Seeking alpha in Europe:An Unconstrained Approach

Citywire, GermanyJune, 2013

Max Anderl

For professional clients only

Concentrated Alpha Equity

Asset Management

1

What sets us apart

Independent investment boutique within UBS Global Asset Management– Access to the global infrastructure (compliance, trading, IT, distribution)

– But full freedom in investment decisions

Strong performance record– In varying investment environments

– Lower volatility than the benchmark

Innovative approach to portfolio construction – focus on limiting downside risk

Holistic approach to risk – focusing on Active Share

An investment boutique for all seasons

The Concentrated Alpha Equities team

2

Turning insight into alpha

Long only

For illustrative purposes only.

Another way of looking at transfer coefficient…

Long/Short

3

Flexibility to take short positions increases research impact

Source: UBS Global Asset Management. For illustrative purposes only. There are certain unique risks associated with the use of short sale strategies. For example, there is a risk that a client portfolio will incur a loss by subsequently buying a security at a higher price than the price at which the security was sold short.

Example: Research suggests meaningful underweight for stocks A and B

Stock A: 100 bps market weight

Stock B: 10 bps market weight

100

0

-100

-50

0

50

100

Market weight Long-Only and 130/30weight

Bas

is p

oin

ts

10 0

-90-100

-50

0

50

100

Market weight Long-Only weight 130/30 weight

Bas

is p

oin

ts

Stock Afalls by 50%

Stock Bfalls by 50%

Long-onlyexcess returns

130/30excess returns

+50 bps +50 bps

+5 bps +50 bps

+55 bps +100 bpsTotal

4

Increasing the impact of time-tested researchEquity Unconstrained/130-30 strategy provides the flexibility to capitalize on overpriced and underpriced securities

US-ISource: UBS Global Asset Management. Data to 31 December 2012

The ability to short an overvalued security allows our investment insights to have a greater impact on the portfolio

Number of stocks Largest weight Smallest weight

MSCI Europe 436

Capitalisation: Top third 22 2.94% 0.92%

Capitalisation: Next third 65 0.88% 0.28%

Capitalisation: Bottom third 349 0.28% 0.01%

80% of stocks in MSCI Europe Index represent positions of 0.28% or less

5

UBS European Opportunity Unconstrained Fund

Access to European Equity markets via a largely unconstrained portfolio1 across the capitalization spectrum

Benefit from a manager with substantial freedom to implement best ideas based on extensive research using varying approaches including the ability to hold short positions

Profit from a specialized boutique-like investment team with a proven investment process and successful track record

Note: For explanations on financial wordings please refer to the glossary at www.ubs.com/glossary or contact for further information your UBS client advisor1 Benchmark agnostic and ability to implement investment strategies such as short selling

Key benefits for investors

Investment goalsSeek to outperform MSCI Europe Index by 300+basis points per annum over a market cycle

How we aim to achieve this goalTypical active risk• Up to 15%

Number of equity holdings• Approximately 100 stocks

Normal exposures: • 100 – 150% long, 0 – 50% short

Typical Maximum

Individual stock weights

Longs 1.0 – 4.0% 10.0%

Shorts 0.5 – 1.5% 3.0%

Beta 0.8 – 1.2

6

UBS European Opportunity UnconstrainedMonthly net gross exposure data to end March 2013

0

20

40

60

80

100

120

140

160

180

200

2007 2007 2008 2008 2009 2009 2010 2010 2011 2011 2012 2012

Sum of Long Sum of Short Sum of Gross Sum of Net

US-I, US-P (RU)

Source: UBS Global Asset Management

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Performance to 30 April 2013UBS (Lux) Equity SICAV – European Opportunity Unconstrained (EUR) P-acc

Net of fees Gross of fees

% return¹ (Apr 2013) Return MSCI Europe Value added Ranking2 Return MSCI Europe Value added

3 months 13.2 4.2 +9.0 1 13.8 4.2 +9.6 1 year 30.4 18.5 +11.9 1 33.1 18.5 +14.6 3 years 13.0 7.6 +5.4 1 15.3 7.6 +7.8 5 years 8.3 1.1 +7.2 1 10.6 1.1 +9.4 SI¹ 2.8 -2.1 +4.9 4.9 -2.1 +7.0

Portfolio characteristics 3 years

Beta 0.8 Active risk3 8.4% Volatility:4 Fund 12.3% Benchmark 12.7% Information ratio5 0.7

Source: UBS Global Asset ManagementNote: Past performance is not a guide to future results. See attached disclosure information. Portfolio characteristics are shown net of fees. The P-acc share class was launched on 14 June 2012.

