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									                                                                 Peter Lee, Chief Technical Analyst, peter.lee@ubs.com, 212-713-8888, ext. 01
                                                               Jonathan Beck, Technical Analyst, jonathan.beck@ubs.com, 212-713-8888, ext. 02




Wealth Management Research                                                                                                            30 July 2010




Technical ETF Performance Table

Domestic Exchange-Traded Funds Technical Review
  The objective of this report is to review the technical conditions of the            Contents                                             Page
   more actively traded domestic Exchange-Traded Funds (ETFs). We then
   correlate this report with our broader macro market and sector analyses. In
                                                                                        Major Stock Indexes
   this review, we provide updates on various technical indicators including
                                                                                        Dow Jones Industrial Average – DIA                      2
   10-week and 30-week moving averages, intermediate-term trends and
   important technical support and resistance levels. We try to identify                S&P 500 Index – SPY                                     3
   potential trading/investment opportunities and downside risks in various             NASDAQ 100 Adjusted Index – QQQ                         4
   key domestic markets. The following are technical commentaries, and not
   necessarily Buy or Sell recommendations.                                             Currency and Bond Indexes
   Note: All last sale prices are as of 29 July 2010.                                   US Dollar Index - $USD                                  4
 Major Stock Indexes – We believe there are 3 possible scenarios that can              Ten Year US Treasury Notes (yields) – TNX               5
  unfold this year for SPX/SPY. Scenario 1: Continue with its Neutral trading
  range trend as defined by a tight trading band between 1131.23-                       Commodity Indexes
  1150.45/113.20-115.15 and 1,010-1,040/101-104. The odds/probabilities                 MS Commodity Related Index – CRX                        5
  of this scenario developing this year are 40% and possibly increasing to 50%          Gold, 100 Troy oz.; COMEX                               6
  if we get a poor or non-confirmation monthly close for July. We believe this          Silver, 5000 oz.; COMEX                                 6
  is the most popular scenario and is street consensus view. A disciplined
                                                                                        Crude Oil; Light Sweet                                  6
  tactical trading approach works best for trading accounts and we favour
  income producing and conservative investment strategies for investors.
  Scenario 2: Selling resumes and marginal new lows are recorded this year.
                                                                                        Sector Indexes
  The basis for this call is the recent July bounce (10.89%) is another technical       iShares Trust DJ Select Dividend Index Fund –           7
                                                                                        DVY
  oversold rally that will begin to fade into the Summer to early Fall resulting in
                                                                                        iShares Trust Russell 2000 Index Fund – IWM             7
  downside targets to 950-975/95-97.5. The odds/probabilities of this scenario
  unfolding are 30% but may increase to 40%-50% if SPX/SPY fails to
                                                                                        Biotech HOLDRs Trust – BBH                              7
  breakout. In this environment, non-correlating asset classes, defensive               Pharmaceutical HOLDRs Trust – PPH                       7
  hedges, liquid assets, fixed income securities and preservation of capital are        Semiconductors HOLDRs Trust – SMH                       8
  all important. Scenario 3: The market rallies strongly into the end of year as        Oil Service HOLDRs Trust – OIH                          8
  cash heavy investors and short sellers are forced into the market driven by
  the fear of missing a rising market. This market melt-up scenario remains the         Broader Indexes and Style Indexes
  contrarian call on the street. Scenario 3 takes on greater significance if
                                                                                        iShares DJ US Total Market Index – IYY                  8
  SPX/SPY can confirm a monthly reversal pattern by the end of this month.
  The odds/probabilities of this scenario developing are 30% but can rise to
                                                                                        iShares S&P 500 Value Index Fund – IVE                  9
  40%-50% if our favourable conditions are met but can also fall 20% under              iShares S&P 500 Growth Index Fund – IVW                 9
  adverse conditions. If this scenario unfolds, riskier assets including domestic
  and international equities and higher beta securities outperform and                  Other Sector Indexes
  defensive assets such as cash and fixed income securities underperform.               Materials Select Sector SPDR Fund – XLB                 9
 Macro Indexes – Currency/Bond/Commodity Indexes – A long-term
                                                                                        Consumer Discretionary SPDR Fund – XLY                 10
  head and shoulders top pattern dating back to the mid-1980s remains intact
                                                                                        Energy Select SPDR Fund – XLE                          10
  for USD. However, the outcome of two competing intermediate term
  patterns may signal an inflection point in the currencies market. 10-year             Financial Select Sector SPDR Fund – XLF                10
  Treasury yield (TNX) has fallen dramatically to key support level near 2.79-          Industrial Select Sector SPDR Fund – XLI               10
  2.88% suggesting a key test. Commodities have become increasingly volatile            Consumer Staples Sector SPDR Fund – XLP                11
  once again. Gold and Silver still retains bullish intermediate-to-longer term         Health Care Select Sector SPDR Fund – XLV              11
  trends. However, an impending key test of support will help decide the
                                                                                        Utilities Select Sector SPDR Fund – XLU                11
  near-term trends. Crude Oil is confined to a Neutral trading range.
 Broader Indexes and Style Indexes – No major changes to broader based                 iShares Trust DJ US Real Estate Index – IYR            12
  indexes and style indexes as we wait the outcome of key battle among major            Retail HOLDRs Trust – RTH                              12
  financial assets including stocks, bonds, currencies and commodities.                 Technology Select Sector SPDR Fund – XLK               12
 Sector Indexes – Minor technical changes made to Sector Indexes. We
  lowered our technical outlook for iShares Russell 2000 Index (IWM) and
  Retail HOLDRS Trust from Moderate Bullish  Neutral.
This report has been prepared by UBS Financial Services Inc. (UBS FS) and UBS AG.
Analyst certification and required disclosures begin on page 17.
Wealth Management Research                                                                                             26 February 2010


Technical ETF Performance Table



Domestic Exchange-Traded Funds
Technical Performance Table
  Symbol      Description   Overall Technical Last Sale      Support\ Areas         Resistance         10-Week:   30-Week:   % Chng from
                                 Trend                                                Areas             Falling      Flat     Last Report

 INDU (DIA)   Dow Jones         Neutral        104.67      100-102.5; 98-100;     106-107; 109.5;        102        104         5.01%
               Industrial                                 94-96; 89-91; 84-85; 112.47-112.58; 114-
               Average                                      81-83; 77.5-78.5;    115; 116-119; 124-
                                                          74.5-75; 71-72; 64.78 125; 128-130; 131.5-
                                                                                132; 138; 148.5-142

The structural head winds will continue to influence DJIA/DIA confining this market to a secular bear/trading range environment
possibly for another 5-10 years. The structural forces include deleveraging cycle, aftermath of speculative bubbles and
widespread changes in investment psychology towards risk aversion. These structural forces are denoted by a large head and
shoulders top pattern dating back to the 1998/1999 timeframe. A potential multi-year distribution top pattern is sill a work in
progress. The 1999/2000/2001 highs at 11,450-11,750/114.5-117.5 convey the potential for left shoulders (intermediate-term
supply). The head corresponding to the October 2007 high is visible near 14,200/142 and crucial neckline support is available
near 6,500-7,200/65-72 or the October 2002 and March 2009 reaction lows. Violation of neckline support is technically
significant as this confirms a major top and the signals the start a structural bear decline. Lacking a decisive long-term
directional uptrend, we suspect many investors and traders will turn to the shorter-to-intermediate term cyclical forces/trends for
guidance. In recent weeks we are detecting yet another major battle developing between the bulls and the bears. The outcome
may help to define the next directional trend into the end of the year and possibly into 2011. In the mean time, we find it
interesting the March 2009 cyclical rally stalled at 11,258.01/112.58 on April 2010 for close to our projected intermediate-term
target of 11,246/112.47 coinciding with the crucial 61.8% retracement from 2007-2009 decline. Although it is still possible for
DJIA/DIA to trend higher towards 11,450-11,750/114.5-117.5 or the left shoulders (1999/2000/2001 highs) it is not likely to
occur in the near-term until the current battle between the bulls and bears are resolved. Lacking a resolution to this call DJIA
remains choppy in a directionless sideways trading range environment as evident by flat Year-to-Date returns. Although we
continue to retain an intermediate-term Neutral technical stance and a cautious longer-term technical outlook we are
encouraged by the shorter-term technical developments in recent weeks as DJIA/DIA appears to be outperforming peers, at least
from a relative strength perspective. For instance, Since April 2010 peak, DJIA/DIA has been stronger than SPX Index and the
higher beta NASDAQ Composite. A positive outside day last Tuesday, July 20th, a positive outside week last Friday to close the
week of July 19th week are all positive technical developments. The breakout above its Apr 2010 downtrend and the clearing of
its crucial 30-week ma are also constructive events. However, to convince investors/traders that there is a sustainable recovery
DJIA/DIA needs to generate a positive outside month pattern above 10594.16/105.96 by the end of the month (July 30th). This
action coupled with a convincing move above the Jan 2010 high at 10729.89/107.23 would negate a formidable 10-month
head/shoulders top and establish the July 1st bottom at 9614.32/96.17 as a potential Mid-term Election Year low, in our view. It
is also important to note that the prior 2002-2007 cyclical bull rally extended to as high as the 76.4% retracement level of the
2000-2002 decline or to 10,675.82/106.54 before the onset of a high level and extensive sideways consolidation phase during
2004-2006. Since the current March 2009 cyclical bull rally has recently achieved its 61.8% retracement at 11,246/112.47 on
April 2010 and has then consolidated over the past 4 months we believe that there is still some unfinished business to the
upside. Although we are not siding with the outright bulls we wonder if this blue chip index can again replicate the prior rally
and trend upwards to 11,450-11,750/114.5-117.5 and possibly as high as the 76.4% retracement at 12,374/123.74 before
succumbing to a cyclical peak as early as next year? On the near-to-intermediate term horizon, our technical work suggests the
March 2009 cyclical bull remains intact and that we are slowly moving towards the middle of its cyclical recovery phase. The
ability of DJIA/DIA to maintain several key support zones on subsequent corrections will help to determine the sustainability of
the current March 2009 cyclical bull trend. Initial trading support is evident near 10200-10250/102-102.5 or the extension of
the April 2010 downtrend line, the July 2010 uptrend and shorter-term moving averages (30 and 50-day). We believe the key
secondary support is also visible near its Feb/May/early-June/July 20th 2010 lows at 9775-10008/97.75-100.04. 9429-
9614/94.32-96.17 or the prior 38.2% retracement from 2009-2010 rally as well as the July 2010 reaction low also represents
crucial support. Violation here does not necessarily negate the March 2009 cyclical bull trend but would clearly weaken it
pressuring DJIA/DIA down towards the pivotal July 2009 neckline breakout at 9,088-9,654/90.9-96.5. The 50% retracement
from 2009-2010 rally is also converging nearby at 8,864/88.68 providing important intermediate-term support. Under severe
selling DJIA/DIA can fall as low as the 61.8% retracement at 8,087/83.04 to the last area of supports that defines the March
2009 cyclical bull trend. Violation here marks the end to the March 2009 cyclical bull and the start of another major cyclical
bear decline, in our opinion. If we were to repeat the trading range environment of 2004/2005/2006 then this implies the
current correction will not be resolved so easily and may extend into early fall. Similar to 2006 a 4-year Mid-term Election Year
bottom can develop leading to another major rally heading into bullish Pre-Election Year cycle (2011). The historical average
returns of 47.8% coming off of the bottom of the Mid-term Election Year cycle lows to the following year Pre-Election Year
high, if repeated, suggest another major 4-year buying opportunity will soon develop into the decline. The 10-month head and
shoulders bottom breakout during July/August 2009 above neckline supply (January 2009 and November 2008 peaks) at
9,088/90.90 and 9,654/96.50, respectively still render intermediate-term targets towards 11,700/117, and possibly to
UBS AG                                                                                                 Technical ETF Performance Table 2
Wealth Management Research                                                                                          26 February 2010


Technical ETF Performance Table



12,826/128, over time. In summary, the 14.6% correction from the April to July downturn suggests DJIA is outperforming its
key counterparts including SPX (-17.13%), NASDAQ Composite (-1871%) and MSCI Emerging Markets Index (-18.33%). It is
also interesting to point out the recent pullback during July 2010 DJIA successfully found key support comfortably above its
38.2% retracement at 9428.97/94.32 by nearly 200/2 points as other key US equity fell right to its key support. Does this near-
term positive divergence signals the emergence of a new leadership market or are defensive minded professional investors
hiding in the safety of the liquid blue chip names?


