CORPORATES

CREDIT OPINION17 December 2020

Update

RATINGS

ASML Holding N.V.Domicile Veldhoven, Netherlands

Long Term Rating A3

Type Senior Unsecured -Dom Curr

Outlook Stable

Please see the ratings section at the end of this reportfor more information. The ratings and outlook shownreflect information as of the publication date.

Contacts

Dirk Goedde +49.69.70730.702AVP-Analystdirk.goedde@moodys.com

Christian Hendker,CFA

+49.69.70730.735

Associate Managing Directorchristian.hendker@moodys.com

Carsten Johann +49.69.70730.966Associate Analystcarsten.johann@moodys.com

CLIENT SERVICES

Americas 1-212-553-1653

Asia Pacific 852-3551-3077

Japan 81-3-5408-4100

EMEA 44-20-7772-5454

ASML Holding N.V.Update to credit analysis

SummaryASML Holding N.V.'s (ASML) A3 senior unsecured ratings are supported by (1) the company'sunique position relative to other semiconductor equipment companies, given its marketdominance in lithography (with a revenue market share of above 80%) and strongcollaboration with its customers, illustrated by its high adjusted EBITDA margins, consistentlywithin 28%-33% over the last five years; (2) strong semiconductor equipment marketdynamics, supported by the broad-based demand for semiconductors and the need for moreadvanced lithography as technology process nodes and chip design complexity advance; (3)the company's generally positive free cash flow (FCF) generation; and (4) its track recordof prudent financial policies, including the maintenance of a cash balance well above €2.0billion, which is likely to continue to support its strong credit metrics.

ASML's A3 rating also takes into account (1) the technological risks related to the next-generation extreme ultraviolet (EUV) and EUV high-numerical aperture (NA) lithographytechnology; (2) its customer and supplier concentration, mitigated to some extent by itslong-standing relationships and closely aligned production plans; and (3) the inherentindustry volatility, especially in the memory segment, mitigated to some degree by alean and flexible operating model, which should help contain the adverse impact onthe company's profitability and cash flow generation from future downturns in thesemiconductor industry.

Exhibit 1

Operating performance is likely to remain strong, supported by the adoption of EUV in high-volume manufacturing

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 LTM Sep-20 2020e

€ b

illio

n

Revenue EBITDA FCF

FCF (Moody's definition after dividend) in 2019 was affected by a one-off effect because of the implementation of interimdividend. Forecast represents Moody's forward view, not the view of the issuer, and unless noted in the text, does not incorporatesignificant acquisitions and divestitures.Sources: Moody’s Financial Metrics™ and Moody’s estimates

MOODY'S INVESTORS SERVICE CORPORATES

Credit strengths

» Unique position relative to other semiconductor equipment companies, given its market dominance in lithography (with a revenuemarket share of above 80%) and strong collaboration with its customers

» Strong semiconductor equipment market dynamics, supporting future earnings and FCF generation, even if temporarily muted byimplementation of interim dividend and high EUV related capex

» Track record of prudent financial policies, including the public commitment to maintain a cash balance of €2.0 billion-€2.5 billion,which is likely to continue to support its strong credit metrics (adjusted debt/EBITDA of 1.1x for the 12 months ended 30 September2020)

Credit challenges

» Volatility in demand for lithography equipment, mitigated to some degree by a flexible operating cost structure, with a substantialpart of the cost of goods sold and R&D being outsourced

» Customer and supplier concentration, mitigated to some extent by its long-standing relationships and closely aligned productionplans

» Technological risks related to the next-generation EUV and EUV high-NA lithography technology

Rating outlookThe stable outlook on ASML's A3 rating reflects our expectation that the company will maintain its strong market position, theconsistent execution of its product road map (including EUV technology) and its financial discipline through industry cycles.

Factors that could lead to an upgrade

» An upgrade would require the company to make further progress in its product road map, sustaining strong operating performanceover the cycle.

» We would also expect further diversification of the company's product range, including an increased metrology and inspectionpresence, but also a significant increase in net recurring service revenue. We believe this should allow for reduced volatility in theevent of a downturn.

