Standard & Poor's Securities Evaluations, Inc. Fee Disclosures

Standard & Poor’s Securities Evaluations, Inc. (“SPSE”), a wholly owned subsidiary of The McGraw-Hill Companies, Inc., provides independent fixed-income evaluations of over three million securities. It also distributes to its client base evaluations and equity pricing services of other unaffiliated firms. In total, SPSE provides coverage for over five million global securities. Prices of firms other than those of SPSE are the responsibility of those firms and not SPSE and are produced under the firms’ methodologies and policies and procedures, not those of SPSE.

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.