  Symbol      Description   Overall Technical Last Sale     Support Areas         Resistance        10-Week:   30-Week:   % Chng from
                                 Trend                                              Areas            Falling      Flat     Last Report

    SPX     S&P 500 Index       Neutral        110.29     108-110; 104-106; 113-115; 117-117.5;       108        112         2.91%
   (SPY)                                                   100-101; 95-97.5;   121-123; 125-126;
                                                          87-88; 78-80; 74.34 130-132; 135-136;
                                                                              140-141; 144-144.5;
                                                                                148; 153-153.5;
                                                                                 155.75-157.52

After enduring the largest correction since the March 2009 cyclical bull rally falling 17.13%/17.19% from April to July, SPX/SPY
has staged another strong rally from its July 1st low (1010.91/101.13) appreciating 10.89%/11.04% over the past 4-weeks. This
action has prompted a major debate as to whether a major bottom market bottom has occurred. We are intrigued with last
week’s market action and believe numerous convergences of key technical indicators over the past week (July 19th) hints of an
impending major inflection/turning point. The outcome this key battle may develop as early as Friday, July 30th coinciding with
end of the month. In the mean time, we recommend maintaining a Neutral technical outlook until then. It is our belief that
there are three possible scenarios that can unfold this year. We will briefly review the odds/probabilities as to which of three
scenarios are likely to develop. Scenario 1: Neutral trading range market. A choppy trading range environment continues into
the Summer to early Fall as SPX/SPY is confined to a tight trading band between 1131.23-1150.45/113.20-115.15 or the prior
pivotal June/January 2010 highs and 1,010-1,040/101-104 or February/May/early-June/July 20th 2010 lows as well as the pivotal
July 1st low. A short-term 3-month basing effort resembling a short-term term head/shoulders bottom pattern gives the bulls
hope of an eventual breakout later in the year. Based on the symmetry of this pattern we suspect that it will take another 1-2
months to establish the necessary right shoulders before SPX/SPY can attempt another breakout above key neckline resistance
coinciding with the June 2010 high (1131.23/113.20). A technical base breakout of approximately 120/12 points renders
potential upside targets to 1251.55/125.27 or slightly above its recent April 2010 peak and just north of the 61.8% retracement
from 2007-2009 decline at 1228.74/122.98. We believe this scenario appears to be the most popular and remains the street
consensus view. This is a trader’s environment favouring those that have a disciplined tactical trading strategy. For investors,
this is a frustrating environment suggesting that they will continue to favour income producing investments and conservative
investment strategies. The odds/probabilities of this scenario developing this year are 40% and possibly increasing to 50% if we
get a poor or non-confirmation monthly close for July. Scenario 2: Selling resumes and a marginal new low are recorded this
year. This is the most defensive of the three scenarios and the one favoured by the bears on the street. The basis for this call is
the recent July bounce (10.89%) is yet another technical oversold rally similar in scope to the 10.11% rally that developed right
after the May 6th 2010 flash crash low and the 8.54% rally from June 6th to June 21st. In this scenario, we can expect selling
pressure to quickly develop as SPX/SPY struggles to breakout above key supply near 1131-1150/113-115. As we head into the
seasonal weakness period from September to October investors/traders will become increasingly concerned and will then begin
to sell ahead of Mid-term Elections in November. In the process, initial trading support at 1080-1100/108-110 will be easily
broken. This breakdown then leads to further selling momentum quickly building up as SPX/SPY declines to its next key near-
term support at 1040-1060/104-106 and possibly to a retest of the recent July 2010 reaction low of 1010.91/101.13. However,
this selling momentum accelerates and risk aversion soon returns as investors/traders fear another major collapse. Stop loss
executions and defensive hedging strategies placed just below the July 1st bottom (1010.91/101.13) once triggered will likely
result in speculative traders exiting the marketplace creating a potential wash out market condition. As the remaining sellers in
the marketplace are finally exhausted SPX/SPY begins to stabilize possibly near its key intermediate-term support level at 950-
975/95-97.5 corresponding to the July 2009 neckline breakout, 50% retracement from Mar 2009 to Apr 2010 rally and the
average declines of 20.6%-22.4% associated with Mid-term and Decennial Year cycles dating back to 1930. Under extreme
selling SPX/SPY can still fall to its pivotal July 2009 reaction low of 869.32/87.00 and the crucial 61.8% retracement from 2009
to 2010 rally at 878.04/88.12. The odds/probabilities of this scenario unfolding are 30% but may increase dramatically to 40%-
50% if we have failed rallies in the next week or so. In this environment, we expect non-correlating asset classes, defensive
hedges, liquid assets, fixed income securities and disciplined risk management strategies will excel. Scenario 3: The market rallies
strongly into the end of year as cash heavy investors and short sellers are forced back into the marketplace driven by the need to
participate in a rising market environment. This market melt-up situation is by far the most optimistic of the three scenarios, and
as such is viewed by many as highly unlikely and thus a contrarian call against the street. Nonetheless, we will introduce this
potential scenario based primarily on the strong technical actions the past week (July 19th) including: daily breadth expansion,
positive divergences among key markets, rotation back into economically sensitive sectors, selling of risk aversion assets, positive
outside day on Tuesday, July 20th, positive outside week during July 19th, violation of April 2010 downtrend, ability to find key
support near its pivotal 38.2% retracement of March 2009 to April 2010 rally, convincing surge above key moving averages (i.e.,
UBS AG                                                                                              Technical ETF Performance Table 3
Wealth Management Research                                                                                              26 February 2010


Technical ETF Performance Table



10-week, 50-day, 10-mo, and 30-mo ma) and trading above shorter-term retracements levels (38.2% retracement from recent
April to July 2010 downturn). However, it remains our contention that this scenario needs a lot of help as there remains a lack
of conviction coming from investors/traders. This scenario takes on greater significance if SPX/SPY can generate an important
monthly reversal pattern by the end of the month on Friday, July 30th. A strong monthly close above June’s intra-month high of
1113.23/113.20 basically negates a series of lower lows thereby breaking the string of strong selling over the past 3 months. If
this develops further it also would also negate the right shoulder of a large 10-month head/shoulders top rendering a higher
high pattern and the start of a sustainable rally possibly back to retest of the left shoulder coinciding with January 2010 highs at
1150.45/115.14 and the head near the April 2010 reaction high of 1219.80/122.12. The ability of SPX/SPY to trade above its
key weekly and monthly moving averages including its 10-week/30-week as well as its 10-month and 30-month would also help
to prevent the rolling over effect associated with many previous major market tops. Most important, a convincing surge above
June 2001 intra-month high confirms a positive outside month reversal formation. Remember the previous positive outside
month patterns during July 2009, Jan 2006, Jul 2005, Oct 2004 and Mar 2003 have subsequently led to major key trend
reversals and/or continuations of cyclical bull rallies. A convincing surge above Jan 2010 high of 1150.45/115.15 would also be
most helpful to finally negating the left shoulder (January 2010 high) of an existing 10-month head/shoulders top pattern. A
reversal of head/shoulders top often leads basically solidifies the July 1st low at 1010.91/101.13 as an important Mid-term
Election Year cycle low and signals the continuation of the primary trend which in this case is the resumption of the 2009 cyclical
bull rally. We believe the odds/probabilities of this scenario developing are currently no better than 30% but can rise
considerably higher possibly to 40%-50% if the above conditions are met. Under this scenario, the strategy is to begin to return
to riskier assets including domestic and international equities, higher beta securities and move away from defensive assets such
as cash and fixed income. In summary, as you can see from the above technical discussion we are nearing a major inflection
point and the odds/probabilities of one of these scenarios developing are similar. We therefore recommend investors/traders
maintain a Neutral technical stance and wait for the outcome of this important battle before taking a decisive action.


  Symbol      Description    Overall Technical Last Sale     Support Areas          Resistance        10-Week:   30-Week:   % Chng from
                                  Trend                                               Areas            Falling      Flat     Last Report

    NDX     NASDAQ 100           Neutral        45.71      43.5-45; 40.75-42; 46.64-47.68; 48.79;       45         46          3.42%
  (QQQQ)    Adjusted Index                                  37.85; 34.5-35.5;  50.65; 52.5-53; 55-
                                                            31.5-32.5; 27-28; 55.5; 57.5-58; 64-65;
                                                              25.05-25.63           69.5-71.5

The large-cap OTC market (QQQQ) still retains market leadership qualities at least based from an intermediate-to-longer term
relative strength perspective against major US Stock indexes. The following technical developments over the past year support this
relative strength outperformance basis: It is one of a handful of key US indexes that did not generate a negative outside month
pattern during the Jan/Feb 2009 market decline. In fact, from the Mar ‘09 bottom, QQQ has generated 3 bullish positive outside
reversal weekly patterns during the week of 17 August, 25 May, 30 March, and 9 March. A positive outside month on July 2009
further confirms a major intermediate-term trend reversal; (2) this market surpass many crucial resistances including the pivotal 4
Nov 2008 (Election Day) reaction high and the 6 January 2009 high very early in this bull rally confirming neckline breakouts and
higher-high/higher-low patterns; (3) QQQQ also easily breeched its 38.2% to 61.8% retracement from 2007-2009 and recently
traded slightly above its 76.4% before succumbing to profit taking; (4) QQQQ was the first major index to surpass its 10-week and
30-week ma as well as above its pivotal 10 and 30-month ma and (5) it was one of the first major US Indexes to generate a golden
cross weekly/monthly technical buy signals during the week of 20 April 2009 and recently during March 2010. These bullish
developments further substantiate this index as a relative market leader. In the past year QQQQ has achieved many of our
intermediate-term projections including 43.60 or the 61.8% retracement from 2007 to 2009 decline as well as 47.99 or the 76.4%
retracement. The ability to surpass the 76.4% retracement hints that QQQ can return to the Oct 2007 peak at 55.07, over time.
Although we are optimistic on this market in relationship to peers we believe the near-to-intermediate term technical outlook
remain Neutral. Further consolidations are probably still necessary before the resumption of the cyclical bull rally. The first major
hurdle would be to convincingly breakout above its January/June 2010 highs at 46.54-47.68. Accomplishing this feat will basically
negate a 10-month head and shoulders top and propel QQQQ upwards to retest its April 2010 high of 50.65. It is interesting that
the January/May/June 2008 highs all hovered near 50.47-51.47 ahead of the implosion of the Lehman/credit crisis during 2nd half of
2008. A convincing surge above this key intermediate-term supply zone renders a test of the October 2007 peak at 55.07 or to the
start of the 2007-2009 cyclical bear decline. Since this technology laden high beta market has led the marketplace since the March
2009 bottom, any sustained weakness also warns of a maturing cyclical bull rally. The recent failure to maintain above the 76.4%
at 47.99 and existing head/shoulder top pattern warns of further near-term technical weakness is in store. Although we believe this
market will resume its leadership role after consolidating its 2009 gains we believe this beta market may be subject to larger
declines and will be more volatile than many of its peers heading into the Mid-term Elections into the fall. In anticipation of this
development, we will continue to maintain a Neutral technical outlook and wait for further technical signs before returning to this
market. To protect trading gains we will again urge traders/investors to move up trading support to 43.5-45 or the convergence of
shorter moving averages (30-day and 50-day) as well as the July 2010 short-term uptrend and late-May/early-June/July 20th 2010
lows. 40.75-42 or the 38.2% retracement from 2008-2009 rally and the October/November 2009 and February/May/July 2010
bottoms offer key neckline support. A convincing breech of this key support zone confirms a major top and opens the door to
37.85 or the 50% retracement and possibly to key intermediate-term support at 34.5-35.5 corresponding to the 2005/2006 lows,
UBS AG                                                                                          Technical ETF Performance Table 4
Wealth Management Research                                                                                                  26 February 2010


Technical ETF Performance Table



July 2009 pivotal bottom, November 2008 Election Day high (neckline breakout) and the 61.8% retracement. In summary, we
believe QQQQ remains the relative strength leader within key US stock indexes. Nonetheless, we would not be surprise to see the
OTC market sustain sharper and deeper corrections due to its higher beta profile in comparison to its listed counterparts. Sustained
negative divergences as represented by loss in price momentum and relative strength may be a warning to broad US equities
markets of a deeper and/or more extensive correction. As is the case with other US indexes, a major inflection point is upon us. The
ability of this market to generate a monthly reversal above its January/June 2010 highs of 46.64-47.68 is technically significant as
this action may convince investors and traders to return. In the meantime, we recommend traders/investors remain disciplined
implementing risk management strategies to protect against trading gains and losses.


