Access to and use of these web pages, or any other linked web sites provided by UBS AG and/or any affiliate or branch of UBS AG ("UBS"), and any content herein, including posted documents, ("Materials") is subject to the following disclaimer and any other posted restrictions. The products described herein may not be eligible for sale in all jurisdictions or to certain categories of investors.

The Materials available herein do not constitute investment advice, nor do they have regard to the specific investment objectives, financial situation or particular needs of any specific recipient. The report is 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. No representation, term, condition 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 judgment. 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 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, once recipients for whom any Materials relating to such securities and/or currencies are principally intended have or are likely to have a reasonable opportunity to act on them, 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 herein. 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, 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. The value of investments may fluctuate. 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 such transactions should contact their local sales representative.

Special rules apply for Clients with domicile in one of the following countries:

Russia: The Materials available herein and its distribution are for information purposes only and constitute neither a public nor a private offering. Recommendations refer to investment products exclusively available through and provided by UBS AG in Switzerland or another UBS entity domiciled outside Russia. UBS employees travelling to Russia are neither authorized to conclude contracts nor to negotiate terms thereof while in Russia. Contracts only become binding on UBS once confirmed in Switzerland or in the location where the UBS entity is domiciled (offshore execution).

In addition to the foregoing, the following disclaimer applies where UBS provides an indicative valuation to any Client:

Your Responsibility. The indicative valuations and other related market information contained herein (the Information) are provided to you by UBS on the basis that you are capable of independently assessing the value of the relevant instruments (either on your own or through independent professional advisors) and that you understand and accept the following terms and conditions on which they are provided. While the Information has been prepared in good faith, it is not intended to be relied upon as the sole source of information regarding the value of the relevant instruments or used as the sole source for any net asset value calculation, financial statement position or any similar purpose the final responsibility for assessing the reliability of the Information we are providing to you and for any use you make of them rests with you.

Source and Basis of Information. The Information represents indicative valuations (and, in some cases, market-related information) of the relevant instruments as at the date stated, prepared in each case using a methodology that we believe is appropriate. Information is generally sourced from our front office risk management systems. There are inherent limitations and risks associated with the indicative valuations and related market information included in this statement, certain of which are described below:

Risk System Values are Not the Same Values Used in UBS?s Financial Statements. Risk system values used herein do not necessarily reflect UBS?s internal books and records valuations. Risk system values may not reflect either trade specific and/or portfolio reserves and other adjustments made to valuations for our financial reporting and other purposes. In particular, UBS may adjust its financial records to reflect: (i) identified deficiencies in financial models, (ii) uncertainties in model inputs and parameters, (iii) UBS?s funding spreads and the credit risk of UBS (DVA), (iv) the risk to UBS of the credit exposure to the counterparty to a transaction (CVA). Reserves and adjustments would in some cases result in a significant change in the Information provided to you if they were taken into account in calculating the indicative valuations.

Valuations Based on Models are Subject to Inherent Uncertainty. Some of the Information is based on model-based valuation methodologies. These indicative valuations rely on models, empirical data and assumptions, and the indicative values provided by them may vary significantly depending on the data used as inputs and on the assumptions and other parameters imbedded in the model. You should be aware that the empirical data used as inputs in our models may be sourced from both internal and market-based sources and that the assumptions and parameters imbedded in the model are not the only ones that might reasonably have been selected.

Model Valuations May Include Assumptions and Inputs that Are Not Observable or Verifiable. In addition, in some cases the inputs used may be out of date as a result of no current market input being available. For many instruments (including securities issued in the form of CDO, CLO, MBS, ABS and swaps, securities and other transactions that are linked to or otherwise related to such securities), some information relevant to providing the Information (including information about monthly pool performance and payment data) is updated on a monthly basis. For those instruments, the Information is based on the most recently available information, even though that information is not necessarily received by UBS on a real time basis. As a result, the Information for these instruments may be subject to significant changes as updated information becomes available.

We May Change our Valuation Methodology at Any Time. Our model-based methodologies, including the assumptions and parameters imbedded in our models and the source of the empirical data we use as inputs, are subject to review and adjustment from time to time in our sole discretion, without notice to you.

Indicative Values do not Reflect Actual Transactions or Polling of Dealers. No polling of market participants is conducted in determining the Information, Indicative valuations and related information we provide may vary significantly from valuation estimates available from other sources and from the level at which a transaction could be executed with a dealer or in the relevant market.

Adjustments May be Made to Risk System Values after You Receive Your Valuation Statement. As part of its internal financial and valuation processes, UBS may test and adjust the values of transactions and financial instruments recorded in risk management systems at any date. In most cases any such adjustment will not be identified or recorded until after client valuation statements have been delivered. UBS undertakes no obligation to update a valuation statement to reflect any such adjustments, even if the adjustment would be material to the value of an instrument.

