If a Customer is authorized to utilize certain computer software package(s) through MSCI’s systems (including RiskManager) or through authorized access via the Andrew Davidson & Co., Inc. (“AD&Co”) website or other interface provided by AD&Co containing one or more of the following proprietary models: (1) a Mortgage-Backed Securities Pool Level Prepayment Model for fixed, balloon, adjustable rate, and hybrid ARM mortgages that produces monthly prepayment forecasts for generic conventional, government, ALT-A and Jumbo Prime mortgages (2) an Enhanced Pool Level and Loan Level Prepayment Model for mortgage and asset-backed securities that produces monthly prepayment forecasts for mortgage, auto, manufactured housing and home equity loans, using enhanced pool level or loan level data (together and separately, “Models”) then the following terms are express conditions of Customer’s receipt and review of the Model:

All rights, title and interest in and to the Model are retained by AD&Co. The limited right conferred here is nontransferable and is revocable at will by AD&Co. Also:

1. Access to the Model is provided to Customer on a confidential basis and is to be used and handled by Customer only to the limited extent necessary for its use through the MSCI system.
2. Customer acknowledges and agrees that the Model and any documentation provided to Customer is the sole and exclusive property of AD&Co and all ownership interests in such property shall remain vested in AD&Co subject to AD&Co’s right to transfer, assign or license such rights, title, or interests.
3. Customer acknowledges and agrees that the Model is a commercially valuable, proprietary, unpublished product of AD&Co, who are design and development experts and have invested considerable time and money to the development of the Model. The Model is based on substantial trade secrets of AD&Co, protected under federal and international copyright treaties.
4. Customer agrees not to disclose or allow access to the Model to any individuals other than employees and agents having a need to know such information. Customer shall use its best efforts to protect the Model against any unauthorized or unlawful use, distribution, disclosure, dissemination, or copying. Customer shall not transfer, network, copy, decompile or reverse engineer the Model, or permit any other entity, employee or agent to transfer, network, copy, decompile or reverse engineer the Model. It is expressly agreed that Customer’s breach of these obligations will cause irreparable harm and that a remedy at law would be inadequate. Therefore, in addition to any and all remedies available at law or in equity, Customer agrees that AD&Co will be entitled to obtain an injunction in the event of any threatened or actual violation of such obligations. The terms of this provision shall survive the expiration of Customer’s agreement for the MSCI product, and shall continue in full force and effect for so long as Customer continues to use, possess, or have access to the Model, including any trade secrets embodied or reflected therein.
5. Upon termination or expiration of the agreement for the MSCI Product, regardless of the reason, Customer must return to AD&Co or destroy all copies of the Model (including the underlying software, any upgrade and enhancements, and any documentation relating to the Model) in Customer’s possession, and in the possession of Customer’s affiliates, and Customer and its affiliates shall immediately cease all use of the Model.
6. AD&CO MAKES NO WARRANTY OR REPRESENTATION AS TO ACCURACY, COMPLETENESS, CONDITION, SUITABILITY OR PERFORMANCE OF THE MODEL. AD&CO SHALL HAVE NO LIABILITY FOR ANY TRAINING, OR INSTALLATION SERVICES, OR USE OF THE MODEL OR ITS OUTPUT IN CONNECTION WITH SUCH EVALUATION. Customer’s sole recourse in the event of any dissatisfaction with the Model is to stop using it and return it.

Whilst care has been taken on the production of Baltic Freight Market information, all such information is for general use and is not designed to be used for or relied upon for any specific purpose. There is no guarantee that the information will be published on any particular date or at all. The Baltic Exchange Information Services Limited will not accept any liability for any loss incurred in any way whatsoever by any person who seeks to rely on the information contained herein.

© The Baltic Exchange Information Services Limited 2021.

All copyright, database rights and other intellectual property rights in this material and information are owned by The Baltic Exchange Information Services Limited. Any form of copying, distribution, extraction or re-utilization of this information by any means, whether electronic (including distribution by email or reproduction on a website) or otherwise, is MSCI Products feature China Bond Yield Curves (“CCDC Products”). MSCI Products may also feature derived data that is based on data provided by CCDC. Any use by Customer of CCDC Products or data derived from CCDC Products requires that Customer sign the End User License Agreement with CCDC.

Please see China Bond (CCDC) for more details

Customers of Bloomberg Barclays Indices data (“Indices”) agree that they shall not sell, republish, or transmit the Indices or any data in any form, by any means, to any other party, without the prior written consent of Bloomberg.

©Bloomberg Index Services Limited 2021.  All rights reserved.  The products associated with the Indices are not sponsored, endorsed, sold or promoted by Bloomberg.  Bloomberg do not make any representation regarding the advisability of investing in any such products or the advisability of investing in securities generally.

BLOOMBERG SHALL HAVE NO LIABILITY TO CUSTOMER FOR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE INDICES OR ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE INDICES.  BLOOMBERG MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY CUSTOMER, OWNERS OF THE PRODUCTS ASSOCIATED WITH THE INDICES OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDICES OR ANY DATA INCLUDED THEREIN IN CONNECTION WITH THE RIGHTS LICENSED HEREUNDER OR FOR ANY OTHER USE.  BLOOMBERG MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPET TO THE INDICES OR ANY DATA INCLUDED THEREIN.  BLOOMBERG SHALL NOT BE LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY INDIRECT OR CONSEQUENTIAL DAMAGES, RESULTING FROM THE USE OF THE INDICES OR ANY DATA INCLUDED THEREIN.

Customer shall only make internal use of the exchange data from BME Market Data, S.A. (“BMEMD”) supplied in MSCI Products. In no circumstances shall Customer be entitled to re-distribute it.

Customer shall not store, copy, reproduce, and/or otherwise use the BMEMD data supplied in any manner beyond the scope of usage offered inside MSCI Products authorized by BMEMD.

Customer acknowledges BMEMD’s intellectual and/or industrial property rights over the BMEMD data, as well as, where appropriate, any intellectual and/or industrial property rights over the BMEMD data held by third parties.

Any CryptoCompare data provided to Customer as part of MSCI Products is permitted only for (i) Customer’s own internal use; and (ii) including in reports Customer distributes to its customers, provided that the CryptoCompare data included in each such report refers to CC Data Limited (CryptoCompare) as the source.

MSCI Products feature China Bond Yield Curves (“CCDC Products”). MSCI Products may also feature derived data that is based on data provided by CCDC. Any use by Customer of CCDC Products or data derived from CCDC Products requires that Customer sign the End User License Agreement with CCDC.

Please see China Bond (CCDC) for more details

All rights reserved. Compass Financial Technologies SA (“Compass”) has all proprietary rights with respect to the Compass Crypto Reference Indexes. Refer to Compass Crypto Reference Indexes methodology for details on the index construction, at https://www.compassft.com/wp-content/uploads/CCRI_Methodology.pdf

