LatAm Oil & Gas "LightHouse: PBR, EC, YPF, BRKM (2x), Fuel Dist., Global..."

Research evidence excerpt

LatAm Oil & Gas "LightHouse: PBR, EC, YPF, BRKM (2x), Fuel Dist., Global..."

of Japan, Investment Management Association of Japan. UBS

SuMi TRUST Wealth Management Co., Ltd will not distribute or forward this report outside Japan. Jersey: UBS AG, Jersey Branch, is regulated and authorized by the

Jersey Financial Services Commission for the conduct of banking, funds and investment business. Where services are provided from outside Jersey, they will not be

covered by the Jersey regulatory regime. UBS AG, Jersey Branch is a branch of UBS AG a public company limited by shares, incorporated in Switzerland whose

registered offices are at Aeschenvorstadt 1, CH-4051 Basel and Bahnhofstrasse 45, CH 8001 Zurich. UBS AG, Jersey Branch's principal place of business is 1, IFC

Jersey, St Helier, Jersey, JE2 3BX. Luxembourg: This publication is not intended to constitute a public offer under Luxembourg law. It is distributed only for

information purposes to clients of UBS Europe SE, Luxembourg Branch ("UBS Luxembourg"), R.C.S. Luxembourg n° B209123, with registered office at 33A, Avenue J.

F. Kennedy, L-1855 Luxembourg. UBS Europe SE is a credit institution constituted under German law in the form of a Societas Europaea (HRB n° 107046), with

registered office at Bockenheimer Landstrasse 2-4, D-60306 Frankfurt am Main, Germany, duly authorized by the German Federal Financial Services Supervisory

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central bank of Germany (Deutsche Bundesbank). UBS Luxembourg is furthermore supervised by the Luxembourg prudential supervisory authority (Commission de

Surveillance du Secteur Financier), in its role as host member state authority.