Two sources of UBS research are available to UBS clients. One source is written by UBS Wealth Management Research (WMR). WMR is part of UBS Global Wealth Management & Business Banking (the UBS business group that includes, among others, UBS Financial Services Inc. and UBS International Inc.), whose primary business focus is individual investors ("Private Clients").The other source is written by UBS Investment Research. UBS Investment Research is part of UBS Investment Bank, whose primary business focus is institutional investors. The Private Client report style, length and content is designed to be more easily used by Private Clients.

The research reports may include estimates and forecasts. A forecast is just one element of an overall report. Differences may sometimes occur between the Private Client and Institutional reports with respect to interest rate or exchange rate forecasts due to differences of opinions. The analysts preparing WMR and UBS Investment Research use their own methodologies and assumptions to make their own independent forecasts. Neither the Institutional forecast nor the Private Client forecast is necessarily more reliable than the other.

The various research content provided does not take into account the unique investment objectives, financial situation, or particular needs of any specific individual investor. If you have any questions please contact a Financial Advisor.

UBS Wealth Management Research is provided by UBS Financial Services Inc. and UBS AG.  UBS Financial Services is a subsidiary of UBS AG.