Credit Suisse (Lux) Global Prestige Credit Credit Suisse Suisse (Lux) (Lux) Global Global Prestige Prestige Equity Equity Fund Equity Fund 1 Fund 1 Formerly Credit Suisse (Lux) Luxury Goods Equity Fund April May 2015 2015 April 2015 In Switzerland for retail and qualified investors. In Liechtenstein for professional investors only.
Credit Suisse (Lux) Global Prestige Equity Fund Contents Summary Reasons to Invest Investment Process Product Information Appendix May 2015 2
Credit Suisse (Lux) Global Prestige Equity Fund Summary Investment opportunities The fund s strengths Luxury goods stand out on account of their exclusive design, particular quality and higher price. This means that many luxury goods manufacturers benefit from high profit margins. The luxury goods segment benefits from high market access barriers (e.g. brand, quality and distribution), which provides manufacturers with the possibility of securing their pricing power. Luxury goods are often used as status symbols. This explains why those luxury goods manufacturers with strong, desirable brands are successful. Increasing prosperity in many regions of the world, particularly in China, is fueling a steady increase in demand for luxury goods. The fund allows the investor to invest in a segment that is benefiting from an impressive growth trend. The fund offers pure exposure to the luxury goods megatrend. Its investment universe is highly diversified, with several complementary subsectors such as fashion, leather goods, jewelry, cosmetics, cars and hotels. The management team invests in global and established luxury goods firms, such as Richemont, Hermès, LVMH and Christian Dior. The fund has performed well since its inception. It has repeatedly won prestigious awards, such as the coveted Lipper Fund Award Switzerland 2013 and, prior to that, the Grand Prix de la Gestion d Actifs 2012 from L Agefi. It is managed by an experienced and stable team with a track record of more than eight years in the industry. Risks and Benefits are presented on slide 21. May 2015 3
Credit Suisse (Lux) Global Prestige Equity Fund Contents Summary Reasons to Invest Investment Process Product Information Appendix May 2015 4
Reasons to Invest Most Important Reasons to Invest Investment possibilities: The fund s primary goal is to deliver the highest possible capital growth. To this end, it invests worldwide in leading luxury goods firms with high pricing power that are active in product categories such as luxury handbags, leather goods, fashion, jewelry, hotels, cars, spirits, watches and cosmetics. Strong growth trend: The fund provides access to the ongoing high growth potential of the luxury goods sector. This strong growth is driven mainly by rapidly increasing purchasing power in Asia China and Southeast Asia. Experts estimate that in ten years time, the Asian luxury goods market will reach the current size of the global market. Strong margins in the luxury goods sector: Luxury goods manufacturers are normally active in high-margin product categories and have a high level of pricing power. For example, the operating profit margin in the women s luxury handbags subsector varies between 25% and 60%. High margins allow luxury goods manufacturers to secure positive results. Focused portfolio: The fund invests in 25 to 50 leading luxury goods companies with a high level of pricing power. Stock selection is based on fundamental research. Active fund management can generate added value here. May 2015 5
