Dear Sir/Madam,

S&P Global announced that it has agreed to acquire a majority stake in Agusto & Co., a leading Pan-African credit rating agency with operations in Nigeria, Kenya, Rwanda and Ghana, subject to customary closing conditions, including receipt of required regulatory approvals.

Supporting Growth Across the Continent

This strategic investment complements and supports S&P Global Ratings growth strategy in Africa by combining our global ratings expertise and resources with Agusto & Co.'s strong Pan-African presence and reputation for excellence. Together, we aim to support the continued development of Africa's domestic credit markets through:

• Market insights and transparency: In collaboration with Agusto & Co., we expect to engage with market participants, where appropriate, in constructive market dialogue and education to support credit transparency and informed analysis across domestic markets.
• Capital markets development: Credit ratings can support issuers' access to broader domestic and cross‑border capital pools. Our proposed joint efforts across the continent are intended to help local issuers clearly communicate creditworthiness to a wider investor base.

Following the closing of the transaction, Agusto & Co. will continue to operate as a separate ratings entity and issue its own credit ratings and methodologies in accordance with applicable regulatory requirements. Subject to obtaining all required regulatory approvals, the transaction is expected to close during the second half of 2026.

To learn more about Agusto & Co., please visit their website.

We aim to keep you updated through transaction completion. In the meantime, please do not hesitate to contact us or your relationship manager should you have any questions.