Epstein Secrets

d potential bene- fits pale in the face of the devastating negative effects arising through the drainage of resources (Ndikuma- na and Boyce, 2011a; Reuter, 2012; Shaxson, 2011), deterioration of governance in the public sector and erosion of business ethics. EFTA00317184 INTERNATIONAL TAX COOPERATI

r. -3.3 mi 39.1 36.9 -6.2 34A 33.9 Portugal -3.7 315 Germany -21.8 30.1 Spain -50 30.0 Mexico -5.0 30.0 -4.0 Australia 30.0 Luxembourg -8.2 0 292 Norway 28.0 New Zealand -5.0 28.0 Italy -9.5 275 Canada -16.2 26.1 Greece -14.0 -10.0 r. 26.0 Netherlands 25.0 Denm

d on realized earnings) 01.90 01.92 01.94 01.96 01.98 01.00 01.02 01.04 01.06 01.08 01.10 01.12 —— FTSE 100 realized PIE World realized PIE Source: Thomsen Reuters, UBS CIO, as of 21 June 2012 Note: Past performance is not an indication of future returns. 16 For further information please contact CIO asset cl

mer Landstrasse 2-4, 60306 Frankfurt am Main. UBS Deutschland AG is authorized and regulated by the “Bundesanstalt fur Finanzdienstleistungsaufsicht”.Luxembourg: This publication is not intended to constitute a public offer under Luxembourg law, but might be made available for information purposes to clients

ation and globalization. Swiss market relative to world equities 30 2003 2005 2007 2009 2011 — SMI realized PIE MSCI World: realized PIE Source: Thomsen Reuters, UBS, as of October 24, 2012 Note: Past performance is not an indication of future returns. For further information please contact ClO's asset clas

AG, Jersey Branch, is regulated and authorized by the Jersey Financial Services Commission for the conduct of banking, funds and investment business. Luxembourg: This publication is not intended to constitute a public offer under Luxembourg law, but might be made available for information purposes to clients