UBS Asset Management (Europe) S.A.

Summary document

Principal adverse impacts (“PAIs”) are the most significant negative impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, anti‐corruption, and anti‐bribery matters. UBS Asset Management (Europe) S.A. (hereinafter also known as “UBS-FML” or “the management company”) acknowledges the need for transparency of principal adverse impacts of investment decisions on sustainability factors. The management company may carry out investment advisory services exclusively in the meaning of marketing / distribution of funds. UBS-FML does not consider any adverse impacts of investment decisions on sustainability factors in its investment advice services, because UBS-FML considers PAIs already during the fund design and at the investment strategy level as outlined in the funds’ pre-contractual disclosures (funds which promote environmental and /or social characteristics (Article 8 SFDR) or which have sustainable investments as their objective (Article 9 SFDR)). The extent to which adverse impacts are considered depends on the individual product features and the client preferences obtained through the investment advisory assessment process.

UBS-FML is going to regularly review the above approach and may reassess its position in the future.