UBS: Liquidity Management Presentation

For professional / institutional / qualified investors only

US Liquidity Management

This presentation must be accompanied or be preceded by the Funds’ current prospectuses. This presentation is for use only through February 11, 2020. For more information, contact UBS Asset Management at 888-793 8637. Mutual funds are sold by prospectus, which includes more complete information on risks, charges, expenses and other matters of interest. Investors should read the prospectuses carefully before investing. An investment in the Funds is only one component of a balanced investment plan.

2020 US-I Firm Overview

US-I UBS

UBS

USD 3.4 trillion¹ invested assets Around 65,000 employees

Asset Global Wealth Investment Personal & Management Management Bank Corporate Banking

Note: As of 30 September 2019 1 Worldwide figures (rounded)

2 A diversified asset manager

Diversified across business lines, regions and distribution channels

Invested assets USD 903 billion Business lines1 Regions Distribution channels

1% 8% 11% 1% 17% 5%

34% 41% 17% 28% 61% 23%

28% 26%

Equities Switzerland Third party Institutional³ Fixed Income (incl MM) Multi-Asset & Solutions² Europe, Middle East & Africa UBS's wealth management businesses Hedge Fund Businesses Americas Third party Wholesale Private Equity Asia Pacific Infrastructure Real Estate

Source: UBS Asset Management. Note: As of 31 December 2019. Data represents the internal distribution view for regions and distribution channels and production view for business lines. Data does not include the assets of non-consolidated joint ventures (USD 48.5bn as of 31 December 2019). Total invested assets USD 903bn of which passive strategies USD 374bn. 1 Equities, Fixed Income and Money Market reflect asset classes; the Hedge Fund Business consist of the O'Connor (single manager) business and Hedge Fund Solutions (HFS, multi-manager business); Real Estate & Private Markets (REPM) is a separate business line. 2 Multi-asset includes asset allocation as well as some alternative investments not managed by O'Connor and HFS and Real Estate assets managed outside REPM. Total Multi Asset USD 155bn, of that Investment Solutions manages USD 130bn. 3 Includes UBS Investment Bank channel.

3 UBS-AM Global Fixed Income at a glance

Leading manager with USD 253 billion in assets under management

Key strengths of Global Fixed income Total AUM USD 253 billion, by strategy Bonds USD 151 billion  Deep expertise with 100+ fixed income investment professionals, averaging 18 years investment experience US  Globally integrated platform offering local insights and diverse perspectives Global

 Disciplined investment approach drawing on deep resources European and UK to employ diverse alpha sources Emerging Markets  Commitment to proprietary research across the full investment spectrum Swiss

Australian and Asia Pacific

Global presence Money Market USD 102 billion

Chicago Hong Kong US Taxable New York Shanghai Emerging Markets London Tokyo European Zurich Sydney US Municipal Singapore Australian

Swiss Source: UBS Asset Management: worldwide fixed income invested assets. As of December 31, 2019 1 Excludes fixed income assets in multi asset mandates and other strategies managed by Multi Asset and Solutions

4 Leveraging local expertise

Integrated local teams can offer more insights and be more responsive

Domestic portfolio managers make Global portfolios incorporate domestic Formal and informal decisions based on local knowledge insights into global strategy communication facilitates the process

London 11 PMs 3 CAs

Zurich New York 17 PMs Hong Kong Chicago 12 PMs 6 CAs 1 PM 17 PMs 5 CAs1 1 CA Shanghai 10 CAs 2 PM 1 CA

Singapore Sydney 3 PMs 6 PMs 2 CAs 3 CAs

Note: UBS Asset Management Fixed Income professionals as at September 30, 2019. PM – Portfolio Manager CA – Credit Analyst 1 Includes Municipal team credit analysts

5 Why UBS AM for Liquidity Management

USD 123bn in money market and short-term bond strategies invested around the globe1

 Dedicated portfolio management team of 23 professionals with 23 years average industry experience2 People  Proprietary research team includes 25 credit research analysts leveraging 35+ equity analysts3

 Money market strategies focus on capital preservation and liquidity Philosophy  Ultra short/low duration bond and short duration strategies seek incremental yield over money market funds  Seek to add value through active management employed across duration, yield curve, sector and issue selection

