The Market Abuse Regulation (“MAR”) requires a number of disclosures to be made where Investment Recommendations are provided by MUFG Securities (EMEA) (“MUSE”) and MUFG Bank London (“MUFG Bank”), please find these disclosures below.

MUSE and MUFG Bank may own a net long or short position exceeding the threshold of 0,5 % of the total issued share capital of the issuer.

Entities mentioned in our Sales and Trading Commentaries may have interest in excess of 5% of the total issued share capital of Mitsubishi UFJ Financial Group. Information relating to Major Shareholders is available on MUFG; Stock Information | Mitsubishi UFJ Financial Group.

MUSE and MUFG Bank may be market maker or liquidity provider in the financial instruments of the issuer and may have been lead manager or co-lead manager over the previous 12 months of any publicly disclosed offer of financial instruments of the issuer.

MUSE and MUFG Bank are not party to an agreement with the issuer relating to the production of the recommendation, neither disclose their recommendations to issuers, so that the recommendation cannot be influenced by the issuer.

A description of the effective internal organisational and administrative arrangements and of any information barrier it has set up for the prevention and avoidance of conflicts of interest with respect to the recommendations is available on MUFG; Policy for Conflicts of Interest Management | Mitsubishi UFJ Financial Group.

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.

MUSE and MUFG Bank are part of the MUFG Group however owing to the organisation of the Group, employees involved in the production of Sales and Trading Commentaries do not know and are not expected to know what is done by other entities of the Group.

Our Credit Strategy recommendations incorporate valuations (relative value) and the author's fundamental view on the security. The fundamental credit view of an issuer may be based on the company's underlying credit trends, overall creditworthiness and our opinion on whether the issuer will be able to service its debt obligations when they become due and payable. We may review, among other things, the company's cash flow capacity and trends and standard credit ratios, such as gross and net leverage, interest coverage and liquidity ratios. We may also review profitability, capitalization and asset quality, among other variables, when assessing financials. We also take into account management strategy, financial policy and the overall competitive landscape in relevant industries insofar as these may impact credit quality. We may also assess market technical aspects such as the likely future supply of bonds or fund flows into the broader asset class. Unless we specify a different recommendation for the company's individual securities, an issuer recommendation applies to all of the bonds at the same level of the issuer's capital structure. The Investment Recommendations remain valid only at the point of publication, as they are not updated to take account of changes in the financial markets or new news about the issuer or instruments. For the list of MUSE historical recommendations, please see https://www.mufgemea.com/images/mufg/CTG_CRS_Investment_recommendations_log.pdf and for the list of MUFG Bank historical recommendations, please see https://www.mufgemea.com/images/mufg/FXTradingRecommendationsLog.xlsx