This material is a product of the Credit Suisse ("CS”) Fixed Income Sales and Trading Department. It is not a product of the Firm's Research Department, not a research report, and not subject to all of the independence and disclosure standards applicable to research reports prepared pursuant to FINRA or CFTC research rules. This material is not independent of the Firm's proprietary interests, which may conflict with your interests. The Firm trades securities and other instruments discussed in this material for its own account and on a discretionary basis on behalf of certain clients.  As part of the Sales and Trading Department, the author may have consulted with the Firm's traders and other personnel, who may have already traded based on the views expressed in this material, may trade contrary to the views expressed in this material, and may have existing long or short positions in the securities or other instruments discussed herein.  This material is intended only for institutional investors.  Solely for purposes of the CFTC's rules and to the extent this material discusses derivatives, this material is a solicitation for entering into a derivatives transaction and should not be considered to be a derivatives research report.

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 (except as noted for CFTC purposes), 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 is not acting in any fiduciary capacity and it will not treat recipients as its customers by virtue of their receiving this material. The provision of the services referred to in this material 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 material 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.

The views expressed in this material may be changed without notice. While the information in this material has been obtained or derived from or based upon publicly available sources believed by CS to be reliable, CS makes no representations as to  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 independent investigative analysis and assessment of the merits of any transaction described in this material and the data set forth in them and should consult their own professional advisors.  CS accepts no liability for loss arising from the use of this material 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 this document, or 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.

Receipt and use of this material 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 or sale of a security, other instrument or CS product, and neither CS nor its affiliates is otherwise a fiduciary with respect to any assets of the plan involved in such purchase and holding or sale. 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 or sell the securities, other instruments or CS products or (iii) an assurance or guarantee as to the expected results of an investment in the securities, other instruments or CS products; it being understood that information and explanations related to the terms and conditions of such securities, instruments or CS products 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 or sell such securities, instruments or CS products or (iii) an assurance or guarantee as to the expected results of such an investment. 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 or sell the securities, other instruments or CS products and has been independently confirmed by the fiduciary, on behalf of the employee benefit plan, prior to such purchase or sale. 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, holding or sale of the securities, instruments, or CS products.

This material has been prepared by a Sector Strategist. Sector Strategists are employees of the CS Fixed Income Sales and Trading Department and are supervised by Fixed Income Sales and Trading managers. Their primary responsibility is to support the trading desk. To that end, Fixed Income Sector Strategists prepare trade commentary, trade ideas, and other materials in support of the CS trading desks. The Fixed Income Trading Desks trade or may trade as principal in the securities or other instruments that are the subject of this material for its own account and on a discretionary basis on behalf of certain clients. As part of the Sales and Trading Department, the author of this material may have consulted with the Firm's traders and other personnel while preparing this material. Fixed Income Trading Desks may have accumulated, be in the process of accumulating, or accumulate long or short positions in the subject security or other instruments on the basis of this material or other Sector Strategists' materials. Trading desks may have, or take, positions inconsistent with this material and may have already traded based on the views expressed in this material.

Sector Strategists are not part of the CS Research Department, and the views of the CS Fixed Income Sales and Trading Department, including Sector Strategists, may differ materially from the views of the Research Department and other divisions at CS.  This material is not a research report, and neither this material nor Sector Strategists are subject to CS policies and standards that apply to research reports and research analysts.  Unlike research reports from the Firm's Research Department, this material is not independent of the Firm's proprietary interests, which may conflict with your interests.

Sector Strategists may receive or develop additional or different information subsequent to your receipt of this material. The material provided by Sector Strategists is subject to change without notice, and subsequent views may be inconsistent with information previously provided to you. CS does not undertake a duty to update this material or to notify you when or whether the Sector Strategists' views have changed. This material and other written and oral communications from Sector Strategists are provided for informational purposes only.  They should not be considered sufficient upon which to base an investment decision.

Solely for purposes of the CFTC's rules regarding derivatives research and to the extent this material discusses derivatives, this material is a solicitation for entering into a derivatives transaction and therefore should not be considered to be a derivatives research report.  Credit Suisse takes no responsibility for the content of any third-party site. Links to third-party sites are provided solely for your convenience and information; accessing such sites is at your own risk.

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