Reasons to Invest What Does Luxury Mean? A Broadly Diversified Investment Universe Kuoni * Carnival * Pernod Ricard * Sotheby s * Guess * Blancpain * Estée Lauder * Hilton * Luxottica * Starwood Hotels * Prada * Salvatore Ferragamo * Mandarin Oriental * De Beers * Chaumet * Vacheron Constantin * Lancel * Louis Vuitton * Ferrari * Hublot * Tesla * Richard Mille * Sunseeker Montblanc * Burberry * Revlon * BMW * Guerlain * Fendi * Kenzo * Givenchy * Veuve Cliquot * IWC * Grand Marnier * Vacheron Constantin * Daimler * Jimmy Choo * Breitling * Laurent Perrier * Coach* Taittinger * References to individual companies above are merely for illustrative purposes only and should not be construed as an investment recommendation with respect to any securities associated with these companies. May 2015 6
Reasons to Invest Global Luxury Industry Large Markets Diversified around the World Global luxury goods market, 2014 (in USD bn) Total USD 1.1 trn Cruises 1.2 Where personal luxury goods were bought, 2014 (in USD bn) Yachts 8.7 Furniture 22.4 Other 11.1 Food 48.6 Clothing 69.5 Accessories 80.7 Germany 12.8 France 19.1 Hotels 187.1 Personal luxury goods Jewelry and watches 61.2 UK 16.6 Wines and spirits 72.3 Perfume and cosmetics 55.6 Russia 5.7 Private jets 23.7 USA 81.0 South Korea 11.4 China 18.7 Italy 20.1 Middle East 20.1 Japan 22.5 Hong Kong 9.9 Personal luxury goods 278.1 Luxury cars 437.8 Historical performance indications and financial market scenarios are not reliable indicators of current or future performance. Sources: Altagamma/Bain, Bloomberg, Credit Suisse As of December 2014 May 2015 7
Reasons to Invest Building a Global Luxury Megabrand Is Very Difficult but Worth the Effort Louis Vuitton Model: Higher Scale and Higher Margin 2014E EBIT margin 2014E revenues versus EBIT margin for leading European luxury brands 45.0% 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% Fendi Ferragamo Tod s Zegna Saint Laurent Versace Jimmy Choo Cavalli Miu Miu Bottega Veneta Omega Armani Prada Gucci Burberry Rolex Hermès 0.0% 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 Cartier Chanel 2014E brand net revenues (in EUR bn) Louis Vuitton References to individual companies above are merely for illustrative purposes only and should not be construed as an investment recommendation with respect to any securities associated with these companies. Source: Company reports As of February 2015 May 2015 8
Reasons to Invest Pricing Power of the Luxury Industry Is Very Strong Almost Half of Industry Growth Comes from Price Increases Personal luxury goods market growth drivers of market size, 2005 2013 (in EUR bn) 300 250 200 32 20 7 14 217 150 147 100 50 0 2005 FX Pricing New Retail Space Retail LFL Wholesale 2013 Historical performance indications and financial market scenarios are not reliable indicators of current or future performance. Sources: Altagamma/Bain, Exane BNP Paribas, Credit Suisse estimates As of December 2013 May 2015 9
Reasons to Invest Rapidly Increasing Purchasing Power of Chinese Consumers Luxury sales mix by nationality, 2010 2015E (In %, constant FX) Luxury sales by nationality and location Chinese tourists spending outside mainland China (in % of revenue) 100% 90% 80% 19% 22% 23% 24% 23% 24% 100% 90% 80% 15% 35% 25% 35% 10% 5% 25% 25% 10% 10% 10% 5% 70% 22% 19% 17% 15% 14% 16% 70% 60% 50% 40% 30% 20% 21% 22% 22% 24% 24% 22% 21% 20% 19% 23% 19% 60% 50% 40% 30% 75% 30% 40% 40% 80% 70% 50% 60% 75% 85% 20% 10% 0% 15% 17% 17% 19% 20% 18% 2010 2011 2012 2013 2014E 2015E 20% 10% 0% 10% 40% 35% 25% 10% 25% 30% 15% Other Japanese North American European (ex-russia) Chinese Historical performance indications and financial market scenarios are not reliable indicators of current or future performance. Chinese Local Other Source: Credit Suisse estimates As of January 2015 May 2015 10
Reasons to Invest Rapidly Developing Market Luxury Brands Store Network Is Expanding Rapidly, while the Luxury E-commerce Market Is Projected to Double by 2017 Retail/total sales (%) European luxury goods Luxury e-commerce market size (in EUR bn) 75.0% 70.0% 67.9% 70.9% 71.0% 69.9% 7.5% 19 65.0% 60.0% 65.2% 60.3% 58.7% 59.2% 58.0% 57.0% 4.5% 10 55.0% 50.0% Retail % sales 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Sources: Company reports, Exane BNP Paribas Analysis As of January 2015 2013 2017E Sources: Company reports, Credit Suisse estimates As of February 2015 Note: Luxury goods coverage includes LVMH, Kering Luxury, Burberry, Prada, Richemont, Luxottica unweighted. Historical performance indicators and financial market scenarios are not reliable indicators of current or future performance. May 2015 11
