2023 Moodys Company, Moodys Traders Service, Inc., Moodys Analytics, Inc. and/or their licensors and associates (collectively, MOODYS). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATING AFFILIATES ARE THEIR CURRENT VIEWS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT OBLIGATIONS OR DEBT OR DEBT-LIKE SECURITIES AND MATERIALS, INCLUDING SUCH CURRENT VIEWS. MOODYS DEFINES CREDIT RISK AS THE RISK THAT A COMPANY WILL NOT FULFILL ITS CONTRACTUAL FINANCIAL OBLIGATIONS WHEN DUE, AND POSSIBLE FINANCIAL LOSS IN THE EVENT OF DEFAULT OR SECURITIES. SEE THE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS DISCLOSURE FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS NOTED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT INCLUDE ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT RATINGS (RATINGS) AND OTHER STATEMENTS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODYS’ PUBLICATIONS MAY ALSO CONTAIN QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY ISSUED BY MOODYS ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE A RECOMMENDATION, RECOMMENDATION, RECOMMENDATION, RECOMMENDATION. MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR A PARTICULAR INVESTOR. MOODYS ISSUES ITS CREDIT RATINGS, RATINGS AND OTHER OPINIONS AND ISSUES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE DILIGENCE MAKE ITS OWN STUDY AND EVALUATIONS, IF ANY, REGARDING SECURITY AND EVALUATION.

MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR THE USE OF RETAIL INVESTORS AND IT WOULD BE DISCOURAGEMENT AND IMPROPER FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, RATINGS OR OTHER INVESTMENTS. IF IN DOUBT, YOU SHOULD CONSULT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISOR.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING, BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSMITTED, TRANSMITTED, DISTORTED INTO A PROCESSED, DISTORTED, DISPLAYED. SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

MOODY’S CREDIT RATINGS, RATINGS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR THE USE OF ANY PERSON AS A BENCHMARK, AS THIS TERM IS DEFINED FOR LEGISLATIVE PURPOSES AND SHOULD NOT BE USED IN ANY WAY THAT COULD CONDUCT.

All data contained herein has been obtained by MOODYS from sources it believes to be correct and dependable. Nevertheless, as a consequence of the potential for human or mechanical error and different elements, all data contained herein is supplied AS IS with out guarantee of any type. MOODY’S takes all cheap steps to make sure that the data it makes use of to assign a credit standing is of ample high quality and from sources that MOODY’S believes to be dependable, together with, the place relevant, impartial third-party sources. Nevertheless, MOODYS shouldn’t be an auditor and can’t in all circumstances independently confirm or validate data acquired within the credit standing course of or within the preparation of its publications.

To the extent permitted by regulation, MOODYS and its administrators, officers, staff, brokers, representatives, licensors and suppliers shall not be liable to any particular person or entity for any oblique, particular, consequential or incidental loss or injury that will come up as arising out of or in reference to the data contained herein or using or lack of ability to make use of such data, even when MOODYS or any of its administrators, officers, staff, brokers, representatives, licensors or suppliers is suggested prematurely of the potential for such loss or injury, together with however not restricted to: (a) any lack of present or future income or (b) any loss or injury arising the place the related monetary instrument shouldn’t be topic to a selected credit standing assigned by MOODYS.

To the fullest extent permitted by regulation, MOODYS and its administrators, officers, staff, brokers, representatives, licensors and suppliers shall not be chargeable for any direct or compensatory loss or injury brought on by any particular person or entity, together with however not restricted to negligence (however not restricted to to) exclude fraud, willful misconduct or another type of legal responsibility which, for the avoidance of doubt, can’t be excluded by regulation) of MOODYS or any of its administrators, officers, staff, or which is past its management. , brokers, representatives, licensors or suppliers arising out of or in reference to the data contained herein or using or lack of ability to make use of such data.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, APPRAISAL, OTHER OPINION OR INFORMATION IS GIVEN IN OR MADE BY A MAN.

Moody’s Traders Service, Inc., an entirely owned credit standing company subsidiary of Moody’s Company (MCO), hereby declares that the majority issuers of debt securities (together with company and municipal bonds, promissory notes, bonds and business paper) and most popular inventory rated by Moody’s Traders Service , Inc. has, previous to the task of any credit standing, agreed to pay to Moody’s Traders Service, Inc. for credit score studies and providers supplied by IT charges from $1,000 to approx. $5,000,000. MCO and Moody’s Traders Service additionally keep insurance policies and procedures to deal with the independence of Moody’s Traders Service credit score scores and credit standing processes. Details about sure relationships that will exist between administrators of the MCO and rated entities and between entities which have credit score scores from Moody’s Traders Service, Inc. and has additionally publicly reported to the SEC an possession curiosity in MCO of greater than 5%, is disclosed. yearly at www.moodys.com underneath the heading Investor Relations Company Governance Constitution Paperwork – Director and Shareholder Affiliation Coverage.

Further phrases for Australia solely: Any publication in Australia of this doc is underneath the Australian Monetary Providers License of MOODYS affiliate, Moodys Traders Service Pty Restricted ABN 61 003 399 657AFSL 336969 and/or Moodys Analytics Australia Pty Ltd ABN 94 107 2 AFSL 94 107 2 AFSL . 383569 (if relevant). This doc is just meant to be supplied to wholesale prospects in accordance with part 761G of the Firms Act 2001. By persevering with to entry this doc from Australia, you signify to MOODYS that you’re or are accessing the doc as a consultant for , a wholesale buyer and that neither you nor the entity you signify will instantly or not directly talk this doc or its contents to retail prospects underneath part 761G of the Firms Act 2001. MOODYS credit standing is an opinion of the creditworthiness of a issuer’s debt obligation, not on the issuer’s inventory or any collateral obtainable to retail traders.

Further phrases for Japan solely: Moody’s Japan KK (MJKK) is an entirely owned credit standing company subsidiary of Moody’s Group Japan GK, which is wholly owned by Moody’s Abroad Holdings Inc., an entirely owned subsidiary of MCO. Moody’s SF Japan KK (MSFJ) is an entirely owned credit standing company subsidiary of MJKK. MSFJ shouldn’t be a Nationally Acknowledged Statistical Evaluate Group (NRSRO). Subsequently, credit score scores assigned by MSFJ are non-NRSRO credit score scores. Non-NRSRO credit score scores are assigned by an entity that’s not an NRSRO and, consequently, the rated obligation is not going to qualify for sure forms of remedy underneath US regulation. MJKK and MSFJ are credit standing businesses registered with the Japan Monetary Providers Company and their registration numbers are FSA Commissioner (Rankings) No. 2 and three respectively.

MJKK or MSFJ (because the case could also be) hereby informs that the majority issuers of debt securities (together with company and municipal bonds, promissory notes, notes and business paper) and desire shares rated by MJKK or MSFJ (because the case could also be) have, earlier than assigning a credit standing, agreed to pay to MJKK or MSFJ (because the case could also be) for credit standing opinions and providers supplied by IT charges from JPY100,000 to approx. JPY550,000,000.

MJKK and MSFJ additionally keep insurance policies and procedures to fulfill Japanese authorized necessities.