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Union Bancaire Privée, UBP SA | Bahnhofstrasse 1| 8022 Zurich, Switzerland

COMMITTED TO YOU

UBP Emerging Markets Fixed IncomeEmerging vs. Developed Markets Corporate Bonds

Denis Girault, Head of UBP EM Fixed Income

For Qualified Investors only

Hamburg, 20. SEPTEMBER 2013

UBP INVESTMENT MANAGEMENT 1EMERGING MARKETS FIXED INCOME

Executive summary

Fundamental investment case for EM fixed income:

– Emerging Markets already account for 50% of World GDP and continue to grow significantly faster than developed markets

– Diversified asset class across countries & currencies, sectors, issuers and credit quality

Emerging corporate bonds offer exposure to EM growth story:

– Market volume in excess of USD 1000bn, already bigger than EM sovereign bond market

– More than 70% of tradable universe rated investment grade

– Dynamic new issues market enabling broad diversification across countries & sectors

– Exposure to EM corporate growth story with much less volatility than EM equity

Higher return with same risk as developed corporates:

– Low default rates and stable ratings

– Higher long-term return potential than developed market bonds

– Higher yield: 70-350bp for emerging over developed market corporate bonds.


Emerging Markets positive long-term macro trendA long history of sovereign rating upgrades

Source: JP Morgan, UBP, 31.08.2013

JPM EMBI Global rating development

0

10

20

30

40

50

60

70

80

90

100

01.98 01.99 01.00 01.01 01.02 01.03 01.04 01.05 01.06 01.07 01.08 01.09 01.10 01.11 01.12 01.13

Investment Grade(BBB- and higher)

BB-Rated

B-Rated

Not Rated

August 2013:73% Investment Grade27% High Yield & NR


Global economic outlookEmerging growth story intact after recent IMF revision

Source: IMF, UBP, 31.07.2013

The IMF lowered growth forecasts for emerging and developed markets in July 2013.

EM forecasts were reduced moderately more than DM growth numbers.

Emerging markets are still forecast to grow significantly faster than developed markets.

Recent signs of stabilisation (eg China) after turbulent summer.

IMF GDP forecasts (%yoy)

0

1

2

3

4

5

6

7

8

2012 2013 2014 2015 2016

Emerging Markets Apr-13Emerging Markets Jul-13Developed Markets Apr-13Developed Markets Jul-13

EM average GDP growth 2013 - 2016: 5.6%

DM average GDP growth 2013 - 2016: 2.1%


Emerging fixed income universeMain segments

EM sovereign EM corporate EM sovereign local currency

Currency type Hard (USD, EUR) Hard (USD, EUR) Local (eg BRL, MYR, RUB)

Market cap (USD bn) 583 1016 884

No countries 67 53 16

Yield to call / maturity (%) 5.22 5.43 6.92

Mod Duration 6.36 4.96 4.67

Coupon (%) 6.26 5.71 6.89

Spread vs BM (bp) 306 370 453

Ave Rating BBB- BBB BBB+

Source: JP Morgan, BofA Merrill Lynch, UBP, 31.08.2013


UBP Emerging Market Fixed Income viewsWhich segment for what investment objective?

1. Mitigate exposure to US Treasury rate fluctuations:• EM High Yield Corporate

• Duration hedged shares (sovereign & corporate)

2. Reduce credit risk in portfolio:

• EM Investment Grade Corporate

3. Exploit current yield levels to benefit from superior long-term return prospects:

• EM Sovereign

• EM Corporate HY & IG

4. Exploit long-term EM FX appreciation potential:

• EM Local Currency


New issuanceEmerging corporate issuance four times the size of EM sovereign


EM bond market hard currency new issues (USD bn)

93.3

120.7

153.1

57.7

136.6

202.5

329.0314.8

82.8 79.9

58.8

19.7 23.0 21.4

55.2

210.7

71.3 76.469.9

82.4

61.076.4 75.0

27.639.0

56.573.6

50.0

0

50

100

150

200

250

300

350

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013FC

EM corporate (Hard currency)

EM sovereign (Hard currency)


EM corporate new issues by region and ratingMostly investment grade rated issues well diversified across regions


Corporate bond new issues by rating

Investment Grade; 77.7% Investment

Grade; 69.9%

Investment Grade; 73.5%

High Yield & NR; 22.3% High Yield & NR;

30.1%

High Yield & NR; 26.5%

0%

20%

40%

60%

80%

100%

120%

2012 2013 ytd 2013 FC

Corporate bond new issues by region (USD bn)

