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SALES AND TRADING DISCLAIMER

When distributed to UBS Wealth Management Australia clients, distributed by UBS Wealth Management Australia Limited ABN 50 005 311 937 (Holder of Australian Financial Services License No.231127) which is a subsidiary of UBS AG; otherwise, distributed by UBS AG (Holder of Australian Financial Services License No. 231087) and/or Affiliates including UBS Securities Australia Ltd (Holder of Australian Financial Services License No. 231098) ("collectively "UBS").

The information in this document ("Information") is general information and general advice only and does not constitute personal financial product advice. The Information has been prepared without taking into account any investor’s objectives, financial situation or needs, and investors should, before acting on the Information, consider the appropriateness of the Information, having regard to their objectives, financial situation and needs. If the Information contained in this document relates to the acquisition, or potential acquisition of a particular financial product by a 'Retail' client as defined by section 761G of the Corporations Act 2001 where a Product Disclosure Statement would be required, the retail client should obtain and consider the Product Disclosure Statement relating to the product before making any decision about whether to acquire the product.

The Information is a product of a sales/trading desk and not the Research Dept. Opinions expressed may differ from those of other business areas or divisions of UBS, including UBS Research Department. UBS may trade as principal in instruments identified herein and may have or acquire a position in instruments or derivatives thereof. UBS has policies designed to manage conflicts of interest. This communication is not an official confirmation of terms and unless stated, is not a personal recommendation, offer or solicitation to buy or sell. Any prices or quotations contained herein are indicative only and not for valuation purposes. UBS makes no representations or warranties, express or implied, and owes no duties (including in negligence) with respect to the Information.

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Nothing in this document constitutes a representation that any investment strategy or recommendation is suitable or appropriate to an investor's individual circumstances or otherwise constitutes a personal recommendation. Investments involve risks, and investors should exercise prudence and their own judgement in making their investment decisions. The financial instruments described in the document may not be eligible for sale in all jurisdictions or to certain categories of investors. Options, derivative products and futures are not suitable for all investors, and trading in these instruments is considered risky. Mortgage and asset-backed securities may involve a high degree of risk and may be highly volatile in response to fluctuations in interest rates or other market conditions. Foreign currency rates of exchange may adversely affect the value, price or income of any security or related instrument referred to in the document. For investment advice, trade execution or other enquiries, clients should contact their local sales representative. The value of any investment or income may go down as well as up, and investors may not get back the full amount invested. Past performance is not necessarily a guide to future performance. Neither UBS nor any of its directors, employees or agents accepts any liability for any loss (including investment loss) or damage arising out of the use of all or any of the Information.

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