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DAGONG GLOBAL CREDIT RATING CO_ LTD RULE CODE OF CONDUCT

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DAGONG GLOBAL CREDIT RATING CO_ LTD RULE CODE OF CONDUCT Powered By Docstoc
					DAGONG GLOBAL CREDIT RATING CO., LTD.
       RULE CODE OF CONDUCT
                                                                Table of Contents
                                                                                                                                                    1



                 Chapter I General Provision........................................................................................... 2

                 Chapter II General Rules ............................................................................................... 2

                 Chapter III Principles ..................................................................................................... 3

                        (1) Credit Rating .................................................................................................... 3

                        (2) Assessment ....................................................................................................... 3

                        (3) Reconsideration ................................................................................................ 4

                        (4) Surveillance Credit Rating ............................................................................... 4

                        (5) Opinion Inquiry ................................................................................................ 4

                        (6) Confidential Information .................................................................................. 5

                        (7) Publication of Credit Rating Result ................................................................. 5

                        (8) Unsolicited Rating ............................................................................................ 5

                        (9) Rating Standards and Methodologies ............................................................... 6

                        (10) Information Recording and Filing .................................................................. 6

                        (11) Research on Credit Rating Quality................................................................. 6

                        (12) Conflicts of Interest ........................................................................................ 6

                        (13) Rating Charges ............................................................................................... 9

                        (14) Firewall......................................................................................................... 10

                        (15) Compliance Management ............................................................................. 10

                        (16) Appeal and Acceptance ................................................................................ 11

                 Chapter IV Business Cooperation Expectation............................................................ 12

                 Chapter V Exception Clauses ...................................................................................... 12




地址:北京市朝阳区霄云路 26 号鹏润大厦 A 座 29 层 邮编:100125                       29F Eagle Run Plaza. No.26 Xiao Yun Road. Chao Yang District.Beijing.China.100125
TEL:+86 10 51087768 Customer Service Tel:4008-84-4008 Fax:+86 10 84583355   Email:master@dagongcredit.com       Website:www.dagongcredit.com
                      Dagong Global Credit Rating Co., Ltd. Code of Conduct                                                                 2



                                                      Chapter I General Provision

                 1.    These rules are formulated in accordance with regulations set by the regulatory
                       agencies in China and in the spirit of the Code of Conduct Fundamentals for Credit
                       Rating Agencies issued by International Organizations of Securities Commissions
                       (IOSCO).

                 2.    These rules shall be applicable to all the credit rating activities conducted by Dagong
                       and constitute the basis of all the other managerial rules and regulations of Dagong.

                                                        Chapter II General Rules

                 3.    Dagong is dedicated to providing the financial market with independent, objective,
                       fair, transparent, timely and prospective credit information. “Sincere service to
                       investors” is the tenet of Dagong, whose credibility and development are completely
                       based on the trust of the public.

                 4.    Each employee of Dagong shall act in line with professional ethics and all related
                       laws, rules and regulations in every single business activity for the purpose of
                       maintaining Dagong’s reputation and trustworthiness

                 5.    Dagong has formulated a complete set of business management rules, rating
                       standards, internal risk controls system and an information disclosure mechanism in
                       accordance with the highest standards. Any change of the abovementioned rules shall
                       be publicly announced by Dagong immediately after its occurrence.

                 6.    A credit rating issued by Dagong is an evaluation of a rated entity’s willingness and
                       ability to repay a specific debt. It discloses the specified credit risks instead of
                       overall investment risks.

                 7.    Credit rating information, if any, will be disclosed to the market by Dagong
                       immediately after it is available. The credit rating levels and related definitions have
                       been published on both Dagong’s Chinese and English Websites (for more details,
                       please refer to http://www.dagongcredit.com or
                       http://www.dagongcredit.com/dagongweb/english/index.php).

                 8.    Dagong’s credit rating business covers various types of credit ratings on financial
                       and non-financial enterprises, listed companies and their issued debt instruments, as
                       well as credit ratings on sovereigns, industries and regions.


