Revenue and Issuance Analysis

$ Billions Capital Management $6.0 $5.0 $4.0 $3.0 $2.0 $1.0 $0.0 2017 ($ Billions) TTM 3Q192 2.5x Adjusted Operating Income³ $2.2 Interest Expense $0.2 Capital Expenditures $0.1 Free Cash Flow³ $1.5 2.0x 1.8x Debt $5.2 Cash, Cash Equivalents & ST Investments Net Debt $1.3 $4.0 1.5x Net Debt/Adjusted Operating Income1 1.8x 1.0x 0.5x » Committed to leverage anchored around a BBB+ rating » Strong track record of de-leveraging through cash flow (e.g., de-levered within nine months of the Bureau van Dijk acquisition) » Well-laddered maturities; no significant debt maturities until September 2020 T +0.0x 2018 1Q19 2Q19 3Q19 Net Debt Net Debt/TTM Adj. Operating Income¹(R) 1. Trailing twelve months adjusted operating income. Amounts are adjusted measures. See Appendix for reconciliations from adjusted financial measures to U.S. GAAP and gross debt to net debt. 2. TTM only applies to income and cash flow statement items. 3. Amounts are adjusted measures. See Appendix for reconciliations from adjusted financial measures to U.S. GAAP and gross debt to net debt. MOODY'S November 4, 2019 53

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