UBS Advice

The contents of this document have not been reviewed by any regulatory authority in Singapore. This document has been prepared by UBS AG, its subsidiary or affiliate ("UBS"). This document and the information contained herein are provided solely for information and UBS marketing purposes.

It is not to be regarded as investment research, a sales prospectus, an offer or solicitation of an offer to enter in any investment activity. Please note that UBS retains the right to change the range of services, the products and the prices at any time without notice. All information contained herein, including without limitation benchmarks, asset classes, asset allocation and investment instruments, and opinions indicated are subject to change.

Some figures may refer to the past or simulated past performance and past performance is not a reliable indicator of future results. Some figures may be forecasts only and forecasts are not a reliable indicator of future performance. Some charts and/or performance figures may not be based on complete 12-month periods which may reduce their comparability and significance. If the currency of a financial product or financial service is different from the currency of your home country, the return may increase or decrease as a result of currency fluctuations. Fees may not be included and these will reduce future performance accordingly.

Products and services described in this presentation are generic in nature and do not consider specific investment objectives, financial situations or particular needs of any specific recipient. It should therefore not be regarded by recipients as a substitute for the exercise of their own judgment. All investments carry a certain degree of risk and the attention is hereby drawn to such risk (which can be substantial). The market in certain securities may be illiquid and therefore valuing the investment and identifying the risks may be difficult. Some investments may be subject to sudden and large falls in value and on disposition may pay back less than invested. You should consult your UBS client advisor on the nature of such investment and carefully consider whether such investment is appropriate for you. Unless otherwise expressly agreed, UBS does not act as a client's financial advisor or fiduciary in any transaction.

Important Information About Sustainable Investing Strategies: Sustainable Investing strategies aim to consider and incorporate environmental, social and governance (ESG) factors into investment process and portfolio construction. Strategies across geographies and styles approach ESG analysis and incorporate the findings in a variety of ways. Incorporating ESG factors or Sustainable Investing considerations may inhibit UBS’s ability to participate in or to advise on certain investment opportunities that otherwise would be consistent with the client’s investment objectives. The returns on a portfolio consisting primarily of sustainable investments may be lower or higher than portfolios where ESG factors, exclusions, or other sustainability issues are not considered by UBS, and the investment instruments available to such portfolios may differ. Companies, product issuers and/or manufacturers may not necessarily meet high performance standards on all aspects of ESG or Sustainable Investing issues.

Tax treatment depends on the individual circumstances and may be subject to change in the future. UBS does not provide legal or tax advice and makes no representations as to the tax treatment of assets or the investment returns thereon both in general or with reference to specific client's circumstances and needs. Clients should obtain independent legal and tax advice on the implications of the products/services in the respective jurisdiction and suitability of products and services before investing.

UBS, its directors, officers and employees' or clients may have or have had interest or long or short positions in the securities or other financial instruments referred to herein and may at any time make purchases and/or sales in them as principal or agent. UBS may act or have acted as market-maker in the securities or other financial instruments. UBS may have or have had a relationship with or may provide or has provided investment banking, capital markets and/or other financial services to the relevant companies.

This material is not intended for distribution into the US and / or to US persons or in jurisdictions where its distribution by us would be restricted. Certain services and products are subject to legal provisions and cannot be offered world-wide on an unrestricted basis. UBS prohibits the redistribution of this material in whole or in part without the written permission of UBS and UBS accepts no liability whatsoever for the actions of third parties in this respect. Neither UBS nor any of its directors, officers, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of this document. UBS makes no representation or warranty relating to any information herein which is derived from independent sources.

UBS AG Singapore branch, incorporated in Switzerland with limited liability, UEN S98FC5560C is authorized and regulated by the Monetary Authority of Singapore; UBS AG, Hong Kong Branch is incorporated in Switzerland with limited liability and the branch is authorized and regulated by the Hong Kong Monetary Authority. This document has been prepared solely for information purposes and is based on opinions which reflect our current views but which may be liable to change, and on sources believed to be reliable.

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