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Credit Suisse Asset Management

Credit Suisse Fund (Lux) Fixed Income Cycle Invest
Fixed Income Solution Through the Investment Cycle


January 2011
Content

 In a nutshell
 The current environment
 Our solution : Cycle Investment
 Management
 – Current cycle strategy
 – Fund details
 Summary, team and contacts
 Appendix




                 Please see “Important Information” at the end of this material for important disclosures regarding
                 the data and information contained and the views and opinions expressed in this material
                                                                                                                      January, 2011 / Slide 2
Credit Suisse Fund (Lux) Fixed Income Cycle Invest
In a nutshell
Why cycle          Low yields: With interest rates at record low and credit spreads at modest levels, total
investing?         return expectations in relation to inherent risks for fixed income securities are generally
                   low
                   Sovereign debt crisis: Formerly safe heaven investments like sovereign debt is
                   increasingly questioned. Security selection and diversification therefore becomes
                   increasingly important
                   Increased credit and spread risk: With increased globalization and highly leveraged
                   market participants, business cycle but also credit risk and spread volatility has
                   increased substantially
Fund:              To achieve capital appreciation with in defined risk diversification rules by engaging in
Investment         active fixed income sector rotation, from government bonds to different credit asset
objective          classes across the quality spectrum, to capture investment opportunities based on the
                   development of the business cycle
                   To provide daily liquidity and portfolio transparency
                   To profit from raising or falling interest rates as well as widening or tightening credit
                   spreads
Subscription January 17, 2011 – February 11, 2011
period
Launch          February 11, 2011

                       Please see “Important Information” at the end of this material for important disclosures regarding
                       the data and information contained and the views and opinions expressed in this material
                                                                                                                            January, 2011 / Slide 3
Credit Suisse Fund (Lux) Fixed Income Cycle Invest
The fixed income investor is facing many challenges
Low yields                                                                       Sovereign debt crisis
With interest rates at record lows and credit                                    Formerly safe haven investments like sovereign debt
spreads at modest levels, total return expectations                              is increasingly questioned. Security selection and
in relation to the inherent risks for fixed income                               diversification therefore becomes more important
securities are generally low




Increased credit and spread risk                                                 Liquidity
With increased globalization and highly leveraged                                While fixed income markets seem to work under
market participants, business cycle but also credit                              normal conditions, liquidity could be withdrawn
risk and spread volatility has increased substantially                           swiftly due to continued leverage and financial
                                                                                 sector regulation

                         Please see “Important Information” at the end of this material for important disclosures regarding
                         the data and information contained and the views and opinions expressed in this material
                                                                                                                              January, 2011 / Slide 4
Credit Suisse Fund (Lux) Fixed Income Cycle Invest
10 year government bond yields are near 20-year lows
10 year government bond yields (%)

   8.0

   7.0

   6.0

   5.0

   4.0

   3.0

   2.0

   1.0
     Dec 91         Dec 93         Dec 95             Dec 97             Dec 99             Dec 01             Dec 03                Dec 05   Dec 07        Dec 09
                                                US                    Eurozone                          CH




Source: Credit Suisse/IDC. Last Data Point November 29, 2010


                                Please see “Important Information” at the end of this material for important disclosures regarding
                                the data and information contained and the views and opinions expressed in this material
                                                                                                                                                 January, 2011 / Slide 5
Credit Suisse Fund (Lux) Fixed Income Cycle Invest
Credit risk management is key
Sovereign risk premiums




1,200



 800



 400



     0
     Jan 08                                                     Jan 09                                                          Jan 10
                                 Germany                Italy         Ireland             Greece              UK            USA          Japan




Source: Credit Suisse/IDC. Last Data Point November 29, 2010


                                Please see “Important Information” at the end of this material for important disclosures regarding
                                the data and information contained and the views and opinions expressed in this material
                                                                                                                                                 January, 2011 / Slide 6
Credit Suisse Fund (Lux) Fixed Income Cycle Invest
Credit risk management is key
US benchmark credit spreads (bp)



700                                                                                                                                                    1'800
                                                                                                                                                       1'600
600
                                                                                                                                                       1'400
500                                                                                                                                                    1'200
400                                                                                                                                                    1'000

300                                                                                                                                                   800
                                                                                                                                                      600
200
                                                                                                                                                      400
100                                                                                                                                                   200
  0                                                                                                                                                   0
   Nov 99                 Nov 01                        Nov 03                         Nov 05                         Nov 07         Nov 09
                                       AAA            AA          A         BBB            Non-investment grade (rhs)




Source: Credit Suisse/IDC. Last Data Point November 29, 2010


                                Please see “Important Information” at the end of this material for important disclosures regarding
                                the data and information contained and the views and opinions expressed in this material
                                                                                                                                       January, 2011 / Slide 7
Credit Suisse Fund (Lux) Fixed Income Cycle Invest
The investment objective
   The objective of the fund is to achieve capital
   appreciation within defined risk diversification
   rules by engaging in active fixed income sector
   rotation, from government bonds to different
   credit asset classes across the quality spectrum,
   to capture investment opportunities based on the
   development of the business cycle

   The fund seeks to take advantage of raising or
   falling interest rates as well as widening or
   tightening credit spreads

   Well diversified global fixed income portfolio
   hedged in USD/EUR/CHF

   Customized Benchmark

   UCITS III Fund with daily liquidity



                        Please see “Important Information” at the end of this material for important disclosures regarding
                        the data and information contained and the views and opinions expressed in this material
                                                                                                                             January, 2011 / Slide 8
Credit Suisse Fund (Lux) Fixed Income Cycle Invest
One-stop fixed income solution through the investment cycle
Four key insights
                                                                                                                Cycle Investment
1. Cycle Investment Management                                                                                    Management
    Strategic fund positioning according to Cycle
    Clock in line with Credit Suisse Global
    Investment Committee

2.   Global Multi Sector Universe
     Efficient access to global fixed income
     opportunities to add value




                                                                                 Gl
3.   Active Risk Management




                                                                                   ob Un
                                                                                     al ive
     Flexible approach allows proper risk




                                                                                                                                           ge isk
                                                                                                                                                   t
                                                                                                                                                en
                                                                                       M rs




                                                                                                                                        na R
     management and dynamic allocations




                                                                                                                                              m
                                                                                        ul e




                                                                                                                                      Ma ctive
                                                                                          tis
                                                                                              ec




                                                                                                                                       A
                                                                                                 to
                                                                                                   r
4. Liquidity Enhancement and Transparency
    Synthetic replication of credit risk increases
    liquidity




                        Please see “Important Information” at the end of this material for important disclosures regarding
                        the data and information contained and the views and opinions expressed in this material
                                                                                                                                   January, 2011 / Slide 9
                                                                                                                                                                                                                                                  Cycle Investment
                                                                                                                                                                                                                                                    Management




Credit Suisse Fund (Lux) Fixed Income Cycle Invest




                                                                                                                                                                                                                             Glo




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Holistic approach implemented in a flexible and active manner

Outperform




                                                                           Govern. Bonds




                                                                                                                                                                                  High Yield
                                                                                                                            IG Credit
                                                                                           IG Credit

                                                                                                        Cash
                                                                          Rates




                                                                                                                                        Cash
                                              Govern. Bonds




                                                                                                                                                                 Govern. Bonds
                                                                                                                                                    High Yield




