2Q 2020 Investor Presentation

Reconciliation of Adjusted Financial Measures to GAAP (cont.) Moody's Corporation Operating Margin Guidance Reconciliation Projected Operating Margin - GAAP Depreciation & Amortization Restructuring Loss pursuant to the divestiture of MAKS Projected Adjusted Operating Margin Free Cash Flow Reconciliation 2020F1 43% -44% Approximately 4.5% Approximately 0.5% Negligible 48%-49% (in $ millions) 2015 2016 2017 2018 2019 2020F1 Net cash flows from operating activities Less: Capital expenditures $1,198 $1,259 $755 $1,461 89 115 91 Free Cash Flow $1,109 $1,144 $664 91 $1,370 $1,675 69 $1,600 $1,800 ~100 $1,606 $1,500 $1,700 1. Guidance as of July 30, 2020. MOODY'S 2Q 2020 Investor Presentation - August 11, 2020 64

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