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esent over 25% of the value of the index. This has made the S&P 500 more sensitive to the draw down in tech stocks. • The media is also focused on Trump comments directed at the Federal Reserve. The Fed is supposed to be an apolitical body, there may have been some reaction later in the day to Trump'
e may have been some reaction later in the day to Trump's comments, as its not typical to see a President
there is a reason to make changes to long- term portfolios. As always, please let us know if you have any question or would like to connect. Best, Lyle & Scott CONFIDENTIAL UBSTERRAMAR00003823 EFTA00239158
s made the S&P 500 more sensitive to the draw down in tech stocks. CONFIDENTIAL UBSTERRAMAR00003832 EFTA00239164 • The media is also focused on Trump comments directed at the Federal Reserve. The Fed is supposed to be an apolitical body, there may have been some reaction later in the day to Trump'
e may have been some reaction later in the day to Trump's comments, as its not typical to see a President
there is a reason to make changes to long-term portfolios. As always, please let us know if you have any question or would like to connect. Best, Lyle & Scott CONFIDENTIAL UBSTERRAMAR00003833 EFTA00239165
esent over 25% of the value of the index. This has made the S&P 500 more sensitive to the draw down in tech stocks. • The media is also focused on Trump comments directed at the Federal Reserve. The Fed is supposed to be an apolitical body, there may have been some reaction later in the day to Trump'
e may have been some reaction later in the day to Trump's comments, as its not typical to see a President
there is a reason to make changes to long-term portfolios. As always, please let us know if you have any question or would like to connect. Best, Lyle & Scott —J1Sab3813-Ica9-45e0-9c35-3f02f7bb408b_-- 00NFIDENTIAL UBSTERRAMAR00003828 EFTA00239160
e may have been some reaction later in the day to Trump's comments, as its not typical to see a President
esent over 25% of the value of the index. This has made the S&P 500 more sensitive to the draw down in tech stocks. • The media is also focused on Trump comments directed at the Federal Reserve. The Fed is supposed to be an apolitical body, there may have been some reaction later in the day to Trump'
there is a reason to make changes to long- term portfolios. As always, please let us know if you have any question or would like to connect. Best, Lyle & Scott CONFIDENTIAL UBSTERRAMAR00003823 EFTA00091684
Entities connected to both Donald Trump and Lyle & Scott

Ghislaine Maxwell
PERSON
Paul Ryan
PERSONthe Securities and Exchange Commission
ORGANIZATIONGarcia
PERSONUBS Financial Services Inc.
ORGANIZATION
Nasdaq
ORGANIZATION
Target
ORGANIZATION
UBS AG
ORGANIZATIONScott Stackman
PERSONCamille
PERSONJuliana Shkreli
PERSON
McNamara
PERSONMolly
PERSON
Tesco
ORGANIZATIONScott/Ghislaine
ORGANIZATIONTomkiewicz
PERSONScott Borgerson'
PERSON
UBS CIO
ORGANIZATION