  Symbol      Description     Overall Technical Last Sale      Support Areas           Resistance         10-Week:   30-Week:   % Chng from
                                   Trend                                                 Areas             Falling    Rising     Last Report

    USD     US Dollar Index       Neutral        81.68      82.25-83.25; 80-81.5; 84.5-85.5; 86.5-87.5;     85         82         -6.38%
                                                              77.5-78.5; 74-75; 89-90; 92.50-92.53;
                                                                71.05-71.55             96.17; 98


A multi-year head and shoulders top pattern dating as far back as the mid-1980s still warns of longer-term technical weakness
As is the case with many longer-term structural downtrends, sudden and powerful cyclical rallies can and often develop.
However, these countertrend moves are unsustainable oversold rallies that often reverts by to its primary secular
downtrend/sideways trend. As macro investors debate whether the recent sharp rally from last November bottom is indeed a
major bottom, we, on the other hand, will turn to a more pressing issue. Has the recent credit crisis and global
financial/recession over the past few years altered the historical relationship of the USD as a proxy for the US economy? If so, is
USD now a reflection of the risk aversion trade favoured by global macro investors during periods of market uncertainties? For
example, USD rallied sharply during the height of the global credit crisis (2nd half of 2008) as the US economy slipped deeper into
a recession. This risk aversion trade was also evident during the sovereign debt crisis in Europe/Greece. Conversely, as the global
credit crisis and Greece situation subsided macro investors exited the USD. From a technical perspective, we believe USD
remains in a longer-term structural bear/trading range market environment. However, improving technical picture in recent
years including the 6-year downtrend breakout in the mid-70s during late-2008 coupled with a strong surge above the 38.2%
retracement from 2005-2008 decline at 79.26 suggest the start of an intermediate-term recovery. The March/April 2010
breakouts above strong overhead supply residing near the low-80s (81-83) corresponding to a prior major technical breakdown
zone and key retracements including the 50%-61.8% retracement from 2009 decline (81.96/83.79) and the 23.6% retracement
from 2001-2008 decline (82.91) further substantiates an intermediate-term recovery. Nonetheless, note that the primary driver
to the strong surge in the US Dollar Index during first half of this year was due to adverse conditions of the EURO/USD currency
as many of the global investors fear the Greece crisis spreading to Portugal, Spain, Italy, Ireland and other European markets.
Global investors that were exposed to European equity and debt securities began to short the EURO/USD to hedge their
portfolios. Since over 57% of the market cap weighting of the US Dollar Index is attributed to the EURO the strong collective
selling of the EURO/USD led to an unusually strong rally in the USD. Technical improvement is also noted with the recent
crossing of the 10-mo ma (80.83) above its 30-mo ma (79.89) along with a golden cross weekly buy signal as the 10-week ma
(85.94) also surpassed its 30-week ma (82.42) earlier in the year. Although we believe it is too early to confirm a longer-term
USD recovery we must respect this intermediate-term technical improvement. We suspect the longer-term structural
bear/trading range trend and the improving intermediate term cyclical bull trend will continue to create anxiety and confusion
for many global investors. We will respect the structural trend of USD which remains down trending since 2001/2002 peak.
And as such, potential technical rallies are considered longer-term selling opportunities. To negate this formidable
head/shoulders top pattern USD needs to surge above its left/right shoulders starting at 92.5-92.53 (right shoulders near
2004/2005 highs) to 98 (left shoulders at 1991/1993/1994 highs) to signal the start of next structural bull trend. On a near-to-
intermediate term perspective, we believe the USD has improved but will continue to choppy and volatile as it struggles near
major intermediate-term supply starting at 89.25-89.71 or the March 2009 and November 2008 peaks. Additional supply is also
evident near 90.24 or the 38.2% retracement from 2000-2008 decline. A potential double top is starting to develop on recent
failed breakout attempt to clear 90. Nonetheless, we also see a potential head/shoulders bottom pattern dating back to 2004
timeframe. These two competing patterns will soon converge indicating an impending key inflection point. This key test
between the bulls and the bears seems to reside near the high-70s to low-80s coinciding with 10-month ma, 30-month ma, 30-
week ma, 50%-61.8% retracement of November 2009 to June 2010 rally and the prior major breakdown/breakout levels. The
ability to find support here is technically constructive as this leads to the creation of a right shoulder thereby reaffirming an
intermediate term bottom. However, violation here sends the USD back down to a retest of November 2009 low near 74.21
and possibly April 2008 low at 71.05. Violation here opens the door for the resumption of the secular trend. We recommend
traders and investors also closely monitor this key USD test of support. Similarly, the EUR/USD is also nearing crucial supply
associated with the 1.31-1.35 or 30-week ma, 10-month ma, 38.2%-50% retracement from 2008 decline and potential right
shoulder of a complex head/shoulders top pattern dating back to 2004. In summary, USD has become more of risk aversion
trade than a proxy for the US economy. This decoupling from historical norms will continue to perplexed many macro investors
in the years ahead. The impending inflection point as USD tests major support will help to define the intermediate-term trend.


UBS AG                                                                                                    Technical ETF Performance Table 5
Wealth Management Research                                                                                              26 February 2010


Technical ETF Performance Table



  Symbol       Description   Overall Technical Last Sale      Support Areas          Resistance         10-Week:   30-Week:   % Chng from
                                  Trend                                                Areas             Falling    Falling    Last Report

    TNX      Ten Year Note       Neutral         3.00      2.79-2.89; 2.46-2.5; 3.11-3.32; 3.45-3.55;     3.10       3.48       -6.81%
                 Yields                                       2.04; 1.78-1.80    4.01%; 4.32-4.40;
                                                                                 4.7-4.9; 5.25-5.32;
                                                                                  5.5-5.6; 6.0-6.25

Our technical studies over the years show that the longer-term secular trends of the US Treasury yield market are heavily
influenced by two factors: (1) structural changes in the US economy (recession, inflation, deflation, and etc.); and (2) major shifts
in long-term investment psychology (i.e., investors moving from risk-taking to risk-aversion mode and vice versa). Based on the
above two key drivers TNX has been trading in a decisive down trending (disinflationary) environment and this trend continues
today. Since TNX discounts major directional turns in business and stock market cycles possibly many months/quarters in
advance of the actual turn trend changes in yields often precede major economic/business cycle and stock market peaks and
troughs. A well-established long-term downtrend channel/linear regression band remains intact over the past 28 years. The top
of the band is now falling near 4.52% (long-term resistance) and the bottom of the band is also declining near 1.78% (long-
term support). The midpoint of the monthly linear regression band or the statistical equilibrium level is also declining near
3.15%. The strong move above the mid-point of its long-term regression band during late last year to early 2010 led to a sharp
rally back up to crucial intermediate term supply at 4.01% (April 2010). However, failure to surpass this supply soon triggered a
sharp decline as TNX fell back below the midpoint of its monthly regression band. This dramatic drop in yields coincided with
the Greece/Europe crisis and concerns of slowing growth in China and global economies. Fears of deflation also led to global
investors seeking the safety of this benchmark asset class. Although it is difficult to determine the exact timing when there is a
structural shift in the long-term trend we suspect TNX is nearing another major inflection point as the cyclical forces are now
colliding with the longer-term structural forces. We are noting that there are visible divergences developing between the US
fixed income market and the US equities market (SPX). That is, equities market has rallied nicely from its July 1st while Treasury
yields (TNX) continue to decline in front of Greece and the European sovereign debt crisis subsiding. This negative divergence
needs to be closely monitored as fixed income investors are not as positive as their equity counterparts. If this trend continues
this would signal TNX may be approaching an important pivotal level. On another note, the yield spreads between the shorter-
end of the Treasury yield curve (2-year) and the longer-end of the Treasury yield curve (10-year) have contracted to a crucial level
near 2.35-2.50 corresponding to the Sept/Oct 2009 timeframe where the last pivotal test of support occur. A successful test of
support here may signal spreads widening and thus rates rising again. On the other hand, a convincing violation of support
signals spreads signals further contraction and interest rates declining as well. On a near-term basis, we believe these are the
key support levels to monitor. Crucial initial support resides near 2.79%-2.89% or the July1st and July 21st lows as well as the
50%-61.8% retracement from 2009-2010 rally and 50% retracement from 2008-2010 rally. Violation here opens the door for
a decline towards 2.46%-2.5% or March 2009 bottom and 76.4% retracement from 2008-2010 rally. 2.04% or the December
2008 reaction low established towards the end of the global credit/financial crisis remains investment term support. On the
upside, 3.11%-3.27% corresponding to June 2001 breakdown, July/Oct/Nov 2009 lows and 38.2% retracement from April to
July 2010 decline offers key initial supply. Ability to breakout here will signal higher rates possibly to secondary supply at
3.45%-3.55% or 30-week/150-day ma, 10-mo/30-mo ma, and 50%-61.8% retracement from April-July 2010 decline. The June
2009 and April 2010 highs at 4.01% represent pivotal intermediate-term supply on rallies. A confirmed breakout here would
trigger a move towards 4.32-4.4%% and possibly as high as 4.7%-4.9%%, over time. In summary, the US economy has been
in a disinflationary environment ever since the early-1980s (1982), as represented by the long-term secular downtrend in yields.
This long-term secular downtrend in yields still remains intact. However, many long-term secular trends tend to last for 20 to 25
years before finally running its course. As the long-term secular cycle nears an end there will be signs of greater volatility and
erratic swings. The cyclical trends begin to exert greater influences on the overall trend as we near the tail end of any major
structural trend. Could the action over the past few months signal another major inflection point in interest rates>


  Symbol       Description   Overall Technical Last Sale      Support Areas          Resistance         10-Week:   30-Week:   % Chng from
                                  Trend                                                Areas             Falling    Falling    Last Report

    CRX     MS Commodity        Mod Bull        753.05     714-716; 690-703;     775-793; 830-850;        732        769         5.23%
             Related Index                                  663-674; 605.95;     870-880; 905-910;
                                                           546-551; 530-535;     935-945; 970-990;
                                                           475-500; 445-450;        1020-1030
                                                            382-399; 361.35

Our long-term secular bullish call on commodities and the secular sideways trading range call on US stocks still holds true despite the
stronger performance coming from Stocks in relationship to Commodities. Why? We believe the commodities market as
represented by CRB Index still remains in a longer-term structural uptrend and the equities market as represented by SPX Index
remains in the middle of its long-term secular trading range trend may that will likely sustain for the next 5 to 10 years. The global real
estate/credit/financial crisis from 2007-2009 and the aftershocks from various speculative bubble bursts may have sent investors
towards a risk aversion mode impacting almost all major financial assets with the exception of US Treasuries. During the bear market

UBS AG                                                                                                  Technical ETF Performance Table 6
Wealth Management Research                                                                                           26 February 2010


Technical ETF Performance Table



decline commodity prices tumbled nearly 60%-75% from their respective all-time highs surpassing the US equities (SPX) decline of
57.7%. The setback of 65% for CRX Index during prompted many investors to question whether this non-correlating asset to stocks
can continue to sustain its 2001 secular bull trend. Our long-term secular technical study that benchmark the CRB Index to SPX Index
as far back as 1914 as well as various relative strength studies suggests the extreme condition that occurred during 2008-2009
timeframe was a rare market phenomenon (black swan) that generated widespread fear of a global financial markets meltdown thus
triggering global risk aversion, in our view. However, as the crisis begins to subside over the next year or so we expect the historical
inverse relationship between commodities (hard assets) and stocks (soft assets) will also resume. From a relative strength perspective,
the monthly studies between he CRX Index and SPX Index, as well as between the CRX Index and the CRB Index, still support our
thesis that CRX Index continues to outperform many of its peers. In fact, the monthly indexed relative strength study dating back to
1996 (based on the starting level of 100) shows the CRX versus SPX maintain a constructive trend at 230 and CRX against CRB Index
continue to rise at 353. It is also interesting to note that these two strong relative strength readings have been consistent ever since
the respective Oct/Nov 2008 internal market lows as well as from the March/July 2009 price lows and most recently from the July
2010 lows. The ability to maintain these longer-term strong relative strength readings at prior important market reaction lows further
reinforce our longer-term call that CRX remains the market leader. On a near-term basis, however, given the strong gains last year,
we can expect a high level consolidation phase to develop further before the resumption of the longer-term outperformance cycle.
The recent decline slightly violated its initial key support at 692-703 or the Feb/May 2010 bottoms. However, CRX managed to find
support near its Oct/Nov 2009 lows as well as May/June 2009 high at 651-686. Additional intermediate term support resides near
550-570 coinciding with the May 2010 breakout, May, June, and July 2009 crucial bottoms. A potential head and shoulders top
pattern still needs to be negated to signal the resumption of the uptrend. Since CRX appears to have bottomed before the SPX Index
back on November 2008 this market may be a lead indicator of pivotal turns in the equities market. A weekly positive outside reversal
pattern last week as well as a potential positive outside month hint of the resumption of market leadership role. Next key challenge is
to breakout above initial supply 775-793 or the June/July 2010 highs. This breakout can then extend the rally back to its Jan/May
2010 at 830-850 or Jan/Mar/Apr 2010 highs thereby negating a distribution top. 1020-1030 or the record highs established during
2008 represents longer-term supply. In summary, we are encouraged by the recent positive technical developments and maintain our
optimistic longer-term technical outlook for CRX. Because of the outstanding longer-term track record of the inverse relationship
between hard assets (commodities) and soft assets (stocks) we believe commodities will return to its outperformance cycle and stage
another sustainable rally in the near future. In the last month or so the 10-month ma (1100) has moved above its 30-month ma
(1078) generating the potential for a golden cross monthly buy signal.


