First Read: DHL Group "FedEx Q4 results - read across for DHL Express" (Neutral)

Research evidence excerpt

First Read: DHL Group "FedEx Q4 results - read across for DHL Express" (Neutral)

Authority (Finanstilsynet), to

which this publication has not been submitted for approval. UBS Europe SE is a credit institution constituted under German law in the form of a Societas Europaea, duly

authorized by BaFin. Egypt: Securities or other investment products are not being offered or sold by UBS to the public in Egypt and they have not been and will not be

registered with the Egyptian Financial Regulatory Authority (FRA). France: This publication is not intended to constitute a public offer under French law, it does not constitute

a personal recommendation as it is distributed only for information purposes to clients of UBS Europe SE Succursale de France (a branch of UBS Europe SE), having its

registered office at 39, rue du Colisée, 75008 Paris, France, registered with the “Registre du Commerce et des Sociétés” of Paris under N°844 425 629. UBS Europe SE

Succursale de France is subject to the joint supervision of the European Central Bank, the German Central Bank (Deutsche Bundesbank), the German Federal Financial

Services Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, "BaFin"), as well as of the French "Autorité de contrôle prudentiel et de résolution" and

"Autorité des marchés financiers", to which this publication has not been submitted for approval. UBS Europe SE is a credit institution constituted under German law in the

form of a Societas Europaea, duly authorized by BaFin. Germany: This publication is not intended to constitute a public offer under German law. It is distributed only for

information purposes to clients of UBS Europe SE, Germany, with place of business at Bockenheimer Landstrasse 2-4, 60306 Frankfurt am Main. UBS Europe SE is a credit