1Q 2021 Investor Presentation

Illustrative Value of a Moody's Rating Example: 10 year $500 million corporate bond Not Rated by Moody's $500,000,000 X 2.5% Rated by Moody's $500,000,000 x 2.1% Bond Interest rate = $12,500,000 Annual interest payments x 10 years = $125,000,000 Tenor = $10,500,000 x 10 years Lifetime interest expense = $105,000,000 ~$20 million in total interest expense VS. lifetime cost of a rating Note: Illustrative spread differential based on our empirical study, on a snapshot of data from July 2020, which shows that having a Moody's rating (when rated at the same level as other agencies) typically saves approximately 40 basis points per year for issuers. Many factors go into the pricing of a bond. Moody's | Better decisions 1Q 2021 Investor Presentation 30

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