These materials and any associated oral presentation or discussion (together, the "materials") have been prepared by UBS AG and/or its affiliates (together, "UBS", "we" or "us") and may not be used or relied upon unless expressly agreed with us and may not be disclosed, distributed or replicated in any form without the prior consent of UBS. These materials are directed at persons who have been or can be classified by UBS as eligible counterparties, including institutional or professional clients and other persons to whom it may otherwise lawfully be communicated. No other person should act on the contents or access the products or transactions discussed in these materials. In particular, these materials are not intended for retail clients and UBS will not make such products or transactions available to retail clients.

UBS is acting solely as an arm's length contractual counterparty and not as a financial adviser (or in any other capacity including tax, legal accounting or otherwise) or in a fiduciary capacity. Any information provided does not constitute advice or a recommendation to enter into or conclude any transaction. Any tax or accounting statement herein regarding any is not intended or written to be used, and cannot be used or relied upon, by any interested party for the purpose of avoiding any penalties or supporting the accounting treatment. Any such statement herein was written to support the marketing or promotion of the transactions(s) or matter(s) to which the statement relates. Before entering into any transaction with us, you should ensure that you fully understand the potential risks and rewards and independently determine that it is appropriate for you given your objectives, experience, financial and operational resources and other relevant circumstances. You should consult with such advisers (including, without limitation, tax advisers, legal advisers and accountants) as you deem necessary. These materials are provided to you solely for information purposes, indicative and for discussion purposes only, subject to change without notice, strictly confidential, intended for your use only, and may not be reproduced. These materials do not constitute an offer or commitment, a solicitation of an offer or commitment, or any advice or recommendation, to enter into or conclude any transaction (whether on the indicative terms shown or otherwise). These materials do not include a number of terms and conditions that will be included in any actual transaction, nor do they purport to identify all risks (direct or indirect).

These materials have been prepared based on assumptions and parameters that reflect good faith determinations by us. Those assumptions and parameters are not the only ones that might reasonably have been selected or that could apply in connection with the preparation of these materials or an assessment of the transaction described above. A variety of other or additional assumptions or parameters, or other market factors and other considerations, could result in different contemporaneous good faith analyses or assessments of the transaction described above.

Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. Any discussions or results based on hypothetical projections or past performance have certain inherent limitations and should not be taken as an indication of future results. There is no certainty that the parameters and assumptions used can be duplicated with actual trades. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have undercompensated or overcompensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that the strategy described in this document will or is likely to achieve results similar to those shown. Analyses and examples discussed are based only on publicly available information and are not real-life examples from UBS trading or client flow. Assumptions made in the material are not reflective of the position of UBS and may be contrary to that of any UBS trading desk.

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