1	4Q 2009 Earnings Call January 26, 2010 Presenters: Harold McGraw III Chairman, President and CEO Robert J. Bahash Executive Vice President and CFO Donald S. Rubin Senior Vice President, Investor Relations
2	Donald S. Rubin Senior Vice President, Investor Relations The McGraw-Hill Companies
3	“Safe Harbor” Statement Under The Private Securities Litigation Reform Act of 1995 This presentation includes certain forward-looking statements about our businesses and our prospects, new products, sales, expenses, tax rates, cash flows, prepublication investments and operating and capital requirements. Such forward-looking statements include, but are not limited to: the strength and sustainability of the U.S. and global economy; the duration and depth of the current recession; Educational Publishing’s level of success in 2010 adoptions and in open territories and enrollment and demographic trends; the level of educational funding; the strength of School Education including the testing market, Higher Education, Professional and International publishing markets and the impact of technology on them; the level of interest rates and the strength of the economy, profit levels and the capital markets in the U.S. and abroad; the level of success of new product development and global expansion and strength of domestic and international markets; the demand and market for debt ratings, including collateralized debt obligations (“CDO”), residential and commercial mortgage and asset-backed securities and related asset classes; the continued difficulties in the credit markets and their impact on Standard & Poor’s and the economy in general; the regulatory environment affecting Standard & Poor’s; the level of merger and acquisition activity in the U.S. and abroad; the strength of the domestic and international advertising markets; the strength and the performance of the domestic and international automotive markets; the volatility of the energy marketplace; the contract value of public works, manufacturing and single-family unit construction; the level of political advertising; and the level of future cash flow, debt levels, manufacturing expenses, distribution expenses, prepublication, amortization and depreciation expense, income tax rates, capital, technology, restructuring charges and other expenditures and prepublication cost investment. Actual results may differ materially from those in any forward-looking statements because any such statements involve risks and uncertainties and are subject to change based upon various important factors, including, but not limited to, worldwide economic, financial, political and regulatory conditions; currency and foreign exchange volatility; the health of debt and equity markets, including interest rates, credit quality and spreads, the level of liquidity, future debt issuances including residential and commercial mortgage-backed securities and CDOs backed by residential mortgages and related asset classes; the implementation of an expanded regulatory scheme affecting Standard & Poor’s ratings and services; the level of funding in the education market (both domestically and internationally); the pace of recovery in advertising; continued investment by the construction, automotive, computer and aviation industries; the successful marketing of new products, and the effect of competitive products and pricing.
4	Harold McGraw III Chairman, President and CEO The McGraw-Hill Companies
5	MHP 4Q 2009 results set the stage for more growth in 2010 43.2% increase in 4Q EPS 4Q 2009: $0.53, including a $10.5 million pre-tax gain, or $0.02 on divestiture of BusinessWeek Compares to 4Q 2008: $0.37, including a restructuring charge of $0.05 per diluted share 4Q revenue increased 3.3% Results mark the first quarterly increases in diluted EPS and revenue since 3Q 2007
6	Improving prospects reflected in 2010 guidance 2010: We expect $2.55 to $2.65 per diluted share Encouraged by: Improvement in economy, albeit at modest pace Improving financial markets Narrowing bond spreads Low interest rates Prospects for a better year in education markets
7	Board increases dividend, approves share buybacks Actions at January 2010 Board meeting: Increased dividend by 4.4% Announced MHP’s intention to resume share repurchases in 2010 Will buy back over time the 17.1 million shares remaining in the program MHP has increased its dividend annually for 37 consecutive years Since 1974, dividend has grown at average compound annual rate of 9.9% Since 1996, MHP has returned approximately $9.4 billion to shareholders through dividends and stock buybacks
8	McGraw-Hill Education Financial Services Information & Media
9	4Q 2009 segment results at McGraw-Hill Education Revenue +2.6% to $520.0 million School Education Group: (7.6%) to $149.8 million Higher Education, Professional and International Group: +7.5% to $370.2 million Operating Profit $33.5 million Compares to $12.7 million loss in 2008 which includes an $11.4 million restructuring charge
10	Improved operating margin at McGraw-Hill Education Operating margin 4Q 2009: 6.4% 2009: 11.6% Includes restructuring charge of $11.6 million Excluding restructuring charges, operating margin was 12.0% in 2009
