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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SALES AND MARKET COMMENTARY – THIS IS NOT INVESTMENT RESEARCH AND IS PRODUCED BY SALES AND TRADING PERSONNEL AND INTENDED FOR INSTITUTIONAL INVESTORS ONLY – NOT FOR ONWARD DISTRIBUTION.

The author identified on this material certifies that: (1) all of the views expressed in this material accurately reflect his or her personal views about the subject security(ies) or issuer(s), if any; and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this material.

These materials have been prepared by personnel of Credit Suisse's (CS) Sales and Trading Department. Sales and Trading personnel prepare trade ideas, market commentary and other materials ("materials"). The information presented in these materials has been obtained from or based upon sources believed by the Sales and Trading personnel to be reliable, but CS does not represent or warrant its accuracy or completeness and is not responsible for losses or damages arising out of errors, omissions or changes or from the use of information presented in this document. These materials do not purport to contain all of the information that an interested party may desire and, in fact, provides only a limited view. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, expressed or implied is made regarding future performance. Sales and Trading personnel may receive or develop additional or different information subsequent to your receipt of these materials. The materials provided by Sales and Trading personnel are subject to change, and subsequent views may be inconsistent with information previously provided to you. CS does not undertake a duty to update or otherwise revise these materials or to notify you when or whether the Sales and Trading personnel views have changed. These materials and other written and oral communications from Sales and Trading personnel are provided for information purposes only, do not constitute a recommendation and are not a sufficient basis for an investment decision. These materials are intended solely for your information and for your use only, they do not constitute an invitation or offer to subscribe for or purchase any of the products or securities (including security based swaps) or services mentioned, and must not be forwarded or shared with retail customers or the public or any other person, or otherwise replicated in any form without the prior written consent of CS.

Sales and Trading personnel are not part of CS' Research Departments, and the written materials disseminated by Sales and Trading personnel are not investment research reports or a research recommendation, as they do not constitute substantive research or analysis. The information provided is not intended to provide a sufficient basis on which to make an investment decision. It is intended only to provide observations and views of Sales and Trading personnel, which may differ materially from, or be inconsistent with, the observations and views of the Research Departments and other divisions at CS. Observations and views expressed herein may be changed by the Sales and Trading personnel at any time without notice. CS has a number of policies in place designed to ensure the independence of CS' Research Departments from CS' Trading Desks, including policies relating to trading securities prior to distribution of investment research reports. These policies do not apply to the materials provided by Sales and Trading personnel. CS' Trading Desks trades or may trade as principal in the securities (or related securities) that are the subject of these materials. CS' 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 Sales and Trading personnel materials. Trading desks may have, or take, positions inconsistent with materials provided by Sales and Trading personnel.

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") in respect of the financial services provided to Australian wholesale clients (within the meaning of section 761G of the Corporations Act) (hereinafter referred to as “Financial Services”). 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. CSHK does not hold an AFSL and is exempt from the requirement to hold an AFSL under the Corporations Act in respect of providing Financial Services. 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 in respect of providing Financial Services. Credit Suisse Asset Management LLC ("CSAM") is authorised by the Securities and Exchange Commission under US laws, which differ from Australian laws. CSAM does not hold an AFSL and is exempt from the requirement to hold an AFSL under the Corporations Act in respect of providing Financial Services. These materials are provided solely to Institutional Accounts (as defined in the FINRA rules) who are Eligible Contract Participants (as defined in the US Commodity Exchange Act).

Credit Suisse Equities (Australia) Limited (ABN 35 068 232 708) 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. CS entities, other than Credit Suisse AG, Sydney Branch, are not authorised deposit-taking institutions for the purposes of the Banking Act 1959 (Cth), and products described herein or their obligations do not represent deposits or other liabilities of Credit Suisse AG, Sydney Branch. Credit Suisse AG, Sydney Branch does not guarantee or otherwise provide assurance in respect of any particular rate of return on, or the performance of any products described or the obligations of CS.

In Japan, this material is distributed by Credit Suisse Securities (Japan) Limited ("CSJL"), a registered Financial Instruments Firm (Director-General of Kanto Local Finance Bureau (Kinsho) No. 66). CSJL is a member of Japan Securities Dealers Association, Financial Futures Association of Japan, Japan Investment Advisers Association and Type II Financial Instruments Firms Association.

CS 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.