Legal Notes Disclaimer

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. 

Disclaimer

Please note the following disclaimers for the Material therein:

This document has been prepared by UBS AG and/or any of its subsidiaries or affiliates ("UBS"), part of UBS Group AG ("UBS Group"). UBS Group includes Credit Suisse AG, its subsidiaries, branches and affiliates (hereinafter Credit Suisse). This document and the information contained herein are provided solely for information and UBS marketing purposes. Nothing in this document constitutes investment research, investment advice, a sales prospectus, or an offer or solicitation to engage in any investment activities. This document is not a recommendation to buy or sell any security, investment instrument, or product, and does not recommend any specific investment program or service.

Although all information and opinions expressed in this document were obtained in good faith from sources believed to be reliable, no representation or warranty, express or implied, is made as to the document’s accuracy, sufficiency, completeness or reliability. All information in this document is subject to change without notice and UBS is under no obligation to update or keep current the information contained herein. Source of all information is UBS unless otherwise stated. UBS makes no representation or warranty relating to any information herein which is derived from independent sources.

Asset classes, asset allocation and investment instruments are indicative only. Any charts and scenarios contained in the document are for illustrative purposes only. Some charts and/or performance figures may not be based on complete 12-month periods which may reduce their comparability and significance. Historical performance is no guarantee for, and is not an indication of future performance.

Nothing in this document constitutes legal or tax advice. UBS and its employees do not provide legal or tax advice. This document may not be redistributed or reproduced in whole or in part without the prior written permission of UBS. To the extent permitted by the law, neither UBS, nor any of it its directors, officers, employees or agents accepts or assumes any liability, responsibility or duty of care for any consequences, including any loss or damage, of you or anyone else acting, or refraining to act, in reliance on the information contained in this document or for any decision based on it.

UBS retains the right to change the range of services, the products and the prices at any time without prior notice. Certain services and products are subject to legal provisions and cannot therefore be offered world-wide on an unrestricted basis. In particular, this material is not intended for distribution into the US and / or to US persons or in jurisdictions where its distribution by us would be restricted.

Please be reminded that all investments carry a certain degree of risk. Your attention is hereby drawn to such risk (which can be substantial). Some investments may not be readily realisable since the market in the securities is illiquid and therefore valuing the investment and identifying the risk to which you are exposed may be difficult. Some investments may be subject to sudden and large falls in value and on realisation you may receive back less than you invested or may be required to pay more. You should consult your UBS client advisor on the nature of such investment and carefully consider whether such investment is appropriate for you.

This document is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would subject Credit Suisse to any registration or licensing requirement within such jurisdiction. Except as otherwise specified herein, this report is distributed by Credit Suisse AG, a Swiss bank, authorized and regulated by the Swiss Financial Market Supervisory Authority. Your Personal Data will be processed in accordance with the Credit Suisse privacy statement accessible at your domicile through the official Credit Suisse website https://www.credit-suisse.com In order to provide you with marketing materials concerning our products and services, UBS Group AG and its subsidiaries may process your basic Personal Data (i.e. contact details such as name, e-mail address) until you notify us that you no longer wish to receive them. You can optout from receiving these materials at any time by informing your Relationship Manager.

Important Disclaimer

In Singapore: for accredited investors only. In Hong Kong: for professional investors only. In Australia: for wholesale clients only. This is for the recipient’s use only. Strictly no redistribution.

For all, except accounts managed by relationship managers and/or investment consultants of Credit Suisse AG, Hong Kong Branch, incorporated in Switzerland with limited liability: Any information herein (including documents attached) is not intended as a request or an offer or recommendation by or on behalf of Credit Suisse AG ("Credit Suisse") to any person to buy or sell any particular investment product or to participate in any other transactions. The investment product/transaction which is the subject herein may not be applicable or suitable for your specific circumstances or needs. Before investing in a product, please read the termsheet, prospectus, or trade documentation which contains important risk disclosures carefully and thoroughly. You should make your own appraisal of the risks and should consult to the extent necessary your own legal, financial, tax, accounting and other professional advisors, to ensure that any decision made is suitable with regards to your circumstances and financial position.

For accounts managed by relationship managers and/or investment consultants of Credit Suisse AG, Hong Kong Branch, incorporated in Switzerland with limited liability: Any information herein (including documents attached) is not intended as a request or an offer by or on behalf of Credit Suisse AG ("Credit Suisse") to any person to buy or sell any particular investment product or to participate in any other transactions. The investment product/transaction which is the subject herein may not be applicable or appropriate for your specific circumstances or needs. Before investing in a product, please read the termsheet, prospectus, or trade documentation which contains important risk disclosures carefully and thoroughly. You should make your own appraisal of the risks and should consult to the extent necessary your own legal, financial, tax, accounting and other professional advisors, to ensure that any decision made is suitable with regards to your circumstances and financial position.

For all:

For product advertisements: This advertisement has not been reviewed by the Monetary Authority of Singapore.

