#1MOODY'S Decode risk. Unlock opportunity. 3Q 2022 Investor Presentation November 10, 2022#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 in this release 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. Those factors, risks and uncertainties include, but are not limited to the impact of general economic conditions, including inflation and related monetary policy actions by governments in response to inflation, on worldwide credit markets and economic activity and its effect on the volume of debt and other securities issued in domestic and/or global capital markets; the global impacts of each of the crisis in Ukraine and COVID-19 on volatility in the U.S. and world financial markets, on general economic conditions and GDP in the U.S. and worldwide, on global relations and on Moody'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, credit quality concerns, changes in interest rates, inflation and other volatility in the financial markets; 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 Russian entities and of Moody's no longer conducting commercial operations in Russia; 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 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; 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, 2021, and in other filings made by Moody's 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 Moody'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 Moody's business, results of operations and financial condition. New factors may emerge from time to time, and it is not possible for Moody's to predict new factors, nor can Moody's 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. 3Q 2022 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 & Climate Solutions 7. Appendix MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 3#41 Moody's Overview#5Company Overview MOODY'S MOODY'S INVESTORS SERVICE MOODY'S ANALYTICS GE Independent provider of 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 Global integrated risk assessment firm providing credit rating opinions, analytical solutions and insights that empower organizations to make better, faster decisions Revenue of $5.7 billion Adjusted Operating Income of $2.4 billion MIS MA 52% 48% MIS MA 70% 30% Adjusted Provider of financial intelligence and analytical tools supporting our customers' growth, efficiency and risk management objectives Solutions address diverse needs and customers Extending brand into new markets and deepening customer relationships Operating Margin¹ MIS MA 53.8% 27.0% Note: Financial data for the trailing twelve months ended September 30, 2022. 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. 3Q 2022 Investor Presentation 5#6Moody's as an Integrated Risk Assessment Business Selection of Use Cases Addressable by Moody's Solutions Weather and natural disaster analysis Transfer pricing Fixed income investing Regulatory and accounting compliance بلس Insurance and actuarial analysis CURATED DATA Supply chain management and trade credit Commercial lending $40B+ Current Addressable Market CURATED DATA1 • Entities 445+ million public & private entities 888 Helping customers make BETTER DECISIONS Securities $73+ trillion rated debt + S KYC and financial crime monitoring ANALYTICS & INSIGHTS DM Sustainable investing ΟΞ Asset and liability management Commercial real estate analysis Note: KYC = Know Your Customer. 1. Figures shown are as of September 30, 2022. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. Economies M550+ million economic, financial and demographic time series Properties 20+ million commercial properties ਕੀ॥ People 16+ million risk profiles Physical risk 3+ million scores on global facilities 3Q 2022 Investor Presentation 6#72 Financial Overview#8Moody's Corporation Financial Profile 3Q 2022 TTM Revenue: $5.7 billion ■Recurring ■Transaction ■ U.S. ■Non-U.S. 35% 65% 48% 52% MIS Other<1% PPIF DS 8% 22% FIG MIS² 9% R&I MA² 13% SFG 9% D&I CFG 26% 13% Revenue Operating Expenses Operating Margin Adjusted Operating Margin4 Full Year 2022 Guidance as of October 25, 20223 >> Decline in the low-double-digit percent range >> Increase in the mid-single-digit percent range » Approximately 42% >> 34% to 35% Effective Tax Rate Diluted EPS Adjusted Diluted EPS4 Share Repurchases5 1. Consists of financial instruments pricing services in the Asia-Pacific region, ICRA non-ratings revenue and revenue from providing ESG research, data and assessments. 2. Percentages may not sum to 100% due to rounding. » 20.5% 22.5% »> $6.90 $7.20 » $8.20 $8.50 » Approximately $1.0 billion 3. Guidance as of October 25, 2022. Refer to Table 11 - "2022 Outlook" in the press release titled "Moody's Corporation Reports Results for Third Quarter 2022" from October 25, 2022, 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. 4. Refer to the Appendix for reconciliations between all adjusted measures mentioned throughout this presentation and U.S. GAAP. 5. Full year 2022 share repurchase guidance is subject to available cash, market conditions, M&A opportunities and other ongoing capital allocation decisions. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 8#9Macro Assumptions Underpinning Our Outlook¹ GDP Growth 2 1.0% 2.0% United States 1.5% 2.5% Euro area 2.0% 3.0% Global Credit Spreads Macroeconomic Assumptions¹ Benchmark rates to rise; U.S. high yield spreads to fluctuate between 500 - 600 bps, on average, with periodic volatility for the remainder of the year Inflation & Unemployment Global inflation levels to remain elevated (U.S.: 7.0% 8.0%; Euro area: 8.0% - 10.0%); U.S. unemployment rate to rise to -3.7% by year-end Default Rates Global high yield default rate to rise to 2.5% - 3.5% by year-end $ € FX Rates $1.12 and $0.98 for the remainder of the year for USD/GBP and USD/EUR FX rates, respectively TAILWINDS HEADWINDS Continued, though slowing, global GDP growth ✗ Recessionary concerns influencing consumer and business behavior ~$4T of refinancing needs between 2023 and 2026 ✗ Expectation for USD to maintain its strength throughout 2022 Investor demand remains for higher-rated credits, despite expected interest rate increases ✓ interest rate increases Global inflation at a 40-year high; hawkish Central Bank policies leading to Strong credit performance and low default rates Х Russia-Ukraine crisis impacting commodity prices, supply chains and market sentiment ✗ High cash levels on corporate balance sheets Source: Default rate and unemployment assumptions sourced from Moody's Investors Service "September 2022 Default Report", published October 19, 2022. High yield spreads, GDP and inflation assumptions as of October 25, 2022, from Moody's Investors Service. 1. Guidance as of October 25, 2022. Refer to Table 11 - "2022 Outlook" in the press release titled "Moody's Corporation Reports Results for Third Quarter 2022" from October 25, 2022, for a complete list of guidance, reconciliations between adjusted and organic measures and U.S. GAAP, as well as assumptions used by the Company with respect to its guidance. 2. GDP Growth represents real GDP. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 9#10Financial Performance1 Revenue2 $ Billions ■MIS Revenue ■MA Revenue 2018 2021 CAGR 12% Decline in the low-double-digit $6.2 $5.4 percent range $4.4 $4.8 $2.4 $1.7 $2.0 $2.1 $2.7 $2.9 $3.3 $3.8 2018 2019 2020 2021 2022F1 Operating Margin ■Operating Margin 3 ■Adj. Operating Margin 42.0% 47.6% 41.4% 47.4% 44.5% 49.7% 2018 2019 2020 2021 45.7% 49.9% 34% - 35% 2022F1 ~42% $ Millions 2018 Adjusted Diluted EPS³ $ Per Share - 2018 2021 CAGR 18% $8.20-$8.50 $12.29 $10.15 $8.29 $7.39 Free Cash Flow 3 2019 2020 2021 2022F1 1. 2. Guidance as of October 25, 2022. Refer to Table 11 - "2022 Outlook" in the press release titled "Moody's Corporation Reports Results for Third Quarter 2022" from October 25, 2022, 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. Totals may not sum due to rounding. 3. Refer to the Appendix for reconciliations between all adjusted measures mentioned throughout this presentation and U.S. GAAP. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 10 ~ $1,200 $2,043 $1,866 $1,606 $1,370 2018 2019 2020 2021 2022F1#11Prudent Approach to Capital Allocation Capital allocation goals MA ())) ())))) Anchored around a BBB+ rating Allow for adequate financial flexibility Lá 999 Provide necessary capital to pursue growth opportunities Meet return thresholds and create long-term value for shareholders MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. Lá Capital allocation levers INVESTING IN GROWTH OPPORTUNITIES G Reinvestment S € Acquisitions RETURN OF CAPITAL Dividends Share repurchases Manage risk 0000 3Q 2022 Investor Presentation 11#12Investment 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 » 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. 