Thomas P. Madsen, CFA Chairman Global Investment Committee, Global Head of Equities, Member UBS Group Managing Board Years of investment industry experience: 26 Education: University of Wisconsin-Madison (US) BBA, MS Tom Madsen chairs the Global Investment Committee and is the Global Head of Equities. He is responsible for all aspects of the management of equity assets, including research, portfolio management and trading on a global basis. He also participates in the development and implementation of the firm’s global investment strategy and business plans. Tom also chairs the Global Corporate Governance Committee and is a member of the UBS Global Asset Management Executive Committee. Prior to joining UBS in 2000, Tom held various positions at JP Morgan Investment Management in New York and London, including Equity Research Analyst, Equity and Balanced Portfolio Manager, and Head of Equity, Research and Trading Worldwide. He is a member of the CFA Institute and a Board member of the UK Society of Investment Professionals.

Michael G. Fry Head of Global Equity Portfolio Management Managing Director Years of investment industry experience: 22 Education: Flinders University (Australia), BEc, DipAcc Michael Fry leads the Global Equity Portfolio Management team and shares responsibility for constructing and managing global portfolios for clients worldwide. He is based in London. Prior to his current role, Michael was Head of Global Equity Research. This role formally links the research and portfolio management functions and ensures analyst research ideas are consistently implemented into client portfolios. Michael joined UBS Global Asset Management in Sydney, Australia, in 1995. He was Head of Australian Equities with responsibility for all aspects of equity management including research, portfolio management and trading. Michael is a member of the UBS Global Asset Management Equity Investment Committee, an Associate of the Securities Institute of Australia (ASIA) and a member of the Institute of Chartered Accountants (ACA).

Zoe von Streng Co-Head of Equities, EMEA Managing Director Years of investment industry experience: 21 Education: University of Zurich (Switzerland), BSc Zoe von Streng is Co-Head of Equities, EMEA, Head of Swiss Equities and a member of the Global Equity Portfolio Management team. She is responsible for the Swiss Equity as well as the Global ex USA (EAFE) products. Zoe began her career in the M&A department at UBS in Zürich in 1984. She joined UBS Global Asset Management in 1987, initially as a European equity portfolio manager in London. Immediately prior to her current role, she was Head of the then London-based US Equities team. Zoe is a member of UBS’s Equity Investment Committee.

Bruno Bertocci Global Portfolio Manager Managing Director Years of investment industry experience: 25 Education: Oberlin College (US), BA; Harvard Graduate School of Business (US), MBA Bruno Bertocci is a member of the Global Equity Portfolio Management team. In this role, he shares responsibility for constructing and managing global equity portfolios worldwide. Prior to joining UBS Global Asset Management in 1998, Bruno managed the global equity investment group at Stein Roe & Farnham. Previously, his positions included regional portfolio manager and global equity portfolio manager at Rockefeller & Co. Before assuming these roles, Bruno was based in London, then Hong Kong, as manager of the firm’s foreign offices. Bruno began his career at T.Rowe Price Associates as a US equity analyst.

Shawn Lytle Global Equity Portfolio Manager Managing Director Years of investment industry experience: 13 Education: Georgetown University, School of Business Administration (US), BS Shawn Lytle is a member of the Global Equity Portfolio Management team. He shares responsibility for constructing and managing global equity portfolios worldwide. Shawn joined UBS Global Asset Management in 2002. Before this he worked for JPMorgan Fleming Asset Management for over 10 years where he was a portfolio manager in London, managing global equity and global sector portfolios. Initially Shawn was based in New York, where he held various positions including new business development and product development.

Lydia J Miller Global Portfolio Manager Managing Director Years of investment industry experience: 18 Education: Pennsylvannia State University (US), BS; University of Chicago (US), MBA Lydia Miller is a member of the Global Equity Portfolio Management team and shares responsibility for constructing and managing global equity portfolios worldwide. Lydia develops macro and industry related research for portfolios. Prior to her current role at UBS Global Asset Management, Lydia spent four years as a US Equity Portfolio Strategist. Lydia joined UBS in 1990. Prior to this she managed US and global equity institutional and high net worth assets at the then Swiss Bank Corporation and several mutual funds at Value Line Asset Management in New York.

John Pickard Equities Managing Director Years of investment industry experience: 17 Education: Oxford University (UK), MA John Pickard is a member of the Global Equity Portfolio Management team and is Co- Head of Equities in the EMEA region. He is based in Zurich. Prior to his current role, John spent two years in Tokyo as Head of Asia Pacific Equities. Before that he was Head of Asia Pacific Equities in London, where he was an analyst and portfolio manager for 12 years. John is a member of the firm’s Equity Investment Committee and is an Associate of the Institute of Investment Management and Research.

Lowell Yura, CFA Global Equity Portfolio Manager Director Years of investment industry experience: 15 Education: University of Illinois (US), BS; University of Chicago (US), MBA Lowell Yura is a member of the Global Equity Portfolio Management team. He shares responsibility for constructing and managing global equity portfolios worldwide as well as being responsible for communicating UBS’s global equity strategy to clients. Lowell joined UBS Global Asset Management in 2003. Prior to this he was a senior consultant at Disabato Associates and Mercer Investment Consulting. His responsibilities included the development of asset allocation strategies and the evaluation of investment managers for institutional investors. He began his career as an actuary for Towers Perrin. Lowell is a member of the CFA Institute, the Investment Analysts Society of Chicago and the Society of Actuaries.

Mehran Nakhjavani Portfolio Manager, Emerging Markets Executive Director Years of investment industry experience: 14 Education: Cambridge University (UK), BA; McGill University (Canada), MA Mehran Nakhjavani is a portfolio manager and is responsible for emerging markets strategy, monitoring and forecasting currency and interest trends. Mehran joined UBS Global Asset Management in 1998. Prior to this he launched an independent research service that provided strategic investment forecasts. He also developed quantitatively driven asset allocation models. Before this Mehran tracked Middle Eastern banking and financial developments for research organisations from the UK, Canada, Japan, Cyprus and the Persian Gulf states. Prior to this he was a trade specialist on Asian newly-industrialised economies, involved in trade negotiations. Mehran is a member of the Emerging Markets Equity Strategy Committee and the Global Portfolio Management group, where he is responsible for global equity strategies that permit exposure to emerging market investments.