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Special terms for S&P Ratings for Australia
Client accepts and acknowledges that S&P's provision of the Service(s) to Client is based on, and conditional on, the veracity and accuracy of Client's representation that it is not a "Retail Client" (as such is defined in Chapter 7 of the Corporations Act of 2001 (Australia)). In addition, Client acknowledges that credit ratings and /or related research provided to Client, are not intended for, and should not be knowingly distributed by Client to (to the extent such distribution is otherwise permitted),any Retail Client in Australia (as such is defined in Chapter 7 of the Corporations Act of 2001 (Australia)). In furtherance of the foregoing, Client will not knowingly authorize any third party to disclose the rating and/or research to any Retail Client in Australia in a manner which is contrary to these restrictions


Special terms for S&P Ratings for all countries located in Europe, the Middle East and Africa ("EMEA")
No Ratings shall in any circumstances be used by Client in a Client Service where, as part of an effort to sell securities to Retail Investors on Client websites or portals, uses the ratings either to (i) create a type of recommendation, (ii) create its own interpretation of the ratings or (iii) use the ratings in some other form of "risk classification" (the "Prohibited Purposes"). "Retail Investor" shall mean an individual investor who buys and sells securities or other financial products for their personal account, and not for another company, individual or organization.

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