                                                                                                                                                                                                IG Credit
                                       Cash
              High Yield

                           IG Credit




                                                                                                                                                                                                                   Govt. Bonds
                                                                                                               High Yield




                                                                                                                                                                                                            Cash
Underperform

                    Overheating                                                                        Slowdown                                Contraction                       Recovery


Source: Credit Suisse/IDC; adjusted for Fixed Income only


                                                              Please see “Important Information” at the end of this material for important disclosures regarding
                                                              the data and information contained and the views and opinions expressed in this material
                                                                                                                                                                                               January, 2011 / Slide 10
                                                                                                                                                                                                      Cycle Investment
                                                                                                                                                                                                        Management




Credit Suisse Fund (Lux) Fixed Income Cycle




                                                                                                                                                                                 Glo




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Invest
Neutral benchmark weights: rating, sectors and country exposure may change
considerably through the cycle1)
   Rating distribution
                      B CCC
             BB
                                                                     Sector distribution
    BBB
                                                                            EM

                                                                 HY
                                                 AAA                                                                                           Country distribution
A

                                                                                                            Gov./Sov.                          Other
                                                          IFL
                                                                                                                                                                               United States
                                                                                                                            Russia
          AA                                                                                                                     Brazil
                                                                                                                           Spain
                                                     Securitized                                                             Canada
                                                                                                                                  Italy

                                                                          Corporates
                                                                                                                                  Germany

                                                                                                                                           France                     Japan
                                                                                                                                                        United
                                                                                                                                                       Kingdom

    1) Benchmark: 70%Barclays Global Agg, 5% Barclays Global High Yield, 10% Barclays Global EM, 15% Barclays Global Inflation Linked


                                          Please see “Important Information” at the end of this material for important disclosures regarding
                                          the data and information contained and the views and opinions expressed in this material
                                                                                                                                                                 January, 2011 / Slide 11
Credit Suisse Fund (Lux) Fixed Income Cycle Invest
Liquidity enhancement through synthetic replication of credit risk

Liquidity enhancement

          Client               Asset                     Traditional                                          Enhanced
       Investment           Allocation               Credit Investments                                   Liquidity Concept


       NAV                 Sovereign
                           Bonds
       100%
                           100%




                           Credit                         Corporate                           Corporate
                           Allocation                     Bonds                               Bonds
                                                                                                                     Synthetic replication
                                                                                              Cash             +     through derivatives
                                                                                                                     eg. via CDS




                     Please see “Important Information” at the end of this material for important disclosures regarding
                     the data and information contained and the views and opinions expressed in this material
                                                                                                                                       January, 2011 / Slide 12
                                                                                                                                                                   Cycle Investment
                                                                                                                                                                     Management




Credit Suisse Fund (Lux) Fixed Income Cycle Invest




                                                                                                                                              Glo




                                                                                                                                                                                           ge isk
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                                                                                                                                                 ba Univ




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                                                                                                                                                                                       A
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                                                                                                                                                               r
Well structured investment approach aligned with CS Global Investment Committee
Cycle Investment Management process                                                   Current Strategy

Strategic positioning                                                                 Underweight duration, Long Credit
(input driven from Credit Suisse Global                                               (the fund is positioned systematic short duration)
Investment Committee)



Tactical overlay                                                                      Negative Credit Momentum
(short-term risk mitigation)                                                          (reduces credit risk through credit derivatives)




CSF (Lux) Fixed Income Cycle Invest                                                   CSF (Lux) Fixed Income Cycle Invest



Security selection                                                                    Security selection
(fundamental strength and relative value                                              (Buy credit bonds single issuers)
selection)

                         Please see “Important Information” at the end of this material for important disclosures regarding
                         the data and information contained and the views and opinions expressed in this material
                                                                                                                              January, 2011 / Slide 13
Credit Suisse Fund (Lux) Fixed Income Cycle Invest
Fixed Income bottom-up 3-step selection process
Sector               Sector view are based on top-down industry risk and indicate how the sector is trading
Selection            relative to all sectors

            Step 1




Issuer               Issuer selection by fundamental and relative rating
Selection
                                                           Fundamental rating analysis reflects the rating outlook for issuers and
                                                           is based on fundamental company analysis.
            Step 2




                                                           Relative rating: quantitative models predict one-year default
                                                           probabilities and provide an implied spread model with normalized
                                                           relative values. The rating is seen relative to the average sector.

                     CS Asset Management fixed income critical issuer list
            Step 3




                          Please see “Important Information” at the end of this material for important disclosures regarding
                          the data and information contained and the views and opinions expressed in this material
                                                                                                                               January, 2011 / Slide 14
Credit Suisse Fund (Lux) Fixed Income Cycle Invest
Current strategy – geared to the low-yield environment
Rates
                                                                                                        AAA and BBB corporate yield to 10Y US Treasury
                                                                                                      bp
                                                                                                       700
 Protection against rising interest rates
                                                                                                       600

                                                                                                       500


 Long credit versus government bonds                                                                   400

                                                                                                       300

                                                                                                       200

                                                                                                       100
Credit
                                                                                                           0

                                                                                                      -100
                                                                                                               70     74      78         82        86         90      94       98       02        06     10
 Financials: Focus on European Champions                                                                       NBER recession period          AAA spread to 10Y US Treasury          BBB spread to 10Y US Treasury


                                                                                                        European Government Yields
                                                                                                      10-year bond yields in %
 Capturing high liquidity premiums                                                                    14

                                                                                                      12

                                                                                                      10
Enhancement                                                                                             8

                                                                                                        6

                                                                                                        4
 Hedging overlay on rates and credit                                                                    2

                                                                                                        0
                                                                                                        Jan 93                Jan 97                 Jan 01                Jan 05             Jan 09

 Relative value strategies (non-directional)                                                                        Germany            Spain            Switzerland          Italy       France        UK




Source: NBER, Datastream, Credit Suisse/IDC, Data as of 18.11.2010


                                       Please see “Important Information” at the end of this material for important disclosures regarding
                                       the data and information contained and the views and opinions expressed in this material
                                                                                                                                                                                      January, 2011 / Slide 15
 Credit Suisse Fund (Lux) Fixed Income Cycle Invest
 Cycle composite portfolio – Diversified in terms of credit rating, countries and instruments
                         Cash                                                                                 United                                                   B NR
                             Convertibles                                                                     Kingdom                                         BB
                                                                              Other
                                                                                                                                                                                           AAA
    SSA
                                             Corporates

                                                                                                                           United States


                                                                   Denmark                                                                       BBB
                                                                   Russian
                                                                   Federation
                                                                                                                      Germany
Securitized                                                         Luxembourg                                                                                                                AA
                                      Financials
                                                                           Netherlands
                                                                                                           France
                                                                                           Switzerland
                                                                                                                                                                       A

 Modified Duration                                                                    2.77 years   Tracking Error                                                                          4.95%
 Average Maturity                                                                     2.59 years   Annualized Volatility                                                                   4.56%
 Average Rating                                                                               A    Sharpe Ratio                                                                              4.53
 Yield to Maturity                                                                       4.28%     1 Month High                                                                            6.06%
 Number of Positions                                                                        132    1 Month Low                                                                             -0.93%
 Top 10 Holdings Cum                                                                    13.52%     Pos/Neg Performance (abs.)                                                                16:4
 Largest Positions                                                                       2.20%     Pos/Neg Performance (rel.)                                                                15:5
 Current AuM in Mn                                                                     USD 513     Capacity AuM in Mn                                                                 USD 1’000

