COMPANY PROFILE

CORPORATES NOVEMBER 28, 2016

Table of Contents:

COMPANY OVERVIEW 1 BUSINESS DESCRIPTION 2 MANAGEMENT STRATEGY/PRIORITIES 4 FINANCIAL HIGHLIGHTS 6 CAPITAL STRUCTURE AND DEBT MATURITY SCHEDULE 8 COMPANY MANAGEMENT 9

Ownership Structure 10 Subsidiaries 10

SECTOR/INDUSTRY PEER GROUP 12 RELATED WEBSITES AND INFORMATION SOURCES 12 MOODY’S RELATED RESEARCH 12

Analyst Contacts:

LONDON +44.20.7772.5454

Elena Nadtotchi +44.20.7772.5380 Vice President – Senior Credit Officer elena.nadtotchi@moodys.com Florent Martel +44.20.7772.5634 Associate Analyst florent.martel@moodys.com Anke N Richter, CFA +44.20.7772.1433 Associate Managing Director anke.richter@moodys.com This report, exclusively provided to you by Moody’s, presents a convenient summary of as reported, publicly available information. The information, with the exception of financial data, is not adjusted for Moody’s analytic purposes. For Moody’s Ratings, Opinion and Analytics on this company, please [Click here]. To access the latest Moody’s Credit Opinion on this company, please [Click here].

Statoil ASA Stavanger, Norway

Company Overview

Statoil ASA (Statoil) is an integrated Norwegian oil and gas company that operates mainly in countries belonging to the Organisation for Economic Co-operation and Development (OECD). The company’s operations comprise the exploration, production, transportation, refining and marketing of petroleum, petroleum products and other forms of energy. As of 31 December 2015, it was 67% directly owned by the Norwegian government.

As of 31 December 2015, Statoil operated in more than 30 countries and territories worldwide. Its largest market is Norway, which in the financial year ended 31 December 2015 (2015) accounted for approximately 76% of the company’s revenue of NOK465.3 billion.

Statoil was founded in 1972 as Den Norske Stats Oljeselskap AS. In 2001, it was renamed Statoil ASA. Since 2001, its shares have been listed primarily on the Oslo Stock Exchange (Ticker: STL). The company is also listed on the New York Stock Exchange (Ticker: STO). In 2007, Statoil merged with the oil and gas operations of Norsk Hydro ASA.

Source: Company Reports (annual report Dec 2015 and Dec 2011, financial statements June 2016 and Sep 2015), Moody’s research, Oslo Stock Exchange, Moody’s Financial Metrics

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COMPANY PROFILE: STATOIL ASA

Business Description

Statoil is a majority state-owned Norwegian integrated oil and gas company. Its operations comprise the exploration, production, transportation, refining and marketing of petroleum, petroleum-derived products and other forms of energy. As of 31 December 2015, approximately 75% of its proved hydrocarbon reserves of approximately 5.1 billion barrels of oil equivalent (boe) were located on the Norwegian Continental Shelf (NCS) (based on a conversion factor of 6 billion cubic feet of gas for 1 million boe). In the nine months ended 30 September 2016, the company reported total equity liquid and gas production of 1,805 thousand barrels of oil equivalent (mboe) per day (9M 2015: 1,909).

Statoil was founded in 1972 as a limited-liability company, trading as Den Norske Stats Oljeselskap AS, following a decision by the Norwegian parliament to develop the then recently discovered oil and gas fields on the NCS. In 2001, the company was listed on the Oslo and New York stock exchanges. As a result, it became a public limited-liability company and was renamed Statoil ASA. During that year, it also acquired certain NCS assets from State Direct Financial Interest, an enterprise responsible for the management of a major share of NCS reserves. In October 2007, Statoil merged with Norsk Hydro ASA and was temporarily renamed StatoilHydro. In 2009, however, it reverted to its original designation, Statoil.

Over the years, the company has expanded both organically and inorganically. In particular, the company has aimed to diversify its operations and supplement its exposure to the mature NCS by expanding its international representation. In 2003, it entered the US gas market through an agreement with El Paso Corporation to access capacity at the Cove Point LNG terminal. Also that year, it acquired 49% of BP’s interest in the Algerian In Salah and In Amenas gas fields. In 2005, it bought Encana’s US Gulf of Mexico deepwater portfolio for USD2 billion. In 2006, the company purchased working interests in the US Gulf of Mexico from Plains Exploration and Production for USD700 million. In 2008, it acquired the remaining 50% stake in the Peregrino heavy oilfield (located off the coast of Rio de Janeiro) from Anadarko.

