These materials have been prepared by individual sector strategist personnel of Credit Suisse or its subsidiaries or affiliates (collectively "Credit Suisse" or "CS") and are not a product of Credit Suisse Research. The sector strategists are employees of CS’s Fixed Income Trading Department and are supervised by trading managers. Their primary responsibility is to support the Fixed Income trading desk. To that end, the sector strategists prepare materials describing analytical models ("materials") in support of CS’s Fixed Income trading desks. The information in these materials has been obtained or derived from publicly available sources believed to be reliable, but CS makes no representations as to its accuracy or completeness. The sector strategists that prepare this information may receive or develop additional or different information subsequent to your receipt of these materials. The materials are subject to change, and subsequent views may be inconsistent with information previously provided to you. CS does not undertake a duty to update these materials or to notify you when or whether the desk’s views have changed. These materials and other written and oral are provided for information purposes only, do not constitute a recommendation and are not a sufficient basis for an investment decision.

The sector strategists are not part of Credit Suisse’s Research Departments, and the written materials disseminated by the sector strategists are not research reports. The views of Credit Suisse’s Fixed Income trading desks may differ materially from the views of the Research Departments and other divisions at CS. Credit Suisse has a number of policies in place designed to ensure the independence of Credit Suisse’s Research Departments, including from Credit Suisse’s Fixed Income trading desks, including policies relating to trading securities prior to distribution of research reports. These policies do not apply to the materials provided by the sector strategists. The Fixed Income trading desks trade or may trade as principal in the securities (or related securities) that are the subject of these materials. The Fixed Income 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 the sector strategist’s materials. Trading desks may have, or take, positions inconsistent with materials provided by the sector strategists.

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