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<p style=”position:absolute;top:155px;left:108px;white-space:nowrap” class=”ft00″><b>Research Announcement:&#160;</b></p>

<p style=”position:absolute;top:155px;left:364px;white-space:nowrap” class=”ft01″><b>Moody’s launches ‘Focus on Finance’</b></p>

<p style=”position:absolute;top:180px;left:108px;white-space:nowrap” class=”ft01″><b>podcast series; first episode discusses cyber risk, US prime money</b></p>

<p style=”position:absolute;top:204px;left:108px;white-space:nowrap” class=”ft01″><b>market funds</b></p>

<p style=”position:absolute;top:240px;left:108px;white-space:nowrap” class=”ft02″>London, August 12, 2020 — Moody’s Investors Service has launched “Moody’s Talks – Focus</p>

<p style=”position:absolute;top:260px;left:108px;white-space:nowrap” class=”ft02″>on Finance,” a new podcast series looking at the drivers of credit trends in the banking, asset</p>

<p style=”position:absolute;top:279px;left:108px;white-space:nowrap” class=”ft04″>management and insurance industries.<br/>The podcast will feature contributions from Moody’s analysts globally, who will share their insights</p>

<p style=”position:absolute;top:329px;left:108px;white-space:nowrap” class=”ft02″>into the economic, tech and social forces that are shaping the creditworthiness of financial</p>

<p style=”position:absolute;top:349px;left:108px;white-space:nowrap” class=”ft04″>institutions. They will be discussing short-term market events as well as bigger structural trends.<br/>Banks and other financial institutions around the world are racing to adapt their business models as</p>

<p style=”position:absolute;top:398px;left:108px;white-space:nowrap” class=”ft02″>the coronavirus pandemic affects their businesses. While much of the impact will be short term, our</p>

<p style=”position:absolute;top:418px;left:108px;white-space:nowrap” class=”ft02″>analysts are identifying the long-lasting structural changes of this experience that will be paramount</p>

<p style=”position:absolute;top:437px;left:108px;white-space:nowrap” class=”ft04″>in shaping the future of finance.<br/>In the first episode of “Focus on Finance,” funds and asset management analyst Steve Tu explains</p>

<p style=”position:absolute;top:487px;left:108px;white-space:nowrap” class=”ft02″>why institutional prime money market funds could fade away over time, and banking analyst</p>

<p style=”position:absolute;top:507px;left:108px;white-space:nowrap” class=”ft02″>Alessandro Roccati takes a deep dive into the increasing cyber threat that banks and other financial</p>

<p style=”position:absolute;top:526px;left:108px;white-space:nowrap” class=”ft04″>institutions face.<br/>A new episode of the podcast will air every two weeks and can be found on Moody’s.com. The</p>

<p style=”position:absolute;top:576px;left:108px;white-space:nowrap” class=”ft02″>podcast series is a second for Moody’s following the launch of its “Moody’s Talks: Inside Emerging</p>

<p style=”position:absolute;top:595px;left:108px;white-space:nowrap” class=”ft04″>Markets,” in March.<br/>Listen to the first episode here:&#160;</p>

<p style=”position:absolute;top:626px;left:328px;white-space:nowrap” class=”ft03″>www.moodys.com/FinancePodcastEp1</p>

<p style=”position:absolute;top:656px;left:108px;white-space:nowrap” class=”ft02″>For more research and insight on the coronavirus (COVID-19) outbreak, please see</p>

<p style=”position:absolute;top:676px;left:108px;white-space:nowrap” class=”ft03″>www.moodys.com/coronavirus</p>

<p style=”position:absolute;top:676px;left:321px;white-space:nowrap” class=”ft02″>.</p>

<p style=”position:absolute;top:706px;left:108px;white-space:nowrap” class=”ft02″>NOTE TO JOURNALISTS ONLY: For more information, please call one of our global</p>

<p style=”position:absolute;top:725px;left:108px;white-space:nowrap” class=”ft02″>press information hotlines: New York <PhoneNo>+1-212-553-0376</PhoneNo>, London <PhoneNo>+44-20-7772-5456</PhoneNo>, Tokyo</p>

<p style=”position:absolute;top:745px;left:108px;white-space:nowrap” class=”ft02″><PhoneNo>+813-5408-4110</PhoneNo>, Hong Kong <PhoneNo>+852-3758-1350</PhoneNo>, Sydney <PhoneNo>+61-2-9270-8141</PhoneNo>, Mexico City</p>