11	McGraw-Hill Education Tale of two markets in 2009: Elementary-high school market: Declining sales U.S. college and university market: Consistent counter-cyclical growth
12	Elementary-high school market may decline about 15% in 2009
13	30% share in 2009 state new adoption market We captured 30% of the total available dollars in the 2009 state new adoption market 2009 market: $500 million to $510 million range Represents 50% decline from 2008 state new adoption market
14	Positive signs for el-hi market Reasons for pick up in 4Q 2009 ordering: State allocations reached local districts later than usual in some regions Some federal stimulus funds arrived Our intervention programs benefitted from incremental funding for Title I and Individuals with Disabilities Education Act (IDEA)
15	Shift in testing for the el-hi market 7.6% decrease for the McGraw-Hill School Education Group in 4Q 2009 due to decline in testing Major reason for decline in testing was the managed phase-out of statewide summative contracts in Arizona, California, and Florida In testing, we are increasing the focus on formative and non-custom, “off-the-shelf” markets Less emphasis on lower margin custom contracts We continue to win summative contracts with a selective bidding strategy 4Q 2009: Contracts awarded in North Dakota, Alabama, Indiana, and New York
16	"More progress with Acuity" More progress with Acuity, our formative assessment program New York City, nation’s largest school district, now in third year of Acuity contract Philadelphia recently signed on for start of new school year Many district-level opportunities are in the pipeline for 2010 Some states are introducing or expanding the use of Acuity in their applications for the federal Race to the Top funding
17	2010 el-hi market could grow 6% to 7% 2010 state new adoption market estimated between $925 million and $975 million Open territory to decline in 2010 given state budget pressures Residual sales in adoption states expected to decline Typically falls off in strong state new adoption year
18	Texas and Florida: The key adoption states in 2010 Florida scheduled to buy K–12 math State adopted new math standards Adoption activity currently very brisk at district level Texas funding of $465 million in place for K–12 reading and literature adoption
19	Outlook for 2010 state new adoption market Continue to see evidence of pent-up demand Budget pressures remain until economic recovery is further along California: Market may see some purchasing that was postponed in 2009 Funding levels remain uncertain Some districts may buy K–8 reading as part of second year adoption Some potential for math sales at grades 6–8 and 9–12 Governor’s budget proposal for 2010–2011 fiscal year instructional materials is $332.5 million, flat with 2009
20	Solid 2009 performance in higher education Surge in second-semester ordering late in year boosted performance Industry sales will likely exceed our 8% to 10% growth estimate Higher Education, Professional and International Group’s revenue grew 7.5% in 4Q 2009 2010: Expect U.S. college market to grow 5% to 7%
21	Outlook for higher education Surge in enrollments helped drive industry growth Two-year colleges and career colleges showed most rapid growth Career Education was MHP’s fastest growing higher education imprint in 2009 All our major imprints grew in 2009 and are expected to do so again in 2010
22	Digital growth opportunities in higher education HPI Group’s digital revenue grew at double-digit rates in 4Q 2009 and for the year Includes e-books, online courses, and online study tools for students like McGraw-Hill Connect Pace of integrating content, technology and distribution is accelerating Rapid development of new devices and formats for e-book market We will take full advantage of digital opportunity
23	Look for McGraw-Hill e-books on new Apple Tablet All our e-books for college market on CourseSmart already run on iPhone operating system New Apple device expected to use same operating system If so, our CourseSmart e-books should run well right out of the box on new Apple Tablet
24	Growing digital opportunities in the higher education market CourseSmart does not share revenue with Apple Students must subscribe to CourseSmart or its college bookstore partners to access our e-books CourseSmart’s iPhone application is free to subscribers About 95% of McGraw-Hill Higher Education’s current titles are available as e-books
25	Growing digital opportunities in the professional markets Subscriptions to our services are growing at a double-digit pace In 1Q 2010, we will launch AccessPhysiotherapy Sixth specialty site in the AccessMedicine family of online medical information subscription sites Broadens market beyond medical education and clinical practice to the allied health field More digital products to be launched in 1Q 2010 New opportunities to broaden our reach Kiss, Bow or Shake Hands is a new digital subscription-based reference for international business etiquette
