UBS Investor Sentiment

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Important information in the event this document is distributed by the following domestic businesses
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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: 1/31/1022 Review Code: IS2100344 Approval date: 1/21/2021