Message From: G Max [gmax1 @ellmax.com] Sent: 4/30/2019 10:18:59 PM To: es cc SS | eS | eS | a : Subject: [External] Re: MAXWELL: IRA Suggestion Great I confirm From: "aS * < a > Date: Tuesday, April 30, 2019 at 6:18 PM To: GMAX <gmax1@ellmax.com> Ce: Scott 8orgerscn I >, " a * < [iS >, <>, Scott Stackman <i > Subject: RE: MAXWELL: IRA Suggestion Thank you. Nothing needed except your confirm All the best, Lyle Lyle Casriel Senior Vice President — Investments Private Wealth Advisor | Portfolio Manager UBS Private Wealth Management GU a From: G Max [mailto:gmax1@ellmax.com] Sent: Tuesday, April 30, 2019 6:17 PM To: Casriel, Lyle Cec: |; Klein, Matthew; McNamara, Sean; Tomkiewicz, Jessica; Stackman, Scott Subject: [External] Re: MAXWELL: IRA Suggestion I agree! Thank you Let me know if you need any paper work signed Best G From: " S” < as > Date: Tuesday, April 30, 2019 at 6:05 PM To: GMAX <gmax1@ellmax.com> Ce: Scott Borgerson < ES >, " a * < SS > >, Scott Stackman <r > Subject: MAXWELL: IRA Suggestion CONFIDENTIAL UBSTERRAMAR0O0004320 EFTA00239603

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Ghislaine, Hope you are well! We wanted to reach out and make a suggestion for your IRA. Your IRA is invested across three fixed income mutual funds. Given the shape of the yield curve (inverted from the front end) and the higher current return on money market funds, we would suggest liquidating the three mutual funds, and simply buying the Prime Money Market Fund yielding 2.48% (SPPXX). Given that this is IRA money, at some point it should likely be swapped into equities, but we don’t see much value in holding these funds longer given the changes the structure of interest rates. Total Account Value: $58,862. Blended current yield on these funds is 2.70%, however this account carries a 75 bps fee, so you will be better off in cash at this time. Holdings: . Doubleline Total Return Fund: 19,186 . JP Morgan Short Duration Bond Fund: 19,871 . Putnam Short Duration Fund: 18,716 Please let us know if you want to discuss and/or if you agree. Stackman | Casriel Group Barron's Top 50 Private Wealth Management Teams Barron's Top 100 Advisors Financial Times Top 400 Financial Advisors Forbes Best-In-State Wealth Advisors UBS Private Wealth Management 1285 Avenue of the Americas, 38" Floor New York, NY. 10019 ‘i ( F a http://financialservicesine.ubs.com/tean/stackmancasriel/ Disclaimer Please visit our website at http://financialservicesinc.ubs.com/weaith E-maidtsclarmer.htm! for important disclosures and information about our e-mail policies. For your protection, please do not transmit orders or instructions by e-mail ar include account numbers, Social Security numbers, credit card numbers, passwords, or other personal mformation. UBS requires that any orders sent by email be verbaily confirmed, orders sent by email alone will not be executed. The information contained herein has been obtained from sources believed to be reliable, we cannot guarantee its accuracy or completeness neither the information nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. This information ts being provided as a service of your Financial Advisor and does not supersede or replace your monthly UBS Financial Services Inc. customer statement, Please be advised that information pertaining to trades of any securities is not an official transaction corgfirmation, The official confirmation of any transaction will be sent to you based on your delivery preferences. UBS e-Delivery: easy. efficient. ecosmart. Secure. CONFIDENTIAL UBSTERRAMARO0004321 EFTA00239604