Dear Valued Client,

Thank you for your loyal support throughout 2010. We are very excited about the year ahead, and believe UBS is well positioned to further strengthen client relationships and continue to make tremendous progress in 2011.

What is in this issue? Andreas Höfert and Yonghao Pu from Wealth Management Research give their views on succeeding in these uncertain times. Even though it has been two years since the global financial crisis, the debate continues between inflationists and deflationists. No matter which side is right, one thing is certain – opportunities exist on both sides.

Amy Lo, our new Asia Pacific Regional Head for Ultra High Net Worth, shares her insights on our integrated bank strategy, where clients can leverage the full resources and capabilities of UBS.

In this issue we also feature our UBS Hong Kong Open and Singapore Sun Festival sponsorships. These events were opportunities to give back to the community by providing access to some of the biggest names in golf and entertainment. One of the highlights of the Sun Festival was an intimate philanthropy dinner hosted by David Foster exclusively for our guests. This resulted in a generous donation to The David Foster Foundation, which supports children in need of organ transplants.

We certainly hope you enjoy reading this issue. We wish you a joyous festive season and a prosperous new year.

Yours sincerely,