Disclaimer

7/18/2005


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Table of Contents

PPT Slide

Disclaimer

Agenda

Investment Highlights

Investment Highlights (continued)

Business Overview

Moody’s Business Model

Moody’s is a Global Organization

Global Industry Share - 2004

Revenue Distribution and Growth by Product

Revenue Distribution and Growth by Region

Pricing and Sensitivity to Bond Issuance Volumes

Business and Growth Strategy

International Growth

Global Structured Finance Issuance is Growing Rapidly, Led by International

Future Structured Finance Growth

“Disintermediation” in Europe

Potential Public Company “Disintermediation” in Europe

New Products

New Products

Leveraging the Brand - Moody’s KMV

Moody’s KMV Growth Potential

Agenda

Stable Revenue and Operating Income Growth

Consistent Historical Growth

Annual Revenue and Operating Margin

Strong Profitability

Significant Cash Flow

Balance Sheet Trends

Quarterly Revenue by Segment: Q1 1999 to Q1 2005

PPT Slide

2005 Outlook as of 5/10/05

Agenda

Financial Targets

PPT Slide

PPT Slide

Reconciliation of Non-GAAP Financial Measures to GAAP

Reconciliation of Non-GAAP Financial Measures to GAAP

Author: Investment Banking Division