#1MOODY'S Decode risk. Unlock opportunity. Institutional Investor 2022 GLOBAL FIXED INCOME RESEARCH #1 BEST CREDIT RATING AGENCY MOODY'S RiskTech 1002023 #1 M I 2Q 2023 Investor Presentation May 18, 2023#2Disclaimer Certain statements contained in this document are forward-looking statements and are based on future expectations, plans and prospects for Moody's business and operations that involve a number of risks and uncertainties. Such statements involve estimates, projections, goals, forecasts, assumptions and uncertainties that could cause actual results or outcomes to differ materially from those contemplated, expressed, projected, anticipated or implied in the 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 document are made as of the date hereof, and Moody's 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, Moody's is identifying certain factors that could cause actual results to differ, perhaps materially, from those indicated by these forward-looking statements. These factors, risks and uncertainties include, but are not limited to: the impact of current economic conditions, including capital market disruptions, inflation and related monetary policy actions by governments in response to inflation, on worldwide credit markets and on economic activity, including on the volume of mergers and acquisitions, and their effects on the volume of debt and other securities issued in domestic and/or global capital markets; the uncertain effectiveness and possible collateral consequences of U.S. and foreign government initiatives and monetary policy to respond to the current economic climate, including instability of financial institutions, credit quality concerns, and other potential impacts of volatility in financial and credit markets; the global impact of the Russia/Ukraine military conflict on volatility in world financial markets, on general economic conditions and GDP in the U.S. and worldwide, on global relations and on the Company's own operations and personnel; other matters that could affect the volume of debt and other securities issued in domestic and/or global capital markets, including regulation, increased utilization of technologies that have the potential to intensify competition and accelerate disruption and disintermediation in the financial services industry, as well as the number of issuances of securities without ratings or securities which are rated or evaluated by non-traditional parties; 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, tax agreements and trade barriers; the impact of MIS's withdrawal of its credit ratings on countries or entities within countries and of Moody's no longer conducting commercial operations in countries where political instability warrants such action; concerns in the marketplace affecting our credibility or otherwise affecting market perceptions of the integrity or utility of independent credit agency ratings; the introduction or development of competing products or technologies; 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 our rating opinions, as well as any other litigation, government and regulatory proceedings, investigations and inquiries to which Moody's may be subject from time to time; provisions in 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; uncertainty regarding the future relationship between the U.S. and China; the possible loss of key employees and the impact of the global labor environment; failures or malfunctions of our operations and infrastructure; any vulnerabilities to cyber threats or other cybersecurity concerns; the timing and effectiveness of our restructuring programs, such as the 2022 - 2023 Geolocation Restructuring Program; currency and foreign exchange volatility; the outcome of any review by controlling tax authorities of Moody's global tax planning initiatives; exposure to potential criminal sanctions or civil remedies if Moody's fails to comply with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which Moody's 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, such as our acquisition of RMS, or other business combinations and the ability of Moody's to successfully integrate acquired businesses; 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 described in greater detail under "Risk Factors" in Part I, Item 1A of Moody's annual report on Form 10-K for the year ended December 31, 2022, 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. Forward-looking and other statements in this document may also address our corporate responsibility progress, plans, and goals (including sustainability and environmental matters), and the inclusion of such statements is not an indication that these contents are necessarily material to investors or required to be disclosed in the Company's filings with the Securities and Exchange Commission. In addition, historical, current, and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 2#31 Moody's Overview#4Table 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. Appendix Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation#5Our Company MA Moody's Analytics Financial intelligence and analytical tools supporting customers' growth, efficiency and risk management objectives Solutions address customers' diverse needs Extending brand into new markets and deepening customer relationships MCO MIS Moody's Corporation Global provider of integrated perspectives on risk, including credit rating opinions, analytical solutions and insights, that empower organizations to make better, faster decisions Revenue of $5.5 billion Adjusted Operating Income of $2.3 billion Adjusted Operating Margin¹ MA MIS 28.8% 51.3% Moody's Investors Service ΟΞ Delivering independent credit rating opinions and related information for over 100 years Proven ratings accuracy and deeply experienced analysts Expanded sales and marketing activities in Commercial group Note: Financial data for the trailing twelve months ended June 30, 2023. 1. Refer to the Appendix for reconciliations between all adjusted measures mentioned throughout this presentation and U.S. GAAP. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation LO 5#6Helping Customers Accelerate Value Creation in an Era of Exponential Risk Research Data Ratings & Insights & Information Moody's Agency of Choice Premier fixed income research business Unparalleled database on companies & credit Decision Solutions Banking | Insurance | KYC SaaS businesses serving mission-critical Banking, Insurance and KYC workflows We help Banks, Insurers, Investors, Corporations and Governments What do we do? Issue, Originate, Select & Underwrite How do we do this? Identify, Measure, Monitor & Manage Risk Verify, Comply, Plan & Report Leveraging an unrivaled set of data, analytics & domain expertise across Credit Companies Properties Securities Note: KYC = Know Your Customer | SaaS = Software as a Service | ESG = Environmental, Social & Governance. Moody's | Decode risk. Unlock opportunity. People Economies Climate ESG 2Q 2023 Investor Presentation 6#7Providing Integrated Perspectives on Risk Selection of use cases addressable by Moody's solutions Transfer pricing ไป Weather and natural disaster analysis A Supply chain management and trade credit $40B + Current Addressable Market Helping customers make better decisions Fixed income investing Regulatory and accounting compliance TILD لس Curated Data Analytics & Insights Commercial lending B KYC and financial crime monitoring Curated Data Entities 460M+ public & private entities Economies 560M+ economic, financial and demographic time series Securities ~$73T rated debt Properties 20M+ commercial properties Physical Risk Insurance and actuarial analysis Asset and liability management Sustainable investing Commercial real estate analysis People 17M+ 3M+ risk profiles scores on global facilities Note: KYC = Know Your Customer. 1. Figures shown are as of June 30, 2023. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 7#82 Financial Overview#9Moody's Corporation Financial Profile 2Q 2023 TTM Revenue: $5.5 billion 48% Non-U.S. 52% U.S. 29% Transaction 71% Recurring DS 24% PPIF MA1 8% R&I MIS2 FIG 15% 9% SFG D&I 7% 13% CFG 23% Full Year 2023 Guidance³ Revenue Operating Expenses Operating Margin Adjusted Operating Margin Interest Expense, Net Effective Tax Rate 1. Percentages may not sum to 100% due to rounding. Increase in the high-single-digit percent range Increase in the mid-single-digit percent range Approximately 37% 44% - 45% $260 $280 million 16% - 18% Diluted EPS Adjusted Diluted EPS Operating Cash Flow Free Cash Flow Share Repurchases $8.70 - $9.20 $9.75 $10.25 $1.9 $2.1 billion $1.6 $1.8 billion Approximately $500 million 2. Percentages may not sum to 100% due to rounding. Includes MIS Other, <1%; MIS Other consists of financial instruments pricing services in the Asia-Pacific region, ICRA non-ratings revenue, and revenue from professional services. 3. Guidance as of August 3, 2023. Refer to Table 10 - "2023 Outlook" in the press release titled "Moody's Corporation Reports Results for Second Quarter 2023" from July 25, 2023, for a complete list of guidance, reconciliations between adjusted measures and U.S. GAAP, as well as assumptions used by the Company with respect to its guidance. