UBS DONOR-ADVISED FUND PERSONALIZED MUTUAL FUND OPTION PERFORMANCE PERIODS ENDING SEPTEMBER 30, 2017

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1 UBS DONOR-ADVISED FUND PERSONALIZED MUTUAL FUND OPTION PERFORMANCE PERIODS ENDING SEPTEMBER 30, 2017 UBS Select Treasury Institutional* ** UBS Select Government Institutional+ Metropolitan West Total Return Bd I* ** JPMorgan Core Bond I* ** Vanguard Total Bond Market Index Adm Legg Mason BW Global Opportunities B Columbia Select Large Cap Growth Z* ** JPMorgan Equity Income I* ** Vanguard 500 Index Admiral* ** Eaton Vance Atlanta Capital SMID-Cap Vanguard Mid Cap Index Admiral* ** Touchstone Small Cap Growth Instl+ Invesco SmallCapValue Y* ** Vanguard Small Cap Index Adm* ** MainStay Epoch Global Equity Yield I* ** Invesco International Growth Y* ** MainStay Epoch International Choice I* Vanguard Total Intl Stock Index Admiral* Virtus Vontobel Emerging Markets Opps Vanguard Emerging Mkts Stock Idx Ad Prudential Global Real Estate Z* ** Cohen & Steers Real Estate Securities I ALPS CorCmdty Mgmt CompleteCmdty Latest Month Year To Date 1 Year 3 Years 5 Years 7 Years N/A N/A N/A N/A N/A N/A N/A N/A N/A THE ABOVE MANAGERS, INCLUDING THEIR INVESTMENT STYLES, ARE RESEARCHED BY UBS FINANCIAL SERVICES' INVESTMENT MANAGER RESEARCH GROUP. * MANAGER STYLE OR INVESTMENT STRATEGY REVIEWED BY UBS FS. PLEASE READ IMPORTANT INFORMATION SECTION. ** THIS INVESTMENT OR STRATEGY IS REVIEWED BY UBS. SEE "IMPORTANT INFORMATION" SECTION FOR ADDITIONAL INFORMATION. + THIS INVESTMENT OR STRATEGY IS NOT AVAILABLE THROUGH UBS. SEE "IMPORTANT INFORMATION" SECTION FOR ADDITIONAL INFORMATION. Page 1 of 22

2 UBS Managed Portfolio of Funds Core Strategy - Without Non-Traditional Strategies Risk Categories September Months YTD 1 Year 3 Year 5 Year Since Inception* Standard Deviation** September 2017 Calendar Year Performance T00071 I Conservative Gross 0.15% 1.82% 6.29% 5.26% 3.24% 3.47% 4.19% 3.68% 4.14% -1.87% 3.92% 4.45% 8.11% T00071 *3/1/2008 Net 0.15% 1.48% 5.23% 3.84% 1.80% 2.06% 2.85% NA 2.66% -3.25% 2.54% 3.07% 6.70% T00071 Benchmark -0.03% 1.61% 5.87% 3.47% 3.72% 3.88% 4.60% 3.00% 4.20% -0.27% 5.31% 4.04% 6.88% T00068 II Moderately Conservative Gross 0.57% 2.58% 8.30% 7.78% 4.16% 4.83% 4.49% 4.71% 5.11% -2.20% 4.02% 8.41% 9.62% T00068 *4/1/2008 Net 0.57% 2.24% 7.23% 6.34% 2.72% 3.41% 3.19% NA 3.64% -3.56% 2.61% 7.02% 8.22% T00068 Benchmark 0.37% 2.31% 7.85% 6.17% 4.62% 5.30% 5.14% 4.02% 5.28% -0.58% 5.36% 8.19% 8.74% T00067 III Moderate Gross 1.02% 3.28% 10.21% 10.29% 4.99% 6.26% 4.14% 5.86% 5.59% -2.44% 4.37% 13.03% 10.91% T00067 *1/1/2008 Net 1.02% 2.94% 9.13% 8.83% 3.58% 4.84% 2.79% NA 4.15% -3.75% 2.96% 11.56% 9.46% T00067 Benchmark 0.79% 3.03% 9.83% 9.03% 5.60% 6.84% 5.23% 5.31% 6.44% -0.81% 5.66% 12.73% 10.60% T00062 IV Moderately Aggressive Gross 1.43% 4.07% 12.16% 13.12% 5.75% 7.53% 4.57% 7.20% 6.22% -2.98% 4.59% 17.45% 11.74% T00062 *3/1/2008 Net 1.43% 3.73% 11.07% 11.64% 4.33% 6.10% 3.25% NA 4.78% -4.27% 3.18% 15.93% 10.26% T00062 Benchmark 1.26% 3.85% 11.84% 12.13% 6.65% 8.45% 6.22% 6.69% 7.60% -0.95% 6.12% 17.42% 12.46% T00065 V Aggressive Gross 1.74% 4.62% 13.60% 15.54% 6.30% 8.76% 5.07% 8.71% 6.92% -3.65% 5.01% 21.95% 13.26% T00065 *3/1/2008 Net 1.74% 4.28% 12.51% 14.04% 4.87% 7.33% 3.72% NA 5.48% -4.95% 3.61% 20.43% 11.79% T00065 Benchmark 1.59% 4.49% 13.57% 15.50% 7.81% 10.26% 6.82% 8.14% 8.80% -0.81% 7.03% 22.54% 14.46% Sources: Morningstar and FactSetSeptember 30, Composite performance through September 30, The Blended Benchmarks have the following constituents: Russell 3000, MSCI AC World ex US, Barclays Capital Aggregate Bond Index, Barclays Capital Global Aggregate Bond Index ex US, and BofA Merrill Lynch 0-3 Month US Treasury Bill Index. The benchmarks above were chosen because they represent the broad based markets in the equity, international equity, U.S. Fixed Income, International Fixed Income, and Money Market asset classes. The percentages are based on UBS's Strategic Asset Allocation. Please see page titled 'Risk & Benchmark Allocations' for additional information. Program inception date is October 1, Program fees are deducted quarterly in advance and are reflected in the monthly composite performance in which they are deducted. Performance for periods greater than one year are presented on an annualized basis. NA No data for entirety of the time period. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. **Standard Deviation Data provided is for the 3 year period ending the month of this report and is presented on an annualized basis. Past performance does not guarantee future results and current performance may be lower or higher than past performance data presented. Page 2 of 22

3 Core Strategy Core Without Strategy Non-Traditional - Strategies Without Non-Traditional Strategies Index Performance & Yield Information September 2017 T00055 Best and Worst Monthly Returns T00063 T00071 T00068 T00067 T00062 T00065 T00056 T00055 Portfolio I II III IV V T00055 Best Month Gross Returns 4.06% 5.40% 6.77% 8.22% 9.71% Date Jul 2009 Apr 2009 Apr 2009 Apr 2009 Apr 2009 T00061 Worst Month Returns Gross Returns -6.55% % % % % T00045 Date Oct 2008 Oct 2008 Oct 2008 Oct 2008 Oct 2008 Best and Worst Monthly Returns data is based on Gross returns and not Net returns. Gross performance results are not representative of a portfolio's true performance as the deduction of actual fees and expenses incurred in the program may substantially reduce gross results. Past performance does not guarantee future results and current performance may be lower or higher than past performance data presented. Index Performance September Major Indices 2017 YTD 1 Year 3 Year 5 Year S&P Equities S&P % 14.24% 18.61% 10.77% 14.17% 11.96% 1.38% 13.69% 32.39% 16.00% sell Russell % 13.91% 18.71% 10.69% 14.17% 12.74% 0.48% 12.56% 33.55% 16.42% CI MSCI ACWI ex US 1.86% 21.13% 19.61% 4.69% 6.95% 4.50% -5.66% -3.87% 15.29% 16.83% BC A Fixed Income BC Agg Index -0.48% 3.14% 0.07% 2.70% 2.06% 2.65% 0.55% 5.97% -2.02% 4.21% BC BC Global Agg Ex US -1.26% 8.74% -2.42% 0.20% -0.72% 1.49% -6.02% -3.08% -3.08% 4.09% Indices are not available for direct investment and reflect an unmanaged universe of securities which does not take into account advisory or transaction fees, all of which will reduce the overall return. All returns include reinvested dividends except where indicated otherwise. 