At the same time, the company has continued to target unconventional oil and gas opportunities worldwide. In 2007, it bought North American Oil Sands Corporation, a Canadian oil sands company, for CAD2.2 billion. In 2008, it entered a strategic alliance with Chesapeake Energy (which owned a 32.5% stake in the Marcellus shale gas deposit). In 2010, Statoil concluded a 50:50 joint venture (Eagle Ford) with Talisman Energy for shale gas exploration. In 2011, it acquired Brigham Exploration Company for NOK26 billion, enabling it to enter the Bakken and Three Forks tight oil accumulations in the US.

On 1 January 2016, Statoil changed its reporting currency to US dollar (USD) from Norwegian kroner (NOK) to more accurately reflect the underlying exposure of the company’s businesses to the US currency and to align with industry practice.

As of 31 December 2015, Statoil operated in more than 30 countries and territories worldwide. The company’s largest market is Norway, which accounted for approximately 76% of its revenue in 2015.

Statoil operates through three reportable segments:

Development and Production Norway (DPN): This segment, which accounted for 20.7%1 of the company’s revenue in 2015, comprises upstream activities on the NCS, including its licence portfolios in the

1 Throughout this section, such percentages have been calculated by excluding “Other” and “Eliminations”. “Other” comprises the company’s non-core operations,

including “Global Strategy and Business Development”, “Exploration”, “Technology, Projects and Drilling”, “Corporate Staffs and Services” and “New Energy Solutions”.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

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North Sea, the Norwegian Sea and the Barents Sea. In 2015, Statoil operated 44 developed fields on the NCS, along with a significant number of exploration licences. In the first nine months 2016, DPN reported equity liquids production of 575 mboe per day (9M 2015: 591) and equity gas production of 613 mboe per day (9M 2015: 616). During the same period, DPN entitlement liquids production was 575 mboe per day (9M 2015: 591) and entitlement gas production was 613 mboe per day (9M 2015: 616). As of 31 December 2015, the company posted proved oil and gas reserves in Norway of 3.8 billion boe, representing 75% of Statoil’s total proved reserves.

Development and Production International (DPI): This segment, which accounted for 10.1% of Statoil’s revenue in 2015, comprises the company’s upstream activities outside the NCS, including those in the US (e.g., deepwater Gulf of Mexico) and other international regions such as Canada (e.g., unconventional oil and gas, and oil sands), Brazil, Angola, the Middle East and North Africa. In 2015, the company was engaged in production in the following 11 countries: Canada, the US, Brazil, Venezuela, Angola, Nigeria, Algeria, Ireland, Azerbaijan, Russia and the UK. In the nine months ended 30 September 2016, DPI reported equity liquids production of 564 mboe per day (9M 2015: 569) and equity gas production of 187 mboe per day (9M 2015: 170). During the same period, DPI entitlement liquids production was 441 mboe per day (9M 2015: 427) and entitlement gas production was 162 mboe per day (9M 2015: 142). In 2015, Statoil reported DPI average equity production of 739 mboe per day, representing 37% of its total equity production of oil and gas. As of 31 December 2015, the company posted proved international oil and gas reserves of approximately 1.7 billion boe in DPI.

Marketing, Midstream and Processing (MMP): This segment, which accounted for 69.2% of the company’s revenue in 2015, includes the marketing and trading of oil products and natural gas; transportation, processing and manufacturing; the development of oil and gas value chains; and renewable energy. Its operations comprise three crude oil terminals, two refineries, two gas processing facilities, an LNG plant and a methanol plant.

Statoil is responsible for marketing approximately 70% of all gas exports from Norway. In 2015, it sold 644 million barrels of crude oil and condensate, and approximately 15 million tonnes of natural gas liquids. In the first nine months 2016, it sold 613 million barrels of crude oil (9M 2015: 620), and reported entitlement natural gas sales of 31.7 billion cubic metres (bcm) (9M 2015: 32.2) as well as a third-party natural gas sales volume of 6.2 bcm (9M 2015: 6.9).

