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World ClassSupport

Customer satisfaction

rate of 90%+ 

on incident-based

feedback* 

*Results from 2009

Valuation and Risk StrategiesRisk-to-Price

Risk-to-Price: Assessing Relative Risk and Value inCorporate Credit MarketsS&P Valuation and Risk Strategies Risk-to-Price (R2P) is a dierent way o looking at risk.

It provides a new relative measure o how well a security may be compensating its owner, through

yield, or the embedded market and credit risks.

Using proprietary quantitative methods R2P Scores combine undamental credit-based inputs with

market-centric data – independent rom credit ratings inormation. Daily R2P scores are created

or over 6,000 U.S. and European bonds that are then divided into quartiles to provide a rank order

assessment. A powerul screening tool enables users to identiy bonds that meet a range o criteria

including R2P score, duration, yield, and more. Featured market analysis and commentary provide

additional value-added opinions based on R2P observations.

*S&P Valuation and Risk Strategies, a group separate and independent rom Standard & Poor’s Ratings organization, has developed thismethodology to help assess relative risk and value in corporate credit markets.

Risk-to-Price (R2P) content is provided by Standard & Poor’s Securities Evaluations, Inc., (SPSE) a part o S&P Valuation and Risk Strategiesand a registered investment adviser with the U.S. Securities and Exchange Commission.

Risk-to-Price Scores combine measures o market and credit risk including theProbability o Deault, Bond Volatility, and the Option-Adjusted Spread (OAS)

�Derived rom S&P credit models

�1-year quantitatively derivedestimate o deault likelihood

�Incorporates equityvaluation and corporatebalance sheet ratios

�OAS is calculated daily by S&PValuation and Risk Strategies

�OAS measures the creditrisk component o yield

�Evaluated pricing, provided byS&P Securities Evaluations, iscalculated daily

�Bond price volatility capturesmarket risk

Bond VolatilityOption-Adjusted SpreadProbability o Deault

Risk-to-Price Score

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A powerul screening tool enables users to identiy bonds that

meet specifc criteria.

Choose an industry, R2P region and/or portolio and apply a range o flters.

�This includes quartile, R2P score, OAS, duration, issue price, probability o deault,yield, Standard & Poor’s credit rating, oer amount, maturity, and more.

�Use up to 5 flters at any one time, and run subsequent screens to urther narrow

down the list.�Searches can be made on current and historical data, and results can be saved

or later use.

Export results to Excel or additional analysis.

�Sort the data to view R2P percentile rank, lowest volatility, yield above a specifed

amount, and other relevant felds.

Add bonds to a portolio.

�Use CUSIP identifers to add bonds o interest to an existing portolio, or to create aseparate portolio or urther monitoring and analysis.

�Evaluate historical changes in the portolio distribution o R2P scores overselected timerames.

Gain access to Risk-to-Priceon Standard & Poor’sGlobal Credit Portal:

�Click on the Markets & Valuations tab

to see the Risk-to-Price landing page.

�Select the R2P tab on the Entity and

Security Pages.

�Click on Portolio View tab to see R2P

scores and quartile distribution based

on your portolio.

�Identiy bonds that meet specifc

criteria with the screening tool in

Advanced Search

Gain access to Risk-to-Price through Standard & Poor’sGlobal Data Solutions dataeeds, API or customizableportolio-type data packages.

Search by Industry, R2P

Region and Portolio

Save/Retrieve Searches

R2P Screening Tool

Search Results Export

Apply up to 5 Filters

    F   o   r    i    l    l   u   s   t   r   a   t    i   v   e 

   p   u   r   p   o   s   e   s

   o   n    l   y .

