presentation ubs em high dividend fund

Delivering the emerging source of income

March 2013

UBS Emerging Markets High Dividend Fund

Justin Wells, Equity Strategist

CH versionFor professional clients only

1

GEN0190n.ppt

Table of Contents

SECTION 1 Why Emerging Market Equities for High Dividend? 2

SECTION 2 Team 9

SECTION 3 Emerging Markets High Dividend Fund 11

SECTION 4 Emerging Markets Outlook 18

APPENDIX Additional information 28

SECTION 1

Why Emerging Market Equities for High Dividends ?

3

EM Equities provide stable dividend payments

For the MSCI EM Equity index, dividend payments have steadily increased over the last 10 years– Dividends have been significantly more stable than earnings

– The dividend payout ratio has been stable over time and mostly in the 30 – 40% range

– However it is currently still ca. 10% below world average

Potential for further increase in dividend payouts, as many companies enter mature growth phase

Source: UBS Investment Research, as at 31 December 2012

MSCI EM, DPS and EPS MSCI World, DPS and EPS

$0

$20

$40

$60

$80

$100

Dec-

99

Dec-

00

Dec-

01

Dec-

02

Dec-

03

Dec-

04

Dec-

05

Dec-

06

Dec-

07

Dec-

08

Dec-

09

Dec-

10

Dec-

11

Dec-

12

DPS EPS

$0

$20

$40

$60

$80

$100

$120

Dec-

99

Dec-

00

Dec-

01

Dec-

02

Dec-

03

Dec-

04

Dec-

05

Dec-

06

Dec-

07

Dec-

08

Dec-

09

Dec-

10

Dec-

11

Dec-

12

DPS EPS

4

And are able to keep paying sustainable dividends…

EM companies reduced their debt levels consistently during the past decade

– Current net debt to equity ratios are below 25%, significantly lower than developed markets companies with a ratio of 50%

In addition, EM companies have high cash levels on their balance sheets

Source: Worldscope, UBS Investment Research, as at 31 December 2012

Net debt to Equity by region

…supported by low debt, high earning growth potential

MSCI EM - Payout Ratio

0%

20%

40%

60%

80%

100%

120%

140%

92 95 98 01 04 07 10 13e

LatAm Asia EMEA

10%

20%

30%

40%

50%

Apr-04 May-05 Jun-06 Jul-07 Aug-08 Sep-09 Oct-10 Nov-11 Dec-12

Payout ratio (rhs)

5

Acceleration in growth rate of EM dividends over past decade

EM and Asia are the regions with the fastest growth rate of dividends per share

Larger proportion of EM companies in MSCI paid dividends in 2011 than DM peers

Augurs well for the future dividend contribution to total returns

EM have managed DPS compound annual growth rate of 13.1% since 2000

Source: Factset, Datastream, CLSA Asia-Pacific Markets, December 2012

More companies paying dividends in EM

Number of high yielding stocks has increased significantly in recent years

EM and Asian Dividends have grown fastest(% of stocks paying dividends) DPS index rebased to 100

0

20

40

60

80

100

98A 99A 00A 01A 02A 03A 04A 05A 06A 07A 08A 09A 10A 11A

MSCI EM MSCI DM

0

50

100

150

200

250

300

350

400

450

2000 2002 2004 2006 2008 2010 2012

AxJ Europe EM DM USA Japan

6

Split of MSCI World stocks yielding greater than 3%

UK12%

Developed Asia Pacific

16%

Emerging17%

Developed Europe &

Middle East26%

Developed North

America29%

EM’s share of high yielding stocks has increased

1995

Total number of stocks = 356

2012

Total number of stocks = 823

60 stocks

250 stocks

Source: Datastream, 31 December 2012Note: Only companies with market capitalisation >USD 1 billion included in survey

UK7%

Developed Asia Pacific

20%

Emerging30%

Developed Europe &

Middle East20%

Developed North

America23%

250 stocks

7

Dividends represent an important component of total return

Dividends compound over the long run to make a substantial contribution to total return– Since the advent of the Global Financial Crisis that contribution has been magnified

In a growth region like EM, high yield stocks outperformed EPS growth in past decade

Dividends higher contribution to total return in recent years has led to a reluctance to shed dividend exposure

Source: UBS, December 2012 – cumulative returns excl. transaction costs, commissions, fees, margin interest. Actual transactions adjusted for such costs will result in reduced total returns

Dividend (re-investment) gain vs Capital gain

Reinvested dividends account for 40% total returns of MSCI EM since 2000

MSCI EM – Total vs Price returns (CAGR)

