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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 598: Summary of Research Policies (Portuguese)

RG 79 Australia Research Information

Sponsored Research Letter of acknowledgment

Third Party Disclaimers

MSCI Disclaimer

Quarterly Rating Breakdown

UBS Investment Research Equity Ratings

UBS 12-Month Rating	Rating Category	Fourth Quarter 2020	Third Quarter 2020	Second Quarter 2020	First Quarter 2020


Buy	Buy
Neutral	Hold/Neutral
Sell	Sell

Coverage⁽¹⁾	IB Services ⁽²⁾	Coverage⁽¹⁾	IB Services ⁽²⁾	Coverage⁽¹⁾	IB Services ⁽²⁾	Coverage⁽¹⁾	IB Services⁽²⁾
51%	31%	50%	31%	49%	32%	48%	32%
37%	29%	38%	29%	39%	30%	40%	28%
12%	18%	12%	19%	13%	20%	13%	20%

UBS Short-Term Rating	Rating Category	Fourth Quarter 2020	Third Quarter 2020	Second Quarter 2020	First Quarter 2020


Buy	Buy
Sell	Sell

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	Fourth Quarter 2020	Third Quarter 2020	Second Quarter 2020	First Quarter 2020

	Up to 12 months	Coverage⁽⁶⁾	IB Services⁽⁷⁾	Coverage⁽⁶⁾	IB Services⁽⁷⁾	Coverage⁽⁶⁾	IB Services⁽⁷⁾	Coverage⁽⁶⁾	IB Services⁽⁷⁾
AAA, AA, A ( + / - )		<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	Fourth Quarter 2020	Third Quarter 2020	Second Quarter 2020	First Quarter 2020

		Up to 6 months	Coverage⁽⁶⁾	IB Services⁽⁷⁾	Coverage⁽⁶⁾	IB Services⁽⁷⁾	Coverage⁽⁶⁾	IB Services⁽⁷⁾	Coverage⁽⁶⁾	IB Services⁽⁷⁾
Positive	Buy		<1%	<1%	2%	<1%	2%	<1%	2%	<1%
Stable	Hold		<1%	<1%	83%	49%	83%	46%	83%	42%
Negative	Sell		<1%	<1%	15%	29%	15%	29%	15%	29%

Research Bond Recommendation⁽³⁾

UBS Rating⁽⁵⁾	Rating Category	Time Horizon	Fourth Quarter 2020	Third Quarter 2020	Second Quarter 2020	First Quarter 2020

		Up to 3 months	Coverage⁽⁶⁾	IB Services⁽⁷⁾	Coverage⁽⁶⁾	IB Services⁽⁷⁾	Coverage⁽⁶⁾	IB Services⁽⁷⁾	Coverage⁽⁶⁾	IB Services⁽⁷⁾
Outperform	Buy		<1%	<1%	8%	65%	8%	67%	8%	33%
Market Perform	Hold		<1%	<1%	77%	65%	75%	62%	75%	60%
Underperform	Sell		<1%	<1%	14%	69%	17%	56%	18%	57%

Research CDS Recommendation⁽⁴⁾

UBS Rating⁽⁵⁾	Rating Category	Time Horizon	Fourth Quarter 2020	Third Quarter 2020	Second Quarter 2020	First Quarter 2020

		Up to 3 months	Coverage⁽⁶⁾	IB Services⁽⁷⁾	Coverage⁽⁶⁾	IB Services⁽⁷⁾	Coverage⁽⁶⁾	IB Services⁽⁷⁾	Coverage⁽⁶⁾	IB Services⁽⁷⁾
Buy Protection	Buy		<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.

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