Please note that, starting 05 December 2016, the issuing activities of Notenstein La Roche Private Bank Ltd and its subsidiary Notenstein Finance (Guernsey) Ltd in the area of structured investment products are being transferred to Raiffeisen Switzerland Cooperative and Raiffeisen Switzerland BV in Amsterdam.

From this date, new structured products will be issued by Raiffeisen Switzerland Cooperative and Raiffeisen Switzerland BV. In principle and save for a small number of individual exceptions, Notenstein La Roche Private Bank Ltd and Notenstein Finance (Guernsey) Ltd will not issue any new structured investment products from this date on.

The changeover in issuer for Notenstein La Roche Private Bank Ltd is planned for spring 2017, when all outstanding structured products of Notenstein La Roche Private Bank Ltd as issuer will be transferred to Raiffeisen Switzerland Cooperative.

For Notenstein Finance (Guernsey) Ltd, the changeover in issuer will take place in early summer 2017. Any structured products outstanding at this point will be transferred to Raiffeisen Switzerland BV in Amsterdam.

No action required on the part of investors

Investors do not need to take any action. Transferral does not entail any changes to product terms and conditions or to products' ISIN numbers.

Legal aspect – replacement of issuer

The derivatives issuance programme of Notenstein La Roche Private Bank Ltd/Notenstein Finance (Guernsey) Ltd stipulates that it is possible for issuers (viz. Notenstein La Roche Private Bank Ltd and Notenstein Finance (Guernsey) Ltd) to be exchanged for another issuer within the Raiffeisen Group without the express consent of investors being required provided the new issuer takes over all the obligations held by the current issuer in respect of investors and in relation to the products. Under this same proviso, it is also possible to replace the issuer with the guarantor; the guarantee is extinguished and no new guarantor is required.

This stipulation is now being invoked, with Notenstein La Roche Private Bank Ltd being replaced as issuer by Raiffeisen Switzerland Cooperative, and Notenstein Finance (Guernsey) Ltd being replaced as issuer by Raiffeisen Switzerland BV. To date, Raiffeisen Switzerland Cooperative has also functioned as guarantor both issuers. As regards Notenstein Finance (Guernsey) Ltd and, now, Raiffeisen Switzerland BV, Raiffeisen Switzerland Cooperative's guarantee will remain in place; the guarantee for the products that will now be issued by Raiffeisen Switzerland Cooperative will lapse, as the guarantor and the issuer will be one and the same.

Changes to termsheets

All termsheets for products issued under the derivatives issuance programme will be changed: references to Notenstein La Roche Ltd and Notenstein Finance (Guernsey) Ltd will be replaced by references to Raiffeisen Switzerland Cooperative and Raiffeisen Switzerland BV in Amsterdam, respectively. References to the existing guarantee of Raiffeisen Switzerland Cooperative will likewise be changed. The amended termsheets will be published with effect from the respective reference dates for the changeover in issuer.

Information from custodian

SIX Financial Information will issue the requisite information no later than five trading days prior to the changeover in issuer. The custodians of investors in the outstanding products will be informed that the issuer (borrower; to date Notenstein La Roche Ltd and Notenstein Finance (Guernsey) Ltd) in respect of all outstanding uncertificated securities corresponding to the products covered by the agreement is being replaced by Raiffeisen Switzerland Cooperative and Raiffeisen Switzerland BV in Amsterdam. The respective custodian is responsible for informing investors.

Should you have any further questions, your Raiffeisen Structured Products Sales Team will be happy to help and can be reached at +41 (0)44 226 72 20.

For further information, please refer to the media release.

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