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Disclosures

Standard & Poor’s Investment Advisory Services LLC (“SPIAS”) and McGraw-Hill Financial Research Europe Limited (“MHFRE”) (collectively, “S&P Investment Advisory Services” or “S&P IAS”), each a wholly owned subsidiary of S&P Global Inc., and a part of S&P Global Market Intelligence.   S&P IAS provides non-discretionary advisory services to institutional clients and does not provide advice to underlying clients of the firms to which it provides advisory services.

S&P IAS offers four broad categories of investment advice: (i) portfolio strategies; (ii) fund research and recommendations; (iii) asset allocation; and (iv) analyses of certain U.S. and European fixed income securities using its proprietary Risk-to-Price scoring methodology. S&P IAS’ model portfolios (“model(s)”) are not collective investment funds. Assets managed in accordance with the models may lose money. S&P IAS is not responsible for client suitability and or the appropriateness of the service for the client. Any performance data quoted represents past performance. Past performance is not indicative of future returns.

Risk-to-Price (“R2P”) scores are generated by a proprietary model that was developed to identify corporate bonds that have been potentially mispriced by the market. The model accomplishes this by decomposing bond’s pricing spreads into its market and credit risk components. The market risk component of a bond’s pricing spread is analyzed through the application of option adjusted spread (OAS) model and an assessment of bond price volatility. Once the market risk component is accounted for, the remaining spread component is considered to be explainable entirely in terms of credit risk.  An R2P score is then calculated such that it indicates how well the spread at which the bond is being priced can be explained in terms of its market and credit risk components, and whether any potential pricing error may exist.   Daily R2P scores are created for U.S. and European corporate debt issues by evaluating their probability of default, volatility and option-adjusted spread. Scores with a top percentile ranking can be interpreted to mean that the associated bonds better compensate the investor for the risks associated with investing in those bonds rather than bonds with lower scores. Scores with low percentile rankings can be interpreted to mean that the associated bonds more poorly compensate investors for risk. Raw R2P scores calculated at different points in time should not be directly compared with one another. Instead, they should be compared based on their respective percentile rankings.

R2P Risk Disclosure

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer.

Credit and default risk

Corporate bonds are subject to credit risk. It's important to pay attention to changes in the credit quality of the issuer, as less creditworthy issuers may be more likely to default on interest payments or principal repayment. If a bond issuer fails to make either a coupon or principal payment when they are due, or fails to meet some other provision of the bond indenture, it is said to be in default.

Market risk

Price volatility of corporate bonds increases with the length of the maturity and decreases as the size of the coupon increases. Changes in credit rating can also affect prices. If one of the major rating services lowers its credit rating for a particular issue, the price of that security usually declines.

Event risk

A bond's payments are dependent on the issuer's ability to generate cash flow. Unforeseen events could impact their ability to meet those commitments.

Call risk

Many corporate bonds may have call provisions, which means they can be redeemed or paid off at the issuer's discretion prior to maturity. Typically an issuer will call a bond when interest rates fall potentially leaving investors with a capital loss or loss in income and less favorable reinvestment options. Prior to purchasing a corporate bond, determine whether call provisions exist.

Make-whole calls

Some bonds give the issuer the right to call a bond, but stipulate that redemptions occur at par plus a premium. This feature is referred to as a make-whole call. The amount of the premium is determined by the yield of a comparable maturity Treasury security, plus additional basis points. Because the cost to the issuer can often be significant, make-whole calls are rarely invoked.

Sector risk

Corporate bond issuers fall into four main sectors: industrial, financial, utilities, and transportation. Bonds in these economic sectors can be affected by a range of factors, including corporate events, consumer demand, changes in the economic cycle, changes in regulation, interest rate and commodity volatility, changes in overseas economic conditions, and currency fluctuations. Understanding the degree to which each sector can be influenced by these factors is the first step toward building a diversified bond portfolio.

Interest rate risk

If interest rates rise, the price of existing bonds usually declines. That's because new bonds are likely to be issued with higher yields as interest rates increase, making the old or outstanding bonds less attractive. If interest rates decline, however, bond prices usually increase, which means an investor can sometimes sell a bond for more than face value, since other investors are willing to pay a premium for a bond with a higher interest payment. The longer a bond's maturity, the greater the impact a change in interest rates can have on its price. If you're holding a bond until maturity, interest rate risk is not a concern.

Inflation risk

Like all bonds, corporate bonds are subject to inflation risk. Inflation may diminish the purchasing power of a bond's interest and principal.

Foreign risk

In addition to the risks mentioned above, there are additional considerations for bonds issued by foreign governments and corporations. These bonds can experience greater volatility, due to increased political, regulatory, market, or economic risks. These risks are usually more pronounced in emerging markets, which may be subject to greater social, economic, regulatory, and political uncertainties.

