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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Recipients of this email may be Eligible Investors in the Capital Services program or funds and/or their managers that may receive capital introduction services from the Capital Services Group. Where you are acting on behalf of others, references to "you" or "your" include those entities on whose behalf you are acting. This message is for information purposes only.

To the extent this message is intended for investors, it is intended solely for institutional investors that are "accredited investors" (as defined by the U.S. Securities Act of 1933), "qualified purchasers" (as defined by the U.S. Investment Company Act of 1940, as amended) and "professional investors" (as defined by the Securities and Futures Ordinance, (Cap. 571 of the Laws of the Hong Kong Special Administrative Region)) only and is not intended for natural persons. The contents of this e-mail are confidential, are to be read only by the addressee, are to be deleted if received by anyone other than the addressee and are not to be re-distributed or copied.

Any materials or information provided to you by CS in connection with its capital introduction services does not constitute an offer to sell or a solicitation of an offer to buy an interest in any fund or any other securities, to or from any person in any jurisdiction. Any such offer or solicitation may only be made pursuant to a confidential private placement memorandum as supplemented from time to time that relates specifically to such fund or securities. In providing capital introduction services, CS is not acting as your fiduciary or advisor. It has not made any determination on whether investment in any fund is appropriate or suitable for any investor. Investors must make their own independent assessment as they deem appropriate as to whether investment in any fund is appropriate or suitable for them and as to whether they are able to invest in any fund. Investors should obtain a copy of any prospectus or other offering or subscription documents prior to making any investment decision.

CS has not made any determination on whether any fund, or its manager, is permitted to market, promote or sell any investment to any investor under applicable law. A fund, or its manager, must make its own independent assessment as to whether it is permitted to market, promote or sell any investment to any investor under applicable law. Information provided may have been obtained from sources believed by CS to be reliable but CS makes no representation as to its accuracy or completeness and accepts no liability arising from the use of this information. We refer you to our Capital Introduction Terms, which set out in further detail the terms on which we make capital introductions to investors.

CS and its affiliates may be compensated for and benefit from providing capital raising services. Potential investments by these affiliates and other CS business areas are at the sole discretion of the unit concerned. Funds and managers receiving capital raising services should refer to the relevant legal documentation governing their relationship.

CS may act as prime broker to the funds, may be an investor in the funds, may be a counterparty to transactions with the funds or may have other business relationships with the funds. Even if CS is not acting as placement agent for a fund (and receiving compensation in connection therewith), any investment an investor makes in a fund may have an indirect benefit to CS as prime broker to the fund or as an investor or a counterparty to a transaction with the fund, including derivative transactions. CS may, to the extent permitted by law, effect transactions, or participate or invest in financing transactions with the funds, perform services or solicit business from the funds or their managers, and/or have a position or holding or other material interest in the funds. CS may have received or may receive in the future prime brokerage or other transaction related compensation from the funds.