12 Month Yield 12 Month Yield Source: FactSet, Morningstar I II III IV V 2.46% 2.32% 2.10% 1.86% 1.34% Yield is a measure of the fund's income distributions, as a percentage of the fund price. Income distributions include interest from fixed-income securities, dividends from stocks, and realized gains from currency transactions. The current yield for each risk categories model is calculated by using the 12 Month Yield as published by Morningstar for each fund. Morningstar calculates this figure by summing the income distributions over the trailing 12 months and dividing that by the sum of the last month's ending Net Asset Value plus any capital gains distributed over the 12-month period. Morningstar adds back capital gains to estimate what the fund's ending price would have been had it not distributed these gains; this makes the result more comparable to a stock yield because stocks do not distribute gains but rather simply increase in price. The 12 Month Yield reflected in this report may not be an accurate reflection of the actual return that an investor will receive in all cases because fund prices are constantly changing due to market factors. Past performance does not guarantee future results and current performance may be lower or higher than past performance data presented. Page 3 of 22

4 Core Strategy - Core Strategy Risk & Benchmark Allocations September 2017 Without Non-Traditional Strategies A Word About Risk Equities and fixed income instruments are subject to market risk and will undergo price fluctuations in which downward and upward trends may occur over short or extended periods. The principal value of fixed income instruments may fluctuate due to interest rate changes and other factors. Equity securities, historically, have shown greater growth potential than other types of securities, but they have also shown greater volatility. International investments involve considerations and potential risks not typically associated with domestic securities, including risks associated with changes in currency values, economic, political and social conditions, loss of market liquidity, the regulatory environment of the countries in which a fund invests, and difficulties in receiving current or accurate information. Benchmark Allocation by Risk Category I II III IV V Global Equities 16.0% 32.0% 49.0% 68.0% 85.0% US Government Bond 69.0% 53.0% 37.0% 19.0% 10.0% Emerging Markets Fixed Income 5.0% 5.0% 4.0% 3.0% - US Corporate High Yield Fixed Income 5.0% 5.0% 5.0% 5.0% - Money Market 5.0% 5.0% 5.0% 5.0% 5.0% The blended benchmarks for each of the risk categories are weighted according to the allocations presented here, where Global Equities corresponds to MSCI AC World Daily Total Return Index, US Gov / Credit Fixed Income corresponds to Barclays US Agg Gov/Credit Total Return Index, US Government Bond corresponds to Barclays US Government Bond Index, Emerging Markets Fixed Income corresponds to Barclays EM USD Aggregate Total Return Index, US Corporate High Yield Fixed Income corresponds to Barclays US Corporate High Yield Total Return Index and Money Market corresponds to Barclays Capital US Treasury - Bills (1-3 M). Page 4 of 22

5 UBS Managed Portfolio of Funds is a fee-based discretionary, advisory program. The Program is designed for clients (i) who want to delegate portfolio management discretion to UBS; (ii) are looking to implement a medium to long-term investment plan; and (iii) prefer the consistency of fee-based pricing. The Program is not appropriate for clients who want to maintain trading control over their account or clients who seek a short term investment. It is important that you understand the ways in which we conduct business and the applicable laws and regulations that govern us. As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information, please visit our web site at If you would like more information about the Program or have questions about your account, please ask your Financial Advisor or refer to the firm s Form ADV Disclosure Brochure. UBS Financial Services Inc. does not provide tax or legal advice. Please consult with your tax and legal advisors regarding your circumstances. Past performance does not guarantee future results and current performance may be lower or higher than past performance data presented. Mutual Funds and Exchange Traded Funds are sold by prospectus. You should consider the investment objectives, risks, charges and expenses of a fund carefully before investing. A fund s prospectus contains this and other information about the fund and is available by contacting your Financial Advisor. The prospectus should be read carefully before investing. The strategy involves investments in mutual funds, exchange traded funds and other pooled investment vehicles which carry internal management and administrative expenses borne by shareholders in addition to the advisory fee you pay for the UBS Managed Portfolio program. Program fees will not be reduced or offset by these fees. These additional fees will reduce the overall return of your account. You may be able to purchase those securities directly in the open market without incurring the program fee. Please review the applicable prospectus and offering documents carefully for a detailed description of the additional fees associated with these securities. For more information on how UBS may receive compensation, please visit ubs.com/understandingourfees. Investors should be aware that