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Investment Research Write-Ups and Reports

Investment research write-ups and reports (“Investment Research”) are produced by various subsidiaries of Morningstar, Inc. The two primary subsidiaries are Morningstar Research Services LLC (which is registered with and governed by the U.S. Securities and Exchange Commission) and Morningstar Australasia Pty Ltd (which is registered with and governed by the Australian Securities and Investments Commission; ABN: 95 090 665 544; ASFL: 240892)

The Investment Research is for informational purposes only and is prepared with no regard to the investment objectives, financial situation or needs of any specific recipient. The Investment Research is intended to provide information to assist institutional investors in making their own investment decisions, not to provide investment advice to any specific investor. Therefore, investments discussed and recommendations made may not be suitable for all investors: recipients must exercise their own independent judgment as to the suitability of such investments and recommendations in the light of their own investment objectives, experience, taxation status and financial position.

Investment Research is not intended to be an invitation or inducement by Morningstar, Inc. or any of its subsidiaries to engage in an investment activity nor is it to be viewed as an offer or solicitation for the purchase or sale of the security or securities subject to the Investment Research.

The opinions expressed within the Investment Research are given in good faith, are as of the date written and are subject to change without notice. Except as otherwise required by law, neither Morningstar, Inc. or its subsidiaries will be responsible for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses or opinions or their use.

Investment Research is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject Morningstar, Inc. or its subsidiaries to any registration or licensing requirements in such jurisdiction.

Where the Investment Research is made available in a language other than English and in the case of inconsistencies between the English and translated versions of the Investment Research, the English version will control and supersede any ambiguities associated with any part or section of a report that has been issued in a foreign language. Neither Morningstar, Inc. or its subsidiaries guarantees the accuracy of the translations.

The Investment Research may be distributed in certain localities, countries and/or jurisdictions (“Territories”) by independent third parties or independent intermediaries and/or distributors (“Distributors”). Such Distributors are not acting as agents or representatives of Morningstar, Inc. or its subsidiaries. In Territories where a Distributor distributes our report, the Distributor is solely responsible for complying with all applicable regulations, laws, rules, circulars, codes and guidelines established by local and/or regional regulatory bodies, including laws in connection with the distribution third-party research reports.

Editorial Policy
To avoid conflicts of interest, Morningstar maintains the following policies on employee stock ownership. These policies apply to employees and their immediate family members:

- Subject to the limited exceptions described below, we prohibit Morningstar stock analysts from holding positions in any company they cover or any of that company’s close competitors. The Securities Trading and Disclosure Policy Committee may waive these restrictions based on finding that the company is large, liquid and well-covered, and that there is an absence of suitable alternative companies within the analyst’s local market or based on a finding that the analyst’s coverage is not reasonably likely to influence the price of the competitor’s securities. Any security purchased upon the grant of a waiver permitted by this section must be held for at least six months and while the analyst holds the security, all of his or her reports regarding the company or concerning the competitor, as the case may be, must disclose the holding. The Securities Trading and Disclosure Policy Committee has also determined that the prohibition will not apply to the holding of an immaterial number of shares (i.e., less than ten) for commemorative purposes.

- To ensure that our customers are the first to benefit from our research, whenever a stock analyst begins researching a stock, we put it on our restricted list. Any stock on this list is off-limits to all members of Morningstar’s equity research and their immediate families. The stock remains on the restricted list at least until two business days after we publish the report.

- If an analyst or staff writer mentions a stock he or she owns, we disclose that fact in any editorial piece that mentions the security.

Other Disclosures
Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information contained herein: (1) is proprietary to Morningstar and/or its information providers; (2) may not be copied, adapted or distributed; and (3) is not warranted to be accurate, complete or timely.

Neither Morningstar nor its information providers are responsible for any investment decisions, damages or losses arising from any use of this information or any information provided in conjunction with it. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security. Past performance is no guarantee of future results.

Investments in securities (including mutual funds) are subject to market and other risks and there is no assurance or guarantee that the intended investment objectives will be achieved. Past performance of a security may or may not be sustained in future and is no indication of future performance. A security investment return and an investor’s principal value will fluctuate so that, when redeemed, an investor’s shares may be worth more or less than their original cost. A security’s current investment performance may be lower or higher than the investment performance noted within the site.

A current yield percentage is not a reflection of the actual return an investor will receive in all cases as market prices for securities are constantly changing due to such things as market factors. Where a security is denominated in a different currency than the currency of the user or user’s clients, changes in rates of exchange may have an adverse effect on the value, price or income of or from that investment.

Indexes noted are unmanaged, their returns do not include payment of any sales charges or fees an investor would pay to purchase securities, and cannot be invested in directly.

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Morningstar Credit Rating, LLC Disclaimers
This Morningstar Corporate Credit Research Report (“Report”) contains a credit rating and analysis from Morningstar Credit Ratings, LLC (“MCR”), a wholly-owned subsidiary of Morningstar, Inc. MCR is a credit rating agency registered with the Securities and Exchange Commission as a nationally recognized statistical rating organizations (“NRSRO”). Under its NRSRO registration, MCR issues credit ratings on financial institutions (e.g., banks), corporate issuers and asset-backed securities (e.g., CMBS, RMBS). While MCR issues credit ratings on insurance companies, those ratings are not issued under its NRSRO registration.

