This Web Page details the terms of a legal agreement (the "Terms of Use") between you and Markit Group Limited, also acting on behalf of its affiliates, (collectively "Markit"). By accessing or using this website, currently located at www.markit.com, or any Content (as defined below) you acknowledge and irrevocably represent that you have read and understood the Terms of Use and you voluntarily and irrevocably accept and agree to be bound by the Terms of Use. You also agree to comply with all laws and regulations applicable to the use of this website, the use of the internet, and to the activities involved in using this website.

If you do not agree with these Terms of Use, do not use this website. If you, or the entity through which you were provided a log-in ID and password, subscribed to certain content or services found on this website by way of executing a written agreement (“Agreement”) and/or addenda (“Addenda”), then these Terms of Use shall be supplemental to such Agreement or Addenda, and use of this website is subject the terms of the Agreement and/or Addenda in addition to these Terms of Use. By accessing this website, you acknowledge that you have read and are bound by the Agreement and Addenda (if you require a copy of the Agreement and/or Addenda please contact your company's contract administrator).

Markit reserves the right to vary, amend, remove or add to the Terms of Use at any time. Such modifications shall be effective immediately. Your continued access and use of the website and Content following the posting of modifications to the Terms of Use shall constitute your acknowledgement and acceptance of such modifications. If, at any time, you do not wish to accept the Terms of Use, you must immediately cease to access or use the website and all Content. Any additional terms, conditions or modifications to these Terms of Use that are proposed by you shall be of no force or effect unless and until expressly agreed to by Markit in writing.

You will not in connection with your use of this website and all content therein: (a) violate any applicable local, state, national or international law, statute, ordinance, rule or regulation, including without limitation those relating to competition or antitrust; (b) interfere with or disrupt the computer networks of Markit or attempt to do so; (c) forge headers or in any manner manipulate identifiers in order to disguise the origin of any information; (d) download, upload, post, transmit, publish, or distribute any material that infringes, violates, breaches or otherwise contravenes the rights of Markit or any third party, including any copyright, trademark, patent, rights of privacy or publicity or any other proprietary right; (e) interfere with or disrupt the use of the website by any other customer or user or reverse look-up, trace or seek to trace any information on any other user of or visitor to the website, or any other customer of Markit, including any Markit account not owned by you; (f) probe, scan or test the vulnerability of the website or any network connected to the website or attempt to gain unauthorized entry or access to the computer systems of any other person or entity; (g) take any action that imposes an unreasonable or disproportionately large load on the infrastructure of the website or Markit’s systems or networks, or any systems or networks connected to the website or to Markit; or (h) download, upload, post, transmit, publish or distribute any material or information that constitutes or encourages conduct that would constitute a criminal offence, give rise to other liability, or otherwise violate applicable law.

You may not use any linking, deep-linking, framing or page-scraping technology, robots, spiders or other automatic devices, programs, algorithms or methodologies, or any similar or equivalent manual processes, to access, acquire, copy, distribute, display or monitor any portion of the website or any content, or in any way reproduce or circumvent the navigational structure or presentation of the website or any content, to obtain or attempt to obtain any materials, documents or information through any means not purposely made available through the website.

Unless provided otherwise in any addendum, you hereby agree and acknowledge that you are expressly prohibited from: (i) making available all or any portion of the content to any other person or entity, except as expressly permitted in this terms of use or in an addendum; (ii) creating derivative works from the content; and (iii) using the content in the provision of any services to third parties. In addition, you shall not distribute, transfer, sub-license, rent, lend, transmit, sell, re-circulate, repackage, assign, lease, resell, publish, copy, translate, convert, decompile, reverse engineer, alter, enhance, disassemble, modify, or change all or any portion of the content.

You shall not use the content to develop, support, create or provide pricing for: (i) any database or product that competes directly with the content or any other Markit product or service offered in the marketplace or would create a functional substitute for any such Markit products or content; or (ii) any index (e.g. any composite financial index).

