Country specific disclaimers

Bahrain:

UBS AG is a Swiss bank not licensed, supervised or regulated in Bahrain by the Central Bank of Bahrain and does not undertake banking business activities in Bahrain.  Therefore, Clients have no protection under local banking and investment services laws and regulations.

Egypt:

Securities or other investment products are not being offered or sold by UBS to the public in Egypt and they have not been and will not be registered with the Egyptian Financial Supervisory Authority (EFSA).

Indonesia:

This communication and any offering material term sheet, research report, other product or service documentation or any other information (the "Material") sent with this communication was done so as a result of a request received by UBS from you and/or persons entitled to make the request on your behalf. Should you have received the Material erroneously, UBS asks that you kindly delete the e-mail and inform UBS immediately. The Material, where provided, was provided for your information only and is not to be further distributed without the consent of UBS. The Material may not have been approved, disapproved or endorsed by any financial or regulatory authority in your jurisdiction. UBS has not, by virtue of the Material, made available, issued any invitation to subscribe for or to purchase any investment (including securities or products or futures contracts). The Material is neither an offer nor a solicitation to enter into any transaction or contract (including future contracts) nor is it an offer to buy or to sell any securities or products. The relevant investments will be subject to restrictions and obligations on transfer as set forth in the Material, and by receiving the Material you undertake to comply fully with such restrictions and obligations. You should carefully study and ensure that you understand and exercise due care and discretion in considering your investment objective, risk appetite and personal circumstances against the risk of the investment. You are advised to seek independent professional advice in case of doubt.
 
Any and all advice provided on and/or trades executed by UBS pursuant to the Material will only have been provided upon your specific request or executed upon your specific instructions, as the case may be, and may be deemed as such by UBS and you.

Poland:

English version:
"UBS AG is a premier global financial services firm offering wealth management services to individual, corporate and institutional investors. UBS AG is established in Switzerland and operates under Swiss law and in over 50 countries and from all major financial centres. UBS AG is not licensed as a bank or as an investment firm under Polish legislation and is not allowed to provide banking and financial services in Poland".

Russia:

English version:
"This document and its distribution are for information purposes only and constitutes neither a public nor a private offering. Recommendations refer to investment products exclusively available through and provided by UBS AG in Switzerland or another UBS entity domiciled outside Russia. UBS employees travelling to Russia are neither authorized to conclude contracts nor to negotiate terms thereof while in Russia. Contracts only become binding on UBS once confirmed in Switzerland or in the location where the UBS entity is domiciled (offshore execution)."

Thailand:

At your specific request, this material has been provided to you. This offering of securities has not been approved by the Thai SEC, which has not verified the correctness or completeness of this offering document either on the issuing date of this offering document or later. This offering document has not passed any consideration by the Thai SEC. Investment in these securities involves risks investors should exercise due care and discretion in considering investment risk. The Investors should carefully study the investment risk and ensure that they have a good understanding of such risk. This is not an offer or sale to any person within Thailand.

Turkey:

No information in this document is provided for the purpose of offering, marketing and sale by any means of any capital market instruments and services in the Republic of Turkey. Therefore, this document may not be considered as an offer made or to be made to residents of the Republic of Turkey in the Republic of Turkey. UBS AG is not licensed by the Turkish Capital Market Board (the CMB) under the provisions of the Capital Market Law (Law No. 2499). Accordingly neither this document nor any other offering material related to the instruments/services may be utilized in connection with providing any capital market services to persons within the Republic of Turkey without the prior approval of the CMB. However, according to article 15 (d) (ii) of the Decree No. 32 there is no restriction on the purchase or sale of the instruments by residents of the Republic of Turkey.

Ukraine:

"UBS AG is a premier global financial services firm offering wealth management services to individual, corporate and institutional investors. UBS AG is established in Switzerland and operates under Swiss law and in over 50 countries and from all major financial centres. UBS AG is not licensed as a bank/financial institution under Ukrainian legislation and does not provide banking and financial services in Ukraine"."UBS has not made and will not make any offer of the mentioned products to the public in Ukraine. No action has been taken to authorize an offer of the mentioned products to the public in Ukraine and the distribution of this document shall not constitute financial services for the purposes of the Law of Ukraine "On Financial Services and State Regulation of Financial Services Markets" dated 12 July 2001. Any offer of the mentioned products shall not constitute circulation, distribution, placement, sale, purchase or other transfer of securities in the territory of Ukraine. Accordingly, nothing in this document or any other documents, information or communications related to the mentioned products shall be interpreted as containing any offer or invitation to, or solicitation of, any such circulation, distribution, placement, sale, purchase or other transfer of securities in the territory of Ukraine. This document is strictly for private use by its holder and may not be passed on to third parties or otherwise publicly distributed."

United Arab Emirates (UAE):

UBS is not licensed to provide banking services in the UAE by the Central Bank of the UAE nor is it licensed by the Emirates Securities and Commodities Authority. UBS AG Representative Offices in Abu Dhabi and Dubai are licensed by the Central Bank of the UAE to operate a representative office. UBS AG Dubai Branch is licensed by the DFSA in the DIFC.