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Ubs investors guide Until Sir Edmund Hillary reached the summit of Everest he would not rest Nor would Tenzing Norgay The Himalayas This document is a sample only Opinions expressed within may no longer re ect the current view of Wealth Management Researc

Until Sir Edmund Hillary reached the summit of Everest he would not rest Nor would Tenzing Norgay The Himalayas This document is a sample only Opinions expressed within may no longer re ect the current view of Wealth Management Research This document is for distribution only under such circumstances as may be permitted by applicable law SAMPLE UBS ??investor ? s guide Wealth Management Research October Switzerland Until we all understand the true value of relationships Whatever happened to listening It ? s the bedrock of relationships But somewhere along the line it dropped o ? the radar The world was on ??send ? But we have two ears And one mouth Why To listen more And speak less At UBS we ? re listening harder than ever before To the words To the silences So until we really hear you ? ab We will not rest ubs com wewillnotrest-uk Names and or references to third parties in this print advertisement are used with permission ? UBS All rights reserved The art of currency war A dangerous con ict Interview Why governments threaten to devalue their currencies Market outlook Between growth and in ation Asset Allocation ?? How to invest See more on page Asset allocation Central banks are starting to re-apply stimulus to spur the recovery but the economic outlook remains muted with in ation risks lurking We favor equities and corporate bonds over cash and government bonds We like high dividend yielding bonds and stocks Underweighted Liquidity Bonds Equities Listed Real Estate Commodities Neutral Overweighted Equities Equities o ?er attractive long-term potential and should be a natural hedge against in ation Emerging markets appeal as does Germany with solid fundamentals and international competitiveness Index Seite Asset-Alloc US EMU UK Switzerland Japan Emerging Markets Bonds Quantitative easing may keep rates low but government bonds are unattractive High debt and eventually in ation risks may well spark a sello ? Corporate and high-yield bonds and emerging market debt are attractive Index Seite Equity Government Corporate High Yield Emerging Market Currencies With their stronger ?scal positions and better growth outlook we prefer the currencies of commodity producers CAD AUD NZD NOK and emerging market currencies over the EUR USD GBP and JPY Index Seite Bond USD EUR JPY GBP CHF AUD CAD SEK Commodities We recommend avoiding broad-based commodity exposure as we expect prices to move sideways Central bank demand and government debt concerns should support gold but the price could ease somewhat in the short term Index Seite Asset-Alloc Commodities Real Estate Hedge Fonds Private Equity The above charts re ect which asset classes and markets are considered attractive or not attractive respectively They re ect the view of UBS Wealth Management Swiss Bank ? s Global Investment Committee GIC and are not subject to all legal provisions governing the independence of ?nancial research They may not fully re ect the views of UBS Wealth Management Research Index Seite Trad-Asset-Classes Key investment ideas S TILL OPEN Equities Germany ? s