the value of mutual funds and exchange traded funds changes from day to day. Therefore an investment s return and principal value will fluctuate so that an investor s shares, when redeemed or sold, may be worth more or less than their original cost. ETFs seek investment results that, before expenses, generally correspond to the price and yield of a particular index. There is no assurance that the price and yield performance of the index can be fully matched. ETFs are subject to tracking error and may be unable to sell poorly performing stocks that are included in their index. ETFs may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid. Asset allocation does not guarantee a profit or protect against loss in a declining financial market. Overview: This report presents the performance of discretionary, advisory portfolios. This is not a solicitation to purchase or sell a specific security. Clients should refer to their Quarterly Account Profiles for the performance of their account and their specific portfolio holdings. Portfolio management is an integrated and dynamic process. Each investor s goals and financial situations differ. A client s investment horizon and tolerance for risk may differ from those invested in this composite. Further, there is no guarantee that a client s account will be managed in the same way and achieve the same results because past performance is no guarantee of future results. Performance: This report presents a performance composite calculated on a timeweighted and asset-weighted basis. Accrued interest on fixed income investments is included in the performance calculations, as is equity dividend reinvestment when retained in the account by the client. Accounts included: The composite includes all accounts managed by UBS Investment Management in the UBS Managed Portfolio program in accordance with the portfolio style named on page 1. Accounts invested in the strategy for at least one full month are included in the composite, as are accounts that changed risk categories within the strategy during the month. This presentation does not include any other account managed on a discretionary basis by UBS Financial Services Inc. or its affiliates. These other accounts may have had higher or lower returns. Data provided by UBS accounts held within the portfolio. Program Fees: Composite performance is presented on a net of fees and gross of fees basis, where indicated. Gross performance results are not representative of a portfolio's true performance as the deduction of actual fees and expenses incurred in the program may substantially reduce gross results. The compound effect of such fees and expenses should be considered when reviewing returns. Net results reflect the deduction of actual fees paid. In the event fees are paid via an invoice, the results do not reflect the actual charges, but a model fee equal to the highest fee charged. Please refer to Form ADV Disclosure Brochure for more information. Although we apply a consistent management style across all accounts managed with this strategy, differences in performance may arise as a result of clientimposed investment restrictions, market conditions and the time the account joined the program and portfolio composition. The past performance of the UBS Managed Portfolios is not indicative of how strategy may perform in the future. Standard Deviation: standard deviation is statistically, a measure of dispersion about an average, meaning the historical variability or the return earned. The assumption is that, the greater the variability of the return, the greater the risk undertaken in achieving the return. 12 Month yield is the sum of a fund s total trailing 12-month interest and dividend payments divided by the last month s ending share price (NAV) plus any capital gains distributed over the same period. The 12 Month Yield reflected in this report may not be an accurate reflection of the actual return that an investor will receive in all cases because fund prices are constantly changing due to market factors. Page 5 of 22

6 Fixed income investing involves two main risks: interest rate risk and credit risk. Typically, when interest rates rise, there is a corresponding decline in the market value of bonds. Credit risk refers to the possibility that the issuer of the bond will not be able to make principal and interest payments. Furthermore, high yield bonds are considered to be speculative with respect to the payment of interest and the return of principal and involve greater risks than higher grade issues. International investments involve considerations and potential risks not typically associated with domestic securities, including risks associated with changes in currency values, economic, political and social conditions, loss of market liquidity, the regulatory environment of the countries which a fund invests, and difficulties in receiving current or accurate information. Emerging Market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. Dividends, interest, and some capital gains received on foreign securities may be subject to foreign tax withholding or other foreign taxes. You should consult with your tax adviser as to the consequences of any distributions that may be paid including how and/or whether you might be able to obtain a reclaim or any amount withheld. Neither UBS Financial Services Inc. nor any of its employees provide legal or tax advice. Benchmark / Major Indices Index performance information has been obtained from third parties deemed to be reliable. We have not independently verified this information, nor do we make any representations or warranties to the accuracy or completeness of this information. Indices are shown for convenience purposes only and are not available for direct investment. Beginning 7/1/2017, the Blended Benchmarks have the following constituents: MSCI AC World Daily Total Return Index, Barclays US Agg Gov/Credit Total