Clifford L. Alexander, Jr.

When Moody’s Corporation began trading in October 2000 as a separate entity, it provided our company the opportunity to display our values to a broader audience. Moody’s has sustained a pristine reputation for the objectivity of its ratings, but other characteristics of today’s Moody’s are less well known.

This is a company that:

• values its customers and continually seeks more positive interactions with them.

• aggressively seeks new business opportunities consistent with ethical standards and with our overall business objectives.

• recognizes the solemnity of the obligations flowing from the responsibility for conducting ratings in the public sector.

• recognizes what a small world we live in and continually seeks understanding of the variations in needs of customers outside the United States.

• recognizes that as an independently traded company, its methods of communication must become more sophisticated and comprehensive.

• is investor friendly and will openly communicate with its shareholders both large and small.

• seeks and cherishes new investors.

• understands the need for a dynamic corporation to be regarded as a good corporate citizen by many constituencies.

This is a place where:

• present and future shareholders will always be at the top of our agenda.

• people are treated professionally and according to what they know and not whom they know.

• analysts are highly trained and objective; people move up due to their skills and not their race, sex or color.

• new ideas on how to conduct business are openly communicated and welcomed.

We appreciate your interest in our company.

Sincerely,

Clifford L. Alexander, Jr.