#1MOODY'S Better decisions 1Q 2021 Investor Presentation May 13, 2021#2Disclaimer Certain statements contained in this release are forward-looking statements and are based on future expectations, plans and prospects for the business and operations of Moody's Corporation (the "Company") that involve a number of risks and uncertainties. Such statements may include, among other words, "believe", "expect", "anticipate", "intend", "plan", "will", "predict", "potential", "continue", "strategy", "aspire", "target", "forecast", "project", "estimate", "should", "could", "may" and similar expressions or words and variations thereof that convey the prospective nature of events or outcomes generally indicative of forward- looking statements. Stockholders and investors are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements and other information in this release are made as of the date hereof and the Company undertakes no obligation (nor does it intend) to publicly supplement, update or revise such statements on a going-forward basis, whether as a result of subsequent developments, changed expectations or otherwise, except as required by applicable law or regulation. In connection with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, the Company is identifying examples of factors, risks and uncertainties that could cause actual results to differ, perhaps materially, from those indicated by these forward-looking statements. Those factors, risks and uncertainties include, but are not limited to, the impact of COVID-19 on volatility in the U.S. and world financial markets, on general economic conditions and GDP in the U.S. and worldwide, and on the Company's own operations and personnel. Many other factors could cause actual results to differ from Moody's outlook, including credit market disruptions or economic slowdowns, which could affect the volume of debt and other securities issued in domestic and/or global capital markets; other matters that could affect the volume of debt and other securities issued in domestic and/or global capital markets, including regulation, credit quality concerns, changes in interest rates and other volatility in the financial markets such as that due to Brexit and uncertainty as companies transition away from LIBOR; the level of merger and acquisition activity in the U.S. and abroad; the uncertain effectiveness and possible collateral consequences of U.S. and foreign government actions affecting credit markets, international trade and economic policy, including those related to tariffs and trade barriers; concerns in the marketplace affecting our credibility or otherwise affecting market perceptions of the integrity or utility of independent credit agency ratings; the introduction of competing products or technologies by other companies; pricing pressure from competitors and/or customers; the level of success of new product development and global expansion; the impact of regulation as an NRSRO, the potential for new U.S., state and local legislation and regulations; the potential for increased competition and regulation in the EU and other foreign jurisdictions; exposure to litigation related to Moody's Investors Service's rating opinions, as well as any other litigation, government and regulatory proceedings, investigations and inquiries to which the Company may be subject from time to time; U.S. legislation modifying the pleading standards and EU regulations modifying the liability standards applicable to credit rating agencies in a manner adverse to credit rating agencies; provisions of EU regulations imposing additional procedural and substantive requirements on the pricing of services and the expansion of supervisory remit to include non-EU ratings used for regulatory purposes; the possible loss of key employees; failures or malfunctions of our operations and infrastructure; any vulnerabilities to cyber threats or other cybersecurity concerns; the outcome of any review by controlling tax authorities of the Company's global tax planning initiatives; exposure to potential criminal sanctions or civil remedies if the Company fails to comply with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which the Company operates, including data protection and privacy laws, sanctions laws, anti-corruption laws, and local laws prohibiting corrupt payments to government officials; the impact of mergers, acquisitions or other business combinations and the ability of the Company to successfully integrate such acquired businesses; currency and foreign exchange volatility; the level of future cash flows; the levels of capital investments; and a decline in the demand for credit risk management tools by financial institutions. These factors, risks and uncertainties as well as other risks and uncertainties that could cause Moody's actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements are currently, or in the future could be, amplified by the COVID-19 outbreak, and are described in greater detail under "Risk Factors" in Part I, Item 1A of the Company's annual report on Form 10-K for the year ended December 31, 2020 and in other filings made by the Company from time to time with the SEC or in materials incorporated herein or therein. Stockholders and investors are cautioned that the occurrence of any of these factors, risks and uncertainties may cause the Company's actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements, which could have a material and adverse effect on the Company's business, results of operations and financial condition. New factors may emerge from time to time, and it is not possible for the Company to predict new factors, nor can the Company assess the potential effect of any new factors on it. Moody's | Better decisions 1Q 2021 Investor Presentation 2#3Table of Contents 1. Moody's Overview 2. Financial Overview 3. Capital Markets Overview 4. Moody's Investors Service (MIS) 5. Moody's Analytics (MA) 6. ESG Solutions 7. Appendix Moody's | Better decisions 1Q 2021 Investor Presentation 3#41 Moody's Overview#5Company Overview MOODY'S MOODY'S INVESTORS SERVICE GE Independent provider of credit rating opinions and related information for over 100 years Proven ratings accuracy and deeply experienced analysts Global integrated risk assessment firm, providing credit rating opinions, insight and tools for risk measurement and management Revenue of $5.7 billion Adjusted Operating Income of $2.9 billion MOODY'S ANALYTICS Provides financial intelligence and analytical tools supporting our customers' growth, efficiency and risk management objectives Solutions address diverse needs and customers Expanded sales and marketing activities in Commercial group Note: Financial data for the trailing twelve months ended March 31, 2021. Moody's | Better decisions MIS MA 62% 38% MIS MA 78% 22% Adjusted Operating Margin MIS MA 61.8% 30.4% Extending brand into new markets and deepening customer relationship 1Q 2021 Investor Presentation 5#6Moody's Has Evolved Over the Last 15 Years ...as our customers' needs changed and we expanded our capabilities Moody's Better decisions ههههه 회 2006 - 2016 Expanded beyond the rating agency Established Moody's Analytics » >>> Built the ERS business (e.g., Fermat, B&H) >>> Expanded ratings to China (i.e., CCXI) 2017-2020 Built-out substantial data and analytics capabilities >>> Complemented ERS business with private company information (i.e., BvD) » Accelerated capability expansion, including: One of the world's largest company databases with ~400 million firms Data on 20 million+ U.S. properties Physical risk scores on 1 million+ global facilities 20 years of ESG data on 5,000+ entities 2021 and Beyond Positioned to serve a wide range of risk assessment markets Competitive differentiator: integration of data and analytics combined with expertise and technology enablement » Awarded #2 in the Chartis Risk Tech 100® 2021 Further investment in capabilities and data, such as private company, CRE and ESG, to serve high growth risk assessment use cases (e.g., KYC and compliance) 1Q 2021 Investor Presentation 6#7Moody's as an Integrated Risk Assessment Business Fixed income investing Regulatory & accounting compliance Supply chain management Transfer pricing & trade credit Insurance solutions لس CURATED DATA + 00% Commercial lending ANALYTICS & INSIGHTS $35B+ Total Addressable Market 888 Helping customers make. BETTER DECISIONS CURATED DATA² :O Entities o...o ~400 million public & private entities QII Securities $70+ trillion rated debt Customer onboarding & monitoring1 Economies 500+ million economic, financial and demographic time series Properties 20+ million commercial real estate properties Asset & liability management Sustainable investing Commercial real estate 1. KYC/Financial Crime. 2. Figures shown are as of March 31, 2021. Moody's | Better decisions ਕੀ॥ People 13+ million risk profiles 1Q 2021 Investor Presentation 7#8Key Strategic Investments To Drive Further Growth COMMERCIAL REAL ESTATE Develop new analytic tools to serve diverse CRE market, accelerate data aggregation and increase sales capacity KYC AND COMPLIANCE Deepen curated data sets, nurture the development of new use cases and modernize data intake process CHINA AND LATIN AMERICA Build out local talent and enhance domain-specific expertise across multiple segments 解 ESG Expand coverage, data collection and analytics; enhance distribution, improve integration and scale globally (p)) TECHNOLOGY Secure and agile technology platform, leveraging new capabilities to improve operational efficiency and promote interoperability PRODUCT DEVELOPMENT & OTHER Enable greater interoperability of Moody's products, increased R&D and process improvements Moody's | Better decisions 1Q 2021 Investor Presentation 8#92 Financial Overview#10Moody's Corporation Financial Profile 1Q 2021 TTM Revenue: $5.7 billion ■Recurring Transaction ■U.S. ■Non-U.S. MIS Other¹ 1% PPIF 9% 46% 45% FIG 10% RD&A 28% MIS SFG 7% MA ERS 10% 54% 55% CFG 35% 1. Revenue Operating Expenses Operating Margin Adjusted Operating Margin³ Full Year 2021 Guidance as of April 28, 20212 >> Increase in the high-single-digit % range >> Increase in the mid-single-digit % range >> Approximately 46% » Approximately 50% Effective Tax Rate Diluted EPS Adjusted Diluted EPS3 Share Repurchases4 » 20% -22% » $10.40 - $10.70 » $11.00 $11.30 » Approximately $1.5 billion MIS Other consists of non-ratings revenue from ICRA, KIS Pricing, KIS Research and revenue from providing ESG research, data and assessments. During 2020, the company increased its stake in V.E from 69.2% to 99.8%. 