The views and opinions expressed by participants of the UBS Global Visionaries Program (the " Program") are those of the respective individuals and are not those of UBS Group AG, its subsidiaries or affiliate companies (collectively, " UBS"). Neither UBS nor any of its directors, officers, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of the Program website or materials or reliance upon any information or comments contained or provided therein.

The Program website and materials are distributed only under such circumstances as may be permitted by applicable law and are provided solely for informational purposes only. They are not a product of independent financial research and should not be regarded as investment research, a sales prospectus, an offer or solicitation of an offer to enter in any investment activity. The Program website and materials have not been prepared with regard to the specific investment objectives, financial situation or particular needs of any specific person. No representation or warranty, either express or implied is provided in relation to the accuracy, completeness or reliability of the Program, its website and/or materials or the information contained therein, nor are they intended to be a complete statement or summary of the matters discussed or referred to therein. The information and any opinions expressed as part of the Program or within the Program website and/or materials are subject to change without notice and may differ or be contrary to opinions expressed by UBS. UBS is under no obligation to update or keep current the information contained in the Program website and/or materials. The Program, its website and materials should not be construed as legal, tax, accounting, regulatory, or other specialist or technical advice or services, or investment advice or a personal recommendation or a substitute for the exercise of a person's own judgment. Please refer to your own professional advisors and consultants for specialist or technical advice or services.

No affiliation, association, sponsorship or endorsement is suggested or implied by UBS to any person, entity, company or organization appearing, featured or mentioned in the Program, its website and/or materials, although UBS may have or have had a relationship with, or may provide or have provided products and/or services to, certain persons, entities, companies and/or organizations mentioned herein.