Credit Suisse (Lux) Global Emerging Market Brands Equity FundCredit Suisse (Lux) Global Emerging Market Brands Equity Fund Investment Idea Emerging markets already have a middle class

Asset Management

Credit Suisse (Lux) Global Emerging Market Brands Equity Fund

December 2014

In Switzerland for retail and qualified investors.In Liechtenstein for professional investors only.

Asset ManagementDecember 2014The disclaimer at the end is also applicable to this page.

Contents

Summary

Reasons to Invest

Investment Process

Product Information

Appendix

2



Summary

3


Investment Idea

Emerging markets already have a middle class population of over 1 bn people. By 2020 this is expected to double to more than 2 bn people, or around 70% of the world’s middle class.1

As income per capita increases, the structure of demand changes from commodities to consumer durables and discretionary products and services.

Increasing wealth creates structural growth opportunities in, for example, food and beverages, retail, autos, travel and financial services.

Structural growth can often override cyclical factors. This makes emerging market consumption growth an interesting long-term investment.

The Fund’s Strengths

Experienced and award winning six-strong fund management team in Zurich and Singapore. Lead managers Anna Väänänen and Isis Ma have a combined 26 years of investment experience.

The fund invests in the most dynamic parts of the GEM economies – i.e. in the structural growth stories driven by an increasing middle class and rising income levels.

No investments in volatile commodity markets and a very discerning approach to anything government related.

A focused portfolio with about 60 to 80 high conviction stock picks based on first-hand information and fundamental analysis.

A new share class (BH2) offers currency hedging on a position level and provides protection from emerging market currency fluctuations.

1 Source: OECD working paper No. 285, as of January 2010.


Contents

Summary

Reasons to Invest

Investment Process

Product Information

Appendix

4



Key Investment Arguments

Long-term growth story The emerging middle class is a long-term growth trend that will be here for decades to come. Emerging markets are estimated to have a GDP per capita of USD 10,000, compared with USD 44,000 in the developed world in 2014.1

5

Active fund can optimize sectors and geographiesThe global emerging markets universe consists of a large number of countries with economic, cultural and political differences. This means that investment opportunities will differ in each of the countries at any given time. The fund can choose to invest in sectors and countries best positioned for reasonably valued growth.

Reasons to Invest

1 Source: International Monetary Fund, World Economic Outlook Database, October 2014.

Broad consumer exposureThe fund is not restricted to investing only in consumer staples and discretionary sectors. We believe that a broader approach, where we include a wider range of consumption driven sectors such as healthcare, education, home building, insurance and Internet/e-commerce, offers better returns.

Stock picking future leadersGrowing consumption will result in new entrepreneurial companies emerging in the structurally undersupplied sectors. As an actively managed all cap fund, we aim to stock pick these future leaders.

Fundamental researchStock picks are based on fundamental analysis and first-hand information. We keep close contact with the companies, their peers and industry analysts in order to have a deep understanding and knowledge of the companies and their operating environment.

Experienced management teamThe management team, with six investment professionals based in Zurich and Singapore, has a long track record in stock picking in emerging markets, particularly in the consumer related sectors. In addition, the team includes two currency specialists.


The Emerging Market Middle Class Is Growing

6

Reasons to Invest

The fast growing emerging middle class will account for roughly 70% of the world’s middle class by 2020. Over the next fives years, GDP per capita in emerging markets is expected to grow at a compounded annual

rate of 5.7% versus 3.8% for the developed world.

Middle class population by region(2009–2020E)

GDP per capita growth by region

2009 2020E

Million Share Million Share

North America 338 18% 333 10%

Europe 664 36% 703 22%

Central and South America 181 10% 251 8%

Asia Pacific 525 28% 1,740 54%

Sub-Saharan Africa 32 2% 57 2%

Middle East and North Africa 105 6% 165 5%

World 1,845 100% 3,249 100%

2008 to 2013 2014 to 2019

Developed markets 2.0% 3.8%

Emerging markets 6.6% 5.7%

United States 2.0% 4.1%

European Union 1.5% 3.6%

Emerging and developing Asia 9.8% 7.5%

Emerging and developing Europe 3.9% 4.9%

Latin America and the Caribbean 4.0% 3.5%

Middle East and North Africa 4.6% 3.9%

Sub-Saharan Africa 4.9% 4.9%

World 4.1% 4.6%

Source left table: OECD working paper No. 285, as of January 2010.Source right table: International Monetary Fund, World Economic Outlook Database, October 2014.


