EU Regulation Affecting Investors in Credit Rating

EU Regulation Affecting Investors in Credit Rating

European Union Regulation 1060/2009 (as amended) applies to credit rating agencies (CRAs) registered in the European Union and therefore to the activities of Standard & Poor's Credit Market Services Europe Limited, Standard & Poor's Credit Market Services France SAS and Standard & Poor's Credit Market Services Italy Srl, (collectively, "Standard & Poor's"), indirect wholly-owned subsidiaries of S&P Global Inc., each of which is registered and regulated as a CRA with the European Securities and Markets Authority ("ESMA"). Any person obtaining direct or indirect ownership or control of 5% or more or 10% or more of the shares in S&P Global Inc. may (i) impact how Standard & Poor's can conduct its CRA activities in the European Union and/or (ii) themselves become directly impacted by EU Regulation 1060/2009 (as amended). Persons who have or expect to obtain such shareholdings in S&P Global Inc. should promptly contact Chip Merritt at the S&P Global Inc. Investor Relations department (chip.merritt@spglobal.com) for more information and should also obtain independent legal advice in such respect.