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Conflict of Interest Disclosure. Credit Suisse is a full-service, integrated investment banking, investment management, and brokerage firm. The professionals who prepared this material are partly paid based on the profitability of the firm, which includes earnings from the firm’s trading, capital markets, investment banking, and other businesses. The views of the Credit Suisse’s Trading Desks may differ materially from the views of the Research Departments and other divisions at Credit Suisse. Credit Suisse has a number of policies in place designed to ensure the independence of its Research Departments from its Trading Desks, including policies relating to trading securities prior to distribution of research reports. These policies do not apply to the materials provided by Fixed Income Sales. Credit Suisse may trade as principal or have trading positions in securities or other financial instruments that are the subject of this material Credit Suisse’s Trading Desks may have accumulated, be in the process of accumulating, or accumulate long or short positions in the subject security or related securities on the basis of Fixed Income Sales materials. Trading desks may have, or take, positions inconsistent with materials provided by Fixed Income Sales. The material communicated is intended only to provide observations and views of the firm’s personnel who have prepared the electronic communication and its materials, which may be different from, or inconsistent with the observations and views of Credit Suisse analysts or other Credit Suisse sales and/or trading personnel, or the trading positions of Credit Suisse. Observations and views of the salesperson or trader may change at any time without notice. In addition, Credit Suisse may have served as manager or co manager of a public offering of securities by any such company within the past three years.
Derivatives Transactions. In any instance where distribution of this communication is subject to the rules of U.S. Commodity Futures Trading Commission ("CFTC"), this communication constitutes an invitation to consider entering into a derivatives transaction under U.S. CFTC Regulations §§ 1.71 and 23.605, where applicable, but is not a binding offer to buy and/or sell any financial instrument.
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Marketing Materials. Marketing Materials are not investment research and is intended for Institutional Investors only. See for Marketing Materials disclaimer.
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Other Regulatory Disclosures: Where required by law, pre-trade mid-market mark is the arithmetic mean of bid and offer prices unless otherwise stated; other regulatory disclosures are found at Credit Suisse PLUS.