Most preferred Least preferred Portfolio weights ® US Canada Commodities : 9 Liquidit e® Western winners from EM ° Australia Wal Estate ” 10% High Grade growth Hedge Funds/ 4 | rs Private Equity ae ® High quality dividend yields 10% = nv Grade e Event-driven and relative value » | commorstes hedge funds “a can ® Natural gas growth gainers iS Bonds renee nnnnnEnEEES , irk Ale \ Markets Bonds e US high yield ® Developed market as. 8% . . t bonds Europe Equities Other © Global investment grade credit governmen aL EmMa Equities ©% 6% Eiredincone e EM corporate bonds . e Event-driven and relative value Note: Portfolio weights are for an advisory hedge funds client with a "EUR moderate” profile. For portfolio weights related to other risk profiles please contact your client advisor. © GBP © JPY e Emerging markets (7) A Recent upgrades y Recent downgrades 26 UBS Please see important disclaimer and disclosures at the end of the document. HOUSE_OVERSIGHT_025251