Return Index, Barclays Municipal Bond Total Return Index, Barclays EM USD Aggregate Total Return Index, Barclays US Corporate High Yield Total Return Index and Barclays Capital US Treasury - Bills (1-3 M). If you would like to receive the Blended Benchmark constituents for periods prior to 7/1/2017, please contact your Financial Advisor. Historical benchmark performances were not restated and there is no impact to previously reported performance. For further information regarding the percentages of the constituents, please contact your Financial Advisor. The MSCI AC World Global Equity Index represents a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. It captures large and mid-cap representation across 23 Developed Markets (DM) and 23 Emerging Markets (EM) countries. The Barclays US Aggregate Government / Credit Bond Index is an unmanaged Index that tracks the performance of US Government and corporate bonds rated investment grade or better, The Barclays US Government Bond Index comprises the US Treasury and US Agency Indices. The index includes US dollar-denominated, fixed-rate, nominal US Treasuries and US agency debentures (securities issued by US government owned or government sponsored entities, and debt explicitly guaranteed by the US government). The Barclays Municipal Bond Index covers the USD-denominated long term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds. The Barclays Emerging Market USD Aggregate Bond Index is a flagship hard currency Emerging Markets debt benchmark that includes USD-denominated debt from sovereign, quasi-sovereign, and corporate EM issuers. The Barclays US Corporate High Yield Index represents the universe of fixed rate, noninvestment grade debt. Eurobonds and debt issues from countries designated as emerging markets (e.g., Argentina, Brazil, Venezuela, etc.) are excluded but, Canadian and global bonds (SEC registered) of issuers in non-emg countries are included. Original issue zeroes, step-up coupon structures, 144-As and pay-in-kind bonds (PIKs, as of October 1, 2009) are also included. The index includes corporate sectors. The corporate sectors are Industrial, Utility, and Finance, encompassing both US and non-us Corporations. The HFRX Global Hedge Fund Index is designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry. The Bloomberg Barclays 1-3 Month Treasury-Bill Index includes all publicly issued zerocoupon US Treasury Bills that have a remaining maturity of less than 3 months and more than 1 month, are rated investment grade, and have $250 million or more of outstanding face value. In addition, the securities must be denominated in US dollars and must be fixed rate and non-convertible. We are providing the descriptions above to help you understand services or products we may make available to you, or factors that you should generally consider when deciding whether to engage in any transaction, service or product. Please note that it is important that you evaluate this material and exercise independent judgment when making investment decisions. This information, including any description of specific investment services or products, is marketing material and is solely for the purposes of discussion and for your independent consideration. It should not be viewed as a suggestion or recommendation that you take a particular course of action or as the advice of an impartial fiduciary. If you would like more details about any of the information provided, or you would like personalized recommendations or advice, please contact your Financial Advisor. We are here to help. UBS The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC. UBS Financial Services Inc. ubs.com/fs Page 6 of 22

7 UBS Managed Portfolio of Global Selections: ETF Preference Risk Categories September Month YTD 1 Year 3 Year 5 Year Since Inception* Standard Deviation** September 2017 Calendar Year Performance AG12 Conservative Gross 0.02% 1.69% 6.47% 4.78% 4.01% 3.87% 5.19% 3.58% 3.41% -0.04% 5.35% 3.95% AG12 *4/1/2010 Net 0.02% 1.44% 5.70% 3.76% 2.77% 2.67% 3.98% NA 2.17% -1.36% 4.09% 2.86% AG12 Benchmark 0.07% 1.85% 6.11% 3.71% 3.80% 3.97% 5.06% 3.01% 4.15% -0.20% 5.40% 4.21% AG13 Moderately Conservative Gross 0.44% 2.33% 8.86% 7.43% 5.15% 5.69% 6.17% 4.79% 3.85% 0.17% 6.26% 8.88% AG13 *4/1/2010 Net 0.44% 2.01% 7.81% 6.04% 3.81% 4.26% 4.68% NA 2.48% -1.05% 4.95% 7.13% AG13 Benchmark 0.46% 2.47% 8.03% 6.34% 4.67% 5.51% 6.23% 4.03% 5.22% -0.51% 5.46% 9.06% AG14 Moderate Gross 0.90% 2.96% 10.97% 10.19% 6.35% 7.53% 7.40% 6.07% 4.57% 0.50% 7.12% 14.08% AG14 *4/1/2010 Net 0.90% 2.63% 9.91% 8.76% 4.91% 6.09% 5.94% NA 3.09% -0.89% 5.68% 12.61% AG14 Benchmark 0.86% 3.08% 9.88% 9.08% 5.62% 7.05% 7.37% 5.31% 6.39% -0.74% 5.76% 13.81% AG15 Moderately Aggressive Gross 1.35% 3.56% 12.96% 12.95% 7.32% 9.28% 8.54% 7.47% 5.21% 0.54% 7.51% 19.50% AG15 *4/1/2010 Net 1.35% 3.21% 11.84% 11.44% 5.79% 7.71% 6.98% NA 3.68% -0.94% 5.92% 17.82% AG15 Benchmark 1.28% 3.65% 11.63% 11.91% 6.58% 8.69% 8.52% 6.67% 7.55% -0.90% 6.22% 18.97% AG16 Aggressive Gross 1.73% 4.05% 14.84% 15.49% 8.38% 10.96% 9.67% 8.86% 5.79% 0.83% 8.05% 24.75% AG16 *4/1/2010 Net 1.73% 3.73% 13.79% 14.08% 7.02% 9.53% 8.25% NA 4.45% -0.45% 6.58% 23.13% AG16 Benchmark 1.76% 4.18% 13.23% 15.16% 7.70% 10.41% 9.70% 8.12% 8.81% -0.81% 7.05% 24.03% AG17 Equity Preference Gross 2.09% 4.63% 16.83% 18.18% 9.62% 12.86% 10.92% 10.02% 6.93% 1.06% 8.64% 30.39% AG17 *4/1/2010 Net 2.09% 4.36% 15.94% 16.94% 8.36% 11.49% 9.54% NA 5.70% -0.16% 7.18% 28.76% AG17 Benchmark 2.17% 4.77% 15.07% 18.05% 8.64% 11.98% 10.78% 9.62% 9.98% -1.10% 7.48% 29.37% Sources: Morningstar and FactSet Returns are calculated through September 30, The Blended Benchmarks have the following constituents: Russell 3000, MSCI ACWI ex US, Barclays Aggregate Bond Index, Barclays Global Aggregate Bond ex US and BofA Merrill Lynch 0-3 Month US Treasury Bill Index. Benchmark returns are calculated by Standard and Poor's Compustat, a division of the McGraw-Hill companies. The benchmarks above were chosen because they represent the broad based markets in the equity, international equity, US fixed income and money market asset classes. The percentages are based on UBS's strategic asset allocation. Please see section "Bechmark Asset Allocation" for additional information. *Program inception date is April Program fees are deducted quarterly in advance and are reflected in the monthly composite performance in which they are deducted. Performance for periods greater than one year are presented on an annualized basis. **Standard Deviation Data provided is for the 3 year period ending the month of this report and is presented on an annualized basis. Past performance does not guarantee future results and current performance may be lower or higher than past performance data presented. Page 7 of 22

