Regulatory Disclosures

Capital Intelligence Ratings (CI Ratings) was registered on May 8, 2012 as a credit rating agency in the European Union (EU) in accordance with Regulation (EC) No 1060/2009 of the European Parliament and Council of the EU on credit rating agencies, as amended by Regulation (EU) No 462/2013.

CI discloses the following pursuant to Annex I, Section B (2) and (3) and Section E (I) of the EU Regulation:

1. Any potential conflicts of interest;
2. Any actual conflicts of interest ;
3. Ratings potentially affected by conflicts interest;
4. A list of ancillary services;
5. CI’s policy concerning the publication of credit ratings and other related communications;
6. The general nature of CI’s compensation arrangements;
7. CI’s rating methodologies and any material changes in those methodologies;
8. CI’s Code of Business Conduct and Code of Ethics;
9. Any material modification to CI’s systems, resources or procedures;
10. A list of entities that account for more than 5% of revenue.
11. Disclosure Requirements for Initial Reviews and Preliminary Ratings