• Broadens and deepens The Hartford’s product offerings and underwriting risk appetite
• Expands global underwriting reach; includes an established presence at Lloyd’s
• Brings together two underwriting-centric organizations with a commitment to attracting and retaining top talent
• Expected to be accretive to The Hartford’s net income and core earnings* in 2020

The Hartford has signed a definitive agreement to acquire all outstanding common shares of The Navigators Group, Inc. (NASDAQ:NAVG), a global specialty underwriter, for $70 a share, or $2.1 billion in cash. The transaction has been approved by the boards of directors of both companies and is subject to approval by Navigators’ shareholders and other customary closing conditions, including regulatory approvals. It is expected to close in the first half of 2019.

“We are excited to announce the acquisition of Navigators, which we are confident will achieve key strategic and financial objectives for The Hartford,” said The Hartford’s Chairman and CEO Christopher Swift. “It expands our product offerings and geographic reach, and adds tenured and proven underwriting and industry talent while strengthening our value proposition to agents and customers. We are optimistic about our combined growth opportunities and expect the acquisition to generate attractive returns.”

Navigators, which was founded in 1974, is recognized as a market leader in the global marine, construction and energy industries, as well as in U.S. excess casualty and surplus lines. In addition to an established presence at Lloyd’s, the company also has growing underwriting operations in Europe, Asia and Latin America. The company currently operates three business segments: U.S. Insurance (58 percent of 2017 gross written premiums), International Insurance (29 percent) and Global Reinsurance (13 percent). ¹

The Hartford’s President Doug Elliot added, “This transaction combines two organizations with disciplined underwriting cultures and a shared commitment to innovation, financial performance, and attracting and retaining top talent. Together, we will leverage a more complete product and service offering through a best-in-class distribution network enabled by our combined underwriting, claim capabilities and risk engineering, and enhanced by The Hartford’s strong brand.”

Navigators is headquartered in Stamford, Conn., with 22 locations in the U.S. and eight locations internationally. The company has approximately 820 employees globally who will join The Hartford upon closing. Approximately 600 of its employees are based in the U.S. and 150 are located in the U.K.

“We look forward to bringing Navigators’ specialty lines capabilities to The Hartford,” said Stanley A. Galanski, Navigators President and CEO. “By joining The Hartford and leveraging the strength of its balance sheet and quality of its core commercial insurance products, we will create exciting opportunities to deliver enhanced value to our brokers and policyholders.”

The Hartford has sufficient existing resources to fund the total purchase price of approximately $2.1 billion, but will consider alternative sources of capital prior to the closing. The Hartford does not intend to issue common equity in connection with the acquisition.

The Hartford expects the acquisition to generate an attractive return over time. The impact of the acquisition on The Hartford’s consolidated 2019 and 2020 financial results will depend on a variety of factors, including the timing of the close, finalization of purchase accounting impacts, such as determination of goodwill and other intangible assets, integration costs, and acquisition-related charges, including transaction costs and changes in Navigators’ loss reserves or other balance sheet items.

The acquisition is expected to result in an immaterial reduction in 2019 net income before considering the impact of acquisition-related charges, which have not yet been finalized. Excluding acquisition-related charges as well as integration costs*, the company expects the acquisition to be immediately accretive to 2019 net income.

For 2020, The Hartford expects the acquisition to be accretive to net income by $30 million to $75 million and to core earnings by $60 million to $95 million. This is comprised of a contribution by Navigators of $80 million to $125 million to net income and $110 million to $145 million to core earnings, offset by a reduction of approximately $50 million in The Hartford’s net investment income, after tax, due to the cash used to fund the acquisition. All of these estimates are preliminary and will be updated based on market conditions, business plans, financial results and other developments between now and closing.

The Hartford will host a webcast and conference call to review the acquisition at 8:30 a.m. EDT on Aug. 22, 2018. The conference call can be accessed at 877-685-7362 (U.S.) or 478-219-0241 (International), passcode 6087567. The live listen-only webcast is available through the Investor Relations section of The Hartford's website at https://ir.thehartford.com. A replay of the call along with a transcript of the event will be available for at least 90 days.

Citigroup Global Markets Inc. acted as lead financial advisor to The Hartford, with Deutsche Bank Securities Inc. also providing financial advice. Mayer Brown provided legal counsel to The Hartford.

Additional information regarding the transaction can be found on The Hartford’s website at https://www.thehartford.com, including a presentation deck that summarizes key financial terms and benefits of the acquisition, and in Current Reports on Form 8-K filed today with the Securities and Exchange Commission by The Hartford and Navigators.

About The Hartford

The Hartford is a leader in property and casualty insurance, group benefits and mutual funds. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at https://www.thehartford.com. Follow us on Twitter at www.twitter.com/TheHartford_PR.

The Hartford Financial Services Group, Inc., (NYSE:HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, Conn. For additional details, please read The Hartford’s legal notice.

HIG-F, C

*Denotes financial measure not calculated in accordance with generally accepted accounting principles (non-GAAP). See below under the heading “Discussion of Non-GAAP Financial Measures” for additional information, including the most directly comparable U.S. GAAP measure.

Forward-Looking Statements

Certain statements made in this release should be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These include statements about The Hartford’s future results of operations and projections regarding the impact of the acquisition of Navigators. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially.

