Credit Suisse Asset Management Headline Ideas 2015 Dividends An Important Source of Income When Interest Rates Are Low. For qualified investors only

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1 Credit Suisse Asset Headline Ideas 2015 Dividends An Important Source of Income When Interest Rates Are Low For qualified investors only

2 Dividends An Important Source of Income When Interest Rates Are Low Investors face major challenges under current conditions, with interest rates at historically low levels and persistently low returns on many assets. Those looking for returns should continue to invest in equities yielding high dividends, which still offer attractive prospects for income under current conditions. In Search of Returns: Focusing on High Dividend Stocks The start of the year was marked by a string of monetary events and, to some extent, increased market volatility. Since the start of the year, yields on EUR- and CHFdenominated government bonds have slid into negative territory in most maturities. Investors are confronted with an increasingly difficult fixed-income environment. The gradual disappearance of current interest income presents even greater challenges for investors focused on returns. What should be the focus for investors seeking to achieve their target returns under the present conditions? In our opinion, there are two options on the equity markets that offer good prospects for attractive income flows. The related strategies entail less risk exposure than the equity market as a whole. They are: 01 Dividend Strategies Under the present conditions of low interest rates, equities paying high dividends continue to represent a good source of income. At present, global dividend strategies can achieve a dividend yield of around 3.5% to 4.5%. 02 Covered Call Strategies Covered call strategies can further increase the total return on an equity portfolio. Credit Suisse s solutions seek a distribution of 8% per year, to be paid quarterly. The target return is not a projection, prediction or guarantee of future performance. No assurance can be given that the target return will be achieved.

3 01 Dividend Strategies Dividend yields continue to exceed the yields on government and corporate bonds. Still room for dividend increases Dividend payout ratio for MSCI World Index in % As soon as the central banks start to tighten their monetary policy, we expect the difference in yields between government bonds and equities to narrow, but dividends should still remain more attractive in the longer term. In historical terms, distribution levels are quite low, and companies are holding large amounts of cash, so there is potential for further dividend increases In the long term, dividend strategies offer investors higher overall returns than the wider equity market, with historically lower price volatility. May 72 May 76 May 80 May 84 May 88 Dividend payout ratio Average Average +/ 1 standard deviation May 92 May 96 May 00 May 04 May 08 May 12 Sources: Datastream, Credit Suisse/IDC. Data as of High dividend stocks beat the wider market Cumulative performance Dec 95 Dec 97 Dec 99 Dec 01 Dec 03 Dec 05 Dec 07 Dec 09 Dec 11 Dec 13 MSCI World High Dividend Yield Index in USD MSCI World Index in USD Source: Credit Suisse. Data as of Historical performance indications and financial market scenarios are not reliable indicators of current or future performance. Asset 3/8

4 Our Investment Solutions Credit Suisse (Lux) Global Dividend Plus Equity Fund A widely diversified global portfolio with an expected dividend yield at present of around 3.5% to 4.5% per year. Equity portfolio with a beta below 1; a focus on companies with solid business models that pay high quality dividends limits pricing risk during corrections. Focus on dividend quality assures sustainable, attractive income flows. Risk minimization through active management, for example by avoiding an undesirable high concentration on individual sectors or countries. Annualized performance (net) Credit Suisse (Lux) Global Dividend Plus Equity B USD Benchmark: MSCI World Index ( ) 2.82% 9.87% 9.03% 9.03% 7.40% 13.48% 10.51% 10.51% es B USD 1.60% None LU CHF A USD 1.60% None LU None IB USD 0.70% 500,000 LU CHF EB* USD 0.50% None LU None UB USD 0.95% None LU CHF UA USD 0.95% None LU None * Only for qualified investors pursuant to Art. 10 CISA and Art. 6 CISO. Credit Suisse (Lux) European Dividend Plus Equity Fund Increasing quantitative easing by the ECB, the weakness of the euro and better economic prospects should favor European equities this year. Equity portfolio with a beta below 1; a focus on European companies with solid business models that pay high quality dividends limits pricing risk during corrections. Annualized performance (net) Credit Suisse (Lux) European Dividend Plus Equity Fund B EUR Benchmark: MSCI Europe Index ( ) 18.57% 16.49% 10.70% 10.84% 19.74% 18.17% 11.63% 11.96% Focus on dividend quality assures sustainable, attractive income flows. Risk minimization through active management, for example by avoiding an undesirable high concentration on individual sectors or countries. es B EUR 1.60% None LU CHF A EUR 1.60% None LU None IB EUR 0.70% 500,000 LU CHF EB* EUR 0.50% None LU None UB EUR 0.95% None LU CHF UA EUR 0.95% None LU None * Only for qualified investors pursuant to Art. 10 CISA and Art. 6 CISO. The target return is not a projection, prediction or guarantee of future performance. No assurance can be given that the target return will be achieved. Historical performance indications and financial market scenarios are not reliable indicators of current or future performance. 4/8 Asset