8 Global Selections: ETF Preference Benchmark Asset Allocation September 2017 A Word About Risk Equities and fixed income instruments are subject to market risk and will undergo price fluctuations in which downward and upward trends may occur over short or extended periods. The principal value of fixed income instruments may fluctuate due to interest rate changes and other factors. Equity securities, historically, have shown greater growth potential than other types of securities, but they have also shown greater volatility. International investments involve considerations and potential risks not typically associated with domestic securities, including risks associated with changes in currency values, economic, political and social conditions, loss of market liquidity, the regulatory environment of the countries in which a fund invests, and difficulties in receiving current or accurate information. Non-traditional assets, such as commodities and other alternative strategies may involve substantial risks, which are not suitable for all investors. Benchmark Allocation by Risk Category US Equity International Equity US Fixed Income International Fixed Income Money Market I II III IV V *EQ (Pref) 15.5% 25.1% 35.9% 46.5% 57.2% 68.8% 5.8% 10.7% 14.5% 18.4% 23.3% 26.2% 65.0% 49.5% 34.9% 22.3% 14.5% 0.0% 8.7% 9.7% 9.7% 7.8% 0.0% 0.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% *EQ (Pref): Equity Preference. The blended benchmarks for each of the risk categories are weighted according to the strategic asset allocation presented here, where the Russell 3000 corresponds to US Equity, MSCI ACWI ex US corresponds to International Equity, Barclays Agg. Bond corresponds to US Fixed Income, Barclays Agg Global Bond ex US corresponds to International Fixed Income and US T-Bills corresponds to money market. Each Risk Category applies a different weight to these respective indices in order to derive its benchmark. Page 8 of 22

9 Global Selections: ETF Preference Index Performance and Yield Information September 2017 Major Indices September 2017 YTD 1 Year 3 Year 5 Year S&P 50Equities S&P % 14.24% 18.61% 10.77% 14.17% 11.96% 1.38% 13.69% 32.39% 16.00% Russel Russell % 13.91% 18.71% 10.69% 14.17% 12.74% 0.48% 12.56% 33.55% 16.42% MSCI A MSCI ACWI ex US 1.86% 21.13% 19.61% 4.69% 6.95% 4.50% -5.66% -3.87% 15.29% 16.83% BC AggFixed BC Aggregate Bond Index -0.48% 3.14% 0.07% 2.70% 2.06% 2.65% 0.55% 5.97% -2.02% 4.21% BC GloIncome BC Global Agg Bond Index Ex US -1.26% 8.74% -2.42% 0.20% -0.72% 1.49% -6.02% -3.08% -3.08% 4.09% Indices are not available for direct investment and reflect an unmanaged universe of securities which does not take into account advisory or transaction fees, all of which will reduce the overall return. All returns include reinvested dividends except where indicated otherwise. Yield Risk Category Current Yield I II III IV V *EQ (Pref) 2.36% 2.35% 2.31% 2.24% 1.91% 1.90% *EQ (Pref): All Equity Preference. Yield is a measure of the fund's income distributions, as a percentage of the fund price. Income distributions include interest from fixed-income securities, dividends from stocks, and realized gains from currency transactions. The current yield for each risk categories model is calculated by using the 12 Month Yield as published by Morningstar for each fund. Morningstar calculates this figure by summing the income distributions over the trailing 12 months and dividing that by the sum of the last month's ending Net Asset Value plus any capital gains distributed over the 12-month period. Morningstar adds back capital gains to estimate what the fund's ending price would have been had it not distributed these gains; this makes the result more comparable to a stock yield because stocks do not distribute gains but rather simply increase in price. The 12 Month Yield reflected in this report may not be an accurate reflection of the actual return that an investor will receive in all cases because fund prices are constantly changing due to market factors. Past performance does not guarantee future results and current performance may be lower or higher than past performance data presented. Page 9 of 22

10 UBS Managed Portfolio of Global Selections ('The Program') is a fee-based discretionary, advisory program. The Program is designed for clients (i) who want to delegate portfolio management discretion to UBS, (ii) are looking to implement a medium to long-term investment plan; and (iii) prefer the consistency of fee-based pricing. The Program is not appropriate for clients who want to maintain trading control over their account or clients who seek a short term investment. Global Selections strategies have two principal components: (i) an allocation to equity securities; and (ii) an allocation to ETFs. The equity allocation of the Global Selections portfolios is derived from existing equity models which have been, available in various advisory programs on a discretionary and a non-discretionary basis since November Those models continue to be available in other programs, and are