#1MOODY'S Better decisions 2Q 2021 Investor Presentation August 10, 2021#2Disclaimer Certain statements contained in this document are forward-looking statements and are based on future expectations, plans and prospects for Moody's business and operations that involve a number of risks and uncertainties. The forward-looking statements in this document are made as of the date hereof, and Moody's disclaims any duty to supplement, update or revise such statements on a going-forward basis, whether as a result of subsequent developments, changed expectations or otherwise. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, Moody's is identifying certain factors that could cause actual results to differ, perhaps materially, from those indicated by these forward-looking statements. Those factors, risks and uncertainties include, but are not limited to, (i) as it relates to the proposed transaction: the costs incurred in negotiating and consummating the proposed transaction, including the diversion of management time and attention; the ability of the parties to successfully complete the proposed acquisition on anticipated terms and timing, including obtaining regulatory approvals (without any significant conditions being imposed); the possibility that the conditions to closing may not be satisfied and the transaction will not be consummated; not incurring any unforeseen, but significant liabilities; risks relating to the integration of the Sellers' operations, products and employees into Moody's and the possibility that anticipated synergies and other benefits of the proposed acquisition will not be realized in the amounts anticipated or will not be realized within the expected timeframe; risks that the proposed acquisition could have an adverse effect on the business of the Sellers or their prospects, including, without limitation, on relationships with vendors, suppliers or customers; claims made, from time to time, by vendors, suppliers or customers; changes in US, India or global marketplaces that have an adverse effect on the business of the Sellers; the outcome of legal proceedings if any which may arise following the announcement of the proposed acquisition; any meaningful changes in the credit markets to the extent that they increase the cost of financing for the transaction; and the ability of the Sellers to comply successfully with the various governmental regulations applicable to their business, as they exist from time to time, and the risk of any failure relating thereto; and (ii) as it relates to Moody's generally: the impact of COVID-19 on volatility in the U.S. and world financial markets, on general economic conditions and GDP in the U.S. and worldwide, and on the Moody's own operations and personnel; future world-wide credit market disruptions or economic slowdowns, which could affect the volume of debt and other securities issued in domestic and/or global capital markets; other matters that could affect the volume of debt and other securities issued in domestic and/or global capital markets, including regulation, credit quality concerns, changes in interest rates and other volatility in the financial markets such as that due to Brexit and uncertainty as companies transition away from LIBOR; the level of merger and acquisition activity in the U.S. and abroad; the uncertain effectiveness and possible collateral consequences of U.S. and foreign government actions affecting credit markets, international trade and economic policy, including those related to tariffs, tax agreements and trade barriers; concerns in the marketplace affecting our credibility or otherwise affecting market perceptions of the integrity or utility of independent credit agency ratings; the introduction of competing products or technologies by other companies; pricing pressure from competitors and/or customers; the level of success of new product development and global expansion; the impact of regulation as an NRSRO, the potential for new U.S., state and local legislation and regulations; the potential for increased competition and regulation in the EU and other foreign jurisdictions; exposure to litigation related to our rating opinions, as well as any other litigation, government and regulatory proceedings, investigations and inquiries to which Moody's may be subject from time to time; provisions in U.S. legislation modifying the pleading standards and EU regulations modifying the liability standards, applicable to credit rating agencies in a manner adverse to credit rating agencies; provisions of EU regulations imposing additional procedural and substantive requirements on the pricing of services and the expansion of supervisory remit to include non-EU ratings used for regulatory purposes; the possible loss of key employees; failures or malfunctions of our operations and infrastructure; any vulnerabilities to cyber threats or other cybersecurity concerns; the outcome of any review by controlling tax authorities of Moody's global tax planning initiatives; exposure to potential criminal sanctions or civil remedies if Moody's fails to comply with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which Moody's operates, including data protection and privacy laws, sanctions laws, anti-corruption laws, and local laws prohibiting corrupt payments to government officials; the impact of mergers, acquisitions or other business combinations and the ability of Moody's to successfully integrate acquired businesses; currency and foreign exchange volatility; the level of future cash flows; the levels of capital investments; and a decline in the demand for credit risk management tools by financial institutions. These factors, risks and uncertainties as well as other risks and uncertainties that could cause Moody's actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements are currently, or in the future could be, amplified by the COVID-19 outbreak, and are described in greater detail under "Risk Factors" in Part I, Item 1A of Moody's annual report on Form 10-K for the year ended December 31, 2020, and in other filings made by Moody's from time to time with the SEC or in materials incorporated herein or therein. Stockholders and investors are cautioned that the occurrence of any of these factors, risks and uncertainties may cause Moody's actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements, which could have a material and adverse effect on Moody's business, results of operations and financial condition. New factors may emerge from time to time, and it is not possible for Moody's to predict new factors, nor can Moody's assess the potential effect of any new factors on it. Moody's | Better decisions 2Q 2021 Investor Presentation 2#3Table of Contents 1. Moody's Overview 2. Financial Overview 3. Capital Markets Overview 4. Moody's Investors Service (MIS) 5. Moody's Analytics (MA) 6. ESG Solutions 7. Appendix Moody's | Better decisions 2Q 2021 Investor Presentation 3#41 Moody's Overview#5Company Overview MOODY'S INVESTORS SERVICE ΟΞ MOODY'S MOODY'S ANALYTICS Independent provider of credit rating opinions and related information for over 100 years Global integrated risk assessment firm, providing credit rating opinions, analytical solutions and insights that empower organizations to make better, faster decisions Revenue of $5.8 billion Adjusted Operating Income of $3.0 billion Provides financial intelligence and analytical tools supporting our customers' growth, efficiency and risk management objectives Proven ratings accuracy and deeply experienced analysts Expanded sales and marketing activities in Commercial group Note: Financial data for the trailing twelve months ended June 30, 2021. Moody's | Better decisions MIS MA 62% 38% Adjusted Operating Margin MIS MA 62.5% 31.1% MIS MA 77% 23% Solutions address diverse needs and customers Extending brand into new markets and deepening customer relationship 2Q 2021 Investor Presentation 5#6Moody's as an Integrated Risk Assessment Business Selection of use cases addressable by Moody's solutions Weather and natural disaster analysis Transfer pricing Fixed income investing CURATED DATA Supply chain management and trade credit Commercial lending $40B+ Current Addressable Market CURATED DATA1 • Entities ~400 million public & private entities 888 Helping customers make. BETTER DECISIONS Securities $70+ trillion rated debt Regulatory and accounting بلس + S compliance ANALYTICS & INSIGHTS KYC and financial crime monitoring Insurance and ΟΞ Asset and liability management actuarial analysis Sustainable investing 1. Figures shown are as of June 30, 2021. Moody's | Better decisions Commercial real estate analysis ਕੀ॥ Economies 500+ million economic, financial and demographic time series Properties 20+ million commercial real estate properties People ~14 million risk profiles Physical risk 2.5+ million scores on global facilities 2Q 2021 Investor Presentation 6#7Key Strategic Investments To Drive Further Growth COMMERCIAL REAL ESTATE Develop new analytic tools to serve diverse CRE market, accelerate data aggregation and increase sales capacity KYC AND COMPLIANCE Deepen curated data sets, nurture the development of new use cases and modernize data intake process CHINA AND LATIN AMERICA Build out local talent and enhance domain-specific expertise across multiple segments 解 ESG Expand coverage, data collection and analytics; enhance distribution, improve integration and scale globally (p) TECHNOLOGY Secure and agile technology platform, leveraging new capabilities to improve operational efficiency and promote interoperability PRODUCT DEVELOPMENT & OTHER Enable greater interoperability of Moody's products, increased R&D and process improvements Moody's | Better decisions 2Q 2021 Investor Presentation 7#82 Financial Overview#9Moody's Corporation Financial Profile 2Q 2021 TTM Revenue: $5.8 billion ■Recurring Transaction ■U.S. ■Non-U.S. MIS Other1 1% PPIF 9% 45% 46% FIG RD&A MIS 10% 28% MA SFG 8% 55% 54% CFG 34% ERS 10% 1. 2. 3. 4. Revenue Operating Expenses Operating Margin Adjusted Operating Margin³ Full Year 2021 Guidance as of August 5, 20212 >> Increase in the low-double-digit % range >> Approximately 10% >> 45% -46% » Approximately 50% Effective Tax Rate Diluted EPS Adjusted Diluted EPS3 Share Repurchases4 » 20% -22% » $10.90 $11.20 >> $11.55 $11.85 » Approximately $750 million MIS Other consists of non-ratings revenue from ICRA, KIS Pricing, KIS Research and revenue from providing ESG research, data and assessments. During 2020, the company increased its stake in V.E from 69.2% to 99.8%. 