Regulatory Disclosures

The following information should be read in conjunction with equity research reports and comments prepared and issued by Standard & Poor’s Equity Research.

Products and publications containing equity research reports and comments include, but are not limited to:

Standard & Poor’s Stock Market Encyclopedia
The Outlook
NetAdvantage
MarketScope
Advisor Insight
Market Insight

Click here for a complete copy of the 2007 Research Objectivity Policy

Required Disclosures

S&P Global STARS Distribution
In the U.S.
As of March 31, 2008, research analysts at Standard & Poor’s Equity Research Services U.S. recommended 34.2% of issuers with buy recommendations, 57.3% with hold recommendations and 8.5% with sell recommendations.

In Europe
As of March 31, 2008, research analysts at Standard & Poor’s Equity Research Services Europe recommended 47.0% of issuers with buy recommendations, 36.3% with hold recommendations and 16.7% with sell recommendations.

In Asia
As of March 31, 2008, research analysts at Standard & Poor’s Equity Research Services Asia recommended 50.4% of issuers with buy recommendations, 42.5% with hold recommendations and 7.1% with sell recommendations.

Globally
As of March 31, 2008, research analysts at Standard & Poor’s Equity Research Services globally recommended 37.1% of issuers with buy recommendations, 53.4% with hold recommendations and 9.5% with sell recommendations.

5-STARS (Strong Buy): Total return is expected to outperform the total return of a relevant benchmark, by a wide margin over the coming 12 months, with shares rising in price on an absolute basis.
4-STARS (Buy): Total return is expected to outperform the total return of a relevant benchmark over the coming 12 months, with shares rising in price on an absolute basis.
3-STARS (Hold): Total return is expected to closely approximate the total return of a relevant benchmark over the coming 12 months, with shares generally rising in price on an absolute basis.
2-STARS (Sell): Total return is expected to underperform the total return of a relevant benchmark over the coming 12 months, and the share price is not anticipated to show a gain.
1-STARS (Strong Sell): Total return is expected to underperform the total return of a relevant benchmark by a wide margin over the coming 12 months, with shares falling in price on an absolute basis.

Relevant benchmarks: In the U.S. the relevant benchmark is the S&P 500 Index, in Europe and in Asia, the relevant benchmarks are generally the S&P Europe 350 Index and the S&P Asia 50 Index.

For All Regions:
All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report.

Additional information is available upon request.

Other Disclosures
This report has been prepared and issued by Standard & Poor’s and/or one of its affiliates. In the United States, research reports are prepared by Standard & Poor’s Investment Advisory Services LLC (“SPIAS”). In the United States, research reports are issued by Standard & Poor’s (“S&P”); in the United Kingdom by Standard & Poor’s LLC (“S&P LLC”), which is authorized and regulated by the Financial Services Authority; in Hong Kong by Standard & Poor’s LLC, which is regulated by the Hong Kong Securities Futures Commission; in Singapore by Standard & Poor’s LLC, which is regulated by the Monetary Authority of Singapore; in Japan by Standard & Poor’s LLC, which is regulated by the Kanto Financial Bureau; in Sweden by Standard & Poor’s AB (“S&P AB”); in Malaysia by Standard & Poor’s Malaysia Sdn Bhd (“S&PM”), which is regulated by the Securities Commission; in Australia by Standard & Poor’s Information Services (Australia) Pty Ltd (“SPIS”), which is regulated by the Australian Securities & Investments Commission; and in Korea by SPIAS, which is also registered in Korea as a cross-border investment advisory company.

The research and analytical services performed by SPIAS, S&P LLC, S&P AB, S&PM, and SPIS are each conducted separately from any other analytical activity of Standard & Poor’s.

Standard & Poor's or an affiliate may license certain intellectual property or provide pricing or other services to, or otherwise have a financial interest in, certain issuers of securities, including exchange-traded investments whose investment objective is to substantially replicate the returns of a proprietary Standard & Poor's index, such as the S&P 500. In cases where Standard & Poor's or an affiliate is paid fees that are tied to the amount of assets that are invested in the fund or the volume of trading activity in the fund, investment in the fund will generally result in Standard & Poor's or an affiliate earning compensation in addition to the subscription fees or other compensation for services rendered by Standard & Poor’s. A reference to a particular investment or security by Standard & Poor’s and/or one of its affiliates is not a recommendation to buy, sell, or hold such investment or security, nor is it considered to be investment advice.

Standard & Poor's and its affiliates provide a wide range of services to, or relating to, many organizations, including issuers of securities, investment advisers, broker-dealers, investment banks, other financial institutions and financial intermediaries, and accordingly may receive fees or other economic benefits from those organizations, including organizations whose securities or services they may recommend, rate, include in model portfolios, evaluate or otherwise address.

For a list of companies mentioned in this report with whom Standard & Poor’s and/or one of its affiliates has had business relationships within the past year, please click here.

Disclaimers
This material is based upon information that we consider to be reliable, but neither S&P nor its affiliates warrant its completeness, accuracy or adequacy and it should not be relied upon as such. With respect to reports issued by S&P LLC-Japan and in the case of inconsistencies between the English and Japanese version of a report, the English version prevails. Neither S&P LLC nor S&P guarantees the accuracy of the translation. Assumptions, opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Neither S&P nor its affiliates are responsible for any errors or omissions or for results obtained from the use of this information. Past performance is not necessarily indicative of future results.

This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue. Prices, values, or income from any securities or investments mentioned in this report may fall against the interests of the investor and the investor may get back less than the amount invested. Where an investment is described as being likely to yield income, please note that the amount of income that the investor will receive from such an investment may fluctuate. Where an investment or security is denominated in a different currency to the investor’s currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor. The information contained in this report does not constitute advice on the tax consequences of making any particular investment decision. This material is not intended for any specific investor and does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation of particular securities, financial instruments or strategies to you. Before acting on any recommendation in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice.

For residents of the U.K. –this report is only directed at and should only be relied on by persons outside of the United Kingdom or persons who are inside the United Kingdom and who have professional experience in matters relating to investments or who are high net worth persons, as defined in Article 19(5) or Article 49(2) (a) to (d) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, respectively.

For residents of Malaysia, all queries in relation to this report should be referred to Alexander Chia, Desmond Ch’ng, or Ching Wah Tam.