UBS GLOBAL WEALTH MANAGEMENT EXPECTS BOE TO DELIVER TWO INTEREST RATE CUTS EACH IN NOVEMBER 2026 AND FEBRUARY 2027

Energy: 1. India requires oil and gas companies to disclose import and export data. 2. Saudi Arabia's Yanbu port temporarily suspended oil loading but subsequently resumed. 3. Iranian attacks caused Qatar to lose 17% of its annual LNG exports. 4. Tesla plans to purchase Chinese photovoltaic equipment? Company responds: This is indeed the case. 5. Zhuochuang Information: Domestic 92# gasoline prices may rise across the board to the "9 yuan era". 6. US Treasury Secretary Bessenter: Sanctions on Iranian offshore oil may be lifted in the coming days. 7. Saudi official: If the energy crisis continues until late April, oil prices may soar to $180. 8. US media: The US will not implement a crude oil export ban and has clearly conveyed this message to oil companies. 9. Data shows that offshore crude oil and condensate storage is decreasing by 1.8 million barrels per day, one of the fastest rates in years. 10. Energy measures in various countries—① Slovakia begins implementing diesel sales restrictions. ② India: Currently has no plans to raise gasoline and diesel prices. ③ Russian Energy Ministry: May implement a preventative fuel export ban if oil prices remain high. ④ Germany is considering imposing a windfall profits tax. ⑤ Indonesia will increase coal production and impose an export tax. ⑥ European Commission President: Will propose reducing electricity taxes. ⑦ EU member states will request the European Commission to develop temporary targeted energy measures for each country to mitigate the related impacts. ⑧ Australia is considering imposing a windfall profits tax on LNG. Precious Metals and Mining: 1. New South Wales, Australia's second-largest coal-producing state, will ban new coal mining projects. 2. The US and Japan released action plans for developing key mineral and rare earth supply chains, initially focusing on setting price floor levels for some minerals. 3. Industrial and Commercial Bank of China (ICBC): Revised its agreement for agency-based precious metals auction trading for individual clients and clarified the margin requirements for forced liquidation. Middle East Situation: 1. Iranian Islamic Revolutionary Guard Corps spokesman Naini was killed in an attack. 2. Houthi political bureau member: May block the Bab el-Mandeb Strait in support of Iran. 3. Iranian official: There are no plans to negotiate with the United States, and the security situation on Kharg Island is stable. 4. Israeli official: The Israeli attack on Iran's South Pars gas field was coordinated with the United States, and such attacks are unlikely to happen again.

Mexican Finance Minister: Given the incentive mechanisms and the high revenue of Pemex, we expect the rise in oil prices to have a relatively neutral impact on our rating.