 Rigorous valuation and research framework, combining top-down macroeconomic and quantitative research Process with bottom-up company level credit research  Integrated risk management tools allows for effective risk budgeting

 Full range of money market and short term strategies in multiple currencies Product  Customized portfolios to meet client needs and changing environment  In-depth monthly and quarterly account reporting options

Source: UBS Asset Management. 1 As of 31 December 2019 and includes short duration bond, short duration high yield and short duration emerging market strategies 2 Figures are representative of UBS Liquidity Management worldwide. As of December 31, 2019. 3 Figures are representative of UBS Asset Management business group worldwide. As of December 31, 2019. Does not include municipal analysts.

6 Liquidity investment team

23 years average industry experience and 15 years average firm experience1

Name Role Industry Experience Firm Experience Chicago Robert Sabatino Head of Global Liquidity Portfolio Management 25 years 18 years James Law, CFA Head of US Enhanced Cash and Short Duration 33 years 19 years David Walczak, CFA, FRM Head of US Money Markets, Portfolio Management 15 years 12 years Debbie Johnson Portfolio Manager, US Money Markets 37 years 36 years Mary May Portfolio Manager, US Short Duration 38 years 37 years Michael McManus Portfolio Manager, US Short Duration 24 years 8 years David Rothweiler Portfolio Manager, US Ultra Short and Short Duration 26 years 15 years Brian Strole Portfolio Manager, US Money Markets 9 years 6 years New York Ebby Gerry Head of Municipals 39 years 23 years Lisa DiPaolo Portfolio Manager, US Municipal Money Markets 20 years 18 years Jodi Smith Portfolio Manager, US Municipal Money Markets 19 years 10 years Phil Tartaglia Portfolio Manager, US Municipal Money Markets 32 years 12 years Zürich Michael Hitzlberger Head of EMEA Money Markets and EUR Bond 29 years 29 years Leonardo Brenna, CFA Portfolio Manager, EUR Money Markets and Short Duration 27 years 27 years Roland Emch Portfolio Manager, CHF Short Duration 21 years 24 years Geraldine Haldi Portfolio Manager, USD Short Term 13 years 12 years Robbie Taylor, CFA Portfolio Manager, EUR and GBP Money Markets 14 years 3 years Sydney Christian Baylis Portfolio Manager, AUD Money Markets 17 years 8 years Jeffrey Grow Portfolio Manager, AUD Money Markets 25 years 8 years Benedict Mandile Portfolio Manager, AUD Money Markets 19 years 6 years Tokyo Keiko Sugawa Head of Fixed Income Japan 31 years 6 years Singapore Ross Dilkes, CFA Portfolio Manager, Pan Asian Money Markets 14 years 13 years Evan Greenberg Portfolio Manager, Pan Asian Money Markets 13 years 5 years

Source: UBS Asset Management 1 As at September 2019 and includes money market and short bond strategies Highlighted row indicates regional head.

US-I 7 Global credit research team

On-the-ground presence in several locations globally enhances our research capabilities

Years Years Name Industries Crossover1 exp. UBS John Van Tassel Head of IG Investment Research 33 13 Jennifer Haidu, CFA Head of HY Investment Research Chemicals, Consumer, Containers, Food & Bev, and Retail 23 13 Investment Grade Chip Campbell, CFA Global Energy, Global Metals & Mining, US Chemicals, Technology, US Pipelines and Utilities 21 7 Jill Fine Global Insurance (Ex-APAC), Global Automotive, US Banks  22 24 Brian Huang China Industrials and Property  10 1 Brian O’Brien European Utilities, European Transport 8 <1 Smit Rastogi North East Asian Property and Financials  7 4 Maria Rodriguez-Galindo-Garcia Developed Sovereigns, Supranationals and Foreign Agencies 4 3 Earl San Juan Australian and Japanese Financials, Singapore Corporates and Financials, Australian REITs and  15 12 Philippine Corporates Ben Squire, CFA Head of APAC Credit Research Australian, Korean and China Corporates, Malaysian Financials and Corporates  25 9 Claudia Vortmueller, PhD Head of EMEA Credit Research European Financials  21 4 Ethan Wang Chinese Corporates and Financials  8 2 High Yield Steven Breen Transportation, Energy, Gaming 24 13 Bill Doyle Autos, Builders & Products, Metals & Mining, Services, Shipping, Steel 26 1 Nadia El Alaoui European Services and Telecoms, Media, Technology 13 5 Damian Geistkemper, CFA Financials, Utilities, Industrials, Healthcare, Services 28 10 Don McClatchy Telecoms, Media, Technology, Services 18 10 Giulio Ponte European Healthcare, Gaming ,Auto Suppliers 13 5 Phil Spencer, CFA European Basic Materials & Industrials 19 7 Securitized Barbara English Money Market Controller Asset-Backed Commercial Paper 32 33 John Mulligan CMBS  28 <1 Phil Stec, CFA ABS, Non-Agency RMBS, CLOs  17 9 Emerging Markets2 Jose Bernal Emerging Markets – LatAm Corporates  17 4 Thiago Carlos Emerging Markets – Sovereigns  13 12 Gianandrea Heyer Emerging Markets – Sovereigns  4 4 Will Riva Emerging Markets – EMEA Corporates  12 2 Average: 18 8

