Div sit &Incl                                                    er y     usionU BS gend er initiative and learning points...
noronc [pr                                                                                 t      inted: ____] [sa ed: ___...
noronc [pr                                                                                                          t     ...
noronc [pr                                                                                t      inted: ____] [sa ed: ____...
noronc [pr                                                                                 t      inted: ____] [sa ed: ___...
noronc [pr                                                            t      inted: ____] [sa ed: ____] Pr aion2          ...
noronc [pr                                                                                             t      inted: ____]...
noronc [pr                                                                                        t      inted: ____] [sa ...
noronc [pr                                                                              t      inted: ____] [sa ed: ____] ...
noronc [pr                                                                                                                ...
noronc [pr                                                                                                                ...
noronc [pr                                                                              t      inted: ____] [saE ____] Pr ...
noronc [pr                                                                                  t      inted: ____] [saE ____]...
noronc [pr                                                                                                                ...
noronc [pr                                                                                                     t      inte...
noronc [pr                                                                 t      inted: ____] [saE ____] Pr aion2        ...
noronc [pr                                                                                                 t              ...
Dev op                                                                                          el                        ...
Dev op                                                                                           el                       ...
noronc [pr                    t      inted: ____] [sa ed: ____] Pr aion2                                           v      ...
noronc [pr                                                                                                                ...
Upcoming SlideShare
Loading in...5

Ubs gender initiative_icon handout


Published on

UBS presentation at Icon Events Masterclass on Gender Talent Pipeline : London June 21st 2012

  • Be the first to comment

  • Be the first to like this

No Downloads
Total Views
On Slideshare
From Embeds
Number of Embeds
Embeds 0
No embeds

No notes for slide

Ubs gender initiative_icon handout

  1. 1. Div sit &Incl er y usionU BS gend er initiative and learning pointsFiona PargeterG lobal D iversity & Inclusion Program ManagerM aria-Angelica PerezH ead of D iversity & Inclusion E ME A21 J 20 une 12
  2. 2. noronc [pr t inted: ____] [sa ed: ____] Pr aion2 v esent tBackground : U BSH ead quartered in Switzerland , U BS d raws on its 1 50-year heritageto serve private, institutional and corporate clients world wid ethrough wealth m anagem ent, investm ent banking and assetm anagem ent businesses, as well as retail clients in Switzerland . • Offices in ov 50counties, empl er r oying a oximael ppr t y 66,0 0peopl 0 e • L ed on SIXSw E nge a t NewY k ist iss xcha nd he or St E nge (“NY ”) ock xcha SE 2
