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Asset Management November 2009 Credit Suisse Global Convertibles.

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Presentation on theme: "Asset Management November 2009 Credit Suisse Global Convertibles."— Presentation transcript:

1 Asset Management November 2009 Credit Suisse Global Convertibles

2 Asset Management November 2009 Slide 2 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. Agenda  Reasons to invest  Convertibles Basics  Investment Process  Products  Performance  Why Credit Suisse?  Conclusion  Management Team

3 Asset Management November 2009 Slide 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. Executive Summary  Convertibles are a very attractive asset class with a tremendous performance record in the last 13 years, beating most other asset classes  Due to the uniqueness of the current situation, a convertibles investment makes especially sense now  In the last three years, the convertible team of Credit Suisse Asset Management has achieved a very good track record, outperforming the benchmark with various products  Credit Suisse Global Convertible products offer investors the opportunity to participate in convertible bonds in a transparent and diversified way

4 Asset Management November 2009 Slide 4 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. Source: Credit Suisse, UBS, Merrill Lynch, Bloomberg; Data until Convertibles with significant higher return than bonds with much lower volatility than equities Historical performance indications and financial market scenarios are no guarantee for current or future performance

5 Asset Management November 2009 Slide 5 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. Convertibles have regained their defensive profile in negative market phases, but show good upside potential in positive ones Source: Credit Suisse, UBS, Bloomberg, Data until Historical performance indications and financial market scenarios are no guarantee for current or future performance

6 Asset Management November 2009 Slide 6 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. Why investing in convertible bonds?  Asymmetric Risk/Return-Profile. Unlimited upside-potential and bond-floor limit risk of losses (exception: default of issuer)  Diversification opportunity. Global universe; convertible bonds profit from increases in volatility, embedded options with very long maturity  Dynamic adjustment of sensitivities to bond and equity markets. Utilization of trend-following mechanisms  Anti-cyclical behavior of issuers to place bonds. Issuers have the tendency to issue convertible bonds when share prices are low and spreads are high and reversely to call paper back when the underlying shares have risen strongly (thus forcing investors to profit-taking)  Historical performance: Convertibles have performed very well in comparison to other asset classes

7 Asset Management November 2009 Slide 7 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. Recent developments  Economic situation has stabilized on a low level  Market sentiment has much improved  Equity and credit markets alike have shown a tremendous performance since beginning of March 09  After falling of a cliff, earnings revisions show a positive tendency now Source: Bloomberg, Data until Historical performance indications and financial market scenarios are no guarantee for current or future performance

8 Asset Management November 2009 Slide 8 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. After being in the worst crisis since the 1930's, the sentiment has shifted successively due to a couple of positive developments:  The banking sector is still weak, but seems to stabilize finally  Recent company results give the impression that the worst could be over.  Many economic indicators show signs of growth. The currently depressed economic level in many developed countries lead to good chance for an unusual combination of strong growth and low inflation  The strength of some emerging market economies are an important support for to the global development  Strong fiscal and monetary support  V-shaped economic recovery is not unlikely anymore Positive sentiment dominates recently,...

9 Asset Management November 2009 Slide 9 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.... nevertheless the situation is still relatively uncertain The current crisis is unprecedented in history which makes it difficult to predict the future performance of asset classes even more than usually. Simultaneously, there are still some areas of concern:  Threat of inflation. Government liabilities reach alarming proportions  US consumer is hurt by jobless claims and rising energy costs  Tight lending standards could have negative effects on economic growth potential  Discussions on central bank exit strategies  Increasing defaults from companies and consumers alike have and will lead to rising loan loss provisions in banks' income statements  Equity valuation not necessarily cheap  Risk of W-shaped recovery

10 Asset Management November 2009 Slide 10 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. Delta and convexity at an attractive level Source: Credit Suisse, UBS, Bloomberg Source: Credit Suisse, UBS, Data until

11 Asset Management November 2009 Slide 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. Spreads are still above long-term average Source: Credit Suisse, UBS, Bloomberg Source: Credit Suisse, UBS, Data until

12 Asset Management November 2009 Slide 12 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. Global Convertibles – Primary market activity Source: Credit Suisse, UBS, Data until

13 Asset Management November 2009 Slide 13 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. Reasons for investing now in convertible bonds  Uncertainty regarding the path of recovery (v- vs. w-shaped) warrants dynamic investment approaches  Limited loss potential. Delta of convertible bonds are not high by historical standards which should provide protection in case of weak equity markets. In addition, the relatively short life time and positive correlation to equity markets offer protection against inflation  Good performance perspectives. The valuation of convertibles (yield, implied volatility) offers an attractive return perspective. Rising equity markets and further spread tightening would increase the return significantly  Investor interest is increasing. New issues have been received very well during the last couple of months and the positive market momentum gains steam

