BDCZ ETRACS MarketVector Business Dev Com Liquid Index ETN 4/26/41

PYPE: linked to the NYSE® Pickens Core Midstream Index MLPB: linked to the Alerian MLP Infrastructure Index, Series B AMNA: linked to the Alerian Midstream Energy Index AMND: linked to the Alerian Midstream Energy Dividend Index MLPR: linked to the Alerian MLP Index BDCZ: linked to the Wells Fargo Business Development Company Index, Series B BDCX: linked to the Wells Fargo Business Development Company Index HDLB: linked to the Solactive US High Dividend Low Volatility Index Series B SMHB: linked to the Solactive US Small Cap High Dividend Index Series B PFFL: linked to the Solactive Preferred Stock ETF Index CEFD: linked to the S-Network Composite Closed-End Fund Index MVRL: linked to the Market Vectors Global Mortgage REITs Index

UBS Investment Bank today announced coupon payments for 12 ETRACS Exchange Traded Notes (the “ETNs”), all traded on the NYSE Arca.

NYSE Ticker

ETN Name and Prospectus Supplement*

Coupon Valuation Date

Ex- Date

Record Date

Payment Date

Coupon Amount

Payment Schedule

Current Yield (annualized)

PYPE**

ETRACS NYSE® Pickens Core MidstreamTM Index ETN

03/30/2023

4/12/2023

4/13/2023

4/21/2023

$0.3382

Quarterly

6.51%

MLPB**

ETRACS Alerian MLP Infrastructure Index ETN Series B

03/30/2023

4/12/2023

4/13/2023

4/21/2023

$0.3267

Quarterly

6.86%

AMNA**

ETRACS Alerian Midstream Energy Index ETN

03/30/2023

4/12/2023

4/13/2023

4/21/2023

$0.5524

Quarterly

6.08%

AMND**

ETRACS Alerian Midstream Energy High Dividend Index ETN

03/30/2023

4/12/2023

4/13/2023

4/21/2023

$0.6779

Quarterly

7.23%

MLPR**

ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN

03/30/2023

4/12/2023

4/13/2023

4/21/2023

$1.2713

Quarterly

12.06%

BDCZ**

ETRACS Wells Fargo Business Development Company Index ETN Series B

03/30/2023

4/12/2023

4/13/2023

4/21/2023

$0.4318

Quarterly

10.22%

BDCX**

ETRACS Quarterly Pay 1.5x Leveraged Wells Fargo BDC Index ETN

03/30/2023

4/12/2023

4/13/2023

4/21/2023

$1.2099

Quarterly

16.91%

HDLB***

ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility ETN Series B

03/30/2023

4/12/2023

4/13/2023

4/21/2023

$0.1352

Monthly

12.15%

SMHB***

ETRACS Monthly Pay 2xLeveraged US Small Cap High Dividend ETN Series B

03/30/2023

4/12/2023

4/13/2023

4/21/2023

$0.1820

Monthly

23.25%

PFFL***

ETRACS Monthly Pay 2x

Leveraged Preferred Stock ETN

03/30/2023

4/12/2023

4/13/2023

4/21/2023

$0.1258

Monthly

11.84%

CEFD***

ETRACS Monthly Pay 1.5X Leveraged Closed-End Fund Index ETN

03/30/2023

4/12/2023

4/13/2023

4/21/2023

$0.2683

Monthly

14.10%

MVRL***

ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN

03/30/2023

4/12/2023

4/13/2023

4/21/2023

$0.6817

Monthly

19.23%

* The table above provides a hyperlink to the relevant prospectus and supplements thereto for each of our ETRACS ETNs, which are identified by their names. For more information on each ETRACS ETN, see “List of ETNs”.

** “Current Yield (annualized)” equals the current quarterly Coupon Amount, multiplied by four (to annualize such coupon), divided by the closing Current Indicative Value of the ETN on its current Coupon Valuation Date rounded to two decimal places for ease of analysis. The Current Yield is not indicative of future coupon payments, if any, on the ETN. You are not guaranteed any coupon or distribution amount under the ETN.

*** “Current Yield (annualized)” equals the current monthly Coupon Amount and the two immediately preceding monthly Coupon Amounts, multiplied by four (to annualize such coupons), divided by the closing Current Indicative Value of the ETN on its current Coupon Valuation Date rounded to two decimal places for ease of analysis. The Current Yield is not indicative of future coupon payments, if any, on the ETN. You are not guaranteed any coupon or distribution amount under the ETN.

