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Analytics, Inc. and/or their licensors and affiliates (collectively MOODYS). All rights reserved.
CREDIT RATINGS ISSUED BY MOODYS AND ITS AFFILIATES CONSTITUTE MOODYS CURRENT
VIEWS REGARDING THE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR SIMILAR INSTRUMENTS, AND MOODYS PUBLISHED MATERIALS, PRODUCTS, SERVICES AND INFORMATION (COLLECTIVELY, THE PUBLICATIONS), AND MOODYS
PUBLICATIONS MAY INCLUDE CURRENT VIEWS. MOODYS DEFINES CREDIT RISK AS THE RISK ARISING FROM AN ENTITYS INABILITY TO MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS WHEN DUE AND THE ESTIMATED ECONOMIC LOSSES IN THE EVENT OF DEFAULT OR
INABILITY TO MEET SUCH OBLIGATIONS. PLEASE REFER TO MOODYS APPLICABLE RATING SYMBOLS AND RATING DEFINITIONS FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ENUNCIATED BY MOODYS CREDIT RATINGS. CREDIT RATINGS DO NOT
REFER TO ANY OTHER RISKS, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (ASSESSMENTS) AND OTHER OPINIONS CONTAINED IN
MOODYS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODYS PUBLICATIONS MAY ALSO INCLUDE FORECASTS BASED ON A QUANTITATIVE CREDIT RISK MODEL AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYS ANALYTICS, INC.
AND/OR ITS AFFILIATES. MOODYS CREDIT RATINGS, EVALUATIONS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODYS CREDIT RATINGS, EVALUATIONS AND OTHER OPINIONS ARE NOT AND DO NOT
CONSTITUTE OR IMPLY ANY RECOMMENDATION TO BUY, SELL OR HOLD ANY PARTICULAR SECURITY. MOODYS CREDIT RATINGS, EVALUATIONS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE COMMENTARY ON THE SUITABILITY OF ANY INVESTMENT FOR ANY PARTICULAR
INVESTOR. MOODYS ISSUES ITS CREDIT RATINGS, EVALUATIONS AND OTHER OPINIONS AND PUBLISHES ITS REPORTS IN THE CONFIDENCE AND WITH THE UNDERSTANDING THAT EACH INVESTOR WILL C O N D U C T , WITH DUE DILIGENCE, ITS OWN RESEARCH AND EVALUATION OF
THE INSTRUMENT IT IS CONSIDERING BUYING, HOLDING OR SELLING.
CREDIT RATINGS, EVALUATIONS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY
RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO RELY ON MOODYS CREDIT RATINGS, EVALUATIONS, OTHER OPINIONS OR PUBLICATIONS IN MAKING ANY INVESTMENT DECISION. IF IN DOUBT, YOU SHOULD CONTACT YOUR FINANCIAL OR
OTHER PROFESSIONAL ADVISOR.
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COPYRIGHT LAW, AND NO PART OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, COMPILED, TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY
FORM, MANNER OR MEDIUM BY ANY PERSON WITHOUT MOODYS PRIOR WRITTEN CONSENT.
MOODYS CREDIT RATINGS, EVALUATIONS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED
FOR USE BY ANY PERSON AS A BENCHMARK, AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES, AND SHOULD NOT BE USED IN ANY MANNER THAT WOULD CAUSE THEM TO BE CONSIDERED A BENCHMARK.
All information contained herein has been obtained by MOODYS from sources it believes
to be accurate and reliable. However, due to the possibility of human or mechanical error, as well as other factors, all information contained herein is provided AS IS without warranty of any kind.
MOODYS takes all reasonable steps to ensure that the information it uses in assigning
a credit rating is of sufficient quality and from sources Moodys believes to be reliable, including, where appropriate, independent third parties. However, Moodys is not an auditing firm and cannot in all cases independently verify or
validate information received in the credit rating process or in the preparation of Publications.
