Yield Screen (yield) James Barty Long SXDP Index Ronan Carr Equities Long Nikkei Shusuke Yamada Long European index dividend futures James Barty Long MSCI Asia ex-Japan Ajay Kapur Long RTY short SPX 2y variance swap Nitin Saksena 3000-2850 SX5E put spread Dec 16 expiry James Barty Equity vol Long NKY short S

of the document. HOUSE_OVERSIGHT_024154 --- PAGE BREAK --- Asian equities (ex-Japan) MSCI Asia ex-Japan (27 June): 469 (last month: 466) UBS View MSCI Asia ex-Japan (6-month target): 515 ¢ The region continued to show high volatility last month, with its P/BV temporarily close to 2008 lows. ¢ Hong Kong a

y found in Singapore, Taiwan & HK, complemented by growth-oriented stocks in the rest of Asia. Country preferences within Asia ex Japan (relative to MSCI Asia ex Japan) underweight neutral overweight China —————] Hong Kong India Indonesia | Korea a Malaysia | Philippines 7 Singapore Taiwan Thailand Others