accessible to you, in some cases for a lower wrap fee than is available through Global Selections. Your costs of investing and the overall impact of those costs on the performance of the model portfolios will vary substantially depending on your program selection. It is important that you understand the ways in which we conduct business and the applicable laws and regulations that govern us. As a firm providing wealth management services to clients, UBS Financial Services Inc. offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. For more information, please visit our web site at If you would like more information about the Program or have questions about your account, please ask your Financial Advisor or refer to the firm s Form ADV Disclosure Brochure. UBS Financial Services Inc. does not provide tax or legal advice. Please consult with your tax and legal advisors regarding your circumstances. Past performance does not guarantee future results and current performance may be lower or higher than past performance data presented. Mutual Funds and Exchange Traded Funds are sold by prospectus. You should consider the investment objectives, risks, charges and expenses of a fund carefully before investing. A fund s prospectus contains this and other information about the fund and is available by contacting your Financial Advisor. The prospectus should be read carefully before investing. The strategy involves investments in mutual funds, exchange traded funds and other pooled investment vehicles which carry internal management and administrative expenses borne by shareholders in addition to the advisory fee you pay for the UBS Managed Portfolio program. Program fees will not be reduced or offset by these fees. These additional fees will reduce the overall return of your account. You may be able to purchase those securities directly in the open market without incurring the program fee. Please review the applicable prospectus and offering documents carefully for a detailed description of the additional fees associated with these securities. For more information on how UBS may receive compensation, please visit ubs.com/understandingourfees. Investors should be aware that the value of mutual funds and exchange traded funds changes from day to day. Therefore an investment s return and principal value will fluctuate so that an investor s shares, when redeemed or sold, may be worth more or less than their original cost. ETFs seek investment results that, before expenses, generally correspond to the price and yield of a particular index. There is no assurance that the price and yield performance of the index can be fully matched. ETFs are subject to tracking error and may be unable to sell poorly performing stocks that are included in their index. ETFs may trade in the secondary market at prices below the value of their underlying portfolios and may not be liquid. Asset allocation does not guarantee a profit or protect against loss in a declining financial market. Overview: This report presents the performance of discretionary, advisory portfolios. This is not a solicitation to purchase or sell a specific security. Clients should refer to their Quarterly Account Profiles for the performance of their account and their specific portfolio holdings. Portfolio management is an integrated and dynamic process. Each investor s goals and financial situations differ. A client s investment horizon and tolerance for risk may differ from those invested in this composite. Further, there is no guarantee that a client s account will be managed in the same way and achieve the same results because past performance is no guarantee of future results. Performance: This report presents a performance composite calculated on a timeweighted and asset-weighted basis. Accrued interest on fixed income investments is included in the performance calculations, as is equity dividend reinvestment when retained in the account by the client. Accounts included: The composite includes all accounts managed by UBS Investment Management in the UBS Managed Portfolio program in accordance with the portfolio style named on page 1. Accounts invested in the strategy for at least one full month are included in the composite, as are accounts that changed risk categories within the strategy during the month. This presentation does not include any other account managed on a discretionary basis by UBS Financial Services Inc. or its affiliates. These other accounts may have had higher or lower returns. Data provided by UBS accounts held within the portfolio. Program Fees: Composite performance is presented on a net of fees and gross of fees basis, where indicated. Gross performance results are not representative of a portfolio's true performance as the deduction of actual fees and expenses incurred in the program may substantially reduce gross results. The compound effect of such fees and expenses should be considered when reviewing returns. Net results reflect the deduction of actual fees paid. In the event fees are paid via an invoice, the results do not reflect the actual charges, but a model fee equal to the highest fee charged. Please refer to Form ADV Disclosure Brochure for more information. Although we apply a consistent management style across all accounts managed with this strategy, differences in performance may arise as a result of clientimposed investment restrictions, market conditions and the time the account joined the program and portfolio composition. The past performance of the UBS Managed Portfolios is not indicative of how strategy may perform in the future. Page 10 of 22

