This is a non-collateralised product. If the Issuer is insolvent or defaults, investors may not recover part or all of the amount due.

Access to these web pages, including posted documents and information, (together, "Materials") is subject to the following disclaimer. The Materials are produced by UBS Securities Asia Limited ("UBS Asia"), which is regulated by the Securities and Futures Commission of Hong Kong. The financial products described in these web pages ("Structured Products") are only directed at and intended for residents of Hong Kong. Residents of other countries wishing to effect transactions in relation to any Structured Products should contact their traditional brokers.

The products and services on these web pages, including any Structured Products, are not being offered in the United States or to, or for the account or benefit of, U.S. Persons as defined in Regulation S of the Securities Act of 1933. It may be illegal to download any information from these web pages in other countries and UBS AG and its affiliates ("UBS Group") disclaim all responsibility if you download any information from this website in breach of any law of country in which you are residing. Information in these web pages must not be used, relied or acted upon by persons outside Hong Kong.

The Materials do not take into account the particular needs of any specific recipient. All information is indicative only for information purposes and do not constitute a solicitation, an invitation or inducement to enter into, or offer to enter into, any agreement to acquire, dispose of, subscribe for or underwrite any financial products. The Materials do not constitute any advice or recommendation to conclude any transaction.

The Materials are based on information obtained from sources considered by UBS Asia to be reliable. However, UBS Group has not verified the Materials, which may not be complete or accurate. Opinions, estimates and other information in the Materials may be changed or withdrawn without notice. UBS Group is not under any obligation to update or keep current the Materials. To the maximum extent permitted by law, none of UBS Group or their respective directors, officers and employees ("Related Parties") makes any representation whatsoever as to the truth, accuracy, completeness, adequacy or reasonableness of any of such information, nor do any of them accept any liability whatsoever for any loss or damage of any kind arising out of the use of all or part of the Materials, including any third party website linked in this website. 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.

Any indicative price quotations, disclosure materials or other analysis prepared by UBS Asia have been prepared on assumptions and parameters that reflect good faith determinations and do not constitute investment advice by UBS Group. The assumptions and parameters used are not the only ones which could have reasonably been selected, and accordingly, no guarantee is given in respect of the accuracy, reasonableness or completeness of such quotations, disclosure or analysis. No representation or warranty is made that any indicative return or performance will be achieved in the future.

The UBS Group and the Related Parties may have or have had interests or long or short positions in the Structured Products, and may at any time make purchases and/or sales as principal or agent, or may act or have acted as market-maker in the Structured Products. UBS Securities Hong Kong Limited has been appointed as the liquidity provider of certain Structured products. Neither UBS Securities Hong Kong Limited or any member of the UBS Group makes any representation or give any assurance as to the liquidity in the trading of the Structured Product as the liquidity provider may be the only person quoting prices in such Structured Products. Furthermore, any of the UBS Group or the Related Parties may have or have had a relationship with or may provide or have provided investment banking, capital markets and/or other services to companies whose securities have been, or will be, referenced as the underlying asset for the Structured Products. A Related Party may serve or have served as officers or directors of such companies. The UBS Group may be entitled to receive a fee for the provision of any services in relation to the Structured Products.

The Materials are not intended to provide legal, tax, accounting or financial advice to any person and should not be relied upon as such. The Structured Products 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 Structured Products mentioned in the Materials.

The price of Structured Products may fall in value as rapidly as they may rise and investors should be prepared to sustain a significant or total loss of their investment. Callable bull/bear contracts have a mandatory call feature and may be terminated early, in such case, (i) an investor of category N callable bull/bear contracts will not receive any cash payment; and (ii) the residual value for category R callable bull/bear contracts may be zero. In respect of listed Structured Products, UBS AG or its affiliates may sometimes be the only person quoting prices on the relevant stock exchange. Prospective investors should therefore ensure that they understand the nature and risks of the Structured Products and should, where applicable, consult their own legal, tax, accounting, financial and other advisers to ensure that any decision to invest in the Structured Products is suitable with regard to such investor's specific circumstances and financial position. The UBS Group assumes no fiduciary responsibility or liability for any consequences, financial or otherwise, arising from the subscription or purchase of the Structured Products.

You should read the full details of the Structured Products as set out in the most recently updated Base Listing Document, and a separate Supplemental Listing Document in respect of each series of Structured Products issued by UBS AG, London Branch (including any addendum to such documents). Copies of the Base Listing Document (containing the financial and other information relating to UBS AG), any addenda thereto, a Chinese translation of the same, and copies of the relevant Supplemental Listing Document and Chinese translations of the same may be obtained during normal business hours on any weekday from the offices of UBS AG, Hong Kong Branch, at 52/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong or may be downloaded from this website.

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