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Multi Asset Investment Process The Americas Regional Investment Committee refines asset allocations for clients Multi Asset Investment Committee Global asset allocation 414 Ame

Return Tactical Asset Allocation' - Shorter term (12-month outlook) -- Sensitive to after-tax returns — Changes with outlook for asset classes Allocations Along Efficient Frontier2 Portfolio Consultants tailor models according to client's unique circumstances R.sk Client Portfolios fiJ We are not tax advisors. th

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(1 year) Tactical Asset Allocationl — Shorter term (12-month outlook) — Sensitive to after-tax returns — Changes with outlook for asset classes Allocations Along Efficient Frontier2 Client Portfolios Return Portfolio Consultants tailor models according to client's unique circumstances Risk We are not tax advisors

ns. These groups use best in class research and the entire know-how of the group to advise best solutions for Multi Asset clients. EFTA01478016 Multi Asset Investment Process The Americas Regional Investment Committee refines asset allocations for clients Multi Asset Investment Committee Global asset allocation Americ

(1 year) Tactical Asset Allocationl — Shorter term (12-month outlook) — Sensitive to after-tax returns — Changes with outlook for asset classes Allocations Along Efficient Frontier2 Client Portfolios Return Portfolio Consultants tailor models according to client's unique circumstances Risk We are not tax advisors

Multi Asset Investment Process The Americas Regional Investment Committee refines asset allocations for clients Multi Asset Investment Committee Global asset allocation America

etcy • • Tactical Asset Allocation' - Shorter term (12-month outlook) — Sensitive to after-tax returns — Changes with outlook for asset classes Allocations Along Efficient Frontier2 ..... Portfolio Consultants tailor models according to client's unique circumstances Risk 4- Client Portfolios I. We are not tax a