Factors that could lead to a downgrade

» A negative rating action is likely in the event that the company relaxes its financial policy and/or if successive quarterly materialnegative FCFs (including dividend payments) lead to a reduction in cash balances below €2.0 billion or a deterioration in adjustedgross leverage, sustainably in excess of 2.0x.

» Any evidence that the company is losing market share, for instance, because of emerging alternative technologies, may also exertdownward pressure on the rating.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page onwww.moodys.com for the most updated credit rating action information and rating history.

2 17 December 2020 ASML Holding N.V.: Update to credit analysis

MOODY'S INVESTORS SERVICE CORPORATES

Key indicators

ASML Holding N.V.Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 LTM Sep-20

Revenue (USD billion) $7.0 $7.5 $10.1 $12.9 $13.2 $15.4

Free Cash Flow (USD billion) $1.5 $1.0 $1.1 $2.2 -$0.3 $1.5

EBITDA Margin 30.5% 31.4% 32.7% 33.0% 28.1% 32.1%

Debt / EBITDA 0.6x 1.6x 1.1x 0.9x 1.4x 1.1x

EBIT / Interest Expense 51.4x 41.3x 41.0x 69.9x 68.2x 76.1x

Cash / Debt 293.5% 119.7% 105.1% 128.9% 104.6% 93.2%

FCF / Debt 116.3% 26.4% 30.2% 59.6% -5.2% 32.3%

FCF (Moody's definition after dividend) in 2019 was negative due to the implementation of a €1.3bn factoring programme during that year.All ratios are based on 'Adjusted' financial data and incorporate Moody's Global Standard Adjustments for Non-Financial Corporations.Source: Moody's Financial Metrics™

ProfileASML Holding N.V. (ASML) is the world's leading provider of lithography systems for the semiconductor industry in terms of revenue.It manufactures complex machines that are critical to the leading-edge production of integrated circuits. Headquartered in Veldhoven,the Netherlands, ASML generated revenue of €13.7 billion for the 12 months ended 30 September 2020.

Exhibit 3

Sales split by end use for the first nine months of 2020

Memory21%

Logic52%

Installed Base Management27%

Source: Company financials

Detailed credit considerationsUnique position relative to other semiconductor companies, given its market dominance in lithography equipment andstrong collaboration with its customersASML dominates the global market for lithography equipment used in the semiconductor industry, with an overall market share above80%. This market share has increased over the past few years and is likely to remain high because of the company's leading-edgetechnology. ASML has progressively outpaced its sizeable competitors. Both Nikon Corporation and Canon Inc. (A3 negative) lack thenecessary volume in lithography to invest in R&D as much as ASML does. The company's market share is around 90% in the moretechnologically advanced ArF Immersion business and 100% in EUV.

Currently, there are limited viable alternatives to ASML's high-end lithography solutions for high-volume manufacturing that arecapable of providing similar shrink capability and yields. The company is the sole supplier of next-generation EUV lithographytechnology, which facilitates the production of more complex chips and equally reduces customers' unit production costs, reinforcingthe continuation of Moore's law. ASML's customers, such as Intel Corporation (A1 stable), Samsung Electronics Co., Ltd. (Aa3 stable)and Taiwan Semiconductor Manufacturing Co Ltd (Aa3 stable), contributed around €1.4 billion in cash to ASML's R&D under theframework of the Customer Co-Investment Programme over 2013-17 and invested an aggregate 23% equity stake in ASML in 2012 tosupport the investment in EUV technology. As the industry moved towards the commercial rollout of EUV, the customers have reducedtheir equity stakes in ASML; however, they continue to invest in the entire ecosystem involved in building the EUV infrastructure.

3 17 December 2020 ASML Holding N.V.: Update to credit analysis

MOODY'S INVESTORS SERVICE CORPORATES

In recent years, the company has made strategic acquisitions and participations, which are crucial to successfully execute its productroad map well beyond 2020 and further solidify its market position. The takeover of the light source maker Cymer in 2013 was crucialfor EUV development. It cleared patent issues and paved the way for improvements in the power of the light sources, which was amajor roadblock for increasing the production speed for EUV up to its commercially viable levels. In addition, ASML invested in a24.9% minority stake, or €1.0 billion, in optical lenses maker Carl Zeiss SMT. The transaction closed in 2017, and ASML is committed tosupporting SMT's R&D and capital spending of about €1.230 million over six years. This was an important strategic step to contributeto the development of higher-NA optical systems required for the next generation of EUV lithography, expected to be rolled out after2020.

