2Q 2020 Investor Presentation

Reconciliation of Adjusted Financial Measures to GAAP Adjusted Operating Income and Adjusted Operating Margin Reconciliation1 TTM (in $ millions) 2015 2016 2017 2018 2019 2Q 2020 Moody's Corporation Net Debt Reconciliation Operating Income Operating Margin $1,491 $651 $1,821 42.8% 18.1% 43.3% $1,868 $1,998 42.0% 41.4% $2,355 45.3% Add Adjustment: (in $ millions) 2015 2016 2017 2018 Depreciation & Amortization 114 127 158 192 200 205 Gross debt 1Q 2020 2Q 2020 $3,381 $3,363 $5,540 $5,676 $5,581 $6,788 $6,333 2019 Acquisition-Related - 23 8 3 0 Less: Cash, cash Expenses equivalents and short- 2,232 2,225 1,183 1,818 1,930 2,231 2,199 Restructuring Captive insurance company settlement Settlement Charge 12 49 60 -2 term investments 16 16 Net debt $1,148 $1,138 $4,357 $3,858 $3,651 $4,557 $4,134 864 Loss pursuant to the 14 14 divestiture of MAKS Adjusted Operating Income $1,605 Adjusted Operating Margin 46.0% $1,654 $2,002 $2,117 $2,291 $2,588 45.9% 47.6% 47.6% 47.4% 49.8% 1. 2014-2017 operating and adjusted operating income have been restated to conform to the new presentation of pension accounting. MOODY'S 2Q 2020 Investor Presentation - August 11, 2020 63

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