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Support and TrainingHighly experienced Standard & Poor’s client service representatives provide support across all regions, throughout the global business

week. We also offer complimentary interactive Web conferences and customized in-person training sessions to meet your business needs

Contact UsFor more information visit us at www.standardandpoors.com/risktoprice or call:

Americas 1 212.438.7283

Australia 61 1300.792.553Europe 44 20.7176.7176

Hong Kong 852 2533.3535

Japan 81 3.4550.8711

Singapore 65 6239.6316

Standard & Poor’s Securities Evaluations, Inc. (SPSE) is a part of S&P Valuation and Risk Strategies and aregistered investment adviser with the United States Securities and Exchange Commission. SPSE provides (1)fixed-income evaluations and (2) analyses of certain U.S. and European fixed income securities using itsproprietary Risk-to-Price scoring methodology. SPSE is analytically and editorially independent from any otheranalytical group at Standard & Poor’s.

Products and services provided by SPSE may not be available in all countries or jurisdictions.

The information contained herein does not constitute an offer to buy, hold or sell any security or the solicitation of anoffer to buy any securities to any person. The securities, financial instruments or strategies mentioned herein maynot be suitable for all investors. Any opinions expressed herein are given in good faith, are subject to change withoutnotice, and are only correct as of the stated date of their issue. Prices or values of any securities or investments

mentioned herein may fall against the interests of the investor and the investor may get back less than the amountinvested. Where an investment or security is denominated in a different currency to the investor’s currency ofreference, changes in rates of exchange may have an adverse effect on the value, price or income of or from thatinvestment to the investor. The information contained herein is not intended for any specific investor and does not take into account a particular investor’s investment objectives, financial situations or needs and is not intended as arecommendation of particular securities, financial instruments or strategies. Before acting on any informationcontained herein, an investor should consider whether it is suitable for their particular circumstances and, ifnecessary, seek professional advice.

The ollowing disclosure is applicable to residents o the European Union: The following individuals are members ofSPSE’s analytical staff who generate Risk-to-Price scores and reports: Michael Thompson, Ashish Ojha, RichardPeterson, Jaseem Hasib, Robert Keiser, Charles Bassignani, Fabrice Jaudi, and Gary Albanese.

Historical R2P scores for the past 12 months for each security identified herein are available by contactingStandard & Poor’s Client Services Department at (212) 438-4510 or via e-mail at spsupportcenter@standardandpoors.com.

The Risk-to-Price White Paper, which contains the methodology/criteria for R2P is available by contactingStandard & Poor’s Client Services Department at (212) 438-4510 or via e-mail at spsupportcenter@standardandpoors.com.

For residents o Australia: Risk-to-Price (R2P) content is only provided to Australian wholesale client as definedin Chapter 7 of the Corporations Act 2001 (Australia) and such materials will only be used for internal purposesonly. Risk-to-Price (R2P) is being delivered by Standard & Poor’s Securities Evaluations, Inc. AustralianRegistered Body Number 136 795 018 (SPSE). SPSE is regulated by the United States Securities & ExchangeCommission, under the laws of the United States which laws differ from the laws of Australia; and SPSE isexempt from the requirement to hold an Australian Financial Services license.

For residents o Chile: A client who may be considered to be a “Consumer” as that term is defined under the ChileanConsumer Protection Law No. 19,496 of 1997, SPSE hereby represents that it will respect the terms, conditions andformalities to which the delivery of Service(s) under the terms of this Attachment will be carried out and that bySubscriber’s acceptance of this Attachment Subscriber is agreeing to be bound by its terms and conditions.Subscriber hereby acknowledges it has read the terms of this Attachment and has received a copy of it.

The Service(s) and any information contained therein are not intended as an offer, promotion or solicitation for the purchase or sale of any security or other financial instrument nor should it be considered investment advice.Any opinions expressed herein are given in good faith, are subject to change without notice and are onlycorrect as of the stated date of their issue. SPSE including its affiliates prov ides wide range of services to, orrelating to many issuers and organizations and accordingly, may receive fees or other economic benefits from those issuers and organizations whose securities they may recommend, rate, include in model portfolios,evaluate or otherwise address, including issuers and organizations included in this (the) Service(s).

