Disclaimer 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. This report has been prepared by the Global Markets Research, US Rates and Credit Strategy desks within MUFG Bank, Ltd. (“MUBK”), MUFG Securities EMEA plc (“MUSE”) and MUFG Securities Americas Inc (“MUSA”) and may be distributed to you either by MUBK, MUSE or MUSA or by another subsidiary of the Mitsubishi UFJ Financial Group (“MUFG”). LEGAL ENTITIES AND BRANCHES The securities related businesses within MUFG (together referred to in this material as “MUFG Securities”) are: (1) MUFG Securities EMEA plc (“MUSE”), a limited liability company, registered in England (No:1698498) with its registered office at Ropemaker Place, 25 Ropemaker Street, London, EC2Y 9AJ. MUSE is authorised in the United Kingdom by the Prudential Regulation A uthority (“PRA”) and regulated by the Financial Conduct Authority (“FCA”) and the PRA (FS Registration Number 124512). In the USA, MUSE is a registered Swap Dealer (“SD”) with the Commodity Futures Trading Commission (“CFTC”) and a member of the National F utures Association (“NFA”). MUSE is also a registered Security -Based Swap Dealer (“SBSD”) with the Securities Exchange Commission (“SEC”). MUSE has a branch office (“MUSE Dubai Branch”) that is registered at Level 3, East Wing, The Gate, Dubai Internationa l Financial Centre, PO Box 506894, Dubai, UAE. MUSE Dubai Branch is authorised 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 (Europe) N.V. (“MUS(EU)), a public limited company, registered in the Netherlands (chamber of commerce number 71213376) with its registered office at World Trade Center, Tower Two, level 5, Strawinskylaan 1887, 1077 XX Amsterdam. MUS(EU) is authorized by the European Central Bank and regulated by De Nederlandsche Bank (“DNB”) and also regulated by the Authoriteit Financiële Markten (“AFM”). MUS(EU) has a branch office (MUSE(EU) Paris Br anch) registered in France (chamber of commerce number 844285999) with its registered office at 18 rue du Quatre-Septembre, 75002 Paris. MUS(EU) Paris Branch is regulated in France by the Autorité de contrôle prudentiel et de résolution ("ACPR") and the Autorité des marchés financiers ("AMF"); (3) 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); (4) MUFG Securities (Canada), Ltd. (“MUS(CAN)”) is an investment dealer registered in Canada with the Ontario Securities Commission (“OSC”) and in each province and territory of Canada, a member of the Canadian Investment Regulatory Organization (“CIRO”) (NRD# 54270), and a member of the Canadian Investor Protection Fund (“CIPF”). Customers’ accounts are protected by CIPF within the specified limits; (5) MUFG Securities Asia Limited (“MUS(ASIA)”) which is incorporated in Hong Kong, licensed under the Hong Kong Securities and Fu tures 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 169 329 453); and (6) MUFG Securities Asia Limited, Singapore Branch (“MUS(ASIA Singapore)”) has a capital markets services licence under the Secur ities and Futures Act in Singapore. (7) MUFG Securities (India) Private Limited (“MUS(INDIA)”) is a registered intermediary under the Securities and Exchange Board o f India (Merchant Bankers) Regulations, 1992 having registration number INM000013305. In respect of the financial services provided to wholesale clients in Australia, MUS(ASIA), MUSE and MUSA are each exempt from the requirement to hold an Australian financial services licence 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), MUSE, MUSA, are regulated under the laws of Hong Kong, the United Kingdom and the United States respectively, which differ from Australian laws. The banking related businesses within MUFG (together referred to in this material as “MUFG Bank”) are: (1) MUFG Bank Ltd (“MUBK”), is a limited liability stock company incorporated in Japan and registered in the Tokyo Legal Affairs Bureau (company no. 0100-01-008846). MUBK’s head office is at 1 -4-5 Marunouchi, Chiyoda-Ku, Tokyo, Japan. MUBK is authorised and regulated by the Japanese Financial Services Agency. MUBK is registered as a foreign company under the Corporations Act 2001 of Australia (ARBN 103 418 882) and is authorised by the Australian Prudential Regulation Authority to carry on banking business in Australia under the Banking Act 1959 of Australia. MUBK is also a registered Swap Dealer with the Commodity Futures Trading Commission and a member of the National Futures Association. (2) MUBK’s London branch is at Ropemaker Place, 25 Ropemaker Street, London EC2Y 9AN, and is registered as a UK establishment in the UK register of companies (registered no. BR002013). MUBK’s London branch is authorised by the UK Prudential Regulation Authority (“PRA”) and subject to regulation by the UK Financial Conduct Authority (“FCA”) and limited regulation by the PRA. (3) MUFG Bank (Europe) N.V. (“MUFG N.V.”) is a company with limited liability (naamloze vennootschap) incorporated under the laws of the Netherlands and registered with the Dutch Chamber of Commerce under number 33132501, with its head office at Strawinskylaan 1887, 1077XX Amsterdam, the Netherlands. MUFG N.V. is authorized and regulated by the Dutch Central Bank (De Nederlandsche Bank) (www.dnb.nl) and the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten) (www.afm.nl) (jointly the “Dutch Authorised Regulators”). MUFG Bank (Europe) N.V. Germany Branch (“MUFG Germany”) is the German Branch of MUFG N.V. with its registered office at Breite Strasse 34, 40213 Düsseldorf, Germany, registered with the commercial register (Handelsregister) of the local court (Amtsgericht) of Düsseldorf under no. HRB 82502, and is authorised to provide banking services in Germany under the freedom of establishment in the European Union. Part of its activities are - in addition to the Dutch Authorised Regulators –supervised by the Federal Financial Supervisory Authority for Germany, “BaFin” (Bundesanstalt für Finanzdienstleistungsaufsic ht) (www.bafin.de) and Deutsche Bundesbank (www.bundesbank.de). (4) MUFG Bank’s DIFC branch, is regulated by the Dubai Financial Services Authority (DFSA) (License number: F000470) and has its registered address at Level 3, East Wing, the Gate, Dubai International Financial Centre, Dubai, P.O. Box 506614, United Arab Emirates. (5) MUFG Bank’s QFC branch is authorised by the Qatar Financial Centre Regulatory Authority (QFCRA) (Licence number: 00103) and h as its registered address at Suite A3, Mezzanine Floor, Tornado Tower, West Bay, Doha, Qatar. (6) MUFG Bank’s Riyadh branch is regulated by the Saudi Central Bank and has its registered address at 13th Floor, East Wing Al N akhlah Tower, King Fahd Road, As Sahafah Dist, Riyadh 13315, Kingdom of Saudi Arabia. (7) MUBK’s Canada branch (MUFG Bank, Ltd., Canada Branch (“MUBK Canada Branch”) principal office is located at 200 Bay Street, Su ite 1800, Toronto, Ontario, M5J 2J1, Canada. MUFG Bank’s Canada branch is an authorized foreign bank branch permitted to carry on b usiness in Canada pursuant to the Bank Act (Canada); Deposits with MUFG Bank Canada are not insured by the Canada Deposit Insurance Corporation.