3Q 2020 Investor Presentation

2015 2016 2017 2018 2019 Operating Margin $1,491 $651 $1,821 42.8% 18.1% 43.3% $1,868 $1,998 42.0% 41.4% Reconciliation of Adjusted Financial Measures to GAAP Adjusted Operating Income and Adjusted Operating Margin Reconciliation1 (in $ millions) Operating Income TTM 3Q 2020 Moody's Corporation Net Debt Reconciliation $2,448 46.1% Add Adjustment: Depreciation & Amortization 114 127 158 192 200 213 Acquisition-Related - 23 8 3 0 (in $ millions) Gross debt Less: Cash, cash 2015 2016 2017 2018 2019 1Q 2020 2Q 2020 3Q 2020 $3,381 $3,363 $5,540 $5,676 $5,581 $6,788 $6,333 $6,363 Expenses equivalents and Restructuring Captive insurance company settlement Settlement Charge 12 49 60 22 2,232 2,225 1,183 1,818 1,930 2,231 2,199 2,588 short-term investments 16 Net debt $1,148 $1,138 $4,357 $3,858 $3,651 $4,557 $4,134 $3,775 864 Loss pursuant to the 14 12 divestiture of MAKS Adjusted Operating Income Adjusted Operating Margin $1,605 46.0% $1,654 $2,002 $2,117 $2,291 $2,695 45.9% 47.6% 47.6% 47.4% 50.7% 1. 2014-2017 operating and adjusted operating income have been restated to conform to the new presentation of pension accounting. MOODY'S 3Q 2020 Investor Presentation - November 11, 2020 70 70

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