Copyright © 2021, Credit Suisse Hedge Index LLC. All rights reserved. MSCI Products are provided by MSCI, which takes full responsibility for providing them. Neither Credit Suisse Hedge Index LLC nor its affiliates, subsidiaries, members or parents (collectively, “Credit Suisse”) have undertaken any review of the MSCI Products or any recommendations contained herein, or of the suitability of this information for anyone accessing the MSCI Products, and neither the Products nor the information contained in the Products are sponsored, endorsed or approved by Credit Suisse. The Credit Suisse Hedge Fund Index, the Credit Suisse Investable Hedge Fund Index, and the corresponding Sub-Indices, and any information in the Products relating thereto (collectively, the “Information”) is made available to you for your own internal use and may not be reproduced or disseminated in any form, nor may it be used to create, offer or sell any security, financial instrument or index. The Information is provided “as is” and any use is at your entire risk. CREDIT SUISSE DISCLAIMS ANY AND ALL REPRESENTATIONS AND WARRANTIES, WHETHER EXPRESS, IMPLIED OR STATUTORY, REGARDING THE INFORMATION, INCLUDING WITHOUT LIMITATION, ANY WARRANTY REGARDING MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, QUALITY OR NON-INFRINGEMENT, AND ANY WARRANTY REGARDING THE ACCURACY, TIMELINESS, SUITABILITY, AVAILABILITY OR COMPLETENESS OF THE INFORMATION, OR THE RESULTS OBTAINED FROM THE USE THEREOF. UNDER NO CIRCUMSTANCES AND UNDER NO THEORY OF LAW, TORT, CONTRACT, STRUCT LIABILITY OR OTHERWISE, WILL CREDIT SUISSE HAVE ANY LIABILITY IN CONNECTION WITH THE INFORMATION OR THE USE THEREOF OR THE RESULTS OBTAINED FROM SUCH USE, WHETHER DIRECT OR INDIRECT, INCLUDING SPECIAL, INCIDENTAL, CONSEQUENTIAL, EXEMPLARY OR PUNITIVE DAMAGES, AND INCLUDING, WITHOUT LIMITATION, ANY DAMAGES BASED ON LOSS OF PROFITS, LOSS OF USE, BUSINESS INTERRUPTION OR LOSS OF DATA, EVEN IF CREDIT SUISSE HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR WAS NEGLIGENT.

Datonomy^TM is owned and administered by MSCI and was developed by Goldman Sachs, MSCI, and Coin Metrics. None of Goldman Sachs, MSCI, Coin Metrics or any other party involved in or related to compiling, computing or creating datonomy makes any express or implied warranties or representations with respect to datonomy (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to datonomy. Datonomy does not constitute investment advice, is not a solicitation or recommendation to buy or sell, or an endorsement of, any assets, does not assess, classify or make any statement regarding the regulatory status or standing of an asset, and no assurance is provided of the results of any investment or investment strategy using datonomy. Without limiting any of the foregoing, in no event shall Goldman Sachs, MSCI, or Coin Metrics, or any of their affiliates or any third party involved in or related to compiling, computing, creating or licensing the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution, dissemination or use of datonomy is permitted without the express written consent of one of Goldman Sachs, MSCI, or Coin Metrics, including using datonomy for investment purposes.

Where Customer receives Deutsche Börse AG exchange data as part of MSCI Products, Deutsche Börse AG is acknowledged as a source of exchange data. The following specific terms also apply:

Deutsche Börse Indices

The Deutsche Börse Indices and the data comprised therein (the “Index Data”) are the intellectual property (including registered trademarks) of Deutsche Börse AG, Frankfurt, Germany (“DBAG”) and/or its licensors (the “Licensors”). The use of the Index Data requires a license from DBAG. DBAG and the Licensors do not make any warranties or representations, express or implied with respect to the timeliness, sequence, accuracy, completeness, currentness, merchantability, quality or fitness for any particular purpose of the Index Data. In particular, the inclusion or deletion of a company in a DBAG Index does not in any way reflect an opinion of DBAG or the Licensors on the merits of that company. DBAG and the Licensors are not providing investment, tax or other professional advice through the publication of the Deutsche Börse Indices or in connection therewith.

STOXX Indices

The STOXX® Indices and the data comprised therein (the “Index Data”) are the intellectual property (including registered trademarks) of STOXX Limited, Zurich, Switzerland (“STOXX”) and/or its licensors (the “Licensors”). The use of the Index Data requires a license from STOXX. STOXX and the Licensors do not make any warranties or representations, express or implied with respect to the timeliness, sequence, accuracy, completeness, currentness, merchantability, quality or fitness for any particular purpose of the Index Data. In particular, that the inclusion of a company in a STOXX® Index does not in any way reflect an opinion of STOXX or the Licensors on the merits of that company. The Licensors and STOXX are not providing investment, tax or other professional advice through the publication of the STOXX® Indices or in connection therewith.

Each Customer’s use of DTCC Materials as part of MSCI Products is subject to the following:

1. to receive and store the DTCC Materials solely for use as part of or in connection with or supportive to such Customer’s use of the MSCI Products and Customer will not decouple and will require others not to decouple the DTCC Materials from the MSCI Products for the purpose of independently using such DTCC Materials to enrich other products or services, to create derived data or for any other purpose;
2. to use the DTCC Materials internally only and not to redistribute such DTCC Materials; provided however, such Customer may, in the ordinary course of its business, distribute on an ad hoc basis, “insubstantial” amounts of DTCC Materials externally in reports, presentations and other communications provided to Customers’ clients or prospects or in response to customer support questions, provided, that: (i) any such incorporated DTCC Materials is in a graphical format only for viewing and is not reproduced or republished in a format that would enable the client to copy, download or incorporate the DTCC Materials in a database of their own; (ii) such reports,presentations, graphs and other publications are only of a supportive nature to the Customer’s services; (iii) no charge is made for or in relation to the DTCC Materials; and (iv) Customer agrees and acknowledges that it shall assume full liability for any such redistribution of the DTCC Materials and will take reasonable steps to prevent its further redistribution. “Insubstantial” amounts of DTCC Materials means an amount (i) with no independent commercial value(ii) that cannot be used by any recipient as a substitute for the DTCC Materials or otherwise compete with DTTC’s distribution of the DTCC Materials; and (iii) which is based on an insignificant part of the DTCC Materials from which it was derived.
3. the DTCC Materials are and shall remain the property of DTCC or its third-party providers;
4. the DTCC Materials are provided “AS IS” without any guarantees, representations or warranties and agrees to a disclaimer of liability for the benefit of third party information providers on terms as protective as those stated in any related agreement;
5. access to the DTCC Materials may be suspended or terminated by MSCI upon thirty (30) calendar days’ notice following a determination by MSCI or DTCC that Customer is in breach of any terms applicable to the Customer’s use of such DTCC Materials;
6. access to and use of the DTCC Materials is conditional upon MSCI maintaining an agreement with DTCC and may be subject to immediate termination upon any termination of such agreement;
7. in the event of a conflict between any agreement with or terms of use established by DTCC or its Affiliates to which Customer is bound and the agreement between Customer and MSCI, such DTCC agreement or terms of use will govern with respect to Customer’s use of the DTCC Materials; and
8. DTCC is a third party beneficiary of the rights and obligations specified in sub-sections a)-g) above and may enforce such rights and obligations directly against Customer even though DTCC is not a party to the agreement between MSCI and Customer.

MSCI is permitted to reproduce the interest rate curves published by the European Insurance and Occupational Pensions Authority (EIOPA) and to provide the data in MSCI Products to Customers:

Copyright and source: EIOPA - European Insurance and Occupational Pensions Authority.

Important to note: The information provided can be obtained via EIOPA’s Website free of charge.

Euribor and Eonia are registered trademarks of European Money Markets Institute (“EMMI”). All rights reserved. All use of the trademarks must indicate that the index is a registered trademark. For all commercial use of the registered trademarks it is recommended to obtain prior explicit approval from EMMI.

Euronext “Information” includes, without limitation, market data, quotations, indices, time stamps, prices, columns, news and other information, in respect of, amongst other things, the securities / bonds / commodities / futures contracts / options contracts and other instruments processed or traded on the Euronext exchanges. Generally:

•  Customer is not allowed to distribute the Information to any of Customer’s group of companies without the prior written consent of Euronext
•  Customer recognizes that Euronext owns the intellectual property rights in the Information
•  Customer recognizes that the Information is provided subject to the terms of a separate agreement between MSCI and Euronext
•  Customer recognizes the restrictions on third party redistribution of Information
•  Custom may be required to provide information for auditing or compliance purposes in conjunction with Customer’s use of Information
•  Customer is obligated to use the Information only for its own internal business use

Copyright eVestment Alliance, LLC ("eA"). All rights reserved. Any copying, republication, or redistribution of information, including by caching, framing, or similar means, may be prohibited without the prior written consent of eA. eA shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

CUSIP Global Services

Subscriber agrees and acknowledges that the CUSIP Database and the information contained therein is and shall remain valuable intellectual property owned by, or licensed to, the American Bankers Association ("ABA"), and CUSIP Global Services ("CGS") (CGS is operated on behalf of the ABA by Factset Research Systems Inc.), and that no proprietary rights are being transferred to Subscriber in such materials or in any of the information contained therein. Any use by Subscriber outside of the clearing and settlement of transactions requires a license from CGS, along with an associated fee based on usage. Subscriber agrees that misappropriation or misuse of such materials will cause serious damage to CGS and ABA, and that in such event money damages may not constitute sufficient compensation to CGS and ABA; consequently, Subscriber agrees that in the event of any misappropriation or misuse, CGS and ABA shall have the right to obtain injunctive relief in addition to any other legal or financial remedies to which CGS and ABA may be entitled.

