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Disclosures

S&P Global Equity Research ranks stocks in accordance with the following ranking methodologies:

STARS Stock Reports: Qualitative STARS recommendations are determined and assigned by S&P Global Equity Research equity analysts. For reports containing STARS recommendations refer to the Glossary section of the report for detailed methodology and the definition of STARS rankings.

Quantitative Stock Reports: Quantitative recommendations are determined by ranking a universe of common stocks based on 5 measures or model categories: Valuation, Quality, Growth, Street Sentiment, and Price Momentum. In the U.S., a sixth sub-category for Financial Health will also be displayed. Percentile scores are used to compare each company to all other companies in the same universe for each model category. The five (six) model category scores are then weighted and rolled up into a single percentile ranking for that company. For reports containing quantitative recommendations refer to the Glossary section of the report for detailed methodology and the definition of Quantitative rankings.

STARS Stock Reports and Quantitative Stock Reports:
The methodologies used in STARS Stock Reports and Quantitative Stock Reports (collectively, the “Research Reports”) reflect different criteria, assumptions and analytical methods and may have differing recommendations.

S&P Global Equity Research believes that the methodologies and data used to generate the different types of Research Reports are reasonable and appropriate. Generally, S&P Global Equity Research does not generate reports with different ranking methodologies for the same issuer. However, in the event that different methodologies or data are used on the analysis of an issuer, the methodologies may lead to different views or recommendations on the issuer, which may at times result in contradicting assessments of an issuer. S&P Global Equity Research reserves the right to alter, replace or vary models, methodologies or assumptions from time to time and without notice to clients.

STARS Stock Reports:

S&P Global Equity Research - Global STARS Distribution as of March 31, 2016

Ranking

North America

Europe

Asia

Global

Buy

30.11%

40.63%

37.84%

33.57%

Hold

50.57

32.81

48.65

46.21

Sell

19.32

26.56

13.51

20.22

Total

100.0%

100.0%

100.0%

100.0%

 

Quantitative Stock Reports:

The rankings for Quantitative reports have a fixed distribution based on relative weightings as described in the Glossary section of the report.

Analyst Certification:

STARS Stock Reports are prepared by the equity research analysts of Standard & Poor’s Investment Advisory Services LLC (“SPIAS”) and Standard & Poor’s Malaysia Sdn Bhd (“S&P Malaysia”). All of the views expressed in STARS Stock Reports accurately reflect the research analyst’s personal views regarding any and all of the subject securities or issuers. Analysts generally update stock reports at least four times each year. No part of analyst compensation and SPIAS’ or S&P Malaysia’s compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in a STARS Stock Report.

About S&P Global Equity Research’s Distributors:

This Research Report has been prepared by S&P Global Equity Research, a part of S&P Global Market Intelligence. In the United States, research reports are prepared and issued by Standard & Poor’s Investment Advisory Services LLC (“SPIAS”). In the European Economic Area (“EEA”) States, Research Reports are distributed by McGraw-Hill Financial Research Europe (“MHFRE”), which is authorized and regulated by the Financial Conduct Authority in the United Kingdom. Under and subject to the Markets in Financial Instruments Directive (“MiFID”), MHFRE is entitled to exercise a passport right to provide cross border investment advice into EEA States. MHFRE exercises its MiFID right to passport investment advice including the Research Reports into EEA States. In Hong Kong, Research Reports are issued by Standard & Poor’s Investment Advisory Services (HK) Limited (“SPIAS HK”), which is regulated by the Hong Kong Securities Futures Commission; in Singapore, by McGraw-Hill Financial Singapore Pte. Limited (“MHFSPL”), which is regulated by the Monetary Authority of Singapore; Research Reports are distributed in Malaysia, by S&P Malaysia, which is regulated by the Securities Commission of Malaysia; in Australia, by Standard & Poor’s Information Services (Australia) Pty Ltd (“SPIS”), which is regulated by the Australian Securities & Investments Commission; and in Japan, by McGraw-Hill Financial Japan KK (“MHF Japan”), which is registered by Kanto Financial Bureau. SPIAS, MHFRE, SPIAS HK, MHFSPL, S&P Malaysia, SPIS and MHF Japan, each a wholly owned subsidiary of S&P Global Inc., operate under the S&P Global Market Intelligence brand.

