Jon Adams, Portfolio Manager, Currency, Global Investment Solutions (Chicago)“From my perspective, one big move over the last few weeks has been the selloff in emerging market currencies versus the US dollar. We’re having a very hard time seeing how that trend turns around in the short term. We think the selloff has further to go, especially in the case of currencies like the Indian rupee and South African rand that rely on extensive foreign financing.” To access additional commentary on recent market events, please visit the UBS Global Asset Management research site. 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 599 billion (EUR 493 billion, GBP 416 billion, USD 632 billion) at 31 March 2013. The firm is a leading fund house in Europe, the largest mutual fund manager in Switzerland and one of the largest fund of hedge funds and real estate investment managers in the world. With around 3,800 employees, located in 24 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.