For avoidance of doubt, Morningstar, Inc. is not an NRSRO; therefore, it does not issue NRSRO credit ratings. Morningstar, Inc. is an investment research provider. As an investment research provider, Morningstar, Inc. produces investment research reports that contains data, statistics, analysis and opinions on a range of equity securities world-wide and makes such reports available to financial institutions and their representatives including MCR.

All credit ratings and credit related analysis, as well as data, statistics, analysis and opinions from Morningstar, Inc. that are contained within the Report are solely statements of opinion and not statements of fact or recommendations to purchase, hold, or sell any securities or make any other investment decisions. The Report contents are as of the date noted in the Report and are subject to change. The Report’s content including the credit ratings and credit related analysis should not be considered without an understanding and review of our methodologies, disclaimers, disclosures and other important information found at https://ratingagency.morningstar.com.

Except as otherwise required by law, neither MCR nor Morningstar, Inc. shall be responsible for any trading decisions, damages or other losses resulting from, or related to, the data, information, analyses or opinions or their use.

The Report contents are from sources believed by MCR to be accurate and reliable, including data, information and analysis from its parent, Morningstar, Inc. MCR does not independently verify or validate information it receives for its rating process or in preparing the Credit Research Report.

This Report is current until it is replaced, updated or withdrawn.

Morningstar, Inc.
Items in this Credit Research Report with a superscript “*” represent data, information, analysis and/or opinions from Morningstar, Inc.’s equity team’s most recently published investment research report on the security that is the subject of this Report. Such data, information, analysis and opinions are current as of the date on the published report until it is replaced, updated or withdrawn.

Morningstar, Inc. maintains a separation between MCR and its equity investment research business in order to, among other things, preserve the independence and objectivity of their respective activities; therefore, no member of Morningstar, Inc.’s equity investment research group participates in MCR’s credit rating process or analysis and similarly, no member of MCR participates in Morningstar, Inc.’s equity investment research process. Further information on Morningstar, Inc.’s methodology and other important information, please go to http://global.morningstar.com/equitydisclosures

TERMS OF USE

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In no event shall the MCR Parties have any liability to any person in connection with the Content or its use for any direct, indirect, punitive, special or other forms of consequential damages (including, without limitation, loss of profits or goodwill) even if advised of the possibility of such damages.

The Content shall be used for internal purposes only and shall not be used for any unlawful or unauthorized purposes. Dissemination, distribution or reproduction of the Content in any form is strictly prohibited except with the prior written permission of MCR. Any person who accesses or uses this report is deemed to acknowledge and agree that: (i) misuse or misappropriation of the Content may cause serious damage to MCR for which money damages may not constitute a sufficient remedy; (ii) MCR shall have the right to obtain an injunction or other equitable relief for any such misuse/misappropriation, without notice or the need to post bond; and (iii) these remedies are in addition to any other available remedies.

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For Recipients in Australia: Investment Research is distributed in Australia by Morningstar Australasia Pty Ltd (ABN: 95 090 665 544; ASFL: 240892). Morningstar Australasia Pty Ltd is the provider of the general advice (‘the Service’) and takes responsibility for the production of this report. The Service is provided through the research of investment products. To the extent the Report contains general advice it has been prepared without reference to an investor’s objectives, financial situation or needs. Investors should consider the advice in light of these matters and, if applicable, the relevant Product Disclosure Statement before making any decision to invest. Refer to our Financial Services Guide (FSG) for more information at http://www.morningstar.com.au/fsg.pdf .

For Recipients in Hong Kong: Investment Research is distributed by Morningstar Investment Management Asia Limited, which is regulated by the Hong Kong Securities and Futures Commission to provide services to professional investors only. Neither Morningstar Investment Management Asia Limited, nor its representatives, are acting or will be deemed to be acting as an investment advisor to any recipients of this information unless expressly agreed to by Morningstar Investment Management Asia Limited. For enquiries regarding this research, please contact a Morningstar Investment Management Asia Limited Licensed Representative.

For recipients in Japan: Investment Research is distributed by Ibbotson Associates Japan, Inc., which is regulated by Financial Services Agency. Neither Ibbotson Associates Japan, Inc., nor its representatives, are acting or will be deemed to be acting as an investment advisor to any recipients of this information.

For recipients in Singapore: Investment Research is distributed by Morningstar Investment Adviser Singapore Pte. Limited, which is registered with the Monetary Authority of Singapore under the Financial Advisers Act (Cap. 110).

For Recipients in India: Investment Research is distributed by Morningstar Investment Adviser India Private Limited. Morningstar Investment Adviser India Private Limited is registered with the Securities and Exchange Board of India (Registration number INA000001357) and provides investment advice and research. Morningstar Investment Adviser India Private Limited has not been the subject of any disciplinary action by SEBI or any other legal/regulatory body. Morningstar Investment Adviser India Private Limited is a wholly owned subsidiary of Morningstar Investment Management LLC. In India, Morningstar Investment Adviser India Private Limited has one associate, Morningstar India Private Limited, which provides data related services, financial data analysis and software development. The Research Analyst has not served as an officer, director or employee of the fund company within the last 12 months, nor has it or its associates engaged in market making activity for the fund company.