2Q 2023 Investor Presentation

MIS Long-term Revenue Growth Drivers Intact Long-term Growth Building Blocks Economic Expansion1 >> GDP growth drives demand for debt capital to fund business investments » Refinancing needs support future supply 2% -3% + 000 Value Proposition » Proven rating accuracy and deeply experienced analysts » Mix of issuers and opportunistic issuance + 3% -4% Cyclical Headwinds & Tailwinds Inflation Developing Capital Markets » Bank system capacity remains constrained » Deepening participation in developing markets » Meeting customers' evolving risk assessment demands, including ESG & Climate and Cyber 1% - 2% GDP Geopolitical Environment Interest rates Contraction Expansion Adverse Cooperative High <+> Within Central Volatile Stabilized Note: Long-term growth building blocks presented on this slide are on average, over time. 1. Economic expansion represents rate of change in global real GDP. Moody's | Decode risk. Unlock opportunity. Bank range Default rate Expected <+> Currently low to rise 2Q 2023 Investor Presentation 25 25

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