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RESEARCH DISCLOSURES & DISCLAIMERS

This website contains disclosures and disclaimers related to
published UBS Global Research products, including those related to
regulation, potential conflicts of interest as well as those provided
by third-party data providers describing limitations on use of their
products.


UBS DISCLOSURES/DISCLAIMERS

 * Policy on Research Independence
   
 * Equity Research Rating System definitions
   
 * UBS Global Credit Strategy and Research Rating Definitions as of 5 July 2014
   
 * Global Research Disclaimer
   
 * CVM Resolution 20: Summary of Research Policies and Controls (Portuguese)
   
 * RG 79 Australia Research Information
   
 * Sponsored Research Letter of acknowledgment
   


THIRD PARTY DISCLAIMERS

 * MSCI Disclaimer
   
 * Cirium Disclaimer
   




QUARTERLY RATING BREAKDOWN



UBS INVESTMENT RESEARCH EQUITY RATINGS


UBS 12-Month Rating Rating Category Buy Buy Neutral Hold/Neutral Sell Sell

Third Quarter 2023 Second Quarter 2023 First Quarter 2023 Fourth Quarter 2022
Coverage(1) IB Services (2) Coverage(1) IB Services (2) Coverage(1) IB Services
(2) Coverage(1) IB Services(2)
54%40%54%41%54%22%55%24%38%42%37%43%36%21%36%21%9%40%9%36%10%18%9%18%



UBS Short-Term Rating Rating Category Buy Buy Sell Sell

Third Quarter 2023 Second Quarter 2023 First Quarter 2023 Fourth Quarter 2022
Coverage(3) IB Services(4) Coverage(3) IB Services(4) Coverage(3) IB Services(4)
Coverage(3) IB Services(4) <1%<1%<1%<1%<1%<1%<1%<1%<1%<1%<1%<1%<1%<1%<1%<1%




UBS GLOBAL CREDIT STRATEGY AND RESEARCH RATINGS


CREDIT RATINGS (ISSUER)(1)

UBS Rating(5) Time Horizon Third Quarter 2023 Second Quarter 2023 First Quarter
2023 Fourth Quarter 2022 Coverage(6) IB Services(7) Coverage(6) IB Services(7)
Coverage(6) IB Services(7) Coverage(6) IB Services(7) AAA, AA, A ( + / - ) Up to
12 months <1%<1%<1%<1%<1%<1%<1%<1% BBB, BB, B ( + / - ) <1%<1%<1%<1%<1%<1%<1%<1%
CCC, CC, C ( + / - ) <1%<1%<1%<1%<1%<1%<1%<1%


RESEARCH CREDIT OUTLOOK (ISSUER)(2)

UBS Rating(5) Rating Category(8) Time Horizon Third Quarter 2023 Second Quarter
2023 First Quarter 2023 Fourth Quarter 2022 Coverage(6) IB Services(7)
Coverage(6) IB Services(7) Coverage(6) IB Services(7) Coverage(6) IB Services(7)
Positive Buy Up to 6 months <1%<1%<1%<1%<1%<1%<1%<1% Stable Hold
<1%<1%<1%<1%<1%<1%<1%<1% Negative Sell <1%<1%<1%<1%<1%<1%<1%<1%


RESEARCH BOND RECOMMENDATION(3)

UBS Rating(5) Rating Category Time Horizon Third Quarter 2023 Second Quarter
2023 First Quarter 2023 Fourth Quarter 2022 Coverage(6) IB Services(7)
Coverage(6) IB Services(7) Coverage(6) IB Services(7) Coverage(6) IB Services(7)
Outperform Buy Up to 3 months <1%<1%<1%<1%<1%<1%<1%<1% Market Perform Hold
<1%<1%<1%<1%<1%<1%<1%<1% Underperform Sell <1%<1%<1%<1%<1%<1%<1%<1%


RESEARCH CDS RECOMMENDATION(4)

UBS Rating(5) Rating Category Time Horizon Third Quarter 2023 Second Quarter
2023 First Quarter 2023 Fourth Quarter 2022 Coverage(6) IB Services(7)
Coverage(6) IB Services(7) Coverage(6) IB Services(7) Coverage(6) IB Services(7)
Buy Protection Buy Up to 3 months <1%<1%<1%<1%<1%<1%<1%<1% Sell Protection Sell
<1%<1%<1%<1%<1%<1%<1%<1%



UBS Investment Research Equity Ratings:
( 1 ) Percentage of companies under coverage globally within the 12-month rating
category.
( 2 ) Percentage of companies within the 12-month rating category for which
investment banking (IB) services were provided within the past 12 months.
( 3 ) Percentage of companies under coverage globally within the Short-Term
rating category.
( 4 ) Percentage of companies within the Short-Term rating category for which
investment banking (IB) services were provided within the past 12 months.

UBS Global Credit Strategy and Research Ratings:
( 1 ) UBS' assessment of a company's creditworthiness. Credit Ratings are only
used in the evaluation of Swiss corporates
( 2 ) UBS' expected trend in a company's creditworthiness.
( 3 ) A corporate bond's expected relative performance versus a defined
reference.
( 4 ) Recommendation to hedge a company's creditworthiness.
( 5 ) Note : Bond recommendations may be defined as 'Tactical', as in Tactical
Outperform or Tactical Underperform, where there is a near term catalyst(s)
taken into account.The UBS credit rating may be modified by the addition of a
plus (+) or minus (-) sign where applicable to show relative standing within the
major categories.
( 6 ) Percentage of companies under coverage globally within this rating
category.
( 7 ) Percentage of companies within this rating category for which investment
banking (IB) services were provided within the past 12 months.
( 8 ) To satisfy regulatory requirements, we assign Buy, Hold and Sell in our
Credit Outlook ratings distribution table for our Issuer Rating system.



Note: On 5 July 2014, UBS adopted a new credit rating system. (See UBS Global
Credit Strategy and Research Rating Definitions 5July2014 (pdf) for details).
Prior to 5 July 2014, the UBS credit ratings and their definitions were: Company
Credit Fundamentals: IMPROVING = anticipated to improve over the next six
months; STABLE = anticipated to remain stable over the next six months;
DETERIORATING = anticipated to deteriorate over the next six months.
Company/Bond: BUY = anticipated to outperform other companies/bonds within a
given peer group in the local currency investment universe* over a three-month
horizon; HOLD = anticipated to perform in line other companies/bonds within a
given peer group in the local currency investment universe* over a three-month
horizon; SELL = anticipated to underperform other companies/bonds within a given
peer group in the local currency investment universe* over a three-month
horizon. * Europe - iBoxx NonSovereign € and NonGilt £ universe measured on a
curve-adjusted, excess return basis. Credit Default Swaps: BUY PROTECTION =
anticipated to widen by 5 bps or more; NEUTRAL PROTECTION = CDS level
anticipated to neither widen nor tighten by more than 5 bps; SELL PROTECTION =
CDS level anticipated to tighten by 5 bps or more.

Important legal & regulatory information.


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