Source: Datastream, UBS, December 2012

(50%)

0%

50%

100%

150%

200%

250%

300%

350%

400%

5 year 10 year

Capital Gain Dividend and dividend reinvestment gain

0

500

1000

1500

2000

2500

87 92 97 02 07 12

Price index Total return index

8

Dividend strategies are not over-extendedTrading at similar valuation to the broader market

P/B High Yield Stocks in line with MSCI EM

Source: UBS, December 2012. Median P/B for Back test portfolio comprise of 75 stocks with the highest trailing dividend yield over the previous 12 months on that date are selected. These stocks are equally weighted within the portfolio. The portfolio is rebalanced at month end and the total returns computed in USD. Each stock had a marketcapitalisation of at least USD 1 billion on that date.

Market Cap weighted EM bond yield vsdividend yield vs EM earnings yield

Source: MSCI, JPMorgan, Datastream, Factset, CIRA, as per 31 December 2012

EM

0

20

40

60

80

100

120

Nov 00 Nov 02 Nov 04 Nov 06 Nov 08 Nov 10 Nov 12M

edia

n B

oo

k to

pri

ceHigh yield Benchmark

0

2

4

6

8

10

12

14

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

GEMs Earnings Yield GEMs BYTM MCAP Weighted

MSCI GEMs Dividend Yield GEMs BYTM (Local)

SECTION 2

Team

10

Emerging Markets Equities Team

Source: UBS Global Asset ManagementAs at 31 December 2012 1 Member of Emerging Markets Equity Strategy Committee EM High Yield Equity Specialists

Portfolio construction and research

A stable and experienced team managing ca. USD 25 bn

Geoffrey Wong1

Head Global Emerging Markets & Asia Pacific Equities

Hong Kong / Singapore

Manish Modi1

Portfolio ManagerAsia ex Japan

Cheah Yit Mee1

Portfolio ManagerAsia ex Japan

Bin ShiPortfolio ManagerChina

Projit Chatterjee1

Portfolio Manager / Equity Strategist

Namit NayegandhiAnalyst

Chan Chee SengAnalyst

Yu ZhangAnalyst

Sanjeev JoshiAnalyst

Joanna MakAnalyst

Leslie ChowAnalyst

Matthew AdamsAnalyst

Hai HuangAnalyst

Kelvin TeoAnalyst

Han Yaw JuanTrader

Jimmy ChuaHead Trader

Paul HillmanTrader

Reginald OhTrader

Dorothy LekTrader

Gabriel Csendes1

Portfolio ManagerAnalyst

Michael AbelleraTrader Latin America

Zurich / London / Chicago

Urs Antonioli1Head of EM EMEA / Latin America Equities

Mark RoggensingerAnalyst

Gabriella AbderhaldenAnalyst

Irina BudnikovaAnalyst

Benita MikolajewiczAnalyst

Steve HerbertTrader EMEA

Macrina OtienoTrader EMEA

Justin WellsEquity Strategist

Choo Shou PinAnalyst

Grace TayEquity Strategist

SECTION 3

Emerging Markets High Dividend Fund

12

GEN0190n.ppt

Final portfolio construction

by PMs

Investment and portfolio construction process

Investment Universe

300-400 stocks for EM

Selected top dividend yield stocks

60-100 stocks

Qualitative overlay by analysts

Selection of high dividend stocks, remove overvalued stocks

Remove stocks where dividends are not sustainable or have weak fundamentals

Add stocks where dividends are stable and/or likely to increase

Client portfolio

Typically 40-70 stocks

UBS Emerging Markets High Dividend Equities

13

PerformanceUBS (Lux) Equity SICAV – Emerging Markets High Dividend (USD) P-acc

Performance indexed in % (Basis USD, after fees)

The performance figures are based on the fund’s Net Asset Values (NAV) / Swinging price / Net of Fees.These figures refer to the past. Past performance is not a reliable indicator of future results. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units.

Data as at end of January 2013

75

80

85

90

95

100

105

05.11 12.11 06.12 01.13

UBS (Lux) Equity SICAV - Emerging Markets High Dividend (USD) P-acc

MSCI Emerging Market (net divi. reinv.)

