 Jan '18 Jan '19 Jan '20 <$0.2 ~$4.0 ~$3.9 Sources: Moody's Investors Service, Moody's Analytics and Dealogic. Amounts reflect total MIS-rated U.S. non-financial corporate bond and loan maturities, in addition to EMEA non-financial corporate and infrastructure bond and loan maturities as defined in Moody's Investors Service's refunding needs reports (2012-2022). Each bar represents four-year refunding needs. 1. 2. | DECODE RISK. UNLOCK OPPORTUNITY. In March 2022, Moody's withdrew the ratings of Russian companies, resulting in a reduction of the refinancing wall. MOODY'S 4Q and FY 2022 Investor Presentation 17 Sep '20 Sep '21 Sep '222#18Refunding Needs¹ Support MIS Long-term Fundamentals Debt Maturities: U.S. Non-Financial Corporate Bonds and Loans ($B)² $666 $610 291 $412 246 Speculative Grade Bank Loans $255 160 ■Speculative Grade Bonds 113 140 39 28 39 ■Investment Grade 187 214 251 234 2023 2024 2025 2026 Debt Maturities: EMEA Non-Financial Corporate Bonds and Loans ($B)³ $618 $545 $499 136 $430 98 82 99 13 41 46 76 31 ■Speculative Grade Bank Loans ■Speculative Grade Bonds ■Investment Grade 358 371 371 383 2023 2024 2025 2026 » Refinancing needs remain approximately flat compared to September 2021, totaling ~$4T over the next four years >>> U.S. refunding needs remain slightly weighted towards leveraged finance issuers >>> EMEA refunding needs continue to be driven by investment grade issuers 1. 2. 3. Non-financial corporates. MIS-rated U.S. non-financial corporate bond and loan maturities as defined in Moody's Investors Service's refunding needs reports (2022). Total may not sum due to rounding. EMEA non-financial corporate and infrastructure bond and loan maturities as defined in Moody's Investors Service's refunding needs reports (2022). EMEA data is shown in USD, which appreciated against the EUR and GBP (the main reporting currencies) in the latest period under review. At constant 2021 exchange rates, Moody's estimates that reported EMEA debt in 2022 would be ~10% higher in USD amounts. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 18#19Debt Leverage and Interest Coverage in North America and Europe1 Credit Metrics: North American Speculative Grade Companies EBITDA / Interest Expense Interest Coverage Debt/ EBITDA 8.0x 6.0x 4.9x 5.1x 5.1x 5.3x 5.4x 5.4x 5.6x 5.9x 5.5x 5.3x 4.6x 4.5x 4.3x 4.5x 4.6x 4.0x 2.7x 2.9x 3.0x 3.0x 3.0x 3.0x 2.9x 3.0x 3.0x 3.1x 3.3x 2.8x 2.6x 2.6x 2.4x 2.0x 0.0x 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Credit Metrics: EMEA Speculative Grade Companies Debt/ EBITDA EBITDA / Interest Expense 8.0x Interest Coverage 5.2x 5.5x 5.8x 5.6x 5.2x 6.0x 4.6x 4.8x 4.5x 4.6x 4.8x 4.6x 4.6x 4.6x 4.2x 4.2x 4.0x 3.3x 3.2x 3.0x 3.0x 3.1x 3.2x 3.5x 3.7x 3.5x 3.4x 3.6x 3.7x 2.9x 2.6x 2.7x 2.0x 0.0x 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Source: Moody's Investors Service. Note: Credit metrics are medians and historical figures may change due to timing differences in issuer reporting. Debt figures refer to gross debt. 1. Data as of February 23, 2023. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 19#20Leveraged Finance Issuance Driven by Refinancing and M&A Activity Uses of Funds from USD High Yield Bonds and Bank Loans 1,2 8% 5% 5% 6% 3% 5% 8% 14% 20% 19% 26% 26% 25% 42% 83% 75% 75% 66% 69% 69% 50% FY 2016 FY 2017 FY 2018 FY 2019 ■Debt Refinancing ■ M&A ■ Other 3 FY 2020 FY 2021 FY 2022 Percent of mentions for each respective period in bond issue or bank loan program tranche documents. Excludes issues of less than $25 million and general corporate purposes. Historical data was restated on November 10, 2021, to reflect updated methodology. Percentages may not sum to 100% due to rounding. Source: Dealogic. Reported data as of December 31, 2022. 1. 2. 3. Other includes Shareholder Payments, Working Capital and Capital Spending. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 20 20#21Average Maturities Remain Consistent with Historical Trend Despite Lower Issuance Volumes FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 TOTAL ISSUANCE ($B)1 $462 $561 $979 $580 $428 $128 $212 $361 $369 $95 AVG. MATURITY2 12.0 12.4 14.7 13.6 13.1 8.6 8.4 7.8 8.3 8.3 1-2 years 3-5 years 6-10 years 11-30 years Long-term U.S. Investment Grade Bond Issuance by Maturity Length ($ Billions) $230 $203 $176 $166 $130 $119 $108 $36 $28 $12 $16 $18 $367 $298 $211 $171 $156 $122 $109 $102 $94 U.S. High Yield Bond Issuance by Maturity Length ($ Billions) $167 $118 $100 $209 $284 $71 $49 $58 $26 $27 $34 $18 $1 $30 $27 $15 $21 $8 $1 $3 $4 $1 $6 $18 $1 $2 $3 FY 2018 FY 2019 FY 2020 FY 2021 FY 20223 FY 2018 FY 2019 FY 2020 FY 2021 FY 20223 Source: Moody's Investors Service. 1. 2. 3. Breakdown of Issuance by Maturity Length may not foot to Total Issuance ($B) due to rounding. Proxy calculation uses weighted average years of tenor. Data represents tenors on Moody's rated debt in U.S. Issuance may differ to reported amount if no maturity date available. Data as of year end December 31, 2022. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 21#22Debt Capital Market Penetration Emerging Size of bubble reflects 2022 GDP Other Asia7 CEE/CIS2 India M.E. & Africa5 0% 20% ASEAN1 Latin America4 40% 60% Developed Developed Asia³ Western Europe North America China 80% 100% 2022 Private Sector Capital Market Debt Securities (International & Domestic) Outstanding / GDP (%) » Debt capital markets have historically grown faster than GDP 120% » China is the second largest bond market and its size relative to GDP is approaching that of Developed Asia >>> Low interest rates and investor appetite have historically supported the development of bond markets in emerging economies; current higher inflation levels and corresponding policy responses likely to limit further growth Sources: International Monetary Fund World Economic Outlook as of October 2022, Bank for International Settlements as of June 2022, Securities and Exchange Board of India, Moody's Investors Service. Note: Includes non-financial corporates and financial institutions, excludes general government. Size of bubble reflects 2022 GDP in each region (U.S. dollars, current prices). Regional definitions: 1. ASEAN = Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam. 2. CEE/CIS = Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Georgia, Hungary, Kazakhstan, Kosovo, Kyrgyz Republic, Moldova, Montenegro, North Macedonia, Poland, Romania, Russia, Serbia, Tajikistan, Turkey, Turkmenistan, Ukraine, Uzbekistan. 3. Developed Asia = Australia, Hong Kong, Japan, 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 | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 22#234 Moody's Investors Service#24Moody's Investors Service Financial Profile Full Year 2022 Revenue: $2.7 billion >> 39% recurring revenue U.S. Non-U.S. Recurring Transaction MIS Other¹ 2% 39% 56% Corporate Finance 47% 61% 44% Note: Percentages may not sum to 100% due to rounding. Public, Project, & Infrastructure Finance 16% Structured Finance >> 39% recurring revenue Financial Institutions 18% >> 57% recurring revenue 17% >> 43% recurring revenue 1. Consists of financial instruments pricing services in the Asia-Pacific region, ICRA non-ratings revenue and revenue from providing ESG research, data and assessments. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 24#25Expecting Moderate Improvement in 2023 Issuance1 2023 Issuance Factors POLITICS & POLICY » Geopolitical risks » Energy, trade, climate, tax and regulatory policies 點 INFLATION & CENTRAL BANK ACTIONS » Inflation expectations, supply chain and wage trends » Global monetary policy tightening cycle 09 CREDIT MARKETS & RATES » Liquidity, sentiment and credit spreads » Credit performance and default rates >> Private credit markets GROWTH & INVESTMENT eel » Global GDP: recession or recovery » Private equity 'dry powder' FY 2023 Issuance Outlook 1,2 Total Issuance Low-single-digit % Investment Grade ~5% High Yield Bonds Leveraged Loans Approximately flat Financial Institutions Approximately flat Public, Project and Infrastructure Finance Low-single-digit % Structured Finance ~5% ~25% 1. Guidance as of January 31, 2023. Refer to Table 11 - "2023 Outlook" in the press release titled "Moody's Corporation Reports Results for Fourth Quarter and Full Year 2022; Sets Outlook for 2023" from January 31, 2023, for a complete list of guidance, reconciliations between adjusted and organic measures and U.S. GAAP, as well as assumptions used by the Company with respect to its guidance. 