1Q 2021 TTM revenue includes five quarters of results for V.E and Four Twenty Seven due to the close of a financial reporting lag pursuant to the integration of these businesses. The incremental revenue resulting from the closing of this reporting lag was not material to Moody's financial results. These metrics are adjusted measures. See Appendix for reconciliations from adjusted financial measures to U.S. GAAP. 2. See press release titled "Moody's Corporation Reports Results for First Quarter 2021" from April 28, 2021 for Moody's complete full year 2021 guidance. 3. 4. Full year 2021 share repurchase guidance is subject to available cash, market conditions and other ongoing capital allocation decisions. Moody's | Better decisions 1Q 2021 Investor Presentation 10#11Macro Assumptions Underpinning Our Outlook 2021 GDP 6.0% 7.0% United States - 3.5% 4.5% Euro area - 5.5% 6.5% Global - Benchmark interest rates remain low; U.S. high-yield spreads below 450 bps U.S. unemployment rate of 5% -6% by year-end Global high yield default rate falls to 3%-4% by year end 1 1. Guidance as of April 28, 2021. Refer to Table 12 - "2021 Outlook" in the press release for a complete list of guidance and a reconciliation between adjusted measures to U.S. GAAP, as well as assumptions used by the Company with respect to its guidance. Sources: High yield spreads, default rate and unemployment assumptions as per Moody's Investor Service "March 2021 Default Report"; GDP assumption as of April 28, 2021 from Moody's Investors Service and consensus estimates. Moody's | Better decisions 1Q 2021 Investor Presentation 11#12Financial Performance1 Revenue² $ Billions ■MIS Revenue ■MA Revenue High-single-digit 2016-2020 CAGR 10% % growth $5.4 $4.8 $4.4 $4.2 $3.6 $2.1 $2.0 $1.4 $1.7 $1.2 $2.4 $2.8 $2.7 $2.9 $3.3 2016 2017 2018 2019 2020 2021F1 Operating Margin4 ■Operating Margin ■Adj. Operating Margin³ 18.1% 45.9% 43.3% 47.6% 42.0% 47.6% 41.4% 47.4% 44.5% 49.7% 46% 50% 2016 2017 2018 2019 2020 2021F1 1. Guidance as of April 28, 2021. 2. Totals may not sum due to rounding. 3. These figures are adjusted measures. See appendix for reconciliations from adjusted financial measures to U.S. GAAP. 4. 2016-2017 operating and adjusted operating margins have been restated to conform to the new presentation for pension expenses. 5. Includes approximately $700 million in net payments pursuant to a settlement charge. Moody's | Better decisions $ Millions 2016 Adjusted Diluted EPS3 $ Per Share - 2016 2020 CAGR 20% $10.15 $8.29 $7.39 $6.07 $4.94 Free Cash Flow³ 2017 2018 1 2019 2020 2021F $2,043 $1,606 $1,370 $2,100 $2,200 $1,144 2016 $664 2017 5 2018 2019 2020 2021F1 1Q 2021 Investor Presentation 12 $11.00 $11.30#13Long-Term Growth Opportunities Three levers to achieve EPS growth REVENUE Issuance Volume & Mix High-Single-Digit % Growth Range¹ Coverage Moody's Analytics Pricing Initiatives ADJ. OPERATING MARGIN High-40s % Range¹ Cost Discipline Process Re-Engineering + Technology Enablement CAPITAL ALLOCATION Reinvestment Acquisitions EPS Investing for future growth Dividend Growth & Share Count Reduction² Dividends Low-Teens % Growth Range 1,2 1. Assumes no material change in effective tax rate, foreign exchange rates, leverage profile and/or capital allocation policy. Subject to market conditions and other ongoing capital allocation decisions. 2. Note: Long-term growth opportunities presented on this slide are on average over time. Moody's | Better decisions Share Repurchases 1Q 2021 Investor Presentation 13#14Prudent Approach to Capital Allocation Capital allocation goals 15 ())))) Capital allocation levers INVESTING IN GROWTH OPPORTUNITIES G Reinvestment S C Acquisitions Anchored around a BBB+ rating MA Ensure adequate financial flexibility 999 Provide necessary capital to pursue growth opportunities Meet return thresholds and create long-term value for shareholders |á Manage risk RETURN OF CAPITAL Dividends Share repurchases Moody's | Better decisions 1Q 2021 Investor Presentation 14#15Investment Criteria and Post-Acquisition Review 14.40 14:50 7.00 31.012 209 20.556 448 0 Clear Industrial Logic Strategic fit, the most important factor, is the first screen Disciplined Financial Targets Long held, clear financial framework for external (and internal) investments Post-Acquisition Review Disciplined and rigorous monitoring post-close » Complementary ratings, content, data, analytics, risk management, etc., in existing and/or high growth markets >> Financial services and adjacent client base that can leverage Moody's brand, distribution, core credit expertise and analytic capabilities >> Preference for recurring or "repeat" revenue and low capital intensity » IRR at above Moody's cost of capital >> >10% annual cash return yield within 3-5 years » Cash payback within 7-9 years >> U.S. GAAP EPS accretive by year 3 (where applicable) >> Transactions evaluated on an unlevered basis » Clear accountability with regular reporting to senior management and Board » Integrate within acquiring business unit while maintaining unique and / or entrepreneurial characteristics » Acquisition tracking for minimum of 3 years after close for transactions >$10 million Moody's | Better decisions 1Q 2021 Investor Presentation 15#16Key Takeaways Growth Company Operational Excellence Disciplined Capital Allocation >> Long-term financial expectations remain robust >> Balanced revenue model maximizes growth potential while ensuring resilience >> Strong free cash flow generation >> Strategic initiatives generate cost efficiencies, enabling reinvestment and margin improvement >> Continued MA margin expansion >> Strategic investments create sustainable value >> Emphasis on returning excess capital to stockholders through dividends and share repurchases >> Strong track record of investment success >> Efficient balance sheet management Moody's | Better decisions 1Q 2021 Investor Presentation 16#173 Capital Markets Overview#18$ Billions Leveraged Loans and High Yield Bonds Led the Strongest First Quarter Issuance in a Decade MIS Rated Issuance – Historical First Quarters 2,000 - 1Q 2021 Issuance Year-Over-Year Growth 1,500 1,000 500 $-1,300 23% 1Q 1Q 1Q 1Q 2011 2012 2013 2014 1Q 1Q 1Q 1Q 1Q 1Q 1Q 2015 2016 2017 2018 2019 2020 2021 Total MIS Rated Issuance Prior 10 Yr Avg. 1Q Issuance (2011-2020) Note: MIS rated issuance, excludes sovereign debt issuance. Issuance figures displayed in billions, except for year-over-year growth calculations. Moody's | Better decisions Leveraged Loans High Yield Bonds Structured Finance Financial Institutions 6% Public, Project and Infrastructure Finance Investment Grade -10% 1% 67% 94% 85% 1Q 2021 Investor Presentation 18#19Improving Default Outlook and Tight Spreads Create Supportive Issuance Environment Default Rates for Speculative-Grade Corporate Rated Issuance1 Global 16% 14% 12% 10% 8% 6% 4% 2% 0% U.S. -Europe 2008 2009 2010 2011 Source: Moody's Investors Service "March 2021 Default Report". 1. 2. Source: Bloomberg. 3. Source: Refinitiv PLC. Monthly - Average yield. Deal Size >$100M to $500M. Moody's | Better decisions 2012 4.2% global historic average¹ 2013 2014 2015 2016 2017 2018 2019 2020 2021F High Yield Bond Spreads² U.S. 10 Year Treasury U.S. HY Yield (%) -U.S. HY Spread (%) 12% 10% 8% 6% 4% 4.8% U.S. HY Spread average² 2% 0% Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 Institutional Loan Yields³ 10% 3.9% 3.2% 9% 2.3% 8% 7% 6% 5.6% average³ 5% 4% Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21 Mar-21 1Q 2021 Investor Presentation 19#20$ Billions Refunding Needs Continue to Build Next four years North America and EMEA total refunding needs¹ as of: $4,000 $3,500 $3,000 $2,500 $2,000 $1,500 $1,972 Moody's | Better decisions CAGR = ~8% 10% $3,806 $3,466 $1,000 Jan '12 Jan '13 Jan '14 Jan '15 Jan '16 Jan '17 Jan '18 Jan '19 Jan '20 Sep '20 1. Amount reflects total maturities as defined in Moody's Investors Service's U.S., Canada and EMEA refunding needs reports January 2012 - October 2020. Note: Data represents U.S., Canadian and European MIS rated non-financial corporate bonds & loans. Canadian data not available before 2015. 1Q 2021 Investor Presentation 20 20#21Refunding Needs¹ Support MIS Long-term Fundamentals Debt Maturities: North America Moody's-Rated Corporate Bonds and Loans² $532 $624 311 ■Speculative Grade Bank Loans ■Speculative Grade Bonds $387 205 $252 23 86 71 105 127 38 230 222 191 186 2021 2022 2023 2024 Debt Maturities: EMEA Moody's-Rated Corporate Bonds and Loans³ ■Investment Grade >>> >>> $554 $521 $495 $442 84 79 62 53 74 34 119 77 ■Speculative Grade Bank Loans ■Speculative Grade Bonds ■Investment Grade >>> 346 363 363 358 2021 2022 2023 2024 1. 2. 3. 