<p style=”position:absolute;top:764px;left:108px;white-space:nowrap” class=”ft02″><PhoneNo>001-888-779-5833</PhoneNo>, São Paulo <PhoneNo>0800-891-2518</PhoneNo>, or Buenos Aires <PhoneNo>0800-666-3506</PhoneNo>. You can also email</p>

<p style=”position:absolute;top:784px;left:108px;white-space:nowrap” class=”ft04″>us at [email protected] or visit our web site at www.moodys.com.<br/>This publication does not announce a credit rating action. For any credit ratings referenced in this</p>

<p style=”position:absolute;top:834px;left:108px;white-space:nowrap” class=”ft02″>publication, please see the ratings tab on the issuer/entity page on&#160;</p>

<p style=”position:absolute;top:834px;left:574px;white-space:nowrap” class=”ft03″>www.moodys.com</p>

<p style=”position:absolute;top:834px;left:701px;white-space:nowrap” class=”ft02″>&#160;for the most</p>

<p style=”position:absolute;top:853px;left:108px;white-space:nowrap” class=”ft04″>updated credit rating action information and rating history.<br/>Marc R. Pinto, CFA</p>

<p style=”position:absolute;top:903px;left:108px;white-space:nowrap” class=”ft02″>MD-Financial Institutions</p>

<p style=”position:absolute;top:922px;left:108px;white-space:nowrap” class=”ft02″>Financial Institutions Group</p>

<p style=”position:absolute;top:942px;left:108px;white-space:nowrap” class=”ft02″>Moody’s Investors Service, Inc.</p>

<p style=”position:absolute;top:961px;left:108px;white-space:nowrap” class=”ft02″>JOURNALISTS: 44 20 7772 5456</p>

<p style=”position:absolute;top:981px;left:108px;white-space:nowrap” class=”ft04″>Client Service: 44 20 7772 5454<br/>Sean Marion</p>

<p style=”position:absolute;top:1031px;left:108px;white-space:nowrap” class=”ft02″>MD-Financial Institutions</p>

<p style=”position:absolute;top:1050px;left:108px;white-space:nowrap” class=”ft02″>Financial Institutions Group</p>

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<p style=”position:absolute;top:114px;left:108px;white-space:nowrap” class=”ft02″>Moody’s Investors Service Ltd.</p>

<p style=”position:absolute;top:133px;left:108px;white-space:nowrap” class=”ft02″>JOURNALISTS: 44 20 7772 5456</p>

<p style=”position:absolute;top:153px;left:108px;white-space:nowrap” class=”ft04″>Client Service: 44 20 7772 5454<br/>Releasing Office:</p>

<p style=”position:absolute;top:202px;left:108px;white-space:nowrap” class=”ft02″>Moody’s Investors Service EMEA Ltd.</p>

<p style=”position:absolute;top:222px;left:108px;white-space:nowrap” class=”ft02″>One Canada Square</p>

<p style=”position:absolute;top:241px;left:108px;white-space:nowrap” class=”ft02″>Canary Wharf</p>

<p style=”position:absolute;top:261px;left:108px;white-space:nowrap” class=”ft02″>London, E14 5FA</p>

<p style=”position:absolute;top:280px;left:108px;white-space:nowrap” class=”ft02″>United Kingdom</p>

<p style=”position:absolute;top:300px;left:108px;white-space:nowrap” class=”ft02″>JOURNALISTS: 44 20 7772 5456</p>

<p style=”position:absolute;top:319px;left:108px;white-space:nowrap” class=”ft02″>Client Service: 44 20 7772 5454</p>

<p style=”position:absolute;top:409px;left:108px;white-space:nowrap” class=”ft02″>© 2020 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their</p>

<p style=”position:absolute;top:428px;left:108px;white-space:nowrap” class=”ft05″>licensors and affiliates (collectively, “MOODY’S”). All rights reserved.<br/>CREDIT RATINGS ISSUED BY MOODY’S INVESTORS SERVICE, INC. AND/OR ITS CREDIT</p>

<p style=”position:absolute;top:471px;left:108px;white-space:nowrap” class=”ft02″>RATINGS AFFILIATES ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE</p>

<p style=”position:absolute;top:490px;left:108px;white-space:nowrap” class=”ft02″>CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES,</p>

