Following completion of the merger of UBS AG and Credit Suisse AG, Credit Suisse AG’s business was transferred to UBS AG, and Credit Suisse AG ceased to exist. At this time however, the two entities did not operationally merge and, as a result, we continue to have two sets of operational infrastructure and processes during this transitionary period.

Consequently UBS AG is now the sole parent entity and all direct subsidiaries of Credit Suisse AG have become direct subsidiaries of UBS AG, and all branches of Credit Suisse AG have been absorbed into existing or established as new branches of UBS AG (as the case may be). As such, Credit Suisse AG’s branches have been renamed as UBS Branches, with the exceptions of Credit Suisse AG, Taipei Securities Branch and Credit Suisse AG Shanghai Branch.

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These materials have been prepared by employees of Credit Suisse's Global Leveraged Finance Strategy and Portfolio Products Group (such employees are hereinafter referred to as "Strategists"). The information contained herein has been obtained or derived from publicly available sources believed to be reliable, but Credit Suisse makes no representations as to its accuracy or completeness. Strategists may receive additional or different information subsequent to your receipt of this information. This analysis is subject to change, and subsequent analysis may be inconsistent with information previously provided to you. Credit Suisse does not undertake a duty to update these materials or to notify you when or whether the Strategists' analysis or outlook has changed. These materials and other written and oral communications from Strategists are provided for information purposes only, do not constitute a recommendation, and are not a sufficient basis for an investment decision.

Strategists are not part of Credit Suisse's High Yield or Fixed Income Research Departments, and the written analyses prepared by Strategists are not research reports. The views of Credit Suisse's Strategists may differ materially from the views of the Research Department and other divisions at Credit Suisse. Credit Suisse has a number of compliance policies and procedures in place designed to ensure the independence of Credit Suisse's High Yield and Fixed Income Research Departments from Credit Suisse's High Yield and Fixed Income Sales and Trading Desks, including policies relating to trading securities prior to distribution of research reports. These policies do not apply to the analysis provided by Strategists. High Yield Trading Desks may have accumulated, be in the process of accumulating, or subsequently accumulate long or short positions in securities of issuers in sectors on the basis of Strategists' analysis. Trading desks may have, or take, positions inconsistent with analysis provided by Strategists.