You may download and use certain content that is purposely and expressly made available by Markit for downloading from the website (such as product sheets or articles), provided that you: (i) do not remove any proprietary notice or disclaimer language in any copies of such documents, (ii) use such information only for your personal, non-commercial informational purpose and do not copy or post such information on any networked computer or broadcast it in any media, (iii) make no modifications to any such information, and (iv) do not make any representations or warranties relating to same.

The ownership and intellectual property rights of the website including all Content, models, software, information, data, documentation, computer programs, systems, customizations, enhancements thereto, and the design, structure, selection, coordination, expression “look and feel” and arrangement of the Content, and enhancements, modifications or additional Content thereto shall be the sole and exclusive property of Markit (or the relevant affiliate of Markit or Data Provider (as defined below), as the case may be) and you shall not: (i) copy such material for any purpose (including by reverse engineering) or disclose it to any third party for any purpose whatsoever; (ii) by act or omission infringe upon Markit’s intellectual property rights in the website or Content. You acknowledge that the website, was developed, compiled, prepared, revised, selected and arranged by Markit and others (including certain third party information sources (each a “Data Provider”)) through the application of methods and standards of judgment developed and applied through the expenditure of substantial time, effort and money, and constitute valuable intellectual property and trade secrets of Markit or such relevant Data Provider.

You hereby agree to use commercially reasonable efforts to protect the proprietary rights of Markit and/or Markit’s affiliates or the relevant Data Provider in the website and Content. You irrevocably agree and acknowledge that, as between you and Markit, the website and Content, as may be amended from time to time, is the sole and exclusive property of Markit, and shall not be considered works for hire. You shall honour and comply with all reasonable written requests made by Markit to protect its contractual, statutory and common law rights in the website and Content. You agree to notify Markit in writing promptly upon becoming aware of any unauthorized use of the website or Content or any claim that any or all of the website or Content infringes upon or constitutes any unlawful use of any copyright, database right, trade mark, or other proprietary, intellectual property, contractual, statutory or common law rights of a third party.

Trade Marks. You shall not use any of Markit’s trademarks, trade names or service marks in any manner, and in no event in a manner accessible by or available to any third party. You acknowledge that you have no ownership or license rights in or to any of these names or marks.

Copyright. The website and Content is protected as a collective work or compilation under UK copyright, U.S. copyright and other laws and treaties. All data, information, articles, columns and other elements making up the Content are copyrighted works and Markit hereby reserves all rights.

Copyright Infringement Claims. We respect the intellectual property rights of others, and require that the people who use the website do the same. If you believe that your work has been copied in a way that constitutes copyright infringement, please forward the following information to Markit's Copyright Agent, designated as such pursuant to the Digital Millennium Copyright Act, 17 U.S.C. § 512(c)(2) (the "DMCA"), named below:

• Your address, telephone number, and email address;
• A description of the copyrighted work that you claim has been infringed;
• A description of where the alleged infringing material is located;
• A statement by you that you have a good faith belief that the disputed use is not authorized by the copyright owner, its agent, or the law;
• An electronic or physical signature of the person authorized to act on behalf of the owner of the copyright interest; and
• A statement by you, made under penalty of perjury, that the above information in your Notice is accurate and that you are the copyright owner or authorized to act on the copyright owner's behalf. 

Copyright Agent:

Markit North America, Inc.
620 8th Avenue, 35th Floor
New York, NY 10018
Attention: Legal Department

Markit may provide you with access to Markit services through links and/or dedicated frames (collectively, “Other Markit Services”) from this website. For example, you may have access to a Toolbar provided by our Markit Hub service that allows you, amongst other things, to navigate data and content on both Markit and third party websites.

Your use of Other Markit Services shall be governed by any applicable terms of use and privacy policies. We recommend you review those before using Other Markit Services.

