3Q 2020 Investor Presentation

Managing Ratings in Turbulent Times Transparency and relevance of credit ratings through the cycle Order sectors by degree of exposure SECTOR Order issuers by vulnerability within each sector Top 10 sectors most affected by COVID-191 Hotel, Gaming & Leisure Advertising, Printing & Publishing Transportation: Consumer Reassess all ratings in the most vulnerable sectors Lá Reassess ratings of the most vulnerable issuers in the moderately vulnerable sectors March 1 September 30, 2020 % DOWNGRADED WITHIN SECTOR 63 56 54 Monitor credit profiles associated with all other ratings and reassess those with special situations that merit prompt reconsideration Coordinate analytical views and sequencing of rating actions Take account of government policy measures designed to soften the effects of coronavirus Global corporate default rates ended September 20202 Automotive P Energy: Oil & Gas 38 Consumer goods: Durable 36 35 Retail Services: Consumer Aerospace & Defense D Media: Diversified & Production 32 mmm 31 29 43. 1. Includes all publicly-rated nonfinancial corporate entities; excludes subsidiaries and project finance-related corporations. 2. Trailing twelve months. Source: Moody's Investors Service. MOODY'S Aaa 0.0% Aa - 0.0% A 0.0% Baa 0.1% Ba 0.4% B 3.5% Caa_C 11.9% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 3Q 2020 Investor Presentation - November 11, 2020 31

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