14 Asset Management November 2009 Slide 14 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. Agenda  Reasons to invest  Convertibles Basics  Investment Process  Products  Performance  Why Credit Suisse?  Conclusion  Management Team

15 Asset Management November 2009 Slide 15 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. Structure of a convertible bond Source: Credit Suisse  A convertible bond is a combination of a corporate bond and a call option on a stock Bond Option Convertible  A convertible is a bond that can be exchanged into shares at a specified conversion ratio (typically at any time) Stocks Nominal value of bond At maturity the investor receives (but not both) ≈ Prospectus  Convertible Bond ≈ Corporate Bond + Embedded Call Stock Option

16 Asset Management November 2009 Slide 16 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. Price behaviour of a convertible Bond-likeBalanced Equity-alternative Price of convertible Price of underlying stock Parity (= conversion ratio x current stock price) Bond Convertible Distressed Bond floor 1 Source: Credit Suisse The bond floor of the convertible protects typically a large portion of the investment

17 Asset Management November 2009 Slide 17 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. Agenda  Reasons to invest  Convertibles Basics  Investment Process  Products  Performance  Why Credit Suisse?  Conclusion  Management Team

18 Asset Management November 2009 Slide 18 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. Credit Suisse Asset Management - Global Platform Source: Credit Suisse (as of end of year 2008)

19 Asset Management November 2009 Slide 19 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. Asset Allocation recommendation Directional market forecasts (equity, credit spreads, rates) Sector/Country selection Style preference Bottom-up fundamentals (equity, credit) Valuations Technical/Sentiment analysis Momentum Volatility analysis Hedge fund activity Flows External studies Investment process – Sources and types of input Fixed Income / Forex Equity CIO-Office Structured Derivatives Alternative funds Investment banks & Brokers (external) Source: Credit Suisse Global Convertibles Team Credit Suissse Asset Management  The Fund’s active management leverages Credit Suisse’s global investment platform.

20 Asset Management November 2009 Slide 20 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. Company Research – State-of-the-art quantitative stock selection tools Source: Credit Suisse

21 Asset Management November 2009 Slide 21 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. Global Fixed Income Strategy Investment Groups  Global Market Allocation  Duration/Curve Strategy  Global Market Allocation  Duration/Curve Strategy  Swap and Credit Strategy  Credit Sector Strategy  Swap and Credit Strategy  Credit Sector Strategy  Global Currency Strategy Global Interest Rate Group Global Interest Rate Group Global Credit Group Global Credit Group Global Currency Group Global Currency Group  Luc Mathys  Dominic Barnes  Alex Bouchardy  Philipp Büchler  Siegfried Cordes  Daniel Egger  Anna Guglielmetti  Michael Markovic  Eric Suter  Lena Teoh  Michael Schmid  Oliver Gasser  Stuart Goh  Giuseppe Quarto di Palo  Fidel Kasikci  Daniele Paglia  Hans Boije  Philipp Büchler  Alex Bouchardy  Christoph Durst  Marcus Hettinger  Mónica Mastroberardino  Joe Prendergast  Ralf Seschek Source: Credit Suisse Asset Allocation Committee (AAC) FISC

22 Asset Management November 2009 Slide 22 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. Performance Attribution, Risk-Weighted Positioning, Diversification, Corporate Actions Management, Active Sell Discipline Risk & Performance Monitoring Markets & Sector Research Company Research  Global economic Framework  Top-down fundamentals & technicals  Quantative stock selection tool  Global Fixed Income ISG results  Specific Convertible Bond themes  Valuation  Momentum  Credit Quality  Peer Group Comparison  Relative Value Assessment Instrument Research  Analyze bond characteristics  Solve complex issues with state-of the-art tools (modeling software “MONIS”)  Consider legal terms and conditions  Selecting the most appropriate convertible bonds to fulfill the desired allocation of delta, yield, and convexity for portfolio, sector and issuer Portfolio Construction Investment Process - Portfolio Structuring INVESTMENT OPPORTUNITIES  Consider and dynamically manage the top down components of the convertible bond universe.  From the bottom up perspective, a global approach to company analysis is applied that both involves credit and equity research.  Disciplined risk management and dedicated quantitative tools are key to profitably capture opportunities. Source: Credit Suisse

23 Asset Management November 2009 Slide 23 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. Agenda  Reasons to invest  Convertibles Basics  Investment Process  Products  Performance  Why Credit Suisse?  Conclusion  Management Team