11 Standard Deviation: standard deviation is statistically, a measure of dispersion about an average, meaning the historical variability or the return earned. The assumption is that, the greater the variability of the return, the greater the risk undertaken in achieving the return. 12 Month yield is the sum of a fund s total trailing 12-month interest and dividend payments divided by the last month s ending share price (NAV) plus any capital gains distributed over the same period. The 12 Month Yield reflected in this report may not be an accurate reflection of the actual return that an investor will receive in all cases because fund prices are constantly changing due to market factors. Fixed income investing involves two main risks: interest rate risk and credit risk. Typically, when interest rates rise, there is a corresponding decline in the market value of bonds. Credit risk refers to the possibility that the issuer of the bond will not be able to make principal and interest payments. Furthermore, high yield bonds are considered to be speculative with respect to the payment of interest and the return of principal and involve greater risks than higher grade issues. International investments involve considerations and potential risks not typically associated with domestic securities, including risks associated with changes in currency values, economic, political and social conditions, loss of market liquidity, the regulatory environment of the countries which a fund invests, and difficulties in receiving current or accurate information. Emerging Market investments involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles, from economic or political instability in other nations or increased volatility and lower trading volume. Dividends, interest, and some capital gains received on foreign securities may be subject to foreign tax withholding or other foreign taxes. You should consult with your tax adviser as to the consequences of any distributions that may be paid including how and/or whether you might be able to obtain a reclaim or any amount withheld. Neither UBS Financial Services Inc. nor any of its employees provide legal or tax advice. Benchmark / Major Indices Index performance information has been obtained from third parties deemed to be reliable. We have not independently verified this information, nor do we make any representations or warranties to the accuracy or completeness of this information. Indices are shown for convenience purposes only and are not available for direct investment. Beginning 1/1/2014, the Blended Benchmarks have the following constituents: Russell 3000, MSCI ACWI ex US, Barclays Capital Aggregate Bond Index, Barclays Capital Global Aggregate Bond Index ex US and BofA Merrill Lynch 0-3 Month US Treasury Bill Index. Prior to 1/1/2014, the Blended Benchmarks had the following constituents: S&P 500, MSCI EAFE Net, Barclays Capital Aggregate Bond Index, and US T-Bills. Historical benchmark performance will not be restated and there is no impact to previously reported performance BofA Merrill Lynch 0-3 Month US Treasury Bill Index: The BofA Merrill Lynch 0-3 Month US Treasury Bill Index is a subset of The BofA Merrill Lynch US Treasury Bill Index including all securities with a remaining term to final maturity less than 3 months. S&P 500. Standard and Poor s 500 Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index was developed with a base level of 10 for the base period. Barclays Aggregate Bond Index. The Barclays Aggregate Bond Index is a market capitalization-weighted index, meaning the securities in the index are weighted according to the market size of each bond type. Most U.S. traded investment grade bonds are represented. Municipal bonds, and Treasury Inflation-Protected Securities are excluded, due to tax treatment issues. The index includes Treasury securities, Government agency bonds, Mortgage-backed bonds, Corporate bonds, and a small amount of foreign bonds traded in U.S. MSCI EAFE. The MSCI EAFE is a stock market index of foreign stocks, from the perspective of a North American investor. The index is market capitalization weighted (meaning that the weight of securities is determined based on their respective market capitalizations.) The index targets coverage of 85% of the market capitalization of the equity market of all countries that are a part of the index. It is maintained by Morgan Stanley Capital International; the EAFE acronym stands for Europe, Australasia, and Far East. The index includes a selection of stocks from 21 developed markets, but excludes those from the U.S. and Canada. The index has been calculated since 31 December 1969, making it the oldest truly international stock index. It is probably the most common benchmark for foreign stock funds. The MSCI EAFE (Net) Index approximates the minimum possible dividend reinvestment after deduction of withholding tax according to MSCI Barra's methodology. We are providing the descriptions above to help you understand services or products we may make available to you, or factors that you should generally consider when deciding whether to engage in any transaction, service or product. Please note that it is important that you evaluate this material and exercise independent judgment when making investment decisions. This information, including any description of specific investment services or products, is marketing material and is solely for the purposes of discussion and for your independent consideration. It should not be viewed as a suggestion or recommendation that you take a particular course of action or as the advice of an impartial fiduciary. If you would like more details about any of the information provided, or you would like personalized recommendations or advice, please contact your Financial Advisor. We are here to help. Historical benchmark performances were not restated and there is no impact to previously reported performance. For further information regarding the percentages of the constituents, please contact your Financial Advisor. UBS The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved. UBS Financial Services Inc. is a subsidiary of UBS AG. Member FINRA/SIPC. UBS Financial Services Inc. Page 11 of 22

