Philip Morris International Inc "ZYN Ultra supportive, but limited impact..."

研报英文原文证据摘录

Philip Morris International Inc "ZYN Ultra supportive, but limited impact..."

analyst who prepared this document is determined exclusively by UBS

Global Research management and senior management (not including investment banking). Analyst compensation is not based on investment banking revenues;

however, compensation may relate to the revenues of UBS and/or its divisions as a whole, of which investment banking, sales and trading are a part, and UBS as

a whole.

For financial instruments admitted to trading on an EU regulated market: UBS (excluding UBS Securities 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.