Country restrictions

Please read and take careful note of the following information and country specific restrictions applicable to your country of residence. These details apply in addition to the Important Legal Information on the Internet and any other conditions, if any, agreed between you and UBS; in the event of conflicting conditions, the country specific disclaimer prevails.

The details displayed on the Quotes websites are for your information only and are not intended and may not be construed as a recommendation, an offer, or a solicitation of an offer, to buy or sell any investment or other specific product. Although all information and opinions expressed in this document were obtained from sources that UBS believes to be reliable and in good faith, UBS makes no representation or warranty, express or implied, as to its accuracy or completeness. All information and opinions as well as any prices indicated are subject to change without notice. Certain products and services are subject to legal restrictions and not available in all jurisdictions worldwide on an unrestricted basis, please contact your client advisor in order to receive more information.

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

Any documents or materials made available using UBS Online Services have not been submitted for approval by, and no advertising or other offering materials have been filed with, the Belgian Financial Services and Markets Authority. These documents and any other information or materials relating thereto are for information purposes only and do not (intend to) constitute a public offering or involve an investment service in Belgium. Neither these documents nor any other information or materials relating thereto (a) may be distributed or made available to the public in Belgium, (b) may be used in relation to any investment service in Belgium (c) or may be used to publicly solicit, provide advice or information to or otherwise provoke requests from the public in Belgium in relation to the offering.

Any offering is made exclusively on a private basis in accordance with Belgian law and is addressed only to, and subscription will only be accepted from eligible investors in accordance with Belgian private placement rules.

Securities mentioned in this material have not been, and will not be, submitted for approval nor registered with the Securities and Exchange Commission of Brazil (CVM). Documents and information herein are not being used in connection with any offer for subscription or sale to the public in Brazil. Please note that transactions related to Brazilian Securities may be blocked.Any offering is made exclusively on a private basis in accordance with Belgian law and is addressed only to, and subscription will only be accepted from eligible investors in accordance with Belgian private placement rules.

Certain services and products offered by UBS are subject to legal restrictions and cannot be offered in Canada on an unrestricted basis and/or may not be available to all Canada clients. Please contact your adviser for additional information.

Derivatives are not for sale to French residents.

In the event that the sales prospectus required by German law (§ 1 Securities Prospectus Act (Wertpapierprospektgesetz), § 8 et seq. Securities Sales Prospectus Act (Wertpapier Verkaufsprospektgesetz) ) or, in the case of investment funds, the summarized or detailed sales prospectuses ( § 42 Investment Act (Investmentgesetz)) or any other documents that must be made available to the public by German law cannot be accessed via this website, UBS asks that you raise the matter with your client advisor, who will be happy to provide you with the requisite documents free of charge.

With regard to the tax treatment of investment funds, in particular regarding issues of so-called fiscal transparency within the meaning of § 5 of the Investment Tax Act (Investmentsteuergesetz), taxpayers in Germany are advised to consult their tax advisors before purchasing investment fund units.

This information is also distributed to clients of UBS AG Hong Kong Branch by UBS AG Hong Kong Branch, a licensed bank under the Hong Kong Banking Ordinance and a registered institution under the Securities and Futures Ordinance.

The information provided on the website is for the purpose of availability of information only.

In spite of the efforts made in ensuring the accuracy of data and information, UBS recognises that unintentional and chance errors and delays occur.

UBS will not be responsible for any loss resulting from the investment made by using the data and information provided on its website.

Nothing on this website is intended to constitute an offer or solicitation to buy or sell investments of any description in any jurisdiction. Neither UBS nor any member of UBS Group makes any representation that the information or materials on this website are appropriate for use in all locations, or that any Investments or services which are referred to on this website are available in all jurisdictions, to everyone. In accessing this website, you are responsible for compliance with local laws or regulations. Furthermore, you are solely responsible for obtaining legal, tax and financial advice before entering into any transaction with any person/entity whatsoever, etc.

