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Investor Presentaiton

Macro Assumptions Underpinning Our Outlook¹ 2022 GDP 3.5% 4.5% United States - 3.5% 4.5% Euro area - 4.0% -5.0% Global Global benchmark rates to increase from historic lows; U.S. high yield interest rate spreads to widen, moving slightly above the historical average of ~500 bps Inflation rates to remain above central bank targets in many countries Global high yield default rate to initially decline before gradually rising to approximately 2.4% by the end of 2022 川 1. See press release titled "Moody's Corporation Reports Results for Fourth Quarter and Full Year 2021; Sets Full Year 2022 and Medium-Term Outlooks" from February 10, 2022 for Moody's complete full year 2022 guidance. Sources: GDP, high yield spreads, inflation rates and default rate assumptions sourced from Moody's Investors Service as of February 10, 2022. Moody's | Better decisions 4Q & FY 2021 Investor Presentation 10
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