<p style=”position:absolute;top:510px;left:108px;white-space:nowrap” class=”ft02″>AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S</p>

<p style=”position:absolute;top:529px;left:108px;white-space:nowrap” class=”ft02″>(COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S</p>

<p style=”position:absolute;top:549px;left:108px;white-space:nowrap” class=”ft02″>INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT</p>

<p style=”position:absolute;top:568px;left:108px;white-space:nowrap” class=”ft02″>MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY</p>

<p style=”position:absolute;top:588px;left:108px;white-space:nowrap” class=”ft02″>ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S</p>

<p style=”position:absolute;top:607px;left:108px;white-space:nowrap” class=”ft02″>RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES</p>

<p style=”position:absolute;top:627px;left:108px;white-space:nowrap” class=”ft02″>OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S INVESTORS</p>

<p style=”position:absolute;top:646px;left:108px;white-space:nowrap” class=”ft02″>SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK,</p>

<p style=”position:absolute;top:666px;left:108px;white-space:nowrap” class=”ft02″>INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE</p>

<p style=”position:absolute;top:685px;left:108px;white-space:nowrap” class=”ft02″>VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER</p>

<p style=”position:absolute;top:705px;left:108px;white-space:nowrap” class=”ft02″>OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT</p>

<p style=”position:absolute;top:724px;left:108px;white-space:nowrap” class=”ft02″>OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE</p>

<p style=”position:absolute;top:744px;left:108px;white-space:nowrap” class=”ft02″>MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY</p>

<p style=”position:absolute;top:763px;left:108px;white-space:nowrap” class=”ft02″>PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT</p>

<p style=”position:absolute;top:783px;left:108px;white-space:nowrap” class=”ft02″>RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE</p>

<p style=”position:absolute;top:802px;left:108px;white-space:nowrap” class=”ft02″>OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS,</p>

<p style=”position:absolute;top:822px;left:108px;white-space:nowrap” class=”ft02″>ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE</p>

<p style=”position:absolute;top:841px;left:108px;white-space:nowrap” class=”ft02″>RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S</p>

<p style=”position:absolute;top:861px;left:108px;white-space:nowrap” class=”ft02″>CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT</p>

<p style=”position:absolute;top:880px;left:108px;white-space:nowrap” class=”ft02″>COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR.</p>

<p style=”position:absolute;top:900px;left:108px;white-space:nowrap” class=”ft02″>MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND</p>

<p style=”position:absolute;top:919px;left:108px;white-space:nowrap” class=”ft02″>PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH</p>

<p style=”position:absolute;top:939px;left:108px;white-space:nowrap” class=”ft02″>INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH</p>

<p style=”position:absolute;top:958px;left:108px;white-space:nowrap” class=”ft05″>SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.<br/>MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS</p>

<p style=”position:absolute;top:1001px;left:108px;white-space:nowrap” class=”ft02″>ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS</p>

<p style=”position:absolute;top:1020px;left:108px;white-space:nowrap” class=”ft02″>AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS,</p>

<p style=”position:absolute;top:1040px;left:108px;white-space:nowrap” class=”ft02″>ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT</p>

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<p style=”position:absolute;top:114px;left:108px;white-space:nowrap” class=”ft02″>DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER</p>

<p style=”position:absolute;top:133px;left:108px;white-space:nowrap” class=”ft02″>PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED</p>

<p style=”position:absolute;top:153px;left:108px;white-space:nowrap” class=”ft02″>BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH</p>

<p style=”position:absolute;top:172px;left:108px;white-space:nowrap” class=”ft02″>INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER</p>

<p style=”position:absolute;top:192px;left:108px;white-space:nowrap” class=”ft02″>TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED</p>

<p style=”position:absolute;top:211px;left:108px;white-space:nowrap” class=”ft02″>FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM</p>

<p style=”position:absolute;top:231px;left:108px;white-space:nowrap” class=”ft02″>OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S</p>

<p style=”position:absolute;top:250px;left:108px;white-space:nowrap” class=”ft05″>PRIOR WRITTEN CONSENT.<br/>MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE</p>

<p style=”position:absolute;top:293px;left:108px;white-space:nowrap” class=”ft02″>NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED</p>

<p style=”position:absolute;top:312px;left:108px;white-space:nowrap” class=”ft02″>FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT</p>

