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United Kingdom and rest of European Economic Area: These Materials are distributed to customers in the United Kingdom and the rest of EuropeExcept 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 authorized 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 ACP (Autorité de Contrôle Prudentiel) and the Autorité des Marchés Financiers (AMF). 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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. Malaysia These Materials are authorized to be distributed in Malaysia by UBS Securities Malaysia Sdn. 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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.  Dubai These Materials are distributed by UBS AG Dubai Branch (regulated by the DFSA) and are intended for Professional Clients only and are not for further distribution within the United Arab Emirates. Saudi Arabia These Materials have been issued by UBS AG (and/or any of its subsidiaries, branches or affiliates), a public company limited by shares, incorporated in Switzerland with its registered offices at Aeschenvorstadt 1, CH-4051 Basel and Bahnhofstrasse 45, CH-8001 Zurich. 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This document may have been edited or contributed to from time to time by affiliates of UBS Securities Pte. Ltd., Seoul Branch. IndiaPrepared 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. IsraelUBS AG and its affiliates incorporated outside Israel are not licensed under the Investment Advice Law. These Materials are being issued only to and/or is 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.


These Materials are for distribution only under such circumstances as may be permitted by applicable law. They have not been prepared with regard to the specific investment objectives, financial situation or particular needs of any specific recipient. They are published solely for informational purposes and are not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments or to participate in any particular trading strategy. Options, derivative products and futures are not suitable for all investors, and trading in these instruments is considered risky. The recipient should not construe the contents of these Materials as legal, tax, accounting, regulatory, or other specialist or technical advice or services or investment advice or a personal recommendationForeign currency rates of exchange may adversely affect the value, price or income of any security or related instrument mentioned in these Materials. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein except with respect to information concerning UBS, nor are they intended to be a complete statement or summary of the securities markets or developments referred to herein. These Materials should not be regarded by recipients as a substitute for the exercise of their own judgment. Any opinions expressed in these Materials 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 herein, and past performance is not necessarily indicative of future results. UBS, its directors, officers, 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 discussed in these Materials. Furthermore, UBS 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 relevant companies. Neither UBS nor any of UBS’s directors, officers, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of these Materials or reliance upon any information contained herein.  Additional information may be made available upon request. Clients wishing to effect transactions should contact their local sales representative.