2. Total issuance includes CFG, SFG, FIG and PPIF. MIS-rated issuance excludes sovereign debt issuance. Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 25#26Well-Positioned for Measured Issuance Rebound Following Relatively Muted Activity in 20221 Revenue¹ Adjusted Operating Margin¹ Mid-50s percent range Increase in the low-to-mid-single-digit percent range $2.7B 51.8% 2022 2023F 2022 2023F » Market uncertainty expected to continue. through (at least) 1H 2023, with intermittent opportunistic activity until more normalized issuance returns in 2H 2023 » Disciplined expense management; balancing operational efficiency with adequacy of resources to deliver quality mandates and ratings » Strategically expanding emerging market footprint with investments in Africa and Latin America » Enhanced transparency and rating quality through expansion of ESG Credit Impact Scores to 10,000+ issuers » Projecting 600 to 700 first-time mandates 1. Guidance as of January 31, 2023. Refer to Table 11 - "2023 Outlook" in the press release titled "Moody's Corporation Reports Results for Fourth Quarter and Full Year 2022; Sets Outlook for 2023" from January 31, 2023, For a complete list of guidance, reconciliations between adjusted and organic measures and U.S. GAAP, as well as assumptions used by the Company with respect to its guidance. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 26#27MIS Revenue Growth Opportunity Medium-term guidance remains unchanged given persisting market uncertainty1 LONG-TERM GROWTH DRIVERS مهمه ' ECONOMIC EXPANSION MM DISINTERMEDIATION وا GDP growth drives demand for debt capital to fund business investments Refinancing needs support future supply + Improved opportunity for pricing efficiency and capital market access Banking system capacity remains constrained + EMERGING OPPORTUNITIES Meeting customers' evolving risk assessment demands, including ESG & Climate and Cyber Deepening participation in developing markets TEMPORARY HEADWINDS Economic uncertainty and geopolitical environment + Sil 1. As of January 31, 2023. Refer to slide 74 in the Appendix for details and assumptions with respect to medium-term guidance. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. Inflationary and interest rate concerns + 0 000 VALUE-BASED PRICING Network effects Strong value proposition with proven rating accuracy and deeply experienced analysts + al Rising default expectations 4Q and FY 2022 Investor Presentation 27#28The Benefits of a Moody's Rating Investors seek Moody's opinions and particularly value the knowledge of its analysts and the depth of Moody's 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 b € 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 is identified as the agency that best meets future needs for more than half its users globally¹ ور كسا Planning and budgeting » May help issuers when formulating internal capital plans and funding strategies » An independent study has shown that adding a Moody's credit rating may lead to a reduction in borrowing costs² Analytical capabilities » Among ratings advisors, Moody's enjoys a strong position and is well- recognized for the depth and breadth of its excellence³ 1. 2021 Moody's Investor Perception Study. 2. Based on an independent study performed by BDO in June 2022 on a snapshot of data from January 31, 2022, which shows that a five-year $500M bond with a Moody's credit rating (when rated at the same level as S&P and/or Fitch) has an -13% lower Option Adjusted Spread (OAS), which results in a savings of ~65 basis points per year. The study only applied to corporate bonds and not to sovereign/quasi-sovereign/municipal or structured finance bonds. Many factors go into the pricing of a bond. OAS is the measurement of the credit spread of a fixed-income security rate and the risk-free rate of return (Treasury yields), adjusted for embedded options. 3. 2022 Moody's Global Intermediary Study conducted by Naxion. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 28#29Illustrative Impact of Adding a Moody's Credit Rating Example: 5-year $500 million corporate bond Not Rated by Moody's $500,000,000 1.20% 500 6.20% Bond 5-Yr US Treasury Bond Rate Option Adjusted Spread (bps)1 Interest Rate Rated by Moody's $500,000,000 1.20% 435 5.55% = $31,000,000 5 years = $155,000,000 Annual Interest Payments = $27,750,000 Term 5 years Total Interest Expense over the Term = $138,750,000 Over $16 million in total interest expense vs. cost of rating Note: Illustrative spread differential based on an independent study performed by BDO in June 2022 on a snapshot of data from January 31, 2022, which shows that a five-year $500M bond with a Moody's credit rating (when rated at the same level as S&P and/or Fitch) has an -13% lower Option Adjusted Spread (OAS), which results in a savings of ~65 basis points per year. The study only applies to corporate bonds and not to sovereign/quasi-sovereign/municipal or structured finance bonds. Many factors go into the pricing of a bond. 1. OAS is the measurement of the credit spread of a fixed-income security rate and the risk-free rate of return (Treasury yields), adjusted for embedded options. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 29#30MOODY'S INVESTORS SERVICE FACTS & FIGURES Full Year 2022 33,900+ Rated Organizations and Structured Deals 5,100+ Non-Financial Corporates 3,400+ Financial Institutions AMERICAS www -$73 trillion Total rated debt1 EMEA ASIA PACIFIC TOTAL RATED DEBT $41+ trillion $19+ trillion $10+ trillion RATED ORGANIZATIONS AND STRUCTURED DEALS 27,200+ 4,400+ 2,200+ PUBLICATIONS 12,300+ 4,900+ 2,800+ 15,100+ US Public Finance Issuers 8,600+ Structured Finance Deals 23,600+ Publications globally 1,000+ Infrastructure & Project Finance Issuers 144 Sovereigns* 340+ Sub-Sovereigns 46 Supranational Institutions* 16,100+ Issuer Research 2,300+ Sector Research 5,000+ Other Reports 190+ Rating Methodologies Source: Moody's Investors Service as of January 1, 2023. Research and Events data covers the period January 1, 2022 to December 31, 2022. Publications breakdown includes "Global" which accounts for an additional 3,600+ publications. All numbers are rounded other than those marked *. 1. Regional breakdown excludes supranational debt and is rounded, therefore will not foot to the ~$73 trillion. 1,700+ Analysts 40+ Countries/Regions EVENTS 610+ Global events 51,000+ Global participants AWARDS & RECOGNITION Award-winning expertise in credit ratings, research and risk analysis. For more information, visit awards.moodys.io#31How we Participate in Global Domestic Markets GCR South Africa RATINGS Mexico. MOODY'S Argentina. LOCAL Brazil Peru MERIS Middle East Rating & Investors Service Egypt Midroog Israel A SUBSIDIARY OF MOODY'S O Others Nigeria ICR Chile ICR Chile AN AFFILIATE OF MOODY'S INVESTORS SERVICE Malaysia ICRA A MOODY'S INVESTORS India SERVICE COMPANY $750 million Size of domestic CRA markets Korea Investors Service AN AFFILIATE OF MOODY'S INVESTORS SERVICE South Korea MARC MIS affiliate (majority) MIS affiliate (minority) Moody's Local MIS Emerging Markets Revenue¹ Other Emerging Markets $343M China |中诚信国际 CCXI $179M CAGR 7% 2012 2022 ■Emerging Asia ■Latin America Middle East ■CEE/CIS ■ Africa Note: Size of pie represents the estimated total CRA revenue from domestic markets ($750 million) as of December 31, 2022. Note: In April 2022, Moody's acquired Class y Asociados S.A. Clasificadora de Riesgo (Class), a leading credit rating agency in Peru. In May 2022, Moody's acquired a majority (51%) stake in Global Credit Rating Company Limited (GCR), a leading credit rating agency in Africa. In December 2022, Moody's announced it has agreed to acquire SCRiesgo, a leading group of local credit rating agencies serving domestic financial markets in Central America and the Dominican Republic. 