Factors that could cause The Hartford’s actual results to differ, possibly materially, from those in the forward looking statements include but are not limited to (i) receipt of regulatory approvals for the transaction; (ii) the successful closing of the transaction within the estimated timeframe; (iii) the failure to realize the expected synergies from the transaction or delay in realization thereof; (iv) purchase accounting impacts, including determination of goodwill and other intangible assets at closing; (v) integration costs; (vi) acquisition-related charges, including transaction costs and changes in Navigators’ loss reserves or other balance sheet items that are deemed necessary at closing; (vii) industry conditions; and (viii) other factors that can be found in The Hartford’s news releases and SEC filings, including those discussed in The Hartford’s news release issued on July 26, 2018, The Hartford’s Quarterly Reports on Form 10-Q, The Hartford’s 2017 Annual Report on Form 10-K, and other filings we make with the U.S. Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of today’s date.

Additional Information and Where to Find It

From time to time, The Hartford may use its website to disseminate material company information. Financial and other important information regarding The Hartford is routinely accessible through and posted on our website at https://ir.thehartford.com. In addition, you may automatically receive email alerts and other information about The Hartford when you enroll your email address by visiting the “Email Alerts” section at https://ir.thehartford.com.

Discussion of Non-GAAP Financial Measures

This press release includes the financial measure core earnings, which is not derived from generally accepted accounting principles ("GAAP"). The Company uses core earnings to assist investors in analyzing the projected impact of the acquisition on the Company's operating performance for the periods presented. The Company believes core earnings provides investors with a valuable measure of the performance of the Company’s ongoing businesses because it reveals trends in our insurance and financial services businesses that may be obscured by including the net effect of certain realized capital gains and losses, certain restructuring and other costs, integration and transaction costs in connection with an acquired business, pension settlements, loss on extinguishment of debt, gains and losses on reinsurance gain transactions, income tax benefit from reduction in deferred income tax valuation allowance, impact of tax reform on net deferred tax assets, and results of discontinued operations. Some realized capital gains and losses are primarily driven by investment decisions and external economic developments, the nature and timing of which are unrelated to the insurance and underwriting aspects of our business. Accordingly, core earnings excludes the effect of all realized gains and losses (net of tax and the effects of DAC) that tend to be highly variable from period to period based on capital market conditions. The Company believes, however, that some realized capital gains and losses are integrally related to our insurance operations, so core earnings includes net realized gains and losses such as net periodic settlements on credit derivatives. These net realized gains and losses are directly related to an offsetting item included in the income statement such as net investment income.

Net income (loss) is the most directly comparable U.S. GAAP measures to core earnings. Core earnings should not be considered as a substitute for net income (loss) and does not reflect the overall profitability of the company’s business. Therefore, the Company believes that it is useful for investors to evaluate both net income (loss) and core earnings when reviewing the company’s performance. A quantitative reconciliation of net income (loss) to core earnings (loss) is not calculable on a forward-looking basis because it is not possible to provide a reliable forecast of realized capital gains and losses, which typically vary substantially from period to period.

Because the Company's calculation of core earnings may differ from similar measures used by other companies, investors should be careful when comparing the Company's core earnings with non-GAAP financial measures used by other companies.

The Company uses net income, before integration costs and acquisition-related charges, herein to assist investors in analyzing the projected impact of the acquisition on the Company's operating performance for the periods presented. The Company believes it is a valuable measure to illustrate the immediate run-rate impact to earnings that the acquisition is expected to have that may be obscured by acquisition-related charges, including transaction costs and changes in Navigators’ loss reserves or other balance sheet items that The Hartford may record at closing. Net income (loss) is the most directly comparable U.S. GAAP measure.

¹ Source: Navigators’ 2017 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission and other information provided by Navigators.

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Allied World Assurance Company Holdings, GmbH announced today that Yeo Meng Wong has been appointed Senior Vice President & General Manager, Asia Pacific Treaty Reinsurance Division, effective immediately. He will report to Kevin Marine, President and Chief Underwriting Officer, Allied World Re.

Mr. Marine said, “Asia-Pacific continues to be a key region for Allied World Re’s profit goals and objectives and Yeo Meng’s experience will help us to further profitably penetrate this important region. He will continue to manage our underwriting unit and now be responsible for all day-to-day operations in Singapore. We are confident he will continue to deliver upon our brand promise of offering robust reinsurance programs and superior service to our customers and trading partners in the region.”

Mr. Wong joined Allied World Re in 2010. He started as Assistant Vice President, International Treaty based in Singapore. Prior to joining Allied World Re, Yeo Meng held senior positions at Aon Benfield, including Strategic Head of Takaful, APAC and Senior Manager. Earlier in his career, he was Property and Engineering Underwriter and Senior Risk Manager at Swiss Reinsurance Company. Mr. Wong has a Bachelor of Science in Chemical Engineering from Christian Brothers University and a Master in Business Administration in Finance from University Putra Malaysia.

