Message From: Klein, Matthew [matthew.klein@qgg) Sent: 7/5/2019 2:30:32 PM To: ‘Scott Borgerson' x | ce: McNamara, Sean (is ); Casricl, Lylc | NS); Walker, Christopher |; VAX a Klein, Matthew a ) Subject: RE: [External] Re: Montpelier Trust: Blackrock European L/S Scott, Please see below for the 3, 5, and 7 year correlation analysis on the requested funds. CORRELATION MATRIX TRAILING 3 YEAR MARCH 31, 2016 TO MARCH 31, 2019 Total Retum : ee etum [3 oazal 1.0000! 0 2073 UBS AI MILLENNIUM FUND+ 1-3 o ass7i 0 20791 1.0000 CORRELATION MATRIX TRAILING 5 YEAR MARCH 31, 2014 TO MARCH 31, 2019 Total Retum CORRELATION MATRIX TRAILING 7 YEAR MARCH 31, 2012 TO MARCH 31, 2019 Total Return Gir “fed RR ea ie ee i ea L-_{ Lonoo{ 0 tif 9 erzd 2 2 Thanks, Matt CONFIDENTIAL UBSTERRAMAR00004404 EFTA00239668

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Matthew R. Klein, CFA, CFP UBS Private Wealth Management 1285 Avenue of the Americas, 38" Floor New York. NY 10019 Stackman | Casriel Group Barron's Top 50 Private Wealth Management Teams Barton's Top 100 Advisors Financial Times Top 400 Financial Advisors Forbes Best-In-State Wealth Advisors My Total Picture: A convenient way to view your various accounts — from inside and outside UBS — in one place. Contact me to learn more or visit: I From: Scott Borgerson [mailto: NS | Sent: Friday, July 05, 2019 9:53 AM To: Klein, Matthew Cc: McNamara, Sean; Casriel, Lyle; Walker, Christopher; GMAX Subject: [External] Re: Montpelier Trust: Blackrock European L/S Thanks Matt. No rush. Happy 4th, sgb On Jul 5, 2019, at 09:47, IT wrote Scott, We will have the analysis run and send it over once complete. Have a great weekend, Matt Matthew R. Klein, CFA, CFP UBS Private Wealth Management 1285 Avenue of the Americas, 38" Floor New York. NY 10019 : sroup 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 My Total Picture: A convenient way to view your various accounts — from inside and outside UBS — in one place. Contact me to learn more or visit: www.ubs.com/accountaggregation CONFIDENTIAL UBSTERRAMAR0O0004405 EFTA00239669

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From: Scott Borgerson [mai Sent: Friday, July 05, 2019 9:27 AM To: McNamara, Sean Cc: Klein, Matthew; Casriel, Lyle; Walker, Christopher; GMAX Subject: [External] Re: Montpelier Trust: Blackrock European L/S Thanks Sean. Possible to run a quick analysis of the monthly return correlations between the other two funds where we are already invested; Millennium and Graham, over the past few years? We'll pull the trigger for $1M into this Blackrock alternative if the correlations with these other two fund performances are low sgb On Jul 3, 2019, at 09:38, I wrote: Scott, As discussed with Lyle, please see attached a factsheet and flipbook for the Blackrock European Long/Short Fund. | have included a small description of the fund below. Blackrock European Long/Short Fund AUM: $4.2B Fees: Class E ($1,000,000 minimum) 1.75% mgmt. fee and 20% incentive. Class D ($100,000 minimum) 2.25% mgmt. fee and 20% incentive fee Liquidity: Monthly upon 30 days written notice Drawdown in '08: N/A Annualized Return: 15.5% Standard Deviation: 9.59% Fund Inception: 2011 Fund Description: The European L/S Hedge Fund is a high conviction portfolio of approximately 100 — 180 names across all market capitalizations. The Fund is primarily invested in Pan European companies with a target net exposure of -30% to +40%. BlackRock employs a bottom-up, fundamental approach with a strong macro overlay when constructing the portfolio, complemented by rigorous and sophisticated risk management tools. Please let us know if you have any questions. Thank you, Sean Sean J. McNamara, CFA Wealth Strategy Associate UBS Private Wealth Management 1285 Avenue of the Americas | New York, NY 10019 mat: CONFIDENTIAL UBSTERRAMAR0O0004406 EFTA00239670

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<Fund Factsheet. pdf><Flipbook.pdf> Please visit our website at http://financialservicesinc.ubs.com/wealth/E-maildisclaimer.html for important disclosures and information about our e-mail policies. For your protection, please do not transmit orders or instructions by e-mail or include account numbers, Social Security numbers, credit card numbers, passwords, or other personal information. Please visit our website at http://financialservicesinc.ubs.com/wealth/E-maildisclaimer.html for important disclosures and information about our e-mail policies. For your protection, please do not transmit orders or instructions by e-mail or include account numbers, Social Security numbers, credit card numbers, passwords, or other personal information. CONFIDENTIAL UBSTERRAMAR0O0004407 EFTA00239671