地址:北京市朝阳区霄云路 26 号鹏润大厦 A 座 29 层 邮编:100125                       29F Eagle Run Plaza. No.26 Xiao Yun Road. Chao Yang District.Beijing.China.100125
TEL:+86 10 51087768 Customer Service Tel:4008-84-4008 Fax:+86 10 84583355   Email:master@dagongcredit.com       Website:www.dagongcredit.com
                 9.    Dagong’s credit rating service and information service, including subscription and
                       risk management consultation, are conducted and managed in separate and                                              3

                       independent operational systems.

                                                          Chapter III Principles

                 (1) Credit Rating

                 10. Every credit rating project of Dagong shall be carried out by a Project Team
                     consisting of qualified and professional analysts, supported by data specialists,
                     industrial specialists and special researchers. An Analyst who is a member of a
                     Project Team shall not participate in any consultation services, including, but not
                     limited to, services related to accounting, investment and mergers and acquisition
                     matters.

                 11. Dagong shall only request the rated entity to provide relevant information and data
                     necessary for conducting the credit rating in accordance with Dagong’s methodology.
                 12. Before submitting the credit rating reports to the Professional Credit Rating
                     Assessment Committee, the credit rating reports shall be subjected to the Three-Tier
                     Review process by the Project Team, the department technical supervisor and the
                     department General Manager of the credit rating departments.

                 (2) Assessment

                 13. All credit rating projects shall be submitted to the corresponding Professional
                     Assessment Committee, and the final rating result shall be made by the committee
                     members in the assessment meeting. In addition to the committee members, the data
                     specialists, industrial specialists, special researchers and external experts as well as
                     two members responsible for quality control and compliance management shall
                     attend the assessment committee meeting.

                 14. Participants of the assessment meeting shall possess appropriate rating experience
                     and qualifications. The number of the attending members shall meet the prescribed
                     minimum requirements. The attending Professional Credit Rating Assessment
                     Committee members shall evaluate the credit rating in accordance with the set rating
                     methodologies and standards of Dagong, and vote for the rating result and scale in
                     the assessment meeting. The credit rating results are only effective upon two-thirds
                     majority vote. Nobody has the right to change the voting results.

                 15. The name list of the attending members of the assessment meeting as well as the
                     contents of the meeting are top secrets of the company, hence, shall not be revealed
                     to any person with the exception of submitting to regulatory agencies for record


地址:北京市朝阳区霄云路 26 号鹏润大厦 A 座 29 层 邮编:100125                       29F Eagle Run Plaza. No.26 Xiao Yun Road. Chao Yang District.Beijing.China.100125
TEL:+86 10 51087768 Customer Service Tel:4008-84-4008 Fax:+86 10 84583355   Email:master@dagongcredit.com       Website:www.dagongcredit.com
                       purposes.
                                                                                                                                            4
                 (3) Reconsideration

                 16. The Professional Assessment Committee shall conduct a rating reconsideration in
                     case that: i) the rated entity requests a reconsideration, while it is later approved by
                     more than half of the total assessment committee members in charge of such project;
                     ii) assessment mistakes, fraud, major events that may affect rating scale, or other
                     critical information that may affect the judgment of credit risks of the project are
                     discovered; or (iii) Dagong’s Appeal Committee receives a complaint and appoints
                     the Professional Assessment Committee to conduct a reconsideration.

                 17. The reconsideration shall have the same attending members as the original
                     assessment meeting (or at least two-thirds of those attending the original assessment
                     meeting). The reconsideration shall be conducted once only.

                 (4) Surveillance Credit Rating

                 18. Dagong reserves the right to conduct surveillance credit rating and shall be free to
                     confirm the credit rating level, revise the outlook and add the rated entity into the
                     watch list without its agreement.

                 19. Dagong sets up surveillance credit rating and relative management posts to conduct
                     regular and irregular surveillance credit ratings on the rated target when the credit
                     rating level is still valid or within the duration of bonds issued.

                 20. If any event which probably has substantial impact on the credit rating level of the
                     rated target has happened, including material changes in policy, personnel and profit,
                     asset restructuring, affiliated transaction, changes in macroeconomic environment
                     and industry, as well as natural disaster, the Professional Credit Rating Assessment
                     Committee may make the following decisions after assessment: i) initiating the
                     irregular surveillance credit rating; ii) adding the rated target onto the watch list; iii)
                     assessing the rated target for determining its credit rating level or determining to
                     maintain the rated entity or security on, or withdraw it, from the watch list.

