Notice to Recipients:

The Programme Memorandum and, if applicable, any supplement thereto  (collectively, the "Programme Memorandum") is provided to you solely for informational purposes and does not constitute an offer or solicitation of an offer, or any advice or recommendation, to purchase any securities or other financial instruments, to effect any transactions, or to conclude any transaction of any kind whatsoever and may not be construed as such.

None of the information presented is intended to form the basis for any offer or recommendation, or have any regard to the investment objectives, financial situation or needs of any specific person. No reliance may be placed for any purpose on the information provided in this presentation or the accuracy or completeness thereof and no responsibility can be accepted by entities to anyone for any action taken on the basis of such information.

The Programme Memorandum may not be reproduced or redistributed to any other person, in whole or in part, without the prior consent of UBS AG and its affiliates ("UBS"). Other than information derived from UBS's own sources, certain information set forth in the Programme Memorandum has been obtained or derived from sources believed by UBS to be reliable.

UBS does not make any representation or warranty, express or implied, as to its accuracy or completeness of information derived from third party sources. The distribution of the Programme Memorandum and the offering or sale of any "Securities" issued pursuant thereto in certain jurisdictions may be restricted by law. Persons into whose possession the Programme Memorandum comes are required by the relevant issuer to inform themselves about, and to observe, such restrictions.

For a description of certain restrictions on offers or sales of such Securities (including, but not limited to, Hong Kong SAR, China and Singapore) and the distribution of this document and other offering materials relating to any Securities, please refer to the section headed "Selling Restrictions" in the Programme Memorandum.

Structured products are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and assuming the risks involved. The market value of any structured security may be affected by changes in economic, financial, and political factors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality of any issuer or reference issuer.

Any investor interested in purchasing a structured product should conduct its own investigation and analysis of the product and consult with its professional advisors as to the risk involved in making such a purchase. Before purchasing the relevant structured products, the prospective investors are advised to have read the Programme Memorandum as well as such relevant offering materials relating to the structured products.

I acknowledge I have read and accept the disclaimer.