Subscriber agrees that Subscriber shall not publish or distribute in any medium the CUSIP Database or any information contained therein or summaries or subsets thereof to any person or entity except in connection with the normal clearing and settlement of security transactions. Subscriber further agrees that the use of CUSIP numbers and descriptions is not intended to create or maintain, and does not serve the purpose of the creation or maintenance of, a master file or database of CUSIP descriptions or numbers for itself or any third party recipient of such service and is not intended to create and does not serve in any way as a substitute for the CUSIP MASTER TAPE, PRINT, DB, INTERNET, ELECTRONIC, CD-ROM Services and/or any other future services developed by CGS.

NEITHER CGS, ABA NOR ANY OF THEIR AFFILIATES MAKE ANY WARRANTIES, EXPRESS OR IMPLIED, AS TO THE ACCURACY, ADEQUACY OR COMPLETENESS OF ANY OF THE INFORMATION CONTAINED IN THE CUSIP DATABASE. ALL SUCH MATERIALS ARE PROVIDED TO SUBSCRIBER ON AN "AS IS" BASIS, WITHOUT ANY WARRANTIES AS TO MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE NOR WITH RESPECT TO THE RESULTS WHICH MAY BE OBTAINED FROM THE USE OF SUCH MATERIALS. NEITHER CGS, ABA NOR THEIR AFFILIATES SHALL HAVE ANY RESPONSIBILITY OR LIABILITY FOR ANY ERRORS OR OMISSIONS NOR SHALL THEY BE LIABLE FOR ANY DAMAGES, WHETHER DIRECT OR INDIRECT, SPECIAL OR CONSEQUENTIAL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT SHALL THE LIABILITY OF CGS, ABA OR ANY OF THEIR AFFILIATES PURSUANT TO ANY CAUSE OF ACTION, WHETHER IN CONTRACT, TORT, OR OTHERWISE, EXCEED THE FEE PAID BY SUBSCRIBER FOR ACCESS TO SUCH MATERIALS IN THE MONTH IN WHICH SUCH CAUSE OF ACTION IS ALLEGED TO HAVE ARISEN. FURTHERMORE, CGS AND ABA SHALL HAVE NO RESPONSIBILITY OR LIABILITY FOR DELAYS OR FAILURES DUE TO CIRCUMSTANCES BEYOND THEIR CONTROL.

Subscriber agrees that the foregoing terms and conditions shall survive any termination of its right of access to the materials identified above.

Notwithstanding anything to the contrary herein, the foregoing terms and conditions shall not affect, but shall be subject to, any direct agreement between (i) Subscriber and (ii) CGS or ABA.

For FINRA data that is used for the calibration of certain analytics of the MSCI Group, such data is used with permission of FINRA. ©2021 FINRA. All rights reserved. FINRA is a registered trademark of the Financial Industry Regulatory Authority, Inc.

Use of Google Maps within the MSCI Products is subject to the Google Maps Terms of Service located at http://maps.google.com/help/terms_maps.html and the Google Legal Notices located at https://www.google.com/help/legalnotices_maps.html.

Goldman Sachs Equity Implied Volatility Data: Customer’s use of the Goldman Sachs Equity Implied Volatility Data within MSCI Products is subject to the additional terms and conditions of the Goldman Sachs Marquee® Content Addendum located at marquee.gs.com/disclosures/msci-marquee-content-addendum (or as otherwise updated from time to time).

HKEx INFORMATION SERVICES LIMITED, ITS HOLDING COMPANIES AND/OR ANY SUBSIDIARIES OF SUCH HOLDING COMPANIES ENDEAVOUR TO ENSURE THE ACCURACY AND RELIABILITY OF THE INFORMATION PROVIDED BUT DO NOT GUARANTEE ITS ACCURACY OR RELIABILITY AND ACCEPT NO LIABILITY (WHETHER IN TORT OR CONTRACT OR OTHERWISE) FOR ANY LOSS OR DAMAGE ARISING FROM ANY INACCURACIES OR OMISSIONS.

ICE FUTURES

ICE Data ("ICE") and MSCI and Refinitiv (together the "Redistributors") may supply ICE Futures pricing and ICE LIBOR rates (“ICE Products”) via MSCI Products. The Customer acknowledges and agrees that none of ICE or the Redistributors:

1. accept any responsibility or liability for the frequency of provision and accuracy of the ICE Products or any use made of the ICE Products by the Customer, whether or not arising from the negligence of any of ICE or the Redistributors; OR
2. shall be liable for any loss of business or profits nor any direct, indirect or   consequential loss or damage resulting from any such irregularity, inaccuracy or use of the ICE Products.

Furthermore, Customer acknowledges ICE Products are property of the ICE and is prohibited from copying, dissemination, or using the ICE Products outside of the MSCI Products in which the ICE Products are supplied.

ICE DATA INDICES

ICE Data Indices, LLC and its affiliates (“ICE Data”) indices and related trademarks, are intellectual property licensed from ICE Data. The ICE Data indices and related information are for Customer’s internal use only and may not be referenced, published or distributed externally, either on their own or as part of a blended benchmark, without ICE Data’s prior written approval. ICE Data index constituent reference and pricing data can only be used internally for purposes of benchmarking, performance attribution, research, analysis and risk/compliance reporting related activities performed solely in connection with the ICE Data indices. For avoidance of doubt, index constituent pricing data may not be used as a source for valuing a fund/portfolio unless Customer has entered into a direct agreement with the relevant primary pricing source that ICE Data has used to compile the index which permits such use. Index constituent reference and pricing data may not be used to enhance or validate Customer’s own bond or other reference data or bond pricing product or service. MSCI’s products have not been passed on as to their legality or suitability, and are not regulated, issued, endorsed, sold, or promoted by ICE Data. ICE DATA MAKES NO WARRANTIES AND BEARS NO LIABILITY WITH RESPECT TO THE INDICES, INDEX DATA, ANY RELATED DATA, ITS TRADEMARKS, OR THE PRODUCT(S) (INCLUDING WITHOUT LIMITATION, THEIR QUALITY, ACCURACY, SUITABILITY AND/OR COMPLETENESS).

Customer may create and distribute, transmit, license (offer to sell), or display/perform, in reports and other materials that Customer prepares for its clients, information comparing Customer’s performance to an ICE Data index; along with an immaterial amount of index data and derived data (such as general characteristics and performance of an index or specific segments of the ICE Data index) provided that Customer includes materially the following language in such report or material:

Source: ICE Data Indices, LLC (“ICE Data”), used with permission. For Customer’s internal use only. ICE DATA IS LICENSING THE ICE DATA INDICES AND ICE BOFAML INDICES AND RELATED DATA "AS IS," MAKES NO WARRANTIES REGARDING SAME, DOES NOT GUARANTEE THE SUITABILITY, QUALITY, ACCURACY, TIMELINESS, AND/OR COMPLETENESS OF THE INDICES OR ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM, ASSUMES NO LIABILITY IN CONNECTION WITH THEIR USE, AND DOES NOT SPONSOR, ENDORSE, OR RECOMMEND [Customer], OR ANY OF ITS PRODUCTS OR SERVICES.

