Disclaimer MUFG US Macro Strategy | Inflation Update 7 This presentation has been prepared by a subsidiary of Mitsubishi UFJ Financial Group, Inc. (“MUFG”) which carries on a securities related business. 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. (“MUS(USA)”) 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(HK)”) 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(HK) has an office in Australia, MUFG SECURITIES ASIA LIMITED ARBN No. 169 329 453, which is registered at Suite 16 & 52, Level 36 Gateway, One Macquarie Place, Sydney, Australia. In respect of the financial services provided to wholesale clients in Australia, MUS(HK), MUS(EMEA), MUS(USA) and MUFG SECURITIES ASIA (SINGAPORE) LIMITED (“MUS(SPR)”) are each exempt from the requirement to hold an Australian financial services license under the Corporations Act 2001 (“Corporations Act”) under the Australian Securities and Investments Commission (“ASIC”) Class Order Exemption CO 03/1099, CO 03/1103, CO 03/1100 and CO 03/1102, respectively. Each of MUS(HK), MUS(EMEA), MUS(USA) and MUS(SPR) are regulated under the laws of Hong Kong, the United Kingdom, the United States and Singapore respectively, which differ from Australian laws; and (5) MUS(SPR) which is licensed as an approved merchant bank by the Monetary Authority of Singapore. General disclosures This presentation is for information purposes only and should not be construed as investment research or a solicitation of any offer to buy or sell any security, commodity, futures contract or related derivative (hereafter “instrument”) or to participa te in any trading strategy. This presentation does not constitute a personal recommendation and does not take into account the individual financial circumstances, needs or objectives of the recipients. Recipients should therefore seek their own financi al, legal, tax or other advice before deciding to invest in any of the instruments mentioned in this presentation. Certain information contained in this presentation has been obtained or derived from third party sources and such information is believed to be correct and reliable but 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 this presentation. Furthermore, the information may not be current due to, among other things, changes in the financial markets or economic environment. MUFG Securities has no obligation to update any such information contained in this presentation. This presentation is not intended to forecast or predict future events. Past performance is not a guarantee or indication of future results. Any prices provided herein (other than those identified as being historical) are indicative only and do not represent firm quotes as to either price or size. This presentation is 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 presentation and accepts no legal responsibility to any investor who directly or indirectly receives this material. Country and region-specific disclosures This presentation is not directed to, or intended for distribution to or use by, any person or entity who 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 presentation is intended for distribution to a “professional client” or “eligible counterparty” as those terms are defined in the rules of the FCA and PRA. In other EEA countries, this presentation is intended only for persons regarded as professional investors (or equivalent) in their home jurisdiction. This presentation 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. United States of America: This presentation, when distributed by MUS(USA), is intended for Institutional Investors (“Institutional Accounts” as defined by FINRA Rule 4512(c)). When distributed by a non-US affiliate of MUS(USA), this presentation is intended for distribution solely to “major U.S. institutional investors” or “U.S. institutional investors” pu rsuant to Rule 15a-6 under the U.S. Securities Exchange Act of 1934, as amended. Securities referenced in this presentation may have been underwritten by MUS(USA) and/or its affiliates. Nothing in this presentation 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 MUS(USA) of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties. Hong Kong: This presentation 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 presentation 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 presentation is distributed to "accredited investors" and "expert investors", MUS(SPR) 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 presentation 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 presentation. Australia: This presentation 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 (“Corporations Act”) and are wholesale clients for the purposes of section 761G of the Corporations Act. 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 certai n 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 MUS(USA) 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. MUS(USA) operates under the exemption in all Canadian Provinces and Territories.