Provision of research may be subject to country specific restrictions and may therefore not be provided to residents of certain jurisdictions.

The content of this website is not addressed to investors in a specific country but serves as general information.

This website is approved for use in the UK by UBS Wealth Management, a business division of UBS AG which is authorized and regulated by the Financial Services Authority. It has been prepared solely for information purposes and is based upon opinions which reflect our current views but which may be liable to change, and upon sources believed to be reliable. Certain products or services described in this document are offered from outside the UK and will not be covered by the UK Regulatory Regime or Investor Compensation Scheme. We should point out that with regard to any investments mentioned, values may fall as well as rise and that exchange rates may have a similar effect. Tax information is provided based upon our understanding of current tax legislation and applicable rates. These may change in the future and they may not apply to your individual circumstances. UBS does not give tax advice and you should consult your independent tax adviser for specific advice before entering into or refraining from entering into any investment.