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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The information set forth herein has been obtained or derived from sources believed by CS to be reliable. CS does not make any representation or warranty, express or implied, as to the accuracy, completeness or reasonableness of such disclosure or information. CS assumes no responsibility for independent verification of such information and has relied on such information being complete and accurate in all material respects. To the extent such information includes estimates and forecasts of future financial performance obtained from public sources, we have assumed that such estimates and forecasts have been reasonably prepared on basis reflecting the best currently available estimates and judgments. Please note that past performance should not be taken as an indication or guarantee of future performance or results, and no representation or warranty, express or implied is made by CS regarding future performance or results.

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Nothing in this material constitutes investment, legal, accounting or tax advice by CS, or a representation that any investment or strategy is suitable or appropriate to your individual circumstances, or otherwise constitutes a personal recommendation to you. Any statement on legal, accounting or regulatory treatment herein regarding any applicable local laws, accounting standards and regulations is not intended to be used or relied on, and cannot be used or relied on, by anyone for the purpose of contravening the applicable local laws, accounting standards and regulations. You should not place any reliance upon any statements contained herein and should seek independent advice based on your particular circumstances. CS takes no responsibility for determining whether any transaction or financial instrument is permissible under applicable laws and regulations.

Structured financial instruments or securities are complex instruments, typically involve a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and assuming the risks involved. The market value of any structured financial instrument may be affected by changes in economic, financial and political factors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality of any issuer or reference issuer. Any investor interested in purchasing a structured financial instrument should conduct its own investigation and analysis of the product and consult with its own professional advisers as to the risks involved in making such a purchase, and should fully understand its potential risks and rewards and independently determine whether it is appropriate for you given your objectives, experience, financial and operational resources, and other relevant circumstances. If CS makes a market in any security or financial instrument, there can be no assurance that CS will continue to do so.

CS is acting solely as arm’s length contractual counterparty and CS are not acting as your financial adviser or fiduciary. CS may, from time to time, participate or invest in other financing transactions with the issuers of the securities referred to herein, perform services for or solicit business from such issuers, and/or have a position or effect transactions in the securities or financial instruments thereof. CS may also from time to time provide investment banking, credit and other financial services to any company or issuer of securities or financial instruments referred to herein, or underwrite, maintain a position in, or act as a market maker with respect to any securities or financial instruments of any such company or issuer. CS may have issued other reports that are inconsistent with, and reach different conclusions from, the information presented herein. Those reports reflect the different assumptions, views and analytical methods of the analysts who prepared them.

Credit Suisse Securities (Europe) Limited ("CSSEL") and Credit Suisse International ("CSI") are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority ("FCA") and the Prudential Regulation Authority under UK laws, which differ from Australian Laws. CSSEL and CSI do not hold an Australian Financial Services Licence ("AFSL") and are exempt from the requirement to hold an AFSL under the Corporations Act (Cth) 2001 ("Corporations Act") under Class Order 03/1099 published by the Australian Securities and Investments Commission ("ASIC"), in respect of the financial services provided to Australian wholesale clients (within the meaning of section 761G of the Corporations Act). This material is not for distribution to retail clients and is directed exclusively at Credit Suisse's professional clients and eligible counterparties as defined by the FCA, and wholesale clients as defined under section 761G of the Corporations Act. Credit Suisse (Hong Kong) Limited ("CSHK") is licensed and regulated by the Securities and Futures Commission of Hong Kong under the laws of Hong Kong, which differ from Australian laws. CSHKL does not hold an AFSL and is exempt from the requirement to hold an AFSL under the Corporations Act under Class Order 03/1103 published by the ASIC in respect of financial services provided to Australian wholesale clients (within the meaning of section 761G of the Corporations Act). Investment banking services in the United States are provided by Credit Suisse Securities (USA) LLC ("CSSU"), which is an affiliate of Credit Suisse Group. CSSU is regulated by the United States Securities and Exchange Commission under United States laws, which differ from Australian laws. CSSU does not hold an AFSL and is exempt from the requirement to hold an AFSL under the Corporations Act under CO 03/1100 published by ASIC in respect of financial services provided to Australian wholesale clients (within the meaning of section 761G of the Corporations Act).

Credit Suisse Equities (Australia) Limited (ABN 35 068 232 708) ("CSEAL") is an AFSL holder in Australia (AFSL 237237). In Australia, this material may only be distributed to Wholesale investors as defined in the Corporations Act. CSEAL is not an authorised deposit taking institution and products described herein do not represent deposits or other liabilities of Credit Suisse AG, Sydney Branch. Credit Suisse AG, Sydney Branch does not guarantee any particular rate of return on, or the performance of any products described.

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