Global Rates Strategy: Monthly supply - SSA funding and redemptions update

Research evidence excerpt

Global Rates Strategy: Monthly supply - SSA funding and redemptions update

urities LLC) acts as a market maker or liquidity provider (in

accordance with the interpretation of these terms under English law or, if not carried out by UBS in the UK the law of the relevant jurisdiction in which UBS

determines it carries out the activity) in the financial instruments of the issuer save that where the activity of liquidity provider is carried out in accordance with the

definition given to it by the laws and regulations of any other EU jurisdictions, such information is separately disclosed in this document. For financial instruments

admitted to trading on a non-EU regulated market: UBS may act as a market maker save that where this activity is carried out in the US in accordance with the

definition given to it by the relevant laws and regulations, such activity will be specifically disclosed in this document. UBS may have issued a warrant the value of

which is based on one or more of the financial instruments referred to in the document. UBS and its affiliates and employees may have long or short positions,

trade as principal and buy and sell in instruments or derivatives identified herein; such transactions or positions may be inconsistent with the opinions expressed in

this document.

Within the past 12 months UBS may have received or provided investment services and activities or ancillary services as per MiFID II which may have given rise to

a payment or promise of a payment in relation to these services from or to this company.

Please note that all transactions conducted by UBS are consistent with sanctions regulations imposed by Switzerland, the European Union, the United Nations, the

United Kingdom and the United States, per UBS' global sanctions policy.