EMEA; 109.8

EMEA; 104.7 EMEA;

81.1

Latam; 75.5

Latam; 99.9

Latam; 56.6

Asia; 119.7

Asia; 124.5

Asia; 92.1

0

50

100

150

200

250

300

350

400

2012 2013 ytd 2013 FC

329.0

240.2

314.8


Market capitalizationEmerging corporate has overtaken sovereign market

Source: BofA Merrill Lynch, UBP, 31.08.2013

Market value hard currency bond markets (USD bn)

318.6

583.2

1016.0

1223.8

1988.1

0

500

1000

1500

2000

2500

Euro Corp HY EM Sov EM Corp US Corp HY Euro Corp IG


As at 31.08.2013 Total universe High Grade only High Yield only

Market value (USD bn) 1016.0 742.5 273.5

Countries 53 31 47

Issues 1487 919 568

Yield (YTW %) 5.43 4.25 8.64

Gov’t Spread (bp) 370 246 706

Mod Duration (years) 4.96 5.33 3.93

Coupon (%) 5.71 4.91 7.76

Average Rating BBB BBB+ BB-

BofA Merrill Lynch indices:Total universe: Emerging Markets Corporate Plus (EMCB)High Grade only: High Grade Emerging Markets Corporate Plus (EMIB)High yield only: High Yield Emerging Markets Corporate Plus (EMHB)

EM corporate bond market offers ample size and depth... Key metrics of emerging corporate bond market

Source: BofA ML, UBP, 31.08.2013


SectorRegion Rating Maturity

Emerging Markets External Corporate Plus Index (EMCB)

Other sectors: Automotive, Consumer Cyclical, Consumer Non-Cyclical, Financial Services, Government Guaranteed, Healthcare, Insurance, Local Authority, Media, Technology & Electronics

...to build diversified portfolios across all areasBreakdown of emerging corporate bond market by main areas

Source: BofA ML, UBP, 2Q 2013

Eastern Europe

19%

Middle East & Africa12%

Latin America34%

Asia35%

Other10%Services

4%Capital Goods

4%Real Estate

4%

Telecom6%

Utility6%

Agency7% Basic

Industry12%

Banking23%

Energy24%

B-2%

CCC to C1%

B5%B+

4%BB-5%

BB3%

BB+6%

BBB-15%

BBB17%

BBB+13%

A-7%

A7%

A+7%

AAA to AA8%

3-5Y30%

5-7Y14%

7-10Y28%

10-20Y2%

>20Y7% 1-3Y

19%


Low default rateEmerging bonds with lower default rates than developed market bonds

Source: Standard Poor’s, 30.04.2013

High Yield Corporate Default Rates (12-month trailing)

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

2005 2006 2007 2008 2009 2010 2011 2012 Mar-13

Emerging Markets

US

Europe

Investment Grade Corporate Default Rates (12-month trailing)

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2005 2006 2007 2008 2009 2010 2011 2012 Mar-13

Emerging Markets

US

Europe


Stable ratingsEM issuer ratings as stable as peers in the US and Europe

Source: Standard Poor’s, 30.04.2013

Emerging Market Corporate US Corporate European Corporate

Likelihood of BBB rated issuer still BBB in 1 year 86.0% 85.3% 82.9%

Likelihood of BB rated issuer upgraded to BBB in 1 year 5.3% 5.1% 4.7%

Likelihood of BBB rated issuer downgraded to BB in 1 year 3.7% 4.1% 4.2%

Average 1-year corporate transition rates, Standard & Poor’s, 1981-2012


Better long-term performance Emerging corporate bonds outperforming US and EMU

Bank of America Merrill Lynch benchmark indicesSource: BofA ML, UBP, 31.08.2013

Investment Grade Corporate Bonds (Total Return)

50

70

90

110

130

150

170

190

210

230

250

'02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13

EM Corporate IGUS Corporate IGEurozone Corporate IGEurozone Non-Financial IG

Re-based 31.12.01 = 100

Total return since 2002+117.9%+96.6%+76.3%+87.0%

High Yield Corporate Bonds (Total Return)

50

100

150

200

250

300

350

'02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13

EM Corporate HYUS Corporate HYEurozone Corporate HYEurozone Corporate ex Financials

Re-based 31.12.01 = 100

Total return since 2002+181.4%+170.9%+175.0%+154.5%


EM corporate bond yields back to pre-crisis levels......offering good value vs US and Eurozone corporates


