bode well for prices in 3Q 2012. For further information please contact CIO's asset class specialists Dominic Schnider, [email protected] or Giovanni Staunovo, [email protected] Preferences (6 months) underweight neutral overweight Commodities Tid total Precious Metals energy | Base Metals

S CIO WM Global Investment Office For further information please contact ClO's asset class specialists Dominic Schnider, [email protected] or Giovanni Staunovo, [email protected] Please see important disclaimer and disclosures at the end of the document. HOUSE_OVERSIGHT_025281 --- PAGE BREAK ---