1. Includes revenue from cross border issuance. Refer to slide 22 titled "Debt Capital Market Penetration Continues" for regional definitions. Emerging Asia includes China and India. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 31#32Moody's in Greater China 2nd Largest Onshore Bond Market at ~$22 Trillion $ Trillions Total debt securities outstanding 2Q 2012 - 2Q 20221 $60 $40 $20 5% ■ 2Q 2012 ■ 2Q 2022 19% (3%) Flat 1% U.S. China Japan UK France $ Millions Revenue and Attributable Income from China² ■MIS Cross Border Revenue Total MA Revenue Attributable Income from CCXI $125 $16 MIS Cross Border and Total MA FY 2022 Cross Border Market Rated Issuance Volume $66B4 Attributable Income from CCXI FY 2022 Domestic Market Rated Issuance Volume -$1.0T5 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 38% » Continuing to foster constructive relationships and partnerships with issuers, regulators and other market participants 62% ■Rest of Market ■Moody's Share 46% 54% ■Rest of Market ■CCXI's Share 1. 2. 3. 4. 5. Percentage growth numbers are rounded compound annual growth calculations from June 30, 2012 to June 30, 2022. Source: Bank for International Settlements' latest data available as of June 30, 2022. Greater China: Mainland, Hong Kong and Macau. Revenue and attributable income data for full year 2022. Source for Cross Border Market Issuance: Dealogic, excludes Structured Finance, Sovereign/Sub-Sovereign entities, policy banks and Special Purpose Vehicles (SPVs). The percentages displayed in the pie chart represent the share of the total ratings opportunity (as debt issuances can bear two or more ratings). In 2021, Moody's rated approximately 67% of the cross-border debt issued by Chinese entities. Source for Domestic Market Issuance: WIND, excludes Structured Finance, Government debt, Private Placement Notes (PPN) and Negotiable Certificates of Deposit (NCDs). USD 1 = RMB 6.72 average exchange rate in 2022 is used for conversion. Percentages based on issuance volume; percentages were based on deal count in prior presentations. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 32#335 Moody's Analytics#34Integrated Risk Assessment Strategy Delivers Impressive Results $ 1. 2. 3. 4. LEVERAGING UNMATCHED CAPABILITIES Extensive, Uniquely Curated, Proprietary Data Rich Product Development Program World-class Sales & Distribution Force Track Record of Successful Acquisitions DEEP MARKET CURRENTS Outpacing Competitors in $30B+ Current Addressable Market¹ Increasing Demand to Understand Risk and Resiliency Digitization and Transformation Trends Across Industries DELIVERING RESULTS ARR² 10% RETENTION RATE³ Mid-90s % ADJUSTED OPERATING MARGIN³ 30%+ 2023F GUIDANCE MEETS RULE OF 404 60 Quarters of Consecutive Revenue Growth INTEGRATED RISK STRATEGY: Combining data, analytics and software to decode risk and unlock opportunity for customers Sources: Moody's estimates, company annual reports, IDC, Gartner, Pitchbook, Opimas, ESG - Global Sustainable Investment Alliance and industry experts. As of December 31, 2021. ARR growth as of December 31, 2022. Refer to the Appendix for the definition of and further information on ARR. ARR excludes the impact of foreign currency translation. For full year 2022. Rule of 40 metric calculated by adding Annualized Recurring Revenue Growth to Adjusted Operating Margin. Guidance as of January 31, 2023. Refer to Table 11 - "2023 Outlook" in the press release titled "Moody's Corporation Reports Results For Fourth Quarter And Full Year 2022; Sets Outlook For 2023" from January 31, 2023, for a complete list of guidance, reconciliations between adjusted measures and U.S. GAAP and assumptions used by the Company with respect to its guidance. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 34#35Diverse Customer Base Across Multiple Sectors 1 70% 52% 4,400+ Corporates of the Fortune 1002 of the Forbes 1,000³ 2,600+ 0000 Commercial Banks 900+ Insurance Companies 15,200+ Customers 165+ Countries 2,300+ Professional Services 1,900+ 900+ Real Estate Entities 600+ Educational Institutions 200+ $ Securities Dealers and Asset Managers 900+ Investment Banks 500+ Government Entities Others 1. As of December 31, 2022. 2. 3. Based on the top 100 of Fortune Magazine's rank of 500 of the largest United States corporations by total revenue, 2022. Based on the top 1,000 of 'Forbes Global 2,000 List' of the world's biggest and most powerful companies, as measured by a composite ranking for sales, profits, assets and market value, 2021. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 35#36Assembling and Integrating Capabilities Underwriting Portfolio Mgmt. ESG & Climate Assessment Lending & Origination Regulatory Compliance Investment Analysis KYC Data & Information MIS Ratings Private & Public Company Data Other Proprietary Data SaaS ΑΡΙ Decision Solutions MACHINE LEARNING CUSTOMER CENTRICITY Enabling customers to perform critical business activities with confidence Economic Forecasts & Models Research & Insights Models & Analytics Research Note: API = Application Programming Interface; SaaS = Software as a Service; KYC = Know Your Customer. 4Q and FY 2022 Investor Presentation 36 MOODY'S DECODE RISK. UNLOCK OPPORTUNITY.#37Data & Information Snapshot Raw ingredients for unique insights » Create and aggregate extensive data from multiple sources » Standardize, cleanse and curate data >> Distribute through cloud-based platforms, APIs and other web interfaces DATA SETS INCLUDE Data feeds from the MIS ratings process Firmographic data on 450M+ public and private entities 45M+ private firms with financial statements 1.7B+ entity ownership and hierarchical links Curated real-time multimedia news with ~800K articles screened each day, enriched with entity, category and other signal data Curated Data + Expertise Note: API = Application Programming Interface. Financial data for year ended December 31, 2022. Growth refers to average Annualized Recurring Revenue growth ending December 31, 2022. 1. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. >>> Better Decisions ())) ())))) $712M REVENUE 9% ARR GROWTH 1 100% RECURRING REVENUE D&I 94% RETENTION RATE 4Q and FY 2022 Investor Presentation 37#38Research & Insights Snapshot Generating actionable insights » Model and measure risks related to credit, financial, climate, operational, cyber and others >> Forecast and benchmark micro and macroeconomic implications » Provide valuable insights and opinions that inform global decision makers $733M REVENUE CAPABILITIES INCLUDE Economic forecasts and scenarios (including climate-conditioned forecasts) based on 556M+ data series Credit scores on 450M+ companies and ESG scores on 300M+ companies globally Credit risk performance for 150M+ mortgages, leveraging 7B+ data points Curated Data + Expertise Note: Financial data for year ended December 31, 2022. 1. Growth refers to average Annualized Recurring Revenue growth ending December 31, 2022. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. Better Decisions ())) ())))) 9% ARR GROWTH 1 99% RECURRING REVENUE R&I 96% RETENTION RATE 4Q and FY 2022 Investor Presentation 38#39Decision Solutions Snapshot Integrating best-in-class data and analytics >> Integrate and connect data, research and analytics for enriching customer applications >> Build and support software for specific customer workflows » Embedded components in external ecosystems SOLUTIONS INCLUDE Screening & Insights SELECT USE CASES Know Your Customer Lending & Origination Insurance underwriting Portfolio Management Curated Data + Asset liability management Expertise Note: Financial data for year ended December 31, 2022. 1. 2. Growth refers to average Annualized Recurring Revenue growth ending December 31, 2022. Retention rate excludes acquisitions of kompany, RealXData, and ZM Financial. