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thority; PRICE Outoi branch, regulated by the Dubai financial Services Authority; IPMCB Bahrain branch, licensed a a conventional wholesale bank by the Central Bank of Bahrain (for professional clients only), MACS Hong Kong brands. regulated by the hong Kong Monetary Authority and MICR Singapore branch. regulated by the M
hrain (for professional clients only), MACS Hong Kong brands. regulated by the hong Kong Monetary Authority and MICR Singapore branch. regulated by the Monetary Authority of Singapore. This material is not intended at an offer or solicitation for the purchase or sae of any financial instrument Morgan Securities U.0 or its broker
hority; JPMCB Dubai branch, regulated by the Dubai Financial Services Authority: JPMCB Bahrain branch, licensed as a conventional wholesale bank by the Central Bank of Bahrain (for professional clients only); JPMCB Hong Kong branch, regulated by the Hong Kong Monetary Authority and JPMCB Singapore branch, regulated by the
ain (for professional clients only); JPMCB Hong Kong branch, regulated by the Hong Kong Monetary Authority and JPMCB Singapore branch, regulated by the Monetary Authority of Singapore. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. Morgan Securities LLC or its
tizen or resident under the Bahamas Exchange Control Regulations. Bahraini UBS AG is a Swiss bank not licensed, supervised or regulated in Bahian by the Central Bank of Bahrain and does not undertake banking or investment busi- ness activities in Bahrain. Therefore, Clients have no protection under local banking and investme
l adviser under the Singapore Financial Advisers Act (Cap. 110) and a wholesale bank licensed under the Singapore Banking Act (Cap. 19) regulated by the Monetary Authority of Singapore. in respect of any matters arising from, or in connection with, the analysis or report. Spain: This publication is distributed to clients of UBS Ban
Entities connected to both the Central Bank of Bahrain and the Monetary Authority of Singapore

United Kingdom
LOCATIONthe Australian Securities and Investments Commission
ORGANIZATIONGlendower
LOCATION
Credit Suisse
ORGANIZATION
Bahrain
LOCATIONFinancial Conduct Authority
ORGANIZATIONCredit Suisse Group
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JPMorgan Chase
ORGANIZATIONAIFMD
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Hong Kong
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FDIC
ORGANIZATION
Federal Reserve
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North America
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U.S. Treasury
ORGANIZATIONLipper
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Bloomberg L.P.
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Luxembourg
LOCATIONthe Dubai Financial Services Authority
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Frankfurt
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United Arab Emirates
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