Disclaimers

Thomas Murray

The analytical services and products provided by Thomas Murray are the result of separate activities in order to preserve the independence and objectivity of each analytical process. Each analytical product or service is based on information received by the analytical group responsible for such product or service. Thomas Murray has established policies and procedures to maintain the confidentiality of non-public information received during each analytical process.

Thomas Murray Ratings

Analytical services provided by Thomas Murray Ratings ("Custody Ratings Services") are the result of separate activities designed to preserve the independence and objectivity of ratings opinions. Custody ratings issued by Custody Ratings Services are solely statements of opinion and not statements of fact or recommendations to appoint any provider. Accordingly, any user of custody ratings issued by Custody Ratings Services should not rely on any such ratings or other opinion issued by Custody Ratings Services in making any decision to appoint any provider. Custody ratings are based on information received by Custody Ratings Services. Other parts of Thomas Murray may have information that is not available to Custody Ratings Services. Thomas Murray has established policies and procedures to maintain the confidentiality of non-public information received during the ratings process. Custody Ratings Services receives compensation for its ratings. Such compensation is normally paid by the provider whose services are rated. Thomas Murray reserves the right to disseminate public custody ratings once the provider has agreed to make the rating public and may receive an administrative compensation for doing so.

Thomas Murray Alternative Investment Services

Analytical services provided by Thomas Murray Alternative Investment Services ("Alternatives Ratings Services") are the result of separate activities designed to preserve the independence and objectivity of ratings or analytical opinions. Ratings of Alternative Investment services providers (custodian, transfer agent or fund accounting) issued by Alternative Ratings Services are solely statements of opinion and not statements of fact or recommendations to appoint any provider. Accordingly, any user of alternative service provider ratings issued by Alternatives Ratings Services should not rely on any such ratings or other opinion issued by Alternative Ratings Services in making any decision to appoint any provider. Alternative service provider ratings are based on information received by Alternatives Ratings Services. Other parts of Thomas Murray may have information that is not available to Alternatives Ratings Services. Thomas Murray has established policies and procedures to maintain the confidentiality of non-public information received during the ratings process. Alternatives Ratings Services receives compensation for its ratings. Such compensation is normally paid by the provider whose services are rated. Thomas Murray reserves the right to disseminate public custody ratings once the provider has agreed to make the rating public and may receive an administrative compensation or doing so.

Thomas Murray Network Management

Analytical services provided by Thomas Murray Network Management ("Network Management Ratings and Assessment Services") are the result of separate activities designed to preserve the independence and objectivity of ratings and assessment opinions. Ratings and assessment of Network Management services (which can include custodian banks, capital market infrastructures, Central Securities Depositories and Securities Market Profiles) issued by Network Management Services are solely statements of opinion and not statements of fact or recommendations to appoint any provider. Accordingly, any user of network management service provider ratings and assessment issued by Network Management Services should not rely on any such ratings and assessment or other opinion issued by Network Management Services in making any decision to appoint any provider. Network Management ratings and assessment are based on information received by Network Management Services. Other parts of Thomas Murray may have information that is not available to Network Management Services. Thomas Murray has established policies and procedures to maintain the confidentiality of non-public information received during the ratings process. Network Management Services receives compensation for its ratings and assessments. Such compensation is normally paid by the client of the provider or via a subscription to an assessment(s).

Thomas Murray Investor Services

Analytical services provided by Thomas Murray Investor Services ("Investor Services Ratings and Assessment Services") are the result of separate activities designed to preserve the independence and objectivity of ratings and assessment opinions. Ratings and assessments of global custodian banks issued by Investor Services products are solely statements of opinion and not statements of fact or recommendations to appoint any provider. Accordingly, any user of Investor Services service ratings and assessment issued by Investor Services should not rely on any such ratings and assessment or other opinion issued by Investor Services in making any decision to appoint any provider. Investor Services ratings and assessment are based on information received by Investor Services. Other parts of Thomas Murray may have information that is not available to Investor Services. Thomas Murray has established policies and procedures to maintain the confidentiality of non-public information received during the ratings process. Investor Services receives compensation for its ratings and assessments. Such compensation is normally paid by the client of the provider or via a subscription to an Investor Services product(s).

Thomas Murray Overseas Advisory

Analytical services provided by Thomas Murray Overseas Advisory ("Overseas Advisory Assessments") are the result of separate activities designed to preserve the independence and objectivity of assessment opinions. Assessments of capital markets and their infrastructural entities are solely statements of opinion and not statements of fact or recommendations to appoint any provider. Accordingly, any user of Overseas Advisory assessments issued by Overseas Advisory should not rely on any such assessment or other opinion issued by Overseas Advisory in making any decision. Overseas Advisory assessments are based on information received by Overseas Advisory. Other parts of Thomas Murray may have information that is not available to Overseas Advisory. Thomas Murray has established policies and procedures to maintain the confidentiality of non-public information received during the assessment process. Overseas Advisory receives compensation for its assessments. Such compensation is normally paid by the client requesting the assessment(s).

General

The assessments, ratings reports and other information is based upon information that Thomas Murray consider to be reliable, but neither Thomas Murray nor its affiliates warrant its completeness, accuracy or adequacy and it should not be relied upon as such. Assumptions, opinions and estimates constitute our judgment as of the date of the material and are subject to change without notice. Neither Thomas Murray nor its affiliates are responsible for any errors or omissions or for results obtained from the use of this information. Past performance is not necessarily indicative of future results. This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument or to appoint any service provider. Markets, Securities, financial instruments or service providers mentioned herein may not be suitable for any particular user of Thomas Murray material. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue. This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation of particular markets, securities, financial instruments or service providers to you. Before acting on any information in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice.

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