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 commitment (except solely to the extent covered by CFTC Rules (as defined below)), 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. The risk of loss in trading FX, commodities, rates and derivatives can be substantial.
You should, therefore, carefully consider whether such trading is suitable for you in light of your circumstances and financial resources.
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.
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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.
Credit Suisse is acting solely as an arm's length contractual counterparty and not as a financial adviser (or in any other advisory capacity including tax, legal, accounting or otherwise) or in a fiduciary capacity. Any information provided does not constitute advice or a recommendation to enter into or conclude any transaction. Before entering into any transaction, you should ensure that you fully understand the potential risks and rewards and independently determine that it is appropriate for you given your objectives, experience, financial and operational resources, and other relevant circumstances.
You should consult with such independent advisers (including, without limitation, tax advisers, legal advisers and accountants) as you deem necessary.
The information provided herein constitutes marketing material. It is not investment advice or otherwise based on a consideration of the personal circumstances of the addressee nor is it the result of objective or independent research. The information provided herein is for informational purposes only and is not legally binding and it does not constitute an offer or invitation to enter into any type of financial transaction.
The information provided herein was produced by Credit Suisse Group AG and/or its affiliates (hereafter "CS") with the greatest of care and to the best of its knowledge and belief.
The information and views expressed herein are those of CS at the time of writing and are subject to change at any time without notice. They are derived from sources believed to be reliable.
CS provides no guarantee with regard to the content and completeness of the information and does not accept any liability for losses that might arise from making use of the information. If nothing is indicated to the contrary, all figures are unaudited. The information provided herein is for the exclusive use of the recipient. It may not be reproduced, neither in part nor in full, without the written permission of CS. Investments in foreign currencies involve the additional risk that the foreign currency might lose value against the investor's reference currency.