Investing in Structural Growth Opportunities

7

Reasons to Invest

Global emerging market countries are moving from an “age of commodities” to an “age of consumer durables”

India

Egypt

South A

frica

China

Brazil

Russia

Saudi A

rabia

Czech R

epublic

UA

E

Germ

any

United S

tates

Turkey

Hungary

EM A

verage

DM

Average

0 5'000 10'000 15'000 20'000 25'000 30'000 35'000 40'000 45'000 50'000

Wheat

Meat Protein

Energy

Copper

Washing Machines

Cars

Dishwashers

Luxury Cars

Ad spending

Insurance

Domestic Tourism

International Tourism

2012 PPP adjusted per capita income (USD)

Com

mod

ities

Dur

able

sS

ervic

es

Emerging market investing has become more challenging, but we believe there are structural growth opportunities. This requires understanding where, when and how income growth generates demand for goods and services.

Source: Goldman Sachs, 09.09.2013. Per capita income data is PPP adjusted.


Identifying Structural Growth Areas within Each Country

8

Reasons to Invest

Emerging market countries have different macroeconomic drivers and economic structures. This means that each country has specific structural growth areas. An active fund has the potential to invest in the best opportunities in each country.

MexicoProcessed food

BrazilEducation

South AfricaPrivate hospitals

PolandApparel

IndonesiaModern retail

ChinaE-commerce

PhilippinesReal estate

RussiaFood retail

South KoreaCosmetics

TaiwanSmartphones

TurkeyWhite goods

Saudi ArabiaFood production

Source: Credit Suisse, October 2014


Macroeconomics Support Consumption Growth

9

Reasons to Invest

Year-on-year growth rates in %

Real GDP

Private consumption

Population

Real wages

Private sector lending

Population: 203 m Average age 2015: 31 years GDP/Capita: USD 10,330 Private consumption

constitutes 63% of GDP

Brazil

1.5%

2.2%

0.9%

3.1%

15.7%

Population: 1,369 m Average age 2015: 36 years GDP/Capita: USD 7,361 Private consumption


China

7.3%

8.1%

0.6%

6.3%



Mexico

3.4%

3.2%

1.2%

1.2%

8.0%



Russia

1.6%

2.0%

0.4%

3.3%

14.0%

Year-on-year growth rates in %



South Africa Population: 248 m Average age 2015: 28 years GDP/Capita: USD 5,200 Private consumption


Indonesia Population: 23 m Average age 2015: 38 years GDP/Capita: USD 21,234 Private consumption


Taiwan Population: 73 m Average age 2015: 30 years GDP/Capita: USD 11,052 Private consumption


Turkey

2.8%

2.9%

-0.2%

2.5%

10.9%

5.3%

5.0%

1.0%

9.3%

20.3%

3.2%

1.9%

0.3%

1.6%

7.1%

2.2%

1.3%

1.2%

0.5%

18.4%

Real GDP

Private consumption

Population

Real wages

Private sector ending

Macroeconomics are driving consumption in global emerging market economies. This creates investment opportunities in many market areas and sectors.

Source: Credit Suisse Research & AnalyticsPopulation figures from United Nations data at http://data.un.org

All data as of 05.03.2014

Growth figures on this page are estimates for the year 2014. Population growth represents cumulative annual growth rate between 2010 and 2015.