Reasons to Invest Leading Luxury Brands Are Often Still in Private Hands Leading Luxury Brands by Ownership Brand Core business Reported currency Sales est.* in reported currency (m) The above is for information purposes only and should not be construed as an offer or investment recommendation with respect to any security mentioned in this presentation. EBIT est.* in reported currency (m) EBIT margin est. in % Market cap in reported currency (m) Ownership LVMH Multi-brands EUR 30,447 5,840 19.20% 73,466 Public (50.2%)/private (49.8%) Richemont Jewelry/watches EUR 11,096 2,586 23.30% 43,869 Public Rolex Watches EUR 4,794 1,342 28.00% N/a Private Hermès Leather goods EUR 4,132 1,329 32.20% 31,549 Private (73%)/LVMH (20%)/public (7%) Prada Leather goods EUR 3,573 721 20.20% 19,749 Private (84%)/public (16%) Chanel Leather goods EUR 3,392 636 18.80% N/a Private Armani Luxury apparel EUR 2,230 339 15.20% N/a Private Ferragamo Leather goods EUR 1,327 234 17.60% 4,236 Private (77%)/public (23%) Zegna Luxury apparel EUR 1,308 257 19.60% N/a Private Patek Philippe Watches EUR 1,296 324 25.00% N/a Private Tod s Leather goods EUR 964 150 15.60% 2,775 Public Dolce & Gabbana Luxury apparel EUR 774 51 6.60% N/a Private Moncler Luxury apparel EUR 681 197 29.00% 3,280 Public Versace Luxury apparel EUR 479 71 14.80% N/a Private Cucinelli Luxury apparel EUR 357 49 13.60% 1,329 Public Roberto Cavalli Luxury apparel EUR 201 31 15.40% N/a Private Chopard Jewelry/watches CHF 379 26 6.80% N/a Private Burberry Luxury apparel GBP 2,500 451 18.00% 7,847 Public Jimmy Choo Luxury shoes GBP 300 36 12.00% 682 Public Mulberry Leather goods GBP 155 3 2.20% 518 Public Chow Tai Fook Jewelry HKD 68,632 8,437 12.30% 102,000 Public (10.6%)/private (89.4%) Ralph Lauren Apparel USD 7,820 1,111 14.20% 14,912 Public Michael Kors Leather goods USD 4,423 1,284 29.00% 14,935 Public Tiffany Jewelry USD 4,280 908 21.20% 11,527 Public Coach Leather goods USD 4,239 756 17.80% 10,731 Public (10.6%)/private (89.4%) Kate Spade Apparel USD 1,108 64 5.80% 4,027 Public Marc Jacobs Luxury apparel USD 1,100 165 15.00% N/a Private Tory Burch Luxury apparel/shoes USD 1,005 151 15.00% N/a Private Sources: Bloomberg, Fortune, Forbes, Financial Times, *Credit Suisse estimates As of 31.01.2015 May 2015 12
Reasons to Invest Leading European Luxury Groups Are Expected to Benefit from Euro Weakness Producing in Euros, Selling Globally (USD) Geographical revenues mix (2015E) LVMH 28% 25% 29% 6% 12% Kering Luxury 31% 22% 35% 9% 3% Richemont 38% 13% 38% 7% 4% Swatch Group 34% 11% 45% 9% 1% Burberry 29% 22% 32% 17% 0% Hermes 32% 18% 37% 10% 3% Salvatore Ferragamo 25% 25% 37% 8% 5% TOD's 52% 10% 24% 3% 11% Prada Group 31% 14% 40% 11% 4% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Europe North America Asia ex-japan Japan Rest of World Source: Company reports As of February 2015 May 2015 13
Credit Suisse (Lux) Global Prestige Equity Fund Contents Summary Reasons to Invest Investment Process Product Information Appendix May 2015 14
Investment Process Introduction Theme-based approach with focus on the luxury goods sector (luxury handbags, leather goods, fashion, jewelry, hotels, cars, spirits, watches and cosmetics). Bottom-up stock selection based on fundamental analysis, company visits and meetings. Theme criteria: at least 50% of assets are invested in companies with a market capitalization of over EUR 5 bn. Diversified portfolio of 25 to 50 strong-conviction stocks of luxury goods companies worldwide. Investment decisions made using a proprietary scorecard to identify companies with a strong market position and promising growth prospects. May 2015 15
