Japan Economic Comment

Research evidence excerpt

Japan Economic Comment

be associated persons of UBS Securities LLC and therefore are not

subject to the FINRA restrictions on communications with a subject company, public appearances, and trading securities held by a

research analyst account. The name of each affiliate and analyst employed by that affiliate contributing to this report, if any, follows.

UBS Securities Japan Co., Ltd.: Go Kurihara.

Unless otherwise indicated, please refer to the Valuation and Risk sections within the body of this report. For a complete set of

disclosure statements associated with the companies discussed in this report, including information on valuation and risk, please

contact UBS Securities LLC, 11 Madison Avenue, New York, NY 10010, USA, Attention: Investment Research.

Company profile and fee and risk statement under the Japanese Financial Instruments & Exchange Law

Company Name etc: UBS Securities Japan Co., Ltd., Financial Instruments & Exchange Firm, Kanto Local Financial Bureau (Kinsho)

No.2633

Associated Memberships: Japan Securities Dealers' Association, the Financial Futures Association of Japan, and Type II Financial

Instruments Firms Association

UBS Securities Japan Co., Ltd. will receive a brokerage fee based on an individual contract and no standard upper limit or calculating

method. For the trading of domestic stocks, consumption tax is added to the fee. For the trading of foreign stock, fee on the foreign

stock exchange or foreign tax may be charged in addition to the domestic fee and tax. Those amounts may vary depending on the

jurisdiction. There is a risk that a loss may occur due to a change in the price of the stock in the case of trading stocks, and that a loss

may occur due to the exchange rate in the case of trading foreign stocks.