Note: HDLB, SMHB and PFFL pay a variable monthly coupon linked to 2 times the cash distributions, if any, on the respective underlying index constituents, less withholding taxes, if any. CEFD and MVRL pay a variable monthly coupon, and MLPR and BDCX pay a variable quarterly coupon, each linked to 1.5 times the cash distributions, if any, on the respective underlying index constituents, less withholding taxes, if any. Variations in the amount of monthly or quarterly distributions will lead to large variations in the Current Yield as calculated above. As such, the Current Yield is not indicative of future coupon payments, if any, on these ETNs.

About ETRACS

ETRACS ETNs are senior unsecured notes issued by UBS AG, are traded on NYSE Arca, and can be bought and sold through a broker or financial advisor. An investment in ETRACS ETNs is subject to a number of risks, including the risk of loss of some or all of the investor’s principal, and is subject to the creditworthiness of UBS AG. Investors are not guaranteed any coupon or distribution amount under the ETNs. We urge you to read the more detailed explanation of risks described under “Risk Factors” in the applicable prospectus supplement for the ETRACS ETN.

UBS AG has filed a registration statement (including a prospectus and supplements thereto) with the Securities and Exchange Commission, or SEC, for the offerings of securities to which this communication relates. Before you invest, you should read the prospectus, along with the applicable prospectus supplement to understand fully the terms of the securities and other considerations that are important in making a decision about investing in the ETRACS. The applicable offering document for each ETRACS may be obtained by clicking on the name of each ETRACS identified above. You may also get these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. The securities related to the offerings are not deposit liabilities and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency of the United States, Switzerland or any other jurisdiction.

About UBS

UBS convenes the global ecosystem for investing, where people and ideas are connected and opportunities brought to life, and provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, as well as to private clients in Switzerland. UBS offers investment solutions, products and impactful thought leadership, is the leading global wealth manager, provides large-scale and diversified asset management, focused investment banking capabilities, and personal and corporate banking services in Switzerland. The firm focuses on businesses that have a strong competitive position in their target markets, are capital efficient and have an attractive long-term structural growth or profitability outlook.

1 Individual investors should instruct their broker/advisor/custodian to call us or should call together with their broker/advisor/custodian.

UBS is present in all major financial centers worldwide. It has offices in more than 50 regions and locations, with about 30% of its employees working in the Americas, 30% in Switzerland, 19% in the rest of Europe, the Middle East and Africa and 21% in Asia Pacific. UBS Group AG employs more than 72,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).

This material is issued by UBS AG and/or any of its subsidiaries and/or any of its affiliates ("UBS"). Products and services mentioned in this material may not be available for residents of certain jurisdictions. Past performance is not necessarily indicative of future results. Please consult the restrictions relating to the product or service in question for further information. Activities with respect to US securities are conducted through UBS Securities LLC, a US broker/dealer. Member of SIPC (http://www.sipc.org/).

ETRACS ETNs are sold only in conjunction with the relevant offering materials. UBS has filed a registration statement (including a prospectus, as supplemented by the applicable prospectus supplement for the offering of the ETRACS ETNs) with the Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read these documents and any other documents that UBS has filed with the SEC for more complete information about UBS and the offering to which this communication relates. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, you can request the prospectus and the applicable prospectus supplement, by calling toll-free (+1-877-387 2275). In the US, securities underwriting, trading and brokerage activities and M&A advisor activities are provided by UBS Securities LLC, a registered broker/dealer that is a wholly owned subsidiary of UBS AG, a member of the New York Stock Exchange and other principal exchanges, and a member of SIPC. UBS Financial Services Inc. is a registered broker/dealer and affiliate of UBS Securities LLC.

The Dow Jones U.S. Select Dividend Index, and the S&P MLP Index (“Indexes”) are products of S&P Dow Jones Indices LLC and have been licensed for use by UBS AG. Copyright © 2020 S&P Dow Jones Indices LLC (“S&P DJI”), a division of S&P Global. All rights reserved. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“S&P”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). UBS’s ETRACS Exchange Traded Notes based on the Indexes are not sponsored, endorsed, marketed or sold by S&P DJI, S&P, Dow Jones, their affiliates or third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the Indexes.

