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This document has been prepared by UBS AG, its subsidiary or affiliate ("UBS"). The information is intended as a general market commentary and provided solely for marketing and information purposes. Opinions expressed herein are those of UBS Wealth Management & Swiss Bank's Chief Investment Office. The information does not constitute UBS financial research. The statutory regulations regarding independence of financial research are not applicable to this publication. The document is not to be regarded as a sales prospectus, an offer or a solicitation of an offer to enter in any investment activity or investment advice.

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