2Q 2021 trailing twelve months revenue includes five quarters of results for V.E and Four Twenty Seven due to the close of a financial reporting lag pursuant to the integration of these businesses. The incremental revenue resulting from the closing of this reporting lag was not material to Moody's financial results. See press release titled "Moody's to Acquire RMS, Leader In Climate & Natural Disaster Risk" from August 5, 2021 for Moody's complete full year 2021 guidance. Includes assumptions related to RMS's conformity to Moody's accounting policies, as well as the estimated impact of acquisition accounting. These metrics are adjusted measures. See Appendix for reconciliations from adjusted financial measures to U.S. GAAP. Full year 2021 share repurchase guidance is subject to available cash, market conditions and other ongoing capital allocation decisions. Moody's | Better decisions 2Q 2021 Investor Presentation 9#10Macro Assumptions Underpinning Our Outlook 2021 GDP 6.0% 7.0% United States - 4.0% -5.0% Euro area 5.5% 6.5% Global - Benchmark interest rates remain low; U.S. high-yield spreads to remain below the historical average of ~500 bps U.S. unemployment rate to decline to under 5% by year-end Global high yield default rate to fall below 2% by year end of 2021 1 ill 1. See press release titled "Moody's to Acquire RMS, Leader In Climate & Natural Disaster Risk" from August 5, 2021 for Moody's complete full year 2021 guidance. Includes assumptions related to RMS's conformity to Moody's accounting policies, as well as the estimated impact of acquisition accounting. Sources: High yield spreads, default rate and unemployment assumptions as of Moody's Investors Service "June 2021 Default Report"; GDP assumption as of July 28, 2021 from Moody's Investors Service and consensus estimates. Moody's | Better decisions 2Q 2021 Investor Presentation 10#11Financial Performance1 Revenue² $ Billions ■MIS Revenue ■MA Revenue Low-double-digit 2016-2020 CAGR 10% % growth $5.4 $4.8 $4.2 $4.4 $3.6 $2.1 $1.4 $1.7 $2.0 $1.2 $2.4 $2.8 $2.7 $2.9 $3.3 2016 2017 2018 2019 2020 2021F1 Operating Margin 4 ■Operating Margin ■Adj. Operating Margin 18.1% 45.9% 2016 43.3% 47.6% 2017 Moody's | Better decisions 42.0% 47.6% 2018 41.4% 47.4% 2019 44.5% 2020 49.7% 5. Includes approximately $700 million in net payments pursuant to a settlement charge. 45% -46% %09- 1 2021F Adjusted Diluted EPS³ $ Per Share 2016-2020 CAGR 20% $11.55 $11.85 $10.15 $7.39 $8.29 $6.07 $4.94 2016 2017 2018 1 2019 2020 2021F Free Cash Flow 3 $ Millions $1,144 2016 $664 2017 5 2018 $2,043 $1,606 $1,370 $2,200 $2,300 1. See press release titled "Moody's to Acquire RMS, Leader In Climate & Natural Disaster Risk" from August 5, 2021 for Moody's complete full year 2021 guidance. Includes assumptions related to RMS's conformity to Moody's accounting policies, as well as the estimated impact of acquisition accounting. 2. Totals may not sum due to rounding. 3. These figures are adjusted measures. See appendix for reconciliations from adjusted financial measures to U.S. GAAP. 4. 2016-2017 operating and adjusted operating margins have been restated to conform to the new presentation for pension expenses. 2019 2020 2021F1 2Q 2021 Investor Presentation 11#12Long-Term Growth Opportunities Three levers to achieve EPS growth REVENUE Issuance Volume & Mix High-Single-Digit % Growth Range¹ Coverage Moody's Analytics Pricing Initiatives ADJ. OPERATING MARGIN High-40s % Range1 Cost Discipline Process Re-Engineering Technology Enablement Investing for future growth + Medium-term MA Adj. Op. margin target of mid-30's %1 CAPITAL ALLOCATION Reinvestment Acquisitions EPS Dividend Growth & Share Count Reduction² Dividends Low-Teens % Growth Range 1,2 1. Assumes no material change in effective tax rate, foreign exchange rates, leverage profile and/or capital allocation policy. Subject to market conditions and other ongoing capital allocation decisions. 2. Note: Long-term growth opportunities presented on this slide are on average over time. Moody's | Better decisions Share Repurchases 2Q 2021 Investor Presentation 12#13Prudent Approach to Capital Allocation Capital allocation goals 15 ())) ())))) há Capital allocation levers INVESTING IN GROWTH OPPORTUNITIES G Reinvestment БЕ Acquisitions Anchored around a BBB+ rating ہتا Ensure adequate financial flexibility Provide necessary capital to pursue growth opportunities Meet return thresholds and create long-term value for shareholders Lá Manage risk RETURN OF CAPITAL Dividends Share repurchases Moody's | Better decisions 2Q 2021 Investor Presentation 13#14Key Takeaways Growth Company Operational Excellence Disciplined Capital Allocation >> Long-term financial expectations remain robust >> Balanced revenue model maximizes growth potential while ensuring resilience. >> Strong free cash flow generation >> Strategic initiatives generate cost efficiencies, enabling reinvestment and margin improvement >> Continued MA margin expansion >> Strategic investments create sustainable value >> Emphasis on returning excess capital to stockholders through dividends and share repurchases >> Strong track record of investment success >> Efficient balance sheet management Moody's | Better decisions 2Q 2021 Investor Presentation 14#153 Capital Markets Overview#16$ Billions Robust Leveraged Loan and Structured Finance Issuance Growth Historical MIS Rated Issuance 1 - Second Quarters 2Q 2021 Year-Over-Year Issuance 1 Growth 2,000 1,500 ~$1,200 1,000 500 -16% Leveraged Loans Structured Finance High Yield Bonds 6% Financial Institutions Public, Project and -45% Infrastructure Finance 2Q 2Q 2Q 2Q 2011 2012 2013 2014 Total MIS Rated Issuance 2Q 2Q 2015 2Q 2Q 2Q 2Q 2Q 2016 2017 2018 2019 2020 2021 Prior 10-Yr. Avg. 2Q Issuance (2011-2020) Investment Grade -68% 1% 208% 203% » Overall issuance volumes remained above the prior 10-year average despite a moderation in investment grade, financial institutions and PPIF activity » Ongoing momentum in corporate speculative grade and structured finance issuance 1. Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle. Note: MIS rated issuance, excludes sovereign debt issuance. Issuance figures displayed in billions, except for year-over-year growth calculations. Moody's | Better decisions 2Q 2021 Investor Presentation 16#17Favorable Issuance Mix Drove Revenue Growth Larger number of infrequent high yield bond and leveraged loan issuers accessed the market in 2Q 2021 Investment grade High-yield bonds Leveraged loans Structured finance. -65% transaction 250% 200% 150% 100% 50% ISSUANCE (% CHANGE YOY) HYB 2020 164% transaction revenue growth 203% issuance growth SF LL IG 2020 revenue growth -50% 0% HYB 50% 100% 150% 200% 250% -68% LL 2020 issuance growth -50% 25% transaction SF 2020 IG revenue growth -100% 6% issuance growth Note: IG = Investment Grade. | HYB = High Yield Bonds. | SF = Structured Finance. | LL = Leveraged Loans. Moody's | Better decisions 272% transaction revenue growth 208% issuance growth 300% 2Q20 2Q21 350% TRANSACTION REVENUE (% CHANGE YOY) 2Q 2021 Investor Presentation 17#18Improving Default Outlook Creates Supportive Issuance Environment Default Rates for Speculative-Grade Corporate Rated Issuance¹ Europe Speculative-Grade Covenant Quality Indicators² -U.S. Loans -U.S. Bonds European Bonds Weakening -Global -U.S. 16% 14% 12% 10% 8% 4.2% global 6% historic average¹ 4% 2% 0% 2016 2017 5.0 4.5 4.0 3.5 3.0 2.0% 2.5 1.7% 1.6% 2.0 2018 2019 2020 2021F 4.5x 4.4x 3.8x 2012 2013 2014 2015 2016 2017 2018 2019 2020 Improving 2Q 2021 Investor Presentation 18 Global trailing twelve month speculative-grade the default rate will fall to 1.7% by the end of December » Trailing twelve month global speculative-grade default rate fell to 4.0% at the end of June from 4.9% at the end of May 2012 2013 2014 2015 1. Moody's rated corporate global speculative grade default historical average of 4.2% from 1983 through June 30, 2021. 2021 forecast for trailing twelve months ended December 31, 2021 from Moody's Investors Service "June 2021 Default Report". Covenant data for European bonds represent a three quarter rolling average, North American loans and bonds represent a two quarter rolling and a three month rolling average, respectively. Source: Moody's Investors Service. 2009 2010 2011 >>> 2. Moody's | Better decisions#19Basis points (bps) Constructive Go-Forward Market Conditions: Lower Defaults, Tighter Spreads and Accelerating M&A U.S. HY Bond Spreads 1, 2 and U.S. Spec Grade Default Rate 1,3 Global M&A Announced Transactions ($B) 1,4,5 1,000 900 800 700 600 500 400 300 200 100 0 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1,390 10% 1,221 1,188 9% 1,053 8% 7% 742 6% 5% 4% 3% 2% 1% 0% 959 730 944 Ill 364 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 U.S. HY Bond Spreads (L) -U.S. Spec Grade Default Rate (R) 1. Reported data through June 30, 2021. 2. Bond spreads as of the last day of each month. Source: St. Louis Fed Database. 3. 4. 5. Trailing twelve months U.S. speculative grade corporate default rates. Dashed lines represent forecast. Source: Moody's Investors Service "June 2021 Default Report" published July 11, 2021. Source: Bloomberg. Global M&A announced transactions include transactions funded by, or expected to be funded by, any combination of debt, equity or cash. Moody's | Better decisions 2Q 2021 Investor Presentation 19#20$ Billions Refunding Needs Continue to Build Next four years North America and EMEA total refunding needs 1 as of: $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,972 CAGR ~8% 10% $3,806 $3,466 $1,000 Jan '12 Jan '13 Jan '14 Jan '15 Jan '16 Jan '17 Jan '18 Jan '19 Jan '20 Sep '20 1. Amount reflects total maturities as defined in Moody's Investors Service's U.S., Canada and EMEA refunding needs reports January 2012 - October 2020. Note: Data represents U.S., Canadian and European MIS rated non-financial corporate bonds & loans. Canadian data not available before 2015. Moody's | Better decisions 2Q 2021 Investor Presentation 20#21Refunding Needs¹ Support MIS Long-term Fundamentals Debt Maturities: North America Moody's-Rated Corporate Bonds and Loans² $624 $532 >>> 311 $387 205 $252 23 86 71 105 127 38 ■Speculative Grade Bank Loans ■Speculative Grade Bonds ■Investment Grade 191 230 222 186 >>> 2021 2022 2023 2024 Debt Maturities: EMEA Moody's-Rated Corporate Bonds and Loans ³ $554 $521 $495 $442 84 79 62 53 74 34 119 77 ■Speculative Grade Bank Loans ■Speculative Grade Bonds ■Investment Grade » 346 363 363 358 2021 2022 2023 2024 Approximately $1.8 trillion of non-financial corporate debt maturing in North America through 2024, up ~8%4 North America speculative grade bank loans refinancing needs up $180 billion, or -40%4 Four-year debt maturities for EMEA non-financial corporates exceed $2 trillion, up ~$200 billion, or 11%4 1. 2. 3. 