26	Investing for more digital growth We are not waiting for the tipping point in digital growth We are ramping up our investment in learning platforms and content management capabilities 2010 operating margins will be impacted by: Our ongoing investment in the development of next-generation products and programs Marketing and sales expenses associated with robust state new adoption schedule
27	2010 guidance for McGraw-Hill Education Growth in key education markets 6% to 7% increase in the 2010 el-hi market 5% to 7% growth in U.S. college market Segment revenue growth of 7% to 8% Operating margins unchanged from 2009
28	McGraw-Hill Education Financial Services Information & Media
29	4Q 2009 results at Financial Services Revenue +10.6% to $689.2 million S&P Credit Market Services: +19.4% to $473.4 million S&P Investment Services: (4.8%) to $215.8 million Operating Profit +14.6% to $250.0 million
30	4Q 2009 results at Financial Services Operating margin 4Q 2009: 36.3% Full year 2009: 39.4%, excluding loss on divestiture of Vista Research and net restructuring charge 2009 operating margin also reflects costs of compliance to meet increased regulation of S&P Credit Market Services
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32	4Q ’09 surge in U.S. industrials, high-yield issuance
33	4Q issuance increased for industrial and high-yield bonds in Europe 4Q high-yield issues in Europe 4Q 2008: No high-yield issues 4Q 2009: 27 high-yield issues Dollar value of European industrial issuance was $93.6 billion, up 36.9% in the fourth quarter Represented 154 deals, an increase of 46.7%
34	Positive signs for S&P Credit Market Services
35	Outlook for 2010: S&P Credit Market Services We expect revenue growth in 2010 from: Transaction and non-transaction Domestic and international markets S&P Credit Market Services’ international revenue was up 17.7% in 4Q 2009 All regions grew Provided 49.4% of total revenue
36	Interest rate spreads: A key gating factor for issuance
37	Favorable trends in the credit markets Spread between three-month LIBOR and Federal Reserve’s overnight rate is down to 0.25% Key gauge of how banks assess riskiness of lending to one another Spread contraction also across major consumer asset-backed securities during 2009
38	Favorable trends in the credit markets Strong demand for non-financial institution paper by investors who want to diversify their portfolios Investors are increasingly comfortable in buying lower-rated bonds 4Q 2009: 60% of speculative-grade issuance was rated single B+ or below Corporates: High-yield bond market has become more attractive than leveraged loan market Companies with riskier credits are lining up to tap it Some investors choose speculative-grade because of less restrictive covenants and longer maturities
39	Favorable trends in the credit markets Non-financial firms are borrowing now to repay expensive debt Widely expected that corporate borrowing costs will increase as economy improves Deleveraging of financial institutions Credit availability is declining systemically Limited availability of bank loan funding will result in greater reliance on primary bond market
40	Favorable trends in the credit markets S&P believes 2010 may offer a window of opportunity for refinancing debt Refinancing of current and future maturities was robust in 2009 and should be again in 2010 About one-third of estimated $300 billion coming due in 2010 was refinanced in 2009 Dramatic rise in corporate debt coming due from 2011 through 2014 Estimated at $2 trillion Some may be refinanced in 2010, adding to $200 billion due this year
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43	2009 results at S&P Investment Services S&P Investment Services produced about 33% of Financial Services’ 2009 revenue 4Q 2009: Revenue down 4.8%, but down only 1.7% excluding divestitures Full year 2009: Revenue declined 4.2% to $861.9 million; declined 1.5% excluding divestitures Expiration of Independent Equity Research Settlement in July a factor in revenue fall off
44	2009 ended strongly in key markets New high of $247.0 billion at end of 2009 for assets under management in exchange-traded funds based on S&P indices More than $43 billion higher than at year-end 2008 Previous high of $235.3 billion set at end of 2007
45	Finding new ways to grow index business S&P has expanded into different indices for new asset classes, investment strategies and markets: Commodities Fixed income Real estate Custom Thematic Has successful relations with exchanges around the world 217 exchange-traded funds based on S&P indices at the end of 2009 Five added in 4Q 2009 More coming in 2010 in commodities, equities, fixed income and alternative investments
46	Data and information benefiting S&P Investment Services Capital IQ added new clients in 2009 and now serves more than 2,900 clients An increase of 9.9% for the year 2010: New customers and increases from current customers are expected to produce another year of growth
47	2010 guidance for S&P Investment Services We expect revenue to increase with more growth from S&P Indices and Capital IQ Mitigating factors in first part of 2010: Divestiture of Vista Research in May 2009 Expiration of Research Settlement in July 2009
