Epstein Secrets

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

al adviser under the Singapore Financial Advisers Act (Cap. 110) and a wholesale bank licensed under the Singapore Banking Act (Cap. 19) regulated by the Monetary Authority of Singapore, in respect of any matters arising from, or in connection with, the analysis or report. The recipient of this report represent and warrant that they

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

al adviser under the Singapore Financial Advisers Act (Cap. 110) and a wholesale bank licensed under the Singapore Banking Act (Cap. 19) regulated by the Monetary Authority of Singapore, in respect of any matters arising from, or in connection with, the analysis or report. Spain: This publication is distributed to clients of UBS Bank

es were used in order to have temporal consistency. BEN and LM reflect MS estimates; EV reflects consensus Thom son estimates. Source: Company Data, Thompson Reuters, Morgan Stanley Research estimates, except for non-covered companies (NC), which are consensus estimates HOUSE_OVERSIGHT_025580 --- PAGE BREAK ---

apore) Pte. (Registration number 199206298Z) and/or Morgan Stanley Asia (Singapore) Securities Pte Ltd (Registration number 200008434H), regulated by the Monetary Authority of Singapore (which accepts Legal responsibility for its contents and should be contacted with respect to any matters arising from, or in connection with, Morgan