4. Non-financial corporates. Source: Moody's Investors Service, October 2020. Data represents U.S. & Canadian MIS rated corporate bonds & loans. Source: Moody's Investors Service, October 2020. Data represents EMEA Investment-Grade & EMEA Speculative-Grade. Comparison to previously provided refinancing needs data for the upcoming four years from 1Q 2020 Investor Presentation. Prior data: Moody's Investors Service. U.S. & Canadian MIS rated corporate bonds & loans for North America as of January 2020 & EMEA as of July 2019. Moody's | Better decisions 2Q 2021 Investor Presentation 21#22Debt Leverage and Interest Coverage in North America and Europe Credit Metrics: North American Speculative Grade Companies¹ Interest Coverage Debt/EBITDA EBITDA / Interest Expense 8.0x 6.0x 4.9x 5.1x 5.1x 5.3x 5.5x 5.4x 5.6x 5.8x 4.6x 4.6x 4.6x 4.5x 4.3x 4.4x 4.6x 4.0x 2.9x 2.6x 2.7x 2.9x 3.0x 3.0x 3.0x 3.0x 2.9x 3.0x 3.0x 2.7x 2.6x 2.6x 2.4x 2.0x T 0.0x 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Credit Metrics: European Speculative Grade Companies1 Debt/ EBITDA EBITDA / Interest Expense 5.6x 5.2x 5.3x 6.0x Interest Coverage 5.0x 4.6x 4.8x 4.1x 4.2x 4.3x 4.5x 4.6x 4.8x 4.6x 4.6x 4.6x 4.0x 3.5x 3.7x 3.4x 3.3x 3.3x 3.1x 2.9x 2.9x 3.0x 3.0x 3.0x 3.1x 3.2x 2.5x 2.7x 2.0x 0.0x 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1. Data as of July 28, 2021. Source: Moody's Investors Service. Note: Credit metrics are medians and historical figures may change due to timing differences in issuer reporting deadlines. Moody's | Better decisions 2Q 2021 Investor Presentation 22#23Leveraged Finance Issuance Driven by Refinancing and M&A Activity in 1H 2021 Uses of Funds from USD High Yield Bonds and Bank Loans¹ % of Mentions Debt Refinancing M&A ■Capital Spending Shareholder Payments Liquidity / Working Capital 5% 9% 8% 8% 7% 9% 6% 16% 13% 17% 15% 13% 9% 12% 3% 5% 5% 5% 5% 4% 6% 39% 34% 29% 35% 54% 41% 49% 71% 70% 70% 64% 64% 62% 54% 2015 Source: Moody's Analytics. Moody's | Better decisions 2016 2017 2018 2019 2020 1H 2021 1. Percent of mentions for each respective period in bond issue or bank loan program tranche documents. Excludes issues of less than $25 million and general corporate purposes. An issue can have multiple purposes and, as a result, percentages do not sum to 100%. Data through June 30, 2021. 2Q 2021 Investor Presentation 23#24€ Billions Disintermediation of Credit is an Ongoing Trend in the Global Capital Markets European Non-Financial Corporate Bonds vs. Bank Loans Outstanding U.S. Non-Financial Corporate Bonds vs. Bank Loans Outstanding Bonds €8,000 €7,000 €6,000 €5,000 €4,000 €3,000 €2,000 €1,000 €0 Loans May-07 May-09 May-11 May-13 May-15 Moody's | Better decisions May-17 May-19 May-21 28% 72% $ Billions $11,000 Bonds $10,000 Loans $9,000 $8,000 $7,000 $6,000 $4,000 $5,000 $3,000 $2,000 $1.000 $0 Jun-07 Jun-09 Jun-11 Jun-13 Jun-15 Jun-17 Jun-19 Jun-21 Sources: ECB, Federal Reserve, BarCap Indices. Europe bank loan data includes Eurozone and UK bank loans. Europe bond data includes euro and sterling denominated bonds. European data is through May 2021 and U.S. data is through June 2021. 2Q 2021 Investor Presentation 24 53% 47%#25Debt Capital Market Penetration Continues Size of bubble reflects 2020 GDP Emerging Other Asia 0% M.E. & Africa ASEAN India CEE/CIS 20% Latin America 40% Developed Developed Asia Western Europe North America China 60% 80% 100% 120% >>> » » 2020 Private Sector Capital Market Debt Securities (International & Domestic) Outstanding / GDP (%) Debt capital markets continue to grow faster than GDP, and accelerated in 2020 with high levels of issuance China is the second largest bond market and its size relative to GDP is approaching that of Developed Asia Low interest rates and investor appetite support the ongoing development of bond markets in emerging economies Source: International Monetary Fund World Economic Outlook as of April 2021, Bank for International Settlements as of March 2021, Securities and Exchange Board of India, Moody's Investors Service. Note: Includes non-financial corporates and financial institutions, excludes general government. Size of bubble reflects 2020 GDP in each region (U.S. dollars, current prices). Regional definitions: ASEAN = Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam. 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. Developed Asia = Australia, Hong Kong, Japan, Macao, New Zealand, South Korea, Taiwan. Latin America = Mexico and all Caribbean countries and South America. M.E. & Africa = All African countries, Bahrain, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, United Arab Emirates, Yemen. North America = Canada, United States. Other Asia = Afghanistan, Bangladesh, Bhutan, Mongolia, Nepal, Pakistan, Sri Lanka as well as all Oceania countries except for Australia and New Zealand. Western Europe = All European countries except for those in CEE/CIS. Moody's | Better decisions 2Q 2021 Investor Presentation 25#264 Moody's Investors Service#27Moody's Investors Service Financial Profile 2Q 2021 TTM Revenue: $3.6 billion U.S. Non-U.S. 39% Recurring Transaction 68% Corporate Finance 56% 61% 32% >> 24% recurring revenue >> 32% recurring revenue MIS Other¹ 1% Public, Project, & Infrastructure Finance 15% Structured Finance 12% Financial Institutions 16% >> 48% recurring revenue >> 44% recurring revenue 1. MIS Other consists of non-ratings revenue from ICRA, KIS Pricing, KIS Research and revenue from providing ESG research, data and assessments. During 2020, the company increased its stake in V.E from 69.2% to 99.8%. 2Q 2021 trailing twelve months revenue includes five quarters of results for V.E and Four Twenty Seven due to the close of a financial reporting lag pursuant to the integration of these businesses. The incremental revenue resulting from the closing of this reporting lag was not material to Moody's financial results. Moody's | Better decisions 2Q 2021 Investor Presentation 27#28MIS 2021 Guidance: Improvement in Issuance Outlook Driven by Leveraged Loans and Structured Finance FY 2021 Issuance Guidance 1,2 1Q 2021F Increase in the low 2Q 2021F Total Issuance³ - single-digit % range Investment Grade (~40%) High Yield Bonds -25% MIS Revenue 1,2 MIS Adjusted Operating Margin 1,2 High-single-digit % increase $3.3B Leveraged Loans -75% Increase in the low Financial Institutions - single-digit % range Public, Project and Infrastructure Finance (-20%) Structured Finance ~75% 2020 2021F 59.7% Approximately 61% 2020 2021F Key drivers of MIS FY 2021 outlook¹ >>> >>> Refinancing and M&A remain primary drivers given favorable environment Acceleration in securitization activity as economic recovery continues >>> >> Revenue guidance raised primarily to reflect strong second quarter results Second half growth expected to moderate, in line with prior outlook » Increase in first time mandate guidance to 950 to 1,050 >>> >>> Impact from potential U.S. infrastructure legislation not incorporated into outlook1 Adjusted operating margin outlook continues to reflect year-over-year expansion from ongoing operating efficiency initiatives 1. See press release titled "Moody's to Acquire RMS, Leader In Climate & Natural Disaster Risk" from August 5, 2021 for Moody's complete full year 2021 guidance. Includes assumptions related to RMS's conformity to Moody's accounting policies, as well as the estimated impact of acquisition accounting. 2. MIS rated issuance, excludes sovereign debt issuance. Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle. 3. Total issuance includes CFG, SFG, FIG and PPIF. Excludes sovereign debt. Moody's | Better decisions 2Q 2021 Investor Presentation 28#29The Benefits of a Moody's Rating Investors seek Moody's opinions and particularly value the knowledge of its analysts and the depth of Moody's research Access to capital » Moody's opinions on credit are used by institutional investors throughout the world, making an issuer's debt potentially more attractive to a wide range of buyers » A Moody's rating may facilitate access to both domestic and international debt capital € Transparency, credit comparison and market stability >> Signals a willingness by issuers to be transparent and provides market participants with an independent assessment against which to compare creditworthiness » Moody's ratings and research reports may help to maintain investor confidence, especially during periods of market stress Responsive to investor demand » Moody's extensive investor outreach is one reason why Moody's is most frequently identified as the agency used most (when multiple agencies are used) and who have acknowledged our track record of accuracy Planning and budgeting » May help issuers when formulating internal capital plans and funding strategies Analytical capabilities » Among ratings advisors, Moody's enjoys a strong position and is well- recognized for the depth and breadth of its excellence² 1. 2019 Moody's Perception Study (Investors) conducted anonymously by Morpace / Stakeholder Advisory Services. 2. 2019 Moody's Global Intermediaries Perception Study conducted by Morpace / Stakeholder Advisory Services. Moody's | Better decisions 2Q 2021 Investor Presentation 29#30Illustrative Impact of Adding a Moody's Credit Rating Example: 10 year $500 million U.S. corporate bond Not Rated by Moody's = $500,000,000 X 2.5% $12,500,000 x 10 years = $125,000,000 Rated by Moody's $500,000,000 x 2.1% Bond Interest rate Annual interest payments = $10,500,000 Tenor × 10 years Lifetime interest expense = $105,000,000 ~$20 million in total interest expense VS. lifetime cost of a credit rating Note: Illustrative spread differential based on an empirical study undertaken in March 2021 on a snapshot of data from July 2020, which shows that having a Moody's credit rating (when rated at the same level as another credit rating agency) typically saves approximately 40 basis points per year. Many factors go into the pricing of a bond. Moody's | Better decisions 2Q 2021 Investor Presentation 30#31MIS Facts and Figures: Full Year 2020 $70+ trillion Total rated debt 35,000+ Rated Organizations and Structured Deals 5,000+ Non-Financial Corporates 3,600+ Financial Institutions 16,000+ Public Finance Issuers 1000 1,000+ Infrastructure & Project Finance Issuers 145 Sovereigns* 9,100+ Structured Finance Deals 459 Sub-Sovereigns* 47 中身 D AMERICAS EMEA ASIA PACIFIC TOTAL RATED DEBT $37.8+ trillion $19.8+ trillion $11.7+ trillion RATED ORGANIZATIONS AND STRUCTURED DEALS 28,500+ 4,700+ 2,200+ 會 PUBLICATIONS 22,900+ 15,200+ 5,200+ 47,000+ Publications 23,000+ Issuer Research 3,600+ Sector Research 21,000+ Other Reports 202 Rating Methodologies Supranational Institutions* Source: Moody's Investors Service. Total rated outstanding debt as at January 10, 2021 and includes supranational rated debt ($1.8tn+). Publications breakdown includes "Global" which accounts for an additional 4,000+ publications. All numbers are rounded other than those marked *. Moody's | Better decisions مل PEOPLE 1,000+ Analysts 40+ Countries/Regions EVENTS 750+ Global events 152,000+ Global participants AWARDS & RECOGNITION Award-winning expertise in credit ratings, research and risk analysis. For more information, visit awards.moodys.io 2Q 2021 Investor Presentation 31#32Number of rating actions Managing Ratings¹ in Turbulent Times Non-Financial Corporates: COVID-19 Dashboard (Q2 2021) Recovery in credit quality underway; corporate rating actions reveal a thoughtful and measured approach to credit Upgrades surpass downgrades in late 2020; speculative-grade default rate to fall significantly 350 Rising stars Fallen angels → Upgrades - Downgrades --Represent default rate Building heights represent the global speculative grade default rate on a trailing 12-month basis 6.8 7% Further stabilization in certain highly exposed sectors لمصر SECTOR Hotel, Gaming & Leisure Transportation: Consumer Automotive Consumer goods: Non-durable Aerospace & Defense UD Global - All Sectors % NEGATIVE OUTLOOK/REVIEW-DN 47 68 17 mm 39 1838 mmm 2837 ZZ 18 25 49 60 300 250 200 3.6 150 100 50 ........................... 