12 Marina Boulevard #23-01
Marina Bay Financial Centre Tower 3
Singapore 018982+65 6438 2881 Tel+65 6438 2321 Fax

September 7, 2018
Hyundai Marine & Fire Insurance Co. Ltd.
163, Sejongdaero, Jongno-gu,
Seoul, 03183, Korea,
K.P.O. Box 303
Attention: Mr. Qnam Lee, Head of IR, Corporate Management Dept.
Re:

Hyundai Marine & Fire Insurance Co. Ltd.

Dear Mr. Lee,S&P Global Ratings has reviewed the rating on the above-listed issuer. Based on our review,
we have raised our outlook on our long-term issuer credit rating and financial strength ratingfrom “A-/Stable” to “A-/Positive” for the above-referenced issuer.
This letter constitutes S&P Global Ratings’ permission for you to disseminate the aboveassigned rating to interested parties in accordance with applicable laws and regulations.
However, permission for such dissemination (other than to professional advisors bound by
appropriate confidentiality arrangements or to allow the Issuer to comply with its regulatory
obligations) will become effective only after we’ve released the rating on standardandpoors.
Any dissemination on any Website by you or your agents shall include the full analysis for the
rating, including any updates, where applicable. To the extent that regulatory authorities allow
a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction forcertain regulatory purposes, S&P Global Ratings may choose to acknowledge such a rating
and denote such acknowledgement on www.standardandpoors.com with an alphabetic or otheridentifier affixed to such rating or by other means.
To maintain the rating, S&P Global Ratings must receive all information as indicated in theapplicable Terms and Conditions. You understand that S&P Global Ratings relies on you andyour agents and advisors for the accuracy, timeliness and completeness of the information
submitted in connection with the rating and the continued flow of material information as partof the surveillance process. Please send all information via electronic delivery to:daehyun.kim@spglobal.com. If SEC rule 17g-5 is applicable, you may post such informationon the appropriate website] For any information not available in electronic format or postedon the applicable website, please send hard copies to: S&P Global Ratings, Unit 1, Level 69
International Commerce Center 1 Austin Road West, Kowloon, Hong Kong. Attention:
Daehyun Kim

Page 1 of 2

The rating is subject to the Terms and Conditions attached to the Engagement Letter
applicable to the rating. In the absence of such Engagement Letter and Terms and Conditions,the rating is subject to the attached Terms and Conditions. The applicable Terms andConditions are incorporated herein by reference.
In accordance with the Terms and Conditions, S&P Global Ratings may assign, raise, lower,
suspend, place on CreditWatch, or withdraw a credit rating, and assign or revise an Outlook,at any time, in S&P Global Ratings’ sole discretion. S&P Global Ratings may take any of theforegoing actions notwithstanding any request for a withdrawal of a credit rating or
termination of the Engagement Letter.
S&P Global Ratings is pleased to have the opportunity to provide its rating opinion. For more
information please visit our website at www.standardandpoors.com. If you have any
questions, please contact us. Thank you for choosing S&P Global Ratings.

Sincerely yours,

S&P Global Ratings, acting throughS&P Global Ratings Singapore Pte. Ltd.
Analytical Contact:

Daehyun Kim, +852 2533 3508

Page 2 of 2

S&P Global Ratings Terms and Conditions Applicable To Credit Ratings
You understand and agree that:
General. The credit ratings and other views of S&P Global Ratings are statements of opinion and not statements offact. Credit ratings and other views of S&P Global Ratings are not recommendations to purchase, hold, or sell any
securities and do not comment on market price, marketability, investor preference or suitability of any security.
While S&P Global Ratings bases its credit ratings and other views on information provided by issuers and theiragents and advisors, and other information from sources it believes to be reliable, S&P Global Ratings does not
perform an audit, and undertakes no duty of due diligence or independent verification, of any information it receives.
Such information and S&P Global Ratings’ opinions should not be relied upon in making any investment decision.
S&P Global Ratings does not act as a “fiduciary” or an investment advisor. S&P Global Ratings neither
recommends nor will recommend how an issuer can or should achieve a particular credit rating outcome nor provides
or will provide consulting, advisory, financial or structuring advice. S&P Global Ratings owns and hereby reserves
all right, title and interest in and to (i) the credit ratings, analytical reports and other views, opinions, data andinformation provided hereunder and (ii) its trademarks and service marks.
All Credit Rating Actions in S&P Global Ratings’ Sole Discretion. S&P Global Ratings may assign, raise, lower,
suspend, place on CreditWatch, or withdraw a credit rating, and assign or revise an Outlook, at any time, in S&P Global
Ratings’ sole discretion. S&P Global Ratings may take any of the foregoing actions notwithstanding any request for a
confidential or private credit rating or a withdrawal of a credit rating, or termination of this Agreement.
Publication. S&P Global Ratings reserves the right to use, publish, disseminate, or license others to use, publish or
disseminate the credit rating provided hereunder and any analytical reports, including the rationale for the credit rating,unless you specifically request in connection with the initial credit rating that the credit rating be assigned andmaintained on a confidential or private basis. If, however, a confidential or private credit rating or the existence of aconfidential or private credit rating subsequently becomes public through disclosure other than by an act of S&P
Global Ratings or its affiliates, S&P Global Ratings reserves the right to treat the credit rating as a public credit
rating, including, without limitation, publishing the credit rating and any related analytical reports. Any analyticalreports published by S&P Global Ratings are not issued by or on behalf of you or at your request. Notwithstanding
anything to the contrary herein, S&P Global Ratings reserves the right to use, publish, disseminate or license others touse, publish or disseminate analytical reports with respect to public credit ratings that have been withdrawn, regardlessof the reason for such withdrawal. S&P Global Ratings may publish explanations of S&P Global Ratings’ credit
ratings criteria from time to time and nothing in this Agreement shall be construed as limiting S&P Global Ratings’
ability to modify or refine its credit ratings criteria at any time as S&P Global Ratings deems appropriate. The
provisions of this paragraph are subject to the restrictions on disclosure of Confidential Information set forth in thisAgreement.
Information to be Provided by You. For so long as this Agreement is in effect, in connection with the credit rating
provided hereunder, you will provide, or cause to be provided, as promptly as practicable, to S&P Global Ratings all
information requested by S&P Global Ratings in accordance with its applicable published credit ratings criteria. The
credit rating, and the maintenance of the credit rating, may be affected by S&P Global Ratings’ opinion of theinformation received from you or your authorized agents and advisors. Except for “Excluded Information”, asdefined below, all information provided to S&P Global Ratings by you or your authorized agents and advisors
regarding the credit rating or, if applicable, surveillance of the credit rating, will, as of the date such information isprovided, contain no untrue statement of material fact nor omit a material fact necessary in order to make suchinformation, in light of the circumstances in which it was provided, not misleading. Excluded Information means
information you cause to be provided by your authorized agents and advisors pursuant to the first sentence of thisparagraph with respect to which such agent or advisor has agreed in a writing provided to S&P Global Ratings to
make the agreements in this paragraph and to be liable to S&P Global Ratings for breaches of such agreements tothe same extent as if you provided the information directly to S&P Global Ratings hereunder. A material breach of
the agreements in this paragraph shall constitute a material breach of this Agreement.

S&P Global Ratings Singapore Pte. Ltd.
Registration No. 201117563C
Credit Ratings (February 2018)