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. Better Decisions l $1,324M REVENUE 11% ARR GROWTH 1 88% RECURRING REVENUE 93% RETENTION RATE 2 DS 4Q and FY 2022 Investor Presentation 39#40Operating in Growing Markets Full Year 2022 Revenue Spotlight on ARR² Expansion 48% Decision Solutions 30% 88% recurring revenue 25% 93% retention rate1 $2.8 billion 26% Research & Insights 99% recurring revenue 96% retention rate Full Year 2022 ARR Growth KYC & Compliance 20% Life Insurance Banking 15% 10% Orbis CreditView 26% Data & Information 5% 100% recurring revenue 94% retention rate Decision Solutions Data & Information Research & Insights -% -% 5% 10% 15% 20% 25% Percentage of Total MA FY 2022 ARR Note: KYC Know Your Customer. 1. Retention rate excludes acquisitions of kompany, RealXData and ZM Financial. 2. ARR: Annualized Recurring Revenue. Refer to the Appendix for the definition of and further information on ARR. ARR excludes the impact of foreign currency translation. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 40 40#41$ Millions Strong Execution Enables Consistent Revenue Growth Exceptional value creation - revenue has more than tripled since inception $3,000 2022 Revenue: 600 $2,769M 2008 - 2022 CAGR: +12% (-60% organic) $2,500 $2,000 $1,500 $1,000 CAGR 12% $500 $0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2007 » Moody's Analytics (MA) founded » Established risk assessment franchise with banks and insurance companies 2010-2016 >>> Continued to develop and enhance Moodys.com » Expanded economic data and modeling capabilities Created a chassis for MA integration and growth » Acquired private entity data - largest database of private companies >> Invested to expand CRE capabilities >>> Extended ALM franchise into pensions market 2017-2020 » Combined private entity data with profiles on politically exposed persons to form top tier KYC solutions » Divested MAKS to focus on data and analytics products 2021 + » Acquired RMS, the world's leading provider of climate and natural disaster risk modeling » Introduced new reporting structure (Decision Solutions, Research & Insights and Data & Information) to provide greater insight and transparency Note: ALM = Asset Liability Management; KYC = Know Your Customer; MAKS = Moody's Analytics Knowledge Solutions. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 41#42Recurring Revenue Growth Drives Margin Expansion Full Year Recurring And Transaction Revenue Adjusted Operating Margin¹ Recurring Transaction Recurring % -18% Recurring Revenue CAGR 93% 91% 85% 84% 78% 94% FY17 FY18 FY19 FY20 FY21 FY22 24.6% 2017 +~640bps 31.0% 2023F 1. Guidance as of January 31, 2023. Refer to Table 11 - "2023 Outlook" in the press release titled "Moody's Corporation Reports Results For Fourth Quarter And Full Year 2022; Sets Outlook For 2023" from January 31, 2023, for a complete list of guidance, reconciliations between adjusted measures and U.S. GAAP and assumptions used by the Company with respect to its guidance. Refer to the Appendix for reconciliations between all adjusted measures mentioned throughout this presentation and U.S. GAAP. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 42#43Building on a Foundation of Strong Customer Retention Full Year 2022 Full Year 2021 Full Year 2020 Full Year 2019 94% 8% 9% 111% Retained Base 1 Upgrades and Price New Sales Business Base 95% 7% 9% 111% Retained Base Upgrades and Price New Sales Business Base 93% 7% 10% 110% Retained Base Upgrades and Price New Sales Business Base 98% Retained Base 9% Upgrades and Price 5% New Sales 112% Business Base Note: The sales growth attributions presented on this slide are 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. 1. Retention rates exclude acquisitions of kompany, RealXData, and ZM Financial. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 43#44MA: Full Year 2023 Guidance1 Continued focus on profitable revenue growth and reinvestment to fuel future expansion KEY DRIVERS OF FY 2023 OUTLOOK >>> ARR² growth expected to accelerate as our mid-90s retention rates and strong customer-orientation enable cross-selling, tactical pricing, product development and sales deployment strategies >>> Ongoing investments, including in new and enhanced capabilities in our KYC, Banking and Insurance Solutions businesses are well-balanced against expense efficiency initiatives, enabling concurrent margin expansion and double-digit revenue growth $2.8B 2022 REVENUE Increase by approximately 10% 2023F ANNUALIZED RECURRING REVENUE2 Increase in the low-double-digit percent range 10% growth YE 2022 YE 2023F 1. 2. Guidance as of January 31, 2023. Refer to Table 11 - "2023 Outlook" in the press release titled "Moody's Corporation Reports Results for Fourth Quarter and Full Year 2022; Sets Outlook for 2023" from January 31, 2023, for a complete list of guidance, reconciliations between adjusted and organic measures and U.S. GAAP, as well as assumptions used by the Company with respect to its guidance. Refer to the Appendix for the definition of and further information on ARR. ARR excludes the impact of foreign currency translation. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 44#45Accelerating Revenue Growth Medium-Term Revenue Target Drivers New Product Development Increased Distribution Capacity MM Strong Customer Retention Rates Within 5 years¹ Low-to-mid-teens % Total Revenue CAGR Cross-selling, Upgrades & Pricing Continued SaaS Transition Note: SaaS = Software as a Service. 1. As of January 31, 2023. Refer to slide 74 in the Appendix for details and assumptions with respect to medium-term guidance. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 45#46KYC: Best-in-Class Compliance Solutions Well-positioned to deliver differentiated solutions in a growing market INDUSTRY TRENDS Complex regulatory environment Sophisticated crime tactics High customer OD): KYC SOLUTIONS DATA World's preeminent and comprehensive database on: » Entities » Corporate hierarchies » Ownership structure » Adverse media » Politically exposed persons Increasing data volume and variety YYY expectations and transaction speed » Sanctions CUSTOMER PAIN POINTS » Rapidly respond to evolving » Sourcing data from multiples vendors compliance environment » Limited resources » Managing customer expectations Note: API = Application Programming Interface; KYC = Know Your Customer; SaaS = Software as a Service. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. TECHNOLOGY » 100% subscription-based SaaS end-to-end solution » Data gathering » Workflow optimization » Reduction in 'false positives' » Analytics and real time monitoring DISTRIBUTION » Fully integrated into customers' workflows » API delivery » Intelligent, flexible and adaptable solution 450+ million Companies and entities 1.7+ billion Ownership links 99.99% Precision level in ownership data 1,700+ Customers across diversified sectors DS 4Q and FY 2022 Investor Presentation 46#47RMS: Expanding Mission-Critical Role to Other Industries DS >> Cross-trained sales forces to offer breadth of combined product suite >> Progressing on customer SaaS conversion >> Corporate integration proceeding as scheduled » 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 >> 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 YYY Integration + Cross-sell & Collaboration Transition Cross-sell customers to SaaS + + existing ✓ + offerings New and integrated solutions Note CMBS = Commercial Mortgage-Backed Securities; CRE = Commercial Real Estate; P&C = Property & Casualty; SaaS = Software as a Service. Forecast as of August 5, 2021. 1. 2. Includes synergies. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. + Product Development Exploration $ Targeting up to $150M in incremental RMS-related revenue by 20251 Achieved 6% sales growth in 20222 Accretive to FY 2022 adjusted diluted EPS 4Q and FY 2022 Investor Presentation 47#48Awards & Accolades Recognition for our industry-leading solutions: data, research, analytics and software MOODY'S ANALYTICS RiskTech 1002023 #1 RiskTech 1002023 Moody's Climate Risk American Financial Technology Awards Winner 2022 Best new technology introduced over the last 12 months-analytics Moody's Analytics INSURANCE ASSET RISK AMERICAS AWARDS -2022 Winner Climate risk initiative of the year waters Rankings Winner 2022 Best credit risk solution provider Moody's Analytics RiskTech 1002023 Moody's Financial Crime - Data RiskTech 1002023 Moody's Banking RiskTech Buyside50 2022 Moody's Analytics Winner: Performance Attribution- Fixed Income Chartis RiskTech QuadrantⓇ Category Leader Name Screening Solutions, 2022 Buy-Side Technology Awards Winner 2022 Best buy-side compliance product-KYC Moody's Analytics MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. Risk data repository of the year Bureau van Dia D Aan Fams 2022 Moodys Analytics company St RiskTech 1002023 Moody's Innovation-Credit Risk RiskTech 100 2023 Moody's Strategy AsiaRisk Awards 2022 Winner Moody's Analytics 4Q and FY 2022 Investor Presentation 48#4900 6 ESG & Climate Solutions#50Moody's Transparent and Rigorous ESG & Climate Capabilities R ~$190 million 2022 ESG & Climate Revenue1 Growth in the High-single-digit percent range in 20232 ESG & CLIMATE » Our award-winning ESG & Climate risk data is integrated across our business and capabilities >> We enable customers to obtain a holistic view of their ESG & Climate risk exposure by providing both a financial materiality and performance lens » Moody's addresses evolving use cases and is committed to expanding and enhancing comprehensive ESG & Climate capabilities through user- friendly delivery platforms » Moody's helps organizations identify, measure and manage ESG & Climate risks, such as those within company supply chains and as part of regulatory reporting requirements 1. 2. AT MOODY'S Approximate ESG & Climate revenue from Moody's Investors Service and Moody's Analytics as of December 31, 2022. Guidance as of February 23, 2023. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 50 50#51Moody's Core ESG & Climate Capabilities Ja ESG >> Issuer Profile Scores (IPS)1 » Credit Impact Scores (CIS)1 » Analyst-driven and modeled ESG Scores >> Positive & Negative Screening Data >> Normative Standards Screening Data » Regulatory Data >>> Data for 100+ ESG and Climate Indices Climate Risk >> Carbon Transition Assessment (CTA)1 >> Physical Risk Data (across real assets, companies, sovereigns and sub-sovereigns) >> Physical Risk Management Data >> Temperature Alignment Data >> Macroeconomic Scenarios >> Climate-Adjusted Probability of Default >> Climate Pathway Scenarios >> Expected Loss and Financial Impacts >> Natural Catastrophe Models in ~100 countries Moody's Integrated Risk Perspectives Sustainable Finance » Second Party Opinions (SPOs) on Green, Social, Sustainable and Sustainability-linked Bonds and Loans¹ 1. Capabilities provided by Moody's Investors Service. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 51#52ESG & Climate at Moody's Snapshot¹ 35+ Years of ESG experience Pioneers of ESG analysis for over three decades, while providing many regulatory consultations in ESG 10,000+ ESG Credit Impact Scores (CIS) and Issuer Profile Scores (IPS) by MIS 50+ Awards in the ESG and Climate space 600+ Second Party Opinions Green, Social and Sustainability Bonds and Sustainability-linked loans and bonds 1. Data as of December 31, 2022. ☆ T //////////// N 300M+ Companies scored via a combination of analyst-verified and modeled Moody's ESG scores 10,000+ Climate physical risk scores Spanning countries, sub sovereigns, companies & real assets² globally 100% Systematic integration of material ESG factors into MIS credit ratings ~7,000 ESG assessments 7,500+ Companies covered for Temperature Alignment Data 3,000+ 600+ ESG-related research reports published since 2020 ESG and Climate-related events and speaking engagements 99 200+ Natural catastrophe models in ~100 countries 2. Real assets are physical assets that have an intrinsic worth due to their substance and properties. Real assets include precious metals, commodities, real estate, land, equipment and natural resources. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 52 62#537 Appendix#54$ Millions $ Millions 3 Corporate Finance: Revenue and Issuance1 Revenue²: Mix by Quarter ■Other Investment Grade Speculative Grade ■Bank Loans $700 $1,000 $600 $76 $500 $180 $800 $78 $157 $223 $28 $400 $145 $124 $600 $193 $48 $141 $113 $88 $42 $17 $82 $124 $233 $27 $300 $82 $64 $39 $72 $161 $149 $85 $77 $47 $400 $114 $209 $111 $67 $31 $200 $134 $102 $105 $98 $114 $21 $43 $22 $60 $68 $17 $134 $22 $67 $132 $103 $45 $52 $200 $53 $378 $410 $100 $359 $24 $21 - $31 $28 $305 $152 $150 $167 $156 $158 $151 $151 $142 $148 $226 $263 $233 $201 $188 $179 $0 T $0 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 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 3 Revenue²: Mix by Year ■ Other ■Investment Grade ■Speculative Grade ■Bank Loans $2,000 $1,800 $1,600 $1,400 Issuance4: Mix by Year ■Global Non-Financial Investment-Grade Bonds ■U.S. Speculative-Grade Bank Loans $3,000 ■Global Non-Financial Speculative-Grade Bonds ■Non-U.S. Speculative-Grade Bank Loans $118 $229 $606 $287 $247 $144 $365 $204 $313 $352 $676 $411 $1,200 $1,000 $349 $2,000 $120 $638 $425 $590 $379 $275 $242 $204 $258 $425 $254 $354 $414 $601 $472 $254 $175 $636 $108 $426 $679 $117 $800 $219 $183 $439 $181 $600 $301 $271 $379 $294 $405 $329 $311 $304 $204 $230 $305 $1,000 $150 $262 $1,768 $400 $200 $420 $421 $425 $488 $554 $547 $582 $631 $592 $1,043 $1,120 $1,192 $1,271 $1,419 $1,074 $1,211 $928 $0 $0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2014 2015 2016 2017 2018 2019 2020 2021 2022 1. Note: Debt issuance categories do not directly correspond to Moody's revenue categorization. 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 in 2016. Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 54 54#55Corporate Finance: Revenue Revenue¹: Distribution by Geography Revenue¹: Distribution by Recurring vs. Transaction ■Non-U.S. ■U.S. ■Transaction ■Recurring 100% 100% 30% 25% 20% 22% 25% 28% 23% 30% 80% 80% 38% 39% 45% 50% 68% 70% 68% 63% 68% 66% 66% 66% 65% 68% 63% 66% 60% 60% T 40% 40% 80% 75% 78% 70% 75% 72% 77% 70% 62% 61% 55% 50% 20% 20% 37% 32% 30% 32% 32% 34% 34% 34% 35% 32% 37% 34% 0% 0% 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 Revenue¹: Distribution by Product Other Investment Grade ■Speculative Grade ■Bank Loans 100% 17% 17% 22% 22% 30% 29% 30% 28% 27% 80% 8% 7% 10% 21% 9% 18% 60% 23% 23% 17% 14% 24% 21% 16% 27% 22% 22% 40% 19% 22% 58% 51% 47% 20% 41% 30% 32% 36% 36% 25% 0% 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Note: Percentages have been rounded and may not total to 100%. 1. Historical data has been adjusted to conform with current information and excludes intercompany revenue. 2. Other includes monitoring, commercial paper, medium term notes and ICRA. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 55#56$ Millions $ 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 $160 $3 $2 $8 $8 $3 $140 $3 $13 $3 $3 $4 $43 $120 $8 $38 $5 $33 $8 $3 $31 $9 $34 $100 $32 $24 $6 $31 $24 $80 $60 $109 $101 $105 $40 $86 $96 $89 $93 $76 $79 $20 $0 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 $ Billions $700 $600 $20 $500 $32 $30 $400 $9 $35 $12 $21 $12 $300 $39 $542 $200 $395 $385 $316 $347 $292 $330 $282 $100 $213 $0 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 ■Banking Revenue²: Mix by Year Insurance ■Managed Investments ■Other $700 Issuance³: Mix by Year ■Global Speculative Grade Financial Corporate Bonds ■Global Investment Grade Financial Corporate Bonds $10 $600 $10 -$36 $1,600 $52 $118 $500 $12 $28 $13 $13 $13 $145 $197 $183 $28 $25 $400 $9 $10 $22 $25 $137 $1,200 $136 $112 $74 $98 $121 $2 $119 $113 +$19 $16 $17 $102 $114 $300 $92 $96 $102 $800 $1,388 $1,500 $1,247 $200 $411 $1,194 $1,187 $1,232 $1,248 $1,207 $1,177 $300 $290 $320 $355 $337 $400 $100 $242 $244 $240 $0 $0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2014 2015 2016 2017 2018 2019 2020 2021 2022 1. Total estimated market issuance, unless otherwise noted. 2. Historical data has been adjusted to conform with current information and excludes intercompany revenue. 3. Sources: Moody's Analytics, Dealogic. Debt issuance categories do not directly correspond to Moody's revenue categorization. Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 56#57Financial Institutions: Revenue Revenue1: Distribution by Geography ■Non-U.S. ■U.S. Revenue¹: Distribution by Recurring vs. Transaction ■Transaction ■Recurring 100% 100% 80% 47% 47% 46% 46% 46% 41% 48% 43% 80% 53% 50% 47% 45% 44% 52% 50% 47% 46% 50% 47% 53% 55% 62% 58% 57% 60% 60% 40% 40% 59% 53% 53% 54% 54% 54% 52% 57% 20% 47% 50% 53% 55% 56% 48% 50% 53% 54% 53% 50% 47% 20% 45% 38% 42% 43% 0% 0% T T 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 Revenue¹: Distribution by Product ■Banking Insurance ■Managed Investments Other 2% 2% 1% 2% 1% 2% 2% 2% 2% 3% 3% 3% 100% 6% 5% 5% 5% 9% 5% 6% 4% 6% 6% 7% 6% 80% 25% 26% 27% 25% 23% 24% 26% 19% 22% 23% 22% 25% 60% 40% 67% 67% 67% 67% 69% 70% 68% 68% 73% 70% 64% 69% 20% 0% 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 Note: Percentages have been rounded and may not total to 100%. 1. Historical data has been adjusted to conform with current information and excludes intercompany revenue. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 557 57#58$ Millions $ Millions Public, Project and Infrastructure: Revenue and Issuance¹ Revenue²: Mix by Quarter Issuance³: Mix by Quarter ■Public Finance and Sovereign ■ Project & Infrastructure Finance Long-Term Rated U.S. Muni Bonds ■Rated Global Project & Infrastructure Finance Bonds $200 $200 $150 $100 $76 $67 $69 $63 $65 $65 $67 $ Billions $150 $59 $84 $60 $69 $91 $61 $76 $59 $100 $77 $48 $54 $50 $50 $110 $96 $103 $103 $96 $90 $92 $81 $58 $67 $63 $61 $53 $58 $55 $62 $44 $40 $0 $0 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Revenue²: Mix by Year ■Public Finance and Sovereign ■Project & Infrastructure Finance Issuance³: Mix by Quarter $600 ■Long-Term Rated U.S. Muni Bonds ■Rated Global Project & Infrastructure Finance Bonds $500 $800 $400 $246 $277 $300 $188 $213 $224 $234 $174 $206 $181 $200 $ Billions $600 $321 $207 $266 $274 $243 $303 $400 $220 $100 $177 $202 $225 $218 $185 $222 $250 $244 $200 $197 $307 $364 $408 $384 $413 $398 $292 $339 $326 $0 $0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2014 2015 2016 2017 2018 2019 2020 2021 2022 1. Note: Debt issuance categories do not directly correspond to Moody's revenue categorization. Total estimated market issuance, unless otherwise noted. 2. Historical data has been adjusted to conform with current information and excludes intercompany revenue. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 3. Sources: Moody's Corporation, Refinitiv, Thomson Reuters. Global Rated Project & Infrastructure Finance available starting in 2016 and represents Moody's rated issuance. Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle. 4Q and FY 2022 Investor Presentation 58#59Public, Project and Infrastructure: Revenue Revenue¹: Distribution by Geography ■Non-U.S. ■U.S. Revenue¹: Distribution by Recurring vs. Transaction ■Recurring ■Transaction 100% 100% 31% 34% 32% 30% 32% 32% 34% 32% 36% 33% 80% 80% 39% 46% 45% 62% 61% 63% 55% 61% 58% 60% 58% 61% 64% 62% 60% 62% 60% 60% T 40% 40% 69% 66% 68% 70% 68% 68% 66% 68% 64% 67% 61% 54% 55% 20% 45% 38% 39% 37% 39% 42% 40% 42% 39% 36% 38% 40% 38% 20% 0% 0% T 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 Revenue¹: Distribution by Product ■■Public Finance and Sovereign ■ Project & Infrastructure Finance 100% 80% 52% 50% 53% 52% 53% 55% 53% 53% 55% 52% 57% 54% 60% 40% 48% 50% 47% 48% 47% 20% 45% 47% 47% 45% 48% 43% 46% 0% 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 Note: Percentages have been rounded and may not total to 100%. 1. Historical data has been adjusted to conform with current information and excludes intercompany revenue. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 59 59#60$ Millions $ Millions Structured Finance: Revenue and Issuance¹ Revenue²: Mix by Quarter Issuance³: Mix by Quarter $200 ■ ABS ■RMBS ■CMBS ■Structured Credit ■ Other ■ ABS ■RMBS ■CMBS Structured Credit $500 $1 $400 $150 $97 $0 $0 $0 $67 $39 $1 $1 $53 $57 $300 $70 $100 $36 $59 $0 $0 $60 $31 $38 $52 $31 $38 $34 $43 $23 $29 $26 $27 $31 $200 $41 $44 $55 $122 $43 $33 $24 $28 $37 $38 $16 $19 $50 $14 $31 $22 $27 $31 $34 $35 $22 $70 $92 $68 $104 $76 $20 $24 $28 $42 $22 $21 $100 $41 $60 $28 $26 $33 $29 $30 $32 $31 $26 $27 $92 $102 $116 $139 $107 $94 $107 $105 $82 $0 ד T T T $0 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Revenue²: Mix by Quarter Issuance³: Mix by Year ■ ABS ■RMBS ■CMBS ■Structured Credit ■ Other $600 $1,400 ■ ABS ■RMBS ■CMBS ■Structured Credit $2 $2 $1,200 $2 $258 $450 $2 $0 $2 $215 $2 $165 $4 $1,000 $135 $137 $122 $196 $140 $2 $200 $189 $161 $153 $148 $800 $159 $136 $300 $105 $115 $102 $132 $145 $145 $122 $140 $133 $143 $98 $116 $78 $600 $114 $120 $106 $352 $81 $117 $94 $88 $61 Մ $270 $284 $123 $150 $98 $106 $400 $238 $254 $283 $200 $204 $213 $76 $81 $85 $90 $95 $96 $200 $464 $92 $91 $94 $97 $107 $99 $98 $118 $116 $319 $292 $298 $337 $384 $348 $321 $387 $0 $0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2014 2015 2016 2017 2018 2019 2020 2021 2022 MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. Notes: ABS (asset-backed securitization) includes asset-backed commercial paper and long-term asset-backed securities. RMBS (residential mortgage-backed securitization) includes covered bonds. CMBS (commercial mortgage-backed securities) includes commercial real estate CDOs. Structured Credit includes CLOS and CDOS. Total estimated market issuance, unless otherwise noted. 1. 2. 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. 3. Sources: AB Alert, CM Alert, Moody's Corporation. Debt issuance categories do not directly correspond to Moody's revenue categorization. Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle. 4Q and FY 2022 Investor Presentation 60#61Structured Finance: Revenue Revenue1: Distribution by Geography ■Non-U.S. ■U.S. Revenue¹: Distribution by Recurring vs. Transaction ■Transaction ■Recurring 100% 100% 34% 31% 80% 80% 35% 35% 35% 43% 41% 43% 49% 52% 50% 52% 56% 59% 59% 63% 69% 68% 65% 67% 67% 68% 63% 67% 60% 60% 40% 40% 66% 65% 69% 65% 65% 57% 59% 57% 51% 48% 50% 48% 20% 44% 41% 41% 37% 31% 32% 35% 37% 20% 33% 33% 32% 33% 0% 0% T 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 ■ ABS Revenue¹: Distribution by Product ■RMBS ■CMBS ■Structured Credit ■ Other 100% 0% 1% 1% 0% 0% 1% 0% 0% 1% 0% 0% 0% 27% 32% 29% 33% 29% 34% 33% 30% 80% 38% 40% 42% 38% 60% 16% 17% 26% 22% 21% 19% 15% 21% 16% 18% 18% 18% 40% 23% 27% 23% 23% 22% 24% 23% 22% 23% 22% 22% 21% 20% 29% 27% 22% 24% 20% 19% 21% 22% 25% 26% 29% 25% 0% 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 Notes: ABS (asset-backed securitization) includes asset-backed commercial paper and long-term asset-backed securities. RMBS (residential mortgage-backed securitization) includes covered bonds. CMBS (commercial mortgage-backed securities) includes commercial real estate CDOS. Structured Credit includes CLOS and CDOS. Percentages have been rounded and may not total to 100%. 1. Historical data has been adjusted to conform with current information and excludes intercompany revenue. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 61#62$ Millions Moody's Analytics: Financial Overview ■ Decision Solutions ■Research & Insights Data & Information Moody's Analytics Revenue: Mix by Quarter Revenue: Distribution by Line of Business Revenue: Mix by Year $800 100% $3,000 $700 $600 90% 25% 30% 31% 29% 27% 26% 26% 26% 25% $178 $180 $159 $180 $178 $176 80%- 70%- $2,500 $712 $500 $174 $168 $177 60% 26% 26% 26% 27% 27% 25% $183 $181 $400 $166 $174 $184 $185 30% 30% 29% 50% $177 $300 $172 $174 40% $ Millions $2,000 $698 $595 $733 $1,500 $697 $650 30% $1,000 $1,954 $200 $100 50% $320 $314 $334 $312 $325 $353 20% 40% 42% 39% 47% 48% 46% 47% 49% $1,731 $226 $221 $250 $500 $1,234 $1,150 $1,431 10% - $1,324 $1,011 $834 $- 0% $- 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 2015 2016 2017 2018 2019 2020 2021 2022 Revenue: Distribution by Geography Non-U.S. ■U.S. Revenue: Distribution by Recurring vs. Transaction ■Transaction ■Recurring 100% 100% 80% T 42% 43% 42% 43% 43% 44% 43% 45% 44% 45% 46% 80% 60% 60% 91% 91% 92% 93% 94% 92% 93% 94% 94% 94% 94% 94% 40% 40% 58% 57% 58% 57% 57% 56% 57% 55% 56% 55% 54% 20% 20% 9% 0% 0% 4Q20 9% FY20 8% 7% 6% 1Q21 2Q21 3Q21 8% 7% 6% 6% 6% 6% 6% 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 Note: Percentages have been rounded and may not total to 100%. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 62#63$ Millions Moody's Revenue and Interest Rates 1 Over Time $7,000 $6,000 $5,000 7.8% MIS Revenue (L) MIS Revenue Guidance MA Revenue (L) MA Revenue Guidance MCO Revenue (L) 10-yr U.S. Treasury Yield (R)1 $4,000 5.8% $3,000 +200bps $2,000 $1,000 $0 1992 1993 1994 1995 1996 4.7% +180bps 6.5% 2003 +100bps +120bps 3.3% 3.0% 2.3% 1.8% 2016 2017 0.9% 9% +240bps 8% 7% 6% 5% 3.9% 4% 3% 2% 1.5% 1% Source: www.treasury.gov. Note: Gray bars reflect periods of significant increases in the 10-year U.S. Treasury Yield. 1. 2. 10-year U.S. Treasury Yields are represented by end-of-period rates. Guidance as of January 31, 2023. Refer to Table 11 - "2023 Outlook" in the press release titled "Moody's Corporation Reports Results For Fourth Quarter And Full Year 2022; Sets Outlook For 2023" from January 31, 2023, for a complete list of guidance, reconciliations between adjusted measures and U.S. GAAP and assumptions used by the Company with respect to its guidance. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 2023F² 0% 63 63#64Maintaining Financial Flexibility through Proactive Management Bond portfolio WAC1 Balanced maturity schedule4 $ in millions 4.7% 4.3% 4.3% 3.9% 300 3.5% 3.3% 3.3% 3.3% 300 4.2% 3.1% 3.9% 4.0% 800 250 500 3.4% 3.4% 600 3.0% 500 534 500 300 500 500 400 400 300 300 300 2.1% 2.4% 2.4% 250 100 100 # // Н 2014 2015 2016 2017 2018 2019 2020 2021 2022 2024 2025 2027 2028 2029 2030 2031 2032 2041 2044 2048 2050 2052 2060 2061 WAC With Hedges WAC Excluding Hedges ■ USD Fixed ■USD Floating ■EUR Floating ■EUR Fixed » Well-laddered maturities; attractive long-end rates provide opportunity to optimize WAC and WAM >> Strong liquidity with $1.9B in cash and short-term investments, and an undrawn $1.25B revolving credit facility² >> Leverage below maximum 4.0x total debt / EBITDA covenant³ WAC = Weighted Average Coupon. WAM = Weighted Average Maturity. 1. 2014-2022 as of year-end. 2. As of December 31, 2022. See press release titled "Moody's Corporation Reports Results for Fourth Quarter And Full Year 2022; Sets Outlook for 2023" from January 31, 2023, for Moody's sources of capital and cash flow generation. 3. Total debt (gross debt less $100M of cash and equivalents) to EBITDA ratio threshold is normally 4.0x but elevated to 4.5x for three quarters after an acquisition of >$500 million. 4. Certain USD denominated debt has been synthetically converted to EUR via cross-currency swaps. EUR bonds converted to USD as of December 31, 2022. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 64#65Disciplined Approach to Capital Management Capital Allocation Priorities INVESTING FOR Increasing Dividends Through Market Cycles COVID-19 $3.50 Recession GROWTH $3.00 $2.50 1 Reinvestment $2.00 2001 Accelerating organic growth $1.50 Recession Great Recession 17% CAGR $1.00 2 Acquisitions $0.50 Advance global integrated $0.00 risk assessment strategy 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023F1 RETURNING CAPITAL 3 Dividends Positioning as a "growth" stock 4 Share Repurchases Mechanism to return excess cash to stockholders Leverage Anchored to BBB+ Rating Gross Leverage² -Net Leverage³ BBB+ threshold 2.96x 2.26x 2.50x 2.40x 2.30x 2.34x 1.80x 1.82x 1.50x 2019 2020 2021 2022 2023F 1. 2. 3. Annualized dividend of $0.77. Gross leverage represents outstanding debt on the balance sheet divided by adjusted TTM EBITDA and is intended to approximate leverage as calculated by Fitch. Net leverage represents outstanding debt (net of cash) on the balance sheet divided by adjusted TTM EBITDA and is intended to approximate leverage as calculated by S&P. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 65#66Drivers of Sustainable Corporate Value Placing sustainability at the core of the business >>> » Better Business Committed to net-zero by 2040: Moody's is one of the first companies to set to have its near and long-term science-based targets validated by the SBTI Launched an implementation plan focused on aligning global office initiatives to our company-wide Environmental Sustainability Policy and commitments Selected as a member of the 2022 Dow Jones Sustainability (DJSI) World Index for the first time and DJSI North America Index for the third consecutive year Joined the United Nations Global Compact's Early Adopters Program and were one of the first companies to disclose using the enhanced Communication on Progress Launched the 2021 Stakeholder Sustainability report (aligned with the GRI, SASB, WEF frameworks) and the 2021 TCFD Report Published an inaugural Global Tax Policy and a Political Engagement and Public Policy Statement VISIT OUR SUSTAINABILITY SITE TO LEARN MORE >> >>> >>> » 888 Better Lives Progressed on our customer-focused diversity, equity and inclusion (DE&I) program, CORE, by becoming a founding member of the U.S. Economic Opportunity Coalition Published our consolidated U.S. EEO-1 employment data for the second consecutive year in 2022 Launched "PurposeFirst", an initiative designed to enhance employee flexibility and create opportunities for collaboration while continuing to meet our business objectives Named Best Place to Work for Disability Inclusion by the Disability Equality Index 2022 Named to Bloomberg Gender-Equality Index for Fourth Consecutive Year AS MOST AMERICA'S COMPANIES jt CNBC 2023 Environmental Finance COMPANY Awards 2022 Winner Sustainability reporting of the year - Americas CDP DISCLOSURE INSIGHT ACTION A LIST 2022 CLIMATE >>> >>> Better Solutions Expanded our Issuer Profile Scores (IPS) and Credit Impact Scores (CIS) to cover +10,000 governments, financial institutions and corporations across sectors globally Continued to work on the integration of RMS, a leading global provider of climate and natural disaster risk modeling and analytics Collaborated with peers in the Climate Data Steering Committee to publish recommendations on the design of a new open-data utility that would make climate transition-related data openly available in a single place for the first time seramount part of EAB INCLUSION INDEX COMPANY 2022 InsuranceERM Americas Awards 2022 Winner Data solution of the year Environmental Finance Sustainable Investment Awards 2022 Winner ESG data provider of the year-Europe SBTI = Science Based Targets Initiative; GRI = Global Reporting Initiative; SASB = Sustainability Accounting Standards Board; WEF = World Economic Forum; CORE: Creating Opportunities for Racial Equity program. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 99 66#67Modernizing 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 Note: API = Application Programming Interface; ERP = Enterprise Resource Planning. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. r $ DevOps >>> Continuing our DevOps journey within MIS and MA to promote high quality, secure solutions with optimal speed to market 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 Enterprise Performance Management (EPM) system will deliver a modern integrated financial modeling system to drive operational transformation 4Q and FY 2022 Investor Presentation 20 67#68Innovation 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 ML framework to accelerate & scale ML across the organization mlfabricTM enables cloud-based deployment leveraging reusable ML components and libraries developed by Moody's Accelerator >>> » MA Products QUIQspread: product capable of automating digitization and spreading of multilingual financial statements Award-winning Coronavirus, Compliance, KYC and Credit Adverse Media products use NLP to understand risks and gain insights from unstructured sources Ratings Research Using ML models to augment the capabilities of our analysts by: Predicting when issuers are likely to issue to improve outreach Conducting regional and company peer analysis to compare debt issuance Anticipating future rating actions Generating credit reports on ~6,000 municipal issuers using Al and NLP Note: KYC Know Your Customer. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. » 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 and FY 2022 Investor Presentation 68#69Reconciliation of Adjusted Financial Measures to U.S. GAAP Moody's Corporation Adjusted Operating Income and Adjusted Operating Margin Reconciliation Moody's Corporation Net Debt Reconciliation (in $ millions) 2018 2019 2020 2021 2022 (in $ millions) 2018 2019 2020 2021 2022 Operating Income Operating Margin $1,868 $1,998 $2,388 42.0% 41.4% 44.5% $2,844 $1,883 45.7% 34.4% Gross debt $5,676 $5,581 $6,422 $7,413 $7,389 Add Adjustment: Less: Cash, cash equivalents and short- term investments 1,818 1,930 2,696 1,902 1,859 Depreciation & Amortization 192 200 220 257 331 Net debt $3,858 $3,651 $3,726 $5,511 $5,530 Acquisition-Related 8 3 Expenses Restructuring 49 60 50 114 Captive insurance company settlement 16 Loss pursuant to the divestiture of MAKS 14 9 Adjusted Operating Income Adjusted Operating Margin $2,117 $2,291 $2,667 $3,101 $2,328 47.6% 47.4% 49.7% 49.9% 42.6% Note: Some numbers may not foot due to rounding. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 69 69#70Reconciliation of Adjusted Financial Measures to U.S. GAAP (cont.) Moody's Corporation Operating Margin Guidance Reconciliation Projected Operating Margin – U.S. GAAP Depreciation & Amortization Restructuring Expense Projected Adjusted Operating Margin Free Cash Flow Reconciliation 2023F1 Approximately 37% Approximately 7% Approximately 0.5% 44% to 45% (in $ millions) 2018 2019 2020 2021 2022 2023F1 Net cash flows from operating activities Less: Capital expenditures $1,461 $1,675 $2,146 91 69 103 $2,005 139 $1,474 283 $1.7 to $1.9 billion Approximately $0.3 billion Free Cash Flow $1,370 $1,606 $2,043 $1,866 $1,191 $1.4 to $1.6 billion 1. Guidance as of January 31, 2023. Refer to Table 11 - "2023 Outlook" in the press release titled "Moody's Corporation Reports Results For Fourth Quarter And Full Year 2022; Sets Outlook For 2023" from January 31, 2023, for a complete list of guidance, reconciliations between adjusted measures and U.S. GAAP and assumptions used by the Company with respect to its guidance. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 70 70#71Reconciliation of Adjusted Financial Measures to U.S. GAAP (cont.) Moody's Corporation Diluted EPS Reconciliation 2018 2019 2020 2021 2022 2023F1 Diluted EPS - U.S. GAAP $6.74 $7.42 $9.39 $11.78 $7.44 $8.05 to $8.55 Acquisition-Related Intangible Amortization Expenses $0.40 $0.42 $0.51 $0.65 $0.83 ~$0.85 Acquisition-Related Expenses $0.03 $0.02 Restructuring $0.19 $0.23 $0.20 $0.48 ~$0.10 Impact of U.S. tax reform ($0.30) Net Impact of U.S./European tax change on deferred taxes CCXI Gain Purchase Price Hedge Gain Increase to non-U.S. UTPS Captive insurance company settlement Tax charge pursuant to the divestiture of MAKS Loss pursuant to the divestiture of MAKS Non-cash gain relating to minority investment in BitSight FX losses resulting from the Company no longer conducting commercial operations in Russia Gain on extinguishment of debt Adjusted Diluted EPS $0.33 $0.06 $0.07 $0.07 $0.05 ($0.14) $0.11 1. $7.39 $8.29 $10.15 $12.29 ($0.29) $8.57 $9.00 to $9.50 Guidance as of January 31, 2023. Refer to Table 11 - "2023 Outlook" in the press release titled "Moody's Corporation Reports Results For Fourth Quarter And Full Year 2022; Sets Outlook For 2023" from January 31, 2023, for a complete list of guidance, reconciliations between adjusted measures and U.S. GAAP and assumptions used by the Company with respect to its guidance. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 71#72Annualized Recurring Revenue (ARR) The Company presents Annualized Recurring Revenue ("ARR") on a constant currency organic basis for its MA business as a supplemental performance metric to provide additional insight on the estimated value of MA's recurring revenue contracts at a given point in time. The Company uses ARR to manage and monitor performance of its MA operating segment and believes that this metric is a key indicator of the trajectory of MA's recurring revenue base. The Company calculates ARR by taking the total recurring contract value for each active renewable contract as of the reporting date, divided by the number of days in the contract and multiplied by 365 days to create an annualized value. The Company defines renewable contracts as subscriptions, term licenses, maintenance and renewable services. ARR excludes transaction sales including training, one-time services and perpetual licenses. In order to compare period-over-period ARR excluding the effects of foreign currency translation, the Company bases the calculation on currency rates utilized in its current year operating budget and holds these FX rates constant for the duration of all current and prior periods being reported. Additionally, ARR excludes contracts related to acquisitions to provide additional perspective in assessing growth excluding the impacts from certain acquisition activity. The Company's definition of ARR may differ from definitions utilized by other companies reporting similarly named measures, and this metric should be viewed in addition to, and not as a substitute for, financial measures presented in accordance with U.S. GAAP. Amounts in millions December 31, 2022 December 31, 2021 Change Growth MA ARR Decision Solutions $1,235 $1,110 $125 11% Research and Insights 770 707 63 9% Data and Information 768 705 63 9% Total MA ARR $2,773 $2,522 $251 10% MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 72#73Key Assumptions Underlying our Medium-Term Targets Moody's medium-term guidance refers to a time period within 5 years and reflects assumptions about numerous factors that could affect its business and is based on currently available information reviewed by management through and as of today's date. These assumptions include, but are not limited to, the effects of interest rates, inflation, foreign currency exchange rates, capital markets' liquidity and activity in different sectors of the debt markets. This outlook also reflects assumptions about general economic conditions, including inflation and related monetary policy actions by governments in response to inflation, global GDP, and the impacts resulting from changes in international conditions, including as a result of the conflict in Ukraine, as well as assumptions related to the Company's own operations and personnel. These assumptions are subject to increased uncertainty due to the current inflationary environment and the conflict in Ukraine. Actual results could differ materially from Moody's outlook. The guidance also incorporates various assumptions as of January 31, 2023, including: (a) U.S. and Euro area GDP to stagnate in the near-term, followed by economic recovery; (b) the U.S. 10-Year Treasury yield to stabilize, fluctuating modestly around current levels; (c) issuers continue to refinance maturing debt; (d) MA customer retention rates remain in-line with historical levels; and (e) pricing initiatives align with prior practices and enhancements to customer value. Moody's Corporation Medium-Term Guidance (as of January 31, 2023) Moody's Corporation Revenue Adjusted Operating Margin (1) Adjusted Diluted EPS (1) Moody's Investors Service (MIS) MIS global revenue MIS Adjusted Operating Margin Moody's Analytics (MA) MA global revenue MA Adjusted Operating Margin Note: Growth refers to average annualized growth over the time period. Assumes full year 2022 as the base year. At least 10% growth Low-50s percent range Low-double-digit percent growth 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. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 73#74MOODY'S Decode risk. Unlock opportunity. 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Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service, Inc. and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations Corporate Governance - Charter Documents - Director and Shareholder Affiliation Policy." Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively. MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000. MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. MOODY'S | DECODE RISK. 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