  Symbol      Description    Overall Technical Last Sale      Support Areas         Resistance       10-Week:   30-Week:   % Chng from
                                  Trend                                               Areas           Falling    Rising     Last Report

   Gold     Gold, 100 Troy      Mod Bull       1168.40     1,145-1,165; 1,125- 1,200-1,228; 1,250-    1213       1159        -3.71%
             oz.; COMEX                                     1,130; 1,075-1,085; 1267; 1,325-1,350;
                                                           1,042-1,045; 1,008-        1,400
                                                           1,025; 960-987; 905-
                                                            930; 865-880; 778-
                                                            802; 740-741; 681-
                                                                    698

Despite the recent 8.76% decline in Gold over the past month we still retain our Moderate Bullish technical rating and believe that
this important commodity will again resume its leadership role in the near future. This leadership role is evident at the beginning of
its secular bull run when Gold achieved a major bottom on February 2001 at 255.10 months ahead of its peers. Gold recorded a
secular low nearly 8 months before many of it peers including benchmark commodity indexes such as RJ/CRB index and Goldman
Sachs Commodities Index which respectively reach major secular lows during October 2001. Although Gold has more than
quadrupled in value since the 2001 bottom, we believe there is another major rally left before a major peak occurs. Some investors
believe that for Gold to match the highs (adjusted for inflation) established during its prior peak of 873 on January 1980, it would
need to trade to USD 2,100-2,200. If you recall, in the last major commodities boom cycle, Gold surged from a low of 101.0 on
August 1976 to a record high of 873 on January 1980. In the process, Gold rallied nearly 772 points or appreciated 764% in nearly
3.5 years. If Gold enters into a parabolic move similar to the past bull cycle, an equivalent rally of the magnitude of 764% from the
February 2001 low of 255.10 would bring Gold to a high of 1,950-2,000, over time. A slightly more bullish projection based on a
prior multiple of 8.64 from 2001 low translates to 2,205. Nonetheless, to achieve these lofty projections we believe a number of the
following key financial developments need to occur: (1) commodities market enters into a final speculative phase and Gold enters
into a parabolic move; (2) global equities market sustains another bear decline; (3) US Dollar resumes its longer-term structural
downtrend falling below its 2008 lows near low-70s and (4) the sovereign debt crisis in Greece and in Europe spread to other
financial markets creating widespread risk aversion. Based on last year’s ascending/symmetrical triangle breakout above 990-1,008
on August 2009 Gold has already surpassed our initial projection 1,130-1,150. However, based on the larger 2008-2009 inverse
head and shoulders bottom a breakout above 1,008-1,034 renders minimum upside projection towards 1,325-1,350 which we
believe is reasonable on an intermediate-term basis. Since Gold has traded to overbought levels the recent pullback is probably a
high level consolidation phase similar in scope and magnitude to the prior December 2009 to February 2010 correction. This
corrective phase will alleviate an overbought condition setting the stage for the resumption of its primary uptrend resulting in upside
targets to 1,325-1,350 and then to 1,400, over time. The optimistic projection to 1,400 is derived by taking the last major move

UBS AG                                                                                               Technical ETF Performance Table 7
Wealth Management Research                                                                                               26 February 2010


Technical ETF Performance Table



from April 2009 low (865) to Dec 2009 high (1,227.5) and adding the difference to the February 2010 low (1,044.5). The 10-week
and 30-week moving averages are both rising at 1,213 and 1,133 respectively suggesting sustainable higher prices. However, the
spread may be too wide indicating further consolidation is needed to close the gap. We will monitor the current pullback to key
initial support at 1,145-1,165 corresponding to July 2009 uptrend, 2008 uptrend, April 2010 breakout, January 2010 peak, 50%
retracement from February to June 2010 rally, and 150-day/200-day/30-week/10-mo moving averages. Successful test allows for
the resumption of the primary uptrend. Repeated failure to hold onto key support suggests a deeper correction to 1,125-1,130 and
possibly to intermediate-term support at 1,075-1,085 or October 2009 high, December 2009 low, and January/March 2010 lows.
1042-1045 or the 38.2% retracement from 2008-2010 rally and the pivotal Feb 2010 bottom also offers critical intermediate-term
support under strong selling. The prior ascending/symmetrical triangle breakout as well as intermediate-term head and shoulders
bottom breakout near 1,008-1,025 will provide investment-term support under extreme selling. Trading above initial supply at
1,200-1,227.5 will again attract momentum players reigniting another rally back to 1,250-1,267 and then 1,325-1,350. In
summary, we remain Moderate Bullish on Gold and believe a major test is developing now. A successful test of support near 1,145-
1,165 allows for the resumption of the primary uptrend and renders upside targets to 1,325-1,350. Repeated failed attempts to
hold onto this key support renders a deeper correction possibly to key intermediate-term support at 1,042-1,045.


  Symbol      Description       Overall Technical Last Sale     Support Areas          Resistance        10-Week:   30-Week:   % Chng from
                                     Trend                                               Areas            Falling    Rising     Last Report

   Silver   Silver, 5000 oz.;      Mod Bull        17.63      17.08-17.20; 16.55- 18.25-18.5; 18.93-      18.16      17.64       -2.41%
                 COMEX                                        16.75; 15.25-15.88; 19.85; 21.44; 22.51;
                                                               14.0-14.65; 13.50- 26.99; 32.5-33; 37-
                                                              13.60; 12.44-12.77;      39.5; 41.5
                                                               11.73-11.89; 11.1

Silver has been trading in the shadows of its more visible precious metals counterpart, Gold for many years and continues to do
so. However, we believe Silver offers longer-term technical value as Silver is trading considerably below its all time high of 41.50
established on January 1980 when the Hunt Brothers try to corner the Silver market. In fact, it is also trading below the halfway
mark or its 50% retracement from the 1980 to early 1990s decline or 22.51. From a shorter-to-intermediate term perspective
Silver has been confined to a frustrating trading range over the past quarter. We believe there are two possible scenarios that
can develop. The first scenario is the recent action is indicating a potential distribution top. In this case, investors/traders need to
protect gains by tightening stop loss and pairing back long positions. The second possibility is the recent correction is a
consolidation phase that alleviates an overbought condition setting the stage for the resumption of the primary uptrend at a
latter date. We believe this recent pullback is nearing crucial support at 17-17.5 coinciding with the May/June 2010 lows as well
as the 2008 uptrend. The 10-month ma and 30-week ma are also converging nearby providing further technical signs of a
major battle between the bulls and bears. Based on the choppy conditions this year and general reluctance of investors/traders
to take aggressive positions in either side of the marketplace we recommend waiting for the outcome of this battle before
taking decisive actions. On the positive note, the ability to find support here will help to contain the recent selling and allow for
another rally back to 18.25-18.5. The 2009/2010 highs at 18.93-19.84 needs to be convincing broken to the upside to confirm
a major technical breakout. The March 2008 reaction high at 21.44 remains key intermediate-term supply. A 50% retracement
from 1980 peak to early 1990s low still renders upside projections to 22.51, a reasonable price objective based on an
intermediate-term technical outlook, in our view. Longer-term technical targets well into the mid-to-high-20s (25-27) and
possibly as high as the 30s are achievable under the backdrop of a continued secular bull market in commodities. We are also
encouraged to find a potential head and shoulders bottom formation dating back to September/October 2009 is quietly
developing on the daily charts. This potential basing effort is symmetrical as it took nearly 5 months to establish the left
shoulder leading to February 2010 bottom or its head and it is now approaching the 5th month. The ability to establish a right
shoulder near 16-17 solidifies this intermediate-term accumulation type formation. Completion of this base via a neckline
breakout above 19.85 renders upside targets towards 25-26, longer-term. After generating a golden cross weekly buy signal
during April 2010 the convergence of the 10 and 30-week moving averages at 18.15 and 17.64, respectively have narrowed
sharply indicating another key test in the very near future. It is also interesting to point out the 10-month ma (17.51) has already
crossed above its 30-mo ma (15.451) as early as Nov 2009 confirming a powerful monthly golden cross buy signal supporting
our thesis of a structural bull trend in Silver. Nonetheless, we are conscious of the fact that this remains a challenging market
environment where a disciplined risk management strategy is crucial to generating positive returns. Failure to hold onto key
support near 17.08-17.20 signals a decline to secondary support at 16.55-16.75. 15.25-15.88 represents pivotal intermediate-
term support and 14.0-14.65 offers investment-term support corresponding to the Feb 2010 low, Apr 2009 uptrend, and the
61.8% retracement from Apr 2009 low to Nov 2009 high. In summary, although Gold, Crude Oil and other commodities have
attracted the majority of the interests in the press and media, we believe behind the scenes, Silver is quietly emerging to take on
a more active role in the near future. The weekly and monthly golden cross technical buy signals confirm sustainable
intermediate-to-longer term bullish trends. A 1-year head/shoulders bottom is encouraging. However, the larger 2.5 year
technical base also resembles either a symmetrical/ascending triangle or a bullish cup and handle pattern. Both are potentially
bullish accumulation conditions but both still need to breakout to confirm. Trading above 19.85 confirms breakout and renders
targets into the mid-20s and possibly as high as low-30s, over time. Below 15-16 weakens the intermediate-term trend.


UBS AG                                                                                                   Technical ETF Performance Table 8
Wealth Management Research                                                                                                    26 February 2010


Technical ETF Performance Table



  Symbol      Description      Overall Technical Last Sale      Support Areas           Resistance          10-Week:   30-Week:   % Chng from
                                    Trend                                                 Areas              Rising       Flat     Last Report

    Oil     Crude Oil; Light       Neutral        78.27        68.5-69.5; 63-65; 73-75; 78-80; 82-84;         76         78         10.58%
                Sweet                                        60.17; 58.32; 54-56; 87.09-87.15; 90-91;
                                                             50-51; 45.5-47.5; 39- 100-104; 115-120;
                                                             41; 35.13; 33.2-33.55 130-135; 144-147


In appears that over the past year or so Oil has become highly correlated with the Equities market (SPX). In fact, in recent
months it seems to us that this important energy commodity is leading the SPX Index on a price basis. We will now move to a
Neutral technical stance on Crude Oil as the recent technical damages incurred over the past month warrants a high level
consolidation phase. On a near-term basis key support still resides near the high-60s. Violation here will likely trigger stop loss
executions and thereby confirming an important near-to-intermediate term top. On a more positive note, a potential positive
outside week may allow for the extension of the rally possibly to the upper 70s where the prior breakdown and 10 and 30-week
ma are now declining. Secondary supply remains near 82-84 and then 87-90 coinciding with the late 2007/early 2007 lows and
the 50% retracement from 2008 to 2009 decline as well as the June-September ascending triangle breakout target. A brief
analysis of the monthly linear regression study with a 2-standard deviation band dating back to the mid-1980s further shows the
potential for a wide trading band on Oil over the next few years. The top of this regression band is at 93 implying major long-
term supply and the bottom of the band at 25 suggesting major long-term support. The mid-point of this band or the statistical
equilibrium level at is trending up at 59.43 offering key intermediate-term support. On the downside, violation of key support
near 68.5-69.5 confirms a top and opens the door for a deeper correction towards the mid-60s (63-65) or the late July 2009 and
the August/September 2009 bottoms. The mid-to-high 50s or the pivotal July bottom and May breakout as well as the middle of
the monthly regression band provide investment-term support under strong selling. In summary, it appears the recent concerns
on Greece and Europe as well as the potential slowdown in China has negatively impacted many commodities including Oil.
Although we do not necessarily believe Oil will replicate the sharp declines of the second half of 2008 it is still reasonable to
expect a choppy and directionless trading range environment into he summer months. A rising USD can also pressure
commodities and Oil.