P a g e |1Liability Relating to Information to be Provided by You. To the extent permitted by applicable law, you will be liable
to S&P Global Ratings and its affiliates for all Losses actually incurred and directly resulting from (x) a material
breach of the agreements in the immediately preceding paragraph or (y) a claim that the provision by you or yourauthorized agents and advisors of information to S&P Global Ratings hereunder infringes or violates the intellectual
property rights of a third party. For purposes of this paragraph, “Losses” means losses, damages, liabilities,
judgments, costs, charges, expenses and reasonable attorneys’ fees, including any such losses arising from claims
asserted by a third party against S&P Global Ratings, in each case as finally determined by a court of competentjurisdiction in a proceeding in which you are a party. Losses do not include amounts resulting from S&P Global
Ratings’ gross negligence, intentional wrongdoing or willful misconduct as finally determined by a court ofcompetent jurisdiction in a proceeding in which you are a party.
Confidential Information. For purposes of this Agreement, “Confidential Information” shall mean verbal or written
information that you or your authorized agents and advisors have provided to S&P Global Ratings and, inconnection with providing such information, have indicated in writing that the information is “Confidential.”
Notwithstanding the foregoing, information disclosed by you or your authorized agents and advisors to S&P Global
Ratings shall not be deemed to be Confidential Information, and S&P Global Ratings shall have no obligation to treatsuch information as Confidential Information, if such information (i) was known by S&P Global Ratings at the timeof such disclosure and was not known by S&P Global Ratings to be subject to a prohibition on disclosure, (ii) was
known to the public at the time of such disclosure, (iii) becomes known to the public (other than by an act of S&P
Global Ratings or its affiliates) subsequent to such disclosure, (iv) is disclosed to S&P Global Ratings by a third
party subsequent to such disclosure and S&P Global Ratings reasonably believes that such third party’s disclosure to
S&P Global Ratings was not prohibited, (v) is developed independently by S&P Global Ratings or its affiliates
without reference to the Confidential Information, or (vi) is approved in writing by you or your authorized agentsand advisors for public disclosure. S&P Global Ratings is aware that securities laws may impose restrictions on
trading in securities when in possession of material, non-public information and has adopted securities trading andcommunication policies to that effect.
S&P Global Ratings’ Use of Information. Except as required by applicable law or regulation or otherwise provided
herein, S&P Global Ratings shall not disclose Confidential Information to third parties.
S&P Global Ratings may (i) use Confidential Information for its credit rating activities, including without limitation, toassign, raise, lower, suspend, place on CreditWatch, or withdraw a credit rating, and assign or revise an Outlook, aswell as to make internal determinations about commercial arrangements for its credit rating activities, and (ii) share
Confidential Information with its affiliates or agents engaged in the credit ratings business who are bound by
appropriate confidentiality obligations (“Ratings Affiliates and Agents”).
Subject to the other provisions herein, S&P Global Ratings may also use, and share Confidential Information with anyof its affiliates or agents engaged in other financial services businesses who are bound by appropriate confidentiality
obligations (“Other Affiliates and Agents”, and together with Ratings Affiliates and Agents, “Affiliates and Agents”),
for modelling, benchmarking and research purposes.
Subject to the other provisions herein, S&P Global Ratings may publish and/or share with its Affiliates and Agents, who
also may publish, data aggregated or derived from Confidential Information, excluding data that is specific to andidentifies individual debtors, customers or clients.
S&P Global Ratings acknowledges for itself and on behalf of its affiliates that you may be entitled to seek specificperformance and injunctive or other equitable relief as a remedy for S&P Global Ratings’ or its affiliates’ disclosure ofConfidential Information in violation of this Agreement. S&P Global Ratings and its Affiliates and Agents reserve theright to use, publish, disseminate, or license others to use, publish or disseminate any non-Confidential Information
provided by you or your authorized agents and advisors.
S&P Global Ratings Not an Expert, Underwriter or Seller under Securities Laws. S&P Global Ratings has notconsented to and will not consent to being named an “expert” or any similar designation under any applicablesecurities laws or other regulatory guidance, rules or recommendations, and does not accept responsibility for any
part of, or authorize the contents of, any prospectus or listing particulars in relation to any securities. S&P Global
Ratings is not an "underwriter" or "seller" as those terms are defined under applicable securities laws or otherregulatory guidance, rules or recommendations. S&P Global Ratings has not performed the role or tasks

S&P Global Ratings Singapore Pte. Ltd.
Registration No. 201117563C
Credit Ratings (February 2018)