Investment Process Overview Screening and analysis of the universe Investment decision-making and portfolio positioning 1 200 companies 2 Screening of the investment universe 150 stocks Fundamental analysis, company visits and meetings 3 80 stocks Use of scorecard 4 60 stocks 5 Valuation 25 to 50 stocks Earnings revisions versus price performance Cash reserves Earnings growth and sustainability Margin trends Competitive situation Brand value Management Network of outlets Margin mix analysis DCF Sum-of-parts valuation (P/E, EV/EBITDA) Credit Suisse (Lux) Global Prestige Equity Fund Active management Maximum 10% cash 5/40 rule Source: Credit Suisse May 2015 16
Credit Suisse (Lux) Global Prestige Equity Fund Contents Summary Reasons to Invest Investment Process Product Information Appendix May 2015 17
Product Information Key Facts Investment policy This thematic equity fund invests globally in leading luxury goods companies operating in product categories such as luxury handbags, leather goods, fashion, jewelry, watches, cosmetics or yachts. The fund offers access to themes including the rise of the Chinese luxury market and the overall growth potential of the emerging consumer, as well as exposure to emerging brands in the luxury goods sector. The objective is to maximize total return from capital appreciation and dividends over extended periods of time. It follows an unconstrained, nonbenchmark-oriented approach to identify attractively valued companies positioned to benefit from the luxury goods theme. Fund information Benchmark MSCI World (NR) Single Swinging Pricing 1 Yes Portfolio manager Juan Mendoza Domicile Luxembourg Structure CS Investment Funds 2 Subscription/redemption Daily ESD tax status In Scope - no tax Sales registration Austria, Czech Republic, Finland, Switzerland, France, Germany, Gibraltar, Greece, Hungary, Italy, Liechtenstein, Luxembourg, Netherlands, Norway, Portugal, Singapore, Spain, Sweden Unit class Valor no. ISIN Min. investment Management fees Distribution Inception Qualified investor volume p.a. date EUR share class B 27196080 LU1193860985 1 unit 1.92% No 08.05.2015 USD share class B 27200337 LU1193861017 1 unit 1.92% No 08.05.2015 EUR share class EB 27200451 LU1193861447 1 unit 0.90% No 08.05.2015 QI EUR share class IB 27200457 LU1193861793 EUR 0.5 million 0.90% No 08.05.2015 QI USD share class EBH 27200454 LU1193861520 1 unit 0.90% No 15.05.2015 CHF share class BH 27200439 LU1193861108 1 unit 1.92% No 08.05.2015 SGD share class BH 27200442 LU1193861280 1 unit 1.92% No 08.05.2015 USD share class BH 27200447 LU1193861363 1 unit 1.92% No 15.05.2015 EUR share class UB 27345868 LU1198564426 1 unit 1.15% No 08.05.2015 USD share class UBH 27403413 LU1201970883 1 unit 1.15% No 08.05.2015 CHF share class UBH 27345869 LU1198564699 1 unit 1.15% No 08.05.2015 SGD share class UBH 27345870 LU1198565076 1 unit 1.15% No 08.05.2015 1 For more information, please refer to the Net Asset Value chapter of the fund s prospectus. May 2015 18
Product Information Fund Performance 1 Fund Credit Suisse (Lux) Global Prestige Equity Fund Start date 01.09.2009 Porfolio manager Juan Mendoza since 01.09.2009 Benchmark MSCI World (NR) 250% 200% 150% 100% 50% 0% -50% -100% -150% 15% 12% 9% 6% 3% 0% -3% -6% -9% Currency EUR Total net assets EUR 122 million -200% -250% Aug 09 Jan 10 Jun 10 Nov 10 Apr 11 Sep 11 Feb 12 Jul 12 Dec 12 May 13 Oct 13 Mar 14 Aug 14 Jan 15 Relative return (right scale) Cumulative performance fund (left scale) Cumulative performance benchmark (left scale) Gross periodical return in % (annualized if > 1 year) 1 Month 3 Months YTD 1 Year 3 Years 5 Year since 01.09.2009 Credit Suisse (Lux) Global Prestige Equity Fund 3.96 14.97 14.97 26.25 13.50 17.47 21.95 MSCI World (NR) 2.80 15.27 15.27 36.05 20.52 15.20 17.01 Difference 1.16-0.30-0.30-9.80-7.01 2.27 4.94 Tracking Error 7.29 10.48 14.76 14.31 Information Ratio -1.34-0.67 0.15 0.35 1 The fund was formerly known as the Credit Suisse (Lux) Luxury Goods Equity Fund. On 15.05.2015, it was restructured and renamed the Credit Suisse (Lux) Global Prestige Equity Fund. The restructured fund is managed in accordance with the same investment guidelines and investment policies as the former fund. 