S&P Global to Acquire RateWatch

Leading provider of competitive rate intelligence will enhance S&P Global Market Intelligence’s community bank analytics and data offerings

NEW YORK- S&P Global (NYSE: SPGI), a leading provider of transparent and independent ratings, benchmarks, analytics and data to the capital, corporate and commodity markets worldwide, announced today that it is set to acquire the RateWatch business (RateWatch) from TheStreet, Inc. (NASDAQ: TST), a B2B data business that offers subscription and custom reports on bank deposits, loans, fees and other product data to the financial services industry.

RateWatch, which was founded in 1989, was acquired by TheStreet in 2007. It will be integrated into S&P Global Market Intelligence, a division of S&P Global that provides essential intelligence for individuals, companies and governments through financial and industry data, research and news.

Under the terms of the agreement, S&P Global will acquire from TheStreet, Inc., all the assets comprising its RateWatch business for $33.5 million in cash, subject to working capital and certain other customary adjustments. The deal was simultaneously signed and closed on the same day.

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“RateWatch’s robust datasets complement and strengthen our core capabilities of providing differentiated data and analytics solutions for the banking sector,” said Mike Chinn, President of S&P Global Market Intelligence and Executive Vice President, Data and Technology Innovation for S&P Global. “S&P Global Market Intelligence has a strong record of servicing the community bank market, and we’re excited to expand our products for one of our fastest-growing market segments.”

RateWatch provides clients with a robust bank deposit and loan rate database covering almost 100,000 institutions dating back about 20 years. With over 4,200 bank and credit union clients, the acquisition of RateWatch will further bolster S&P Global Market Intelligence’s relationships within this key sector.

Given the transaction’s size, S&P Global does not expect a material impact to its adjusted earnings per share in 2018. The return on invested capital (ROIC) is expected to exceed the Company’s required rate of return after three years.

Forward-Looking Statements: This press release contains “forward-looking statements,” as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management’s current views concerning future events, trends, contingencies or results, appear at various places in this press release and use words like “anticipate,” “assume,” “believe,” “continue,” “estimate,” “expect,” “forecast,” “future,” “intend,” “plan,” “potential,” “predict,” “project,” “strategy,” “target” and similar terms, and future or conditional tense verbs like “could,” “may,” “might,” “should,” “will” and “would.” For example, management may use forward-looking statements when addressing topics such as: the outcome of contingencies; future actions by regulators; changes in the Company’s business strategies and methods of generating revenue; the development and performance of the Company’s services and products; the expected impact of acquisitions and dispositions; the Company’s effective tax rates; and the Company’s cost structure, dividend policy, cash flows or liquidity.

Forward-looking statements are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include, among other things:

• the impact of the recent acquisition of Kensho, including the impact on the Company’s results of operations; any failure to successfully integrate Kensho into the Company’s operations; any failure to attract and retain key employees; and the risk of litigation, unexpected costs, charges or expenses relating to the acquisition;
• worldwide economic, financial, political and regulatory conditions, including conditions that may result from legislative, regulatory and policy changes associated with the current U.S. administration or the United Kingdom’s withdrawal from the European Union;
• the rapidly evolving regulatory environment, in Europe, the United States and elsewhere, affecting Ratings, S&P Global Platts, Indices, and S&P Global Market Intelligence, including new and amended regulations and the Company’s compliance therewith;
• the Company’s ability to make acquisitions and dispositions and successfully integrate the businesses we acquire;
• the outcome of litigation, government and regulatory proceedings, investigations and inquiries;
• the health of debt and equity markets, including credit quality and spreads, the level of liquidity and future debt issuances;
• the demand and market for credit ratings in and across the sectors and geographies where the Company operates;
• concerns in the marketplace affecting the Company’s credibility or otherwise affecting market perceptions of the integrity or utility of independent credit ratings;
• the effect of competitive products and pricing, including the level of success of new product developments and global expansion;
• consolidation in the Company’s end-customer markets;
• the introduction of competing products or technologies by other companies;
• the impact of customer cost-cutting pressures, including in the financial services industry and the commodities markets;
• a decline in the demand for credit risk management tools by financial institutions;
• the level of merger and acquisition activity in the United States and abroad;
• the volatility of the energy marketplace;
• the health of the commodities markets;
• the Company’s ability to attract, incentivize and retain key employees;
• the Company’s ability to maintain adequate physical, technical and administrative safeguards to protect the security of confidential information and data, and the potential of a system or network disruption that results in regulatory penalties, remedial costs or improper disclosure of confidential information or data;
• the Company’s ability to successfully recover should it experience a disaster or other business continuity problem from a hurricane, flood, earthquake, terrorist attack, pandemic, security breach, cyber-attack, power loss, telecommunications failure or other natural or man-made event;
• the Company’s ability to adjust to changes in European and United Kingdom markets as the United Kingdom leaves the European Union, and the impact of the United Kingdom’s departure on its credit rating activities and other European and United Kingdom offerings;
• changes in applicable tax or accounting requirements;
• guidance and information regarding the implementation of the Tax Cuts and Jobs Act;
• the level of the Company’s future cash flows and capital investments;
• the impact on the Company’s revenue and net income caused by fluctuations in foreign currency exchange rates; and
• the Company’s exposure to potential criminal sanctions or civil penalties if it fails to comply with foreign and U.S. laws and regulations that are applicable in

the domestic and international jurisdictions in which it operates, including sanctions laws relating to countries such as Iran, Russia, Sudan and Syria, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act of 2010, and local laws prohibiting corrupt payments to government officials, as well as import and export restrictions.

The factors noted above are not exhaustive. The Company and its subsidiaries operate in a dynamic business environment in which new risks emerge frequently. Accordingly, the Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made, except as required by applicable law. Further information about the Company’s businesses, including information about factors that could materially affect its results of operations and financial condition, is contained in the Company’s filings with the SEC, including the “Risk Factors” section in the Company’s most recently filed Annual Report on Form 10-K and any subsequently filed Quarterly Report on Form 10-Q.

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