Research Disclosures & Disclaimers

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UBS Disclosures/Disclaimers

Third Party Disclaimers

Quarterly Rating Breakdown

UBS Investment Research Equity Ratings

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

First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022
Coverage⁽¹⁾	IB Services ⁽²⁾	Coverage⁽¹⁾	IB Services ⁽²⁾	Coverage⁽¹⁾	IB Services ⁽²⁾	Coverage⁽¹⁾	IB Services⁽²⁾
54%	22%	55%	24%	56%	26%	57%	32%
36%	21%	36%	21%	35%	22%	35%	26%
10%	18%	9%	18%	9%	18%	9%	21%

UBS Short-Term Rating	Rating Category
Buy	Buy
Sell	Sell

First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022		Second 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	First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022
UBS Rating⁽⁵⁾	Time Horizon	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	First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022
UBS Rating⁽⁵⁾	Rating Category⁽⁸⁾	Time Horizon	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	First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022
UBS Rating⁽⁵⁾	Rating Category	Time Horizon	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	First Quarter 2023		Fourth Quarter 2022		Third Quarter 2022		Second Quarter 2022
UBS Rating⁽⁵⁾	Rating Category	Time Horizon	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%