As part of the Global Research Settlement, UBS and a number of other firms agreed to provide access to independent research on certain covered companies to customers in the US for a period of five years, ending July 26, 2009. Subsequent to that date, independent research will no longer be available.
The Analyst Transparency Report contains a summary of information, including a listing of the ratings, price targets and earnings per share estimates, relating to equity research reports on covered companies issued by UBS during 2008 and 2009. For purposes of this report, a covered company is generally defined as any US company or non-US company for which the US is the principal equity trading market.