Moreover, we favourably view the broadening of the company's product offering into metrology and inspection tools. These toolsgenerate higher margins because of their higher software content and enhancement of customer yields. The acquisition of Taiwan-based Hermes Microvision, Inc. (HMI) in 2016 strengthened ASML's metrology and inspection offering. ASML uses HMI’s E-beammetrology and inspection solutions as an add-on to its existing solutions, allowing its customers to improve process control duringthe lithography process and, hence, increase manufacturing yields, as the semiconductor industry moves towards smaller sub-10-nanometer technology nodes and three-dimensional integrated circuits. This requires tighter control of the manufacturing process.

Operating performance is likely to remain strong, supported by the adoption of EUV for high-volume manufacturingASML continued to demonstrate solid operating performance in the first nine months of 2020 driven by strong demand for its EUVsystems that are increasingly used in major devices. For the full-year 2020, the company expects an annual top-line growth of around13% and a reported gross margin of around 48%, up from 45% in 2019 because of the combination of strong DUV sales, growth ofmore than 20% in Installed Base Management and improving EUV margins.

The healthy demand from ASML's customers is driven by the company's progress in the execution of its product roadmap, includingEUV technology, which has entered the high-volume manufacturing stage in 2019. During the first nine months of 2020, ASML shipped23 EUV tools and has a solid order pipeline, which indicates the increased customer confidence in EUV technology. For 2021 ASMLhas indicated it expects EUV revenue to grow by 20% and guides towards an improved gross margin profile of EUV tools because ofincreased efficiencies in manufacturing and tool efficiency improvements as well as higher EUV service sales.

Exhibit 4

Sales by segment

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2015 2016 2017 2018 2019 YTD Sep 20

€ m

illio

n

Memory Logic Installed Base Management

Source: Company financials

We continue to expect healthy annual growth rates for the semiconductor equipment market in the mid-single digits in percentageterms over the medium term, supported by the broad-based demand for semiconductors and the increasing complexity of chip design.At the same time, new leading-edge nodes with increased lithography intensity should overproportionally drive the demand for ASML'slitho systems. Hence, we project that ASML will continue to grow its revenue and profitability and its adjusted debt/EBITDA will remainaround 1.0x over the next 12-18 months.

4 17 December 2020 ASML Holding N.V.: Update to credit analysis

MOODY'S INVESTORS SERVICE CORPORATES

Track record of commitment to prudent financial policies, which is likely to continue to support its strong credit metricsASML has consistently demonstrated its commitment to maintaining conservative financial policies. Its gross leverage has beensustainably below 1.0x since 2010, and the company has been in a position of net cash as of fiscal year-end, even in 2009, whenrevenue shrank to €1.6 billion from a peak of €3.7 billion in 2007. However, the debt raised to finance a portion of the HMI acquisitionand a 24.9% minority stake in Carl Zeiss SMT increased ASML's adjusted leverage to 1.6x as of December 2016 from its adjusted debt/EBITDA of 0.6x as of December 2015. Nevertheless, the company deleveraged swiftly to around 0.9x adjusted debt/EBITDA in 2018because of strong business performance, and we expect its adjusted leverage to decline further to remain at around 1.0x in 2020despite the issuance of two €750 million bonds.

ExhibitAuthor: Please write out the unit “€ billions” in the left-hand y-axis. 5

ASML's adjusted leverage, and cash and cash balances

0.5x0.4x

0.6x

0.9x

0.7x

0.6x

1.6x

1.1x

0.9x

1.4x

1.1x1.1x

0.2x

0.4x

0.6x

0.8x

1.0x

1.2x

1.4x

1.6x

1.8x

-

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 LTM Sep-20 2020e

€, bnCash & Cash Equivalents Debt / EBITDA

Sources: Moody’s Financial Metrics™ and Moody’s estimates

The company is committed to its conservative financing policy, illustrated by, among others, its commitment to maintaining asufficient liquidity buffer in the form of a minimum gross cash balance of €2.0 billion-€2.5 billion plus a €700 million undrawnrevolving credit facility. The appropriate size of the liquidity buffer is reassessed annually, taking into account multiple factors, such ascapital spending.

