Sea beyond the Blue

A guide on the oceans for philanthropists and changemakers

Share this page

While there are many reports related to the oceans, there is very little available to guide changemakers, philanthropists and impact investors who wish to engage in this field.

Sea beyond the Blue aims to fill this gap by:

  • offering you a high-level understanding of the issue;
  • providing you with guidance how you can engage; and
  • highlighting solutions and real-life example via short case-studies, editorials, and interviews with leading experts and philanthropists.

You are a philanthropist or a world citizen curious about the oceans and protecting them? This guide is for you!

With this guide, we are bringing you over 20 years of experience in advising our clients on strategic philanthropy and the expertise of over 60 ocean experts, philanthropists, and changemakers who shared with us – and now with you – what they feel the priorities for ocean conservation are, what they have learned over the years, and their best tips to help you take impactful actions.

Questions? Get in touch

Send us an email

Now is the time to act. Protecting the world's oceans requires a deep understanding of the issues affecting them. From there, we must commit to solving those issues – urgently.

A word from Phyllis Costanza, Head UBS in Society and CEO UBS Optimus Foundation and Mara Harvey Head UBS GWM Client Services

The oceans are the foundations of all life on Earth. They provide more than 50% of the oxygen we breathe1, are the main source of animal protein for more than a billion people, and provide livelihoods for 200 million citizens worldwide2. If the oceans were a country, it'd be the world's seventh-largest economy, contributing around 24 trillion US dollars every year3.

But our oceans are under threat. They face unsustainable pressure from the planet's growing population, CO2 emissions, and overfishing.

Now is the time to act. Protecting the world's oceans requires a better understanding of the issues affecting them. From there, we must commit to solving those issues – urgently.

Whether you are a philanthropist or an advocate for a better world, curious about the oceans and interested in protecting them, this guide is for you. We have a multitude of resources already at our fingertips, but making the time to digest all available information is demanding.

Whatever stage you have reached in your philanthropy, this guide will help steer your efforts. It's not exhaustive, but if you are at the start of your journey, you'll discover best practices and facts that help you become an informed and engaged advocate for the oceans. If you already have a foundation or provide grants, you'll gain insights that inspire your vision and approach. Or if you are further along on your philanthropic journey, this guide will enable you to compare your plans with those of peer philanthropists and find fresh ideas for solutions.

We look forward to helping you navigate the challenges facing the world's oceans and explore ways to protect them. We wish you a passion-filled, inspiring, and impactful journey.

Warmly,

Phyllis Costanza                                                          Mara Harvey
Head UBS in Society and                                              UBS GWM Client Services
CEO UBS Optimus Foundation

Sea beyond the Blue

A guide on oceans for philanthropists and changemakers

Get your copy now – free downloadpdf, 8 MB

Time to act

Oceans are essential to our survival and yet they are at risk. Here is why – and these are only a few facts and figures!

They cover 71% of our planet4.

They generate more than 50% of the oxygen we breathe5.

They are the main source of animal protein for more than a billion people6.

They provide direct livelihoods for 200 million people6.

They are affected by warmer temperatures causing coral bleaching – in the last 30 years, over 50% of corals have died, and up to 90% may die by 20507.

They are overfished – 90% of fish stocks are either fully fished or overfished at unsustainable levels8.

Respectively, their conservation has received less than 1% of all philanthropic funding since 2009 and remains the least funded of all the Sustainable Development Goals (SDGs) 9.

They would represent the seventh-largest economy, if they were a country, with an estimated contribution of USD 24 trillion3.

Seychelles was the world’s first debt conversion for ocean protection.

Robert Weary, Deputy Managing Director, Blue Bonds at The Nature Conservancy

Debt swap for nature: an innovative solution for more sustainable marine protected areas

Read the interview with Robert Weary, Deputy Managing Director, Blue Bonds at The Nature Conservancy

Sea beyond the Blue

A guide on oceans for philanthropists and changemakers

Get your copy now – free downloadpdf, 8 MB

Start today: Tips for changemakers and ocean philanthropists

Take the time to understand the issues and landscape to define where you can add most value and make the best use of your resources.

