3Q 2021 Investor Presentation

ESG Market Overview Market Trends » Multiple drivers and stakeholders supporting the growth of ESG, with increasing relevance to corporates, banks, insurers, investors, governments and consumers » Moody's forecasts global issuance of green, social and sustainability bonds - collectively referred to as sustainable bonds - will hit a record $1 trillion in 20211 » Sustainability linked financing emerging as a key alternative to "use of proceeds" green issuance, expanding the potential issuer base >> Increasing governmental focus on climate and sustainable debt market growth and development Central banks focused on managing climate change-related systemic risks Sustainable bonds set to reach record volumes1 Annual Issuance ($ billions) $900 $800 $700 ~75% CAGR $600 $500 $400 $300 $200 $100 $0 ■Green Bonds 2019 2020 ■Social Bonds 2021E ■Sustainability-linked Bonds ■Sustainability Bonds Annual Spending ($ millions) Percentage of assets invested sustainably³ Rapidly growing spend on ESG data & metrics² 1,000 800 -23% CAGR 600 400 200 0 2019 2020E 2021E ■ESG content ■ESG indices ■2020 2025 50% EMEA - EU driving towards standardization of ESG taxonomy, disclosures and reporting standards 40% U.S. - The Biden administration is taking a whole-of-government approach to tackle climate change, including focusing on disclosures and Climate as a source of systemic risk 30% 20% سيال 10% 1. Source: Moody's Investors Service "Sector in-depth: Sustainable Finance - Global - Sustainable bonds on course to top $1 trillion annual issuance in 2021", October 27, 2021. 0% 2. Sources: McKinsey and Opimas, March 2020. Global EMEA 3. Source: Global Client Sustainability Survey, July - September 2020. BlackRock. Moody's | Better decisions APAC Americas 52 3Q 2021 Investor Presentation

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