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).

UBS and the UBS AG Rep. Office in Egypt are not licensed as banks in Egypt.

Greece:

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 Switzerland and the UBS AG Representative Office in Greece are not licensed as a bank or financial institution under Greek legislation and do not provide banking and financial services in Greece. Consequently, UBS only provides such services from branches outside of Greece.

Indonesia:

At your specific request, this material has been provided to you. None of this document, offering material or termsheet (the "Material") has been or will be registered or filed under the securities law or with any securities regulatory authority of any jurisdiction. This Material is not an offer or sale and is for information only. The Material have not been approved or disapproved by the Indonesian Capital Market and Financial Institution Supervisory Agency (Badan Pengawas Pasar Modal dan Lembaga Keuangan - BAPEPAM-LK), and BAPEPAM-LK has not passed upon or endorsed the merits of this Material or the accuracy or the adequacy of this Material. The securities herewith will be subject to restrictions and obligations on transfer as set forth in this Material, and by receiving this Material you agree to comply fully with such restrictions and obligations. Investors should make their own investigations into the relevant terms in the Material and, in deciding whether to purchase the securities, investors should form their own views of the merits of such investment based upon such investigation and not in reliance solely upon any information given in this Material.

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)."

Saudi Arabia

Fee-based advisory and research activities (i.e. UBS advisory and research activities for exo accounts) for the following client types may be subject to Saudi Arabian withholding tax when conducted via remote means and/or during travel :

  1. Corporate entities including trusts and foundations domiciled in Saudi Arabia; and/or
  2. Individual Saudi Arabian clients that receive advisory services for the business activities they carry out as independent entrepreneurs rather than in their personal capacity.

UBS advises any clients who believe they fall under either of the above to obtain independent professional advice on this matter.

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 a financial institution licensed in the UAE by the Central Bank of UAE and does not undertake banking activities in the UAE nor is it licensed to do so. UBS AG Dubai Branch is licensed by the DFSA in DIFC.