 Restrictions           No financial leverage                                                                  Max. 10% convertible bonds or invest. funds
                        Only tradable securities (e.g. no direct loans)                                        Min. 10% liquidity
                        Max. 30% non-investment grade                                                          Min. average rating BBB-


 Source: Credit Suisse; historical returns and financial market scenarios are no guarantee for future performance. Portfolio composition for illustrative purposes only. Risk parameters
 calculated from 1.4.2009 till 30.11.2010


                                            Please see “Important Information” at the end of this material for important disclosures regarding
                                            the data and information contained and the views and opinions expressed in this material
                                                                                                                                                                      January, 2011 / Slide 16
                                                                                                                                                                                           Cycle Investment
                                                                                                                                                                                             Management




Credit Suisse Fund (Lux) Fixed Income Cycle Invest
Cycle composite performance – Active credit and rate management
Yield/Spread                                                                                                                                                         Performance FIV
5.0%                            Quantitative                 Dubai Crisis                   European                                              Quantitative                        40%
                                Easing 1                                                    Sovereign Crisis                                      Easing 2
4.5%                                                                                                                                                                                  35%

4.0%                                                                                                                                                                                  30%

3.5%                                                                                                                                                                                  25%

3.0%                                                                                                                                                                                  20%

2.5%                                                                                                                                                                                  15%

2.0%                                                                                                                                                                                  10%

1.5%                                                                                                                                                                                  5%

1.0%                                                                                                                                                                                  0%

0.5%                                                                                                                                                                                  -5%
     Apr 09            Jun 09            Aug 09             Oct 09            Dec 09             Feb 10             Apr 10             Jun 10         Aug 10             Oct 10

                                       Cycle composite USD                                                    BBB Corp Spread over 10y Treasuries

                                       € Govt Yield
Historical returns and financial market scenarios are no guarantee for future performance. Performance indications do not consider commissions levied at subscription and/or redemption.


Source: Bloomberg, data as of November 18, 2010


                                          Please see “Important Information” at the end of this material for important disclosures regarding
                                          the data and information contained and the views and opinions expressed in this material
                                                                                                                                                                 January, 2011 / Slide 17
Credit Suisse Fund (Lux) Fixed Income Cycle Invest
Cycle composite performance – Relative to benchmark
45%
40%                                                                                                                                            38.39%
35%
30%
25%
20%
15%                                                                                                          13.96%
                                                                                                                                                          11.73%
10%
                                                                                                                              6.36%
 5%                                                              3.10%
                   1.28%                                                         1.44%
 0%
                                   -0.06%
-5%
                          1 Month                                          3M                                           YTD                     Since Inception
                                                                          Portfolio            Barcap Global Agg

Sharpe Ratio Portfolio:                    4.53
Sharpe Ratio Benchmark:                    2.58


Historical returns and financial market scenarios are no guarantee for future performance.


Source: Bloomberg, data as of November 18, 2010


                                          Please see “Important Information” at the end of this material for important disclosures regarding
                                          the data and information contained and the views and opinions expressed in this material
                                                                                                                                                    January, 2011 / Slide 18
Credit Suisse Fund (Lux) Fixed Income Cycle Invest
Cycle composite performance1) – Peer group
   0.4

 0.35

   0.3

 0.25

   0.2

 0.15

   0.1

 0.05

     0                                                                                      30.10.2009




                                                                                                                                   30.01.2010

                                                                                                                                                28.02.2010




                                                                                                                                                                             30.04.2010


                                                                                                                                                                                          30.05.2010
                                                                                                         30.11.2009


                                                                                                                      30.12.2009




                                                                                                                                                                30.03.2010




                                                                                                                                                                                                                                                   30.09.2010
                                                                                                                                                                                                       30.06.2010


                                                                                                                                                                                                                    30.07.2010


                                                                                                                                                                                                                                 30.08.2010




                                                                                                                                                                                                                                                                30.10.2010
                                                                              30.09.2009
                                                                 30.08.2009




                                                                                                                                                                                                                                                                             30.11.2010
                                   30.06.2009
         30.04.2009


                      30.05.2009




                                                30.07.2009




-0.05



     Cycle composite USD                                                                           PIMCO Total Return Fund                                   Aberdeen Dynamic Euro Bond Fund                                                    Templeton Global
     Alliance Bernstein American Income Bond Fund                                                  Barcap GlobalAgg TR Index                                 Neuberger Berman Strategic Income Fund                                             Bond Fund

Sharpe Ratio Portfolio:                                                                    4.53
Average Sharpe Ratio Peer Group:                                                           3.84
Historical returns and financial market scenarios are no guarantee for future performance.
1) Performance since inception in March 2009.

Source: Bloomberg, data as of November 29, 2010

                                                             Please see “Important Information” at the end of this material for important disclosures regarding
                                                             the data and information contained and the views and opinions expressed in this material
                                                                                                                                                                                                                                              January, 2011 / Slide 19
Credit Suisse Fund (Lux) Fixed Income Cycle Invest
Terms and conditions: In subscription as of January 17, 2011, launch on February 11, 2011
Fund Name                     Credit Suisse Fund (Lux) Fixed Income Cycle Invest
Domicile                      Luxembourg
Legal Structure               UCITS III – Fonds Commun de Placement (FCP)
Investment Advisor            Credit Suisse AG, Zurich
Portfolio Manager             Oliver Gasser
Currency Share Classes        EUR and CHF/USD (hedged)
Investment Objective          To achieve capital appreciation with in defined risk diversification rules by engaging in active fixed income sector
                              rotation, from government bonds to different credit asset classes across the quality spectrum, to capture investment
                              opportunities based on the development of the business cycle.
Management fee                Class A,B and R: 1.00% p.a.
Benchmark                     Customized Composite: 70% Barclays Global Agg, 5% Barclays Global High Yield, 10% Barclays Global EM, 15%
                              Barclays Global Inflation Linked
Issue Price                   Class A, B: EUR 100              Class R USD: USD 100              Class R CHF: CHF 100
Minimum Investment            Class A, B and R: n/a

Liquidity and Subscriptions   Daily, with cut-off 15:00 CET
Subscription Period           January 17, 2011 – February 11, 2011
Launch Date                   February 11, 2011
Sales Charge                  As per Bank fees
Swiss Security Numbers        Class A: 12052847                    Class B: 12052852                     Class R USD: 12052893      Class R CHF: 12052874

ISIN                          Class A: LU0563098960                Class B: LU0563099182                 Class R USD:               Class R CHF:
                                                                                                         LU0563100378               LU0563100022


                               Please see “Important Information” at the end of this material for important disclosures regarding
                               the data and information contained and the views and opinions expressed in this material
                                                                                                                                          January, 2011 / Slide 20
Credit Suisse Fund (Lux) Fixed Income Cycle Invest
Benefits and risks
Benefits                                                                       Risks