About S&P Global Market Intelligence’s Distributors

In the United States, advisory services are offered by SPIAS, which is authorized and regulated by the U.S. Securities and Exchange Commission. SPIAS does not act as a "fiduciary" or as an "investment manager", as defined under Employee Retirement Income Security Act (ERISA), to any investor. MHFRE, is authorized and regulated by the Financial Conduct Authority in the United Kingdom. Under the Markets in Financial Instruments Directive (“MiFID”), MHFRE is entitled to exercise a passport right to provide cross border investment advice to European Economic Area (“EEA”) States. MHFRE has duly notified the Financial Conduct Authority in the United Kingdom of its intention to provide cross border investment advice in EEA States in accordance with MiFID. MHFRE trades as S&P Global Market Intelligence, does not provide services to “retail clients” and only has “professional clients” as defined under MiFID.  In the United Kingdom to the extent the material is a financial promotion it is issued and approved by MHFRE. In Hong Kong, advisory services are offered by Standard & Poor's Investment Advisory Services (HK) Limited (“SPIAS HK”), which is regulated by the Hong Kong Securities and Futures Commission; in Singapore, by McGraw-Hill Financial Singapore Pte. Limited ("MHFSPL"), which is regulated by the Monetary Authority of Singapore; in Malaysia, by Standard & Poor's Malaysia Sdn Bhd (“S&P Malaysia”), which is regulated by the Securities Commission of Malaysia; and in Australia, by Standard & Poor's Information Services (Australia) Pty Ltd ("SPIS"), which is regulated by the Australian Securities & Investments Commission. In Korea, SPIAS holds a cross-border non-discretionary investment adviser license and it is registered with the Financial Supervisory Service (FSS). SPIAS, MHFRE, SPIAS HK, MHFSPL, S&P Malaysia and SPIS, each a wholly owned subsidiary of McGraw Hill Financial, Inc. operate under the S&P IAS brand.

S&P Global Market Intelligence or an affiliate may license certain intellectual property or provide pricing or other services to, or otherwise have a financial interest in, certain issuers of securities, including exchange-traded investments whose investment objective is to substantially replicate the returns of a proprietary index of S&P Dow Jones Indices, such as the S&P 500. In cases where S&P Global Market Intelligence or an affiliate is paid fees that are tied to the amount of assets that are invested in the fund or the volume of trading activity in the fund, investment in the fund will generally result in S&P Global Market Intelligence or an affiliate receiving compensation in addition to the subscription fees or other compensation for services rendered by S&P Global Market Intelligence. A reference to a particular investment or security by S&P Global Market Intelligence and/or one of its affiliates is not a recommendation to buy, sell, or hold such investment or security, nor is it considered to be investment advice.

S&P Global Market Intelligence and its affiliates provide a wide range of services to, or relating to, many organizations, including issuers of securities, investment advisers, broker-dealers, investment banks, other financial institutions and financial intermediaries, and accordingly may receive fees or other economic benefits from those organizations, including organizations whose securities or services they may recommend, rate, include in model portfolios, evaluate or otherwise address.

For details on the S&P Global Market Intelligence conflict-of-interest policies, please visit: http://www.spcapitaliq.com/disclaimers/s-p-capital-iq-research-reports

For a list of companies mentioned in a Research Report for which McGraw Hill Financial, Inc. and/or one of its affiliates own 1% or more of common equity securities and for a list of companies mentioned in a Research Report that own more than 5% of the common equity securities of McGraw Hill Financial, Inc. and/or one of its affiliates, please visit: www.SPcapitaliq.com/issuer-stock-ownership

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General Disclaimers

For all jurisdictions: Where S&P IAS’ commentaries are made available in a language other than English and in the case of inconsistencies between the English and translated versions, the English version will control and supersede any ambiguities associated with any part or section of a SPSE’s commentaries that has been issued in a foreign language. Neither S&P Global 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.

Past performance is not necessarily indicative of future result.

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.

R2P Scores and Commentaries (Collectively, “R2P Services”) are opinions and not statements of fact or recommendations to purchase, hold or sell any security or instrument, or to make any investment decisions.  R2P Services do not address the suitability of any security or instrument, and any securities, financial instruments or strategies mentioned by S&P Global Market Intelligence or S&P IAS may not be suitable for all investors.  When a security or instrument is denominated in a different currency than the currency of reference, changes in rates of exchange may have an adverse effect on the value, price or income of or from that security or instrument.

S&P Global keeps certain activities of its business units 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 Global business units. S&P Global has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.

S&P Global Ratings does not participate in the development of S&P IAS’ commentaries, but S&P IAS may use information generated by S&P Global Ratings in the production of S&P IAS’ commentaries. S&P Global Ratings may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P Global reserves the right to disseminate its opinions and analyses. S&P Global's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&P Global publications and third-party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.

R2P Services are not intended to be investment advice and do not constitute any form of invitation or inducement by S&P Global Market Intelligence 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 S&P IAS’ commentaries 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.

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