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May 2013
UBS Delta
UBS DeltaQuantifying Risk and Performance
Strictly ConfidentialApproved for UBS Delta clients in EEA (including Switzerland) & Australia only For information & discussion purposes onlyNot for Further Distribution
Please note that the Solvency II regulations are still in draft form and are subject to change.
Note that UBS is not acting as an advisor. Prior to entering into a transaction you should consult with your own legal, regulatory, tax, financial and accounting advisers to the extent you deem necessary to make your own decisions.
Insurance Asset Data Management
11CONFIDENTIAL – NO FURTHER DISTRIBUTION PERMITTED© UBS 1998-2013. All rights reserved
Insurance CompanyData
Portfolio (& Benchmark) Positions / Transactions
Insurance Asset Management Challenges
Instrument static data
Ratings
Sector classifications
Market data
Issuer data (e.g. ultimate parent company)
Regulatory capital calculation
Economic capital calculation
Prudent risk& capital management
Aggregation
Modeled Liabilities
Asset Management
Market exposure
Sector exposure
Currency exposure
Issuer exposure (spreads, equity, both)
Concentration risk
Active risk (tracking error)
VaR
Stress test results
Cashflow projections
ALM
Risk Management System
22CONFIDENTIAL – NO FURTHER DISTRIBUTION PERMITTED© UBS 1998-2013. All rights reserved
Compulsory for all insurers
Penalty for insurers who do not comply
If your organisation does not get this right, your clients won’t be able to invest in your funds.
What are the asset data requirements under Solvency II?
Quantitative Reporting Template (QRT) Report (see appendix 1 for more details)
• A list of asset information provided by insurer to regulator
• Provided on a quarterly basis
• Very detailed - up to 80+ fields
• Line by line asset reporting
New Requirement for the asset management industry• Most systems are currently not set up to provide this level of detail to their clients.
• Who would need to fill the gap? Asset manager, custodians, financial engineers, anyone with access to the information?
Challenges• Disclosure for funds
• Asset coverage
• OTC Derivatives
• Standardisation of format
• Multiple data sources
• Solvency II Classification
• Look through on funds
Asset Data Reporting
33CONFIDENTIAL – NO FURTHER DISTRIBUTION PERMITTED© UBS 1998-2013. All rights reserved
Solvency II Quarterly Reporting Requirement
PortfolioPortfolio
Asset Data Reporting Requirements
Issuer NameIssuer Name
CurrencyCurrency
External RatingExternal Rating
Maturity dateMaturity date
Issuer SectorIssuer Sector
Security TitleSecurity Title
Accrued InterestAccrued Interest
Number of contractsNumber of contracts
Notional AmountNotional Amount
Attachment PointAttachment Point
Loss Given DefaultLoss Given Default
Contract dimensionContract dimension
DeltaDelta
.
.
.
Ultimate Parent Company
Solvency II Classifications
Projected cashflows
Solvency II capital factors
Solvency II scenarios revaluation
Market analytics
Yield Curves
Composite Ratings
Scenario stressing
Consolidate data source.
OTC derivatives.
Up to 80+ data nodes required for regulatory reporting
Market Data Vendors
This may include MarkitiBoxx or Reuters for asset pricing data.
Rating Vendors
This may include ratings from S&P, Moody’s or Fitch.
44CONFIDENTIAL – NO FURTHER DISTRIBUTION PERMITTED© UBS 1998-2013. All rights reserved
Potential Asset Coverage
Asset coverage can be extensiveAsset coverage can be extensive
Equity cash and derivatives• Common stock• Equity index futures & options• Stock futures & options, warrants, rights • Barrier options• Equity swaps• Convertible Bonds• Contract for Differences
Fixed Income cash and derivatives ABS Bonds Bond Future Interest Rate Future FX Future FX Option Cash and Money Market Instruments Caps/Floors Currency Forwards Credit Default Swaps and CDS Indices Options on CDS Indices Options on Bond Futures Structured Credit, CDOs and Nth to Default Swaps, Index Tranches Index Linked Swaps Interest Rate Swaps Swaptions
Cashflow Streams / Liabilities Generic cashflow stream ( including inflation linked)
Funds Fund-of-funds ETFs
Foreign Exchange• Currency forwards• FX options • FX futures
Commodities Commodity futures (options in pipeline)
55CONFIDENTIAL – NO FURTHER DISTRIBUTION PERMITTED© UBS 1998-2013. All rights reserved
Asset Data Specification Example
Sample Upload Specifications
Swap
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Getting to SCR Scores
1. Portfolio UploadAsset TypeIdentifier (ISIN, Ticker, Sedol etc)NominalTrade Date(Other information as required)
ExampleDEUTSCHE TELEKOM AG (EUR 4.875, 22-Apr-2025 )
Require ISIN to define a bond
2. Data EnrichmentDelta looks up the identifier and populate information relating to the bond instrument from its data tables.