Furthermore, Statoil’s total European gas sales in 2015 totalled 741 bcm, of which 37.2 bcm represented gas sold on behalf of the Norwegian state. As a result, the company was the second-largest gas supplier to Europe as of 31 December 2015.

Source: Company Reports (annual report Dec 2015, Dec 2014 and Dec 2011, financial statements September 2016), company data, Moody’s research

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EXHIBIT 1

Revenue by Segment (in NOK Billion)

Note: Excluding “Other” and “Eliminations” Source: Company Report (annual report Dec 2015)

EXHIBIT 2

Operating Income by Segment (in NOK Billion)

Note: Excluding “Other” and “Eliminations” Source: Company Report (annual report Dec 2015)

Management Strategy/Priorities

Statoil’s priorities include safe and reliable operations that deliver profitable production growth. Over the longer term, it aims to increase shareholder value by accessing, exploring, developing and producing energy sources globally, and by enhancing the value of such production through its mid- and downstream operations. In particular, the company seeks to:

» Deepen and prolong its NCS position: Statoil aims to deepen and extend its position on the NCS by accessing and translating opportunities into valuable production. Simultaneously, it plans to improve the reliability and lifespan of fields already in production. Over the next 10 years, the company intends to bring new production on stream by developing both small discoveries close to established infrastructure and large discoveries (including the Aasta Hansteen, Gina Krog, Johan Castberg and Johan Sverdrup fields), and through high-value oil recovery projects. The Johan Sverdrup field, discovered over 2010–11 and 40% owned by Statoil, is one of the largest discoveries on the NCS. The project development will be staged, and Statoil will be the operator of the project during its development. Statoil estimates the investment costs of the first phase to be approximately NOK99 billion on a gross basis, and estimates that the project will deliver daily production of approximately 440,000 barrels. Depending on the future choice of capacities and technical solutions, the total investment in the project is estimated to be NOK140 billion–NOK170 billion, with plateau production of 660,000 barrels per day. The resource estimate for the entire field is between 1.9 billion boe and 3.0 billion boe.

» Grow substantial and profitable international positions: Statoil will continue to explore for, develop and produce oil and gas outside Norway to strengthen its upstream portfolio. In 2015, the company conducted its exploration activities in three new countries: Nicaragua; South Africa; and Uruguay. Local government approval is awaited for newly acquired estates in Mozambique, South Africa and Uruguay. Statoil exited both its operated and non-operated licences in the Chukchi Sea (Alaska). The company further adjusted its portfolio to improve its international exploration assets, and acquired an additional 13% stake in Statoil’s Eagle Ford joint venture to become its sole operator.

0

100

200

300

400

500

600

700

DPN DPI MMP

2013 2014 2015

(100)

(50)

0

50

100

150

DPN DPI MMP

2013 2014 2015

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COMPANY PROFILE: STATOIL ASA

» Target focused and value-added mid- and downstream activities: The company’s mid- and downstream activities mainly aim to process and transport its oil and gas production competitively to premium markets, and to realise the greatest value. It seeks to market the firm’s equity production of crude oil, natural gas and related products in order to ensure the highest possible value creation, develop an asset-backed trading model for all commodities, maintain its position as one of Europe’s largest gas suppliers in terms of volume and develop a less-capital-intensive asset structure.

» Producing energy for a low-carbon future: Recognising the increasing opportunities available to produce low-carbon energy, in 2015, Statoil established a new business, New Energy Solutions, to further access, develop and produce low-carbon energy as required.

» Unlock opportunities and enhance value through research, development and deployment of technology: Statoil will research, develop and deploy technology to create opportunities and enhance the value of both its present and future assets.

» Statoil has taken various steps to maximise cash flow available for reinvestment, including improving reliability of production; stepping up cost savings targeting USD2.5 billion of reductions in operating costs and capital expenditure by the end of 2016, of which USD1.9 billion was already delivered in 2015; and significantly reducing project costs and increasing timing flexibility for investments, particularly from 2017. The weighted average breakeven of Statoil’s non-sanctioned project portfolio has been reduced from 70 USD/bbl in 2013 to 41 USD/bbl in 2016. Statoil continues to restructure its US operations extensively, and to reduce the breakeven oil price for its non-US international operations on a net income basis to USD46/boe in 2016 and USD40-USD43/boe in 2018. It has also announced a scrip dividend to support reinvestment in strategic projects.

