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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 Rating Actions in Ratings 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 /> .r.. 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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