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Moody's and Reis Announce Successful Completion of Cash Tender Offer for Shares of Reis

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Moody's Corporation (NYSE:MCO) and Reis, Inc. (NASDAQ:REIS) announce
today that Moody's wholly-owned subsidiary, Moody's Analytics Maryland
Corp., successfully completed the previously announced tender offer to
purchase all of the issued and outstanding shares of common stock of
Reis at a purchase price of $23.00 per share, net to the seller in cash,
without interest and less any applicable withholding taxes.

This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20181015005308/en/

The tender offer expired at 11:59 p.m., New York City time, on October
12, 2018. The depositary for the tender offer has advised that as of the
expiration of the tender offer, a total of 9,800,276 shares of common
stock of Reis were validly tendered and not validly withdrawn in the
tender offer (excluding shares with respect to which notices of
guaranteed delivery were delivered) representing approximately 84.7% of
Reis's outstanding shares of common stock. All of such shares have been
accepted for payment in accordance with the terms of the tender offer.

As a result of the tender offer, Moody's now indirectly owns a
sufficient number of shares in Reis to complete a "short-form" merger
under applicable Maryland law without stockholder approval. Upon
completion of the merger, all outstanding shares of common stock of Reis
other than shares held by Moody's, Moody's Analytics Maryland Corp.,
Reis, or any of their respective wholly-owned subsidiaries will be
canceled and converted into the right to receive $23 per share in cash
without interest thereon and less any applicable withholding taxes.
Moody's expects to complete the merger later today. In addition, in
connection with the merger, the common stock of Reis will cease to be
traded on the NASDAQ Stock Market.

ABOUT MOODY'S CORPORATION

Moody's is an essential component of the global capital markets,
providing credit ratings, research, tools and analysis that contribute
to transparent and integrated financial markets. Moody's Corporation
(NYSE:MCO) is the parent company of Moody's Investors Service, which
provides credit ratings and research covering debt instruments and
securities, and Moody's Analytics, which offers leading-edge software,
advisory services and research for credit and economic analysis and
financial risk management. The corporation, which reported revenue of
$4.2 billion in 2017, employs approximately 12,300 people worldwide and
maintains a presence in 42 countries. Further information is available
at www.moodys.com.

ABOUT REIS

Reis provides commercial real estate ("CRE") market information and
analytical tools to real estate professionals. Reis maintains a
proprietary database of information on all commercial properties in
metropolitan markets and neighborhoods throughout the U.S. This
information is used by CRE investors, lenders and other professionals to
make informed buying, selling and financing decisions. In addition, Reis
data is used by debt and equity investors to assess, quantify and manage
the risks of default and loss associated with individual mortgages,
properties, portfolios and real estate backed securities. Reis currently
provides its information services to many of the nation's leading
lending institutions, equity investors, brokers and appraisers.

For more information regarding Reis's products and services, visit www.reis.com and www.reisreports.com.

Forward-Looking Statements

Certain statements contained in this release are forward-looking
statements and are based on future expectations, plans and prospects for
Moody's business and operations that involve a number of risks and
uncertainties. The forward-looking statements and other information in
this release are made as of the date hereof (except where noted
otherwise), and Moody's undertakes no obligation (nor does it intend) to
publicly supplement, update or revise such statements on a going-forward
basis, whether as a result of subsequent developments, changed
expectations or otherwise. Moody's is identifying certain factors, risks
and uncertainties that could cause actual results to differ, perhaps
materially, from those indicated by these forward-looking statements.
Those factors, risks and uncertainties include, but are not limited to,
credit market disruptions or economic slowdowns, which could affect the
volume of debt and other securities issued in domestic and/or global
capital markets; other matters that could affect the volume of debt and
other securities issued in domestic and/or global capital markets,
including regulation, credit quality concerns, changes in interest rates
and other volatility in the financial markets such as that due to the
U.K.'s referendum vote whereby the U.K. citizens voted to withdraw from
the EU; the level of merger and acquisition activity in the U.S. and
abroad; the uncertain effectiveness and possible collateral consequences
of U.S. and foreign government actions affecting world-wide credit
markets, international trade and economic policy; concerns in the
marketplace affecting our credibility or otherwise affecting market
perceptions of the integrity or utility of independent credit agency
ratings; the introduction of competing products or technologies by other
companies; pricing pressure from competitors and/or customers; the level
of success of new product development and global expansion; the impact
of regulation as an NRSRO, the potential for new U.S., state and local
legislation and regulations, including provisions in the Financial
Reform Act and regulations resulting from that Act; the potential for
increased competition and regulation in the EU and other foreign
jurisdictions; exposure to litigation related to our rating opinions, as
well as any other litigation, government and regulatory proceedings,
investigations and inquires to which Moody's may be subject from time to
time; provisions in the Financial Reform Act legislation modifying the
pleading standards, and EU regulations modifying the liability
standards, applicable to credit rating agencies in a manner adverse to
credit rating agencies; provisions of EU regulations imposing additional
procedural and substantive requirements on the pricing of services and
the expansion of supervisory remit to include non-EU ratings used for
regulatory purposes; the possible loss of key employees; failures or
malfunctions of our operations and infrastructure; any vulnerabilities
to cyber threats or other cybersecurity concerns; the outcome of any
review by controlling tax authorities of Moody's global tax planning
initiatives; exposure to potential criminal sanctions or civil remedies
if Moody's fails to comply with foreign and U.S. laws and regulations
that are applicable in the jurisdictions in which Moody's operates,
including data protection and privacy laws, sanctions laws,
anti-corruption laws, and local laws prohibiting corrupt payments to
government officials; the impact of mergers, acquisitions or other
business combinations and the ability of Moody's to successfully
integrate acquired businesses; currency and foreign exchange volatility;
the level of future cash flows; the levels of capital investments; and a
decline in the demand for credit risk management tools by financial
institutions. Other factors, risks and uncertainties relating to our
acquisition of Reis could cause our actual results to differ materially
from those indicated by these forward-looking statements, including
difficulties or unanticipated expenses in connection with integrating
Reis's operations, products and employees into Moody's and the
possibility that anticipated synergies and other benefits of the
acquisition will not be realized in the amounts anticipated or will not
be realized within the expected timeframe; risks that the acquisition
could have an adverse effect on the business of Reis or its prospects,
including, without limitation, on relationships with vendors, suppliers
or customers; claims made, from time to time, by vendors, suppliers or
customers; changes in the global marketplace that have an adverse effect
on the business of Reis; and the accuracy of any assumptions underlying
any of the foregoing. These factors, risks and uncertainties as well as
other risks and uncertainties that could cause Moody's actual results to
differ materially from those contemplated, expressed, projected,
anticipated or implied in the forward-looking statements are described
in greater detail under "Risk Factors" in Part I, Item 1A of the Moody's
annual report on Form 10-K for the year ended December 31, 2017, the
tender offer documents previously filed with the SEC by Moody's and its
acquisition subsidiary Moody's Analytics Maryland Corp, as amended, the
solicitation/recommendation statement on Schedule 14D-9 previously filed
by Reis, as amended, and other filings made by Moody's from time to time
with the SEC or materials incorporated herein or therein. Stockholders
and investors are cautioned that the occurrence of any of these factors,
risks and uncertainties may cause Moody's actual results to differ
materially from those contemplated, expressed, projected, anticipated or
implied in the forward-looking statements, which could have a material
and adverse effect on Moody's business, results of operations and
financial condition. New factors may emerge from time to time, and it is
not possible for Moody's to predict new factors, nor can Moody's assess
the potential effect of any new factors on it.

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