Consumer Stocks Drive Emerging Market Performance

10

Reasons to Invest

-100

-50

0

50

100

150

200

8-O

ct-0

7

8-Ja

n-08

8-A

pr-0

8

8-Ju

l-08

8-O

ct-0

8

8-Ja

n-09

8-A

pr-0

9

8-Ju

l-09

8-O

ct-0

9

8-Ja

n-10

8-A

pr-1

0

8-Ju

l-10

8-O

ct-1

0

8-Ja

n-11

8-A

pr-1

1

8-Ju

l-11

8-O

ct-1

1

8-Ja

n-12

8-A

pr-1

2

8-Ju

l-12

8-O

ct-1

2

8-Ja

n-13

8-A

pr-1

3

8-Ju

l-13

8-O

ct-1

3

8-Ja

n-14

8-A

pr-1

4

8-Ju

l-14To

tal R

etur

n in

%

Consumer stocks from MSCI Emerging Markets IndexConsumer stocks from MSCI Emerging Markets Index without FinancialsMSCI Emerging Markets Index

1 year 3 years 5 years 7 years 10 years

Consumer stocks1 9.87 16.69 13.46 10.24 21.78Consumer stocks without Financials1 11.18 18.19 17.62 13.64 22.80MSCI EM 4.30 7.19 4.42 -0.18 10.68

Emerging consumer stock performance against the MSCI Emerging Markets Index

An increasing consumer contribution to economic growth has historically translated into superior share price performance – a trend that is expected to continue.

Annualized performance (%)

1 Consumption related stocks from the MSCI Emerging Markets Index. Sources: Credit Suisse and Bloomberg, as of 30.09.2014. MSCI EM performance data: Lipper, as of 30.09.2014.


Contents

Summary

Reasons to Invest

Investment Process

Product Information

Appendix

11

Credit Suisse (Lux) GEM Brands Equity Fund


Introduction

12

Investment Process

The investment universe comprises: − Over 600 emerging market consumer

companies: Asia, EEMEA, Latin America− Selected picks from frontier countries− The ability to invest in developed market

companies with the majority of their revenues from emerging markets.

An all cap fund with investments in small, mid and large cap companies.

We invest in companies profiting from structurally growing consumption.Sectors include: automobiles, e-commerce, education, finance, food production, healthcare, insurance, Internet, real estate, retail, technology, telecom and travel.

Investments are made in the most dynamic parts of the global emerging market economies with long-term structural drivers. No investments in commodity companies and a very selective approach to anything government related.

An actively managed fund. High conviction portfolio with around 60 to 80 bottom-up stock picks based on first-hand information and fundamental analysis of the companies.


Investment Universe Company Analysis Valuation Position Monitoring Divestment

13

Narrow down companies best positioned to profit from structural growth

Within the investment universe we analyze each company in order to identify the companies best positioned for profitable growth.

Over 200 company meetings a year.

Assessing strategy and management quality.

Contacts with peer group, industry experts and analysts.

Identify structurally growing geographies and sectors

Each EM country has specific structural growth sectors.

These “sweet spots” of the economy are a result of country specific historical, geographical and cultural drivers.

We identify consumption driven structural growth sectors to form our investment universe.

Select companies with most attractive valuation relative to growth outlook

We assess valuation relative to earnings growth outlook and capital returns.

Assigning target price for each company.

Selecting companies with highest share price upside potential.

Continuous monitoring of company specific drivers and valuation

Change of company specific or macro drivers.

Continuous research and contact with companies and analysts.

Risk management:– Sector exposure

corresponds with macro view

– Enough liquid positions for daily liquidity.

Divestment when further upside in share price is limited

Negative change in company specific or macro drivers.

No new positive drivers or upgrades in outlook after share price performance.

Valuation upside not high enough to justify investment.

Investment Process

Bottom-Up Stock Selection with Macro Overlay

Source: Credit Suisse

Asset ManagementDecember 2014The disclaimer at the end is also applicable to this page. 14

Investment Process


Russia: Food Retail

Modern retail only 60% market penetration.

Companies with strong logistics benefit from import restrictions.

High food inflation supports revenues.

Magnit

Largest food retailer (6% market share) opening 1,000 new stores a year.

Significant scope to win market share from weakening competition.

Scale, vertical integration and strong logistics to support margins.

Best in class management and corporate governance track.

Valuation

Magnit local shares trade at a 20% discount to London traded depositary receipts and are attractively valued.