About Allied World
Allied World Assurance Company Holdings, GmbH, through its subsidiaries, is a global provider of insurance and reinsurance solutions. We operate under the brand Allied World and have supported clients, cedents and trading partners with thoughtful service and meaningful coverages since 2001. We are a subsidiary of Fairfax Financial Holdings Limited, and we benefit from a worldwide network of affiliated entities that allow us to think and respond in non-traditional ways. Our capital base is strong, our solutions anticipate rather than react to changing trends, and our teams are focused on establishing long-term relationships that are mutually beneficial. Learn more about how we can help you manage your risk by visiting: Web: www.awac.com | Facebook: www.facebook.com/alliedworld | LinkedIn: https://www.linkedin.com/company/allied-world

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BAI announced the 2018 winners for the BAI Global Innovation Awards, the most prestigious awards program unveiling transformative solutions in the financial services industry worldwide. Winners will be celebrated at BAI Beacon in Orlando, Fla., Oct. 9 – 11.

The BAI Global Innovation Award winners were selected by the Innovation Circle, a panel of global innovation experts and leaders. Each nomination was carefully evaluated on the basis of its originality and impact. Winners reflect positive strides made toward improved customer experience and noteworthy achievements in efficiency and profitability.

New to this year’s program is the People’s Choice Award. Finalists from the customer-facing award categories are candidates for this honor, and voting remains open through Oct. 10. One winner will be selected for the People’s Choice Award and will be announced and celebrated at BAI Beacon.

Congratulations to all the winners of the BAI Global Innovation Awards. For more, visit BAIGlobalInnovations.com.

About BAI

As a nonprofit, independent organization, BAI delivers the financial services industry’s most actionable insights, enabling leaders to make smart business decisions every day. BAI is passionate about the trusted information and powerful tools that provide leaders with the clarity and confidence needed to drive positive change and move the financial services industry forward. For more information, visit www.bai.org.

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Aditya Birla Capital Limited (ABCL) and Värde Partners (Värde), announced an exclusive strategic partnership to pursue investments in stressed and distressed assets in India.

Operating through a joint platform, both parties will evaluate investments across sectors, focusing on the acquisition, restructuring and resolution of the substantial supply of non-performing assets in India as well as special situations financings. Given the current landscape and further prospects in asset reconstruction in India, ABCL and Värde believe there is an attractive pipeline for strong capital deployment opportunities over the next several years.

Ajay Srinivasan, Chief Executive of ABCL said, “The ARC business is a strong addition to the businesses we already have at ABCL. We see a large opportunity in the distressed space, especially in the mid-corporate segment. One of the things that we bring to the table as a Group, is that we understand how to run many businesses. We are looking at leveraging this skill set as we enter this new business. Thus, our decision to enter into a joint venture with Värde Partners, who bring restructuring expertise to augment our core strength. The expertise and experience of both ABCL and Värde, makes this a strong combination to capitalise on the opportunity that India presents.”

Ilfryn Carstairs, Co-CIO of Värde Partners said, “We see India as a core market for Värde and a critical part of our long-term strategy in Asia. We are particularly excited to partner with an organisation with the quality reputation and established relationships of ABCL to address what we believe will be a very large, multi-year opportunity. Värde’s deep, global restructuring expertise developed over the firm’s 25-year history will be complemented by Aditya Birla’s strong team and experience in Indian credit and asset markets.”

On receipt of necessary approvals, both parties will jointly own and control the platform, which will leverage ABCL’s expertise in the financial services domain, the Aditya Birla Group’s wide operational experience across sectors and Värde’s established capabilities in global credit and value investing strategies. Värde currently manages about US$14 billion globally, and has invested nearly US$500 million in India in the past five years across corporate stressed, distressed, special situations and lending assets. With regional headquarters established in Singapore in 2008, Värde expects to open its fifth Asia office in Mumbai later this year, subject to regulatory approvals.

About Aditya Birla Capital Ltd.

Aditya Birla Capital Limited (ABCL) is the holding company of all the financial services businesses of the Aditya Birla Group. With a strong presence across the life insurance, asset management, private equity, corporate lending, structured finance, project finance, general insurance broking, wealth management, equity, currency and commodity broking, online personal finance management, housing finance, pension fund management and health insurance business, ABCL is committed to serving the end-to-end financial services needs of its retail and corporate customers. Anchored by more than 16,000 employees, ABCL has a nationwide reach and more than 2,00,000 agents / channel partners.

Aditya Birla Capital is a part of the Aditya Birla Group, a US$44.3 billion Indian multinational, in the league of Fortune 500. Anchored by an extraordinary force of over 120,000 employees, belonging to 42 nationalities, the Aditya Birla Group operates in 35 countries across the globe.

About Värde Partners

Värde Partners is an approximately US$14 billion global alternative investment firm that employs a credit-oriented, value-based approach to investing across a broad array of geographies, segments and asset types, including real estate, corporate credit, mortgages, specialty finance, transportation and infrastructure. Värde Partners sponsors and manages a family of private investment funds. Founded in 1993, Värde Partners has regional headquarters in Minneapolis (USA), London and Singapore.

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Wibmo Inc, powering one of India’s largest mobile payment solutions, today announced the launch of WibmoPay 2.0, a comprehensive payment ecosystem and marketplace for consumers. In addition to meeting consumer payment needs whether online, on mobile or in-store through its various payment options, WibmoPay 2.0 brings payments and shopping on one easy to use, frictionless mobile app.

