UBS Wealth Management Research (WMR) provides research for U.S. clients on approximately 22 emerging market (i.e., rapidly growing) economies. Topics discussed in detail include:

• Sovereign Debt (in foreign currencies)—benchmark is the JP Morgan Emerging Markets Bond Index Global (EMBI Global)
• Equity Strategy—benchmark is the MSCI Emerging Markets Free USD
• Currencies (includes emerging markets FX table)
• Issues to Watch (e.g., political and economic issues)

In addition, WMR also provides emerging markets information on economies, WMR strategy, as well as an up-to-date selection of WMR's most favored emerging market sovereign bonds.

Investors should be aware that Emerging Market assets are subject to, amongst others, potential risks linked to currency volatility, abrupt changes in the cost of capital and the economic growth outlook, as well as regulatory and socio-political risk, interest-rate risk and higher credit risk. Assets can sometimes be very illiquid and liquidity conditions can abruptly worsen. WMR generally recommends only those securities it believes have been registered under Federal U.S. registration rules (Section 12 of the Securities Exchange Act of 1934) and individual State registration rules (commonly known as "Blue Sky" laws). Prospective investors should be aware that to the extent permitted under U.S. law, WMR may from time to time recommend bonds that are not registered under U.S. or State securities laws. These bonds may be issued in jurisdictions where the level of required disclosures to be made by issuers is not as frequent or complete as that required by U.S. laws.