S&P Global Market Intelligence’ Industry Surveys Reports (the “Industry Surveys”) have been prepared and issued by S&P Global Market Intelligence and/or one of its affiliates. In Hong Kong, by Standard & Poor’s Investment Advisory Services (HK) Limited, which is regulated by the Hong Kong Securities Futures Commission; in Singapore, by McGraw-Hill Financial Singapore Pte. Limited, which is regulated by the Monetary Authority of Singapore; in Malaysia, by Standard & Poor’s Malaysia Sdn Bhd, which is regulated by the Securities Commission of Malaysia; in Australia, by Standard & Poor’s Information Services (Australia) Pty Ltd (“SPIS”), which is regulated by the Australian Securities & Investments Commission; and in Japan, by McGraw-Hill Financial Japan KK, which is registered by Kanto Financial Bureau.

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

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S&P Global offers a wide range of services to, or relating to, many organizations, including issuers or underwriters of securities or obligors, investment advisers, broker-dealers, investment banks, other financial institutions and financial intermediaries. As a result, S&P Global may receive fees or other economic benefits from organizations whose securities or services it may recommend, analyze, rate, include in model portfolios, evaluate, price or otherwise address.

The Industry Surveys are not intended to be investment advice and do not constitute any form of invitation or inducement by S&P Global Market Intelligence to engage in investment activity. This material is not intended as an offer or solicitation for the purchase or sale of any security or other financial instrument. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only current as of the stated date of their issue. Past performance is not necessarily indicative of future results.

Notice to all Non U.S. Residents:

S&P Global Market Intelligence’s Industry Surveys may be distributed in certain localities, countries and/or jurisdictions (“Territories”) by independent third parties or independent intermediaries and/or distributors (the “Intermediaries” or “Distributors”). Intermediaries are not acting as agents or representatives of S&P Global Market Intelligence. In Territories where an Intermediary distributes S&P Global Market Intelligence’s Industry Surveys, the Intermediary, and not S&P Global Market Intelligence, is solely responsible for complying with all applicable regulations, laws, rules, circulars, codes and guidelines established by local and/or regional regulatory authorities, including laws in  connection with the distribution of third-party investment research, licensing requirements, supervisory and record keeping obligations that the Intermediary may have under the applicable laws and regulations of the territories where it distributes the Industry Surveys.

Industry Surveys are 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 Global Market Intelligence or its affiliates to any registration or licensing requirements in such jurisdiction.

Industry Surveys are not directed to, or intended for distribution to or use by, any person or entity who is not in a class qualified to receive Industry Surveys (e.g., a qualified person and/or investor), as defined by the local laws or regulations in the country or jurisdiction where the person is domiciled, a citizen or resident of, or the entity is legally registered or domiciled.

S&P Global Market Intelligence Industry Surveys are not intended for distribution in or directed to entities, residents or investors in: Burma, Cuba, Crimea, Iran, North Korea, Sudan and Syria.

For residents of Australia: Industry Surveys are issued and/or distributed in Australia by SPIS. Any express or implied opinion contained in an Industry Survey is limited to “General Advice” and based solely on consideration of the investment merits of the financial product(s) alone. The information in an Industry Survey has not been prepared for use by retail investors and has been prepared without taking account of any particular investor’s financial or investment objectives, financial situation or needs. Before acting on any advice, any investor using the advice should consider its appropriateness having regard to their own or their clients’ objectives, financial situation and needs. Investors 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 one 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 an individual’s particular circumstances.

SPIS holds an Australian Financial Services License Number 258896. Please refer to the SPIS Financial Services Guide for more information at:

For residents of China: Industry Surveys are not distributed in or directed to residents in The People’s Republic of China. Neither S&P Global Market Intelligence nor its affiliates target investors in China.

For residents of Kuwait: The Distributor, and not S&P Global Market Intelligence, is responsible for complying with all relevant licensing requirements as set forth by the Kuwait Capital Markets Law (“CML”) and Kuwait Capital Markets Authority (“CMA”) and with all relevant rules and regulations set out in the CML and CMA rule books.

For residents of Malaysia: All queries in relation to Industry Surveys should be referred to Ahmad Halim at

For residents of Mexico: S&P Global Market Intelligence is not regulated or supervised by the Mexican National Banking and Securities Commission (“CNBV”). S&P Global Market Intelligence has a licensed rating agency affiliate in Mexico (Standard & Poor’s, S.A. De C.V.), of which S&P Global maintains firewalls and seeks to avoid conflicts of interest, pursuant to approved policies.

For residents of Qatar: The Distributor, and not S&P Global Market Intelligence, is responsible for complying with all relevant licensing requirements as set forth by the Qatar Financial Markets Authority or the Qatar Central Bank, and with all relevant rules and regulations set out in the Qatar Financial Markets Authority’s rule book, including third party branded investment research distribution of securities that are admitted for trading on a Qatari securities exchange (Admitted Securities).