  3. 3. noronc [pr t inted: ____] [sa ed: ____] Pr aion2 v esent tBackground : Project D onna gend er initiative • Meritocracy aone did nota rt be w kinga itshoul l ppea o or s d • Feedback fr UBSw in t UK om omen he Why? • Int na gl lresearch pr ecton w tis needed t furherr a w a UBS er l oba oj ha o t et in omen t • Inventory ofcurentgenderfocused a iv ies byfunct /business aea r ct it ion r • Project Donna is cr t eaed • Chairman a CEO EMEA UBS, sponsor t Pr ectDonnapil in E E , afiv yea compr nd s he oj ot M A e r ehensiv pr a ofinit t es e ogr mme iaiv • T pil cov s albusiness div he ot er l isions in t UK, France, a Germany he nd Wt ha? • L unched in June 2009 a • Ov next2.5 yeas ea componentis designed a impl ed in st ges er r ch nd ement a When? 3
  4. 4. noronc [pr t inted: ____] [sa ed: ____] Pr aion2 v esent tProject D onna vision and objective U ltim ate vision O bjective A culture, with processes to support Increase proportion of wom en at it, in which m en and wom en thrive every level within U BS. equally in their careers, where gend er d ifferences are a strength, and where d ifferent approaches allow us to im prove our service to clients and our bottom line. 4
  5. 5. noronc [pr t inted: ____] [sa ed: ____] Pr aion2 v esent tProject D onna philosophyProject Donna IS NOT …• A pol ica corect bout it l r ness• A posit e discr t bout iv iminaion• Ashor t m init t e t er iaivProject Donna IS …• A fulya bout l ccessinga ut ising t t t l pool nd il he op aent• A commer lcommon sense bout cia• A good ma gementpr ct bout na a ice• A aunique opporunit t differ iae our v a ma our v mor ata iv t t t l bout t yo ent t sel es nd ke sel es e tr ct e o op aent 5
  6. 6. noronc [pr t inted: ____] [sa ed: ____] Pr aion2 v esent tProject D onna: focus of tod ay’s sessionFour components of Project Donna will be covered today• Sponsorship• E t a a aeness ducaion nd w r• E ncing maer ysuppor nha t nit t• Pr ing a dev oping fl e w king omot nd el exibl or 6
  7. 7. noronc [pr t inted: ____] [sa ed: ____] Pr aion2 v esent t SponsorsSponsorsWhy is sponsorship part of Project Donna?R r ¹ show eseach s:• Pr ession t ough a or nizaion ca be mor ea yma ged ifyou ha e asponsor someone w is a ogr hr n ga t n e sil na v — ho pr ct e a ocae oa iv dv t• A gr t tfinds it fin t minor yis l l yt ha e ny oup ha sel he it ess ikel o v naur lsponsor ta s• Har d Business Review highl ed t impora ofsponsor not t tmen ha e mor sponsor t n var ight he t nce s, ing ha v e s ha women, a t efor mor pr ions a caeer opporunit nd her e e omot nd r t iesNot e:1 F exa e, “T SponsorE ”— aCent forT l Innov t st publ by or mpl he ffect er aent aion udy ished Hav r Business R iew 12 J nuay20 r ad ev , a r 11 7
  8. 8. noronc [pr t inted: ____] [sa ed: ____] Pr aion2 v esent t SponsorsSponsorsProject Donna sponsors• E ch female ED/MD in t pil aea l t w lbe provided w h a he ot r s/ocaions il it a sponsor• T obj iv oft sponsorw lpr r ybe t a a a advocate fort sponsee, a w la t seek out he ect es he il imail o ct s n he s el s o development a “visibility” opportunities nd• A sponsor is different from a mentor• Sponsor training/information sessions offer t ev yone inv v in Pr ectDonna ed o er ol ed oj 8
  9. 9. noronc [pr t inted: ____] [sa ed: ____] Pr aion2 v esent t SponsorsSponsors He w s ar la ocae forme a demonstaed his fa h in me t ot a ea dv t nd rt it o her“ seniorst kehol s. He ga e me a opporunit t shine— he suppored me a der v n t yo a inv ed in me a I made sure I didnt let him down. nd est nd t M W n a UBS D oma t ” 9