   Active fixed income asset allocation based on                                     Investments of the fund are subject to market
   the business cycle, providing a one-stop Fixed                                    fluctuations; no capital protection or assurance
   Income Solution                                                                   that the investment objective will be met
   Daily liquidity                                                                   Sensitive to unforeseen market developments,
   Stable and professional investment process                                        such as rate or inflation shocks; single issuers
   Well diversified global investment approach                                       can go into default
   including currency hedging                                                        Strong market dislocations may cause liquidity
                                                                                     constraints
                                                                                     The fund can invest in derivatives, e.g. Credit
                                                                                     Linked Notes, causing a counterparty risk
                                                                                     The fund can have exposure to emerging
                                                                                     markets




                       Please see “Important Information” at the end of this material for important disclosures regarding
                       the data and information contained and the views and opinions expressed in this material
                                                                                                                            January, 2011 / Slide 21
Credit Suisse Fund (Lux) Fixed Income Cycle Invest
Your needs define the solution
Philosophy
  Active fixed income asset allocation according to the cycle clock
  Strategic allocation driven by Credit Suisse Global Investment Committee
  Achieving a superior performance over the global bond universe

Investment Universe
   Well diversified global investment approach including currency hedging
   Rates and Credit
   (including High Yield, Emerging Markets, Securitized and Convertible bonds)

Risk Management
  Active downside risk mitigation of credit & interest rate risk (e.g. negative duration)
  Non-benchmark oriented selection process

Liquidity and Transparency
   Focus on liquid fixed income securities
   Daily liquidity of the fund
   Liquidity enhancement strategies
   Transparent monthly portfolio, strategy and performance reporting

CSF (Lux) Fixed Income Cycle Invest provides a new approach, a one-stop fixed income solution through the
investment cycle. Subscription from January 17, launch on February 11.


                            Please see “Important Information” at the end of this material for important disclosures regarding
                            the data and information contained and the views and opinions expressed in this material
                                                                                                                                 January, 2011 / Slide 22
Investment Management Team
Experience and professionalism
         Michel D. Degen joined Credit Suisse in 2004 and is Co-Head Fixed Income and Foreign Exchange within Credit Suisse Asset
         Management. Previously he worked as head of fixed income strategy and senior fixed income portfolio manager for the same
         organization. Prior to joining Credit Suisse, and after having worked as a foreign exchange trader for BNP Paribas, he was
         responsible for fixed income and currency overlay management of various bond funds and institutional mandates for UBS Global
         Asset Management.
         Michel has more than 12 years of professional experience in the fixed income and foreign exchange business. He holds an Executive
         MBA from the University of St. Gallen and a Degree in BA from the University of Applied Sciences in Basel

         Oliver R. Gasser, CFA has global responsibility for structured finance within the Fixed Income team of Credit Suisse Asset
         Management. Prior to joining Credit Suisse, Oliver Gasser was a Director at UBS from 2002 through 2007, where as a Credit
         Portfolio Manager he was responsible for credit (de-)investments of the loan book of Global WM&BB. Prior to that, Oliver worked in
         various roles in the fixed income trading and sales division of CS and CSFB Zurich for over 12 years. Mr. Gasser holds a Degree in
         BA from the University of Applied Sciences Zurich and qualified as a Chartered Financial Analyst (CFA) in 2006



         Laura Slater, CIIA joined Credit Suisse in January 2006. In her position as senior portfolio manager she was responsible for
         institutional client mandates as well as several investment funds. In January 2008 she joined the Fixed Income team within Credit
         Suisse Asset Management. Prior to Credit Suisse, she spent two years at the Zurich branch of VP Bank in private and institutional
         portfolio management and four years at Bank Leu as a private client portfolio manager. Laura Slater studied Economics, focussing on
         Financial Planning and Asset Planning, at the University of St. Gall. In 2002, she successfully qualified as Certified International
         Investment Analyst (CIIA)


         Dominique Gilgen joined Credit Suisse in September 2009. In his current role within the Fixed Income team he is responsible for
         developing and improving various risk management and reporting tools as well as supporting the distribution of fixed income
         capabilities globally. Prior to this, he worked as a junior research assistant at the institute of financial management at the University of
         Bern, being responsible for the development of data mining tools and the analysis of research data. Dominique Gilgen holds a Master
         of Science in Economics from the University of Bern with focus on financial market theory and econometrics




                           Please see “Important Information” at the end of this material for important disclosures regarding
                           the data and information contained and the views and opinions expressed in this material
                                                                                                                                January, 2011 / Slide 23
Credit Suisse Fund (Lux) Fixed Income Cycle Invest
Your next steps

   Get in touch with us; for contact details
   see following pages
   Subscription starts on January 17, 2011
   and runs until February 11.




                     Please see “Important Information” at the end of this material for important disclosures regarding
                     the data and information contained and the views and opinions expressed in this material
                                                                                                                          January, 2011 / Slide 24
Your Contacts: Switzerland (1/2)

       Reto Eisenhut                                                                                              Credit Suisse Asset Management
       Distribution Switzerland                                                                                                        Distribution
       Director                                                                                                                    Kalanderplatz 1
       +41 44 333 29 52 reto.eisenhut@credit-suisse.com                                                                           CH-8070 Zürich
                                                                                                                            www.credit-suisse.com



       Stefan Hirter                                                                                              Credit Suisse Asset Management
       Distribution Switzerland                                                                                                        Distribution
       Director                                                                                                                    Kalanderplatz 1
       +41 44 334 52 73 stefan.hirter@credit-suisse.com                                                                           CH-8070 Zürich
                                                                                                                            www.credit-suisse.com



       Jürg Bachmann                                                                                              Credit Suisse Asset Management
       Distribution Switzerland                                                                                                        Distribution
       Vice President                                                                                                              Kalanderplatz 1
       +41 44 333 56 08 juerg.bachmann@credit-suisse.com                                                                          CH-8070 Zürich
                                                                                                                            www.credit-suisse.com




                  Please see “Important Information” at the end of this material for important disclosures regarding
                  the data and information contained and the views and opinions expressed in this material
                                                                                                                                  January, 2011 / Slide 25
Your Contacts: Switzerland (2/2)

       Patrick Alain Weber                                                                                         Credit Suisse Asset Management
       Distribution Switzerland                                                                                                         Distribution
       Director                                                                                                             Rue de Lausanne 11-19
       +41 22 393 22 11 patrick.a.weber@credit-suisse.com                                                                         1201 Genève GE
                                                                                                                             www.credit-suisse.com


       Thomas Bavaud                                                                                               Credit Suisse Asset Management
       Credit Suisse Private Banking Switzerland Distribution                                                                           Distribution
       Vice President                                                                                                               Kalanderplatz 1
       +41 44 333 40 50 thomas.bavaud@credit-suisse.com                                                                            CH-8070 Zürich
                                                                                                                             www.credit-suisse.com




                   Please see “Important Information” at the end of this material for important disclosures regarding
                   the data and information contained and the views and opinions expressed in this material
                                                                                                                                   January, 2011 / Slide 26
Your Contacts: Europe (1/3)

      Tom Albert, Germany                                                                                        Credit Suisse Asset Management
      Distribution                                                                                                                    Distribution
      Managing Director                                                                                                         Junghofstrasse 16
      +49 69 75 38 1031 tom.albert@credit-suisse.com                                                                   D-60311 Frankfurt am Main
                                                                                                                           www.credit-suisse.com



      Erwin Busch, Germany                                                                                       Credit Suisse Asset Management
      Distribution                                                                                                                    Distribution
      Director                                                                                                                  Junghofstrasse 16
      +49 69 75 38 1519 erwin.busch@credit-suisse.com                                                                  D-60311 Frankfurt am Main
                                                                                                                           www.credit-suisse.com