<p style=”position:absolute;top:332px;left:108px;white-space:nowrap” class=”ft05″>IN THEM BEING CONSIDERED A BENCHMARK.<br/>All information contained herein is obtained by MOODY’S from sources believed by it to be</p>

<p style=”position:absolute;top:374px;left:108px;white-space:nowrap” class=”ft02″>accurate and reliable. Because of the possibility of human or mechanical error as well as other</p>

<p style=”position:absolute;top:394px;left:108px;white-space:nowrap” class=”ft02″>factors, however, all information contained herein is provided “AS IS” without warranty of any kind.</p>

<p style=”position:absolute;top:413px;left:108px;white-space:nowrap” class=”ft02″>MOODY’S adopts all necessary measures so that the information it uses in assigning a credit</p>

<p style=”position:absolute;top:433px;left:108px;white-space:nowrap” class=”ft02″>rating is of sufficient quality and from sources MOODY’S considers to be reliable including, when</p>

<p style=”position:absolute;top:452px;left:108px;white-space:nowrap” class=”ft02″>appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot</p>

<p style=”position:absolute;top:472px;left:108px;white-space:nowrap” class=”ft02″>in every instance independently verify or validate information received in the rating process or in</p>

<p style=”position:absolute;top:491px;left:108px;white-space:nowrap” class=”ft05″>preparing its Publications.<br/>To the extent permitted by law, MOODY’S and its directors, officers, employees, agents,</p>

<p style=”position:absolute;top:534px;left:108px;white-space:nowrap” class=”ft02″>representatives, licensors and suppliers disclaim liability to any person or entity for any indirect,</p>

<p style=”position:absolute;top:553px;left:108px;white-space:nowrap” class=”ft02″>special, consequential, or incidental losses or damages whatsoever arising from or in connection</p>

<p style=”position:absolute;top:573px;left:108px;white-space:nowrap” class=”ft02″>with the information contained herein or the use of or inability to use any such information, even if</p>

<p style=”position:absolute;top:592px;left:108px;white-space:nowrap” class=”ft02″>MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers</p>

<p style=”position:absolute;top:612px;left:108px;white-space:nowrap” class=”ft02″>is advised in advance of the possibility of such losses or damages, including but not limited to:</p>

<p style=”position:absolute;top:631px;left:108px;white-space:nowrap” class=”ft02″>(a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant</p>

<p style=”position:absolute;top:651px;left:108px;white-space:nowrap” class=”ft05″>financial instrument is not the subject of a particular credit rating assigned by MOODY’S.<br/>To the extent permitted by law, MOODY’S and its directors, officers, employees, agents,</p>

<p style=”position:absolute;top:693px;left:108px;white-space:nowrap” class=”ft02″>representatives, licensors and suppliers disclaim liability for any direct or compensatory losses</p>

<p style=”position:absolute;top:713px;left:108px;white-space:nowrap” class=”ft02″>or damages caused to any person or entity, including but not limited to by any negligence (but</p>

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<p style=”position:absolute;top:752px;left:108px;white-space:nowrap” class=”ft02″>by law cannot be excluded) on the part of, or any contingency within or beyond the control of,</p>

<p style=”position:absolute;top:771px;left:108px;white-space:nowrap” class=”ft02″>MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers,</p>

<p style=”position:absolute;top:791px;left:108px;white-space:nowrap” class=”ft02″>arising from or in connection with the information contained herein or the use of or inability to use</p>

<p style=”position:absolute;top:810px;left:108px;white-space:nowrap” class=”ft05″>any such information.<br/>NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS,</p>

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<p style=”position:absolute;top:892px;left:108px;white-space:nowrap” class=”ft05″>BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.<br/>Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s</p>

<p style=”position:absolute;top:934px;left:108px;white-space:nowrap” class=”ft02″>Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and</p>

<p style=”position:absolute;top:954px;left:108px;white-space:nowrap” class=”ft02″>municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s</p>

<p style=”position:absolute;top:973px;left:108px;white-space:nowrap” class=”ft02″>Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s</p>

<p style=”position:absolute;top:993px;left:108px;white-space:nowrap” class=”ft02″>Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from</p>

<p style=”position:absolute;top:1012px;left:108px;white-space:nowrap” class=”ft02″>$1,000 to approximately $2,700,000. MCO and Moody’s Investors Service also maintain policies</p>

