The use and access of these web pages, or any other linked web sites provided by UBS AG and/or any subsidiary, affiliate or branch thereof (together, "UBS"), and any content herein, including posted documents, ("Materials") is subject to the following disclaimer and any other posted restrictions. The products and/or services described herein may not be eligible for sale in all jurisdictions or to certain categories of investors.
Except as otherwise specified herein, these Materials are distributed by UBS AG.
United Kingdom and the rest of Europe Except as otherwise specified herein, these materials are distributed by UBS Limited, a subsidiary of UBS AG, to persons who are eligible counterparties or professional clients (as detailed in the PRA and FCA Rules) and is only available to such persons. The Information does not apply to, and should not be relied upon by, retail clients. UBS Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. France: Prepared by UBS Limited and distributed by UBS Limited and UBS Securities France S.A. UBS Securities France S.A. is regulated by the ACPR (Autorité de Contrôle Prudentiel et de Résolution) and the Autorité des Marchés Financiers (AMF). Where an analyst of UBS Securities France S.A. has contributed to this document, the document is also deemed to have been prepared by UBS Securities France S.A. Where an analyst of UBS Securities France S.A. has contributed to these materials, the materials are also deemed to have been prepared by UBS Securities France S.A.. Spain Prepared by UBS Limited and distributed by UBS Limited and UBS Securities España SV, SA. UBS Securities España SV, SA is regulated by the Comisión Nacional del Mercado de Valores (CNMV). Italy Prepared by UBS Limited and distributed by UBS Limited and UBS Italia Sim S.p.A. UBS Italia Sim S.p.A. is regulated by the Bank of Italy and by the Commissione Nazionale per le Società e la Borsa (CONSOB). Germany Prepared by UBS Limited and distributed by UBS Limited and UBS Deutschland AG. UBS Deutschland AG is regulated by the Bundesanstalt fur Finanzdienstleistungsaufsicht (BaFin). Poland: This material is distributed by UBS Limited (spolka z ograniczona odpowiedzialnoscia) Oddzial w Polsce regulated by the Polish Financial Supervision Authority only to institutional investors in Poland. The information contained herein does not apply to, and should not be relied upon by retail clients. Turkey Prepared by UBS Menkul Degerler AS on behalf of and distributed by UBS Limited. Russia; Prepared and distributed by UBS Bank (OOO). South Africa UBS South Africa (Pty) Limited (Registration No. 1995/011140/07) is an authorised user of the JSE and an authorised Financial Services Provider (FSP 7328). Switzerland These materials are intended for distribution in Switzerland by UBS AG to qualified investors pursuant to Art.10 of the Swiss Federal Act on Collective Investment Schemes (CISA) as e.g. institutional investors only. United States These materials are distributed by UBS Securities LLC (member NYSE, FINRA and SIPC) or by UBS Financial Services Inc. (member FINRA and SIPC), both of which are subsidiaries of UBS AG, or solely to US institutional investors by UBS AG or by a subsidiary or affiliate thereof that is not registered as a US broker-dealer (a “non-US affiliate”). Transactions resulting from materials distributed by a non-US affiliate must be effected through UBS Securities LLC or UBS Financial Services Inc. Canada These materials are distributed by UBS Securities Canada Inc., a registered investment dealer in Canada and a Member of the Canadian stock exchanges & Canadian Investor Protection Fund, or by another affiliate of UBS AG which is registered to conduct business in Canada or otherwise exempt from registration. Japan; These materials are distributed in Japan by UBS Securities Japan Co., Ltd., a registered financial instruments business operator, or by UBS AG Tokyo Branch, a licensed bank. For further details of our local services, please call your regular contact at UBS in Japan. Hong Kong The materials relating to equities and other securities business and related research, are distributed in Hong Kong by UBS Securities Asia Limited. The material relating to corporate finance, foreign exchange, fixed income products and other banking business and related research are distributed in Hong Kong by UBS AG Hong Kong Branch. Singapore These materials are distributed in Singapore by UBS Securities Pte. Ltd or UBS AG Singapore Branch. Asian jurisdictions (excluding HK, Singapore & Japan): This material is not to be construed as a solicitation or an offer to buy or sell any securities, related financial instruments or services. Please also note that the products have not be intended for marketing to the public. Malaysia These materials are authorized to be distributed in Malaysia by UBS Securities Malaysia Sdn. Bhd (253825-x). Australia These materials are distributed by UBS AG (Holder of Australian Financial Services Licence No. 231087) and/or UBS Securities Australia Ltd (Holder of Australian Financial Services Licence No. 231098) to persons who satisfy the definition of wholesale investor for the purposes of the Corporations Act 2001 (Cth) and not intended for distribution to any retail clients. UBS AG Australia Branch is a foreign Authorised Deposit-taking Institution ("foreign ADI") under the Banking Act 1959 (Cth) and is supervised by the Australian Prudential Regulation Authority. However, it is important for recipients to note that should a deposit be made with UBS AG Australia Branch in connection with the services UBS provides, that deposit will not be covered by the provisions in the Banking Act 1959 (Cth) for the protection of depositors, as these provisions do not apply to foreign ADIs including UBS AG Australia Branch. For example, depositors with foreign ADIs do not receive the benefit of the following protections: (i) Deposits are not covered by the financial claims scheme and are not guaranteed by the Australian Government; (ii) Deposits do not receive priority ahead of amounts owed to other creditors. This means that if a foreign ADI was unable to meet its obligations or suspends payment, its depositors in Australia would not receive priority for repayment of their deposits from the foreign ADI's assets in Australia; (iii) A foreign ADI is not required to hold assets in Australia to cover its deposit liabilities in Australia. This means that if the foreign ADI was unable to meet its obligations or suspends payment it is