UOBAM Invest Digital Adviser Performance

Environmental, Social, and Governance (ESG) Portfolios

• As of 30 September 2022, UOBAM Invest portfolio returns for the third quarter, 2022 ranged between -2.6 percent and -5.3 percent

Portfolio returns (% in SGD terms) 30 June – 30 September 2022

1. Very Conservative portfolio

Source: UOBAM as of 30 September 2022. Benchmark composition: 20% MSCI ACWI + 80% Bloomberg Global Aggregate Index | US REITs: US Real Estate Investment Trusts

Since inception returns are annualised | The information about asset allocation provided herein are subject to change at the discretion of UOBAM without prior notice. Past performance of the portfolio or UOBAM and any past performance, prediction, projection or forecast on the economy or markets are not necessarily indicative of the future or likely performance of the portfolio or UOBAM. Returns are calculated on a single pricing basis.

Over the past three months, this portfolio performed better than the benchmark. It was weighed down by Asian equities, as well as European equities despite the small allocation. However, being out of US equities before they were sold off in August helped to mitigate losses.

Over the one-year period, the portfolio has underperformed mainly due to its weak emerging market government bond performance relative to global bonds. We have since capped the emerging market bond allocation to 10 percent.

2. Conservative portfolio

Source: UOBAM as of 30 September 2022. Benchmark composition: 40% MSCI ACWI + 60% Bloomberg Global Aggregate Index | US REITs: US Real Estate Investment Trusts

Since inception returns are annualised | The information about asset allocation provided herein are subject to change at the discretion of UOBAM without prior notice. Past performance of the portfolio or UOBAM and any past performance, prediction, projection or forecast on the economy or markets are not necessarily indicative of the future or likely performance of the portfolio or UOBAM. Returns are calculated on a single pricing basis.

Over the past three months, this portfolio has been weighed down by its allocation to Asian and global equities, as well as global investment grade bonds. However, being out of US equities before they were sold off in August helped to mitigate losses.

3. Moderate portfolio

Source: UOBAM as of 30 September 2022. Benchmark composition: 60% MSCI ACWI + 40% Bloomberg Global Aggregate Index | US REITs: US Real Estate Investment Trusts

Since inception returns are annualised | The information about asset allocation provided herein are subject to change at the discretion of UOBAM without prior notice. Past performance of the portfolio or UOBAM and any past performance, prediction, projection or forecast on the economy or markets are not necessarily indicative of the future or likely performance of the portfolio or UOBAM. Returns are calculated on a single pricing basis.

Over the past three months, this portfolio has been weighed down by its allocation to Asian and global equities, as well as global investment grade bonds. However, being out of US equities before they were sold off in August helped to mitigate losses.

4. Aggressive portfolio

Source: UOBAM as of 30 September 2022. Benchmark composition: 80% MSCI ACWI + 20% Bloomberg Global Aggregate Index | US REITs: US Real Estate Investment Trusts

Since inception returns are annualised | The information about asset allocation provided herein are subject to change at the discretion of UOBAM without prior notice. Past performance of the portfolio or UOBAM and any past performance, prediction, projection or forecast on the economy or markets are not necessarily indicative of the future or likely performance of the portfolio or UOBAM. Returns are calculated on a single pricing basis.

Over the past three months, this portfolio has been weighed down by its sizeable equity allocation. Its exposure to Asian equities caused the bulk of the underperformance.

5. Very Aggressive portfolio

Source: UOBAM as of 30 September 2022. Benchmark composition: 100% MSCI ACWI on a Net Asset Value basis US REITs: US Real Estate Investment Trusts

Since inception returns are annualised | The information about asset allocation provided herein are subject to change at the discretion of UOBAM without prior notice. Past performance of the portfolio or UOBAM and any past performance, prediction, projection or forecast on the economy or markets are not necessarily indicative of the future or likely performance of the portfolio or UOBAM. Returns are calculated on a single pricing basis.

Over the past three months, this portfolio has been weighed down by its sizeable equity allocation. Given the weakened market confidence in August, the allocation to US equities caused the bulk of the underperformance.

Over the one-year period, this portfolio has underperformed mainly due to the weak Asian equities performance relative to global equities. We have since capped the allocation to Asian equities to 20 percent of the portfolio.

Looking ahead

• We expect the global economy to slow but employment should remain resilient
• We believe equities are likely to be rangebound for the rest of the year before beginning any sustained uptrend
• We are becoming more positive of bonds amid attractive yields and a potential peak in rates

Looking forward into 4Q 2022, we believe that core inflation will persist, but overall inflationary pressure appears to be moderating. As such, we expect central banks to continue hiking rates through early 2023. While the risks of a recession are growing, we expect the services economy to remain resilient.

As such, we expect equities to be rangebound for the rest of the year before any sustained uptrend takes place. For fixed income, we are becoming more positive as yields climb and approach peak rates. We continue to expect the US dollar to be supported by relatively tighter monetary policy compared to other regions.