To the fullest extent permitted by law, MOODYs and its directors, officers,
employees, agents, representatives, licensors and suppliers disclaim all liability to any person or entity for any indirect, special, consequential or incidental loss or damage of any nature whatsoever, arising out of or in connection with the
information contained herein or the use or inability to use such information, even if MOODYs or any of its directors, officers, employees, agents, representatives, licensors or suppliers has been advised in advance of the possibility of such
loss or damage, including but not limited to: (a) present or future loss of profit or (b) loss or damage arising in the event that the financial instrument in question is not the subject of a particular credit rating given by
To the fullest extent permitted by law, MOODYs and its directors, officers,
employees, agents, representatives, licensors and suppliers disclaim all liability in respect o f a n y direct or consequential loss or damage caused to any person or entity, including without limitation, negligence (excluding, however, fraud,
wilful misconduct or any other type of liability which, for the sake of clarity, cannot be excluded by law), by MOODYs or any of its directors, officers, employees, agents, representatives, licensors or suppliers, or in respect of any
contingency within or beyond the control of any of the foregoing, arising out of or in connection with the information contained herein or the use or inability to use such information.
MOODYS MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS,
COMPLETENESS, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF CREDIT RATINGS, EVALUATIONS AND OTHER OPINIONS OR INFORMATION.
Moodys Investors Service, Inc, a wholly owned subsidiary of Moodys Corporation
(MCO), hereby reports that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and notes) and preferred stock rated by Moodys Investors Service, Inc. have agreed, prior to the assignment of
any rating, to pay Moodys Investors Service, Inc. for its opinion and rating services for a fee ranging from ($1,000 to approximately
5,000,000. MCO and Moodys Investors Service also maintain policies and procedures to
ensure the independence of the ratings and credit rating assignment processes of Moodys Investors Service, Inc. Information regarding certain relationships that may exist between directors of MCO and rated entities, and between entities that
have been assigned credit ratings by Moodys Investors Service and have also publicly notified the SEC that they have a greater than 5% ownership interest in MCO, is published annually at www.moodys.com under
Investor Relations - Corporate Governance - Charter Documents - Director and Shareholder Affiliation Policy.
- Corporate Governance - Constitutive Documents - Policy on Relations between Directors and
Applicable to Australia only: Publication in Australia of this document is pursuant to the
Australian Financial Services License of MOODYs subsidiary, Moodys Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moodys Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document
is intended solely for wholesale clients within the meaning of section 761G of the Corporations Act 2001. By accessing this document from anywhere within Australia, you represent to MOODYS that you are a wholesale
customer or are accessing this document as a representative of a wholesale customer and that neither you nor the entity you represent will disclose, directly or indirectly, this document or its contents to retail
customers within the meaning of section 761G of the Corporations Act 2001. MOODYS credit ratings are opinions on the credit quality of an issuers credit commitment and not on the issuers equity securities or any other form of
instrument available to retail customers.
Applicable to Japan only: Moodys Japan K.K. (MJKK) is a credit rating
agency, a subsidiary of Moodys Group Japan G.K., wholly owned by Moodys Overseas Holdings Inc. and a wholly owned subsidiary of MCO. Moodys SF Japan K.K. (MSFJ) is a wholly owned subsidiary credit rating agency of MJKK.
MSFJ is not a Nationally Recognized Statistical Rating Organization (NRSRO). Therefore, credit ratings assigned by MSFJ are non-NRSROs. The credit ratings are assigned by an entity that is not an
NRSRO and, consequently, the rated obligation will not be eligible for certain types of treatment under U.S. law. MJKK and MSFJ are credit rating agencies registered with the Financial Services Agency of Japan and their registration numbers are FSA
Commissioner (Ratings) Nos. 2 and 3, respectively.
MJKK or MSFJ (as applicable) hereby gives notice that most issuers of debt securities
(including corporate and municipal bonds, debentures, notes and securities) and preferred stock rated by MJKK or MSFJ (as applicable) have agreed, prior to the assignment of any credit ratings, to pay MJKK or MSFJ (as applicable) for its credit
rating and opinion services for fees ranging from approximately JPY100.000 to approximately JPY550,000,000.
In addition, MJKK and MSFJ have policies and procedures in place to ensure compliance with
Japanese regulatory requirements.