24 Asset Management November 2009 Slide 24 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. Global Convertibles – Product Overview Product offering – Products with different risk-return profiles Source: Credit Suisse  We also offer individual mandates for institutional investors  Assets under Management: CHF 1.1 bn.  Mutual funds: Delta Product Credit Suisse SICAV One (Lux) Global Convertibles Credit Suisse Bond Fund (CH) Convert International Credit Suisse SICAV II (Lux) Global Convertible Bond-like Balanced Equity-like

25 Asset Management November 2009 Slide 25 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. Credit Suisse SICAV II (Lux) Global Convertible Important fund restrictions  min. 40% of NAV has to be BBB or better rating  max. 15% straight bonds  max. 20% cash  issuers below BBB-: max. (5%, BM-weight + 1.5%)  Benchmark: UBS Global Convertibles Focus Yield (FX hedged) – Broad universe: Global Convertibles – 1. Filter: UBS Global Convertibles  Minimum requirements regarding liquidity and pricing – 2. Filter: Focus  Ongoing rebalancing ensures that the classical convertible-profile dominates – 3. Filter: Select bonds (denominated in USD, EUR and JPY) with the highest yields Price of underlying stock Price of convertible Bond-likeBalancedEquity-like stock bond convertible Focus tries to select the issues with the most balanced profile

26 Asset Management November 2009 Slide 26 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. Credit Suisse SICAV II (Lux) Global Convertible Fund manager:Convertible Bonds Team (Zürich) Fund domicile:Luxembourg Fund currency: USD (FX hedged) Issue date: Management Fee in % p.a.:1.20% p.a. Benchmark: UBS Global Convertibles Focus Yield (FX hedged) Swiss security number: B USD: R EUR: R CHF: ISIN: B USD: LU R EUR: LU R CHF: LU

27 Asset Management November 2009 Slide 27 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. Credit Suisse SICAV One (Lux) Global Convertibles Important fund restrictions  max. 30% straight bonds  max. 20% cash  issuers below BBB-: max. (5%, BM-weight + 2%)  Benchmark: UBS Global Convertibles Focus (FX hedged) – Broad universe: Global Convertibles – 1. Filter: UBS Global Convertibles  Minimum requirements regarding liquidity and pricing – 2. Filter: Focus  Ongoing rebalancing ensures that the classical convertible-profile dominates – Advantage: Extreme characteristics are excluded Fast adjustments to market environment Price of underlying stock Price of convertible Bond-likeBalancedEquity-like stock bond convertible Focus tries to select the issues with the most balanced profile

28 Asset Management November 2009 Slide 28 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. Credit Suisse SICAV One (Lux) Global Convertibles Rating allocation* Sector allocation * Rating sources are external as well as internal providers. Source: S&P, Moody's, Credit Suisse (as of )

29 Asset Management November 2009 Slide 29 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. Credit Suisse SICAV One (Lux) Global Convertibles Regional allocation Currency allocation Source: Bloomberg, Credit Suisse (as of ) Currency exposure is usually hedged

30 Asset Management November 2009 Slide 30 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. Credit Suisse SICAV One (Lux) Global Convertibles 10 largest holdings Source: Credit Suisse (as of )

31 Asset Management November 2009 Slide 31 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. Credit Suisse SICAV One (Lux) Global Convertibles Fund manager:Convertible Bonds Team (Zürich) Fund domicile:Luxembourg Fund currency: EUR/CHF/USD (FX hedged) Issue date: Management Fee in % p.a.:1.20% p.a. Benchmark: UBS Global Convertibles Focus (FX hedged) Swiss security number: B USD: R EUR: S EUR: ISIN: B EUR: LU R EUR: LU S EUR: LU

32 Asset Management November 2009 Slide 32 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. Credit Suisse Bond Fund (CH) Convert International Important restrictions  min. 40% of NAV has to be BBB or better rating  max. 15% straight bonds  max. 20% cash  issuers below BBB-: max. max(5%, BM-weight + 1.5%)  UBS Global Convertibles (FX unhedged) – Broad universe: Global Convertibles – Filter: UBS Global Convertibles  Minimum requirements regarding liquidity and pricing Price of underlying stock Price of convertible Bond-likeBalancedEquity-like stock bond convertible This benchmark covers the whole universe including extreme outliers

33 Asset Management November 2009 Slide 33 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. Credit Suisse Bond Fund (CH) Convert International Fund manager:Convertible Bonds Team (Zürich) Fund domicile:Switzerland Fund currency: CHF/USD (FX unhedged) Issue date: Management Fee in % p.a.:1.20% p.a. Benchmark: UBS Global Convertibles (FX unhedged) Swiss security number: A CHF: A USD: ISIN: A CHF: CH A USD: CH

