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The views and opinions expressed in this material are those of the author and are not those of UBS, its subsidiaries or affiliate companies. Accordingly, UBS does not accept any liability over the content of this material or any claims, losses or damages arising from the use or reliance of all or any part thereof.

This material has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient and is published solely for information purposes. No representation or warranty, either express or implied is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the developments referred to in this material. The recipient should not construe the contents of this material as legal, tax, accounting, regulatory, or other specialist or technical advice or services or investment advice or a personal recommendation. Past performance is not necessarily indicative of future results. While volatility controls may result in less fluctuation in rates of return as compared to indices without volatility controls, they may also reduce the overall rate of return as compared to products not subject to volatility controls. The indices cannot be invested into directly.

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The Nasdaq-100 Engle 10% Index (the "Nasdaq Engle Index") was developed by UBS AG, based in part on the Nasdaq-100 Total Return™ Index, which is owned and has been licensed by Nasdaq, Inc. to UBS AG for use in the Nasdaq Engle Index. The Nasdaq Engle Index applies a volatility control mechanism developed by UBS AG in collaboration with Engle Volatility Consulting LLC ("Engle Consulting"), the research principal of which is Robert F. Engle. UBS AG owns and is the current sponsor of the Nasdaq Engle Index. Engle Consulting is not an investment adviser, does not guarantee the accuracy and completeness of the Nasdaq Engle Index or the Product or any data or methodology either included therein or upon which it is based. Neither the Nasdaq Engle Index nor the Product is sponsored, endorsed, sold or promoted by Engle Consulting or Robert F. Engle. Engle Consulting and Robert F. Engle do not make any representation or warranty, express or implied, to any financial institution, investor of or counterparties to the Nasdaq Engle Index or the Product or to any member of the public regarding the Product or the advisability of investing in securities generally or in the Nasdaq Engle Index or the Product particularly. For additional information regarding the Nasdaq Engle Index, please refer to the index brochure. Nasdaq®, Nasdaq-100®, Nasdaq-100 Index®, NDX®, Nasdaq-100 Total Return™, or XNDX™ are trademarks of Nasdaq, Inc. (which with its affiliates is referred to as the "Corporations") and are licensed for use by UBS AG. The Product(s) have not been passed on by the Corporations as to their legality or suitability. The Product(s) are not issued, endorsed, sold, or promoted by the Corporations. The Corporations make no warranties and bear no liability with respect to the Product(s).

The "S&P 500 Engle Index" series ("S&P Engle Index") is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and incorporates methodology licensed from UBS AG. S&P®, S&P 500®, US 500™, The 500™, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); Engle is a trademark of Engle Volatility Consulting LLC ("Engle Consulting"), the research principal of which is Robert F. Engle ("Engle") and these trademarks have been licensed for use by SPDJI. Financial products based on the S&P Engle Index are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, Engle Consulting, Engle or UBS and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P Engle Index. For additional information regarding the S&P 500 Engle Index series, please refer to the S&P website.