Dear Valued Client, Thank you for your continued support throughout 2012. In these turbulent times, we remain committed to helping protect and grow your wealth by providing expert advice and solutions to deliver performance towards fulfilling your own personal objectives. Our global reach, our insights across all markets and asset classes and the depth of our product offering makes us uniquely positioned to meet your specific needs and ensure you have a healthy legacy to pass onto the next generation. UBS was recently named ‘Best Private Bank in Asia’ and the ‘Best Private Bank in Hong Kong’ in the 2012 Global Private Banking Awards. We are honored that our leadership in the region has been recognized, owing much to our Wealth Management talent in Asia Pacific and your unwavering support. There have been many global economic and financial challenges in 2012. In this issue of UBS Perspectives, UBS Chairman and former president of the German Bundesbank, Mr. Axel Weber, elaborates on the interdependencies between Europe and Asia and their respective responses to the European debt crisis. Emerging markets can be expected to play an increasingly significant role next year. Yonghao Pu, Regional CIO, Asia Pacific, shares his thoughts on China’s growth prospects in 2013, while Jorge Mariscal, Regional CIO, Emerging Markets, discusses how emerging market currencies can benefit a well-diversified portfolio. Of equal importance are the future business leaders of tomorrow. Patricia Enslow, Head, Marketing Asia Pacific, Wealth Management, looks at family business succession planning in the region and how UBS’s education programs can assist Asia’s next generation as they deal with wealth and responsibility. Lastly, 2012 was a special year for UBS as we commemorated our firm’s 150th anniversary. To mark the occasion, UBS offices across the region joined in celebrations with our local community partners, employees and clients. We would not be where we are today without you. As the year draws to a close, I would like to take this opportunity to wish all our readers a Merry Christmas and a happy and prosperous year ahead. Yours sincerely,