P a g e |2associated with an "underwriter" or "seller" under any applicable securities laws or other regulatory guidance, rules
or recommendations in connection with this engagement.
Office of Foreign Assets Control. As of the date of this Agreement, (a) neither you nor the issuer (if you are not theissuer) or any of your or the issuer’s subsidiaries, or any director or corporate officer of any of the foregoing entities,
is the subject of any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of
the Treasury (“OFAC Sanctions”), (b) neither you nor the issuer (if you are not the issuer) is 50% or more owned orcontrolled, directly or indirectly, individually or collectively, by one or more persons or entities that is or are thesubject of OFAC Sanctions, and (c) to the best of your knowledge, no entity 50% or more owned or controlled by adirect or indirect parent of you or the issuer (if you are not the issuer) is the subject of OFAC Sanctions. For the
purposes of clause (c) in this section, “parent” is a person or entity owning or controlling, directly or indirectly, 50%
or more of you or the issuer (if you are not the issuer). For so long as this Agreement is in effect, you will promptly
notify S&P Global Ratings if any of these circumstances change.
S&P Global Ratings’ Use of Confidential and Private Credit Ratings. S&P Global Ratings may use confidential andprivate credit ratings in its analysis of the debt issued by collateralized debt obligation (CDO) and other investment
vehicles. S&P Global Ratings may disclose a confidential or private credit rating as a confidential credit estimate orassessment to the managers of CDO and similar investment vehicles. S&P Global Ratings may permit CDO
managers to use and disseminate credit estimates or assessments on a limited basis and subject to various restrictions;however, S&P Global Ratings cannot control any such use or dissemination.
S&P Global Ratings may provide private ratings and related rating letters and reports, including any updates to theforegoing and any Confidential Information contained in such rating letters or reports, to the National Association of
Insurance Commissioners and any of its offices (“NAIC”) for use on a limited basis, provided they are bound by
appropriate confidentiality obligations; however, S&P Global Ratings cannot control any such use. In addition, S&P
Global Ratings may provide certain identifying details regarding the rated obligation, such as the CUSIP or ISIN
number, to the NAIC.
Entire Agreement. Nothing in this Agreement shall prevent you, the issuer (if you are not the issuer) or S&P Global
Ratings from acting in accordance with applicable laws and regulations. Subject to the prior sentence, thisAgreement, including any amendment made in accordance with the provisions hereof, constitutes the complete andentire agreement between the parties on all matters regarding the credit rating provided hereunder. The terms of thisAgreement supersede any other terms and conditions relating to information provided to S&P Global Ratings by youor your authorized agents and advisors hereunder, including without limitation, terms and conditions found on, or
applicable to, websites or other means through which you or your authorized agents and advisors make suchinformation available to S&P Global Ratings, regardless if such terms and conditions are entered into before or after
the date of this Agreement. Such terms and conditions shall be null and void as to S&P Global Ratings.
Limitation on Damages. S&P Global Ratings does not and cannot guarantee the accuracy, completeness, or
timeliness of the information relied on in connection with a credit rating or the results obtained from the use of suchinformation. S&P GLOBAL RATINGS GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT
NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULARPURPOSE OR USE. S&P Global Ratings, its affiliates or third party providers, or any of their officers, directors,
shareholders, employees or agents shall not be liable to you, your affiliates or any person asserting claims on yourbehalf, directly or indirectly, for any inaccuracies, errors, or omissions, in each case regardless of cause, actions,
damages (consequential, special, indirect, incidental, punitive, compensatory, exemplary or otherwise), claims,
liabilities, costs, expenses, legal fees or losses (including, without limitation, lost income or lost profits andopportunity costs) in any way arising out of or relating to the credit rating provided hereunder or the related analytic
services even if advised of the possibility of such damages or other amounts except to the extent such damages orother amounts are finally determined by a court of competent jurisdiction in a proceeding in which you and S&P
Global Ratings are parties to result from gross negligence, intentional wrongdoing or willful misconduct of S&P
Global Ratings. In furtherance and not in limitation of the foregoing, S&P Global Ratings will not be liable to you,your affiliates or any person asserting claims on your behalf in respect of any decisions alleged to be made by any
person based on anything that may be perceived as advice or recommendations. In the event that S&P Global
Ratings is nevertheless held liable to you, your affiliates, or any person asserting claims on your behalf for monetarydamages under this Agreement, in no event shall S&P Global Ratings be liable in an aggregate amount in excess ofseven times the aggregate fees paid to S&P Global Ratings for the credit rating giving rise to the cause of action, up
to a maximum of US$5,000,000 except to the extent such monetary damages directly result from S&P Global
Ratings’ intentional wrongdoing or willful misconduct. The provisions of this paragraph shall apply regardless of the
S&P Global Ratings Singapore Pte. Ltd.
Registration No. 201117563C
Credit Ratings (February 2018)

