1. Private Banking Americas Investment Strategy & Advisory Group
The Investment Landscape
July 2011

2. Table of Contents Key Focus: Asset Allocation/Outlook Appendix
Small Cap, Big Impact
Asset Allocation/Outlook
Appendix
Key Forecasts
Global Returns Dashboard
Historic Snapshots 2

3. Key Focus:
Small Cap, Big Impact 3

4. Key Focus: Small Cap, Big Impact
Small capitalization stocks had the highest return of all major asset classes in 2010 – up 27%.
The DRIVER framework captures the major catalysts of small cap performance, and can help in determining large cap vs. small cap portfolio split.
Small cap valuations currently trade near a record- high premium relative to large caps.
Small cap co’s typically very correlated to the US economy – only 17% of sales come from abroad, vs. half of sales for large caps.
Small Cap DRIVERs Framework
Key Indicator(s) D
Deals
Merger & Acquisition (M&A) activity R
Revisions
Up/downward earnings revisions as % of
total I
Investor
Sentiment
VIX Volatility Index & high yield spreads V
Valuation
Absolute valuations & valuations relative to
large cap E
Economy
Inflation/US dollar outlook & non-US sales
exposure
Retail Flows
ETF/Mutual fund money flows
Source: Credit Suisse Small/Mid Cap Equity Strategy Team
Small Cap vs. Large Cap Valuations
Read more about Small Cap in this month’s key focus
article: “Small Cap, Big Impact.”
Contact your Relationship Manager for more information.
Source: Credit Suisse Small/Mid Cap Equity Strategy, Russell BNY/Mellon 4

5. Key Focus: Small Cap, Big Impact
Large cap companies are on average covered by 25 equity research analysts – small cap co’s are only covered by about 7.
ETF/mutual fund flows into small cap generally strongest in the beginning of year, taper off in summer months – may signal soft performance.
S&P 500 corporate balance sheets are flush with cash. Could lead to increased M&A activity, which should benefit small cap.
Our neutral position for US equity is 75% large cap / 25% small cap. Our current recommendation based largely on valuations is a split of 80% large cap / 20% small cap.
Equity Research Analyst Coverage
Source: The BLOOMBERG PROFESSIONAL Service
S&P 500 Sector Cash Levels (as of Q1-2011)
Read more about Small Cap in this month’s key focus
article: “Small Cap, Big Impact.”
Contact your Relationship Manager for more information.
Source: The BLOOMBERG PROFESSIONALTM service 5

6. Asset Allocation &
Economic Outlook 6

7. Cycle Clock
The Cycle Clock framework breaks the economic cycle into 4 phases (Overheating, Slowdown, Contraction & Recovery). For each of the 4 phases we examine which asset classes perform best.
GDP robust
Unemployment low
Tighter rate policy
Inflation rising
GDP dropping
Employment slowing
Tight rate policy
Inflation slowing
GDP contracting
Unemployment high
Easier rate policy
Inflation low
GDP picking up
Employment off
Easy rate policy
Inflation tame
Source: PB Global Research 7

8. Outlook Summary:                   Cash Equity
Jun
Jul.
Cash  
Underweight due to unfavorable investment returns
Equity
- USA
- Non-US Developed
- Emerging Markets  
Markets rebound on improved economic data, progress on Greek debt issues  
Economic momentum slowing, expected to reaccelerate in H2-11  
European sovereign debt issues persist, contagion risks remain  
Inflation pressures have eased, monetary policy remains supportive
Fixed Income
- US Tax-Exempt
- US Taxable
- Non-USD  
Improvement in market sentiment and rising yields negative for sector  
Local government fiscal issues & rising interest rates warrant caution  
Quality credit fundamentals expected to peak; Greek debt rollover still an issue  
EM valuations appear fair, credit selection remains key
k Positive*
mNegative*
gNeutral*
* Arrows represent the current PB Americas Investment Strategy & Advisory absolute market view for 6-12 months.
Source: PB Americas Investment Strategy & Advisory 8