  10. 10. noronc [pr t inted: ____] [saE ____] Pr aion2 vduca ed: tion esent t and a aeness wrAwareness raising: unconscious biasIntroduced unconscious bias workshops to senior managers • T w kshop pr ide ma ger w h t t s r ed he or ov na s it he ool equir t ma better decisions regarding o ke their people E t a a aeness ducaion nd w r • Workshop covers: Business ca a v se nd ision − w w ae bia hy e r sed — getbuy- in E t a a aeness ducaion nd w r − forma ger a w na s nd omen Indiv lDev opmentPl ns idua el a impa ofbia ct s − (“IDPs”) Focus on data forfemae M E l Ds/Ds reducingbias − ca st se udiesCr te a r iewmor ea nd ev in- depth e E ncingmaer y nha t nit − t a r skils r nsfering l daacuts t support Driving cultural change Support retention • W kshops ae r a t st r ofoura l or r un t he at nnua Dev op a el nd performance management process, Setgoas l promote fl it exibil y w e her aw k t or t folow t ke pl ce: he l ing a a Sponsors T ee monthl r iew hr y ev s ofpr ess ogr foralfemae l l M E Ds/Ds − per ma ev l t for nce auaions − a key nd tl aent pr ion decisions omot Ca a pr mpus nd ofessional E ge men— cha nga mpions r uiting ecr − compensaion decisions t − obj iv seting ect e t 10
  11. 11. noronc [pr t inted: ____] [saE ____] Pr aion2 vduca ed: tion esent t and a aeness wrExtension of unconscious bias offeringAdditional application & integration across the entire employee experience Insight video: All ma ger l ine na s (gl l oba) Mid year Commercial development linkage Workshops for key talent: Ga t in r duaes discussions/ Workshop & sel ed business funct ect ions talent review coaching: “Ca aizing on pit l (gl l oba) Core cycle div se a unt pped maket er nd a r s” Workshops t r ing senior l &HR aget , ine forFinancial Advisors Early career ma ger (gl l na s oba) (UK) development Integration of unconscious bias Workshops: Mid career concepts into materials: Professiona &ca l mpus development recruiting – per ma ma gement(gl l for nce na oba) Workshops for key function (UK) – M pr ion ev s (r D omot ent egiona ev l ents) talent: curent&aumni mid r l l elkeyt l , alfunct (UK) ev aent l ions Recruiting Promotion workshop: alpr ees in sel ed business funct (UK) l omot ect ion Leadership & Talent training courses Int aion ofunconscious bia concept int alLeadership & Talent offer fr ent yl t l der(gl l egr t s s ol ings, om r evel o ea oba) 11
  12. 12. noronc [pr t inted: ____] [saE ____] Pr aion2 vduca ed: tion esent t and a aeness wrU nconscious bias workshops feed back R eshingl dir , cl ra r l ic— nott pol ical corect a essiv efr y ect ea nd eaist he it ly r , ggr e“ a oa t tI ha e exper ppr ch ha v ienced in simil rsit t w I ha e w ked in US a uaions hen v or ba Useful simpl messa a t t t ke a a a putint pr ct nks. , e ges nd ips o a w y nd o a ice. At tendee a Unconscious Bia w kshop t s or ” I found itbot r eaing a aaming! It ha afunda a impa on howI t h ev l nd l r s d ment l ct hink“ a pr ion, per ma a comp decisions … bout omot for nce nd At tendee a Unconscious Bia w kshop t s or ” 12
  13. 13. noronc [pr t inted: ____] [saE ____] Pr aion2 vduca ed: tion esent t and a aeness wrL ead ership workshops for senior fem alesThe aim was to provide an offering to senior women in the organization which would:• Be somet specia t demonstae t impora ofseniorw t UBS hing lo r t he t nce omen o• Offersomet r ev nta int est hing el a nd er ing• Pr ide a opporunit t l a l der fr afemae per iv ov n t y o ook t ea ship om l spect e• G e t a spa forr ect a per ll der dev opment iv ime nd ce efl ion nd sona ea ship el• E bl net or a cr t l st cr business r aionships na e w king nd eae a ing oss- el t 13
