Independence of Financial Research

The "Directives on the Independence of Financial Research", issued by the Board of Directors of the Swiss Bankers Association (SBA) came into force on 1st July 2003. One of the purposes of the Directives is to avoid or limit any potential conflicts of interests associated with the preparation of financial research reports, or at least to require proper disclosure. In addition they aim generally to create appropriate transparency and ensure equal treatment of all recipients of financial research. Clients who make their investment decisions based in part on recommendations made by financial analysts should be able to rely upon these analysts having conducted their research objectively, in good faith and with due diligence. The purpose is not to prescribe standard internal structures and procedures. The banks are free to structure and implement these Directives as they see fit, provided that they meet the requirements set out in the Directives.

UBS Wealth Management Research (WMR) fully complies with the requirements of the SBA Directives.

The Wealth Management Research General Guidelines (below) are intended to highlight certain principles central to research produced by WMR and to assist WMR staff members in ensuring compliance with the principles governing research performed by WMR.

Current WMR Global Rating Distribution

*Percentage of companies within this rating for which investment banking services were provided by UBS AG or UBS Securities LLC or its affiliates within the past 12 months.