  Symbol      Description      Overall Technical Last Sale      Support Areas           Resistance          10-Week:   30-Week:   % Chng from
                                    Trend                                                 Areas                Flat       Flat     Last Report

              iShares DJ                                     41.64; 40; 37-38; 34- 46.33; 49- 51; 53; 55-
   DVY      Select Dividend        Neutral        45.61          35; 32; 30-31              57                44         45          5.26%

Most of the DVY portfolio is weighted towards the Utilities (28%), Consumer Goods (20%), Industrials (16%) sectors, and
Financials (13%). During the 2007 – 2009 decline, DVY lost over 60% of its value. However, the 87% gain since the Mar ’09
bottom has resulted in gradual technical improvements. The Jul ’09 breakout, positive outside month, and technical golden
cross were all evidence of this. On the other side, the strong snap back has created an overbought condition in need of
consolidation. DVY also has struggled near a key overhead supply at 49-51 or the Nov ’08, the mid-Oct ‘08 reaction high, the
2007 downtrend line, and the 50% retracement of the 2007 – 2009 decline. We therefore believe that the easy money has
been made and urge a disciplined risk management approach. With that said, the Feb ’10 low remains a significant level of
support on weakness. In Fact, the Jul ’10 low came within one penny of this support. A violation here could trigger stop loss
executions as investors attempt to minimize losses. This could trigger selling closer to 40 or the Oct / Nov ’09 lows. Key investor
support remains near 37-38, which coincides with the May / Jun ’09 highs and the Jul ’09 breakout level along with the Sep ’09
low. A violation here negates the bullish breakout scenario and from a technical perspective we would have to re-examine
appropriate trading strategies. Near-term considerations such as the 6/26/10 negative outside week and the crossing of the 10-
week ma below the 30-week ma warrant disciplined risk management. Above the Jun ’10 high of 46.33 helps to alleviate the
selling pressure. Closing Jul ’10 above the Jun ’10 would result in a positive outside month, signalling strong accumulation.
Trading above the Apr ’10 high of 48.50 could result in a covering of short positions and ignite the rally further.


  Symbol      Description      Overall Technical Last Sale      Support Areas           Resistance          10-Week:   30-Week:   % Chng from
                                    Trend                                                 Areas              Falling      Flat     Last Report

             Russell 2000                                    58-59; 54-55; 47-48; 64-65; 68; 72; 76; 80;
   IWM        Index Fund           Neutral        64.98       40; 42; 32; 37; -34          85                 64         65          0.99%

IWM looks to replicate that price performance, before fees and expenses, of the Russell 2000 Index. Since 1999, the small-cap
market (RUT) has outperformed the large-cap market (SPX) for nearly seven years. This outperformance cycle abruptly came to an
end in 2006 based on a long-term monthly index relative strength study between SPX and RUT. A sideways trading pattern soon
developed for roughly the next 3-years. However, a potential relative strength breakout suggests that we could see small cap
outperformance vs. the SPX, at least from a longer-term perspective. In the near-term we continue to remain cautious across
various equity markets especially those with higher risk (beta) associated with them. Specific to IWM, the 6/26/10 negative outside

UBS AG                                                                                                      Technical ETF Performance Table 9
Wealth Management Research                                                                                                  26 February 2010


Technical ETF Performance Table



week and the crossing of the 10-week ma below the 30-week ma emphasises this point. We are therefore taking some risk off the
table and downgrading our technical outlook from Moderate Bullish to Neutral. We prefer to wait for a more advantageous entry
point. A key support is near 58-59 or the Feb/Jul ’10 lows. Below this support could trigger another wave of selling, which could
push the index towards 54-55, corresponding to the Nov ’08 and Jun ’09 highs, the Jul ’09 breakout level, as well as the 50%
retracement of the 2007 – 2010 rally, and the bottom of the Apr ’10 downtrend channel. If this breakout level cannot hold, we
could turn our approach more defensive from an intermediate-term perspective. To the upside, the index needs buyers to come
back in to defend the market to help alleviate the selling pressure. Initial supply is evident near 64-65 or the Jul ’10 high, the 10/30-
week moving averages, and the top of the Apr ’10 downtrend channel. The May 20th gap (66.58) needs to be closed. The Jun ’10
high near 68 will be a secondary level of resistance. The mid-May ’10 high near 72 remains an additional level of resistance.


  Symbol      Description     Overall Technical Last Sale      Support Areas       Resistance Areas      10-Week:   30-Week:    % Chng from
                                   Trend                                                                  Rising     Falling     Last Report

               Biotech                                      83-84; 80-81; 75-76- 94.50-95; 100-102;
   BBH       HOLDRs Trust         Neutral        92.48             73-74         107 - 110; 115-120         90         97          7.63%

Roughly 80% of the holdings in BBH are concentrated in just three Biotech firms and roughly 40% from just one company.
Therefore diversification benefits need to be carefully weighed as the index will contain significant company specific risks, which
might not be suitable for some investors. From a longer-term technical perspective, it is important to bear in mind that the fund
has traded pretty much in a sideways fashion for the last 4-years until the Jul ‘08 rally broke through major resistance; most
notably the 2005 downtrend resistance line before reaching extreme overbought levels around 105. The index then declined
sharply, falling as low as 73.46 on the Oct ’08 wide ranging day and closed the large Jul ’08 upside gap in the process. The
ability to hold onto the Oct ’08 low has been a differentiating factor for BBH as many of the other sector specific ETFs did not.
However, with that said, BBH has weakened from a technical perspective recent months. In fact, the 3/26/10 negative outside
week first warned of weakness. The trust soon after began to sell off rather quickly as it broke the Oct ’09 uptrend line. The
4/21/10 downside gap, rolling of the 10/30-week moving averages, and the violation of the Nov ’09 low all point to a
weakening technical condition. The recent failure to hold onto the Nov ’09 low resulted in further selling towards the Apr ’09
low in the mid-80s. The Mar ’09 low near 80 continues to act as an intermediate-term support. To the upside, initial supply is
evident around 94.50-95 corresponds to the Jun ’10 high and the top of the 5/14/10 downside gap. Psychological resistance,
the Apr ’10 breakdown level, and the top of the 4/21/10 downside gap near 100-102 remains a formidable area of supply.


  Symbol      Description     Overall Technical Last Sale      Support Areas          Resistance         10-Week:   30-Week:    % Chng from
                                   Trend                                                Areas             Falling    Falling     Last Report

             Pharmaceutical                                 58; 55-56; 54; 49-51; 62-63; 67.40; 70-71;
   PPH        HOLDRs Trust        Neutral        60.19             45-46             77; 79-80; 84          60         63          2.36%

As with other HOLDRS that we review, it is important to note that there can be a high concentration of the portfolio reflected in
a handful of stocks, as HOLDRs are not required to rebalance or replace a stock that disappears or merges with another
company. In the case of PPH, roughly 95% of the trust is represented by 10 companies. Thus, company specific risks to your
portfolio need to be considered. From 2002 to 2008 PPH traded virtually sideways with a solid footing around 60. However,
the Jan ’08 negative outside month warned that this crucial support might be tested again. In Sep ’08 there was another
negative outside month and this support was quickly broken. The violation here was clearly bearish as this confirmed a major
breakdown of the multi-year support level. The index then began an earnest recovery in Mar ’09. From a relative strength
perspective the index outperformed the overall large cap US equities market (via SPX) during the bear market but has
underperformed during the recovery. A low beta near .60 is a likely reason for this. The trust has caused some more concern in
recent months as the 10/30-week moving averages have crossed and rolled over (trending down), setting the stage for the
technical death cross sell signal. PPH has also traded below its Jul ’09 breakout level near 58 before recovering. We believe
that it is worth waiting to see if a sustainable recovery is possible before re-engaging in this sector. To the upside, the May ’10
breakdown level and the Jun/Jul ’10 high near 62-63 will act as initial supply. The Mar ’10 high of 67.40 will be secondary
supply.


  Symbol      Description     Overall Technical Last Sale      Support Areas          Resistance         10-Week:   30-Week:    % Chng from
                                   Trend                                                Areas             Falling    Rising      Last Report


            Semiconductors                                  25-25.50; 24.50; 21-
   SMH       HOLDRs Trust         Neutral        27.64         22; 19;15-16      29; 31; 34.03; 38; 40      27         27          3.71%

The index traded virtually sideways from 2004-2008. The index was held in check by the major floor support around 26-27,
however, the 5/08/08 negative outside week not only put an end to the Jan-May ‘08 rally, but it was also the start of a decline
that broke this key support level. The breakdown of this multi-year trading range and descending triangle rendered a downside

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Wealth Management Research                                                                                                 26 February 2010


Technical ETF Performance Table



target in the mid teens. The index in fact traded to 15 during the Oct – Nov ’08 sell-off, but it has successfully held onto this key
support on several subsequent declines. The index also formed a positive outside month in Mar ’09, indicating early leadership on
the recovery. However, the index violated initial support near 24 or the Aug ’09 low and the Mar ’09 uptrend line, but soon has
recovered to trade back above both. The Oct ’09 and Jan ’10 negative outside months and the more recent 4/30/10 negative
outside week lend to our cautious outlook for now. The index has also stalled as it approached a key supply level near 31, which
corresponds to the Aug ’08 high. We believe that any weakness needs to be monitored very closely as the violation of the
Mar ’09 uptrend, the 4/30/10 & 6/25/10 negative outside weeks, and the converging 10/30-week moving averages warn of a
change in trend. However, the index has so far been able to trade above its May 6th reaction low, which is a healthy sign of
accumulation. Above the Jan/Jun/Jul ’10 highs near 29 could help to stabilize the selling. On the other side, the May – Jul ’10
lows near 25-25.50 remains a key near-term support.


  Symbol      Description    Overall Technical Last Sale      Support Areas          Resistance         10-Week:   30-Week:    % Chng from
                                  Trend                                                Areas             Falling    Falling     Last Report

                                                           88.50-89.50; 86; 70- 107-108; 116-117;
              Oil Service                                   71; 60.96; 53-54;     131-135; 143-
   OIH       HOLDRs Trust        Neutral        105.31            41.26         144;163; 170; 182          101       115          3.83%

The trust peaked in Jul ‘08, but the negative outside month that formed warned of a change in investor psychology and selling
began to accelerate shortly thereafter. The breakdown truly began in Sept ‘08 with a confluence of bearish technical indicators,
such as the Sep 2nd downside gap, the violation of the 2004 uptrend and other major supports, as well as the technical death
cross. These were clear warning signals of a weakening technical condition. In all, the trust gained 125% from its Nov ’08
bottom to its Apr ’10 peak. And now we are beginning to see some clear signs of technical weakness. Since its Apr ’10 peak,
the trust lost about 34%. In fact, prior to this, the trust struggle for a number of months to clear a key supply level near 131-
135, warning of distribution forces at work. Other subtle warning signs were the violation of the Mar ’09 uptrend line and the
4/30/10 negative outside week. The sell off has now broken below key near-term supports including the recent May 6th low and
the 50% retracement of the 2009 – 2010 rally. The Trust looks to have found at least a near-term support closer to the 61.8%
retracement (88.45). Additional support is evident closer to 86 and below here confirms a major top, opening the door for
additional weakness. To the upside, near-term supply is evident near 107-108 or the Jun ’10 high and the 38.2% retracement
of the Apr – Jun ’10 decline. Additional supply near 116-117 corresponds to the Mar ’10 low, the Jun ’10 breakdown, the 150-
day moving average, and the 61.8% retracement of the Apr ’10 sell off.


  Symbol      Description    Overall Technical Last Sale      Support Areas          Resistance         10-Week:   30-Week:    % Chng from
                                  Trend                                                Areas             Falling      Flat      Last Report

             iShares DJ US                                 50-51; 47-48; 42-43; 57-59; 61; 64-65; 70-
    IYY       Total Market       Neutral        55.03      37-39; 35-36; 32-33       71; 75-77             54         56          2.74%

This broad-based US Index represents 95% of the market capitalization of all listed US equities. Performance of this index is
often a good barometer of the overall health (strength/weakness) of the entire US stock market. Although 2008 was certainly
entrenched with difficulties, there were some early indications of market weakness, at least from a technical perspective. For
example the Jul ’07 negative outside month gave warned that distribution forces were at work. Also, the violation of the
Mar/Aug ‘07 lows at 66.5 and 66.75 in early 2008 coupled with a break of 2003/2004 uptrend near the mid-60s confirmed an
intermediate-term technical breakdown. Then the violation of key neckline support around 60 confirmed that distribution forces
were at work. The decline accelerated in October until rebounding sharply off of the Oct 10th low (40.18). Since the Oct ‘07
highs, IYY lost over 50% of its value, trading to all-time lows in Mar ’09. However, since the Mar’09 low, the fund has now
risen about 80% from trough to peak in Apr ‘10. The fund has since entered into a consolidation phase as evident by the head
and shoulders top, a violation of the Mar/Jul ’09 uptrend lines, the Jan ’10 negative outside month, and the 6/25/10 negative
outside week. These are technical warnings that we were in store for a deeper than normal correction. In fact, IYY has lost
about 17.6% so far off of its Apr ’10 peak. The key level to watch on the downside is the Oct /Nov ’09 and Jul ’10 lows near
50-51. A violation here warns of additional weakness with secondary support near 47-48, or the Jul ’09 breakout level, the prior
neckline support, and the Aug/Sep ’09 lows. To the upside resistance in the 57-59 range corresponds to the top of the 5/14/10
downside gap, the mid-May ’10 high, the Jun ’10 high, and the 150-day moving average. We believe this to be a formidable
supply zone. The Apr ’10 peak near 61 is intermediate-term resistance.


