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Investment Advisory Services

For Standard & Poor's Investment Advisory Services LLC

Standard & Poor’s Investment Advisory Services LLC (“SPIAS”) is a registered investment advisor with the U.S. Securities and Exchange Commission and a wholly owned subsidiary of McGraw Hill Financial, Inc. SPIAS does not provide advice to underlying clients of the firms to which it provides services. SPIAS does not act as a "fiduciary" or as an "investment manager", as defined under ERISA, to any investor. SPIAS is not responsible for client suitability. Past performance is not indicative of future returns. SPIAS’ model portfolios (“model(s)”) are not collective investment funds. Assets managed in accordance with the models may lose money.

SPIAS and its affiliates (collectively, “S&P”) do not sponsor, endorse, sell, promote or manage any investment fund or other vehicle that is offered by third parties and that seeks to provide an investment return based on a SPIAS investment strategy or the constituents or the returns of any S&P Dow Jones index. SPIAS and its affiliates make no representation regarding the advisability of investing in any such investment fund or other vehicle. S&P receives compensation in connection with licensing its indices to third parties. With respect to recommendations made by SPIAS, investors should realize that such information is provided only as a general guideline. SPIAS does not take into account any information about any client, investor or investor’s assets when providing its services. There is no agreement or understanding whatsoever that SPIAS will provide individualized advice to any investor. SPIAS does not have any discretionary authority or control with respect to purchasing or selling securities or making other investments. Individual investors should ultimately rely on their own judgment and/or the judgment of a financial advisor in making their investment decisions.

Standard & Poor’s Financial Services LLC, SPIAS, and their affiliates (collectively S&P), and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively with S&P, S&P Parties) do not guarantee the accuracy, completeness, adequacy or timeliness of any information, including ratings and valuations, and are not responsible for errors and omissions, or for the results obtained from the use of such information, and S&P Parties shall have no liability for any errors, omission, or interruptions therein (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such information. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall S&P 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 information contained in this document even if advised of the possibility of such damages.

S&P’s credit ratings are statements of opinion as of the date they are expressed and not statements of fact or recommendations to purchase, hold, or sell any securities or to make any investment decisions. S&P credit ratings should not be relied on when making any investment or other business decision. S&P’s opinions and analyses do not address the suitability of any security. S&P does not act as a fiduciary or an investment advisor, except where registered as such. While S&P has obtained information from sources they believe to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives.

To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.

S&P 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 may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.

S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P'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 publications and third party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.

S&P Dow Jones Indices and its affiliates do not sponsor, endorse, sell, promote or manage any investment fund or other vehicle that seeks to provide an investment return based on the returns of any proprietary index of S&P Dow Jones Indices.

Exposure to the cash asset class is represented by allocations to money market mutual funds. For certain asset classes, SPIAS may substitute a mutual fund if an ETF does not yet exist that may provide the desired exposure or if SPIAS does not believe available ETFs meet selection criteria.

Based on a universe of funds provided to SPIAS, SPIAS may include in a model portfolio or substitution list, if applicable, otherwise present as an investment option and/or recommend for investment certain funds to which S&P licenses certain intellectual property or otherwise has a financial interest, including exchange-traded funds whose investment objective is to substantially replicate the returns of a proprietary S&P index, such as the S&P 500. SPIAS includes these funds in models, otherwise presents them as an investment option and/or recommends them for investment based on asset allocation, sector representation, liquidity and other factors; however, SPIAS has a potential conflict of interest with respect to the inclusion of these funds. In cases where S&P is paid fees that are tied to the amount of assets that are invested in the fund, investment in the fund will generally result in S&P earning compensation in addition to the fees received by SPIAS in connection with its provision of services. In certain cases there may be alternative funds that are available for investment that will provide investors substantially similar exposure to the asset class or sector.

S&P provides 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

SPIAS may consider research and other information from affiliates in making its investment recommendations.

An investment based upon the model should only be made after consulting with a financial advisor and with an understanding of the risks associated with any investment in securities, including, but not limited to, market risk, currency risk, interest rate risk, political and credit risks, the risk of economic recession and the risk that issuers of securities or general stock market conditions may worsen, over time. Foreign investing involves certain risks, including currency fluctuations and controls, restrictions on foreign investments, less governmental supervision and regulation, less liquidity and the potential for market volatility and political instability. As with any investment, investment returns and principal value will fluctuate, so that when redeemed, an investor’s shares may be worth more or less than their original cost. S&P is not a tax advisor. A tax advisor should be consulted to evaluate the impact of tax-exempt securities on portfolios and the tax consequences of making any particular investment decision.

