Mexico

UBS Asesores México, S.A. de C.V. (hereinafter “UBS Asesores”) is an investment advisor incorporated under the Securities Market Law. UBS Asesores is an indirect subsidiary of UBS AG. UBS Asesores is a regulated entity and, it is subject to the supervision of the Mexican Banking and Securities Commission (Comisión Nacional Bancaria y de Valores, hereinafter "CNBV") with regards to investment advisory services provided in Sales Practice Regulation (Disposiciones de Carácter General Aplicables a las Entidades Financieras y demás personas que proporcionen Servicios de Inversión). UBS Asesores is registered before CNBV under Registry number 30060.

It is important to note that CNBV only and exclusively regulates UBS Asesores regarding rendering portfolio management services when investment decisions are taken on behalf of the client, as well as on securities investment advisory services, analysis and issuance of individual investment recommendations, so that the CNBV has not surveillance over any other service provided by UBS Asesores.
Furthermore, is given the notice regarding that the registration in the Investment Advisors Registry held by CNBV in terms of the Securities Market Law, does not involve that UBS Asesores is submitted to the applicable provisions to the provided services, nor the accuracy or veracity of the information provided to its clients.

UBS Asesores is not a bank, and may not receive deposits or hold securities in custody from their clients; is not part of the UBS Mexican financial group (UBS Grupo Financiero, S.A. de C.V.) or any other financial group and, as a result, its activities and obligations are not guaranteed by any third party. UBS Asesores does not offer guaranteed returns. UBS Asesores has disclosed any conflict of interest which Client has waived. UBS Asesores does not advertise any banking services.

UBS Asesores may only receive fees expressly agreed with its clients for the effective investment services provided, therefore cannot receive fees from issuers or from local or foreign financial intermediaries that provide services to the Clients of UBS Asesores.

UBS Asesores is required to prepare and maintain an Investment Objective (considering appetite for risk) for each Client, and may only make investments, on behalf of Clients, based upon such Investment Objective.