Performance indexed in % (Basis USD, net of fees)

in % 2009 2010 2011 2012 2013 January since p.a.YTD 2013 31.05.11

Fund (USD) – – – 17.50 1.42 1.42 3.89 2.32

Benchmark 2 – – – 18.23 1.38 1.38 -4.56 -2.76

1) YTD: year-to-date (since beginning of the year)2) Benchmark in currency of account (without costs)

1

14

Country allocation

Emerging Markets High Dividend Fund: Portfolio Positioning

For illustrative purposes only. The fund is actively managed hence the above portfolio composition is indicative only and can be changed at any time at UBS' absolute discretion.Source: UBS Global Asset Management, Factset, GEVS,,Worldscope

* Indicative current dividend yield: This figure is indicative only and gross of fund fees. The indicative current dividend yield is based on the dividends of last year paid by the companies held in the fund. Withholding taxes paid by the fund are already deducted from this figure. The final dividend yield can deviate significantly from the indicative current dividend yield due to changes in company earnings, dividends and stock prices etc. In accumulating share classes, the dividend yield, net of fund fees, will be accumulated. In distributing share classes, the dividend yield, net of fund fees, will be distributed.

Indicative current div. yield: 5.6%* (gross of withholding taxes) 5.0%* (net of withholding taxes)

In comparison, MSCI Emerging Markets index currently has a gross dividend yield of 2.7%

Diversification across countries and sectors per 31 January 2013

Sector allocation

Peru 1.5

Turkey 1.6Hungary 1.6

Mexico 1.7Chile 1.7

Philippines 1.7Israel 1.8

Indonesia 1.8

Korea 3.2

Brazil 5.0

China 6.5Russia 6.7

Thailand 6.8

Singapore 8.3

Poland 9.7

South Africa 14.5

Taiwan 15.4

Malaysia 3.4

Hong Kong 3.4

Czech Republic 4.0

Consumer Discretionary 1.2

Industrials 1.7

Consumer Staples 3.3

Utilities 4.7

Energy 8.6

IT 15.3

Telecoms 25.8

Financials 29.5

Materials 9.8

15

MTS: Russia, Telecoms

Well positioned in attractive Russian mobile market

Significantly improving competitive environment

Potential in-market consolidation

Stable and favourable regulatory environment

Potential beneficiary from mobile data growth – including low penetration and good affordability of smartphones

Solid FCF improvement story driven by

Good revenue growth (data driven) and stabilising margins

Capex coming down following completion of 3G upgrade

Demonstrated greater capital discipline than competitors

Decent corporate governance

Proven management team with good track record in Ukraine and Russia

Expected improving dividend payout ratio going forward (currently 60%)

Russian mobile revenue vs. wage growth (YoY)

Mobile subscriber additions (m)

Good dividend growth

Source: Bloomberg, Factset, UBS Global Asset Management, December 20121 Historic data

5 year dividend growth1


12 month yield1 FY1 FY2

8.8% 1.2% 5.6% 3.8% 4.6%

-10%

0%

10%

20%

30%

40%

Q 209 Q 309 Q 409 Q 1 1 0 Q 21 0 Q 31 0 Q 41 0 Q 1 1 1 Q 21 1 Q 31 1 Q 41 1

S erv ice rev en u e g ro w th D ata rev en u e g ro w th

V o ic e rev en u e g ro w th N o m in al w ag e g ro w th

-3 . 0

-2 . 0

-1 . 0

0 . 0

1 . 0

2 . 0

3 . 0

4 . 0

5 . 0

6 . 0

7 . 0

1 Q 0 9 2 Q 0 9 3 Q 0 9 4 Q 0 9 1 Q 1 0 2 Q 1 0 3 Q 1 0 4 Q 1 0 1 Q 1 1 2 Q 1 1 3 Q 1 1 4 Q 1 1 1 Q 1 2

M T S V IP M e g a fo n T e l e 2

16

Asustek: Taiwan, Information Technology

Asustek enjoys strong positioning within the industry

One of the fastest growing PC brands over last 3 years

Delivered decent margins throughout, while steadily gaining market share

Has withstood the serious ‘headwinds’ impacting the wider PC industry

Strong R&D capabilities and product design have positioned it well for future challenges

Good prospects for maintaining sustainable dividend

Recent corporate actions have reduced working capital requirements

Allowing cash dividends to increase over time

Future major acquisitions are unlikely, thereby sustaining the cash flow

Payout ratio likely to be maintained

Potential for special dividend upon future prospective divestments

Dividend Per Share

Top 5 PC vendors’ market share globally

Source: IDC

Good dividend growth

0

5

10

15

20

2007 2008 2009 2010 2011 2012E 2013E 2014E

Source: Bloomberg, Factset, UBS Global Asset Management, Decemberr 20121 Historic data



12 month yield1 FY1 FY2

10.0% 26.4% 4.5% 5.2% 5.9%

17

Why high dividend stocks in Emerging Markets ?

