McGRAW HILL FINANCIAL REPORTS 1st QUARTER RESULTS

Revenue Increased 5% (6% Organic)

Diluted EPS from Continuing Operations Increased 66% to $0.89

Adjusted Diluted EPS from Continuing Operations Increased 12% to $0.89

Platts and S&P Dow Jones Indices Lead Growth

New York, NY, April 29, 2014 – McGraw Hill Financial, Inc. (NYSE: MHFI) today reported first quarter 2014 results with revenue of $1.24 billion, an increase of 5% compared to the same period last year. Taking into consideration the sale of Aviation Week, as well as the sale of Financial Communications and the shutdown of several small products within S&P Capital IQ, organic revenue increased 6%. Net income and diluted earnings per share from continuing operations were $248 million and $0.89, respectively.

Adjusted net income from continuing operations increased 9% to $248 million and adjusted diluted earnings per share from continuing operations increased 12% to $0.89. The adjustments were in the first quarter of 2013 and included costs necessary to establish the separation of McGraw-Hill Education and pre-tax legal settlements. There were no adjustments in the first quarter of 2014.

“Platts and S&P Dow Jones Indices delivered outstanding revenue growth, securing another solid quarter for the Company. The robust performance of these businesses more than offset the impact of tough year-over-year bond issuance comparisons at Standard & Poor's Ratings Services,” said Douglas L. Peterson, President and Chief Executive Officer of McGraw Hill Financial. "We have assembled a world-class portfolio of businesses and the strength of this portfolio was evident during the quarter."

Changes to Unallocated Expense: As part of the transformation to McGraw Hill Financial, a comprehensive review of accounting and reporting practices and policies was undertaken. As a result, beginning in 2014, all shared operating services will be fully allocated to the business segments utilizing a methodology that more closely aligns with each segment's usage of these services. The costs that remain in Unallocated Expense will be corporate center costs and certain items such as unoccupied office space. Exhibit 8 provides a recast of operating profit, by quarter, for 2013. For 2013 in total, $75 million of these costs have been reallocated to the segments.

The Outlook: Adjusted earnings per share guidance remains unchanged at $3.75 to $3.85.

Standard & Poor’s Ratings Services: Quarterly revenue increased 1% to $569 million compared to the same period last year. Difficult debt issuance comparisons during the quarter resulted in weakness in bond ratings revenue. This was largely offset by strength in bank loan ratings, annual fees, and Rating Evaluation Service revenue. Operating profit decreased 4% to $240 million with an operating profit margin of 42%.

Transaction revenue decreased 7% to $245 million compared to the same period last year driven by weak issuance, particularly in structured finance. Bank loan ratings continued to show strength with a 19% increase.

Non-transaction revenue increased 9% in the quarter and represented 57% of Standard & Poor's Ratings Services' total revenue compared to 53% for the same period last year. Non-transaction growth was driven primarily by annual fees as well as Rating Evaluation Service revenue.

Domestic revenue decreased 2% and international revenue increased 6%. Foreign exchange rates had a negligible impact on results. International revenue represented 46% of Standard & Poor’s Ratings Services' total first-quarter revenue.

S&P Capital IQ: Revenue increased 4% to $301 million in the first quarter of 2014 compared to the same period last year. Excluding previous portfolio rationalization, organic revenue growth was 6%. Operating profit increased 6% to $53 million.

All three pieces of the business — S&P Credit Solutions, S&P Capital IQ Desktop & Enterprise Solutions and S&P Capital IQ Markets Intelligence — contributed to the growth.

S&P Capital IQ’s international revenue increased 4% to $102 million in the first quarter and represented 34% of the segment’s total revenue.

Product rollouts have begun with a wave of new desktop capabilities that are all targeted to be launched before year-end. The first of these, Credit Analytics, launched in February. Credit Analytics allows S&P Capital IQ Desktop users to better understand the creditworthiness of potential investments and counterparties by utilizing a powerful set of risk analysis capabilities on a single platform.

S&P Dow Jones Indices: Revenue increased 18% to $137 million in the first quarter of 2014 compared to the same period last year. Quarterly operating profit increased 43% to $91 million. Quarterly operating profit attributable to the Company increased 45% to $67 million.

Approximately one-half of the revenue increase was due to growth in exchange-traded funds and exchange-traded derivatives. Assets under management in exchange-traded funds based on the S&P Dow Jones Indices increased 27% to $667 billion at the end of the quarter. Trading volume of the exchange-traded derivatives SPX (S&P 500 Index) and VIX (CBOE Volatility Index) increased 9% and 24%, respectively. The other half of the revenue increase was due to a refinement of our revenue recognition for certain products. This is expected to be the only quarter meaningfully impacted by this change.

Commodities & Commercial Markets: Revenue increased 6% to $251 million. Operating profit increased 27% to $76 million in the first quarter compared to the same period last year.

Platts continued to experience steady revenue growth, delivering a 14% increase to $148 million for the period. During the quarter, Petroleum, Metals & Agriculture, and Petrochemicals delivered double-digit revenue growth while Power & Gas delivered mid single-digit revenue growth.

Commercial Markets’ revenue decreased 3%, however, organic revenue grew 5% excluding the sale of Aviation Week. Growth was led by J.D. Power which delivered double-digit gains primarily from its strong auto business in China as well as customer advertising.

Unallocated Expense: Unallocated expense includes corporate center functions and certain specific non-performance related items. Adjusted unallocated expense increased by 27% to $30 million in the first quarter primarily due to increased unoccupied office space and professional fees.

