Investor Presentaiton

Illustrative Impact of Adding a Moody's Credit Rating Example: 10 year $500 million U.S. corporate bond Not Rated by Moody's = $500,000,000 X 2.5% $12,500,000 x 10 years = $125,000,000 Rated by Moody's $500,000,000 x 2.1% Bond Interest rate Annual interest payments = $10,500,000 Tenor × 10 years Lifetime interest expense = $105,000,000 ~$20 million in total interest expense VS. lifetime cost of a credit rating Note: Illustrative spread differential based on an empirical study undertaken in March 2021 on a snapshot of data from July 2020, which shows that having a Moody's credit rating (when rated at the same level as another credit rating agency) typically saves approximately 40 basis points per year. Many factors go into the pricing of a bond. Moody's | Better decisions 2Q 2021 Investor Presentation 30

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