4. Non-financial corporates. Source: Moody's Investors Service, October 2020. Data represents U.S. & Canadian MIS rated corporate bonds & loans. Source: Moody's Investors Service, October 2020. Data represents EMEA Investment-Grade & EMEA Speculative-Grade. Comparison to previously provided refinancing needs data for the upcoming four years from 1Q 2020 Investor Presentation. Prior data: Moody's Investors Service. U.S. & Canadian MIS rated corporate bonds & loans for North America as of January 2020 & EMEA as of July 2019. Moody's | Better decisions Approximately $1.8 trillion of non-financial corporate debt maturing in North America through 2024, up ~8%4 North America speculative grade bank loans refinancing needs up ~$180 billion, or ~40%4 Four-year debt maturities for EMEA non-financial corporates exceed $2 trillion, up ~$200 billion, or 11%4 1Q 2021 Investor Presentation 21#22Debt Leverage and Interest Coverage in North America and Europe Credit Metrics: North American Speculative Grade Companies Interest Coverage Debt/EBITDA EBITDA / Interest Expense 8.0x 6.0x 6.0x 4.6x 4.6x 4.7x 4.5x 4.3x 4.4x 4.6x 4.9x 5.1x 5.2x 5.3x 5.5x 5.4x 5.5x 4.0x 2.9x 2.6x 2.7x 2.9x 3.0x 3.0x 3.0x 3.0x 2.9x 3.0x 2.9x 2.7x 2.6x 2.5x 2.4x 2.0x T 0.0x 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 20201 Credit Metrics: European Speculative Grade Companies Debt/ EBITDA EBITDA / Interest Expense 5.6x 6.0x 5.2x 5.4x Interest Coverage 5.0x 4.6x 4.8x 4.1x 4.2x 4.3x 4.4x 4.6x 4.8x 4.6x 4.6x 4.6x 4.0x 3.7x 3.4x 3.4x 3.5x 3.2x 3.1x 2.9x 2.9x 3.0x 3.0x 3.0x 3.1x 3.3x 2.6x 2.7x 2.0x 0.0x 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020¹ 1. Annual data through year-end 2020. Source: Moody's Investors Service. Note: Credit metrics are medians and historical figures may change due to timing differences in issuer reporting deadlines. Moody's | Better decisions 1Q 2021 Investor Presentation 22#23Leveraged Finance Issuance Driven by Refinancing and M&A Activity in 1Q 2021 Uses of Funds from USD High Yield Bonds and Bank Loans¹ ■Debt Refinancing M&A Capital Spending Shareholder Payments Liquidity / Working Capital 20212 Issuance Drivers: % of Mentions 5% 9% 8% 8% 7% 9% 10% 16% 17% 13% 15% 13% 12% Opportunistic refinancing driven by lower effective yields 17% 5% 5% 5% 5% 4% 6% 4% 39% 34% 29% 54% 41% 49% 40% 000 Increased M&A related issuance 71% 70% 70% 64% 68% 62% 54% 2015 2016 2017 2018 2019 2020 1Q 2021 1. 2. Percent of mentions for each respective period in bond issue or bank loan program tranche documents. Excludes issues of less than $25 million and general corporate purposes. An issue can have multiple purposes and, as a result, percentages do not sum to 100%. Data through March 31, 2021. Source: Moody's Analytics. Moody's | Better decisions Shareholder payments resumed 1Q 2021 Investor Presentation 23 23#24€ Billions Disintermediation of Credit is an Ongoing Trend in the Global Capital Markets European Non-Financial Corporate Bonds vs. Bank Loans Outstanding U.S. Non-Financial Corporate Bonds vs. Bank Loans Outstanding Bonds €8,000 €7,000 €6,000 €5,000 €4,000 €3,000 €2,000 €1,000 €0 Feb-07 Feb-09 Feb-11 Feb-13 Moody's | Better decisions Loans Feb-15 Feb-17 Feb-19 Feb-21 27% 73% $ Billions Bonds Loans $11,000 $10,000 $9,000 $8,000 $7,000 $6.000 $5,000 $4,000 $3,000 $2,000 $1,000 $0 Sources: ECB, Federal Reserve, BarCap Indices. Europe bank loan data includes Eurozone and UK bank loans. Europe bond data includes euro and sterling denominated bonds. European data is through February 2021 and U.S. data is through March 2021. Mar-07 Mar-09 Mar-11 Mar-13 Mar-15 Mar-17 Mar-19 Mar-21 1Q 2021 Investor Presentation 24 53% 47%#25Debt Capital Market Penetration Continues >>> Size of bubble reflects 2020 GDP Emerging Other Asia 0% M.E. & Africa ASEAN India C CEE/CIS Latin America 20% 40% Developed Developed Asia Western Europe North America China 60% 80% 100% 2020 Private Sector Capital Market Debt Securities (International & Domestic) Outstanding / GDP (%) Debt capital markets continue to grow faster than GDP, and accelerated in 2020 with high levels of issuance 120% » China is the second largest bond market and its size relative to GDP is approaching that of Developed Asia » Low interest rates and investor appetite support the ongoing development of bond markets in emerging economies Source: International Monetary Fund World Economic Outlook as of April 2021, Bank for International Settlements as of March 2021, Securities and Exchange Board of India, Moody's Investors Service. Note: Includes non-financial corporates and financial institutions, excludes general government. Size of bubble reflects 2020 GDP in each region (US dollars, current prices). Regional definitions: ASEAN = Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam. CEE/CIS = Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Georgia, Hungary, Kazakhstan, Kosovo, Kyrgyz Republic, Moldova, Montenegro, North Macedonia, Poland, Romania, Russia, Serbia, Tajikistan, Turkey, Turkmenistan, Ukraine, Uzbekistan. Developed Asia = Australia, Hong Kong, Japan, Macao, New Zealand, South Korea, Taiwan. Latin America = Mexico and all Caribbean countries and South America. M.E. & Africa = All African countries, Bahrain, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, United Arab Emirates, Yemen. North America = Canada, United States. Other Asia = Afghanistan, Bangladesh, Bhutan, Mongolia, Nepal, Pakistan, Sri Lanka as well as all Oceania countries except for Australia and New Zealand. Western Europe = All European countries except for those in CEE/CIS. Moody's | Better decisions 1Q 2021 Investor Presentation 25#264 Moody's Investors Service#27Moody's Investors Service Financial Profile 1Q 2021 TTM Revenue: $3.5 billion U.S. ■Non-U.S. 37% Recurring Transaction 68% Corporate Finance 57% 63% 32% >> 23% recurring revenue >> 31% recurring revenue MIS Other1 1% Public, Project, & Infrastructure Finance 15% Structured Finance 11% Financial Institutions 16% >> 48% recurring revenue 1. >> 50% recurring revenue MIS Other consists of non-ratings revenue from ICRA, KIS Pricing, KIS Research and revenue from providing ESG research, data and assessments. During 2020, the company increased its stake in V.E from 69.2% to 99.8%. 1Q 2021 TTM revenue includes five quarters of results for V.E and Four Twenty Seven due to the close of a financial reporting lag pursuant to the integration of these businesses. The incremental revenue resulting from the closing of this reporting lag was not material to Moody's financial results. Moody's | Better decisions 1Q 2021 Investor Presentation 27#28MIS 2021 Guidance: Transactional Orientation Benefits Revenue FY 2021 Issuance Guidance 1,2 Total Issuance Decline in the low-single- digit % range Revenue1 Adjusted Operating Margin¹ Mid-single-digit % increase 59.7% Approximately 61% $3.3B Investment Grade (-30%) High Yield Bonds Approximately flat Leveraged Loans ~55% Financial Institutions Approximately flat Public, Project and Infrastructure Finance (~15%) Structured Finance 2020 2021F 2020 2021F -40% >>> Full year issuance expected to decline in the low-single-digit percent range >>> Raised revenue guidance due to improved issuance outlook rove - Impact from potential U.S. infrastructure legislation not assumed in 2021 guidance » Continue to expect favorable issuance mix » >>> Refinancing and increased M&A activity have significantly raised the outlook for leveraged loans Growth in CLOs as loan supply increases Margin guidance increased as higher revenue, process efficiencies and continued savings from the remote-work environment are partially offset by modestly higher estimates for incentive compensation » 800 850 first time mandates 1. Guidance as of April 28, 2021. Refer to Table 12 - "2021 Outlook" in the press release for a complete list of guidance and a reconciliation between adjusted measures to U.S. GAAP, as well as assumptions used by the Company with respect to its guidance. 2. MIS rated issuance. 3. Total issuance includes CFG, SFG, FIG and PPIF. Excludes sovereign debt. Moody's | Better decisions 1Q 2021 Investor Presentation 28#29The Benefits of a Moody's Rating Investors seek Moody's opinions and particularly value the knowledge of its analysts and the depth of Moody's research Access to capital » Moody's opinions on credit are used by institutional investors throughout the world, making an issuer's debt potentially more attractive to a wide range of buyers » A Moody's rating may facilitate access to both domestic and international debt capital € Transparency, credit comparison and market stability >> Signals a willingness by issuers to be transparent and provides market participants with an independent assessment against which to compare creditworthiness » Moody's ratings and research reports may help to maintain investor confidence, especially during periods of market stress Responsive to investor demand » Moody's extensive investor outreach is one reason why Moody's is most frequently identified as the agency used most¹, (when multiple agencies are used), and who have acknowledged our track record of accuracy Planning and budgeting » May help issuers when formulating internal capital plans and funding strategies Analytical capabilities » Among ratings advisors, Moody's enjoys a strong position and is well- recognized for the depth and breadth of its excellence.2 1. 2019 Moody's Perception Study (Investors) conducted anonymously by Morpace/Stakeholder Advisory Services. 2. 2019 Moody's Global Intermediaries Perception Study conducted by Morpace/Stakeholder Advisory Services. Moody's | Better decisions 1Q 2021 Investor Presentation 29 29#30Illustrative Value of a Moody's Rating Example: 10 year $500 million corporate bond Not Rated by Moody's $500,000,000 X 2.5% Rated by Moody's $500,000,000 x 2.1% Bond Interest rate = $12,500,000 Annual interest payments x 10 years = $125,000,000 Tenor = $10,500,000 x 10 years Lifetime interest expense = $105,000,000 ~$20 million in total interest expense VS. lifetime cost of a rating Note: Illustrative spread differential based on our empirical study, on a snapshot of data from July 2020, which shows that having a Moody's rating (when rated at the same level as other agencies) typically saves approximately 40 basis points per year for issuers. Many factors go into the pricing of a bond. Moody's | Better decisions 1Q 2021 Investor Presentation 30#31MIS Facts and Figures: Full Year 2020 35,000+ Rated Organizations and Structured Deals 5,000+ Non-Financial Corporates 3,600+ Financial Institutions 16,000+ Public Finance Issuers 9,100+ Structured Finance Deals 1,000+ Infrastructure & Project Finance Issuers 145 Sovereigns* 459 Sub-Sovereigns* 47 Moody's | Better decisions DEC AMERICAS $70+ trillion Total rated debt EMEA ASIA PACIFIC PEOPLE 11,400+ MCO employees 1,000+ Analysts 40+ Countries/Regions TOTAL RATED DEBT $37.8+ trillion $19.8+ trillion RATED ORGANIZATIONS AND STRUCTURED DEALS 4,700+ $11.7+ trillion 2,200+ 28,500+ PUBLICATIONS 22,900+ 15,200+ 5,200+ EVENTS 750+ Global events 152,000+ Global participants 47,000+ Publications 23,000+ Issuer Research 3,600+ Sector Research 