This information (including documents attached) may contain confidential, proprietary or legally privileged information and is intended only for the use of the user(s) and access to it by any other person is unauthorised. No confidentiality or privilege is waived or lost by any mistransmission. If you are not the intended recipient of this message you are hereby notified that you must not use, disseminate, copy it in any form or take any action in reliance on it.

Historical performance indications and financial market scenarios are not a reliable indication of current or future performance. Past performance of the management team is not necessarily indicative of its current or future performance. Although care has been taken to ensure that the information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable, Credit Suisse does not make any representation as to the accuracy, reliability and/or completeness of the information and analysis contained in this document and does not accept liability for any direct, indirect, incidental, specific or consequential loss and/or damage arising from the use of or reliance on such information or analysis.

This document may provide the addresses of, or contain hyperlinks to, websites. Except to the extent to which the document refers to website material of Credit Suisse, Credit Suisse has not reviewed the linked site and takes no responsibility for the content contained therein. Such addresses or hyperlinks (including addresses or hyperlinks to Credit Suisse’s own website material) are provided solely for your convenience and information and the content of the linked site does not in any way form part of this document. Accessing such websites or following such links through this document or Credit Suisse’s website shall be at your own risk.

Please note that financial institutions may have transitioned away or are transitioning away from London Interbank Offered Rates (LIBORs). This may affect products in your portfolio. When entering into a transaction or purchasing a product referencing LIBOR, the benchmark should have already permanently ceased or become unrepresentative. Accordingly, prior to your entry into such transaction or purchase of such product, certain events which may, amongst other things, impact the value of the transaction or product, or result in the spread or other terms of the transaction or product to be adjusted over the life of the transaction or product, as determined by the issuer or calculation agent in its sole discretion or any other counterparty, as the case may be, may have already occurred or will occur. In certain circumstances, such events may result in the early termination of the transaction or product becoming necessary. This does not constitute legal advice and should not be considered an explanation of all relevant risks and issues. You are hence advised to carefully consider the risks associated with the transaction or product relating to the permanent cessation or non-representativeness or reform of the benchmarks referenced in the transaction or product with your own legal advisors and any other advisors you deem appropriate. You may also wish to consider other investment alternatives which do not reference LIBOR. The risk level may change depending on the specific alternatives chosen.

For accredited investors in Singapore:

For products that are not Funds: The prospective investor acknowledges that this document has not been and will not be registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this document and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of this product may not be circulated or distributed, nor may this product be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined in Section 4A of the Securities and Futures Act 2001 (the "SFA") and the Securities and Futures (Classes of Investors) Regulations 2018) under Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA and the Securities and Futures (Classes of Investors) Regulations 2018) pursuant to Section 275(1), or any person pursuant to Section 275(1A), of the SFA, and in accordance with the conditions specified in Section 275 of the SFA and , where applicable, the conditions specified in Regulation 3 of the Securities and Futures (Classes of Investors) Regulations 2018, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

Where this product is subscribed or purchased under Section 275 of the SFA by a relevant person which is:

(a) a corporation (which is not an accredited investor (as defined in Section 4A of the SFA and the Securities and Futures (Classes of Investors) Regulations 2018)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or

(b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor,

securities (as defined in the SFA) or securities-based derivatives contracts (as defined in the SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred within 6 months after that corporation or that trust has acquired this product pursuant to an offer made under Section 275 of the SFA except:

(1) to an institutional investor or to a relevant person, or to any person arising from an offer referred to in Section 275(1A) or Section 276(4)(c)(ii) of the SFA;

(2) where no consideration is or will be given for the transfer;

(3) where the transfer is by operation of law;

(4) as specified in Section 276(7) of the SFA; or

(5) as specified in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities and Securities-based Derivatives Contracts) Regulations 2018 of Singapore.

For Funds: The offer or invitation of the interests (for purposes of this section, the “Interests”) of the fund(s) (for purposes of this section, the “Funds”), which are the subject of this document, does not relate to a collective investment scheme which is authorized under section 286 of the SFA or recognized under section 287 of the SFA. The Funds are not authorized or recognized by the MAS and the Interests are not allowed to be offered to the retail public. This document and any other document or material issued in connection with the offer or sale is not a prospectus as defined in the SFA. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. You should consider carefully whether the investment is suitable for you.

This document and other related documents have not been and will not be registered as a prospectus with the MAS. Accordingly, this document and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of Interests may not be circulated or distributed, nor may Interests be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor (as defined in Section 4A of the SFA and the Securities and Futures (Classes of Investors) Regulations 2018) under section 304 of the SFA, (ii) to a relevant person (as defined in Section 305(5) of the SFA and the Securities and Futures (Classes of Investors) Regulations 2018) pursuant to section 305(1), or any person pursuant to section 305(2), and in accordance with the conditions specified in section 305, of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

Where interests are subscribed or purchased under section 305 of the SFA by a relevant person which is:

a) a corporation (which is not an accredited investor (as defined in section 4A of the SFA and the Securities and Futures (Classes of Investors) Regulations 2018)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or

b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor,

securities (as defined in the SFA) or securities-based derivatives contracts (as defined in the SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred within 6 months after that corporation or that trust has acquired the Interests pursuant to an offer made under section 305 of the SFA except:

1) to an institutional investor or to a relevant person, or to any person arising from an offer referred to in sections 275(1A) or 305A(3)(c)(ii) of the SFA;

2) where no consideration is or will be given for the transfer;

3) where the transfer is by operation of law;

4) as specified in section 305A(5) of the SFA; or

5) as specified in Regulation 36 of the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005 of Singapore.

