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<br />completeness, merchantability or fitness for any particular" purpose of any such information. Under no circumstances shall
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<br />I"elating to, any error (negligent or otherWise) or other circumstance or contingency within or outside the control of MOODY'S or
<br />any of its directors, officers, employees or agents in connection with the procurement, coliection, cornpilation, analysis,
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<br />and financial reporting analysis observations, if any, constituting part of the information contained herein are, ard must be
<br />construed solely as, statements of opinion and not statements of fact or recommendations to purchase, seli or hold any
<br />securities. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TJ.tJlELINESS, COMPLETENESS, MERCtiANTABIUTY OR
<br />FITNESS FQR ANY PARTICULAR PURPQSE OF ANY SUCH RATING or~ OTHER OPINION OR INFmU.1ATION IS GIVEN OR MADE BY
<br />1\100DY'S IN ANY FOR!'-l OR MANNER WHATSOEVER. Each rating or other opinion must be weiqhecl so!ely as one f"actor in any
<br />investment decision made by or on behalf or: any user of the information contained henoin, and each such user must accordinqfy
<br />make its own study and evaluation of each security anel of 8?1ch issuer end guarantor of, aM each provider of credit support for,
<br />ead1 security that it rnay consider purchasil19, holding or selling.
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<br />MOODY'S hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes G'lnd
<br />commercial paper) and preferred stock rated by i\100DY'S have, prior to assignment of any rating, agreed to P('lY to MOODY'S for
<br />appraisal and rating services renderecl by it fees ranging frorn$l,SOO to approximately $2,400,000. Moody's Corporation (Mea)
<br />and its whollYHowned credit rating agency subsidiary, ~"toody's Investors Service (MISL also maintain policies and procedures to
<br />address the independence of MIS's ratings and rating processes. Information regarcling certain affilii;lti0115 that may eXist
<br />between directors of !'-leO and rated entities, and between entities who hold raUngs i-rom HIS and have also pUblicly reported to
<br />the SEC an ownership interest in Mea of more thai1 5'lf", is postecl annually on t"toody's website at www.moodys,com under the
<br />tle~\ding "Shareholder Relar.ions " Corporate Governance. Director and Shareholder Affiliation Policy,"
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