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 are distributed by Credit Suisse International ("CS"), which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority for the conduct of investment business in the United Kingdom. These materials are not intended for retail distribution and have been prepared by a Credit Sector Strategist ("Strategists"). Strategists are employees of CS's Trading Desk and are supervised by Trading Desk managers. Their primary responsibility is to support the trading desk. To that end, Strategists prepare trade commentary, trade ideas, and other analysis ("analysis") 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. Strategists may receive additional or different information subsequent to your receipt of these materials. The analysis of Strategists is subject to change, and subsequent analysis 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 Strategist's analysis 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 CS's Fixed Income Research Department, and the written analyses disseminated by Strategists are not research reports. The views of CS's Trading Desks, including Strategists, may differ materially from the views of the Research Department and other divisions at CS. CS has a number of policies in place designed to ensure the independence of CS's Fixed Income Research Department including policies relating to trading securities prior to distribution of research reports. These policies do not apply to the analysis provided by Strategists. CS 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 Strategists' analysis. Trading desks may have, or take, positions inconsistent with analysis provided by Strategists.

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