Consumers today want to be able to make large and small purchases seamlessly – whether buying groceries at the corner store or making large electronic purchases online. Wibmo payment ecosystem enables all of this, by offering payment options to meet a wide variety of consumer needs – such as use of debit or credit cards, QR code, IMPS, UPI, and NFC; all within the same app. Protected by Trident™ risk engine and frictionless authentication, the consumer can truly experience One-Step™ payments. To add to the convenience, WibmoPay continues to expand its mobile marketplace. Shoppers can avail services such as mobile recharge and bill payments, and Wibmo continues to add merchants frequented by shoppers.

“Our goal has been to maximise payment convenience for consumers while keeping them simple and secure. With our mobile app, our users have many ways to pay, whether to individuals or merchants using debit/credit cards to QR codes and UPI. With these many options, the consumer can pay just about anyone,” said company CEO Govind Setlur. “Backed by truly frictionless, advanced authentication features, and Trident™ enterprise-level fraud and risk management system, our users can be assured about their transactions,” he added.

Expanding into global markets

Already established in India as one of the top 5 mobile payment apps, the company is currently expanding its footprint. Offered to banks and NBFCs, WibmoPay 2.0 is designed for rapid deployment and go-to-market. The company is focussed on replicating this success story with other partners, both in India and in several emerging markets.

About Wibmo Inc

Wibmo Inc a Cupertino, California company is a leading provider of payment security and mobile payments in emerging markets with a strong market presence in India, one of the world’s leading digital payment markets. Learn more at www.wibmo.com. For further details please contact: sales@wibmo.com or pr@wibmo.com.

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Moody’s Corporation (NYSE:MCO) and Reis, Inc. (NASDAQ:REIS) announced today that they have entered into a definitive merger agreement for Moody’s to acquire all outstanding shares of Reis in an all-cash transaction valued at approximately $278 million. The transaction has been approved by the Boards of Directors of both companies.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180830005261/en/

Reis is a leading provider of U.S. commercial real estate (CRE) data. Over nearly 40 years, Reis has compiled a rich archive of detailed information on some 18 million properties nationwide. Providing analysis and forecasts covering 275 metropolitan markets and 7,700 submarkets, Reis has become the data set of choice for CRE professionals, including property developers, managers, investors, lenders and brokers.

This transaction underscores Moody’s Analytics’ mission to empower customers to make better, faster financial decisions. The combination of Reis’s extensive data and Moody’s Analytics’ specialized capabilities aims to enhance analytical practices in the CRE market and contribute to the efficiency and liquidity of capital flows. The acquisition further expands Moody's Analytics’ network of data and analytics providers in the CRE space, including recent investments in start-ups that apply innovative approaches and new technologies to source data and deliver tools to the market.

“Commercial real estate is analytically very complex, and Reis has committed decades of effort and expertise building a unique data asset with critical and hard to replicate information on this large and important asset class. Their data on CRE supply and Moody’s Analytics’ insights on the demand for commercial properties will provide market participants with a powerful 360-degree view of the economics of CRE lending and investment,” said Mark Almeida, President of Moody's Analytics. “Working together, both Reis and Moody’s Analytics will become even more relevant and valuable to CRE finance professionals.”

Lloyd Lynford, Reis’s CEO, said: “Joining with Moody’s will accelerate our founding vision of bringing transparency to the commercial real estate asset class and superior decision support to all commercial real estate professionals. Our Board of Directors has thoroughly and carefully considered our alternatives and evaluated the proposal from Moody’s and believes it provides our stockholders with compelling value and an outstanding strategic platform for continued growth while benefiting our customers and employees.”

Under the terms of the merger agreement, Moody’s will commence a tender offer to acquire all issued and outstanding shares of Reis common stock for $23.00 per share in cash. The transaction is subject to customary closing conditions and regulatory approvals, including the tender of a majority of the issued and outstanding shares of Reis common stock and clearance under the Hart-Scott-Rodino Antitrust Improvements Act. Moody’s has also entered into tender and support agreements with certain Reis management stockholders under which they have committed to accept the tender offer and to tender all of their Reis shares, which represent approximately 18% of Reis’s issued and outstanding shares.

Following completion of the tender offer, Moody’s will acquire all remaining shares of Reis at the same price of $23.00 per share through a second-step merger and Reis will become a wholly-owned subsidiary of Moody’s. The closing of the transaction is expected to take place in the fourth quarter of 2018.

The transaction will be funded through a combination of cash on hand and commercial paper. Moody’s expects the acquisition of Reis to be accretive to earnings per share on a GAAP basis in 2020. On an adjusted EPS basis, which excludes purchase price amortization, the transaction will be accretive in 2019. Moody’s continues to expect share repurchases for 2018 to be approximately $200 million, subject to available cash, market conditions and other capital allocation decisions.

Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to Moody’s. Fried Frank Harris Shriver & Jacobson LLP is acting as legal counsel to Reis and Canaccord Genuity is serving as financial advisor to Reis.

More information on Moody’s Analytics CRE solutions can be found at: https://www.moodysanalytics.com/product-list/cmm-commercial-mortgage-metrics.

ABOUT MOODY'S CORPORATION

Moody's is an essential component of the global capital markets, providing credit ratings, research, tools and analysis that contribute to transparent and integrated financial markets. Moody’s Corporation (NYSE: MCO) is the parent company of Moody's Investors Service, which provides credit ratings and research covering debt instruments and securities, and Moody's Analytics, which offers leading-edge software, advisory services and research for credit and economic analysis and financial risk management. The corporation, which reported revenue of $4.2 billion in 2017, employs approximately 12,300 people worldwide and maintains a presence in 42 countries. Further information is available at www.moodys.com.