34 Asset Management November 2009 Slide 34 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. Global Convertibles – Product characteristics Source: Credit Suisse As of

35 Asset Management November 2009 Slide 35 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. Agenda  Reasons to invest  Convertibles Basics  Investment Process  Products  Performance  Why Credit Suisse?  Conclusion  Management Team

36 Asset Management November 2009 Slide 36 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. Significant outperformance in difficult environment (Gross performance figures) Source: Credit Suisse, Bloomberg, Data until Performance data takes no account of management and administration fee Historical performance indications and financial market scenarios are no guarantee for current or future performance

37 Asset Management November 2009 Slide 37 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. Agenda  Reasons to invest  Convertibles Basics  Investment Process  Products  Performance  Why Credit Suisse?  Conclusion  Management Team

38 Asset Management November 2009 Slide 38 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. Why Credit Suisse?  Credit Suisse - Global Player – Strong in-house portfolio management & research resources – Market power gives an advantage in terms of order execution & broker services – Convertible expertise & funds for more than 25 years  Credit Suisse - Convertible Team – Highly qualified and experienced team – Longtime collaboration within the team – Very good track record of the team – Strong investment process  Active management of all three segments (equity, credit, balanced)  Focus on bottom-up analysis  Credit Suisse - Convertible Products – Wide range of convertible products – Feasibility of individual solutions Various reasons to choose Credit Suisse for your convertible investment

39 Asset Management November 2009 Slide 39 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. Agenda  Reasons to invest  Convertibles Basics  Investment Process  Products  Performance  Why Credit Suisse?  Conclusion  Management Team

40 Asset Management November 2009 Slide 40 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. OpportunitiesRisks  Asymmetric Risk/Return-Profile. Unlimited upside- potential, but limited downside-potential due to bond- floor (exception: default of an issuer)  Positive correlation effects to other asset classes  Participate from a brightening economic environment  Global Convertible offers a highly diversified and international investment opportunity  Default of an issuer  Under extreme conditions with a strong credit spread widening and simultaneously falling stock prices, the performance of convertibles could disappoint (but maybe only temporary) Opportunities & Risks

41 Asset Management November 2009 Slide 41 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. Executive Summary  Convertibles are a very attractive asset class with a tremendous performance record in the last 13 years, beating most other asset classes  Due to the uniqueness of the current situation, a convertibles investment makes especially sense now  In the last three years, the convertible team of Credit Suisse Asset Management has achieved a very good track record, outperforming the benchmark with various products  Credit Suisse Global Convertible products offer investors the opportunity to participate in convertible bonds in a transparent and diversified way

42 Asset Management November 2009 Slide 42 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. Agenda  Reasons to invest  Convertibles Basics  Investment Process  Products  Performance  Why Credit Suisse?  Conclusion  Management Team

43 Asset Management November 2009 Slide 43 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. Credit Suisse Multi Asset Class Solutions Fixed Income Organization MACS Fixed Income Michel D. Degen Maurizio Pedrini, CEFA MACS Fixed Income Michel D. Degen Maurizio Pedrini, CEFA  Michel Berger  Alexandre Bruhin  Christoph Durst  Laura Slater, CIIA  Marcel Rüede, CFA  Dominique Gilgen  Alexandre Bouchardy CFA  PhD Mónica Mastroberardino  PhD Doris Röhl- Schmidt  Christian Senn  Roger Wyss, CFA  Thomas Baumgartner CEFA  Simone Stäuble CFA  PhD Urs Haberthür  PhD Manuel Walker Global Rates & Credit / Discretionary Solutions Luc Mathys CFA, FRM Global Rates & Credit / Discretionary Solutions Luc Mathys CFA, FRM Structured Finance Oliver Gasser CFA Structured Finance Oliver Gasser CFA Global Convertibles Patrick Blauth CFA Global Convertibles Patrick Blauth CFA CHF Fixed Income Eric Suter CEFA CHF Fixed Income Eric Suter CEFA Engineered Solutions Daniele Paglia Engineered Solutions Daniele Paglia Global Fixed Income Institutional Solutions Philipp Büchler CFA Global Fixed Income Institutional Solutions Philipp Büchler CFA Libor Products Michael Schmid CEFA Libor Products Michael Schmid CEFA MACS International Frankfurt: Siegfried Cordes Milano: Anna Guglielmetti London: Dominic Barnes Singapore: Stuart Goh MACS International Frankfurt: Siegfried Cordes Milano: Anna Guglielmetti London: Dominic Barnes Singapore: Stuart Goh Investment Solutions & Capabilities Dominik Scheck CFA Investment Solutions & Capabilities Dominik Scheck CFA  Robert Moreth  Peter Schilling, CEFA Fixed Income Trading Roger Tschantre Samuel Brun Renzo Bagorda Matthias Gehrig Fixed Income Trading Roger Tschantre Samuel Brun Renzo Bagorda Matthias Gehrig