If an ICE Data index is used to create a blended benchmark (for example, a benchmark that is an equally weighted blend of an ICE Data Index and a third party index), such benchmark shall be labeled and explained as such so that there is no confusion that a new index has been created. ICE Data is not granting any rights to Customer to use the intellectual property of any third party that may be incorporated in a blended benchmark. Customer will indemnify and hold harmless ICE Data to the extent of a third party claim asserted against ICE Data arising from or related to a breach of this Notice.

For avoidance of doubt, Customer is not permitted to create a blended benchmark based solely on ICE Data index data or a custom benchmark derived in whole or in part from ICE Data index constituent data.

INTERACTIVE DATA PRICING AND REFERENCE DATA

No warranties

INTERACTIVE DATA PRICING AND REFERENCE DATA LLC (“IDC”) AND ITS SUPPLIERS MAKE NO WARRANTIES, EXPRESS OR IMPLIED, AS TO MERCHANTABILITY, FITNESS OR ANY OTHER MATTER WITH RESPECT TO IDC SERVICES.

Limitation on liability

(a) IDC and its suppliers shall have no liability to the Customer, or a third party, for errors, omissions or malfunctions in the IDC Services, other than the obligation of IDC to endeavor, upon receipt of notice from Customer, to correct a malfunction, error, or omission in any services provided by IDC which may include, but is not limited to, data, software, data access, selected or bulk delivery of data, hosted solutions, contract programming, consulting and technical assistance (“Services”).

(b) Customer acknowledges that the Services are intended for use as an aid to institutional investors, registered brokers or professionals of similar sophistication in making informed judgments concerning securities.

Customer accepts responsibility for, and acknowledges it exercises its own independent judgment in, its selection of any of the Services, its selection of the use or intended use of such, and any results obtained. Nothing contained herein shall be deemed to be a waiver of any rights existing under applicable law for the protection of investors.

(c) The Customer shall indemnify IDC and its suppliers against and hold IDC harmless from any and all losses, damages, liability, costs, including attorney’s fees, resulting directly or indirectly from any claim or demand against IDC or its suppliers by a third party arising out of or related to any Services received by the Customer, or any data, information, service, report, analysis or publication derived therefrom. Neither IDC nor its suppliers shall be liable for any claim or demand against Customer by a third party.

(d) Neither party shall be liable for (i) any special, indirect or consequential damages (even if advised of the possibility of such), (ii) any delay by reason of circumstances beyond its control, including acts of civil or military authority, national emergencies, labor difficulties, fire, mechanical breakdown, floor or catastrophe, acts of God, insurrection, war, riots, or failure beyond its control of transportation or power supply, or (iii) any claim that arose more than one year prior to the institution of suit therefor.

Evaluations

In the event that Customer at any time receives data from IDC containing evaluations, rather than market quotations, for certain securities or certain other data related to such securities, the following provisions will apply: (i) evaluated securities are typically complicated financial instruments. There are many methodologies (including computer-based analytical modeling and individual security evaluations) available to generate approximations of the market value of such securities, and there is significant professional disagreement about which is best. No evaluation method, including those used by UDC, may consistently generate approximations that correspond to actual “traded” prices of the instruments; (ii) IDC’s methodologies used to provide the pricing portion of certain data may rely on evaluations; however, Customer acknowledges that there may be errors or defects in IDC’s software, databases, or methodologies that may cause resultant evaluations to be inappropriate for use in certain applications; and (iii) Customer assumes all responsibility for edit checking, external verification of evaluations, and ultimately the appropriateness of use of evaluations and other pricing data provided in the Services via MSCI’s Products regardless of any efforts made by IDC in this respect. Customer shall indemnify and hold IDC completely harmless in the event that errors, defects, or inappropriate evaluations are made available via the Service.

If Licensee is permitted to include any INCANS™ Score in any external, internal, or regulatory reports or publications then Licensee shall add “INCANS™ Score” in close proximity to such score.

Warranty/disclaimer

INTEX uses certain data, MBS pool information, tranche factors, ratings, prices, etc. (“DATA”), from certain data providers (“PROVIDERS”) when generating software, deal models and deal model updates, and any associated documentation, maintenance and user support (“PRODUCTS”). INTEX and the PROVIDERS shall not be liable, for any reason, for (i) any errors, omissions, delays or inaccuracies in the DATA and the PRODUCTS, (ii) any interruption of the other equipment, systems, or connection facilities, or (iii) due to events beyond the reasonable control of INTEX and the PROVIDERS. INTEX AND EACH PROVIDER SPECIFICALLY DISCLAIM ANY KNOWLEDGE OF ANY PURPOSE FOR WHICH CUSTOMER SHALL USE THE PROVIDERS’ DATA AND INTEX’S PRODUCTS.  CUSTOMER EXPRESSLY AGREES THAT THE PRODUCTS ARE TO BE USED FOR INFORMATIONAL PURPOSES ONLY AND THAT THE USE OF THE PRODUCTS DOES NOT CONSTITUTE AN OFFER, RECOMMENDATION OR SOLICITATION TO PURCHASE, HOLD OR SELL ANY SECURITY.

Limitation of liability

IN NO EVENT WILL INTEX BE LIABLE FOR DIRECT, INDIRECT, SPECIAL, EXEMPLARY, INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF A CUSTOMER’S USE OF OR INABILITY TO USE THE PROVIDER DATA OR INTEX’S PRODUCTS, EVEN IF ADVISED OF THE POSSIBILTY OF SUCH DAMAGES AND EVEN IF SUCH CLAIM BE MADE IN CONTRACT, TORT OR OTHERWISE, EXCEPT FOR DIRECT DAMAGES AS A RESULT OF GROSS NEGLIGENCE OR WILLFUL MISCONDUCT ON THE PART OF INTEX. INTEX AND ITS PROVIDERS SPECIFICALLY DISCLAIM ANY AND ALL LIABILITY RELATED TO EACH CUSTOMER’S OBLIGATIONS TO COMPLY WITH ALL APPLICABLE LAWS, INCLUDING BUT NOT LIMITED TO ALL RELEVANT PRIVACY AND SECURITIES LAWS.

Portfolio level disclaimer

INTEX models certain deals that are categorized as “Portfolio Level.”   Portfolio Level may be at a lower level of accuracy due to a lack of information such as loan level data, pooling and servicing agreements, insurance agreements and/or other information.  Results from Portfolio Level models may not be as accurate as INTEX’s non-portfolio models. INTEX shall not be liable to Customer with respect to Portfolio Level deal models for any loss or damage whatsoever, caused in any way, arising directly or indirectly from the use of such deal models.

1. The FTSE/JSE Africa Index Series is calculated by FTSE International Limited (“FTSE”) in conjunction with the JSE Limited in accordance with standard criteria. The FTSE/JSE Africa Index Series is the proprietary information of FTSE and JSE Limited. All copyright subsisting in the FTSE/JSE Africa Index Series index values and constituent lists vests in FTSE and JSE Limited jointly. All their rights are reserved.
2. All rights in the FTSE/JSE Africa Index Series vest in the JSE Securities Exchange South Africa (“JSE”) and in FTSE jointly. FTSE™ is a trade mark of the London Stock Exchange Group of Companies (“LSE”). JSE is a trade mark of the JSE.
3. MSCI is licensed by FTSE and the JSE to publish the FTSE/JSE Africa Index Series on an end of day basis. FTSE and the JSE shall not be responsible for any error or omission in the FTSE/JSE Africa Index Series. All copyright and database rights in the FTSE/JSE Africa Index Series belong to FTSE and the JSE jointly. Redistribution of the data comprising the FTSE/JSE Africa Index Series is not permitted without the express prior written consent of the JSE and FTSE. Customer agrees to acquaint itself with and comply with any restrictions or conditions imposed upon the use, access, or storage of the data as may be required by FTSE, the JSE or MSCI including the condition that in certain circumstances Customer will be required to enter into a separate agreement with FTSE, the JSE, or MSCI.