Network – finding the program to support or research teams means talking to people, foundations, philanthropists and NGOs working in that area.

Be courageous and think big – philanthropic capital is arguably the greatest risk capital. As a philanthropist, you are free to take risk, while learning from fast analytical feedback systems.

Don’t reinvent the wheel – there are number of solutions already available. You can replicate and scale a program that has demonstrated a proof of concept or partner with experts and organizations on an existing initiative.

There is more than money – explore the landscape and where the needs are. Bringing your skills, your time, or opening your network can also add value.

Collaborate and partner with others – this will help make the most from your resources, leverage expertise, learn additional, different skills, and achieve large-scale sustainable impact.

Be a role model and an activist – raise awareness and lead by example by becoming responsible consumers and promoting best practices, e.g. in areas such as transport, food, consumer goods, household energy, and tourism.

Think beyond philanthropy – there are many paths to making impact, and they can reinforce each other. Grantmaking is one. One might also consider social financing in the forms of equity or loans, or look into personal engagement, entrepreneurial approaches, and investments.

We partner with you to maximize your impact – locally, nationally and globally

Also, when it comes to ocean philanthropy!

UBS Philanthropy Services

We are a unique, award-winning offering that partners with clients like you and your family to manage your philanthropy and maximize your impact locally, nationally and globally. We provide comprehensive advice, insight experiences, and execution services, and employ an investment-based approach to deliver solutions to pressing social and environmental issues.

Because we acknowledge the vital importance of the oceans, we've built a dedicated oceans-relevant offering from giving to investing. In this context, UBS Optimus Foundation has recently expanded its focus to include environmental and climate philanthropy. By offering direct access to these opportunities and networks, we enable you to tap into cutting edge advice, practical support and a community of like-minded peers.

Whatever your philanthropic goals may be, understanding how and where your resources can do the most good will give you more confidence in your giving and will make your philanthropic journey even more rewarding for you and your family.

For more information visit: ubs.com/philanthropy

Our first ocean program

The UBS Optimus Foundation connects you with inspiring entrepreneurs, new technologies and proven models that are making a measurable, long-term difference to the most serious and enduring social and environmental problems. The only client-facing Foundation linked to a global wealth manager, UBS Optimus Foundation has a 20 years track record and is recognized globally as a philanthropic thought-leader.

The Foundation has recently enlarged its scope to environment and climate philanthropy – after two decades of experience in the field of health, education, and child protection.

We have now started to work with our first program partner in the ocean space – meet Blue Carbon. The program aims at increasing private and public sector understanding of the importance of mangroves as a climate solution in order to catalyze innovative finance models to invest in mangrove restoration and identify local sustainable models for conservation investments . The program has three dimensions:

  1. undertaking research that will build evidence for private sector investment in coastal systems and mangroves;
  2. using the evidence to propose options for local sustainable public-private financing partnership models; and
  3. conducting a series of tailored dialogues with government representatives, multilateral agencies, NGOs, and philanthropists to identify potential partnerships

Interested? Get in touch now!

Learn more about the UBS Optimus Foundation

Sea beyond the Blue

A guide on oceans for philanthropists and changemakers

Get your copy now – free downloadpdf, 8 MB

Related content

Sources:

[1] NOAA. Ocean Exploration and Research. How has the ocean made life on land possible? Retrieved from https://oceanexplorer.noaa.gov/facts/oceanproduction.html. Last consulted May 25, 2020.

2 FAO. (2018). The State of World Fisheries and Aquaculture 2018 - Meeting the sustainable development goals. Rome.

3 WWF. (2015). Reviving the Ocean Economy: The Case for Action. WWF International, Gland, Switzerland.

4UNESCO. Retrieved from https://en.unesco.org/news/united-nations-announces-decade-ocean-science-2021-2030. Last consulted May 26, 2020

5 NOAA. Ocean Exploration and Research. How has the ocean made life on land possible? Retrieved from https://oceanexplorer.noaa.gov/facts/oceanproduction.html.  Last consulted May 25, 2020.

6FAO. (2018). The State of World Fisheries and Aquaculture 2018 - Meeting the sustainable development goals. Rome.

