Revenue and Issuance Analysis

ERS: Driving Growth via Recurring Revenue $400 61% $300 ERS Revenue¹: Recurring vs. Non-recurring Recurring Revenue CAGR² = 16% 100% 78% 80% $ Millions $200 $100 60% 40% 20% $0 0% 3 2015 2016 2017 2018 TTM 3Q19 One-Time Recurring % Recurring % Recurring » ERS recurring revenue has grown by $160 million since 2015 » Emphasis on subscription products supports scalability, drives operating leverage 3Q19 results enhanced by one-time license delivery Sales growth driven by IFRS174 (insurance), CECL5 (U.S. banking) and CreditLens (credit decision solutions platform) product roll-out 1. Recurring revenue includes maintenance and subscription. 2345 Compound Annual Growth Rate, 2015-2018. Trailing twelve months ended September 30, 2019. International Financial Reporting Standards Foundation - Standards No. 17. Current Expected Credit Losses. MOODY'S November 4, 2019 40

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