sia 43 3.8 a7 85 4g 6.9 World oe 28 333 3.3) 30 3.0 For further information please contact ClIO economist Dirk Faltin, [email protected] Source: UBS CIO, as of 28 June 2012 In developing the ClO economic forecasts, CIO economists worked in collaboration with economists employed by UBS Investment Rese

2 UBS ClO WM Global Investment Office El ClO monthly video www.ubs.com/cio-video For smartphone users: scan the code with an app like "scan" 7 UBS CIO Monthly Extended November 2012 Published This report has been prepared by UBS AG. Please see important disclaimers and disclosures at the end of th