Inflation concerns intensify

This document has been prepared by UBS AG, its subsidiary or affiliate (”UBS”). This document and the information contained herein are provided solely for informational and/or educational purposes. It is not to be regarded as investment research, or investment advice, a sales prospectus, an offer or solicitation of an offer to enter in any investment activity, to buy or sell any security, investment instrument, product or other specific service, or recommendation or introduction of any specific investment instrument or financial services or to effect any transactions or to conclude any legal act of any kind whatsoever. UBS makes no representation or warranty relating to any information herein that is derived from independent sources. The recipient should not construe the contents of this document as investment, legal, tax or other professional advice. Neither UBS nor any of its employees provide tax or legal advice and this document does not constitute such advice.

Approved and issued by UBS, this document may not be redistributed or reproduced in whole or in part or copies circulated without the prior written permission of UBS and no liability whatsoever for the actions of third parties in this respect is accepted. To the extent permitted by the law, neither UBS nor any of its directors, officers, employees or agents accepts or assume any liability, responsibility or duty of care for any consequences, including any loss or damage, of you or anyone else acting, or refraining to act, in reliance on the information contained in this document or for any decision based on it.

Important information in the event this document is distributed by the following domestic businesses
Brazil if distributed by UBS Brasil Administradora de Valores Mobiliários Ltda. and/or by UBS Consenso Investimentos Ltda., both entities regulated by the Brazilian Securities Commission. This document is not intended to constitute a public offer under Brazilian law or a research analysis report as per the definition contained under CVM Instruction 598/2018 or an offer to buy or sell any services or specific products. This document cannot be considered a representation or a promise of the past or future.

Mexico UBS Asesores México, S.A. de C.V (”UBS Asesores”) UBS Asesores is a non-independent investment advisor due to the direct relation it has with UBS, AG a foreign financial institution. UBS Asesores was incorporated under the Securities Market Law. UBS Asesores is a regulated entity and it is subject to the supervision of the Mexican Banking and Securities Commission (Comisión Nacional Bancaria y de Valores, "CNBV") registered under number 30060 before the CNBV, which exclusively regulates UBS Asesores regarding the rendering of portfolio management services when investment decisions are taken on behalf of the client, as well as on securities investment advisory services, analysis and issuance of individual investment recommendations, so that the CNBV has not surveillance over any other service provided by UBS Asesores. Such registry will not assure the accuracy or veracity of the information provided to its clients. UBS Asesores is not part of any Mexican financial group, is not a bank and does not receive deposits or hold securities. UBS Asesores does not offer guaranteed returns. UBS Asesores has disclosed any conflict of interest that it is aware of. UBS Asesores does not advertise any banking services and can only charge the commissions expressly agreed with their clients for the investment services actually rendered. UBS Asesores will not be able to receive commissions from issuers or local or foreign financial intermediaries that provide services to their clients.

UK UBS AG is registered as a branch in England and Wales Branch No. BR004507 (a public company limited by shares, incorporated in Switzerland whose registered offices are at Aeschenvorstadt 1, CH-4051, Basel and Bahnhofstrasse 45, CH-8001 Zurich). Registered Address: 5 Broadgate, London EC2M 2QS. Authorised and regulated by the Financial Market Supervisory Authority in Switzerland. In the United Kingdom, UBS AG is authorised by the Prudential Regulation Authority and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. A member of the London Stock Exchange.

Important information in the event this document is distributed to US Persons or into the United States
Wealth management services in the United States are provided by UBS Financial Services Inc. (“UBSFS”), a subsidiary of UBS AG. UBSFS is a US registered broker/dealer offering securities, trading, brokerage services, and related products and services. UBSFS is a member of the Securities Investor Protection Corp. (SIPC) and is registered with the Financial Industry Regulatory Authority (FINRA). Private Wealth Management is a business unit within UBSFS.

As a firm providing wealth management services to clients, UBS Financial Services Inc. offers investment advisory services in its capacity as an SEC-registered investment adviser and brokerage services in its capacity as an SEC-registered broker-dealer. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. It is important that clients understand the ways in which we conduct business and that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. A small number of our financial advisors are not permitted to offer advisory services to you, and can only work with you directly as UBS broker-dealer representatives.

Your financial advisor will let you know if this is the case and, if you desire advisory services, will be happy to refer you to another financial advisor who can help you. Our agreements and disclosures will inform you about whether we and our financial advisors are acting in our capacity as an investment adviser or broker-dealer. For more information, please review the PDF document at ubs.com/relationshipsummary.

Sustainable investing strategies aim to incorporate environmental, social and governance (ESG) considerations into investment process and portfolio construction. Strategies across geographies and styles approach ESG analysis and incorporate the findings in a variety of ways. The returns on portfolios consisting primarily of sustainable investments may be lower or higher than portfolios where ESG factors, exclusions or other sustainability issues are not considered, and the investment opportunities available to such portfolios may also differ.

© UBS 2021. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved. UBS Financial Services Inc. is a subsidiary of UBS AG.Member FINRA/SIPC. Expiration: 7/31/2022 Review Code: IS2103934 Approval date: 7/14/2021 2021-461256u