44 Asset Management November 2009 Slide 44 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. Peter Schilling, Diplom-Kaufmann, CEFA Peter holds a degree in business studies (Diplom-Kaufmann) from the J. W. Goethe University in Frankfurt. After his studies in 1990 he worked for the Nassauische Sparkasse, Delbrück and Deka Investment in different fund management divisions. During his career he had a variety of positions in the fields of equity, fixed income, corporate credit, strategy as well as balanced mandates. His comprehensive and diverse knowledge in addition to his close to 20 years capital markets experience makes him an highly qualified senior fund manager and ideal complement for our team. Peter joined Credit Suisse in Global Convertibles – Team Patrick Blauth, Diplom-Kaufmann, CFA After a vocational education in banking at Deutsche Bank in Frankfurt, Patrick studied in Germany and the United States, earning a Master in business studies (Diplom-Kaufmann) from Universität Mannheim. In 1999 he started to work as portfolio manager for Deka Investment in Frankfurt. Being firstly mainly involved with liquid interest rates products, he shifted his focus successively towards credits and specialized products. Since 2003 he was member of the corporate team at Deka. Besides the responsibility for some pure credit portfolios, he was the fund manager of Deka’s flagship mutual funds for convertibles (Deka-Wandelanleihen) and subordinated debt (DekaGenüsse+Renten). Since the start of 2008 he works as Senior Portfolio Manager and heads the Global Convertible Team at Credit Suisse Asset Management. Robert Moreth, MBA After finishing a vocational education in the automotive industry, Robert joined the military forces in order to take over a position at NATO in the Netherlands. He studied at the same time and graduated with a Bachelor’s degree in International Finance and Accounting. Robert applied his interest in finance when he did internships with KPMG in their business research division as well as with Deutsche Bank where he was a member of the Global Markets Research team. In addition he earned an MBA in Finance from the University of Nottingham. In 2006 Robert accepted a position as Portfolio Manager for Convertible Bonds at Deka Investment. He managed institutional convertible bond funds with a focus on European issuers before he was also responsible for Deka‘s convertible bond mutual fund (Deka Wandelanleihen). Robert joined Credit Suisse in 2008.

45 Asset Management November 2009 Slide 45 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. This presentation was produced by CREDIT SUISSE (hereafter "Bank") with the greatest of care and to the best of its knowledge and belief. However, the Bank provides no guarantee with regard to its content and completeness and does not accept any liability for losses which might arise from making use of this information. The opinions expressed in this document are those of the Bank at the time of writing and are 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 and is for the exclusive use of the recipient. It does not constitute an offer or a recommendation to buy or sell financial instruments or banking services and does not release the recipient from exercising his/her own judgment. The recipient is in particular recommended to check that the information provided is in line with his/her own circumstances with regard to any legal, regulatory, tax or other consequences, if necessary with the help of a professional advisor. This document may not be reproduced either in part or in full without the written permission of the Bank. It is expressly not intended for persons who, due to their nationality or place of residence, are not permitted access to such information under local law. Every investment involves risk, especially with regard to fluctuations in value and return. It should be noted that historical returns and financial market scenarios are no guarantee of future performance. Investments in foreign currencies involve the additional risk that the foreign currency might lose value against the investor‘s reference currency. Fund management company of the Funds under Swiss law as well as representative of the foreign funds registered for public sale in Switzerland is CREDIT SUISSE ASSET MANAGEMENT FUNDS AG, Zurich. Custodian Bank of the funds under Swiss law as well as Paying Agent of the foreign funds registered for public sale in Switzerland is CREDIT SUISSE, Zurich. Subscriptions are only valid on the basis of the current sales prospectus and the most recent annual report (or half- yearly report, if this is more recent). The prospectus, the simplified prospectus, the management regulations and the annual and half-yearly reports may be obtained free of charge from CREDIT SUISSE ASSET MANAGEMENT FUNDS AG, Zurich and from any bank in the Credit Suisse Group AG in Switzerland. Copyright © 2009 Credit Suisse Group AG and/or its affiliates. All rights reserved. Important Information


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