21,000+ 202 Other Reports Rating Methodologies Supranational Institutions* Source: Moody's Investors Service. Total rated outstanding debt as at January 10, 2021 and includes supranational rated debt ($1.8tn+). Publications breakdown includes "Global" which accounts for an additional 4,000+ publications. All numbers are rounded other than those marked *. AWARDS & RECOGNITION Award-winning expertise in credit ratings, research and risk analysis. For more information, visit awards.moodys.io 1Q 2021 Investor Presentation 31#32Managing Ratings¹ in Turbulent Times Recovery in credit quality under way; corporate rating actions reveal a thoughtful and measured approach to credit Upgrades overtaking downgrades; speculative grade default rate to fall 350 Rising stars Fallen angels → Upgrades → Downgrades --Represent default rate Building heights represent the global speculative grade default rate on a trailing twelve months basis 300 6.8 Some highly exposed sectors still under pressure SECTOR % NEGATIVE OUTLOOK OR REVIEW 68 Hotel, Gaming & Leisure Transportation: Consumer Automotive 39 7% Consumer goods: Non-durable 38 Aerospace & Defense 37 6% Global - All Sectors 25 60 250 200 3.6 150 100 50 5% Represents the percentage of issuers within each sector with a negative outlook or under review for downgrade at 30 March 2021. Majority of downgrades since virus outbreak 4% within speculative grade 1,014 Speculative Grade 622 B 3.2 Approximately 3,500 3% rated corporates globally 155 196 Investment Grade Ba 191 Caa ° 109 Baa 39 2% 1 6 A Aa Aaa 1 13 8 1 9 2 6 4 2 0 1 3 0 1 2 3 1 3 0 2 3 4 0 T T MAR APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR 2020 DEC FORECAST 2021 1. COVID-19 downgrades pick up as the virus spreads around the world Non-Financial Corporates as of 1Q 2021. Moody's | Better decisions Trailing twelve month speculative-grade default rate; forecast uses Credit Transition Model>> 1% Calculated based on each issuer family since 1 March 2020; some issuer families have been downgraded more than one time over that horizon. Timely analytical response to COVID-19 16 Sector exposure to MAR Covid-19 identified 2020 07 Covid hits mostly MAY smaller, highly 24 Resurgent infections test NOV resilience 2020 leveraged companies 2020 MAR 17 Measured approach described 07 Focus shifts from liquidity OCT 2020 2020 to earnings growth and debt capacity MAR 2021 31 1 year on, recovery underway E 1Q 2021 Investor Presentation 32#33Strongly Positioned in Emerging Markets Emerging Markets - Domestic TAM MIS Emerging Markets Revenue¹ MERIS Middle East Rating & Investors Service Midroog VM A SUBSIDIARY OF MOODY'S O ICR Chile ICR INVESTORS SERVICE MARC AN AFFILIATE OF MOODY'S MALAYSAN RATING CORPORATION BERHAD Chile Malaysia South Africa Brazil Others Mexico Argentina Peru Egypt Israel South Korea Korea Investors Service AN AFFILIATE OF MOODY'S INVESTORS SERVICE $700M Size of domestic CRA markets ICRA India A MOODY'S INVESTORS SERVICE COMPANY MIS Affiliate (majority) MIS Affiliate (minority) Moody's Local National Scale Ratings Other Emerging Markets China |中诚信国际 CCXI 1. Includes revenue from cross border issuance. Note: Size of pie represents the estimated total CRA revenue from domestic markets ($700 million) as of June 30, 2020. Moody's | Better decisions $128M CAGR 12% $411M 2010 2020 ■Emerging Asia Latin America ■Middle East ■CEE/CIS Africa 1Q 2021 Investor Presentation 33#34Moody's in Greater China 2nd Largest Onshore Bond Market at $17 Trillion 2012 50 5% 40 Total debt securities outstanding 2012-20201 2020 Revenue and Attributable Income from China² ■MIS Cross Border Revenue Total MA Revenue Attributable Income from CCXI $169 $ Trillions 30 920 10 20% 0% 2% 2% US China Japan UK France $ Millions $19 MIS Cross Border and Total MA Attributable Income from CCXI Estimated China Ratings Market Size: Domestic and Cross Border³ » 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 Cross Border Market ~$280M³ 42% 58% Domestic Market ~$310M 40% 60% » Continuing to foster constructive relationships and partnerships with issuers, regulators and other market participants ■Rest of Market ■Moody's Share Rest of Market ■CCXI 's Share 1. 2. Percentage growth numbers are rounded compound annual growth calculations. Source: Bank for International Settlements' latest data available as of 3Q 2020. Greater China: Mainland, Hong Kong and Macau. Revenue and attributable income data for full year 2020. 3. Revenue as of 4Q 2020; USD 1 = RMB 6.53 RMB exchange rate as of December 31, 2020 is used for conversion for domestic CRAS' estimated revenue. Note: These are high level estimates based on MIS & CCXI 4Q 2020 revenue/market coverage in domestic market; in cross border, market share is coverage/sum of coverage for three major CRAS. Moody's | Better decisions 1Q 2021 Investor Presentation 34#355 Moody's Analytics#36Moody's Analytics Financial Profile 1Q 2021 TTM Revenue: $2.1 billion U.S. Non-U.S. Recurring Transaction 9% 57% 43% 1. TTM as of March 31, 2021. Moody's | Better decisions 91% Research, Data and Analytics 73% >> 95% recurring revenue >> 94% retention rate¹ Enterprise Risk Solutions 27% >> 81% recurring revenue >> 93% retention rate¹ 1Q 2021 Investor Presentation 36#37MA 2021 Guidance: Revenue Growth and Reinvestment to Drive Future Expansion Revenue¹ Adjusted Operating Margin¹ Low-double-digit % increase $2.1B 2020 2021F Key drivers of MA FY 2021 outlook¹ ~93% recurring revenue Approximately 30% 29.4% 2020 2021F Retention in the mid-90's percentage » RD&A: Continued strength in KYC and compliance solutions, research and data feeds » ERS: Strong growth in recurring revenue due to ongoing emphasis on subscription-based products and services M&A activity: Revenue growth benefit of 2% to 3% and downward impact on adjusted operating margin of 100 to 150 bps 1. Guidance as of April 28, 2021. Refer to Table 12 - "2021 Outlook" in the press release for a complete list of guidance and a reconciliation between adjusted measures to U.S. GAAP, as well as assumptions used by the Company with respect to its guidance. Moody's | Better decisions 1Q 2021 Investor Presentation 37#38$ Millions Moody's Analytics: Consistent Execution Drives Long-Term Growth Revenue has more than tripled since inception » Moody's Analytics founded » Established risk assessment franchise with banks and insurance companies 2007 » Continued to develop and enhance Moodys.com >>> Expanded economic data and modeling capabilities » ERS - software and analytics created a chassis for MA integration and growth 2010 - 2016 - into pensions market Divested MAKS to focus on data and analytic products Acquired RDC to form top tier KYC solutions 0.00 Moody's Analytics 2020 Revenue: $2,079m 2008 2020 CAGR: +12% (~63% organic) >>> Commercial real estate (REIS >>> Acquired RiskFirst to and Catylist) extended reach into CRE customer ecosystem extend ALM franchise Private entity data (BvD) - largest database of private companies, provided thousands of customers » » 2017 - 2020 $2,000 $1,500 $1,000 $500 CAGR 12% $0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 OOO Enterprise Risk Solutions 2020 Revenue: $565M 2008 2020 CAGR: +14% (~68% organic) Research, Data & Analytics¹ 2020 Revenue: $1,514M 2008 2020 CAGR: - +11% (-61% organic) 1. Includes Professional Services line of business ("LOB"). Subsequent to the divestiture of MAKS in 2019, revenue from the Moody's Analytics Learning Solutions ("MALS") unit, which previous to 2020 was reported in the Professional Services LOB, is now reported as part of the RD&A LOB. Note: Individual line of business revenues may not add up to total Moody's Analytics revenue due to rounding. Moody's | Better decisions 1Q 2021 Investor Presentation 38#39High Sales Retention Provides Solid Base for Growth Moody's Analytics 2020 renewable sales and growth1 7% growth Upgrades² & Price 93% Retained Base + RD&A 94% ERS 92% RD&A 8% ERS 6% + 1. Constant currency. 2. Upgrades reflect amendments to existing customer contracts. New Sales reflect new contracts with new and existing customers. Moody's | Better decisions 9% growth New Sales² RD&A 9% ERS 7% = || 109% Business Base 1Q 2021 Investor Presentation 39#40Healthy Growth in MA's Recurring Revenue Supports Long-Term Margin Expansion Amidst Investment MA's strategic shift towards subscriptions and SaaS-based products MA Renewable Revenue Share 100% 78% 50% 0% 2017 Robust 2020 recurring revenue growth of 14% » Solid retention in mid-90's percentage¹ » Strength in KYC and compliance solutions » ERS shifted to -80% recurring revenue 90% 2020 1. Full year 2020. 2. Includes intercompany revenue and expenses. Changes in expenses include the impact of adjusting items. Moody's | Better decisions 24.6% 2017 MA ADJUSTED OPERATING MARGIN² EXPANSION +480 bps 27.8% 26.4% 2018 29.4% 2019 2020 High growth in recurring products drives margin expansion »-160 bps of margin expansion in 2020 » M&A strategy accelerates shift to recurring revenue » 189 product awards from 2017 onwards 1Q 2021 Investor Presentation 40#41Curated Data Combined with Analytics are the Foundation of our Integrated Risk Assessment Strategy Curated Data Domain Expertise Best in Class Analytics Proprietary data assets allow companies to inform and perform many critical business activities with trust and confidence Moody's | Better decisions News Climate CRE Financials Private Firm Transparency Efficiency Convenience Economic Portfolio Monitoring Modeling Risk Scores Ratings Industry Insights Benchmarks MA's approach to deepening available data sets and ability to combine with research, analytic tools and software is driving a more integrated understanding of risks and opportunities Better Decisions Analytics Insights 1Q 2021 Investor Presentation 41#42RESEARCH & DATA FEEDS Diverse Product and Customer Base Enables Growth Across Sectors BANKING SOLUTIONS KYC & COMPLIANCE SOLUTIONS PREDICTIVE ANALYTICS INSURANCE SOLUTIONS CRE SOLUTIONS Customers 1,500+ Asset Managers 2,900+ Commercial Banks Moody's CreditView CreditLens 0 orbis 77 grid ESG SOLUTIONS 3,100+ Corporations 225+ Securities Dealers and Investment Banks AXIS Economic Data & Forecasts Note: Trees are in size order but not to scale and therefore don't provide a proportional comparison of the product lines' current or anticipated size. Moody's | Better decisions 675+ Insurance Companies 4,000+ Governments & Other Entities 300+ Real Estate Entities 1Q 2021 Investor Presentation 42#43Moody's Software Serves as a Chassis for Integrated Risk Assessment Lending use case highlights synergies across segments ERS solutions Accounting Impairments: CECL, IFRS-9, IFRS-17 Credit decisioning & lending Credit origination, spreading and scoring, pricing Balance sheet management Portfolio management, ALM, stress testing, planning RegTech Regulatory reporting Moody's | Better decisions Deal Initiation CreditLens Digitizing data Portfolio Monitoring Integrating risk management Onboarding Supports better lending decisions Underwriting Digitizes data, integrates analytics, and provides SaaS workflow software to help loan officers make better decisions, faster Credit Decision/ Pricing Curated Information Company information, analytic models, economic and ESG scenarios to integrate best practices in risk management RD&A data & insights Research Opinions and insights that explain ratings, Methodologies and markets Economics Scenarios, forecasts and indicators to support analytics Data Public and private company information MIS Ratings Commercial Real Estate Workflow solutions, portfolio performance and climate impact 1Q 2021 Investor Presentation 43#44Milli KYC and Compliance Use Cases GFG12 Global coverage of ~400M companies Corporate hierarchy and beneficial ownership information Risk profiles on ~13M individuals and companies → 888 Customer onboarding Analyze corporate structure ORBIS Identify all directors and owners Review against GRID risk profiles Use Al to reduce false Generate alerts positives Continuous monitoring for new risks and changes ON NO ■NNO News, Sentiment ☑ Scores and Alerts Note: Number of covered companies and individuals as of May 13, 2021. Moody's | Better decisions Natural language processing allows for faster data ingestion Data mapping removes false positives and creates linkages Machine learning uses prior decisions to improve accuracy Built-in analytics allows benchmarking and tuning of risk tolerance 1Q 2021 Investor Presentation 44 RD&A#451. RD&A Enables Better Decisions through Data and Insights RD&A Our business solutions Research Opinions and insights that explain ratings, methodologies and markets יווו Data Public and private company information¹ MIS Ratings Economics Scenarios, forecasts and indicators to support analytics Commercial Real Estate Workflow solutions, portfolio performance and climate impact Public and private company information relates to KYC and compliance solutions. Moody's | Better decisions Our customers Banks Public Sector & Other Insurers =& Customers 俞 G 0000 Corporates Asset Managers 1Q 2021 Investor Presentation 45#46RD&A 2020 RD&A Growth Driven by KYC and Compliance, Research and Data Feeds Subscription Sales Growth (constant currency) Full Year 2020 Full Year 2017 Full Year 2018 Full Year 2019 94% 8% 9% 110% GE Retained Base (including BvD) Upgrades and Price New Sales Business Base (including BvD) 96% 9% 5% 111% Retained Base Upgrades and Price New Sales Business Base 96% 9% 5% 110% Retained Base Upgrades and Price New Sales Business Base 96% 8% 6% 109% Expansion of ratings coverage Production of insightful credit analysis New customers in geographies with developing debt capital markets Expansion of data sets and delivery options Strong customer retention Retained Base Upgrades and Price New Sales Business Base Note: The sales growth attributions presented on this slide are related to RD&A subscription sales on a constant currency basis. 2020 data includes BvD and 2020 acquisitions, pre 2020 data excludes BvD. Upgrades reflect amendments to existing customer contracts. New Sales reflect new contracts with new and existing customers. Numbers may not foot due to rounding. Moody's | Better decisions 1Q 2021 Investor Presentation 46#47ERS Empowers Customers' Success With Analytics Technology with a purpose - enabling better, faster decisions Our business solutions Our customers ERS Accounting Balance sheet management Impairments, IFRS-17 Portfolio, valuation and ALM1 Credit decisioning & RegTech² lending Credit modeling, scoring and spreading Regulatory reporting 1. 2. Asset and liability management. Regulation technology. Moody's | Better decisions III! Banks Public Sector & Other 0000 Insurers Corporates Customers Asset Managers 1Q 2021 Investor Presentation 47#48ERS ERS: ~80% Recurring Revenue; Mid-Teens Subscription CAGR $ Millions $500 $400 $300 61% $200 $100 ERS Revenue: Recurring¹ vs. Non-recurring Recurring Revenue CAGR² = 14% $0 3 2015 2016 2017 2018 2019 2020 2021 Non-recurring (L) Recurring (L) ⚫% Recurring 1. 2. 3. Recurring revenue includes maintenance and subscription. Compound Annual Growth Rate, 2015 - 2020. Trailing twelve months ended March 31, 2021. Moody's | Better decisions 81% » ERS recurring revenue has grown by more than $230 million since 2015 » Emphasis on subscription products supports scalability, drives operating leverage and margin >>> Ease of use and lower cost of ownership shifting customer demand to SaaS-based solutions Next gen products enhance customer experience, improve adoption rates and shorten sales cycles » TTM³ revenue as of 1Q 2021: - Recurring +12% Non-recurring -13% 1Q 2021 Investor Presentation 48#49Global Banking Regulatory and Accounting Landscape EMEA ERS BOE/ PRA ST Incorporate ESG risks into supervisory process HLA requirement Output floor Revised minimum capital requirements for MR Revised SA operational risk FRTB Revised IRB approach CR HLA BoE/ PRA BOE/ PRA ST requirement ST ASIA PACIFIC CVA review 2023 CRR2 implementation EU-wide ST Revised minimum EU Investment Firms Directive & Regulation Output floor BOE/ PRA BES CVA review Revised SA market risk Revised G-SIB assessment Updated Leverage Ratio Revised standardized approach CR 2023 Output floor CVA review HLA requirement capital requirements for MR Revised SA operational risk Revised SA market risk Updated Leverage Ratio Revised IRB approach CR Revised standardized EU Sustainability taxonomy 2022 BoE/ PRA ST BOE/ PRA BES (Climate-related element) CBK Advanced Stress Testing Framework NSFR 2022 Revised G-SIB assessment EU SFDR TCFD-aligned mandatory disclosures roadmap to 2025 EU MLD6 CCAR/ DFAST Revised G-SIB assessment 2021 CCAR/ DFAST EU MLD5 Credit Risk Management IRRBB review approach CR FRTB MAS Environmental Risk Management FSC Supervisory stress tests SFTR regulatory technical standards CCAR/ DFAST SCCL for large banks Interest Rate Benchmark Reform NCUA RBC Climate Change ST Interest Rate Benchmark rule for large credit unions NSFR Reform 2023 and beyond 2022 2021 2020 2021 2022 EU "Banking Package" CRR2, CRD5, BRRD2 and SRMR2 Interest Rate Benchmark Reform CECL 2021 Pandemic related delays noted in 2020; OSFI NSFR; FED SCCL; EBA CRD 5, CRR 2 and BRRD 2; CECL. Source: Moody's Analytics Strategy & Analytics; May 2021. Moody's | Better decisions CCAR/ DFAST Updated Leverage Ratio FRTB Revised standardized approach CR CCAR/ DFAST AMERICAS Revised SA operational risk Revised SA market risk Revised minimum capital requirements for MR Revised IRB approach CR 2023 and beyond 49 1Q 2021 Investor Presentation 49#506 ESG Solutions#51Sustainable bonds set for record volumes1 600 -42% CAGR 400 300 200 100 0 2019 2020 2021E ■Green Bonds Social Bonds Sustainability Bonds Annual Spending ($ millions) ESG & CLIMATE RISK Spend on ESG data & metrics growing rapidly² 1,000 800 600 400 -23% CAGR 200 0 2019 2020E ESG content 2021E ESG indices 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 $650 billion in 20211 - » Sustainability linked financing emerging as a key alternative to "use of proceeds" green issuance, expanding the potential issuer base » Increasing governmental focus on climate and sustainable debt market growth and development Central banks focused on managing climate change related systemic risks EMEA - EU driving towards standardization of ESG taxonomy, disclosures and reporting standards Annual Issuance ($ billions) 50% 40% 700 30% 500 Percentage of assets invested sustainably³ 2020 2025 سيال 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 20% 10% 1. Source: Moody's Investors Service "Sector in-depth: Sustainable Finance - Global - Sustainable bond volumes to top $650 billion in 2021", February 4, 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 1Q 2021 Investor Presentation 51#52Priorities for Strategic Growth: ESG Integrated Across All Platforms, Driving Growth and Enhanced Relevance MIS Integration Credit Ratings & Research ESG Credit Scores Real Estate Solutions ESG & CLIMATE RISK MA Integration Moody's ESG Solutions Moodys.com ESG Measures Climate Solutions 000 Risk Analytics & regulatory reporting e Index Solutions ESG Classification Heat Maps Lending solutions and tools APIs and SME Solutions Data Feeds Sustainable Finance Moody's | Better decisions 1Q 2021 Investor Presentation 52#53MIS: Four Components to MIS Integration of ESG New ESG scores will assist in transparently and systematically demonstrating the impact of ESG on credit ratings ESG & CLIMATE RISK Credit Ratings & Research How is ESG integrated into credit ratings? ESG factors taken into consideration for all credit ratings. Greater transparency in press releases, as well as credit opinions. Credit Impact Score (CIS) is an output of the rating process that indicates the extent, if any, to which ESG factors impact the rating of an issuer or transaction. ESG Credit Scores How is a specific issuer exposed to ESG risks / benefits? Issuer Profile Scores (IPS) are issuer-specific scores that assess an entity's exposure to the categories of risks in the ESG classification from a credit perspective. IPSS, where available, are inputs to credit ratings. 