In November 2019, ASML revised its capital returns policy to provide for dividend payments on a semiannual basis instead of annually.In addition, the company has announced a new share buyback program in the 2020-2022 timeframe. In total, ASML has announcedto purchase up to €6.0 billion and already executed €1.1 billion until 7 December 2020. We expect share buybacks and dividends toremain a key feature of ASML's financial strategy; however, we expect the company to continue to balance shareholder returns withinthe context of FCF generation, its liquidity targets and the current business outlook, as it has done in the past. This was reflected inASML pausing its share buyback programme (with a total consideration of €1.5 billion over 2016-17) in light of the acquisition ofHMI and the investment in Carl Zeiss SMT, and the by putting the 2020-22 program on hold in Q1, Q2 and Q3 2020 due to COVIDuncertainty..

5 17 December 2020 ASML Holding N.V.: Update to credit analysis

MOODY'S INVESTORS SERVICE CORPORATES

Exhibit 6

Historical shareholder returns have been balanced against operating cash flow and liquidity

-

0.5

1.0

1.5

2.0

2.5

3.0

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 LTM Sep-20

€ b

illio

n

CFO less capex Dividend + share buyback

Sources: Moody’s Financial Metrics™

Volatility in demand for lithography equipment, mitigated to some degree by operational flexibilityASML is exposed to capital equipment spending of semiconductor device manufacturers. These companies tend to postpone or cancelorders in the weaker parts of the semiconductor cycle, affecting semiconductor equipment OEMs and their suppliers. In 2009, thesemiconductor capital equipment industry experienced a sharp slowdown, resulting in a sharp decline in ASML's revenue (which fell toaround €1.6 billion in 2009 from a peak of €3.7 billion in 2007) and adjusted EBITDA margin (which declined to around 3% in 2009from around 28% in 2007), which, in turn, drove an increase in financial leverage to double digits in percentage terms in 2009. In 2010,revenue recovered as the industry resumed spending. However, as the semiconductor industry has long-term sustainable demandfundamentals, we do not expect future declines in performance to be prolonged because we expect end-customers to defer investmentplans rather than sustainably reduce capital spending. In addition, we expect equipment sales to the semiconductor sector to beless volatile than the historical levels because of the increasing diversification in end-markets (data centre, mobile devices, artificialintelligence, autonomous driving, internet of things and others). During the recent outbreak of the coronavirus pandemic, ASML did notsee major decline in orders.

Exhibit 7

ASML's historical revenue development

-46%

182%

25%

-16%

11%12%

7% 8%

32%22%

8%

26%11%

-100%

-50%

0%

50%

100%

150%

200%

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 LTM Sep-20 2020e

€ b

illio

n

Revenue y-o-y growth (right axis)

Sources: Company reports and Moody's estimates

We also expect ASML's flexible cost structure to allow the company to absorb the impact of a pronounced setback in revenue onits operating performance. With a sharp decline in ASML's revenue and margins in 2009, its FCF was marginally negative at around€90 million (including €86 million of dividend payments) and liquidity remained solid, with cash and cash equivalents amounting to€1.1 billion. A substantial part of its cost of goods systems sold (about 80%) and R&D is outsourced. The company also has flexiblepersonnel schemes. In addition, strong relationships with its major suppliers and the specialised nature of ASML's requirements in termsof lasers and lenses allow it to share the burden of business volatility down the value chain.

6 17 December 2020 ASML Holding N.V.: Update to credit analysis

MOODY'S INVESTORS SERVICE CORPORATES

Technological risk related to the next generation of EUV and EUV high-NA lithography technologyEUV technology is likely to reduce the lithography cost of critical layers as the industry moves towards more advanced nodes. For EUVto be used in high-volume manufacturing for memory customers, ASML needs to achieve a number of technological milestones tomeet the required productivity targets. In 2020, ASML continued to make progress on productivity improvement of EUV technologyand shipped further higher-productivity NXE:3400C systems for use in high volume manufacturing. ASML's NXE:3400C tool has anoutput of 170 wafers per hour, increasing the system’s productivity by around 35% (compared with its predecessor model, NXE:3400B)and will additionally allow for higher availability (over 90%) because of less maintenance time.

