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Sustainable Investment

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Sustainable Investment For professional investors only Marketing material Sustainable Investment Drescher & Cie Webcast Dr. Dinah A. Koehler June 13, 2017 About UBS Asset Management Five UBS Business Divisions Asset Wealth Wealth Investment Corporate & Management Management Management Bank Retail Americas 2002 Rebranded as UBS Global Asset Management, known today as UBS Asset Management Integration of the investment teams of the respective asset management businesses: 2000 UBS Asset Management, Brinson Partners and Phillips & Drew 1998 Merger of Union Bank of Switzerland & Swiss Bank Corporation 1980's Chicago firm, Brinson Partners established 1895 London firm, Phillips & Drew established Services to U.S. persons are provided by UBS Asset Management (Americas) Inc. or UBS Asset Management Trust Company. Assets under management/advisement for UBS Asset Management (Americas) Inc. were $139 billion, as of December 31, 2016, which includes $4 billion for UBS Asset Management Trust Company. UBS Asset Management (Americas) Inc., a Delaware corporation, is a member of the UBS Asset Management business division of UBS Group AG, a publicly traded Swiss bank (NYSE: UBS). UBS Asset Management (Americas) is an indirect wholly owned subsidiary of UBS Group AG and is registered as an investment adviser pursuant to the Investment Advisers Act of 1940, as amended1. 1An investment adviser does not have to demonstrate or meet any minimum level of skill or training to register with the U.S. Securities and Exchange Commission. Not intended for redistribution. For important additional information, please see the Additional Disclosures at the end of the presentation. US-I (RU) 1 No longer a niche form of investment Sustainable investing has become mainstream • Robust size: 8.72 trillion of SRI Growth of Sustainable & Responsible Investment assets represents 21% of the total (Invested assets, USD billions) invested assets in the US Market 10.000 8.723 9.000 • Rapid growth: AUM increase of 33% from 2014 to 2016 8.000 6.572 7.000 • Leading criteria incorporated in ESG AUM: 6.000 – conflict risk 5.000 – climate change & carbon 4.000 3.744 – human rights 3.069 3.000 2.323 – pollution & toxics 2.290 2.000 – board issues 1.000 639 0 1995 2001 2005 2010 2012 2014 2016 The 33% rise in US SRI assets since 2014 has outpaced the growth in assets in the US over that period, which rose 9.5%. Source: US SIF, The Forum for Sustainable and Responsible Investment. From the 2016 Report on Sustainable and Responsible Investing Trends in the United States. US-I 2 Sustainability: A fundamental approach adapted to modern companies Sustainability factors drive Intangible Assets Tangible Assets market value 100% • Brand value (price premium, brand 17 32 68 80 84 awareness) • Reputation (social media profile, 80% 83 opinion research) • R&D pipelines (# patents) 68 • Customer satisfaction (retention, 60% loyalty programs, boycotts) • Health and safety record (incidents, accidents, near misses) 40% • Environmental performance (pollution, penalties, fines) 32 • Social license to operate 20% (production delays, cost overruns, 20 16 labor protests) • Governance (board composition, 0% bribery, ethics charges) 1975 1985 1995 2005 2015 Source: Ocean Tomo, "Ocean Tomo's Intangible Asset Market Value Study," January 2015. S&P500 Market Value US-I 3 UBS proprietary sustainability database Our industry-specific model uses economically relevant KPIs to score companies Sustainability score Environmental Social Governance Measures company level Measures a company’s Measures a company’s impact on the environment commitment to social issues governance structures and relative to competitors in the in its dealings with employers, policies. same industry. suppliers and local communities. • Employee turnover • Carbon emissions • Sustainability reporting • Employee safety • Water use and recycling • Executives' pay • Supply chain monitoring • Energy efficiency initiatives • Anti-bribery ethics policy • Customer data security • Renewable energy use plan • % of women on its board • Community reputation policy • Hazardous waste reduction • % of independent directors Note: The sustainability score examples listed represent only a sampling of all possible factors. US-I 4 From ESG data to impact measurement Impact (defined by impact ESG metrics (defined by GRI) investors/philanthropy) Natural Capital Business activity Outputs: Emissions, Outcomes: Air quality, Human Capital (Inputs & waste, water water quality, soil Impact: illness (morbidity), Processes) effluent quality, climate deaths (mortality) change 5 UBS AM approach to impact measurement: From flows to impacts Example: Climate change: intentional, measurable, statistically verifiable Disciplines of Environmental Science and Public Health Emissions Peer reviewed pollution Peer reviewed human data/estimates dispersion model exposure model Natural Capital Human Capital Business activity Outputs: Emissions, Outcomes: Air quality, Impact: illness (morbidity), (Inputs & Processes) GWh, product/services water quality, soil deaths (mortality) quality, climate change Example: UBS AM focus on impact • Installed capacity in measurement renewables (GWh) • Increase in number (or percentage) of people with access to renewable energy • Avoided emissions (tonnes CO2e) Social impact multiplier: 1 Krewski et al., Health Effects Institute, 2009; Driscoll, Buonocore et al, Nature Climate Change, 2015 10.44 lives / million metric ton CO2e emitted1 6 Incorporating ESG and impact into portfolio construction A 3D approach to investing 1. Universe of companies with business models aligned with impact themes 2. Portfolio selection combines attractive valuation, strong sustainability score and positive impact Monitor & patience Primary focus Sustainability rankings from non-financial data from non-financial Watch & avoid Stay engaged Valuation rankings from financial data 7 Additional disclosures Past performance is no guarantee of future results. Potential for profit is accompanied by possibility of loss. Any statements made regarding investment performance objectives, risk and/or return targets shall not constitute a representation or warranty that such investment objectives or expectations will be achieved. No part of this presentation may be reproduced or redistributed in any form, or referred to in any publication, without express written permission of UBS Asset Management. This material supports the presentation(s) given on the specific date(s) noted. It is not intended to be read in isolation and may not provide a full explanation of all the topics that were presented and discussed. The information and opinions contained in this document have been complied or arrived at based upon information obtained from sources believed to be reliable and in good faith. All such information and opinions are subject to change without notice. A number of the comments in this document are based on current expectations and are considered “forward-looking statements.” Actual future results, however, may prove to be different from expectations. The opinions expressed are a reflection of UBS Asset Management’s best judgment at the time this report is compiled, and any obligation to update or alter forward- looking statement as a result of new information, future events, or otherwise is disclaimed. UBS Group AG and/or its affiliates may have a position in and may make a purchase and/or sale of any of the securities or other financial instruments mentioned in this document. The information contained in this presentation should not be considered a recommendation to purchase or sell any particular security. There is no assurance that any securities discussed herein will remain in an account’s portfolio at the time you receive this information or that securities sold have not been repurchased. The securities discussed do not represent an account’s entire portfolio over the course of a full market cycle. It should not be assumed that any of the securities transactions or holdings referred to herein were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities referred to in this presentation. The gross performance figures reflect the deduction of transaction costs but not investment advisory fees or external custodial charges. A client's actual return will be reduced by investment advisory fees and other expenses. The deduction of investment advisory fees would have a compounding effect, which will increase the impact of the fees by an amount directly related to the gross account performance. For example, on an account with an initial value of $10,000 and a 0.5% annual fee, if the gross performance is 10% per year over a five-year period, the annual compound net rate of return would be 9.45% per year and the total value of the client's portfolio at the end of the five-year period would be $16,105 without the fee and $15,707 with the fee. Performance results include all cash and cash equivalents, are time weighted, annualized for time periods greater than one year and include realized and unrealized capital gains and losses and reinvestment of dividends, interest and other income. A client's returns will be reduced by advisory fees and other expenses incurred by the client. Advisory fees are described in Part 2A of Form ADV for UBS Asset Management (Americas) Inc. This presentation does not constitute an offer to sell or a solicitation to offer to buy any securities and nothing
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