Dodd-Frank Disclosures

SDs and SBSDs are required to provide a notice to each counterparty that contains the physical address, email or other widely available electronic address and telephone number of the department of the SD or SBSD to which any complaints may be directed. Covered Derivative counterparties of UBS AG may direct complaints via email to sh-corc-swapdealer@ubs.com or via phone to (212) 882-6829.

Swap dealers, when acting as a reporting counterparty for transactions executed off-facility, must transmit to the counterparty the identity of the swap data repository to which primary economic terms data is reported. All swap transactions subjected to transaction reporting with UBS clients are reported to the DTCC Data Repository (U.S.) LLC.

Clearing Rights and Notice
 

With respect to any Covered Derivative you enter into with UBS AG that is subject to the mandatory clearing requirements under Section 2(h) of the Commodity Exchange Act or Section 3Ca-1 of the Securities Exchange Act of 1934, you have the sole right to select the derivatives clearing organization (DCO) or clearing agency at which the Covered Derivative will be cleared. With respect to any Covered Derivative you enter into with UBS AG that is not subject such mandatory clearing requirements, you may elect to require clearing of such Covered Derivative and you have the sole right to select the DCO or clearing agency at which the swap or SBS will be cleared, in the case of SBS, provided it is a clearing agency at which UBS AG is authorized or permitted, directly or through a designated clearing member, to clear the SBS.

A list of all clearing agencies that accept certain SBS for clearing is available at: https://www.isda.org/2021/05/03/current-security-based-swap-clearing/.

UBS AG is authorized or permitted, directly or through a designated clearing member, to clear certain SBS at the following clearing agencies: ICE Clear Credit and ICE Clear Europe.

The following disclosures are meant to capture general risks of Swap and SBS transactions related to the following asset classes: interest rates, foreign exchange rates and currencies, credit instruments, asset-backed instruments, equities and commodities. The latest published documents are attached below:

The International Swaps and Derivatives Association, Inc. ("ISDA") holds copyright on certain ISDA Documents and such works may not be reproduced or distributed without ISDA's written permission, except the ISDA Master Agreements, ISDA Credit Support Documents and standardized general and product specific risk disclosures published by ISDA, which may be reproduced and distributed solely for use in documenting specific commercial transactions. In no event may any copyright or trademark notice be removed.

Use of ISDA documentation instruments appearing on this site or in ISDA's Library of Interactive ISDA Documentation and OL Plus service containing IDSA documentation ("ISDA Content") to document transactions should be undertaken only after securing appropriate legal advice on its provisions. ISDA makes no warranty, express or implied, concerning the respective instruments' suitability for use in any particular transaction and bears no responsibility or liability whatsoever, whether in tort or in contract, in respect of any use of these instruments.

ISDA, its officers, directors, employees, subcontractors, agents, successors or assigns (collectively "Covered Parties") shall not be liable to UBS or any of its counterparties (each referred to herein as a "Client") for any loss, injury, claim, liability or damage of any kind whatsoever resulting from, arising out of or in any way related to: (a) any errors in or omissions from the ISDA Content; (b) the Client's use of the ISDA Content; (c) the Client's use of any equipment or software in connection with the ISDA Content; or (d) any delay or failure in performance. The aggregate liability of ISDA, its officers, directors, employees, subcontractors, agents, successors or assigned (collectively, the "Covered Parties") to a Client in connection with any other claim arising out of or relating to the ISDA Content shall not exceed $500.00, which right shall be in lieu of all other remedies that the Client may have against ISDA. In no event shall the Covered Parties be liable for any special, indirect, incidental or consequential damages of any kind whatsoever (including, without limitation, attorneys' fees), lost profits or lost savings in any way due to, resulting from or arising in connection with the ISDA Content contained therein, regardless of any negligence of the Covered Parties.

The files herein are password protected, please contact your UBS AG representative for access.