The financial instrument is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trade mark or the Index Price at any time or in any other respect.

Alerian MLP Index, Alerian MLP Infrastructure Index, Alerian Midstream Energy Index, Alerian Midstream Energy Dividend Index, AMZ, AMZI, AMNA and AEDW are trademarks of Alerian and their use is granted under a license from Alerian.

The S-Network Composite Closed-End Fund Index is a service mark of S-Network Global Indexes, Inc. (“S-Network”) and its use is granted under a license from S-Network. S-Network does not guarantee the accuracy and/or completeness of the S-Network Composite Closed-End Fund Index or any data included therein, and S-Network shall have no liability for any errors, omissions, interruptions, or defects therein. S-Network makes no warranty, express or implied, representations or promises, as to results to be obtained by UBS AG, or any other person or entity from the use of the S-Network Composite Closed-End Fund Index or any data included therein. S-Network makes no express or implied warranties, representations or promises, regarding the originality, merchantability, suitability, non-infringement, or fitness for a particular purpose or use with respect to the S-Network Composite Closed-End Fund Index or any data included therein. Without limiting any of the foregoing, in no event shall S-Network have any liability for any direct, indirect, special, incidental, punitive, consequential, or other damages (including lost profits), even if notified of the possibility of such damages.

The ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN (“ETN”) is not sponsored, endorsed, sold or promoted by Market Vectors Index Solutions GmbH (“Licensor”) and Licensor makes no representation or warranty, express or implied, to the owners of the ETN or any member of the public regarding the advisability of investing in securities generally or in the ETN particularly or the ability of the Market Vectors® US Mortgage REITs Index to track the performance of the US mortgage REIT market. The ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN (“ETN”) is not sponsored, endorsed, sold or promoted by Market Vectors Index Solutions GmbH (“Licensor”) and Licensor makes no representation or warranty, express or implied, to the owners of the ETN or any member of the public regarding the advisability of investing in securities generally or in the ETN particularly or the ability of the Market Vectors® US Mortgage REITs Index to track the performance of the US mortgage REIT market.

The ETRACS MVIS Business Development Companies Index ETN and the ETRACS Quarterly Pay 1.5x Leveraged MVIS BDC Index ETN (“ETNs”) are not sponsored, endorsed, sold or promoted by Market Vectors Index Solutions GmbH (“Licensor”) and Licensor makes no representation or warranty, express or implied, to the owners of the ETNs or any member of the public regarding the advisability of investing in securities generally or in the ETNs particularly or the ability of the MVIS US Business Development Companies Index to track the performance of the US BDC market. The ETNs are not sponsored, endorsed, sold or promoted by Market Vectors Index Solutions GmbH (“Licensor”) and Licensor makes no representation or warranty, express or implied, to the owners of the ETNs or any member of the public regarding the advisability of investing in securities generally or in the ETNs particularly or the ability of the MVIS US Business Development Companies Index to track the performance of the US BDC market.

Source ICE Data Indices, LLC, is used with permission. “NYSE®” is a service/trade mark of ICE Data Indices, LLC or its affiliates and has been licensed, along with the NYSE® Pickens Core MidstreamTM Index (“Index”) for use by UBS AG in connection with ETRACS NYSE® Pickens Core MidstreamTM Index ETN (the “Product”). Neither UBS AG nor the Product, as applicable, is sponsored, endorsed, sold or promoted by ICE Data Indices, LLC, its affiliates or its Third Party Suppliers (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in the Product particularly, the Trust or the ability of the Index to track general market performance. Past performance of an Index is not an indicator of or a guarantee of future results.

ICE Data and its suppliers disclaim any and all warranties and representations, express and/or implied, including any warranties of merchantability or fitness for a particular purpose or use, including the indices, index data and any information included in, related to, or derived therefrom (“index data”). Ice data and its suppliers shall not be subject to any damages or liability with respect to the adequacy, accuracy, timeliness or completeness of the indices and the index data, which are provided on an “as is” basis and your use is at your own risk.

UBS specifically prohibits the redistribution or reproduction of this communication in whole or in part without the prior written permission of UBS and UBS accepts no liability whatsoever for the actions of third parties in this respect.

© UBS 2023. The key symbol, UBS and ETRACS are among the registered and unregistered trademarks of UBS. Other marks may be trademarks of their respective owners. All rights reserved.

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Institutional Investor contact1 +1-877-387 2275