R ded tactical t allocati Tactical asset allocation deviations from benchmark* Currency allocation underweight neutral overweight underweight neutral overweight Cash USD Equities total EUR US Eurozone GBP wn 2 UK JPY ES Japan u P CHF Switzerland EM SEK Other NOK Bonds total CAD Government bonds nw g Corporate bonds (IG) NZD oa High yield bonds AUD EM bonds (USD) new old Commodities total a Precious metals * Please note that the bar charts show total portfolio preferences and thus can — be interpreted as the recommended deviation from the relevant portfolio re] Energy . ° benchmark for any given asset class and sub asset class. 5 Base metals oo, . — 8 The UBS Investment House view is largely reflected in the majority of UBS Agricultural Discretionary Mandates and forms the basis of UBS Advisory Mandates. Note Listed Real Estate that the implementation in Discretionary or Advisory Mandates might slightly deviate from the "unconstrained" asset allocation shown above, depending on mnew old benchmarks, currency positions and for other implementation considerations. Source: UBS ClO WM Global Investment Office - as of 25.10.2012 26 UBS . Please see important disclaimer and disclosures at the end of the document. HOUSE_OVERSIGHT_025252