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 a Corporate Credit Sector Strategist. Corporate Credit Sector Strategists are employees of CS ’s Corporate Credit Sales and Trading Department and are supervised by Corporate Credit Sales and Trading managers. Their primary responsibility is to support the trading desk. To that end, Corporate Credit Sector Strategists prepare trade commentary, trade ideas, and other materials (“materials”) in support of CS ’s trading desks. The information in these materials has been obtained or derived from publicly available sources believed to be reliable, but CS makes no representations as to its accuracy or completeness. Corporate Credit Sector Strategists may receive or develop additional or different information subsequent to your receipt of these materials. The materials provided by Corporate Credit Sector Strategists are subject to change, and subsequent views may be inconsistent with information previously provided to you. CS does not undertake a duty to update these materials or to notify you when or whether the Corporate Credit Sector Strategists' views have changed. These materials and other written and oral communications from Corporate Credit Sector Strategists are provided for information purposes only, do not constitute a recommendation and are not a sufficient basis foran investment decision.

Corporate Credit Sector Strategists are not part of CS ’s Research Departments, and the written materials disseminated by Corporate Credit Sector Strategists are not research reports. The views of CS ’s Trading Desks, including Corporate Credit Sector Strategists, may differ materially from the views of the Research Departments and other divisions at CS. CS has a number of policies in place designed to ensure the independence of CS’s Research Departments from CS ’s Corporate Credit Trading Desks, including policies relating to trading securities prior to distribution of research reports. These policies do not apply to the materials provided by Corporate Credit Sector Strategists. The Corporate Credit Trading Desk trades or may trade as principal in the securities (or related securities) that are the subject of these materials. Corporate Credit Trading Desks may have accumulated, be in the process of accumulating, or accumulate long or short positions in the subject security or related securities on the basis of Corporate Credit Sector Strategists' materials. Trading desks may have, or take, positions inconsistent with materials provided by Corporate Credit Sector Strategists.

Credit Suisse takes no responsibility for the content of any third-party site. Links to third-party sites are provided solely for your convenience and information; accessing such sites is at your own risk.