2Q 2023 Investor Presentation slide image

2Q 2023 Investor Presentation

Moody's in Greater China 2nd Largest Onshore Bond Market at ~$22 Trillion Total debt securities outstanding 4Q 2012 - 4Q 20221 ■4Q 2012 ■4Q 2022 $ Trillions 5% $60 $40 $20 18% (2%) (2%) 1% $- U.S. China Japan Domestic and Cross Border³ UK France $ Millions » Moody's participates directly in the cross-border China issuance market through MIS and in the domestic market through a 30% interest in CCXI » Long-term growth prospects enabled by participation in the ongoing development of China's domestic credit markets » Continuing to foster constructive relationships and partnerships with issuers, regulators, and other market participants Revenue and Attributable Income from China² MIS Cross Border Revenue ■Total MA Revenue ■Attributable Income from CCXI $125 $16 MIS Cross Border and Total MA Attributable Income from CCXI 38% FY 2022 Cross Border Market Rated Issuance Volume $66B4 62% 46% FY 2022 Domestic Market Rated Issuance Volume ~$1.0T5 54% ■Rest of Market Moody's Coverage ■Rest of Market 1. Percentage growth numbers are rounded compound annual growth calculations from December 31, 2012 to December 31, 2022. Source: Bank for International Settlements' latest data available as of June 30, 2023. 2. Greater China: Mainland, Hong Kong and Macau. Revenue and attributable income data for full year 2022. 3. Source for Cross Border Market Issuance: Dealogic, excludes Structured Finance, Sovereign/Sub-Sovereign entities, policy banks and Special Purpose Vehicles (SPVs). ■CCXI's Coverage 4. The percentages displayed in the pie chart represent the coverage of the total ratings opportunity (as debt issuances can bear two or more ratings). In 2021, Moody's rated approximately 67% of the cross-border debt issued by Chinese entities. 5. Source for Domestic Market Issuance: WIND, excludes Structured Finance, Government debt, Private Placement Notes (PPN) and Negotiable Certificates of Deposit (NCDs). USD 1 = RMB 6.72 average exchange rate in 2022 is used for conversion. Percentages based on issuance volume; percentages were based on deal count in prior presentations. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 30 30
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