2Q 2020 Investor Presentation

MIS Guidance: Strong 1H 2020 Driving Improved Outlook1 FY 2020 Issuance Guidance1 $2.9B Adjusted Operating Margin¹ Revenue Low-single-digit % increase 58.0% Approximately 58% Investment Grade +50% High Yield Bonds +5% Bank Loans -20% Structured Total Issuance² -40% Low-double-digit % increase 2019 2020F1 2019 2020F¹ Key drivers of MIS FY 2020 outlook¹ Issuance² expected to grow in the low-double-digit percent range from $4.6T in 2019 » Approximately 550 first time mandates » Refinancing and liquidity driven issuance, reduced M&A activity » Recurring revenue provides stable support - Expecting issuance to slow down in 2H 2020, reflecting a mid-teens decline >>> Shift in issuance mix Higher expectation for incentive compensation, though still lower year-over-year 1. Guidance as of July 30, 2020. Refer to Table 12 - "2020 Outlook" in the press release for a complete list of guidance and a reconciliation between adjusted measures to GAAP as well as assumptions used by the Company with respect to its guidance. 2. MIS rated issuance. Total issuance includes CFG, SFG, FIG and PPIF. Excludes sovereign debt. MOODY'S 2Q 2020 Investor Presentation - August 11, 2020 24

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