5 Credit Suisse Equity Fund (CH) Swiss Dividend Plus The Swiss equity market has recovered since mid-january s exchange rate shock. We expect further potential, in line with the global markets. Given the heightened macroeconomic uncertainties, however, individual stock selection is crucial. Equity portfolio with a beta below 1; a focus on Swiss companies with solid business models that pay high quality dividends limits pricing risk during corrections. Focus on dividend quality assures sustainable, attractive income flows. Risk minimization through active management, for example by avoiding an undesirable high concentration on individual sectors. Annualized performance (net) Credit Suisse Equity Fund (CH) Swiss Dividend Plus A (CHF) ( ) 12.06% 17.62% n/a 17.18% Benchmark: SPI 10.49% 17.35% n/a 16.72% es B CHF 1.30% None CH None A CHF 1.30% None CH None EB* CHF 0.50% None CH None EA* CHF 0.50% None CH None UB CHF 0.80% None CH None UA CHF 0.80% None CH None * Can only be purchased by qualified investors. Historical performance indications and financial market scenarios are not reliable indicators of current or future performance. Asset 5/8

6 02 Covered Call Strategies Under the present conditions of ultralow interest rates, covered call strategies offer additional income potential through the sale of call options on shares. A covered call strategy is normally exposed to lower volatility than a traditional equity portfolio due to the higher income. When equity markets are falling, trading sideways or rising slightly, these strategies achieve a higher overall return than a conventional equity portfolio. Stable earnings sources in a low interest rate environment Example: the customer receives a premium of 4% for writing a threemonth call option on a stock with a strike price of 102% of the stock price when the call option is sold. 1 Change in stock price Negative Neutral Positive 2 Positive Quarterly change in stock price 10% 0% 6% 10% Premiums received from sale 4% 4% 4% 4% of call option Payment to purchaser of the call 0% 0% 4% 8% option at the end of the term Covered call performance 6% 4% 6% 6% Outperformance of covered call compared with simple stock purchase 4% 4% 0% 4% What Is a Covered Call? With a covered call, an investor sells call options on a security they hold. In exchange they receive from the buyer of the options a fixed premium irrespective of whether the price of the security rises or falls. In return the investor undertakes to sell the underlying at a fixed price (strike price) if the market price of the underlying goes above this threshold amount. The seller of call options receives a fixed options premium, but the upside potential is capped. 1 Breakeven Point: If the stock is lower on expiry, the investor of a covered call receives limited protection in the amount of the option premium. The breakeven point is reached if the fall in the share price corresponds exactly to the option premium received (V = V* P). 2 Stable stock price: If the stock is unchanged on expiry (V = V*), the profit on a covered call corresponds to the option premium received. 3 Maximum profit: If the stock trades at the strike price on expiry (V = S) the maximum possible profit of a covered call is reached. It comprises the option premium received (P) plus the price increase (S V*). 4 Both strategies perform equally well: If the stock price corresponds exactly to the strike price plus the option premium (V = S + P), both strategies perform well. If the stock price exceeds this threshold, a simple stock purchase is more advantageous than a covered call. Payout of a covered call compared with the underlying Profit Loss 0 Covered call achieves negative performance Area indicates the financial advantage of a simple stock purchase compared with a covered call V* P 1 Underlying 2 3 V* S Covered call performs better than the underlying Covered call achieves positive performance 4 S + P Covered call Area indicates the financial advantage of a covered call compared with a simple stock purchase price Covered call performs worse than the underlying V*: Original stock price upon sale of the call options V: Stock price on expiry of the call options (see examples 1 to 4) S: Strike price P: Option premium from the sale of the call options 1 This example assumes no dividends are paid during the term of the option and the strike price is higher at the start of the term than the stock price (i.e. the call option is out of the money). 2 Stock price increase is set so that both strategies perform equally well (covered call versus simple stock purchase). 6/8 Asset