P/E (15e) 15x. EV/EBITDA (15e) 9x. PEG (15e) ratio 0.7x. Target price

RUB 10,300 – has 28% upside.

Monitoring

Competitive environment: increasing investment in pricing.

Regulation: food price controls, market share limitations.

Risk: slower than expected store openings, cannibalization.


Investment Universe Company Analysis Valuation Position Monitoring


Investment Process


China: Internet

Social networks are the predominant way of communication in China.

Online shopping is expected to have a market size of USD 250 billion by 2015.

Male generation in China is particularly keen on online video.

Tencent

Largest social network platform with over 550 million users on WeChat.

WeChat opening up e-payment, location based services monetization channels.

Irreplaceable scale and vertical integration warrants high level of user engagement.

Best in class management and corporate governance track.

Valuation

Tencent trades at a discount to global Internet names.

P/E (15e) 25.9x. PEG (15e) ratio 0.8x. WeChat monetization

potential not priced in.

Monitoring

Competitive environment: increasing investment in acquisition (platform, content, logistics network).

Regulation: social network, online payment.

Risk: slower than expected traffic monetization, synergy from vertical acquisition.

Investment Universe Company Analysis Valuation Position Monitoring



In the short run, emerging market currencies are often volatile and prone to periods of depreciation. This has an impact on performance in the fund’s reference currency.

We offer a share class (BH2) that uses position level hedging to help investors minimize currency risk and reduce the overall volatility of returns.

In the long run, emerging market currencies should appreciate as the wealth of their countries’ population increases. As a consequence, we hedge currencies partially, instead of hedging them completely.

We select an optimal range for each currency, based on the hedging costs and correlation between exchange rate and stock returns.

Pegged or developed world currencies are not hedged.

Developed Market Currencies ConcentrationUSD 15.3%EUR 1.0%

Sum 16.3%

Pegged CurrenciesHKD – Hong Kong dollar 31.7%SAR – Saudi riyal 6.4%TWD – New Taiwan dollar 4.6%QAR – Qatari riyal 2.3%

Sum 45.0%

Hedged CurrenciesKRW – Korean won 9.2%ZAR – South African rand 6.2%MXN – Mexican peso 4.3%TRY – Turkish lira 3.9%BRL – Brazilian real 3.6%PHP – Philippine peso 3.3%IDR – Indonesian rupiah 2.1%PLN – Polish zloty 1.5%SGD – Singapore dollar 1.5%KWD – Kuwaiti dinar 1.2%MYR – Malaysian ringgit 1.1%THB – Thai baht 0.8%

Sum 38.7%

Currency composition of the fund

Investment Process

New Share Class with Position Level Currency Hedging


Contents

Summary

Reasons to Invest

Investment Process

Product Information

Appendix

17



Product Information

Key Facts

* The BH/IBH and BH2 (to be launched soon) share classes have different hedging policies.1 SSP is a method used to calculate the net asset value (NAV) of a fund, which aims to protect existing

investors from bearing indirect transaction costs triggered by incoming and outgoing investors. The NAV is adjusted up in case of net inflows and down in case of net outflows on the respective valuation date. The adjustment in NAV might be subject to a net flow threshold. For further information, please consult the sales prospectus. Source: Credit Suisse

Unit class Valor no. ISIN Min. investment Management fees Distribution Inception Qualified Investor volume p.a. date

Benchmark MSCI Emerging Markets Net Total Return Index (USD)Single Swinging Pricing1

YesPortfolio manager Anna Väänänen, Isis MaDomicile LuxembourgStructure SICAVSubscription/redemption DailyESD tax status In scope - taxSales registration Austria, Switzerland, Germany, Spain, France,

United Kingdom, Italy, Japan, Liechtenstein, Luxembourg,Netherlands, Singapore

Fund InformationInvestment Policy

The objective of the fund is to achieve long-term capitalgrowth, while maintaining an adequate diversification of risks,by investing in companies providing consumer goods orservices to global emerging market consumers. Theinvestment strategy is based on fundamental analysis andtargets attractively valued companies expected to benefitfrom growth in emerging consumer markets.