Over in Asia, we note that Chinese equities are trading at a significant discount to US/Global equities. We expect the Chinese government to announce more stimulus measures to help stimulate growth.

We recommend investors to build their wealth by remaining invested for the long term and take advantage of the market weakness by dollar cost averaging.

Environmental, Social, and Governance (ESG) Portfolios

• As of 30 September 2022, the UOBAM Invest portfolio returns for the third quarter, 2022 ranged between -3.4 percent and -5.5 percent

Portfolio returns (% in SGD terms) 30 June – 30 September 2022

1. Very Conservative portfolio

Source: UOBAM as of 30 September 2022. Benchmark composition: 20% MSCI ACWI + 80% Bloomberg Global Aggregate Index | US REITs: US Real Estate Investment Trusts

Since inception returns are annualised | The information about asset allocation provided herein are subject to change at the discretion of UOBAM without prior notice. Past performance of the portfolio or UOBAM and any past performance, prediction, projection or forecast on the economy or markets are not necessarily indicative of the future or likely performance of the portfolio or UOBAM. Returns are calculated on a single pricing basis.

Over the past three months, this portfolio performed better than the benchmark. It was weighed down by international government bonds and emerging markets government bonds. However, the allocation to money market funds helped to mitigate losses.

2. Conservative portfolio

Source: UOBAM as of 30 September 2022. Benchmark composition: 40% MSCI ACWI + 60% Bloomberg Global Aggregate Index

Since inception returns are annualised | The information about asset allocation provided herein are subject to change at the discretion of UOBAM without prior notice. Past performance of the portfolio or UOBAM and any past performance, prediction, projection or forecast on the economy or markets are not necessarily indicative of the future or likely performance of the portfolio or UOBAM. Returns are calculated on a single pricing basis.

Over the past three months, this portfolio performed better than the benchmark. It was weighed down by international government bonds, emerging markets government bonds and Asian equities. However, the allocation to money market funds helped to mitigate losses.

3. Moderate portfolio

Source: UOBAM as of 30 September 2022. Benchmark composition: 60% MSCI ACWI + 40% Bloomberg Global Aggregate Index

Since inception returns are annualised | The information about asset allocation provided herein are subject to change at the discretion of UOBAM without prior notice. Past performance of the portfolio or UOBAM and any past performance, prediction, projection or forecast on the economy or markets are not necessarily indicative of the future or likely performance of the portfolio or UOBAM. Returns are calculated on a single pricing basis.

Over the past three months, this portfolio performed better than the benchmark. It was weighed down by international government bonds, emerging markets bonds and Asian equities. However, the allocation to US government bonds and emerging markets high yield bonds helped to mitigate losses.

4. Aggressive portfolio

Source: UOBAM as of 30 September 2022. Benchmark composition: 80% MSCI ACWI + 20% Bloomberg Global Aggregate Index

Since inception returns are annualised | The information about asset allocation provided herein are subject to change at the discretion of UOBAM without prior notice. Past performance of the portfolio or UOBAM and any past performance, prediction, projection or forecast on the economy or markets are not necessarily indicative of the future or likely performance of the portfolio or UOBAM. Returns are calculated on a single pricing basis.

Over the past three months, this portfolio has been weighed down by international government bonds and Asian equities. However, the allocation to US government bonds and emerging markets high yield bonds helped to mitigate losses.

5. Very Aggressive portfolio

Source: UOBAM as of 30 September 2022. Benchmark composition: 100% MSCI ACWI on a Net Asset Value basis

Since inception returns are annualised | The information about asset allocation provided herein are subject to change at the discretion of UOBAM without prior notice. Past performance of the portfolio or UOBAM and any past performance, prediction, projection or forecast on the economy or markets are not necessarily indicative of the future or likely performance of the portfolio or UOBAM. Returns are calculated on a single pricing basis.

Over the past three months, this portfolio has been weighed down by its sizeable global equity allocation. Its exposure to Asian and US equities caused the bulk of the underperformance. However, the allocation to emerging markets high yield bonds helped to mitigate losses.

Looking ahead

• We expect the global economy to slow but employment should remain resilient
• We believe equities are likely to be rangebound for the rest of the year before beginning any sustained uptrend
• We are becoming more positive of bonds amid attractive yields and a potential peak in rates

Looking forward into 4Q 2022, we believe that core inflation will persist, but overall inflationary pressure appears to be moderating. As such, we expect central banks to continue hiking rates through early 2023. While the risks of a recession are growing, we expect the services economy to remain resilient.

As such, we expect equities to be rangebound for the rest of the year before any sustained uptrend takes place. For fixed income, we are becoming more positive as yields climb and approach peak rates. We continue to expect the US dollar to be supported by relatively tighter monetary policy compared to other regions.

Over in Asia, we note that Chinese equities are trading at a significant discount to US/Global equities. We expect the Chinese government to announce more stimulus measures to help stimulate growth.

We recommend investors to build their wealth by remaining invested for the long term and take advantage of the market weakness by dollar cost averaging.