Disclaimer of Warranties. THE WEBSITE AND CONTENT PROVIDED TO YOU BY MARKIT SHALL BE ON “AS IS” BASIS. NEITHER MARKIT, ITS AFFILIATES NOR ANY DATA PROVIDER MAKE ANY WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS OR COMPLETENESS OF THE WEBSITE OR CONTENT OR AS TO THE RESULTS TO BE ATTAINED BY YOU OR OTHERS FROM THE USE OF THE CONTENT. YOU HEREBY ACKNOWLEDGE THAT THERE ARE NO EXPRESS OR IMPLIED WARRANTIES OF TITLE, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, AND THAT IT HAS NOT RELIED UPON ANY WARRANTY, GUARANTY OR REPRESENTATION MADE BY MARKIT, ITS AFFILIATES OR ANY DATA PROVIDER, EXCEPT THE REPRESENTATIONS MADE BY MARKIT SPECIFICALLY SET FORTH IN THIS TERMS OF USE.

No Liability. NEITHER MARKIT, ITS AFFILIATES NOR ANY DATA PROVIDER SHALL IN ANY WAY BE LIABLE TO YOU OR ANY CLIENT OF YOU FOR ANY INACCURACIES, ERRORS OR OMISSIONS, REGARDLESS OF CAUSE, IN THE CONTENT PROVIDED HEREUNDER OR FOR ANY DAMAGES (WHETHER DIRECT OR INDIRECT) RESULTING THEREFROM. WITHOUT LIMITING THE FOREGOING, MARKIT SHALL HAVE NO LIABILITY WHATSOEVER TO YOU, WHETHER IN CONTRACT (INCLUDING UNDER AN INDEMNITY), IN TORT (INCLUDING NEGLIGENCE), UNDER A WARRANTY, UNDER STATUTE OR OTHERWISE, IN RESPECT OF ANY LOSS OR DAMAGE SUFFERED BY YOU AS A RESULT OF OR IN CONNECTION WITH ANY OPINIONS, RECOMMENDATIONS, FORECASTS, JUDGMENTS, OR ANY OTHER CONCLUSIONS, OR ANY COURSE OF ACTION DETERMINED, BY YOU OR ANY CLIENT OF YOU, WHETHER OR NOT BASED ON THE WEBSITE OR CONTENT.

TO THE FULLEST EXTENT PERMITTED BY LAW, UNDER NO CIRCUMSTANCES WILL MARKIT, ITS AFFILIATES OR ANY DATA PROVIDER HAVE ANY LIABILITY TO YOU OR ANY THIRD PARTY ACCESSING THE WEBSITE AND/ OR THE CONTENT THROUGH YOU, ARISING FROM CONTRACT (INCLUDING UNDER ANY INDEMNITY), IN TORT (INCLUDING NEGLIGENCE), UNDER ANY WARRANTY (EXPRESS OR IMPLIED) UNDER STATUTE OR OTHERWISE, IN EACH CASE FOR ANY DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, PUNITIVE, OR EXEMPLARY DAMAGES WITH RESPECT TO THE SUBJECT MATTER OF THE TERMS OF USE, THE CONTENT AND / OR THE WEBSITE, INCLUDING, BUT NOT LIMITED TO, IN RESPECT OF ANY LOSS OF PROFITS, LOSS OF REVENUE, LOST BUSINESS, LOSS OF OPPORTUNITY REGARDLESS OF WHETHER SUCH DAMAGES COULD HAVE BEEN FORESEEN OR PREVENTED OR ADVISED TO MARKIT.

You agree that Markit may, in its sole discretion and without prior notice, terminate your access to the website or certain Content and/or block your future access to the website or certain Content if Markit determines that you have violated these Terms of Use or other agreements or guidelines which may be associated with your use of the website. You also agree that any violation by you of these Terms of Use will constitute an unlawful and unfair business practice, and will cause irreparable harm to Markit, for which monetary damages would be inadequate, and you consent to Markit obtaining any injunctive or equitable relief that Markit deems necessary or appropriate in such circumstances. These remedies are in addition to any other remedies Markit may have at law or in equity.

You agree that Markit may, in its sole discretion and without prior notice, terminate your access to the website, for cause, which includes (but is not limited to): (i) requests by law enforcement or other government agencies, (ii) a request by you (self-initiated account deletions), (iii) discontinuance or material modification of the website or any service offered on or through the website, or (iv) unexpected technical issues or problems.

