Dear Valued Client, The second half of the year may prove to be another volatile and challenging period. To ensure that you stay abreast of what’s happening both in Asia-Pacific and globally, we have turned to some of UBS’s finest minds for their take on the possible changes in the financial industry, and their effects and impact going forward. In this issue of UBS Perspectives, Allen Lo, Hong Kong Country Head and Chief Executive of UBS AG, talks about wealth management trends, investment opportunities and the outlook for the remainder of the year. You will also hear from Eric Sandlund, Head Investment Management, UBS Wealth Management Asia-Pacific, as he shares the rationale behind choosing Asian discretionary portfolios. Is investing an art or a science? Mark Haefele, Head of Investment, UBS Chief Investment Office, examines the psychological impetuses behind investing in his article on ‘fast’ and ‘slow’ brains, while Andy Williamson, Head Investment Strategist and Head of Advisory Products APAC, looks at both the strategic and tactical components of constructing a portfolio. Last but definitely not the least, we are proud to share that we have once again been named the Best Global Wealth manager of the year in the Euromoney Awards for Excellence and have retained the top honours in the AsiaMoney Private Banking Poll. We have also been recognized as a Patron of the Arts in Singapore. We are aware that the recognition and accolades are the result of your support for UBS. The protection and expansion of your wealth will always be the heart of our business and we will continue our investment strategy to give you the best wealth management resources and expertise in the region. Yours sincerely,