General Disclosure

Notice to all jurisdictions:

Where S&P Global Equity Research’s Research Reports are made available in a language other than English and in the case of inconsistencies between the English and translated versions of a Research Report, the English version will control and supersede any ambiguities associated with any part or section of a Research Report that has been issued in a foreign language. Neither S&P Market Intelligence nor its affiliates guarantee the accuracy of the translation.

Assumptions, opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. This document may contain forward looking statements or forecasts, such statement or forecasts are not a reliable indicator of future performance.

Past performance is not necessarily indicative of future results.

No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of S&P Global Market Intelligence or its affiliates (collectively, S&P Global). The Content shall not be used for any unlawful or unauthorized purposes. S&P Global and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Global Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Global Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P GLOBAL PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Global Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.

While S&P Global Equity Research has obtained information from sources it believes to be reliable, S&P Global Equity Research does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives.

S&P Global keeps certain activities of its divisions separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P Global may have information that is not available to other S&P divisions. S&P Global has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.

Research Reports are not intended to be investment advice and do not constitute any form of invitation or inducement by S&P Global Equity Research to engage in investment activity. This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Securities, financial instruments or strategies mentioned herein may not be suitable for all investors and this material is not intended for any specific investor and does not take into account an investor’s particular investment objectives, financial situations or needs. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only current as of the stated date of their issue. Prices, values, or income from any securities or investments mentioned in this report may fluctuate, and an investor may, upon selling an investment, lose a portion of, or all of the principal amount invested. Where an investment is described as being likely to yield income, please note that the amount of income that the investor will receive from such an investment may fluctuate. Where an investment or security is denominated in a different currency to the investor’s chosen currency, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment to the investor. The information contained in Research Reports does not constitute advice on the tax consequences of making any particular investment decision. Before acting on any recommendation in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice.

Additional information on a subject company may be available upon request.

Notice to all Non U.S. Residents:

S&P Global Equity Research’s Research Reports may be distributed in certain localities, countries and/or jurisdictions (“Territories”) by independent third parties or independent intermediaries and/or distributors (the “Intermediaries” or “Distributors”). Intermediaries are not acting as agents or representatives of S&P Global Equity Research. In Territories where an Intermediary distributes S&P Global Equity Research’s Research Reports, the Intermediary, and not S&P Global Equity Research, is solely responsible for complying with all applicable regulations, laws, rules, circulars, codes and guidelines established by local and/or regional regulatory authorities, including laws in connection with the distribution of third-party Research Reports, licensing requirements, supervisory and record keeping obligations that the Intermediary may have under the applicable laws and regulations of the territories where it distributes the Research Reports.

Each Research Report is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject S&P Global Market Intelligence or its affiliates to any registration or licensing requirements in such jurisdiction.

Each Research Report is not directed to, or intended for distribution to or use by, any person or entity who is not in a class qualified to receive Research Reports (e.g., a qualified person and/or investor), as defined by the local laws or regulations in the country or jurisdiction where the person is domiciled, a citizen or resident of, or the entity is legally registered or domiciled.

S&P Global Equity Research’s Research Reports are not intended for distribution in or directed to entities, residents or investors in: Burma, Cuba, Crimea, Czech Republic, Iran, Kuwait, Lebanon, North Korea, Portugal, Romania, Sudan, Slovakia, Syria, Taiwan and Turkey.