12 UBS Managed Portfolio of ESG Investments September 2017 Portfolio performance update Risk Categories September Months YTD 1 Year 3 Year 5 Year Since Inception* Standard Deviation** Calendar Year AG40 Conservative Gross 0.12% 1.44% 5.54% 3.88% 3.55% 3.48% 3.87% 3.00% 3.48% -0.12% 5.03% 3.08% AG40 *9/1/2011 Net 0.13% 1.17% 4.70% 2.75% 2.32% 2.23% 2.65% NA 2.27% -1.29% 3.69% 2.09% AG40 Benchmark 0.14% 1.70% 5.62% 3.92% 4.01% 4.11% 4.71% 2.81% 4.28% 0.31% 6.12% 3.78% AG42 Moderate Gross 0.80% 2.30% 8.92% 8.70% 5.15% 6.64% 6.08% 5.31% 5.23% -0.72% 5.48% 12.58% AG42 *8/1/2011 Net 0.80% 2.02% 8.05% 7.51% 3.99% 5.47% 4.94% NA 4.06% -1.69% 4.51% 11.67% AG42 Benchmark 0.94% 2.92% 9.32% 9.33% 5.86% 7.11% 7.10% 5.12% 6.54% -0.17% 6.57% 12.83% AG44 Aggressive Gross 1.48% 3.21% 12.43% 13.57% 6.97% 9.86% 9.60% 8.02% 6.32% -0.65% 6.20% 23.61% AG44 *9/1/2011 Net 1.49% 2.92% 11.48% 12.27% 5.65% 8.53% 8.30% NA 5.02% -1.69% 5.27% 22.28% AG44 Benchmark 1.76% 4.18% 13.23% 15.16% 7.70% 10.13% 10.56% 8.12% 8.80% -0.81% 7.03% 22.33% Sources: Morningstar and FactSet Composite performance through September 30, The Blended Benchmarks have the following constituents: Russell 3000, MSCI AC World ex US, Barclays Capital Aggregate Bond Index, and US T-Bills. The benchmarks above were chosen because they represent the broad based markets in the equity, international equity, U.S. Fixed Income, and Money Market asset classes. The percentages are based on UBS's Strategic Asset Allocation. Please see page titled 'Strategic Asset Allocation' for additional information. Program inception date is April 1, Program fees are deducted quarterly in advance and are reflected in the monthly composite performance in which they are deducted. Performance for periods greater than one year are presented on an annualized basis. NA No data for entirety of the time period The investment return and principal value of an investment will fluctuate; thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. ** Standard Deviation Data provided is for the 3 year period ending the month of this report and is presented on an annualized basis. Past performance does not guarantee future results and current performance may be lower or higher than past performance data presented. Page 12 of 22

13 ESG Strategy Strategic Asset Allocation September 2017 A Word About Risk Equities and fixed income instruments are subject to market risk and will undergo price fluctuations in which downward and upward trends may occur over short or extended periods. The principal value of fixed income instruments may fluctuate due to interest rate changes and other factors. Equity securities, historically, have shown greater growth potential than other types of securities, but they have also shown greater volatility. International investments involve considerations and potential risks not typically associated with domestic securities, including risks associated with changes in currency values, economic, political and social conditions, loss of market liquidity, the regulatory environment of the countries in which a fund invests, and difficulties in receiving current or accurate information. Benchmark Asset Allocation Conservative Moderate Aggressive US Equity 15.51% 35.87% 57.19% International Equity 5.82% 14.54% 23.27% US Fixed Income 73.67% 44.59% 14.54% Cash 5.00% 5.00% 5.00% The benchmark indexes for each of the risk categories are weighted according to the asset allocation presented here, where Russell 3000 corresponds to US Equity, MSCI AC World ex US corresponds to International Equity, Barclays Capital Aggregate Bond corresponds to US Fixed Income and BofA Merrill Lynch 0-3 Month US Treasury Bill Index corresponds to Cash. Page 13 of 22

14 ESG Strategy Index Performance and Yield Information September 2017 Septembe 3 Year 5 Year Major Indices YTD 1 Year r 2017 Annualize Annualize S&P 50Equities S&P % 14.24% 18.61% 10.77% 14.17% 11.96% 1.38% 13.69% 32.39% 16.00% Russel Russell % 13.91% 18.71% 10.69% 14.17% 12.74% 0.48% 12.56% 33.55% 16.42% MSCI A MSCI AC World ex US 1.86% 21.13% 19.61% 4.69% 6.95% 4.50% -5.66% -3.87% 15.29% 16.83% BC AggFixed Income BC Aggregate Bond Index -0.48% 3.14% 0.07% 2.70% 2.06% 2.65% 0.55% 5.97% -2.02% 4.21% BC Global Agg Bond Index BC Glo Ex US -1.26% 8.74% -2.42% 0.20% -0.72% 1.49% -6.02% -3.08% -3.08% 4.09% Indices are not available for direct investment and reflect an unmanaged universe of securities which does not take into account advisory or transaction fees, all of which will reduce the overall return. All returns include reinvested dividends except where indicated otherwise. 12 Month Yield Risk Category Conservative Moderate Aggressive 12 Month Yield 1.92% 1.54% 1.20% Source: FactSet, Morningstar Yield is a measure of the underlying fund's income distributions, as a percentage of the fund price. Income distributions include interest from fixed-income securities, dividends from stocks, and realized gains from currency transactions. The current yield for each risk categories model is calculated by using the 12 Month Yield as published by Morningstar for each fund. Morningstar calculates this figure by summing the income distributions over the trailing 12 months and dividing that by the sum of the last month's ending Net Asset Value plus any capital gains distributed over the 12-month period. Morningstar adds back capital gains to estimate what the fund's ending price would have been had it not distributed these gains; this makes the result more comparable to a stock yield because stocks do not distribute gains but rather simply increase in price. The 12 Month Yield reflected in this report may not be an accurate reflection of the actual return that an investor will receive in all cases because fund prices are constantly changing due to market factors. Past performance does not guarantee future results and current performance may be lower or higher than past performance data presented. Page 14 of 22