3Q 2022 Investor Presentation 12#13Track Record of Successful M&A Delivery Capabilities Acquired Ann't Date Pre- Acquisition Growth1 Post- Acquisition Growth² Target Performance Climate & Natural Disaster Risk Incremental $150M revenue by 2025 ⑪ ON TRACK Projecting MSD sales growth in 2022 Aug 2021 LSD% HSD LDD% Modelling (RMS) AHEAD Accretive to adjusted diluted EPS in 2024 → Projected to be adjusted diluted EPS- accretive in 20233 Screening Capabilities Jan 2020 Mid-teens% Mid-thirties% Double sales to $300M by 20234 (RDC, GRID) AHEAD Projecting to achieve $300M target in 2022 Private Company Data (BvD, ORBIS) May 2017 -10% Mid-teens% ~$80 million in synergies by 2021 EXCEEDED Over $85M in synergies achieved by 2021 1. Note: LSD = low-single-digit; MSD = mid-single-digit; HSD = high-single-digit; LDD = low-double-digit. Approximate three-year Revenue CAGR preceding the acquisition. RMS: 2018-2020; RDC: 2017-2019; BvD: 2014-2016. 2. 3. 4. RMS forecasted to generate $150M in additional revenue, implying HSD - LDD growth, on average, through 2025; RDC and BVD revenue: Trailing twelve months as of June 30, 2022. As stated during Moody's Third Quarter 2022 Earnings Call, on October 25, 2022. Target includes BvD's compliance products. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 13#143 Capital Markets Overview#15Default Rates Expected to Rise; High Yield Spreads Fluctuate Around Historical Average Default Rates for Global Speculative-Grade Corporate Rated Issuance¹ U.S. HY Bond Spreads² 12% 10% 8% 6% 4% 2% Baseline 0% 2008 -Optimistic Moderately Pessimistic Severely Pessimistic 4.1% global historical average¹ U.S. HY Bond Spreads - Avg U.S. HY Bond Spread $12.5% 1,000 800 7.9% A 600 4.3% 3.1% 400 2011 2014 2017 2020 ~550 bps historical average² 200 2023F 3Q19 1Q20 3Q20 1Q21 3Q21 1Q22 3Q22 » TTM global speculative-grade default rate remained at 2.3% as of September 30, 2022, but is expected to rise to 2.9% at the end of 2022 before climbing to 4.3% in September 2023 in the baseline scenario 1. Moody's rated corporate global speculative grade default historical average of 4.1% from 1983 through December 31, 2021. 2022 and 2023 forecasts for trailing twelve months ended December 31, 2022, and September 30, 2023, respectively. Moody's Investors Service; Default Trends - Global: September 2022 Default Report, October 19, 2022. Reported data as of September 30, 2022. Bond spreads as of the last day of each month. Historical average is the daily bond spread average between December 31, 1996 - September 30, 2022. Source: St. Louis Fed Database. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 2. 3Q 2022 Investor Presentation 15#16$Trillions Refunding Walls Continue to Build Next four years U.S. and EMEA total refunding needs¹ as of: Withdrawn Russian Debt² $4.5 $4.0 $3.5 CAGR = ~7% ~$4.0 <$0.2 -$3.9 $3.0 $2.5 ~$2.0 $2.0 $1.5 $1.0 $0.5 $0.0 T Jan '12 Jan '13 Jan '14 Jan '15 Jan '16 Jan '17 Jan '18 Jan '19 Jan '20 Sep '20 Sep '21 Sep '222 1. Amounts reflect total MIS-rated U.S. non-financial corporate bond and loan maturities, in addition to EMEA non-financial corporate and infrastructure bond and loan maturities as defined in Moody's Investors Service's refunding needs reports (2012-2022). Each bar represents four-year refunding needs. 2. In March 2022, Moody's withdrew the ratings of Russian companies, reducing total EMEA debt. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 16#17Refunding Needs¹ Support MIS Long-term Fundamentals Debt Maturities: U.S. Non-Financial Corporate Bonds and Loans ($B)² $255 187 86 39 28 32 $666 $610 291 $412 246 ■Speculative Grade Bank Loans 160 ■Speculative Grade Bonds 113 140 39 ■Investment Grade 214 251 234 2023 2024 2025 2026 Debt Maturities: EMEA Non-Financial Corporate Bonds and Loans ($B) 3 $618 $545 $499 136 98 $430 82 99 41 76 46 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 ~$4T over the next four years >>> U.S. refunding needs remain slightly weighted towards leveraged finance issuers >> EMEA refunding needs continue to be driven by investment grade issuers 1. 2. 3. MIS-rated U.S. non-financial corporate bond and loan maturities as defined in Moody's Investors Service's refunding needs reports (2022). EMEA non-financial corporate and infrastructure bond and loan maturities as defined in Moody's Investors Service's refunding needs reports (2022). EMEA data is shown in USD, which appreciated against the EUR and GBP (the main reporting currencies) in the latest period under review. At constant 2021 exchange rates, Moody's estimates that reported EMEA debt in 2022 would be -10% higher in USD amounts. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 17#18Debt Leverage and Interest Coverage in North America and Europe1 Credit Metrics: North American Speculative Grade Companies EBITDA / Interest Expense Interest Coverage Debt/ EBITDA 8.0x 5.9x 6.0x 4.6x 4.5x 4.3x 4.5x 4.6x 4.9x 5.1x 5.1x 5.3x 5.4x 5.4x 5.6x 5.5x 5.4x 4.0x 2.7x 2.9x 3.0x 3.0x 3.0x 3.0x 2.9x 3.0x 3.0x 3.1x 3.3x 2.8x 2.6x 2.6x 2.4x 2.0x 0.0x 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20222 Credit Metrics: EMEA Speculative Grade Companies EBITDA / Interest Expense Interest Coverage Debt/ EBITDA 8.0x 5.5x 5.8x 5.6x 5.2x 5.2x 6.0x 4.6x 4.8x 4.5x 4.6x 4.8x 4.6x 4.6x 4.6x 4.2x 4.2x 4.0x 3.3x 3.2x 3.0x 3.0x 3.1x 3.2x 3.5x 3.7x 3.5x 3.4x 3.6x 3.7x 2.9x 2.6x 2.7x 2.0x 0.0x 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20222 Source: Moody's Investors Service. MOODY'S Note: Credit metrics are medians and historical figures may change due to timing differences in issuer reporting. Debt figures refer to gross debt. Data as of October 31, 2022. 1. 2. 2022 figures are not based on year end figures. | DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 18#19$ Billions Favorable Market Conditions in 2020 and 2021 Led to Outsized Opportunistic Issuance MIS-Rated Investment Grade (IG) Bond Issuance IG Bonds IG Bond Avg $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $- 2015 2016 2017 MIS-Rated High Yield (HY) Bond Issuance U.S. 10YR Treasury Avg U.S. CPI Avg HY Bonds - HY Bond Average U.S. HY Spread U.S. CPI Avg 9% $1,600 9% 8% 8% $1,400 7% 7% $1,200 6% 6% 5% 4% $ Billions $1,000 5% $800 4% $600 3% 3% $400 2% 2% 1% $200 1% $- 2018 2019 2020 2021 YTD 20221 2015 2016 2017 2018 2019 2020 2021 YTD 20221 HY Bonds Use of Proceeds ■Refinancing M&A Other IG Bonds Use of Proceeds ■Refinancing M&A Other 26% 33% 28% 31% 32% 27% 23% 38% 51% 62% 61% 60% 57% 62% 68% 72% 22% 17% 15% 21% 33% 23% 7% 33% 7% 20% 36% 18% 24% 28% 23% 14% 31% 9% 14% 20% 25% 52% 55% 54% 54% 51% 45% 44% 35% 13% 12% 14% 2015 2016 2017 2018 2019 2020 2021 YTD 2022 1 2015 2016 2017 2018 2019 2020 2021 YTD 20221 Sources: Moody's Investors Service, Moody's Analytics and Dealogic. Note: Market-rated issuance, unless otherwise noted. 1. Year-to-date as of September 30, 2022. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 19#20€ Trillions 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 € 8 € 7 € 6 € 5 € 4 € 3 € 2 Bonds ■Loans € 1 € 0 Dec-07 Dec-09 Dec-11 Dec-13 Dec-15 Dec-17 MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. Dec-19 Dec-21 -72% $12 $10 $8 $ Trillions $6 $6 $4 $2 28% $0 Aug-08 Aug-10 Aug-12 Aug-14 Bonds ■Loans 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 December 31, 2021, and U.S. data is through August 31, 2022. 3Q 2022 Investor Presentation 20 Aug-16 Aug-18 Aug-20 Aug-22 49% 51%#21Debt Capital Market Penetration Size of bubble reflects 2021 GDP >>> Emerging Other Asia7 CEE/CIS2 ASEAN1 Developed Developed Asia³ Western Europe8 North America6 India M.E. & Africa5 0% Latin America4 China 20% 40% 60% 80% 100% 120% 2021 Private Sector Capital Market Debt Securities (International & Domestic) Outstanding / GDP (%) 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 corresponding policy responses likely to limit further growth Sources: International Monetary Fund World Economic Outlook as of October 2022, Bank for International Settlements as of March 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 2021 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, Macao, 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. 3Q 2022 Investor Presentation 21#22Overview of Private Credit Markets 1,2 ~$1.2 Trillion 1 ~$50B Large Direct Loans ($300M +) SIZE >> Most direct loans are small and unrated » ~$50B of direct loans executed in 2021 were $300M + Estimated to potentially double in size in 2022 to $90-$100B2 due to disruption in public capital markets ~$460B RISK AND SUSTAINABILITY Small Direct Loans >> 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 Distressed Debt ~$280B WHERE MOODY'S CAN ADD VALUE ~$210B Special Situations » 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 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. RiskCalc and EDF) ~$200B Mezzanine Note: Private Debt FOF = Private Debt Fund of Funds; CLOS = Collateralized Loan Obligations; BDCs = Business Development Companies. Source: Preqin, Q4 2021 and market feedback. 1. 2. Size of $90-$100B is an estimate based on market feedback. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. ~$45B Venture and Private Debt FOF 3Q 2022 Investor Presentation 22#234 Moody's Investors Service#24Moody's Investors Service Financial Profile 3Q 2022 TTM Revenue: $3.0 billion >> 34% recurring revenue ■U.S. Non-U.S. Recurring Transaction MIS Other¹ 2% 39% 61% 61% 39% Corporate Finance 49% Public, Project, & Infrastructure Finance 15% >> 36% recurring revenue Financial Institutions 17% >> 55% recurring revenue Structured Finance 18% >> 38% recurring revenue 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 providing ESG research, data and assessments. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 24#25MIS: Revised Outlook Reflects Adverse Macroeconomic Conditions1 Revenue¹ $3.8B Approximately 30% decline Adjusted Operating Margin¹ FY 2022 Issuance Guidance 1,2 As of October 25, 2022 As of July 26, 2022 62.2% Total Issuance (Mid-30s%) Approximately 51% 2021 2022F 2021 2022F Investment Grade High Yield Bonds (~75%) Leveraged Loans Financial Institutions Public, Project and Infrastructure Finance Structured Finance (~55%) (-35%) (-10%) (-20%) (~35%) » Cyclical market volatility expected to continue, with issuance to remain significantly constrained » Infrequent issuers more selective around opportunistic activity given rising rates and favorable cash positions » Projecting 600 to 650 first-time mandates IN ONE 骨 ON 1. Guidance as of October 25, 2022. Refer to Table 11 - "2022 Outlook" in the press release titled "Moody's Corporation Reports Results for Third Quarter 2022" from October 25, 2022, for a complete list of guidance, reconciliations between adjusted and organic measures and U.S. GAAP, as well as assumptions used by the Company with respect to its guidance. 2. 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. 3Q 2022 Investor Presentation 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 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. S € 1. 2. 2021 Moody's Investor Perception Study. 3. 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. Refer to slide 27 for an illustrative impact of adding a Moody's Credit Rating. 2022 Moody's Global Intermediary Study conducted by Naxion. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. Responsive to investor demand » Moody's is identified as the agency that best meets future needs for more than half its users globally1. ور کسا Planning and budgeting » 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 costs.2 Analytical capabilities » Among ratings advisors, Moody's enjoys a strong position and is well- recognized for the depth and breadth of its excellence.³ 3Q 2022 Investor Presentation 26#27Illustrative Impact of Adding a Moody's Credit Rating Example: 5-year $500 million corporate bond Not Rated by Moody's $500,000,000 1.20% Bond Rated by Moody's $500,000,000 1.20% 500 6.20% 5-Yr US Treasury Bond Rate Option Adjusted Spread (bps)1 = $31,000,000 Interest Rate Annual Interest Payments Term 435 5.55% = $27,750,000 5 years 5 years = $155,000,000 Total Interest Expense over the Term = $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. 3Q 2022 Investor Presentation 27#28MOODY'S INVESTORS SERVICE FACTS & FIGURES Full Year 2021 35,000+ $73+ trillion Total rated debt AMERICAS EMEA ASIA PACIFIC TOTAL RATED DEBT 1 Rated Organizations and Structured Deals $39+ trillion $20+ trillion $10+ trillion 5,300+ Non-Financial Corporates 15,500+ U.S. Public Finance Issuers 9,000+ Structured Finance Deals 3,500+ RATED ORGANIZATIONS AND STRUCTURED DEALS Financial Institutions 28,000+ 4,900+ 2,200+ PUBLICATIONS D 22,300+ 14,400+ 4,500+ 1,000+ Infrastructure & Project Finance Issuers 445 Sub-Sovereigns* 47,000+ Publications globally 21,700+ Issuer Research 2,800+ Sector Research 22,700+ Other Reports 190 Rating Methodologies 1,500+ Analysts 40+ Countries/Regions EVENTS 700+ Global events 59,000+ Global participants ☑ AWARDS & RECOGNITION Award-winning expertise in credit ratings, research and risk analysis. For more information, visit awards.moodys.io 145 Sovereigns* 49 Supranational Institutions* MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. Source: Moody's Investors Service as of January 21, 2022. Research and Events data covers the period January 1, 2021, to December 31, 2021. Publications breakdown includes "Global" which accounts for an additional 5,000+ 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 total. 3Q 2022 Investor Presentation 28#29How we Participate in Global Domestic Markets ICR Chile Others Nigeria GCR RATINGS South Africa ICR Chile AN AFFILIATE OF MOODY'S INVESTORS SERVICE Malaysia MARC MIS affiliate (majority) MIS affiliate (minority) Moody's Local MOODY'S LOCAL MERIS Egypt Middle East Rating & Mexico Argentina Brazil Peru Midroog Israel VM SUBSIDIARY ARY OF MOODY'S ICRA A MOODY'S INVESTORS SERVICE COMPANY $700 million Other Emerging Markets MIS Emerging Markets Revenue¹ $346M China Size of domestic CRA markets |中诚信国际 CCXI $140M India South Korea Korea Investors Service AN AFFILIATE OF MOODY'S INVESTORS SERVICE CAGR 9% 2011 2021 ■Emerging Asia ■Latin America ■Middle East ■CEE/CIS ■ Africa Note: Size of pie represents the estimated total CRA revenue from domestic markets ($700 million) as of September 30, 2021. Note: In May 2022, Moody's acquired a majority (51%) stake in Global Credit Rating Company Limited (GCR), a leading credit rating agency in Africa. In April 2022, Moody's acquired Class y Asociados S.A. Clasificadora de Riesgo (Class), a leading credit rating agency in Peru. 1. Includes revenue from cross border issuance. Refer to slide 21 titled "Debt Capital Market Penetration Continues" for regional definitions. Emerging Asia includes China and India. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 29#30$ Trillions Moody's in Greater China 2nd Largest Onshore Bond Market at $22 Trillion Total debt securities outstanding 2012 – 20221 5% ■ 2012 ■2022 $50 $40 $30 $20 20% (1%) 1% 2% $10 $0 U.S. China Japan UK France 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 » Continuing to foster constructive relationships and partnerships with issuers, regulators and other market participants $ Millions Revenue and Attributable Income from China² ■MIS Cross Border Revenue Total MA Revenue Attributable Income from CCXI $160 $14 MIS Cross Border and Total MA FY 2021 Cross Border Market Rated Issuance Volume ~$170B4 Attributable Income from CCXI FY 2021 Domestic Market Rated Issuance Volume -$1.3T5 41% 59% 36% 64% ■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 March 31, 2022. Greater China: Mainland, Hong Kong and Macau. Revenue and attributable income data for full year 2021. 3. 4. 5. Source for Cross Border Market Issuance: Dealogic, excludes Structured Finance, Sovereign/Sub-Sovereign entities, policy banks and Special Purpose Vehicles (SPVs). The percentages displayed in the pie chart represent the share 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. Source for Domestic Market Issuance: WIND, excludes Structured Finance, Government debt, Private Placement Notes (PPN) and Negotiable Certificates of Deposit (NCDs). USD 1 = RMB 6.45 average exchange rate in 2021 is used for conversion. Percentages based on deal count. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 30#315 Moody's Analytics#32Moody's Analytics at a Glance Strong Financial Profile >> Operating in large markets with significant opportunity for top-line growth » Expanding revenue organically and through strategic acquisitions >> Generating high quality, recurring revenue to provide ballast for MCO $2.7B Revenue TTM 3Q 2022 14% Revenue Growth 3Q 2022 10% Organic C$ Recurring Revenue³ Growth 3Q 2022 $30B+ 2021 Current Addressable Market1 90%+ Retention Rate² 3Q 2022 90%+ Recurring Revenue 3Q 2022 >> Attractive economics: growth balanced against margin expansion Low-double-digit % Growth ARR Guidance 4,5 2022 Meets Rule of 406 2022F Guidance5 123 2. Sources: Moody's estimates, company annual reports, IDC Gartner, Pitchbook, Opimas, ESG - Global Sustainable Investment Alliance and industry experts. Retention rates exclude acquisitions of Bogard, Catylist, Cortera, kompany, PassFort, RealXData, RMS, and ZM Financial. 4. 5. Refer to Table 8 in the press release titled "Moody's Corporation Reports Results for Third Quarter 2022" from October 25, 2022, for reconciliations between organic constant currency measures and U.S. GAAP. ARR: Annualized Recurring Revenue. Refer to the Appendix for the definition of and further information on ARR. ARR excludes the impact of foreign currency translation. Guidance as of October 25, 2022. Refer to Table 11 - "2022 Outlook" in the press release titled "Moody's Corporation Reports Results for Third Quarter 2022" from October 25, 2022, 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. 