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 9#10MIS: Macroeconomic Assumptions Underpinning our Full Year 2023 Outlook Macroeconomic Assumptions¹ Real GDP2 U.S.: 0.5% -1.5%; Euro area: 0.0% 1.0%; Global 1.5% - 2.5% Global benchmark rates to remain elevated, with U.S. Fed funds rate above 5%, followed by the potential for rate reductions in early 2024; U.S. high yield spreads to average ~500 bps, with periodic volatility Global high yield default rate to rise to 4.5% - 5.0% by year-end FX rates of $1.27 and $1.09 for GBP/USD and EUR/USD, respectively, for the remainder of the year Global inflation levels to continue to decline (U.S.: below 3% by year-end; large Euro area economies: 3% - 5% by year-end, with considerable variation among countries); U.S. unemployment rate to rise toward 4% by year-end Tailwinds Rates nearing their peaks for most major central banks as inflation eases ~$4T of refinancing needs between 2023 and 2026 Dry powder at private equity firms Headwinds ✗ Rising funding costs create refinancing risks for vulnerable issuers ✗ Recessionary concerns ✗ Geopolitical uncertainty, including the prolonged Russia-Ukraine military conflict Sources: Default rate and unemployment assumptions sourced from Moody's Investors Service "June 2023 Default Report", published July 18, 2023. High yield spreads, GDP and inflation assumptions as of July 25, 2023, from Moody's Investors Service. Guidance as of August 3, 2023. Refer to Table 10 - "2023 Outlook" in the press release titled "Moody's Corporation Reports Results for Second Quarter 2023" from July 25, 2023, for a complete list of guidance, as well as assumptions used by the Company with respect to its guidance. 1. 2. GDP represents rate of change in real GDP. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 10#11Medium-Term Guidance with 2022 Base Year¹ MCO Revenue MA Revenue MIS Revenue MEDIUM-TERM 2, 3 -> At least 10% growth →> →> Low-to-mid-teens % growth Low-to-mid-single-digit % growth MCO Adjusted Operating Margin →> Low-50s % range alt MA Adjusted Operating Margin ← Mid-30s % range MIS Adjusted Operating Margin -> Low-60s % range MCO Adjusted Diluted EPS →> Low-double-digit % growth Note: Medium-term guidance refers to a time period within 5 years. Growth refers to average annualized growth over the time period. As of January 31, 2023. Refer slide 72 in the Appendix for details and assumptions with respect to medium-term guidance. 1. 2. 3. Assumes no material change in effective tax rate, foreign exchange rates, leverage profile and/or capital allocation policy. Subject to available cash, market conditions, M&A opportunities and other ongoing capital allocation decisions. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 11#12Investment Criteria and Post-Acquisition Review Clear Industrial Logic Strategic fit, the most important factor, is the first screen » 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 revenue and low capital intensity Disciplined Financial Targets Long held, clear financial framework for external (and internal) investments >> IRR at above Moody's cost of capital >> >10% annual cash return yield within 3-5 years » Cash payback within 7-9 years » Adjusted EPS accretive by year 2 >> Transactions evaluated on an unlevered basis Post-Acquisition Review Disciplined and rigorous monitoring post-close » 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 substantive transactions Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 12#133 Capital Markets Overview#14Default Rates Expected to Rise Amid High Interest Rates and Tight Lending Conditions¹ Default Rates for Global Speculative-Grade Corporate Rated Issuance Speculative-Grade Corporate Default Rates by Region2 Baseline -Optimistic 14% Moderately Pessimistic Severely Pessimistic 10% Global US Europe 12% 8% 10% 8% 6% 4.1% global historical average1 4% 8.3% 6% 6.8% 4% 4.5% 4.2% 2% 2% 0% 0% 2008 2011 2014 2017 2020 2023F Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 » Global speculative-grade default rate expected to rise to 4.5% by year-end, slightly above long-term average but well below prior recessionary levels 1. Moody's rated corporate global speculative grade default historical average of 4.1% from 1983 through December 31, 2022. 2023 forecast ended December 31, 2023. Moody's Investors Service; Default Trends - Global: July 2023 Default Report, August 14, 2023. 2. Statistics are based on issuer-weighted data. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 14#15$Trillions $ Billions Following Outsized Issuance in 2020 and 2021, Refinancing Needs Remain Significant MIS-Rated Q2 Non-Financial Global Corporate Investment Grade (IG) Issuance MIS-Rated Q2 Non-Financial Global Corporate High Yield (HY) Issuance IG Bond Issuance $700 $600 $500 $400 -IG Bond Issuance Avg U.S. 10YR Treasury ----U.S. 10YR Treasury Avg HY Bond Issuance HY Bond Issuance Avg U.S. HY Spread -U.S. HY Spread Avg 6% $400 8% $300 $200 $100 $- …..l... 5% $350 7% 4% 3% $ Billions $300 6% $250 5% $200 4% $150 3% 2% $100 2% 1% $50 1% 2Q15 2Q16 2Q17 2Q18 2Q19 2Q20 2Q21 2Q22 2Q23 2Q15 2Q16 2Q17 2Q18 2Q19 2Q20 2Q21 2Q22 2Q23 ~$2.0 Four-Year U.S. and EMEA Non-Financial Corporate Refinancing Walls¹ Withdrawn Russian Debt Jan '12 Jan '13 Jan '14 Jan '15 Jan '16 Jan '17 Jan '18 Jan '19 Jan '20 Sep '20 2 Sep '21 Sep '22 1. Sources: Moody's Investors Service, Moody's Analytics and Dealogic. Amounts reflect total MIS-rated U.S. non-financial corporate bond and loan maturities, in addition to EMEA non-financial corporate and infrastructure bond and loan maturities as defined in Moody's Investors Service's refunding needs reports (2012-2022). Each bar represents four-year refunding needs. 2. In March 2022, Moody's withdrew the ratings of Russian companies, resulting in a reduction of the refinancing wall. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 15 <$0.2 -$4.0 ~$3.9#161 Refunding Needs ¹ Support MIS Long-term Fundamentals Debt Maturities: U.S. Non-Financial Corporate Bonds and Loans ($B)² $255 39 28 86 187 2023 $666 $610 291 $412 246 ■Speculative Grade Bank Loans 160 113 140 39 ■Speculative Grade Bonds ■Investment Grade 214 251 234 2024 2025 2026 Debt Maturities: EMEA Non-Financial Corporate Bonds and Loans ($B) 3 $618 $545 $499 136 $430 98 82 99 41 46 76 31 ■Speculative Grade Bank Loans ■Speculative Grade Bonds ■Investment Grade 358 371 371 383 2023 Non-financial corporates. 2024 2025 2026 » Refinancing needs remain approximately flat compared to September 2021, totaling $4T over the next four years » U.S. refunding needs remain slightly weighted towards leveraged finance issuers >> EMEA refunding needs continue to be driven by investment grade issuers 1. 2. 3. MIS-rated U.S. non-financial corporate bond and loan maturities as defined in Moody's Investors Service's refunding needs reports (2022). Total may not sum due to rounding. EMEA non-financial corporate and infrastructure bond and loan maturities as defined in Moody's Investors Service's refunding needs reports (2022). EMEA data is shown in USD, which appreciated against the EUR and GBP (the main reporting currencies) in the latest period under review. At constant 2021 exchange rates, Moody's estimates that reported EMEA debt in 2022 would be ~10% higher in USD amounts. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 16#17Debt Leverage and Interest Coverage in North America and Europe¹ Credit Metrics: North American Speculative Grade Companies Interest Coverage Debt/EBITDA EBITDA / Interest Expense 5.8x 5.0x 5.1x 5.1x 5.3x 5.3x 5.4x 5.3x 5.3x 6.0x 4.6x 4.5x 4.6x 4.8x 4.2x 4.3x 4.0x 3.1x 3.3x 3.0x 3.1x 3.0x 3.0x 3.0x 2.9x 3.0x 3.0x 2.8x 2.7x 2.6x 2.7x 2.4x 2.0x 0.0x 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Credit Metrics: EMEA Speculative Grade Companies Debt/ EBITDA EBITDA / Interest Expense Interest Coverage 5.8x 5.5x 5.6x 5.2x 5.2x 6.0x 4.6x 4.8x 4.5x 4.6x 4.8x 4.6x 4.6x 4.6x 4.2x 4.2x 4.0x 3.7x 3.5x 3.5x 3.6x 3.7x 3.4x 3.3x 3.2x 3.0x 3.0x 3.1x 3.2x 2.9x 2.6x 2.7x 2.0x 0.0x 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Moody's | Source: Moody's Investors Service. Note: Credit metrics are medians and historical figures may change due to timing differences in issuer reporting. Debt figures refer to gross debt. 1. Data as of August 16, 2023 Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 17#18Leveraged Finance Activity Driven by Refinancing and M&A Uses of Funds from USD High Yield Bonds and Bank Loans Issuance 1,2 5% 5% 6% 20% 19% 26% 3% 5% 3% 8% I 14% 26% 29% I 42% 83% 75% 75% 69% 69% 68% 50% FY 2017 FY 2018 FY 2019 FY 2020 ■Debt Refinancing FY 2021 ■M&A Other³ FY 2022 1H 2023 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. Historical data was restated on November 10, 2021, to reflect updated methodology. Percentages may not sum to 100% due to rounding. Source: Dealogic. Reported data as of June 30, 2023. 3. Other includes Shareholder Payments, Working Capital and Capital Spending. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 18#19Debt Capital Market Penetration 2022 Private Sector Capital Market Debt Securities (International & Domestic) Outstanding / GDP (%) Size of bubble reflects 2022 GDP Other Emerging Asia7 CEE/CIS² ASEAN1 0% India M.E. & Africa5 Latin America4 20% Developed Developed Asia³ North America6 China Western Europe8 40% 60% 80% 100% 120% » Debt capital markets have historically grown faster than GDP >> 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 have historically supported the development of bond markets in emerging economies; but the current higher inflation levels and tighter monetary policy will put further growth to a test Sources: International Monetary Fund World Economic Outlook as of April 2023, Bank for International Settlements as of September 2022, 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 2022 GDP in each region (U.S. dollars, current prices). Regional definitions: 1. ASEAN = Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Vietnam. 2. 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. 3. Developed Asia = Australia, Hong Kong, Japan, Macau, New Zealand, South Korea, Taiwan. 4. Latin America = Mexico, all Caribbean countries and South America. 5. M.E. & Africa = All African countries, Bahrain, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, United Arab Emirates, Yemen. 6. North America = Canada, United States. 7. Other Asia = Afghanistan, Bangladesh, Bhutan, Mongolia, Nepal, Pakistan, Sri Lanka, as well as all Oceania countries except for Australia and New Zealand. 8. Western Europe = All European countries except for those in CEE/CIS. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 19#20Private Credit Markets 2023 Issuance Factors Overview >>> Risk and sustainability Where Moody's can add value Constitutes loans, bonds, and other credit instruments issued by private companies or in private offerings >> Market has grown significantly since the 2007 - 2008 Global Financial Crisis >>> » Most direct loans are small and unrated Market has grown rapidly; remains opaque, lacking oversight and untested in current market cycle » Credit risk heightened by reduced transparency and rising leverage; industry concentrations key » Investors typically pay higher borrowing costs for execution and certainty in volatile markets » Delivering MIS insightful thought leadership through research and active market engagement » Providing private ratings and independent credit assessments on loans and/or portfolios, in addition to ratings for private credit vehicles, such as Middle Market CLOs, BDCs, feeder funds and private credit funds, in anticipation of issuers coming to the public markets in the future » Expanding MA sales pipeline for portfolio and credit analysis products (e.g., RiskCalcTM and EDF) ~$1.4 Trillion 1 Large Direct Loans Small Direct Loans Distressed Debt Special Situations Mezzanine Venture and Private Debt FOF Note: Private Debt FOF = Private Debt Fund of Funds; CLOS = Collateralized Loan Obligations; BDCs = Business Development Companies. Source: Preqin, Q4 2022 and market feedback. 1. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 20 20#214 Moody's Investors Service#22Moody's Investors Service Financial Profile 2Q 2023 TTM Revenue: $2.6 billion U.S. Non-U.S. >> 40% recurring revenue Recurring Transaction 40% 55% 60% 45% MIS Other¹ 1% Public, Project, & Infrastructure Finance 17% Corporate Finance 47% Note: Percentages may not sum to 100% due to rounding. 1. Consists of financial instruments pricing services in the Asia-Pacific region, ICRA non-ratings revenue, and revenue from professional services. Moody's | Decode risk. Unlock opportunity. » 38% recurring revenue Financial Institutions 20% Structured Finance 15% >> 55% recurring revenue >> 52% recurring revenue 2Q 2023 Investor Presentation 22 22#23Constructive Markets Underpin Guidance Uplift Investment Grade Issuance Grew in 2Q 2023 FY 2023 Issuance Guidance 1,2 Total Issuance Investment Grade High Yield Bonds Leveraged Loans Financial Institutions Public, Project and Infrastructure Finance Structured Finance (Mid-Teens %) Mid-Single-Digit % Mid-Single-Digit % Approximately flat Mid-Single-Digit % As of April 25, 2023 As of July 25, 2023 -30% ~40% 1. 2. Guidance as of August 3, 2023. Refer to Table 10 - "2023 Outlook" in the press release titled "Moody's Corporation Reports Results for Second Quarter 2023" from July 25, 2023, for a complete list of guidance, as well as assumptions used by the Company with respect to its guidance. Total issuance includes CFG, SFG, FIG and PPIF. MIS-rated issuance excludes sovereign debt issuance. Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 23#24Full Year 2023 Forecast Raised on Constructive Market Conditions Total MIS-rated Issuance 1,2 Revenue1 Increase in the mid-single-digit percentage range 3 Increase in the high-single-digit percentage range $4.2T $2.7B 2022 2023F 2022 2023F Adjusted Operating Margin 1 51.8% 2022 55% -56% 2023F >> Strong 2Q performance and the improved full-year outlook reflect reduced market uncertainty around banking sector stress and the U.S. debt ceiling » Disciplined expense management: balancing operational efficiency with adequacy of resources to deliver quality mandates and ratings >> Now projecting 500 to 600 first-time mandates for full year 2023 Guidance as of August 3, 2023. Refer to Table 10 - "2023 Outlook" in the press release titled "Moody's Corporation Reports Results for Second Quarter 2023" from July 25, 2023, for a complete list of guidance, as well as assumptions used by the Company with respect to its guidance. Total issuance includes CFG, SFG, FIG and PPIF. MIS-rated issuance excludes sovereign debt issuance. Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle. 1. 2. 3. Moody's A previously posted version incorrectly showed billion instead of trillion. | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 24#25MIS Long-term Revenue Growth Drivers Intact Long-term Growth Building Blocks Economic Expansion1 >> GDP growth drives demand for debt capital to fund business investments » Refinancing needs support future supply 2% -3% + 000 Value Proposition » Proven rating accuracy and deeply experienced analysts » Mix of issuers and opportunistic issuance + 3% -4% Cyclical Headwinds & Tailwinds Inflation Developing Capital Markets » Bank system capacity remains constrained » Deepening participation in developing markets » Meeting customers' evolving risk assessment demands, including ESG & Climate and Cyber 1% - 2% GDP Geopolitical Environment Interest rates Contraction Expansion Adverse Cooperative High <+> Within Central Volatile Stabilized Note: Long-term growth building blocks presented on this slide are on average, over time. 1. Economic expansion represents rate of change in global real GDP. Moody's | Decode risk. Unlock opportunity. Bank range Default rate Expected <+> Currently low to rise 2Q 2023 Investor Presentation 25 25#26The 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 S € 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 transparency by issuers 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 19 Responsive to investor demand » Moody's is identified as the agency that best meets future needs for more than half its users globally1 1. 2021 Moody's Investor Perception Study. 2. Based on an independent study performed by BDO in June 2022 on a snapshot of data from January 31, 2022, which shows that a five-year $500M bond with a Moody's credit rating (when rated at the same level as S&P and/or Fitch) has an -13% lower Option Adjusted Spread (OAS), which results in a savings of ~65 basis points per year. The study only applied to corporate bonds and not to sovereign/quasi-sovereign/municipal or structured finance bonds. Many factors go into the pricing of a bond. OAS is the measurement of the credit spread of a fixed- income security rate and the risk-free rate of return (Treasury yields), adjusted for embedded options. 3. 2022 Moody's Global Intermediary Study conducted by Naxion. Planning and budgeting » Moody's research and analytics may help issuers when formulating internal capital plans and funding strategies » An independent study has shown that adding a Moody's credit rating may lead to a reduction in borrowing costs² Analytical capabilities » Moody's is held in high regard and responsiveness among global ratings advisors, given analysts' seniority and expertise, and their willingness to have a dialogue around a credit ³ Moody's | Decode Risk. Unlock Opportunity. 2Q 2023 Investor Presentation 26 26#27Illustrative Impact of Adding a Moody's Credit Rating NOT RATED BY MOODY'S $500,000,000 1.20% 500 6.20% = $31,000,000 5 years = $155,000,000 Example: 5-year $500 million corporate bond Bond 5-Yr US Treasury Bond Rate Option Adjusted Spread (bps) 1 Interest Rate Annual Interest Payments Term Total Interest Expense over the Term RATED BY MOODY'S $500,000,000 1.20% 435 5.55% = $27,750,000 = 5 years = $138,750,000 Over $16 million in total interest expense vs. cost of rating Note: Illustrative spread differential based on an independent study performed by BDO in June 2022 on a snapshot of data from January 31, 2022, which shows that a five-year $500M bond with a Moody's credit rating (when rated at the same level as S&P and/or Fitch) has an -13% lower Option Adjusted Spread (OAS), which results in a savings of ~65 basis points per year. The study only applies to corporate bonds and not to sovereign/quasi-sovereign/municipal or structured finance bonds. Many factors go into the pricing of a bond. 1. OAS is the measurement of the credit spread of a fixed-income security rate and the risk-free rate of return (Treasury yields), adjusted for embedded options. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 27#28MOODY'S INVESTORS SERVICE - T Facts & Figures Full Year 2022 33,900+ Rated Organizations and Structured Deals -$73 trillion Total rated debt Americas EMEA Asia Pacific Total Rated Debt $41+ trillion $19+ trillion $10+ trillion 5,100+ 3,400+ Rated Organizations and Structured Deals 27,200+ 4,400+ 2,200+ Non-Financial Corporates Financial Institutions Publications 12,300+ 4,900+ 2,800+ 15,100+ 8,600+ US Public Finance Issuers Structured Finance Deals 23,600+ 16,100+ 2,300+ 5,000+ 190+ Publications globally Issuer Research Sector Research Other Reports Rating Methodologies 1,000+ Infrastructure & Project Finance Issuers 144 Sovereigns* 340+ Sub-Sovereigns People Events 46 Supranational Institutions* 1,700+ Analysts 40+ Countries/Regions 610+ Global events 51,000+ Global participants Awards & Recognition Award-winning expertise in credit ratings, research and risk analysis. For more information, visit awards.moodys.io Source: Moody's Investors Service as of January 1, 2023. Research and Events data covers the period January 1, 2022 to December 31, 2022. Publications breakdown includes "Global" which accounts for an additional 3,600+ publications. All numbers are rounded other than those marked *. 1. Regional breakdown excludes supranational debt and is rounded, therefore will not foot to the -$73 trillion. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 28#29How we Participate in Global Domestic Markets ICR Chile ICR AN AFFILIATE OF MOODY'S INVESTORS SERVICE GCR South Africa Nigeria Others Chile RATINGS Malaysia MARC MIS Emerging Markets Revenue¹ $343M Mexico MOODY'S LOCAL Argentina Brazil Peru MERIS Middle East Rating & Investors Service Egypt Midroog Israel A SUBSIDIARY OF MOODY'S ICRA A MOODY'S INVESTORS SERVICE COMPANY India Korea Investors Service South Korea AN AFFILIATE OF MOODY'S INVESTORS SERVICE $750 million China Size of domestic CRA markets 中诚信国际 CCXI MIS affiliate (majority) MIS affiliate (minority) Moody's Local Other Emerging Markets CAGR 7% $179 M 2012 2022 ■Emerging Asia Latin America ■Middle East ■CEE/CIS Africa Note: Size of pie represents the estimated total CRA revenue from domestic markets ($750 million) as of December 31, 2022. Note: In April 2022, Moody's acquired Class y Asociados S.A. Clasificadora de Riesgo (Class), a leading credit rating agency in Peru. In May 2022, Moody's acquired a majority (51%) stake in Global Credit Rating Company Limited (GCR), a leading credit rating agency in Africa. In Q2 2023, Moody's acquired SCRiesgo, a leading group of local credit rating agencies serving domestic financial markets in Central America and the Dominican Republic. 1. Includes revenue from cross border issuance. Refer to slide 19 titled "Debt Capital Market Penetration Continues" for regional definitions. Emerging Asia includes China and India. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 29#30Moody'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#315 Moody's Analytics#32Integrated Perspectives on Risk Deliver Impressive Results Leveraging Unmatched Capabilities » Extensive, Uniquely Curated, Proprietary Data >> Rich Product Development Program » World-class Sales & Distribution Force » Track Record of Successful Acquisitions Deep Market Currents » Outpacing Competitors in $30B+ Current Addressable Market¹ » Increasing Demand to Understand Risk and Resiliency » Digitization and Transformation Trends Across Industries Delivering Results 10% ARR² 90%+ Retention Rate³ 28% Adjusted Operating Margin³ Meets Rule of 40 Based on 2023F Guidance4 62 Quarters of Consecutive Revenue Growth Integrated Perspectives on Risk: Combining data, analytics and software to decode risk and unlock opportunity for customers 1. Sources: Moody's estimates, publicly available investor presentations, company annual reports, and analyst transcripts. Estimated Current Addressable Market (i.e., CAM) as of June 30, 2023. 2. ARR growth as of June 30, 2023. Refer to the Appendix for the definition of and further information on ARR. ARR excludes the impact of foreign currency translation. 3. For quarter ended June 30, 2023. 4. Rule of 40 metric calculated by adding Annualized Recurring Revenue Growth to Adjusted Operating Margin. Guidance as of August 3, 2023. Refer to Table 10 - "2023 Outlook" in the press release titled "Moody's Corporation Reports Results for Second Quarter 2023" from July 25, 2023, for a complete list of guidance, reconciliations between adjusted measures and U.S. GAAP, as well as assumptions used by the Company with respect to its guidance. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 32#33Diverse Customer Base Across Multiple Sectors1 ΩΩ 70% of the Fortune 100² 15,200+ Customers ☆ 52% of the Forbes 1,000³ 165+ Countries 1. As of December 31, 2022. 2. Based on the top 100 of Fortune Magazine's rank of 500 of the largest United States corporations by total revenue, 2022. 3. Based on the top 1,000 of 'Forbes Global 2,000 List' of the world's biggest and most powerful companies, as measured by a composite ranking for sales, profits, assets, and market value, 2022. Moody's | Decode risk. Unlock opportunity. 4,400+ Corporates 0000 2,600+ Commercial Banks 2,300 + Professional Services 1,900+ Asset Managers 900+ Insurance Companies 8900+ Real Estate Entities 600+ Educational Institutions 200+ Securities Dealers and Investment Banks 900+ Government Entities 45500+ Others 2Q 2023 Investor Presentation 33 33#34Assembling and Integrating Capabilities Lending & Origination Underwriting ESG & Climate Assessment Portfolio Mgmt. Regulatory Compliance Investment Analysis KYC Data & Information MIS Ratings Private & Public Company Data Other Proprietary Data Moody's | Decode risk. Unlock opportunity. SaaS ΑΡΙ Decision Solutions MACHINE LEARNING CUSTOMER CENTRICITY Enabling customers to perform critical business activities with confidence Economic Forecasts & Models Research & Insights Models & Analytics Note: API = Application Programming Interface; SaaS = Software as a Service; KYC = Know Your Customer. Research 2Q 2023 Investor Presentation 34#35Data & Information Snapshot Raw ingredients for unique insights Create and aggregate extensive data from multiple sources Data Sets Include Data feeds from the MIS ratings process Standardize, cleanse and curate data Distribute through cloud- based platforms, APIs and other web interfaces Firmographic data on 460M+ public and private entities 45M+ private firms with financial statements 1.7B+ entity ownership and hierarchical links Curated real-time multimedia news with ~800K articles screened each day, enriched with entity, category and other signal data Curated Data + Expertise Better Decisions Note: API = Application Programming Interface. Financial data for the trailing twelve months ended June 30, 2023. 1. Growth refers to average Annualized Recurring Revenue growth ending June 30, 2023. 2. On September 6, 2023, trailing twelve months retention rate figure updated to reflect correct rate as of June 30, 2023. S ୭ Moody's | Decode Risk. Unlock Opportunity. $740m Revenue 9% ARR Growth1 ()) ())))) 100% Recurring Revenue 93% Retention Rate² 2Q 2023 Investor Presentation 35#36Research & Insights Snapshot Generating actionable insights Model and measure risks related to credit, financial, climate, operational, cyber and others Forecast and benchmark micro and macroeconomic implications Provide valuable insights and opinions that inform global decision makers Capabilities Include Economic forecasts and scenarios (including climate-conditioned forecasts) based on 560M+ data series Credit scores on 460M+ companies and ESG scores on ~300M companies globally Credit risk performance for 150M+ mortgages, leveraging 7B+ data points Curated Data + Expertise Better Decisions Note: Financial data for the trailing twelve months ended June 30, 2023. 1. 2. On September 6, 2023, this figure was updated to correctly reflect the reclassification of certain immaterial revenue relating to structured finance solutions from the Decision Solutions LOB to the Research & Insights LOB. Growth refers to average Annualized Recurring Revenue growth ending June 30, 2023. Moody's | Decode Risk. Unlock Opportunity. Sil $838m Revenue¹ 9% ARR Growth 2 ()) ())))) 98% Recurring Revenue¹ 95% Retention Rate 1 2Q 2023 Investor Presentation 36 36#37Integrate and connect data, research and analytics for enriching customer applications Build and support software for specific customer workflows Embedded components in external ecosystems Decision Solutions Snapshot Integrating best-in-class data and analytics Solutions Include Note: Financial data for trailing twelve months ended June 30, 2023. 1. 2. On September 6, 2023, this figure was updated to correctly reflect the reclassification of certain immaterial revenue relating to structured finance solutions from the Decision Solutions LOB to the Research & Insights LOB. Growth refers to average Annualized Recurring Revenue growth ending June 30, 2023. Screening & Insights Select Use Cases Know Your Customer Curated Data + Expertise Lending & Origination Portfolio Management Insurance underwriting Asset liability management Better Decisions Moody's | Decode Risk. Unlock Opportunity. Sil $1,305m Revenue¹ 10% ARR Growth 2 ()) ())))) 88% Recurring Revenue 92% Retention Rate 2Q 2023 Investor Presentation 37#38Strong Execution Enables Consistent Revenue Growth Exceptional value creation - revenue has more than tripled since inception $3,000 00 2022 Revenue: $2,769M - 2008 2022 CAGR: $2,500 $2,000 $1,500 $1,000 $500 +12% (-60% organic) CAGR 12% $0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2021+ » Acquired RMS, the world's leading provider of climate and natural disaster risk modeling Introduced new reporting structure (Decision Solutions, Research & Insights and Data & Information) to provide greater insight and transparency 2007 » Moody's Analytics (MA) founded Established risk assessment » franchise with banks and insurance companies 2010-2016 >>> Continued to develop and enhance Moodys.com » Expanded economic data and modeling capabilities >>> Created a chassis for MA integration and growth Invested to expand CRE capabilities 2017-2020 » Acquired private entity data - largest database of private companies » >>> Combined private entity data with profiles on politically exposed persons to form top tier KYC solutions >>> >> Extended ALM franchise into pensions market >>> Divested MAKS to focus on data and analytics products Note: ALM = Asset Liability Management; KYC = Know Your Customer; MAKS = Moody's Analytics Knowledge Solutions. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 38#39Recurring Revenue Growth Drives Margin Expansion TTM Recurring And Transaction Revenue Recurring Transaction -16% Recurring Revenue CAGR 88% 84% 81% 2Q18 2Q19 2Q20 (92%) 2Q21 Adjusted Operating Margin¹ Recurring % 94% 93% 2Q22 2Q23 26.4% 2018 +~410bps 30.0% to 31.0% 2023F 1. Guidance as of August 3, 2023. Refer to Table 10 - "2023 Outlook" in the press release titled "Moody's Corporation Reports Results For Second Quarter 2023" from July 25, 2023, for a complete list of guidance, reconciliations between adjusted measures and U.S. GAAP and assumptions used by the Company with respect to its guidance. Refer to the Appendix for reconciliations between all adjusted measures mentioned throughout this presentation and U.S. GAAP. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 39#40Building on a Foundation of Strong Customer Retention First Half 2023 Full Year 2022 Full Year 2021 Full Year 2020 93% 6% 7% 106% Retained Base Upgrades and Price New Sales Business Base 94% 8% 9% 111% Retained Base1 Upgrades and Price New Sales Business Base 95% 7% 9% 111% Retained Base Upgrades and Price New Sales Business Base 93% Retained Base 7% Upgrades and Price 10% New Sales 110% Business Base Note: The sales growth attributions presented on this slide are on a constant currency basis. Upgrades reflect amendments to existing customer contracts. New Sales reflect new contracts with new and existing customers. 1. Retention rates exclude data related to acquisitions of RMS (prior to October 2022), kompany (prior to January 2023), ZM Financial (prior to April 2023) and RealXData (prior to June 2023). Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 40 40#41MA: Full Year 2023 Guidance¹ ARR1 Revenue1 Increase in the low-double-digit percent range 10% growth $2.8B YE 2022 Growth YE 2023F Growth 2022 Increase by approximately 10% Adjusted Operating Margin 1 30.2% 30% -31% 2023F 2022 2023F >> MA's products and solutions are deeply embedded in our customers' workflows, delivering attractive retention rates and double-digit ARR growth » Continued investments in sales and product development, including a strategic acceleration of innovation related to Al, will support future growth 1. Guidance as of August 3, 2023. Refer to Table 10 - "2023 Outlook" in the press release titled "Moody's Corporation Reports Results for Second Quarter 2023" from July 25, 2023, for a complete list of guidance, as well as assumptions used by the Company with respect to its guidance. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 41#42Accelerating Revenue Growth Medium-Term Revenue Target Drivers New Product Development 89 Increased Distribution Capacity Strong Customer Retention Rates Within 5 years¹ Low-to-mid-teens % Total Revenue CAGR ☑ Note: SaaS = Software as a Service. 1. As of January 31, 2023. Refer to slide 72 in the Appendix for details and assumptions with respect to medium-term guidance. Moody's | Decode risk. Unlock opportunity. B Cross-selling, Upgrades & Pricing Continued SaaS Transition 2Q 2023 Investor Presentation 42#43Decision Solutions: Integrating Content and Capabilities Across Moody's Workflow solutions that address key customer use cases Banking | Key Use Cases >> Lending » Risk & Capital Management Asset Liability Management >> Finance & Planning ~ Insurance » Underwriting » Risk & Capital Management » Regulatory Reporting KYC » Onboarding, Perpetual Screening & Monitoring Customers - Suppliers Recent Product Launches CreditLens CRE Climate on Demand Pro - Other Third Parties Pass Fort Lifecycle ↓ | » Digitization & automation across financial services » Heightened focus on managing third party risks Growth Drivers » Evolving regulatory environment around risk management & disclosure » Financial quantification of risks, including climate, cyber, etc. Technology SaaS platforms | Al enablement | Integrating APIs Note: SaaS = Software as a Service. Al = Artificial Intelligence. API = Application Programming Interface. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 43#44Banking Customer Spotlight: Workflow Solutions that Combine Data, Analytics, and Software USE CASES Lending >> Customer Verification (KYC/KYS) Case Study: A North American Bank Broaden Workflow Solution Software Workflow Solution Models Workflow Solution Data » Customer Acquisition » Customer Onboarding » Credit Decisions » Loan Monitoring Risk & Capital Management >> Credit >> Liquidity >> Capital » Asset-Liability » Risk Appetite Finance & Planning » Asset Liability / Balance Sheet Management » Stress Testing >> Loss Allowances » Regulatory Capital $0.5m » Budgeting & Planning Models Deepen Software Models Data 5x Initial ARR² 35% Research & Insights 65% Decision Solutions 1. CECL = Current Expected Credit Losses. 2019 Relationship 2020-2021 CECL1 2022 Lending 2022 Stress Testing Current Relationship 2. ARR reflects 2022 values, including price increases from 2019-2022. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 44 % of Current Relationship#45Insurance Customer Spotlight: Integrating Data, Analytics and Software to Deliver Workflow Solutions Case study: Leading Global Insurer USE CASES Underwriting » Risk Selection >> Risk Pricing » Portfolio Risk Exposure Management Risk & Capital Management » Balance Sheet Forecasting » Market, Credit, Liquidity Risk » Investment & Reinsurance Strategy Finance & Reporting » Actuarial Valuation & Reserving » Analytics for Financial Statements » Sustainability Analytics for Financial Reporting $15M1 $30M1 82% Decision Solutions 10% Research & Insights 8% Data & Information 2018 Underwriting Finance & Reporting Risk & Capital Management Current Relationship % of Current Relationship 1. Refers to trailing twelve months recurring sales growth from December 31, 2018, to June 30, 2023. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 45#46Delivering Award-Winning Solutions for Insurance Customers with Significant Expansion Opportunity from Cross-Selling (*) Average number of MA product families¹ used by 900+2 Insurance customers Insurance Analytics 252023 Overall Winner Bottom 800+ Customers InsuranceERM Americas Awards 2023 Winner Catastrophe risk modelling solution of the year INSURANCE ASSET RISK AMERICAS AWARDS 2022- Winner Climate risk initiative of the year 1. Refers to the average number of related products. As of June 30, 2023. 2. As of December 31, 2022. Moody's | Decode risk. Unlock opportunity. Following 90 1-2 Product Families Customers 4-5 Product Families Top 10 Customers 6-7 Product Families 2Q 2023 Investor Presentation 46#47RMS: Driving Strong Results through Innovation and Integration Uct Nov D Continued Focus on P&C Insurance Market » Announced Open Modeling Engine and an exclusive partnership with Nasdaq to integrate 3rd party models in the IRP » Converted over 100 customers to SaaS- >>> based Intelligent Risk Platform (IRP) Launched European windstorm - first major catastrophe model in high- definition format; North Atlantic hurricane model update in 3Q Expanding via Cross-sell to Existing Customers » Doubled the rate of cross- sales compared to 1Q221, increasing share of wallet with RMS customers with range of Moody's suite of solutions for key use cases (e.g., KYC and master data management) Expanding Climate Capabilities to New Markets » Deployed Climate on Demand on RMS' IRP targeting banks, asset » owners/managers and CRE customers Launched quantification of financial loss from Physical Climate Risk in Climate on Demand Pro » Expanding coverage of Climate Risk to banks and other sectors via Advisory projects Targets Delivering New Synergistic Solutions » Launched ESG underwriting solution, integrating company data with ESG indicators and scores to help P&C insurers enhance risk assessment in underwriting workflows » Integrating ESG analytics into the Exposure IQ app (on the IRP) » Integrating CRE data into RMS' property database to enhance commercial property underwriting capabilities ४ Achieved Strong customer retention, 93% in 2022 6% sales growth in 2022² Accretive to FY 2022 adjusted diluted EPS (two years ahead of target) High-single-digit On Track sales growth target for 2023² Incremental $150M revenue by 20253 1. 2. 3. As of 1Q 2023. Includes synergies. Guidance as of April 25, 2023. Run rate revenue. Guidance as of August 5, 2021. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 47#48SEE Appendix 9#49Corporate Finance: Revenue and Issuance¹ $700 $600 Revenue²: Mix by Quarter ■Other3 Investment Grade Speculative Grade Bank Loans $500 $ Millions $157 $400 $145 $124 $113 $124 $59 $68 $300 $82 $64 $39 $72 $47 $32 $46 $43 $31 $200 $102 $105 $98 $114 $21 $68 $17 $115 $94 $67 $45 $100 $167 $156 $158 $151 $151 $142 $148 $150 $157 $0 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 Revenue 2: Mix by Year 3 ■■■ Other ■Investment Grade ■Speculative Grade Bank Loans $2,500 $2,000 $606 $287 $ Millions $1,500 $313 $352 $411 $349 $379 $275 $1,000 $204 $254 $258 $254 $175 $636 $108 $183 $439 $181 $301 $271 $379 $294 $500 $305 $262 $421 $425 $488 $554 $547 $582 $631 $592 $0 2015 2016 2017 2018 2019 2020 2021 2022 1. Note: Debt issuance categories do not directly correspond to Moody's revenue categorization. Total estimated market issuance, unless otherwise noted. 2. 3. 4. $ Billions Issuance 4: Mix by Quarter ■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 $800 $78 $600 $193 $48 $42 $32 $27 $36 $149 $85 $64 $400 $209 $77 $111 $67 $22 $53 $134 $72 $103 $22 $52 $31 $200 $38 $38 $28 $305 $359 $24 $21 $366 $311 $263 $233 $201 $188 $179 60 $0 T T T 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 Issuance: Mix by Year ■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 $3,000 $118 $229 $365 $247 $144 $ Billions $2,000 $120 $638 $204 $425 $676 $590 $414 $354 $601 $472 $426 $679 $329 $311 $117 $304 → $1,000 $204 $150 $1,768 $1,120 $1,192 $1,271 $1,419 $1,074 $1,211 $928 $0 2015 2016 2017 2018 2019 2020 2021 2022 Historical data has been adjusted to conform with current information and excludes intercompany revenue. The revenue reclassification of REITs to Corporate Finance from Structured Finance is reflected starting from 1Q 2018. Other includes monitoring, commercial paper, medium term notes and ICRA. Sources: Moody's Analytics, Dealogic. U.S. and Non-U.S. Speculative-Grade Bank Loans represent only Moody's rated speculative-grade bank loans. Non-U.S. Speculative-Grade Bank Loan Origination data available starting in 2016. Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 49#50Corporate Finance: Revenue Revenue: Distribution by Geography ■Non-U.S. ■U.S. 63% 68% 66% 66% 66% 65% 63% 68% 66% 69% 65% 37% 32% 34% 34% 34% 35% 37% 32% 34% 31% 35% 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 1Q23 2Q23 Revenue¹: Distribution by Recurring vs. Transaction ■Transaction ■Recurring 22% 25% 23% 28% 30% 38% 39% 35% 35% 45% 50% 78% 75% 72% 77% 70% 62% 61% 65% 65% 55% 50% 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 1Q23 2Q23 Revenue¹: Distribution by Product 2 ■ Other ■Investment Grade ■Speculative Grade ■Bank Loans 29% 30% 28% 29% 27% 22% 17% 17% 22% 17% 19% 8% 7% 9% 10% 9% 13% 9% 18% 23% 17% 14% 20% 24% 21% 23% 32% 26% 27% 22% 22% 19% 21% 58% 47% 51% 47% 42% 43% 30% 32% 36% 30% 36% 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 1Q23 2Q23 Note: Percentages have been rounded and may not total to 100%. 