ABOUT REIS

Reis provides commercial real estate (“CRE”) market information and analytical tools to real estate professionals. Reis maintains a proprietary database of information on all commercial properties in metropolitan markets and neighborhoods throughout the U.S. This information is used by CRE investors, lenders and other professionals to make informed buying, selling and financing decisions. In addition, Reis data is used by debt and equity investors to assess, quantify and manage the risks of default and loss associated with individual mortgages, properties, portfolios and real estate backed securities. Reis currently provides its information services to many of the nation’s leading lending institutions, equity investors, brokers and appraisers.

For more information regarding Reis’s products and services, visit www.reis.com and www.reisreports.com.

Additional Information and Where to Find it

The tender offer described in this document has not yet commenced, and this communication is neither an offer to purchase nor a solicitation of an offer to sell any shares of the common stock of Reis or any other securities. On the commencement date of the tender offer, a tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal and related documents, will be filed with the U.S. Securities and Exchange Commission (the “SEC”) by Moody’s and its acquisition subsidiary, and a solicitation/recommendation statement on Schedule 14D-9 will be filed with the SEC by Reis shortly thereafter. The offer to purchase shares of Reis common stock will only be made pursuant to the offer to purchase, the letter of transmittal and related documents filed as a part of the Schedule TO.

INVESTORS AND SECURITY HOLDERS ARE URGED TO READ BOTH THE TENDER OFFER MATERIALS (INCLUDING THE OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND CERTAIN OTHER TENDER OFFER DOCUMENTS) AND THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 REGARDING THE OFFER, IN EACH CASE, AS THEY MAY BE AMENDED FROM TIME TO TIME, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION WHICH SHOULD BE READ CAREFULLY BEFORE ANY DECISION IS MADE WITH RESPECT TO THE TENDER OFFER.

The tender offer statement will be filed with the SEC by Moody’s and its acquisition subsidiary, and the solicitation/recommendation statement will be filed with the SEC by Reis. Investors and security holders may obtain a free copy of these statements (when available) and other documents filed with the SEC at the website maintained by the SEC at www.sec.gov or by directing such requests to the Information Agent for the offer, which will be named in the tender offer statement on Schedule TO.

Forward-Looking Statements

Certain statements contained in this release are forward-looking statements and are based on future expectations, plans and prospects for Moody's business and operations that involve a number of risks and uncertainties. The forward-looking statements and other information in this release are made as of the date hereof (except where noted otherwise), and Moody's undertakes no obligation (nor does it intend) to publicly supplement, update or revise such statements on a going-forward basis, whether as a result of subsequent developments, changed expectations or otherwise. Moody's is identifying certain factors, risks and uncertainties that could cause actual results to differ, perhaps materially, from those indicated by these forward-looking statements. Those factors, risks and uncertainties include, but are not limited to, credit market disruptions or economic slowdowns, which could affect the volume of debt and other securities issued in domestic and/or global capital markets; other matters that could affect the volume of debt and other securities issued in domestic and/or global capital markets, including regulation, credit quality concerns, changes in interest rates and other volatility in the financial markets such as that due to the U.K.’s referendum vote whereby the U.K. citizens voted to withdraw from the EU; the level of merger and acquisition activity in the U.S. and abroad; the uncertain effectiveness and possible collateral consequences of U.S. and foreign government actions affecting world-wide credit markets, international trade and economic policy; concerns in the marketplace affecting our credibility or otherwise affecting market perceptions of the integrity or utility of independent credit agency ratings; the introduction of competing products or technologies by other companies; pricing pressure from competitors and/or customers; the level of success of new product development and global expansion; the impact of regulation as an NRSRO, the potential for new U.S., state and local legislation and regulations, including provisions in the Financial Reform Act and regulations resulting from that Act; the potential for increased competition and regulation in the EU and other foreign jurisdictions; exposure to litigation related to our rating opinions, as well as any other litigation, government and regulatory proceedings, investigations and inquires to which Moody's may be subject from time to time; provisions in the Financial Reform Act legislation modifying the pleading standards, and EU regulations modifying the liability standards, applicable to credit rating agencies in a manner adverse to credit rating agencies; provisions of EU regulations imposing additional procedural and substantive requirements on the pricing of services and the expansion of supervisory remit to include non-EU ratings used for regulatory purposes; the possible loss of key employees; failures or malfunctions of our operations and infrastructure; any vulnerabilities to cyber threats or other cybersecurity concerns; the outcome of any review by controlling tax authorities of Moody's global tax planning initiatives; exposure to potential criminal sanctions or civil remedies if Moody's fails to comply with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which Moody's operates, including data protection and privacy laws, sanctions laws, anti-corruption laws, and local laws prohibiting corrupt payments to government officials; the impact of mergers, acquisitions or other business combinations and the ability of Moody's to successfully integrate acquired businesses; currency and foreign exchange volatility; the level of future cash flows; the levels of capital investments; and a decline in the demand for credit risk management tools by financial institutions. Other factors, risks and uncertainties relating to our acquisition of Reis could cause our actual results to differ materially from those indicated by these forward-looking statements, including uncertainties as to how many of Reis’s stockholders will tender their shares in the offer; the possibility that competing offers will be made; risks relating to filings and approvals relating to the acquisition; the expected timing of the completion of the acquisition; the ability to complete the acquisition considering the various closing conditions; difficulties or unanticipated expenses in connection with integrating Reis’s operations, products and employees into Moody’s and the possibility that anticipated synergies and other benefits of the acquisition will not be realized in the amounts anticipated or will not be realized within the expected timeframe; risks that the acquisition could have an adverse effect on the business of Reis or its prospects, including, without limitation, on relationships with vendors, suppliers or customers; claims made, from time to time, by vendors, suppliers or customers; changes in the global marketplace that have an adverse effect on the business of Reis; and the accuracy of any assumptions underlying any of the foregoing. These factors, risks and uncertainties as well as other risks and uncertainties that could cause Moody’s actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements are described in greater detail under “Risk Factors” in Part I, Item 1A of the Moody's annual report on Form 10-K for the year ended December 31, 2017, the tender offer documents to be filed with the SEC by Moody's and its acquisition subsidiary and the solicitation/recommendation statement on Schedule 14D-9 to be filed by Reis and other filings made by Moody's from time to time with the SEC or materials incorporated herein or therein. Stockholders and investors are cautioned that the occurrence of any of these factors, risks and uncertainties may cause Moody's actual results to differ materially from those contemplated, expressed, projected, anticipated or implied in the forward-looking statements, which could have a material and adverse effect on Moody's business, results of operations and financial condition. New factors may emerge from time to time, and it is not possible for Moody's to predict new factors, nor can Moody's assess the potential effect of any new factors on it.