6% 1Q21 2Q21 Represents the percentage of issuers within each sector with a negative outlook or under review for downgrade at 30 June 2021. 5% Most downgrades since outbreak have involved 1,050 Speculative Grade 4% speculative-grade issuers Approximately 3,700 648 B 168 201 3% rated corporates globally Investment Grade Ba 196 Caa 117 45 Baa 1 5 A Aaa Aa EN 1.7 2% NO EN 1% 5 Ca Calculated based on each issuer family since 1 March 2020; some issuer families have been downgraded more than one time over that horizon. Some issuers have changed legal entities or otherwise do not align perfectly with entities present at 1 March 2020. A significant number of new issuers were also added. Timely analytical response to COVID-19 1 13 8 9 6 4 2 0 1 3 0 3 0 2 3 0 0 0 4 2 MAR APR MAY JUN JUL AUG SEP OCT NOV DEC | 2020 16 Sector exposure to 07 Covid hits mostly MAR Covid-19 identified MAY smaller, highly NOV 2020 leveraged companies 2020 24 Resurgent infections test resilience JAN FEB MAR APR MAY JUN DEC FORECAST 2020 2021 COVID-19 downgrades pick up as the virus spreads around the world 1. Non-Financial Corporates as of 2Q 2021. Moody's | Better decisions Trailing 12-month speculative-grade default rate; forecast uses Credit Transition Model 26 Covid-19 impact MAY is shifting to 2021 emerging markets 17 MAR 2020 Measured approach described 07 OCT 2020 Focus shifts from liquidity to earnings growth and debt capacity 31 1 year on, recovery MAR underway 2021 2Q 2021 Investor Presentation 32#33Strongly Positioned in Emerging Markets Emerging Markets - Domestic TAM ICR Chile ICR South Africa Mexico Others MARC AN AFFILIATE OF MOODY'S MALAYSAN RATING CORPORATION BERHAD INVESTORS SERVICE Chile Malaysia MIS Affiliate (majority) MIS Affiliate (minority) Moody's Local National Scale Ratings Other Emerging Markets MIS Emerging Markets Revenue¹ Argentina Brazil MERIS Middle East Rating & Investors Service A SUBSIDIARY OF MOODY'S Peru Egypt Israel $700M Size of domestic CRA markets South Korea Korea Investors Service AN AFFILIATE OF MOODY'S INVESTORS SERVICE ICRA India A MOODY'S INVESTORS SERVICE COMPANY China |中诚信国际 CCXI 1. Includes revenue from cross border issuance. Note: Size of pie represents the estimated total CRA revenue from domestic markets ($700 million) as of June 30, 2020. Moody's | Better decisions $128M CAGR 12% $411M 2010 2020 ■Emerging Asia Latin America ■Middle East ■CEE/CIS Africa 2Q 2021 Investor Presentation 33#34Moody's in Greater China 2nd Largest Onshore Bond Market at $17 Trillion ■ 2012 50 5% Total debt securities outstanding 2012-20201 2020 Revenue and Attributable Income from China² ■MIS Cross Border Revenue Total MA Revenue Attributable Income from CCXI $169 $ Trillions 40 30 920 10 20% 0% 2% 2% US China Japan UK France $ Millions $19 MIS Cross Border and Total MA Attributable Income from CCXI Estimated China Ratings Market Size: Domestic and Cross Border³ » Moody's participates directly in the cross-border China issuance market through MIS and in the domestic market through a 30% interest in CCXI » Long-term growth prospects enabled by participation in the ongoing development of China's domestic credit markets Cross Border Market 3 ~$280 M³ 42% 58% Domestic Market ~$310M 40% 60% » Continuing to foster constructive relationships and partnerships with issuers, regulators and other market participants ■Rest of Market ■Moody's Share Rest of Market ■CCXI 's Share 1. 2. Percentage growth numbers are rounded compound annual growth calculations. Source: Bank for International Settlements' latest data available as of 3Q 2020. Greater China: Mainland, Hong Kong and Macau. Revenue and attributable income data for full year 2020. Moody's | Better decisions 3. Revenue as of 4Q 2020; USD 1 = RMB 6.53 RMB exchange rate as of December 31, 2020 is used for conversion for domestic CRAS' estimated revenue. Note: These are high level estimates based on MIS & CCXI 4Q 2020 revenue / market coverage in domestic market; in cross border, market share is coverage/sum of coverage for three major CRAS. 2Q 2021 Investor Presentation 34#355 Moody's Analytics#36Moody's Analytics Financial Profile 2Q 2021 TTM Revenue: $2.2 billion U.S. Non-U.S. Recurring Transaction 8% 58% 42% 1. Trailing twelve months as of June 30, 2021. Moody's | Better decisions 92% Research, Data and Analytics 74% >> 95% recurring revenue >> 94% retention rate¹ Enterprise Risk Solutions 26% >> 83% recurring revenue >> 93% retention rate¹ 2Q 2021 Investor Presentation 36#37MA 2021 Guidance: Revenue Growth and Reinvestment to Drive Future Expansion MA Revenue¹ MA Adjusted Operating Margin¹ Mid-teens-digit % increase $2.1B 2020 Key drivers of MA FY 2021 outlook¹ 2021F 29.4% Approximately 29% 2020 2021F >>> Expect recurring revenue proportion and retention rates to persist through the year >>> Introducing medium-term MA adjusted operating margin target of mid-30's % range² >>> Continued emphasis on subscription-based products, shifting away from one-time projects and services » Expense discipline enabling reinvestment and -200 bps in underlying margin expansion 1. See press release titled "Moody's to Acquire RMS, Leader In Climate & Natural Disaster Risk" from August 5, 2021 for Moody's complete full year 2021 guidance. Includes assumptions related to RMS's conformity to Moody's accounting policies, as well as the estimated impact of acquisition accounting. 2. Assumes no material change in effective tax rate, foreign exchange rates, leverage profile and/or capital allocation policy. Moody's | Better decisions 2Q 2021 Investor Presentation 37#38Moody's Analytics: Consistent Execution Drives Long-Term Growth Revenue has more than tripled since inception $2,000 .00 Moody's Analytics $ Millions $1,500 $1,000 $500 CAGR 12% $0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2007 2010-2016 0 2017-2020 » Moody's Analytics founded >>> Continued to develop and enhance Moodys.com » - » Established risk » assessment franchise Expanded economic data and modeling capabilities Commercial real estate (REIS and Catylist) extended reach into CRE customer ecosystem » with banks and insurance companies >>> ERS software and analytics created a chassis for MA integration and growth Private entity data (BVD) - largest database of private companies, provided thousands of customers >>> » 2020 Revenue: $2,079m 2008 2020 CAGR: +12% (~63% organic) Acquired RiskFirst to extend ALM franchise into pensions market Divested MAKS to focus on data and analytics products Acquired RDC to form top tier KYC solutions Enterprise Risk Solutions 2020 Revenue: $565M 2008 2020 CAGR: +14% (~68% organic) Research, Data & Analytics1 2020 Revenue: $1,514M 2008 2020 CAGR: +11% (~61% organic) 1. Includes Professional Services line of business ("LOB"). Subsequent to the divestiture of MAKS in 2019, revenue from the Moody's Analytics Learning Solutions ("MALS") unit, which previous to 2020 was reported in the Professional Services LOB, is now reported as part of the RD&A LOB. Note: Individual line of business revenues may not add up to total Moody's Analytics revenue due to rounding. Moody's | Better decisions 2Q 2021 Investor Presentation 38#39Healthy Growth in MA's Recurring Revenue Supports Long-Term Margin Expansion Amidst Investment MA's strategic shift towards subscriptions and SaaS-based products 100% 78% 90% MA ADJUSTED OPERATING MARGIN2 EXPANSION 29.4% MA Renewable Revenue Share 50% 0% 2017 Robust 2020 recurring revenue growth of 14% » Solid retention in mid-90's percentage1 >>> Strength in KYC and compliance solutions ERS shifted to -80% recurring revenue 2020 1. Full year 2020. 2. Includes intercompany revenue and expenses. Changes in expenses include the impact of adjusting items. Moody's | Better decisions 24.6% 2017 +480 bps 27.8% 26.4% 2018 2019 2020 High growth in recurring products drives margin expansion »-160 bps of margin expansion in 2020 » M&A strategy accelerates shift to recurring revenue >>> 189 product awards from 2017 onwards 2Q 2021 Investor Presentation 39#40High Retention Provides Solid Base for Growth Moody's Analytics 2Q 2021 TTM renewable sales and growth1 7% growth 8% growth New Sales2 Upgrades & Price 94% Retained Base + RD&A 94% ERS 93% RD&A 7% ERS 7% + RD&A 8% ERS 8% = 109% Business Base 1. Constant currency. 2. Upgrades reflect amendments to existing customer contracts. New Sales reflect new contracts with new and existing customers. Moody's | Better decisions 2Q 2021 Investor Presentation 40#41Curated Data Combined with Analytics are the Foundation of our Integrated Risk Assessment Strategy Curated Data Domain Expertise Best in Class Analytics Proprietary data assets allow companies to inform and perform many critical business activities with trust and confidence Moody's | Better decisions News Climate CRE Financials Private Firm Transparency Efficiency Convenience Portfolio Monitoring Economic Modeling Risk Scores Ratings Industry Insights Benchmarks MA's approach to deepening available data sets and ability to combine with research, analytic tools and software is driving a more integrated understanding of risks and opportunities Better Decisions Analytics Insights 2Q 2021 Investor Presentation 41#42RESEARCH & DATA FEEDS Diverse Product and Customer Base Enables Growth Across Sectors BANKING SOLUTIONS PREDICTIVE ANALYTICS KYC & COMPLIANCE SOLUTIONS INSURANCE SOLUTIONS CRE SOLUTIONS Customers1 1,500+ Asset Managers 2,900+ Commercial Banks Moody's CreditView CreditLens orbis 77 grid ESG SOLUTIONS 3,100+ Corporations 225+ Securities Dealers and Investment Banks AXIS Economic Data & Forecasts 675+ Insurance Companies 4,000+ Governments & Other Entities 300+ Real Estate Entities 1. As of full year 2020. Note: Trees are in size order but not to scale and therefore don't provide a proportional comparison of the product lines' current or anticipated size. Moody's | Better decisions 2Q 2021 Investor Presentation 42#43Moody's Software Serves as a Chassis for Integrated Risk Assessment Lending use case highlights synergies across segments ERS solutions Accounting Impairments: CECL, IFRS-9, IFRS-17 Credit decisioning & lending Credit origination, spreading and scoring, pricing Deal Initiation Digitizing data Portfolio Monitoring Integrating risk management Onboarding Supports better lending decisions RD&A data & insights Research Opinions and insights that explain ratings, methodologies and markets Economics Scenarios, forecasts and indicators to support analytics Balance sheet management Portfolio management, ALM, stress testing, planning RegTech Regulatory reporting CreditLens Underwriting Credit Decision / Pricing Digitizes data, integrates analytics, and provides SaaS workflow software to help loan officers make better decisions, faster Curated Information Company information, analytic models, economic and ESG scenarios to integrate best practices in risk management Data Public and private company information, MIS ratings Commercial Real Estate Workflow solutions, portfolio performance and climate impact Moody's | Better decisions 2Q 2021 Investor Presentation 43#44Best-in-Class KYC and Compliance Solutions Driving MA Growth KYC and Compliance TTM Organic Revenue¹ $120 27%1 $152 Al2 reduces false positives and increases automation ORBIS Entity and Ownership Linkage Data TTTTT ΑΓ TTTTT GRID Risk Profiles YYY Analyze corporate structure Identify all directors and owners Monitor politically exposed people and sanctions RD&A Early warning - NLP³ and other ML4 techniques to monitor news and adverse media to generate alerts 1. 