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FORM OR h`•.ANR1Fi.R C)I. r:~'y ANY Mfr.ANS i~Vtl:aTc;C)":~Jf.`.R, l.'aY ANY F~aZSi:}Ai Vv'1T':{CUi Mi~}C)C.)'f`G; I'fZ>(~R b"v4i1~LF:1i L.OPd`ziE:.Pv'i. 'A!.{
<br />i.^t`,cma:nor, rontainec r-e.e1r is obl.air:ed by (*;%>f}';Y 5 t`rom ,UU~e° es 7e!ievdd ~,y .t: t:o be. ,rcrurate ,.=~d reh,~b!e. HFCa ar? o' tha
<br />?nss br, `.y o` Fu~nan or r~~ecnanic a~~ror ,n, wr fl ~~s Ct'.e, 'act{a-~s, netiroe•ver, sun' r~fo•~• ~a::~~ s ;rr;~vicleC~ .," w;(?;.ut tti~u :~"'Y
<br />of arY kind and MC}C)L`1Y'S, in parCic'.uiar, make.; nc~ re(rrPSP.,lltatlon or :warranty, exl;re,s or irnp~,e.d, a5 tr tt;e accuracy, t.im~iine~55,
<br />compet:en+zs, merchantability err fitness far any par6cu!ar nurhosa of any such ink:rnnation. l)nder no rai:~c,;s'nr>!:tin:ps shall
<br />'*1C)f}DY'~; have any liability tC+ any person or entity for (a} any !os< C!r damai,e in wi~ole nr in parC ~~atrsed !~y, resulting from, cr
<br />r~e.latrng 1:c, any error (negligent or U!:herwise) Ur ather circumstance or cOntinyenrJY within ;~r autsiae the con[r~o! of MOC?CJY`5 or
<br />anY Uf R dlreaflrs, officers, employees ar agents in connecl:ian vritii rho proc;n~ement, collection, compnat~on, analysis,
<br />nl:erpretat!on, cUrmmunifraton, publication or delivery of any such inFt,rmaticn, Ur p) any direct, ind!r'eca, >peci<-E, consequential,
<br />eo,mpansai:or'y or inc'ideni:ai damages wnat~,oever {includrnr without iimitat~en, (os!: prUf~!a), even rf MOCL)Y'S is ad~nsed 'tit
<br />advc.nce of the possibility Uf su,^_h clsmac}e~s, resuft~n:} fr~Um !a~~ rrse cf or !na!~ility t:o r;se, any sur_h informatinn. The c~'edi!: rat;r.gs
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<br />ar7c: ;star:c;ai rnportir~,,~ analysis observaCiorrs, 3!' any, canstitutirrc! parC cf the inforrnatlon contained herein are, arrd must be
<br />con5t'rued so?ely as, statements os` opinion z'~nci not s' a<ernents of`ait or reecrnr<'rer~c;atior;s Co purcf'rase, sell or hold any
<br />sec~.riCies, NQ VJARRANTI', EXPRESS OR IMPLIED, A5 Td THE ACCURACY, TiMELIPdESS, COMF'LETENE55., MERCHAPdTr'OG+ILI`i-Y OiC
<br />FITRdESS rFOR ARTY PARTICULAR PURpC'ISE E}F ANY 5UCH RATING OR C;THER ORINItON OR INFORMATiOR1 IS GI~IEN CR FtADE BY
<br />MC)ODY'S iN ANY FORK! C}R h1ANNL`.R Wt~fA"fSUE'.V!5'R. Er'ach rakinr} or other opin'mn anus±: tie ~vn'igher! soi~ly as one factor ire any
<br />investn~er~t decision mare by or nn behalf of any user oP the informant n contained herein, and each such user mr,st accordingly
<br />retake its owr5 study and evaiuatian o!` eackr security and of ez,cti issuer turd cluaraa~tor af', anci each provieer of credit support fqr,
<br />cae?' security t?tat it may consider purckt;~sirtc}, holding a+' soiling.
<br />MQODY`'S hereby discloses ttta~_ most issuers of debt securitiras {including cur~poraEe arrd rnt~r,icipal L"Crtds, elebentures, rotes and
<br />cornmerciai paper) arrd preferred 5tctck rated by R1O0DY'S t!z'ive, prior to as.;irnmertt uk' any rating, agreed to pay to h•~1C3OCY S for
<br />appraisal and rating services rertdereci by it fees ranginri from $1,500 CU approximately $2,400,Q00. Maody's Corpurz:tiort ti~1C0;
<br /><:nd its w~ho!!y-owned credit r;::tir~g e~yency subsidi~~ry; Mc~oJy's I~~ve~strrrs 5ervice~ (h1IS;, also mt~inkain pUikic.s ;nU procGt9tires to
<br />adc,ress the independc;nc;~f of MI5's, ratir;gs ar;ci ratinc} processes, irrforrna'.it7r: nine}ard!ng ct~:r±<iin tii~filic~tions tf!at may exist
<br />between directors of MCO ar!d rated entitie~a, and between entities who hold ratings from h1I5 arrd have aisa publicly repvrteti to
<br />thr:: SEC zar: owr:ership interest in MCf> of rtiore l:ha*? 5~/0, !s posted ar;r.ua!!y Un Maoc?Y's reebsite at wVVw.rr7oodys.com ur~cier Cho
<br />t;cadinc,I "Sharcholcter' Rotarians - Corporal:r~ Gov~~rnt~nce - Director anci Sharehalder Affiiiatiort PUlicy."
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