  14. 14. noronc [pr t inted: ____] [saE ____] Pr aion2 vduca ed: tion esent t and a aeness wrL ead ership workshops for senior fem alesThe McKinsey model of Centered Leadership includes five elements• Meaning – t sense ofmea is w tinspir l der guides t caeer sust ins theiropt he ning ha es ea s, heir r s, a imism, gener t posit e emot a ena es t t l d in cr t e a aes iv ions, nd bl hem o ea eaiv nd profound w ys a• Energising (managing energy) – t succeed l t m a t a o ong-er nd o ccommodae fa ya communit r t mil nd y esponsibil ies, l der l r t ma ge t ener r v a t t p int fl it ea s ean o na heir gy eser es nd o a o ow• Engaging – successfull der t ke ow ship foropporunit aongw h r T ha e av a t use it T e aso a pt e a cola aiv ea s a ner t ies l it isks. hey v oice nd hey . hey’r l da iv nd l bor t e• Connecting – nobodydoes itaone. L der ma mea l ea s ke ningfulconnect t dev op sponsor a folow ship, colea a supporer w w r h a huma y ions o el ship nd l er l gues nd t s, ith amt nd nit• Framing (positive framing) – t sust in t o a hemsel es on t pah t l der a t funct a l der peopl mustv sit t cl ry, a oidingdow ad spir l in or t mov v he t o ea ship nd o ion s ea s, e iew uaions eal v nw r as, der o e a d a cr t sol ions hea nd eae ut R ence: T M efer he cKinseyL der Pr ect ea ship oj 14
  15. 15. noronc [pr t inted: ____] [saE ____] Pr aion2 vduca ed: tion esent t and a aeness wrL ead ership workshops for senior fem alesCentered Leadership (“CL”) approach at UBS• Dur 20 , intoduct ysessions w e r forE M w ing 10 r or er un D/ D omen, w cov ed alfiv el s ofCL(M ning, Fr ming, E gising, hich er l e ement ea a ner Connect E ging) ing, nga – a under a oft r r on w tma seniorw successfula howea patoft CLmodelca unl higherper ma n st nding he eseach ha kes omen nd ch r he n ock for nce – deepersel w r ofcurentst engt a ga t ough sel ainga f-a aeness r r hs nd ps, hr f-r t nd guided r ect efl ion – a opporunit t sur ce deepermindset t tma be bl n t y o fa s ha y ockingper ma for nce – insight a pr ct lt s t a yt da yw k a caeerpl nning s nd a ica ool o ppl o il or nd r a – per lcommit s t t ke ba int w k sona ment o a ck o or• Dur 20 deeperdiv w kshops focused on t ee oft fiv element ing 11, e or hr he e s (M ning, F a E ging) ea r ming, nga• Coa cir es w e aso intoduced ching cl er l r 15
  16. 16. noronc [pr t inted: ____] [saE ____] Pr aion2 vduca ed: tion esent t and a aeness wrC entered L ead ership feed back I found itt be t mosthel softskils cour I ha e at o he pful - l se v tended bysome“ magin, bot fr apr r h om ofessiona a aper lper iv l nd sona spect e. Seniorw n, Cent ed Lea ship w kshop oma er der or ” T pr a excit a inv aed me— somet I w s notexpect It he ogr m ed nd igor t hing a ing.“ w s …enga a per l…I t a a ahuge a a ging nd sona ook w y hour a a so pl sed I at s nd m ea tended. mountfr t few om he Seniorw n, Cent ed Lea ship w kshop oma er der or ” 16
