Agreement with the Client :

Every credit rating agency is required to enter into a written agreement with each client whose securities it proposes to rate, and every such agreement should include the following provisions, namely:

(a) the rights and liabilities of each party in respect of the rating of securities shall be defined;

(b) the fee to be charged by the credit rating agency shall be specified;

(c) the client shall agree to a periodic review of the rating by the credit rating agency during the tenure of the rated instrument and to co-operate with the credit rating agency in order to enable the latter to arrive at, and maintain, a true and accurate rating of the clients’ securities and shall in particular provide to the latter, true, adequate and timely information for the purpose;

(d) the credit rating agency shall disclose to the client the rating assigned to the securities of the latter through regular methods of dissemination, irrespective of whether the rating is or is not accepted by the client;

(e) the client shall agree to disclose the rating assigned to the client’s listed securities by any credit rating agency during the last three years and any rating given in respect of the client’s securities by any other credit rating agency, which has not been accepted by the client in the offer document;

(f) the client shall agree to obtain a rating for any issue of debt securities in accordance with the relevant regulations