中 ESG Classification What is ESG? Our classification reports describe how we define and categorize E, S and G considerations that are material to credit quality. New environmental classification sharpens focus on physical climate risks. Heat Maps Is ESG material to credit quality? Heat maps provide relative ranking of various sectors along the E and S classification of risks. 88 Moody's | Better decisions 1Q 2021 Investor Presentation 53#54MA: ESG Integrated into Multiple Offerings Moody's CreditView The view that counts ☑: Moody's DataHub All of Moody's data on a centralized platform >>> ESG, climate risk and controversy data >>> ESG & Physical Climate Risk Scores >>> >>> ESG Company and Sector Reports » MIS Sector Heatmaps & classifications >>> MIS Entity CTA & CGA scores¹ ESG Score Predictor >>> Predictor tool using Artificial Intelligence / Machine Learning techniques, for use by customers with their own data >>> ESG benchmark scores >>> 100k+ SME proxy scores 1. Carbon Transition Assessment and Corporate Governance Assessment scores. Moody's | Better decisions יווו MA Climate Risk Dashboard >>> Climate adjusted scenarios, expected default frequencies (EDFs), spreads and more ESG & CLIMATE RISK REIS Network, Climate Risk Scores » Moody's ESG provides REIS network users with aggregated climate risk scores >>> Scores show the climate risk threshold levels for commercial property locations ranging from 'no risk' to 'red flag' or extremely high risk 1Q 2021 Investor Presentation 54 54#55Moody's ESG Solutions Group A leader in ESG: providing a range of risk management, equity and credit market solutions » Brings together over 30 years of ESG expertise to meet rapidly evolving needs » Delivers data, analytics and insight to further enhance best-in-class risk assessment capabilities from MIS and MA Climate Solutions ESG Measures SME Solutions MESG Index Solutions ESG & CLIMATE RISK Sustainable Finance Moody's | Better decisions Integration into Risk Management Serving risk management, equity and credit markets Serving capital markets 1Q 2021 Investor Presentation 55#561. MESG Current Solution Suite ESG Measures » Data, Scores & Benchmarks Assessments & Research Index Solutions >>> ~90 Indices (Equity & Fixed Income) >>> Controversy Monitoring & Alerts >>> 10+ Partnerships (ODD)- 貝 O >>> Positive Negative Screening >>> Benchmarking Data >>> Regulatory Datasets » ETFs, Listed & OTC Derivates, Certificates, MA Data Hub >>> Portfolio Review & Structured Products Climate Solutions >>> Physical Risk Data & Scores » >>> Transition Risk Data & Scores >>> Climate Governance » Sustainable Finance Sustainable Bonds Loans/Bonds SPO1 Green, Social and SPO1 Sustainability-Linked » On-Demand Scoring » Sustainability Ratings >>> Portfolio Review » CBI1 Verification >>> Regulatory Reporting Tools SME Solutions >>> ESG Score Predictor » ESG Assessments >>> Portfolio Review >>> Controversy Monitoring SPO: Second Party Opinion; CBI: Climate Bonds Initiative. Moody's | Better decisions www .l Client Platforms ESG & CLIMATE RISK API / Web- Services XLS Moodys.com Excel-Add In 1Q 2021 Investor Presentation 56#57Moody's ESG Snapshot¹ น 30+ Years of dedicated ESG experience Pioneering ESG analysis since 19832 ~2,200 MIS research reports Related to ESG considerations; 56% COVID-related research 5,000+ ESG assessments Covering 273 unique ESG data points 100,000+ SME Scores 600+ industries in 180+ countries יווו 10 Million + ESG & CLIMATE RISK Climate Risk Scores Spanning countries, counties, cities, companies & real estate assets globally 25+ Regulatory consultations On ESG matters 100% Systematic integration of ESG considerations into credit ratings ESG discussion is now required in all rating committees 8,000+ Controversy monitoring & alerts 330+ Global sustainable bonds and loans Green, social, sustainability bonds and sustainability-linked loans and bonds 250+ ESG events and speaking engagements Related to ESG considerations, over 5,000 attendees 10 Awards in the ESG & Climate space 62% Green Bonds 22% Sustainability Bonds 57% Corporates 21% Banks 6% Local & Insurance Authorities SPOS³ Product type 12% 3% SPOS³ Sector4 Social bonds Sustainability- Linked Loans 6% Public Entities 5% Sovereign 3% Public Utilities 1% Other 2% Other 1. 2. Data as of March 31, 2021. Conducted by Moody's affiliate V.E. 3. SPOs: Second Party Opinions. 4. Source: V.E. Moody's | Better decisions - Forefront of Innovation in SPOS³: 1st Sustainability Linked Convertible Bond 1st Sustainability Linked Airline Loan - 1st Sustainability Linked Sukuk - 1st Sustainability Linked Bond in the US 1st Gender Focused Social Bond in Columbia 1st Social Bonds in Brazil - 1st Sovereign SDG Bond - 1st Airline Sustainability Linked Bond - 1st Green Sukuk in N. Africa/Middle East 1Q 2021 Investor Presentation 57#587 Appendix#59Corporate Finance: Revenue and Issuance¹ Revenue²: Mix by Quarter Issuance4: Mix by Quarter ■ Other 3 ■Investment Grade $700 $600 ■Speculative Grade ■Bank Loans ■Global Non-Financial Investment-Grade Bonds ■U.S. Speculative-Grade Bank Loans Global Non-Financial Speculative-Grade Bonds ■Non-U.S. Speculative-Grade Bank Loans $1,200 $43 $1,000 $500 $180 $18 $44 $78 $99 $ Millions $800 $55 $164 $73 $224 $400 $89 $43 $28 $83 $90 $300 $73 $68 $75 $101 $141 $600 $82 $26 $25 $119 $50 $88 $17 $111 $57 $69 $56 $291 $100 $105 $132 $233 $75 $161 $77 $400 $105 $108 $114 $200 $144 $141 $134 $111 $120 $731 $97 $96 $106 $80 $60 $135 $132 $200 $100 $326 $313 $370 $433 $378 $410 $128 $140 $140 $139 $145 $139 $146 $152 $150 $240 $226 $0 $0 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 Revenue²: Mix by Year Issuance4: Mix by Year Other 3 ■Investment Grade ■Speculative Grade ■Bank Loans ■Non-U.S. Speculative-Grade Bank Loans $1,800 $287 ■U.S. Speculative-Grade Bank Loans ■Global Non-Financial Speculative-Grade Bonds Global Non-Financial Investment-Grade Bonds $1,600 $3,000 $118 $1,400 $352 $313 $1,200 $349 $379 $2,500 $247 $364 $144 $ Millions $1,000 $258 $120 $242 $204 $254 $2,000 $638 $204 $590 $212 $254 $175 $425 $636 $800 $155 $183 $219 $181 $229 $271 $379 $600 $194 $301 $305 $230 $262 $193 $400 $197 $200 $312 $363 $420 $421 $425 $488 $554 $547 $582 $1,500 $1,000 $500 $353 $329 $504 $411 $425 $414 $354 $601 $426 $471 $405 $329 $311 $304 $1,768 $1,125 $1,073 $1,043 $1,120 $1,192 $1,271 $1,074 $1,249 $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. 4. Historical data has been adjusted to conform with current information and excludes intercompany revenue. The revenue reclassification of REITS to Corporate Finance from Structured Finance is reflected starting from 1Q 2018. Other includes: monitoring, commercial paper, medium term notes, and ICRA. Sources: Moody's Analytics, Dealogic. U.S. and Non-U.S. Speculative-Grade Bank Loans represent only Moody's rated speculative-grade bank loans. Non-U.S. Speculative-Grade Bank Loan Origination data available starting 2016. Note: Debt issuance categories do not directly correspond to Moody's revenue categorization. Moody's | Better decisions 1Q 2021 Investor Presentation 59 59#60Corporate Finance: Revenue Diversification Revenue¹: Distribution by Geography ■Non-U.S. ■U.S. 100% Revenue¹: Distribution by Recurring vs. Transaction ■Transaction ■Recurring 100% 80% 30% 29% 28% 31% 25% 29% 20% 20% 25% 25% 30% 80% 62% 68% 66% 62% 65% 69% 72% 67% 68% 70% 68% 60% 40% T T 60% 40% 70% 71% 72% 69% 71% 75% 80% 75% 70% 75% 80% 20% 38% 32% 34% 38% 35% 31% 33% 32% 28% 30% 32% 20% 0% 0% 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 Revenue¹: Distribution by Product ■Other 2 Investment Grade ■Speculative Grade ■Bank Loans 100% 8% 20% 22% 23% 19% 21% 20% 16% 15% 22% 17% 30% 80% 16% 18% 15% 21% 17% 17% 22% 19% 21% 60% 23% 27% 25% 27% 22% 25% 51% 16% 32% 31% 34% 40% 22% 20% 36% 36% 36% 38% 41% 37% 32% 32% 31% 24% 25% 0% 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 1. 2. Historical data has been adjusted to conform with current information and excludes intercompany revenue. The revenue reclassification of REITS from Corporate Finance to Structured Finance is reflected starting from 1Q 2018. Other includes: monitoring, commercial paper, medium term notes, and ICRA. Note: Percentages have been rounded and may not total to 100%. Moody's | Better decisions 1Q 2021 Investor Presentation 60 60#61$ Millions $ Millions Structured Finance: Revenue and Issuance¹ Revenue²: Mix by Quarter Issuance³: Mix by Quarter ABS ■RMBS $160 ■CMBS ■Structured Credit Other ■ ABS ■RMBS ■ CMBS ■Structured Credit $350 $140 $300 $120 $44 $1 $1 $250 $100 $1 $1 $1 $49 $31 $41 $32 $1 $0 $57 $43 $38 $0 $200 $39 $38 $80 $35 $40 $33 $29 $1 $31 $24 $34 $25 $22 $22 $28 $21 $60 $18 $20 $25 $24 $150 $21 $85 $31 $22 $18 $17 $13 $15 $16 $87 $68 $16 $63 $13 $66 $100 $41 $65 $40 $24 $24 $21 $26 $27 $23 $24 $22 $27 $48 $40 $20 $50 $90 $91 $103 $23 $26 $25 $25 $22 $23 $25 $28 $26 $65 $66 $74 $89 $92 $102 $0 $0 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 $600 ABS Revenue²: Mix by Year ■RMBS ■CMBS ■Structured Credit ■ Other $2 $2 $2 $2 $0 $400 $165 $4 $0 $0 $135 $122 $196 $137 $91 $96 $148 $2 $105 $95 $116 $122 $140 $133 $143 $78 $81 $61 $200 $85 $98 $73 $76 $81 $85 $90 $95 $96 $110 $98 $92 $91 $94 $97 $107 $99 $98 $0 2012 2013 2014 2015 2016 2017 2018 2019 2020 $ Billions Issuance³: Mix by Year ■ ABS ■RMBS ■CMBS ■Structured Credit $1,400 $1,200 $1,000 $200 $153 $800 $65 $159 $136 $94 $132 $115 $600 $73 $114 $116 $120 $145 $106 $120 $117 $88 $94 $270 $400 $231 $189 $238 $254 $283 $200 $204 $213 $200 $335 $317 $319 $292 $298 $337 $384 $348 $321 $0 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. The revenue reclassification of REITs to Corporate Finance from Structured Finance is reflected starting from 1Q 2018. Sources: AB Alert, CM Alert, Moody's Corporation. Debt issuance categories do not directly correspond to Moody's revenue categorization. Notes: ABS (Asset Backed Securitization) includes asset-backed commercial paper and long-term asset-backed securities. RMBS (Residential Mortgage Backed Securitization) includes covered bonds. CMBS includes commercial mortgage- backed securities and commercial real estate CDOs. Structured Credit includes CLOS and CDOS. Moody's | Better decisions 1Q 2021 Investor Presentation 61#62Structured Finance: Revenue Diversification Revenue¹: Distribution by Geography Non