7NOAA. (2019). Retrieved from. https://www.noaa.gov/education/resource-collections/marine-life/coral-reef-ecosystems. Last consulted May 22, 2020.

8FAO. (2018). The State of World Fisheries and Aquaculture 2018 - Meeting the sustainable development goals. Rome.

9Gottschalk, Max (2020). See Beyond the Blue – A guide on oceans for philanthropists and changemakers. Investing in the blue economy: Interview with Max Gottschalk, Founding Partner, Ocean14 Capital, p. 40.

Disclaimer

This document has been prepared by UBS Switzerland AG, its subsidiary or affiliate ("UBS"). This document is for personal use only.

This document and the information contained herein are provided solely for informational and/or educational purposes. Nothing in this document constitutes investment research, investment advice, a sales prospectus, or an offer or solicitation to engage in any investment activities. The document is not a recommendation to buy or sell any security, investment instrument, or product, and does not recommend any specific investment program or service.

Although all information and opinions expressed in this document were obtained in good faith from sources believed to be reliable, no representation or warranty, express or implied, is made as to the document’s accu-racy, sufficiency, completeness or reliability. All information and opinions expressed in this document are subject to change without notice and may differ from opinions expressed by other business areas or divisions of UBS. UBS is under no obligation to update or keep current the information contained herein.

Nothing in this document constitutes legal or tax advice. UBS and its employees do not provide legal or tax advice. This document may not be redistributed or reproduced in whole or in part without the prior written permission of UBS. To the extent permitted by the law, neither UBS, nor any of it its directors, officers, employ-ees or agents accepts or assumes 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 to US Persons or into the United States

Wealth management services in the United States are provided by UBS Financial Services Inc. (“UBSFS”), a sub-sidiary of UBS AG.  UBSFS is a 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 the Financial Industry Regulatory Authority (FINRA).  In providing wealth management services to clients, UBSFS offers both investment advisory services and brokerage services. 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 UBSFS conducts business and that they carefully read the agreements and disclosures that provided to them about the products or services UBSFS offers. For more information on products and services, visit www.ubs.com/workingwithus.

Important information in the event this document is distributed by the following domestic businesses (which have separate local entities to that of the booking centers)

Austria This publication is not intended to constitute a public offer under Austrian law. It is distributed only for information purposes by UBS Fund Management Luxembourg S.A. Branch Austria, with place of business at Fleischmarkt 1/6, A-1010 Wien. UBS Fund Management Luxembourg S.A. Branch Austria is subject to the joint supervision of the European Central Bank ("ECB"), the German Central Bank (Deutsche Bundesbank), the German Federal Financial Services Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht), as well as of the Austrian Financial Market Authority (Finanzmarktaufsicht), to which this publication has not been submitted for approval. UBS Europe SE is a credit institution constituted under German law in the form of a Societas Europaea, duly authorized by the ECB.

Brazil This publication is not intended to constitute a public offer under Brazilian law or a research analysis report as per the definition contained under the Comissão de Valores Mobiliários ("CVM") Instruction 598/2018. It is distributed only for information purposes by UBS Brasil Administradora de Valores Mobiliários Ltda. and/or of UBS Consenso Investimentos Ltda., entities regulated by CVM.

Canada In Canada, this publication is distributed by UBS Investment Management Canada Inc. (UBS Wealth Management Canada).

Denmark This publication is not intended to constitute a public offer under Danish law. It is distributed only for information purposes by UBS Europe SE, Denmark Branch, filial af UBS Europe SE, with place of business at Sankt Annae Plads 13, 1250 Copenhagen, Denmark, registered with the Danish Commerce and Companies Agency, under No. 38 17 24 33. UBS Europe SE, Denmark Branch, filial af UBS Europe SE is subject to the joint supervision of the European Central Bank ("ECB"), the German Central Bank (Deutsche Bundesbank), the German Federal Financial Services Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht), as well as of the Danish Financial Supervisory Authority (Finanstilsynet), to which this publication has not been submitted for approval. UBS Europe SE is a credit institution constituted under German law in the form of a Societas Europaea, duly authorized by the ECB.