7 Our Investment Solutions Credit Suisse (Lux) Global Property Income Maximiser Equity Fund Actively invests in a worldwide pick of high yield REITs (Real Estate Investment Trusts), which are suitable for diversification because of their moderate correlation with the wider equity market. The fund seeks a high distribution of 8% per year. Optimized covered call strategy that takes account of the current market situation 1, stock valuations and dividend expectations. Investment team have excellent stock-picking skills, while the derivatives team are expert in implementing the covered call strategy. Annualized performance (net) Credit Suisse (Lux) Global Property Income Maximiser Equity Fund A USD ( ) 2.63% n/a n/a 2.43% No benchmark n/a n/a n/a n/a es A USD 1.60% None LU None EA* USD 0.70% None LU None UA USD 0.95% None LU None * Only for qualified investors pursuant to Art. 10 CISA and Art. 6 CISO. Credit Suisse (Lux) Asia Pacific Income Maximiser Equity Fund Actively invests in carefully picked, blue-chip securities from the Asia-Pacific region that pay high dividends. The fund seeks a high distribution of 8% per year. Optimized covered call strategy that takes account of the current market situation 1, stock valuations and dividend expectations. Investment team have excellent stock-picking skills, while the derivatives team are expert in implementing the covered call strategy. Annualized performance (net) Credit Suisse (Lux) Asia Pacific Income Maximiser Equity Fund A USD ( ) n/a n/a n/a 3.73% No benchmark n/a n/a n/a n/a es A USD 1.60% None LU CHF EA* USD 0.70% None LU SGD UA USD 0.95% None LU CHF * Only for qualified investors pursuant to Art. 10 CISA and Art. 6 CISO. 1 If the stock price is expected to rise, call options are written only on 70% of the fund position, allowing the fund to take advantage of upside potential in the stock (to some extent). Overall, call options are sold on 70% to 100% of the fund's total assets. The target return is not a projection, prediction or guarantee of future performance. No assurance can be given that the target return will be achieved. Historical performance indications and financial market scenarios are not reliable indicators of current or future performance. Asset 7/8

8 Contact CREDIT SUISSE ASSET MANAGEMENT Client Servicing & Sales Support PB & Wholesale Distribution CH/LIE Kalanderplatz Zurich Switzerland Phone Fax Credit Suisse AG Private Banking and Wealth Asset Marketing Kalanderplatz Zurich credit-suisse.com 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, CS 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 CS 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 not audited. 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 CS. 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. Neither this document nor any copy 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, as amended). Every involves risk, especially with regard to fluctuations in value and return. Investments in foreign currencies involve the additional risk that the foreign might lose value against the investor s reference. Historical performance indications and financial market scenarios are not reliable indicators of current or future performance. Performance indications do not consider commissions levied at subscription and/or redemption. Furthermore, no guarantee can be given that the performance of the benchmark will be reached or outperformed. Emerging Markets are located in countries that possess one or more of the following characteristics: A certain degree of political instability, relatively unpredictable financial markets and economic growth patterns, a financial market that is still at the development stage or a weak economy. Emerging markets s usually result in higher risks such as political risks, economical risks, credit risks, exchange rate risks, market liquidity risks, legal risks, settlement risks, market risks, shareholder risk and creditor risk. Investors should be willing and financially able to accept the risk characteristics of the s described in this document. Equities are subject to market forces and hence fluctuations in value which are not entirely predictable. Fund management company of the funds under Swiss law as well as representative of the funds under Luxembourg law registered for public sale in Switzerland is Credit Suisse Funds AG, Zurich. Custodian Bank of the funds under Swiss law as well as Paying Agent of funds under Luxembourg law registered for public sale in Switzerland is Credit Suisse AG, 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 and/or the Key Investor Information Document (KIID), the management regulations respectively the articles of incorporation and the annual and half-yearly reports may be obtained free of charge from Credit Suisse Funds AG, Zurich or from any branch of Credit Suisse AG in Switzerland. Some es of the above-mentioned fund can only be offered to qualified investors as defined in the CISA (article 10 CISA) and the Collective Investment Schemes Ordinance ("CISO") (article 6 CISO). Over-the-counter ( OTC ) transactions are complex derivative products that are not standardized and not securitized. They are negotiated and traded off-exchange. OTC transactions are not settled via a clearinghouse and have no secondary market. OTC transactions may involve a high degree of risk. They are intended only for investors who understand and are capable of assuming all risks involved. The value of the products depends on the development of the value of the underlying asset and the creditworthiness of the parties, which may change over the lifetime of the products. For Liechtenstein The shares offered are exclusively offered to a limited group of investors, in all cases and 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 furnished to any other person other than those to whom copies have personally been sent. This offer is a private offer, this material and the transactions described therein are therefore not nor have been subject to the review and supervision of the Liechtenstein Financial Market Authority. Copyright 2015 Credit Suisse Group AG and/or its affiliates. All rights reserved. CH/E/201506

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