6. MOODY'S Rule of 40 metric calculated by adding Annualized Recurring Revenue Growth to Adjusted Operating Margin. | DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 32#33Helping Customers Navigate Increasing Global Risks Heightened operational and reputational risks Climate change A GLOBAL RISKS MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. Complex credit and financial markets MA PROVIDES... Proprietary data with models, software and expertise that empower customers to better measure, monitor and manage various types of risk Evolving regulatory environment 1 Fintech disruption & digitization 2 3 Unparalleled ability to integrate risk capabilities for unique insights Tech-enabled solutions deeply embedded in customers' workflows an integrated view of risk 3Q 2022 Investor Presentation 33#34Diverse Customer Base Across Multiple Sectors1 70% 52% of the Fortune 1002 of the Forbes 1,000³ (Ω) ~15,000 Customers 155+ Countries 5,300+ Governments & Other Entities 2,300+ Commercial Banks 3,600+ Corporates 1,800+ 900+ Insurance Companies 800+ Real Estate Entities 200+ Securities Dealers and Investment Banks Asset Managers 1. As of December 31, 2021, includes RMS. 2. Based on the top 100 of Fortune Magazine's rank of 500 of the largest United States corporations by total revenue, 2021. 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, 2021. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 34#35Compelling Value Proposition Lat .0 0' High-quality franchise >> Tech-enabled solutions deeply embedded in customers' workflows >> Proprietary databases >> Long-term and strong customer relationships with retention rates in the mid-90's % range >> Resilient recurring subscription business with profitable growth Multiple opportunities for significant future value creation Organic revenue growth acceleration through: >> New product development and enhancements >> Increased distribution capacity >> Continued SaaS transition » Cross-selling, upgrades & pricing Exposure to attractive tailwinds >> Large and growing CAM >> Secular trends supporting future expansion Inorganic market extension through: » Significant synergies from acquisitions » Current Addressable Market (CAM) expansion in sectors with growth opportunities MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 35#36Assembling and Integrating Capabilities Underwriting Portfolio Mgmt. ESG & Climate Assessment Lending & Origination Regulatory Compliance Investment Analysis KYC Data & Information MIS Ratings Private & Public Company Data Other Proprietary Data SaaS ΑΡΙ Decision Solutions MACHINE LEARNING CUSTOMER CENTRICITY Enabling customers to perform critical business activities with confidence Economic Forecasts & Models Research & Insights Models & Analytics Research Note: API = Application Programming Interface; SaaS = Software as a Service; KYC = Know Your Customer. 3Q 2022 Investor Presentation 36 MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY.#37Data & Information Snapshot Raw ingredients for unique insights >> Create and aggregate extensive data from multiple sources >> Standardize, cleanse and curate data >> Distribute through cloud-based platforms, APIs and other web interfaces DATA SETS INCLUDE Data feeds from the MIS ratings process Firmographic data on 445M+ public and private entities 45M+ private firms with financial statements 1.6B+ 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 Note: API = Application Programming Interface. Financial data for the trailing twelve months ended September 30, 2022. Growth refers to average Annualized Recurring Revenue growth ending September 30, 2022. Retention rate excludes acquisition of Cortera. 1. 2. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. Better Decisions $712M REVENUE 9% ARR GROWTH 1 100% RECURRING REVENUE 94% RETENTION RATE 2 D&I 3Q 2022 Investor Presentation 37#38Research & 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 $726M REVENUE CAPABILITIES INCLUDE Economic forecasts and scenarios (including climate-conditioned forecasts) based on 550M+ data series Credit scores on 445M+ companies and ESG scores on 300M+ companies globally Credit risk performance for 150M+ mortgages, leveraging 7B+ data points Curated Data + Expertise Note: Financial data for the trailing twelve months ended September 30, 2022. 1. Growth refers to average Annualized Recurring Revenue growth ending September 30, 2022. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. Better Decisions 8% ARR GROWTH 1 99% RECURRING REVENUE 96% RETENTION RATE R&I 3Q 2022 Investor Presentation 38#39Decision Solutions Snapshot Integrating best-in-class data and analytics >> Integrate and connect data, research and analytics for enriching customer applications >> Build and support software for specific customer workflows » Embedded components in external ecosystems SOLUTIONS INCLUDE Screening & Insights SELECT USE CASES Know Your Customer Lending & Origination Insurance underwriting Portfolio Management Curated Data + Asset liability management Expertise Note: Financial data for the trailing twelve months ended September 30, 2022. 1. 2. Growth refers to average Annualized Recurring Revenue growth ending September 30, 2022. Retention rate excludes acquisitions of Bogard, Catylist, kompany, PassFort, RealXData, RMS, and ZM Financial. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. Better Decisions $1,285M REVENUE 10% ARR GROWTH 1 87% RECURRING REVENUE 93% RETENTION RATE 2 DS 3Q 2022 Investor Presentation 39#40Operating in Growing Markets 3Q 2022 TTM Revenue 47% Decision Solutions 87% recurring revenue 93% retention rate1 $2.7 billion 27% Research & Insights 99% recurring revenue 96% retention rate Top Growing Drivers by Line of Business 3Q22-TTM Organic C$ Recurring Revenue Growth 30% 25% KYC & Compliance 20% Data Applications Data & Information Decision Solutions 15% 10% Predictive Analytics 5% Research & Insights 26% Data & Information 0% 100% recurring revenue 94% retention rate² 0% Note: KYC Know Your Customer. 1. Retention rate excludes acquisitions of Bogard, Catylist, kompany, PassFort, RealXData, RMS, and ZM Financial. 2. Retention rate excludes acquisition of Cortera. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 10% 20% 30% 40% Percentage of Total MA TTM Organic C$ Recurring Revenue 50% 3Q 2022 Investor Presentation 40#41$ Millions Strong Execution Enables Consistent Revenue Growth Exceptional value creation - revenue has more than tripled since inception $2,500 2021 Revenue: 2008 2021 CAGR: 000 $2,406M +12% (-62% organic) $2,000 $1,500 $1,000 $500 CAGR 12% $0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2007 » Moody's Analytics (MA) founded » Established risk assessment franchise with banks and insurance companies www2010 - 2016 >>> Continued to develop and enhance Moodys.com » Expanded economic data and modeling capabilities » Created a chassis for MA integration and growth Investments to further Commercial Real Estate capabilities Private entity data - largest database of private companies provided thousands of customers » Extended ALM franchise into pensions market 2017 - 2021 » Combined private entity data with profiles on politically exposed persons to form top tier KYC solutions » Acquired RMS, the world's leading provider of climate and natural disaster risk modeling Divested MAKS to focus on data and analytics products Note: ALM = Asset Liability Management; KYC = Know Your Customer. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 2Q 2022 Investor Presentation 41#42Recurring Revenue Growth Drives Margin Expansion TTM Recurring And Transaction Revenue Adjusted Operating Margin 1 Recurring Transaction Recurring % -16% Recurring Revenue CAGR (93% 89% 84% 82% (94% 3Q18 3Q19 3Q20 3Q21 3Q22 24.6% 2017 ~30.0% +~540bps 2022F 1. Guidance as of October 25, 2022. Refer to Table 11 - "2022 Outlook" in the press release titled "Moody's Corporation Reports Results for Third Quarter 2022" from October 25, 2022, for a complete list of guidance. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 42#43Building on a Foundation of Strong Customer Retention First Half 2022 Full Year 2021 Full Year 2020 Full Year 2019 94% 7% 8% 109% Retained Base 1 Upgrades and Price New Sales Business Base 95% 7% 9% 111% Retained Base Upgrades and Price New Sales Business Base 93% 7% 10% 110% Retained Base Upgrades and Price New Sales Business Base 98% Retained Base 9% Upgrades and Price 5% New Sales 112% Business Base Note: The sales growth attributions presented on this slide are on a constant currency basis. Pre-2020 data excludes BvD. Upgrades reflect amendments to existing customer contracts. New Sales reflect new contracts with new and existing customers. 1. Retention rates exclude acquisitions of Bogard, Catylist, Cortera, kompany, PassFort, RealXData, RMS, and ZM Financial. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 43#44MA: Full Year 2022 Guidance1 Continued focus on profitable revenue growth and reinvestment to fuel future expansion KEY DRIVERS OF FY 2022 OUTLOOK >>> ARR acceleration supported by new product pipeline and expansion of sales capacity » Retention rates2 and the proportion of recurring revenue both remain robust in the mid-90's percent range >>> Delivering both top-line growth and margin expansion; increasing margin guidance to approximately 30% $2.4B 2021 >> Impact of foreign currency movements dilute revenue growth by ~5% ANNUALIZED RECURRING REVENUE REVENUE Mid-teens % increase 2022F $2.5B 4Q21 Low-double- digit % increase 4Q22F Guidance as of October 25, 2022. Refer to Table 11 - "2022 Outlook" in the press release titled "Moody's Corporation Reports Results for Third Quarter 2022" from October 25, 2022, for a complete list of guidance, reconciliations between adjusted and organic measures and U.S. GAAP, as well as assumptions used by the Company with respect to its guidance. 1. 2. Retention rates currently exclude acquisitions of Bogard, Catylist, Cortera, kompany, PassFort, RealXData, RMS, and ZM Financial. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 44#45Accelerating Revenue Growth Medium-Term Revenue Target Drivers MMM Strong Customer Retention Rates New Product Development Within 5 years¹ Cross-selling, Upgrades & Pricing Low-to-mid-teens % Increased Distribution Capacity Total Revenue CAGR Continued SaaS Transition Note: SaaS = Software as a Service. 1. Medium-term revenue target. See press release titled "Moody's Corporation Reports Results for Fourth Quarter and Full Year 2021; Sets Full Year 2022 and Medium-Term Outlooks" from February 10, 2022. Assumes full year 2021 as the base year. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 45 3Q 2022 Investor Presentation#46KYC: Best-in-Class Compliance Solutions Well-positioned to deliver differentiated solutions in a growing market INDUSTRY TRENDS Complex regulatory environment Increasing Sophisticated crime tactics High customer (D)): KYC SOLUTIONS DATA World's preeminent and comprehensive database on: >> Entities » Corporate hierarchies » Ownership structure » Adverse media o data volume and variety YYY expectations » Politically exposed persons and transaction speed » Sanctions TECHNOLOGY » 100% subscription-based SaaS end-to-end solution >>> Data gathering CUSTOMER PAIN POINTS » Workflow optimization Reduction in 'false positives' » Rapidly respond to evolving » Sourcing data from multiples vendors » Analytics and real time monitoring compliance environment » Limited resources » Managing customer expectations Note: API = Application Programming Interface; KYC = Know Your Customer; SaaS = Software as a Service. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. DISTRIBUTION » Fully integrated into customers' workflows » API delivery » Intelligent, flexible and adaptable solution 445+ million Companies and entities 1.6+ billion Ownership links 99.99% Precision level in ownership data 1,800+ Customers across diversified sectors DS 3Q 2022 Investor Presentation 46#47RMS: Expanding Mission-Critical Role to Other Industries DS >> Cross-trained sales forces to offer breadth of combined product suite >> Progressing on customer SaaS conversion >> Corporate integration proceeding as scheduled » Deepening relationships with P&C customers by providing Moody's holistic suite of products and solutions, including ESG >> Joint customer calls with both insurance and bank customers validate demand for integrated risk assessment offerings » Embedding climate-related financial loss estimates across multiple use cases » Initiated proof of concepts for CRE and CMBS markets » Combining Moody's data assets. with RMS risk analytics to capture high-growth addressable markets YYY Integration + Cross-sell & Collaboration + Product Development Exploration Transition customers to SaaS + + existing Cross-sell New and + ✩ integrated S offerings solutions Up to $150M in incremental RMS-related revenue by 20251 Note CMBS = Commercial Mortgage-Backed Securities; CRE = Commercial Real Estate; P&C = Property & Casualty; SaaS = Software as a Service. Forecast as of August 5, 2021. 1. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 47#48Awards & Accolades Recognition for our industry-leading solutions: data, research, analytics and software Chartis RiskTech Quadrant" Category Leader Name Screening Soutons, 2002 RiskTech Buyside50 2022 Moody's Analytics Winner: Performance Attribution- Fixed Income IsaacERM Americas Awards 2022 Winner Cloud technology solution of the year IDC FINTECH RANKINGS 2022 REAL RESULTS GlobalCapital USBECUE ZATION AWARDS Gesurization Provider of the Year WINNER Risk Markets Technology Awards 2022 Winner Buy-side ALM product of the year Moody's Analytics ....... MOODY'S ANALYTICS Risk Technology Awards 2022 Winner Credit data provider Moody's Analytics F TEOLOGY ITIN AARDE 2022 BEST COMPLIANCE RISK TECHNOLOGY IMPLEMENTATION MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. FINTECH REAKTHROUGH AWARD 2022 ANALYTICS INNOVATION AWARD AL REAKTHROUGH AWARD 2022 AL-BASED SOLUTION BEST A -FRAUD PREVENTION FOCUS ECONOMICS ANALYST FORECAST AWARDS 2022 RiskTech 1002022 Moody's Analytics Climate Risk Chartis RiskTech Quadrant Category Leader CRF/Poperty Services Data Solutions, 2007 Chartis Risk Tech Quadrant Category Leader oan Originarion Solutions, 2022 3Q 2022 Investor Presentation 48#496 ESG & Climate Solutions#50Helping Customers Decode ESG Risks ESG & Climate Risk Expertise Outputs Customer segments 0000 Banks & Insurers 車 Identification Engagement Based ESG Opinions CE Quantification Companies & Organizations ESG & Climate Analytics and Scores Governments & Academia Monitoring ESG & Climate Data MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. M.M Key Market Use Cases ESG in Credit Portfolio Management Supply Chain Risk INTEGRATED RISK ASSESSMENT Regulatory Reporting Lending Underwriting Investors Professional Services ES G CLIMATE SUSTAINABLE FINANCE 3Q 2022 Investor Presentation 50#51Comprehensive ESG & Climate Offerings 目 MA Data Hub ESG SOLUTIONS CLIMATE SOLUTIONS >>> ESG Assessments >>> >>> Modeled or Analyst-verified Physical and Transition data Macroeconomic Scenarios >>> ESG Scores » >>> >>> Controversy Monitoring & Alerts Climate-Adjusted Probability of Default Loans SUSTAINABLE FINANCE Second Party Opinions: Green, Social and Sustainable Bonds Second Party Opinions: Sustainability-linked Bonds and API/Web- Services www >>> Climate Pathway Scenarios >>> >>> Positive Negative Screening Company Benchmarks >>> >>> Regulatory Datasets Expected Loss and Financial Impacts Moodys.com >>> Data for 100+ ESG Indices >>> Catastrophe Models and Structured Products XLS Note: API = Application Programming Interface. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. Excel-Add In 3Q 2022 Investor Presentation 51#52Integration of ESG & Climate in Credit Ratings MIS ESG credit scores will assist in transparently and systematically demonstrating the impact of ESG on credit ratings CREDIT RATINGS & RESEARCH How is ESG integrated into credit ratings? ESG factors taken into consideration for all credit ratings. Greater transparency in press releases and 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 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 into credit ratings ESG Analytical Tools 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 MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 52#53Identifying and Quantifying ESG & Climate Risk An integrated risk assessment approach Moody's CreditView The view that counts } MOODY'S CRE ANALYTICS Moodys.com >> Physical climate risk exposure scores and ESG performance scores >>> ESG company and sector reports >>> MIS sector heatmaps & classifications » MIS entity CTA, IPS, CIS scores¹ Risk Analytics & Regulatory Reporting >>> ESG Score Predictor integrated with Supply Chain Catalyst, providing a 360 view of suppliers across financial, sustainability, reputational and operational risk factors » ESG integration with PFaroe² provides insights into how ESG & Climate factors contribute to current and historical drivers of portfolio performance & risk Real Estate Solutions >>> Physical climate risk scores integrated in Commercial Real Estate (CRE) analytics platform >>> » Scores on CRE properties, submarkets, markets and regions within the U.S. CRE properties and geographies are assigned category scores on the six climate hazards that drive business risk³ 1. CTA = Carbon Transition Assessment; CIS = Credit Impact Scores; IPS = Issuer Profile Scores. 2. PFaroe is a web-based platform that provides portfolio investment risk and simulation analytics tools for the buy-side. 3. Floods, heat stress, hurricanes & typhoons, sea level rise, water stress and wildfire risk. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. के IN III Moody's Analytics Climate Risk >>> RMS catastrophe models provide » >>> physical risk data and analysis on a wide range of perils Economic climate risk impact scenarios for over 70 countries and 18,000 macroeconomic variables Temperature Alignment: Forward- looking assessment of corporate emissions targets and alignment to temperature trajectory benchmarks Lending Solutions & Tools » Climate-adjusted expected default frequencies (EDFs) measure impact of physical and transition risk on issuers' credit worthiness ESG & Climate risk quantification for public and private firms within the credit origination workflow Assessment of climate risks for CRE assets as part of lenders' credit decision workflows under development 3Q 2022 Investor Presentation 53#547 Appendix#55Corporate Finance: Revenue and Issuance¹ Revenue²: Mix by Quarter 3 ■ Other ■Investment Grade ■Speculative Grade ■Bank Loans 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 $1,000 $750 $76 $ Millions $600 $800 $78 $223 $180 $28 $157 $600 $193 $48 $450 $88 $42 $73 $145 $17 $233 $27 $124 $141 $113 $161 $149 $85 $101 $82 $124 $300 $82 $400 $114 $209 $111 $67 $64 $39 $72 $77 $47 $134 $22 $141 $31 $134 $102 $105 $98 $114 $21 $132 $103 $21 $52 $60 $68 $67 $150 $200 $378 $410 $38 $3 $359 $305 $146 $152 $150 $167 $156 $158 $151 $151 $226 $263 $233 $142 $201 $188 $0 $0 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 Revenue²: Mix by Year ■ Other³ ■Investment Grade ■Speculative Grade Bank Loans $2,000 Issuance 4: 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 $606 $229 $287 $247 $365 $ Millions $1,500 $144 $352 $313 $411 $349 $379 $1,000 $242 $204 $258 $254 $254 $175 $636 $219 $183 $439 $ Billions $204 $120 $676 $2,000 $638 $590 $425 $425 $354 $414 $601 $426 $472 $679 $181 $379 $405 $329 $311 $304 $301 $271 $1,000 $500 $230 $305 $262 $1,768 $420 $421 $425 $488 $554 $547 $582 $631 $1,043 $1,120 $1,192 $1,271 $1,074 $1,249 $1,211 $0 $0 T 2014 2015 2016 2017 2018 2019 2020 2021 2014 2015 2016 2017 2018 2019 2020 2021 1. Note: Debt issuance categories do not directly correspond to Moody's revenue categorization. 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 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. 3Q 2022 Investor Presentation 55#56Corporate Finance: Revenue Revenue: Distribution by Geography ■ Non-U.S. ■U.S. Revenue¹: Distribution by Recurring vs. Transaction ■Transaction ■Recurring 25% 25% 20% 22% 25% 30% 28% 23% 30% 38% 45% 67% 63% 68% 70% 68% 68% 66% 66% 66% 65% 68% 75% 70% 75% 80% 78% 75% 72% 77% 70% 62% 55% 33% 37% 32% 30% 32% 32% 34% 34% 34% 35% 32% 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 2 ■Other Revenue¹: Distribution by Product Investment Grade ■Speculative Grade Bank Loans 16% 15% 22% 22% 17% 30% 29% 30% 28% 29% 27% 8% 22% 19% 10% 21% 9% 14% 23% 23% 17% 20% 24% 21% 31% 16% 34% 27% 22% 22% 19% 21% 22% 47% 51% 41% 32% 31% 30% 32% 36% 36% 30% 25% 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 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. 3Q 2022 Investor Presentation 56#57$ Millions $ Millions Financial Institutions: Revenue and Issuance1 Revenue²: Mix by Quarter ■Managed Investments Other ■Banking ■Insurance Issuance 3: Mix by Quarter ■Global Investment Grade Financial Corporate Bonds ■Global Speculative Grade Financial Corporate Bonds $600 $20 $200 $2 $3 $2 $500 $150 $8 $2 $3 $8 $3 $32 $30 $3 $13 $3 $400 $9 $6 $43 $7 $8 $38 $5 $8 $3 $35 $12 $21 $33 $31 $31 $34 $100 $32 $24 $6 $300 $29 $24 $39 $542 $200 $395 $385 $347 $50 $109 $95 $101 $105 $316 $330 $86 $96 $89 $93 $292 $76 $100 $235 $213 $0 $0 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 Revenue²: Mix by Year ■Banking Insurance ■Managed Investments Other $700 Issuance 3: Mix by Year ■Global Speculative Grade Financial Corporate Bonds ■Global Investment Grade Financial Corporate Bonds $1,600 $10 $600 $118 $36 $10 $197 $183 $500 $12 $28 $136 $74 $13 $13 $145 $1,200 $112 $98 $121 $25 $400 $22 $25 $137 $2 $9 $10 $119 $19 $16 $17 $102 $114 $300 $92 $96 $102 $ Billions $200 $411 $355 $300 $320 $800 $1,388 $1,247 $1,194 $1,187 $1,232 $1,248 $1,207 $1,177 $400 $290 $242 $244 $240 $100 $0 $0 2014 2015 2016 2017 2018 2019 2020 2021 2014 2015 2016 2017 2018 2019 2020 2021 1. Total estimated market issuance, unless otherwise noted. 2. Historical data has been adjusted to conform with current information and excludes intercompany revenue. 3. Sources: Moody's Analytics, Dealogic. Debt issuance categories do not directly correspond to Moody's revenue categorization. Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 57#58Financial Institutions: Revenue Revenue: Distribution by Geography ■Non-U.S. ■U.S. Revenue¹: Distribution by Recurring vs. Transaction Transaction ■Recurring 44% 47% 47% 46% 46% 41% 46% 43% 44% 53% 48% 50% 50% 52% 50% 47% 46% 50% 47% 53% 55% 62% 59% 56% 53% 53% 54% 54% 54% 52% 57% 47% 50% 50% 48% 50% 56% 53% 54% 50% 53% 47% 45% 38% 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 Revenue¹: Distribution by Product ■Banking ■Insurance ■Managed Investments ■ Other 1% 2% 2% 1% 2% 1% 2% 2% 2% 2% 3% 4% 6% 5% 5% 9% 5% 5% 6% 4% 6% 6% 23% 25% 26% 27% 25% 23% 22% 24% 26% 19% 22% 71% 67% 67% 67% 67% 69% 70% 73% 68% 68% 70% 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 Note: Percentages have been rounded and may not total to 100%. 1. MOODY'S | Historical data has been adjusted to conform with current information and excludes intercompany revenue. DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 58#59$ Millions Public, Project and Infrastructure: Revenue and Issuance1 Revenue²: Mix by Quarter Issuance³: Mix by Quarter ■Public Finance and Sovereign ■ Project & Infrastructure Finance ■Long-Term Rated U.S. Muni Bonds ■Rated Global Project & Infrastructure Finance Bonds $200 $250 $150 $100 $62 $76 $67 $63 $69 $65 $65 $67 $ Billions $200 $84 $150 $59 $84 $60 $69 $91 $61 $76 $48 $100 $59 $50 $132 $71 $58 $67 $50 $110 $63 $61 $53 $58 $96 $103 $103 $96 $90 $92 $55 $80 $44 $0 $0 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 Revenue 2: Mix by Year Issuance 3: Mix by Year ■Public Finance and Sovereign Project and Infrastructure Finance ■ Other Long-Term Rated U.S. Muni Bonds ■Rated Global Project and Infrastructure Finance Bonds $600 $800 $500 $ Millions $600 $400 $246 $277 $300 $188 $213 $224 $174 $206 $400 $321 $274 $207 $266 $243 $220 $181 $200 $200 $408 $100 $177 $202 $225 $218 $222 $250 $244 $364 $384 $413 $398 $307 $339 $292 $185 $0 $0 2014 2015 2016 2017 2018 2019 2020 2021 2014 2015 2016 2017 2018 2019 2020 2021 1. 2. Note: Debt issuance categories do not directly correspond to Moody's revenue categorization. Total estimated market issuance, unless otherwise noted. Historical data has been adjusted to conform with current information and excludes intercompany revenue. 3. Sources: Moody's Corporation, Refinitiv, Thomson Reuters. Global Rated Project & Infrastructure Finance available starting in 2016 and represents Moody's rated issuance. Issuance figures are subject to amendment given face amount variations that may occur following the reporting cycle. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 59#60Public, Project and Infrastructure: Revenue Revenue¹: Distribution by Geography ■Non-U.S. ■U.S. Revenue¹: Distribution by Recurring vs. Transaction ■Transaction ■Recurring 31% 34% 32% 30% 32% 32% 34% 32% 36% 33% 46% 55% 62% 61% 63% 61% 58% 60% 58% 61% 64% 62% 69% 66% 68% 70% 68% 68% 66% 68% 64% 67% 54% 45% 38% 39% 37% 39% 42% 40% 42% 39% 36% 38% 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 Revenue¹: Distribution by Product ■■Public Finance and Sovereign ■ Project & Infrastructure Finance 47% 52% 50% 53% 52% 53% 55% 53% 53% 55% 52% 53% 48% 50% 47% 48% 47% 45% 47% 47% 45% 48% T 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 Note: Percentages have been rounded and may not total to 100%. 1. Historical data has been adjusted to conform with current information and excludes intercompany revenue. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 60#61$ Millions $ Millions Structured Finance: Revenue and Issuance¹ Revenue²: Mix by Quarter Issuance 3: Mix by Quarter ABS ■RMBS $200 ■CMBS Structured Credit ■ Other ■ ABS ■RMBS ■CMBS ■Structured Credit $500 $1 $400 $150 $0 $0 $0 $97 $1 $67 $39 $1 $300 $70 $53 $57 $100 $0 $36 $0 $60 $59 $31 $52 $0 $38 $43 $31 $38 $34 $24 $23 $26 $29 $200 $31 $41 $44 $55 $27 $33 $122 $43 $24 $22 $28 $37 $50 $15 $16 $19 $22 $31 $24 $22 $27 $31 $34 $35 $28 $66 $68 $70 $92 $104 $76 $20 $22 $100 $41 $60 $25 $28 $26 $33 $29 $30 $32 $31 $89 $92 $102 $116 $139 $107 $94 $107 $82 $26 $0 $0 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 $600 ABS RMBS Revenue 2: Mix by Year ■CMBS ■Structured Credit ■ Other $2 $2 $450 $2 $0 $2 $4 $215 $165 $135 $122 $196 $2 $137 $148 $300 T $105 $102 $122 $140 $133 $143 $78 $81 $61 $123 $150 $98 $76 $81 $85 $90 $95 $96 $92 $91 $94 $97 $107 $99 $98 $118 $0 2014 2015 2016 2017 2018 2019 2020 2021 MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. ■ ABS Issuance³: Mix by Year ■RMBS ■CMBS ■Structured Credit $2 $1,500 $1,200 $258 $ Billions $900 $200 $153 $189 $159 $136 $132 $115 $600 $114 $116 $120 $145 $106 $352 $117 $94 $88 $238 $254 $270 $283 $200 $204 $213 $300 $319 $292 $298 $337 $384 $464 $348 $321 $0 2014 2015 2016 2017 2018 2019 2020 2021 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. Total estimated market issuance, unless otherwise noted. 