3Q 2023 Investor Presentation

Key Assumptions Underlying our Medium-Term Targets Moody's medium-term guidance refers to a time period within 5 years and reflects assumptions about numerous factors that could affect its business and is based on currently available information reviewed by management through and as of today's date. These assumptions include, but are not limited to, the effects of interest rates, inflation, foreign currency exchange rates, capital markets' liquidity and activity in different sectors of the debt markets. This outlook also reflects assumptions about general economic conditions, including inflation and related monetary policy actions by governments in response to inflation, global GDP, and the impacts resulting from changes in international conditions, including as a result of the military conflict in Ukraine, as well as assumptions related to the Company's own operations and personnel. These assumptions are subject to increased uncertainty due to the current inflationary environment and the military conflict in Ukraine. Actual results could differ materially from Moody's outlook. The guidance also incorporates various assumptions as of January 31, 2023, including: (a) U.S. and Euro area GDP to stagnate in the near-term, followed by economic recovery; (b) the U.S. 10-Year Treasury yield to stabilize, fluctuating modestly around current levels; (c) issuers continue to refinance maturing debt; (d) MA customer retention rates remain in-line with historical levels; and (e) pricing initiatives align with prior practices and enhancements to customer value. Moody's Corporation Medium-Term Guidance (as of January 31, 2023) Moody's Corporation Revenue Adjusted Operating Margin (1) Adjusted Diluted EPS (1) Moody's Analytics (MA) MA global revenue MA Adjusted Operating Margin Moody's Investors Service (MIS) MIS global revenue MIS Adjusted Operating Margin 1. At least 10% growth Low-50s percent range Low-double-digit percent growth Low-to-mid-teens percent growth Mid-30s percent range Low-to-mid-single-digit percent growth Low-60s percent range Note: Growth refers to average annualized growth over the time period. Assumes full year 2022 as the base year. Moody's does not provide medium-term operating margin and diluted EPS guidance on a U.S. GAAP basis because the items that the Company excludes to derive Adjusted Operating Margin and Adjusted Diluted EPS cannot be reasonably predicted or assumed, for example the amount of amortization associated with acquired intangible assets from future M&A activity. Accordingly, the Company does not forecast these items over the medium-term. The occurrence, timing and amount of any of the items excluded from operating income to derive Adjusted Operating Income, Adjusted Operating Margin and Adjusted Diluted EPS could significantly impact the Company's medium-term U.S. GAAP results. Moody's | Decode risk. Unlock opportunity. 3Q 2023 Investor Presentation 12 79

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