Dear Valued Client,

The recent events in Japan remind us of the fragility of life. Our thoughts and hopes go out to the people of Japan who have shown great resilience and fortitude during this very difficult time as they rebuild their lives and their homes. We are proud of our Japanese colleagues across businesses, who kept the bank running and stayed close to our clients during the crisis. As a measure of our support for the Japanese people, UBS has committed to donating 100 million yen towards rebuilding efforts, and matching staff donations.

In this Issue: As CEO Wealth Management Asia Pacific, I am often asked about regional markets and investment strategies. The article in the first tab turns the spotlight on me, giving readers an insight into my views on helping clients become more agile investors, opportunities for the year ahead, and following my own UBS client advisor’s advice.

Yonghao Pu, our Chief Investment Strategist for Asia Pacific, declares 2011 the Year of Equities, and shares his insights on how to make the most of this asset class. While Kelvin Tay, our Chief Investment Strategist in Singapore believes that investors should think twice about investing using ‘gut feel’ and advises investors to pay attention to behavioral finance to manage their wealth more effectively.

Close to all of our hearts is our continued support of the communities in which we live and work. In this issue, we highlight some of the activities UBS has undertaken in Beijing, Mumbai, Tokyo and Singapore, where our philosophy of a ‘hand up’ instead of a ‘hand out’ is fully embraced by UBS employees.

We would also like to update you on the recent Euromoney awards, where UBS was named the number two global private bank overall and best private bank in Hong Kong. Other key wins included the best foreign bank in Hong Kong, China, Taiwan and Japan, and the best private bank globally for ultra high net worth. Our performance in the Euromoney awards underscores our strengthening relationships with our clients and we would like to thank you for your loyalty and continued support.

If you have any interesting topics you would like to see in future editions of UBS Perspectives, please contact the Editor at Perspectives@ubs.com. We hope you enjoy reading this issue.

Yours sincerely,