Note: As of December 2019. Does not include Municipal analysts or offshore support team of 3 analysts. 1 Analysts covering both Investment Grade and High Yield names; 2 Report to Federico Kaune, Head of Emerging Markets Fixed Income

8 US Liquidity Management: Investment Philosophy

 Asset values ultimately are driven by economic and financial fundamentals

 We emphasize research and integrate our global perspectives and experience in a multi-faceted approach to seek to deliver insight across multiple dimensions within client portfolios.

 We commit to the principle of portfolio diversification utilizing multiple levers to deliver value, to take compensated risks, and to exploit our global depth and presence.

 We require a continuous monitoring, management, and justification of risk exposures within portfolios that combines quantitative and qualitative tools with judgment and experience.

Management based on a disciplined investment process, risk management and an understanding of client capital needs

US-I 9 Money Market – Investment philosophy

Based on disciplined investment process, risk management and an understanding of client needs

 Enhanced research supports goal of capital preservation and offers possibility of differentiation amongst high quality issuers/securities Safety  We commit to the principle of portfolio diversification  Focused liquidity management to increase stability of constant-NAV funds and to reduce the volatility of variable-NAV funds

Liquidity  Offer daily dealing and same-day T+0, T+1, T+2 or T+3 settlement, depending on the fund

 Portfolios are actively managed with an emphasis on high quality and high liquidity Yield  Relative value approach amongst approved issuers focuses on competitive risk-adjusted return

Source: UBS Asset Management For illustrative purposes only.

10 US Liquidity Management: Investment Process

Fundamental valuation philosophy, combined with active management

 We employ a rigorous valuation and research framework, Fundamental combining top-down macroeconomic and quantitative research with company level credit research Valuation

 The valuation and research process is based on the view that markets ultimately converge on fundamentals Macroeconomic

Research  Strategic decisions are driven by an assessment of whether we are being compensated for the risks we are undertaking

Credit  A focus on diversified sources of excess return and risk analysis Research striving to manager our portfolios' performance consistently over the investment cycle

Risk  The collaboration of portfolio managers, strategists and research analysts Management

US-I 11 US Liquidity Management: Investment process resources

Seeks to construct the optimal portfolio for a given level of risk

• Entire process draws on global resources of experienced team of fixed income professionals. Fixed Income Broad investment strategies are delivered to investment Short Duration • Investment portfolios based upon risk parameters. Sub-Committee Meeting Forum • Regular and on-going debate and analysis of investment Money ideas is critical for the consistent delivery of alpha. Market Risk Fundamental Committee Industry Outlooks • Risk management is continuously integral and frames the process.

Analyst Credit Issuer Client Committee Review Meeting

Market/ IG Credit Portfolio Q&A Meeting Review Global Bond North America & Currency Investment Meeting Meeting

12 Ultra Short Income Fund

US-I Ultra Short Income Fund

Bridging the gap between money market and traditional bond funds

 Philosophy – Designed for investors seeking a liquidity solution that balances the need for income with low volatility of principal and maintenance of liquidity. The Fund may invest in money market securities, government obligations, corporate and secured debt.

 Objective – To seek to provide returns in excess of the benchmark, ICE BofAML US 3-Month Treasury Bill Index.