9. Outlook Summary:       Alternative Investments - Commodities
Jun
Jul.
Alternative
Investments
- Commodities
- Gold
- Hedge Funds
- Private Equity
- Real Estate  
Global Macro funds poised to outperform during H reacceleration  
Current negative sentiment creates opportunity for long-term investors  
Remains strong cyclically and technically with further upside
Global Macro remains top opportunity in the space
Private equity funds currently holding record amounts of cash – buyout activity may flourish.
Suggest diversified exposure; current opportunities in US commercial property, Asia
k Positive*
mNegative*
gNeutral*
* Arrows represent the current PB Americas Investment Strategy & Advisory absolute market view for 6-12 months.
Source: PB Americas Investment Strategy & Advisory 9

10. Guidance Allocations
The proposed Benchmark and Strategic Asset Allocations for each of the risk budgets referenced above are created by the Private Banking Americas Investments Strategy & Advisory
group. The Benchmark Asset Allocation (BAA), for a 3-7 year time horizon, is the neutral position reflecting the predefined risk budgets and meets investment objectives over a full market cycle.
The Strategic Asset Allocation (SAA), for a month time horizon, expresses views resulting in temporary deviations from the BAA to generate expected excess returns or reduce risk.
Alternative investments are typically high-risk investment vehicles which are available only to qualified individuals or entities that are willing to assume above average risk and sustain limited
liquidity with a portion of their net worth. Please refer to the attached “Important Legal Information” for important disclosure relating to alternative investments.
Source: PB Americas Investment Strategy & Advisory 10

11. Economics
Recent weak economic data mask strong global fundamentals; H2 reacceleration projected a
Temporarily soft economic data turning more positive, second half 2011 reacceleration gaining traction.
Lower gas prices and easing agriculture commodity prices point to decreased inflationary pressure.
Greece’s near-term funding issue appears solved. Medium-term support and possible private sector participation still being negotiated.
Japan’s industrial production is rebounding and alleviating some global supply chain bottlenecks caused by the natural disaster earlier this year.
China tightening is unlikely to result in a hard landing as increased wages and government spending support growth.
US Gas Prices Decline: Freeing Up Income
Source: The BLOOMBERG PROFESSIONALTM service
Japan: V-Shaped Recovery
Source: The BLOOMBERG PROFESSIONALTM service 11

12. Equities 
Markets rebound on improved economic data, progress on Greek debt issues
Despite recent uptick in markets, valuations remain compelling, particularly in the US.
Some clarity reached in Greek sovereign debt situation, though ultimate solution yet to be reached, volatility could persist.
Valuations attractive in Emerging Asia and Russia, momentum strong in Russia as well, despite oil trading well off 2011 highs.
Small caps look richly valued vs. large caps, and benefit relatively less from global reacceleration – prefer large cap.
As reacceleration thesis plays out, cyclicals should outperform (e.g. Technology and Materials).
Regional Outlook
Developed Markets
Emerging Markets
USA 
Asia 
Asia Pacific ex-Japan 
Latin America 
Canada 
Europe, Mid East, Africa 
UK 
Japan 
Europe ex-UK 
Source: Credit Suisse Investment Strategy & Advisory
Sector Outlook
Information Technology 
Financials 
Materials 
Health Care 
Consumer Discretionary 
Industrials 
Consumer Staples 
Telecomm Services 
Energy 
Utilities 
k Positive*
mNegative*
gNeutral*
* Arrows represent the current PB Americas Investment Strategy & Advisory absolute market view for 6-12 months.
Source: Credit Suisse Investment Strategy & Advisory 12

13. Fixed Income 
Improvement in market sentiment and rising yields negative for sector
With economic growth reaccelerating in second half of ’11 and corporate leverage expected to further increase, prospect of add’l spread tightening limited.
Risk averse investors: focus on short-to- medium term maturities in A to BBB space
HY default rates likely to bottom in the next 2- 3 quarters. Specific opportunities still offer value.
Improvement in market sentiment with more transparency around Greece and economic reacceleration could benefit the EM space.
Local government fiscal issues and rising rates calls for caution in muni space.
Exposure to select IG credits may offer value. Favor financials.
IG Spread: Further Compression Unlikely
Source: The BLOOMBERG PROFESSIONALTM service
Fixed Income Outlook
Emerging Markets 
US Treasury Inflation Protected 
US Securitized 
US Investment Grade Corp 
US High Yield 
US Treasuries 
US Municipal 
k Positive*
mNegative*
gNeutral*
* Arrows represent the current PB Americas Investment Strategy & Advisory absolute market view for 6-12 months.
Source: PB Americas Investment Strategy & Advisory 13