The content on this website and this material of publication is not intended and not prepared for purposes of a public offer to buy investments under the Indonesian Capital Market Law and its implementing regulations. Securities mentioned in this material have not been, and will not be, registered under the Indonesian Capital Market Law and regulations.

The information on this website is for information purposes only and does not constitute an offer, the solicitation of an offer or an advertisement to buy or sell financial instruments or any other form of investment. Although all the information and opinions expressed on the website have been obtained from reliable sources and in good faith, UBS does not make any implicit or explicit guarantee as to the accuracy or completeness of the information. All the information and opinions provided are subject to change without notice.

Some investments may not be redeemed immediately due to the lack of liquidity in the market for said investments; therefore, it may be difficult to place a value on the investments as well as identify the risk to which the investor is exposed. Some investments may be subject to sudden and sharp drops in value and, at the time the investments are redeemed, the investor may receive less than the amount of the original investment or may be subject to a higher payment. Fluctuations in exchange rates can have a negative effect on the price, value and/or return of the investment.

UBS Quotes and the information contained are not intended for investors resident in Japan.

The information provided is of a general nature and is not geared to the respective client's individual financial and/or tax situation, his/her specific knowledge and experience with regard to financial products, or his/her investment horizon and objectives. UBS therefore recommends that clients obtain specialist and tax-related advice before making investment decisions. Any investment decisions are made solely by the client and are his/her exclusive responsibility.

Because investments are by their very nature subject to risks, UBS urgently advises its clients before investing in a product to carefully read the sales prospectus about the product and included services, if any.

Please note that returns on a product achieved in the past are no guarantee of future performance. The value of investments is also subject to considerable fluctuations and can result in significant or even complete loss of the capital invested.

You undertake that, if you are a non-certified client located in New Zealand, you will not under any circumstances access any research which UBS Switzerland AG (“UBS”) makes available through its online services. If in breach of this undertaking you nevertheless access such research, you hereby

(i) acknowledge that you may not rely on such research and that any recommendations or opinions in such research are not made or provided to you and

(ii) to the maximum extent permitted by law

(a) indemnify UBS and its associates or related entities (and their respective directors, officers, agents and advisers) (“Relevant Person”) for any loss, damage, liability or claim any of them may incur or suffer as a result of, or in connection with, your breach of this undertaking and
(b) waive any rights or remedies you may have against any Relevant Person for (or in respect of) any loss, damage, liability or claim you may incur or suffer as a result of, or in connection with, any reliance by you on research accessed by you in breach of this undertaking.”

UBS AG and its branches and subsidiaries (UBS) are not licensed, supervised or regulated in Nigeria by the Central Bank of Nigeria (CBN) or the Nigerian Securities and Exchange Commission (SEC) and do not undertake banking or investment business activities in Nigeria. UBS (Nigeria) Representative Office Limited in Lagos is licensed by the Central Bank of Nigeria (CBN) to operate as a representative office of UBS.

UBS is a premier global financial services firm offering wealth management services to individual, corporate and institutional investors. UBS is established in Switzerland and operates under Swiss law and in over 50 countries and from all major financial centres. UBS Switzerland 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.

By accessing the information on this website in Singapore, you confirm that you are an accredited investor as defined under Singapore law and have requested for such access.

Persons accessing these pages are required to inform themselves about and observe any relevant restrictions. Persons in respect of whom such prohibitions apply must not access the services UBS e-banking and/or UBS Quotes.

No information provided via UBS e-banking constitutes a solicitation, offer, financial advice, or recommendation to buy or sell any investment instruments, to effect any transactions, or to conclude any legal act of any kind whatsoever. The information contained in these pages is not intended to provide professional advice and should not be relied upon in that regard.

The information appearing on this site, including the products and services described on this site, has not been prepared in accordance with or to satisfy Spanish law. It is not directed at people in any specific jurisdiction. As a consequence, UBS e-banking services are not intended to be offered to any person in a jurisdiction where its publication or availability is prohibited by reason of that person's nationality, residence, citizenship or otherwise.