If Markit does take any legal action against you as a result of your violation of these Terms of Use, Markit will be entitled to recover from you, and you agree to pay, all reasonable legal costs of such action, in addition to any other relief granted to Markit. You agree that Markit will not be liable to you or to any third party for termination of your access to the website as a result of any violation of these Terms of Use.

Relationship between the Parties. There is no joint venture, partnership, agency or fiduciary relationship existing between the parties and the parties do not intend to create any such relationship by this Terms of Use.

Invalidity. If any provision in or any part of this Terms of Use shall be found to be illegal or unenforceable under any enactment or rule of law then that provision or part shall to that extent be deemed not to form part of this Terms of Use and the remaining provisions shall continue in full force and effect.

Governing Law. Your access to and use of this website are governed by and will be construed in accordance with laws of England and Wales, without regard to the principles of conflicts of laws of other jurisdictions. Each party submits to the exclusive jurisdiction of the courts of England and Wales, United Kingdom, for the purposes of determining any dispute arising out of the Terms of Use, its construction or the transactions contemplated by it.

In addition to the rights and restrictions set forth in agreement(s) that you have entered into with Markit, use of Markit services is subject to the additional following terms: (i) you may be required to enter into, or to comply with the terms of, a third-party licensor agreement, and (ii) you may receive such terms within the service itself or directly by the third-party licensor.

To the extent that you redistribute any third-party services, you must obtain all required approvals for control and redistribution of such third-party services. You are responsible for any and all costs and fees associated with agreements entered into with any such third-party licensor. If a third-party licensor ceases to make one or more of its services available to Markit, or requires Markit to suspend or terminate the provision of all or any part of its services to you, or if Markit terminates its arrangements with the third-party licensor, then Markit may suspend or terminate that part of its services immediately without notice or further obligation to you.

Content provided by third-party licensors (“Third Party Content”) may contain: (i) restrictions, including without limitation, as to disclosure and use of the Third Party Content; and (ii) specific disclaimers with regard to such Third Party Content, including without limitation disclaimer for liability for inaccuracies, errors or omissions; which may be displayed in and shall apply to the Third Party Content.

Such Third Party Content is provided by other, non-Markit information providers and therefore Markit has no responsibility and makes no representations or warranties as to the accuracy, timeliness or completeness of the Third Party Content. Markit shall not be held liable for any loss or damage caused by the inaccuracies, errors or omissions, incomplete or late Third Party Content.

Please click on any of the following hyperlinks to see the additional terms and conditions imposed by the following third-party data providers regarding use of their data:

• 15.1 CUSIP Global Services   Subscriber agrees and acknowledges that the CUSIP Database and the information contained therein is and shall remain valuable intellectual property owned by, or licensed to, CUSIP Global Services (“GCS”) and the American Bankers Association (“ABA”), and that no proprietary rights are being transferred to Subscriber in such materials or in any of the information contained therein.  Any use by Subscriber outside of the clearing and settlement of transactions requires a license from CGS, along with an associated fee based on usage.  Subscriber agrees that misappropriation or misuse of such materials will cause serious damage to CGS and ABA, and that in such event money damages may not constitute sufficient compensation to CGS and ABA; consequently, Subscriber agrees that in the event of any misappropriation or misuse, CGS and ABA shall have the right to obtain injunctive relief in addition to any other legal or financial remedies to which CGS and ABA may be entitled.
  
  Subscriber agrees that Subscriber shall not publish or distribute in any medium the CUSIP Database or any information contained therein or summaries or subsets thereof to any person or entity except in connection with the normal clearing and settlement of security transactions.  Subscriber further agrees that the use if CUSIP numbers and descriptions is not intended to create or maintain, and does not serve the purpose of the creation or maintenance of, a master file or database of CUSIP descriptions or numbers for itself or any third party recipient of such service and is not intended to create and does not serve in any way as a substitute for the CUSIP MASTER TAPE, PRINT, DB, INTERNET, ELECTRONIC, CD-ROM Services and/or any other future services developed by the CGS.
  
