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Investor Presentaiton

$ Millions Revenue 2: Mix by Quarter ■Public Finance and Sovereign ■Project and Infrastructure Finance ■ Other Public, Project and Infrastructure: Revenue and Issuance1 Issuance³: Mix by Quarter ■Long-Term Rated U.S. Muni Bonds Rated Global Project and Infrastructure Finance Bonds $200 $250 $ Millions $150 $100 $62 $60 $69 $62 $76 $67 $63 $55 $52 $47 $50 $46 $53 $58 $65 $57 $64 $71 $58 $67 $63 $0 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 $ Billions $200 $84 $150 $52 $114 $75 $59 $84 $60 $64 $100 $64 $51 $50 55 50 $129 $132 $71 $79 $95 $95 $110 $96 $103 $76 $0 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 Revenue 2: Mix by Year ■Public Finance and Sovereign ■Project and Infrastructure Finance ■Other Issuance³: Mix by Year ■Long-Term Rated U.S. Muni Bonds Rated Global Project and Infrastructure Finance Bonds $600 $800 $500 $700 $600 $400 $246 $500 $188 $213 $224 $300 $174 $206 $142 $167 $181 $400 $321 $207 $266 $243 $220 $200 $300 $200 $408 $100 $181 $174 $177 $202 $225 $218 $222 $250 $364 $384 $374 $413 $313 $302 $307 $185 $292 $100 $0 $0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2012 2013 2014 2015 2016 2017 2018 2019 2020 1. Total estimated market issuance unless otherwise noted. 2. 3. Historical data has been adjusted to conform with current information and excludes intercompany revenue. Global Rated Project & Infrastructure Finance available starting in 2016 and represents Moody's rated issuance. Sources: Thomson SDC, Moody's Corporation. Note: Debt issuance categories do not directly correspond to Moody's revenue categorization. Moody's | Better decisions 2Q 2021 Investor Presentation 68
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