Since Credit Ratings are probabilistic opinions about future creditworthiness, the performance of an      individual Credit Rating opinion will not be judged on the basis of the individual outcome, but on whether      individual Credit Rating was formed pursuant to Moody’s established processes. Where possible, the      performance of Credit Ratings collectively will be evaluated on the basis of how they perform on a      statistical basis ex post (e.g., default studies, accuracy ratios and stability measures).

Moody's will develop and maintain rigorous and systematic rating methodologies. Where possible,      resulting Credit Ratings will be periodically subjected to objective validation based on historical experience.      The Credit Policy Committee will be responsible for monitoring the appropriateness and completeness of      rating methodologies and procedures, and for approving any significant changes to Moody’s rating      methodologies and procedures.

In assessing an Issuer’s creditworthiness, Analysts involved in the preparation or review of any Credit      Rating action will use Moody's methodologies. Analysts will apply a given methodology in a consistent      manner, as determined by Moody’s.

Credit Ratings will be determined by rating committees and not by any individual Analyst.4 Credit Ratings      will reflect consideration of all information known, and believed to be relevant, by the applicable Moody's      Analyst and rating committee, in a manner generally consistent with Moody’s published methodologies. In      formulating Credit Ratings, Moody’s will employ Analysts who, individually or collectively, have appropriate      knowledge and experience in developing a rating opinion for the type of credit being analyzed.

Moody's will maintain internal records to support its Credit Ratings in accordance with Moody’s internal      record retention policies and applicable law.

Moody's and its Analysts will take steps to avoid issuing any credit analyses, ratings or reports that      knowingly contain misrepresentations or are otherwise misleading as to the general creditworthiness of an      Issuer or obligation.

Moody's will invest resources sufficient to carry out high-quality credit assessments of obligations and      Issuers. When deciding whether to rate or continue to rate an obligation or Issuer, Moody’s will assess      whether it is able to devote sufficient personnel with appropriate skills to make a proper rating      assessment, and whether its personnel likely will have access to sufficient information needed in order to      make such an assessment.

Moody's will organize its rating committees to promote continuity and avoid bias in the rating process.