For residents of Australia: Research Reports are distributed in Australia by SPIS. Any express or implied opinion contained in a Research Report is limited to “General Advice” and based solely on consideration of the investment merits of the financial product(s) alone. The information in a Research Report has not been prepared for use by retail investors and has been prepared without taking account of any particular investor’s financial or investment objectives, financial situation or needs. Before acting on any advice, any investor using the advice should consider its appropriateness having regard to their own or their clients’ objectives, financial situation and needs. Investors should obtain a Product Disclosure Statement relating to the product and consider the statement before making any decision or recommendation about whether to acquire the product. Each opinion must be weighed solely as one factor in any investment decision made by or on behalf of any adviser and any such adviser must accordingly make their own assessment taking into account an individual’s particular circumstances.

SPIS holds an Australian Financial Services License Number 258896. Please refer to the SPIS Financial Services Guide for more information at: www.spcapitaliq.com/financialservicesguide

More information about the written criteria and methodologies for the generation of Research Reports and historical information for Research Reports for the past 12 months are available by contacting S&P Global Equity Research Client Services Department at 61-1300-792-553 or via e-mail at clientsupport@standardandpoors.com or clientsupport@sandp.com.

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For residents of Brazil: Research reports are distributed by S&P Global Equity Research and in compliance with Instruction 483 enacted by Comissão de Valores Mobiliários (the Brazilian Securities Commission) dated as of July 6, 2010, the analyst (where applicable) who prepares a Research Report or a report extract affirms: (i) that all the views expressed herein and/or in a Research Report accurately reflect his or her personal views about the securities and issuers; (ii) that all recommendations issued by him or her were independently produced, including from the opinion of the entity in which he or she is an employee. S&P Global Equity Research is of the opinion its Research Reports have been prepared in accordance with section 17, II of Instruction 483. The Distributor of the Research Report is responsible for disclosing any circumstances that may impact the independence of S&P Global Equity Research’s Research Report, in accordance with section 17, II of Instruction 483.

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For residents of Colombia: This information and/or information contained in Research Reports is not intended or should not be construed as constituting information delivery to the Colombian Securities Market under Colombian Law.

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For residents of Dubai (DIFC): The information contained in Research Reports distributed by S&P Global Equity Research is intended for investors who are “professional clients”, as defined in Rule 2.3.2(2) of the Conduct of Business Module (COB) of the DFSA Rulebook.

For residents of the European Economic Area (EEA): Research Reports have been approved for distribution in the EEA listed here: Austria; Belgium; Bulgaria; Cyprus; Czech Republic (see further disclosure above); Denmark; Estonia; Finland; France (see further disclosure below); Germany; Gibraltar; Greece; Hungary (see further disclosure below); Iceland; Ireland; Italy; Latvia; Liechtenstein; Lithuania; Luxembourg; Malta (see further disclosure below); Netherlands; Norway; Poland; Portugal; Romania; Slovakia (see further disclosure below); Slovenia; Spain (see further disclosure below); Sweden and United Kingdom, as investment research by MHFRE, which is authorized and regulated by the Financial Conduct Authority in the UK. S&P Global Equity Research’s Stock Reports are to be read in conjunction with “Your Guide to S&P Global Equity Research’s Stock Reports” which can be found at: www.spcapitaliq.com/stockreportguide.

More information about the written criteria and methodologies for the generation of Research Reports and historical information for Research Reports for the past 12 months are available by contacting S&P Global Equity Research Client Services Department at 800-523-4534 or via e-mail at: clientsupport@standardandpoors.com or clientsupport@sandp.com.

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Please contact via e-mail at clientsupport@standardandpoors.com or clientsupport@sandp.com if you have any queries on or any matters arising from or in connection with this document.

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Investment research distributed by S&P Global Equity Research and its affiliates is not intended to amount to an offer of securities within the meaning of DIFC Law NO. 12 OF 2004 (the DIFC Markets Law) or the equivalent laws, rules and regulations made by the Central Bank of the UAE and their Emirates Securities and Commodities Authority. Neither the Dubai Financial Services Authority, the UAE Securities nor Commodities Authority of the Central Bank of the UAE has reviewed or verified any of the information provided in a Research Report or through any service provided by S&P Global Equity Research or its affiliates, or has any responsibility for it.

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