en Disclaimer - Locus

Disclaimer - Locus

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This information has been issued by individual sales and/or trading personnel of Credit Suisse or its subsidiaries or affiliates (collectively "Credit Suisse" or "CS") and is not a product of Credit Suisse Research. This material is provided to you by CS solely for informational purposes, is intended for your use only and does not constitute an offer or commitment, a solicitation of an offer or comment, or any advice or recommendation, to enter into or conclude any transaction (whether on the indicative terms shown or otherwise), or to provide investment services in any state or country where such an offer or solicitation or provision would be illegal. CS will not treat recipients as its customers by virtue of their receiving this document. The provision of the services referred to in this document is subject to relevant local regulation and practice, and not all the services described may be available in your particular jurisdiction.

This material is not for distribution to retail clients and is directed exclusively at Credit Suisse's market professional and institutional clients. Moreover, any investment or service to which this material may relate will not be made available by Credit Suisse ("CS") to such retail customers.

Any discussions or results based on hypothetical projections or past performance have certain inherent limitations and should not be taken as an indication of future results. There is no certainty that the parameters and assumptions used can be duplicated with actual trades. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have undercompensated or overcompensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that the strategy described in this document will or is likely to achieve results similar to those shown.

This material has been prepared by CS based on assumptions and parameters determined by it in good faith. The assumptions and parameters used are not the only ones that could have been selected and therefore no guarantee is given as to accuracy, completeness or reasonableness of any such quotations, disclosures or analyses. A variety of other or additional assumptions or parameters, or other market factors and other considerations, could result in different contemporaneous good faith analyses or assessment of the transaction described above. Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance. Opinions and estimates may be changed without notice. The information set forth above has been obtained from or based upon sources believed by CS to be reliable, but CS does not guarantee in any way its accuracy or completeness. This material does not purport to contain all of the information that an interested party may desire. In all cases, interested parties should conduct their own investigative analysis of the transaction described in these materials and the data set forth in them. Each person receiving these materials should make an independent assessment of the merits of pursuing a transaction described in these materials and should consult their own professional advisors.

Structured transactions 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 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 product should conduct its own investigation and analysis of the product and consult with its own professional advisors as to the risk involved in making such a purchase.

CS accepts no liability for loss arising from the use of the material presented in this document except that this exclusion of liability does not apply to the extent that such liability arises under specific statutes or regulations applicable to CS.

None of the document, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party, without the prior express written permission of CS. All trademarks, service marks and logos used in this document are trademarks or service marks or registered trademarks or service marks of CS or its information providers. All material presented in this document, unless specifically indicated otherwise, is under copyright to CS or its information providers.

CS does not provide any tax advice. Any tax statement herein regarding any US federal tax is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding any penalties. Any such statement herein was written to support the marketing or promotion of the transaction(s) or matter(s) to which the statement relates. Each taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

ERISA

Receipt and use of this information constitutes a representation and agreement by you that, you will not and you are not authorized or permitted to rely on this as a primary basis for any investment decision with respect to any employee benefit plan, including the purchase of any products of CS or engagement of CS asset management services on behalf of such plan, and there is no and will be no agreement, arrangement or understanding to the contrary. Neither CS nor any of its affiliates has investment discretion or renders investment advice with respect to any assets of the employee benefit plan that may be involved with the purchase and holding of a security and neither CS not its affiliates is otherwise a fiduciary with respect to any assets of the plan involved in the purchase and holding of any securities. You are not relying on any communication (written or oral and including, without limitation, opinions of third party advisors ) of CS or its affiliates as (i) legal, regulatory, tax, business, investment, financial, accounting or other advice, (ii) a recommendation to purchase or hold the securities or (iii) an assurance or guarantee as to the expected results of an investment in the securities; it being understood that information and explanations related to the terms and conditions of the securities are made incidental to CS' business and shall not be considered (i) legal, regulatory, tax, business, investment, financial, accounting or other advice, (ii) a recommendation to

purchase or hold the securities or (iii) an assurance or guarantee as to the expected results of an investment in the securities. Any such communication is not the basis on which the fiduciary on behalf of the employee benefit plan, has made the decision to purchase and hold the securities and has been independently confirmed by the fiduciary, on behalf of the employee benefit plan, prior to purchasing the securities. The fiduciary, on behalf on the employee benefit plan, is making its own investment decision based upon its own judgment and on its own legal, regulatory, investment, tax, accounting and other professional advisors as it has deemed necessary in connection with the purchase and holding of the securities.

Municipalities

CS may provide various services to US municipal entities or obligated persons ("municipalities"), including suggesting individual transaction or trades and entering into such transactions. Any services CS provides to municipalities are not viewed as "advice" within the meaning of Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. CS is providing any such services and related information solely on an arm's length basis and not as an advisor or fiduciary to the municipality. In connection with any such services, there is no agreement, direct or indirect, between any municipality (including the officials, management, employees or agents thereof) and CS for CS to provide advice to the municipality. Municipalities should consult with their financial, accounting and legal advisors regarding any such services provided by CS. In addition, CS is not acting for direct or indirect compensation to solicit the municipality on behalf of an unaffiliated broker, dealer, municipal securities dealer, municipal advisor, or investment adviser for the purpose of obtaining or retaining an engagement by the municipality for or in connection with Municipal Financial Products, the issuance of municipal securities, or of an investment adviser to provide investment advisory services to or on behalf of the municipality.

ASIC

Credit Suisse Securities (Europe) Limited ("CSSEL") and Credit Suisse International ("CSI") are authorized 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 License ("AFSL") and are exempt from the requirements to hold an AFSL under the Corporations Act (Cth) 2001 ("Corporations Act") under Class Order 03/1099 published by the Australian Securities and Investment 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 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 provide to Australian wholesale clients (within the meaning of section 761G of the Corporations Act).

Collection and Use of Personal Data

As a client, it is necessary from time to time for you to supply Credit Suisse with your personal data/personal information (or personal data/personal information of your employees, directors, shareholders, authorized signatories, agents, and representatives, together "your representatives") to enable us to provide and administer financial, banking, securities and investment products and services and to effect transactions for or with you. For Hong Kong clients, Credit Suisse's Personal Information Collection ("PICS") is available at https://www.credit-suisse.com/media/cc/docs/hk/legal/doc/picstatement.pdf and for Australian clients, the Credit Suisse Privacy and Credit Reporting Policy ("Privacy Policy") is available at www.credit-suisse.com/au and a Credit Suisse Notification and Consent ("Consent") is available at https://www.credit-suisse.com/media/cc/docs/au/legal/cs-australia-privacy-notification-and-consent.pdf. By providing personal data/personal information to us, you represent that you have obtained the required consent of your representatives for Credit Suisse to use/transfer the personal data/personal information in accordance with the PICS or Privacy Policy and Consent as applicable. If you do not wish to receive marketing from Credit Suisse or wish to access the personal data/personal information held in relation to you, please contact our Hong Kong data protection officer at dataprotectionofficer.ib@credit-suisse.com or our Australian privacy officer at CSAU.PrivacyOfficer@credit-suisse.com as relevant.

To the extent you receive financial services from Credit Suisse Securities (USA) LLC (CSSU), CSSU does not hold an AFSL and is exempt from the requirement to hold an AFSL. CSSU is authorised by the Securities and Exchange Commission under US laws, which differ from Australian laws.

To the extent you receive financial services from Credit Suisse Asset Management LLC (CSAM), CSAM does not hold an AFSL and is exempt from the requirement to hold an AFSL. CSAM is authorised by the Securities and Exchange Commission under US laws, which differ from Australian laws.

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