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

growth/technology stocks. Late cycle investing tends to persist with an upward trend and more volatility which we have discussed in the past. The UBS CIO view of continued strong earnings power as a result of tax reform and continue economic growth should be enough to keep the cycle going, as such UBS

growth/technology stocks. Late cycle investing tends to persist with an upward trend and more volatility which we have discussed in the past. The UBS CIO view of continued strong earnings power as a result of tax reform and continue economic growth should be enough to keep the cycle going, as such UBS