2Q20 2Q21 All growth percentages are organic. Organic revenue growth as defined in the reconciliation tables in the Appendix. Refer to the Appendix for a reconciliation between all adjusted and organic measures mentioned throughout this presentation and U.S. GAAP. Moody's | Better decisions Better KYC decisions + The world's preeminent database on companies and corporate hierarchies + Combined with a comprehensive database on adverse media, politically exposed people and sanctions + With applied proprietary analytical tools = Moody's best-in-class KYC and Compliance customer solution set 2. Al = Artificial Intelligence. | 3. NLP = Natural Language Processing. | 4. ML = Machine Learning. 2Q 2021 Investor Presentation 44#45RD&A Enables Better Decisions through Data and Insights RD&A Our business solutions Research Opinions and insights that explain ratings, methodologies and markets יווו Data Public and private company information1 MIS Ratings Economics Scenarios, forecasts and indicators to support analytics Commercial Real Estate Our customers Banks Workflow solutions, portfolio performance and climate impact Public Sector & Other 0000 1. Public and private company information relates to KYC and compliance solutions. Moody's | Better decisions Insurers |= 2 Corporates 33 Customers Asset Managers 2Q 2021 Investor Presentation 45#46RD&A Growth Driven by Stronger Retention Subscription Sales Growth1 (constant currency) First Half 2021 Full Year 2018 Full Year 2019 Full Year 2020 1. 94% 8% 7% 109% Retained Base Upgrades and Price New Sales Business Base CE 94% 8% 9% 110% Retained Base Upgrades and Price New Sales Business Base 96% 9% 5% 111% Retained Base Upgrades and Price New Sales Business Base 96% Retained Base Moody's | Better decisions 9% Upgrades and Price 5% New Sales 110% Business Base Expansion of ratings coverage Production of insightful credit analysis New customers in geographies with developing debt capital markets Expansion of data sets and delivery options Strong customer retention The sales growth attributions presented on this slide are related to RD&A subscription sales on a constant currency basis. Pre 2020 data excludes BvD. Upgrades reflect amendments to existing customer contracts. New Sales reflect new contracts with new and existing customers. 2Q 2021 Investor Presentation 46 RD&A#47ERS Empowers Customers' Success With Analytics Technology with a purpose - enabling better, faster decisions Our business solutions Our customers ERS Accounting Impairments, IFRS-17 Credit decisioning & lending Credit modeling, scoring and spreading 1. 2. Asset and liability management. Regulation technology. Moody's | Better decisions ×+ Balance sheet management Portfolio, valuation and ALM1 RegTech2 Banks 33 Customers Regulatory reporting Public Sector & Other 0000 Insurers ------- Corporates Asset Managers 2Q 2021 Investor Presentation 47#48ERS ERS: 88% Recurring Revenue in 2Q 2021; Mid-Teens Recurring CAGR ERS Revenue: Recurring 1 vs. Non-recurring $ Millions $600 $500 61% $400 $300 $200 $100 Recurring Revenue CAGR² = 14% $0 2015 2016 2017 Non-recurring (L) 2018 2019 Recurring (L) 1. Recurring revenue includes maintenance and subscription. 2. Compound Annual Growth Rate, 2015 - 2020. 3. Trailing twelve months as of June 30, 2021. Moody's | Better decisions 83% 2020 TTM 2Q213 -% Recurring >>> ERS recurring revenue has grown by more than $250 million since 2015 » Emphasis on subscription products supports scalability, drives operating leverage and margin >>> Ease of use and lower cost of ownership shifting customer demand to SaaS-based solutions » Next gen products enhance customer experience, improve adoption rates and shorten sales cycles » TTM³ revenue as of 2Q 2021: - Recurring +13% - Non-recurring -23% » 2Q 2021 recurring revenue 88% of total 2Q 2021 Investor Presentation 48#49Large Growth Opportunity in Insurance Data and Analytics Markets Insurance data and analytics markets are large and growing rapidly... Risk Analytics CAT Risk Models and Data MCO + RMS1 ~$5B ~13% CAGR in Risk Management2,3 Core Systems Moody's total pro forma CAM 1: $40B + ...while pressures to transform are accelerating على » Insurers are increasingly incorporating ESG, Climate and other risk factors into loss models Increased awareness of uninsured risks following COVID-19 pandemic (supply chain, resiliency, etc.); $350B of uninsured losses in the last five years³ » Growing gap between retail insurance customer expectations and digital transformation required by insurers to deliver positive user experience Increasing need to insure against losses related to weather events accelerated by climate change 1. Includes prior current addressable market (CAM) of ~$35B+ as of February 12, 2021, and incremental -$5B CAM as of August 5, 2021 with the combination of MCO and RMS. Source: RMS, McKinsey and Moody's. 2. CAGR 2020-2026F. Risk Management is the largest sub-segment in insurance data and analytics. 3. Source: RMS. Moody's | Better decisions 2Q 2021 Investor Presentation 49 ERS#50RMS Enhances and Scales Moody's Insurance Analytics Offerings Moody's and RMS have complementary assets in the Life and P&C insurance segments; potential for significant revenue opportunities with combined scale and capabilities MOODY'S -$170M1 of Revenue 5% Other -92% Recurring 95% Life Insurers ~500 Customers RMS 5% Other -400 ~$320M² Risk Models of Revenue ~400 Customers -95% Recurring 95% P&C Insurers ~1,250 Employees >> Leading provider of risk and finance solutions for life insurers including pricing, capital management, financial and regulatory reporting capabilities » Ability to generate unique, secondary insights from the cross-pollination of credit, entity, economic, ESG and climate data with powerful analytic tools and software >> RMS is a critical component underpinning the P&C market, enabling insurers and reinsurers to understand, measure and manage risk >> World-class climate scientists and risk modelers have created a robust risk technology platform, including a SaaS solution for CAT risk modeling 1. Forecasted 2021 MA Insurance and Asset Management revenue, as of August 5, 2021. 2. RMS projected revenue for fiscal year ending September 30, 2021, as of August 5, 2021. Subject to final conformity of RMS's accounting policies to Moody's policies. Moody's | Better decisions 2Q 2021 Investor Presentation 50 ERS#51Moody's and RMS Will Enable CRE Professionals to Make Better Decisions 00 ☐ ☐ ☐ □ 0 口 DO П ㅁ ㅁㅁ ㅁㅁ ㅁㅁ ㅁㅁ ☐ ☐ 00 00 ☐☐ ㅁㅁㅁ CRE PROFESSIONALS ☐ O DO ☐ Locale What are the characteristics of this neighborhood and location? » » Forecasts for the local economy Location attractiveness Construction trends Environment How exposed is this property to catastrophe risk and extreme weather events? Earthquakes ☐ ㅁㅁ » » Wildfires ☐ 00 DOL Other weather risks Building What should I know about this building? >>> Insurable value and insurance premiums Capitalization rates >>> Vacancies and absorption www Brokers Lenders Portfolio Managers >>> Enhanced, accurate valuation Estimate cash flow and LTV Financial impact on portfolios Property Owners Property Developers Understand tenant quality Site selection Note: KYC = Know Your Customer, LTV = Loan-to-value. Moody's | Better decisions Tenants What should I know about the tenants? >>> KYC screening - financial crime checks >>> >>> ESG profile and reputation risk Creditworthiness 2Q 2021 Investor Presentation 51 ERS#52Expanding Moody's Climate Solutions RMS data can be leveraged for a wide range of Moody's applications Floods Winter storms Extensive coverage Expanded and improved coverage of climate-related hazards and natural disasters RMS & MOODY'S Stronger analytics Consolidated data Combined data will feed into Moody's climate-adjusted credit risk models and banking / CRE software platforms Heat stress Strengthens Moody's physical climate risk analytics and accelerates RMS's penetration into adjacent markets DA Windstorms Hurricanes & typhoons Wildfires Sea level rise Water stress Bi » Short, medium, RMS + MOODY'S and long-term risk Moody's | Better decisions >> Forward-looking climate data >> Global coverage Earthquakes Hail & tornadoes 2Q 2021 Investor Presentation 52 ERS#536 ESG Solutions#54ESG Market Overview Market Trends » Multiple drivers and stakeholders supporting the growth of ESG, with increasing relevance to corporates, banks, insurers, investors, governments and consumers » Moody's forecasts global issuance of green, social and sustainability - bonds collectively referred to as sustainable bonds - will hit a record $850 billion in 20211 » Sustainability linked financing emerging as a key alternative to “use of proceeds" green issuance, expanding the potential issuer base » Increasing governmental focus on climate and sustainable debt market growth and development Central banks focused on managing climate change-related systemic risks Annual Issuance ($ billions) Sustainable bonds set to reach record volumes1 $900 $800 $700 $600 $500 $400 $300 $200 $100 $0 2019 ■Green Bonds ~55% CAGR 2020 2021E Sustainability Bonds ■Social Bonds Annual Spending ($ millions) Percentage of assets invested sustainably³ 2020 2025 50% Rapidly growing spend on ESG data & metrics² ~23% CAGR 1,000 800 600 400 200 0 2019 2020E 2021E ■ESG content ■ESG indices 40% EMEA - EU driving towards standardization of ESG taxonomy, disclosures and reporting standards 30% U.S. - The Biden administration is taking a whole-of-government approach to tackle climate change, including focusing on 20% disclosures and Climate as a source of systemic risk 10% 1. Source: Moody's Investors Service "Sector in-depth: Sustainable Finance - Global - Sustainable bond volumes to top $850 billion in 2021", July 29, 2021. 0% 2. Sources: McKinsey and Opimas, March 2020. Moody's | Better decisions Global EMEA APAC Americas 3. Source: Global Client Sustainability Survey, July-September 2020. BlackRock. 