Beacon Ratings maintains a policy to protect confidential information of its clients as per the terms of confidentiality agreement. The confidentiality agreement with clients broadly covers the following:

• Unless otherwise permitted by the confidentiality agreement and consistent with applicable laws or regulations, Beacon Ratings and its employees shall not disclose any confidential information in press releases, through research publications and conferences, to future employers, to investors, issuers, or others.
• Confidential information will only be used for purposes related to rating activities or otherwise in accordance with any confidentiality agreements with the issuer.
• All proceedings of credit rating committee shall be kept confidential, not to revealed to any external parties or agencies. Beacon Ratings shall take steps to keep all records of proceedings properly safeguarded, except where required to be disclosed by the provisions of laws or regulations.
• When the credit rating committee decides on a rating, it shall be announced as a committee’s decision and the individual votes are kept confidential, even if recorded. This requirement of confidentiality also applies to rating committee members for their own votes.
• Beacon Ratings shall take reasonable measures to protect all property and records in its possession from fraud, theft or misuse.
• Employees shall not disclose any non-public information regarding rating opinions or possible future rating actions.
• Employees shall not share confidential information with employees of Beacon Ratings affiliated entities.
• Employees shall also not share confidential information within Beacon ratings except for legitimate rating reasons.
• Employees shall not use or share confidential information for the purpose of trading securities, or for any other purpose except for legitimate rating reasons.
• When any credit rating committee member or Beacon Ratings’ employee terminates his/her employment or work association with the ratings, the requirement of confidentiality with respect to information received during the period of work shall continue as information held in trust.