S&P Global Inc.

Technology infrastructure · Disaster recovery and business continuity

Should we or our third-party service providers experience a local or regional disaster or other business continuity problem, such as an earthquake, hurricane, flood, civil unrest, protests, military conflict, terrorist attack, public health crisis (e.g., pandemic), security breach, cyber attack, data breach, power loss, telecommunications failure or other natural or man-made disaster, our ability to continue to operate will depend, in part, on the availability of our or our third-party service provider's personnel.

Technology infrastructure · Network connectivity and telecommunications

Our ability to deliver our products and services electronically may be impaired due to infrastructure or network failures, malicious or defective software, human error, natural disasters, service outages at cloud or third-party Internet providers or increased government regulation. Delays in our ability to deliver our products and services electronically may harm our reputation and result in the loss of customers.

Technology infrastructure · Cloud services and data center operations

We rely on our information technology environment and certain critical databases, systems, applications and services (e.g. Amazon Web Services ('AWS')) to support key product and service offerings. We believe we have appropriate policies, processes and internal controls to ensure the stability of our information technology, provide security from unauthorized access to our systems and maintain business continuity.

Technology infrastructure · Technology systems and infrastructure failure

Our ability to conduct business may be materially and adversely impacted by a disruption in the infrastructure that supports our businesses and the communities in which we are located, including New York City, the location of our headquarters, and major cities worldwide in which we have offices and operations.

Market position and competition · Pricing pressure and margin compression

Changes in the markets in which we compete from time to time drive us to lower the fees we charge for our products and services in order to remain competitive. Moreover, certain of our fees are based on the performance of our customers, and such fees are negatively impacted when our customers' performance is down.

Market position and competition · Competitive pressure and market share loss

The markets for credit ratings, financial research, market data and solutions, index-based products, automotive data, energy and commodities analytics and price assessments, and related news and information about these markets are intensely competitive. Our businesses compete domestically and internationally on the basis of a number of factors, including the quality of their offerings, client service, reputation, price, geographic scope, range of products and technological innovation.

Strategic execution · Strategic transformation and turnaround risks

The planned separation of our Mobility business into an independent, publicly traded company is contingent upon the satisfaction of a number of conditions, may not be completed on the currently contemplated timeline, or at all, and may not achieve the intended benefits. The proposed separation is subject to various conditions, is complex in nature, and may be affected by unanticipated developments.

Strategic execution · Geographic expansion and market entry

Our expansion into and investments in new and growing markets may not be successful, which could adversely impact our business, financial condition and results of operations. We believe there remains significant opportunity to expand our business into major geographic and product markets (including private markets, energy expansion, supply chain intelligence, wealth, decentralized finance, and emerging markets).

Customer and revenue · Customer concentration and key customer dependence

If a large number of smaller customers or a critical number of larger customers reduce their spending with us, our business, financial condition or results of operations could be materially and adversely affected. Alternatively, customers may use other strategies to reduce their overall spending by consolidating their spending with fewer vendors.

Market position and competition · Disruptive competitors and new market entrants

While our businesses face competition from traditional content and analytics providers (including exchanges), we also face competition from non-traditional providers, many of whom are our clients, such as asset managers, investment banks, private equity and technology-led companies that are adding content and analytics capabilities to their core businesses.

Legal and litigation · Litigation and legal proceedings

In the normal course of business, both in the U.S. and abroad, we and our subsidiaries are defendants in numerous legal proceedings and are often the subject of government and regulatory proceedings, investigations and inquiries. Many of these proceedings, investigations and inquiries regularly relate to the activity of our Ratings, Indices, and Energy businesses.

Legal and litigation · Product liability and warranty claims

Some of our products and services support the investment processes and other activities of our clients, which, in the aggregate, manage or own trillions of dollars of assets. The use of our products or services as part of such activities, including the investment process, from time to time exposes us to claims for significant dollar amounts by our clients or the parties whose assets are managed by our clients.

Natural and catastrophic events · Natural disasters and extreme weather

Should we or our third-party service providers experience a local or regional disaster or other business continuity problem, such as an earthquake, hurricane, flood, civil unrest, protests, military conflict, terrorist attack, public health crisis (e.g., pandemic), security breach, cyber attack, data breach, power loss, telecommunications failure or other natural or man-made disaster, our ability to continue to operate will depend on the availability of our personnel and office facilities.

Geopolitical and trade · International conflicts and tensions

Military conflicts typically result in adverse and uncertain economic conditions such as negatively impacting global demand for goods and services; causing supply chain disruptions (e.g., tensions across the Taiwan Straight that could lead to semiconductor supply disruption); increasing costs for transportation, energy and other raw materials; and causing an increase in cybersecurity incidents.

Geopolitical and trade · Trade policies tariffs and sanctions

Our international business activities must comport with international trade restraints, including economic sanctions regulations administered by the U.S. Treasury Department's Office of Foreign Assets Control, which could affect our ability to market and/or sell our products and services into certain countries where we do business. Embargoes and sanctions laws are changing rapidly for certain geographies, including with respect to Iran, Russia, and Venezuela.

International and currency · Foreign exchange and currency exposure

The geographic breadth of our activities subjects us to significant legal, economic, operational, market, compliance and reputational risks. These include, among others, risks relating to: high interest rates or fluctuation in interest rates, currency exchange rates or energy and commodity markets.

Market and investment · Interest rate and yield curve risk

High or increasing interest rates or credit spreads, volatility in financial markets or the interest rate environment, significant political or economic events, defaults of significant issuers and other market and economic factors may negatively impact the general level of debt issuance, the debt issuance plans of certain categories of borrowers, the level of derivatives trading and/or the types of credit-sensitive products being offered.

Market and investment · Market volatility and economic cycles

Changes in the volume of securities issued and traded in domestic and/or global capital markets, asset levels and flows into investment products, high interest rates, changes in interest rates and volatility in the financial markets, and volatility in the energy and commodity markets impact our business, financial condition or results of operations.

Supply chain and procurement · Supplier financial distress and capability

If these third-party data providers experience difficulty meeting our requirements or standards, have adverse audit results, violate the terms of our agreements or applicable law, fail to obtain or maintain applicable licenses, cease operations temporarily or permanently, face financial distress or other business disruptions, increase their fees, or if the relationships we have established with such third-party data providers deteriorate, expire or otherwise terminate, we could suffer increased costs.

Supply chain and procurement · Supplier operation and dependance

Our ability to produce our products and services and develop new products and services is dependent upon the products and services of other suppliers, including certain data, software and service suppliers. We obtain data from many third-party data sources. Certain of our third-party data sources supply us with critical datasets that support our products and services for which suitable alternative sources may not be readily available.