U.S. ■U.S. Revenue¹: Distribution by Recurring vs. Transaction ■Transaction ■Recurring 100% 100% 80% 80% 39% 44% 45% 43% 42% 43% 48% 56% 56% 61% 64% 62% 64% 63% 64% 61% 59% 59% 57% 53% 49% 52% 60% 60% 40% 40% 56% 61% 55% 57% 58% 57% 52% 20% 44% 44% 39% 36% 36% 38% 37% 36% 39% 41% 41% 20% 43% 47% 51% 48% 0% 0% 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 1Q19 2Q19 3Q19 4Q10 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 Revenue¹: Distribution by Product ABS RMBS CMBS Structured Credit Other 100% 1% 1% 1% 1% 1% 1% 1% 0% 0% 1% 1% 29% 80% 35% 37% 38% 35% 30% 26% 27% 32% 29% 33% 16% 17% 17% 60% 23% 18% 16% 21% 18% 18% 17% 19% 28% 27% 40% 23% 27% 23% 21% 21% 24% 22% 28% 23% 20% 23% 23% 24% 23% 23% 23% 28% 28% 29% 27% 22% 0% 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 1. Historical data has been adjusted to conform with current information and excludes intercompany revenue. The revenue reclassification of REITS to Corporate Finance from Structured Finance is reflected starting from 1Q 2018. Notes: ABS (Asset Backed Securitization) includes asset-backed commercial paper and long-term asset-backed securities. RMBS (Residential Mortgage Backed Securitization) includes covered bonds. CMBS includes commercial mortgage- backed securities and commercial real estate CDOS. Structured Credit includes CLOS and CDOs. Percentages have been rounded and may not total to 100%. Moody's | Better decisions 1Q 2021 Investor Presentation 62#63$ Millions Financial Institutions: Revenue and Issuance1 Revenue²: Mix by Quarter ■Banking ■Insurance ■Managed Investments ■ Other Issuance³: Mix by Quarter ■Global Speculative Grade Financial Corporate Bonds ■Global Investment Grade Financial Corporate Bonds $180 $160 $2 $500 $2 $8 $2 $30 $140 $3 $3 $3 $3 $8 $3 $3 $6 $43 $400 $36 $32 $120 $10 $6 $8 $4 $6 $18 $5 $44 $31 $18 $100 $29 $28 $30 $32 $31 $31 $300 $27 $80 $29 $23 $39 $60 $200 $398 $396 $395 $109 $40 $80 $84 $80 $86 $88 $95 $86 $315 $333 $76 $279 $20 $100 $215 $235 $212 $0 $0 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 Revenue²: Mix by Year ■Banking ■Insurance ■Managed Investments ■ Other Issuance³: Mix by Year ■Global Speculative Grade Financial Corporate Bonds ■Global Investment Grade Financial Corporate Bonds $600 $10 $2,000 $500 $12 $28 $13 $13 $25 $ Millions $400 $22 $25 $137 $1,600 $2 $9 $10 $0 $119 $0 $19 $16 $17 $102 $114 $16 $300 $19 $79 $89 $92 $96 $102 $ Billions $137 $74 $197 $183 $1,200 $136 $112 $98 $121 $161 $200 T $800 $355 $300 $320 $1,312 $290 $1,247 $1,194 $1,187 $1,232 $100 $228 $234 $242 $244 $240 $1,072 $1,248 $1,207 $1,177 $400 $0 $0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2012 2013 2014 2015 2016 2017 2018 2019 2020 1. Total estimated market issuance unless otherwise noted. 2. 3. Historical data has been adjusted to conform with current information and excludes intercompany revenue. Sources: Moody's Analytics, Dealogic. Note: Debt issuance categories do not directly correspond to Moody's revenue categorization. Moody's | Better decisions 1Q 2021 Investor Presentation 63#64Financial Institutions: Revenue Diversification Revenue¹: Distribution by Geography Non U.S. ■U.S. Revenue¹: Distribution by Recurring vs. Transaction ■Transaction ■Recurring 100% 100% 80% 40% 42% 45% 42% 42% 48% 44% 49% 47% 47% 53% 80% 51% 46% 54% 59% 55% 58% 52% 50% 52% 50% 44% 60% 60% 40% 40% 60% 58% 55% 58% 58% 52% 56% 51% 53% 20% 53% 47% 20% 41% 49% 46% 54% 45% 42% 48% 50% 48% 50% 56% 0% 0% 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 Revenue¹: Distribution by Product ■Banking Insurance ■Managed Investments Other 3% 2% 3% 3% 3% 2% 1% 1% 2% 2% 1% 100% 3% 8% 5% 4% 5% 5% 6% 4% 6% 5% 5% 80% 25% 22% 26% 27% 25% 24% 23% 31% 25% 26% 27% 60% 40% 69% 68% 67% 66% 67% 69% 71% 67% 67% 67% 62% 20% 0% 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 1. Historical data has been adjusted to conform with current information and excludes intercompany revenue. Note: Percentages have been rounded and may not total to 100%. Moody's | Better decisions 1Q 2021 Investor Presentation 64#65$ Millions Revenue²: 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 $50 $60 $69 $62 $76 $62 $63 $55 $52 $47 $46 $53 $58 $65 $57 $64 $71 $58 $67 $0 T 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 $ Billions $200 $84 $150 $52 $114 $59 $84 $75 $100 $64 $64 $51 $50 55 50 $129 $132 $71 $79 $95 $95 $110 $96 $76 $0 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 Revenue²: 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 $100 $181 $174 $177 $202 $225 $218 $222 $250 $364 $408 $384 $374 $413 $313 $302 $307 $185 $292 $100 $0 $0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2012 2013 2014 2015 2016 2017 2018 2019 2020 1. Total estimated market issuance unless otherwise noted. 2. Historical data has been adjusted to conform with current information and excludes intercompany revenue. 3. Global Rated Project & Infrastructure Finance available starting in 2016 and represents Moody's rated issuance. Sources: Thomson SDC, Moody's Corporation. Note: Debt issuance categories do not directly correspond to Moody's revenue categorization. Moody's | Better decisions 1Q 2021 Investor Presentation 65#66Public, Project and Infrastructure: Revenue Diversification Revenue¹: Distribution by Geography ■Non-U.S. ■U.S. Revenue¹: Distribution by Recurring vs. Transaction ■Transaction ■Recurring 100% 100% 80% 80% 41% 34% 31% 28% 33% 35% 37% 31% 34% 32% 30% 65% 64% 61% 64% 63% 62% 65% 62% 61% 63% 55% 60% 60% 40% 40% 66% 69% 67% 72% 65% 69% 63% 66% 68% 70% 59% 20% 35% 36% 39% 36% 37% 38% 35% 38% 39% 45% 37% 20% 0% 0% 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 Revenue¹: Distribution by Product ■Public Finance and Sovereign ■Project and Infrastructure Finance ■ Other 100% 80% 51% 51% 52% 48% 50% 48% 47% 52% 52% 50% 53% 60% 40% 49% 49% 48% 52% 50% 52% 48% 53% 48% 50% 47% 20% 0% 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 1. Historical data has been adjusted to conform with current information and excludes intercompany revenue. Note: Percentages have been rounded and may not total to 100%. Moody's | Better decisions 1Q 2021 Investor Presentation 66#67$ Millions Moody's Analytics: Financial Overview ■ Professional Services Revenue¹: Mix by Quarter ■Enterprise Risk Solutions Revenue¹: Distribution by Line of Business ■Research, Data and Analytics Revenue¹: Mix by Year $2,400 $600 $500 100% $31 $43 $151 $145 $42 $43 $145 $400 $149 $138 $131 9% 9% 9% 6% 8% 80% 26% 25% 27% 29% 27% $2,000 28% 26% 27% 27% 27% 26% $159 $565 $1,600 $159 $122 $117 $134 $522 60% $300 40% - $200 $100 $308 $315 $317 $333 $358 $366 $386 $404 $419 65% 66% 64% 65% 65% 72% 74% 73% 73% 73% 74% $ Millions $149 $451 $1,200 $168 $800 $119 $329 $150 $419 $374 $147 $449 $1,514 $263 $1,273 T 20% $1,121 $400 $833 $520 $572 $626 $668 $0 0% $0 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 2013 2014 2015 2016 2017 2018 2019 2020 Revenue¹: Distribution by Geography Non-U.S. ■U.S. Revenue¹: Distribution by Recurring vs. Transaction ■Transaction ■Recurring 100% 100% 80% 43% 42% 42% 42% 42% 43% 44% 42% 42% 43% 42% 80% 60% 60% 85% 85% 84% 86% 85% 90% 92% 90% 91% 91% 92% 40% 40% 57% 58% 58% 58% 58% 57% 56% 58% 58% 57% 58% 20% 20% 15% 15% 16% 14% 0% 0% 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 15% 10% 1Q19 2Q19 3Q19 4Q19 FY19 1Q20 2Q20 3Q20 4Q20 FY20 1Q21 8% 10% 9% 9% 8% 1. Historical data has been adjusted to conform with current information and excludes intercompany revenue. Research, Data and Analytics includes Bureau van Dijk revenue beginning from the acquisition close date, August 10, 2017. The revenue reclassification of the FACT product from RD&A to ERS is reflected starting from 1Q 2018. Subsequent to the divestiture of MAKS in 2019, revenue from the Moody's Analytics Learning Solutions ("MALS") unit, which previous to 2020 was reported in the Professional Services line of business ("LOB"), is now being reported as part of the RD&A LOB. Note: Percentages have been rounded and may not total to 100%. Moody's | Better decisions 1Q 2021 Investor Presentation 67#68$2,000 $1,000 $0 60 $ Millions $7,000 7.8% $6,000 $5,000 5.8% $4,000 Historically, Moody's Revenue and Interest Rates Have Not Been Strongly Correlated MCO revenue and interest rates +200bps 4.7% $3,000 1994 1995 1996 6.5% MIS Revenue (L) MIS Revenue Guidance MA Revenue (L) MA Revenue Guidance MCO Revenue (L) 10-yr U.S. Treasury Yield (R)1 Note: Gray bars reflect periods of significant increases in the 10-year Treasury Yield. 1. 2. 10-yr U.S. Treasury Yields are represented by the rate at the end-of-period. Guidance as of April 28, 2021. Source: www.treasury.gov. Moody's | Better decisions 1999 +180bps 2003 2004 2005 +100bps 3.3% 3.0% 2.3% 1.8% 2010 2011 2012 2013 2014 2018 +120bps 2019 2020 1Q 2021 Investor Presentation 68 2021F 6% 5% 4% 3% 2% 1% 0% do do do do do dve dlo do plo glo 9% 8% 7% 0.9%#69Proactive Capital and Liquidity Management Bond portfolio WAC¹ Balanced maturity schedule5 $ in millions 4.7% 4.3% 4.3% 3.9% 3.5% 3.3% 3.3% 4.2% 3.9% 4.0% 3.3% 300 3.4% 3.4% 250 2.4% 330 588 2.1% 500 500 2.4% 400 400 250 170 2014 2015 2016 WAC With Hedges 2017 2018 2019 2020 2021 WAC Excluding Hedges » Strong liquidity with $2.9B in cash and short-term investments, and a $1.0B revolving credit facility² >> 1.2x net debt to adjusted operating income³ » Leverage well below maximum 4.0x total debt/EBITDA covenant4 T 881 600 500 400 300 Н # Н 2044 2048 2050 2060 ■EUR Floating 2022 2023 2024 2025 2026 2027 2028 2029 2030 ■USD Fixed ■USD Floating EUR Fixed Annualized Dividend Per Share $2.48 $2.24 $2.00 $1.76 $1.48 $1.52 $1.36 2015 2016 2017 2018 2019 2020 2021F2 1. 2. WAC = Weighted Average Coupon. 2014-2020 data as of year-end. 2021 data as of March 31, 2021. As of March 31, 2021. 4. 3. Trailing twelve months adjusted operating income. Amounts are adjusted measures, see Appendix for reconciliations from adjusted financial measures to U.S. GAAP and gross debt to net debt. Total debt (gross debt less $100M of cash and equivalents) to EBITDA ratio threshold is normally 4.0x but elevated to 4.5x for three quarters after an acquisition of >$500 million. 