Revenue and Issuance Analysis

Financial Institutions: Revenue Diversification Revenue¹: Distribution by Geography Revenue1: Distribution by Recurring vs. Transaction 100% 100% 80% 40% 43% 43% 43% 42% 45% 37% 50% 44% 40% 42% 45% 80% 55% 56% 53% 53% 51% 65% 63% 63% 58% 59% 54% 72% 60% 60% 40% 40% 60% 57% 57% 57% 58% 55% 63% 50% 56% 60% 58% 55% 20% 20% 35% 37% 37% 45% 44% 47% 47% 49% 42% 41% 46% 28% 0% 0% FY14 FY15 FY16 FY17 1Q18 2Q18 3Q18 4Q18 FY18 1Q19 2Q19 3Q19 FY14 FY15 FY16 FY17 1Q18 2Q18 3Q18 4Q18 FY18 1Q19 2Q19 3Q19 Non-U.S. ■U.S. ■Transaction ■Recurring 100% 1% 3% 5% Revenue¹: Distribution by Product 3% 3% 3% 3% 3% 4% 3% 3% 4% 5% 5% 5% 6% 5% 7% 5% 3% 2% 8% 5% 2% 80% 26% 26% 28% 23% 25% 17% 25% 27% 32% 26% 22% 26% 60% 40% 72% 68% 67% 65% 69% 67% 64% 61% 66% 69% 68% 66% 20% 0% 1. FY14 FY15 FY16 FY17 1Q18 2Q18 3Q18 4Q18 FY18 1Q19 2Q19 3Q19 ■ Banking Insurance ■Managed Investments ■ Other 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 48

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