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7.3% in Q2 vs est 6.7%) Leading European Sectors: Luxury +0.97%, Chemicals +0.60%, Industrials +0.59% Lagging European Sectors: Autos/Parts -0.57%, Utilities -0.36%, Construction -0.28% MAKO cuts procedure forecast — CXW lowers guidance — NVLT earnings miss AAN names pres/ceo chairman — ITMN positive gui

(trading -0.30%) • Bosch sells 5.0% Denso stake for €1.1 billion (to use funds from sale for future investments) • EMU leaders likely to appoint Luxembourg central bank gov Mersch to ECB exec board (MNI) • Greece August unemployment rate 25.4% vs 24.8% in July (youth unemployment 58%) • Dentsu cuts F

h Care IP = Industrial Products IT = Information Technology TECH = Technology TEL = Telecommunication TR = Transport TS = Trading/Services UT= Utilities 58 EFTA00617367 Table A2 Most appropriate Islamic and conventional benchmark indices for the sample IEFs Ticker CATEGORY GLOBAL ADIFWOE ALS

dix (Table Al) shows, most IEFs in the sample are located in Asia and Malaysia in particular. However there are also some IEFs located in the US and Luxembourg and Canada. This implies that the IEF industry although concentrated in Asia (which holds the bulk of the worlds Muslim population) is also present

and electricity tariff hikes Types of =upport for the sector from the government Healthcare: no =urprises Telecom: =owards the end of the tunnel? Utilities: a =alancing fund to manage the transition Commodities: as =ood as it gets for OPEC Disclosures Research =nalysts lean-Michel Saliba MENA Econom

upon =nclusion Trades =90m/ day based on bottleneck liquidity • Tradable on swap at lml.+90bps, std comm applies; also =ccessible on fully funded Luxembourg-listed warrant (MERRI1DT LX) 10 single stock names to own in Saudi. • Al Rajhi: BAML Top pick for 2018» =argest bank in Saudi » Reflation trade b

Figure 13/ eamungs earnngs I 4- WWI% I I r Utilities • 1 A xi T r /W3 I I I I a Irplfns Of 4— — — earnngs returns —0 Wa fps mai Twia T i Wastr. I I Retailers Individuals(i) W

te vs. floating rate systems Land Rate adjustment (percentage of new business) ' Belgium Denmark Germany Greece Spain France Ireland Italy Luxembourg Netherlands Austria Portugal Finland United Kingdom F (75%). M (19%). V (6%) F (75%), M (10%). V (15%) Mainly F and M F (5%). M (15%). V (80

Steel 5 Radio & Television 37 Surface transport 6 Brokers, Dealers & Investment houses 38 Telecommunications 7 Building & Development 39 Utilities 8 Business equipment & services 40 Reserve 9 Cable & satellite television 41 Reserve 10 Chemicals & plastics 42 Reserve 11 Clothing/tex

or omissions of, or any inaccuracies in the records of, any non-Affiliated custodian, clearing agency, common depository, Euroclear or Clearstream, Luxembourg or for the acts or omissions of the Collateral Manager or either Co-Issuer; and 108 EFTA00596240 (1) the enumeration of any permissible rights

preferred cyclical sectors. We also like Energy. e We are cautious on Materials, where we expect margin pressure to continue, as well as Telecom and Utilities, due to high valuations. Strategic (1 to 2 years) °¢ We like medium-sized US companies, which should benefit from robust earnings growth in the lon

mer Landstrasse 2-4, 60306 Frankfurt am Main. UBS Deutschland AG is authorized and regulated by the “Bundesanstalt fur Finanzdienstleistungsaufsicht”.Luxembourg: This publication is not intended to constitute a public offer under Luxembourg law, but might be made available for information purposes to clients

arnings growth. Our sector stance in the US Sectors Consumer Discretionary Consumer Staples Energy Financials T Healthcare ndustrials Telecom Utilities aterials Viclelulsalel vy) vial ws Source: UBS Note: Past performance is not an indication of future returns. For further information please con

AG, Jersey Branch, is regulated and authorized by the Jersey Financial Services Commission for the conduct of banking, funds and investment business. Luxembourg: This publication is not intended to constitute a public offer under Luxembourg law, but might be made available for information purposes to clients