Revenue and Issuance Analysis

Structured Finance: Revenue Diversification Revenue: Distribution by Geography 100% Revenue¹: Distribution by Recurring vs. Transaction 100% 80% 80% 38% 36% 38% 35% 37% 33% 36% 37% 36% 43% 39% 45% 66% 69% 67% 69% 63% 63% 62% 63% 63% 62% 64% 64% 60% 60% 40% 40% 62% 64% 62% 65% 63% 67% 64% 63% 64% 57% 61% 55% 20% 34% 31% 33% 31% 37% 37% 38% 37% 37% 38% 36% 36% 20% 0% 0% FY14 FY15 FY16 FY17 1Q18 2Q18 3Q18 4Q18 FY18 1Q19 2Q19 3Q19 FY14 FY15 FY16 FY17 1Q18 2Q18 3Q18 4Q18 FY18 1Q19 2Q19 3Q19 Non-U.S. ■U.S. ■Transaction ■Recurring Revenue¹: Distribution by Product 100% 0% 0% 0% 1% 1% 0% 0% 0% 1% 1% 1% 32% 31% 33% 80% 37% 43% 39% 35% 44% 41% 37% 38% 60% 28% 31% 29% 18% 18% 18% 14% 13% 20% 16% 17% 40% 21% 23% 18% 21% 21% 20% 19% 21% 21% 18% 18% 20% 22% 20% 19% 24% 22% 22% 21% 22% 23% 23% 24% 0% FY14 FY15 FY17 1Q18 2Q18 3Q18 4Q18 FY18 1Q19 2Q19 3Q19 ■RMBS CMBS Structured Credit Other ■ABS 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. 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. Percentages have been rounded and may not total to 100%. MOODY'S November 4, 2019 46

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