Revenue and Issuance Analysis

Moody's Corporation Financial Profile 3Q 2019 TTM Revenue: $4.7 billion Recurring Transaction ■U.S. ■Non-U.S. 43% 47% 57% 53% MIS Other 1% PPIF RD&A 9% 27% MIS FIG MA 9% ERS SFG 11% 9% CFG 31% 3% Revenue Full Year 2019 Guidance as of October 30, 20191 Operating Expenses² Operating Margin • . Adjusted Operating Margin³ • increase in the high-single-digit % range increase in the high-single-digit % range approximately 42% approximately 48% Effective Tax Rate Diluted EPS Adjusted Diluted EPS³ • - 21.5% 22.5% • $7.20-$7.35 $8.05 - $8.20 1. 2. 3. See press release titled "Moody's Corporation Reports Results for Third Quarter 2019" from October 30, 2019 for Moody's full 2019 guidance. Includes depreciation and amortization, restructuring charges, captive insurance company settlement, impairment pursuant to the planned divestiture of MAKS and Acquisition-Related Expenses. These metrics are adjusted measures. See Appendix for reconciliations from adjusted financial measures to U.S. GAAP. Note: The revenue reclassifications of REITs to Corporate Finance from Structured Finance and the FACT product from RD&A to ERS are reflected in the trailing twelve month (TTM) calculations. MOODY'S November 4, 2019 16

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