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For marketing and information purposes by UBS. For professional / of this document to acquire interests in securities under the laws of your qualified / institutional clients and investors. jurisdiction. Using, copying, redistributing or republishing any part of this This document does not replace portfolio and fund-specific materials. document without prior written permission from UBS Asset Management Commentary is at a macro or strategy level and is not with reference to is prohibited. Any statements made regarding investment performance any registered or other mutual funds. objectives, risk and/or return targets shall not constitute a representation or warranty that such objectives or expectations will be achieved or Americas risks are fully disclosed. The information and opinions contained in this The views expressed are a general guide to the views of UBS Asset document is based upon information obtained from sources believed Management as of November 2022. 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The opinions expressed are a reflection of UBS Asset investment research and is not subject to any prohibition on dealing ahead Management’s judgment at the time this document is compiled and of the dissemination of investment research. The information and opinions any obligation to update or alter forward-looking statements as a result contained in this document have been compiled or arrived at based upon of new information, future events, or otherwise is disclaimed. You are information obtained from sources believed to be reliable and in good advised to exercise caution in relation to this document. The information faith. All such information and opinions are subject to change without in this document does not constitute advice and does not take into notice. Care has been taken to ensure its accuracy but no responsibility is consideration your investment objectives, legal, financial or tax situation accepted for any errors or omissions herein. 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Furthermore, these views are not intended to predict or This document is provided by UBS Asset Management (Australia) Ltd, guarantee the future performance of any individual security, asset class or ABN 31 003 146 290 and AFS License No. 222605. market generally, nor are they intended to predict the future performance of any UBS Asset Management account, portfolio or fund. China The securities may not be offered or sold directly or indirectly in the EMEA People’s Republic of China (the “PRC”). 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While these forward-looking statements represent our judgments and future expectations concerning the development of our Japan business, a number of risks, uncertainties and other important factors This document is for informational purposes only and is not intended as could cause actual developments and results to differ materially from an offer or a solicitation to buy or sell any specific financial products, or to our expectations. provide any investment advisory/management services. UK Korea Issued in the UK by UBS Asset Management (UK) Ltd. Authorised and The securities may not be offered, sold and delivered directly or indirectly, regulated by the Financial Conduct Authority. or offered or sold to any person for re-offering or resale, directly or indirectly, in Korea or to any resident of Korea except pursuant to the APAC applicable laws and regulations of Korea, including the Capital Market This document and its contents have not been reviewed by, delivered to and Financial Investment Business Act and the Foreign Exchange or registered with any regulatory or other relevant authority in APAC. Transaction Law of Korea, the presidential decrees and regulations This document is for informational purposes and should not be construed thereunder and any other applicable laws, regulations or rules of Korea. as an offer or invitation to the public, direct or indirect, to buy or sell UBS Asset Management has not been registered with the Financial securities. This document is intended for limited distribution and only Services Commission of Korea for a public offering in Korea nor has it to the extent permitted under applicable laws in your jurisdiction. No been registered with the Financial Services Commission for distribution to representations are made with respect to the eligibility of any recipients non-qualified investors in Korea. 20

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