USD share class B 11480304 LU0522191245 1 unit 1.92% No 30.09.2010USD share class BH2* tbc tbc tbc tbc tbc tbcUSD share class EB 11480309 LU0522191674 1 unit 0.70% No 30.09.2010 QICHF share class BH* 11480369 LU0522192300 1 unit 1.92% No 30.09.2010EUR share class BH* 11480366 LU0522192136 1 unit 1.92% No 30.09.2010EUR share class IBH* 11480371 LU0522192482 1 unit 0.70% No 15.10.2014 QIGBP share class BH* 11949965 LU0554857044 1 unit 1.92% No 14.02.2011


Sector Allocation in %

Country Allocation in %

Top 10 Holdings

Fund

Consumer Discretionary 37.43Information Technology 22.51Financials 15.57Telecommunication Services 11.02Consumer Staples 10.80Health Care 1.77Materials 0.91

Fund

China 21.68Taiwan 9.79Hong Kong 9.57South Korea 8.72Macau 6.28Saudi Arabia 6.08South Africa 6.14Russia 5.03Mexico 4.29Turkey 3.88Others 18.54

Tencent Holdings 7.69Taiwan Semiconductor 5.41Baidu 5.27Saudi Telecom 4.12China Mobile 3.93China Vanke 3.05Naver Corp 2.84Mediatek 2.71Alibaba 2.49Sberbank 2.33

Portfolio weight in %

Product Information

Portfolio Breakdown

This is an indicative asset allocation that may change over time.Sources: Datastream, Credit Suisse

As of 30.09.2014


Benefits and Risks

20

Product Information

Benefits

Growth in emerging market middle class and income levels offers a long-term structural investment opportunity.

An actively managed fund can pick reasonably valued growth companies in each geographical location.

Experienced, award-winning portfolio management team with a long track record in stock picking in emerging markets and in consumer sectors.

Independent risk management.

Risks

Severe and prolonged global recession.

Negative geopolitical developments.

Emerging market currency fluctuation.

Compliance with corporate governance standards.

No capital protection.


Track Record: Credit Suisse (Lux) Equity Asia Consumer Fund(Co-managed by Isis Ma)

21

Product Information

Performance since repositioning1 Monthly performance since repositioning

30.09.2014 Fund1 Benchmark2

Since October 2012 15.89% 13.49%

-10%

-5%

0%

5%

10%

15%

2012* 2013 2014Fund* 11.3% 9.0% -3.46%MSCI Far East 12.2% 3.9% 2.96%

-30%

-20%

-10%

0%

10%

20%

30%

Sep 12 Feb 13 Jul 13 Dec 13 May 14

CS Lux) Asia Consumer Equity Fund MSCI AC Far East ex Japan (NR)

Fund: Credit Suisse (Lux) Equity Asia Consumer Fund (USD) Historical performance indications and financial market scenarios are not reliable indicator of current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption.1 The fund was formerly known as Credit Suisse SICAV (Lux) Equity Silk Road Fund and incepted on 30.10.2008.

The official benchmark since inception to 03.09.2012 was MSCI Emerging Markets. On 03.09.2012, the fund was repositioned and renamed Credit Suisse SICAV (Lux) Equity Asia Consumer Fund. The repositioned fund now pursues an Asia Consumer exposure strategy. The change of name reflects this change in strategy. The benchmark of the fund since repositioning has been MSCI AC Far East ex Japan.

2 BM: MSCI AC Far East ex Japan (USD).

1

1

Sources: Bloomberg, Credit Suisse As of 30.09.2014


Track Record: Credit Suisse (Lux) Equity Russia Fund(Managed by Anna Väänänen)

22

Product Information

Fund performance September 2011–September 2014 Monthly relative performance September 2011–September 2014

-30%

-20%

-10%

0%

10%

Aug 11 Jan 12 Jun 12 Nov 12 Apr 13 Sept 13 Feb 14 Jul 14

CS SICAV (Lux) Equity Russia MSCI Russia 10-40 (NR)

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

Aug 11 Jan 12 Jun 12 Nov 12 Apr 13 Sept 13 Feb 14 Jul 14

Relative Return (right scale)

1 Fund: Credit Suisse (Lux) Equity Russia Fund (USD). 2 Benchmark: MSCI Russia 10–40 NR (USD). Performance indications do not consider commissions, fees and other charges, including commissions levied at subscription and/or redemption.