UBS may not Reflect Transaction Costs and Initial Theoretical Profit in Valuations. UBS may, for a period of time after the inception of a transaction, adjust valuations for structured securities and derivative transactions to exclude costs of issuance and initial theoretical profit. This practice will generally result in the valuation provided to you being higher than the valuation UBS has recorded in its records.

Limitations on Use. You may not provide the Information to any third party without our express permission, and if we do give you our permission you must provide this statement in its entirety only (including the language in this disclaimer).

No Representations or Warranties; Limitation of Liability. The UBS makes no representations or warranties with respect to the Information, and to the extent permitted by law we specifically disclaim and will not accept any responsibility for loss or damage arising out of use or reliance by you or any other person upon the Information, regardless of whether any such loss or damage results from errors, omissions, changes in market factors or other circumstances and whether or not within our control and whether or not caused by our negligence or otherwise; provided, however, that nothing in this statement is intended to exclude any liability on the part of UBS that arises due to fraud. In addition, UBS specifically disclaims liability for special or consequential damages that arise from use or reliance by you or any other person upon the Information, even if we have been advised of the possibility of such damages.

Valuation Statement is not a Position Statement or Custody Statement. The Information may include indicative valuations and market information for instruments that are not held in custody by a UBS entity (in addition to indicative valuations for transactions that you have entered into with and instruments that are held on your behalf by UBS) and should not be considered to be a position statement of your positions with UBS.

Client Valuations may Differ From Valuations Received From UBS for other Purposes. Indicative valuations in this statement may differ from valuations of the same instruments provided to you by UBS for other purposes (including those used for making collateral calls).

UBS May Discontinue Valuations at any Time. Unless required by law or specifically agreed in writing, we have no obligation to continue to provide to you the Information, and we may cease doing so at any time in our sole discretion.

Indicative Valuations do not Represent a Bid or Offer. The indicative valuations provided herein do not constitute firm bids or offers by us to transact any instrument (commonly referred to as a firm price quotation), nor are they an indication of the price at which we would be willing to transact any instrument (commonly referred to as an indicative price quotation). Such factors as hedging and transaction costs, credit considerations, market liquidity, bid-ask spreads, transaction size and other market and pricing considerations may not have been taken into account in determining the indicative valuations provided herein and could be relevant to a firm or indicative price quotation. Our providing you an indicative valuation is not intended to imply that you could buy or sell the instrument at that price or at all or that we would be willing to provide a price quotation if requested. If we were to provide a price quotation to you for an instrument, it might differ significantly from the indicative valuation provided herein.

UBS May Have Conflicts of Interest. UBS may from time to time, as principal or agent, be involved in a wide range of activities globally, have positions in, or may buy or sell, or make a market in any securities, currencies, financial instruments or other assets underlying the instruments to which the Information relates. UBS's activities related to those instruments may have an impact on the price of the relevant underlying asset and may give rise to conflicting interests or duties. UBS may provide services to any member of the same group as the recipient of the Information or any other entity or person (a Third Party), engage in any transaction (on its own account or otherwise) with respect to the recipient of the Information or a Third Party, or act in relation to any matter for itself or any Third Party, notwithstanding that such services, transactions or actions may be adverse to the recipient of the Information or any member of its group, and UBS may retain for its own benefit any related remuneration or profit. In addition, UBS may, whether by virtue of the types of relationships described in this paragraph or otherwise, from time to time be in possession of information in relation to a particular instrument that is or may be material in the context of that instrument and that may or may not be publicly available or known to you. Our providing you an indicative valuation or other information with respect to any such instrument does not create any obligation on the part of UBS to disclose to you any such information (whether or not confidential).

UBS is Not Your Fiduciary or Agent. By accepting the valuations herein, you acknowledge and agree that we are acting, and will at all times act, as an independent contractor on an arm?s-length basis and are not acting, and will not act, in any other capacity, including in a fiduciary capacity, on your behalf.


Certain laws and regulations impose liabilities which cannot be disclaimed. This disclaimer shall in no way constitute a waiver or limitation of any rights a person may have under such laws and or regulations to the extent that they cannot be waived or limited, including but not limited to a right to claim for losses arising from death, personal injury or fraud.

Except as otherwise specified herein, these Materials are distributed by UBS AG.

United Kingdom and rest of European Economic Area: These Materials are distributed to customers in the United Kingdom and the rest of the European Economic Area 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. Russia: These Materials are distributed in Russia by the Moscow Representative Office of UBS Cyprus Moscow Limited.

United States: These 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 these Materials must be effected through UBS Securities LLC or UBS Financial Services Inc. Canada: These 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.

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: These Materials are distributed in Singapore by UBS Securities 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: These 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: These Materials are distributed in New Zealand by UBS New Zealand Ltd.

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