Pursuant to CFTC regulation 23.431(b), prior to entering into a Swap that is not made available for trading on a designated contract market or swap execution facility, you may request and consult on the design of a scenario analysis to assess its potential exposure in connection with the Swap.

Clients who choose to request such a scenario analysis should email their UBS Salesperson and copy sh-corc-swapdealer@ubs.com

Disclosure statement regarding transaction terms

Before entering into any Covered Derivative, you should conduct a thorough and independent evaluation of the terms of the Covered Derivative in light of your particular circumstances and the nature and extent of your exposure to, and willingness to incur, risk. You should also consider whether the Covered Derivative is appropriate for you in light of your experience, objectives, financial and operational resources and other relevant circumstances. Unless expressly agreed in writing, we are not providing you with legal, financial, tax, accounting or other advice in connection with any Covered Derivative.

The terms of any Covered Derivative that you and we enter into will be set forth in the confirmation or other agreement evidencing the Covered Derivative, including any terms incorporated by reference therein. This web page contains links to forms of confirmations and spreadsheets of material economic terms relating to a variety of types of Covered Derivatives that UBS AG or UBS ESE (“we”) may enter into with counterparties from time to time. Any confirmation or other documentation we directly provide to you in respect of an actual or potential Covered Derivative will supersede the information on this website and, to the extent inconsistent, such confirmation or other documentation will control. In addition, the agreed upon terms of any Covered Derivative that we enter into with you will be set forth in the confirmation or other agreement that you and we enter into with respect to that Covered Derivative and may differ materially from the terms set forth in the forms and spreadsheets available on or through this web page. By making this web page available, we are not indicating that we are willing to enter into any Covered Derivative with any counterparty on any terms.

Subject to the exceptions described below, any Covered Derivative that you and we enter into will have the terms that you and we expressly agree upon (orally, via email or in any other manner) in connection with the Covered Derivative and other terms determined as follows:

(1) Specified prior transaction, form confirmation or terms spreadsheet. If we notify you that the Covered Derivative will have the terms set forth in a specified prior transaction, form confirmation or terms spreadsheet, the Covered Derivative will have such terms, subject to any express agreement between you and us in connection with the Covered Derivative.

(2) Master confirmation agreement. If (1) does not apply and you and we are party to a master confirmation agreement that governs the Covered Derivative, the Covered Derivative will have the terms set forth in the master confirmation agreement, subject to any express agreement between you and us in connection with the Covered Derivative.

(3) Unspecified prior transaction. If neither (1) nor (2) applies and you and we have previously entered into a transaction of the same type, the Covered Derivative will have the terms set forth in the most recent transaction of the same type that you and we entered into, subject to any express agreement between you and us in connection with the Covered Derivative.

(4) Unspecified form confirmation or terms spreadsheet. If none of (1), (2) or (3) applies and the Covered Derivative is of a type that is covered by a form confirmation and/or a terms spreadsheet that is available on this site, then the Covered Derivative will have the terms set forth in the form confirmation and/or terms spreadsheet, as applicable, subject to any express agreement between you and us in connection with the Covered Derivative. In the event of any inconsistency between a form confirmation and a terms spreadsheet that relate to the same type of Covered Derivative, the terms set forth in the terms spreadsheet control. If the Covered Derivative is not of a type that is covered by a form confirmation and/or a terms spreadsheet that is available on this site, then terms will be provided to you directly.

The description above of the manner in which the terms of any Covered Derivative that you and we enter into will be determined is subject to the following important exceptions.

(A) If you and we enter into a Covered Derivative that is cleared through a clearinghouse or executed through a trading platform that prescribes the terms of the Covered Derivative, the Covered Derivative will have the terms specified by the applicable clearinghouse or trading platform and, subject to the rules of the clearinghouse or trading platform, any additional terms that you and we expressly agree upon in connection with the Covered Derivative.

(B) If you and we enter into a Covered Derivative for “give-up” to a third party, the terms of the Covered Derivative will be subject to the terms of any agreement with that third party.