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. -12% -15% Source: Credit Suisse As of 31.03.2015 May 2015 19
Product Information Portfolio Breakdown Key Figures Total net assets in mn EUR 122 Number of positions 32 Top 10 holdings cumulative in % 45.7 Annualized volatility (3 years) in % 12.9 Beta (3 years) 1.05 Top 10 Holdings in % L Brands Inc 5.7 Christian Dior SE 5.5 Hermes International 5.1 L'Oreal SA 5.0 Tiffany & Co 4.9 Luxottica Group SpA 4.8 Moncler SpA 4.1 Kering 3.7 Estee Lauder Cos Inc/The 3.5 Salvatore Ferragamo SpA 3.4 Sector Allocation in % Fund Textiles, Apparel & Luxury Goods 56.5 Cosmetics 10.7 Automobiles 10.1 Watch and jewellery industry 7.9 Food and beverages 2.3 Lifestyle 3.8 Hotels and resorts 1.4 Cash/Cash Equivalents 7.4 Country Allocation in % Fund United States 30.9 France 25.2 Italy 14.7 United Kingdom 9.9 Cash/Cash Equivalents 7.3 Germany 4.7 Switzerland 4.0 Hong Kong 2.8 Luxembourg 0.4 Others 0.1 This is an indicative asset allocation that may change over time. Sources: Credit Suisse, StatPro As of 31.03.2015 May 2015 20
Product Information Benefits and Risks Benefits One of the few thematic equity funds in the world investing in the luxury goods sector. The fund invests in a growth portfolio of blue-chip companies with strong fundamentals (high returns on equity, high margins, high earnings per share). Launched in 2000, the fund has the longest track record in this sector. Risks A long and deep recession may have an adverse impact on the fund s performance. Restricting investments to luxury goods companies may result in significant concentration in an individual subsector/region. No capital protection. The fund won several Lipper Fund Awards in the category of consumer discretionary in 2011, 2012 and 2013. May 2015 21
Credit Suisse (Lux) Global Prestige Equity Fund Contents Summary Reasons to Invest Investment Process Product Information Appendix May 2015 22
Appendix Management Team Juan Manuel Mendoza Fund Manager Patrick Kolb Product Specialist Juan Manuel Mendoza has been with the Credit Suisse Group in Zurich, Hong Kong and Singapore since 2006. He is currently the head of the investment team managing all Credit Suisse Asian equity mutual funds and was previously the Head of Asset Management Asia in Hong Kong for the former Credit Suisse company, Clariden Leu. He has been managing the Credit Suisse (Lux) Luxury Goods Equity Fund since 2008 and the former Credit Suisse (Lux) Global Prestige Equity Fund since 2014. He won three Lipper Fund Awards in France, Germany and Austria in 2011, as well as one Lipper Fund Award in Austria in 2012 and three Lipper Fund Awards in Austria, Germany and Europe in 2013 in the consumer category. Since 2011, Juan has been the lead manager of the Credit Suisse (Lux) Asia Consumer Equity Fund and since 2013 fund manager of the Credit Suisse (Lux) Asia Pacific Income Maximiser Equity Fund. Juan holds an MBA in Corporate Finance from the Goizueta Business School at Emory University in Atlanta, USA. Patrick Kolb, Director, is a Senior Portfolio Manager and has been part of the team for global equities at Credit Suisse since June 2005. At that time, he specialized in the industrial and technology sectors. He was also part of the US equity team as sector analyst for industry, basic materials and utilities. Since March 2007, he has been managing the Credit Suisse (Lux) Global Security Equity Fund. In addition, he has been responsible for the former Credit Suisse (Lux) Global Prestige Equity Fund since July 2009. He studied finance at the University of Zurich, graduating in 2001. He then became a research assistant and PhD student at the Department of Banking and Finance at the University of Zurich until 2005. May 2015 23