Fixed income indexes

Copyright 2021 JPMorgan Chase & Co.  All rights reserved.  J.P. Morgan is the marketing name for JPMorgan Chase & Co., and its subsidiaries and affiliates worldwide. J.P. Morgan Securities LLC. is a member of NYSE and SIPC.  JPMorgan Chase Bank, National Association is a member of FDIC.  J.P. Morgan Futures Inc. is a member of the NFA.  J.P. Morgan Securities plc and J.P. Morgan Limited are authorized by the FSA and members of the LSE.  J.P. Morgan Europe Limited is authorized by the FSA.  J.P. Morgan Equities Limited is a member of the Johannesburg Securities Exchange and is regulated by the FSB.  J.P. Morgan Securities (Asia Pacific) Limited is registered as an investment adviser with the Securities & Futures Commission in Hong Kong and its CE number is AAJ321.  J.P. Morgan Securities Singapore Private Limited is a member of Singapore Exchange Securities Trading Limited and is regulated by the Monetary Authority of Singapore (“MAS”).  J.P. Morgan Securities Asia Private Limited is regulated by the MAS and the Financial Services Agency in Japan.  J.P. Morgan Australia Limited (ABN 52 002 888 011) is a licensed securities dealer.

MSCI Products are not sponsored, endorsed, sold or promoted by J.P. Morgan. J.P. Morgan makes no representation or warranty, express or implied, to the owners of MSCI Products or any member of the public regarding the advisability of investing in securities generally, or in the MSCI Products particularly, or the accuracy, completeness or quality of the data provided by J.P. Morgan therein or in addition thereto.  J.P. Morgan's only relationship to MSCI is the licensing of the J.P. Morgan fixed income indexes which are determined, composed and calculated by J.P. Morgan without regard to MSCI or MSCI Products. J.P. Morgan has no obligation to take the needs of MSCI or the owners of MSCI Products into consideration in determining, composing or calculating the J. P. Morgan fixed income indexes. J.P. Morgan is not responsible for and has not participated in the determination of any timing of, prices at, or quantities of MSCI Products to be issued or in the determination or calculation of the equation by which MSCI Products is to be converted into cash (if applicable).  J.P. Morgan has no obligation or liability in connection with the administration, marketing or trading of MSCI Products.

THE J. P. MORGAN FIXED INCOME INDEXES AND MSCI PRODUCTS ARE PROVIDED “AS IS” WITH ANY AND ALL FAULTS.  J.P. MORGAN DOES NOT GUARANTEE THE AVAILABILITY, SEQUENCE, TIMELINESS, QUALITY, ACCURACY AND/OR THE COMPLETENESS OF THE J. P. MORGAN FIXED INCOME INDEXES AND/OR MSCI PRODUCTS AND/OR ANY DATA INCLUDED THEREIN, OR OTHERWISE OBTAINED BY MSCI, OWNERS OF MSCI PRODUCTS, OR BY ANY OTHER PERSON OR ENTITY, FROM ANY USE OF THE J. P. MORGAN FIXED INCOME INDEXES AND/OR MSCI PRODUCTS.  J.P. MORGAN MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY, OF FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE J. P. MORGAN FIXED INCOME INDEXES OR ANY DATA INCLUDED THEREIN, OR OTHERWISE OBTAINED BY MSCI, OWNERS OF MSCI PRODUCTS, OR BY ANY OTHER PERSON OR ENTITY, FROM ANY USE OF THE J. P. MORGAN FIXED INCOME INDEXES AND/OR MSCI PRODUCTS.  THERE ARE NO REPRESENTATIONS OR WARRANTIES WHICH EXTEND BEYOND THE DESCRIPTION SET FORTH HERE, IF ANY.  ALL WARRANTIES AND REPRESENTATIONS OF ANY KIND WITH REGARD TO THE J. P. MORGAN FIXED INCOME INDEXES AND/OR MSCI PRODUCTS, ARE DISCLAIMED INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY, QUALITY, ACCURACY, FITNESS FOR A PARTICULAR PURPOSE AND/OR AGAINST INFRINGEMENT AND/OR WARRANTIES AS TO ANY RESULTS TO BE OBTAINED BY AND/OR FROM THE USE OF THE J. P. MORGAN FIXED INCOME INDEXES AND/OR THE USE AND/OR THE PURCHASE OF MSCI PRODUCTS. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL J.P. MORGAN HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, DIRECT, INDIRECT, OR CONSEQUENTIAL DAMAGES, INCLUDING LOSS OF PRINCIPAL AND/OR LOST PROFITS, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

FX volatility data

With respect to the provision and use of J. P. Morgan’s historical FX implied volatility data (the “JPM Data”) via MSCI Products, the following applies:

1. the Customer may use the JPM Data for its internal purposes only;
2. the Customer acknowledges that the JPM Data is protected by copyright and trade secret rights, is and shall remain the sole property of J. P. Morgan and title and full ownership rights in the JPM Data are reserved to and shall remain with J. P. Morgan;
3. the Customer represents and warrants that it shall reproduce all relevant copyright notices on all permitted copies of the JPM Data including documentation;
4. the Customer shall not disclose to third parties, transfer, sub-lease, sub-license, assign, rent, lease, convey, sell, mortgage, grant security interests or otherwise encumber the JPM Data, any portion thereof, or any derivative works based thereon;
5. the JPM Data is provided “as is,” all express of implied warranties and representations of any kind with regard to the JPM Data are hereby disclaimed, including, but not limited to, warranties or merchantability, accuracy, satisfactory quality, fitness for a particular purpose or warranties as to any results to be obtained from any use of the JPM Data or information derived from the JPM Data;
6. that in no event shall J. P. Morgan have any liability for any losses (whether direct or indirect, in contract, tort, warranty or otherwise) incurred in connection with any decision made or action taken by any party, including, without limitation, any Customer or any of Customer’s clients, in reliance upon, or for any delays, inaccuracies, errors in, or omissions of, the JPM Data;
7. that J. P. Morgan shall not be liable for any indirect, consequential, incidental, special, punitive or exemplary damages, even if MSCI or J. P. Morgan has been apprised of the likelihood of such damages occurring;
8. the Customer agrees that J. P. Morgan shall be an intended third-party beneficiary of any agreement between Customer and MSCI so long as Customer uses the JPM Data; and
9. upon any termination of Customer’s agreement with MSCI, the agreement to provide the JPM Data to Customer shall also terminate.

The MSCI products are not sponsored, endorsed, sold or promoted by Level ETF Ventures, LLC (“LEVEL”). LEVEL makes no representation or warranty, express or implied, to the recipient of the MSCI products. LEVEL’s only relationship to MSCI is the licensing of LEVEL’s data which is provided by LEVEL without regard to MSCI products. LEVEL has no obligation to take the needs of MSCI, MSCI’s clients, or End Users of the MSCI products into consideration in determining, composing or calculating LEVEL’s data. LEVEL is not responsible for accuracy or completeness of the MSCI products. LEVEL has no obligation or liability in connection with the administration, marketing or provision of the MSCI products.

LEVEL DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF ITS DATA OR ANY DATA INCLUDED THEREIN AND LEVEL SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. LEVEL MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, CLIENTS OR END USERS OF MSCI, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF LEVEL’S DATA. LEVEL MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO ITS DATA OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL LEVEL HAVE ANY LIABILITY FOR ANY LOST PROFITS OR INDIRECT, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

FTSE Indices

The MSCI products have been developed solely by MSCI. The MSCI Products are not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.