For residents o Hong Kong: Risk-to-Price (R2P) is provided by Standard & Poor’s LLC-Hong Kong branch. Theinformation is not intended as an offer, promotion or solicitation for the purchase or sale of any security or otherfinancial instrument. Any opinions expressed herein are given in good faith, are subject to change withoutnotice and are only correct as of the stated date of their issue. Standard & Poor’s directly and through itsaffiliates provides a wide range of services to, or relating to many issuers and organizations and accordingly,

may receive fees or other economic benefits from those issuers and organizations whose securities they mayrecommend, rate, include in model portfolios, evaluate or otherwise address, including issuers and /ororganizations included in this service.

For residents o the United Kingdom: This Risk-to-Price (R2P) communication is directed to and can only be used to persons who are investment professionals as defined in the Financial Services and Markets 2000 (RegulatedActivities) Order 2001 and who are authorized person as defined in section 31 of the Financial Services andMarkets Act 2000. The information available through this website is not intended as an offer or promotion orsolicitation for the purchase or sale of any security or other financial instrument nor should it be consideredinvestment advice. It will only be made available to persons with professional experience in matters relating toinvestments. Any opinions expressed herein are given in good faith, are subject to change without notice and areonly correct as of the stated date of their issue. Such opinions should not be relied upon by persons who do nohave professional experience in matters relating to investments. Standard & Poor’s directly and through itsaffiliates provides a wide range of services to, or relating to many issuers and organizations and accordingly, mayreceive fees or other economic benefits from those issuers and organizations whose securities they mayrecommend, rate, include in model portfolios, evaluate or otherwise address, including issuers and organizationsincluded in this service.

For residents o Malaysia: Risk-to-Price (R2P) content is being provided by Standard & Poor’s Malaysia Sdn Bhd.This information is not intended as an offer, promotion or solicitation for the purchase or sale of any security orother financial instrument. Any opinions expressed herein are given in good faith, are subject to change withoutnotice and are only correct as of the stated date of their issue. All queries in relation to the reports should be

referred to Alexander Chia, Desmond Ch’ng, or Ching Wah Tam. Standard & Poor’s directly and through itsaffiliates provides a wide range of services to, or relating to many issuers and organizations and accordingly, mreceive fees or other economic benefits from those issuers and organizations whose securities they mayrecommend, rate, include in model portfolios, evaluate or otherwise address, including issuers and organizationincluded in this service.

For residents o Israel: Risk-to-Price (R2P) content can only be used by investors listed in the First Schedule to thSecurities Law, 1968 of Israel which is defined as one of one of the following: 1) a mutual fund (joint investment trust fund) as defined in the Joint Investment Trust Law or a company managing such fund; 2) a provident fund asdefined in the Regulations of Financial Services (Provident Funds) Law 5765-2005, or a company that manages suprovident funds; 3) an insurer as defined in the Supervision of Insurance Business Law; 4) banking corporation

licensed under the Banking Licensing Law or an Auxiliary Corporation (other than a joint services company)purchasing Notes for its own account or for the account of customers who are Exempt Investors; 5) a portfoliomanager as defined in Section 8(a) of Israeli Investment Advice Law, who purchased Notes for his own accounor for the account of customers which qualify as Exempt Investors; 6) an investment adviser, as defined in theIsraeli Investment Advice Law; who is purchasing notes for his own account; 7) a member of the Tel Aviv StockExchange purchasing Notes either for its own account or for customers which qualify as Exempt Investors; 8) anunderwriter qualified in accordance with Section 56(c) of the Securities Law who is purchasing Notes for its ownaccount; 9) a venture capital fund; 10) a corporation engaged primarily in capital markets that is owned exclusiveby Exempt Investors; or 11) a corporation (other than a corporation incorporated for purchasing securities in aspecific offer and whose equity exceeds 250 million new shekels.) Residents of Israel understand and agree that this information is not intended as an offer, promotion or solicitation for the purchase or sale of any security orother financial instrument nor should it be considered investment advice. Any opinions expressed herein are givein good faith, are subject to change without notice and are only correct as of the stated date of their issue.Standard & Poor’s directly and through its affiliates provides a wide range of services to, or relating to manyissuers and organizations and accordingly, may receive fees or other economic benefits from those issuers andorganizations whose securities they may recommend, rate, include in model portfolios, evaluate or otherwiseaddress, including issuers and organizations included in this service.

