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  1. Ownership. Fitch Information (including but not limited to the collection and presentation of the information contained in any database) is owned by or licensed to Fitch, and contains the valuable copyrighted and proprietary material of Fitch or its licensors, and all rights in or to Fitch Information not granted to Subscriber are expressly reserved by Fitch and its licensors.
  2. Disclaimer. End users of Reuters Limited's clients ("End Users") are granted the right to extract limited data from the data and other information provided by Fitch Ratings Limited ("Fitch") and its affiliates (together, the "Fitch Information") onto such End Users' desktop computers. Fitch retains sole ownership of and proprietary rights in the Fitch Information. Any Fitch Information extracted by End Users may only be used and/or maintained on such End Users' desktop computers. However, End Users are permitted to redistribute an insubstantial amount of the Fitch Information on an occasional and incidental basis only. EXCEPT AS EXPRESSLY PERMITTED ABOVE, NONE OF THE FITCH, INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED, SOLD OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT FITCH'S PRIOR WRITTEN CONSENT.

    The Fitch Information is derived from sources believed to be accurate and reliable. SUCH INFORMATION IS PROVIDED "AS IS" WITHOUT WARRANTY OF ANY KIND AND NEITHER REUTERS LIMITED NOR FITCH MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH INFORMATION. Under no circumstances shall Reuters Limited, Fitch or any of its affiliates have any liability to any End User or any other legal entity (whether incorporated or unincorporated) or any person for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error or other circumstance or contingency within or outside the control of Fitch or any of its affiliates, or any of its or their respective directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, editing, transcription, transmission, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory, or incidental damages whatsoever (including, without limitation, lost profits and/or loss of opportunity).

    In addition to the above terms and conditions, access to and use of Fitch Information is subject to the following terms of use (the "Terms"):

    In issuing and maintaining its ratings, Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction.

    The manner of Fitch's factual investigation and the scope of the third-party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre-existing third-party verifications such as audit reports, agreed-upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third-party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors.

    Users of Fitch's ratings should understand that neither an enhanced factual investigation nor any third-party verification can ensure that all of the information Fitch relies on in connection with a rating will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings are inherently forward-looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings can be affected by future events or conditions that were not anticipated at the time a rating was issued or affirmed.

    Fitch seeks to continuously improve its ratings criteria and methodologies, and periodically updates the descriptions on the Fitch website (www.fitchratings.com) (the "Fitch Website") of its criteria and methodologies for securities of a given type. The criteria and methodology used to determine a rating action are those in effect at the time the rating action is taken, which is the date of the related rating action commentary. Each rating action commentary provides information about the criteria and methodology used to arrive at the stated rating, which may differ from the general criteria and methodology for the applicable security type posted on the Fitch Website at a given time. For this reason, end users should always consult the applicable rating action commentary for the most accurate information on the basis of any given rating.

    Each end user acknowledges that a Fitch rating is an opinion as to the creditworthiness of a security. This opinion is based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating. The rating does not address the risk of loss due to risks other than credit risk, unless such risk is specifically mentioned. Fitch is not engaged in the offer or sale of any security. All Fitch reports have shared authorship. Individuals identified in a Fitch report were involved in, but are not solely responsible for, the opinions stated therein. The individuals are named for contact purposes only. A report providing a Fitch rating is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Ratings may be changed or withdrawn at anytime for any reason in the sole discretion of Fitch. Fitch does not provide investment advice of any sort. Fitch is not responsible for any underwriting, credit, loan, purchase, strategic or investment decision. In issuing and/or maintaining a rating, Fitch is not making any recommendation or suggestion, directly or indirectly to end users, or any other person, to buy, sell, make or hold any investment, loan or security or to undertake any investment strategy with respect to any investment, loan or security of any issuer. Ratings do not comment on the adequacy of market price, the suitability of any investment, loan or security for a particular investor (including, without limitation, any accounting and/or regulatory treatment), or the tax-exempt nature or taxability of payments made in respect to any investment, loan or security. ANY PERSON OR ENTITY WHO USES A RATING DOES SO ENTIRELY AT HIS, HER OR ITS OWN RISK. SHOULD ANY SUCH PERSON OR ENTITY BE ENTITLED TO RECOVER DAMAGES FROM FITCH UNDER ANY LEGAL THEORY, SUCH PERSON OR ENTITY AGREES, TO THE EXTENT PERMITTED BY LAW, THAT THE TOTAL LIABILITY OF FITCH IN CONNECTION WITH SUCH RATING IS LIMITED TO ACTUAL DIRECT DAMAGES THAT CAN BE PROVEN UP TO AN AMOUNT NOT TO EXCEED THREE TIMES THE NET FEES RECEIVED BY FITCH WITH RESPECT TO SUCH RATING. Fitch receives fees from issuers, insurers, guarantors, other obligors, and underwriters for rating securities. Such fees generally vary from US$1,000 to US$750,000 (or the applicable currency equivalent) per issue. In certain cases, Fitch will rate all or a number of issues issued by a particular issuer, or insured or guaranteed by a particular insurer or guarantor, for a single annual fee. Such fees are expected to vary from US$10,000 to US$1,500,000 (or the applicable currency equivalent). The assignment, publication, or dissemination of a rating by Fitch shall not constitute consent by Fitch to use its name as an expert in connection with any registration statement filed under the United States securities laws, the Financial Services and Markets Act of 2000 of Great Britain, or the securities laws of any particular jurisdiction. Due to the relative efficiency of electronic publishing and distribution, Fitch research may be available to electronic subscribers up to three days earlier than to print subscribers.

    End Users should read the Terms carefully (including the limitations and disclaimers contained in the Terms) before accessing the Fitch Information furnished to it by Reuters Limited. Each End User shall be deemed to have agreed to be legally bound by the Terms (including its limitations and disclaimers) from the date on which it first accesses any Fitch Information.