Global Sales and Trading Disclaimer (FRC and Equities)

This material has been issued by UBS AG and/or any of its affiliates ("UBS" and "we", "us"). The securities, derivatives or other financial instruments described herein ("Instruments") may not be eligible for sale in all jurisdictions or to certain categories of investors. This material is for distribution only under such circumstances as may be permitted by applicable law, rules and/or regulations. All communications between you and us may be monitored. Please see further details as set out under "Country-specific information" below.

Provenance and purpose

This material has been prepared by sales or trading personnel and it is not a product of our Research Department and is not intended to recommend, suggest or inform an investment strategy. Opinions expressed may differ from the opinions expressed by our other divisions, including those of the Research Department.

Recipient to exercise own judgment

The information contained herein should not be regarded by recipients as a substitute for the exercise of their own judgment. It has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient and does not constitute the provision of investment advice. Prior to entering into a transaction you should consult with your own legal, regulatory, tax, financial and accounting advisers to the extent you deem necessary to make your own investment, hedging and trading decisions.

Not an offer to transact

This material has been prepared for informational purposes only and is not an offer to buy or sell or a solicitation of an offer to buy or sell any Instrument or to participate in any particular trading strategy. This material is not an official confirmation of terms.

Conflicts of Interest

This material may contain proprietary commentary produced in conjunction with our trading desks that trade as principal in the Instruments. This commentary may therefore not be independent from our proprietary interests or those of connected parties which may conflict with your interests. We may have accumulated or may acquire a long or short position in the subject Instrument, or derivative thereof, on the basis of this material prior to its dissemination.

We may trade as principal or otherwise act or have acted as market-maker and/or as an execution venue in the Instruments. Instruments may be highly illiquid which may adversely impact the price, spread and speed of execution of orders in those Instruments. Furthermore, we 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 companies associated with the Instruments.

We have policies and procedures designed to manage conflicts of interest. In order to control the flow of information contained in one or more areas within UBS, into other areas, units, groups or affiliates of UBS, we may rely on information barriers. Additional information can be found at "" and may be made available upon request.

Contents of Material

This material is prepared from information believed to be reliable, but we make no representations or warranties, express or implied, and owe no duties (including in negligence) as to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the Instruments, markets or developments referred to in the materials. The information contained in this material is as of the date hereof only and is subject to change without notice. We do not undertake any obligation to update this material. Any prices or quotations contained herein are indicative only and are not for valuation purposes. Past performance is not necessarily indicative of future results.

Statement of Risk

The Instruments are not suitable for all investors, and trading in these Instruments is considered risky and is appropriate only for sophisticated investors and in particular any target market identified herein. These Instruments may involve a high degree of risk and may be highly volatile in response to fluctuations in interest rates, foreign exchange rates and other market conditions. Some Instruments may be physically settled or cash settled.

No Liability

To the fullest extent permitted by law, neither we nor any of our directors, employees or agents is liable for any loss (including indirect, special or consequential losses or damages, and even if we have been advised of the possibility of loss) arising out of any person’s use of, or reliance upon, the information contained herein.

Securities Act

Any Instruments that have not been registered under the United States Securities Act of 1933 may not be offered or sold in the United States except pursuant to an exception from the registration requirements of the Securities Act and applicable state securities laws and in such circumstances as may be permitted by applicable law.

No redistribution or reproduction

We specifically prohibit the redistribution or reproduction of this material in whole or in part without our prior written permission and we accept no liability whatsoever for the actions of third parties in this respect. © UBS 2019. All rights reserved.

Country-specific information

Except as otherwise specified herein, these materials are distributed to professional clients only, and are not suitable for retail clients.