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Canadian Market Commentary Disclaimer 

TRADING / MARKET COMMENTARY: The information provided herein (the "Material") is being provided for informational purposes only and is directed exclusively for the institutional clients of Credit Suisse Securities (Canada), Inc. ("Credit Suisse"). No part of this material may be reproduced or retransmitted in any manner without the prior written permission of Credit Suisse.

The Material has been prepared by individual trading or sales personnel of Credit Suisse; the Material has not been prepared by the research department of Credit Suisse. The most recent publications by the research department of Credit Suisse may be accessed using the following link: https://s.research-and-analytics.csfb.com/login.asp. The Material includes the observations and views of individual trading or sales personnel. These observations and views may be different from, or inconsistent with, the observations and views of Credit Suisse research department analysts, other Credit Suisse trading or sales personnel, or the proprietary positions of Credit Suisse. The observations and views may be changed by the trading or sales personnel at any time without notice. The information set forth in the Material has been obtained from or based upon sources believed by the trading or sales personnel to be reliable, but Credit Suisse does not represent, warrant or guarantee that this material is accurate, complete or suitable for any purpose or any particular investor and it should not be used as a basis for investment decisions. It is not to be relied upon or used in substitution for the exercise of independent judgment. Credit Suisse accepts no liability for losses arising from the use of the Material, including losses or damages arising out of errors, omissions or changes in market factors. 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.

The Material is not intended to provide a sufficient basis on which to make an investment decision and does not take into account the individual situation or circumstances of any client. The Material is not intended to be an offer or solicitation to purchase or sell any security or other financial instrument or to employ a specific investment strategy. Credit Suisse does not provide, and nothing contained herein should be construed as, investment, tax, accounting or legal advice; a client of Credit Suisse should consult such investment, tax, accounting, and legal advisors as it deem necessary or appropriate prior to taking any investment decision based on the Material or for an explanation of its contents. Additional disclosures are provided at the following link: http://www.csfb.com/legal_terms/market_commentary_disclaimer.shtml.

Credit Suisse is an investment dealer registered in each province and territory of Canada, a member of the Investment Industry Regulation Organization of Canada, and a participant on The Toronto Stock Exchange, the Montreal Exchange and all other Canadian securities marketplaces required under applicable laws, rules and regulations. Credit Suisse is a subsidiary of Credit Suisse AG. Credit Suisse is not a chartered bank, trust company or depository institution, and is not licensed or regulated under the Bank Act (Canada). Credit Suisse is a member of the Canadian Investor Protection Fund ("CIPF"). Clients’ accounts at Credit Suisse are protected by CIPF within specified limits. A brochure describing the nature and limits of coverage is available upon request. Credit Suisse may, from time to time, participate or invest in transactions with issuers of securities that participate in the markets referred to herein, perform services for or solicit business from such issuers, and/or have a position or effect transactions in the securities or derivatives thereof.