<p style=”position:absolute;top:1032px;left:108px;white-space:nowrap” class=”ft02″>and procedures to address the independence of Moody’s Investors Service credit ratings and credit</p>

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<p style=”position:absolute;top:114px;left:108px;white-space:nowrap” class=”ft02″>rating processes. Information regarding certain affiliations that may exist between directors of MCO</p>

<p style=”position:absolute;top:133px;left:108px;white-space:nowrap” class=”ft02″>and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and</p>

<p style=”position:absolute;top:153px;left:108px;white-space:nowrap” class=”ft02″>have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted</p>

<p style=”position:absolute;top:172px;left:108px;white-space:nowrap” class=”ft02″>annually at&#160;</p>

<p style=”position:absolute;top:172px;left:188px;white-space:nowrap” class=”ft03″>www.moodys.com</p>

<p style=”position:absolute;top:172px;left:315px;white-space:nowrap” class=”ft02″>&#160;under the heading “Investor Relations — Corporate Governance —</p>

<p style=”position:absolute;top:192px;left:108px;white-space:nowrap” class=”ft05″>Director and Shareholder Affiliation Policy.”<br/>Additional terms for Australia only: Any publication into Australia of this document is pursuant to the</p>

<p style=”position:absolute;top:234px;left:108px;white-space:nowrap” class=”ft02″>Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited</p>

<p style=”position:absolute;top:254px;left:108px;white-space:nowrap” class=”ft02″>ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136</p>

<p style=”position:absolute;top:273px;left:108px;white-space:nowrap” class=”ft02″>972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale</p>

<p style=”position:absolute;top:293px;left:108px;white-space:nowrap” class=”ft02″>clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access</p>

<p style=”position:absolute;top:312px;left:108px;white-space:nowrap” class=”ft02″>this document from within Australia, you represent to MOODY’S that you are, or are accessing</p>

<p style=”position:absolute;top:332px;left:108px;white-space:nowrap” class=”ft02″>the document as a representative of, a “wholesale client” and that neither you nor the entity you</p>

<p style=”position:absolute;top:351px;left:108px;white-space:nowrap” class=”ft02″>represent will directly or indirectly disseminate this document or its contents to “retail clients” within</p>

<p style=”position:absolute;top:371px;left:108px;white-space:nowrap” class=”ft02″>the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as</p>

<p style=”position:absolute;top:390px;left:108px;white-space:nowrap” class=”ft02″>to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or</p>

<p style=”position:absolute;top:410px;left:108px;white-space:nowrap” class=”ft05″>any form of security that is available to retail investors.<br/>Additional terms for Japan only: Moody’s Japan K.K. (“MJKK”) is a wholly-owned credit rating agency</p>

<p style=”position:absolute;top:452px;left:108px;white-space:nowrap” class=”ft02″>subsidiary of Moody’s Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc.,</p>

<p style=”position:absolute;top:472px;left:108px;white-space:nowrap” class=”ft02″>a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating</p>

<p style=”position:absolute;top:491px;left:108px;white-space:nowrap” class=”ft02″>agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization</p>

<p style=”position:absolute;top:511px;left:108px;white-space:nowrap” class=”ft02″>(“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-</p>

<p style=”position:absolute;top:530px;left:108px;white-space:nowrap” class=”ft02″>NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated</p>

<p style=”position:absolute;top:550px;left:108px;white-space:nowrap” class=”ft02″>obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit</p>

<p style=”position:absolute;top:569px;left:108px;white-space:nowrap” class=”ft02″>rating agencies registered with the Japan Financial Services Agency and their registration numbers</p>

<p style=”position:absolute;top:589px;left:108px;white-space:nowrap” class=”ft05″>are FSA Commissioner (Ratings) No. 2 and 3 respectively.<br/>MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including</p>

<p style=”position:absolute;top:631px;left:108px;white-space:nowrap” class=”ft02″>corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated</p>

<p style=”position:absolute;top:651px;left:108px;white-space:nowrap” class=”ft02″>by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to</p>

<p style=”position:absolute;top:670px;left:108px;white-space:nowrap” class=”ft02″>MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging</p>

<p style=”position:absolute;top:690px;left:108px;white-space:nowrap” class=”ft05″>from JPY125,000 to approximately JPY250,000,000.<br/>MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory</p>

<p style=”position:absolute;top:732px;left:108px;white-space:nowrap” class=”ft02″>requirements.</p>

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