Investment Outlook 2014

This webcast is for your information only and is not intended as an offer, or a solicitation of an offer, to buy or sell any investment or other specific product. The analysis contained in the webcast is based on numerous assumptions. Different assumptions could result in materially different results. Certain services and products are subject to legal restrictions and cannot be offered worldwide on an unrestricted basis and/or may not be eligible for sale to all investors. All information and opinions expressed in this  webcast were obtained from sources believe to be reliable and in good faith, but no representation or warranty, express or implied, is made as to its accuracy or completeness. All information and opinions as well as any prices indicated are current only as of the date of this webcast, and are subject to change without notice. At any time UBS Swiss Financial Advisers AG (“UBS-SFA”) and other companies in the UBS group (or employees thereof) may have a long or short position, or deal as principal or agent, in relevant securities or provide advisory or other services to the issuer of relevant securities or to a company connected with an issuer. Some investments may not be readily realizable since the market in securities is illiquid and therefore valuing the investment and identifying the risk to which you are exposed may be difficult to quantify. Futures and options trading is considered risky. Past performance of an investment is no guarantee of its future performance. Some investments may be subject to sudden and large falls in value and on realization you may receive back less than you invested or may be required to pay more. Changes in foreign exchange rates may have an adverse effect on the price, value, or income of an investment. We are of necessity unable to take into account the particular tax implications of an investment instrument and therefore recommend that you seek specific tax advice from a specialized tax advisor as to the tax implications of investing in any of the products mentioned herein. This webcast may not be reproduced or copies circulated without prior authority from UBS-SFA. UBS-SFA expressly prohibits the distribution and transfer of this webcast to third parties for any reason. UBS-SFA will not be liable for any claims or lawsuits from any third parties arising from the use or distribution of this webcast. This webcast is for distribution only and such circumstances as may be permitted by applicable law."