30.09.2014 Fund1 Benchmark2

Since 01.09.2011 -19.71 -26.11

Source: Credit Suisse As of 30.09.2014


Contents

Summary

Reasons to Invest

Investment Process

Product Information

Appendix

23



Isis MaSenior Fund Manager/Analyst

Oliver TjulinAnalyst

Anna VäänänenSenior Fund Manager/Analyst

Senior Fund Managers in Singapore and Zurich (1/2)

Anna Väänänen, Director, Senior Fund Manager/Analyst, worked for 11 years as an equity analyst atSalomon Brothers in London and Carnegie in Finland,covering various sectors. In 2005, she moved to assetmanagement at Tapiola Insurance Company, and in 2007she took over the two Russian equity funds at FIM AssetManagement. In 2011, she won both the Lipper awardand the Morningstar award for the Best Fund Investing inRussia and the Best Russia Equity Fund Manager over athree-year period. In 2011, she moved to Credit Suisse(formerly Clariden Leu) and has been the fund managerof the Credit Suisse (Lux) Equity Russia Fund since.

Oliver Tjulin, Analyst, joined Credit Suisse in January2012, where he spent his first year working in the ETFProduct Development team. He joined Anna Väänänen inJanuary 2013, supporting her as an analyst for theRussian equities market. Oliver holds a double master’sdegree in Finance and Accounting as well as in ComputerScience from the University of Fribourg, Switzerland. Heis fluent in Russian and holds a Certificate in QuantitativeFinance (CQF).

Isis Ma, Vice President, Senior Fund Manager/Analyst,joined Credit Suisse (formerly Clariden Leu) in June2010. She is an equity specialist in the consumer, realestate and Internet sectors. Isis has been the comanagerof the Credit Suisse (Lux) Equity Asia Consumer Fundsince 2012 and was the fund manager for the ClaridenLeu Emerging Financials Fund from 2010 to 2011. Isisgraduated from the Chinese University of Hong Kong.She is a Chartered Accountant and a CFA charterholder.

Appendix

24


Dr. Samuel HuberJunior Portfolio Manager

Markus KramerSenior Portfolio Manager

Juan Manuel MendozaSenior Fund Manager

Senior Fund Managers in Singapore and Zurich (2/2)

Juan Manuel Mendoza, Senior Fund Manager and HeadEquities Asia, started his career in 1997 in equities atSalomon Smith Barney in New York. In 2005, Juanjoined the Credit Suisse Group (formerly Clariden Leu)and has been the fund manager of the Credit Suisse(Lux) Luxury Goods Equity Fund since 2008 and theCredit Suisse Equity Fund (Lux) Global Prestige. Juanwon three Lipper Fund Awards in France, Germany andAustria in 2011, one Lipper Fund Award in Austria in2012 and three Lipper Fund Awards in Germany, Austriaand Europe in 2013 in the Lipper consumer category.Juan has also been the comanager of the Credit Suisse(Lux) Asia Equity Consumer Fund and Credit Suisse(Lux) Asia Pacific Income Maximiser Equity Fund. Juanholds an MBA from Emory University in Atlanta, USA.

Markus Kramer, Director, is Senior Portfolio Manager forglobal fixed income portfolios and responsible forcurrency overlays. Prior to joining Credit Suisse inSeptember 2011, he worked in asset management atZürcher Kantonalbank for six years. He holds a master’sdegree from the University of Zurich (specializing inBanking and Finance) and is a Chartered FinancialAnalyst (CFA), a Certified Financial Risk Manager(CFRM) and a Chartered Market Technician (CMT).Furthermore, Markus is a board member of the SwissBond Commission.

Dr. Samuel Huber, Assistant Vice President, works as aJunior Portfolio Manager in the Global Fixed Incometeam. He is also responsible for processing scientificsurveys and developing quantitative tools, such asalgorithmic trading strategies for currency management.Before joining Credit Suisse in 2010, he worked in theasset management department of the pension fund atF. Hoffmann-La Roche AG in Basel for two years.Samuel studied Economics at the University of Basel andcompleted his PhD in the field of Economic Theory in2013.

