Reference portfolio Tactical asset allocation deviations from benchmark* Currency allocation underweight neutral overweight underweight neutral overweight Cash USD Equities total EUR ws GBP Eurozone JPY vw 2 UK 2 CHF 5 Japan Switzerland SEK EM NOK Other CAD Bonds total NZD Government bonds * AUD = Corporate bonds (IG) a High yield bonds mnew old EM bonds (USD) Commodities total ¥ Precious metals 3 Energy 2 * Please note that the bar charts show total portfolio preferences and thus can 5 Base metals be interpreted as the recommended deviation from the relevant portfolio id Agricultural benchmark for any given asset class and sub asset class. Listed Real Estate Also note that the implementation in advisory or discretionary products might slightly deviate from the "unconstrained" asset allocation shown above, mnew old depending on benchmarks, currency positions and for other implementation Source: UBS ClO considerations ake UBS Please see important disclaimer and disclosures at the end of the document. HOUSE_OVERSIGHT_024140