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Revenue and Issuance Analysis

Full Year 2016 Full Year 2017 MOODY'S Full Year 2018 RD&A: Subscription Growth Driven by Retention, Upgrades and Pricing & New Sales Subscription Sales Growth (constant currency) 1H 2019 96.2% 9.4% 5.7% 111.3% Expansion of ratings coverage Retained Base Upgrades and Price New Sales Business Base 95.8% 9.1% 4.8% 109.7% Retained Base Upgrades and Price New Sales Business Base 5.7% 95.5% 8.2% 109.4% Retained Base Upgrades and Price New Sales Business Base 95.4% 8.0% 6.8% 110.2% Production of insightful credit analysis New customers in geographies with developing debt capital markets Expansion of data sets and delivery options Strong customer retention Retained Base Upgrades and Price New Sales Business Base Note: The sales growth attributions presented on this slide are related to RD&A subscription sales on a constant currency basis and excludes Bureau van Dijk and Reis. Upgrades reflect amendments to existing customer contracts. New Sales reflect new contracts with new and existing customers. November 4, 2019 39

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