Appendix

25


Key Risk Factors

General risks: The value of the fund generally changes daily based on market conditions and other factors. Please note that there are many circumstances that could cause the value of the fund to decline and prevent the fund from achieving its objective that are not described here.

Market risks: The price of a security held by the fund will fall due to changing economic, political or market conditions or disappointing earnings results. This includes company-specific, interest and exchange rate risks as well as changes affecting economic factors such as employment, public expenditure and indebtedness, inflation, changes in shareholder confidence in certain asset classes (e.g. equities), markets, countries, industries and sectors. A long and deep economic recession would hurt the portfolio. Given that the fund invests mainly in a specific sector, it is more heavily affected by negative performance in this sector.

Allocation risks: the fund could miss attractive investment opportunities by underweighting markets where there are significant returns, and could lose value by overweighting markets where there are significant declines.

Regulatory risks: changes in the legal and tax environment.

Credit risks: this is the risk that the issuer of a debt instrument will default on principal and interest payments.

Appendix

Liquidity risks: The securities purchased by the fund may under certain circumstances be traded on the over-the-counter market, where they are subject to liquidity risk, rather than on an organized exchange. This means that they may be harder to purchase or sell at a fair price.

Emerging market risks: Economic risks inherent to emerging market countries resulting from a potentially unstable political climate; substantial debtor’s risk extending to sovereign as well as to corporate issuers from emerging market countries; a legal and tax environment that, from the point of view of a foreign shareholder, may suffer adverse changes and that does not protect the rights of shareholders to the extent customary in Western European countries. Furthermore, securities in emerging markets may under certain circumstances not offer the degree of organization and transparency customary to major stock exchanges or regulated markets in OECD countries. Other risks include highly volatile market prices due to limited market capitalization or low effective trading volume of individual securities; limited transferability of money; currency risk of comparatively weak currencies in which investments are denominated.

Derivatives risks: information on the risks connected with the use of derivatives can be found in the section of the fund prospectus entitled “Risks Associated with the Use of Derivatives”.

26


Important Information Regarding Hypothetical, Back-Tested or Simulated Performance

Hypothetical, back-tested or simulated performance has many inherent limitations, only some of which are described as follows: (i) It is designed with the benefit of hindsight, based on historical data, and does not reflect the impact that certain economic and market factors might have on the decision-making process. No hypothetical, back-tested or simulated performance can completely account for the impact of financial risk in actual performance. Therefore, it will invariably show positive rates of return. (ii) It does not reflect actual client asset trading and cannot accurately account for the ability to withstand losses. (iii) The information is based, in part, on hypothetical assumptions made for modeling purposes that may not be realized in the actual management of accounts. No representation or warranty is made as to the reasonableness of the assumptions made or that all assumptions used in achieving the returns have been stated or fully considered. Assumption changes may have a material impact on the model return presented. This material is not representative of any particular client’s experience. Investors should not assume that they will have an investment experience similar to the hypothetical, back-tested or simulated performance shown. There are frequently material differences between hypothetical, back-tested or simulated performance results and actual results subsequently achieved by any investment strategy. Unlike an actual performance record based on trading actual client portfolios, hypothetical, back-tested or simulated results are achieved by means of the retroactive application of a back-tested model, itself designed with the benefit of hindsight.

Appendix

The hypothetical back-tested performance shown is for illustrative purposes and does not represent the actual performance of any client account. Credit Suisse does not state that the hypothetical returns would be similar to actual performance had the firm actually managed accounts in this manner.

