UBS Investment Research－Global Infrastructure & Utilities Monthly

Dec 08: Global I&U +4.6% vs Global Equities +3.7%
The UBS World I&U Index was up 4.6% over December 2008, outperforming
global equities (MSCI All World), which were up 3.7%. Globally, utilities were up
4.5% (integrated +4.6%, T&D +1.7%, integrated regulated up 5.7%, water +0.4%
and generation +3.1%). Infrastructure was up 6.1% (toll roads +7.5%, airports
+15%, communications +9.8%).
􀂄 Sector to out-perform during slow down
The I&U sector has lower earnings downgrade risk vs broader equity markets – a
positive characteristic during recessionary times. We forecast 12-month bottom-up
returns of 61% for infrastructure and 50% for utilities. Some stability must
reappear in the macro economy & credit markets for stocks to trade near fair value.

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