Performance pre-IPO have been calculated using the existing share class data.1 Since inception 31 May 2007, annualised2 Rankings to 30 April 20133 Historical active risk is not a guide to the future. Active risk levels will vary according to market conditions and our views. Active risk is the standard deviation of the difference between the

monthly composite and benchmark returns, based on logarithmic returns. Active risk is annualised for periods greater than one year.4 Annualised standard deviation based on monthly logarithmic returns5 Information ratio is the arithmetic value added divided by the active risk. For periods greater than one year, annualised returns are used to calculate the value added and the active risk.

8

Ranking development of European Opportunity UnconstrainedBased on rolling 3 year performance (June 2010 – March 2013)

Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13

Source: UBS Global Asset Management, Lipper LIM Note: These figures refer to the past. Past performance is not a reliable indicator of future results.

1st Quartile

2nd Quartile

3rd Quartile

4th Quartile

9

Attractive Risk vs. ReturnMorningstar rating: UBS European Opportunity Unconstrained 5 year performance vs. Peers

-15

-10

-5

0

5

10

15

0 5 10 15 20 25 30 35 40

Risk % std dev

Ret

urn

%

Peers UBS European Opportunity Unconstrained P-acc EUR MSCI Europe

Source: Morningstar, data as of 31 March 2013Note: Based on Morningstar European Equity Large Blend Universe. Net of fees using P share class. Past performance is no guarantee of future results.

10

Since Inception

85

90

95

100

105

110

115

85 90 95 100 105 110 115

Downside (%)

Up

sid

e (%

)

A look at upside performance/downside performance

Upside Market Capture Ratio – A measure of the manager’s performance in up markets relative to the market itself. A value of 110 suggests the manager performs ten percent better thanthe market when the market is up during the selected time period. The return for the market for each period is considered an up market if it is greater than or equal to zero. The Upside Capture Ratio is calculated by dividing the return of the manager during the up market periods by the return of the market during the same periods.Downside Market Capture Ratio – A measure of the manager’s performance in down markets relative to the market itself. A value of 90 suggests the manager’s loss is only nine tenths of the market’s loss during the selected time period. A market is considered down if the return for the benchmark is less than zero. The Downside Capture Ratio is calculated by dividing the return of the manager during the down market periods by the return of the market during the same periods.Source: UBS Global Asset ManagementAs of March 31, 2013.UBS Global AM European Opportunity Unconstrained Composite inception date of 31 May 2007.The returns shown above are based on currently available information and are subject to revision. Past performance is no guarantee of future results.Performance figures are gross of fees. Please see attached disclosure information.Returns greater than one year are annualized. Returns in EUR. Benchmark used for calculation is the MSCI Europe Index. Information is supplemental to the Pan European Concentrated Composite.

European Opportunity Unconstrained: 31 May 2007 to 31 March 2013

US-I, US-P (RU)

11

European Opportunity Unconstrained Concentrated AlphaReturns driven by stock selection

Group Fund

weight(%) Index

weight(%) Return

(%) Stock

Selection(%) Sector

Allocation(%) Total(%)

Consumer Staples 22.0 14.2 64.7 9.7 4.5 14.2

Health Care 18.8 11.7 51.7 1.9 2.4 4.3

Consumer Discretionary 11.0 8.7 10.5 -5.6 2.7 -2.9

Energy 5.9 11.2 1.0 2.0 4.7 6.7

Telecom Services 3.3 6.2 -1.6 4.2 -0.6 3.6

Industrials 8.6 10.8 -5.2 -4.1 -0.7 -4.9

Materials 1.9 9.5 -7.2 0.9 -1.4 -0.4

Information Technology 10.5 3.0 -19.9 5.4 -1.9 3.5

Utilities -2.6 4.7 -33.0 3.9 2.2 6.1

Financials 20.5 20.0 -51.8 12.4 0.0 12.4

TOTAL 100.0 100.0 -9.6 31.2 12.8 43.9

Source: Wilshire, 31 May 2007 – 31 March 2013. Past performance is no guarantee of future results. Data not annualized. Returns in EUR

Proven stock selection driven process

12

22047

UBS European Opportunity UnconstrainedLong and short portfolio absolute returns: shorts consistently underperformed