                 21. In case sufficient information for credit rating is unavailable, or the information
                     provided by the rated entity is unreliable, Dagong reserves the right of canceling the
                     rating scale at any time. This action may be undertaken without advanced notice.

                 (5) Opinion Inquiry

                 22. In general, before disclosure of a rating scale and report to the public, Dagong shall
                     solicit the opinions of the rated target in order to verify the accuracy of data and


地址:北京市朝阳区霄云路 26 号鹏润大厦 A 座 29 层 邮编:100125                       29F Eagle Run Plaza. No.26 Xiao Yun Road. Chao Yang District.Beijing.China.100125
TEL:+86 10 51087768 Customer Service Tel:4008-84-4008 Fax:+86 10 84583355   Email:master@dagongcredit.com       Website:www.dagongcredit.com
                       ensure that the rating report does not include any information that should not be
                       disclosed publicly. However, although the rated entity is allowed to correct the data                                5

                       and prohibit the disclosure of non-public information, it is forbidden to modify the
                       rating scale and opinions.

                 23. Under special circumstances, Dagong may disclose credit rating information
                     promptly upon the approval of the Assessment Committee but shall inform the rated
                     entity of that action and the reasons for doing so as soon as possible.

                 24. Dagong usually takes prudent consideration of the rated entity’s opinions and decides
                     whether to revise the credit rating report or conduct the reconsideration if it is
                     necessary.

                 25. The rated entity shall provide its feedback within 48 hours after receiving the credit
                     rating report. If there is no feedback provided, it shall be regarded that there are no
                     suggested changes that should be made on the rating report. The received rating
                     report should be treated as the final one. During that period it is maintaining a credit
                     rating on an entity, Dagong has the right at any time to disclose the credit rating scale
                     and the rating report related to the rated entity.

                 (6) Confidential Information

                 26. No employee shall disclose any material non-public information acquired from the
                     rated entity during the rating process. Such material non-public information shall not
                     be used other than in connection with the credit risks analysis and level assessment in
                     line with the Material Non-Public Information Management Rules.

                 (7) Publication of Credit Rating Result

                 27. Dagong shall publish all credit rating information required by the regulatory agencies,
                     including surveillance credit rating, watch list with newly added or withdrawn
                     companies, and bulletins of withdrawing or cancelling the credit rating result or scale
                     in a timely manner on Dagong’s Website or by other media.

                 28. Before the publication of credit rating result, no personnel involved in the credit
                     rating process, specifically analysts shall disclose any information related to the
                     credit rating project to anyone outside of the committee.

                 (8) Unsolicited Rating

                 29. Dagong may initiate an unsolicited rating on an entity without signing any contract
                     for the purpose of providing more credit rating information to the public.

                 30. Dagong conducts an unsolicited rating and discloses its result in line with the

地址:北京市朝阳区霄云路 26 号鹏润大厦 A 座 29 层 邮编:100125                       29F Eagle Run Plaza. No.26 Xiao Yun Road. Chao Yang District.Beijing.China.100125
TEL:+86 10 51087768 Customer Service Tel:4008-84-4008 Fax:+86 10 84583355   Email:master@dagongcredit.com       Website:www.dagongcredit.com
                       formulated rating methodologies, standards and procedures.
                                                                                                                                            6
                 (9) Rating Standards and Methodologies

                 31. Dagong shall conduct the credit risk analysis and credit scale assessment in
                     accordance with the standards, methodologies, procedures and definitions of the
                     rating scales already established and publicized on Dagong’s Website for public
                     comments and supervision.

                 32. The credit rating methodologies and standards of Dagong are established based upon
                     research on the particular risks of different countries and regions, and such
                     methodologies and standards vary depending upon the different types of credit rating
                     projects.

                 33. Dagong will regularly update its rating standards and methodologies according to the
                     research on the particularity of industrial and regional risks and disclose the
                     information to the public.

                 (10) Information Recording and Filing

                 34. On a regular or timely basis and in accordance with their confidentiality
                     classification, Dagong shall file the documents in relation to the credit rating
                     provided by the client or generated during the rating and assessment processes.

