Michel A. Madelain — Vice Chairman of Investors Service at Moody's Corporation

Mr. Michel A. Madelain has been Vice Chairman of Moody's Investors Service, Inc. since June 1, 2016. Mr. Madelain served as the President and Chief Operating Officer of Moody's Investors Service, Inc. since November 3, 2010 until May 31, 2016 and May 2008 until May 31, 2016 respectively. Mr. Madelain is responsible for setting the strategic direction and managing the day-to-day operations of the ratings business. This includes oversight of all business lines with ratings responsibilities, as well as credit policy, research and commercial activities, across all of Moody's Investors Service's global locations. He has been President of Moody's Investors Service Inc and Chief Operating Officer of Moody's Investors Service Inc at Moody's Corporation since November 2011 and May 2008 respectively. He served as a Managing Director at Moody's Corporation, Research Division, and was a part of the financial institutions rating team. He served as Executive Vice President of Fundamental Ratings from September 2007 to May 2008, with responsibility for all Global fundamental ratings, including corporate finance, financial institutions, public finance, and infrastructure finance at Moody's Investors Service, Inc. He managed the financial Institutions group from March 2007 to September 2007. He served as Group Managing Director of EMEA Corporate Ratings from November 2000 to March 2007 and he held several Managing Director positions in the fundamental rating groups. Prior to joining Moody's in 1994, he served as a Partner of Ernst & Young, Auditing Practice. Mr. Madelain is qualified Chartered Accountant from France. He holds a Master of Business Administration degree in Management from Northwestern University and is a graduate of the Ecole Superieure de Commerce de Rouen.