Populate with ratings for defining bond rating for Solvency II Spread Capital Charge calculation.
Maturity date and coupon information to project cashflows.
Defining currency for Solvency II Currency charge.
Issuer ticker for Solvency II concentration risk.
77CONFIDENTIAL – NO FURTHER DISTRIBUTION PERMITTED© UBS 1998-2013. All rights reserved
Getting to SCR Scores
Project cashflows for Solvency II interest rate charge.
3. Defining cashflow payoffsFor bonds, calculation types include:VanillaCallableInflation linkedConvertibleStep up CouponFloatingPerpetualSinking Fund
4. Asset AnalyticsDelta takes the market data information, asset prices and the cashflows/payoff structure and create analytics
Market DataSwap curve Market Prices Asset cashflows/payoffs
Duration to look up Solvency II spread capital factor
Market Data Vendors
This may include MarkitiBoxx or Reuters.
88CONFIDENTIAL – NO FURTHER DISTRIBUTION PERMITTED© UBS 1998-2013. All rights reserved
Getting to SCR Scores
5. Solvency II ClassificationsTaking instrument information (such as EEA vs Non EEA country, sector, covered vs not covered bonds) and map to Solvency II classification.
6. Solvency II factors and scenariosLookup Solvency II spread factors and applying Solvency II scenarios to revalue portfolio.
99CONFIDENTIAL – NO FURTHER DISTRIBUTION PERMITTED© UBS 1998-2013. All rights reserved
Getting to SCR Scores
7. Revaluation of Assets using Scenario EngineLookup Solvency II spread factors and applying Solvency II scenarios to revalue portfolio.
8. Applying Correlation matrix and calculate Solvency II SCR Scores
1010CONFIDENTIAL – NO FURTHER DISTRIBUTION PERMITTED© UBS 1998-2013. All rights reserved
Solvency II Classification Matters
EEA Sovereign
Zero Solvency II Spread Capital
‘A’ Rated Corporate
6% Solvency II Spread Capital
Same Solvency II Capital - different spreadsExample 1
Example 2
1111CONFIDENTIAL – NO FURTHER DISTRIBUTION PERMITTED© UBS 1998-2013. All rights reserved
Solvency II Classification Matters
Same spread – different Solvency II Capital- Two bonds with same spread (18bp)- Same maturity (5 years)- Same rating (AA)- Different Solvency II Capital
Covered BondSolvency II Capital = 4%
Corporate BondSolvency II Capital = 5%
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Look through or not?
Example 1 - Equity Tail Protection Fund
- Equity - Equity put options - Equity futures
49%No look throughSolvency II Charge
0.4%Look through
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Look through or not?
Example 2 - Leveraged Fund
- Bond- Equity - Currency Futures
49%No look throughSolvency II Charge
190%Look through (S2 Model)
Look through (Capped) 100%
1414CONFIDENTIAL – NO FURTHER DISTRIBUTION PERMITTED© UBS 1998-2013. All rights reserved
Fund Lookthrough
Fund 1
Fund Administrator
CLIENT CODEUBS DELTA
CLIENT CODE
FUND 1
FUND 2
FUND 3
Fund 2
Fund 3
PORTFOLIO A
X UNITS OF FUND 1
Y UNITS OF FUND 2
Z UNITS OF FUND 3
OVERLAY
Web based Reporting
No Look-through
Offline Reporting
Full Look-through
UBS Delta
Access to funds and underlying holdingsAggregation across funds
1515CONFIDENTIAL – NO FURTHER DISTRIBUTION PERMITTED© UBS 1998-2013. All rights reserved
Ultimate Parent Company and Issuer Risk
Example Portfolio with exposure to various issuers, across asset types
Bonds Convertible bonds Equities Equity options
Individual Issuers Index position
Across asset types CDS Index CDS
Trade level risk measures LiborDelta (rate PVBP) CreditDelta (Spread PVBP) EquityDelta (to market) Delta (on options)
1616CONFIDENTIAL – NO FURTHER DISTRIBUTION PERMITTED© UBS 1998-2013. All rights reserved
Ultimate Parent Company and Issuer Risk
Issuer Structure
Issuer structure viewer
Shows ultimate parent company
Portfolio positions:
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Ultimate Parent Company and Issuer Risk
Portfolio Analytics - Ultimate Parent Company
Analysis of Portfolio by Ultimate Parent Company & Issuer:
With index drill down:
UBS Delta
1919CONFIDENTIAL – NO FURTHER DISTRIBUTION PERMITTED© UBS 1998-2013. All rights reserved
UBS Delta - Overview
Best Risk EngineBest Actuarial Software
Best Actuarial Software
Quantifying Risk & Performance
UBS Delta is an award-winning portfolio management platform, covering risk and performance across fixed income, equity, and commodity asset classes. The product was started in UBS Investment Bank in 1999.