      Rudi Aberle, Germany                                                                                       Credit Suisse Asset Management
      Distribution                                                                                                                    Distribution
      Director                                                                                                                  Junghofstrasse 16
      +49 69 75 38 1034 rudi.aberle@credit-suisse.com                                                                  D-60311 Frankfurt am Main
                                                                                                                           www.credit-suisse.com




                 Please see “Important Information” at the end of this material for important disclosures regarding
                 the data and information contained and the views and opinions expressed in this material
                                                                                                                                 January, 2011 / Slide 27
Your Contacts: Europe (2/3)
      Thea Emmenegger, Germany                                                                                  Credit Suisse Asset Management
      Distribution                                                                                                                   Distribution
      Vice President                                                                                                           Junghofstrasse 16
      +49 69 75 38 1531 thea.emmenegger@credit-suisse.com                                                             D-60311 Frankfurt am Main
                                                                                                                          www.credit-suisse.com


      Tanja Bender                                                                                               Credit Suisse Asset Management
      Distribution                                                                                                                    Distribution
      Vice President                                                                                                            Junghofstrasse 16
      +49 69 75 38 1036 tanja.bender@credit-suisse.com                                                                 D-60311 Frankfurt am Main
                                                                                                                           www.credit-suisse.com



      Anna Grygiel, Poland                                                                                       Credit Suisse Asset Management
      Distribution                                                                                                                     Distribution
      Assistant Vice President                                                                                     Salzburg Centre, ul Grojecka 5
      +48 22 322 5176 anna.grygiel@credit-suisse.com                                                                             Warsaw 02-019
                                                                                                                           www.credit-suisse.com




                 Please see “Important Information” at the end of this material for important disclosures regarding
                 the data and information contained and the views and opinions expressed in this material
                                                                                                                                 January, 2011 / Slide 28
Your Contacts: Europe (3/3)

       Andrea Sanguinetto, Italy                                                                                 Credit Suisse Asset Management
       Distribution                                                                                                                   Distribution
       Director                                                                                                            Via Santa Margherita 3
       +39 02 8855 0316 andrea.sanguinetto@credit-suisse.com                                                                      I-20121 Milano
                                                                                                                           www.credit-suisse.com


      Andrea Porro, Italy                                                                                        Credit Suisse Asset Management
      Distribution                                                                                                                    Distribution
                                                                                                                           Via Santa Margherita 3
      +39 02 8855 0321 andrea.porro@credit-suisse.com                                                                             I-20121 Milano
                                                                                                                           www.credit-suisse.com


      Arno Tijink, Luxembourg                                                                                    Credit Suisse Asset Management
      Distribution                                                                                                                    Distribution
      Assistant Vice President                                                                                                 5 Rue Jean Monnet
      +352 43 61 61 616 arno.tijink@credit-suisse.com                                                                         L-2013 Luxembourg
                                                                                                                           www.credit-suisse.com




                 Please see “Important Information” at the end of this material for important disclosures regarding
                 the data and information contained and the views and opinions expressed in this material
                                                                                                                                 January, 2011 / Slide 29
Appendix
Overview risk parameters
Absolute Risk Measures*                                   CSF (Lux) Fixed Income Cycle Invest                                         Benchmark                Peers average
Maximum Return                                                                                2.60%                                           0.72%                    1.35%
Minimum Return                                                                               -1.17%                                          -0.70%                   -1.56%



                                                                 nly .
Sharpe Ratio                                                                                    2.86                                            1.77                     2.21



                                                              d o ing
Volatility                                                                                   4.68%                                            2.29%                    3.89%
Sortino Ratio                                                                                  3.18                                             1.77                     2.03


                                                            de unn
Downside Risk                                                                                2.84%                                            1.69%                    3.20%


                                                         clu d r
Semivariance                                                                                 3.90%                                            2.32%                    4.62%


                                                       in n
% Periods up                                                                                 73.1%                                            59.6%                    64.8%




                                                  and up a
% Periods down                                                                               26.9%                                            40.4%                    35.2%
Skewness                                                                                       0.85                                            -0.28                    -0.50



                                               ted o is
Kurtosis                                                                                        3.28                                           -0.58                     0.66



                                             da foli
Relative Risk Measures*
Excess Return                                                                                7.97%                                                 -                   1.73%


                                           up rt
Tracking Error                                                                               4.17%                                                 -                   2.94%



                                         be po
Information Ratio                                                                               1.91                                               -                     0.77



                                     To the
Alpha                                                                                           0.18                                               -                     0.08
Beta                                                                                            0.64                                               -                     0.71




                                       hen
Correlation                                                                                  0.34%                                                 -                   0.80%
Max Drawdown*


                                     w
Max Drawdown (in %)                                                                          -2.02%                                          -1.72%                   -2.91%
Length (in days)                                                                                  13                                              34                    23.14
Recovery (in days)                                                                                12                                        #N/A N/A                    51.00
Peak                                                                                    17.12.2009                                     12.10.2010                            -
Valley                                                                                  05.01.2010                                     29.11.2010                            -
* all figures are calculated over period of 1y


                                       Please see “Important Information” at the end of this material for important disclosures regarding
                                       the data and information contained and the views and opinions expressed in this material
                                                                                                                                                       January, 2011 / Slide 31
Holdings fixed bonds (1/7)

MACS Sector         Name                            Coupon             Maturity           Rating               Yield-to-           Currency            Swap                 Weight
                                                                                                               Maturity                                Spread

Corporates          ROCHE HLDGS INC                         4.63%                 2013 A+                               1.87% EUR                                   +27              1.52%
Corporates          BRANDBREW SA                            4.50%                 2014 BBB                              1.98% CHF                                  +123              0.71%
Corporates          FIAT FIN & TRADE                        7.63%                 2014 BB+                              5.78% EUR                                  +388              0.60%
Corporates          GLENCORE FINANCE                        7.13%                 2015 BBB-                             4.68% EUR                                  +267              0.63%
Corporates          STANDARD CHART                          3.85%                 2015 A                                2.94% USD                                  +147              0.43%
Corporates          RWE AG                                  4.63%                 2015 BBB+                             5.28% EUR                                  +372              1.31%
Corporates          GAZPROM                                 5.09%                 2015 BBB                              5.09% USD                                  +334              1.04%
Corporates          TELEFONICA EMIS                         4.38%                 2016 BBB+                             3.99% EUR                                  +165              1.17%
Corporates          PCCW-HKT CAP NO4                        4.25%                 2016 BBB                              3.91% USD                                  +211              0.32%
Corporates          SWISS RE                                5.25%                 2016 BBB+                             8.05% EUR                                  +517              0.75%
Corporates          SUEZ ENVIRON                            4.82%                 2015 BBB                              5.61% EUR                                  +421              0.37%
Corporates          SCOTTISH & SOUTH                        5.03%                 2015 BBB                              5.66% EUR                                  +386              0.80%
Corporates          SIEMENS FINAN                           5.25%                 2016 BBB+                             3.83% EUR                                  +305              0.83%
Corporates          REMY COINTREAU                          5.18%                 2016 BB-                              4.60% EUR                                  +213              0.58%
Corporates          SEAT PAGINE                            10.50%                 2017 B                              14.65% EUR                                 +1070               0.48%
Corporates          HEIDELCEMENT FIN                        8.00%                 2017 BB-                              6.95% EUR                                  +452              1.20%
Corporates          METRO AG                                4.25%                 2017 BBB                              3.53% EUR                                  +101              0.38%
Corporates          RUSSIAN RAILWAYS                        5.74%                 2017 BBB                              5.31% USD                                  +316              0.86%
Source: Credit Suisse, Bloomberg.                                                  Data is for illustrative purposes only and might not reflect the actual portfolio at the time of publication.