Source: Wilshire Gross of Fees in EUR. UBS Global Asset Management. Since inception date 31 May 2007. Data to 31 March 2013 Note: Based on weighted average returns of longs and shorts as independent portfolios. Returns are cumulative and absolute

24.8%

38.6%

45.8%

12.7%

-8.0% -6.4%

-11.3%

-27.9%

15.6%

23.9%

15.0%

-9.6%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

1 year 3 years 5 years Since Inception

Longs Shorts MSCI Europe

Section 2

Team, Process and Positioning

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Experienced team that delivers results Concentrated Alpha Equities – 17 years’ of experience and 15 years’ at UBS¹

Team

Leveraging UBS’sglobal resources

Source: UBS Global Asset Management. March 20131 Based on average for team shown

PortfolioManagement

EquitySpecialists

Technical Support/Execution

…and supported by 800+ individuals in global functions

Legal &Compliance

Risk Trading Distribution

Max Anderl Rob Howard

April RobbinsJeremy Leung David Legg

Steve KingAlison Charles

Jörg Diedrich

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Investment process: Research + construction

For illustrative purposes only.

Portfolio Construction & Risk Management

• Bottom up stock selection process

• Disciplined yet flexible approach

• Benchmark agnostic

• High active share

• Holistic approach to risk

• Uncorrelated information sources

3 Circle Research Process

• Approx 100 stocks

Client portfolio

Quantitative

Fundamental

Qualitative

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Company A – long

Source: UBS Global Asset Management

Quantitative research

Qualitative research

Portfolio holding

Above median alpha versus the market and sector High FCF generation Good downside protection Attractive yield

Excellent momentum and quality reflected in average value

Diversified revenues via vaccine and consumer care business Decentralising R&D department over last 5-10 years Shareholder friendly capital allocation Cost controls in place Significant and growing EM exposure

Fundamental research

17

Company B – short

Source: UBS Global Asset Management

Quantitative research

Qualitative research

Portfolio holding

Expensively valued using HOLT Unattractive on classical indicators Below cost of capital returns

Unattractive valuation, low quality and weak momentum

Large capacity additions destroyed return of industry Unsustainable dividend Weak balance sheet

Fundamental research

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…a holistic approachSource: UBS Global Asset ManagementNote: Please note that historical active risk is not a guide to the future. Active risk levels will vary according to market conditions and our views. 1 31 May 2007

Taking risk when rewarded for it

Awareness of low volatility and leverage

Active risk of European Opportunity Unconstrained 7.7% since inception¹ to 31 March 2013

Active share with index averaged 115% for European Opportunity Unconstrained as at 31 March 2013

ResultsRisk parameters

Risk systems

Price paid

Corporate Governance

Leverage and industry structure

Use of uncorrelated information sources

How we deal with risk…

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Consistently high active share

0

25

50

75

100

125

150

Jun-07

Oct-07

Feb-08

Jun-08

Oct-08

Feb-09

Jun-09

Oct-09

Feb-10

Jun-10

Oct-10

Feb-11

Jun-11

Oct-11

Feb-12

Jun-12

Oct-12

Feb-13

Act

ive

shar

e (%

)

European Opportunity Unconstrained vs. MSCI Europe

As at 31 March 2013

Source: UBS Global Asset Management. Data to 31 March 20131 Cremers, Martijn and Petajisto, Antti, How Active is Your Fund Manager? A New Measure That Predicts Performance (March 31, 2009). AFA 2007 Chicago Meetings Paper;

EFA 2007 Ljubljana Meetings Paper; Yale ICF Working Paper No. 06-14. Available at SSRN: http://ssrn.com/abstract=891719 or http://dx.doi.org/10.2139/ssrn.891719

Active Share measures the share of portfolio holdings that differ from the benchmark

Empirical studies have shown the highest Active Share funds significantly outperform their benchmarks and exhibit strong performance persistence¹

20

UBS (Lux) Equity SICAV –European Opportunity Unconstrained (EUR) P-acc

Top 10 holdings by stock Novartis 5.2% Glaxosmithkline 5.1% Unilever 3.6% Reckitt Benckiser 3.2% Roche 3.1% Munich Re 2.9% Bayer 2.7% Sampo 2.3% Rightmove 2.3% SAP 2.2%

Source: UBS Global Asset Management

Holdings by investment domicile

Active positions by industry group (in %)