Initially offered to the bank’s key clients, it has become one of the leading portfolio analytics products in the market and today competes with third party risk management vendor platforms
Background
A key differentiator is the close connection with the markets – all senior client coverage team members have worked in trading,sales, research or risk management; experience regularly cited as being influential in the selection of UBS Delta over competitors
The 5 team leads within UBS Delta have each been with UBS for over 15 years. Offices in Tokyo, Singapore and London.
The team
Over 150 firms globally, use UBS Delta as part of their research, investment and risk management process.Clients
UBS Delta is a web-based platform, facilitating quick set-up times and immediate access to new releases. The automatic portfolio upload capability and open architecture with multiple third party data feeds, easily integrate with clients’ existing systems. Information security is key part of UBS Delta business model - 2-way NDA / contract.
Delivery
2020CONFIDENTIAL – NO FURTHER DISTRIBUTION PERMITTED© UBS 1998-2013. All rights reserved
Equity cash and derivatives
Common stock
Equity index futures & options
Stock futures & options, warrants, rights
Barrier options
Equity swaps
Convertible Bonds
Contract for Differences
Foreign Exchange
Currency forwards
FX options
FX futures
UBS Delta - Overview
Market data analysis and monitoring
Portfolio slicing and dicing - multiple analytics, aggregated using system categories (e.g. country, sector...) or user-defined classifications (e.g. internal rating, strategy, ...)
Cashflow analysis - showing nominal, PV, deltas, vegas, by time bucket
Risk management - exposures, deltas, volatility, parametric VaR, historical VaR, stress scenarios, liquidity scoring
Performance measurement and attribution
Portfolio hedging and optimising tools
Supported with:-Tailored solutions, including bespoke analysis of trading & hedging strategies (pre/post-trade), portfolio construction & optimization, …-Transition management and program trading-UBS Delta training, workshops and seminars
Offering
Functionality & Asset coverage
Asset coverage
Fixed Income cash and derivatives
Full range of bonds
MBS pass-through & US/European ABS
IR swaps, OIS, inflation-linked swaps, swaptions, caps/floors
Bond & STIR Futures (options in pipeline)
CDS, CDS Indices (options in pipeline)
Synthetic CDO tranches, Nth-to-default notes
Libor Exotics, on a case-by-case basis
Cashflow Streams / Liabilities
Generic cashflow stream - can be index linked; choice of discounting curve
Commodities
Commodity futures (options in pipeline)
Funds
Fund-of-funds
ETFs
2121CONFIDENTIAL – NO FURTHER DISTRIBUTION PERMITTED© UBS 1998-2013. All rights reserved
UBS Delta - Insurance Projects
Current Projects• Solvency II SCR scores for asset managers to market their funds.
• QRT data templates for asset managers for their insurance clients.
• Club Ampere data template for asset managers for their insurance clients.
• Solvency II SCR analysis to optimise Solvency II capital for asset managers and insurers.
• Look through, leverage and hedging implication for managed account platform funds.
• Solvency II discount curves and spread curves for calibration of internal models.
• Solvency II capital treatment on structured products.
• Solvency II Matching Adjustment analysis for LTGA assessment.
Current Projects• Solvency II SCR scores for asset managers to market their funds.
• QRT data templates for asset managers for their insurance clients.
• Club Ampere data template for asset managers for their insurance clients.