  NEITHER CGS, ABA NOR ANY OF THEIR AFFILIATES MAKE ANY WARRANTIES, EXPRESS OR IMPLIED, AS TO THE ACCURACY, ADEQUACY OR COMPLETENESS OF ANY OF THE INFORMATION CONTAINED IN THE CUSIP DATABASE.  ALL SUCH MATERIALS ARE PROVIDED TO SUBSCRIBER ON AN “AS IS” BASIS, WITHOUT ANY WARRANTIES AS TO MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE NOR WITH RESPECT TO THE RESULTS WHICH MAY BE OBTAINED FROM THE USE OF SUCH MATERIALS.  NEITHER CGS, ABA NOR THEIR AFFILIATES SHALL HAVE ANY RESPONSIBILITY OR LIABILITY FOR ANY ERRORS OR OMISSIONS NOR SHALL THEY BE LIABLE FOR ANY DAMAGES, WHETHER DIRECT OR INDIRECT, SPECIAL OR CONSEQUENTIAL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.  IN NO EVENT SHALL THE LIABILITYU OF CGS, ABA OR ANY OF THEIR AFFILIATES PURSUANT TO ANY CAUSE OF ACTION, WHETHER IN CONTRACT, TORT, OR OTHERWISE, EXCEED THE FEE PAID BY SUBSCRIBER FOR ACCESS TO SUCH MATIERALS IN THE MONTH IN WHICH SUCH CAUSE OF ACTION IS ALLEGED TO HAVE ARISEN.  FURTHERMORE, CGS AND ABA SHALL HAVE NO RESPONSIBILITY OR LIABILITY FOR DELAYS OR FAILURES DUE TO CIRCUMSTANCES BEYOND THEIR CONTROL.
  
  Subscriber agrees that the foregoing terms and conditions shall survive any termination of its right of access to the materials identified above.  
  
  Subscriber agrees that access to the CGS Data is expressly conditioned on the effectiveness of CUSIP’s Agreement with Markit and all such access under any Subscriber agreement shall automatically terminate upon termination upon the license granted to Markit by CUSIP.

• 15.2 Fitch Ratings Ltd.  Ownership.  Fitch Information (including but not limited to the collection and presentation of the information contained in any Database) is owned by or licensed to Fitch, and contains the valuable copyrighted and proprietary material of Fitch or its affiliates and licensors, and all rights in or to Fitch Information not granted to client are expressly reserved by Fitch and its affiliates and licensors.

Disclaimer. Although the Fitch Information is based upon information obtained from sources Fitch believes in good faith to be reliable, client acknowledges that Fitch does not represent, warrant or guarantee the accuracy, correctness, integrity, completeness or timeliness of any part of Fitch Information and expressly acknowledges Fitch’s disclaimer that Fitch does not audit or verify accuracy of the information provided to it by issuers, their representatives, accountants and legal advisors and others.  Fitch also does not represent, warrant or guarantee: (i) the design or performance of any part of the Fitch Information or any Fitch website, or (ii) that the Fitch Information or any Fitch web site will fulfill any of the client’s particular purposes or needs. Fitch does not recommend the purchase or sale of securities, does not give opinions as to the value of securities and does not give investment advice.  Fitch is not responsible for any credit, loan or investment decisions, damages or other losses resulting from use of the Fitch Information. Fitch shall not be responsible for any discrepancies that may exist between the database from the Fitch Information sent to client and corresponding data contained in Fitch’s database after the time such database was sent to client. FITCH INFORMATION AND ACCESS TO AND USE OF ANY FITCH WEB SITE, IF APPLICABLE, IS PROVIDED "AS IS" AND ALL FAULTS AND THE ENTIRE RISK AS TO SATISFACTORY QUALITY, PERFORMANCE, ACCURACY AND EFFORT IS WITH SUBSCRIBER. FITCH DISLAIMS ALL OTHER WARRANTIES OR CONDITIONS, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO THE IMPLIED WARRANTIES OR CONDITIONS OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND ABSENCE OF VIRUSES AND DAMAGING OR DISABLING CODE. FITCH SPECIFICALLY DISCLAIMS ANY WARRANTY OR REPRESENTATION THAT FITCH PRODUCT WILL MEET SUBSCRIBERS' REQUIREMENTS, THAT THE OPERATION OF FITCH PRODUCT AND/OR ITS USE WILL BE UNINTERRUPTED OR ERROR-FREE, THAT DEFECTS IN FITCH PRODUCT, IF ANY, WILL BE CORRECTABLE OR CORRECTED, OR THAT FITCH PRODUCT IS COMPATIBLE WITH ANY PARTICULAR PLATFORM.