Portfolio structure – 30 April 2013

12.8

-5.5

-6.2

-6.5

-9.5

-11.5

5.5

14.7

6.8

5.0

-20 -10 0 10 20

Insurance

Pharms & Biotech

Food, Beverage & Tobacco

Software & Services

Household & Personal

Telecom Services

Utilities

Banks

Energy

Materials

Switzerland15.9% Netherlands

8.0%

Germany19.1%

UK45.0%

France6.0%

Others6.0%

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Summary

An independent investment boutique with…

Backing of a strong organisation

Innovative investment process

Strong and consistent performance in varying environments

Lower volatility than the benchmark

Good upside and downside capture

High Active Share and holistic approach to risk

A long term client base of sophisticated investors

An investment boutique for all seasons

Concentrated Alpha

Appendix A

Additional Information

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Global and multi-faceted approach

…but specific targeting is key Source: UBS Global Asset Management. December 2012

Diverse information sources are necessary…

More than 14,000 companies in Holt Selective internal & external analysts

More than 4,000 quantitative profiles of global companies, biweekly refreshed data

From 5 different data providers

More than 8,000 companies covered by Governance Metrics and ISS; more than 300,000 individuals covered by Boardex

Contacts with global, US, Asian and European specific strategists

Contacts with bond strategists and asset allocators and corporate activists

Exchange of information with buy side investors

Fundamental

QuantitativeQualitative

PortfolioHolding

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As of March 31, 2013.UBS Global AM European Opportunity Unconstrained Composite inception date of May 31, 2007.The returns shown above are based on currently available information and are subject to revision. Past performance is no guarantee of future results.Performance figures are gross of fees. Please see attached disclosure information.Excess returns calculated by subtracting benchmark returns from portfolio returns. Returns greater than one year annualized. Returns in EUR. Benchmark used for excess return calculation is the MSCI Europe index. Source: Factset/MSCI, GCS

UBS European Opportunity Unconstrained

-60%

-40%

-20%

0%

20%

40%

60%

May-08 May-09 May-10 May-11 May-12

% R

etu

rn B

ench

mar

k

-30%

-20%

-10%

0%

10%

20%

30%

% R

ollin

g 1-year alp

ha (fu

nd

)

Rolling 1-year benchmark return Rolling 1-year alpha: UBS European Opportunity Unconstrained strategy

Value added in up and down markets

Rolling one-year excess returns since inception

25

UBS European Opportunity Unconstrained

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

May-08 May-09 May-10 May-11 May-12

% R

etu

rn

Value outperforms Growth Growth outperforms Value Rolling 1 year alpha: UBS European Opportunity Unconstrained

Value added over style cycles

As of March 31, 2013.UBS Global AM European Opportunity Unconstrained Composite inception date of May 31, 2007.The returns shown above are based on currently available information and are subject to revision. Past performance is no guarantee of future results.Performance figures are gross of fees. Please see attached disclosure information.Excess returns calculated by subtracting benchmark returns from portfolio returns. Returns greater than one year annualized. Returns in EUR. Benchmark used for excess return calculation is the MSCI Europe index. Growth performance is measured by the MSCI Europe Growth Index. Value performance is measured by the MSCI Europe Value Index.Source: Factset/MSCI, GCS

Rolling one-year excess returns since inception

Value Growth

% months outperformed 48% 68%

Average value added per month 0.15% 0.82%

26

How we view your portfolio onlineEuropean Opportunity Unconstrained – measures active positions – as at 31 March 2013

Major contributors to risk using stock level, sectoral and risk model factors

Headline active risk: 10.0% (key risk measure)

Risk analysis using our internal risk model

Exposures to market cap weighted sectors/countries/size factor portfolios

Source: UBS Global Asset ManagementNote: Please note that historical active risk is not a guide to the future. Active risk levels will vary according to market conditions and our views.

Further analysis drills deeper into the portfolio

Beta: 0.7 (sensitivity to market)

27

Maximilian Anderl, CFA Head of Concentrated Alpha EquityExecutive Director

Maximilian Anderl is Head of Concentrated Alpha Equity and is the lead portfolio manager for the Global and European Concentrated Alpha long only and long / short strategies.

Maximilian has worked on the Concentrated Alpha team and its distinctive approach and strategies since its inception in 2004, becoming head of that team in January 2011.

Maximilian joined the European Equity Team in London in 2002, having joined UBS Global Asset Management, Zurich, in 2000 as an equity fund manager. In that role he was responsible for the retail funds and European client mandates.