                 35. All the rating related documentations shall be preserved permanently.

                 (11) Research on Credit Rating Quality

                 36. Dagong shall periodically research the quality of its credit ratings using various
                     measures, including studies on default rate, default loss ratio, complex spread and
                     rating scale transition rate, with the aim of improving rating methodologies.

                 37. All the research conclusions shall be published on Dagong’s Website free for the
                     public.

                 (12) Conflicts of Interest

                 38. All employees of Dagong shall maintain the objective of protecting investors’
                     interests, avoid any conflicts of interests between outside entities and the Company
                     or among internal departments, and ensure the rating projects are in accordance with
                     the Avoidance Rules of Dagong.

                 39. Dagong has determined that under the circumstances set forth in the paragraphs
                     hereunder that Dagong will not accept an engagement to provide a credit rating
                     where:

地址:北京市朝阳区霄云路 26 号鹏润大厦 A 座 29 层 邮编:100125                       29F Eagle Run Plaza. No.26 Xiao Yun Road. Chao Yang District.Beijing.China.100125
TEL:+86 10 51087768 Customer Service Tel:4008-84-4008 Fax:+86 10 84583355   Email:master@dagongcredit.com       Website:www.dagongcredit.com
                       A. Dagong and the entity to be rated or the issuer of securities to be rated are
                          controlled by the same person;                                                                                    7


                       B. The same shareholder owns shares of Dagong and the entity to be rated or the
                          issuer of securities to be rated;

                       C. Dagong or persons or entities directly or indirectly controlled by Dagong own
                          shares of the issuer of securities to be rated or the rated entity.

                       D. A controlling shareholder of Dagong directly or indirectly owns or controls an
                          entity to be rated or of the securities to be rated with respect to an entity, or a rated
                          entity;

                       E. Dagong or a party controlling Dagong bought and/or owns any securities to be
                          rated or shares in the issuer of securities to be rated within six months prior to the
                          proposed rating assignment;

                       F. Dagong issues or maintains a credit rating solicited by a person that, in the most
                          recently ended fiscal year, provided Dagong with net revenue equaling or
                          exceeding 10% of the total net revenue of Dagong for the fiscal year.

                       G. For the purposes of this section F, “net revenues” shall be calculated as described
                          under Rule 17g–3 of the United States of America Securities and Exchange
                          Commission related to annual financial reports required to be furnished by an
                          NRSRO.

                       H. Dagong issues or maintains a credit rating with respect to a person associated with
                          Dagong, including but not limited to any person directly or indirectly controlling,
                          controlled by, or under common control with Dagong.

                       I. Under any circumstances set forth in regulations promulgated by the regulatory
                          agencies.

                 40. Credit Rating Assessment Committee members, or a person responsible for
                     approving the credit rating or any other rating related employee (or their direct
                     relative) who have one of the following situations shall not be permitted to
                     participate in rating and assessment project:

                       A. Where a Credit Rating Assessment Committee member, or a person responsible
                          for approving the credit rating or any other rating related employee of Dagong (or
                          their direct relatives), directly owns any shares of an entity to be rated or the
                          issuer of securities to be rated or is the actual controlling party of an entity to be
                          rated or the issuer of securities to be rated;


地址:北京市朝阳区霄云路 26 号鹏润大厦 A 座 29 层 邮编:100125                       29F Eagle Run Plaza. No.26 Xiao Yun Road. Chao Yang District.Beijing.China.100125
TEL:+86 10 51087768 Customer Service Tel:4008-84-4008 Fax:+86 10 84583355   Email:master@dagongcredit.com       Website:www.dagongcredit.com
                       B. Where Credit Rating Assessment Committee member, or a person responsible for
                          approving the credit rating or any other rating related employee of Dagong (or                                    8

                          their direct relatives) is an officer or director, or acts in a supervisory capacity of
                          an entity to be rated or the issuer of securities to be rated;

                       C. Where Dagong may rely on persons acting in one or more of the following
                          capacities:

                          i)    Signatory of an accounting firm auditing the financial statements of the issuer
                                or entity to be rated;

                          ii) Providing legal advice to, or acting as a financial consultant or other
                              securities service organization employed by the entity to be rated or the issuer
                              of securities to be rated;

                       D. Where Credit Rating Assessment Committee member, or a person responsible for
                          approving the credit rating or any other rating related employee of Dagong (or
                          their direct relatives),

                          i)    owns securities of an entity to be rated or the issuer of securities to be rated
                                or is the actual controlling party of an entity to be rated or the issuer of
                                securities to be rated; or

                          ii) has made transactions concerning the securities of an entity to be rated or the
                              actual controlling party of an entity to be rated with an accumulated amount
                              over 500,000 RMB.

