2Q 2020 Investor Presentation

MIS: Robust IG Issuance Drove Results Issuance1 $ Millions MIS Revenue YoY Change $938 27% $10 $739 $133 23% $6 $142 14% $108 $81 (28%) $125 $112 47% $572 $388 $ Millions $ Billions 60.1% 53% 1,168 2Q19 1,785 2Q20 MIS Adjusted Operating Income and Margin +390bps $201 $464 (42) 64.0% $623 2Q19 2Q20 CFG ■ SFG ■FIG ■PPIF ■MIS Other >>> CFG benefitted from liquidity-driven issuance and attractive refinancing rates, leading to record supply in 2Q 2020 » SFG remains weak: lack of asset supply constraining CLO and CMBS formation 2Q19 MIS Adjusted Operating Income MIS Revenue Increase 2 MIS Expense Increase 2 2Q20 MIS Adjusted Operating Income PPIF issuance was very strong, but contributed to the less. favorable issuance mix in the quarter Revenue growth outpaced personnel expense to drive 390 bps increase in adjusted operating margin 1. 2. MIS rated issuance, excludes sovereign debt issuance. Includes intercompany revenue and expenses. MOODY'S 2Q 2020 Investor Presentation - August 11, 2020 60

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