Identifying Information

For virtually every municipal security found on EMMA, the following data elements are provided, to the extent applicable: issuer name, security description, CUSIP number, dated date, maturity date, interest rate, principal amount and initial offering price, among other data elements. Portions of this data are provided by broker-dealers and banks submitting documents and data to the MSRB, while other portions are provided by certain third-party sources, including the CUSIP Service Bureau (operated by Standard & Poor’s Financial Services LLC on behalf of the American Bankers Association (“ABA”)).

The CUSIP Service Bureau and the ABA assert that the CUSIP Database, including CUSIP numbers, CUSIP standard securities descriptions and other data, are and shall remain valuable intellectual property of the CUSIP Service Bureau and the ABA, and EMMA users acknowledge and agree that no proprietary rights are being transferred to EMMA users in such materials or in any of the information contained therein. Such information is provided on EMMA solely for the purpose of identifying municipal securities as an integral part of EMMA’s trade price and rate information and to which the documents provided on EMMA are related. No other use of such information is granted by the MSRB, Standard & Poor’s, the CUSIP Service Bureau or the ABA. EMMA users agree not to use such information for any other purpose. Redissemination of such information is strictly subject to the Terms of Use. Further, EMMA users agree that the use of such information is not intended to create or maintain, and does not serve the purpose of the creation or maintenance of, a file of CUSIP numbers or standard securities descriptions, and is not intended to create and does not serve in any way as a substitute for any CUSIP subscription services now or in the future offered by the CUSIP Service Bureau.

For some securities, some or all of the securities-specific information made available on EMMA is derived from Standard & Poor’s SECURITIES DATAMANAGER. Such information is provided on EMMA solely for the purpose of identifying municipal securities as an integral part of EMMA’s trade price and rate information and to which the documents provided on EMMA are related. No other use of such information is granted by the MSRB or Standard & Poor’s. EMMA users agree not to use such information for any other purpose. Redissemination of such information is strictly subject to the Terms of Use. Further, EMMA users agree that the use of such information is not intended to create or maintain, and does not serve the purpose of the creation or maintenance of, a file of such securities-specific information, and is not intended to create and does not serve in any way as a substitute for any SECURITIES DATAMANAGER subscription services now or in the future offered by Standard & Poor’s.

Trade Price And Interest Rate Information

Broker-dealers and banks that trade municipal securities are required to submit to the MSRB, through its Real-Time Transaction Reporting System (“RTRS”), basic information about each trade, including the price at which such trade was effected. In addition, broker-dealers and banks that serve as program dealers for municipal auction rate securities or as remarketing agents for municipal variable rate demand obligations are required to submit to the MSRB, through its Short-term Obligation Rate Transparency (“SHORT”) system, basic information about each auction or remarketing, including the interest rate set for the next rate period. This price and rate information is combined with securities identifying information for display on EMMA.

Market Statistics

The MSRB’s research unit uses the data obtained from broker-dealers and banks through RTRS, together with securities identifying information and certain additional data elements from SECURITIES DATAMANAGER, to derive statistics with respect to trading in the municipal securities market for display on EMMA.

Credit Ratings

MSRB’s EMMA website displays ratings for municipal securities currently assigned by Fitch Ratings and Standard and Poor’s (S&P) based on their agreement to make them available to the public through the EMMA website. EMMA USERS SHOULD BE AWARE THAT RATINGS INFORMATION APPEARING ON THE EMMA WEBSITE IS CURRENT AS OF THE “LAST UPDATED” DATE AND TIME INDICATED ON THE EMMA WEBSITE, AND THE MSRB TAKES NO RESPONSIBILITY FOR INDEPENDENTLY VERIFYING THE ACCURACY OR TIMELINESS OF THE RATINGS INFORMATION PROVIDED BY THE RATING AGENCIES THROUGH THEIR DATA FEEDS. THE EMMA WEBSITE DISPLAYS ONLY THE CURRENT RATINGS INFORMATION FOR ANY SECURITY AND DOES NOT DISPLAY HISTORICAL RATINGS INFORMATION. Thus, if the rating for a municipal security has been changed by a rating agency, the prior rating will no longer be accessible through the EMMA website. At times, rating agencies may take rating actions that are not immediately included in the data feeds but may instead be released initially through other means, such as a press release or spreadsheet posted on their websites. To view any potential rating action that may have been taken by a rating agency on a municipal security since the last update received by EMMA, or to understand the meaning of the ratings and other information provided by each rating agency, please refer to the information available on those agencies’ websites.

Standard and Poor’s Financial Services LLC Disclaimer

Copyright © 2013 by Standard & Poor’s Financial Services LLC. All rights reserved.

No content (including ratings, credit-related analyses and data, 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 Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P 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 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 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.

Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. 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 it believes 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.

NOTICE TO AUSTRALIAN USERS

S&P’s credit ratings and related research are not intended for and must not be used by or distributed to any person in Australia other than a wholesale client (as defined in Chapter 7 of the Corporations Act). Australian users can access additional information about S&P’s credit ratings and related research from www.standardandpoors.com.au. Other S&P websites are not intended for Australian users.

Australia Country Condition

LICENSEE accepts and acknowledges that S&P’s provision of the S&P Services to LICENSEE is based and conditional on the veracity and accuracy of LICENSEE’s representation that it is not a Retail Client. In addition, LICENSEE acknowledges that credit ratings and/or related research provided to LICENSEE pursuant to the terms of this Order Schedule are not intended for Retail Clients in Australia. In furtherance of the foregoing, LICENSEE shall require that each Subscriber, before obtaining access to the Licensee Service, affirmatively represent by mouse click or key stroke that he or she is not a Retail Client in Australia. In the event that S&P informs LICENSEE that S&P knows or reasonably believes that LICENSEE has distributed credit ratings and/or related research to a Retail Client in Australia, LICENSEE agrees to reasonably cooperate with S&P to cease such distribution. For purposes of this Order Schedule, "Retail Client” shall have the meaning ascribed to it in Chapter 7 of the Corporations Act of 2001 (Australia).