 Fund Maturity Structure – Offers access to a broadly diversified fixed income portfolio composed of high quality income paying securities while generally limiting portfolio duration to one year or less.

 Quality – The fund will seek to maintain a minimum average credit quality in the range of A/A2.

The information provided is a brief summary of certain guidelines by which the fund is managed.

US-I 14 Ultra Short Income Fund

A shares and P shares

 Ticker Symbol USIAX for A Shares  Ticker Symbol USIPX for P Shares  Competitively priced – A shares Gross 0.71%, Net 0.35%; P shares Gross 0.61%, Net 0.25%  The fund’s NAV per share will fluctuate.  Minimum Initial Investment is 1,000  The fund normally invests in investment grade securities.  T+1 settlement, normal hours of operation 8:00 a.m. to 4:00 p.m. (ET) most business days

The information provided is a brief summary of certain guidelines by which the strategy is managed. Actual investment guidelines for any client account may differ

US-I 15 Ultra Short Income Fund: summary

As of January 31, 2020

Portfolio composition1 Portfolio quality

Fund statistics (as of 1/31/20) Inception date 5/29/18 Net assets $2.701 billion Duration 0.25 years Average Life 0.75 years

Share class information A shares P shares Ticker symbol USIAX USIPX 30-day SEC yield 1.81% 1.91%

Coupon type 1. Sector allocation source is Bloomberg Finance LP Floating Rate 51%

US-I 16 Ultra Short Income Fund Composite: Performance

Total returns for periods ending January 31, 2020 (in USD)

The returns shown above are based on currently available information and are subject to revision. Past performance is no guarantee of future results. 1 Inception as of May 29, 2018

US-I, US-P (RU) 17 US Ultra Short Income Fund Disclosures

Risk information: There are certain risks associated with investing in the Fund, which include: interest rate risk, credit risk, prepayment or call risk, political risk, focus risk, tax liability risk, US government securities risk, illiquidity risk, high yield bond risk, non-diversification risk, derivatives risk, leverage risk associated with financial instruments, management risk, and market risk. For detailed information about the Fund’s main risks, please refer to the Fund’s prospectus.  Interest rate risk: An increase in prevailing interest rates typically causes the value of fixed income securities to fall. Changes in interest rates will likely affect the value of longer-duration fixed income securities more than shorter-duration securities and higher-quality securities more than lower-quality securities.  Credit risk: The risk that the strategy could lose money if the issuer or guarantor of a fixed income security, or the counterparty to the guarantor of a derivative contract is unable or unwilling to meet its financial obligations. This risk is greater for lower-quality investments than for investments that are higher-quality.

Special considerations: Investors in the Fund should be able to withstand short-term fluctuations in the fixed income markets in return for potentially higher returns over the long term. The value of the Fund’s portfolio changes every day and may be affected by changes rates, general market conditions, and other political, social and economic developments, as well as specific matters relating to the issuers and companies in whose securities the Fund invests. Shares of Funds are not deposits or obligations of any bank or government agency and are not guaranteed by the FDIC or any other agency. The Fund is not a money market fund.

US-I 18 US Ultra Short Bond Strategy

US-I US Ultra Short Bond Strategy

Overview

 Philosophy – Designed for investors seeking incremental yield over money market funds. The portfolio invests in investment-grade corporate debt, floating rate notes, securitized instruments, and cash equivalents.

 Objective – To seek to provide returns in excess of the US 3 Month Treasury Bill.

 Portfolio Maturity Structure – The portfolio’s maturity exposure is generally maintained in a range of overnight to 3 years.

 Quality – The portfolio will invest in investment grade securities at time of purchase.

