In accordance with Moody’s Core Principles for the Conduct of Rating Committees, Moody’s will distribute      as soon as practicable its Credit Rating opinions regarding the Issuers, debt and debt-like obligations it      rates.

Moody's will make Credit Rating actions on public debt securities or public debt Issuers available to the      public without cost. Such Credit Rating actions will be posted on Moody’s public website and through      simultaneous transmission to the news media as well as via electronic or print subscription services. The      public will be able to obtain a current public Credit Rating for any Issuer, debt or debt-like obligation      without cost. Rating actions and a brief explanation of the rationale for the rating action will remain on      Moody’s public website for a minimum of three
     business days.

Upon the request of an Issuer, and at Moody’s sole discretion, Moody’s may agree to keep a Credit Rating      confidential. If an Issuer or structured finance tranche already holds a public Credit Rating, all subsequent      rating actions regarding that Issuer or structured finance tranche must also be public.

Moody's will publicly disclose and keep current its policies for distributing Credit Ratings, reports and      updates.

In each of its Credit Rating press releases, Moody’s will reference the last associated rating action.

Moody's will publish sufficient information about its procedures, methodologies and any assumptions that      deviate materially from information contained in the Issuer’s published financial statements so that financial      market professionals can understand how a Credit Rating assessment was made.

When issuing or revising a Credit Rating, Moody's will explain in its press releases and reports the key      elements underlying the Credit Rating.

In accordance with Moody's Core Principles for the Conduct of Rating Committees, where feasible and      appropriate, prior to issuing or revising a Credit Rating, Moody’s will inform the Issuer of the critical      information and principal considerations upon which the Credit Rating is based and afford the Issuer an      opportunity to submit additional factual information not previously available to the Issuer, or clarify any      likely factual misperceptions in order to produce a well-informed Credit Rating. Moody’s will duly evaluate      the Issuer’s response. Where in particular circumstances Moody’s has not informed the Issuer prior to      issuing or revising a Credit Rating, Moody’s will inform the Issuer as soon as practicable thereafter and,      generally, will explain the reason for the delay.

Where not precluded by specific circumstances, Moody's will allow the Issuer a brief period of time, which      may vary depending on the circumstances, to notify Moody’s of the Issuer’s desire to appeal the Credit      Rating decision. Appeals must be based on information not previously available to the Issuer or Moody’s.

In order to promote transparency and to enable the market to best judge the aggregate performance of      Credit Ratings on debt instruments, where possible, Moody's will publish sufficient information about its      historical default rates by rating category, the transitions between rating categories, and periodic      performance metrics so that financial market professionals can understand the historical performance of      rating categories.

In order to promote transparency, and in accordance with Moody's Policy on Designation of Ratings in      Which the Issuer Has Not Participated, Moody’s will publicly designate and disclose Non-Participating Credit      Ratings.

Moody's has not assigned Unsolicited Credit Ratings in the recent past. However, as a publisher of      opinions about credit, Moody’s reserves the right in the future to issue Unsolicited Credit Ratings if      Moody’s believes: (i) there is a meaningful credit market or investor interest served by the publication of      such a rating; and (ii) it has sufficient information to support adequate analysis and, if applicable, ongoing      surveillance. When a Credit Rating is an Unsolicited Credit Rating, Moody’s will not seek or accept      remuneration for its analytical services from the Issuer for at least one year after the publication of such      rating.