                                    Please see “Important Information” at the end of this material for important disclosures regarding
                                    the data and information contained and the views and opinions expressed in this material
                                                                                                                                                                 January, 2011 / Slide 32
Holdings fixed bonds (2/7)

MACS Sector         Name                            Coupon             Maturity           Rating               Yield-to-           Currency            Swap                 Weight
                                                                                                               Maturity                                Spread

Corporates          ROCHE HLDGS INC                         4.63%                 2013 A+                               1.87% EUR                                   +27              1.52%
Corporates          BRANDBREW SA                            4.50%                 2014 BBB                              1.98% CHF                                  +123              0.71%
Corporates          FIAT FIN & TRADE                        7.63%                 2014 BB+                              5.78% EUR                                  +388              0.60%
Corporates          GLENCORE FINANCE                        7.13%                 2015 BBB-                             4.68% EUR                                  +267              0.63%
Corporates          STANDARD CHART                          3.85%                 2015 A                                2.94% USD                                  +147              0.43%
Corporates          RWE AG                                  4.63%                 2015 BBB+                             5.28% EUR                                  +372              1.31%
Corporates          GAZPROM                                 5.09%                 2015 BBB                              5.09% USD                                  +334              1.04%
Corporates          TELEFONICA EMIS                         4.38%                 2016 BBB+                             3.99% EUR                                  +165              1.17%
Corporates          PCCW-HKT CAP NO4                        4.25%                 2016 BBB                              3.91% USD                                  +211              0.32%
Corporates          SWISS RE                                5.25%                 2016 BBB+                             8.05% EUR                                  +517              0.75%
Corporates          SUEZ ENVIRON                            4.82%                 2015 BBB                              5.61% EUR                                  +421              0.37%
Corporates          SCOTTISH & SOUTH                        5.03%                 2015 BBB                              5.66% EUR                                  +386              0.80%
Corporates          SIEMENS FINAN                           5.25%                 2016 BBB+                             3.83% EUR                                  +305              0.83%
Corporates          REMY COINTREAU                          5.18%                 2016 BB-                              4.60% EUR                                  +213              0.58%
Corporates          SEAT PAGINE                            10.50%                 2017 B                              14.65% EUR                                 +1070               0.48%
Corporates          HEIDELCEMENT FIN                        8.00%                 2017 BB-                              6.95% EUR                                  +452              1.20%
Corporates          METRO AG                                4.25%                 2017 BBB                              3.53% EUR                                  +101              0.38%
Corporates          RUSSIAN RAILWAYS                        5.74%                 2017 BBB                              5.31% USD                                  +316              0.86%
Source: Credit Suisse, Bloomberg.                                                  Data is for illustrative purposes only and might not reflect the actual portfolio at the time of publication.


                                    Please see “Important Information” at the end of this material for important disclosures regarding
                                    the data and information contained and the views and opinions expressed in this material
                                                                                                                                                                 January, 2011 / Slide 33
Holdings fixed bonds (3/7)

MACS Sector         Name                            Coupon             Maturity           Rating               Yield-to-           Currency            Swap                 Weight
                                                                                                               Maturity                                Spread

Corporates          CONTI-GUMMI FIN                         7.50%                 2017 B                                7.12% EUR                                  +490              0.86%
Corporates          ARCELORMITTAL                           4.63%                 2017 BBB-                             4.77% EUR                                  +206              0.52%
Corporates          ENI SPA                                 3.50%                 2018 A                                3.78% EUR                                  +105              0.41%
Corporates          ALSTOM                                  3.63%                 2018 BBB+                             4.68% EUR                                  +175              0.52%
Corporates          VIRGIN MEDIA SEC                        7.00%                 2018 BB+                              5.73% GBP                                  +313              0.90%
Corporates          WIND ACQUISITION                        7.38%                 2018 BB-                              7.43% EUR                                  +467              0.86%
Corporates          LUKOIL INTL FIN                         7.25%                 2019 BBB-                             6.06% USD                                  +345              0.23%
Corporates          PETROBRAS INTL                          5.75%                 2020 BBB                              4.57% USD                                  +189              0.46%
Corporates          GAS NATURAL CAP                         4.50%                 2020 BBB+                             6.01% EUR                                  +277              0.52%
Corporates          TELECOM ITALIA                          5.25%                 2055 BBB                              6.95% EUR                                  +319              0.45%
Financials          CRED SUIS NY                            3.45%                 2012 AA-                              1.02% USD                                   +36              0.44%
Financials          SYDBANK A/S                             3.24%                 2014 BBB                            11.00% EUR                                 +1100               0.23%
Financials          AVIVA PLC                               4.73%                 2014 BBB                              4.12% EUR                                  +720              0.68%
Financials          BARCLAYS BK PLC                         4.88%                 2014 BBB+                             3.54% EUR                                  +782              0.47%
Financials          LLOYDS TSB BANK                         2.50%                 2015 AA                               3.00% CHF                                  +194              0.63%
Financials          UBS AG JERSEY                           4.28%                 2015 BBB-                             6.20% EUR                                  +390              0.48%
Financials          BARCLAYS BK PLC/                        6.75%                 2015 AA-                              7.38% AUD                                  +175              0.61%
Financials          CREDIT SUIS GUER                        2.88%                 2015 AA-                              3.06% EUR                                   +80              0.83%
Source: Credit Suisse, Bloomberg.                                                  Data is for illustrative purposes only and might not reflect the actual portfolio at the time of publication.


                                    Please see “Important Information” at the end of this material for important disclosures regarding
                                    the data and information contained and the views and opinions expressed in this material
                                                                                                                                                                 January, 2011 / Slide 34
Holdings fixed bonds (4/7)

MACS Sector         Name                            Coupon             Maturity           Rating               Yield-to-           Currency            Swap                 Weight
                                                                                                               Maturity                                Spread

