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UBS Disclosures/Disclaimers

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Quarterly Rating Breakdown

UBS Investment Research Equity Ratings

UBS 12-Month Rating	Rating Category
Buy	Buy
Neutral	Hold/Neutral
Sell	Sell

Second Quarter 2025		First Quarter 2025		Fourth Quarter 2024		Third Quarter 2024
Coverage⁽¹⁾	IB Services ⁽²⁾	Coverage⁽¹⁾	IB Services ⁽²⁾	Coverage⁽¹⁾	IB Services ⁽²⁾	Coverage⁽¹⁾	IB Services⁽²⁾
52%	22%	52%	24%	51%	24%	51%	24%
41%	20%	40%	20%	41%	20%	40%	19%
8%	22%	8%	22%	8%	22%	8%	21%

UBS Short-Term Rating	Rating Category
Buy	Buy
Sell	Sell

Second Quarter 2025		First Quarter 2025		Fourth Quarter 2024		Third Quarter 2024
Coverage⁽³⁾	IB Services⁽⁴⁾	Coverage⁽³⁾	IB Services⁽⁴⁾	Coverage⁽³⁾	IB Services⁽⁴⁾	Coverage⁽³⁾	IB Services⁽⁴⁾
<1%	<1%	<1%	<1%	<1%	<1%	<1%	<1%
<1%	<1%	<1%	<1%	<1%	<1%	<1%	<1%