14. Currencies
USD stabilizes, but still likely to weaken over the medium term
Wide interest rate gap in favor of EUR is offset by risk premium. EUR remains overvalued, but supports remains in place.
Commodity currencies (AUD, NZD) overvalued, but commodity prices warrant current level.
Bank of England rate hike less certain and hike to occur later than anticipated.
Improving risk sentiment may weigh on JPY vs. other currencies. Narrow rate spreads at short end of curve.
EM currencies expected to outperform against USD. Low US yields and ample liquidity projected to lead to further EM capital inflows.
CAD: Lower oil price may pressure currency
Source: The BLOOMBERG PROFESSIONALTM service
FX Outlook
USD vs. CAD 
USD vs. CHF 
GBP vs. USD 
NZD vs. USD 
USD vs. JPY 
AUD vs. USD 
USD vs. BRL 
USD vs. MXN 
EUR vs. USD 
k Positive*
mNegative*
gNeutral*
* Arrows represent the current PB Americas Investment Strategy & Advisory absolute market view for 6-12 months.
Source: PB Americas Investment Strategy & Advisory 14

15. Commodities 
Current negative sentiment creates opportunity for long-term investors
Further downside risk to commodities limited as macro environment improves and various markets tighten. Current levels present a good entry point.
Despite recent selling pressure, palladium likely to perform well as a result of Russian supply shortages and increasing car production.
Natural gas remains attractive due to favorable valuation and supply constraints. Above average summer temperatures requires increased power to run air conditioning – benefits nat gas.
Agriculture prices closer to bottom, but overvaluations remain an issue, upside will be capped.
Palladium: Poised for Growth
Source: The BLOOMBERG PROFESSIONALTM service
Commodities Outlook
Precious Metals 
Industrial Metals 
Livestock 
Agriculture 
Energy 
k Positive*
mNegative*
gNeutral*
* Arrows represent the current PB Americas Investment Strategy & Advisory absolute market view for 6-12 months.
Source: PB Americas Investment Strategy & Advisory 15

16. Alternatives
Global Macro funds poised to outperform during H reacceleration
Mixed economic indicators and increased volatility have kept hedge fund capital on sidelines on fears of a double-dip recession and/or Greek default – neither of which is likely.
Remain constructive on global macro funds, despite recent performance issues, given prospect of H reacceleration.
Private equity funds currently holding record amounts of cash – buyout activity may continue to flourish.
Real property remains a key part of a global asset allocation. Focus on select parts of US and Asia.
ISM Manufacturing Index: Turning Up
Source: The BLOOMBERG PROFESSIONALTM service
Greek 5yr CDS: Elevated Levels on Default Fear
Source: The BLOOMBERG PROFESSIONALTM service 16