                       E. There exists any other situation that may adversely affect the principles of
                          independence, objectivity and fairness of Dagong.

                 41. Dagong shall manage the conflicts of interests by information disclosure. The
                     company shall, in accordance with regulators’ requirements, periodically disclose its
                     share structure and update immediately when any change occurs; analysts and
                     Assessment Committee members shall periodically disclose the stocks they hold as
                     well as their concurrent post situations; directors, supervisors and senior managers
                     shall periodically disclose their investment and concurrent post situations.

                 42. Dagong requires its senior management as well as employees of the administrative
                     departments, such as Technical Support, Compliance, and Data, etc., and their direct
                     relatives not to purchase or sell securities of any companies.

                 43. All the rating related staff of Dagong (including changing, leaving or retiring from a
                     position), as well as external experts invited to participate Dagong’s rating project are


地址:北京市朝阳区霄云路 26 号鹏润大厦 A 座 29 层 邮编:100125                       29F Eagle Run Plaza. No.26 Xiao Yun Road. Chao Yang District.Beijing.China.100125
TEL:+86 10 51087768 Customer Service Tel:4008-84-4008 Fax:+86 10 84583355   Email:master@dagongcredit.com       Website:www.dagongcredit.com
                       forbidden to purchase or sell securities based on any confidential rating information,
                       or to disclose the information with the purpose of making profits for him/herself,                                   9

                       his/her relatives or others.

                 44. All the rating related staff of Dagong (including changing, leaving or retiring from a
                     position), as well as external experts invited to participate Dagong’s rating projects
                     are forbidden to meet with, in any excuse or by any means, the client or other people
                     concerning issuance and investment of the project. In case this communication is
                     approved, it shall be conducted under the supervision of compliance officers.

                 45. All the rating related staff of Dagong (including changing, leaving or retiring from a
                     position), as well as external experts invited to participate Dagong’s rating projects
                     are forbidden to demand or accept any benefit or gift at any time, in any excuse and
                     form.

                 46. All employees shall not promise or forecast the credit rating level before the final
                     decision is made.

                 47. All leaders or other staff irrelevant to the credit rating assessment shall not intervene
                     in the assessment by any means.

                 48. If there is actual or potential conflicts of interest in the rating project, Dagong shall
                     make a clear statement about the situation immediately.

                 (13) Rating Charges

                 49. Dagong has adopted effective managerial measures to control the potential conflicts
                     that may be caused by the payments of the issuers, and is confident of guaranteeing
                     the independence, objectivity and fairness of the credit ratings.

                 50. With respect to the charge issue, Dagong shall strictly obey the rules issued by the
                     regulatory agencies and any commitment made among the peer organizations, but
                     Dagong reserves the right to formulate its own charge standard for those projects that
                     has no uniform rates and rules.

                 51. Dagong separates the credit rating function from the marketing and sales function.
                     The determination of the credit rating result or scale is irrelevant to the rating charges
                     for such project and whether it is successfully issued.

                 52. Dagong shall make a clear explanation in the charge standards about the items and
                     range of fees charged which are also not connected to the fees for subscription,
                     research, market intelligence products or risk consulting service.

                 53. Dagong has the right to withdraw the credit rating scale on the rated target for any

地址:北京市朝阳区霄云路 26 号鹏润大厦 A 座 29 层 邮编:100125                       29F Eagle Run Plaza. No.26 Xiao Yun Road. Chao Yang District.Beijing.China.100125
TEL:+86 10 51087768 Customer Service Tel:4008-84-4008 Fax:+86 10 84583355   Email:master@dagongcredit.com       Website:www.dagongcredit.com
                       reason at any time, which is irrelevant to the rating charges for the rating projects.
                                                                                                                                            10
                 54. The rating staff of Dagong shall not intervene in any negotiation of marketing
                     activities in relation to the rating charges, which shall be conducted by the Marketing
                     Department and marketing specialists.