France This publication is not intended to constitute a public offer under French law. It is distributed only for information purposes by

UBS (France) S.A. UBS (France) S.A. is a French "société anonyme" with share capital of € 132.975.556, 69, boulevard Haussmann F-75008 Paris, R.C.S. Paris B 421 255 670. UBS (France) S.A. is a provider of investment services duly authorized according to the terms of the "Code monétaire et financier", regulated by French banking and financial authorities as the "Autorité de contrôle prudentiel et de résolution."

Germany: This publication is not intended to constitute a public offer under German law. It is distributed only for information purposes by UBS Europe SE, Germany, with place of business at Bockenheimer Landstrasse 2-4, 60306 Frankfurt am Main. UBS Europe SE is a credit institution constituted under German law in the form of a Societas Europaea, duly authorized by the European Central Bank ("ECB"), and supervised by the ECB, the German Central Bank (Deutsche Bundesbank) and the German Federal Financial Services Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht), to which this publication has not been submitted for approval.

Hong Kong: This publication is distributed by UBS AG Hong Kong Branch, a licensed bank under the Hong Kong Banking Ordinance and a registered institution under the Securities and Futures Ordinance. UBS AG Hong Kong Branch is incorporated in Switzerland with limited liability.

Israel UBS is a premier global financial firm offering wealth management, asset management and investment banking services from its headquarters in Switzerland and its operations in over 50 countries worldwide to individual, corporate and institutional investors. In Israel, UBS Switzerland AG is registered as Foreign Dealer in cooperation with UBS Wealth Management Israel Ltd., a wholly owned UBS subsidiary. UBS Wealth Management Israel Ltd. is a Portfolio Manager licensee which engages also in Investment Marketing and is regulated by the Israel Securities Authority. This publication is intended for information only and is not intended as an offer to buy or solicitation of an offer. Furthermore, this publication is not intended as an investment advice and/or investment marketing and is not replacing any investment advice and/or investment marketing provided by the relevant licensee which is adjusted to each person needs. The word "advice" and/or any of its derivatives shall be read and construed in conjunction with the definition of the term "investment marketing" as defined under the Israeli Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 1995.

Italy: This publication is not intended to constitute a public offer under Italian law. It is distributed only for information purposes by UBS Europe SE, Succursale Italia, with place of business at Via del Vecchio Politecnico, 3-20121 Milano. UBS Europe SE, Succursale Italia is subject to the joint supervision of the European Central Bank ("ECB"), the German Central Bank (Deutsche Bundesbank), the German Federal Financial Services Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht), as well as of the Bank of Italy (Banca d’Italia) and the Italian Financial Markets Supervisory Authority (CONSOB - Commissione Nazionale per le Società e la Borsa), to which this publication has not been submitted for approval. UBS Europe SE is a credit institution constituted under German law in the form of a Societas Europaea, duly authorized by the ECB.

Jersey UBS AG, Jersey Branch, is regulated and authorized by the Jersey Financial Services Commission for the conduct of banking, funds and investment business. Where services are provided from outside Jersey, they will not be covered by the Jersey regulatory regime. UBS AG, Jersey Branch is a branch of UBS AG 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. UBS AG, Jersey Branch's principal place business is 1, IFC Jersey, St Helier, Jersey, JE2 3BX.

Luxembourg: This publication is not intended to constitute a public offer under Luxembourg law. It is distributed only for information purposes by UBS Europe SE, Luxembourg Branch, with place of business at 33A, Avenue J. F. Kennedy, L-1855 Luxembourg. UBS Europe SE, Luxembourg Branch is subject to the joint supervision of the European Central Bank ("ECB"), the German Central bank (Deutsche Bundesbank), the German Federal Financial Services Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht), as well as of the Luxembourg supervisory authority (Commission de Surveillance du Secteur Financier), to which this publication has not been submitted for approval. UBS Europe SE is a credit institution constituted under German law in the form of a Societas Europaea, duly authorized by the ECB.

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 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 revealed any conflict of interest that could have before. UBS Asesores does 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.

Monaco: This document is not intended to constitute a public offering or a comparable solicitation under the Principality of Monaco laws, but might be made available for information purposes to clients of UBS (Monaco) SA, a regulated bank under the supervision of the "Autorité de Contrôle Prudentiel et de Résolution" (ACPR) for banking activities and under the supervision of "Commission de Contrôle des Activités Financières for financial activities".

