2Q 2020 Investor Presentation

Moody's in Greater China 2nd Largest Onshore Bond Market at $15 Trillion Total debt securities outstanding 2012-20191 2019 Revenue and Attributable Income from China² ■MIS Cross Border Revenue Total MA Revenue Attributable Income from CCXI $176 2012 2019 50 40 30 20 10 52322 o 3% 20% -2% 1% 1% US China Japan UK France Estimated China Ratings Market Size: Domestic and Cross Border³ » Moody's participates directly in the cross border China issuance market through MIS and in the domestic market through a 30% interest in CCXI >> Long-term growth prospects enabled by participation in the ongoing development of China's domestic credit markets » Continuing to foster constructive relationships and partnerships with issuers, regulators and other market participants $ Millions MIS Cross Border and Total MA Cross Border Market ~$290M³ 37% 63% $17 Attributable Income from CCXI Domestic Market ~$280M 42% 58% ■Rest of Market Moody's Share Rest of Market ■CCXI's Share 1. 2. Percentage growth numbers are rounded compound annual growth calculations. Source: Bank for International Settlements' latest data available as of 4Q19. Greater China: Mainland, Hong Kong and Macau. 3. Revenue as of full year 2019; USD 1 = RMB 6.92 RMB exchange rate as of December 31, 2019 is used for conversion for domestic CRAS' estimated revenue. Note: These are high level estimates based on MIS & CCXI full year 2019 revenue/market coverage in domestic market; in cross border, market share is coverage/sum of coverage for three major CRAS. MOODY'S 2Q 2020 Investor Presentation - August 11, 2020 30

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