                 55. Remuneration of, and performance evaluations, rewards and punishments to
                     Dagong’s rating related employees, shall not relate, in any way to the revenue, rating
                     result and success in issuing of the rating project.

                 (14) Firewall

                 56. Dagong establishes a sound internal organization structure, plotting out proper
                     functions and designing standard operation procedures in accordance with Dagong’s
                     Firewall Policy’s. Thus, segregation, in terms of function, personnel, responsibility
                     and information flow, is realized among all rating departments, as well as between
                     rating departments and other departments.

                 57. Dagong’s Firewall Policy strictly separates the relevant staff or departments from
                     each other, including marketing team and rating team of the credit rating project,
                     rating team and assessment team, as well as rating business and non-rating business
                     such as information services.

                 58. The Client Services Center and Technical Support Department are responsible for
                     separating the Marketing Department from rating departments, as well as separating
                     credit rating services from information services respectively, while the Compliance
                     Department is an independent third party for supervision.

                 59. Rating related tasks between rating related departments and non-rating related
                     departments, one project and others, or among involved analysts, shall be handled in
                     accordance with established job responsibilities and rating procedures strictly, so that
                     information used for credit rating is ensured to circulate within the prescribed limits
                     instead of being misused.

                 60. Dagong’s Firewall Rules reduce the potential conflicts of interest to the greatest
                     extent so that the credit ratings conducted by Dagong are not influenced by any other
                     business relationship between Dagong and its clients.

                 (15) Compliance Management

                 61. The Compliance Department shall conduct regular and random compliance
                     inspections and evaluate Dagong’s compliance management achievements in line
                     with these rules, terms and conditions therein set forth, and also report to the Board


地址:北京市朝阳区霄云路 26 号鹏润大厦 A 座 29 层 邮编:100125                       29F Eagle Run Plaza. No.26 Xiao Yun Road. Chao Yang District.Beijing.China.100125
TEL:+86 10 51087768 Customer Service Tel:4008-84-4008 Fax:+86 10 84583355   Email:master@dagongcredit.com       Website:www.dagongcredit.com
                       of Supervisors.
                                                                                                                                            11
                 62. The principal and staff of Compliance Department shall not be responsible for
                     managing the rating business or have the right to vote as an assessment committee
                     member, and must promise that neither he/she or his/her direct relatives will purchase
                     or sale any company securities. In addition, the compensation of the employees in the
                     Compliance Department is related to their capacities and performances.

                 63. The Compliance Department shall appoint persons to attend the assessment meeting
                     in order to assume the following responsibilities:, (i) suggesting to postpone or cancel
                     the assessment meeting in case of incomplete information or any violation of the
                     rules relating to the qualification or numbers of attending members; (ii) giving
                     warnings in case of any violation of the rules on assessment procedures and (iii)
                     appealing to the Credit Rating Assessment Committee, Assessment Committee and
                     Appeal Committee after the assessment meeting in case that the suggestions or
                     warnings are rejected or ignored.

                 64. All employees of Dagong shall have the right to report to the Compliance
                     Department if any violation of rules or immoral behavior is found. The compliance
                     management specialist shall make an investigation and impose certain punishments
                     on any improper behavior in line with terms and conditions set forth in the
                     management rules of Dagong. In addition, the compliance management specialist
                     shall ensure the individual reporting any violation of these rules is free of any
                     retaliation.

                 65. Dagong has established various channels for anyone to report improper behavior
                     anonymously such as reporting hotline, e-mail box and mailbox.

                 (16) Appeal and Acceptance

                 66. Dagong accepts the supervision of both insiders and outsiders and is willing to accept
                     any public opinion on its credit rating business.

                 67. Dagong has established the client service hotline for the Director of the Client
                     Service Management Center, Marketing Director and Vice President in charge of
                     answering questions of the public.

                 68. The Appeal Committee is established by Dagong for the purpose of handling all
                     kinds of questions such as the objection of rated entity on credit ratings and
                     assessment, which shall be solved by the corresponding department after a careful
                     consideration by the Appeal Committee together with Dagong’s Academic
                     Committee and Expert Committee.