Hypothetical, back-tested or simulated performance may not reflect the impact that material economic or market factors might have on an adviser’s decision-making process if the adviser were actually managing a client’s portfolio. The back-testing of performance differs from actual account performance because the investment strategy may be adjusted at any time, for any reason and can continue to be changed until desired or better performance results are achieved. The back-tested performance includes hypothetical results that do not reflect the deduction of advisory fees, brokerage or other commissions, and any other expenses that a client would have paid or actually paid. No representation is made that any account will or is likely to achieve profits or losses similar to those shown. Alternative modeling techniques or assumptions might produce significantly different results and prove to be more appropriate. Past hypothetical, back-test or simulated results are neither indicators nor guarantees for future returns. In fact, there are frequently sharp differences between hypothetical, back-tested and simulated performance results and the actual results subsequently achieved. As an investor, you accept and agree to use such information only for the purpose of discussion with Credit Suisse in your preliminary interest in investing in the strategy described herein.

27


Disclaimer

This document was produced by Credit Suisse AG and/or its affiliates (hereafter "CS")with the greatest of care and to the best of its knowledge and belief. However, CSprovides no guarantee with regard to its content and completeness and does notaccept any liability for losses which might arise from making use of this information.The opinions expressed in this document are those of CS at the time of writing andare subject to change at any time without notice. If nothing is indicated to the contrary,all figures are unaudited. This document is provided for information purposes only andis for the exclusive use of the recipient. It does not constitute an offer or arecommendation to buy or sell financial instruments or banking services and does notrelease the recipient from exercising his/her own judgment. The recipient is inparticular recommended to check that the information provided is in line with his/herown circumstances with regard to any legal, regulatory, tax or other consequences, ifnecessary with the help of a professional advisor. This document may not bereproduced either in part or in full without the written permission of CS. It is expresslynot intended for persons who, due to their nationality or place of residence, are notpermitted access to such information under local law. Neither this document nor anycopy thereof may be sent, taken into or distributed in the United States or to any U. S.person (within the meaning of Regulation S under the US Securities Act of 1933, asamended). Every investment involves risk, especially with regard to fluctuations in valueand return. Investments in foreign currencies involve the additional risk that the foreigncurrency might lose value against the investor's reference currency. Historicalperformance indications and financial market scenarios are not reliable indicators ofcurrent or future performance. Performance indications do not consider commissionslevied at subscription and/or redemption. Furthermore, no guarantee can be given thatthe performance of the benchmark will be reached or outperformed.Emerging market investments usually result in higher risks such as political, economic,credit, exchange rate, market liquidity, legal, settlement, market, shareholder andcreditor risks. Emerging markets are located in countries that possess one or more ofthe following characteristics: a certain degree of political instability, relativelyunpredictable financial markets and economic growth patterns, a financial market thatis still at the development stage or a weak economy.

Appendix

Equities are subject to market forces and hence fluctuations in value which are notentirely predictable.The fund mentioned in this publication has been established under Luxembourg law asundertakings for collective investment in transferable securities (UCITS) subject to EUDirective 2009/65/EC, as amended. The representative in Switzerland is CreditSuisse Funds AG, Zurich. The paying agent in Switzerland is Credit Suisse AG, Zurich.Subscriptions are only valid on the basis of the current sales prospectus, the simplifiedprospectus, the bylaws and/or contractual terms and conditions and the most recentannual report (or semi-annual report, if more recent). The prospectus, simplifiedprospectus and/or the Key Investor Information Document (KIID), bylaws and/or thecontractual terms and conditions and the annual and semi-annual reports are availablefree of charge from Credit Suisse Fund Services (Luxembourg) S.A., Luxembourg,from Credit Suisse Funds AG, Zurich or from any branch of Credit Suisse AG inSwitzerland.

For LiechtensteinThe shares offered are exclusively offered to a limited group of investors, in all casesand under all circumstances designed to preclude a public solicitation in Liechtenstein.This document may not be reproduced or used for any other purpose, nor be furnishedto any other person other than those to whom copies have personally been sent. Thisoffer is a private offer, this material and the transactions described therein aretherefore not nor have been subject to the review and supervision of the LiechtensteinFinancial Market Authority.Copyright © 2014 Credit Suisse Group AG and/or its affiliates. All rights reserved.

28

Documents

Credit Suisse (Lux) Global Emerging Market Brands Equity FundCredit Suisse (Lux) Global Emerging Market Brands Equity Fund Investment Idea Emerging markets already have a middle class