The information provided is a brief summary of certain guidelines by which the strategy is managed. Actual investment guidelines for any client account may differ

US-I 20 Ultra Short Bond: Strategy summary

As of January 31, 2020 Sector allocation1 Quality allocation

Supras, 0% 30% 28% Cash & ABS, 20% Equiv, 1% 25%

19% 19% 20% 18%

Bank 15% Obligations Corporates, 10% - CD, 9% 10% 53% 5% 5% Commercial 1% Paper, 17% 0% AAA AA A BBB A -1 A -2 A -3 Maturity distribution Summary Statistics

30% 28% Portfolio 25% Duration 0.25 25% 23% 21% Current Yield (gross) 1.88% 20% OASD 0.73 Avg life 0.75 15% Avg credit quality A1

10%

5% 3% 0% 0% 0-3 mo 3-6 mo 6-12 mo 1-2 yr 2-3 yr 3+ yr

1. Sector allocation source is Bloomberg Finance LP

US-I 21 US Ultra Short Bond Composite: Performance

Total returns for periods ending January 31, 2020 (in USD)

Annualized

Three Since Month YTD 1 year 3 years 5 years 10 years Risk2 Months inception1

US Ultra Short Bond 0.28 0.64 0.28 2.86 2.08 1.53 1.16 3.05 0.87 Composite

US Ultra Short Bond 1-Yr 0.13 0.40 0.13 2.22 1.55 1.12 0.75 2.78 0.86 Tsy Benchmark3

Value added 0.15 0.24 0.15 0.64 0.53 0.41 0.41 0.27

The returns shown above are based on currently available information and are subject to revision. Past performance is no guarantee of future results. Performance figures are gross of fees. Please see attached disclosure information. Composite performance can be found in the index. 1 Inception as of November 30, 1995 2 Since inception standard deviation based on monthly logarithmic returns 3 As of January 31, 2018 the benchmark is the ICE BofAML US Treasury Bill 3-Month Index . Prior to this, the benchmark was the ICE BofAML 1 Year US Treasury Index starting November 1, 2009. Prior to November 1, 2009 the benchmark was the Citigroup US T-Bill 1 Year Index.

US-I, US-P (RU) 22 US Ultra Short Bond Composite: Quarterly Performance

As of December 31, 2019

US-I (RU) 23 US Ultra Short Bond Composite

Schedule of composite performance

US-I, US-P (RU) 24 US Short Duration Strategy

US-I US Short Duration: Strategy

Overview

 Investment Approach – Designed for investors with a modestly longer investment horizon, seeking incremental yield over money market funds. The portfolio is managed by extending out the yield curve, while maintaining a relatively short portfolio duration to reduce price volatility and market risk.

 Objective – Seeks to provide returns, over a 3-year market cycle, in excess of the Merrill Lynch 1-3 Year Treasury Index.

 Portfolio Maturity Structure/Duration – The maximum portfolio duration will be limited to 2½ years. – The maximum average life of any one security is 5 years.

 Quality – The portfolio will seek to maintain a minimum average credit quality of “A+/A1”. – Securities with maturities greater than one year must have a minimum credit rating of “BBB” or its equivalent as rated by one of the Nationally Recognized Statistical Rating Organizations (“NRSROs”) or unrated, but determined by UBS Global Asset Management to be of comparable quality. – Securities with maturities less than one year must have a minimum credit rating of “A2” or its equivalent as rated by one of the “NRSROs” or unrated, but determined by UBS Global Asset Management to be of comparable quality.

The information provided is a brief summary of certain guidelines by which the strategy is managed. Actual investment guidelines for any client account may differ.

US-I 26 US Short Duration: Strategy summary

As of January 31, 2020 Sector allocation1 Quality allocation

45% US Treasury Cash & 42% 10% Equivalents 0% 40%

35%

30%

25% Corporates 45% 20%

15% 11% 11% 9% 10% 8% 9% ABS 45% 2% 3% 3% 5% 2%

A1 A2 A3

Aa1 Aa2 Aa3

AAA

Baa1 Baa2 Baa3

Maturity distribution Summary Statistics

57% 60% Portfolio Duration 1.80 51% 50% Current Yield (gross) 1.64% 38% 38% 40% OASD 1.81 Avg credit quality Aa3 30%

20%

9% 10% 5% 2% 0% 0% 0-1 Yrs 1-2 Yrs 2-3 Yrs 3-4 Yrs Portfolio Index

1. Sector allocation source is Bloomberg Finance LP Index: ICE BofAML 1-3 Year US Treasury Index

US-I 27 US Short Duration Composite: Performance

Total returns for periods ending January 31, 2020 (in USD)