Stable dividend payout: EM companies have paid shareholders between 30-50% of their earnings over the past 10 years1.

Ability to pay sustainable dividends: EM companies show low debt levels on their balance sheets and have the cash to fund sustainable dividend payments. Their current payout ratio is ~30-35%1 which is at the lower end of its historic band, suggesting room to increase.

Dividend strategies paid off in the past2: A simple illustrative portfolio that picked the EM stocks with the highest dividend yields, performed significantly better than the market1 over the last 10 years.

Diversification: EM High Dividend funds should provide good diversification to both your yield/income and Emerging markets exposures

Benefits of high and stable yield, with the potential for long-term capital appreciation

1 Source: UBS Investment Research, data based on respective MSCI indices as of 31 Mar20112 Based on back test portfolio of highest dividend yielding stocks, rebalanced monthly, from March 2001 to March 2011, conducted by UBS Investment Bank

SECTION 4

Emerging Markets Outlook

19

EM/Asian governments have some fiscal fire power, if required

-2%

0%

2%

4%

6%

8%

95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12

Asia

Source: CEIC, Haver Analytics, IMF, UBS IB Research and estimates as of September 2012

Fiscal deficits as % GDP Current account balance (12m share of GDP, %)

-8%

-6%

-4%

-2%

0%

2%

4%

00 01 02 03 04 05 06 07 08 09 10 11 12

EM Weighted average

Asia Weighted Average

DM Weighted Average

Source: CEIC, Haver Analytics, IMF, UBS IB Research and estimates as of September 2012

20

Emerging Markets do not face sovereign debt issues

Source: Morgan Stanley Research1 Average using GDP-PPP Weights. IMF Forecasts, World Economic Outlook, as of June 2012

Sovereign Debt to GDP1

0

20

40

60

80

100

120

50 55 60 65 70 75 80 85 90 95 00 05 10 15

% O

F G

DP

G7 Advanced Economies Emerging Economies

21

-15% -10% -5% 0% 5% 10% 15% 20% 2

Singapore

Taiwan

Malaysia

Hong Kong

China

Philippines

Korea

Russia

Thailand

Hungary

Mexico

Indonesia

Czech R.

South Africa

Peru

Chile

Brazil

Colombia

India

Poland

Turkey

Current account as % of GDP Government balance as % of GDP3-year % chg in loans (real)

-40% -20% 0% 20% 40% 60% 80% 100% 120%

Hungary

South Africa

Czech R.

Korea

Taiwan

Poland

Mexico

Chile

Thailand

Malaysia

India

Russia

Singapore

Philippines

Brazil

Peru

Colombia

China

Hong Kong

Indonesia

Turkey

21

Private sector debt has risen quickly in many EM/Asia markets

Source: UBS IB, IMF; as of 30 September 2012

Twin deficits in Turkey, India, Brazil

22

Build up of credit in Asia Bank Credit to GDP ratio is now higher than 1997 peak

Source: CEIC, HSBC as of June 2012

70

75

80

85

90

95

100

105

110

1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010

Asia ex Japan Asia ex Japan and China

Leverage

Global Financial CrisisAsian Financial Crisis

23

2%

3%

4%

5%

6%

7%

8%

9%

10%

11%

12%

01 02 03 04 05 06 07 08 09 10 11 12

(5)

0

5

10

15

20

25

98 00 02 04 06 08 10 12

Real rates

Nominal policy rates

Easing inflationary pressures give room for more accommodative monetary stance

EM Inflation

Source: UBS research as of November 2012

EM Policy rate (%)

Source: J.P. Morgan research as of December 2012

(mid-weighted index % y/y)

24

Favorable demographics & productivity gains underpin economic growth

Source: UN population database, Merrill Lynch research as of June 2012

Expected addition (m) to working age population (15 – 64 age group) during 2012 – 2032

Source: UBS IB research as of June 20121 Includes Australia, Cambodia, China, HK, Indonesia, Japan, Malaysia, Myanmar, NZ, Phil,

Spore, South Korea, Taiwan, Thailand, Vietnam

Average East Asia1 labour productivity index, relative to US

234

29

16

13

-4

-12

-14

-42

-46

-100 -50 0 50 100 150 200 250

India

Indonesia

Brazil

U.S.

