This is a structured product which involves derivatives. Do not invest in it unless you fully understand and are willing to assume the risks associated with it. If you are in any doubt about the risks involved in the product, you may clarify with the intermediary or seek independent professional advice.
 
The write-up is only a summary and may not contain all of the information that may be important to you. Please refer to the attached product brochure and client presentation which contain further information and important disclosures & risk factors before making any investment decision.

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The contents of this document have not been reviewed by any regulatory authority in Hong Kong or Singapore. This advertisement has not been reviewed by the Monetary Authority of Singapore. This advertisement has not been reviewed by the Securities and Futures Commission of Hong Kong. Investors are advised to exercise caution in relation to any offer. If an Investor is in any doubt about any of the contents of this document, the Investor should obtain independent professional advice.

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Any credit rating of the Issuer or the Counterparty stated in the Documentation reflects the independent opinion of the referenced rating agency as to the creditworthiness of the rated entity but is not a guarantee of credit quality of the Issuer or the Counterparty. Any downgrading of the credit ratings of the Issuer or Counterparty or their respective affiliates, by any rating agency could result in a reduction in the value of the product.

Structured transactions are complex and may involve a high risk of loss. Prior to entering into a transaction you should consult with your own independent legal, regulatory, tax, financial and accounting advisors to the extent you consider it necessary, and make your own investment, hedging and trading decisions (including decisions regarding the suitability of this transaction) based upon your own judgment and advice from those advisers you consider necessary. Save as otherwise expressly agreed, UBS is not acting as your financial adviser or fiduciary in any transaction.

This document is for information purposes only and has no regard to the specific investment objectives, financial situations or particular needs of any specific recipient. Any charts and scenarios set out in this document are for illustrative purposes only. No representation or warranty, either express or implied is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the developments referred to in this document.

The analysis contained herein is based on numerous assumptions. Different assumptions could result in materially different results. The information and any opinions expressed in this document are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of UBS as a result of using different assumptions and criteria. UBS is under no obligation to update or keep current the information contained in this document.

This document does not constitute and should not be construed as an offer, recommendation or solicitation to conclude a transaction nor should it be treated as giving investment advice. The terms of the transaction will be exclusively subject to the detailed provisions, including any risk considerations, contained in the Documentation. Any investment or any other decisions should not be made based solely on this material. Neither UBS AG nor any of its affiliates, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of this material.

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