MUFG Securities EMEA is part of the MUFG Group and is authorised 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)

This Publications Library is designed to provide certain disclosures relating to investment recommendations to MUFG Securities EMEA clients in accordance with EU (MAR) Regulation 596/2014,

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

Legal Entities and Branches

The securities related businesses within the MUFG (together referred to in this Note as “MUFG  Securities”) are: (1) MUFG SECURITIES EMEA PLC (“MUS(EMEA)”) which is authorised 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) have 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 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 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 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 (“MUSS”) are each exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (“Corporations Act”) 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(HK), MUS(EMEA), MUS(USA) and MUSS are regulated under the laws of Hong Kong, the United Kingdom, the United States and Singapore respectively, which differ from Australian laws; and (4) MUSS which is licensed as an approved merchant bank by the Monetary Authority of Singapore.

Article 20 para 1 which stipulates that:

“Persons who produce or disseminate investment recommendations or other information recommending or suggesting an investment strategy shall take reasonable care to ensure that such information is objectively presented, and to disclose their interests or indicate conflicts of interest concerning the financial instruments to which that information relates”.

MUFG EMEA Securities disseminates information relevant to the above Article which falls into one of the following categories:

Credit Strategy –Such communications are produced as the main business of the Credit Strategy desk. Credit Strategy Analysts are prohibited from Personal Account Dealing in any security in which they have produced communications

Equity Research - MUFG Securities EMEA does not assign ratings of Buy, Hold or Sell to its Sales and Trading Communications, including investment recommendations. An IST communication is not a research report, although it may refer to the views of a MUFG research analyst. Unless otherwise stated all views expressed in IST communications are the views of the authors and may differ or conflict with others in the firm. MUFG Securities EMEA may engage in conflicting activities, including principal trading before or after sending the views, market making, lending, and the provision of investment banking or other services related to instruments/issuers mentioned. No investment decision should be made in reliance on such material, which is condensed and incomplete, does not include all risk factors or other matters that may be material, does not take into account individual investment objectives, financial conditions, or needs, and is not a personal recommendation or investment advice.

MUFG Securities EMEA and its affiliates may make markets, provide liquidity or specialize in, have or may in the future enter into principal or proprietary positions (long or short) in and effect transactions in securities of companies or trading strategies mentioned or described in Sales and Trading Communications and may also perform or seek to perform investment banking, brokerage, or other services for those companies and may enter into transactions with them. We may at any time modify or liquidate all or a portion of such positions and we are under no obligation to contact you to disclose any such intention to modify or liquidate or any such modification or liquidation. Where you provide us with information relating to a customer order or proposed transaction we may use that information to facilitate the execution of your order or transaction, in managing our market making, other client facilitation activities or otherwise in carrying out our legitimate business which may include, but is not limited to, hedging a risk or otherwise limiting the risks to which we are exposed. Where we commit our capital in relation to either on-going management of inventories used to facilitate clients, or in relation to providing you with quotes, we may make use of that information to enter into transactions that subsequently enable us to facilitate clients on terms that are competitive in prevailing conditions.