Annualized

Three Since Month YTD 1 year 3 years 5 years 10 years Risk2 Months inception1

US Short Duration 0.61 0.87 0.61 4.45 2.56 1.94 1.63 3.85 1.46 Composite

Merrill Lynch US Treasury 0.54 0.72 0.54 3.83 1.98 1.40 1.20 3.57 1.48 1-3 yr Index

Value added 0.07 0.15 0.07 0.61 0.57 0.54 0.43 0.28

US-I, US-P (RU) 28 US Short Durations Composite: Quarterly Performance

As of December 31, 2019

US-I (RU) 29 US Short Duration Fixed Income Composite

Schedule of composite performance

US-I, US-P (RU) 30 G. Thomas Cameron

Global Liquidity Management Executive Director

Tom Cameron is an Executive Director on the Global Liquidity Management team within UBS Asset Management. Tom’s primary responsibilities focus on the sales and marketing of UBS Asset Management's investment-grade liquidity solutions, including institutional money market funds and customized separately managed accounts for Corporations, State & Local Governments, Family Offices and other institutional investors. Tom joined UBS Asset Management in March 2001 after participating in the launch of a Web-based startup company providing fixed income trading to institutional investors. Tom also has over 10 years of institutional fixed income experience with Fidelity Years of investment Investments and the Connecticut Health and industry experience: 30 Educational Facilities Authority. Tom is a NASD Registered Representative holding Education: Franklin Pierce Series 7, 24, and 63 registrations. College (US), BS

Note: As at March 2019

31 Disclosures

For more information, contact UBS Asset Management at 888-793 8637 for a current Fund prospectus. An investor should consider the investment objective, risks, and charges and expenses of the Fund carefully before investing. The prospectus for the Fund contains this and other important information about the Fund. The prospectus should be read carefully before investing. An investment in these money market funds is only one component of a balanced investment plan. UBS Asset Management (US) Inc. is the distributor for the Funds. UBS AG and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with UBS AG of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties. THE CONTENTS OF THIS PRESENTATION ARE NOT TO BE CONSTRUED AS LEGAL, BUSINESS OR TAX ADVICE. EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS OWN ATTORNEY, BUSINESS ADVISOR AND TAX ADVISOR AS TO LEGAL, BUSINESS AND TAX ADVICE. NOTWITHSTANDING ANY OTHER STATEMENT IN THIS PRESENTATION, EACH PROSPECTIVE INVESTOR (AND EACH EMPLOYEE, REPRESENTATIVE, OR OTHER AGENT OF SUCH PROSPECTIVE INVESTOR) MAY DISCLOSE TO ANY AND ALL PERSONS, WITHOUT LIMITATIONS OF ANY KIND, THE TAX TREATMENT AND TAX STRUCTURE OF THE TRANSACTION AND ALL MATERIALS OF ANY KIND (INCLUDING OPINIONS OR OTHER TAX ANALYSES) THAT ARE PROVIDED TO THE PROSPECTIVE INVESTOR RELATING TO SUCH TAX TREATMENT AND TAX STRUCTURE. FOR PURPOSES OF THIS PARAGRAPH, THE TERMS “TAX TREATMENT” AND “TAX STRUCTURE” HAVE THE MEANING GIVEN TO SUCH TERMS UNDER UNITED STATES TREASURY REGULATION SECTION 1.6011-4(c) AND APPLICABLE U.S. STATE OR LOCAL TAX LAW.

US-I 32 Disclaimer

For marketing and information purposes by UBS. For institutional professional clients only. The information and opinions contained in this document have been compiled or arrived at based upon information obtained from sources believed to be reliable and in good faith, but is not guaranteed as being accurate, nor is it a complete statement or summary of the securities, markets or developments referred to in the document. UBS AG and / or other members of the UBS Group 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. Before investing in a product please read the latest prospectus carefully and thoroughly. Units of UBS funds mentioned herein may not be eligible for sale in all jurisdictions or to certain categories of investors and may not be offered, sold or delivered in the United States. The information mentioned herein is not intended to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not a reliable indicator of future results. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units. Commissions and costs have a negative impact on performance. If the currency of a financial product or financial service is different from your reference currency, the return can increase or decrease as a result of currency fluctuations. This information pays no regard to the specific or future investment objectives, financial or tax situation or particular needs of any specific recipient. The details and opinions contained in this document are provided by UBS without any guarantee or warranty and are for the recipient's personal use and information purposes only. This document may not be reproduced, redistributed or republished for any purpose without the written permission of UBS AG. Source for all data and charts (if not indicated otherwise): UBS Asset Management This document contains statements that constitute “forward-looking statements”, including, but not limited to, statements relating to our future business development. While these forward-looking statements represent our judgments and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. This document is intended to provide general information only and has been provided by UBS Asset Management (Australia) Ltd (ABN 31 003 146 290) (AFS License No. 222605). © UBS 2019. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved.

