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For marketing and information purposes by UBS. This document is published by UBS AG, a company registered under the Laws of Switzerland. Only Swiss-domiciled, tax-exempt pillar 2 and pillar 3a pension schemes and social welfare funds (in accordance with the Swiss Federal Law on Occupational Retirement, Survivors’ and Disability Pension Plans) are approved as investors in investment groups of UBS Foundation for the Investment of Pension Fund Assets (AST). The investment groups of UBS Investment Foundation 2 (AST) are only open to occupational pension plans domiciled in Switzerland that are entered in the register of occupational pension plans in accordance with Art. 48 and Art. 61 of the Swiss Federal Law on Occupational Retirement, Survivors’ and Disability Pension Plans. In accordance with the memorandum of understanding concluded in 2004, the investment groups are only subject to withholding tax on dividends from US equities if they do not meet this precondition. This report may only be distributed in accordance with the conditions stipulated in the applicable legislation. It was written without reference to any specific or future investment objective, financial or tax situation or requirement on the part of a particular individual or group. This document is intended for information purposes only and constitutes neither an offer nor a solicitation to buy or sell securities of any kind or related financial instruments. The products/securities described herein may be unsuitable or prohibited for sale to certain groups of investors in various jurisdictions. The information and opinions contained in this document have been compiled or arrived at based upon information obtained from sources believed to be reliable and in good faith, but are not guaranteed as being accurate, nor are they a complete statement or summary of the securities, markets or developments referred to in the document. The details and opinions contained in this document are provided by UBS without any guarantee or warranty and are for the recipient's personal use and information purposes only. Past performance (whether simulated or actual) is no guarantee of future trends. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units. Commissions and costs detract from performance. Should the currency of a financial product or service not match your reference currency, performance may rise or fall due to currency fluctuations. All such information and opinions are subject to change without notice. UBS AG and/or other members of the UBS AG Group may have a position in and may make purchases and/or sales of any of the securities or other financial instruments mentioned in this document. This document may not be reproduced, redistributed or republished for any purpose without written permission from UBS AG.
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