EM investment grade corporate bond yields (%)

0

2

4

6

8

10

12

14

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Average 2003 - 2005

40-50bp

Investment Grade Corporate Bond Yields (%)

0.0

1.0

2.0

3.0

4.0

5.0

6.0

01.10 07.10 01.11 07.11 01.12 07.12 01.13 07.13

EM Investment GradeUS Investment GradeEurozone Investment GradeEurozone Non-Financial Investment Grade

SpreadsEM vs US: 74bpEM vs Euro: 207bp

Mod Duration (to worst)5.336.424.414.79


EM HY bond yields above pre-crisis levels......offering significant yield enhancement over US & Europe HY


EM high yield corporate bond yields (%)

0

5

10

15

20

25

30

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

200bp

High Yield Corporate Bond Yields (%)

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

01.10 07.10 01.11 07.11 01.12 07.12 01.13 07.13

EM High YieldUS High YieldEurozone High YieldEurozone Non-Financial High Yield

SpreadsEM vs US: 232bpEM vs Euro: 346bp

Mod Duration (to worst)3.913.923.013.07


EM corporate vs. equityExposure to EM corporate growth story with much less volatility


EM Corporate vs Equity (Total Return)

0

50

100

150

200

250

300

350

400

450

'02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13

EM Corporate (JPM CEMBI Div)

EM Equity (MSCI EM)Re-based 31.12.01 = 100


UBAM EM corporate bond fundsCore investment range of our listed funds

Core investment Key investment features

EM Corporate Bond Global EM Credit BB/BBB range

Proxy for EM growth and EM equity with lower downside risk Credit asset allocation across entire EM corporate universe Credit re-rating Diversification and higher yield

EM Investment Grade Corporate Bond

Global EM IG Credit BBB range

Only investment grade bonds Credit re-rating Diversification and higher yield Addition/substitution to developed market credit portfolio

EM High Yield Short Duration Corporate Bond

Global EM HY Credit B+/BB- range

Higher yield Diversification Short Duration 20% HY CDX as liquidity cushion


Positive outlook for EM corporate bondsOur track record – investing in EM corporates since 2007

Source: JPM, UBP, 31.08.2013

EM corporate bonds enable participation in superior long-term EM growth story.

Higher return with same risk as US and European peers.

Superior return potential due to structural allocation shift to EM corporate bonds.

UBP EM Corporate Bond Track Record

50

60

70

80

90

100

110

120

130

140

150

160

170

180

190

01.0

7

07.0

7

01.0

8

07.0

8

01.0

9

07.0

9

01.1

0

07.1

0

01.1

1

07.1

1

01.1

2

07.1

2

01.1

3

07.1

3

UBP EM corporate bondperformance

JP Morgan CEMBIDiversified

UBP EM corporate bond performance: corporate bond carve out from UBAM - Emerging Market Bond chained with UBAM - Emerging Market Corporate Bond since August 2010.

Carve-outUBAM - Emerging Market Corporate Bond


Appendix


UBP Emerging Markets Fixed IncomeActive managers with high emphasis on risk and liquidity

Active managers the main return drivers (credit, rates, FX, portfolio beta) across the entire spectrum of global EM fixed income (sovereign, corporate, local currency)

Transparent and efficient investment process with high emphasis on risk management and liquidity

Integrated top-down and bottom-up research process using proprietary macro and asset valuationmodels

Bespoke investment solutions for institutional investors in Switzerland and abroad and Luxembourg-registered UCITS mutual funds

A highly experienced and integrated team of eight investment professionals from research to portfolio management and trading. The senior members of the team have more than 18 years experience on average.


UBP Emerging Markets Fixed IncomeTeam organisation

*Shared resource

Denis GiraultHead EM Fixed Income

EM Sovereign EM Corporate Risk analytics & FX hedging*

Jean-Dominique BütikoferDeputy Head EM Fixed IncomePortfolio ManagerMacro & FX research

Will NefPortfolio ManagerMacro & FX research

Zsolt PappEM EconomistInvestment Specialist

Denis GiraultHead EM CorporatePortfolio Manager

Olga BudovnitsSenior Credit AnalystCEE, CIS & MEA

Nuria JorbaSenior Credit AnalystAmericas

Bruno SondereggerCredit AnalystAsia

Benjamin DuboisHead Currency Management

Sébastien ThévozPortfolio risk analytics and quantitative analysis


UBP Emerging Markets Fixed IncomeShort CVs

Who ExperienceTotal / UBP Previous experience

Denis Girault 21 / 6 Senior DCM, research and risk management positions at Merrill Lynch and Barclays Capital in Hong Kong & New YorkHigh Yield Credit Analyst at Moody’s Investors Service in New YorkMBA University of Louvain, Master of Economics University of Strasbourg

