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This website has been prepared by UBS AG, its subsidiary or affiliate ("UBS"). This website and the information contained herein are provided solely for information and UBS marketing purposes. It is not to be regarded as investment research, a sales prospectus, an offer or solicitation of an offer to enter in any investment activity. Please note that UBS retains the right to change the range of services, the products and the prices at any time without notice. All information contained herein, including without limitation benchmarks, asset classes, asset allocation and investment instruments, and opinions indicated are subject to change.

Some figures may refer to the past or simulated past performance and past performance is not a reliable indicator of future results. Some figures may be forecasts only and forecasts are not a reliable indicator of future performance. Some charts and/or performance figures may not be based on complete 12-month periods which may reduce their comparability and significance. If the currency of a financial product or financial service is different from the currency of your home country, the return may increase or decrease as a result of currency fluctuations. Fees may not be included and these will reduce future performance accordingly.

Products and services described in this website are generic in nature and do not consider specific investment objectives, financial situations or particular needs of any specific recipient. It should therefore not be regarded by recipients as a substitute for the exercise of their own judgment. All investments carry a certain degree of risk and the attention is hereby drawn to such risk (which can be substantial). The market in certain securities may be illiquid and therefore valuing the investment and identifying the risks may be difficult. Some investments may be subject to sudden and large falls in value and on disposition may pay back less than invested. You should consult your UBS client advisor on the nature of such investment and carefully consider whether such investment is appropriate for you.

Tax treatment depends on the individual circumstances and may be subject to change in the future. UBS does not provide legal or tax advice and makes no representations as to the tax treatment of assets or the investment returns thereon both in general or with reference to specific client's circumstances and needs. Clients should obtain independent legal and tax advice on the implications of the products/services in the respective jurisdiction and suitability of products and services before investing.

UBS, its directors, officers and 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. UBS may have or have had a relationship with or may provide or has provided investment banking, capital markets and/or other financial services to the relevant companies. This material is not intended for distribution into the US and / or to US persons or in jurisdictions where its distribution by us would be restricted. Certain services and products are subject to legal provisions and cannot be offered world-wide on an unrestricted basis. UBS prohibits the redistribution of this material in whole or in part without the written permission of UBS and UBS accepts no liability whatsoever for the actions of third parties in this respect. Neither UBS nor any of its directors, officers, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of this document. UBS makes no representation or warranty relating to any information herein which is derived from independent sources. Should you have any questions, please contact your UBS client advisor.

This website is produced by UBS Switzerland AG and approved for publication in the UK 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 included in this document are indicative only and subject to the credit approval process of UBS Switzerland AG, due diligence and documentation and do not therefore represent a commitment to lend on terms or structures outlined herein. UBS Switzerland AG or its associates may have long or short positions in one or more of the investments described herein.

UBS Switzerland AG 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 Switzerland AG 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 Switzerland AG. The document 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.

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