33 Additional disclosures (Americas)

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 document 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 document 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 document. 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 document does not constitute an offer to sell or a solicitation to offer to buy any securities and nothing in this document shall limit or restrict the particular terms of any specific offering. Offers will be made only to qualified investors by means of a prospectus or confidential private placement memorandum providing information as to the specifics of the offering. No offer of any interest in any product will be made in any jurisdiction in which the offer, solicitation or sale is not permitted, or to any person to whom it is unlawful to make such offer, solicitation or sale. The achievement of a targeted ex-ante tracking error does not imply the achievement of an equal ex-post tracking error or actual specified return. According to independent studies, ex-ante tracking error can underestimate realized risk (ex-post tracking error), particularly in times of above-average market volatility and increased momentum. Different models for the calculation of ex-ante tracking error may lead to different results. There is no guarantee that the models used provide the same results as other available models. This document is not intended to provide, and should not be relied upon for, accounting, legal or tax advice, or investment recommendations. UBS Asset Management is not a fiduciary or adviser with respect to any person or plan by reason of providing the materials or content herein. Any investment, accounting, legal or taxation position described in this document is a general statement and should only be used as a guide. It does not constitute investment, accounting, legal or tax advice and is based on UBS Asset Management’s understanding of current laws and their interpretation, including under the Employee Retirement Income Security Act of 1974 or Department of Labor regulations. As individual situations may differ, clients should seek independent professional tax, legal, accounting or other specialist advisors as to the legal and tax implication of investing. Plan sponsors and other fiduciaries should assess their own circumstances when evaluating potential strategies or investments. Strategies may include the use of derivatives. Derivatives involve risks different from, and possibly greater than, the risks associated with investing directly in securities and other instruments. Derivatives require investment techniques and risk analyses different from those of other investments. If a manager incorrectly forecasts the value of securities, currencies, interest rates, or other economic factors in using derivatives, the portfolio might have been in a better position if the portfolio had not entered into the derivatives. While some strategies involving derivatives can protect against the risk of loss, the use of derivatives can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in other portfolio investments. Derivatives also involve the risk of mispricing or improper valuation, the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate, index, or overall securities markets, and counterparty and credit risk (the risk that the other party to a swap agreement or other derivative will not fulfill its contractual obligations, whether because of bankruptcy or other default). Gains or losses involving some options, futures, and other derivatives may be substantial (for example, for some derivatives, it is possible for a portfolio to lose more than the amount the portfolio invested in the derivatives). Some derivatives tend to be more volatile than other investments, resulting in larger gains or losses in response to market changes. Derivatives are subject to a number of other risks, including liquidity risk (the possible lack of a secondary market for derivatives and the resulting inability of the portfolio to sell or otherwise close out the derivatives) and interest rate risk (some derivatives are more sensitive to interest rate changes and market price fluctuations). Finally, a portfolio’s use of derivatives may cause the portfolio to realize higher amounts of short-term capital gains (generally taxed at ordinary income tax rates) than if the portfolio had not used such instruments. Services to U.S. persons are provided by UBS Asset Management (Americas) Inc. ("Americas") or UBS Asset Management Trust Company. Americas is registered as an investment adviser with the US Securities and Exchange Commission (“SEC”) under the Investment Advisers Act of 1940, as amended (Note that an investment adviser does not have to demonstrate or meet any minimum level of skill or training to register with the SEC). From time to time, Americas’ non-US affiliates in the Asset Management Division who are not registered with the SEC ("Participating Affiliates") provide investment advisory services to Americas' U.S. clients. Americas has adopted procedures to ensure that its Participating Affiliates are in compliance with SEC registration rules. 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. Copyright © UBS 2019. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved.

US-I (RU) 34