All rights in the FTSE Indices vest in the relevant LSE Group company which owns the Index. “FTSE®” “Russell®”, “FTSE Russell®”, “MTS®”, “FTSE4Good®” are trade marks of the relevant LSE Group companies and are used by any other LSE Group company under license. “TMX®” is a trade mark of TSX, Inc. and used by the LSE Group under license. The Indices are calculated by or on behalf of FTSE International Limited, FTSE Fixed Income, LLC or its affiliates, agents or partners. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Indices or (b) investment in or operation of the MSCI Products. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the MSCI Products or the suitability of the Indices for the purpose to which it is being put by MSCI.

FTSE Tuned Models

Certain underlying data in the FTSE Tuned UKE6 models is sourced from FTSE. All rights in the FTSE indexes and data vests in FTSE and/or its licensors. "FTSE®" is a trademark of the London Stock Exchange Group companies and is used by FTSE under licence. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE Tuned UKE6 Models or underlying data.

FTSE ICB

The Industry Classification Benchmark ("ICB") is owned by FTSE International Limited ("FTSE"). "FTSE®" is a trademark of London Stock Exchange and The Financial Times and is used by FTSE under license. FTSE does not accept any liability to any person for any loss or damage arising out of any error or omission in the ICB."

SEDOL

Some MSCI Products may contain SEDOL Masterfile® data sourced from the London Stock Exchange® (“LSE”). It is the obligation of the Customer to ensure they have the appropriate licence in place with the LSE to receive such data. MSCI may be required to provide the Customer’s contact information to the LSE to allow verification of the licence status. MSCI may be required to exclude SEDOL Masterfile data from the product until as such time as the LSE confirms that permission has been granted to do so. The LSE may require MSCI to cease the provision of the SEDOL Masterfile if requested to do so by the LSE where the Customer is in breach of its licence with the LSE.

For Customers of certain other MSCI Products, unless the Customer has authorization from the LSE, SEDOLs are provided to Customer by MSCI on a view-only basis.  Customers may not download, extract, reproduce or redistribute SEDOLs without obtaining the consent of the LSE.

IHS Markit data:

Neither Markit, its affiliates nor any third party data or service provider makes any warranty, express or implied, as to the accuracy, non-infringement, completeness or timeliness of the data contained herewith nor as to the results to be obtained by recipients of the data. Neither Markit, its affiliates nor any third party data or service provider shall in any way be liable to any recipient of the data for any inaccuracies, errors or omissions in the Markit data, regardless of cause, or for any damages (whether direct or indirect) resulting there from.

Opinions, estimates and projections in this report do not reflect the opinions of Markit or its affiliates. Markit has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.

Without limiting the foregoing, neither Markit, its affiliates nor any third party data or service provider shall have any liability whatsoever to you, whether in contract (including under an indemnity), in tort (including negligence), under a warranty, under statute or otherwise, in respect of any loss or damage suffered by you or any third party as a result of or in connection with any opinions, recommendations, forecasts, judgments, or any other conclusions, or any course of action determined, by you or any third party, whether or not based on the data, content, information or materials contained herein.

All intellectual property and other proprietary rights comprised in the Markit data are and shall be the exclusive property of Markit or its third party providers.

Except as otherwise expressly permitted by Markit in writing, the Markit data is made available to you under the condition that you shall (a) only be allowed to use the Markit data internally in the ordinary course of your business; (b) not use any Markit data to create books of records or for position level valuation purposes; (c) not redistribute, transfer, sub-license, rent, lend, transmit, sell, resell, re-circulate, repackage, lease, publish or otherwise re-distribute or make available, any of the Markit data; and (d) not use the Markit data in connection with designing, creating, improving, developing, providing, sponsoring, administering, calculating, pricing or otherwise supporting any database, index, risk, performance or other analytics or other financial product or service (including without limitation any model, algorithm, identifier, reference data, liquidity metric, pricing or valuation service or any trading platform or pre- or post-trade servicing platform or to store or create a historical database thereof).

Copyright © 2021, Markit Group Limited

Markit credit data

If Customer receives certain services and data (“Markit Data”) provided by Markit Group Limited (“Markit”) from MSCI pursuant to the license agreement between MSCI and Customer, it may only be provided subject to acknowledgement and agreement to certain terms as described below, including the delivery of a report by MSCI to Markit detailing Customer’s use of the Markit Data:

1. Customer may receive one or more groups of Markit Data from MSCI, as identified in the agreement between MSCI and Customer. 
2. With respect to a Customer who receives Credit Default Swaps - 5 year nodes, MSCI shall provide such Customer with 5 year index on-the-run constituents composite CDS within its web-based RiskManager application, as follows:
   • 125 CDX-IG Constituents
   • 125 iTraxx Europe Constituents
   • 50 iTraxx Japan Constituents
   • 50 iTraxx Asia Ex-Japan Constituents

Any further use will require Customer to license the Markit Data directly via Markit.

3. With respect to a Customer who receives Sovereign CDS, MSCI shall provide Customer with Markit’s composite 5 Year daily and historical spreads for a subset of single name debt obligation credit default swaps related to CDS on Sovereign issuers only. This Markit Data will be viewable and downloadable within MSCI’s Products (particularly, its RiskManager application) but restrictions on usage will apply. Any further use will require Customer to license the Markit Data directly via Markit.
4. A Customer who is not a Common Customer (those entities which are: (i) customers that have entered into agreements directly with Markit relating to the provision by Markit of Markit Data or any part thereof to such customers, and (ii) have also signed an agreement with MSCI; Markit shall have the sole but reasonable discretion to determine whether an entity qualifies as a Common Customer) acknowledges and agrees that:

4.1  NEITHER MARKIT, ITS AFFILIATES NOR ANY DATA PROVIDER MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY OF THE MARKIT DATA OR AS TO RESULTS TO BE ATTAINED BY CUSTOMER OR OTHERS FROM THE USE OF THE MARKIT DATA, AND THERE ARE NO EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE.  MARKIT EXPRESSLY DISCLAIMS ANY CONDITION OF QUALITY AND ANY EXPRESS OR IMPLIED WARRANTY OF TITLE, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.

4.2  NEITHER MARKIT, ITS AFFILIATES NOR ANY OTHER PERSON OR ENTITY SHALL IN ANY WAY BE LIABLE TO THE USER OF THIS MARKIT DATA OR ANY CLIENT OF SUCH CUSTOMER FOR ANY INACCURACIES, ERRORS OR OMISSIONS, REGARDLESS OF CAUSE, IN THE MARKIT DATA OR FOR ANY DAMAGES (WHETHER DIRECT OR INDIRECT) RESULTING THEREFROM.  UNDER NO CIRCUMSTANCES WILL MARKIT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR LOST PROFITS DAMAGES WITH RESPECT TO THE USE OF THE MARKIT DATA, REGARDLESS OF WHETHER SUCH DAMAGES COULD HAVE BEEN FORESEEN OR PREVENTED.

5. Customer acknowledges and agrees that in the event that it uses, or that MSCI uses, through MSCI Products, as evidenced by the report described above, a larger Markit Data set or different Markit products (“Additional Markit Data”) than the Markit Data or products it subscribes to with Markit (in accordance with a Data services agreement), or is otherwise permitted pursuant to paragraphs 2 or 3 above, then the usage of the Additional Markit Data is subject to Customer and Markit reaching an agreement regarding an upgraded level of service subscribed from Markit, to be negotiated in good faith. Failure to reach such agreement shall result in termination of usage by MSCI of any Markit Data on behalf of, or distributed to such Customer.

