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The Materials available herein have no 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 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 judgement. 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 related entities, directors, employees and agents accepts no liability whatsoever for any loss or damage of any kind arising out of the use of all or part of these Materials. 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.
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 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, such as "Chinese Walls," 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. 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 transactions should contact their local sales representative.
In addition to the foregoing, the following disclaimer applies where UBS provides an indicative valuation to any Client.
Any indicative valuation is provided to Client by UBS for information purposes only and at Client's request. An indicative valuation may also include transactions that Client has entered into with other entities within the UBS business group. It should not be relied upon in any way by recipients or any third party and UBS makes no representation or warranty as to the accuracy or appropriateness of the methodology used in the compilation of the information contained therein.
An indicative valuation does not constitute an offer by UBS, or represent the price at which it will be willing to purchase, sell, enter into, assign, terminate or settle any transaction. Any indicative valuation provided is not an indicative price quotation. In addition, indicative valuations will not necessarily reflect such factors as hedging and transaction costs, skew effects on option pricing, present values of forwards, credit considerations, market liquidity or bid-ask spreads. An indicative valuation for any transaction does not necessarily suggest that a market exists for the transaction. In addition, it should be noted that the methodology employed in margin calculations may not resemble the methodology employed in the compilation of an indicative valuation.
Indicative valuations are intended to be relevant to the dates indicated therein (although may be subject to time lags between market events and indicative valuation updates) and are based on UBS models which may vary for different types of transaction. UBS' modelling processes are based on empirical data and assumptions believed by UBS to be reasonable and relevant to the transactions concerned. Indicative valuations of FX positions are calculated based on mid market prices obtained from vendors of such market data. This information is processed through a UBS option valuation model in the course of calculating FX option indicative valuations. UBS' own yield curves are used to calculate indicative valuations of FX forwards.
No polling of dealers is conducted in determining any indicative valuation. UBS' indicative valuations may vary significantly from indicative valuations available from other sources and will not necessarily be a reflection of the valuations attributed to securities in UBS' own books and records.
Whilst UBS obtains information on its indicative valuations of transactions from sources it believes to be reliable, UBS makes no representations or warranties with respect to indicative valuations of transactions. UBS is not responsible for any loss or damage arising out of any person's use or reliance upon the information contained in any indicative valuation, including, but not limited to, errors (including errors of transmission), inaccuracies, omissions, changes in market factors or other circumstances, whether or not within UBS' control. Under no circumstances shall UBS be liable for special or consequential damages that arise from any person's use or reliance upon any information contained in an indicative valuation, even if UBS has been advised of the possibility of such damages.
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