P R O D U C T H I G H L I G H T S S H E E T

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1 This Product Highlights Sheet is an important document. It highlights the key terms and risks of this investment product and complements the Prospectus 1. It is important to read the Prospectus before deciding whether to purchase units in the product. If you do not have a copy, please contact us to ask for one. You should not invest in the product if you do not understand it or are not comfortable with the accompanying risks. If you wish to purchase the product, you will need to make an application in the manner set out in the Prospectus. UBS (LUX) EQUITY FUND CHINA OPPORTUNITY (USD) (the Sub-Fund ) Product Type Manager Collective Investment Scheme UBS Fund Management (Luxembourg) S.A. Launch Date 19 July Custodian UBS (Luxembourg) S.A. Trustee Not Applicable Dealing Frequency Every Dealing Day Capital Guaranteed No Expense Ratio for FY ended 30 November Name of Guarantor Not Applicable PRODUCT SUITABILITY WHO IS THE PRODUCT SUITABLE FOR? The Sub-Fund is only suitable for investors who: o want to invest in a broadly diversified portfolio of shares in companies that are either domiciled in or with their main business in China; and o are comfortable with the volatility and risk of a fund which invests at least two-thirds of its assets in equities and other equity shares of companies that are either domiciled in or with their main business in China. You should consult your financial advisers if in doubt whether this product is suitable for you. KEY PRODUCT FEATURES WHAT ARE YOU INVESTING IN? You are investing in a collective investment scheme constituted in Luxembourg, established as a sub-fund of the Fund, that invests at least two-thirds of its assets in equities and other equity shares of companies that are either domiciled in or with their main business in China. The Fund's investment objective is to achieve high growth with a reasonable level of income, while giving due consideration to capital security and the liquidity of the Fund's assets. The Unit Classes with -acc in their name are accumulating Unit Classes and therefore there is no intention to pay any distributions on such Unit Classes. You may receive distributions if you invest in a Unit Class with -dist in its name and may receive distributions on a monthly or quarterly basis if you invest in a Unit Class with -mdist or -qdist in its name. Any distributions from the income and/or involving the capital and/or 2.34% 4 to 2.38 % Further Information 5.3 of the product suitability. 1, Para 2, Para 5 and Para 18.1 of the features of the product. 1 The Prospectus is available for collection during normal business hours from UBS Asset Management () Ltd (One Raffles Quay, #50-01 North Tower, ) or any Approved Distributor. 2 Inception date for P-acc unit class (being the earliest incepted unit class available to investors under the Prospectus). Inception date taken to be 19 July Although the P-acc unit class was constituted before 19 July 2010, the investment objective of the Sub-Fund was changed with effect from 19 July Provided for available unit classes incepted before 30 November Please refer to the the specific expense ratio of such unit class. 4 Annualised figure. 1 UBS (LUX) EQUITY FUND CHINA OPPORTUNITY (USD)