Models that allocate to the following assets classes are subject to additional risks: (i) Emerging markets and international developing equity investing involves greater risks such as economic and political systems that are less developed, and likely to be less stable, than those of more advanced countries and markets that are characterized by lack of liquidity and price volatility. (ii) Small Cap and Mid Cap companies entail greater risk than investing in larger, more established ones. (iii) Real estate investment trusts may be affected by changes in the value of the underlying property, the quality of credit extended, defaults by borrowers and heavy cash flow dependency. (iv) High yield bonds are lower-rated fixed income securities that may involve greater risk than investments in higher-rated (“investment grade”) securities. (v) Commodities are affected by underlying commodity prices which may exhibit high volatility. (vi) Mortgage-backed securities have heightened sensitivity to interest rate risk, are subject to prepayment risk and the resulting uncertainty of the timing of cashflow and are subject to the market’s perception of the credit worthiness of the issuer. (vii) Inflation-protected securities are subject to several general risks, including interest rate risk, credit risk, market risk, and inflation-protected securities risk. Interest payments on inflation-protected securities will vary as the principal and/or interest is adjusted for inflation and may be more volatile than interest paid on ordinary fixed income securities. (viii) Although funds may generally use derivative instruments such as futures contracts and swaps for hedging and risk management, funds in the alternative asset class may use them to a greater extent, which may result in magnified risks. These instruments are subject to certain risks such as unanticipated changes in securities prices and global currency markets and sudden changes in the liquidity of the market for the derivative instrument. The use of derivatives may also create leveraging risk which may cause greater volatility. (ix) The price of fixed-income securities fluctuates with changes in interest rates and in response to changes in the financial condition of the issuer. The value of fixed-income securities generally rises when interest rates fall, and fall when interest rates rise. (x) Indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. Market fluctuations can cause the performance of an index to be significantly influenced by a handful of companies. Performance of a fund or ETF employing an index strategy may sometimes be lower than funds that actively invest in stocks that comprise the index, and as a result, performance may not match that of the index. Other risks are: (i) With an actively managed portfolio, the value of a fund’s investments could decline because the financial condition of an issuer may change, financial markets may fluctuate or overall prices may decline, or the manager’s investment techniques could fail to achieve the fund’s investment objective. (ii) Unforeseen events associated with a company. (iii) Declines in securities value due to factors affecting markets generally or markets may favor particular kinds of securities or asset classes at different times. (iv) Stock prices typically fluctuate more than other types of securities and move in cycles with periods of rising and falling stock prices. (v) Model portfolio returns are also affected by the ability of the underlying fund managers to achieve their investment objectives. (vi) The value of a model’s underlying investments could decline because the financial condition of an issuer may change, financial markets may fluctuate or overall prices may decline, or the portfolio officer’s investment techniques could fail to achieve the model’s investment objective.

General Country Disclaimer:
Information and advice provide here 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 or its affiliates to any registration or licensing requirements in such jurisdiction.

For residents of Australia – This service is being provided in Australia by Standard & Poor's Information Services (Australia) Pty Ltd. (SPIS), which is regulated by the Australian Securities & Investments Commission. This material is distributed to "wholesale client" only, as defined under the Corporation Act of 2001. The information in this material has not been prepared for use by retail investors and has been prepared without taking into account of any particular person's financial or investment objectives, financial situation or needs. Before acting on any advice, any person using the advice should consider its appropriateness having regard to their own or their clients' objectives, financial situation and needs. An investor 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 on 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 and individual's particular circumstances. The Investment Officer may hold the financial product(s) recommendation by SPIAS but SPIAS considers such holdings not to be sufficiently material to compromise the Investment Officer’s recommendations. An investment Officer's holdings may change at any time.

For residents of Hong Kong - This service is being provided in Hong Kong by Standard & Poor's Investment Advisory Services (HK) Limited (SPIAS (HK)), which is regulated by the Hong Kong Securities Futures Commission. No information in this material shall be treated as soliciting, offering or inducing or attempting to induce any person to enter into an agreement for or with a view to acquire, dispose, subscribe or underwrite any securities and shall not be construed to imply any relationship, advisory or otherwise, between SPIAS(HK) and the recipient user of the report unless expressly agreed by SPIAS(HK). SPIAS(HK) is not acting nor should it be deemed to be acting, as a "fiduciary" or as an "investment manager" or "investment advisor" to any recipient of this information unless expressly agreed by SPIAS(HK).
For residents of Japan - This service is being provided only to “Asset Management Firms”.

For residents of Korea – SPIAS does not act as a “collective investment manager” or “discretionary investment manager” as defined under the Financial Investment Services and Capital Markets Act of Korea (“FSCMA”). This material is distributed to you as a “qualified professional investor” as defined under the FSCMA.

For residents of Malaysia - This service is being provided in Malaysia by Standard & Poor’s Malaysia Sdn Bhd, which is regulated by the Securities Commission of Malaysia.
For residents of Singapore - This service is being provided in Singapore by McGraw-Hill Financial Singapore Pte. Limited, which is regulated by the Monetary Authority of Singapore.

For residents of the United Arab Emirates (UAE) – SPIAS and its affiliates neither undertake banking, financial, or investment consultations business in or into the UAE within the meaning of the Central Bank Board of Directors’ Resolution No. 164/8/94 regarding the regulations for investment companies nor provides financial analysis or consultation services in or into the UAE within the meaning of UAE SECURITIES AND COMMODITIES AUTHORITY DECISION NO. 48/R OF 2008 concerning financial consultation and financial analysis. If you do not understand any of the contents of the service, you should contact a financial advisor.