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Western Union Digital,the fastest growing part of Western Union’s business, is gaining momentum as the company, announced the acceleration of its digital footprint. The Western Union Company (NYSE: WU), a leader in cross-border and cross-currency money movement, is rapidly deploying digital services across major regional economic hubs of Asia, Latin America and the Middle East, connecting them 24/7 to more than 200 countries and territories, including billions of consumer bank accounts.

In the next few years, Western Union’s digital expansion plans include scaling to more than 200 countries and territories with emphasis on the mobile channel from which approximately 70% of Western Union’s digital transactions globally originate.

In Asia, with Hong Kong already live, Malaysia, and Singapore will commence services over the next few weeks. In Latin America, Brazil, Jamaica and Panama are live with Mexico set to follow and in the Middle East, Bahrain, Kuwait, Qatar and Oman are live with United Arab Emirates to launch thereafter. Western Union already has a full digital offering in North America, across major parts of Europe and Australia and New Zealand.

“Our ability to scale our services globally is underpinned by deep expertise, a sophisticated cross-border, cross-currency platform – with global settlement, treasury and compliance infrastructure, a vast global network of over half a million locations, and the ability to send money to billions of accounts and mobile wallets,” said Western Union CEO and President Hikmet Ersek.

“Our platform sets the standard for international money movement as we serve an ever-broader array of customers, giving them greater ease, access and confidence in every transaction they make, while upholding what matters most to them– speed, reliability, convenience and trust. No one moves money farther with multiple channel choice,” said Ersek.

About Western Union’s Cross-Border Platform

Western Union’s cross-border, cross-currency platform – including a robust digital footprint, settlement, treasury and compliance infrastructure, and a vast global network of over half a million locations, and the ability to send money to billions of consumer accounts and mobile wallets – sets the standard for international money movement. With operations in 200 countries and territories, Western Union’s platform processes an average of 32 transactions every second and moves $300 billion a year across 130 currencies.

Connecting the digital and physical worlds of money, Western Union’s technology stack, APIs, foreign exchange and settlement engine, agent network, anti-money laundering and fraud detection capabilities make it one of the largest digital and physical money movers for consumers around the globe.

WU-G

For more information, visit the Western Union newsroom at http://ir.westernunion.com/news/default.aspx.

About Western Union

The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement. Our omnichannel platform connects the digital and physical worlds and makes it possible for consumers and businesses to send and receive money and make payments with speed, ease, and reliability. As of June 30, 2018, our network included over 550,000 retail agent locations offering Western Union, Vigo or Orlandi Valuta branded services in more than 200 countries and territories, with the capability to send money to billions of accounts. Additionally, westernunion.com, our fastest growing channel in 2017, is available in 45 countries and territories to move money around the world. In 2017, we moved over $300 billion in principal in nearly 130 currencies and processed 32 transactions every second across all our services. With our global reach, Western Union moves money for better, connecting family, friends and businesses to enable financial inclusion and support economic growth. For more information, visit www.westernunion.com.

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Ethoca, the industry standard for collaboration-based technology solutions that enable card issuers and online merchants to improve customer experience, increase card acceptance and stop ecommerce fraud and disputes, announced today that it has won ‘Most Innovative Online Solution’, ‘Vendor of the Year’ and ‘Best Collaborative Solution – Highly Commended’ at the 2018 Australian FraudAwards. Hosted by Retail Risk, a global conference series attended by loss prevention professionals, the Fraud Awards celebrate the best anti-fraud and security technologies on the market today.

Judges highlighted the innovative nature of Ethoca’s recently released Integrated Solution Suite. Comprised of three products working in sequence – Ethoca Eliminator, Ethoca Alerts and Enhanced Representments – this layered defensive system improves the customer experience while simultaneously reducing fraud and chargebacks and boosting transaction acceptance.

