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DEBT, EQUITY, MUNICIPAL SECURITIES AND SWAPS DISCLAIMERS

CERTIFICATION: The author(s) mentioned on the cover of this report hereby certify(ies) (or, where multiple authors are responsible, individually certify with respect to each security that the author covers in this report) that the views expressed in this report accurately reflect their personal views about the subject company(ies) and its (their) securities, and also certify(ies) that they have not been, are not, and will not be receiving direct or indirect compensation in exchange for expressing any specific recommendation(s) or view(s) in this report.

DISCLAIMERS: This Note has been prepared by a sales, trading, capital markets or other non-research function of the above named entity that carries on securities related business and is a subsidiary of the Mitsubishi UFJ Financial Group (""MUFG"").

Legal Entities and branches

The securities related businesses within MUFG (together referred to in this presentation as “MUFG Securities”) are: (1) MUFG SECURITIES EMEA PLC (“MUS(EMEA)”) which is authorized in the United Kingdom by the Prudential Regulation Authority (“PRA”) and regulated by the Financial Conduct Authority (“FCA”) and the PRA (FS Registration Number 124512). MUS(EMEA) has a branch office that is registered at Level 3, East Wing, The Gate, Dubai International Financial Centre, PO Box 506894, Dubai, UAE (“Dubai Branch”). The Dubai Branch is authorized to operate in the Dubai International Financial Centre (“DIFC”) as a Non-DIFC Entity (Commercial License Number CL1656) and is regulated by the Dubai Financial Services Authority (Reference Number F002623); (2) MUFG SECURITIES AMERICAS INC. (“MUSA”) which is registered in the United States with the Securities and Exchange Commission (“SEC”) and regulated by the Financial Industry Regulatory Authority (“FINRA”) (SEC# 8-43026; CRD# 19685); (3) MUFG SECURITIES (CANADA), LTD. (“MUS(CAN)”) which is registered in Canada with the Ontario Securities Commission (“OSC”) and regulated by the Investment Industry Regulatory Organization of Canada (“IIROC”) and registered in the United States with the SEC, regulated by FINRA (SEC# 8-69693; CRD# 281904); (4) MUFG SECURITIES ASIA LIMITED (“MUS(ASIA)”) which is incorporated in Hong Kong, licensed under the Hong Kong Securities and Futures Ordinance and regulated by the Hong Kong Securities and Futures Commission (Central Entity Number AAA889). MUS(ASIA) is registered as a foreign company under the Corporations Act 2001 of Australia ARBN No. 169 329 453; and (5) MUFG Securities Asia (Singapore) Limited (“MUS(SPR)”) which is licensed as an approved merchant bank by the Monetary Authority of Singapore. In respect of the financial services provided to wholesale clients in Australia, MUS(ASIA), MUS(EMEA), MUSA and MUS(SPR) are each exempt from the requirement to hold an Australian financial services license under the Corporations Act 2001 of Australia under the Australian Securities and Investments Commission Class Order Exemption CO 03/1099, CO 03/1103, CO 03/1100, and CO 03/1102, respectively. Each of MUS(ASIA), MUS(EMEA), MUSA, MUS(CAN), and MUS(SPR) are regulated under the laws of Hong Kong, the United Kingdom, the United States, Canada and Singapore respectively, which differ from Australian laws.

General Disclaimer

MUFG Securities prepares and disseminates a range of commentary to its clients (“General Sales and Trading Communications”) prepared by sales, trading, capital markets or other non-Research functions, including but not limited to runs, axes, pricing indications, short term views and macro commentary which are for information purposes only and should not be construed as an investment recommendation to buy or sell any financial instrument or to participate in any trading strategy. These are not intended for dissemination to the public. In addition, sales and trading personnel also produce and disseminate credit strategy pieces, sales notes, trading and market commentary (“Sales and Trading Commentaries”) which may be defined as investment recommendations under the European Market Abuse Regulation. General Sales and Trading Communications and Sales and Trading Commentaries do not contain a personal recommendation and do not take into account the individual financial circumstances, needs or objectives of the recipients. Recipients should therefore seek their own financial, legal, tax or other advice before deciding to invest in any of the instruments mentioned in such documents.

Certain information contained in our General Sales and Trading Communications and Sales and Trading Commentaries has been obtained or derived from third party sources and while such information is believed to be correct and reliable it has not been independently verified. MUFG Securities does not make any guarantee, representation, warranty or undertaking, express or implied, as to the fairness, accuracy, reliability, completeness, adequacy or appropriateness of any information or comments contained in these documents. Furthermore the information may not be current due to, among other things, changes in the financial markets or economic environment. MUFG Securities does not, and has no obligation to update any such information contained in is General Sales and Trading Communications and Sales and Trading Commentaries. Any prices or quotations contained herein are indicative only, do not represent firm quotes as to either price or size and should not be used for valuation purposes.