Markit liquidity data

1. Disclaimer of Warranties; Limitation of Liability. Customer agrees as follows:
   
   ALL SERVICES, DATA, ANALYTICS OR OTHER PRODUCTS ("MATERIALS") PROVIDED TO CUSTOMER UNDER THE CUSTOMER AGREEMENT (THE “AGREEMENT”) ARE PROVIDED ON AN ”AS IS” BASIS. THE THIRD PARTY PROVIDERS OF THE MATERIALS, AND ANY OTHER THIRD PARTY DIRECTLY OR INDIRECTLY INVOLVED IN OR RELATED TO MAKING OR COMPILING ANY MATERIALS (EACH A "COVERED THIRD PARTY") MAKE NO REPRESENTATIONS OR WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, WITH RESPECT TO THE MATERIALS (OR THE RESULTS TO BE OBTAINED BY THE USE THEREOF), AND THE COVERED THIRD PARTIES EXPRESSLY DISCLAIM ANY AND ALL IMPLIED WARRANTIES.
   
   CUSTOMER ASSUMES THE ENTIRE RISK OF ANY USE CUSTOMER MAY MAKE OF THE MATERIALS. IN NO EVENT SHALL ANY COVERED THIRD PARTY BE LIABLE TO CUSTOMER OR ANY THIRD PARTY FOR ANY DIRECT OR INDIRECT DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY LOST PROFITS, LOST SAVINGS OR OTHER INCIDENTAL OR CONSEQUENTIAL DAMAGES, ARISING OUT OF CUSTOMER’S USE OF OR INABILITY TO USE THE MATERIALS, REGARDLESS OF THE FORM OF ACTION, EVEN IF ANY COVERED THIRD PARTY HAS BEEN ADVISED OF OR OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF SUCH DAMAGES.

    

2. Indemnification. Customer agrees to Indemnify, defend and hold harmless each third party provider from and against any claims, losses, damages, liabilities, costs and expenses, including reasonable attorneys' fees and costs, as incurred, arising In any manner out of Customer’s use of the Materials in breach of the Agreement.
3. Ownership. MSCI and/or its affiliates and/or its or their third party providers are the sole and exclusive owner of the MSCI Products, and all intellectual property rights in or to the Materials.
4. Enforcement. Any third parties set forth in the provisions above are third party beneficiaries of the Agreement with respect to such provisions, and are entitled to enforce such provisions of the Agreement directly against Customer.

© 2021, Moody’s Analytics, Inc. and its licensors (“Moody’s”). Moody’s ratings and other information (“Moody’s Information”) are proprietary to Moody’s and/or its licensors and are protected by copyright and other intellectual property laws. Moody’s Information is licensed to MSCI by Moody’s. MOODY’S INFORMATION MAY NOT BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNYER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

Moody’s® is a registered trademark.

Moody’s Investors Services, Inc. (“MIS”) hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MIS have, prior to assignment of any rating, agreed to pay to MIS for the appraisal and rating services rendered by it fees ranging from $1,500 to $2,400,000. Moody’s Corporation (MCO) and its wholly-owned credit rating agency subsidiary, 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 on Moody’s website at www.moodys.com under the heading “Shareholder Relations – Corporate Governance – Director and Shareholder Affiliation Policy.”

The Customer expressly agrees, on behalf of itself and each other person or entity that it permits to use any Moody’s Information (each a “User”), that (a) the credit ratings and other opinions, and valuations, quotes, statistical, quantitative or other information contained in the Moody’s Information are, and will be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, hold or sell any securities, (b) the Moody’s Information will be weighted solely as one factor in any investment decision made by or on behalf of Customer or any User, and (c) it will accordingly make its own study and evaluation of each security, and of each issuer and guarantor of, and each provider of credit support for, each security that it may consider purchasing, holding or selling.

Neither MVIS nor any other party involved in or related to compiling, computing or creating the MVIS data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MVIS, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MVIS data is permitted without MVIS’ express written consent.

Before distributing any Index Data to any Subscriber, Vendor shall identify the potential subscriber to MVIS in writing and MVIS shall promptly notify Vendor that it can distribute Index Data to, including the relevant portion of such Index Data, such Subscriber. Notwithstanding the foregoing Vendor may distribute the Index Values to any of its customers or Subscribers approved by MVIS for receipt and use of certain specified Index Data.

NASDAQ data Customers must agree with either Section 1 OR Section 2 below:

1. Customer represents and warrants that it has previously executed the Nasdaq Subscriber Agreement, and remains in good standing thereunder.
2. Customer, (known as “Subscriber” in the Nasdaq Subscriber Agreement) agrees:

a. that it has read and agrees to be bound by the Nasdaq Subscriber Agreement, a copy of which is available at http://www.nasdaqtrader.com/content/AdministrationSupport/AgreementsData/subagreemstandalone.pdf ;

b. that MSCI is not an agent of Nasdaq and is not authorized to add to or delete from the Nasdaq Subscriber Agreement and is not authorized to modify any provision of the Nasdaq Subscriber Agreement; and

c. that no provision has been added to or deleted from the Nasdaq Subscriber Agreement and that no modifications have been made to it.  Both the Subscriber and the person executing on behalf of the Subscriber warrant that the Subscriber is legally able to undertake the obligations set forth in and the signatory is duly authorized to bind the Subscriber to the Nasdaq  Subscriber Agreement.

Customer understands and acknowledges that NYSE and certain other parties that supply any portions of data to NYSE (“Suppliers”) have a proprietary interest in the data that originates on or derives from its markets or in its index information (the “Market Data”).

NYSE and the Suppliers do not guarantee the timeliness, sequence, accuracy or completeness of Market Data made available or of other market information or messages disseminated by NYSE or any of the Suppliers. NYSE and the Suppliers will not be liable in any way to Customer or to any other person for:

(a) any inaccuracy, error or delay in, or omission of, (i) any such data, information or message, or (ii) the transmission or delivery of any such data, information or message, or

(b) any loss or damage arising from or occasioned by (i) any such inaccuracy, error, delay or omission, (ii) non-performance, or (iii) interruption in any such data, information or message

due either to any negligent act or omission by NYSE or any of the Suppliers or to any "Force Majeure" (i.e., any flood, extraordinary weather conditions, earthquake or other act of God, fire. war, insurrection, riot, labor dispute, accident, action of government, communications or power failure, or equipment or software malfunction) or any other cause beyond the reasonable control of any NYSE or any of the Suppliers.

Nikkei Indices

Nikkei has intellectual property and other rights in and to the Nikkei Indices (including but not limited to Nikkei Stock Average, Nikkei Stock Index 300, Nikkei Stock Average Volatility Index, Nikkei Average Dividend Point Index, Nikkei Stock Average by Industry (Pharmaceuticals), et al.), and are solely owned by Nikkei.

Copyright 2020 © Nikkei Inc.

Nikkei does not warrant the accuracy and completeness of the Nikkei Indices.

Nikkei NEEDS

The term “Authorized NIKKEI Representative” means the party set forth in agreement with MSCI to supply data, which may act as an agent and representative for NIKKEI under an agreement. This party may be NIKKEI itself or another third party.

The term “Service” shall mean the information database known as NEEDS and any accompany information developed by Nihon Keizai Shimbun, Inc. of Japan (“NIKKEI Japan”) and Nihon Keizai Shimbun America Inc. (“NIKKEI”)

NIKKEI, NIKKEI JAPAN, AUTHORIZED NIKKEI REPRESENTATIVE, THEIR AFFILIATES AND THE INFORMATION SUPPLIERS DISCLAIM ALL WARRANTIES OR REPRESENTATIONS, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTY OR REPRESENTATION OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, ARISING OUT OF OR RELATING TO THE SERVICE UNDER THIS AGREEMENT. IN NO EVENT SHALL NIKKEI, NIKKEI JAPAN, AUTHORIZED NIKKEI REPRESENTATIVE, THEIR AFFILIATES AND THE INFORMATION SUPPLIERS BE LIABLE FOR ANY INDIRECT, CONSEQUENTIAL, INDICENTAL, SPECIAL OR PUNITIVE LIABILITY, LOSS OR DAMAGES WAS DISCLOSED TO NIKKEI, NIKKEI JAPAN, AUTHORIZED NIKKEI REPRESENTATIVE, THEIR AFFILIATES, AND THE INFORMATION SUPPLIERS, OR OTHERWISE COULD HAVE BEEN FORESEEN.