  Symbol      Description    Overall Technical Last Sale      Support Areas          Resistance         10-Week:   30-Week:    % Chng from
                                  Trend                                                Areas             Falling    Falling     Last Report

              iShares S&P                                  48-50; 44-45; 40-41; 54-55; 58; 63-64; 67-
    IVE        500 Value         Neutral        53.15         38-39; 35-36               68                52         54          2.31%

The S&P Value Index tracks the performance of the large-cap value companies trading in the US equity market. The current

UBS AG                                                                                                  Technical ETF Performance Table 11
Wealth Management Research                                                                                                   26 February 2010


Technical ETF Performance Table



allocation consists of a 25% combined weighting towards Financials. The other major sectors are Consumer Staples (12%),
Industrials (11%), and Consumer Discretionary (11%). Looking back at the onset of the bear market decline, the Jul ‘07
negative outside month first warned of a weakening technical condition. Then the failure to trade above the Jul ‘07 high (84.49)
in Oct’07 also warned of distribution forces at work. About a month later the 2003 uptrend was violated. Following another
negative outside month in Sep ‘08, the index declined quickly, breaching numerous supports, including all major retracement
levels of the 2002- 2007 bull rally. The Mar ’09 bottom has marked an important cyclical low as the index has now garnered
over 80%. The Jul ’09 technical breakout and positive outside month signalled an earnest recovery. However, the 4/30/10
negative outside week signalled that a correction was in store. A technical rally began in Jun ’10, but was soon halted by
another negative outside week in 6/25/10. The 10/30-week moving averages have also recently crossed and the 30-week ma is
beginning to roll over (trend down). We believe that these are technical indications are signs of distribution and rallies should be
monitored cautiously for the time being. We believer that support still remains in the 48-50 range, which corresponds to the
Oct/Nov ’09 lows and the Feb/Jul ’10 low A violation here could signal another selloff in the market, resulting in a test of the
May/Jun ’09 highs near 44-45. These supports also interestingly coincide with the 38.2 – 50% retracement of the 2009 – 2010
rally. It is also near the Jul ’09 breakout level, which suggests that this could be good buying opportunity at least from a
risk/reward perspective. A violation here negates that base breakout and will likely warrant a different strategy going forward.


  Symbol      Description      Overall Technical Last Sale      Support Areas          Resistance         10-Week:   30-Week:    % Chng from
                                    Trend                                                Areas               Flat     Falling     Last Report

              iShares S&P                                    52-54; 50; 44-45; 41- 57-58; 59-60; 64-65;
   IVW        500 Growth           Neutral        55.61          42; 36-38; 30         70-72; 73.31          56         57         3.64%

From a longer-term relative strength perspective maintains relative strength leadership over its value counterpart, however, in
recent months they have been pretty evenly matched as the relative strength chart has traded in a sideways fashion. On an
absolute basis however, IVW suffered in sympathy with most other domestic ETFs during the latest bear market. In fact, the IVW
and SPX peaked on the same day, and since then SPX declined 57% at its worst and IVW 50%. Although IVW peaked in Oct
‘07, the selling accelerated about a year later once the 2004 uptrend was violated. The index bottomed in Mar ’09 and has since
staged a strong recovery. We believe that from a relative strength perspective that the Growth vs. Value story is coming to a
inflection point. As we stated, growth and value have traded roughly sideways of late, but that looks to be nearing resolution.
The outcome could indicate which style investment is likely to outperform in the near to intermediate-term. We will continue to
monitor this closely. However, from a purely price standpoint, IVW has recently violated its Feb/May/Jun ’10 bottoms, resulting
in a lower low formation. Other forms of distribution include the 6/26/10 negative outside week and the crossing of the 10/30-
week moving averages. We therefore urge proper risk management as any rallies in the near-term are likely to encounter strong
overhead supplies. For example, we believe that strong immediate resistance will be encountered near 57-58 or the Jun/Jul ’10
highs and the 150-day moving average. Above here will help to alleviate the selling and open the door for a test of the Apr ’10
high of 62.46. However, downside risk needs to be monitored as key support still resides in the 52-54 range or the Feb/May-
Jul ’10 lows. Additional support is near 50, which corresponds to the Jun ’09 high and the subsequent Jul ’09 breakout. Finding
support in this area could provide an attractive entry point, from a risk/reward perspective.


  Symbol      Description      Overall Technical Last Sale      Support Areas       Resistance Areas      10-Week:   30-Week:    % Chng from
                                    Trend                                                                    Flat     Falling     Last Report

            Materials Select                                 27.67; 24-25; 21-22; 33; 35.50; 39-40; 44-
   XLB       SPDR Fund             Neutral        31.81          17.83; 16.53              46                30         32          5.65%

XLB was clearly one of the relative strength leaders during the 2002-2007 bull market. However, the index peaked in May ’08 on
an absolute basis and about a month later on a relative basis vs. the SPX. However, this sector quickly gained in relative leadership
during the early months of the 2009-2010 recovery, before moving in a choppy sideways fashion. More recently however, the
relative strength chart has shown additional weakness as it broke through near-term supports. In our view, this warrant close
monitoring before a sustainable recovery can begin. On an absolute basis, XLB has also been showing signs of distribution
beginning back in late 2009 as the index reached a price peak in Nov ’10 and has failed to clearly surpass this. The rounding top is
also evidence of distribution forces at work. What is also concerning is the technical death cross sell signal that has appeared on the
weekly chart. The monthly chart is signalling a major inflection point as the 10/30-month moving averages have now converged.
The inability to surpass the 30-month ma could add more overhead pressure to the fund. However, a move of the 10-month above
the 30-month ma indicates the potential for a technical golden cross. Another interesting point on the monthly chart is the
potential positive outside month in Jul ’10. This would be a sign of accumulation. XLB is now encountering formidable supply near
31-32 or the Jun/Jul ’10 highs and the 150-day moving average. The failure to surpass this level could set into motion a test of the
Jul ’10 low (27.67). Below here reinforces the downward move and opens the door for more substantial sell of into the mid-20s
corresponding to crucial investment support coinciding with the Jul ’09 low near 24. Without any systemic weakness in the sector,
this could also provide an attractive entry opportunity, at least from a risk/reward perspective.



UBS AG                                                                                                    Technical ETF Performance Table 12
Wealth Management Research                                                                                                   26 February 2010


Technical ETF Performance Table



  Symbol      Description      Overall Technical Last Sale      Support Areas           Resistance        10-Week:   30-Week:    % Chng from
                                    Trend                                                 Areas              Flat       Flat      Last Report

              Consumer
             Discretionary                                   28; 24.50-25.50-25; 32-33; 34.50; 36.13;
   XLY        SPDR Fund           Mod Bull        31.23           21-22; 16             39-41                31         32         -1.58%

Retail (40%) and Media (28%) make up the majority of this fund on a market capitalization basis. The Feb/Jul ’07 negative
outside months warned of the impending trend reversal. The index fell about 60% from Jul ’07 – Nov ’08 and erased all of the
gains made during the 2002 – 2007 cyclical bull market. However, XLY landed support in Nov ’08. The fund subsequently rallied
through early Jan ’09 before profit taking occurred. The fund sold off again through Mar ’09 without a convincing breach the
Nov ’08 low. This backing and filling process was a healthy sign of accumulation and the ability to maintain this key support
helped to alleviate some of the selling pressure and signal the start of a healthy basing effort. The rally in Mar ’09 also resulted in
a positive outside month, which is a key technical reversal signal also helping to solidify the Mar ’09 as this sector emerged as an
early cyclical leader and a relative out performer. In aggregate the fund ahs returned over 125% through Apr ’10 before the
beginning of a sizable correction. The fund has now declined about 21% since its Apr ’10 peak. However, we believe that the
evidence premature to suggest that the Mar ’09 rally is over, at least from a technical perspective. So although we remain
cautiously optimistic, we continue to advise a disciplined trading approach in order to preserve capital. We recognize the fund has
eclipsed the May 6th reaction low, but we believe that the key support remains near 28 or the Feb/Jul ’10 lows and the 38.2% of
the Mar ’09 rally. A violation here would be a flashing technical warning signal and could result in selling pressure down to the
May/Jun ’09 highs and Jul ’09 breakout level near 24.50. To the upside, initial resistance near 32-33 corresponds to the Jun ’10
high and the 50-61.8% retracement of the Apr-Jun ’10 decline. Breaking this supply could result in a move closer to the mid-
May ’10 reaction high (34.35) and then the Apr ’10 high (36.13). Since this industry is a good barometer of consumer spending,
which accounts for nearly 70% of the overall US GDP, sustained strength/weakness coming from this group may alert us to a
sustainable recovery or an impending slowdown/economic contraction (recession).


  Symbol      Description      Overall Technical Last Sale      Support Areas           Resistance        10-Week:   30-Week:    % Chng from
                                    Trend                                                 Areas            Falling    Falling     Last Report

                                                             48.50-50; 41-43; 36-
             Energy Select                                   38; 34-35; 29-30; 19- 56-57; 61-62; 64-66;
    XLE       SPDR Fund            Neutral        53.95               20               74.35; 79-81          53         56          4.01%

The 2007 complex head and shoulder top warned of significant downside and distribution forces at work. After the Sept ‘08
downside gap, the fund began its descent below the 38.2%–61.8% retracement levels of the 2002–2008 bull move. However,
the index was able to find support near the 76.4% Fibonacci retracement level (36.38). As this also coincides with the 2005
breakout level near 36-38, we believe this to be a significant long-term support. The successful text of this support during the
Feb – Mar ’09 sell also emphasizes its importance. The fund has since rallied off of the Mar ’09 bottom (up 62%), but it
continues to underperform the SPX as evident by the lower highs and lower lows. Absolute price performance also has been
showing signs of tiring since Oct ’09 as it has failed to convincingly clear a key supply level near 61-62 or the Aug ’07/Jan ’08
lows and the Sep ’08 breakdown levels. XLE has failed here also in Jan/Apr 10, indicating the significance of this resistance level.
Additional nearby supply resides at the 50% retracement (64.41) of the 2008-2009 decline. Repeated failures have led to
technical weakness as the fund has declined about 22% from its Apr ’10 peak. In the process, a technical death cross has been
confirmed on the weekly chart as the 30-week ma has begun to roll (trend down). Longer-term moving averages (10/30-month)
are also trending down. The 6/26/10 negative outside week and the violation of key near-term support levels are also indicative
of technical weakness. A series of lower highs/lows also warns of distribution and puts into doubt the sustainability of any near-
term rallies. We therefore continue to monitor risk closely. Initial support zone is evident near 48.50-50 or the 50%
retracement of the 2009-2010 rally, the Sep ’09 and Jul ’10 lows. A violation here could result in a more risk adverse mode and
trigger stop/loss executions. The Jul ’09 low (43.80) remains a crucial longer-term support.


  Symbol      Description      Overall Technical Last Sale      Support Areas           Resistance        10-Week:   30-Week:    % Chng from
                                    Trend                                                 Areas              Flat       Flat      Last Report

            Financial Select                                 13-14, 11; 9-10; 7-8   15 - 16; 17; 18.50;
    XLF       SPDR Fund            Neutral        14.72              5-6                 22-24.50            14         15          2.51%

Concerns about housing, sub prime, the credit markets, the Lehman Brothers bankruptcy, Merrill Lynch takeover, AIG, Bank of
America, Citibank, and the numerous government relief programs have resulted in a turbulent environment and strong selling
over the past 2 years. At the worst point of its downturn, XLF lost about 85% of its overall value based on May ‘07 peak at 38.15
to the Mar ‘09 low at 5.88. Generally, a loss of that magnitude would indicate a complete “washout” of sellers, meaning that
those who wished to sell have already done so. The recovery however looks to have begun with an upside gap on 9 April, which
was successfully tested a week later on a brief pullback. In addition to such strong absolute performance, the fund has
significantly outperformed the broader market in the first two months after the market bottom. Since then, relative sideways

UBS AG                                                                                                    Technical ETF Performance Table 13
Wealth Management Research                                                                                                   26 February 2010


Technical ETF Performance Table



trading developed. More recently, it is interesting to note that XLF reached a price peak on 4/15/10, eleven days before the SPX.
The fund has since fallen roughly 22%, but has so far maintained key support in the 13-14 range. A violation of this support level
would confirm an important top, suggesting additional technical weakness. To the upside, there continues to be strong supply in
the 15-16 range, corresponding to the 150-day moving average, the Sep/Oct ’09 highs the Jan/mid-May/Jun/Jul ’10 peaks, and
the top of the 5/15/10 downside gap. The ability to clear this supply will help to alleviate some of the selling pressure. However,
if the sellers emerge and this is just an oversold rally, the fund will likely go down for a retest of the Feb ’10 low. A violation here
could accelerate the selling with a possible test of the crucial Jul ‘009 low (10.83).


