Dave Roberts, Global Real Estate Economist (London)“As an asset class, real estate’s income potential, inflation hedging and higher yields should continue to be attractive, especially in times when investors have a profound fear of equity downside and bonds are paying such low yields. Nevertheless, real estate could suffer a short-term hit if the US does indeed plunge off the fiscal cliff.” To see full report, please click here UBS Global Asset Management is a large-scale asset manager with well-diversified businesses across regions, capabilities and distribution channels. It offers investment capabilities and investment styles across all major traditional and alternative asset classes. These include equity, fixed income, currency, hedge fund, real estate, infrastructure and private equity investment capabilities that can also be combined into multi-asset strategies. The Fund Services unit provides professional services including legal fund set-up, accounting and reporting for traditional investment funds and alternative funds. Invested assets worldwide totalled some CHF 569 billion (EUR 473 billion, GBP 382 billion, USD 599 billion) at 30 June 2012. The firm is a leading fund house in Europe, the largest mutual fund manager in Switzerland 1 and one of the largest fund of hedge funds and real estate investment managers in the world. With around 3,700 employees, located in 25 countries, we are a truly global firm. Our principal offices are in London, Chicago, Frankfurt, Hartford, Hong Kong, New York, Paris, Singapore, Sydney, Tokyo and Zurich. The information and opinions contained herein are a reflection of UBS Global Asset Management’s best judgment based on current market assumptions and are considered forward-looking statements. Any obligation to update or alter forward-looking statement as a result of new information, future events, or otherwise is disclaimed. There is no assurance that these projections will ultimately be realized. Actual future results may prove to be different from expectations.