General Sales and Trading Communications and Sales and Trading Commentaries are not intended to forecast or predict future events. Past performance is not a guarantee or indication of future results. MUFG Securities does not assign ratings of Buy, Hold or Sell to its Sales and Trading Commentaries. General Sales and Trading Communications and Sales and Trading Commentaries are produced by non-Research functions, including sales and trading do not constitute investment research and are not been prepared under conditions designed to promote the independence of investment research. It is not subject to any prohibition on dealing ahead of the dissemination of investment research. MUFG Securities may make markets, provide liquidity, have ( or may in the future enter into) principal or proprietary positions (long or short) in and effect transactions in the financial instruments or trading strategies mentioned or described in our General Sales and Trading Communications and Sales and Trading Commentaries and may also perform or seek to perform investment banking, brokerage, or other services for those companies including entering into transactions with them. In general, our General Sales and Trading Communications and Sales and Trading Commentaries are short term views in response to market movements and news.

The sales and trading staff who produce investment recommendations have received compensation based upon various factors, including individual performance competitive factors, firm revenues, sales and trading revenues and overall investment banking revenues.

Our General Sales and Trading Communications and Sales and Trading Commentaries are proprietary to MUFG Securities and may not be quoted, circulated or otherwise referred to without our prior written consent. Notwithstanding this, MUFG Securities shall not be liable in any manner whatsoever for any consequences or loss (including but not limited to any direct, indirect or consequential loss, loss of profits and damages) arising from any reliance on or usage of this report and accepts no legal responsibility to any investor who directly or indirectly receives this material.

Country and region specific disclosures

Any instruments referred to in this Note may not be eligible for sale in all jurisdictions or to all categories of investors. This Note is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of or is located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to any law, regulation or rule.

In this regard, please note the following in relation to the jurisdictions in which MUFG Securities has a local presence:

• United Kingdom / European Economic Area (EEA): This Note is a marketing communication and financial promotion which has been issued and approved for publication by MUS(EMEA) for the purposes of MUS(EMEA)’s MiFID business. It is intended for distribution to a “professional client” or “eligible counterparty” as those terms are defined in the rules of the UK FCA and PRA. In other EEA countries, this Note is intended only for persons regarded as professional investors (or equivalent) in their home jurisdiction. This Note has been prepared in accordance with MUS(EMEA)’s organizational and administrative arrangements for managing conflicts of interest. Such arrangements include policies which set out guidelines relating to the production of research including (but not limited to) restrictions on access to information, personal dealing and inducements. Additional disclosures relating to investment recommendations as defined in EU (MAR) Regulation 596/2014 can be found at https://research.musi.com/Portalhome.aspx

• United States of America: This Note, when distributed by MUSA, is intended for Institutional Investors (“Institutional Accounts” as defined by FINRA Rule 4512(c)). When distributed by a non-US affiliate of MUSA, this Note is intended for distribution solely to “major U.S. institutional investors” or “U.S. institutional investors” pursuant to Rule 15a-6 under the U.S. Securities Exchange Act of 1934, as amended. Securities referenced in this Note may have been underwritten by MUSA and/or its affiliates. Nothing in this Note should be considered an offer or solicitation of an offer to buy or sell securities or any other financial product or a commitment of any kind with respect to any transaction.

• IRS Circular 230 Disclosure: MUFG Securities does not provide tax advice. Accordingly, any discussion of U.S. tax matters included herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone not affiliated with MUSA of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties.

• Hong Kong: This Note is only intended for distribution to a “professional investor” as that term is defined in the Securities and Futures Ordinance and should not be passed onto any other person.

• Singapore: This Note is only intended for distribution to an "institutional investor", "accredited investor" or "expert investor" as those terms are defined under regulation 2 of the Financial Advisers Regulation. It is solely for the use of such investors and shall not be distributed, forwarded, passed on or disseminated to any other person. Investors should note that, as a result of exemptions that apply when this report is distributed to "accredited investors" and "expert investors", MUSS is exempt from complying with certain requirements under the Financial Advisers Act, including section 25 of the Financial Advisers Act (which requires a financial adviser to disclose all material information on certain investment products), section 27 (which requires a financial adviser to have a reasonable basis for making recommendations on investments) and section 36 (which requires a financial adviser to disclose any interests that it holds in securities that it recommends).

• Japan: This Note, when distributed by MUFG Securities affiliates located outside of Japan, is intended for distribution in accordance with Article 58-2 of the Financial Instruments Exchange Act 1948 (“FIEA”) i) to a “Financial Instruments Business Operator” engaged in “Securities-Related Business” as defined in the FIEA or ii) to the government, the Bank of Japan, a qualified financial institution defined in Article 209 of the Cabinet Office Ordinance Concerning Financial Instruments Business, Etc., or an Investment Manager. When distributed by Mitsubishi UFJ Morgan Stanley Securities Co., Ltd., this Note is intended for distribution to a “Professional Investor (tokutei-toushika)” as defined in the FIEA.