2Q 2021 Investor Presentation 54#55Priorities for Strategic Growth: ESG Integrated Across All Platforms, Driving Growth and Enhanced Relevance ESG Solutions MIS Integration ויןוי Credit Ratings & Research ESG Credit Scores MOODY'S BB Real Estate MA Integration Solutions Moody's ESG Solutions Moody's CreditView ESG Measures Climate Solutions 000 Risk Analytics & regulatory reporting Index Solutions 目 ESG Classification Heat Maps Lending solutions and tools APIs and SME Solutions Data Feeds Sustainable Finance Moody's | Better decisions 2Q 2021 Investor Presentation 55#56MIS: Four Components to MIS Integration of ESG New ESG scores will assist in transparently and systematically demonstrating the impact of ESG on credit ratings ESG Solutions Credit Ratings & Research How is ESG integrated into credit ratings? >>> ESG factors taken into consideration for all credit ratings >>> Greater transparency in press releases, as well as credit opinions >>> Credit Impact Score (CIS) is an output of the rating process that indicates the extent, if any, to which ESG factors impact the rating of an issuer or transaction ESG Credit Scores How is a specific issuer exposed to ESG risks / benefits? >>> Issuer Profile Scores (IPS) are issuer-specific scores that assess an entity's exposure to the categories of risks in the ESG classification from a credit perspective >>> IPSS, where available, are inputs to credit ratings 中 ESG Classification What is ESG? Our classification reports describe how we define and categorize E, S and G. considerations that are material to credit quality New environmental classification sharpens focus on physical climate risks Heat Maps Is ESG material to credit quality? » Heat maps provide relative ranking of various sectors along the E and S classification of risks 18 Moody's | Better decisions 2Q 2021 Investor Presentation 56#57MA: ESG Integrated into Multiple Offerings Moody's CreditView The view that counts ☑: Moody's DataHub >>> All of Moody's data on a centralized platform >>> ESG, climate risk and controversy data >>> ESG & Physical Climate Risk Scores >>> ESG Company and Sector Reports » MIS Sector Heatmaps & classifications >>> MIS Entity CTA, IPS, CIS scores¹ ESG Score Predictor, part of SME Solutions CreditEdge™ Moody's Analytics CreditEdge >>> Derived from Moody's proprietary ESG scoring methodology for large-cap corporates » Climate-adjusted expected default frequencies (EDFs) » >>> 140 million predictive company ESG scores Moody's Orbis, Procurement, Credit Catalyst platforms and API 1. Carbon Transition Assessment, Issuer Profile and Credit Impact Scores. Moody's | Better decisions ESG Solutions 00% REIS Network, Climate Risk Scores >> Moody's ESG provides REIS network users with aggregated climate risk scores >>> Scores show the climate risk threshold levels for commercial property locations ranging from 'no risk' to 'red flag', or extremely high risk 2Q 2021 Investor Presentation 57#58Moody's ESG Solutions Group A leader in ESG: providing a range of risk management, equity and credit market solutions » Brings together over 30 years of ESG expertise to meet rapidly evolving needs » Delivers data, analytics and insight to further enhance best-in-class risk assessment capabilities from MIS and MA Climate Solutions ESG Measures SME Solutions MESG Index Solutions Sustainable Finance ESG Solutions Moody's | Better decisions Integration into Risk Management Serving risk management, equity and credit markets Serving capital markets 2Q 2021 Investor Presentation 58#59MESG Current Solution Suite ESG Measures » Data, Scores & Benchmarks Assessments & Research Index Solutions >>> ~90 Indices (Equity & Fixed Income) 目 -- ESG Solutions >>> Controversy Monitoring & Alerts >>> 10+ Partnerships >>> Positive Negative Screening >>> Benchmarking Data >>> Regulatory Datasets » ETFs, Listed & OTC Derivates, MA Data Hub Certificates, >>> Portfolio Review API / Web- Services & Structured Products Climate Solutions >>> Physical Risk Data & Scores » >>> Transition Risk Data & Scores >>> Climate Governance » Sustainable Finance - Sustainable Bonds Loans/Bonds SPO1 – Green, Social and SPO1 Sustainability-Linked » On-Demand Scoring » Sustainability Ratings >>> Portfolio Review » CBI1 Verification >>> Regulatory Reporting Tools SME Solutions >>> ESG Score Predictor >>> ESG Assessments >>> Portfolio Review >>> 1. Controversy Monitoring SPO: Second Party Opinion; CBI: Climate Bonds Initiative. Moody's | Better decisions www . Client Platforms XLS Moodys.com Excel-Add In 2Q 2021 Investor Presentation 59#60Moody's ESG Snapshot¹ GE 30+ Years of dedicated ESG experience Pioneering ESG analysis since 19832 ~2,400 MIS research reports Related to ESG considerations; ~50% COVID-related research DOO 5,000+ ESG assessments Covering 273 unique ESG data points 140 Million + SME ESG Scores 600+ industries in 180+ countries וווו ESG Solutions 10 Million + Climate Risk Scores Spanning countries, counties, cities, companies & real estate assets globally 40+ Regulatory consultations On ESG matters 100% Systematic integration of ESG considerations into credit ratings ESG discussion is now required in all rating committees 10,000+ Controversy monitoring & alerts 370+ Global sustainable bonds and loans Green, social, sustainability bonds and sustainability-linked loans and bonds 21% Banks 6% Local Authorities 62% 22% Green Bonds Sustainability Bonds 57% Corporates & Insurance SPOS² Product type 12% 3% SPOS³ Sector4 6% 5% Social bonds Sustainability- Linked Loans Public Entities Sovereign 3% Public Utilities 1% Other 2% Other 1 - 360+ ESG events and speaking engagements Related to ESG considerations, over 5,000 attendees 15 Awards in the ESG & Climate space Including 'Best ESG Data Provider' at Waters Rankings 2021 Forefront of Innovation in SPOS³: - 1st Sustainability Linked Convertible Bond 1st Sustainability Linked Airline Loan 1st Sustainability Linked Sukuk 1st Sustainability Linked Bond in the U.S. 1st Gender Focused Social Bond in Columbia 1st Social Bonds in Brazil - 1st Sovereign SDG Bond - 1st Airline Sustainability Linked Bond - 1st Green Sukuk in N. Africa/Middle East Data as of June 30, 2021. Conducted by Moody's affiliate V.E. 1. 2. 3. SPOs: Second Party Opinions. 4. Source: V.E., part of Moody's ESG Solutions. Moody's | Better decisions 2Q 2021 Investor Presentation 60#617 Appendix#62Corporate Finance: Revenue and Issuance¹ Revenue2: Mix by Quarter ■ Other 3 ■Investment Grade $700 $600 ■Speculative Grade ■Bank Loans Issuance 4: Mix by Quarter ■Global Non-Financial Investment-Grade Bonds ■U.S. Speculative-Grade Bank Loans Global Non-Financial Speculative-Grade Bonds ■Non-U.S. Speculative-Grade Bank Loans $1,200 $18 $43 $1,000 $76 $500 $180 $44 $99 $157 $ Millions $800 $55 $164 $78 $73 $223 $400 $89 $43 $28 $83 $90 $300 $73 $68 $75 $101 $141 $600 $26 $25 $119 $82 $124 $50 $88 $193 $17 $57 $69 $56 $291 $100 $105 $111 $132 $233 $75 $77 $200 $144 $141 $134 $102 $400 $105 $108 $161 $114 $111 $120 $209 $731 $97 $96 $106 $80 $60 $135 $132 $200 $100 $326 $128 $140 $140 $139 $145 $139 $146 $152 $150 $167 $313 $370 $433 $378 $410 $305 $240 $226 $0 $0 T 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 Revenue 2: Mix by Year Issuance 4: Mix by Year Other 3 ■Investment Grade ■Speculative Grade ■Bank Loans $1,800 $287 ■Non-U.S. Speculative-Grade Bank Loans ■Global Non-Financial Speculative-Grade Bonds ■U.S. Speculative-Grade Bank Loans Global Non-Financial Investment-Grade Bonds $1,600 $3,000 $1,400 $118 $313 $352 $1,200 $349 $379 $2,500 $247 $364 $144 $ Millions $204 $1,000 $258 $120 $242 $204 $254 $2,000 $638 $590 $212 $254 $175 $425 $636 $800 $155 $183 $504 $219 $181 $229 $271 $379 $1,500 $600 $194 $301 $353 $329 $425 $354 $414 $601 $426 $471 $230 $305 $411 $405 $329 $311 $262 $304 $400 $197 $193 $1,000 $1,768 $200 $312 $363 $420 $421 $425 $488 $554 $547 $582 $500 $1,125 $1,073 $1,043 $1,120 $1,192 $1,271 $1,074 $1,249 $0 $0 T 2012 2013 2014 2015 2016 2017 2018 2019 2020 2012 2013 2014 2015 2016 2017 2018 2019 2020 1. Total estimated market issuance unless otherwise noted. 2. 3. 4. Historical data has been adjusted to conform with current information and excludes intercompany revenue. The revenue reclassification of REITs to Corporate Finance from Structured Finance is reflected starting from 1Q 2018. Other includes: monitoring, commercial paper, medium term notes, and ICRA. Sources: Moody's Analytics, Dealogic. U.S. and Non-U.S. Speculative-Grade Bank Loans represent only Moody's rated speculative-grade bank loans. Non-U.S. Speculative-Grade Bank Loan Origination data available starting 2016. Note: Debt issuance categories do not directly correspond to Moody's revenue categorization. Moody's | Better decisions 2Q 2021 Investor Presentation 62#63Corporate Finance: Revenue Diversification Revenue: Distribution by Geography ■Non-U.S. ■U.S. 100% Revenue¹: Distribution by Recurring vs. Transaction ■Transaction ■Recurring 100% 20% 80% 30% 29% 28% 31% 29% 25% 25% 25% 20% 22% 30% 80% 68% 62% 66% 62% 65% 69% 72% 67% 68% 63% 70% 68% 60% 60% 40% 40% 70% 71% 72% 69% 71% 75% 80% 75% 70% 75% 80% 78% 20% 32% 38% 34% 38% 35% 37% 31% 33% 32% 28% 30% 32% 20% 0% 0% 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 Revenue: Distribution by Product ■Other 2 Investment Grade ■Speculative Grade ■Bank Loans 100% 8% 20% 22% 23% 19% 16% 15% 21% 20% 22% 17% 30% 29% 80% 16% 18% 15% 21% 17% 17% 22% 19% 21% 60% 23% 23% 27% 25% 27% 22% 25% 32% 51% 16% 31% 34% 40% 19% 22% 20% 36% 36% 36% 38% 41% 37% 32% 32% 31% 30% 24% 25% 0% 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 1. Historical data has been adjusted to conform with current information and excludes intercompany revenue. 2. Other includes: monitoring, commercial paper, medium term notes, and ICRA. Note: Percentages have been rounded and may not total to 100%. Moody's | Better decisions 2Q 2021 Investor Presentation 63#64$ Millions $ Millions Structured Finance: Revenue and Issuance1 Revenue2: Mix by Quarter Issuance 3: Mix by Quarter ABS ■RMBS ■CMBS ■Structured Credit Other ■ ABS ■RMBS ■ CMBS ■Structured Credit $160 $140 $120 $350 $0 $300 $44 $1 $53 $100 $1 $1 $1 $41 $32 $1 $0 $38 $0 $80 $35 $40 $29 $1 $31 $24 $23 $21 $ Billions $250 $60 $49 $31 $200 $39 $57 $43 $41 $38 $33 $34 $25 $22 $22 $28 $60 $25 $24 $150 $21 $85 $31 $22 $70 $18 $20 $18 $17 $13 $15 $16 $87 $68 $16 $63 $13 $66 $31 $100 $41 $40 $24 $24 $21 $26 $27 $23 $24 $22 $27 $48 $65 $40 $20 20 $50 $90 $91 $103 $89 $92 $102 $116 $23 $26 $25 $25 $22 $23 $25 $28 $33 $26 $65 $66 $74 $0 $0 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 $600 ABS Revenue²: Mix by Year RMBS CMBS ■Structured Credit ■ Other $2 $2 $2 $0 $2 $400 $165 $4 $0 $0 $135 $122 $196 $137 $91 $96 $148 $2 $105 $95 $116 $122 $140 $133 $143 $78 $81 $61 $200 $85 $73 $76 $81 $85 $90 $98 $95 $96 $110 $98 $92 $91 $94 $97 $107 $99 $98 $0 2012 2013 2014 2015 2016 2017 2018 2019 2020 $ Billions Issuance³: Mix by Year ■ ABS ■RMBS ■CMBS ■Structured Credit $1,400 $1,200 $1,000 $200 $153 $800 $65 $159 $136 $115 $94 $132 $600 $73 $114 $116 $145 $120 $106 $120 $117 $94 $88 $270 $231 $400 $189 $238 $254 $283 $200 $204 $213 $200 $335 $317 $319 $292 $298 $337 $384 $348 $321 $0 T 2012 2013 2014 2015 2016 2017 2018 2019 2020 1. Total estimated market issuance unless otherwise noted. 2. 