P a g e |3form of action, damage, claim, liability, cost, expense, or loss, whether in contract, statute, tort (including, without
limitation, negligence), or otherwise. Neither party waives any protections, privileges, or defenses it may have underlaw, including but not limited to, laws relating to freedom of expression.
Credit Ratings Acknowledged for Use in Other Jurisdictions. To the extent that regulatory authorities allow a credit
rating agency to acknowledge in one jurisdiction a credit rating issued in another jurisdiction for certain regulatory
purposes, S&P Global Ratings may choose to acknowledge such a credit rating and denote such acknowledgementon www.spglobal.com/ratings with an alphabetic or other identifier affixed to such credit rating or by other means.
S&P Global Ratings reserves the right to assign, withdraw or suspend such acknowledgement at any time and in its
sole discretion. If S&P Global Ratings acknowledges such a credit rating for regulatory purposes, all limitations set
out herein with respect to a credit rating will apply to such acknowledgment of the credit rating, including without
limitation, that such acknowledgement is not a recommendation to purchase, hold, or sell any securities nor does it
comment on market price, marketability, investor preference or suitability of any security. S&P Global Ratings, itsaffiliates or third party providers, or any of their officers, directors, shareholders, employees or agents shall not beliable to you, your affiliates or any person asserting claims on your behalf, directly or indirectly, for actions, damages(consequential, special, indirect, incidental, punitive, compensatory, exemplary or otherwise), claims, liabilities,
costs, expenses, legal fees or losses (including, without limitation, lost income or lost profits and opportunity costs)
in any way arising out of or relating to the assignment, withdrawal, or suspension of such acknowledgement, even if
advised of the possibility of such damages or other amounts, except to the extent such damages or other amounts are
finally determined by a court of competent jurisdiction in a proceeding in which you and S&P Global Ratings are
parties to result from gross negligence, intentional wrongdoing or willful misconduct of S&P Global Ratings.
Termination of Agreement. This Agreement may be terminated by either party at any time upon written notice to theother party. Except where expressly limited to the term of this Agreement, these Terms and Conditions shall survive
the termination of this Agreement.
No Third–Party Beneficiaries. Nothing in this Agreement, or the credit rating when issued, is intended or should beconstrued as creating any rights on behalf of any third parties, including, without limitation, any recipient of thecredit rating. No person is intended as a third party beneficiary of this Agreement or of the credit rating when issued.
Binding Effect. This Agreement shall be binding on, and inure to the benefit of, the parties hereto and their successors
and assigns. Subject to the limitations contained in this Agreement, S&P Global Ratings shall be liable for the conductof its affiliates that would otherwise constitute a breach of the terms of this Agreement if S&P Global Ratings had
engaged in such conduct itself.
Severability. In the event that any term or provision of this Agreement shall be held to be invalid, void, or
unenforceable, then the remainder of this Agreement shall not be affected, impaired, or invalidated, and each suchterm and provision shall be valid and enforceable to the fullest extent permitted by law.
Amendments. This Agreement may not be amended or superseded except by a writing that specifically refers to thisAgreement and is executed manually or electronically by authorized representatives of both parties.
Governing Law. This Agreement and each credit rating letter provided hereunder shall be governed by the laws ofSingapore. The parties irrevocably agree that the courts of Singapore shall be the exclusive forums for any disputearising out of or relating to this Agreement or the credit rating letter(s) and the parties hereby consent to the personal
jurisdiction of such courts.

S&P Global Ratings Singapore Pte. Ltd.
Registration No. 201117563C
Credit Ratings (February 2018)

P a g e |4

S&P Global Ratings – Data Protection Appendix to Terms and Conditions

1.

This Appendix: This Data Protection Appendix (“Appendix”) is incorporated into the Engagement Letterand S&P Global Ratings Terms and Conditions (together the “Agreement”) between S&P Global Ratingsand you. In the event of conflict, this Appendix takes priority over the provisions of the Agreement.

2.

Definitions: All words, terms or phrases, the meaning of which are defined in the Agreement, shall havethe same meaning where used in this Appendix. In this Appendix the following terms shall have thefollowing meanings:"controller", "processor", "data subject", "personal data", "processing", "process", "special category
personal data" shall have the meanings given in Applicable Data Protection Law;
"Analytical Data" means underlying personal data contained within the information which is provided
to S&P Global Ratings for the purposes of the provision of the Services, such as the personal data of
individuals who have financial products in place which are relevant to the issuing of a rating;"Applicable Data Protection Law" shall mean the EU General Data Protection Regulation (Regulation
2016/679) (as may be amended, superseded or replaced); and all other supplemental or implementing
laws relating to data privacy in the relevant European member state including where applicable theguidance and codes of practice issued by the relevant supervisory authority and all analogous privacy
laws of other countries;"Client Data" means personal data of data subjects such as your employees or associates or partners,that is provided to S&P Global Ratings during the provision by S&P Global Ratings of the Services to you,such as name, job title, name of employer, office e-mail address, office physical address, internet
protocol address, office telephone number and language selection (and excludes special category
personal data);"Data" means Analytical Data and Client Data;"Permitted Purpose" means processing:(A)

