The use and access of these wap pages, or any other linked wap sites provided by UBS AG and/or any affiliate or branch of UBS AG ("UBS"), and any content in this wap-site, including posted documents, ("Materials") is subject to the following terms of use and any other posted restrictions, which you are deemed to have accepted by using these wap pages. The products described herein may not be eligible for sale in all jurisdictions or to certain categories of investors.

Basis of Provision of the Materials

Except as otherwise specified herein, the Materials are distributed by UBS AG. United Kingdom and rest of Europe: The Materials are distributed by UBS Limited, a subsidiary of UBS AG, Company Number 2035362, of 1 Finsbury Avenue, London, EC2M 2PP, United Kingdom, VAT Number (GB)447151456. UBS Limited is authorised as a bank and for the conduct of investment business in the United Kingdom by the Financial Services Authority, registration number 124343. Switzerland: The Materials are distributed in Switzerland by UBS AG, to persons who are institutional investors only. United States: The Materials are distributed to US persons by UBS Securities LLC or by UBS Financial Services Inc., both subsidiaries of UBS AG, or by another division, subsidiary or affiliate of UBS AG to major US institutional investors only. UBS Securities LLC or UBS Financial Services Inc. accepts responsibility for the content of Materials prepared by another division, group, subsidiary or affiliate of UBS AG when distributed by UBS Securities LLC or UBS Financial Services Inc. to US persons. All transactions by a US person in the securities mentioned in the Materials must be effected through UBS Securities LLC or UBS Financial Services Inc. Canada: The Materials are distributed in Canada by UBS Securities Canada Inc., a subsidiary of UBS AG and a member of the principal Canadian stock exchanges & CIPF. Italy: Should persons receiving the Materials in Italy require additional information or wish to effect transactions in the relevant securities, they should contact Giubergia UBS SIM SpA, an associate of UBS AG, in Milan. Hong Kong: The Materials relating to equities and other securities business, and related research, are being distributed in Hong Kong by UBS Securities Asia Limited. The Materials relating to corporate finance, foreign exchange, fixed income products and other banking business, and related research, are being distributed in Hong Kong by UBS AG, Hong Kong Branch. Singapore: The Materials are distributed in Singapore by UBS Securities Singapore Pte. Ltd. or UBS AG, Singapore Branch. Japan: The Materials relating to equities, fixed income products, corporate finance and other securities business, and related research, are distributed in Japan by UBS Securities Japan Ltd. The Materials relating to foreign exchange and other banking business, and related research, are distributed in Japan by UBS AG, Tokyo Branch. Australia: The Materials are distributed in Australia by UBS AG (Holder of Australian Financial Services Licence No. 231087) and UBS Securities Australia Ltd (Holder of Australian Financial Services Licence No. 231098). New Zealand: The Materials are distributed in New Zealand by UBS New Zealand Ltd.

The Materials available in this wap-site have no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. The Materials are published for information purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Unless specifically stated otherwise, all price information is indicative only. The Materials are provided on an "as is" basis and no representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the Materials, nor are they a complete statement of the securities, markets or developments referred to herein. The Materials should not be regarded by recipients as a substitute for the exercise of their own judgement. Any opinions 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 not under any obligation to update or keep current the information contained herein.

UBS, its related entities, directors, employees and agents accepts no liability whatsoever for any loss or damage of any kind arising out of the use of all or part of these Materials. Certain laws and regulations impose liabilities which cannot be disclaimed. This exclusion of liability and disclaimer shall in no way constitute a waiver or limitation of any rights a person may have under such laws and/or regulations. UBS, its directors, officers, employees or clients may have or have had interests or long or short positions in the securities and/or currencies referred to herein, and may at any time make purchases and/or sales in them as principal or agent. In addition, UBS may act or have acted as market-maker in financial products discussed or referred to in this wap-site. Furthermore, UBS may have or have had a relationship with or may provide or have provided investment banking, capital markets and/or other services to the relevant companies. Employees of UBS may serve or have served as officers or directors of the relevant companies. UBS may rely on information barriers, such as "Chinese Walls," to control the flow of information contained in one or more areas within UBS into other areas, units, groups or affiliates of UBS.

