PRIVACY & INTEGRITY
CERA's Values: Independence, Client Privacy, and Compliance with Laws

Cambridge Energy Research Associates (CERA) is an independent research firm providing objective, strategic analysis to the global energy industry. We are proud of our distinguished reputation among leaders in the energy, policy, and business communities and are committed to the highest professional standards, integrity, and work quality.

Independence and Objectivity

CERA's independence, objectivity, intellectual leadership, and creativity are the foundation of our business. We set an independent research agenda, taking into consideration our clients' needs and interests but not allowing these factors to determine the outcome of our analyses or views. CERA maintains complete editorial control of all our research and analyses, which are subject to a rigorous internal peer review process prior to publication.

To honor our commitment to provide clients with world-class insights and analyses, CERA constantly seeks out and obtains the highest quality data and information. CERA acquires critical data from a wide number of sources to ensure that our research is comprehensive and objective. Now, as part of the global IHS family, CERA will gain access to IHS's critical technical information and decision support tools. This will strengthen our data capabilities and we will incorporate IHS information into our research workflows where appropriate.

We hold our employees to the highest ethical standards in order to provide clients with independent, high-quality, and objective analysis. We are committed to conducting business in a manner that is fair, honest, and in full compliance with all applicable rules, laws, and regulations.

Privacy

Confidential and proprietary information exchanged with our clients is held in strict confidence. IHS recognizes, respects, and supports the CERA culture and values of independence and objectivity, as well as the inviolability of our confidential relationships with clients.

CERA's policies include an obligation to maintain the confidentiality of any nonpublic information we receive. This obligation precludes the use by firm personnel, for direct or indirect personal gain or profit, of nonpublic information received in connection with the firm's research or consulting for a client or otherwise in the course of the firm's business. Policies and procedures are in place to ensure that the confidentiality of nonpublic or proprietary information will be maintained; that material nonpublic information will not be used by firm personnel in securities transactions or by individuals who reside in the same household with firm personnel; and that if any firm personnel are aware of material nonpublic information there shall be no purchases or sales of securities, commodities, or future interests by firm personnel or members of their household.

To ensure that CERA's client confidentiality policy is recognized and enforced, all CERA employees must sign Confidentiality and Non-Disclosure Agreements. These agreements require all CERA personnel (including Senior Associates and Consultants) to keep private all proprietary and confidential materials, including the identity of clients, drafts of reports, research, and business development.

It is also CERA's policy to refrain from making public comments about any specific companies or individuals in any forum, including the media.

Compliance with Laws

It is the established policy of CERA and its parent to comply fully with all applicable laws and regulations of the United States and all jurisdictions in which it does business, including the provisions of the US Foreign Corrupt Practices Act, Export Administration Regulations, and OFAC's Trade Embargo and Sanctions Regulations.