If the publication is provided by the Representative Office, include the following disclaimer:

Panama UBS AG Oficina de Representación es regulada y supervisada por la Superintendencia de Bancos de Panamá. Licencia para operar como Oficina de Representación Resolución S.B.P. No 017-2007.

UBS Switzerland AG Oficina de Representación Resolución S.B.P. No. 0178-2015.

If the publication is provided by the Advisory Office, include the following disclaimer:

Panama UBS Asesores SA, Entidad Regulada y Supervisada por la Superintendencia del Mercado de Valores. Licencia para operar como Asesor de Inversiones. Resolución No. CNV-316-01.

Russia UBS Switzerland AG is not licensed to provide regulated banking and/or financial services in Russia. Information contained in this document refers to products and services exclusively available through and provided by UBS Switzerland AG in Switzerland or another UBS entity domiciled outside Russia. UBS employees travelling to Russia are neither authorized to conclude contracts nor to negotiate terms thereof while in Russia. Contracts only become binding on UBS once confirmed in Switzerland or in the location where the UBS entity is domiciled. The Wealth Management Advisory Office within OOO UBS Bank does not provide services for which banking license is required in Russia.

Certain financial instruments can be offered in Russia only to the qualified investors.

Any attachments and documents with reference to the specific financial instruments do not constitute a personal investment recommendation under Russian law.

Singapore: This material was provided to you as a result of a request received by UBS from you and/or persons entitled to make the request on your behalf. Should you have received the material erroneously, UBS asks that you kindly destroy/delete it and inform UBS immediately. Clients of UBS AG Singapore branch are asked to please contact UBS AG Singapore branch, an exempt financial adviser under the Singapore Financial Advisers Act (Cap. 110) and a wholesale bank licensed under the Singapore Banking Act (Cap. 19) regulated by the Monetary Authority of Singapore, in respect of any matters arising from, or in connection with, the analysis or report.

Spain This publication is not intended to constitute a public offer under Spanish law. It is distributed only for information purposes by UBS Europe SE, Sucursal en España, with place of business at Calle María de Molina 4, C.P. 28006, Madrid. UBS Europe SE, Sucursal en España is subject to the joint supervision of the European Central Bank ("ECB"), the German Central bank (Deutsche Bundesbank), the German Federal Financial Services Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht), as well as of the Spanish supervisory authority (Banco de España), to which this publication has not been submitted for approval. Additionally it is authorized to provide investment services on securities and financial instruments, regarding which it is supervised by the Comisión Nacional del Mercado de Valores as well. UBS Europe SE, Sucursal en España is a branch of UBS Europe SE, a credit institution constituted under German law in the form of a Societas Europaea, duly authorized by the ECB.

Sweden This publication is not intended to constitute a public offer under Swedish law. It is distributed only for information purposes by UBS Europe SE, Sweden Bankfilial, with place of business at Regeringsgatan 38, 11153 Stockholm, Sweden, registered with the Swedish Companies Registration Office under Reg. No 516406-1011. UBS Europe SE, Sweden Bankfilial is subject to the joint supervision of the European Central Bank ("ECB"), the German Central bank (Deutsche Bundesbank), the German Federal Financial Services Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht), as well as of the Swedish supervisory authority (Finansinspektionen), to which this publication has not been submitted for approval. UBS Europe SE is a credit institution constituted under German law in the form of a Societas Europaea, duly authorized by the ECB.

Taiwan This material is provided by UBS AG, Taipei Branch in accordance with laws of Taiwan, in agreement with or at the request of clients/prospects.

UK: This document is issued by UBS Wealth Management, a division of UBS AG which is 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 is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of regulation by the Prudential Regulation Authority are available from us on request. A member of the London Stock Exchange. This publication is distributed to retail clients of UBS Wealth Management.

UAE/DIFC UBS is not licensed in the UAE by the Central Bank of UAE or by the Securities & Commodities Authority. The UBS AG Dubai Branch is licensed in the DIFC by the Dubai Financial Services Authority as an authorised firm.

