Revenue and Issuance Analysis

Continue to Invest in Key International Markets Revenue in Emerging Markets CAGR 14% CCXI $313M 種盈投资者 Korea Investors Service AN AFFILIATE OF MOODY'S INVESTORS SERVICE ICRA A MOODY'S INVESTORS SERVICE COMPANY Asia Pacific >> China: Successful joint venture with CCXI, leading rating agency in China's ~$270M domestic single-rating bond market¹ ~$310M cross-border multi-rating bond market rated from MIS Hong Kong office1 >> South Korea: Full ownership of KIS subsidiary, a leading provider of domestic credit ratings in South Korea >> India: Majority stake in ICRA serves growing domestic Indian bond market $84M 2008 MOODY'S LOCAL ICR Chile AN AFFILIATE OF MOODY'S INVESTORS SERVICE Latin America >> Launched Moody's Local, a new platform that will provide domestic credit ratings and research in Peru, Panama and Bolivia² » Minority investment in ICR Chile deepens Moody's presence in dynamic and expanding market ICR 2018 ■ Emerging Asia ■CEE/CIS Latin America ■Middle East ■Africa EMEA EMEA » Opened Moody's offices in Saudi Arabia and Lithuania 1. Forecast for full year 2019. 2. Subject to regulatory approvals. Moody's Local ratings represent forward-looking rank-orderings of creditworthiness within the domestic market of a specific country. They are not comparable between countries, and are distinct from and independent of the opinions of MIS and its global ratings. MOODY'S November 4, 2019 34

View entire presentation