Moody's Corporate Overview and Financial Outlook

Revenue $ Millions Corporate Overview | MIS Business Conditions | MA Business Conditions | Financial Review and Outlook | Appendix Structured Finance Conditions Have Stabilized Revenue Mix: Structured Finance Issuance: Global Rated Structured Finance 300 800 250 200 150 100 50 0 T T Issuance $ Billions 600 400 200 0 1Q07 3Q07 1Q08 3Q08 1Q09 3Q09 1Q10 3Q10 1Q07 3Q07 1Q08 3Q08 1Q09 3Q09 1Q10 3Q10 ABS RMBS ■CREF Derivatives ABS RMBS CMBS □ CDO Historical data has been adjusted to conform with current information ABS includes asset-backed commercial paper and long-term asset-backed securities. CREF includes commercial mortgage-backed securities, real estate finance, and commercial real estate CDOs Source: AB Alert, CM Alert, Moody's Corporation Debt issuance categories do not directly correspond to Moody's revenue categorization » Regulatory uncertainty continues to weigh on overall structured finance activity » Expect near-term issuance growth in U.S. CMBS and European covered bonds, gradual return of CLO activity and stabilization in U.S. ABS » U.S. RMBS recovery unlikely if meaningful government role in housing finance continues MOODY'S MARCH 1, 2011 10

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