Financials          ABBEY NATL TREAS                        3.38%                 2015 AA-                              4.23% EUR                                  +188              1.07%
Financials          CREDIT SUISSE                           7.88%                 2015 BBB+                             7.86% USD                                  +602              1.06%
Financials          UOB CAYMAN LTD                          5.80%                 2016 A-                               2.70% USD                                  +341              0.22%
Financials          GFW CAPITAL GMBH                        6.00%                 2016 A                                8.46% EUR                                  +415              0.93%
Financials          COMMERZBANK AG                          4.13%                 2016 A                                4.49% EUR                                +1672               0.75%
Financials          AMER INTL GROUP                         2.75%                 2016 BBB+                             5.21% CHF                                  +344              0.96%
Financials          ROYAL BK SCOTLND                        4.88%                 2017 A+                               5.01% EUR                                  +243              0.43%
Financials          GOLDMAN SACHS GP                        4.38%                 2017 A                                4.72% EUR                                  +210              1.12%
Financials          SBERBANK                                5.40%                 2017 BBB+                             5.93% USD                                  +366              0.41%
Financials          BANK OF AMER CRP                        3.38%                 2017 A-                               4.22% CHF                                  +425              0.92%
Financials          GE CAP TRUST II                         5.50%                 2017 A+                               4.25% EUR                                  +453              0.75%
Financials          COM BK AUSTRALIA                        5.50%                 2019 AA-                              4.55% EUR                                  +171              0.30%
Financials          ROYAL BK SCOTLND                        6.40%                 2019 A+                               5.82% USD                                  +312              0.43%
Financials          CREDIT SUISSE                           5.40%                 2020 A+                               4.84% USD                                  +209              0.00%
Financials          LLOYDS TSB BANK                         6.50%                 2020 BBB+                             7.33% EUR                                  +411              1.23%
Financials          NATL AUSTRALIABK                        4.00%                 2020 AA                               4.12% EUR                                  +109              0.56%
Financials          NATIONWIDE BLDG                         6.75%                 2020 BBB+                             7.32% EUR                                  +412              0.82%
Financials          VTB CAPITAL SA                          6.55%                 2020 BBB+                             7.01% USD                                  +395              0.81%
Source: Credit Suisse, Bloomberg.                                                  Data is for illustrative purposes only and might not reflect the actual portfolio at the time of publication.


                                    Please see “Important Information” at the end of this material for important disclosures regarding
                                    the data and information contained and the views and opinions expressed in this material
                                                                                                                                                                 January, 2011 / Slide 35
Holdings fixed bonds (5/7)

MACS Sector         Name                            Coupon             Maturity           Rating               Yield-to-           Currency            Swap                 Weight
                                                                                                               Maturity                                Spread

Financials          RABOBANK                                3.75%                 2020 AA+                              4.48% EUR                                  +136              1.31%
Financials          BARCLAYS BK PLC                         6.00%                 2021 A-                               5.99% EUR                                  +288              1.42%
Financials          CITIGROUP INC                           2.75%                 2021 BBB+                             3.81% CHF                                  +410              0.56%
Financials          DEPFA ACS BANK                          5.13%                 2037 AA                               7.50% USD                                  +290              0.31%
Securitized         EBS MORTGAGE                            3.88%                 2012 AA+                              9.63% EUR                                  +732              0.50%
Securitized         TRIBUNE LTD                             6.26%                 2014 NR                               0.00% GBP                                     +0             0.00%
Securitized         BK IRELAND MTGE                         4.63%                 2014 AA+                              9.89% EUR                                  +691              0.24%
Securitized         BANK OF SCOTLAND                        5.25%                 2017 AAA                              3.92% USD                                  +187              0.23%
SSA                 MEXICAN UTD STS                         8.38%                 2011 BBB                             -7.07% USD                                   -754             0.49%
SSA                 KFW                                     3.25%                 2011 AAA                              0.36% USD                                     +6             1.05%
SSA                 BTAN                                    1.50%                 2011 AAA                              0.80% EUR                                    -53             1.12%
SSA                 ROYAL BK SCOTLND                        3.00%                 2011 AAA                              0.40% USD                                    -16             0.32%
SSA                 BTPS                                    3.00%                 2012 AA-                              2.87% EUR                                  +142              1.12%
SSA                 ROYAL BK SCOTLND                        1.50%                 2012 AAA                              0.61% USD                                      -1            0.84%
SSA                 DENMARK KINGDOM                         2.25%                 2012 AAA                              0.70% USD                                     +6             0.86%
SSA                 AGENCE FRANCAISE                        2.25%                 2012 AAA                              0.68% USD                                     +3             0.86%
SSA                 SFEF                                    2.25%                 2012 AAA                              0.68% USD                                     +3             1.07%
SSA                 US TREASURY N/B                         4.63%                 2012 AAA                              0.38% USD                                    -31             2.25%
Source: Credit Suisse, Bloomberg.                                                  Data is for illustrative purposes only and might not reflect the actual portfolio at the time of publication.


                                    Please see “Important Information” at the end of this material for important disclosures regarding
                                    the data and information contained and the views and opinions expressed in this material
                                                                                                                                                                 January, 2011 / Slide 36
Holdings fixed bonds (6/7)

MACS Sector         Name                            Coupon             Maturity           Rating               Yield-to-           Currency            Swap                 Weight
                                                                                                               Maturity                                Spread

SSA                 JAPAN FIN CORP                          2.13%                 2012 AA                               0.77% USD                                     +4             1.06%
SSA                 BK NED GEMEENTEN                        0.75%                 2012 AAA                              0.81% USD                                     +6             1.03%
SSA                 BOLIGKREDITT                            2.38%                 2012 AAA                              1.70% EUR                                   +14              0.35%
SSA                 DEUTSCHLAND REP                         4.50%                 2013 AAA                              0.85% EUR                                    -75             1.24%
SSA                 BANK OF IRELAND                         3.00%                 2013 AA                             10.66% CHF                                   +890              0.92%
SSA                 KFW                                     3.25%                 2013 AAA                              0.79% USD                                      -2            1.10%
SSA                 US TREASURY N/B                         1.75%                 2013 AAA                              0.54% USD                                    -30             1.07%
SSA                 CAISSE AMORT DET                        3.25%                 2013 AAA                              1.43% EUR                                    -21             0.88%
SSA                 ASIAN DEV BANK                          9.25%                 2013 AAA                              8.26% BRL                                   +10              0.40%
SSA                 US TREASURY N/B                         3.38%                 2013 AAA                              0.57% USD                                    -32             1.12%
SSA                 NETHERLANDS GOVT                        4.25%                 2013 AAA                              1.10% EUR                                    -62             1.52%
SSA                 KOMMUNEKREDIT                           1.25%                 2013 AAA                              1.20% USD                                   +25              1.04%
SSA                 BTAN                                    2.50%                 2014 AAA                              1.43% EUR                                    -38             1.17%
SSA                 SWEDEN KINGDOM                          3.13%                 2014 AAA                              1.66% EUR                                    -24             0.89%
SSA                 QATAR STATE OF                          4.00%                 2015 AA                               2.78% USD                                  +142              0.88%
SSA                 RUSSIA-EUROBOND                         3.63%                 2015 BBB                              3.69% USD                                  +215              0.83%
SSA                 EXPORT DEV CAN                          2.25%                 2015 AAA                              1.54% USD                                     +2             0.43%
SSA                 BK NED GEMEENTEN                        2.13%                 2015 AAA                              2.32% EUR                                   +13              1.38%
Source: Credit Suisse, Bloomberg.                                                  Data is for illustrative purposes only and might not reflect the actual portfolio at the time of publication.


                                    Please see “Important Information” at the end of this material for important disclosures regarding
                                    the data and information contained and the views and opinions expressed in this material
                                                                                                                                                                 January, 2011 / Slide 37
Holdings fixed bonds (7/7)

MACS Sector         Name                            Coupon             Maturity           Rating               Yield-to-           Currency            Swap                 Weight
                                                                                                               Maturity                                Spread

SSA                 QUEBEC PROVINCE                         3.38%                 2016 A+                               2.68% EUR                                   +28              0.58%
SSA                 FINNISH GOV'T                           1.75%                 2016 AAA                              2.08% EUR                                    -27             0.82%
SSA                 HELLENIC REPUBLI                        4.30%                 2017 BB+                            12.66% EUR                                   +745              0.73%
SSA                 IRISH GOVT                              4.50%                 2020 A+                               9.11% EUR                                  +485              1.03%




Source: Credit Suisse, Bloomberg.                                                  Data is for illustrative purposes only and might not reflect the actual portfolio at the time of publication.