2 capital gains result in an immediate reduction of the net asset value per share of the Sub- Fund. Investment Strategy The Sub-Fund invests at least two-thirds of its assets in equities and other equity shares of companies that are either domiciled in or with their main business in China. The Sub- Fund s investment exposure may also include Chinese A shares traded via Shanghai-Hong Kong Stock Connect. The Sub-Fund may invest in financial derivative instruments for hedging purposes, for the purpose of efficient portfolio management or investment purposes to the extent permitted under the Luxembourg laws. The Sub-Fund may invest up to 10% of its net assets in existing UCITS and UCI, some of which may be managed by UBS AG or a company with which it is associated through common management or control through a substantial direct or indirect stake. The net asset value of the Sub-Fund may likely have a high volatility due to its investment policies and/or management techniques. Parties Involved WHO ARE YOU INVESTING WITH? The umbrella fund under which the Sub-Fund is established is UBS (Lux) Equity Fund (i.e. the Fund ). The Management Company of the Fund is UBS Fund Management (Luxembourg) S.A.. The Portfolio Manager is UBS Asset Management (Hong Kong) Limited. The Custodian Bank is UBS (Luxembourg) S.A.. KEY RISKS WHAT ARE THE KEY RISKS OF THIS INVESTMENT The Sub-Fund s investments may be subject to substantial fluctuations and no guarantee can be given that the value of a Unit will not fall below its value at the time of acquisition. The value of the product and its dividends or coupons (if any) may rise or fall. These risk factors may cause you to lose some or all of your investment: Market and Credit Risks You are exposed to the market risks in China markets. o Your investments may go up or down due to changing economic, political or market conditions that impact the share price of the companies that the Sub-Fund invest in. o Due to the political situation and the initial stage of economic change in the People s Republic of China, investments in this market may be affected by legal uncertainties or other concomitant factors. You are exposed to emerging markets risks. o The Sub-Fund also makes investments in emerging markets. Such markets are at an early stage of development and suffer from increased risk of expropriation, nationalisation and social, political and economic insecurity. o The official regulatory systems may be less efficient in the People s Republic of China in which the Sub-Fund invests and the accounting, auditing and reporting methods employed cannot be compared with the standards used in more developed countries. You are exposed to exchange rate risks. o An investment in the Sub-Fund may entail exchange rate risks as the investments of the Sub-Fund may be denominated in currencies different from that of the Sub-Fund (and the Unit Class in which you invest may be denominated in a currency different from that of the Sub-Fund). o The Sub-Fund is not denominated in dollars. Investment in a Unit Class that is not denominated in dollars may expose you to additional exchange rate 5 of the the investment policy, investment principles and investment restriction of the Sub-Fund. 1, Para 3 and Para 4.3 of the the role and responsibilities of these entities. 7 of the the risks of the product. 2 UBS (LUX) EQUITY FUND CHINA OPPORTUNITY (USD)

3 risks if your reference currency is dollars. Liquidity Risks The Sub-Fund is not listed in and you can redeem only on Dealing Days. o There is no secondary market for the Sub-Fund in. All redemption requests should be submitted in the manner set out in the Prospectus. Execution of your redemption request may be delayed and redemption may be suspended. o The Custodian Bank and Management Company may decide to delay execution of redemption orders in the event of an excessively large volume of redemption orders. o The Management Company may also temporarily suspend redemption of Units in the Sub-Fund in certain circumstances. Product-Specific Risks You are exposed to liquidity risks. o The Sub-Fund may invest in companies domiciled in China. Some East Asian markets have low capitalisations and tend to be volatile and illiquid. You are exposed to risks of financial derivative instruments. o Investments by the Sub-Fund in financial derivative instruments are subject to risks such as general market risk, settlement risk, credit risk and liquidity risk. The markets in financial derivative instruments are volatile and both the chance of earning returns and the risk of suffering losses are higher than investments in securities. You are exposed to counterparty risks. o Where the Sub-Fund enters into over-the-counter (OTC) transactions, it may be exposed to risks relating to the creditworthiness of its OTC counterparties and their ability to fulfill the conditions of the contracts the Sub-Fund enters into with them. FEES AND CHARGES WHAT ARE THE FEES AND CHARGES OF THIS INVESTMENT? Payable directly by you You will need to pay the following fees and charges: Issuing Commission^ Unit Classes with mdist in their name: Up to 6% of your gross subscription amount Other Unit Classes: Up to 3% of your gross subscription amount Commission^ Currently NIL Conversion Commission Up to an amount equaling the maximum Issuing Commission ^Additional costs may be charged to you if the subscription or redemption is made inkind. Additional fees may be payable by you to the Approved Distributor depending on the specific nature of services provided by the Approved Distributors to you. Please contact the relevant Approved Distributor for details. Payable by the Sub-Fund from invested proceeds The Sub-Fund will pay the following fee to the Management Company: Flat Fee* Unit Classes with P in their name 2.340% (1.870%) per annum *The amount in brackets indicates the amount of the maximum management fee. Please refer to Para 6 of the details on the fees and expenses covered under the flat fee and fees and expenses not covered under the flat fee which will be charged to the Fund. VALUATIONS AND EXITING FROM THIS INVESTMENT HOW OFTEN ARE VALUATIONS AVAILABLE? Valuations are performed on each Dealing Day. The indicative issue prices and redemption prices of the Shares are normally published in on the Representative s (UBS Asset Management () Ltd) website at and in The Business Times website at within two Business Days immediately succeeding each Dealing Day and in The Straits Times on a weekly basis based on the last available price calculated for a Dealing Day. Refer Para 6 of the fees and charges. Refer Para 12, Para 8.6 and Para 10 of the valuation and exiting from 3 UBS (LUX) EQUITY FUND CHINA OPPORTUNITY (USD)