  Symbol      Description       Overall Technical Last Sale      Support Areas           Resistance       10-Week:   30-Week:    % Chng from
                                     Trend                                                 Areas           Rising     Rising      Last Report

            Industrial Select                                 26.50; 24;20-21; 18- 30.60; 33-33.50; 36-
    XLI       SPDR Fund            Mod Bull        30.17             19; 15            38.75; 40-41          29         30          3.96%

We believe that the violation of the 2004 uptrend line in Jun ‘08 marked a significant turning point for this fund. However, the
selling did not really accelerate until Sep ’08 once key support in the low-30s was violated. The sell off, which lasted until
Mar ’09 broke all visible chart support. The fund then quickly rebounded over the next few months before entering into a brief
form of consolidation. This helped to refresh the stock in our view, which set the stage for a breakout above key supplies,
including the Nov ’08, Jan/Jun ’09 highs, as well as the 38.2% retracement of the 2007-2009 decline. This along with the
technical golden cross and the Jul ’09 positive outside marked the Mar ’09 low as a major cyclical low. The fund has since
climbed about 121% through Apr ’10 and clearly outperformed the SPX during that time. However, since the Apr ’10 relative
and price high, we have seen some temporary signs of weakness. However, the strong rally in Jul ’10 opens the door for a
potential bullish positive outside month. A strong close in Jul ’10 would confirm this pattern. With that said, we remain
cautiously optimistic as XLI has so far been able to maintain its Feb ’10 low and 38.2% retracement of the 2009-2010 rally on
pullbacks. A violation here would confirm a major top and could trigger selling to the May/Jun ’09 highs near 24. Sustained
weakness could result in a move closer to 20 or the Jul ’09 low, although we don’t view that as likely at this point in time. To
the upside, the ability to clear this supply level could trigger a flow of funds back into this leadership sector. Key secondary
supply remains near 33-33.50, close to the Apr ’10 high.


  Symbol      Description       Overall Technical Last Sale      Support Areas           Resistance       10-Week:   30-Week:    % Chng from
                                     Trend                                                 Areas             Flat       Flat      Last Report

              Consumer                                        24.50-25; 22.50-23;
             Staples SPDR                                     21.50; 19; 17.82; 15-   28; 29.50-30.50
    XLP          Fund               Neutral        26.91               16                  34-35             26         27          3.70%

One of the key drivers of the Consumer Staples sector is that many of the major components are US multi-national names
that stand to benefit from the longer-term weakness in the US dollar. From a relative strength perspective XLP continues to
underperform the overall US market (SPX) since the market bottom in Mar ’09. However, over the past few months we have
witness increased relative strength. It is premature to call for a major shift into this defensive sector, but the cyclical sectors
strong performance may be getting a bit long in the tooth, at least at this point in the recovery cycle. Another driver is that
investors may seek a safe haven in this defensive sector especially during volatile market conditions. One more driver of this
group is that the strong growth in emerging countries in Asia, Europe and Latin America can help many of these multi-
national Consumer Staples names that are situated in these growth markets. With that said, the fund peaked in the
Mar/Apr ’10 timeframe, about one month before the SPX. The fund failed as it neared significant supply in the area of 28-
30.50 or the 2007/2008 highs. We continue to focus on a disciplined investment approach in order to protect profits noting
that volatile markets also have a tendency to take down markets/sectors indiscriminately during periods of risk aversion.
Although the low beta should help to protect it somewhat during periods of market weakness. With that background in
mind, the brief violation of a key near-term support near 25.75 serves as a technical warning signal. On the other side, the
recent move above the Jun ’10 high opens the door for a potential Jul ’10 positive outside month and above the 150-day
moving average signals that leadership in this area could be developing. The Jun/Jul ’09 lows near 23 remain an investor
support level.


  Symbol      Description       Overall Technical Last Sale      Support Areas        Resistance Areas    10-Week:   30-Week:    % Chng from
                                     Trend                                                                 Falling    Falling     Last Report

              Health Care
              Select SPDR                                     27.50-28; 26-26.50; 29-30; 33-34; 36.5-
   XLV           Fund               Neutral        28.46      24.50-25; 23; 21-22         38                 29         30          0.11%

XLV peaked in Dec ‘07 and quickly sold off before finding support around 30. The 2002 uptrend was violated during the sell
off, which warned of a change in trend. The fund managed to maintain this key support for 9 months, but once it failed,
sellers emerged creating a long-term technical death cross as the 10 and 30-month moving averages rolled over. In
UBS AG                                                                                                    Technical ETF Performance Table 14
Wealth Management Research                                                                                                     26 February 2010


Technical ETF Performance Table



aggregate, the fund fell 43% from 2007-2009. During the selloff, it appears as if investors have gravitated towards this
defensive sector as it outperformed the S&P 500. However, the fund has underperformed as the rally took hold. The fund
broke out in Jul ’09 and reached our technical target based in Jan ‘10 near 33-34. The failure of the fund to push higher as a
number of other sectors made new highs during the Feb ’10 – Apr ’10 move was a sign of distribution. The 4/10/10 negative
outside week was another distributive sign. At that point it was obvious to see that the bears outweighed the bulls. During
the 5/6/10 selloff, the fund traded below the Feb ’10 low. The reflex rally that followed was short-lived as XLV quickly
reversed course and went on to make new lows. Also of concern, a technical death cross has been confirmed on the weekly
chart as both moving averages are now down trending. We therefore believe that the downward pressure will weigh on the
fund given any subsequent rallies. With that being said, key support remains near 27.50, corresponding to the Feb ’09 high,
the Jul ’09 breakout level, the Aug ’09 low, and the 50% retracement of the 2009 rally. To the upside, the Feb ’10 low and
Jun/Jul ’10 highs near 29-30 will act as initial supply. Formidable supply remains in the 33-34 area or the Jan ’06 low,
Aug ’07 low, and Aug/Sep ’08 highs.


  Symbol      Description       Overall Technical Last Sale      Support Areas           Resistance         10-Week:   30-Week:    % Chng from
                                     Trend                                                 Areas             Rising       Flat      Last Report

                                                                                     31; 32; 33.57; 36;
             Utilities Select                                 27.50-28; 26.50-27;    38.50-40; 42-43;
   XLU        SPDR Fund             Neutral        30.52       22-24; 20; 15-17            44.66               29         30          8.27%

The index has declined almost 50% from the Dec ‘07 peak to the 10 Oct low. Several key supports were broken in the early
stages of the decline, including the 2002 uptrend line and the neckline violation of the head and shoulders top around 34-
36. These were major technical indications that distribution forces were at work. The sharp sell off finally found support at
the 10 Oct low (23.28), which also closely corresponds to the 76.4% retracement of the 2002 low (14.90) to the 2007 high
(44.66), as well as being near the 2004 low. We note that after a period of consolidation off the Oct ’08 low in the form of
an ascending triangle, the fund gapped down, and breaching key support. The sharp decline briefly violated the Oct ’08 low
before bouncing back. The fund has since helped solidify the Mar ’09 low through a period of healthy consolidation, albeit as
one of the worst performing S&P 500 sectors during that time. The fund has been trading in a range between 27.50-28 and
30-31 since Jul ‘09. A May ’10 negative outside month signals distribution, so continue to monitor risk levels closely. A
violation of this support would trigger stop/losses, likely resulting into a move into the 25-27 support zone before stabilizing.
To the upside, additional supply is evident near the Jan ‘10 high (32.08). Breaking this supply could then set the stage for a
further advance to the 50% retracement (33.57) of the 2007 – 2009 decline. Formidable resistance still resides close to 36 or
the Jan/Mar/Aug ’08 lows, the Sep ’08 breakdown level, as well as the 61.8% retracement. Longer-term supply is then
available near 38.50 or the Sep ’08 high. From a relative strength perspective, XLU has shown strong relative strength
outperformance vs. SPX, which could be signalling a rotation into utility stocks. We also note the potential positive outside
month for Jul ’10 would also signal a bullish accumulation of this sector.


  Symbol      Description       Overall Technical Last Sale      Support Areas           Resistance         10-Week:   30-Week:    % Chng from
                                     Trend                                                 Areas             Rising     Rising      Last Report

            iShares US Real                                   47; 45; 41-42; 37; 35-52.69; 55; 57-58; 67-
    IYR          Estate            Mod Bull        51.47       36; 29-30; 23.51; 21          68                49         49          7.01%

IYR seeks to replicate the performance of the Dow Jones US Real Estate Index. About 90% of the index is composed of REIT equities.
Since its Feb 07 peak, the index has lost 78% at its worse. From a technical perspective, the 2004 trend line break in July ‘07
indicated a change in trend and a weakening condition. Then, early in 2008 we saw the long-term 10-month moving average cross
below the 30-month moving average. This technical “death cross” was later confirmed as the 30-month ma rolled over (trended
downwards). However, since the fund bottomed in Mar ’09, it has climbed over 160% through its Apr ’10 peak. In the process, it
has shown technical improvements as it has cleared key intermediate-term supply coinciding with the 30-month moving average, the
38.2% retracement of the 2007-2009 decline, and a 2007 downtrend line. The fund has since entered what we would deem to be a
high level consolidation in the form of a symmetrical triangle. In fact, the recent breakout suggests higher prices. A breakout would
be positive for the fund although we recognize that formidable overhead supply is still evident in the mid-50s, near the Jul ’08 low,
the Oct ’08 breakdown level, and the Feb ’10 high. Also on the positive front would be the bullish positive outside month that is
developing in Jul ’10. This is representative of strong accumulation and could signal a major inflection point. To the downside, a
violation of the bottom of the pattern sets into motion a greater correction and a likely test of the May 6th low near 43.




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Wealth Management Research                                                                                                26 February 2010


Technical ETF Performance Table




  Symbol       Description   Overall Technical Last Sale      Support Areas          Resistance        10-Week:   30-Week:    % Chng from
                                  Trend                                                Areas            Falling    Falling     Last Report

                                                            83-85; 79-80; 74-
             Retail HOLDRS                                 75;64-67; 59-61; 50- 96; 99-100; 102-104;
   RTH            Trust          Neutral        88.74              56                 108-110             91         96         -7.02%

The Sep ‘08 negative outside month warned of technical weakness. The index subsequently gapped below major support near
82-84 in Oct ‘08. The sell off took down the index roughly 40% in just two months. In the process, the fund reached an
extreme oversold condition in Nov ’08. The technical oversold rally (30%) lasted until Jan ’09 before approaching key near-term
supply corresponding to the mid-Oct ’08 reaction high and the Nov ’08 high. Another major sell off ensued from Jan – Mar ’09,
but did not convincingly violate the Nov ’08 low (60.63). Maintaining this support was an early sign of emerging leadership as
many of the broad and sector markets went on to make new lows in Mar ’09. The positive outside month that developed in
Mar ’09 also helped to distinguish this fund from others. Another positive outside month developed in July, reiterating the
potential for further gains. RTH climbed as high as the all-time highs near 108 before profit taking. The trust has since sold off
about 21%, retracing roughly 50% of the 2009-2010 rally. The decline has violated supports and rolled over the 10/30-week
moving averages. On the positive side, the 07/24/10 positive outside week also coincided with a violation of the Apr ’10
downtrend line. With that being said, we believe that rallies will various levels of overhead supply, resulting in some form of
backing and filling before resuming a more sustainable rally. We are therefore downgrading our technical outlook from
Moderate Bullish to Neutral to reflect this. The Jul ’10 low near 85 will now act as initial support and the May/Jun ’09 highs and
Jul ’09 breakout closer to 83 remains a critical investment support on weakness. A violation here could result in a more risk
adverse trade, as next support is associated with the Jul ’09 low (74.24). To the upside, the mid-Jun ’10 high and 150-day
moving average near 96 will act as initial resistance. This level also interestingly coincides with the 50% retracement of the
Apr ’10 decline. Above here will alleviate the selling pressure and open the door for a move towards the 99-100 area,
corresponding to the Jun ’10 high, psychological supply and the 61.8% retracement.


