Revenue and Issuance Analysis

Public, Project and Infrastructure: Revenue Diversification Revenue¹: Distribution by Geography Revenue¹: Distribution by Recurring vs. Transaction 100% 100% 80% 80% 42% 40% 37% 35% 36% 42% 39% 42% 39% 41% 34% 31% 63% 65% 67% 62% 57% 57% 60% 60% 59% 65% 64% 61% 60% 60% 40% 40% 58% 60% 63% 65% 58% 64% 61% 58% 61% 59% 66% 69% 20% 37% 35% 33% 38% 43% 43% 40% 40% 41% 35% 36% 39% 20% 0% 0% FY14 FY15 FY16 FY17 1Q18 2Q18 3Q18 4Q18 FY18 1Q19 2Q19 3Q19 ■Non-U.S. ■U.S. FY14 FY15 FY16 FY17 1Q18 2Q18 3Q18 4Q18 FY18 1Q19 2Q19 3Q19 ■Transaction ■Recurring 100% 0% 0% 0% Revenue1: Distribution by Product 0% 0% 0% 0% 0% 0% 0% 0% 0% 80% 46% 46% 49% 50% 51% 52% 54% 55% 53% 50% 51% 52% 60% 40% 49% 54% 54% 51% 20% 50% 48% 46% 45% 47% 50% 49% 48% 0% FY14 FY15 FY16 FY17 1Q18 2Q18 3Q18 4Q18 FY18 1Q19 2Q19 3Q19 ■Public Finance and Sovereign ■Project & Infrastructure Finance ■ Other 1. Historical data has been adjusted to conform with current information and excludes intercompany revenue. Percentages have been rounded and may not total to 100%. MOODY'S November 4, 2019 50

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