3. Historical data has been adjusted to conform with current information and excludes intercompany revenue. The revenue reclassification of REITS to Corporate Finance from Structured Finance is reflected starting from 1Q 2018. Sources: AB Alert, CM Alert, Moody's Corporation. Debt issuance categories do not directly correspond to Moody's revenue categorization. Notes: ABS (Asset Backed Securitization) includes asset-backed commercial paper and long-term asset-backed securities. RMBS (Residential Mortgage Backed Securitization) includes covered bonds. CMBS includes commercial mortgage-backed securities and commercial real estate CDOS. Structured Credit includes CLOS and CDOS. Moody's | Better decisions 2Q 2021 Investor Presentation 64#65Structured Finance: Revenue Diversification Revenue: Distribution by Geography Non U.S. ■U.S. - Revenue¹: Distribution by Recurring vs. Transaction ■Transaction Recurring 1. 100% 100% 80% 34% 80% 44% 39% 45% 43% 42% 43% 48% 56% 56% 61% 64% 64% 62% 63% 64% 61% 59% 59% 63% 57% 53% 49% 52% 60% 60% 40% 40% 66% 56% 61% 55% 57% 58% 57% 52% 20% 39% 44% 36% 36% 38% 37% 36% 39% 44% 41% 41% 37% 20% 43% 47% 51% 48% 0% 0% 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 1Q19 2Q19 3Q19 4Q10 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 Revenue¹: Distribution by Product ABS ■RMBS ■CMBS Structured Credit Other 100% 1% 1% 1% 1% 1% 1% 1% 0% 0% 1% 1% 0% 29% 80% 35% 37% 38% 35% 30% 26% 27% 32% 29% 33% 38% 16% 17% 60% 23% 18% 16% 17% 18% 18% 19% 21% 17% 16% 28% 27% 40% 23% 27% 28% 23% 21% 21% 24% 22% 23% 22% 20% 28% 23% 23% 24% 23% 23% 28% 29% 27% 23% 22% 24% 0% 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 Historical data has been adjusted to conform with current information and excludes intercompany revenue. Notes: ABS (Asset Backed Securitization) includes asset-backed commercial paper and long-term asset-backed securities. RMBS (Residential Mortgage Backed Securitization) includes covered bonds. CMBS includes commercial mortgage-backed securities and commercial real estate CDOs. Structured Credit includes CLOS and CDOS. Percentages have been rounded and may not total to 100%. Moody's | Better decisions 2Q 2021 Investor Presentation 65#66$ 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 $160 $2 $2 $8 $3 $500 $140 $2 $30 $3 $3 $3 $3 $8 $3 $13 $3 $6 $43 $400 $36 $32 $30 $120 $10 $6 $8 $4 $6 $33 $5 $44 $31 $18 $18 $100 $29 $28 $30 $32 $31 $31 $300 $27 $80 $29 $23 $39 $60 $200 $109 $398 $396 $395 $385 $40 $80 $84 $80 $86 $88 $95 $101 $86 $315 $333 $76 $279 $20 $100 $215 $235 $213 $0 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 $0 4Q20 1Q21 2Q21 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 Revenue2: Mix by Year ■Banking ■Insurance ■Managed Investments ■ Other Issuance 3: Mix by Year ■Global Speculative Grade Financial Corporate Bonds ■Global Investment Grade Financial Corporate Bonds $600 $10 $2,000 $500 $12 $28 $13 $13 $25 $ Millions $400 $0 $0 $2 $9 $10 $22 $25 $137 $1,600 $119 $19 $16 $17 $102 $114 $16 $300 $19 $79 $89 $92 $96 $102 $ Billions $137 $74 $197 $183 $136 $1,200 $112 $98 $121 $161 $200 $800 $355 $300 $320 $1,312 $290 $1,247 $1,194 $1,187 $1,232 $100 $228 $234 $242 $244 $240 $1,072 $1,248 $1,207 $1,177 $400 $0 $0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2012 2013 2014 2015 2016 2017 2018 2019 2020 1. Total estimated market issuance unless otherwise noted. 2. Historical data has been adjusted to conform with current information and excludes intercompany revenue. 3. Sources: Moody's Analytics, Dealogic. Note: Debt issuance categories do not directly correspond to Moody's revenue categorization. Moody's | Better decisions 2Q 2021 Investor Presentation 66#67Financial Institutions: Revenue Diversification Revenue¹: Distribution by Geography ■Non-U.S. ■U.S. Revenue¹: Distribution by Recurring vs. Transaction ■Transaction ■Recurring 100% 100% 80% 40% 42% 45% 42% 42% 48% 44% 49% 47% 47% 46% 53% 80% 51% 54% 59% 58% 55% 52% 46% 44% 50% 52% 50% 47% 60% 60% 40% 40% 60% 58% 55% 58% 58% 52% 56% 51% 53% 53% 54% 47% 20% 49% 46% 20% 41% 45% 42% 48% 54% 56% 50% 50% 48% 53% 0% 0% 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 Revenue¹: Distribution by Product ■Banking Insurance ■Managed Investments Other 3% 2% 3% 3% 3% 2% 1% 1% 2% 2% 1% 2% 100% 3% 8% 5% 4% 5% 5% 6% 4% 6% 5% 5% 9% 80% 25% 22% 26% 27% 25% 24% 23% 31% 25% 26% 27% 22% 60% 40% 69% 68% 67% 66% 67% 69% 71% 62% 67% 67% 67% 67% 20% 0% 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 1. Historical data has been adjusted to conform with current information and excludes intercompany revenue. Note: Percentages have been rounded and may not total to 100%. Moody's | Better decisions 2Q 2021 Investor Presentation 67#68$ Millions Revenue 2: Mix by Quarter ■Public Finance and Sovereign ■Project and Infrastructure Finance ■ Other Public, Project and Infrastructure: Revenue and Issuance1 Issuance³: Mix by Quarter ■Long-Term Rated U.S. Muni Bonds Rated Global Project and Infrastructure Finance Bonds $200 $250 $ Millions $150 $100 $62 $60 $69 $62 $76 $67 $63 $55 $52 $47 $50 $46 $53 $58 $65 $57 $64 $71 $58 $67 $63 $0 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 $ Billions $200 $84 $150 $52 $114 $75 $59 $84 $60 $64 $100 $64 $51 $50 55 50 $129 $132 $71 $79 $95 $95 $110 $96 $103 $76 $0 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 Revenue 2: Mix by Year ■Public Finance and Sovereign ■Project and Infrastructure Finance ■Other Issuance³: Mix by Year ■Long-Term Rated U.S. Muni Bonds Rated Global Project and Infrastructure Finance Bonds $600 $800 $500 $700 $600 $400 $246 $500 $188 $213 $224 $300 $174 $206 $142 $167 $181 $400 $321 $207 $266 $243 $220 $200 $300 $200 $408 $100 $181 $174 $177 $202 $225 $218 $222 $250 $364 $384 $374 $413 $313 $302 $307 $185 $292 $100 $0 $0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2012 2013 2014 2015 2016 2017 2018 2019 2020 1. Total estimated market issuance unless otherwise noted. 2. 3. Historical data has been adjusted to conform with current information and excludes intercompany revenue. Global Rated Project & Infrastructure Finance available starting in 2016 and represents Moody's rated issuance. Sources: Thomson SDC, Moody's Corporation. Note: Debt issuance categories do not directly correspond to Moody's revenue categorization. Moody's | Better decisions 2Q 2021 Investor Presentation 68#69Public, Project and Infrastructure: Revenue Diversification Revenue: Distribution by Geography ■Non-U.S. ■U.S. Revenue¹: Distribution by Recurring vs. Transaction ■Transaction ■Recurring 100% 100% 34% 31% 33% 28% 80% 80% 35% 37% 31% 34% 32% 30% 32% 41% 55% 65% 64% 61% 64% 63% 62% 65% 62% 61% 63% 61% 60% 60% 40% 40% 66% 69% 72% 67% 65% 59% 63% 69% 66% 68% 70% 68% 20% 35% 36% 39% 36% 37% 38% 45% 38% 39% 35% 37% 39% 20% 0% 0% 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 Revenue: Distribution by Product ■Public Finance and Sovereign ■Project and Infrastructure Finance ■ Other 100% 80% 51% 51% 52% 48% 50% 48% 47% 52% 52% 50% 53% 52% 60% 40% 49% 49% 48% 52% 50% 52% 53% 48% 48% 50% 47% 48% 20% 0% 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 1. Historical data has been adjusted to conform with current information and excludes intercompany revenue. Note: Percentages have been rounded and may not total to 100%. Moody's | Better decisions 2Q 2021 Investor Presentation 69#701. $ Millions Moody's Analytics: Financial Overview ■ Professional Services Revenue¹: Mix by Quarter ■Enterprise Risk Solutions Revenue¹: Distribution by Line of Business ■Research, Data and Analytics Revenue¹: Mix by Year $700 $600 $2,400 100% $500 42 $43 $43 $400 $122 $117 $134 $31 $149 $138 $131 $145 $151 $145 $138 9% 9% 9% 6% 8% 80% 26% 25% 27% 29% 27% $2,000 28% 26% 27% 27% 27% 26% 24% $159 $565 $1,600 $159 $522 60% $300 40% $200 $100 $308 $315 $317 $333 $358 $366 $386 $404 $419 $435 65% 66% 64% 65% 65% 72% 74% 73% 73% 73% 74% 76% $ Millions $149 $451 $1,200 $147 $150 $168 $449 $800 $119 $374 $419 $329 $1,514 $263 $1,273 20% $1,121 $400 $833 $520 $572 $626 $668 $0 0% $0 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 Revenue¹: Distribution by Geography Non-U.S. ■U.S. 2013 2014 2015 2016 2017 2018 2019 2020 Revenue: Distribution by Recurring vs. Transaction ■Transaction ■Recurring 100% 100% 80% 43% 42% 42% 42% 42% 43% 44% 42% 42% 43% 42% 43% 80% 60% 40% 60% 85% 85% 40% 84% 86% 85% 90% 92% 90% 91% 91% 92% 93% 57% 58% 58% 58% 58% 57% 56% 58% 58% 57% 58% 57% 20% 20% 0% 0% 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 15% 15% 16% 14% 15% 10% 8% 10% 9% 9% 8% 7% 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2Q21 Moody's | Better decisions Historical data has been adjusted to conform with current information and excludes intercompany revenue. Subsequent to the divestiture of MAKS in 2019, revenue from the Moody's Analytics Learning Solutions ("MALS") unit, which previous to 2020 was reported in the Professional Services line of business ("LOB"), is now being reported as part of the RD&A LOB. Note: Percentages have been rounded and may not total to 100%. 2Q 2021 Investor Presentation 70#71$ Millions Historically, Moody's Revenue and Interest Rates Have Not Been Strongly Correlated MCO revenue and interest rates $7,000 7.8% $6,000 MIS Revenue (L) MIS Revenue Guidance MA Revenue (L) MA Revenue Guidance MCO Revenue (L) 10-yr U.S. Treasury Yield (R)1 $5,000 5.8% $4,000 +200bps 4.7% $3,000 $2,000 $1,000 $0 60 1994 1995 1996 1997 +180bps 1998 1999 Note: Gray bars reflect periods of significant increases in the 10-year Treasury Yield. Source: www.treasury.gov. Moody's | Better decisions 6.5% 2004 +100bps +120bps 3.3% 3.0% 2.3% 1.8% 9% 8% 7% 6% 5% 4% 3% 2% 0.9% 1% 0% 1. 10-yr U.S. Treasury Yields are represented by the rate at the end-of-period. 2. See press release titled "Moody's to Acquire RMS, Leader In Climate & Natural Disaster Risk" from August 5, 2021 for Moody's complete full year 2021 guidance. Includes assumptions related to RMS's conformity to Moody's accounting policies, as well as the estimated impact of acquisition accounting. 2Q 2021 Investor Presentation 71#72Proactive Capital and Liquidity Management Bond portfolio WAC1 Balanced maturity schedule 5 $ in millions 4.7% 4.3% 4.3% 3.9% 3.5% 3.3% 3.3% 4.2% 3.9% 4.0% 3.3% 300 3.4% 3.4% 250 2.4% 330 593 2.1% 2.4% 500 500 400 400 250 170 2014 2015 2016 WAC With Hedges 2017 2018 2019 2020 2021 WAC Excluding Hedges T 889 300 500 400 300 300 # # Н 2044 2048 2050 2060 ■EUR Floating 2022 2023 2024 2025 2026 2027 2028 2029 2030 ■USD Fixed ■USD Floating ■ EUR Fixed Annualized Dividend Per Share » Strong liquidity with $2.9B in cash and short-term investments, and a $1.0B revolving credit facility² $2.48 $2.24 $2.00 $1.76 1.1x net debt to adjusted operating income³ $1.48 $1.52 $1.36 » Leverage well below maximum 4.0x total debt / EBITDA covenant4 2. 1. WAC = Weighted Average Coupon. 2014-2020 data as of year-end. 2021 data as of June 30, 2021. As of June 30, 2021. 2015 2016 2017 2018 3. Trailing twelve months adjusted operating income. Amounts are adjusted measures, see Appendix for reconciliations from adjusted financial measures to U.S. GAAP and gross debt to net debt. 4. Total debt (gross debt less $100M of cash and equivalents) to EBITDA ratio threshold is normally 4.0x but elevated to 4.5x for three quarters after an acquisition of >$500 million. 