2Q 2020 Investor Presentation

Illustrative Value of a Moody's Rating Example: 10 year $500 million corporate bond Unrated Rated by Moody's $500,000,000 x 4.3% Bond Interest rate $500,000,000 x 4.0% = = $21,500,000 Annual interest payments x 10 years == = $215,000,000 Tenor Lifetime interest expense = = $20,000,000 x 10 years = $200,000,000 $15 million in total interest expense VS. lifetime cost of a rating Note: Illustrative spread differential based on feedback from syndicate desks and FBR & Co. research on Moody's Corporation (January 2014) which stated that obtaining a Moody's rating typically saves approximately 30 basis points per year for investment grade issuers. Many factors go into the pricing of a bond. MOODY'S 2Q 2020 Investor Presentation - August 11, 2020 27

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