Korea

Japan

Russia

China

Europe0

5

10

15

20

25

30

35

40

1961 1968 1975 1982 1989 1996 2003 2010

East Asia labour productivity relative to US, ratio

Expected addition of 263m working age population from India and Indonesia by 2032

25

The EM Consumer is set to become a dominant force

Source: Euromonitor, Morgan Stanley Research, as of Nov 2012

Number of Households with Disposable Income above US$10,000

No

. of

Ho

use

ho

lds

(m)

0

50

100

150

200

250

300

350

400

1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013E 2015E 2017E 2019E

China India Russia Brazil Japan US Indonesia

262626

Urbanisation creates greater economic activity

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050

China India Russia Brazil Japan US Indonesia Korea Germany

Source: UN Population Statistics, GS Global ECS Research as of March 2012

Urbanisation ratio (%)

Japan (pre

1950)Korea(1976)

China(2010)

50%

India(2047E)

27

Emerging Market Equities: OutlookDespite lower levels of global growth, most major EM economies remain on course to sustain their long term structural growth path

Structural growth potential driven by demographics, urbanisation, productivity and consumption growth

Sound balance sheets– On average low debt levels at government.

corporate and household sectors

Both DM and EM macro policies are supportive:– Loose monetary policy in DM

Economic growth appears to be bottoming out in some key EM countries

Contagion risks from sovereign debt issues in Europe and US– Economies which require global capital markets to

fund current account and fiscal deficits affected

Insufficient top-line growth and increasing wages and input costs could affect profitability in certain sectors

• Rising regulatory intervention– Price controls and resource taxes in emerging

markets

Increase in bank credit/GDP in Asia, back to pre-Asian crisis level

Opportunities Risks

As of January 2013

APPENDIX

Additional information

29

Back-test of a High Dividend EM Equity portfolio over 10 years

10 years (31 December 2002 – 31 December 2012) EM MSCI universe

EM high dividend portfolio

Annualised return 17.0% 24.8%

Annualised standard deviation 24% 23%

Source: UBS Investment Bank Worldscope, DatastreamNote: The above chart shows returns by calendar year to 31 December 2012. All other information is as at 31 December 2012. 1 Back test rules: At each month end, the universe is restricted to stocks which are in the MSCI EM Index on that date. Each stock has a market capitalisation of at least USD 1 billion on thatdate. 75 stocks with the highest trailing dividend yield over the previous 12 months on that date are selected. These stocks are equally weighted within the portfolio. The portfolio is rebalanced at month end and the total returns computed in USD.Note: Back-test results or past performance are not guides for the future. No restriction to buy/sell stocks i.e. no constraint on having to actually receive dividends and payout the same as income. Our portfolio will be selected from ca. 350-400 stocks under our research coverage.

Portfolio selected from the entire universe of stocks in the MSCI EM index

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Ret

urn

by

year

EM MSCI universe High yield stocks

EM Equities performance from high dividend stocks is strong

30

Geoffrey Wong, CFAHead of Global Emerging Markets and Asia Pacific Equities Managing Director

Geoffrey Wong is Head of Global Emerging Markets and Asia Pacific Equities with overall responsibility for all Asian, Japanese and Australian equity teams, strategies and research.

Geoffrey is also responsible for research and portfolio management and construction for global emerging market strategies and is a member of the Equities Management Committee.

Geoffrey joined UBS in 1997. His prior experience includes co-founding an Asian investment management firm, where he served as Director of Investment Management responsible for asset allocation and stock selection for global and regional institutional portfolios.

Geoffrey served on the board of directors of Singapore Exchange, the combined stock and futures exchange of Singapore between 2003 and 2006. He is a member of the Singapore Society of Financial Analysts.

Years of investment industry experience: 25

Education: Massachusetts Institute of Technology (US), SM, SB, MBA

31

Justin WellsEquity Strategist Director

Justin Wells is an Equity Strategist in the Global Emerging Markets and Asia Pacific Equities team, based in Zurich. He is responsible for representing various investment strategies managed by the team to existing and prospective clients globally. He participates in the Global Emerging Markets Strategy Committee meetings and is involved in discussions on investment process and strategy.

Justin joined UBS Global Asset Management in 2007, initially as a Product Development Manager and was responsible for coordinating the launch of the Global Emerging Market HALO strategy. Before moving to his current role in 2010, he worked within the Equities team on the launch of the Long-Short initiative.