Speaking on the triple award win, Brett Small – Ethoca’s Regional Director for Asia Pacific – commented: “We’re delighted to be recognized not once, but three times at this year’s Australian Fraud Awards. The card-not-present industry in APAC is faced with increasing levels of criminal fraud and friendly fraud (also known as ‘false claims’), leading to significant pain for merchants, issuers and cardholders alike. In sectors like digital goods, false claims now reach upwards of 90% of all fraud volumes, which is having a significant impact on card acceptance.

“Our new Integrated Solution Suite tackles genuine fraud, disputes and friendly fraud at the source, reducing customer frustration and eliminating the need for expensive and time-consuming chargeback processes. Last year alone, merchants on our network were able to stop more than 4,687,000 chargebacks. As more issuers and merchants collaborate, more intelligence is shared, more fraud and chargebacks are eliminated and, most important of all, more good transactions are accepted.”

The first layer of defense in Ethoca’s Integrated Solution Suite is Ethoca Eliminator. Eliminator resolves incoming friendly fraud disputes on the spot by providing cardholders with instant access to real time merchant intelligence the moment they call in to their bank, or directly via their desktop or mobile banking app. With cardholders now able to recognize their purchases through extended data including the digital receipt and rich order details, disputes are ‘deflected’ instantly and cardholders enjoy a much better experience.

If cardholders continue to dispute a transaction, Ethoca Alerts then kicks in, sharing direct-from-source issuer data with merchants. This reduces the time it takes for merchants to be alerted to fraud and customer disputes from weeks to as little as a few minutes. Critically, it provides a unique opportunity to stop fulfillment and resolve the dispute through direct refund to the cardholder – avoiding chargebacks entirely.

Merchants with high friendly fraud rates and the necessary compelling evidence may choose to fight their chargebacks to recover their revenue. Enhanced Representments is Ethoca’s flexible platform that leverages the know-how of Ethoca’s chargeback experts and automates the representment process so merchants get their money back faster and more efficiently – recovering revenue on up to 80% of all represented chargebacks.

Ethoca’s presence in Asia-Pacific continues to expand, with customers now spanning 13+ countries in the region. This includes 18 leading card issuers and many of the area’s biggest ecommerce and retail brands – making Ethoca the largest and most wide-spread source of actionable customer dispute and fraud data in APAC.

About Ethoca

Ethoca is the leading, global provider of collaboration-based technology that enables card issuers, ecommerce merchants and online businesses to increase card acceptance, stop more fraud, recover lost revenue and eliminate chargebacks from both fraud and customer service disputes. Through the Ethoca Network – the first and only of its kind in the industry – we are closing the information gap between card issuers and merchants. This unique capability makes fraud and customer dispute insight available and actionable in real time.

Our suite of services delivers significant revenue growth and cost saving opportunities to more than 5,400 merchants in 40+ countries and more than 590 card issuers in 20+ countries. Eight of the top ten North American ecommerce brands, 14 of the top 20 North American card issuers and six of the top ten UK card issuers rely on Ethoca solutions and the network that powers them.

To learn more, visit www.ethoca.com

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I Squared Capital, a leading global infrastructure investment manager, has closed its ISQ Global Infrastructure Fund II at the $7 billion legal cap, exceeding an initial target of $5 billion. The fund received commitments from over 100 institutional investors with oversubscribed demand and a re-up rate reaching over 80 percent from the previous fund.

“The fund is already 24 percent invested with portfolio companies in the U.S. midstream sector; the leading trailer and trailer services provider in Europe and Canada; the second largest telecom fiber network in Hong Kong; and nearly 3,400 megawatts of power generation in nine countries across Latin America,” stated Sadek Wahba, Managing Partner of I Squared Capital. “We currently see opportunities globally with attractive risk-adjusted returns across different sectors including energy, telecom, transport, and utilities in the U.S. and Europe as well as in high-growth economies including India, China and Latin America.”

I Squared Capital has over $13 billion in assets under management from institutional investors including pension funds, insurance companies, sovereign funds, asset managers and family offices, as well as managing funds on behalf of the U.S. government’s Overseas Private Investment Corporation (OPIC). The firm has a diverse team of over 100 professionals based in Hong Kong, Houston, London, Miami, New Delhi, New York and Singapore.

Gibson, Dunn & Crutcher LLP acted as fund counsel and Evercore acted as placement agent.

About I Squared Capital: I Squared Capital is an independent global infrastructure investment manager focusing on energy, utilities, telecommunications and transport in the Americas, Europe and Asia. The firm has offices in Hong Kong, Houston, London, Miami, New Delhi, New York and Singapore.

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Andersen Global strengthens its expansion into Eastern Europe with news that the leading and largest independent firm in Hungary has become a collaborating firm of the international organization.

Headquartered in Budapest, OrienTax has signed a Collaboration Agreement with the Andersen Global association, initiating Andersen’s presence in the country and paving the way for continued growth in the region. Andersen Global already has a presence in Eastern Europe with a collaboration in Poland, and has a solid presence in the rest of Western and Central Europe.