Jean-Dominique Bütikofer

18 / 7 Head of EM Fixed Income Asset Management at Julius BärUBS EM Bond TradingMaster of Economics University of Neuchâtel, CFA Charterholder

Will Nef 11 / 2 EM Fixed Income Fund Manager F&C Investments LondonUBS Global Asset Management (G10 FX), LODH (FoF)Degree in Business Administration University of Applied Sciences St Gallen, CFA Charterholder

Nuria Jorba 9 / 3 EM Fixed Income Analyst positions at Commerzbank and DrKBJoint degree in Law and Economics from University of Barcelona

Olga Budovnits 11 / 2 EM Fixed Income Analyst at Morgan Stanley and Fitch Ratings MoscowFinancial Management Degree State University of Management (Moscow)

Fabio Fregna 7 / 7 Interest rate derivatives trader UBP treasury, Alternative Investments Portfolio Manager (intern) UBPMSc Finance, University of Lausanne, CFA III candidate

Bruno Sonderegger 5 / <1 Private equity analyst at Akina AG (former LODH Private Equity)M&A consultant at Ernst & YoungLic.oec.publ (MA) Economics & Business Administration University of Zurich, CAIA Charterholder

Zsolt Papp 21 / 2 Senior EM Economist & Strategist at Newedge, KBC, ABN AMRO and UBS in London & ZurichLic.oec.publ (MA) Economics University of Zurich

Sébastien Thévoz 15 / 11 Head of Quantitative Management at Synchrony Asset ManagementMA Financial Mathematics University of Neuchâtel

Benjamin Dubois 8 / 5 Currency Manager at La Compagnie Benjamin de RothschildMSc Computer Sciences IST (University Paris VI), Master in Finance ESSEC Business School


Main portfolio metricsUBP EM corporate bond funds

UBAM – EM High Yield Short Duration Corporate Bond absorbed UBP Opportunities – EM High Yield Short Duration Corporate Bond on 19 August 2013Source: JPM, UBP, 31.08.2013

UBP EM Fixed Income - Portfolio Metrics - August 2013Yield Mod Dur Rating Volatility Top 10 AuM

YTW (%) % % USD mio

UBAM - Emerging Market Corporate Bond 5.74 4.70 BBB- 7.2 9.39 174.8

JPM CEMBI Diversified 5.54 5.73 BBB 7.4

UBAM FCP - EM Investment Grade Corporate Bond 4.74 5.05 BBB 6.3 8.81 325.0

JPM CEMBI Diversified Investment Grade 4.75 6.13 BBB+ 7.3

UBAM - EM High Yield Short Duration Corporate Bond 6.21 2.50 BB- NA 12.42 80.8

All data as at 31.08.2013 unless otherwise stated Ex-ante volatilitySources: JP Morgan, UBP


Performance summaryUBP EM corporate bond funds

UBAM – EM High Yield Short Duration Corporate Bond absorbed UBP Opportunities – EM High Yield Short Duration Corporate Bond on 19 August 2013Source: JPM, UBP, 31.08.2013

UBP EM Fixed Income - Performance - August 2013

Aug-13 YTD-13 2012 2011 2010 2009

UBAM - Emerging Market Corporate Bond -1.81 -4.14 17.20 2.86 7.121) NA

JPM CEMBI Diversified -1.61 -5.38 16.95 3.24 7.051) NA

UBAM FCP - EM Investment Grade Corporate Bond -1.72 -5.08 16.61 0.332) NA NA

JPM CEMBI Diversified Investment Grade -1.67 -5.79 15.11 0.962) NA NA

UBAM - EM High Yield Short Duration Corporate Bond -0.54 0.243) NA NA NA NA

All data as at 31.08.2013 unless otherwise stated Performance gross of fees1) Since inception Dec-2011 2) Since inception Jun-2010 3) Since inception Feb-2013Sources: JP Morgan, UBP

Return (%)


UBAM – Emerging Market Corporate BondMain investment features and portfolio metrics

Core investment:

EM corporate BB / BBB range

Average rating mainly high BB

Main investment features:

Proxy for EM growth

Diversification and higher yield

Credit re-rating BB to BBB and higher

Credit asset allocation across entire EM corporate universe


All data August 2013 unless otherwise stated

Gross performance Fund Benchmark

Aug-13 -1.81% -1.61%

YTD -4.14% -5.38%

Last 12 months 0.49% -1.00%

Yield (YTW) 5.74% 5.54%

Average rating BBB- BBB

Modified Duration 4.70 5.73

Number of issues 235

Number of issuers 188

Top 10 securities 9.39%

Total size (USD m) 174.8

Benchmark JP Morgan CEMBI Diversified


UBAM FCP – EM Investment Grade Corporate BondMain investment features and portfolio metrics

Core investment

EM corporate BBB range


Only investment grade issuers

Diversification and higher yield

Credit re-rating BBB to A and higher

Addition and / or substitution to developed market corporate bond portfolio



Gross performance Fund Benchmark

Aug-13 -1.72% -1.67%

YTD -5.08% -5.79%

Last 12 months -1.31% -2.23%

Yield (YTW) 4.74% 4.75%

Average rating BBB BBB+

Modified Duration 5.05 6.13



Top 10 securities 8.81%

Total size (USD m) 325.0

Benchmark JP Morgan CEMBI Diversified Investment Grade


Corporate investment grade track recordEM investment grade corporate bond carve-out


UBP EM Investment Grade Corporate Bond Track Record

95

100

105

110

115

120

125

130

07.10 09.10 11.10 01.11 03.11 05.11 07.11 09.11 11.11 01.12 03.12 05.12 07.12 09.12 11.12 01.13 03.13 05.13 07.13

UBP EM investment grade corporate bondperformance

JP Morgan CEMBI Diversified Investment Grade

Re-based 30.7.10 = 100

UBP EM investment grade corporate bond performance: IG corporate bond carve out from UBAM - Emerging Market Corporate Bond chained with UBAM FCP - EM Investment Grade Corporate Bond since January 2012.

Carve-out UABM FCP - EM Investment Grade Corporate Bond


UBAM - EM High Yield Short Duration Corporate Bond*Main investment features and portfolio metrics

Core investment:

EM HY short duration corporate bonds


Short duration (duration range 1.5 – 3)

Exposure to EM High Yield: higher returns than developed corporate bonds

Diversification

Liquidity buffer through CDX allocation (~ 20% of portfolio)

Stop-loss policy: bonds to be sold when price decreases below pre-set level


Gross performance Fund

Aug-13 -0.54%

YTD* 0.24%

Yield (YTW) 6.21%

Average rating BB-

Modified Duration 2.50



Top 10 securities (EM bond allocation)

12.42%

Total size (USD mio) 80.8

UBAM – EM High Yield Short Duration Corporate Bond absorbed UBP Opportunities – EM High Yield Short Duration Corporate Bond on 19 August 2013*Since inception 11.02.2013Source: JPM, UBP, 31.08.2013


UBAM – EM High Yield Short Duration Corporate BondPerformance since inception


UBAM - EM High Yield Short Duration Corporate Bond gross performance (%)

-4.0

-3.0

-2.0

-1.0

0.0

1.0

2.0

3.0

28.02.2013 31.03.2013 30.04.2013 31.05.2013 30.06.2013 31.07.2013 31.08.2013

Monthly return

Cumulative return


Duration hedged share class Background and objectives

Background:

– Moderate but gradual recovery of US economy increases likelihood of higher Treasury interest rates and curve steepening.

Objectives:

– Provide and investment platform that enables investors to express their view on interest rates.

– Create a short duration share class by reducing interest rate risk.

– By combining the upcoming duration hedged share class with the existing share classes investors should be able to select the duration they want.

Application:

– Maximum duration to be set at 2

– Applied to USD reference share class and EUR & CHF-hedged share classes.


Duration hedged share classImpact on yield and return

UBAM – Emerging Market Corporate Bond

Mod Duration Yield %

Unhedged 5.00 5.49

Hedged 2.0 4.51

Hedged 0.0 3.85

UBAM FCP – EM investment Grade Corporate Bond

Mod Duration Yield %

Unhedged 5.25 4.41

Hedged 2.0 3.30

Hedged 0.0 2.62

Yield and return estimates for hedged share class based on performance attributionSource: UBP, BofAML, 31.07.2013


Mod Duration Jan-Jul return (%)

Unhedged 5.00 -2.37

Hedged 2.0 -1.08

Hedged 0.0 +0.20

UBAM FCP – EM investment Grade Corporate Bond

Mod Duration Jan-Jul return (%)