17. Appendix
Key Forecasts
Global Returns
Historic Snapshots 17

18. Key Forecasts* Global Equity Indices Commodities Real GDP (In %)
6/30/11
12M
US (S&P 500)
1,321
1,404
Euro Area (Euro Stoxx 50)
2,849
3,061
UK (FTSE 100)
5,946
6,236
Japan (Nikkei 225)
9,816
10,500
Asia Ex-Japan (MSCI Asia AC ex-Japan)
567
655
Year-end
Brazil (Bovespa)
62,404
85,000
Mexico (IPC)
36,558
40,000
Commodities
6/30/11 3M
12M
Energy
WTI Crude Oil (USD/barrel)
95.42 98
105
US Natural Gas (USD/mmbtu)
4.37
4.50
5.50
Precious Metals (Spot, USD/ounce)
Gold
1,500.35
1600
1700
Silver
34.69 34 31
Platinum
1850
1950
Base Metals (Spot, USD/pound)
Aluminum
1.15
1.25
1.30
Copper
4.28
4.17
4.80
Agriculture ($/bushel)
Wheat
5.85
7.50
7.10
Corn
6.29
7.70
7.20
Real GDP (In %)
2011E
2012E
Inflation 11E
Global
4.40
3.70 US
2.70
2.50
Euro Area
2.30
2.10
2.60
Japan
0.20
Non-Japan Asia
7.80
7.60
5.40
Latin America
4.30
3.90
7.00
Interest Rates (10-yr Gov.)
6/30/11 3M
12M
3.16
3.2 – 3.4%
3.3 – 3.5%
3.03
3.0 – 3.2%
3.1 – 3.3% UK
3.38
3.7 – 3.9%
1.14
1.0 – 1.2%
1.2 – 1.4%
Currencies (USD vs.)
6/30/11 3M
12M
Euro**
1.45
1.44
1.42
Japanese Yen
80.56
84.00
87.00
British Pound**
1.61
1.65
1.67
Swiss Franc
0.84
0.88
0.92
Canadian Dollar
0.96
1.00
1.02
Australian Dollar**
1.07
1.05
New Zealand Dollar**
0.83
0.79
Mexican Peso
11.71
11.50
11.40
Brazilian Real
1.56
1.57
1.60
Source: PB Global Research, The BLOOMBERG PROFESSIONALTM service, Thompson Reuters DataStream
*3month, 12month, or Year-end forecasts as indicated; **Level with USD as counter currency, price change with USD as base currency 18

19. Global Returns Dashboard
Global Equities (TR, Local Currency)
Jun-11
YTD
S&P 500
-1.7%
6.0%
Canada (Toronto Stock Exchange)
-3.3%
0.2%
Euro Area (Euro Stoxx 50)
-0.3%
4.6%
UK (FTSE 100)
-0.4%
2.7%
MSCI Asia/Pacific ex-Japan
-2.7%
0.0%
Japan (Nikkei 225)
1.3%
-3.0%
MSCI EM Asia
-2.2%
1.5%
MSCI EM Europe, Middle East/Africa
-1.0%
2.2%
Brazil (Bovespa)
-3.4%
-10.0%
Mexico (IPC)
2.1%
-4.4%
Fixed Income (TR, USD)
Jun-11
YTD
Barclays US Government Bond
-0.3%
2.2%
Barclays US Municipal Bond
0.3%
4.4%
Barclays US Inflation Linked (TIPS)
0.8%
5.8%
Barclays US Mortgage-backed
0.1%
2.9%
Barclays US Investment Grade
-0.9%
3.2%
Barclays US High Yield
-1.0%
5.0%
JP Morgan Emerging Markets
1.3%
Barclays Global Aggregate
Commodities (TR)
Jun-11
YTD
DJ-UBS Commodities Index
-5.0%
-2.6%
DJ-UBS Agriculture Sub-index
-8.2%
-7.1%
DJ-UBS Energy Sub-index
-6.4%
-1.7%
DJ-UBS Industrial Metals Sub-index
-0.4%
-3.5%
DJ-UBS Precious Metals Sub-index
-4.1%
6.9%
WTI Crude Oil (USD/barrel)
4.4%
Gold (USD/ounce)
-2.3%
5.6%
Currencies (USD vs.)
Jun-11
YTD
Euro*
-0.7%
-7.7%
Japanese Yen
-1.2%
British Pound*
2.5%
-2.7%
Swiss Franc
-1.6%
-10.1%
Canadian Dollar
-0.5%
-3.5%
Mexican Peso
1.2%
-5.1%
Brazilian Real
-1.1%
-5.9%
Australian Dollar*
-4.6%
New Zealand Dollar*
-0.6%
Source: The BLOOMBERG PROFESSIONALTM service, Thompson Reuters Datastream
*Level with USD as counter currency, price change with USD as base currency 19

20. Historic Snapshots S&P 500 & MSCI Emerging Markets Index
S&P 500 & MSCI Emg Mkts 12M Fwd P/E Ratio
US 10-Year Tsy Yield & Consumer Price Index
US GDP Growth & Unemployment Rate
Source: The BLOOMBERG PROFESSIONAL TM service,, Thompson Reuters DataStream 20

