In the run up to 2020, UBS was working with a shrinking media budget to win a growing High Net Worth audience, while being up against some highly vocal competition. In this demanding environment, a pure efficiency-focused media strategy had made sense from a cost and impressions-based perspective, but was under delivering against the primary objective of brand familiarity.

In 2018-2019 UBS was being outspent by competitors in Wealth Management, with differentiation also presenting a challenge, as all category messaging played in similar spaces. Over the same period, the market size of the High Net Worth segment – with investible assets of USD1M+ continued to grow, meaning that despite our high precision-targeting approach, we had the room to reach considerably more people with more impact. Our challenge was not the for the fainthearted; develop a strategy that would allow us to connect to a notoriously elusive audience with limited budgets, while creating impact that would give UBS the cut-through it deserved in a deeply cluttered environment.

Objectives: • Drive familiarity and awareness. • Refresh messaging focusing on key themes of Sustainable Investing and Unpredictability for cut-through. • Position UBS as Thought Leaders and drive quality visits UBS.com 3 of 5 To achieve objectives, the campaign had to measure: • Uplift in upper funnel brand metrics (familiarity, awareness, recall, consideration). • Quality visits / leads to UBS.com

So, what did we change for greater brand impact and visibility? We looked to those who were winning investment from our discerning audience every day – Luxury brands. Luxury is akin to a members’ club. It is exclusive and not many can access it. However, the real kudos of belonging to the luxury club arises when non-members see that you belong and understand what it means. After all, what is the point of spending £10K on a Rolex watch if no-one understands the value and scarcity of what you are wearing? When it came to our HNW audience, status was important. Our data told us they valued how a brand’s heritage, prestige and uniqueness enhanced their social status. We understood that the status and value of a luxury brand comes from everyone knowing the value of the item you own, while simultaneously not affording it themselves. We called this the VALUE OF BEING SEEN TO BE SEEN. This insight required a radical change in behaviour. By effectively inversing our existing strategy, we moved from discreet, precision marketing to building visibility and stature that punched above our weight and beyond our HNW audience. It changed how we showed up, what we said and where we focused, and was summarised in three strategic pillars: • ILLUMINATE – make the brand shine far beyond its core consumer and embrace the value of being seen to be seen, by prioritising high impact presentations of the brand that are visible beyond our HNW core audience. • EDUCATE on what makes UBS thinking and advice so unique with content that reinforces UBS’ unique thought leadership credentials. • RECIPROCATE – respond to consumer signals of intent with customised messaging to encourage conversion. This was a media strategy that also demanded creative carried the same impact as our stature building formats. Working as a cross discipline agency team with UBS, we drew insights from a wealth of research to identify the messaging that resonated most strongly. We used creative pre-testing to unlock the best combinations of headline, tone and imagery to deploy across our core markets (United States, United Kingdom, Hong Kong, Singapore and Global). We then translated the findings of our creative research into formats and content tailored to ‘fit’ the look and feel of each publisher partner’s ecosystem, ensuring that UBS’ advertising had both the opportunity to stand out whilst being highly relevant.

This strategy was a risk but ‘being seen to be seen’ paid off for UBS. The GWI validated, rigorous brand uplift studies negotiated as part of our publisher deals, demonstrated that impressive levels of cut-through, familiarity and consideration were achieved. ILLUMINATE: CNBC: +31pt and +38pt increases in Familiarity and Consideration respectively between exposed v control audiences with 42% of HNW audiences recalling UBS advertising. Financial Times: +14pt Familiarity and +10pt Consideration uplift achieved between exposed v control audiences with +44% total recall. WSJ: 80% Familiarity attained amongst those exposed to UBS advertising. 60% of HNWs enquired further after seeing UBS ads. Recall of +84% across print and 94% across digital. The Economist: 80% Familiarity score amongst HNWs globally with a third of those exposed enquiring further. EDUCATE: The Economist World In and Nobel Perspective sponsorship: 30 seconds video achieved 23% VCR (vs benchmark of 20% for 20 second video). Digital display units delivered CTRs of 0.22% (vs benchmark of 0.08%). The World In podcast sponsorship reached 812K unique users boosting awareness of UBS’ Nobel Perspectives, +69% increase in YoY downloads of the same programme.

Overall, custom and high impact digital display formats achieved overall unique reach of 13.3 million and CTRs of 1.13% (benchmark 0.13% CTR). WSJ and UBS Serious About Sustainable Investing content partnership led to +28%pt uplift in consideration post exposure to custom content. Average dwell time of 2.49x benchmark achieved with users spending an average of 3 minutes and 44 seconds on the hub. Significant ad recall uplift on Facebook in US (+5.7pt) and (+1.1pt) in UK and Singapore. LinkedIn video ads drove higher engagement rates by 5x overall. RECIPROCATE: Programmatic drove site QVR of 0.58% (v 0.05% benchmark). Brand searches delivered 55% increase in volumes of site quality visits, the highest rate across the entire year.