5. Certain USD denominated debt has been synthetically converted to EUR via cross-currency swaps. EUR bonds converted to USD as of June 30, 2021. Moody's | Better decisions 2019 2020 2021F2 2Q 2021 Investor Presentation 72#73Drivers of Sustainable Corporate Value Sustainability disclosures in our public filings Environmental » Reduced greenhouse emissions with science-based targets¹ on our path to net-zero Progress on full greenhouse gas inventory including scope 1, 2 and relevant scope 3 categories is reported within 2020 TCFD report Published Moody's Decarbonization Plan » Procured 100% renewable electricity starting in 2020 >>> Committed to remaining carbon neutral on an annual basis by supporting certified offset projects covering emissions from our operations, employee commuting and business travel Offset these carbon emissions since September 2000 » Moody's and its subsidiaries engages with a multitude of Sustainability parties that develop standards or frameworks and/or evaluate and assess performance CDP Awarded 'A' score in 2020 > CDP Climate > CDP Supplier Engagement Rating (SER) SOCIAL ENVIRONMENTAL SOCIAL GOVERNANCE » Support a diverse, equitable and inclusive workplace » Launched DE&I portal and 2020 DE&I Report Announced DE&I goals that focus on gender globally and ethnicity and race within the U.S. » Active global community and philanthropic involvement Ranked #35 on Diversity Inc's Top 50 Companies » >> Recognized by Working Mother's list of 100 Best Companies for the 5th year in a row » Robust data security and privacy practices » Fair compensation practices and benefits packages » Employee training and upskilling >> Provide employee health and well-being policies and programs 1. The Science Based Targets initiative is a collaboration between CDP, UNGC, World Resources Institute (WRI), and the World Wide Fund for Nature (WWF), that is seeking to reduce corporate GHG emissions. Moody's | Better decisions 2Q 2021 Investor Presentation 73#74Drivers of Sustainable Corporate Value Sustainability disclosures in our public filings OOOO GOVERNANCE >> Professional integrity » Systematic risk management » Diverse Board membership and skill sets » Separate CEO and Chairman positions » Implementation of Lead Independent Director within the board >> Active stockholder engagement » Completed a materiality assessment to identify the most salient sustainability issues Executive compensation metrics include¹: >> Members of the executive leadership team are evaluated on demonstrated commitment to diversity, equity and inclusion plans and other sustainability initiatives » Moody's Corporation EPS and operating income MIS operating income and ratings performance » MA operating income and sales » Strategic and operational² » - ENVIRONMENTAL SOCIAL GOVERNANCE Announced the new Sustainability Framework and launched the Stakeholder Sustainability website, along with the following 2020 reports: Stakeholder Sustainability Report Task Force on Climate-related Financial Disclosures (TCFD) Sustainability Accounting Standards Board (SASB) Global Reporting Initiative (GRI) World Economic Forum (WEF) Submitted PRI and UNGC COP reports 1. While the Company reports its financial results in accordance with U.S. GAAP, financial performance targets and results under the Company's incentive plans are based on adjusted financial measures. These metrics and the related performance targets are relevant only to Moody's executive compensation program and should not be used or applied in other contexts. 2. This measure is a qualitative assessment of strategic and operational metrics tied to key non-financial business objectives, such as sustainability goals, that contribute to the Company's business success and are certified by the Compensation & Human Resources Committee at the beginning of the performance period. The Committee assessed the achievement of the metric by evaluating performance against the following objectives: (i) business focus and innovation and growth; (II) people and culture; (III) operating effectiveness and efficiency; and (iv) quality and risk management. Moody's | Better decisions 2Q 2021 Investor Presentation 74#75Modernizing 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 13 Data Management Increasing data interoperability across products and solutions to assist customers' evolving needs Creating new data service platforms, such as Moody's DataHub, to promote data accessibility and availability Moody's | Better decisions 目 $ DevOps >>> Continuing our DevOps journey within MIS and MA to promote high quality, secure solutions with optimal speed to market Most recently, MIS significantly reduced release times greatly increasing productivity, and quadrupled release features Integration Management Office >>> >>> Establishing and enforcing consistent and repeatable integration processes and procedures for recent and new acquisitions Accelerating integration of people, commercial assets and operations to maximize value delivery Finance Transformation » Implementing a modern cloud-based ERP solution to further streamline processes >>> Enhancing capabilities across data science, analytics, and automation through a wide array of technology 2Q 2021 Investor Presentation 75#76Innovation Enabled by Artificial Intelligence (AI) Utilizing natural language processing (NLP) and machine learning (ML) across Moody's external products and solutions » mlfabric T Extensible modular machine learning framework to accelerate & scale ML across the organization mlfabric™ enables cloud-based deployment leveraging reusable machine learning components and libraries developed by Moody's Accelerator >>> » MA Products QUIQspread: product capable of automating digitization and spreading of multilingual financial statements Award-winning Coronavirus, Compliance, KYC and Credit Adverse Media products use NLP to understand risks and gain insights from unstructured sources Ratings Research Using ML models to augment the capabilities of our analysts by: Predicting when issuers are likely to issue to improve outreach Regional and company peer analysis to compare debt issuance Anticipating future rating actions Al and NLP used to generate credit reports on ~6,000 municipal issuers Moody's | Better decisions » ESG Leveraging in house NLP models to improve and enhance coverage » ESG score predictors using innovative algorithms employed to enhance quantitative and qualitative metrics 2Q 2021 Investor Presentation 76#772021 Moody's Global Presence 4,159 U.S. employees + 7,383 non-U.S. employees 11,542 total employees¹ 2020 1. As of June 30, 2021. Reflects acquisition of Acquire Media, ZM Financial Systems, Catylist, and Cortera. 2. As of June 30, 2020. Reflects acquisition of RDC, VE, Four Twenty Seven, Risk First, ABS Suite, and divestiture of MAKS. Moody's | Better decisions Americas Argentina Brazil Canada Chile Costa Rica Mexico Panama Peru United States Europe, Middle East & Africa Austria Belgium Cyprus Poland Portugal Russia Czech Republic Saudi Arabia Denmark Slovak Republic France South Africa Germany Spain Israel Sweden Italy Switzerland Lithuania United Arab Emirates Morocco United Kingdom Netherlands Asia-Pacific Australia China Hong Kong India Japan Nepal Singapore South Korea Thailand Sri Lanka 4,052 + 7,227 11,279 U.S. employees non-U.S. employees total employees² 2Q 2021 Investor Presentation 77#78Reconciliation of Adjusted Financial Measures to U.S. GAAP Moody's Corporation Adjusted Operating Income and Adjusted Operating Margin Reconciliation1 Moody's Corporation Net Debt Reconciliation (in $ millions) 2015 2016 2017 2018 2019 2020 TTM 2Q 2021 1Q 2Q (in $ millions) 2015 2016 2017 2018 2019 2020 Operating Income Operating Margin $1,491 $651 42.8% 18.1% $1,821 $1,868 $1,998 43.3% 42.0% 41.4% $2,388 44.5% $2,740 47.2% Add Adjustment: Depreciation & Amortization Expenses Acquisition-Related 114 127 158 192 200 220 232 Net debt 23 3 Restructuring 12 49 60 50 55 Captive insurance 16 company settlement Settlement Charge 864 Loss pursuant to the 14 9 divestiture of MAKS Gross debt Less: Cash, cash equivalents and short-term investments 2021 2021 $3,381 $3,363 $5,540 $5,676 $5,581 $6,422 $6,340 $6,355 2,232 2,225 1,183 1,818 1,930 2,696 2,865 2,897 $1,148 $1,138 $4,357 $3,858 $3,651 $3,726 $3,475 $3,458 Adjusted Operating Income $1,605 $1,654 $2,002 $2,117 $2,291 $2,667 $3,027 Adjusted Operating Margin 46.0% 45.9% 47.6% 47.6% 47.4% 49.7% 52.2% 1. 2015-2017 operating and adjusted operating income have been restated to conform to the new presentation of pension accounting. Note: Some numbers may not foot due to rounding. Moody's | Better decisions 2Q 2021 Investor Presentation 78#79Reconciliation of Adjusted Financial Measures to U.S. GAAP (cont.) Moody's Corporation Operating Margin Guidance Reconciliation Projected Operating Margin - U.S. GAAP Depreciation & Amortization Restructuring Projected Adjusted Operating Margin Free Cash Flow Reconciliation 2021F1 45% -46% Approximately 4.5% Negligible Approximately 50% (in $ millions) 2016 2017 2018 2019 2020 2021F1 Net cash flows from operating activities Less: Capital expenditures $1,259 $755 $1,461 115 91 91 $1,675 69 Free Cash Flow $1,144 $664 $1,370 $1,606 $2,146 103 $2,043 $2,300 $2,400 ~100 $2,200 $2,300 1. See press release titled "Moody's to Acquire RMS, Leader In Climate & Natural Disaster Risk” from August 5, 2021 for Moody's complete full year 2021 guidance. Includes assumptions related to RMS's conformity to Moody's accounting policies, as well as the estimated impact of acquisition accounting. Moody's | Better decisions 2Q 2021 Investor Presentation 79#80Reconciliation of Adjusted Financial Measures to U.S. GAAP (cont.) Moody's Corporation Diluted EPS Reconciliation 2015 2016 2017 2018 2019 2020 2021F1 Diluted EPS - U.S. GAAP $4.63 $1.36 $5.15 $6.74 $7.42 $9.39 $10.90 $11.20 Legacy Tax (0.03) Impact of Litigation Settlement $3.59 Captive insurance company settlement $0.06 FX gain on liquidation of a subsidiary ($0.18) Restructuring CCXI Gain $0.04 $0.19 $0.23 $0.20 Negligible ($0.31) Acquisition-Related Expenses $0.10 $0.03 $0.02 Purchase Price Hedge Gain ($0.37) Acquisition-Related Intangible Amortization $0.11 $0.13 $0.23 $0.40 $0.42 $0.51 ~$0.65 Expenses Loss pursuant to the divestiture of MAKS $0.07 $0.05 Impact of U.S. tax reform $1.28 ($0.30) Net Impact of U.S./European tax change on ($0.01) deferred taxes Increase to non-U.S. UTPS $0.33 Tax charge pursuant to the divestiture of MAKS Adjusted Diluted EPS $4.71 $4.94 $6.07 $7.39 $0.07 $8.29 $10.15 $11.55 $11.85 1. See press release titled "Moody's to Acquire RMS, Leader In Climate & Natural Disaster Risk" from August 5, 2021 for Moody's complete full year 2021 guidance. Includes assumptions related to RMS's conformity to Moody's accounting policies, as well as the estimated impact of acquisition accounting. Note: Table may not sum to total due to rounding. Moody's | Better decisions 2Q 2021 Investor Presentation 80#81MOODY'S Better decisions Investor Relations ir.moodys.com [email protected] moodys.com#82© 2021 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved. CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH CURRENT OPINIONS. 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