The use and access of these web pages, or any other linked web sites provided by UBS AG and/or any affiliate or branch of UBS AG ("UBS"), and any content herein, including posted documents ("Materials"), is subject to the following disclaimer and any other posted restrictions. The products 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, this material is communicated 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 contained herein 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. UBS research complies with all the PRA and FCA requirements and laws concerning disclosures and these are indicated on the research where applicable. 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 Autorité des Marchés Financiers (AMF).  Where an analyst of UBS Securities France S.A.  has contributed  to this material, the material is also deemed to have been prepared by UBS Securities France S.A. 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).  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).. Türkiye: Prepared by UBS Menkul Degerler AS on behalf of and distributed by UBS Limited. Russia: Prepared and distributed by UBS Securities CJSC. Switzerland: Distributed by UBS AG to persons who are institutional investors only. 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).   Where an analyst of UBS Italia Sim S.p.A.  has  contributed  to this material, the material is also deemed to have been prepared by UBS Italia Sim S.p.A... Israeli: UBS AG and its affiliates incorporated outside Israel are not licensed under the Investment Advice Law. This material is being issued only to and/or is directed only at persons who are Sophisticated Investors within the meaning of the Israeli Securities Law and this material must not be relied or acted upon by any other persons. Whilst UBS AG holds insurance for its activities, it does not hold the same insurance that would be required for an investment advisor or investment marketer under the relevant Investment Advice Law Regulations. South Africa: UBS South Africa (Pty) Limited (Registration No. 1995/011140/07) is a member of the JSE Limited, the South African Futures Exchange and the Bond Exchange of South Africa. UBS South Africa (Pty) Limited is an authorised Financial Services Provider. Details of its postal and physical address and a list of its directors are available on request or may be accessed at http:www.ubs.co.za. United States: Distributed by UBS Securities LLC (member NYSE, FINRA and SIPC) or UBS Financial Services Inc. (member FINRA and SIPC), both of which are subsidiaries of UBS AG.Canada: This material is distributed by UBS Securities Canada Inc., a registered investment dealer in Canada and a Member-Canadian Investor Protection Fund, or by another affiliate of UBS AG which is registered to conduct business in Canada or otherwise exempt from registration.Hong Kong: The materials relating to equities and other securities business, and related research, are being 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 being distributed in Hong Kong by UBS AG, Hong Kong Branch.   Singapore: Distributed by UBS Securities Pte. Ltd or UBS AG, Singapore Branch. Japan: This material is distributed in Japan by UBS Securities Japan Ltd, a registered securities company, or by UBS AG, Tokyo Branch, a licensed bank, in accordance with each entity's business scope.  For further details of our local services, please call your regular contact at UBS in Japan.   Australia: Distributed by UBS AG (Holder of Australian Financial Services License No. 231087) and/or UBS Securities Australia Ltd (Holder of Australian Financial Services License 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. New Zealand: Distributed by UBS New Zealand Ltd. An investment adviser and investment broker disclosure statement is available on request and free of charge by writing to PO Box 45, Auckland, NZ. Dubai: UBS AG Dubai Branch is regulated by the DFSA. This material is intended for Professional Clients only.

Some of the products and services referenced in these Materials may not be available for residents of certain jurisdictions. Please consult the restrictions relating to the product or service in question for further information.   Clients wishing to effect transactions should contact their local sales representative.  Broker-dealer activities in the United States are conducted through UBS Securities LLC and/or UBS Financial Services, Inc.

Options, derivative products and futures are not suitable for all investors, and trading in these products is considered risky. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any products mentioned in the Materials.

Nothing in the Materials constitutes investment advice and any recommendations that may be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. The Materials are published for information purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. The recipient should not construe the contents of this material as legal, tax, accounting, regulatory, or other specialist or technical advice or services or investment advice or a personal recommendation.  Unless specifically stated otherwise, all price information is indicative only. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the Materials, nor are they a complete statement of the securities, markets or developments referred to herein. The Materials should not be regarded by recipients as a substitute for the exercise of their own judgement. Any opinions are subject to change without notice and may differ or be contrary to opinions expressed by other divisions of UBS as a result of using different assumptions and criteria. UBS is not under any obligation to update or keep current the information contained herein.

UBS, its related entities, directors, employees and agents accepts no liability whatsoever for any loss or damage of any kind arising out of the use of all or part of these Materials. Certain laws and regulations impose liabilities which cannot be disclaimed. This disclaimer shall in no way constitute a waiver or limitation of any rights a person may have under such laws and/or regulations.

UBS, its directors, officers, employees or clients may have or have had interests or long or short positions in the securities and/or currencies referred to herein, and may at any time make purchases and/or sales in them as principal or agent. In addition, UBS may act or have acted as market-maker in financial products discussed herein. Furthermore, UBS may have or have had a relationship with or may provide or have provided investment banking, capital markets and/or other services to the relevant companies. Employees of UBS may serve or have served as officers or directors of the relevant companies. UBS may rely on information barriers to control the flow of information contained in one or more areas within UBS into other areas, units, divisions or affiliates of UBS.

© UBS 1998-2013 All rights reserved.