“The OrienTax partners had both previously worked at Arthur Andersen and then a Big Four firm, so they understand how incredibly important the culture we are building is to our clients and our employees,” said Andersen Global Chairman and Andersen Tax LLC CEO Mark Vorsatz. “We spent quite a bit of time evaluating this market and OrienTax stood out as the best. Hungary is an important market for our business as we build out in Central and Eastern Europe. It’s a great match as far as we’re concerned, and we are excited to bring this great group into our fold.”

OrienTax, led by Partners Karoly Radnai and Gyorgy Szekely, is the largest independent tax service provider in Hungary with a substantial client base of high-profile international and large and medium-sized Hungarian companies. The firm is considered an industry leader in Hungary, and has been providing tax services across a wide spectrum of sectors, including agrarian, pharmaceutical, energy, financial, telecommunications and technology. The firm also has specific expertise tax consulting for the sports and film industries.

“We always had a desire to have access to a global solution for our clients and Andersen lines up so closely with what we desire in terms of quality of client service and culture. Our clients expect professionalism, expertise, and trust, so there really were no apprehensions or reservations for us,” said Karoly Radnai.

“Andersen has a long and very rich history of operating as the best of the best in tax consulting and related services. We’re excited to be a part of the group who is building a firm that exceeds expectations of what a traditional tax firm means to its clients across the globe and a better industry for future generations,” added Gyorgy Szekely.

Andersen Global is an association of legally separate, independent member firms of tax and legal professionals around the world. Established in 2013 by Andersen Tax LLC, Andersen Global now has more than 3,500 professionals worldwide in over 111 locations through its member firms and collaborating firms.

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Alipay, the world’s leading mobile and online payment platform operated by Ant Financial Services Group (“Ant Financial”), today announced that it will collaborate with a wider range of local Japanese partners to build a cashless environment for tourists coming to Japan, in particular for the Tokyo Olympic Games in 2020. This will allow the large number of visitors coming from China the chance to enjoy easy payment methods that they are familiar with and provide business opportunities for local merchants in Japan. In addition, efforts will continue to extend Alipay coverage throughout Japan as one of the most popular tourist destinations for travelers from China and other Asian countries.

"Alipay is dedicated to enhancing user experience and creating value for small and micro businesses through technology. The Tokyo Olympics and the hike in visitors that this will bring is a good target for us, to ensure that the Alipay platform is the bridge between inbound visitors and local merchants here in Japan. It is also important that we are collaborating with partners not only in the metropolitan areas and big cities but also in smaller cities with popular tourist attractions. We look forward to working with a wide range of Japanese partners to achieve this ambition, and in doing so contribute in some way to driving the local economy of areas across Japan," said Eric Jing, Executive Chairman and CEO of Ant Financial.

The number of Chinese tourists visiting Japan continues to increase year over year. Close to 7.35 million people came to Japan in 2017 with a y-o-y growth rate of 15.4% (※ 1), and the inbound consumption from this group reached 1.6 trillion yen (US$14.3 billion, ※ 2). This trend is likely to continue and the Olympic Games in 2020 are expected to be a peak with visitors attracted to the international sporting spectacle as well as the country’s famous locations.

According to Alipay's statistics, Chinese visitors’ spending through mobile payment is also growing rapidly. From the beginning of July to the end of August in 2018, the average consumption of each Chinese Alipay user in Japan reached near 3,900 yuan (US$569). This average spending represented an increase of 52% compared with the previous year, and the total transaction volume grew by 165%.

Alipay is expanding its services across the country in Japan which reflects the needs of increasingly adventurous Chinese tourists. Specific collaborations to date with regional banks, such as Hida Credit Union and Kyoto Shinkin Bank, have allowed Alipay to make its payment services available in tourist spots and shops out of the major cities. To further expand its merchant network, Alipay is also seeking to work with more small and micro merchants by cooperating with local mobile payment platforms in Japan such as Line Pay and Paypay.

Alipay, which currently has over 700 million active users in China, was introduced to Japan to provide services to Chinese visitors at local merchants in December 2015 and is currently available in all 47 prefectures across the country. It is available in a wide range of outlets to support tourism including airports, department stores, restaurants and popular attractions.

※ 1: Source: Japan Tourism Board (JNTO) "Trends in the number of customers outside Japan"
(Https://www.jnto.go.jp/jpn/statistics/since2003_tourists.pdf)

※ 2: Source: Tourism Agency "Survey on consumption trends of foreigners visiting Japan" Heisei 20 (2017) annual value (Final)
(Http://www.mlit.go.jp/common/001226297.pdf)

About Alipay

Operated by Ant Financial Services Group, Alipay is the world’s largest mobile and online payment platform. Launched in 2004, Alipay currently works with over 200 domestic financial institution partners. Over the years, Alipay has evolved from a digital wallet to a lifestyle enabler. Users can hail a taxi, book a hotel, buy movie tickets, pay utility bills, make appointments with doctors, or purchase wealth management products directly from within the app. In addition to online payments, Alipay is expanding to in-store offline payments both inside and outside of China. Alipay’s in-store payment service covers over 40 countries and regions across the world, and tax reimbursement via Alipay is supported in 29 countries and regions. Alipay works with over 250 overseas financial institutions and payment solution providers to enable cross-border payments for Chinese travelling overseas and overseas customers who purchase products from Chinese e-commerce sites. Alipay currently supports 27 currencies.

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