Important information in the event this document is distributed cross-border

Bahrain: UBS is a Swiss bank not licensed, supervised or regulated in Bahrain by the Central Bank of Bahrain and does not undertake banking or investment business activities in Bahrain. Therefore, clients have no protection under local banking and investment services laws and regulations.

China: This publication is prepared by UBS Switzerland AG or its offshore subsidiary or affiliate (collectively as "UBS Offshore"). UBS Offshore is an entity incorporated out of China and is not licensed, supervised or regulated in China to carry out banking or securities business. The recipient should not contact the analysts or UBS Offshore which produced this publication for advice as they are not licensed to provide securities investment advice in China. UBS Investment Bank (including Research) has its own wholly independent research and views which at times may vary from the views of UBS Global Wealth Management. This publication shall not be regarded as providing specific securities related analysis. The recipient should not use this document or otherwise rely on any of the information contained in this publication in making investment decisions and UBS takes no responsibility in this regard.

Czech Republic: UBS is not a licensed bank in the Czech Republic and thus is not allowed to provide regulated banking or investment services in the Czech Republic. Please notify UBS if you do not wish to receive any further correspondence.

Greece: UBS Switzerland AG is established in Switzerland and operates under Swiss law. UBS Switzerland AG and its affiliates (UBS) are not licensed as a bank or financial institution under Greek legislation and do not provide banking and financial services in Greece. Consequently, UBS provides such services from branches outside of Greece, only. No information in this document is provided for the purpose of offering, marketing and sale by any means of any capital market instruments and services in Greece. Therefore, this document may not be considered as a public offering made or to be made to residents of Greece."

Indonesia, Malaysia, Philippines, Thailand: This material was provided to you as a result of a request received by UBS from you and/or persons entitled to make the request on your behalf. Should you have received the material erroneously, UBS asks that you kindly destroy/delete it and inform UBS immediately. Any and all advice provided and/or trades executed by UBS pursuant to the material will only have been provided upon your specific request or executed upon your specific instructions, as the case may be, and may be deemed as such by UBS and you. The material may not have been reviewed, approved, disapproved or endorsed by any financial or regulatory authority in your jurisdiction. The relevant investments will be subject to restrictions and obligations on transfer as set forth in the material, and by receiving the material you undertake to comply fully with such restrictions and obligations. You should carefully study and ensure that you understand and exercise due care and discretion in considering your investment objective, risk appetite and personal circumstances against the risk of the investment. You are advised to seek independent professional advice in case of doubt.

Nigeria: UBS Switzerland AG and its affiliates (UBS) are not licensed, supervised or regulated in Nigeria by the Central Bank of Nigeria or the Nigerian Securities and Exchange Commission and do not undertake banking or investment business activities in Nigeria.

Poland: "UBS is a premier global financial services firm offering wealth management services to individual, corporate and institutional investors. UBS is established in Switzerland and operates under Swiss law and in over 50 countries and from all major financial centres. UBS [insert Legal Entity] is not licensed as a bank or as an investment firm under Polish legislation and is not allowed to provide banking and financial services in Poland".

Portugal: UBS Switzerland AG is not licensed to conduct banking and financial activities in Portugal nor is UBS Switzerland AG supervised by the portuguese regulators (Bank of Portugal "Banco de Portugal" and Portuguese Securities Exchange Commission "Comissão do Mercado de Valores Mobiliários").

Singapore: This material was provided to you as a result of a request received by UBS from you and/or persons entitled to make the request on your behalf. Should you have received the material erroneously, UBS asks that you kindly destroy/delete it and inform UBS immediately.

UAE: UBS is not licensed in the UAE by the Central Bank of UAE or by the Securities & Commodities Authority. The UBS AG Dubai Branch is licensed in the DIFC by the Dubai Financial Services Authority as an authorised firm.

Ukraine: UBS is a premier global financial services firm offering wealth management services to individual, corporate and institutional investors. UBS is established in Switzerland and operates under Swiss law and in over 50 countries and from all major financial centers. UBS is not registered and licensed as a bank/financial institution under Ukrainian legislation and does not provide banking and other financial services in Ukraine.

© UBS 2020. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved. IS2003210