2Q 2020 Investor Presentation

$ Millions $ Millions Structured Finance: Revenue and Issuance Revenue¹: Mix by Quarter Issuance²: Mix by Quarter ABS RMBS ■CMBS ■Structured Credit Other ■ ABS ■RMBS ■ CMBS ■Structured Credit $160 $140 $350 $300 $1 $120 $0 $44 $1 $1 $250 $49 $100 $1 $1 $49 $55 $47 $1 $64 $1 $57 $51 $41 $32 $200 $36 $39 $51 $38 $80 $35 $40 $29 $1 $27 $34 $25 $21 $150 $26 $70 $60 $18 $24 $15 $18 $20 $25 $21 $85 $31 $87 $18 $17 $74 $13 $16 $63 $64 $100 $65 $40 $27 $3 $24 $24 $24 $24 $22 $26 $48 $27 $23 $4 $20 $50 $115 $89 $79 $90 $91 $103 $16 $28 $25 $26 $23 $26 $25 $25 $22 $23 $65 $66 $43 $0 $0 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 Revenue¹: Mix by Year ABS ■RMBS ■CMBS Structured Credit Other $600 $2 $2 $2 $0 $2 $4 $400 $165 $0 $0 $135 $137 $122 $196 $91 $96 $148 $95 $116 $122 $140 $133 $143 $78 $81 $200 $85 $73 $76 $81 $85 $90 $98 $95 $110 $98 $92 $91 $94 $97 $107 $99 $0 T 2012 2013 2014 2015 2016 2017 2018 2019 MOODY'S $ Billions Issuance²: Mix by Year ABS ■RMBS CMBS ■Structured Credit $1,400 $1,200 $1,000 $800 $39 $73 $200 $153 $65 $159 $136 $36 $94 $132 $115 $600 $114 $116 $120 $145 $120 $371 $117 $94 $270 $400 $231 $189 $238 $254 $283 $200 $204 $200 $319 $335 $317 $319 $292 $298 $337 $384 $348 $0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2. 1. Historical data has been adjusted to conform with current information and excludes intercompany revenue. The revenue reclassification of REITs to Corporate Finance from Structured Finance is reflected starting from 1Q 2018. Sources: AB Alert, CM Alert, Moody's Corporation. Debt issuance categories do not directly correspond to Moody's revenue categorization. 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 includes commercial mortgage- backed securities and commercial real estate CDOs. Structured Credit includes CLOS and CDOS. 2Q 2020 Investor Presentation - August 11, 2020 48

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