4 HOW CAN YOU EXIT FROM THIS INVESTMENT AND WHAT ARE THE RISKS AND COST IN DOING SO? The Management Company generally does not offer a right to cancel subscriptions into the Sub-Fund. Units may be redeemed on any Dealing Day. However, you can exit the Sub-Fund only by submitting your redemption order to the Approved Distributor from whom you originally purchased your Units and may therefore only do so on Dealing Days. You will normally receive the redemption proceeds by the third Business Day after the order date or as advised by the relevant Approved Distributor. The redemption price of your Units is determined as follows: o Orders received by the Approved Distributors before the applicable Cut Off Time (4 p.m. time) will, if accepted by the Administrative Agent prior to the Dealing Deadline for such Dealing Day, be processed on the following Dealing Day (valuation date) on the basis of the net asset value calculated for that day. o Orders received by the Approved Distributors after the Cut Off Time (4 p.m. time) or at any time on a day which is not a Dealing Day shall be deemed as having been received by the Approved Distributor before the Cut Off Time on the next Dealing Day. By way of exception, orders received by the Approved Distributors before the applicable Cut Off Time (4 p.m. time), if accepted by the Administrative Agent prior to the Dealing Deadline for such Dealing Day, may also be processed on the same Dealing Day (valuation date) on the basis of the net asset value calculated for that day. (Please note that certain Approved Distributors may impose an earlier cut-off time.) The redemption proceeds that you will receive will be the redemption price per Unit multiplied by the number of Units redeemed, less any charges. An example is as follows: 1,000 Units n request OR x $ = $110, n Price Gross n - $0 = $110, Commission * Net 1,000 Units x $90.00 = $90, $0 = $90, request Price Gross *There is currently no Commission payable. Commission* CONTACT INFORMATION Net HOW DO YOU CONTACT US? Telephone Number: Address: UBS Asset Management () Ltd, One Raffles Quay, #50-01 North Tower, the product. 4 UBS (LUX) EQUITY FUND CHINA OPPORTUNITY (USD)

5 APPENDIX: GLOSSARY OF TERMS Administrative Agent means UBS Fund Services (Luxembourg) S.A.. Approved Distributors means approved distributors appointed by the Management Company (or its agents). Business Day means regular bank business days in Luxembourg (i.e. each day on which the banks are open during normal business hours) except individual, non-statutory rest days (i.e. days on which banks and financial institutions are closed) and days on which stock exchanges in the main countries in which the Sub-Fund invests are closed or on which 50% or more of the investments of the Sub-Fund cannot be adequately valued. Dealing Day means any Business Day. Fund means UBS (Lux) Equity Fund. Business Day means any day other than Saturday or Sunday on which commercial banks in are generally open for business. Dealing Day means a Business Day which is also a Dealing Day. UCI means Undertaking for Collective Investment. UCITS means Undertaking for Collective Investment in Transferable Securities. Unit means a unit of the Sub-Fund. Unit Classes means unit classes available for subscription by investors pursuant to the Prospectus. 5 UBS (LUX) EQUITY FUND CHINA OPPORTUNITY (USD)