Recommended tactical asset allocation

Recommended tactical asset allocation Tactical asset allocation deviations from benchmark* Currency allocation underweight neutral overweight underweight neutral overweight TooToo ToT Cash USD | Equities total oi EUR US Eurozone | GBP g UK | JPY a = Japan | u P CHF Switzerland | EM = SEK Other = NOK | Bonds total | Gevemmentbonds |) CLhlC( ':t‘( Yt CAD Government bonds uw FS Corporate bonds (IG) =a NZD a : : ry High yield bonds AUD | EM bonds (USD) ae | Commodities total ; | Precious metals Energy Base metals Commodities Agricultural Listed Real Estate Bnew old Source: UBS ClO WM Global Investment Office - as of 25.10.2012 2 UBS mnew old * Please note that the bar charts show total portfolio preferences and thus can be interpreted as the recommended deviation from the relevant portfolio benchmark for any given asset class and sub asset class. The UBS Investment House view is largely reflected in the majority of UBS Discretionary Mandates and forms the basis of UBS Advisory Mandates. Note that the implementation in Discretionary or Advisory Mandates might slightly deviate from the "unconstrained" asset allocation shown above, depending on benchmarks, currency positions and for other implementation considerations. Please see important disclaimer and disclosures at the end of the document. HOUSE_OVERSIGHT_025252