Revenue and Issuance Analysis

Reconciliation of Adjusted Financial Measures to GAAP (cont.) Moody's Corporation Diluted EPS Reconciliation 2014 2015 2016 2017 2018 Diluted EPS - GAAP Legacy Tax $4.61 $4.63 $1.36 $5.15 $6.74 2019F1 $7.20 - $7.35 (0.03) (0.03) Impact of Litigation Settlement $3.59 Captive insurance company settlement ~0.06 ICRA Gain (0.37) FX Gain due to Subsidiary Liquidation ($0.18) Restructuring $0.04 $0.19 ~$0.23 CCXI Gain ($0.31) Acquisition-Related Expenses $0.10 $0.03 ~$0.01 Purchase Price Hedge Gain ($0.37) Acquisition-Related Intangible Amortization Expenses $0.10 $0.11 $0.13 $0.23 $0.40 ~$0.41 divestiture of MAKS Impact of U.S. tax reform Net Impact of U.S./European tax change on deferred taxes Increase to non-U.S. UTPS Tax charge associated with planned Impairment pursuant to the planned divestiture of MAKS Adjusted Diluted EPS $1.28 ($0.30) ($0.01) $0.33 ~$0.08 -$0.06 $4.31 $4.71 $4.94 $6.07 $7.39 1. Guidance as of October 30, 2019. MOODY'S Note: Table may not sum to total due to rounding. $8.05 - $8.20 November 4, 2019 58

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