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,� STANDARD & POOR'S
<br />� RATINGS SERVICES
<br />McGRAW HILL FINANCIAL
<br />Standard & Poor's Ratings Services
<br />Terms and Conditions Applicable To Public Finance Credit Ratings
<br />General. The credit ratings and other views of Standard & Poor's Ratings Services ("Ratings Services") are statements of
<br />opinion and not statements of fact. Credit ratings and other views of Ratings Services are not recommendations to
<br />purchase, hold, or sell any securities and do not comment on market price, marketability, investor preference or
<br />suitability of any security. While Ratings Services bases its credit ratings and other views on information provided by
<br />issuers and their agents and advisors, and other information from sources it believes to be reliable, Ratings Services does
<br />not perform an audit, and undertakes no duty of due diligence or independent verification, of any information it receives.
<br />Such information and Ratings Services' opinions should not be relied upon in making any investment decision. Ratings
<br />Services does not act as a"fiduciary" or an investment advisor. Ratings Services neither recommends nor will
<br />recommend how an issuer can or should achieve a particular credit rating outcome nor provides or will provide
<br />consulting, advisory, financial or structuring advice. Unless otherwise indicated, the term "issuer" means both the issuer
<br />and the obligor if the obligor is not the issuer.
<br />All Credit Ratin� Actions in Ratin�s Services' Sole Discretion. Ratings Services may assign, raise, lower, suspend, place
<br />on CreditWatch, or withdraw a credit rating, and assign or revise an Outlook, at any time, in Ratings Services' sole
<br />discretion. Ratings Services may take any of the foregoing actions notwithstanding any request for a confidential or
<br />private credit rating or a withdrawal of a credit rating, or termination of a credit rating engagement. Ratings Services will
<br />not convert a public credit rating to a confidential or private credit rating, or a private credit rating to a confidential credit
<br />rating.
<br />Publication. Ratings Services reserves the right to use, publish, disseminate, or license others to use, publish or
<br />disseminate a credit rating and any related analytical reports, including the rationale for the credit rating, unless the
<br />issuer specifically requests in connection with the initial credit rating that the credit rating be assigned and maintained
<br />on a confidential or private basis. If, however, a confidential or private credit rating or the existence of a confidential
<br />or private credit rating subsequently becomes public through disclosure other than by an act of Ratings Services or its
<br />affiliates, Ratings Services reserves the right to treat the credit rating as a public credit rating, including, without
<br />limitation, publishing the credit rating and any related analytical reports. Any analytical reports published by Ratings
<br />Services are not issued by or on behalf of the issuer or at the issuer's request. Ratings Services reserves the right to
<br />use, publish, disseminate or license others to use, publish or disseminate analytical reports with respect to public credit
<br />ratings that have been withdrawn, regardless of the reason for such withdrawal. Ratings Services may publish
<br />explanations of Ratings Services' credit ratings criteria from time to time and Ratings Services may modify or refine
<br />its credit ratings criteria at any time as Ratings Services deems appropriate.
<br />Reliance on Information. Ratings Services relies on issuers and their agents and advisors for the accuracy and
<br />completeness of the information submitted in connection with credit ratings and the surveillance of credit ratings
<br />including, without limitation, information on material changes to information previously provided by issuers, their
<br />agents or advisors. Credit ratings, and the maintenance of credit ratings, may be affected by Ratings Services' opinion
<br />of the information received from issuers, their agents or advisors.
<br />Confidential Information. Ratings Services has established policies and procedures to maintain the confidentiality of
<br />certain non-public information received from issuers, their agents or advisors. For these purposes, "Confidential
<br />Information" shall mean verbal or written information that the issuer or its agents or advisors have provided to Ratings
<br />Services and, in a specific and particularized manner, have marked or otherwise indicated in writing (either prior to or
<br />promptly following such disclosure) that such information is "Confidential."
<br />PF Ratings U.S. (02/16/13)
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