Share Repurchase: During the quarter, the Company repurchased approximately 2.2 million shares. The Company now has approximately 47.8 million shares remaining under the existing authorization from the Board of Directors.

Balance Sheet and Cash Flow: Cash and equivalents at the end of the first quarter were $1.5 billion, relatively flat from the end of 2013. In the first three months of the year, free cash flow from continuing operations was $85 million, an increase of $171 million from the same period in 2013. The increase was impacted by the timing of tax payments. The first quarter free cash flow is typically low due to the payment of annual incentive compensation.

Comparison of Adjusted Information to U.S. GAAP Information: Adjusted diluted earnings per share, adjusted diluted earnings per share from continuing operations, adjusted net income, adjusted operating profit, adjusted unallocated expense and free cash flow are non-GAAP financial measures contained in this earnings release that are derived from the Company’s continuing operations. This information is provided in order to allow investors to make meaningful comparisons of the Company’s operating performance between periods and to view the Company’s business from the same perspective as Company management. These non-GAAP measures may be different than similar measures used by other companies. Reconciliations for the differences between non-GAAP measures used in this earnings release and comparable financial measures calculated in accordance with U.S. GAAP are attached as Exhibits 5, 7 and 8.

Conference Call/Webcast Details: The Company’s senior management will review the first quarter earnings results on a conference call scheduled for this morning, April 29, 2014, at 8:30 a.m. EDT. This call is open to all interested parties. Discussions may include forward-looking information. Additional information presented on the conference call may be made available on the Company’s Investor Relations Website at http://investor.mhfi.com.

The Webcast will be available live and in replay at

http://investor.mhfi.com/phoenix.zhtml?c=96562&p=irol-EventDetails&EventId=5126136. (Please copy and paste URL into Web browser.)

Telephone access is available. Domestic participants may call (888) 391-6568; international participants may call +1 (415) 228-4733 (long distance charges will apply). The passcode is “MHFI” and the conference leader is Douglas Peterson. A recorded telephone replay will be available approximately two hours after the meeting concludes and will remain available until May 29, 2014. Domestic participants may call (866) 467-2404; international participants may call +1 (203) 369-1443 (long distance charges will apply). No passcode is required.

The forward-looking statements in this news release involve risks and uncertainties and are subject to change based on various important factors, including worldwide economic, financial, liquidity, political and regulatory conditions; the health of debt (including U.S. residential mortgage-backed securities and collateralized debt obligations) and equity markets, including possible future interest rate changes; the health of the economy; the successful marketing of competitive products; and the effect of competitive products and pricing.

About McGraw Hill Financial: McGraw Hill Financial is a leading financial intelligence company providing the global capital and commodity markets with independent benchmarks, credit ratings, portfolio and enterprise risk solutions, and analytics. The Company's iconic brands include Standard & Poor’s Ratings Services, S&P Capital IQ, S&P Dow Jones Indices, Platts, CRISIL, J.D. Power and McGraw Hill Construction. The Company has approximately 17,000 employees in 29 countries. Additional information is available at www.mhfi.com

Investor Relations: http://investor.mhfi.com

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Contact:

Investor Relations:

Chip Merritt

Vice President, Investor Relations

(212) 512-4321 (office)

chip.merritt@mhfi.com

News Media:

Jason Feuchtwanger

Director, Corporate Media Relations

(212) 512-3151 (office)

jason.feuchtwanger@mhfi.com

McGraw Hill Financial

Condensed Consolidated Statements of Income

Three months ended March 31, 2014 and 2013

(dollars in millions, except per share data)

N/M - not meaningful
Note - % change in the tables throughout the exhibits are calculated off of the actual number, not the rounded number presented.

McGraw Hill Financial

Condensed Consolidated Balance Sheets

March 31, 2014 and December 31, 2013

(dollars in millions)

McGraw Hill Financial

Condensed Consolidated Statements of Cash Flows

Three months ended March 31, 2014 and 2013

(dollars in millions)

McGraw Hill Financial

Operating Results by Segment

Three months ended March 31, 2014 and 2013

(dollars in millions)

McGraw Hill Financial

Operating Results by Segment - Reported vs. Performance

Three months ended March 31, 2014 and 2013

(dollars in millions, except per share amounts)

N/M - not meaningful

McGraw Hill Financial

Revenue Information

Three months ended March 31, 2014 and 2013

(dollars in millions)

Subscription / Non-Transaction vs. Non-Subscription / Transaction Revenue

 Domestic vs. International Revenue

McGraw Hill Financial

Non-GAAP Financial Information

Three months ended March 31, 2014 and 2013

(dollars in millions)

 Computation of Free Cash Flow

McGraw Hill Financial Organic Revenue

Adjusted S&P Capital IQ Revenue

Adjusted Commodities & Commercial Markets Revenue

Adjusted S&P Dow Jones Indices Net Operating Profit

McGraw Hill Financial

Recasted Operating Profit & Operating Margin - Reported / Performance

(dollars in millions)

As part of our transformation to McGraw Hill Financial, a comprehensive review of our accounting and reporting practices and policies was undertaken. As a result, beginning on January 1, 2014, all shared operating services have been fully allocated to the segments utilizing a methodology that more closely aligns with each segment's usage of these services. The costs that remain in unallocated expense primarily relate to corporate center functions. The updated methodology is reflected in the segment results for the three months ended March 31, 2014 and accordingly, the segment results for the prior year comparative period have been reclassified to conform with the new presentation. The table below provides recasted operating profit and operating margin segment information for 2013 using the updated allocation methodology.

Note - Totals presented may not sum due to rounding.