The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. Options, derivative products and futures are not suitable for all investors, and trading in these products is considered risky. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any products mentioned in the Materials. Clients wishing to effect transactions should contact their local sales representative.

Indicative Valuations

In addition to the foregoing, the following provisions apply where UBS provides an indicative valuation to any Client.

Any indicative valuation is provided to Client by UBS for information purposes only and at Client's request. An indicative valuation may also include transactions that Client has entered into with other entities within the UBS business group. Indicative valuations are provided without charge and are not intended to be used by, and should not be relied upon in any way by, Client or any third party. UBS has no obligation to provide indicative valuations to Client and may cease doing so at any time in UBS's sole discretion.

Indicative valuations represent UBS' good faith estimate of the value of the subject transactions as at the date indicated and are subject to change without notice. UBS makes no representation or warranty with respect to the accuracy or reliability of any indicative valuations.

Indicative valuations are calculated using UBS' standard methodology for estimating the value of transactions of that kind. That methodology forms a step in the process of setting UBS's books and records valuations and relies on models, empirical data and assumptions. UBS makes no representation or warranty as to the accuracy, reliability, completeness or appropriateness of UBS' methodology, models or of the underlying data and assumptions. Use of different methods, models, data and/or assumptions may yield substantially different results. Indicative valuations do not necessarily reflect UBS' internal books and records or its theoretical valuation models and may not reflect reserves and other adjustments made to model valuations in UBS' books and records.

Indicative valuations do not constitute an offer by UBS, or represent the price at which UBS would be willing to purchase, sell, enter into, assign, terminate or settle any transaction. Indicative valuations are not indicative price quotations and do not necessarily reflect such factors as hedging and transaction costs, credit considerations, market liquidity and bid-ask spreads, all of which could be relevant in establishing price quotations. A valuation estimate for any transaction does not necessarily suggest that a market exists for the transaction.

No polling of dealers is conducted in determining indicative valuations. UBS' indicative valuations may vary significantly from valuation estimates available from other sources and UBS makes no representation or warranty as to which any other person may ascribe to the subject transactions.

UBS is not responsible for any loss or damage arising out of any person's use, or reliance upon, any indicative valuations, including, but not limited to, errors (including errors of transmission), inaccuracies, omissions, changes in market factors or other circumstances, whether or not within UBS' control. Under no circumstances shall UBS be liable for special or consequential damages that arise from any person's use or reliance upon any indicative valuations, even if UBS has been advised of the possibility of such damages.


The Materials are not intended to be used by members of the general public.

You may not copy, reproduce, publish, transmit or otherwise make available to other people or entities any of the Materials without the prior written consent of UBS. You may not create alter, amend, adapt, translate or otherwise create a derivative work based on the Materials. The Materials may be used only for your personal use. You may use the Materials only for lawful purposes and you may not use the Materials in a way that will infringe a third party's rights.

The Materials are UBS' or UBS' third party licensor's proprietary material, protected by the laws relating to copyright, trademark, and other intellectual property rights. Nothing in these terms of use or these wap pages grants, whether expressly or by implication or other means, any form of licence to use the Materials and other information and data (including UBS' name and logo) other than as permitted in these terms of use.

If your use is also subject to a System Use Agreement, these terms of use are ancillary to the provisions of that System Use Agreement and constitute the "Disclaimer" for the purposes of the System Use Agreement.

If any of the provisions of these terms of use are determined to be illegal or unenforceable under the laws or regulations of any state or country having the authority to make such determinations, then such terms will, to the extent they are determined to be illegal or unenforceable, be severed and deleted from these terms of use and the remaining terms will survive and continue in full binding force and effect.

These terms of use are governed by the laws of England and Wales and any disputes arising out of them will be subject to the exclusive jurisdiction of the courts of England and Wales.

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