ESG considerationASML has low levels of environmental and social risks, consistent with those of the overall sector. The company’s financial policies areconservative, including low financial leverage and a very good liquidity profile.

Liquidity analysisASML's healthy liquidity buffer is a key credit strength. As of Q3 2020, ASML had cash and cash equivalents of around €4.4 billion,which included liquid short-term investments in respect of deposits and low-risk money-market funds (with tenors greater thanthree months but less than one year). It also has full access to a €700 million committed credit facility due 2025, with no financialcovenants. The around €4.4 billion cash balance and Moody's projected funds from operations in excess of €3 billion are more thansufficient to accommodate dividend payments and share buybacks, as well as working capital and capital spending needs.

Rating methodology and scorecard factorsThe principal methodology used in this rating was our Semiconductor Industry rating methodology, published in July 2018. Thescorecard-indicated outcome is in line with the assigned rating.

Rating factorsASML Holding N.V.

Semiconductor Industry [1]

Factor 1 : Scale (20%) Measure Score Measure Score

a) Revenue (USD Billion) $15.4 A $15.8 - $16.2 A

b) Free Cash Flow (USD Billion) $1.5 A $1 - $1.2 A

Factor 2 : Business Profile (20%)

a) Business Profile Baa Baa Baa Baa

Factor 3 : Profitability(5%)

a) EBITDA Margin 32.1% A 31% - 33% A

Factor 4 : Leverage & Coverage (40%)

a) Debt / EBITDA 1.1x A 1x - 1.2x A

b) EBIT / Interest Expense 76.1x Aaa 75x - 80x Aaa

c) Cash / Debt 93.2% Ba 90% - 95% Ba

d) FCF / Debt 32.3% A 20% - 25% Baa

Factor 5 : Financial Policy (15%)

a) Financial Policy A A A A

Rating:

a) Scorecard-Indicated Outcome A3 A3

b) Actual Rating Assigned A3

Current

LTM 9/27/2020

Moody's 12-18 Month Forward View

As of 12/15/2020 [2]

[1] All ratios are based on 'Adjusted' financial data and incorporate Moody's Global Standard Adjustments for Non-Financial Corporations.[2] This represents Moody's forward view, not the view of the issuer, and unless noted in the text, does not incorporate significant acquisitions and divestitures.Sources: Moody’s Financial Metrics™ and Moody’s estimate

7 17 December 2020 ASML Holding N.V.: Update to credit analysis

MOODY'S INVESTORS SERVICE CORPORATES

Appendix

Exhibit 9

Peer comparisonASML Holding N.V.

FYE FYE LTM FYE FYE LTM FYE FYE LTM FYE FYE LTM

Dec-18 Dec-19 Sep-20 Jun-19 Jun-20 Sep-20 Oct-18 Oct-19 Jul-20 Jun-19 Jun-20 Sep-20

Revenue $12,924 $13,233 $15,402 $9,654 $10,045 $11,056 $16,705 $14,608 $16,268 $4,569 $5,806 $5,932

FCF $2,204 -$263 $1,529 $2,194 $1,332 $1,480 $2,560 $2,114 $2,297 $550 $1,103 $1,076

Total Debt $3,577 $5,065 $5,497 $5,224 $6,498 $6,331 $6,682 $6,657 $6,829 $3,909 $3,956 $3,905

Cash + Marketable Sec. $4,612 $5,296 $5,121 $5,431 $6,710 $6,658 $5,598 $5,321 $6,294 $1,739 $1,980 $2,043

EBITDA Margin 33.0% 28.1% 32.1% 29.9% 30.5% 31.2% 30.6% 26.7% 27.8% 37.4% 37.0% 37.8%

EBIT / Int. Exp. 69.9x 68.2x 76.1x 21.3x 15.1x 16.6x 19.0x 14.1x 16.4x 11.2x 10.7x 11.5x

Debt / EBITDA 0.9x 1.4x 1.1x 1.8x 2.1x 1.8x 1.3x 1.7x 1.5x 2.3x 1.8x 1.7x

(Cash + Mkt Sec) / Debt 128.9% 104.6% 93.2% 104.0% 103.3% 105.2% 83.8% 79.9% 92.2% 44.5% 50.1% 52.3%

