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Dubai: Research is issued by UBS AG Dubai Branch within the DIFC, is intended for professional clients only and is no for onward distribution within the United Arab Emirates. France: This publication is distributed by UBS (France) S.A., French "société anonyme" with share capital of € 125.726.944, 69, boulevard Haussmann
Page: HOUSE_OVERSIGHT_025290 →itted for approval. Mexico: This document has been distributed by UBS Asesores México, S.A. de C.V., a company which is not subject to supervision by the National Banking and Securities Commission of Mexico and is not part of UBS Grupo Financiero, S.A. de C.V. or of any other Mexican financial group and whose obligations are not guaranteed by a
Page: HOUSE_OVERSIGHT_025290 →stment in the Fund. There is risk involved in investing, with the ultimate risk being the loss of the investor's entire investment. For persons in UAE/Abu Dhabi/Dubai. This Presentation, and the information contained herein, does not constitute, and is not intended to constitute, a public offer of
in the United Mexican States ("Mexico") by a Foreign Financial Institution (Institucion Financiera del Exterior) not subject to the supervision of the National Banking and Securities Commission (Comisi6n Nacional Bancaria y de Valores) (the "CNBV"). The securities mentioned herein are not registered in the National Securities Registry (Re
stment in the Fund. There is risk involved in investing, with the ultimate risk being the loss of the investor's entire investment. For persons in UAE/Abu Dhabi/Dubai. This Presentation, and the information contained herein, does not constitute, and is not intended to constitute, a public offer of
in the United Mexican States ("Mexico") by a Foreign Financial Institution (Institucion Financiera del Exterior) not subject to the supervision of the National Banking and Securities Commission (Comisi6n Nacional Bancaria y de Valores) (the "CNBV"). The securities mentioned herein are not registered in the National Securities Registry (Re
stment in the Fund. There is risk involved in investing, with the ultimate risk being the loss of the investor's entire investment. For persons in UAE/Abu Dhabi/Dubai. This Presentation, and the information contained herein, does not constitute, and is not intended to constitute, a public offer of
in the United Mexican States ("Mexico") by a Foreign Financial Institution (Institucion Financiera del Exterior) not subject to the supervision of the National Banking and Securities Commission (Comisi6n Nacional Bancaria y de Valores) (the "CNBV"). The securities mentioned herein are not registered in the National Securities Registry (Re
stment in the Fund. There is risk involved in investing, with the ultimate risk being the loss of the investor's entire investment. For persons in UAE/Abu Dhabi/Dubai. This Presentation, and the information contained herein, does not constitute, and is not intended to constitute, a public offer of
in the United Mexican States ("Mexico") by a Foreign Financial Institution (Institucion Financiera del Exterior) not subject to the supervision of the National Banking and Securities Commission (Comisi6n Nacional Bancaria y de Valores) (the "CNBV"). The securities mentioned herein are not registered in the National Securities Registry (Re
Entities connected to both United Arab Emirates and the National Banking and Securities Commission

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PERSONthe Guernsey Financial Services Commission
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