5. Certain USD denominated debt has been synthetically converted to EUR via cross-currency swaps. EUR converted to USD as of March 31, 2021. Moody's | Better decisions 1Q 2021 Investor Presentation 69#7070 70 Drivers of Sustainable Corporate Value Sustainability disclosures in our public filings ENVIRONMENTAL >> Focused on reducing greenhouse gas emissions with science-based targets 1 on our path to net-zero Progress is reported within 2020 TCFD Report Published Moody's Decarbonization Plan >> Procured 100% renewable electricity starting in 2020 >> Committed to remaining carbon neutral on an annual basis by supporting certified offset projects covering emissions from our operations, employee commuting and business travel 1 Achieved carbon neutrality since September 2000 >> Annual disclosure of our full greenhouse gas inventory including scope 1, 2 and all relevant scope 3 categories ENVIRONMENTAL SOCIAL GOVERNANCE » Moody's and its subsidiaries engages with a multitude of Sustainability parties that develop standards or frameworks and/or evaluate and assess performance - CDP Awarded 'A' score in 2020 › CDP Climate CDP Supplier Engagement Rating (SER) Task Force on Climate-related Financial Disclosures (TCFD) Sustainability Accounting Standards Board (SASB) Global Reporting Initiative (GRI) 1. The Science Based Targets initiative is a collaboration between CDP, UNGC, World Resources Institute (WRI), and the World Wide Fund for Nature (WWF), that is seeking to reduce corporate GHG emissions. Moody's | Better decisions 1Q 2021 Investor Presentation#71Drivers of Sustainable Corporate Value Sustainability disclosures in our public filings SOCIAL » Support a diverse, equitable and inclusive workplace >> Launched DE&I portal » Active global community and philanthropic involvement Over $3.8 million in grants, including $2 million to support equal justice and educational opportunities Additional U.S. and EMEA social investment programs to support entrepreneurs of color through capacity building and employee engagement led by Moody's Black Inclusion Group >>> Ranked #35 on Diversity Inc's Top 50 Companies » Recognized by Working Mother's list of 100 Best Companies for the 5th year in a row » Robust data security and privacy practices » Fair compensation practices and benefits packages >> Employee training and upskilling 0000 GOVERNANCE >> Professional integrity » Systematic risk management ENVIRONMENTAL SOCIAL GOVERNANCE » Diverse Board membership and skill sets » Separate CEO and Chairman positions >> Implementation of Lead Independent Director within the board >> Active stockholder engagement >> Completed a materiality assessment to identify the most salient sustainability issues Executive compensation metrics include¹: » Members of the executive leadership team are evaluated on demonstrated commitment to diversity, equity and inclusion plans and sustainability initiatives » Moody's Corporation EPS and operating income >> MIS operating income and ratings performance » MA operating income and sales >> Provide employee health and well-being policies and programs » Strategic and operational² 1. While the Company reports its financial results in accordance with U.S. GAAP, financial performance targets and results under the Company's incentive plans are based on adjusted financial measures. These metrics and the related performance targets are relevant only to Moody's executive compensation program and should not be used or applied in other contexts. 2. This measure is a qualitative assessment of strategic and operational metrics tied to key non-financial business objectives, such as sustainability goals, that contribute to the Company's business success and are certified by the Compensation & Human Resources Committee at the beginning of the performance period. The Committee assessed the achievement of the metric by evaluating performance against the following objectives: (i) business focus and innovation and growth; (ii) people and culture; (iii) operating effectiveness and efficiency; and (iv) quality and risk management. Moody's | Better decisions 1Q 2021 Investor Presentation 71#72Technology: Innovating with Purpose Next gen tech is a defining element of our culture, setting stage for growth 사 Enhance Data & Analytics » Incorporating alternative data sources to augment SME credit scoring accuracy » QuantCube pilot program to synthesize unstructured data to enhance financial analysis » CompStak's use of crowd-sourced data on CRE leases and sales Improve Decisions >> NLP-based early warning and monitoring tools for MIS analysts and MA customers » Al tailored credit training for MA customers - Credit Coach » Faster loan approvals with Al powered lending decisions CreditLens - Deliver Efficiencies >> ML and deep learning tools to automate financial data spreading at both MA and MIS - Award-winning QUIQspread solution is trained on the financials of more than 22M companies >> Al and NLP used to generate credit reports on 6,000 municipal issuers >> RPA of manual, repeatable tasks within MIS Increase Adaptability Note: Al: Artificial Intelligence; ML: Machine learning; NLP: Natural language processing; RPA: Robotic process automation; laaS: Infrastructure-as-a-service; SaaS: Software-as-a-service; PaaS: Platform-as-a-service. Moody's | Better decisions » SaaS accelerating product development and improving customer experience Moody's DataHub enables its user to explore, analyze and consume information from across Moody's on a cloud-based platform » Leveraging PaaS to experiment with application of tools and techniques -- blockchain and big data » Moody's IT moving to laaS to expand capabilities and lower costs 1Q 2021 Investor Presentation 72#73Moody's Global Presence 2021 4,213 U.S. employees + 7,345 non-U.S. employees 11,558 total employees¹ As of March 31, 2021. Reflects acquisition of Acquire Media, Catylist, Cortera and ZM Financial. 1. 2. As of March 31, 2020. Reflects acquisition of RDC. Moody's | Better decisions 2020 4,065 U.S. employees Americas Argentina Brazil Canada Chile Costa Rica Mexico Panama Peru United States Europe, Middle East & Africa Austria Belgium Cyprus Poland Portugal Russia Czech Republic Saudi Arabia Denmark Slovak Republic France South Africa Germany Spain Israel Sweden Italy Switzerland Lithuania United Arab Emirates Morocco United Kingdom Netherlands Asia-Pacific Australia China Hong Kong India Japan Nepal Singapore South Korea Thailand Sri Lanka + 7,298 11,363 non-U.S. employees total employees² 1Q 2021 Investor Presentation 73#74Reconciliation of Adjusted Financial Measures to U.S. GAAP Moody's Corporation Adjusted Operating Income and Adjusted Operating Margin Reconciliation1 Moody's Corporation Net Debt Reconciliation (in $ millions) 2015 2016 2017 2018 2019 2020 TTM 1Q 2021 (in $ millions) 2015 2016 2017 Gross debt 2018 1Q 2021 $3,381 $3,363 $5,540 $5,676 $5,581 $6,422 $6,340 2019 2020 Operating Income $1,491 Operating Margin 42.8% $651 18.1% $1,821 $1,868 $1,998 $2,388 $2,649 43.3% 42.0% 41.4% 44.5% 46.6% Add Adjustment: Depreciation & Less: Cash, cash equivalents and short- term investments Net debt 2,232 2,225 1,183 1,818 1,930 2,696 2,865 $1,148 $1,138 $4,357 $3,858 $3,651 $3,726 $3,475 114 127 158 192 200 220 230 Amortization Acquisition-Related 23 3 Expenses Restructuring 12 49 6 60 50 Captive insurance 50 53 16 company settlement Settlement Charge 864 Loss pursuant to the 14 9 divestiture of MAKS Adjusted Operating Income $1,605 $1,654 $2,002 $2,117 $2,291 $2,667 $2,932 Adjusted Operating Margin 46.0% 45.9% 47.6% 47.6% 47.4% 49.7% 51.6% Note: Some numbers may not foot due to rounding. 1. 2015-2017 operating and adjusted operating income have been restated to conform to the new presentation of pension accounting. Moody's | Better decisions 1Q 2021 Investor Presentation 74#75Reconciliation of Adjusted Financial Measures to U.S. GAAP (cont.) Moody's Corporation Operating Margin Guidance Reconciliation Projected Operating Margin - U.S. GAAP Depreciation & Amortization Restructuring Projected Adjusted Operating Margin Free Cash Flow Reconciliation 2021F1 Approximately 46% Approximately 4% Negligible Approximately 50% (in $ millions) 2016 2017 2018 2019 2020 2021F1 Net cash flows from operating activities $1,259 $755 $1,461 $1,675 Less: Capital expenditures 115 91 91 69 Free Cash Flow $1,144 $664 $1,370 $1,606 $2,146 103 $2,043 $2,200 $2,300 ~100 $2,100 $2,200 1. Guidance as of April 28, 2021. Moody's | Better decisions 1Q 2021 Investor Presentation 75#76Reconciliation of Adjusted Financial Measures to U.S. GAAP (cont.) Moody's Corporation Diluted EPS Reconciliation 2015 2016 2017 2018 2019 Diluted EPS - U.S. GAAP $4.63 $1.36 $5.15 $6.74 $7.42 2020 $9.39 2021F1 $10.40 $10.70 Legacy Tax (0.03) Impact of Litigation Settlement $3.59 Captive insurance company settlement $0.06 ICRA Gain FX gain on liquidation of a subsidiary Restructuring CCXI Gain ($0.18) $0.04 $0.19 $0.23 $0.20 ~$0.02 ($0.31) Acquisition-Related Expenses $0.10 $0.03 $0.02 Purchase Price Hedge Gain ($0.37) Acquisition-Related Intangible Amortization $0.11 $0.13 $0.23 $0.40 $0.42 $0.51 ~$0.58 Expenses Loss pursuant to the divestiture of MAKS $0.07 $0.05 Impact of U.S. tax reform $1.28 ($0.30) Net Impact of U.S./European tax change on ($0.01) deferred taxes Increase to non-U.S. UTPs $0.33 Tax charge pursuant to the divestiture of MAKS Adjusted Diluted EPS 1. Guidance as of April 28, 2021. Note: Table may not sum to total due to rounding. Moody's | Better decisions $0.07 $4.71 $4.94 $6.07 $7.39 $8.29 $10.15 $11.00 $11.30 1Q 2021 Investor Presentation 76#77MOODY'S Better decisions Investor Relations ir.moodys.com [email protected] moodys.com#78© 2021 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved. CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH CURRENT OPINIONS. MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. 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Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively. MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000. MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. 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