uncertain whether depositors would be able to access the full amount of their deposit. UBS Securities Australia Ltd is a subsidiary of UBS AG. However, it is not an authorised deposit-taking institution under the Banking Act 1959 (Cth). The obligations of UBS Securities Australia Ltd do not represent deposits or other liabilities of UBS AG, and UBS AG does not stand behind, support or guarantee UBS Securities Australia Ltd in any way. The materials are distributed in Australia by UBS AG - ABN 47 088 129 613 and AFSL number 231087. UBS AG, Australia Branch is a foreign Authorised Deposit-Taking Institution under the Banking Act 1959 (Cth) and is supervised by the Australian Prudential Regulation Authority. Note that provisions in the Banking Act 1959 for the protection of depositors do not apply to foreign ADIs, including UBS AG, Australia Branch. New Zealand These materials are distributed in New Zealand by UBS New Zealand Ltd. The information and recommendations in these materials are provided for general information purposes only. To the extent that any such information or recommendations constitute financial advice, they do not take into account any person’s particular financial situation or goals. We recommend that recipients seek advice specific to their circumstances from their financial adviser. The materials are distributed in New Zealand by UBS New Zealand Limited. UBS New Zealand Limited is not a registered bank in New Zealand. Korea Distributed in Korea by UBS Securities Pte. Ltd., Seoul Branch. This document may have been edited or contributed to from time to time by affiliates of UBS Securities Pte. Ltd., Seoul Branch. India Prepared by UBS Securities India Private Ltd. (Corporate Identity Number U67120MH1996PTC097299) 2/F, 2 North Avenue, Maker Maxity, Bandra Kurla Complex, Bandra (East), Mumbai (India) 400051. Phone: +912261556000 SEBI Registration Numbers: NSE (Capital Market Segment): INB230951431, NSE (F&O Segment) INF230951431, BSE (Capital Market Segment) INB010951437. Dubai ; These materials are distributed by UBS AG Dubai Branch (regulated by the DFSA) and are intended for Professional Clients only and are not for further distribution within the United Arab Emirates. Saudi Arabia These materials have been issued by UBS AG (and/or any of its subsidiaries, branches or affiliates), a public company limited by shares, incorporated in Switzerland with its registered offices at Aeschenvorstadt 1, CH-4051 Basel and Bahnhofstrasse 45, CH-8001 Zurich. This publication has been approved by UBS Saudi Arabia (a subsidiary of UBS AG), a Saudi closed joint stock company incorporated in the Kingdom of Saudi Arabia under commercial register number 1010257812 having its registered office at Tatweer Towers, P.O. Box 75724, Riyadh 11588, Kingdom of Saudi Arabia. UBS Saudi Arabia is authorized and regulated by the Capital Market Authority to conduct securities business under license number 08113-37. Brazil Except as otherwise specified herein, this material is prepared by UBS Brasil CCTVM S.A. to persons who are eligible investors residing in Brazil, which are considered to be: (i) financial institutions, (ii) insurance firms and investment capital companies, (iii) supplementary pension entities, (iv) entities that hold financial investments higher than R$300,000.00 and that confirm the status of qualified investors in written, (v) investment funds, (vi) securities portfolio managers and securities consultants duly authorized by Comissão de Valores Mobiliários (CVM), regarding their own investments, and (vii) social security systems created by the Federal Government, States, and Municipalities. Israel UBS AG and its affiliates incorporated outside Israel are not licensed under the Investment Advice Law. These materials are being issued only to and/or are directed only at persons who are Sophisticated Investors within the meaning of the Israeli Securities Law and these materials must not be relied or acted upon by any other persons.
These Materials are for distribution only under such circumstances as may be permitted by applicable law. They have not been prepared with regard to the specific investment objectives, financial situation or particular needs of any specific recipient. They are published solely for informational purposes and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments or to participate in any particular trading strategy. Options, derivative products and futures are not suitable for all investors, and trading in these instruments is considered risky. The recipient should not construe the contents of these Materials as legal, tax, accounting, regulatory, or other specialist or technical advice or services or investment advice or a personal recommendation. Foreign currency rates of exchange may adversely affect the value, price or income of any security or related instrument mentioned in these Materials. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein except with respect to information concerning UBS, nor are they intended to be a complete statement or summary of the securities markets or developments referred to herein. These Materials should not be regarded by recipients as a substitute for the exercise of their own judgment. Any opinions expressed in these Materials are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of UBS as a result of using different assumptions and criteria. UBS is under no obligation to update or keep current the information contained herein, and past performance is not necessarily indicative of future results. UBS, its directors, officers, employees or clients may have or have had interest or long or short positions in the securities or other financial instruments referred to herein and may at any time make purchases and/or sales in them as principal or agent. UBS may act or have acted as market-maker in the securities or other financial instruments discussed in these Materials. Furthermore, UBS may have or have had a relationship with or may provide or have provided investment banking, capital markets and/or other financial services to the relevant companies. Neither UBS nor any of UBS’s directors, officers, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of these Materials or reliance upon any information contained herein. Additional information may be made available upon request. Clients wishing to effect transactions should contact their local sales representative.
By accepting below, I also confirm that I am not a US person
or a resident of the United States.