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The report does not constitute a personal recommendation and has been prepared without regard to the individual financial circumstances, needs or objectives of persons who receive it. The securities and investments related to any securities or related financial products discussed in this report may not be suitable for all investors. Readers should independently evaluate particular investments and strategies, and seek the advice of their own professional and financial advisers as to the legal, business, financial, tax and other aspects before making any investment or entering into any transaction in relation to the securities mentioned in this report. 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An officer (or officers) of MUMSS (member of the board, executive director or auditing officer as stipulated by the Company Act of Japan (Law no. 86 of 2005, as amended, the Company Act)) serve(s) as an officer (or officers) in Mitsubishi UFJ Financial Group, Fukuoka Financial Group, The Bank of Fukuoka, Tokio Marine & Nichido Fire Insurance (Unregistered ratings) Credit rating information in this report identified as “unregistered” constitutes “unregistered credit ratings” assigned by credit rating agencies that are not registered under the Financial Instruments and Exchange Act of Japan. The registration system is designed to ensure the fairness of credit ratings through conduct regulations and supervision on credit rating agencies. Unregistered credit rating agencies are not subject to these regulations or supervision. For the significance of and points to note regarding unregistered credit ratings, please refer to “Explanatory Statement Regarding Unregistered Ratings” available on our website: http://rpt.sc.mufg.jp/public/mp/e04/372228/5ae04-239194-1781051325.pdf