Prior to joining UBS, Justin was based in Asia as an Investment Advisor to the then CIO of ShinseiBank, Tokyo, focusing on emerging market investment opportunities throughout EM Asia and EM EMEA. Before pursuing a career in finance, Justin practiced as a Barrister in London for a number of years.

Years of investment industry experience: 7

Education: Queen’s University of Belfast (UK), BA (Hons); Durham University (UK), LL.B (Hons)

32

Industry-leading risk system - GRS

Note: For illustrative purposes only. Based on 01330 UBS Emerging Markets High Dividend Fund vs. MSCI Emerging Markets IndexThis information should not be considered a recommendation to purchase or sell any security

Source: GRS, UBS Global Asset Management, January 2013

Comprehensiverisk factors

Industry and country risk factors that mirror the way we manage

portfolios

Typical active risk data are indicative only. The actual active risk level will vary according to market conditions and our views. Active risk is an ex-ante forecast calculated using BARRA or other suitable system based on the final valuations of the last working day of each month. Active risk levels are reported to clients on a quarterly basis.

33

20374

Technical dataUBS Emerging Markets High Dividend Fund

USD 134.14Total product assets in mn:

UBEMHPA LXBloomberg:

12957892 / LU0625543631Valor / ISIN :

MSCI Emerging Market (net div. reinv.)Reference Index:2.25% p.a.Total expense ratio (TER):

May 31Close of financial year:

Daily / DailyIssue / redemption:

Legal fund name: UBS (Lux) Equity SICAV – Emerging Markets High Dividend (USD) P-acc

Fund type: Open-end

Fund domicile: Luxembourg

Base currency: USD

Launch date: May 31, 2011

Distribution: Accumulating / Annual

Management fee: 1.76 % p.a.

EU savings tax: Not affected at distribution, not affected at sale/redemption

Swing pricing: Yes

Registered in: CH, LU, DE, AT, BE, SG, FR, SE, NL, LI, FI, UK, IT, ES

Data as at end of February 2013

34

20374



UBEMHCP LXBloomberg:

13642905 / LU0669577131Valor / ISIN :

No representative hedged reference index is availableReference Index:2.25% p.a.Total expense ratio (TER):



Legal fund name: UBS (Lux) Equity SICAV – Emerging Markets High Dividend (CHF hedged) P-dist

Fund type: Open-end


Base currency: USD

Launch date: September 9, 2011

Distribution: distribution / Annual



Swing pricing: Yes

Registered in: CH, LU, DE, AT, BE, SG, FR, SE, NL, LI, FI, UK


35

20374



UBEMHCP LXBloomberg:

13642905 / LU0669577131Valor / ISIN :

No representative hedged reference index is availableReference Index:2.25% p.a.Total expense ratio (TER):



Legal fund name: UBS (Lux) Equity SICAV – Emerging Markets High Dividend (CHF hedged) P-dist

Fund type: Open-end


Base currency: USD

Launch date: September 9, 2011

Distribution: distribution / Annual



Swing pricing: Yes

Registered in: CH, LU, DE, AT, BE, SG, FR, SE, NL, LI, FI, UK


36

Your UBS Fondcenter Contacts

UBS AGGlobal Asset ManagementTalacker 24PostfachCH-8098 Zürich

www.ubs.com

Christophe HeftiHead Distribution Insurances & IFAs

+41-44-234 93 [email protected]

Timo H. PaulHead Distribution Banks


Christine AimoneDistribution Banks

+41-44-234 83 66 [email protected]

Robert Pavic UrbasDistribution Banks


Jeremy ChapuisDistribution Banks


August BenzCEO Fondcenter


37

GEN0190n.ppt

Disclosure

38

Disclaimer

For marketing and information purposes by UBS. For professional investors only. Representative in Switzerland for UBS funds established under foreign law: UBS Fund Management (Switzerland) AG, P.O. Box, CH-4002 Basel. Paying agent: UBS AG. Prospectuses, simplified prospectuses, 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 AG, P.O. Box, CH-4002 Basel or from UBS Fund Management (Switzerland) AG, P.O. Box, CH-4002 Basel. UBS Institutional Funds under Swiss and Luxembourg law. Before investing in a product please read the latest prospectus carefully and thoroughly. This document is for distribution only under such circumstances as 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 particular individual 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 or sell 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 information and 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 are provided 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) is not necessarily an indicator of future results. The performance shown does not take account of any commissions and costs charged when subscribing 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 or republished for any purpose without the written permission of UBS AG. 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 the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. 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.

presentation ubs em high dividend fund

Documents