1. 2. Historical data has been adjusted to conform with current information and excludes intercompany revenue. Other includes monitoring, commercial paper, medium term notes and ICRA. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 50 50#51$ Millions $ Millions Financial Institutions: Revenue and Issuance 1 Revenue²: Mix by Quarter ■Banking Insurance ■Managed Investments Other $180 $160 $3 $2 $3 $3 $140 $8 $3 $13 $3 $3 $4 $6 $10 $7 $120 $38 $5 $33 $8 $3 $31 $9 $33 $35 $100 $34 $24 $6 $31 $24 $80 $60 $101 $105 $96 $40 $89 $93 $100 $97 $76 $79 $20 $0 T 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 Revenue 2: Mix by Year ■Banking Insurance ■Managed Investments Other $700 $10 $600 $10 $36 $13 $500 $13 $12 $28 $145 $13 $25 $28 $400 $9 $10 $22 $25 $137 $119 $113 $16 $17 $102 $114 $300 $96 $102 $200 $411 $300 $290 $320 $355 $337 $100 $244 $240 $0 2015 2016 2017 2018 2019 2020 2021 2022 $ Billions $ Billions $700 Issuance³: Mix by Quarter ■Global Speculative Grade Financial Corporate Bonds ■Global Investment Grade Financial Corporate Bonds $600 $20 $500 $30 $27 $17 $400 $9 $35 $12 $21 $12 $300 $542 $482 $200 $385 $391 $316 $347 $292 $330 $282 $100 $0 T T 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 Issuance³: Mix by Year ■Global Speculative Grade Financial Corporate Bonds ■Global Investment Grade Financial Corporate Bonds $2,000 $1,600 $118 $52 $183 $136 $112 $74 $98 $121 $1,200 $800 $1,388 $1,500 $1,194 $1,187 $1,232 $1,248 $1,207 $1,177 $400 60 $0 1. Total estimated market issuance, unless otherwise noted. 2. Historical data has been adjusted to conform with current information and excludes intercompany revenue. 3. Sources: Moody's Analytics, Dealogic. Debt issuance categories do not directly correspond to Moody's revenue categorization. Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle. On 25 August 2023, the issuance mix for 2Q23 was updated. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 2015 2016 2017 2018 2019 2020 2021 2022 5 51#52Financial Institutions: Revenue Revenue¹: Distribution by Geography ■Non-U.S. ■U.S. Revenue¹: Distribution by Recurring vs. Transaction ■Transaction ■Recurring 41% 46% 46% 46% 48% 43% 50% 47% 45% 44% 50% 47% 46% 50% 47% 53% 51% 50% 55% 62% 58% 57% 54% 54% 54% 52% 59% 57% 50% 53% 55% 56% 50% 53% 54% 50% 53% 47% 45% 49% 50% 42% 43% 38% 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 1Q23 2Q23 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 Revenue¹: Distribution by Product T 4Q22 FY22 1Q23 2Q23 ■Banking ■Insurance ■Managed Investments Other 2% 1% 2% 2% 2% 2% 3% 3% 3% 2% 2% 9% 5% 5% 6% 4% 6% 6% 7% 6% 4% 7% 22% 25% 23% 24% 26% 19% 22% 23% 23% 24% 25% 67% 69% 70% 68% 68% 73% 70% 64% 69% 70% 67% 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 1Q23 2Q23 Note: Percentages have been rounded and may not total to 100%. 1. Historical data has been adjusted to conform with current information and excludes intercompany revenue. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 52 52#53$ Millions Public, Project and Infrastructure: Revenue and Issuance¹ Revenue2: Mix by Quarter ■Public Finance and Sovereign ■■ Project & Infrastructure Finance $150 Issuance³: Mix by Quarter ■Long-Term Rated U.S. Muni Bonds ■Rated Global Project & Infrastructure Finance Bonds $200 $100 $67 $69 $65 $65 $67 $77 $73 $48 $54 $ Billions $150 $73 $65 $91 $93 $61 $76 $111 $59 $100 $77 $50 $50 $103 $103 $96 $63 $92 $92 $61 $53 $58 $81 $55 $44 $52 $54 $62 $91 $67 $40 $0 $0 T 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 Revenue 2: Mix by Year ■Public Finance and Sovereign ■Project & Infrastructure Finance $600 $500 $ Millions $400 $246 $277 $300 $188 $213 $224 $234 $174 $206 $200 $100 $202 $225 $218 $222 $250 $244 $185 $197 $0 2015 2016 2017 2018 2019 2020 2021 2022 1. 2. Note: Debt issuance categories do not directly correspond to Moody's revenue categorization. Total estimated market issuance, unless otherwise noted. Historical data has been adjusted to conform with current information and excludes intercompany revenue. 3. $ Billions ■Long-Term Rated U.S. Muni Bonds Issuance 3: Mix by Year ■Rated Global Project & Infrastructure Finance Bonds $800 $600 $321 $207 $266 $274 $243 $303 $400 $220 $200 $364 $408 $384 $413 $292 $339 $398 $328 $0 2015 2016 2017 2018 2019 2020 2021 2022 Sources: Moody's Corporation, Refinitiv, Thomson Reuters. Global Rated Project & Infrastructure Finance available starting in 2016 and represents Moody's rated issuance. Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 53 33#54Public, Project and Infrastructure: Revenue Revenue¹: Distribution by Geography ■Non-U.S. ■U.S. Revenue¹: Distribution by Recurring vs. Transaction ■Transaction ■Recurring 32% 32% 34% 32% 36% 33% 33% 34% 39% 46% 45% 61% 58% 60% 58% 61% 64% 62% 60% 62% 59% 65% 68% 68% 66% 68% 64% 67% 61% 67% 66% 54% 55% 39% 42% 40% 42% 39% 36% 38% 40% 38% 41% 35% 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 1Q23 2Q23 . 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 1Q23 2Q23 Revenue¹: Distribution by Product ■Public Finance and Sovereign ■ Project & Infrastructure Finance 52% 53% 55% 53% 53% 55% 52% 57% 54% 60% 57% 48% 47% 45% 47% 47% 45% 48% 46% 43% 40% 43% 1Q22 2Q22 3Q22 4Q22 FY22 1Q23 2Q23 2Q21 3Q21 4Q21 FY21 Note: Percentages have been rounded and may not total to 100%. 1. Historical data has been adjusted to conform with current information and excludes intercompany revenue. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 54#55$ Millions $ Millions Structured Finance: Revenue and Issuance1 Issuance³: Mix by Quarter $200 $180 $160 Revenue²: Mix by Quarter ■ ABS ■RMBS ■CMBS Structured Credit Other ■ ABS ■RMBS ■CMBS Structured Credit $500 $400 $97 $140 $1 $120 $67 $39 $53 $57 $300 $70 $1 $100 $36 $59 $60 $32 $52 $80 $38 $23 $29 $34 $32 $31 $44 $56 $26 $27 $31 $200 $41 $122 $43 $32 $38 $38 $16 $60 $14 $19 $14 $14 $70 $92 $104 $76 $23 $24 $34 -$6 $69 $31 $40 $31 $34 $35 $42 $28 $25 $22 $21 $25 $100 $62 $49 $20 $116 $139 $107 $33 $29 $30 $32 $31 $26 $27 $27 $32 $94 $107 $81 $105 $91 $106 $0 $0 T 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 Revenue 2: Mix by Year ABS RMBS CMBS Structured Credit Other $600 $2 $2 $2 $450 42 $2 $2 $2 $4 $215 $165 $135 $122 $196 $2 $140 $148 $300 $105 $102 $140 $133 $143 $98 $78 $81 $61 $123 $150 $81 $85 $90 $98 $106 $95 $96 $91 $94 $97 $107 $99 $98 $118 $116 $0 2015 2016 2017 2018 2019 2020 2021 2022 Moody's | Decode risk. Unlock opportunity. $ Billions Issuance³: Mix by Year ■ABS ■RMBS ■CMBS Structured Credit $1,500 $258 $1,000 $189 $200 $161 $153 $136 $132 $115 $145 $145 $116 $120 $106 $352 $500 $117 $94 $88 $270 $254 $283 $284 $200 $204 $213 $292 $298 $337 $384 $464 $348 $321 $387 $0 2015 2016 2017 2018 2019 2020 2021 2022 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 (commercial mortgage-backed securities) includes commercial real estate CDOS. Structured Credit includes CLOS and CDOS. 1. 2. 3. Total estimated market issuance, unless otherwise noted. 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. Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle. 2Q 2023 Investor Presentation 55#56Structured Finance: Revenue Revenue¹: Distribution by Geography ■Non-U.S. ■U.S. Revenue¹: Distribution by Recurring vs. Transaction ■Transaction ■Recurring 34% 35% 31% 35% 35% 41% 43% 50% 52% 55% 53% 63% 69% 68% 65% 67% 67% 68% 63% 62% 59% 67% 66% 65% 69% 65% 65% 59% 57% 50% 48% 45% 47% 37% 31% 32% 35% 33% 33% 32% 37% 33% 38% 41% 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 1Q23 2Q23 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 1Q23 2Q23 38% Revenue¹: Distribution by Product ■ ABS ■RMBS ■CMBS ■Structured Credit Other 1% 1% 27% 38% 29% 40% 42% 1% 34% 33% 30% 32% 30% 14% 26% 22% 15% 21% 14% 19% 16% 18% 18% 18% 25% 23% 25% 22% 24% 23% 22% 23% 22% 22% 21% 24% 20% 19% 21% 22% 25% 26% 29% 25% 27% 31% 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 FY22 1Q23 2Q23 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 (commercial mortgage-backed securities) includes commercial real estate CDOs. Structured Credit includes CLOS and CDOS. Percentages have been rounded and may not total to 100%. 1. Historical data has been adjusted to conform with current information and excludes intercompany revenue. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 56#57$ Millions Moody's Analytics: Financial Overview Decision Solutions Research & Insights Data & Information Moody's Analytics $800 $700 Revenue: Mix by Quarter Revenue: Distribution by Line of Business Revenue: Mix by Year $3,000 $600 $500 $400 $300 T T $188 $196 31% 29% 27% 26% 26% 26% 25% 26% 26% $2,500 $178 $180 $180 $178 $176 $174 $176 $203 $205 $215 $217 29% 29% 30% 29% 29% 29% 29% $196 $203 $201 32% 34% $195 $193 $ Millions $712 $2,000 $698 $594 $812 $1,500 $772 $717 $1,000 $1,954 $1,731 $200 T $1,431 $292 $314 $294 $308 $329 $334 $334 $100 $204 $232 36% 39% 44% 45% 44% 45% 46% 45% 45% $1,234 $500 $1,150 $1,245 $768 $936 $- $- 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 2015 2016 2017 2018 2019 2020 2021 2022 Revenue: Distribution by Geography ■Non-U.S. ■U.S. Revenue: Distribution by Recurring vs. Transaction ■Transaction ■Recurring 43% 43% 44% 43% 45% 44% 45% 46% 45% 44% 44% 93% 94% 92% 93% 94% 94% 94% 94% 94% 94% 94% 57% 57% 56% 57% 55% 56% 55% 54% 55% 56% 56% 2Q21 3Q21 4Q21 FY21 7% 1Q22 2Q22 3Q22 4Q22 FY22 1Q23 2Q23 6% 2Q21 3Q21 8% 7% 6% 4Q21 FY21 1Q22 2Q22 3Q22 4Q22 6% 6% 6% 6% 6% 6% FY22 1Q23 2Q23 Note: Percentages have been rounded and may not total to 100%. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 57 40#58Awards & Accolades Recognition for our industry-leading solutions: data, research, analytics and software ΛΙ BREAKTHROUGH AWARD 2023 BEST AI-BASED SOLUTION FRAUD PREVENTION- Environmental Finance Sustainable Investment Awards 2023 Winner ESG data provider of the year-Americas ☑ Inside Market Data & Inside Reference Data Awards Winner 2023 Best Reference Data Provider/Vendor Bureau van Dijk, a Moody's Analytics Company InsuranceERM Americas Awards 2023 Winner Catastrophe risk modelling solution of the year RiskTech Buyside50 2023 Moody's Winner: Buy-side Asset Liability Management ΙΣ QuantTech 502023 MOODY'S Overall Winner QuantTech 502023 Moody's Breadth and Coverage ANALYTICS Moody's | Decode Risk. Unlock Opportunity. ΙΣ QuantTech 502023 Moody's Impact QuantTech 50 2023 Moody's Collateralized Loan Obligations (CLOS) QuantTech 502023 Moody's Al Innovation in Wholesale Banking Insurance Analytics 25 2023 Overall Winner Insurance Analytics 25 2023 Moody's Innovation Insurance Analytics 25 2023 Moody's Strategy Insurance Analytics 252023 Moody's Climate Risk Management 2Q 2023 Investor Presentation 58#59$ Millions $7,000 $6,000 Moody's Revenue and Interest Rates¹ Over Time 7.8% MIS Revenue (L) MIS Revenue Guidance MA Revenue (L) MA Revenue Guidance MCO Revenue (L) 10-yr U.S. Treasury Yield (R) 1 $5,000 $4,000 5.8% $3,000 +200bps $2,000 $1,000 $0 60 1992 1993 1994 1995 1996 1997 Moody's | Decode risk. Unlock opportunity. 1998 4.7% +180bps 6.5% +100bps +120bps 3.3% 3.0% 9% +240bps 8% 7% 6% 5% 3.9% 4% 2.3% 2% 1.8% 1.5% 1% 0.9% Source: www.treasury.gov. Note: Gray bars reflect periods of significant increases in the 10-year U.S. Treasury Yield. 1. 2. 10-year U.S. Treasury Yields are represented by end-of-period rates. Guidance as of August 3, 2023. Refer to Table 10 - "2023 Outlook" in the press release titled "Moody's Corporation Reports Results for Second Quarter 2023" from July 25, 2023, for a complete list of guidance, reconciliations between adjusted measures and U.S. GAAP, as well as assumptions used by the Company with respect to its guidance. 2022 2023F2 2Q 2023 Investor Presentation 59 0% 3%#60Maintaining Financial Flexibility through Proactive Management Bond portfolio WAC1 WAC With Hedges WAC Excluding Hedges 4.7% 4.3% 4.3% 3.9% 3.5% 4.2% 3.3% 3.3% 3.3% 3.4% 3.9% 4.0% 3.1% 3.4% 3.4% 3.3% 3.0% 2.1% 2.4% 2.4% » Well-laddered maturities; attractive long-end rates provide opportunity to optimize WAC and WAM » Strong liquidity with $2.3B in cash and short- term investments, and an undrawn $1.25B revolving credit facility² » Leverage below maximum 4.0x total debt / EBITDA covenant³ 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Balanced maturity schedule 4 $ in millions 300 USD Fixed ■USD Floating ■EUR Floating ■ EUR Fixed 800 250 500 600 300 1. WAC = Weighted Average Coupon. WAM = Weighted Average Maturity. 2014-2023, as of end of Q2 2023. 534 500 400 400 300 300 500 500 300 300 300 250 100 100 Н Н Н 2024 2025 2027 2028 2029 2030 2031 2032 2041 2044 2048 2050 2052 2060 2061 2. As of June 30, 2023. See press release titled "Moody's Corporation Reports Results for Second Quarter 2023" from July 25, 2023, for Moody's sources of capital and cash flow generation. 3. 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. 4. Certain USD denominated debt has been synthetically converted to EUR via cross-currency swaps. EUR bonds converted to USD as of June 30, 2023. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 60 60#61Disciplined Approach to Capital Management Capital Allocation Priorities Increasing Dividends Through Market Cycles $3.50 COVID-19 Recession INVESTING FOR GROWTH $3.00 $2.50 CAGR 1 Reinvestment $2.00 2001 Great Recession 17% Accelerating organic growth $1.50 Recession $1.00 2 Acquisitions $0.50 Advance global integrated $0.00 risk assessment strategy 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023F¹ RETURNING CAPITAL Leverage Anchored to BBB+ Rating Gross Leverage² 3 Dividends Net Leverage³ BBB+ threshold 2.96x Positioning as a "growth" stock 2.26x 2.50x 2.40x 4 Share Repurchases 2.30x 2.34x Mechanism to return excess cash to stockholders 1.80x 1.82x 1.50x 2019 2020 2021 2022 2023F 1. Quarterly dividend of $0.77. 2. 3. Gross leverage represents outstanding debt on the balance sheet divided by adjusted TTM EBITDA and is intended to approximate leverage as calculated by Fitch. Net leverage represents outstanding debt (net of cash) on the balance sheet divided by adjusted TTM EBITDA and is intended to approximate leverage as calculated by S&P. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 61#62Moody's Market-leading ESG & Climate Capabilities 9 High-single-digit percent growth in 20231 *()))))))) ~$190 million 2022 ESG & Climate Revenue² ESG & CLIMATE AT MOODY'S 1. Guidance as of February 23, 2023. 2. Approximate ESG & Climate revenue from Moody's Investors Service and Moody's Analytics as of December 31, 2022. Moody's | Decode risk. Unlock opportunity. » Our deep ESG & Climate domain expertise and trusted insights are integrated across our business and capabilities >> We enable customers to obtain a holistic view of their ESG & Climate risk that considers both financial and stakeholder impact. » Moody's addresses market participants' evolving use cases across key workflows and is committed to expanding and enhancing its adaptable ESG & Climate solutions by leveraging innovative technologies and user-friendly delivery platforms. » Moody's helps organizations identify, measure and manage ESG & Climate risks, including those within company supply chains and as part of regulatory reporting requirements. 2Q 2023 Investor Presentation 62#63Workflow-Driven ESG & Climate Solutions Moody's adaptable solutions help customers address evolving business needs FOUNDATIONAL ANALYSIS Conduct foundational, company & sector-level ESG risk analysis & benchmarking across all workflows ())))) egė Lending Underwriting mai Investing Disclosure & Regulation * Supply Chain Credit & Sustainable Finance Incorporate ESG data, scores and screening into credit origination and assessment, loan portfolio management and monitoring, and reporting Integrate ESG data and analytics into P&C underwriting to inform decision-making and more effectively measure insurance-associated emissions to address the PCAF accounting and reporting standard and the NZIA target setting protocol Identify, measure, and manage ESG risks as part of portfolio management to inform investment decisions Enhance disclosure and compliance with ESG regulatory reporting requirements set forth by TCFD, ISSB, EU Taxonomy, SFDR Pillar 3, and others Embed ESG capabilities within supply chain due diligence to support supplier third-party onboarding and monitoring Advance corporate sustainability objectives and compliance with regulatory reporting requirements Systematically and transparently integrate ESG factors into credit analysis and assign independent opinions on entities' sustainable financing plans Note: P&C = Property and Casualty; PCAF=Partnership for Carbon Accounting Financials; NZIA= Net-Zero Insurance Alliance, TCFD= Task Force on Climate-Related Financial Disclosures; ISSB=International Sustainability Standards Board; SFDR-Sustainable Finance Disclosure Regulation Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 63#64ESG & Climate at Moody's Snapshot¹ 35+ Years of ESG experience Pioneers of ESG analysis for over three decades, providing many ESG regulatory consultations 50+ Awards In the ESG and Climate space 10,000+ ESG Credit Impact Scores (CIS) and Issuer Profile Scores (IPS) by MIS 100% Systematic integration Of material ESG factors into MIS Credit Ratings ~300M Companies scored Via a combination of analyst- verified and modelled Moody's ESG scores ~5,000 ESG Assessments → 10,000+ Climate physical risk scores Spanning countries, sub sovereigns, companies and real assets² globally 7,500+ Companies covered For Temperature Alignment Data 600+ Second party opinions Green, Social and Sustainability Bonds and Sustainability-linked loans and bonds 3,000+ ESG-related research reports Published since 2020 99 600+ ESG and Climate-related events and speaking engagements 200+ Natural catastrophe models In 100 countries 1. Data as of December 31, 2022. 2. Real assets are physical assets that have an intrinsic worth due to their substance and properties. Real assets include precious metals, commodities, real estate, land, equipment and natural resources. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 64#65Drivers of Sustainable Corporate Value Placing sustainability at the core of the business 同向 Better Business 888 >>> Committed to net-zero by 2040: Moody's is one of the » first companies to set to have its near and long-term science-based targets validated by the SBTI >>> Ranked #1 on Forbes' Net Zero Leaders list » >>> » year >>> Selected as a member of the 2022 Dow Jones Sustainability (DJSI) World Index for the first time and DJSI North America Index for the third consecutive Joined the United Nations Global Compact's Early Adopters Program and were one of the first companies to disclose using the enhanced Communication on Progress Published the 2022 Stakeholder Sustainability report (aligned with the GRI, SASB, WEF frameworks) and the 2022 TCFD Report Published an inaugural Global Tax Policy and a Political Engagement and Public Policy Statement www. VISIT OUR SUSTAINABILITY SITE TO LEARN MORE >>> >>> Better Lives Progressed on our customer-focused diversity, equity and inclusion (DE&I) program, CORE, by becoming a founding member of the U.S. Economic Opportunity Coalition Published our consolidated U.S. EEO-1 employment data for the second consecutive year in 2022 Launched "PurposeFirst", an initiative designed to enhance employee flexibility and create opportunities for collaboration while continuing to meet our business objectives Named Best Place to Work for Disability Inclusion by the Disability Equality Index 2022 Named to Bloomberg Gender-Equality Index for Fourth Consecutive Year AMERICA'S MOST JUST COMPANIES CNBC 2023 CDP SUPPLIER ENGAGEMENT LEADER 2022 » >>> Better Solutions Expanded our Issuer Profile Scores (IPS) and Credit Impact Scores (CIS) to cover 10,000+ governments, financial institutions and corporations across sectors globally Continued to work on the integration of RMS, a leading global provider of climate and natural disaster risk modeling and analytics Collaborated with peers in the Climate Data Steering Committee to publish recommendations on the design of a new open-data utility that would make climate transition- related data openly available in a single place for the first time seramount Environmental Finance COMPANY Awards 2022 Winner Sustainability reporting of the year-Americas CDP DISCLOSURE INSIGHT ACTION A LIST 2022 CLIMATE INCLUSION INDEX InsuranceERM Americas Awards 2022 Winner Environmental Finance Sustainable Investment Awards 2022 Winner ESG data provider COMPANY Data solution of the year of the year-Europe 2022 SBTI = Science Based Targets Initiative; GRI = Global Reporting Initiative; SASB = Sustainability Accounting Standards Board; WEF = World Economic Forum; CORE: Creating Opportunities for Racial Equity program. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 65 95#66Modernizing our Internal Data & Technology Infrastructure to Further Enhance Business Capabilities DevOps » Continuing our DevOps journey within MIS and MA to promote high quality, secure solutions with optimal speed to market >> MIS quadrupled its releases by significantly reducing release times, greatly increasing productivity Integration Management Office >> Establishing and enforcing consistent and repeatable integration processes and procedures for recent and new acquisitions » Accelerating integration of people, commercial assets, and operations to maximize value delivery Finance Transformation >> Implementing a modern cloud-based ERP solution to further streamline processes >> Enterprise Performance Management (EPM) system will deliver a modern integrated financial modeling system to drive operational transformation Data Management >> Increasing data interoperability across products and solutions to assist customers' evolving needs >>Creating new data service platforms, such as Moody's Data Hub, to promote data accessibility and availability Talent Agility >> Continue to promote a diverse and inclusive culture to enable talent agility that pivots to address changing priorities » Moody's Data Science Development Program created to further our capabilities in emerging technology ...... Note: API = Application Programming Interface; ERP = Enterprise Resource Planning. 1. Measured as a percentage of annual sales for the year 2022. Moody's | Decode risk. Unlock opportunity. Cloud and Platform >> Progressing on our cloud infrastructure journey to allow "always on"; ~85% of MA solutions are in the cloud1 >> Built state of the art interoperable cloud platform with data factory and API framework to support integration of all current and future product offerings 2Q 2023 Investor Presentation 66#67Extensive Suite of Al Products and Capabilities QUIQ spread » Employs Al and Machine Learning for digitizing financial data from public and private companies in a user-friendly interface that allows an analyst to review and approve the machine output; analyst corrections are fed back into the Al model Al Review Utilizes Al and Machine Learning on our proprietary datasets to significantly accelerate and improve the quality of KYC decisions, reducing false positives by >80% and onboarding times for new customers from hours to seconds NewsEdge >>> Generates real-time signal and sentiment outputs on nearly 1 million news stories a day, expediting risk evaluation and decision-making Categorizes, indexes and databases - leveraging proprietary Machine Learning and Natural Language Processing Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 20 67#68Reconciliation of Adjusted Financial Measures to U.S. GAAP Moody's Corporation Adjusted Operating Income and Adjusted Operating Margin Reconciliation. Moody's Corporation Net Debt Reconciliation (in $ millions) Operating Income Operating Margin Add Adjustment: Depreciation & Amortization Acquisition-Related Expenses Restructuring 2018 2019 2020 2021 2022 TTM 2Q 2023 (in $ millions) 2018 2019 2020 $1,868 $1,998 $2,388 $2,844 $1,883 42.0% 41.4% 44.5% 45.7% 34.4% $1,823 Gross debt 2021 $5,676 $5,581 $6,422 $7,413 $7,389 2022 2Q 2023 $7,223 33.0% Less: Cash, cash equivalents and short- term investments 1,818 1,930 2,696 1,902 1,859 2,335 192 200 220 257 331 353 Net debt $3,858 $3,651 $3,726 $5,511 $5,530 $4,888 8 3 49 60 50 114 107 16 Captive insurance company settlement Loss pursuant to the divestiture of MAKS Adjusted Operating Income $2,117 Adjusted Operating Margin 47.6% 14 9 $2,291 $2,667 $3,101 $2,328 $2,283 47.4% 49.7% 49.9% 42.6% 41.3% Note: Some numbers may not foot due to rounding. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 68#69Reconciliation of Adjusted Financial Measures to U.S. GAAP (cont.) Moody's Corporation Diluted EPS Reconciliation 2018 2019 2020 2021 2022 2023F1 Diluted EPS - U.S. GAAP $6.74 $7.42 $9.39 $11.78 $7.44 $8.70 to $9.20 Acquisition-Related Intangible Amortization Expenses $0.40 $0.42 $0.51 $0.65 $0.83 ~$0.85 Acquisition-Related Expenses $0.03 $0.02 Restructuring $0.19 $0.23 $0.20 $0.48 ~$0.20 Impact of U.S. tax reform ($0.30) Increase to non-U.S. UTPs $0.33 Captive insurance company settlement $0.06 Tax charge pursuant to the divestiture of MAKS $0.07 Loss pursuant to the divestiture of MAKS $0.07 $0.05 Non-cash gain relating to minority investment in BitSight ($0.14) FX losses resulting from the Company no longer conducting commercial operations in Russia $0.11 Gain on extinguishment of debt ($0.29) Adjusted Diluted EPS $7.39 $8.29 $10.15 $12.29 $8.57 $9.75 to $10.25 1. Guidance as of August 3, 2023. Refer to Table 10 - "2023 Outlook" in the press release titled "Moody's Corporation Reports Results for Second Quarter 2023" from July 25, 2023, for a complete list of guidance, reconciliations between adjusted measures and U.S. GAAP, as well as assumptions used by the Company with respect to its guidance. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 69#70Reconciliation of Adjusted Financial Measures to U.S. GAAP (cont.) Moody's Corporation Operating Margin Guidance Reconciliation Free Cash Flow Reconciliation 2023F1 (in $ millions) 2018 2019 2020 2021 2022 2023F1 Projected Operating Margin - U.S. GAAP Approximately 37% Net cash flows from operating activities $1,461 $1,675 $2,146 $2,005 $1,474 $1.9 to $2.1 billion Depreciation & Amortization Approximately 6.5% Less: Capital expenditures 91 69 103 139 283 Approximately $0.3 billion Restructuring Expense Approximately 1% Free Cash Flow $1,370 $1,606 $2,043 $1,866 $1,191 Projected Adjusted Operating Margin 44% to 45% $1.6 to $1.8 billion 1. Guidance as of August 3, 2023. Refer to Table 10 - "2023 Outlook" in the press release titled "Moody's Corporation Reports Results for Second Quarter 2023" from July 25, 2023, for a complete list of guidance, reconciliations between adjusted measures and U.S. GAAP, as well as assumptions used by the Company with respect to its guidance. Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 70 70#71Annualized Recurring Revenue (ARR) The Company presents Annualized Recurring Revenue ("ARR") on a constant currency organic basis for its MA business as a supplemental performance metric to provide additional insight on the estimated value of MA's recurring revenue contracts at a given point in time. The Company uses ARR to manage and monitor performance of its MA operating segment and believes that this metric is a key indicator of the trajectory of MA's recurring revenue base. The Company calculates ARR by taking the total recurring contract value for each active renewable contract as of the reporting date, divided by the number of days in the contract and multiplied by 365 days to create an annualized value. The Company defines renewable contracts as subscriptions, term licenses, maintenance and renewable services. ARR excludes transaction sales including training, one-time services and perpetual licenses. In order to compare period-over-period ARR excluding the effects of foreign currency translation, the Company bases the calculation on currency rates utilized in its current year operating budget and holds these FX rates constant for the duration of all current and prior periods being reported. Additionally, ARR excludes contracts related to acquisitions to provide additional perspective in assessing growth excluding the impacts from certain acquisition activity. The Company's definition of ARR may differ from definitions utilized by other companies reporting similarly named measures, and this metric should be viewed in addition to, and not as a substitute for, financial measures presented in accordance with U.S. GAAP. Amounts in millions MA ARR Decision Solutions June 30, 2023 June 30, 2022 Change Growth Banking $390 $355 $35 10% Insurance 497 467 30 6% KYC 292 248 44 18% Total Decision Solutions $1,179 $1,070 $109 10% Research and Insights 843 774 69 9% Data and Information 759 695 64 9% Total MA ARR $2,781 $2,539 $242 10% Moody's | Decode risk. Unlock opportunity. 2Q 2023 Investor Presentation 71#72Key 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 Note: Growth refers to average annualized growth over the time period. Assumes full year 2022 as the base year. 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 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. 2Q 2023 Investor Presentation 72#73© 2023 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. SEE APPLICABLE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S CREDIT RATINGS. 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Unlock opportunity. 2Q 2023 Investor Presentation 73