  17. 17. noronc [pr t vE ncing esent t nha inted: ____] [sa ed: ____] Pr aion2 maer t nity supportEnhancing m aternity support• Maternity support coaching (group and individual) – ha been in pl ce in t UKsince 20 6 s a he 0 – r l outin Fr nce a ext oled a nd ended t l t m l v (sa t l o ong er ea e bbaicas)• Line manager maternity briefing sessions – nowma t yin t UK. T is forall ma ger w ha e a empl going on maer yl v ndaor he his l ine na s ho v n oyee t nit ea e – l ma gercoa /br ine na ching iefings r l outin F a oled r nce• Maternity checklists – t e ae fourcheckl s for l ma ger a fiv checkl s fort empl st ring fr t momentHR is infor her r ist ine na s nd e ist he oyee, at om he med oft pr ncyt a ert empl ha r ur t w k folow maer yl v T checkl s ae init lyforUK he egna o ft he oyee s et ned o or l ing t nit ea e. he ist r ial employees onl y – ext ended t ot r o her egions• New Dads workshops 17
  18. 18. Dev op el noronc [pr t v a nd inted: ____] [sa ed: ____] Pr aion2 esent t pr e omot fl ity exibilD evelop and prom ote flexibility at work aw k t or• Patofgenderinit t e, at r iaiv lhough impa s bot mae a femae empl ct h l nd l oyees• Fexibl v smatw king l e s. r or• Constuct anewbuil (20 r ing ding 16)• W hin r ofPr ectDonnapr r yfocusingon it emit oj imail – l ma gerw kshops ine na or – t kit forHR l ma gera empl ool s , ine na nd oyees 18
  19. 19. Dev op el a elop Dev nd noronc [pr t and inted: ____] [sa ed: ____] Pr aion2 pr e esent t vomot pr e omot fexibil y l flexibility itFlexible / sm art working workshop a a or k twwk t or• Tr a aget udience— l ma ger in pil aea ine na s ot r s• T w kshop inv es ma ger t discuss, expl e a shae exper he or it na s o or nd r ience• Itdiscusses a chal nd lenges at udes a bel ofma ger a t w kingculur tit nd iefs na s nd he or te• Itpr ides ma ger w h pr ct lr ll exa es a pr ct l“howt st ov na s it a ica ea ife mpl nd a ica o” eps• Workshop covers – definit incl for lv infor lfl w king ions uding ma s. ma ex or – benefit a bar s s nd rier – ma gementexer a ca st na cises nd se udies – modelforimpl ing fl w king ement ex or – nextst a a ions eps nd ct 19
  20. 20. noronc [pr t inted: ____] [sa ed: ____] Pr aion2 v esent tAny questions?? 20
  21. 21. noronc [pr t inted: ____] [sa ed: ____] Pr aion2 v esent tDISCLAIMERBy accepting this document, the recipient agrees to be bound by the following obligations and limitations.T pr his esentaion ha been pr r byUBSA a orit subsidiaies, br nches ora iaes (t her “UBS”)fort excl e use oft pat t w UBSdel er t pr aion (t “R t s epaed G nd/ s r a ffil t oget , he usiv he ry o hom iv s his esent t he ecipient T infor t in t pr aion ha been obt ined fr t R ”). he maion his esent t s a om he ecipienta ot publ ya a a e sour a ha notbeen independentyv ified byUBSora ofit dir or officer empl nd her icl v il bl ces nd s l er ny s ect s, s, oyees, a s, r esent t es ora iser or gent epr aiv dv sa ot per No r esent t w ra orundera expr orimpl is orw lbe giv byUBSorit dir or officer empl ny her son. epr aion, ar nty t king, ess ied, il en s ect s, s, oyees a ora s a t orin r aion t t a a compl eness, r ia it orsuf nd/ gent s o el t o he ccur cy, et el bil y ficiencyoft infor tion cont ined in t pr aion ora t t r sona eness ofa a he ma a his esent t s o he ea bl ny ssumpt cont ined t ein, a t the ma ion a her nd o ximum ext per t byl wa exceptin t ca offr ud, UBSa ea ofit ent mited a nd he se a nd ch sdir or officer empl ect s, s, oyees a a s expr ydiscl im a l bil yw ma aise fr t pr a a a eror cont ined t ein a oromissions t efr orfr a use ofthe cont s oft pr aion. nd gent essl a ny ia it hich y r om his esent tion nd ny r s a her nd/ her om om ny ent his esent tT pr his esentaion shoul notbe r r byt R t d egaded he ecipienta asubst ut fort exer ofit ow j s it e he cise s n udgmenta t R nd he ecipientis expect to r yon it ow due dil ed el s n igence ifitw t pr ishes o oceed fur . therT v l t pr ect est t for st t r s, pr