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HOLT Disclaimer

The HOLT methodology does not assign ratings or a target price to a security. It is an analytical tool that involves use of a set of proprietary quantitative algorithms and warranted value calculations, collectively called the HOLT valuation model, that are consistently applied to all the companies included in its database. The HOLT valuation model is a discounted cash flow model. Third-party data (including consensus earnings estimates) are systematically translated into a number of default variables and incorporated into the algorithms available in the HOLT valuation model. The source financial statement, pricing, and earnings data provided by outside data vendors are subject to quality control and may also be adjusted to more closely measure the underlying economics of firm performance. These adjustments provide consistency when analyzing a single company across time, or analyzing multiple companies across industries or national borders.

The default scenario that is produced by the HOLT valuation model establishes a warranted price that represents the expected mean value for a security based upon empirically derived fade algorithms that forecast a firms future return on capital and growth rates over an extended period of time. As the third-party data are updated, the warranted price updates automatically. A company’s future achieved return on capital or growth rate may differ from HOLT default forecast. Additional information about the HOLT methodology is available upon request.

CFROI, CFROE, HOLT, HOLT Lens, HOLTfolio and “Powered by HOLT” are trademarks or registered trademarks of ��ţ�������� in the United States and other countries. HOLT is a corporate performance and valuation service of ��ţ��������.

HOLT Business Resilience Dashboard (HBRD) Disclaimer

The HOLT Business Resilience Dashboard (HBRD) is constructed by applying systematic processes on publicly available records and third-party data to generate quantitative measures. The HBRD consistently assigns scores using a transparent combination of metrics and weights across financial, environmental and governance inputs. Individual companies can be scored on a global-size and/or region-size relative basis. The HBRD is also translated into five textual assessments (e.g. “Highest” or “Lowest”) based on their quintile percentile rank. For further details on the HBRD methodology HOLT Business Resilience Primer please contact ��ţ�������� Securities LLC, 1285 Avenue of Americas, New York, NY 10019, USA, Attention: Investment Research. The HBRD does not constitute or imply any endorsement or recommendation of any individual company. ��ţ�������� has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness or reliability of such information due to inconsistent reporting of data by companies. Additionally, as global laws, guidelines and regulations in relation to the tracking and provision of such data are evolving, all such disclosures are made on a non-reliance basis and are subject to change. Any figures, values or other data published in this report are neither designed nor administered in line with the standards of the IOSCO Principles for Financial Benchmarks or the EU Benchmarks Regulation (EU) 2016/1011 or any other benchmark related regulatory guidelines and as such you are prohibited from using those figures, values or data in a way which would amount to use of a financial benchmark under those regimes (or any equivalent rules or regulations in any global jurisdiction).

For further Research disclaimers and HOLT Vendor Data Disclaimer please see��www.ubs.com/disclosuresHOLT Vendor Data Disclaimer.