For professional investors in Hong Kong:

WARNING: This document, its content and other related documents have not been reviewed and / or approved by the Securities and Futures Commission in Hong Kong, any other regulatory authority in Hong Kong or any other jurisdictions. Accordingly (a) any interests or securities may not be offered or sold and have not been offered or sold in Hong Kong, by means of any document other than to (i) “professional investors” as defined in the Securities and Futures Ordinance (Cap. 571 of the laws of Hong Kong) (“SFO”) and any rules made pursuant to the SFO and any rules made pursuant to the SFO; or (ii) in other circumstances which do not result in the document being a “prospectus” as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that Ordinance; and (b) no person has issued or had in its possession for the purposes of issue, and will not issue or have in its possession for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement, invitation or document relating to any interests or securities, which is directed at, or the contents of which are or are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under securities laws of Hong Kong) other than with respect to any interests or securities which are or are intended to be disposed of only to persons outside Hong Kong or only to “professional investors” within the meaning of the SFO and any rules made pursuant to the SFO.

This document may only be sent to " professional investors " within the meaning of the SFO.

For investors in China:

Please note that the offering document assessed via the website link provided in this email is not meant for further distribution in the People's Republic of China, and shall not be sent or made available to any other person without our prior written consent.

For wholesale clients in Australia:

This document may only be sent to permitted recipients in Australia who qualify as wholesale clients as that term is defined by section 761G(7) of the Australian Corporations Act 2001 (Cth.) (the "Act") and as sophisticated or professional investors as defined by sections 708(8) and (11) (respectively) of the Act, in respect of which an offer would not require disclosure under Chapter 6D or Part 7.9 of the Act. This document is not a prospectus, product disclosure statement or any other form of prescribed offering document under the Act. This document is not required to, and does not, contain all the information which would be required in either a prospectus, product disclosure statement or any other form of prescribed offering document under the Act, nor is it required to be submitted to the Australian Securities and Investments Commission. The funds referred to in these materials are not registered schemes as defined in the Act.

Credit Suisse International ("CSi") is exempt from the requirement to hold an Australian financial services license under the Act in respect of the financial services it may provide to wholesale clients and it does not hold such a license. CSi is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority under UK laws, which differ from Australian laws. In Australia, Credit Suisse entities, other than Credit Suisse AG, Sydney Branch, are not authorised deposit-taking institutions for the purposes of the Banking Act 1959 (Cth.) and 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 the obligations of such Credit Suisse entities. An investor is exposed to investment risk including possible delays in repayment and loss of income and principal invested, as relevant.

The information in this document is general in nature and is not intended to address the objectives, financial situation or needs of any particular individual or entity. Each recipient should consider their own objectives, financial situation or needs before acting on the advice and obtain the relevant Product Disclosure Statement (if required) before making any decision whether to acquire any product. The Credit Suisse AG Financial Services Guide is accessible at https://www.credit-suisse.com/media/assets/apac/docs/financial-services-guide.pdf.

Credit Suisse may have conflicts of interest in relation to the investment product/transaction. A Credit Suisse affiliate may have acted upon the information and analysis contained in this document before being made available to clients of Credit Suisse. A Credit Suisse affiliate may, to the extent permitted by law, participate or invest in other financing transactions with the issuer of any securities referred to herein including the investment product/transaction which is the subject of this document, perform services or solicit business from such issuers, and/or have a position or effect transactions in the securities or options thereof.

Neither this document nor any copy may be sent to or taken into the United States (U.S.) or distributed in the U.S. or to any U.S. person (as defined in Regulation S under the U.S. Securities Act of 1933, as amended).

Credit Suisse AG (Unique Entity Number in Singapore: S73FC2261L) is incorporated in Switzerland with limited liability.

If you do not wish to receive this marketing material from us, please contact our Data Protection Officer at dataprotectionofficer.pb@credit-suisse.com (for Credit Suisse AG, Hong Kong Branch, incorporated in Switzerland with limited liability) or PDPO.SGD@credit-suisse.com (for Credit Suisse AG, Singapore Branch) or csau.privacyofficer@credit-suisse.com (for Credit Suisse AG, Sydney Branch) and copy your RM/ARM in that same email.

The entire contents of this document are protected by copyright law (all rights reserved). This document or any part thereof may not be reproduced, transmitted (electronically or otherwise), altered or used for public or commercial purposes, without the prior written permission of Credit Suisse.

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