3Q 2023 Investor Presentation

Investment Criteria and Post-Acquisition Review Clear Industrial Logic Strategic fit, the most important factor, is the first screen » Complementary ratings, content, data, analytics, risk management, etc., in existing and / or high growth markets » Financial services and adjacent client base that can leverage Moody's brand, distribution, core credit expertise, and analytic capabilities » Preference for recurring revenue and low capital intensity Disciplined Financial Targets Long held, clear financial framework for external (and internal) investments >> IRR at above Moody's cost of capital >> >10% annual cash return yield within 3-5 years » Cash payback within 7-9 years » Adjusted EPS accretive by year 2 >> Transactions evaluated on an unlevered basis Post-Acquisition Review Disciplined and rigorous monitoring post-close » Clear accountability with regular reporting to senior management and Board » Integrate within acquiring business unit while maintaining unique and / or entrepreneurial characteristics » Acquisition tracking for minimum of 3 years after close for substantive transactions Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 10

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