Source: Company Report (annual report Dec 2015 and Dec 2013), Company data

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Financial Highlights

Overview

Company Type: Public Exchange Listing: Oslo Stock Exchange: STL; New York Stock Exchange: STO Fiscal Year End: December Financial Filings: Finanstilsynet (Norwegian Financial Supervisory Authority), and Securities and Exchange Commission Auditor: KPMG AS

Note: The financials presented below have been adjusted for Moody’s analytic purposes. To see how adjustments have been made, please see Moody’s Financial Metrics, a fundamental financial data and analytics platform that offers insight into the drivers of Moody’s Corporate ratings.

EXHIBIT 3

Select Adjusted Financial Data Statoil ASA

(in NOK Million)2 31-Dec-15 31-Dec-14 31-Dec-13

INCOME STATEMENT

Revenue/Sales 465,300 606,800 616,600

Gross Profit 272,495 321,472 322,808

EBITDA 160,200 230,200 233,800

EBIT 44,692 130,124 143,332

Interest Expense 10,847 8,784 6,252

Net Income (14,291) 31,750 38,950

BALANCE SHEET

Cash and Cash Equivalents 151,700 133,400 116,900

Current Assets 248,000 254,700 238,800

Net Property, Plant and Equipment (PP&E) 640,800 658,136 586,691

Total Assets 1,061,300 1,082,436 979,591

Current Liabilities 160,900 206,700 193,300

Total Debt 398,300 344,236 297,891

Total Liabilities 708,900 702,804 628,699

Shareholders’ Equity 352,400 379,632 350,892

CASH FLOW

Funds from Operations (FFO) 138,808 145,476 123,468

Cash Flow from Operations (CFO) 135,408 150,576 118,268

Capital Expenditures (CAPEX) (151,108) (146,676) (131,868)

Cash from Investing Activities (141,508) (136,076) (127,368)

Dividends (22,900) (33,700) (21,500)

Retained Cash Flow (RCF) 115,908 111,776 101,968

Share Repurchases – – -

Cash from Financing Activities (7,500) (23,100) 26,600

Source: Moody’s Financial Metrics

2 On 1 January 2016, Statoil changed its reporting currency to US dollar (USD) from Norwegian kroner (NOK)

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EXHIBIT 4

EBITDA Margin and EBIT/Interest Expense (Adjusted)

As of 31 Dec 2015 Source: Moody’s Financial Metrics

EXHIBIT 5

Debt/EBITDA and RCF/Net Debt (Adjusted)

As of 31 Dec 2015 Source: Moody’s Financial Metrics

3.5x

6.0x

8.5x

11.0x

13.5x

16.0x

18.5x

21.0x

23.5x

34%

35%

36%

37%

38%

39%

2013 2014 2015

EBITDA Margin% EBIT / Interest Expense

45%

47%

49%

51%

53%

55%

57%

1.1x

1.3x

1.5x

1.7x

1.9x

2.1x

2.3x

2.5x

2013 2014 2015

Debt/EBITDA RCF / Net Debt%

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Capital Structure and Debt Maturity Schedule

Note: Some financials presented below have been adjusted for Moody’s analytic purposes. To see how adjustments have been made, please see Moody’s Financial Metrics, a fundamental financial data and analytics platform that offers insight into the drivers of Moody’s Corporate ratings.

EXHIBIT 6

Capital Structure Statoil ASA

(in NOK Million)3 31-Dec-15 31-Dec-14 31-Dec-13

SHORT-TERM DEBT

Short-Term Debt 10,800 14,200 7,500

Current Portion of Long-Term Debt 9,700 12,300 9,600

Total Short-Term Debt 20,500 26,500 17,100

LONG-TERM DEBT

Secured Debt 500 400 400

Senior Debt 268,100 211,600 169,700

Subordinated Debt – – –

Financial Liabilities – Non-Current – – –

Capitalised Leases 5,100 5,400 5,000

Gross Long-Term Debt 273,700 217,400 175,100

Less Current Maturities (9,700) (12,300) (9,600)