Although NIKKEI, NIKKEI Japan, Authorized NIKKEI Representative, their affiliates, and Information Suppliers shall use reasonable efforts to ensure the timeliness, frequency, accuracy, and completeness of the Service, NIKKEI, NIKKEI Japan, Authorized NIKKEI Representative, their affiliates and the Information Suppliers do not guarantee the timeliness, sequence, accuracy or completeness of the Service. Except in the event of willful misconduct, NIKKEI, NIKKEI Japan, Authorized NIKKEI Representative, their affiliates, and the Information Suppliers shall not be liable in any way to or for any loss or damage caused by any inaccuracy, error or delay in, or omission of the Service.

With respect to certain market data from Nodal Exchange, LLC (“Nodal”) processed by MSCI (including its affiliates), Customer agrees as follows:

1. Nodal owns and provides an electronic trading system (the “Nodal System”) to Nodal Exchange participant(s) (“Nodal Participants”) for the execution of trades involving energy-related futures contracts and other financial instruments (“Nodal Products”).  Nodal provides market data relating to settlement prices on Nodal Products prepared using Nodal System information (“Nodal Data”), which Nodal provides solely to Nodal Participants’ for their internal business purposes. 
2. Customer has subscribed to an MSCI Product and has requested that MSCI process Nodal Data on Customer’s behalf.  As an accommodation to Customer, MSCI has agreed that it will receive and upload the Nodal Data directly from Nodal (instead of Customer uploading the Nodal Data into the MSCI Product itself); subject to the following:

a.  Customer represents, warrants and covenants that:  (i) it is currently a Nodal Participant; (ii) Customer has all necessary rights, licenses and authority for MSCI to receive, upload and process the Nodal Data in the MSCI Product on Customer’s behalf; and (iii) if Customer is no longer authorized to have MSCI receive, upload or process the Nodal Data, Customer shall immediately notify MSCI thereof in writing and after receipt of such written notice, MSCI shall no longer provide the Nodal Data to Customer; and

b.  Customer agrees that MSCI shall have no liability in respect of, nor shall MSCI have any obligation to review, the Nodal Data.  Customer shall defend, indemnify, save and hold harmless MSCI, any of its related indemnitees, and its third party data providers from any and all claims, demands, liabilities, costs or expenses, including reasonable attorneys’ fees in connection with any claim or action by Customer, Nodal or any third party arising out of or relating to the Nodal Data, and/or its use with the MSCI Product, and/or relating to any decisions or analyses arising out of such use.

Notice of open source usage

Some MSCI software, systems, and webpages include components licensed for use based on the terms of the following open source software licenses. The machine readable copy of the corresponding source code is available in the source column below for applicable components

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Refinitiv and its affiliates obtain information from sources they believe to be reliable, but do not warrant its accuracy or fitness for a particular purpose, and disclaim for themselves and their information providers all liability arising from its use. The information provided is not offered as tax, legal, or investment advice, or an offer to buy or sell securities. The information provided may be displayed and printed for Customer’s personal, non-commercial use only. Customers may not reproduce, re-transmit, distribute, disseminate, sell, publish, broadcast or circulate the information in any form or media to anyone, without the express written consent of Refinitiv.

Lipper

Portions of the mutual fund information contained in MSCI Products may have been supplied by Lipper, A Refinitiv Company, subject to the following:

Copyright 2021 © Refinitiv. All rights reserved.  Any copying, republication or redistribution of Lipper Information, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Refinitiv for MSCI performance products

MSCI Index data may utilize content provided by Refinitiv.

Redistribution of Refinitiv information

For redistribution of certain Thomson Reuters “Information” in MSCI Products, the following notice and disclaimer from Refinitiv may apply:

 Copyright © 1999 - 2021, Refinitiv   All rights reserved. Refinitiv (Markets) LLC (“Refinitiv”) and its affiliates are referred to below as “Refinitiv”.

The “Information Product” is any data or service provided by Refinitiv. Refinitiv or its third party providers own and retain all rights, title and interest, including but not limited to copyright, trademarks, patents, database rights, trade secrets, know-how, and all other intellectual property rights or forms of protection of similar nature or having equivalent effect, anywhere in the world, in the Information Product and Customer is not granted any proprietary interest therein or thereto.  The Information Product constitutes confidential and trade secrets of Refinitiv or its third party providers. Display, performance, reproduction, distribution of, or creation of derivative works or improvements from Information Product in any form or manner is expressly prohibited, except to the extent expressly permitted hereunder, or otherwise, with the prior written permission of Refinitiv.

Customer may use the Information Product for internal purposes only.  Customer may copy, paste and distribute internally only an insubstantial amount of the data contained in the Information Product  provided that: (a) the distribution is incidental to or supports Customer’s business purpose, (b) the data is not distributed by Customer in connection with information vending or commercial publishing (in any manner or format whatsoever), not reproduced through the press or mass media or on the Internet, and (c) where practicable, clearly identifies Refinitiv or its third party providers as the source of the data.  Data will be considered in “insubstantial amount” if such amount (i) has no independent commercial value, (ii) could not be used by the recipient as a substitute for any product or service (including any download service) provided by Refinitiv or a substantial part of it.

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RICS

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World markets

The WM/Refinitiv Closing Spot Rates, the WM/Refinitiv Intra-Day Spot Rates and the WM/Refinitiv Forward Rates are provided by the WM Company plc in conjunction with Refinitiv. The WM Company plc shall not be liable for any errors in or delays in providing or making available the data contained within these services or for any actions taken in reliance on the same, except to the extent that the same is directly caused by its or its employees’ negligence.

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The IPR of security prices compiled and record by Singapore Exchange Securities Trading Limited (“SGX-ST”) during its trading sessions and provided to Customer in MSCI Products shall be vested at all times in SGX-ST.

SPH Data Services Pte Ltd (“SPH Data”) is the IPR owner of the Strait Times Index (“ST Index”), the related formula and methodology pursuant to which the ST Index is calculated and computed and all literary works of authorship in the formula and all other documentation. SGX-ST owns the IPR in relation to the software that is used for the computation and calculation of the ST Index as well as all the literary works of authorship in the software and all the other documentation, reports and drawings relating to the software.

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Swiss equity and bond indices

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Bond quality mapping disclaimer

The Bond Quality Mapping employs a methodology developed by MSCI using ratings issued by ratings agencies. Ratings are statements of opinion and are not statements of fact or recommendations to purchase, hold, or sell securities. They do not address the market value of securities or the suitability of securities for investment purposes and should not be relied on as investment advice. Although ratings provided by S&P may be used as an input in creating the Bond Quality Mapping, S&P does not sponsor, endorse, or promote the Bond Quality Mapping. S&P shall not be liable for any direct, indirect, incidental, exemplary, compensatory, punitive, special, or consequential damages, costs, expenses, legal fees, or losses (including lost income or profits and opportunity costs or losses caused by negligence) in connection with any use of the Bond Quality Mapping or any ratings used as an input thereto. To the extent that the Bond Quality Mapping has been created using a rating provided by S&P, such rating was used under license from S&P, and S&P reserves all rights with respect to such rating.

S&P Global Market Intelligence

Copyright 2021, S&P Global Market Intelligence. Reproduction of any information, data or material, including ratings (“Content”) in any form is prohibited except with the prior written permission of the relevant party. Such party, its affiliates and suppliers (“Content Providers”) do not guarantee the accuracy, adequacy, completeness, timeliness or availability of any Content and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such Content. In no event shall Content Providers be liable for any damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with any use of the Content. A reference to a particular investment or security, a rating or any observation concerning an investment that is part of the Content is not a recommendation to buy, sell or hold such investment or security, does not address the suitability of an investment or security and should not be relied on as investment advice. Credit ratings are statements of opinions and are not statements of fact.

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