Disclaimer

KeyInvest– Important legal information

Persons accessing this KeyInvest website of UBS Europe SE and UBS Italia Sim S.p.A. ("KeyInvest Website") and retrieving information therefrom, including posted documents ("Materials") on the KeyInvest Website, agree to the following terms and conditions as well as the disclaimer ("KeyInvest Conditions"). In addition to these KeyInvest Conditions, special agreements with regard to specific services and products of UBS Europe SE, any affiliates and/or branches of UBS Europe SE or  any of its affiliates (hereinafter together, "UBS") will be in place; in the event of a conflict between the KeyInvest Conditions and the special agreements, the special agreements will precede. Furthermore, in addition to these KeyInvest Conditions, which are subject to change without notice by UBS, the "Terms of Use" of UBS as set forth on the bottom page of the KeyInvest Website will also apply.

Only for Residents of Italy

The products and services described on the KeyInvest Website are only intended for residents of Italy (and should not under any circumstances be accessed by US residents or persons) and may not be eligible or suitable for sale in all jurisdictions or to certain categories of investors. The products and services are not intended for persons subject to a jurisdiction that prohibits the publication of and the access to the KeyInvest Website (due to the nationality of the respective person or on any other grounds). Persons who are subject to such restrictions are prohibited from accessing the KeyInvest Website.

No Offer, Non-Binding Nature

The information and Materials available as well as the opinions expressed on the KeyInvest Website do not constitute an investment advice or recommendation, and shall not be construed as a solicitation or an offer for sale or purchase of any products, to effect any transactions or to conclude any legal act of any kind whatsoever. The information, Materials and opinions are only published for personal use and information purposes. Nothing therein is based upon the consideration of the particular needs, investment objectives and financial situation of any specific investor, nor are they a complete statement of the products, services, markets or developments. The products and services are not suitable for all investors, and trading in these products is considered risky. Unless specifically stated otherwise, all information, Materials as well as price information is indicative only. The Materials are based on information obtained from sources believed to be reliable but are not guaranteed as being accurate, exact, complete, appropriate or up to date. Any opinions 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. The information and Materials should not be regarded by investors as a substitute for the exercise of their own judgement. The information on the KeyInvest Website shall not be construed as decision guidance for economic, financial, legal, regulatory, tax, accounting or any other issues. Investors should not make an investment decision or any other decision solely based on this information and Materials. Investors should consult qualified professionals in this regard.
The information, Materials, opinions, products and services are subject to change without notice. No representation or warranty (either express or implied) is provided in relation to the accuracy, exactness, completeness, appropriateness, actuality or reliability of the information, Materials, opinions published on the KeyInvest Website. UBS is not under any obligation to update or keep current the information, Materials and opinions as well as to remove outdated information, Materials and opinions from the KeyInvest Website or to mark them as outdated.

Performance, Influences

Past performance is not necessarily indicative of future performance. The investment value of a product may increase or decline. Foreign currency rates of exchange may adversely affect the value, price or income of any products. Therefore, UBS cannot guarantee the maintenance (or the increase in value) of the invested capital. The issuer ratings indicated in product documentations reflect the situation at the time of issuance and may be subject to changes during the lifetime of the product.

Essential Interests

UBS and/or its directors, officers, employees and clients may have or have had interests or positions in the products described on the KeyInvest Website, and may at any time make purchases and/or sales in them as principal or agent. In addition, they may act or have acted as market-maker in these products. Furthermore, UBS and/or its directors, officers, employees and clients may have or have had a relationship with or may provide or have provided investment banking and/or other services to the relevant companies. Employees of UBS may serve or have served as officers, directors, board members and/or members of the board of directors of the relevant companies.