The UBS Chief Investment Officer's Office (“CIO”) investment views are prepared and published by the Global Wealth Management (“GWM”) business unit of UBS Switzerland AG (regulated by the Swiss Financial Market Supervisory Authority), a division of UBS Group AG (“UBS Group”), or its subsidiaries (collectively referred to as “UBS”). Prepared and published by Global Wealth Management, a business unit of UBS Switzerland AG (regulated by the Swiss Financial Market Supervisory Authority) or its subsidiaries (collectively, “UBS”), part of the UBS Group, which comprises the former Credit Suisse AG and its subsidiaries, affiliates and associates. Additional disclaimers relating to Credit Suisse Wealth Management can be found at the end of this document.

These investment views have been prepared in accordance with legal requirements designed to promote the independence of investment research.