Unhedged 5.25 -3.42

Hedged 2.0 -2.15

Hedged 0.0 -1.07


UBP Emerging Market Fixed Income fundsMain characteristics

UBAM – Emerging Market Bond

UBAM – Local Currency Emerging Market Bond


UBAM FCP – EM Investment Grade Corporate

UBAM – EM High Yield Short Duration Corporate Bond*

Structure Luxemburg SICAVUCITS IV

Luxemburg SICAVUCITS IV

Luxemburg SICAV UCITS IV

French FCPUCITS IV

Luxemburg SICAV UCITS IV

Launch Date 21 February 2006 21 February 2006 22 June 2010 1 December 2011 19 August 2013*

Subscription / Redemption

Daily Daily Daily Daily Daily

Fund currency USD; hedged share classes in EUR, GBP, CHF, SEK

USD; hedged share classes in EUR, GBP, CHF, SEK

USD;hedged share classes in EUR, GBP, CHF, SEK

USD; hedged share classes in EUR, GBP, CHF

USD; hedged share classes in EUR, CHF, GBP, SEK

Duration hedged shares

USD, EUR, CHF na USD, EUR, CHF USD, EUR, CHF na

Fees A share 1.50%I share 0.75%

A share 1.50%I share 0.75%

A share 1.50%I share 0.75%P share 0.50%; 20% & 7% hurdle rate

A share 1.30% (all-in)I share 0.65% (all-in)

A share 1.50%I share 0.75%

ISINBloomberg(I USD CAP)

LU0244149901UBEMUIC LX

LU0244150669UBLOUIC LX

LU0520928846UBEMCIC LX

FR0011136290UEMIICU FP

LU0943509728UBESDAI LX

*Absorbed on 19 August 2013 UBP Opportunities – EM High Yield Short Duration Corporate Bond, which had been launched on 11 February 2013


Stefan Becker

Head of Wholesale Business Germany

Tel. +41 58 819 [email protected]

Peter Richters

Head of Institutional BusinessCentral Europe and Nordics

Tel. +41 58 819 [email protected]

Union Bancaire Privée, UBP SABahnhofstrasse 1

8022 ZürichSwitzerland

Contacts


This document is a marketing document and reflects the opinion of Union Bancaire Privée, UBP SA or any entity of the UBP Group (hereinafter"UBP") as of the date of issue. It is not intended for distribution, publication, or use in any jurisdiction where such distribution, publication, or usewould be unlawful, nor is it directed to any person or entity to which it would be unlawful to direct such a document.

This document has been made on a best efforts basis and is furnished for information purposes only and does not constitute an offer or arecommendation to purchase or sell any security, unless otherwise provided for in the present disclaimer. The opinions herein do not take intoaccount individual clients’ circumstances, objectives, or needs. Each client must make his own independent decisions regarding any securities orfinancial instruments mentioned herein. Before entering into any transaction, each client is urged to consider the suitability of the transaction inrelation to his particular circumstances and to independently review, with professional advisors as necessary, the specific risks incurred, inparticular at the financial, regulatory and tax levels.

The information and analysis contained herein have been based on sources believed to be reliable. However, UBP does not guarantee theirtimeliness, accuracy, or completeness, nor does it accept any liability for any loss or damage resulting from their use. All information andopinions are subject to change without notice. Past performance is no guarantee for current or future returns. This document has not beenproduced by UBP’s financial analysts and is not to be considered as financial research.

The investments mentioned herein may be subject to risks that are difficult to quantify and to integrate into the valuation of investments. Uponrequest, UBP is available to provide more information to clients on risks associated with specific investments.

The present document constitutes neither an offer nor a solicitation to subscribe for shares in the sub-funds in any jurisdiction where such anoffer or solicitation would not be authorised, or to any person to whom it would be unlawful to make such an offer or invitation. It does not replacethe prospectus and any other legal documents that can be obtained free of charge from the registered office of the funds. Any subscriptions notbased on the latest prospectus and the latest annual or semi-annual reports of the fund shall not be acceptable.

This document is confidential and is intended only for the use of the person to whom it was delivered. This document may not be reproduced (inwhole or in part) or delivered to any other person without the prior written approval of UBP.

Union Bancaire Privée, UBP SA is authorised and regulated in Switzerland by the Swiss Financial Market Supervisory Authority (FINMA) and inthe United Kingdom by the Financial Services Authority (FSA).

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