• Solvency II SCR analysis to optimise Solvency II capital for asset managers and insurers.
• Look through, leverage and hedging implication for managed account platform funds.
• Solvency II discount curves and spread curves for calibration of internal models.
• Solvency II capital treatment on structured products.
• Solvency II Matching Adjustment analysis for LTGA assessment.
Solvency II ReportsSolvency II Reports
2222CONFIDENTIAL – NO FURTHER DISTRIBUTION PERMITTED© UBS 1998-2013. All rights reserved
UBS Delta - Education, Publications and ConferencesSolvency II Education, Publications and Conferences• We run regular UBS Delta Client Education User Day for clients.
• Magazine Publications
• Life and Pension – “When is a hedge not a hedge? ALM under Solvency II” (September 2011)
• Solvency II Conferences
• ALM for Life Insurers Conference – “Solvency II Asset Management and Data” (September 2012)
• Insurance ERM - Data Governance for Enterprise Risk Management (Upcoming - May 2013 – London)
• UBS Delta Solvency II Seminars
• Solvency II Challenges for Asset Management (18 April 2013 – Paris)
Solvency II Education, Publications and Conferences• We run regular UBS Delta Client Education User Day for clients.
• Magazine Publications
• Life and Pension – “When is a hedge not a hedge? ALM under Solvency II” (September 2011)
• Solvency II Conferences
• ALM for Life Insurers Conference – “Solvency II Asset Management and Data” (September 2012)
• Insurance ERM - Data Governance for Enterprise Risk Management (Upcoming - May 2013 – London)
• UBS Delta Solvency II Seminars
• Solvency II Challenges for Asset Management (18 April 2013 – Paris)
2323CONFIDENTIAL – NO FURTHER DISTRIBUTION PERMITTED© UBS 1998-2013. All rights reserved
UBS Delta: Extensive Implementation under one System
Analytics Market Standard measures
& bespoke analytics
Portfolio Slice and Dice
Limit Testing
Risk Management Parametric Risk
Historical VaR
Scenario (Full-Revaluation)
Regulatory Reporting Solvency II Analysis
Value at Risk Analytics
Performance Attribution P&L Explain
Full-Transparency
Back-Testing
Market Data
Analytics
UBS Delta
Reporting Risk
RegulatoryReporting
Performance
Reporting Seamless Delivery directly to User
Flexible Template Definition
Market Data Easy Access to Market Data
Large range of Statistics and Analytics
UBS Delta offers transparency along key Modules: Risk, Performance and Solvency II Capabilities.
Asset Data - line by line reporting
Portfolio Aggregation
Fund look through
Solvency II Scenarios
Solvency II Reports
Ultimate Parent Company
Spread Implied Rating
Discount Curves
Liquidity Premium
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Disclaimer (1)This material has been prepared by UBS AG or an affiliate thereof (“UBS”). In certain countries UBS AG is referred to as UBS SA. UBS Delta information is made available solely for informational purposes and nothing herein constitutes a solicitation or offer by UBS or represents a price at which UBS would be willing to enter into any transaction in the described products. All price information is indicative only and not for valuation purposes (including yield and/or price information). Such information in UBS Delta may differ from any valuations or indicative or firm prices UBS may provide separately to clients in respect of such products by way of client valuations or trading activities that are unrelated to UBS Delta. Opinions expressed via UBS Delta are subject to change without notice and UBS is not under any obligation to update or keep current any such opinions or information. Yield information is based upon UBS’s current methodology. This methodology relies on models, empirical data and assumptions and as such UBS makes no representation or warranty as to the accuracy or appropriateness of that methodology. Yield information does not necessarily reflect UBS’s internal books and records for the relevant transaction or related product and UBS makes no representation or warranty as to the value other persons may attribute to any subject or related products. Any products or services described herein may not be available or eligible for sale in all jurisdictions or to certain categories of investors and the Client is solely responsible for confirming that such products are suitable for its purposes and comply with all applicable legal and regulatory requirements. Information pertaining to securities that may not be offered or sold within the United States or to U.S. persons (as such terms are defined in Regulation S of the United States Securities Act of 1933) may not be included in the universe of securities that are shown to the Client on UBS Delta during the time of such restriction. UBS shall not have any liability to the Client in the event that any such security is or is not included in UBS Delta. In connection with any business we may do with you, we may provide to or receive remuneration, fees, discounts or other benefits from, or share fees, charges or other benefits with, a third party (including, but not limited to, any UBS Group Company, exchange, broker or intermediary) on any basis we agree with such person. We will give you details of any such arrangements or of any amount received from or shared with such a person at your request. Neither we nor any other UBS Group Company will be liable to account to you for any such remuneration, fees or other benefits.