Net Long-Term Debt 264,000 205,100 165,500

Total Debt 284,500 231,600 182,600

Total Adjusted Debt 398,300 344,236 297,891

SHAREHOLDERS’ EQUITY

Preferred Stock – – –

Common Stock and Paid-In Capital 48,100 48,200 48,300

Retained Earnings 215,100 268,400 284,500

Accumulated Other Comprehensive Income 91,600 64,200 22,700

Total Equity 354,800 380,800 355,500

Total Adjusted Equity 352,400 379,632 350,892

Adjusted Book Capitalisation 815,600 795,336 718,491

Adjusted Market Capitalisation 857,636 834,054 836,330

Adjusted Debt/Adjusted Book Capital (%) 48.84 43.28 41.46

Source: Moody’s Financial Metrics

3 On 1 January 2016, Statoil changed its reporting currency to US dollar (USD) from Norwegian kroner (NOK)

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The majority of the adjustments to Statoil’s total adjusted debt in the fiscal year 2015 were related to operating leases.

EXHIBIT 7

Components of Debt

As of 31 Dec 2015 Source: Moody’s Financial Metrics

Company Management

Company Management Current Title Age* Previous Roles

Eldar Sætre President and Chief Executive Officer

59 Statoil: Executive Vice President, Marketing, Processing and Renewable Energy; Statoil: Executive Vice President and Chief Financial Officer

Hans Jakob Hegge Executive Vice President and Chief Financial Officer

46 Statoil: Senior Vice President, Operations North, Development and Production Norway (DPN); Statoil: Senior Vice President, Operations East, DPN; Statoil: Senior Vice President, Operational Development, DPN

* As of 31 Dec 2015

As of 27 Oct 2016

Board of Directors Age* Affiliation

Øystein Løseth 57 Statoil: Chairman (Independent Director); Eidsiva Energi AS and Hunton Fiber AS: Chair of the Board

Roy Franklin 62 Statoil: Independent Director; Cuadrilla Resources Holdings Limited: Non-Executive Chair of the Board; Santos Ltd., Amec Foster Wheeler and Kerogen Capital Ltd.: Board Member

Bjørn Tore Godal 70 Statoil: Independent Director; Norwegian Defence University College (NDUC): Chairman of the Council; Fridtjof Nansen Institute (FNI): Member of the Board

Maria Johanna (Marjan) Oudeman

57 Statoil: Independent Director; Het Concertgebouw, Rijksmuseum, SHV Holdings and Solvay SA: Member of the Board; Utrecht University: President

Wenche Agerup 51 Statoil: Director; TGS ASA: Board Member

284,500 26,200

97,800 0 0

(10,200) 398,300

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000N

OK

Mill

ion

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Board of Directors Age* Affiliation

Rebekka Glasser Herlofsen 45 Statoil: Independent Director; DNV holding, DNV Foundation and DNV GL: Member of the Board of Directors; Norwegian Shipowners’ Association: Member of the Committee for Tax and Capital; Torvald Klaveness: Chief Financial Officer

Jeroen van der Veer 68 Statoil: Independent Director; ING Bank NV, Royal Philips Electronics, Technical University of Delft, Rotterdam Climate Initiative and Platform Beta Techniek: Chair of the Supervisory Board; Boskalis Westminster Groep NV and Het Concertbebouw: Board Member

Ingrid Elisabeth di Valerio 51 Statoil: Director (Employee Elected); First Scandinavia and Montanus AS: Member of the Board; Tekna: Member of Central Nomination Committee

Stig Lægreid 52 Statoil: Director (Employee Elected); The Norwegian Society for Engineers and Teknologists (NITO): Member of Executive Committee and Negotiation Committee for Private Sector

Lill-Heidi Bakkerud 52 Statoil: Director (Employee Elected); Industry Energy (IE) Trade Union: Member of the Executive Committee

* As of 31 Dec 2015

As of 27 Oct 2016

Source: Company data

Ownership Structure

As of 31 December 2015, the Norwegian state was the largest shareholder of Statoil, owning 67% of its total share capital, which is managed by the Ministry of Petroleum and Energy. The government’s National Insurance Fund owned an additional 3.2% stake.