48	The regulatory outlook for S&P: Creating a global framework Getting close to finish line on global regulation Europe: November 2009: Issued its final regulation for credit rating agencies By September: S&P will need to apply for registration in Europe Regulations are being developed by Committee of European Securities Regulators (CESR) based on IOSCO’s Code of Conduct
49	The regulatory outlook for S&P: Creating a global framework Australia: January 1, 2010: S&P has been licensed to provide its ratings to wholesale investors Canada, Japan and India: We continue to work with regulators
50	The regulatory outlook for S&P: Creating a global framework United States: House and Senate continue to consider regulation of rating agencies as part of omnibus financial markets reform legislation We continue to work with Congress on draft legislation. Concerned about proposed discriminatory liability standards
51	Latest developments on litigation front Three general categories of lawsuits: Lawsuits alleging S&P is an underwriter or seller of securities Update: We continue to make applications seeking dismissal and oral arguments have been proceeding in several of them Lawsuits alleging corporate statements on earnings and ratings were misleading (stock drop suits) Update: Motions to dismiss have been fully briefed and oral arguments have been held in two cases Lawsuits based on state law claims Update: Making applications or awaiting decisions on motions to dismiss We are in the discovery phase of the Abu Dhabi case
52	2010 guidance for Financial Services Summary Revenue expected to grow in high single digits Growth at S&P Credit Market Services and S&P Investment Services Operating profit will grow Operating margin will decline about 100 basis points Pressure as S&P makes investments in infrastructure of its business to support future growth and comply with new regulatory requirements Will also invest in key S&P Investment Services businesses S&P Investment Services added fewer net subscribers than in 2008; will impact 2010 revenue
53	McGraw-Hill Education Financial Services Information & Media
54	4Q 2009 results at Information & Media Revenue (11.4%) to $253.3 million Broadcasting Group: (26.6%) to $23.3 million Business-to-Business Group: (9.5%) to $230.0 million Operating Profit +40.6% to $45.9 million Includes a pre-tax gain of $10.5 million on the divestiture of BusinessWeek Excluding gain on BusinessWeek and a prior year restructuring charge, operating profit declined 6.8%
55	Information & Media: 4Q 2009 results Operating margin 4Q 2009: 18.1% Versus 11.4% in 4Q 2008 Full year 2009: 9.7% Reflects gain on the sale of BusinessWeek Excluding the gain and the 2Q 2009 restructuring charge of $4.0 million, the operating margin was 9.0%
56	Information & Media: 4Q 2009 results Business-to-Business Group 4Q: 9.5% decline in revenue Weak advertising market Problems in automotive sector Broadcasting Group 4Q: 26.6% decline in revenue
57	Reduced exposure to cyclical advertising 2009: Advertising represented approximately 3.5% of MHP’s total revenue Down from about 4% in 2008 2010: Exposure to advertising market will be reduced to approximately 2% with the sale of BusinessWeek
58	Broadcasting: Positive signs for 2010 Political advertising will rebound in 2010 Senate and House races in Indiana, Colorado and California Governor races in Colorado and California Spending on issues and propositions Political spending on local TV stations gets boost from recent U.S. Supreme Court decision Corporate campaign spending restrictions lifted Recently renewed affiliation agreement with ABC Will have an adverse but immaterial impact on segment’s future revenue and profitability
59	Improvement expected at J.D. Power in 2010 Global automotive market recovering Global light vehicle sales forecasted to rise 1.6% after 3.1% decline in 2009 Continued growth in China—an increasingly important market for J.D. Power North America begins recovering; volume up 10%
60	J.D. Power’s 2010 global automotive market forecast
61	New online platform to cut costs at J.D. Power J.D. Power will complete migration of syndicated studies to online platform Will reduce costs and improve data quality and utility of research data for clients
62	Tracking the digital transformation of Information & Media A plus for the segment in 2010 B2B digital revenue grew in 2009 and represents more than half of group’s 2009 sales Represented less than 50% in 2008
63	More global expansion at Platts Platts is strengthening its benchmark status in core commodity markets Launched series of new oil price benchmarks for Indian markets Launched new price assessment for first Russian petroleum stream flowing through Eastern Siberian Pacific Ocean pipeline for Asian markets Platts closely monitors market developments to anticipate and develop new benchmarks and assessments for markets around the globe
