Switzerland Ael 13 flock 0.2 0.4 1.4 Russia 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 econ

t an indication of future returns. *Scenario probabilities are based on qualitative assessment. For further information please contact ClO economist Dirk Faltin, [email protected] and ClO economist Ricardo Garcia, [email protected] a Please see important disclaimer and disclosures at the end of the