Source: Company Report (annual report Dec 2015)

Subsidiaries

As of 31 December 2015, Statoil’s significant subsidiaries and associated companies were as follows:

EXHIBIT 8

Statoil ASA Subsidiary Location % Held

Statholding AS Norway 100

Statoil Angola Block 15 AS Norway 100

Statoil Angola Block 15/06 Award AS Norway 100

Statoil Angola Block 17 AS Norway 100

Statoil Angola Block 31 AS Norway 100

Statoil Angola Block 38 AS Norway 100

Statoil Angola Block 39 AS Norway 100

Statoil Angola Block 40 AS Norway 100

Statoil Apsheron AS Norway 100

Statoil Azerbaijan AS Norway 100

Statoil BTC Finance AS Norway 100

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EXHIBIT 8

Statoil ASA Subsidiary Location % Held

Statoil Coordination Centre NV Belgium 100

Statoil Danmark AS Denmark 100

Statoil Deutschland GmbH Germany 100

Statoil do Brasil Ltda. Brazil 100

Statoil Exploration Ireland Ltd. Ireland 100

Statoil Forsikring AS Norway 100

Statoil Færøyene AS Norway 100

Statoil Hassi Mouina AS Norway 100

Statoil Indonesia Karama AS Norway 100

Statoil New Energy AS Norway 100

Statoil Nigeria AS Norway 100

Statoil Nigeria Deep Water AS Norway 100

Statoil Nigeria Outer Shelf AS Norway 100

Statoil Norsk LNG AS Norway 100

Statoil North Africa Gas AS Norway 100

Statoil North Africa Oil AS Norway 100

Statoil Orient AG Switzerland 100

Statoil OTS AB Sweden 100

Statoil Petroleum AS Norway 100

Statoil Shah Deniz AS Norway 100

Statoil Sincor AS Norway 100

Statoil SP Gas AS Norway 100

Statoil Tanzania AS Norway 100

Statoil Technology Invest AS Norway 100

Statoil UK Ltd. UK 100

Statoil Venezuela AS Norway 100

Statoil Venture AS Norway 100

Statoil Methanol ANS Norway 82

Mongstad Refining DA Norway 79

Mongstad Terminal DA Norway 65

Tjeldbergodden Luftgassfabrikk DA Norway 51

Naturkraft AS Norway 50

Vestprosess DA Norway 34

Note: The table does not include all subsidiaries of the company.

Source: Company Report (annual report Dec 2015)

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Sector/Industry Peer Group

» ENI SpA

» BG Energy Holdings Limited

» BP Plc

» Royal Dutch Shell Plc

» Total S.A.

Related Websites and Information Sources

For additional information, please see:

The company’s website:

» www.statoil.com

MOODY’S has provided links or references to third party World Wide Websites or URLs ("Links or References") solely for your convenience in locating related information and services. The websites reached through these Links or References have not necessarily been reviewed by MOODY’S, and are maintained by a third party over which MOODY’S exercises no control. Accordingly, MOODY’S expressly disclaims any responsibility or liability for the content, the accuracy of the information, and/or quality of products or services provided by or advertised on any third party web site accessed via a Link or Reference. Moreover, a Link or Reference does not imply an endorsement of any third party, any website, or the products or services provided by any third party.

Moody’s Related Research

Issuer Page on Moodys.com:

» Statoil ASA

Credit Opinion:

» Statoil ASA

Issuer Comment:

» Statoil ASA: Reduced CAPEX keeps Statoil’s financial metrics in line with ratings expectations for 2016, November 2016 (1048014)

Outlook:

» Integrated Oil and Gas – Global: Oil Price Uptick, Accelerated Cost Cuts Put Upstream Activities on Road to Recovery, October 2016 (1034429)

Announcement:

» Moody's: More than 50% of Nordic companies rated investment grade versus 25% for European peers (23 May 2016)

» Moody’s: Nordic corporate bond issuance will fall for fourth consecutive year in 2016 (13 April 2016)

To access any of these reports, click on the entry above. Note that these references are current as of the date of publication of this report and that more recent reports may be available on the issuer’s page. All research may not be available to all clients.

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Report Number: 193416

Author Florent Martel

Editor Kamin Au

Production Associate Prabhakaran G

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To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. It would be reckless and inappropriate for retail investors to use MOODY’S credit ratings or publications when making an investment decision. If in doubt you should contact your financial or other professional adviser.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for appraisal and rating services rendered by it fees ranging from JPY200,000 to approximately JPY350,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.