UBS, its directors, officers, employees or clients may have or have had interests or long or short positions in the securities and/or currencies referred to herein and may, once recipients forwhom any Materials relating to such securities and/or currencies are principally intended have or are likely to have a reasonable opportunity to act on them, at any time make purchases and/or sales in them as principal or agent. In addition, UBS may act or have acted as market-maker in financial products discussed herein. Furthermore, UBS may have or have had a relationship with or may provide or have provided investment banking, capital markets and/or other services to the relevant companies. Employees of UBS may serve or have served as officers or directors of the relevant companies. UBS may rely on information barriers, such as “Chinese Walls,” to control the flow of information contained in one or more areas within UBS into other areas, units, groups or affiliates of UBS.
Structured transactions, including options, derivative products, futures and forward transactions are complex and may involve a high risk of loss. Such transactions may not be suitable for all investors. Prior to entering into a transaction you should consult with your own legal, regulatory, tax, financial and accounting advisors to the extent you consider it necessary, and makeyour own investment, hedging and trading decisions (including decisions regarding the suitability of this transaction) based upon your own judgement and advice from those advisers you consider necessary. Save as otherwise expressly agreed in writing, UBS is not acting as your financial adviser or fiduciary in any transaction. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange, commodity values, interest rates and any other relevant economic unit of value built into or related to a transaction may adversely affect the value, price or income of any security or related instrument mentioned in this material.
The Client acknowledges that neither the contents, nor the making available of UBS Delta (or related information), constitutes investment or professional advice or a personal recommendation and that UBS is not acting as your commodity advisor, financial adviser or fiduciary in this transaction. Neither the contents of this document nor UBS Delta should be construed as a substitute for such advice. The Client should not rely on UBS Delta or related information in relation to any decisions (investment or otherwise), which the Client shall make independently. The Client acknowledges that interpretation of UBS Delta’s output relies on the Client making or obtaining independent, professional, real-time market analysis and, if the Client so determines, third party advice. UBS views any transaction entered into as a result of the use if UBS Delta to be an arm’s length transaction, and assumes that you have taken adequate steps to seek legal, regulatory, tax, financial and accounting advice as you may deem necessary.
For trade execution or other enquiries, the Client should contact its local sales representative. UBS, its related entities, directors, employees and agents accept no liability whatsoever for any loss or damage of any kind arising out of the use of all or any part of this material. Additional information will be made available upon request. Certain laws and regulations impose liabilities which cannot be disclaimed. This disclaimer shall in no way constitute a waiver or limitation of any rights a person may have under such laws and/or regulations. UBS Delta materials are not intended for retail clients or private individuals.
2525CONFIDENTIAL – NO FURTHER DISTRIBUTION PERMITTED© UBS 1998-2013. All rights reserved
Disclaimer (2)Except as otherwise specified herein, these Materials are distributed by United Kingdom and the rest of Europe: Except as otherwise specified herein, this material is communicated by UBS Limited, a subsidiary of UBS AG, to persons who are eligible counterparties or professional clients (as detailed in the FSA Rules) and is only available to such persons. The information contained herein does not apply to, and should not be relied upon by retail clients. UBS Limited is regulated by the FSA. France: Prepared by UBS Limited and distributed by UBS Limited and UBS Securities France S.A. UBS Securities France S.A. is regulated by the Autorité des Marchés Financiers (AMF). Where an analyst of UBS Securities France S.A. has contributed to this material, the material is also deemed to have been prepared by UBS Securities France S.A. Germany: Prepared by UBS Limited and distributed by UBS Limited and UBS Deutschland AG. UBS Deutschland AG is regulated by the Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin). Spain: Prepared by UBS Limited and distributed by UBS Limited and UBS Securities EspañaSV, SA. UBS Securities España SV, SA is regulated by the Comisión Nacional del Mercado de Valores (CNMV). Turkey: Prepared by UBS Menkul Degerler AS on behalf of and distributed by UBS Limited. Russia: Prepared and distributed by the Moscow Representative Office of UBS Cyprus Moscow Limited. Switzerland: These materials are distributed