Disclaimers

Standard & Poor’s
The analytic services and products provided by Standard & Poor’s are the result of separate activities in order to preserve the independence and objectivity of each analytic process. Each analytic product or service is based on information received by the analytic group responsible for such product or service. Standard & Poor’s has established policies and procedures to maintain the confidentiality of non-public information received during each analytic process.

Standard & Poor's Securities Evaluations, Inc.
Standard & Poor’s Securities Evaluations, Inc., is a wholly owned subsidiary of The McGraw-Hill Companies, Inc. 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.

Standard & Poor’s Ratings
Analytic services provided by Standard & Poor’s Ratings Services (“Ratings Services”) are the result of separate activities designed to preserve the independence and objectivity of ratings opinions. Credit ratings issued by Ratings Services are solely statements of opinion and not statements of fact or recommendations to purchase, hold, or sell any securities or make any other investment decisions. Accordingly, any user of credit ratings issued by Ratings Services should not rely on any such ratings or other opinion issued by Ratings Services in making any investment decision. Ratings are based on information received by Ratings Services. Other divisions of Standard & Poor’s may have information that is not available to Ratings Services. Standard & Poor’s has established policies and procedures to maintain the confidentiality of non-public information received during the ratings process.

Ratings Services receives compensation for its ratings. Such compensation is normally paid either by the issuers of such securities or third parties participating in marketing the securities. While Standard & Poor’s reserves the right to disseminate the rating, it receives no payment for doing so, except for subscriptions to its publications. Additional information about our fee policy is available at www.standardandpoors.com/usratingsfees.

Standard & Poor's Risk Solutions
The analytic services provided by Standard & Poor’s Risk Solutions are the result of separate activities designed to preserve the independence and objectivity of each Standard & Poor’s analytic process. Standard & Poor’s has established policies and procedures to maintain the confidentiality of non-public information received during each analytic process.

Standard & Poor's Equity Research
The equity research reports and recommendations provided by Standard & Poor’s Equity Research are performed separately from any other analytic activity of Standard & Poor’s. Standard & Poor’s Equity Research has no access to non- public information received by other units of Standard & Poor’s. Standard & Poor’s does not trade on its own account.