he auaions, oj ions, imaes, eca s, aget ospect r ur a oropinions cont ined her inv v el s ofsubj ive j s, et ns nd/ a ein ol e ement ect udgmenta a l A opinions expr in t maer lae subj t cha w houtnot a ma differorbe contayt opinions expr byotherbusiness aea orgr ofUB a ar tofusingdiffer a nd naysis. ny essed his t ia r ect o nge it ice nd y rr o essed r s oups S s esul ent ssumpt a cr er . T pr aion ma conta for ad-ooking ions nd it ia his esent t y in w r lst t aements. UBSgiv no undera a is underno obl t t updae t for ad-ookingst t s forev s orcir a t toccursubsequentt the dae oft pr aion ort updae orkeep curenta oft inf maion cont ined her a t pr aion is notar esent tion byUBSt titw ldo so. A est t orpr ections a t ev s t tma occurin t fut e (incl pr ect ofr enue, expense, net es t king nd igaion o t hese w r l aement ent cumst nces ha o t his esent t o t r ny he or t a ein nd his esent t epr a ha il ny imaes oj s o ent ha y he ur uding oj ions evincome a stock per ma ae ba upon t bestj nd for nce) r sed he udgmentofUBSfr t infor t pr ided byt R om he maion ov he ecipienta ot publ ya il bl infor tiona oft dae oft pr aion. A st tement est t pr ect orot pr ae a ae onl a a t da oft pr aion. T e is no guaa ee t ta oft est t orpr ections w lbe a ed. A ua r t w lvayfr t pr ect a such nd her icl va a e ma s he t his esent t ny a s, imaes, oj ions her icing r ccur t y s t he te his esent t her r nt ha ny hese imaes oj il chiev ct l esuls il r om he oj ions ndv r t ma be maer l aiaions y t ia.Not cont ined her is, orshalbe r ied upon a apr hing a ein l el s, omise orr esent t a t t pa orfutur T pr aion spea a a t dae her (unl a eal dae is ot w indicaed in the pr aion)a in giv this pr aion, no obl t is undera a noris a r esentaion orundera giv bya per t pr ide t r epr aion s o he st e. his esent t ks s t he t eof ess n rier t her ise t esent t nd ing esent t igaion t ken nd ny epr t t king en ny son o ov he ecipientw h a iona infor t ort updae, r ise orr ffir t infor t it ddit l maion o t ev ea m he maioncont ined in t pr aion ort corecta ina a t ein w ma become a r . a his esent t o r ny ccur cies her hich y ppaentT pr his esentaion ha been pr r sol yforinfor t lpur a is nott be constued a asol t invit t ora offerbyUBSora ofits dir or officer empl t s epaed el maiona poses nd o r s icitaion, aion n ny ect s, s, oyees ora s t buyorsel a secur orr aed fina linstument ora oft a s, business orundera descr her T R gent o l ny ities el t ncia r s ny he sset t kings ibed ein. he ecipientshoul notconstue t cont s oft pr aion a l l t x, a d r he ent his esent t s ega, a ccount orinv menta ice oraper l ing est dv sonarecommendaion. T R t he ecipientshoul consul it ow counsel t x a fina la iser a t l la r a mat s concer a ta ction descr her T pr aion does notpur tt be alincl e ort cont in aloft infor t t tt R d ts n , a nd ncia dv s s o ega nd el ted ter ning ny r nsa ibed ein. his esent t por o l- usiv o a l he maion ha he ecipientma r e. No inv ment div mentorotherfina ldecisions ora ions shoul be ba sol yon t infor t in t pr aion. y equir est , est ncia ct d sed el he maion his esent tT pr his esentaion ha been pr r on aconfident lba sol yfort use a benefitoft R t s epaed ia sis el he nd he ecipient Distibut oft pr aion t a per ot t n t R . r ion his esent t o ny son her ha he ecipienta t per r a t a ise t R nd hose sons et ined o dv he ecipient w a ee t ma a t confidentiait oft maer la be bound bythe l aions outined her is una hor T maer lmustnotbe copied, r oduced, publ , ho gr o int in he l y his t ia nd imit t l