Revenue and Issuance Analysis

Reconciliation of Adjusted Financial Measures to GAAP Adjusted Operating Income and Adjusted Operating Margin Reconciliation1 (in $ millions) 2014 2015 2016 Operating Income Operating Margin $1,449.8 43.5% $1,490.7 42.8% $650.9 2017 $1,820.8 2018 $1,868.2 TTM 3Q19 $1,870.6 18.1% 43.3% 42.1% 40.2% Add Adjustment: Depreciation & Amortization 95.6 113.5 126.7 158.3 191.9 198.2 Acquisition-Related Expenses 22.5 8.3 7.6 Restructuring 12.0 48.7 107.0 Captive insurance company settlement 15.5 Settlement Charge 863.8 Impairment pursuant to the planned divestiture of MAKS 10.7 Adjusted Operating Income Adjusted Operating Margin $1,545.4 46.3% $1,604.2 46.0% $1,653.4 45.9% $2,001.6 47.6% $2,117.1 47.7% $2,209.6 47.5% Moody's Corporation Net Debt Reconciliation (in $ millions) Gross debt Less: Cash, cash equivalents and short-term investments Net debt 2014 2015 2016 $2,532.1 $3,380.6 $3,363.0 1,677.6 2,232.2 2,224.9 $854.5 $1,148.4 $1,138.1 2017 $5,540.5 1,183.3 $4,357.2 2018 $5,676.0 3Q19 $5,238.0 1,817.5 1,273.8 $3,858.5 $3,964.2 1. 2014-2017 operating and adjusted operating income have been restated to conform to the new presentation of pension accounting. MOODY'S November 4, 2019 56

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