Investor Presentaiton

Reconciliation of Adjusted Financial Measures to U.S. GAAP Moody's Corporation Adjusted Operating Income and Adjusted Operating Margin Reconciliation Moody's Corporation Net Debt Reconciliation (in $ millions) 2018 2019 2020 2021 2022 (in $ millions) 2018 2019 2020 2021 2022 Operating Income Operating Margin $1,868 $1,998 $2,388 42.0% 41.4% 44.5% $2,844 $1,883 45.7% 34.4% Gross debt $5,676 $5,581 $6,422 $7,413 $7,389 Add Adjustment: Less: Cash, cash equivalents and short- term investments 1,818 1,930 2,696 1,902 1,859 Depreciation & Amortization 192 200 220 257 331 Net debt $3,858 $3,651 $3,726 $5,511 $5,530 Acquisition-Related 8 3 Expenses Restructuring 49 60 50 114 Captive insurance company settlement 16 Loss pursuant to the divestiture of MAKS 14 9 Adjusted Operating Income Adjusted Operating Margin $2,117 $2,291 $2,667 $3,101 $2,328 47.6% 47.4% 49.7% 49.9% 42.6% Note: Some numbers may not foot due to rounding. MOODY'S | DECODE RISK. UNLOCK OPPORTUNITY. 4Q and FY 2022 Investor Presentation 69 69

View entire presentation