               Description   Overall Technical Last Sale      Support Areas          Resistance        10-Week:   30-Week:    % Chng from
                                  Trend                                                Areas              Flat     Falling     Last Report

              Technology
              Select SPDR                                  21.11; 20 18-19; 16- 22.62; 23-23.25; 24;
    XLK          Fund           Mod Bull        22.01      17; 15; 12-13; 11.40      26; 28.60            22         22          4.31%

This technology fund consists largely of Computers (28%), Telecommunications (26%), Software (18%), and Semiconductors
(11%). stocks. The Nov ’07 negative outside month was a very good warning signal that the 2002 cyclical rally was fading. It in
fact marked the price peak in the market (28.60). The lower high (May ’08 < Nov ‘07) was another warning of a change in
trend. The subsequent long-term technical death cross and violation of the 6-year uptrend line in Sep ’08 confirmed the
change. From peak to trough, the Nov ’07 – Nov ’08 sell off lost 55% of its value. That said, the year long decline not only
maintained the crucial Nov ’07 low (12.94) during the Feb – Mar ’09 decline, but also developed a major one month reversal
pattern known as a positive outside month in Mar ’09. A technical golden cross was also confirmed in Jun ‘09 as the 10/30
week moving averages have crossed and both began to trend upwards. We were further encouraged by another positive
outside month in Jul ’09. We still believe that the index has strength from a longer-term perspective; however the fund has
traded relatively in line with the SPX for much of this year. The 84% rally since the March bottom created an overbought
condition which is in need of consolidation. As such, the fund has sold off about 17% from its Apr-Jul ’10 decline before
finding key support near 20, corresponding to the 38.2% retracement of the 2009-2010 rally. The rally off the Jul ’10 low has
since broken the Apr ’10 downtrend line and the 50-day/10-week moving averages, signalling that the weakness could be
abating. We have also seen near to intermediate-term reversal patterns known as a positive outside day (7/20/10) and week
(7/24/10). The rally has also broken through resistance corresponding to the 50/200-day moving averages and the Apr ’10
downtrend. A strong move through the Jun ’10 high (22.62) could help to further stabilize the sell off as this would snap a
series of lower highs create the potential for a positive outside month reversal pattern. Additional supply is evident near 23.25
or the Jan/mid-May ’10 highs. Intermediate-term resistance remains the Apr ’10 peak of 24.16. We are adjusting our initial
supports to reflect the Jul ’10 rally. As such, the mid-Jul ’10 and Jul ’10 lows of 21.11 and 20.01 now represent first and
secondary supply, respectively.


Note: All last sale prices as of 29 July 2010
Source: Reuters, Bloomberg, iShares.com, and UBS Technical Research
For continuation please see next page




UBS AG                                                                                                 Technical ETF Performance Table 16
Wealth Management Research                                                                                       26 February 2010


Technical ETF Performance Table



Statement of Risk
Stock market returns are difficult to forecast because of fluctuations in the economy, investor psychology, geopolitical conditions
and other important variables.

Appendix

Required Disclosures
Analyst Certification
Each research analyst primarily responsible for the content of this research report, in whole or in part, certifies that with respect
to each security or issuer that the analyst covered in this report: (1) all of the views expressed accurately reflect his or her
personal views about those securities or issuers; and (2) no part of his or her compensation was, is, or will be, directly or
indirectly, related to the specific recommendations or views expressed by that research analyst in the research report.

For a complete set of Required Disclosures relating to the companies that are the subject of this report, please mail a request to
UBS Wealth Management Research Business Management, 1285 Avenue of the Americas, 13th Floor, New York, NY 10019.




UBS AG                                                                                         Technical ETF Performance Table 17
Wealth Management Research                                                                                                    26 February 2010


Technical ETF Performance Table



Appendix

Term / Abbreviation                Description / Definition
% +or- Moving Avg (DMA)            % +or- moving average is the percent above or below the moving average is used to help measure an
                                   overbought or oversold condition. It is calculated by taking the difference between the group price and its
                                   30-week moving average, and then dividing by the 30-week moving average times 100. The percentage
                                   above or below the moving average is used to help measure an overbought or oversold condition and is a
                                   component of risk management.
Adjusted Relative Strength (ARS)   Number gives a 50% weighting to the 1-month relative strength, 30% to the 3-month, and 20% to the 6-
                                   month numbers to arrive at a single weighted number.
Base                               A chart pattern marking a period of accumulation following a downtrend. The larger the base, the greater
                                   the upside potential following its completion. A base can take many forms.
Breakdown                          A technical term indicating a downside resolution of a chart pattern. Its significance is determined by the
                                   same factors governing a breakout.
Breakout                           A technical term indicating an upside resolution of a chart pattern. Breakouts can take many forms, and
                                   their degree of importance is determined by the significance of the chart pattern which preceded it.
Channel                            A chart pattern comprised of two parallel trend lines, which form a trading band. Channels take the form of
                                   uptrend, downtrend and horizontal.
Downtrend Line                     A trend line connecting successively lower peaks for a stock (or market). Its technical significance is
                                   determined by the same factors governing an uptrend line
FSR                                Forecast Stock Return is defined as expected percentage price appreciation plus gross dividend yield over the
                                   next 12 months.
Gap                                An open space in a chart created when a stock (or market) opens either higher than its highest level attained
                                   during the prior session (referred to as an upside chart gap) or lower than its lowest level reached during the
                                   prior day (called a downside chart gap).
Internal Trend Line                A single trend line connecting at least several high and low points for a stock (or market) over time.
Moving Average                     A technical analysis tool designed to smooth out a stock’s (or market’s) shorter-term fluctuations to provide a
                                   better picture of an underlying trend. Many moving averages exist, but the 30-week moving average (also
                                   known as the 30-week line or 150 day line) is one of the most popular and respected in technical circles. It is
                                   calculated by totaling the latest 30 weekly (usually Friday closing) price levels and dividing by 30 to arrive at
                                   the average. Each week, the most recent week’s figure is added to the total, and the price level from 30
                                   weeks ago is subtracted – hence the term “moving.” Please note that a breakout above or breakdown
                                   below this line does not, in and of itself, constitute a buy or sell signal.
MRA                                Market Return Assumption is defined as the one-year local market interest rate plus 5% (a proxy for the
                                   equity risk premium and not a forecast).
Positive/Negative “Outside” Day    When one day’s range (high and low) exceeds the prior day’s range, and the stock (or market) in question
                                   closes near its daily peak, this is referred to as a positive “outside” day. A negative “outside” day would be
                                   recorded if the stock (or index) finished near its daily low after having a wider range than the prior session.
                                   The same rule can be applied on a weekly and monthly basis as well.
Relative Strength                  Relative strength is a performance comparison between a sector, group, or stock and the S&P 500 Index over
                                   a specified time frame. Our time frame is a often a one, three, and six month basis but does vary according
                                   to investment orientation.
RRD                                Rating/Return Divergence is automatically appended to the rating when stock price movement has caused
                                   the prevailing rating to differ from that which would be assigned according to the rating system and will be
                                   removed when there is no longer a divergence, either through market movement or analyst intervention.
Support                            An area where increased buying interest is likely to develop during a decline. These points, which can take
                                   several forms (minor, major, etc.) often provide downside protection for an issue in a primary uptrend, but
                                   only temporary relief to an issue in a primary uptrend, during which time many support levels are often
                                   broken.
Top                                A chart pattern marking a period of distribution following an uptrend. The larger the top, the greater the
                                   downside potential following its completion. It, too, can take many forms.
“Uptrend Line”                     A trend line connecting successively higher low points for a stock (or market). The longer this line is in force,
                                   and the points that occur along it, the greater its’ technical significance.




UBS AG                                                                                                    Technical ETF Performance Table 18
Wealth Management Research                                                                                                   26 February 2010


Technical ETF Performance Table



Appendix

Stock Recommendation System
Analysts provide two ratings: an absolute rating and a relative rating.
For reports prepared by UBS FS (as indicated on the cover of each report), the absolute rating is based on the current Estimated Fair Value Range
(EFVR) for the stock and the stock's recent trading price. The EFVR is the price range within which the analyst estimates the stock to be fairly
valued. The estimation of the EFVR is based on methods such as a discounted cash flow valuation or a valuation multiples comparison. In the
definition of the EFVR, analysts take into account the risk profile (predictability) of the stock.
For reports prepared by UBS AG (as indicated on the cover of each report), the absolute rating is based on the combination of the relative stock
rating and the ex-US strategy view about the appropriate sector benchmark, which may differ from the US strategy view. For more information,
see Education Note, Change to absolute equity rating methodology for foreign and select US companies by UBS AG, 1 July 2009.
The relative rating is based on the stock’s total return potential against the total estimated return of the appropriate sector benchmark over the
next year.

Absolute Stock Rating System
Buy
We believe the stock is undervalued relative to current market prices.
Hold
For reports prepared by UBS FS (as indicated on the cover of each report): We believe the stock's current market valuation is within its fair value
range.
For reports prepared by UBS AG (as indicated on the cover of each report): We believe the stock is neither over-, nor undervalued to current
market price.
Sell
We believe the stock is overvalued relative to current market prices.
Under review
Upon special events that require further analysis, the stock rating may be flagged as "Under review" by the analyst.
Suspended
If data is not valid anymore, the stock rating may be flagged as "Suspended" by the analyst.
Restricted
Issuing of research on a company by WMR can be restricted due to legal, regulatory, contractual or best business-practice obligations which are
normally caused by UBS Investment Bank's involvement in an investment banking transaction in regard to the concerned company.


Industry Sector Relative Stock View
Outperform (OUT)                                                          Expected to outperform the benchmark
Marketperform (MKT)                                                       Expected performance in line with the benchmark
Underperform (UND)                                                        Expected to underperform the benchmark

Current WMR Global Rating Distribution (as of last month-end)
Buy                                  23%** (66%*)                         Outperform                           33%*** (49%*)
Hold                                 73%** (64%*)                         Marketperform                        54%*** (55%*)
 Sell                                  4%** (59%*)                          Underperform                       14%*** (43%*)
* Percentage of companies within this rating for which investment banking services were provided by UBS AG or UBS Securities LLC or its
affiliates within the past 12 months. Source: UBS WMR, as of 30 June 2009.
** At present, not all securities in WMR's global coverage universe have been assigned an Absolute Stock Rating in a Corporate Report. The
Absolute Stock Rating distribution calculation includes only securities that have been assigned an Absolute Stock Rating as of the last month-end.
*** Under our Industry Sector Relative Stock View system, "Outperform" most closely corresponds with a "Buy" recommendation,
"Marketperform" most closely corresponds with a "Hold" recommendation, and "Underperform" most closely corresponds with a "Sell"
recommendation.


UBS Financial Services Inc. Technical Research Dept.: Definitions and Distribution
UBS Financial Services Rating     Definition and criteria                                                     Corresponding Rating Category
                                  Well-defined, reliable up-trend, an increase in the rate of change (or
Bullish                                                                                                       Buy
                                  strong momentum) and confirming technical indicators
Mod. Bullish                      Positive overall trend, momentum and confirming technical indicators        Buy
                                  Trading range trend, a flat rate of change and confirming technical
Neutral                                                                                                       Hold
                                  indicators
Mod. Bearish                      Weakened trend, momentum and confirming technical indicators                Sell
Bearish                           Negative trend, momentum and confirming technical indicators                Sell
N/A                               Not enough historical data to make an evaluation.                           N/A



UBS AG                                                                                                     Technical ETF Performance Table 19
Wealth Management Research                                                                                                      26 February 2010


Technical ETF Performance Table



Appendix

Disclaimer

In certain countries UBS AG is referred to as UBS SA. This publication is for our clients’ information only and is not intended as an offer, or a
solicitation of an offer, to buy or sell any investment or other specific product. It does not constitute a personal recommendation or take into
account the particular investment objectives, financial situation and needs of any specific recipient. We recommend that recipients take financial
and/or tax advice as to the implications of investing in any of the products mentioned herein. We do not provide tax advice. The analysis
contained herein is based on numerous assumptions. Different assumptions could result in materially different results. Other than disclosures
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are current only as of the date of this report, and are subject to change without notice. This publication is not intended to be a complete
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Opinions may differ or be contrary to those expressed by other business areas or groups of UBS AG, its subsidiaries and affiliates. UBS Wealth
Management Research (UBS WMR) is written by Wealth Management & Swiss Bank and Wealth Management Americas. UBS Investment
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UBS AG                                                                                                     Technical ETF Performance Table 20
Wealth Management Research                                                                                                  26 February 2010


Technical ETF Performance Table



Appendix

Disclaimer (continued)

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Version as per June 2009.

© 2009. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved.




UBS AG                                                                                                  Technical ETF Performance Table 21

								
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