CHAPTER 2 U.K. REGISTRATION

SECTION 1 U.K. General

Article 5 U.K. Class of credit ratings

Any information regarding the class of credit ratings shall use the following ratings classes:

(a)

sovereign and public finance ratings;

(b)

structured finance ratings;

(c)

corporate ratings:

(i)

financial institution including credit institutions and investment firms;

(ii)

insurance undertaking;

(iii)

corporate issuer that is not considered a financial institution or an insurance undertaking.