by employees, officers, consultants, agents and advisors of S&P Global Ratings or its
affiliates of Data: (i) to provide ratings and other products and services (the “Services”) toyou, (ii) to communicate with you regarding the Services that may be of interest to you,(iii) as described in the S&P Global Ratings’ Use of Information section of the Agreementand (iv) as otherwise permitted in the Agreement;(B)of personal data by you to access and use the Services;"Standard Contractual Clauses" means standard contractual clauses (adopted by European Commission
Decision 2004/915/EC on 27 December 2004) for the transfer of personal data from data controllers in
the EU to data controllers in jurisdictions outside the European Economic Area, a copy of the current
version of which is presently accessible at: https://ec.europa.eu/info/law/law-topic/dataprotection/data-transfers-outside-eu/model-contracts-transfer-personal-data-third-countries_en andwhich shall be deemed to be incorporated into this Appendix by reference and within which you are the"Data Exporter" and S&P Global Ratings is the "Data Importer".
3.

Disclosure of data: Each party will only disclose personal data to each other to process strictly for thePermitted Purpose.

4.

Relationship of the parties: Except as may be specifically otherwise agreed, the parties acknowledge
that you are a controller of the Data you disclose to S&P Global Ratings, and that S&P Global Ratings willprocess that Data as a separate and independent controller strictly for the Permitted Purpose. In no
event will the parties process the Data as joint controllers. Each party shall be individually andseparately responsible for complying with the obligations that apply to it as a controller under
Applicable Data Protection Law.
Pleasesee
ourCustomerPrivacy
Policyand
CookieNoticeavailableon
https://www.spglobal.com/corporate-privacy-policy for further information regarding how personal
data that you provide to S&P Global Ratings in connection with the Services will be used andmaintained.

1

S&P Global Ratings – Data Protection Appendix to Terms and Conditions

5.

Investigations: Except where and to the extent prohibited by applicable law, each party (“Notifier”) will
inform the other promptly, and in any event within three (3) business days of any inquiry,communication, request or complaint relating to Notifier's processing of the personal data transferred
to it under this Agreement by the other party which is received from: (i) any governmental, regulatory or
supervisory authority, (ii) any data subject or (iii) any other person or entity.

6.

Use and Restrictions on Use: Notwithstanding the information that you are entitled to use from theServices and distribute to third parties to the extent permitted by the Agreement, you shall not
distribute or use any personal data to which you have had access when receiving the Services other thanfor the Permitted Purpose.

7.

Security: The parties shall implement appropriate technical and organisational measures to protect theData from: (i) accidental, unauthorized or unlawful destruction and (ii) loss, alteration, unauthorised
disclosure of, or access to the Data.

8.

International Transfers of Data outside the EEA:

8.1

S&P Global Ratings may process (or permit to be processed) any Data transferred from you in the EEA to
S&P Global Ratings and its affiliates in a territory outside of the EEA provided that such transfers shallbe in accordance with the Standard Contractual Clauses deemed to be incorporated into this Appendix.
In applying and interpreting the Standard Contractual Clauses it is agreed that Annex A will apply andAnnex B thereto shall be populated as follows:(1)

Data Subjects to whom the personal data relates:(i) Persons who are employees, officers, contractors, agents or advisors of the Data Exporter
and/or of companies affiliated with it who are engaged in the decision to enter into theAgreement and/or who enter into the Agreement with the Data Importer for the provision of theData Importer’s Services; and(ii) persons in respect of whom the Data Exporter or its agents or advisors have provided personal
data to the Data Importer to enable the Data Importer to provide the Services.

(2)

Purposes for which the data transfer is made:The Permitted Purpose.

(3)

Categories of personal data transferred:
Client Data and Analytical Data (excluding usage statistics).

(4)

Categories of recipients to whom the personal data is transferred or disclosed:
Employees, officers, consultants, agents and advisors of the Data Importer or its affiliates andthird parties, including public bodies, regulators and law enforcers, to the extent S&P Global
Ratings is required to disclose Data by contract, regulation, litigation or law.

(5)

Sensitive data or categories of sensitive data to be transferred (special category personal data):
Not applicable.

(6)

Contact Point for the Data Importer:
RatingsGDPR@spglobal.com

8.2

The parties agree that the following optional clause to the Standard Contractual Clauses shall apply as
between them:(1)9.

Each party shall perform its obligations under these clauses at its own cost.

Survival: This Appendix shall survive termination or expiry of the Agreement. Upon termination or
expiry of the Agreement, S&P Global Ratings may continue to process the Data provided that suchprocessing complies with the requirements of this Appendix and Applicable Data Protection Law.

2