64	2010 guidance for Information & Media Sale of BusinessWeek will impact revenue and the operating margin in 2010 Revenue will decline mid single-digits Excluding $100 million impact from the BusinessWeek divestiture, revenue will increase mid single-digits Operating margin will rebound, climbing into mid-teens
65	Guidance for The McGraw-Hill Companies 2010 diluted earnings per share in the $2.55 to $2.65 range
66	Robert J. Bahash Executive Vice President and Chief Financial Officer The McGraw-Hill Companies
67	MHP starts 2010 in a strong financial position Ended 2009 with cash and short-term investments of $1.23 billion Year-end gross debt: $1.2 billion Comprised of long-term unsecured senior notes No commercial paper outstanding at end of 2009 Slight positive net cash position at end of 2009 compared to net debt position of $796 million at end of 2008
68	Managing costs and expenses a priority in 2009 Adjusted expenses represent reported expenses adjusted to exclude: Restructuring charges in 2009 and 2008 Loss on divestiture of Vista Research Gain on divestiture of BusinessWeek Adjusted segment and corporate expenses declined despite increases in incentive compensation 4Q 2009: (0.3%) Full year 2009: (4.7%) Adjusted expenses also declined when excluding impact of foreign currency 4Q 2009: (3.3%) Full year 2009: (3.4%)
69	Expenses declined in 2009 at McGraw-Hill Education McGraw-Hill Education’s adjusted expenses declined 4Q 2009: (4.2%) Full year 2009: (8.4%) Adjusted expenses, at constant currencies, also declined 4Q 2009: (6.2%) Full year 2009: (7.3%) Full year decline, despite higher incentive compensation, driven by: Lower cost of sales and reduced selling and marketing costs due to declining revenue opportunities Savings from previous restructuring actions
70	2010 outlook for expenses at McGraw-Hill Education Guidance for 2010: Expect 7% to 8% expense increase versus 2009 adjusted expenses. Reflects: Significant promotion and marketing expense in first year of robust state new adoption market Profit contribution increases in subsequent years from residual sales Investment in technology and personnel to support digital initiatives, particularly at Higher Ed and Professional Mitigated by savings from 2Q 2009 merging of our core basal publishing operations with our alternative basal and supplemental publishing operations
71	2009 expenses at Financial Services Financial Services’ adjusted expenses increased 4Q 2009: +10.3% Full year 2009: +1.6% Adjusted expenses, at constant currencies, also increased 4Q 2009: +4.1% Full year 2009: +3.4% Full year 2009 expense growth was driven by increases in incentive compensation and compliance costs but was offset by benefits of restructuring, tight expense control, and divestitures
72	2010 outlook for expenses at Financial Services Guidance for 2010: Expect 9% to 10% increase versus 2009 adjusted expenses. Driven by: Continued investment in our fast growing businesses Carry over impact of 2009 hires and planned hires in 2010 Additional investment to support regulatory and compliance efforts Regulatory and compliance costs Full year 2009: Approximately $20 million of additional costs versus 2008 2010 guidance: Expect increase comparable to 2009 Highly dependent on final form of regulation
73	Expenses declined in 2009 at Information & Media Information & Media’s adjusted expenses declined 4Q 2009: (12.1%) Full year 2009: (8.7%) Adjusted expenses, at constant currencies, also declined 4Q 2009: (12.7%) Full year 2009: (7.9%) Factors influencing decline: Restructuring savings and lower cost of sales due to reduced revenue 4Q 2009 expenses benefitted from divestiture of BusinessWeek
74	2010 outlook for expenses at Information & Media Guidance for 2010: Expenses expected to decline in the low teens versus 2009 adjusted expenses Primarily reflects the divestiture of BusinessWeek
75	Measuring the impact of BusinessWeek divestiture 2010: Now expect a pre-tax benefit of approximately $25 million from the BusinessWeek divestiture Previously estimated $20 million to $25 million Information & Media’s 2010 results will reflect $38 million in savings from BusinessWeek divestiture Corporate expense will increase $13 million as a result of managing vacant space and other support costs following the divestiture
76	Factors influencing Information & Media’s results 2009 results were adversely impacted by non-cash accounting, a result of converting J.D. Power’s studies onto Compass, a new online reporting and analytical tool Revenue previously recognized at the time of the syndicated studies’ release will now be recognized ratably over the 12 months of the subscription 2009: $11 million decrease in revenue and $7 million decrease in profit 2010: Expect impact to be similar to 2009 We expect all J.D. Power customers to be accessing new digital delivery platform
77	2010 outlook for corporate expenses 4Q 2009: $36.4 million $7.4 million increase compared to 4Q 2008, excluding the 2008 restructuring charge, largely due to $10.3 million increase in incentive compensation 2009: Increased $20.9 million, excluding the 2008 restructuring charge Largely due to $23 million increase in incentive compensation 2010: Expect to increase $25 million to $30 million Primarily due to increase in vacant space in New York resulting from BusinessWeek divestiture and restructuring actions at McGraw-Hill Education
