1. Leo C. O’Neill President Standard & Poor’s May 19, 2000 Media & Entertainment Analysts of New York The McGraw-Hill Companies

2. Standard & Poor’s Management Team Leo C. O’Neill President Hendrik Kranenburg Executive Vice President Information Services Vickie Tillman Executive Vice President Rating Services Robert Maitner Executive Vice President Operations Joan Lewis Senior Vice President Marketing & Communications

3. Standard & Poor’s Ratings Services Strategic Objectives Accelerate global growth Diversify revenues: Non-traditional services Smooth revenue stream

4. Standard & Poor’s Information Services Goals: Accelerate top-line growth improve profit margin Focus on faster growth, larger, integrated opportunities  Global markets  E-commerce  Managed funds Maintain brand equity value in legacy businesses

5. Standard & Poor’s Information Services Strategic Objectives Transform legacy products to integrated content for Internet and direct distribution Grow S&P’s high value content in index products, and portfolio services Expand position in managed funds/retirement services market Extend S&P’s coverage globally

6. Standard & Poor’s Ratings Services Strategic Objectives Accelerate global growth Diversify revenues: Non-traditional services Smooth revenue stream

7. Standard & Poor’s Ratings Services Revenues - 1995 * Non-Traditional Includes: Ratings Evaluation Services Counterparty Ratings Insurance Financial Strength Ratings Global Infrastructure Ratings Bank Loan Ratings

8. Standard & Poor’s Ratings Services Revenues - Today * Non-Traditional Includes: Ratings Evaluation Services Counterparty Ratings Insurance Financial Strength Ratings Global Infrastructure Ratings Bank Loan Ratings

9. Standard & Poor’s Ratings Services Revenue Sources - Today * Non-Traditional Includes: Ratings Evaluation Services Counterparty Ratings Insurance Financial Strength Ratings Global Infrastructure Ratings Bank Loan Ratings

10. Standard & Poor’s Ratings Services Product Extensions: Financial strength ratings of insurance companies Global project finance Credit evaluation services  Ratings evaluation services  Counterparty ratings of financial institutions  Corporate credit ratings  Bank loan ratings Derivative product company ratings

11. Financial Strength Ratings

12. Global Project Finance Ratings

13. Ratings Evaluation Services

14. Counterparty Ratings

15. Corporate Credit Ratings

16. Derivative Product Company Ratings

17. Strategic Objectives Transform legacy products to integrated content for Internet and direct distribution Grow S&P’s high value content in index products, and portfolio services Expand position in managed funds/retirement services market Extend S&P’s coverage globally Standard & Poor’s Information Services

18. Strategic Objectives Transform legacy products to integrated content for Internet and direct distribution Emphasis on value of S&P content Enable our customers to differentiate themselves Three mechanisms  Integrated data fee  Web solutions  Web station Emphasis on S&P brand Standard & Poor’s Information Services

19. Grow S&P’s high value content in index products and portfolio services Index Strategy: Leverage S&P’s expertise and reputation in indexes to build global family of investable indexes  Global 1200 & Global 100  Exchange relationships  BCG shares Portfolio Services Strategy: Leverage S&P’s equity analytical talent to build asset portfolios  Portfolio assets = $10.6 billion Standard & Poor’s Information Services

20. Expand position in managed funds/retirement services market Consolidated operations to create focus  Funds Ratings  Micropal  Rationale Investors  Published image Standard & Poor’s Information Services

21. Extend S&P’s coverage globally Index Services: Global relationships Managed Funds: Build analytical capability Emerging Markets Initiative: Focused approach across the segment Standard & Poor’s Information Services

22. Standard & Poor’s Benchmarks of Success Acknowledged as the best provider of independent, highly valued analytical services and information to the world’s financial markets Recognized by our customers as an innovative, service-driven company providing creative solutions An employer of choice in the financial services industry Doubling our revenues by 2005 Generating 40% of our revenues from outside the United States by 2005 Generating 100% of our information-based revenues from e-based services

23. The McGraw-Hill Companies Investor Relations Contact Donald S. Rubin Senior Vice President, Investor Relations The McGraw-Hill Companies 1221 Avenue of the Americas New York, NY 10020 Tel: (212) 512-4321 Fax: (212) 512-3840 E-mail: investor_relations@mcgraw-hill.com URL:www.mcgraw-hill.com/investor_relations