1. 2. 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. 3. 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. 3Q 2022 Investor Presentation 61#62Structured Finance: Revenue Revenue: Distribution by Geography ■Non-U.S. ■U.S. Revenue¹: Distribution by Recurring vs. Transaction ■Transaction ■Recurring 34% 35% 31% 35% 35% 43% 41% 61% 56% 59% 59% 63% 69% 68% 65% 67% 53% 49% 52% 50% 67% 68% 44% 39% 41% 41% 37% 31% 32% 35% 33% 33% 32% 66% 65% 69% 65% 65% 57% 59% 47% 51% 50% 48% 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 Revenue 12: Distribution by Product ■ABS RMBS ■CMBS ■Structured Credit ■ Other 27% 32% 29% 27% 29% 33% 34% 38% 40% 42% 38% 17% 17% 16% 26% 22% 21% 19% 16% 18% 18% 18% 27% 23% 27% 23% 22% 22% 22% 24% 23% 22% 21% 28% 29% 27% 22% 24% 20% 19% 21% 22% 25% 26% 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 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. 2. 'Other' equals 0%-1% for periods shown. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 62#63$ Millions Moody's Analytics: Financial Overview ■ Decision Solutions ■Research & Insights Data & Information Moody's Analytics Revenue: Mix by Quarter Revenue: Distribution by Line of Business Revenue: Mix by Year $800 $700 $3,000 $600 $178 $159 $180 $178 $176 25% 28% $2,406 30% 31% 29% 27% 26% 26% 26% $2,500 $2,079 $500 $174 $1,954 $168 $177 $151 $400 $166 $183 $174 $185 $184 26% 26% 26% 27% 27% 31% 30% 30% 29% $177 $300 $166 $172 $174 $ Millions $2,000 $698 $1,731 $595 $1,431 $1,500 $1,069 $1,150 $1,234 $697 $650 $1,000 $200 $320 $314 $334 $312 $325 50% $100 $214 $226 $221 $250 40% 40% 42% 39% 47% 48% 46% 47% $500 $834 $1,011 $- $0 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 Revenue: Distribution by Geography Non-U.S. ■U.S. 42% 42% 43% 42% 43% 43% 44% 43% 45% 44% 45% Revenue: Distribution by Recurring vs. Transaction ■Transaction ■Recurring 90% 91% 91% 92% 93% 94% 92% 93% 94% 94% 94% 58% 58% 57% 58% 57% 57% 56% 57% 55% 56% 55% 10% 9% 3Q20 4Q20 FY20 1Q21 2Q21 3Q21 4Q21 FY21 1Q22 2Q22 3Q22 3Q20 4Q20 9% 8% FY20 1Q21 7% 6% 2Q21 3Q21 8% 4Q21 7% FY21 6% 6% 1Q22 2Q22 3Q22 6% Note: Percentages have been rounded and may not total to 100%. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 63#64$ Millions $7,000 $6,000 $5,000 $4,000 5.8% $3,000 +200bps $2,000 $1,000 $0 1992 1993 1994 1995 7.8% Moody's Revenue and Interest Rates 1 Over Time 6.5% MIS Revenue (L) MIS Revenue Guidance MA Revenue (L) MA Revenue Guidance IMCO Revenue (L) 10-yr U.S. Treasury Yield (R) 1 4.7% +180bps 2004 2005 2006 2007 2008 +100bps +120bps 3.3% 3.0% 2.3% 1.8% 2009 2010 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 October 25, 2022. Refer to Table 11 - "2022 Outlook" in the press release titled "Moody's Corporation Reports Results for Third Quarter 2022" from October 25, 2022, 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. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 2011 2012 2013 2014 2015 2016 2017 2018 0.9% 64 2022F2 1.5% 0% 1% do do do do plo 5% 4% 3% 2% 6% 7% 8% 9%#65Bond portfolio WAC1 Proactive Capital and Liquidity Management Balanced maturity schedule 5 $ in millions 4.7% 4.3% 4.3% 3.9% 300 3.5% 4.2% 3.3% 3.3% 3.3% 3.9% 4.0% 300 3.1% 3.4% 3.4% 735 250 500 600 3.1% 500 490 500 300 500 500 500 400 400 300 300 2.1% 2.4% 2.4% 250 100 100 # 2014 2015 2016 2017 2018 2019 2020 2021 2022 2024 2025 2027 2028 2029 2030 2031 2032 2041 2044 2048 2050 2052 2060 2061 WAC With Hedges WAC Excluding Hedges ■ USD Fixed ■USD Floating ■EUR Floating EUR Fixed Annualized Dividend Per Share » Strong liquidity with $1.7B in cash and short-term investments, and an undrawn $1.25B revolving credit facility2 » 2.3x net debt to Adjusted Operating Income³ $2.80 $2.48 $2.24 $2.00 $1.76 $1.48 $1.52 $1.36 » Leverage below maximum 4.0x total debt / EBITDA covenant4 2015 2016 2017 2018 2019 2020 2021 2022F6 1. WAC = Weighted Average Coupon. 2014-2021 as of year-end. 4. 2. As of September 30, 2022. See press release titled "Moody's Corporation Reports Results for Third Quarter 2022" from October 25, 2022, for Moody's sources of capital and cash flow generation. 3. Trailing twelve months Adjusted Operating Income as of September 30, 2022. Refer to the Appendix for reconciliations between all adjusted measures mentioned throughout this presentation and U.S. GAAP. 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 bonds converted to USD as of August 3, 2022. 6. Annualized quarterly dividend of $0.70. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 65#66ESG & Climate at Moody's Snapshot¹ 35+ Years of ESG experience Pioneers of ESG analysis for over three decades, while providing many regulatory consultations in ESG 6,500+ ESG Credit Impact Scores (CIS) and Issuer Profile Scores (IPS) by MIS Plan to reach 10,000 by December 2022 N 300M+ Companies scored via a combination of analyst-verified and modelled Moody's ESG scores 10K+ Moody's Climate physical risk scores Spanning countries, sub sovereigns, companies & real assets² globally 50+ Awards in the ESG and Climate space 100% Systematic integration of material ESG factors into MIS Credit Ratings 5,000+ Sustainability Performance Scores & Assessment 7,500+ Moody's Temperature Alignment Data 500+ Second Party Opinions Green, Social and Sustainability Bonds, and Sustainability-linked loans and bonds 3,000+ ESG-related research reports published since 2020 ~500 ESG-related events and speaking engagements 99 200+ Natural catastrophe models in ~100 countries 1. Data as of September 30, 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. 3Q 2022 Investor Presentation 66#67Drivers of Sustainable Corporate Value Placing sustainability at the core of the business >>> » >>> » » Better Business Committed to net-zero by 2040: Moody's is one of the first companies to set SBTi-validated long-term net- zero target Exceeded and progressed on our interim science- based targets Committed to aligning relevant products and services to net-zero through Net-Zero Financial Services Provider Alliance, a new GFANZ alliance launched in September 2021 Updated our Environmental Sustainability Policy Launched the 2021 Stakeholder Sustainability report (aligned with the GRI, SASB, WEF frameworks) and 2021 TCFD Report MERICA AS MOST JUST FOR ENVIRONMENT IN CONSUMER FINANCE COMP CDP DISCLOSURE INSIGHT ACTION CDP ACNBC 2022 A LIST 2021 CLIMATE SUPPLIER ENGAGEMENT LEADER 2021 » » >>> » » 888 Better Lives Published our pay equity analysis for global gender pay equity and pay equity for racial/ethnic underrepresented groups in the U.S. Published our consolidated U.S. EEO-1 employment data for the second consecutive year Established our employee learning and development program, Moody's University, including a Sustainability and ESG training for all employees The "Workplace of the Future" is enhancing our technology and IT infrastructure, and implementing an enhanced flexible work model that allows increased part- and full-time remote work Engaging our communities through the donation of more than $6 million in Moody's Foundation grants, corporate charitable contributions, value of volunteer hours and employee-driven giving¹ Named to Bloomberg Gender-Equality Index for Third Consecutive Year » >>> Better Solutions Launched several new solutions that provide greater transparency into ESG-related risks or assist in aligning investments more closely with regulatory and disclosure frameworks, including: Expansion of our Issuer Profile Scores (IPS) and Credit Impact Scores (CIS) The launch of the ESG Score Predictor and Temperature Alignment Data Establishment of normative screenings for alignment with the UN Sustainable Development Goals (SDG) and Global Compact principles Acquired RMS, a leading global provider of climate and natural disaster risk modeling and analytics waters Rankings Winner 2022 Best ESG data provider Moody's InsuranceERM Americas Awards 2022 Winner Data solution of the year Environmental Finance Sustainable Investment Awards 2022 Winner ESG data provider of the year-Europe VISIT OUR SUSTAINABILITY SITE TO LEARN MORE >> 1. SBTI = Science Based Targets Initiative; GFANZ = Glasgow Financial Alliance for Net Zero; GRI = Global Reporting Initiative; SASB = Sustainability Accounting Standards Board; WEF = World Economic Forum Employee-driven giving includes grants paid from Moody's Foundation toward the Matching Gifts and Dollars for Doers programs. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 67#68Modernizing our Internal Data & Technology Infrastructure to Further Enhance Business Capabilities Cloud and Platform » >>> Progressing on our cloud infrastructure journey to allow "always on"; majority of MA workloads are in the cloud Built state of the art interoperable cloud platform, with data factory and API framework, to support integration of all current and future product offerings Talent Agility Continue to promote a diverse and inclusive culture to enable talent agility that pivots on priority Moody's Data Science Development Program created to further our capabilities in emerging technology 13 Data Management Increasing data interoperability across products and solutions to assist customers' evolving needs Creating new data service platforms, such as Moody's DataHub, to promote data accessibility and availability Note: API = Application Programming Interface; ERP = Enterprise Resource Planning. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 目 $ DevOps » >>> Continuing our DevOps journey within MIS and MA to promote high quality, secure solutions with optimal speed to market MIS significantly reduced release times, greatly increasing productivity and quadrupled release features 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 Enhancing capabilities across data science, analytics and automation through a wide array of technology 3Q 2022 Investor Presentation 68#69Innovation Enabled by Artificial Intelligence (AI) Utilizing natural language processing (NLP) and machine learning (ML) across Moody's external products and solutions » >>> mlfabric TM Extensible modular ML framework to accelerate & scale ML across the organization mlfabric TM enables cloud-based deployment leveraging reusable ML components and libraries developed by Moody's Accelerator » » MA Products QUIQ spread: product capable of automating digitization and spreading of multilingual financial statements Award-winning Coronavirus, Compliance, KYC and Credit Adverse Media products use NLP to understand risks and gain insights from unstructured sources Ratings Research Using ML models to augment the capabilities of our analysts by: Predicting when issuers are likely to issue to improve outreach Conducting regional and company peer analysis to compare debt issuance Anticipating future rating actions Generating credit reports on ~6,000 municipal issuers using Al and NLP Note: KYC Know Your Customer. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. » ESG Leveraging in-house NLP models to improve and enhance coverage » ESG Score Predictors using innovative algorithms employed to enhance quantitative and qualitative metrics 3Q 2022 Investor Presentation 69#70Addressing the Needs of the Greater China Market¹ International Investors -------- 200 >>> MIS credit ratings on cross-border market issuance » CreditView China offers insights on domestic issuers Covers 1,800+ companies1 Integrates ORBIS company hierarchy data and a Financial Statement Information Quotient >>> 1. 2. 3. >>> Domestic Investors CCXI provides market-leading rating coverage of local currency bonds serving the domestic market - several thousand ratings assigned in 2021 across both fundamental and structured finance >>> Domestic investors looking to invest in offshore bonds through China BondConnect - Southbound² and Qualified Domestic Institutional Investor (QDII) channels can leverage Moody's global content and Risk Compass, an integrated risk analytics platform launched in May 2022 tailored to the China market Serving the needs around ESG and green finance by working through local partners, including the integration of ESG data into MIS's China ESG related research and conferences 25+ years Covering and serving Chinese markets 5 Cities Local presence in Beijing, Hong Kong SAR, Shanghai, Shenzhen and Taipei $857B Outstanding rated debt³ 220+ rated non-financial corporates 190+ rated financial institutions 25+ rated structure finance deals 30+ rated infrastructure and projects finance issuers 8,000+ Research reports Related to Asia Pacific, attracting 800,000+ unique views globally 130+ events Conferences, briefings, roundtables and sponsored events 550+ YYY employees Subject-matter experts in their respective fields Source: Moody's; all data for Greater China as of December 31, 2021, unless otherwise specified. Outstanding rated debt refers to cross-border outstanding debt by Greater China issuers/deals and rated by Moody's Investors Service, as of January 1, 2022. It is calculated based on face amounts at the time of issuance. Research data for the period January 1, 2021, to December 31, 2021. Event data for the period January 1, 2021, to December 31, 2021, which includes events organized by Moody's and third-party events in which Moody's participated. Number of companies covered is as of March 31, 2022. All numbers are rounded. BondConnect - China Southbound provides a mechanism for onshore Chinese institutional investors to invest in offshore bonds traded in Hong Kong through designated trading systems and financial platforms. Outstanding debt across cross-border markets rated by MIS. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 2Q 2022 Investor Presentation 70#71Reconciliation 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) 2018 2019 2020 2021 Operating Income Operating Margin $1,868 $1,998 $2,388 $2,844 42.0% 41.4% 44.5% 45.7% TTM 3Q 2022 $2,091 (in $ millions) 2018 2019 2020 2021 1Q 2Q 3Q 2022 2022 2022 36.6% Gross debt Less: Cash, cash Add Adjustment: equivalents and 1,818 short-term Depreciation & Amortization 192 200 220 257 319 investments Acquisition-Related 3 Net debt $5,676 $5,581 $6,422 $7,413 $7,786 $7,657 $7,476 1,930 2,696 1,902 1,853 1,703 1,745 $3,858 $3,651 $3,726 $5,511 $5,933 $5,954 $5,731 Expenses Restructuring 49 60 50 30 Captive insurance company settlement 16 Loss pursuant to the divestiture of MAKS Adjusted Operating Income Adjusted Operating Margin 14 9 $2,117 $2,291 $2,667 $3,101 $2,440 47.6% 47.4% 49.7% 49.9% 42.7% Note: Some numbers may not foot due to rounding. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 71#72Reconciliation of Adjusted Financial Measures to U.S. GAAP (cont.) Moody's Corporation Operating Margin Guidance Reconciliation 1. Projected Operating Margin – U.S. GAAP Depreciation & Amortization Restructuring Projected Adjusted Operating Margin Free Cash Flow Reconciliation 2022F1 34% to 35% Approximately 6% Approximately 1.5% Approximately 42% (in $ millions) 2018 2019 2020 2021 2022F1 Net cash flows from operating activities Less: Capital expenditures $1,461 $1,675 91 69 $2,146 103 $2,005 139 Approximately $1.5 billion Approximately $300 million Free Cash Flow $1,370 $1,606 $2,043 $1,866 Approximately $1.2 billion Guidance as of October 25, 2022. Refer to Table 11 - "2022 Outlook" in the press release titled "Moody's Corporation Reports Results for Third Quarter 2022" from October 25, 2022, 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. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 72#73Reconciliation of Adjusted Financial Measures to U.S. GAAP (cont.) Moody's Corporation Diluted EPS Reconciliation 1. 2018 2019 2020 2021 2022F1 Diluted EPS - U.S. GAAP $6.74 $7.42 $9.39 $11.78 $6.90 to $7.20 Acquisition-Related Intangible Amortization Expenses $0.40 $0.42 $0.51 $0.65 ~$0.85 Acquisition-Related Expenses $0.03 $0.02 Restructuring $0.19 $0.23 $0.20 ~$0.35 Impact of U.S. tax reform ($0.30) Net Impact of U.S./European tax change on deferred taxes CCXI Gain Purchase Price Hedge Gain Increase to non-U.S. UTPS Captive insurance company settlement Tax charge pursuant to the divestiture of MAKS Loss pursuant to the divestiture of MAKS Non-cash gain relating to minority investment in BitSight FX losses resulting from the Company no longer conducting commercial operations in Russia Adjusted Diluted EPS $0.33 $0.06 $0.07 $0.07 $0.05 ($0.14) $7.39 $8.29 $10.15 $12.29 ~$0.11 $8.20 to $8.50 Guidance as of October 25, 2022. Refer to Table 11 - "2022 Outlook" in the press release titled "Moody's Corporation Reports Results for Third Quarter 2022" from October 25, 2022, 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. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 73#74Annualized 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 ARR September 30, 2022 September 30, 2021 Change Decision Solutions 1,177 $ 1,071 $ Research and Insights 740 688 Data and Information 745 683 Total MA ARR $ 2,662 $ 2,442 MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. Growth 106 10% 52 8% 62 9% 220 9% Third Quarter 2022 - Earnings Call 74#75MOODY'S Decode risk. Unlock opportunity. Investor Relations ir.moodys.com [email protected] moodys.com#76© 2022 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. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications. To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S. To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER. Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody's Investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations - Corporate Governance - Director and Shareholder Affiliation Policy." Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). 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 JPY100,000 to approximately JPY550,000,000. MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 3Q 2022 Investor Presentation 76