ein, ut ized. his t ia epr ished, dist ibut pa on ordiscl r ed, ssed osed(in w e orin pat t a ot per orused fora ot pur a a t w houtt pr witen consentofUBS; sa tha t R hol r) o ny her son ny her pose t ny ime it he ior r t ve t he ecipienta a ofit empl nd ny s oyees, r esent tiv orot a s ma discl t a a alper w houtl aion ofa kind, t t x teamenta ta stuct e oft tr nsa ion a alma ias ofa kind (incl opinions orot t x a l tha ae pr ided t t R epr a es, her gent y ose o ny nd l sons, it imit t ny he a r t nd x r ur he a ct nd l ter l ny uding her a nayses) t r ov o he ecipientr aingt el t osuch t x teamenta t x st uct e. a r t nd a r urBya ingt pr a t R ccept his esent tion, he ecipienta l cknowedges a a ees t tUBSis a ing, a w la alt a , a a independentconta oron a am’s l ba a is nota ing, a w lnota , in a ot ca cit incl in afiduciayca cit w h r nd gr ha ct nd il t l imes ct s n r ct n r ength sis nd ct nd il ct ny her pa y, uding r pa y, it espectt t R o he ecipient UBSma onl be r r byyou a a ingon yourbehafa fina la iserorot w folow t execut ofa opr t document t . y y egaded s ct l s ncia dv her ise l ing he ion ppr iae aionbet een us on mut lysa ct yt ms. w ual tisfa or erUBSma fr t t t a pr lora , be inv v in aw r nge ofcommer lba a inv mentba a it gl ly(incl invest a isor a ma gement r r secur ies issua t a (cust a pr iet r a br a ha e l orshor posit in, orma t a orma amaketin a secur ies, curencies, fina linstument orot a s underyingt ta ct t w y om ime o ime, s incipa gent ol ed ide a cia nking nd est nking ctiv ies obal uding ment dv y, sset na , eseach, it nce, r ding omer nd opr ay) nd oker ge), v ong t ions y r de ke r ny it r ncia r s her sset l he r nsa ion o hicht pr his esentaion r aes. UB ba t el t S’s nking, ta a orhedginga iv ies ma ha e a impa on t pr ofthe underyinga a ma giv r t confl ing int est ordut UB ma pr ide ser ices t a memberoft sa gr a t R r ding nd/ ct it y v n ct he ice l sset nd y e ise o ict er s ies. S y ov v o ny he me oup s he ecipientora ot ent yorper (a“T d Pat enga in a ta ction (on it ow a ny her it son hir ry”), ge ny r nsa s n ccountorot w w h r her ise) it espectt t R o he ecipientoraT d Pat ora in r aion t a mat hir ry, ct el t o ny terforit fora T d Pat not it a t tsuch ser ices, t a ct ora ions ma be a er t t R sel ny hir ry, w hst nding ha v r nsa ions ct y dv se o he ecipientora memberofit gr a UB ma r a forit ow benefita r aed r ny s oup, nd S y et in s n ny el t emuner t orpr . aion ofitT pr his esentaion ma cont in r ences t r r pr t y a efer o eseach oduced byUBS. R r is pr eseach oduced fort benefitoft fir inv ingcl s. T pr r obj iv ofea a l inthe r r depat ae: t a l t compa industr a counties t cov a for stt fina la economic per ma a ar t t for opinions on t v l a fut e beha iourofsecur ies issued byt compa t cov ; he he m’s est ient he imay ect es ch nayst eseach rment r o nayse he nies, ies nd r hey er nd eca heir ncia nd for nce; s esul, o m he aue nd ur v it he nies hey era t conv t tinf maion t UBS’ inv ingcl s. E ch issueris cov ed byt R r Depat a it sol discr ion. T R r Depat pr nd o ey ha or t o est ient a er he eseach rment t s e et he eseach rment oduces r r independentyofot UBSbusiness aea a UBSA business gr eseach l her r s nd G oups.© UBS 2012. All rights reserved. UBS specifically prohibits the redistribution of this material and accepts no liability whatsoever for the actions of third parties in this respect. 21
  1. A particular slide catching your eye?

    Clipping is a handy way to collect important slides you want to go back to later.