3Q 2020 Investor Presentation

MIS Guidance: Robust YTD Driving Improved Outlook1 FY 2020 Issuance Guidance 1,2 60% 25% Adjusted Operating Margin¹ Revenue Low-double-digit % increase 58.0% $2.9B Approximately 60% High-teens % range 400 200 52.000 $1,800 2019 2020F¹ 2019 2020F¹ -10% -42% Investment High Yield Bank Grade Bonds Loans -35% Structured Finance Total Issuance 3 Key drivers of MIS FY 2020 outlook¹ >>> Strong YTD results driving increased full-year outlook >>> Issuance² expected to grow in the high-teens percent range from $4.6T in 2019 - Pace of issuance likely to moderate in 4Q 2020 Favorable issuance mix >>> Approximately 600-700 first time mandates » >>> Refinancing and liquidity driven issuance, limited M&A activity Higher expectation for incentive compensation, though in-line with full year 2019 1. 2. Guidance as of October 29, 2020. Refer to Table 12 - "2020 Outlook" in the press release for a complete list of guidance and a reconciliation between adjusted measures to GAAP as well as assumptions used by the Company with respect to its guidance. MIS rated issuance. 3. Total issuance includes CFG, SFG, FIG and PPIF. Excludes sovereign debt. MOODY'S 3Q 2020 Investor Presentation - November 11, 2020 29

View entire presentation