• 15.3 FTSE International Markit is licensed by FTSE International Limited to publish certain FTSE Products and make them available to you.  FTSE shall not be responsible for any error or omission in these Products.  All copyright and database rights in these Products belong to FTSE or its licensors.  Redistribution of the data comprising these Products is not permitted.  You agree to comply with any restrictions or conditions imposed upon the use, access, or storage of the data as may be notified to you by FTSE or Markit and you may be required to enter into a separate agreement with FTSE or Markit.  “FTSETM”, “FT-SETM” and “FootsieTM” are trademarks of London Stock Exchange PLC and The Financial Times Limited and are used by FTSE International Limited under license.
  

• 15.4 Moody's Investors Service Moody’s© Copyright 2011, Moody’s Investors Service, Inc. (“Moody’s”).  Moody’s ratings (“Ratings”) are proprietary to Moody’s or its affiliates and are protected by copyright and other intellectual property laws.  Ratings are licensed to Licensee by Moody’s.  RATINGS MAY NOT BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.
  
  Moody’s® is a registered trademark.
  
  All Data furnished by Moody’s are proprietary to Moody’s (or its licensors) and are so furnished at Moody’s’ request and for your exclusive use.  No Data so furnished may be copied or otherwise reproduced, repackaged, further transmitted, transferred, disseminated, distributed, redistributed, sold, resold, leased, rented, licensed, sublicensed, altered, modified, adapted, or stored for subsequent use for any such purpose, in whole or in part, in any form or manner or by any means whatsoever, by you or any other person or entity, without Moody’s’ prior written consent.  
  
  All Data is provided “AS IS” without warranty of any kind, and MOODY’S (AND MOODY’S’ LICENSORS AND SERVICE PROVIDERS), IN PARTICULAR, MAKE NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO YOU OR ANY OTHER PERSON OR ENTITY AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH DATA.  Under no circumstance shall Moody’s, or its licensors or service providers, have any liability whatsoever to you or any other person or entity, or be liable for any indirect, special, consequential, incidental or compensatory damages resulting or relating to the use of, or inability to use, any of the Data.

• 15.5 Morgan Stanley Capital International Copyright MSCI 2011.  All Rights Reserved.  Without prior written permission of MSCI, this information and any other MSCI intellectual property may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices.  This information is provided on an “as is” basis, and the user of this information, assumes the entire risk of any use made of this information.  Neither MSCI nor any third party involved in or related to the computing or compiling of the data makes any express or implied warranties, representations or guarantees concerning the MSCI index-related data, and in no event will MSCI or any third party have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) relating to any use of this information.

• 15.6 Standard & Poor’s Copyright © 2011, Standard & Poor’s Financial Services LLC (“S&P”).  Reproduction of RatingsXpress-Credit Ratings in any form is prohibited except with the prior written permission of S&P.  S&P does not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and is not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of ratings.  S&P GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE.  S&P SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES, OR LOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTS) IN CONNECTION WITH ANY USE OF RATINGS.  S&P’s ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities.  They do not address the market value of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice.

Composite Ratings.  Any Composite Ratings are NOT an S&P rating or any rating issued by a ratings agency.  Further, Composite Ratings are NOT credit opinion.