Appendix Global Luxury and Consumer Capabilities Europe to Asia General description 14-year-old track record Management of investments across all major global markets Consumer equity specialties Several Lipper Awards and other industry awards Rated on Mercer platform Investment team in Asia and Europe Target clients Institutional clients Private clients Ultra-high-net-worth individuals Family offices External asset managers People/portfolios 6 investment professionals in Europe and Asia 4 funds 1 institutional mandate Product range Global luxury goods theme Asian consumer themes Global emerging-market brands Public funds, mandates Actively managed AuM breakdown (in USD m) Global Prestige/Luxury Goods Emerging Brands Asia Consumer 0 100 200 300 400 Total assets under management: USD 448 m Source: Credit Suisse As of 28.02.2015 May 2015 24
Appendix Credit Suisse (Lux) Global Prestige Equity Fund 1 (EUR) Performance versus Global Equities Market Performance since 2009 (in EUR terms) 280 260 240 220 200 180 160 140 120 100 80 60 40 20 0-20 D-08 J-09 F-09 M-09 A-09 M-09 J-09 J-09 A-09 S-09 O-09 N-09 D-09 J-10 F-10 M-10 A-10 M-10 J-10 J-10 A-10 S-10 O-10 N-10 D-10 J-11 F-11 M-11 A-11 M-11 J-11 J-11 A-11 S-11 O-11 N-11 D-11 J-12 F-12 M-12 A-12 M-12 J-12 J-12 A-12 S-12 O-12 N-12 D-12 J-13 F-13 M-13 A-13 M-13 J-13 J-13 A-13 S-13 O-13 N-13 D-13 J-14 F-14 M-14 A-14 M-14 J-14 J-14 A-14 S-14 O-14 N-14 D-14 J-15 F-15 CLLLGEB LX Equity MSCI World EUR MSCI AC ASIA PAC EX JAPN MSCI EM 1 The fund was formerly known as the Credit Suisse (Lux) Luxury Goods Equity Fund. On 15.05.2015, it was restructured and renamed the Credit Suisse (Lux) Global Prestige Equity Fund. The restructured fund is managed in accordance with the same investment guidelines and investment policies as the former fund. Prior to that the fund was known as Clariden Leu (Lux) Luxury Goods Equity Fund (August 21, 2009 April 2, 2012) before the integration of Clariden Leu AG into Credit Suisse AG that took place on April 2, 2012. 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. Source: Credit Suisse As of 28.02.2015 May 2015 25
Appendix 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, 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 investment involves risk, especially with regard to fluctuations in value and return. Investments in foreign currencies involve the additional risk that the foreign currency might lose value against the investor s reference currency. 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. Equities are subject to market forces and hence fluctuations in value which are not entirely predictable. Credit Suisse (Lux) Global Prestige Equity Fund mentioned in this publication has been established under Luxembourg law as undertakings for collective investment in transferable securities (UCITS) subject to EU Directive 2009/65/EC, as amended. The representative in Switzerland is Credit Suisse 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 simplified prospectus, the bylaws and/or contractual terms and conditions and the most recent annual report (or semi-annual report, if more recent). The prospectus, simplified prospectus and/or the Key Investor Information Document (KIID), bylaws and/or the contractual terms and conditions and the annual and semi-annual reports are available free 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 in Switzerland. 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. May 2015 26