Prior to joining UBS, Maximilian worked in academic research, university teaching, research and development and corporate finance for the pharmaceutical industry.

Maximilian is a Regular Member of the CFA Society of the UK and the CFA Institute.

Years of investment industry experience: 14

Education: University of Innsbruck (Austria), MS; University of St Gallen (Switzerland) and Stockholm School of Economics (Sweden), Lic.oec.HSG

28

Jeremy Leung, CFAPortfolio Manager – Concentrated Alpha Equity Director

Years of investment industry experience: 8

Education: Tufts University (US), BS; London School of Economics and Political Science (UK), MSc

Jeremy Leung is a member of the Concentrated Alpha Equity team. He is responsible forsupporting the investment process and capability management for the team.

Prior to undertaking his role in March 2011, Jeremy was a Quantitative Analyst within the Equities Group. He was responsible for conducting quantitative and fundamental research for the Group’s investment teams. He also worked extensively on the Group’s fundamental equity valuation model.

Prior to joining UBS in 2007, Jeremy worked as a consultant for FactSet Research Systems. He was responsible for providing advice and support to large investment managers across Europe on various analytical tools for investing.

Jeremy is a Regular Member of the CFA Society of the UK and the CFA Institute.

29

Jörg Diedrich, CEFASenior Portfolio Manager, Head of Equity Team GermanyDirector

Jörg Diedrich is Head of the Equity Team of UBS Global Asset Management (Deutschland) GmbH. He is responsible for managing equity and balanced mandates. He also provides clients with asset allocation and capital protection solutions.

Prior to joining UBS Global Asset Management in 2002, Jörg spent five years working as a Balanced Portfolio Manager at Allianz Dresdner Asset Management (dit/dbi). As a balanced portfolio manager he was responsible for numerous equity and balanced mandates. Furthermore, as a member of the Asset Allocation Team he was responsible for controlling the Tactical Asset Allocation of Allianz Dresdner Asset Management (dit/dbi).

Years of investment industry experience: 16

Education: Johann Wolfgang Goethe-University Frankfurt (Germany), Dipl.-Kfm.

30

Performance: European Opportunity Unconstrained

GIPS Disclosure

31

Disclaimer

For marketing and information purposes by UBS. For professional investors only. This document has been issued by the German registered UBS Deutschland AG respectively UBS Global Asset Management (Deutschland) GmbH. Both are subsidiaries of UBS AG, a company registered under the Laws of Switzerland. This document is for distribution only under such circumstancesas may be permitted by applicable law. It was written without reference to any specific or future investment objective, financial or tax situation or requirement on the part of a particularindividual or group. The document is for information purposes only and is not intended to be construed as a solicitation or an invitation to make an offer, to conclude a contract, or to buy orsell any securities or related financial instruments. The products or securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. The informationand opinions contained in this document have been compiled or arrived at based upon information obtained from sources believed to be reliable and in good faith, but is not guaranteed as being accurate, nor is it a complete statement or summary of the securities, markets or developments referred to in the document. The details and opinions contained in this document areprovided by UBS without any guarantee or warranty and are for the recipient's personal use and information purposes only. Past performance of investments (whether simulated or actual) isnot necessarily an indicator of future results. The performance shown, unless not otherwise specified, is after costs but does not take account of any commissions and costs charged whensubscribing to and redeeming units. Commissions and costs have a negative impact on performance. Should the currency of a financial product or service not match your reference currency, performance may rise or fall due to currency fluctuations. All such information and opinions are subject to change without notice. UBS AG and / or other members of the UBS Group may have a position in and may make a purchase and / or sale of any of the securities or other financial instruments mentioned in this document. This document may not be reproduced, redistributed orrepublished for any purpose without the written permission of one of the above mentioned companies. This document contains statements that constitute “forward-looking statements”, including, but not limited to, statements relating to our future business development. While these forward-looking statements represent our judgments and future expectations concerning thedevelopment of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. Prospectuses, key investor information, the articles of association or the management regulations as well as annual and semi-annual reports of UBS funds are available free of charge from UBS Deutschland AG or from UBS Global Asset Management (Deutschland) GmbH, Bockenheimer Landstraße 2-4, 60306 Frankfurt am Main. Source for all data and charts (if not indicated otherwise): UBS Global Asset Management.

© UBS 2013. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved.

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