地址:北京市朝阳区霄云路 26 号鹏润大厦 A 座 29 层 邮编:100125                       29F Eagle Run Plaza. No.26 Xiao Yun Road. Chao Yang District.Beijing.China.100125
TEL:+86 10 51087768 Customer Service Tel:4008-84-4008 Fax:+86 10 84583355   Email:master@dagongcredit.com       Website:www.dagongcredit.com
                 69. The valuable advice of the public shall be adopted as a significant reference in
                     modifying the rules and regulations of the company.                                                                    12


                 70. Dagong will publicize its client service hotline, appeal e-mail address and contact
                     information on the Website and various publications of Dagong.

                                          Chapter IV Business Cooperation Expectation

                 71. Dagong expects that the entity being rated will cooperate and provide the information
                     required by Dagong in order to facilitate the credit ratings process, including
                     providing information specifically requested by Dagong, or provide information with
                     respect to any potential events that may impact the credit rating, and, generally,
                     cooperate to establish smooth communication channels regarding material non-public
                     information.

                 72. Dagong expects that all information provided is legal, authentic and complete.
                     Specifically, interview records accomplished by analysts shall be reviewed and
                     signed, the hard copy documents submitted shall be stamped for confirmation one by
                     one and recording of both on-site and telephone interviews will be allowed.

                 73. Dagong expects the entity being rated to cooperate by promptly answering Dagong’s
                     questions and to explain the reasons for any delay. In addition, Dagong also hopes
                     that the entity being rated will allow on-site investigation and research for
                     surveillance credit rating with the aim to discover any existing problems.

                 74. Dagong expects that the entity being rated will not disclose any information before
                     the official publication of credit rating report and its result or scale, or even benefit
                     from acquiring such information in advanced.

                 75. It is Dagong’s expectation that all entities being rated by it avoid communicating or
                     meeting privately with any related Dagong employee. In addition, the entity being
                     rated should not offer any kind of benefit to any Dagong employee.

                 76. If the entity being rated discontinues being cooperative with Dagong before the credit
                     rating process is completed, then Dagong reserves the right to continue such rating
                     according to the information that has been provided by the cooperator and other
                     disclosed or non-disclosed information available to Dagong.

                                                     Chapter V Exception Clauses

                 77. These rules and terms and conditions herein set forth are applicable to all concerned
                     parties. Dagong has the right to revise these rules if necessary.

                 78. The credit rating results determined by Dagong are only a reference for the investors

地址:北京市朝阳区霄云路 26 号鹏润大厦 A 座 29 层 邮编:100125                       29F Eagle Run Plaza. No.26 Xiao Yun Road. Chao Yang District.Beijing.China.100125
TEL:+86 10 51087768 Customer Service Tel:4008-84-4008 Fax:+86 10 84583355   Email:master@dagongcredit.com       Website:www.dagongcredit.com
                       when making their investment decisions, any consequence thereby resulting shall be
                       borne by the investors themselves.                                                                                   13


                 79. Dagong cannot ensure the full accuracy of all information provided by a rated entity
                     for the credit rating project. Dagong shall not bear any responsibility for events that
                     occur subsequent to Dagong providing an inappropriate credit rating result or scale
                     credit rating that results from the credit rating project that utilizing any inaccurate
                     information supplied by entity requesting a credit rating.

                 80. With respect to entities for which Dagong provides credit ratings, Dagong does not
                     provide any financial advisory services or other consulting services related to legal
                     affairs, auditing, or accounting and appraisal. Therefore, the credit rating result or
                     scale issued by Dagong shall not be regarded as influenced by the services mentioned
                     above.

                 81. The credit rating and the rating scale of the rated entity are time sensitive. The
                     investor or any other relevant parties shall always use the most up-to-date credit
                     information. Dagong shall not bear any responsibility for the use of outdated credit
                     rating information by the investors or any other relevant parties.




地址:北京市朝阳区霄云路 26 号鹏润大厦 A 座 29 层 邮编:100125                       29F Eagle Run Plaza. No.26 Xiao Yun Road. Chao Yang District.Beijing.China.100125
TEL:+86 10 51087768 Customer Service Tel:4008-84-4008 Fax:+86 10 84583355   Email:master@dagongcredit.com       Website:www.dagongcredit.com

				
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