21. Historic Snapshots S&P/Case-Shiller Home Price Index
Gold & WTI Crude Oil Price
DJ-UBS Commodity Index
US Dollar Trade Weighted Index
Source: The BLOOMBERG PROFESSIONALTM service,, Thompson Reuters DataStream 21

22. Important Legal Information
This information is not intended to be a recommendation or opinion regarding the equity securities of the referenced companies. This material may not be used or relied upon for any purpose other than as specifically contemplated by a written agreement with Credit Suisse Securities (USA) LLC (CSSU). This material has been prepared by the Investment Strategy & Advisory Group of the Private Banking USA business of CSSU and not by the CSSU research department. It is provided for informational purposes, is intended for your use only and does not constitute an invitation or offer to subscribe for or purchase any of the products or services mentioned. The material is not intended to provide a sufficient basis on which to make an investment decision. It is intended only to provide observations and views of the Investment Strategy & Advisory Group, which may be different from, or inconsistent with, the observations and views of CSSU research department analysts, CSSU traders or sales personnel, or the proprietary positions of CSSU. Observations and views expressed herein may be changed by the Investment Strategy & Advisory Group at any time without notice. Past performance is not an indication or guarantee of future performance, and no representation or warranty, expressed or implied is made regarding future performance. The material set forth above has been obtained from or based upon sources believed to be reliable but CSSU does not represent or warrant its accuracy or completeness and is not responsible for losses or damages arising out of errors, omissions or changes in market factors. This material does not purport to contain all of the information that an interested party may desire and, in fact, provides only a limited view of a particular market. CSSU may, from time to time, participate or invest in transactions with issuers of securities that participate in the markets referred to herein, perform services for or solicit business from such issuers, and/or have a position or effect transactions in the securities or derivatives thereof. The material does not constitute objective research under FSA rules. The most recent CSSU research on any company mentioned is available to online subscribers at CSSU does not provide legal or tax advice. Consult your personal accounting, legal,
and tax advisor with respect to any legal or tax implications.
Private equity funds, hedge funds and other alternative investments are complex instruments that are not suitable for every investor, may involve a degree of risk, and may be appropriate investments only for sophisticated investors who are capable of understanding and assuming the risks involved. Before entering into any transaction, an investor should determine if the product suits his or her particular circumstances and should independently assess (with his or her professional advisers) the specific risks and the legal, regulatory, credit, tax and accounting consequences. CSSU makes no representation as to the suitability of any alternative investment product for any particular investor nor as to the future performance of any such products. Any offering of interest in any private equity fund, hedge fund or other alternative investment product shall only be made pursuant to the offering material for each such product, which will be provided to each prospective investor before making his or her investment decision and which contains information about such product's investment objectives, the terms and conditions of an investment in such product and also contains tax information and risk disclosures that involve significant risks, such as loss of entire investment, illiquidity, restrictions or transferring of interests, volatility of performance, and currency risks. Before deciding to invest in a private equity fund, hedge fund, or other alternative investment, prospective investors should read the relevant offering material for such product and pay particular attention to the risk factors contained therein. Prospective investors should have the financial ability and
willingness to accept the risk characteristics of such investment.
The Private Banking USA business in CSSU is a regulated broker dealer and investment advisor. It is not a chartered bank, trust company or depository institution. It is not authorized to accept deposits or provide corporate trust services and it is not licensed or regulated by any state or federal banking authority. Internal Revenue Service Circular 230 Disclosure: As provided for in Treasury regulations, advice (if any) relating to federal taxes that is contained in this communication (including attachments) is not intended or written to be used, and cannot be used, for the purpose of (1) avoiding penalties under the Internal Revenue Code or (2) promoting, marketing or
recommending to another party any plan or arrangement addressed herein.
This material may be distributed in Mexico by Banco Credit Suisse (México), S.A., for information purposes only, this may not be construed as an offer or an invitation to enter into any transaction or purchase any security or investment product that may not be undertaken under Mexican applicable regulation.
©2011 Credit Suisse Securities (USA) LLC. All rights reserved 22

23. Private Banking Americas Investment Strategy & Advisory Group
The Investment Landscape