Persons who use UBS e-banking are not covered by the rules and regulations made for the protection of investors in their respective countries.

Please be aware that past performance is no guarantee of future performance and that the value of investments may fluctuate.

You bear the sole responsibility for the investment decision. Accordingly, UBS bears no responsibility with respect to investment products, their properties and processing. You acknowledge that UBS bears no responsibility in particular with respect to a) the return that may be earned with the investment; b) the application of sales restrictions or the redemption fees charged by the fund management company. You also acknowledge that UBS offers no guarantee; c) with respect to the quality of transaction processing and any delays in confirmation and/or d) with respect to errors in the valuation of an investment product and to any product's lack of liquidity following the signing of an agreement.

UBS draws your attention especially to the heightened risks inherent in the acquisition of Hedge Funds and Warrants (alternative investments and high-risk investments) and recommends that, before subscribing to such products, you request a description of its terms and conditions along with a detailed explanation of the associated risks.

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. The UBS AG Representative Office in Abu Dhabi is 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.

UBS is a premier global financial services firm offering wealth management services to individual, corporate and institutional investors. UBS is established in Switzerland and operates under Swiss law and in over 50 countries and from all major financial centres. UBS Switzerland AG is not licensed as a bank/financial institution under Ukrainian legislation and does not provide banking and financial services in Ukraine.

This information has been prepared by UBS AG, its subsidiaries or affiliates ("UBS") is issued by UBS AG. UBS AG is authorised and regulated by the Financial Market Supervisory Authority in Switzerland. In the United Kingdom, UBS AG is authorised by the Prudential Regulation Authority and is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request.

Where products or services are provided from outside the UK, they will not be covered by the UK regulatory regime or the Financial Services Compensation Scheme. In accordance with regulatory requirements, we must point out that with regard to any investments mentioned, the value of an investment and the income from it can fall as well as rise (as a result of market and currency fluctuations) and you may not get back the amount originally invested. Changes in FX rates may have an adverse effect on the price, value or income of an investment. Values may fall as well as rise. Past performance is not a reliable indicator of future results. Tax information is provided based upon our understanding of current tax legislation and applicable rates. These may change in the future and they may not apply to your individual circumstances. UBS does not give tax advice and you should consult your independent tax adviser for specific advice before entering into or refraining from entering into any investment. In the United Kingdom, alternative investment funds that have not been authorised or approved by the regulator are classified as unregulated collective investment schemes. Such funds have their own specific risks and marketing them to Private Clients is prohibited unless an exemption applies. Any financing proposals are indicative only and subject to the credit approval process of UBS, due diligence and documentation and do not therefore represent a commitment to lend on terms or structures outlined herein. UBS may have long or short positions in one or more of the investments described herein. UBS provides restricted advice on retail investment products which is based on the products issued by a limited number of companies which we have carefully selected and assessed as suitable for our clients' needs. UBS may also provide restricted advice in respect of packaged products such as life contracts, pensions and regulated collective investment schemes. For structured products, neither the principal amount nor any return due through the form of a coupon, based on the performance of the Underlying Indices is assured in the event of early redemption by the investor. Investors should take note of any additional restrictions imposed on the certificate holders during the life of the security as detailed in the term sheet. Where an attachment is a third party document, please be aware that it has been drafted without any input from UBS. The information is intended for the sole purpose of information and is not intended as an offer, or a solicitation of an offer to make any investment. Although all information expressed was obtained from sources believed to be reliable and in good faith, no representation or warranty, express or implied, is made as to its accuracy or completeness.

15 June 2015

Non-US UBS entities are not an SEC-registered broker-dealers or investment advisers in the United States. As such, the material presented is not directed at, or intended for distribution to or use by, any person or entity who is a US citizen or resident located or incorporated in the United States or otherwise deemed a US Person under applicable law. The services, securities, and financial instruments presented may not be available and/or are not offered in the United States and accordingly, the rules for the protection of private customers that apply in the United States will not apply in relation to such products and services.