For residents o Singapore: Risk-to-Price (R2P) is only available to the following institutions for internal use: 1) abank that is licensed under the Banking Act, Chapter 19 of Singapore; 2) a merchant bank that is approved as afinancial institution under Section 28 of the Monetary Authority of Singapore Act, Chapter 186 of Singapore; 3) finance company that is licensed under the Finance Companies Act, Chapter 108 of Singapore; 4) a company orsociety registered under the Insurance Act, Chapter 142 of Singapore, as an insurer; 5) a company registeredunder the Trust Companies Act, Chapter 336 of Singapore; 6) the Singapore government; 7) a statutory bodyestablished under any Singapore act; 8) a pension fund or collective investment scheme; 9) the holder of a capitmarkets services license for dealing in securities, fund management, providing custodial services for securitiesreal estate investment trust management, securities financing, or trading in futures contracts; 10) a person (oth than an individual) who carries on the business of dealing in bonds with accredited investors or expert investor11) the trustee of such trust as the MAS may prescribe, when acting in that capacity; or 12) such other person a the MAS may prescribe.

This information is not intended as an offer, promotion or solicitation for the purchase or sale of any security oother financial instrument.

Anything herein that may be construed as a recommendation is intended for general circulation and does not takinto account the specific investment objectives, financial situation or particular needs of any particular person.Advice should be sought from a financial adviser regarding the suitability of an investment, taking into account thspecific investment objectives, financial situation or particular needs of any person in receipt of therecommendation, before the person makes a commitment to purchase the investment product.

Any opinions expressed herein are given in good faith, are subject to change without notice and are onlycorrect as of the stated date of their issue.

Standard & Poor’s directly and through its affiliates provides a wide range of services to, or relating to manyissuers and organizations and accordingly, may receive fees or other economic benefits from those issuers aorganizations whose securities they may recommend, rate, include in model portfolios, evaluate or otherwise

address, including issuers and organizations included in this service.For residents o the UNITED ARAB EMIRATES (“UAE”) (NON-DIFC ZONE): Subscriber hereby accepts and acknowedges that the place and receipt of SPSE’s acceptance and execution of its Agreements is not within the UAE.

SPSE’s services are not intended to amount to an offer of securities within the meaning of DIFC law No. 12 of2004 (The DIFC Markets Law) or the equivalent laws, rules and regulations made by The Central Bank of theUAE and the Emirates Securities and Commodities Authority or Financial Consultation within the meaning of tEmirates Securities and Commodities Authority Regulation of 2008 pertaining to Financial Consultation andFinancial Analysis. Neither the Dubai Financial Services Authority, The Emirates Securities and CommoditiesAuthority or The Central Bank of the UAE has reviewed or verified any of the information provided through theservices, or has any responsibility for it. If you do not understand any of the contents of the services, youshould contact a financial advisor.

For all other users: Risk-to-Price (R2P) content is provided by Standard & Poor’s Securities Evaluations, Inc.This information is not intended as an offer, promotion or solicitation for the purchase or sale of any security oother financial instrument nor should it be considered investment advice. Any opinions expressed herein aregiven in good faith, are subject to change without notice and are only correct as of the stated date of theirissue. Standard & Poor’s directly and through its affiliates provides a wide range of services to, or relating tomany issuers and organizations and accordingly, may receive fees or other economic benefits from thoseissuers and organizations whose securities they may recommend, rate, include in model portfolios, evaluate ootherwise address, including issuers and organizations included in this service.