                                    Please see “Important Information” at the end of this material for important disclosures regarding
                                    the data and information contained and the views and opinions expressed in this material
                                                                                                                                                                 January, 2011 / Slide 38
Holdings floating bonds (1/3)

MACS Sector         Name                            Coupon             Maturity           Rating               Yield-to-           Currency            Swap                 Weight
                                                                                                               Maturity                                Spread

Financials          UBS 0 04/18/16                          0.44% 2011                    A                             4.25% USD                                  +400              1.02%
Financials          ANGIRI 0 11/02/11                       0.41% 2011                    BBB-                        24.74% USD                                 +2444               0.17%
Financials          ANGIRI 0 01/25/12                       1.15% 2012                    BBB-                        21.35% EUR                                 +2032               0.22%
Financials          RBS 0 03/09/15                          0.99% 2015                    A                             6.02% USD                                  +572              0.17%
Financials          NRKLN 0 03/13/12                        0.98% 2012                    AA                            3.13% EUR                                  +211              0.41%
Financials          SYDBDC 0 09/03/12                       2.03% 2012                    A+                            2.06% EUR                                  +103              0.83%
Financials          EUREKO 5 1/8 06/49                      5.13% 2015                    BBB                         10.21% EUR                                   +712              0.48%
Financials          ANZ 0 12/15/53                          1.54% 2014                    A                             3.49% EUR                                  +246              0.54%
Financials          NAB 0 12/29/49                          1.83% 2016                    A                             3.97% EUR                                  +294              0.63%
Financials          HBOS 0 03/29/16                         1.05% 2016                    BBB+                          4.48% EUR                                  +345              0.48%
Financials          HSHN 0 02/14/17                         1.35% 2017                    BBB+                        13.17% EUR                                 +1214               0.43%
Financials          RBS 0 06/02/14                          0.00% 2014                    A                             0.00% USD                                     +0             0.00%
Financials          BACR 0 11/25/14                         0.00% 2014                    A                             0.00% USD                                     +0             0.00%
Financials          BACR 0 02/12/15                         0.00% 2015                    A                             0.00% GBP                                     +0             0.00%
Financials          HBOS 0 09/01/16                         1.33% 2016                    BBB+                          4.39% EUR                                  +337              0.24%
Securitized         BLUEW 2009-1A A1                        0.51% 2022                    AAA                           7.50% USD                                  +500              0.86%
Securitized         CADOG 4X C                              1.78% 2023                    BB-                         15.00% EUR                                 +1500               0.74%
Securitized         CLOCK 2007-1 D                          1.72% 2015                    BBB                           5.50% EUR                                  +530              1.10%
Source: Credit Suisse, Bloomberg.                                                  Data is for illustrative purposes only and might not reflect the actual portfolio at the time of publication.


                                    Please see “Important Information” at the end of this material for important disclosures regarding
                                    the data and information contained and the views and opinions expressed in this material
                                                                                                                                                                 January, 2011 / Slide 39
Holdings floating bonds (2/3)

MACS Sector         Name                            Coupon             Maturity           Rating               Yield-to-           Currency            Swap                 Weight
                                                                                                               Maturity                                Spread

Securitized         COLTS 2005-2A A                         0.57%                 2018 AA                             15.00% USD                                 +1450               0.19%
Securitized         DECO 2005-E1X A2                        1.29%                 2014 AAA                              7.00% EUR                                  +676              0.00%
Securitized         DECO 2005-E1X G                         1.93%                 2014 BB-                            20.00% EUR                                 +1950               0.13%
Securitized         DECO 2006-E4X B                         1.30%                 2019 BBB-                           20.00% EUR                                 +1950               0.61%
Securitized         DECO 2006-E4X C                         1.48%                 2019 B+                             20.00% EUR                                 +1950               0.28%
Securitized         DECO 7-E2X B                            1.43%                 2018 AA-                            15.00% EUR                                 +1554               0.35%
Securitized         E-MAC NL04-I B                          1.48%                 2036 AA-                              7.50% EUR                                  +717              0.56%
Securitized         GATE 2005-1 F                           1.63%                 2015 BBB                            27.39% EUR                                 +2586               0.09%
Securitized         GRANM 2006-1X A6                        0.93%                 2054 AAA                              2.80% EUR                                  +264              0.22%
Securitized         GSHAM 2006-3X C                         1.78%                 2027 BB                             13.50% EUR                                 +1300               0.74%
Securitized         JUBIL VII-X C                           1.60%                 2022 BBB+                           20.00% EUR                                 +2000               0.52%
Securitized         LAMBD 2007-1X A2                        1.04%                 2031 AAA                              3.95% EUR                                  +355              0.28%
Securitized         LWALL 2006-1 B1                         1.38%                 2016 BBB+                           12.50% EUR                                 +1206               0.39%
Securitized         LWALL 2006-1 A                          1.26%                 2016 AA                               6.25% EUR                                  +600              0.23%
Securitized         NPTNO 2007-1 C                          1.87%                 2023 BBB-                           15.00% EUR                                 +1450               0.50%
Securitized         NPTNO 2007-1 D                          2.77%                 2023 BB-                            30.00% EUR                                 +2900               0.21%
Securitized         PERMM 2010-1X 2A2                       2.24%                 2042 AAA                              2.00% EUR                                  +150              0.55%
Securitized         PMLF 2004 C                             1.22%                 2038 A                              10.00% EUR                                   +950              0.07%
Source: Credit Suisse, Bloomberg.                                                  Data is for illustrative purposes only and might not reflect the actual portfolio at the time of publication.


                                    Please see “Important Information” at the end of this material for important disclosures regarding
                                    the data and information contained and the views and opinions expressed in this material
                                                                                                                                                                 January, 2011 / Slide 40
Holdings floating bonds (3/3)

MACS Sector         Name                            Coupon             Maturity           Rating               Yield-to-           Currency            Swap                 Weight
                                                                                                               Maturity                                Spread

Securitized         PROMS IM06-1 C                          1.30%                 2017 B                              21.00% EUR                                 +2061               0.06%
Securitized         PROVR 2005-1 C                          1.59%                 2048 A                              10.00% EUR                                 +1000               0.54%
Securitized         SMPER 2006-1 D                          1.73%                 2084 BBB                            19.00% EUR                                 +1813               0.73%
Securitized         SLKRD 2010-1 A1                         2.13%                 2052 AAA                              2.00% GBP                                  +150              0.60%
Securitized         LEMES 2006-1 A                          1.22%                 2019 AA-                              6.00% EUR                                  +550              0.57%




Source: Credit Suisse, Bloomberg.                                                  Data is for illustrative purposes only and might not reflect the actual portfolio at the time of publication.


                                    Please see “Important Information” at the end of this material for important disclosures regarding
                                    the data and information contained and the views and opinions expressed in this material
                                                                                                                                                                 January, 2011 / Slide 41
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                                  Please see “Important Information” at the end of this material for important disclosures regarding
                                  the data and information contained and the views and opinions expressed in this material
                                                                                                                                       January, 2011 / Slide 42

				
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