in Switzerland by UBS AG to persons who are institutional investors only. Italy: Prepared by UBS Limited and distributed by UBS Limited and UBS Italia Sim S.p.A.. UBS Italia Sim S.p.A. is regulated by the Bank of Italy and by the Commissione Nazionale per le Società e la Borsa (CONSOB). Where an analyst of UBS Italia Sim S.p.A. has contributed to this material, the material is also deemed to have been prepared by UBS Italia Sim S.p.A.. South Africa: UBS South Africa (Pty) Limited (Registration No. 1995/011140/07) is a member of the JSE Limited, the South African Futures Exchange and the Bond Exchange of South Africa. UBS South Africa (Pty) Limited is an authorised Financial Services Provider. United States: These materials are distributed by UBS Securities LLC or UBS Financial Services Inc., subsidiaries of UBS AG, or solely to US institutional investors by UBS AG or a subsidiary or affiliate thereof that is not registered as a US broker-dealer (a "non-US affiliate"). Transactions resulting from materials distributed by a non-US affiliate must be effected through UBS Securities LLC or UBS Financial Services Inc. Canada: These materials are being distributed in Canada by UBS Securities Canada Inc., a subsidiary of UBS AG and a member of the principal Canadian stock exchanges & CIPF. Hong Kong: The materials relating to equities and other securities business, and related research, are being distributed in Hong Kong by UBS Securities Asia Limited. The material relating to corporate finance, foreign exchange, fixed income products and other banking business, and related research, are being distributed in Hong Kong by UBS AG, Hong Kong Branch. Singapore: Distributed by UBS Securities Pte. Ltd or UBS AG, Singapore Branch. Japan: The materials relating to equities, fixed income products, corporate finance and other securities business, and related research, are distributed in Japan by UBS Securities Japan Ltd. The materials relating to foreign exchange and other banking business, and related research, are distributed in Japan by UBS AG, Tokyo Branch. New Zealand: These materials are distributed in New Zealand by UBS New Zealand Ltd. An investment adviser and investment broker disclosure statement is available on request and free of charge by writing to PO Box 45, Auckland, NZ. Australia: These materials are distributed in Australia by UBS AG (Holder of Australian Financial Services Licence No. 231087) and UBS Securities Australia Ltd (Holder of Australian Financial services Licence No. 231098) to persons who satisfy the definition of wholesale client for the purposes of the Corporations Act 2001 (Cth) and not intended for distribution to any retail clients. UBS AG, Australia Branch is an authorised foreign Authorised Deposit-taking Institution under the Banking Act 1959 (Cth), and is supervised by the Australian Prudential Regulation Authority. However, it is important for you to note that any products or transactions described herein are not deposit products and will not be covered by the depositor protection provisions set out in Division 2 of the Banking Act 1959 (Cth), as these provisions do not apply to foreign Authorised Deposit-Taking Institutions.
This analysis has been provided to you by UBS AG and/or affiliates, for informational purposes only and should not be used in substitution for the exercise of independent judgement. The assumptions and parameters used are not the only ones that might reasonably have been selected and therefore no guarantee is given as to the accuracy, completeness or reasonableness of any such quotations, disclosure or analyses. The analysis is based in part on information and market data which may be subject to change. UBS shall not be under any obligation to update the analysis No representation or warranty is made that any indicative performance or return indicated will be achieved in the future. Furthermore, no representation or warranty, express or implied, is made by UBS AG and/or affiliates as to the accuracy, completeness, or fitness for any particular purpose of the analysis or calculation methodology used. Under nocircumstances shall UBS AG and/or affiliates have any liability for a) any loss, damage or other injury in whole or in part caused by, resulting from or relating to, any error (negligent or otherwise) of UBS AG and/or affiliates in connection with the compilation, methodology, interpretation, communication, publication or delivery of this analysis, or b) any direct, indirect, special, consequential, incidental or compensatory damages whatsoever (including, without limitation, lost profits), in either case caused by reliance upon or otherwise resulting from or relating to the use of (including the inability to use) this analysis.
© UBS 2013. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved. UBS specifically prohibits the redistribution of this material and accepts no liability whatsoever for the actions of third parties in this respect.
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Contact Information
UBS Investment Bank is a business group of UBS AG
www.ubs.com/delta
Clara YanDirectorUBS Delta+44 207 568 [email protected]