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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. 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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. 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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. 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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.

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