Bright Line Objectivity

• Minimize subjective assessments which can undermine confidence

• Prioritize objectivity over comprehensiveness if subjectivity would be required

• More efficient; fewer cycles wasted on “selling” by protocols; more model driven

• Less gameable

Protocols Pay For Ratings/Scoring

• Familiar model to rest of world including asset owners, asset managers & regulators

• Helpful to adoption as protocols will be motivated to get rated/scored as key signal to investors & regulators

• Self-selecting: the scammers won’t apply – healthy dynamic for the industry

Inside Data Based

• Protocol pay approach fosters internal data contribution in turn enabling inputting of fuller data input set

• Improves data quality and reduces protocol objection risk

Low Trust Model

• Operate on presumption of low industry credibility

• Strong presumptions in favor of audited and/or independently verified data from issuers

• Avoid single third party vendor points of failure; require multiple sources of third party overlapping data throughout where possible