• United Arab Emirates: This Note is only intended for distribution to a “Professional Client” or “Market Counterparty” as those terms are defined under the rules of the Dubai Financial Services Authority and only a person meeting the criteria for these terms should act upon this Note.

• Australia: This Note is only intended for distribution to persons in Australia who are sophisticated or professional investors for the purposes of section 708 of the Corporations Act of Australia, and are wholesale clients for the purposes of section 761G of the Corporations Act of Australia. This Note is not intended to be distributed or passed on, directly or indirectly, to any other class of persons in Australia.

Other jurisdictions:

MUFG Securities also relies on local registrations or regulatory exemptions in order to undertake certain securities business in other countries. In Thailand, MUS(EMEA) has a derivatives dealer registration with the Securities and Exchange Commission, Thailand. In Canada, MUS(EMEA) and MUSA each operate under an international dealer exemption registered with the securities regulators. MUS(EMEA) operates under the exemption in Alberta, Quebec, Ontario, British Columbia and Manitoba. MUSA operates under the exemption in all Canadian Provinces and Territories..

Municipals Entities and Obligated Persons Disclaimer

If you are a municipal entity or obligated person, MUFG Securities Americas Inc. (“MUSA”) is not recommending to you any action; (b) MUSA is not acting as an advisor to you and does not owe a fiduciary duty pursuant to Section 15B of the Exchange Act to you with respect to the information and material contained in this communication; (c) MUSA is acting for its own interests; and (d) you should discuss any information and material contained in this communication with any and all internal or external advisors and experts that you deem appropriate before acting on this information or material.

Acting as Agent for Swaps Transactions Disclaimer

MUFG Securities Americas Inc. ("MUSA") is a U.S. CFTC registered Futures Commission Merchant (FCM) and a member of the National Futures Association (NFA). MUSA is also approved as an NFA ""Swap Firm"". As a Swap Firm, MUSA serves as agent for its affiliate, MUFG Securities International Plc (""MUS(EMEA)"") which is a CFTC registered Non-U.S. Swap Dealer. MUSA does not make a market in any of the swaps mentioned herein. The provision of investment services may be restricted in certain jurisdictions. Products and services referred to herein are offered only in jurisdictions where and when they may be lawfully offered by MUSA, MUS(EMEA) or any other members of the Mitsubishi UFJ Financial Group (""Mitsubishi Group""). We will not provide any products or services described herein to any person if the provision of such products or services would be in violation of the law of such person’s home country jurisdiction or any other related jurisdiction. This material is only intended for Institutional Investors.

Municipals Entities and Obligated Persons Disclaimer

If you are a municipal entity or obligated person, MUFG Securities Americas Inc. (“MUSA”) is not recommending to you any action; (b) MUSA is not acting as an advisor to you and does not owe a fiduciary duty pursuant to Section 15B of the Exchange Act to you with respect to the information and material contained in this communication; (c) MUSA is acting for its own interests; and (d) you should discuss any information and material contained in this communication with any and all internal or external advisors and experts that you deem appropriate before acting on this information or material.

Acting as Agent for Swaps Transactions Disclaimer

MUFG Securities Americas Inc. ("MUSA") is a U.S. CFTC registered Futures Commission Merchant (FCM) and a member of the National Futures Association (NFA). MUSA is also approved as an NFA ""Swap Firm"". As a Swap Firm, MUSA serves as agent for its affiliate, MUFG Securities International Plc (""MUS(EMEA)"") which is a CFTC registered Non-U.S. Swap Dealer. MUSA does not make a market in any of the swaps mentioned herein. The provision of investment services may be restricted in certain jurisdictions. Products and services referred to herein are offered only in jurisdictions where and when they may be lawfully offered by MUSA, MUS(EMEA) or any other members of the Mitsubishi UFJ Financial Group (""Mitsubishi Group""). We will not provide any products or services described herein to any person if the provision of such products or services would be in violation of the law of such person’s home country jurisdiction or any other related jurisdiction. This material is only intended for Institutional Investors.

REGULATORS: MUFG Securities Americas Inc. is a member of FINRA - www.finra.org / SIPC - www.sipc.org.

 

IMPORTANT DISCLOSURES ON CONFERENCES

Invitations to conferences sponsored by MUFG Securities Americas Inc. ("MUSA") are intended for institutional investors only. MUSA and/or its officers, directors, employees and affiliates may from time to time have long or short positions in, and buy or sell, the securities of companies mentioned herein and/or derivatives and other instruments related thereto. MUSA and its affiliates may have acted as an underwriter of such securities or other instruments and may provide commercial and investment banking services to the issuers of such securities or related to such instruments.

Information included herein has been obtained from other sources believed to be reliable, but its accuracy and completeness cannot be guaranteed. Nothing herein should be considered an offer to buy or sell securities or other instruments, or solicitation of such an offer. MUSA is a member of FINRA and SIPC.

We reserve the right to accept or reject registration for, or admission to, our Conferences. We do not prepare, review or edit the presentations and other information provided by each company, and we do not take any responsibility for the accuracy or adequacy of any such information.​