78	Measuring the impact of incentive compensation Incentive compensation increased in 4Q 2009 compared to a depressed 2008 4Q 2009: Increased $56.6 million 2009: Increased $96.2 million 2009 increases driven primarily by stronger than anticipated results and reversals taken in accruals in the prior year 2010: Expect incentive compensation to grow in normal patterns with MHP’s projected performance Stock-based compensation expected to reach $50 million compared to $22.3 million in 2009 due to three-year earning and vesting period, off a depressed base
79	Foreign exchange rates: A factor all year For nine months, foreign exchange decreased revenue and expense; minimal impact on profits Trend reversed in 4Q 2009: Foreign exchange benefitted revenue by $25.8 million while increasing expenses by $36.3 million Operating profit was reduced by $10.5 million Full year 2009: Foreign exchange decreased revenue by $70.4 million and decreased expenses by $60.9 million Operating profit declined $9.5 million
80	Measuring 2009 free cash flow Result: Free cash flow that is available for acquisitions, share repurchases or to pay down debt
81	Outlook for free cash flow in 2010 Key drivers of growth in free cash flow in 2009: Significant reduction in cash incentive compensation payments Lower inventory purchases Significant improvement in accounts receivable collections Investments declined $116.2 million, primarily driven by a reduction in prepublication costs of $77.1 million Guidance for 2010: We anticipate free cash flow in the range of $550 million to $600 million Reduction in free cash flow versus 2009 is due largely to more challenging working capital comparisons and increased investments
82	Pension plan funding Contributed approximately $50 million to our U.S. pension plan in 2009 U.S. plan remains underfunded following significant market declines in 2008, though improved since last year end 2010: We do not anticipate any funding requirements Pension expense is expected to increase roughly $20 million in 2010
83	Strong financials provide flexibility Well positioned to fund investments and return cash to shareholders while maintaining financial flexibility Recently approved a 4.4% increase in dividend Plan to resume share repurchase program in 2010 17.1 million shares remain from 2007 authorization
84	Increasing prepublication investments 2009: $177 million 2010: Expect $225 million to $235 million Expected to increase $48 to $58 million, primarily for opportunities in state new adoption market
85	Increasing property and equipment expenditures 2009: $68.5 million 2010: $90 million to $100 million Largely reflects increase in technology spending
86	Outlook for non-cash items Amortization of prepublication costs 2009: $270 million 2010: Expect $260 million to $265 million Reflects lower level of investment in 2009
87	Outlook for non-cash items Depreciation 2009: $113 million 2010: Expect to grow to $120 million
88	Outlook for non-cash items Amortization of intangibles 4Q 2009: $16.0 million Impacted by acceleration of the amortization of certain acquired intangibles 2009: $52.7 million 2010: Expected to decline to approximately $40 million Decline due to accelerated amortization of certain intangibles in 2009 and other items being fully amortized
89	Diluted weighted average shares outstanding (WASO) 4Q 2009: 314.5 million shares 1.6 million share increase compared to 4Q 2008 0.8 million share increase compared to 3Q 2009 2009: 313.3 million shares 5.4 million year-over-year decline Driven by full year impact of 2008 share repurchases Fully-diluted shares at end of 2009: Approximately 315 million shares
90	Outlook for net interest expense 4Q 2009: $20.0 million Compared to $15.4 million in 4Q 2008 and $17.8 million in 3Q 2009 2009: $76.9 million Compared to $75.6 million on 2008 2010: Expect interest expense to be roughly comparable to 2009
91	Outlook for effective tax rate 2009: 36.4% for the full-year 2010: Expect a comparable rate
92	Outlook for unearned revenue in 2010 2009: $1.1 billion 1.5% increase over 2008 In constant currency and excluding impact of divestitures, grew 2.8% versus prior year Financial Services represents approximately 74% of MHP’s unearned revenue Financial Services is roughly flat versus prior year Strong growth for subscription products was offset by reductions in equity research and declines driven by lower Structured Finance revenues 2010: Expect mid single-digit growth
93	4Q 2009 Earnings Call January 26, 2010 Presenters: Harold McGraw III Chairman, President and CEO Robert J. Bahash Executive Vice President and CFO Donald S. Rubin Senior Vice President, Investor Relations
94	4Q 2009 Earnings Call January 26, 2010 Replay Options Internet replay available for one year Go to www.mcgraw-hill.com/investor_relations Click on the Earnings Announcement link under Investor Presentation Webcasts Telephone replay available through February 26, 2010 Domestic: 866-451-9006 International: +1-203-369-1209 No password required