FCF / Debt 59.6% -5.2% 32.3% 42.0% 20.5% 23.4% 38.3% 31.8% 33.6% 14.1% 27.9% 27.6%

ASML Holding N.V. Lam Research Corp. Applied Materials Inc. KLA Corporation

(in USD million)

A3 Stable A3 Stable A3 Stable Baa1 Stable

Source: Moody’s Financial Metrics™

Exhibit 10

ASML’s historical credit metrics

EUR (million) 2015 2016 2017 2018 2019 LTM Sep-20

INCOME STATEMENT

Revenue 6,287 6,795 8,963 10,944 11,820 13,761

EBITDA 1,916 2,131 2,927 3,614 3,326 4,416

BALANCE SHEET

Cash & Cash Equivalents 3,409 4,057 3,288 4,034 4,718 4,408

Total Debt 1,161 3,390 3,127 3,129 4,512 4,731

(Cash + Mkt Sec) / Debt 294% 120% 105% 129% 105% 93%

CASH FLOW

Capex = Capital Expenditures 413 365 413 677 959 1,101

Dividends 302 446 517 597 1,326 1,006

Free Cash Flow (FCF) 1,350 895 944 1,866 (235) 1,529

FCF / Debt 116.3% 26.4% 30.2% 59.6% -5.2% 32.3%

PROFITABILITY

% Change in Sales (YoY) 7.4% 8.1% 31.9% 22.1% 8.0% 25.9%

EBITDA margin % 30.5% 31.4% 32.7% 33.0% 28.1% 32.1%

INTEREST COVERAGE

EBIT / Interest Expense 51.4x 41.3x 41.0x 69.9x 68.2x 76.1x

LEVERAGE

Debt / EBITDA 0.6x 1.6x 1.1x 0.9x 1.4x 1.1x

Source: Moody’s Financial Metrics™

8 17 December 2020 ASML Holding N.V.: Update to credit analysis

MOODY'S INVESTORS SERVICE CORPORATES

Exhibit 11

Main adjustments to ASML’s reported EBITDA are operating leases

EUR (million)

FYE

2015 2016 2017 2018 2019 LTM Sep-20

Total Reported EBITDA 1,873 2,087 2,870 3,413 3,248 4,319

Operating Lease Adjustments 45 45 57 70 78 97

Unusual Items 0 0 0 131 0 0

Analyst adjustments -2 -1 0 0 0 0

Total Adjusted EBITDA 1,916 2,131 2,927 3,614 3,326 4,416

Sources: Moody’s Financial Metrics™

Exhibit 12

Main adjustments to ASML’s reported debt include operating leases and derivatives

EUR (million)

FYE

2015 2016 2017 2018 2019 LTM Sep-20

Total Reported EBITDA 1,873 2,087 2,870 3,413 3,248 4,319

Operating Lease Adjustments 45 45 57 70 78 97

Unusual Items 0 0 0 131 0 0

Analyst adjustments -2 -1 0 0 0 0

Total Adjusted EBITDA 1,916 2,131 2,927 3,614 3,326 4,416

[1] As of 1 January 2018, ASML has early adopted ASC 842 leases, converting an off-balance-sheet liability into an on-balance-sheet liability.[2] Analyst adjustments relate to fair value of interest rate swaps related to eurobonds.Source: Moody’s Financial Metrics™

Ratings

Exhibit 13

Category Moody's RatingASML HOLDING N.V.

Outlook StableSenior Unsecured -Dom Curr A3

Source: Moody's Investors Service

9 17 December 2020 ASML Holding N.V.: Update to credit analysis

MOODY'S INVESTORS SERVICE CORPORATES

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (includingcorporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating,agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody’sInvestors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regardingcertain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publiclyreported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance —Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s InvestorsService Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intendedto be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, yourepresent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly orindirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as tothe creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’sOverseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a NationallyRecognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by anentity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registeredwith the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferredstock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and servicesrendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

REPORT NUMBER 1256673

10 17 December 2020 ASML Holding N.V.: Update to credit analysis

MOODY'S INVESTORS SERVICE CORPORATES

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EMEA 44-20-7772-5454

11 17 December 2020 ASML Holding N.V.: Update to credit analysis